has financial position that changed from its financial status as of December 31, 2019. The changes are described as follows: Assets Items that has significant changes Balance by Quarter Change Q1–20 Q4

sales revenue and the higher cost of goods sold, sales and administrative expenses mentioned earlier. Financial Position Total Assets As of 31 March 2020, the Company’s total assets stood at THB 5,397.93

2020/21 ENDED JUNE 2020 11 AUG 2020 MASTER AD PUBLIC COMPANY LIMITED 4 FINANCIAL POSITION From 1 January 2020, the Company has adopted Thai Financial Reporting Standards (TFRS) 9 – Financial Instruments

-year end. Financial Position Summary as of 30 June 2020 compared to 31 December 2019: 3.3. Cash Flow Analysis Cash and cash equivalents at the end of Q2 2020 increased from the start of the period to

MANAGEMENT DISCUSSION & ANALYSIS 2Q 2020/21 ENDED 30 SEPTEMBER 2020 09 NOV 2020 MASTER AD PUBLIC COMPANY LIMITED 4 13 May 2019 FINANCIAL POSITION From 1 January 2020, the Company has adopted Thai Financial

Position as of September 30, 2020 has changed from December 31, 2019 as follows; Assets (Mil . Baht) Total Liabilities & Shareholders' Equity (Mil. Baht) Cash and cash equivalents Total other current

34.8 Grand Total -Non Recurring 192.88 50.4 109.84 43.8 83.03 75.6 Grand Total Revenues 382.82 100.0 250.79 100.0 132.03 52.6 Financial Position As of 30 September 2020 and 31 December 2019, the Company

Baht 67 Million. (Translation) Bangkok Expressway and Metro Public Company Limited Management Discussion and Analysis for the Quarter Ended on September 30, 2020 4 Financial Position (Unit: Million Baht

Net profit reached THB 293m or 13% improvement from the same period last year. Essentially, both Residential business and Hospitality business attributed to such increment. Financial Position and

2Q18 as gain from fair value adjustment of investment property. Page 7 of 7 Management Discussion and Analysis 2Q2019 Financial Position and Capital Structure As at 30 June 2019, the Company reported