1 2017 MD&A: PACE Development Corporation PLC. Executive Summary For the second quarter of 2017, 3-month operating period ended June 30th, 2017 (“Q2 2017”), the total revenues of the Company was

associates of THB 1,207.7 mm mainly due to adoption of new accounting standard (TFRS 15) reflecting Gheco-One. 5. Decrease in investments in joint ventures of THB 246.8 mm, due to capital deduction in joint

THB 13.6 mm or 7.9%, mainly due to the dividend received from HREIT during 2017 versus net cash paid from HREIT was in the form of capital reduction during 2018.  Other income for 3 months and 6 months

for the period of THB 2,265.6 million generated in 9M18 combined with an increase in paid-up capital of THB 2,266.0 million and was partly offset by total dividend payments of THB 2,808.9 million in

100.00% 111.56 3.23% Distribution costs 140.16 4.05% 159.58 4.47% 19.42 13.86% Administrative expenses 88.53 2.56% 105.99 2.97% 17.45 19.72% Profit from operating activities 64.65 1.87% 69.66 1.95% 5.01

liability of Bt88,108mn lined up toward 2020, net debt to EBITDA remained at 1.4x with average cost of debt at 3% p.a. Cash Flow In 9M17, AIS generated operating cash flow (after tax) of Bt46,762mn, which

administrative expenses 98.56 100.45 1.89 1.92% 293.80 301.13 7.34 2.50% Operating profit 428.70 412.15 (16.55) (3.86%) 1,422.44 1,366.98 (55.46) (3.90%) Finance cost 24.89 35.10 10.22 41.06% 81.54 105.82 24.27

combined with an increase in paid-up capital and share premium of THB 14,621 million and was partly offset by dividend payments of THB 2,742 million paid to the owners of the Company in 2018. 3,439 18,303

the slowdown of the market. Hence, there Q1/19 production will be low comparing to other quarter. Executive Summary The company's operating results in the year 2018 has significantly increased both

shut down early to February due to the slowdown of the market. Hence, there Q1/19 production will be low comparing to other quarter. Executive Summary The company's operating results in the year 2018 has