-869-323 Fax: (66) 038-869-333 – Unofficial Translation – No. GST/ELCID-13/2019 August 9, 2019 Subject: The Debt to Equity Conversion, the Increase of Registered Capital, the Allocation and Offering of

are normally drop in volume during holiday seasons and high SG&A, 2) an improvement on financing cost mainly attributable to debt refinancing, 3) lower interest expense from ABPIF and 4) relatively

Refinancing In May 2019, solar projects in Thailand namely, Solarwa Project and TPS Commercial Project completed Baht 2.2 billion debt refinancing to another financial institution with tenors of 14 years and

“ Notifications on Acquisition and Disposition of Assets” ) . Upon consideration of the size of the transaction based on the total value of consideration per the Company’ s consolidated financial statements for

% NPAT from financial statements (excl. NCI) 3131 175 -44.2% Gross profit margin 59.1% 58.2% EBITDA margin 70.6% 41.3% NPAT from operation margin (excl. NCI ) 29.9% 22.5% NPAT from financial statements

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

exchange rate of receivable under finance lease agreement, gain(loss) on forward contracts, insurance claim and gain from business acquisition. Change QoQ Consolidated financial statements Change YoY 2

the profit and loss statement of the latest financial year. If the operating results of each product line have already been disclosed in full in the note to the financial statements in accordance with

limited companies to purchase or hold its own shares or gain benefits from a debt-to-equity conversion, and consistency with the Announcement of the National Council for Peace and Order No. 74/2557 (2014

allow public limited companies to purchase or hold its own shares or gain benefits from a debt-to-equity conversion, and consistency with the Announcement of the National Council for Peace and Order No