Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the Second Quarter and Six-Month Period Ended 30 June 2017 1. Q2/2017 Highlights Figure 1: Quarterly

) Consolidated Financial Statements 2Q'19 2Q'18 % Change YTD 2019 YTD 2018 % Change Total Revenue 475.1 423.5 12.2% 934.5 845.4 10.5% - Utilities Business 473.6 422.7 12.1% 931.6 844.7 10.3% - Operating Revenue1

) 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

impact from FX losses was only accounting implication and did not affect the Company’s cash flow or its operating performance. KEY HIGHLIGHTS • Total revenue and share of profit from investments in

cash flow or its operating performance. KEY HIGHLIGHTS • Total revenue and share of profit from investments in associates increased by 4.4%. However, if excluding the FX impact and one-time loss items

from Investments in Associates 221.4 184.8 19.8% Net Profit attributable to Owners of the Parent 43.5 424.2 -89.8% Normalized Net Income attributable to Owners of the Parent 219.0 269.8 -18.8% Operating

Management Discussion and Analysis, Q2/2019 Page1/4 Ref. IR62/008 9 August 2019 Subject: Management Discussion and Analysis, 2nd Quarter Ending 30 June 2019 Attention: President Stock Exchange of

  Management Discussion and Analysis, Q1/2018 Page 1/4 JMT

Microsoft Word - MD&A-3Q2019-E FA V25Oct2019.docx 1 Ref: CSO. 026/2019 Date: 5th November 2019 Subject: Management Discussion and Analysis Quarter 3 Ending 30th September 2019 Attention: President

1 Ref: AC.021/2018 14 August 2018 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating