Interest-bearing Debt/Equity Ratio 0.58x 0.58x 1 Net profit margin is calculated by dividing the Net Profit attributable to Owners of the Parent by Revenue from Sales and Services and Share of Profit from

to gains on sale of investments. * The operational results were calculated based on the consolidated financial statements which consist of the Expressway Business, Rail Business, Commercial Development

-bearing Debt/Equity Ratio 1.32x 0.62x 1 Net profit margin is calculated by dividing the Net Profit attributable to Owners of the Parent by Revenue from Sales and Services and Share of Profit from

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

at 3.28 percent, Debt to Equity ratio at 1.87 times and Interest Bearing Debt to Equity ratio at 1.41 times. * The operational results were calculated based on the consolidated financial statements

calculated by dividing the Net Profit attributable to Owners of the Parent by Revenue from Sales and Services and Share of Profit from Investments in Associates and Joint Ventures and other income 4

0.58x 1 Net profit margin is calculated by dividing the Net Profit attributable to Owners of the Parent by Revenue from Sales and Services and Share of Profit from Investments in Associates and Joint

Equity ratio at 1.38 times. * The operational results were calculated based on the consolidated financial statements which consist of the Expressway Business, Rail Business, Commercial Development Business

May 31, 2020, the loss allowance for a financial instrument was calculated based on the concept of expected credit losses (ECL), the principles of hedge accounting and forward looking macroeconomic

statement, “the dividend yield presented was calculated from the investment units’ offering price at /of ……. Baht and the occupancy rate at …….% which is the estimation for the period of …… year(s) ending