Discussion and Analysis EXECUTIVE SUMMARY SIGNIFICANT EVENTS ABBREVIATION & OUR PROJECTSFINANCIAL PERFORMANCE FINANCIAL POSITION PROGRESS OF PROJECTS UNDER CONSTRUCTION EXECUTIVE SUMMARY 1 Issuance of

and Analysis EXECUTIVE SUMMARY ABBREVIATION & OUR PROJECTSFINANCIAL PERFORMANCE FINANCIAL POSITION PROGRESS OF PROJECTS UNDER CONSTRUCTION EXECUTIVE SUMMARY 1 Q2’2020 net profit grew 62.5% y-on-y

investment in Pracharath Project for 3 Southern Provinces. Ferrum Energy Co., Ltd. (“Ferrum Energy”) shall invest for this amalgamation. Ferrum Envergy is the subsidiary of Ferrum Capital Co., Ltd. (“Ferrum

Discussion and Analysis as follows : FINANCIAL SUMMARY 31.12.16 31.12.17 31.03.18 FINANCIAL POSITION (MILLION BAHT) Current Assets 1,228 1,119 1,202 Total Assets 1,361 1,242 1,322 Current Liabilities 914 784

Discussion and Analysis as follows : FINANCIAL SUMMARY 31.12.16 31.12.17 31.12.18 FINANCIAL POSITION (MILLION BAHT) Current Assets 1,228 1,119 1,154 Total Assets 1,361 1,242 1,268 Current Liabilities 914 784

Management Discussion and Analysis as follows : FINANCIAL SUMMARY 31.12.15 31.12.16 30.06.17 FINANCIAL POSITION (MILLION BAHT) Current Assets 1,246 1,228 1,279 Total Assets 1,378 1,361 1,407 Current

Management Discussion and Analysis as follows : FINANCIAL SUMMARY 31.12.15 31.12.16 30.09.17 FINANCIAL POSITION (MILLION BAHT) Current Assets 1,246 1,228 1,165 Total Assets 1,378 1,361 1,290 Current

Analysis as follows : FINANCIAL SUMMARY 31.12.15 31.12.16 31.12.17 FINANCIAL POSITION (MILLION BAHT) Current Assets 1,246 1,228 1,119 Total Assets 1,378 1,361 1,242 Current Liabilities 936 914 784 Total

Discussion and Analysis as follows : FINANCIAL SUMMARY 31.12.17 31.12.18 31.03.19 FINANCIAL POSITION (MILLION BAHT) Current Assets 1,119 1,154 1,196 Total Assets 1,242 1,268 1,309 Current Liabilities 784 808

Management Discussion and Analysis as follows : FINANCIAL SUMMARY 31.12.17 31.12.18 30.06.19 FINANCIAL POSITION (MILLION BAHT) Current Assets 1,119 1,154 1,159 Total Assets 1,242 1,268 1,275 Current