increasing of investment cost (No. 2) 5.2.2 Management Discussion and Analysis on Financial Position and Operating Results in Previous Year and Current Year until Recent Quarter (1) Analysis on Operating

from the previous quarter of 4Q17. When comparing yoy, the net income for 1Q18 declined slightly by 0.7% comparing to net profit for 1Q17 of Baht 1,524 million. The consolidated comprehensive income for

1,305 million from the previous quarter of 4Q17. When comparing yoy, the net income for 1Q18 declined slightly by 0.7% comparing to net profit for 1Q17 of Baht 1,524 million. The consolidated

Produce (NRIP) in FY2018. In 4Q18, net loss in EBITDA from Other Business was THB 26 million, a decrease of 109.0% from the previous year due to the aforesaid factors. Earnings before Interest, Taxes

after excluding inventory gains/losses from reported EBITDA. Inventory gains/losses in a period result from the movement in prices of raw materials and products from the end of the previous reported

stemmed partly from the low base of previous year and also from the launch of new car models. Based on the Bank in-house research, new car sales for the year 2017 is now projected to increase by 4.7% with

stemmed partly from the low base of previous year and also from the launch of new car models. Based on the Bank in-house research, new car sales for the year 2017 is now projected to increase by 8.0% with

mainly due to a decrease of Availability Payment (AP) according to the PPA and Baht appreciation, comparing to the same period of the previous year. Page 14 EGCO: Unit : Million Baht Quarter 3 Change

consolidation of BGYSP after raising stake from 49.0% to 100.0% in Q3’2018. However, Q4'2018 revenue decreased from the previous quarter mainly from the tariff decline after annual electricity sales achieved the

decline of 13.9% from Baht 1,427 million from the previous quarter of 4Q18. When comparing yoy, the net income for 1Q19 declined by 18.8% comparing to net profit of Baht 1,513 million during 1Q18. The