received from long- term borrowings from a financial institution amount of THB 195 million and dividend payment amount of THB 417 million. -5- Financial Ratio Analysis Financial Rate 9 months In 2018 9

7.55% Total liabilities 106.31 77.17 37.76% Total shareholder’s equity 855.08 810.88 5.45% Net debt to equity (D/E Ratio) 0.12 0.10 - Return on equity (ROE) (%) 13.60% 10.18% - Please be informed

million) 31 DEC 19 31 DEC 18 Change Total assets 1093.46 968.30 12.93% Total liabilities 139.52 106.31 31.24% Total shareholder’s equity 911.06 855.08 6.55% Net debt to equity (D/E Ratio) 0.15 0.12 - Return

 964.58  million as a resulted of increased profit during the year.  Return on Equity (ROE) for 3 months period  was 1.10% and net Debt to Equity Ratio was 0.18    (Unit : THB million) 31 March 2020  (3

[COMPANY NAME] Ref.: EFORL IR037/2020 September 11, 2020 Subject: Management Discussion and Analysis Quarter 2 Ending 30 June 2020 To President The Stock Exchange of Thailand 1. Overview financial

from the net loss in this quarter. Debt to Equity Ratio As of 31 March 2020, the Company’s interest-bearing debt stood at THB 5,604.9mn, as a result, the Company’s D/E ratio was 1.00 times, decreased

. Trade and other payables increased by Baht 108.0 million from the increasing in fuel material account payables. As at 31 March 2022, the debt to equity ratio was 0.38 times, the net debt to equity ratio

and other payables decreased by Baht 13.1 million. As at 31 March 2023, the debt to equity ratio was 0.40 times, the net debt to equity ratio was 0.35 times, the interest- bearing debt to equity ratio

%. Meanwhile, total interest-bearing debt stood at THB 9,529 mn, a decrease from THB 17,904 mn from the previous year as a result of effective financial management to match the money and capital markets

2019 dividend payment of THB 1.0 per share paid from net profit, equal to 93% dividend payout ratio. *Net Profit = Net Profit attributable to owners of the parent Financial Performance for Q4’19 and FY19