MANAGEMENT DISCUSSION & ANALYSIS 1Q 2019 15 MAY 2019 U CITY PCL 1Q 2019 - MD&A (for three-month period ended 31 March 2019) 1 U CITY PCL 1Q 2019 KEY FINANCIAL HIGHLIGHTS • Total revenue increased by

Microsoft Word - 2020.07.15_3M 2020_MACO_MDA_EN_Final - Auditor edit MANAGEMENT DISCUSSION & ANALYSIS FOR THE 3-MONTH ENDED MARCH 2020 (3M 2020) 15 JUL 2020 MASTER AD PUBLIC COMPANY LIMITED 1

Group Public Company Limited (the “Company” or “CBG”), are pleased to submit management discussions and analysis regarding consolidated financial performance and position of the Company and subsidiaries

1 Ref: AC.006/2019 25 February 2019 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

outstanding debts and the prevailing economic condition. Management believed that allowance for doubtful accounts is adequate in the current circumstances. Inventories Unit: Million Baht Consolidated financial

1 Ref: AC.016/2019 4 May 2019 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

from the net profit attributable to equity holders of the parent on consolidated financial statement. 2) Decimal numbers shown in this management discussion and analysis are likely to be different from

Ref. PDI/BK-BS-050/2019 9th August 2019 Re: Management Discussion and Analysis (MD&A) For the three-month and six-month periods ended June 30, 2019 To: President The Stock Exchange of Thailand PDI

prevailing economic condition. Management believed that allowance for doubtful accounts is adequate in the current circumstances. Inventories Unit: Million Baht Consolidated financial statements 30 June 2019

June 30, 2019 To The President The Stock Exchange of Thailand Management’s Discussion and Analysis Consolidated Financial Statements For six months ended June 30, 2019 Overall Group Performance Table 1