% 4.6% -1.4% 3.9% 6.0% -2.1% Stock Gain/(Loss) & NRV -149 -425 -65% -233 -36% -382 -458 -17% Adjusted EBITDA(1) 286 653 -56% 444 -36% 730 998 -27% Adjusted EBITDA Margin (%) 6.8% 13.5% -6.7% 9.6% -2.8

: Management Discussion and Analysis for the year ended 31 December 2017 To : The President The Stock Exchange of Thailand Summary of the Company’s Financial Position and Operating Result for the year ended 31

operation and has the duty to convey the goals under the missions, strategies, policies, and operating plan at the enterprise level to the information technology-related goals under the supervision of the

business operation and has the duty to convey the goals under the missions, strategies, policies, and operating plan at the enterprise level to the information technology-related goals under the supervision

คำอธิบายและการวิเคราะห์ของฝ่ายจัดการ 20 February 2018 Re: To clarify the financial statements as of 31 December 2017 To: President The Stock Exchange of Thailand WHA Corporation Public Company

prices and the Company suffered devaluation loss on Finished Goods stock, Raw Material in stock and in transit as explained above. Though the prices have continued to weaken month on month, we are now

hours maintained the same level as the previous year. In Japan, electricity sales increased from the full quarter revenue realization of Nikaho and Nagi project, and increase in average irradiation hours

June 2019 To: The President The Stock Exchange of Thailand According to the resolution of the Board of Directors Meeting of Jaymart Public Company Limited ("the Company") No. 3/2019, held on 9 August

คำอธิบายและการวิเคราะห์ของฝ่ายจัดการ 28 February 2020 Re: To clarify the financial statements as of 31 December 2019 To: President The Stock Exchange of Thailand As WHA Corporation Public Company

increase the asset utilization efficiency. Return on equity was 42.0% decreasing from previous, as a result of the ability to maintain profitability, the stock buyback, and the Company’s interim dividend