, 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 Industry and

46.5% 1,055.0 2.25 65.2 6.2% Other expenses 207.2 0.42 129.9 0.28 77.4 59.6% 238.6 0.51 (31.4) (13.1%) Finance cost 19.6 0.04 45.2 0.10 (25.5) (56.5%) 39.4 0.08 (19.8) (50.2%) Profit before income tax

Industry and Competition 2 1.3 Regulatory Changes 2 2. Risk Management and Risk Factors 6 2.1 Credit Risk Management 6 2.2 Market Risk Management 6 2.3 Liquidity Risk Management 7 2.4 Other Risks Management

debt ratio that could be fairly compared to peers in the same industry as well as suppor t the investment in current and future projects. On 28 August 2019, the Extraordinary General Meeting of

domestic automotive industry while also maintaining healthy asset quality. Meanwhile, KASIKORN FACTORY & EQUIPMENT CO., LTD. enjoyed continually high loan growth. In addition, Muang Thai Life Assurance PCL

. Pin Kewkacha 2) Mr. Kittikorn Kewkacha and 3) Mr. Somwang Kewkacha, whom are extensively experienced and expertise in the design and management of theme park and understand the local tourism industry

industry well, for the entire Business Design of Carnival Magic Project. In return, Carnival Magic has paid for such services in monthly installment for 7-month period in total of THB 73.50 million

and Industry Public Company Limited’s (the "Company") Board of Directors' Meeting No. 9/2017, held on October 25, 2017, (the "Meeting"), the Company would like to announce the Board of Directors

Page 2 Management Discussion and Analysis 1. Power Industry and Competition 1.1 Electricity industry and Economic situation in Thailand Thailand’s economy expanded by 2.4 percent in 2019, lower than 2018

awards we received in this quarter. B Contents Page Executive Summary A 1. Overview of Operating Environment 1 1.1 Global and Thai Economy in the First Quarter of 2019 1 1.2 Banking Industry and