due to the decreased in revenue from solar cell implementation service from Combine Heat and Power Producing Company Limited (CHPP) as well as the decrease in revenue from chilled water following the

million due to corresponding to EGAT’s dispatched instruction resulting in higher fuel consumption. • Small Power Producer (SPP): The gross profit increased by Baht 2,115 million as a result of the first

shutdown approximately 10 days. There was a fell in Energy Payment (EP) following the lower dispatch volume as EGAT instruction. • Revenue of the company’s Small Power Producers (SPP) decreased by Baht 251

water and electricity sales of CHPP and the increase in revenues from Ichinoseki Solar Power 1 GK (ISP-1). PAGE 3 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q1/2020 Executive Summary Q1/2020 Significant

1 Note: 1) Revenue and Cost that were recognized when there is construction under concession agreements for tap water according to accounting standard TFRIC12 1. ANALYSIS OF FINANCIAL PERFORMANCE For

water sold. The decrease in the sales volume of chilled water brought about the decrease in the cost of sales of goods and rendering of services by 5%. GLOBAL POWER SYNERGY PLC. Q2/2017 Management

Q1/2018 and Q1/2017, the cost decreased by 158 million or 4% due to the lower usage of natural gas of Sriracha Power Plant which is in-line with the decrease in volume dispatch per EGAT’s instruction

, increased by Baht 11 million or 3% compared to the first half of 2017 due to the decrease in hourly operating maintenance cost followed lower dispatch volume according to EGAT’s instruction. Sriracha Power

million or 57% from Q3/2017. The electricity dispatched volume in Q3/2018 was higher because of the reserved shutdown according to EGAT’s instruction of Sriracha Power Plant in Q3/2017. Also, the increase

Normalized Profit attributable to Owners of the Parent 363.3 1,406.6 1,043.3 287.2 1 Operating Revenue consists of Raw Water Sales, Industrial Water Sales, and Wastewater Treatment Services. 2 Other Incomes