by the Company and the interviews with management were valid and true. The opinion obtained was credible and close to the current situation. ▪ No past events or imminent events or impending events

backdrop of protracted trade tensions and increased risk that no common trade deal would be reached by the US and China. Furthermore, concerns over an impending recession were elevated, as evidenced by a

Japan saw an increase in electricity sales by 8 Million kWh (+119%) from an increase in average irradiation hours, as Japan is approaching Summer, leading to lower snowfall, combined with the Nagi

from Q1/2020 due to higher electricity dispatch corresponding higher water level and rainy season approaching and lower financing costs from lower interest rate. Nava Nakorn Electricity Generating Co

$/BBL, a decline of 19.69 $/BBL, or a decline approaching of almost 40% from the previous quarter. This has affected the performance of the refinery business. Moreover, the Thai economy, especially

Dubai crude in Q1/2020 was at 50.41 $/BBL, a decline of 11.63 $/BBL, or a decline approaching almost 20% from the previous quarter. Moreover, the COVID-19 outbreak in Thailand caused demand for fuel

approaching and lower finance cost as a result of lower floating interest rate. Nava Nakorn Electricity Generating Co. Ltd. (NNEG) Shares of profit from NNEG increased by THB 18 million from Q2/2020 mainly due