MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2018 MD&A FY 2018 (ended 31 December 2018) FINANCIAL POSITION (THB mn) ASSETS ASSETS BREAKDOWN 31 DECEMBER 2017 31 DECEMBER 2018 (THB mn) % out of total (THB

tax liabilities of THB (32)mn in non-liabilities and 4) unappropriated retained earnings of THB (3)mn. ASSETS ASSETS BREAKDOWN 31 DECEMBER 2018 (Restated) 31 DECEMBER 2019 (THB mn) % out of total (THB

& ANALYSIS 1Q 2017/18 2 AUG 2017 FINANCIAL POSITION ASSETS ASSETS BREAKDOWN 31 MARCH 2017 30 JUNE 2017 (Restated) (THB mn) % out of total (THB mn) % out of total Cash & cash equivalents and short-term

year and net profit margin attributable to the equity holders of the Company increased to 23.7% from 13.9% in 2016. FINANCIAL POSITION (THB mn) ASSETS ASSETS BREAKDOWN 31 DECEMBER 2016 31 DECEMBER 2017

: Consolidated Performance FY 2016 vs. FY 2017 Table 2 : Sales Revenue breakdown by business unit (Unit: THB million) Table 3: Adjusted EBITDA breakdown by business unit (Unit: THB million) Unit (Mil l ion Baht

% yoy with noticeable growth of 15.7% from Dusit Thani Manila, Philippines. Revenue breakdown EBITDA breakdown Unit: THB mn 1Q19 1Q18 1Q19 1Q18 Hotel business 1,171 1,364 -193 -14.1% 245 348 -103 -29.6

agreement for working capital purpose and preparing to get ready to produce for own sale again. For GJ Steel, production disruptions resulting from breakdown of critical gear and transformer so impact to

COVERAGE 6 ASSETS ASSETS BREAKDOWN 31 DECEMBER 2018 30 JUNE 2019 (THB mn) % out of total (THB mn) % out of total Cash & cash equivalents and Current investments 653 15.7% 822 17.3% Trade & other receivables

found in Notes to interim consolidated financial statements for the three-month and six-month periods ended 30 June 2018 (Note 5.1-5.3). ASSETS ASSETS BREAKDOWN 31 DECEMBER 2017 30 JUNE 2018 (THB mn

TFRS 16 IN 3M 2020 THB mn Assets 2,233 Liabilities 2,198 Shareholders’ Equity 35 ASSETS ASSETS BREAKDOWN 31 DECEMBER 2019 31 MARCH 2020 (THB mn) % out of total (THB mn) % out of total Cash & cash