2019 2018 REVENUES 97.04 103.02 1.17 1,118.45 98.21 1,221.47 Revenue from sales electricity 77.29 72.10 - - 77.29 72.10 Revenue from sales and services 3.85 5.97 - 1,096.78 3.85 1,102.75 Dividend income

detail, please contact Investor Relations Division of the Electricity Generating Public Company Limited at Tel: 662-998-5150-3 or Email: ir@egco.com Page 2 Management Discussion and Analysis 1. Significant

monitoring impacts of COVID-19 pandemic on our industrial customers' operational plans. In Q3/2020, electricity and steam demand from our petrochemical customers in Map Ta Phut Industrial Estate and our

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

gains despite an increasing trend of electricity Ft rate since May 2017. Costs of food and beverages Costs of food and beverage constituted costs of operating in-mall food centers, as well as depreciation

major component (accounts for 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

mall operations, increased from the same period a year earlier amidst the continuous rise in electricity Ft rate throughout 2018. CPN, meanwhile, achieved efficiency gains with the reduction in

services) for shopping mall operations, increased from the same period a year earlier amidst the continuous rise in electricity Ft rate throughout 2019. CPN, meanwhile, utilized more electricity unit Central

land and providing services related to project security and cleaning to the group customer, that operates 17 solar power plant projects in Thailand, and revenue from sales of electricity from its own

INNOVATIVE POWER FLAGSHIP OF PTT GROUP Management Discussion & Analysis Management Discussion & Analysis (MD&A) Q4/2018 and FY2018 Executive Summary Executive Summary For 2018, Global Power Synergy Public