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

Offeror : (1) Hitachi Transport System (Thailand) Pte. Ltd. (2) Hitachi Transport System (Asia) Pte. Ltd. | Date of submission of the Statement of Intention : 21/04/2011

Offeror : (1) Hitachi Transport System (Thailand) Pte. Ltd. (2) Hitachi Transport System (Asia) Pte. Ltd. | Date of submission of the Statement of Intention : 11/05/2011

Offeror : (1) Hitachi Transport System (Thailand) Pte. Ltd. (2) Hitachi Transport System (Asia) Pte. Ltd. | Date of submission of the Statement of Intention : 22/07/2011

Offeror : (1) Hitachi Transport System (Thailand) Pte. Ltd. (2) Hitachi Transport System (Asia) Pte. Ltd. | Date of submission of the Statement of Intention : 10/08/2011

, electrical charging and hydrogen refuelling installations for personal mobility devices. Rail transport: for electrified trackside infrastructure and associated subsystems: infrastructure, energy, on-board

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factors into their investment and ownership decisions Acts in the long-term interests https://www.sec.or.th/TH/Documents/Seminars/seminar-170766-02.pdf PowerPoint Presentation . DIGITAL TRANSPORT/ LOGISTICS

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Sustainability Investment 4/ Thailand Sustainability Investment n/a Ranking by Industry Business 4/ Business The Company operates marine transport services as follows: 1) Liner service in Thailand - Japan - South