, PBSB is now a subsidiary of MACO, and the consolidation of its financial performance has also begun in this quarter. INDONESIA – GENERATING PROFIT SINCE THE FIRST COMMERCIALISATION IN APRIL 2019

50, 000 shares, Baht 100 per share Characteristic of the project Aukkarawat power plant engage in the business of generating and selling electricity with the Provincial Electricity Authority (PEA

percent shareholding proportion each, NWR-SBCC Joint Venture, to carry out a soil and coal extraction and transportation at Mae Moh mine of the Electricity Generating Authority of Thailand (“EGAT”) in

Transactions; “brownfield project” means an infrastructure business that the construction for which has been completed and is already generating cash flow; “greenfield project” means an infrastructure project

Xayaburi Hydroelectric Power Project, for a period of 31 years from the Commercial (Translation) 5 Operation Date, for sale of electricity as produced to the Electricity Generating Authority of Thailand

further detail, please contact Investor Relations Section of the Electricity Generating Public Company Limited at Tel: 662-998-5145-8 or Email: ir@egco.com Page 2 Management Discussion and Analysis 1

Generating Authority of Thailand (EGAT) and Electricité du Laos. Currently, XPCL is in the process of construction of the Xayaburi Hydroelectric Power Project. As at January 31, 2018, the construction progress

Electricity Generating Authority of Thailand (EGAT) and Electricité du Laos. Currently, XPCL is in the process of construction of the Xayaburi Hydroelectric Power Project. As at January 31, 2018, the

the Small Power Producer (SPP) scheme, and reliable cash flows from long-term power purchase agreements (PPAs) with the Electricity Generating Authority of Thailand (EGAT) and reputable clients. (Please

mutual fund is efficient in generating returns close to the benchmarks. A mutual fund with high Tracking Error will have the average return deviating more from its benchmarks. Yield to Maturity refers to