and Analysis EXECUTIVE SUMMARY ABBREVIATION & OUR PROJECTSFINANCIAL PERFORMANCE FINANCIAL POSITION PROGRESS OF PROJECTS UNDER CONSTRUCTION EXECUTIVE SUMMARY 1 2019: A remarkable year with 40% capacity

the Group to expand its media offerings on a massive scale. MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 2 INTERNATIONAL MARKET – EXPANDING INTERNATIONALLY ACROSS

implementing a response plan and is continuing to monitor the situation closely in order to conduct the appropriate measures. Hospitality Business The hospitality segment is taking a massive hit, with 53 out of

to conduct the appropriate measures. Hospitality Business The hospitality segment is taking a massive hit, with 53 out of 57 hotels in our portfolio temporarily closed since the second half of March

growing revenue to THB 11,223 million with the Normalized Net Profit (NNP) of THB 1,158 million and NNP-owner of the parent of THB 682 million, growing 54.0% y-on-y. This remarkable performance came from 1

despite the COVID-19 pandemic B.Grimm Power continued to report a remarkable performance with a 62.5% y-on-y growth of net profit- owner of the parent to THB 1,017 million and a 17.2% y-on-y growth of

travel will return driven by millennial travellers hungry for new experiences. The massive populations of China and India – both with bourgeoning middle classes – will continue to be huge source markets

the scarcity issue on the professional personnel, especially in the partner position, which cause the EQCRs to endure the massive responsibility and lack the adequate time to involve in some of the

study and develop the power plant project using LNG as fuel, including the project of import and distribution of LNG to fuel the power plant in Vietnam. The remarkable performance with the highest NNP in

considering advantage of receiving financial assistance from Mahachai Group at the period of time and situation that the Company faces with massive losses and unable to receive financial assistance from any