projects submitted was not that very different. However, the projects delivered in the Q3-2017 are projects with relatively high margins. As a result, the increase in total operating expenses in Q3-2017 was

Thailand Overview of the operating result for the second quarter of 2019 ▪ The company’s total net income was Baht 192.49 million, representing an increase of 76.9% over the same period last year and revenue

19.76 0.36 39.59 32.30 22.56 2 Key financial ratio related with operating result (%) 2Q19 2Q18 %YoY 1Q19 %QoQ 1H19 1H18 %YoY Gross profit margin (%) 44.00% 41.28% 2.72 41.47% 2.54% 42.82% 41.63% 1.18

if the revenue was decreased. As a result, the profit in Q3–2018 decreased significantly compared to Q3–2017. Operating Results and Capabilities to make Profit Performance from revenues, costs and

the Company had reduced the registered capital by decreasing the registered capital of the other joint venture. As a result, the joint venture agreement is terminated and the company is a major

quarter of 2020 was 71.4 million baht due to the income from the insurance business of JP Insurance Company Limited, a subsidiary company. As a result of the increased insurance portfolio in the first

(Translation) NEP-AC 002/2563 14 May 2020 Subject: Management Discussion and Analysis for Q1 end of 31 March 2020 To : The President The Stock Exchange of Thailand Operating Result NEP Realty and

was lower due to order postponement in our key countries as a result of COVID-19 lockdown. Food business The food sales for Q3/2019-2020 was Baht 630 million, decreased significantly by Baht 1,210

6.77 34.15 50.15 39.60 10.55 26.64 Key financial ratio related with operating result (%) For the quarterly Change For the six-month period Change 2Q20 2Q19 % YoY 2020 2019 %YoY Gross profit margin from

) Revenue structure + (-)2018 3 | MANAGEMENT DISCUSSION AND ANALYSIS 2019 Revenue from steel tower manufacturing decreased by 37.21% as a result of rescheduling of production and delivery plan by major