Management Discussion and Analysis 1 Ref: AC.017/2020 18 May 2020 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange

and management benefits and reward of subsidiaries of Baht 17.42 million as significant. Finance costs Finance costs of the second quarter of the year 2018 of Baht 24.10 million increased from Baht

of Baht 5.10 million or 6.8% due to increase in employees and management benefits and reward as significant. Finance costs Finance costs of the third quarter of the year 2018 of Baht 12.80 million

expenses mainly include salary, employee and management benefits, office rental, travel expenses, and professional fees. In Quarter 1 of 2019, the increase in administrative expenses is mainly due to (1

same period of the previous year (Quarter 2 of 2018: THB 9.69 million). Administrative expenses mainly include salary, employee and management benefits, office rental, travel expenses, and professional

salary, employee and management benefits, office rental, travel expenses, and professional fees. In Quarter 3 of 2019, the increase in administrative expenses is mainly due to (1) increase in allowance for

, employee and management benefits, office rental, travel expenses, and professional fees. The increase in administrative expenses is mainly due to increase in allowance for impairment of power plant under

, employee and management benefits, office rental, travel expenses, and professional fees. In Quarter 1 of 2020, the decrease in administrative expenses is mainly due to (1) THB 0.59 million decrease in

million or 23.67% decrease from the same period of the previous year (Quarter 2 of 2019: THB 12.75 million). Administrative expenses mainly include salary, employee and management benefits, office rental

of the year 2018 which was Baht 156.18 million for Baht 14.32 million or -9.2% due to decrease in employees and management benefits and reward of subsidiaries as significant. Finance costs Finance