(%) 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

major shareholders owing a large amount of unpaid debts, causing a significant impact on the applicant's financial statements; (3) failure to examine the disclosure of material information in the IPO

result, the Company's debt to equity ratio increased from 1.46 times to 1.57. The company is considering extending its debt-to-equity ratio to the commercial banks. For the purpose of considering

Establishment of Mutual Funds and Execution of Agreements for Management of Private Funds (No. 4)

Establishment of Mutual Funds and Execution of Agreements for Management of Private Funds (No. 3)

Establishment of Mutual Funds and Execution of Agreements for Management of Private Funds (No. 8)

Establishment of Mutual Funds and Execution of Agreements for Management of Private Funds (No. 7)

Establishment of Mutual Funds and Execution of Agreements for Management of Private Funds (No. 10)

Check list การเสนอขายหุ้นกู้ในวงจำกัด (Private Placement)

Check list การเสนอขายหุ้นกู้แปลงสภาพในวงจำกัด (Private Placement)