Second Quarter of 2017 WHAUP completed our 2Q2017 at record-high result with a Net Income of Baht 700.8 million, 169.4% increase from 2Q2016 and 157.2% increase from 1Q2017. Altogether, 1H2017 Net Income

Purple Line), which the Company had recorded since the fourth quarter of the year 2017 where the income is equal to the interest expense from the long term loan for investing in the MRT Purple Line. The

instruments as a result of capital increase during the first quarter and proceeds from disposition of assets in the following quarter in 2018. Profit and Loss Results In 2018, the Company recorded net loss of

% in the first quarter of 2018 to 18.98% in the same period of 2019. The total expense to total revenue ratio increased from 13.78% in the first quarter of 2018 to 14.94% in the same period of 2019. 1

: Executive Summary The operating results of the first quarter of 2019, for the three-month period ended March 31, 2019 (“Q1 2019”), the Company generated total revenue of 794 million Baht; or decrease of 36

three-month period of 1st quarter of 2020 and 1st quarter of 2019 (Restated) Service income 1,052 1,886 (834) (44%) Sales income 270 514 (244) (47%) Total revenues 1,322 2,400 (1,078) (45%) Cost of

No. CAZ 017/2020 07 August 2020 Subject: Management Discussion and Analysis for the 2nd Quarter ended 30 June 2020 Attention: The President, The Stock Exchange of Thailand CAZ (Thailand) Public

Cambodia and Myanmar. The Company’s sales to Myanmar and Cambodia hit a record high in the quarter. Sales of 3rd party products for distribution were THB 475 million, increased by THB 185 million or 63.5

Consolidated Profit(Loss) Statements The net profit of the Company and subsidiary companies decreases 60.45% from the same quarter of the previous year. It is because the income from sale decreases by 45.81

supply significant portion of our internal electricity use decreasing further operational expenses. 2. Outlook Economic growth accelerated in the third quarter from the near five-year low in the second