Electricity Generating Company Limited), has commenced commercial operations. Management Discussion and Analysis For the Three-month and Six-month Periods Ended 30 June, 2019 Page 2 1.4 Establishment of a joint

2018 of Baht 1,554.21 million (excluding fuel costs of Baht 6,539.55 million). The main reason was the increase in revenue from sale of Ratchaburi Electricity Generating Company Limited, a subsidiary, in

Generating Company Limited by Baht 96.71 million, as the shutdowns for planned maintenance during the year 2018 were less than those of the previous year. 2.4 Revenue from Finance Leases Contracts Revenue from

Cogeneration Company Limited, a subsidiary, in the amount of THB 524.19 million post the acquisition on October 1, 2019. (2) The decrease in revenue from sales of Ratchaburi Electricity Generating Company

sale of Ratchaburi Electricity Generating Company Limited, a subsidiary, in the amount of THB 180.93 million because the shutdowns for planned maintenance were more than those of the same period of the

sales and rendering of services and cost of sales and rendering of services (excluding fuel costs). Also, the revenue from sales of Ratchaburi Electricity Generating Company Limited increased due to the

recognize share of profits from Nava Nakorn Electricity Generating Company Limited (NNEG). Operating highlight in Q4/2017 and 2017 Q4/16 Q3/17 Q4/17 Change +/(-) 2016 2017 Change +/(-) (THB million) QoQ YoY

million from Q3/2017 varied by the electricity and steam sales volume according to demand of industrial customers. • Shares of profit from Nava Nakorn Electricity Generating Company Limited (NNEG) decreased

. • Shares of profit from Nava Nakorn Electricity Generating Company Limited (NNEG) was equal to Q4/2017 but increased by Baht 10 million Q1/2017. This is because of the increase in demand in electricity and

million from Q1/2017 and Q2/2016, respectively. The increase is because of not having major maintenance shutdown in Q2/2017. • Shares of profit from Nava Nakorn Electricity Generating Company Limited (NNEG