create the IRR of at least 10% 2.2) Provincial Waterworks Expansion Construction PWA*: Counterparty PWA Operating Company New Joint Venture (Hydro holds 50%) Project Type Waterworks Project Expansion

$1.4 billion, driven by volume growth and higher margin realization.  In 4Q18, core EBITDA increased by 24% YoY to $318 million, supported by higher volume.  In 4Q18, core EBITDA per ton was stable

737 million resulting from long-term loan agreements with the financial institution. “Electricity and Steam sales volume increased due to the expansion of power generating capacity after COD of both

into this transaction is consistent with the strategic plan in the business operation of the Company, which emphasizes on investment expansion in line with the strategy aiming at growth alongside the PTT

SMEs which features working capital with repayment and re-borrowing flexibility  Expansion of the customer base within value chains, especially among businesses with brighter growth prospects, namely

and to maximize efficiency of the power generating process in order to deliver the best output for customers. In terms of the growth plan for the company, GPSC will focus on the expansion of SPP

E_1 Legal_FA_2015_12_29-c A WWCCoorrppLL44..11hhiigg A Executive Summary 1 Management Discussion and Analysis For the Year Ended December 31, 2017 In 2017, Thai economic growth gained traction

, travelling expenses and professional fees. In 2018, the increase in administrative expenses are mainly due to (1) increase in employee and management expenses from new hires supporting business expansion of

days in advance. The company had expenses related to new recruits for new three branches and one branch expansion in the first half of 2017. In contrast, the Company opened only two branches of Maygori

higher employee benefits together with the increase in the number of staff to serve the business expansion.  The finance costs during 2019 was THB 986.4 mm, which decreased by 16.4%, compared to the same