)% 4.12 3.26 26% Core EBITDA/ton ($) 102 113 140 (27%) 128 120 7% Operating Cash Flow5 261 250 241 8% 1,010 872 16% Net Debt to Equity (times) 0.92 0.87 0.61 51% 0.92 0.61 51% 1Consolidated financials are

the contract awarded with relatively high gross margin giving a positive result in overall picture. Cost of Sales for Supply and Maintenance The Company reports its cost of sales for supply and

increased by Baht 272 million as a result of the increased revenue which followed the rise in availability rate from 40% in Q4/2018 to 99% in Q1/2019 due to no major overhaul. In addition, the cost of sales

liabilities - Overdraft from financial institutions 18.60 246.74 1,019.50 - Trade and other payables 466.92 1,649.54 1,474.36 - Others 0.13 12.81 0.07 Liability 485.65 1,909.09 2,493.93 Shareholders’ equity

) (21.41) Trade and other account payables 21.9 24.14 2.24 10.23 Current portion of long-term borrowings 9.49 14.86 5.37 56.59 Long-term borrowings 18.86 4.00 (14.86) (78.79) Total shareholders' equity

instant increase in equity capacity of 2,895 MW after the acquisition, aggregating to a total equity capacity of 4,835 MW; in which the SPP equity capacity will rise to 2,301 MW after the merger. • Signing

#$ 9 !"P% Z*P'#$.% )% " : '*# Key Metrics HK SGX MAS JSX PSE SET Number staff 700 560 584 347 140 950 Return on Equity 56% 38% 19% 37% 21% 2% Result ex Invest Income 9,364,404,630 4,612,504,800

same period of 2018. As a result, this interest expense could not be capitalized as part of the project cost. 4) Income tax expenses in the third quarter and 9-month period of 2019 decreased by Baht 159

Comprehensive income for the period (254.86) (3.20) (251.66) (7,864.38%) Profit Sharing for the Period - The Company’s Equity (255.15) (4.44) (250.71) (5,646.62%) - Non-controlling Interest 0.29 1.24 (0.95

Retail Corporation Public Company Limited Management discussion and analysis /Page 4 Operating result for the first quarter of 2020 (1Q2020) was as follow: 1. Revenue from sales of goods was THB 48,631