contribution from GHECO-One; despite favourable impact from higher Gross Profit from Operation, lower Finance Cost and lower Income Tax Expense. 3 Normalized Profit attributable to Owners of the Parent The

The first quarter of 2017/18 (ended 30 June 2017) 1 VGi GLOBAL MEDIA PLC MANAGEMENT DISCUSSION & ANALYSIS 1Q 2017/18 2 AUG 2017 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Advertising spending

a significant factor that may impact our selling expenses in the following periods is the recognition of sponsorship expenses for English Football League based on terms and conditions as agreed among

event for official launch of Carabao Cup held in the United Kingdom. Note that a significant factor that may impact our selling expenses in the following periods is the recognition of sponsorship expenses

revenue for the same period of last year. The positive impact is a result of more projects awarded in 2017 leading to more negotiation power and efficient cost management. 1. Business Performance Analysis

benefit of Bt309mn, covering January 2017 to September 2017. 3. End of May 2017, the NBTC announced a USO rate reduction from 3.75% of revenue down to 2.5%. In 3Q17, the full-quarter impact of the rate

due to the stimulus policy from the government in relation to telecommunication industry giving a positive impact towards the Company in winning many new contracts and consequently resulting in a

of Iwaki-Fukushima and Ueda Solar Power Projects with the Company's total attribution installed capacity of approximately 20.11 megawatts. This is done to avoid the impact from the Projects

minary opini and and stru prising two 1.5-storey f land with Mai District, rea of 2 rai, Khon Kaen a total area ; and comprising a 3-storey any impact gage in the In addition, penditures. vel and the for

to the Company’s existing shareholders to mitigate an impact on those shareholders after the Company’s stake in CAZ is reduced. The transaction is considered the disposition of assets in accordance