rental and services revenue, as well as food and beverages revenue is less than the increase in operating expenses for both businesses, and despite a 8.0% YoY decrease in share of profit from investment

Acquisition of Assets of Ordinary Shares of Phuketfuture Development Company Limited in proportion of 80% 1. Transaction date The Company entered into the Share Purchase Agreement and fully paid for the

SUPERWHOLESALE HATYAI 2009 PUBLIC COMPANY LIMITED K-TECH CONSTRUCTION PUBLIC COMPANY LIMITED K.C. METALSHEET PUBLIC COMPANY LIMITED K.C. PROPERTY PUBLIC COMPANY LIMITED K.W. METAL WORK PUBLIC COMPANY LIMITED KANG

1 Note: 1) Revenue and Cost that were recognized when there is construction under concession agreements for tap water according to accounting standard TFRIC12 1. ANALYSIS OF FINANCIAL PERFORMANCE For

% Revenue from finance lease under power purchase agreement 102.9 102.8 103.2 0.4% 0.3% 308.4 306.9 (0.5%) Revenue from construction under a concession arrangement 21.2 398.1 215.0 (46.0%) 914.2% 89.7 744.4

purchase agreement 102.8 99.2 101.6 2.4% (1.2%) 203.7 200.8 (1.4%) Revenue from construction under a concession arrangement 398.1 - - - N.A. (

12.3% Revenue from finance lease under power purchase agreement 103.2 101.6 104.9 3.2% 1.6% 306.9 305.7 (0.4%) Revenue from construction under a concession arrangement 215.0 - - - N.A.(

Page 2 Management Discussion and Analysis 1. Significant events in the third Quarter of 2018  The progress in construction projects - Xayaburi Project, a project of the Xayaburi Power Company Limited

Discussion and Analysis 1. Significant events in the first Quarter of 2020 1.1. The progress in construction projects - Gangdong Fuel Cell Project (Gangdong), a project of Paju Energy Services Co.,Ltd. (Paju

expenses 30 28 2 7% 8.0% 7.3% Finance costs 11 13 (2) -18% Share of loss from associate 0 - Income tax expense (1) 1 (3) Profit for the quarter 17 (7) 24 4.6% (1.8%) Consolidated financial information (Unit