Page 2 Management Discussion and Analysis 1. Significant events in the first Quarter of 2018 1.1 The progress in construction projects 1.1.1 Process of construction - Xayaburi Project, a project of the

contribution is a drag of over 50mTHB annually in revenue. We do expect Golden Lime Engineering to contribute to top line growth as there are promising projects being negotiated and should materialize in the

14.5 percent due to repayments of loan during the year and temporarily prepayment of loan using unutilized proceed from IPO which pending to use as capital expenditures of power plant projects under

capacity expansion projects at Bangpakong, Chacheungsao province. For 1H/2017, financial expenses derived to THB 10 million, increased by THB 9 million from the corresponding period last year. This was due

from management service decreased by Baht 19.55 million because the Management decided to renew the contracts with the projects that have appropriate gross profit margin only. Moreover, reasons for an

drawdowns of loans from financial institutions in order to support our production capacity expansion projects at Bangpakong, Chacheungsao province. For 1H/2017, financial expenses derived to THB 10 million

to use the consideration receiving from the sale of such investment property to reserve for its expansion projects regarding the committed growth and sustained profitable on such investment to all

projects. However, selling expenses declined from lower revenue from sales and services. Finance cost The finance cost decreased by 42.4% yoy to THB 15 million, attributable to the repayment of long-term

was 14,256.55 million Baht, increased by 194.34 million Baht mainly from the investment of projects under construction, including Prasae-Nongplalai pipeline project and Nongplalai-Nongkho 2 pipeline

in order to support our production capacity expansion projects at Bangpakong, Chacheungsao province. For 9M/2017, financial expenses derived to THB 29 million, increased by THB 2 million from the