are available at https://www.icmagroup.org/green-social-and-sustainability-bonds/. In this respect, the four core components of disclosure requirements are: 2.1 Use of proceeds: the issuer must assess

MANAGEMENT DISCUSSION & ANALYSIS 1Q 2019 13 MAY 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE COVERAGE 1 QUARTERLY BUSINESS REVIEW – 1Q 2019 • Consolidated revenue increased by 149.3% to THB 689mn

auditor as follows: Statements of Comprehensive Income for the 4th Quarter Ended December 31, 2019 Revenue from Hospital Operations Revenue from hospital operations in the 4th quarter of 2019 ( “ 4Q19

independent auditor as follows: Statements of Comprehensive Income for the 3rd Quarter Ended September 30, 2019 Revenue from Hospital Operations Revenue from hospital operations in the 3rd quarter of 2019

follows: Statements of Comprehensive Income for the 1st Quarter Ended March 31, 2019 Revenue from Hospital Operations Revenue from hospital operations in the first quarter of 2019 (“1Q’19”) was THB 445.88

hereby clarifies the changes in the performance as follows: FINANCIAL PERFORMANCE FOR THE YEAR OF 2018 Consolidated Financial Statements 2017 2018 Increase/(Decrease) THB mm THB mm THB mm % Total Revenue/1

Company hereby clarifies the changes in the performance over 20% as follows: FINANCIAL PERFORMANCE Consolidated Financial Statements Q3 2016 Q3 2017 Increase/(Decrease) THB mm THB mm THB mm % Total Revenue

Microsoft Word - 2020.02.11_FY 2019_MACO_MDA_EN_Final MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 1 YEARLY BUSINESS HIGHLIGHTS – 2019  Consolidated revenue

THB 575 million and THB 186 million for Q2-2017 and Q2-2016, in respectively. The main results caused from: • Revenue from sales and cost of goods sold The Company reported total sales volumes

has received total proceeds from the exercise of VGI-W1 warrants of THB 8,618mn1, or around 72% of maximum proceeds. The cash received was utilised for the acquisition of Kerry, while the remaining