) 3,530 2,048 1,482 72% For focusing on the operating performance, the impact of lease income was excluded from the analysis of the operation result. Page 7 Profit from operation of EGCO Group before FX

2. Operation performance according to consolidated financial statement For the three-month period (April 1, 2017 – June 30, 2017) Unit : Million Baht 2017 2016 Revenue from sale and rendering of

assumptions and beliefs in light of the information currently available to us. These assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially

39 million in 9M16. Overall Performance 3Q17 The Company reported total revenue of THB 1,184 million, increased by 0.8% from 3Q16. Total revenue consisted of revenues from hotel, education, and other

1 1. ANALYSIS OF FINANCIAL PERFORMANCE For 9M/2017, East Water Group had total consolidated sales and services income of 3,268.14 million Baht, decreased by 64.83 million Baht or 1.95% (Total

' development progress not achieve the Company's target. Management Discussion and Analysis For the Three-month and Nine-month Periods Ended 30 September, 2017 Page 2 2. Operation performance according to

performance in this quarter. There is a one-time profit from debt restructuring of THB 110 million. The company has an EBITDA of THB 213 million. In addition, as a result of the approved debt to equity

1 1. ANALYSIS OF FINANCIAL PERFORMANCE Income statement (MB) Q4/2016 Q4/2017 YoY % 2016 2017 YoY % Total Sales and Services revenue 1,043.98 1,039.90 (4.09) (0.39%) 4,376.96 4,308.04 (68.92) (1.57

ordinary shares and Baht 27.59 million from the exercise of warrants (FVC-W1). As result, the shareholders' equity as increased. While the performance in 2017, has grown significantly from the previous year

Discussion and Analysis (MD&A) for year 2017 3 Executive Summary In overall 2017 performance, the Company had significant improvements in various areas such as production increase to 875,874 tons, sale volume