The third quarter of 2017/18 (ended 31 December 2017) 1 VGi GLOBAL MEDIA PLC MANAGEMENT DISCUSSION & ANALYSIS 3Q 2017/18 12 FEB 2018 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Advertising

, particularly in the export sector, the tourism sector, slowdown of private consumption and investment as well as the Baht’s ongoing appreciation. In 2020, Thailand economic growth will likely slowdown. There are

forecasts signaling GDP will fall by up to 6% compared to 2019. The export sector has been affected by declining demand from trading-partner countries, while the tourism sector has been severely impaired by

the continuous recovery of the tourism sector, the private consumption and the private investment, while the headline inflation rate averaged of only 1.2%. The unemployment rate in 4Q/2023 was slightly

Concession Contracts including of the obligation for extensions of the MRT Pink Line Project and the MRT Yellow Line Project with Mass Rapid Transit Authority of Thailand ("MRTA"). The MRT Pink Line Project

construction. In addition, due to the low growth of retail business and rapid growth on e-commerce in recent years, the level of competition in this business, community malls included, became more intense

the Company entered into lease agreement. Since then, Project MET has not started any construction. In addition, due to the low growth of retail business and rapid growth on e-commerce in recent years

ทรัพย์สินที่ลงทุน sector industry ที่ลงทุน ทั้งนี้ กรณีท่ี กองทุนรวมลงทุนหลายประเภททรัพย์สินหรือหลาย sector/ industry บริษัทจัดการอาจแสดงเฉพาะกลุ่มหลัก ๆ ส่วนกลุ่มย่อย ๆ ให้แสดงเป็นอ่ืน ๆ หรือหุ้น sector อ่ืน

ประเภททรัพย์สินที่ลงทุน sector industry ที่ลงทุน ทั้งนี้ กรณีท่ี กองทุนรวมลงทุนหลายประเภททรัพย์สินหรือหลาย sector/ industry บริษัทจัดการอาจแสดงเฉพาะกลุ่มหลัก ๆ ส่วนกลุ่มย่อย ๆ ให้แสดงเป็นอ่ืน ๆ หรือหุ้น

is profoundly impacting the global economy, especially the hospitality sector which is the main business of the Company. Almost all our hotels were temporarily closed since the second half of March