Page 2 Management Discussion and Analysis 1. Significant events in the third Quarter of 2018  The progress in construction projects - Xayaburi Project, a project of the Xayaburi Power Company Limited

Discussion and Analysis 1. Significant events in the first Quarter of 2020 1.1. The progress in construction projects - Gangdong Fuel Cell Project (Gangdong), a project of Paju Energy Services Co.,Ltd. (Paju

1 Note: 1) Revenue and Cost that were recognized when there is construction under concession agreements for tap water according to accounting standard TFRIC12 1. ANALYSIS OF FINANCIAL PERFORMANCE For

1 Note: 1) Revenue and Cost that were recognized when there is construction under concession agreements for tap water according to accounting standard TFRIC12 1. ANALYSIS OF FINANCIAL PERFORMANCE In

% 4,586.4 5,315.9 729.5 15.9% Revenue from finance lease under power purchase agreement 99.2 101.6 104.9 105.3 0.4 0.4% 401.2 411.0 9.8 2.4% Revenue from construction under a concession arrangement

. Significant events in the third Quarter of 2017 1.1 The progress in construction projects 1.1.1 Project completion - Klongluang Utilities Company Limited, (EGCO holds a 100% ownership interest.), is a

. Construction is ongoing as planned and expected to be completed and ready for transfer in 2019. Sustainable Growth as a Core Principle in Business CPN is selected to be the member of the Dow Jones Sustainability

Impacts Assessment (EIA) and designing – drafting of architectural landscape so as to obtain Building Construction License. The project will be stared in 1Q2020 and it takes one year from start to

: WHAUP is a strategic co-developer of power business. We currently have 447.1 equity MW under operation, and another 94.9 equity MW under construction. We partner with a number of key Thai and

currently have 478.4 equity MW under operation, and another 64.5 equity MW under construction. We partner with a number of key Thai and international power developers, namely the Glow Group, the Gulf Group