to the expansion of power generating capacity after start-up of IRPC-CP (Phase 2) and ISP1 in Q4/2017” Management Discussion & Analysis Management Discussion & Analysis (MD&A) Q4/2018 and FY2018

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

renewable energy by supporting power plants that use fuel from biomass and wastes, as well as solar rooftop system and energy storage systems. This is a positive factor that supports the expansion of

the operation of the power plant. “Electricity and Steam sales volume increased due to the expansion of power generating capacity after the first full operation quarter of both phases of IRPC-CP” 2

Netherlands due to delay in the brownfield expansion, further reduction in PET and PTA production in the Netherlands (FM in 4Q18), unplanned shutdown in Poland (PET 4Q18), further normalization of IPA margin

737 million resulting from long-term loan agreements with the financial institution. “Electricity and Steam sales volume increased due to the expansion of power generating capacity after COD of both

minimum requirement, reflecting the system’s ability to support ongoing loan expansion. Commercial banks’ liquidity management is expected to focus on readjusting deposit structures and managing costs in an

the same period last year, reflecting the concentration of domestic demand. This, combined with structural factors such as the expansion of the global value chain and e-commerce, increased the

policies of major countries and the Baht’s ongoing appreciation. However, the Thai economy has been supported by the expansion of private consumption, due to an increase in auto sales in the first half of

household debt remained elevated, economic expansion had yet to benefit household income in a broad-based manner, and the low level of some agricultural price resulting in a gradual improvement. Private