E_1 Legal_FA_2015_12_29-c A CorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2019 Thai economy in 2019 showed decelerating growth at 2.4

percent, with a Tier 1 capital ratio of 15.57 percent. Being aligned with our business strategies, all of the above endeavors allowed KBank and K Companies to meet business targets and at the same time gain

E_1 Legal_FA_2015_12_29-c A WWCCoorrppLL44..11hhiigg A Executive Summary 1 Management Discussion and Analysis For the Year Ended December 31, 2017 In 2017, Thai economic growth gained traction

E_1 Legal_FA_2015_12_29-c A WCorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2018 In 2018, the overall Thai economy maintained its growth due

ที่ FPI Ref. FPI.007/2020 15 July 2020 Subject : Management Discussion & Analysis of Performance Results of Quarter 1 2020 To : Board of Directors and President of The Stock Exchange of Thailand

MANAGEMENT DISCUSSION & ANALYSIS 2Q 2020/21 ENDED 30 SEPTEMBER 2020 09 NOV 2020 MASTER AD PUBLIC COMPANY LIMITED 1 13 May 2019 QUARTERLY BUSINESS HIGHLIGHTS – 2Q 2020/21 MACO’s performance was

also appreciate helpful comments received from Ole-Kristian Hope, Sonia Konstantinidi, Peter Pope, and seminar participants at the University of Exeter and the University of the West of England. 2 1

under consideration. 1. Mr. Nontaphon Nimsomboon 4. Ms. Chongchitt Leekbhai 2. Prof. Thavach Phusitphoykai 5. Mr. Pakorn Penparkkul 3. Mr. Natasek Devahastin 6. Mrs. Pranee Phasipol Non-practitioner