PEA tariff of which Ft is a major component. With situation of a stable gas price this year if Ft trends is continuous to increase, it would be favorable to our operating margin, i.e. electricity sales

13.3 (7.2) (35.1%) Sales from Natural Gas Power Plant 470.8 496.5 462.0 385.2 (76.8) (16.6%) 2,067.8 1,814.5 (253.3) (12.2%) Sales of electricity - FiT, Base tariff and Ft 27.8 25.3 24.0 27.8 3.8 15.8

% q-on-q declining gas price (despite a 1.0% y-on-y increase) and 3) new industrial-user (IUs) clients. EBITDA margin also improved to new-high level of 28.3%, thanks to contributions from Vietnam solar

. Collaboration with strategic partners B.Grimm entered Long Term Service Agreement (LTSA) with Siemens to improve performance of gas turbines. 2 projects completed the upgrades in 2019 while 4 more projects are

Industrial Users (IU) 1.1 1.4 1.2 (14.3%) 9.1% 4.0 3.7 (7.5%) Sales of steam (IU) 1.8 2.9 1.1 (62.1%) (38.9%) 11.1 6.5 (41.4%) Sales from Natural Gas Power Plant 462.0 466.9 507.7 8.7% 9.9% 1,429.3 1,396.9

1.9 0.8 72.7% 13.3 8.4 (4.9) (36.8%) Sales from Natural Gas Power Plant 422.3 466.9 507.7 568.3 60.6 11.9% 1,814.5 1,965.2 150.7 8.3% Sales of electricity - FiT, base tariff and Ft 70.1 72.2 59.5 74.1

(exclude depreciation and amortization) • Natural gas, which is the main operating cost of the company’s power plants, in Q1/2018 the natural gas cost was Baht 3,548 million. The gas cost in Q1/2018

of Power Category of Plant Equity Holding (%) Contracted Capacity (MW) Equity Capacity (MW) GHECO-One Coal-fired IPP 35.00 660.0 231.0 Glow IPP Gas-fired Cogeneration IPP 5.00 713.0 35.7 Houay Ho Power

Q1’2018 (2.87 Baht/KWh in Q1’2017 and 2.85 Baht/KWh in Q4’2017) because the energy payment is indexed to the price of natural gas for which slightly increased to 237.21 Baht/mmBtu in Q1’2018 (232.68 Baht

In The year 2018, revenues are THB 347.49 million which decrease from that of year 2017 by THB 70.36 million. of the revenues is mostly generated from engineering and , industrial services of oil & gas