V2 27/08/63 0 V2 27/08/63 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in the Second Quarter of 2020 The Thai economy in the second quarter of 2020

Bank of Thailand). The overall global aviation industry in the first half of 2019, a growth in passenger traffic was supported by 4.7 percent increase in revenue passenger kilometers (RPK) where Europe

earners. The primary energy consumption in Q1/2018 has improved by 1.1% compare to Q1/2017 growing parallel to the overall economic performance which has risen mainly from the increase the exports and the

under construction. We partner with a number of key Thai and international power developers, namely the Glow Group, the Gulf Group, the B. Grimm Power Group, SUEZ and the Gunkul Group. WHAUP recognized

(Decreased) % Operating profit 993.74 954.83 (38.91) (3.92%) Depreciation 188.28 191.02 2.74 1.45% Amortization 130.47 137.67 7.20 5.52% EBITDA 1,312.49 1,283.52 (28.98) (2.21%) 2. Economic Situation Overall

: WHAUP is a strategic co-developer of power business. We currently have 447.1 equity MW under operation, and another 94.9 equity MW under construction. We partner with a number of key Thai and

currently have 478.4 equity MW under operation, and another 64.5 equity MW under construction. We partner with a number of key Thai and international power developers, namely the Glow Group, the Gulf Group

currency from “Thai Baht” to “US Dollar” from FY2019 in order to appropriately reflect the change of the Company’s foreign currencies operation as well as in considering more distinct foreign functional

237.05 Million Baht. The overall operating results for the three-months period of year 2019 compare to the same period of year 2016 is shown in table 1 below. Table 1 provides an overview of performance

3Q2017. WHAUP is a strategic co-developer of power business. We currently have 511.0 equity MW under operation, and another 38.8 equity MW under construction. We partner with a number of key Thai and