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

investment in fixed assets, advance payment for the construction, and investment in other non-current assets as well as concession assets in an amount of 650.08 million Baht while the net short-term investment

include both fixed and variable expenses in related to total revenue from sales in according to business plan. Sponsorship fees for international football clubs including Chelsea Football Club Limited (CFC

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

international football club (2) marketing and promotional expenses operated by CBD for domestic business and by ICUK for the UK operations, and (3) selling expenses of which include both fixed and variable

of which include both fixed and variable expenses related to sales in according to business plan. Sponsorship fees for international football clubs including Chelsea Football Club Limited (CFC

193 million, and completed its issuance and offering of USD 300 million notes with a tenor of 10 years (maturity date in 2028), and a fixed interest rate of 4.50 percent per annum. 4.2.3 Trade accounts

of which include both fixed and variable expenses related to sales in according to business plan. Sponsorship fees for international football clubs including Chelsea Football Club Limited (CFC

fixed assets (%) 63.1% 80.8% Debt to equity (times) 0.3 0.1 Assets turnover (times) 0.4 0.3 Remark:  During April – September 2018, the warrant holders exercised 1,121mn shares to purchase newly issued

demand for the product. (3) Selling expenses composed of fixed portion and variable based on sales portion amount to THB 205 million, decreased by THB 21 million or 9.3%, mainly due to reduction of