OPERATION (Unit : Million Baht) Consolidated Financial Statements 2019 2018 % Change Total Revenue 1,857.2 1,708.3 8.7% - Utilities Business 1,847.1 1,705.1 8.3% - Operating Revenue1 1,734.3 1,679.7 3.3

Power Phase 1 as its main customer resumed normal operation after it stopped for scheduled maintenance. When compared to Q2/2016, the operating revenue in Q2/2017 decreased by Baht 94 million or 2

made to disclose information and the vision of the management in order to assist investors to better understand the company's financial status and operation. It also supports the "Good Corporate

to the redemption and transfering of Land and Buildings to Chote Pittayachai 3 Co., Ltd. at the price of Baht 550,000,000 (Five hundred fifty million), including operation as follows : (A) negotiate

perform any actions related to the redemption and transfering of Land and Buildings to Chote Pittayachai 3 Co., Ltd. at the price of Baht 550,000,000 (Five hundred fifty million), including operation as

cease to be a subsidiary of the Company. The Company will sign the share purchase agreement for the Shares of WPS and/or other related agreements and will transfer the Shares of WPS to the Purchaser

-y) and 24.3% from the previous quarter (q-on-q), mainly from to 1) full contributions from the smooth operations of DT1&2, Phu Yen and Nam Che 1 which started commercial operation in June 2019, 2) 2.1

Maelan Co., Ltd. and Pracharath Biomass Bannangsata Co., Ltd. Both companies are granted for Power Purchase Agreement (“PPA”) from biomass of Pracharath project in 3 Southern provinces. The investment is

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the first quarter ended March 31st, 2019 Management Discussion and Analysis of Business Operation for Q1/2019

operate the project and has profit as agreed during the period of agreement after Phase 2-4 start to operate water distribution. HECH would purchase more GS’s share in the future from exisiting shareholder