COMPANY LIMITED Management’s Discussion and Analysis 6M’19 6M’20 change Q2’19 Q1’20 Q2’20 change change Btmn Btmn y-on-y Btmn Btmn Btmn y-on-y q-on-q Sales and service income 21,123 22,466 6.4% 10,866

three measurement categories; amortized cost, fair value through other comprehensive income (“FVOCI”) and profit or loss (“FVTPL”) driven by the entity’s business model for managing its financial

statements of profit or loss and other comprehensive income, the changes are as follows: - 1) The commission paid to obtain a customer contract shall be recorded as an asset and amortized to expenses on a

16,398 18% Selling and administrative expenses (433) (437) (408) (6%) (7%) (1,407) (1,263) (10%) Other operating income 6 5 5 (24%) (0%) 12 15 25% EBITDA 4,965 5,218 4,981 0% (5%) 12,485 15,150 21

’ equity 1,479.25 1426.43 1,114.61 729.34 Minority Interest 66.93 67.14 43.97 16.02 (Enclosure 4) 6 (b) Statement of Comprehensive Income Unit: THB million Statement of Comprehensive Income Q1/2018 2017 2016

share. This is because Planet has recently established on 19 December 2017 which has yet to operate and so generating no commercial income; it has been viewed, therefore, that the purchase price is the

The income generating activities to be carried out on the infrastructure asset shall be restricted to leasing out, granting or allowing other persons to operate the asset. The trust shall not undertake

Service Income • Sales and service income increased 23.4% y-on-y in Q2’2019 to Baht 10,866 million and 24.5% y-on-y in 6M’2019 to Baht 21,123 million primarily due to 1) the additions of 989 MW operating

Management’s Discussion and Analysis KEY FINANCIAL HIGHLIGHT Sales and Service Income • Sales and service income increased 9.4% y-on-y in Q1’2020 to THB 11,223 million primarily due to 1) full- period

THB 250 million in 2Q20, decreased by THB 7 million or 2.7% YoY mainly due to the decreases of service income of Dusit Hospitality Services and dividend income and Arrangement fee income of THB 232