CONNECTED TRANSACTIONS

In accordance with the resolution of the meeting of the Board 9/2003, on
31 August 2003, which was attended by all three Audit Committee members,
a policy regarding possible future connected transactions was specified
as follow:

1.  In the case where the company has connected transactions, the
    company policy is to proceed in the same manner as all businesses
    that refer to market prices and conditions, in that the Company
    shall allow the Audit Committee to consider or give their opinion on
    the necessity and suitability of engaging in the connected
    transaction. This includes those cases where it is necessary for the
    Company to have independent values, experts or financial advisers,
    express their views on aforementioned connected transactions, in
    order to be able to use this as information on which to base the
    decisions of the Board or Shareholders, depending on the case. This
    is to ensure that the connected transactions are aligned with market
    prices, are suitable and are compatible with normal business
    activity. Thus, the Company shall disclose information pertaining to
    connected transactions in the budget report, as compiled by the
    Company’s auditor, and the annual report.

2.  In the case where the Company has connected transactions, the Board
    shall act in accordance with the law related to securities and the
    Stock Exchange, including decrees, announcements, orders and the
    regulations of the Stock Exchange of Thailand, i.e. act in
    accordance with regulations regarding the transparency of
    information concerning connected transactions, and the valuation of
    assets, where they have been received or sold, where they are assets
    crucial to the Company and its subsidiaries.

During 2008 the Company had connected party transactions with parties
related through common shareholding and/or directorship.

Details of the relationship between the Company and connected parties
related through control or transactions are as follows:

+----------------------------------+-------------+--------------------+
|   Company’s name                 | Country of  | Relationship       |
|                                  |             |                    |
|                                  | in          |                    |
|                                  | corporation |                    |
+----------------------------------+-------------+--------------------+
|   Monster Media Co., Ltd.        | Thailand    | Subsidiary Company |
+----------------------------------+-------------+--------------------+
|   Evolution Land Co., Ltd.       | Thailand    | Subsidiary Company |
|                                  |             |                    |
|   (formerly known as “Evolution  |             |                    |
|   Advisors Co., Ltd.”)           |             |                    |
+----------------------------------+-------------+--------------------+
|   Titan Project Management Co.,  | Thailand    | Subsidiary Company |
|   Ltd.                           |             |                    |
+----------------------------------+-------------+--------------------+
|   Tierra POD Co., Ltd.           | Thailand    | Subsidiary Company |
+----------------------------------+-------------+--------------------+
|   Addax Development Co., Ltd.    | Thailand    | Subsidiary Company |
+----------------------------------+-------------+--------------------+
|   Kor Asia Co., Ltd.             | Thailand    | Subsidiary Company |
+----------------------------------+-------------+--------------------+
|   Evolution Advisor Limited      | Cayman      | Subsidiary Company |
|                                  | Island      |                    |
+----------------------------------+-------------+--------------------+
|   Evolution Holdings Limited     | Mauritius   | Subsidiary Company |
+----------------------------------+-------------+--------------------+
|   Casa Fico Co., Ltd.            | Thailand    | Subsidiary Company |
+----------------------------------+-------------+--------------------+
|   Fena Park Co., Ltd.            | Thailand    | Subsidiary Company |
+----------------------------------+-------------+--------------------+
|   Spire Properties Co., Ltd.     | Thailand    | Subsidiary Company |
+----------------------------------+-------------+--------------------+
|   Andaman Beach Residences Co.,  | Thailand    | Subsidiary Company |
|   Ltd.                           |             |                    |
+----------------------------------+-------------+--------------------+
|   Phang Nga Hotel Co., Ltd.      | Thailand    | Subsidiary Company |
+----------------------------------+-------------+--------------------+
|   Sphinx Partners Co., Ltd.      | Thailand    | Common shareholder |
+----------------------------------+-------------+--------------------+
|   Celadon Land Asia – Pacific    | Thailand    | Common shareholder |
|   Co., Ltd.                      |             |                    |
+----------------------------------+-------------+--------------------+
|   MGP Hazel (Mauritius) No. 1    | Mauritius   | The Company’s      |
|   Limited                        |             | shareholder        |
+----------------------------------+-------------+--------------------+
|   Tierra Design Pte.             | Singapore   | A Subsidiary’s     |
|                                  |             | shareholder        |
+----------------------------------+-------------+--------------------+
|   Kor Foreign Sales, LLC         | United      | A Subsidiary’s     |
|                                  | State of    | shareholder        |
|                                  | America     |                    |
+----------------------------------+-------------+--------------------+

Pricing policies for related transactions are as follows:

  -------------------------------------- --------------------------------
  Transactions                           Pricing policies

  Advisory income                        Contract price

  Management income                      Contract price

  Interest income from loan              At the rate of 12.5% per annum

  Rental Income                          Contract price

  Disposal of investments                Cost amount

  Purchase of equipment and intangible   Net book value
  assets                                 

  Cost of Advisory                       Contract price

  Office and facility rental             Contract price

  Service expenses                       Contract price
  -------------------------------------- --------------------------------

Transactions with related parties for the year ended 31 December 2008
and 2007 were as follows:

+------------------------------------+--------+--------+------+-------+
|                                    | (Unit  |        |      |       |
|                                    | :      |        |      |       |
|                                    | Th     |        |      |       |
|                                    | ousand |        |      |       |
|                                    | Baht)  |        |      |       |
+------------------------------------+--------+--------+------+-------+
|                                    | Consol |        | The  |       |
|                                    | idated |        | Com  |       |
|                                    |        |        | pany |       |
+------------------------------------+--------+--------+------+-------+
|                                    | 2008   | 2007   | 2008 | 2007  |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Advisory income                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Evolution Advisors Limited         | -      | -      | 28   | -     |
|                                    |        |        | ,246 |       |
+------------------------------------+--------+--------+------+-------+
| Andaman Beach Residences Co., Ltd. | 5,093  | -      | -    | -     |
+------------------------------------+--------+--------+------+-------+
| Tierra Design Pte.                 | 1,067  | -      | -    | -     |
+------------------------------------+--------+--------+------+-------+
| Casa Fico Co., Ltd.                | 844    | -      | -    | -     |
+------------------------------------+--------+--------+------+-------+
| Fena Park Co., Ltd.                | 362    | -      | -    | -     |
+------------------------------------+--------+--------+------+-------+
|                                    | 7,366  | -      | 28   | -     |
|                                    |        |        | ,246 |       |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Management income                  |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Titan Project Management Co., Ltd. | -      | -      | 6    | -     |
|                                    |        |        | ,000 |       |
+------------------------------------+--------+--------+------+-------+
| Addax Development Company Limited  | -      | -      | 3    | -     |
|                                    |        |        | ,420 |       |
+------------------------------------+--------+--------+------+-------+
| Monster Media Co., Ltd.            | -      | -      | 720  | -     |
+------------------------------------+--------+--------+------+-------+
| Kor Asia Co., Ltd.                 | -      | -      | 1    | -     |
|                                    |        |        | ,069 |       |
+------------------------------------+--------+--------+------+-------+
|                                    | -      | -      | 11   | -     |
|                                    |        |        | ,209 |       |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Interest income                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Evolution Land Co., Ltd. (formerly | -      | -      | 502  | -     |
| known as “Evolution Advisors Co.,  |        |        |      |       |
| Ltd.”)                             |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Titan Project Management Co., Ltd. | -      | -      | 17   | -     |
+------------------------------------+--------+--------+------+-------+
|                                    | -      | -      | 519  | -     |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
|                                    | (Unit  |        |      |       |
|                                    | :      |        |      |       |
|                                    | Th     |        |      |       |
|                                    | ousand |        |      |       |
|                                    | Baht)  |        |      |       |
+------------------------------------+--------+--------+------+-------+
|                                    | Consol |        | The  |       |
|                                    | idated |        | Com  |       |
|                                    |        |        | pany |       |
+------------------------------------+--------+--------+------+-------+
|                                    | 2008   | 2007   | 2008 | 2007  |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Other income                       |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Accounting and tax compliance      |        |        |      |       |
| services income                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Anjana Co., Ltd.                   | -      | 30     | -    | 30    |
+------------------------------------+--------+--------+------+-------+
| Celadon Land Asia – Pacific Co.,   | -      | 120    | -    | 120   |
| Ltd.                               |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
|                                    | -      | 150    | -    | 150   |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Office and facility rental income  |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Tierra POD Co., Ltd.               | -      | -      | 972  | -     |
+------------------------------------+--------+--------+------+-------+
| Kor Asia Co., Ltd.                 | -      | -      | 16   | -     |
+------------------------------------+--------+--------+------+-------+
|                                    | -      | -      | 988  | -     |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Disposal of investments            |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Evolution Land Co., Ltd.           | -      | -      | 141  | -     |
|                                    |        |        | ,216 |       |
| (formerly known as “Evolution      |        |        |      |       |
| Advisors Co., Ltd.”)               |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Evolution Holdings Limited         | -      | -      | 3    | -     |
|                                    |        |        | ,323 |       |
+------------------------------------+--------+--------+------+-------+
|                                    | -      | -      | 144  | -     |
|                                    |        |        | ,539 |       |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Purchase of equipment              |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Celadon Land Asia – Pacific Co.,   | 7,261  | -      | 7    | -     |
| Ltd.                               |        |        | ,261 |       |
+------------------------------------+--------+--------+------+-------+
| Sphinx Partners Co., Ltd.          | 7,163  | -      | 7    | -     |
|                                    |        |        | ,163 |       |
+------------------------------------+--------+--------+------+-------+
|                                    | 14,424 | -      | 14   | -     |
|                                    |        |        | ,424 |       |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Purchase of intangible assets      |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Celadon Land Asia – Pacific Co.,   | 2,074  | -      | 2    | -     |
| Ltd.                               |        |        | ,074 |       |
+------------------------------------+--------+--------+------+-------+
| Sphinx Partners Co., Ltd.          | 816    | -      | 816  | -     |
+------------------------------------+--------+--------+------+-------+
|                                    | 2,890  | -      | 2    | -     |
|                                    |        |        | ,890 |       |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Cost of advisory                   |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Marketing advisory expenses        |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Kor Foreign Sales, LLC             | 3,769  | -      | -    | -     |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
|                                    | (Unit  |        |      |       |
|                                    | :      |        |      |       |
|                                    | Th     |        |      |       |
|                                    | ousand |        |      |       |
|                                    | Baht)  |        |      |       |
+------------------------------------+--------+--------+------+-------+
|                                    | Consol |        | The  |       |
|                                    | idated |        | Com  |       |
|                                    |        |        | pany |       |
+------------------------------------+--------+--------+------+-------+
|                                    | 2008   | 2007   | 2008 | 2007  |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Selling and administrative         |        |        |      |       |
| expenses                           |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Directors’ remuneration            |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Director and shareholders          | 2,078  | 1,873  | 2    | 1,873 |
|                                    |        |        | ,078 |       |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Office and furniture rental        |        |        |      |       |
| expenses                           |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Sphinx Partners Co., Ltd.          | 1,090  | 1,600  | 1    | 1,600 |
|                                    |        |        | ,090 |       |
+------------------------------------+--------+--------+------+-------+
| Celadon Land Asia – Pacific Co.,   | 240    | 480    | 240  | 480   |
| Ltd.                               |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
|                                    | 1,330  | 2,080  | 1    | 2,080 |
|                                    |        |        | ,330 |       |
+------------------------------------+--------+--------+------+-------+
| Other service expenses             |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Monster Media Co., Ltd.            | -      | -      | 480  | -     |
+------------------------------------+--------+--------+------+-------+
| Sphinx Partners Co., Ltd.          | 390    | 1,040  | 390  | 1,040 |
+------------------------------------+--------+--------+------+-------+
| MGP Hazel (Mauritius) No. 1        | 199    | -      | 199  | -     |
| Limited                            |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Celadon Land Asia – Pacific Co.,   | 60     | 120    | 60   | 120   |
| Ltd.                               |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Tierra POD Co., Ltd.               | -      | -      | 30   | -     |
+------------------------------------+--------+--------+------+-------+
|                                    | 450    | 1,160  | 960  | 1,160 |
+------------------------------------+--------+--------+------+-------+
| The significant balances of assets |        |        |      |       |
| and liabilities with its related   |        |        |      |       |
| companies were as follows:         |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
|                                    | (Unit  |        |      |       |
|                                    | :      |        |      |       |
|                                    | Th     |        |      |       |
|                                    | ousand |        |      |       |
|                                    | Baht)  |        |      |       |
+------------------------------------+--------+--------+------+-------+
|                                    | Consol |        | The  |       |
|                                    | idated |        | Com  |       |
|                                    |        |        | pany |       |
+------------------------------------+--------+--------+------+-------+
|                                    | 2008   | 2007   | 2008 | 2007  |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Trade accounts receivable –        |        |        |      |       |
| related companies                  |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Andaman Beach Residences Co., Ltd. | 5,093  | -      | -    | -     |
+------------------------------------+--------+--------+------+-------+
| Casa Fico Co., Ltd.                | 1,600  | -      | -    | -     |
+------------------------------------+--------+--------+------+-------+
| Fena Park Co., Ltd.                | 400    | -      | -    | -     |
+------------------------------------+--------+--------+------+-------+
|                                    | 7,093  | -      | -    | -     |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Accrued income – related companies |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Tierra Design Pte.                 | 1,067  | -      | -    | -     |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
|                                    | (Unit  |        |      |       |
|                                    | :      |        |      |       |
|                                    | Th     |        |      |       |
|                                    | ousand |        |      |       |
|                                    | Baht)  |        |      |       |
+------------------------------------+--------+--------+------+-------+
|                                    | Consol |        | The  |       |
|                                    | idated |        | Com  |       |
|                                    |        |        | pany |       |
+------------------------------------+--------+--------+------+-------+
|                                    | 2008   | 2007   | 2008 | 2007  |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Amounts due from related companies |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Evolution Advisors Limited         | -      | -      | 16   | -     |
|                                    |        |        | ,483 |       |
+------------------------------------+--------+--------+------+-------+
| Titan Project Management Co., Ltd. | -      | -      | 6    | -     |
|                                    |        |        | ,000 |       |
+------------------------------------+--------+--------+------+-------+
| Addax Development Company Limited  | -      | -      | 3    | -     |
|                                    |        |        | ,420 |       |
+------------------------------------+--------+--------+------+-------+
| Kor Asia Co., Ltd.                 | -      | -      | 1    | -     |
|                                    |        |        | ,786 |       |
+------------------------------------+--------+--------+------+-------+
| Tierra POD Co., Ltd.               | -      | -      | 992  | -     |
+------------------------------------+--------+--------+------+-------+
| Spire Properties Co., Ltd.         | 64     | -      | 64   | -     |
+------------------------------------+--------+--------+------+-------+
| Andaman Beach Residences Co., Ltd. | 46     | -      | 31   | -     |
+------------------------------------+--------+--------+------+-------+
| Phang Nga Hotel Co., Ltd.          | -      | -      | -    | -     |
+------------------------------------+--------+--------+------+-------+
| Total                              | 110    | -      | 28   | -     |
|                                    |        |        | ,776 |       |
+------------------------------------+--------+--------+------+-------+
| Less : Allowance for doubtful      | -      | -      | (3,  | -     |
| accounts                           |        |        | 529) |       |
+------------------------------------+--------+--------+------+-------+
| Net                                | 110    | -      | 25   | -     |
|                                    |        |        | ,246 |       |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Short-term loans to subsidiaries   |        |        |      |       |
| and interest receivable, net       |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| The movement of short – term loans |        |        |      |       |
| to related companies for the years |        |        |      |       |
| ended 31 December are as follows : |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
|                                    | (Unit  |        |      |       |
|                                    | :      |        |      |       |
|                                    | Th     |        |      |       |
|                                    | ousand |        |      |       |
|                                    | Baht)  |        |      |       |
+------------------------------------+--------+--------+------+-------+
|                                    | Consol |        | The  |       |
|                                    | idated |        | Com  |       |
|                                    |        |        | pany |       |
+------------------------------------+--------+--------+------+-------+
|                                    | 2008   | 2007   | 2008 | 2007  |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Opening balance                    | -      | -      | -    | -     |
+------------------------------------+--------+--------+------+-------+
| Additions                          | -      | -      | 38   | -     |
|                                    |        |        | ,822 |       |
+------------------------------------+--------+--------+------+-------+
| Decreases                          | -      | -      | -    | -     |
+------------------------------------+--------+--------+------+-------+
| Closing balance                    | -      | -      | 38   | -     |
|                                    |        |        | ,822 |       |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Consist of                         |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Loans                              | -      | -      | 38   | -     |
|                                    |        |        | ,303 |       |
+------------------------------------+--------+--------+------+-------+
| Interest receivable                | -      | -      | 519  | -     |
+------------------------------------+--------+--------+------+-------+
| Total                              | -      | -      | 38   | -     |
|                                    |        |        | ,822 |       |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
|                                    | (Unit  |        |      |       |
|                                    | :      |        |      |       |
|                                    | Th     |        |      |       |
|                                    | ousand |        |      |       |
|                                    | Baht)  |        |      |       |
+------------------------------------+--------+--------+------+-------+
|                                    | Consol |        | The  |       |
|                                    | idated |        | Com  |       |
|                                    |        |        | pany |       |
+------------------------------------+--------+--------+------+-------+
|                                    | 2008   | 2007   | 2008 | 2007  |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Short-term loans and interest      |        |        |      |       |
| receivable consist of              |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Evolution Land Co., Ltd. (formerly | -      | -      | 36   | -     |
| known as “Evolution Advisors Co.,  |        |        | ,727 |       |
| Ltd.”) (interest at the rate       |        |        |      |       |
| 12..5% per annum)                  |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Titan Project Management Co., Ltd. | -      | -      | 2    | -     |
|                                    |        |        | ,095 |       |
+------------------------------------+--------+--------+------+-------+
| (interest at the rate 12.5% per    |        |        |      |       |
| annum)                             |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Total                              | -      | -      | 38   | -     |
|                                    |        |        | ,822 |       |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Trade accounts payable – related   |        |        |      |       |
| company                            |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Kor Foreign Sales, LLC             | 3,696  | -      | -    | -     |
+------------------------------------+--------+--------+------+-------+
| Amounts due to related company     |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Tierra Design Pte.                 | 673    | -      | -    | -     |
+------------------------------------+--------+--------+------+-------+
|                                    |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Other current liabilities          |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| Accrued expenses                   |        |        |      |       |
+------------------------------------+--------+--------+------+-------+
| MGP Hazel (Mauritius) No. 1        | 199    | -      | 199  | -     |
| Limited                            |        |        |      |       |
+------------------------------------+--------+--------+------+-------+

FINANCIAL HIGHLIGHTS

Summary of Financial Position and Operation Results

Tables showing the balance sheet and profit-loss statement on 31^(st)
December 2008, and for the previous two years are shown below:

[]

[]

[]

Note:

1.  In accordance with the resolutions of the Shareholders’ Meeting
    4/2004, on 26 August 2004, the Company changed its shares’ par value
    from THB 10.00 per share to THB 1.00 per share.

2.  As of 31 December 2006, the Company had 40.93 million common shares,
    par value THB 1.00 fully paid.

3.  As of 31 December 2007, the Company had 409.32 million common shares
    registered, par value THB 1.00, issued and paid up 391.37 million
    common shares.

4.  As of 31 December 2008, the Company had 521.37 million common shares
    registered (increase of registered capital by 130,000,000), par
    value THB 1.00, issued and paid up 521.37 million common shares.

MANAGEMENT DISCUSSION AND ANALYSIS

Description and Analysis of Financial Position and Operating Results

Operating Performance Overview

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.

The recorded net loss of THB 141.9 million for 2008 increased by THB
53.3 million from 2007. This was due to a redeployment of resources and
shift in focus towards advisory and consultancy in the property sector.
An increased cost base of the Company stemmed from expenses related to
business establishment and restructuring, higher staffing levels, and
rationalization costs towards the end of 2008 as Management positioned
the Company for continued challenges ahead.

In line with the intention to position itself for a sustainable growth
phase, the Company continues to recruit the best human resources
available in order to continue building a competitive and professional
organization capable of successfully executing Evolution Capital’s
business plan.

Operating Results Analysis

Revenues

Revenue for 2006 was THB 81.0 million, declining to THB 52.1 million in
2007, a decrease of THB 28.9 million, or 35.7% due to high competition
in the digital media industry and a change of the revenue sharing
proportions between the Company and mobile operators. Revenues
stabilized in 2008 at THB 50.7 million with the Company’s media
business’ continued rationalization off-set by the successful launch of
property advisory services. Revenues on a quarterly basis in 2008 are
represented below:

  (Unit: ‘000 THB)

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

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

Income from Services

Service income is generated from three major sources: Wireless Value
Added and Audiotex Services, Interactive Solutions Services, and
Property Services. Total revenues from these three services totaled THB
80.6 million in 2006, THB 43.6 million in 2007, and THB 45.9 million in
2008.

Details regarding income from services classified by segment, from 2006
to 2008, are as follows.

(Unit: ‘000 THB)

+----------------------+--------+-----+--------+-----+--------+-----+
| Type of Service      | 2006   |     | 2007   |     | 2008   |     |
+----------------------+--------+-----+--------+-----+--------+-----+
|                      | Income | %   | Income | %   | Income | %   |
+----------------------+--------+-----+--------+-----+--------+-----+
|   Wireless Value     | 69,940 | 8   | 20,988 | 4   | 11,515 | 2   |
|   Added and Audiotex |        | 6.8 |        | 8.2 |        | 5.1 |
|   Services           |        |     |        |     |        |     |
+----------------------+--------+-----+--------+-----+--------+-----+
|   Interactive        | 10,638 | 1   | 13,536 | 3   | -      | -   |
|   Solutions Services |        | 3.2 |        | 1.0 |        |     |
+----------------------+--------+-----+--------+-----+--------+-----+
|   Property Advisory  | -      |     | 9,053  | 2   | 34,371 | 7   |
|   Services           |        |     |        | 0.8 |        | 4.9 |
+----------------------+--------+-----+--------+-----+--------+-----+
| Total income from    | 80,578 | 10  | 43,577 | 10  | 45,886 | 10  |
| services             |        | 0.0 |        | 0.0 |        | 0.0 |
+----------------------+--------+-----+--------+-----+--------+-----+

1) Revenues from Wireless Value Added and Audiotex Services

When the Company began providing wireless VAS, revenues from wireless
VAS amounted to only THB 0.3 million, or 4.0% of total revenues from
services in 2001. However, as a result of the Company’s awareness of the
continued increase in the popularity of wireless VAS, such as ring
tones, text and graphics, and mobile phone games, the Company began to
put greater emphasis on wireless VAS, to the extent that they became the
main business of the Company from 2002 onwards. The Company received
revenues from wireless VAS amounting to THB 104.1 million in 2004 (87.8%
of total income from services), THB 126.8 million in 2005 (86.8% of
total income from services) THB 69.9 million in 2006 (86.8% of total
income from services), THB 21.0 million in 2007 (48.2% of total income
from services) and THB 11.5 million in 2008 (25.1% of total income from
services). It can be seen that revenues from wireless VAS decreased over
the five year period by 89.0% due to high competition, a change in the
revenue sharing model between the Company and mobile operators, and a
continued reduction of marketing activities.

2) Revenues from Interactive Solutions Services

Revenues from Interactive Solutions Services amounted to THB 19.3
million or 13.2% of total revenues from services in 2005, THB 10.6
million or 13.2% of total revenues from services in 2006, and THB 13.5
million or 31.0% of total revenues from services in 2007. This business
line has been discontinued after the change in Management occurred in
2007.

3) Revenues from Property Advisory Services

The Company began providing Property Advisory Services at the end of
2007 and managed to post revenues of THB 9.1 million, or 20.8% of total
revenues from services in 2007. Revenues in 2008 improved to THB 34.4,
or 74.9% of total revenues.

Cost of Service, Sales, and Administrative Expenses

(Unit: ‘000 THB)

  ---------------------- --------- -------- --------- -------- --------- --------
  Costs and Expenses     2006               2007               2008      

                         million   %        million   %        million   %
                         THB                THB                THB       

  Cost of service        66.0      63.8     35.8      32.8     15.2      8.2

  Cost of property       -         -        11.3      10.3     34.4      18.6
  advisory services                                                      

  Sales and              37.4      36.2     62.0      56.9     135.1     73.2
  administrative                                                         
  expenses                                                               

  Total cost of service, 103.4     100.0    109.1     100.0    184.7     100.0
  sales, and                                                             
  administrative                                                         
  expenses                                                               
  ---------------------- --------- -------- --------- -------- --------- --------

Cost of service, sales, and administrative expenses during the period
2006 to 2008, divided into fixed/variable cost of service provision, and
fixed/variable sales and administrative expenses, are summarized as
follows:

Cost of service amounted to THB 66.0 million or 81.5% of total revenues
in 2006, THB 35.8 million or 68.7% of total revenues in 2007, THB 15.2
million or 33.1% of total revenues in 2008.

Sales and administrative expenses amounted to THB 37.4 million or 46.2%
of total revenues in 2006, THB 62.0 million or 119.1% of total revenues
in 2007, and THB 135.1 million or 266.7% of total revenues in 2008. The
increased cost base of the Company, on a year-on-year basis, stems from
moving to better-equipped offices at CentralWorld Office Tower and costs
related to business establishment and restructuring, including
rationalization costs at the end of 2008.

The Company had costs of property development advisory services
amounting to THB 11.3 million or 21.6% of total revenues in 2007, and
THB 34.4 million or 67.9% of total revenues in 2008.

Interest expenses

The Company has not borrowed money from any financial institution to
finance its business operations. It therefore was not required to pay
any interest on loans. Interest payments arising from the hire purchase
of vehicles for Company executives made it necessary for the Company to
have interest payments of THB 0.05 million in 2006, THB 0.04 million in
2007, and 0.10 million in 2008.

Net Profits/Losses

In 2006, the Company had a net loss of THB 23.7 million, mainly due to
higher competition in the digital media business, and a change in the
revenue share received from mobile phone operators, as well as the
rising costs of using licensed content.

In 2007, the Company posted a net loss of THB 91.1 million mainly due to
a continued reduction of marketing activities, increased competition in
the existing digital media business, write-offs and losses on disposals
of non-core and underperforming businesses, and restructuring costs.

In 2008, the Company posted a net loss of THB 144.4 million mainly due
to continuing efforts to develop internal infrastructure to support the
new property advisory business, as well as expenses related to
rationalization of non-core resources.

  -----------------------------------------------------------------------
  Year                   Losses from operations Year of expiration
                         eligible for tax       
                         benefits (THB m)       
  ---------------------- ---------------------- -------------------------
  2006                   (19.8)                 2011

  2007                   (56.0)                 2012

  2008                   (88.6)                 2013

  Total                  (164.4)                
  -----------------------------------------------------------------------

The Company is permitted to use its tax benefit privileges arising from
losses from past business operations, a total of THB 164.4 million,
until 2013. The period during which tax benefit privileges may be
utilized will diminish each year until they expire, as per the table
above. Should the tax benefit privileges arising from past losses
expire, the Company is then obliged to pay corporate income taxes,
calculated as a percentage of profits before tax.

Analysis of Financial Status

Assets

As of 31 December 2008 the Company had total assets of THB 540.9
million, an increase of THB 178.0 million from the end of 2007, due
mainly to the increase of non-current assets by THB 212.3 million
comprising of investments, leasehold land, and land held for
development.

Liabilities and Shareholders’ Equity

As of 31 December 2008 the Company had total liabilities of THB 52.2
million. End of 2008’s total shareholders’ equity of THB 488.7 million
increased by THB 135.4 million from the end of 2007 due to an increase
in registered and paid up capital in the amount of THB 273.0 million.
The un-appropriated retained earnings are negative THB 252.4 million, an
increase of THB 141.9 million in 2008