estate investment trust declined, meanwhile mixed fund and fund of property fund increased in size. Analysis of the Operating Results The operating results of Land and Houses Fund Management Company

PowerPoint Presentation THE INNOVATIVE POWER FLAGSHIP OF PTT GROUP MANAGEMENT DISCUSSION & ANALYSIS MD&A Q2/2019 PAGE 1 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q2 2019 For Q2/2019, the EBITDA of the company was at Baht 5,402 million, increased by Baht 3,273 million or 154% from Q1/2019, and increased Baht 3,771 million or 231% from Q2/2018. this is mainly due to the immediate recognition of GLOW’s performance after the acquisition of GLOW including Independent Power Producer (IPP), Small Power P...

and renewable energy. In recent years, solar, wind and gas generation increased drastically, while coal-fired generation declined because of the reduction in its average availability and displacement by

previous year, net interest income rose Baht 1,220 million, or 5.52 percent, due largely to higher interest income from investments while interest expenses dropped as a result of early redemption of

Thai Baht’s rise. Meanwhile, domestic interest rates dropped across all maturities. The Monetary Policy Committee (MPC) resolved to slash the policy rate by 25 basis points in its August 2019 meeting

generation. In addition, the revenue from Glow IPP plant dropped by Baht 38 million following achieved the Contracted Availability Hours in December. Comparing Q4/2019 vs Q3/2019 Comparing Q4/2019 vs Q4

financing to repay and reduce interest expenses and as a result, the debt-to- equity ratio declined from 0.17 times to 0.13 times (based on the Company's financial statements ending June 30, 2017). 6.3 The

debt-to- equity ratio declined from 0.17 times to 0.13 times (based on the Company's financial statements ending June 30, 2017). 6.3 The capital increase used in the flexible packaging business Phase 2

to the increased in sales volume despite the declined in natural gas prices. • Very Small Power Producer (VSPP) and other: The gross profit decreased by Baht 24 million mainly due to the seasonal

.. UNOFFICIAL TRANSLATION Codified up to No. 5 As of 23 March 2015 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. Notification of the Office of the Securities and Exchange Commission Concerning Granting of Approval of Financial Advisors and Their Scope of Work ______________________ Whereas the notifications issued by the Capital Market Supervisory Board relating to the issuance and offering for sale of securi...