account receivables by 262 million Baht. At the same time, the real estate project under development increases by 604 million Baht. The main assets comprised of cash and cash equivalent of 454 million Baht

6 December 2007 1 | P a g e Pace Development Corporation Public Company Limited 87/2 CRC Tower All Seasons Place, 45th Floor, Unit 3, Wireless Road, Lumpini, Pathumwan, Bangkok 10330 Tel. 66 2 654

not recognize the revenue from the sales of real estate due to no transfer of land for the Industrial Development Business during that period. Gross profit from sale of real estate stood at THB 181.6 mm

6 December 2007 Pace Development Corporation Public Company Limited 87/2 CRC Tower, All Seasons Place 45th Fl., Unit 4, Wireless Road, Lumpini, Pathumwan, Bangkok 10330 Thailand Tel. +66 2 118 9599

bring the Company an opportunity to enter into real estate development and retail business adding revenue diversification and minimizing concentration risk in hotel business portfolio. 2018 Capital

the loan repayment from the joint venture. 3. Decrease in cost of real estate development (net) of THB 908.1 mm, due to land transfer during this year. Nonetheless the Company has further developed in

undertaking transaction between the Company, M.K. Real Estate Development Public Company Limited (“MK”) and Prospect Development Company Limited (“PD”) as promisors and the Trust as promisee, to assure the duty

DEVELOPMENT PUBLIC COMPANY LIMITED MK: M.K. REAL ESTATE DEVELOPMENT PUBLIC COMPANY LIMITED ML: MIDA LEASING PUBLIC CO., LTD. MODERN: MODERNFORM GROUP PUBLIC COMPANY LIMITED MONO: MONO NEXT PUBLIC COMPANY

: M.K. REAL ESTATE DEVELOPMENT PUBLIC COMPANY LIMITED ML: MIDA LEASING PUBLIC CO., LTD. MODERN: MODERNFORM GROUP PUBLIC COMPANY LIMITED MONO: MONO NEXT PUBLIC COMPANY LIMITED MOONG: MOONG PATTANA

LIMITED MITSIB: MITSIB LEASING PUBLIC COMPANY LIMITED MJD: MAJOR DEVELOPMENT PUBLIC COMPANY LIMITED MK: M.K. REAL ESTATE DEVELOPMENT PUBLIC COMPANY LIMITED ML: MIDA LEASING PUBLIC CO., LTD. MODERN