2020 11 AUG 2020 MASTER AD PUBLIC COMPANY LIMITED 5 LIABILITIES AND SHAREHOLDERS’ EQUITY LIABILITIES AND EQUITY BREAKDOWN 31 MARCH 2020 30 JUNE 2020 (THB mn) % out of total (THB mn) % out of total Short

13 19 Total 459 472 Allowance for doubtful debt 31 85 MANAGEMENT DISCUSSION & ANALYSIS 2Q 2020/21 ENDED 30 SEPTEMBER 2020 09 NOV 2020 MASTER AD PUBLIC COMPANY LIMITED 5 13 May 2019 LIABILITIES AND

23.6 MB or representing an increase of 100.0% due to the implementation of TFRS16 in 2020. It requires the renter to recognize assets and liabilities for every lease with a lease period of more than 12

institutions 4,359.0 3,657.2 701.8 19.2 Trade and other payables 344.0 269.0 75.0 27.9 Leases liabilities (net) 27.5 25.8 1.7 6.6 Deferred tax liabilities (net) 127.3 109.9 17.4 15.8 Derivative liabilities 1.2

Finance costs comprise of interest expense from loans for the new investment projects, amortisation of prepaid transaction cost of borrowings and interest expense from lease liabilities. Finance costs for

Economic Teak Plantation and Carbon Credit Trading. Liabilities Items that has significant changes Balance by Quarter Change Q1-23 Q4-22 Q1-23 VS Q4-22 (MB) (MB) % Trade and other payables 1,153.4 921.0

17.52 0.77% 15.56 0.66% Other non-current assets 11.94 0.53% 11.94 0.51% Total non-current assets 628.59 27.59% 631.50 26.92% TOTAL ASSETS 2,278.45 100.00% 2,345.53 100.00% LIABILITIES Current liabilities

” of THB 281mn in non-current assets, which was replaced by 1) goodwill of THB 262mn and an intangible assets of THB 36mn in non-current assets, 2) deferred tax liabilities of THB 7mn in non-liabilities

12 million from the exchange difference when translating financial statements. Liabilities As of 30 June 2018, the total liabilities were THB 4,020 million, a decrease of 1.9%, or THB 77 million, from

of financial position June 30, 2019 December 31, 2018 Million Baht Million Baht Million Baht % Total assets 987.22 974.80 12.42 1.27 Total liabilities 3,042.08 2,887.32 154.76 5.36 Total shareholders