Company. Details of the Board of Directors’ opinion and details of the capital increase and the allocation of the newly issued ordinary shares are as shown in the Information Memorandum regarding the

% 25.5% 24.3% Adjusted net profit margin 22.5% 27.1% 28.2% 1Adjusted for share of investment in JV and associates and non-recurring expenses. 2As shown in financial statement, excluding minority interest

. The details have shown in the table below. 3 (Unit: Million Baht) Revenue 2Q'18 2Q'17 % Change YTD 2018 YTD 2017 % Change Industrial Water Sales 311.2 281.1 10.7% 623.2 557.5 11.8% Raw Water Sales 68.9

% EBITDA margin 45.4% 47.1% 41.5% Net profit margin 20.6% 24.3% 21.5% 1As shown in financial statement, excluding minority interest. PERFORMANCE ANALYSIS (2Q 2018/19 vs 2Q 2017/18) VGI continued to

23.20 21.59 20.09 19.03 17.89 - - 20.19 Source: Department of Internal Trade (DIT), Ministry of Commerce as of Oct 2018 According to the statistices of average monthly crude palm oil prie from DIT shown

), e.g. beverages, alcoholic beverages and cigarettes. RTD fruit juice market and growth is as shown in figure 2 (Source: Nielsen). Figure 2: MAT Sep 2018 RTD Fruit Juice Market Value breakdown by Market

balance as shown in the detailed financial statement of WPS as at November 30, 2018. 3. General characteristics of the transaction size and the transaction details of the asset. 3.1 Transaction Details The

was Baht 449.8 million and Baht 0.1 million, respectively, a 1.7% increase from 3Q2018. The details have shown in the table below. (Unit: Million Baht) Utilities Business 3Q'19 3Q'18 % YTD YTD % Change

RTD fruit juice market was Baht 11,324 million, a decrease of 1% YoY. RTD fruit juice market value and growth is as shown in figure 2. ( Source: Nielsen) Figure 2: MAT December 2019 RTD Fruit Juice

milion from SDWTP due to the delay of planned volume ramp up was recorded in 1Q2020. The details are shown in the table below. (Unit: Million Baht) Utilities Business 1Q'20 1Q'19 % Change Revenue from