Discussion and Analysis of Financial Condition and Results of Operations for the year 2556 Translation UWC 031/2560 August 10, 2017 Subject : Management Discussion and Analysis for quarter 2-2017 To

Discussion and Analysis of Financial Condition and Results of Operations for the year 2556 1 Translation UWC 023/2562 August 16, 2019 Subject : Management Discussion and Analysis for quarter 2-2019

Discussion and Analysis of Financial Condition and Results of Operations for the year 2556 Translation UWC 028/2018 August 10, 2018 Subject : Management Discussion and Analysis for quarter 2-2018 To

government agencies and state enterprises. The revenue in Q2-2023 was similar to Q2-2022, but increased from Q1-2023 because the overall delivered project value in Q2-2023 was higher. The major projects

and Q1- 2016, which was Baht 199.5 million and Baht 16.5 million, respectively, due to the first quarter of 2017. The overall economic expansion has improved direction, with the main driving force from

14.5 17.8 Revenues and Costs of Sales and Services Most of the Company's revenue from sales and service in Q2- 2022 which come from government and state enterprise, increased from Q1- 2022 due to the

referenced crude oil price of every products; stemming from a state of excess supplies of finished products in the market, and declining demand from the 4 Management Discussion and Analysis of Business

affected by the COVID–19 outbreak. However, the Company’s revenues generate from large projects that have continued its operation since 2019. Moreover, most of the customers are government agencies and state

consumption to decline. Especially, from the tourism sector and airlines had to suspend services. With the culmination of events being the declaration of the state of emergency and social distancing policies

the country. Public spending contracted compared to the same period last year due to the decreased in both regular and capital expenditures by the central government. In addition, they were disbursed in