Management’s Discussion and Analysis For the Financial Results of Quarter 2 Year 2017 Ended June 30, 2017 1 ABBREVIATION ADB = Asian Development Bank COD = Commercial Operation Date EBITDA = Earnings

Balance by Quarter Change Q4–23 Q4–22 Q4–23 VS Q4–22 (MB) (MB) % Issued and fully paid-up 1,464.7 1,331.1 133.6 10.0 Share Premium 736.5 603.0 133.5 22.1 Unappropriated Retained earnings 1,692.0 1,651.1

the following details. Financial performance Statement of income Consolidated financial statements for the 9-month ended 30 September 2017 30 September 2018 Change (Reviewed/Restated) (Reviewed

57.14 46.04 24.11 55.05 3.80 112.19 92.22 21.65 Earnings before interest and taxes (EBIT) 26.26 50.45 (47.95) 28.17 (6.78) 54.43 94.82 (42.61) Financial costs 0.03 4.48 (99.33) 0.04 (25.00) 0.07 8.02

) 130.98 101.47 29.08 Administrative expenses 57.87 43.50 33.03 57.14 1.28 170.06 135.72 25.29 Earnings before interest and taxes (EBIT) 21.67 43.52 (50.21) 26.26 (17.48) 76.10 138.34 (44.98) Financial costs

Increase (Decrease) % Change Sales income 15,400.82 15,097.66 303.16 2.01% Rental and service income 493.36 480.81 12.55 2.61% Other income 599.77 577.93 21.84 3.78% Total revenues 16,493.95 16,156.40 337.56

329.68 5.28 Selling and distribution expenses 68.89 63.23 8.95 66.19 4.09 216.39 195.29 10.81 Administrative expenses 42.17 46.09 -8.50 58.55 -27.98 130.69 134.40 -2.76 Earnings before interest and taxes

partially offset by higher sales volume of all main products as a result of stable operation. The share of domestic and export sales has no significant change comparing with the previous year. * Note Please

., BANGKAE, BANGKAE, BANGKOK, THAILAND. 10160 Tel: 02-455-2888 Fax: 02-455-2763 (“TRANSLATION”) TG 142/2560 August 8, 2017 Subject: Clarification of the Operating Result for the significant change Attention

2019 shows a net profit of 0.5 million baht, which was higher than the same period from previous year. Thus, the details of the Company’s performance are explained as follows; Q1/2018 Q1/2019 Change MB