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Management Discussion and Analysis for the Year 2019 1. Operating Results (Company and Subsidiaries) Consolidated revenue for year ended 2019 of both treatment of industrial waste business division

foreign country shall comply with the regulations under Chapter 4; Chapter 1 Provisions for Offer for Sale of Sukuk in Thailand Division 1 Characteristics of Sukuk -4- Clause 5. Any sukuk issued under this

denominated in Thai Baht for sale in a public offering in accordance with Chapter 2 shall comply with the following conditions: (1) for the offering of bonds, the conditions provided under Division 1 shall be

following conditions: (1) in case of bond offering, the conditions specified in Division 1 shall apply; 13 (2) in case of corporate bond offering, the conditions specified in Division 2 shall apply; Division

, please contact Investor Relations Division of the Electricity Generating Public Company Limited at Tel: 662-998-5150-3 or Email: ir@egco.com Page 2 Management Discussion and Analysis 1. Power Industry and

business : Manufacturer of materials for ladies’ lingerie Registered capital : Baht 1,000,000,000.- classified into 10,000,000 ordinary shares, with par value of Baht 100 per share Credit line provided by

other income in amount of Baht 7.30 million compared to the same period of last year, due to the decrease of investment fair value in line with the decrease of SET index and service fees received from

. This is in line with the new Labor Protection Act and the calculation assumptions are changed. - Net profit was 50.94 million baht increased from the previous year by 40.91 million Baht or 407.74

decreased 7% in line with the decreased in revenues from sales and services.  Distribution costs and administrative expenses decreased 19% due to in the second quarter of 2016, the subsidiaries have