) of Baht 26 million in 2019 while the revenue from Combined Electricity and Power Company Limited (CHPP) had a slight fall in revenue corresponding to existing projects. PAGE 4 MANAGEMENT DISCUSSION

Financial Performance Project UpdatesExecutive Summary Gross profit of the Combined Heat and Power Producing Company Limited (CHPP) in Q2/2017 was Baht 30 million. The gross profit did not change much when

(CHPP) : VSPP Gross profit of the Combined Heat and Power Producing Company Limited (CHPP) in Q3/2017 was Baht 34 million which increased from Q2/2017 because of the increase in revenue from selling

250 237 (5%) (4%) 255 247 (3%) Management Discussion & Analysis Management Discussion & Analysis (MD&A) Q4/2017 and FY2017 ผลประกอบ การบริษัท Gross profit of the Combined Heat and Power Producing

& Analysis Management Discussion & Analysis (MD&A) Q2/2018 ผลประกอบ การบริษัท Gross profit of the Combined Heat and Power Producing Company Limited (CHPP) in Q2/2018 was Baht 34 million, increased from Q1/2018

this regard, when considering the transaction size above combined with the asset acquisition transaction based on the total value of consideration basis occurring during the past six months prior to

per share. IMPORTANT DISCLAIMER The information contained in this document has been obtained from several sources, and Bangkok Commercial Asset Management Public Company Limited (“BAM”) cannot confirm

million baht after the units already held are combined. The calculation for the total value of units held in Paragraph 1 shall be based on the trading value of each transaction; “trust manager” means the

gas-fired combined cycle cogeneration power that commenced COD on February 1, 2018. It has an installed capacity of 133 MW and sells electricity to EGAT 90 MW under a 25-year PPA. The Project was able

approximately AUD 10 million. It is expected to commence commercial operation within December 2018. 1.1.3 Riau Combined-Cycle Power Plant Project in the Republic of Indonesia On April 7, 2017, RH International