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

the asset manager for all Master Ad Public Company Limited’s (“MACO”) domestic Outdoor media, including Static and Digital billboards and Street Furniture media (BTS Columns and flyovers); while MACO

% Debt to equity (times) 0.3 0.4 Asset turnover (times) 0.7 0.4 Remark:  Financial ratios were calculated based on The Stock Exchange of Thailand’s formula. MANAGEMENT OUTLOOK The COVID-19 pandemic has

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

% Debt to equity (times) 0.1 0.04 Asset turnover (times) 0.6 0.7 1 Calculated from operating revenue 2 Net Profit attributable to equity holders of the Company/ operating revenue 3 Net Profit (Annualised

fixed assets5 (%) 65.7% 66.7% Debt to equity (times) 0.4 0.0 Asset turnover (times) 0.6 0.5

assets5 (%) 43.2% -47.0% Debt to equity (times) 0.3 0.3 Asset turnover (times) 0.8 0.4 Remark:  Financial ratios were calculated based on The Stock Exchange of Thailand’s formula. MANAGEMENT OUTLOOK The

from financial institutions 1.26 million Baht, interest expenses 0.07 million Baht and cash paid asset transfer, debt repayment of debentures in the amount of 25.46 million Baht. Please be informed

(liquid asset) = 50 ลบ. 3. หนี้สินรวม (total liabilities ที่ไม่รวม sub debt) = 15 ลบ. • Liquid capital = liquid asset – total liabilities ที่ไม่รวม sub debt = 50 – 15 = 35 ลบ. 4. NAV รวม (MF+PF+PVD) ทุก

(%) 11.5% 15.6% Liability to Equity (times) 0.4 0.4 Return on fixed assets5 (%) 87.1% 87.6% Debt to equity (times) 0.0 0.2 Asset turnover (times) 0.6 0.5 8 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017