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 total transaction value, combining with Transaction (1) – (4) is equivalent to 22.17 percent. The transaction value is higher than 15 percent but lower than 50 percent, resulting in the Company

, combining with Transaction (1) – (4) is equivalent to 22.19 percent. The transaction value is higher than 15 percent but lower than 50 percent, resulting in the Company being obliged to prepare the

risks of nationalization, confiscation or the imposition of restrictions on foreign investment. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal

, the impact from the spread of COVID-19 affected the debtor’s ability to repay which linked to a lower interest income – part of fully received, the proportionate of interest and operating expenses

Issuer -   - 12 - Registration Statement/Draft Prospectus Commercial name of the issuer…………………………………….. Offer for sale …………………………………………………. lead Manager………………… Bondholder’s Representative………………… Registrar

production of the company can substitute the import HRC. - As the above reasons, the Company believe that with the new working capital injected to the Company and lower debts (partly are converted to equity

state-of-art steel mill and the production of the company can substitute the import HRC. - As the above reasons, the Company believe that with the new working capital injected to the Company and lower

, lower than expected growth in the tourism sector, political uncertainties and strengthening of the Thai Baht which may impact competitiveness in international trades. However, acceleration in public

due to the lower electricity generation, compared to the previous year. (4) The profit of Fareast Renewable Development Pte. Ltd. (“FRD”), a joint venture investing in Asahan-1 Hydroelectric Power