to boost sales, increase in inventory day from19.2 to 22.2 and decrease in days payable outstanding. - Translation - Page 11 of 11 Return on equity (ROE) for the year ended 31 December 2017 and 2016

12% 30,260 11% Debt Service Coverage Ratio 1.7 3.4 2.7 ใบอนุญาตใหใ้ชค้ลื่นความถี่ 115,378 42% 109,503 39% Return on Equity 90% 64% 73% โครงขา่ย ทีด่นิ อาคารและอุปกรณ์ 118,271 43% 130,658 47% ตวัเลขจากง

ยงัพบวา่ตลาดหลกัทรัพยท่ี์แปรสภาพแลว้จะมีประสิทธิภาพใน การดาํเนินงานท่ีสูงข้ึน ทั้งในแง่สดัส่วนตน้ทุนต่อรายได ้และอตัราผลตอบแทนต่อส่วนของทุน (return on equity) 7 ตลาดหลกัทรัพยไ์ทยเร่ิมมีสญัญาณวา่กาํลงัเผ

% Average collection period7 (days) 62 70 Return on equity3 (%) 21.2% 15.7% Payable days (days) 68 103 Efficiency Ratios Leverage Ratios Return on assets4 (%) 19.5% 13.1% Liability to Equity (times) 0.5 0.6

Equity (times) 0.4 0.3 Return on fixed assets5 (%) 62.4% 79.4% Debt to equity (times) 0.0 0.1 Asset turnover (times) 0.4 0.6 7 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 1Q 2018 MD&A 1Q 2018 (ended 31

collection period7 (days) 70 182 Return on equity3 (%) 15.7% 13.4% Payable days (days) 103 186 Efficiency Ratios Leverage Ratios Return on assets4 (%) 13.1% 12.0% Liability to Equity (times) 0.6 0.4 Return on

% Payable days (days) 162 140 Efficiency Ratios Leverage Ratios Return on assets4 (%) 12.0% 6.5% Liability to Equity (times) 0.4 0.7 Return on fixed assets5 (%) 66.7% 36.6% Debt to equity (times) 0.1 0.2

on equity3 (%) 18.0% 11.8% Payable days (days) 157 186 Efficiency Ratios Leverage Ratios Return on assets4 (%) 16.4% 10.3% Liability to Equity (times) 0.5 0.5 Return on fixed assets5 (%) 79.4% 50.3

period7 (days) 94 108 Return on equity3 (%) 10.5% -6.7% Payable days (days) 143 152 Efficiency Ratios Efficiency Ratios Return on assets4 (%) 9.1% -6.1% Liability to Equity (times) 1.1 1.2 Return on fixed

average assets * 1.17% 1.04% 1.17% 0.13% - Return on average equity * 8.74% 7.86% 9.05% 0.88% (0.31)% * Attributable to owners of the Bank Million Baht Item March 2019 December 2018 March 2018 Change