project management 195.2 4.7 280.0 8.4 84.8 43.4 Dividend income - - 0.3 - 0.3 100.0 Gain from transfer of right for land purchase and sale agreement 312.0 7.5 - - (312.0) (100.0) Gain on disposals of

accordingly (for year 2016: sale volumes and production volumes at 187,043 tons and 189,008 tons in accordingly) - Gain from debt restructuring was achieved of THB 110 million resulting from debt-to- equity

% 227 EBITDA Margin (%) 8.9% 4.7% 4.1% -4.9% -0.6% 9.1% 5.3% -3.8% 1.3% Net Profit 204 71 55 -73% -23% 795 270 -66% 937 EPS (Baht/Share) 0.28 0.07 0.05 -81% -23% 1.07 0.30 -72% (1.42) Stock Gain/(Loss

100.0 Sales Revenues 20182019 * Note Please find further information in the consolidated financial statements. 3 Comparing to the previous year, the Company realized gain on foreign currency differences

คำอธิบายและการวิเคราะห์ของฝ่ายจัดการ 22 February 2019 Re: To clarify the financial statements as of 31 December 2018 To: President The Stock Exchange of Thailand WHA Corporation Public Company

exchange gain/(loss) (0.35) 0.32 -191.43% Other income 2.36 3.11 31.78% Earnings before interest and taxes 64.97 237.44 265.46% Financial expense (2.30) (2.31) 0.43% Profit before income tax expense 62.67

250.00% Net foreign exchange gain/(loss) 0.32 0.93 190.63% Other income 3.11 5.87 88.75% Earnings before interest and taxes 237.44 124.30 -47.65% Financial expense (2.31) (1.86) -19.48% Profit before

: President of the Stock Exchange of Thailand Enclosures : 1) A copy of financial report and consolidated financial statements 2) A summary of the operating results of the listed company and subsidiaries of the

subsidiaries Explanation of the operating performance for the year 2018 as in the consolidate financial statement has net profit 57.79 Million Baht, increase of 96.10 Million Baht or 250.85% comparing to the

, Chonburi 20230 Thailand Tel. 66-38 480-020-1 FAX. 66-38 480-080 Data from the financial statement on 31 December 2018, which has been audited by the auditor. Description Amount (‘000 Baht) Total Assets