of services in the 1st quarter of 2019 of THB 2,058.80 million (excluding fuel costs of THB 7,186.26 million). The main reasons were as follows: (1) The increase in revenue from sales of RATCH

services in year 2018 of THB 5,881.33 million (excluding fuel costs of THB 30,302.81 million). The main reasons were as follows: Management Discussion and Analysis For the Year Ended December 31, 2019 Page 7

- Translation - IR62/002 26 February 2019 Re: Management Discussion and Analysis (MD&A) for the year 2018 To: President The Stock Exchange of Thailand Overview and Factors Affecting Future Operating Results In

measures. The exports sector fell sharply affected by weakening trading partner demand. These factors resulted in an increase in the unemployment rate to 2% in the second quarter of 2020 and the high level

% (y-y) in the first quarter. The main supporting factors were the return-to-expansion of export goods and private investment. On the other hand, the third wave of the COVID-19 pandemic continues to

factors that continued to occur since the previous year, such as the production of new high-technology products, an increase in the cost of goods sold resulting from a continuously high cost of raw

20.7% increased Q-o-Q from 18.9% but decreased Y-o-Y. In principle, the cost of production is influenced by factors such as the capacity utilization rate, product mix, a change in LME copper price and

that selling price was less than THB 3.00 million. MK housing projects were in this price range. All of these factors caused the Company to maintain sales of real estate business closed to the same level

million in the second quarter of 2019. Its net profit margin widened to 35% in the second quarter of 2020 from 27% in the same period last year mainly because of key factors as follows. 1. Sales of

of following key factors: 1. Revenue from sales of electricity were THB 173 million in the third quarter of 2020, which increased by THB 81 million or 89% from the same period last year. The increase