, the “Notifications on Acquisition or Disposal”), having the highest transaction value of 22.37 percent calculated based on the Total Value of Consideration basis (in this regard, as there were no other

. 2547 (2004) (as amended) (the “Acquisition and Disposition Notifications”). The transaction size of the Hello LED Shares Acquisition Transaction is 41.70 percent as calculated based on the total value of

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