Microsoft Word - MDA_E ไตรมาสที่ 2-2560.doc Management Discussion and Analysis: MD&A 1. Company Situation Revenue from the waste treatment business for Q2/2017 has slightly improved due the acquiring

transaction by acquiring shares in Thai British Security Printing Public Company Limited (“TBSP”) from Miss Sutida Mongkolsuthree (the “Seller”). Details of the transaction are presented as follows: Transaction

-controlling interests 851.56 - Net tangible assets (NTA) 2,641.84 563.88 Net profit for the last 4 quarters 240.07 23.24 2. Net Profit from Core business after tax = Net profit from the acquiring assets x 100

Profit from Core business after tax = Net profit from the acquiring assets x 100 Total net profit of the Company 0.21% 3. Gross value of Reward = Total investment cost Total assets of the Company 0.02% 4

Re: Disclosure of Information and Practice of Listed Companies Concerning the Acquisition or Disposition of Assets, 2547 (“Notification of Acquiring or Disposition”). The value of the transaction is

“Acquired Joint Venture Company”) in proportion of 50 percent from Sansiri. By acquiring such ordinary shares, the Company will accept from Sansiri the transfers of claims on existing loan granted to the

= NTA of investment in the Company x The acquired proportion x 100 NTA of the Company 6.59% 2. Net Profit from Core business after tax = Net profit from the acquiring assets x 100 Total net profit of the

for acquiring additional stakes in Multi Sign, investing in Trans.Ad Group, VGM and Gold Star Group Company Limited (“GSG”). October • Incorporated a subsidiary company in Singapore namely VGI MACO

necessary for purchasing and acquiring the entire business transfer of SQL. For example, liaison with government authorities, amendment, alteration until the completion of entire business transfer. This

seem outperforming the traditional cap-weighted. Source: Bloomberg, complied by Research Department of Thai SEC - 5 10 15 20 25 Fundamentals Equal Multi Factor Dividend Market Cap Price U.S. equity ETFs