disturbed by sharp decline in Chinese tourists, turned off by series of unfortunate events. The Chinese tourists are one of a key customer of the company. Consequently, domestic sales experienced a 1 6.69

in second quarter of 2019 onwards. Shares of Profits: A massive slump in shares of profits of associated companies by THB (72.95M) or (273%) lower from last year which was solely affected by loss in

by the performance of Advance Power Conversion Company (APCON) whose projects had been postponed, as a result; a massive drop in 9 months period by (125.62%). Profit before tax: An increase of 6.40% in

income of THB 5.54 M or 138% higher in 2Q20 than 2Q19, while 6M20 showed THB 21.54M or 6619% increase from the same period of last year, as a result of massive change in shares of loss and lower expenses

extremely high volatility which included triggering the SET circuit-breaker 3 times. Each large movement also triggered a massive change in the Delta hedge position within a very short period of time. These

company and its subsidiaries (which has been terminated their operations). 2020 is the year that bring massive change of UWC as a consequence of the corporate and business strategy restructuring together

of a possible recurrence of the outbreak in Thailand, have led to severe restrictions on inbound and outbound travel. This has resulted in a massive contraction of the tourism industry, as well as the

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