and building previously used for such business. In this year, ABC sold the assets and transferred revaluation surplus to gain on sale of the assets presented in the income statement. The transfer was

surplus to gain on sale of the assets presented in the income statement. The transfer was, however, not complied with the accounting standards stating that the revaluation surplus has to be transferred

STRATEGIC UPDATES ADVERTISING PAYMENT LOGISTICS Transit & Office Outdoor Airport Activation Offline & Online Payment Market Place Micro Loan Smart Delivery 1) ADVERTISING - BUILDING AN INTERNATIONAL NETWORK

share, declined by 25.5% YoY to THB 3,418mn. Nevertheless, Out-of-home media, which includes Transit, Outdoor and In-store media (collectively, “OOH”) bucked the trend, increased by 12.7% YoY to THB

includes Transit, Outdoor and In-store media with a market share of 12.9%, resiliently increased by 2.6% YoY to THB 3,394mn. OOH media continues to benefit from the structural shift in the media industry

to total revenue 1Q 2017/18 1Q 2018/19 YoY (%) 1Q 2017/18 1Q 2018/19 OOH media 755 997 32.1% 88.6% 92.5% Transit 519 620 19.5% 60.9% 57.6% Outdoor 170 284 67.4% 19.9% 26.4% Office and Other 66 93 40.0

has the exclusive rights to install and manage 188 advertising panels under 23 BTS stations from Bangkok Mass Transit System Public Company Limited and (2) advertising under flyovers in which the

maintain its strong economic fundamentals, with a current account surplus of USD 37.3 billion, approximately 6.8 percent of GDP, and international reserves standing at 1.3 times its total foreign-currency

within the 4th quarter of 2018. VGM is a holding company investing in media companies in the mass transit, airports, cinemas, highways, major supermarkets and office buildings advertising segments. The

has increased by 1.25mb or 57.3% to 3.43mb (Q1 2018 : 2.18mb) as a result of better returns from our investments, as well as improvements in surplus cash management where we have invested surplus cash