Management Discussion and Analysis For the second quarter and six-month ended June 30, 2019 Kiatnakin Bank Public Company Limited Investor Relations Email: investor_relations@kiatnakin.co.th Tel. +66

margin was 60.2% which improved from 56.6% in 2017, mainly due to the lower cost of land transfer and the increase in selling price. Utilities & Power Business 2017 2018 Increase/(Decrease) THB mm THB mm

second quarter of 2017 was at 43.7% for the utilities business which decreased from 44.5% last year, from decrease in one-time excessive charge, notwithstanding the increase in volume and selling price

, compared with 63.58% for the same period last year. The increase in gross profit margin was mostly because the Group had better cost management especially the reduction in the price of raw material which is

and Service Fees for Wastewater Management. 3 Gross Profit from Operation excludes Other Income from Utilities Business. 4 Other Incomes mainly consists of Interest Income from Loans to GHECO-One and

price or cost directly related to events occurring after the end of the period and movements of inventories and the prevailing economic condition. The management believes that the reduce cost to net

1 Ref: AC.028/2018 13 November 2018 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

revenue under Concession Agreements 5% Cost of Jan-Jun 2019 = 1,311.59 million Revenue of Jan-Jun 2019 = 2,360.75 million EASTERN WATER RESOURCES DEVELOPMENT AND MANAGEMENT PUBLIC COMPANY LIMITED MANAGEMENT

MANAGEMENT DISCUSSION & ANALYSIS 2Q 2018 14 AUG 2018 U CITY PCL 2Q 2018 MD&A (for the quarter ended 30 June 2018) 1 U CITY PCL 15 MAY 2018 2Q 2018 KEY FINANCIAL HIGHLIGHTS  Total revenue rose

Ref. No. IVL 002/11/2018 Nov 8, 2018 The President The Stock Exchange of Thailand Subject: Submission of Annual Audited Financial Statements and the Management Discussion and Analysis of Indorama