units of the ETF fund and securities which are components of the underlying index of the ETF fund; (13) “ETF fund” means an ETF fund pursuant to the Notification of the Office of the Securities and

securities which are components of the underlying index of the ETF fund; (13) “ETF fund” means an ETF fund pursuant to the Notification of the Office of the Securities and Exchange Commission governing

Phase 2 through Dream Islands Development Private Limited (“Developer”) which is a subsidiary of SPM SG, and SPM SG indirectly holds 95 percent of shares in the Developer. With the expertise in real

% YoY and 8% QoQ, since fundamental factors supporting the overall purchasing power remained soft and did not cover all areas, especially in the low income consumers, although overall private consumption

(Singapore) Private Limited (“VGI MACO”). VGI and MACO holds a 75% and 25% stake in the company, respectively. Later, VGI MACO has entered into a joint venture agreement with Sinarmas Group in order to engage

Authority of Thailand ("MRTA"), both projects are under the Public-Private Partnership (PPP) framework. Management Discussion and Analysis For the Three-month and Six-month Periods Ended 30 June, 2017 Page 4

kilometers. Both projects are under the Public-Private Partnership (PPP) framework. 1.1.5 Berkprai Cogeneration SPP Project On March 7, 2017, Berkprai Cogeneration Company Limited (an indirect joint venture in

, decreased by Baht 1,395.6 million from Baht 13,559.3 million at the end of 2019, mainly due to a decrease of Other Components of Equity of Baht 1,498.2 million from unrealized loss from financial instrument

THB 910 million (or +5.0%) from 31 December 2019. The increase in other components of equity was due to the impact from currency translation and the adoption of TFRS 9 Financial Instruments. The

2019, mainly due to a decrease of Other Components of Equity of Baht 1,532.6 million from unrealized loss from financial instrument of Associates and Joint Ventures according to TFRS 9 accounting