% (0.39)% (0.23)% 2.31% 2.42% (0.11)% Net fees and service income to operating income ratio 17.4% 24.1% 21.2% (6.7)% (3.8)% 20.4% 22.5% (2.1)% Cost to income ratio 46.5% 43.1% 45.3% 3.4% 1.2% 45.0% 44.0

12,410.0 11,622.2 (787.8) (6.3%) Total Cost 5,001.5 4,631.8 (369.8) (7.4%) Gross Profit/2 6,475.5 6,232.8 (242.8) (3.7%) Net Profit 3,266.4 2,906.8 (359.6) (11.0%) Normalized Total Revenue/3 11,836.1

) (3.55%) Construction revenue under Concession Agreements(1) 10.80 148.34 137.55 1,274.15% Costs of Sales and Services 1,066.80 1,123.39 56.59 5.30% Raw water cost 583.00 492.40 (90.60) (15.54%) Tap water

total revenues of THB 2,407.17 million, a decrease of THB 153.73 million. Cost of sales and rendering of services was THB 1,716.07 million, an increase of THB 31.88 million. Gross margin was THB 691.10

Q1/2018 Thousand Baht % Total revenues 420,156 407,391 373,709 46,447 12.4 Sales and service income 417,702 404,533 372,256 45,446 12.2 Cost of sales and service 323,393 313,043 288,936 34,457 11.9

profit margin (%) = (Total revenues from sales – Total cost of sales of goods) / Total revenues from sales SG&A to net sales ratio (%) = (Selling and distribution expenses + Administrative expenses

- - 0.22 0.25 0.22 100.00 Profit before expenses, finance cost and taxes 23.55 22.65 20.21 23.07 (3.34) (14.18) Distribution costs 1.58 1.52 2.04 2.33 0.46 29.11 Administrative expenses 9.79 9.41 10.47 11.95

of Sales and Services 520.08 549.97 29.88 5.75% 1,123.39 1,107.11 (16.28) (1.45%) Raw water cost 230.16 222.00 (8.16) (3.55%) 492.40 469.93 (22.47) (4.56%) Tap water cost 210.53 242.38 31.85 15.13

of Sales and Services 516.49 534.60 18.10 3.50% 1,639.88 1,641.70 1.82 0.11% Raw water cost 219.95 228.99 9.05 4.11% 712.34 698.93 (13.42) (1.88%) Tap water cost 220.99 219.59 (1.39) (0.63%) 636.73

Cost 4,631.8 6,400.8 38.2% Gross Profit/2 6,232.8 6,007.9 (3.6%) Net Profit 2,906.8 3,229.3 11.1% Normalized Total Revenue/3 10,882.7* 13,058.7 20.0% Normalized Net Profit/4 2,422.8* 2,932.9 21.1% /1