Page 2 Management Discussion and Analysis 1. Significant events in the second Quarter of 2019 1.1 The progress in construction projects - Xayaburi Project, a project of the Xayaburi Power Company Limited

% 0.18 0.25% 0.24 128.77% Administrative expenses 25.37 35.37% 24.10 32.80% 1.27 5.26% Other expense 1.61 2.24% - - 1.61 Total expenses 47.98 66.88% 44.79 60.96% 3.18 7.11% Profit before finance cost and

% - Other Revenue from Utilities Business2 112.7 25.4 343.7% - Power Business 10.2 3.2 221.8% Costs of Sales and Services (1,164.4) (1,120.0) 4.0% Gross Profit 692.8 588.3 17.8% Gross Profit from Operation3

completed and Xayaburi Hydroelectric Power Project is now close to project completion. Cost of construction services and sales of construction materials For the first nine months of 2019, the Company and its

. The revenue dropped because Jira-Khon Kaen Double-Track Railway Project has been completed and Xayaburi Hydroelectric Power Project is now close to project completion. Cost of construction services and

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Operation3 141.0 111.4 26.6% 288.6 230.6 25.1% Other Income4 66.2 28.6 131.5% 83.1 74.3 11.8% Administrative Expenses (36.5) (30.6) 19.2% (44.9) (56.1) (19.9%) Finance Costs (104.9) (111.6) (6.0%) (198.5

ADVANCE ASIA POWER PLANT COMPANY LIMITED ADVANCE BIO ASIA COMPANY LIMITED ADVANCE CLEAN POWER COMPANY LIMITED ADVANCE FARM TREE COMPANY LIMITED ADVANCE FINANCE PUBLIC COMPANY LIMITED ADVANCE POWER

to store excess electricity to be used during peak demands in order to help optimize and stabilize power system at the Science & Innovation Centre of GC, Rayong and “Smart city” pilot project for

factors have not yet been fully reflected in household purchasing power due to high levels of household debt. Consequently, the increase in household income is being partly used to repay debt, and so will