P a g e 1 | 8 Management Discussion and Analysis For the nine-month period ended September 30, 2017 The analysis of consolidated financial position as at 30 September 2017 The group’s assets

revenue under Concession Agreements 5% Cost of Jan-Jun 2019 = 1,311.59 million Revenue of Jan-Jun 2019 = 2,360.75 million EASTERN WATER RESOURCES DEVELOPMENT AND MANAGEMENT PUBLIC COMPANY LIMITED MANAGEMENT

(“7UP”)held on April 5, 2019, approved the acquisition of ordinary shares of Universal Waste Management Company Limited(“UWM” or the “Target”), formerly named Asia Recycle Holding Company Limited, by

raw water and electricity expenses which caused to the declining of 215.14 million Baht or 18.70% of the total cost. Gross profit, therefore; slightly decreased by 61.45 million Baht or 2.86% to

Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the 3rd quarter ended September 30th, 2018 Management Discussion and Analysis of Business

P a g e 1 | 7 Management Discussion and Analysis For the nine-month period ended September 30, 2017 The analysis of consolidated financial position as at 30 September 2017 The group’s assets

of Thailand Enclosure : 1. Financial Statements for the Second quarter ended June 30,2017 2. Management Discussion and Analysis Nawarat Patanakarn Public Company Limited would like to submit Reviewed

of Thailand Enclosure : 1. Financial Statements for the Second quarter ended June 30,2018 2. Management Discussion and Analysis Nawarat Patanakarn Public Company Limited would like to submit Reviewed

Agreements 3% Cost of Jan - Jun 2020 = 1,251.02 million Baht Revenue Of Jan - Jun 2020 = 2,157.63 million Baht EASTERN WATER RESOURCES DEVELOPMENT AND MANAGEMENT PUBLIC COMPANY LIMITED MANAGEMENT DISCUSSION

Microsoft Word - MD&A ENG Q2-2019 14-8-19 Translation UWC 021/2562 August 14, 2019 Subject : Management Discussion and Analysis for quarter 2-2019 To : President of the Stock Exchange of Thailand Ua