(118 MW – Adder 8 THB ) 61.52 64.53 63.58 3% -1% Cooperative Solar (12 MW – FIT 5.66 THB) 4.51 4.89 4.49 -0.5% -8% Government Solar (8.94 MW – FIT 4.12 THB) N/A 3.55 3.54 N/A -0.3% Solar rooftop (0.80 MW

% Cooperative Solar Project (12 MW) 2.66 4.70 4.51 70% -4% Solar Power Business – Japan (30 MW) 6.60 7.23 9.16 39% 27% Total Electricity Sales (Million kWh) 72.59 72.95 75.19 4% 3% Revenue (Million Baht) 798 781

% Cooperative Solar Project (12 MW) 5.40 4.51 4.92 -9% 9% 8.06 9.44 17% Solar Power Business – Japan (30 MW) 14.56 9.16 14.89 2% 63% 21.15 24.04 14% Total Electricity Sales (Million kWh) 82.63 75.19 81.58 -1% 9

THB ) 60.69 61.77 57.08 -6% -8% 186.70 180.37 -3% Cooperative Solar (12 MW – FIT 5.66 THB) 4.69 4.92 4.52 -4% -8% 12.75 13.96 9% Government Solar (8.94 MW – FIT 4.12 THB) N/A N/A 2.65 N/A N/A N/A 2.65 N

% 265.17 270.00 2% Phase 1-3 (118 MW – Adder 8 THB ) 61.02 57.08 64.53 6% 13% 247.72 244.90 -1% Cooperative Solar (12 MW – FIT 5.66 THB) 4.70 4.52 4.89 4% 8% 17.45 18.84 8% Government Solar (8.94 MW – FIT

60.69 61.02 -3% 1% 254.03 247.72 -2% Cooperative Solar Project (12 MW) 0.36 4.69 4.70 N/A 0.1% 0.36 17.45 N/A Solar Power Business – Japan (30 MW) 4.90 12.85 7.23 47% -44% 19.48 41.24 112% Total

/2019 Q2/2019 YoY QoQ 6M2018 6M2019 YoY Solar Power Business – Thailand 66.70 71.88 73.33 10% 2% 132.73 145.21 9% Phase 1-3 (118 MW – Adder 8 THB ) 61.77 63.58 64.23 4% 1% 123.29 127.81 4% Cooperative

Business – Thailand 65.75 73.33 -10% 64.24 2% 210.95 196.97 7% Phase 1-3 (118 MW – Adder 8 THB ) 57.57 64.23 -10% 57.08 1% 185.38 180.37 3% Cooperative Solar (12 MW – FIT 5.66 THB) 4.61 5.03 -8% 4.52 2

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending September 30, 2019 Thai economic activity in the third quarter of 2019 continued to see limited support, after growing by 2.30 percent in the second quarter. The Thai economy did show some signs of strength in the third quarter, due mostly to the low base effect of the same period last year, especially in the tourism sector. However, exports and private investment – two major e...

Agricultural Cooperative; however, solar installation revenue has increased as the revenue is recognized upon the work progress of the project. Power + Financial Lease (IPP) Power (SPP+VSPP) Steam Industrial