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

and mortgage-backed securities will be allowed to roll off gradually without reinvestment, in order to reduce its massive balance sheet. Meanwhile, the Eurozone, Japan and several other Asian countries

products are the best sellers there. Sales revenue from facial cleanser product line for the three months period ended 31 December 2018 reached THB 71.84 million or equivalent to a massive 520.38% growth

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