Discussion and Analysis For the Three-month and Six-month Periods Ended 30 June, 201" Page 1 (Translation) 1. Significant events of the , nd quar ter of 2018 1.1 The Expansion of Electr icity and Stream

project values than the previous quarter. This was partly due to the expansion of government investment expenditures regarding the distribution of transportation agencies. Many IT projects have been

to the Stock Exchange of Thailand, (2) increase in employee and management expenses from new hires supporting business expansion, and (3) increase in professional fees supporting international business

business in Singapore with Baan Ying Group. We saw a good trend in this business and are preparing infrastructure for branch expansion. On Financial strength and cash flow, the Company has paid back full

support business expansion and traveling and other expenses related to the study and development of renewable energy project overseas. However, unrealized loss from exchange rate incurred from an equipment

impairment of power plant under construction of SAAM Solar Power Two Company Limited, (2) increase in employee and management expenses from new hires supporting business expansion, and (3) increase in

commercially launched in September 2019, an increase in financial cost pressured by incremental debt financing to support business expansion which THB 5,357.8m loan facility to the acquisition of Outriggers was

the expansion of Boonterm Kiosks. Expenses and expenses to revenues from main business 2Q17 2Q16 Increase (decrease) Million Baht % Million Baht % Million Baht % Selling expenses 36 2% 20 2% 16 80

aligned with the expansion of Boonterm Kiosks. Expenses and expenses to revenues from main business 3Q17 3Q16 Increase (decrease) Million Baht % Million Baht % Million Baht % Selling expenses 21 1% 25 2% (4

2016 and 2017, other incomes are THB 1.26 million and THB 1.62 million. Other income mainly includes interest income, unrealized gain on exchange rate, consultation revenue and gains from sales of assets