Capital Expenditure Program We continue to invest in the business to enhance overall production, vertical integration and quality of earnings. Improved cash flows and ongoing commitment from shareholders

Exploration and Production Business recorded impairment losses of the exploration and evaluation expenditure from the cease Executive Summary 4 | Management Discussion and Analysis of Business Operation for the

continued to grow and signaled future investment. Tourism–related businesses expanded thanks to a growing number of Chinese tourists. On the other hand, expansion of real estate and construction businesses

higher competition. The company recorded revenue from services of 579.03 million Baht which increased from the last year totaling 431.89 million Baht or 293.52% due to the expansion of construction

.) Government spending and investment in infrastructure despite a lower rate of growth due to the delay of government establishing and pending promulgation of 2020 capital expenditure 3.) growth in private

% YoY. Nevertheless, Outdoor media - our focus segment- recorded THB 1,525mn in advertising expenditure, an increase of 3.8% QoQ and 11.0% YoY, benefiting from a shift in people’s behavior to spend more

at 3.50%, which will be used for capital expenditure and working capital. PERFORMANCE BY BUSINESS Rental Properties Business Q2 2016 Q2 2017 Increase/(Decrease) THB mm THB mm THB mm % Revenue 416.7

% in the previous quarter due to a slowdown in both of export and tourism sectors. Meanwhile, the private consumption expenditure accelerated in line with rising consumer confidence. In addition, the

optimization of stock management and the delaying of all but essential capital expenditure, as well as concise management of cash flow, working capital, and financial liquidity has resulted in achieving the

quarter, although the pace of expansion remained relatively lackluster. Exports registered no growth over a year with a continued appreciation of the Thai baht having a detrimental effect and this has fed