operation started on 26 September 2019. 1.1.2 Process of construction - Xayaburi Project, a project of the Xayaburi Power Company Limited, (EGCO holds a 12.50% ownership interest.), is a hydro power plant

Company Limited of 1,999,998 shares as 99.99%. The shares represent a total value of approximately Million Baht 230,000,000. The purpose of this approval is that Currently, the company has developed the

, 2004 (“Notification on Acquisition and disposal of Assets”). In this regard, the said transaction size is calculated based on total investment amount of the Project, at which the highest result is

assets; 5 plots of property totaling 27 rai 3 ngan and 67. 76 sq. w. or 11,162.76 sq.w., at the price of 18,125 Baht per sq.w. or 202,325,025.00 Baht in total, and the investment in a new factory and

ordinary shares of High East Capital Holdings Limited ( “HECH” ) Miss.Kantima Rodsatru exisiting shareholder of HECH which is not a connected person of the Company equivalent to 100.00 percent of the total

Page 2 Management Discussion and Analysis 1. Significant events in the first Quarter of 2018 1.1 The progress in construction projects 1.1.1 Process of construction - Xayaburi Project, a project of the

. Total non-current assets stood at THB 1,356mn, an increase of 72.5% or THB 570mn primarily due to 1) the increase in building and equipment of THB 293mn, which mainly from an increase in work in process

Discussion and Analysis of the Company’s Performance for the three-month period ended March 31, 2019 Baht Million 2018 2019 +/(-) +/(-) % Total revenues 345.79 424.07 78.28 22.64% EBIT 108.28 121.12 12.84

- 2017 Balance by Quarter Change Q2-2017 Q1-2017 Q2-2016 Q2-2017 VS Q1-2017 Q2-2017 VS Q2-2016 (MB) (MB) % (MB) % Total Revenue 1,345.4 1,139.2 1,212.2 206.2 18.1% 133.3 11.0% Total Operating Expenses

- 2017 Balance by Quarter Change Q3-2017 Q2-2017 Q3-2016 Q3-2017 VS Q2-2017 Q3-2017 VS Q3-2016 (MB) (MB) % (MB) % Total Revenue 1,633.1 1,345.4 1,144.5 287.7 21.3% 488.6 42.7% Total Operating Expenses