of another large plot of land under its project called K.C. Garden Project in the value of Baht 65.00 million during the three-month period (3rd quarter) of 2016 and the Company’s sales of properties

which lead to increase in the sales volume this quarter. In addition, Company’s revenue was affected by the appreciation of exchange rate of 3% from 32.14 in Quarter 2 2018 to 31.36 in Quarter 2 2019. The

the main customers in South America expanded more branches which lead to increase in the sales volume this quarter. In addition, Company’s revenue was affected by the appreciation of exchange rate of 3

to the first quarter of the previous year, mainly from an increase in SET and TFEX average daily trading volume. 1.2 Fee and Service income The Company’s fee and service income in first quarter of 2020

Limited Page 1/14 Management Discussion and Analysis for year 2019 1. Highlights Unit: million Baht Year 2019 Year 2018 P er fo rm a n ce Revenues 12,923 29,910 Sales Volume (k tons) 710 1,447 EBITDA (271

budget for 28 consecutive projects over the last 7 years. PPAs signing for two large scale Vietnam solar projects with total capacity of 677 MW. In September 5, 2018, Dau Tieng Ninh Energy Joint Stock

addition, the dispatch volume from Houay-Ho as a result of the lower power generation. The company will also have to recognize the interest expense which increased by Baht 133 million from Q2/2019 as this

: Core Financials of Consolidated Business Full Year Quarterly $million (except where stated otherwise) 2018 2017 2018 YoY 4Q18 3Q18 4Q17 4Q18 YoY Production Volume (kt) 10,419 9,103 14% 2,818 2,730 2,306

Officer Survey indicated that in the third quarter of 2018, credit demand from business sector improved from the previous quarter, due to demand for loans from large corporates, especially in the EEC areas

2017, credit demand from large corporates increased with a major need for working capital and investment in fixed assets for some types of businesses. Demand for loans from SMEs has stabilized as the