Management s Discussion and Analysis on the Company s Operating Results based on the Financial Statements for the three-month periods ended September 30, 2006 Overview of the Company and its Subsidiary Result of Operations Unit : Million Baht (Reviewed) Jul-Sep 06 Jul-Sep 05 %Change Total Revenues 1,160 790 47 TV revenues 764 474 61 Radio Revenues 204 143 43 Total Expenses 581 451 29 Net Profit 390 254 54 EPS 0.57 0.37 54 Earnings growth are still strong, the 47% increase in total revenues were mainly a result of the increase in both television revenues and radio revenues. Television : the seasonal programs as the reality singing contest called The Academy Fantasia (AF) has contributed significantly to the increase in TV earnings as the season 3 is considered more popular than the other 2 seasons. Also, the government project as the promotion of Suvarnabhumi Airport and the promotion of Royal Flora Ratchaphruek 2006 and non-government projects as Isuzu Caravan-Power Saving, House and Condo Project are the additional sources of revenues to boost the earnings. Radio: The revenue growth form 3 main radio stations as SEED FM 97.5, FM 95 and FM 100.5 are sustainable since the launch of activities and events has been done continuously. Furthermore, the revenue of FM 96.5 has been improved by the launching of promotion activities. Moreover, the Metropolis FM 107 which was the retro music in the 1960-1970 era were changed the Name and concept to the Met 107 as the international pop music for new generations. The Met 107 has successfully done the business deal with the big 4 major music companies, namely EMI, Sony BMG, Universal and Warner Music on the 16 August 2006. To be expected that this deal will bring the positive impact on the rating and revenue of Met 107, starting in the last quarter of 2006. While there have been brought out the events and activities, and also the on-air of special live program to promote the Suvarnabhum Airport, the TV and radio cost of production were managed to increase up only 19% to Baht 390 millions in this quarter 2006 from Baht 329 millions for the same period last year. As a result of the well control in the cost side, the total expenses were up 29%. The bottom line, the Net Profit then increased up to 54% or Baht 390 millions. And the EPS is Baht 0.57 per share.