Management Discussion and Analysis of Business Operation for the 2nd quarter of 2017 Bangchak Corporation Plc. 1 | Bangchak Corporation Public Company Limited Management Discussion and Analysis of

Agreements 3% Cost of Jan - Jun 2020 = 1,251.02 million Baht Revenue Of Jan - Jun 2020 = 2,157.63 million Baht EASTERN WATER RESOURCES DEVELOPMENT AND MANAGEMENT PUBLIC COMPANY LIMITED MANAGEMENT DISCUSSION

FOR THE YEAR 2019 Proportion of revenues and cost EASTERN WATER RESOURCES DEVELOPMENT AND MANAGEMENT PUBLIC COMPANY LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR THE YEAR 2019 2 1. ANALYSIS OF

revenue under Concession Agreements 4% Cost of Jan - Sep 2019 = 2,003.08 million Baht Revenue of Jan - Sep 2019 = 3,520.24 million Baht EASTERN WATER RESOURCES DEVELOPMENT AND MANAGEMENT PUBLIC COMPANY

million Baht EASTERN WATER RESOURCES DEVELOPMENT AND MANAGEMENT PUBLIC COMPANY LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR Q1/2020 Proportion of revenues and cost EASTERN WATER RESOURCES DEVELOPMENT AND

addition, our business direction for next year is aiming at growing production volume, intensified cost reduction measures, and cash flow management. In the long run, the Company is still confident that it

revenue under Concession Agreements 5% Cost of Jan-Jun 2019 = 1,311.59 million Revenue of Jan-Jun 2019 = 2,360.75 million EASTERN WATER RESOURCES DEVELOPMENT AND MANAGEMENT PUBLIC COMPANY LIMITED MANAGEMENT

increase of policy interest rate. However, the Company has an appropriate capital management to optimize the efficiency of funding cost and the reduction of interest-bearing loans, along with liquidity

29.40 million or an increase of 13.20 percent from the same period of previous year, due to effective management of production cost and selling expenses. (2) Analysis of Operating Results and

described in the Management Discussion and Analysis (MD&A) as attached herewith. Please be informed accordingly. Yours faithfully, For and on behalf of Diamond Building Products Public Company Limited (Mr