Offeror : NORTHERN AGRICULTURAL COMPANY LIMITED | Date of submission of the Statement of Intention : 08/10/2015

project (PPA 5 MW), combined with the average irradiation hours increased from longer daylight hours in the season despite increase rainfall from the previous quarter. The solar power plant business in

entering the rainy season, together with typhoons and tropical cyclones moving closer to Thailand leading to more rainfall than the previous quarter. Management Discussion and Analysis of Business Operation

higher rainfall than the previous quarter, and the lower solar panel installation projects. PAGE 3 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q3 2019 Executive Summary Q3/2019 Significant Events Comparing 9M

& CABLE PUBLIC COMP... CHAYO GROUP PUBLIC COMPANY LIMITED CHEMEMAN PUBLIC COMPANY LIMITED CHEWATHAI PUBLIC COMPANY LIMITED CHIANG MAI RAM MEDICAL BUSINESS PUBLIC... CHIANGMAI FROZEN FOODS PUBLIC COMPANY

COMPANY LIMITED CHO: CHO THAVEE PUBLIC COMPANY LIMITED CHOTI: KIANG HUAT SEA GULL TRADING FROZEN FOOD PUBLIC CO., LTD. CHOW: CHOW STEEL INDUSTRIES PUBLIC COMPANY LIMITED CI: CHARN ISSARA DEVELOPMENT PUBLIC

% and 2%, respectively. Whereas, Q3/2018 was under a low season period with middling usage of automobiles and minuscule tourism outings, due to the persistent rainfall which lasted throughout the quarter

10% YoY, mainly from increasing average irradiation hours at every project sites, due to clear skies and decreased rainfall from the previous year. Furthermore, production capacity rose from the

rainfall than us ual. It is expected that rainfall in the region from January to March of 2020 will be less than the normal range, causing the amount of water bud get during the dry season of 2020 to be

electricity consumption decreased by 0.6% due to the cool weather and the rise in rainfall during Q1/2018. .• Dividend payment from the company's performance for the year 2017 In the Annual General Meeting (AGM