EXECUTIVE SUMMARY

Evolution Capital Public Company Limited was founded in July 21, 1999 as
Siam2you Public Company Limited with the objective of offering
information and services to mobile phone and PC users through its
multi-access portal. Siam2you was registered as a public company limited
on December 22, 2003. The SET granted the Company’s listing of its
ordinary shares on May 4, 2005 under the Market for Alternative
Investment with a fully paid up registered capital of THB 40,931,510,
with a par value of THB 1.00 per share. In April 2007, the Company's
major shareholders, consisting of Mr. Suparat Sribhadung, Miss Mai Thi
Quynh Hoa, and Mr. Niklas Johan Assar Stalberg, sold their combined
stakes to Nezu Capital Limited and Kudu Company Limited, and these new
shareholders appointed new Management representatives. The Board of
Directors also changed to reflect the departure of the previous major
shareholders. In July 2007, the Company’s shareholders approved the
issuance of 368.38 million new ordinary shares with a par value of THB
1.00 each to existing shareholders at a ratio of nine new shares with an
offering price of THB 1.00 each for every existing share. In August
2007, the Company’s paid-up capital was raised to THB 391,366,118. By
the third quarter of 2007, the Company has expanded into
property-related businesses such as the development of resorts as well
as property advisory services. It also began exploiting synergies
between the existing digital media platform and the Company’s new
business areas. In January 2008, the Company’s shareholders approved a
private placement of 130 million new shares to MGP Hazel (Mauritius) No.
1 Limited at THB 2.10 each. The subscription was completed in May 2008.
To better reflect the Company’s expanded business plans, the 2008 AGM
approved the Company’s name change from Siam2you Public Company Limited
to Evolution Capital Public Company Limited. As at the end of 2008, the
Company had 2 major businesses:

1.  Media Services

  Wireless Value Added Services - provides, aggregates, and develops two
  types of wireless VAS for mobile phones: Premium Content and Basic
  Content which are delivered by mobile phone operators in addition to
  their regular services. These value-added services allow mobile phone
  users to move beyond just interpersonal communication when using their
  phones. Through wireless VAS, mobile phone users can receive
  information, news, and entertainment.

2.  Property Services

    1.  Property advisory services - provides advisory services in
        relation to real estate development, especially in the
        hospitality and residential property sectors. These services
        include, but are not limited to, project identification,
        carrying out due diligence, market studies, feasibility studies,
        financial analysis, capital structuring, project management,
        master planning, conceptual design, sales and marketing,
        development and project management, and advising on operational
        strategies.

    2.  Property development/investment – selectively making direct
        and/or indirect investments in real estate projects where such
        investments present unique opportunities for the Company. These
        would include penetration of certain niche markets, leading to
        other favorable businesses or business expansion opportunities.

2008 was a year of continued restructuring and building of the Company’s
advisory and development platform. The background to these activities
was challenging in the light of a rapidly deteriorating global economic
environment and severe political dysfunction on the local front.

In 2008, the Company recorded total revenue of THB 50,658,475. In line
with the 2007 restructuring plan, a number of subsidiary and associate
companies were set up in early 2008. Consequently, more human talent was
added to both the Company and its subsidiary companies in order to
position the Company to execute its long-term business plan in what were
then buoyant economic conditions, thereby causing higher overhead and
fixed costs.

Nevertheless, as market circumstances became very challenging in the
second half of 2008, global financial stresses combined with local
political dysfunction created a difficult operating environment in which
the Company was compelled to reassess its business plan. Although the
market challenges would also bring about opportunities for the Company
especially for its property advisory services capabilities, in the short
term Management pursued a more cautious business approach, taking the
opportunity to reduce costs and to adjust the business for prevailing
market circumstances. These cost rationalisation measures included staff
reductions and curtailment of certain legacy businesses, both of which
required one-time compensation payments. Consequently, at end of 2008,
the Company recorded a net loss of THB 141,900,422.

As the property advisory services business plan was implemented in 2008,
quarterly revenue grew steadily.

(Unit:’000THB)

  ----------------------- -------- -------- --------- ---------- -----------
  Consolidated            Q1       Q2       Q3        Q4         FY2008

  Revenues                                                            
                          3,447    4,559    18,632    24,020     50,658
  ----------------------- -------- -------- --------- ---------- -----------

In preparation for an equally challenging 2009, the Company has
rationalised costs, is preparing to upgrade human resources, and shall
continue to pursue the opportunities resulting from the fallout of both
economic and political turbulence.