Page 2 Management Discussion and Analysis 1. Power Industry and Competition 1.1 Electricity industry and Economic situation in Thailand Thailand’s economy expanded by 2.4 percent in 2019, lower than 2018

Solar Power output to 50MW. PDI remains actively looking for projects with acceptable risks and substantial returns, in South East Asia and beyond, targeting area’s in Energy, Eco and Materials. Other M&A

Chapter 8; (8) handling of complaints, as detailed in Chapter 9; (9) retention of information and documents, as detailed in Chapter 10; Part 4 The SEC Office’s Power Clause 5 In order for this Notification

renewable energy by supporting power plants that use fuel from biomass and wastes, as well as solar rooftop system and energy storage systems. This is a positive factor that supports the expansion of

Smart Grid, Microgrid and Energy Storage. As a result, ERC is in the process of adjusting the power structure in order to better operate and facilitate the electricity related activities including the

information and documents, as detailed in Chapter 11; (11) additional regulations for operation of specific business, as detailed in Chapter 12. 3 Part 4 The SEC Office’s Power Clause 5 In order for this

users as the primary target customer especially companies in the PTT Group. In addition, GPSC has also benefitted from utilizing the data on power consumption to analyze and develop the energy storage

2,255.2 (0.0%) Revenue from finance lease under power purchase agreement 103.2 100.9 102.8 1.9% (0.4%) 205.5 203.7 (0.9%) Revenue from construction under a concession arrangement 68.5 131.3 398.1 203.2

, please contact Investor Relations Division of the Electricity Generating Public Company Limited at Tel: 662-998-5150-3 or Email: ir@egco.com Page 2 Management Discussion and Analysis 1. Power Industry and

Group”) as follow: THB Mn THB Mn THB Mn % Sales of goods and services 1,115.7 1,110.5 5.2 0.5 Revenue from finance lease under power purchase agreement 100.9 102.3 (1.4) (1.4) Revenue from construction