2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 KEY FINANCIAL RATIOS 1 Excludes the impacts of COMASS’s statement of financial position consolidation 2 Calculated from operating

of THB 13mn. 5 MD&A 3Q 2017 (Ended 30 September 2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 3Q 2017 20 OCT 2017 NINE-MONTH CASH FLOW SNAPSHOT KEY FINANCIAL RATIOS 1 Calculated from operating

COVERAGE 7 KEY FINANCIAL RATIOS 1Q 2018 1Q 2019 31-Dec 2018 31-Mar 2019 Profitability Ratios Liquidity Ratios Gross profit 1 (%) 60.5% 33.7% Current ratio (times) 1.5 1.7 Operating EBITDA (%) 32.3% 15.8

& ANALYSIS 1Q 2018 MD&A 1Q 2018 (ended 31 March 2018) 14 MAY 2018 KEY FINANCIAL RATIOS 1 Calculated from operating revenue 2 Net Profit attributable to equity holders of the Company/ operating revenue 3 Net

NOV 2018 KEY FINANCIAL RATIOS 1 Calculated from operating revenue 2 Net Profit attributable to equity holders of the Company/ operating revenue 3 Net Profit (Annualised) / Average Total Shareholders

RATIOS 3Q 2018 3Q 2019 31-Dec 2018 30-Sep 2019 Profitability Ratios Liquidity Ratios Gross profit 1 (%) 42.4% 35.5% Current ratio (times) 1.6 1.1 Operating EBITDA (%) 24.7% 15.5% Quick ratio6 (times) 1.6

channels to department stores and beauty salons throughout the countries. The Company’s business operation kept growing up with sustainability and there were more variety of the products for the distribution

by distribution channel for the three-month period ended 30 June 2018 and 2019 with the following details: Consolidated Financial Statements For the three-month period ended 30 June Increase (Decrease

THB 65mn. FINANCIAL RATIOS Profitability Ratios 2Q 2016/17 (Restated) 2Q 2017/18 Liquidity Ratios 31-Mar-17 (Restated) 30-Sep-17 Gross profit (%) 58.9% 60.4% Current ratio (times) 0.9 0.9 Operating

financial institutions of THB 548mn and THB 335mn, respectively and dividend paid of THB 172mn. FINANCIAL RATIOS Profitability Ratios 3Q 2016/17 (Restated) 3Q 2017/18 Liquidity Ratios 31-Mar-17 (Restated) 31