addition, there were changes in assets and liabilities from operation which caused the increase in cash of Baht 409 million and payment for income tax expenses of Baht 25 million. Cash Flows from Investing

Baht 1,027.69/ton for the six months ended June 30, 2017, primarily due to a decrease in natural gas price as our steam price is generally adjusted to reflect changes in natural gas price. Other sales

20 (Reversal of) loss on devaluation of purchase orders not yet incoming 28 Employee benefit expenses 4 Loss on write-off of assets 8 723 Changes in operating assets and liabilities Trade accounts

847 Changes in operating assets and liabilities Trade accounts receivable (60) Inventories (404) Other current assets (49) Other non-current assets (118) Trade accounts payable 335 Advances received

Telephone 02-6543344 Ext.119 http://www.pacedev.com http://www.pacedev.com/ 3 2017 MD&A: PACE Development Corporation PLC. The following is the overall business operations and significant changes during Q2

was Baht 1,649.69 million and Baht 1,616.04 million respectively. The major changes were from the net profit amounting to Baht 131.37 million, dividend payment by company and its subsidiaries of Baht

to The Crown Property Bureau (THB 834 million), an increase in available-for-sale investments due to the changes in fair value of investments (THB 98 million), a decrease in property, plant and

Employee benefit expenses 5 Loss on write-off of assets 8 893 Changes in operating assets and liabilities Trade accounts receivable (61) Inventories (308) Advances to suppliers (16) Other current assets (59

-6543344 Ext.119 http://www.pacedev.com http://www.pacedev.com/ 3 2017 MD&A: PACE Development Corporation PLC. The following is the overall business operations and significant changes during Q2 2017: In Q2

was Baht 1,615.73 million and Baht 1,616.04 million respectively. The major changes were from the net profit amounting to Baht 200.55 million, dividend payment by company and its subsidiaries of Baht