E_1 Legal_FA_2015_12_29-c A FFeeCCoorrppLL44..11hhiigg A Executive Summary Management Discussion and Analysis For the Quarter Ended September 30, 2017 The Thai economy maintained steady growth in the third quarter of 2017, buoyed largely by tourism and exports. Nonetheless, the economic recovery was not broad-based, as evidenced by sluggish private consumption. While certain businesses were still fragile, others remained mired in uncertainty in terms of new modes of competition, a broader market...

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ended March 31, 2018 In the first quarter of 2018, Thai economic growth gained traction, buoyed by both domestic and international factors. However, the business sector faced rising challenges, namely various forms of competition, a borderless marketplace within the ASEAN Economic Community (AEC), and the advancing digital age amid the rapid pace of technological advancement, thus lea...

E_1 Legal_FA_2015_12_29-c A HibrWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending September 30, 2018 The Thai economy in the third quarter of 2018 grew at a decelerating rate due to slowdown in external sector and manufacturing production at home. Meanwhile, private consumption which continued to expand was derived mainly from increased expenditures on automobiles. Nonetheless, the business sector remained challenged by new modes of competition, the broade...

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ended June 30, 2018 The Thai economy in the second quarter of 2018 gained further traction from the first quarter. The ongoing economic rebound was mainly driven by exports and tourism, whereas domestic spending and investment only gradually picked up. Still, the economy has yet to see strong across-the-board growth. The business sector remained challenged by new modes of competition...

impact of lease income 25 (54) 79 146% - Banpong : The operating result was increased by 79 million Baht. This was resulted from the commencement of Banpong on October 1, 2017. Page 17 NTPC: Unit : Million

insignificant alteration in total electricity sales. The solar power plant projects in Thailand has current PPA capacity at 138.9 MW, an increase from Q1/2018 after the commercial operation commencement of the

income has not arisen and, according to the action plan, the commencement of the income recognition in this part will start within quarter 1/2017. After Blue Finix’s success in August 2017, the official

arisen and, according to the action plan, the commencement of the income recognition in this part will start within quarter 1/2017. After Blue Finix’s success in August 2017, the official press conference

). 1.8 Commercial Operation Commencement under the Power Purchase Agreement of Mount Emerald Wind Farm in Australia On December 12, 2018, Mount Emerald Wind Farm Project, located in the north of Queensland

33 million Baht. This was resulted from the commencement of Klongluang on July 20, 2017. Page 11 Masin-AES: Unit : Million Baht Quarter 3 Change Increase (Decrease) 2017 2016 Amount % Electricity