5,009,958 4,930,364 79,594 1.6 Other operating expenses Employee's expenses 1,391,873 1,517,093 (125,220) (8.3) Directors’ remuneration 12,863 11,616 1,247 10.7 Premises and equipment expenses 323,325 395,939

Discussion and Analysis for the Second Quarter of 2019 To: The President The Stock Exchange of Thailand Seven Utilities and Power Public Company Limited (“the Company”) would like to report the operating

Corporation Limited has distributed products and equipment design and installation of systems related to water treatment systems for medical services. In Management's Discussion and Analysis and operating

the two languages, the Thai version shall prevail. The objective of this MD&A is to present the information and the explanation of financial status and operating results as of the date hereof. However

-2495-1366 Website: www.kiatnakin.co.th http://www.kiatnakin.co.th/ 2 Management Discussion and Analysis (MD&A) For the fourth quarter and year ended December 31, 2018 comparing operating performance and

1,805,214 11.1 Other operating expenses Employee's expenses 5,573,375 4,967,514 605,861 12.2 Directors’ remuneration 46,688 67,367 (20,679) (30.7) Premises and equipment expenses 1,163,974 988,137 175,837

follows: 1. Resolved to grant approval to propose the Annual General Meeting of Shareholders of 2019 to consider approving the disposal of non-operating assets as follows: Item Location Area 1 Land (5 plots

from THB 22.3 billion in year 2018. Sales Revenue in USD terms decreased by 5% to USD 656m in 2019 from USD 689m in 2018. Operating profits decreased 39% to THB 1,408m in 2019 from THB 2,309m in 2018

19.76 0.36 39.59 32.30 22.56 2 Key financial ratio related with operating result (%) 2Q19 2Q18 %YoY 1Q19 %QoQ 1H19 1H18 %YoY Gross profit margin (%) 44.00% 41.28% 2.72 41.47% 2.54% 42.82% 41.63% 1.18

Yai, Chachoengsao and Rayong Branch (which started operating since 1 November 2018)). Industry Overview In 3Q18, Thailand’s overall economic growth accelerated from all major spending categories