Microsoft Word - UPF61MD&A-E.doc ( Translation ) 25th February 2019 Subject: Management Discussion and Analysis (MD&A) for the year ends on 31st December 2018 To: Managing Director of the Stock

and administrative expenses of the Company increased from Baht 57.38 million to Baht 73.29 million, increased by Baht 15.91 million or 27.73%, due to the Company increased in loss on exchange rate 31.24

. The outcome of the lawsuit involving Saraburi and the exercise of this right have impact neither on the Company’s proportionate interest in NWR-SBCC Joint Venture nor the operation of this project with

payment date was on 25 May 2018. June The Company’s warrants (RML-W4) reached its due date of the last exercise on 14 June 2018. 520 new shares were derived from exercised of warrants in this period. July 1

Determination of the Date of Extraordinary General Meeting of Shareholders No. 1/2018 To: President The Stock Exchange of Thailand Enclosures: 1. Information Memorandum on the Offering of Newly Issued Ordinary

PP ถึงแม้ว่าไม่มีการโอน เปลี่ยนมือก็ตาม แต่หากมีการ exercise ก็จะเกิด dilution effect ได้ - หากมีการผ่อนผันให้ควรจะมีมาตรฐาน เพื่อรองรับความเสี่ยงของผู้ลงทุนในกรณี ที่บริษัทไม่สามารถเพิ่มทุนได้หลังจาก

กรณีที ่ ผูจัดจําหนายหลักทรัพยมีสัญญากับผูถือหุนรายดังกลาวเพือ่รองรับวา หากมีการใชสิทธิซ้ือหุน (exercise option) ใหถือวาเปนการหักกลบลบหนี้กับหุนที่ตองคืนตามสัญญายืมหุนในจํานวนเดยีวกันนัน้

until the work is completed as scheduled in April 23, 2018. The result of the lawsuit and the exercise of the Company’s right did not change neither on the Company’s shareholding ratio in NWR-SBCC Joint

exercise of this right have impact neither on the Company’s proportionate interest in NWR-SBCC Joint Venture nor the operation of this project with EGAT. At present, the Project has already been completed

million Advance Prefab Company Limited Baht 9.59 million Baht 4.13 million Tastemaker Company Limited Baht 1.27 million Baht 0.74 million Total Baht 43.72 million Baht 29.83 million On the third quarter of