Offering for Sale of Certificates Representing Interest from Underlying Securities

Analysis ABBREVIATION COD Commercial Operation Date EBITDA Earnings before Interest, Taxes, Depreciation and Amortization EDL Electricite Du Laos EGAT Electricity Generating Authority of Thailand ERC Energy

3,175 million, increased by Baht 475 million or 18% from 2016. The increase is mainly due to the rise in sales of electricity and steam generated from the rise in demand of industrial users. Also, the COD

service concession 1,398 1,214 184 15% - Masin-AES : The operating result was increased by 184 million Baht mainly due to a decrease in administrative expenses and interest expenses. Whereas, electricity

, increased by Baht 130 million or 14% from Q1/18. The increase is mainly due to the rise in Availability Payment (AP) of Sriracha Power Plant and the increase in electricity sales of Rayong Central Utility

an increase in electricity profit resulting from the higher dispatch from EGAT, comparing to the same period of previous year. Additionally, interest and corporate income tax expenses were decreased

from Q1/2020 due to higher electricity dispatch corresponding higher water level and rainy season approaching and lower financing costs from lower interest rate. Nava Nakorn Electricity Generating Co

increased by Baht 63 million mainly due to interest and corporate income tax expenses were decreased. Meanwhile, a decrease in electricity profit from lower electricity generation, comparing to the same

Discussion and Analysis ABBREVIATION COD Commercial Operation Date EBITDA Earnings before Interest, Taxes, Depreciation and Amortization EDL Electricite Du Laos EGAT Electricity Generating Authority of

PCL) has more sale volume and Ua Withya PCL has more revenue from selling electricity to Provincial Electricity Authority in Nakhon Ratchasima province and also more revenue from selling electricity of