) CFO CFI CFF Ending cash (30-Sep-19) *Included translation adjustment of THB 3mn (THB mn) MANAGEMENT DISCUSSION & ANALYSIS 3Q 2019 6 NOV 2019 MASTER AD PUBLIC COMPANY LIMITED 6 13 May 2019 KEY FINANCIAL

and Company Secretary 695.1 - 15.7 - 68.3 - 87.6 - 355.8 - 2.2 165.5 Beginning 31 Dec 2019 Operating Activities Interest and Tax Investing Activities Financing Activities Adjustment and different in FX

factors totally at the amount of 11,775 million baht. The Group has elected to recognize the cumulative effect of initially adopting of TFRS 9 and TFRS 16 as an adjustment to the beginning balance of

Company”) still has carried adjustment of the business strategy to focus on the large project. Moreover the Company still development quality of product and service followed by client’s standard that

cumulative effect is recognized as an adjustment to the retained earnings as at 1 January 2020, and the comparative information was not restated. The impact to Financial statements of such adoption was

(23) (60) (34) Beginning cash (31-Mar-20) CFO CFI CFF Ending cash (30-Jun-20) *Included translation adjustment of THB 5mn MANAGEMENT DISCUSSION & ANALYSIS 1Q 2020/21 ENDED JUNE 2020 11 AUG 2020 MASTER

strategy of the distribution channels in order to decrease cost and expenses from the past that the Company had ELEGA showrooms which currently been closed all including the new adjustment of business plan

1,045.5 million or 6.4% due to an increase of Baht 259.0 million in cash and cash equivalents, receivables under finance lease increased by Baht 21.3 million from the adjustment of exchange rates

: The increase in personnel for both management and sales staff in the smartphone segment, including Android and Apple, in preparation for opening Mono stores under the name iStore. The adjustment of

maintenance in Q4’2018. • NNP margin was lower to 8.3% in 2018 because of 1) the 10.1% YoY increase in gas price but only 2.8% YoY increase in selling price to IUs (with limit adjustment of Ft charge) and 2