renewal under the existing Agreements Revision of fixed toll rates every 10 years from September 1, 2018 for the Second Stage Expressway Agreement, and revision of toll rates every 10 years from November 1

in the mentioned mandate has resulted in lower sales volume, while the Company’s fixed costs and overhead costs are increased because the inability to allocate the production cost based on the output

the following transaction: 2.1 The transaction between the Company and/or its subsidiary with Kinpo Electronics Inc. (“Kinpo”) and/or its subsidiary as the following details: 2.1.1 Fixed asset disposal

Ratios Return on assets4 (%) 22.4% 9.8% 11.3% Liability to Equity (times) 0.2 0.6 0.6 Return on fixed assets5 (%) 145.2% 45.5% 49.4% Debt to equity (times) 0.0 0.3 0.3 Asset turnover 0.8 0.5 0.6 7 MD&A 2Q

, because the new businesses can generate revenue cover the fixed costs in , especially the projects from new business that can generate good returns and tend to increase continuously. As a result in the

11.24 0.49% 10.99 0.48% Long-term investment 2.60 0.11% 2.73 0.12% Property, plant and equipment, net 438.46 19.15% 448.52 19.75% Intangible assets – net 0.71 0.03% 0.76 0.03% Restricted fixed deposits

in the Si Rat-Outer Ring Road Expressway Project in the amount of Baht 95 Million, (4) acquisition of fixed assets and other assets in the net amount of Baht 48 Million, (5) cash receipt from sales of

Return on fixed assets5 (%) 124.9% 65.7% Debt to equity (times) 0.0 0.4 Asset turnover 0.7 0.6 6 MD&A 3Q 2017 (Ended 30 September 2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 3Q 2017 20 OCT 2017

Million (3) investment in the Si Rat-Outer Ring Road Expressway Project in the amount of Baht 102 Million, (4) acquisition of fixed assets and other assets in the net amount of Baht 88 Million, (5) cash

2017 FY2016 Return on Equity (ROE) 8.37% 2.52% 12.22% 11.29% Return on Assets (ROA) 5.05% 1.56% 7.37% 6.97% Return on Fixed Assets (ROFA) 23.35% 22.33% 27.68% 31.92% Debt/Equity Ratio 0.69 0.62 0.69 0.62