MD&A Q3Y2018 (E) - 13.11.18 Ratchabur i Electr icity Generating Holding PCL Management Discussion and Analysis For the Three-month and Nine-month Per iods Ended 30 September , 2018 Management

contribution from GHECO-One of Baht 347.9 million driven by the step down of contractual Availability Payment Rate, lower Energy margin and Tax rate 10% since November 2019 ii) lower contribution from SPP

Capital 50 Mil.Baht TAKUNI holds 99.99% Takuni Land Company Limited Property Development Paid-up Capital 1 Mil.Baht TAKUNI holds 99.99% CAZ (Thailand) Company Limited EPC service for customer in energy

TAKUNI holds 99.99% CAZ (Thailand) Company Limited EPC service for customer in energy business Paid-up Capital 100 Mil.Baht Takuni (Thailand) holds 51.30 % Management Team holds 48.70 % tel:02-455-2888

Shareholders’ Annual General Meeting of the Company had approved the change of the Company’s name and seal from Ratchaburi Electricity Generating Holding Public Company Limited to RATCH Group Public Company

Mil.Baht TAKUNI holds 99.99% Takuni Land Company Limited Property Development Paid-up Capital 1 Mil.Baht TAKUNI holds 99.99% CAZ (Thailand) Company Limited EPC service for customer in energy business Paid-up

customer experience, AIS will continue to enhance IT processes & systems, autonomous network, data analytics, and people capability. Optimal capital allocation will be executed to improve efficiency to

Australia On March 19, 2019, Collector Wind Farm Pty Ltd, a wholly owned subsidiary of RATCH-Australia Corporation Pty Ltd, had signed a binding debt documents with Clean Energy Finance Corporation, the

the acquisition of CR Solar Co., Ltd. As the Company has lent the money in the amount of Baht 50,000,000 (Fifty Million) to Inter Far East Energy Corporation Public Company Limited ("IFEC") pursuant to

and values the corporate governance for running the business in term of economics, social and environment together with all stakeholders’ benefit in order to enable us as a world- class energy company