considered a positive factor that shall enable the Company's operating performance to grow continually in the future. 2019 was considered the year that the Company had a remarkable performance and achieved the

and continuous raining as well as the increase of Independent Power Supply (IPS) and Small Power Producer (SPP) outside the EGAT system. In the meantime, electricity consumption of the country in EGAT

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 15 Executive Summary CPN’s revenues continues to grow according to its business plan. In 1Q19, the Thai

quarter. However, the Thai economy is expected to grow continually from last year, thanks to the expansion of exports and tourism sectors as well as an increase in government consumption. In addition, the

and its subsidiaries had a total revenue of THB 749.13 million, increasing THB 82.50 million, or 11.01%, from the same nine-month period in 2017. The increase in revenue is mainly due to the growth in

Q3’2018 after successfully acquiring additional of 51% shares from Yanhee Solar Power. BGRIM currently holds 100% shares in BGYSP which owns and operates 59.7-MW solar power plants in the central region of

increase of 206.2 MB and 133.3 MB, respectively, due to the auctioned projects, which were bid at the end of Q1-2017, has gradually delivered in the Q2-2017. The overall economy expansion in Q2-2017 has

to clarify the significant reasons for the increase in profits for the third quarter and the nine month period of 2018 compared to the same period of the previous year, as follows: The third quarter of

low agricultural prices. The tourism sector has also been slowing down, partly due to the effects of the rainy season and flooding in the northeastern region. However, the government has implemented

the extra accounting expense as mention above. If we exclude this transaction, the EBITDA for year 2018 would grow by 15% yoy and EBITDA margin would increase to 26% for year 2018. Financing Costs In