million, respectively, as biomass power plants and municipal solid waste power plants had planned-shutdown hours in the second quarter of 2022 lower than the first quarter of 2022 which result in the

COVID-19 epidemic. • Administrative Expenses to Total Revenue in Q2/2022 was 15.4%, improved from 23.2% in Q2/2021 mainly due to the increase in administrative at a lower proportion than the increase in

which received lower discount after the recovery of COVID- 19 situation. • Selling Expenses to Total Revenue in Q1/2023 was 30.9%, which was relatively similar to 30.8% of Q1/2022. 34% 5 4. Administrative

also signaling that there would be three rate hikes this year; markets have mostly factored in this interest rate uptrend. At the same time, short-term Thai bond yields dropped on lower-than-expected

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

the cash received from sale of legally authorised share capital in the part exceeding or lower than of the registered capital. If there exists both the part exceeding and the part lower than the

capital)) means the cash received from sale of legally authorised share capital in the part exceeding or lower than of the registered capital. If there exists both the part exceeding and the part lower than

encumbrance. 22. Additional paid-in capital (discount on capital)) means the cash received from sale of legally authorised share capital in the part exceeding or lower than of the registered capital. If there

a specific offering price determined by the resolution of a shareholders’ meeting pursuant to the TorChor. 72/2558 Notification, where the offering price is not lower than 90 percent of the fair value

Comparison of Transaction Price to Book Value Book Value is lower than the Transaction Price by THB 309.45 million or by 33.46% From the above table, the land with notice of offer to purchase has book value of