piano and violin of Ritmuller’s brand The Company’s core business is to distribute the products in Thailand and the main target of the Company’s customers are working women who care for good quality

with the Company, the “Group”) which engages in distribution of bakery products and equipment. Analysis of Financial Performance Business categories Operated by For the three-month period ended 30

2019 Amount % Revenues from dental service 68.30 125.22 (56.92) (45.45) 181.13 240.87 (59.73) (24.80) Other main revenues 1.93 8.88 (6.95) (78.29) 6.17 14.94 (8.77) (58.70) Total revenues from medical

value of 46,441,350 baht which the said land is the area where the company has the water treatment system construction project and is the main raw water source of the water supply project for the

volume and the total flights of thus two main airports were 4.5% (y-o-y) and 5.8%(y-o-y) respectively in line with the growth of tourism industry of Thailand. During the passengers who traveling through

MANAGEMENT DISCUSSION & ANALYSIS 3Q 2019 6 NOV 2019 MASTER AD PUBLIC COMPANY LIMITED 1 13 May 2019 QUARTERLY BUSINESS REVIEW – 3Q 2019  Consolidated revenue increased by 54.0% YoY to THB 748mn o

branches all over Thailand and overseas from 18th March 2020 including the closure of the rental and service business from 22nd March 2020 intended to limit the spread of COVID-19. The health and safety of

% Total Revenue 293.33 305.19 -11.86 -3.89% 288.96 302.33 - 13.36 -4.42% Sharing of gain (loss) from investment value of the associate and joint venture 3.54 -0.53 4.07 N.A. In the furniture business, the

shall be incurred but not exceeding Baht 100,000 per company. However, the approved remuneration does not include other out-of-pocket expenses such as expenses for business trips in upcountry provinces

MANAGEMENT DISCUSSION & ANALYSIS 2Q 2020/21 ENDED 30 SEPTEMBER 2020 09 NOV 2020 MASTER AD PUBLIC COMPANY LIMITED 1 13 May 2019 QUARTERLY BUSINESS HIGHLIGHTS – 2Q 2020/21 MACO’s performance was