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
unitholders’ equity; (2) a detail of the proceeds returned to the unitholders which shall be calculated in value per unit; The statement under (1) of the second paragraph shall be audited and given opinions on
agreement is reasonably higher than purchase price of the securities provided that the difference shall be calculated from discount rate of purchased securities (initial margin) specified by taking into