Page 2 Management Discussion and Analysis 1. Significant events in the first Quarter of 2018 1.1 The progress in construction projects 1.1.1 Process of construction - Xayaburi Project, a project of the

1 Note: 1) Revenue and Cost that were recognized when there is construction under concession agreements for tap water according to accounting standard TFRIC12 1. ANALYSIS OF FINANCIAL PERFORMANCE For

and representing an decrease 48.67%. The revenue form services business of the 2nd quaternary for the year 2017 was MTHB. 833.76.This was because from reduction of the revenue construction works of

of 2017 Second quarter of 2016 Increased (Decreased) Amount % 1.1 Revenues from construction Baht 2,032.79 million Baht 1,905.25 million Baht 127.54 million 6.69 1.2 Cost of construction 91.15 % 92.37

Baht 499.88 million and Baht 1,108.67 million. The increase in this value was because the Company realized the progress of the construction in progress for its new hospital project. The Company saw total

of the year 2017. The significant decreasing came from the reduction of the revenue construction works of renewable energy power plants projects in private sector according to industrial sector was

  to  the  increase of  the  revenue  from construction works of EGAT’S transmission line and substations construction projects.   The  revenue  from  sale  business  for  2nd  quarter  of  year  2018

THB % Millions of THB % Revenue from sale of real estate 233.51 84.93% 346.20 87.55% (112.69) (32.55%) Revenue from construction service 29.23 10.63% 32.07 8.11% (2.84) (8.86%) Other Revenue 12.20 4.44

@egco.com Page 2 Management Discussion and Analysis 1. Significant events in the Second Quarter of 2020  The progress in construction projects - Gangdong Fuel Cell Project (Gangdong), a project of Paju

% Millions of THB % Millions of THB % Revenue from sale of real estate 679.80 84.01% 1,003.47 91.27% (323.67) (32.26%) Revenue from construction service 98.87 12.22% 59.91 5.45% 38.96 65.03% Total Revenue