(NL1PC) 40% 17 14 21 24% 55% 48 51 5% Very Small Power Plant (VSPP) Thai Solar Renewable Company Limited (TSR) 40% 70 89 83 18% (7%) 246 260 6% Eastern Seaboard Clean Energy Company Limited (ESCE) 33% (2

PowerPoint Presentation THE INNOVATIVE POWER FLAGSHIP OF PTT GROUP MANAGEMENT DISCUSSION & ANALYSIS MD&A Q2/2019 PAGE 1 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q2 2019 For Q2/2019, the EBITDA of the company was at Baht 5,402 million, increased by Baht 3,273 million or 154% from Q1/2019, and increased Baht 3,771 million or 231% from Q2/2018. this is mainly due to the immediate recognition of GLOW’s performance after the acquisition of GLOW including Independent Power Producer (IPP), Small Power P...

million or 111% due to the increase in Availability Payment (AP) which resulted from continuous operation without any maintenance shutdown as in Q4/2017. This led to the increase in gross profit by Baht 127

, who is a capable investor having readily available funds as well as expertise in various industries and is also ready to offer funding to support the Company’s continuous operation in the future. The

Exchange Forward Contract in the amount of THB 255 million from the continuous appreciation of THB. Thus, EBITDA recorded was THB 781 million (+28% YoY, -1% QoQ). Refinery Business Marketing Business sales

revenue in Q4/2017 increased by 295% due to the COD of both Phase 1 and Phase 2 as well as the continuous operation of gas turbine in Q4/2017 unlike Q3/2017 in which the gas turbine of Phase 1 was ceased

inventory loss of THB 2,517 million, even though market GRM was still affected by the average finished product and reference crude price crack spread’s continuous decline from late 2018. Gross profit recorded

approximately 30% of cost of rent and services) for shopping mall operations, increased from the same period a year earlier amidst the continuous rise in electricity Ft rate throughout 2019. The Company

continuous basis until the rights of sukuk holders end; (2) submitting an application for registration of sukuk to the Thai Bond Market Association; Clause 26. The asset trustee shall proceed or act in

for sale of the bonds and for continuous credit rating throughout the maturity date. The provision under Paragraph 1 shall not apply in the following cases: (1) In cases where the credit rating agency