BUSINESS OPERATION OF EACH LINE OF PRODUCTS

1.  Real Estate Development Business

The Company operates the business of real estate development through
ANAN and its subsidiaries. Currently, ANAN and AD2 develop condominium
projects which are located near railway mass transit stations in Bangkok
and its peripheral areas while ANAN and BD develops landed housing
projects which are located near Suvarnabhumi Airport and Bangna-Trad
Road.

Since 2007, the Company has developed 12 condominium projects under AD2
as a joint investment with ASPF II, a company incorporated in Germany
and whose shares are held by a property fund managed by Pramerica. In
November 2010, the Company acquired all the shares in AD2 from ASPF II
to become the only major shareholder and control the business of AD2.
The Company made the acquisition with the intention to develop the
remaining condominium projects on its own, in order to significantly
increase the future revenue of the Company. The purchase price of AD2
was mutually agreed upon between the Company and ASPF II.

1.  Condominium Projects located near Railway Mass Transit Stations in
    Bangkok and its peripheral Areas

Nature of Products

In developing condominium projects, the Company created the concept of
“Urban Living Solutions” to address the problems faced by Bangkok
residents, such as traffic congestion, high cost of living and high cost
of transportation. In addition, the Government has developed a railway
mass transit system in Bangkok and its peripheral areas, with some
routes completed and several others under construction. According to
information in the Annual Report of BTS Group Holdings Public Company
Limited, the operator of BTS Skytrains, people in Bangkok and its
peripheral areas tend to use the railway mass transit system every day.
The average number of passengers has increased from 217,133 passengers
per day in 2002 to 464,475 passengers per day in 2011. However, most
people do not live near stations and have to commute a distance from
railway mass transit stations to their homes. To address this problem,
the Company’s strategy is to develop condominium projects adjacent to or
near railway mass transit stations, including BTS, MRT and APL stations.
This strategy aims to offer an alternative to customers who wish to live
in the city and commute largely by the railway mass transit system,
without needing to commute a distance from the stations to their homes.
This will benefit customers through a reduction of travel time and cost
of transportation. The Company believes that each of its projects has
the potential to increase in value in the future, due to their unique
locations.

The Company launced the sale of its first condominium project, the Ideo
Ladprao 17 project, in 2007. To date, The Company has developed and
launched a total of 12 projects. Details of each project are as follows:

+---------------------+-----------------------------------+-----------+---+
| []                  | 1. Ideo Ladprao 17 Project        |           |   |
|                     |                                   |           |   |
|                     |   Nature of Project: two          |           |   |
|                     |   eight-storey residential        |           |   |
|                     |   condominium buildings           |           |   |
|                     |                                   |           |   |
|                     | Location: Next to MRT Ladprao     |           |   |
|                     | station                           |           |   |
|                     |                                   |           |   |
|                     | Number of Units: 339 units        |           |   |
+---------------------+-----------------------------------+-----------+---+
| []                  | 2. Ideo Ladprao 5 Project         |           |   |
|                     |                                   |           |   |
|                     |   Nature of Project: one          |           |   |
|                     |   24-storey residential           |           |   |
|                     |   condominium building            |           |   |
|                     |                                   |           |   |
|                     | Location: 500 meters from MRT     |           |   |
|                     | Phaholyothin station              |           |   |
|                     |                                   |           |   |
|                     | Number of Units: 418 units        |           |   |
|                     |                                   |           |   |
|                     |   .                               |           |   |
+---------------------+-----------------------------------+-----------+---+
| []                  |   3. Ideo Mix Phaholyothin        |           |   |
|                     |   Project                         |           |   |
|                     |                                   |           |   |
|                     |   Nature of Project: one          |           |   |
|                     |   23-storey residential           |           |   |
|                     |   condominium building            |           |   |
|                     |                                   |           |   |
|                     |   Location: Next to BTS Saphan    |           |   |
|                     |   Khwai station                   |           |   |
|                     |                                   |           |   |
|                     |   Number of Units: 449 units      |           |   |
|                     |                                   |           |   |
|                     |   .                               |           |   |
+---------------------+-----------------------------------+-----------+---+
| []                  |   4. Ideo Sathorn-Taksin Project  |           |   |
|                     |                                   |           |   |
|                     |   Nature of Project: one          |           |   |
|                     |   27-storey residential           |           |   |
|                     |   condominium building            |           |   |
|                     |                                   |           |   |
|                     |   Location: Next to BTS Charoen   |           |   |
|                     |   Nakorn station                  |           |   |
|                     |                                   |           |   |
|                     | Number of Units: 349 units        |           |   |
+---------------------+-----------------------------------+-----------+---+
| []                  |   5. Ideo Mix Sukhumvit 103       |           |   |
|                     |   Project                         |           |   |
|                     |                                   |           |   |
|                     |   Nature of Project: two          |           |   |
|                     |   21-storey residential           |           |   |
|                     |   condominium buildings           |           |   |
|                     |                                   |           |   |
|                     |   Location: Next to BTS Udomsuk   |           |   |
|                     |   station                         |           |   |
|                     |                                   |           |   |
|                     |   Number of Units: 1,172 units    |           |   |
+---------------------+-----------------------------------+-----------+---+
| []                  | 6. Ideo Q Phayathai Project       |           |   |
|                     |                                   |           |   |
|                     |   Nature of Project: one          |           |   |
|                     |   38-storey residential           |           |   |
|                     |   condominium building            |           |   |
|                     |                                   |           |   |
|                     |   Location: 30 meters from BTS    |           |   |
|                     |   Ratchathewi station             |           |   |
|                     |                                   |           |   |
|                     |   Number of Units: 476 units      |           |   |
+---------------------+-----------------------------------+-----------+---+
| []                  | 7. Ideo Ratchada-Huaykwang        |           |   |
|                     | Project                           |           |   |
|                     |                                   |           |   |
|                     |   Nature of Project: one          |           |   |
|                     |   19-storey residential           |           |   |
|                     |   condominium building            |           |   |
|                     |                                   |           |   |
|                     |   Location: Next to MRT Huay      |           |   |
|                     |   Kwang station                   |           |   |
|                     |                                   |           |   |
|                     |   Number of Units: 398 units      |           |   |
+---------------------+-----------------------------------+-----------+---+
| []                  | 8. Ideo BluCove Sathorn Project   |           |   |
|                     |                                   |           |   |
|                     |   Nature of Project: two 8-storey |           |   |
|                     |   residential condominium         |           |   |
|                     |   buildings                       |           |   |
|                     |                                   |           |   |
|                     | Location: 40 meters from BTS      |           |   |
|                     | Wongwianyai station               |           |   |
|                     |                                   |           |   |
|                     | Number of Units: 266 units        |           |   |
+---------------------+-----------------------------------+-----------+---+
| []                  | 9. Ideo BluCove Sukhumvit Project |           |   |
|                     |                                   |           |   |
|                     |   Nature of Project: one          |           |   |
|                     |   15-storey and one 18-storey     |           |   |
|                     |   residential                     |           |   |
|                     |                                   |           |   |
|                     |   condominium building            |           |   |
|                     |                                   |           |   |
|                     | Location: 30 meters from BTS      |           |   |
|                     | Udomsuk station                   |           |   |
|                     |                                   |           |   |
|                     |   Number of Units: 421 units      |           |   |
+---------------------+-----------------------------------+-----------+---+
| []                  | 10. Ideo Verve Sukhumvit Project  |           |   |
|                     |                                   |           |   |
|                     |   Nature of Project: one          |           |   |
|                     |   30-storey residential           |           |   |
|                     |   condominium building            |           |   |
|                     |                                   |           |   |
|                     |   Location: Next to BTS On-nut    |           |   |
|                     |   station                         |           |   |
|                     |                                   |           |   |
|                     |   Number of Units: 490 units      |           |   |
+---------------------+-----------------------------------+-----------+---+
| []                  | 11. Ideo Verve Ratchaprarop       |           |   |
|                     | Project                           |           |   |
|                     |                                   |           |   |
|                     |   Nature of Project: one          |           |   |
|                     |   34-storey residential           |           |   |
|                     |   condominium building            |           |   |
|                     |                                   |           |   |
|                     |   Location: 1 10 meters from APL  |           |   |
|                     |   Ratchaprarop station            |           |   |
|                     |                                   |           |   |
|                     |   Number of Units: 447 units      |           |   |
+---------------------+-----------------------------------+-----------+---+
| []                  | 12. Ideo Morph 38 Project         |           |   |
|                     |                                   |           |   |
|                     |   Nature of Project: one          |           |   |
|                     |   10-storey residential           |           |   |
|                     |   condominium building            |           |   |
|                     |                                   |           |   |
|                     |   Location: 300 meters from BTS   |           |   |
|                     |   Thonglor station                |           |   |
|                     |                                   |           |   |
|                     |   Number of Units: 162 units      |           |   |
|                     |                                   |           |   |
|                     |   Ideo Ashton Morph 38 Project    |           |   |
|                     |                                   |           |   |
|                     |   Nature of Project: one          |           |   |
|                     |   20-storey residential           |           |   |
|                     |   condominium building            |           |   |
|                     |                                   |           |   |
|                     |   Location: 300 meters from BTS   |           |   |
|                     |   Thonglor station                |           |   |
|                     |                                   |           |   |
|                     |   Number of Units: 179 units      |           |   |
+---------------------+-----------------------------------+-----------+---+

Each of the Company’s condominium projects is located near railway mass
transit stations. The location of each project is displayed below:

  -----------------------------------------------------------------------
  []

  -----------------------------------------------------------------------

In February 2012, the Company launched 4 condominium projects, namely,
“Ideo Mobi Sathorn”, “Ideo Mobi Phayathai”, “Ideo Mobi Sukhumvit” and
“Ideo Mobi Rama 9”, details of which are as follows:

+---------------------+------------------------------------------------+
| []                  | 1. Ideo Mobi Sathorn Project                   |
|                     |                                                |
|                     |   Nature of Project: one 32-storey residential |
|                     |   condominium building                         |
|                     |                                                |
|                     |   Location: Next to BTS Krung Thonburi station |
|                     |                                                |
|                     |   Number of Units: 529 units                   |
+---------------------+------------------------------------------------+
| []                  | 2. Ideo Mobi Phayathai Project                 |
|                     |                                                |
|                     |   Nature of Project: one 24-storey residential |
|                     |   condominium building                         |
|                     |                                                |
|                     |   Location: 190 meters from BTS Phayathai      |
|                     |   station                                      |
|                     |                                                |
|                     | Number of Units: 398 units                     |
+---------------------+------------------------------------------------+
| []                  |   3. Ideo Mobi Sukhumvit Project               |
|                     |                                                |
|                     | Nature of Project: one 23-storey and one       |
|                     | 25-storey residential condominium              |
|                     |                                                |
|                     | building                                       |
|                     |                                                |
|                     | Location: 32 meters from BTS On-nut station    |
|                     |                                                |
|                     | Number of Units: 935 units                     |
+---------------------+------------------------------------------------+
| []                  | 4. Ideo Mobi Rama 9 Project                    |
|                     |                                                |
|                     |   Nature of Project: one 28-storey residential |
|                     |   condominium building                         |
|                     |                                                |
|                     |   Location: 80 meters from MRT Pharam 9        |
|                     |   station                                      |
|                     |                                                |
|                     |   Number of Units: 703 units                   |
+---------------------+------------------------------------------------+

  The location of each Ideo Mobi project is displayed below:

  -----------------------------------------------------------------------
  []

  -----------------------------------------------------------------------

Marketing

1.1 Business Strategies

  The Company has the following business strategies:

  The Company has analyzed the characteristics of its target customers
  in developing its products brand, “Ideo”. Following its analysis, the
  Company tailors its marketing efforts to suit the specific
  characteristics of its target customers, the “Gen C” group.

  []

[]

  Ideo amphsizes procuring project site with distance less than 300
  meters from the mass transit station.

  The company has developed an additional brand, “Elio” which is located
  300 – 600 meters from the nearest mass transit system.

  []The target market is Gen C with demand for low costing condominiums
  close to mass transit stations.

In addition, the company has also categorized condominium projects into
sub-brands in corresponds to customers from every marketing sector.

+-------------+------------+--------+-------+---------------+---------+
| Catagory    | Brand      |        |       |               | Price   |
|             |            |        |       |               | Range/  |
|             |            |        |       |               | THB 1   |
|             |            |        |       |               | (Per    |
|             |            |        |       |               | Square  |
|             |            |        |       |               | Meter)  |
+-------------+------------+--------+-------+---------------+---------+
| Luxury      | []         |        |       |               | THB     |
|             |            |        |       |               | 140,000 |
| Ashton      | Ideo Morph |        |       |               | –       |
| Morph 38:   | 38         |        |       |               | 160,000 |
| Excellent   |            |        |       |               |         |
| location.   |            |        |       |               |         |
| Lavish      |            |        |       |               |         |
| acc         |            |        |       |               |         |
| ommodation. |            |        |       |               |         |
+-------------+------------+--------+-------+---------------+---------+
| High-end    | []         |        |       |               | THB     |
|             |            |        |       |               | 120,000 |
| Ideo Q:     | Ideo Q:    |        |       |               | –       |
|             | Phayathai  |        |       |               | 130,000 |
| Good        |            |        |       |               |         |
| location in |            |        |       |               |         |
| commercial  |            |        |       |               |         |
| districts   |            |        |       |               |         |
+-------------+------------+--------+-------+---------------+---------+
| Up-scale    | []         |        | []    |               | THB     |
|             |            |        |       |               | 100,000 |
| Ideo Verve: |            |        |       |               | -       |
| Innovative  |            |        |       |               | 120,000 |
| design      |            |        |       |               |         |
|             |            |        |       |               |         |
| Ideo Mobi:  |            |        |       |               |         |
|             |            |        |       |               |         |
| Efficient   |            |        |       |               |         |
| usage of    |            |        |       |               |         |
| space with  |            |        |       |               |         |
| inte        |            |        |       |               |         |
| rchangeable |            |        |       |               |         |
| furnitures. |            |        |       |               |         |
+-------------+------------+--------+-------+---------------+---------+
|             | Ideo Verve |        | Ideo  |               |         |
|             | Sukumvit   |        | Mobit |               |         |
|             |            |        | Phay  |               |         |
|             | Ideo Verve |        | athai |               |         |
|             | R          |        |       |               |         |
|             | achaprarop |        | Ideo  |               |         |
|             |            |        | Mobi  |               |         |
|             |            |        | Rama  |               |         |
|             |            |        | 9     |               |         |
|             |            |        |       |               |         |
|             |            |        | Ideo  |               |         |
|             |            |        | Mobi  |               |         |
|             |            |        | Suk   |               |         |
|             |            |        | umvit |               |         |
|             |            |        |       |               |         |
|             |            |        | Ideo  |               |         |
|             |            |        | Mobi  |               |         |
|             |            |        | S     |               |         |
|             |            |        | atorn |               |         |
+-------------+------------+--------+-------+---------------+---------+
| Mid-range   | []         | []     |       | []            | THB     |
|             |            |        |       |               | 80,000  |
| Ideo: For   |            |        |       |               | –       |
| hip         |            |        |       |               | 100,000 |
| youngsters  |            |        |       |               |         |
| with modern |            |        |       |               |         |
| design and  |            |        |       |               |         |
| efficient   |            |        |       |               |         |
| usage of    |            |        |       |               |         |
| space       |            |        |       |               |         |
|             |            |        |       |               |         |
| Ideo Mix:   |            |        |       |               |         |
| With        |            |        |       |               |         |
| In-house    |            |        |       |               |         |
| shopping    |            |        |       |               |         |
| retails     |            |        |       |               |         |
|             |            |        |       |               |         |
| Ideo        |            |        |       |               |         |
| BluCove:    |            |        |       |               |         |
| living      |            |        |       |               |         |
| inhabitat   |            |        |       |               |         |
| amidst      |            |        |       |               |         |
| nature      |            |        |       |               |         |
+-------------+------------+--------+-------+---------------+---------+
|             | Ideo       | Ideo   |       | Ideo BluCove  |         |
|             | Ladprao 71 | Mix    |       | Satorn        |         |
|             |            | Phaho  |       |               |         |
|             | Ideo       | lyotin |       | Ideo BlueCove |         |
|             | Ladprao 5  |        |       | Sukumvit      |         |
|             |            | Ideo   |       |               |         |
|             | Ideo       | Mix    |       |               |         |
|             | Satorn-    | Su     |       |               |         |
|             | Taksin     | kumvit |       |               |         |
|             |            | 103    |       |               |         |
|             | Ideo       |        |       |               |         |
|             | Rachada    |        |       |               |         |
|             | -Huaykwang |        |       |               |         |
+-------------+------------+--------+-------+---------------+---------+
| Low-range   | []         |        |       |               | THB     |
|             |            |        |       |               | 60,000  |
| Elio        |            |        |       |               | -80,000 |
| Sukumvit    |            |        |       |               |         |
| 64: For hip |            |        |       |               |         |
| youngers.   |            |        |       |               |         |
| Modern      |            |        |       |               |         |
| design with |            |        |       |               |         |
| efficient   |            |        |       |               |         |
| usage of    |            |        |       |               |         |
| space       |            |        |       |               |         |
+-------------+------------+--------+-------+---------------+---------+

The real estate development projects operated by ADO and BN are landed
housing projects located in the vicinity of Suvarnabhumi Airport. These
projects were conceptualized in the “Ananda SeaSense” style and are
named after locations of popular beach resorts, including Hawaii and
Bali. In addition, the design and layout of the project and the houses
were intended to reflect the atmosphere of each location. The names of
these projects are all suffixed with “by Ananda” so that the general
public would be aware that they were developed by an entity linked to
the Company. In this regard, the Company entered into an agreement
authorizing ADO to use the name “Ananda”.

As of December 31, 2012, ADO has launched 6 projects and the Java Bay
project is currently under construction and is expected to be launched
for sale within 2013.

Following the IPO the portfolio has been rebranded and relaunched under
brand “Atoll”.

[]

Detail of each project as follows:

+-----------------------+--------------------------------+-------------+
| []                    |   []                           |             |
|                       |                                |             |
| []                    | 1.  Lanta Resort Life Project  |             |
|                       |                                |             |
|                       |   Nature of Project: detached  |             |
|                       |   houses/semi-detached         |             |
|                       |                                |             |
|                       |   houses                       |             |
|                       |                                |             |
|                       |   Location: East Outer Ring    |             |
|                       |   Road, Bangplee               |             |
|                       |                                |             |
|                       |   District, Samutprakarn       |             |
|                       |   Province                     |             |
|                       |                                |             |
|                       |   Total Site Area: 34-3-1 rai  |             |
+-----------------------+--------------------------------+-------------+
| []                    | []                             |             |
|                       |                                |             |
| []                    | 2. Maldives Palm Project       |             |
|                       |                                |             |
|                       | Nature of Project: detached    |             |
|                       | houses/semi-detached           |             |
|                       |                                |             |
|                       | houses                         |             |
|                       |                                |             |
|                       | Location: East Outer Ring      |             |
|                       | Road, Bangplee                 |             |
|                       |                                |             |
|                       | District, Samutprakarn         |             |
|                       | Province                       |             |
|                       |                                |             |
|                       | Total Site Area: 80-1-34 rai   |             |
+-----------------------+--------------------------------+-------------+
| []                    | []                             |             |
|                       |                                |             |
| []                    | 3. Similan Reef Project        |             |
|                       |                                |             |
|                       | Nature of Project: detached    |             |
|                       | houses                         |             |
|                       |                                |             |
|                       | Location: Klong Song Ton Noon  |             |
|                       | Sub-District,                  |             |
|                       |                                |             |
|                       | Ladkrabang Bangkok             |             |
|                       |                                |             |
|                       | Total Site Area: 53-0-4 rai    |             |
+-----------------------+--------------------------------+-------------+
| []                    | []                             |             |
|                       |                                |             |
| []                    | 4. Waikiki Shore Project       |             |
|                       |                                |             |
|                       | Nature of Project: detached    |             |
|                       | houses                         |             |
|                       |                                |             |
|                       | Location: Klong Song Ton Noon  |             |
|                       | Sub-District,                  |             |
|                       |                                |             |
|                       | Ladkrabang Bangkok             |             |
|                       |                                |             |
|                       | Total Site Area: 38-1-45 rai   |             |
+-----------------------+--------------------------------+-------------+

+-------------------------------+--------------------------------------+
| []                            | []                                   |
|                               |                                      |
| []                            | 5. Maldives Beach Project            |
|                               |                                      |
|                               |   Nature of Project: detached        |
|                               |   houses/semi-detached               |
|                               |                                      |
|                               |   houses/townhouses                  |
|                               |                                      |
|                               | Location: Narm Daeng Road, Bangplee  |
|                               |                                      |
|                               | District, Samutprakarn Province      |
|                               |                                      |
|                               | Total Site Area: 116-1-5 rai         |
+-------------------------------+--------------------------------------+
| []                            | []                                   |
|                               |                                      |
| []                            | 6. Bali Beach Project                |
|                               |                                      |
|                               | Nature of Project: detached          |
|                               | house/semi-detached                  |
|                               |                                      |
|                               | houses/townhouses                    |
|                               |                                      |
|                               | Location: On-nut – Lad Krabang Road, |
|                               | Klong                                |
|                               |                                      |
|                               | Luang Pang Sub-District, Muang       |
|                               |                                      |
|                               | District, Chachoengsao Province      |
|                               |                                      |
|                               | Total Site Area: 215-0-32 rai        |
+-------------------------------+--------------------------------------+
| []                            | []                                   |
|                               |                                      |
|                               | 7. Java Bay Project                  |
|                               |                                      |
|                               | Nature of Project: detached houses   |
|                               |                                      |
|                               | Location: King Kaew Road, Bangplee   |
|                               | District,                            |
|                               |                                      |
|                               | Samutprakarn Province                |
|                               |                                      |
|                               | Total Site Area: 57-0-11 rai         |
|                               |                                      |
|                               |   .                                  |
+-------------------------------+--------------------------------------+

The landed housing projects operated by ANAN and BD are projects bearing
the name “Ananda” and “Sirinda”. These projects are located in the
vicinity of golf courses which are located near Suvarnabhumi Airport and
Bangna-Trad Road. As at December 31, 2012, the Company has developed 3
projects. Sales of these projects have been launched. Details of each
project are as follows:

+--------------------------------+-------------------------------------+
| []                             | 1. Ananda Sport Life                |
|                                |                                     |
|                                | Nature of Project: Detached         |
|                                | houses/land development/house       |
|                                |                                     |
|                                | construction                        |
|                                |                                     |
|                                | Location: 10 km of Bangna-Trad Road |
|                                |                                     |
|                                | Total Site Area: 61-0-78.7 rai      |
+--------------------------------+-------------------------------------+
| []                             | 2. Sirinda Prana                    |
|                                |                                     |
|                                | Nature of Project: Land             |
|                                | development/house                   |
|                                |                                     |
|                                | construction                        |
|                                |                                     |
|                                | Location: 10 km of Bangna-Trad Road |
|                                |                                     |
|                                |   Total Site Area: 8-0-36 rai       |
+--------------------------------+-------------------------------------+
| []                             | 3. Sirinda Pranali                  |
|                                |                                     |
|                                | Nature of Project: Detached         |
|                                | houses/land                         |
|                                |                                     |
|                                | development/house construction      |
|                                |                                     |
|                                |   Location: 10 km of Bangna-Trad    |
|                                |   Road                              |
|                                |                                     |
|                                | Total Site Area: 7-0-39.6 rai       |
+--------------------------------+-------------------------------------+

  1.2 Fitness Centers and Restaurants

The Company operates a sport club named Bludeck, which is managed by BD.
This sport club can be categorized as hybrid sports-social club, which
provides services only to its members. Currently, this sport club has
1,665 members and charges Baht 18,000 per annum as membership fees.
There are fitness facilities, swimming pools, tennis courts, basketball
courts, futsal fields and badminton courts, as well as an Italian
restaurant named Bacco.

3.  Race Tracks

The Company operates the Bira International Circuit and a go-kart race
track, which is managed by BCO and BK. These 2 race tracks are located
in Chonburi province, approximately 20 kilometers away from Pattaya
City.

1. Racing Circuit – Bira International Circuit

Bira International Circuit is the first and the only race car circuit
accredited by Federation Internationale de L’Automobile (“FIA”) in
Thailand. The area of this circuit is approximately 164 rai and
accommodates various types of car races.

In addition, Bira International Circuit can accommodate launches or
vehicle trials, public relation events, car dealer seminars and customer
functions. The services provided are popular among automobile companies.

2.  Go-Kart Race Track

Apart from the race car circuit, the Company also operates the business
of a go-kart race track which is located in the same area and accredited
by Commission Internationale de Karting (“CIK”).

3. Bira RT Kart Company Limited

BRT’s main business is the sale of motor vehicle parts and components,
which supports the race car business.