“CFP”) of Thai Oil Public Company Limited (“Thai Oil”); to accept the transfer of ownership in the ERU Project from Thai Oil, with a total value of not exceeding USD 757 million (which is equivalent to a

Baht 17 million resulting from dividend payment. Performance of the operating power plants in Q3/2018 compared to Q2/2018 (QoQ) • Sriracha Power Plant: Total revenue in Q3/2018 increased by Baht 83

SUBSIDIARY MANAGEMENT DISCUSSION AND ANALYSIS (For the Consolidated Financial Statements of the Year Period Ending December 31, 2018) (1) Overall Operating Results For the year 2018, the total revenue from

of the Year Period Ending December 31, 2017) (1) Overall Operating Results For the year 2017, the total revenue from sales and services of the Company and its subsidiary (together referred to as the

Operating Results For the 1st quarter 2019, the total revenue from sales and services of the Company and its Subsidiary (together referred to as the “Corporate Group”) was Baht 1,329.18 million, which

Statements of the 1st Quarter Ending March 31, 2020) (1) Overall Operating Results For the 1st quarter 2020, the total revenue from sales and services of the Company and its Subsidiary (together referred to as

2,395 5% (4%) (5%) (5%) Total Revenues 5,676 5,405 (5%) 16,780 16,541 (1%) Operating and administrative expenses Expected credit loss Finance costs Other expenses 2,070 1,949 574 1 2,114 1,899 511 (0.1) 2

, Board of Directors’ resolved to approve the cash dividend payment from the operating results for the 2H 2019 of the Company’s performance to shareholders a total not exceeding THB 86.59mn, at a rate of

sharing 186,326 180,015 6,311 3.5 Other operating income 56,129 75,658 (19,529) (25.8) Total operating income 5,594,136 4,440,874 1,153,262 26.0 Other operating expenses Employee's expenses 1,421,741

1 (Translation) MD. 108/2017 Aug 7, 2017 Re: Management Discussion and Analysis For the Operating Results ended June, 2017 To: President The Stock Exchange of Thailand Management Discussion and