to YTD 2017: Note: Gross profit = Sales and service income – Cost of sales and services (does not include other income) Q3 2018 Q3 2017 YoY change YoY % change Unit: Million Thai Baht (THB) Sales and

= Sales and service income – Cost of sales and services (does not include other income) 3.1. Analysis of Q1 2018 results The key drivers of Q1 2018 performance on the positive side was the higher volumes

due to commercial operations of new power plants described previously. COST STRUCTURE FINANCIAL PERFORMANCE 6 Q1’19 Q4’19 Q1’20 change change Btmn Btmn Btmn y-on-y q-on-q Cost of sales and services

567* 360 (36.5%) 329* 165 195 (40.7%) 18.2% Cost of sales and services (exc. Depreciation and amortization) 15,435 15,292 (0.9%) 7,824 7,617 7,676 (1.9%) 0.8% SG&A 720 896 24.4% 392 447 449 14.5% 0.4

of Sales and Service • Other cost of sales and service income in Q2’2019 increased 26.5% y-on-y to Baht 329 million and in 6M’2019 decreased 7.0% y-on-y to Baht 567 million, primarily due to a record

(41.6%) (47.4%) Cost of sales and services (exc. Depreciation and amortization) 19,068 23,520 23.3% 7,040 7,824 8,086 14.9% 3.3% SG&A 867 1,140 31.5% 314 392 419 33.4% 6.9% Depreciation – COGS 2,284 3,284

PERFORMANCE 6 2018 2019 change Q4’18 Q3’19 Q4’19 change change Btmn Btmn y-on-y Btmn Btmn Btmn y-on-y q-on-q Cost of sales and services Natural gas 22,139 26,618 20.2% 6,221 6,935 6,604 6.2% -4.8% Cost of

5,140,274 3,576,089 COGS (2,524,496) (1,756,292) (4,168,489) (2,900,018) (4,376,914) (3,045,019) (4,913,853) (3,418,567) (4,825,547) (3,357,133) (4,913,853) (3,418,567) Gross Margin 120,904 84,113 196,421

Amount % Cost of sales (,) (,) (,) .% Selling expenses (,) (,) (,) .% Administrative expenses (,) (,) (,) .% Finance costs (,) (,) , -.% Total (,) (,) (,) .% Cost of goods sold increased 3.81 percent from

PHP THB PHP THB PHP THB PHP THB PHP THB Revenue 2,645,400 1,840,405 4,364,910 3,036,668 4,583,156 3,188,501 4,812,313 3,347,926 5,047,900 3,511,824 5,140,274 3,576,089 COGS (2,524,496) (1,756,292