(%) 5.69% 9.51% 9.80% Return on Equity (%) 8.82% 15.44% 15.32% Efficiency Ratios Return on Assets (%) 6.27% 10.87% 10.68% Return on fixed assets (%) 46.78% 82.27% 89.99% Asset turnover times 1.10 1.14 1.09

233.74 289.93% Total shareholders’ equity 1,196.90 888.84 308.06 34.66% Total liabilities and shareholders’ equity 2,319.64 1,913.62 406.02 21.22% The Group’s total asset as at 31 December 2019 was

services, amortization of intangible asset under the MRT Blue Line Project which for the second quarter of the year 2017, amounted to Baht 863 Million, representing an increase from the same quarter of the

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

-Far East Company Limited made Myanmar SPA- Today-Far East Company Limited ending the status of an associate. Apart from that, both companies have no outstanding debt obligations. (7) Total transaction

force as from 1 January 2015; (2) the second paragraph of Clause 34 relating to fundamental recommendation regarding the importance of basic asset allocation shall come into force as from 1 April 2016

and amortization on intangible asset under concession agreement of the MRT Blue Line Project (non-cash expenses) which inline to the increase in traffic volume and ridership. Selling and administrative

% 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

AUD currency in relative to USD currency, resulting in the decrease of net asset value in AUD currency. In contrast, the Company recorded gain on exchange rate of Baht 233.00 million in the 1 st quarter

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