. The SPP Replacement Project Stage 2 is under the feasibility study for further investment approval. PAGE 5 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q1/2020 Business Directions in Q1/2020 Synergy from

with the Energy Regulatory Commission (ERC) for final approval. The project targets for 85% contracted by commercial operation date. The construction of the project has progressed 75.48% (The