favorable returns. Some SMEs operators see PE as treat to the ownership of the business or as possible business takeover. In fact, PE will facilitate strengthening of businesses in terms of funds, management

(Translation) NEP-AC 003/2563 13 Aug 2020 Subject: Management Discussion and Analysis for Q2 end of 30 June 2020 To : The President The Stock Exchange of Thailand Operating Result NEP Realty and

MD&A Q1Y2018 _E_ - 10.5.61 Ratchaburi Electricity Generating Holding PCL Management Discussion and Analysis For the 1 st Quarter Ended 31 March, 2018 Management Discussion and Analysis For the 1 st

RESOURCES DEVELOPMENT AND MANAGEMENT PUBLIC COMPANY LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR Q3/2017 3 5. Raw Water Business Raw water revenue in 9M/2017 was 1,885.72 million Baht, decreased by 194.80

1 1. ANALYSIS OF FINANCIAL PERFORMANCE Income statement (MB) Q4/2016 Q4/2017 YoY % 2016 2017 YoY % Total Sales and Services revenue 1,043.98 1,039.90 (4.09) (0.39%) 4,376.96 4,308.04 (68.92) (1.57

economic situations leaded to the Company gained revenue from sales and services for the year 2017 amounting to 459.26 MB. And it is expected that measurement to support the earners with lower income of the

9PAGE 9 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q1 2019 Key revenue drivers Q1/18 Q4/18 Q1/19 Change +/(-) QoQ YoY Availability Rate Availability Rate (%) – Sriracha Power Plant 99% 40% 99% 59% 0

บทรายงานและการวิเคราะห์ของฝ่ายบริหาร Management Discussion and Analysis For the Financial Result of Quarter 2 Year 2020 Ended June 30, 2020 Note: This Management Discussion and Analysis (MD&A) was

THB 250 mn, a decrease of 1.1% YoY) in line with the decrease in revenue. Both hotels showed effective cost control in both room and food and beverage management. Cost of sales In 3Q18, CPN reported

sale of gas water. • Real estate project management business for company and general public. The Company would like to clarify for the case of difference between company’s operating results for the 3rd