compared to the 9-month period of 2018. Total operating expenses included employee benefit expenses, fee and service expenses, financial costs and other expenses.

353.51 6.70 1.93% Rental and services revenue 47.03 43.82 (3.21) (6.83%) Construction revenue under Concession Agreements(1) 98.42 55.33 (43.10) (43.79%) Costs of Sales and Services 603.30 557.14 (46.16

) (3.55%) Construction revenue under Concession Agreements(1) 10.80 148.34 137.55 1,274.15% Costs of Sales and Services 1,066.80 1,123.39 56.59 5.30% Raw water cost 583.00 492.40 (90.60) (15.54%) Tap water

0.66% Rental and services revenue 37.99 34.80 (3.19) (8.41%) 120.67 117.75 (2.92) (2.42%) Construction revenue under Concession Agreements(1) 44.00 58.39 14.39 32.70% 192.34 170.99 (21.36) (11.10%) Costs

million or 1% from Q3/2017, as a result of the Commercial Operation Date (COD) of IRPC-CP Phase 2 and Ichinoseki Solar Power 1 GK (ISP1) in Q4/2017 even though the selling and administrative expenses

(Decrease) Million Baht Million Baht Million Baht Percentage Total Revenues 3,533.44 4,574.73 (1,041.29) (22.76) Cost of Sales 3,502.85 4,293.84 (790.99) (18.42) Expenses 120.69 156.08 (35.39) (22.67) Net

) Expense Quarter 2/2020 company and its subsidiaries has total expenses of 607.05 Million Baht as 227.63 Million Baht decreased from same period of year 2019 which has total expenses of 834.68 Million Baht

2,475 2,758 11.4% Total expenses 23,160 26,006 12.3% Natural Gas • Natural gas costs increased 11.3% year-on-year from Baht 16,285 million in 2016 to Baht 18,128 million in 2017, primarily due to an

340.51 49.19 14.4 Finance costs 369.63 352.58 17.05 4.8 Income tax expense 233.25 217.75 15.50 7.1 Total expenses 2,325.81 2,155.04 170.77 7.9 2,116.88 1,839.91 276.97 15.1 Non-controlling Interests 36.09

MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 31 DECEMBER 2019 used by Golden Lime, as well as a series of one shot expenses (M&A related, Saraburi Quicklime Entire Business Transfer related costs