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

listed companies during the crisis and mitigate potential impacts on business operation. The two accounting guidelines approved by APSC on 16 April 2020 are: (1) the Temporary Relief Measures for

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