* Note Please find further information in the consolidated financial statements. 1 21 February, 2019 Subject: Management Discussion & Analysis (MD&A) for the year 2018 Attention: The President The

31.28 38.76 123.91% Consolidated financial information The gross profit has increased by 25.89%, from Baht 194.24 Million in 2016 to Baht 244.53 million in 2017, due to following reasons: 1. Management

analysis of consolidated financial position as at 30 June 2017 ..................................................................... 3 The analysis of operating result for six months

criteria, the transaction size is 3.99%. This evaluation is in accordance with total value criteria of the return which is compared with total assets value of the consolidated financial statements of company

of 2017 WHAUP completed our 2017 at record-high result with a Net Income of Baht 1,980.9 million, 436.1% increase from 2016. 1. RESULTS OF OPERATION FOR 2017 Consolidated Financial Statements 2016 2017

: Overall operating results for the six-month period ended June 30, 2019 and June 30, 2018 (Unit: Thousand Baht) Consolidated Financial Statements Separate Financial Statements Increase (Decrease) Q2/2019 Q2

) operating results based on its reviewed consolidated financial statements ended 31 June 2017 as follows. Highlights on Q2-2017 Operating results Unit : Million Baht Q2-17 Q2-16 Q1-17 % Change Amount % Amount

& STRATEGY (maintained) All guidance is based on Pre-TFRS 15 Core service revenue Mid-single digit growth Consolidated EBITDA margin Stable from last year Budgeted CAPEX Bt20-25bn Dividend policy Minimum 70

) Consolidated Financial Statements 2Q'18 2Q'17 % Change YTD 2018 YTD 2017 % Change Revenue from Sales and Services 423.5 405.5 4.4% 845.4 793.5 6.5% - Operating Revenue1 420.5 383.6 9.6% 841.1 761.2 10.5% - Other

financial position for the fourth quarter and year ended December 31, 2019 with those of 2018. This report discusses principal changes in the audited consolidated financial statements. Overall market