and develop securities business related to investment management; “debt financing” shall include the issuance of debt instruments or conclusion of any transaction that would result in or is in substance

(Current portion) 106 93 Long term debt (Non-current portion) 1,399 1,083 Debentures (Non-current portion) 2,121 1,806 Cash & Cash under management 359 165 Cash and cash equivalents 356 172 Current

portion) 136 93 Long term debt (Non-current portion) 1,434 1,083 Debentures (Non-current portion) 2,091 1,806 Cash & Cash under management 353 165 Cash and cash equivalents 346 172 Current investments and

) 149 136 Long term debt (Non-current portion) 3,640 1,434 Debentures (Non-current portion) 1,959 2,091 Cash & Cash under management 749 353 Cash and cash equivalents 731 346 Current investments and loans

& Cash under management 383 209 Cash and cash equivalents 382 210 Current investments and loans given 1 (2) Net Debt 2,522 2,722 Non-operating Debt (Project Debt) 1 872 764 Net Operating Debt 1,650 1,959

company has strong short- term debt management capabilities and good liquidity. The improving liquidity ratio has contributed to the company's financial stability, even though interim dividends have already

3.2 (16.7) (35.2) Total Revenue 423.6 100.0 1,462.6 100.0 (1,039.0) (71.0) 1 Backlog include only sale with sales and purchase agreements 2 Calculated from interest bearing debt to equity Management

13 19 Total 459 472 Allowance for doubtful debt 31 85 MANAGEMENT DISCUSSION & ANALYSIS 2Q 2020/21 ENDED 30 SEPTEMBER 2020 09 NOV 2020 MASTER AD PUBLIC COMPANY LIMITED 5 13 May 2019 LIABILITIES AND

yet due 176 182 Up to 3 months 182 134 3 - 6 months 76 72 6 - 12 months 12 66 Over 12 months 13 13 Total 459 467 Allowance for doubtful debt 31 31 MANAGEMENT DISCUSSION & ANALYSIS 1Q 2020/21 ENDED JUNE

Funds Classifieed by Fund Policy 2025-03-09 10 Market Share of Super Saving Funds Classified by Asset Management Companies 2025-03-09 11 Debt Securities Investment of Mutual Funds Classified by Maturity