Electricite Du Laos EGAT Electricity Generating Authority of Thailand ERC Energy Regulatory Commission EPC Engineering, Procurement and Construction EVN Electricity of Vietnam Ft Fuel adjustment FX Foreign

Nakorn Electricity Generating Company Limited (NNEG) Expansion Phase (92.3% construction progress) 2. Rayong Waste to Energy (WTE) (57.5% construction progress) 3. Energy Recovery Unit: ERU Project (29.0

sales and rendering of services and cost of sales and rendering of services (excluding fuel costs). Also, the revenue from sales of Ratchaburi Electricity Generating Company Limited increased due to the

further detail, please contact Investor Relations Section of the Electricity Generating Public Company Limited at Tel: 662-998-5145-8 or Email: ir@egco.com Page 2 Management Discussion and Analysis 1

Power Plant: Although the revenue in Q2/2017 decreased by 11% due to the decline of Energy Payment (EP) from the decrease in submitted electricity volume to Electricity Generating Authority of Thailand

entered into the Power Purchase Agreement for Hin Kong Power Project in Hin Kong Sub-district, Muang District, Ratchaburi Province with Electricity Generating Authority of Thailand. The agreement is

Analysis ABBREVIATION COD Commercial Operation Date EBITDA Earnings before Interest, Taxes, Depreciation and Amortization EDL Electricite Du Laos EGAT Electricity Generating Authority of Thailand ERC Energy

Province. Hin Kong Power Company Limited has signed a 25-year Power Purchase Agreement with Electricity Generating Authority of Thailand, with a schedule for commercial operation in 2024 and 2025

MD&A Q1Y2018 _E_ - 10.5.61 Ratchaburi Electricity Generating Holding PCL Management Discussion and Analysis For the 1 st Quarter Ended 31 March, 2018 Management Discussion and Analysis For the 1 st

Commercial Operation Date EBITDA Earnings before Interest, Taxes, Depreciation and Amortization EDL Electricite Du Laos EGAT Electricity Generating Authority of Thailand ERC Energy Regulatory Commission EPC