in the decrease in gross profit by Baht 26 million or 25%. “Electricity and Steam sales volume increased due to the expansion of power generating capacity after start-up of IRPC-CP (Phase 2) and ISP1

Utilities Plant increased after the main customers resumed normal operation from the scheduled maintenance in Q2/2017 even though Sriracha Power Plant had lower dispatch volume to Electricity Generating

recorded lower Administrative expenses than the Administrative expenses in the same period ended June 30, 2016. In Q2/2016 the Company recorded the Baht 2.85 million temporary shut-down expenses in a part of

expenses than the Administrative expenses in the same period ended September 30, 2016. In Q3/2016 the Company recorded the Baht 2.07 million temporary shut-down expenses in a part of Administrative expenses

expenses than the Administrative expenses in the same period ended September 30, 2016. In Q3/2016 the Company recorded the Baht 2.07 million temporary shut-down expenses in a part of Administrative expenses

ended December 31, 2017, the Company recorded lower Administrative expenses than the Administrative expenses in the same period in 2016. In 2016 the Company recorded the Baht 9.87 million temporary shut

Baht 9.87 million temporary shut-down expenses and Baht 2.37 million paid to retired and laid off employees in a part of Administrative expenses. In 2017, after moving the production equipment to

Board of Directors’ meeting of the Company resolved to approve to confer the power upon the executive committee or chief executive officer or persons authorized by the executive committee or chief

PUBLIC COMPANY LIMITED NAT ABSOLUTE TECHNOLOGIES PUBLIC COMPANY LIMITED NATION GROUP (THAILAND) PUBLIC COMPANY LIMITED NATIONAL POWER SUPPLY PUBLIC COMPANY LIMITED NAVA NAKORN ELECTRICITY GENERATING

MD&A Q1Y2018 _E_ - 10.5.61 Ratchaburi Electricity Generating Holding PCL Management Discussion and Analysis For the 1 st Quarter Ended 31 March, 2018 Management Discussion and Analysis For the 1 st