May 15, 2019 Subject : Management Discussion and Analysis for quarter ended March 31, 2019 Attention : President The Stock Exchange of Thailand 1. Operating Performance 1.1 Revenues Consolidated

and Metro Public Company Limited was refinanced long term loans for the Si Rat-Outer Ring Road Expressway Project with total of Baht 10,000 Million with floating interest rate by issuing debentures with

consolidated financial statement, the Company booked a net loss amounting to Baht 16.36 million, representing an increase in a net loss of Baht 0.52 million or 3.25% from a net loss of Baht 15.84 million booked

consolidated financial statement, the Company booked a net loss amounting to 30.20 million baht, representing an increase in a net loss of 13.01 million baht or an increase of 75.64 percent from the net loss of

Thailand CH. Karnchang Public Company Limited (“the Company”) and its subsidiaries would like to clarify the consolidated operating result and financial position for the six-month ended June 30, 2018 as

10% Cost 1,631 1,509 Gross profit 209 164 45 28% Gross profit margin 11.3% 9.8% Other income 6 2 4 246% Selling & Admin expenses 123 121 2 2% 6.7% 7.2% Cost and expense from delayed project 57 (57

project income of Baht 152 million in percentage of completion basis. 2. The consolidated gross profit margin was 14.58%, increased from the same period of last year at 11.83% as the company implemented

Year Ended December 31, 2017 Page 1 (Translation) 1. Significant events of the year 2017 1.1 The Progress of Projects 1.1.1 Collinsville Solar Power Project in Australia ("The Project") On May 5, 2017

Company’s consolidated financial statement ended 31 December 2018. However, the Board of Directors has considered that the investment cost as part of the same project that has been ratified by shareholders on

of dividend, schedule of Annual General Meeting of Shareholder for the year 2019, capital increase by allocating via general mandate, an increasing of investment cost in Carnival Magic Project, and