, and the strong market competition had forced the company to offer alternative products with cheaper unit price for several major projects resulted in lower sale revenue from the projects, as a result

to replace the less energy efficient ones in order to conserve energy, but this year the Retail Chain had delayed the investments. Profit for the period The Company's profit of the quarter was 3.3

Management Discussion and Analysis for Interim Business Operations Financial Performance for the year ended December 31 , 2018 (Unit : M ill ion Baht) 2018 2017 Inc./(Dec.) % Construction income

= Translation = Management Discussion and Analysis for Interim Business Operations Financial Performance for the period ended September 30 , 2017 (Unit : Million Baht) 2017 2016 Inc./(Dec

- Translation - Management Discussion and Analysis for Interim Business Operations Financial Performance for the period ended M arch 31 , 2018 (Unit : M ill ion Baht) 2018 2017 Inc. / (Dec

markets and those new ones, which operated by our domestic subsidiary, namely Carabao Tawandang Company Limited (“CBD”), and our overseas subsidiary, namely Intercarabao Limited (“ICUK”). Revenue from sales

corresponding period. Overseas businesses continue to grow in both our existing export markets and those new ones, which operated by our domestic subsidiary, namely Carabao Tawandang Company Limited (“CBD”), and

continue to grow in both our existing export markets and those new ones, which operated by our domestic subsidiary, namely Carabao Tawandang Company Limited (“CBD”), and our overseas subsidiary, namely

% 1,184.56 34.78% 6.84 0.58% Service 28.82 0.87% 36.14 1.06% 7.32 25.39% Revenue from Sales and Services 3,295.06 100.00% 3,405.45 100.00% 110.40 3.35% (Unit : Million Baht) (Unit : Million Baht) Page 2 of 7

allocated 195,000,000 newly-issued ordinary shares at the offering price of THB 1 per and 265,000 units of convertible debentures at the offering price of THB 1,000 per unit to SUTGH; and 2. The Company