(%) 11.5% 15.6% Liability to Equity (times) 0.4 0.4 Return on fixed assets5 (%) 87.1% 87.6% Debt to equity (times) 0.0 0.2 Asset turnover (times) 0.6 0.5 8 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017

fixed assets5 (%) 57.1% 43.2% Debt to equity (times) 0.1 0.1 Asset turnover (times) 0.6 0.8 1 Calculated from operating revenue 2 Net Profit attributable to equity holders of the Company/ operating

to Equity (times) 0.6 0.3 Return on fixed assets5 (%) 45.5% 63.4% Debt to equity (times) 0.2 0.2 Asset turnover (times) 0.5 0.6 9 MD&A 2Q 2018 (ended 30 June 2018) MASTER AD PLC MANAGEMENT DISCUSSION

Efficiency Ratios Efficiency Ratios Return on assets4 (%) 10.3% -1.5% Liability to Equity (times) 0.6 1.1 Return on fixed assets5 (%) 50.3% -12.3% Debt to equity (times) 0.2 0.3 Asset turnover (times) 0.7 0.4

(%) 11.5% 15.6% Liability to Equity (times) 0.4 0.4 Return on fixed assets5 (%) 87.1% 87.6% Debt to equity (times) 0.0 0.2 Asset turnover (times) 0.6 0.5 (Enclosure 4) 12 5 Earnings before interest and tax