“Duro”. and Technical services Agreement Parties Involved Service Provider: - Hwa Fong Rubber Industrial Company Limited. “HFR” Service Recipient: - Hwa Fong Rubber (Thailand) Public Company Limited. “HFT

purchase agreement 102.8 99.2 101.6 2.4% (1.2%) 203.7 200.8 (1.4%) Revenue from construction under a concession arrangement 398.1 - - - N.A. (

infrastructure mutual fund under the consolidated basis of the financial statement. Clause 6 The management company shall impose the limitations on liabilities arising from loan agreement under the following rules

(25.5) (1.7%) 6,502.1 6,166.0 (336.1) (5.2%) Revenue from finance lease under power purchase agreement 102.4 104.5 105.2 104.6 (0.6) (0.6%) 414.9 416.7 1.8 0.4% Cost of sales and services (1,274.4

joint venture agreement and establishment of a company are being prepared. The Company would inform the Stock Exchange of Thailand on the progress in due course. Please kindly be informed accordingly

future. Therefore Company Board of Directors has approved with the joint venture agreement in respect of four projects with the total transaction value of 22.13% at the executive meeting, details as shown

good opportunity to expand overseas markets in the future. Therefore Company Board of Directors has approved with the joint venture agreement in respect of four projects with the total transaction value

, the Board of Directors have approved the increasing of SBLC facility amount via email on 28 March 2019 and then the Company had entered into the amendment of credit facility agreement on 1 April 2019

. The SPP Replacement Project Stage 2 is under the feasibility study for further investment approval. PAGE 5 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q1/2020 Business Directions in Q1/2020 Synergy from

, USD 123.90 million will be converted into equity while the remaining will be recorded as gain from debt restructuring. This debt restructuring shall be proposed to seek an approval from the