investors were allowed to exchange their source bonds with destination bonds, established by the Ministry of Finance in late June, drew public interest, with total switching of Baht 90,000 million per the

) 781 6 330 2 (451) (58) Finance Costs (16) (0) (15) (0) (12) (0) 4 (27) 3 (23) (38) (0) (49) (0) (11) 30 FX Gain/(Loss) (1) 4 0 (26) (1) (22) (0) (26) (649) 5 (17) 10 0 (73) (1) (83) (797) Shares of

due to lower outstanding debt and higher retained earnings. In 3Q17, finance costs amounted to THB 97 mn, a decrease of 37.3% YoY and 4.9% QoQ. A weighted average cost of debt in 3Q17 was 2.67% per

administrative expenses 98.56 100.45 1.89 1.92% 293.80 301.13 7.34 2.50% Operating profit 428.70 412.15 (16.55) (3.86%) 1,422.44 1,366.98 (55.46) (3.90%) Finance cost 24.89 35.10 10.22 41.06% 81.54 105.82 24.27

Finance Costs In Q2 2017, total interest paid equaled to 288.9 Million Baht, comprising of financing costs of 223.6 Million Baht and capitalized interest of 65.2 Million Baht. The rise in the costs was due

176mn, dividends paid of THB 123mn, and a repayment of long-term loan from financial institution and finance lease of THB 13mn. 7 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017 MD&A FY 2017 (ended 31

) (3) (143) (3) (143) (3) (4) 3 (1) 0 (545) (3) (564) 3 (20) 4 EBIT 134 3 68 1 244 5 110 83 176 258 915 5 574 3 (341) (37) Finance Costs (22) (1) (12) (0) (8) (0) 14 (63) 4 (31) (60) (0) (57) 0 2 (2) FX

persons holding equivalent position to the fourth executive and shall include the persons holding the position of manager or equivalent in accounting or finance departments. The Corporate Group’s total

46.5% 1,055.0 2.25 65.2 6.2% Other expenses 207.2 0.42 129.9 0.28 77.4 59.6% 238.6 0.51 (31.4) (13.1%) Finance cost 19.6 0.04 45.2 0.10 (25.5) (56.5%) 39.4 0.08 (19.8) (50.2%) Profit before income tax

the net tangible assets of the Company. The meeting resolved to approve the appointment of Absolute Advisory Co. ,Ltd to be the independent finance advisor of the Company to give opinions on the