relatively strong results in 1Q 2018 with an operating revenue of THB 290mn, an increase by 53.1% and net profit of THB 53mn, increased by 42.3% YoY. 2 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 1Q 2018 MD

share at the Ministry of Commerce on June 29, 2020. The 3 Months Operating Result as ended 30 June 2020 Financial Performance for the period ended June 30 (Unit : M ill ion Baht) 2020 2019 Inc. / (Dec

1st quarter financial statements as of May 31, 2021 which were reviewed by Deloitte Touche Tohmatsu Jaiyos Audit Company Limited. The operating performance is summarized are as follows. Overview

significantly by 222.5% YoY to THB 1,481mn, predominantly due to the consolidation of the acquired hotel business in Europe (Vienna House), the improving operating performance of our hotels in Thailand and the

resolutions of the Board of Directors’ Meeting No. 9/2018, which was held on November 27, 2018. This was due to the fact that the manufacturing business’ operating results were declining, the percent of

is income decreased Baht 1.38 million, due to less delivery of raw milk to the customers compared to those of the same periods last year. The decreases were 7%. 1.2 Cost of sales and service

increase of Baht 0.83 million, near that of last year. - Farm business saw is income decreased Baht 3.26 million, due to less delivery of raw milk to the customers compared to those of the same periods last

159.4 5.6% 192.4 6.4% 20.9% Revenue from Food Delivery & Catering 13.5 0.5% 101.6 3.4% 656.3% Revenue from Retail Merchandise 7.2 0.2% 28.3 0.9% 293.1% Total Revenue from Sales of Food and Beverages

represent entitlement in assets held by a derivatives broker for its client for delivery settlement according to client’s derivatives transaction; (d) cash, securities, or any other assets which a derivatives

assets held by a derivatives broker for its client for delivery settlement according to client’s derivatives transaction; (d) cash, securities, or any other assets which a derivatives broker received from