disposals of PPE 7 12 (20) -377% -270% 164 2 -99% Management benefit expense (24) (41) (32) 35% -22% (143) (177) 24% Other financial cost (8) (2) 2 -123% -230% (60) (18) -71% EBITDA 18,454 17,817 18,071 -2.1

Excessive Charge, Service Fees for Wastewater Management 3 Gross Profit from Operation excludes Other Revenue from Utilities Business. 4 Other Incomes mainly consists of Interest Income from Loans to GHECO

, Industrial Water Sales, and Wastewater Treatment Services. 2 Other Utilities Revenue consists of Excessive Charge, Service Fees for Wastewater Management 3 Gross Profit from Operation excludes Other Revenue

-Translation- Ref. WINNER 006/2020 February 27, 2020 Subject: Management Discussion and Analysis (MD & A) for the year 2019 (Revised) To: The President The Stock Exchange of Thailand 1. Analysis of

authorized management person of a financial institution who involved in the cause of damages or was jointly responsible for the damages to the financial institution of which license was revoked, or business

business growth, while flat 0.3% QoQ from higher SG&A in line with growing top line. EBITDA margin was at 53%, improving YoY from continual focus in profitable revenue, effective cost management, and

any provision of the Law on Securities and Exchange or this Notification; (2) the offering of securities may be in contrast with the public policy or the national policy; (3) the offering of securities

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending March 31, 2019 In the first quarter of 2019, the Thai economy continued to

Management Discussion and Analysis For the Annual Operating Results 2018 Ended December 31, 2018 Note: This Management Discussion and Analysis (MD&A) was made to disclose information and the vision

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending September 30, 2019 Thai economic activity in the third quarter of 2019