- 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

. RESULTS OF OPERATION Consolidated Financial Statements 1Q2019 1Q2018 % Change Total Revenue 459.4 422.0 8.9% - Utilities Business 458.0 422.0 8.5% - Operating Revenue1 431.2 420.6 2.5% - Other Utilities

205mn ordinary shares at an offering price of THB 1.60 per share • On 24 April 2019, the shareholder meeting has approved the cash dividend payment from the operating results of the second half of 2018 at

well as medical service concerning health and esthetics. 2. Overview of operating results in the Quarter 1’2018. The global economy has continued its steady growth as a result of a tightening monetary

the 2nd quarter financial statements as of August 31, 2019 which were reviewed by Deloitte Touche Tohmatsu Jaiyos Audit Company Limited. The operating performance is summarized as follows. Overview

transparency of securities markets, and reduce systemic risk. The Principles apply to all types of CRAs operating in various jurisdictions. However, to take into account the different market, legal, and

0.99 0.69 0.64 55% 3.27 2.22 47% Reported EPS after PERP Interest (THB) 1.04 1.92 0.87 20% 4.15 3.21 29% Core EBITDA/ton ($) 140 111 100 40% 120 94 28% Operating Cash Flow 249 247 226 10% 941 827 14% Net

, representing the net profit margins of 5.74% as a result of the gradually risen in sales since late 1Q18 couple with the increase in operating expense. Notwithstanding, the Company highly focuses and

Stock Exchange of Thailand The Company wishes to present the Management Discussion & Analysis (MD&A) on the operating and financial status for the year 2018. The MD&A would enable the investors to better

make further decision. 2. Operating Results (Company and Subsidiaries) Total revenue of the consolidated financial statements for Q3/2019 amounted 72.6 million baht compared to Q3/2018 with total revenue