. PPA Amortization Accounting impact Net Income consolidated PAGE 9PAGE 9 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q3 2019 Operating Revenue Cost of Sales of Goods and Rendering of Services (Exclude

revenue from selling electricity has increased significantly. Comparing Q4/2019 vs Q3/2019 Comparing Q4/2019 vs Q4/2018YoYQoQ Comparing 2019 vs 201812M Adjusted Net Income was Baht 5,177 million in 2019

Selling Electricity 623 250 1,553 523% 149% Other Income Revenue from finance lease agreement 141 130 183 41% 30% Other Income 1 - 4 n/a 300% Total Revenue 765 380 1,740 358% 127% Cost of Raw Materials

” program which features a loan with special conditions offered to SMEs who use their financial statements submitted 10 to the Revenue Department for income tax filing as a support document when applying for

(Adjusted) % 2560 % 2561 % Income Revenue from sale of goods and rendering of services 2,021,669 95% 1,650,658 96% 1,374,387 92% Other income 84,670 5% 60,191 4% 114,057 8% Total income 2,106,339 100

1%. • Progress of Corporate Income Tax penalty assessment from the Revenue Department GPSC has been assessed by the Revenue Department for the Corporate Income Tax in respect to 1999 and 2000 revenues

1,929.50 100.00 1,505.60 100.00 1,366.29 100.00 Remark: 1/Other operating income consists of revenue from selling products and souvenir, revenue from selling animal feed, revenue from selling photo, revenue

which requires the purchaser to divide the transfer fee by half with the seller, while stipulating that the seller is responsible for payment of income tax on revenue gained from the sale of the asset

(Deficit) Unappropriated 363.61 426.45 491.34 Total Shareholders’ Equity 463.61 526.45 591.34 Income Statement Revenue from Sale of Goods and Rendering of Services 466.56 568.04 618.45 Cost of Sale of Goods

Income Statement Revenue from Sale of Goods and Rendering of Services 466.56 568.04 618.45 Cost of Sale of Goods and Rendering of Services (295.26) (323.07) (380.98) Other Income 30.28 15.40 18.37 Selling