26 February 2020 Subject : Management Discussion and Analysis for 2019 To : Director and the President, The stock Exchange of Thailand Yggdrazil Group Public Company Limited (“Company”) would like to

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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

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Ref. No. IVL 005/11/2019 11 November 2019 The President The Stock Exchange of Thailand Subject: Submission of Quarterly Review of Financial Statements and the Management Discussion and Analysis of

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