Analysis of Operating Results For the Operating Results ended March 31, 2018 Report and Analysis of the Operating Results In Q1/2018, the amount of aviation fuel services volume at BKK and DMK totaling up to

of sales volume and improving operating performance. Power Business In 3Q2018, our Share of Profit from Investment in Associates and Joint Ventures (“Share of Profit from Investments”) and Dividend

due to the raising in raw water sales volume and net profit attributable to equity holders of the parent company of 609.48 million Baht, increased by 28.85 million Baht or 4.97%. Income statement

for the year from discontinued operations. - - - - - (8) 8 100% Profit (loss) attributable to Equity holders of the Company 158 9 149 1650% 309 176 134 76% Earnings per share (THB/share) 0.26 0.02 0.25

Expenses (130.8) (152.9) -14.5% Finance Costs (366.6) (459.9) -20.3% Share of Profit from Investments in Associates and Joint Ventures 2,047.4 1,936.1 5.7% Income Tax (Expense) Income (49.1) (18.2) 170.4

2018 as the raising in raw water sales volume while costs of sales and services totally 2,003.08 million Baht, increased by 357.38 million Baht or 21.72% because of increasing of electricity cost. Net

water sales volume. However, the costs of sales and services were totally 2,706.44 million Baht, increased by 481.81 million Baht or 21.66% mainly because of an increasing electricity cost. Net profit

improve the sales and ownership transfer volume of the Company. In 2019, the net profit of the Company and subsidiary companies has increased from that in 2018 because of better operational efficiency. The

35.06% Gross Profit Margin (%) 12.08% 10.15% 1.93% SG&A expenses 390 389 1 0.15% EBIT before share of profit (loss) from investment in associates and joint venture 438 398 40 10.04% Share of profit (loss

period volume weighted average price (from 9 October 2018 to 21 November 2018) of THB 159.90 per share. The transaction size is equivalent to THB 750,801,240. Furthermore, Big C Retail is 100% held