from project investment in 2019 and dividend payment to the shareholder. EASTERN WATER RESOURCES DEVELOPMENT AND MANAGEMENT PUBLIC COMPANY LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR THE YEAR 2019 6 7

Nomura Real Estate Holding is the only one shareholder of NRED with shareholding of 100% of total shares. Remark: This information is from http://www.nomura-re.co.jp/english/outline.html 5. Total value of

588,000,000 Baht) and Nomura Real Estate Holding is the only one shareholder of NRED with shareholding of 100% of total shares. Remark: This information is from http://www.nomura-re.co.jp/english/outline.html 5

expanded headcount, which is rapidly developing and investing in its burgeoning data acquisition and analytics capabilities to uncover opportunities to enhance customers and shareholder return. Consequently

support from the new Shareholder, we are positive to be more competitive in term of cost resulting the positive bottom line is achievable. Refer to the HRC price in Q3/17, we have seen the improvement of

ratio was reduced greatly at 4.23 times. Also, interest bearing debt to equity ratio was reduced positively at 2.75 times. This was due to the fact that net loans decreased while shareholder equity

No. 1/2017 24 October 2017* (from 6 October 2017) 5 The Extraordinary General Meeting of Shareholder No. 1/2017 21 November 2017** (from 14 November 2017) 6 Record Date to determine the eligible

shareholder return. Nevertheless, the ratio of SG&A to revenue decreased to 27.3% (prior year: 30.9%), from higher revenue growth. The Company expects that the ratio should be maintained at no more than 30

one shareholder of NRED with shareholding of 100% of total shares. Remark: This information is from http://www.nomura-re.co.jp/english/outline.html 5. Total value of consideration and conditions on

times. Also, interest bearing debt to equity ratio was reduced positively at 3.6 times. This was due to the fact that net loans decreased while shareholder equity increased. The significant decrease of