Egco 12 by Brother Roger

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Award and Recognition EGCO: SET Awards for the listed companies with the market capitalization over 10,000 million baht, hosted by the Stock Exchange of Thailand (SET) and the Finance and Bank Magazine: t ¤ÊÉÈÉ¶Ã¹¾Ã¼ ÄÇÅÄÇ¶Éº ¨Ä¸¾¶Á §ºÈÅÄÃÈ¾·¾Á¾ÉÎ Ì¶Ç¹È~ t ©ÄÅ ÄÇÅÄÇ¶Éº ÄËºÇÃ¶Ã¸º §ºÅÄÇÉ Ì¶Ç¹È

EGCO: Investors’ Choice Award 2012 as the organization which strongly concerned the shareholders’ benefits, proven by the score of 100% in AGM a r r a n g e m e n t f o r t h e 4 th ¸ÄÃÈº¸ÊÉ¾Ëº Îº¶Ç È¾Ã¸º Ç¶Éº¹ ·Î É½º ¨º¸ÊÇ¾É¾ºÈ ¶Ã¹ Exchange Commission and the Stock Exchange of Thailand

KEGCO National Safety Award for the 13th ¸ÄÃÈº¸ÊÉ¾Ëº Îº¶Ç ·Î ¢¾Ã¾ÈÉÇÎ Ä» ¡¶·ÄÊÇ

¤¢ ©¶Ç¶ ºÇÉ¾»¾¸¶Éº »ÄÇ ¦Ê¶Á¾ÉÎ of Drinking Water by Ministry of ¥Ê·Á¾¸ º¶ÁÉ½ »ÄÇ ¸ÄÃÈº¸ÊÉ¾Ëº years.

Roi-Et Green National Safety Awards for the 13th ¸ÄÃÈº¸ÊÉ¾Ëº Îº¶Ç ·Î ¢¾Ã¾ÈÉÇÎ Ä» ¡¶·ÄÊÇ

ÊÈ¾ÃºÈÈ ¸É¾Ë¾É¾ºÈ Investment in Solar Power Project “SSP 2, SSP 3, SSP4 ¶Ã¹ ¨¨¥ å ©ÄÉ¶Á ½ÄÁ¹¾Ã¼ ¸¶Å¶¸¾ÉÎ ·Î ¢¬

Ä¾ÃÉ «ºÃÉÊÇº Ì¾É½ ®¶Ã½ºº ¨ÄÁ¶Ç ¥ÄÌºÇ ¾Ã ä¨ÄÁ¶Ç¸Äå ÅÇÄ¿º¸ÉÈ ©ÄÉ¶Á ¸¶Å¶¸¾ÉÎ Ä» ¢¬

¸ÆÊ¾È¾É¾ÄÃ Ä» z ¸ÄÂÂÄÃ shares in Theppana wind farm Company Limited (Theppana), the developer of wind power projects ¾Ã ½¶¾Î¶Å½ÊÂ ¥ÇÄË¾Ã¸º

EGCO has entered into the definitive agreement to ¶¸ÆÊ¾Çº ¶Ã ¶¹¹¾É¾ÄÃ¶Á z ¾Ã¹¾Çº¸É ÄÌÃºÇÈ½¾Å ¾ÃÉºÇºÈÉ ¾Ã ¦ÊºÏÄÃ ¥ÄÌºÇ }¥½¾Á¾ÅÅ¾ÃºÈ~ }ä¦¥¡å~ ¶Ã¹ z ownership interest in Intergen Management Service ÄÂÅ¶ÃÎ ¡¾Â¾Éº¹ }ä ¢¨å~

Ä¾ÃÉ Ì¾É½ ÊÃÀÊÁ ¾ÃËºÈÉ¾Ã¼ ¾Ã ¥ÄÌºÇ ¨ÄÊÇ¸º ÄÂÅ¶ÃÎ ¡¾Â¾Éº¹ to develop 4 Solar power projects Ì¾É½ É½º ÉÄÉ¶Á ¸¶Å¶¸¾ÉÎ Ä» ¢¬

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Activities for Social and the Environment Signed collaborative agreements to promote energy and environmental Áº¶ÇÃ¾Ã¼ ÊÃ¹ºÇ É½º ¸ÄÃ¸ºÅÉ Ä» ä ÃºÇ¼Î »ÄÇ ¡¾»º æ ÄÌ ÉÄ ¾¼½É ÁÄ·¶Á ¬¶ÇÂ¾Ã¼ Ì¾É½ ¨ÊÈÉ¶¾Ã¶·Áº ¡¾Ë¾Ã¼å

ä ¤¢ § ¥ ¥ÇÄ¿º¸Éå ¸ÄÃ¹ÊÉº¹ ·Î ¤¢ © § together with EGAT’s Srinakarin ¹¶Â ¶Ã¹ ¸ÄÂÂÊÃ¾ÉÎ ÉÄ ·Ê¾Á¹ É½º ¸½º¸À ¹¶Â ¶É ¶Ã ¢¶º Ç¶ ÊÃ¼ ¶Ã¸½¶Ã¶·ÊÇ¾ ¥ÇÄË¾Ã¸º ¤ËºÇ ÎÄÊÃ¼ ÇºÅÇºÈºÃÉ¶É¾ËºÈ »ÇÄÂ ¶ÁÁ ÄËºÇ É½º ¸ÄÊÃÉÇÎ Å¶ÇÉ¾¸¾Å¶Éº¹ ¾Ã É½º th Thai § ¥ ®ÄÊÉ½ ¶ÂÅ ÊÃ¹ºÇ É½º Ë¾È¾ÄÃ Ä» äÊÃ¹ºÇÈÉ¶Ã¹¾Ã¼ »ÇÄÂ É½º ÄÇ¾¼¾Ã Ä» É½º Ã¶ÉÊÇº ·º¾Ã¼ ÈÄ¾Á water, wind and fire to the origin of É½º ÅÄÌºÇå ¶É Ä¾ ÃÉ¶ÃÄÃ £¶É¾ÄÃ¶Á Park, Chiang Mai Province.

©½º th - 10th ¤ ®ÄÊÉ½ ¶ÂÅ Project (Rayong Power Plant) : Organizing a visit to an ecological power plant to learn electricity generating process at Rayong ¥ÄÌºÇ ¥Á¶ÃÉ ÊÃ¹ºÇ ¤ ¶Ã¹ to raise awareness in preserving Ã¶ÉÊÇ¶Á ÇºÈÄÊÇ¸ºÈ ¾Ã ¢¶Å ©¶ ¥½ÊÉ

©½º th £ºÌ ÄÂº ªÃ¹ºÇ É½º ¨º¶ } ÇÉ¾»¾¸¾¶Á §ºº»~ ¥ÇÄ¿º¸É ÇÄÅÅ¾Ã¼ ¸ÄÃÉ¶¾ÃºÇÈ ¶Ã¹ ÇºÁº¶È¾Ã¼ ¶ÆÊ¶É¾¸ animals into the sea as well as joining fishing contest Ãº¶Ç ½¶ÃÄÂ ¥ÄÌºÇ ¥Á¶ÃÉ ¾Ã ÄÇ¹ºÇ ÉÄ ÈÊÇËºÎ É½º ¶·ÊÃ¹¶Ã¸º Ä» ¶ÆÊ¶É¾¸ ·Çºº¹È ÄÁÁ¶·ÄÇ¶Éº¹ Ì¾É½ schools in Nakhon Sri Thammarat to organize the ¸ÄÃÉ¶¾ÃºÇ ¹Ç¶Ì¾Ã¼È ¸ÄÃÉºÈÉ ä Â¶Ï¾Ã¼ ÆÊ¶É¾¸ ¾ËºÇÈ¾ÉÎå ÉÄ ºÃ¸ÄÊÇ¶¼º ÎÄÊÃ¼ ÅºÄÅÁº ÉÄ ½ºÁÅ ÅÇºÈºÇËº Ã¶ÉÊÇ¶Á ÇºÈÄÊÇ¸ºÈ ¶Ã¹ É½º ºÃË¾ÇÄÃÂºÃÉ

A handing over ceremony of a learning center for environment and clean energy at Ban Koh ¥¶ÁÊ¶¾ ¨¸½ÄÄÁ ¥¶ÁÊ¶¾ ÈÁ¶Ã¹ ¨ÊÇ¶É Thani.

Â&#x2021;Â&#x2026;Â&#x2020;Â&#x2021; Â?ÂžÂźÂ˝Ă ÂžÂźÂ˝Ă&#x2030;Ă&#x2C6; Award and Recognition EGCO August Ç° Ç°Ç° NovemberÇ°

Investorsâ&#x20AC;&#x2122; Choice Award 2012 from the Securities and Exchange Commision and the 4UPDLÇ°&YDIBOHFÇ°PGÇ°5IBJMBOEÇ°BTÇ°BÇ°DPSQPSBUFÇ°UIBUÇ°WBMVFEÇ°TIBSFIPMEFSTÄ´Ç°CFOFĹłUT Ç°BOE rated full score (100%) in AGM arrangement assessment for 4 consecutive years since Ç°SBUFEÇ°CZÇ° &YDFMMFOUÇ°$PSQPSBUFÇ°(PWFSOBODFÇ°1FSGPSNBODFÇ°JOÇ° Ç°"XBSE Ç°SBUFEÇ°CZÇ°*0%Ç°XJUIÇ°UIF score of 94 out of 100 and the full score in the part of shareholdersâ&#x20AC;&#x2122; rights. Full score of 100 for 2012 AGM arrangement for the 4th consecutive year rated by Thai Investors Association

DecemberÇ° Ç°Ç°

4&5Ç°"XBSETÇ°GPSÇ°UIFÇ°MJTUFEÇ°DPNQBOJFTÇ°XJUIÇ°UIFÇ°NBSLFUÇ°DBQJUBMJ[BUJPOÇ°PWFSÇ° NJMMJPOÇ°CBIU Ç°IPTUFEÇ°CZÇ°UIFÇ°4UPDLÇ°&YDIBOHFÇ°PGÇ°5IBJMBOEÇ° 4&5 Ç°BOEÇ°UIFÇ°'JOBODFÇ°BOE Bank Magazine:

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Khanom Electricity Generating Company Limited (KEGCO) May 3Ç° Ç°

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July 5

National Safety Award for the 13thÇ°DPOTFDVUJWFÇ°ZFBS Ç°BUÇ°UIFÇ° th National Work Safety Week by Ministry of Labour

September 3Ç°

;FSPÇ°"DDJEFOUÇ°GPSÇ° Ç°NJMMJPOÇ°IPVSTÇ°BXBSE Ç°VOEFSÇ°;FSPÇ°"DDJEFOUÇ°$BNQBJHOÇ°QSPKFDU Ç° Ministry of Labour

September 14Ç°

Ç°0VUTUBOEJOHÇ°8PSLQMBDFÇ°"XBSEÇ°JOÇ°-BCPVSÇ°3FMBUJPOTÇ°BOEÇ°8FMGBSFÇ°GPSÇ° Ç°DPOTFDVUJWFÇ° years from the Ministry of Labour

September 26

EIA Monitoring Awards 2011 in EIA compliance and environment management

December 19Ç°

$43Ç° Ç°%*8Ç°$POUJOVPVTÇ°"XBSEÇ° Ç°BTÇ°UIFÇ°DFSUJĹłDBUFÇ°PGÇ°TUBOEBSEÇ°GPSÇ°DPSQPSBUFÇ°TPDJBMÇ° responsibility for the 2nd year by the Ministry of Labour

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EGCO Cogeneration Company Limited (EGCO Cogen) September 22

Environmental protection â&#x20AC;&#x153;Ecomaginationâ&#x20AC;? Award by GE

Roi-Et Green Company Limited (Roi-Et Green) August 22

â&#x20AC;&#x153;National Safety Awards for the 3rdÇ°DPOTFDVUJWFÇ°ZFBS Ç°BUÇ°UIFÇ° th National Work Safety Week by Ministry of Labour

September 14Ç°

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EGCOM Tara Company Limited (EGCOM Tara) January 6Ç° Ç°

$FSUJĹłDBUFÇ° PGÇ° 4UBOEBSEÇ° GPSÇ° &YDFMMFOUÇ° )FBMUIZÇ° 8PSLQMBDFÇ° 0VUTUBOEJOHÇ° -FWFM Ç° CZÇ° .JOJTUSZÇ°PGÇ°1VCMJDÇ°)FBMUI

March 28Ç° Ç°

1MBRVFÇ°PGÇ°"QQSFDJBUJPOÇ°GPSÇ°UIFÇ°TVQQPSUÇ°PGÇ° Ç°HBMMPOTÇ° Ç°MJUFST Ç°PGÇ°ESJOLJOHÇ° XBUFSÇ°UPÇ°'SJFOETÇ°JOÇ°/FFEÇ° 1B Ç°7PMVOUFFSÇ°'PVOEBUJPOÇ°5IBJÇ°3FEÇ°$SPTTÇ°UPÇ°IFMQÇ°Ĺ´PPEÇ° victims in 2012

September 10

$FSUJĹłDBUFÇ°GPSÇ°2VBMJUZÇ°PGÇ°%SJOLJOHÇ°8BUFSÇ°CZÇ°.JOJTUSZÇ°PGÇ°1VCMJDÇ°)FBMUIÇ°GPSÇ° Ç°DPOTFDVUJWFÇ° years

December 19Ç°

$FSUJĹłDBUFÇ° PGÇ° 4UBOEBSEÇ° GPSÇ° $PSQPSBUFÇ° 4PDJBMÇ° 3FTQPOTJCJMJUZÇ° $43 %*8Ç° $POUJOVPVT Ç° B.E. 2555

EGCO Engineering and Services Company Limited (ESCO) January 6Ç° Ç°

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September 12Ç° Ç°

3FHJTUFSFEÇ°BTÇ°UIFÇ° th safety training center in Thailand for occupational safety in DPOĹłOFÇ°TQBDFÇ°DVSSJDVMVNÇ°CZÇ°%FQBSUNFOUÇ°PGÇ°-BCPVSÇ°1SPUFDUJPOÇ°BOEÇ°8FMGBSF Ç°.JOJTUSZÇ° of Labour

Business Activities Ã¸ÄÇÅÄÇ¶É¾ÄÃ ¸ÆÊ¾È¾É¾ÄÃ ÊÈ¾ÃºÈÈ ©Ç¶ÃÈ»ºÇ £ºÌ ÃËºÈÉÂºÃÉ January 25ǰ ǰǰ ǰ ǰ February 3ǰ ǰǰ February 27ǰ ǰ ǰ March 23ǰ ǰǰ ǰ

&($0ǰ JOWFTUFEǰ JOǰ TPMBSǰ QPXFSǰ QSPKFDUǰ UISPVHIǰ UIFǰ BDRVJTJUJPOǰ PGǰ ǰ QFSDFOUǰ stakes in SPP4 Company Limited (“SSP4”) from MEMC Singapore Pte. Ltd.. SPP4 JTǰUIFǰųSTUǰQSJWBUFǰTPMBSǰQPXFSǰQMBOUǰJOǰ5IBJMBOEǰFRVJQQFEǰXJUIǰUIFǰUSBDLJOHǰTZTUFNǰ XJUIǰUIFǰJOTUBMMFEǰDBQBDJUZǰPGǰ ǰ.8 ǰ5IFǰQMBOUǰJTǰMPDBUFEǰJOCFUXFFOǰ4SJTBLFUǰBOEǰ 6CPO3BUDIUBOJ ǰ &($0ǰJOWFTUFEǰJOǰUIFǰXJOEǰQPXFSǰQSPKFDUTǰJOǰ$IBJZBQIVNǰUISPVHIǰUIFǰBDRVJTJUJPO of 90 percent stakes in Theppana Wind Farm Company Limited which is the VSPP XJOEǰQPXFSǰQSPKFDUǰEFWFMPQFS &($0ǰ JOWFTUFEǰ JOǰ TPMBSǰ QPXFSǰ QMBOUǰ QSPKFDUǰ BOEǰ IBEǰ TJHOFEǰ UIFǰ 4IBSFIPMEFSǰ Agreement withbetween shareholders and Yanhee Solar Power Company Limited GPSǰUIFǰBDRVJTJUJPOǰPGǰ ǰQFSDFOUǰTUBLFTǰJOǰ:BOIFFǰ&($0ǰ)PMEJOHǰ$PNQBOZǰ-JNJUFEǰ XJUIǰ UPUBMǰ DBQBDJUZǰ PGǰ ǰ .8 ǰ 5IFǰ QSPKFDUTǰ BSFǰ MPDBUFEǰ JOǰ /BLPSOQBUIPNǰ BOEǰ Suphanburi. &($0ǰJOWFTUFEǰJOǰTPMBSǰQPXFSǰQSPKFDUǰUISPVHIǰUIFǰBDRVJTJUJPOǰPGǰ ǰQFSDFOUǰTUBLFT JOǰ ( 1PXFSǰ 4PVSDFǰ $PNQBOZǰ -JNJUFEǰ GSPNǰ (VOLVMǰ &OHJOFFSJOHǰ 1VCMJDǰ $PNQBOZǰ Limited. GPS is a solar power producer which has 4 Power Purchase Agreement with DBQBDJUZǰPGǰ ǰ.8ǰFBDI ǰUPUBMJOHǰ ǰ.8

May 11ǰ ǰ

&($0ǰFOUFSFEǰJOUPǰUIFǰEFųOJUJWFǰBHSFFNFOUǰUPǰBDRVJSFǰBOǰBEEJUJPOBMǰ ǰJOEJSFDUǰ PXOFSTIJQǰJOUFSFTUǰJOǰ2VF[POǰ1PXFSǰ 1IJMJQQJOFT ǰBOEǰ ǰPXOFSTIJQǰJOUFSFTUǰJO Intergen Management Service Company Limited.

May 15ǰ ǰ ǰ

&($0ǰJOWFTUFEǰJOǰUIFǰCJPEJFTFMǰQMBOUǰQSPKFDUǰUISPVHIǰUIFǰBDRVJTJUJPOǰPGǰ ǰQFSDFOUǰ TUBLFTǰ JOǰ "CTPMVUFǰ 1PXFSǰ 1ǰ $PNQBOZǰ -JNJUFE ǰ 5IFǰ QSPKFDUǰ JTǰ MPDBUFEǰ JOǰ 3PKBOBǰ *OEVTUSJBMǰ1BSL ǰ3BZPOH ǰXJUIǰDBQBDJUZǰPGǰ ǰMJUSFTǰQFSǰEBZ

May 23ǰ ǰ

&($0ǰJOWFTUFEǰJOǰUIFǰTPMBSǰQMBOUǰQSPKFDUǰUISPVHIǰUIFǰBDRVJTJUJPOǰPGǰ ǰQFSDFOUǰ TUBLFTǰJOǰ411ǰ5XPǰ$PNQBOZǰ-JNJUFEǰGSPNǰ4VO&EJTPOǰ&OFSHZǰ)PMEJOHǰ 4JOHBQPSF ǰ1UF ǰ Ltd.. The plant has the installed capacity of 8 MW. and located in Saraburi.

June 18ǰ ǰ

&($0ǰJOWFTUFEǰJOǰUIFǰTPMBSǰQPXFSǰQSPKFDUǰUISPVHIǰUIFǰBDRVJTJUJPOǰPGǰ ǰQFSDFOUǰ TUBLFTǰJOǰ411ǰ'JWFǰ$PNQBOZǰ-JNJUFEǰXIJDIǰJODSFBTFEǰ&($0ĴTǰFRVJUZǰVQǰUPǰ ǰ.8

August 16ǰ ǰǰ

&($0ǰJOWFTUFEǰUISPVHIǰUIFǰBDRVJTJUJPOǰPGǰ ǰQFSDFOUFRVJUZǰPGǰ.BOBNCBOHǰ.VBSB &OJNǰDPBMǰNJOFǰQSPKFDUǰXIJDIǰJTǰMPDBUFEǰJOǰ*OEPOFTJB

September 28ǰ ǰ

&($0ǰJOWFTUFEǰJOǰ ǰ.8ǰ)BUǰ:BJǰ.VOJDJQBMǰ8BTUFǰ1PXFSǰ1MBOUǰ1SPKFDUǰUISPVHIǰUIFǰ BDRVJTJUJPOǰPGǰ ǰQFSDFOUǰTUBLFTǰJOǰ(*%&$ǰ$PNQBOZǰ-JNJUFEǰ Ķ(*%&$ķ

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Business Activities B. Accreditation of Standard Systems

Rayong Power Plant June 6-7

Passing 4thÇ°SFDFSUJĹłDBUJPOÇ°BVEJUÇ°GPSÇ°*40Ç° Ç°CZÇ°567Ç°/03%

July 24-26Ç° Ç°

1BTTJOHÇ°TVSWFJMMBODFÇ°BVEJUÇ°GPSÇ°*40 Ç°BOEÇ°5*4Ç° Ç°BOEÇ°0)4"4Ç° Ç° CZÇ°."4$*Ç° .BOBHFNFOUÇ°4ZTUFNÇ°$FSUJĹłDBUJPOÇ°*OTUJUVUFÇ° Ç°5IBJMBOE Ç°

KEGCO May 21-22 Ç°

Passing surveillance audit for the 4thÇ° *40Ç° Ç° 5IFÇ° nd TIS 18001:2011 & 0)4"4Ç° Ç°BOEÇ°UIFÇ° ndÇ°*40Ç° Ç°CZÇ°567Ç°Ç°/03%Ç°

August 31

Passing surveillance audit for the 5thÇ°*40Ç° Ç° Ç°CZÇ°567Ç°/03%

EGCOM Tara February 7 Ç°

Passing surveillance audit for the 5thÇ° *40Ç° Ç° *40Ç° Ç° BOEÇ° nd TIS Ç° Ç°0)4"4Ç° Ç°CZÇ°6OJUFEÇ°3FHJTUSBSÇ°PGÇ°4ZTUFNTÇ° 5IBJMBOE Ç°-JNJUFEÇ°

August 20-21

Passing 3rd SFDFSUJĹłDBUJPOÇ°BVEJUÇ°GPSÇ°*40Ç° Ç°*40Ç° Ç°BOEÇ°TVSWFJMMBODFÇ° audit for the 3rdÇ° 5*4Ç° Ç° Ç° 0)4"4Ç° Ç° 0DDVQBUJPOBMÇ° )FBMUIÇ° BOEÇ° 4BGFUZÇ°.BOBHFNFOU Ç°CZÇ°6OJUFEÇ°3FHJTUSBSÇ°PGÇ°4ZTUFNTÇ° 5IBJMBOE Ç°-JNJUFEÇ°

Ç° September 14Ç°

$FSUJĹłDBUFÇ°PGÇ°4UBOEBSEÇ°GPSÇ°*40 *&$Ç° Ç° Ç°GPSÇ° Ç°QBSBNFUFS Ç°CZÇ°5IBJÇ°*OEVTUSJBMÇ° Standards Institute.

Roi-Et Green December 24

Passing 1stÇ°TVSWFJMMBODFÇ°BVEJUÇ°GPSÇ°*40Ç° Ç°CZÇ°4(4

Activities for Shareholders and Investors A. Shareholdersâ&#x20AC;&#x2122;s Meeting April 25 May 4Ç°

2012 Shareholdersâ&#x20AC;&#x2122;Annual General Meeting Ç°'JOBMÇ°%JWJEFOEÇ°1BZNFOUÇ°BUÇ° Ç°CBIUÇ°QFSÇ°TIBSF

September 21Ç°

Ç°*OUFSJNÇ°%JWJEFOEÇ°1BZNFOUÇ°BUÇ° Ç°CBIUÇ°QFSÇ°TIBSF

Â&#x2014;Â&#x192; Â¤Ă&#x2026;Ă&#x2026;Ă&#x201E;Ă&#x2021;Ă&#x2030;Ă&#x160;Ă&#x192;ÂžĂ&#x2030;Ă&#x17D; Â&#x2122;ÂśĂ&#x17D;Â&#x201E;Â&#x2013;Ă&#x192;ÂśĂ Ă&#x17D;Ă&#x2C6;Ă&#x2030; Â˘ÂşÂşĂ&#x2030;ÂžĂ&#x192;Âź February 22 May 18Ç° August 21Ç° November 22Ç°

0QQPSUVOJUZÇ°%BZ "OBMZTUÇ°.FFUJOHÇ°/P Ç° Ç°UPÇ°BOOPVODFÇ° Ç°BOOVBMÇ°QFSGPSNBODF 0QQPSUVOJUZÇ° %BZ "OBMZTUÇ° .FFUJOHÇ° /P Ç° Ç° UPÇ° BOOPVODFÇ° Ä´TÇ° ĹłSTUÇ° RVBSUFSÇ° performance 0QQPSUVOJUZÇ°%BZ "OBMZTUÇ°.FFUJOHÇ°/P Ç° Ç°UPÇ°BOOPVODFÇ° Ä´TÇ°TFDPOEÇ°RVBSUFSÇ° performance 0QQPSUVOJUZÇ° %BZ "OBMZTUÇ° .FFUJOHÇ° /P Ç° Ç° UPÇ° BOOPVODFÇ° Ä´TÇ° UIJSEÇ° RVBSUFSÇ° performance

C. Meet the Investors January 26Ç° March 26-27 April 3Ç° July 29-30Ç° August 29-31

5*4$0Ç°$PSQPSBUFÇ°%BZÇ°BUÇ°5*4$0Ç°#VJMEJOHÇ°CZÇ°5JTDPÇ°4FDVSJUJFT UBS Thailand Natural Gas Field Trip by UBS Securities "&$Ç° Ç°&($0Ç°(SPVQÇ°NFFUJOHÇ°CZÇ°5IBOBDIBSUÇ°4FDVSJUJFT /PO %FBMÇ°3PBETIPXÇ°GPSÇ°JOTUJUVUJPOBMÇ°JOWFTUPSTÇ°JOÇ°4JOHBQPSFÇ°CZÇ°5IBOBDIBSUÇ°4FDVSJUJFT Thailand Focus 2012 by SET & Phatra Securities

November 22-25

SET in the City 2012 by SET & Phatra Securities

D. Knowledge Sharing and Site Visit March 1-2 March 20 June 14 July 11 October 5 December 12 December 13Ç° December 20

"OBMZTUÇ°BOEÇ°*OWFTUPSÄ´TÇ°TJUFÇ°WJTJUÇ°BUÇ°,IBOPNÇ°1PXFSÇ°1MBOU Ç°/BLPSOÇ°4JÇ°5IBNNBSBU Newsletter to Shareholders & Investors Newsletter to Shareholders & Investors 4IBSFIPMEFSTÄ´Ç°TJUFÇ°WJTJUÇ°UPÇ°/&%Ç°1PXFSÇ°1MBOU Ç°BUÇ°-PQCVSJÇ°1SPWJODF Newsletter to Shareholders & Investors 4IBSFIPMEFSTÄ´Ç°TJUFÇ°WJTJUÇ°UPÇ°/&%Ç°1PXFSÇ°1MBOU Ç°BUÇ°-PQCVSJÇ°1SPWJODF 4IBSFIPMEFSTÄ´Ç°TJUFÇ°WJTJUÇ°UPÇ°/&%Ç°1PXFSÇ°1MBOU Ç°BUÇ°-PQCVSJÇ°1SPWJODF Newsletter to Shareholders & Investors

2012 Highlights

Activities for Employees February 15, September 4

Communication Day between management and employees.

April 18, 26

Annual Physical Checkup for Employees

August 23Ç°

"OOVBMÇ°ĹłSFÇ°ESJMM

November 28

EGCO Group Sport Day

December 25

EGCO New Year Party

Activities for Community and Social EGCO January â&#x20AC;&#x201C; December Ç° Ç°

A Watershed Forest: A Source of Energy for Life Project, under the â&#x20AC;&#x2DC;Reduce Global Warming for His Majesty the Kingâ&#x20AC;&#x2122; campaign: Collaborated with the Department of "MUFSOBUJWFÇ°&OFSHZÇ°%FWFMPQNFOUÇ°BOEÇ°&GĹłDJFODZÇ° %&%& Ç°UIFÇ°.JOJTUSZÇ°PGÇ°&OFSHZ Ç°UIFÇ°5IBJÇ° Forest Conservation Foundation and Mae Jo University in developing the 4 th model mini IZESPÇ°QPXFSÇ°QMBOUÇ°BUÇ°)BLÇ°(JBÇ°7JMMBHF Ç°5BNCPOÇ°#BOÇ°-VBOH Ç°"NQIPFÇ°+PNÇ°5IPOH Ç°$IJBOHÇ°.BJ

March 25-31 Ç°

EGCO Forest Youth Camp: 38th youth camp at Doi Inthanon National Park, Chiang .BJÇ°JOÇ°DPMMBCPSBUJPOÇ°XJUIÇ°%PJÇ°*OUIBOPOÇ°/BUJPOBMÇ°1BSLÇ°BOEÇ°UIFÇ°5IBJÇ°'PSFTUÇ°$POTFSWBUJPOÇ° Foundation.

May 25

A handing over ceremony of a learning center for environment and clean energy at Ban Koh Paluai School, Paluai Island, Surat Thani under the Model Project of Clean Energy Islands: In collaboration with the Department of Alternative Energy %FWFMPQNFOUÇ° BOEÇ° &GĹłDJFODZÇ° %&%& Ç° UIFÇ° .JOJTUSZÇ° PGÇ° &OFSHZ Ç° BOEÇ° 5IBJMBOEÇ° Environment Institute.

Ç° November 30 Ç° Ç°

Signed collaborative agreements to promote energy and environmental learning under the concept of â&#x20AC;&#x153;Energy for Lifeâ&#x20AC;Ś How to Fight Global Warming with Sustainable Livingâ&#x20AC;?:Ç°*OÇ°DPMMBCPSBUJPOÇ°XJUIÇ°UIFÇ°&OFSHZÇ°1PMJDZÇ°BOEÇ°1MBOOJOHÇ°0GĹłDFÇ° &110 Ç°UIFÇ°.JOJTUSZÇ°PGÇ°&OFSHZ Ç°UIFÇ°0GĹłDFÇ°PGÇ°UIFÇ°#BTJDÇ°&EVDBUJPOÇ°$PNNJTTJPOÇ° 0#&$ Ç° UIFÇ°.JOJTUSZÇ°PGÇ°&EVDBUJPOÇ°BOEÇ°5IBJMBOEÇ°&OWJSPONFOUÇ°*OTUJUVUF

Rayong Power Plant January DecemberÇ°

Organizing Sport Activity:Ç° "UUFOEJOHÇ° XJUIÇ° UIFÇ° 0GĹłDFÇ° PGÇ° %JTBTUFSÇ° 1SFWFOUJPOÇ° BOEÇ° .JUJHBUJPO Ç°.BQÇ°5BÇ°1IVUÇ°.VOJDJQBMJUZ Ç°3BZPOHÇ°XJUIÇ°UIFÇ°PCKFDUJWFÇ°UPÇ°QSPNPUFÇ°HPPEÇ° relationships and good health.

January 31 â&#x20AC;&#x201C; February 3

The 9th EGCO Youth Camp Project (Rayong Power Plant) : Organizing a visit to an ecological power plant to learn electricity generating process at Rayong Power Plant under EGCO and to raise awareness in preserving natural resources at Khao Laem Ya, Samet Island.

May 15Ç°

%FNPOTUSBUJPOÇ°XPSLTIPQÇ°PGÇ°CBTJDÇ°ĹłSFĹłHIUJOHÇ°BOEÇ°ĹłSFÇ°DPOUSPMÇ°DBVTFEÇ°CZÇ°UIFÇ°VTFÇ° of household gas stoves for Khao Phai community located in the surrounding area of the power plant.

June 14 Ç°

Cleaning Community Activity: In collaboration with Khao Laem Ya National Park and TUVEFOUTÇ°PGÇ°8BUÇ°)VBJÇ°1POHÇ°4DIPPM Ç°DPMMFDUJOHÇ°HBSCBHFÇ°BUÇ°.BFÇ°3BNQVFOHÇ°#FBDIÇ°POÇ° the occasion of World Environment Day to conserve good environment and raise public mind.

June 28 â&#x20AC;&#x201C; July 1

The 10th EGCO Youth Camp Project (Rayong Power Plant): Organizing a visit to an ecological power plant to learn electricity generating process at Rayong Power Plant under EGCO and to raise awareness in preserving natural resources at Khao Laem Ya, Samet Island.

August 17 Ç°

Tree Plant Activity: Staff of Rayong Power Plant and Huai Pong Community-Sa Pan /BNÇ°5VBNÇ°QMBOUFEÇ°USFFTÇ°JOÇ°DPNNVOJUZÇ°BSFBTÇ°UPÇ°QBZÇ°IPNBHFÇ°Ç°UPÇ°)FSÇ°.BKFTUZÇ°UIFÇ° Queen on the occasion of National Motherâ&#x20AC;&#x2122;s Day.

September 20 Ç°

Community Health Activity: Staff of Rayong Power Plant and Public Health and &OWJSPONFOUÇ°#VSFBV Ç°.BQÇ°5BÇ°1IVUÇ°.VOJDJQBMJUZ Ç°WJTJUFEÇ°QBUJFOUTÇ°JOÇ°UIFÇ°TVSSPVOEJOHÇ° areas of the power plant as the restoring health at home project.

November 2

%FNPOTUSBUJPOÇ°XPSLTIPQÇ°PGÇ°CBTJDÇ°ĹłSFĹłHIUJOHÇ°BOEÇ°ĹłSFÇ°DPOUSPMÇ°DBVTFEÇ°CZÇ°UIFÇ°VTFÇ°PGÇ° household gas stoves for Huai PongÇ°DPNNVOJUZ 4BÇ°1BOÇ°/BNÇ°5VBN Ç°$IBSPFOÇ°1BUUBOBÇ° community, Soi Kiri community located in the surrounding area of the power plant.

November DecemberÇ°

Restoring Public Health Knowledge Workshop Project for volunteers in community JOÇ°UIFÇ°WJDJOJUZÇ°PGÇ°QPXFSÇ°QMBOUÇ° QVCMJDÇ°IFBMUIÇ°WPMVOUFFS Ç°BUÇ°)VBJÇ°1POHÇ°1VCMJDÇ°)FBMUIÇ° Service Center and Mab Kha Health Service Center.

December

Planting Trees, Building Dams, and Dredging Nam Cha Canal Activity in communities situated at the rear of the power plant with the aim of restoring the environment and quality of life of communities as part of performing good deeds to celebrate the 85thÇ°#JSUIEBZÇ°PGÇ°)JTÇ°.BKFTUZÇ°UIFÇ°,JOH

Ç°

*NQSPWJOHÇ°BOEÇ°3FQBJSJOHÇ°UIFÇ°&MFDUSJDBMÇ°4ZTUFNÇ°PGÇ°5FNQMF Ç°4DIPPMTÇ°BOEÇ°$PNNVOJUJFTÇ° Project in surrounding areas of the power plant to install electrical system at the temple pavilion in Wat Soi Kiri, Rayong Province.

2012 Highlights

KEGCO January December Ç° Ç° Ç°

Biological Agriculture for Sustainable Living Project: Organizing lectures and demonstration of â&#x20AC;&#x153;making organic fertilizer for agricultural useâ&#x20AC;? for 11 schools in "NQIPFÇ°,IBOPN Ç°/BLPOÇ°4SJÇ°5IBNNBSBU Breeding of Blue Swimming Crab Project: In collaboration with Nakhon 4SJÇ° 5IBNNBSBUÇ° $PBTUBMÇ° 'JTIFSJFTÇ° 3FTFBSDIÇ° BOEÇ° %FWFMPQNFOUÇ° $FOUFSÇ° JOÇ° CSFFEJOHÇ° blue swimming crabs, and releasing as well as breeders into the sea at Khanom #BZ Ç°"NQIPFÇ°,IBOPN Ç°/BLIPOÇ°4SJÇ°5IBNNBSBU Community Relations Development Project: Repairing and maintaining the electrical system of schools, temples, a child development center and Islamic communities for safety. Computer knowledge for Community Project:Ç°(VJEJOHÇ°.JDSPTPGUÇ°0GĹłDFÇ°"QQMJDBUJPOÇ° and basic internet to schools in Amphoe Khanom.

Ç° Ç° Ç° Ç°

Living Development for Moo 8 Community Project:Ç°*OÇ°DPMMBCPSBUJPOÇ°XJUIÇ°#BOÇ° #BOHQBOHÇ°1SJNBSZÇ°)FBMUIÇ°$BSFÇ°7PMVOUFFSÇ°BOEÇ°#BOÇ°/BÇ°1BFÇ°$PNNVOJUZÇ°&OUFSQSJTF Ç° .PPÇ° Ç°5POHÇ°/JBOÇ°NVOJDJQBMJUZ Ç°JOÇ°QSPWJEJOHÇ°NFEJDBMÇ°TDSFFOJOHÇ°TVDIÇ°BTÇ°CMPPEÇ°QSFTTVSF Ç° XFJHI Ç°IFJHIU Ç°CMPPEÇ°TVHBS Ç°#JPÇ°.BTTÇ°*OEFY Living Development for Ban Tha Muang Islamic Community Project: Subsidizing BOEÇ° EFWFMPQJOHÇ° QFPQMFÇ° MJWJOHÇ° JOÇ° #BOÇ° 5IBÇ° .VBOHÇ° *TMBNJDÇ° DPNNVOJUZÇ° BTÇ° XFMMÇ° BTÇ° supporting infrastructure and vocational promotion. Health Promotion Project: Promoting peopleâ&#x20AC;&#x2122;s health in Amphoe Khanomâ&#x20AC;&#x2122;s Hospital Networks, providing primary medical service, preventing diseases, and rehabilitating for people living in Amphoe Khanom

January 14

Childrenâ&#x20AC;&#x2122;s Day 2012 Activity: With the objective of providing children, youths and communities in the surrounding areas of power plant with the opportunity to participate in the activities and visit Khanom Power Plant.

March 4

Scholarship Presentation Ceremony 2012:Ç°*OÇ°DPMMBCPSBUJPOÇ°XJUIÇ°#BOÇ°5IBÇ°.VBOHÇ° School, preparing the 13thÇ°4DIPMBSTIJQÇ°&YBNÇ° Ç°BOEÇ°QSFTFOUJOHÇ°DFSUJĹłDBUFÇ°BOEÇ° scholarship to scholar students.

March 25-30

Field Trip for Elders in Amphoe Khanom Project:Ç°5BLJOHÇ°FMEFSTÇ°GSPNÇ°UIFÇ°&MEFSMZÇ° Club of Khanom Hospital and the elders living in the surrounding areas of the QPXFSÇ°QMBOUÇ°POÇ°BÇ°ĹłFMEÇ°USJQÇ°UPÇ°UIFÇ°OPSUIFBTUÇ°GPSÇ°UIFJSÇ°QMFBTVSF

Ç° June 20-27 Ç° Ç°

The 6thÇ°/FXÇ°)PNFÇ°6OEFSÇ°UIFÇ°4FBÇ° "SUJĹłDJBMÇ°3FFG Ç°1SPKFDU Ç°%SPQQJOHÇ° Ç°DPOUBJOFSTÇ° BOEÇ°SFMFBTJOHÇ°BRVBUJDÇ°BOJNBMTÇ°JOUPÇ°UIFÇ°TFBÇ°BTÇ°XFMMÇ°BTÇ°KPJOJOHÇ°ĹłTIJOHÇ°DPOUFTUÇ°OFBSÇ° Khanom Power Plant in order to survey the abundance of aquatic breeds. Collaborated XJUIÇ°TDIPPMTÇ°JOÇ°/BLIPOÇ°4SJÇ°5IBNNBSBUÇ°UPÇ°PSHBOJ[FÇ°UIFÇ°DPOUBJOFSÇ°ESBXJOHTÇ°DPOUFTUÇ° â&#x20AC;&#x153;Amazing Aquatic Diversityâ&#x20AC;? to encourage young people to help preserve natural resources and the environment.

June 29 - July 2 Ç°

The 39th EGCO Forest Conservation Youth Camp:Ç°5BLJOHÇ°TUVEFOUTÇ°GSPNÇ° Ç°TDIPPMTÇ° in Amphoe Phipoon and Amphoe Noppitam camping at Khao Luang National Park, /BLIPOÇ°4SJÇ°5IBNNBSBU Ç°

July 17 Ç°

Scholarship and Sport Equipment Presentation Ceremony 2012:Ç°GPSÇ° Ç°TDIPPMTÇ° JOÇ°"NQIPFÇ°,IBOPN Ç°/BLIPOÇ°4SJÇ°5IBNNBSBU

July 26

Annual Presentation of Lent Candle Activity:Ç°5PHFUIFSÇ°XJUIÇ°JUTÇ°TUBGGÇ°PGGFSFEÇ°MFOUÇ° candles to 14 temples in Amphoe Khanom to carry on this tradition.

August 21-25 Ç°

Youth Field Trip for Learning Project:Ç°5BLJOHÇ°TUVEFOUTÇ°GSPNÇ° Ç°TDIPPMTÇ°JOÇ°"NQIPFÇ° ,IBOPNÇ° POÇ° BÇ° ĹłFMEÇ° USJQÇ° UPÇ° UIFÇ° /BUJPOBMÇ° 4DJFOUJĹłDÇ° 8FFLÇ° BUÇ° UIFÇ° /BUJPOBMÇ° 4DJFODFÇ° Museum with the object to promote learning outside the classroom among the young generation.

November 2 Ç°

Annual Presentation of Monk Robes Activity: Hosting annual presentation of monk SPCFTÇ°BUÇ°8BUÇ°#BOHÇ°,IVÇ°BOEÇ°QBSUJDJQBUJOHÇ°JOÇ°NPOLÇ°SPCFTÇ°PGGFSJOHÇ°JOÇ° Ç°UFNQMFT

November 20 Ç°

New Library for Children Project:Ç°#VZJOHÇ°BOEÇ°QSPWJEJOHÇ°CPPLT Ç°KPVSOBMT Ç°UFYUCPPLT Ç° JODMVEJOHÇ°SFOPWBUJOHÇ°UIFÇ°MJCSBSZÇ°UPÇ°QSPNPUFÇ°TFMG EFWFMPQNFOUÇ°GPSÇ°TUVEFOUTÇ°JOÇ°#BOÇ° Pret School.

November 29

Reading Promotion for Children Project: Renovating and maintaining the library for Wat Kradangnga including let its staff to donate books.

December 13

Enhancing Relations within Communities Activity: Community relations football match and social gathering for community leaders to promote good relations.

December 18 Ç°

Releasing Freshwater Animals and Developing Blue Pool Activity: Several breeds PGÇ°GSFTIXBUFSÇ°ĹłTIÇ°XFSFÇ°SFMFBTFEÇ°JOÇ°,MPOHÇ°#BOÇ°,MBOHÇ°1VNQJOHÇ°4UBUJPOÇ°UPÇ°QBZÇ°IPNBHFÇ° to His Majesty the King on his birthday.

Roi-Et Green January

Childrenâ&#x20AC;&#x2122;s Day 2012 Activity:

Ç°

Ç° 0GGFSJOHÇ° GPPEÇ° DPOUBJOFSTÇ° BOEÇ° QBSUJDJQBUJOHÇ° JOÇ° $IJMESFOÄ´TÇ° %BZÇ° BDUJWJUZÇ° BUÇ° #BOÇ° Nongnasang School. - Donating food container sets to Roi-Et National Museum.

April

Donating Computer to Ban Nonthan School Project:Ç°(JWJOHÇ° Ç°DPNQVUFSTÇ°UPÇ°#BOÇ° Nonthan School, Nong Wang district, Roi-Et Province.

July

Sport Development Project:Ç°4VQQPSUJOHÇ°CVEHFUÇ°BOEÇ°TQPSUTXFBSÇ°GPSÇ°#BOÇ°/POHOBTBOHÇ° School.

September

Mobile Medical Unit 1/2012 Project: Offering medical check-ups to people living in surrounding areas of the power plant in Nuea Mueng district, Amphoe Muang, Roi-Et Province.

2012 Highlights

Mobile Medical Unit 2/2012 Project: Offering medical check-ups to people living in surrounding areas of the power plant in Nuea Mueng district, Amphoe Muang, Roi-Et Province. October

Donating Electric Fan Project:Ç°0GGFSJOHÇ° Ç°JODIÇ°FMFDUSJDÇ°GBOTÇ°UPÇ°8BUÇ°.POHLPMXBOBSBN Ç° Nuea Mueng district, Amphoe Muang, Roi-Et Province.

November

Donating Medicine Cupboard Project:Ç°(JWJOHÇ°NFEJDJOFÇ°DVQCPBSETÇ°UPÇ°#BOÇ°/POHOBTBOHÇ° Sub-District Hospital, Amphoe Muang, Roi-Et Province. Sport Day Activity:Ç°*OÇ°DPMMBCPSBUJPOÇ°XJUIÇ°#BOÇ°/POHOBTBOHÇ°4DIPPMÇ°BOEÇ°UIFÇ°WJMMBHFSTÇ° in supporting activity and prize for the athletes.

December

Donating School Bag Project: Giving school bags for school students in Nuea Mueng district, Amphoe Muang, Roi-Et Province.

EGCO Cogen January December

December 25 Mobile Medical Unit Project: Offering a mobile doctor unit to give guidance, check and treat general patients as well as giving dental service with no charge.

January 13 Ç°

Childrenâ&#x20AC;&#x2122;s Day Activities: Supporting Childrenâ&#x20AC;&#x2122;s day activities with Mab Kha Municipality, Nikompattana Police station, Mab Kha community radio station, Mab ,IBÇ°TDIPPM Ç°/JLPNTSBOHÇ°5POHÇ°TDIPPMÇ°/P Ç°BOEÇ°

January 27

Support in Prayer practice project with Nikompattana District.

April 3

Support in SongKran festival with Mab Kha Municipality

October 31

Co-ordinate with RIP club for making good relation with customer in Rayong Industrial Park.

November 2

Support in Concert charityÇ°XJUIÇ°5BLTJOÇ°GPVOEBUJPOÇ°PGÇ°3BZPOHÇ°QSPWJODF

November 14

Training â&#x20AC;&#x153; Electrical safetyâ&#x20AC;?Ç°GPSÇ°5VOUFYÇ°5FYUJMFÇ° 5IBJMBOE Ç°DPNQBOZÇ°MJNJUFE

November 14

Support in Volunteer force to national security project with Amphoe Nikompattana.

December 25

Support in Red Cross Day with Rayong governor.

EGCOM Tara January 14 Ç° February 25

National Childrenâ&#x20AC;&#x2122;s Day 2012 Activities: With the objective of providing children, youths and communities in the surrounding areas of the water treatment plant with the opportunity to participate in the activities and giving gift for the children at #BOHÇ°/PLÇ°,XBLÇ°.VOJDJQBMJUJFT Walk rally for Ratchaburi travel 2012 Activities: With the objective of youths and communities in the surrounding areas of Ratchaburi Province.

April 5 Ç°

The elderly Relations 2012 Activities: With the objective of providing elders living in the surrounding areas of the water treatment plant with the opportunity to QBSUJDJQBUFÇ°JOÇ°UIFÇ°BDUJWJUJFTÇ°BUÇ°Ç°5BJÇ°.VFOHÇ°5FNQMF

April 6 Ç°

Friendly football match 2012 Activities: Egcom tara staff, Supplier and $PNNVOJUJFTÇ°JOÇ°UIFÇ°TVSSPVOEJOHÇ°BSFBTÇ°PGÇ°UIFÇ°XBUFSÇ°USFBUNFOUÇ°QMBOUÇ°POÇ°BÇ°ĹłFMEÇ°BUÇ° Sri Da Ram Stadium

April 24

Municipalities Festival Day 2012 Activities: With the objective of communities in the surrounding areas of water treatment plant at Lak Mueng Municipalities.

August 1 Ç°

Annual Presentation of Lent Candle and Volunteering Activity:Ç°5PHFUIFSÇ°XJUIÇ° JUTÇ°TUBGGÇ°PGGFSFEÇ°MFOUÇ°DBOEMFTÇ°BUÇ°5BJÇ°.VFOHÇ°5FNQMFÇ°JOÇ°.VFOHÇ°3BUDIBCVSJÇ°UPÇ°DBSSZÇ°POÇ° this tradition.

September 28

Planting Trees, Building Dams Activity: in communities situated at the rear of the water treatment plant with the aim of restoring the environment and quality of life PGÇ°DPNNVOJUJFTÇ°BTÇ°QBSUÇ°PGÇ°QFSGPSNJOHÇ°HPPEÇ°EFFETÇ°UPÇ°DFMFCSBUFÇ° th ages of Princess Mother.

Ç° October 6

Scholarship Activity: for Employeesâ&#x20AC;&#x2122; children at water treatment plant.

November 4

Annual Presentation of Monk Robes Activity:Ç° 5PHFUIFSÇ° XJUIÇ° 8BUÇ° 4SJÇ° %BÇ° 3BNÇ° community, Amphoe Damnoensaduak, Ratchaburi Province

December 14

Donating Drinking Water System:Ç°"Ç°ESJOLJOHÇ°XBUFSÇ°TZTUFNÇ°XBTÇ°HJWFOÇ°UPÇ°5BJÇ°.VFOHÇ° School in Muang Ratchaburi, Ratchaburi Province

Vision To be the leading Thai integrated electric power company with comprehensive energy services in Thailand and in the ASEAN region, with full commitment to environment protection and social development support

Mission 1. To maximize shareholderâ&#x20AC;&#x2122;s value 2. To offer reliable quality power supply at reasonable price 3. To create a work environment which promotes professionalism, good teamwork and equitable treatment 4. To be a good corporate citizen and be sensitive to society and environment

Restated

Financial Overview Consolidated Financial Statements

2012

2011

2010

20091

2008

20072

2006

2005

2004

2003

FINANCIAL PERFORMANCE (Million Baht) Sales and service income Other income Accounting gains on a business combination achieved in stages, net Cost of sales and services Administrative expenses and income taxes Impairment charge Finance costs Share of profit (loss) from Subsidiaries, an associated and interest in joint ventures Net Profit (loss) attributable to Non-controlling interests Fx gain (loss) Net Profit (loss) attributable to the Company

14,057 415 4,310

7,661 449

8,609 386

9,145 349

10,320 378

10,939 655

13,839 848

16,022 805

15,620 15,378 852 898

9,673 3,141 703 5,578

5,589 1,933 694 5,200

5,678 1,888 564 6,109

5,411 1,772 568 6,273

5,872 1,776 630 4,619

5,711 1,680 839 5,051

5,815 2,154 1,166 (83)

8,151 2,202 1,859 27

7,593 1,894 (34) 2,220 29

6,017 1,323 170 2,631 (545)

126

115

114

134

169

264

232

303

205 10,979

22 4,990

(56) 6,803

33 7,936

(25) 6,927

121 8,402

716 6,016

(285) 4,093

67 4,662

707 5,994

109,324 41,004 67,433 887 5,265

72,956 14,423 57,978 555 5,265

67,040 11,712 54,819 509 5,265

62,920 11,826 50,572 521 5,265

58,330 12,788 45,066 476 5,265

53,600 11,604 41,475 521 5,265

50,459 14,661 35,289 509 5,265

61,250 29,136 31,041 1,073 5,265

20.85 128.09 N/A

9.48 110.13 5.25

12.92 104.13 5.25

15.07 96.06 5.25

13.16 85.60 5.00

15.96 78.78 4.75

11.43 67.03 4.00

7.78 58.96 3.25

8.88 53.55 3.00

11.41 49.21 2.75

1.34 0.51 31.19 33.90* 10.84* 7.46* 0.60

11.72 1.82 27.05 37.49 8.85 7.13 0.25

10.26 2.08 34.04 45.04 12.91 10.47 0.21

8.30 1.08 40.83 50.33 16.60 13.09 0.23

2.58 1.11 43.10 45.22 16.01 12.38 0.28

4.22 1.20 47.80 50.48 21.89 16.15 0.28

1.65 1.58 57.98 41.19 18.14 10.77 0.41

2.27 1.29 49.13 24.28 13.83 7.04 0.91

3.25 1.33 51.39 28.25 17.28 8.36 0.89

2.19 1.01 60.88 38.10 26.02 10.68 1.11

FINANCIAL POSITION (Million Baht) Total assets Total liabilities Parentâ&#x20AC;&#x2122;s shareholdersâ&#x20AC;&#x2122; equity Non-controlling interestsâ&#x20AC;&#x2122; shareholdersâ&#x20AC;&#x2122; equity Treasury stock Issued and paid-up share capital

55,066 56,437 25,963 29,736 28,173 25,895 982 859 (52) (52) 5,265 5,265

PER SHARE DATA (Baht) Basic earnings per share Book Value Dividend

RATIO ANALYSIS Liquidity ratio (Time) Cashflows liquidity ratio (Time) Gross profit ratio (%) Earnings ratio (%) Return on equity ratio (%) Return on assets ratio (%) Debt to equity ratio (Time)

Ç° &YDMVEJOHÇ°BDDPVOUJOHÇ°HBJOÇ°POÇ°CVTJOFTTÇ°DPNCJOBUJPOÇ°BGUFSÇ°EFEVDUFEÇ°UIFÇ°BNPSUJ[BUJPOÇ°BNPVOUÇ° Ç°NJMMJPOÇ°CBIUÇ°PGÇ° Ç°PGÇ°2VF[PO Ç°CFGPSFÇ°UIFÇ° Ç° DPNQBOZÇ°QVSDIBTFEÇ°UIFÇ°BEEJUJPOBMÇ°TIBSFTÇ°JOÇ°UIFÇ°QPSUJPOÇ°PGÇ° Ç°5IJTÇ°NFUIPEÇ°XBTÇ°QFSGPSNFEÇ°JOÇ°BDDPSEBODFÇ°XJUIÇ°UIFÇ°BDDPVOUJOHÇ°TUBOEBSE Remarks: 1 Ç° "DDPSEJOHÇ°UPÇ°UIFÇ°BOOPVODFNFOUÇ°QVCMJTIFEÇ°CZÇ°UIFÇ°%FQBSUNFOUÇ°PGÇ°#VTJOFTTÇ°%FWFMPQNFOUÇ°SFHBSEJOHÇ°UIFÇ° Ç°Å³OBODJBMÇ°TUBUFNFOUTÇ°GPSNBU Ç°UIFÇ°(SPVQÇ°JTÇ° Ç° SFRVJSFEÇ°UPÇ°QSFTFOUÇ°EJSFDUPSTÇ°BOEÇ°NBOBHFNFOUÇ°SFNVOFSBUJPOÇ°UIBUÇ°VTFEÇ°UPÇ°JODMVEFÇ°JOÇ°DPTUÇ°PGÇ°TBMFT Ç°5IFSFGPSF Ç°DPNQBSBUJWFÇ°Å³HVSFTÇ°IBWFÇ°CFFOÇ°BEKVTUFEÇ° to conform with changes in presentation in the current year. Ç°Ç° 'SPNÇ°+BOVBSZÇ° Ç° Ç°&($0Ç°(SPVQÇ°IBTÇ°DIBOHFEÇ°UIFÇ°BDDPVOUJOHÇ°QPMJDZÇ°GPSÇ°JOUFSFTUTÇ°JOÇ°KPJOUÇ°WFOUVSFTÇ°JOÇ°UIFÇ°DPOTPMJEBUFEÇ°Å³OBODJBMÇ°TUBUFNFOUTÇ°GSPNÇ° Ç° 1SPQPSUJPOBUFÇ°$POTPMJEBUJPOÇ°UPÇ°UIFÇ°&RVJUZÇ°.FUIPE Ç°BOEÇ°BEPQUFEÇ°UIFÇ°BDDPVOUJOHÇ°QPMJDZÇ°SFHBSEJOHÇ°&NQMPZFFÇ°#FOFÅ³UT Ç°5IFÇ°SFUSPTQFDUJWFÇ°BEKVTUNFOUT Ç° IBWFÇ°CFFOÇ°NBEFÇ°POÇ° Ç°Å³OBODJBMÇ°TUBUFNFOUT

unit : Million Baht

Total Revenues 20,000

18,782

15,000 10,000

8,110

8,995

9,494

10,698

2011

2010

2009

2008

11,594

2007

14,687

16,827

16,472

16,276

2005

2004

2003

5,000 0 2012

2006

Share of profit (loss) from Subsidiaries, an associated and interest in joint ventures

7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 -1,000

5,578

5,200

6,109

unit : Million Baht

6,273 4,619

5,051

2005

2004

(83) 2012

2011

2010

2009

2008

2007

2006

(545)

Total Expenses Excluding Currency Exchange Gains or Losses 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0

unit : Million Baht

13,517

2012

8,216

8,130

2011

2010

2003

7,751

8,278

8,230

9,135

2009

2008

2007

2006

12,212

11,673

2005

2004

10,141

2003

Net Profit Excluding Currency Exchange Gains or Losses unit : Million Baht 12,000 10,000 8,000 6,000 4,000 2,000 0

10,774

4,968

2012

2011

6,858

2010

7,903

2009

6,952

2008

8,281

2007

5,299

4,378

4,595

5,287

2006

2005

2004

2003

Total Assets unit : Million Baht 120,000 100,000 80,000 60,000 40,000 20,000 0

109,324

2012

72,956

67,040

62,920

58,330

53,600

50,459

2011

2010

2009

2008

2007

2006

61,250

55,066

56,437

2005

2004

2003

Message from the Chairman

Message from the Chairman *OÇ° Ç°5IBJMBOEÇ°XJUOFTTFEÇ°TUFBEZÇ°FDPOPNJDÇ°HSPXUIÇ°GPMMPXJOHÇ°UIFÇ°RVJDLÇ°SFCPVOEÇ°PGÇ° UIFÇ°QSJWBUFÇ°TFDUPSÇ°GSPNÇ°UIFÇ°SBWBHJOHÇ°Ĺ´PPETÇ°JOÇ°MBUFÇ° Ç°QSPQFMMFEÇ°CZÇ°UIFÇ°HPWFSONFOUÄ´TÇ° FDPOPNJDÇ° TUJNVMVTÇ° QBDLBHFÇ° BOEÇ° UIFÇ° PQUJNBMÇ° ĹłOBODJBMÇ° DPOEJUJPOT Ç° *OÇ° UIFÇ° NFBOUJNF Ç° EFTQJUFÇ°UIFÇ°JNQBDUÇ°PGÇ°UIFÇ°HMPCBMÇ°FDPOPNJDÇ°EPXOUVSOÇ°UIBUÇ°IBEÇ°TQJMMFEÇ°PWFSÇ°UPÇ°UIFÇ°5IBJÇ° FDPOPNZÇ°TJODFÇ°UIFÇ°TFDPOEÇ°IBMGÇ°PGÇ°UIFÇ°ZFBS Ç°JUTÇ°SFQFSDVTTJPOTÇ°XFSFÇ°MJNJUFEÇ°UPÇ°FYQPSUTÇ°BOEÇ° UIFÇ°FYQPSU PSJFOUFEÇ°NBOVGBDUVSJOHÇ°TFDUPS Ç°"TÇ°BÇ°DPOTFRVFODF Ç°UIJTÇ°PQFOFEÇ°PQQPSUVOJUJFTÇ° for strong businesses with capabilities to drive growth to continue to prosper, making it a successful year for business corporations prepared and equipped with operational TUSBUFHJFTÇ°UIBUÇ°SFĹ´FDUFEÇ°UIFÇ°QSFWBJMJOHÇ°DJSDVNTUBODFT 3FHBSEJOHÇ°UIFÇ°FOFSHZÇ°TJUVBUJPO Ç°TQFDJĹłDBMMZÇ°FMFDUSJDJUZ Ç°FMFDUSJDJUZÇ°DPOTVNQUJPOÇ°JOÇ° Ç° UPUBMFEÇ° Ç°NJMMJPOÇ°VOJUT Ç°BOÇ°JODSFBTFÇ°PGÇ° Ç°NJMMJPOÇ°VOJUTÇ°PSÇ° Ç°SFTVMUJOHÇ° JOÇ°UIFÇ°QFBLÇ°QPXFSÇ°EFNBOEÇ°UPÇ°SFBDIÇ° Ç°.8Ç°DPNQBSFEÇ°UPÇ° Ç°.8Ç°JOÇ° Ç°VQÇ° Ç°.8Ç°PSÇ° Ç° Electricity Generating Public Company Limited or EGCO Group is committed to developing JUTÇ°CVTJOFTTÇ°UPÇ°BDIJFWFÇ°TVTUBJOBCMFÇ°HSPXUIÇ°BOEÇ°QSPHSFTTÇ°BTÇ°5IBJMBOEÄ´TÇ°ĹłSTUÇ°JOEFQFOEFOUÇ° QPXFSÇ°QSPEVDFS Ç°5IFÇ°(SPVQÇ°BUUBDIFTÇ°TJHOJĹłDBODFÇ°UPÇ°NBYJNJ[JOHÇ°UIFÇ°FGĹłDJFODZÇ°PGÇ°FYJTUJOHÇ° power plant operations and constantly seeking investment opportunities by means of EFWFMPQJOHÇ°OFXÇ°QSPKFDUTÇ°BOEÇ°BDRVJSJOHÇ°QSPKFDUTÇ°GSPNÇ°QSJWBUFÇ°QPXFSÇ°QSPEVDFSTÇ°JOÇ°5IBJMBOEÇ° BOEÇ°UIFÇ°"4&"/Ç°SFHJPO Ç°5IFÇ°HPBMÇ°JTÇ°UPÇ°JODSFBTFÇ°JODPNFÇ°BOEÇ°NBSLFUÇ°TIBSFTÇ°BTÇ°UIFÇ°MFBEJOHÇ° energy company along with creating sustainable economic value for all stakeholders. *OÇ° Ç°&($0Ç°(SPVQÇ°XBTÇ°TVDDFTTGVMÇ°JOÇ°FYQBOEJOHÇ°JUTÇ°JOWFTUNFOUÇ°JOÇ°5IBJMBOEÇ°BOEÇ°"4&"/ Ç° BTÇ°XFMMÇ°BTÇ°FOUFSJOHÇ°JOUPÇ°OFXÇ°CVTJOFTTFT Ç°5IFÇ°(SPVQÇ°BDRVJSFEÇ°TUBLFTÇ°JOÇ°DPNNFSDJBMMZÇ° operating assets, including 5 solar power plants, namely â&#x20AC;&#x153;SPP2â&#x20AC;? in Saraburi province, â&#x20AC;&#x153;SPP3â&#x20AC;? in Srisaket province, â&#x20AC;&#x153;SPP4â&#x20AC;? in the boundary between Srisaket and Ubon Ratchathani province, â&#x20AC;&#x153;SPP5â&#x20AC;? in Roi Et province, and power plants phase 1 - 3 operated CZÇ°( 1PXFSÇ°4PVSDFÇ°$PNQBOZÇ°-JNJUFEÇ° Äś(14Äˇ Ç°JOÇ°/BLIPOÇ°4BXBOÇ°BOEÇ°$IBJOBUÇ°QSPWJODF Ç° 5IFÇ°UPUBMÇ°JOTUBMMFEÇ°DBQBDJUZÇ°JTÇ° Ç°.8Ç°&RVJUZ Ç°5IFÇ°(SPVQÇ°BMTPÇ°BDRVJSFEÇ°NPSFÇ°TUBLFTÇ°JOÇ°BÇ° "4&"/Ç°QPXFSÇ°QMBOU Ç°JODMVEJOHÇ°UIFÇ°2VF[POÇ°DPBMÇ°ĹłSFEÇ°FMFDUSJDJUZÇ°HFOFSBUJPOÇ°QMBOUÇ°JOÇ°UIFÇ° 1IJMJQQJOFT Ç°XJUIÇ°BOÇ°BEEJUJPOBMÇ°JOTUBMMFEÇ°DBQBDJUZÇ°PGÇ° Ç°.8Ç°&RVJUZ Ç°*OÇ°BEEJUJPO Ç°JUÇ°JOWFTUFEÇ° in two other businesses - the Semi-solid Palm Oil Biodiesel Plant in Rojana Industrial Park, Rayong province, and the Manambang Muara Enim (MME) coal mine in Indonesia.

'PVSÇ° QSPKFDUTÇ° VOEFSÇ° DPOTUSVDUJPOÇ° JODMVEFÇ° UIFÇ° WFSZÇ° TNBMMÇ° XJOEÇ° QPXFSÇ° QMBOU Ç° OBNFMZ Ç° Äś5IFQQBOBÄˇÇ° JOÇ° Chaiyaphum province, the solar power plant â&#x20AC;&#x153;GPSâ&#x20AC;? located in Petchaboon provice, the solar power plant project â&#x20AC;&#x153;Solarcoâ&#x20AC;?Ç°JODMVEJOHÇ°TJYÇ°QPXFSÇ°QMBOUTÇ°JOÇ°/BLIPOÇ°1BUIPNÇ°BOEÇ°4VQBOCVSJÇ°QSPWJODF Ç°BOEÇ°UIFÇ° â&#x20AC;&#x153;Hat Yai Municipal Waste Power Plant Projectâ&#x20AC;?Ç°JOÇ°4POHLIMBÇ°QSPWJODF Ç°5IFÇ°UPUBMÇ°DBQBDJUZÇ°PGÇ°UIFTFÇ°QSPKFDUTÇ° is 41 MW Equity. 5ISFFÇ° QSPKFDUTÇ° VOEFSÇ° EFWFMPQNFOUÇ° JODMVEFÇ° UISFFÇ° 4NBMMÇ° 1PXFSÇ° 1SPEVDFSÇ° 411 Ç° QSPKFDUTÇ° Ç° â&#x20AC;&#x153;TJ Cogenâ&#x20AC;? QPXFSÇ°QMBOUÇ°QSPKFDUÇ°JOÇ°1BUIVNÇ°5IBOJÇ°QSPWJODF Ç°â&#x20AC;&#x153;TP Cogenâ&#x20AC;? and â&#x20AC;&#x153;SK Cogenâ&#x20AC;? in Ratchaburi province with BÇ°UPUBMÇ°JOTUBMMFEÇ°DBQBDJUZÇ°PGÇ° Ç°.8 Ç° &($0Ç°(SPVQÇ°DVSSFOUMZÇ°SVOTÇ° Ç°PQFSBUJOHÇ°QMBOUTÇ°BOEÇ° Ç°QSPKFDUTÇ°VOEFSÇ°DPOTUSVDUJPOÇ°BOEÇ°EFWFMPQNFOUÇ°JOÇ° 5IBJMBOEÇ°BOEÇ°PWFSTFBTÇ°XJUIÇ°BÇ°UPUBMÇ°JOTUBMMFEÇ°DBQBDJUZÇ°PGÇ° Ç°.8Ç°&RVJUZ Ç°5IFÇ°UPUBMÇ°DPOUSBDUFEÇ°DBQBDJUZÇ° XJUIÇ°&("5Ç°BOEÇ°1&"Ç°VOEFSÇ°MPOH UFSNÇ°11"Ç°JTÇ° Ç°.8 Ç°5IJTÇ°SFTVMUFEÇ°JOÇ°&($0Ç°(SPVQÄ´TÇ°NBSLFUÇ°TIBSFÇ°JOÇ° 5IBJMBOEÇ°PGÇ° Ç°GSPNÇ°BÇ°UPUBMÇ°JOTUBMMFEÇ°DBQBDJUZÇ°PGÇ° Ç°.8 *OÇ° Ç°UIFÇ°&($0Ç°(SPVQÇ°SFDPSEFEÇ°CFUUFS UIBO FYQFDUFEÇ°PQFSBUJOHÇ°SFTVMUT Ç°0QFSBUJOHÇ°QSPĹłUÇ°CFGPSFÇ°'9Ç°BOEÇ° BDDPVOUJOHÇ°HBJOTÇ°POÇ°CVTJOFTTÇ°DPNCJOBUJPOÇ°XBTÇ° Ç°NJMMJPOÇ°CBIU Ç°BÇ°SJTFÇ°PGÇ° Ç°NJMMJPOÇ°CBIUÇ°PSÇ° Ç°GSPNÇ° UIFÇ°QSFWJPVTÇ°ZFBS Ç°0GÇ°XIJDI Ç° Ç°NJMMJPOÇ°CBIUÇ°DBNFÇ°GSPNÇ°UIFÇ°QPXFSÇ°CVTJOFTTÇ°XIFSFBTÇ°UIFÇ°SFNBJOJOHÇ° Ç° NJMMJPOÇ°CBIUÇ°DBNFÇ°GSPNÇ°PUIFSÇ°CVTJOFTTFT Ç°5IFÇ°&($0Ç°(SPVQÄ´TÇ°UPUBMÇ°BTTFUTÇ°UPUBMFEÇ° Ç°NJMMJPOÇ°CBIU Ç°BOÇ° JODSFBTFÇ°PGÇ° Ç°NJMMJPOÇ°CBIU Ç°PSÇ° Ç°DPNQBSFEÇ°UPÇ°UIFÇ°ZFBSÇ°CFGPSF Ç°&($0Ä´TÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°XJMMÇ° QSPQPTFÇ°UPÇ°UIFÇ°TIBSFIPMEFSTÇ°JOÇ°UIFÇ° Ç°"OOVBMÇ°(FOFSBMÇ°.FFUJOHÇ°UPÇ°DPOTJEFSÇ°UIFÇ°EJWJEFOEÇ°QBZNFOUÇ°GPSÇ° UIFÇ°ZFBSÇ°XBTÇ° Ç°CBIUÇ°QFSÇ°TIBSF Ç°5IFÇ°(SPVQÇ°QMFEHFTÇ°UPÇ°SFUBJOÇ°UIFÇ°EJWJEFOEÇ°EJTUSJCVUJPOÇ°BUÇ°BOÇ°BQQSPQSJBUFÇ° and satisfactory level. Aside from its relentless commitment to driving business growth and prosperity, the EGCO Group realizes that environmental and social sustainability is essential to the survival and success of almost every CVTJOFTT Ç°UIFSFCZÇ°DPOEVDUJOHÇ°CVTJOFTTÇ°JOÇ°BMJHONFOUÇ°XJUIÇ°UIFÇ°WJTJPOÇ°Äś5PÇ°DPOUSJCVUFÇ°UPÇ°UIFÇ°FOWJSPONFOUÇ° BOEÇ° TPDJBMÇ° EFWFMPQNFOUÄˇ Ç° 5PÇ° BDDPNQMJTIÇ° UIFÇ° PCKFDUJWFT Ç° UIFÇ° (SPVQÇ° TUSFTTFTÇ° UIFÇ° JNQPSUBODFÇ° PGÇ° FOWJSPONFOUBMÇ° TUFXBSETIJQÇ° UPÇ° NJOJNJ[FÇ° JUTÇ° PQFSBUJOHÇ° JNQBDUT Ç° 5IFÇ° (SPVQÇ° BMTPÇ° DPMMBCPSBUFTÇ° XJUIÇ° UIFÇ° government and private sectors as well as the communities to carry out projects dedicated to developing society and the environment encompassing three areas: the promotion and development of quality of life in the community, the promotion of learning about energy and the environment among youths, and natural resources conservation. In addition, EGCO encourages its employees to take part in the efforts as a means to develop their potential and capabilities along with inculcating public-mindedness, enabling them to be accountable for the organization and society as a whole. 5IFÇ° EFNPOTUSBUFEÇ° DPNNJUNFOUÇ° HBJOFEÇ° &($0Ç° (SPVQÇ° OVNFSPVTÇ° BXBSETÇ° BOEÇ° SFDPHOJUJPOÇ° GSPNÇ° WBSJPVTÇ° JOTUJUVUJPOTÇ°JOÇ° Ç°&YBNQMFTÇ°JODMVEFEÇ°UIFÇ°&YDFMMFOUÇ°$PSQPSBUFÇ°(PWFSOBODFÇ°1FSGPSNBODFÇ°JOÇ° Ç°"XBSEÇ° CZÇ°*%0 Ç°BOÇ°&YDFMMFOUÇ° 5PQÇ° Ç°4DPSFT Ç°GPSÇ°UIFÇ° thÇ°FYFDVUJWFÇ°ZFBSÇ°GSPNÇ°UIFÇ°"OOVBMÇ°(FOFSBMÇ°.FFUJOHÇ° "(. Ç° DPOEVDUFEÇ°CZÇ°5IBJÇ°*OWFTUPSTÇ°"TTPDJBUJPO Ç°*OWFTUPSTÄ´Ç°$IPJDFÇ°"XBSEÇ° Ç°GSPNÇ°UIFÇ°4FDVSJUJFTÇ°BOEÇ°&YDIBOHFÇ° $PNNJTTJPOÇ°BOEÇ°UIFÇ°4UPDLÇ°&YDIBOHFÇ°PGÇ°5IBJMBOEÇ°BTÇ°BÇ°DPSQPSBUJPOÇ°UIBUÇ°WBMVFEÇ°TIBSFIPMEFSTÄ´Ç°CFOFĹłU Ç°BOEÇ° 4&5Ç°"XBSETÇ°GPSÇ°UIFÇ°MJTUFEÇ°DPNQBOJFTÇ°XJUIÇ°UIFÇ°NBSLFUÇ°DBQJUBMJ[BUJPOÇ°PWFSÇ° Ç°NJMMJPOÇ°CBIU Ç°IPTUFEÇ°CZÇ°

Message from the Chairman

UIFÇ°4UPDLÇ°&YDIBOHFÇ°PGÇ°5IBJMBOEÇ° 4&5 Ç°BOEÇ°UIFÇ°'JOBODFÇ°BOEÇ°#BOLÇ°.BHB[JOF Ç°0VUTUBOEJOHÇ°$PSQPSBUFÇ°4PDJBMÇ° 3FTQPOTJCJMJUZÇ°"XBSET Ç°BOEÇ°5PQÇ°$PSQPSBUFÇ°(PWFSOBODFÇ°3FQPSUÇ°"XBSET Other power plants under the EGCO Group also won scores of awards and recognition from different institutions. For instance, Khanom Power Plant obtained the Outstanding Corporate Governance Award Ç°BTÇ°BÇ° Ç°NJMMJPOÇ°CBIUÇ°SFHJTUFSFEÇ°DBQJUBMÇ°DPNQBOZÇ°GSPNÇ°UIFÇ°.JOJTUSZÇ°PGÇ°$PNNFSDFÇ°BOEÇ°UIFÇ°/BUJPOBMÇ° Safety Award for the 13th consecutive year from the Ministry of Labour. Likewise, Roi Et Green Power Plant received the National Safety Award for the 3rd consecutive year from the Ministry of Labor. All the achievements resulted from the continued support of all concerned parties including shareholders, customers, business partners, the community, and society that has enabled the EGCO Group to operate FGÅ³DJFOUMZÇ°BOEÇ°TVDDFTTGVMMZÇ°PWFSÇ°UIFÇ°ZFBST Ç°0OÇ°CFIBMGÇ°PGÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°PGÇ°&MFDUSJDJUZÇ°(FOFSBUJOHÇ° 1VCMJDÇ°$PNQBOZÇ°-JNJUFE Ç°*Ç°XJTIÇ°UPÇ°FYQSFTTÇ°BQQSFDJBUJPOÇ°UPÇ°BMMÇ°TIBSFIPMEFSTÇ°BOEÇ°PUIFSÇ°JOWPMWFEÇ°QBSUJFTÇ°GPSÇ° ZPVSÇ°DPOUJOVFEÇ°USVTUÇ°BOEÇ°DPPQFSBUJPOÇ°UIBUÇ°IBWFÇ°SFOEFSFEÇ°PVSÇ°TVDDFTTÇ°UPEBZ Ç°5IJTÇ°JOTQJSFTÇ°BOEÇ°FODPVSBHFTÇ° the management as well as each and every employee to drive the company forward to achieve even further success, creating better returns for shareholders through the practice of good corporate governance and adherence to ethics and fairness to all stakeholders. We believe that by doing so, the &($0Ç°(SPVQÇ°XJMMÇ°QSPTQFSÇ°BTÇ°XJMMÇ°5IBJÇ°TPDJFUZÇ°JOÇ°UIFÇ°ZFBSTÇ°UPÇ°DPNF

Mr. Pornchai Rujiprapa Chairman of the Board of Directors

Board of Directors

as of December 31, 2012

01 Mr. Pornchai Rujiprapa

02 Mr. Thanapich Mulapruk

03 Mr. Pasan Teparak

t ½¶¾ÇÂ¶Ã t ½¶¾ÇÂ¶Ã Ä» ÃËºÈÉÂºÃÉ ÄÂÂ¾ÉÉºº

t Ã¹ºÅºÃ¹ºÃÉ ¾Çº¸ÉÄÇ t ½¶¾ÇÂ¶Ã Ä» Ê¹¾É ÄÂÂ¾ÉÉºº

t Ã¹ºÅºÃ¹ºÃÉ ¾Çº¸ÉÄÇ t Ê¹¾É ÄÂÂ¾ÉÉºº ¢ºÂ·ºÇ

04 Pol. Gen. Pansiri Prapawat

05 Mr. Pongstorn Kunanusorn

06 Mr. Sorajak Kasemsuvan

t Independent Director t ÄÇÅÄÇ¶Éº ÄËºÇÃ¶Ã¸º ¶Ã¹ ¨Ä¸¾¶Á Responsibility Committee Member t £ÄÂ¾Ã¶É¾ÄÃ ¶Ã¹ §ºÂÊÃºÇ¶É¾ÄÃ Committee Member

t Ã¹ºÅºÃ¹ºÃÉ ¾Çº¸ÉÄÇ t Ê¹¾É ÄÂÂ¾ÉÉºº ¢ºÂ·ºÇ

t Ã¹ºÅºÃ¹ºÃÉ ¾Çº¸ÉÄÇ t ½¶¾ÇÂ¶Ã Ä» ÄÇÅÄÇ¶Éº ÄËºÇÃ¶Ã¸º and Social Responsibility Committee t £ÄÂ¾Ã¶É¾ÄÃ ¶Ã¹ §ºÂÊÃºÇ¶É¾ÄÃ Committee Member

Board of Director

07 Mr. Phaiboon Siripanoosatien

08 Mr. Kulit Sombatsiri

09 Mr. Surasak Supavititpatana

t Ã¹ºÅºÃ¹ºÃÉ ¾Çº¸ÉÄÇ t ÄÇÅÄÇ¶Éº ÄËºÇÃ¶Ã¸º ¶Ã¹ ¨Ä¸¾¶Á Responsibility Committee Member t £ÄÂ¾Ã¶É¾ÄÃ ¶Ã¹ §ºÂÊÃºÇ¶É¾ÄÃ Committee Member

t ¾Çº¸ÉÄÇ t ÄÇÅÄÇ¶Éº ÄËºÇÃ¶Ã¸º ¶Ã¹ ¨Ä¸¾¶Á Responsibility Committee Member

t ¾Çº¸ÉÄÇ t ÃËºÈÉÂºÃÉ ÄÂÂ¾ÉÉºº ¢ºÂ·ºÇ

10 Mr. Thawat Vadjanapornsithi

11 Mr. Hideo Kuramochi

12 Mr. Shigeru Inano

t ¾Çº¸ÉÄÇ t £ÄÂ¾Ã¶É¾ÄÃ ¶Ã¹ §ºÂÊºÇÃ¶É¾ÄÃ Committee Member

t ¾Çº¸ÉÄÇ t ½¶¾ÇÂ¶Ã Ä» £ÄÂ¾Ã¶É¾ÄÃ ¶Ã¹ Remuneration Committee t ÃËºÈÉÂºÃÉ ÄÂÂ¾ÉÉºº ¢ºÂ·ºÇ

t ¾Çº¸ÉÄÇ

(Authorized Director)

13 Mr. Toshiro Kudama

14 Mr. Satoshi Yajima

15 Mr. Sahust Pratuknukul

t ¾Çº¸ÉÄÇ

t ¾Çº¸ÉÄÇ t ÃËºÈÉÂºÃÉ ÄÂÂ¾ÉÉºº ¢ºÂ·ºÇ

t ¥ÇºÈ¾¹ºÃÉ t ½¶¾ÇÂ¶Ã Ä» §¾ÈÀ ¢¶Ã¶¼ºÂºÃÉ Committee t ½¶¾ÇÂ¶Ã Ä» ÇÄÊÅ ÊÈ¾ÃºÈÈ Committee

(Authorized Director)

(October 1, 2011 – July 1, 2012)

t ½¶¾ÇÂ¶Ã Ä» ÄÄ¹ ÄÇÅÄÇ¶Éº Governance Committee t ½¶¾ÇÂ¶Ã Ä» ¤ ¢¶Ã¶¼ºÂºÃÉ Committee t ÃËºÈÉÂºÃÉ ÄÂÂ¾ÉÉºº ¢ºÂ·ºÇ t ÄÇÅÄÇ¶Éº ÄËºÇÃ¶Ã¸º ¶Ã¹ ¨Ä¸¾¶Á Responsibility Committee Member (Authorized Director)

Board of Director

Board of Directors

Vacating the Office by Resignation and Rotation in 2012

01 Mr. Aswin Kongsiri

02 Mr. Chaipat Sahasakul

t Ã¹ºÅºÃ¹ºÃÉ ¾Çº¸ÉÄÇ t «¾¸º ½¶¾ÇÂ¶Ã t ½¶¾ÇÂ¶Ã Ä» Ê¹¾É Committee t ½¶¾ÇÂ¶Ã Ä» ÄÇÅÄÇ¶Éº Governance and Social Responsibility Committee t £ÄÂ¾Ã¶É¾ÄÃ ¶Ã¹ Remuneration Committee Member

t Ã¹ºÅºÃ¹ºÃÉ ¾Çº¸ÉÄÇ t ½¶¾ÇÂ¶Ã Ä» Ê¹¾É Committee

(resigned on March 1, 2012)

03 Mr. Somphot Kanchanaporn t Ã¹ºÅºÃ¹ºÃÉ ¾Çº¸ÉÄÇ t Ê¹¾É ÄÂÂ¾ÉÉºº ¢ºÂ·ºÇ (resigned on March 1, 2012)

04 Police Lieutenant General Pijarn Jittirat

t Ã¹ºÅºÃ¹ºÃÉ ¾Çº¸ÉÄÇ t ÄÇÅÄÇ¶Éº ÄËºÇÃ¶Ã¸º ¶Ã¹ Social Responsibility Committee Member t £ÄÂ¾Ã¶É¾ÄÃ ¶Ã¹ Remuneration Committee Member (retired by rotation in AGM on April 25, 2012)

(retired by rotation in AGM on April 25, 2012)

05 Mr. Akio Matsuzaki

06 Mr. Hideaki Tomiku

07 Mr. Ryota Sakakibara

t ¾Çº¸ÉÄÇ

t ¾Çº¸ÉÄÇ t ½¶¾ÇÂ¶Ã Ä» £ÄÂ¾Ã¶É¾ÄÃ and Remuneration Committee t ÃËºÈÉÂºÃÉ ÄÂÂ¾ÉÉºº Member

t ¾Çº¸ÉÄÇ t ÃËºÈÉÂºÃÉ ÄÂÂ¾ÉÉºº Member

(Authorized Director) (resigned on January 29, 2012)

(Authorized Director) (resigned on March 1, 2012)

The positions of EGCO’ s Board of Directors as of December 31, 2012

Mr. Pornchai Rujiprapa (60)

Mr. Thanapich Mulapruk (63)

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Education

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Board of Director

Mr. Pasan Teparak (52)

Police Lieutenant General Pansiri Prapawat (59)

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Mr. Pongstorn Kunanusorn (61)

Mr. Sorajak Kasemsuvan (57)

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1SFTFOUÇ° 4FOJPSÇ°&YFDVUJWFÇ°7JDFÇ°1SFTJEFOU Ç°Ç° Ç° *TMBNJDÇ°#BOLÇ°PGÇ°5IBJMBOE .BSÇ° Ç° Ç°4FQÇ° Ç° $IBJSNBO Ç°Ç° $"5Ç°8JSFMFTTÇ°/FUXPSLÇ°$PNQBOZÇ°-JNJUFE +VOÇ° Ç° Ç°+BOÇ° Ç° %JSFDUPS Ç°Ç° $"5Ç°.PCJMFÇ°$PNQBOZÇ°-JNJUFE +VOÇ° Ç° Ç°+BOÇ° Ç° %JSFDUPSÇ° Ç°Ç° $"5Ç°$POUBDUÇ°$FOUFSÇ°$PNQBOZÇ°-JNJUFE "QSÇ° Ç° Ç°4FQÇ° Ç° %JSFDUPSÇ° Dhanarak Asset Development Company Limited

Education Ä»Ç° 1I % Ç°JOÇ°*OUFSOBUJPOBMÇ°-BX Ç°-POEPOÇ°4DIPPMÇ°PGÇ°&DPOPNJDT University of London, UK Ä»Ç° .BTUFSÇ°PGÇ°-BXT Ç°6OJWFSTJUZÇ°$PMMFHF Ç°-POEPO Ç°6OJWFSTJUZÇ°PG London, UK Ä»Ç° #BDIFMPSÇ°PGÇ°1PMJUJDTÇ°BOEÇ°-BXTÇ° )PO Ç°6OJWFSTJUZÇ°$PMMFHFÇ°PG Wales, Aberystwyth, UK Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°%FNPDSBUJDÇ°1PMJUJDTÇ°BOEÇ°(PWFSOBODFÇ°GPSÇ°)JHI Level Administrators, King Prajadhipok Institute Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°%JSFDUPSTÇ°"DDSFEJUBUJPOÇ°1SPHSBN Ç°5IBJÇ°*OTUJUVUFÇ° of Directors Association Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°%JSFDUPSTÇ°$FSUJÅ³DBUJPOÇ°1SPHSBN Ç°5IBJÇ°*OTUJUVUF of Directors Association Working Experience (during the recent 5 years) Listed Companies in SET Present President Ç°Ç° 5IBJÇ°"JSXBZTÇ°*OUFSOBUJPOBMÇ°1VCMJD Company Limited %FDÇ° Ç° Ç°0DUÇ° Ç° $IBJSNBOÇ° Ç°Ç° .$05Ç°1VCMJDÇ°$PNQBOZÇ°-JNJUFE Other Organizations Present Advisor Suntaraporn Foundation Present Vice-Chairman Saranrom Institute of Foreign Affairs Foundation Present Vice-Chairman Senior Artistsâ&#x20AC;&#x2122; Welfare Foundation Ç° Ç° Ç° "EWJTPSÇ°UPÇ°%FQVUZÇ°.JOJTUFSÇ°PGÇ° Education Ministry of Education Ç° Ç° Ç° 1SFTJEFOUÇ° Stamford International University Ç° Ç° Ç° &YFDVUJWFÇ°%JSFDUPSÇ° Ç°Ç° *OUFSOBUJPOBMÇ°*OTUJUVUFÇ°GPSÇ°5SBEFÇ°BOEÇ° Development

Board of Director

Mr. Phaiboon Siripanoosatien (50)

Mr. Kulit Sombatsiri (48)

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Education

Ä»Ç° .BTUFSÇ°PGÇ°#VTJOFTTÇ°"ENJOJTUSBUJPO Ç°6OJWFSTJUZÇ°PGÇ°4PVUIFSO California, USA Ä»Ç° .BTUFSÇ°PGÇ°1VCMJDÇ°"ENJOJTUSBUJPO Ç°4BOÇ°%JFHPÇ°4UBUFÇ°6OJWFSTJUZ USA Ä»Ç° #BDIFMPSÇ°PGÇ°1VCMJDÇ°"ENJOJTUSBUJPO Ç° Ramkhamhaeng University Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°&YFDVUJWFÇ°1SPHSBN Ç°$BQJUBMÇ°.BSLFUÇ°"DBEFNZ Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°%JSFDUPSTÇ°$FSUJÅ³DBUJPOÇ°1SPHSBN Ç°5IBJÇ°*OTUJUVUF of Directors Association

Ä»Ç° .BTUFSÇ°PGÇ°1PMJUJDBMÇ°4DJFODF Ç°4VLIVUIBJÇ°5IBNNBUIJSBU University Ä»Ç° #BDIFMPSÇ°PGÇ°&OHJOFFSJOH Ç°$IVMBMPOHLPSOÇ°6OJWFSTJUZ Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°%JSFDUPSTÇ°$FSUJÅ³DBUJPOÇ°1SPHSBN Ç°5IBJÇ°*OTUJUVUF of Directors Association Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°1VCMJDÇ°-BXÇ°BOEÇ°.BOBHFNFOU Ç° King Prajadhipokâ&#x20AC;&#x2122;s Institute Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°%FNPDSBUJDÇ°1PMJUJDTÇ°BOEÇ°(PWFSOBODFÇ°GPSÇ°)JHI Level Administrators, King Prajadhipok Institute Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°&YFDVUJWFÇ°1SPHSBN Ç°$BQJUBMÇ°.BSLFUÇ°"DBEFNZ Working Experience (during the recent 5 years) Listed Companies in SET Ç° Ç°1SFTFOUÇ° *OEFQFOEFOUÇ°%JSFDUPSÇ°BOEÇ°"VEJUÇ° Committee Member Finansia Syrus Securities Public Company Limited Ç° Ç°1SFTFOUÇ° *OEFQFOEFOUÇ°%JSFDUPSÇ° Metrostar Property Public Company Limited Other Organizations Ç° Ç°1SFTFOUÇ° *OEFQFOEFOUÇ°%JSFDUPSÇ° Asia Credit Securities Company Limited Ç° Ç°1SFTFOUÇ° &YFDVUJWFÇ°%JSFDUPSÇ° Ç°Ç° 0GÅ³DFÇ°PGÇ°4NBMMÇ°BOEÇ°.FEJVN Enterprises

Education

Working Experience (during the recent 5 years) Listed Companies in SET Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ° Ç°Ç° ,SVOHÇ°5IBJÇ°"TTFUÇ°.BOBHFNFOUÇ°1VCMJD Company Limited Other Organizations Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ° Electricity Generating Authority of Ç°Ç° 5IBJMBOE 0DUÇ° Ç° Ç°1SFTFOUÇ° *OTQFDUPSÇ°(FOFSBMÇ° Ministry of Finance 0DUÇ° Ç° Ç°4FQÇ° Ç° "EWJTPSÇ°UPÇ°4UBUFÇ°&OUFSQSJTFÇ°Ç° Development Ç°Ç° 5IFÇ°4UBUFÇ°&OUFSQSJTFÇ°1PMJDZÇ°0GÅ³DF Ç° Ministry of Finance 4FQÇ° Ç° Ç°4FQÇ° Ç° %FQVUZÇ° Ç°%JSFDUPSÇ°(FOFSBMÇ° Ç°Ç° 5IFÇ°4UBUFÇ°&OUFSQSJTFÇ°1PMJDZÇ°0GÅ³DF Ç° Ministry of Finance Ç° Ç°"VHÇ° Ç° %JSFDUPS Ç°#VSFBVÇ°PGÇ°.POFUBSZ Management Ç°Ç° 5IFÇ°5SFBTVSZÇ°%FQBSUNFOU Ç°.JOJTUSZÇ°PG Finance Ç° Ç° Ç° %FQVUZÇ°4FDSFUBSZÇ°(FOFSBMÇ° Ç°Ç° 5IFÇ°/BUJPOBMÇ°5FMFDPNNVOJDBUJPOT Commission

Mr. Surasak Supavititpatana (60)

Mr. Thawat Vadjanapornsithi (60)

Ä»Ç° %JSFDUPS Ä»Ç° *OWFTUNFOUÇ°$PNNJUUFFÇ°.FNCFS "VUIPSJ[FEÇ°%JSFDUPS

Ä»Ç° %JSFDUPS Ä»Ç° /PNJOBUJPOÇ°BOEÇ°3FNVFSOBUJPOÇ°$PNNJUUFFÇ°.FNCFS "VUIPSJ[FEÇ°%JSFDUPS

Education

Ä»Ç° #BDIFMPSÇ°PGÇ°&MFDUSJDBMÇ°&OHJOFFSJOH Ç°,BTFUTBSUÇ°6OJWFSTJUZ Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°.BOBHFNFOUÇ°PGÇ°1VCMJDÇ°&DPOPNZÇ°GPSÇ°Ç° Ç° &YFDVUJWF Ç°,JOHÇ°1SBKBEIJQPLÄ´TÇ°*OTUJUVUF Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°%JSFDUPSTÇ°$FSUJÅ³DBUJPOÇ°1SPHSBN Ç°5IBJÇ°*OTUJUVUFÇ°Ç° of Directors Association Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°'JOBODFÇ°GPSÇ°&YFDVUJWFÇ°%FDJTJPO Ç°$POUJOVJOHÇ°Ç° Education Center, Chulalongkorn University Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°1PTJUJPOJOHÇ°6UJMJUZÇ°&YFDVUJWFTÇ°GPSÇ°$IBOHF Ç°Ç° University of Idaho

Ä»Ç° #BDIFMPSÇ°PGÇ°&MFDUSJDBMÇ°&OHJOFFSJOH Ç°$IVMBMPOHLPSOÇ°6OJWFSTJUZ Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°.BOBHFNFOUÇ°PGÇ°1VCMJDÇ°&DPOPNZÇ°GPS Ç° &YFDVUJWF Ç°,JOHÇ°1SBKBEIJQPLÄ´TÇ°*OTUJUVUF Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°%JSFDUPSTÇ°$FSUJÅ³DBUJPOÇ°1SPHSBN Ç°5IBJÇ°*OTUJUVUF of Directors Association Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°'JOBODFÇ°GPSÇ°&YFDVUJWFÇ°%FDJTJPO Ç°$POUJOVJOH Education Center, Chulalongkorn University Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°.BTUFSGVMÇ°$PBDIJOHÇ°8PSLTIPQ Ç°)BZÇ°(SPVQ Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°4FOJPSÇ°&YFDVUJWFÇ°%FWFMPQNFOUÇ°1SPHSBN Foundation for International Human Resource Development

Working Experience (during the recent 5 years) +BOÇ° Ç° Ç°1SFTFOUÇ° %FQVUZÇ°(PWFSOPSÇ° Ç°(FOFSBUJPOÇ° Electricity Generating Authority of Ç°Ç° 5IBJMBOE 0DUÇ° Ç° Ç°+BOÇ° Ç° "TTJTUBOUÇ°(PWFSOPSÇ° Ç°1PXFSÇ°1MBOUÇ° Ç° Electricity Generating Authority of Ç°Ç° 5IBJMBOE /PWÇ° Ç° Ç°4FQUÇ° Ç°.BFÇ°.PIÇ°1PXFSÇ°1MBOUÇ°1SPEVDUJPO Division Manager Electricity Generating Authority of Ç°Ç° 5IBJMBOE

Working Experience (during the recent 5 years) 0DUÇ° Ç° Ç°4FQÇ° Ç° %FQVUZÇ°(PWFSOPSÇ° Ç°$PSQPSBUFÇ°4PDJBM Ç°Ç° 3FTQPOTJCJMJUZ Ç°"DUJOHÇ°&("5Ç°4QPLFTNBOÇ° Electricity Generating Authority of Ç°Ç° 5IBJMBOE +BOÇ° Ç° Ç°4FQÇ° Ç° "TTJTUBOUÇ°(PWFSOPSÇ° Ç°)VNBOÇ°3FTPVSDFTÇ° Electricity Generating Authority of Ç°Ç° 5IBJMBOE 0DUÇ° Ç° Ç°%FDÇ° Ç° "TTJTUBOUÇ°(PWFSOPSÇ° Ç°$PSQPSBUFÇ°4PDJBM Responsibility Electricity Generating Authority of Ç°Ç° 5IBJMBOE %FDÇ° Ç° Ç°4FQÇ° Ç° "TTJTUBOUÇ°(PWFSOPSÇ° Ç°"ENJOJTUSBUJPO Development Area Electricity Generating Authority of Ç°Ç° 5IBJMBOE

Board of Director

Mr. Hideo Kuramochi (50)

Mr. Shigeru Inano (42)

Ä»Ç° %JSFDUPS Ä»Ç° $IBJSNBOÇ°PGÇ°/PNJOBUJPOÇ°BOEÇ°3FNVOFSBUJPOÇ°$PNNJUUFF Ä»Ç° *OWFTUNFOUÇ°$PNNJUUFFÇ°.FNCFS "VUIPSJ[FEÇ°%JSFDUPS

Ä»Ç° %JSFDUPS "VUIPSJ[FEÇ°%JSFDUPS

Education Ä»Ç° #BDIFMPSÇ°PGÇ°$PNNFSDF Ç°8BTFEBÇ°6OJWFSTJUZ Ç°5PLZP

Education Ä»Ç° #BDIFMPSÇ°PGÇ°&OHJOFFSJOHÇ° &MFDUSPOJDTÇ°BOEÇ°$PNNVOJDBUJPO Ç° 8BTFEBÇ°6OJWFSTJUZ Ç°5PLZP Working Experience (during the recent 5 years) Listed Companies in SET Ç° Ç° Ç° %JSFDUPSÇ° Electricity Generating Public Company

Limited

Other Organizations "QSÇ° Ç° Ç°1SFTFOUÇ° $IJFGÇ°&YFDVUJWFÇ°0GÅ³DFSÇ° Diamond Generating Asia, Limited "QSÇ° Ç° Ç°1SFTFOUÇ° .BOBHJOHÇ°%JSFDUPSÇ° Ç°Ç° 5&1%*"Ç°(FOFSBUJOHÇ°# 7 .BSÇ° Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ° Natural Energy Development Company Limited Ç° %FQVUZÇ°(FOFSBMÇ°.BOBHFS Ç°Ç° Ç°Ç° &.&"Ç°#VTJOFTTÇ°6OJUÇ° Mitsubishi Corporation Ç° %FQVUZÇ°(FOFSBMÇ°.BOBHFS Ç° New Energy Power Generation Unit Mitsubishi Corporation Ç° )FBEÇ°PGÇ°*OUFSOBUJPOBMÇ°*11 Ç° Power Generation and Marketing International Unit Mitsubishi Corporation Ç° )FBEÇ°PGÇ°4PVUIFBTUÇ°"TJBÇ°*11 Ç° Power Generation and Marketing International Unit Mitsubishi Corporation

Working Experience (during the recent 5 years) 1SFTFOUÇ° %JSFDUPSÇ°PGÇ°UIFÇ°#VTJOFTTÇ°%FWFMPQNFOUÇ°Ç° & Head of Asset Management Diamond Generating Asia, Limited Present Director Natural Energy Development Company Limited Ç° 1PXFSÇ°(FOFSBUJPOÇ°BOEÇ°.BSLFUJOHÇ°Ç° International Unit Mitsubishi Corporation Ç° %JSFDUPSÇ°PGÇ°#VTJOFTTÇ°%FWFMPQNFOUÇ°Ç° Ç°Ç° &MFDUSJDJEBEÇ°"HVJMBÇ°EFÇ°5VYQBO Ç°Ç° &MFDUSJDJEBEÇ°"VHJMBÇ°EFÇ°5VYQBOÇ° Ç° Ç°Ç° &MFDUSJDJEBEÇ°4PMÇ°EFÇ°5VYQBO

Mr. Toshiro Kudama (54)

Mr. Satoshi Yajima (45)

Ä»Ç° %JSFDUPS "VUIPSJ[FEÇ°%JSFDUPS

Ä»Ç° %JSFDUPS Ä»Ç° *OWFTUNFOUÇ°$PNNJUUFFÇ°.FNCFS "VUIPSJ[FEÇ°%JSFDUPS

Education Ä»Ç° .BTUFSÇ°PGÇ°.FDIBOJDBMÇ°&OHJOFFSJOH Ç°5PLZPÇ°*OTUJUVUFÇ°PG Ç° 5FDIOPMPHZ Ç°+BQBO Ä»Ç° #BDIFMPSÇ°PGÇ°.FDIBOJDBMÇ°&OHJOFFSJOH Ç°5PLZPÇ°*OTUJUVUFÇ°PG Ç° 5FDIOPMPHZ Ç°+BQBO Working Experience (during the recent 5 years) Ç° Ç°1SFTFOUÇ° &YFDVUJWFÇ°0GÅ³DFS Ç°&YFDVUJWFÇ°(FOFSBMÇ°Ç° Manager, International Affairs Department Ç°Ç° 5PLZPÇ°&MFDUSJDÇ°1PXFSÇ°$PNQBOZ Ç°*OD Ç° Ç° Ç° &YFDVUJWFÇ°(FOFSBMÇ°.BOBHFS Ç°Ç° International Affairs Department Ç°Ç° 5PLZPÇ°&MFDUSJDÇ°1PXFSÇ°$PNQBOZ Ç°*OD

Education Ä»Ç° #BDIFMPSÇ°PGÇ°&MFDUSJDBMÇ°&OHJOFFSJOH Ç°8BTFEBÇ°6OJWFSTJUZ Ç°+BQBO Working Experience (during the recent 5 years) Ç° Ç°1SFTFOUÇ° (FOFSBMÇ°.BOBHFS Ç°0WFSTFBTÇ°#VTJOFTTÇ°Ç° Ç°Ç° (SPVQÇ° Ç°*OUFSOBUJPOBMÇ°"GGBJSTÇ°Ç° Department Ç°Ç° 5PLZPÇ°&MFDUSJDÇ°1PXFSÇ°$PNQBOZ Ç°*OD

Board of Director

Mr. Sahust Pratuknukul (57)

0DUÇ° Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ° Gulf Electric Public Company Limited Ä»Ç° 1SFTJEFOU 0DUÇ° Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ° Ä»Ç° $IBJSNBOÇ°PGÇ°3JTLÇ°.BOBHFNFOUÇ°$PNNJUUFF Ç°Ç° #-$1Ç°1PXFSÇ°$PNQBOZÇ°-JNJUFE Ä»Ç° $IBJSNBOÇ°PGÇ°(SPVQÇ°#VTJOFTTÇ°$PNNJUUFFÇ° 0DUÇ° Ç° Ç°1SFTFOUÇ° $IBJSNBOÇ° Ç° 0DUPCFSÇ° Ç° Ç° Ç°+VMZÇ° Ç°

Natural Energy Development Company Ä»Ç° $IBJSNBOÇ°PGÇ°(PPEÇ°$PSQPSBUFÇ°(PWFSOBODFÇ°$PNNJUUFF Limited Ä»Ç° $IBJSNBOÇ°PGÇ°&($0Ç°.BOBHFNFOUÇ°$PNNJUUFF 0DUÇ° Ç° Ç°1SFTFOUÇ° $IBJSNBOÇ° Ä»Ç° *OWFTUNFOUÇ°$PNNJUUFFÇ°.FNCFSÇ° NED Wind Company Limited Ä»Ç° $PSQPSBUFÇ°(PWFSOBODFÇ°BOEÇ°4PDJBMÇ°3FTQPOTJCJMJUZ 0DUÇ° Ç° Ç°4FQÇ° Ç° %FQVUZÇ°(PWFSOPSÇ° Ç°1PMJDZÇ°BOEÇ°1MBOOJOHÇ° Committee Member Electricity Generating Authority of "VUIPSJ[FEÇ°%JSFDUPS

Ç°Ç° 5IBJMBOE +BOÇ° Ç° Ç°%FDÇ° Ç° %JSFDUPSÇ° Education Ç°Ç° &("5Ç°*OUFSOBUJPOBMÇ°$PNQBOZÇ°-JNJUFE Ä»Ç° #BDIFMPSÇ°PGÇ°&MFDUSJDBMÇ°&OHJOFFSJOH Ç°$IVMBMPOHLPSOÇ°6OJWFSTJUZ 0DUÇ°Ç° Ç° "TTJTUBOUÇ°(PWFSOPSÇ° Ç°1PMJDZÇ° Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°UIFÇ°+PJOUÇ°1VCMJDÇ° Ç°1SJWBUFÇ°4FDUPSTÇ°3FHVMBSÇ°Ç° Electricity Generating Authority of Course, National Defence College Ç°Ç° 5IBJMBOE Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°4FOJPSÇ°&YFDVUJWFÇ°1SPHSBN Ç°$BQJUBMÇ°.BSLFUÇ° Academy Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°4FOJPSÇ°&YFDVUJWFÇ°%FWFMPQNFOUÇ°1SPHSBN GE Co., Ltd. Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°'JOBODFÇ°GPSÇ°&YFDVUJWFÇ°%FDJTJPOÇ°1SPHSBN Continuing Education Center, Chulalongkorn University Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°%JSFDUPSTÇ°$FSUJÅ³DBUJPOÇ°1SPHSBN Ç°5IBJÇ°*OTUJUVUF of Directors Association Working Experience (during the recent 5 years) Listed Companies in SET "QSÇ° Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ° East Waster Public Company Limited Other Organizations "QSÇ° Ç° Ç°1SFTFOUÇ° $IBJSNBOÇ° Yanhee EGCO Holding Company Limited "QSÇ° Ç° Ç°1SFTFOUÇ° $IBJSNBOÇ° Solarco Company Limited 0DUÇ° Ç° Ç°1SFTFOUÇ° $IBJSNBOÇ° Khanom Electricity Generating Company Limited 0DUÇ° Ç° Ç°1SFTFOUÇ° $IBJSNBOÇ° EGCO Engineering and Service Company Limited 0DUÇ° Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°Ç° Ç°Ç° 9BZBCVSJÇ°1PXFSÇ°$PNQBOZÇ°-JNJUFE

The positions of EGCOâ&#x20AC;&#x2122; s Board of Directors

Vacating the Office by Resignation and Rotation in 2012 Mr. Aswin Kongsiri (67)

Other Organizations /PWÇ° Ç° Ç°1SFTFOUÇ° Ä»Ç° *OEFQFOEFOUÇ°%JSFDUPS Ç°Ç° Ä»Ç° 7JDFÇ°$IBJSNBO 0DUÇ° Ç° Ç°1SFTFOUÇ° Ä»Ç° $IBJSNBOÇ°PGÇ°"VEJUÇ°$PNNJUUFF Ä»Ç° $IBJSNBOÇ°PGÇ°$PSQPSBUFÇ°(PWFSOBODFÇ°BOEÇ°4PDJBMÇ°3FTQPOTJCJMJUZÇ°Ç° Ç° Ç° Ç°Ç° Ç° $PNNJUUFF Ç° Ç°1SFTFOUÇ° Ä»Ç° /PNJOBUJPOÇ°BOEÇ°3FNVOFSBUJPOÇ°$PNNJUUFFÇ°.FNCFS Ç°Ç° WBDBUJOHÇ°UIFÇ°PGÅ³DFÇ°CZÇ°SPUBUJPOÇ°JOÇ°"(.Ç°POÇ°"QSJMÇ° Ç°

Ç° Ç° Ç° Ç°Ç° Education "QSÇ° Ç° Ç°/PWÇ° Ç° Ä»Ç° #BDIFMPSÇ°PGÇ°1IJMPTPQIZ Ç°1PMJUJDTÇ°BOEÇ°&DPOPNJDTÇ° )POPVST Ç°Ç° Ç° Ç° Ç° 0YGPSEÇ°6OJWFSTJUZ Ç°6, Ç°Ç° Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°#BOGGÇ°4DIPPMÇ°PGÇ°"EWBODFEÇ°.BOBHFNFOU Ç°Ç° Ç° Ç°/PWÇ° Ç° Ç° "MCFSUB Ç°$BOBEB Ç°Ç° Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°UIFÇ°/BUJPOBMÇ°%FGFOTFÇ°$PVSTFÇ°GPSÇ°UIFÇ°+PJOUÇ°Ç° Ç°Ç° Ç° 4UBUFÇ° Ç°1SJWBUFÇ°4FDUPST Ç°$MBTTÇ° Ç°/BUJPOBMÇ°%FGFODFÇ°$PMMFHF Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°$IBJSNBOÇ° Ç°1SPHSBN Ç°5IBJÇ°*OTUJUVUFÇ°PGÇ°Ç° Ç° %JSFDUPSTÇ°"TTPDJBUJPO Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°%JSFDUPSTÇ°$FSUJÅ³DBUJPOÇ°1SPHSBN Ç°5IBJÇ°*OTUJUVUFÇ° Ç° PGÇ°%JSFDUPSTÇ°"TTPDJBUJPO Working Experience (during the recent 5 years) Listed Companies in SET 0DUÇ° Ç° Ç°1SFTFOUÇ° $IBJSNBOÇ° Ç°Ç° $I Ç°,BSODIBOHÇ°1VCMJDÇ°$PNQBOZÇ°-JNJUFE Ç° Ç°1SFTFOUÇ° *OEFQFOEFOUÇ°%JSFDUPSÇ° Ç°Ç° #BOHLPLÇ°"WJBUJPOÇ°'VFMÇ°4FSWJDFTÇ°1VCMJDÇ° Ç°Ç° $PNQBOZÇ°-JNJUFE Ç° Ç°1SFTFOUÇ° *OEFQFOEFOUÇ°%JSFDUPSÇ° Ç°Ç° 5IFÇ°0)5-Ç°1VCMJDÇ°$PNQBOZÇ°-JNJUFEÇ° Ç°Ç° .BOEBSJOÇ°0SJFOUBMÇ°)PUFM

Ç° Ç°1SFTFOUÇ° *OEFQFOEFOUÇ°%JSFDUPSÇ° Ç°Ç° 5IBJÇ°3FJOTVSBODFÇ°1VCMJDÇ°$PNQBOZÇ°-JNJUFE Ç° Ç°1SFTFOUÇ° *OEFQFOEFOUÇ°%JSFDUPSÇ° Ç°Ç° 1BEBFOHÇ°*OEVTUSZÇ°1VCMJDÇ°$PNQBOZÇ°-JNJUFE Ç° Ç° Ç° $IBJSNBOÇ° Ç°Ç° 5IPSFTFOÇ°5IBJÇ°"HFODJFTÇ°1VCMJDÇ° Ç°Ç° $PNQBOZÇ°-JNJUFE +BOÇ° Ç° Ç°0DUÇ° Ç° %JSFDUPSÇ°BOEÇ°"VEJUÇ°$PNNJUUFFÇ°.FNCFSÇ° Ç°Ç° 5IPSFTFOÇ°5IBJÇ°"HFODJFTÇ°1VCMJD Ç°Ç° $PNQBOZÇ°-JNJUFE Ç° Ç°"VHÇ° Ç° *OEFQFOEFOUÇ°%JSFDUPSÇ° Ç°Ç° ,SVOHÇ°5IBJÇ°#BOLÇ°1VCMJDÇ°$PNQBOZÇ°-JNJUFE

.FNCFSÇ°PGÇ°.POFUBSZÇ°1PMJDZÇ°$PNNJUUFFÇ° #BOLÇ°PGÇ°5IBJMBOE $IBJSNBOÇ° 5IBJÇ°0SJYÇ°-FBTJOHÇ°$PNQBOZÇ°-JNJUFEÇ°Ç° 50-$

$IBJSNBOÇ° 5POÇ°1PIÇ°5IBJMBOEÇ°'VOE %JSFDUPSÇ° 5IFÇ°4UPDLÇ°&YDIBOHFÇ°PGÇ°5IBJMBOE $IBJSNBOÇ° ,SVOHUIBJÇ° Ç°"YBÇ°-JGFÇ°*OTVSBODFÇ°$PNQBOZÇ°Ç° -JNJUFEÇ° ,"-

*OEFQFOEFOUÇ°%JSFDUPSÇ°Ç° 5IBJÇ°3BUJOHÇ°BOEÇ°*OGPSNBUJPOÇ°4FSWJDFTÇ°Ç° $PNQBOZÇ°-JNJUFE

Board of Director

Mr. Chaipat Sahasakul (58)

Ä»Ç° *OEFQFOEFOUÇ°%JSFDUPS Ä»Ç° $IBJSNBOÇ°PGÇ°"VEJUÇ°$PNNJUUFF WBDBUJOHÇ°UIFÇ°PGÅ³DFÇ°CZÇ°SFTJHOBUJPOÇ°POÇ°.BSDIÇ° Ç°

Education

Mr. Somphot Kanchanaporn (66) Ä»Ç° *OEFQFOEFOUÇ°%JSFDUPSÇ° Ä»Ç° "VEJUÇ°$PNNJUUFFÇ°.FNCFS WBDBUJOHÇ°UIFÇ°PGÅ³DFÇ°CZÇ°SFTJHOBUJPOÇ°POÇ°.BSDIÇ° Ç°

Education

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Working Experience (during the recent 5 years) Listed Companies in SET .BZÇ° Ç° Ç°1SFTFOUÇ° *OEFQFOEFOUÇ°%JSFDUPSÇ°Ç°BOEÇ°"VEJUÇ°Ç° Ç°Ç° $PNNJUUFFÇ°.FNCFS Ç°Ç° Ç° 5IBJÇ°7FHFUBCMFÇ°0JMÇ°1VCMJDÇ°$PNQBOZÇ° Ç°Ç° -JNJUFEÇ° +VMÇ° Ç° Ç°1SFTFOUÇ° *OEFQFOEFOUÇ°%JSFDUPSÇ°BOEÇ°"VEJUÇ°Ç° Ç°Ç° $PNNJUUFFÇ°.FNCFS Ç°Ç° Ç° 1ZMPOÇ°1VCMJDÇ°$PNQBOZÇ°-JNJUFE Other Organizations Ç° Ç°1SFTFOUÇ° $IBJSNBOÇ°Ç° Ç°Ç° "-5Ç°*OUFS$PSQPSBUJPOÇ°$PNQBOZÇ°-JNJUFE .BZÇ° Ç° Ç°1SFTFOUÇ° $IBJSNBO Ç°6OJWFSTJUZÇ°3FTFBSDIÇ°QPMJDZÇ° Ç°Ç° $PNNJUUFFÇ° Ç°Ç° #BOHLPLÇ°6OJWFSTJUZ Ç° Ç° Ç° %JSFDUPS Ç°Ç° 5IFÇ°4UPDLÇ°&YDIBOHFÇ°PGÇ°5IBJMBOE Ç° Ç°"QS Ç° 4FDSFUBSZÇ° Ç°(FOFSBMÇ° Ç°Ç° "HSJDVMUVSBMÇ°'VUVSFTÇ°5SBEJOHÇ°$PNNJTTJPO Ç° Ç° Ç° %JSFDUPS Ç°"VEJUÇ°$PNNJUUFFÇ°.FNCFSÇ° Ç°Ç° BOEÇ°$IBJSNBOÇ°PGÇ°3JTLÇ°.BOBHFNFOUÇ°Ç° Ç°Ç° $PNNJUUFF Ç°Ç° (PWFSONFOUÇ°)PVTJOHÇ°#BOL

Working Experience (during the recent 5 years) Listed Companies in SET "VHÇ° Ç° Ç°1SFTFOUÇ° "EWJTPSÇ°UPÇ°"VEJUÇ°$PNNJUUFFÇ° Ç°Ç° &MFDUSJDJUZÇ°(FOFSBUJOHÇ°1VCMJDÇ°$PNQBOZÇ° Ç°Ç° -JNJUFE Ç° Ç°"QSÇ° Ç° *OEFQFOEFOUÇ°%JSFDUPSÇ° Ç°Ç° 155Ç°"SPNBUJDTÇ°BOEÇ°3FÅ³OJOHÇ°1VCMJDÇ° Ç°Ç° $PNQBOZÇ°-JNJUFE Ç° *OEFQFOEFOUÇ°%JSFDUPSÇ° Ç°Ç° "SPNBUJDTÇ° 5IBJMBOE Ç°1VCMJDÇ°$PNQBOZÇ° Ç°Ç° -JNJUFE Other Organizations Ç° Ç°/PWÇ° Ç° $IBJSNBOÇ°PGÇ°UIFÇ°*OTQFDUPSÇ°(FOFSBM Ç°Ç° .JOJTUSZÇ°PGÇ°&OFSHZ 0DUÇ° Ç° Ç° Ç° #Ç°/Ç°#Ç°*OUFSÇ°(SPVQÇ°1VCMJDÇ°$PNQBOZÇ°Ç° Ç°Ç° -JNJUFEÇ° Ç°Ç° 5IFÇ°/BUJPOBMÇ°-FHJTMBUJWFÇ°"TTFNCMZ %FDÇ° Ç° Ç° Ç° $IBJSNBOÇ°PGÇ°4UBOEJOHÇ°$PNNJUUFFÇ°Ç°POÇ° Ç°Ç° &OFSHZÇ°Ç° Ç°Ç° 5IFÇ°/BUJPOBMÇ°-FHJTMBUJWFÇ°"TTFNCMZ

Police Lieutenant General Pijarn Jittirat (64)

Mr. Akio Matsuzaki (56)

Ļǰ *OEFQFOEFOUǰ%JSFDUPS Ļǰ $PSQPSBUFǰ(PWFSOBODFǰBOEǰ4PDJBMǰ3FTQPOTJCJMJUZǰǰ Committee Member Ļǰ /PNJOBUJPOǰBOEǰ3FNVOFSBUJPOǰ$PNNJUUFFǰ.FNCFS WBDBUJOHǰUIFǰPGųDFǰCZǰSPUBUJPOǰJOǰ"(.ǰPOǰ"QSJMǰ ǰ

Ļǰ %JSFDUPS "VUIPSJ[FEǰ%JSFDUPS

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Education Ļǰ .BTUFSǰPGǰ&OFSHZǰ4DJFODF ǰ5PLZPǰ*OTUJUVUFǰPGǰ5FDIOPMPHZ ǰ Japan Ļǰ #BDIFMPSǰPGǰ"QQMJFEǰ1IZTJDT ǰǰ5PLZPǰ*OTUJUVUFǰPG ǰ 5FDIOPMPHZ ǰ+BQBO Working Experience (during the recent 5 years) ǰ ǰPresentǰ (FOFSBMǰ.BOBHFS ǰ$IJCBǰ5IFSNBMǰǰ ǰǰ 1PXFSǰ4UBUJPO ǰ&BTUǰ5IFSNBMǰ1PXFSǰǰ ǰǰ 0GųDFǰ ǰǰ 5PLZPǰ&MFDUSJDǰ1PXFSǰ$PNQBOZ ǰ*OD ǰ ǰ ǰ (FOFSBMǰ.BOBHFS ǰ0WFSTFBTǰ1PXFSǰǰ ǰǰ #VTJOFTT ǰ5IFSNBMǰ1PXFSǰ%FQBSUNFOUǰ ǰǰ 5PLZPǰ&MFDUSJDǰ1PXFSǰ$PNQBOZ ǰ*OD ǰ ǰ ǰ &YFDVUJWFǰ7JDFǰ1SFTJEFOUǰBOEǰ$IJFGǰǰ ǰǰ 0QFSBUJPOǰ0GųDFS ǰ5FBNǰ&OFSHZǰǰ Corporation, the Philippines ǰǰ 5PLZPǰ&MFDUSJDǰ1PXFSǰ$PNQBOZ ǰ*OD ǰ ǰ ǰ (FOFSBMǰ.BOBHFS ǰ0WFSTFBTǰ1SPKFDUǰǰ ǰǰ (SPVQ ǰ5IFSNBMǰ1PXFSǰ1MBOUǰǰ ǰǰ &OHJOFFSJOHǰ$FOUFS ǰ5IFSNBMǰ1PXFSǰǰ Department ǰǰ 5PLZPǰ&MFDUSJDǰ1PXFSǰ$PNQBOZ ǰ*OD

Board of Director

Mr. Hideaki Tomiku (55)

Mr. Ryota Sakakibara (40)

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Education Ä»Ç° #BDIFMPSÇ°PGÇ°&DPOPNJDT Ç°5IFÇ°6OJWFSTJUZÇ°PGÇ°5PLZP

Working Experience (during the recent 5 years) Working Experience (during the recent 5 years) "QSÇ° Ç° Ç°1SFTFOUÇ° "TTJTUBOUÇ°(FOFSBMÇ°.BOBHFS Ç°"TJBÇ° Ç°Ç° "QSÇ° Ç° Ç°1SFTFOUÇ° (FOFSBMÇ°.BOBHFSÇ°PGÇ°"TJBÇ° Ç°0DFBOJBÇ°Ç° Ç°Ç° 0DFBOJBÇ°#VTJOFTTÇ°6OJUÇ° Ç°Ç° #VTJOFTTÇ°6OJUÇ° Ç°Ç° /FXÇ°&OFSHZÇ° Ç°1PXFSÇ°(FOFSBUJPOÇ°Ç° Ç°Ç° .JUTVCJTIJÇ°$PSQPSBUJPO Ç°Ç° %JWJTJPOÇ° Ç° Ç°.BSÇ° Ç° %JSFDUPSÇ° Ç°Ç° .JUTVCJTIJÇ°$PSQPSBUJPO Ç°Ç° /BUVSBMÇ°&OFSHZÇ°%FWFMPQNFOUÇ°$PNQBOZÇ° "QSÇ° Ç° Ç°"QSÇ° Ç° %JSFDUPSÇ° Ç°Ç° -JNJUFE Ç°Ç° %JBNPOEÇ°(FOFSBUJOHÇ°"TJB Ç°-JNJUFE .BZÇ° Ç° Ç°.BSÇ° Ç° $IJFGÇ°&YFDVUJWFÇ°0GÅ³DFSÇ° 4FQÇ° Ç° Ç°.BSÇ° Ç° %JSFDUPSÇ° Ç°Ç° %JBNPOEÇ°(FOFSBUJOHÇ°"TJB Ç°-JNJUFE Ç°Ç° /FXÇ°&OFSHZÇ° Ç°1PXFSÇ°(FOFSBUJPOÇ°Ç° Ç° Ç° Ç° %JSFDUPSÇ°BOEÇ°&YFDVUJWFÇ°7JDFÇ°1SFTJEFOUÇ° Ç° Ç° %JWJTJPO Ç°Ç° 0OFÇ°&OFSHZÇ°-JNJUFE +VMÇ° Ç° Ç°"QSÇ° Ç° %JSFDUPSÇ° Ç° Ç° Ç° %FQVUZÇ°(FOFSBMÇ°.BOBHFS Ç°)FBEÇ°PGÇ°Ç° Ç°Ç° 0OFÇ°&OFSHZÇ°4FSWJDFTÇ°-JNJUFE Ç°Ç° *OUFSOBUJPOBMÇ°*11Ç° Ç°Ç° .JUTVCJTIJÇ°$PSQPSBUJPO

Company’s Management

01 Mr. John Palumbo

02 Mr. Voravit Potisuk

03 Mr. Piya Jetasanon

t ¨ºÃ¾ÄÇ Íº¸ÊÉ¾Ëº «¾¸º ¥ÇºÈ¾¹ºÃÉ Business Development International

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04 Mr. Sakul Pochanart

05 Mr. Chumsak Desudjit

06 Mr. Chankij Jearaphunt

t ¨ºÃ¾ÄÇ Íº¸ÊÉ¾Ëº «¾¸º ¥ÇºÈ¾¹ºÃÉ Strategy and Asset Management

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Company’s Management

08 Mr. Niwat Adirek

09 Mr. Danuja Simasathien

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t Íº¸ÊÉ¾Ëº «¾¸º ¥ÇºÈ¾¹ºÃÉ Business Development Domestic

10 Mr. Suvapan Chomchalerm

11 Ms. Pantipa Moolasart

12 Mr. Narong In-eav

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13 Mr. Gumpanart Bumroonggit

14 Ms. Vasana Vongpromek

15 Mr. Nattanont Meesuksabai

t Íº¸ÊÉ¾Ëº «¾¸º ¥ÇºÈ¾¹ºÃÉ Asset Management

t Íº¸ÊÉ¾Ëº «¾¸º ¥ÇºÈ¾¹ºÃÉ Office of the President

t ¨ºÃ¾ÄÇ «¾¸º ¥ÇºÈ¾¹ºÃÉ Accounting and Budget

07 Mr. Wajarapong Palakawong Na Ayudhaya

16 Ms. Somsiri Yoosook

17 Mr. Permsak Rattana-ubon

18 Mr. Mana Vitvaskul

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19 Ms. Krisna Pinkaew

20 Mr. Witchaya Prasertlap

21 Ms. Warunee Tantiwong

t Íº¸ÊÉ¾Ëº «¾¸º ¥ÇºÈ¾¹ºÃÉ

22 Ms. Ngamphis Chitphromphan

23 Mr. Thongchai Chotkajornkiat

t Íº¸ÊÉ¾Ëº «¾¸º ¥ÇºÈ¾¹ºÃÉ

Companyâ&#x20AC;&#x2122;s Management

The positions of the Management and the Control Persons

as of December 31, 2012

Mr. John M. Palumbo (49)

Mr. Voravit Potisuk (55)

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Education

Ä»Ç° #BDIFMPSÇ°PGÇ°Ç°4DJFODFÇ°JOÇ°.FDIBOJDBMÇ°&OHJOFFSJOHÇ° )POPST Columbia University, School of Engineering and Applied Science, New York.

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Working Experience (during the recent 5 years) Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°,IBOPNÇ°&MFDUSJDJUZÇ°(FOFSBUJOH Company Limited Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°&($0Ç°&OHJOFFSJOHÇ° Ç°4FSWJDFÇ°Ç° Company Limited Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°/PSUIÇ°QPMFÇ°*OWFTUNFOUÇ° Company Limited Ç° Ç° Ç° %JSFDUPSÇ°/BUVSBMÇ°&OFSHZÇ°%FWFMPQNFOUÇ° Company Limited Ç° Ç° Ç° %JSFDUPSÇ°(VMGÇ°Ç°&MFDUSJDÇ°1VCMJDÇ°$PNQBOZÇ°Ç° Limited Ç° Ç° Ç° %JSFDUPSÇ°#-$1Ç°1PXFSÇ°$PNQBOZÇ°-JNJUFE Ç° Ç° Ç° %JSFDUPSÇ°&($0Ç°+PJOUÇ°7FOUVSFTÇ° Ç°Ç° Development Company Limited Ç° Ç° Ç° %JSFDUPSÇ°/BNÇ°5IFVOÇ° Ç°1PXFSÇ°$PNQBOZ Limited Ç° Ç° Ç° *OEFQFOEFOUÇ°DPOTVMUBOUÇ°UPÇ°UIFÇ°Ç° Managing Director and the Head of the Ç°Ç° 4PVUIFBTUÇ°"TJBÇ°#VTJOFTTÇ° China Light & Power Group Ç°Ç° )POHÇ°,POH

Ç° Ç° Ç° 5FBNÇ°-FBEFSÇ° Ç°*OGSBTUSVDUVSFÇ°4QFDJBMJTUÇ° Ç°Ç° "%#Ç°5FDIOJDBMÇ°"TTJTUBODFÇ°1SPHSBN Ç° *OEFQFOEFOUÇ°DPOTVMUBOUÇ°UPÇ°$IJFGÇ°Ç° Ç°Ç° &YFDVUJWFÇ°0GÅ³DFSÇ° International Power PLC. Ç° Ç° Ç° 1SJODJQBMÇ°BOEÇ°.BSLFUJOHÇ°%JSFDUPSÇ° Ç°Ç° %FMUBÇ°"TTPDJBUFTÇ° 5IBJMBOE Ç°-JNJUFE

Working Experience (during the recent 5 years) "QSÇ° Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°,MPOHÇ°-VBOHÇ°6UJMJUJFTÇ°$PNQBOZÇ° Limited "QSÇ° Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°#BOQPOHÇ°6UJMJUJFTÇ°$PNQBOZ Limited "QS Ç° Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°4PMBSDPÇ°$PNQBOZÇ°-JNJUFE Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°5IFQQBOBÇ°8JOEÇ°'BSN Company Limited Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°$IBJZBQIVNÇ°8JOEÇ°'BSN Company Limited Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°&($0Ç°&OHJOFFSJOHÇ° Ç°4FSWJDF Company Limited Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°,IBOPNÇ°&MFDUSJDJUZÇ°(FOFSBUJOH Company Limited Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°(VMGÇ°&MFDUSJDÇ°1VCMJDÇ°$PNQBOZ Limited Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°#-$1Ç°1PXFSÇ°$PNQBOZÇ°-JNJUFE Ç° Ç° Ç° /BNÇ°5IFVOÇ° Ç°1PXFSÇ°$PNQBOZÇ°-JNJUFE Ç° Ç° Ç° 2VF[POÇ°(FOFSBUJOHÇ°$PNQBOZÇ°-UE Philippines Ç° Ç° Ç° &HDPNÇ°5BSBÇ°$PNQBOZÇ°-JNJUFEÇ° Conal Holdings Corporation, Philippines Ç° Ç° Ç° &MFDUSJDJUZÇ°(FOFSBUJOHÇ°1VCMJDÇ°$PNQBOZ Limited Ç° Ç° Ç° &MFDUSJDJUZÇ°(FOFSBUJOHÇ°1VCMJDÇ°$PNQBOZ Limited

Mr. Piya Jetasanon (55)

Mr. Sakul Pochanart (55)

Education

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Companyâ&#x20AC;&#x2122;s Management

Mr. Chumsak Desudjit (59)

Mr. Chankij Jearaphunt (58)

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Education

Ä»Ç° # Ç°&OH Ç° .FDIBOJDBMÇ°&OHJOFFSJOH Ç°$IVMBMPOHLPSOÇ°6OJWFSTJUZÇ° Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°%JSFDUPSTÇ°$FSUJÅ³DBUJPOÇ°1SPHSBN Ç°5IBJÇ°*OTUJUVUF of Directors Association Ä»Ç° $FSUJÅ³DBUFÇ°JOÇ°&YFDVUJWFÇ°-FBEFSTIJQÇ°1SPHSBN Ç°+PJOUÇ°1SPHSBN NIDA-Wharton, University of Pennsylvania Ä»Ç° (SBEVBUFÇ°%JQMPNBÇ°JOÇ°.BOBHFNFOUÇ°PGÇ°1VCMJDÇ° Ç° &DPOPNZÇ° .1& Ç° Ç°,JOHÇ°1SBKBEIJQPLÄ´TÇ°*OTUJUVUF Working Experience (during the recent 5 years) Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°#-$1Ç°1PXFSÇ°$PNQBOZÇ°-JNJUFE Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°BOEÇ°.BOBHJOHÇ°%JSFDUPS Roi-Et Green Company Limited EGCO Green Energy Company Limited Ç° Ç°1SFTFOUÇ° $IBJSNBOÇ°&($0Ç°$PHFOFSBUJPOÇ°Ç° Company Limited Ç° Ç°1SFTFOUÇ° $IBJSNBOÇ°,IBOPNÇ°&MFDUSJDJUZÇ°Ç°Ç° Generating Company Limited EGCO Engineering & Service Company Limited Ç° Ç° Ç° $IBJSNBOÇ°3BZPOHÇ°&MFDUSJDJUZÇ°(FOFSBUJOHÇ°Ç° Company Limited Nongkhae Cogeneration Company Limited Samutprakarn Cogeneration Company Limited Ç° Ç° Ç° %JSFDUPSÇ°(VMGÇ°$PHFOFSBUJPOÇ°$PNQBOZÇ°Ç° Limited Ç° Ç° Ç° %JSFDUPSÇ°&($0Ç°$PHFOFSBUJPOÇ°$PNQBOZÇ°Ç° Limited Ç° Ç° Ç° %JSFDUPSÇ°(VMGÇ°$PHFOFSBUJPOÇ°$PNQBOZÇ°Ç° Limited Ç° Ç° Ç° %JSFDUPS Ç°%FQVUZÇ°.BOBHJOHÇ°%JSFDUPSÇ°Ç° Operation Group Rayong Electricity Generating Company Limited Ç° Ç° Ç° 0QFSBUJPOÇ°%JWJTJPOÇ°.BOBHFSÇ° Rayong Electricity Generating Company Limited

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Ä»Ç° # Ç°&OH Ç° &MFDUSJDBMÇ°&OHJOFFSJOH Ç°$IVMBMPOHLPSOÇ°6OJWFSTJUZ Working Experience (during the recent 5 years) Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°BOEÇ°.BOBHJOHÇ°%JSFDUPSÇ°Ç° Khanom Electricity Generating Company Limited Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°&($0Ç°&OHJOFFSJOHÇ° Ç°4FSWJDFÇ°Ç° Company Limited Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°(VMGÇ°&OFSHZÇ°$PNQBOZÇ°-JNJUFE Gulf IPP Company Limited; and Gulf Power Generation Company Limited Ç° Ç° Ç° %JSFDUPSÇ°3BZPOHÇ°&MFDUSJDJUZÇ°(FOFSBUJOHÇ°Ç° Company Limited Ç° Ç° Ç° $IBJSNBOÇ°3PJ &UÇ°(SFFOÇ°$PNQBOZÇ°Ç° Limited; and EGCO Green Energy Company Limited Ç° Ç° Ç° %JSFDUPSÇ°(VMGÇ°$PHFOFSBUJPOÇ°$PNQBOZÇ°Ç° Limited; Nongkhae Cogeneration Company Limited; and Samutprakarn Cogeneration Company Limited Ç° Ç° Ç° %JSFDUPSÇ°3PJ &UÇ°(SFFOÇ°$PNQBOZÇ°Ç° Limited; and EGCO Green Energy Company Limited

Mr. Wajarapong Palakawong Na Ayudhya (59)

Mr. Suvapan Chomchalerm (52)

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Ä»Ç° &YFDVUJWFÇ°7JDFÇ°1SFTJEFOUÇ° Ç°"DDPVOUJOH

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Working Experience (during the recent 5 years) Ç° Ç° Ç° &YFDVUJWFÇ°7JDFÇ°1SFTJEFOUÇ° Ç°'JOBODF Education Electricity Generating Public Company Ä»Ç° #BDIFMPSÇ°%FHSFFÇ°PGÇ°Ç°.FDIBOJDBMÇ°&OHJOFFSJOH Ç° Limited Chulalongkorn University Ç° Ç° Ç° $IJFGÇ°'JOBODJBMÇ°0GÅ³DFSÇ° Ç°&($0Ä´TÇ°Ç° Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°Ç°%JSFDUPSTÇ°$FSUJÅ³DBUJPOÇ°Ç°1SPHSBN Ç°5IBJÇ°*OTUJUVUFÇ°Ç° Ç° Ç° 3FQSFTFOUBUJWF

of Directors Association Ç°Ç° #-$1Ç°1PXFSÇ°-JNJUFE Ä»Ç° $FSUJÅ³DBUFÇ°PGÇ°/*%"Ç°&YFDVUJWFÇ°-FBEFSTIJQÇ°1SPHSBN Ç° Ç° Ç° Ç° 4FOJPSÇ°7JDFÇ°1SFTJEFOUÇ° Ç°"DDPVOUJOHÇ°BOEÇ°Ç° Joint Program NIDA-Wharton of University of Pensylvania Ç°Ç° #VEHFUÇ°%JWJTJPO Ä»Ç° $FSUJÅ³DBUJPOÇ°PGÇ°5IFÇ°4FOJPSÇ°&YFDVUJWFÇ°1SPHSBN Ç°Ç° Electricity Generating Public Company Ç° 4BTJOÇ°(SBEVBUFÇ°*OTUJUVFÇ°PGÇ°#VTJOFTTÇ°"ENJOJTUSBUJPOÇ°PGÇ°Ç° Limited Chulalongkorn University Ç° Ç° Ç° .BOBHFSÇ° Ç°"DDPVOUJOHÇ°BOEÇ°#VEHFUÇ°Ç° Analysis Section, Accounting and Working Experience (during the recent 5 years) Ç°Ç° #VEHFUÇ°%JWJTJPO Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°,IBOPNÇ°&MFDUSJDJUZÇ°(FOFSBUJOHÇ°Ç° Electricity Generating Public Company Company Limited Limited Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°&($0Ç°&OHJOFFSJOHÇ°BOEÇ°4FSWJDFÇ°Ç° Company Limited Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°$PWBOUBÇ°1IJMJQQJOFTÇ°0QFSBUJOHÇ°Ç° Inc. Ç° Ç°1SFTFOUÇ° .BOBHJOHÇ°%JSFDUPSÇ°&($0Ç°&OHJOFFSJOHÇ° Ç°Ç° Service Co.,Ltd. Ç° Ç°1SFTFOUÇ° $IBJSNBOÇ°&($0.Ç°5BSBÇ°$P Ç°-UE Ç° Ç°1SFTFOUÇ° %JSFDUPSÇ°"HSPÇ°&OFSHZÇ°$P -UE Ç° Ç° Ç° %FQVUZÇ°.BOBHJOHÇ°%JSFDUPSÇ° Ç°0QFSBUJPO EGCO Engineering & Service Co.,Ltd.

Companyâ&#x20AC;&#x2122;s Management

Mr. Nattanont Meesuksabai (52)

Ms. Somsiri Yoosook (48)

ÄťÇ° 4FOJPSÇ°7JDFÇ°1SFTJEFOUÇ° Ç°"DDPVOUJOHÇ°BOEÇ°#VEHFUÇ°

ÄťÇ° 4FOJPSÇ°7JDFÇ°1SFTJEFOUÇ° Ç°'JOBODF

Education

ÄťÇ° .BTUFSÇ°PGÇ°#VTJOFTTÇ°"ENJOJTUSBUJPOÇ° .#" Ç°Ç° ChulalongkornUniverity ÄťÇ° # 4D Ç° $PTU"DDPVOUJOH Ç°$IVMBMPOHLPSOÇ°6OJWFSTJUZ

ÄťÇ° .BTUFSÇ°PGÇ°#VTJOFTTÇ°"ENJOJTUSBUJPOÇ° 'JOBODF Ç° Youngstown State University USA ÄťÇ° #BDIFMPSÇ°PGÇ°4DJFODFÇ° "DDPVOUJOH Ç°Ç° ndÇ°$MBTTÇ°)POPST Ç°Ç° Kasetsart University

Working Experience (during the recent 5 years) Ç° Ç°1SFTFOUÇ° 4FOJPSÇ°7JDFÇ°1SFTJEFOU Ç°"DDPVOUJOHÇ° Ç°Ç° BOEÇ°#VEHFUÇ°%JWJTJPOÇ°.BOBHFS Electricity Generating Public Company Limited Ç° Ç° Ç° "ENJOJTUSBUJPOÇ°%JWJTJPOÇ°.BOBHFS EGCO Engineering and Service Company Limited Ç° Ç° Ç° *OUFSOBMÇ°"VEJUÇ°4FDUJPOÇ°.BOBHFS Electricity Generating Public Company Limited Ç° Ç° Ç° "DDPVOUJOHÇ°4FDUJPOÇ°.BOBHFS Electricity Generating Public Company Limited

Working Experience (during the recent 5 years) Ç° Ç°1SFTFOUÇ° 4FOJPSÇ°7JDFÇ°1SFTJEFOUÇ° Ç°'JOBODF Electricity Generating Public Company Limited Ç° Ç° Ç° 7JDFÇ°1SFTJEFOUÇ° Ç°4VCTJEJBSJFTÇ°'JOBODF Electricity Generating Public Company Limited Ç° Ç° Ç° 7JDFÇ°1SFTJEFOUÇ° Ç°1SPKFDUÇ°'JOBODF Electricity Generating Public Company Limited Ç° Ç° Ç° .BOBHFSÇ° Ç°-PBOÇ°4FDUJPO Khanom Electricity Generating Company Limited Ç° Ç° Ç° .BOBHFSÇ° Ç°%JTCVSTFNFOUÇ°4FDUJPO Electricity Generating Public Company Limited

Mr. Pornchai Rujiprapa Mr. Thanapich Mulapruk Mr. Pongstorn Kunanusorn Dr. Sorajak Kasemsuvan Mr. Pasan Teparak Pol. Gen. Pansiri Prapawat Mr. Phaiboon Siripanoosatien Mr. Kulit Sombatsiri Mr. Thawat Vadjanapornsithi Mr. Surasak Supavitipatana Mr. Hideo Kuramochi Mr. Shigeru Inano Mr. Satochi Yajima Mr. Toshiro Kudama Mr. Sahust Pratuknukul Mr. John Palumbo

EVP - Accounting and Budget Division EVP - Finance Division SVP - Accounting and Budget Division Corporate Secretary, SVP, Corporate Secretary Division

DDD, XX I, AA I, A I, N, CC I, A I, N, C I, N, C D, C D, N D, X D, X, NN D D, X D, N D, President, X, C, SS, GG SEVP - Business Development International SEVP - Business Development Domestic SEVP - Strategy and Corporate Management SEVP - Finance and Corporate Services SEVP SEVP SEVP

EGCO 1

Engineer Level 14

D Deputy Governor Deputy Governor

DDD

D DDD D, Managing Director

DDD D

Subsidiaries (Core Business)

D D D, Managing Director

DDD D

DDD

Subsidiaries

DDD

DDD D

D DDD

9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26

Joint Ventures

Remark A. DDD = Chairman DD = Vice Chairman D = Director XX = Chairman of Investment Committee X = Investment Committee Member I = Independent Director AA = Chairman of Audit Committee A = Audit Committee Member NN = Chairman of Nomination and Remuneration Committee N = Nomination and Remuneration Committee Membe CC = Chairman of Corporate Governance and Social Responsibility Committee C = Corporate Governance and Social Responsibility Committee Member GG = Chairman of Good Corporate Governance Committee G = Good Corporate Governance Committee Member B. 1 = Electricity Generating Authority of Thailand 7 = EGCO Green Energy Co., Ltd. 15 = Gulf IPP Co., Ltd. 23 = Alto Power Management Corporation 31 = SPP Five Co., Ltd. 39 = Solarco Co., Ltd. 2 = TEPDIA Generating B.V. 8 = North Pole Investment Co., Ltd. 16 = GPI Quezon Ltd. 24 = Pearl Energy Philippines Operating Inc. 32 = KlongLuang Utilities Co., Ltd. 40 = Algro Energy Co., Ltd. 3 = Khanom Electricity Generating Co., Ltd. 9 = Roi-Et Green Co., Ltd. 17 = Quezon Generating Co., Ltd. 25 = BLCP Power Limited 33 = Absolute Power P Co., Ltd. 41 = PT Manambang Muara Enim Co., Ltd. 4 = EGCO Cogeneration Co., Ltd. 10 = Nam Theun 2 Power Co., Ltd. 18 = Quezon Power Inc. 26 = Natural Energy Development Co., Ltd. 34 = Theppana Wind Farm CO., Ltd. 42 = East Water Resources Development and Management Co., Ltd. 5 = EGCO Engineering and Service Co., Ltd. 12 = Gulf Power Generation Co., Ltd. 20 = Northern Mindanao Power Corporation 28 = SPP Two Co., Ltd. 36 = Sub Yai Wind Farm (1) Co., Ltd. 43 = Intergen Management Services (Philippines) Co., Ltd. 6 = EGCO International (BVI) Ltd. 14 = Gulf Energy Co., Ltd. 22 = Southern Philippines Power Corporation 30 = SPP Four Co., Ltd. 38 = Yanhee EGCO Holding Co., Ltd 44 = Xayaburi Power Co., Ltd.

20 Mr. Chumsak Desudjit 21 Mr. Chankij Jearaphunt 22 Mr. Wajarapong Palakawong Na Ayudhya 23 Mr. Suvapan Chomchalerm 24 Ms. Somsiri Yoosook 25 Mr. Nattanont Meesuksabai 26 Ms. Kulkanok Leongsoithong

19 Mr. Piya Jettasanon

18 Dr. Sakul Pochanart

17 Mr. Voravit Potisuk

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Name

Major Subsidiaries

The Position of EGCOâ&#x20AC;&#x2122;s Management and the Control Persons in the Subsidiaries and Other Related Companies as of December 31, 2012

Mr. Pornchai Rujiprapa Mr. Thanapich Mulapruk Mr. Pongstorn Kumanusorn Dr. Sorajak Kasemsuvan Mr. Pasan Teparak Pol. Gen. Pansiri Prapawat Mr. Phaiboon Siripanoosatien Mr. Kulit Sombatsiri Mr. Thawat Vadjanapornsithi Mr. Surasak Supavitipatana Mr. Hideo Kuramochi Mr. Shigeru Inano Mr. Satochi Yajima Mr. Toshiro Kudama Mr. Sahust Pratuknukul Mr. John Palumbo Mr. Voravit Potisuk Dr. Sakul Pochanart Mr. Piya Jettasanon Mr. Chumsak Desudjit Mr. Chankij Jearaphunt Mr. Wajarapong Palakawong Na Ayudhya Mr. Suvapan Chomchalerm Ms. Somsiri Yoosook Mr. Nattanont Meesuksabai Ms. Kulkanok Leongsoithong

DDD

Joint Ventures (continued)

23 24 25 26

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22

Name

The Position of EGCO’s Management and the Control Persons in the Subsidiaries and Other Related Companies as of December 31, 2012 (continued)

The Position of EGCO’s Management and the Control in the Subsidiaries Persons

Tanit Kalunkul Mr. Amnat Tippayasak Mr. Apichai Komhint Mr. Pairote Boonmak

11 12 13 14

Remark A. DD = Chairman D = Director B. 1 = EGCO Cogeneration Co., Ltd. 2 = EGCO Engineering & Service Co., Ltd. 3 = EGCO International (BVI) Ltd. 4 = EGCO Green Energy Co., Ltd. 5 = Roi-Et Green Co., Ltd.

7 8 9 10

Mr. Sahust Pratuknukul Mr. Piya Jetasanon Mr. John Palumbo Mr. Voravit Potisuk Mr. Chumsak Desudjit Mr. Wajarapong Palakawong Na Ayudhya Mr.Sakul Pochanart Mr. Chankij Jearaphunt Mr. Mana Vitvaskul Mrs. Krisna Pinkaew

1 2 3 4 5 6

Name

6 = Egcom Tara Co., Ltd. 7 = Gulf Electric Public Co., Ltd. 8 = Gulf Power Generation Co., Ltd. 9 = Gulf Cogeneration Co., Ltd. 10 = Nongkhae Cogeneration Co., Ltd.

D, Managing Director Deputy Managing Director - Operation Deputy Managing Director Finance and Administration Maintenance Division Manager Operation Division Manager Account & Budget Division Manager General Affairs Division Manager

DD D D D D D

KEGCO

1 D

16 = Eastern Water Resources Development and Management Public Co., Ltd. 17 = Natural Energy Development Co., Ltd. 18 = North Pole Investment Co., Ltd.

D D

9 D D

DD D

Other Companies in EGCO Group

11 = Samutprakarn Cogeneration Co., Ltd. 12 = Gulf Energy Co., Ltd. 13 = Gulf IPP Co., Ltd. 14 = Nam Thuen 2 Power Co., Ltd. 15 = BLCP Power Limited Ltd.

D D

DD D D D D D, Managing Director

The Positions of KEGCOâ&#x20AC;&#x2122;s Management and the Control Persons in EGCO Group Companies as of December 31, 2012 DD

17 D D

Mr. Chumsak Desudjit Mr. Narong Ineav Mr. Somsiri Yoosook Mr. Supoth Chantavilartkul Mr. Yasuhiro Koide

Remark A. DD = Chairman D = Director B. 1 = Khanom Electricity Generating Co., Ltd. 2 = EGCO Engineering & Service Co., Ltd. 3 = EGCO Green Energy Co., Ltd. 4 = Roi-Et Green Co., Ltd.

1 2 3 4 5

Name D D

5 = Egcom Tara Co., Ltd. 6 = Gulf Electric Public Co., Ltd. 7 = EGCO International (BVI) Ltd. 8 = North Pole Investment Co.,Ltd.

DD D D D, General Manager D

EGCO Cogen

9 = Nam Theun 2 Power Co., Ltd. 10 = BLCP Power Limited 11 = Conal Holdings Corporation 12 = Northern Mindanao Power Corporation

13 = Quezon Generating Co., Ltd.

Other Companies in EGCO Group

The Positions of EGCO Cogen’s Management and the Control Persons in EGCO Group Companies as of December 31, 2012 11

The Position of EGCO’s Management and the Control in the Subsidiaries Persons

EGCOâ&#x20AC;&#x2122;s Organization Structure Investment Committee Nomination & Remuneration Committee Corporate Governance & Social Responsibility Committee

Audit Committee Internal Audit

SEVP-Business Development International

SEVP-Business Development Domestic

SEVP-Strategy & Asset Managemennt

EVP-Business Development International

EVP-Business Development Domestic

EVP-Asset Management

Business Development International 1

Business Development Domestic 1

Asset Management

Business Development International 2

Business Development Domestic 2

Project Management

Business Development International 3

Business Development Domestic 3 Project Co-ordination

Organization Structure

Board of Directors Corporate Secretary

Corporate Secretary Division

President

Legal

EVP-Office of President

Information Technology Chief Financial Officer

EVP-Strategy & Corporate Management

Rayong Group

EVP-Finance

EVP-Accounting

Corporate Planning

Finance

Accounting & Budget

Human Resources

Treasury

Procurement and Administration

Corporate Communications

Investor Relations

Effective April 2012

Business Characteristics

Business Characteristics 5IFǰ &MFDUSJDJUZǰ (FOFSBUJOHǰ 1VCMJDǰ $PNQBOZǰ -JNJUFEǰ PSǰ &($0ǰ JTǰ UIFǰ ųSTUǰ JOEFQFOEFOUǰ QPXFSǰQSPEVDFSǰJOǰ5IBJMBOEǰSFHJTUFSFEǰPOǰ.BZǰ ǰ ǰCZǰUIFǰ&MFDUSJDJUZǰ(FOFSBUJOHǰ "VUIPSJUZǰPGǰ5IBJMBOEǰ Ķ&("5ķ ǰ4VDIǰJODPSQPSBUJPOǰNBSLFEǰUIFǰDPNNFODFNFOUǰPGǰUIFǰ 5IBJǰHPWFSONFOUĴTǰQSJWBUJ[BUJPOǰJOJUJBUJWFTǰUPǰBMMPXǰCSPBEFSǰQSJWBUFǰTFDUPSǰJOWFTUNFOUǰJOǰ UIFǰFMFDUSJDJUZǰHFOFSBUJOHǰTFDUPS ǰ0Oǰ.BSDIǰ ǰ ǰ&($0ǰXBTǰUSBOTGPSNFEǰJOUPǰBǰQVCMJDǰ DPNQBOZǰBOEǰUIFOǰMJTUFEǰPOǰUIFǰ4UPDLǰ&YDIBOHFǰPGǰ5IBJMBOEǰ Ķ4&5ķ ǰPOǰ+BOVBSZǰ ǰ ǰ Since EGCO is a holding company, its main source of revenue is from the dividend income GSPNǰTVCTJEJBSJFTǰBOEǰTIBSFǰPGǰQSPųUTǰGSPNǰKPJOUǰWFOUVSFTǰXIJDIǰBSFǰMPDBUFEǰJOǰCPUIǰ5IBJMBOEǰ and the Asian region. EGCO Group companies either operate in the power sector with MPOHǰUFSNǰ1PXFSǰ1VSDIBTFǰ"HSFFNFOUǰ Ķ11"ķ ǰPSǰDPOEVDUǰPUIFSǰSFMBUFEǰCVTJOFTT ǰ

Business Lines EGCO businesses can be categorized into 5 groups as follows: 1. Independent Power Producer (“IPP”) Group: 5IJTǰ (SPVQǰ DPNQSJTFTǰ 3BZPOHǰ ǰ 1PXFSǰ 1MBOU ǰ ,IBOPNǰ &MFDUSJDJUZǰ (FOFSBUJOHǰ $P ǰ -UE ǰ ,&($0 ǰ #-$1ǰ 1PXFSǰ -UE ǰ #-$1 ǰBOEǰ(VMGǰ1PXFSǰ(FOFSBUJPOǰ$P ǰ-UE ǰ (1( ǰ5IFǰDPNCJOFEǰNFHBXBUUǰFRVJUZǰ ǰ DBMDVMBUFEǰ POǰ %FDFNCFSǰ ǰ ǰ JTǰ ǰ NFHBXBUUǰ XIJDIǰ BDDPVOUTǰ GPSǰ ǰ of EGCO’s total asset capacity. 2. Small Power Producer (“SPP”) Group:ǰ5IJTǰ(SPVQǰDPNQSJTFTǰ&($0ǰ$PHFOFSBUJPO ǰ $P ǰ -UE ǰ &($0ǰ $PHFO ǰ 3PJ &Uǰ (SFFOǰ $P ǰ -UE ǰ 3PJ &Uǰ (SFFO ǰ (VMGǰ $PHFOFSBUJPOǰ ǰ $P ǰ-UE ǰ ($$ ǰ/POHǰ,IBFǰ$PHFOFSBUJPOǰ$P ǰ-UE ǰ /,$$ ǰ4BNVUQSBLBSOǰ$PHFOFSBUJPO ǰ $P ǰ-UE ǰ 4$$ ǰ(VMGǰ:BMBǰ(SFFOǰ$P ǰ-UE ǰ (:( ǰBOEǰ/BUVSBMǰ&OFSHZǰ%FWFMPQNFOUǰ$P ǰ-UE ǰ /&% 5IFǰ DPNCJOFEǰ DBQBDJUZǰ JTǰ ǰ NFHBXBUUǰ FRVJUZ ǰ SFQSFTFOUJOHǰ ǰ PG ǰ &($0ĴTǰUPUBMǰBTTFUǰDBQBDJUZ ǰ5IFǰDPNCJOFEǰNFHBXBUUǰFRVJUZǰJTǰNPSFǰUIBOǰUIFǰMBTU ǰ ZFBSǰCZǰ ǰNFHBXBUUǰEVFǰUPǰUIFǰ$PNNFSDJBMǰ0QFSBUJPOǰ%BUFǰ Ķ$0%ķ ǰPGǰBMMǰ stages of Lopburi Solar power plant. 3. Very Small Power Producer (“VSPP”) Group:ǰ 5IJTǰ (SPVQǰ 411 ǰ $P ǰ -UE ǰ 411

ǰ 411 ǰǰ$P ǰ -UE ǰ 411 ǰ 411 ǰ $P ǰ -UE ǰ 411 ǰ 411 ǰ $P ǰ -UE ǰ 411 ǰ BOEǰ ( 1PXFS ǰ 4PVSDFǰ (14 ǰ5IFǰDPNCJOFEǰDBQBDJUZǰJTǰ ǰNFHBXBUUǰFRVJUZ ǰSFQSFTFOUJOHǰ ǰ of EGCO’s total asset capacity. 4. Overseas Power Producer Group:ǰ5IJTǰ(SPVQǰDPNQSJTFTǰ8FTUFSOǰ.JOEBOBPǰ1PXFSǰ ǰ $PSQPSBUJPOǰ 8.1$ ǰ4PVUIFSOǰ1IJMJQQJOFTǰ1PXFSǰ$PSQPSBUJPOǰ 411$ ǰ2VF[POǰ1PXFS ǰ 1IJMJQQJOFT ǰ -UE ǰ $P ǰ 2VF[PO ǰ JOǰ 1IJMJQQJOFTǰ BOEǰ /BNǰ 5IFVOǰ ǰ 1PXFSǰ $P ǰ ǰ -UE ǰ /51$ ǰ JOǰ -BPǰ 1%3 ǰ 5IFǰ DPNCJOFEǰ NFHBXBUUǰ FRVJUZǰ JTǰ ǰ NFHBXBUU ǰ ǰ SFQSFTFOUJOHǰ ǰPGǰ&($0ĴTǰUPUBMǰBTTFUǰDBQBDJUZ ǰ5IFǰDPNCJOFEǰNFHBXBUUǰFRVJUZǰ ǰ BUǰUIFǰFOEǰPGǰ ǰJTǰIJHIFSǰUIBOǰMBTUǰZFBSǰCZǰ ǰNFHBXBUUǰEVFǰUPǰUIFǰBEEJUJPOBMǰ ǰ BDRVJTJUJPOǰPGǰ ǰJOUFSFTUǰJOǰ2VF[POǰ1PXFSǰ 1IJMJQQJOFT ǰ-UE ǰ$P ǰXIJDIǰNBEFǰ ǰ ǰPGǰ&($0ĴTǰJOUFSFTUǰJOǰ2VF[PO

5. Ç° Ç° Ç° Ç° Ç°

Other Business Group: 5IJTÇ°(SPVQÇ°DPNQSJTFTÇ° Ç°PQFSBUJPOÇ°BOEÇ°NBJOUFOBODFÇ°DPNQBOJFTÇ°CFJOHÇ°&($0 &OHJOFFSJOHÇ° Ç°4FSWJDFÇ°$P Ç°-UE Ç° &4$0 Ç°BOEÇ°1FBSMÇ°&OFSHZÇ°1IJMJQQJOFTÇ°0QFSBUJOH Ç°*OD Ç° 1&10* Ç°5IFSFÇ°BSFÇ° Ç°XBUFSÇ°TVQQMZÇ°DPNQBOJFTÇ°CFJOHÇ°&HDPNÇ°5BSBÇ°$P Ç°-UE Ç° &HDPNÇ°5BSB Ç°BOEÇ°UIFÇ°&BTUFSOÇ°8BUFSÇ°3FTPVSDFT %FWFMPQNFOUÇ°BOEÇ°.BOBHFNFOUÇ°1VCMJDÇ°$P Ç°-UE Ç° &BTUÇ°8BUFS Ç°*OÇ°BEEJUJPO Ç°UIFSFÇ°JTÇ° Ç°#JPÇ°%JFTFMÇ°DPN QBOZÇ°CFJOHÇ°"CTPMVUFÇ°1PXFSÇ°1Ç°$P Ç°-UE Ç° "11$ Ç°BOEÇ°BMTPÇ° Ç°$PBMÇ°.JOFÇ°CFJOHÇ°15Ç°.BOBNCVOHÇ°.BVSBÇ°&OJN $P Ç°-UE Ç° ..& Details of each project are shown in the table at the end of this part.

Significant Events "TÇ°BUÇ°%FDFNCFSÇ° Ç° Ç°&($0Ç°(SPVQÇ°PQFSBUFEÇ° Ç°QPXFSÇ°QMBOUTÇ°XJUIÇ° Ç°NFHBXBUUÇ°FRVJUZ Ç°5IFÇ° QPXFSÇ°TPMEÇ°UPÇ°&("5Ç°XBTÇ° Ç°NFHBXBUUÇ°XIJDIÇ°BDDPVOUTÇ°GPSÇ° Ç°GSPNÇ°UPUBMÇ°JOTUBMMFEÇ°DBQBDJUZÇ°TPMEÇ°UPÇ° &("5Ç°BUÇ° Ç°NFHBXBUU Ç°&($0Ç°(SPVQÇ°BMTPÇ°PQFSBUFEÇ°BOEÇ°TPMEÇ°QPXFSÇ°UPÇ°1&"Ç°BUÇ° Ç°NFHBXBUU Ç°)JHIMJHIUTÇ° PGÇ°UIFÇ°FWFOUTÇ°JOÇ° Ç°XFSFÇ°BTÇ°GPMMPXT Ç°Ç° +BOVBSZÇ° Ç° Ç°&($0Ç°IBEÇ°TJHOFEÇ°UIFÇ°4IBSFÇ°1VSDIBTFÇ°"HSFFNFOUÇ°UPÇ°JOWFTUÇ°JOÇ°UIFÇ°XJOE QPXFSÇ°QSPKFDUÇ° Ç° JOÇ°$IBJZBQIVNÇ°UISPVHIÇ°UIFÇ°BDRVJTJUJPOÇ°PGÇ° Ç°TUBLFTÇ°JOÇ°5IFQQBOBÇ°8JOEÇ°'BSNÇ°$PNQBOZÇ°-JNJUFE Ç°B very small power producer. Ç° +BOVBSZÇ° Ç° Ç°&($0Ç°DPNQMFUFEÇ°UIFÇ°BDRVJTJUJPOÇ°PGÇ° Ç°TUBLFTÇ°JOÇ°411Ç°'PVSÇ°$PNQBOZÇ°-JNJUFE Ç° Ä¶411 Ä· Ç°GSPNÇ°.&.$Ç°4JOHBQPSFÇ°1UFÇ°-UE Ç°411 Ç°PXOTÇ°BOEÇ°EFWFMPQTÇ°UIFÇ°TPMBSÇ°QPXFSÇ°QMBOUÇ°QSPKFDUÇ°XJUI Ç° UIFÇ°JOTUBMMFEÇ°DBQBDJUZÇ°PGÇ° Ç°NFHBXBUU Ç°5IFÇ°$0%Ç°PGÇ°UIFÇ°QSPKFDUÇ°XBTÇ°POÇ°+BOVBSZÇ° Ç° Ç°Ç° 'FCSVBSZÇ° Ç° Ç°&($0Ç°IBEÇ°TJHOFEÇ°UIFÇ°4IBSFIPMEFSÇ°"HSFFNFOUÇ°XJUIÇ°:BOIFFÇ°4PMBSÇ°1PXFSÇ° Ä¶:BOIFF Ç° 4PMBSÄ· Ç°GPSÇ°UIFÇ°BDRVJTJUJPOÇ°PGÇ° Ç°TUBLFTÇ°JOÇ°:BOIFFÇ°&($0Ç°)PMEJOHÇ°$PNQBOZÇ°-JNJUFEÇ° Ä¶:BOIFFÇ°&($0Ä· Ç° Ç° :&)Ç°PXOTÇ° Ç°TUBLFTÇ°JOÇ°4PMBSDPÇ°$PNQBOZÇ°-JNJUFEÇ° Ä¶4PMBSDPÄ· Ç°XIJDIÇ°JTÇ°UIFÇ°QSPKFDUÇ°EFWFMPQFSÇ°PG Ç° UIFÇ° Ç°TPMBSÇ°QPXFSÇ°QMBOUÇ°QSPKFDUTÇ°XJUIÇ°UIFÇ°UPUBMÇ°DBQBDJUZÇ°PGÇ° Ç°NFHBXBUU Ç°5IFÇ°QSPKFDUTÇ°BSFÇ°MPDBUFEÇ°JOÇ° Ç° /BLPSOQBUIPNÇ°BOEÇ°4VQIBOCVSJ Ç°5IFÇ°$0%TÇ°BSFÇ°TDIFEVMFEÇ°JOÇ°%FDFNCFSÇ° Ç°Ç° 'FCSVBSZÇ° Ç° Ç°&($0Ç°DPNQMFUFEÇ°UIFÇ°BDRVJTJUJPOÇ°PGÇ° Ç°TUBLFTÇ°JOÇ°411Ç°5ISFFÇ°$PNQBOZÇ°-JNJUFEÇ° Ç° Ä¶411 Ä· Ç°GSPNÇ°.&.$Ç°4JOHBQPSFÇ°1UFÇ°-UE Ç°411 Ç°PXOTÇ°BOEÇ°EFWFMPQTÇ°UIFÇ°TPMBSÇ°QPXFSÇ°QMBOUÇ°QSPKFDUÇ°XJUIÇ° Ç° UIFÇ°JOTUBMMFEÇ°DBQBDJUZÇ°PGÇ° Ç°NFHBXBUU Ç°5IFÇ°$0%Ç°XBTÇ°POÇ°'FCSVBSZÇ° Ç° Ç°Ç° .BSDIÇ° Ç° Ç°&($0Ç°TJHOFEÇ°UIFÇ°4IBSFÇ°1VSDIBTFÇ°"HSFFNFOUTÇ°XJUIÇ°(VOLVMÇ°&OHJOFFSJOHÇ°1VCMJDÇ°$PNQBOZÇ° Ç° -JNJUFEÇ° Ä¶(VOLVMÄ· Ç°SFHBSEJOHÇ°UIFÇ°JOWFTUNFOUÇ°JOÇ°4PMBSÇ°1PXFSÇ°1MBOUÇ°1SPKFDUTÇ°UISPVHIÇ°UIFÇ°BDRVJTJUJPOÇ°PGÇ° Ç° Ç°TUBLFTÇ°JOÇ°( 1PXFSÇ°4PVSDFÇ°$PNQBOZÇ°-JNJUFEÇ° Ä¶(14Ä· Ç°(14Ç°IBTÇ°FOUFSFEÇ°JOUPÇ° Ç°OPO Å³SN11"TÇ°XJUIÇ°1&"Ç° Ç° XJUIÇ°DBQBDJUZÇ°PGÇ° Ç°NFHBXBUUÇ°FBDI Ç°UPUBMÇ°DBQBDJUZÇ° Ç°NFHBXBUU Ç°5IFÇ°$0%Ç°PGÇ°UIFÇ°QSPKFDUÇ°XBTÇ°JOÇ°.BSDIÇ° Ç°Ç° .BZÇ° Ç° Ç°&($0Ç°TJHOFEÇ°UIFÇ°4IBSFIPMEFSÇ°"HSFFNFOUÇ°XJUIÇ°"CTPMVUFÇ°1PXFSÇ°1Ç°$P Ç°-UE Ç° Ä¶"11$Ä· Ç° Ç° SFHBSEJOHÇ°UIFÇ°JOWFTUNFOUÇ°JOÇ°BÇ°#JPEJFTFMÇ°1MBOUÇ°1SPKFDUÇ°UISPVHIÇ°UIFÇ°BDRVJTJUJPOÇ°PGÇ° Ç°TUBLFTÇ°JOÇ°"CTPMVUFÇ° Ç° 1PXFSÇ°1Ç°$P Ç°-UE Ç° Ä¶"11$Ä· Ç°"11$Ç°IBTÇ°TUBSUFEÇ°JUTÇ°PQFSBUJPOÇ°JOÇ°0DUPCFSÇ° Ç°Ç° +VOFÇ° Ç° Ç°&($0Ç°TJHOFEÇ°UIFÇ°4IBSFÇ°1VSDIBTFÇ°"HSFFNFOUÇ°XJUIÇ°4VO&EJTPOÇ°&OFSHZÇ°)PMEJOHÇ° 4JOHBQPSF Ç° Ç° 1UF Ç°-UE Ç°BOEÇ°DPNQMFUFEÇ°UIFÇ°BDRVJTJUJPOÇ°PGÇ° Ç°TUBLFTÇ°JOÇ°411Ç°5XPÇ°$PNQBOZÇ°-JNJUFEÇ° Ä¶411 Ä· Ç°411 Ç° Ç° PXOTÇ°BOEÇ°EFWFMPQTÇ°UIFÇ°TPMBSÇ°QPXFSÇ°QMBOUÇ°QSPKFDUÇ°XJUIÇ°UIFÇ°JOTUBMMFEÇ°DBQBDJUZÇ°PGÇ° Ç°NFHBXBUU Ç°5IFÇ°$0% Ç° XBTÇ°POÇ°.BZÇ° Ç° Ç° +VOFÇ° Ç° Ç°&($0Ç°(SPVQÇ°TJHOFEÇ°UIFÇ°4IBSFÇ°1VSDIBTFÇ°"HSFFNFOUTÇ°SFHBSEJOHÇ°UIFÇ° Ç°BEEJUJPOBMÇ° Ç° JOWFTUNFOUÇ° JOÇ° 2VF[POÇ° 1PXFSÇ° 1MBOUÇ° GSPNÇ° *OUFSHFO Ç° *UTÇ° TUBLFÇ° IBTÇ° JODSFBTFEÇ° UPÇ° Ç° XIJDIÇ° XJMM

Business Characteristics

Ç° HJWFÇ°JUÇ°DPNQMFUFÇ°NBOBHFNFOUÇ°DPOUSPMÇ°VOEFSÇ°JUTÇ° Ç°ZFBSÇ°QPXFSÇ°QVSDIBTFÇ°BHSFFNFOU Ç°&($0Ç°JTÇ°BMTPÇ°UBLJOHÇ° Ç° Ç°PXOFSTIJQÇ°JOÇ°2VF[POÇ°.BOBHFNFOUÇ°4FSWJDFÇ°*OD Ç° Äś2.4Äˇ Ç° GPSNFSMZÇ°*OUFSHFOÇ°.BOBHFNFOUÇ°4FSWJDFTÇ° Ç° 1IJMJQQJOFT Ç°-UE Ç° Äś*.4Äˇ Ç°XIJDIÇ°QSPWJEFTÇ°BOEÇ°NBJOUFOBODFÇ°BOEÇ°TFSWJDFTÇ°GPSÇ°2VF[POÇ°QSPKFDU Ç° +VOFÇ° Ç° Ç°&($0Ç°TJHOFEÇ°UIFÇ°4IBSFÇ°1VSDIBTFÇ°"HSFFNFOUÇ°XJUIÇ°4VO&EJTPOÇ°&OFSHZÇ°)PMEJOHÇ° 4JOHBQPSF Ç° Ç° 1UF Ç°-UE Ç°BOEÇ°DPNQMFUFEÇ°UIFÇ°BDRVJTJUJPOÇ°PGÇ° Ç°TUBLFTÇ°JOÇ°411Ç°'JWFÇ°$PNQBOZÇ°-JNJUFEÇ° Äś411 Äˇ Ç°411 Ç° Ç° PXOTÇ°BOEÇ°EFWFMPQTÇ°UIFÇ°TPMBSÇ°QPXFSÇ°QMBOUÇ°QSPKFDUÇ°XJUIÇ°UIFÇ°JOTUBMMFEÇ°DBQBDJUZÇ°PGÇ° Ç°NFHBXBUU Ç°5IFÇ°$0%Ç° Ç° XBTÇ°POÇ°+VOFÇ° Ç° Ç°"VHVTUÇ° Ç° Ç°&($0Ç°TJHOFEÇ°UIFÇ°4IBSFÇ°1VSDIBTFÇ°"HSFFNFOUÇ°UPÇ°JOWFTUÇ°JOÇ°15Ç°.BOBNCBOHÇ°.VBSBÇ°&OJNÇ° Ç° $PNQBOZÇ°-JNJUFEÇ° Äś..&Äˇ Ç°UISPVHIÇ°UIFÇ°BDRVJTJUJPOÇ°PGÇ° Ç°QFSDFOUÇ°WJBÇ°/FXÇ°(SPXUIÇ°# 7 Ç°XIJDIÇ°JTÇ°BOÇ° open-bit coal mine located in Kabupaten Muara Enim, South Sumatra with the concession agreement Ç° GSPNÇ°UIFÇ°HPWFSONFOUÇ°PGÇ°UIFÇ°3FQVCMJDÇ°PGÇ°*OEPOFTJBÇ°GPSÇ° Ç°ZFBSTÇ°GSPNÇ°.BSDIÇ° Ç°UPÇ°.BSDIÇ° Ç°..&Ç° Ç° IBTÇ°CFFOÇ°PQFSBUJOHÇ°TJODFÇ°.BSDIÇ° Ç°4FQUFNCFSÇ° Ç° Ç°&($0Ç°TJHOFEÇ°UIFÇ°4IBSFÇ°1VSDIBTFÇ°"HSFFNFOUÇ°UPÇ°JOWFTUÇ°JOÇ°UIFÇ°)BUÇ°:BJÇ°.VOJDJQBMÇ° Ç° 8BTUFÇ°1PXFSÇ°1MBOUÇ°1SPKFDUÇ°UISPVHIÇ°UIFÇ°BDRVJTJUJPOÇ°PGÇ° Ç°QFSDFOUÇ°TUBLFTÇ°JOÇ°(*%&$Ç°$PNQBOZÇ°-JNJUFEÇ° Ç° Äś(*%&$Äˇ Ç° 5IFÇ° QSPKFDU Ç° XIJDIÇ° JTÇ° MPDBUFEÇ° JOÇ° 4POHLIMBÇ° 1SPWJODF Ç° HFOFSBUFTÇ° FMFDUSJDJUZÇ° GSPNÇ° )BUÇ° :BJÇ° Ç° .VOJDJQBMÄ´TÇ°XBTUFÇ°JOÇ°UIFÇ°DBQBDJUZÇ°PGÇ° Ç°NFHBXBUU Ç°5IFÇ°TDIFEVMFEÇ°$0%Ç°XBTÇ°JOÇ°"QSJMÇ° Table 1. EGCOâ&#x20AC;&#x2122;s Business Line: 1. IPP Group 1.1 Rayong Power Plant Ç° Ç° 3BZPOHÇ°QPXFSÇ°QMBOUÇ°JTÇ°UIFÇ°ĹłSTUÇ°*11Ç°JOÇ°5IBJMBOEÇ°MPDBUFEÇ°JOÇ°3BZPOHÇ°QSPWJODF Ç°*UÇ°JTÇ°BÇ° NFHBXBUUÇ° .8 Ç°QPXFSÇ°QMBOUÇ° comprising four identical 308-MW combined cycle power blocks using natural gas as a primary fuel to generate and sell all net electricity output to EGAT under the 20-year Power Purchase Agreement (â&#x20AC;&#x153;PPAâ&#x20AC;?). In 2012, Rayong power plant generated and sold 4,004.20 million kilowatt-hour (kWh) electricity output to EGAT. Its annual average Equivalent Availability Factor (â&#x20AC;&#x153;EAFâ&#x20AC;?) was 94.54%. 1.2 Khanom Electricity Generating Company Limited (â&#x20AC;&#x153;KEGCOâ&#x20AC;?) EGCO directly holds a 100% stake in KEGCO which owns and operates Khanom Power Plant which is known as the largest independent power plant in the southern area of Thailand located in Nakhon Si Thammarat province. It is a 749-MW power plant combining of two 75 MW barge-mouthed power units and one 674 MW combined cycle power block using natural gas as a primary fuel to generate and sell all net electricity output to EGAT under the 15-year PPA for barge-mouthed power unit 1 and the 20-year PPA for barge-mouthed power unit 2 and combined cycle power block. On June 19, 2011, barge-mouthed power unit 1 was permanently shut down due to the expiration of the PPA. In 2012, Khanom Power Plant generated and sold 5,310.84 million kWh electricity output to EGAT. Its annual average EAF was 88.44%. 1.3 BLCP Power Limited (â&#x20AC;&#x153;BLCPâ&#x20AC;?) Ç° Ç° &($0Ç°EJSFDUMZÇ°IPMETÇ°BÇ° Ç°TUBLFÇ°JOÇ°#-$1Ç°XIJDIÇ°PXOTÇ°BOEÇ°PQFSBUFTÇ°BOÇ°*11Ç°DPBM ĹłSFEÇ°QPXFSÇ°QMBOUÇ°MPDBUFEÇ°JOÇ°3BZPOHÇ° Ç° Ç° QSPWJODF Ç°*UÇ°JTÇ°BÇ° .8Ç°QPXFSÇ°QMBOUÇ°DPNQSJTJOHÇ°UXPÇ°JEFOUJDBMÇ° .8Ç°QVMWFSJ[FEÇ°DPBM ĹłSFEÇ°QPXFSÇ°VOJUTÇ°VTJOHÇ°IJHIÇ°RVBMJUZ bituminous imported from Australia as a primary fuel to generate and sell all net electricity output to EGAT under the 25-year PPA. In 2012, BLCP power plant generated and sold 10,769.54 million kWh electricity output to EGAT, while its annual average EAF for unit 1 and unit 2 were 93.08% and 93.86%, respectively.

1.4 Gulf Power Generation Company Limited (â&#x20AC;&#x153;GPGâ&#x20AC;?) EGCO indirectly holds a 50% stake in GPG via its 50% ownership in Gulf Electric Public Company Limited (â&#x20AC;&#x153;GECâ&#x20AC;?). GPG Ç° Ç° PXOTÇ°BOEÇ°PQFSBUFTÇ°BOÇ°*11Ç°HBT ĹłSFEÇ°QPXFSÇ°QMBOU Ç°DBMMFEÇ°,BFOHÇ°,IPJÇ° Ç° Äś,, Äˇ Ç°MPDBUFEÇ°JOÇ°4BSBCVSJÇ°QSPWJODF Ç°*UÇ°JTÇ°BÇ° MW power plant composed of two 755-MW combined cycle power blocks using natural gas as a primary fuel to generate and sell all net electricity output to EGAT under the 25 years PPA. In 2012, KK2 power plant generated and sold 10,848.25 million kWh electricity output to EGAT. The annual average EAF for block 1 and block 2 were 94.7% and 95.3%, respectively. 2. SPP Group

Ç°

Ç° Ç°

Ç°

2.1 EGCO Cogeneration Company Limited (â&#x20AC;&#x153;EGCO Cogenâ&#x20AC;?) EGCO directly holds an 80% stake in EGCO Cogen which owns and operates a SPP cogeneration power plant located in Rayong province. It is a 117-MW cogeneration power plant with steam supply of 30 tons per hour using natural gas as a primary fuel. Ç° &($0Ç°$PHFOÇ°DBOÇ°TFMMÇ°CPUIÇ°FMFDUSJDJUZÇ°BOEÇ°TUFBNÇ°PVUQVUT Ç°6OEFSÇ°UIFÇ°411Ç°ĹłSNÇ°DPHFOFSBUJPOÇ°QSPHSBN Ç°JUÇ°TJHOFEÇ°BÇ° .8Ç° contracted capacity with EGAT under the 21 years PPA, while the rest of capacities were signed with the industrial users in Rayong Industrial Park under the long-term PPAs. In 2012, EGCO Cogen power plant generated and sold 509.79 million kWh electricity output to its customers. Its annual average EAF was 63.66% and the steam output to the industrial user was 48,628 tons. 2.2 Roi-Et Green Company Limited (Roi-Et Green) EGCO indirectly holds a 70.30% stake in Roi-Et Green via EGCO Green Company Limited. Roi-Et Green owns and operates a SPP Ç° SFOFXBCMFÇ°QPXFSÇ°QMBOUÇ°MPDBUFEÇ°JOÇ°3PJ &UÇ°QSPWJODF Ç°*UÇ°JTÇ°BÇ° .8Ç°CJPNBTT ĹłSFEÇ°QPXFSÇ°QMBOUÇ°VTJOHÇ°SJDFÇ°IVTLÇ°BTÇ°BÇ°QSJNBSZÇ°GVFM Ç° Ç° 6OEFSÇ°UIFÇ°411Ç°ĹłSNÇ°SFOFXBCMFÇ°QSPHSBN Ç°JUÇ°TJHOFEÇ°BOÇ° .8Ç°DPOUSBDUFEÇ°DBQBDJUZÇ°XJUIÇ°&("5Ç°VOEFSÇ°UIFÇ° ZFBSÇ°11" Ç° In 2012, Roi-Et Green power plant generated and sold 66.07 million kWh electricity output to EGAT, while its annual average EAF was 89.73%. 2.3 Gulf Cogeneration Company Limited (â&#x20AC;&#x153;GCCâ&#x20AC;?) EGCO indirectly holds a 50% stake in GCC via GEC. GCC owns and operates a SPP cogeneration power plant located in Saraburi province. It is a 110-MW cogeneration power plant with steam supply of 16 tons per hour using natural gas Ç° BTÇ°BÇ°QSJNBSZÇ°GVFM Ç°($$Ç°DBOÇ°TFMMÇ°CPUIÇ°FMFDUSJDJUZÇ°BOEÇ°TUFBNÇ°PVUQVUT Ç°6OEFSÇ°UIFÇ°411Ç°ĹłSNÇ°DPHFOFSBUJPOÇ°QSPHSBN Ç°JUÇ°TJHOFE 90-MW contracted capacity with EGAT under the 21-year PPA, while the rest of capacities were signed with the industrial users under the long-term PPAs. In 2012, GCC power plant generated and sold 732.72 million kWh electricity output to EGAT and Industrial units, while its annual average EAF was 96.35% and the steam output to the industrial users was 138,377 tons. 2.4 Nong Khae Cogeneration Company Limited (â&#x20AC;&#x153;NKCCâ&#x20AC;?) EGCO indirectly holds a 50% stake in NKCC via GEC. NKCC owns and operates a SPP cogeneration power plant located in Saraburi province. It is a 126-MW cogeneration power plant with steam of 24 tons per hour using natural gas as a primary Ç° GVFM Ç°/,$$Ç°DBOÇ°TFMMÇ°CPUIÇ°FMFDUSJDJUZÇ°BOEÇ°TUFBNÇ°PVUQVUT 6OEFSÇ°UIFÇ°411Ç°ĹłSNÇ°DPHFOFSBUJPOÇ°QSPHSBN Ç°JUÇ°TJHOFEÇ° .8Ç°DPOUSBDUFEÇ° capacity with EGAT under the 21 years PPA, while the rest of capacities were signed with the industrial users under the long-term PPAs. In 2012, NKCC power plant generated and sold 490.44 million kWh electricity output to EGAT and Industrial units, while its annual average EAF was 45.13% and the steam output to the industrial users was 78,412 tons. 2.5 Samutprakarn Cogeneration Company Limited (â&#x20AC;&#x153;SCCâ&#x20AC;?) EGCO indirectly holds a 50% stake in SCC via GEC. SCC owns and operates a SPP cogeneration power plant located in Samutprakarn province. It is a 126-MW cogeneration power plant with steam of 24 tons per hour using natural gas as a primary Ç° GVFM Ç°4$$Ç°DBOÇ°TFMMÇ°CPUIÇ°FMFDUSJDJUZÇ°BOETUFBNÇ°PVUQVUT Ç°6OEFSÇ°UIFÇ°411Ç°ĹłSNÇ°DPHFOFSBUJPOÇ°QSPHSBN Ç°JUÇ°TJHOFEÇ° .8Ç°DPOUSBDUFEÇ° capacity with EGAT under the 21 year PPA, while therest of capacities were signed with the industrial users under the long-term PPAs.

Business Characteristics

In 2012, SCC power plant generated and sold 829.07 million kWh electricity output to EGAT and Industrial units, while its annual average EAF was 99.10% and the steam output to the industrial users was 132,259 tons. 2.6 Gulf Yala Green Company Limited (â&#x20AC;&#x153;GYGâ&#x20AC;?) EGCO indirectly holds a 50% stake in GYG via GEC. GYG owns and operates a SPP renewable power plant located in Yala Ç° Ç° QSPWJODF Ç°*UÇ°JTÇ°BÇ° .8Ç°CJPNBTT ĹłSFEÇ°QPXFSÇ°QMBOUÇ°VTJOHÇ°QBSBXPPEÇ°SFTJEVFÇ°BTÇ°BÇ°QSJNBSZÇ°GVFM Ç°6OEFSÇ°UIFÇ°411Ç°ĹłSNÇ°SFOFXBCMFÇ° program, it signed 20.2-MW contracted capacity with EGAT under the 25 years PPA. In 2012, GYG power plant generated and sold 154.74 million kWh electricity output to EGAT, while its plant annual average EAF was 92.41%. 2.7 Natural Energy Development Company Limited (â&#x20AC;&#x153;NEDâ&#x20AC;?) Ç° Ç° &($0Ç°EJSFDUMZÇ°IPMETÇ°BÇ° Ç°TUBLFÇ°JOÇ°/&%Ç°XIJDIÇ°PXOTÇ°BOEÇ°PQFSBUFTÇ°BÇ° .8Ç°UIJOÇ°ĹłMNÇ°TPMBSÇ°QPXFSÇ°QMBOUÇ° Äś-PQCVSJÇ°4PMBSÄˇ

located in Lopburi province. NED signed a PPA with EGAT for the sale of all net electricity output generated. The term of the PPA is 5 yearsfrom the Commercial Operation Date (â&#x20AC;&#x153;CODâ&#x20AC;?) and will be renewed for 5-years contract each time. NED is subsidized with adder of 8 baht per kWh on top for 10 years of its wholesale tariff. Since March 29, 2012, the full scale generation of all seven phases has been achieved. In 2012, NED has started the construction of another solar power plant project, called Wang Ploeng Solar, located in Lopburi Ç° Ç° QSPWJODF Ç°*UÇ°JTÇ°BOÇ° Ç°.8Ç°TPMBSÇ°QPXFSÇ°QMBOU Ç°XIJDIÇ°TFMMTÇ°BMMÇ°OFUÇ°FMFDUSJDJUZÇ°UPÇ°1&"Ç°VOEFSÇ° Ç°ZFBSTÇ°/PO ĹłSNÇ°11"Ç°BOEÇ°UIFÇ°DPOUSBDUÇ°DBOÇ° be renewed for 5 years each time. NED is subsidized with adder of 8 baht per kWh on top for 10 years of its wholesale tariff starting from its COD on December 1, 2013. In 2012, the Lopburi Solar Power Plant generated and sold 97.71 million kWh electricity output to EGAT, while its plant annual average EAF was 99.87%. 3. VSPP Group) 3.1 SPP Four Company Limited (â&#x20AC;&#x153;SPP4â&#x20AC;?) EGCO directly holds a 100% stake in SPP4 which owns and operates the 6 MW solar power plant located in Srisaket Ç° Ç° QSPWJODFÇ°GSPNÇ°.&.$Ç°4JOHBQPSFÇ°1UFÇ°-UE Ç°411 Ç°IBTÇ°FOUFSFEÇ°JOUPÇ°BÇ°OPO ĹłSNÇ°11"Ç°XJUIÇ°1&"Ç°VOEFSÇ°7411 Ç°5IFÇ°QSPKFDUÇ°JTÇ° subsidized with adder of 8 baht per kWh on top for 10 years of its wholesale tariff. The COD was scheduled on January Ç° Ç° Ç° Ç°"EEJUJPOBMMZ Ç°UIFÇ°QMBOUÇ°JTÇ°UIFÇ°ĹłSTUÇ°QSJWBUFÇ°TPMBSÇ°QPXFSÇ°QSPKFDUÇ°FRVJQQFEÇ°XJUIÇ°UIFÇ°USBDLJOHÇ°TZTUFN In 2012, SPP4 Power Plant generated and sold 11.63 million kWh electricity output to PEA, while its plant annual average EAF was 99.25%. 3.2 SPP Three Company Limited (â&#x20AC;&#x153;SPP3â&#x20AC;?) EGCO directly holds a 100% stake in SPP Three Company Limited (â&#x20AC;&#x153;SPP3â&#x20AC;?) which owns and operates the 8 MW solar Ç° Ç° QPXFSÇ°QMBOUÇ°MPDBUFEÇ°JOÇ°4SJTBLFUÇ°QSPWJODFÇ°GSPNÇ°.&.$Ç°4JOHBQPSFÇ°1UFÇ°-UE Ç°411 Ç°IBTÇ°FOUFSFEÇ°JOUPÇ°BÇ°OPO ĹłSNÇ°11"Ç°XJUIÇ°1&"Ç° under VSPP. The project is subsidized with adder of 8 baht per kWh on top for 10 years of its wholesale tariff. The COD was scheduled on February 21, 2012. Additionally, the plant is equipped with the tracking system. In 2012, SPP3 Power Plant generated and sold 13.64 million kWh electricity output to PEA, while its plant annual average EAF was 98.96%. 3.3 G-Power Source Company Limited (â&#x20AC;&#x153;GPSâ&#x20AC;?) EGCO directly holds a 60% stake in GPS with Gunkul Engineering Public Company Limited which owns and operates 4 solar power plants under 4 PPAs with the PEA with capacity of 6.5 MW each, total capacity of 26 MW. GPS is subsidized with adder of 8 baht per kWh on top for 10 years of its wholesale tariff. GPS has started supplying the electricity to the EGAT in the beginning of March 2012 according to 3 PPAs from the following solar power projects namely 1) Ta Khit Solar Power Project, Nakhon Sawan Province 2) Ta Sang Solar Power Project, Nakhon Sawan Province 3) Dong Khon Solar Power Project, Chai Nat Province. The commercial operation of the 4th Solar Power Project is expected to be operating in January 2013.

In 2012, Ta Khit Solar Power Project, Ta Sang Solar Power Project, and Dong Khon Solar Power Project generated and sold 25.22 million kWh electricity output to PEA, while its plant annual average EAF was 98.85%. 3.4 SPP Two Company Limited (â&#x20AC;&#x153;SPP2â&#x20AC;?) EGCO directly holds a 100% stake in â&#x20AC;&#x153;SPP2â&#x20AC;? which owns and operates the 8 MW solar power plant located in Saraburi Ç° Ç° QSPWJODFÇ°GSPNÇ°4VO&EJTPOÇ°&OFSHZÇ°)PMEJOHÇ° 4JOHBQPSF Ç°1UF Ç°-UE Ç°411 Ç°IBTÇ°FOUFSFEÇ°JOUPÇ°BÇ°OPO ĹłSNÇ°11"Ç°XJUIÇ°1&"Ç°VOEFSÇ° VSPP. The project is subsidized with adder of 8 baht per kWh on top for 10 years of its wholesale tariff. The COD was scheduled on May 2, 2012. Additionally, the plant is equipped with the tracking system. In 2012, SPP2 Power Plant generated and sold 10.74 million kWh electricity output to PEA, while its plant annual average EAF was 99.69%. 3.5 SPP Five Company Limited (â&#x20AC;&#x153;SPP5â&#x20AC;?) EGCO directly holds a 100% stake in SPP5 which owns and operates the 8 MW solar power plant located in Roi-Et Ç° Ç° QSPWJODFÇ°GSPNÇ°4VO&EJTPOÇ°&OFSHZÇ°)PMEJOHÇ° 4JOHBQPSF Ç°1UF Ç°-UE Ç°411 Ç°IBTÇ°FOUFSFEÇ°JOUPÇ°BÇ°OPO ĹłSNÇ°11"Ç°XJUIÇ°1&"Ç°VOEFSÇ° VSPP. The project is subsidized with adder of 8 baht per kWh on top for 10 years of its wholesale tariff. The COD was scheduled on June 22, 2012. Additionally, the plant is equipped with the tracking system. In 2012, SPP5 Power Plant generated and sold 8.48 million kWh electricity output to PEA, while its plant annual average EAF was 99.56%. 4. Overseas Group 4.1 Conal Holdings Corporation (Conal) EGCO indirectly holds a 40% stake in Conal via EGCO International (B.V.I.) Limited (â&#x20AC;&#x153;EGCO BVIâ&#x20AC;?). Conal is the largest IPP in the Mindanao Island, Philippines. Conal holds the shares in 2 electricity generating companies and 1 operation and maintenance service company. Western Mindanao Power Corporation (â&#x20AC;&#x153;WMPCâ&#x20AC;?) EGCO indirectly holds a 17.6% stake in WMPC via Conal. WMPC owns and operates an IPP power plant located in Zamboanga city, Philippines. It is a 109.6-MW diesel power plant using a bunker-c fuel oil as a primary fuel. Under the Build-Operate-Own (â&#x20AC;&#x153;B-O-Oâ&#x20AC;?) scheme, it generatesand sells all net electricity output to National Power Corporation (â&#x20AC;&#x153;NPCâ&#x20AC;?) under the 18-year Energy Conservation Agreement (â&#x20AC;&#x153;ECAâ&#x20AC;?). In 2012, WMPC power plant generated and sold 572.29 million kWh electricity output to NPC, while its annual average EAF was 91.75%. Southern Philippines Power Corporation (â&#x20AC;&#x153;SPPCâ&#x20AC;?) EGCO indirectly holds a 17.6% stake in SPPC via Conal. SPPC operates and owns an IPP power plant called Gen Santos located in Sarangani province, Philippines. It is a 54.8-MW diesel power plant using bunker-c fuel oil as a primary fuel. Under the B-O-O scheme, it generates and sells all net electricity output to NPC under the 18-year ECA. In 2012, SPPC power plant generated and sold 315.67 million kWh electricity output to NPC, while its annual average EAF was 93.01%. Alto Power Management Corporation (â&#x20AC;&#x153;APMCâ&#x20AC;?) APMC provides operation and maintenance services including plant management and consulting to the two abovementioned power plants and also third-party power plants. 4.2 Quezon Power (Philippines) Limited Company (â&#x20AC;&#x153;Quezonâ&#x20AC;?) On June 11, 2012, EGCO increased its stake from 52.13% to 98% in Quezon via North Pole Investment Company Limited (â&#x20AC;&#x153;North Poleâ&#x20AC;?) and EGCO BVI. This transaction gave it complete management control under its 25 year power purchase agreement. EGCO is also taking 100% ownership of Quezon Management Services Ltd. (formally named Intergen Management Ç° Ç° 4FSWJDFTÇ° 1IJMJQQJOFT Ç°-UE Ç°2VF[POÇ°PXOTÇ°BOEÇ°PQFSBUFTÇ°BÇ° .8Ç°QVMWFSJ[FEÇ°DPBM ĹłSFEÇ°QPXFSÇ°QMBOUÇ°VTJOHÇ°UIFÇ°IJHIÇ°RVBMJUZÇ°

Business Characteristics

coal imported from Indonesia as a primary fuel. Under the 25-year PPA, it generates and sells net electricity output to Manila Electric Company (â&#x20AC;&#x153;MERALCOâ&#x20AC;?), the countryâ&#x20AC;&#x2122;s largest power distribution company, and also provides additional load stability of Luzon power grid. In 2012, Quezon power plant generated and sold 2,959.44 million kWh electricity output to MERALCO, while its annual average EAF was 82.73%. 4.3 Nam Theun 2 Power Company Limited (â&#x20AC;&#x153;NTPCâ&#x20AC;?) EGCO directly holds 35% stake in NTPC, which owns and operates a 1,086.80-MW hydroelectric power plant located in Lao PDR. It generates and sells 948-MW contracted capacity to EGAT and 75-MW contracted capacity to Electricite du Laos (EDL) under the 25-year PPAs starting from its COD. In 2012, NT2 power plant generated and sold 5,463.13 million kWh electricity output to EGAT and 307.31 million kilowatt-hours electricity output to EDL, while its annual average EAF for EGAT was 97.26 and 92.63 for EDL. 5. Other Businesses 5.1 EGCO Engineering & Service Company Limited (â&#x20AC;&#x153;ESCOâ&#x20AC;?) ESCO is EGCOâ&#x20AC;&#x2122;s wholly owned subsidiary which provides operation, maintenance, engineering and construction Ç° Ç° TFSWJDFTÇ°UPÇ°QPXFSÇ°QMBOUT Ç°QFUSPDIFNJDBMÇ°QMBOUT Ç°PJMÇ°SFĹłOFSJFTÇ°BOEÇ°PUIFSÇ°JOEVTUSJFTÇ°JODMVEJOHÇ°UIFÇ°(SPVQÇ°DPNQBOJFT 5.2 Pearl Energy Philippines Operating, Inc. (â&#x20AC;&#x153;PEPOIâ&#x20AC;?) EGCO holds the acquisition of 100% of the outstanding shares of PEPOI (formally named â&#x20AC;&#x153;Covanta Philippines Operating Inc.â&#x20AC;?), the entity which provides operation and maintenance services to Quezon power plant through a long-term operation and maintenance agreement. 5.3 Quezon Management Services Ltd (â&#x20AC;&#x153;QMSâ&#x20AC;?) EGCO completed the acquisition of 100% of QMS, the entity which provides management services to Quezon power plant through a long-term management service agreement. 5.4 Egcom Tara Company Limited (â&#x20AC;&#x153;Egcom Taraâ&#x20AC;?) EGCO holds 74.19% stake in Egcom Tara via ESCO. Under a 30-years agreement, Egcom Tara produces tap water according to Thai Industrial Standard (â&#x20AC;&#x153;TISâ&#x20AC;?) and supplies to the 3 water stations of the Provincial Waterworks Authority of Thailand (PWA), namely, Lak Muang Water Station, Damnoen Saduak Water Station and Samut Songkhram Water Station. 5.5 Eastern Water Resources Development and Management Public Company Limited (â&#x20AC;&#x153;East Waterâ&#x20AC;?) EGCO holds 18.72% of shares in East Water which is responsible for developing and operating the main raw water pipe network in the Thailand Eastern Seaboard area covering 7 provinces namely, Rayong, Chonburi, Chachoengsao, Prachinburi, Srakaew, Chantaburi and Trad. 5.6 Absolute Power P Company Limited (â&#x20AC;&#x153;APPCâ&#x20AC;?) EGCO invested in a Biodiesel Plant Project through the acquisition of 50 percent stakes in Absolute Power P Co. Ltd. (â&#x20AC;&#x153;APPCâ&#x20AC;?). The project with the total capacity of 300,000 litres per day (or 100,000 tons per year) has been commercially operated since February 2012. In 2012, APPC produced and sold approximately 17 million litres of biodiesel. 5.7 PT Manambang Muara Enim (â&#x20AC;&#x153;MMEâ&#x20AC;?) EGCO indirectly holds 40% stake in MME via New Growth B.V. in Netherlands. MME owns and operates a Coal Mine Project, which is an open-bit coal mine located in South Sumatra, Republic of Indonesia, with the concession agreement from the government of the Republic of Indonesia for 28 years since March 2010 to March 2038. MME has mineable coal reserves of 140 million tons and has been operated since March 2010. The sales volume of MME in the end of 2012 was at 1.2 million tons which was approximately 41% higher than 2011.

Revenue Structure .JMMJPOÇ° Ç°#BIU Product Service

Transaction

Electricity

IPP Rayong power plant (formerly REGCO) Capacity Charge Energy Charge KEGCO Capacity Charge Energy Charge Quezon 98%/A and North Pole/B Energy Charge SPP EGCO Cogen Energy Charge Roi-Et Green Energy Charge VSPP SPP2/C Energy Charge SPP3/D Energy Charge SPP4/E Energy Charge SPP5/F Energy Charge ESCO PEPOI/G QMS/H Egcom Tara/I EGCO Rayong power plant KEGCO Quezon 98% and North Pole EGCO cogen, EGCO Green, SPP2, SPP3, SPP4, SPP5, Yanhee EGCO/J, Theppana/K, ESCO, Egcom Tara, PEPOI and QMS

Service

Water Interest

Shareholding

2012 Revenue

2011 %

Revenue

41.47%

2010 (Restated) %

Revenue

33.27%

35.25%

2,043.26 123.35

8.39% 2,201.28 0.51% 57.05

16.54% 2,454.12 0.43% 81.16

16.25% 0.54%

1,696.70 65.96

6.97% 2,098.32 0.27% 72.08

15.77% 2,772.83 0.54% 15.61

18.36% 0.10%

17.95%

15.26%

15.51% 2,002.04

13.25%

99.99%

98.00% 6,173.09

25.34% 8.33%

80.00% 1,631.00

6.70% 2,064.46

70.30% 396.89

1.63% 1.94%

104.70

0.43%

148.80

0.61%

127.17

0.52%

92.71 819.05 310.30 33.00 290.54 113.71 0.79 6.02 2.56

0.38% 3.36% 1.27% 0.14% 1.19% 0.47% 0.00% 0.02% 0.01%

30.48

0.13%

324.60

2.44%

302.85

2.01%

375.93 198.75

2.82% 1.49%

721.54

4.78%

268.56 141.21 4.38 9.71

2.02% 1.06% 0.03% 0.07%

258.83 67.05 5.37 6.56

1.71% 0.44% 0.04% 0.04%

21.10

0.16%

9.90

0.07%

99.99% 99.99% 99.99% 99.99% 99.99% 100.00% 100.00% 74.19%

Business Characteristics

.JMMJPOÇ° Ç°#BIU Product Service Others

Transaction

EGCO Rayong power plant KEGCO EGCO cogen, EGCO Green, SPP2, SPP3, SPP4, SPP5, Yanhee EGCO, Theppana, ESCO, Egcom Tara, PEPOI and QMS Share of BLCP QSPĹłUÇ° MPTT Ç° (&$Ç°Ç° NED NTPC/L Conal Quezon 52.125%/M GPS/N APPC/O GIDEC/P MME/Q Total revenues (revenues item in consolidated)

Shareholding

2012 Revenue 4,506.28 48.81 2.18

2011 % 18.50% 0.20% 0.01%

Revenue 208.91 49.20 1.12

2010 (Restated) % 1.57% 0.37% 0.01%

Revenue 236.16 47.99 3.08

% 1.56% 0.32% 0.02%

14.18 0.06% 13.48 0.10% 10.08 0.07% 50.00% 2,193.36 9.00% 1,849.03 13.89% 2,851.98 18.88% Ç° Ç°Ç° Ç° Ç° Ç° Ç° Ç°Ç° 33.33% 160.14 0.66% (28.21) (0.21%) (22.69) (0.15%) 35.00% 618.28 2.54% 1,045.62 7.86% 107.27 0.71% 40.00% 54.56 0.22% 19.66 0.15% 139.58 0.92% 52.125% 479.52 1.97% 477.41 3.59% 582.76 3.86% 60.00% 38.82 0.16% 50.00% (15.81) (0.06%) 50.00% (4.10) (0.02%) 40.00% 19.35 0.08% 24,359.14 100% 13,309.84 100% 15,104.40 100%

Remark /A EGCO acquired an additional 45.875% in Quezon Power (Philippines) Limited Co. (Quezon) on May 11, 2012. The acquisition were completed on June 11, 2012. Revenue of Northpole included with Quezon 98% in the year 2012. /B EGCO purchased ordinary shares in North Pole on July 16, 2010, increasing its ownership 100% /C EGCO acquired 99.99% stakes in SPP2 Company Limited (SPP2) on May 23, 2012. /D EGCO acquired 99.99% stakes in SPP3 Company Limited (SPP3) on February 29, 2012. /E EGCO acquired 99.99% stakes in SPP4 Company Limited (SPP4) on January 23, 2012. /F EGCO acquired 99.99% stakes in SPP5 Company Limited (SPP5) on June 18, 2012. /G EGCO purchased ordinary shares in PEPOI on March 25, 2011, increasing its ownership 100% /H EGCO acquired 100% ownership interest in Quezon Management Services Inc. (QMS) (formerly InterGen Management Services (Philippines), Ltd. (IMS)) on May 11, 2012. The acquisition were completed on June 11, 2012. /I ESCO purchased additional ordinary shares in Egcom Tara on January 6, 2010, increasing its ownership interest from 70.07% to 74.19% /J EGCO signed a Shareholder Agreement with Yanhee Solar Power Company Limited for the acquisition of 49% in Yanhee EGCO Holding Company Limited (Yanhee EGCO) on February 27, 2012. /K EGCO acquired 90% stakes in Theppana Wind Farm Company Limited (Theppana) on January 18, 2012. /L EGCO purchased additional ordinary shares in NTPC on September 29, 2010, increasing its ownership interest from 25% to 35%. /M EGCO purchased additional ordinary shares in Quezon on March 25, 2011, increasing its ownership interest from 26% to 52.125%. /N EGCO acquired 60% stakes in G-Power Source Company Limited (GPS) from Gunkul Engineering Public Company Limited on March 23, 2012. /O EGCO invested in a Biodiesel Plant through the acquisition of 50% stakes in Absolute Power P Co., Ltd. (APPC) on May 15, 2012. /P EGCO Invested in Hat Yai Municipal Waste Power Plant Project through the acquisition of 50% stakes in GIDEC Company Limited (GIDEC) on September 28, 2012. /Q EGCO has entered into the Share Purchase Agreement to acquire 40% of ownership interest in PT Manambang Muara Enim (MME) which is the open-pit coal mine on August 16, 2012.

Power Industry and Competition Power Industry *OÇ° Ç°UIFÇ°UPUBMÇ°FMFDUSJDJUZÇ°DPOTVNQUJPOÇ°JTÇ° Ç°(8I Ç° Ç°(8IÇ°IJHIFSÇ°UIBOÇ° Ä´T Ç°BQQSPYJNBUFMZÇ° Ç° JODSFBTFE Ç°'PSÇ°UIFÇ°ZFBSÇ° Ç°FDPOPNJDÇ°DPOEJUJPOÇ°BTÇ°BÇ°XIPMF Ç°UIFÇ°FDPOPNZÇ°FYQBOEFEÇ°XFMM Ç°QBSUMZÇ°GSPNÇ°QSJWBUFÇ° SFDPOTUSVDUJPOÇ°JOWFTUNFOUÇ°BGUFSÇ°UIFÇ°Å´PPEÇ°BOEÇ°QBSUMZÇ°GSPNÇ°UIFÇ°FYUSBÇ°TUJNVMVTÇ°QSPWJEFEÇ°CZÇ°UIFÇ°HPWFSONFOUÇ°BOEÇ° accommodative monetary conditions. Even though the impact of weakening global demand became more BQQBSFOUÇ°JOÇ°UIFÇ°MBUUFSÇ°IBMGÇ°PGÇ°UIFÇ°ZFBS Ç°TQJMMPWFSTÇ°CFZPOEÇ°NFSDIBOEJTFÇ°FYQPSUTÇ°BOEÇ°FYQPSU PSJFOUFEÇ°NBOVGBDUVSJOHÇ° QSPEVDUJPOÇ°XFSFÇ°MJNJUFE Ç°5IBUÇ°SBJTFEÇ°UIFÇ°NBYJNVNÇ°EFNBOEÇ°PGÇ°UIFÇ°DPVOUSZÇ°UPÇ° Ç°.8 Ç° Ç°.8Ç° IJHIFSÇ°UIBOÇ° Ä´TÇ°PSÇ° Ç°JODSFBTFE Figure 1: Maximum Demand for the Year 2010-2012 27,000 26,000 25,000 2010 2011 2012

24,000 23,000 22,000 21,000 20,000

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

4PVSDF Ç°&MFDUSJDJUZÇ°(FOFSBUJOHÇ°"VUIPSJUZÇ°PGÇ°5IBJMBOEÇ° &("5

Competition "UÇ°UIFÇ°FOEÇ°PGÇ° Ç°UPUBMÇ°JOTUBMMFEÇ°DBQBDJUZÇ°PGÇ°5IBJMBOEÇ°JTÇ° Ç°.8Ç°DPNQSJTFTÇ°DBQBDJUZÇ°GSPNÇ°&("5Ç° Ç° .8Ç° Ç°*11Ç° Ç°.8Ç° Ç°411Ç° Ç°.8Ç° Ç°BOEÇ°JNQPSUFEÇ°GSPNÇ°DSPTTÇ°CPBSEFSÇ° Ç°.8Ç° Figure 2: Installed Capacity by Generators as of December 31, 2012

EGAT 15,010 MW IPP 12,742 MW SPP 2,444 MW Import 2,405 MW

4PVSDF Ç°&OFSHZÇ°1PMJDZÇ°BOEÇ°1MBOOJOHÇ°0GÅ³DF Ç°.JOJTUSZÇ°PGÇ°&OFSHZ

46% 39% 8% 7%

Power Industry and Competition

"UÇ°UIFÇ°FOEÇ°PGÇ° Ç°&($0Ç°IBTÇ°FRVJUZÇ°JOTUBMMFEÇ°DBQBDJUZÇ° Ç°.8 Ç° Ç°JODSFBTFEÇ°GSPNÇ° Ä´T Ç°5IFTFÇ° BSFÇ°GSPNÇ°EPNFTUJDÇ°BOEÇ°PWFSTFBÇ°DBQBDJUZÇ°BUÇ° Ç°BOEÇ° Ç°.8 Ç°SFTQFDUJWFMZ Ç°%VFÇ°UPÇ°UIFÇ°QSPNPUJPOÇ°PGÇ° renewable energy generation by the government, EGCO totally developed 133.3 MW of renewable energy power plants through 15 projects. Among those projects, 14 projects are solar energy and q project is wind energy power plants. Seven of them have been operated in commercial phase. Moreover, EGCO JTÇ°EFWFMPQJOHÇ° Ç°.8Ç°CJPNBTTÇ°QPXFSÇ°QMBOUÇ°CZÇ°VTFÇ°PGÇ°NVOJDJQBMÇ°XBTUFÇ°BTÇ°GVFMÇ°JOÇ°4POHLMBÇ°1SPWJODF Ç°5IFÇ° 4$0%Ç°PGÇ°UIFÇ°QMBOUÇ°JTÇ°FYQFDUFEÇ°JOÇ° Ç°5PHFUIFSÇ°XJUIÇ°HPWFSONFOUÄ´TÇ°QSPNPUJPOÇ°JOÇ°SFOFXBCMFÇ°FOFSHZ Ç° &($0Ä´TÇ°FYQFSJFODFTÇ°BOEÇ°Å³OBODJBMÇ°DBQBCJMJUZ Ç°UIFÇ°EFWFMPQNFOUÇ°PGÇ°SFOFXBCMFÇ°FOFSHZÇ°JOÇ°5IBJMBOEÇ°JTÇ°MVDSBUJWFÇ° for EGCO. (FPHSBQIJDBMMZ Ç°JOÇ° Ç° Ç°BOEÇ° Ç°FBSOJOHÇ°PGÇ°&($0Ç°EFSJWFTÇ°GSPNÇ°EPNFTUJDÇ°BOEÇ°PWFSTFBÇ°BTTFUTÇ°BDDPSEJOHMZ Ç° 5IFÇ°QPSUJPOÇ°PGÇ°PWFSTFBÇ°FBSOJOHÇ°JTÇ°JODSFBTFEÇ°ESBNBUJDBMMZÇ°GSPNÇ° Ç°*UÇ°JTÇ°GSPNÇ°UIFÇ°TIBSFÇ°BDRVJTJUJPOÇ°GSPNÇ° the other shareholders of Quezon power plant in the Philippines and the investment in an operating coal mine in Indonesia. Oversea opportunity is becoming a key contributor to EGCO. EGCO is ongoing emphasize to look for international investment. Figure 3: Earning of EGCO by geographic Oversea 1,229 MB (23%)

Oversea 2,582 MB (43%)

Domestic 3,426 MB (57%)

Domestic 4,072 MB (77%)

2011

2012

%VFÇ°UPÇ°UIFÇ°NPTUÇ°VQEBUFEÇ°5IBJMBOEÇ°1PXFSÇ°%FWFMPQNFOUÇ°1MBOÇ° Ç° 1%1 Ç°3FW Ç°XBTÇ°SFWJTFEÇ°UPÇ°SFÅ´FDUÇ° UIFÇ°DVSSFOUÇ°QPXFSÇ°EFNBOEÇ°BOEÇ°UIFÇ°HPWFSONFOUÄ´TÇ°OFXÇ°QPMJDJFTÇ°GPSÇ°FDPOPNJDÇ°TUJNVMBUJPO Ç°'SPNÇ° Ç°POXBSE Ç° UIFÇ°PQQPSUVOJUZÇ°PGÇ°QSJWBUFÇ°QPXFSÇ°EFWFMPQNFOUÇ°JOÇ°5IBJMBOEÇ°TFFNTÇ°SJTJOH Ç°0OÇ°%FDFNCFSÇ° Ç° Ç°UIFÇ°&OFSHZÇ° 3FHVMBUPSZÇ°$PNNJTTJPOÇ° &3$ Ç°BOOPVODFEÇ°UPÇ°SFRVFTUÇ°GPSÇ°QSPQPTBMÇ°GSPNÇ°*OEFQFOEFOUÇ°1PXFSÇ°1SPEVDFSTÇ° *11 Ç°GPSÇ° QSPDVSFNFOUÇ°UPUBMÇ°DBQBDJUZÇ°PGÇ° Ç°.8Ç°JOÇ°BDDPSEBODFÇ°XJUIÇ°1%1 Ç°3FW Ç°EVSJOHÇ°BEEJUJPOÇ°QFSJPEÇ°DPNNFODJOHÇ° GSPNÇ° Ç°UPÇ° Ç°5IFÇ°JOUFSFTUFEÇ°*11Ç°TIBMMÇ°TVCNJUÇ°UFDIOJDBMÇ°BOEÇ°Å³OBODJBMÇ°QSPQPTBMTÇ°XJUIÇ°"QSJMÇ° Ç°BOEÇ°UIFÇ° Å³OBMÇ°FWBMVBUJPOÇ°XJMMÇ°CFÇ°BOOPVODFEÇ°XJUIJOÇ°+VMZÇ°

Competitiveness &($0Ç°JTÇ°UIFÇ°Å³STUÇ°*11Ç°JOÇ°5IBJMBOE Ç°0WFSÇ°UXPÇ°EFDBEFTÇ°JOÇ°QPXFSÇ°HFOFSBUJPOÇ°CVTJOFTT Ç°&($0Ç°QPTTFTTÇ°LFZTÇ° competency of the business as following Ä»Ç° &YQFSJFODFTÇ°GSPNÇ°EFWFMPQJOHÇ°BOEÇ°PQFSBUJOHÇ°GPSÇ°WBSJPVTÇ°HFOFSBUJOHÇ°UFDIOPMPHJFTÇ°PGÇ°QPXFSÇ°QMBOU Ç°TLJMMGVMÇ° of staff in every work aspects Ä»Ç° 4USPOHÇ°TVQQPSUTÇ°GSPNÇ°UIFÇ°TIBSFIPMEFSTÇ°Ä±Ç°5&1%*"Ç°(FOFSBUJOHÇ°#7Ç°PXOFEÇ°CZÇ°5PLZPÇ°&MFDUSJDÇ°1PXFSÇ°$PNQBOZÇ° and Diamond Generating Asia Limited, the leading power developers from Japan, for key success factors in the business such as personnel, knowledge and skills as well as source of funds

Shareholder and Management Structure Shareholding Structure &($0Ç°JTÇ°BÇ°MJTUFEÇ°DPNQBOZÇ°POÇ°UIFÇ°4UPDLÇ°&YDIBOHFÇ°PGÇ°5IBJMBOE Ç°%FUBJMTÇ°PGÇ°UIFÇ°SFHJTUFSFEÇ° DBQJUBMÇ°BTÇ°PGÇ°%FDFNCFSÇ° Ç° Ç°JTÇ°TIPXOÇ°CFMPX Ç° 3FHJTUFSFEÇ°$BQJUBMÇ° Ç° Ç°NJMMJPOÇ°CBIUÇ°DPNQSJTJOHÇ° Ç°PSEJOBSZÇ°TIBSFTÇ° Ç° Ç° Ç° Ç° Ç° Ç° XJUIÇ°UIFÇ°QBSÇ°WBMVFÇ°BUÇ° Ç°CBIUÇ°QFSÇ°TIBSF Ç° 1BJEÇ°6QÇ°$BQJUBMÇ° Ç° Ç°NJMMJPOÇ°CBIUÇ°DPNQSJTJOHÇ° Ç°PSEJOBSZÇ° Ç° Ç° Ç° Ç° Ç° Ç° TIBSFTÇ°XJUIÇ°UIFÇ°QBSÇ°WBMVFÇ°BUÇ° Ç°CBIUÇ°QFSÇ°TIBSF 5IFÇ°UPQÇ°UFOÇ°TIBSFIPMEFSTÇ°BTÇ°PGÇ°4FQUFNCFSÇ° Ç° Ç°UIFÇ°DMPTJOHÇ°EBUFÇ°PGÇ°TIBSFIPMEFSTÄ´Ç° SPTUFSÇ°GPSÇ°UIFÇ°SJHIUÇ°UPÇ°SFDFJWFÇ°UIFÇ°JOUFSJNÇ°EJWJEFOEÇ°QBZNFOUÇ°POÇ°4FQUFNCFSÇ° Ç° Ç° are as follows. No.

1 2 3 4 5 6 7 Ç° Ç° 9 10

Shareholders

Electricity Generating Authority of Thailand TEPDIA Generating B.V. Thai NVDR Company Limited Littledown Nominees Limited Bangkok Life Assurance Public Company Limited HSBC (Singapore) Nominees PTE Limited State Street Bank Europe Limited 4PDJBMÇ°4FDVSJUZÇ°0GÅ³DFÇ° 5XP UZQFT Ç° Bualuang LTF Bualuang LTF 75/25

133,773,662 126,054,178 57,626,888 31,921,628 10,206,200 8,652,850 7,234,479 Ç° 6,203,500 6,033,500

% of Total

25.410 23.94 10.95 6.06 1.94 1.64 1.37 1.18 1.15

5IFÇ°VMUJNBUFÇ°TIBSFIPMEFSTÇ°PGÇ°&($0Ä´TÇ°NBKPSÇ°DPOUSPMMJOHÇ°TIBSFIPMEFSTÇ°BSFÇ°BTÇ°GPMMPXT Ç° &MFDUSJDJUZÇ°(FOFSBUJOHÇ°"VUIPSJUZÇ°PGÇ°5IBJMBOEÇ° &("5 Ç°&("5Ç°JTÇ°BÇ°TUBUFÇ°VUJMJUZÇ°XJUIÇ°UIF Ç° PCKFDUJWFTÇ° UPÇ° HFOFSBUF Ç° QVSDIBTF Ç° USBOTNJUÇ° BOEÇ° EJTUSJCVUFÇ° FMFDUSJDJUZ Ç° &("5Ç° BMTPÇ° provides the operation and maintenance services and invests in electricity related Ç° CVTJOFTT Ç°&("5Ç°IPMETÇ° Ç°PGÇ°&($0Ä´TÇ°PVUTUBOEJOHÇ°TIBSFT Ç°&("5Ç°IBTÇ°GPVSÇ°SFQSFTFOUBUJWFÇ° directors of all 15 directors in EGCO. Ç° %JBNPOEÇ° (FOFSBUJOHÇ° "TJBÇ° Ä¶%("Ä· Ç° BÇ° .JUTVCJTIJÇ° $PSQPSBUJPOÇ° Ä¶.$Ä· Ä´TÇ° TVCTJEJBSZ Ç° MC is a technology development and trading company in industrial and energy Ç° TFDUPS Ç° .$Ç° JOEJSFDUMZÇ° IPMETÇ° Ç° PGÇ° &($0Ä´TÇ° PVUTUBOEJOHÇ° TIBSFTÇ° WJBÇ° 5&1%*"Ç° Ç° (FOFSBUJOHÇ°# 7 Ç°.$Ç°IBTÇ°UXPÇ°SFQSFTFOUBUJWFÇ°EJSFDUPSTÇ°PGÇ°BMMÇ°&($0Ä´TÇ° Ç°EJSFDUPSTÇ°

Shareholder and Management Structure

Ç° 5PLZPÇ°&MFDUSJDÇ°1PXFSÇ°$PNQBOZÇ°*ODÇ° Ä¶5&1$0Ä· Ç°5&1$0Ç°JTÇ°UIFÇ°MBSHFTUÇ°FMFDUSJDÇ°QPXFSÇ°DPNQBOZÇ°JOÇ°+BQBO Ç° BOEÇ°POFÇ°PGÇ°UIFÇ°MBSHFTUÇ°QSJWBUFMZÇ°PXOFEÇ°FMFDUSJDÇ°VUJMJUJFTÇ°JOÇ°UIFÇ°XPSME Ç°5&1$0Ç°JOEJSFDUMZÇ°IPMETÇ° Ç° Ç° PGÇ° &($0Ä´TÇ° PVUTUBOEJOHÇ° WJBÇ° 5&1%*"Ç° (FOFSBUJOHÇ° # 7 Ç° 5&1$0Ç° IBTÇ° UXPÇ° SFQSFTFOUBUJWFÇ° EJSFDUPSTÇ° PGÇ° BMM EGCOâ&#x20AC;&#x2122;s 15 directors. Ç° 5&1$0Ç°JTÇ°UIFÇ°MBSHFTUÇ°FMFDUSJDÇ°QPXFSÇ°DPNQBOZÇ°JOÇ°+BQBOÇ°BOEÇ°POFÇ°PGÇ°UIFÇ°MBSHFTUÇ°FMFDUSJDÇ°VUJMJUJFTÇ°JOÇ°UIFÇ° Ç° XPSMEÇ° XJUIÇ° UIFÇ° DBQBDJUZÇ° PGÇ° NPSFÇ° UIBOÇ° Ç° (8 Ç° 5&1$0Ç° IBTÇ° TVQQMJFEÇ° FMFDUSJDJUZÇ° UPÇ° JUTÇ° TFSWJDFÇ° BSFBÇ° Ç° JODMVEJOHÇ°UIFÇ°5PLZPÇ°.FUSPQPMJUBOÇ°"SFBÇ°XIJDIÇ°DPOTFRVFODFTÇ°BSPVOEÇ°POFÇ°UIJSEÇ°PGÇ°+BQBOÄ´TÇ°EPNFTUJDÇ° Ç° QPXFSÇ°EFNBOEÇ°TJODFÇ°JUTÇ°FTUBCMJTIFEÇ°JOÇ°

Ornagization Structure "UÇ° UIFÇ° UPQÇ° PGÇ° &($0Ä´TÇ° PSHBOJ[BUJPOÇ° TUSVDUVSFÇ° JTÇ° UIFÇ° #PBSEÇ° PGÇ° EJSFDUPST Ç° UIFÇ° TUBOEJOHÇ° DPNNJUUFFT Ç° UIFÇ° President and the top management.

1. Board of Directors Ç° Ç° Ç° Ç° Ç°

5IFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°IBTÇ°NBJOÇ°SFTQPOTJCJMJUZÇ°UPÇ°DPOEVDUÇ°CVTJOFTTÇ°JOÇ°BÇ°XBZÇ°UIBUÇ°XJMMÇ°CFOFÅ³UÇ°&($0 Ç° shareholders and stakeholders including the employees and communities where EGCO operates its CVTJOFTT Ç°*OÇ°UIJTÇ°SFHBSE Ç°UIFÇ°#PBSEÇ°XPSLTÇ°XJUIÇ°UIFÇ°.BOBHFNFOUÇ°JOÇ°GPSNVMBUJOHÇ°&($0Ä´TÇ°WJTJPOÇ°BOEÇ°QPMJDZÇ° and to approve the corporate budget, including monitoring the Managementâ&#x20AC;&#x2122;s performance and taking part in considering to solve the problems appropriately. $VSSFOUMZ Ç°UIFÇ°#PBSEÇ°DPNQSJTFTÇ° Ç°NFNCFST Ç° Ç° Ç°OPO FYFDVUJWFÇ°EJSFDUPSTÇ° JODMVEJOHÇ°TJYÇ°JOEFQFOEFOUÇ°EJSFDUPST Ç°BOEÇ° Ç° 1SFTJEFOU Ç°UIFÇ°POMZÇ°POFÇ°FYFDVUJWFÇ°NFNCFS Ç°

Ç°

5IFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°BOEÇ°UIFJSÇ°TIBSFÇ°PXOFSTIJQÇ°JOÇ°&($0Ç°BTÇ°PGÇ°%FDFNCFSÇ° Ç° Ç°BSFÇ°BTÇ°MJTUFEÇ°CFMPX Ç° No.

Ç°

Name

Position

Appointment Date

Chairman

April 25, 2012 April 21, 2011 March 1, 2012 March 1, 2012 April 25, 2012 April 25, 2012 April 25, 2012 November 16, 2011 January 30, 2012 April 25, 2012 February 28, 2011 January 30, 2012 March 1, 2012 March 1, 2012 April 22, 2010

Mr. Pornchai Rujiprapa

Mr. Phaiboon Siripanoosatien

Pol. Gen. Pansiri Prapawat

Mr. Pasan Teparak

Mr. Thanapich Mulapruk

Mr. Pongstorn Kunanusorn

Mr. Sorajak Kasemsuvan

Mr. Surasak Supavititpatana

Independent Director Independent Director Independent Director Independent Director Independent Director Independent Director Director

Mr. Thawat Vadjanapornsithi

Director

10.

Mr. Kulit Sombatsiri

Director

11.

Mr. Toshiro Kudama

Director

12.

Mr. Satoshi Yajima

Director

13.

Mr. Hideo Kuramochi

Director

14.

Mr. Shigeru Inano

Director

15.

Mr. Sahust Pratuknukul

President

No. of shares December 31, 2012

December 31, 2011

Increase (Decrease)

1,890

5IFÇ°MJTUTÇ°PGÇ°EJSFDUPSTÇ°XIPÇ°SFUJSFEÇ°PSÇ°SFTJHOFEÇ°JOÇ° Ç°UPHFUIFSÇ°XJUIÇ°UIFJSÇ°TIBSFÇ°PXOFSTIJQÇ°JOÇ°&($0Ç°BSFÇ°BTÇ°TIPXOÇ°CFMPX Ç°Ç° No. of shares No. Name Position Retiring / 1.

Mr. Vinij Tangnoi

Director

Mr. Akio Matsuzaki

Director

Mr. Somphot Kanchanaporn

Mr. Chaipat Sahasakul

Mr. Hideaki Tomiku

Independent Director Independent Director Director

Mr. Ryota Sakakibara

Director

Mr. Aswin Kongsiri

Pol. Lt. Gen. Pijarn Jittirat

Director / Vice Chairman Independent Director

Resigning Date

December 31, 2012

December 31, 2011

Increase (Decrease)

January 1, 2012 January 29, 2012 March 1, 2012 March 1, 2012 March 1, 2012 March 1, 2012 April 25, 2012 April 25, 2012

Shareholder and Management Structure

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Ç° Ç° Ç° Ç° Ç° Ç°

Independent Director 5IFÇ°#PBSEÇ°JOÇ°UIFÇ°NFFUJOHÇ°OP Ç° Ç°POÇ°4FQUFNCFSÇ° Ç° Ç°IBEÇ°FBSMZÇ°BEPQUFEÇ°UIFÇ°EFÅ³OJUJPOÇ°PGÇ°JOEFQFOEFOUÇ° EJSFDUPSTÇ°UPÇ°DPNQMZÇ°XJUIÇ°UIFÇ°RVBMJÅ³DBUJPOTÇ°PGÇ°JOEFQFOEFOUÇ°EJSFDUPSTÇ°TUBUFEÇ°JOÇ°UIFÇ°OPUJÅ³DBUJPOÇ°PGÇ°UIFÇ°$BQJUBMÇ° .BSLFUÇ°4VQFSWJTPSZÇ°#PBSEÇ°OP Ç° Ç°SF Ç°Ä¶'JMMJOHÇ°GPSÇ°BOEÇ°"QQSPWBMÇ°PGÇ°/FXMZÇ°*TTVFEÇ°4IBSFTÄ·Ç°CFGPSFÇ°UIFÇ° FGGFDUJWFÇ°EBUFÇ°BOEÇ°UIFÇ°#PBSEÇ°JOÇ°UIFÇ°NFFUJOHÇ°OP Ç° Ç°POÇ°'FCSVBSZÇ° Ç° Ç°IBEÇ°SFTPMWFEÇ°UPÇ°SFEVDFÇ°UIFÇ° TIBSFIPMEJOHÇ°VOEFSÇ°UIJTÇ°JUFNÇ°GSPNÇ°OPUÇ°NPSFÇ°UIBOÇ° Ç°UPÇ° Ç°6OEFSÇ°TVDIÇ°EFÅ³OJUJPO Ç°&($0Ç°JOEFQFOEFOUÇ° EJSFDUPSÇ°TIBMMÇ°IBWFÇ°UIFÇ°GPMMPXJOHÇ°RVBMJÅ³DBUJPOT 1. Holding shares not more than of the paid-up capital with the voting right of EGCO, parent company, Ç° TVCTJEJBSZÇ°DPNQBOZ Ç°BTTPDJBUFEÇ°DPNQBOZÇ°PSÇ°BOZÇ°MFHBMÇ°FOUJUZÇ°UIBUÇ°NBZÇ°IBWFÇ°UIFÇ°DPOÅ´JDUÇ°PGÇ°JOUFSFTUÇ° Ç° JODMVEJOHÇ°UIFÇ°DPOOFDUFEÇ°QFSTPOTÇ°BTÇ°TUJQVMBUFEÇ°JOÇ°TFDUJPOÇ° Ç°PGÇ°TFDVSJUJFTÇ°MBXT Ç°Ç° /PUÇ°CFJOHÇ°BÇ°EJSFDUPSÇ°UIBUÇ°UBLFTÇ°QBSUÇ°JOÇ°UIFÇ°NBOBHFNFOUÇ° FYFDVUJWFÇ°EJSFDUPS Ç°EJSFDUPSÇ°XIPÇ°IBTÇ°UIFÇ°TBNFÇ° Ç° SFTQPOTJCJMJUZÇ°BTÇ°NBOBHFNFOUÇ°FYDFQUÇ°GPSÇ°UIFÇ°TJHOBUVSFÇ°JOÇ°USBOTBDUJPOTÇ°BQQSPWFEÇ°CZÇ°UIFÇ°#PBSEÇ°BOEÇ°UIFÇ°KPJOUÇ° Ç° TJHOJOHÇ°XJUIÇ°PUIFSÇ°EJSFDUPST Ç°FNQMPZFFT Ç°BEWJTPSTÇ°XIPÇ°SFDFJWFÇ°SFHVMBSÇ°TBMBSZ Ç°BOEÇ°DPOUSPMMJOHÇ°QFSTPOÇ°PGÇ° Ç° &($0 Ç°QBSFOUÇ°DPNQBOZ Ç°TVCTJEJBSZÇ°DPNQBOZ Ç°BTTPDJBUFÇ°DPNQBOZÇ°BOEÇ°GFMMPXÇ°TVCTJEJBSZÇ° TVCTJEJBSZÇ°PGÇ° Ç° UIFÇ°TBNFÇ°IPMEJOHÇ°DPNQBOZ Ç°PSÇ°BOZÇ°FOUJUZÇ°UIBUÇ°NBZÇ°IBWFÇ°BÇ°DPOÅ´JDUÇ°PGÇ°JOUFSFTUÇ°EVSJOHÇ°UIFÇ°QFSJPEÇ°PGÇ° Ç° UXPÇ°ZFBSTÇ°CFGPSFÇ°IJT IFSÇ°BQQPJOUNFOU 3. Not being a person who is related by maternity and by registration as parents, spouse, brother, sister, and son and daughter including their spouses of the management, or major shareholders, controlling persons or persons who will be nominated to be the Management or controlling persons of EGCO or its subsidiaries, 4. Not having business relationship with and not being a major shareholder, non-independent director or management of EGCO, parent company, subsidiary company, associate company or any entity that may Ç° IBWFÇ°BÇ°DPOÅ´JDUÇ°PGÇ°JOUFSFTUÇ°JOÇ°BÇ°XBZÇ°UIBUÇ°XPVMEÇ°BGGFDUÇ°UIFÇ°HJWJOHÇ°PGÇ°JOEFQFOEFOUÇ°PQJOJPOTÇ°EVSJOHÇ°UIFÇ°QFSJPEÇ° Ç° PGÇ°UXPÇ°ZFBSTÇ°CFGPSFÇ°UIFÇ°Å³MJOHÇ°EBUF Ç° Ç°/PUÇ°CFJOHÇ°BOÇ°BVEJUPSÇ°PSÇ°BÇ°NBKPSÇ°TIBSFIPMEFS Ç°EJSFDUPS Ç°NBOBHFNFOUÇ°PSÇ°QBSUOFSÇ°PGÇ°UIFÇ°BVEJUÇ°Å³SNÇ°UIBUÇ° provides auditing services to EGCO, parent company, subsidiary company, associate company or any Ç° FOUJUZÇ°UIBUÇ°NBZÇ°IBWFÇ°BÇ°DPOÅ´JDUÇ°PGÇ°JOUFSFTUÇ°EVSJOHÇ°UIFÇ°QFSJPEÇ°PGÇ°UXPÇ°ZFBSTÇ°CFGPSFÇ°UIFÇ°Å³MJOHÇ°EBUF Ç°Ç° /PUÇ°QSPWJEJOHÇ°BOZÇ°QSPGFTTJPOBMÇ°TFSWJDFÇ°PSÇ°CFJOHÇ°BÇ°NBKPSÇ°TIBSFIPMEFS Ç°OPO JOEFQFOEFOUÇ°EJSFDUPS Ç° NBOBHFNFOUÇ°PSÇ°QBSUOFSÇ°PGÇ°UIFÇ°DPNQBOZÇ°UIBUÇ°Ç°QSPWJEFÇ°QSPGFTTJPOBMÇ°TFSWJDFÇ°XIJDIÇ°JODMVEFÇ°Å³OBODJBMÇ° Ç° BOEÇ°MFHBMÇ°BEWJDFTÇ°XJUIÇ°UIFÇ°GFFÇ°IJHIFSÇ°UIBOÇ° Ç°NJMMJPOÇ°CBIUÇ°QFSÇ°ZFBSÇ°EVSJOHÇ°UIFÇ°QFSJPEÇ°PGÇ°UXPÇ°ZFBST Ç° CFGPSFÇ°UIFÇ°Å³MJOHÇ°EBUF Ç°Ç° /PUÇ°CFJOHÇ°BQQPJOUFEÇ°BTÇ°BÇ°SFQSFTFOUBUJWFÇ°UPÇ°TBGFHVBSEÇ°JOUFSFTUTÇ°PGÇ°&($0Ç°EJSFDUPS Ç°NBKPSJUZÇ°TIBSFIPMEFSTÇ° or shareholders who are related to EGCOâ&#x20AC;&#x2122;s majority shareholders, and 8. Not having any constraint that would affect the performance of giving independent judgment on EGCO. The terms of independent directors 5IFÇ°#PBSEÇ°XJUIÇ°UIFÇ°/PNJOBUJPOÇ°BOEÇ°3FNVOFSBUJPOÇ°$PNNJUUFFÄ´TÇ°BQQSPWBMÇ°JOÇ°UIFÇ°NFFUJOHÇ°OP Ç° Ç°PO 'FCSVBSZÇ° Ç° Ç°IBTÇ°BEPQUFEÇ°UIFÇ°UFSNÇ°PGÇ°JOEFQFOEFOUÇ°EJSFDUPSTÇ°JTÇ°MJNJUFEÇ°BUÇ° Ç°UFSNT Ç°PGÇ°XIJDIÇ°UIFÇ°DPVOUJOHÇ° PGÇ°UIFÇ°UFSNÇ°XPVMEÇ°TUBSUÇ°GSPNÇ°UIFÇ°4IBSFIPMEFSTÄ´Ç° Ç°"OOVBMÇ°(FOFSBMÇ°.FFUJOHÇ°POXBSET Ç° 5IFÇ° /PNJOBUJPOÇ° BOEÇ° 3FNVOFSBUJPOÇ° $PNNJUUFFÇ° TIBMMÇ° SFWJFXÇ° UIFÇ° BQQSPQSJBUFOFTTÇ° PGÇ° UIFÇ° JOEFQFOEFOUÇ° EJSFDUPSÇ°EFÅ³OJUJPO Ç°$VSSFOUMZ Ç°UIFSFÇ°BSFÇ° Ç°JOEFQFOEFOUÇ°EJSFDUPSTÇ°PGÇ°BMMÇ° Ç°EJSFDUPSTÇ°XIPÇ°NFFUÇ°UIFÇ°BCPWFÇ° RVBMJÅ³DBUJPOTÇ°XIJDIÇ°BDDPVOUTÇ°GPSÇ°NPSFÇ°UIBOÇ°POF UIJSEÇ°PGÇ°BMMÇ°EJSFDUPST

Ç°

5IFÇ°MJTUTÇ°PGÇ°JOEFQFOEFOUÇ°EJSFDUPSTÇ°BTÇ°PGÇ°%FDFNCFSÇ° Ç° No.

1. 2. 3. 4. 5. 6.

Ç°

1. 2. 3. 4.

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Position

Mr. Thanapich Mulapruk Mr. Phaiboon Siripanoosatien Pol. Gen. Pansiri Prapawat Mr. Pasan Teparak Mr. Pongstorn Kunanusorn Mr. Sorajak Kasemsuvan

Independent Director Independent Director Independent Director Independent Director Independent Director Independent Director

5IFÇ°MJTUTÇ°PGÇ°JOEFQFOEFOUÇ°EJSFDUPSTÇ°XIPÇ°SFUJSFEÇ°PSÇ°SFTJHOFEÇ°JOÇ° Ç°BSFÇ°BTÇ°TIPXOÇ°CFMPX No.

Ç° Ç° Ç° Ç° Ç° Ç°

Name

Mr. Somphot Karnchanaporn Mr. Chaipat Sahasakul Mr. Aswin Kongsiri Pol. Lt. Gen. Pijarn Jittirat

Position

Retiring/Resigning Date

Independent Director Independent Director Independent Director / Vice Chairman Independent Director

March 1, 2012 March 1, 2012 April 25, 2012 April 25, 2012

Authorized Directors &($0Ç°EFUFSNJOFTÇ°UIBUÇ°UIFÇ°BVUIPSJ[FEÇ°EJSFDUPSTÇ°DPNQSJTFÇ°UIFÇ°1SFTJEFOUÇ°UPÇ°TJHOÇ°BOEÇ°BGÅ³YÇ°UIFÇ°DPNQBOZÄ´TÇ° TFBMÇ°JOEFQFOEFOUMZ Ç°PSÇ°BOZÇ°UXPÇ°EJSFDUPSTÇ°UPÇ°TJHOÇ°KPJOUMZÇ°BOEÇ°BGÅ³YÇ°UIFÇ°DPNQBOZÄ´TÇ°TFBM Ç°4VDIÇ°BVUIPSJ[FEÇ° EJSFDUPSTÇ° TIBMMÇ° FYDMVEFÇ° Ç° JOEFQFOEFOUÇ° EJSFDUPSTÇ° UPÇ° NBJOUBJOÇ° UIFJSÇ° JOEFQFOEFODFÇ° VOEFSÇ° UIFÇ° HPPEÇ° DPSQPSBUFÇ°HPWFSOBODFÇ°QSJODJQMF Ç° Ç°$IBJSNBOÇ°XIPÇ°JTÇ°BÇ°TFOJPSÇ°HPWFSONFOUÇ°PGÅ³DFS Ç°BOEÇ° Ç°EJSFDUPSTÇ°XIPÇ° BSFÇ°BMTPÇ°EJSFDUPSTÇ°PGÇ°UIFÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ°UPÇ°BWPJEÇ°UIFÇ°MJNJUBUJPOÇ°UIBUÇ°TVDIÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ°DBOOPUÇ° QSPWJEFÇ°GVUVSFÇ°Å³OBODJBMÇ°TFSWJDFÇ°UPÇ°&($0 Appointment, Resignation, and Dismissal of Directors 5IFÇ°#PBSEÇ°PGÇ°%JSFDUPST Ç°XIJDIÇ°DPNQSJTFTÇ°OPUÇ°MFTTÇ°UIBOÇ°Å³WFÇ°BOEÇ°OPUÇ°NPSFÇ°UIBOÇ° Ç°EJSFDUPST Ç°TIBMMÇ°CFÇ°FMFDUFEÇ° CZÇ°TIBSFIPMEFST Ç°QSPWJEFEÇ°UIBUÇ°OPUÇ°MFTTÇ°UIBOÇ°IBMGÇ°PGÇ°UIFNÇ°NVTUÇ°SFTJEFÇ°JOÇ°5IBJMBOE Ç°*GÇ°BÇ°EJSFDUPSTIJQÇ° CFDPNFTÇ°WBDBOUÇ°GPSÇ°BOZÇ°SFBTPOÇ°PUIFSÇ°UIBOÇ°CZÇ°SPUBUJPO Ç°UIFÇ°#PBSEÇ°JOÇ°UIFÇ°TVCTFRVFOUÇ°NFFUJOHÇ°TIBMMÇ°FMFDUÇ° BÇ°QFSTPOÇ°XIPÇ°JTÇ°RVBMJÅ³FEÇ°UPÇ°Å³MMÇ°JOÇ°UIFÇ°WBDBODZÇ°CZÇ°UIFÇ°WPUFTÇ°PGÇ°OPUÇ°MFTTÇ°UIBOÇ°UISFF GPSUIÇ° Ç°PGÇ°UIFÇ° SFNBJOJOHÇ°EJSFDUPST Ç°5IFÇ°EJSFDUPSÇ°XIPÇ°Å³MMTÇ°JOÇ°UIFÇ°WBDBODZÇ°TIBMMÇ°SFUBJOÇ°UIFÇ°PGÅ³DFÇ°GPSÇ°POMZÇ°UIFÇ°SFNBJOJOHÇ°UFSNÇ° PGÇ°PGÅ³DFÇ°PGÇ°UIFÇ°EJSFDUPSÇ°XIPNÇ°T IFÇ°SFQMBDFT "UÇ°FWFSZÇ°BOOVBMÇ°PSEJOBSZÇ°NFFUJOH Ç°POF UIJSEÇ°PGÇ°UIFÇ°EJSFDUPSTÇ°TIBMMÇ°SFUJSFÇ°GSPNÇ°PGÅ³DF Ç°*GÇ°UIFÇ°OVNCFSÇ°PGÇ° EJSFDUPSTÇ°JTÇ°OPUÇ°BÇ°NVMUJQMFÇ°PGÇ°UISFF Ç°UIFÇ°OVNCFSÇ°OFBSFTUÇ°UPÇ°POF UIJSEÇ°NVTUÇ°SFUJSFÇ°GSPNÇ°PGÅ³DF Ç°"EEJUJPOBMMZ Ç° BOZÇ°EJSFDUPSÇ°XIPÇ°XJTIFTÇ°UPÇ°SFTJHOÇ°GSPNÇ°PGÅ³DFÇ°NBZÇ°EPÇ°TPÇ°CZÇ°TVCNJUUJOHÇ°BÇ°SFTJHOBUJPOÇ°MFUUFSÇ°UPÇ°UIFÇ°DPNQBOZ Ç° Such resignation shall be effective from the date the resignation letter reaches EGCO. *OÇ°WPUJOHÇ°GPSÇ°UIFÇ°EJTNJTTBMÇ°PGÇ°BOZÇ°EJSFDUPSTÇ°GSPNÇ°PGÅ³DFÇ°CFGPSFÇ°UIFÇ°FYQJSBUJPOÇ°PGÇ°IJTÇ°PSÇ°IFSÇ°UFSNÇ°PGÇ°EJSFDUPSTIJQ Ç° a four-fifth (4/5) vote of eligible shareholders present at the meeting shall be required.

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Board of Directorsâ&#x20AC;&#x2122; Durties and Responsibilities 5IFÇ°EVUJFTÇ°BOEÇ°SFTQPOTJCJMJUJFTÇ°PGÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°BSFÇ°BTÇ°QSFTDSJCFEÇ°CFMPX 1. Duties to EGCO Ç° Ä»Ç° 5PÇ° EFWPUFÇ° UJNFÇ° UPÇ° &($0Ç° BOEÇ° DPOEVDUÇ° UIFÇ° CVTJOFTTÇ° JOÇ° DPNQMJBODFÇ° XJUIÇ° UIFÇ° HPWFSOBODFÇ° principles and EGCOâ&#x20AC;&#x2122;s Code of Conduct

Shareholder and Management Structure

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5. Ç°

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Ä»Ç° 5PÇ°EFNPOTUSBUFÇ°JOEFQFOEFOUÇ°KVEHNFOUÇ°JOÇ°PWFSTFFJOHÇ°&($0Ç°CVTJOFTT Ä»Ç° 5PÇ°IBWFÇ°GVMMÇ°FUIJDBMÇ°BOEÇ°MFHBMÇ°SFTQPOTJCJMJUZÇ°UPXBSETÇ°TIBSFIPMEFSTÇ°XIJMFÇ°UBLJOHÇ°JOUPÇ°BDDPVOUÇ°UIFÇ° interests of other stakeholders. Ä»Ç° 5PÇ°FOEFBWPSÇ°UPÇ°SFDSVJUÇ°DPNQFUFOUÇ°LFZÇ°NBOBHFNFOUÇ°XIPÇ°XJMMÇ°GVMMZÇ°EFWPUFÇ°UIFNTFMWFTÇ°GPSÇ°UIFÇ° Ç° CFOFÅ³UÇ°PGÇ°&($0 Ä»Ç° 5PÇ°NPOJUPSÇ°&($0Ä´TÇ°CVTJOFTTÇ°BOEÇ°UIFÇ°DPNQMJBODFÇ°XJUIÇ°UIFÇ°MBXT Ç°SVMFT Ç°SFHVMBUJPOTÇ°BOEÇ°DPOUSBDU Ç° QSPWJTJPOTÇ°BOEÇ°XJMMÇ°SFRVJSFÇ°UIFÇ°.BOBHFNFOUÇ°UPÇ°TVCNJUÇ°SFQPSUÇ°POÇ°&($0Ä´TÇ°TJHOJÅ³DBOUÇ°NBUUFST to ensure effective corporate performance. Duties to the Shareholders Ä»Ç° 5PÇ°FOEFBWPSÇ°UPÇ°FOTVSFÇ°UIBUÇ°&($0Ç°JTÇ°Å³OBODJBMMZÇ°WJBCMF Ç°QSPQFSMZÇ°NBOBHFEÇ°BOEÇ°DPOTUBOUMZÇ°JNQSPWFE so as to protect and enhance the interests of the shareholders. Ä»Ç° 5PÇ°FOEFBWPSÇ°UPÇ°FOTVSFÇ°UIBUÇ°UIFÇ°JOGPSNBUJPOÇ°EJTDMPTVSFÇ°JTÇ°NBUFSJBMMZÇ°DPSSFDU Ç°DPNQMFUF Ç°USBOTQBSFOUÇ°BOEÇ°UJNFMZ Ä»Ç° 5PÇ°FOEFBWPSÇ°UPÇ°FOTVSFÇ°UIBUÇ°TIBSFIPMEFSTÇ°BSFÇ°USFBUFEÇ°POÇ°FRVJUBCMFÇ°CBTJT Ä»Ç° /PUÇ°UPÇ°TVCNJUÇ°GBVMUÇ°JOGPSNBUJPOÇ°BOEÇ°UPÇ°FOTVSFÇ°UIBUÇ°USVFÇ°BOEÇ°BDDVSBUFÇ°JOGPSNBUJPOÇ°SFHBSEJOHÇ°UIFÇ°PQFSBUJOHÇ° Ç° SFTVMUTÇ°BOEÇ°Å³OBODJBMÇ°QPTJUJPOÇ°JTÇ°SFQPSUFEÇ°JOÇ°BDDPSEBODFÇ°XJUIÇ°UIFÇ°EJTDMPTVSFÇ°SFRVJSFNFOUT Duties to Creditors Ä»Ç° 5PÇ°FOEFBWPSÇ°UPÇ°FOTVSFÇ°UIBUÇ°&($0Ç°DPNQMJFTÇ°XJUIÇ°UIFÇ°MPBOÇ°QSPWJTJPOÇ°BOEÇ°UIBUÇ°&($0Ä´TÇ°Å³OBODJBMÇ°TUBUVTÇ° is correctly disclosed. Ä»Ç° 5PÇ°TFFLÇ°QSPGFTTJPOBMÇ°BEWJDFÇ°JOÇ°DBTFÇ°PGÇ°EPVCUÇ°BCPVUÇ°UIFÇ°MJLFMZÇ°JNQBDUÇ°POÇ°MFOEFSTÇ°TVDIÇ°BTÇ°XIFOÇ°&($0Ä´T Ç° Å³OBODJBMÇ°QPTJUJPOÇ°JTÇ°VODFSUBJOÇ°PSÇ°JOTPMWFODZÇ°NBZÇ°CFÇ°QFOEJOH Duties to other Stakeholders Ä»Ç° 5PÇ°FOEFBWPSÇ°UPÇ°FOTVSFÇ°UIBUÇ°&($0Ç°DPNQMJFTÇ°XJUIÇ°UIFÇ°HPWFSOJOHÇ°MBXTÇ°BOEÇ°SFHVMBUJPOTÇ°XIJMFÇ°UBLJOHÇ° into account the impact on employees, other stakeholders, community, society and environment. Due Diligence Ä»Ç° 5PÇ°BUUFOEÇ°BMMÇ°#PBSEÇ°NFFUJOHTÇ°CVUÇ°XIFSFÇ°NFFUJOHÇ°BUUFOEBODFÇ°JTÇ°OPUÇ°QPTTJCMF Ç°EJSFDUPSTÇ°XJMMÇ°UBLFÇ° appropriate step to obtain leave of absence. Ä»Ç° 5PÇ°BDRVJSFÇ°LOPXMFEHFÇ°BCPVUÇ°&($0 Ç°UIFÇ°TUBUVUPSZÇ°BOEÇ°SFHVMBUPSZÇ°SFRVJSFNFOUTÇ°BGGFDUJOHÇ°EJSFDUPSTÇ°JOÇ° the discharge of their duties as EGCO director, and to be aware of the environment that has the impact on EGCO. Ä»Ç° 5PÇ°FOEFBWPSÇ°UPÇ°FOTVSFÇ°UIBUÇ°OFDFTTBSZÇ°EBUBÇ°BSFÇ°QSPWJEFEÇ°JOÇ°BEWBODFÇ°UPÇ°BMMPXÇ°BEFRVBUFÇ°UJNFÇ°UPÇ° analyze, make thorough judgment and so discharge the duties of care and diligence. Ä»Ç° 5PÇ°FOEFBWPSÇ°UPÇ°FOTVSFÇ°JOEFQFOEFOUÇ°KVEHNFOUÇ°BOEÇ°JOÇ°DBTFÇ°PGÇ°EJTTFOUÇ°UPÇ°BOZÇ°#PBSEÄ´TÇ°SFTPMVUJPO Ç°UPÇ° request the record of objection in the Minutes of Meeting. Ä»Ç° 5PÇ°FOEFBWPSÇ°UPÇ°FOTVSFÇ°UIBUÇ°UIFÇ°TZTUFNÇ°JTÇ°FTUBCMJTIFEÇ°XJUIJOÇ°&($0Ç°UPÇ°QSPWJEFÇ°UIFÇ°#PBSE Ç°POÇ°BÇ°SFHVMBSÇ°BOEÇ° timely basis, with necessary data to enable directors to make a reasoned and careful judgment. Ä»Ç° 5PÇ°FOEFBWPSÇ°UPÇ°NBLFÇ°TVSFÇ°UIBUÇ°SFMBUJPOTÇ°CFUXFFOÇ°UIFÇ°#PBSEÇ°BOEÇ°UIFÇ°BVEJUPSTÇ°BSFÇ°PQFOÇ°BOEÇ°UIBUÇ° Ç° UIFÇ°BVEJUPSÇ°DBOÇ°XPSLÇ°JOEFQFOEFOUMZÇ°BOEÇ°FGÅ³DJFOUMZÇ°XJUIÇ°UIFÇ°GVMMÇ°DP PQFSBUJPOÇ°GSPNÇ°NBOBHFNFOUÇ° and the internal auditors. Ä»Ç° 5PÇ°TUSJWFÇ°UPÇ°FOTVSFÇ°UIBUÇ°&($0Ç°DPNQMJFTÇ°XJUIÇ°UIFÇ°HPWFSOJOHÇ°MBXT Ç°SVMFT Ç°SFHVMBUJPOTÇ°BOEÇ°CVTJOFTTÇ° standard and ethics. Ä»Ç° *OÇ°BOZÇ°DBTFÇ°PGÇ°EPVCUÇ°JOÇ°UIFÇ°DBQBDJUZÇ°PGÇ°EJSFDUPSTÇ°BOEÇ°DPNNJUUFFÇ°NFNCFST Ç°Ç°UPÇ°TFFLÇ°BEWJTFÇ°GSPNÇ°&($0Ä´TÇ°

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2. Standing Committeesâ&#x20AC;&#x2122; Structure Ç° Ç°

5IFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°IBTÇ°BQQPJOUFEÇ° Ç°TUBOEJOHÇ°DPNNJUUFFTÇ°UPÇ°IFMQÇ°TDSVUJOJ[FÇ°TJHOJÅ³DBOUÇ°NBUUFST Ç°Ç° 5IFÇ°EFUBJMTÇ°PGÇ°UIFÇ°TUBOEJOHÇ°DPNNJUUFFTÇ°BSFÇ°BTÇ°GPMMPXT Audit Committee Ç° 5IFÇ°"VEJUÇ°$PNNJUUFFÇ°DPNQSJTFTÇ°BUÇ°MFBTUÇ° Ç°JOEFQFOEFOUÇ°EJSFDUPSTÇ°GPSÇ°BÇ° ZFBSÇ°UFSNÇ°PGÇ°TFSWJDF Ç°XJUIÇ°POFÇ°ZFBSÇ° Ç° GPSÇ°UIJTÇ°QVSQPTFÇ°NFBOJOHÇ°UIFÇ°QFSJPEÇ°CFUXFFOÇ°UIFÇ°"OOVBMÇ°(FOFSBMÇ°.FFUJOHÇ° Ä¶"(.Ä· Ç°PGÇ°TIBSFIPMEFSTÇ°XIFOÇ° Ç° T IFÇ°JTÇ°BQQPJOUFEÇ°BOEÇ°UIFÇ°OFYUÇ°TVDDFFEJOHÇ°"(. Ç°0OFÇ°PGÇ°UIFÇ°NFNCFSTÇ°TIBMMÇ°IBWFÇ°Å³OBODFÇ°BOEÇ°BDDPVOUJOHÇ° Ç° CBDLHSPVOE Ç° "UÇ°QSFTFOU Ç°.S Ç°1POHTUPSOÇ°,VOBOVTPSOÇ°JTÇ°UIFÇ°"VEJUÇ°$PNNJUUFFÇ°NFNCFSÇ°UIBUÇ°IBTÇ° TVDIÇ° Ç° RVBMJÅ³DBUJPO Ç° Ç° 5IFÇ°"VEJUÇ°$PNNJUUFFÇ°VOEFSUBLFTÇ°JUTÇ°SFTQPOTJCJMJUJFTÇ°BTÇ°EFTDSJCFEÇ°JOÇ°UIFÇ°"VEJUÇ°$PNNJUUFFÇ°$IBSUFS Ç°XIJDIÇ° Ç° JTÇ° SFWJFXFEÇ° BOOVBMMZÇ° UPÇ° CFÇ° DPOTJTUFOUÇ° XJUIÇ° UIFÇ° DIBOHJOHÇ° JOUFSOBMÇ° BOEÇ° FYUFSOBMÇ° FOWJSPONFOU Ç° 5IFÇ° responsibilities of the Audit Committee are detailed below. Ç° Ç° 3FWJFXÇ°UIFÇ°BDDVSBDZÇ°BOEÇ°BEFRVBDZÇ°PGÇ°&($0Ä´TÇ°Å³OBODJBMÇ°SFQPSUJOH Ç° Ç° Ç°Ç° 3FWJFXÇ° UIFÇ° BQQSPQSJBUFOFTTÇ° BOEÇ° FGGFDUJWFOFTTÇ° PGÇ° JOUFSOBMÇ° DPOUSPMÇ° TZTUFNT Ç° BOEÇ° JOUFSOBMÇ° BVEJUÇ° functions and determine the Internal Audit Divisionâ&#x20AC;&#x2122;s independence. 3. Approve the appointment, rotation and removal of the Chief Internal Audit. Ç° Ç°Ç° .POJUPSÇ°&($0Ä´TÇ°DPNQMJBODFÇ°XJUIÇ°4FDVSJUJFTÇ°BOEÇ°&YDIBOHFÇ°"DUTÇ°BOEÇ°3FHVMBUJPOTÇ°PGÇ°UIFÇ°4&5 Ç°BOEÇ° any other laws relevant to EGCOâ&#x20AC;&#x2122;s business. Ç°Ç° Ç°Ç° 3FDPNNFOEÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°BOÇ°JOEFQFOEFOUÇ°QFSTPOÇ°UPÇ°CFÇ°&($0Ä´TÇ°BVEJUPSÇ°BTÇ°XFMMÇ°BTÇ°UIFÇ° audit fees. Ç° Ç°Ç° 3FWJFXÇ°UIFÇ°"VEJUÇ°%JWJTJPOÄ´TÇ°JOEFQFOEFODFÇ°JOÇ°UFSNTÇ°PGÇ°OPO BVEJUÇ°TFSWJDFT Ç° Ç°Ç° $POTJEFSÇ°BOEÇ°FOEPSTFÇ°UIFÇ°SFWJTJPOÇ°POÇ°&($0Ç°BOEÇ°4VCTJEJBSJFTÄ´Ç°BDDPVOUJOHÇ°QPMJDZÇ°QSJPSÇ°UPÇ°TVCNJTTJPOÇ° Ç° Ç° UPÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°GPSÇ°BQQSPWBM 8. Attend a non-management meeting with an auditor at least once a year. Ç°Ç° Ç°Ç° $POTJEFSÇ°UIFÇ°DPOOFDUFEÇ°USBOTBDUJPOTÇ°PSÇ°BOZÇ°USBOTBDUJPOTÇ°UIBUÇ°NBZÇ°DBVTFÇ°DPOÅ´JDUÇ°PGÇ°JOUFSFTUÇ°DPNQMZJOHÇ° Ç° Ç° XJUIÇ°4FDVSJUJFTÇ°BOEÇ°&YDIBOHFÇ°"DUTÇ°BOEÇ°3FHVMBUJPOT Ç° Ç° 3FWJFXÇ°UIFÇ°*OUFSOBMÇ°"VEJUÇ°$IBSUFSÇ°QSJPSÇ°UPÇ°TVCNJTTJPOÇ°UPÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°GPSÇ°BQQSPWBM 11. Approve the internal audit plan as well as budget and personnel. Ç° Ç° 3FWJFXÇ°UIFÇ°JOUFSOBMÇ°BVEJUÇ°GVODUJPO Ç°JODMVEJOH Ç°JOEFQFOEFODFÇ°PGÇ°JOUFSOBMÇ°BVEJUÇ°EJWJTJPOÇ°BOEÇ°SFQPSUJOHÇ° obligation. 13. Review with the Management the preparation of the Managementâ&#x20AC;&#x2122;s Discussion and Analysis or MD&A and its disclosure in the Annual Report. 14. Review with the Management the risk management policy, the practice compliance with such policy, as well as EGCOâ&#x20AC;&#x2122;s risk management guidelines. Ç° Ç° 1SFQBSFÇ°BÇ°SFQPSUÇ°UIBUÇ°EFTDSJCFTÇ°UIFÇ°"VEJUÇ°$PNNJUUFFÄ´TÇ°BDUJWJUJFTÇ°BOEÇ°SFTQPOTJCJMJUJFT Ç°5IJTÇ°SFQPSUÇ°TIBMMÇ° be signed by the Chairman of the Audit Committee and published in the annual report to the Ç° Ç° TIBSFIPMEFST Ç°5IFÇ°"VEJUÇ°$PNNJUUFFÄ´TÇ°3FQPSUÇ°TIBMMÇ°DPOTJTUÇ°PGÇ°BUÇ°MFBTUÇ°UIFÇ°GPMMPXJOHÇ°JOGPSNBUJPO Ç° Ç° B Ç° BOÇ°PQJOJPOÇ°POÇ°UIFÇ°BDDVSBDZ Ç°DPNQMFUFOFTTÇ°BOEÇ°DSFEJUBCJMJUZÇ°PGÇ°&($0Ä´TÇ°Å³OBODJBMÇ°SFQPSU Ç°Ç° Ç° Ç° C Ç°Ç°BOÇ°PQJOJPOÇ°POÇ°UIFÇ°BEFRVBDZÇ°PGÇ°&($0Ä´TÇ°JOUFSOBMÇ°DPOUSPMÇ°TZTUFN

Shareholder and Management Structure

Ç°

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Name

1. 2. 3.

Mr. Thanapich Mulapruk Mr. Pasan Teparak Mr. Pongstorn Kunanusorn

Position

Appointment Date

Chairman of the Audit Committee member member

April 25, 2012 March 1, 2012 April 25, 2012

5IFÇ°MJTUTÇ°PGÇ°UIFÇ°"VEJUÇ°$PNNJUUFFÇ°XIPÇ°SFUJSFEÇ°PSÇ°SFTJHOFEÇ°JOÇ° Ç°BSFÇ°BTÇ°TIPXOÇ°CFMPX No. 1. 2. 3.

Name Mr. Chaipat Sahasakul Mr. Aswin Kongsiri/1 Mr. Somphot Karnchanaporn

Position

Retiring/Resigning Date

Chairman of the Audit Committee Chairman of the Audit Committee member

March 1, 2012 April 25, 2012 March 1, 2012

Remark Ç°.S Ç°"TXJOÇ°,POHTJSJÇ°XBTÇ°BQQPJOUFEÇ°UIFÇ°$IBJSNBOÇ°PGÇ°UIFÇ°"VEJUÇ°$PNNJUUFFÇ°UPÇ°SFQMBDFÇ°.S Ç°$IBJQBUÇ°4BIBTBLVMÇ°POÇ°.BSDIÇ° Ç°

Investment Committee ǰ 5IFǰ*OWFTUNFOUǰ$PNNJUUFFǰDPNQSJTFTǰ ǰEJSFDUPST ǰ5IFǰPGųDFǰUFSNǰJTǰUIFǰTBNFǰBTǰUIFJSǰEJSFDUPSTIJQ ǰ ǰ 5IFǰ*OWFTUNFOUǰ$PNNJUUFFǰIBTǰUIFǰSFTQPOTJCJMJUJFTǰUPǰTDSVUJOJ[FǰBOEǰFOEPSTFǰGPSǰUIFǰ#PBSEĴTǰDPOTJEFSBUJPO ǰ UIFǰ.BOBHFNFOUĴTǰQSPQPTBMTǰFTQFDJBMMZǰPOǰJOWFTUNFOUǰBOEǰGVOEJOHǰBMPOHǰXJUIǰPUIFSǰSFMBUFEǰBDUJWJUJFTǰFYDFQUǰ for the small and medium size transaction which it has the authority to approve with subsequent acknowǰ MFEHFNFOUǰCZǰUIFǰ#PBSE ǰ"DDPSEJOHǰUPǰUIFǰNFFUJOHǰOP ǰ ǰIFMEǰPOǰ4FQUFNCFSǰ ǰ ǰUIFǰ#PBSEǰBQQSPWFEǰ ǰ UIFǰ QSFTFOUǰ 5BCMFǰ PGǰ "VUIPSJUJFTǰ JOEJDBUJOHǰ UIFǰ BVUIPSJUJFTǰ PGǰ UIFǰ $PNNJUUFFǰ UPǰ CFǰ SFTQPOTJCMFǰ GPSǰ ǰ CVTJOFTTǰJOWFTUNFOUǰVOEFSǰUIFǰ#PBSEǰPGǰ%JSFDUPSTĴǰBTTJHONFOU ǰ 5IFǰ*OWFTUNFOUǰ$PNNJUUFFĴTǰSFTQPOTJCJMJUJFTǰBSFǰEFTDSJCFEǰCFMPX ǰ ǰ ǰǰ 5PǰDPOTJEFSǰ&($0ĴTǰTUSBUFHJDǰQMBO ǰCVTJOFTTǰQMBOǰBOEǰBOOVBMǰCVEHFUǰGPSǰQSFTFOUBUJPOǰUPǰUIFǰ#PBSE ǰ ǰ ǰǰ 5PǰGPSNVMBUFǰUIFǰPWFSBMMǰJOWFTUNFOUǰTUSBUFHZǰBOEǰJOWFTUNFOUǰQPMJDJFTǰJOǰMJOFǰXJUIǰUIFǰ&($0ĴTǰQPMJDZ ǰ ǰǰ 5PǰSFWJFXǰNBKPSǰBDRVJTJUJPO ǰJOWFTUNFOU ǰEJWFTUNFOUǰBOEǰGVOEJOHǰSFRVFTUT ǰ ǰ ǰǰ 5Pǰ SFWJFXǰ UIFǰ ųOBODJBMǰ PQFSBUJPOTǰ PGǰ &($0 ǰ JODMVEJOHǰ (SPVQ XJEFǰ ųOBODJBMǰ BOEǰ USFBTVSZ ǰ ǰ NBOBHFNFOUǰQPMJDJFTǰBOEǰNBKPSǰųOBODJOHǰUSBOTBDUJPO ǰ ǰǰ 5PǰBQQSPWFǰBDUJWJUJFTǰJOǰBDDPSEBODFǰXJUIǰ&($0ĴTǰSFHVMBUJPOT ǰǰ ǰǰ 5PǰDPOTJEFSǰJTTVFTǰXIJDIǰBSFǰBTTJHOFEǰCZǰUIFǰ#PBSE ǰBOE ǰ ǰǰ 5PǰSFWJFXǰSJTLTǰBTTPDJBUFEǰXJUIǰJOWFTUNFOUǰBOEǰųOBODFǰBOEǰPUIFSǰSFMBUFEǰJTTVFT ǰ ǰ 5IFSFǰXFSFǰ ǰNFFUJOHTǰJOǰ ǰPGǰXIJDIǰUIFǰBUUFOEBODFǰSBUFǰXBTǰ ǰ 5IFǰMJTUTǰPGǰUIFǰ*OWFTUNFOUǰ$PNNJUUFFǰBTǰPGǰ%FDFNCFSǰ ǰ No. 1. 2. 3. 4. 5.

Name Mr. Pornchai Rujiprapa Mr. Surasak Supavititpatana Mr. Sahust Pratuknukul Mr. Satoshi Yajima Mr. Hideo Kuramochi

Position Chairman of the Investment Committee member member member member

Appointment Date April 25, 2012 November 16, 2011 October 1, 2011 March 1, 2012 March 1, 2012

ǰǰ 5IFǰMJTUTǰPGǰUIFǰ*OWFTUNFOUǰ$PNNJUUFFǰXIPǰSFUJSFEǰPSǰSFTJHOFEǰJOǰ ǰBSFǰBTǰTIPXOǰCFMPX ǰ

ǰ ǰ

No.

Name

1. 2.

Mr. Hideaki Tomiku Mr. Ryota Sakakibara

Position

Retiring/Resigning Date

member member

March 1, 2012 March 1, 2012

Nomination and Remuneration Committee 5IFǰ/PNJOBUJPOǰBOEǰ3FNVOFSBUJPOǰ$PNNJUUFFǰDPNQSJTFTǰ ǰEJSFDUPSTǰCFJOHǰ ǰJOEFQFOEFOUǰEJSFDUPST for a 3-year term of service with one year for this purpose meaning the period between the AGM of TIBSFIPMEFSTǰXIFOǰT IFǰJTǰBQQPJOUFEǰBOEǰUIFǰOFYUǰTVDDFFEJOHǰ"(. ǰ*OǰPSEFSǰUPǰNBJOUBJOǰDPOUJOVJUZ members may be re-elected.

Shareholder and Management Structure

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Name

Position

Appointment Date

1. 2. 3. 4. 5.

Mr. Hideo Kuramochi Mr. Phaiboon Siripanusatien Mr. Thawat Vadjanapornsithi Pol. Gen. Pansiri Prapawat Mr. Sorajak Kasemsuvan

Chairman of Nomination and Remuneration Committee member member member member

March 1, 2012 April 21, 2011 January 30, 2012 March 1, 2012 April 25, 2012

Ç°

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Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Name

Position

Mr. Hideaki Tomiku Mr. Vinij Tangnoi Mr. Aswin Kongsiri Pol. Gen. Pijarn Jittirat

Chairman of Nomination and Remuneration Committee member member member

Retiring / Resigning Date March 1, 2012 January 1, 2012 April 25, 2012 April 25, 2012

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1. 2. 3. 4. 5.

Name

Mr. Sorajak Kasemsuvan Mr. Phaiboon Siripanusatien Mr. Sahust Pratuknukul Mr. Kulit Sombatsiri Pol. Gen. Pansiri Prapawat

Position

Appointment Date

Chairman of CC member member member member

June 5, 2012 April 21, 2011 October 1, 2011 April 25, 2012 April 25, 2012

Shareholder and Management Structure

Ç° Ç°

5IFÇ°MJTUTÇ°PGÇ°UIFÇ°$PSQPSBUFÇ°(PWFSOBODFÇ°BOEÇ°$PSQPSBUFÇ°4PDJBMÇ°3FTQPOTJCJMJUZÇ°$PNNJUUFFÇ°XIPÇ°SFUJSFEÇ°PSÇ° SFTJHOFEÇ°JOÇ° Ç°BSFÇ°BTÇ°TIPXOÇ°CFMPX Ç° No.

1. 2.

Name

Mr. Aswin Kongsiri Pol. Gen. Pijarn Jittirat

Position

Retiring / Resigning Date

Chairman of CC member

April 25, 2012 April 25, 2012

3. Management Structure Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

"DDPSEJOHÇ°UPÇ°UIFÇ°OFXÇ°PSHBOJ[BUJPOÇ°TUSVDUVSFÇ°BQQSPWFEÇ°JOÇ°UIFÇ°#PBSEÄ´TÇ°NFFUJOHÇ°OP Ç° Ç°XJUIÇ°UIFÇ° FGGFDUÇ°POÇ°"QSJMÇ° Ç° Ç°UIFÇ°1SFTJEFOUÇ°BDUTÇ°BTÇ°UIFÇ°IFBEÇ°PGÇ°UIFÇ°.BOBHFNFOUÇ°UFBNÇ°XIJDIÇ°DPNQSJTFTÇ° Ç° groups as shown below: Ä»Ç° #VTJOFTTÇ°%FWFMPQNFOUÇ°Ä±Ç°*OUFSOBUJPOBMÇ°Ç°(SPVQ Ç°5IJTÇ°HSPVQÇ°JTÇ°IFBEFEÇ°CZÇ°BÇ°4FOJPSÇ°&YFDVUJWFÇ°7JDFÇ° Ç° 1SFTJEFOUÇ° Ä¶4&71Ä· Ç°6OEFSÇ°UIFÇ°4&71 Ç°UIFSFÇ°JTÇ°POFÇ°&YFDVUJWFÇ°7JDFÇ°1SFTJEFOUTÇ° &71 Ç°XIPÇ°TVQFSWJTFÇ° Ç° UIFÇ°CVTJOFTTÇ°EFWFMPQNFOUÇ° JOUFSOBUJPOBM Ä»Ç° #VTJOFTTÇ°%FWFMPQNFOUÇ°Ä±Ç°%PNFTUJDÇ°(SPVQ Ç°5IJTÇ°HSPVQÇ°JTÇ°IFBEFEÇ°CZÇ°BÇ°4FOJPSÇ°&YFDVUJWFÇ°7JDFÇ°1SFTJEFOUÇ° Ç° Ä¶4&71Ä· Ç°6OEFSÇ°UIFÇ°4&71 Ç°UIFSFÇ°BSFÇ°UXPÇ°&YFDVUJWFÇ°7JDFÇ°1SFTJEFOUTÇ° &71 Ç°XIPÇ°TVQFSWJTFÇ°UIFÇ°CVTJOFTT Ç° Ç°EFWFMPQNFOUÇ° EPNFTUJD Ç° Ä»Ç° 'JOBODFÇ°BOEÇ°$PSQPSBUFÇ°4FSWJDFTÇ°(SPVQ Ç°5IJTÇ°HSPVQÇ°JTÇ°IFBEFEÇ°CZÇ°4&71Ç°XJUIÇ°UXPÇ°&71TÇ°UPÇ°TVQFSWJTF Ç° Å³OBODFÇ°BOEÇ°DPSQPSBUFÇ°TFSWJDFTÇ°QFSGPSNBODF Ç° Ä»Ç° 4USBUFHZÇ°BOEÇ°"TTFUÇ°.BOBHFNFOUÇ°(SPVQ Ç°5IJTÇ°HSPVQÇ°JTÇ°IFBEFEÇ°CZÇ°BÇ°4FOJPSÇ°&YFDVUJWFÇ°7JDFÇ°1SFTJEFOU Ç° Ä¶4&71Ä· Ç° 6OEFSÇ° UIFÇ° 4&71 Ç° UIFSFÇ° BSFÇ° UXPÇ° &YFDVUJWFÇ° 7JDFÇ° 1SFTJEFOUTÇ° &71 Ç° XIPÇ° TVQFSWJTFÇ° BTTFU management and strategy and corporate management. Ä»Ç° 1SFTJEFOUÄ´TÇ°%JSFDUÇ°3FQPSUÇ°(SPVQ Ç°5IJTÇ°HSPVQÇ°DPNQSJTFTÇ°UIFÇ°MFHBMÇ°EJWJTJPOÇ°BOEÇ°JOGPSNBUJPOÇ°UFDIOPMPHZÇ° Ç° EJWJTJPOÇ°IFBEFEÇ°CZÇ°BOÇ°&71 Ç°5IFSFÇ°BSFÇ°BMTPÇ°UXPÇ°EJWJTJPOTÇ°XIJDIÇ°BSFÇ°VOEFSÇ°UIFÇ°1SFTJEFOUÄ´TÇ°TVQFSWJTJPOÇ° Ç° OBNFMZÇ°*OUFSOBMÇ°"VEJUÇ°BOEÇ°$PSQPSBUFÇ°4FDSFUBSZ Ç°5IFÇ°*OUFSOBMÇ°"VEJUÇ°SFQPSUÇ°BENJOJTUSBUJWFMZÇ°UPÇ°UIFÇ°"VEJUÇ° Ç° $PNNJUUFF Ç°CVUÇ°GVODUJPOBMMZÇ°UPÇ°UIFÇ°1SFTJEFOU Ç°5IFÇ°$PSQPSBUFÇ°4FDSFUBSZÇ°SFQPSUÇ°BENJOJTUSBUJWFMZÇ°UPÇ°UIF Ç° #PBSE Ç°CVUÇ°GVODUJPOBMMZÇ°UPÇ°UIFÇ°1SFTJEFOU President 5IFÇ°1SFTJEFOUÇ°JTÇ°SFTQPOTJCMFÇ°GPSÇ°NBOBHJOHÇ°&($0Ä´TÇ°CVTJOFTTÇ°JOÇ°DPOTJTUFOUÇ°XJUIÇ°UIFÇ°PCKFDUJWFT Ç°BSUJDMFTÇ°PGÇ° BTTPDJBUJPOT Ç°SFHVMBUJPOTÇ°BOEÇ°UIFÇ°SFTPMVUJPOÇ°PGÇ°UIFÇ°#PBSE Ç°5IFÇ°1SFTJEFOUÇ°JTÇ°BMTPÇ°JOÇ°DIBSHFÇ°PGÇ°TVQFSWJTJOHÇ° FNQMPZFFTÇ°BOEÇ°DPNQMFUJOHÇ°BDUJWJUJFTÇ°BTTJHOFEÇ°CZÇ°UIFÇ°#PBSEÇ°JODMVEJOHÇ°UIFÇ°GPMMPXJOHÇ°BDUJWJUJFT Ç° Ä»Ç° 5PÇ°NBOBHFÇ°&($0Ä´TÇ°EBZ UPÇ°EBZÇ°CVTJOFTT Ä»Ç° 5PÇ°IJSF Ç°BQQPJOU Ç°SFNPWF Ç°USBOTGFS Ç°QSPNPUF Ç°EFNPUF Ç°BTTJHO Ç°BOEÇ°UBLFÇ°EJTDJQMJOBSZÇ°BDUJPOÇ°BHBJOTUÇ° Ç° FNQMPZFFTÇ°BOEÇ°XPSLFSTÇ°GSPNÇ°EJWJTJPOÇ°NBOBHFSTÇ°EPXOXBSEÇ° FYDMVEJOHÇ°UIFÇ°JOUFSOBMÇ°BVEJUÇ°NBOBHFSÇ° Ç° BOEÇ°DPSQPSBUFÇ°TFDSFUBSZ Ç°BOE Ä»Ç° 5PÇ°FOTVSFÇ°UIFÇ°JNQMFNFOUBUJPOÇ°PGÇ°UIFÇ°QPMJDJFT Ç°QMBOT Ç°BOEÇ°CVEHFUTÇ°BQQSPWFEÇ°CZÇ°UIFÇ°#PBSE Ç° In this respect, the President is allowed to delegate his authority to other employees but is still accountable for the decision of his delegates.

Management Team 5IFÇ°MJTUÇ°PGÇ°UIFÇ°.BOBHFNFOUÇ°UFBNÇ°BOEÇ°UIFJSÇ°TIBSFÇ°PXOFSTIJQÇ°JOÇ°&($0Ç°BTÇ°BUÇ°%FDFNCFSÇ° Ç° Ç°JTÇ°BTÇ°GPMMPXT

Ç° No.

Name

1 Mr. Sahust Pratuknukul 2 Mr. John Palumbo 3 4 5 6 7 8 9 10 11 12

Ç° Ç° Ç° Ç° Ç°

Ç° Ç° Ç° Ç°

Title

President Senior Executive Vice President Business Development - International Mr. Voravit Potisuk Senior Executive Vice President Business Development - Domestic Mr. Piya Jetasanon Senior Executive Vice President - Finance & Accounting Mr. Sakul Pochanart Senior Executive Vice President Strategy & Asset Management Mr. Chumsak Desudjit Director - Rayong Power Plant Mr. Chankij Jearaphunt Managing Director of KEGCO Mr. Wajarapong Palakawong Managing Director of ESCO Na Ayudhaya Mr. Suvapan Chomchalerm Executive Vice President - Accounting Ms. Pantipa Moolasart Executive Vice President - Finance Mr. Nattanont Meesuksabai Senior Vice President - Accounting and Budget Division Ms. Somsiri Yoosook First Senior Vice President - Finance Division

No. of Shares

Increase (Decrease)

December 31, 2012

December 31, 2011

1,890 -

Corporate Secretary 5IFÇ°#PBSEÇ°JOÇ°UIFÇ°NFFUJOHÇ°OP Ç° Ç°BQQPJOUFEÇ°.T Ç°,VMLBOPLÇ°-FPOHTPJUIPOHÇ°UIFÇ°$PSQPSBUFÇ°4FDSFUBSZÇ°FGGFDUJWFÇ° "QSJMÇ° Ç° Ç° XJUIÇ° UIFÇ° EVUZÇ° BOEÇ° SFTQPOTJCJMJUZÇ° BTÇ° QSFTDSJCFTÇ° JOÇ° UIFÇ° 4FDVSJUJFTÇ° BOEÇ° &YDIBOHFÇ° "DUÇ° /P Ç° Ç° # & Ç° Ç°.T Ç°,VMLBOPLÇ°BMTPÇ°TFSWFTÇ°BTÇ°UIFÇ°#PBSEÇ°TFDSFUBSZÇ°UPÇ°IBOEMFÇ°GVODUJPOTÇ°UPÇ°BTTJTUÇ°UIFÇ°#PBSEÇ°BTÇ°XFMMÇ°BTÇ° UPÇ°DPPSEJOBUFÇ°TVCTFRVFOUÇ°BDUJPOTÇ°VOEFSÇ°UIFÇ°#PBSEÄ´TÇ°SFTPMVUJPO Ç°5IFÇ°$PSQPSBUFÇ°4FDSFUBSZÇ°EJSFDUMZÇ°SFQPSUÇ°UP UIFÇ° #PBSE Ç° 5IFÇ° #PBSEÇ° BMTPÇ° EFMFHBUFTÇ° UIFÇ° /PNJOBUJPOÇ° BOEÇ° 3FNVOFSBUJPOÇ° $PNNJUUFFÇ° UPÇ° BQQSBJTFÇ° UIFÇ° performance of the Corporate Secretary. Management Committees &($0Ç°IBTÇ°TFUÇ°VQÇ°UIFÇ°GPMMPXJOHÇ°DPNNJUUFFTÇ°UPÇ°FOTVSFÇ°UIFÇ°BQQSPQSJBUFOFTTÇ°BOEÇ°FGÅ³DJFODZÇ°PGÇ°CVTJOFTTÇ°NBOBHFNFOU EGCO Management Committee: &($0Ç°.BOBHFNFOUÇ°$PNNJUUFFÇ°DPNQSJTFTÇ°FYFDVUJWFTÇ°PGÇ°&($0Ç°(SPVQÇ°JOÇ°BQQSPQSJBUFÇ°OVNCFS Ç°5IFÇ°$PNNJUUFFÇ° is chaired by the President. EGCO Management Committee is responsible for formulating business policy PGÇ°&($0Ç°(SPVQ Ç°TDSVUJOJ[JOHÇ°BMMÇ°QSPQPTBMTÇ°UPÇ°CFÇ°QSFTFOUFEÇ°UPÇ°UIFÇ°#PBSEÇ°BOEÇ°TUBOEJOHÇ°DPNNJUUFFTÇ°BOEÇ° monitoring the operation of the Group. 5IFÇ°&($0Ç°.BOBHFNFOUÇ°$PNNJUUFFÇ°NFFUJOHTÇ°BSFÇ°DBMMFEÇ°BTÇ°OFDFTTBSZ Ç°*OÇ° Ç°UIFÇ°$PNNJUUFFÇ°IFMEÇ° 8 meetings.

Shareholder and Management Structure

Good Governance Committee: 5IFÇ°(PPEÇ°$PSQPSBUFÇ°$PNNJUUFFÇ°DPNQSJTFTÇ°FYFDVUJWFTÇ°PGÇ°&($0Ç°(SPVQÇ°JOÇ°BQQSPQSJBUFÇ°OVNCFS Ç°5IFÇ°$PNNJUUFF JTÇ°DIBJSFEÇ°CZÇ°UIFÇ°1SFTJEFOU Ç°5IFÇ°(PPEÇ°$PSQPSBUFÇ°$PNNJUUFFÇ°JTÇ°JOÇ°DIBSHFÇ°PGÇ°UIFÇ°GPMMPXJOHÇ°SFTQPOTJCJMJUJFT Ç°Ç° 5PÇ°DPOTJEFSÇ°JOUFSOBUJPOBMÇ°DSJUFSJBÇ°BOEÇ°QSBDUJDFTÇ°PGÇ°(PPEÇ°$PSQPSBUFÇ°(PWFSOBODFÇ°BOEÇ°UIPTFÇ°PGÇ°UIFÇ°4&5Ç°BOEÇ°4&$ Ç° Ç°Ç° 5PÇ°Ç°GPSNVMBUFÇ°UIFÇ°QPMJDZ Ç°HVJEFMJOFTÇ°BOEÇ°QSBDUJDFTÇ°PGÇ°UIFÇ°(SPVQÇ°JOÇ°DPNQMJBODFÇ°XJUIÇ°UIFÇ°(PPE Corporate Governance, and Ç°Ç° 5PÇ°SFWJTFÇ°UIFÇ°$PEFÇ°PGÇ°$POEVDUÇ°UPÇ°TVJUÇ°UIFÇ°CVTJOFTTÇ°FOWJSPONFOUÇ°BOEÇ°UPÇ°FEVDBUFÇ°FNQMPZFFTÇ°BCPVU the Codes as well as providing cooperation to promote the practice in the Group. 5IFÇ°(PPEÇ°$PSQPSBUFÇ°(PWFSOBODFÇ°$PNNJUUFFÇ°NFFUTÇ°XIFOÇ°OFDFTTBSZ Ç°*OÇ° Ç°UIFSFÇ°XFSFÇ°UXPÇ°NFFUJOHT Risk Management Committee: 5IFÇ° 3JTLÇ° .BOBHFNFOUÇ° $PNNJUUFFÇ° DPNQSJTFTÇ° FYFDVUJWFTÇ° PGÇ° &($0Ç° (SPVQÇ° JOÇ° BQQSPQSJBUFÇ° OVNCFS Ç° 5IFÇ° $PNNJUUFFÇ° JTÇ° DIBJSFEÇ° CZÇ° UIFÇ° 1SFTJEFOU Ç° 5IFÇ° 3JTLÇ° .BOBHFNFOUÇ° $PNNJUUFFÇ° NFFUTÇ° XIFOÇ° OFDFTTBSZÇ° BOEÇ° directly reports to the Audit Committee. Its responsibilities are as follows. Ç°Ç° 5PÇ°EFUFSNJOFÇ°UIFÇ°SJTLÇ°NBOBHFNFOUÇ°DSJUFSJBÇ°GPSÇ°&($0Ç°BOEÇ°TVCTJEJBSJFT Ç°Ç° 5PÇ°EFUFSNJOFÇ°UIFÇ°SJTLÇ°NBOBHFNFOUÇ°FWBMVBUJPOÇ°BOEÇ°NJUJHBUJPO Ç°Ç° 5PÇ°NPOJUPSÇ°DPNQMJBODFÇ°XJUIÇ°SJTLÇ°NBOBHFNFOUÇ°GSBNFXPSL Ç° Ç°Ç° 5PÇ°SFWJTFÇ°&($0Ä´TÇ°SJTLÇ°GBDUPSTÇ°UPÇ°DPNQMZÇ°XJUIÇ°UIFÇ°SFHVMBUJPOTÇ°PGÇ°UIFÇ°HPWFSOJOHÇ°BVUIPSJUJFT Ç°BOE Ç°Ç° 5PÇ°SFQPSUÇ°JUTÇ°QFSGPSNBODFÇ°UPÇ°UIFÇ°"VEJUÇ°$PNNJUUFFÇ°BOEÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPST *OÇ° Ç°UIFÇ°3JTLÇ°.BOBHFNFOUÇ°$PNNJUUFFÇ°IFMEÇ°UXPÇ°NFFUJOHTÇ° Safety Health and Environment Committee: 5IFÇ°4BGFUZÇ°)FBMUIÇ°BOEÇ°&OWJSPONFOUÇ°$PNNJUUFFÇ°DPNQSJTFTÇ°FYFDVUJWFTÇ°PGÇ°&($0Ç°(SPVQÇ°JOÇ°BQQSPQSJBUFÇ° OVNCFS Ç°5IFÇ°$PNNJUUFFÇ°JTÇ°DIBJSFEÇ°CZÇ°&71 "TTFUÇ°.BOBHFNFOU Ç°5IFÇ°4BGFUZÇ°)FBMUIÇ°BOEÇ°&OWJSPONFOUÇ° Committee is in charge of the following responsibilities. Ç°Ç° 5PÇ°EFUFSNJOFÇ°UIFÇ°QPMJDZÇ°BOEÇ°QMBOÇ°SFHBSEJOHÇ°TBGFUZ Ç°IFBMUIÇ°BOEÇ°FOWJSPONFOUÇ° Ä¶4)&Ä· Ç°PGÇ°&($0Ç°(SPVQ to be in compliance with the strategic plan, Ç°Ç° 5PÇ°JNQMFNFOUÇ°UIFÇ°4)&Ç°BDUJPOÇ°QMBOÇ°GPSÇ°&($0Ç°(SPVQ Ç°Ç° 5PÇ°NPOJUPSÇ°BOEÇ°FWBMVBUFÇ°UIFÇ°4)&Ç°QFSGPSNBODFÇ°PGÇ°&($0Ç°(SPVQ Ç°BOEÇ° Ç°Ç° 5PÇ°JNQSPWFÇ°BOEÇ°EFWFMPQÇ°UIFÇ°4)&Ç°JNQMFNFOUBUJPOÇ°PGÇ°&($0Ç°(SPVQ 5IFÇ°4BGFUZÇ°)FBMUIÇ°BOEÇ°&OWJSPONFOUÇ°$PNNJUUFFÇ°NFFUTÇ°XIFOÇ°OFDFTTBSZ Ç°*OÇ° Ç°UIFSFÇ°XBTÇ°OPÇ°NFFUJOH

4. Director and Management Selection Ç°

Ç° Ç°

5PÇ°FOTVSFÇ°UIFÇ°BQQSPQSJBUFOFTTÇ°PGÇ°EJSFDUPSÇ°BOEÇ°NBOBHFNFOUÇ°TFMFDUJPOÇ°GPSÇ°FGÅ³DJFOUÇ°HPWFSOBODF Ç°&($0Ç° sets up the following framework. Director Election and Appointment EGCO endeavors to select capable directors to govern the company, designate the corporate policies BOEÇ°TBODUJPOJUTÇ°CVTJOFTTÇ°QMBOTÇ°GPSÇ°UIFÇ°CFOFÅ³UÇ°PGÇ°&($0Ç°BOEÇ°TIBSFIPMEFST Ç°8JUIÇ°SFTQFDUÇ°UPÇ°UIJT Ç°&($0Ç°QVUTÇ° an emphasis on the director nomination and selection process taking into account the following RVBMJÅ³DBUJPOTÇ°BOEÇ°FYQFSJFODFTÇ°JOÇ°DPOTJEFSJOHÇ°FBDIÇ°JOEJWJEVBMÇ°DBOEJEBUFT

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Ç°Ç° -FHBMÇ°SFRVJSFNFOUÇ°BOEÇ°SFHVMBUJPOTÇ°BOEÇ°OPUJÅ³DBUJPOTÇ°PGÇ°4&5Ç°BOEÇ°4&$Ç°SFHBSEJOHÇ°UIFÇ°EJSFDUPSTÄ´Ç°RVBMJÅ³DBUJPOT Ç°Ç° %JSFDUPSTÄ´Ç°RVBMJÅ³DBUJPOTÇ°QSFTDSJCFEÇ°JOÇ°%JSFDUPSTÄ´Ç°$PEFÇ°PGÇ°$POEVDUÇ°OBNFMZÇ°IPOFTUZ Ç°WJSUVF Ç°JOJUJBUJWFÇ°BOEÇ° Ç° BDIJFWFNFOU Ç°FYDFMMFODF Ç°BDDPVOUBCJMJUZ Ç°KVTUJDF Ç°JOEFQFOEFODF Ç°FRVBMJUZÇ°PGÇ°TIBSFIPMEFSÇ°PQQPSUVOJUZ Ç° Ç°Ç° ,OPXMFEHFÇ°BOEÇ°FYQFSJFODFTÇ°CFOFÅ³DJBMÇ°UPÇ°&($0Ä´TÇ°CVTJOFTT Ç°Ç° 5SBJOJOHTÇ°BOEÇ°FYQFSJFODFÇ°BUÇ°UIFÇ°QPMJDZÇ°NBLJOHÇ°MFWFMÇ°JOÇ°DPSQPSBUFÇ°HPWFSOBODF Ç° 5. Willingness to represent the best interests of all shareholders, and Ç°Ç° 8JMMJOHOFTTÇ°UPÇ°EFWPUFÇ°UJNFÇ°BOEÇ°FGGPSUÇ°UPÇ°DPOUSJCVUFÇ°UPÇ°&($0Ä´TÇ°EFWFMPQNFOU Ç° 5IFÇ°#PBSEÇ°IBTÇ°EFMFHBUFEÇ°UPÇ°UIFÇ°/PNJOBUJPOÇ°BOEÇ°3FNVOFSBUJPOÇ°$PNNJUUFFÇ°UIFÇ°EVUZÇ°PGÇ°TFMFDUJOHÇ°BOEÇ° recommending prospective nominees, whether they are to become the shareholdersâ&#x20AC;&#x2122; representatives PSÇ°JOEFQFOEFOUÇ°EJSFDUPST Ç°GPSÇ°UIFÇ°#PBSEÄ´TÇ°BQQSPWBM Ç°5IFÇ°/PNJOBUJPOÇ°BOEÇ°3FNVOFSBUJPOÇ°$PNNJUUFFÇ°JTÇ°BMTPÇ° SFTQPOTJCMFÇ°GPSÇ°BTTFTTJOHÇ°UIFÇ°BQQSPQSJBUFÇ°NJYÇ°PGÇ°TLJMMTÇ°BOEÇ°DIBSBDUFSJTUJDTÇ°SFRVJSFEÇ°PGÇ°#PBSEÇ°NFNCFSTÇ° JOÇ°UIFÇ°DPOUFYUÇ°PGÇ°UIFÇ°OFFETÇ°PGÇ°UIFÇ°#PBSEÇ°BUÇ°BÇ°HJWFOÇ°QPJOUÇ°JOÇ°UJNFÇ°BOEÇ°TIBMMÇ°QFSJPEJDBMMZÇ°SFWJFXÇ°BOEÇ°VQEBUFÇ° UIFÇ°DSJUFSJBÇ°BTÇ°EFFNFEÇ°OFDFTTBSZ Ç°5IFÇ°OPNJOBUJPOÇ°PGÇ°EJSFDUPSTÇ°UPÇ°TVDDFFEÇ°UIPTFÇ°XIPÇ°SFUJSFÇ°CZÇ°SPUBUJPOÇ° must be individually approved at the shareholdersâ&#x20AC;&#x2122; meeting based on the voting guidelines in the Articles of Association as follows. 1. Each shareholder shall be entitled to the number of votes equivalent to the number of shares held by Ç° IJN IFS Ç°POFÇ°TIBSFÇ°TIBMMÇ°IBWFÇ°POFÇ°WPUF Ç° Ç°Ç° &BDIÇ° TIBSFIPMEFSÇ° TIBMMÇ° FMFDUÇ° POFÇ° PSÇ° NPSFÇ° EJSFDUPST Ç° QSPWJEFEÇ° UIBUÇ° UIFZÇ° TIBMMÇ° OPUÇ° FYFSDJTFÇ° UIFJS Ç° WPUFTÇ°JOÇ°FYDFTTÇ°PGÇ°UIFÇ°OVNCFSÇ°PGÇ°EJSFDUPSTÇ°SFRVJSFEÇ°BUÇ°TVDIÇ°UJNF Ç°Ç° *OÇ°BÇ°DBTFÇ°UIBUÇ°BÇ°TIBSFIPMEFSÇ°FMFDUTÇ°NPSFÇ°UIBOÇ°POFÇ°EJSFDUPS Ç°T IFÇ°NBZÇ°FYFSDJTFÇ°BMMÇ°UIFÇ°WPUFTÇ°T IFÇ°IBT Ç° QSPWJEFEÇ°UIBUÇ°T IFÇ°NBZÇ°OPUÇ°TQMJUÇ°IJTÇ°WPUFTÇ°BNPOHÇ°BOZÇ°TVDIÇ°QFSTPOT Ç°Ç° 5IFÇ°QFSTPOTÇ°SFDFJWJOHÇ°UIFÇ°IJHIFTUÇ°OVNCFSÇ°PGÇ°WPUFTÇ°JOÇ°SFTQFDUJWFÇ°PSEFSÇ°TIBMMÇ°CFÇ°BQQPJOUFEÇ°EJSFDUPSTÇ° depending on the requirements of directors set at such time. In the event that a number of persons receive an equal number of votes for the last directorship, the Chairman of the meeting shall have acasting vote. Ç° %JSFDUPSTÇ°NVTUÇ°CFÇ°BQQPJOUFEÇ°CZÇ°UIFÇ°WPUFÇ°OPUÇ°MFTTÇ°UIBOÇ°GPVS Å³GUIÇ°PGÇ°UIFÇ°TIBSFIPMEFSTÇ°QSFTFOUÇ°BOEÇ° having the right to vote. 5PÇ°FOTVSFÇ°UIBUÇ°TIBSFIPMEFSTÇ°IBWFÇ°BEFRVBUFÇ°JOGPSNBUJPOÇ°UPÇ°NBLFÇ°UIFJSÇ°TFMFDUJPO Ç°&($0Ç°TIBMMÇ°QSFTFOUÇ°EFUBJMTÇ° of a given nominee such as education background, occupation, directorship in other companies, relevant FYQFSJFODFT Ç°BOEÇ°JMMFHBMÇ°BDUTÇ°DPNNJUUFEÇ° JGÇ°BOZ Ç°JOÇ°UIFÇ°OPUJDFÇ°PGÇ°TIBSFIPMEFSTÄ´Ç°NFFUJOH Ç°*OÇ°DBTFÇ°PGÇ°UIFÇ°SF FMFDUJPO Ç° the attendance records and performance during the past year shall also be presented. *OÇ°UIFÇ°DBTFÇ°PGÇ°DBTVBMÇ°WBDBODJFT Ç°UIFÇ°/PNJOBUJPOÇ°BOEÇ°3FNVOFSBUJPOÇ°$PNNJUUFFÇ°XJMMÇ°OPNJOBUFÇ°BÇ°RVBMJÅ³FEÇ°DBOEJEBUF who does not possess any forbidden characteristics as stipulated under the Public Company Act for approval at UIFÇ°TVCTFRVFOUÇ°#PBSEÇ°PGÇ°%JSFDUPSTÄ´Ç°NFFUJOH Ç°5IFÇ°EJSFDUPSÇ°XIPÇ°Å³MMTÇ°JOÇ°UIFÇ°WBDBODZÇ°TIBMMÇ°SFUBJOÇ°UIFÇ°PGÅ³DFÇ°GPSÇ° POMZÇ°UIFÇ°SFNBJOJOHÇ°UFSNÇ°PGÇ°PGÅ³DFÇ°PGÇ°UIFÇ°EJSFDUPSÇ°XIPNÇ°T IFÇ°SFQMBDFT Ç°5IFÇ°SFTPMVUJPOÇ°PGÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPST in this respect shall consist of not less than three-fourth the votes of the remaining directors. Right of Minority Shareholders 5PÇ°FOTVSFÇ°UIBUÇ°&($0Ç°USFBUTÇ°TIBSFIPMEFSTÇ°FRVJUBCMZ Ç°UIFÇ°#PBSEÇ°FODPVSBHFTÇ°NJOPSJUZÇ°TIBSFIPMEFSTÇ°UPÇ°NBLFÇ° recommendation on the director candidates and suggest agendas during AGM between September 1 to December Ç° Ç°XJUIÇ°DMFBSÇ°BOEÇ°USBOTQBSFOUÇ°QSPDFEVSFTÇ°BTÇ°QPTUFEÇ°POÇ°&($0Ç°XFCTJUF Ç°Ç° Director Orientation and Training "MMÇ°OFXÇ°EJSFDUPSTÇ°NVTUÇ°QBSUJDJQBUFÇ°JOÇ°&($0Ä´TÇ°PSJFOUBUJPOÇ°QSPHSBN Ç°5IJTÇ°PSJFOUBUJPOÇ°XJMMÇ°JODMVEFÇ°QSFTFOUBUJPOT CZÇ°TFOJPSÇ°NBOBHFNFOUÇ°UPÇ°GBNJMJBSJ[FÇ°OFXÇ°EJSFDUPSTÇ°XJUIÇ°&($0Ä´TÇ°TJHOJÅ³DBOUÇ°JTTVFT Ç°%JSFDUPSTÄ´Ç°.BOVBMÇ°BOEÇ°&($0Ä´TÇ° Code of Conduct for Directors and Employees. Any sitting directors and other top management may attend the orientation program.

Shareholder and Management Structure

5IFÇ°JOGPSNBUJPOÇ°PGÇ°UIFÇ°EJSFDUPSTÄ´Ç°NBOVBMÇ°DPNQSJTFTÇ°SPMF Ç°EVUZÇ°BOEÇ°SFTQPOTJCJMJUZ Ç°4FDVSJUJFTÄ´Ç°%FBMJOHÇ°CZÇ°%JSFDUPST Ç° Ç° /PUJÅ³DBUJPOÇ°PGÇ°1FSTPOBMÇ°*OUFSFTUÇ°PGÇ°%JSFDUPS Ç°.FFUJOHÇ°.BOBHFNFOU Ç°%JTDMPTVSFÇ°1PMJDZ Ç°$POUBDUÇ°XJUIÇ°NBOBHFNFOU Ç° Ç° #PBSEÄ´TÇ°BOEÇ°$PNNJUUFFTÄ´Ç°3FNVOFSBUJPOÇ°BOEÇ°'SJOHFÇ°#FOFÅ³UT Ç°5BCMFÇ°PGÇ°"VUIPSJUZÇ°BOEÇ°&($0Ç°HFOFSBMÇ°JOGPSNBUJPO Ç° &($0Ç°FODPVSBHFTÇ°EJSFDUPSTÇ°UPÇ°BUUFOEÇ°CPUIÇ°JO IPVTFÇ°BOEÇ°FYUFSOBMÇ°DPVSTFTÇ°UPÇ°FOIBODFÇ°UIFJSÇ°LOPXMFEHFÇ° and understanding on good corporate governance. Directors can apply for the training courses at the Ç° 5IBJÇ°*OTUJUVUFÇ°PGÇ°%JSFDUPSTÇ°PSÇ°SFMFWBOUÇ°PSHBOJ[BUJPOTÇ°POÇ°&($0Ä´TÇ°FYQFOTFT Ç° Management Selection and Appointment Ç° 5IFÇ°#PBSEÇ°EFUFSNJOFTÇ°QPMJDJFTÇ°BOEÇ°QSJODJQMFTÇ°GPSÇ°TFMFDUJPOÇ°PGÇ°UIFÇ°1SFTJEFOUÇ°BOEÇ°QPMJDJFTÇ°SFHBSEJOHÇ° succession in the event of an emergency or the retirement of the President taking into account educational Ç° CBDLHSPVOE Ç°FYQFSJFODFT Ç°DBQBCJMJUJFT Ç°FUIJDTÇ°BOEÇ°MFBEFSTIJQ Ç°5IFÇ°/PNJOBUJPOÇ°BOEÇ°3FNVOFSBUJPOÇ°$PNNJUUFFÇ° Ç° TIBMMÇ°DPOTJEFSÇ°BOEÇ°QSPQPTFÇ°UIFÇ°RVBMJÅ³FEÇ°DBOEJEBUFTÇ°UPÇ°UIFÇ°#PBSE Ç° 5IFÇ°1SFTJEFOUÇ°JTÇ°FOUSVTUFEÇ°UPÇ°TFMFDUÇ°UIFÇ°LOPXMFEHFBCMF Ç°DPNQFUFOUÇ°BOEÇ°FYQFSJFODFEÇ°FYFDVUJWFTÇ°JOÇ° Ç° BDDPSEBODFÇ°XJUIÇ°UIFÇ°RVBMJÅ³DBUJPOTÇ°BOEÇ°TFMFDUJPOÇ°QSPDFTTÇ°TUBUFEÇ°JOÇ°&($0Ç°3FHVMBUJPOÇ°POÇ°)VNBOÇ°3FTPVSDFÇ° Ç° .BOBHFNFOUÇ°# & Ç° Ç°BOEÇ°UIFÇ°SFTPMVUJPOÇ°PGÇ°UIFÇ°#PBSEÇ°BTÇ°GPMMPXTÇ° Ç° Ç°Ç° 5IFÇ°/PNJOBUJPOÇ°BOEÇ°3FNVOFSBUJPOÇ°$PNNJUUFFÇ°TIBMMÇ°BQQSPWFÇ°UIFÇ°BQQPJOUNFOUÇ°PGÇ°4FOJPSÇ°&YFDVUJWFÇ°7JDF Ç°Ç° Ç° 1SFTJEFOU Ç°&YFDVUJWFÇ°7JDFÇ°1SFTJEFOU Ç°UIFÇ°TVCTJEJBSJFTÄ´Ç°.BOBHJOHÇ°%JSFDUPSÇ°BOEÇ°%FQVUZÇ°.BOBHJOHÇ° Director. Ç° Ç°Ç° 5IFÇ°1SFTJEFOUÇ°TIBMMÇ°BQQPJOUÇ°UIFÇ°EJWJTJPOÇ°BOEÇ°TFDUJPOÇ°NBOBHFST Ç°5IFÇ°BQQPJOUNFOUÇ°PGÇ°4FDSFUBSZÇ°UP Ç° Ç° UIFÇ°#PBSEÇ°BOEÇ°UIFÇ°"TTJTUBOUÇ°4FDSFUBSZÇ°UPÇ°UIFÇ°#PBSEÇ°TIBMMÇ°CFÇ°BQQSPWFEÇ°CZÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPST while the appointment of Division Manager of Internal Audit shall be endorsed by the Audit Committee.

5. Director and Management Remuneration EGCO sets the policy to reward directors and management with appropriate remuneration. In this respect, the Nomination and Remuneration Committee is entrusted to review the appropriate rate that takes into Ç° BDDPVOUÇ°UIFÇ°SFTQPOTJCJMJUZÇ°BOEÇ°UIFÇ°DPNQBOZÄ´TÇ°Å³OBODJBMÇ°TUBUVTÇ°XIJMFÇ°CFJOHÇ°JOÇ°MJOFÇ°XJUIÇ°UIFÇ°QFFSÇ°QSBDUJDFT Director Remuneration Ç° %JSFDUPSÇ°SFNVOFSBUJPOÇ°JTÇ°BQQSPQSJBUFMZÇ°TFUÇ°BUÇ°BÇ°SBUFÇ°DPNQBSBCMFÇ°UPÇ°UIBUÇ°PGÇ°QFFSÇ°DPNQBOJFT Ç°5IFÇ°SFNVOFSBUJPO Ç° DPNQSJTFTÇ° Ç°NPOUIMZÇ°SFUBJOFSÇ°GFFÇ°UPÇ°SFÅ´FDUÇ°EJSFDUPSTÄ´Ç°SFTQPOTJCJMJUJFT Ç° Ç°NFFUJOHÇ°BMMPXBODFÇ°UPÇ°SFÅ´FDUÇ° Ç° UJNFÇ°EFWPUJPOÇ°BOEÇ°NFFUJOHÇ°BUUFOEBODF Ç°BOEÇ° Ç°CPOVTÇ°XIJDIÇ°JTÇ°QBJEÇ°JOÇ°BDDPSEBODFÇ°XJUIÇ°UIFÇ°TIBSFIPMEFSÇ° Ç° WBMVFÇ°DSFBUJPO Ç°5IFÇ°/PNJOBUJPOÇ°BOEÇ°3FNVOFSBUJPOÇ°$PNNJUUFFÇ°XJMMÇ°FOEPSTFÇ°UIFÇ°EJSFDUPSÇ°SFNVOFSBUJPOÇ°GPSÇ° Ç° UIFÇ°#PBSEÄ´TÇ°FOEPSTFNFOUÇ°CFGPSFÇ°TFFLJOHÇ°UIFÇ°TIBSFIPMEFSTÄ´Ç°BQQSPWBMÇ°POÇ°BOÇ°BOOVBMÇ°CBTJT Ç°5IFÇ°HVJEFMJOFT are as follows: Ç° Ä»Ç° 3FUBJOFSÇ°GFFÇ°BOEÇ°NFFUJOHÇ°BMMPXBODFÇ°XJMMÇ°CFÇ°TFUÇ°JOÇ°BDDPSEBODFÇ°XJUIÇ°QFFSÇ°QSBDUJDFT Ç°&($0Ç°PQFSBUJOHÇ° Ç° Ç° QFSGPSNBODF Ç°CVTJOFTTÇ°TJ[F Ç°BOEÇ°SFTQPOTJCJMJUZ Ç°LOPXMFEHF Ç°DPNQFUFODJFTÇ°BOEÇ°FYQFSJFODFÇ°PGÇ°UIFÇ°EJSFDUPSTÇ° as required by the company. Ç°Ç° Ä»Ç° #POVTÇ°XJMMÇ°CFÇ°DPOTJEFSFEÇ°GSPNÇ°UIFÇ°$PNQBOZÄ´TÇ°OFUÇ°QSPÅ³UÇ°PSÇ°EJWJEFOEÇ°QBJEÇ°UPÇ°TIBSFIPMEFST Ç° *OÇ° Ç°UIFÇ°4IBSFIPMEFSTÄ´Ç°.FFUJOHÇ°SFTPMWFEÇ°UIFÇ°EJSFDUPSTÄ´Ç°SFNVOFSBUJPOÇ°BTÇ°TIPXOÇ°CFMPX Ç° Ç° Ç°Ç° .POUIMZÇ°SFUBJOFSÇ°GFFÇ°PGÇ° Ç°CBIUÇ°BOEÇ°NFFUJOHÇ°BMMPXBODFÇ°PGÇ° Ç°CBIUÇ°FBDI Ç°Ç°.FNCFSTÇ°XIP Ç° Ç° EPÇ°OPUÇ°BUUFOEÇ°UIFÇ°NFFUJOHÇ°XJMMÇ°OPUÇ°SFDFJWFÇ°UIFÇ°BMMPXBODF Ç°$IBJSNBOÇ°PGÇ°UIFÇ°#PBSEÇ°SFDFJWFEÇ° Ç°BEEJUJPOBMÇ° remuneration for both the retainer fee and the meeting allowance.

Ç°

Ç° Ç° Ç°#POVTÇ°PGÇ° Ç°NJMMJPOÇ°CBIU Ç°FRVBMÇ°UPÇ° Ä´TÇ°BQQSPWFEÇ°BNPVOU Ç°UBLJOHÇ°JOUPÇ°BDDPVOUÇ°UIFÇ°$PNQBOZÄ´TÇ°HSPXUI Ç° the recognition in terms of good corporate governance, the increasing of share price, peersâ&#x20AC;&#x2122; director bonus, and Ç° EJWJEFOEÇ°QBZPVUÇ°SBUJP Ç°4VDIÇ°CPOVTÇ°QBZNFOUÇ°BDDPVOUFEÇ°GPSÇ° Ç°PGÇ°UIFÇ°OFUÇ°QSPĹłUÇ°BOEÇ° Ç°PGÇ° Ç° annual dividend payment. Ç°Ç° 3FNVOFSBUJPOÇ° GPSÇ° #PBSEÄ´TÇ° $PNNJUUFFTÇ° CFJOHÇ° *OWFTUNFOUÇ° $PNNJUUFF Ç° "VEJUÇ° $PNNJUUFF Ç° /PNJOBUJPOÇ° and Remuneration Committee, and Corporate Governance and Social Responsibility Committee as follows.

Ç° Ç°

Retainer Fee (baht)

Committee

Chairman

Investment Committee Audit Committee Nomination and Remuneration Committee Governance and Social Responsibility Committee

Ç°

25,000 25,000 25,000 -

Meeting Allowance (baht)

Member

Chairman

20,000 20,000 20,000 -

25,000 25,000 25,000 30,000

Member

20,000 20,000 20,000 24,000

5IFÇ°PWFSBMMÇ°EJSFDUPSTÄ´Ç°SFNVOFSBUJPOÇ°GPSÇ° Ç°JTÇ°TVNNBSJ[FEÇ°CFMPX Total Remuneration in 2012

No.

Name

Meeting No. of months Attendance (Monthly Retainer,Meeting in service (12 Times Allowance) Appoinment Date Director Standing /1 2012 2011 /Year)

Total Bonus /2 Remuneration

Committee

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15.

Mr. Pornchai Rujiprapa Mr. Phaiboon Siripanoosatien Pol. Gen. Pansiri Prapawat Mr. Pasan Teparak Mr. Thanapich Mulapruk Mr. Pongstorn Kunanusorn Mr. Sorajak Kasemsuvan Mr. Surasak Supavitipatana Mr. Kulit Sombatsiri Mr. Thawat Vadjanapornsithi Mr. Satoshi Yajima Mr. Toshiro Kudama Mr. Hideo Kuramochi Mr. Shigeru Inano Mr. Sahust Pratuknukul/4

January 1, 2009 April 21, 2010 March 1, 2012 March 1, 2012 April 24, 2009 April 25, 2012 April 25, 2012 November 16, 2011 December 13, 2011 January 30, 2012 January 30, 2012 February 28, 2010 March 1, 2012 March 1, 2012 April 22, 2010

12 12 10 10 12 9 9 12 12 12 12 10 10 10 12

12 9 12 2 1 11 12

12/12 11/12 9/10 7/10 12/12 9/9 8/9 12/12 11/12 12/12 12/12 10/10 10/10 9/10 12/12

600,000.00 470,000.00 390,000.00 370,000.00 480,000.00 336,000.00 326,000.00 480,000.00 470,000.00 452,000.00 452,000.00 400,000.00 400,000.00 390,000.00 -

596,666.67 452,000.00 308,000.00 360,000.00 601,000.00 304,000.00 284,000.00 440,000.00 72,000.00 341,333.33 400,000.00 775,000.00 -

1,758,840.00 1,407,070.00 1,407,070.00 175,880.00 74,260.00 882,352.49 -

2,955,506.67 2,329,070.00 698,000.00 730,000.00 2,488,070.00 640,000.00 610,000.00 1,095,880.00 616,260.00 793,333.33 852,000.00 1,342,352.49 1,175,000.00 390,000.00 -

Shareholder and Management Structure

The summary of remuneration of Retired and resigned directors during 2011-2012 is as shown below No.

Name

Retirement/ Resigning Date

Total Remuneration in 2012 No. of months Meeting in service Attendance (Monthly Retainer,Meeting Meeting (12 Times Allowance) Bonus/2 Director Standing /1 2012 2011 /Year)

Total Remuneration

Committee

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15.

Mr. Peter Albert Littlewood February 23, 2011 Mr. Mark Jobling February 23, 2011 Mr. Shinji Tsuchiya February 23, 2011 Mr. Wisudhi Srisuphan February 28, 2011 Mr. Sahust Pratuknukul September 30, 2011 Mr. Somboon Arayaskul October 1, 2011 Mr. Kurujit Nakornthap December 1, 2011 Mr. Akio Matsusaki January 29, 2012 Mr. Vinit Tangnoi/3 January 1, 2012 Mr. Chaipat Sahasakul March 1, 2012 Mr. Somphot Karnchanaporn March 1, 2012 Mr. Hideaki Tomiku March 1, 2012 Mr. Ryota Sakakibara March 1, 2012 Mr. Aswin Kongsiri April 25, 2012 Pol. Gen. Pijarn Jittirat April 25, 2012 Total

1 2 2 2 2 4 4

2 2 2 2 9 8 9 10 4 12 12 12 10 12 12

2/2 2/2 2/2 2/2 3/3 3/3

203,240.00 203,240.00 203,240.00 203,240.00 203,240.00 203,240.00 222,790.00 222,790.00 - 1,055,300.00 1,055,300.00 - 1,055,300.00 1,055,300.00 - 1,176,470.00 1,176,470.00 29,000.00 - 1,176,470.00 1,205,470.00 351,770.00 351,770.00 80,000.00 150,000.00 1,407,070.00 1,637,070.00 80,000.00 220,000.00 1,407,070.00 1,707,070.00 80,000.00 180,000.00 1,755,502.51 2,015,502.51 80,000.00 60,000.00 1,176,470.00 1,316,470.00 159,500.00 205,833.33 1,547,780.00 1,913,113.33 145,000.00 136,666.67 1,407,070.00 1,688,736.67 6,669,500.00 5,886,500.00 20,054,255.00 32,610,255.00

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Ç° Ç° Ç° Ç° Ç°

Managementâ&#x20AC;&#x2122;s Remuneration 5IFÇ°.BOBHFNFOUÄ´TÇ°SFNVOFSBUJPOÇ°XIJDIÇ°DPNQSJTFTÇ°CPUIÇ°TBMBSZÇ°BOEÇ°CPOVTÇ°BSFÇ°EFTJHOFEÇ°JOÇ°BÇ°XBZÇ°UIBUÇ° XJMMÇ°SFÅ´FDUÇ°UIFÇ°DPSQPSBUFÇ°BOEÇ°JOEJWJEVBMÇ°BDIJFWFNFOUÇ°CBTFEÇ°POÇ°UIFÇ°SFNVOFSBUJPOÇ°TUSVDUVSFÇ°BQQSPWFE CZÇ°UIFÇ°#PBSEÇ°BOEÇ°UIFÇ°,FZÇ°1FSGPSNBODFÇ°*OEJDBUPSTÇ° ,1*T Ç°&($0Ç°QFSJPEJDBMMZÇ°DPOEVDUTÇ°UIFÇ°TVSWFZÇ°PGÇ° UIFÇ°FYFDVUJWFÇ°SFNVOFSBUJPOÇ°UPÇ°FOTVSFÇ°UIBUÇ°UIFÇ°SBUFÇ°JTÇ°DPNQBSBCMFÇ°UPÇ°UIFJSÇ°XPSLÇ°BOEÇ°UIPTFÇ°PGÇ°UIFÇ° peer companies. 5IFÇ°TVNNBSZÇ°PGÇ°UIFÇ°.BOBHFNFOUÄ´TÇ°SFNVOFSBUJPOÇ°GPSÇ° Ç°BTÇ°TIPXOÇ°CFMPX Ç° 2012 Remuneration

Total Salary Bonus /3 Meeting Allowance Total

Executive Director(1 Person) /1 Management (6 Persons) /2

28,736,640.00 12,107,500.00 40,844,140.00

Total Remuneration

28,736,640.00 12,107,500.00 40,844,140.00

Ç° &YFDVUJWFÇ°%JSFDUPSÇ°JTÇ°EFÅ³OFEÇ°BTÇ°EJSFDUPSÇ°XIPÇ°JTÇ°BMTPÇ°NBOBHFNFOUÇ°PGÇ°&($0 Ç°*OÇ°UIJTÇ°SFHBSE Ç°UIFÇ°1SFTJEFOUÇ°JTÇ°UIFÇ°FYFDVUJWFÇ° director. He is not entitled to the retainer fee or meeting allowance as member of the standing committees. Ç° 5IFTFÇ°JODMVEFEÇ° Ç°NBOBHFNFOUÇ°OBNFMZÇ°UIFÇ°1SFTJEFOU Ç°4FOJPSÇ°&YFDVUJWFÇ°7JDFÇ°1SFTJEFOUÇ°Ä±Ç°#VTJOFTTÇ°%FWFMPQNFOUÇ°Ä±Ç°*OUFSOBUJPOBM Ç° Ç° 4FOJPSÇ°&YFDVUJWFÇ°7JDFÇ°1SFTJEFOUÇ°Ä±Ç°#VTJOFTTÇ°%FWFMPQNFOUÇ°Ä±Ç°%PNFTUJD Ç°Ç°4FOJPSÇ°&YFDVUJWFÇ°7JDFÇ°1SFTJEFOUÇ°Ä±Ç°"DDPVOUBOUÇ° Ç°'JOBODF Ç° 4FOJPSÇ°&YFDVUJWFÇ°7JDFÇ°1SFTJEFOUÇ°Ä±Ç°4USBUFHZÇ°BOEÇ°"TTFUÇ°.BOBHFNFOU Ç°%JSFDUPS 3BZPOHÇ°1PXFSÇ°1MBOU Ç°UXPÇ°4FOJPSÇ°&YFDVUJWFÇ° Vice Presidents who are seconded to be the Managing Directors of KEGCO and ESCO. Since the salaries of MDs of KEGCO Ç° BOEÇ°&4$0Ç°BSFÇ°QBJEÇ°CZÇ°UIPTFÇ°DPNQBOJFT Ç°&($0Ç°JTÇ°SFTQPOTJCMFÇ°GPSÇ°UIFÇ°SFNVOFSBUJPOÇ°PGÇ°POMZÇ°Å³WFÇ°NBOBHFNFOUT Ç°Ç° Ç° 5IFÇ° Ç°#POVTÇ°XBTÇ°QBJEÇ°JOÇ°+BOVBSZÇ°

Ç° Ç° Ç° Ç° Ç° Ç°

Total Remuneration of Core Subsidiariesâ&#x20AC;&#x2122; Management *OÇ° Ç°UIFÇ°SFNVOFSBUJPOÇ°PGÇ°UIFÇ°.BOBHFNFOUÇ°PGÇ°DPSFÇ°TVCTJEJBSJFTÇ° TVCTJEJBSJFTÇ°PGÇ°XIJDIÇ°UIFÇ°SFWFOVFÇ° BDDPVOUÇ°GPSÇ°NPSFÇ°UIBOÇ° Ç°PGÇ°UIFÇ°DPOTPMJEBUFEÇ°SFWFOVF Ç°DPOTJTUTÇ°PGÇ°,&($0Ç°BOEÇ°&($0Ç°$PHFOÇ°BTÇ°21has no permanent employees but engaged in the Management Service Agreement with Quezon .BOBHFNFOUÇ°4FSWJDFÇ°*OD Ç°$PNQBOZÇ°-JNJUFEÇ° Ä¶2.4Ä· Ç°*OÇ°UIJTÇ°DBTF Ç°2.4Ç°JTÇ°SFTQPOTJCMFÇ°GPSÇ°UIFÇ°QSPKFDU NBOBHFNFOUÇ°DPWFSJOHÇ°UPÇ°QSPWJEFÇ°FNQMPZFFT Ç°(FOFSBMÇ°.BOBHFS Ç°BOEÇ°PUIFSÇ°TJHOJÅ³DBOUÇ°QPTJUJPOTÇ°XJUIÇ° UIFÇ°TFSWJDFÇ°BHSFFNFOUÇ°PGÇ° Ç°ZFBSTÇ°GSPNÇ°UIFÇ°$PNNFSDJBMÇ°0QFSBUJPOÇ°%BUFÇ° Ä¶$0%Ä· Ç°"MTP Ç°21-Ç°IBE TJHOFEÇ°UIFÇ°0 .Ç°TFSWJDFÇ°BHSFFNFOUÇ°XJUIÇ°QPXFSÇ°QMBOUÇ°PQFSBUJPOÇ°TFSWJDFÇ°GPSÇ°UIFÇ°TBNFÇ°MFOHUIÇ°PGÇ° years starting from COD. In this regards, the disclosure on the remuneration of the Management of core subsidiaries would reveal only KEGCO and EGCO Cogen. Details are as follows: (Unit: Baht) Year 2012 KEGCO Remuneration

Salary Bonus /1 Meeting Allowance /2 Total

Director (1 Person)

Management (3 Person)

EGCO Cogen Total Remuneration

Directors (5 Person)

Management (1 Person)/3

Total Remuneration

1,616,400.00 690,845.40 2,307,245.40

9,510,720.00 9,510,720.00 4,538,991.12 4,538,991.12 14,049,711.12 14,049,711.12

Ç° 5IFÇ° Ç°CPOVTÇ°XBTÇ°QBJEÇ°JOÇ°+BOVBSZÇ° Ç° &($0Ç°XBTÇ°SFTQPOTJCMFÇ°GPSÇ°UIFÇ°NFFUJOHÇ°BMMPXBODFÇ°PGÇ°,&($0Ç°#PBSE Remark :Ç°5IFÇ°4IBSFIPMEFSTÇ°JOÇ°UIFÇ°"OOBVMÇ°(FOFSBMÇ°.FFUJOHÇ°OP Ç°SFTPMWFEÇ°OPUÇ°UPÇ°QBZÇ°UIFÇ°EJSFDUPSTÄ´Ç°SFNVOFSBUJPO Ç° Ç° Ç° DPNQSJTJOHÇ°UIFÇ°NFFUJOHÇ°BMMPXBODFÇ°GPSÇ°ZFBSÇ° Ç°BOEÇ°CPOVTÇ°GPSÇ° Ç°QFSGPSNBODF Ç° EGCO COGEN Management was assigned from EGCO under the Service Agreement between EGCO and EGCO COGEN.

Ç°

Other Remuneration *OÇ° Ç°&($0Ç°BOEÇ°JUTÇ°DPSFÇ°TVCTJEJBSJFTÇ°DPOUSJCVUFEÇ°UIFJSÇ°QBSUTÇ°UPÇ°UIFÇ°QSPWJEFOUÇ°GVOEÇ°GPSÇ°UIFJSÇ°SFTQFDUJWF Managements as follows. (Unit: Baht) Year 2012 Company

EGCO KEGCO EGCO Cogen

Members

6 3 1

Provident fund

2,218,107.00 951,072.00 172,476.00

Shareholder and Management Structure

6. Employee EGCO "TÇ°PGÇ°%FDFNCFSÇ° Ç° Ç°&($0Ç°IBTÇ° Ç°IFBEDPVOUTÇ°XIJDIÇ°JODMVEFÇ°UIFÇ°1SFTJEFOU Ç°TJYÇ°4FOJPSÇ°&YFDVUJWF 7JDFÇ°1SFTJEFOUT Ç°TJYÇ°FYFDVUJWFTÇ°XIPÇ°BSFÇ°TFDPOEFEÇ°UPÇ°CFÇ°NBOBHFNFOUÇ°PGÇ°(SPVQÇ°DPNQBOJFTÇ°BOEÇ° Ç°TUBGGT Ç° 5IFÇ°OVNCFSÇ°PGÇ°TUBGGTÇ°JOÇ°FBDIÇ°SFQPSUJOHÇ°MJOFÇ°JTÇ°BTÇ°TIPXOÇ°CFMPX Ç°

Ç° Ç°

Key Areas

1. 2. 3. 4. 5. 6.

Members (Persons)

President Business Development - International Business Development - Domestic Finance and Corporate Services Strategic and Corporate Management Rayong Power Plant Total

34 9 11 66 46 103 269

Core Subsidiaries A. KEGCO Employees

Total (person)

1. Operation 2. Maintenance 3. Others Total

Ç° Ç° Ç° Ç°

66 53 30 149

# Ç°Ç° &($0Ç°$PHFO Ç° 5IFSFÇ°BSFÇ°GPVSÇ°QFSNBOFOUÇ°TUBGGÇ°NFNCFSTÇ°XIPÇ°TFSWFÇ°&($0Ç°$PHFO Ç°5IFÇ°HFOFSBMÇ°NBOBHFSÇ°JTÇ°BTTJHOFE Ç° GSPNÇ°&($0Ç°VOEFSÇ°UIFÇ°TFSWJDFÇ°BHSFFNFOUÇ°CFUXFFOÇ°&($0Ç°BOEÇ°&($0Ç°$PHFO Ç°5IFÇ°0QFSBUJPOÇ°BOE Maintenance staffs of 31 headcounts are ESCO employees who work under the O&M service agreement between ESCO and EGCO Cogen. 5IFSFÇ°IBTÇ°CFFOÇ°OPÇ°TJHOJÅ³DBOUÇ°UVSOPWFSÇ°BOEÇ°OPÇ°JMMFHBMÇ°MBCPSÇ°EJTQVUFÇ°EVSJOHÇ°UIFÇ°QBTUÇ°UISFFÇ°ZFBST Ç°

7. Employee Remuneration Ç°

EGCO has the policy that the employees in the Group have fair remuneration which is comparable UPÇ°UIFÇ°QFFSÇ°DPNQBOJFT Ç°3FNVOFSBUJPOÇ°PGÇ°FNQMPZFFTÇ°PGÇ°&($0Ç°BOEÇ°DPSFÇ°TVCTJEJBSJFTÇ°JOÇ° Ç°JTÇ°BTÇ° shown below: (Unit: Baht) Remuneration

Total Salary Bonus /3 Provident Fund Total

Amount EGCO /1

118,929,296.27 38,123,010.50 11,049,952.27 168,102,259.04

KEGCO

EGCO Cogen /2

16,301,653.00 8,210,058.39 1,627,085.30 26,138,796.69

1,724,760.00 673,500.00 172,476.00 2,570,736.00

Ç° *ODMVEFÇ°TBMBSZÇ°BOEÇ°CPOVTÇ°PGÇ°UIFÇ°FYFDVUJWFTÇ°POÇ°POFÇ°ZFBSÇ°DPOUSBDU Include the salary and bonus of the General Manager who is seconded by EGCO and four permanent employees. Ç° 5IFÇ° Ç°CPOVTÇ°XBTÇ°QBJEÇ°JOÇ°+BOVBSZÇ°

8. Human Resource Development Policy

Ç° Ç° Ç° Ç° Ç° Ç° Ç°

EGCO Group believes in the value of our human resources and will strive to be the employer of choice by promoting the participative management with equal opportunity for career advancement. Employees are encouraged to enter the development program to enhance their capabilities to bring out their highest working potentials to undertake tasks in competent manner and maintain our leadership in the business. &($0Ç°(SPVQÇ°QVUTÇ°IJHIÇ°QSJPSJUZÇ°POÇ°DPOUJOVPVTÇ°EFWFMPQNFOUÇ°PGÇ°UIFÇ°FNQMPZFFÄ´TÇ°BCJMJUZÇ°BOEÇ°QSPÅ³DJFODJFT XIJDIÇ° JODMVEFTÇ° DPSF Ç° GVODUJPOBM Ç° BOEÇ° NBOBHFSJBM MFBEFSTIJQÇ° DPNQFUFODJFT Ç° *OÇ° UIJTÇ° SFHBSE Ç° WBSJPVT QSPKFDUTÇ°BOEÇ°USBJOJOHÇ°DPVSTFTÇ°IBWFÇ°CFFOÇ°EFWFMPQFEÇ°DPWFSJOHÇ°JOEJWJEVBMÇ°TUVEJFT Ç°USBJOJOHÇ°XJUIÇ°FYQFSUTÇ° PSÇ° SFTPVSDFÇ° QFSTPOT Ç° BOEÇ° TIBSJOHÇ° PGÇ° FYQFSJFODFTÇ° BNPOHÇ° QFFST Ç° "TÇ° BÇ° SFTVMU Ç° XFÇ° DBOÇ° EFWFMPQÇ° PVSÇ° FNQMPZFFTÇ°JOÇ°BMMÇ°EJNFOTJPOTÇ°JODMVEJOHÇ°JOUFMMJHFODFÇ°RVPUJFOUÇ° Ä¶*2Ä· Ç°FNPUJPOBMÇ°RVPUJFOUÇ° Ä¶&2Ä· Ç°NPSBMÇ° RVPUJFOUÇ° Ä¶.2Ä· Ç°BOEÇ°BEWFSTJUZÇ°RVPUJFOUÇ° Ä¶"2Ä· Ç° 5PÇ°FOTVSFÇ°UIBUÇ°UIFÇ°JNQMFNFOUBUJPOÇ°PGÇ°IVNBOÇ°SFTPVSDFÇ°EFWFMPQNFOUÇ°QMBOÇ°JTÇ°BÇ°TVDDFTTGVMÇ°POF Ç°&($0 will prepare a list of required skill sets for each position as a part of the career path development plan.

9. Other information related to the Board of Directors and Management Ç° Ç° Ç°

*OÇ° Ç°UIFSFÇ°XFSFÇ°OPÇ°EJSFDUPSÇ°BOEÇ°NBOBHFNFOUÇ°XIPÇ°XFSFÇ°SFDPSEFEÇ°UPÇ°CFÇ°QSPTFDVUFEÇ°CZÇ°UIFÇ°GPMMPXJOH cases. Ä»Ç° $SJNJOBMÇ°QSPTFDVUJPO Ç°FYDFQUÇ°UIFÇ°WJPMBUJPOÇ°PGÇ°USBGÅ³DÇ°SVMFT Ç°NJOPSÇ°PGGFODFÇ°PSÇ°JOÇ°SFTQFDUÇ°PGÇ°UIFÇ° same offence Ä»Ç° #BOLSVQUDZÇ°PSÇ°SFDFJWFSTIJQ

Mr. Sahust Pratuknukul President Senior Executive Vice President Financial & Accounting Senior Executive Vice President Business Development International Senior Executive Vice President Business Development Domestic

Mr. Shigeru Inano

Mr. Hideo Kuramochi

Mr. Toshiro Kudama

Mr. Satoshi Yajima

Mr. Kulit Sombatsiri

Mr. Surasuk Supavitipatana

Mr. Sorajak Kasemsuvan Mr. Pongstorn Kunanusorn Mr. Pasan Teparak Mr. Thanapich Mulapruk Pol. Gen. Pansiri Prapawat Mr. Phaiboon Siripanoosatien Mr. Thawat Vadjanapornsithi

Mr. Pornchai Rujiprapa

Member Member Chairman

Audit Committee

Member Member

Member

Chairman

Investment Committee

Chairman

Member Member

Member Member Member

Member Member

Member

Chairman

Member

Chairman Chairman Member Member Member

Member Member

EGCO Management Committee

Member

Chairman Chairman Member

Good Governance Committee

Member

Chairman Chairman Member

Risk Management Committee

Management Committe

Chairman Chairman Member

Nomination and Corporate Group Business Remuneration Governance & Committee Committee Social Responsibility Committee

Standing Committee Safety Health and Environment Committee

The position of EGCOâ&#x20AC;&#x2122; Board of Directors and Management in Standing Committees and Management Committee

Management

Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director President Management Management

Idependent Director Idependent Director Idependent Director Idependent Director Idependent Director Idependent Director

Non-Executive Director

Remark

Shareholder and Management Structure

Executive Vice President Strategy & Corporate Management Executive Vice President Strategy & Asset Management Senior Vice President - Legal Senior Vice President Corporate Communication Senior Vice President Human Resources Senior Vice President Corporate Secretary Senior Vice President Internal Audit Secretary Vice President - Human Resources of Rayong Power Plant Vice President - Safety of KEGCO Vice President - Safety of ESCO Power Plant Manager EGCO Cogen Power Plant Manager Roi-Et Green Manager - Tap Water of Egcom Tara Senior Vice President Asset Management Assistant Vice President Asset Management

Senior Executive Vice President Strategy and Asset Management Director - Rayong Power Plant Managing Director of KEGCO Managing Director of ESCO

Secretary

Audit Committee

Investment Committee

Member

Secretary

Member and Secretary Member and Secretary

Member

Member Member

Member

Member Member

Member

Good Governance Committee

Member

EGCO Management Committee

Secretary

Member

Member Member

Member

Risk Management Committee

Management Committe

Member

Nomination and Corporate Group Business Remuneration Governance & Committee Committee Social Responsibility Committee

Standing Committee

Member and Secretary Member and Assistant Secretary

Member

Member Member Member

Member

Chairman

Safety Health and Environment Committee

Management

Management Management

Management

Remark

100

Corporate Governance Report for 2012

Corporate Governance Report for 2012 5IFÇ°$PNQBOZÇ°CFMJFWFTÇ°JOÇ°UIFÇ°#VTJOFTTÇ°NBOBHFNFOUÇ°XJUIÇ°UIFÇ°HPPEÇ°DPSQPSBUFÇ°HPWFSOBODFÇ° JOEJDBUJOHÇ°FGÅ³DJFODZ Ç°IPOFTUZ Ç°BOEÇ°USBOTQBSFODZÇ°BTÇ°XFMMÇ°BTÇ°UIFÇ°SFTQPOTJCJMJUZÇ°GPSÇ°DPNNVOJUZÇ° and surrounding environment. As such, the system would ensure shareholders, investors, and the third partyâ&#x20AC;&#x2122;s trust. Moreover, good corporate governance would lead to sustainable HSPXUITÇ°SFHBSEJOHÇ°Å³OBODF Ç°JOWFTUNFOU Ç°BOEÇ°UIFÇ°DPNQFUFODFÇ°JOÇ°CVTJOFTT Ç°*OÇ°UIJTÇ°SFHBSET Ç°UIFÇ° #PBSEÇ°PGÇ°%JSFDUPSTÇ° Ä¶#PBSEÄ· Ç°FODPVSBHFEÇ°UPÇ°DPOEVDUÇ°UIFÇ°CVTJOFTTÇ°VOEFSÇ°UIFÇ°HPPEÇ°DPSQPSBUFÇ° HPWFSOBODFÇ°PGÇ°UIFÇ°4UPDLÇ°&YDIBOHFÇ°PGÇ°5IBJMBOEÇ° Ä¶4&5Ä· Ç°BOEÇ°UIFÇ°SVMFTÇ°BOEÇ°SFHVMBUJPOTÇ°PGÇ°-JTUFEÇ° $PNQBOZÇ°JTTVFEÇ°CZÇ°UIFÇ°4FDVSJUJFTÇ°BOEÇ°&YDIBOHFÇ°$PNNJTTJPOÇ° Ä¶4&$Ä· Ç°BTÇ°XFMMÇ°BTÇ°UIFÇ°$BQJUBMÇ° .BSLFUÇ°4VQFSWJTPSZÇ°#PBSEÇ° Ä¶$.4#Ä· Ç°JOÇ°PSEFSÇ°UPÇ°SBJTFÇ°UIFÇ°DPNQBOZÄ´TÇ°DPSQPSBUFÇ°HPWFSOBODFÄ´TÇ° TUBOEBSEÇ°JOUFSOBUJPOBMMZ Ç°*OÇ°BEEJUJPO Ç°UIFÇ°TDIFNFÇ°JTÇ°UPÇ°SBJTFÇ°&($0Ç°UPÇ°CFDPNFÇ°5IBJÇ°MFBEJOHÇ° company in electricity generation which covers energy services for domestic and Asian Region.

Establishment of the Good Governance Policies 5IFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°IBTÇ°FTUBCMJTIFEÇ°UIFÇ°XSJUUFOÇ°DPSQPSBUFÇ°HPWFSOBODFÇ°BTÇ°HVJEFMJOFTÇ° GPSÇ°EJSFDUPST Ç°NBOBHFNFOUÇ°BOEÇ°FNQMPZFFTÇ°BTÇ°XFMMÇ°BTÇ°UIFÇ°#FTUÇ°1SBDUJDFTÇ°CZÇ°UIFÇ°4&5 Ç°5IFÇ° #PBSEÇ°BOOVBMMZÇ°SFWJFXTÇ°UIFÇ°HPPEÇ°DPSQPSBUFÇ°HPWFSOBODFÇ°QPMJDJFTÇ°UPÇ°FOTVSFÇ°BEIFSFODFÇ° with the following core issues: Ä»Ç° 5PÇ°FODPVSBHJOHÇ°NPSFÇ°VOEFSTUBOEJOHÇ°PGÇ°UIFÇ°FYQFDUBUJPOTÇ°PGÇ°TUBLFIPMEFST Ä»Ç° 5PÇ°JNQSPWJOHÇ°UIFÇ°SJTLÇ°NBOBHFNFOUÇ°QSBDUJDFTÇ°XJUIÇ°UIFÇ°DPOTJTUFOUÇ°FGÅ³DJFODZ Ç° Ä»Ç° 5PÇ°FOIBODJOHÇ°UIFÇ°SFQVUBUJPOÇ°PGÇ°UIFÇ°PSHBOJ[BUJPOÇ°BOEÇ°GPTUFSJOHÇ°HSFBUFSÇ°QVCMJDÇ°USVTU Ä»Ç° 5PÇ°FOIBODJOHÇ°FNQMPZFFÇ°MPZBMUZÇ°BOEÇ°NPSBMFÇ°BOEÇ°JNQSPWJOHÇ°UIFÇ°TBGFUZÇ°BOEÇ°IFBMUIÇ°PGÇ° employees; Ä»Ç° 5PÇ°JODSFBTJOHÇ°QSPEVDUJWJUZÇ°BOEÇ°SFTPVSDFÇ°FGÅ³DJFODZÇ°BOEÇ°SFEVDJOHÇ°XBTUF Ç°Ç°BOEÇ° Ä»Ç° 5PÇ°DPOUSJCVUJOHÇ°UPÇ°UIFÇ°MPOHÇ°UFSNÇ°WJBCJMJUZÇ°PGÇ°UIFÇ°PSHBOJ[BUJPO Ç° *OÇ° Ç°UIFÇ°#PBSEÇ°IBTÇ°SFWJTFEÇ°UIFÇ°HPPEÇ°HPWFSOBODFÇ°QSJODJQMFTÇ°DPNQSJTFÇ°PGÇ°1SJODJQMFÇ° Ç°3JHIUÇ° of Stakeholders; Policy on Environment and Social Responsibilities in order to improving QFSGFDUMZÇ°BOEÇ°DPOGPSNJOHÇ°UPÇ°*40Ç° Ç°JOUFSOBUJPOBMÇ°4PDJBMÇ°3FTQPOTJCJMJUJFTÇ°TUBOEBSEÇ°

Communication of Corporate Governance Policies 5IFÇ°#PBSEÇ°EJTDMPTFTÇ°UIFÇ°$PSQPSBUFÇ°(PWFSOBODFÇ°1PMJDJFTÇ°POÇ°&($0Ç°XFCTJUF Ç°XXX FHDP DPN Ç° Shareholders and investors who want to receive a hard copy can submit the form attached in the annual report to the Corporate Secretary. Moreover, EGCO has provided the Code of Conduct as practicing guideline for directors, management and employees. EGCO also provided multimedia and activities to enhance understanding of the good governance GPSÇ°UIFÇ°DPNQBOZÄ´TÇ°FNQMPZFFT Ç°5IFÇ°HPPEÇ°HPWFSOBODFÇ°DPNQSJTFÇ°PGÇ° PSPNPUJPOÇ°PGÇ°#FTUÇ°1SBDUJDF Responsibility ERVJUBCMFÇ°5SFBUNFOU

101

102

Accountability CSFBUJPOÇ°PGÇ°-POHÇ°5FSNÇ°7BMVF Transparency During the past year, the Company communicates the Corporate Governance Policies to its employees via various channels as follows: Ä» Good corporate governance E-newsletter was issued every Monday, Wednesday and Friday to communicate news on good corporate governance, director information, best practices of other Ç° DPNQBOJFT Ç°UIFÇ°SFTPMVUJPOÇ°PGÇ°UIFÇ°#PBSEÇ°PGÇ°EJSFDUPSTÇ°BOEÇ°4&5 Ç° Ä» 5SBJOJOHTÇ°POÇ°HPPEÇ°DPSQPSBUFÇ°HPWFSOBODFÇ°XFSFÇ°QSPWJEFEÇ°UPÇ°UIFÇ°FNQMPZFFT Ç°

Monitoring of the Compliance with Corporate Governance Policies 5IFÇ°#PBSEÇ°SFRVJSFTÇ°UIFÇ°DPNQMJBODFÇ°XJUIÇ°UIFÇ°$PSQPSBUFÇ°(PWFSOBODFÇ°1PMJDJFTÇ°BTÇ°POFÇ°PGÇ°UIFÇ°LFZÇ°QFSGPSNBODFÇ°JOEJDBUPSTÇ°PGÇ°&($0Ç°(SPVQÇ°PGÇ°XIJDIÇ°UIFÇ°QSPHSFTTÇ°XBTÇ°NPOJUPSFEÇ°POÇ°BÇ°RVBSUFSMZÇ°CBTJT Ç°*OÇ° Ç°UIFÇ° #PBSEÇ°FOEFBWPSFEÇ°UPÇ°FOTVSFÇ°UIBUÇ°EJSFDUPST Ç°UIFÇ°.BOBHFNFOUÇ°BOEÇ°FNQMPZFFTÇ°BEPQUFEÇ°UIFÇ°BCPWFÇ°QPMJDJFTÇ° BTÇ°UIFÇ°HVJEJOHÇ°QSJODJQMFTÇ°JOÇ°EJTDIBSHJOHÇ°UIFJSÇ°EVUJFT Ç°5IFSFÇ°JTÇ°OPÇ°SFQPSUÇ°PGÇ°BOZÇ°CSFBDIÇ°UPÇ°UIFÇ°$PSQPSBUFÇ° Governance Policies. #BTFEÇ°POÇ°UIFÇ°BCPWFÇ°DPNNJUNFOU Ç°&($0Ç°JTÇ°XFMMÇ°SFDPHOJ[FEÇ°BTÇ°BOÇ°FYDFMMFOUÇ°TIPXDBTFÇ°PGÇ°HPPEÇ°DPSQPSBUFÇ° governance companies by various institutions. Ä» &YDFMMFOUÇ°JOÇ°UIFÇ°BTTFTTNFOUÇ°PGÇ°UIFÇ° Ç°"(.Ç°XJUIÇ°UIFÇ°GVMMÇ°TDPSFÇ°PGÇ°Ç° Ç°CZÇ°*OTUJUVUFÇ°PGÇ°%JSFDUPSÇ° Ä¶*0%Ä·

Ä» $PSQPSBUFÇ°4PDJBMÇ°3FTQPOTJCJMJUZÇ°"XBSEÇ°GPSÇ°MJTUFEÇ°DPNQBOZÇ°XJUIÇ°UIFÇ°NBSLFUÇ°DBQJUBMJ[BUJPOÇ°PWFSÇ° Ç° Ç° NJMMJPOÇ°CBIUÇ°GSPNÇ°UIFÇ°4&5Ç°"XBSETÇ°IPTUFEÇ°CZÇ°UIFÇ°4UPDLÇ°&YDIBOHFÇ°PGÇ°5IBJMBOEÇ° Ä¶4&5Ä· Ç°BOEÇ°UIFÇ°'JOBODFÇ° Ç° BOEÇ°#BOLJOHÇ°.BHB[JOF Ä» &YDFMMFOUÇ°$PSQPSBUFÇ°(PWFSOBODFÇ°1FSGPSNBODFÇ°JOÇ° Ç°CZÇ°*0%Ç°XJUIÇ°UIFÇ°TDPSFÇ°PGÇ° Ç°BOEÇ°GVMMÇ°TDPSFÇ°JOÇ°UXPÇ° categories being the rights of shareholders and role of stakeholders; and 5IFÇ°4&5Ç°BTLTÇ°MJTUFEÇ°DPNQBOJFTÇ°UPÇ°BEPQUÇ°UIFÇ°4&5Ä´TÇ°(PPEÇ°$PSQPSBUFÇ°(PWFSOBODFÇ°1SJODJQMFTÇ°GPSÇ°ZFBSÇ° Ç° BTÇ°EFFNFEÇ°BQQSPQSJBUFÇ°BOEÇ°UPÇ°OPUJGZÇ°XJUIÇ°SFBTPOTÇ°BOEÇ°TVCTUJUVUFÇ°NFBTVSFT Ç°BDUJPOTÇ°UPÇ°UIFÇ°4&5Ç°GPSÇ°JUFNTÇ° XIJDIÇ°DBOOPUÇ°CFÇ°DPNQMJFE Ç°5IFÇ°#PBSEÇ°UIFOÇ°QSFQBSFTÇ°UIJTÇ°SFQPSUÇ°BDDPSEJOHMZ

1. Rights of Shareholders EGCO realizes the importance of Good Corporate Governance and respects the shareholdersâ&#x20AC;&#x2122; rights as an investor and an owner of the Company based on acceptable and reliable standard. In this respect, EGCO FODPVSBHFTÇ°UIFÇ°TIBSFIPMEFSTÇ°UPÇ°FYFSDJTFÇ°UIFJSÇ°SJHIUTÇ°JODMVEJOHÇ°MFHBMÇ°CBTJDÇ°SJHIUT Ç°&YBNQMFTÇ°BSFÇ°UIFÇ°SJHIUÇ°UPÇ° TIBSFÇ°JOÇ°UIFÇ°QSPÅ³U Ç°UIFÇ°SJHIUÇ°UPÇ°SFDFJWFÇ°BEFRVBUFÇ°JOGPSNBUJPO Ç°BOEÇ°UIFÇ°SJHIUÇ°UPÇ°BUUFOEÇ°BOEÇ°WPUFÇ°GPSÇ°TJHOJÅ³DBOUÇ° matters at the shareholdersâ&#x20AC;&#x2122; meeting such as appointment or removal of directors, remuneration of direcUPST Ç°BQQPJOUNFOUÇ°PGÇ°BVEJUPS Ç°BVEJUPSTÄ´Ç°SFNVOFSBUJPOÇ°BOEÇ°PUIFSÇ°TJHOJÅ³DBOUÇ°JTTVFTÇ°XIJDIÇ°JNQBDUÇ°&($0 Ç° #FZPOEÇ°TVDIÇ°CBTJDÇ°SJHIUT Ç°&($0Ç°FOEFBWPSTÇ°UPÇ°QSPWJEFÇ°TJHOJÅ³DBOUÇ°JOGPSNBUJPOÇ°UPÇ°TIBSFIPMEFSTÇ°WJBÇ°UIFÇ°XFCTJUF Ç° newsletters and shareholdersâ&#x20AC;&#x2122; site visit.

1.1 The Annual General Meeting Ç° Ç° Ç°

5IFÇ°#PBSEÇ°SFBMJ[FTÇ°UIFÇ°JNQPSUBODFÇ°PGÇ°UIFÇ°"OOVBMÇ°(FOFSBMÇ°.FFUJOHÇ° Ä¶"(.Ä· Ç°XIJDIÇ°XJMMÇ°CFÇ°IFMEÇ°XJUIJOÇ° 4 months from the Companyâ&#x20AC;&#x2122;s closing date of accounting period to accommodate the shareholders UPÇ°UBLFÇ°QBSUÇ°JOÇ°&($0Ä´TÇ°HPWFSOBODF Ç°*OÇ°DBTFÇ°PGÇ°VSHFOUÇ°OFDFTTJUZ Ç°UIFÇ°#PBSEÇ°IBTÇ°UIFÇ°SJHIUÇ°UPÇ°DBMMÇ°UIFÇ° FYUSBPSEJOBSZÇ°NFFUJOHÇ°UPÇ°DPOTJEFSÇ°UIFÇ°TQFDJBMÇ°BHFOEBÇ°XIJDIÇ°NJHOUÇ°BGGFDUÇ°UIFÇ°TIBSFIPMEFSÄ´TÇ°JOUFSFTUTÇ°

Corporate Governance Report for 2012

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BTÇ°DBTFÇ°CZÇ°DBTF Ç°5IFÇ°#PBSEÇ°FOTVSFTÇ°UIBUÇ°UIFÇ°QSPDFTTFTÇ°BOEÇ°QSPDFEVSFTÇ°PGÇ°UIFÇ°4IBSFIPMEFSTÄ´Ç°"OOVBMÇ° (FOFSBMÇ°.FFUJOHÇ° Ä¶"(.Ä· Ç°*OÇ° Ç°&($0Ç°IFMEÇ°UIFÇ°"(.Ç°POÇ°"QSJMÇ° Ç° Ç°BUÇ°7JCIBWBEJÇ°#BMMSPPN Ç°$FOUBSBÇ° (SBOEÇ°BUÇ°$FOUSBMÇ°-BEQSBPX Ç°%VSJOHÇ° Ç°&($0Ç°IBTÇ°OPUÇ°IFMEÇ°UIFÇ°"(.Ç°ZFU Ç°8JUIÇ°SFTQFDUÇ°UPÇ°UIJT Ç°UIFÇ°"(.Ç° $IFDLMJTUÇ°JTTVFEÇ°CZÇ°UIFÇ°5IBJÇ°*OWFTUPSTÇ°"TTPDJBUJPO Ç°-JTUFEÇ°$PNQBOJFTÇ°"TTPDJBUJPOÇ°BOEÇ°4&$Ç°JTÇ°VTFEÇ°BTÇ° the guidelines. Details are as follows: Before the Shareholdersâ&#x20AC;&#x2122; Meeting EGCO prepares and delivers the notice of the meeting as well as supporting documents in advance TPÇ°UIBUÇ°TIBSFIPMEFSTÇ°XJMMÇ°IBWFÇ°BEFRVBUFÇ°JOGPSNBUJPOÇ°UPÇ°TVQQPSUÇ°UIFJSÇ°KVEHNFOUT Ç°5IFÇ°#PBSEÇ°BMTPÇ° FODPVSBHFTÇ°TIBSFIPMEFSTÇ°UPÇ°BUUFOEÇ°UIFÇ°NFFUJOHÇ°FJUIFSÇ°JOÇ°QFSTPOTÇ°PSÇ°CZÇ°QSPYZ Ç°5IFÇ°QSBDUJDFTÇ°JOÇ° Ç° were as follows. Ä»Ç° &($0Ç°EJTDMPTFEÇ°UIFÇ°TDIFEVMFÇ°BOEÇ°UIFÇ°BHFOEBÇ°PGÇ°UIFÇ°"(.Ç°WJBÇ°UIFÇ°4&5Ä´TÇ°$PNNVOJUZÇ°JOÇ°BEWBODFÇ°POÇ° Ç° .BSDIÇ° Ç° Ç°XIJDIÇ°XBTÇ° Ç°EBZTÇ°JOÇ°BEWBODFÇ°PGÇ°UIFÇ°"(.Ç°EBUF Ç°5IFÇ°TIBSFIPMEFSÇ°XJMMÇ°CFÇ°BCMFÇ°UPÇ° participate in the AGM. Ä»Ç° EGCO delivered the notices of the meeting as well as the agenda document and was sent to the Ç° TIBSFIPMEFSÇ°POÇ°.BSDIÇ° Ç° Ç°XIJDIÇ°XBTÇ° Ç°EBZTÇ°CFGPSFÇ°UIFÇ°"(.Ç°EBUF Ç°5IFÇ°OPUJDFTÇ°JODMVEFEÇ°UIFÇ° Ç° PCKFDUJWFT Ç°#PBSEÄ´TÇ°PQJOJPOT Ç°BOEÇ°DPOEJUJPOTÇ°UPÇ°BUUFOEÇ°UIFÇ°NFFUJOH Ç° Ç°GPSNTÇ°PGÇ°UIFÇ°QSPYZÇ°MFUUFSÇ°BTÇ° stipulated by the department of business development, Ministry of commerce, and the annual report. Ç° 5IFÇ°OPUJDFT Ç°"MMÇ°SFMFWBOUÇ°JOGPSNBUJPOÇ°XBTÇ°QPTUFEÇ°POÇ°&($0Ç°XFCTJUFÇ°BOEÇ°EBJSZÇ°OFXTQBQFSTÇ°TVDDFTTJWFMZÇ° Ç° BUÇ°MFBTUÇ° Ç°EBZTÇ°GPSÇ°FBDIÇ°OFXTQBQFSÇ°JOÇ°CPUIÇ°5IBJÇ°BOEÇ°&OHMJTIÇ°MBOHVBHFÇ°UPÇ°GBDJMJUBUFÇ°TIBSFIPMEFSTÇ°UPÇ° study information in advance before receiving the hard copies. In case of the shareholders be not Ç° BCMFÇ°UPÇ°QBSUJDJQBUFÇ°UIFÇ°"(. Ç°UIFÇ°QSPWJTJPOÇ°PGÇ°UIFÇ°QSPYZÇ°XPVMEÇ°CFÇ°QSPWJEFE Ç°$POUBDUÇ°QIPOFÇ°OVNCFSÇ° Ç° XBTÇ°BMTPÇ°QSPWJEFEÇ°GPSÇ°BOZÇ°SFMBUJOHÇ°JORVJSJFT Ç°5IFÇ°QSFTFOUBUJPOÇ°PGÇ°UIFÇ°TJHOJÅ³DBOUÇ°JOGPSNBUJPOÇ°GPSÇ°EJSFDUPSÇ° Ç° OPNJOBUJPOÇ°BHFOEBÇ°XBTÇ°QSPWJEFEÇ°BTÇ°UIFÇ°CFTUÇ°QSBDUJDFTÇ°PGÇ°4&5Ç°BOEÇ°4&$ Ç° Ä»Ç° &($0Ç°KPJOFEÇ°IBOETÇ°XJUIÇ°UIFÇ°5IBJMBOEÇ°4FDVSJUJFTÇ°%FQPTJUPSZÇ°$P Ç°-UEÇ° Ä¶54%Ä· Ç°UPÇ°JOWJUFÇ°TIBSFIPMEFSTÇ° to notify the intention to attend the shareholderâ&#x20AC;&#x2122;s AGM in advance via IVR system so that EGCO would provide adequate facilities to accommodate shareholders. Ä»Ç° EGCO encouraged shareholders to forward their questions with regard to the meeting agenda in Ç° BEWBODFÇ°UPÇ°EJSFDUPST!FHDP DPNÇ°PSÇ°GBDTJNJMFÇ°OVNCFSÇ° Ç°JOÇ°PSEFSÇ°UIBUÇ°UIFÇ°TIBSFIPMEFSTÇ° Ç° DPVMEÇ°HBJOÇ°UIFÇ°VUNPTUÇ°CFOFÅ³UTÇ°GSPNÇ°UIFÇ°NFFUJOHÇ°BOEÇ°UIBUÇ°UIFJSÇ°SJHIUTÇ°XPVMEÇ°CFÇ°GVMMZÇ°PCTFSWFE On Shareholdersâ&#x20AC;&#x2122; Meeting Date EGCO ensures that the meeting is conducted in a way that is convenient and transparent as well as encouraging TIBSFIPMEFSTÇ°GPSÇ°PQFOÇ°EJTDVTTJPOÇ°POÇ°&($0Ç°CVTJOFTT Ç°5IFÇ°QSBDUJDFTÇ°JOÇ° Ç°XFSFÇ°BTÇ°GPMMPXT Ç° Ä»Ç° %JSFDUPST Ç°.BOBHFNFOUÇ°BOEÇ°UIFÇ°FYUFSOBMÇ°BVEJUPSÇ°XFSFÇ°FODPVSBHFEÇ°UPÇ°BUUFOEÇ°UIFÇ°"(.Ç°BOEÇ°BOTXFSÇ° Ç° TIBSFIPMEFSTÄ´Ç° RVFTUJPOT Ç° 5IFÇ° GPVSUFFOÇ° EJSFDUPSTÇ° JODMVEJOHÇ° UIFÇ° $IBJSNBOÇ° BUUFOEFEÇ° UIFÇ° NFFUJOHÇ° Ç° XIJDIÇ°BDDPVOUFEÇ°GPSÇ° Ç°PGÇ°UIFÇ°#PBSEÇ°NFNCFST Ç°5IFÇ°DIBJSNBOÇ°BOEÇ°NFNCFSTÇ°PGÇ°FBDIÇ°TUBOEJOHÇ° Ç° DPNNJUUFFÇ°BMTPÇ°QSFTFOUFEÇ°JOGPSNBUJPOÇ°UPÇ°TIBSFIPMEFSTÇ°BOEÇ°BOTXFSÇ°TIBSFIPMEFSTÄ´Ç°RVFTUJPOT Ç°5IFÇ° director absent the meeting 1 person with apologies. Ä»Ç° Services to facilitate shareholders who attended the meeting were provided. Map for meeting venue Ç° XBTÇ°BUUBDIFEÇ°JOÇ°UIFÇ°OPUJDFÇ°UPÇ°UIFÇ°"(. Ç°5IFSFÇ°XFSFÇ°BEFRVBUFÇ°SFHJTUSBUJPOÇ°DPVOUFSTÇ°BOEÇ°SFGSFTINFOUTÇ° for shareholders. Ä»Ç° .BOBHFNFOU Ç°*OWFTUPSÇ°3FMBUJPOÇ°BOEÇ°"DDPVOUJOHÇ°0GÅ³DFSTÇ°XFMDPNFEÇ°TIBSFIPMEFSTÇ°UPÇ°UIFÇ°NFFUJOHÇ°BOEÇ° Ç° BOTXFSFEÇ°UIFJSÇ°JORVJSJFTÇ°BCPVUÇ°&($0Ç°CVTJOFTTÇ°BUÇ°UIFÇ°NJOJ FYIJCJUJPOÇ°BOEÇ°TIBSFIPMEFSÇ°DPSOFSÇ°JOÇ° front of the meeting hall.

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Ä»Ç° "OÇ°PGÅ³DFSÇ°GSPNÇ°54% Ç°UIFÇ°DPNQBOZÇ°SFHJTUSBS Ç°QSPWJEFEÇ°UIFÇ°TIBSFIPMEFSÇ°TFSWJDFTÇ°BOEÇ°BOTXFSFEÇ°RVFTUJPOTÇ° Ç° SFHBSEJOHÇ°EJWJEFOEÇ°DIFRVFÇ°BOEÇ°TIBSFÇ°SFHJTUSBUJPOÇ°BOEÇ°DFSUJÅ³DBUFTÇ°JOÇ°GSPOUÇ°PGÇ°UIFÇ°NFFUJOHÇ°SPPN Ä»Ç° 5IFÇ°CBSDPEFÇ°TZTUFNÇ°XBTÇ°JNQMFNFOUFEÇ°UPÇ°GBDJMJUBUFÇ°TIBSFIPMEFSTÄ´Ç°SFHJTUSBUJPOÇ°QSPDFTT Ä»Ç° 5IFÇ°TIBSFIPMEFSTÇ°XIPÇ°DBNFÇ°MBUFÇ°XFSFÇ°BMMPXFEÇ°UPÇ°WPUFÇ°GPSÇ°UIFÇ°POHPJOHÇ°BHFOEBÇ°JUFNÇ°BOEÇ°UIFÇ°SFNBJOJOHÇ° agenda items. Ä»Ç° 5IFÇ°$IBJSNBOÇ°DPOWFOFEÇ°UIFÇ°NFFUJOHÇ°JOÇ°BDDPSEBODFÇ°XJUIÇ°UIFÇ°QSJPSJUZÇ°OPUJÅ³FEÇ°JOÇ°UIFÇ°BHFOEBÇ°EPDVNFOU Ç° Presentation for each agenda item included the background, supporting rationale and proposal. Ä»Ç° Shareholders were equitably treated and were allowed adequate time to address their concerns Ç° BUÇ°UIFÇ°NFFUJOH Ç°5IFÇ°$IBJSNBOÇ°QBJEÇ°BUUFOUJPOÇ°UPÇ°DMBSJGZÇ°BMMÇ°TIBSFIPMEFSTÄ´Ç°JORVJSJFTÇ°PGÇ°XIJDIÇ°UIFÇ° Ç° RVFTUJPOTÇ°BOEÇ°UIFÇ°DMBSJÅ³DBUJPOTÇ°XFSFÇ°SFDPSEFEÇ°JOÇ°UIFÇ°NJOVUFTÇ°PGÇ°NFFUJOH Ä»Ç° #BLFSÇ° Ç°.FLFOJFÇ°$P Ç°-UE Ç°XFSFÇ°FOHBHFEÇ°BTÇ°UIFÇ°JOTQFDUPSTÇ°UPÇ°MPPLÇ°PWFSÇ°SFHJTUSBUJPOÇ°EPDVNFOUT Ç°NFFUJOHÇ° quorum, compliance of the voting procedure with EGCO Articles of Association and the Chairmanâ&#x20AC;&#x2122;s Ç° OPUJÅ³DBUJPO Ç°WPUJOHÇ°DBSEÇ°DPMMFDUJPOÇ°BOEÇ°WPUFÇ°DPVOUJOH Ç°*OÇ°UIJTÇ°SFHBSE Ç°UIFÇ°JOTQFDUPSÇ°SFQPSUFEÇ°UIBUÇ°UIFÇ° Ç° NFFUJOHÇ°BOEÇ°UIFÇ°WPUJOHÇ°QSPDFEVSFÇ°PGÇ° Ç°"(.Ç°XBTÇ°USBOTQBSFOUÇ°BOEÇ°JOÇ°DPNQMJBODFÇ°XJUIÇ°UIFÇ°HPWFSOJOHÇ° Ç° MBXT Ç°UIFÇ°"SUJDMFTÇ°PGÇ°"TTPDJBUJPO Ç°BOEÇ°UIFÇ°CFTUÇ°QSBDUJDFÇ°PGÇ°HPPEÇ°HPWFSOBODFÇ°PGÇ°4&5 Ç°5IFÇ°JOTQFDUPSÇ°BMTPÇ° reported that EGCO respected the right of its shareholders to participate the meeting and to give the recommendation in the meeting. Ä»Ç° 5IFÇ°GPSNÇ°UPÇ°BTTFTTÇ°UIFÇ°RVBMJUZÇ°PGÇ°UIFÇ°"(.Ç°XBTÇ°EJTTFNJOBUFEÇ°UPÇ°HBUIFSÇ°GFFECBDLTÇ°GPSÇ°GVUVSFÇ°JNQSPWFNFOU Ç° Ç° 5IFÇ°SFTVMUÇ°PGÇ°UIFÇ°TVSWFZÇ°JOÇ° Ç°JOEJDBUFEÇ°UIBUÇ°TIBSFIPMEFSTÇ°XFSFÇ°TBUJTÅ³FEÇ°XJUIÇ°UIFÇ°RVBMJUZÇ°PGÇ°UIFÇ° notice to the meeting, meeting arrangement and meeting conduct. 5IFSFÇ°XFSFÇ° Ç°BOEÇ° Ç°TIBSFIPMEFSTÇ°BUUFOEJOHÇ°UIFÇ° Ç°"(.Ç°JOÇ°QFSTPOÇ°BOEÇ°CZÇ°QSPYZ Ç°SFTQFDUJWFMZ Ç° SFQSFTFOUJOHÇ° Ç°TIBSFTÇ°XIJDIÇ°BDDPVOUFEÇ°GPSÇ° Ç°PGÇ°UIFÇ°UPUBMÇ°VOJUTÇ°PGÇ°TIBSFT Ç°5IFÇ°BUUFOEBODFÇ° SBUFÇ°XBTÇ°BQQSPYJNBUFMZÇ°UIFÇ°TBNFÇ°BTÇ°UIBUÇ°PGÇ° Ç°"(.Ç°JOÇ°XIJDIÇ° Ç°BOEÇ° Ç°TIBSFIPMEFSTÇ°BUUFOEFEÇ°UIFÇ° NFFUJOHÇ°JOÇ°QFSTPOÇ°BOEÇ°CZÇ°QSPYZ Ç°SFTQFDUJWFMZ Ç°SFQSFTFOUJOHÇ° Ç°TIBSFTÇ°XIJDIÇ°BDDPVOUFEÇ°GPSÇ° Ç°PGÇ°UIFÇ°UPUBMÇ°VOJUTÇ°PGÇ°TIBSFT After the Shareholdersâ&#x20AC;&#x2122; Meeting Ä»Ç° EGCO posted the draft minutes of the meeting for shareholdersâ&#x20AC;&#x2122; review on EGCO website â&#x20AC;&#x153;www. Ç° FHDP DPNÄ·Ç°POÇ°.BZÇ° Ç° Ç°XIJDIÇ°XBTÇ°XJUIJOÇ° Ç°EBZTÇ°BGUFSÇ°UIFÇ°NFFUJOHÇ°EBUFÇ°Ç°BTÇ°SFRVJSFEÇ°CZÇ°UIFÇ° Ç° 4&5 Ç°5IFÇ°NJOVUFTÇ°PGÇ°NFFUJOHÇ°IBEÇ°JODMVEFEÇ°UIFÇ°TJHOJÅ³DBOUÇ°NBUUFSÇ°PGÇ°FBDIÇ°BHFOEBÇ°JUFNT Ç°TIBSFIPMEFSTÄ´Ç° Ç° JORVJSJFTÇ°BOEÇ°BOTXFSTÇ°CZÇ°UIFÇ°#PBSEÇ°JODMVEJOHÇ°UIFÇ°SFTPMVUJPOÇ°BOEÇ°UIFÇ°WPUJOHÇ°GPSÇ°FBDIÇ°QSPQPTBM Ç°5IFÇ° Ç° NJOVUFTÇ°PGÇ°NFFUJOHÇ°XBTÇ°EVMZÇ°Å³MFEÇ°GPSÇ°GVUVSFÇ°SFGFSFODF Ç° Ä»Ç° EGCO broadcasted on its web site that shareholders who could not attend the meeting could request for CD of the meeting for free of charge. Ä»Ç° &($0Ç°OPUJÅ³FEÇ°UIFÇ°NFFUJOHÇ°SFTPMVUJPOÇ°POÇ°EJWJEFOEÇ°QBZNFOUÇ°WJBÇ°4&5Ä´TÇ°QPSUBM Ç°&($0Ç°BMTPÇ°DPPSEJOBUFEÇ° with the registrar to ensure that all the shareholders would receive the dividend. Ä»Ç° EGCO took all the recommendations of the shareholders for consideration and improvement of the AGM. "TÇ°BÇ°SFTVMUÇ°PGÇ°UIFÇ°BCPWFÇ°FGGPSUT Ç°&($0Ç°XBTÇ°IPOPSFEÇ°BTÇ°BOÇ°FYDFMMFOUÇ°TIPXDBTFÇ°GPSÇ°"(.Ç°PGÇ°MJTUFEÇ° DPNQBOJFTÇ°XJUIÇ°UIFÇ°GVMMÇ°TDPSFÇ°PGÇ° Ç°GPSÇ°UIFÇ°GPVSUIÇ°ZFBSÇ°TVDDFTTJWFMZ

1.2 Shareholdersâ&#x20AC;&#x2122; Visit Ç° Ç°

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Corporate Governance Report for 2012

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shareholdersâ&#x20AC;&#x2122; visits as follows: ÄťÇ° Analystsâ&#x20AC;&#x2122; and investorsâ&#x20AC;&#x2122; visit to Khanom Power Plant: 1 visit; ÄťÇ° Shareholdersâ&#x20AC;&#x2122; visit the Lopburi Solar Power Plant : 3 visits .PSFPWFS Ç°JOÇ° Ç°&($0Ç°IBTÇ°QVCMJTIFEÇ°UIFÇ°CPPL Ç°OBNFMZÇ°Äś-JGFÄˇÇ°JOÇ°PSEFSÇ°UPÇ°CFÇ°UIFÇ°DPNNVOJDBUJPOÇ° NFUIPEÇ°CFUXFFOÇ°&($0Ç°BOEÇ°JUTÇ°TIBSFIPMEFST Ç°5IFÇ°CPPLÇ°JODMVEFEÇ°UIFÇ°TUPSZÇ°PGÇ°&($0Ä´Ç°NBOBHFNFOU Ç° UIFÇ°TJHOJĹłDBOUÇ°FWFOUÇ°BOEÇ°BDUJWJUJFT Ç°BMTPÇ°DPOUSJCVUFÇ°UIFÇ°LOPXMFEHFÇ°BOEÇ°HPPEÇ°VOEFSTUBOEJOHÇ°PGÇ°UIFÇ° Power and Electricity business.

2. Equitable Treatment of Shareholders 2.1 Fair Treatment Ç° Ç° Ç° Ç°

5IFÇ°#PBSEÇ°SFHVMBSMZÇ°SFWJFXTÇ°UIFÇ°HPWFSOBODFÇ°TUSVDUVSFÇ°BOEÇ°GSBNFXPSLÇ°UPÇ°FOTVSFÇ°UIBUÇ°UIFÇ°TIBSFIPMEFST Ç° including minority and foreign shareholders, are treated equitably and that EGCO procedures do not NBLFÇ°JUÇ°VOEVMZÇ°EJGĹłDVMUÇ°PSÇ°FYQFOTJWFÇ°UPÇ°PCTFSWFÇ°TIBSFIPMEFSTÄ´Ç°SJHIUT Ç°5IFÇ°#PBSEÇ°FODPVSBHFTÇ°TIBSFIPMEFSTÇ° UPÇ°UBLFÇ°QBSUÇ°JOÇ°&($0Ä´TÇ°HPWFSOBODFÇ°BOEÇ°FOTVSFTÇ°UIBUÇ°UIFZÇ°BSFÇ°XFMMÇ°JOGPSNFEÇ°BCPVUÇ°UIFÇ°TJHOJĹłDBOUÇ° decisions of EGCO as prescribed by laws and the Articles of Association. ÄťÇ° *OÇ°"(. Ç°&($0Ç°TUSJDUMZÇ°GPMMPXTÇ°JUTÇ°QPMJDZÇ°OPUÇ°UPÇ°SBJTFÇ°BOZÇ°BHFOEBÇ°JUFNTÇ°XIJDIÇ°IBEÇ°OPUÇ°CFFOÇ°TVCNJUUFEÇ° to the shareholders in advance, to make sure that other shareholders would have a great deal of time to study relevant information before making their decision. Every shareholder has a right to cast vote according to their numbers of shares on â&#x20AC;&#x153;a one share one voteâ&#x20AC;? basis. EGCO has never Ç° HSBOUFEÇ°BÇ°QSJWJMFHFÇ°GPSÇ°TPNFÇ°TQFDJĹłDÇ°TIBSFTÇ°XIJDIÇ°MJNJUTÇ°UIFÇ°SJHIUTÇ°PGÇ°PUIFSÇ°TIBSFIPMEFST Ç° 5PÇ°BEIFSFÇ°UPÇ°UIFÇ°CFTUÇ°QSBDUJDFÇ°BTÇ°SFDPNNFOEFEÇ°CZÇ°UIFÇ°4&5Ç°SFHBSEJOHÇ°UIFÇ°SJHIUÇ°PGÇ°NJOPSJUZÇ°TIBSFIPMEFST Ç° Ç° &($0Ç°BOOPVODFEÇ°WJBÇ°&($0Ä´TÇ°XFCTJUFÇ°BOEÇ°UIFÇ°4&5Ä´TÇ°QPSUBMÇ°UIFÇ°DMFBSÇ°BOEÇ°USBOTQBSFOUÇ°QSPDFEVSFT Ç° Ç° *OÇ° Ç°UIFÇ°#PBSEÇ°JOÇ°JUTÇ°NFFUJOHÇ°OP Ç°POÇ°"VHVTUÇ° Ç° Ç°IBTÇ°BQQSPWFEÇ°Ç°GPSÇ°TIBSFIPMEFSTÇ°UPÇ° recommend AGM agenda and inquiry questions and to nominate director candidates in AGM no. Ç° Ç°EVSJOHÇ°UIFÇ°QFSJPEÇ°PGÇ°4FQUFNCFSÇ° Ç° %FDFNCFSÇ° Ç° Ç° BCPVUÇ° Ç°NPOUITÇ°CFGPSFÇ°UIFÇ° Ç° "(.Ç°EBUF Ç°5IFÇ°TIBSFIPMEFSTÇ°XIPÇ°XPVMEÇ°MJLFÇ°UPÇ°QSPQPTFÇ°UIFÇ°BHFOEBÇ°PSÇ°EJSFDUPSÇ°DBOEJEBUFTÇ°TIPVMEÇ° Ç° IPMEÇ°OPUÇ°MFTTÇ°UIBOÇ° Ç°TIBSFTÇ°XIJDIÇ°BSFÇ°MPXFSÇ°UIBOÇ°UIFÇ°4&5Ä´TÇ°SFDPNNFOEFEÇ°QSBDUJDFÇ°PGÇ°IPMEJOHÇ° Ç° OPUÇ°MFTTÇ°UIBOÇ° Ç° FRVBMÇ°JOÇ° Ç°TIBSFTÇ°BTÇ°4FQUFNCFSÇ° Ç° Ç°PGÇ°UIFÇ°UPUBMÇ°WPUJOHÇ°SJHIUTÇ°PGÇ°UIFÇ° Ç° DPNQBOZ Ç° *OÇ° Ç° OPÇ° NJOPSÇ° TIBSFIPMEFSTÇ° SFDPNNFOEFEÇ° "(.Ç° BHFOEBÇ° OPSÇ° OPNJOBUFÇ° EJSFDUPSÇ° candidates in advance. ÄťÇ° 7PUJOHÇ°DBSETÇ°XFSFÇ°QSPWJEFEÇ°GPSÇ°BMMÇ°BHFOEBÇ°JUFNTÇ°GPSÇ°USBOTQBSFODZÇ°BOEÇ°BVEJUÇ°USBJM Ç°%JSFDUPSÇ°FMFDUJPOÇ° also allowed shareholders to vote on individual nominees. ÄťÇ° 4IBSFIPMEFSTÇ° XIPÇ° DPVMEÇ° OPUÇ° BUUFOEÇ° JOÇ° QFSTPOÇ° DPVMEÇ° WPUFÇ° CZÇ° QSPYZ Ç° 5IFÇ° UISFFÇ° QSPYZÇ° GPSNTÇ° BTÇ° Ç° JOUSPEVDFEÇ°CZÇ°%FQBSUNFOUÇ°PGÇ°#VTJOFTTÇ°%FWFMPQNFOU Ç°.JOJTUSZÇ°PGÇ°$PNNFSDFÇ°XFSFÇ°QSPWJEFEÇ°XIJDIÇ° Ç° JODMVEFEÇ°UIFÇ°GPSNÇ°UIBUÇ°BMMPXFEÇ°UIFÇ°TIBSFIPMEFSTÇ°UPÇ°EJSFDUÇ°UIFÇ°WPUJOH Ç°5ISFFÇ°JOEFQFOEFOUÇ°EJSFDUPSTÇ° Ç° XIPÇ°EJEÇ°OPUÇ°IBWFÇ°UIFÇ°DPOĹ´JDUÇ°PGÇ°JOUFSFTUTÇ°XJUIÇ°UIFÇ°"(.Ç°BHFOEBÇ°XFSFÇ°PGGFSFEÇ°BTÇ°WPMVOUFFSÇ°QSPYJFT Ç° Ç° *OÇ°BÇ°CJEÇ°UPÇ°GBDJMJUBUFÇ°UIFÇ°TIBSFIPMEFST Ç°UIFÇ°QSPYZÇ°GPSNTÇ°DPVMEÇ°CFÇ°EPXOMPBEFEÇ°GSPNÇ°&($0Ä´TÇ°XFCTJUF ÄťÇ° 4JODFÇ°NPTUÇ°PGÇ°UIFÇ°TIBSFIPMEFSTÇ°BUUFOEJOHÇ°UIFÇ°NFFUJOHÇ°XFSFÇ°5IBJ Ç°UIFÇ°NFFUJOHÇ°XBTÇ°DPOEVDUFEÇ°JOÇ°5IBJ Ç° Ç° )PXFWFS Ç°UPÇ°GBDJMJUBUFÇ°GPSFJHOÇ°TIBSFIPMEFST Ç°&($0Ç°QSFQBSFEÇ°UIFÇ°OPUJDFÇ°PGÇ°NFFUJOHÇ°JOÇ°CPUIÇ°5IBJÇ°BOEÇ° English. English interpreting service was also provided at the meeting room ÄťÇ° 8JUIÇ°UIFÇ°BXBSFOFTTÇ°UIBUÇ°TPNFÇ°TIBSFIPMEFSTÇ°NJHIUÇ°OPUÇ°CFÇ°BCMFÇ°UPÇ°SFBEÇ°UIFÇ°NJOVUFTÇ°PGÇ°NFFUJOHÇ° Ç° POÇ°UIFÇ°4&5Ä´TÇ°BOEÇ°&($0Ä´TÇ°XFCTJUF Ç°BÇ°IBSEÇ°DPQZÇ°PGÇ°UIFÇ°NJOVUFTÇ°PGÇ°NFFUJOHÇ°OP Ç° Ç°XFSFÇ°EFMJWFSFEÇ° to each shareholder for review.

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2.2 Prohibition of Abusive Conduct by Insiders

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EGCO has set up the written guidelines in the Code of Conduct for Directors and employees to prohibit improper insider trading and abusive conduct by insiders to ensure fairness to all shareholders. Directors Ä»Ç° Directors must not make improper use of information acquired by virtue of the directorsâ&#x20AC;&#x2122; position. Ä»Ç° Directors must not disclose matters such as trade secrets, or sensitive business information to outsiders. Ä»Ç° Directors, spouses and minor children must not buy or sell shares as a director of EGCO while in possession of information, which, if disclosed publicly, would be likely to materially affect EGCO share price. Ä»Ç° Directors must not provide to anyone any information which is not publicly available and which would have a material effect on the price or value of EGCOâ&#x20AC;&#x2122;s securities. Employees Ä»Ç° &NQMPZFFTÇ°TIBMMÇ°BUÇ°BMMÇ°UJNFTÇ°PCTFSWFÇ°UIFÇ°SVMFTÇ°BOEÇ°SFHVMBUJPOTÇ°JTTVFEÇ°CZÇ°UIFÇ°4&5 Ç°UIFÇ°4&$Ç°BOEÇ°PUIFSÇ° governing laws which include the equitable disclosure to shareholders and the public. Ä»Ç° Any information disclosure to the public that will affect the business and EGCOâ&#x20AC;&#x2122;s stock must be approved by the President. Only the President or the assigned staff member is authorized to disclose such information. Ä»Ç° 5IFÇ°$PSQPSBUFÇ°$PNNVOJDBUJPOTÇ°%JWJTJPO Ç°UIFÇ°$PSQPSBUFÇ°4FDSFUBSZÇ°%JWJTJPOÇ°BOEÇ°UIFÇ°*OWFTUPSÇ°3FMBUJPOTÇ° Section are responsible for disclosing EGCO information to the public while it is the responsibility of the information owner to provide the fact sheets. EGCO also sets the policy that Management and employees who have the inside information relating UPÇ°Å³OBODJBMÇ°TUBUFNFOUTÇ°TIPVMEÇ°SFGSBJOÇ°GSPNÇ°UIFJSÇ°PXOÇ°TFDVSJUZÇ°USBEJOHÇ°XJUIJOÇ° Ç°EBZTÇ°CFGPSFÇ°BOEÇ° Ç° IPVSTÇ°BGUFSÇ°BÇ°EJTDMPTVSFÇ°EBUF Ç°'PSÇ°PUIFSÇ°TJHOJÅ³DBOUÇ°JOTJEFÇ°JOGPSNBUJPO Ç°.BOBHFNFOUÇ°BOEÇ°FNQMPZFFTÇ°TIPVMEÇ° SFGSBJOÇ°GSPNÇ°TFDVSJUZÇ°USBEJOHÇ°GSPNÇ°UIFÇ°EBZÇ°PGÇ°BDLOPXMFEHFNFOUÇ°VOUJMÇ° Ç°IPVSTÇ°BGUFSÇ°EJTDMPTVSFÇ°UPÇ° public. In addition, EGCO has put in place the internal control system to prevent the leakage of any JOGPSNBUJPOÇ°CFGPSFÇ°UIFÇ°QVCMJDÇ°EJTDMPTVSF Ç°4VDIÇ°NFBTVSFÇ°XBTÇ°BÇ°QBSUÇ°PGÇ°TJHOJÅ³DBOUÇ°SJTLÇ°NBOBHFNFOU Ç° Supervisors also have the responsibility to ensure that the measure to safeguard inside information JTÇ°FGGFDUJWF Ç°6TJOHÇ°JOTJEFÇ°JOGPSNBUJPOÇ°GPSÇ°PXOÇ°PSÇ°PUIFSÇ°CFOFÅ³UTÇ°PGÇ°TFDVSJUZÇ°USBEJOHÇ°XIFOÇ°UIBUÇ°JOGPSNBUJPOÇ° has not made public is considered violating the Code of Conduct

2.3 Disclosure of Directors and Managementâ&#x20AC;&#x2122;s Interest in EGCOâ&#x20AC;&#x2122;s Business Ç° Ç° Ç° Ç° Ç° Ç° Ç°

5IFÇ°#PBSEÇ°TFUTÇ°UIFÇ°HVJEFMJOFTÇ°UIBUÇ°EJSFDUPSTÇ°BOEÇ°.BOBHFNFOUÇ°EJTDMPTFTÇ°UPÇ°UIFÇ°#PBSEÇ°XIFUIFSÇ°UIFZÇ° have a material interest in any transaction or matter affecting EGCO to ensure transparency and to QSFWFOUÇ°DPOÅ´JDUTÇ°PGÇ°JOUFSFTU Ä»Ç° Directors will promptly notify EGCO when they or their family member is a partner or shareholder Ç° PGÇ°BOZÇ°FOUJUZÇ°XIJDIÇ°NBZÇ°JODVSÇ°CFOFÅ³UTÇ°PSÇ°DPOÅ´JDUTÇ°PGÇ°JOUFSFTUÇ°XJUIÇ°&($0 Ç°BDRVJSFÇ°BÇ°EJSFDUÇ°PSÇ°JOEJSFDUÇ° Ç° JOUFSFTUÇ°JOÇ°BOZÇ°DPOUSBDUÇ°NBEFÇ°XJUIÇ°&($0Ç°PSÇ°IPMEÇ°TIBSFTÇ°PSÇ°EFCFOUVSFTÇ°PGÇ°&($0Ç°PSÇ°BOZÇ°BGÅ³MJBUF Ç° Ç° %JSFDUPSTÇ°PSÇ°NBOBHFNFOUÇ°XJUIÇ°QPUFOUJBMÇ°DPOÅ´JDUÇ°PGÇ°JOUFSFTUÇ°TIBMMÇ°SFGSBJOÇ°GSPNÇ°EJTDVTTJOHÇ°BOEÇ°WPUJOHÇ° on such agenda item. Ä»Ç° %JSFDUPSTÇ°BOEÇ°.BOBHFNFOUÇ°TIPVMEÇ°EJTDMPTFÇ°UPÇ°UIFÇ°#PBSEÇ°UIFJSÇ°TFDVSJUJFTÇ°IPMEJOHTÇ°BUÇ°FWFSZÇ°#PBSEÇ°NFFUJOH Ç° Ç° 5IFSFÇ°JTÇ°BMTPÇ°BÇ°TUBUFNFOUÇ°JOGPSNJOHÇ°EJSFDUPSTÇ°BUÇ°FWFSZÇ°NFFUJOHÇ°UIBUÇ°EJSFDUPST Ç°NBOBHFNFOUÇ°JODMVEJOHÇ° Ç° UIFJSÇ°TQPVTFT Ç°NJOPSÇ°DIJMESFOÇ°BOEÇ°SFMBUFEÇ°QFSTPOTÇ°VOEFSÇ°4FDUJPOÇ° Ç°PGÇ°UIFÇ°4FDVSJUJFTÇ°BOEÇ°&YDIBOHFÇ° Act have a responsibility to prepare and disclose any change in shareholding of the Company to the SEC within three days.

Corporate Governance Report for 2012

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*OÇ° Ç°UIFÇ°#PBSEÇ°BMTPÇ°TFUTÇ°UIFÇ°QPMJDZÇ°GPSÇ°EJSFDUPSTÇ°BOEÇ°NBOBHFNFOUÇ°JODMVEJOHÇ°SFMBUFEÇ°QFSTPOTÇ°UPÇ°SFQPSUÇ° UIFJSÇ°JOUFSFTUÇ°JOÇ°UIFÇ°$PNQBOZÇ°UPÇ°DPNQMZÇ°XJUIÇ°UIFÇ°/PUJĹłDBUJPOÇ°PGÇ°UIFÇ°$.4#Ç°OP Ç°5PSÇ°+PSÇ° Ç°BTÇ°GPMMPXT Ç° Ç°%JSFDUPSTÇ°BOEÇ°FYFDVUJWFTÇ°TIPVMEÇ°TVCNJUÇ°UIFÇ°GPSNÇ°UPÇ°SFQPSUÇ°UIFJSÇ°JOUFSFTUÇ°UPÇ°UIFÇ°$PSQPSBUFÇ°4FDSFUBSZÇ° on a quarterly basis. Ç°*OÇ°DBTFÇ°PGÇ°BOZÇ°DIBOHFÇ°EVSJOHÇ°UIFÇ°RVBSUFS Ç°UIFÇ°VQEBUFEÇ°GPSNÇ°TIPVMEÇ°CFÇ°TVCNJUUFEÇ°UPÇ°UIFÇ°$PSQPSBUFÇ° Secretary as soon as possible. Ç°5IFÇ°$PSQPSBUFÇ°4FDSFUBSZÇ°TIBMMÇ°TVCNJUÇ°UIFÇ°GPSNÇ°UPÇ°UIFÇ°$IBJSNBOÇ°BOEÇ°UIFÇ°$IBJSNBOÇ°PGÇ°UIFÇ°"VEJUÇ° Ç° $PNNJUUFFÇ°XJUIJOÇ° Ç°EBZTÇ°BGUFSÇ°HFUUJOHÇ°TVDIÇ°SFQPSU Ç° *OÇ° Ç°UIFÇ°#PBSEÇ°EJEÇ°OPUÇ°HFUÇ°BOZÇ°DPNQMBJOUTÇ°GPSÇ°OPUÇ°SFTQFDUJOHÇ°TIBSFIPMEFSTÄ´Ç°SJHIUTÇ°PSÇ°BOZÇ°BDDVTBUJPOÇ° SFHBSEJOHÇ°EJSFDUPSÄ´Ç°BOEÇ°.BOBHFNFOUÄ´TÇ°JOTJEFSÇ°USBEJOH Ç°5IJTÇ°TIPXTÇ°UIFÇ°FGĹłDJFOUÇ°DPOUSPMÇ°PGÇ°UIFÇ°#PBSEÇ° on such matter

2.4 Conflict of Interest Ç° Ç° Ç° Ç° Ç°

5IFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°IBTÇ°TFUÇ°UIFÇ°QPMJDZÇ°JOÇ°UIFÇ°$PEFÇ°PGÇ°$POEVDUÇ°GPSÇ°%JSFDUPSTÇ°BOEÇ°&NQMPZFFTÇ°UPÇ° BWPJEÇ° UIFÇ° DPOĹ´JDUTÇ° CFUXFFOÇ° UIFÇ° QFSTPOBMÇ° JOUFSFTUÇ° BOEÇ° UIFÇ° DPSQPSBUFÇ° JOUFSFTU Ç° 5IFÇ° EFUBJMÇ° XJMMÇ° CFÇ° JMMVTUSBUFEÇ°JOÇ°JUFNÇ° Ç°3FQPOTJCJMJUZÇ°PGÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPST *OÇ° Ç°UIFSFÇ°XBTÇ°OPÇ°SFQPSUÇ°GSPNÇ°UIFÇ°XIJTUMFCMPXFSTÇ°BCPVUÇ°UIFÇ°CSFBLJOHÇ°PGÇ°UIFÇ°TIBSFIPMEFSTÄ´Ç°SJHIUTÇ° BOEÇ°UIFÇ°VTFÇ°PGÇ°JOGPSNBUJPOÇ°CZÇ°UIFÇ°EJSFDUPSTÇ°BOEÇ°NBOBHFNFOU Ç°5IJTÇ°TIPXTÇ°UIFÇ°FGĹłDJFODZÇ°PGÇ°UIFÇ°#PBSEÇ° of Directorsâ&#x20AC;&#x2122; responsibility for this issue.

3. Role of Stakeholders 3.1 Rights of Stakeholders Ç° Ç° Ç°

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"QBSUÇ°GSPNÇ°PCTFSWJOHÇ°UIFÇ°SJHIUTÇ°PGÇ°UIFÇ°TIBSFIPMEFST Ç°UIFÇ°#PBSEÇ°UBLFTÇ°EVFÇ°SFHBSEÇ°PGÇ°BOEÇ°EFBMÇ°GBJSMZÇ°XJUIÇ° various stakeholders and encourages active cooperation with them which include both both business BOEÇ°DPSQPSBUFÇ°TPDJBMÇ°SFTQPOTJCJMJUZÇ°NBUUFST Ç°5IFÇ°#PBSEÇ°IBTÇ°TFUÇ°VQÇ°UIFÇ°HVJEFMJOFTÇ°UPÇ°SFTQPOEÇ°UPÇ°UIFÇ° requirements of each stakeholder in the Corporate Governance Principle and â&#x20AC;&#x153;EGCO Groupâ&#x20AC;&#x2122;s Code of $POEVDUÄˇÇ°XJUIÇ°UIFÇ°FYQFDUBUJPOTÇ°UIBUÇ°EJSFDUPST Ç°.BOBHFNFOUÇ°BOEÇ°FNQMPZFFTÇ°TIBMMÇ°CFÇ°HVJEFEÇ°CZÇ°UIPTFÇ° principles in discharging their duties. Employees &($0Ç°CFMJFWFTÇ°JOÇ°UIFÇ°WBMVFÇ°PGÇ°JUTÇ°IVNBOÇ°SFTPVSDFTÇ°BOEÇ°XJMMÇ°TUSJWFÇ°UPÇ°CFÇ°UIFÇ°FNQMPZFSÇ°PGÇ°DIPJDF Ç°5IJTÇ°JTÇ° achieved by promoting the participative management, supporting the employeesâ&#x20AC;&#x2122; professional EFWFMPQNFOUÇ°BOEÇ°QSPWJEJOHÇ°GBJSÇ°SFNVOFSBUJPOÇ°BOEÇ°TVJUBCMFÇ°CFOFĹłUÇ°TDIFNF Ç°&($0Ç°TUSJWFTÇ°UPÇ°QSFWFOUÇ° accident, injury and occupational illnesses. Physical check up was provided in accordance with the occupational health risks. It should be noted that during the past year, there was no legal dispute between the employees and EGCO. In addition, there was no disabling injury in all subsidiaries. EGCO is proud to announce that the 3BZPOHÇ°&MFDUSJDJUZÇ°(FOFSBUJOHÇ°$P Ç°-UE Ç° Äś3BZPOHÄˇ Ç°UIFÇ°,IBOPNÇ°&MFDUSJDJUZÇ°(FOFSBUJOHÇ°$P Ç°-UE Ç° Äś,&($0Äˇ Ç° BOEÇ° &HDPNÇ° 5BSBÇ° $P Ç° -UE Ç° Äś&HDPNÄˇ Ç° IBWFÇ° CFFOÇ° DFSUJĹłFEÇ° UIFÇ° 0)4"4Ç° Ç° Ç° 0DDVQBUJPOBMÇ° )FBMUIÇ°BOEÇ°4BGFUZÇ°"TTFTTNFOUÇ°4FSJFT Ç°CZÇ°38567Ç° 5IBJMBOE Ç°BOEÇ°,&($0Ç°IBTÇ°CFFOÇ°IPOPSFEÇ°UIFÇ° th place of National Distinguished Workplace in terms of Safety, Occupational Health and Environment GPSÇ° Ç°ZFBSTÇ°DPOTFDVUJWFMZÇ°BOEÇ°UIFÇ° thÇ°QMBDFÇ°PGÇ°/BUJPOBMÇ°#FTUÇ°1SBDUJDFÇ°8PSLQMBDFÇ°POÇ°-BCPSÇ°BOEÇ°3FMBUJPOÇ° Welfare Awards.

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Customers EGCO always commits to provide good quality and reliable services in accordance with the agreements XJUIÇ° &("5Ç° BOEÇ° BMMÇ° DVTUPNFST Ç° 5PÇ° FOTVSFÇ° DPOTJTUFOUÇ° RVBMJUZÇ° TFSWJDF Ç° UIFÇ° *40Ç° Ç° IBTÇ° CFFOÇ° JNQMFNFOUFEÇ°BUÇ°3BZPOH Ç°,&($0 Ç°3PJ &UÇ°(SFFOÇ°$P Ç°-UE Ç°BOEÇ°&HDPNÇ°5BSBÇ°$P Ç°-UE Ç° During the past year, EGCO and its subsidiaries could generate the contracted electricity with higher FRVJWBMFOUÇ°BWBJMBCJMJUZÇ°GBDUPSTÇ° Äś&"'Äˇ Ç°UIBOÇ°UIFÇ°WBMVFÇ°TUJQVMBUFEÇ°JOÇ°UIFÇ°QPXFSÇ°QVSDIBTFÇ°BHSFFNFOU Ç° 3BZPOHÇ°BMTPÇ°NBEFÇ°BÇ°TVQFSJPSÇ°SFDPSEÇ°JOÇ°CFJOHÇ°BXBSEFEÇ°UIFÇ°&"'Ç°CPOVTÇ°GPSÇ° Ç°ZFBSTÇ°DPOTFDVUJWFMZ Ç° EGCO also prepared our power plant to meet any system emergency. It was notable that Rayong 1PXFSÇ°1MBOUÇ°DPVMEÇ°RVJDLMZÇ°FYFDVUFÇ°UIFÇ°SFTUPSBUJPOÇ°QMBOÇ°JOÇ°DBTFÇ°PGÇ°CSPXOÇ°PVUÇ°VTJOHÇ°CMBDLÇ°TUBSUÇ°FNFS HFODZÇ°EJFTFMÇ°JOÇ°PSEFSÇ°UPÇ°QPXFSÇ°VQÇ°UIFÇ°FBTUFSOÇ°SFHJPOÇ° #MBDLPVUÇ°3FTUPSBUJPOÇ°1MBO Ç° Creditors &($0Ç°XJMMÇ°FOEFBWPSÇ°UPÇ°FOTVSFÇ°UIBUÇ°JUÇ°DPNQMJFTÇ°XJUIÇ°UIFÇ°MPBOÇ°QSPWJTJPOÇ°BOEÇ°UIBUÇ°UIFÇ°$PNQBOZÇ°ĹłOBODJBMÇ°TUBUVTÇ° JTÇ°DPSSFDUMZÇ°EJTDMPTFE Ç°5IFÇ°$PNQBOZÇ°XJMMÇ°FOEFBWPSÇ°UPÇ°TPMWFÇ°UIFÇ°QSPCMFNÇ°JOÇ°DBTFÇ°PGÇ°EPVCUÇ°BCPVUÇ°UIFÇ°MJLFMZÇ° JNQBDUÇ°POÇ°MFOEFSTÇ°TVDIÇ°BTÇ°XIFOÇ°UIFÇ°DPNQBOZÄ´TÇ°ĹłOBODJBMÇ°QPTJUJPOÇ°JTÇ°VODFSUBJOÇ°PSÇ°JOTPMWFODZÇ°NBZÇ°CFÇ°QFOEJOH During the past year, EGCO and all the subsidiaries well observed the conditions in the loan agreement and there was no event of default. Suppliers and Contractors &($0Ç°XJMMÇ°USFBUÇ°TVQQMJFSTÇ°BOEÇ°DPOUSBDUPSTÇ°GBJSMZÇ°BOEÇ°XPVMEÇ°OPUÇ°TFFLÇ°VOEVFÇ°CFOFĹłUÇ°GSPNÇ°UIFN Ç°&($0Ç°XJMMÇ° comply with the conditions in the agreements. In addition, EGCO aims at developing and securing sustainable relationship with suppliers and contractors on the bases of value for money, technical conformance and mutual trust. Competitors EGCO will conduct its business on a fair play basis. We will not use a disgraceful approach such as CSJCFSZÇ°JOÇ°PSEFSÇ°UPÇ°HFUÇ°DPNQFUJUPSTÄ´Ç°TFOTJUJWFÇ°DPOĹłEFOUJBMÇ°JOGPSNBUJPO Ç°&($0Ç°XJMMÇ°BMTPÇ°SFGSBJOÇ°GSPNÇ°BUUBDLJOHÇ° the competitors with false allegations. Community, Society and Environment EGCO has a policy to operate the business with commitment to social contribution and environment conservation. In this regard, EGCO will foster the corporate culture that employees at all levels will be fully responsible for any social and environment impact when discharging their duties. EGCO also sets guidelines in the Code of Conduct that employees must deliver their duties in a safe manner to avoid any impact on themselves as well as people living and working in communities near our facilities, and the environment. Our employees will strive to comply with relevant laws, prevent accident and pollution, BOEÇ°XJMMÇ°VTFÇ°UIFÇ°OBUVSBMÇ°SFTPVSDFTÇ°JOÇ°BOÇ°FGĹłDJFOUÇ°BOEÇ°FOWJSPONFOUBMMZÇ°SFTQPOTJCMFÇ°NBOOFS Ç° In addition, EGCO has implemented the social projects which cover the following area: ÄťÇ° Promotion and Development of Communityâ&#x20AC;&#x2122;s â&#x20AC;&#x153;Quality of Lifeâ&#x20AC;?: EGCO Group will put the prime focus Ç° POÇ°UIFÇ°RVBMJUZÇ°PGÇ°MJGFÇ°PGÇ°UIFÇ°TVSSPVOEJOHÇ°DPNNVOJUJFTÇ°CPUIÇ°BUÇ°UIFÇ°IFBEÇ°PGĹłDFÇ°BOEÇ°BUÇ°UIFÇ°QPXFSÇ°QMBOUT Ç° In this regard, EGCO has initiated and provided supports to projects relating to education, villagersâ&#x20AC;&#x2122; occupation and environment. ÄťÇ° Conservation of â&#x20AC;&#x153;Watershed Forest: Source of Lifeâ&#x20AC;?: Apart from taking care of the working environment and surrounding communities, EGCO Group plays a vital role in conserving the natural resources with the focus on watershed forests, which nourish the well-being of all lives.

Corporate Governance Report for 2012

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ÄťÇ° Promotion of Learning and fostering a Public Mindedness among â&#x20AC;&#x153;Youthsâ&#x20AC;? for Sustainable Social Development: We recognize that education is the key to national development. With the awareness that development starts from early childhood, EGCO has supported the projects to encourage youths from pre-elementary, elementary to high school level to learn from both inside and outside the classroom to children. We believe that such learning is the starting point for social and moral quotient, essential factors for long term national development. *UÇ°TIPVMEÇ°CFÇ°OPUFEÇ°UIBUÇ°JOÇ° Ç°UIFSFÇ°XBTÇ°OPÇ°DMBJNÇ°BHBJOTUÇ°&($0Ç°GSPNÇ°UIFÇ°TUBLFIPMEFST Ç°%FUBJMFEÇ° information on Corporate Social Responsibility is presented in the Stakeholdersâ&#x20AC;&#x2122; report.

3.2 Observation of Human Rights

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EGCO requires that its directors, management and employees fully observe the following human rights. ÄťÇ° EGCO will treat our employees with respect and honor. ÄťÇ° EGCO will provide a communication channel for employees to submit questions and complaints relating Ç° UPÇ°XPSLÇ°XIJDIÇ°XFÇ°XJMMÇ°TFSJPVTMZÇ°DPOTJEFSÇ°BOEÇ°SFNFEZÇ°UIFÇ°QSPCMFNÇ°UPÇ°CFOFĹłUÇ°BOEÇ°UPÇ°QSPNPUFÇ°HPPEÇ° relations among all concerned parties. ÄťÇ° &($0Ç° FODPVSBHFTÇ° BMMÇ° FNQMPZFFTÇ° UPÇ° FYFSDJTFÇ° UIFJSÇ° SJHIUTÇ° PGÇ° DJUJ[FOTIJQÇ° JOÇ° BDDPSEBODFÇ° XJUIÇ° UIFÇ° constitution and relevant laws. ÄťÇ° &NQMPZFFTÄ´Ç°QFSTPOBMÇ°JOGPSNBUJPOÇ°TIBMMÇ°CFÇ°LFQUÇ°XJUIÇ°VUNPTUÇ°EJTDSFUJPOÇ°BOEÇ°DPOĹłEFOUJBMJUZ Ç°%JTDMPTVSFÇ° Ç° PGÇ°QFSTPOBMÇ°JOGPSNBUJPOÇ°TVDIÇ°BTÇ°FNQMPZFFÄ´Ç°CJPEBUB Ç°IFBMUIÇ°SFDPSE Ç°XPSLJOHÇ°FYQFSJFODFÇ°PSÇ°BOZÇ°PUIFSÇ° personal information to non-related party without the permission of such employee is considered Ç° BÇ°WJPMBUJPOÇ°PGÇ°UIFÇ°$PEFÇ°PGÇ°$POEVDUÇ°BOEÇ°NBZÇ°SFTVMUÇ°JOÇ°BÇ°SBOHFÇ°PGÇ°EJTDJQMJOBSZÇ°BDUJPOÇ°FYDFQUÇ°XIFOÇ°JUÇ°JTÇ° done in accordance with the Companyâ&#x20AC;&#x2122;s regulations or legal requirements. ÄťÇ° EGCO did not support the violation of human rights and frauds. ÄťÇ° Employees must refrain from any deliberate discrimination or harassment in word or action against others based on the basis of race, gender, religion, age, and physical or mental disability. EGCO also set clear guidelines for labor engagement of the Company and its business partners to strictly comply with the Labor Act such as no engagement of child labor or abusive hiring. In addition, the XPSLJOHÇ°TZTUFNÇ°JTÇ°EFTJHOFEÇ°UPÇ°QVUÇ°QSJPSJUZÇ°POÇ°TBGFUZÇ°BOEÇ°PDDVQBUJPOBMÇ°IFBMUI Ç°5IFSFÇ°IBTÇ°OFWFSÇ°CFFOÇ° any report on the violation of human rights by EGCO.

3.3 Intellectual Property EGCO will comply with the legal requirements on intellectual property and copy rights. Employees must check beforehand that the work or information that belongs to third parties can be used within EGCO Group without violating the intellectual property of others.

3.4 Measures against Corruption and Bribery

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EGCO set the policy to work against corruption and bribery. In this regard, EGCO Code of Conduct prescribes that employees are prohibited from soliciting or accepting any advantage from third parties that may impair their objectivity or weaken their ability to promote the best interests of EGCO Group. Employees shall refrain from offering the advantage to outside persons as a motive for him to do or refrain from doing any illegal and wrongful act. 0OÇ°/PWFNCFSÇ° Ç° Ç°&($0Ç°KPJOFEÇ°UIFÇ°QSPKFDUÇ°POÇ°$PMMFDUJWFÇ°"DUJPOÇ°$PBMJUJPOÇ°UPÇ°ĹłHIUÇ°BHBJOTUÇ°DPSSVQUJPOÇ° JOÇ°UIFÇ°QSJWBUFÇ°TFDUPS Ç°4VDIÇ°DPBMJUJPOÇ°XBTÇ°JOJUJBUFEÇ°CZÇ°UIFÇ°*0% Ç°UIFÇ°5IBJÇ°$IBNCFSÇ°PGÇ°$PNNFSDF Ç°JOUFSOBUJPOBMÇ°

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DIBNCFSTÇ°PGÇ°DPNNFSDFÇ°BOEÇ°5IBJÇ°-JTUFEÇ°$PNQBOJFTÇ°"TTPDJBUJPO Ç°4VDIÇ°QSPKFDUÇ°XBTÇ°OBUJPOBMÇ°QSPKFDUÇ° CFJOHÇ°TVQQPSUFEÇ°CZÇ°UIFÇ°HPWFSONFOUÇ°BOEÇ°UIFÇ°0GÅ³DFÇ°PGÇ°UIFÇ°/BUJPOBMÇ°"OUJ $PSSVQUJPOÇ°$PNNJTTJPO

3.5 Responsibility towards Environment and Resources Ç° Ç°

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EGCO Group endeavors to optimize the usage of natural resources, taking into account the impacts on the environment. In this regard, EGCO has monitored the situation and set the measures to alleviate TVDIÇ°JNQBDUT Ç°*OÇ°BEEJUJPO Ç°3BZPOHÇ°BOEÇ°,IBOPNÇ°QPXFSÇ°QMBOUTÇ°IBWFÇ°JNQMFNFOUFEÇ°*40Ç° Ç° Ç° Ç° FOWJSPONFOUÇ°NBOBHFNFOUÇ°TZTUFNÇ°BOEÇ°UIFÇ°5*4Ç° Ç° Ç°0)4"4Ç° Ç° Ç° Ç°0DDVQBUJPOBMÇ°)FBMUIÇ° and Safety management system. EGCO Group also factors in the following activities to ensure that EGCO business has taken into account the social and environment issues for sustainable development. Ä»Ç° 1SFQBSJOHÇ°UIFÇ°JOWFTUNFOUÇ°QMBOÇ°XJUIÇ°GVFMÇ°EJWFSTJÅ³DBUJPOÇ°BTÇ°QBSUÇ°PGÇ°UIFÇ°BHFOEBÇ°UPÇ°SFEVDFÇ°UIFÇ°SJTLÇ°PGÇ°IFBWZÇ° Ç° EFQFOEFODFÇ°POÇ°POMZÇ°POFÇ°UZQFÇ°PGÇ°GVFM Ç°"UÇ°QSFTFOU Ç°&($0Ç°JTÇ°UIFÇ°*11Ç°XJUIÇ°UIFÇ°NPTUÇ°EJWFSTJÅ³FEÇ°GVFMÇ° Ç° UZQFTÇ°JOÇ°5IBJMBOE Ç° Ä»Ç° Investing in renewable projects to alleviate global warming and decrease the fossil fuel import. Ä»Ç° Operating business with environment concern and strict adherence to relevant laws and regulations including the regulations of local administrative agencies. Ä»Ç° Supporting economic and social development while respecting the local tradition and culture. EGCO will support the government policy and take a good care of communities surrounding the power plants so that they will not only be protected from the negative impact of EGCO business, but will also have a better quality of life.

3.6 Channels to Direct Corporate Issues to the Board of Directors and Corporate Secretary Ç°

5PÇ°JODSFBTFÇ°UIFÇ°DPSQPSBUFÇ°WBMVF Ç°UIFÇ°TUBLFIPMEFSTÇ°DBOÇ°EJSFDUÇ°UIFJSÇ°SFDPNNFOEBUJPOTÇ°BOEÇ°DPODFSOTÇ° on corporate issues to EGCO at the following address. Electronic mail

Board of Directors Audit Committee Corporate Secretary Corporate Communications Investor Relations

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directors@egco.com auditcommittee@egco.com cs@egco.com corp_com@egco.com ir@egco.com

Telephone umbers

0 2998 5020-5 0 2998 5130-7 0 2998 5148

5IFÇ°NBJMJOHÇ°BEESFTTÇ°JTÇ°&MFDUSJDJUZÇ°(FOFSBUJOHÇ°1VCMJDÇ°$PNQBOZÇ°-JNJUFE Ç°&($0Ç°5PXFS Ç° Ç°.PPÇ° Ç°7JCIBWBEJÇ° 3BOHTJUÇ°3PBE Ç°5VOHTPOHIPOH Ç°-BLTJ Ç°#BOHLPLÇ° Ç° 5IFÇ°$PSQPSBUFÇ°4FDSFUBSZÇ°XJMMÇ°CFÇ°SFTQPOTJCMFÇ°GPSÇ°GPSXBSEJOHÇ°DPNNVOJDBUJPOTÇ°EJSFDUFEÇ°UPÇ°UIFÇ°#PBSEÇ°UPÇ° UIFÇ°TUBOEJOHÇ°DPNNJUUFFÇ°PSÇ°SFMBUJOHÇ°EJSFDUPST Ç°5IFÇ°$PSQPSBUFÇ°4FDSFUBSZÇ°XJMMÇ°TVNNBSJ[FÇ°BMMÇ°EJSFDUPSTÄ´Ç° DPNNVOJDBUJPOTÇ°SFDFJWFEÇ°EVSJOHÇ°UIFÇ°NPTUÇ°SFDFOUÇ°RVBSUFSÇ°UPÇ°UIFÇ°#PBSE Ç°FYDFQUÇ°GPSÇ°NBJMTÇ°BEESFTTFEÇ°UPÇ°UIFÇ° Audit Committee which would be directly forwarded to the Audit Committee without screening.

3.7 Whistleblower System and Whistleblower Protection Ç°

5IFÇ°#PBSEÇ°IBTÇ°TFUÇ°UIFÇ°DIBOOFMTÇ°GPSÇ°XIJTUMFÇ°CMPXFSÇ°QSPHSBNTÇ°BUÇ°CPUIÇ°NBOBHFNFOUÇ°BOEÇ°EJSFDUPSÇ°MFWFMT Ç° For management channel, the report on any suspected violation or crime shall be made to the supervisor

Corporate Governance Report for 2012

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BOEÇ°UIFÇ°(PPEÇ°$PSQPSBUFÇ°(PWFSOBODFÇ°$PNNJUUFF Ç°'PSÇ°UIFÇ°#PBSEÄ´TÇ°DIBOOFM Ç°TVDIÇ°SFQPSUÇ°DBOÇ°CFÇ°EJSFDUFEÇ° UPÇ°FJUIFSÇ°UIFÇ°#PBSEÇ°PSÇ°UIFÇ°"VEJUÇ°$PNNJUUFF Ç°*UÇ°JTÇ°UIFÇ°SFTQPOTJCJMJUZÇ°PGÇ°UIFÇ°NBOBHFNFOUÇ°UPÇ°DPBDIÇ° employees to meet their responsibilities under the requirements of relevant laws and regulations. 'BJMVSFÇ°UPÇ°PCTFSWFÇ°UIFÇ°$PEFÇ°PGÇ°$POEVDUÇ°XJMMÇ°SFTVMUÇ°JOÇ°BÇ°SBOHFÇ°PGÇ°EJTDJQMJOBSZÇ°BDUJPOT Ç°5IFÇ°QSPDFEVSFÇ°UPÇ° QSPUFDUÇ°UIFÇ°XIJTUMFCMPXFSÇ°JTÇ°BMTPÇ°QVUÇ°JOÇ°QMBDF Ç°'PSÇ°FYBNQMF Ç°JOGPSNBUJPOÇ°XJMMÇ°CFÇ°LFQUÇ°DPOÅ³EFOUJBMÇ°BOEÇ° XJMMÇ°CFÇ°LOPXOÇ°POMZÇ°BNPOHÇ°SFTQPOTJCMFÇ°QBSUJFT Ç°5IFÇ°XIJTUMFCMPXFSTÇ°DBOÇ°JEFOUJGZÇ°UIFNTFMWFTÇ°PSÇ°DBOÇ°LFFQÇ° their identities anonymous. However, they must provide adequate information for the Company to investigate the claims *OÇ° Ç°&($0Ç°XBTÇ°IPOPSFEÇ°UIFÇ°$43Ç°"XBSEÇ°GPSÇ°MJTUFEÇ°DPNQBOZÇ°XJUIÇ°UIFÇ°NBSLFUÇ°DBQJUBMJ[BUJPOÇ°PWFSÇ° Ç°NJMMJPOÇ°CBIUÇ°GSPNÇ°UIFÇ° Ç°4&5Ç°"XBSET Ç° Moreover, EGCOâ&#x20AC;&#x2122;s subsidiaries were honored the National CRS Award and Safety, Health and Environment .BOBHFNFOUÇ°"XBSEÇ°BTÇ°EFUBJMTÇ°JOÇ° Ç°)JHIMJHIUTÇ°PGÇ°"XBSEÇ°BOEÇ°3FDPHOJUJPO

4. Disclosure and Transparency 4.1 Disclosure and Transparency Ç° Ç° Ç°

#FJOHÇ°BXBSFÇ°PGÇ°UIFÇ°JNQBDUÇ°PGÇ°&($0Ä´TÇ°JOGPSNBUJPOÇ°POÇ°UIFÇ°EFDJTJPOÇ°PGÇ°JOWFTUPSTÇ°BOEÇ°TUBLFIPMEFST Ç°UIFÇ° #PBSEÇ°TFUÇ°BÇ°QPMJDZÇ°UPÇ°EJTDMPTFÇ°NBUFSJBMÇ°JOGPSNBUJPOÇ°JOÇ°BÇ°UJNFMZÇ°BOEÇ°USBOTQBSFOUÇ°NBOOFSÇ°JOÇ°BDDPSEBODFÇ° XJUIÇ°UIFÇ°SFRVJSFNFOUTÇ°PGÇ°UIFÇ°4&$Ç°BOEÇ°4&5Ç°WJBÇ°UIFÇ°GPMMPXJOHÇ°DIBOOFMT Ç° 1. Disclosure on website In order that shareholders and investors would be able to retrieve the public disclosure information Ç° Ç° QSPNQUMZ Ç°&($0Ç°IBTÇ°EJTDMPTFEÇ°UIFÇ°TJHOJÅ³DBOUÇ°JOGPSNBUJPOÇ°POÇ°XFCTJUFÇ°BTÇ°GPMMPXT Ç° Ç°Ç°Ç° Ç° " Ç°4&5Ä´TÇ°$PNNVOJUZÇ°1PSUBMÇ°TZTUFNÇ°BOEÇ°4&$ Ç°Ç°Ç° Ç° # Ç°$PNQBOZÄ´TÇ°XFCÇ°TJUFÇ°BUÇ°XXX FHDP DPNÇ°CPUIÇ°JOÇ°5IBJÇ°BOEÇ°&OHMJTIÇ°BTÇ°EFUBJMTÇ°CFMPX Ç°Ç° Ä»Ç° $PSQPSBUFÇ°1SPÅ³MF Ç°)JTUPSZ Ç°7JTJPO Ç°.JTTJPO Ç°BOEÇ°0SHBOJ[BUJPOÇ°$IBSU Ä»Ç° Corporate Governance: CG Principle, Subcommittee, and Senior Management Ä»Ç° Investor Relation: Finance Report, Ownership Structure, and IR Calendar Ä»Ç° $PSQPSBUFÇ°$PNNVOJDBUJPO Ç°#SBOEÇ°BOEÇ°1SFTTÇ°3FMFBTFÇ° Ä»Ç° Corporate Social Responsibilities: Social Contribution Activities Ç° Ç°1VCMJDÇ°DIBOOFMTÇ°TVDIÇ°BTÇ°OFXTQBQFST Ç°NBHB[JOFT Ç°UFMFWJTJPO Ç°BOEÇ°DPSQPSBUFÇ°OFXT Ç° 3. Companyâ&#x20AC;&#x2122;s visits; 4. Road shows for both domestic and overseas investors; 5. Analyst meetings; and Ç° Ç°&($0Ç°OFXTÇ°WJBÇ°QPTU Only the President or the assigned staff member is authorized to disclose the Companyâ&#x20AC;&#x2122;s information. Ç° &($0Ç° IBTÇ° FTUBCMJTIFEÇ° BÇ° %JTDMPTVSFÇ° $PNNJUUFFÇ° DPNQSJTJOHÇ° 1SFTJEFOU Ç° 4FOJPSÇ° &YFDVUJWFÇ° 7JDFÇ° Ç° 1SFTJEFOU 'JOBODFÇ°BOEÇ°$PSQPSBUFÇ°4FSWJDFT Ç°4FOJPSÇ°&YFDVUJWFÇ°7JDFÇ°1SFTJEFOU #VTJOFTTÇ°%FWFMPQNFOUÇ°BOEÇ° Management, Senior Vice President-Corporate Secretary, Senior Vice President- Corporate Communication Ç° BOEÇ°7JDF 1SFTJEFOU *OWFTUPSÇ°3FMBUJPOT Ç°*OÇ° Ç°&($0Ç°IBTÇ°DPNNVOJDBUFEÇ°TJHOJÅ³DBOUÇ°JOGPSNBUJPOÇ°BOEÇ°

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BDUJWJUJFTÇ°BTÇ°DPNNVOJDBUJPOÇ°QMBOÇ°DPOGPSNJOHÇ°UPÇ°UIFÇ°$PNQBOZÄ´TÇ°TUSBUFHZÇ°BOEÇ°#VTJOFTTÇ°EJSFDUJPOÇ°DPOTJTUFOUMZÇ° XJUIÇ°DPSSFDUÇ°BOEÇ°FGÅ³DJFOUÇ°EJTDMPTVSFÇ°WJBÇ°$PNQBOZÇ°EJWJTJPOÇ°BTÇ°GPMMPXT Investor Relations Investor Relations is responsible for communication with institutional and individual investors, and analysts on an equitable basis. In this regard, annual Investor relations plan is prepared. EGCO puts priority on sharing information via investor relations activities. Senior management always takes parts in providing information to investors and analysts to create understanding on the Company, promote UIFÇ°SFMBUJPOTIJQ Ç°BOEÇ°FODPVSBHFÇ°UIFNÇ°UPÇ°QSPWJEFÇ°UIFÇ°GFFECBDLÇ°UPÇ°UIFÇ°$PNQBOZ Ç°4JHOJÅ³DBOUÇ°BDUJWJUJFTÇ° JOÇ° Ç°JODMVEFE Ä»Ç° Quarter Analyst Meeting : 4 meetings Ä»Ç° Lobburi Solar Power Plant visits for shareholders and investors : 3 trips Ä»Ç° Khanom Power Plant visits for analyst and investor: 1 trip Ä»Ç° Seminar with the investors and analyst of Singapore Ä»Ç° /FXTÇ°-FUUFSÇ°Ä¶-JGFÄ· Ç°RVBSUFSMZÇ°QVCMJTIJOHÇ°BTÇ°UIFÇ°TJHOJÅ³DBOUÇ°DIBOOFMÇ°UPÇ°DPNNVOJDBUFÇ°PGÇ°UIFÇ°$PNQBOZÄ´TÇ° performance to shareholders "TÇ°TVDI Ç°&($0Ç°IBTÇ°JOEJDBUFEÇ°UIFÇ°TIBSFIPMEFSTÇ°BOEÇ°JOWFTUPSTÄ´Ç°BDUJWJUJFTÇ°BTÇ°EFUBJMÇ°JOÇ° Ç°)JHIMJHIU Ç°BOEÇ° the responsibilities to Stakeholders in Relationship Management with Shareholders and Investors. Corporate Communications 5IFÇ°$PSQPSBUFÇ°$PNNVOJDBUJPOTÇ°%JWJTJPOÇ°JTÇ°SFTQPOTJCMFÇ°GPSÇ°DPNNVOJDBUJOHÇ°UIFÇ°NPWFNFOUÇ°PGÇ°UIFÇ°$PNQBOZÇ° UPÇ°NFEJBÇ°GPSÇ°QVCMJDÇ°EJTDMPTVSFT Ç°.BKPSÇ°FWFOUTÇ°JOÇ° Ç°JODMVEFEÇ° Ç°QSFTTÇ°DPOGFSFODFTÇ°POÇ°DPSQPSBUFÇ°SFTVMUTÇ° BOEÇ°EJSFDUJPOT Ç° Ç°NFEJBÇ°USJQT Ç° Ç°1SFTTÇ°WJTJU Ç° Ç°FYFDVUJWFÇ°*OUFSWJFXTÇ°BOEÇ° Ç°QJFDFTÇ°PGÇ°QSFTTÇ°SFMFBTFT The Corporate Secretary Division 5IFÇ°$PSQPSBUFÇ°4FDSFUBSZÇ°EJTDMPTFTÇ°JOGPSNBUJPOÇ°BTÇ°SFRVJSFEÇ°CZÇ°UIFÇ°4&5Ç°BOEÇ°4&$Ç°POÇ°BÇ°DPSSFDUÇ°BOEÇ°USBOTQBSFOUÇ° CBTJT Ç°*OÇ° Ç° Ç°OPUJÅ³DBUJPOTÇ°XFSFÇ°TVCNJUUFEÇ°UPÇ°UIFÇ°4&5 EGCO always updates the information on EGCO website. Quality of the disclosure was assessed after every meeting with shareholders, investors and analysts for future improvement. In addition, EGCO also attached the feedback form for shareholders to provide feedback on the quality of the annual report, BEEJUJPOBMÇ°EPDVNFOUÇ°SFRVJSFE Ç°BOEÇ°RVFTUJPOTÇ°GPSÇ°UIFÇ°1SFTJEFOUÇ°UPÇ°BOTXFSÇ°JOÇ°UIFÇ°OFYUÇ°"(.Ç°JOÇ°UIFÇ°BOOVBMÇ° report and the notice to the AGM. Such feedback form was well received by shareholders

4.2 Financial Statement Preparation Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

&($0Ç°BJNTÇ°BUÇ°GPTUFSJOHÇ°UIFÇ°TUBLFIPMEFSTÄ´Ç°DPOÅ³EFODFÇ°UIBUÇ°&($0Ä´TÇ°Å³OBODJBMÇ°SFQPSUTÇ°BSFÇ°BDDVSBUF Ç°DPNQMFUFÇ° and transparent in line with the generally accepted accounting standards to protect EGCO assets BHBJOTUÇ°GSBVEÇ°PSÇ°BCOPSNBMJUJFT Ç°*OÇ°UIJTÇ°SFHBSE Ç°UIFÇ°#PBSEÇ°IBTÇ°FOUSVTUFEÇ°UIFÇ°"VEJUÇ°$PNNJUUFFÇ°UPÇ°BTTVNFÇ° LFZÇ°EVUJFTÇ°BOEÇ°SFTQPOTJCJMJUJFTÇ°PGÇ°SFWJFXJOHÇ°UIFÇ°Å³OBODJBMÇ°TUBUFNFOUTÇ°UPÇ°FOTVSFÇ°JUTÇ°DPSSFDUOFTTÇ°BOEÇ° BEFRVBDZÇ°BOEÇ°DPNQMJBODFÇ°XJUIÇ°UIFÇ°BDDPVOUJOHÇ°TUBOEBSETÇ°BOEÇ°SFMFWBOUÇ°SFHVMBUJPO Ç°5IFÇ°"VEJUÇ°$PNNJUUFFÇ° sets the policy to have a non-management meeting with the auditor at least once a year to ask questions BOEÇ°EJTDVTTÇ°XJUIÇ°UIFNÇ°BCPVUÇ°WBSJPVTÇ°TJHOJÅ³DBOUÇ°JTTVFT Ç°"QBSUÇ°GSPNÇ°EJTDMPTJOHÇ°UIFÇ°"VEJUPSÇ°3FQPSUÇ°JOÇ°UIFÇ° BOOVBMÇ°SFQPSU Ç°UIFÇ°#PBSEÇ°BMTPÇ°QSFQBSFTÇ°UIFÇ°SFQPSUÇ°POÇ°#PBSEÇ°PGÇ°%JSFDUPSTÄ´Ç°3FTQPOTJCJMJUJFTÇ°POÇ°'JOBODJBMÇ° 4UBUFNFOUTÇ°XIJDIÇ°DPWFSTÇ°JNQPSUBOUÇ°UPQJDTÇ°BTÇ°QSFTDSJCFEÇ°JOÇ°UIFÇ°4&5Ä´TÇ°#FTUÇ°1SBDUJDFTÇ°GPSÇ°%JSFDUPSTÇ°PGÇ°-JTUFEÇ° $PNQBOJFT Ç°*OÇ° Ç°&($0Ç°BQQPJOUFEÇ°BVEJUPSTÇ°GSPNÇ°1SJDFXBUFSIPVTF$PPQFSTÇ°"#"4Ç°-JNJUFEÇ°BTÇ°UIFÇ°

Corporate Governance Report for 2012

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$PNQBOZÄ´TÇ°BVEJUPSÇ°HJWFOÇ°UIBUÇ°UIFZÇ°IBEÇ°QSPGFTTJPOBMÇ°LOPXMFEHFÇ°BOEÇ°IBEÇ°OPÇ°DPOÅ´JDUTÇ°PGÇ°JOUFSFTUÇ°UPÇ°EFGFDUÇ° UIFJSÇ°JOEFQFOEFOUÇ°KVEHNFOU Ç°5IJTÇ°XBTÇ°BJNFEÇ°BUÇ°GPTUFSJOHÇ°UIFÇ°#PBSEÄ´TÇ°BOEÇ°TIBSFIPMEFSTÄ´Ç°USVTUÇ°UIBUÇ°&($0Ä´TÇ° Å³OBODJBMÇ°TUBUFNFOUTÇ°USVMZÇ°SFÅ´FDUFEÇ°UIFÇ°BDUVBMÇ°Å³OBODJBMÇ°TUBUVTÇ°BOEÇ°PQFSBUJOHÇ°SFTVMU Ç°Ç° EGCO also prepares the report on Management Discussion and Analysis to provide analytic information POÇ°UIFÇ°$PNQBOZÄ´TÇ°Å³OBODJBMÇ°TUBUVT Ç°PQFSBUJOHÇ°SFTVMUTÇ°BOEÇ°NBKPSÇ°DIBOHFTÇ°UPÇ°JOWFTUPSTÇ°BOEÇ°BOBMZTUTÇ°POÇ°BÇ° RVBSUFSMZÇ°CBTJT Ç°4VDIÇ°SFQPSUÇ°JTÇ°TVCNJUUFEÇ°WJBÇ°4&5Ä´TÇ°QPSUBMÇ°BMPOHÇ°XJUIÇ°UIFÇ°$PNQBOZÄ´TÇ°Å³OBODJBMÇ°TUBUFNFOUT *UÇ°TIPVMEÇ°CFÇ°OPUFEÇ°UIBUÇ°4&$Ç°IBTÇ°OFWFSÇ°EFNBOEFEÇ°&($0Ç°UPÇ°SF TUBUFÇ°UIFÇ°Å³OBODJBMÇ°TUBUFNFOUT Ç°*OÇ°BEEJUJPO Ç° UIFÇ°RVBSUFSMZÇ°BOEÇ°BOOVBMÇ°Å³OBODJBMÇ°TUBUFNFOUTÇ°BSFÇ°EJTDMPTFEÇ°CFGPSFÇ°UIFÇ°EFBEMJOF

5 Responsibilities of the Board 5.1 Boardâ&#x20AC;&#x2122;s structure Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Structure and Composition $VSSFOUMZ Ç°UIFÇ°#PBSEÇ°DPNQSJTFTÇ°OPUÇ°MFTTÇ°UIBOÇ° Ç°EJSFDUPSTÇ°BOEÇ°OPUÇ°NPSFÇ°UIBOÇ° Ç°EJSFDUPSTÇ°BTÇ°TUJQVMBUFEÇ°JOÇ° UIFÇ°"SUJDMFTÇ°PGÇ°"TTPDJBUJPOT Ç°5IFÇ°OVNCFSÇ°PGÇ°UIFÇ°EJSFDUPSTÇ°XJMMÇ°CFÇ°SFWJFXFEÇ°QFSJPEJDBMMZ Ç°5IFÇ°DIBOHFÇ°JOÇ° OVNCFSÇ°PGÇ°EJSFDUPSTÇ°SFRVJSFTÇ°UIFÇ°TIBSFIPMEFSTÄ´Ç°BQQSPWBMÇ°XJUIÇ°UIFÇ°GPVS Å³GUIÇ°NBKPSJUZÇ°WPUFTÇ°PGÇ°TIBSFIPMEFSTÇ° who attend the meeting and have the rights to vote. "TÇ°BUÇ°+BOVBSZÇ° Ç° Ç°UIFÇ°#PBSEÇ°DPNQSJTFEÇ° Ç°EJSFDUPST Ç° Ç°PGÇ°XIPNÇ°XFSFÇ°PVUTJEFÇ°EJSFDUPSTÇ°XIJDIÇ° BDDPVOUFEÇ°GPSÇ° Ç°PGÇ°UIFÇ°#PBSE Ç°'SPNÇ°UIFTFÇ°PVUTJEFÇ°EJSFDUPST Ç° Ç°XFSFÇ°RVBMJÅ³FEÇ°BTÇ°JOEFQFOEFOUÇ°EJSFDUPSTÇ° XIJDIÇ°BDDPVOUFEÇ°GPSÇ° Ç°PGÇ°UIFÇ°UPUBMÇ°EJSFDUPST 5IFÇ°/PNJOBUJPOÇ°BOEÇ°3FNVOFSBUJPOÇ°$PNNJUUFFÇ°JTÇ°FOUSVTUFEÇ°UPÇ°TFMFDUÇ°BOEÇ°SFDPNNFOEÇ°QSPTQFDUJWFÇ° nominees, whether they are to become the shareholdersâ&#x20AC;&#x2122; representatives or independent directors. 5IFÇ°/PNJOBUJPOÇ°BOEÇ°3FNVOFSBUJPOÇ°$PNNJUUFFÇ°JTÇ°BMTPÇ°SFTQPOTJCMFÇ°GPSÇ°BTTFTTJOHÇ°UIFÇ°BQQSPQSJBUFÇ°NJYÇ°PGÇ° TLJMMTÇ°BOEÇ°DIBSBDUFSJTUJDTÇ°SFRVJSFEÇ°PGÇ°#PBSEÇ°NFNCFSTÇ°JOÇ°UIFÇ°DPOUFYUÇ°PGÇ°UIFÇ°OFFETÇ°PGÇ°UIFÇ°#PBSEÇ°BUÇ° BÇ°HJWFOÇ°QPJOUÇ°JOÇ°UJNFÇ°BOEÇ°TIBMMÇ°QFSJPEJDBMMZÇ°SFWJFXÇ°BOEÇ°VQEBUFÇ°UIFÇ°DSJUFSJBÇ°BTÇ°EFFNFEÇ°OFDFTTBSZ Ç°5IFÇ° #PBSEÇ°WJFXTÇ°UIBUÇ°UIFÇ°FYJTUJOHÇ°TUSVDUVSFÇ°BOEÇ°DPNQPTJUJPOÇ°PGÇ°UIFÇ°#PBSEÇ°XIJDIÇ°DPNQSJTFTÇ°EJSFDUPSTÇ°XJUIÇ° UIFÇ°CBDLHSPVOEÇ°JOÇ°FOHJOFFSJOH Ç°FDPOPNJDTÇ°BOEÇ°Å³OBODF Ç°BOEÇ°MBXTÇ°BOEÇ°QPMJUJDBMÇ°TDJFODFÇ°BUÇ°UIFÇ°SBUJPÇ°PGÇ° Ç° Ç°BOEÇ° Ç°SFTQFDUJWFMZ Ç°XBTÇ°BQQSPQSJBUFÇ°XJUIÇ°VTFGVMÇ°NJYÇ°PGÇ°TLJMMTÇ°BOEÇ°FYQFSJFODFÇ° and an appropriate balance of power. Education Background of EGCOâ&#x20AC;&#x2122;s Board of Directors

4 4

Engineering 46.67% Financial & Economics 26.67% Law & Political Sciences 26.67%

113

114

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Term and Age Limit One third of the directors shall retire by rotation at the AGM as prescribed in the Public Limited Company "DU Ç°5IFÇ°#PBSEÇ°JOÇ°JUTÇ°NFFUJOHÇ°OP Ç° Ç°POÇ°'FCSVBSZÇ° Ç° Ç°IBTÇ°TQFDJÅ³FEÇ°UIFÇ°OVNCFSÇ°PGÇ°UFSNTÇ°PGÇ° independent directors should be limited as 3 terms. In order that the independent director should CFÇ°JOEFQFOEFOUÇ°GPSÇ°UIFÇ°NBOBHFNFOUÇ°BTÇ°DPOGPSNJOHÇ°UPÇ°UIFÇ°CFTUÇ°QSBDUJDFTÇ°XJUIÇ°FGGFDUJWFMZÇ°GSPNÇ°UIFÇ° Ç° AGM date. On the other hand, the age limit policy is imposed that director candidates can not stand GPSÇ°FMFDUJPOÇ°BGUFSÇ°BHFÇ° Ç°(JWFOÇ°TVDIÇ°BHFÇ°MJNJUÇ°POÇ°UIFÇ°FMFDUJPOÇ°EBUF Ç°EJSFDUPSTÇ°XJMMÇ°CFÇ°BCMFÇ°UPÇ°TFSWFÇ° POÇ°UIFÇ°#PBSEÇ°VOUJMÇ°UIFÇ°FYQJSZÇ°PGÇ°UIFJSÇ°UFSNT Chairman 5IFÇ°#PBSEÇ°FMFDUFEÇ°.S Ç°1PSODIBJÇ°3VKJQSBQB Ç°BÇ°SFQSFTFOUBUJWFÇ°EJSFDUPSÇ°PGÇ°&("5 Ç°BTÇ°UIFÇ°$IBJSNBOÇ°CFDBVTFÇ° of his knowledge in energy sector together with his leadership to lead EGCO to achieve the corporate WJTJPOÇ°BOEÇ°NJTTJPO Ç°"MUIPVHIÇ°UIFÇ°$IBJSNBOÇ°JTÇ°OPUÇ°BOÇ°JOEFQFOEFOUÇ°EJSFDUPS Ç°UIFÇ°#PBSEÇ°SFNBJOTÇ°JOEF pendent and objective due to the following mechanisms: Ç°5IFÇ°$IBJSNBOÇ°JTÇ°BÇ°OPO FYFDVUJWFÇ°EJSFDUPS Ç°JTÇ°OPUÇ°UIFÇ°TBNFÇ°QFSTPOÇ°BTÇ°UIFÇ°1SFTJEFOUÇ°BOEÇ°IBTÇ°OPÇ° relations with the management. His authorities are separate from those of the President, and there is a clear distinction between supervisory policy-making and day-to-day business administrative Ç° SPMFT Ç°5IFÇ°$IBJSNBOÇ°UBLFTÇ°UIFÇ°SPMFÇ°PGÇ°UIFÇ°MFBEFSÇ°BOEÇ°BTTVSFTÇ°UIBUÇ°UIFÇ°#PBSEÄ´TÇ°NFFUJOHTÇ°BSFÇ°FGÅ³DJFOUMZÇ° conducted by encouraging involvement by all directors and providing recommendations to Ç° .BOBHFNFOUÇ°WJBÇ°UIFÇ°1SFTJEFOU Ç°5IFÇ°#PBSEÇ°XJMMÇ°OPUÇ°JOUFSWFOFÇ°XJUIÇ°BOZÇ°SPVUJOFÇ°BDUJWJUJFTÇ°VOEFSÇ°UIFÇ° Presidentâ&#x20AC;&#x2122;s responsibilities; Ç°5IFÇ°$IBJSNBOÇ°JTÇ°OPUÇ°BOÇ°&("5Ä´TÇ°FNQMPZFFÇ°CVUÇ°JTÇ°FOUSVTUFEÇ°CZÇ°UIFÇ°4UBUFÇ°UPÇ°CFÇ°POÇ°&("5Ç°#PBSEÇ°PGÇ°%JSFDUPSTÇ° Ç° UPÇ°QSPUFDUÇ°UIFÇ°OBUJPOBMÇ°CFOFÅ³UT Ç°5IFÇ°#PBSEÇ°CFMJFWFTÇ°UIBUÇ°UIFÇ°$IBJSNBOÇ°XJMMÇ°BDUÇ°JOÇ°UIFÇ°CFTUÇ°JOUFSFTUÇ° of all shareholders and stakeholders; Ç°5IFÇ°#PBSEÇ°JTÇ°NPTUMZÇ°DPNQSJTFEÇ°PGÇ°OPO FYFDVUJWFÇ°EJSFDUPSTÇ°BOEÇ°UIFÇ°#PBSEÄ´TÇ°TFBUTÇ°BSFÇ°BMMPDBUFEÇ°JOÇ° Ç° BDDPSEBODFÇ°XJUIÇ°UIFÇ°TIBSFIPMEJOHÇ°JOÇ°UIFÇ°$PNQBOZÇ°DPNQSJTJOHÇ° Ç°&("5Ç°SFQSFTFOUBUJWFÇ°EJSFDUPST Ç° Ç° Ç°0OF&OFSHZÇ°5IBJMBOEÇ°-UE Ç° Ä¶0OF&OFSHZÄ· Ç°SFQSFTFOUBUJWFÇ°EJSFDUPST Ç°BOEÇ° Ç°JOEFQFOEFOUÇ°EJSFDUPSTÇ° which indicates a proper balance of power; Ç°5IFÇ°#PBSEÇ°IBTÇ°BTTJHOFEÇ°#PBSEÇ°DPNNJUUFFTÇ°UPÇ°PWFSTFFÇ°UBTLTÇ°XIFSFÇ°UIFSFÇ°NBZÇ°CFÇ°BÇ°QPUFOUJBMÇ°GPSÇ° Ç° DPOÅ´JDUÇ°PGÇ°JOUFSFTUÇ°BOEÇ°UPÇ°CBMBODFÇ°UIFÇ°OFFEÇ°PGÇ°FBDIÇ°TUBLFIPMEFS Ç°8JUIÇ°SFTQFDUÇ°UPÇ°UIJT Ç°UIFÇ°"VEJUÇ° Ç° $PNNJUUFFÇ°JTÇ°FOUSVTUFEÇ°GPSÇ°PWFSTJHIUÇ°PGÇ°UIFÇ°JOUFHSJUZÇ°PGÇ°Å³OBODJBMÇ°BOEÇ°OPO Å³OBODJBMÇ°SFQPSUJOHÇ°BOEÇ° Ç° SFWJFXÇ°BOEÇ°NBOBHFNFOUÇ°PGÇ°SFMBUFEÇ°QBSUZÇ°USBOTBDUJPO Ç°5IFÇ°/PNJOBUJPOÇ°BOEÇ°3FNVOFSBUJPOÇ°$PNNJUUFFÇ° Ç° JTÇ°BTTJHOFEÇ°UPÇ°UBLFÇ°DBSFÇ°PGÇ°TFMFDUJPOÇ°PGÇ°#PBSEÇ°NFNCFSTÇ°BOEÇ°LFZÇ°FYFDVUJWFTÇ°BOEÇ°UIFJSÇ°SFNVOFSBUJPO 5IFÇ°SFTVMUÇ°PGÇ°UIFÇ°#PBSEÄ´TÇ°QFSGPSNBODFÇ°BQQSBJTBMÇ°JOÇ° Ç°JOEJDBUFTÇ°UIBUÇ°UIFÇ°$IBJSNBOÇ°JTÇ°FGGFDUJWFÇ°JOÇ°MFBEJOHÇ° UIFÇ°NFFUJOHÇ°BOEÇ°FODPVSBHJOHÇ°EJSFDUPSTÇ°UPÇ°QBSUJDJQBUFÇ°JOÇ°UIFÇ°EFCBUFÇ°BSPVOEÇ°UIFÇ°#PBSEÇ°UBCMF Ç° Independent Director 5IFSFÇ°BSFÇ°TJYÇ°JOEFQFOEFOUÇ°EJSFDUPSTÇ°POÇ°#PBSEÇ°XIJDIÇ°JTÇ°MBSHFSÇ°UIBOÇ°POF UIJSEÇ°PGÇ°UIFÇ°XIPMFÇ°#PBSE Ç° Independent directors set up the policy to call meetings as needed. Segregation of Duties 5IFSFÇ°JTÇ°BÇ°TFHSFHBUJPOÇ°PGÇ°EVUJFTÇ°CFUXFFOÇ°QPMJDZÇ°NBLJOH Ç°XIJDIÇ°JTÇ°UIFÇ°SFTQPOTJCJMJUZÇ°PGÇ°UIFÇ°#PBSEÇ°BOEÇ°

Corporate Governance Report for 2012

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SPVUJOFÇ°CVTJOFTT Ç°XIJDIÇ°JTÇ°UIFÇ°SFTQPOTJCJMJUZÇ°PGÇ°UIFÇ°.BOBHFNFOU Ç°*OÇ°UIJTÇ°SFHBSE Ç°UIFÇ°5BCMFÇ°PGÇ°"VUIPSJUZÇ° IBTÇ°CFFOÇ°QSFQBSFEÇ°BOEÇ°BQQSPWFEÇ°CZÇ°UIFÇ°#PBSE Ç°5IFÇ°#PBSEÇ°XJMMÇ°OPUÇ°JOUFSWFOFÇ°XJUIÇ°BOZÇ°SPVUJOFÇ°BDUJWJUJFTÇ° VOEFSÇ°UIFÇ°1SFTJEFOUÄ´TÇ°SFTQPOTJCJMJUJFT Ç°0OÇ°4FQUFNCFSÇ° Ç°UIFÇ°#PBSEÇ°PGÇ°EJSFDUPSTÇ°IBTÇ°BQQSPWFEÇ°BOEÇ° reviewed the revision the table of authority by conforming to the restructure of the board and company, Policy and the Procedure for Other Positions of Directors and Management 5PÇ°FOTVSFÇ°UIBUÇ°UIFÇ°#PBSEÇ°XJMMÇ°CFÇ°BCMFÇ°UPÇ°EFWPUFÇ°UJNFÇ°GPSÇ°UIFÇ°FGÅ³DJFOUÇ°HPWFSOBODFÇ°PGÇ°&($0 Ç°UIFÇ°#PBSEÇ° BHSFFTÇ°UIBUÇ°BÇ°EJSFDUPSÇ°TIPVMEÇ°OPUÇ°TFSWFÇ°NPSFÇ°UIBOÇ° Ç°DPNQBOJFTÇ°JGÇ°CFJOHÇ°FYFDVUJWFÇ°EJSFDUPSÇ°BOEÇ° Ç° DPNQBOJFTÇ°JGÇ°CFJOHÇ°OPO FYFDVUJWFÇ°EJSFDUPS Ç°$VSSFOUMZ Ç°UIFSFÇ°JTÇ°OPUÇ°BOZÇ°EJSFDUPSÇ°XIPÇ°TFSWFTÇ°NPSFÇ°UIBOÇ° Ç°DPNQBOJFT Ç°5IFÇ°#PBSEÇ°IBTÇ°BMSFBEZÇ°UBLFOÇ°JOUPÇ°BDDPVOUÇ°IJTÇ°NFFUJOHÇ°BUUFOEBODFÇ°BTÇ°POFÇ°PGÇ°UIFÇ°DSJUFSJBÇ° for his re-election. Corporate Secretary 5IFÇ°#PBSEÇ°IBTÇ°BQQPJOUFEÇ°.T Ç°,VMLBOPLÇ°-FPOHTPJUIPOHÇ°BTÇ°UIFÇ°$PSQPSBUFÇ°4FDSFUBSZÇ°XJUIÇ°UIFÇ°EVUZÇ°BOEÇ° SFTQPOTJCJMJUZÇ°BTÇ°QSFTDSJCFTÇ°JOÇ°UIFÇ°4FDVSJUJFTÇ°BOEÇ°&YDIBOHFÇ°"DUÇ° /P Ç° Ç°# & Ç° Ç°.T Ç°,VMLBOPLÇ°BMTPÇ° TFSWFTÇ°BTÇ°UIFÇ°TFDSFUBSZÇ°PGÇ°UIFÇ°#PBSEÇ°PGÇ°EJSFDUPSÇ°BOEÇ°TVCDPNNJUUFFÇ°DPNQSJTFÇ°PGÇ°*OWFTUNFOUÇ°$PNNJUUFF Ç° Nomination and Remuneration Committee and Corporate Governance Committee to handle functions UPÇ°BTTJTUÇ°UIFÇ°#PBSEÇ°BTÇ°XFMMÇ°BTÇ°UPÇ°DPPSEJOBUFÇ°TVCTFRVFOUÇ°BDUJPOTÇ°VOEFSÇ°UIFÇ°#PBSEÄ´TÇ°SFTPMVUJPO Ä»Ç° 5PÇ°QSPWJEFÇ°QSJNBSZÇ°BEWJDFÇ°QFSUBJOJOHÇ°UPÇ°&($0Ä´TÇ°SFHVMBUJPOTÇ°BOEÇ°"SUJDMFTÇ°PGÇ°"TTPDJBUJPOT Ç°BOEÇ°UPÇ°NPOJUPSÇ° Ç° UPÇ°FOTVSFÇ°SFHVMBUPSZÇ°DPNQMJBODFÇ°POÇ°BÇ°SFHVMBSÇ°CBTJT Ç°BOEÇ°SFQPSUÇ°BOZÇ°TJHOJÅ³DBOUÇ°DIBOHFTÇ°UPÇ°UIFÇ°EJSFDUPST Ç° Ä»Ç° 5PÇ°BSSBOHFÇ°NFFUJOHTÇ°PGÇ°TIBSFIPMEFSTÇ°BOEÇ°UIFÇ°#PBSEÇ°JOÇ°BDDPSEBODFÇ°XJUIÇ°UIFÇ°MBXTÇ°BOEÇ°SFHVMBUJPOT Ç° including EGCOâ&#x20AC;&#x2122;s articles of associations and procedures; Ä»Ç° 5PÇ°QSFQBSFÇ°NFFUJOHÇ°NJOVUFTÇ°PGÇ°TIBSFIPMEFSTÇ°BOEÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPST Ç°BOEÇ°UPÇ°NPOJUPSÇ°UPÇ°FOTVSFÇ° Ç° DPNQMJBODFÇ°XJUIÇ°SFTPMVUJPOTÇ°PGÇ°TIBSFIPMEFSTÄ´Ç°BOEÇ°#PBSEÇ°NFFUJOHT Ç° Ä»Ç° 5PÇ°FOTVSFÇ°UIBUÇ°DPSQPSBUFÇ°JOGPSNBUJPOÇ°EJTDMPTVSFÇ°UPÇ°SFHVMBUPSZÇ°BHFODJFTÇ°JTÇ°JOÇ°BDDPSEBODFÇ°XJUIÇ°UIFÇ° Ç° MBXTÇ°BOEÇ°UIFÇ°4&$Ä´TÇ°BOEÇ°4&5Ä´TÇ°SFHVMBUJPOTÇ° Ä»Ç° 5PÇ°JOGPSNÇ°HFOFSBMÇ°TIBSFIPMEFSTÇ°PGÇ°UIFJSÇ°MFHJUJNBUFÇ°SJHIUTÇ°JODMVEJOHÇ°&($0Ä´TÇ°OFXT Ä»Ç° 5PÇ°GBDJMJUBUFÇ°UIFÇ°#PBSEÇ°BDUJWJUJFTÇ°JODMVEJOHÇ°EJSFDUPSÇ°PSJFOUBUJPO Ç°BOE Ä»Ç° 5PÇ°Å³MFÇ°BOEÇ°LFFQÇ°SFDPSEÇ°PGÇ°&($0Ä´TÇ°QBQFSÇ°TVDIÇ°BTÇ°EJSFDUPSTÄ´Ç°SFHJTUSBUJPO Ç°OPUJDFÇ°UPÇ°UIFÇ°NFFUJOH Ç° minutes of meetings, annual reports, notice to shareholdersâ&#x20AC;&#x2122; meetings, shareholdersâ&#x20AC;&#x2122; minutes of meetings and reports on directorsâ&#x20AC;&#x2122; and managementâ&#x20AC;&#x2122; interest. *OÇ° Ç°UIFÇ°$PSQPSBUFÇ°4FDSFUBSZÇ°BUUFOEFEÇ°TFNJOBSTÇ°BOEÇ°QSPWJEFEÇ°PQJOJPOÇ°POÇ°UIFÇ°IFBSJOHTÇ°IPTUFEÇ°CZÇ° UIFÇ°MJTUÇ°DPNQBOZÇ°SFHVMBUPSTÇ°TPÇ°UIBUÇ°JOGPSNBUJPOÇ°TIPVMEÇ°CFÇ°VTFEÇ°UPÇ°FOIBODFÇ°UIFÇ°FGÅ³DJFODZÇ°PGÇ°DPSQPSBUFÇ° governance.

5.2 Boardâ&#x20AC;&#x2122;s Standing Committees Ç° Ç° Ç° Ç°

8JUIÇ°UIFÇ°PCKFDUJWFÇ°UPÇ°FOIBODFÇ°UIFÇ°HPWFSOBODFÇ°FGÅ³DJFODZ Ç°UIFÇ°#PBSEÇ°BTTJHOTÇ°EJSFDUPSTÇ°XJUIÇ°LOPXMFEHFÇ° BOEÇ°FYQFSUJTFÇ°UPÇ°CFÇ°UIFÇ°NFNCFSTÇ°PGÇ°UIFÇ°#PBSEÇ°DPNNJUUFFTÇ°OBNFMZÇ°"VEJUÇ°$PNNJUUFF Ç°*OWFTUNFOUÇ° Committee, Nomination and Remuneration Committee, and Corporate Social Responsibility Committee. &BDIÇ°#PBSEÇ°DPNNJUUFFÇ°IBTÇ°JUTÇ°PXOÇ°DIBSUFSÇ°XIJDIÇ°QSFTDSJCFTÇ°GVODUJPOT Ç°DPNQPTJUJPO Ç°UFSNÇ°PGÇ°PGÅ³DF Ç° SFTQPOTJCJMJUJFTÇ°BOEÇ°NFFUJOHÇ°DPOEVDU Ç°5IFÇ°DPNNJUUFFÄ´TÇ°DIBSUFS Ç°XIJDIÇ°JTÇ°BQQSPWFEÇ°CZÇ°UIFÇ°#PBSE Ç°XJMMÇ°

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CFÇ° SFWJFXFEÇ° BTÇ° EFFNFEÇ° BQQSPQSJBUF Ç° &BDIÇ° DPNNJUUFFÇ° DBOÇ° SFUBJOÇ° PVUTJEFÇ° DPVOTFMT Ç° FYQFSUTÇ° BOEÇ° QSPGFTTJPOBMÇ°BEWJTPST Ç°BTÇ°EFFNTÇ°BQQSPQSJBUFÇ°BUÇ°&($0Ä´TÇ°FYQFOTF Ç°5IFÇ°DPNNJUUFFTÇ°XJMMÇ°SFQPSUÇ°UIFJSÇ° NFFUJOHÇ°SFTVMUTÇ°UPÇ°UIFÇ°#PBSE 5IFÇ°"VEJUÇ°$PNNJUUFFÇ°DPNQSJTFTÇ° Ç°JOEFQFOEFOUÇ°EJSFDUPST Ç°5IFÇ°"VEJUÇ°$PNNJUUFFÄ´TÇ°NJTTJPOÇ°DPWFSTÇ° UIFÇ°SFWJFXÇ°PGÇ°UIFÇ°ĹłOBODJBMÇ°TUBUFNFOUT Ç°MFHBMÇ°DPNQMJBODF Ç°SJTLÇ°NBOBHFNFOUÇ°QPMJDZ Ç°JOUFSOBMÇ°DPOUSPMÇ°BOEÇ° BQQPJOUNFOUÇ°PGÇ°BVEJUPS Ç°5IFÇ°"VEJUÇ°$PNNJUUFFÇ°BMTPÇ°SFWJFXTÇ°UIFÇ°DPOOFDUFEÇ°USBOTBDUJPOÇ°PSÇ°USBOTBDUJPOÇ° XJUIÇ°DPOĹ´JDUTÇ°PGÇ°JOUFSFTUÇ°UPÇ°FOTVSFÇ°UIBUÇ°TVDIÇ°USBOTBDUJPOÇ°JTÇ°JOÇ°DPNQMJBOUÇ°XJUIÇ°UIFÇ°4&5Ä´TÇ°SFRVJSFNFOU Ç° well-grounded and will be for the best interest of EGCO. 5IFÇ°/PNJOBUJPOÇ°BOEÇ°3FNVOFSBUJPOÇ°$PNNJUUFFÇ°DPNQSJTFTÇ° Ç°OPO FYFDVUJWFÇ°EJSFDUPST Ç°UXPÇ°PGÇ°XIPNÇ°BSFÇ° JOEFQFOEFOU Ç°5IFÇ°/PNJOBUJPOÇ°BOEÇ°3FNVOFSBUJPOÇ°$PNNJUUFFÇ°NFNCFSTÇ°BQQPJOUFEÇ°.S Ç°)JEFPÇ°,VSBNPDIJÇ° GSPNÇ°5&1%*" Ç°BÇ°SFQSFTFOUBUJWFÇ°EJSFDUPSÇ°GSPNÇ°0OFÇ°&OFSHZÇ°BTÇ°UIFÇ°$IBJSNBOÇ°PGÇ°UIFÇ°$PNNJUUFFÇ°BTÇ°IFÇ° IBTÇ°BÇ°XFBMUIÇ°PGÇ°FYQFSJFODFÇ°JOÇ°QPMJDZÇ°JNQMFNFOUBUJPO Ç°IVNBOÇ°SFTPVSDFTÇ°NBOBHFNFOUÇ°BOEÇ°HPWFSOBODFÇ° NBOBHFNFOU Ç°5IFÇ°#PBSEÇ°USVTUTÇ°UIBUÇ°SFHBSEMFTTÇ°PGÇ°UIFÇ°$IBJSNBOÇ°PGÇ°UIFÇ°/PNJOBUJPOÇ°BOEÇ°3FNVOFSBUJPOÇ° $PNNJUUFFÇ°XBTÇ°OPUÇ°UIFÇ°JOEFQFOEFOUÇ°EJSFDUPS Ç°5IFÇ°/PNJOBUJPOÇ°BOEÇ°3FNVOFSBUJPOÇ°$PNNJUUFFÇ°IBTÇ° the appropriate process of recruitment of directors and Management in line with the best practices taking into account the recommendations from all shareholders; and transparent and clear guidelines for remunerating directors and Management at a rate comparable to those of the peer companies BOEÇ°BMJHOFEÇ°XJUIÇ°UIFÇ°MPOHÇ°UFSNÇ°CFOFĹłUÇ°PGÇ°&($0Ç°BOEÇ°UIFÇ°TIBSFIPMEFST Ç° 5IFÇ°*OWFTUNFOUÇ°$PNNJUUFFÇ°DPNQSJTFTÇ° Ç°EJSFDUPSTÇ°BOEÇ°IBTÇ°UIFÇ°SFTQPOTJCJMJUZÇ°UPÇ°TDSFFOÇ°BOEÇ°FOEPSTFÇ° GPSÇ°UIFÇ°#PBSEÄ´TÇ°DPOTJEFSBUJPOÇ°UIFÇ°.BOBHFNFOUÄ´TÇ°QSPQPTBMTÇ°FTQFDJBMMZÇ°POÇ°UIFÇ°JOWFTUNFOUT Ç°GVOEJOHÇ° BOEÇ°SFMBUJOHÇ°BDUJWJUJFT Ç°&YDFQUJPOÇ°JTÇ°NBEFÇ°GPSÇ°NFEJVNÇ°BOEÇ°TNBMMÇ°TJ[FEÇ°JOWFTUNFOUÇ°XIFSFÇ°UIFÇ°*OWFTUNFOUÇ° $PNNJUUFFÇ°DBOÇ°BQQSPWFÇ°CVTJOFTTÇ°EFDJTJPOÇ°XJUIÇ°TVCTFRVFOUÇ°BDLOPXMFEHFNFOUÇ°CZÇ°UIFÇ°#PBSE Ç°4JODFÇ° this Committee is delegated to approve business decision within its delegated authority, the Chairman PGÇ°UIFÇ°#PBSEÇ°JTÇ°BQQPJOUFEÇ°UIFÇ°$IBJSNBOÇ°PGÇ°UIFÇ°*OWFTUNFOUÇ°$PNNJUUFF Ç°)FÇ°IBTÇ°QSPWFOÇ°UPÇ°CFÇ°FGĹłDJFOUÇ° DIBJSNBOÇ°XIPÇ°DPOEVDUTÇ°UIFÇ°NFFUJOHÇ°FGĹłDJFOUMZÇ°BOEÇ°CFÇ°BUUFOUJWFÇ°UPÇ°PUIFSÇ°NFNCFSTÄ´Ç°SFDPNNFOEBUJPOTÇ° CPUIÇ°BUÇ°UIFÇ°#PBSEÄ´TÇ°BOEÇ°UIFÇ°DPNNJUUFFÄ´TÇ°NFFUJOH 5IFÇ°$PSQPSBUFÇ°(PWFSOBODFÇ°BOEÇ°4PDJBMÇ°3FTQPOTJCJMJUZÇ°$PNNJUUFFÇ°DPNQSJTFTÇ° Ç°NFNCFSTÇ°CFJOHÇ°UISFFÇ° JOEFQFOEFOUÇ° EJSFDUPST Ç° POFÇ° TIBSFIPMEFSÇ° SFQSFTFOUBUJWFÇ° BOEÇ° UIFÇ° 1SFTJEFOU Ç° 5IFÇ° $IBJSNBOÇ° PGÇ° UIFÇ° $PNNJUUFFÇ° TIBMMÇ° CFÇ° JOEFQFOEFOUÇ° EJSFDUPS Ç° 5IFÇ° $PSQPSBUFÇ° (PWFSOBODFÇ° BOEÇ° 4PDJBMÇ° 3FTQPOTJCJMJUZÇ° Committee has the responsibility to endorse the corporate governance principle and the positions and practices on issues of corporate social responsibilities, principally in relation to social and environmental matters that affect shareholders and other key stakeholders. 5IFÇ°TUSVDUVSFÇ°BOEÇ°EVUJFTÇ°BOEÇ°SFTQPOTJCJMJUJFTÇ°PGÇ°FBDIÇ°#PBSEÇ°DPNNJUUFFÇ°BTÇ°XFMMÇ°BTÇ°UIFÇ°OVNCFSÇ°PGÇ° meeting are reported in the other article on â&#x20AC;&#x153;Shareholding and Management Structureâ&#x20AC;?

5.3 Role and Responsibility of the Board of Directors Ç° Ç° Ç°

Duty and Responsibilities 5IFÇ°#PBSEÇ°NFNCFSTÇ°XFMMÇ°VOEFSTUBOEÇ°UIFJSÇ°SPMFÇ°BOEÇ°SFTQPOTJCJMJUJFTÇ°JODMVEJOHÇ°UIFÇ°CVTJOFTTÇ°PGÇ°UIFÇ° $PNQBOZ Ç°5IFZÇ°XFMMÇ°TFSWFÇ°UIFÇ°$PNQBOZÇ°XJUIÇ°IPOFTUZÇ°BOEÇ°QSVEFOUÇ°KVEHNFOUTÇ°GPSÇ°UIFÇ°VUNPTUÇ°CFOFĹłUÇ° PGÇ°UIFÇ°$PNQBOZÇ°BOEÇ°UIFÇ°GBJSOFTTÇ°UPÇ°BMMÇ°TIBSFIPMEFST Ç°5IFÇ°#PBSEÇ°IBTÇ°FYFSDJTFEÇ°JOEFQFOEFOUÇ°KVEHNFOUÇ° and devoted time in discharging their duties in accordance with the Corporate Governance Principle as follows

Corporate Governance Report for 2012

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Ä»Ç° 5PÇ°TFUÇ°UIFÇ°DPSQPSBUFÇ°WJTJPO Ç°UBSHFUÇ°BOEÇ°CVTJOFTTÇ°TUSBUFHZÇ°JODMVEJOHÇ°SJTLÇ°NBOBHFNFOUÇ°QPMJDZ Ç°BOOVBMÇ° budget and business plan as well as setting the corporate performance targets while monitoring Ç° UIFÇ°JNQMFNFOUBUJPO Ç°UIFÇ°SFTVMU Ç°TJHOJÅ³DBOUÇ°JOWFTUNFOUÇ°DPTU Ç°BDRVJTJUJPOÇ°BOEÇ°EJTQPTBMÇ°PGÇ°UIFÇ°BTTFUT Ä»Ç° 5PÇ°SFDSVJU Ç°TFUÇ°UIFÇ°SFNVOFSBUJPOÇ°SBUF Ç°NPOJUPSÇ°UIFÇ°QFSGPSNBODFÇ°BOEÇ°JGÇ°OFDFTTBSZÇ°UPÇ°DIBOHFÇ°UIFÇ°LFZÇ° management and plan for a smooth succession plan; Ä»Ç° 5PÇ°SFWJFXÇ°UIFÇ°SFNVOFSBUJPOÇ°PGÇ°EJSFDUPSTÇ°BOEÇ°LFZÇ°NBOBHFNFOUÇ°BOEÇ°FOTVSFÇ°UIBUÇ°UIFÇ°EJSFDUPSÇ°TFMFDUJPOÇ° process is procedural and transparent; Ä»Ç° 5PÇ°NPOJUPSÇ°BOEÇ°SFTPMWFÇ°UIFÇ°DPOÅ´JDUTÇ°PGÇ°JOUFSFTUTÇ°XIJDIÇ°NBZÇ°JODVSÇ°CZÇ°.BOBHFNFOU Ç°EJSFDUPSTÇ°BOEÇ° shareholders, and to ensure the independent audit and internal control with the focus on risk Ç° NPOJUPSJOH Ç°Å³OBODJBMÇ°DPOUSPMÇ°BOEÇ°MFHBMÇ°DPNQMJBODF Ä»Ç° 5PÇ°NPOJUPSÇ°UIFÇ°FGGFDUJWFOFTTÇ°PGÇ°UIFÇ°FYJTUJOHÇ°HPWFSOBODFÇ°UPPMTÇ°BOEÇ°JOTUSVNFOUTÇ°BOEÇ°JNQMFNFOUÇ° change if necessary; Ä»Ç° 5PÇ°NPOJUPSÇ°UIFÇ°JOGPSNBUJPOÇ°EJTDMPTVSFÇ°BOEÇ°DPNNVOJDBUJPOT Ç°BOE Ä»Ç° 5PÇ°EJSFDUÇ°TFMGÇ° Ç°BQQSBJTBMÇ°BOOVBMMZÇ°BOEÇ°EFDMBSFÇ°JOÇ°UIFÇ°BOOVBMÇ°SFQPSUÇ°IPXÇ°XFMMÇ°UIFZÇ°DBSSZÇ°PVUÇ°UIFJSÇ° duties and oversee EGCO. Leadership and Vision 5IFÇ°#PBSEÇ°XPSLTÇ°XJUIÇ°UIFÇ°.BOBHFNFOUÇ°JOÇ°TFUUJOHÇ°UIFÇ°WJTJPO Ç°NJTTJPO Ç°TUSBUFHJFT Ç°HPBMTÇ°BOEÇ°CVTJOFTTÇ°QMBOTÇ° CPUIÇ°PWFSÇ°BÇ°TIPSUÇ°BOEÇ°MPOHÇ°UFSN Ç°5IFÇ°DPSQPSBUFÇ°,1*TÇ°BSFÇ°EFTJHOBUFEÇ°GPSÇ°FBDIÇ°LFZÇ°BSFBÇ°CFJOHÇ°HSPXUI Ç° Å³OBODFÇ°BOEÇ°PSHBOJ[BUJPOÇ°FYDFMMFODF Ç°5IFÇ°#PBSEÇ°BMTPÇ°FOEFBWPSTÇ°UPÇ°FOTVSFÇ°UIBUÇ°UIFÇ°TJHOJÅ³DBOUÇ°XPSLJOHÇ° system such as the internal control and risk management are in place. Management performance is also monitored through the Presidentâ&#x20AC;&#x2122;s report which is prepared on a monthly basis to ensure that &($0Ç°CVTJOFTTÇ°JTÇ°DBSSJFEÇ°PVUÇ°JOÇ°BOÇ°FGÅ³DJFOUÇ°NBOOFS Code of Conduct 5PÇ°NBJOUBJOÇ°IJHIÇ°FUIJDBMÇ°TUBOEBSET Ç°&($0Ç°IBTÇ°TFUÇ°VQÇ°BÇ°$PEFÇ°PGÇ°$POEVDUÇ°BTÇ°BÇ°HVJEFMJOFÇ°TPÇ°UIBUÇ°EJSFDUPST Ç° Management and employees perform their duties with regard to ethical values. Directorsâ&#x20AC;&#x2122; Code of Conduct focuses on business ethics, ethics for directors, directorsâ&#x20AC;&#x2122; commitment, duties and SFTQPOTJCJMJUJFT Ç°DPOÅ´JDUTÇ°PGÇ°JOUFSFTUÇ°BOEÇ°VTFÇ°PGÇ°JOGPSNBUJPO Ç°&NQMPZFFTÄ´Ç°$PEFÇ°PGÇ°$POEVDUÇ°DPWFSTÇ° Ç°(VJEJOHÇ°QSJODJQMFT Ç° Ç°.BLJOHÇ°UIFÇ°TZTUFNÇ°XPSL Ç° Ç°3FTQPOTJCJMJUJFTÇ°UPÇ°4UBLFIPMEFST Ç° Ç°3FTQPOTJCJMJUJFTÇ° UPÇ°UIFÇ°$PNQBOZ Ç° 1SPDVSFNFOUÇ°BOEÇ°5SBOTBDUJPOT Ç° Ç°1SFWFOUJPOÇ°PGÇ°$POÅ´JDUÇ°PGÇ°*OUFSFTUTÇ° Ç°&NQMPZFFÇ° Ç°4BGFUZ Ç°IFBMUIÇ°BOEÇ°FOWJSPONFOUÇ°BOEÇ° Ç°8IJTUMFCMPFSÇ°1PMJDZÇ° Ç°$MPTJOH EGCO continuously conducts the training on adherence to the Code of Conduct for the employees as XFMMÇ°BTÇ°QSPWJEFTÇ°DMBSJÅ³DBUJPOÇ°POÇ°UIFJSÇ°GSFRVFOUMZÇ°BTLFEÇ°RVFTUJPOT Ç°%JSFDUPST Ç°.BOBHFNFOUÇ°BOEÇ°FNQMPZFFTÇ° must obey and respect the spirit of the Code of Conduct. Managers at all levels are required to promote the compliance with the Code of Conduct and act as role models. Employees at senior vice president level and upward shall review their compliance with the Code of Conduct before signing and submitting the Code of Conduct Compliance Statement to their immediate boss annually. Internal Control and Internal Audit 3FBMJ[JOHÇ°UIFÇ°JNQPSUBODFÇ°PGÇ°IBWJOHÇ°TVGÅ³DJFOUÇ°BOEÇ°TVJUBCMFÇ°JOUFSOBMÇ°DPOUSPMÇ°BUÇ°BMMÇ°MFWFMT Ç°&($0Ç°DMFBSMZÇ° determines responsibilities and authority of Management and employees in writing, taking into

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account segregation of duties, check and balance, and control of Companyâ&#x20AC;&#x2122;s assets. EGCO also set BÇ°DPSSFDUÇ°BOEÇ°UJNFMZÇ°Å³OBODJBMÇ°SFQPSUÇ°TZTUFN Ç°"QBSUÇ°GSPNÇ°UIJT Ç°&($0Ç°TFUTÇ°VQÇ°BOÇ°*OUFSOBMÇ°"VEJUÇ°EJWJTJPOÇ° which directly reports to the Audit Committee in order to make sure of its transparent auditing QSPDFTT Ç°5IFÇ°"VEJUÇ°$PNNJUUFFÇ°IBTÇ°BÇ°SFTQPOTJCJMJUZÇ°UPÇ°BQQSPWFÇ°JOUFSOBMÇ°BVEJUÇ°QMBO Ç°BOEÇ°UPÇ°DPOTJEFSÇ° and review the independence and the performance report of the Internal Audit Division. &($0Ç°FNQIBTJ[FTÇ°POÇ°EFWFMPQJOHÇ°UIFÇ°DBQBCJMJUJFTÇ°PGÇ°JOUFSOBMÇ°BVEJUPSTÇ°CZÇ°TFMG EFWFMPQNFOU Ç°FYQFSJFODFÇ° and knowledge sharing and attending inside and outside seminar., and has devoted the internal BVEJUPSÇ°UPÇ°HBJOÇ°UIFÇ°QSPGFTTJPOBMÇ°DFSUJÅ³DBUF Ç°&($0Ä´TÇ°JOUFSOBMÇ°BVEJUPSÇ°XBTÇ°DFSUJÅ³FEÇ°UIFÇ°$FSUJÅ³FEÇ°*OUFSOBMÇ° "VEJUPSÇ° Ä¶$*"Ä· Ç°BOEÇ°$FSUJÅ³FEÇ°1SPGFTTJPOBMÇ°*OUFSOBMÇ°"VEJUÇ°PGÇ°5IBJMBOEÇ° Ä¶$1*"5Ä· 5IFÇ°#PBSEÇ°TFUTÇ°UIFÇ°QPMJDZÇ°UPÇ°BOOVBMMZÇ°SFWJFXÇ°&($0Ä´TÇ°JOUFSOBMÇ°DPOUSPMÇ°TZTUFNÇ°VTJOHÇ°UIFÇ°RVFTUJPOOBJSFTÇ° UIBUÇ°XFSFÇ°EFWFMPQFEÇ°JOÇ°MJOFÇ°XJUIÇ°UIFÇ°HVJEFMJOFTÇ°PGÇ°UIFÇ°4&5Ç°BOEÇ°UIFÇ°$PNNJUUFFÇ°PGÇ°4QPOTPSJOHÇ°0SHBOJ[BUJPOÇ° PGÇ°UIFÇ°5SFBEXBZÇ°$PNNJTTJPOÇ° Ä¶$040Ä· Ç°&NQMPZFFTÇ°GSPNÇ°TFDUJPOÇ°NBOBHFSTÇ°BOEÇ°VQXBSEÇ°BSFÇ°BTTJHOFEÇ° to evaluate the quality of the internal control of which the result will be proposed to each subsidiaryâ&#x20AC;&#x2122;s #PBSEÇ°PGÇ°%JSFDUPST Ç°UIFÇ°"VEJUÇ°$PNNJUUFFÇ°BOEÇ°&($0Ç°#PBSEÇ°PGÇ°%JSFDUPST Ç°SFTQFDUJWFMZ Ç°5IFÇ°FWBMVBUJPOÇ° SFTVMUÇ°JOÇ° Ç°TIPXFEÇ°UIBUÇ°&($0Ç°BOEÇ°JUTÇ°TVCTJEJBSJFTÇ°IBEÇ°TVGÅ³DJFOUÇ°BOEÇ°BQQSPQSJBUFÇ°JOUFSOBMÇ°DPOUSPMÇ° TZTUFN Ç°5PÇ°FOTVSFÇ°DPNQMJBODFÇ°XJUIÇ°JOUFSOBMÇ°DPOUSPMÇ°TZTUFNT Ç°BOEÇ°SVMFTÇ°BOEÇ°SFHVMBUJPOT Ç°FNQMPZFFTÇ° of EGCO and subsidiaries at senior vice president level and upward are required to thoroughly review UIFJSÇ° Ç°XPSLÇ°QSBDUJDFTÇ°CFGPSFÇ°TJHOJOHÇ°UIFÇ°(FOFSBMÇ°3FQSFTFOUBUJPOÇ°-FUUFSÇ°UPÇ°UIFJSÇ°NBOBHFSTÇ°VQÇ°UPÇ° UIFÇ°1SFTJEFOU Ç°5IFÇ°1SFTJEFOUÇ°BMTPÇ°TJHOFEÇ°UIFÇ°(FOFSBMÇ°3FQSFTFOUBUJPOÇ°-FUUFSÇ°BEESFTTFEÇ°UPÇ°UIFÇ°$IBJSNBOÇ° PGÇ°UIFÇ°#PBSE Ç° Risk Management 5IFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°FOUSVTUTÇ°UIFÇ°"VEJUÇ°$PNNJUUFFÇ°UPÇ°SFWJFXÇ°XJUIÇ°UIFÇ°.BOBHFNFOUÇ°UIFÇ°SJTLÇ°NBOBHFNFOUÇ° QPMJDZ Ç°JNQMFNFOUBUJPOÇ°BOEÇ°HVJEFMJOFT Ç°5IFÇ°"VEJUÇ°$PNNJUUFFÇ°SFQPSUTÇ°UIFÇ°VQEBUFÇ°POÇ°SJTLÇ°NBOBHFNFOUÇ° JTTVFTÇ°UPÇ°UIFÇ°#PBSEÇ°UXJDFÇ°BÇ°ZFBSÇ°UPÇ°DPOTJEFSÇ°UIFÇ°BEFRVBDZÇ°BOEÇ°FGGFDUJWFOFTTÇ°PGÇ°SJTLÇ°NBOBHFNFOUÇ° system so that the strategies, plan and measures can be adjusted or put in place at an appropriate timing. EGCO has established the Risk Management measures as follows: Ä»Ç° &($0Ç°3JTLÇ°.BOBHFNFOUÇ°$PNNJUUFFÇ°JTÇ°TIPSFEÇ°VQÇ°DPNQSJTJOHÇ°UPQÇ°NBOBHFNFOUÇ°PGÇ°UIFÇ°(SPVQÇ°DPNQBOJFTÇ° Ç° XJUIÇ°UIFÇ°1SFTJEFOUÇ°BTÇ°UIFÇ°$IBJSNBOÇ°PGÇ°UIFÇ°$PNNJUUFF Ç°5IFÇ°PCKFDUJWFTÇ°BSFÇ°UPÇ°DMPTFMZÇ°NPOJUPSÇ°UIFÇ° Ç° SJTLÇ°NBOBHFNFOUÇ°PGÇ°UIFÇ°(SPVQÇ°BOEÇ°UPÇ°QSFTFOUÇ°UIFÇ°SFTVMUÇ°UPÇ°UIFÇ°"VEJUÇ°$PNNJUUFFÇ°BOEÇ°UIFÇ°#PBSE Ç° In addition, Risk Management Committee is also set up at each power plant to set up the policy and monitor the implementation to meet the overall policy and the business characteristic of each power plant Ä»Ç° 3JTLÇ°.BOBHFNFOUÇ°4FDUJPOÇ°XBTÇ°BMTPÇ°TFUÇ°VQÇ°VOEFSÇ°*OUFSOBMÇ°"VEJUÇ°%JWJTJPOÇ°UPÇ°CFÇ°GVMMZÇ°SFTQPOTJCMFÇ°BOEÇ° coordinating for risk management Ä»Ç° 3JTLÇ°NBOBHFNFOUÇ°QSPDFTTÇ°JTÇ°FNCFEEFEÇ°JOUPÇ°UIFÇ°XPSLJOHÇ°QSPDFTT Ç°.BOBHFNFOUÇ°BOEÇ°FNQMPZFFTÇ° Ç° BSFÇ°FODPVSBHFEÇ°UPÇ°UBLFÇ°QBSUÇ°JOÇ°UIFÇ°QSPDFTTÇ°BOEÇ°UPÇ°FGÅ³DJFOUMZÇ°VTFÇ°UIFÇ°SFTPVSDFTÇ°UPÇ°JEFOUJGZ Ç°BQQSBJTFÇ° and manage risks Ä»Ç° 3JTLÇ°NBOBHFNFOUÇ°JTÇ°JNQMBOUFEÇ°JOUPÇ°UIFÇ°DPSQPSBUFÇ°DVMUVSF EGCO has adopted the risk management policy and risk management manuals as guidelines since Ç°3JTLÇ°.BOBHFNFOUÇ°JNQMFNFOUBUJPOÇ°JTÇ°BMTPÇ°JODMVEFEÇ°BTÇ°POFÇ°PGÇ°UIFÇ°FMFNFOUTÇ°GPSÇ°JOUFSOBMÇ°DPOUSPMÇ°

Corporate Governance Report for 2012

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BTTFTTNFOU Ç°5IFÇ°SFTVMUÇ°PGÇ°TVDIÇ°BTTFTTNFOUÇ°JOÇ° Ç°JOEJDBUFEÇ°UIBUÇ°&($0Ç°(SPVQÇ°IBTÇ°BQQSPQSJBUFMZÇ° implemented risk management system $POÅ´JDUTÇ°PGÇ°*OUFSFTU &($0Ç°IBTÇ°TFUÇ°UIFÇ°QPMJDZÇ°JOÇ°UIFÇ°$PEFÇ°PGÇ°$POEVDUÇ°GPSÇ°EJSFDUPSTÇ°BOEÇ°FNQMPZFFTÇ°UPÇ°BWPJEÇ°UIFÇ°DPOÅ´JDUTÇ° between the personal interest and the corporate interest as follows Ä»Ç° %JSFDUPSTÇ° BOEÇ° FNQMPZFFTÇ° TIBMMÇ° OPUÇ° CFÇ° FOHBHFEÇ° BTÇ° EJSFDUPSTÇ° PSÇ° BEWJTPSTÇ° PGÇ° PUIFSÇ° DPNQBOJFT Ç° Ç° PSHBOJ[BUJPOT Ç° BOEÇ° BTTPDJBUJPOTÇ° UIBUÇ° NBZÇ° DPOÅ´JDUÇ° XJUIÇ° UIFÇ° JOUFSFTUÇ° BOEÇ° UIFÇ° CVTJOFTTÇ° PGÇ° &($0 Ç°Ç° Ç° "DLOPXMFEHNFOUÇ°PGÇ°TVDIÇ°FOHBHFNFOUÇ°CZÇ°UIFÇ°#PBSEÇ°NVTUÇ°CFÇ°TPVHIU Ä»Ç° %JSFDUPSTÇ°XJMMÇ°QSPNQUMZÇ°OPUJGZÇ°UIFÇ°#PBSEÇ°XIFOÇ°BOZÇ°PGÇ°UIFÇ°DPOÅ´JDUÇ°PGÇ°JOUFSFTUÇ°PDDVSTÇ°BOEÇ°NVTUÇ°DPOTJEFSÇ° Ç° XIFUIFSÇ°UPÇ°SFGSBJOÇ°GSPNÇ°QBSUJDJQBUJOHÇ°JOÇ°UIFÇ°EFCBUFÇ°BOE PSÇ°WPUJOHÇ°POÇ°UIFÇ°NBUUFS Ç°XIFUIFSÇ°UPÇ°CFÇ° absent from discussion of the matter, whether to arrange that the relevant board papers are not Ç° TFOU Ç°PS Ç°JOÇ°BOÇ°FYUSFNFÇ°DBTF Ç°XIFUIFSÇ°UPÇ°SFTJHOÇ°GSPNÇ°UIFÇ°#PBSE Ä»Ç° 5IFÇ°MJTUÇ°PGÇ°NBKPSÇ°TIBSFIPMEFSTÇ°JTÇ°EJTDMPTFE Ç°%JSFDUPSTÇ°BOEÇ°EFTJHOBUFEÇ°.BOBHFNFOUÇ°XJMMÇ°SFQPSUÇ°UIFÇ° Ç° DIBOHFÇ°JOÇ°UIFJSÇ°TFDVSJUZÇ°IPMEJOHÇ°UPÇ°UIFÇ°SFHVMBUPSZÇ°CPEZ Ç°5IFÇ°$PSQPSBUFÇ°4FDSFUBSZÇ°JTÇ°BTTJHOFEÇ°UPÇ° Ç° SFQPSUÇ°UIFÇ°TFDVSJUZÇ°IPMEJOHTÇ°PGÇ°EJSFDUPSTÇ°BOEÇ°.BOBHFNFOUÇ°UPÇ°UIFÇ°#PBSEÇ°BUÇ°FWFSZÇ°NFFUJOH Ä»Ç° &NQMPZFFTÇ°TIPVMEÇ°OPUÇ°CPSSPXÇ°NPOFZÇ°GSPNÇ°UIFÇ°DVTUPNFST TVQQMJFSTÇ°PSÇ°GSPNÇ°JOEJWJEVBMTÇ°PSÇ°Å³SNTÇ° Ç° IBWJOHÇ°CVTJOFTTÇ°EFBMJOHTÇ°PUIFSÇ°UIBOÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ°BTÇ°JUÇ°NBZÇ°JOÅ´VFODFÇ°UIFÇ°XBZÇ°UIFZÇ°IBOEMFÇ° EGCO business; and Ä»Ç° 5IFÇ° TUFQÇ° GPSÇ° JNQMFNFOUJOHÇ° DPOOFDUFEÇ° USBOTBDUJPOÇ° BMPOHÇ° XJUIÇ° UIFÇ° BQQSPWBMÇ° BVUIPSJUZÇ° BOEÇ° UIFÇ° Ç° EJTDMPTVSFÇ°PGÇ°TVDIÇ°USBOTBDUJPOÇ°TIBMMÇ°CFÇ°BTÇ°SFRVJSFEÇ°CZÇ°UIFÇ°4&5Ç°BOEÇ°4&$ Ç°5IFÇ°$PSQPSBUFÇ°4FDSFUBSZÇ°XJMMÇ° identify the type of transaction and the approval body and will submit the reports on connected Ç° USBOTBDUJPOTÇ° BOEÇ° BOZÇ° DPOÅ´JDUÇ° PGÇ° JOUFSFTUTÇ° UPÇ° UIFÇ° "VEJUÇ° $PNNJUUFFÇ° GPSÇ° BDLOPXMFEHFNFOUÇ° BOEÇ° Ç° EJTDMPTFÇ°UIFÇ°JOGPSNBUJPOÇ°JOÇ°UIFÇ°BOOVBMÇ°SFQPSUÇ°BOEÇ°BOOVBMÇ°SFHJTUSBUJPOÇ°GPSNÇ° 'PSNÇ° Directors and management are required to prepare the report on the interest of their own and related QBSUJFTÇ°UPÇ°UIFÇ°$PNQBOZÇ°UPÇ°FOBCMFÇ°UIFÇ°$PSQPSBUFÇ°4FDSFUBSZÇ°UPÇ°FOTVSFÇ°USBOTQBSFOUÇ°QSBDUJDFT Ç°5IFÇ°$PSQPSBUFÇ° Secretary will submit a copy of such report to the Chairman and the Chairman of the Audit Committee 5PÇ°GPTUFSÇ°USVTUÇ°BNPOHÇ°BMMÇ°DPODFSOFEÇ°QBSUJFTÇ°UIBUÇ°UIFÇ°DPOOFDUJPOÇ°USBOTBDUJPOTÇ°BSFÇ°BJNFEÇ°BUÇ°PQUJNJ[JOHÇ° UIFÇ°CFOFÅ³UTÇ°PGÇ°&($0Ç°BOEÇ°UIFÇ°TIBSFIPMEFST Ç°UIFÇ°"VEJUÇ°$PNNJUUFFÇ°JTÇ°BTTJHOFEÇ°UPÇ°SFWJFXÇ°UIFÇ°JOGPSNBUJPOÇ° and provide comment with regard to the connected transaction that needs to be approved by the #PBSEÇ°BOEÇ°UIFÇ°TIBSFIPMEFSTÇ°BOEÇ°UPÇ°FOTVSFÇ°UIBUÇ°UIFÇ°EJTDMPTVSFÇ°JTÇ°BEFRVBUFÇ° Fraud Risk Management 8JUIÇ°BÇ°WJFXÇ°UIBUÇ°GSBVEÇ°SJTLÇ°XBTÇ°TJHOJÅ³DBOU Ç°UIFÇ°#PBSEÇ°TFUÇ°BÇ°NFBTVSFÇ°UPÇ°NBOBHFÇ°GSBVEÇ°SJTLÇ°BTÇ°GPMMPXT Ä»Ç° 1SFWFOUJWFÇ°.FBTVSFT Ç°5IFÇ°PSHBOJ[BUJPOÇ°JTÇ°XFMMÇ°EFTJHOFEÇ°GPSÇ°UIFÇ°QVSQPTFÇ°PGÇ°HPWFSOJOHÇ°BOEÇ°NBOBHJOHÇ° Ç° CVTJOFTT Ç°5IFÇ°$PEFÇ°PGÇ°$POEVDUÇ°JTÇ°QSFQBSFEÇ°JOÇ°XSJUJOHÇ°BOEÇ°UIFÇ°DPNQMJBODFÇ°XJUIÇ°UIFÇ°$PEFÇ°JTÇ°QSPNPUFE Ç° Ç° 5IFÇ°JOUFSOBMÇ°DPOUSPMÇ°TZTUFNÇ°JTÇ°FTUBCMJTIFEÇ°BOEÇ°BQQSBJTFE Ç°5IFÇ°XIJTUMFCMPXFSÇ°QSPHSBNÇ°JTÇ°JOÇ°QMBDF Ä»Ç° *OWFTUJHBUJPO Ç°&BDIÇ°TVQFSWJTPSÇ°BTTVNFTÇ°SFTQPOTJCJMJUZÇ°UPÇ°QSFWFOUÇ°BOEÇ°DPOUSPMÇ°GSBVEÇ°SJTLTÇ°BOEÇ°FSSPSTÇ° in the system. In addition, there is an internal audit unit which is independent from senior management to review the compliance with the regulations and test the early warning signals

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Ä»Ç° 'BJSOFTT Ç°5IFÇ°GSBVEÇ°JOWFTUJHBUJPOÇ°XJMMÇ°CFÇ°NBEFÇ°CZÇ°BÇ°QBOFMÇ°UPÇ°FOTVSFÇ°GBJSOFTTÇ°UPÇ°UIFÇ°EFGFOEFST Ç°*OÇ°BEEJUJPO Ç° whistleblowers will be appropriately protected Ä»Ç° -FTTPOÇ°-FBSO Ç°$BTFÇ°TUVEZÇ°POÇ°GSBVEÇ°SJTLTÇ°CPUIÇ°JOÇ°5IBJMBOEÇ°BOEÇ°PWFSTFBTÇ°XJMMÇ°CFÇ°VTFEÇ°UPÇ°USBJOÇ°TVQFSWJTPSTÇ° on fraud prevention. *OÇ° Ç°UIFSFÇ°JTÇ°OPÇ°DMBJNÇ°PSÇ°BOZÇ°GSBVEÇ°GPVOEÇ°JOÇ°&($0Ç°(SPVQÇ°EVFÇ°UPÇ°UIFÇ°BCPWFÇ°FGÅ³DJFOUÇ°QSFWFOUJWFÇ° measures

5PÇ°FOTVSFÇ°UIBUÇ°UIFÇ°#PBSEÇ°UBLFTÇ°GVMMÇ°SFTQPOTJCJMJUZÇ°UPÇ°NFFUÇ°UIFÇ°FYQFDUBUJPOTÇ°PGÇ°UIFÇ°TIBSFIPMEFST Ç°UIFÇ° #PBSEÇ°SFWJFXTÇ°TJHOJÅ³DBOUÇ°CVTJOFTTÇ°QPMJDZÇ°BOEÇ°DPSQPSBUFÇ°DBMFOEBS Ç°*OÇ°UIJTÇ°SFHBSE Ç°JUÇ°JTÇ°EFUFSNJOFEÇ°UIBUÇ° UIFÇ°#PBSEÇ°NFFUJOHÇ°XJMMÇ°CFÇ°IFMEÇ°BUÇ°MFBTUÇ°PODFÇ°FWFSZÇ°UXPÇ°NPOUIT Ç°&YUSBÇ°.FFUJOHÇ°DBOÇ°CFÇ°DBMMFEÇ°JGÇ°UIFSFÇ° JTÇ°BOZÇ°NBKPSÇ°VOQMBOOFEÇ°FWFOUÇ°UIBUÇ°OFFETÇ°UIFÇ°#PBSEÄ´TÇ°DPOTJEFSBUJPO Ç°5IFÇ°#PBSEÇ°DBOÇ°BMTPÇ°BVUIPSJ[FÇ°UIFÇ° committees to scrutinize or approve the managementâ&#x20AC;&#x2122;s activities within the delegated authority during UIFÇ°NFFUJOHÇ°JOUFSWBM Ç°5IFÇ°#PBSEÇ°BMTPÇ°JOTUSVDUFEÇ°NBOBHFNFOUÇ°UPÇ°QSPWJEFÇ°NPOUIMZÇ°QFSGPSNBODFÇ°SFQPSUÇ° TPÇ°UIBUÇ°UIFÇ°#PBSEÇ°DBOÇ°GPMMPXÇ°VQÇ°UIFÇ°CVTJOFTTÇ°QSPHSFTTÇ°EFTQJUFÇ°OPUÇ°IBWJOHÇ°UIFÇ°#PBSEÇ°NFFUJOH 5PÇ°GBDJMJUBUFÇ°UIFÇ°EJSFDUPST Ç°&($0Ç°QMBOTÇ°UIFÇ°NFFUJOHÇ°EBUFTÇ°BOEÇ°UIFÇ°BHFOEBÇ°GPSÇ°UIFÇ°XIPMFÇ°ZFBSÇ°JOÇ°BEWBODF Ç° 5IFÇ°$IBJSNBOÇ°BOEÇ°1SFTJEFOUÇ°Å³YÇ°UIFÇ°BHFOEBÇ°GPSÇ°UIFÇ°#PBSEÄ´TÇ°NFFUJOH Ç°&BDIÇ°EJSFDUPSÇ°DBOÇ°QSPQPTFÇ°UIFÇ° BHFOEBÇ°UPÇ°UIFÇ°$IBJSNBOÇ°BOEÇ°DBOÇ°EFMJWFSÇ°UIFJSÇ°JOEFQFOEFOUÇ°KVEHNFOU Ç°5IFÇ°$PSQPSBUFÇ°4FDSFUBSZÇ°TIBMMÇ° TFSWFÇ°XSJUUFOÇ°OPUJDFÇ°DBMMJOHÇ°GPSÇ°UIFÇ°#PBSEÇ°NFFUJOHÇ°BUÇ°MFBTUÇ°POFÇ°XFFLÇ°JOÇ°BEWBODFÇ°FYDFQUÇ°GPSÇ°OFDFTTBSZÇ° PSÇ°VSHFOUÇ°DBTFÇ°UPÇ°QSFTFSWFÇ°UIFÇ°SJHIUTÇ°PSÇ°CFOFÅ³UTÇ°PGÇ°UIFÇ°$PNQBOZÇ°XIFSFÇ°UIFÇ°NFFUJOHÇ°NBZÇ°CFÇ°DBMMFEÇ°CZÇ° other methods and an earlier meeting date may be chosen. Meeting document are sent to the directors in advance to allow adequate time for digesting such information. Agenda is prioritized in terms of TJHOJÅ³DBODFÇ°J F Ç°.BUUFSÇ°"SJTJOH Ç°.BUUFSÇ°GPSÇ°$POTJEFSBUJPO Ç°.BUUFSÇ°GPSÇ°*OGPSNBUJPOÇ°UPÇ°FOTVSFÇ°UIBUÇ°JUFNTÇ° that need the most careful deliberation are given adequate time. 5IFÇ°$IBJSNBOÇ°BMMPDBUFTÇ°BEFRVBUFÇ°UJNFÇ°GPSÇ°.BOBHFNFOUÇ°UPÇ°QSFTFOUÇ°UIFJSÇ°JTTVFTÇ°BOEÇ°UPÇ°QFSNJUÇ°EJSFDUPSTÇ° UPÇ°DPOEVDUÇ°FYUFOTJWFÇ°EJTDVTTJPOÇ°PGÇ°BHFOEBÇ°JUFNTÇ°BOEÇ°PUIFSÇ°UPQJDTÇ°PGÇ°JOUFSFTU Ç°5IFÇ°NJOVUFTÇ°PGÇ°NFFUJOHÇ° BSFÇ°ESBGUFEÇ°GPSÇ°UIFÇ°#PBSEÄ´TÇ°SFWJFXÇ°XJUIJOÇ° Ç°EBZTÇ°BGUFSÇ°UIFÇ°NFFUJOHÇ°QSJPSÇ°UPÇ°UIFÇ°BEPQUJPOÇ°BUÇ°UIFÇ°OFYUÇ° NFFUJOH Ç°5IFÇ°#PBSEÇ°IBEÇ°DBMMFEÇ° Ç°NFFUJOHTÇ°JOÇ° Ç°&BDIÇ°NFFUJOHÇ°UPPLÇ°BQQSPYJNBUFMZÇ° Ç°IPVSTÇ°BOEÇ° BÇ°IBMG Ç°5IFÇ°BWFSBHFÇ°BUUFOEBODFÇ°SBUFÇ°JTÇ° 4JODFÇ°&($0Ç°IBTÇ°BÇ°OVNCFSÇ°PGÇ°EJSFDUPSTÇ°XIPÇ°EPÇ°OPUÇ°SFTJEFÇ°JOÇ°5IBJMBOE Ç°&($0Ç°IBTÇ°TFUÇ°UIFÇ°QPMJDZÇ°UPÇ° BMMPXÇ°UIPTFÇ°EJSFDUPSTÇ°UPÇ°BUUFOEÇ°UIFÇ°NFFUJOHÇ°CZÇ°UFMFDPOGFSFODFÇ°TPÇ°UIBUÇ°&($0Ç°BOEÇ°UIFÇ°#PBSEÇ°XJMMÇ° CFOFÅ³UÇ°GSPNÇ°UIFJSÇ°PQJOJPOÇ°BOEÇ°SFDPNNFOEBUJPO Ç°4VDIÇ°BUUFOEBODFÇ°JTÇ°OPUÇ°DPOTJEFSFEÇ°UIFÇ°NFFUJOHÇ° quorum and those who attend the meeting by teleconference do not have the right to vote. 5IFÇ° #PBSEÇ° FODPVSBHFTÇ° UIFÇ° 1SFTJEFOUÇ° UPÇ° JOWJUFÇ° UPQÇ° .BOBHFNFOUÇ° CFJOHÇ° UIFÇ° TFOJPSÇ° FYFDVUJWFÇ° WJDFÇ° QSFTJEFOUTÇ°UPÇ°BUUFOEÇ°BMMÇ°UIFÇ°#PBSEÄ´TÇ°NFFUJOH Ç°0UIFSÇ°.BOBHFNFOUTÇ°BSFÇ°JOWJUFEÇ°UPÇ°KPJOÇ°UIFÇ°NFFUJOHÇ°BTÇ° deemed necessary to provide additional insights into the items being discussed because of personal JOWPMWFNFOUÇ°JOÇ°UIPTFÇ°BSFBT Ç°.BOBHFSTÇ°XJUIÇ°GVUVSFÇ°QPUFOUJBMÇ°BSFÇ°HJWFOÇ°FYQPTVSFÇ°UPÇ°UIFÇ°#PBSEÇ°UPÇ°TVQQPSUÇ° UIFÇ°DPOTJEFSBUJPOÇ°PGÇ°UIFÇ°TVDDFTTJPOÇ°QMBOOJOH Ç°5IFÇ°#PBSEÇ°DBOÇ°SFRVFTUÇ°GPSÇ°BEEJUJPOBMÇ°OFDFTTBSZÇ°JOGPSNBUJPOÇ° GSPNÇ°UIFÇ°1SFTJEFOUÇ°PSÇ°UIFÇ°$PSQPSBUFÇ°4FDSFUBSZÇ°PSÇ°PUIFSÇ°BTTJHOFEÇ°NBOBHFNFOUÇ°XJUIJOÇ°UIFÇ°FYUFOUÇ°PGÇ° UIFÇ°FTUBCMJTIFEÇ°QPMJDZ Ç°5IFÇ°#PBSEÇ°DBOÇ°BMTPÇ°FOHBHFEÇ°JOEFQFOEFOUÇ°BEWJTPSÇ°GPSÇ°UIFÇ°CFOFÅ³UTÇ°PGÇ°UIFÇ° CVTJOFTTÇ°POÇ°&($0Ä´TÇ°FYQFOTFT Ç°Ç°%FUBJMTÇ°PGÇ°EJSFDUPSTÄ´Ç°BUUFOEBODFÇ°JOÇ° Ç°BSFÇ°JMMVTUSBUFEÇ°JOÇ°5BCMFÇ° Ç°

Corporate Governance Report for 2012

5.5 Board Self Assessment Ç° Ç° Ç° Ç° Ç° Ç°

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Ç° Ç° Ç° Ç°

Ç° Ç° Ç°

5IFÇ°#PBSEÇ°SFHVMBSMZÇ°DPOEVDUTÇ°TFMGÇ°BTTFTTNFOUÇ°GPSÇ°GVUVSFÇ°JNQSPWFNFOU Ç°*OÇ° Ç°UIFÇ°#PBSEÇ°BHSFFEÇ°UPÇ° use the self appraisal form revising by the Nomination and Remuneration Committee based on the GPSNTÇ°SFDPNNFOEFEÇ°CZÇ°4&5Ç°XJUIÇ°TPNFÇ°BEKVTUNFOUÇ°PGÇ°RVFTUJPOOBJSFTÇ°UPÇ°DPWFSÇ°BMMÇ°GBDFUTÇ°PGÇ°CPBSEÇ° QFSGPSNBODFÇ°BOEÇ°UPÇ°Å³UÇ°UIFÇ°$PSQPSBUFÄ´TÇ°CVTJOFTTÇ°DIBSBDUFSJTUJDT Ç°5IFSFÇ°BSFÇ°UXPÇ°QBSUT Ç°UIFÇ°DPMMFDUJWFÇ° BQQSBJTBMÇ°GPSNÇ°BOEÇ°UIFÇ°JOEJWJEVBMÇ°BQQSBJTBMÇ°GPSN Ç°5IFÇ°HSBEJOHÇ°DPEFÇ°JTÇ°Ä¶FYDFMMFOUÄ·Ç°GPSÇ°UIFÇ°TDPSFÇ°PGÇ° Ç° BOEÇ°BCPWF Ç°Ä¶WFSZÇ°HPPEÄ·Ç°GPSÇ°UIFÇ°TDPSFÇ°PGÇ° Ç°BOEÇ°BCPWF Ç°HPPEÇ°GPSÇ°UIFÇ°TDPSFÇ°PGÇ° Ç°BOEÇ°BCPWF Ç°Ä¶GBJSÄ·Ç°GPSÇ° UIFÇ°TDPSFÇ°PGÇ° Ç°BOEÇ°BCPWFÇ°BOEÇ°Ä¶QPPSÄ·Ç°GPSÇ°UIFÇ°TDPSFÇ°CFMPXÇ° Ç°Ç°5IFÇ°SFTVMUÇ°PGÇ°UIFÇ°BQQSBJTBMÇ°JTÇ°DPO cluded as follows Collective Self appraisal 5IFÇ°DPMMFDUJWFÇ°TFMGÇ°BQQSBJTBMÇ°GPSNÇ°DPNQSJTFEÇ° Ç°TFDUJPOT Ç°OBNFMZÇ° Ç°3PMFT Ç°%VUJFTÇ°BOEÇ°3FTQPOTJCJMJUJFTÇ° PGÇ°UIFÇ°#PBSE Ç°3JTLÇ°.BOBHFNFOU Ç°*OUFSOBMÇ°$POUSPM Ç°%VUJFTÇ°BOEÇ°&UIJDBM Ç°BOEÇ°.POJUPSJOHÇ°1FSGPSNBODF Ç° Ç°4USVDUVSFÇ°BOEÇ°2VBMJÅ³DBUJPOÇ°PGÇ°UIFÇ°#PBSEÇ°BOEÇ°*OEFQFOEFOUÇ° Ç°#PBSEÇ°.FFUJOHÇ°BOEÇ°.FFUJOHÇ°1BSUJDJQBUJPOÇ° Ç°5IFÇ°SFMBUJPOTIJQÇ°XJUIÇ°UIFÇ°.BOBHFNFOUÇ° Ç°5IFÇ°&WBMVBUJPO Ç°$PNQFOTBUJPOÇ°PGÇ°EJSFDUPST Ç°DPNNJUUFF Ç° BOEÇ°#PBSEÇ° Ç°5IFÇ°.BOBHFNFOUÇ°&WBMVBUJPOÇ°BOEÇ°$PNQFOTBUJPOÇ°BOEÇ°4VDDFTTJPOÇ°1MBO Ç°5IFÇ°SFTVMUÇ°DBOÇ° CFÇ°DPODMVEFEÇ°UIBUÇ°UIFÇ°#PBSEÇ°QFSGPSNFEÇ°JUTÇ°EVUJFTÇ°JOÇ°DPNQMJBODFÇ°XJUIÇ°UIFÇ°(PPEÇ°(PWFSOBODFÇ°1SJODJQMFÇ° and the Code of Conduct, took part in establishing the Companyâ&#x20AC;&#x2122;s policy, vision, business plan, and BOOVBMÇ°CVEHFU Ç°5IFÇ°TUSVDUVSFÇ°BOEÇ°DPNQPTJUJPOÇ°PGÇ°UIFÇ°#PBSEÇ°XFSFÇ°BQQSPQSJBUFÇ°EJWJEFEMZ Ç°5IFÇ°#PBSEÇ° .FFUJOHÇ°XBTÇ°BSSBOHFEÇ°FGÅ³DJFOUMZ Ç°5IFÇ°BWFSBHFÇ°TDPSFÇ°XBTÇ° Ç°XIJDIÇ°XBTÇ°JOÇ°UIFÇ°FYDFMMFOUÇ°MFWFM Ç°5IFÇ° highlights were as follows: Individual Self Appraisal 5IFÇ° JOEJWJEVBMÇ° BQQSBJTBMÇ° GPSNÇ° DPNQSJTFEÇ° Ç° TFDUJPOT Ç° OBNFMZÇ° Ç° 4USBUFHJDÇ° UIPVHIUÇ° BOEÇ° $PSQPSBUFÇ° (PWFSOBODF Ç° Ç° $PNQFUFODFÇ° BOEÇ° FYQFSJFODFTÇ° JOÇ° $PNQBOZÄ´TÇ° CVTJOFTTÇ° BOEÇ° *OEJWJEVBMÇ° "CJMJUJFT Ç° Ç°*OEFQFOEFOUÇ° Ç°4FMGÇ°1SFQBSBUJPOÇ°BTÇ°EJSFDUPSÇ° Ç°5IFÇ°4FMGÇ°%FWFMPQNFOUÇ°PGÇ°UIFÇ°%JSFDUPS Ç°'SPNÇ°UIFÇ° JOEJWJEVBMÇ°TFMGÇ°BQQSBJTBMT Ç°NPTUÇ°PGÇ°UIFÇ°TDPSFTÇ°XFSFÇ°IJHIFSÇ°UIBOÇ° Ç°XIJDIÇ°DPVMEÇ°CFÇ°DPODMVEFEÇ°UIBUÇ° the directors had appropriate deliberations and contributions in accordance with the recommended best practices. Audit Committee Self Appraisal "QBSUÇ°GSPNÇ°UIFÇ°#PBSE Ç°UIFÇ°"VEJUÇ°$PNNJUUFFÇ°BMTPÇ°BQQSBJTFTÇ°UIFNTFMWFTÇ°BOOVBMMZ Ç°5IFÇ°SFTVMUÇ°PGÇ°UIFÇ°TFMGÇ° BQQSBJTBMÇ°JOÇ° Ç°JOEJDBUFTÇ°UIBUÇ°UIFÇ°DPNQPTJUJPO Ç°RVBMJÅ³DBUJPOTÇ°BOEÇ°SPMFTÇ°BOEÇ°SFTQPOTJCJMJUJFTÇ°PGÇ°UIFÇ° "VEJUÇ°$PNNJUUFFÇ°BSFÇ°TUJMMÇ°JOÇ°MJOFÇ°XJUIÇ°UIFÇ°"VEJUÇ°$PNNJUUFFÄ´TÇ°$IBSUFSÇ°# & Ç° Ç°BOEÇ°UIFÇ°JOUFSOBUJPOBMÇ° best practices.

5.6 Performance Appraisal of President and Top Executives Ç° Ç° Ç° Ç°

"MMÇ°UIFÇ°OPO FYFDVUJWFÇ°EJSFDUPSTÇ°XJMMÇ°BQQSBJTFÇ°UIFÇ°1SFTJEFOUÇ°QFSGPSNBODFÇ°BHBJOTUÇ°UIFÇ°DPSQPSBUFÇ°BOEÇ° individual achievement. Indicators include the following: Ä»Ç° 2VBMJUBUJWFÇ°JOEJDBUPSTÇ°CFJOHÇ°MFBEFSTIJQ Ç°SFMBUJPOTIJQÇ°XJUIÇ°UIFÇ°#PBSE Ç°SJTLÇ°NBOBHFNFOUÇ°BOEÇ°JOUFSOBMÇ° control, human resources management, good corporate governance and Code of Conduct Ä»Ç° $PSQPSBUFÇ°BDIJFWFNFOUTÇ°CBTFEÇ°POÇ°UIFÇ°DPNNJUUFEÇ°,FZÇ°1FSGPSNBODFÇ°*OEJDBUPST Ä»Ç° $BQBCJMJUJFTÇ°UPÇ°FOIBODFÇ°CVTJOFTTÇ°EFWFMPQNFOU

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5IFÇ°/PNJOBUJPOÇ°BOEÇ°3FNVOFSBUJPOÇ°$PNNJUUFFÇ°JTÇ°SFTQPOTJCMFÇ°GPSÇ°FOEPSTJOHÇ°UIFÇ°QFSGPSNBODFÇ°BQQSBJTBMÇ° PGÇ° UIFÇ° TFOJPSÇ° FYFDVUJWFÇ° WJDFÇ° QSFTJEFOUTÇ° BOEÇ° FYFDVUJWFÇ° WJDFÇ° QSFTJEFOUTÇ° CBTFEÇ° POÇ° UIFÇ° JOEJWJEVBMÇ° BDIJFWFNFOUÇ°PGÇ°FBDIÇ°FYFDVUJWF

5.7 Remuneration for Directors and Management Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

EGCO set the directorsâ&#x20AC;&#x2122; remuneration at the appropriate rate which is comparable to that of the leading DPNQBOJFTÇ°JOÇ°UIFÇ°TBNFÇ°TFDUPS Ç°5IFÇ°SFNVOFSBUJPOÇ°DPNQSJTFTÇ°NPOUIMZÇ°SFUBJOFSÇ°GFF Ç°NFFUJOHÇ°BMMPXBODFÇ° BOEÇ°CPOVTÇ°XIJDIÇ°JTÇ°QBJEÇ°PODFÇ°BÇ°ZFBSÇ°BOEÇ°JTÇ°UJFEÇ°XJUIÇ°&($0Ä´TÇ°BDIJFWFNFOU Ç°5IFÇ°/PNJOBUJPOÇ°BOEÇ° 3FNVOFSBUJPOÇ°$PNNJUUFFÇ°TIBMMÇ°SFDPNNFOEÇ°UIFÇ°SFNVOFSBUJPOÇ°GSBNFXPSLÇ°UPÇ°CFÇ°FOEPSTFEÇ°CZÇ°UIFÇ°#PBSEÇ° before proposing to the shareholders. EGCO has a policy to disclose the remuneration of each director GPSÇ°USBOTQBSFODZ Ç°%JSFDUPSTÇ°UIBUÇ°BMTPÇ°TFSWFÇ°BTÇ°DPNNJUUFFÇ°NFNCFSTÇ°XJMMÇ°CFÇ°FOUJUMFEÇ°UPÇ°FYUSBÇ°SFNVOFSBUJPOÇ° to match the increase in responsibilities. Management who serve as directors and committee members shall refrain from taking director remuneration. 5IFÇ° OPO FYFDVUJWFÇ° EJSFDUPSTÇ° TIBMMÇ° TFUÇ°UIFÇ°SFNVOFSBUJPOÇ°PGÇ°UIFÇ°1SFTJEFOUÇ°UBLJOHÇ°JOUPÇ°BDDPVOUÇ° UIFÇ° QFSGPSNBODFÇ°BQQSBJTBMÇ°BOEÇ°UIFÇ°QFFSÇ°QBZNFOU Ç°5IFÇ°#PBSEÇ°BMTPÇ°BQQSPWFTÇ°UIFÇ°QBZÇ°TUSVDUVSFÇ°PGÇ°UIFÇ° $PNQBOZ Ç°&($0Ç°QFSJPEJDBMMZÇ°DPOEVDUTÇ°UIFÇ°TVSWFZÇ°PGÇ°UIFÇ°FYFDVUJWFÇ°SFNVOFSBUJPOÇ°UPÇ°FOTVSFÇ°UIBUÇ°UIFÇ° SBUFÇ°JTÇ°DPNQBSBCMFÇ°UPÇ°UIBUÇ°PGÇ°UIFÇ°QFFSÇ°DPNQBOJFTÇ°BOEÇ°BEFRVBUFÇ°UPÇ°BUUSBDUÇ°BOEÇ°NPUJWBUFÇ°UIFÇ°RVBMJÅ³FEÇ° FYFDVUJWFT Ç°Ç° 5IFÇ°SFNVOFSBUJPOÇ°PGÇ°EJSFDUPSTÇ°BOEÇ°NBOBHFNFOUÇ°JTÇ°EJTDMPTFEÇ°VOEFSÇ°UIFÇ°UPQJDÇ°PGÇ°TIBSFIPMEJOHÇ°BOEÇ° management structure.

5.8 Board and Management Training Ç° Ç°

Ç° Ç° Ç° Ç° Ç° Ç°

5IFÇ° #PBSEÇ° QBZTÇ° BUUFOUJPOÇ° UPÇ° DPOUJOVPVTÇ° EFWFMPQNFOUÇ° PGÇ° EJSFDUPSTÇ° BOEÇ° NBOBHFNFOU Ç° *OÇ° Ç° 5IFÇ°GPMMPXJOHÇ°EFWFMPQNFOUÇ°QMBOÇ°XBTÇ°JNQMFNFOUFEÇ°UPÇ°FOTVSFÇ°FGÅ³DJFODZÇ°BOEÇ°FGGFDUJWFOFTT Director Development Continued development is encouraged for all directors: New Directors: Directorsâ&#x20AC;&#x2122; orientation is arranged where directors will have a chance to meeting with Management. Directorsâ&#x20AC;&#x2122; manual is updated to equip incoming directors with knowledge about EGCO. %JSFDUPSTÇ°BSFÇ°BMTPÇ°FODPVSBHFEÇ°UPÇ°BUUFOEÇ°USBJOJOHÇ°QSPHSBNTÇ°BUÇ°UIFÇ°*OTUJUVUFÇ°PGÇ°5IBJÇ°%JSFDUPSTÇ° Ä¶*0%Ä· Existing Directors:Ç°5IFÇ°#PBSEÇ°FODPVSBHFTÇ°DPOUJOVFEÇ°EFWFMPQNFOUÇ°DPWFSJOHÇ°JO IPVTFÇ°USBJOJOHÇ°BOEÇ° PVUTJEFÇ°USBJOJOHÇ°BUÇ°UIFÇ°*0%Ç°PSÇ°PUIFSÇ°SFMBUJOHÇ°BDBEFNJDÇ°JOTUJUVUFT Ç°*OÇ° Ç°&($0Ç°BSSBOHFEÇ°UIFÇ°MFDUVSFÇ° POÇ°4JHOJÅ³DBOUÇ°4USBUFHJDÇ°QMBOÇ°JOÇ°QSFTFOUÇ°BOEÇ°GVUVSFÇ°BOEÇ°Ç°WJTJUJOHÇ°UPÇ°4PMBSÇ°1PXFSÇ°1MBOUÇ°JOÇ°-PCCVSJÇ°BOEÇ° site visits to overseas power plants to educate our directors on power business and future trend. Company directors are well educated about the Companyâ&#x20AC;&#x2122;s business and their responsibilities as BÇ°EJSFDUPS Ç°5IFÇ°MJTUÇ°PGÇ°EJSFDUPSTÇ°XIPÇ°BUUFOEFEÇ°UIFÇ°DPVSTFTÇ°BUÇ°*0%Ç°BOEÇ°PVUTJEFÇ°JOTUJUVUFTÇ°BTÇ°PGÇ°%FDFNCFSÇ° Ç°JTÇ°TIPXOÇ°JOÇ°5BCMFÇ° Ç° Management Development and Succession Plan &($0Ç°TVQQPSUTÇ°UIFÇ°FYFDVUJWFÇ°EFWFMPQNFOUÇ°QSPHSBNÇ°UPÇ°FOIBODFÇ°.BOBHFNFOUÇ°DBQBDJUJFTÇ°BOEÇ°TLJMMTÇ° to be suitable to perform their duties and to assign the suitable and challenging job.

Corporate Governance Report for 2012

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123

5IFǰ#PBSEǰEFUFSNJOFTǰQPMJDJFTǰBOEǰQSJODJQMFTǰGPSǰTFMFDUJPOǰPGǰUIFǰ1SFTJEFOUǰBOEǰIJTǰTVDDFTTPSǰJOǰUIFǰ event of an emergency or the retirement of the President taking into account educational background, FYQFSJFODF ǰDBQBCJMJUJFT ǰFUIJDTǰBOEǰMFBEFSTIJQ ǰ5IFǰTFMFDUJPOǰQSPDFTTǰJTǰGBJSǰBOEǰUSBOTQBSFOU ǰ5IFǰ /PNJOBUJPOǰBOEǰ3FNVOFSBUJPOǰ$PNNJUUFFǰTIBMMǰDPOTJEFSǰBOEǰQSPQPTFǰUIFǰRVBMJųFEǰDBOEJEBUFTǰUPǰ UIFǰ#PBSE 5IFǰ 1SFTJEFOUǰJTǰFOUSVTUFEǰUPǰTFMFDUǰUIFǰLOPXMFEHFBCMF ǰDPNQFUFOUǰ BOEǰ FYQFSJFODFEǰ FYFDVUJWFTǰ JOǰBDDPSEBODFǰXJUIǰUIFǰRVBMJųDBUJPOTǰFOEPSTFEǰCZǰUIFǰ/PNJOBUJPOǰBOEǰ3FNVOFSBUJPOǰ$PNNJUUFF ǰ 5IFǰBQQSPWBMǰPGǰUIFǰDBOEJEBUFTǰTIBMMǰCFǰBTǰTUBUFEǰJOǰUIFǰ$PNQBOZĴTǰ3FHVMBUJPOǰPOǰ)VNBOǰ3FTPVSDFǰ .BOBHFNFOUǰ# & ǰ ǰBOEǰUIFǰSFTPMVUJPOǰPGǰUIFǰ#PBSEǰBTǰGPMMPXT ǰ Ļǰ 5IFǰ/PNJOBUJPOǰBOEǰ3FNVOFSBUJPOǰ$PNNJUUFFǰTIBMMǰBQQSPWFǰUIFǰBQQPJOUNFOUǰPGǰ4FOJPSǰ&YFDVUJWFǰ ǰ 7JDFǰ 1SFTJEFOU ǰ &YFDVUJWFǰ 7JDFǰ 1SFTJEFOU ǰ BOEǰ OPNJOBUFǰ TFOJPSǰ FYFDVUJWFTǰ PGǰ TVCTJEJBSZ KPJOUǰ venture companies that EGCO has the right to nominate for a position equivalent to EGCO’s EVP level and upward. Ļǰ 5IFǰ1SFTJEFOUǰTIBMMǰBQQPJOUǰUIFǰEJWJTJPOǰBOEǰTFDUJPOǰNBOBHFST Ļǰ 5IFǰBQQPJOUNFOUǰPGǰ$PSQPSBUFǰ4FDSFUBSZǰTIBMMǰCFǰCZǰUIFǰ#PBSEǰXIJMFǰUIFǰBQQPJOUNFOUǰPGǰ%JWJTJPOǰ Manager of Internal Audit shall be endorsed by the Audit Committee 5IFǰ /PNJOBUJPOǰ BOEǰ 3FNVOFSBUJPOǰ $PNNJUUFFǰ IBTǰ BTTJHOFEǰ UIFǰ .BOBHFNFOUǰ UPǰ QSFQBSFǰ UIFǰ TVDDFTTJPOǰ QMBOǰ GPSǰ ǰ LFZǰ QPTJUJPOTǰ BMPOHǰXJUIǰUIFǰFYFDVUJWFǰEFWFMPQNFOUǰQMBOǰUPǰFOTVSFǰUIBUǰ RVBMJųFEǰFNQMPZFFTǰXPVMEǰCFǰTFMFDUFEǰVOEFSǰUIFǰ% 3 * 7 &ǰQFPQMFǰBUUSJCVUFTǰBTǰGPMMPXT D : DFEJDBUJPOǰUPǰ&YDFMMFODFǰ R : Result Oriented I : Initiative and Dynamic V : VBMVFǰ%JGGFSFODFǰBOEǰ8PSLǰBTǰBǰ5FBNǰ E : Environment, Social and Safety Concern 5IFǰ.BOBHFNFOUǰEFWFMPQNFOUǰQMBOǰJTǰQSFQBSFEǰUPǰGPDVTǰPOǰ$PSFǰ$PNQFUFODZ ǰNBOBHFSJBM MFBEFSTIJQǰ DPNQFUFODJFTǰBOEǰGVODUJPOBMǰDPNQFUFODJFT ǰ*Oǰ ǰOVNCFSTǰPGǰUSBJOFFTǰGPSǰFBDIǰDPVSTFǰBSFǰBTǰ shown below: Courses

Executive, Capital Market Academy (“CMA”) %JSFDUPSǰ$FSUJųDBUJPOǰ1SPHSBNǰ Ķ*0%ķ ǰ Executive Development Program (“TLCA”) Management Development Program (“TMA”)

No. of participants

1 2 2

124

Table 1 : Meeting Attendance Meeting (time) No.

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Name

Dr. Pornchai Rujiprapa Chairman Mr. Thanapich Mulapruek Independent Director Mr. Paiboon Siripanoosatien Independent Director Pol. Gen. Pansiri Prapawat1 Independent Director Mr. Pasan Teparak2 Independent Director Mr. Pongstorn Kunanusorn Independent Director Dr. Sorajak Kasemsuvan3 Independent Director Mr. Surasuk Supavitipatana Director Mr. Thawat Vadjanapornsithi4 Director Mr. Kulit Sombatsiri Director Mr. Toshiro Kudama Director Mr. Satochi Yajima5 Director Mr. Hideo Kuramochi6 Director Mr. Shigeru Inano7 Director Mr. Akio Matsusaki Director Mr. Somphot Kanchanaporn Independent Director Mr. Chaipat Sahasakul8 Independent Director

Board Meeting 12 times/year

Audit Committee 14 times/year

Nomination and Remuneration committee 7 times/year

Good Corporate Governance and Corporate social Responsibilities Committee 3 times/year

11/12

7/7

3/3

9/10

3/5

2/2

3/4

2/2

12/12 12/12

Investment Committee 12 times/year

12/12 14/14

7/10

8/10

9/9

7/8

8/9 12/12

10/12

12/12

6/6

11/12

3/3

10/10 12/12

10/10

9/10

9/10 0/1 2/2

4/4

2/2

4/4

5/5

Corporate Governance Report for 2012

125

Meeting (time) No.

18 19 20 21 22

Name

Mr. Hideaki Tomiko Director Mr. Ryota Sakakibara Director Mr. Aswin Kongsiri9 Vice Chairman Pol. Gen. Pijarn Jittirat10 Independent Director Mr. Sahust Pratuknkul President

Board Meeting 12 times/year

Investment Committee 12 times/year

Nomination and Remuneration committee 7 times/year

2/2

1/2

3/3

Audit Committee 14 times/year

2/2

3/3 12/12

12/12

Good Corporate Governance and Corporate social Responsibilities Committee 3 times/year

2/2

1/1

3/3

0/1

7/7

3/3

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Mr. Pornchai Rujiprapa Chairman Mr. Thanapich Mulapruk Independent Director Mr. Phaiboon Siripanoosatien Independent Director Pol. Gen. Pansiri Prapawat Independent Director Mr. Pasan Teparak Independent Director Dr. Sorajak Kasemsuvan Independent Director Mr. Pongstorn Kunanusorn Independent Director Mr. Surasuk Supavitipatana Director Mr. Thawat Vadjanapornsithi Director Mr. Kulit Sombatsiri Director Mr.Hideo Kuramochi Director Mr. Toshiro Kudama Director Mr. Satochi Yajima Director Mr. Shigeru Inano Director Mr. Sahust Pratuknukul President

Directors

Chairman 2000/The Role of Chairman Program

Directorsâ&#x20AC;&#x2122; Successful Audit Financial Accounting Director The Role Certification Formulation Committee Instrument for non- Accradition of the Program and Execution Program for Directors accounting Program Compensation of Strategy Audit (DAP) Committee Committee Program

IFRS

Audit Committee and Continuing Development Program

Courses

Monitoring Monitoring Monitoring The Boardsâ&#x20AC;&#x2122; Monitoring the System Fraud Risk the Quality Role on the Internal of Internal Management of Financial Fraud Audit Control Reporting Presentation Function and Risk and Management Detection

Table 2 List of directors who attending the courses at IOD and outside institutes

Risk it all

126

Accountability for Stakeholders

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1. Fundamental Management, covering two areas of operation: Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

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127

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Accountability for Stakeholders

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2.50

2.75

2.00

2.00 1.25 1.00 1.00

1.25

1.50

1.75

1.25

1.50

2002

2003

2004

2005

2.00

2.25

2.50

2006

2007

2008

2009

2010

2011

2.75

0.00 2001

Interim

2012

Final

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Customers

5IFǰ&($0ǰ(SPVQǰJTǰQSPVEǰPGǰJUTǰSPMF ǰEVUJFTǰBOEǰSFTQPOTJCJMJUJFTǰBTǰBǰ“Power producer and distributor” to UIFǰ&MFDUSJDJUZǰ(FOFSBUJOHǰ"VUIPSJUZǰPGǰ5IBJMBOEǰ &("5 ǰBOEǰDMJFOUTǰGSPNǰUIFǰJOEVTUSJBMǰFTUBUF ǰBOEǰBTǰBǰĶ4FSWJDFǰ QSPWJEFSǰJOǰFOFSHZķǰJOǰUFSNTǰPGǰNBDIJOFǰPQFSBUJPO ǰNBJOUFOBODF ǰFOHJOFFSJOH ǰDPOTUSVDUJPO ǰBOEǰQSPWJEJOHǰ USBJOJOHǰUPǰQPXFSǰQMBOUTǰBOEǰJOEVTUSJBMǰQMBOUT ǰCPUIǰEPNFTUJDBMMZǰBOEǰJOUFSOBUJPOBMMZ ǰ*OǰBEEJUJPO ǰUIFǰ&($0ǰ (SPVQǰVOEFSUBLFTǰUIFǰSFTQPOTJCJMJUZǰBTǰ“Water producer and distributor”ǰUPǰ1SPWJODJBMǰ8BUFSXPSLTǰ"VUIPSJUZǰ 18" ǰBEIFSJOHǰUPǰUIFǰQSJODJQMFǰPGǰ3FMJBCMF ǰ%ZOBNJD ǰBOEǰ)FMQGVMǰJOǰEFMJWFSJOHǰRVBMJUZǰQSPEVDUTǰBOEǰTFSWJDFTǰ BUǰSFBTPOBCMFǰQSJDF ǰXIJMFǰGVSUIFSJOHǰHPPEǰSFMBUJPOT *Oǰ ǰUIFǰ&($0ǰ(SPVQǰDPOUJOVFEǰUPǰHFOFSBUFǰBOEǰEJTUSJCVUFǰRVBMJUZǰFMFDUSJDJUZǰBDDPSEJOHǰUPǰFMFDUSJDBMǰTUBOEBSETǰ BUǰUIFǰRVBOUJUZǰBOEǰUJNFǰDPOEJUJPOǰTQFDJųFEǰCZǰ&("5ǰBOEǰDMJFOUTǰGSPNǰUIFǰJOEVTUSJBMǰFTUBUFǰXJUIǰUIFǰPCKFDUJWFǰ PGǰQSPWJEJOHǰJUTǰDMJFOUTǰXJUIǰTVGųDJFOUǰFMFDUSJDJUZǰUPǰTFSWFǰUIFǰQFPQMFǰBOEǰGPSǰVTFǰJOǰUIFJSǰEBJMZǰPQFSBUJPOTǰ XJUIǰUIFǰBWBJMBCJMJUZǰQBZNFOUǰIJHIFSǰUIBOǰUIFǰTQFDJųFEǰDSJUFSJBǰTUBUFEǰJOǰUIFǰ1PXFSǰ1VSDIBTFǰ"HSFFNFOUǰBOEǰ IJHIFSǰUIBOǰUIFǰBOOVBMǰUBSHFU ǰ/POFUIFMFTT ǰUIFǰ&($0ǰ$PHFOǰ1PXFSǰ1MBOUǰIBEǰUIFǰBWBJMBCJMJUZǰQBZNFOUǰGPSǰ JUTǰEBJMZǰPQFSBUJPOTǰTMJHIUMZǰMPXFSǰUIBOǰUIFǰTQFDJųFEǰDSJUFSJBǰTUBUFEǰJOǰUIFǰ1PXFSǰ1VSDIBTFǰ"HSFFNFOUǰBOEǰ UIFǰBOOVBMǰUBSHFUǰEVFǰUPǰUIFǰEBNBHFǰPGǰQMBOUĴTǰFRVJQNFOUǰPOǰ'FCSVBSZǰ ǰ ǰDBVTFEǰUIFǰQMBOUǰPQFSBUFEǰ BUǰUIFǰMPXFSǰPGǰJUTǰOPSNBMǰPQFSBUJPO ǰ5IJTǰJODJEFOUǰMFEǰUPǰUIFǰPQFSBUJOHǰSFTVMUǰJOǰEFDSFBTFǰQSPEVDUJWJUZ ǰ 5IFǰQMBOUǰCFHBOǰOPSNBMǰPQFSBUJOHǰPOǰ0DUPCFSǰ ǰ Power Plant Rayong Power Plant Khanom Power Plant Roi-Et Green Power Plant EGCO Cogen

Availability Payment 2011 (percent) Annual target

achieved

92.86 83.49 88.94 65.90

94.54 88.44 89.73 63.66

Accountability for Stakeholders

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Trading Partners and Competitors

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Community and Society

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1. Promotion and Development of “Quality of Community Life” ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ

8JUIǰQBSUJDVMBSǰBUUFOUJPOǰCFJOHǰHJWFOǰUPǰUIFǰDPNNVOJUZǰJOǰUIFǰBSFBTǰBSPVOEǰUIFǰIFBERVBSUFSTǰBOEǰQPXFSǰ QMBOUT ǰUIFǰ&($0ǰ(SPVQǰXPSLTǰXJUIǰDPNNVOJUJFTǰUPǰQSFTFSWFǰUIFǰFOWJSPONFOUǰBOEǰEFWFMPQǰQSPKFDUTǰDPWFSJOHǰ UIFǰBSFBTǰPGǰFEVDBUJPOǰQSPGFTTJPO ǰBOEǰTBOJUBUJPOǰGPSǰUIFǰHPPEǰRVBMJUZǰPGǰMJGFǰPGǰQFPQMFǰJOǰUIFǰDPNNVOJUJFT "ǰNBKPSǰQSPKFDUǰJOǰ ǰXBTǰUIFǰ“6thǰ/FXǰ)PNFǰGPSǰ6OEFSTFBǰ-JWJOHTǰ "SUJųDJBMǰ3FFGT ǰ1SPKFDUķǰCZǰ,IBOPNǰ 1PXFSǰ1MBOUǰVOEFSǰUIFǰ&($0ǰ(SPVQǰJOǰDPMMBCPSBUJPOǰXJUIǰUIFǰQVCMJDǰBOEǰQSJWBUFǰTFDUPSTǰJOǰ"NQIPFǰ,IBOPN ǰ /BLIPOǰ4Jǰ5IBNNBSBU ǰXIFSFCZǰDPOUBJOFSTǰXFSFǰMBJEǰBTǰBSUJųDJBMǰSFFG ǰ5IJTǰQSPKFDUǰTUBSUFEǰJOǰ ǰUPǰ NBSLǰUIFǰ thǰ#JSUIEBZǰ"OOJWFSTBSZǰPGǰ)JTǰ.BKFTUZǰUIFǰ,JOHǰBOEǰMBTUFEǰVOUJMǰ ǰ%VSJOHǰJUTǰTJYǰZFBSTǰ PGǰPQFSBUJPO ǰBǰUPUBMǰPGǰ ǰDPOUBJOFSTǰXFSFǰMBJEǰVOEFSǰUIFǰTFB .PSFPWFS ǰUIFǰ&($0ǰ(SPVQǰXPSLFEǰUPHFUIFSǰXJUIǰUIFǰ.JOJTUSZǰPGǰ&OFSHZǰBOEǰ5IBJMBOEǰ&OWJSPONFOUǰ *OTUJUVUFǰUPǰJNQSPWFǰUIFǰĶ#BOǰ,PIǰ1BMVBJǰ4DIPPMĴTǰMFBSOJOHǰDFOUFSǰGPSǰFOWJSPONFOUǰBOEǰDMFBOǰFOFSHZķ CVJMEJOHǰBTǰQBSUǰPGǰUIFǰ(SFFOǰ4DIPPMǰ1SPKFDUǰVOEFSǰUIFǰQSPKFDUǰDPODFSOJOHǰUIFǰNPEFMǰDMFBOǰFOFSHZǰ JTMBOEǰCZǰUIFǰ%FQBSUNFOUǰPGǰ"MUFSOBUJWFǰ&OFSHZǰ%FWFMPQNFOUǰBOEǰ&GųDJFODZǰ %&%& ǰUIFǰ.JOJTUSZǰPGǰ&OFSHZ ǰ 5IJTǰQSPKFDUǰUPPLǰQMBDFǰPOǰ1BMVBJǰ*TMBOE ǰ4VSBUǰ5IBOJǰXJUIǰUIFǰPCKFDUJWFǰPGǰEFWFMPQJOHǰBOEǰFOIBODJOHǰ UIFǰFEVDBUJPOBMǰTUSFOHUIǰGPSǰUIFǰ,PIǰ1BMVBJǰDPNNVOJUZ

131

132

2. Promotion of Learning for Energy and Environment among â&#x20AC;&#x153;Youthâ&#x20AC;? ... the Beginning of the Sustainable Development of Society

Ç°

Ç° Ç° Ç° Ç° Ç° Ç° Ç°

The EGCO Group believes that for the learning and creation of awareness regarding the preservation of energy and environment to last sustainably, it is vital to build understanding starting right from â&#x20AC;&#x153;childhoodâ&#x20AC;?, when learning ĹłSTUÇ°CFHJOT Ç°5IFÇ°&($0Ç°(SPVQÇ°CSBJOTUPSNTÇ°BOEÇ° collaborates with children, youths, teachers, and experts in child development and the environment in producing instructional media and improving activities for children and youths from primary and secondary to university levels PGÇ°FEVDBUJPO The How to Fight Global Warming with Sustainable Living Project, operating since 2007, has been developed in 2012 to become a collaboration in promoing learning of energy and environment under the concept â&#x20AC;&#x153;Energy for Lifeâ&#x20AC;ŚHow to Fight Global Warming with Sustainable Livingâ&#x20AC;? between UIFÇ°&($0Ç°(SPVQ Ç°UIFÇ°&OFSHZÇ°1PMJDZÇ°BOEÇ°1MBOOJOHÇ°0GĹłDFÇ° &110 Ç°UIFÇ°.JOJTUSZÇ°PGÇ°&OFSHZ Ç°UIFÇ°0GĹłDFÇ°PGÇ° UIFÇ°#BTJDÇ°&EVDBUJPOÇ°$PNNJTTJPOÇ° 0#&$ Ç°UIFÇ°.JOJTUSZÇ°PGÇ°&EVDBUJPO Ç°BOEÇ°5IBJMBOEÇ°&OWJSPONFOUÇ°*OTUJUVUF Ç° The aim is to encourage, among Thai children and youths, well-rounded learning about the sources BOEÇ°WBMVFÇ°PGÇ°FOFSHZ Ç°FTQFDJBMMZÇ°FMFDUSJDBMÇ°FOFSHZ Ç°XIJDIÇ°JOÇ°UVSOÇ°XJMMÇ°MFBEÇ°UPÇ°BÇ°NPSFÇ°FGĹłDJFOUÇ°VTFÇ°PGÇ° FOFSHZ Ç°'VSUIFSNPSF Ç°DPOTDJPVTOFTTÇ°BTÇ°SFHBSETQSFTFSWBUJPOÇ°PGÇ°FOFSHZÇ°BOEÇ°FOWJSPONFOUÇ°JTÇ°QSPNPUFEÇ° JOÇ°PSEFSÇ°UPÇ°BMUFSÇ°UIFÇ°XBZÇ°PGÇ°UIJOLJOHÇ°BOEÇ°TVQQPSUÇ°BÇ°TVTUBJOBCMFÇ°BOEÇ°TVGĹłDJFOUÇ°XBZÇ°PGÇ°MJGFÇ°BDDPSEJOHÇ°UPÇ° UIFÇ°QIJMPTPQIZÇ°PGÇ°TVGĹłDJFODZÇ°FDPOPNZ Ç°5IFÇ°HPBMÇ°JTÇ°UPÇ°DSFBUFÇ°Äś.PEFMÇ°UFBDIFSTÄˇÇ°BOEÇ°BUÇ°MFBTUÇ° Ç°Äś.PEFMÇ° TDIPPMTÄˇÇ°BDSPTTÇ°UIFÇ°DPVOUSZÇ°CZÇ°

3. Preservation of â&#x20AC;&#x153;Watershed Forestâ&#x20AC;? â&#x20AC;Ś Origin of Life, Beginning of Energy Ç° 3FBMJ[JOHÇ°UIFÇ°TJHOJĹłDBODFÇ°PGÇ°UIFÇ°DPOTFSWBUJPOÇ°PGÇ°BÇ°XBUFSTIFEÇ°GPSFTUÇ°BTÇ°JUÇ°JTÇ°BÇ°TPVSDFÇ°PGÇ°PSJHJOÇ°BOEÇ°SFOFXBMÇ° Ç° PGÇ°OBUVSBMÇ°XBUFS Ç°BOÇ°PSJHJOÇ°PGÇ°SJWFSTÇ°BOEÇ°TUSFBNT Ç°BOEÇ°BOÇ°FTTFOUJBMÇ°GBDUPSÇ°JOÇ°MJWJOHÇ°MJGF Ç° *OÇ° Ç°UIFÇ°&($0Ç°(SPVQ Ç°UIFÇ°5IBJÇ°'PSFTUÇ°$POTFSWBUJPOÇ°'PVOEBUJPOÇ°BOEÇ°.BFÇ°+PÇ°6OJWFSTJUZ Ç°$IJBOHÇ°.BJÇ° joined hand in hand to develop the 4th model mini hydro power plant at Hak Gia Village, Amphoe Ç° +PNÇ°5IPOH Ç°$IJBOHÇ°.BJÇ°BTÇ°QBSUÇ°PGÇ°"Ç°8BUFSTIFEÇ°'PSFTU Ç°"Ç°4PVSDFÇ°PGÇ°&OFSHZÇ°GPSÇ°-JGFÇ°1SPKFDU Ç°5IJTÇ°QSPKFDUÇ° Ç° JTÇ°BÇ°DPMMBCPSBUJPOÇ°CFUXFFOÇ°UIFÇ°%FQBSUNFOUÇ°PGÇ°"MUFSOBUJWFÇ°&OFSHZÇ°%FWFMPQNFOUÇ°BOEÇ°&GĹłDJFODZÇ° %&%& Ç° Ç° UIFÇ°.JOJTUSZÇ°PGÇ°&OFSHZÇ°BOEÇ°UIFÇ°&$(0Ç°(SPVQÇ°BOEÇ°IBTÇ°CFFOÇ°VOEFSXBZÇ°TJODFÇ° Ç°XJUIÇ°UIFÇ°PCKFDUJWFÇ°PGÇ° Ç° EFWFMPQJOHÇ°TJYÇ°DPNNVOJUZÇ°NJOJÇ°IZESPÇ°QPXFSÇ°QMBOUTÇ°GPSÇ°DPNNVOJUJFTÇ°JOÇ°UIFÇ°XBUFSTIFEÇ°GPSFTU

Accountability for Stakeholders

Ç° Ç° Ç° Ç°

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Mass media

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1. Investment Expansion Risk Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

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137

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2. Risk from Project Construction Ç° Ç° Ç° Ç° Ç° Ç°

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Risk Factors

4. Financial Risks Ç° Ç° Ç° Ç° Ç° Ç°

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5. Compliance Risk Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

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141

142

Management Discussion and Analysis For the Annual Operating Results Ended December 31, 2012 Note:Ç° 5IJTÇ°.BOBHFNFOUÇ°%JTDVTTJPOÇ°BOEÇ°"OBMZTJTÇ° .% " Ç°XBTÇ°NBEFÇ°UPÇ°EJTDMPTFÇ°JOGPSNBUJPOÇ°BOEÇ°UIFÇ°WJTJPOÇ° PGÇ°UIFÇ°NBOBHFNFOUÇ°JOÇ°PSEFSÇ°UPÇ°BTTJTUÇ°JOWFTUPSTÇ°UPÇ°CFUUFSÇ°VOEFSTUBOEÇ°UIFÇ°DPNQBOZÄ´TÇ°Å³OBODJBMÇ°TUBUVT BOEÇ°PQFSBUJPO Ç°*UÇ°BMTPÇ°TVQQPSUTÇ°UIFÇ°Ä¶(PPEÇ°$PSQPSBUFÇ°(PWFSOBODFÇ°1SPKFDUÄ·Ç°PGÇ°UIFÇ°4FDVSJUJFTÇ°BOE Ç°Ç° &YDIBOHFÇ°$PNNJTTJPOÇ° 4&$ Ç° Ç° "OÇ°&OHMJTIÇ°WFSTJPOÇ°PGÇ°UIFÇ°.% "Ç°IBTÇ°CFFOÇ°QSFQBSFEÇ°GSPNÇ°UIFÇ°5IBJÇ°WFSTJPO Ç°*OÇ°UIFÇ°FWFOUÇ°PGÇ°BÇ°DPOÅ´JDUÇ° PSÇ°BÇ°EJGGFSFODFÇ°JOÇ°JOUFSQSFUBUJPOÇ°CFUXFFOÇ°UIFÇ°UXPÇ°MBOHVBHFT Ç°UIFÇ°5IBJÇ°WFSTJPOÇ°TIBMMÇ°QSFWBJM Ç° Ç° 5IFÇ°PCKFDUJWFÇ°PGÇ°UIJTÇ°.% "Ç°JTÇ°UPÇ°QSFTFOUÇ°UIFÇ°JOGPSNBUJPOÇ°BOEÇ°UIFÇ°FYQMBOBUJPOÇ°PGÇ°Å³OBODJBMÇ°TUBUVT Ç°Ç° BOEÇ°PQFSBUJOHÇ°SFTVMUTÇ°BTÇ°PGÇ°UIFÇ°EBUFÇ°IFSFPG Ç°)PXFWFS Ç°UIFÇ°JOGPSNBUJPOÇ°QSPWJEFEÇ°JOÇ°UIJTÇ°.% "Ç°NBZÇ° WBSZÇ°JGÇ°BOZÇ°GBDUPSTÇ°PSÇ°TJUVBUJPOÇ°BSFÇ°DIBOHFEÇ°JOÇ°UIFÇ°GVUVSF Ç°UIFÇ°JOWFTUPSTÇ°BSF Ç°UIFSFGPSF Ç°SFRVJSFE Ç° Ç° UPÇ°IBWFÇ°UIFJSÇ°PXOÇ°EJTDSFUJPOÇ°SFHBSEJOHÇ°UIFÇ°VTBHFÇ°PGÇ°UIJTÇ°JOGPSNBUJPOÇ°GPSÇ°BOZÇ°QVSQPTF Ç°'PSÇ°GVSUIFS Ç° Ç° EFUBJM Ç°QMFBTFÇ°DPOUBDUÇ°*OWFTUPSÇ°3FMBUJPOTÇ°4FDUJPOÇ°PGÇ°UIFÇ°&MFDUSJDJUZÇ°(FOFSBUJOHÇ°1VCMJDÇ°$PNQBOZÇ°-JNJUFEÇ° BUÇ°5FM Ç° Ç°PSÇ°&NBJM Ç°JS!FHDP DPN

Management Discussion and Analysis

1. Economy and Industry affecting to the buisness operation Ç° 5IFÇ°BNPVOUÇ°PGÇ°FMFDUSJDJUZÇ°VTFEÇ°JOÇ° Ç°XBTÇ° Ç°(8I Ç°JODSFBTJOHÇ°CZÇ° Ç°(8IÇ°PSÇ° Ç°GSPN UIFÇ°ZFBSÇ° Ç°5IJTÇ°XBTÇ°DBVTFEÇ°CZÇ°FDPOPNJDÇ°HSPXUIÇ°BGUFSÇ°UIFÇ°Å´PPEÇ°EJTBTUFSÇ°JOÇ° Ç°*OÇ°BEEJUJPO Ç°UIFSFÇ° XFSFÇ°TVQQPSUJOHÇ°QPMJDJFTÇ°PGÇ°UIFÇ°(PWFSONFOUÇ°BOEÇ°GBWPVSBCMFÇ°Å³OBODJBMÇ°TJUVBUJPO Ç°"MUIPVHIÇ°UIFÇ°SFDFTTJPOÇ° PGÇ°HMPCBMÇ°FDPOPNZÇ°IBEÇ°BOÇ°JNQBDUÇ°POÇ°5IBJÇ°FDPOPNZ Ç°JUÇ°BGGFDUFEÇ°POMZÇ°FYQPSUÇ°BOEÇ°QSPEVDUJPOÇ°GPSÇ°FYQPSU Ç° 5IFSFGPSF Ç°UIFÇ°QFBLÇ°EFNBOEÇ°PGÇ°FMFDUSJDJUZÇ°VTBHFÇ°JOÇ° Ç°XBTÇ° Ç°.8 Ç°SJTJOHÇ°CZÇ° Ç°.8Ç°PSÇ° Ç° GSPNÇ°UIFÇ°ZFBSÇ° Ç° Ç°.8 Ç°5IJTÇ°JTÇ°CFDBVTFÇ°PGÇ°UIFÇ°IJHIFSÇ°QPXFSÇ°DPOTVNQUJPOÇ°BDDPSEJOHÇ°UPÇ°UIFÇ° FNFSHJOHÇ° FDPOPNZ Ç° *OÇ° Ç° &($0Ç° DPVMEÇ° HFOFSBUFÇ° FMFDUSJDJUZÇ° XIJDIÇ° IJHIFSÇ° UIBOÇ° UIFÇ° $PNQBOZÄ´TÇ° QSPKFDUJPOÇ°CZÇ° Ç°(8IÇ°PSÇ° Ç°5IJTÇ°MFEÇ°UPÇ°BOÇ°JODSFBTFÇ°JOÇ°FMFDUSJDJUZÇ°TBMFT Total electricity usage, 2011 - 2012 27,000 26,000 25,000 MW

24,000 2011 2012

23,000 22,000 21,000 20,000

Jan

Feb

Mar

Apr

May

Source:Ç°&MFDUSJDJUZÇ°(FOFSBUJOHÇ°"VUIPSJUZÇ°PGÇ°5IBJMBOE

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Management Discussion and Analysis

2. Significant events in 2012 ǰ ǰ ǰǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ

ǰ 5IFǰQVSDIBTFǰPGǰPQFSBUJOHǰBTTFUT ǰ Ļǰ 0Oǰ+BOVBSZǰ ǰ ǰ&($0ǰBDRVJSFEǰ ǰTUBLFTǰJOǰ411 ǰ$PNQBOZǰ-JNJUFEǰ 411 ǰGSPNǰ.&.$ ǰǰ ǰ 4JOHBQPSFǰ1UFǰ-UE ǰ411 ǰPXOTǰBOEǰEFWFMPQTǰTPMBSǰQPXFSǰQMBOUǰQSPKFDUǰXJUIǰJOTUBMMFEǰDBQBDJUZ ǰ ǰ PGǰ ǰ.8 ǰ411 ǰMPDBUFEǰJOǰUIFǰCPVOEBSZǰCFUXFFOǰ4SJTBLFUǰQSPWJODFǰBOEǰ6CPOǰ3BUDIBUBOJǰQSPWJODF ǰ ǰ ǰ IBTǰFOUFSFEǰJOUPǰUIFǰ1PXFSǰ1VSDIBTFǰ"HSFFNFOUǰ 11" ǰXJUIǰUIFǰ1SPWJODJBMǰ&MFDUSJDJUZǰ"VUIPSJUZǰ ǰ ǰ 1&" ǰVOEFSǰUIFǰWFSZǰTNBMMǰQPXFSǰQSPEVDFSǰTDIFNF ǰ5IFǰQSPKFDUǰJTǰTVCTJEJ[FEǰXJUIǰBOǰBEEFSǰPGǰ ǰ ǰ ǰCBIUǰQFSǰ,8IǰGPSǰ ǰZFBSTǰGSPNǰUIFǰ1PXFSǰ%FQBSUNFOUǰ'VOEǰ.BOBHFNFOUǰ%JWJTJPO ǰ0GųDFǰPG ǰ ǰ UIFǰ&OFSHZǰ3FHVMBUPSZǰ$PNNJTTJPOǰ 0&3$ ǰ*OǰBEEJUJPO ǰUIFǰQMBOUǰJTǰUIFǰųSTUǰQSJWBUFǰTPMBSǰQPXFSǰ ǰ ǰ QSPKFDUǰFRVJQQFEǰXJUIǰUIFǰUSBDLJOHǰTZTUFN ǰ5IFǰDPNNFSDJBMǰPQFSBUJPOǰXBTǰPOǰ+BOVBSZǰ ǰ ǰ Ļǰ 0Oǰ'FCSVBSZǰ ǰ ǰ&($0ǰBDRVJSFEǰ ǰTUBLFTǰJOǰ411 ǰ$PNQBOZǰ-JNJUFEǰ 411 ǰGSPNǰ ǰ ǰ .&.$ǰ4JOHBQPSFǰ1UFǰ-UE ǰ411 ǰPXOTǰBOEǰEFWFMPQTǰTPMBSǰQPXFSǰQMBOUǰQSPKFDUǰXJUIǰJOTUBMMFE ǰ ǰ DBQBDJUZǰPGǰ ǰ.8 ǰ411 ǰMPDBUFEǰJOǰ4SJTBLFUǰQSPWJODF ǰIBTǰFOUFSFEǰJOUPǰ11"ǰXJUIǰ1&"ǰVOEFSǰUIFǰ ǰ ǰ WFSZǰTNBMMǰQPXFSǰQSPEVDFSǰTDIFNF ǰ5IFǰQSPKFDUǰJTǰTVCTJEJ[FEǰXJUIǰBOǰBEEFSǰPGǰ ǰCBIUǰQFSǰ,8Iǰ ǰ ǰ GPSǰ ǰZFBSTǰGSPNǰUIFǰ0&3$ ǰ*OǰBEEJUJPO ǰUIFǰQMBOUǰJTǰFRVJQQFEǰXJUIǰUIFǰUSBDLJOHǰTZTUFNǰXJUIǰ ǰ ǰ DPNNFSDJBMǰPQFSBUJPOǰPOǰ'FCSVBSZǰ ǰ ǰ Ļǰ 0Oǰ.BSDIǰ ǰ ǰ&($0ǰBDRVJSFEǰ ǰTUBLFTǰJOǰ( 1PXFSǰ4PVSDFǰ$PNQBOZǰ-JNJUFEǰ (14 ǰGSPNǰ ǰ ǰ (VOLVMǰ&OHJOFFSJOHǰ1VCMJDǰ$PNQBOZǰ-JNJUFE ǰ(14ǰJTǰBǰTPMBSǰQPXFSǰHFOFSBUPSǰXIJDIǰIBTǰCFFOǰ ǰ ǰ BXBSEFEǰ ǰ11"TǰXJUIǰDBQBDJUZǰPGǰ ǰ.8ǰFBDI ǰUPUBMJOHǰ ǰ.8 ǰGSPNǰ1&" ǰ(14ǰJTǰTVCTJEJ[FEǰ ǰ ǰ XJUIǰBOǰBEEFSǰPGǰ ǰCBIUǰQFSǰ,8IǰGPSǰ ǰZFBSTǰGSPNǰUIFǰ0&3$ ǰ(14ǰIBTǰTUBSUFEǰTVQQMZJOHǰUIFǰ ǰ ǰ FMFDUSJDJUZǰUPǰ1&"ǰJOǰUIFǰCFHJOOJOHǰPGǰ.BSDIǰ ǰBDDPSEJOHǰUPǰ ǰ11"TǰGSPNǰUIFǰGPMMPXJOHǰTPMBSǰ ǰ ǰ QPXFSǰQMBOUTǰOBNFMZǰ5Bǰ,IJUǰ4PMBSǰ1PXFSǰ1SPKFDUTǰJOǰ/BLIPOǰ4BXBOǰQSPWJODF ǰ5Bǰ4BOHǰ4PMBSǰ ǰ ǰ 1PXFSǰ1SPKFDUǰJOǰ/BLIPOǰ4BXBOǰQSPWJODF ǰBOEǰ%POHǰ,IPOǰ4PMBSǰ1PXFSǰ1SPKFDUǰJOǰ$IBJǰ/BUǰQSPWJODF ǰ ǰ ǰ 5IFǰDPNNFSDJBMǰPQFSBUJPOǰPGǰUIFǰ thǰ4PMBSǰ1PXFSǰ1MBOU ǰ#VFOHǰ4BNǰ1BOǰ4PMBSǰ1PXFSǰ1SPKFDUǰ ǰ ǰ JOǰ1FUDIBCPPOǰQSPWJODF ǰXBTǰPOǰ'FCSVBSZǰ ǰ ǰ ǰ Ļǰ 0Oǰ.BZǰ ǰ ǰ&($0ǰBDRVJSFEǰBOǰBEEJUJPOBMǰ ǰJOǰ2VF[POǰ1PXFSǰ 1IJMJQQJOFT ǰ-JNJUFEǰ ǰ ǰ $P ǰ 2VF[PO ǰBOEǰ ǰPXOFSTIJQǰJOUFSFTUǰJOǰ2VF[POǰ.BOBHFNFOUǰ4FSWJDFTǰ*OD ǰ 2.4 ǰ OBNFǰ ǰ ǰ DIBOHFEǰGSPNǰ*OUFS(FOǰ.BOBHFNFOUǰ4FSWJDFTǰ 1IJMJQQJOFT ǰ-UE ǰ *.4

ǰ2VF[POǰPXOT ǰPQFSBUFT ǰǰ ǰ BOEǰNBJOUBJOTǰBǰ ǰ.8ǰ HSPTT ǰDPBMǰųSFEǰFMFDUSJDǰHFOFSBUJPOǰBOEǰUSBOTNJTTJPOǰGBDJMJUZǰJOǰUIFǰ ǰ ǰ 3FQVCMJDǰPGǰUIFǰ1IJMJQQJOFT ǰ2.4ǰQSPWJEFTǰQSPKFDUǰNBOBHFNFOUǰBOEǰBENJOJTUSBUJWFǰTFSWJDFTǰ ǰ ǰ BOEǰTVQQPSUǰUPǰ2VF[POǰVOEFSǰBǰMPOH UFSNǰ1SPKFDUǰ.BOBHFNFOUǰ4FSWJDFǰ"HSFFNFOU ǰ5IFǰBDRVJTJUJPOǰ ǰ ǰ XFSFǰDPNQMFUFEǰPOǰ+VOFǰ ǰ ǰ Ļǰ 0Oǰ.BZǰ ǰ ǰ&($0ǰJOWFTUFEǰJOǰBǰ#JPEJFTFMǰ1MBOUǰUISPVHIǰUIFǰBDRVJTJUJPOǰPGǰ ǰTUBLFTǰJOǰ ǰ ǰ "CTPMVUFǰ1PXFSǰ1ǰ$P ǰ-UE ǰ "11$ ǰ5IFǰ#JPEJFTFMǰ1MBOUǰJTǰMPDBUFEǰJOǰ3PKBOBǰ*OEVTUSJBMǰ1BSL ǰǰ ǰ 3BZPOHǰQSPWJDF ǰ5IFǰUPUBMǰDBQBDJUZǰPGǰUIJTǰQSPKFDUǰJTǰ ǰMJUSFTǰQFSǰEBZǰ ǰUPOTǰQFSǰ ǰ ǰ ZFBS ǰ5IFǰQSPKFDUǰIBTǰPQFSBUFEǰTJODFǰ0DUPCFSǰ ǰ ǰ Ļǰ 0Oǰ.BZǰ ǰ ǰ&($0ǰBDRVJSFEǰ ǰTUBLFTǰJOǰ411 ǰ$PNQBOZǰ-JNJUFEǰ 411 ǰGSPNǰ4VO&EJTPOǰ ǰ ǰ &OFSHZǰ)PMEJOHǰ 4JOHBQPSF ǰ1UF ǰ-UE ǰ411 ǰPXOTǰBOEǰEFWFMPQTǰUIFǰTPMBSǰQPXFSǰQMBOUǰQSPKFDUǰ ǰ ǰ XJUIǰUIFǰDBQBDJUZǰPGǰ ǰ.8 ǰ411 ǰMPDBUFEǰJOǰ4BSBCVSJǰQSPWJODF ǰIBTǰFOUFSFEǰJOUPǰUIFǰ11"ǰXJUI ǰǰ ǰ 1&"ǰVOEFSǰUIFǰWFSZǰTNBMMǰQPXFSǰQSPEVDFSǰTDIFNF ǰ5IFǰQSPKFDUǰJTǰTVCTJEJ[FEǰXJUIǰBOǰBEEFSǰPGǰ ǰ ǰ ǰCBIUǰQFSǰ,8IǰGPSǰ ǰZFBSTǰGSPNǰUIFǰ0&3$ ǰ5IFǰDPNNFSDJBMǰPQFSBUJPOǰXBTǰPOǰ.BZǰ ǰ ǰ ǰ ǰ 5IFǰBDRVJTJUJPOǰXFSFǰDPNQMFUFEǰPOǰ+VOFǰ ǰ ǰ Ļǰ 0Oǰ+VOFǰ ǰ ǰ&($0ǰBDRVJSFEǰ ǰTUBLFTǰJOǰ411 ǰ$PNQBOZǰ-JNJUFEǰ 411 ǰGSPNǰ4VO&EJTPOǰ ǰ ǰ &OFSHZǰ)PMEJOHǰ 4JOHBQPSF ǰ1UF ǰ-UE ǰ411 ǰPXOTǰBOEǰEFWFMPQTǰUIFǰTPMBSǰQPXFSǰQMBOUǰQSPKFDUǰ

143

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Management Discussion and Analysis

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Management Discussion and Analysis

147

5. Report and Analysis of the Operating Results Ç°Ç° 5IFÇ°BOBMZTJTÇ°PGÇ°UIFÇ°Å³OBODJBMÇ°TUBUFNFOUTÇ°PGÇ°&($0Ç°JTÇ°BTÇ°GPMMPXT 4VNNBSZÇ°PGÇ°PQFSBUJOHÇ°SFTVMUTÇ°CFGPSFÇ°'9Ç°GPSÇ°UIFÇ°ZFBSÇ° Power Generation Others 2012 Total Revenues Total Expenses 4IBSFÇ°PGÇ°1SPÅ³UÇ° -PTT Ç° NCI* before FX 1SPÅ³UÇ° -PTT Ç°CFGPSFÇ°'9Ç° FX 1SPÅ³UÇ° MPTT Ç°BGUFSÇ°'9Ç° Gain on business combination /FUÇ°1SPÅ³UÇ° MPTT Ç°

2011

2012

13,346 7,451 (12,817) (7,301) Ç° Ç° (19) (93) Ç° Ç° 741 (324) Ç° Ç° 4,182 Ç° Ç°

1,126 (801) Ç° (40) Ç° (4) Ç° Ç°

6OJUÇ° Ç°.JMMJPOÇ°#BIUÇ°

Total

2011

2012

658 14,472 (456) (13,618) Ç° Ç° (41) (59) Ç° Ç° 13 737 Ç° Ç° 4,182 Ç° Ç°

Change 2011

Increase/ (Decrease)

8,109 (7,757) Ç° (134) Ç° (311) Ç° Ç°

6,363 5,861 Ç° (75) Ç° 1,048 Ç° 4,182 Ç°

78% 76% (56%) 337% 100%

* NCI: Non-Controlling Interest

Ç° Ç° Ç° Ç°

1SPÅ³UÇ°GSPNÇ°PQFSBUJOHÇ°PGÇ°&($0Ç°(SPVQÇ°CFGPSFÇ°'9Ç°BOEÇ°BDDPVOUJOHÇ°HBJOÇ°POÇ°CVTJOFTTÇ°DPNCJOBUJPOÇ°GPSÇ°UIFÇ° ZFBSÇ° Ç°XBTÇ° Ç°NJMMJPOÇ°CBIU Ç°JODSFBTFEÇ° Ç°NJMMJPOÇ°CBIUÇ°DPNQBSFEÇ°UPÇ°UIFÇ°ZFBSÇ° Ç°XIJDIÇ°DBNFÇ° GSPNÇ°BOÇ°JODSFBTFÇ°JOÇ°QPXFSÇ°HFOFSBUJPOÇ°CVTJOFTTÇ°PGÇ° Ç°NJMMJPOÇ°CBIUÇ°BOEÇ°PUIFSÇ°CVTJOFTTFTÇ°PGÇ° Ç°NJMMJPOÇ° CBIU Ç°4FFÇ°NPSFÇ°EFUBJMTÇ°JOÇ° Ç°BOEÇ° Ç°BTÇ°GPMMPXT Ç° 5IFÇ°"OBMZTJTÇ°PGÇ°UIFÇ°0QFSBUJOHÇ°SFTVMUTÇ°JOÇ°1PXFSÇ°(FOFSBUJPOÇ°CVTJOFTT Ç° Ç° 1SPÅ³UÇ°CFGPSFÇ°'9Ç°GPSÇ°UIFÇ°ZFBSÇ° Ç°JOÇ°QPXFSÇ°HFOFSBUJPOÇ°CVTJOFTTÇ°JODSFBTFEÇ°GSPNÇ°UIFÇ°ZFBSÇ° Ç°PG Ç°Ç° Ç° Ç°NJMMJPOÇ°CBIU Ç°.BJOMZÇ°EVFÇ°UPÇ°PQFSBUJOHÇ°SFTVMUTÇ°PGÇ°2VF[PO Ç°(1( Ç°/&%Ç°BOEÇ°3BZPOHÇ°QPXFSÇ°QMBOUÇ° Ç° Ç° JODSFBTFE Ç°XIJMFÇ°UIFÇ°PQFSBUJOHÇ°SFTVMUTÇ°GSPNÇ°,&($0 Ç°&($0Ç°$PHFOÇ°BOEÇ°(&$Ç°EFDSFBTFEÇ°BTÇ°GPMMPXT 2VF[POÇ° Ç° 'PSNFSÇ°QPSUJPOÇ°BOEÇ°1&10* Ç° 2012

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2011

Change Increase/(Decrease)

Electricity revenue Other income 5PUBMÇ°SFWFOVFTÇ° Cost of sale Other expenses 5PUBMÇ°FYQFOTFTÇ° Ç° 1SPÅ³UÇ° -PTT Ç°CFGPSFÇ°'9Ç°

5,863 195 Ç° (3,576) (1,391) Ç° Ç°

5,110 194 Ç° (3,149) (1,896) Ç° Ç°

753 1 Ç° 427 (505) Ç° Ç°

15% 1% 14% (27%) Ç°

148

Ç°Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Ä»Ç° 'PSNFSÇ°QPSUJPOÇ°PGÇ°2VF[POÇ° Ç° Ç°*OÇ°UIFÇ°ZFBSÇ° Ç°PUIFSÇ°FYQFOTFTÇ°PGÇ°2VF[POÇ°EFDSFBTFE Ç° CZÇ° Ç°NJMMJPOÇ°CBIUÇ° EVFÇ°UPÇ°BOÇ°JODSFBTFÇ°JOÇ°QSFQBZNFOUÇ°GFFÇ°GSPNÇ°SFÅ³OBODJOHÇ°PGÇ° Ç°NJMMJPOÇ°JOÇ° Ç° UIFÇ°ZFBSÇ° Ç°BOEÇ°FMFDUSJDJUZÇ°SFWFOVFÇ°JODSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIUÇ°CFDBVTFÇ°JOÇ°UIFÇ°ZFBSÇ° Ç° Ç° &($0Ç°SFDPHOJ[FEÇ°SFWFOVFÇ°JOÇ°UIFÇ°QPSUJPOÇ°PGÇ° Ç°GPSÇ° Ç°NPOUITÇ°BOEÇ°UIFÇ°QPSUJPOÇ°PGÇ° Ç°GPSÇ° Ç° Ç° NPOUITÇ° EVFÇ° UPÇ° &($0Ç° BEEJUJPOBMMZÇ° BDRVJSFEÇ° Ç° TIBSFTÇ° PGÇ° 2VF[POÇ° JOÇ° .BSDIÇ° Ç° Ç° 5IFSFGPSF Ç°UIFÇ°UPUBMÇ°PQFSBUJOHÇ°SFTVMUÇ°PGÇ°UIFÇ°ZFBSÇ° Ç°JODSFBTFEÇ°GSPNÇ°UIFÇ°ZFBSÇ° Ç°CZÇ° Ç° Ç° NJMMJPOÇ°CBIU Ç°*GÇ°FYDMVEFEÇ°XJUIIPMEJOHÇ°UBYÇ°GSPNÇ°EJWJEFOEÇ°XIJDIÇ°JODSFBTFEÇ°JOÇ°UIFÇ°ZFBSÇ° Ç°PGÇ° Ç° Ç°NJMMJPOÇ°CBIU Ç°SFTVMUFEÇ°JOÇ°UIFÇ°PQFSBUJOHÇ°SFTVMUÇ°JODSFBTFEÇ°PGÇ° Ç°NJMMJPOÇ°CBIU

2VF[POÇ° Ç° "EEJUJPOBMÇ°QPSUJPOÇ°JOÇ°UIFÇ°ZFBSÇ° Ç°BOEÇ°2.4 Ç° 2012 2011

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Change Increase/(Decrease)

Electricity revenue Other income 5PUBMÇ°SFWFOVFTÇ° Cost of sale Other expenses 5PUBMÇ°FYQFOTFTÇ° Ç° 1SPÅ³UÇ° -PTT Ç°CFGPSFÇ°'9Ç°

2,917 Ç° (1,689) (663) Ç° Ç°

Ç° Ç° Ç°

2,917 Ç° 1,689 663 Ç° Ç°

100% 100% 100% Ç°

Ä»Ç° "EEJUJPOBMÇ°QPSUJPOÇ°PGÇ°2VF[POÇ° Ç° Ç°5IFÇ°JODSFBTFEÇ°QSPÅ³UÇ°PGÇ° Ç°NJMMJPOÇ°CBIUÇ°DBNF Ç° Ç°Ç° Ç° GSPNÇ° Ç°TIBSFÇ°PGÇ°QSPÅ³UÇ°PGÇ°2VF[POÇ°XIJDIÇ°&($0Ç°BDRVJSFEÇ°JOÇ°2VBSUFSÇ° Ç°*GÇ°FYDMVEFEÇ°XJUIIPMEJOHÇ° Ç° Ç° Ç° UBYÇ°GSPNÇ°EJWJEFOEÇ°PGÇ° Ç°NJMMJPOÇ°CBIU Ç°SFTVMUFEÇ°JOÇ°UIFÇ°QSPÅ³UÇ°JODSFBTFEÇ°PGÇ° Ç°NJMMJPOÇ°CBIU GPG :

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2012

2011

Change Increase/(Decrease)

Electricity revenue Other income 5PUBMÇ°SFWFOVFTÇ° Cost of sale Other expenses 5PUBMÇ°FYQFOTFTÇ° Ç° 1SPÅ³UÇ° -PTT Ç°CFGPSFÇ°'9Ç°

Ç° Ç° Ç° Ç° Ç°

Ç° Ç°Ç° Ç° Ç° Ç°Ç°

14,824 68 Ç° (12,514) (493) Ç° Ç°

11,327 54 Ç° (9,149) (573) Ç° Ç°

3,497 14 Ç° 3,365 (80) Ç° Ç°

31% 26% 37% (14%) Ç°

Ä»Ç° (1(Ç° Ç°)JHIFSÇ°FMFDUSJDJUZÇ°HFOFSBUJPOÇ°DPNQBSFEÇ°UPÇ°UIFÇ°ZFBSÇ° Ç°MFEÇ°UPÇ°BOÇ°JODSFBTFÇ°JOÇ°&OFSHZÇ° Ç° 1BZNFOUÇ° &1 Ç°OFUÇ°GSPNÇ°GVFMÇ°DPTUÇ°PGÇ° Ç°NJMMJPOÇ°CBIU Ç°XIJMFÇ°"WBJMBCJMJUZÇ°1BZNFOUÇ° "1 Ç°EFDSFBTFE Ç° CZÇ° Ç° NJMMJPOÇ° CBIUÇ° BDDPSEJOHÇ° UPÇ° 11" Ç° UIFSFGPSF Ç° OFUÇ° SFWFOVFÇ° JODSFBTFEÇ° CZÇ° Ç° NJMMJPOÇ° CBIU Ç° Ç° .FBOXIJMF Ç°TDIFEVMFEÇ°NBJOUFOBODFÇ°DPTUTÇ°EFDSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIUÇ°BOEÇ°JOUFSFTUÇ°FYQFOTFTÇ° Ç° EFDSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIU Ç°5IFTFÇ°XFSFÇ°SFTVMUFEÇ°JOÇ°UIFÇ°PQFSBUJOHÇ°SFTVMUÇ°JODSFBTFEÇ°PGÇ° Ç° NJMMJPOÇ°CBIU Ç°

Management Discussion and Analysis

149

NED :

6OJUÇ° Ç°.JMMJPOÇ°#BIUÇ°

2012

2011

Change Increase/(Decrease)

Electricity revenue Other income 5PUBMÇ°SFWFOVFTÇ° Cost of sale Other expenses 5PUBMÇ°FYQFOTFTÇ° Ç° 1SPÅ³UÇ° -PTT Ç°CFGPSFÇ°'9Ç°

Ç° Ç° Ç° Ç° Ç° Ç°

369 1 Ç° (95) (115) Ç° Ç°

3 4 Ç° (23) Ç° Ç°

366 (3) Ç° 95 92 Ç° Ç°

12,200% (75%) 100% 400% Ç°

Ä»Ç° /&%Ç° Ç°&MFDUSJDJUZÇ°SFWFOVFÇ°JODSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIUÇ°TJODFÇ°JUÇ°TUBSUFEÇ°UIFÇ°DPNNFSDJBMÇ°PQFSBUJPOÇ° Ç° POÇ°%FDFNCFSÇ° Ç° Ç°BOEÇ°DPNQMFUFEÇ°JOÇ°UIFÇ°Å³STUÇ°RVBSUFSÇ°PGÇ°UIFÇ°ZFBSÇ° Ç°.FBOXIJMF Ç°DPTUTÇ° Ç° PGÇ°TBMFTÇ°XFSFÇ° Ç°NJMMJPOÇ°CBIUÇ°BOEÇ°JOUFSFTUÇ°FYQFOTFTÇ°XBTÇ° Ç°NJMMJPOÇ°CBIU Ç°5IFTFÇ°XFSFÇ°SFTVMUFEÇ° Ç° JOÇ°UIFÇ°PQFSBUJOHÇ°SFTVMUÇ°JODSFBTFEÇ°PGÇ° Ç°NJMMJPOÇ°CBIU Ç°

3BZPOHÇ°1PXFSÇ°1MBOUÇ°

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2012

2011

Change Increase/(Decrease)

Electricity revenue Other income 5PUBMÇ°SFWFOVFTÇ° Cost of sale Other expenses 5PUBMÇ°FYQFOTFTÇ° Ç° 1SPÅ³UÇ° -PTT Ç°CFGPSFÇ°'9Ç°

Ç° Ç° Ç° Ç° Ç° Ç°

2,167 50 Ç° (1,673) (236) Ç° Ç°

2,258 54 Ç° (1,805) (264) Ç° Ç°

(91) (4) Ç° (132) (28) Ç° Ç°

(4%) (7%)

(7%) (11%) Ç°

Ä»Ç° 3BZPOHÇ° QPXFSÇ° QMBOUÇ° Ç° )JHIFSÇ° FMFDUSJDJUZÇ° HFOFSBUJPOÇ° DPNQBSFEÇ° UPÇ° UIFÇ° ZFBSÇ° Ç° MFEÇ° UPÇ° BOÇ° Ç° JODSFBTFÇ°JOÇ°&OFSHZÇ°1BZNFOUÇ° &1 Ç°PGÇ° Ç°NJMMJPOÇ°CBIU Ç°XIJMFÇ°"WBJMBCJMJUZÇ°1BZNFOUÇ° "1 Ç°EFDSFBTFEÇ° Ç° CZÇ° Ç°NJMMJPOÇ°CBIUÇ°BDDPSEJOHÇ°UPÇ°11" Ç°UIFSFGPSF Ç°OFUÇ°SFWFOVFÇ°EFDSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIU Ç° Ç° .PSFPWFS Ç°DPTUTÇ°PGÇ°TBMFTÇ°EFDSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIUÇ°EVFÇ°UPÇ°BÇ°ESPQÇ°PGÇ°NBKPSÇ°NBJOUFOBODFÇ° Ç° DPTUTÇ°PGÇ° Ç°NJMMJPOÇ°CBIU Ç°*OÇ°BEEJUJPO Ç°PUIFSÇ°FYQFOTFTÇ°EFDSFBTFEÇ°GSPNÇ°HFOFSBMÇ°BENJOJTUSBUJWFÇ° Ç° FYQFOTFTÇ° EFDSFBTFEÇ° CZÇ° Ç° NJMMJPOÇ° CBIU Ç° 5IFTFÇ° XFSFÇ° SFTVMUFEÇ° JOÇ° UIFÇ° UPUBMÇ° PQFSBUJOHÇ° SFTVMUÇ° Ç° JODSFBTFEÇ°PGÇ° Ç°NJMMJPOÇ°CBIU Ç°

150

KEGCO :

6OJUÇ° Ç°.JMMJPOÇ°#BIUÇ°

2012

2011

Change Increase/(Decrease)

Electricity revenue Other income 5PUBMÇ°SFWFOVFTÇ° Cost of sale Other expenses 5PUBMÇ°FYQFOTFTÇ° Ç° 1SPÅ³UÇ° -PTT Ç°CFGPSFÇ°'9Ç°

Ç° Ç° Ç° Ç° Ç°

1,763 8 Ç° (1,533) (280) Ç° Ç°

2,170 11 Ç° (1,475) (432) Ç° Ç°

(407) (3) Ç° 58 (152) Ç° Ç°

(19%) (27%)

4% (35%) Ç°

Ä»Ç° ,&($0Ç° Ç°-PXFSÇ°FMFDUSJDJUZÇ°HFOFSBUJPOÇ°DPNQBSFEÇ°UPÇ°UIFÇ°ZFBSÇ° Ç°MFEÇ°UPÇ°BÇ°EFDSFBTFÇ°JOÇ°&OFSHZÇ° Ç° 1BZNFOUÇ° &1 Ç°PGÇ° Ç°NJMMJPOÇ°CBIU Ç°BOEÇ°BÇ°EFDSFBTFÇ°JOÇ°"WBJMBCJMJUZÇ°1BZNFOUÇ° "1 Ç°PGÇ° Ç°NJMMJPOÇ°CBIUÇ° Ç° BDDPSEJOHÇ°UPÇ°11" Ç°.PSFPWFS Ç°DPTUTÇ°PGÇ°TBMFTÇ°JODSFBTFEÇ°EVFÇ°UPÇ°NBKPSÇ°NBJOUFOBODFÇ°DPTUTÇ°JODSFBTFEÇ° Ç° CZÇ° Ç°NJMMJPOÇ°CBIU Ç°"MUIPVHI Ç°PUIFSÇ°FYQFOTFTÇ°EFDSFBTFEÇ°GSPNÇ°JOUFSFTUÇ°FYQFOTFTÇ°BOEÇ°JODPNFÇ° Ç° UBYÇ°CZÇ° Ç°NJMMJPOÇ°CBIU Ç°5IFTFÇ°XFSFÇ°SFTVMUFEÇ°JOÇ°UIFÇ°UPUBMÇ°PQFSBUJOHÇ°SFTVMUÇ°EFDSFBTFEÇ°PGÇ° Ç° Ç° NJMMJPOÇ°CBIU

EGCO Cogen :

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2012

2011

Change Increase/(Decrease)

Electricity revenue Other income 5PUBMÇ°SFWFOVFTÇ° Cost of sale Other expenses 5PUBMÇ°FYQFOTFTÇ° Ç° 1SPÅ³UÇ° -PTT Ç°CFGPSFÇ°'9Ç°

Ç° Ç° Ç° Ç°

1,631 7 Ç° (1,732) (48) Ç° Ç°

2,064 13 Ç° (1,748) (157) Ç° Ç°

(433) (6) Ç° (16) (109) Ç° Ç°

(21%) (46%)

(1%) (69%) Ç°

Ä»Ç° &($0Ç° $PHFOÇ° Ç° 5IFÇ° EBNBHFÇ° PGÇ° QMBOUÄ´TÇ° FRVJQNFOUÇ° POÇ° 'FCSVBSZÇ° Ç° Ç° DBVTFEÇ° UIFÇ° QMBOUÇ° Ç° PQFSBUFEÇ° BUÇ° UIFÇ° MPXFSÇ° PGÇ° JUTÇ° OPSNBMÇ° PQFSBUJPO Ç° 5IJTÇ° JODJEFOUÇ° MFEÇ° UPÇ° UIFÇ° PQFSBUJOHÇ° SFTVMUÇ° Ç° EFDSFBTFEÇ°PGÇ° Ç°NJMMJPOÇ°CBIU Ç°5IFÇ°QMBOUÇ°CFHBOÇ°OPSNBMÇ°PQFSBUJPOÇ°POÇ°0DUPCFSÇ° Ç°

Management Discussion and Analysis

151

(&$Ç° ($$ Ç°/,$$ Ç°4$$ Ç°(:( Ç°

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2012

2011

Change Increase/(Decrease)

Electricity revenue Other income 5PUBMÇ°SFWFOVFTÇ° Cost of sale Other expenses 5PUBMÇ°FYQFOTFTÇ° Ç° 1SPÅ³UÇ° -PTT Ç°CFGPSFÇ°'9Ç°

Ç° Ç° Ç° Ç°

3,855 23 Ç° (3,515) (334) Ç° Ç°

3,906 33 Ç° (3,270) (263) Ç° Ç°

(51) (10) Ç° 245 71 Ç° Ç°

(1%) (30%)

7% 27% Ç°

Ä»Ç° (&$Ç° Ç°5IFÇ°EBNBHFÇ°PGÇ°/,$$Ä´TÇ°QMBOUÇ°FRVJQNFOUÇ°POÇ°"QSJMÇ° Ç° Ç°DBVTFEÇ°UIFÇ°QMBOUÇ°PQFSBUFEÇ°BUÇ° Ç° UIFÇ°MPXFSÇ°PGÇ°JUTÇ°OPSNBMÇ°PQFSBUJPO Ç°5IJTÇ°JODJEFOUÇ°MFEÇ°UPÇ°UIFÇ°PQFSBUJOHÇ°SFTVMUÇ°EFDSFBTFEÇ°PGÇ° Ç° Ç° NJMMJPOÇ°CBIU Ç°/,$$Ä´TÇ°QMBOUÇ°CFHBOÇ°OPSNBMÇ°PQFSBUJPOÇ°POÇ°4FQUFNCFS Ç° Ç°

EGCO and Other Subsidiaries in Power Generation business :

EGCO 2012 Electricity revenue Other income 5PUBMÇ°SFWFOVFTÇ° Cost of sale Other expenses 5PUBMÇ°FYQFOTFTÇ° Ç° 1SPÅ³UÇ° -PTT Ç°CFGPSFÇ°'9Ç°

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Roi-et Green

2011

324 350 Ç° Ç° (1,559) (1,152) Ç° Ç° Ç° Ç°

2012

SPP2

2011

397 8 Ç° (168) (95) Ç° Ç°

2012

325 8 Ç° (116) (82) Ç° Ç°

SPP3

2011

105 3 Ç° (31) (34) Ç° Ç°

2012 Ç° Ç° Ç°

2011

149 4 Ç° (40) (78) Ç° Ç°

&($0Ç°BOEÇ°0UIFSÇ°4VCTJEJBSJFTÇ°JOÇ°1PXFSÇ°(FOFSBUJPOÇ°CVTJOFTTÇ° DPOUJOVFE Ç°

SPP5 2012 Electricity revenue Other income 5PUBMÇ°SFWFOVFTÇ° Cost of sale Other expenses 5PUBMÇ°FYQFOTFTÇ° Ç° 1SPÅ³UÇ° -PTT Ç°CFGPSFÇ°'9Ç°

Others*

2011

93 1 Ç° (27) (28) Ç° Ç°

* Yanhee EGCO and Theppana : Under construction

2012 Ç° Ç° Ç°

3 Ç° (9) Ç° Ç°

Ç° Ç° Ç°

2012 Ç° Ç° Ç°

2011

127 2 Ç° (35) (52) Ç° Ç°

Ç°

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Total

2011

SPP4

Change

2012

2011

871 345 Ç° (301) (1,855) Ç° Ç°

325 358 Ç° (116) (1,234) Ç° Ç°

Increase/ (Decrease)

546 (13) Ç° 185 621 Ç° Ç°

168% (4%) 159% 50% Ç°

152

0UIFSÇ°+PJOUÇ°7FOUVSFTÇ°JOÇ°1PXFSÇ°(FOFSBUJPOÇ°CVTJOFTTÇ°

GPS 2012 Electricity revenue Other income 5PUBMÇ°SFWFOVFTÇ° Cost of sale Other expenses 5PUBMÇ°FYQFOTFTÇ° Ç° 1SPÅ³UÇ° -PTT Ç°CFGPSFÇ°'9Ç°

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Conal 2011

157 1 Ç° (59) (60) Ç° Ç°

2012 Ç° Ç° Ç°

NTPC

2011

616 46 Ç° (254) (374) Ç° Ç°

586 312 Ç° (244) (651) Ç° Ç°

BLCP

2012

2011

2012

2011

2,710 15 Ç° (766) (1,217) Ç° Ç°

2,685 18 Ç° (714) (1,223) Ç° Ç°

9,252 77 Ç° (6,293) (996) Ç° Ç°

8,934 103 (6,001) (996)

0UIFSÇ°+PJOUÇ°7FOUVSFTÇ°JOÇ°1PXFSÇ°(FOFSBUJPOÇ°CVTJOFTTÇ° DPOUJOVFE Ç°

GIDEC* 2012 Electricity revenue Other income 5PUBMÇ°SFWFOVFTÇ° Cost of sale Other expenses 5PUBMÇ°FYQFOTFTÇ° Ç° 1SPÅ³UÇ° -PTT Ç°CFGPSFÇ°'9Ç°

Ç° (4) Ç° Ç°

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Total 2011

2012 Ç° Ç° Ç°

Change 2011

12,735 139 Ç° (7,372) (2,651) Ç° Ç°

12,205 433 Ç° (6,959) (2,870) Ç° Ç°

Increase/ (Decrease)

530 (294) Ç° 413 (219) Ç° Ç°

4% (68%) 6% (8%) Ç°

* GIDEC : Under construction

Ç° 5IFÇ°"OBMZTJTÇ°PGÇ°UIFÇ°0QFSBUJOHÇ°SFTVMUTÇ°JOÇ°0UIFSÇ°CVTJOFTTFT Ç° Ç°Ç° 1SPÅ³UÇ°CFGPSFÇ°'9Ç°GPSÇ°UIFÇ°ZFBSÇ° Ç°JOÇ°PUIFSÇ°CVTJOFTTFTÇ°JODSFBTFEÇ°GSPNÇ°UIFÇ°ZFBSÇ° Ç°CZÇ° Ç°NJMMJPOÇ° Ç° Ç° CBIU Ç°NBJOMZÇ°GSPNÇ°UIFÇ°PQFSBUJOHÇ°SFTVMUÇ°PGÇ°&4$0Ç°BTÇ°GPMMPXFE ESCO :

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2012

2011

Change Increase/(Decrease)

Service income Other income 5PUBMÇ°SFWFOVFTÇ° Cost of sale Other expenses 5PUBMÇ°FYQFOTFTÇ° Ç° 1SPÅ³UÇ° -PTT Ç°CFGPSFÇ°'9Ç°

819 11 Ç° (568) (98) Ç° Ç°

376 8 Ç° (275) (73) Ç° Ç°

443 3 Ç° 293 25 Ç° Ç°

118% 38% 107% 34% Ç°

Management Discussion and Analysis

Ç° Ç° Ç° Ç°

153

Ä»Ç° &4$0Ç° Ç°"OÇ°JODSFBTFÇ°JOÇ°TFSWJDFTÇ°MFEÇ°UPÇ°TFSWJDFÇ°SFWFOVFÇ°JODSFBTFEÇ°GSPNÇ°UIFÇ°ZFBSÇ° Ç°CZÇ° Ç°NJMMJPOÇ° Ç° CBIU Ç°#ZÇ°UIFÇ°HSPTTÇ°QSPÅ³UÇ°PGÇ°NBJOUFOBODFÇ°TFSWJDFTÇ°JODSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIU Ç°GSPNÇ°PQFSBUJPOÇ° Ç° BOEÇ°NBJOUFOBODFÇ°TFSWJDFTÇ°JODSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIU Ç°BOEÇ°GSPNÇ°FOHJOFFSJOHÇ° Ç°FOFSHZÇ°TFSWJDFTÇ° Ç° JODSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIU Ç°5IFTFÇ°XFSFÇ°SFTVMUFEÇ°JOÇ°UIFÇ°OFUÇ°PQFSBUJOHÇ°SFTVMUÇ°BGUFSÇ°JODPNFÇ°UBYÇ° Ç° JODSFBTFEÇ°PGÇ° Ç°NJMMJPOÇ°CBIU Ç°

0UIFSÇ°4VCTJEJBSJFTÇ°BOEÇ°KPJOUÇ°WFOUVSFTÇ°JOÇ°PUIFSÇ°CVTJOFTTFTÇ°

EGCOM TARA 2012 Revenue Other income 5PUBMÇ°SFWFOVFTÇ° Cost of sale Other expenses 5PUBMÇ°FYQFOTFTÇ° Ç° 1SPÅ³UÇ° -PTT Ç°CFGPSFÇ°'9Ç°

290 5 Ç° (81) (93) Ç° Ç°

2011 269 5 Ç° (48) (101) Ç°Ç° Ç°

6OJUÇ° Ç°.JMMJPOÇ°#BIUÇ°

MME 2012

APPC

2011

96 Ç° (70) Ç° Ç°

2012 Ç° Ç° Ç°

Total

2011

127 Ç° (135) (8) Ç° Ç°

2012 Ç° Ç° Ç°

513 5 Ç° (286) (101) Ç° Ç°

Change

2011

Increase/ % (Decrease)

269 5 Ç° (48) (101) Ç° Ç°

244 91% Ç° 238 496% Ç° Ç°

6. Report and Analysis of Financial Position Ç° $PNQBSJOHÇ°UIFÇ°4UBUFNFOUTÇ°PGÇ°'JOBODJBMÇ°1PTJUJPOÇ°BTÇ°BUÇ°%FDFNCFSÇ° Ç° Ç°UPÇ°UIFÇ°4UBUFNFOUTÇ°PGÇ°'JOBODJBMÇ° Ç° 1PTJUJPOÇ°BTÇ°BUÇ°%FDFNCFSÇ° Ç° Ç°BTÇ°TIPXOÇ°CFMPX Consolidated Financial Statement (Million Baht) Year 2012

"TTFUT Current Assets Interests in joint ventures, net Property, plant and equipment, net Other non-current assets 5PUBMÇ°"TTFUTÇ°Ç° -JBCJMJUJFT $VSSFOUÇ°-JBCJMJUJFTÇ° -POH UFSNÇ°MPBOTÇ° JODMVEJOHÇ°DVSSFOUÇ°QPSUJPOÇ°PGÇ° long-term loans) Other non-current liabilities 5PUBMÇ°-JBCJMJUJFTÇ°Ç° 4IBSFIPMEFSTÄ´Ç°&RVJUZ Parentâ&#x20AC;&#x2122;s shareholdersâ&#x20AC;&#x2122; equity Non-controlling interests 5PUBMÇ°4IBSFIPMEFSTÄ´Ç°&RVJUZÇ°Ç° 5PUBMÇ°-JBCJMJUJFTÇ°BOEÇ°4IBSFIPMEFSTÄ´Ç°&RVJUZÇ°Ç°

Change 2011

Increase/(Decrease)

19,846 34,578 38,556 16,344 Ç°Ç°

20,119 36,444 13,023 3,370 Ç°Ç°

(273) (1,866) 25,533 12,974 Ç°

(1.36%) (5.12%) 196.06% 384.99%

Ç°Ç° Ç°Ç°

Ç° Ç°

2,067 Ç°Ç°

1,186 Ç°Ç°

881 Ç°

74.28%

67,433 887 Ç°Ç° Ç°Ç°

57,978 555 Ç°Ç° Ç°Ç°

9,455 332 Ç°Ç° Ç°Ç°

16.31% 59.82%

154

Ç° "TTFUÇ°"OBMZTJT Ç° "TÇ°BUÇ°%FDFNCFSÇ° Ç° Ç°UIFÇ°UPUBMÇ°BTTFUTÇ°XFSFÇ° Ç°NJMMJPOÇ°CBIU Ç°JODSFBTJOHÇ°CZÇ° Ç°NJMMJPO Ç° CBIUÇ°PSÇ° Ç°GSPNÇ°UIFÇ°ZFBSÇ° Ç°5IFÇ°EFUBJMTÇ°BSFÇ°BTÇ°GPMMPXT Ç° Ä»Ç° $VSSFOUÇ°"TTFUTÇ°EFDSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIUÇ°PSÇ° Ç°5IFÇ°SFTVMUFEÇ°NBJOMZÇ°GSPNÇ°DBTI Ç°DBTIÇ° Ç° Ç° FRVJWBMFOUTÇ°BOEÇ°TIPSU UFSNÇ°JOWFTUNFOUTÇ°EFDSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIUÇ°EVFÇ°UPÇ°UIFÇ°JOWFTUNFOUÇ° Ç° Ç° JOÇ°TVCTJEBJSJFTÇ°BOEÇ°KPJOUÇ°WFOUVSFT Ç°8IFSFBT Ç°USBEFÇ°SFDFJWBCMFTÇ°JODSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIU Ç° Ç° Ç° TQBSFÇ°QBSUTÇ°BOEÇ°TVQQMJFTÇ°JODSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIUÇ°BOEÇ°PUIFSÇ°DVSSFOUÇ°BTTFUTÇ°JODSFBTFEÇ° Ç° Ç° CZÇ° Ç°NJMMJPOÇ°CBIUÇ°PXJOHÇ°UPÇ°2VF[POÄ´TÇ°BTTFUTÇ° DIBOHJOHÇ°JUTÇ°TUBUVTÇ°GSPNÇ°BÇ°KPJOUÇ°WFOUVSFÇ°UPÇ°BÇ° Ç° Ç° TVCTJEJBSZÇ°DPNQBOZ Ç°.PSFPWFS Ç°EJWJEFOEÇ°SFDFJWBCMFÇ°JODSFBTFEÇ° Ç°NJMMJPOÇ°CBIU Ç° Ç° Ä»Ç° *OUFSFTUTÇ°JOÇ°KPJOUÇ°WFOUVSFTÇ° OFU Ç°EFDSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIUÇ°PSÇ° Ç°EVFÇ°UPÇ°UIFÇ°DIBOHFÇ°PG Ç°Ç° Ç° 2VF[POÄ´TÇ°TUBUVTÇ°GSPNÇ°BÇ°KPJOUÇ°WFOUVSFÇ°UPÇ°BÇ°TVCTJEJBSZÇ°DPNQBOZ Ç°5IJTÇ°JTÇ°CFDBVTFÇ°UIFÇ°$PNQBOZÇ° Ç° Ç° QVSDIBTFEÇ°BEEJUJPOBMÇ°PSEJOBSZÇ°TIBSFTÇ°JOÇ°UIFÇ°QPSUJPOÇ°PGÇ° Ç°JOÇ°+VOFÇ° Ç°5IJTÇ°MFEÇ°UPÇ°BÇ° Ç° Ç° EFDSFBTFÇ°JOÇ°JOWFTUNFOUÇ°JOÇ°UIFÇ°BNPVOUÇ°PGÇ° Ç°NJMMJPOÇ°CBIU Ç°)PXFWFS Ç°UIFSFÇ°XFSFÇ°UIFÇ°BEEJUJPOBMÇ° Ç° Ç° JOWFTUNFOUÇ°JOÇ°KPJOUÇ°WFOUVSFTÇ°XIJDIÇ°BSFÇ°(14 Ç°"11$Ç°BOEÇ°..&Ç°JODSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIU Ç° Ä»Ç° 1SPQFSUZ Ç°QMBOUÇ°BOEÇ°FRVJQNFOUÇ° OFU Ç°JODSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIUÇ°PSÇ° Ç°CFDBVTFÇ°PGÇ° Ç° Ç° 2VF[POÄ´TÇ°BTTFUTÇ° DIBOHJOHÇ°JUTÇ°TUBUVTÇ°GSPNÇ°BÇ°KPJOUÇ°WFOUVSFÇ°UPÇ°BÇ°TVCTJEJBSZÇ°DPNQBOZ Ç°BOEÇ°UIFÇ° Ç° Ç° BEEJUJPOBMÇ°JOWFTUNFOUÇ°JOÇ°UIFÇ°TVCTJEJBSJFTÇ°JOÇ° Ç° Ä»Ç° "OÇ°JODSFBTFÇ°JOÇ°PUIFSÇ°OPO DVSSFOUÇ°BTTFUTÇ°JOÇ°UIFÇ°BNPVOUÇ°PGÇ° Ç°NJMMJPOÇ°CBIUÇ°PSÇ° Ç°EVFÇ° Ç° Ç° UPÇ°UIFÇ°SJHIUÇ°PGÇ°11"Ç°JODSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIUÇ°BOEÇ°HPPEXJMMÇ°JODSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ° Ç° Ç° CBIU Ç° 5IJTÇ° JTÇ° CFDBVTFÇ° UIFÇ° BEEJUJPOBMÇ° JOWFTUNFOUÇ° JOÇ° 2VF[PO Ç° 411 Ç° 411 Ç° 411 Ç° BOEÇ° 411 Ç° Ç° Ç° .PSFPWFS Ç° MPOH UFSNÇ° JOWFTUNFOUTÇ° JOÇ° NBSLFUBCMFÇ° TFDVSJUJFTÇ° JODSFBTFEÇ° CZÇ° Ç° NJMMJPOÇ° CBIUÇ° Ç° Ç° PXJOHÇ°UPÇ°BOÇ°JODSFBTFÇ°JOÇ°TIBSFÇ°QSJDFÇ°PGÇ°&BTUÇ°8BUFS Ç° -JBCJMJUZÇ°"OBMZTJTÇ° Ç° "TÇ°BUÇ°%FDFNCFSÇ° Ç° Ç°UIFÇ°UPUBMÇ°MJBCJMJUJFTÇ°XFSFÇ° Ç°NJMMJPOÇ°CBIU Ç°JODSFBTJOHÇ°CZÇ° Ç°NJMMJPOÇ° Ç° CBIUÇ°PSÇ° Ç°GSPNÇ°UIFÇ°ZFBSÇ° Ç°5IFÇ°NBJOMZÇ°EFUBJMTÇ°BSFÇ°BTÇ°GPMMPXT Ç° Ä»Ç° "OÇ°JODSFBTFÇ°JOÇ°DVSSFOUÇ°MJBCJMJUJFTÇ°JOÇ°UIFÇ°BNPVOUÇ°PGÇ° Ç°NJMMJPOÇ°CBIUÇ°PSÇ° Ç°CFDBVTFÇ°PGÇ° Ç° Ç° TIPSU UFSNÇ°MPBOÇ°GPSÇ°UIFÇ°JOWFTUNFOUTÇ°JOÇ°2VF[POÇ°BOEÇ°..&Ç°QSPKFDUT Ç°5IFÇ°EFUBJMTÇ°BSFÇ°TIPXOÇ°BTÇ°GPMMPXT Ç° Ç° Ç° 64%Ç°MPBOTÇ°JOÇ°UIFÇ°BNPVOUÇ°PGÇ° Ç°NJMMJPOÇ°6TÇ°EPMMBST Ç° Ç° Ç° #BIUÇ°MPBOTÇ°JOÇ°UIFÇ°BNPVOUÇ°PGÇ° Ç°NJMMJPOÇ°CBIU Ç° Ä»Ç° "OÇ°JODSFBTFÇ°JOÇ°MPOH UFSNÇ°MPBOTÇ°JOÇ°UIFÇ°BNPVOUÇ°PGÇ° Ç°NJMMJPOÇ°CBIUÇ°PSÇ° Ç°NBJOMZÇ°DBNFÇ° Ç° Ç° GSPNÇ°UIFÇ°MPOH UFSNÇ°MPBOÇ°PGÇ°2VF[POÇ° DIBOHJOHÇ°JUTÇ°TUBUVTÇ°GSPNÇ°BÇ°KPJOUÇ°WFOUVSFÇ°UPÇ°BÇ°TVCTJEJBSZ Ç° Ç° DPNQBOZ Ç°BOEÇ°UIFÇ°BEEJUJPOBMÇ°JOWFTUNFOUÇ°JOÇ°UIFÇ°TVCTJEJBSJFTÇ°JOÇ° Ç°5IFÇ°EFUBJMTÇ°BSFÇ°BTÇ°GPMMPXT Ç° Ç° Ç° 64%Ç°MPBOTÇ°JOÇ°UIFÇ°BNPVOUÇ°PGÇ° Ç°NJMMJPOÇ°6TÇ°EPMMBST Ç° Ç° Ç° +1:Ç°MPBOTÇ°JOÇ°UIFÇ°BNPVOUÇ°PGÇ° Ç°NJMMJPOÇ°:FO Ç° Ç° Ç° #BIUÇ°MPBOTÇ°JOÇ°UIFÇ°BNPVOUÇ°PGÇ° Ç°NJMMJPOÇ°CBIU

USD 55.08% BAHT 44.41% YEN 0.51%

Management Discussion and Analysis

155

-PBOÇ°NBUVSJUJFTÇ°TDIFEVMFÇ°BTÇ°BUÇ°%FDFNCFSÇ° Ç° Ç°6OJUÇ° Maturity Within 1 year 2 - 5 years More than 5 years 5PUBMÇ°

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

EGCO 560 10,238 Ç°

Quezon 4,588 6,141 Ç°

EGCO Cogen

Roi-Et Green

223 247 Ç°

37 93 Ç°

6OJUÇ° Ç°.JMMJPOÇ°#BIUÇ° SPP 2, 3, 4, 5 231 1,195 1,663

Ç° Ä»Ç° /PO DVSSFOUÇ°MJBCJMJUJFTÇ°JODSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIUÇ°PSÇ° Ç°5IFÇ°SFTVMUFEÇ°NBJOMZÇ°GSPNÇ°QSPWJTJPOÇ° Ç° Ç° GPSÇ°EFDPNNJTTJPOJOHÇ°DPTUTÇ°JODSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIU Ç°PUIFSÇ°OPO DVSSFOUÇ°MJBCJMJUJFTÇ°JODSFBTFE Ç° Ç°Ç° CZÇ° Ç°NJMMJPOÇ°CBIU Ç°UBYÇ°MJBCJMJUJFTÇ°PGÇ°2VF[POÇ° DIBOHJOHÇ°JUTÇ°TUBUVTÇ°GSPNÇ°BÇ°KPJOUÇ°WFOUVSFÇ°UPÇ°BÇ°TVCTJEJBSZÇ° Ç° Ç° DPNQBOZ Ç°JODSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIU Ç° 4IBSFIPMEFSTÄ´Ç°&RVJUZÇ°"OBMZTJTÇ° Ç° "TÇ°BUÇ°%FDFNCFSÇ° Ç° Ç°UPUBMÇ°4IBSFIPMEFSTÄ´Ç°&RVJUZÇ°XFSFÇ°#BIUÇ° Ç°NJMMJPOÇ°JODSFBTJOHÇ°CZÇ° Ç° Ç° NJMMJPOÇ°CBIUÇ°PSÇ° Ç°GSPNÇ°UIFÇ°ZFBSÇ° Ç°EVFÇ°UPÇ°BOÇ°JODSFBTFÇ°JOÇ°UPUBMÇ°FRVJUZÇ°BUUSJCVUBCMFÇ°UPÇ° Ç° &($0Ç°JOÇ°UIFÇ°BNPVOUÇ°PGÇ° Ç°NJMMJPOÇ°CBIUÇ°PSÇ° Ç°5IJTÇ°XBTÇ°NBJOMZÇ°DBVTFEÇ°CZÇ°OFUÇ°PQFSBUJOHÇ° Ç° QSPÅ³UÇ°JOÇ°DPOTPMJEBUFEÇ°Å³OBODJBMÇ°TUBUFNFOUTÇ°XBTÇ° Ç°NJMMJPOÇ°CBIUÇ°BOEÇ°UIFÇ°BEEJUJPOBMÇ°VOSFBMJTFE Ç° HBJOTÇ°POÇ°JOWFTUNFOUTÇ°JOÇ°NBSLFUBCMFÇ°TFDVSJUJFTÇ°XBTÇ° Ç°NJMMJPOÇ°CBIU Ç°8IFSFBT Ç°UIFÇ°EFDSFBTJOHÇ° Ç° QPSUJPOÇ°DBNFÇ°GSPNÇ°EJWJEFOEÇ°QBZNFOUÇ°XBTÇ° Ç°NJMMJPOÇ°CBIU Ç°"EEJUJPOBMMZ Ç°UIFÇ°FGGFDUÇ°GSPNÇ°UIFÇ° Ç° USBOTMBUJPOÇ°BEKVTUNFOUÇ°PGÇ°GPSFJHOÇ°DVSSFODJFTÇ°UPÇ°5IBJÇ°#BIUÇ°JOÇ°GPSFJHOÇ°TVCTJEJBSJFTÇ°BOEÇ°KPJOUÇ°WFOUVSFTÇ° Ç° EFDSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIU Ç° *OWFTUNFOUÇ°TUSVDUVSF

%FCUÇ°UPÇ°&RVJUZÇ°3BUJPÇ° 5JNF

2012

2011

Change Increase/(Decrease)

Consolidated Company

0.61 0.40

0.25 0.23

0.36 0.17

Ç° Ç° Ç° Ç°

Ç° "OÇ°JODSFBTFÇ°JOÇ°EFCUÇ°UPÇ°FRVJUZÇ°SBUJPÇ°XBTÇ°NBJOMZÇ°GSPNÇ°2VF[POÄ´TÇ°EFCUÇ° DIBOHJOHÇ°JUTÇ°TUBUVTÇ°GSPNÇ°BÇ° Ç° KPJOUÇ°WFOUVSFÇ°UPÇ°BÇ°TVCTJEJBSZÇ°DPNQBOZ Ç°BOEÇ°UIFÇ°BEEJUJPOBMÇ°TVCTJEJBSJFTÇ°XIJDIÇ°&($0Ç°(SPVQÇ°JOWFTUFEÇ° Ç° JOÇ° Ç°"EEJUJPOBMMZ Ç°&($0Ç°IBTÇ°OFXÇ°MPOH UFSNÇ°MPBOTÇ°JOÇ°PSEFSÇ°UPÇ°JOWFTUÇ°JOÇ°TVCTJEJBSJFTÇ°BOEÇ°KPJOU Ç°Ç° WFOUVSFT Ç° $BTIÇ°'MPXÇ°"OBMZTJT Ç°Ç° Ç° "TÇ°BUÇ°%FDFNCFSÇ° Ç° Ç°DBTIÇ°BOEÇ°DBTIÇ°FRVWBMFOUTÇ°XFSFÇ° Ç°NJMMJPOÇ°CBIU Ç°EFDSFBTJOHÇ°CZÇ° Ç° Ç°Ç° NJMMJPOÇ°CBIUÇ°GSPNÇ° Ç°5IFÇ°EFUBJMTÇ°BSFÇ°BTÇ°GPMMPXT 6OJUÇ° Ç°.JMMJPOÇ°#BIUÇ° Net cash received from operating activities Net cash payment for investing activities /FUÇ°DBTIÇ°SFDFJWFEÇ°GSPNÇ°Å³OBODJOHÇ°BDUJWJUJFTÇ° Net decrease in cash from the effect of foreign exchange rate Net decrease in cash

4,207 (14,131) (112) (4,255)

156

Ä»Ç° /FUÇ°DBTIÇ°SFDFJWFEÇ°GSPNÇ°PQFSBUJOHÇ°BDUJWJUJFTÇ°XBTÇ° Ç°NJMMJPOÇ°CBIU Ç°5IJTÇ°XBTÇ°NBJOMZÇ°EVFÇ°UP Ç° Ç°Ç° Ç° DBTIÇ°SFDFJWFEÇ°GSPNÇ°PQFSBUJPOÇ°PGÇ°&($0Ç°BOEÇ°JUTÇ°TVCTJEJBSJFT Ä»Ç° /FUÇ°DBTIÇ°QBZNFOUÇ°GPSÇ°JOWFTUJOHÇ°BDUJWJUJFTÇ°XBTÇ° Ç°NJMMJPOÇ°CBIUÇ°NBJOMZÇ°EVFÇ°UPÇ°DBTIÇ°QBZNFOUÇ° Ç° Ç° Ç° GPSÇ° JOWFTUJOHÇ° JOÇ° TVCTJEJBSJFTÇ° BOEÇ° KPJOUÇ° WFOUVSFT Ç° BNPVOUJOHÇ° UPÇ° Ç° NJMMJPOÇ° CBIUÇ° BOEÇ° UIFÇ° Ç° Ç° Ç° BDRVJTJUJPOÇ°PGÇ°1SPQFSUZ Ç°QMBOUÇ°BOEÇ°FRVJQNFOUÇ°JOÇ°UIFÇ°BNPVOUÇ°PGÇ° Ç°NJMMJPOÇ°CBIU Ç°8IFSFBT Ç°DBTIÇ° Ç° Ç° Ç° SFDFJWFEÇ°GSPNÇ°KPJOUÇ°WFOUVSFTÄ´Ç°EJWJEFOEÇ°XBTÇ° Ç°NJMMJPOÇ°CBIU Ç°BOEÇ°SFEFNQUJPOÇ°PGÇ°EFQPTJUTÇ°BUÇ° Ç° Ç° Ç° CBOLÇ°BOEÇ°Å³OBODJBMÇ°JOTUJUVUJPOÇ°XFSFÇ° Ç°NJMMJPOÇ°CBIU Ä»Ç° /FUÇ°DBTIÇ°SFDFJWFEÇ°GSPNÇ°Å³OBODJOHÇ°BDUJWJUJFTÇ°XBTÇ° Ç°NJMMJPOÇ°CBIU Ç°5IFÇ°NBJOÇ°SFBTPOTÇ°XFSFÇ°ESFXÇ° Ç° Ç° Ç° EPXOÇ° MPBOTÇ° JOÇ° UIFÇ° BNPVOUÇ° PGÇ° Ç° NJMMJPOÇ° CBIU Ç° 8IFSFBT Ç° DBTIÇ° QBZNFOUÇ° GPSÇ° EJWJEFOEÇ° PGÇ° Ç° Ç° Ç° TIBSFIPMEFSTÇ°XBTÇ° Ç°NJMMJPOÇ°CBIU Ç°JOUFSFTUÇ°QBZNFOUÇ°PGÇ°MPBOTÇ°XBTÇ° Ç°NJMMJPOÇ°CBIUÇ°BOEÇ°UIFÇ° Ç° Ç° Ç° QSJODJQBMÇ°SFQBZNFOUÇ°PGÇ°MPBOTÇ°XBTÇ° Ç°NJMMJPOÇ°CBIU

7. Financial Ratios 1SPÅ³UBCJMJUZÇ°3BUJPT

2012

2011

Change Increase/(Decrease)

Return on Assets (ROA) Return on Equity (ROE) (SPTTÇ°1SPÅ³UÇ°3BUJPÇ° 0QFSBUJOHÇ°1SPÅ³UÇ°3BUJPÇ°CFGPSFÇ°'9Ç° 1SPÅ³UÇ°3BUJPÇ°CFGPSFÇ°'9Ç° 1SPÅ³UÇ°CFGPSFÇ°'9Ç°QFSÇ°TIBSFÇ° #BIU Ç°

7.46%* 10.84%* Ç° Ç° Ç° Ç°

7.13% 8.85% Ç° Ç° Ç° Ç°

0.33 1.99

* Excluding accounting gain on business combination amount 4,180 million baht of 52.125% of Quezon before the company purchased the additional shares in the portion of 45.875%. This method was performed in accordance with the accounting standard.

5SBEFÇ°SFDFJWBCMFTÇ°BHJOHÇ°TVNNBSZ Ç° "HJOHÇ°QFSJPETÇ°PGÇ°USBEFÇ°SFDFJWBCMFTÇ°BTÇ°BUÇ°%FDFNCFSÇ° Ç° Ç°BSFÇ°TIPXOÇ°JOÇ°UIFÇ°UBCMFÇ°CFMPX Ç°Ç° 6OJUÇ° Ç°.JMMJPOÇ°#BIUÇ°

2012

2011

Change Increase/(Decrease)

Current Overdue less than 3 months Overdue between 3 - 6 months Overdue between 6 - 12 months Overdue more than 12 months -FTTÇ°"MMPXBODFÇ°GPSÇ°%PVCUGVMÇ°"DDPVOUTÇ° Trade receivables, net

1,724 46 21 17 26 1,834 Ç° 1,834

159 21 6 59 245 Ç° 245

1,565 25 21 11 (33) 1,589 Ç° 1,589

984% 119% 100% 183% (56%) 649% 649%

Management Discussion and Analysis

157

-FWFSBHFÇ°3BUJPÇ°BOEÇ°-JRVJEJUZÇ°3BUJP

2012

2011

Change Increase/(Decrease)

Current Ratio (Time) - Consolidated - Company Quick Ratio (Time) - Consolidated - Company Interest Coverage Ratio (Time) - Company

1.34 0.89

11.72 22.15

(10.38) (21.26)

0.50 0.12

6.69 10.82

(6.19) (10.70)

10.24

13.35

(3.11)

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158

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159

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Related Transactions in 2012 &($0Ä´TÇ°SFMBUFEÇ°USBOTBDUJPOTÇ°JOÇ° Ç°XFSFÇ°OPSNBMÇ°CVTJOFTTÇ°USBOTBDUJPOTÇ°BOEÇ°UIFSFÇ°XBTÇ°OPÇ°QSPÅ³UÇ°TJQIPOJOHÇ° CFUXFFOÇ°&($0Ç°PSÇ°JUTÇ°TVCTJEJBSJFTÇ°BOEÇ°QBSUJFTÇ°XJUIÇ°QPUFOUJBMÇ°DPOÅ´JDUTÇ°PGÇ°JOUFSFTU Ç°&BDIÇ°USBOTBDUJPOÇ°XBTÇ°EVMZÇ° BQQSPWFEÇ°VOEFSÇ°UIFÇ°USBOTQBSFOUÇ°QSPDFTTÇ°BOEÇ°UIFÇ°QFSTPOTÇ°XJUIÇ°QPUFOUJBMÇ°DPOÅ´JDUTÇ°PGÇ°JOUFSFTUTÇ°XFSFÇ°OPUÇ° JOWPMWFEÇ°JOÇ°UIFÇ°EFDJTJPOÇ°NBLJOH Ç°4VDIÇ°USBOTBDUJPOTÇ°XFSFÇ°XFMMÇ°KVTUJÅ³FEÇ°UIBUÇ°UIFZÇ°XFSFÇ°DBSSJFEÇ°PVUÇ°GPSÇ°UIFÇ° CFTUÇ°JOUFSFTUÇ°PGÇ°UIFÇ°$PNQBOZÇ°MJLFÇ°UIFÇ°USBOTBDUJPOTÇ°XJUIÇ°BOZÇ°UIJSEÇ°QBSUJFT Ç°5IFÇ°DIFDLJOHÇ°BOEÇ°BVEJUÇ°TZTUFNTÇ° BMTPÇ°FOTVSFEÇ°UIBUÇ°BMMÇ°USBOTBDUJPOTÇ°XFSFÇ°DBSSJFEÇ°PVUÇ°JOÇ°MJOFÇ°XJUIÇ°UIFÇ°FTUBCMJTIFEÇ°QSPDFTT Ç° %FUBJMTÇ°PGÇ°SFMBUFEÇ°USBOTBDUJPOTÇ°JOÇ° Ç°UIBUÇ°NBZÇ°QPTFÇ°DPOÅ´JDUTÇ°PGÇ°JOUFSFTUÇ°BSFÇ°BTÇ°GPMMPXT

1. Related Transactions with EGAT Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

*OÇ°DBSSZJOHÇ°PVUÇ°&($0Ç°(SPVQÄ´TÇ°CVTJOFTTFTÇ°BOEÇ°TFSWJDFT Ç°UIFSFÇ°XFSFÇ°USBOTBDUJPOTÇ°SFMBUJOHÇ°UPÇ°UIFÇ°QPXFSÇ° TBMFTÇ°BOEÇ°NBJOUFOBODFÇ°TFSWJDFTÇ°CFUXFFOÇ°&($0Ç°(SPVQÇ°BOEÇ°&("5 Ç°BÇ°NBKPSÇ°TIBSFIPMEFSÇ°XIJDIÇ°PXOTÇ° Ç° QFSDFOUÇ°PGÇ°&($0Ç°TUBLFTÇ°BOEÇ°IBTÇ° Ç°SFQSFTFOUBUJWFÇ°EJSFDUPSTÇ°POÇ°&($0Ç°#PBSE Ç°)PXFWFS Ç°BMMÇ°UIFÇ°USBOTBDUJPOTÇ° GPMMPXFEÇ°UIFÇ°FTUBCMJTIFEÇ°QSPDFTTÇ°BOEÇ°XFSFÇ°JOÇ°MJOFÇ°XJUIÇ°UIFÇ°EJTDMPTVSFÇ°BOEÇ°PUIFSÇ°SFRVJSFNFOUTÇ°PGÇ°UIFÇ° 4&5Ç°BOEÇ°4&$ Ç°5IFÇ°GPMMPXJOHÇ°BSFÇ°UIFÇ°USBOTBDUJPOTÇ°JOÇ° Ç°JOÇ°EFUBJM 1.1 Power sales with EGAT Ç° &($0Ç° 3BZPOHÇ°1PXFSÇ°1MBOU Ç°BOEÇ°UIFÇ°UISFFÇ°TVCTJEJBSJFTÇ°OBNFMZÇ°,&($0 Ç°&($0Ç°$PHFOÇ°BOEÇ°3PJÇ°&UÇ°(SFFOÇ° Ç° XFSFÇ°FOHBHFEÇ°JOÇ°UIFÇ°1PXFSÇ°1VSDIBTFÇ°"HSFFNFOUÇ° Ä¶11"Ä· Ç°XJUIÇ°&("5 Ç°5IFÇ°11"Ç°UFSNTÇ°GPSÇ°&($0Ç° 3BZPOHÇ° Ç° 1PXFSÇ°1MBOU Ç°BOEÇ°,&($0Ç°BSFÇ°UXFOUZÇ°ZFBSTÇ°XIJMFÇ°UIFÇ°UFSNTÇ°GPSÇ°&($0Ç°$PHFOÇ°BOEÇ°3PJÇ°&UÇ°(SFFOÇ°BSFÇ° Ç° UXFOUZÇ°POFÇ°ZFBST Ç°SFTQFDUJWFMZ Ç° Ç° 4VDIÇ°USBOTBDUJPOTÇ°XFSFÇ°KVTUJÅ³FEÇ°BTÇ°QPXFSÇ°HFOFSBUJPOÇ°JTÇ°&($0Ç°(SPVQÄ´TÇ°DPSFÇ°CVTJOFTTÇ°BOEÇ°&("5Ç°JTÇ°UIFÇ° Ç° TPMFÇ°XIPMFTBMFÇ°CVZFSÇ°JOÇ°5IBJMBOE Ç°*OÇ°BEEJUJPO Ç°UIFÇ°QSJDJOHÇ°BOEÇ°DPOEJUJPOTÇ°PGÇ°UIPTFÇ°USBOTBDUJPOTÇ°XFSFÇ°JOÇ° Ç° BDDPSEBODFÇ°XJUIÇ°UIFÇ°TUBOEBSEJ[FEÇ°DPOUSBDUTÇ°FOEPSTFEÇ°CZÇ°DPODFSOFEÇ°HPWFSONFOUÇ°BHFODJFT Companies EGCO (Rayong Power Plant) KEGCO EGCO Cogen Roi-Et Green

Ç° Ç° Ç° Ç°

Relationship Subsidiaries

Transaction value by December 31,2012 (million baht) Sales Revenue 2,167 1,763 672 396

Trade Receivables 189 90 213 66

4JODFÇ°&($0Ç°IBTÇ°SFDPSEFEÇ°UIFÇ°TIBSFÇ°PGÇ°QSPÅ³UTÇ°GSPNÇ°KPJOUÇ°WFOUVSFÇ°DPNQBOJFTÇ°VTJOHÇ°FRVJUZÇ°NFUIPE Ç° UIFÇ°WBMVFÇ°PGÇ°TVDIÇ°USBOTBDUJPOTÇ°JTÇ°OPUÇ°TIPXOÇ°JOÇ°UIFÇ°DPOTPMJEBUFEÇ°Å³OBODJBMÇ°TUBUFNFOUT Ç° 5IFÇ°WBMVFTÇ°PGÇ°UIFÇ°SFMBUFEÇ°USBOTBDUJPOTÇ°CFUXFFOÇ°KPJOUÇ°WFOUVSFÇ°DPNQBOJFTÇ°BOEÇ°&("5Ç°BSFÇ°TIPXOÇ°JOÇ° UIFÇ°GPMMPXJOHÇ°UBCMF Companies

GEC Group #-$1Ç° NTPC /&%Ç°Ç°

Relationship Joint Venture Ç° Ç°

Transaction value by December 31,2012 (million baht) Sale Revenue 17,861 Ç° 2,710 Ç°

Traded Receivables 3,280 117

160

Ç° Ç° Ç° Ç° Ç° Ç°

1.2 Ç° Ç° Ç° Ç° Ç° Ç°

Maintenance Services for EGAT &4$0 Ç°&($0Ä´TÇ°TVCTJEJBSZÇ°XIJDIÇ°JTÇ°BOÇ°0 .Ç°TFSWJDFÇ°QSPWJEFS Ç°IBTÇ°FOHBHFEÇ°JOÇ°BÇ°.BJOUFOBODFÇ°"HSFFNFOUTÇ° XJUIÇ°&("5Ç°UPÇ°QSPWJEFÇ°NBKPSÇ°NBJOUFOBODFÇ°BOEÇ°SFQBJSÇ°XPSLTÇ°JODMVEJOHÇ°PUIFSÇ°GBDJMJUBUJOHÇ°BOEÇ°BEEJUJPOBMÇ° TFSWJDFTÇ°SFMBUFEÇ°UPÇ°UIFÇ°QPXFSÇ°QMBOUT Ç° 4VDIÇ°USBOTBDUJPOÇ°XBTÇ°KVTUJÅ³FEÇ°BTÇ°UIFÇ°QSJDFÇ°XBTÇ°DIBSHFEÇ°POÇ°BÇ°Ä¶DPTUÇ°QMVTÇ°CBTJTÄ·Ç°XJUIÇ°UIFÇ°BOOVBMÇ°$1*Ç° FTDBMBUJPOÇ°XIJDIÇ°JTÇ°UIFÇ°TBNFÇ°TUBOEBSEÇ°BTÇ°UIFÇ°QSJDFÇ°DIBSHFEÇ°UPÇ°BOZÇ°PUIFSÇ°UIJSEÇ°QBSUJFT Ç°5IFÇ°BHSFFNFOUÇ° JTÇ°FGGFDUJWFÇ°GPSÇ°BÇ°QFSJPEÇ°PGÇ°FJHIUÇ°ZFBSTÇ°DPNNFODJOHÇ°4FQUFNCFSÇ° Ç° Companies

ESCO

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

1.3 Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Subsidiary

Transaction value by December 31, 2012 (million baht) Maintenance Fee 58

Trade Receivables 22

Maintenance Services with EGAT &($0Ç°(SPVQÇ°IBTÇ°FOHBHFEÇ°JOÇ°UIFÇ°PQFSBUJPOÇ°BOEÇ°NBJOUFOBODFÇ°BHSFFNFOUTÇ°XJUIÇ°&("5Ç°XIJDIÇ°BSFÇ°EFÅ³OFEÇ° BTÇ°UIFÇ°OPSNBMÇ°USBOTBDUJPOTÇ°UPÇ°TVQQPSUÇ°JUTÇ°CVTJOFTTÇ°PQFSBUJPOTÇ°PGÇ°XIJDIÇ°UIFÇ°HFOFSBMÇ°USBEJOHÇ°UFSNTÇ°BOEÇ° DPOEJUJPOTÇ°BSFÇ°BQQMJFE Ç°5IFÇ°GFFÇ°DBOÇ°CFÇ°DBMDVMBUFEÇ°GSPNÇ°UIFÇ°WBMVFÇ°PGÇ°BTTFUTÇ°PSÇ°UIFÇ°SFGFSSFEÇ°QSJDFÇ° JOÇ°BDDPSEBODFÇ°XJUIÇ°4&5Ä´TÇ°HVJEFMJOFT Ç°5IFÇ°EFUBJMTÇ°BSFÇ°BTÇ°GPMMPXT Ä»Ç° &($0Ç° 3BZPOHÇ°1PXFSÇ°1MBOU Ç°BOEÇ°,&($0Ç°IBWFÇ°FOHBHFEÇ°JOÇ°UIFÇ°.BKPSÇ°.BJOUFOBODFÇ°"HSFFNFOUÇ° Ç° Ä¶.."Ä· Ç° XJUIÇ° &("5Ç° GPSÇ° UIFÇ° MBUUFSÇ° UPÇ° QSPWJEFÇ° NBKPSÇ° NBJOUFOBODFÇ° TFSWJDFT Ç° SFQBJSÇ° TFSWJDFT Ç° Ç° BENJOJTUSBUJWFÇ°TFSWJDFT Ç°BOEÇ°BEEJUJPOBMÇ°TFSWJDFTÇ°UPÇ°UIFJSÇ°QPXFSÇ°QMBOUT Ç°5IFÇ°TFSWJDFÇ°GFFTÇ°BSFÇ°DIBSHFEÇ° Ç° POÇ°BÇ°Ä¶DPTUÇ°QMVTÇ°CBTJTÄ·Ç°XJUIÇ°UIFÇ°BOOVBMÇ°$1*Ç°FTDBMBUJPO Ç°5IFÇ°DPOUSBDUTÇ°IBWFÇ°CFFOÇ°FYUFOEFEÇ°GPSÇ°BOPUIFSÇ° Ç° Ç°ZFBSTÇ°GPSÇ°&($0Ç° 3BZPOHÇ°1PXFSÇ°1MBOU Ç°UBLJOHÇ°FGGFDUÇ°GSPNÇ°%FDFNCFSÇ° Ç° Ç°BOEÇ°BOPUIFSÇ° Ç°ZFBSTÇ° Ç° GPSÇ°,&($0Ç°UBLJOHÇ°FGGFDUÇ°GSPNÇ°"VHVTUÇ° Ç° Ç° Companies

EGCO (Rayong Power Plant) KEGCO

Ç° Ç° Ç° Ç°

Relationship

Subsidiaries

Transaction value by December 31, 2012 (million baht) O&M Fee 27 74

Trade Payables 79 5

Ä»Ç° (&$Ç°(SPVQÇ°IBTÇ°FOHBHFEÇ°&("5Ç°BTÇ°JUTÇ°BEWJTPSÇ°GPSÇ°NBJOUFOBODFÇ°XPSLT Ç°5IFÇ°GFFÇ°XBTÇ°DIBSHFEÇ°JOÇ°BDDPSEBODFÇ° Ç° XJUIÇ°UIFÇ°&("5Ä´TÇ°TUBOEBSEÇ°QSJDFÇ°GPSÇ°DPOUSBDUVBMÇ°GFFT Companies

GEC Group

Relationship Joint Venture

Transaction value by December 31, 2012 (million baht) Maintenance Advisory Fee 0.13

Account Payables -

161

Related Transactions

2. Related Transactions between EGCO and Group Companies Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

&($0Ç°IBTÇ°FOHBHFEÇ°JOÇ°UIFÇ°GPMMPXJOHÇ°BHSFFNFOUTÇ°XJUIÇ°(SPVQÇ°$PNQBOJFT Ç°XIJDIÇ°&($0Ç°IPMETÇ°NBKPSÇ°TIBSFTÇ° BOEÇ°IBTÇ°JUTÇ°FYFDVUJWFTÇ°TJUÇ°POÇ°UIFJSÇ°CPBSET Ç° "HSFFNFOUTÇ°UPÇ°MFBTFÇ°PGÅ³DFÇ°TQBDFÇ°BOEÇ°"HSFFNFOUTÇ°GPSÇ°CVJMEJOHÇ°TFSWJDFTÇ°GPSÇ° Ç°DPNQBOJFTÇ°OBNFMZÇ°,&($0 Ç° Ç° &4$0 Ç°&($0Ç°$PHFO Ç°3PJ &UÇ°(SFFOÇ°BOEÇ°&($0.Ç°5BSB Ç°5IFÇ°QSPWJTJPOÇ°PGÇ°TQBDFÇ°BOEÇ°UIFÇ°TDPQFÇ°PGÇ°TFSWJDFTÇ° Ç° BSFÇ°TQFDJÅ³FEÇ°JOÇ°UIFÇ°POF ZFBSÇ°DPOUSBDU Ç° 4VDIÇ°USBOTBDUJPOTÇ°XFSFÇ°DPOTJEFSFEÇ°KVTUJÅ³FEÇ°BTÇ°JUÇ°NBYJNJ[FEÇ°&($0Ç°CVJMEJOHÇ°TQBDFÇ°VTBHFÇ°BOEÇ°UIFÇ° Ç° GFFÇ°XBTÇ°DIBSHFEÇ°BUÇ°UIFÇ°NBSLFUÇ°SBUFÇ°XIJDIÇ°XBTÇ°UIFÇ°TBNFÇ°SBUFÇ°DIBSHFEÇ°UPÇ°BOZÇ°UIJSEÇ°QBSUJFT Ç° "HSFFNFOUTÇ°UPÇ°QSPWJEFÇ°NBOBHFNFOUÇ°TFSWJDFTÇ°UPÇ°,&($0 Ç°&4$0 Ç°&($0Ç°$PHFO Ç°3PJ &UÇ°(SFFO Ç°&($0.Ç°5BSB Ç° Ç° &($0Ç°#7* Ç°1&10* Ç°5IFQQBOB Ç°411 Ç°411 Ç°411 Ç°411 Ç°:BOIFFÇ°&($0 Ç°4PMBSÇ°$P Ç°BOEÇ°"11$ Ç°5IFÇ°TDPQFÇ° Ç° PGÇ°XPSLÇ°DPWFSTÇ°JOUFSOBMÇ°BVEJU Ç°MFHBMÇ°DPVOTFMJOH Ç°#PBSEÄ´TÇ°TFDSFUBSJBMÇ°XPSL Ç°*5 Ç°QVCMJDÇ°BOEÇ°DPNNVOJUZÇ° Ç° SFMBUJPOTÇ°BOEÇ°Å³OBODJBMÇ°XPSL Ç°JODMVEJOHÇ°QFSTPOOFMÇ°TFDPOENFOUÇ°UPÇ°/51$Ç°#-$1Ç°BOEÇ°/&% Ç°5IFÇ°Å³OBODJBMÇ° Ç° XPSLÇ°JTÇ°OPUÇ°JODMVEFEÇ°JOÇ°UIFÇ°TDPQFÇ°PGÇ°XPSLÇ°SFOEFSFEÇ°UPÇ°&4$0Ç°BOEÇ°&($0.Ç°5BSB Ç° Ç° 4VDIÇ°USBOTBDUJPOTÇ°XFSFÇ°KVTUJÅ³FEÇ°BTÇ°UIPTFÇ°(SPVQÇ°DPNQBOJFTÇ°EPÇ°OPUÇ°IBWFÇ°JOUFSOBMÇ°TUBGGÇ°UPÇ°UBLFÇ°DBSFÇ° Ç° PGÇ°TVDIÇ°XPSLÇ°XIJMFÇ°&($0Ç°IBEÇ°UIFÇ°FYQFSUJTFÇ°BOEÇ°DBQBCJMJUZÇ°UPÇ°QSPWJEFÇ°UIFÇ°TFSWJDFTÇ°BOEÇ°UIFÇ°TFSWJDFÇ°GFFÇ° Ç° XBTÇ°DIBSHFEÇ°JOÇ°BDDPSEBODFÇ°XJUIÇ°UIFÇ°BDUVBMÇ°PQFSBUJOHÇ°IPVSTÇ°CBTFEÇ°POÇ°UIFÇ°DPTUÇ°QMVTÇ°CBTJT Companies KEGCO ESCO EGCO Cogen EGCO Green Roi Et Green Egcom Tara &($0Ç°#7*Ç° PEPOI Quezon Theppana SPP 2 SPP 3 SPP 4 SPP 5 Yanhee EGCO Solar Co. 5PUBMÇ°GPSÇ°TVCTJEJBSJFTÇ°

Relationship

Ç° Subsidiaries

Ç°

Transaction values by December 31, 2012 (million baht) Financial Statements 17 10 7 1 7 2 22 5 2 2 3 3 2 1 3

162

Companies

Transaction values by December 31, 2012 (million baht)

Relationship

Financial Statements

NTPC Joint Ventures #-$1Ç° Ç° /&%Ç° Ç° APPC 5PUBMÇ°GPSÇ°Ç°KPJOUÇ°WFOUVSFTÇ° Ç°

17 1

3. Financial Support to related business partners Ç° Ç° Ç° Ç°

&($0Ç°IBTÇ°QSPWJEFEÇ°ĹłOBODJBMÇ°TVQQPSUÇ°UPÇ°TVCTJEJBSJFTÇ°BOEÇ°KPJOUÇ°WFOUVSFTÇ°JOÇ°QSPQPSUJPOBMÇ°UPÇ°JUTÇ°PXOFSTIJQÇ° JOÇ°TVDIÇ°DPNQBOJFT Ç°4VDIÇ°TVQQPSUTÇ°BSFÇ°OPSNBMÇ°CVTJOFTTÇ°QSBDUJDFTÇ°BOEÇ°BSFÇ°BJNFEÇ°BUÇ°PQUJNJ[JOHÇ°TIBSFIPMEFSTÄ´Ç° SFUVSOT Ç°5IFÇ°USBOTBDUJPOTÇ°XFSFÇ°BQQSPWFEÇ°CZÇ°UIFÇ°#PBSEÇ°BOEÇ°EJTDMPTFEÇ°JOÇ°UIFÇ°OPUFTÇ°UPÇ°ĹłOBODJBMÇ°TUBUFNFOUTÇ° BTÇ°PGÇ°%FDFNCFSÇ° Ç° 3.1 Loan Companies Relationship ESCO

Subsidiaries

Transaction values by December 31, 2012 (million baht) 596

Ç°

SPP 2 411Ç° Ç° SPP 4

Subsidiaries Ç°

103 Ç° 79

SPP 5

Subsidiaries

Ç°

Yanhee EGCO Subsidiaries

Ç°

700

Terms and conditions On November 22, 2005, EGCO signed the loan agreement providing 780 million baht to ESCO. The principal payment of 46 million baht is made on ZFBSMZÇ°CBTJTÇ°GSPNÇ°%FDFNCFSÇ° Ç°UPÇ°%FDFNCFSÇ° Ç° at the interest rate, being charged in accordance with UIFÇ°NBSLFUÇ°DPOEJUJPO Ç°BUÇ°.-3Ç°NJOVTÇ°BÇ°DFSUBJOÇ°NBSHJO Ç° payable on a semi-annual basis. EGCO signed the assignment agreement transferring UIFÇ°SJHIUÇ°PGÇ°.&.$Ç°4JOHBQPSFÇ°1UF Ç°-UEÇ°BTÇ°UIFÇ°MFOEFSÇ°PGÇ° long-term loan of SPP2, SPP3 and SPP4. The principal payment date is 25-year anniversary from the agreement date, at the fixed interest rate, payable on a quarterly basis. EGCO signed the assignment agreement transferring the right of Sun Edison Energy Holding (Singapore) 1UF Ç°-UEÇ°BTÇ°UIFÇ°MFOEFSÇ°PGÇ° Ç°NJMMJPOÇ°CBIUÇ°MPOH UFSNÇ° loan of SPP5. The principal payment date is 25-year anniversary from the agreement date, at the fixed interest rate, payable on a quarterly basis. On October 22, 2012, EGCO signed the loan agreement of 1,720 million baht, 12-year tenor with 2-year grace periods from the commercial operation date. The current outstanding loan is 700 million baht.

Related Transactions

Companies Relationship

Ç° Theppana

Ç° Subsidiaries

Transaction values by December 31, 2012 (million baht)

Ç° 21

Ç° Ç° GPS

Ç° Ç° Joint Ventures

Ç° Ç° 31

APPC

Joint Ventures

Ç°

Terms and conditions The principal payment will be made at equal installment on a yearly basis at the interest rate PGÇ°.-3 Ç°QBZBCMFÇ°POÇ°BÇ°ZFBSMZÇ°CBTJT Ç° On October 8, 2012, EGCO signed the loan agreement providing 31 million baht to Theppana, currently 21 million baht been drawn. The principal will be paid at a lump sum on the 10th anniversary of the $0% Ç°BUÇ°UIFÇ°JOUFSFTUÇ°SBUFÇ°PGÇ°.-3Ç°NJOVTÇ°BÇ°DFSUBJOÇ°NBSHJO Ç° QBZBCMFÇ°POÇ°BÇ°TFNJ BOOVBMÇ°CBTJTÇ°GSPNÇ°UIFÇ°$0% On May 10, 2012, EGCO signed the loan agreement providing 31 million baht to GPS. The principal will be paid at a lump sum on April 5, 2013 at the fixed rate, payable on a semi-annual basis scheduled on October 5, 2012 and April 5, 2013 On August 1, 2012, EGCO signed the loan agreement providing 10 million baht to APPC. The principal is due on 6 months after the agreement date. 0OÇ°%FDFNCFSÇ° Ç° Ç°&($0Ç°TJHOFEÇ°UIFÇ°BHSFFNFOUÇ° providing loan of 15 million baht. The principal payment will be made at a lump sum on January Ç° Ç°BUÇ°UIFÇ°JOUFSFTUÇ°SBUFÇ°PGÇ°.-3Ç°QMVTÇ°BÇ°DFSUBJOÇ° margin, payable on the payment date of principal

3.2 Commitments and Liabilities Ç° Ç° &($0Ç°IBTÇ°DPNNJUNFOUTÇ°VOEFSÇ°UIFÇ°4QPOTPSÇ°4VQQPSUÇ°"HSFFNFOUTÇ°GSPNÇ°MPBOÇ°HVBSBOUFFTÇ°QSPWJEFEÇ° Ç° Ç° UPÇ°TVCTJEJBSJFTÇ°BOEÇ°KPJOUÇ°WFOUVSFTÇ°BTÇ°GPMMPXT Ç°(VBSBOUFFÇ°PGÇ°-PBO Â&#x2019;ÂžÂźÂżÂ°Â˝Ă&#x2C6;

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EGCO Cogen Subsidiary

160 baht Million

Roi-Et Green

367 million yen or equivalent to 131 million baht

EGCO, a sponsor of EGCO Cogen, signed the agreement providing loan to EGCO Cogen in case of facing the liquidity problem and unable to pay debt and expenses specified in the agreement in the aggregate amount supporting by shareholders of up to 200 million baht. EGCOâ&#x20AC;&#x2122;s obligation, according to the stakeâ&#x20AC;&#x2122;s portion, is not exceeding 160 million baht. EGCO signed the agreement guaranteeing outstanding loan including accrued interest of Roi-Et Green

Subsidiary

163

164

Ç° Ç° Ç° Ç°

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Policy and Tendency of Future Related Transactions &($0Ä´TÇ°FYJTUJOHÇ°SFMBUFEÇ°USBOTBDUJPOTÇ°UFOETÇ°UPÇ°DPOUJOVFÇ°BOEÇ°&($0Ç°XJMMÇ°TFFLÇ°UPÇ°FOTVSFÇ°UIBUÇ°BMMÇ°PGÇ°UIFÇ°SFMBUFEÇ° USBOTBDUJPOTÇ°CFÇ°DPOEVDUFEÇ°USBOTQBSFOUMZ Ç°GBJSÇ°BOEÇ°CFOFÅ³DJBMÇ°UPÇ°UIFÇ°$PNQBOZ Ç°5IFÇ°"VEJUÇ°$PNNJUUFF Ç°FYUFSOBMÇ° BVEJUPSTÇ°PSÇ°JOEFQFOEFOUÇ°DPOTVMUBOUTÇ°TIBMMÇ°CFÇ°BTTJHOFEÇ°CZÇ°UIFÇ°#PBSEÇ°UPÇ°SFWJFXÇ°BOEÇ°HJWFÇ°UIFJSÇ°JOEFQFOEFOUÇ° PQJOJPOTÇ°POÇ°UIFÇ°QSJDJOHÇ°BOEÇ°KVTUJÅ³DBUJPOTÇ°PGÇ°UIPTFÇ°USBOTBDUJPOT Ç°%JTDMPTVSFÇ°PGÇ°SFMBUFEÇ°USBOTBDUJPOTÇ°TIBMMÇ° TUSJDUMZÇ°GPMMPXÇ°UIFÇ°OPUJÅ³DBUJPOTÇ°PGÇ°4&5Ç°BOEÇ°4&$ Ç°*OÇ°BEEJUJPO Ç°&($0Ç°XJMMÇ°DPOUJOVFÇ°UPÇ°QSPWJEFÇ°UIFÇ°VQEBUFEÇ° JOGPSNBUJPO Ç°SVMFTÇ°BOEÇ°SFHVMBUJPOTÇ°POÇ°SFMBUFEÇ°USBOTBDUJPOTÇ°UPÇ°DPODFSOFEÇ°TUBGGTÇ°GPSÇ°UIPSPVHIÇ°VOEFSTUBOEJOHÇ° XIJDIÇ°XJMMÇ°DFSUBJOMZÇ°MFBEÇ°UPÇ°GVMMÇ°DPNQMJBODFÇ°BOEÇ°USBOTQBSFODZÇ°GPSÇ°UIFÇ°PQUJNBMÇ°CFOFÅ³UTÇ°PGÇ°UIFÇ°TIBSFIPMEFST

165

Statement of Directorsâ&#x20AC;&#x2122; Responsibilities

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Mr. Pornchai Rujiprapa Chairman

166

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Mr. Thanapich Mulapruk Chairman of the Audit Committee

Nomination and Remuneration Committeeâ&#x20AC;&#x2122;s Report

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Mr. Hideo Kuramochi Chairman of the Nomination and Remuneration Committee

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Mr. Sorajak Kasemsuvan Chairman of the Corporate Governance and Social Responsibility Committee

171

172

Auditorâ&#x20AC;&#x2122;s Report 5PÇ°UIFÇ°4IBSFIPMEFSTÇ°PGÇ°&MFDUSJDJUZÇ°(FOFSBUJOHÇ°1VCMJDÇ°$PNQBOZÇ°-JNJUFE *Ç°IBWFÇ°BVEJUFEÇ°UIFÇ°BDDPNQBOZJOHÇ°DPOTPMJEBUFEÇ°BOEÇ°DPNQBOZÇ°Å³OBODJBMÇ°TUBUFNFOUTÇ°PGÇ°&MFDUSJDJUZÇ°(FOFSBUJOHÇ° 1VCMJDÇ°$PNQBOZÇ°-JNJUFEÇ°BOEÇ°JUTÇ°TVCTJEJBSJFTÇ°BOEÇ°PGÇ°&MFDUSJDJUZÇ°(FOFSBUJOHÇ°1VCMJDÇ°$PNQBOZÇ°-JNJUFE Ç°XIJDIÇ° DPNQSJTFÇ° UIFÇ° DPOTPMJEBUFEÇ° BOEÇ° DPNQBOZÇ° TUBUFNFOUTÇ° PGÇ° Å³OBODJBMÇ° QPTJUJPOÇ° BTÇ° BUÇ° Ç° %FDFNCFSÇ° Ç° BOEÇ°UIFÇ°SFMBUFEÇ°DPOTPMJEBUFEÇ°BOEÇ°DPNQBOZÇ°TUBUFNFOUTÇ°PGÇ°JODPNF Ç°DPNQSFIFOTJWFÇ°JODPNF Ç°DIBOHFTÇ°JOÇ° TIBSFIPMEFSTÄ´Ç°FRVJUZÇ°BOEÇ°DBTIÇ°Å´PXTÇ°GPSÇ°UIFÇ°ZFBSÇ°UIFOÇ°FOEFE Ç°BOEÇ°BÇ°TVNNBSZÇ°PGÇ°TJHOJÅ³DBOUÇ°BDDPVOUJOHÇ° policies and other notes. Managementâ&#x20AC;&#x2122;s Responsibility for the Financial Statements .BOBHFNFOUÇ°JTÇ°SFTQPOTJCMFÇ°GPSÇ°UIFÇ°QSFQBSBUJPOÇ°BOEÇ°GBJSÇ°QSFTFOUBUJPOÇ°PGÇ°UIFTFÇ°Å³OBODJBMÇ°TUBUFNFOUTÇ°JOÇ° BDDPSEBODFÇ° XJUIÇ° 5IBJÇ° 'JOBODJBMÇ° 3FQPSUJOHÇ° 4UBOEBSET Ç° BOEÇ° GPSÇ° TVDIÇ° JOUFSOBMÇ° DPOUSPMÇ° BTÇ° NBOBHFNFOUÇ° EFUFSNJOFTÇ°JTÇ°OFDFTTBSZÇ°UPÇ°FOBCMFÇ°UIFÇ°QSFQBSBUJPOÇ°PGÇ°Å³OBODJBMÇ°TUBUFNFOUTÇ°UIBUÇ°BSFÇ°GSFFÇ°GSPNÇ°NBUFSJBMÇ° NJTTUBUFNFOU Ç°XIFUIFSÇ°EVFÇ°UPÇ°GSBVEÇ°PSÇ°FSSPS Auditorâ&#x20AC;&#x2122;s Responsibility .ZÇ°SFTQPOTJCJMJUZÇ°JTÇ°UPÇ°FYQSFTTÇ°BOÇ°PQJOJPOÇ°POÇ°UIFTFÇ°Å³OBODJBMÇ°TUBUFNFOUTÇ°CBTFEÇ°POÇ°NZÇ°BVEJU Ç°*Ç°DPOEVDUFEÇ° NZÇ°BVEJUÇ°JOÇ°BDDPSEBODFÇ°XJUIÇ°5IBJÇ°4UBOEBSETÇ°POÇ°"VEJUJOH Ç°5IPTFÇ°TUBOEBSETÇ°SFRVJSFÇ°UIBUÇ°*Ç°DPNQMZÇ°XJUIÇ° FUIJDBMÇ°SFRVJSFNFOUTÇ°BOEÇ°QMBOÇ°BOEÇ°QFSGPSNÇ°UIFÇ°BVEJUÇ°UPÇ°PCUBJOÇ°SFBTPOBCMFÇ°BTTVSBODFÇ°BCPVUÇ°XIFUIFSÇ°UIFÇ° Å³OBODJBMÇ°TUBUFNFOUTÇ°BSFÇ°GSFFÇ°GSPNÇ°NBUFSJBMÇ°NJTTUBUFNFOU "OÇ°BVEJUÇ°JOWPMWFTÇ°QFSGPSNJOHÇ°QSPDFEVSFTÇ°UPÇ°PCUBJOÇ°BVEJUÇ°FWJEFODFÇ°BCPVUÇ°UIFÇ°BNPVOUTÇ°BOEÇ°EJTDMPTVSFTÇ° JOÇ°UIFÇ°Å³OBODJBMÇ°TUBUFNFOUT Ç°5IFÇ°QSPDFEVSFTÇ°TFMFDUFEÇ°EFQFOEÇ°POÇ°UIFÇ°BVEJUPSÄ´TÇ°KVEHNFOU Ç°JODMVEJOHÇ°UIFÇ° BTTFTTNFOUÇ°PGÇ°UIFÇ°SJTLTÇ°PGÇ°NBUFSJBMÇ°NJTTUBUFNFOUÇ°PGÇ°UIFÇ°Å³OBODJBMÇ°TUBUFNFOUT Ç°XIFUIFSÇ°EVFÇ°UPÇ°GSBVEÇ°PSÇ° FSSPS Ç°*OÇ°NBLJOHÇ°UIPTFÇ°SJTLÇ°BTTFTTNFOUT Ç°UIFÇ°BVEJUPSÇ°DPOTJEFSTÇ°JOUFSOBMÇ°DPOUSPMÇ°SFMFWBOUÇ°UPÇ°UIFÇ°FOUJUZÄ´TÇ° QSFQBSBUJPOÇ°BOEÇ°GBJSÇ°QSFTFOUBUJPOÇ°PGÇ°UIFÇ°Å³OBODJBMÇ°TUBUFNFOUTÇ°JOÇ°PSEFSÇ°UPÇ°EFTJHOÇ°BVEJUÇ°QSPDFEVSFTÇ°UIBUÇ°BSFÇ° BQQSPQSJBUFÇ°JOÇ°UIFÇ°DJSDVNTUBODFT Ç°CVUÇ°OPUÇ°GPSÇ°UIFÇ°QVSQPTFÇ°PGÇ°FYQSFTTJOHÇ°BOÇ°PQJOJPOÇ°POÇ°UIFÇ°FGGFDUJWFOFTTÇ° PGÇ° UIFÇ° FOUJUZÄ´TÇ° JOUFSOBMÇ° DPOUSPM Ç° "OÇ° BVEJUÇ° BMTPÇ° JODMVEFTÇ° FWBMVBUJOHÇ° UIFÇ° BQQSPQSJBUFOFTTÇ° PGÇ° BDDPVOUJOHÇ° QPMJDJFTÇ°VTFEÇ°BOEÇ°UIFÇ°SFBTPOBCMFOFTTÇ°PGÇ°BDDPVOUJOHÇ°FTUJNBUFTÇ°NBEFÇ°CZÇ°NBOBHFNFOU Ç°BTÇ°XFMMÇ°BTÇ°FWBMVBUJOHÇ° UIFÇ°PWFSBMMÇ°QSFTFOUBUJPOÇ°PGÇ°UIFÇ°Å³OBODJBMÇ°TUBUFNFOUT *Ç°CFMJFWFÇ°UIBUÇ°UIFÇ°BVEJUÇ°FWJEFODFÇ°*Ç°IBWFÇ°PCUBJOFEÇ°JTÇ°TVGÅ³DJFOUÇ°BOEÇ°BQQSPQSJBUFÇ°UPÇ°QSPWJEFÇ°BÇ°CBTJTÇ°GPSÇ°NZÇ° audit opinion. Opinion *OÇ°NZÇ°PQJOJPO Ç°UIFÇ°DPOTPMJEBUFEÇ°BOEÇ°DPNQBOZÇ°Å³OBODJBMÇ°TUBUFNFOUTÇ°SFGFSSFEÇ°UPÇ°BCPWFÇ°QSFTFOUÇ°GBJSMZ Ç°JOÇ° BMMÇ°NBUFSJBMÇ°SFTQFDUT Ç°UIFÇ°DPOTPMJEBUFEÇ°BOEÇ°DPNQBOZÇ°Å³OBODJBMÇ°QPTJUJPOÇ°PGÇ°&MFDUSJDJUZÇ°(FOFSBUJOHÇ°1VCMJDÇ° $PNQBOZÇ° -JNJUFEÇ° BOEÇ° JUTÇ° TVCTJEJBSJFTÇ° BOEÇ° PGÇ° &MFDUSJDJUZÇ° (FOFSBUJOHÇ° 1VCMJDÇ° $PNQBOZÇ° -JNJUFEÇ° BTÇ° BUÇ° Ç° %FDFNCFSÇ° Ç°BOEÇ°JUTÇ°DPOTPMJEBUFEÇ°BOEÇ°DPNQBOZÇ°SFTVMUTÇ°PGÇ°PQFSBUJPOTÇ°BOEÇ°JUTÇ°DBTIÇ°Å´PXTÇ°GPSÇ°UIFÇ°ZFBSÇ° UIFOÇ°FOEFEÇ°JOÇ°BDDPSEBODFÇ°XJUIÇ°5IBJÇ°'JOBODJBMÇ°3FQPSUJOHÇ°4UBOEBSET

Amornrat Pearmpoonvatanasuk

Certified Public Accountant (Thailand) No. 4599 PricewaterhouseCoopers ABAS Ltd. #BOHLPL Ç°'FCSVBSZÇ°

173

Financial Statements

Electricity Generating Public Company Limited

Statements of Financial Position

As at 31 December 2012 and 2011

Consolidated 2012 Baht

2011 Baht

2012 Baht

4,147,493,526

8,401,866,377

1,216,920,679

5,674,226,709

Ç° 687,976,387 1,834,296,411 579,994,306 7,600,763,848 56,200,000 145,384,054 3,212,468,649 1,447,518,755 19,846,203,551

Ç° 222,000,000 343,952,162 245,141,606 549,230,689 6,089,418,454 51,081,780 2,043,819,652 455,163,627 20,119,355,044

Ç° 189,269,070 8,045,088,668 56,200,000 45,882,350 48,426,774 559,451,239 220,054,166 10,382,270,017

Ç° 222,000,000 202,016,743 7,018,039,732 45,882,350 22,779,474 833,986,690 112,637,703 15,707,644,878

13 34.5 34.7 Ç° 14.2 14.3 13 15 16

4,023,893,202 60,452,781 Ç° 34,577,791,684 247,750,000 322,071,012 38,555,753,857

1,937,293,740 168,134,509 Ç° 36,444,572,866 127,000,000 322,071,012 13,022,582,385

4,017,617,151 60,452,781 1,635,916,722 Ç° 33,720,618,084 24,418,626,488 247,750,000 322,071,012 4,061,521,218

1,930,947,778 168,134,509 596,470,600 Ç° 17,901,783,196 23,150,309,238 127,000,000 322,071,012 4,977,213,590

17 18 19

5,214,759,125 6,141,105,368 334,011,314 89,477,870,643

685,946,459 128,834,166 52,836,717,437

46,818,067 68,531,391,523

11,779,387 49,185,709,310

109,324,074,194

72,956,072,481

78,913,661,540

64,893,354,188

Notes Assets Current assets Cash and cash equivalents Short-term investments Ç° Ç° %FQPTJUTÇ°BUÇ°ĹłOBODJBMÇ°JOTUJUVUJPOTÇ° - Marketable securities Short-term investments used as collateral Trade receivables, net Trade receivable from a related party Dividend receivables from subsidiaries and joint ventures Short-term loans to related parties Current portion of long-term loans to related parties Amounts due from related parties Fuel and spare parts and supplies, net Other current assets Total current assets Non-current assets Long-term investments in marketable securities Amounts due from a related party due over one year Long-term loans to related parties, net %FQPTJUTÇ°BUÇ°ĹłOBODJBMÇ°JOTUJUVUJPOTÇ°VTFEÇ°BTÇ°DPMMBUFSBMÇ° Investments in subsidiaries, net Interests in joint ventures Other long-term investments Investment property Property, plant and equipment, net Right in long-term power and tap water purchase agreements and operation and maintenance agreement, net Goodwill Other non-current assets, net Total non-current assets Total assets

Company

8 Ç° 9 10 34.4 14.4 34.6 34.7 34.5 11 12

For Director â&#x20AC;Śâ&#x20AC;Śâ&#x20AC;Śâ&#x20AC;Śâ&#x20AC;Śâ&#x20AC;Śâ&#x20AC;Śâ&#x20AC;Śâ&#x20AC;Śâ&#x20AC;Śâ&#x20AC;Śâ&#x20AC;Śâ&#x20AC;Śâ&#x20AC;Śâ&#x20AC;Śâ&#x20AC;Śâ&#x20AC;Śâ&#x20AC;Śâ&#x20AC;Śâ&#x20AC;Śâ&#x20AC;Ś. The notes to the consolidated and company financial statements on pages 183 to 241 are an integral part of these financial statements.

2011 Baht

174

Electricity Generating Public Company Limited

Statements of Financial Position (continued) As at 31 December 2012 and 2011

Consolidated Notes Liabilities and shareholdersâ&#x20AC;&#x2122; equity Current liabilities 4IPSU UFSNÇ°MPBOTÇ°GSPNÇ°ĹłOBODJBMÇ°JOTUJUVUJPOTÇ° Trade payables Trade payable to a related party Amounts due to related parties $VSSFOUÇ°QPSUJPOÇ°PGÇ°MPOH UFSNÇ°MPBOTÇ°GSPNÇ°ĹłOBODJBMÇ° institutions, net Other current liabilities - Interest payable - Value added tax payable - Corporate income tax payable - Others Total current liabilities Non-current liabilities -POH UFSNÇ°MPBOTÇ°GSPNÇ°ĹłOBODJBMÇ°JOTUJUVUJPOT Ç°OFUÇ° 3FUJSFNFOUÇ°CFOFĹłUÇ°PCMJHBUJPOTÇ° Provision for decommissioning costs Other non-current liabilities Total non-current liabilities Total liabilities

Ç°

2012 Baht

Company

2011 Baht

2012 Baht

2011 Baht

34.4 34.5

Ç° 1,142,218,414 84,045,636 10,265,114

Ç° 253,078,447 64,551,410 9,701,695

Ç° 23,076,173 78,820,644 5,367,940

Ç° 27,636,013 55,751,959 4,458,738

1,050,700,537

535,728,282

559,590,904

289,380,906

260,098,636 386,250,983 273,386,700 891,089,059 14,771,705,079

18,222,832 78,063,073 35,810,629 720,905,424 1,716,061,792

14,833,849 30,184,259 284,374,284 11,629,498,053

9,659,749 35,525,577 286,883,840 709,296,782

Ç° Ç° 1,088,849,809 779,227,871 26,232,146,727

Ç° Ç° 972,895,496 13,267,003 12,706,958,522

Ç° Ç° 402,643,668 26,382,349 10,757,453,552

Ç° Ç° 386,414,269 30,590,721 11,402,582,011

41,003,851,806

14,423,020,314

22,386,951,605

12,111,878,793

Ç° Ç° 23 24

The notes to the consolidated and company financial statements on pages 183 to 241 are an integral part of these financial statements.

175

Financial Statements

Electricity Generating Public Company Limited

Statements of Financial Position (continued)

As at 31 December 2012 and 2011

Consolidated Notes Liabilities and shareholders’ equity (continued) Shareholders’ equity Share capital Authorised share capital - 530,000,000 ordinary shares at par of Baht 10 per share Issued and paid-up share capital - 526,465,000 ordinary shares paid-up at Baht 10 per share Premium on share capital Premium on treasury stock Retained earnings Appropriated - Legal reserve Unappropriated Other components of shareholders’ equity Total equity attributable to the owners of the parent Non-controlling interests Total shareholders’ equity Total liabilities and shareholders’ equity

Company

2012 Baht

2011 Baht

2012 Baht

5,300,000,000

5,264,650,000 8,601,300,000 47,373,035

530,000,000 50,765,745,766 2,224,291,129

530,000,000 42,681,867,762 852,834,463

530,000,000 38,933,260,572 3,150,126,328

530,000,000 37,274,695,405 1,063,456,955

67,433,359,930 886,862,458

57,978,025,260 555,026,907

56,526,709,935 -

52,781,475,395 -

68,320,222,388

58,533,052,167

56,526,709,935

52,781,475,395

109,324,074,194

72,956,072,481

78,913,661,540

64,893,354,188

The notes to the consolidated and company financial statements on pages 183 to 241 are an integral part of these financial statements.

2011 Baht

176

Electricity Generating Public Company Limited

Income Statements

For the years ended 31 December 2012 and 2011

Consolidated Notes Sales and service income Cost of sales and services (SPTTÇ°QSPĹłU Other income Accounting gains on a business combination achieved in stages, net Currency exchange gains (losses) Administrative expenses Finance costs 4IBSFÇ°PGÇ°QSPĹłUÇ°GSPNÇ°JOUFSFTUTÇ°JOÇ°KPJOUÇ°WFOUVSFT Ç°OFUÇ° 1SPĹłUÇ°CFGPSFÇ°DPSQPSBUFÇ°JODPNFÇ°UBY Corporate income tax 1SPĹłUÇ°GPSÇ°UIFÇ°ZFBS

34.1, 34.2

27 14.1.1 34.9 29 Ç°

Attributable to: Owners of the parent Non-controlling interests 1SPĹłUÇ°GPSÇ°UIFÇ°ZFBS Earnings per share for the year Basic earnings per share Diluted earnings per share

2012 Baht

Company

2011 Baht

2012 Baht

2011 Baht

14,056,539,177 (9,672,800,113) 4,383,739,064 414,585,464

7,661,035,192 (5,588,768,660) 2,072,266,532 449,118,661

2,166,613,171 (1,673,335,632) 493,277,539 5,192,597,438

2,258,324,928 (1,806,013,523) 452,311,405 5,892,735,667

4,310,427,223 205,089,164 (2,361,691,424) (703,268,565) Ç° 11,826,467,232 (779,193,252) 11,047,273,980

21,978,720 (1,678,317,514) (694,204,857) Ç° 5,370,525,951 (254,702,346) 5,115,823,605

(4,238,299) (992,856,735) (134,312,293) Ç° 4,554,467,650 (382,878) 4,554,084,772

7,412,030 (921,361,651) (536,606,508) Ç° 4,894,490,943 4,894,490,943

10,979,397,609 67,876,371 11,047,273,980

4,989,534,456 126,289,149 5,115,823,605

4,554,084,772 4,554,084,772

4,894,490,943 4,894,490,943

20.85 20.85

9.48 9.48

8.65 8.65

9.30 9.30

The notes to the consolidated and company financial statements on pages 183 to 241 are an integral part of these financial statements.

177

Financial Statements

Electricity Generating Public Company Limited

Statements of Comprehensive Income

For the years ended 31 December 2012 and 2011

Consolidated 2012 Baht

Company

2011 Baht

2012 Baht

2011 Baht

1SPĹłUÇ°GPSÇ°UIFÇ°ZFBS 0UIFSÇ°DPNQSFIFOTJWFÇ°JODPNF Unrealised gains (losses) on investments in marketable securities - available-for-sale Translation adjustments 0UIFSÇ°DPNQSFIFOTJWFÇ°JODPNFÇ° MPTT Ç°GPSÇ°UIFÇ°ZFBS 5PUBMÇ°DPNQSFIFOTJWFÇ°JODPNFÇ°GPSÇ°UIFÇ°ZFBS

11,047,273,980

5,115,823,605

4,554,084,772

4,894,490,943

2,096,181,016 (748,281,184) 1,347,899,832 12,395,173,812

(146,130,436) 1,077,987,078 931,856,642 6,047,680,247

2,086,669,373 2,086,669,373 6,640,754,145

(149,566,139) (149,566,139) 4,744,924,804

5PUBMÇ°DPNQSFIFOTJWFÇ°JODPNFÇ°BUUSJCVUBCMFÇ°UP Owners of the parent Non-controlling interests 5PUBMÇ°DPNQSFIFOTJWFÇ°JODPNFÇ°GPSÇ°UIFÇ°ZFBS

12,350,854,275 44,319,537 12,395,173,812

5,921,391,098 126,289,149 6,047,680,247

6,640,754,145 6,640,754,145

4,744,924,804 4,744,924,804

The notes to the consolidated and company financial statements on pages 183 to 241 are an integral part of these financial statements.

8,601,300,000 8,601,300,000

5,264,650,000

8,601,300,000

5,264,650,000

8,601,300,000

5,264,650,000

Premium on share capital Baht

47,373,035

Premium on treasury stock Baht

530,000,000

Legal reserve Baht

Other components of shareholders’ equity Other comprehensive income (loss)

10,979,397,609 (2,895,519,605) 50,765,745,766

42,681,867,762

4,989,534,456 (2,762,790,048) 42,681,867,762

40,455,123,354

2,096,181,016 3,159,637,971

1,063,456,955

(146,130,436) 1,063,456,955

1,209,587,391

(724,724,350) (935,346,842)

(210,622,492)

1,077,987,078 (210,622,492)

(1,288,609,570)

1,371,456,666 2,224,291,129

852,834,463

931,856,642 852,834,463

(79,022,179)

12,350,854,275 (2,895,519,605) 67,433,359,930

57,978,025,260

5,921,391,098 (2,762,790,048) 57,978,025,260

54,819,424,210

44,319,537 (112,991,363) 400,507,377 886,862,458

555,026,907

126,289,149 (80,356,721) 555,026,907

509,094,479

12,395,173,812 (3,008,510,968) 400,507,377 68,320,222,388

58,533,052,167

6,047,680,247 (2,843,146,769) 58,533,052,167

55,328,518,689

Total other components of Total Available-for-sale Translation shareholders’ Total owners Non-controlling shareholders’ Unappropriated investments adjustments equity of the parent interests equity Baht Baht Baht Baht Baht Baht Baht

Retained earnings

Attributable to owners of the parent

Consolidated

The notes to the consolidated and company financial statements on pages 183 to 241 are an integral part of these financial statements.

Opening balance as at 1 January 2012 Changes in shareholders’ equity for the year Total comprehensive income for the year Dividends paid Acquisitions of investments in subsidiaries $MPTJOHǰCBMBODFǰBTǰBUǰ ǰ%FDFNCFSǰ

Opening balance as at 1 January 2011 Changes in shareholders’ equity for the year Total comprehensive income for the year Dividends paid $MPTJOHǰCBMBODFǰBTǰBUǰ ǰ%FDFNCFSǰ

Note

Issued and paid-up share capital Baht

For the years ended 31 December 2012 and 2011

Statements of Changes in Shareholders’ Equity

Electricity Generating Public Company Limited

178

8,601,300,000 8,601,300,000

5,264,650,000

8,601,300,000

5,264,650,000 5,264,650,000

8,601,300,000

Premium on share capital Baht

5,264,650,000

Issued and paid-up share capital Baht

47,373,035

Premium on treasury stock Baht

530,000,000

Legal reserve Baht

4,554,084,772 (2,895,519,605) 38,933,260,572

37,274,695,405

4,894,490,943 (2,762,790,048) 37,274,695,405

35,142,994,510

2,086,669,373 3,150,126,328

1,063,456,955

(149,566,139) 1,063,456,955

1,213,023,094

2,086,669,373 3,150,126,328

1,063,456,955

(149,566,139) 1,063,456,955

1,213,023,094

6,640,754,145 (2,895,519,605) 56,526,709,935

52,781,475,395

4,744,924,804 (2,762,790,048) 52,781,475,395

50,799,340,639

Total other Total Available-for-sale components of shareholders’ investments shareholders’ equity equity Baht Baht Baht

Other comprehensive income

Other components of shareholders’ equity

Unappropriated Baht

Retained earnings

Company

The notes to the consolidated and company financial statements on pages 183 to 241 are an integral part of these financial statements.

Opening balance as at 1 January 2012 Changes in shareholders’ equity for the year Total comprehensive income for the year Dividends paid $MPTJOHǰCBMBODFǰBTǰBUǰ ǰ%FDFNCFSǰ

Opening balance as at 1 January 2011 Changes in shareholders’ equity for the year Total comprehensive income for the year Dividends paid $MPTJOHǰCBMBODFǰBTǰBUǰ ǰ%FDFNCFSǰ

Note

For the years ended 31 December 2012 and 2011

Statements of Changes in Shareholders’ Equity (continued)

Electricity Generating Public Company Limited

Financial Statements

179

180

Electricity Generating Public Company Limited

Statements of Cash Flows

For the years ended 31 December 2012 and 2011

Consolidated 2011 Baht

2012 Baht

Ç° Ç°

Ç°

2,810,751,914 208,619,811 Ç° (153,560,682) 1,018,185,447 41,499,562 (382,249,382)

1,972,553,321 217,216,514 Ç° (176,396,514) 466,647,642 50,892,632 163,988,568

1,053,402,897 105,536,365 Ç° (192,521,377) 476,524,713 16,229,399 (358,441,818)

1,053,132,812 121,740,689 (189,063,659) 380,541,269 15,575,239 140,490,000

14.1.2

(118,537,874)

14.1.1

(4,310,427,223)

14.4 Ç° Ç°

21,515 928,158 (155,721,595) Ç° Ç°

68,627 5,357 (115,233,980) Ç° Ç°

21,515 (847,783) (155,721,595) (4,646,428,386) Ç° Ç°

68,627 (69,774) (6,982,607) (115,233,980) (5,364,452,040)

(447,199,086) (13,815,436)

(56,747,588) 77,353,857

(133,232,503) 72,442,428

(69,231,794) 78,512,080

(3,202,217)

620,824,463

(258,993,848) (102,330,168) 268,242,855 6,666,458 (6,356,467) Ç° 97,847,272 4,748,783,404

(3,360,613) 8,946,332 (117,590,329) (7,911,130) (4,062,337) Ç° (66,972,599) 3,219,939,289

12,747,673 653,978 49,634,355 18,508,845 909,202 Ç° (42,406,245) 829,775,276

17,928,067 (3,225,854) 28,693,005 28,290,932 (1,852,898)

1,385,482 1,020,344,975

Notes $BTIÇ°Ĺ´PXTÇ°GSPNÇ°PQFSBUJOHÇ°BDUJWJUJFT 1SPĹłUÇ°CFGPSFÇ°DPSQPSBUFÇ°JODPNFÇ°UBYÇ°GPSÇ°UIFÇ°ZFBSÇ° "EKVTUNFOUTÇ°UPÇ°SFDPODJMFÇ°QSPĹłUÇ°CFGPSFÇ°DPSQPSBUFÇ°Ç° income tax to net cash provided by operations: - Depreciation and amortisation - Allowance for obsolescence Ç° Ç°Ç° 3FUJSFNFOUÇ°CFOFĹłUÇ°FYQFOTFTÇ°Ç° - Interest income - Interest expenses - Provision for decommissioning costs - Unrealised (gains) losses on exchange rates - Gain on exchange rate from the decreasing in registered share capital of a joint venture - Gains on a business combination achieved in stages, net - Losses from write-off and disposal of spare parts and supplies - (Gains) losses on write-off and disposal of equipment - Gains from discontinued operation of a subsidiary - Dividends received from other company - Dividends received from subsidiaries and joint ventures Ç° Ç°Ç° 4IBSFÇ°PGÇ°QSPĹłUÇ°GSPNÇ°JOUFSFTUTÇ°JOÇ°KPJOUÇ°WFOUVSFT Ç°OFUÇ° $BTIÇ°Ĺ´PXTÇ°CFGPSFÇ°DIBOHFTÇ°JOÇ°PQFSBUJOHÇ°BTTFUTÇ°BOEÇ°MJBCJMJUJFTÇ° Changes in operating assets and liabilities: (excluding the effects of acquisition and disposal of subsidiaries) - Other current assets - Other non-current assets - Short-term and long-term investments used as collateral - Trade receivables and trade receivable from a related party - Amounts due from related parties - Spare parts and supplies - Trade payables and trade payable to a related party - Amounts due to related parties Ç° Ç°Ç° 3FUJSFNFOUÇ°CFOFĹłUÇ°QBJEÇ° - Other current liabilities and other non-current liabilities Cash generated from operations

Ç° Ç°

Ç°

2012 Baht

Company

The notes to the consolidated and company financial statements on pages 183 to 241 are an integral part of these financial statements.

2011 Baht

181

Financial Statements

Electricity Generating Public Company Limited

Statements of Cash Flows (continued)

For the years ended 31 December 2012 and 2011

Consolidated 2012 Baht

2011 Baht

2012 Baht

4,748,783,404 191,642,825 (733,462,441) 4,206,963,788

3,219,939,289 152,419,869 (171,659,875) 3,200,699,283

829,775,276 197,163,095 (382,878) 1,026,555,493

1,020,344,975 166,871,516 (9,657,280) 1,177,559,211

(19,650,603,912) 1,805,573,082 1,448,526 (120,750,000) (357,464,017) (93,855,031) 34,155,031 -

(6,570,001,495) (1,489,463,592) 156,075,075 (125,000,000) (76,474,101) -

(17,052,152,138) 1,797,098,405 (120,750,000) (21,634,755) (574,855,031) 564,537,381 (721,367,258)

(6,237,422,000) (1,448,832,809) 158,000,000 (125,000,000) (21,302,557) 45,882,350 -

(369,088,173) 4,087,746,612 155,721,595

6,403,252,203 115,233,980

(369,088,173) 3,619,379,450 155,721,595

6,982,607 5,455,968,612 115,233,980

376,015,329 (14,131,100,958)

(1,586,377,930)

(12,723,110,524)

(2,050,489,817)

Ç° Ç° Ç°

Ç° (1,003,944,657) Ç° Ç° Ç°

Ç° (460,923,941) Ç° Ç° Ç°

Ç° (471,149,992) Ç° Ç° Ç°

(373,477,533)

21.3

(915,304,113)

(724,073,518)

(280,543,634)

4,100,000 (2,999,665,205)

(2,844,842,618)

(2,894,994,649)

(2,762,235,948)

5,781,402,233

(990,398,054)

7,239,249,001

(94,076,205)

Notes $BTIÇ°Ĺ´PXTÇ°GSPNÇ°PQFSBUJOHÇ°BDUJWJUJFTÇ° DPOUJOVFE

Cash generated from operations - Interest received - Tax paid /FUÇ°DBTIÇ°SFDFJQUTÇ°GSPNÇ°PQFSBUJOHÇ°BDUJWJUJFT $BTIÇ°Ĺ´PXTÇ°GSPNÇ°JOWFTUJOHÇ°BDUJWJUJFT Investments in subsidiaries and interests in joint ventures, net of cash and cash equivalents transferred as part of acquisition Net cash receipts (payments) from short-term investments Net cash receipts from long-term investments Acquisition of other long-term investments Net cash payments in purchases of equipment Cash payments in short-term loans to related parties Cash receipts from short-term loans to related parties Cash payments in long-term loans to related parties Cash payments for receipt of long-term loan receivables and interest receivables Cash received from discontinued operation of a subsidiary Dividends received from subsidiaries and joint ventures 14.4 Dividends received from other company Proceeds from decreasing in registered share capital of a joint venture 14.1.2 /FUÇ°DBTIÇ°QBZNFOUTÇ°JOÇ°JOWFTUJOHÇ°BDUJWJUJFT $BTIÇ°Ĺ´PXTÇ°GSPNÇ°ĹłOBODJOHÇ°BDUJWJUJFT 1BZNFOUTÇ°POÇ°ĹłOBODFÇ°MFBTFTÇ° Interests paid 1SPDFFETÇ°GSPNÇ°TIPSU UFSNÇ°MPBOTÇ°GSPNÇ°ĹłOBODJBMÇ°JOTUJUVUJPOTÇ° 1BZNFOUTÇ°POÇ°TIPSU UFSNÇ°MPBOTÇ°GSPNÇ°ĹłOBODJBMÇ°JOTUJUVUJPOTÇ° 1SPDFFETÇ°GSPNÇ°MPOH UFSNÇ°MPBOTÇ°GSPNÇ°ĹłOBODJBMÇ°JOTUJUVUJPOTÇ° 1BZNFOUTÇ°POÇ°MPOH UFSNÇ°MPBOTÇ°GSPNÇ°ĹłOBODJBMÇ°JOTUJUVUJPOTÇ° and debentures Proceeds from increasing in share capital of subsidiary from another shareholder Dividends paid to shareholders /FUÇ°DBTIÇ°SFDFJQUTÇ°GSPNÇ° QBZNFOUTÇ°JO Ç° Ç° ĹłOBODJOHÇ°BDUJWJUJFT

Company

Ç°

The notes to the consolidated and company financial statements on pages 183 to 241 are an integral part of these financial statements.

2011 Baht

182

Electricity Generating Public Company Limited

Statements of Cash Flows (continued) For the years ended 31 December 2012 and 2011

Consolidated 2012 Baht /FUÇ°JODSFBTFÇ° EFDSFBTF Ç°JOÇ°DBTIÇ°BOEÇ°DBTIÇ°FRVJWBMFOUT Beginning balance Effect of exchange rate changes Ending balance $BTIÇ°BOEÇ°DBTIÇ°FRVJWBMFOUTÇ°BSFÇ°NBEFÇ°VQÇ°BTÇ°GPMMPXT Ç° $BTIÇ°JOÇ°IBOEÇ°BOEÇ°EFQPTJUTÇ°BUÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ° Ç° maturities within three months - Short-term investments in promissory notes maturities within three months

Ç°

Non-cash transactions Ç°Ç° 1VSDIBTFTÇ°PGÇ°Å³YFEÇ°BTTFUTÇ°CZÇ°Å³OBODFÇ°MFBTFÇ°MJBCJMJUJFTÇ° Ç° Ç°Ç° 3FDMBTTJÅ³DBUJPOÇ°PGÇ°VUJMJTFEÇ°DBQJUBMÇ°TQBSFÇ°QBSUTÇ°UPÇ°QSPQFSUZ Ç° plant and equipment Ç°Ç° 3FDMBTTJÅ³DBUJPOÇ°PGÇ°VOVUJMJTFEÇ°DBQJUBMÇ°TQBSFÇ°QBSUTÇ°GSPNÇ°QSPQFSUZ Ç° plant and equipment - Increase in property, plant and equipment by other payables

Company

2011 Baht

2012 Baht

2011 Baht

(4,142,734,937) 8,401,866,377 (111,637,899) 4,147,493,541

623,923,299 7,748,266,006 29,677,072 8,401,866,377

(4,457,306,030) 5,674,226,709 1,216,920,679

(967,006,811) 6,641,233,520 5,674,226,709

Ç° 2,235,776,053

2,539,090,823

39,349,851

339,646,491

1,911,717,488 4,147,493,541

5,862,775,554 8,401,866,377

1,177,570,828 1,216,920,679

5,334,580,218 5,674,226,709

Ç°

451,149,214

242,058,511

185,760,381

141,847,753

(267,471,090) 96,041,986

(258,683,278) 10,877,070

(66,417,165) 4,229,080

(133,061,844) 8,344,308

The notes to the consolidated and company financial statements on pages 183 to 241 are an integral part of these financial statements.

Notes

Electricity Generating Public Company Limited

Notes to the Consolidated and Company Financial Statements

For the years ended 31 December 2012 and 2011

1 General information ǰ ǰ ǰ ǰ ǰ ǰ

&MFDUSJDJUZǰ(FOFSBUJOHǰ1VCMJDǰ$PNQBOZǰ-JNJUFEǰ ĶUIFǰ$PNQBOZķ ǰJTǰBǰQVCMJDǰMJNJUFEǰDPNQBOZǰJODPSQPSBUFEǰ BOEǰSFTJEFOUǰJOǰ5IBJMBOE ǰ5IFǰBEESFTTǰPGǰJUTǰSFHJTUFSFEǰPGųDFǰJTǰ ǰ.PPǰ ǰ&($0ǰ5PXFS ǰ th and 15thǰŴPPS ǰ 7JCIBWBEJǰ3BOHTJUǰ3PBE ǰ5VOHTPOHIPOH ǰ-BLTJ ǰ#BOHLPLǰ 5IFǰ$PNQBOZǰJTǰMJTUFEǰPOǰUIFǰ4UPDLǰ&YDIBOHFǰPGǰ5IBJMBOE ǰ'PSǰSFQPSUJOHǰQVSQPTFT ǰUIFǰ$PNQBOZǰBOEǰ JUTǰTVCTJEJBSJFTǰBSFǰSFGFSSFEǰUPǰBTǰĶUIFǰ(SPVQķ 5IFǰQSJODJQBMǰCVTJOFTTǰPQFSBUJPOǰPGǰUIFǰ(SPVQǰJTǰUIFǰHFOFSBUJPOǰPGǰFMFDUSJDJUZǰGPSǰTBMFǰUPǰUIFǰHPWFSONFOUǰ sector and industrial users. ǰ 5IFTFǰDPOTPMJEBUFEǰBOEǰDPNQBOZǰųOBODJBMǰTUBUFNFOUTǰXFSFǰBVUIPSJTFEǰGPSǰJTTVFǰCZǰUIFǰQSFTJEFOUǰPO ǰǰ ǰ'FCSVBSZǰ

2 Accounting policies ǰ 5IFǰ QSJODJQBMǰ BDDPVOUJOHǰ QPMJDJFTǰ BQQMJFEǰ JOǰ UIFǰ QSFQBSBUJPOǰ PGǰ UIFTFǰ DPOTPMJEBUFEǰ BOEǰ DPNQBOZǰ ǰ ųOBODJBMǰTUBUFNFOUTǰBSFǰTFUǰPVUǰCFMPX 2.1 Basis of preparation ǰ ǰ 5IFǰDPOTPMJEBUFEǰBOEǰDPNQBOZǰųOBODJBMǰTUBUFNFOUTǰIBWFǰCFFOǰQSFQBSFEǰJOǰBDDPSEBODFǰXJUIǰ ǰ ǰ 5IBJǰHFOFSBMMZǰBDDFQUFEǰBDDPVOUJOHǰQSJODJQMFTǰVOEFSǰUIFǰ"DDPVOUJOHǰ"DUǰ# & ǰ ǰCFJOHǰUIPTFǰ ǰ ǰ 5IBJǰ"DDPVOUJOHǰ4UBOEBSETǰJTTVFEǰVOEFSǰUIFǰ"DDPVOUJOHǰ1SPGFTTJPOǰ"DUǰ# & ǰ ǰBOEǰUIFǰųOBODJBMǰ ǰ ǰ SFQPSUJOHǰSFRVJSFNFOUTǰPGǰUIFǰ4FDVSJUJFTǰBOEǰ&YDIBOHFǰ$PNNJTTJPOǰVOEFSǰUIFǰ4FDVSJUJFTǰBOEǰ Exchange Act. ǰ ǰ 5IFǰDPOTPMJEBUFEǰBOEǰDPNQBOZǰųOBODJBMǰTUBUFNFOUTǰIBWFǰCFFOǰQSFQBSFEǰVOEFSǰUIFǰIJTUPSJDBMǰ ǰ ǰ DPTUǰDPOWFOUJPOǰFYDFQUǰBTǰEJTDMPTFEǰJOǰUIFǰBDDPVOUJOHǰQPMJDJFTǰCFMPX ǰ ǰ 5IFǰQSFQBSBUJPOǰPGǰųOBODJBMǰTUBUFNFOUTǰJOǰDPOGPSNJUZǰXJUIǰ5IBJǰHFOFSBMMZǰBDDFQUFEǰBDDPVOUJOHǰ ǰ ǰ QSJODJQMFTǰSFRVJSFTǰUIFǰVTFǰPGǰDFSUBJOǰDSJUJDBMǰBDDPVOUJOHǰFTUJNBUFT ǰ*UǰBMTPǰSFRVJSFTǰNBOBHFNFOUǰ ǰ ǰ UPǰFYFSDJTFǰJUTǰKVEHFNFOUǰJOǰUIFǰQSPDFTTǰPGǰBQQMZJOHǰUIFǰ(SPVQĴTǰBDDPVOUJOHǰQPMJDJFTǰBOEǰUPǰ ǰ ǰ EJTDMPTFǰ UIFǰ BSFBTǰ JOWPMWJOHǰ Bǰ IJHIFSǰ EFHSFFǰ PGǰ KVEHFNFOUǰ PSǰ DPNQMFYJUZ ǰ PSǰ BSFBTǰ XIFSFǰ ǰ ǰ BTTVNQUJPOTǰBOEǰFTUJNBUFTǰBSFǰTJHOJųDBOUǰUPǰUIFǰųOBODJBMǰTUBUFNFOUTǰBTǰEJTDMPTFEǰJOǰ/PUFǰ ǰ ǰ "Oǰ&OHMJTIǰWFSTJPOǰPGǰUIFǰDPOTPMJEBUFEǰBOEǰDPNQBOZǰųOBODJBMǰTUBUFNFOUTǰIBTǰCFFOǰQSFQBSFEǰ ǰ ǰ GSPNǰUIFǰTUBUVUPSZǰųOBODJBMǰTUBUFNFOUTǰUIBUǰBSFǰJOǰUIFǰ5IBJǰMBOHVBHF ǰ*OǰUIFǰFWFOUǰPGǰBǰDPOŴJDUǰ ǰ ǰ PSǰBǰEJGGFSFODFǰJOǰJOUFSQSFUBUJPOǰCFUXFFOǰUIFǰUXPǰMBOHVBHFT ǰUIFǰ5IBJǰMBOHVBHFǰTUBUVUPSZǰųOBODJBMǰ ǰ ǰ TUBUFNFOUTǰTIBMMǰQSFWBJM 2.2 New accounting standards, new financial reporting standards, new interpretation and amendments to accounting standards (collectively “the accounting standards”) ǰ 5IFǰBDDPVOUJOHǰTUBOEBSETǰCFJOHǰFGGFDUJWFǰGPSǰUIFǰBDDPVOUJOHǰQFSJPETǰCFHJOOJOHǰPOǰ ǰ ǰ ǰ ǰ PSǰBGUFSǰ ǰ+BOVBSZǰ ǰ ǰ ǰ ǰ 5"4ǰ ǰ *ODPNFǰ5BYFT

183

184

2 Accounting policies (continued)

ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ

2.2 New accounting standards, new financial reporting standards, new interpretation and amendments to accounting standards (collectively “the accounting standards”) (continued) ǰ 5IFǰBDDPVOUJOHǰTUBOEBSETǰCFJOHǰFGGFDUJWFǰGPSǰUIFǰBDDPVOUJOHǰQFSJPETǰCFHJOOJOHǰPOǰ ǰ ǰ ǰ PSǰBGUFSǰ ǰ+BOVBSZǰ ǰ DPOUJOVFE

ǰ ǰ ǰ 5"4ǰ ǰ 3FWJTFEǰ ǰ "DDPVOUJOHǰGPSǰ(PWFSONFOUǰ(SBOUTǰBOEǰ%JTDMPTVSFǰPGǰ ǰ ǰ ǰ ǰ ǰ ǰ (PWFSONFOUǰ"TTJTUBODF ǰ ǰ ǰ 5"4ǰ ǰ 3FWJTFEǰ ǰ 5IFǰ&GGFDUTǰPGǰ$IBOHFTǰJOǰ'PSFJHOǰ&YDIBOHFǰ3BUFT ǰ ǰ ǰ 5'34ǰ ǰ 0QFSBUJOHǰ4FHNFOUT ǰ ǰ ǰ 54*$ǰ ǰ (PWFSONFOUǰ"TTJTUBODFǰ ǰ/Pǰ4QFDJųDǰ3FMBUJPOǰUPǰ0QFSBUJOHǰ ǰ ǰ ǰ ǰ ǰ ǰ "DUJWJUJFT ǰ ǰ ǰ 54*$ǰ ǰ *ODPNFǰ5BYFTǰ ǰ3FDPWFSZǰPGǰ3FWBMVFEǰ/PO %FQSFDJBCMFǰ Assets ǰ ǰ ǰ 54*$ǰ ǰ *ODPNFǰ5BYFTǰ ǰ$IBOHFTǰJOǰUIFǰ5BYǰ4UBUVTǰPGǰBOǰ&OUJUZǰ or its Shareholders ǰ ǰ ǰ $PNNFODJOHǰ ǰ+BOVBSZǰ ǰUIFǰ(SPVQǰXJMMǰBQQMZǰUIFǰBGPSFNFOUJPOFEǰBDDPVOUJOHǰTUBOEBSET ǰ ǰ ǰ ǰ 5IFǰBQQMJDBUJPOǰPGǰUIPTFǰBDDPVOUJOHǰTUBOEBSETǰEPFTǰOPUǰIBWFǰTJHOJųDBOUǰJNQBDUǰUPǰUIFǰ ǰ ǰ ǰ ųOBODJBMǰTUBUFNFOUTǰCFJOHǰQSFTFOUFEǰFYDFQUǰBDDPVOUJOHǰTUBOEBSETǰBTǰCFMPX ǰ ǰ ǰ Ļǰ 5"4ǰ ǰQSFTDSJCFEǰUIFǰBDDPVOUJOHǰUSFBUNFOUǰGPSǰJODPNFǰUBYFT ǰDPNQSJTJOHǰDVSSFOUǰUBYǰ ǰ ǰ ǰ ǰ BOEǰ EFGFSSFEǰ UBY ǰ $VSSFOUǰ UBYǰ BTTFUTǰ BOEǰ MJBCJMJUJFTǰ BSFǰ NFBTVSFEǰ BUǰ UIFǰ BNPVOUǰ ǰ ǰ ǰ ǰ FYQFDUFEǰUPǰCFǰQBJEǰUPǰPSǰSFDPWFSFEǰGSPNǰUIFǰUBYBUJPOǰBVUIPSJUJFT ǰVTJOHǰUBYǰSBUFTǰBOEǰ ǰ ǰ ǰ ǰ UBYǰMBXǰUIBUǰIBWFǰCFFOǰFOBDUFEǰPSǰTVCTUBOUJWFMZǰFOBDUFEǰCZǰUIFǰFOEǰPGǰUIFǰSFQPSUJOHǰ ǰ ǰ ǰ ǰ QFSJPE ǰ %FGFSSFEǰ UBYFTǰ BSFǰ NFBTVSFEǰ CBTFEǰ POǰ UIFǰ UFNQPSBSZǰ EJGGFSFODFǰ CFUXFFOǰ ǰ ǰ ǰ ǰ UIFǰUBYǰCBTFǰPGǰBOǰBTTFUǰPSǰMJBCJMJUZǰBOEǰJUTǰDBSSZJOHǰBNPVOUǰJOǰUIFǰųOBODJBMǰTUBUFNFOUTǰ ǰ ǰ ǰ ǰ BOEǰVTJOHǰUIFǰUBYǰSBUFTǰUIBUǰBSFǰFYQFDUFEǰUPǰBQQMZǰUPǰUIFǰQFSJPEǰXIFOǰUIFǰBTTFUǰJTǰ ǰ ǰ ǰ ǰ SFBMJTFEǰ PSǰ UIFǰ MJBCJMJUZǰ JTǰ TFUUMFE ǰ CBTFEǰ POǰ UBYǰ SBUFTǰ BOEǰ UBYǰ MBXǰ UIBUǰ IBWFǰ CFFOǰ ǰ ǰ ǰ ǰ FOBDUFEǰPSǰTVCTUBOUJWFMZǰFOBDUFEǰCZǰUIFǰFOEǰPGǰUIFǰSFQPSUJOHǰQFSJPE ǰ5IFǰ(SPVQǰJTǰ ǰ ǰ ǰ ǰ DVSSFOUMZǰBTTFTTJOHǰUIFǰJNQBDUǰPGǰUIJTǰBDDPVOUJOHǰTUBOEBSE ǰ ǰ ǰ Ļǰ 5"4ǰ ǰ 3FWJTFEǰ ǰ SFRVJSFEǰ FBDIǰ JOEJWJEVBMǰ FOUJUZǰ UPǰ EFUFSNJOFǰ JUTǰ GVODUJPOBMǰ ǰ ǰ ǰ ǰ DVSSFODZǰXIJDIǰJTǰBǰDVSSFODZǰPGǰUIFǰQSJNBSZǰFDPOPNJDǰFOWJSPONFOUǰJOǰXIJDIǰUIFǰFOUJUZǰ ǰ ǰ ǰ ǰ PQFSBUFT ǰ'PSFJHOǰDVSSFODZǰUSBOTBDUJPOTǰBSFǰSFRVJSFEǰUPǰCFǰUSBOTMBUFEǰJOUPǰUIFǰGVODUJPOBMǰ ǰ ǰ ǰ ǰ DVSSFODZǰVTJOHǰUIFǰFYDIBOHFǰSBUFTǰQSFWBJMJOHǰBUǰUIFǰEBUFTǰPGǰUIFǰUSBOTBDUJPO ǰ'PSFJHOǰ ǰ ǰ ǰ ǰ FYDIBOHFǰHBJOTǰBOEǰMPTTFTǰSFTVMUJOHǰGSPNǰUIFǰTFUUMFNFOUǰPGǰTVDIǰUSBOTBDUJPOTǰBOEǰGSPNǰ ǰ ǰ ǰ ǰ USBOTMBUJPOǰ BUǰ ZFBS FOEǰ FYDIBOHFǰ SBUFǰ PGǰ NPOFUBSZǰ JUFNTǰ EFOPNJOBUFEǰ JOǰ GPSFJHOǰ ǰ ǰ ǰ ǰ DVSSFODZǰBSFǰSFDPHOJTFEǰJOǰQSPųUǰPSǰMPTT ǰ*OǰBEEJUJPO ǰUIFǰSFTVMUTǰBOEǰųOBODJBMǰQPTJUJPOǰ ǰ ǰ ǰ ǰ PGǰBMMǰUIFǰHSPVQǰFOUJUJFTǰUIBUǰIBWFǰBǰGVODUJPOBMǰDVSSFODZǰEJGGFSFODFǰGSPNǰUIFǰQSFTFOUBUJPOǰ ǰ ǰ ǰ ǰ DVSSFODZǰBSFǰUSBOTMBUFEǰJOǰUIFǰQSFTFOUBUJPOǰDVSSFODZǰCZǰ B ǰBTTFUTǰBOEǰMJBCJMJUJFTǰBSFǰ ǰ ǰ ǰ ǰ USBOTMBUFEǰBUǰUIFǰDMPTJOHǰSBUFǰBUǰUIFǰEBUFǰPGǰUIBUǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰ C ǰ ǰ ǰ ǰ ǰ JODPNFǰBOEǰFYQFOTFTǰBSFǰUSBOTMBUFEǰBUǰFYDIBOHFǰSBUFǰBUǰUIFǰEBUFǰPGǰUIFǰUSBOTBDUJPOTǰ ǰ ǰ ǰ ǰ BOEǰ D ǰBMMǰSFTVMUJOHǰFYDIBOHFǰEJGGFSFODFTǰBSFǰSFDPHOJTFEǰJOǰUIFǰTUBUFNFOUǰPGǰDPNQSFIFOTJWFǰ ǰ ǰ ǰ ǰ JODPNF ǰ5IFǰ(SPVQǰJTǰDVSSFOUMZǰBTTFTTJOHǰUIFǰJNQBDUǰPGǰUIJTǰBDDPVOUJOHǰTUBOEBSE

Notes

2 Accounting policies (continued) ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ

2.2 New accounting standards, new financial reporting standards, new interpretation and amendments to accounting standards (collectively “the accounting standards”) (continued) ǰ ǰ 5IFǰBDDPVOUJOHǰTUBOEBSETǰCFJOHǰFGGFDUJWFǰGPSǰUIFǰBDDPVOUJOHǰQFSJPETǰCFHJOOJOHǰPOǰ ǰ ǰ ǰ PSǰBGUFSǰ ǰ+BOVBSZǰ ǰ DPOUJOVFE

Ļǰ 5'34ǰ ǰSFRVJSFTǰBǰNBOBHFNFOUǰBQQSPBDIǰVOEFSǰXIJDIǰTFHNFOUǰJOGPSNBUJPOǰJTǰQSFTFOUFEǰ ǰ ǰ ǰ ǰ POǰUIFǰTBNFǰCBTJTǰUIBUǰVTFEǰGPSǰJOUFSOBMǰSFQPSUJOHǰQVSQPTFǰBTǰQSPWJEFEǰUPǰUIFǰDIJFGǰ ǰ ǰ ǰ ǰ PQFSBUJOHǰEFDJTJPOǰNBLFST ǰ5IFǰOFXǰTUBOEBSEǰXJMMǰIBWFǰBOǰJNQBDUǰPOǰEJTDMPTVSF ǰ 5IFǰBDDPVOUJOHǰTUBOEBSETǰCFJOHǰFGGFDUJWFǰGPSǰUIFǰBDDPVOUJOHǰQFSJPETǰCFHJOOJOHǰPOǰ ǰ ǰ ǰ PSǰBGUFSǰ ǰ+BOVBSZǰ ǰ ǰ ǰ 5'3*$ǰ ǰ %FUFSNJOJOHǰXIFUIFSǰBOǰ"SSBOHFNFOUǰDPOUBJOTǰBǰ-FBTF ǰ ǰ ǰ 5'3*$ǰ ǰ 4FSWJDFǰ$PODFTTJPOǰ"SSBOHFNFOUT ǰ ǰ ǰ 5'3*$ǰ ǰ $VTUPNFSǰ-PZBMUZǰ1SPHSBNNFT ǰ ǰ ǰ 54*$ǰ ǰ 4FSWJDFǰ$PODFTTJPOǰ"SSBOHFNFOUT ǰ%JTDMPTVSF ǰ ǰ ǰ 5IFǰ (SPVQǰ IBTǰ OPUǰ FBSMZǰ BEPQUFEǰ UIFǰ BGPSFNFOUJPOFEǰ BDDPVOUJOHǰ TUBOEBSETǰ BOEǰ UIFǰ ǰ ǰ ǰ (SPVQĴTǰ NBOBHFNFOUǰ JTǰ JOǰ UIFǰ QSPDFTTǰ PGǰ SFWJFXJOHǰ UIFǰ JNQBDUTǰ PGǰ UIPTFǰ BDDPVOUJOHǰ ǰ ǰ ǰ TUBOEBSET ǰ)PXFWFSǰTJHOJųDBOUǰDIBOHFTǰJOǰBDDPVOUJOHǰTUBOEBSETǰBSFǰTVNNBSJTFEǰBTǰCFMPX ǰ ǰ ǰ Ļǰ 5'3*$ǰ ǰSFRVJSFTǰUIFǰEFUFSNJOBUJPOǰPGǰXIFUIFSǰBOǰBSSBOHFNFOUǰJTǰPSǰDPOUBJOTǰBǰMFBTFǰ ǰ ǰ ǰ ǰ UPǰCFǰCBTFEǰPOǰUIFǰTVCTUBODFǰPGǰUIFǰBSSBOHFNFOU ǰ*UǰSFRVJSFTǰBOǰBTTFTTNFOUǰPGǰXIFUIFS ǰ B ǰ ǰ ǰ ǰ ǰ GVMųMNFOUǰPGǰUIFǰBSSBOHFNFOUǰJTǰEFQFOEFOUǰPOǰUIFǰVTFǰPGǰBǰTQFDJųDǰBTTFUǰPSǰBTTFUTǰ ǰ ǰ ǰ ǰ UIFǰBTTFU ǰBOEǰ C ǰUIFǰBSSBOHFNFOUǰDPOWFZTǰBǰSJHIUǰUPǰVTFǰUIFǰBTTFU ǰ ǰ ǰ Ļǰ 5'3*$ǰ ǰEFBMTǰXJUIǰQVCMJD UP QSJWBUFǰTFSWJDFǰDPODFTTJPOǰBSSBOHFNFOUTǰGPSǰUIFǰEFMJWFSZǰ ǰ ǰ ǰ ǰ PGǰQVCMJDǰTFSWJDFT ǰ*UǰBQQMJFTǰPOMZǰUPǰDPODFTTJPOǰBHSFFNFOUTǰXIFSFǰUIFǰVTFǰPGǰUIFǰ ǰ ǰ ǰ ǰ JOGSBTUSVDUVSFǰJTǰDPOUSPMMFEǰCZǰUIFǰHSBOUPS ǰ5IJTǰJOUFSQSFUBUJPOǰSFRVJSFTǰUXPǰEJGGFSFOUǰ ǰ ǰ ǰ ǰ BDDPVOUJOHǰUSFBUNFOUT ǰEFQFOEJOHǰPOǰUIFǰTQFDJųDǰUFSNTǰPGǰUIFǰDPODFTTJPOǰBHSFFNFOU ǰ ǰ ǰ ǰ ǰ 8IFOǰUIFǰPQFSBUPSǰCVJMETǰJOGSBTUSVDUVSFǰBOEǰIBTǰBOǰVODPOEJUJPOBMǰDPOUSBDUVBMǰSJHIUǰUPǰ ǰ ǰ ǰ ǰ SFDFJWFǰDBTIǰPSǰBOPUIFSǰųOBODJBMǰBTTFUǰGSPNǰUIFǰHSBOUPS ǰUIBUǰSJHIUǰJTǰUSFBUFEǰBTǰBǰųOBODJBMǰ ǰ ǰ ǰ ǰ BTTFU ǰ8IFOǰUIFǰPQFSBUPSǰCVJMETǰJOGSBTUSVDUVSFǰBOEǰSFDFJWFTǰBǰSJHIUǰ BǰMJDFODF ǰUPǰDIBSHFǰ ǰ ǰ ǰ ǰ VTFSTǰPGǰUIFǰQVCMJDǰTFSWJDF ǰUIBUǰSJHIUǰJTǰUSFBUFEǰBTǰBOǰJOUBOHJCMFǰBTTFU ǰ ǰ ǰ Ļǰ 5'3*$ǰ ǰDMBSJųFTǰUIBUǰXIFSFǰHPPETǰPSǰTFSWJDFTǰBSFǰTPMEǰUPHFUIFSǰXJUIǰBǰDVTUPNFSǰMPZBMUZǰ ǰ ǰ ǰ ǰ JODFOUJWFǰ GPSǰFYBNQMF ǰMPZBMUZǰQPJOUTǰPSǰGSFFǰQSPEVDUT ǰUIFǰBSSBOHFNFOUǰJTǰBǰNVMUJQMF FMFNFOUǰ ǰ ǰ ǰ ǰ BSSBOHFNFOU ǰBOEǰUIFǰDPOTJEFSBUJPOǰSFDFJWFEǰPSǰSFDFJWBCMFǰGSPNǰUIFǰDVTUPNFSǰJTǰBMMPDBUFEǰ ǰ ǰ ǰ ǰ CFUXFFOǰUIFǰDPNQPOFOUTǰPGǰUIFǰBSSBOHFNFOUǰVTJOHǰGBJSǰWBMVFT ǰ ǰ ǰ ǰ Ļǰ 54*$ǰ ǰDPOUBJOTǰEJTDMPTVSFǰSFRVJSFNFOUTǰJOǰSFTQFDUǰPGǰQVCMJD UP QSJWBUFǰTFSWJDFǰBSSBOHFNFOUT

2.3 Group accounting - investments in subsidiaries and interests in joint ventures ǰ *OWFTUNFOUTǰJOǰTVCTJEJBSJFT ǰ ǰ ǰ ǰ 4VCTJEJBSJFTǰBSFǰBMMǰFOUJUJFTǰ JODMVEJOHǰTQFDJBMǰQVSQPTFǰFOUJUJFT ǰPWFSǰXIJDIǰUIFǰ(SPVQǰIBTǰ ǰ ǰ ǰ ǰ UIFǰQPXFSǰUPǰHPWFSOǰUIFǰųOBODJBMǰBOEǰPQFSBUJOHǰQPMJDJFTǰHFOFSBMMZǰBDDPNQBOZJOHǰBǰTIBSF ǰ ǰ ǰ ǰ IPMEJOHǰPGǰNPSFǰUIBOǰPOF IBMGǰPGǰUIFǰWPUJOHǰSJHIUT ǰ5IFǰFYJTUFODFǰBOEǰFGGFDUǰPGǰQPUFOUJBMǰ ǰ ǰ ǰ ǰ WPUJOHǰSJHIUTǰUIBUǰBSFǰDVSSFOUMZǰFYFSDJTBCMFǰPSǰDPOWFSUJCMFǰBSFǰDPOTJEFSFEǰXIFOǰBTTFTTJOH

185

186

2 Accounting policies (continued) Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Ç° Ç° Ç° Ç° Ç°

2.3 Group accounting - investments in subsidiaries and interests in joint ventures (continued) Ç° *OWFTUNFOUTÇ°JOÇ°TVCTJEJBSJFTÇ° DPOUJOVFE

Ç° Ç° Ç° XIFUIFSÇ°UIFÇ°(SPVQÇ°DPOUSPMTÇ°BOPUIFSÇ°FOUJUZ Ç°4VCTJEJBSJFTÇ°BSFÇ°GVMMZÇ°DPOTPMJEBUFEÇ°GSPNÇ°UIFÇ° Ç° Ç° Ç° EBUFÇ°POÇ°XIJDIÇ°DPOUSPMÇ°JTÇ°USBOTGFSSFEÇ°UPÇ°UIFÇ°(SPVQ Ç°5IFZÇ°BSFÇ°EF DPOTPMJEBUFEÇ°GSPNÇ°UIFÇ° date that control ceases. Ç° Ç° Ç° 5IFÇ°(SPVQÇ°VTFTÇ°UIFÇ°BDRVJTJUJPOÇ°NFUIPEÇ°PGÇ°BDDPVOUJOHÇ°UPÇ°BDDPVOUÇ°GPSÇ°CVTJOFTTÇ°DPNCJOBUJPOT Ç° Ç° Ç° Ç° 5IFÇ°DPOTJEFSBUJPOÇ°USBOTGFSSFEÇ°GPSÇ°UIFÇ°BDRVJTJUJPOÇ°PGÇ°BÇ°TVCTJEJBSZÇ°JTÇ°UIFÇ°GBJSÇ°WBMVFÇ°PGÇ°UIFÇ°BTTFUTÇ° Ç° Ç° Ç° USBOTGFSSFE Ç°UIFÇ°MJBCJMJUJFTÇ°JODVSSFEÇ°BOEÇ°UIFÇ°FRVJUZÇ°JOUFSFTUTÇ°JTTVFEÇ°CZÇ°UIFÇ°(SPVQ Ç°5IFÇ° Ç° Ç° Ç° DPOTJEFSBUJPOÇ°USBOTGFSSFEÇ°JODMVEFTÇ°UIFÇ°GBJSÇ°WBMVFÇ°PGÇ°BOZÇ°BTTFUÇ°PSÇ°MJBCJMJUZÇ°SFTVMUJOHÇ°GSPNÇ° Ç° Ç° Ç° BÇ°DPOUJOHFOUÇ°DPOTJEFSBUJPOÇ°BSSBOHFNFOU Ç°"DRVJTJUJPO SFMBUFEÇ°DPTUTÇ°BSFÇ°FYQFOTFEÇ°BTÇ°JODVSSFE Ç° Ç° Ç° Ç° *EFOUJÅ³BCMFÇ°BTTFUTÇ°BDRVJSFEÇ°BOEÇ°MJBCJMJUJFTÇ°BOEÇ°DPOUJOHFOUÇ°MJBCJMJUJFTÇ°BTTVNFEÇ°JOÇ°BÇ°CVTJOFTTÇ° Ç° Ç° Ç° DPNCJOBUJPOÇ°BSFÇ°NFBTVSFEÇ°JOJUJBMMZÇ°BUÇ°UIFJSÇ°GBJSÇ°WBMVFTÇ°BUÇ°UIFÇ°BDRVJTJUJPOÇ°EBUF Ç°0OÇ°BOÇ° Ç° Ç° Ç° BDRVJTJUJPO CZ BDRVJTJUJPOÇ°CBTJT Ç°UIFÇ°(SPVQÇ°SFDPHOJTFTÇ°BOZÇ°OPO DPOUSPMMJOHÇ°JOUFSFTUÇ°JOÇ°UIFÇ° Ç° Ç° Ç° BDRVJSFFÇ°FJUIFSÇ°BUÇ°GBJSÇ°WBMVFÇ°PSÇ°BUÇ°UIFÇ°OPO DPOUSPMMJOHÇ°JOUFSFTUÄ´TÇ°QSPQPSUJPOBUFÇ°TIBSFÇ°PGÇ° Ç° Ç° Ç° UIFÇ°BDRVJSFFÄ´TÇ°OFUÇ°BTTFUT Ç° Ç° Ç° 5IFÇ°FYDFTTÇ°PGÇ°UIFÇ°DPOTJEFSBUJPOÇ°USBOTGFSSFEÇ°UIFÇ°BNPVOUÇ°PGÇ°BOZÇ°OPO DPOUSPMMJOHÇ°JOUFSFTUÇ° Ç° Ç° Ç° JOÇ°UIFÇ°BDRVJSFFÇ°BOEÇ°UIFÇ°BDRVJTJUJPO EBUFÇ°GBJSÇ°WBMVFÇ°PGÇ°BOZÇ°QSFWJPVTÇ°FRVJUZÇ°JOUFSFTUÇ°JOÇ°UIFÇ° Ç° Ç° Ç° BDRVJSFFÇ°PWFSÇ°UIFÇ°GBJSÇ°WBMVFÇ°PGÇ°UIFÇ°(SPVQÄ´TÇ°TIBSFÇ°PGÇ°UIFÇ°JEFOUJÅ³BCMFÇ°OFUÇ°BTTFUTÇ°BDRVJSFEÇ° Ç° Ç° Ç° JTÇ°SFDPSEFEÇ°BTÇ°HPPEXJMM Ç°*GÇ°UIJTÇ°JTÇ°MFTTÇ°UIBOÇ°UIFÇ°GBJSÇ°WBMVFÇ°PGÇ°UIFÇ°OFUÇ°BTTFUTÇ°PGÇ°UIFÇ°TVCTJEJBSZÇ° Ç° Ç° Ç° BDRVJSFEÇ°JOÇ°UIFÇ°DBTFÇ°PGÇ°BÇ°CBSHBJOÇ°QVSDIBTF Ç°UIFÇ°EJGGFSFODFÇ°JTÇ°SFDPHOJTFEÇ°EJSFDUMZÇ°UPÇ°UIFÇ° income statement. Ç° Ç° Ç° *OUFSDPNQBOZÇ°USBOTBDUJPOT Ç°CBMBODFTÇ°BOEÇ°VOSFBMJTFEÇ°HBJOTÇ°PSÇ°MPTTÇ°POÇ°USBOTBDUJPOTÇ°CFUXFFOÇ° group companies are eliminated. Unrealised losses are also eliminated but considered Ç° Ç° Ç° BOÇ°JNQBJSNFOUÇ°JOEJDBUPSÇ°PGÇ°UIFÇ°BTTFUÇ°USBOTGFSSFE Ç°"DDPVOUJOHÇ°QPMJDJFTÇ°PGÇ°TVCTJEJBSJFTÇ°IBWFÇ° Ç° Ç° Ç° CFFOÇ°DIBOHFEÇ°UPÇ°FOTVSFÇ°DPOTJTUFODZÇ°XJUIÇ°UIFÇ°QPMJDJFTÇ°BEPQUFEÇ°CZÇ°UIFÇ°(SPVQ Ç° Ç° Ç° *OÇ°UIFÇ°DPNQBOZÇ°Å³OBODJBMÇ°TUBUFNFOUT Ç°JOWFTUNFOUTÇ°JOÇ°TVCTJEJBSJFTÇ°BSFÇ°BDDPVOUFEÇ°GPSÇ°VTJOHÇ° Ç° Ç° Ç° UIFÇ°DPTUÇ°NFUIPEÇ°PGÇ°BDDPVOUJOH Ç°6OEFSÇ°UIFÇ°DPTUÇ°NFUIPE Ç°JODPNFÇ°GSPNÇ°JOWFTUNFOUTÇ°JOÇ° Ç° Ç° Ç° TVCTJEJBSJFTÇ°XJMMÇ°CFÇ°SFDPSEFEÇ°XIFOÇ°EJWJEFOETÇ°BSFÇ°EFDMBSFE Ç°$PTUÇ°JTÇ°BEKVTUFEÇ°UPÇ°SFÅ´FDUÇ° Ç° Ç° Ç° DIBOHFTÇ°JOÇ°DPOTJEFSBUJPOÇ°BSJTJOHÇ°GSPNÇ°DPOUJOHFOUÇ°DPOTJEFSBUJPOÇ°BNFOENFOUT Ç°$PTUÇ°BMTPÇ° Ç° Ç° Ç° JODMVEFTÇ°EJSFDUÇ°BUUSJCVUBCMFÇ°DPTUTÇ°PGÇ°JOWFTUNFOU Ç° Ç° Ç° "Ç°UFTUÇ°GPSÇ°JNQBJSNFOUÇ°GPSÇ°JOWFTUNFOUTÇ°JOÇ°TVCTJEJBSJFTÇ°JTÇ°DBSSJFEÇ°PVUÇ°XIFOÇ°UIFSFÇ°JTÇ°BÇ°GBDUPSÇ° Ç° Ç° Ç° JOEJDBUJOHÇ°UIBUÇ°JOWFTUNFOUTÇ°NJHIUÇ°CFÇ°JNQBJSFE Ç°*GÇ°UIFÇ°DBSSZJOHÇ°WBMVFÇ°PGÇ°UIFÇ°JOWFTUNFOUTÇ°JTÇ° Ç° Ç° Ç° IJHIFSÇ°UIBOÇ°JUTÇ°SFDPWFSBCMFÇ°BNPVOU Ç°JNQBJSNFOUÇ°MPTTÇ°JTÇ°DIBSHFEÇ°UPÇ°UIFÇ°JODPNFÇ°TUBUFNFOU Ç° Ç° Ç° "Ç°MJTUÇ°PGÇ°UIFÇ°(SPVQÄ´TÇ°TVCTJEJBSJFTÇ°BOEÇ°UIFÇ°Å³OBODJBMÇ°FGGFDUTÇ°PGÇ°UIFÇ°BDRVJTJUJPOTÇ°BOEÇ°EJTQPTBMTÇ° Ç° Ç° Ç° PGÇ°TVCTJEJBSJFTÇ°BSFÇ°TIPXOÇ°JOÇ°/PUFÇ° Ç° 5SBOTBDUJPOTÇ°BOEÇ°OPO DPOUSPMMJOHÇ°JOUFSFTUT 5IFÇ°(SPVQÇ°USFBUTÇ°USBOTBDUJPOTÇ°XJUIÇ°OPO DPOUSPMMJOHÇ°JOUFSFTUTÇ°BTÇ°USBOTBDUJPOTÇ°XJUIÇ°FRVJUZÇ° Ç° Ç° Ç° PXOFSTÇ°PGÇ°UIFÇ°(SPVQ Ç°'PSÇ°DIBOHFTÇ°JOÇ°BÇ°QBSFOUÄ´TÇ°PXOFSTIJQÇ°JOUFSFTUÇ°JOÇ°BÇ°TVCTJEJBSZÇ°UIBUÇ°EPÇ° Ç° Ç° Ç° OPUÇ°SFTVMUÇ°JOÇ°BÇ°MPTTÇ°PGÇ°DPOUSPM Ç°UIFÇ°EJGGFSFODFÇ°CFUXFFOÇ°BOZÇ°DPOTJEFSBUJPOÇ°QBJE SFDFJWFEÇ° Ç° Ç° Ç° BOEÇ° UIFÇ° SFMFWBOUÇ° TIBSFÇ° BDRVJSFE EJTQPTFEÇ° PGÇ° UIFÇ° DBSSZJOHÇ° WBMVFÇ° PGÇ° OFUÇ° BTTFUTÇ° PGÇ° UIFÇ° Ç° Ç° Ç° TVCTJEJBSZÇ°JTÇ°SFDPSEFEÇ°JOÇ°TIBSFIPMEFSTÄ´Ç°FRVJUZ Ç°(BJOTÇ°PSÇ°MPTTFTÇ°POÇ°EJTQPTBMTÇ°UPÇ°OPO DPOUSPMMJOHÇ° Ç° Ç° Ç° JOUFSFTUTÇ°BSFÇ°BMTPÇ°SFDPSEFEÇ°JOÇ°TIBSFIPMEFSTÄ´Ç°FRVJUZ

Notes

2 Accounting policies (continued) Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Ç° Ç° Ç° Ç° Ç° Ç°

Group accounting - investments in subsidiaries and interests in joint ventures (continued) Ç° 5SBOTBDUJPOTÇ°BOEÇ°OPO DPOUSPMMJOHÇ°JOUFSFTUTÇ° DPOUJOVFE

Ç° Ç° 8IFOÇ°UIFÇ°(SPVQÇ°DFBTFTÇ°UPÇ°IBWFÇ°DPOUSPM Ç°BOZÇ°SFUBJOFEÇ°JOUFSFTUÇ°JOÇ°UIFÇ°GPSNFSÇ°TVCTJEJBSZÇ°JTÇ° Ç° Ç° SF NFBTVSFEÇ°BUÇ°JUTÇ°GBJSÇ°WBMVF Ç°XJUIÇ°UIFÇ°DIBOHFÇ°JOÇ°DBSSZJOHÇ°BNPVOUÇ°SFDPHOJTFEÇ°JOÇ°JODPNFÇ° Ç° Ç° TUBUFNFOU Ç°5IFÇ°GBJSÇ°WBMVFÇ°JTÇ°UIFÇ°JOJUJBMÇ°DBSSZJOHÇ°BNPVOUÇ°GPSÇ°UIFÇ°QVSQPTFTÇ°PGÇ°TVCTFRVFOUMZÇ° Ç° Ç° BDDPVOUJOHÇ°GPSÇ°UIFÇ°SFUBJOFEÇ°JOUFSFTU Ç°*OÇ°BEEJUJPO Ç°BOZÇ°BNPVOUTÇ°QSFWJPVTMZÇ°SFDPHOJTFEÇ°JOÇ°TUBUFNFOUÇ° Ç° Ç° PGÇ°DPNQSFIFOTJWFÇ°JODPNFÇ°JOÇ°SFTQFDUÇ°PGÇ°UIFÇ°GPSNFSÇ°TVCTJEJBSZÇ°BSFÇ°BDDPVOUFEÇ°GPSÇ°JOÇ°UIFÇ°JODPNFÇ° Ç° Ç° TUBUFNFOUÇ°BTÇ°JGÇ°UIFÇ°(SPVQÇ°IBEÇ°EJSFDUMZÇ°EJTQPTFEÇ°PGÇ°UIFÇ°SFMBUFEÇ°BTTFUTÇ°PSÇ°MJBCJMJUJFT Ç° *OUFSFTUTÇ°JOÇ°KPJOUÇ°WFOUVSFT Ç° Ç° 5IFÇ°(SPVQÄ´TÇ°JOUFSFTUTÇ°JOÇ°KPJOUMZÇ°DPOUSPMMFEÇ°FOUJUJFTÇ°BSFÇ°BDDPVOUFEÇ°GPSÇ°VTJOHÇ°UIFÇ°FRVJUZÇ° Ç° Ç° NFUIPEÇ° PGÇ° BDDPVOUJOHÇ° JOÇ° UIFÇ° DPOTPMJEBUFEÇ° Å³OBODJBMÇ° TUBUFNFOUT Ç° 6OEFSÇ° UIFÇ° FRVJUZÇ° Ç° Ç° NFUIPE Ç°UIFÇ°JOUFSFTUTÇ°JOÇ°KPJOUÇ°WFOUVSFTÇ°BSFÇ°JOJUJBMMZÇ°SFDPHOJTFEÇ°BUÇ°DPTUÇ°XIJDIÇ°JODMVEFTÇ° Ç° Ç° HPPEXJMMÇ°JEFOUJÅ³FEÇ°POÇ°BDRVJTJUJPO Ç°OFUÇ°PGÇ°BOZÇ°BDDVNVMBUFEÇ°JNQBJSNFOUÇ°MPTTÇ° JGÇ°BOZ Ç°5IFÇ° Ç° Ç° (SPVQÄ´TÇ°TIBSFÇ°PGÇ°JUTÇ°KPJOUÇ°WFOUVSFTÄ´Ç°QPTU BDRVJTJUJPOÇ°QSPÅ³UTÇ°PSÇ°MPTTFTÇ°JTÇ°SFDPHOJTFEÇ°JOÇ°UIFÇ° Ç° Ç° DPOTPMJEBUFEÇ°JODPNFÇ°TUBUFNFOU Ç°BOEÇ°JUTÇ°TIBSFÇ°PGÇ°QPTU BDRVJTJUJPOÇ°NPWFNFOUTÇ°JOÇ°DPNQSF Ç° Ç° IFOTJWFÇ°JODPNFÇ°JTÇ°SFDPHOJTFEÇ°JOÇ°UIFÇ°DPOTPMJEBUFEÇ°TUBUFNFOUÇ°PGÇ°DPNQSFIFOTJWFÇ°JODPNF Ç° Ç° Ç° 5IFÇ°DVNVMBUJWFÇ°QPTU BDRVJTJUJPOÇ°NPWFNFOUTÇ°BSFÇ°BEKVTUFEÇ°BHBJOTUÇ°UIFÇ°DBSSZJOHÇ°BNPVOUÇ°PGÇ° Ç° Ç° UIFÇ°JOUFSFTUTÇ°JOÇ°KPJOUÇ°WFOUVSFT Ç°8IFOÇ°UIFÇ°(SPVQÄ´TÇ°TIBSFÇ°PGÇ°MPTTFTÇ°JOÇ°KPJOUÇ°WFOUVSFTÇ°FRVBMTÇ° Ç° Ç° PSÇ°FYDFFETÇ°JUTÇ°JOUFSFTUTÇ°JOÇ°KPJOUÇ°WFOUVSFT Ç°UIFÇ°(SPVQÇ°EPFTÇ°OPUÇ°SFDPHOJTFÇ°GVSUIFSÇ°MPTTFT Ç° Ç° Ç° VOMFTTÇ°JUÇ°IBTÇ°JODVSSFEÇ°PCMJHBUJPOTÇ°PSÇ°NBEFÇ°QBZNFOUTÇ°POÇ°CFIBMGÇ°PGÇ°UIFÇ°KPJOUÇ°WFOUVSFT Ç° Ç° 6OSFBMJTFEÇ°HBJOTÇ°POÇ°USBOTBDUJPOTÇ°CFUXFFOÇ°UIFÇ°(SPVQÇ°BOEÇ°JUTÇ°KPJOUÇ°WFOUVSFTÇ°BSFÇ°FMJNJOBUFEÇ° Ç° Ç° UPÇ°UIFÇ°FYUFOUÇ°PGÇ°UIFÇ°(SPVQÄ´TÇ°JOUFSFTUÇ°JOÇ°UIFÇ°KPJOUÇ°WFOUVSFT Ç°6OSFBMJTFEÇ°MPTTFTÇ°BSFÇ°BMTPÇ° Ç° Ç° FMJNJOBUFEÇ° VOMFTTÇ° UIFÇ° USBOTBDUJPOÇ° QSPWJEFTÇ° FWJEFODFÇ° PGÇ° BOÇ° JNQBJSNFOUÇ° PGÇ° UIFÇ° BTTFUÇ° Ç° Ç° USBOTGFSSFE Ç°"DDPVOUJOHÇ°QPMJDJFTÇ°PGÇ°KPJOUÇ°WFOUVSFTÇ°IBWFÇ°CFFOÇ°DIBOHFEÇ°UPÇ°FOTVSFÇ°DPOTJTUFODZÇ° Ç° Ç° XJUIÇ°UIFÇ°QPMJDJFTÇ°BEPQUFEÇ°CZÇ°UIFÇ°(SPVQ Ç° Ç° *OÇ°UIFÇ°DPNQBOZÇ°Å³OBODJBMÇ°TUBUFNFOUT Ç°JOUFSFTUTÇ°JOÇ°KPJOUÇ°WFOUVSFTÇ°BSFÇ°BDDPVOUFEÇ°GPSÇ°VTJOHÇ° Ç° Ç° UIFÇ°DPTUÇ°NFUIPEÇ°PGÇ°BDDPVOUJOH Ç°6OEFSÇ°UIFÇ°DPTUÇ°NFUIPE Ç°JODPNFÇ°GSPNÇ°JOUFSFTUTÇ°JOÇ°KPJOUÇ° Ç° Ç° WFOUVSFTÇ°XJMMÇ°CFÇ°SFDPSEFEÇ°XIFOÇ°EJWJEFOETÇ°BSFÇ°EFDMBSFE Ç° Ç° Ç° "Ç°UFTUÇ°GPSÇ°JNQBJSNFOUÇ°GPSÇ°JOUFSFTUTÇ°JOÇ°KPJOUÇ°WFOUVSFTÇ°JTÇ°DBSSJFEÇ°PVUÇ°XIFOÇ°UIFSFÇ°JTÇ°BÇ°GBDUPSÇ° Ç° Ç° JOEJDBUJOHÇ°UIBUÇ°JOWFTUNFOUTÇ°NJHIUÇ°CFÇ°JNQBJSFE Ç°*GÇ°UIFÇ°DBSSZJOHÇ°WBMVFÇ°PGÇ°UIFÇ°JOWFTUNFOUTÇ°JTÇ° Ç° Ç° IJHIFSÇ°UIBOÇ°JUTÇ°SFDPWFSBCMFÇ°BNPVOU Ç°JNQBJSNFOUÇ°MPTTÇ°JTÇ°DIBSHFEÇ°UPÇ°UIFÇ°JODPNFÇ°TUBUFNFOU Ç° Ç° "Ç° MJTUÇ° PGÇ° UIFÇ° (SPVQÄ´TÇ° KPJOUÇ° WFOUVSFTÇ° BOEÇ° UIFÇ° Å³OBODJBMÇ° FGGFDUTÇ° PGÇ° UIFÇ° BDRVJTJUJPOTÇ° BOEÇ° Ç° Ç° EJTQPTBMTÇ°PGÇ°KPJOUÇ°WFOUVSFTÇ°BSFÇ°TIPXOÇ°JOÇ°/PUFÇ° Foreign currency translation *UFNTÇ°JODMVEFEÇ°JOÇ°UIFÇ°Å³OBODJBMÇ°TUBUFNFOUTÇ°PGÇ°FBDIÇ°FOUJUZÇ°JOÇ°UIFÇ°(SPVQÇ°BSFÇ°NFBTVSFEÇ°VTJOHÇ°UIFÇ°SFQPSUJOHÇ° DVSSFODZÇ°PGÇ°UIBUÇ°FOUJUZ Ç°5IFÇ°DPOTPMJEBUFEÇ°Å³OBODJBMÇ°TUBUFNFOUTÇ°BSFÇ°QSFTFOUFEÇ°JOÇ°5IBJÇ°#BIU 'PSFJHOÇ°DVSSFODZÇ°USBOTBDUJPOTÇ°BSFÇ°USBOTMBUFEÇ°JOUPÇ°5IBJÇ°#BIUÇ°VTJOHÇ°UIFÇ°FYDIBOHFÇ°SBUFTÇ°QSFWBJMJOHÇ° BUÇ°UIFÇ°EBUFÇ°PGÇ°UIFÇ°USBOTBDUJPO Ç°.POFUBSZÇ°BTTFUTÇ°BOEÇ°MJBCJMJUJFTÇ°EFOPNJOBUFEÇ°JOÇ°GPSFJHOÇ°DVSSFODJFTÇ° BSFÇ°USBOTMBUFEÇ°JOUPÇ°5IBJÇ°#BIUÇ°BUÇ°UIFÇ°FYDIBOHFÇ°SBUFÇ°QSFWBJMJOHÇ°BUÇ°UIFÇ°FOEÇ°PGÇ°UIFÇ°SFQPSUJOHÇ°QFSJPE Ç° (BJOTÇ°BOEÇ°MPTTFTÇ°SFTVMUJOHÇ°GSPNÇ°UIFÇ°TFUUMFNFOUÇ°PGÇ°GPSFJHOÇ°DVSSFODZÇ°USBOTBDUJPOTÇ°BOEÇ°GSPNÇ°UIFÇ° USBOTMBUJPOÇ°PGÇ°NPOFUBSZÇ°BTTFUTÇ°BOEÇ°MJBCJMJUJFTÇ°EFOPNJOBUFEÇ°JOÇ°GPSFJHOÇ°DVSSFODJFTÇ°BSFÇ°SFDPHOJTFEÇ° in the income statement.

187

188

2 Accounting policies (continued) 2.4 Ç° Ç° Ç° Ç° Ç° Ç° Ç° 2.5 Ç° Ç° Ç° Ç° Ç°

Foreign currency translation (continued) Ç° *ODPNFÇ°TUBUFNFOUÇ°BOEÇ°TUBUFNFOUTÇ°PGÇ°DPNQSFIFOTJWFÇ°JODPNFÇ°BOEÇ°DBTIÇ°Å´PXTÇ°PGÇ°GPSFJHOÇ°FOUJUJFTÇ° Ç° BSFÇ°USBOTMBUFEÇ°JOUPÇ°UIFÇ°(SPVQÄ´TÇ°SFQPSUJOHÇ°DVSSFODZÇ°BUÇ°UIFÇ°XFJHIUFEÇ°BWFSBHFÇ°FYDIBOHFÇ°SBUFTÇ°GPSÇ° Ç° UIFÇ°ZFBSÇ°BOEÇ°TUBUFNFOUÇ°PGÇ°Å³OBODJBMÇ°QPTJUJPOÇ°BSFÇ°USBOTMBUFEÇ°BUÇ°UIFÇ°FYDIBOHFÇ°SBUFTÇ°QSFWBJMJOHÇ°POÇ° Ç° UIFÇ°FOEÇ°PGÇ°UIFÇ°SFQPSUJOHÇ°QFSJPE Ç°$VSSFODZÇ°USBOTMBUJPOÇ°EJGGFSFODFTÇ°BSJTJOHÇ°GSPNÇ°UIFÇ°SFUSBOTMBUJPOÇ°PGÇ° Ç° UIFÇ°OFUÇ°JOWFTUNFOUÇ°JOÇ°GPSFJHOÇ°FOUJUJFTÇ°BSFÇ°UBLFOÇ°UPÇ°TIBSFIPMEFSTÄ´Ç°FRVJUZ Ç°0OÇ°EJTQPTBMÇ°PGÇ°BÇ°GPSFJHOÇ° Ç° FOUJUZ Ç°BDDVNVMBUFEÇ°DVSSFODZÇ°USBOTMBUJPOÇ°EJGGFSFODFTÇ°BSFÇ°SFDPHOJTFEÇ°JOÇ°UIFÇ°JODPNFÇ°TUBUFNFOUÇ° Ç° BTÇ°QBSUÇ°PGÇ°UIFÇ°HBJOÇ°PSÇ°MPTTÇ°POÇ°EJTQPTBMÇ°PGÇ°GPSFJHOÇ°FOUJUJFT Financial instruments Ç° 'JOBODJBMÇ°BTTFUTÇ°DBSSJFEÇ°JOÇ°UIFÇ°TUBUFNFOUÇ°PGÇ°Å³OBODJBMÇ°QPTJUJPOÇ°JODMVEFÇ°DBTIÇ°BOEÇ°DBTIÇ°FRVJWBMFOUT Ç° Ç° EFQPTJUÇ°BUÇ°Å³OBODJBMÇ°JOTUJUVUJPOT Ç°TIPSU UFSNÇ°JOWFTUNFOUTÇ°JOÇ°QSPNJTTPSZÇ°OPUFT Ç°USBEFÇ°SFDFJWBCMFT Ç° Ç° USBEFÇ°SFDFJWBCMFTÇ°GSPNÇ°BÇ°SFMBUFEÇ°QBSUZ Ç°BOEÇ°MPBOTÇ°UPÇ°SFMBUFEÇ°QBSUJFT Ç°'JOBODJBMÇ°MJBCJMJUJFTÇ°DBSSJFEÇ°JOÇ° Ç° UIFÇ°TUBUFNFOUÇ°PGÇ°Å³OBODJBMÇ°QPTJUJPOÇ°JODMVEFÇ°USBEFÇ°QBZBCMFT Ç°USBEFÇ°QBZBCMFTÇ°UPÇ°SFMBUFEÇ°QBSUJFT Ç° Ç° BOEÇ°MPBOT Ç°5IFÇ°QBSUJDVMBSÇ°SFDPHOJUJPOÇ°NFUIPETÇ°BEPQUFEÇ°BSFÇ°EJTDMPTFEÇ°JOÇ°UIFÇ°JOEJWJEVBMÇ°QPMJDZÇ° statements associated with each item. Ç° Ç° 5IFÇ°(SPVQÇ°JTÇ°BMTPÇ°BÇ°QBSUZÇ°UPÇ°Å³OBODJBMÇ°JOTUSVNFOUTÇ°UIBUÇ°SFEVDFÇ°FYQPTVSFÇ°UPÇ°Å´VDUVBUJPOTÇ°JOÇ°JOUFSFTUÇ° Ç° Ç° SBUFT Ç°5IFTFÇ°JOTUSVNFOUTÇ°BSFÇ°OPUÇ°SFDPHOJTFEÇ°JOÇ°UIFÇ°DPOTPMJEBUFEÇ°BOEÇ°DPNQBOZÇ°Å³OBODJBMÇ°TUBUFNFOUTÇ° on inception. Ç° Ç° *OUFSFTUÇ°SBUFÇ°TXBQÇ°DPOUSBDUTÇ°QSPUFDUÇ°UIFÇ°(SPVQÇ°GSPNÇ°NPWFNFOUTÇ°JOÇ°JOUFSFTUÇ°SBUFT Ç°"OZÇ°EJGGFSFOUJBMÇ° Ç° Ç° UPÇ°CFÇ°QBJEÇ°PSÇ°SFDFJWFEÇ°POÇ°UIFÇ°JOUFSFTUÇ°SBUFÇ°TXBQÇ°DPOUSBDUTÇ°JTÇ°SFDPHOJTFEÇ°BTÇ°BÇ°DPNQPOFOUÇ°PGÇ° Ç° Ç° Å³OBODFÇ°DPTUTÇ°BTÇ°JODVSSFE Ç° Ç° Ç° %JTDMPTVSFTÇ°BCPVUÇ°Å³OBODJBMÇ°JOTUSVNFOUTÇ°UPÇ°XIJDIÇ°UIFÇ°(SPVQÇ°JTÇ°BÇ°QBSUZÇ°BSFÇ°QSPWJEFEÇ°JOÇ°/PUFÇ° 2.6 Cash and cash equivalents Ç° Ç° $BTIÇ°BOEÇ°DBTIÇ°FRVJWBMFOUTÇ°BSFÇ°DBSSJFEÇ°JOÇ°UIFÇ°TUBUFNFOUÇ°PGÇ°Å³OBODJBMÇ°QPTJUJPOÇ°BUÇ°DPTU Ç°$BTIÇ°BOEÇ°DBTIÇ° Ç° Ç° FRVJWBMFOUTÇ°DPNQSJTFÇ°DBTIÇ°JOÇ°IBOE Ç°EFQPTJUTÇ°IFMEÇ°BUÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ°BOEÇ°TIPSU UFSNÇ°IJHIMZÇ° Ç° Ç° MJRVJEÇ°JOWFTUNFOUTÇ°XJUIÇ°NBUVSJUJFTÇ°PGÇ°UISFFÇ°NPOUITÇ°PSÇ°MFTTÇ°GSPNÇ°UIFÇ°EBUFÇ°PGÇ°BDRVJTJUJPO 2.7 Trade receivables Ç° Ç° 5SBEFÇ°SFDFJWBCMFTÇ°BSFÇ°SFDPHOJTFEÇ°JOJUJBMMZÇ°BUÇ°PSJHJOBMÇ°JOWPJDFÇ°BNPVOUÇ°BOEÇ°TVCTFRVFOUMZÇ°NFBTVSFEÇ° Ç° Ç° BUÇ°UIFÇ°SFNBJOJOHÇ°BNPVOUÇ°MFTTÇ°BMMPXBODFÇ°GPSÇ°EPVCUGVMÇ°SFDFJWBCMFTÇ°CBTFEÇ°POÇ°BÇ°SFWJFXÇ°PGÇ°BMMÇ°PVUTUBOEJOHÇ° Ç° Ç° BNPVOUTÇ°BUÇ°UIFÇ°ZFBSÇ°FOE Ç°5IFÇ°BNPVOUÇ°PGÇ°UIFÇ°BMMPXBODFÇ°JTÇ°UIFÇ°EJGGFSFODFÇ°CFUXFFOÇ°UIFÇ°DBSSZJOHÇ° amount and the amount expected to be collectible. Bad debts are recognised to the income Ç° Ç° TUBUFNFOUÇ°BTÇ°QBSUÇ°PGÇ°BENJOJTUSBUJWFÇ°FYQFOTFT Ç° 2.8 Fuel and spare parts and supplies Ç° Ç° Ç° 'VFM Ç° Ç° Ç° Ç° 'VFMÇ°JODMVEFTÇ°DPBMÇ°BOEÇ°EJFTFM Ç°$PTUÇ°JTÇ°DBMDVMBUFEÇ°POÇ°UIFÇ°NPWJOHÇ°BWFSBHFÇ°CBTJT Ç° 4QBSFÇ°QBSUTÇ°BOEÇ°TVQQMJFT 4QBSFÇ° QBSUTÇ° BOEÇ° TVQQMJFTÇ° BSFÇ° TUBUFEÇ° BUÇ° DPTUÇ° MFTTÇ° BMMPXBODFÇ° GPSÇ°PCTPMFTDFODF Ç° $PTUÇ° JTÇ° Ç° Ç° Ç° Ç° DBMDVMBUFEÇ°POÇ°UIFÇ°NPWJOHÇ°BWFSBHFÇ°CBTJT Ç°5IFÇ°TQBSFÇ°QBSUTÇ°BSFÇ°DBUFHPSJTFEÇ°BTÇ°Ä¶TQFDJÅ³DÇ°TQBSFÇ° Ç° Ç° Ç° Ç° QBSUTÄ·Ç°BOEÇ°Ä¶DPNNPOÇ°TQBSFÇ°QBSUTÄ· Ç°4QFDJÅ³DÇ°TQBSFÇ°QBSUTÇ°BSFÇ°DMBTTJÅ³FEÇ°JOUPÇ°UXPÇ°DBUFHPSJFT Ç°

Notes

2 Accounting policies (continued)

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Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Fuel and spare parts and supplies (continued) Ç° 4QBSFÇ°QBSUTÇ°BOEÇ°TVQQMJFTÇ° DPOUJOVFE

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189

190

2 Accounting policies (continued) Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

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Ç° Ç° Ç° Ç°

15 to 21 30 10 to 20 20 and 21 5 Ç°UPÇ° 5

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Notes

2 Accounting policies (continued) 2.11 Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Property, plant and equipment (continued) Ç° $BQJUBMÇ°TQBSFÇ°QBSUTÇ°XIPTFÇ°FTUJNBUFEÇ°VTFGVMÇ°MJGFÇ°JTÇ°NPSFÇ°UIBOÇ°POFÇ°ZFBSÇ°BSFÇ°DBQJUBMJTFEÇ°BOEÇ°EFQSFDJBUFEÇ° Ç° VTJOHÇ°UIFÇ°TUSBJHIU MJOFÇ°NFUIPEÇ°PWFSÇ°UIFÇ°FTUJNBUFEÇ°VTFGVMÇ°MJGFÇ°PGÇ°CFUXFFOÇ° Ç°BOEÇ° Ç°ZFBSTÇ°XIFOÇ°VTFEÇ° Ç° JOÇ°NBKPSÇ°SFQBJSÇ°BOEÇ°NBJOUFOBODFÇ°QSPDFTTFT Ç°5IFÇ°DBQJUBMÇ°TQBSFÇ°QBSUTÇ°XIJDIÇ°BSFÇ°SFQMBDFEÇ°CZÇ°BÇ°NBKPSÇ° Ç° PWFSIBVMÇ°XJMMÇ°CFÇ°SFNPWFEÇ°BOEÇ°SFDPSEFEÇ°BTÇ°TQBSFÇ°QBSUTÇ°BOEÇ°TVQQMJFTÇ°BUÇ°UIFÇ°OFUÇ°CPPLÇ°WBMVFÇ°BUÇ°UIFÇ° Ç° EBUFÇ°PGÇ°SFQMBDFNFOU Ç°"MMÇ°PUIFSÇ°SFQBJSTÇ°BOEÇ°NBJOUFOBODFÇ°BSFÇ°DIBSHFEÇ°UPÇ°UIFÇ°JODPNFÇ°TUBUFNFOUTÇ° Ç° EVSJOHÇ°UIFÇ°Å³OBODJBMÇ°QFSJPEÇ°JOÇ°XIJDIÇ°UIFZÇ°BSFÇ°JODVSSFE Ç° 8IFSFÇ°UIFÇ°DBSSZJOHÇ°BNPVOUÇ°PGÇ°BTTFUÇ°JTÇ°HSFBUFSÇ°UIBOÇ°JUTÇ°FTUJNBUFEÇ°SFDPWFSBCMFÇ°BNPVOU Ç°JUÇ°JTÇ°XSJUUFOÇ° Ç° EPXOÇ°JNNFEJBUFMZÇ°UPÇ°JUTÇ°SFDPWFSBCMFÇ°BNPVOU Ç° Ç° (BJOTÇ°BOEÇ°MPTTFTÇ°POÇ°EJTQPTBMTÇ°PGÇ°BTTFUTÇ°BSFÇ°EFUFSNJOFEÇ°CZÇ°DPNQBSJOHÇ°QSPDFFETÇ°XJUIÇ°UIFÇ°DBSSZJOHÇ° Ç° BNPVOUÇ°BOEÇ°BSFÇ°SFDPHOJTFEÇ°XJUIJOÇ°Ä¶0UIFSÇ°HBJOTÇ°PSÇ°MPTTFT Ç°OFUÄ·Ç°JOÇ°UIFÇ°JODPNFÇ°TUBUFNFOUT Ç° #PSSPXJOHÇ°DPTUTÇ°UIBUÇ°BSFÇ°EJSFDUMZÇ°BUUSJCVUBCMFÇ°UPÇ°UIFÇ°BDRVJTJUJPOÇ°PSÇ°DPOTUSVDUJPOÇ°PGÇ°BÇ°RVBMJGZJOHÇ°BTTFUÇ° Ç° BSFÇ°DBQJUBMJTFEÇ°BTÇ°QBSUÇ°PGÇ°UIFÇ°DPTUÇ°PGÇ°UIBUÇ°BTTFU Ç°EVSJOHÇ°UIFÇ°QFSJPEÇ°PGÇ°UJNFÇ°SFRVJSFEÇ°UPÇ°DPNQMFUFÇ° Ç° BOEÇ°QSFQBSFÇ°UIFÇ°BTTFUÇ°GPSÇ°JUTÇ°JOUFOEFEÇ°VTF Ç°"MMÇ°PUIFSÇ°CPSSPXJOHÇ°DPTUTÇ°BSFÇ°SFDPHOJTFEÇ°BTÇ°FYQFOTFTÇ° in the income statements. 2.12 Goodwill Ç° Ç° (PPEXJMMÇ°SFQSFTFOUTÇ°UIFÇ°FYDFTTÇ°PGÇ°UIFÇ°DPTUÇ°PGÇ°BOÇ°BDRVJTJUJPOÇ°PWFSÇ°UIFÇ°GBJSÇ°WBMVFÇ°PGÇ°UIFÇ°(SPVQÄ´TÇ°TIBSFÇ° Ç° Ç° PGÇ°UIFÇ°OFUÇ°BTTFUTÇ°PGÇ°UIFÇ°BDRVJSFEÇ°TVCTJEJBSZÇ°VOEFSUBLJOHÇ°PSÇ°KPJOUÇ°WFOUVSFÇ°BUÇ°UIFÇ°EBUFÇ°PGÇ°BDRVJTJUJPO Ç° Ç° Ç° (PPEXJMMÇ°POÇ°BDRVJTJUJPOTÇ°PGÇ°TVCTJEJBSJFTÇ°JTÇ°TFQBSBUFMZÇ°SFQPSUFEÇ°BOEÇ°PGÇ°KPJOUÇ°WFOUVSFTÇ°JTÇ°JODMVEFEÇ°JOÇ° Ç° Ç° JOUFSFTUTÇ°JOÇ°KPJOUÇ°WFOUVSFTÇ°JOÇ°UIFÇ°DPOTPMJEBUFEÇ°TUBUFNFOUÇ°PGÇ°Å³OBODJBMÇ°QPTJUJPO Ç° Ç° 3FDPHOJTFEÇ°HPPEXJMMÇ°JTÇ°UFTUFEÇ°BOOVBMMZÇ°GPSÇ°JNQBJSNFOUÇ°BOEÇ°DBSSJFEÇ°BUÇ°DPTUÇ°MFTTÇ°BDDVNVMBUFEÇ° Ç° Ç° JNQBJSNFOUÇ°MPTTFT Ç°*NQBJSNFOUÇ°MPTTFTÇ°POÇ°HPPEXJMMÇ°BSFÇ°OPUÇ°SFWFSTFE Ç°(BJOTÇ°BOEÇ°MPTTFTÇ°POÇ°UIFÇ° Ç° Ç° EJTQPTBMÇ°PGÇ°BÇ°TVCTJEJBSZÇ°PSÇ°BÇ°KPJOUÇ°WFOUVSFÇ°JODMVEFÇ°UIFÇ°DBSSZJOHÇ°BNPVOUÇ°PGÇ°HPPEXJMMÇ°SFMBUJOHÇ°UPÇ° Ç° Ç° UIFÇ°FOUJUZÇ°TPME Ç° Ç° (PPEXJMMÇ°JTÇ°BMMPDBUFEÇ°UPÇ°DBTIÇ°HFOFSBUJOHÇ°VOJUTÇ°GPSÇ°UIFÇ°QVSQPTFÇ°PGÇ°JNQBJSNFOUÇ°UFTUJOH Ç°5IFÇ°BMMPDBUJPOÇ° Ç° Ç° JTÇ°NBEFÇ°UPÇ°UIPTFÇ°DBTIÇ°HFOFSBUJOHÇ°VOJUTÇ°PSÇ°HSPVQÇ°PGÇ°DBTIÇ°HFOFSBUJOHÇ°VOJUTÇ°UIBUÇ°BSFÇ°FYQFDUFEÇ°UPÇ° Ç° Ç° CFOFÅ³UÇ°GSPNÇ°UIFÇ°CVTJOFTTÇ°DPNCJOBUJPOÇ°JOÇ°XIJDIÇ°UIFÇ°HPPEXJMMÇ°BSPTF 2.13 Intangible assets Ç°3JHIUÇ°JOÇ°1PXFSÇ°1VSDIBTFÇ°"HSFFNFOUÇ°BOEÇ°5BQÇ°8BUFSÇ°1VSDIBTFÇ°"HSFFNFOU Ç° Ç° Ç° Ç° 5IFÇ°SJHIUÇ°JOÇ°1PXFSÇ°1VSDIBTFÇ°BOEÇ°5BQÇ°8BUFSÇ°1VSDIBTFÇ°"HSFFNFOUTÇ°BSJTJOHÇ°POÇ°BDRVJTJUJPOTÇ°PGÇ° Ç° Ç° Ç° Ç° UIFÇ°(SPVQÇ°JTÇ°BNPSUJTFEÇ°PWFSÇ°UIFÇ°QFSJPETÇ°PGÇ°UIFÇ°1PXFSÇ°1VSDIBTFÇ°"HSFFNFOUTÇ°BOEÇ°PGÇ°UIFÇ° Ç° Ç° Ç° Ç° 8BUFSÇ°4VQQMZÇ°"HSFFNFOU Ç°XIJDIÇ°BSFÇ°CFUXFFOÇ° Ç°BOEÇ° Ç°ZFBST Ç° Ç°%FWFMPQNFOUÇ°FYQFOEJUVSF Ç° Ç° Ç° Ç° %FWFMPQNFOUÇ°FYQFOEJUVSFÇ°JTÇ°SFDPHOJTFEÇ°BTÇ°BOÇ°FYQFOTFÇ°BTÇ°JODVSSFE Ç°$PTUTÇ°JODVSSFEÇ°POÇ° Ç° Ç° Ç° Ç° EFWFMPQNFOUÇ°QSPKFDUTÇ°BSFÇ°SFDPHOJTFEÇ°BTÇ°JOUBOHJCMFÇ°BTTFUTÇ°XIFOÇ°JUÇ°JTÇ°QSPCBCMFÇ°UIBUÇ°UIFÇ° Ç° Ç° Ç° Ç° QSPKFDUÇ°XJMMÇ°CFÇ°BÇ°TVDDFTTÇ°DPOTJEFSJOHÇ°JUTÇ°DPNNFSDJBMÇ°BOEÇ°UFDIOPMPHJDBMÇ°GFBTJCJMJUZ Ç°BOEÇ° Ç° Ç° Ç° Ç° POMZÇ°JGÇ°UIFÇ°DPTUÇ°DBOÇ°CFÇ°NFBTVSFEÇ°SFMJBCMZ Ç°0UIFSÇ°EFWFMPQNFOUÇ°FYQFOEJUVSFÇ°JTÇ°SFDPHOJTFEÇ° Ç° Ç° Ç° Ç° BTÇ°BOÇ°FYQFOTFÇ°BTÇ°JODVSSFE Ç°%FWFMPQNFOUÇ°FYQFOEJUVSFÇ°QSFWJPVTMZÇ°SFDPHOJTFEÇ°BTÇ°BOÇ°FYQFOTFÇ° Ç° Ç° Ç° Ç° JTÇ°OPUÇ°SFDPHOJTFEÇ°BTÇ°BOÇ°BTTFUÇ°JOÇ°BÇ°TVCTFRVFOUÇ°QFSJPE Ç°%FWFMPQNFOUÇ°FYQFOEJUVSFÇ°UIBUÇ°IBTÇ° Ç° Ç° Ç° Ç° CFFOÇ°DBQJUBMJTFEÇ°JTÇ°BNPSUJTFEÇ°GSPNÇ°UIFÇ°DPNNFODFNFOUÇ°PGÇ°UIFÇ°DPNNFSDJBMÇ°PQFSBUJPOÇ°POÇ° Ç° Ç° Ç° Ç° BÇ°TUSBJHIU MJOFÇ°CBTJTÇ°PWFSÇ°UIFÇ°QPXFSÇ°QMBOUTÄ´Ç°MJGF Ç° Ç° Ç°

191

192

2 Accounting policies (continued) Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Impairment of assets "TTFUTÇ°UIBUÇ°IBWFÇ°BOÇ°JOEFÅ³OJUFÇ°VTFGVMÇ°MJGF Ç°GPSÇ°FYBNQMFÇ°HPPEXJMM Ç°BSFÇ°OPUÇ°TVCKFDUÇ°UPÇ°BNPSUJTBUJPOÇ°BOEÇ° BSFÇ°UFTUFEÇ°BOOVBMMZÇ°GPSÇ°JNQBJSNFOU Ç°"TTFUTÇ°BOEÇ°JOUBOHJCMFÇ°BTTFUTÇ°UIBUÇ°IBWFÇ°EFÅ³OJUFÇ°VTFGVMÇ°MJGFÇ°BSFÇ° SFWJFXFEÇ°GPSÇ°JNQBJSNFOUÇ°XIFOFWFSÇ°FWFOUTÇ°PSÇ°DIBOHFTÇ°JOÇ°DJSDVNTUBODFTÇ°JOEJDBUFÇ°UIBUÇ°UIFÇ°DBSSZJOHÇ° BNPVOUÇ°NBZÇ°OPUÇ°CFÇ°SFDPWFSBCMF Ç°"OÇ°JNQBJSNFOUÇ°MPTTÇ°JTÇ°SFDPHOJTFEÇ°GPSÇ°UIFÇ°BNPVOUÇ°CZÇ°XIJDIÇ° UIFÇ°DBSSZJOHÇ°BNPVOUÇ°PGÇ°UIFÇ°BTTFUTÇ°FYDFFETÇ°JUTÇ°SFDPWFSBCMFÇ°BNPVOUÇ°XIJDIÇ°JTÇ°UIFÇ°IJHIFSÇ°PGÇ°BOÇ°BTTFUÄ´TÇ° GBJSÇ°WBMVFÇ°MFTTÇ°DPTUTÇ°UPÇ°TFMMÇ°BOEÇ°WBMVFÇ°JOÇ°VTF Ç°'PSÇ°UIFÇ°QVSQPTFTÇ°PGÇ°BTTFTTJOHÇ°JNQBJSNFOU Ç°BTTFUTÇ°BSFÇ° HSPVQFEÇ°BUÇ°UIFÇ°MPXFTUÇ°MFWFMTÇ°GPSÇ°XIJDIÇ°UIFSFÇ°BSFÇ°TFQBSBUFMZÇ°JEFOUJÅ³BCMFÇ°DBTIÇ°Å´PXT Ç°"TTFUTÇ°PUIFSÇ° UIBOÇ°HPPEXJMMÇ°UIBUÇ°TVGGFSFEÇ°JNQBJSNFOUÇ°BSFÇ°SFWJFXFEÇ°GPSÇ°QPTTJCMFÇ°SFWFSTBMÇ°PGÇ°UIFÇ°JNQBJSNFOUÇ°BUÇ° each reporting date. Leases where a Group is the lessee -FBTFTÇ°PGÇ°BTTFUTÇ°XIJDIÇ°TVCTUBOUJBMMZÇ°USBOTGFSÇ°BMMÇ°UIFÇ°SJTLTÇ°BOEÇ°SFXBSETÇ°PGÇ°PXOFSTIJQÇ°BSFÇ°DMBTTJÅ³FEÇ° BTÇ°Å³OBODFÇ°MFBTFT Ç°'JOBODFÇ°MFBTFTÇ°BSFÇ°DBQJUBMJTFEÇ°BUÇ°UIFÇ°JODFQUJPOÇ°PGÇ°UIFÇ°MFBTFÇ°BUÇ°UIFÇ°MPXFSÇ°PGÇ°UIFÇ° GBJSÇ°WBMVFÇ°PGÇ°UIFÇ°MFBTFEÇ°QSPQFSUZÇ°PSÇ°UIFÇ°QSFTFOUÇ°WBMVFÇ°PGÇ°UIFÇ°NJOJNVNÇ°MFBTFÇ°QBZNFOUT Ç°&BDIÇ°MFBTFÇ° QBZNFOUÇ°JTÇ°BMMPDBUFEÇ°UPÇ°UIFÇ°QSJODJQBMÇ°BOEÇ°UPÇ°UIFÇ°Å³OBODFÇ°DIBSHFTÇ°TPÇ°BTÇ°UPÇ°BDIJFWFÇ°BÇ°DPOTUBOUÇ°SBUFÇ° POÇ°UIFÇ°Å³OBODFÇ°CBMBODFÇ°PVUTUBOEJOH Ç°5IFÇ°PVUTUBOEJOHÇ°SFOUBMÇ°PCMJHBUJPOT Ç°OFUÇ°PGÇ°Å³OBODFÇ°DPTUT Ç°BSFÇ° JODMVEFEÇ°JOÇ°PUIFSÇ°MPOH UFSNÇ°QBZBCMFT Ç°5IFÇ°JOUFSFTUÇ°FMFNFOUÇ°PGÇ°UIFÇ°Å³OBODFÇ°DPTUÇ°JTÇ°DIBSHFEÇ°UPÇ°UIFÇ° JODPNFÇ°TUBUFNFOUTÇ°PWFSÇ°UIFÇ°MFBTFÇ°QFSJPE Ç°5IFÇ°BTTFUÇ°BDRVJSFEÇ°VOEFSÇ°Å³OBODFÇ°MFBTFÇ°JTÇ°EFQSFDJBUFEÇ° PWFSÇ°UIFÇ°TIPSUFSÇ°PGÇ°UIFÇ°VTFGVMÇ°MJGFÇ°PGÇ°UIFÇ°BTTFUÇ°PSÇ°UIFÇ°MFBTFÇ°UFSN -FBTFTÇ°JOÇ°XIJDIÇ°BÇ°TJHOJÅ³DBOUÇ°QPSUJPOÇ°PGÇ°UIFÇ°SJTLTÇ°BOEÇ°SFXBSETÇ°PGÇ°PXOFSTIJQÇ°BSFÇ°SFUBJOFEÇ°CZÇ°UIFÇ°MFTTPSÇ° BSFÇ°DMBTTJÅ³FEÇ°BTÇ°PQFSBUJOHÇ°MFBTFT Ç°1BZNFOUTÇ°NBEFÇ°VOEFSÇ°PQFSBUJOHÇ°MFBTFTÇ° OFUÇ°PGÇ°BOZÇ°JODFOUJWFTÇ° SFDFJWFEÇ°GSPNÇ°UIFÇ°MFTTPS Ç°BSFÇ°DIBSHFEÇ°UPÇ°UIFÇ°JODPNFÇ°TUBUFNFOUTÇ°POÇ°BÇ°TUSBJHIU MJOFÇ°CBTJTÇ°PWFSÇ°UIFÇ° QFSJPEÇ°PGÇ°UIFÇ°MFBTF Borrowings #PSSPXJOHTÇ°BSFÇ°SFDPHOJTFEÇ°JOJUJBMMZÇ°BUÇ°UIFÇ°GBJSÇ°WBMVFÇ°PGÇ°UIFÇ°QSPDFFETÇ°SFDFJWFE Ç°OFUÇ°PGÇ°UIFÇ°USBOTBDUJPOÇ° DPTUTÇ°JODVSSFE Ç°#PSSPXJOHTÇ°BSFÇ°TVCTFRVFOUMZÇ°TUBUFEÇ°BUÇ°BNPSUJTFEÇ°DPTUÇ°VTJOHÇ°UIFÇ°FGGFDUJWFÇ°ZJFMEÇ° NFUIPE Ç°BOZÇ°EJGGFSFODFÇ°CFUXFFOÇ°UIFÇ°QSPDFFETÇ° OFUÇ°PGÇ°USBOTBDUJPOÇ°DPTUT Ç°BOEÇ°UIFÇ°SFEFNQUJPOÇ° WBMVFÇ°JTÇ°SFDPHOJTFEÇ°UPÇ°UIFÇ°JODPNFÇ°TUBUFNFOUTÇ°PWFSÇ°UIFÇ°QFSJPEÇ°PGÇ°UIFÇ°CPSSPXJOHT 'FFTÇ°QBJEÇ°POÇ°UIFÇ°FTUBCMJTINFOUÇ°PGÇ°MPBOÇ°GBDJMJUJFTÇ°BSFÇ°SFDPHOJTFEÇ°BTÇ°USBOTBDUJPOÇ°DPTUTÇ°PGÇ°UIFÇ°MPBOÇ°UPÇ° UIFÇ°FYUFOUÇ°UIBUÇ°JUÇ°JTÇ°QSPCBCMFÇ°UIBUÇ°TPNFÇ°PSÇ°BMMÇ°PGÇ°UIFÇ°GBDJMJUZÇ°XJMMÇ°CFÇ°ESBXOÇ°EPXO Ç°*OÇ°UIJTÇ°DBTF Ç° UIFÇ°GFFÇ°JTÇ°EFGFSSFEÇ°VOUJMÇ°UIFÇ°ESBX EPXOÇ°PDDVST Ç°5PÇ°UIFÇ°FYUFOUÇ°UIFSFÇ°JTÇ°OPÇ°FWJEFODFÇ°UIBUÇ°JUÇ°JTÇ° QSPCBCMFÇ°UIBUÇ°TPNFÇ°PSÇ°BMMÇ°PGÇ°UIFÇ°GBDJMJUZÇ°XJMMÇ°CFÇ°ESBXOÇ°EPXO Ç°UIFÇ°GFFÇ°JTÇ°DBQJUBMJTFEÇ°BTÇ°BÇ°QSF QBZNFOUÇ° GPSÇ°MJRVJEJUZÇ°TFSWJDFTÇ°BOEÇ°BNPSUJTFEÇ°PWFSÇ°UIFÇ°QFSJPEÇ°PGÇ°UIFÇ°GBDJMJUZÇ°UPÇ°XIJDIÇ°JUÇ°SFMBUFT Corporate income taxes 5IFÇ°(SPVQÇ°DBMDVMBUFTÇ°JODPNFÇ°UBYFTÇ°JOÇ°BDDPSEBODFÇ°XJUIÇ°UIFÇ°3FWFOVFÇ°$PEFÇ°POÇ°BOÇ°BDDSVBMÇ°CBTJT Ç° 5IFÇ°(SPVQÇ°EPFTÇ°OPUÇ°SFDPHOJTFÇ°JODPNFÇ°UBYFTÇ°QBZBCMFÇ°PSÇ°SFDFJWBCMFÇ°JOÇ°GVUVSFÇ°QFSJPETÇ°JOÇ°SFTQFDUÇ° PGÇ°UFNQPSBSZÇ°EJGGFSFODFTÇ°BSJTJOHÇ°GSPNÇ°EJGGFSFODFTÇ°CFUXFFOÇ°UIFÇ°UBYÇ°CBTFÇ°PGÇ°BTTFUTÇ°BOEÇ°MJBCJMJUJFTÇ° BOEÇ°UIFJSÇ°DBSSZJOHÇ°BNPVOUT Employee benefits 5IFÇ° (SPVQÇ° IBTÇ° QPTU FNQMPZNFOUÇ° CFOFÅ³UTÇ° DPOTJTUJOHÇ° PGÇ° CPUIÇ° EFÅ³OFEÇ° CFOFÅ³UÇ° BOEÇ° EFÅ³OFEÇ° DPOUSJCVUJPOÇ°QMBOT Ç°"Ç°EFÅ³OFEÇ°DPOUSJCVUJPOÇ°QMBOÇ°JTÇ°BÇ°QFOTJPOÇ°QMBOÇ°VOEFSÇ°XIJDIÇ°UIFÇ°(SPVQÇ°QBZTÇ°Å³YFE

Notes

2 Accounting policies (continued) 2.18 Ç° Ç° Ç° Ç° Ç° Ç°

Employee benefits (continued) Ç° DPOUSJCVUJPOTÇ°JOUPÇ°BÇ°TFQBSBUFÇ°FOUJUZ Ç°5IFÇ°(SPVQÇ°IBTÇ°OPÇ°MFHBMÇ°PSÇ°DPOTUSVDUJWFÇ°PCMJHBUJPOTÇ°UPÇ°QBZÇ°GVSUIFSÇ° Ç° DPOUSJCVUJPOTÇ°JGÇ°UIFÇ°GVOEÇ°EPFTÇ°OPUÇ°IPMEÇ°TVGÅ³DJFOUÇ°BTTFUTÇ°UPÇ°QBZÇ°BMMÇ°FNQMPZFFTÇ°UIFÇ°CFOFÅ³UTÇ°SFMBUJOHÇ° Ç° UPÇ°FNQMPZFFÇ°TFSWJDFÇ°JOÇ°UIFÇ°DVSSFOUÇ°BOEÇ°QSJPSÇ°QFSJPET Ç°"Ç°EFÅ³OFEÇ°CFOFÅ³UÇ°QMBOÇ°JTÇ°BÇ°QFOTJPOÇ°QMBOÇ°UIBUÇ° Ç° JTÇ°OPUÇ°BÇ°EFÅ³OFEÇ°DPOUSJCVUJPOÇ°QMBO Ç°5ZQJDBMMZÇ°EFÅ³OFEÇ°CFOFÅ³UÇ°QMBOTÇ°EFÅ³OFÇ°BOÇ°BNPVOUÇ°PGÇ°QFOTJPOÇ° Ç° CFOFÅ³UÇ°UIBUÇ°BOÇ°FNQMPZFFÇ°XJMMÇ°SFDFJWFÇ°POÇ°SFUJSFNFOU Ç°VTVBMMZÇ°EFQFOEFOUÇ°POÇ°POFÇ°PSÇ°NPSFÇ°GBDUPSTÇ° Ç° TVDIÇ°BTÇ°BHFÇ°PGÇ°FNQMPZFF Ç°ZFBSTÇ°PGÇ°TFSWJDFÇ°BOEÇ°DPNQFOTBUJPO Ç°%FÅ³OFEÇ°CFOFÅ³UÇ°QMBOÇ° Ç°SFUJSFNFOUÇ°CFOFÅ³U Ç° Ç° Ç° Ç° 5IFÇ°(SPVQÇ°QSPWJEFTÇ°GPSÇ°QPTUÇ°FNQMPZNFOUÇ°CFOFÅ³UT Ç°QBZBCMFÇ°UPÇ°FNQMPZFFTÇ°VOEFSÇ°UIFÇ°MBCPVSÇ° Ç° Ç° Ç° Ç° MBXTÇ°BQQMJDBCMFÇ°JOÇ°5IBJMBOEÇ°BOEÇ°PUIFSÇ°DPVOUSJFTÇ°JOÇ°XIJDIÇ°UIFÇ°(SPVQÇ°IBTÇ°JUTÇ°PQFSBUJPOT Ç° Ç° Ç° Ç° Ç° 5IFÇ°MJBCJMJUZÇ°JOÇ°SFTQFDUÇ°PGÇ°FNQMPZFFÇ°CFOFÅ³UTÇ°JTÇ°UIFÇ°QSFTFOUÇ°WBMVFÇ°PGÇ°UIFÇ°EFÅ³OFEÇ°CFOFÅ³UÇ° Ç° Ç° Ç° Ç° PCMJHBUJPOÇ°XIJDIÇ°JTÇ°DBMDVMBUFEÇ°CZÇ°BOÇ°JOEFQFOEFOUÇ°BDUVBSZÇ°JOÇ°BDDPSEBODFÇ°XJUIÇ°UIFÇ°BDUVBSJBMÇ° Ç° Ç° Ç° Ç° UFDIOJRVF Ç°5IFÇ°QSFTFOUÇ°WBMVFÇ°PGÇ°UIFÇ°EFÅ³OFEÇ°CFOFÅ³UÇ°PCMJHBUJPOÇ°JTÇ°EFUFSNJOFEÇ°CZÇ°EJTDPVOUJOHÇ° Ç° Ç° Ç° Ç° FTUJNBUFEÇ° GVUVSFÇ° DBTIÇ° Å´PXTÇ° VTJOHÇ° ZJFMETÇ° POÇ° HPWFSONFOUÇ° CPOETÇ° XIJDIÇ° IBWFÇ° UFSNTÇ° UPÇ° Ç° Ç° Ç° Ç° NBUVSJUZÇ°BQQSPYJNBUJOHÇ°UIFÇ°UFSNTÇ°PGÇ°UIFÇ°SFMBUFEÇ°MJBCJMJUZ Ç°5IFÇ°FTUJNBUFEÇ°GVUVSFÇ°DBTIÇ°Å´PXTÇ° Ç° Ç° Ç° Ç° TIBMMÇ°SFÅ´FDUÇ°FNQMPZFFÇ°TBMBSJFT Ç°UVSOPWFSÇ°SBUF Ç°NPSUBMJUZ Ç°MFOHUIÇ°PGÇ°TFSWJDFÇ°BOEÇ°PUIFSÇ°GBDUPST Ç° Actuarial gains or losses will be recognised in the income statements in the period to which Ç° Ç° Ç° Ç° UIFZÇ°SFMBUF Ç°5IFÇ°DPTUTÇ°BTTPDJBUFEÇ°XJUIÇ°QSPWJEJOHÇ°UIFTFÇ°CFOFÅ³UTÇ°BSFÇ°DIBSHFEÇ°UPÇ°UIFÇ°JODPNFÇ° Ç° Ç° Ç° Ç° TUBUFNFOUTÇ° TPÇ° BTÇ° UPÇ° TQSFBEÇ° UIFÇ° DPTUÇ° PWFSÇ° UIFÇ° FNQMPZNFOUÇ° QFSJPEÇ° EVSJOHÇ° XIJDIÇ° UIFÇ° Ç° Ç° Ç° Ç° FOUJUMFNFOUÇ°UPÇ°CFOFÅ³UTÇ°JTÇ°FBSOFE Ç° Ç°%FÅ³OFEÇ°DPOUSJCVUJPOÇ°QMBOÇ° Ç°QSPWJEFOUÇ°GVOE Ç° Ç° Ç° Ç° 5IFÇ°(SPVQÇ°PQFSBUFTÇ°BÇ°QSPWJEFOUÇ°GVOEÇ°UIBUÇ°JTÇ°BÇ°EFÅ³OFEÇ°DPOUSJCVUJPOÇ°QMBO Ç°5IFÇ°BTTFUTÇ°BSFÇ° Ç° Ç° Ç° Ç° IFMEÇ°JOÇ°BÇ°TFQBSBUFÇ°GVOEÇ°XIJDIÇ°JTÇ°NBOBHFEÇ°CZÇ°BOÇ°FYUFSOBMÇ°GVOEÇ°NBOBHFSÇ°JOÇ°BDDPSEBODFÇ° Ç° Ç° Ç° Ç° XJUIÇ°UIFÇ°1SPWJEFOUÇ°'VOEÇ°"DUÇ°# & Ç° Ç°5IFÇ°QSPWJEFOUÇ°GVOEÇ°JTÇ°GVOEFEÇ°CZÇ°QBZNFOUTÇ°GSPNÇ° Ç° Ç° Ç° Ç° FNQMPZFFTÇ°BOEÇ°CZÇ°UIFÇ°(SPVQ Ç°$POUSJCVUJPOTÇ°UPÇ°UIFÇ°QSPWJEFOUÇ°GVOEÇ°BSFÇ°DIBSHFEÇ°UPÇ°UIFÇ° Ç° Ç° Ç° Ç° JODPNFÇ°TUBUFNFOUTÇ°JOÇ°UIFÇ°ZFBSÇ°UPÇ°XIJDIÇ°UIFZÇ°SFMBUF 2.19 Provisions Ç°(FOFSBMÇ°QSPWJTJPOT Ç° Ç° Ç° Ç° 1SPWJTJPOTÇ°BSFÇ°SFDPHOJTFEÇ°XIFOÇ°UIFÇ°(SPVQÇ°IBTÇ°BÇ°QSFTFOUÇ°MFHBMÇ°PSÇ°DPOTUSVDUJWFÇ°PCMJHBUJPOÇ° Ç° Ç° Ç° Ç° BTÇ°BÇ°SFTVMUÇ°PGÇ°QBTUÇ°FWFOUT Ç°JUÇ°JTÇ°QSPCBCMFÇ°UIBUÇ°BOÇ°PVUÅ´PXÇ°PGÇ°SFTPVSDFTÇ°XJMMÇ°CFÇ°SFRVJSFEÇ°UPÇ° Ç° Ç° Ç° Ç° TFUUMFÇ°UIFÇ°PCMJHBUJPO Ç°BOEÇ°BÇ°SFMJBCMFÇ°FTUJNBUFÇ°PGÇ°UIFÇ°BNPVOUÇ°DBOÇ°CFÇ°NBEF Ç°8IFSFÇ°UIFÇ°(SPVQÇ° Ç° Ç° Ç° Ç° FYQFDUTÇ°BÇ°QSPWJTJPOÇ°UPÇ°CFÇ°SFJNCVSTFE Ç°UIFÇ°SFJNCVSTFNFOUÇ°JTÇ°SFDPHOJTFEÇ°BTÇ°BÇ°TFQBSBUFÇ°BTTFU Ç° Ç° Ç° Ç° Ç° CVUÇ°POMZÇ°XIFOÇ°UIFÇ°SFJNCVSTFNFOUÇ°JTÇ°WJSUVBMMZÇ°DFSUBJO Ç°1SPWJTJPOÇ°GPSÇ°EFDPNNJTTJPOJOHÇ°DPTUT Ç° Ç° Ç° Ç° 5IFÇ°(SPVQÇ°SFDPHOJTFTÇ°QSPWJTJPOÇ°GPSÇ°EFDPNNJTTJPOJOHÇ°DPTUT Ç°XIJDIÇ°BSFÇ°QSPWJEFEÇ°BUÇ°UIFÇ° Ç° Ç° Ç° Ç° POTFUÇ°PGÇ°DPNQMFUJPOÇ°PGÇ°UIFÇ°QSPKFDU Ç°GPSÇ°UIFÇ°FTUJNBUFÇ°PGÇ°UIFÇ°FWFOUVBMÇ°DPTUTÇ°UIBUÇ°SFMBUFÇ°UPÇ° Ç° Ç° Ç° Ç° UIFÇ°SFNPWBMÇ°PGÇ°UIFÇ°QPXFSÇ°BOEÇ°XBUFSÇ°QMBOUT Ç°5IFÇ°SFDPHOJTFEÇ°QSPWJTJPOÇ°GPSÇ°EFDPNNJTTJPOJOHÇ° Ç° Ç° Ç° Ç° DPTUTÇ°BSFÇ°CBTFEÇ°POÇ°GVUVSFÇ°SFNPWBMÇ°DPTUÇ°FTUJNBUFTÇ°BOEÇ°JODPSQPSBUFÇ°NBOZÇ°BTTVNQUJPOTÇ°TVDIÇ° Ç° Ç° Ç° Ç° BTÇ°BCBOEPONFOUÇ°UJNFTÇ°BOEÇ°GVUVSFÇ°JOÅ´BUJPOÇ°SBUFÇ°BOEÇ°EJTDPVOUFEÇ°UPÇ°QSFTFOUÇ°WBMVFÇ°BUÇ°UIFÇ° Ç° Ç° Ç° Ç° EJTDPVOUÇ°SBUFÇ°FTUJNBUFEÇ°CZÇ°UIFÇ°NBOBHFNFOU Ç°5IPTFÇ°DPTUTÇ°BSFÇ°JODMVEFEÇ°BTÇ°QBSUÇ°PGÇ°UIFÇ° power and water plants.

193

194

2 Accounting policies (continued) Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Treasury stock 5SFBTVSZÇ°TUPDLÇ°QSFTFOUFEÇ°JOÇ°UIFÇ°DPOTPMJEBUFEÇ°BOEÇ°DPNQBOZÇ°Å³OBODJBMÇ°TUBUFNFOUTÇ°JTÇ°DBSSJFEÇ°BUÇ°DPTUÇ° BOEÇ°TIPXOÇ°BTÇ°BÇ°EFEVDUJPOÇ°GSPNÇ°UPUBMÇ°TIBSFIPMEFSTÄ´Ç°FRVJUZ Ç°(BJOTÇ°POÇ°EJTQPTBMÇ°PGÇ°USFBTVSZÇ°TUPDLÇ°BSFÇ° EFUFSNJOFEÇ°CZÇ°SFGFSFODFÇ°UPÇ°JUTÇ°DBSSZJOHÇ°BNPVOUÇ°BOEÇ°BSFÇ°UBLFOÇ°UPÇ°Ä¶1SFNJVNÇ°POÇ°USFBTVSZÇ°TUPDLÄ· Ç° -PTTFTÇ°POÇ°EJTQPTBMÇ°PGÇ°USFBTVSZÇ°TUPDLÇ°BSFÇ°EFUFSNJOFEÇ°CZÇ°SFGFSFODFÇ°UPÇ°JUTÇ°DBSSZJOHÇ°BNPVOUÇ°BOEÇ° BSFÇ°UBLFOÇ°UPÇ°Ä¶1SFNJVNÇ°POÇ°USFBTVSZÇ°TUPDLÄ·Ç°BOEÇ°Ä¶3FUBJOFEÇ°FBSOJOHTÄ·Ç°DPOTFDVUJWFMZ Revenue recognition 4BMFTÇ°VOEFSÇ°UIFÇ°1PXFSÇ°1VSDIBTFÇ°"HSFFNFOUTÇ° 11" Ç°DPNQSJTFÇ°"WBJMBCJMJUZÇ°1BZNFOUTÇ°BOEÇ°&OFSHZÇ°1BZNFOUT Ç° "WBJMBCJMJUZÇ°1BZNFOUTÇ°BSFÇ°SFDPHOJTFEÇ°BDDPSEJOHÇ°UPÇ°UIFÇ°UFSNTÇ°TFUÇ°PVUÇ°JOÇ°UIFÇ°1PXFSÇ°1VSDIBTFÇ°"HSFFNFOU Ç° &OFSHZÇ°1BZNFOUTÇ°BSFÇ°DBMDVMBUFEÇ°CBTFEÇ°POÇ°FMFDUSJDJUZÇ°EFMJWFSFE Ç°4BMFTÇ°VOEFSÇ°UIFÇ°&MFDUSJDJUZÇ°BOEÇ° 4UFBNÇ°4BMFT 1VSDIBTFÇ°"HSFFNFOUTÇ°XJUIÇ°JOEVTUSJBMÇ°VTFSTÇ°BSFÇ°SFDPHOJTFEÇ°POÇ°EFMJWFSZÇ°PGÇ°FMFDUSJDJUZÇ° BOEÇ°TUFBNÇ°BOEÇ°DVTUPNFSÇ°BDDFQUBODF Ç°)PXFWFS Ç°VOEFSÇ°UIFÇ°11"TÇ°PGÇ°UXPÇ°TVCTJEJBSJFT Ç°&("5Ç°IBTÇ°UPÇ°CFBSÇ° UIFÇ°OBUVSBMÇ°HBTÇ°DPTU Ç°UIFSFGPSF Ç°UIFÇ°DBMDVMBUJPOÇ°PGÇ°SFWFOVFTÇ°GSPNÇ°UIFÇ°QPSUJPOÇ°PGÇ°FOFSHZÇ°TBMFTÇ°PGÇ°FMFDUSJDJUZÇ° BOEÇ°UIFÇ°OBUVSBMÇ°HBTÇ°DPTUÇ°PGÇ°UIPTFÇ°UXPÇ°TVCTJEJBSJFTÇ°BSFÇ°OPUÇ°JODMVEFEÇ°JOÇ°UIFTFÇ°Å³OBODJBMÇ°TUBUFNFOUT 3FWFOVFÇ°GSPNÇ°DPOTUSVDUJPOÇ°TFSWJDFTÇ°JTÇ°SFDPHOJTFEÇ°VTJOHÇ°UIFÇ°QFSDFOUBHFÇ°PGÇ°DPNQMFUJPOÇ°NFUIPE Ç° 5IFÇ°TUBHFÇ°PGÇ°DPNQMFUJPOÇ°JTÇ°NFBTVSFEÇ°CZÇ°SFGFSFODFÇ°UPÇ°UIFÇ°SFMBUJPOTIJQÇ°UIBUÇ°UIFÇ°DPOUSBDUÇ°DPTUTÇ° JODVSSFEÇ°GPSÇ°XPSLÇ°QFSGPSNFEÇ°UPÇ°EBUFÇ°CFBSÇ°UPÇ°UIFÇ°FTUJNBUFEÇ°UPUBMÇ°DPTUTÇ°GPSÇ°UIFÇ°DPOUSBDU Ç°3FWFOVFÇ° GSPNÇ°PUIFSÇ°TFSWJDFTÇ°JTÇ°SFDPHOJTFEÇ°XIFOÇ°UIFÇ°TFSWJDFTÇ°IBWFÇ°CFFOÇ°SFOEFSFEÇ°JOÇ°BDDPSEBODFÇ°XJUIÇ°UIFÇ° UFSNTÇ°PGÇ°UIFÇ°BHSFFNFOUTÇ°PSÇ°JOWPJDFTÇ°IBWFÇ°CFFOÇ°JTTVFE Ç° *OUFSFTUÇ°JODPNFÇ°JTÇ°SFDPHOJTFEÇ°POÇ°BOÇ°BDDSVBMÇ°CBTJTÇ°VOMFTTÇ°DPMMFDUBCJMJUZÇ°JTÇ°JOÇ°EPVCU %JWJEFOEÇ°JODPNFÇ°JTÇ°SFDPHOJTFEÇ°XIFOÇ°UIFÇ°TIBSFIPMEFSÄ´TÇ°SJHIUÇ°UPÇ°SFDFJWFÇ°QBZNFOUÇ°JTÇ°FTUBCMJTIFE Ç° Dividends %JWJEFOETÇ°BSFÇ°SFDPSEFEÇ°JOÇ°UIFÇ°DPOTPMJEBUFEÇ°BOEÇ°DPNQBOZÇ°Å³OBODJBMÇ°TUBUFNFOUTÇ°JOÇ°UIFÇ°QFSJPEÇ°JOÇ°XIJDIÇ° UIFZÇ°BSFÇ°BQQSPWFEÇ°CZÇ°UIFÇ°TIBSFIPMEFSTÇ°BOEÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPST Ç°

3 Critical accounting estimates, assumptions and judgements Ç° Ç° Ç° Ç° Ç°

"DDPVOUJOHÇ°FTUJNBUFT Ç°BTTVNQUJPOTÇ°BOEÇ°KVEHFNFOUTÇ°BSFÇ°DPOUJOVBMMZÇ°FWBMVBUFEÇ°BOEÇ°BSFÇ°CBTFEÇ°POÇ°IJTUPSJDBMÇ° FYQFSJFODFÇ°BOEÇ°PUIFSÇ°GBDUPST Ç°JODMVEJOHÇ°FYQFDUBUJPOTÇ°PGÇ°GVUVSFÇ°FWFOUTÇ°UIBUÇ°BSFÇ°CFMJFWFEÇ°UPÇ°CFÇ°SFBTPOBCMFÇ° VOEFSÇ°UIFÇ°DJSDVNTUBODFT Ç°%VSJOHÇ° Ç°UIFÇ°(SPVQÇ°EJEÇ°OPUÇ°NBLFÇ°BOZÇ°DSJUJDBMÇ°FTUJNBUFT Ç°BTTVNQUJPOTÇ°BOEÇ° KVEHFNFOUÇ°UIBUÇ°IBWFÇ°BÇ°TJHOJÅ³DBOUÇ°SJTLÇ°PGÇ°DBVTJOHÇ°BÇ°NBUFSJBMÇ°BEKVTUNFOUÇ°UPÇ°UIFÇ°DBSSZJOHÇ°BNPVOUTÇ°PGÇ° BTTFUTÇ°BOEÇ°MJBCJMJUJFTÇ°XJUIJOÇ°UIFÇ°OFYUÇ°Å³OBODJBMÇ°ZFBS

4 Capital risk management Ç° Ç° Ç° Ç°

5IFÇ°(SPVQÄ´TÇ°PCKFDUJWFTÇ°XIFOÇ°NBOBHJOHÇ°DBQJUBMÇ°BSFÇ°UPÇ°TBGFHVBSEÇ°UIFÇ°(SPVQÄ´TÇ°BCJMJUZÇ°UPÇ°DPOUJOVFÇ°BTÇ°BÇ° HPJOHÇ°DPODFSOÇ°JOÇ°PSEFSÇ°UPÇ°QSPWJEFÇ°SFUVSOTÇ°GPSÇ°TIBSFIPMEFSTÇ°BOEÇ°CFOFÅ³UTÇ°GPSÇ°PUIFSÇ°TUBLFIPMEFSTÇ°BOEÇ° UPÇ°NBJOUBJOÇ°BOÇ°PQUJNBMÇ°DBQJUBMÇ°TUSVDUVSFÇ°UPÇ°SFEVDFÇ°UIFÇ°DPTUÇ°PGÇ°DBQJUBM *OÇ°PSEFSÇ°UPÇ°NBJOUBJOÇ°PSÇ°BEKVTUÇ°UIFÇ°DBQJUBMÇ°TUSVDUVSF Ç°BMUFSOBUJWFÇ°QSBDUJDFTÇ°JODMVEFÇ°SFUVSOJOHÇ°DBQJUBMÇ°UPÇ° shareholders, issuing new shares or selling assets to reduce debt.

195

Notes

5 Statement of cash flows Ç° $IBOHFTÇ°JOÇ°TIPSU UFSNÇ°BOEÇ°MPOH UFSNÇ°JOWFTUNFOUTÇ°VTFEÇ°BTÇ°DPMMBUFSBMÇ°BSFÇ°JODMVEFEÇ°JOÇ°UIFÇ°TUBUFNFOUTÇ°PGÇ° Ç° DBTIÇ°Å´PXTÇ°BTÇ°DBTIÇ°Å´PXTÇ°GSPNÇ°PQFSBUJOHÇ°BDUJWJUJFTÇ°CFDBVTFÇ°QSPDFFETÇ°GSPNÇ°TBMFTÇ°PGÇ°FMFDUSJDJUZÇ°NVTUÇ°CFÇ° Ç° NBJOUBJOFEÇ°BTÇ°TIPSU UFSNÇ°BOEÇ°MPOH UFSNÇ°JOWFTUNFOUTÇ°VTFEÇ°BTÇ°DPMMBUFSBMÇ°JOÇ°BDDPSEBODFÇ°XJUIÇ°UIFÇ°.BTUFSÇ° Agreements and loan agreements, as described in Note 9.

6 Segment information - consolidated financial statements Ç° Ç° Ç° Ç° Ç° Ç°

'JOBODJBMÇ°JOGPSNBUJPOÇ°CZÇ°CVTJOFTTÇ°PQFSBUJPOÇ°TFHNFOU 5IFÇ°CVTJOFTTÇ°PGÇ°UIFÇ°(SPVQÇ°JTÇ°UIFÇ°HFOFSBUJPOÇ°PGÇ°FMFDUSJDJUZÇ°BOEÇ°UBQÇ°XBUFSÇ°GPSÇ°TBMFÇ°UPÇ°HPWFSONFOUÇ°BOEÇ° JOEVTUSJBMÇ°VTFST Ç°CPUIÇ°JOÇ°5IBJMBOEÇ°BOEÇ°PWFSTFBT Ç°JODMVEJOHÇ°QSPWJEJOHÇ°NBJOUFOBODFÇ°TFSWJDFTÇ°BOEÇ°PQFSBUJOHÇ° QPXFSÇ°QMBOU Ç°5IFÇ°(SPVQÇ°EPFTÇ°OPUÇ°EJTDMPTFÇ°TFHNFOUÇ°JOGPSNBUJPOÇ°GPSÇ°QJQFEÇ°XBUFSÇ°BOEÇ°UIFÇ°QSPWJTJPOÇ°PGÇ° NBJOUFOBODFÇ°TFSWJDFTÇ°BOEÇ°QPXFSÇ°QMBOUÇ°PQFSBUJPOTÇ°CFDBVTFÇ°SFWFOVFTÇ°GSPNÇ°UIPTFÇ°UXPÇ°CVTJOFTTÇ°TFHNFOUTÇ° XFSFÇ°FRVJWBMFOUÇ°UPÇ° Ç°BOEÇ° Ç°PGÇ°UPUBMÇ°SFWFOVFÇ°GSPNÇ°TBMFTÇ°BOEÇ°TFSWJDFT Ç°SFTQFDUJWFMZÇ° Ç° Ç° BOEÇ° Ç°PGÇ°UPUBMÇ°SFWFOVFÇ°GSPNÇ°TBMFTÇ°BOEÇ°TFSWJDFT Ç°SFTQFDUJWFMZ 'JOBODJBMÇ°JOGPSNBUJPOÇ°CZÇ°HFPHSBQIJDBMÇ°TFHNFOU For the year ended 31 December 2012

Thailand Baht

The Laos Peopleâ&#x20AC;&#x2122;s Democratic Republic Baht

The Republic of Indonesia Baht

Revenue from sales and service income Cost of sales and services Segment results Other income Currency exchange gains Administrative expenses Finance costs 4IBSFÇ°PGÇ°QSPÅ³UÇ°GSPNÇ°JOUFSFTUT in joint ventures, net 1SPÅ³UÇ°CFGPSFÇ°DPSQPSBUFÇ°JODPNFÇ°UBYÇ° Corporate income tax /FUÇ°QSPÅ³UÇ°GPSÇ°UIFÇ°ZFBSÇ°

7,540,143,576 (5,888,133,952) 1,652,009,624 4,722,231,210 103,747,406 (1,719,588,172) (308,028,580)

4,253,471,298 Ç° (129,229,399) Ç°

670,016,015 Ç° Ç°

25,735,743 Ç° Ç°

Owners of the parent Non-controlling interests Property, plant and equipment, net

8,536,173,718 38,439,669 15,162,213,693

670,016,015 -

25,735,743 -

The Philippines Baht

Consolidated Baht

6,516,395,601 (3,784,666,161) 2,731,729,440 2,781,477 101,341,758 (642,103,252) (395,239,985)

14,056,539,177 (9,672,800,113) 4,383,739,064 4,725,012,687 205,089,164 (2,361,691,424) (703,268,565)

628,363,250 5,577,586,306 Ç° (649,963,853) (779,193,252) Ç° 1,747,472,133 29,436,702 23,393,540,164

10,979,397,609 67,876,371 38,555,753,857

196

6 Segment information - consolidated financial statements (continued) 'JOBODJBMÇ°JOGPSNBUJPOÇ°CZÇ°HFPHSBQIJDBMÇ°TFHNFOUÇ° DPOUJOVFE

For the year ended 31 December 2011

Thailand Baht

The Laos Peopleâ&#x20AC;&#x2122;s Democratic Republic Baht

Revenue from sales and service income Cost of sales and services Segment results Other income Currency exchange gains Administrative expenses Finance costs 4IBSFÇ°PGÇ°QSPÅ³UÇ°GSPNÇ°JOUFSFTUTÇ°JOÇ°KPJOUÇ°WFOUVSFT Ç°OFUÇ° 1SPÅ³UÇ°CFGPSFÇ°DPSQPSBUFÇ°JODPNFÇ°UBYÇ° Corporate income tax /FUÇ°QSPÅ³UÇ°GPSÇ°UIFÇ°ZFBSÇ°

7,462,281,941 (5,467,533,568) 1,994,748,373 448,260,100 21,809,250 (1,353,124,105) (694,204,857) Ç° Ç° (237,738,101) Ç°

Ç° Ç° Ç°

Owners of the parent Non-controlling interests Property, plant and equipment, net

3,710,455,145 126,289,149 13,022,582,385

1,045,620,255 -

The Philippines Baht

Consolidated Baht

198,753,251 7,661,035,192 (121,235,092) (5,588,768,660) 77,518,159 2,072,266,532 858,561 449,118,661 169,470 21,978,720 (325,193,409) (1,678,317,514) (694,204,857) Ç° Ç° (16,964,245) (254,702,346) Ç° 233,459,056 -

4,989,534,456 126,289,149 13,022,582,385

7 Cash and cash equivalents Ç° "TÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°DBTIÇ°BOEÇ°DBTIÇ°FRVJWBMFOUTÇ°NBJOMZÇ°DPNQSJTFEÇ°JOWFTUNFOUTÇ°JOÇ°QSPNJTTPSZÇ°OPUFTÇ° Ç° XJUIÇ°NBUVSJUJFTÇ°PGÇ°UISFFÇ°NPOUITÇ°PSÇ°MFTT Ç°5IFÇ°JOUFSFTUÇ°SBUFTÇ°XFSFÇ° Ç°UPÇ° Ç°QFSÇ°BOOVNÇ° Ç° Ç° Ç° UPÇ° Ç°QFSÇ°BOOVN

8 Short-term investments Ç° 4IPSU UFSNÇ°JOWFTUNFOUTÇ°DPNQSJTFEÇ°EFQPTJUTÇ°BUÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ°XJUIÇ°NBUVSJUJFTÇ°PWFSÇ°UISFFÇ°NPOUITÇ° Ç° CVUÇ°OPUÇ°MBUFSÇ°UIBOÇ°POFÇ°ZFBSÇ°BOEÇ°NBSLFUBCMFÇ°TFDVSJUJFT %FQPTJUTÇ°BUÇ°Å³OBODJBMÇ°JOTUJUVUJPOT Ç° 5IFÇ°EFQPTJUTÇ°BUÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ°PGÇ°UIFÇ°(SPVQÇ°NBJOMZÇ°DPNQSJTFÇ°EFQPTJUTÇ°BUÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ°BOEÇ° Ç° QSPNJTTPSZÇ°OPUFTÇ°JTTVFEÇ°CZÇ°MPDBMÇ°Å³OBODJBMÇ°JOTUJUVUJPOT Ç°"TÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°EFQPTJUTÇ°BUÇ°Å³OBODJBMÇ° Ç° JOTUJUVUJPOT Ç°BOEÇ°QSPNJTTPSZÇ°OPUFTÇ°CPSFÇ°JOUFSFTUÇ°BUÇ°SBUFTÇ°GSPNÇ° Ç°UPÇ° Ç°QFSÇ°BOOVNÇ° Ç°JOUFSFTUÇ° Ç° BUÇ°SBUFTÇ°GSPNÇ° Ç°UPÇ° Ç°QFSÇ°BOOVN

197

Notes

.BSLFUBCMFÇ°TFDVSJUJFT Consolidated 2012 Baht Held-to-maturity Debt securities Short-term investments in marketable securities

Company 2011 Baht

2012 Baht

222,000,000 222,000,000

2011 Baht -

222,000,000 222,000,000

9 Short-term investments used as collateral Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

5IFÇ°NBKPSJUZÇ°PGÇ°UIFÇ°EFQPTJUTÇ°BUÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ°VTFEÇ°BTÇ°DPMMBUFSBMÇ°BSFÇ°UIPTFÇ°PGÇ°TJYÇ°TVCTJEJBSJFTÇ° "TÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°XFSFÇ°PGÇ°UXPÇ°TVCTJEJBSJFT Ç°5IFZÇ°DPNQSJTFÇ°DBTIÇ°SFTFSWFTÇ°SFRVJSFEÇ°UPÇ°CFÇ°NBJOUBJOFEÇ° VOEFSÇ°UIFJSÇ°MPBOÇ°BHSFFNFOUTÇ°GPSÇ°UIFÇ°QVSQPTFÇ°PGÇ°SFQBZNFOUÇ°PGÇ°QSJODJQBMÇ°BOEÇ°QBZNFOUÇ°PGÇ°JOUFSFTUÇ°EVFÇ° XJUIJOÇ°POFÇ°ZFBSÇ°BOEÇ°BTÇ°BÇ°SFTFSWFÇ°UPÇ°NJOJNJTFÇ°FYDIBOHFÇ°SBUFÇ°SJTL Ç°5IFTFÇ°DBTIÇ°SFTFSWFTÇ°BSFÇ°QSPWJEFEÇ°GSPNÇ° UIFÇ°QSPDFFETÇ°PGÇ°TBMFTÇ°PGÇ°FMFDUSJDJUZ Ç° "TÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°UIFÇ°(SPVQÇ°IBEÇ°5IBJÇ°#BIUÇ°EFQPTJUTÇ°BUÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ°VTFEÇ°BTÇ°DPMMBUFSBMÇ° PGÇ°#BIUÇ° Ç°NJMMJPOÇ°CFBSJOHÇ°JOUFSFTUÇ°BUÇ°UIFÇ°SBUFTÇ°PGÇ° Ç°UPÇ° Ç°QFSÇ°BOOVNÇ° Ç°#BIUÇ° Ç°NJMMJPOÇ° CFBSJOHÇ°JOUFSFTUÇ°BUÇ°UIFÇ°SBUFTÇ°PGÇ° Ç°UPÇ° Ç°QFSÇ°BOOVN Ç°5IFTFÇ°JODMVEFEÇ°UIFÇ°DBTIÇ°SFTFSWFÇ°GPSÇ°UIFÇ° QVSQPTFÇ°PGÇ°SFQBZNFOUÇ°PGÇ°QSJODJQBMÇ°BOEÇ°QBZNFOUÇ°PGÇ°JOUFSFTUÇ°EVFÇ°XJUIJOÇ°POFÇ°ZFBSÇ°BNPVOUFEÇ°UPÇ°#BIUÇ° Ç°NJMMJPOÇ° Ç°#BIUÇ° Ç°NJMMJPO Ç°BOEÇ°UIFÇ°SFNBJOJOHÇ°CBMBODFÇ°PGÇ°#BIUÇ° Ç°NJMMJPOÇ° Ç°#BIUÇ° Ç°NJMMJPO Ç° represented collateralised deposits maintained in accordance with the loan agreements but which Ç° DPVMEÇ°CFÇ°VTFEÇ°TVCKFDUÇ°UPÇ°DFSUBJOÇ°MFOEFSÇ°BQQSPWBMT

10 Trade receivables, net Consolidated

Trade receivables Less Allowance for doubtful receivables Trade receivables, net

Company

2012 Baht

2011 Baht

1,834,296,411 1,834,296,411

245,141,606 245,141,606

2012 Baht

2011 Baht -

198

10 Trade receivables, net (continued) Ç° 0VUTUBOEJOHÇ°USBEFÇ°SFDFJWBCMFTÇ°BTÇ°BUÇ° Ç°%FDFNCFSÇ°DBOÇ°CFÇ°BOBMZTFEÇ°BTÇ°GPMMPXT Consolidated

Not overdue Overdue below 3 months Overdue 3 - 6 months Overdue 6 - 12 months Overdue over 12 months Less Allowance for doubtful receivables Trade receivables, net

Company

2012 Baht

2011 Baht

2012 Baht

1,722,943,331 46,083,965 21,407,326 17,493,438 26,368,351 1,834,296,411 1,834,296,411

159,014,689 20,759,550 22,742 5,843,921 59,500,704 245,141,606 245,141,606

2011 Baht -

11 Fuel and spare parts and supplies, net Consolidated

Fuel 4QFDJĹłDÇ°TQBSFÇ°QBSUT Ç° Ç° $BQJUBMÇ°TQBSFÇ°QBSUTÇ°VTFEÇ°GPSTQFDJĹłDÇ°Ç° equipment of the power plant Ç° Ç° 0UIFSÇ°TQFDJĹłDÇ°TQBSFÇ°QBSUTÇ° Common spare parts Spare parts in transit Less Allowance for obsolescence Fuel and spare parts and supplies, net

Company

2012 Baht

2011 Baht

2012 Baht

1,364,297,551

390,791,496

188,229,898

2011 Baht 193,856,784

Ç°

556,296,959 Ç° 693,613,400 4,358,462,746 (1,145,994,097) 3,212,468,649

735,815,839 Ç° 43,405,407 1,096,402 2,981,193,937 (937,374,285) 2,043,819,652

151,762,455 Ç° 11,683,520 1,200,003,334 (640,552,095) 559,451,239

Ç° 266,946,425 9,373,502 1,096,402 1,369,002,419 (535,015,729) 833,986,690

199

Notes

12 Other current assets Consolidated

Prepaid withholding tax VAT receivable Prepaid insurance premium Accrued income Interest receivable Advance payment for construction power plant Others Total other current assets

Company

2012 Baht

2011 Baht

2012 Baht

2011 Baht

359,211,809 221,375,448 66,520,270 134,067,836 5,340,232 292,833,988 368,169,172 1,447,518,755

72,020,393 79,219,379 31,294,381 272,629,474 455,163,627

203,378,107 2,022,292 804,862 13,848,905 220,054,166

72,020,393 26,688,676 13,928,634 112,637,703

13 Long-term investments in marketable securities and other long-term investments Consolidated

Available-for-sale Debt securities Equity securities Changes in fair value of investments Total long-term investments in marketable securities Other long-term investments Other equity securities Total other investments Total long-term investments in marketable securities and other long-term investments

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Company

2012 Baht

2011 Baht

2012 Baht

2011 Baht

6,276,051 867,490,823 3,150,126,328 4,023,893,202

6,345,962 867,490,823 1,063,456,955 1,937,293,740

867,490,823 3,150,126,328 4,017,617,151

867,490,823 1,063,456,955 1,930,947,778

247,750,000 247,750,000

127,000,000 127,000,000

247,750,000 247,750,000

127,000,000 127,000,000

4,271,643,202

2,064,293,740

4,265,367,151

2,057,947,778

Other long-term investments 0UIFSÇ°MPOH UFSNÇ°JOWFTUNFOUÇ°NBJOMZÇ°SFQSFTFOUFEÇ°BOÇ°JOWFTUNFOUÇ°9BZBCVSJÇ°1PXFSÇ°$PNQBOZÇ°-JNJUFEÇ° Ä¶91$-Ä· Ç°JOÇ°UIFÇ°QSPQPSUJPOÇ° Ç°TIBSFIPMEJOHÇ°JOUFSFTUÇ°JOÇ°91$- Ç°*OÇ°PSEFSÇ°UPÇ°CFDPNFÇ°BÇ°KPJOUÇ°EFWFMPQFSÇ° PGÇ°UIFÇ°9BZBCVSJÇ°IZESPQPXFSÇ°QSPKFDU Ç°91$-Ç°XBTÇ°BXBSEFEÇ°BÇ°DPODFTTJPOÇ°BHSFFNFOUÇ°CZÇ°UIFÇ°HPWFSONFOUÇ° PGÇ°UIFÇ°-BPTÇ°1FPQMFÄ´TÇ°%FNPDSBUJDÇ°3FQVCMJDÇ° Ä¶-BPTÇ°1%3Ä· Ç°UPÇ°EFTJHO Ç°EFWFMPQ Ç°DPOTUSVDUÇ°BOEÇ°JNQMFNFOUÇ° BÇ°SVO PG UIF SJWFSÇ°EBNÇ°QPXFSÇ°QSPKFDUÇ°XJUIÇ°BOÇ°JOTUBMMFEÇ°DBQBDJUZÇ°PGÇ° Ç°.8Ç°GPSÇ° Ç°ZFBSTÇ°BGUFSÇ°UIFÇ° commercial operation date. %VSJOHÇ°UIFÇ°ZFBSÇ° Ç°91$-Ç°JTTVFEÇ°BEEJUJPOBMÇ°PSEJOBSZÇ°TIBSFTÇ°BOEÇ°UIFÇ°$PNQBOZÇ°QBJEÇ°GPSÇ°BEEJUJPOBMÇ° QBJE VQÇ°TIBSFTÇ°JOÇ°UIFÇ°TBNFÇ°QSPQPSUJPOÇ°BTÇ°JUTÇ°PSJHJOBMÇ°JOWFTUNFOU Ç°UPUBMMJOHÇ°#BIUÇ° Ç°NJMMJPO Ç°5IFSFGPSF Ç° BTÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°JOWFTUNFOUÇ°JOÇ°91$-Ç°XBTÇ°#BIUÇ° Ç°NJMMJPOÇ° Ç°#BIUÇ° Ç°NJMMJPO

200

14 Investments in subsidiaries and interests in joint ventures, net Consolidated 2012 Baht Investments in subsidiaries Less Impairment Investments in subsidiaries, net (Note 14.2) Interests in joint ventures (Note 14.3) Total investments in subsidiaries and interests in joint ventures, net

Company 2011 Baht

2012 Baht

2011 Baht

34,577,791,684 36,444,572,866

33,768,438,084 (47,820,000) 33,720,618,084 24,418,626,488

17,949,603,196 (47,820,000) 17,901,783,196 23,150,309,238

34,577,791,684 36,444,572,866

58,139,244,572

41,052,092,434

14.1 The movements of the investments in subsidiaries and interests in joint ventures can be analysed as follows: Consolidated 2012 Baht Opening net book value Acquisitions of interests in joint ventures (Note 14.1.2) Addition paid-up shares in joint venture (Note 14.1.2) Proceeds from the decrease in registered share capital in joint venture (Note 14.1.2) 4IBSFÇ°PGÇ°QSPĹłUTÇ°GSPNÇ°JOUFSFTUTÇ°JOÇ°KPJOUÇ°WFOUVSFT Ç°OFUÇ° Unrealised gain on investments in marketable securities-available-for-sale of a joint venture 3FDMBTTJĹłDBUJPOÇ°PGÇ°KPJOUÇ°WFOUVSFÇ°UPÇ°CFÇ°BÇ°TVCTJEJBSZÇ° Dividends received from joint ventures (Note 14.4) Translation adjustments Closing net book value

2011 Baht

36,444,572,866 30,711,750,853 6,924,496,250 5,938,404,518 373,400,000 276,000,000 (257,477,454) Ç° 9,511,644 Ç° (5,599,092,066) (6,736,527,352) (184,331,649) 1,055,260,438 34,577,791,684 36,444,572,866 Company 2012 Baht

Opening net book value Acquisition of subsidiaries (Note 14.1.1) Acquisition of interests in a joint ventures (14.1.2) Increase in share capital of subsidiaries (Note 14.1.1) Increase in share capital of joint ventures (Note 14.1.2) Closing net book value

41,052,092,434 10,362,665,013 6,245,987,125 105,100,000 373,400,000 58,139,244,572

2011 Baht 34,814,670,434 5,961,422,000 276,000,000 41,052,092,434

201

Notes

14 Investments in subsidiaries and interests in joint ventures, net (continued) ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ

ǰ ǰ ǰ ǰ ǰ ǰ ǰ

ǰ ǰ ǰ ǰ ǰ

ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ

ǰǰ5IFǰQSJODJQBMǰNPWFNFOUTǰJOǰUIFǰJOWFTUNFOUTǰJOǰTVCTJEJBSJFTǰEVSJOHǰUIFǰZFBSǰFOEFEǰ ǰ ǰ ǰ%FDFNCFSǰ Theppana Wind Farm Company Limited (“Theppana”) ǰ ǰ 0Oǰ ǰ+BOVBSZǰ ǰUIFǰ$PNQBOZǰJOWFTUFEǰJOǰ ǰPGǰUIFǰPSEJOBSZǰTIBSFTǰPGǰ5IFQQBOB ǰ ǰ ǰ XIJDIǰJTǰUIFǰEFWFMPQFSǰPGǰUIFǰ7FSZǰ4NBMMǰ1PXFSǰ1SPEVDFSǰ Ķ7411ķ ǰXJOEǰQPXFSǰQSPKFDUǰ ǰ ǰ BUǰ$IBJZBQPPNǰQSPWJODF ǰ"ǰQBZNFOUǰPGǰ#BIUǰ ǰNJMMJPOǰXBTǰNBEFǰPOǰ ǰ'FCSVBSZǰ ǰ ǰ 0Oǰ ǰ"VHVTUǰ ǰBOEǰ ǰ4FQUFNCFSǰ ǰ5IFQQBOBǰJTTVFEǰBEEJUJPOBMǰPSEJOBSZǰTIBSFT ǰ ǰ ǰ 5IFǰ$PNQBOZǰQBJEǰGPSǰBEEJUJPOBMǰQBJE VQǰTIBSFTǰJOǰUIFǰTBNFǰQSPQPSUJPOǰBTǰJUTǰPSJHJOBMǰ ǰ ǰ JOWFTUNFOU ǰUPUBMMJOHǰ#BIUǰ ǰNJMMJPO ǰ5IFǰ$PNQBOZǰBMTPǰQBJEǰGPSǰBEEJUJPOBMǰQBJE VQǰTIBSFTǰ ǰ ǰ UPUBMMJOHǰ#BIUǰ ǰNJMMJPOǰBTǰBǰTVCTUJUVUFǰQBZNFOUǰGPSǰNJOPSJUZǰTIBSFIPMEFSTǰXIJDIǰBSFǰJOǰ accordance with the conditions under the Shareholder Agreement. ǰ ǰ "TǰBUǰ ǰ%FDFNCFSǰ ǰ5IFQQBOBǰIBTǰOPUǰZFUǰTUBSUFEǰJUTǰCVTJOFTTǰPQFSBUJPO ǰ ǰ /FUǰMPTTǰPGǰ5IFQQBOBǰJODMVEFEǰJOǰUIFǰDPOTPMJEBUFEǰJODPNFǰTUBUFNFOUǰGPSǰUIFǰZFBSǰFOEFEǰ ǰ ǰ ǰ%FDFNCFSǰ ǰTJODFǰBDRVJTJUJPOǰEBUFǰXBTǰ#BIUǰ ǰNJMMJPO ǰ)PXFWFS ǰJGǰ5IFQQBOBǰIBEǰ ǰ ǰ CFFOǰ DPOTPMJEBUFEǰ GSPNǰ ǰ +BOVBSZǰ ǰ UIFǰ DPOTPMJEBUFEǰ JODPNFǰ TUBUFNFOUǰ XPVMEǰ ǰ ǰ JODMVEFǰOFUǰMPTTǰGPSǰUIFǰZFBSǰFOEFEǰ ǰ%FDFNCFSǰ ǰPGǰ#BIUǰ ǰNJMMJPO SPP Four Company Limited (“SPP4”) ǰ ǰ 0Oǰ ǰ+BOVBSZǰ ǰUIFǰ$PNQBOZǰJOWFTUFEǰ#BIUǰ ǰNJMMJPOǰUPǰQVSDIBTFǰ ǰPGǰUIFǰ ǰ ǰ PSEJOBSZǰTIBSFTǰPGǰ411 ǰGSPNǰ.&.$ǰ4JOHBQPSFǰ1UF ǰ-UE ǰ Ķ.&.$ķ ǰPGǰXIJDIǰ#BIUǰ ǰ ǰ ǰ NJMMJPOǰJTǰGPSǰUIFǰBDRVJTJUJPOǰJOǰTIBSFǰDBQJUBMǰBOEǰ#BIUǰ ǰNJMMJPOǰJTǰGPSǰUIFǰUSBOTGFSǰPGǰBǰ ǰ ǰ TIBSFIPMEFSǰMPBOǰUIBUǰ.&.$ǰųOBODFEǰUPǰ411 ǰJODMVEJOHǰJOUFSFTUǰSFDFJWBCMF ǰ ǰ 5IFǰGBJSǰWBMVFǰPGǰUIFǰOFUǰJEFOUJųBCMFǰBTTFUTǰBUǰUIFǰEBUFǰPGǰBDRVJTJUJPOǰXBTǰ#BIUǰ ǰNJMMJPO ǰ5IFǰ ǰ ǰ EJGGFSFODFǰCFUXFFOǰUIFǰUPUBMǰQVSDIBTFǰDPOTJEFSBUJPOǰBOEǰUIFǰGBJSǰWBMVFǰPGǰOFUǰBTTFUTǰSFQSFTFOUTǰ ǰ ǰ UIFǰSJHIUTǰJOǰBǰMPOH UFSNǰQPXFSǰQVSDIBTFǰBHSFFNFOUǰBNPVOUJOHǰUPǰ#BIUǰ ǰNJMMJPO ǰ5IFǰSJHIUTǰJOǰUIFǰ ǰ ǰ MPOH UFSNǰQPXFSǰQVSDIBTFǰBHSFFNFOUǰXJMMǰCFǰBNPSUJTFEǰPOǰBǰTUSBJHIU MJOFǰCBTJTǰXJUIJOǰ ǰZFBST ǰ ǰ 5IFǰEFUBJMTǰPGǰUPUBMǰQVSDIBTFǰDPOTJEFSBUJPOǰBOEǰOFUǰBTTFUTǰQVSDIBTFEǰBOEǰSJHIUǰJOǰMPOH UFSNǰ ǰ ǰ QPXFSǰQVSDIBTFǰBHSFFNFOUǰBUǰUIFǰBDRVJTJUJPOǰEBUFǰBSFǰBTǰGPMMPXT ǰ Consolidated Baht’000

Property, plant and equipment, net -POH UFSNǰMPBOTǰGSPNǰųOBODJBMǰJOTUJUVUJPO ǰOFUǰ Other assets less other liabilities Fair value of net assets Right in long-term power purchase agreement Total purchase consideration Less Cash transferred as part of subsidiary acquisition Investment in subsidiary, net of cash and cash equivalents transferred as part of acquisition

761,038

125,515 130,490 93,151 223,641 (104,604) 119,037

202

14 Investments in subsidiaries and interests in joint ventures, net (continued) ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ

ǰ ǰ ǰ ǰ ǰ

ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ

ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ

ǰ5IFǰQSJODJQBMǰNPWFNFOUTǰJOǰUIFǰJOWFTUNFOUTǰJOǰTVCTJEJBSJFTǰEVSJOHǰUIFǰZFBSǰFOEFEǰ ǰ ǰ ǰ%FDFNCFSǰ ǰ DPOUJOVFE

SPP Four Company Limited (“SPP4”) (continued) ǰ ǰ 5IFǰTBMFTǰBOEǰOFUǰQSPųUǰPGǰ411 ǰJODMVEFEǰJOǰUIFǰDPOTPMJEBUFEǰJODPNFǰTUBUFNFOUǰGPSǰUIFǰ ǰ ǰ ZFBSǰFOEFEǰ ǰ%FDFNCFSǰ ǰTJODFǰBOǰBDRVJTJUJPOǰEBUFǰXBTǰ#BIUǰ ǰNJMMJPOǰBOEǰ#BIUǰ ǰ ǰ ǰNJMMJPO ǰSFTQFDUJWFMZ ǰ)PXFWFS ǰJGǰ411 ǰIBEǰCFFOǰDPOTPMJEBUFEǰGSPNǰ ǰ+BOVBSZǰ ǰ ǰ ǰ UIFǰDPOTPMJEBUFEǰJODPNFǰTUBUFNFOUǰXPVMEǰJODMVEFǰTBMFTǰBOEǰOFUǰQSPųUǰGPSǰUIFǰZFBSǰFOEFEǰ ǰ ǰ ǰ%FDFNCFSǰ ǰPGǰ#BIUǰ ǰNJMMJPOǰBOEǰ#BIUǰ ǰNJMMJPO ǰSFTQFDUJWFMZ Yanhee EGCO Holding Company Limited (“Yanhee EGCO”) ǰ ǰ 0Oǰ ǰ'FCSVBSZǰ ǰUIFǰ$PNQBOZǰFOUFSFEǰJOUPǰBǰ4IBSFIPMEFSǰ"HSFFNFOUǰXJUIǰ:BOIFFǰ ǰ ǰ 4PMBSǰ1PXFSǰ$PNQBOZǰ-JNJUFEǰ Ķ:BOIFFǰ4PMBSķ ǰUPǰBDRVJSFǰ:BOIFFǰ&($0 ǰ5IFǰ$PNQBOZǰ ǰ ǰ IFMEǰ ǰPGǰUIFǰPSEJOBSZǰTIBSFTǰPGǰ:BOIFFǰ&($0 ǰFRVJWBMFOUǰUPǰ ǰPGǰUPUBMǰSFHJTUFSFEǰ ǰ ǰ TIBSFǰDBQJUBM ǰXIJDIǰIBTǰ ǰPGǰUIFǰWPUJOHǰSJHIUT ǰ:BOIFFǰ4PMBSǰIFMEǰ ǰPGǰUIFǰQSFGFSSFEǰ ǰ ǰ TIBSFT ǰFRVJWBMFOUǰUPǰ ǰPGǰUIFǰSFHJTUFSFEǰTIBSFǰDBQJUBM ǰXIJDIǰIBTǰ ǰPGǰUIFǰWPUJOHǰSJHIUT ǰ ǰ ǰ :BOIFFǰ&($0ǰJOWFTUFEǰJOǰBǰTVCTJEJBSZǰ 4PMBSDPǰ$PNQBOZǰ-JNJUFE ǰXIJDIǰJTǰUIFǰQSPKFDUǰEFWFMPQFS ǰ ǰ ǰ UPǰEFWFMPQǰUIFǰTPMBSǰQPXFSǰQMBOUǰQSPKFDUTǰJOǰ/BLPSOQBUIPNǰQSPWJODFǰBOEǰ4VQIBOCVSJǰ ǰ ǰ QSPWJODF ǰ5IFǰ$PNQBOZǰQBJEǰUIFǰBNPVOUǰPGǰ#BIUǰ ǰNJMMJPOǰJOǰ.BSDIǰ ǰ ǰ /FUǰMPTTǰPGǰ:BOIFFǰ&($0ǰJODMVEFEǰJOǰUIFǰDPOTPMJEBUFEǰJODPNFǰTUBUFNFOUǰGPSǰUIFǰZFBSǰFOEFEǰ ǰ ǰ ǰ%FDFNCFSǰ ǰTJODFǰBDRVJTJUJPOǰEBUFǰXBTǰ#BIUǰ ǰNJMMJPO ǰ)PXFWFS ǰJGǰ:BOIFFǰ&($0ǰ ǰ ǰ IBEǰCFFOǰDPOTPMJEBUFEǰGSPNǰ ǰ+BOVBSZǰ ǰUIFǰDPOTPMJEBUFEǰJODPNFǰTUBUFNFOUǰXPVMEǰ ǰ ǰ JODMVEFǰOFUǰMPTTǰGPSǰUIFǰZFBSǰFOEFEǰ ǰ%FDFNCFSǰ ǰPGǰ#BIUǰ ǰNJMMJPO SPP Three Company Limited (“SPP3”) ǰ ǰ 0Oǰ ǰ'FCSVBSZǰ ǰUIFǰ$PNQBOZǰJOWFTUFEǰ#BIUǰ ǰNJMMJPOǰUPǰQVSDIBTFǰ ǰPGǰUIFǰ ǰ ǰ PSEJOBSZǰTIBSFTǰPGǰ411 ǰGSPNǰ.&.$ǰ4JOHBQPSFǰ1UF ǰ-UE ǰ Ķ.&.$ķ ǰPGǰXIJDIǰ#BIUǰ ǰNJMMJPOǰ ǰ ǰ JTǰGPSǰUIFǰBDRVJTJUJPOǰJOǰTIBSFǰDBQJUBMǰBOEǰ#BIUǰ ǰNJMMJPOǰJTǰGPSǰUIFǰUSBOTGFSǰPGǰBǰTIBSFIPMEFSǰ ǰ ǰ MPBOǰUIBUǰ.&.$ǰųOBODFEǰUPǰ411 ǰJODMVEJOHǰJOUFSFTUǰSFDFJWBCMF ǰ ǰ 5IFǰGBJSǰWBMVFǰPGǰUIFǰOFUǰJEFOUJųBCMFǰBTTFUTǰBUǰUIFǰEBUFǰPGǰBDRVJTJUJPOǰXBTǰ#BIUǰ ǰNJMMJPO ǰ ǰ ǰ 5IFǰEJGGFSFODFǰCFUXFFOǰUIFǰUPUBMǰQVSDIBTFǰDPOTJEFSBUJPOǰBOEǰUIFǰGBJSǰWBMVFǰPGǰOFUǰBTTFUTǰ ǰ ǰ SFQSFTFOUTǰUIFǰSJHIUTǰJOǰBǰMPOH UFSNǰQPXFSǰQVSDIBTFǰBHSFFNFOUǰBNPVOUJOHǰUPǰ#BIUǰ ǰNJMMJPO ǰ ǰ ǰ 5IFǰSJHIUTǰJOǰUIFǰMPOH UFSNǰQPXFSǰQVSDIBTFǰBHSFFNFOUǰXJMMǰCFǰBNPSUJTFEǰPOǰBǰTUSBJHIU MJOFǰ ǰ ǰ CBTJTǰXJUIJOǰ ǰZFBST ǰ

203

Notes

14 Investments in subsidiaries and interests in joint ventures, net (continued) ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ

ǰǰ5IFǰQSJODJQBMǰNPWFNFOUTǰJOǰUIFǰJOWFTUNFOUTǰJOǰTVCTJEJBSJFTǰEVSJOHǰUIFǰZFBSǰFOEFEǰ ǰ ǰ ǰ %FDFNCFSǰ ǰ DPOUJOVFE

SPP Three Company Limited (“SPP3”) (continued) ǰ ǰ 5IFǰEFUBJMTǰPGǰUPUBMǰQVSDIBTFǰDPOTJEFSBUJPOǰBOEǰOFUǰBTTFUTǰQVSDIBTFEǰBOEǰSJHIUǰJOǰMPOH UFSNǰ ǰ ǰ QPXFSǰQVSDIBTFǰBHSFFNFOUǰBUǰUIFǰBDRVJTJUJPOǰEBUFǰBSFǰBTǰGPMMPXT Consolidated Baht’000

ǰ ǰ ǰ ǰ ǰ

ǰ ǰ ǰ ǰ

ǰ ǰ ǰ ǰ ǰ ǰ ǰ

974,489

207,543 175,120 125,409 300,529 (112,758) 187,771

5IFǰTBMFTǰBOEǰOFUǰQSPųUǰPGǰ411 ǰJODMVEFEǰJOǰUIFǰDPOTPMJEBUFEǰJODPNFǰTUBUFNFOUǰGPSǰUIFǰ ZFBSǰFOEFEǰ ǰ%FDFNCFSǰ ǰTJODFǰBOǰBDRVJTJUJPOǰEBUFǰXBTǰ#BIUǰ ǰNJMMJPOǰBOEǰ#BIUǰ ǰNJMMJPO ǰSFTQFDUJWFMZ ǰ)PXFWFS ǰJGǰ411 ǰIBEǰCFFOǰDPOTPMJEBUFEǰGSPNǰ ǰ+BOVBSZǰ ǰUIFǰ DPOTPMJEBUFEǰJODPNFǰTUBUFNFOUǰXPVMEǰJODMVEFǰTBMFTǰBOEǰOFUǰQSPųUǰGPSǰUIFǰZFBSǰFOEFEǰ ǰ%FDFNCFSǰ ǰPGǰ#BIUǰ ǰNJMMJPOǰBOEǰ#BIUǰ ǰNJMMJPO ǰSFTQFDUJWFMZ Klongluang Utilities Company Limited ,MPOHMVBOHǰ6UJMJUJFTǰ$P ǰ-UE ǰXBTǰJODPSQPSBUFEǰPOǰ ǰ"QSJMǰ ǰUPǰEFWFMPQǰBǰDPHFOFSBUJPOǰ QPXFSǰQSPKFDUǰVOEFSǰUIFǰ4NBMMǰ1PXFSǰ1SPEVDFSǰ1SPKFDUǰ Ķ411ķ ǰJOǰ1BUIVNUIBOJǰQSPWJODF ǰ 5IFǰ$PNQBOZǰIPMETǰ ǰPGǰUPUBMǰSFHJTUFSFEǰTIBSFǰPGǰTVDIǰDPNQBOZǰBOEǰBMTPǰQBJEǰGPSǰ UIFǰTIBSFǰDBQJUBMǰPGǰ#BIUǰ ǰNJMMJPOǰPOǰ ǰ+VMZǰ Banpong Utilities Company Limited #BOQPOHǰ6UJMJUJFTǰ$P ǰ-UE ǰXBTǰJODPSQPSBUFEǰPOǰ ǰ"QSJMǰ ǰUPǰEFWFMPQǰBǰDPHFOFSBUJPOǰ QPXFSǰQSPKFDUǰVOEFSǰUIFǰ4NBMMǰ1PXFSǰ1SPEVDFSǰ1SPKFDUǰ Ķ411ķ ǰJOǰ3BUDIBCVSJǰQSPWJODF ǰ 5IFǰ$PNQBOZǰIPMETǰ ǰPGǰUPUBMǰSFHJTUFSFEǰTIBSFǰPGǰTVDIǰDPNQBOZǰBOEǰBMTPǰQBJEǰGPSǰ UIFǰTIBSFǰDBQJUBMǰPGǰ#BIUǰ ǰNJMMJPOǰPOǰ ǰ+VMZǰ ǰ SPP Two Company Limited (“SPP2”) 0Oǰ ǰ+VOFǰ ǰUIFǰ$PNQBOZǰJOWFTUFEǰ#BIUǰ ǰNJMMJPOǰUPǰQVSDIBTFǰ ǰPGǰUIFǰ PSEJOBSZǰTIBSFTǰPGǰ411 ǰGSPNǰ4VO&EJTPOǰ&OFSHZǰ)PMEJOHǰ 4JOHBQPSF ǰ1UF ǰ-UE ǰ Ķ4&)ķ ǰPGǰ XIJDIǰ#BIUǰ ǰNJMMJPOǰJTǰGPSǰUIFǰBDRVJTJUJPOǰJOǰTIBSFǰDBQJUBMǰBOEǰ#BIUǰ ǰNJMMJPOǰJTǰGPSǰ UIFǰUSBOTGFSǰPGǰBǰTIBSFIPMEFSǰMPBOǰUIBUǰ.&.$ǰ4JOHBQPSFǰ1UF ǰ-UE ǰUIFǰDPNQBOZǰJOǰ4&)ǰ HSPVQ ǰųOBODFEǰUPǰ411 ǰJODMVEJOHǰJOUFSFTUǰSFDFJWBCMF 5IFǰGBJSǰWBMVFǰPGǰUIFǰOFUǰJEFOUJųBCMFǰBTTFUTǰBUǰUIFǰEBUFǰPGǰBDRVJTJUJPOǰXBTǰ#BIUǰ ǰNJMMJPO ǰ 5IFǰEJGGFSFODFǰCFUXFFOǰUIFǰUPUBMǰQVSDIBTFǰDPOTJEFSBUJPOǰBOEǰUIFǰGBJSǰWBMVFǰPGǰOFUǰBTTFUT

204

14 Investments in subsidiaries and interests in joint ventures, net (continued) ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ

ǰ ǰ ǰ ǰ ǰ

ǰ5IFǰQSJODJQBMǰNPWFNFOUTǰJOǰUIFǰJOWFTUNFOUTǰJOǰTVCTJEJBSJFTǰEVSJOHǰUIFǰZFBSǰFOEFEǰ ǰ ǰ ǰ %FDFNCFSǰ ǰ DPOUJOVFE

SPP Two Company Limited (“SPP2”) (continued) ǰ ǰ SFQSFTFOUTǰUIFǰSJHIUTǰJOǰBǰMPOH UFSNǰQPXFSǰQVSDIBTFǰBHSFFNFOUǰBNPVOUJOHǰUPǰ#BIUǰ ǰ ǰ ǰ NJMMJPO ǰ5IFǰSJHIUTǰJOǰUIFǰMPOH UFSNǰQPXFSǰQVSDIBTFǰBHSFFNFOUǰXJMMǰCFǰBNPSUJTFEǰPOǰBǰ ǰ ǰ TUSBJHIU MJOFǰCBTJTǰXJUIJOǰ ǰZFBST ǰ ǰ 5IFǰEFUBJMTǰPGǰUPUBMǰQVSDIBTFǰDPOTJEFSBUJPOǰBOEǰOFUǰBTTFUTǰQVSDIBTFEǰBOEǰSJHIUǰJOǰMPOH UFSNǰ ǰ ǰ QPXFSǰQVSDIBTFǰBHSFFNFOUǰBUǰUIFǰBDRVJTJUJPOǰEBUFǰBSFǰBTǰGPMMPXT Consolidated Baht’000

ǰ ǰ ǰ ǰ ǰ

ǰ ǰ ǰ ǰ ǰ ǰ ǰ

1,013,883

(33,751) 164,756 101,049 265,805 (3,052) 262,753

5IFǰTBMFTǰBOEǰOFUǰQSPųUǰPGǰ411 ǰJODMVEFEǰJOǰUIFǰDPOTPMJEBUFEǰJODPNFǰTUBUFNFOUǰGPSǰUIFǰZFBSǰ FOEFEǰ ǰ%FDFNCFSǰ ǰTJODFǰBOǰBDRVJTJUJPOǰEBUFǰXBTǰ#BIUǰ ǰNJMMJPOǰBOEǰ#BIUǰ ǰ NJMMJPO ǰSFTQFDUJWFMZ ǰ)PXFWFS ǰJGǰ411 ǰIBEǰCFFOǰDPOTPMJEBUFEǰGSPNǰ ǰ+BOVBSZǰ ǰUIFǰ DPOTPMJEBUFEǰJODPNFǰTUBUFNFOUǰXPVMEǰJODMVEFǰTBMFTǰBOEǰOFUǰQSPųUǰGPSǰUIFǰZFBSǰFOEFEǰ ǰ%FDFNCFSǰ ǰPGǰ#BIUǰ ǰNJMMJPOǰBOEǰ#BIUǰ ǰNJMMJPO ǰSFTQFDUJWFMZ North Pole Investment Company Limited (“North Pole”) 0Oǰ ǰ.BZǰ ǰBOEǰ ǰ"VHVTUǰ ǰ/PSUIǰ1PMF ǰXIJDIǰJTǰBǰTVCTJEJBSZǰPGǰUIFǰ$PNQBOZ ǰJTTVFEǰ BEEJUJPOBMǰPSEJOBSZǰTIBSFT ǰ5IFǰ$PNQBOZǰQBJEǰGPSǰBEEJUJPOBMǰQBJE VQǰTIBSFTǰJOǰUIFǰTBNFǰ QSPQPSUJPOǰBTǰJUTǰPSJHJOBMǰJOWFTUNFOU ǰUPUBMMJOHǰ64ǰ%PMMBSTǰ ǰNJMMJPOǰXIJDIǰJTǰFRVJWBMFOUǰ UPǰ#BIUǰ ǰNJMMJPOǰBOEǰ64ǰ%PMMBSTǰ ǰNJMMJPOǰXIJDIǰJTǰFRVJWBMFOUǰUPǰ#BIUǰ ǰNJMMJPO ǰ SFTQFDUJWFMZ Quezon Power (Philippines), Limited Co. (“QPL”) and Quezon Management Service Inc. (“QMS”) (Formerly named InterGen Management Services (Philippines), Ltd) 0Oǰ ǰ+VOFǰ ǰUIFǰ(SPVQǰJOEJSFDUǰBDRVJSFEǰ ǰPGǰUIFǰSFHJTUFSFEǰTIBSFTǰPGǰ21-ǰBOEǰ BDRVJSFEǰ ǰPGǰUIFǰSFHJTUFSFEǰTIBSFTǰPGǰ2.4ǰGSPNǰ*OUFS(FOǰBOEǰ2($ǰ)PMEJOHTǰ-UE ǰ5IFǰ DPOTJEFSBUJPOǰXBTǰ64ǰ%PMMBSTǰ ǰNJMMJPO ǰXIJDIǰJTǰFRVJWBMFOUǰUPǰ#BIUǰ ǰNJMMJPOǰBOEǰ QBJEǰCZǰ/FXǰ(SPXUIǰ# 7 ǰ BǰTVCTJEJBSZǰPGǰUIFǰ(SPVQ ǰ 5IFǰ(SPVQǰIBTǰ ǰPXOFSTIJQǰPGǰ2.4 ǰXIJDIǰJTǰFOHBHFEǰJOǰUIFǰQSPWJTJPOǰPGǰNBOBHFNFOUǰ TFSWJDFTǰUPǰ21-ǰUISPVHIǰ ǰZFBSTǰBDDPSEJOHǰUPǰUIFǰQFSJPEǰPGǰQPXFSǰQVSDIBTFǰBHSFFNFOU ǰ 5IFǰBDRVJTJUJPOǰJODSFBTFEǰUIFǰ(SPVQĴTǰTIBSFIPMEJOHǰJOǰ21- ǰBǰKPJOUǰWFOUVSFǰPGǰUIFǰ(SPVQ ǰ

205

Notes

14 Investments in subsidiaries and interests in joint ventures, net (continued) Ç° Ç° Ç° Ç°

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Ç°5IFÇ°QSJODJQBMÇ°NPWFNFOUTÇ°JOÇ°UIFÇ°JOWFTUNFOUTÇ°JOÇ°TVCTJEJBSJFTÇ°EVSJOHÇ°UIFÇ°ZFBSÇ°FOEFEÇ° Ç° Ç° Ç° %FDFNCFSÇ° Ç° DPOUJOVFE

Quezon Power (Philippines), Limited Co. (â&#x20AC;&#x153;QPLâ&#x20AC;?) and Quezon Management Service Inc. (â&#x20AC;&#x153;QMSâ&#x20AC;?) (Formerly named InterGen Management Services (Philippines), Ltd) (continued) Ç° Ç° GSPNÇ° Ç°UPÇ° Ç°BOEÇ°JUÇ°XBTÇ°DIBOHFEÇ°UPÇ°CFÇ°BÇ°TVCTJEJBSZÇ°PGÇ°UIFÇ°(SPVQ Ç°5IFÇ°BEEJUJPOBMÇ° Ç° Ç° BDRVJTJUJPOÇ°PGÇ°21-Ç°JTÇ°DPOTJEFSFEÇ°BTÇ°BÇ°CVTJOFTTÇ°DPNCJOBUJPOÇ°BDIJFWFEÇ°JOÇ°TUBHFTÇ°JOÇ°BDDPSEBODFÇ° Ç° Ç° XJUIÇ°5IBJÇ°'JOBODJBMÇ°3FQPSUJOHÇ°4UBOEBSEÇ° Ç° SFWJTFEÇ° Ç°Äś#VTJOFTTÇ°DPNCJOBUJPOÄˇ Ç°5IFSFGPSF Ç° Ç° Ç° UIFÇ°(SPVQÇ°NFBTVSFEÇ°UIFÇ°GBJSÇ°WBMVFÇ°PGÇ°FRVJUZÇ°JOUFSFTUÇ°IFMEÇ°CFGPSFÇ°UIFÇ°CVTJOFTTÇ°DPNCJOBUJPOÇ° Ç° Ç° CBTFEÇ°POÇ°GBJSÇ°WBMVFÇ°BUÇ°BOÇ°BDRVJTJUJPOÇ°EBUF Ç°5IFÇ°EJGGFSFODFÇ°PGÇ°UIFÇ°GBJSÇ°WBMVFÇ°NFBTVSFNFOUÇ° Ç° Ç° BOEÇ°UIFÇ°JNQBDUÇ°PGÇ°UIFÇ°SFWFSTBMÇ°PGÇ°USBOTMBUJPOÇ°BEKVTUNFOUTÇ°XIJDIÇ°IBEÇ°CFFOÇ°QSFWJPVTMZÇ° Ç° Ç° SFDPHOJTFEÇ°JOÇ°UIFÇ°PUIFSÇ°DPNQSFIFOTJWFÇ°JODPNFÇ°BSFÇ°SFDPHOJTFEÇ°JOÇ°UIFÇ°DPOTPMJEBUFEÇ°JODPNFÇ° Ç° Ç° TUBUFNFOUÇ°GPSÇ°UIFÇ°ZFBSÇ°FOEFEÇ° Ç°%FDFNCFSÇ° Ç°BTÇ°EFUBJMTÇ°CFMPX Consolidated Consideration of QPL at an acquisition date Bahtâ&#x20AC;&#x2122;000

Book value of equity interest held before the business combination (proportion of 52.125%) Fair value of equity interest held before the business combination (proportion of 52.125%) Accounting gains on a business combination achieved in stages Less Currency exchange losses on the reversal of translation adjustments Accounting gains on a business combination achieved in stages, net

Ç° Ç° Ç° Ç° Ç° Ç°

8,710,875 13,292,360 4,581,485 (271,058) 4,310,427

%FUBJMÇ°PGÇ°UIFÇ°DPOTJEFSBUJPOÇ°QBJEÇ°BOEÇ°OFUÇ°BTTFUTÇ°QVSDIBTFEÇ°BTTVNFEÇ°SFDPHOJTFEÇ°BUÇ°UIFÇ° BDRVJTJUJPOÇ°EBUF Ç°BTÇ°XFMMÇ°BTÇ°UIFÇ°GBJSÇ°WBMVFÇ°BUÇ°UIFÇ°TBNFÇ°EBUFÇ°PGÇ°UIFÇ°OPO DPOUSPMMJOHÇ°JOUFSFTUÇ° JOÇ°21-Ç°BSFÇ°BTÇ°GPMMPX Consolidated Subsidiary QPL Bahtâ&#x20AC;&#x2122;000

Consideration at acquisition date - Cash Total consideration transferred (Fair value of acquired equity interest in proportion of 45.875%) Fair value of equity interest in QPL held before the business combination in proportion of 52.125% Fair value of equity interest in proportion of 98%

11,698,551 11,698,551 13,292,360 24,990,911

206

14 Investments in subsidiaries and interests in joint ventures, net (continued) Ç° 5IFÇ°QSJODJQBMÇ°NPWFNFOUTÇ°JOÇ°UIFÇ°JOWFTUNFOUTÇ°JOÇ°TVCTJEJBSJFTÇ°EVSJOHÇ°UIFÇ°ZFBSÇ°FOEFEÇ° Ç° Ç° Ç° Ç° Ç° %FDFNCFSÇ° Ç° DPOUJOVFE

Quezon Power (Philippines), Limited Co. (â&#x20AC;&#x153;QPLâ&#x20AC;?) and Quezon Management Service Inc. (â&#x20AC;&#x153;QMSâ&#x20AC;?) (Formerly named InterGen Management Services (Philippines), Ltd) (continued) Ç° Ç° Ç° Ç° %FUBJMÇ°PGÇ°UIFÇ°DPOTJEFSBUJPOÇ°QBJEÇ°BOEÇ°OFUÇ°BTTFUTÇ°QVSDIBTFEÇ°BTTVNFEÇ°SFDPHOJTFEÇ°BUÇ°UIFÇ° Ç° Ç° Ç° Ç° BDRVJTJUJPOÇ°EBUF Ç°BTÇ°XFMMÇ°BTÇ°UIFÇ°GBJSÇ°WBMVFÇ°BUÇ°UIFÇ°TBNFÇ°EBUFÇ°PGÇ°UIFÇ°OPO DPOUSPMMJOHÇ°JOUFSFTUÇ° Ç° Ç° Ç° Ç° JOÇ°21-Ç°BSFÇ°BTÇ°GPMMPX Consolidated Subsidiary QMS Bahtâ&#x20AC;&#x2122;000 3FDPHOJTFEÇ°BNPVOUTÇ°PGÇ°JEFOUJĹłBCMFÇ°BTTFUTÇ°BDRVJSFEÇ°BOEÇ°MJBCJMJUJFTÇ°BTTVNFEÇ° Cash and cash equivalents Trade receivables Fuel and spare parts Property, plant and equipment, net Right in long-term power purchase agreement Ç° 4IPSU UFSNÇ°MPBOÇ°GSPNÇ°BÇ°ĹłOBODJBMÇ°JOTUJUVUJPOÇ° Trade and other payables Long-term loans, net Other assets less other liabilities Fair value of net assets Non-controlling interest Goodwill Fair value of equity interest in proportion of 98%

Ç° Ç° Ç° Ç°

619,269 1,309,641 1,799,006 24,538,667 4,251,971 Ç° (1,001,063) (11,049,076) (615,356) 19,286,543 (385,731) 6,090,099 24,990,911

5IFÇ° OPO DPOUSPMMJOHÇ° JOUFSFTUTÇ° XFSFÇ° SFDPHOJTFEÇ° CZÇ° VTJOHÇ° UIFÇ° OPO DPOUSPMMJOHÇ° JOUFSFTUTÄ´Ç° QSPQPSUJPOBUFÇ°TIBSFÇ°PGÇ°UIFÇ°BDRVJSFFÄ´TÇ° Äś21-Äˇ Ç°OFUÇ°BTTFUT 5IFÇ°SJHIUTÇ°JOÇ°UIFÇ°MPOH UFSNÇ°QPXFSÇ°QVSDIBTFÇ°BHSFFNFOUÇ°JTÇ°BNPSUJTFEÇ°PWFSÇ°UIFÇ°SFNBJOJOHÇ° QFSJPETÇ°PGÇ°UIFÇ°BHSFFNFOU Ç°(PPEXJMMÇ°JTÇ°OPUÇ°BNPSUJTFEÇ°CVUÇ°JTÇ°UFTUFEÇ°GPSÇ°JNQBJSNFOUÇ°BOOVBMMZ

207

Notes

14 Investments in subsidiaries and interests in joint ventures, net (continued) ǰ ǰ ǰ ǰ

ǰ ǰ ǰ ǰ ǰ ǰ ǰ

ǰ5IFǰQSJODJQBMǰNPWFNFOUTǰJOǰUIFǰJOWFTUNFOUTǰJOǰTVCTJEJBSJFTǰEVSJOHǰUIFǰZFBSǰFOEFEǰ ǰ ǰ ǰ %FDFNCFSǰ ǰ DPOUJOVFE

Quezon Power (Philippines), Limited Co. (“QPL”) and Quezon Management Service Inc. (“QMS”) (Formerly named InterGen Management Services (Philippines), Ltd ) (continued) ǰ ǰ 5IFǰTBMFTǰBOEǰOFUǰQSPųUǰPGǰ21-ǰJODMVEFEǰJOǰUIFǰDPOTPMJEBUFEǰJODPNFǰTUBUFNFOUǰGPSǰUIFǰZFBSǰ ǰ ǰ FOEFEǰ ǰ%FDFNCFSǰ ǰTJODFǰBOǰBDRVJTJUJPOǰEBUFǰXBTǰ#BIUǰ ǰNJMMJPOǰBOEǰ#BIUǰ ǰ ǰ ǰNJMMJPO ǰSFTQFDUJWFMZ ǰ)PXFWFS ǰJGǰ21-ǰIBEǰCFFOǰDPOTPMJEBUFEǰGSPNǰ ǰ+BOVBSZǰ ǰUIFǰ ǰ ǰ DPOTPMJEBUFEǰJODPNFǰTUBUFNFOUǰXPVMEǰJODMVEFǰTBMFTǰBOEǰOFUǰQSPųUǰGPSǰUIFǰZFBSǰFOEFEǰ ǰ ǰ ǰ %FDFNCFSǰ ǰPGǰ#BIUǰ ǰNJMMJPOǰBOEǰ#BIUǰ ǰNJMMJPO ǰSFTQFDUJWFMZ ǰ ǰ 5IFǰEFUBJMTǰPGǰUPUBMǰQVSDIBTFǰDPOTJEFSBUJPOǰBOEǰOFUǰBTTFUTǰQVSDIBTFEǰPGǰ2.4ǰBUǰUIFǰBDRVJTJUJPOǰ ǰ ǰ EBUFǰBSFǰBTǰGPMMPXT Consolidated Subsidiary QMS Baht’000

Other assets less other liabilities Fair value of net assets Goodwill Total purchase consideration Less Cash transferred as part of subsidiary acquisition Investment in subsidiary, net of cash and cash equivalents transferred as part of acquisition

ǰ ǰ

ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ

67,295 67,295 36,566 103,861 (22,152) 81,709

(PPEXJMMǰGSPNǰQVSDIBTJOHǰ2.4ǰJTǰOPUǰBNPSUJTFEǰCVUǰJTǰUFTUFEǰGPSǰJNQBJSNFOUǰBOOVBMMZ SPP Five Company Limited (“SPP5”) 0Oǰ ǰ+VOFǰ ǰUIFǰ$PNQBOZǰJOWFTUFEǰ#BIUǰ ǰNJMMJPOǰUPǰQVSDIBTFǰ ǰPGǰUIFǰ PSEJOBSZǰTIBSFTǰPGǰ411 ǰGSPNǰ4VO&EJTPOǰ&OFSHZǰ)PMEJOHǰ 4JOHBQPSF ǰ1UF ǰ-UE ǰ Ķ4&)ķ ǰPGǰ XIJDIǰ#BIUǰ ǰNJMMJPOǰJTǰGPSǰUIFǰBDRVJTJUJPOǰJOǰTIBSFǰDBQJUBMǰBOEǰ#BIUǰ ǰNJMMJPOǰJTǰGPSǰUIFǰ USBOTGFSǰPGǰBǰTIBSFIPMEFSǰMPBOǰUIBUǰ4&)ǰųOBODFEǰUPǰ411 ǰJODMVEJOHǰJOUFSFTUǰSFDFJWBCMF 5IFǰGBJSǰWBMVFǰPGǰUIFǰOFUǰJEFOUJųBCMFǰBTTFUTǰBUǰUIFǰEBUFǰPGǰBDRVJTJUJPOǰXBTǰ#BIUǰ ǰNJMMJPO ǰ 5IFǰEJGGFSFODFǰCFUXFFOǰUIFǰUPUBMǰQVSDIBTFǰDPOTJEFSBUJPOǰBOEǰUIFǰGBJSǰWBMVFǰPGǰOFUǰBTTFUTǰ SFQSFTFOUTǰUIFǰSJHIUTǰJOǰBǰMPOH UFSNǰQPXFSǰQVSDIBTFǰBHSFFNFOUǰBNPVOUJOHǰUPǰ#BIUǰ ǰ NJMMJPO ǰ5IFǰSJHIUTǰJOǰUIFǰMPOH UFSNǰQPXFSǰQVSDIBTFǰBHSFFNFOUǰXJMMǰCFǰBNPSUJTFEǰPOǰ BǰTUSBJHIU MJOFǰCBTJTǰXJUIJOǰ ǰZFBST

208

14 Investments in subsidiaries and interests in joint ventures, net (continued) ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ

ǰ5IFǰQSJODJQBMǰNPWFNFOUTǰJOǰUIFǰJOWFTUNFOUTǰJOǰTVCTJEJBSJFTǰEVSJOHǰUIFǰZFBSǰFOEFEǰ ǰ ǰ ǰ %FDFNCFSǰ ǰ DPOUJOVFE

SPP Five Company Limited (“SPP5”) (continued) ǰ ǰ 5IFǰEFUBJMTǰPGǰUPUBMǰQVSDIBTFǰDPOTJEFSBUJPOǰBOEǰOFUǰBTTFUTǰQVSDIBTFEǰBOEǰSJHIUǰJOǰMPOH UFSNǰ ǰ ǰ QPXFSǰQVSDIBTFǰBHSFFNFOUǰBUǰUIFǰBDRVJTJUJPOǰEBUFǰBSFǰBTǰGPMMPXT Consolidated Baht’000

ǰ ǰ ǰ ǰ ǰ ǰ ǰ

ǰ ǰ ǰ ǰ

926,367

137,946 164,240 206,683 370,923 (120,535) 250,388

ǰ ǰ 5IFǰTBMFTǰBOEǰOFUǰQSPųUǰPGǰ411 ǰJODMVEFEǰJOǰUIFǰDPOTPMJEBUFEǰJODPNFǰTUBUFNFOUǰGPSǰUIFǰ ǰ ǰ ZFBSǰFOEFEǰ ǰ%FDFNCFSǰ ǰTJODFǰBOǰBDRVJTJUJPOǰEBUFǰXBTǰ#BIUǰ ǰNJMMJPOǰBOEǰ#BIUǰ ǰ ǰ ǰNJMMJPO ǰSFTQFDUJWFMZ ǰ)PXFWFS ǰJGǰ411 ǰIBEǰCFFOǰDPOTPMJEBUFEǰGSPNǰ ǰ+BOVBSZǰ ǰ ǰ ǰ UIFǰDPOTPMJEBUFEǰJODPNFǰTUBUFNFOUǰXPVMEǰJODMVEFǰTBMFTǰBOEǰOFUǰQSPųUǰGPSǰUIFǰZFBSǰFOEFEǰ ǰ ǰ ǰ%FDFNCFSǰ ǰPGǰ#BIUǰ ǰNJMMJPOǰBOEǰ#BIUǰ ǰNJMMJPO ǰSFTQFDUJWFMZ ǰ5IFǰQSJODJQBMǰNPWFNFOUTǰJOǰUIFǰJOUFSFTUTǰJOǰKPJOUǰWFOUVSFTǰEVSJOHǰUIFǰZFBSǰFOEFEǰ ǰ ǰ ǰ %FDFNCFSǰ Natural Energy Development Company Limited (“NED”) ǰ ǰ 0Oǰ ǰ'FCSVBSZǰ ǰBOEǰ ǰ"VHVTUǰ ǰ/&%ǰXIJDIǰJTǰBǰKPJOUǰWFOUVSFǰPGǰUIFǰ$PNQBOZǰ ǰ ǰ JTTVFEǰBEEJUJPOBMǰPSEJOBSZǰTIBSFT ǰ5IFǰ$PNQBOZǰQBJEǰGPSǰBEEJUJPOBMǰQBJE VQǰTIBSFTǰJOǰUIFǰ ǰ ǰ TBNFǰQSPQPSUJPOǰBTǰJUTǰPSJHJOBMǰJOWFTUNFOU ǰUPUBMMJOHǰ#BIUǰ ǰNJMMJPOǰBOEǰ#BIUǰ ǰNJMMJPO ǰ ǰ ǰ SFTQFDUJWFMZ G - Power Source Company Limited (“GPS”) ǰ ǰ 0Oǰ ǰ.BSDIǰ ǰUIFǰ$PNQBOZǰFOUFSFEǰJOUPǰUIFǰ4IBSFǰ1VSDIBTFǰ"HSFFNFOUǰUPǰBDRVJSFǰ ǰ ǰ ǰPGǰUIFǰSFHJTUFSFEǰTIBSFTǰPGǰ(14ǰGSPNǰ(VOLVMǰ&OHJOFFSJOHǰ1VCMJDǰ$PNQBOZǰ-JNJUFEǰ ǰ ǰ Ķ(VOLVMķ ǰGPSǰBǰUPUBMǰPGǰ#BIUǰ ǰNJMMJPO ǰ5IFǰ$PNQBOZǰQBJEǰUIFǰBNPVOUǰPGǰ#BIUǰ ǰNJMMJPOǰ ǰ ǰ POǰ ǰ.BSDIǰ ǰ5IFǰSFNBJOJOHǰBNPVOUǰPGǰ#BIUǰ ǰNJMMJPOǰJTǰTVCKFDUǰUPǰQSJDFǰBEKVTUNFOUǰ conditions in the Share Purchase Agreement. ǰ ǰ 0Oǰ ǰ.BSDIǰ ǰUIFǰ$PNQBOZǰBOEǰ(VOLVMǰFOUFSFEǰJOUPǰBǰ4IBSFIPMEFSǰ"HSFFNFOUǰUPǰBTTJHOǰ ǰ ǰ UIFǰTUSVDUVSFǰPGǰUIFǰCVTJOFTTǰPQFSBUJPOǰBOEǰUIFǰTUSBUFHJD ǰPQFSBUJOHǰBOEǰųOBODJOHǰEFDJTJPOTǰ ǰ ǰ PGǰ(14 ǰXIJDIǰSFRVJSFEǰVOBOJNPVTǰDPOTFOUǰGSPNǰCPUIǰQBSUJFT ǰ$POTFRVFOUMZ ǰ(14ǰJTǰBǰKPJOUǰ ǰ ǰ WFOUVSFǰPGǰUIFǰ$PNQBOZ

209

Notes

14 Investments in subsidiaries and interests in joint ventures, net (continued) ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ

ǰ ǰ ǰ ǰ ǰ ǰ ǰ

ǰ5IFǰQSJODJQBMǰNPWFNFOUTǰJOǰUIFǰJOUFSFTUTǰJOǰKPJOUǰWFOUVSFTǰEVSJOHǰUIFǰZFBSǰFOEFEǰ ǰ ǰ ǰ %FDFNCFSǰ ǰ DPOUJOVFE

G- Power Source Company Limited (“GPS”) (continued) ǰ ǰ 5IFǰGBJSǰWBMVFǰPGǰUIFǰOFUǰJEFOUJųBCMFǰBTTFUTǰBUǰUIFǰEBUFǰPGǰBDRVJTJUJPOǰXBTǰ#BIUǰ ǰNJMMJPO ǰ ǰ ǰ 5IFǰEJGGFSFODFǰCFUXFFOǰUIFǰUPUBMǰQVSDIBTFǰDPOTJEFSBUJPOǰBOEǰUIFǰGBJSǰWBMVFǰPGǰOFUǰBTTFUTǰ ǰ ǰ SFQSFTFOUTǰUIFǰSJHIUTǰJOǰUIFǰMPOH UFSNǰQPXFSǰQVSDIBTFǰBHSFFNFOU ǰXIJDIǰBNPVOUTǰUPǰ#BIUǰ ǰ ǰ ǰNJMMJPO ǰ5IFǰSJHIUTǰJOǰUIFǰMPOH UFSNǰQPXFSǰQVSDIBTFǰBHSFFNFOUTǰXJMMǰCFǰBNPSUJTFEǰ ǰ ǰ POǰBǰTUSBJHIUǰMJOFǰCBTJTǰXJUIJOǰ ǰZFBST ǰ ǰ 5IFǰEFUBJMTǰPGǰUPUBMǰQVSDIBTFǰDPOTJEFSBUJPOǰBOEǰOFUǰBTTFUTǰQVSDIBTFEǰBOEǰSJHIUǰJOǰMPOH UFSNǰ ǰ ǰ QPXFSǰQVSDIBTFǰBHSFFNFOUǰBUǰUIFǰBDRVJTJUJPOǰEBUFǰBSFǰBTǰGPMMPXT Consolidated Baht’000

Property, plant and equipment, net -POH UFSNǰMPBOTǰGSPNǰųOBODJBMǰJOTUJUVUJPO ǰOFUǰ Other assets less other liabilities Fair value of net assets Right in long-term power purchase agreement (present in interests in joint ventures) Total purchase consideration

ǰ ǰ ǰ ǰ ǰ ǰ

ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ

ǰ ǰ

ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ

ǰ ǰ

1,461,100

(873,391) 450,423 179,494 629,917

0Oǰ ǰ"QSJMǰ ǰ(14ǰJTTVFEǰ ǰNJMMJPOǰBEEJUJPOBMǰPSEJOBSZǰTIBSFTǰXJUIǰBǰQBSǰWBMVFǰBOEǰTBMFǰ PGǰ#BIUǰ ǰQFSǰTIBSF ǰ5IFǰ(SPVQǰQBJEǰGPSǰBEEJUJPOBMǰQBJE VQǰTIBSFTǰUPUBMMJOHǰ#BIUǰ ǰQFSǰ TIBSFǰJOǰUIFǰTBNFǰQSPQPSUJPOǰBTǰJUTǰPSJHJOBMǰJOWFTUNFOU ǰUPUBMMJOHǰ#BIUǰ ǰNJMMJPO ǰ Absolute Power P Company Limited (“APPC”) 0Oǰ ǰ.BZǰ ǰUIFǰ$PNQBOZǰFOUFSFEǰJOUPǰUIFǰ4IBSFǰ1VSDIBTFǰ"HSFFNFOUǰUPǰBDRVJSFǰ ǰ PGǰUIFǰSFHJTUFSFEǰTIBSFTǰPGǰ"11$ǰGPSǰBǰUPUBMǰPGǰ#BIUǰ ǰNJMMJPO ǰ0OǰUIFǰTBNFǰEBUF ǰUIFǰ$PNQBOZǰ BOEǰPUIFSǰTIBSFIPMEFSTǰFOUFSFEǰJOUPǰBǰ4IBSFIPMEFSǰ"HSFFNFOUǰUPǰBTTJHOǰUIFǰTUSVDUVSFǰPGǰ UIFǰCVTJOFTTǰPQFSBUJPOǰBOEǰUIFǰTUSBUFHJD ǰPQFSBUJOHǰBOEǰųOBODJOHǰEFDJTJPOTǰPGǰ"11$ ǰXIJDIǰ SFRVJSFEǰVOBOJNPVTǰDPOTFOUǰGSPNǰCPUIǰQBSUJFT ǰ$POTFRVFOUMZ ǰ"11$ǰJTǰBǰKPJOUǰWFOUVSFǰ PGǰUIFǰ(SPVQ ǰ 5IFǰGBJSǰWBMVFǰPGǰUIFǰOFUǰJEFOUJųBCMFǰBTTFUTǰBUǰUIFǰEBUFǰPGǰBDRVJTJUJPOǰXBTǰ#BIUǰ ǰNJMMJPO ǰ 5IFǰEJGGFSFODFǰCFUXFFOǰUIFǰUPUBMǰQVSDIBTFǰDPOTJEFSBUJPOǰBOEǰUIFǰGBJSǰWBMVFǰPGǰOFUǰBTTFUTǰ represents the goodwill, which amounts to Baht 32 million and presents in interests in KPJOUǰWFOUVSFT

210

14 Investments in subsidiaries and interests in joint ventures, net (continued) ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ

ǰ5IFǰQSJODJQBMǰNPWFNFOUTǰJOǰUIFǰJOUFSFTUTǰJOǰKPJOUǰWFOUVSFTǰEVSJOHǰUIFǰZFBSǰFOEFEǰ ǰ ǰ ǰ %FDFNCFSǰ ǰ DPOUJOVFE

Absolute Power P Company Limited (“APPC”) (continued) ǰ ǰ 5IFǰEFUBJMTǰPGǰUPUBMǰQVSDIBTFǰDPOTJEFSBUJPOǰBOEǰOFUǰBTTFUTǰQVSDIBTFEǰBUǰUIFǰBDRVJTJUJPOǰ ǰ ǰ EBUFǰBSFǰBTǰGPMMPXT Consolidated Baht’000

Property, plant and equipment, net -POH UFSNǰMPBOTǰGSPNǰųOBODJBMǰJOTUJUVUJPO ǰOFUǰ Other assets less other liabilities Fair value of net assets Goodwill (present in interests in joint ventures) Total purchase consideration

ǰ ǰ ǰ ǰ ǰ

ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ

104,340

(8,199) 33,236 31,764 65,000

Conal Holdings Corporation (“Conal”) 0Oǰ ǰ.BZǰ ǰ$POBM ǰXIJDIǰJTǰBǰKPJOUǰWFOUVSFǰPGǰUIFǰ$PNQBOZ ǰEFDSFBTFEǰJUTǰSFHJTUFSFEǰ TIBSFǰDBQJUBMǰCZǰ64ǰ%PMMBSTǰ ǰNJMMJPO ǰ5IFǰ(SPVQǰSFDFJWFEǰDBTIǰGSPNǰUIFǰEFDSFBTFǰJOǰ SFHJTUFSFEǰTIBSFǰDBQJUBMǰPGǰ$POBMǰCBTFEǰPOǰUIFǰQSPQPSUJPOǰPGǰJUTǰPSJHJOBMǰJOWFTUNFOUǰUPUBMMJOHǰ 64ǰ%PMMBSTǰ ǰNJMMJPO ǰXIJDIǰJTǰFRVJWBMFOUǰUPǰ#BIUǰ ǰNJMMJPO ǰJODMVEJOHǰBǰHBJOǰPOǰ FYDIBOHFǰSBUFǰPGǰ#BIUǰ ǰNJMMJPO PT Manambang Muara Enim (“MME”) 0Oǰ ǰ"VHVTUǰ ǰUIFǰ(SPVQǰFOUFSFEǰJOUPǰBǰ4IBSFǰ1VSDIBTFǰ"HSFFNFOUǰUPǰBDRVJSFǰ ǰ PGǰUIFǰSFHJTUFSFEǰTIBSFTǰPGǰ..& ǰBOǰPQFSBUPSǰJOǰBǰDPBMǰNJOFǰMPDBUFEǰJOǰ4PVUIǰ4VNBUSB ǰ *OEPOFTJB ǰGPSǰ64ǰ%PMMBSTǰ ǰNJMMJPO ǰ0Oǰ ǰ"VHVTUǰ ǰUIFǰ(SPVQǰQBJEǰBOǰBEWBODFǰPOǰ UIFǰJOWFTUNFOUǰPGǰ64ǰ%PMMBSTǰ ǰNJMMJPOǰ FRVJWBMFOUǰUPǰ#BIUǰ ǰNJMMJPO ǰ6OEFSǰUIFǰ4IBSFǰ 1VSDIBTFǰ"HSFFNFOU ǰUIFǰTFMMFSǰXBTǰSFRVJSFEǰUPǰNFFUǰUIFǰQSF DPOEJUJPOTǰCFGPSFǰUIFǰTIBSFǰ USBOTGFSǰBOEǰUIFǰTFUUMFNFOUǰPGǰUIFǰSFNBJOJOHǰBNPVOUǰPGǰ64ǰ%PMMBSTǰ ǰNJMMJPO ǰ0Oǰ ǰ 0DUPCFSǰ ǰUIFǰQSF DPOEJUJPOTǰXFSFǰNFUǰBOEǰUIFǰTIBSFTǰXFSFǰUSBOTGFSSFEǰUPǰUIFǰ(SPVQ ǰ 5IFǰSFNBJOJOHǰBNPVOUǰPGǰ64ǰ%PMMBSTǰ ǰNJMMJPOǰXBTǰQBJEǰGSPNǰUIFǰ&TDSPXǰ"DDPVOUǰPOǰ UIFǰTBNFǰEBUF ǰ$POTFRVFOUMZ ǰ..&ǰJTǰBǰKPJOUǰWFOUVSFǰPGǰUIFǰ(SPVQ

211

Notes

14 Investments in subsidiaries and interests in joint ventures, net (continued) Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Ç°5IFÇ°QSJODJQBMÇ°NPWFNFOUTÇ°JOÇ°UIFÇ°JOUFSFTUTÇ°JOÇ°KPJOUÇ°WFOUVSFTÇ°EVSJOHÇ°UIFÇ°ZFBSÇ°FOEFEÇ° Ç° Ç° Ç° %FDFNCFSÇ° Ç° DPOUJOVFE

PT Manambang Muara Enim (â&#x20AC;&#x153;MMEâ&#x20AC;?) (continued) Ç° Ç° 5IFÇ°EFUBJMTÇ°PGÇ°UPUBMÇ°QVSDIBTFÇ°DPOTJEFSBUJPOÇ°BOEÇ°OFUÇ°BTTFUTÇ°QVSDIBTFEÇ°BUÇ°UIFÇ°BDRVJTJUJPOÇ° Ç° Ç° EBUFÇ°BSFÇ°BTÇ°GPMMPXT Ç° Consolidated Bahtâ&#x20AC;&#x2122;000

Property, plant and equipment, net Deferred exploration and development expenditures Other assets less other liabilities Mining property rights Fair value of net assets Goodwill (present in interests in joint ventures) Total purchase consideration

Ç° Ç° Ç° Ç° Ç° Ç°

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

64,163 151,980 (1,084) 5,588,263 5,803,322 226,257 6,029,579

.JOJOHÇ°QSPQFSUZÇ°SJHIUTÇ°SFQSFTFOUÇ°UIFÇ°FYDFTTÇ°PGÇ°UIFÇ°DPTUÇ°PGÇ°BOÇ°BDRVJTJUJPOÇ°PWFSÇ°UIFÇ°GBJSÇ°WBMVFÇ° PGÇ°OFUÇ°BTTFUT Ç°XIJDIÇ°UIFÇ°(SPVQÄ´TÇ°WJFXÇ°SFQSFTFOUTÇ°GVUVSFÇ°FDPOPNJDÇ°CFOFĹłUTÇ°BUUSJCVUBCMFÇ°UPÇ° UIFÇ°NJOJOHÇ°SJHIUT Ç°.JOJOHÇ°QSPQFSUZÇ°SJHIUTÇ°BSFÇ°BNPSUJTFEÇ°VTJOHÇ°UIFÇ°VOJUTÇ°PGÇ°DPBMÇ°QSPEVDUJPO GIDEC Company Limited (â&#x20AC;&#x153;GIDECâ&#x20AC;?) 0OÇ° Ç°/PWFNCFSÇ° Ç°UIFÇ°$PNQBOZÇ°JOWFTUFEÇ°JOÇ° Ç°PGÇ°UIFÇ°PSEJOBSZÇ°TIBSFTÇ°PGÇ°(*%&$Ç°GSPNÇ° GPSNFSÇ°TIBSFIPMEFSÇ°VOEFSÇ°UIFÇ°4IBSFIPMEFSÇ°"HSFFNFOU Ç°5IFÇ°$PNQBOZÇ°QBJEÇ°#BIUÇ° Ç°NJMMJPO Ç° 5IFÇ°DPNQBOZÇ°BOEÇ°UIFÇ°PUIFSÇ°TIBSFIPMEFSÇ°FOUFSFEÇ°JOUPÇ°BOÇ°*OWFTUNFOUÇ°"HSFFNFOUÇ°BOEÇ° 4IBSFIPMEFSÇ°"HSFFNFOUÇ°UPÇ°JOWFTUÇ°JOÇ°UIFÇ°EFWFMPQNFOUÇ°PGÇ°BÇ°NVOJDJQBMÇ°XBTUFÇ°QPXFSÇ°QMBOUÇ° QSPKFDUÇ°JOÇ°4POHLIMBÇ°QSPWJODF Ç°$POTFRVFOUMZ Ç°(*%&$Ç°JTÇ°BÇ°KPJOUÇ°WFOUVSFÇ°PGÇ°UIFÇ°(SPVQ 5IFÇ°GBJSÇ°WBMVFÇ°PGÇ°UIFÇ°OFUÇ°JEFOUJĹłBCMFÇ°BTTFUTÇ°BUÇ°UIFÇ°EBUFÇ°PGÇ°BDRVJTJUJPOÇ°XBTÇ°#BIUÇ° Ç°NJMMJPO Ç° 5IFÇ°EJGGFSFODFÇ°CFUXFFOÇ°UIFÇ°UPUBMÇ°QVSDIBTFÇ°DPOTJEFSBUJPOÇ°BOEÇ°UIFÇ°GBJSÇ°WBMVFÇ°PGÇ°OFUÇ°BTTFUTÇ° SFQSFTFOUTÇ°UIFÇ°SJHIUTÇ°JOÇ°UIFÇ°MPOH UFSNÇ°QPXFSÇ°QVSDIBTFÇ°BHSFFNFOU Ç°XIJDIÇ°BNPVOUTÇ°UPÇ°#BIUÇ° Ç°NJMMJPO Ç°5IFÇ°SJHIUTÇ°JOÇ°UIFÇ°MPOH UFSNÇ°QPXFSÇ°QVSDIBTFÇ°BHSFFNFOUTÇ°XJMMÇ°CFÇ°BNPSUJTFEÇ°POÇ° BÇ°TUSBJHIUÇ°MJOFÇ°CBTJTÇ°XJUIJOÇ° Ç°ZFBST 5IFÇ°EFUBJMTÇ°PGÇ°UPUBMÇ°QVSDIBTFÇ°DPOTJEFSBUJPOÇ°BOEÇ°OFUÇ°BTTFUTÇ°QVSDIBTFEÇ°BUÇ°UIFÇ°BDRVJTJUJPOÇ° EBUFÇ°BSFÇ°BTÇ°GPMMPXT Consolidated Bahtâ&#x20AC;&#x2122;000

Property, plant and equipment, net -POH UFSNÇ°MPBOTÇ°GSPNÇ°ĹłOBODJBMÇ°JOTUJUVUJPO Ç°OFUÇ° Other assets less other liabilities Fair value of net assets Right in long-term power purchase agreement (present in interests in joint ventures) Total purchase consideration

263,870

33,820 189,314 10,686 200,000

4VCTJEJBSJFTÇ°JODPSQPSBUFEÇ°JOÇ°5IBJMBOE Khanom Electricity Generating Co., Ltd. Electricity generation EGCO Engineering and Service Co., Ltd. and its subsidiaries Power plant operation and maintenance services - Agro Energy Co., Ltd. Trading/delivery of natural scrap - Egcom Tara Co., Ltd. Tap water business EGCO Green Energy Co., Ltd. and its subsidiary Investment in biomass fuelled electricity generation plant - Roi-Et Green Co., Ltd. Husk fuelled electricity generation plant EGCO Cogeneration Co., Ltd. Electricity generation Theppana Wind Farm Co., Ltd. Wind electricity generation plant (the Company has not yet started its business operations) SPP Two Co., Ltd. Solar electricity generation plant SPP Three Co., Ltd. Solar electricity generation plant SPP Four Co., Ltd. Solar electricity generation plant SPP Five Co., Ltd. Solar electricity generation plant Yanhee EGCO Holding Co., Ltd. and its subsidiary Investment in solar electricitygeneration plant - Solarco Co., Ltd. Solar electricity generation plant (the Company has not yet started its business operations) Klongluang Utilities Co., Ltd. Electricity cogeneration power plant (the Company has not yet started its business operations) Banpong Utilities Co., Ltd. Electricity cogeneration power plant (the Company has not yet started its business operations) Total investments in subsidiaries incorporated in Thailand

Business

Bahtâ&#x20AC;&#x2122;000

4,850,000 400,000

175,000 1,060,000 -

175,000 1,060,000 103,415 196,700 197,500 148,700 198,400 10,000

2,500 2,500

99.99

99.98 99.99

90.00 99.99 99.99 99.99 99.99 49.00

(Including indirect holding) 99.99 99.99 99.99 99.99 99.99 99.99 74.19 74.19 74.00 74.00 95.00 95.00 80.00 80.00

Portion of Investment (%) 2012 2011

Company

4,850,000 400,000

Bahtâ&#x20AC;&#x2122;000

Paid-up share capital 2012 2011

14.2 Investments in subsidiaries, net Ç° Ç° 5IFÇ°EFUBJMTÇ°PGÇ°UIFÇ°JOWFTUNFOUTÇ°JOÇ°TVCTJEJBSJFTÇ°BSFÇ°BTÇ°GPMMPXT

14 Investments in subsidiaries and interests in joint ventures, net (continued)

2,500 7,544,792

2,500

102,600 265,805 300,529 223,641 370,923 4,900

891,894

129,500

4,850,000 400,000

Bahtâ&#x20AC;&#x2122;000

6,271,394

891,894

129,500

4,850,000 400,000

Bahtâ&#x20AC;&#x2122;000

Cost Method 2012 2011

282,643

96,940

34,448 151,255

Bahtâ&#x20AC;&#x2122;000

526,248

80,000

71,040

307,208 68,000

Bahtâ&#x20AC;&#x2122;000

Dividend for the year 2012 2011

212

Bahtâ&#x20AC;&#x2122;000

Portion of Investment (%) 2012 2011

Bahtâ&#x20AC;&#x2122;000

4VCTJEJBSJFTÇ°JODPSQPSBUFEÇ°PWFSTFBT (Including indirect holding) North Pole Investment Company Limited (North Pole) (incorporated Investment in energy 26,270,570 11,731,443 100.00 100.00 in the Republic of Mauritius) and its subsidiaries and joint ventures related business - EGCO International (B.V.I.) Limited (incorporated in the British Investment in energy 5,865,560 5,865,560 100.00 100.00 Virgin Islands) and its subsidiaries and joint ventures related business Subsidiaries - New Growth Cooperatief U.A (incorporated in the Netherlands) Investment in energy 18,975,511 6,532,609 100.00 100.00 and its subsidiaries and joint venture related business - New Growth B.V. (incorporated in the Netherlands) and Investment in energy 23,784,375 6,527,138 100.00 100.00 its subsidiaries and joint venture related business Subsidiaries - Pearl Energy Philippines Operating, Inc. (PEPOI) Power plant operation and 6,085 6,085 100.00 100.00 (registered under the laws of Cayman Islands, operated maintenance services in the Philippines) - Quezon Power (Philippines) Limited Co. (QPL) Electricity generation 7,340,472 7,340,472 98.00 52.125 (incorporated in the Philippines) - Quezon Management Service Inc. (QMS) (Formerly named Management services 3,824 100.00 Inter Gen Management Services (Philippines), Ltd ) (registered under the laws of Cayman Islands, operated in the Philippines) Joint venture - PT Manambang Muara Enim (MME) (incorporated Development of coal mining 19,237 40.00 in the Republic of Indonesia) Joint venture - Conal Holdings Corporation (Conal) (incorporated Investment in power projects 729,320 729,320 40.00 40.00 in the Philippines) Total investment in subsidiaries incorporated in overseas Total investment in subsidiaries Less Impairment Investments in subsidiaries, net "TÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°EJWJEFOETÇ°SFDFJWBCMFÇ°GSPNÇ°TVCTJEJBSJFTÇ°BNPVOUJOHÇ°UPÇ°#BIUÇ° Ç°NJMMJPOÇ°XFSFÇ°SFDPHOJTFEÇ°JOÇ°UIFÇ°DPNQBOZÇ°ĹłOBODJBMÇ°TUBUFNFOUTÇ° Ç°%FDFNCFSÇ° Ç°#BIUÇ° Ç°NJMMJPO

Business

Paid-up share capital 2012 2011

Company (continued)

14.2 Investments in subsidiaries, net (continued) Ç° Ç° 5IFÇ°EFUBJMTÇ°PGÇ°UIFÇ°JOWFTUNFOUTÇ°JOÇ°TVCTJEJBSJFTÇ°BSFÇ°BTÇ°GPMMPXT Ç° DPOUJOVFE Ç°Ç°

14 Investments in subsidiaries and interests in joint ventures, net (continued)

11,678,209 -

11,678,209 17,949,603 (47,820) 17,901,783

26,223,646 33,768,438 (47,820) 33,720,618

Bahtâ&#x20AC;&#x2122;000

26,223,646

Bahtâ&#x20AC;&#x2122;000

Cost Method 2012 2011

336,338 619,311 619,311

336,668

Bahtâ&#x20AC;&#x2122;000

526,248 526,248

Bahtâ&#x20AC;&#x2122;000

Dividend for the year 2012 2011

Notes

213

Investment in power projects Electricity generation Development of renewable energy projects Solar electricity generation plant Trading of bio diesel Electricity generation from waste power (the Company has not yet started its business operations) 40.00 52.125 35.00 -

40.00 35.00 50.00

(Including indirect holding) 50.00 50.00 50.00 50.00 33.33 33.33 60.00 50.00 50.00 -

2011

31,145,375

6,029,579

5,569,943

697,169 -*

6,672,769 10,433,597 761,000 716,318 65,000 200,000

Cost

34,859,231

5,569,943

954,647 10,754,275

6,672,769 10,433,597 474,000 -

2011 Bahtâ&#x20AC;&#x2122;000

34,577,792

6,046,082

3,255,901

409,794 -

12,926,902 10,079,559 859,330 755,134 49,191 195,899

36,444,573

3,392,266

890,381 9,622,420

11,979,777 10,147,541 412,188 -

2011 Bahtâ&#x20AC;&#x2122;000

Equity Method 2012 Bahtâ&#x20AC;&#x2122;000

5,599,092

669,916

143,212 1,428,763

1,095,856 2,261,345 -

2012 Bahtâ&#x20AC;&#x2122;000

6,736,528

1,374,866

106,810 1,791,514

1,530,063 1,933,275 -

2011 Bahtâ&#x20AC;&#x2122;000

Dividend for the year

*Transferred interest in QPL to investments in subsidiaries.

"TÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°EJWJEFOETÇ°SFDFJWBCMFÇ°GSPNÇ°KPJOUÇ°WFOUVSFTÇ°BNPVOUJOHÇ°UPÇ°#BIUÇ° Ç°NJMMJPOÇ°XFSFÇ°SFDPHOJTFEÇ°JOÇ°UIFÇ°DPOTPMJEBUFEÇ°ĹłOBODJBMÇ°TUBUFNFOUTÇ° Ç°%FDFNCFSÇ° Ç° Ç°#BIUÇ° Ç°NJMMJPO

As at 31 December 2012, under the terms and conditions of BLCP and GPS loan agreements, their common shares were pledged as collateral for their long-term loans (31 December 2011, under the terms and conditions of BLCPâ&#x20AC;&#x2122;s loan agreement, its common shares were pledged as collateral for its long-term loans).

Total interests in joint ventures

+PJOUÇ°WFOUVSFTÇ°JODPSQPSBUFEÇ°JOÇ°UIFÇ°1IJMJQQJOFT Conal Holdings Corporation (Conal) and its subsidiaries Investment in power projects Quezon Power (Philippines), Limited Co. (QPL)* Electricity generation +PJOUÇ°WFOUVSFÇ°JODPSQPSBUFEÇ°JOÇ°UIFÇ°-BPÇ°1FPQMFÄ´TÇ°%FNPDSBUJDÇ°3FQVCMJD Nam Theun 2 Power Company Limited (NTPC) Electricity generation +PJOUÇ°WFOUVSFÇ°JODPSQPSBUFEÇ°JOÇ°UIFÇ°3FQVCMJDÇ°PGÇ°*OEPOFTJB PT Manambang Muara Enim (MME) Development of coal mining

+PJOUÇ°WFOUVSFTÇ°JODPSQPSBUFEÇ°JOÇ°5IBJMBOE Gulf Electric Public Co., Ltd. (GEC) and its subsidiaries BLCP Power Ltd. (BLCP) Natural Energy Development Co., Ltd. (NED) G - Power Source Co., Ltd. (GPS) Absolute Power P Co., Ltd. (APPC) GIDEC Co., Ltd (GIDEC)

Business

2012

2012 Bahtâ&#x20AC;&#x2122;000

Consolidated

Portion of Investment (%)

14.3 Interests in joint ventures Ç° Ç° 5IFÇ°EFUBJMTÇ°PGÇ°UIFÇ°JOUFSFTUTÇ°JOÇ°KPJOUÇ°WFOUVSFTÇ°BSFÇ°BTÇ°GPMMPXT

14 Investments in subsidiaries and interests in joint ventures, net (continued)

214

Electricity generation

Company

2011

35.00

(Including indirect holding) 50.00 50.00 50.00 50.00 33.33 33.33 60.00 50.00 50.00 -

2012

Portion of Investment (%)

24,418,627

5,569,943

6,672,769 10,433,597 761,000 716,318 65,000 200,000

23,150,309

5,569,943

6,672,769 10,433,597 474,000 -

2011 Bahtâ&#x20AC;&#x2122;000

Cost method 2012 Bahtâ&#x20AC;&#x2122;000

"TÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°EJWJEFOETÇ°SFDFJWBCMFÇ°GSPNÇ°KPJOUÇ°WFOUVSFTÇ°BNPVOUJOHÇ°UPÇ°#BIUÇ° Ç°NJMMJPOÇ°XFSFÇ°SFDPHOJTFEÇ°JOÇ°UIFÇ°DPNQBOZÇ°Å³OBODJBMÇ°TUBUFNFOUTÇ° Ç°%FDFNCFSÇ° Ç°#BIUÇ° Ç°NJMMJPO Ç°

Total interests in joint ventures

+PJOUÇ°WFOUVSFÇ°JODPSQPSBUFEÇ°JOÇ°UIFÇ°-BPÇ°1FPQMFÄ´TÇ°%FNPDSBUJDÇ°3FQVCMJD Nam Theun 2 Power Company Limited (NTPC)

+PJOUÇ°WFOUVSFTÇ°JODPSQPSBUFEÇ°JOÇ°5IBJMBOE Gulf Electric Public Co., Ltd. (GEC) and its subsidiaries BLCP Power Ltd. (BLCP) Natural Energy Development Co., Ltd. (NED) G-Power Source Co., Ltd. (GPS) Absolute Power P Co., Ltd. (APPC) GIDEC Co., Ltd (GIDEC)

Business

14.3 Interests in joint ventures (continued) Ç° Ç° 5IFÇ°EFUBJMTÇ°PGÇ°UIFÇ°JOUFSFTUTÇ°JOÇ°KPJOUÇ°WFOUVSFTÇ°BSFÇ°BTÇ°GPMMPXT Ç° DPOUJOVFE

14 Investments in subsidiaries and interests in joint ventures, net (continued)

4,027,117

669,916

1,095,856 2,261,345 -

2012 Bahtâ&#x20AC;&#x2122;000

4,838,204

1,374,866

1,530,063 1,933,275 -

2011 Bahtâ&#x20AC;&#x2122;000

Dividend for the year

Notes

215

216

14 Investments in subsidiaries and interests in joint ventures, net (continued) 14.4 Dividends receivable from subsidiaries and joint ventures Ç° Ç° 5IFÇ°QSJODJQBMÇ°NPWFNFOUTÇ°PGÇ°UIFÇ°EJWJEFOETÇ°SFDFJWBCMFÇ°BSFÇ°BTÇ°GPMMPXT Consolidated For year ended 31 December Opening balance Dividends declared by subsidiaries Dividends declared by joint ventures Dividends received from subsidiaries and joint ventures Closing balance

2012 Baht

Company 2011 Baht

6,089,418,454 5,756,143,305 5,599,092,006 6,736,527,352 (4,087,746,612) (6,403,252,203) 7,600,763,848 6,089,418,454

2012 Baht

2011 Baht

7,018,039,732 619,311,713 4,027,116,673 (3,619,379,450) 8,045,088,668

7,109,556,304 526,248,253 4,838,203,787 (5,455,968,612) 7,018,039,732

14.5 The Groupâ&#x20AC;&#x2122;s share of the assets, liabilities, revenues and expenses of the joint ventures is as follows: Interest in Gulf Electric Public Company Limited (GEC) Ç° (&$Ç°JTÇ°BÇ°KPJOUÇ°WFOUVSFÇ°CFUXFFOÇ°UIFÇ°$PNQBOZÇ°BOEÇ°+ 1PXFSÇ°)PMEJOHTÇ° 5IBJMBOE Ç°$PNQBOZÇ°-JNJUFEÇ° Ç° BOEÇ°.JUSÇ°1PXFSÇ° 5IBJMBOE Ç°$PNQBOZÇ°-JNJUFE Ç°(&$Ä´TÇ°CVTJOFTTÇ°JTÇ°UIFÇ°HFOFSBUJPOÇ°PGÇ°FMFDUSJDJUZÇ°GPSÇ° Ç° TBMFÇ°UPÇ°&MFDUSJDJUZÇ°(FOFSBUJOHÇ°"VUIPSJUZÇ°PGÇ°5IBJMBOEÇ° &("5 Ç°BOEÇ°JOEVTUSJBMÇ°VTFSTÇ°VOEFSÇ°MPOH UFSNÇ° Ç° QVSDIBTJOHÇ°BHSFFNFOUT Ç°5IFÇ°(SPVQÇ°IBTÇ°BÇ° Ç°JOUFSFTUÇ°JOÇ°(&$ Interest in BLCP Power Ltd. (BLCP) Ç° #-$1Ç°JTÇ°BÇ°KPJOUÇ°WFOUVSFÇ°CFUXFFOÇ°UIFÇ°$PNQBOZÇ°BOEÇ°#BOQVÇ°$PBMÇ°1PXFSÇ°-JNJUFE Ç°#-$1Ä´TÇ°CVTJOFTTÇ° Ç° JTÇ°UPÇ°HFOFSBUFÇ°FMFDUSJDJUZÇ°GSPNÇ°UIFÇ°DPBMÇ°Å³SFÇ°FMFDUSJDJUZÇ°HFOFSBUJOHÇ°QMBOUÇ°GPSÇ°TBMFÇ°UPÇ°&("5Ç°VOEFSÇ° Ç° MPOH UFSNÇ°QVSDIBTJOHÇ°BHSFFNFOU Ç°JOÇ°XIJDIÇ°UIFÇ°(SPVQÇ°IBTÇ°BÇ° Ç°JOUFSFTU Ç° Interest in Conal Holdings Corporation (Conal) Ç° $POBMÇ°JTÇ°BÇ°KPJOUÇ°WFOUVSFÇ°CFUXFFOÇ°&($0Ç°*OUFSOBUJPOBMÇ° # 7 * Ç°-JNJUFE Ç°XIJDIÇ°JTÇ°BÇ°TVCTJEJBSZÇ°PGÇ°UIFÇ° Ç° $PNQBOZ Ç°BOEÇ°"MTPOTÇ°$POTPMJEBUFEÇ°3FTPVSDFT Ç°*OD Ç°$POBMÄ´TÇ°CVTJOFTTÇ°JTÇ°UIFÇ°HFOFSBUJPOÇ°PGÇ°FMFDUSJDJUZÇ° Ç° GPSÇ°TBMFÇ°UPÇ°UIFÇ°/BUJPOBMÇ°1PXFSÇ°$PSQPSBUJPOÇ° XIJDIÇ°JTÇ°QBSUÇ°PGÇ°UIFÇ°HPWFSONFOUÇ°TFDUPSÇ°PGÇ°UIFÇ°1IJMJQQJOFT Ç° Ç° BOEÇ°UIFÇ°QSPWJTJPOÇ°PGÇ°NBJOUFOBODFÇ°TFSWJDFTÇ°BOEÇ°QPXFSÇ°QMBOUÇ°PQFSBUJPOT Ç°JOÇ°XIJDIÇ°UIFÇ°(SPVQÇ°IBTÇ° Ç° BÇ° Ç°JOUFSFTU Interest in Nam Theun 2 Power Company Limited (NTPC) Ç° /51$Ç°JTÇ°BÇ°KPJOUÇ°WFOUVSFÇ°CFUXFFOÇ°UIFÇ°DPNQBOZ Ç°UIFÇ°HPWFSONFOUÇ°PGÇ°-BPÇ°1%3Ç° UISPVHIÇ°-BPÇ°)PMEJOHÇ° Ç° 4UBUFÇ°&OUFSQSJTF Ç°BOEÇ°&%'Ç°*OUFSOBUJPOBM Ç°/51$Ä´TÇ°CVTJOFTTÇ°JTÇ°UIFÇ°HFOFSBUJPOÇ°PGÇ°FMFDUSJDJUZÇ°GPSÇ°TBMFÇ° Ç° UPÇ°&("5Ç°BOEÇ°&MFDUSJDJUFÇ°%VÇ°-BPTÇ° &%- Ç°JOÇ°XIJDIÇ°UIFÇ°(SPVQÇ°IBTÇ°BÇ° Ç°JOUFSFTU Interest in Quezon Power (Philippines), Limited Co. (QPL) Ç° 21-Ç°JTÇ°BÇ°KPJOUÇ°WFOUVSFÇ°PGÇ°&($0Ç°*OUFSOBUJPOBMÇ° # 7 * Ç°-JNJUFEÇ° &($0Ç°#7* Ç°UIFÇ°$PNQBOZÄ´TÇ°TVCTJEJBSZ Ç° Ç° &($0Ç°#7*Ç°IPMETÇ° Ç°PGÇ°UIFÇ°TIBSFTÇ°PGÇ°(1*Ç°2VF[POÇ°-UE Ç° (1*2 Ç°BOEÇ°(1*2Ç°IPMEÇ° Ç°PGÇ°UIFÇ°UPUBMÇ° Ç° TIBSFTÇ°PGÇ°21- Ç°"DDPSEJOHMZ Ç°&($0Ç°#7*Ç°JTÇ°BOÇ°JOEJSFDUÇ°TIBSFIPMEFSÇ°PGÇ°21- Ç°XJUIÇ°BÇ° Ç°JOUFSFTU Ç° Ç° 21-Ä´TÇ°CVTJOFTTÇ°JTÇ°UIFÇ°HFOFSBUJPOÇ°PGÇ°FMFDUSJDJUZÇ°GPSÇ°TBMFÇ°UPÇ°UIFÇ°NBKPSÇ°QSJWBUFÇ°TFDUPSÇ°PGÇ°UIFÇ°1IJMJQQJOFTÇ° Ç° VOEFSÇ°MPOHÇ°UFSNÇ°QVSDIBTJOHÇ°BHSFFNFOUT Ç°*OÇ° Ç°21-Ç°XBTÇ°DIBOHFEÇ°GSPNÇ°KPJOUÇ°WFOUVSFÇ°UPÇ°CFÇ°BÇ° Ç° TVCTJEJBSZÇ°PGÇ°UIFÇ°(SPVQÇ°BTÇ°EFTDSJCFEÇ°JOÇ°OPUFÇ°

217

Notes

14 Investments in subsidiaries and interests in joint ventures, net (continued) Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

14.5 The Groupâ&#x20AC;&#x2122;s share of the assets, liabilities, revenues and expenses of the joint ventures is as follows: Interest in Natural Energy Development Co., Ltd. (NED) Ç° /&%Ç°JTÇ°BÇ°KPJOUÇ°WFOUVSFÇ°CFUXFFOÇ°UIFÇ°$PNQBOZ Ç°$-1Ç°5IBJMBOEÇ°3FOFXBCMFTÇ°-JNJUFEÇ°BOEÇ°%JBNPOEÇ° Ç° (FOFSBUJOHÇ°"TJBÇ°-JNJUFE Ç°5IFÇ°KPJOUÇ°WFOUVSFÇ°JTÇ°HPWFSOFEÇ°CZÇ°BÇ°KPJOUÇ°WFOUVSFÇ°BHSFFNFOUÇ°BOEÇ°UIFÇ°(SPVQÇ° Ç° IBTÇ°BÇ° Ç°JOUFSFTU Ç°/&%Ä´TÇ°CVTJOFTTÇ°JTÇ°UPÇ°HFOFSBUFÇ°FMFDUSJDJUZÇ°GSPNÇ°JUTÇ°TPMBSÇ°QPXFSÇ°QMBOUÇ°GPSÇ°TBMFÇ° Ç° UPÇ°&("5Ç°BOEÇ°1&" Ç° *OUFSFTUÇ°JOÇ°( Ç°1PXFSÇ°4PVSDFÇ°$P Ç°-UE Ç° (14

Ç° (14Ç°JTÇ°BÇ°KPJOUÇ°WFOUVSFÇ°CFUXFFOÇ°UIFÇ°$PNQBOZÇ°BOEÇ°(VOLVMÇ°&OHJOFFSJOHÇ°1VCMJDÇ°$PNQBOZÇ°-JNJUFE Ç° Ç° (14Ä´TÇ°CVTJOFTTÇ°JTÇ°UIFÇ°TPMBSÇ°FMFDUSJDJUZÇ°HFOFSBUJPOÇ°QMBOUÇ°GPSÇ°TBMFÇ°UPÇ°1&"Ç°JOÇ°XIJDIÇ°UIFÇ°(SPVQÇ°IBTÇ° Ç° BÇ° Ç°JOUFSFTU Interest in Absolute Power P Company Limited (APPC) Ç° "11$Ç°JTÇ°BÇ°KPJOUÇ°WFOUVSFÇ°CFUXFFOÇ°UIFÇ°$PNQBOZÇ°BOEÇ°PUIFSÇ°JOEJWJEVBMÇ°TIBSFIPMEFST Ç°"11$Ä´TÇ°CVTJOFTTÇ° Ç° JTÇ°UIFÇ°USBEJOHÇ°PGÇ°CJPÇ°EJFTFMÇ°GPSÇ°JOEVTUSJBMÇ°JOÇ°XIJDIÇ°UIFÇ°(SPVQÇ°IBTÇ°BÇ° Ç°JOUFSFTU Interest in GIDEC Company Limited (GIDEC) Ç° (*%&$Ç°JTÇ°BÇ°KPJOUÇ°WFOUVSFÇ°CFUXFFOÇ°UIFÇ°$PNQBOZÇ°BOEÇ°*&$Ç°(SFFOÇ°&OFSHZÇ°$P -UE Ç°(*%&$Ä´TÇ°CVTJOFTTÇ°JTÇ° Ç° UIFÇ°FMFDUSJDJUZÇ°HFOFSBUJPOÇ°GSPNÇ°XBTUFÇ°QPXFSÇ°GPSÇ°TBMFÇ°UPÇ°1&"Ç°JOÇ°XIJDIÇ°UIFÇ°(SPVQÇ°IBTÇ°BÇ° Ç°JOUFSFTU Interest in PT Manambang Muara Enim (MME) Ç° ..&Ç°JTÇ°BÇ°KPJOUÇ°WFOUVSFÇ°CFUXFFOÇ°UIFÇ°/FXÇ°(SPXUIÇ°# 7 Ç°XIJDIÇ°JTÇ°BÇ°TVCTJEJBSZÇ°PGÇ°UIFÇ°$PNQBOZ Ç°15Ç° Ç° "MBSNÇ°,BSZBÇ°/VTBOUBSBÇ°BOEÇ°15Ç°.BOVOHHBMÇ°1PXFS Ç°..&Ä´TÇ°CVTJOFTTÇ°JTÇ°UIFÇ°BOÇ°PQFSBUPSÇ°JOÇ°BÇ°DPBMÇ°NJOFÇ° Ç° MPDBUFEÇ°JOÇ°4PVUIÇ°4VNBUSB Ç°*OEPOFTJBÇ°JOÇ°XIJDIÇ°UIFÇ°(SPVQÇ°IBTÇ°BÇ° Ç°JOUFSFTU Ç° %FUBJMTÇ°PGÇ°UIFÇ°Å³OBODJBMÇ°QPTJUJPOÇ°BOEÇ°KPJOUÇ°WFOUVSFÄ´TÇ°SFUVSOÇ°GPMMPXÇ°UIFÇ°(SPVQÄ´TÇ°PXOFSTIJQÇ°BSFÇ°BTÇ° Ç° GPMMPXT For the year ended 31 December 2012 Country of incorporation

GEC and its subsidiaries BLCP NED GPS APPC GIDEC Conal and its subsidiaries NTPC MME

Assets Bahtâ&#x20AC;&#x2122;000

Thailand 22,046,794 Thailand 24,699,797 Thailand 2,668,811 Thailand 1,946,549 Thailand 150,313 Thailand 346,143 The Philippines 1,040,898 The Lao Peopleâ&#x20AC;&#x2122;s 12,101,960 Democratic Republic The Republic of 285,576 Indonesia

Liabilities Bahtâ&#x20AC;&#x2122;000

Revenue Bahtâ&#x20AC;&#x2122;000

9,124,361 17,815,743 1,809,481 1,365,535 133,128 160,930 374,480 10,019,588

18,770,851 9,329,366 370,574 157,902 127,118 662,628 2,725,699

47,624

96,004

Net profit (loss) Bahtâ&#x20AC;&#x2122;000

% interest held

(Including indirect holding) 2,039,716 50 2,361,548 50 160,142 33 44,223 60 (15,809) 50 (4,101) 50 82,259 40 670,016 35 25,736

218

14 Investments in subsidiaries and interests in joint ventures, net (continued) 14.5 The Groupâ&#x20AC;&#x2122;s share of the assets, liabilities, revenues and expenses of the joint ventures is as follows: (continued) Ç° Ç° %FUBJMTÇ°PGÇ°UIFÇ°ĹłOBODJBMÇ°QPTJUJPOÇ°BOEÇ°KPJOUÇ°WFOUVSFÄ´TÇ°SFUVSOÇ°GPMMPXÇ°UIFÇ°(SPVQÄ´TÇ°PXOFSTIJQÇ°BSFÇ°BTÇ° Ç° Ç° GPMMPXT Ç° DPOUJOVFE

For the year ended 31 December 2011 Country of incorporation GEC and its subsidiaries BLCP NED Conal and its subsidiaries QPL NTPC

Thailand Thailand Thailand The Philippines The Philippines The Lao Peopleâ&#x20AC;&#x2122;s Democratic Republic

Assets Bahtâ&#x20AC;&#x2122;000 22,281,418 24,956,443 2,163,454 1,572,158 13,904,747 13,055,843

Liabilities Bahtâ&#x20AC;&#x2122;000

Revenue Bahtâ&#x20AC;&#x2122;000

10,309,915 18,172,592 1,751,266 187,589 6,293,127 10,892,283

15,320,892 9,037,129 6,578 698,514 5,105,078 2,703,209

Net profit (loss) Bahtâ&#x20AC;&#x2122;000

% interest held

(Including indirect holding) 1,842,428 50 2,017,212 50 (28,215) 33 47,361 40 598,012 52.125 1,097,355 35

15 Investment property Consolidated As at 31 December

2012 Baht

Company 2011 Baht

2012 Baht

2011 Baht

Book value

322,071,012

Fair value

727,939,371

Ç° *OWFTUNFOUÇ°QSPQFSUZÇ°PGÇ°UIFÇ°(SPVQÇ°JTÇ°MBOEÇ°IFMEÇ°GPSÇ°BÇ°DVSSFOUMZÇ°VOEFUFSNJOFEÇ°GVUVSFÇ°VTF Ç°

1,529,063,309 1,529,063,309

"Uǰ ǰ%FDFNCFSǰ Cost Less Accumulated depreciation Net book value

:FBSǰFOEFEǰ ǰ%FDFNCFSǰ Opening net book value Additions Capitalisation of capital spare parts Transfer of capital spare parts out Disposals, net Write-off, net Transfer Depreciation charge (Note 28) Closing net book value

"Uǰ ǰ%FDFNCFSǰ Cost Less Accumulated depreciation Net book value

Land Baht

16 Property, plant and equipment, net

4,010,224,922 (2,770,094,305) 1,240,130,617

1,399,568,111 8,232,608 (451,023) 25,801,759 (193,020,838) 1,240,130,617

3,977,879,113 (2,578,311,002) 1,399,568,111

Buildings and land improvements Baht

36,103,548,610 (26,000,282,128) 10,103,266,482

11,714,651,311 74,642,977 242,058,511 (258,683,278) (9) (1,347,324) 12,278,267 (1,680,333,973) 10,103,266,482

36,189,295,750 (24,474,644,439) 11,714,651,311

583,526,969 (444,406,282) 139,120,687

136,652,867 50,540,812 (1,490,797) (103,322) (46,478,873) 139,120,687

549,433,023 (412,780,156) 136,652,867

Power plants, substation, Office equipment, transmission system furniture, computers and water plants and motor vehicles Baht Baht

Consolidated

11,001,290 11,001,290

16,524,247 32,557,069 (38,080,026) 11,001,290

16,524,247 16,524,247

Construction in progress Baht

42,237,365,100 (29,214,782,715) 13,022,582,385

14,796,459,845 165,973,466 242,058,511 (258,683,278) (1,941,829) (1,450,646) (1,919,833,684) 13,022,582,385

42,262,195,442 (27,465,735,597) 14,796,459,845

Total Baht

Notes

219

2,235,491,187 (8,027,316) (256,077,704) (64,840,246) 3,160,652,432

90,325,803 (1,182,000) 1,618,207,112

1,618,207,112 1,618,207,112

"Uǰ ǰ%FDFNCFSǰ Cost Less Accumulated depreciation Net book value 7,049,250,604 (3,888,598,172) 3,160,652,432

1,240,130,617 13,975,894

1,529,063,309 -

:FBSǰFOEFEǰ ǰ%FDFNCFSǰ Opening net book value Additions Assets increased from acquisition of subsidiaries Capitalisation of capital spare parts Transfer of capital spare parts out Disposals, net Write-off, net Transfer Depreciation charge (Note 28) Translation adjustments Closing net book value

Land Baht

Buildings and land improvements Baht

16 Property, plant and equipment, net (continued)

67,677,877,937 (34,350,920,284) 33,326,957,653

24,846,484,381 451,149,214 (267,471,090) (3) (3,979,252) 916,544,307 (2,213,098,642) (649,117,381) 33,326,957,653

10,103,266,482 143,179,637

599,098,365 (484,978,277) 114,120,088

6,568,603 (1,675,927) (229,514) 225,000 (47,062,448) (113,849) 114,120,088

139,120,687 17,287,536

Power plants, substation, Office equipment, transmission system furniture, computers and water plants and motor vehicles Baht Baht

Consolidated

335,816,572 335,816,572

904,439,736 (100,000) (932,956,103) 335,816,572

11,001,290 353,431,649

Construction in progress Baht

77,280,250,590 (38,724,496,733) 38,555,753,857

28,083,309,710 451,149,214 (267,471,090) (1,675,930) (4,308,766) (25,396,112) (2,516,238,794) (714,071,476) 38,555,753,857

13,022,582,385 527,874,716

Total Baht

220

315,573,445 315,573,445

"Uǰ ǰ%FDFNCFSǰ Cost Less Accumulated depreciation Net book value

"Uǰ ǰ%FDFNCFSǰ ǰ Cost Less Accumulated depreciation Net book value

Land Baht

1,107,860,699 (571,903,272) 535,957,427

643,228,550 380,000 (107,651,123) 535,957,427

1,107,480,698 (464,252,148) 643,228,550

Buildings and structures Baht

16 Property, plant and equipment, net (continued)

5,455,044,649 (1,398,815,270) 4,056,229,379

4,954,735,277 10,501,319 141,847,753 (133,061,844) (8) 2,345,000 (920,138,118) 4,056,229,379

5,518,813,041 (564,077,764) 4,954,735,277

Power plants, substation, and transmission system Baht

286,126,256 (220,162,917) 65,963,339

74,308,512 18,528,427 (1,428,936) (101,091) (25,343,573) 65,963,339

274,137,402 (199,828,890) 74,308,512

Office equipment, furniture, computers and motor vehicles Baht

Company

3,490,000 3,490,000

5,835,000 (2,345,000) 3,490,000

Construction in progress Baht

7,168,095,049 (2,190,881,459) 4,977,213,590

5,987,845,784 35,244,746 141,847,753 (133,061,844) (1,428,944) (101,091) (1,053,132,814) 4,977,213,590

7,216,004,586 (1,228,158,802) 5,987,845,784

Total Baht

Notes

221

315,573,445 315,573,445

"Uǰ ǰ%FDFNCFSǰ Cost Less Accumulated depreciation Net book value

Land Baht

1,115,400,697 (680,079,027) 435,321,670

535,957,427 5,790,000 1,750,000 (108,175,757) 435,321,670

Buildings and structures Baht

16 Property, plant and equipment, net (continued)

5,490,618,678 (2,236,872,038) 3,253,746,640

4,056,229,379 189,533 185,760,381 (66,417,165) (2) (922,015,486) 3,253,746,640

Power plants, substation, and transmission system Baht

285,846,575 (238,407,967) 47,438,608

65,963,339 4,706,190 (61,258) (183,009) 225,000 (23,211,654) 47,438,608

Office equipment, furniture, computers and motor vehicles Baht

Company

9,440,855 9,440,855

(1,975,000) 9,440,855

3,490,000 7,925,855 -

Construction in progress Baht

7,216,880,250 (3,155,359,032) 4,061,521,218

4,977,213,590 18,611,578 185,760,381 (66,417,165) (61,260) (183,009) (1,053,402,897) 4,061,521,218

Total Baht

222

223

Notes

16 Property, plant and equipment, net (continued) Ç° Ç° Ç° Ç° Ç° Ç°

"TÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°QSPQFSUZ Ç°QMBOUÇ°BOEÇ°FRVJQNFOUÇ°BNPVOUJOHÇ°UPÇ°#BIUÇ° Ç°NJMMJPOÇ°JOÇ°UIFÇ° DPOTPMJEBUFEÇ°Å³OBODJBMÇ°TUBUFNFOUTÇ°XFSFÇ°NPSUHBHFEÇ°BOEÇ°QMFEHFEÇ°BTÇ°DPMMBUFSBMÇ°GPSÇ°MPOH UFSNÇ°MPBOT Ç°BTÇ° EFTDSJCFEÇ°JOÇ°/PUFTÇ° Ç° Ç°#BIUÇ° Ç°NJMMJPO "TÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°UIFÇ°(SPVQÇ°IBEÇ°TJHOJÅ³DBOUÇ°DBQJUBMÇ°DPNNJUNFOUTÇ°JOÇ°SFTQFDUÇ°PGÇ°DPOTUSVDUJPOÇ° PGÇ°QPXFSÇ°QMBOUTÇ°BOEÇ°QVSDIBTFTÇ°PGÇ°FRVJQNFOUÇ°CVUÇ°OPUÇ°ZFUÇ°SFDPHOJTFEÇ°JOÇ°UIFÇ°DPOTPMJEBUFEÇ°Å³OBODJBMÇ° TUBUFNFOUTÇ°BNPVOUJOHÇ°UPÇ°64Ç°%PMMBSTÇ° Ç°NJMMJPOÇ°BOEÇ°#BIUÇ° Ç°NJMMJPOÇ° Ç°/JM

17 Right in long-term power and tap water purchase agreements and operation and maintenance agreements, net Consolidated For the years ended 31 December

2012 Baht

2011 Baht

Opening net book value Acquisitions of investments in subsidiaries Amortisation (Note 28) Closing net book value

685,946,459 4,779,263,281 (249,450,615) 5,214,759,125

175,339,183 555,101,557 (44,494,281) 685,946,459

"UÇ° Ç°%FDFNCFS Cost Less Accumulated amortisation Net book value

5,639,537,329 (424,778,204) 5,214,759,125

861,274,049 (175,327,590) 685,946,459

18 Goodwill Consolidated Baht 'PSÇ°UIFÇ°ZFBSÇ°FOEFEÇ° Ç°%FDFNCFSÇ° Opening balance Acquisition of subsidiaries (Note 14.1.1) Closing balance

Ç° Ç° Ç° Ç°

6,141,105,368 6,141,105,368

Ç° (PPEXJMMÇ°BSJTJOHÇ°GSPNÇ°UIFÇ°BDRVJTJUJPOÇ°PGÇ°2VF[POÇ°1PXFSÇ° 1IJMJQQJOFT Ç°-JNJUFEÇ°$P Ç° BTÇ°EFTDSJCFEÇ°JOÇ° /PUFÇ° Ç°JTÇ°#BIUÇ° Ç°NJMMJPO Ç°(PPEXJMMÇ°JTÇ°UFTUFEÇ°BOOVBMMZÇ°GPSÇ°JNQBJSNFOUÇ°CZÇ°DPNQBSJOHÇ°UIFÇ°DBSSZJOHÇ° BNPVOUÇ° UPÇ° UIFÇ° SFDPWFSBCMFÇ° BNPVOUÇ° GPSÇ° FBDIÇ° DBTI HFOFSBUJOHÇ° VOJU Ç° 5IJTÇ° JTÇ° EFUFSNJOFEÇ° CBTFEÇ° POÇ° WBMVF JO VTFÇ°DBMDVMBUJPOT Ç°5IFTFÇ°DBMDVMBUJPOTÇ°VTFÇ°BÇ°DBTIÇ°Å´PXÇ°QSPKFDUJPOÇ°DPWFSJOHÇ°BÇ°1PXFSÇ°1VSDIBTFÇ°

224

18 Goodwill (continued) Ç° Ç° Ç° Ç°

"HSFFNFOUÇ°QFSJPEÇ° BTÇ°EFTDSJCFEÇ°JOÇ°/PUFÇ° Ç° D

Ç°GPSÇ° Ç°ZFBSTÇ°BOEÇ°DBTIÇ°Å´PXTÇ°CFZPOEÇ°UIFÇ° Ç° Ç°ZFBSÇ° QFSJPEÇ°BSFÇ°FYUSBQPMBUFEÇ°VTJOHÇ°UIFÇ°FTUJNBUFEÇ°HSPXUIÇ°SBUFTÇ°BUÇ° Ç°QFSÇ°BOOVN Ç°5IFÇ°DBTIÇ°Å´PXÇ°QSPKFDUJPOÇ° JTÇ°CBTFEÇ°POÇ°UIFÇ°QPXFSÇ°QMBOUÄ´TÇ°DBQBDJUZÇ°BOEÇ°UIFÇ°UBSJGGÇ°BDDPSEJOHÇ°UPÇ°UIFÇ°DPOEJUJPOÇ°PGÇ°UIFÇ°1PXFSÇ°1VSDIBTFÇ° "HSFFNFOU Ç°5IFÇ°EJTDPVOUÇ°SBUFÇ°VTFEÇ°JOÇ°UIFÇ°DBMDVMBUJPOÇ°JTÇ° Ç°QFSÇ°BOOVN

19 Other non-current assets, net Consolidated 2012 Baht Deposits Licenses for operating power plants Others Other non-current assets, net

15,636,910 68,342,084 250,032,320 334,011,314

Company 2011 Baht

2012 Baht

15,643,995 74,528,877 38,661,294 128,834,166

2011 Baht

11,527,550 35,290,517 46,818,067

11,527,548 251,839 11,779,387

20 Short-term loans from financial institutions Ç° 5IFÇ°TIPSU UFSNÇ°MPBOTÇ°GSPNÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ°BSFÇ°BTÇ°GPMMPXT Consolidated 2012 Baht Thai Baht US Dollars 5PUBMÇ°4IPSU UFSNÇ°MPBOTÇ°GSPNÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ°

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

1,440,400,000 9,233,250,000 Ç°

Company 2011 Baht

2012 Baht - 1,400,000,000 - 9,233,250,000 Ç° Ç°

2011 Baht

4IPSU UFSNÇ°MPBOTÇ°GSPNÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ°PGÇ°UIFÇ°$PNQBOZ 5IFÇ°TIPSU UFSNÇ°MPBOTÇ°PGÇ°UIFÇ°$PNQBOZÇ°BSFÇ°JOÇ°5IBJÇ°#BIUÇ°BOEÇ°XFSFÇ°OPUÇ°NPSUHBHFEÇ°BTÇ°DPMMBUFSBMÇ°GSPNÇ° BÇ°MPDBMÇ°CBOLÇ°GPSÇ°UPUBMMJOHÇ°BNPVOUÇ°PGÇ°#BIUÇ° Ç°NJMMJPO Ç°5IFÇ°JOUFSFTUÇ°SBUFTÇ°POÇ°UIFTFÇ°MPBOTÇ°BSFÇ°Å³YFE Ç° 5IFÇ°QSJODJQBMÇ°BOEÇ°JOUFSFTUÇ°XJMMÇ°CFÇ°SFQBJEÇ°XJUIJOÇ°.BSDIÇ° 'PSÇ°UIFÇ°TIPSU UFSNÇ°MPBOTÇ°PGÇ°64Ç°%PMMBSTÇ°XFSFÇ°OPUÇ°NPSUHBHFEÇ°BTÇ°DPMMBUFSBMÇ°GSPNÇ°UISFFÇ°MPDBMÇ°CBOLTÇ°GPSÇ° UPUBMMJOHÇ°BNPVOUÇ°PGÇ°64Ç°%PMMBSTÇ° Ç°NJMMJPO Ç°XIJDIÇ°JTÇ°FRVJWBMFOUÇ°UPÇ°#BIUÇ° Ç°NJMMJPO Ç°5IFÇ°JOUFSFTUÇ°SBUFTÇ° POÇ°UIFTFÇ°MPBOTÇ°BSFÇ°-*#03Ç°QMVTÇ°DFSUBJOÇ°NBSHJOÇ°QFSÇ°BOOVN Ç°5IFÇ°TIPSU UFSNÇ°MPBOÇ°PGÇ°64Ç°%PMMBSTÇ° Ç°NJMMJPO Ç° XIJDIÇ°JTÇ°FRVJWBMFOUÇ°UPÇ°#BIUÇ° Ç°NJMMJPO Ç°XJMMÇ°CFÇ°SFQBJEÇ°JOÇ°"QSJMÇ° Ç°BOEÇ°UIFÇ°JOUFSFTUÇ°XJMMÇ°CFÇ°SFQBJEÇ°POÇ° BÇ°RVBSUFSMZÇ°CBTJT Ç°5IFÇ°SFNBJOJOHÇ°PGÇ°TIPSU UFSNÇ°MPBOÇ°PGÇ°64Ç°EPMMBSTÇ° Ç°NJMMJPO Ç°XIJDIÇ°JTÇ°FRVJWBMFOUÇ°UPÇ°#BIUÇ° Ç°NJMMJPO Ç°XJMMÇ°CFÇ°SFQBJEÇ°JOÇ°"VHVTUÇ° Ç°BOEÇ°UIFÇ°JOUFSFTUÇ°XJMMÇ°CFÇ°SFQBJEÇ°POÇ°UXP NPOUIÇ°CBTJTÇ° Ç°/JM 4IPSU UFSNÇ°MPBOTÇ°GSPNÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ°PGÇ°UIFÇ°TVCTJEJBSZ "Ç°TVCTJEJBSZÇ°PGÇ°UIFÇ°$PNQBOZÇ°FOUFSFEÇ°JOUPÇ°TIPSU UFSNÇ°MPBOÇ°BHSFFNFOUÇ°XJUIÇ°BÇ°MPDBMÇ°CBOLÇ°GPSÇ°BÇ°DSFEJUÇ°GBDJMJUZÇ° OPUÇ°NPSFÇ°UIBOÇ°#BIUÇ° Ç°NJMMJPO Ç°4VCTJEJBSZÇ°ESFXÇ°EPXOÇ°BÇ°TIPSU UFSNÇ°MPBOÇ°BNPVOUÇ°PGÇ°#BIUÇ° Ç°NJMMJPO Ç° 5IFÇ°JOUFSFTUÇ°SBUFÇ°POÇ°UIFÇ°MPBOÇ°JTÇ°.-3Ç°NJOVTÇ°BÇ°DFSUBJOÇ°NBSHJOÇ°QFSÇ°BOOVN Ç°)PXFWFS Ç°UIFÇ°BMMÇ°QSJODJQMFÇ° and interest will be repaid within 6 months.

225

Notes

21 Long-term loans from financial institutions, net 21.1 The long-term loans from financial institutions are as follows: Consolidated 2012 Baht $VSSFOUǰQPSUJPOǰPGǰMPOH UFSNǰMPBOTǰ ǰ GSPNǰųOBODJBMǰJOTUJUVUJPO ǰOFU Thai Baht US Dollars Japanese Yen Lessǰ%FGFSSFEǰųOBODJOHǰGFFǰ

-POH UFSNǰMPBOTǰGSPNǰųOBODJBMǰJOTUJUVUJPO ǰOFU Thai Baht US Dollars Japanese Yen Lessǰ%FGFSSFEǰųOBODJOHǰGFF OFUǰ 5PUBMǰMPOH UFSNǰMPBOTǰGSPNǰųOBODJBMǰJOTUJUVUJPO ǰOFUǰ

ǰ ǰ ǰ ǰ ǰ ǰ

354,644,828 725,858,021 37,525,663 ǰ 1,050,700,537

Company 2011 Baht

109,595,000 387,486,822 42,401,935 ǰ 535,728,282

2012 Baht

559,590,904 ǰ 559,590,904

2011 Baht

289,380,906 289,380,906

11,019,336,672 8,254,927,500 8,000,000,000 8,000,000,000 13,382,463,025 3,122,011,985 2,238,363,645 2,893,809,094 93,814,157 151,316,710 ǰ ǰ ǰ 24,165,114,877 11,521,387,363 10,238,363,645 10,893,809,094 ǰ ǰ ǰ

-POH UFSNǰMPBOTǰGSPNǰųOBODJBMǰJOTUJUVUJPOǰPGǰUIFǰ$PNQBOZ -POH UFSNǰMPBOTǰPGǰUIFǰ$PNQBOZǰBSFǰVOTFDVSFEǰMJBCJMJUJFTǰGSPNǰMPDBMǰųOBODJBMǰJOTUJUVUJPOT -POH UFSNǰMPBOTǰGSPNǰųOBODJBMǰJOTUJUVUJPOǰPGǰUIFǰTVCTJEJBSJFT -POH UFSNǰMPBOTǰPGǰUIFǰTVCTJEJBSJFTǰBSFǰTFDVSFEǰMJBCJMJUJFT ǰ5IFǰMPOH UFSNǰMPBOTǰBSFǰTFDVSFEǰPWFSǰ MBOE ǰCVJMEJOHT ǰQPXFSǰQMBOUTǰBOEǰFRVJQNFOUǰPGǰUIFǰTVCTJEJBSJFT ǰ5IFǰTVCTJEJBSJFTǰBSFǰSFRVJSFEǰ UPǰNBJOUBJOǰDBTIǰSFTFSWFTǰXIJDIǰBSFǰQSPWJEFEǰGSPNǰUIFǰQSPDFFETǰPGǰTBMFTǰPGǰFMFDUSJDJUZǰGPSǰUIFǰ QVSQPTFǰPGǰSFQBZNFOUǰPGǰQSJODJQBMǰBOEǰQBZNFOUǰPGǰJOUFSFTUǰEVFǰXJUIJOǰPOFǰZFBSǰBOEǰBTǰBǰSFTFSWFǰ GPSǰNJOJNJTJOHǰUIFǰFYDIBOHFǰSJTLǰ SFGFSǰUPǰ/PUFǰ ǰ*OǰBEEJUJPO ǰUIFǰ1PXFSǰ1VSDIBTFǰ"HSFFNFOUT ǰ UIFǰ"TTFUǰ1VSDIBTFǰ"HSFFNFOUT ǰUIFǰ.BKPSǰ.BJOUFOBODFǰ"HSFFNFOUTǰBOEǰJOTVSBODFǰQPMJDJFTǰIBWFǰ been assigned as collateral in accordance with the conditions under the Loan Agreement.

226

21 Long-term loans from financial institution, net (continued) 21.2 Ç° Ç° Ç° Ç° Ç° Ç°

Interest rate risk management 5IFÇ°EFUBJMÇ°PGÇ°JOUFSFTUÇ°SBUFÇ°TXBQÇ°DPOUSBDUTÇ°UIFÇ°(SPVQÇ°BSFÇ°TIPXOÇ°JOÇ°/PUFÇ° 5IFÇ°JOUFSFTUÇ°SBUFÇ°FYQPTVSFÇ°POÇ°UIFÇ°MPOH UFSNÇ°MPBOTÇ°GSPNÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ°PGÇ°UIFÇ°(SPVQÇ°BGUFSÇ° UBLJOHÇ°BDDPVOUÇ°PGÇ°JOUFSFTUÇ°SBUFÇ°TXBQÇ°DPOUSBDUTÇ°JTÇ°BTÇ°GPMMPXT Consolidated 2012 Baht

-POH UFSNÇ°MPBOTÇ°GSPNÇ°Å³OBODJBMÇ°JOTUJUVUJPOT Ç°OFUÇ° Ç° Ç° BUÇ°Å³YFEÇ°SBUFTÇ° Ç° Ç° BUÇ°Å´PBUJOHÇ°SBUFTÇ° 5PUBMÇ°MPOH UFSNÇ°MPBOTÇ°GSPNÇ°Å³OBODJBMÇ°JOTUJUVUJPOT Ç°OFUÇ°

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° 21.3

Company 2011 Baht

2012 Baht

2011 Baht

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

"GUFSÇ°UBLJOHÇ°BDDPVOUÇ°PGÇ°JOUFSFTUÇ°SBUFÇ°TXBQT Ç°UIFÇ°XFJHIUFEÇ°BWFSBHFÇ°FGGFDUJWFÇ°JOUFSFTUÇ°SBUFTÇ°PGÇ°UIFÇ° MPOH UFSNÇ°MPBOTÇ°GSPNÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ°PGÇ°UIFÇ°(SPVQÇ°XFSFÇ° Ç°QFSÇ°BOOVNÇ°GPSÇ°64Ç°%PMMBSTÇ°MPBOT Ç° Ç°QFSÇ°BOOVNÇ°GPSÇ°+BQBOFTFÇ°:FOÇ°MPBOTÇ°BOEÇ° Ç°QFSÇ°BOOVNÇ°GPSÇ°5IBJÇ°#BIUÇ°MPBOT Ç° Ç° Ç° QFSÇ°BOOVNÇ°GPSÇ°64Ç°%PMMBSTÇ°MPBOT Ç° Ç°QFSÇ°BOOVNÇ°GPSÇ°+BQBOFTFÇ°:FOÇ°MPBOTÇ°BOEÇ° Ç°QFSÇ°BOOVNÇ° GPSÇ°5IBJÇ°#BIUÇ°MPBOT "GUFSÇ°UBLJOHÇ°BDDPVOUÇ°PGÇ°JOUFSFTUÇ°SBUFÇ°TXBQT Ç°UIFÇ°XFJHIUFEÇ°BWFSBHFÇ°FGGFDUJWFÇ°JOUFSFTUÇ°SBUFÇ°PGÇ°UIFÇ° MPOH UFSNÇ°MPBOTÇ°GSPNÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ°PGÇ°UIFÇ°$PNQBOZÇ°XFSFÇ° Ç°QFSÇ°BOOVNÇ°GPSÇ°64Ç°%PMMBSTÇ° MPBOTÇ°BOEÇ° Ç°QFSÇ°BOOVNÇ°GPSÇ°5IBJÇ°#BIUÇ°MPBOT Ç° Ç° Ç°QFSÇ°BOOVNÇ°GPSÇ°64Ç°%PMMBSTÇ°MPBOTÇ° BOEÇ° Ç°QFSÇ°BOOVNÇ°GPSÇ°5IBJÇ°#BIUÇ°MPBOT The movements of the long-term loans from financial institutions can be analysed as follows: Consolidated

Opening net book value Loan increased from acquisitions of subsidiaries (Note 14.1.1) Additions of long-term loans Repayments of long-term loans Unrealised exchange losses (gains) "NPSUJTBUJPOÇ°PGÇ°EFGFSSFEÇ°Å³OBODJOHÇ°GFFÇ° Translation adjustments Closing net book value

Company

2012 Baht

2011 Baht

2012 Baht

2011 Baht

12,057,115,645

9,063,943,943

11,183,190,000

8,000,000,000

14,154,878,536 334,628,051 3,042,700,000 - 3,042,700,000 (915,304,113) (227,452,315) (280,543,634) (132,227,703) 174,169,409 (104,691,817) 140,490,000 Ç° Ç° Ç° (323,759,818) 25,215,815,414 12,057,115,645 10,797,954,549 11,183,190,000

227

Notes

21 Long-term loans from financial institution, net (continued)

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

21.3 The movements of the long-term loans from financial institutions can be analysed as follows: (continued) Ç°"EEJUJPOBMÇ°PGÇ°MPOH UFSNÇ°MPBOT Ç° Ç° Ç° 5IFÇ°UXPÇ°TVCTJEJBSJFTÇ°FOUFSFEÇ°JOUPÇ°MPOHÇ°UFSNÇ°MPBOÇ°GBDJMJUZÇ°BHSFFNFOUTÇ°XJUIÇ°MPDBMÇ°CBOLT Ç°GPSÇ° Ç° Ç° Ç° #BIUÇ° Ç°NJMMJPOÇ°BOEÇ°#BIUÇ° Ç°NJMMJPO Ç°SFTQFDUJWFMZ Ç°5IFÇ°JOUFSFTUÇ°SBUFTÇ°POÇ°UIFTFÇ°MPBOTÇ° Ç° Ç° Ç° BSFÇ°UISFF NPOUIÇ°5)#'*9Ç°QMVTÇ°BÇ°DFSUBJOÇ°NBSHJOÇ°QFSÇ°BOOVN Ç°5IFÇ°QSJODJQBMÇ°BOEÇ°JOUFSFTUÇ°XJMMÇ° Ç° Ç° Ç° CFÇ°SFQBJEÇ°POÇ°BÇ°RVBSUFSMZÇ°CBTJT Ç°DPNNFODJOHÇ°GSPNÇ°+VOFÇ° Ç° Ç° Ç° .PSFPWFS Ç°UIFÇ°UXPÇ°TVCTJEJBSJFTÇ°FOUFSFEÇ°JOUPÇ°MPOHÇ°UFSNÇ°MPBOÇ°GBDJMJUZÇ°BHSFFNFOUTÇ°XJUIÇ°MPDBMÇ° Ç° Ç° Ç° CBOLT Ç°GPSÇ°#BIUÇ° Ç°NJMMJPOÇ°BOEÇ°#BIUÇ° Ç°NJMMJPO Ç°SFTQFDUJWFMZ Ç°5IFÇ°JOUFSFTUÇ°SBUFTÇ°POÇ°UIFTFÇ° Ç° Ç° Ç° MPBOTÇ°BSFÇ°UISFF NPOUIÇ°5)#'*9Ç°QMVTÇ°BÇ°DFSUBJOÇ°NBSHJOÇ°QFSÇ°BOOVNÇ°BOEÇ°.-3Ç°NJOVTÇ°BÇ°DFSUBJOÇ° Ç° Ç° Ç° NBSHJOÇ°QFSÇ°BOOVN Ç°SFTQFDUJWFMZ Ç°5IFÇ°QSJODJQBMÇ°BOEÇ°JOUFSFTUÇ°XJMMÇ°CFÇ°SFQBJEÇ°POÇ°BÇ°RVBSUFSMZÇ° Ç° Ç° Ç° CBTJT Ç°DPNNFODJOHÇ°GSPNÇ°4FQUFNCFSÇ°BOEÇ°%FDFNCFSÇ° Ç°SFTQFDUJWFMZ Ç° Ç° Ç° "Ç°PWFSTFBTÇ°TVCTJEJBSZÇ°FOUFSFEÇ°JOUPÇ°MPOHÇ°UFSNÇ°MPBOÇ°GBDJMJUZÇ°BHSFFNFOUÇ°XJUIÇ°PWFSTFBTÇ°CBOLT Ç° Ç° Ç° Ç° GPSÇ°64Ç°%PMMBSTÇ° Ç°NJMMJPO Ç°XIJDIÇ°JTÇ°FRVJWBMFOUÇ°UPÇ°#BIUÇ° Ç°NJMMJPO Ç°5IFÇ°JOUFSFTUÇ°SBUFÇ°POÇ° Ç° Ç° Ç° UIFTFÇ°MPBOTÇ°JTÇ°FRVBMÇ°UPÇ°UIFÇ°Å³WFÇ°ZFBSTÇ°1IJMJQQJOFTÇ°(PWFSONFOUÇ°#POETÇ°ZJFMEÇ°GPSÇ°UIFÇ°Å³STUÇ°Å³WFÇ° Ç° Ç° Ç° ZFBSTÇ°BOEÇ°UIFÇ°JOUFSFTUÇ°SBUFÇ°TIBMMÇ°CFÇ°BÇ°Å´PBUJOHÇ°SBUFÇ°GPSÇ°UIFÇ°SFNBJOJOHÇ°ZFBST Ç°5IFÇ°QSJODJQBMÇ° Ç° Ç° Ç° BOEÇ°JOUFSFTUÇ°XJMMÇ°CFÇ°SFQBJEÇ°POÇ°TFNJ BOOVBMÇ°CBTJT 21.4 Maturity of long-term loans is as follows: Consolidated 2012 Baht

Within 1 year Later than 1 year and not later than 5 years Later than 5 years Total long-term loans, net

21.5 Ç° Ç° Ç° Ç° Ç° Ç°

Company 2011 Baht

1,050,700,537 535,728,282 16,360,851,679 10,942,625,519 7,804,263,198 578,761,844 25,215,815,414 12,057,115,645

2012 Baht

2011 Baht

559,590,904 10,238,363,645 10,797,954,549

289,380,906 10,315,047,250 578,761,844 11,183,190,000

Credit facilities "TÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°UIFÇ°(SPVQÇ°IBEÇ°UIFÇ°BWBJMBCMFÇ°DSFEJUÇ°GBDJMJUJFTÇ°GSPNÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ° BNPVOUFEÇ°UPÇ°#BIUÇ° Ç°NJMMJPOÇ°BOEÇ°64Ç°%PMMBSTÇ° Ç°NJMMJPOÇ°PGÇ°XIJDIÇ°#BIUÇ° Ç°NJMMJPOÇ°GPSÇ°UIFÇ° $PNQBOZÇ° Ç°#BIUÇ° Ç°NJMMJPOÇ°PGÇ°XIJDIÇ°#BIUÇ° Ç°NJMMJPOÇ°GPSÇ°UIFÇ°$PNQBOZ

228

22 Retirement benefit obligations Consolidated 2012 Baht Opening balance 3FUJSFNFOUÇ°CFOFĹłUÇ°FYQFOTFTÇ° Interest cost 3FUJSFNFOUÇ°CFOFĹłUÇ°QBJEÇ° Translation adjustment Closing balance

199,408,660 Ç° 3,403,927 Ç° 12,046 198,954,170

Company 2011 Baht

180,533,136 Ç° 8,298,568 Ç° 199,408,660

2012 Baht

2011 Baht

91,767,927 Ç° 2,349,047 Ç° 90,063,890

82,159,491 4,074,905

91,767,927

5IFÇ°GPMMPXJOHÇ°UBCMFÇ°JTÇ°BÇ°TVNNBSZÇ°PGÇ°UIFÇ°BTTVNQUJPOTÇ°SFMBUJOHÇ°UPÇ°UIFÇ°BDUVBSJBMÇ°UFDIOJRVFÇ°BTÇ°BUÇ°UIFÇ°EBUFÇ° Ç° PGÇ°ĹłOBODJBMÇ°TUBUFNFOUT 2012 and 2011 Discount rate as at 31 December Salary increase rate Turnover rate Pre-retirement mortality rate

4.80% 5.00% - 10.00% 0.00% - 5.00% 0.11% - 2.18%

23 Provision for decommissioning costs Consolidated For the years ended 31 December Opening net book balance Acquisition of subsidiaries (Note 14.1.1) "EEJUJPOBMÇ°QSPWJTJPOÇ° Ç°ĹłOBODFÇ°DPTUTÇ° Translation adjustment Closing net book balance

2012 Baht

Company 2011 Baht

2012 Baht

2011 Baht

972,895,496

874,279,974

386,414,269

370,839,030

19,604,248 Ç° (595,705) 1,088,849,809

Ç° 972,895,496

Ç° 402,643,668

386,414,269

229

Notes

24 Other non-current liabilities Consolidated 2012 Baht Advance from a customer -POH UFSNÇ°Å³OBODFÇ°MFBTFÇ°PCMJHBUJPOÇ° Deposits Other liabilities Total other non-current liabilities

Company 2011 Baht

204,209,482 Ç° 1,997,775 566,961,366 779,227,871

2012 Baht

Ç° 5,143,424 13,267,003

2011 Baht

Ç° 197,774 23,922,430 26,382,349

3,343,422 23,922,430 30,590,721

25 Legal reserve Consolidated 2012 Baht Opening balance Appropriation during the year Closing balance

530,000,000 530,000,000

Company 2011 Baht

2012 Baht

2011 Baht

530,000,000 530,000,000

Ç° 6OEFSÇ°UIFÇ°1VCMJDÇ°$PNQBOJFTÇ°"DUÇ°# & Ç° Ç°UIFÇ°$PNQBOZÇ°JTÇ°SFRVJSFEÇ°UPÇ°TFUÇ°BTJEFÇ°BTÇ°BÇ°MFHBMÇ°SFTFSWFÇ°BUÇ°MFBTUÇ° Ç° Ç°PGÇ°JUTÇ°OFUÇ°QSPÅ³UÇ°BGUFSÇ°BDDVNVMBUFEÇ°EFÅ³DJUÇ°CSPVHIUÇ°GPSXBSEÇ° JGÇ°BOZ Ç°VOUJMÇ°UIFÇ°SFTFSWFÇ°JTÇ°OPUÇ°MFTTÇ°UIBOÇ° Ç° Ç° PGÇ°UIFÇ°SFHJTUFSFEÇ°DBQJUBM Ç°5IFÇ°MFHBMÇ°SFTFSWFÇ°JTÇ°OPO EJTUSJCVUBCMF

26 Non-controlling interests Consolidated For the years ended 31 December Opening balance Acquisition of subsidiaries (Note 14.1.1) 4IBSFTÇ°PGÇ°OFUÇ°QSPÅ³UÇ°GSPNÇ°TVCTJEJBSJFTÇ°BOEÇ°JOUFSFTUTÇ°Ç° in joint ventures Dividend payment of subsidiaries Translation adjustment Closing balance

2012 Baht

Company 2011 Baht

555,026,907 400,507,457

509,094,479 Ç°

67,894,372 (112,991,443) (23,556,835) 86,862,458

2012 Baht

2011 Baht -

Ç° 126,289,149 (80,356,721) 555,026,907

Ç°

Ç° -

230

27 Other income Consolidated For the years ended 31 December Dividend income from subsidiaries and joint ventures (Note 14) Dividend income from other Company Interest income (Note 34.7) Rental and services income Gain on discontinued operation of a subsidiary Others Total other income

2012 Baht 155,721,595 153,560,682 49,624,635 55,678,552 414,585,464

Company 2011 Baht

2012 Baht

2011 Baht

115,233,980 176,396,514 63,030,708 94,457,459 449,118,661

4,646,428,386 155,721,595 192,521,377 141,733,583 56,192,497 5,192,597,438

5,364,452,040 115,233,980 189,063,659 137,805,052 6,982,607 79,198,329 5,892,735,667

28 Expense by nature Ç° 5IFÇ°GPMMPXJOHÇ°FYQFOEJUVSFÇ°JUFNTÇ°IBWFÇ°CFFOÇ°DIBSHFEÇ°JOÇ°BSSJWJOHÇ°BUÇ°OFUÇ°QSPĹłU Consolidated For the years ended 31 December Depreciation on plant and equipment (Note 16) Amortisation of right in long-term power and tap water purchase agreements (Note 17) Major repair and maintenance expenses of power plants Staff costs

Company

2012 Baht

2011 Baht

2012 Baht

2011 Baht

2,516,238,794

1,919,833,684

1,053,402,897

1,053,132,814

249,450,615 533,793,889 1,313,070,534

44,494,281 568,986,812 1,242,528,151

239,757,953 526,161,674

335,734,075 505,268,310

29 Finance costs Consolidated For the years ended 31 December Interest expenses Net losses (gains) on exchange rate from foreign currency loans 5PUBMÇ°ĹłOBODFÇ°DPTUTÇ°

Company

2012 Baht

2011 Baht

2012 Baht

2011 Baht

1,095,179,129

518,565,626

492,754,111

396,116,508

(391,910,564) Ç°

175,639,231 Ç°

(358,441,818) Ç°

140,490,000

231

Notes

30 Earnings per share Ç° #BTJDÇ°FBSOJOHTÇ°QFSÇ°TIBSFÇ°JTÇ°DBMDVMBUFEÇ°CZÇ°EJWJEJOHÇ°UIFÇ°OFUÇ°QSPÅ³UÇ°GPSÇ°UIFÇ°ZFBSÇ°BUUSJCVUBCMFÇ°UPÇ°TIBSFIPMEFSTÇ°CZÇ° Ç° UIFÇ°XFJHIUFEÇ°BWFSBHFÇ°OVNCFSÇ°PGÇ°PSEJOBSZÇ°TIBSFTÇ°JTTVFEÇ°BOEÇ°QBJE VQÇ°EVSJOHÇ°UIFÇ°ZFBS Ç°OFUÇ°PGÇ°USFBTVSZÇ°TUPDL Consolidated 2012 /FUÇ°QSPÅ³UÇ°BUUSJCVUBCMFÇ°UPÇ°PXOFSTÇ°PGÇ°UIFÇ°QBSFOUÇ° #BIU Ç° Ç° Weighted average number of ordinary share in issue (Shares) 526,465,000 Basic earnings per share (Baht) 20.85

Company 2011

2012

2011

Ç° 526,465,000 9.48

Ç° 526,465,000 8.65

526,465,000 9.30

Ç° 5IFSFÇ°BSFÇ°OPÇ°EJMVUJWFÇ°QPUFOUJBMÇ°PSEJOBSZÇ°TIBSFTÇ°JOÇ°JTTVFÇ°EVSJOHÇ°UIFÇ°QFSJPETÇ°QSFTFOUFE Ç°TPÇ°OPÇ°EJMVUFEÇ° earnings per share are presented.

31 Dividends Ç° %VSJOHÇ° UIFÇ° ZFBSÇ° FOEFEÇ° Ç° %FDFNCFSÇ° Ç° UIFÇ° $PNQBOZÇ° EFDMBSFEÇ° BOEÇ° QBJEÇ° EJWJEFOETÇ° UPÇ° UIFÇ° shareholders as details below. Ç° B Ç° "UÇ°UIFÇ°"OOVBMÇ°(FOFSBMÇ°4IBSFIPMEFSTÄ´Ç°.FFUJOHÇ°EBUFEÇ° Ç°"QSJMÇ° Ç°UIFÇ°TIBSFIPMEFSTÇ°BQQSPWFEÇ° Ç° Ç° UIFÇ°QBZNFOUÇ°PGÇ°EJWJEFOETÇ°JOÇ°SFTQFDUÇ°PGÇ°UIFÇ°PQFSBUJOHÇ°SFTVMUTÇ°GPSÇ°UIFÇ°TJY NPOUIÇ°QFSJPEÇ°FOEFEÇ° Ç° Ç° Ç°%FDFNCFSÇ° Ç°GPSÇ° Ç°TIBSFTÇ°BUÇ°#BIUÇ° Ç°QFSÇ°TIBSF Ç°UPUBMMJOHÇ°#BIUÇ° Ç°NJMMJPO Ç° Ç° Ç° 5IFTFÇ°EJWJEFOETÇ°XFSFÇ°QBJEÇ°UPÇ°TIBSFIPMEFSTÇ°POÇ° Ç°.BZÇ° Ç° Ç°%JWJEFOETÇ°GPSÇ° Ç° Ç° Ç° TIBSFTÇ°PGÇ°#BIUÇ° Ç°QFSÇ°TIBSF Ç°UPUBMMJOHÇ°#BIUÇ° Ç°NJMMJPO Ç° Ç° 5IFÇ° TIBSFIPMEFSTÇ° BDLOPXMFEHFEÇ° UIFÇ° QBZNFOUTÇ° PGÇ° JOUFSJNÇ° EJWJEFOETÇ° JOÇ° SFTQFDUÇ° PGÇ° PQFSBUJOHÇ° Ç° Ç° SFTVMUTÇ°GPSÇ°UIFÇ°Å³STUÇ°TJY NPOUIÇ°QFSJPEÇ°PGÇ° Ç°GPSÇ° Ç°TIBSFTÇ°BUÇ°#BIUÇ° Ç°QFSÇ°TIBSF Ç°UPUBMMJOHÇ° Ç° Ç° #BIUÇ° Ç°NJMMJPO Ç°5IFTFÇ°EJWJEFOETÇ°XFSFÇ°QBJEÇ°UPÇ°TIBSFIPMEFSTÇ°POÇ° Ç°4FQUFNCFSÇ° Ç° C Ç° 5IFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÄ´Ç°NFFUJOHÇ°POÇ° Ç°"VHVTUÇ° Ç°BQQSPWFEÇ°UPÇ°QBZÇ°JOUFSJNÇ°EJWJEFOETÇ°JOÇ°SFTQFDUÇ° Ç° Ç° PGÇ°UIFÇ°PQFSBUJOHÇ°SFTVMUTÇ°GPSÇ°UIFÇ°TJY NPOUIÇ°QFSJPEÇ°FOEFEÇ° Ç°+VOFÇ° Ç°GPSÇ° Ç°TIBSFTÇ°BUÇ° Ç° Ç° #BIUÇ° Ç°QFSÇ°TIBSF Ç°UPUBMJOHÇ°#BIUÇ° Ç°NJMMJPO Ç°5IFTFÇ°EJWJEFOETÇ°XFSFÇ°QBJEÇ°UPÇ°TIBSFIPMEFSTÇ°POÇ° 21 September 2012. Ç° *OÇ°BEEJUJPO Ç°UIFÇ°$PNQBOZÇ°SFWFSTFEÇ°EJWJEFOEÇ°QBZBCMF Ç°QBZBCMFÇ°UPÇ°GPSFJHOÇ°JOWFTUPSTÇ°XIPÇ°XFSFÇ°VOBCMFÇ°UPÇ° Ç° FYFSDJTFÇ°SJHIUTÇ°UPÇ°SFDFJWFÇ°TVDIÇ°EJWJEFOET Ç°BNPVOUJOHÇ°UPÇ°#BIUÇ° Ç°NJMMJPOÇ°EVSJOHÇ° Ç° Ç°#BIUÇ° Ç°NJMMJPO

32 Promotional privileges Ç° Ç° Ç° Ç° Ç° Ç° Ç°

5IFÇ°(SPVQÇ°IBTÇ°CFFOÇ°HSBOUFEÇ°QSPNPUJPOBMÇ°QSJWJMFHFTÇ°CZÇ°UIFÇ°0GÅ³DFÇ°PGÇ°UIFÇ°#PBSEÇ°PGÇ°*OWFTUNFOUÇ°VOEFSÇ° QSPNPUJPOÇ°DFSUJÅ³DBUFTÇ°JOÇ°SFTQFDUÇ°PGÇ°FMFDUSJDJUZÇ°BOEÇ°UBQÇ°XBUFSÇ°HFOFSBUJPO Ç°5IFTFÇ°FJHIUÇ°TVCTJEJBSJFTÇ°IBWFÇ° CFFOÇ°HSBOUFEÇ°FYFNQUJPOÇ°GSPNÇ°DFSUBJOÇ°UBYFTÇ°BOEÇ°EVUJFTÇ°BTÇ°EFUBJMFEÇ°JOÇ°UIFÇ°DFSUJÅ³DBUFTÇ°JODMVEJOHÇ°FYFNQUJPOÇ° GSPNÇ°DPSQPSBUFÇ°JODPNFÇ°UBYÇ°GPSÇ°BÇ°QFSJPEÇ°PGÇ°FJHIUÇ°ZFBSTÇ°GSPNÇ°UIFÇ°EBUFÇ°PGÇ°Å³STUÇ°SFWFOVF Ç°"TÇ°QSPNPUFEÇ° FOUJUJFT Ç°UIFTFÇ°TVCTJEJBSJFTÇ°BSFÇ°SFRVJSFEÇ°UPÇ°DPNQMZÇ°XJUIÇ°UIFÇ°UFSNTÇ°BOEÇ°DPOEJUJPOTÇ°TQFDJÅ³FEÇ°JOÇ°UIFÇ° QSPNPUJPOÇ°DFSUJÅ³DBUFT 5IFÇ°QSPNPUJPOBMÇ°QSJWJMFHFTÇ°PGÇ°GPVSÇ°TVCTJEJBSJFTÇ°JOÇ°SFMBUJPOÇ°UPÇ°UIFÇ°FJHIU ZFBSÇ°DPSQPSBUFÇ°JODPNFÇ°UBYÇ°FYFNQUJPOÇ°

232

32 Promotional privileges (continued) Ç° Ç° Ç° Ç° Ç°

FYQJSFEÇ°POÇ° Ç°4FQUFNCFSÇ° Ç° Ç°'FCSVBSZÇ° Ç° Ç°+BOVBSZÇ° Ç°BOEÇ° Ç°"QSJMÇ° Ç°SFTQFDUJWFMZ Ç° 5ISFFÇ°TVCTJEJBSJFTÇ°BSFÇ°FMJHJCMFÇ°UPÇ°BQQMZÇ°UIFÇ°DPSQPSBUFÇ°JODPNFÇ°UBYÇ°SBUFÇ°PGÇ° Ç°PGÇ°UIFÇ°OPSNBMÇ°DPSQPSBUFÇ° JODPNFÇ°SBUFÇ°GPSÇ°BÇ°QFSJPEÇ°PGÇ°Å³WFÇ°ZFBSTÇ°CFZPOEÇ°UIFÇ°FJHIU ZFBSÇ°DPSQPSBUFÇ°JODPNFÇ°UBYÇ°FYFNQUJPOÇ°QFSJPE Ç° "Ç°TVCTJEJBSZÇ°PGÇ°UIFÇ°$PNQBOZÇ°JTÇ°OPUÇ°FMJHJCMFÇ°GPSÇ°BOZÇ°GVSUIFSÇ°SFEVDUJPOÇ°JOÇ°DPSQPSBUFÇ°JODPNFÇ°UBY Ç°"DDPSEJOHMZ Ç° UIFÇ°OFUÇ°QSPÅ³UTÇ°PGÇ°UXPÇ°TVCTJEJBSJFTÇ°BSFÇ°TVCKFDUÇ°UPÇ°UIFÇ°OPSNBMÇ°DPSQPSBUFÇ°JODPNFÇ°UBYÇ°SBUFÇ°BGUFSÇ°UIFÇ° expiration date.

33 Financial instruments Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

5IFÇ°QSJODJQBMÇ°Å³OBODJBMÇ°SJTLTÇ°GBDFEÇ°CZÇ°UIFÇ°(SPVQÇ°BSFÇ°JOUFSFTUÇ°SBUFÇ°BOEÇ°FYDIBOHFÇ°SBUFÇ°SJTLT Ç°5IFÇ°(SPVQÇ° CPSSPXTÇ°UPÇ°Å³OBODFÇ°JUTÇ°PQFSBUJPOT Ç°XIJDIÇ°JOWPMWFÇ°QBZNFOUTÇ°JOÇ°GPSFJHOÇ°DVSSFODJFT Ç°BUÇ°CPUIÇ°Å³YFEÇ°BOEÇ° Å´PBUJOHÇ°SBUFTÇ°PGÇ°JOUFSFTU 5IFÇ°PCKFDUJWFTÇ°PGÇ°VTJOHÇ°EFSJWBUJWFÇ°Å³OBODJBMÇ°JOTUSVNFOUTÇ°BSFÇ°UPÇ°SFEVDFÇ°UIFÇ°VODFSUBJOUZÇ°PWFSÇ°GVUVSFÇ°DBTIÇ° Å´PXTÇ°BSJTJOHÇ°GSPNÇ°NPWFNFOUTÇ°JOÇ°JOUFSFTUÇ°SBUFTÇ°BOEÇ°UPÇ°NBOBHFÇ°UIFÇ°MJRVJEJUZÇ°PGÇ°DBTIÇ°SFTPVSDFT Ç°*OUFSFTUÇ° SBUFÇ°FYQPTVSFÇ°JTÇ°NBOBHFEÇ°UISPVHIÇ°JOUFSFTUÇ°SBUFÇ°TXBQÇ°DPOUSBDUT Ç°*OÇ°SFTQFDUÇ°PGÇ°DVSSFODZÇ°FYDIBOHFÇ°SJTL Ç° UIFÇ°GPSNVMBÇ°GPSÇ°UIFÇ°DBMDVMBUJPOÇ°PGÇ°SFWFOVFTÇ°GSPNÇ°UIFÇ°"WBJMBCJMJUZÇ°1BZNFOUTÇ°BOEÇ°&OFSHZÇ°1BZNFOUTÇ°DIBSHFEÇ° UPÇ°&("5Ç°BMMPXTÇ°GPSÇ°UIFÇ°NJOJNJTBUJPOÇ°PGÇ°UIFÇ°JNQBDUÇ°PGÇ°DVSSFODZÇ°FYDIBOHF 5SBEJOHÇ°GPSÇ°TQFDVMBUJWFÇ°QVSQPTFTÇ°JTÇ°OPUÇ°BMMPXFE Ç°"MMÇ°EFSJWBUJWFÇ°USBOTBDUJPOTÇ°BSFÇ°TVCKFDUÇ°UPÇ°QSJPSÇ°BQQSPWBMÇ° CZÇ°UIFÇ°SFTQFDUJWFÇ°CPBSEÇ°PGÇ°FBDIÇ°DPNQBOZÇ°JOÇ°UIFÇ°(SPVQ 33.1 Financial assets and liabilities Ç° Ç° "TÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°BOEÇ° Ç°UIFÇ°(SPVQÇ°IBEÇ°PVUTUBOEJOHÇ°GPSFJHOÇ°DVSSFODZÇ°BTTFUTÇ°BOEÇ°MJBCJMJUJFTÇ° Ç° Ç° BGUFSÇ°UBLJOHÇ°BDDPVOUÇ°PGÇ°GPSFJHOÇ°DVSSFODZÇ°GPSXBSEÇ°DPOUSBDUTÇ°BTÇ°EFUBJMTÇ°CFMPX Consolidated 2012 Currency Million "TTFUT US Dollars -JBCJMJUJFT US Dollars Japanese Yen

2011 Million Baht

Currency Million

Million Baht

110.66

3,380

110.25

3,510

512.46 366.91

14,136 131 14,237

110.25 469.73

3,510 194 3,704

Company 2012 Currency Million -JBCJMJUJFT US Dollars

90.91

2011 Million Baht 2,798

Currency Million 100

Million Baht 3,183

233

Notes

33 Financial instruments (continued) Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Ç° 'JOBODJBMÇ°BTTFUTÇ°BOEÇ°MJBCJMJUJFTÇ° DPOUJOVFE

Ç° 'PSFJHOÇ°DVSSFODZÇ°BTTFUTÇ°SFQSFTFOUÇ°DBTIÇ°BOEÇ°DBTIÇ°FRVJWBMFOUT Ç°USBEFÇ°SFDFJWBCMFTÇ°BOEÇ°64Ç°%PMMBSTÇ° Ç° EFQPTJUTÇ°XJUIÇ°Å³OBODJBMÇ°JOTUJUVUJPOT Ç°'PSFJHOÇ°DVSSFODZÇ°MJBCJMJUJFTÇ°SFQSFTFOUÇ°USBEFÇ°QBZBCMFT Ç°PUIFSÇ° Ç° QBZBCMFT Ç°JOUFSFTUÇ°QBZBCMFTÇ°BOEÇ°MPOH UFSNÇ°MPBOT Ç° "TÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°UIFÇ°(SPVQÇ°EJEÇ°OPUÇ°FOUFSÇ°JOUPÇ°BOZÇ°GPSFJHOÇ°DVSSFODZÇ°GPSXBSEÇ°DPOUSBDUTÇ°UPÇ° Ç° DPWFSÇ°UIFJSÇ°FYDIBOHFÇ°SJTLÇ°SFMBUJOHÇ°UPÇ°MPOH UFSNÇ°MPBOÇ°SFQBZNFOUTÇ°PGÇ°64Ç°%PMMBSTÇ° Ç°NJMMJPOÇ°BOEÇ° Ç° +BQBOFTFÇ°:FOÇ° Ç°NJMMJPOÇ°XIJDIÇ°XFSFÇ°UIFÇ°OFUÇ°BNPVOUÇ°BGUFSÇ°EFEVDUJOHÇ°EFQPTJUTÇ°BOEÇ°JOWFTUNFOUTÇ° Ç° JOÇ°GPSFJHOÇ°DVSSFODZÇ° Ç°64Ç°%PMMBSTÇ° Ç°NJMMJPOÇ°BOEÇ°+BQBOFTFÇ°:FOÇ° Ç°NJMMJPOÇ°XIJDIÇ°XFSFÇ°UIFÇ° Ç° OFUÇ°BNPVOUÇ°BGUFSÇ°EFEVDUJOHÇ°EFQPTJUTÇ°BOEÇ°JOWFTUNFOUTÇ°JOÇ°GPSFJHOÇ°DVSSFODZ Ç°)PXFWFS Ç°UIFÇ°(SPVQÇ° Ç° SFDFJWFTÇ°DPNQFOTBUJPOÇ°GSPNÇ°&("5Ç°GPSÇ°FYDIBOHFÇ°SBUFÇ°FGGFDUTÇ°SFMBUFEÇ°UPÇ°JUTÇ°64Ç°%PMMBSTÇ°BOEÇ°+BQBOFTFÇ° Ç° :FOÇ° EFCUÇ° TFSWJDFTÇ° BOEÇ° DBTIÇ° JOÅ´PXTÇ° GSPNÇ° USBEFÇ° SFDFJWBCMFTÇ° PGÇ° BOÇ° PWFSTFBTÇ° TVCTJEJBSZÇ° BSFÇ° Ç° EFOPNJOBUFEÇ°JOÇ°64Ç°%PMMBS 0CKFDUJWFTÇ°BOEÇ°TJHOJÅ³DBOUÇ°UFSNTÇ°BOEÇ°DPOEJUJPOT Ç° *OÇ°PSEFSÇ°UPÇ°NBOBHFÇ°SJTLTÇ°BSJTJOHÇ°GSPNÇ°Å´VDUVBUJPOTÇ°JOÇ°JOUFSFTUÇ°SBUFTÇ°BOEÇ°DVSSFODZÇ°FYDIBOHFÇ°SBUFT Ç° Ç° UIFÇ°(SPVQÇ°VTFTÇ°UIFÇ°GPMMPXJOHÇ°EFSJWBUJWFÇ°Å³OBODJBMÇ°JOTUSVNFOUT Interest rate swap contracts Ç° *OUFSFTUÇ°SBUFÇ°TXBQÇ°DPOUSBDUTÇ°BSFÇ°FOUFSFEÇ°JOUPÇ°UPÇ°NBOBHFÇ°FYQPTVSFÇ°UPÇ°Å´VDUVBUJPOTÇ°JOÇ°JOUFSFTUÇ°SBUFTÇ° Ç° POÇ°TQFDJÅ³DÇ°USBOTBDUJPOT Ç°5IFÇ°$PNQBOZÇ°FOUFSFEÇ°JOUPÇ°BOÇ°JOUFSFTUÇ°SBUFÇ°TXBQÇ°DPOUSBDUÇ°CZÇ°DPOWFSUJOHÇ° Ç° Å´PBUJOHÇ°SBUFTÇ°UPÇ°Å³YFEÇ°SBUFÇ°GPSÇ°UIFÇ°UPUBMÇ°BNPVOUÇ°PGÇ°MPOH UFSNÇ°MPBOTÇ°PGÇ°#BIUÇ° Ç°NJMMJPOÇ°BOEÇ°PGÇ° Ç° 64Ç°%PMMBSTÇ° Ç°NJMMJPOÇ° XIJDIÇ°FRVJWBMFOUÇ°UPÇ°#BIUÇ° Ç°NJMMJPO Ç°"Ç°TVCTJEJBSZÇ°PGÇ°UIFÇ°$PNQBOZÇ° Ç° FOUFSFEÇ°JOUPÇ°BOÇ°JOUFSFTUÇ°SBUFÇ°TXBQÇ°DPOUSBDUÇ°CZÇ°DPOWFSUJOHÇ°Å´PBUJOHÇ°SBUFTÇ°UPÇ°Å³YFEÇ°SBUFÇ°GPSÇ°UIFÇ°UPUBMÇ° Ç° BNPVOUÇ°PGÇ°MPOH UFSNÇ°MPBOTÇ°PGÇ°64Ç°%PMMBSTÇ° Ç°NJMMJPOÇ° XIJDIÇ°FRVJWBMFOUÇ°UPÇ°#BIUÇ° Ç°NJMMJPO Ç°BOEÇ° Ç° PGÇ°#BIUÇ° Ç°NJMMJPO Ç° 5IFÇ°Å³YFEÇ°JOUFSFTUÇ°SBUFTÇ°VOEFSÇ°UIFÇ°TXBQTÇ°GPSÇ°MPOH UFSNÇ°MPBOTÇ°BUÇ° Ç°%FDFNCFSÇ°XFSF Contract amounts (millions) Currency

2012

US Dollars Thai Baht

Ç° Ç° Ç° Ç°

2011

57 7,374

65 4,365

Fixed Exchange Rates 2012

2011

1.53 - 7.42 2.48 - 6.10

2.60 - 7.42 2.48 - 5.65

5IFÇ°SFNBJOJOHÇ°OPUJPOBMÇ°QSJODJQBMÇ°BNPVOUTÇ°PGÇ°UIFÇ°PVUTUBOEJOHÇ°JOUFSFTUÇ°SBUFÇ°TXBQÇ°DPOUSBDUTÇ°BUÇ° Ç° %FDFNCFSÇ°XFSF Consolidated 2012 Million Baht

Within 1 year Later than 1 year

768 8,366 9,134

Company

2011 Million Baht 367 6,075 6,442

2012 Million Baht 308 5,231 5,539

2011 Million Baht 159 5,592 5,751

234

33 Financial instruments (continued) Ç° Ç° Ç° Ç° Ç° Ç°

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Ç° $SFEJUÇ°SJTL Ç° 5IFÇ°(SPVQÇ°IBTÇ°OPÇ°TJHOJÅ³DBOUÇ°DPODFOUSBUJPOTÇ°PGÇ°DSFEJUÇ°SJTLÇ°SFMBUJOHÇ°UPÇ°JUTÇ°DBTIÇ°BOEÇ°JOWFTUNFOUT Ç° Ç° 5IFÇ°(SPVQÇ°QMBDFTÇ°JUTÇ°DBTIÇ°BOEÇ°JOWFTUNFOUTÇ°XJUIÇ°IJHIÇ°RVBMJUZÇ°Å³OBODJBMÇ°JOTUJUVUJPOT Ç°5IFÇ°(SPVQÄ´TÇ° Ç° QPMJDZÇ°JTÇ°EFTJHOFEÇ°UPÇ°MJNJUÇ°FYQPTVSFÇ°XJUIÇ°BOZÇ°POFÇ°JOTUJUVUJPOÇ°BOEÇ°UPÇ°JOWFTUÇ°JUTÇ°FYDFTTÇ°DBTIÇ°JOÇ°MPXÇ° Ç° SJTLÇ°JOWFTUNFOUÇ°BDDPVOUT Ç°5IFÇ°(SPVQÇ°IBTÇ°OPUÇ°FYQFSJFODFEÇ°BOZÇ°MPTTFTÇ°POÇ°TVDIÇ°BDDPVOUT Ç°'PSÇ° Ç° USBEFÇ°SFDFJWBCMFT Ç°UIFÇ°(SPVQÄ´TÇ°TBMFTÇ°BSFÇ°NBEFÇ°UPÇ°&("5 Ç°1&"Ç°BOEÇ°JOEVTUSJBMÇ°VTFSTÇ°VOEFSÇ°UIFÇ°UFSNTÇ° Ç° BOEÇ°DPOEJUJPOTÇ°PGÇ°UIFÇ°MPOH UFSNÇ°1PXFSÇ°1VSDIBTFÇ°"HSFFNFOUTÇ°BOEÇ°UIFÇ°MPOH UFSNÇ°&MFDUSJDJUZÇ°BOEÇ° Steam Sales and Purchase Agreements. Ç° 'BJSÇ°WBMVF Ç° 5IFÇ°DBSSZJOHÇ°BNPVOUTÇ°PGÇ°UIFÇ°GPMMPXJOHÇ°Å³OBODJBMÇ°BTTFUTÇ°BOEÇ°Å³OBODJBMÇ°MJBCJMJUJFTÇ°BQQSPYJNBUFÇ°UIFJSÇ° Ç° GBJSÇ°WBMVFT Ç°DBTIÇ°BOEÇ°DBTIÇ°FRVJWBMFOUT Ç°TIPSU UFSNÇ°JOWFTUNFOUT Ç°USBEFÇ°SFDFJWBCMFTÇ°BOEÇ°QBZBCMFT Ç° Ç° BNPVOUTÇ°EVFÇ°GSPNÇ°BOEÇ°EVFÇ°UPÇ°SFMBUFEÇ°DPNQBOJFT Ç°PUIFSÇ°SFDFJWBCMFTÇ°BOEÇ°QBZBCMFT Ç°BOEÇ°TIPSU Ç° UFSNÇ°MPBOTÇ°EVFÇ°UPÇ°UIFÇ°TIPSUÇ°NBUVSJUJFTÇ°PGÇ°UIFTFÇ°JOTUSVNFOUT Ç° -POH UFSNÇ°MPBOTÇ°UPÇ°SFMBUFEÇ°QBSUJFTÇ°BOEÇ°MPOH UFSNÇ°MPBOTÇ°GSPNÇ°Å³OBODJBMÇ°JOTUJUVUJPOT Ç° 5IFÇ°GBJSÇ°WBMVFTÇ°PGÇ°MPOH UFSNÇ°MPBOTÇ°UPÇ°SFMBUFEÇ°QBSUJFTÇ°BOEÇ°MPOH UFSNÇ°MPBOTÇ°GSPNÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ° Ç° XJUIÇ°Å³YFEÇ°JOUFSFTUÇ°SBUFTÇ°IBWFÇ°CFFOÇ°DBMDVMBUFEÇ°GSPNÇ°UIFÇ°OFUÇ°QSFTFOUÇ°WBMVFÇ°PGÇ°GVUVSFÇ°DBTIÇ°Å´PXTÇ°EJTDPVOUFEÇ° Ç° CZÇ°NBSLFUÇ°JOUFSFTUÇ°SBUFTÇ°VTJOHÇ°SBUFTÇ°BUÇ°UIFÇ°EBUFÇ°PGÇ°Å³OBODJBMÇ°TUBUFNFOUT Ç°5IFÇ°GBJSÇ°WBMVFTÇ°PGÇ°MPOH UFSNÇ° Ç° MPBOTÇ°SFDFJWBCMFÇ°BOEÇ°QBZBCMFÇ°XJUIÇ°Å´PBUJOHÇ°JOUFSFTUÇ°SBUFTÇ°BQQSPYJNBUFÇ°UIFJSÇ°DBSSZJOHÇ°BNPVOUT Ç° 5IFÇ°DPOUSBDUÇ°BNPVOUTÇ°BOEÇ°GBJSÇ°WBMVFTÇ°PGÇ°DFSUBJOÇ°MPOH UFSNÇ°MPBOTÇ°UPÇ°SFMBUFEÇ°QBSUJFTÇ°BOEÇ°MPOH UFSNÇ°MPBOTÇ° Ç° GSPNÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ°XJUIÇ°Å³YFEÇ°JOUFSFTUÇ°SBUFTÇ°BUÇ°UIFÇ°EBUFÇ°PGÇ°Å³OBODJBMÇ°TUBUFNFOUTÇ°BSFÇ°BTÇ°GPMMPXT 2012 Consolidated Contract amounts Fair values Million Baht Million Baht

Long-term loans to related parties -POH UFSNÇ°MPBOTÇ°GSPNÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ°

Ç°

Company Contract amounts Fair values Million Baht Million Baht

Ç°

364 Ç°

311

2011 Consolidated Contract amounts Fair values Million Baht Million Baht -POH UFSNÇ°MPBOTÇ°GSPNÇ°Å³OBODJBMÇ°JOTUJUVUJPOTÇ°

Ç° Ç°

Ç°

Company Contract amounts Fair values Million Baht Million Baht Ç°

5IFÇ°GBJSÇ°WBMVFTÇ°PGÇ°UIFÇ°EFSJWBUJWFÇ°Å³OBODJBMÇ°JOTUSVNFOUTÇ°BUÇ°UIFÇ°EBUFÇ°PGÇ°Å³OBODJBMÇ°TUBUFNFOUTÇ°BSFÇ°BTÇ°GPMMPXT Consolidated 2012 Million Baht

Unfavourable interest rate swaps Favourable interest rate swap

(178) 5

Company

2011 Million Baht (126) 14

2012 Million Baht (100) 5

2011 Million Baht (100) 14

235

Notes

33 Financial instruments (continued) Ç° 'BJSÇ°WBMVFÇ° DPOUJOVFE

Ç° Ç° 5IFÇ°GBJSÇ°WBMVFTÇ°PGÇ°JOUFSFTUÇ°SBUFÇ°TXBQÇ°DPOUSBDUT Ç°DVSSFODZÇ°BOEÇ°JOUFSFTUÇ°SBUFÇ°TXBQÇ°DPOUSBDUTÇ°IBWFÇ°CFFOÇ° Ç° Ç° DBMDVMBUFEÇ°VTJOHÇ°SBUFTÇ°RVPUFEÇ°CZÇ°UIFÇ°(SPVQÄ´TÇ°CBOLFSTÇ°UPÇ°UFSNJOBUFÇ°UIFÇ°DPOUSBDUTÇ°BUÇ°UIFÇ°EBUFÇ°PGÇ° Ç° Ç° Å³OBODJBMÇ°TUBUFNFOUT Ç°

34 Related party transactions Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

&OUFSQSJTFTÇ°BOEÇ°JOEJWJEVBMTÇ°UIBUÇ°EJSFDUMZ Ç°PSÇ°JOEJSFDUMZÇ°UISPVHIÇ°POFÇ°PSÇ°NPSFÇ°JOUFSNFEJBSJFT Ç°DPOUSPM Ç°PSÇ° BSFÇ°DPOUSPMMFEÇ°CZ Ç°PSÇ°BSFÇ°VOEFSÇ°DPNNPOÇ°DPOUSPMÇ°XJUIÇ°UIFÇ°DPNQBOZ Ç°JODMVEJOHÇ°IPMEJOHÇ°DPNQBOJFT Ç° TVCTJEJBSJFTÇ°BOEÇ°GFMMPXÇ°TVCTJEJBSJFTÇ°BSFÇ°SFMBUFEÇ°QBSUJFTÇ°PGÇ°UIFÇ°$PNQBOZ Ç°"TTPDJBUFTÇ°BOEÇ°JOEJWJEVBMTÇ° PXOJOH Ç° EJSFDUMZÇ° PSÇ° JOEJSFDUMZ Ç° BOÇ° JOUFSFTUÇ° JOÇ° UIFÇ° WPUJOHÇ° QPXFSÇ° PGÇ° UIFÇ° $PNQBOZÇ° UIBUÇ° HJWFTÇ° UIFNÇ° TJHOJÅ³DBOUÇ°JOÅ´VFODFÇ°PWFSÇ°UIFÇ°$PNQBOZ Ç°LFZÇ°NBOBHFNFOUÇ°QFSTPOOFM Ç°JODMVEJOHÇ°EJSFDUPSTÇ°BOEÇ°PGÅ³DFSTÇ° PGÇ°UIFÇ°$PNQBOZÇ°BOEÇ°DMPTFÇ°NFNCFSTÇ°PGÇ°UIFÇ°GBNJMZÇ°PGÇ°UIFTFÇ°JOEJWJEVBMTÇ°BOEÇ°DPNQBOJFTÇ°BTTPDJBUFEÇ° XJUIÇ°UIFTFÇ°JOEJWJEVBMTÇ°BMTPÇ°DPOTUJUVUFÇ°SFMBUFEÇ°QBSUJFT *OÇ°DPOTJEFSJOHÇ°FBDIÇ°QPTTJCMFÇ°SFMBUFEÇ°QBSUZÇ°SFMBUJPOTIJQ Ç°BUUFOUJPOÇ°JTÇ°EJSFDUFEÇ°UPÇ°UIFÇ°TVCTUBODFÇ°PGÇ°UIFÇ° SFMBUJPOTIJQ Ç°BOEÇ°OPUÇ°NFSFMZÇ°UIFÇ°MFHBMÇ°GPSN 5IFÇ°NBKPSÇ°TIBSFIPMEFSTÇ°PGÇ°UIFÇ°$PNQBOZÇ°BSFÇ°UIFÇ°&MFDUSJDJUZÇ°(FOFSBUJOHÇ°"VUIPSJUZÇ°PGÇ°5IBJMBOEÇ° &("5 Ç° BOEÇ°5&1%*"Ç°(FOFSBUJOHÇ°# 7 Ç°XIJDIÇ°JTÇ°BTTPDJBUFTÇ°CFUXFFOÇ°5PLZPÇ°&MFDUSJDÇ°1PXFSÇ°$PNQBOZÇ° Ä¶5&1$0 Ç°BOEÇ° %JBNPOEÇ°(FOFSBUJOHÇ°"TJB Ç°-JNJUFE Ç°IPMEJOHÇ° Ç°BOEÇ° Ç°PGÇ°UIFÇ°$PNQBOZÄ´TÇ°TIBSFT Ç°SFTQFDUJWFMZ Ç° 5IFÇ°SFNBJOJOHÇ°TIBSFTÇ°JOÇ°UIFÇ°$PNQBOZÇ°BSFÇ°XJEFMZÇ°IFME 5IFÇ°JOGPSNBUJPOÇ°POÇ°UIFÇ°$PNQBOZÄ´TÇ°TVCTJEJBSJFTÇ°BOEÇ°KPJOUÇ°WFOUVSFTÇ°JTÇ°QSPWJEFEÇ°JOÇ°/PUFÇ° 5IFÇ°GPMMPXJOHÇ°NBUFSJBMÇ°USBOTBDUJPOTÇ°XFSFÇ°DBSSJFEÇ°PVUÇ°XJUIÇ°SFMBUFEÇ°QBSUJFT Ç° 4BMFTÇ°PGÇ°FMFDUSJDJUZ Consolidated For the years ended 31 December

Sales of electricity - Major shareholder

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

2012 Million Baht 4,997

Company

2011 Million Baht 6,017

2012 Million Baht 2,167

2011 Million Baht 2,258

5IFÇ°$PNQBOZÇ°BOEÇ°UISFFÇ°TVCTJEJBSJFTÇ°IBWFÇ°FOUFSFEÇ°JOUPÇ°1PXFSÇ°1VSDIBTFÇ°"HSFFNFOUTÇ° 11"T Ç°XJUIÇ° &("5 Ç°5IFÇ°BHSFFNFOUTÇ°BSFÇ°FGGFDUJWFÇ°GPSÇ°QFSJPETÇ°PGÇ° Ç° Ç° Ç°BOEÇ° Ç°ZFBST Ç°SFTQFDUJWFMZ Ç°"DDPSEJOHÇ° UPÇ°UIFÇ°SFTPMVUJPOTÇ°PGÇ°UIFÇ°$BCJOFUÇ°NFFUJOHTÇ°EBUFEÇ° Ç°'FCSVBSZÇ° Ç° Ç°+BOVBSZÇ° Ç° Ç°+BOVBSZÇ° Ç°BOEÇ° Ç°.BZÇ° Ç°SFTQFDUJWFMZ Ç°UIFÇ°FMFDUSJDJUZÇ°SFWFOVFTÇ°GSPNÇ°TVDIÇ°BHSFFNFOUTÇ°NVTUÇ°CFÇ° DBMDVMBUFEÇ°POÇ°BÇ°DPTUÇ°QMVTÇ°CBTJT Ç°5IFSFÇ°JTÇ°BÇ°MJNJUBUJPOÇ°POÇ°TBMFTÇ°PGÇ°FMFDUSJDJUZÇ°UPÇ°UIJSEÇ°QBSUJFTÇ°BTÇ° TQFDJÅ³FEÇ°JOÇ°UIFÇ°BHSFFNFOUT Ç° *OÇ°BEEJUJPO Ç°UIFÇ°$PNQBOZÇ°BOEÇ°TVCTJEJBSZÇ°BSFÇ°FMJHJCMFÇ°UPÇ°SFDFJWFÇ°DPNQFOTBUJPOÇ°GPSÇ°FYDIBOHFÇ°SBUFÇ° FGGFDUT Ç°CZÇ°BEKVTUJOHÇ°UIFÇ°GPSNVMBÇ°GPSÇ°DBMDVMBUJPOÇ°PGÇ°FMFDUSJDJUZÇ°TPMEÇ°UPÇ°&("5Ç°FBDIÇ°NPOUIÇ°QFSUBJOJOHÇ° UPÇ°5IFÇ°'JSTUÇ°"NFOENFOUÇ°UPÇ°UIFÇ°1PXFSÇ°1VSDIBTFÇ°"HSFFNFOUTÇ°EBUFEÇ° Ç°+BOVBSZÇ° Ç°PWFSÇ°UIFÇ° QFSJPETÇ°PGÇ°UIFÇ°11"T Ç°$PNQFOTBUJPOÇ°GPSÇ°UIFÇ°ZFBSTÇ°FOEFEÇ° Ç°%FDFNCFSÇ° Ç°BOEÇ° Ç°BNPVOUJOHÇ° UPÇ°#BIUÇ° Ç°NJMMJPOÇ°BOEÇ°#BIUÇ° Ç°NJMMJPOÇ°SFTQFDUJWFMZ

236

34 Related party transactions (continued) Ç° Ç° Ç° Ç° Ç°

5IFÇ°GPMMPXJOHÇ°NBUFSJBMÇ°USBOTBDUJPOTÇ°XFSFÇ°DBSSJFEÇ°PVUÇ°XJUIÇ°SFMBUFEÇ°QBSUJFT Ç° DPOUJOVFE

Ç° 4BMFTÇ°PGÇ°FMFDUSJDJUZÇ° DPOUJOVFE

Ç° 6OEFSÇ°UIFÇ°11"TÇ°PGÇ°UIFÇ°$PNQBOZÇ°BOEÇ°TVCTJEJBSZ Ç°&("5Ç°IBTÇ°UPÇ°CFBSÇ°UIFÇ°OBUVSBMÇ°HBTÇ°DPTUÇ°VOUJMÇ°UIFÇ° Ç° $PNQBOZÇ°BOEÇ°TVCTJEJBSZÇ°FOUFSÇ°JOUPÇ°OBUVSBMÇ°HBTÇ°QVSDIBTFÇ°BHSFFNFOUTÇ°XJUIÇ°155Ç°1VCMJDÇ°$PNQBOZÇ° Ç° -JNJUFE Ç°5PÇ°EBUF Ç°UIFÇ°$PNQBOZÇ°BOEÇ°TVCTJEJBSZÇ°IBWFÇ°OPUÇ°FOUFSFEÇ°JOUPÇ°TVDIÇ°QVSDIBTFÇ°BHSFFNFOUT Ç° Ç° 5IFSFGPSF Ç°UIFÇ°DBMDVMBUJPOÇ°PGÇ°SFWFOVFTÇ°GSPNÇ°UIFÇ°QPSUJPOÇ°PGÇ°FOFSHZÇ°TBMFTÇ°PGÇ°FMFDUSJDJUZÇ°BOEÇ°UIFÇ° Ç° OBUVSBMÇ°HBTÇ°DPTUÇ°BSFÇ°OPUÇ°JODMVEFEÇ°JOÇ°UIFTFÇ°Å³OBODJBMÇ°TUBUFNFOUT Ç° Consolidated For the years ended 31 December

Service income - Major shareholder

2012 Million Baht

Company

2011 Million Baht

2012 Million Baht

2011 Million Baht -

Ç° 4FSWJDFÇ°JODPNF "Ç°TVCTJEJBSZÇ°PGÇ°UIFÇ°$PNQBOZÇ°IBTÇ°FOUFSFEÇ°JOUPÇ°UIFÇ°4VCDPOUSBDUÇ°GPSÇ°.BKPSÇ°.BJOUFOBODFÇ°"HSFFNFOUÇ°XJUIÇ° Ç° Ç° &("5Ç°UPÇ°QSPWJEFÇ°NBKPSÇ°NBJOUFOBODFÇ°TFSWJDFT Ç°SFQBJSÇ°TFSWJDFT Ç°BENJOJTUSBUJWFÇ°TFSWJDFTÇ°BOEÇ°BEEJUJPOBMÇ° Ç° Ç° TFSWJDFTÇ°SFMBUFEÇ°UPÇ°QPXFSÇ°QMBOUT Ç°5IFÇ°DPNQFOTBUJPOÇ°GPSÇ°TVDIÇ°TFSWJDFTÇ°JTÇ°DBMDVMBUFEÇ°POÇ°BÇ°DPTUÇ°QMVTÇ°CBTJT Ç° Ç° Ç° 5IFÇ°BHSFFNFOUÇ°JTÇ°FGGFDUJWFÇ°GPSÇ°BÇ°QFSJPEÇ°PGÇ° Ç°ZFBSTÇ°DPNNFODJOHÇ°GSPNÇ° Ç°4FQUFNCFSÇ° Consolidated For the years ended 31 December Major maintenance expenses - Major shareholder

Ç° Ç° Ç° Ç° Ç° Ç° Ç°

2012 Million Baht 101

Company

2011 Million Baht 215

2012 Million Baht 27

2011 Million Baht 131

Ç° .BKPSÇ°NBJOUFOBODFÇ°FYQFOTFT Ç° 5IFÇ°$PNQBOZÇ°BOEÇ°TVCTJEJBSZÇ°PGÇ°UIFÇ°$PNQBOZÇ°IBWFÇ°FOUFSFEÇ°JOUPÇ°.BKPSÇ°.BJOUFOBODFÇ°"HSFFNFOUTÇ° Ç° XJUIÇ°&("5Ç°JOÇ°PSEFSÇ°GPSÇ°UIFÇ°MBUUFSÇ°UPÇ°QSPWJEFÇ°NBKPSÇ°NBJOUFOBODFÇ°TFSWJDFT Ç°SFQBJSÇ°TFSWJDFT Ç°BENJOJTUSBUJWFÇ° Ç° TFSWJDFTÇ°BOEÇ°BEEJUJPOBMÇ°TFSWJDFTÇ°SFMBUFEÇ°UPÇ°UIFÇ°$PNQBOZÇ°BOEÇ°TVCTJEJBSZÄ´TÇ°QPXFSÇ°QMBOUT Ç°5IFÇ°QSJDFÇ° Ç° GPSÇ°TVDIÇ°TFSWJDFTÇ°JTÇ°DBMDVMBUFEÇ°VOEFSÇ°UIFÇ°BHSFFNFOUTÇ°POÇ°BÇ°DPTUÇ°QMVTÇ°CBTJTÇ°BOEÇ°XJMMÇ°CFÇ°BEKVTUFEÇ° Ç° BOOVBMMZÇ°BDDPSEJOHÇ°UPÇ°UIFÇ°$POTVNFSÇ°1SJDFÇ°*OEFY Ç°5IFÇ°BHSFFNFOUTÇ°IBWFÇ°CFFOÇ°FYUFOEFEÇ°GPSÇ°BÇ°QFSJPEÇ° Ç° PGÇ° Ç° ZFBST Ç° DPNNFODJOHÇ° GSPNÇ° Ç° %FDFNCFSÇ° Ç° GPSÇ° UIFÇ° $PNQBOZÇ° BOEÇ° BÇ° QFSJPEÇ° PGÇ° Ç° ZFBST Ç° Ç° DPNNFODJOHÇ°GSPNÇ° Ç°"VHVTUÇ° Ç°GPSÇ°TVCTJEJBSZ

237

Notes

34 Related party transactions (continued) 5IFÇ°GPMMPXJOHÇ°NBUFSJBMÇ°USBOTBDUJPOTÇ°XFSFÇ°DBSSJFEÇ°PVUÇ°XJUIÇ°SFMBUFEÇ°QBSUJFT Ç° DPOUJOVFE

Ç° 5SBEFÇ°SFDFJWBCMFTÇ°GSPNÇ°BOEÇ°USBEFÇ°QBZBCMFTÇ°UPÇ°BÇ°SFMBUFEÇ°QBSUZ Consolidated As at 31 December Trade receivables - Major shareholder

2012 Million Baht

2011 Million Baht

580

Outstanding trade receivables as at 31 December can be analysed as follows: Not overdue 556 Overdue below 3 months 19 Overdue 3 - 6 months 4 Overdue 6 - 12 months Overdue over 12 months 1 580 Trade payables - Major shareholder

Company

2012 Million Baht

2011 Million Baht

549

189

202

545 3 1 549

189 189

202 202

Ç° "NPVOUTÇ°EVFÇ°GSPNÇ°BOEÇ°BNPVOUTÇ°EVFÇ°UPÇ°SFMBUFEÇ°QBSUJFT Consolidated As at 31 December Amounts due from related parties - Major shareholder - Subsidiaries - Joint ventures - Other related party Amounts due from related parties due over one year Amounts due to related parties - Subsidiaries - Other related party Advance received for purchase of spare parts (other non - current liabilities)

2012 Million Baht

Company

2011 Million Baht

2012 Million Baht

2011 Million Baht

80 65 145

9 42 51

41 7 48

9 10 4 23

168

10 10

5 5

4 4

238

34 Related party transactions (continued) Ç° 5IFÇ°GPMMPXJOHÇ°NBUFSJBMÇ°USBOTBDUJPOTÇ°XFSFÇ°DBSSJFEÇ°PVUÇ°XJUIÇ°SFMBUFEÇ°QBSUJFT Ç° DPOUJOVFE

Ç° 4IPSU UFSNÇ°MPBOTÇ°UPÇ°SFMBUFEÇ°QBSUJFTÇ°BOEÇ°SFMBUFEÇ°JOUFSFTUT Consolidated As at 31 December Short-term loan to related parties - Joint ventures

2012 Million Baht

2011 Million Baht

2012 Million Baht -

56 56

Ç° 0OÇ° Ç°.BZÇ° Ç°UIFÇ°$PNQBOZÇ°FOUFSFEÇ°JOUPÇ°BÇ°TIPSU UFSNÇ°MPBOÇ°BHSFFNFOUÇ°XJUIÇ°( 1PXFSÇ°4PVSDFÇ° Ç° $PNQBOZÇ°-JNJUFEÇ°XIJDIÇ°BNPVOUTÇ°UPÇ°#BIUÇ° Ç°NJMMJPO Ç°5IFÇ°JOUFSFTUÇ°SBUFÇ°POÇ°UIJTÇ°MPBOÇ°JTÇ°Å³YFEÇ°BOEÇ°XJMMÇ°CFÇ° Ç° SFQBJEÇ°POÇ° Ç°0DUPCFSÇ° Ç°5IFÇ°QSJODJQBMÇ°BOEÇ°JOUFSFTUÇ°XJMMÇ°CFÇ°SFQBJEÇ°POÇ° Ç°"QSJMÇ° Ç° Ç° 0OÇ° Ç°"VHVTUÇ° Ç°BOEÇ° Ç°%FDFNCFSÇ° Ç°UIFÇ°$PNQBOZÇ°FOUFSFEÇ°JOUPÇ°BÇ°TIPSU UFSNÇ°MPBOÇ°BHSFFNFOUÇ° Ç° XJUIÇ°"CTPMVUFÇ°1PXFSÇ°1Ç°$PNQBOZÇ°-JNJUFEÇ°XIJDIÇ°BNPVOUTÇ°UPÇ°#BIUÇ° Ç°NJMMJPOÇ°BOEÇ°#BIUÇ° Ç°NJMMJPO Ç° Ç° SFTQFDUJWFMZ Ç°5IFÇ°JOUFSFTUÇ°SBUFÇ°POÇ°UIJTÇ°MPBOÇ°JTÇ°.-3Ç°QMVTÇ°BÇ°DFSUBJOÇ°NBSHJO Ç°5IFÇ°QSJODJQMFÇ°BOEÇ°JOUFSFTUÇ° Ç° XJMMÇ°CFÇ°SFQBJEÇ°XJUIJOÇ° Ç°NPOUITÇ°GSPNÇ°DPNNFSDJBMÇ°BHSFFNFOUÇ°EBUF Ç° -POH UFSNÇ°MPBOTÇ°UPÇ°SFMBUFEÇ°QBSUJFTÇ°BOEÇ°SFMBUFEÇ°JOUFSFTUT Consolidated As at 31 December

Long-term loan to related parties - subsidiaries - Due within 1 year - Due over 1 year

'PSÇ°UIFÇ°ZFBSTÇ°FOEFEÇ° Ç°%FDFNCFS Interest income - Subsidiaries

Ç° Ç° Ç° Ç°

2011 Million Baht

56 56

'PSÇ°UIFÇ°ZFBSTÇ°FOEFEÇ° Ç°%FDFNCFS Interest income - Joint ventures

Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Company

Ç° Ç° Ç° Ç°

2012 Million Baht

Company

2011 Million Baht

2012 Million Baht

2011 Million Baht

46 1,636 1,682

46 596 642

0OÇ° Ç° /PWFNCFSÇ° Ç° UIFÇ° $PNQBOZÇ° FOUFSFEÇ° JOUPÇ° BÇ° MPOH UFSNÇ° MPBOÇ° BHSFFNFOUÇ° XJUIÇ° &($0Ç° &OHJOFFSJOHÇ°BOEÇ°4FSWJDFÇ°$PNQBOZÇ°-JNJUFEÇ°UPÇ°MFOEÇ°#BIUÇ° Ç°NJMMJPO Ç°5IFÇ°QSJODJQBMÇ°JTÇ°UPÇ°CFÇ°SFQBJEÇ° BOOVBMMZÇ°JOÇ°UIFÇ°BNPVOUÇ°PGÇ°#BIUÇ° Ç°NJMMJPOÇ°GSPNÇ°%FDFNCFSÇ° Ç°UPÇ°%FDFNCFSÇ° Ç°5IFÇ°JOUFSFTUÇ° SBUFÇ°JTÇ°.-3Ç°NJOVTÇ°BÇ°DFSUBJOÇ°NBSHJOÇ°BOEÇ°JOUFSFTUÇ°JTÇ°QBZBCMFÇ°POÇ°BÇ°TFNJ BOOVBMÇ°CBTJT

239

Notes

34 Related party transactions (continued) Ç° 5IFÇ°GPMMPXJOHÇ°NBUFSJBMÇ°USBOTBDUJPOTÇ°XFSFÇ°DBSSJFEÇ°PVUÇ°XJUIÇ°SFMBUFEÇ°QBSUJFT Ç° DPOUJOVFE

Ç° -POH UFSNÇ°MPBOTÇ°UPÇ°SFMBUFEÇ°QBSUJFTÇ°BOEÇ°SFMBUFEÇ°JOUFSFTUTÇ° DPOUJOVFE

Ç° Ç° %VSJOHÇ°UIFÇ°ZFBSÇ° Ç°BNPVOUÇ°PGÇ°#BIUÇ° Ç°NJMMJPOÇ°SFQSFTFOUFEÇ°UIFÇ°SFDFJQUÇ°PGÇ°MPOH UFSNÇ°MPBOÇ°SFDFJWBCMFÇ° Ç° Ç° XIJDIÇ°.&.$Ç°4JOHBQPSFÇ°1UF Ç°-UE Ç° Ä¶.&.$Ä· Ç°MFOUÇ°UPÇ°411Ç°5XPÇ°$PNQBOZÇ°-JNJUFE Ç°411Ç°5ISFFÇ°$PNQBOZÇ° Ç° Ç° -JNJUFEÇ°BOEÇ°411Ç°'PVSÇ°$PNQBOZÇ°-JNJUFEÇ°BOEÇ°4VO&EJTPOÇ°&OFSHZÇ°)PMEJOHÇ° 4JOHBQPSF Ç°1UF Ç°-UE Ç° Ä¶4&)Ä· Ç° Ç° Ç° MFOUÇ°UPÇ°411Ç°'JWFÇ°$PNQBOZÇ°-JNJUFE Ç°5IFÇ°JOUFSFTUÇ°SBUFTÇ°POÇ°UIFTFÇ°MPBOTÇ°BSFÇ°Å³YFEÇ°QFSÇ°BOOVNÇ°BOEÇ° Ç° Ç° SFQBZBCMFÇ°JOÇ°RVBSUFSMZÇ°CBTJT Ç°5IFÇ°QSJODJQBMÇ°XJMMÇ°CFÇ°SFQBJEÇ°XJUIJOÇ° Ç°ZFBSTÇ°GSPNÇ°DPOUSBDUÇ°EBUFÇ°BTÇ° described in Note 14.1.1. Ç° Ç° 0OÇ° Ç°0DUPCFSÇ° Ç°UIFÇ°$PNQBOZÇ°FOUFSFEÇ°JOUPÇ°MPBOÇ°BHSFFNFOUÇ°XJUIÇ°5IFQQBOBÇ°8JOEÇ°'BSNÇ°$PNQBOZÇ° Ç° Ç° -JNJUFEÇ°UPÇ°MFOEÇ°OPUÇ°NPSFÇ°UIBOÇ°#BIUÇ° Ç°NJMMJPOÇ°BOEÇ°BMSFBEZÇ°IBTÇ°ESBXOÇ°EPXOÇ°#BIUÇ° Ç°NJMMJPO Ç°5IFÇ° Ç° Ç° JOUFSFTUÇ°SBUFÇ°JTÇ°UIFÇ°BWFSBHFÇ°.-3Ç°GSPNÇ°GPVSÇ°MPDBMÇ°CBOLTÇ°NJOVTÇ°BÇ°DFSUBJOÇ°NBSHJOÇ°BOEÇ°QBZBCMFÇ°POÇ° Ç° Ç° TFNJ BOOVBMÇ°CBTJT Ç°5IFÇ°Å³STUÇ°QBZNFOUÇ°PGÇ°JOUFSFTUÇ°XJMMÇ°CFÇ°SFQBJEÇ°BGUFSÇ° Ç°NPOUITÇ°BOEÇ°SFQBJEÇ°BMMÇ° Ç° Ç° QSJODJQBMÇ°BGUFSÇ° Ç°ZFBSTÇ°GSPNÇ°DPNNFSDJBMÇ°PQFSBUJPOÇ°EBUF Ç° Ç° Ç° *OÇ°BEEJUJPO Ç°UIFÇ°$PNQBOZÇ°FOUFSFEÇ°JOUPÇ°MPBOÇ°BHSFFNFOUÇ°XJUIÇ°:BOIFFÇ°&($0Ç°)PMEJOHÇ°$PNQBOZÇ° Ç° Ç° -JNJUFEÇ°XIJDIÇ°POÇ° Ç°0DUPCFSÇ° Ç°BNPVOUÇ°OPUÇ°NPSFÇ°UIBOÇ°#BIUÇ° Ç°NJMMJPOÇ°BOEÇ°BMSFBEZÇ°IBTÇ° Ç° Ç° ESBXOÇ°EPXOÇ°#BIUÇ° Ç°NJMMJPO Ç°5IFÇ°JOUFSFTUÇ°SBUFÇ°POÇ°UIJTÇ°MPBOÇ°JTÇ°UIFÇ°BWFSBHFÇ°.-3Ç°PGÇ°GPVSÇ°MPDBMÇ° Ç° Ç° CBOLT Ç°5IFÇ°QSJODJQBMÇ°BOEÇ°JOUFSFTUÇ°XJMMÇ°CFÇ°SFQBJEÇ°BOOVBMMZ Ç°5IFÇ°Å³STUÇ°QBZNFOUÇ°PGÇ°JOUFSFTUÇ°XJMMÇ°CFÇ° Ç° Ç° SFQBJEÇ° Ç°ZFBSÇ°BGUFSÇ°ESBXOÇ°EPXOÇ°EBUFÇ°BOEÇ°UIFÇ°Å³STUÇ°QSJODJQBMÇ°XJMMÇ°CFÇ°SFQBJEÇ°BGUFSÇ° Ç°ZFBSTÇ°GSPNÇ° commercial operation date. Ç° 0GÅ³DFÇ°CVJMEJOHÇ°SFOUBMÇ°BOEÇ°TFSWJDFÇ°JODPNF Ç° Ç° 5IFÇ°$PNQBOZÇ°IBTÇ°FOUFSFEÇ°JOUPÇ°0GÅ³DFÇ°#VJMEJOHÇ°3FOUBM Ç°4FSWJDFÇ°$IBSHFTÇ°BOEÇ°.BOBHFNFOUÇ°"HSFFNFOUTÇ° Ç° Ç° XJUIÇ°TVCTJEJBSJFTÇ°BOEÇ°KPJOUÇ°WFOUVSFT Ç°5IFÇ°BHSFFNFOUTÇ°BSFÇ°SFOFXFEÇ°ZFBSMZ Ç°5IFÇ°QSJDFÇ°GPSÇ°NBOBHFNFOUÇ° Ç° Ç° TFSWJDFTÇ°JTÇ°DBMDVMBUFEÇ°VOEFSÇ°UIFÇ°BHSFFNFOUTÇ°POÇ°BÇ°DPTUÇ°QMVTÇ°CBTJT Company For the years ended 31 December 0GÅ³DFÇ°CVJMEJOHÇ°SFOUBMÇ°BOEÇ°TFSWJDFÇ°JODPNF - Subsidiaries

Management fee - Subsidiaries - Joint ventures

2012 Million Baht

2011 Million Baht

8 8

7 7

80 34 114

53 50 103

240

34 Related party transactions (continued) Ç° 5IFÇ°GPMMPXJOHÇ°NBUFSJBMÇ°USBOTBDUJPOTÇ°XFSFÇ°DBSSJFEÇ°PVUÇ°XJUIÇ°SFMBUFEÇ°QBSUJFT Ç° DPOUJOVFE

Ç° %JSFDUPSTÇ°BOEÇ°NBOBHFNFOUTÇ°SFNVOFSBUJPO Consolidated For the years ended 31 December

2012 Million Baht

4IPSU UFSNÇ°FNQMPZFFÇ°CFOFÅ³UTÇ° 1PTUÇ°FNQMPZNFOUÇ°CFOFÅ³UTÇ° Total director and managements remuneration

Ç° Ç° 104

Company

2011 Million Baht Ç° Ç° 93

2012 Million Baht Ç° Ç° 73

2011 Million Baht 67

35 Commitments and significant agreements Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

35.1 Commitments Ç° B Ç°"TÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°UIFÇ°$PNQBOZÇ°IBEÇ°DPNNJUNFOUTÇ°VOEFSÇ°4QPOTPSÇ°4VQQPSUÇ°"HSFFNFOUT Ç° Ç° Ç° XIJDIÇ°XFSFÇ°NBEFÇ°JOÇ°SFTQFDUÇ°PGÇ°MPBOTÇ°PGÇ°TVCTJEJBSJFT Ç°UPUBMMJOHÇ°#BIUÇ° Ç°NJMMJPOÇ° Ç°%FDFNCFSÇ° Ç° Ç° Ç°#BIUÇ° Ç°NJMMJPO Ç° C Ç°"TÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°UIFÇ°$PNQBOZÇ°IBEÇ°DPNNJUNFOUTÇ°VOEFSÇ°UIFÇ°$PVOUFSÇ°(VBSBOUFFÇ°BOEÇ° Ç° Ç° 4UBOECZÇ°-FUUFSTÇ°PGÇ°$SFEJUÇ°JTTVFEÇ°POÇ°CFIBMGÇ°PGÇ°UIFÇ°$PNQBOZÇ°UPÇ°BÇ°TVCTJEJBSJFTÇ°BOEÇ°KPJOUÇ°WFOUVSFTÇ° Ç° Ç° PGÇ°#BIUÇ° Ç°NJMMJPOÇ° Ç°#BIUÇ° Ç°NJMMJPO Ç° D Ç°"DDPSEJOHÇ°UPÇ°UIFÇ°1PXFSÇ°1VSDIBTFÇ°"HSFFNFOUTÇ° 11"T Ç°CFUXFFOÇ°UIFÇ°$PNQBOZÄ´TÇ°TVCTJEJBSJFTÇ°BOEÇ° Ç° Ç° UIFÇ°&MFDUSJDJUZÇ°(FOFSBUJOHÇ°"VUIPSJUZÇ°PGÇ°5IBJMBOEÇ° &("5 Ç°XIPTFÇ°QFSJPEÇ°CFUXFFOÇ° Ç°ZFBSTÇ°BOEÇ° Ç° Ç° Ç°ZFBST Ç°UIFÇ°TVCTJEJBSJFTÇ°IBWFÇ°UPÇ°QSPWJEFÇ°CBOLÇ°HVBSBOUFFT Ç°UPUBMMJOHÇ°#BIUÇ° Ç°NJMMJPO Ç°5IFÇ° Ç° Ç° DPMMBUFSBMÇ°JTÇ°UPÇ°CFÇ°SFUVSOFEÇ°UPÇ°TVDIÇ°TVCTJEJBSJFTÇ°VQPOÇ°UIFÇ°FYQJSZÇ°PGÇ°UIFÇ°BHSFFNFOUT Ç° E Ç°"TÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°UIFÇ°DPNNPOÇ°TIBSFTÇ°PGÇ°#-$1Ç°BOEÇ°(14Ç°XFSFÇ°QMFEHFEÇ°BTÇ°DPMMBUFSBMÇ° Ç° Ç° GPSÇ°UIFJSÇ°MPOH UFSNÇ°MPBOTÇ°BTÇ°EFTDSJCFEÇ°JOÇ°/PUFÇ° Ç° 4JHOJÅ³DBOUÇ°BHSFFNFOUTÇ° DPOUJOVFE

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Notes

35 Commitments and significant agreements (continued) Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

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241

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Report on the donation on behalf of all shareholders

Report on the donation on behalf of all shareholders who elect to receive the Annual Report in the electronic form 4UBSUJOHÇ°GSPNÇ° Ç°UIFÇ°$PNQBOZÇ°IBEÇ°UIFÇ°QPMJDZÇ°UPÇ°QSFTFOUÇ°UIFÇ°BOOVBMÇ°SFQPSUÇ°JOÇ°$%Ç°30.Ç°GPSNBUÇ°UPÇ°TBWFÇ° UIFÇ°DPTUÇ°BOEÇ°UPÇ°SFEVDFÇ°USFFÇ°DVUUJOHÇ°PWFSÇ°UIFÇ°MPOHÇ°UFSN Ç°5IFÇ°$PNQBOZÇ°DPNNJUUFEÇ°UPÇ°NBLFÇ°BÇ°EPOBUJPOÇ° UPÇ°UIFÇ°Ä¶5IBJÇ°'PSFTUÇ°$POTFSWBUJPOÇ°'PVOEBUJPOÄ·Ç°XIJDIÇ°IBEÇ°UIFÇ°PCKFDUJWFÇ°UPÇ°DPOTFSWFÇ°UIFÇ°FOWJSPONFOUÇ°POÇ° CFIBMGÇ°PGÇ°BMMÇ°TIBSFIPMEFSTÇ°XIPÇ°PQUÇ°GPSÇ°FMFDUSPOJDÇ°GPSN Ç° *OÇ° Ç°UIFÇ°$PNQBOZÇ°EPOBUFEÇ°UIFÇ°DPTUÇ°TBWJOHÇ°JOÇ°UIJTÇ°SFHBSEÇ°UPÇ°UIFÇ°5IBJÇ°'PSFTUÇ°$POTFSWBUJPOÇ°'PVOEBUJPOÇ° POÇ°CFIBMGÇ°PGÇ°BMMÇ°TIBSFIPMEFSTÇ°JOÇ°UIFÇ°BNPVOUÇ°PGÇ° Ç°CBIU 5IFÇ°$PNQBOZÇ°UIBOLTÇ°BMMÇ°PVSÇ°TIBSFIPMEFSTÇ°BOEÇ°TUBLFIPMEFSTÇ°XIPÇ°IBWFÇ°NBEFÇ°UIJTÇ°EPOBUJPOÇ°BOEÇ°UIFÇ°$PNQBOZÇ° MPPLTÇ°GPSXBSEÇ°UPÇ°ZPVSÇ°TVQQPSUÇ°JOÇ°UIFÇ°GVUVSF

243

244

General Information Company

Registered Share Capital (Million Baht)

Par Value (Baht)

5,300

Registered Share Capital (Million Baht)

Par Value (Baht)

,IBOPNÇ°&MFDUSJDJUZÇ°(FOFSBUJOHÇ°$PNQBOZÇ°-JNJUFE IPP Ç° ,&($0 Ç° Electricity Generating and supply 0GĹłDFÇ° th Floor, EGCO Tower business Tel. +66 (0) 2998 5000 Fax +66 (0) 2955 0932 4JUFÇ°0GĹłDFÇ° Ç°.PPÇ° Ç°5POHOFBOÇ°%JTUSJDU Ç° Amphur Khanom, Nakhon Sri Thammarat 80210, Thailand Tel. +66 (0) 7552 9173, +66 (0) 7552 9179 Fax +66 (0) 7552 8358

5,000

4,850

99.99

&($0Ç°&OHJOFFSJOHÇ° Ç°4FSWJDFÇ°$PNQBOZÇ°-JNJUFE Engineering, operation and Ç° &4$0 Ç°Ç° Ç° Ç° maintenance services for power 0GĹłDFÇ° th Floor, EGCO Tower plants and manufacturers Tel. +66 (0) 2998 5000 Fax +66 (0) 2955 0933 4JUFÇ°0GĹłDFÇ° Ç°3BZPOHÇ°)JHIXBZÇ°/P Ç° Huay Pong District, Amphur Muang, Rayong 21150, Thailand

400

99.99

&MFDUSJDJUZÇ°(FOFSBUJOHÇ°1VCMJDÇ°$PNQBOZÇ°-JNJUFEÇ° Ç° &($0 Ç°Ç° Ç° Ç° Registration 0107537000866 (No.BorMorJor.333) )FBEÇ°0GĹłDFÇ° th, 15th Floor EGCO Tower, 222 Moo 5, Vibhavadi Rangsit Road, Tungsonghong, Laksi, Bangkok 10210, Thailand Tel. +66 (0) 2998 5000 Fax +66 (0) 2955 0956-9 Rayong Power Plant #BOHLPLÇ°0GĹłDFÇ° th Floor, EGCO Tower Tel. +66 (0) 2998 5000 Fax +66 (0) 2955 0931 3BZPOHÇ°0GĹłDFÇ°Ç° Ç°3BZPOHÇ°)JHIXBZÇ°/P Ç° Huay Pong District, Amphur Muang, Rayong 21150, Thailand Tel. +66 (0) 3868 1012, +66 (0) 3868 1016, +66 (0) 3868 1020 Fax +66 (0) 3868 1784 Sector Energy & Utilities Industry Resources Foreign Limit 44.81% Share of Minor Shareholder (% Free Float) 51.90% Website www.egco.com

Business

Holding Company focusing on Power business and others related to power business

Paid-up Ownership Share Capital Interest (Direct (Million Baht) + Indirect) (%) 5,264.65

Independent Power Producer (IPP) Electricity Generating and supply business

4VCTJEJBSJFT Company

Business

Paid-up Ownership Share Capital Interest (Direct (Million Baht) + Indirect) (%)

245

General Information

4VCTJEJBSJFTÇ° DPOUJOVFE

Company

Business

Registered Share Capital (Million Baht)

Par Value (Baht)

/PSUIÇ°1PMFÇ°*OWFTUNFOUÇ°$PNQBOZÇ°-JNJUFE Ç° /PSUIÇ°1PMF Ç°Ç°Ç° Ç° 0GÅ³DFÇ° &($0Ç°5PXFSÇ° Tel. +66 (0) 2998 5000 ax +66 (0) 2955 0956-9 0WFSTFBÇ°PGÅ³DFÇ° th Floor, Tower A, 1 CyberCity, Ebene, Republic of Mauritius

Holding company focusing on investment in electricity HFOFSBUJOHÇ°DPNQBOJFTÇ°JOÇ°GPSFJHO countries

25,571.95/1

30.5502/1

25,571.95/1

(837,046,921 USD)

(1 USD)

(837,046,921 USD)

&($0Ç°*OUFSOBUJPOBMÇ° # 7 * Ç°-JNJUFEÇ° &($0Ç°# 7 *

0GÅ³DFÇ° &($0Ç°5PXFSÇ° Tel. +66 (0) 2998 5000 Fax +66 (0) 2955 0956-9 0WFSTFBÇ°PGÅ³DFÇ° "LBSBÇ°#MEH Ç° Ç°%FÇ°$BTUSPÇ°4USFFU Ç° Wickhams Cay 1, Road Town, Tortola, British Virgin Islands, P.O. Box 3136

Holding company focusing on JOWFTUNFOUÇ°JOÇ°FMFDUSJDJUZ generating companies in foreign countries Ç°

10.69/1

30.5502/1

10.69/1

(350,000 USD)

(1 USD)

(350,000 USD)

/FXÇ°(SPXUIÇ°$PPQFSBUJFGÇ°6 " Ç° $PPQ

0GÅ³DFÇ° &($0Ç°5PXFSÇ° Tel. +66 (0) 2998 5000 Fax +66 (0) 2955 0956-9 0WFSTFBÇ°PGÅ³DFÇ°Ç° %FÇ°-BJSFTTFTUSBBUÇ° Ç° Ç°)-Ç°Ç° Amsterdam, The Netherlands

Holding company focusing on JOWFTUNFOUÇ°JOÇ°FMFDUSJDJUZ generating companies in foreign countries Ç°

/FXÇ°(SPXUIÇ°# 7 Ç° #7

0GÅ³DFÇ° &($0Ç°5PXFSÇ° Tel. +66 (0) 2998 5000 Fax +66 (0) 2955 0956-9 0WFSTFBÇ°PGÅ³DFÇ° %FÇ°-BJSFTTFTUSBBUÇ° Ç° Ç°)-Ç° Amsterdam, The Netherlands

Holding company focusing on JOWFTUNFOUÇ°JOÇ°FMFDUSJDJUZÇ° generating companies in foreign countries Ç°

Tel. Fax

Paid-up Ownership Share Capital Interest (Direct (Million Baht) + Indirect) (%)

+66 (0) 3868 2611-4 +66 (0) 3868 2823

2VF[POÇ°1PXFSÇ° 1IJMJQQJOFT Ç°-JNJUFEÇ°$P Ç° 2VF[PO IPP (North Pole is the companyâ&#x20AC;&#x2122;s 98% indirect shareholder) Electricity Generating and supply 0GÅ³DFÇ°Ç° 'Ç°0SJFOUÇ°4RVBSFÇ°#VJMEJOH Ç° CVTJOFTTÇ° Ortigas Center, pasig City, 1605 Philippines 0WFSTFBÇ°PGÅ³DFÇ°Ç° #BSBOHBZ Ç°$BHTJBZÇ°* Ç°.BVCBO Quezon Province, Philippines 4330 1FBSMÇ°&OFSHZÇ°1IJMJQQJOFTÇ°0QFSBUJOH Ç°*OD Ç° 1&10*

0GÅ³DFÇ° &($0Ç°5PXFSÇ° Tel. +66 (0) 2998 5000 Fax +66 (0) 2955 0956-9 0WFSTFBÇ°PGÅ³DFÇ°Ç° #BSBOHBZ Ç°$BHTJBZÇ°* Ç°.BVCBO Ç° Quezon, Philippines 4330

Operation and Maintenance PGÇ°21-

2VF[POÇ°.BOBHFNFOUÇ°4FSWJDFÇ°-JNJUFEÇ° 2.4

0GÅ³DFÇ° Ç°&($0Ç°5PXFSÇ° Tel. +66 (0) 2998 5000 Fax +66 (0) 2955 0956-9 0WFSTFBÇ°PGÅ³DFÇ°Ç° 'Ç°0SJFOUÇ°4RVBSFÇ°#VJMEJOH Ortigas Center, pasig City, 1605 Philippines

Management service for 2VF[POÇ°1PXFSÇ°1MBOUÇ°

22,782.95/1

(745,754,647 USD)

1.11/1

(36,284 USD)

6,343.48/1

(207,641,268 USD)

6.11/1

(200,000 USD)

3.88/3 Ç° (5,260,000 PESO)

3.88/3 (5,260,0 PESO)

100

246

4VCTJEJBSJFTÇ° DPOUJOVFE

Company

Business

Registered Share Capital (Million Baht)

Par Value (Baht)

&($0Ç°$PHFOFSBUJPOÇ°$PNQBOZÇ°-JNJUFE Small Power Producer (SPP) Ç° &($0Ç°$PHFO Ç°Ç° Ç° Electricity and steam generating 0GÅ³DFÇ° th Floor, EGCO Tower and supply business Tel. +66 (0) 2998 50000 Fax +66 (0) 2955 0956-9 4JUFÇ°0GÅ³DFÇ° Ç°.PPÇ° Ç°Ç°.BCLIBÇ°%JTUSJDU Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° Amphur Nikhom Phattana, Rayong 21180, Thailand Tel. +66 (0) 3863 7051-8 Fax +66 (0) 3863 7063

1,060

&($0Ç°(SFFOÇ°&OFSHZÇ°$PNQBOZÇ°-JNJUFE Ç° &($0Ç°(SFFO Ç°Ç° Ç° 0GÅ³DFÇ° &($0Ç°5PXFSÇ° Tel. +66 (0) 2998 5000 Fax +66 (0) 2955 0956-9

175

180

70.30

99.99

Holding company focusing on power business

3PJ &UÇ°(SFFOÇ°&OFSHZÇ°$PNQBOZÇ°-JNJUFE SPP utilizing Biomass as primary Ç° 3PJ &UÇ°(SFFO Ç°Ç° Ç° fuel (EGCO Green is the companyâ&#x20AC;&#x2122;s 95.00% shareholder) 0GÅ³DFÇ° th Floor, EGCO Tower Tel. +66 (0) 2998 5000 Fax +66 (0) 2955 0956-9 4JUFÇ°0GÅ³DFÇ° Ç°.PPÇ° Ç°Ç°/VB .VBOHÇ°%JTUSJDU Ç°Ç° Amphur Muang, Roiet 45000, Thailand Tel. +66 (0) 4351 9825-6 Fax +66 (0) 4351 9827

Paid-up Ownership Share Capital Interest (Direct (Million Baht) + Indirect) (%)

"HSPÇ°&OFSHZÇ°$PNQBOZÇ°-JNJUFEÇ° "&

(ESCO is the companyâ&#x20AC;&#x2122;s 99.99% shareholder) 0GÅ³DFÇ° &($0Ç°5PXFS Tel. +66 (0) 2998 5000 Fax +66 (0) 2955 0956-9

Trading/delivery service of fuel from natural scrap

&HDPNÇ°5BSBÇ°$PNQBOZÇ°-JNJUFEÇ° &HDPNÇ°5BSB

(ESCO is the companyâ&#x20AC;&#x2122;s 74.19% shareholder) 0GÅ³DFÇ° th Floor, EGCO Tower Tel. +66 (0) 2998 5000 Fax +66 (0) 2955 0945 4JUFÇ°PGÅ³DF - Plant 1 332 Moo 2, Pongsawai District, Amphur Muang, Ratchburi 70000, Thailand - Plant 2 250 Moo 1, Pangpuay District, Amphur Damneansaduak Ratchburi 70130, Thailand

Piped water generating and supply business

345

74.19

411Ç°5XPÇ°$PNQBOZÇ°-JNJUFEÇ° 411Ç°

0GÅ³DFÇ° &($0Ç°5PXFSÇ° Tel. +66 (0) 2998 5000 Fax +66 (0) 2955 0956-9 4JUFÇ°0GÅ³DFÇ° 4BMBOHQBOÇ°%JTUSJDU Ç°"NQIVSÇ°8BOHÇ° Muang, Saraburi 18220, Thailand

VSPP &MFDUSJDJUZÇ°(FOFSBUJOHÇ°BOEÇ°4VQQMZ Business using Solar Power

196.7

99.99

247

General Information

4VCTJEJBSJFTÇ° DPOUJOVFE

Company

Business

Registered Share Capital (Million Baht)

Par Value (Baht)

Paid-up Ownership Share Capital Interest (Direct (Million Baht) + Indirect) (%)

411Ç°5ISFFÇ°$PNQBOZÇ°-JNJUFEÇ° 411Ç°

VSPP 0GÅ³DFÇ° &($0Ç°5PXFSÇ° &MFDUSJDJUZÇ°(FOFSBUJOHÇ°BOEÇ°4VQQMZ Tel. +66 (0) 2998 5000 Business using Solar Power Fax +66 (0) 2955 0956-9 4JUFÇ°0GÅ³DFÇ° 5IB ,MPSÇ°%JTUSJDU Ç°"NQIVSÇ°#FOKBMVDL Ç° Srisaket 33110, Thailand

197.5

99.99

411Ç°'PVSÇ°$PNQBOZÇ°-JNJUFEÇ° 411Ç°

148.7

99.99

411Ç°'JWFÇ°$PNQBOZÇ°-JNJUFEÇ° 411Ç°

0GÅ³DFÇ° &($0Ç°5PXFSÇ° Tel. +66 (0) 2998 5000 Fax +66 (0) 2955 0956-9 4JUFÇ°0GÅ³DFÇ° 3PJ &U Ç°5IBJMBOE

VSPP &MFDUSJDJUZÇ°(FOFSBUJOHÇ°BOEÇ°4VQQMZ Business using Solar Power

198.4

99.99

5IFQQBOBÇ°8JOEÇ°'BSNÇ°$PNQBOZÇ°-JNJUFE 0GÅ³DFÇ° &($0Ç°5PXFSÇ° Tel. +66 (0) 2998 5999 Fax +66 (0) 2955 0956-9

VSPP &MFDUSJDJUZÇ°(FOFSBUJOHÇ°BOEÇ°4VQQMZ Business using Solar Power

157.32

100

103.42

:BOIFFÇ°&($0Ç°)PMEJOHÇ°$PNQBOZÇ°-JNJUFE 0GÅ³DFÇ° &($0Ç°5PXFSÇ° Tel. +66 (0) 2998 5999 Fax +66 (0) 2955 0956-9

VSPP &MFDUSJDJUZÇ°(FOFSBUJOHÇ°BOEÇ°4VQQMZ Business using Solar Power

100

4PMBSDPÇ°$PNQBOZÇ°-JNJUFE 0GÅ³DFÇ° &($0Ç°5PXFSÇ° Tel. +66 (0) 2998 5999 Fax +66 (0) 2955 0956-9

VSPP &MFDUSJDJUZÇ°(FOFSBUJOHÇ°BOEÇ°4VQQMZ Business using Solar Power

1,650

100

660.6

Business

Registered Share Capital (Million Baht)

Par Value (Baht)

Holding company focusing on IPP and SPP

14,000

13,784.35

Independent Power Producer (IPP) &MFDUSJDJUZÇ°(FOFSBUJOHÇ°BOEÇ°TVQQMZ business

9,607

+PJOUÇ°7FOUVSFT Company

(VMGÇ°&MFDUSJDÇ°1VCMJDÇ°$PNQBOZÇ°-JNJUFEÇ° (&$

0GÅ³DFÇ° /P Ç° th Floor, M. Thai Tower 1, All Seasons Place, 87 Wireless Road, Lumpini, Pathumwan, Bangkok 10330, Thailand Tel. +66 (0) 2654 0155 Fax +66 (0) 2654 0156-7 Website http://www.gulfelectric.co.th (VMGÇ°1PXFSÇ°(FOFSBUJPOÇ°$PNQBOZÇ°-JNJUFEÇ° (1(

(GEC is the companyâ&#x20AC;&#x2122;s 100% shareholder) 4JUFÇ°PGÅ³DFÇ° Ç°.PPÇ° Ç°#BOÇ°1BÇ°%JTUSJDU Ç° Amphur Kaeng Khoi, Saraburi 18110, Thailand Tel. +66 (0) 3624 8305 Fax. +66 (0) 3624 8314, +66 (0) 3625 1344

Paid-up Ownership Share Capital Interest (Direct (Million Baht) + Indirect) (%)

248

+PJOUÇ°7FOUVSFT Ç° DPOUJOVFE

Company

Business

Registered Share Capital (Million Baht)

Par Value (Baht)

(VMGÇ°$PHFOFSBUJPOÇ°$PNQBOZÇ°-JNJUFEÇ° ($$

(GEC is the companyâ&#x20AC;&#x2122;s 100% shareholder) 4JUFÇ°PGĹłDFÇ° Ç°.PPÇ° Ç°5BOEFPXÇ°%JTUSJDU Ç° Amphur Kaeng Khoi, Saraburi 18110, Thailand Tel. +66 (0) 3624 6531 Fax +66 (0) 3624 8020 /POHÇ°,IBFÇ°$PHFOFSBUJPOÇ°$PNQBOZÇ°-JNJUFEÇ° /,$$

(GEC is the companyâ&#x20AC;&#x2122;s 100% shareholder) 4JUFÇ°PGĹłDFÇ° Ç°.PPÇ° Ç°/POHQMBNPSÇ°%JTUSJDU Ç° Amphur Nong Khae, Saraburi 18140, Thailand Tel. +66 (0) 3637 3676 Fax +66 (0) 3637 3691 4BNVUQSBLBSOÇ°$PHFOFSBUJPOÇ°$PNQBOZÇ°-JNJUFE Ç° 4$$ Ç° Ç° Ç° (GEC is the companyâ&#x20AC;&#x2122;s 100% shareholder) 4JUFÇ°PGĹłDFÇ° Ç°.PPÇ° Ç°#BOHÇ°1VÇ°.BJÇ°%JTUSJDU Amphur Muang, Samutprakarn 10280, Thailand Tel. +66 (0) 2709 0751 Fax +66 (0) 2709 1842 (VMGÇ°:BMBÇ°(SFFOÇ°$PNQBOZÇ°-JNJUFEÇ° (:(

(GEC is the companyâ&#x20AC;&#x2122;s 100% shareholder) 4JUFÇ°PGĹłDFÇ° Ç°.PPÇ° Ç°1SPOÇ°%JTUSJDU Ç° Amphur Muang, Yala 95160, Thailand Tel. +66 (0) 7325 2721 Fax +66 (0) 7325 2722 $POBMÇ°)PMEJOHÇ°$PSQPSBUJPOÇ° $POBM

(EGCO B.V.I. is the companyâ&#x20AC;&#x2122;s 40% shareholder) 0GĹłDFÇ° &($0Ç°5PXFSÇ° Tel. +66 (0) 2998 5000 Fax +66 (0) 2955-0956-9 0WFSTFBÇ°PGĹłDFÇ°Ç° th Floor, Alphaland Southgate Tower 2258 Chino Roces Avenue Corner EDSA Makati City, 1232 Philippines Tel. (632) 836 4940, (632) 836 4403 Fax (632) 801 0593 "MUPÇ°1PXFSÇ°.BOBHFNFOUÇ°$PSQPSBUJPOÇ° "1.$

(Conal is the companyâ&#x20AC;&#x2122;s 60% shareholder) 0WFSTFBÇ°PGĹłDFÇ° th Floor, Alphaland Southgate Tower 2258 Chino Roces Avenue Corner EDSA Makati City, 1232 Philippines Tel. (632) 836 4940 Fax (632) 801 0593 8FTUFSOÇ°.JOEBOBPÇ°1PXFSÇ°$PSQPSBUJPOÇ° 8.1$

(Conal is the companyâ&#x20AC;&#x2122;s 44% indirect shareholder) 0WFSTFBÇ°PGĹłDFÇ°Ç° th Floor, Alphaland Southgate Tower 2258 Chino Roces Avenue Corner EDSA Makati City, 1232 Philippines

Small Power Producer (SPP) Electricity and steam generating BOEÇ°TVQQMZÇ°CVTJOFTT

850

Small Power Producer (SPP) Electricity and steam generating BOEÇ°TVQQMZÇ°CVTJOFTT

1,241.72

Small Power Producer (SPP) Electricity and steam generating and supply business

981.54

SPP utilizing Biomass as primary fuel

460

99.90/1

239.95/1

(3.27 USD)

(7,854,423 USD)

15.16/1

75.76/1

7.58/1

(496,278 USD)

(2.48 USD)

(248,139 USD)

118.92/1

79.43/1

107.41/1

(3,892,661 USD)

(2.60 USD)

(3,515,851 USD)

Holding company focusing on 239.95/1 power business in the Philippines Ç° (7,854,423 USD)

Operation and maintenance services for power plants and consulting

IPP Electricity Generating and supply business

Paid-up Ownership Share Capital Interest (Direct (Million Baht) + Indirect) (%)

17.6

249

General Information

+PJOUÇ°7FOUVSFT Ç° DPOUJOVFE

Company

Tel. (632) 836 4940 Fax (632) 801 0593 4JUFÇ°PGÅ³DFÇ°Ç° 4JUJPÇ°.BMBTVHBU Ç°4BOHBMJ Zamboanga City, Philippines 4PVUIFSOÇ°1IJMJQQJOFTÇ°1PXFSÇ°$PSQPSBUJPOÇ° 411$

(Conal is the companyâ&#x20AC;&#x2122;s 44% indirect shareholder) 0WFSTFBÇ°PGÅ³DFÇ°Ç° th Floor, Alphaland Southgate Tower 2258 Chino Roces Avenue Corner EDSA Makati City, 1232 Philippines Tel. (632) 836 4940 Fax (632) 801 0593 4JUFÇ°PGÅ³DFÇ° #P Ç°#BMVOUBZ Ç°"MVCFM Sarangani Province, Philippines #-$1Ç°1PXFSÇ°-JNJUFEÇ° #-$1

0GÅ³DFÇ° /P Ç° Ç°* Ç°3PBE Ç° Map Ta Phut Industrial Estate, Amphur Map Ta Phut, Rayong 21150, Thailand Tel. +66 (0) 3892 5100 Fax +66 (0) 3892 5199

Business

Registered Share Capital (Million Baht)

Par Value (Baht)

Electricity Generating and supply business

74.73/1

83.10/1

68.87/1

(2,445,986 USD)

(2.72 USD)

(2,254,384 USD)

12,010

100

12,010

3,055.02/1

11,410.50/1

(100 USD)

(373,500,000 USD)

2,283

33.33

100

894

IPP &MFDUSJDJUZÇ°(FOFSBUJOHÇ°BOEÇ°TVQQMZ business

/BNÇ°5IFVOÇ° Ç°1PXFSÇ°$PNQBOZÇ°-JNJUFEÇ° /51$ Ç° IPP 13,747.59/1 0GÅ³DFÇ°Ç° 6OJUÇ° Ç°5BUÇ°-VBOHÇ°3PBEÇ°Ç° &MFDUSJDJUZÇ°(FOFSBUJOHÇ°BOEÇ°TVQQMZ Nongbone Village, P.O. Box 5862 business Vientiane, Lao PDR (450,000,000 Tel. (856-21) 263 900 USD) Fax (856-21) 263 901 /BUVSBMÇ°&OFSHZÇ°%FWFMPQNFOUÇ°$PNQBOZÇ°-JNJUFE SPP 2,304 Ç° /&% Ç° Ç° Ç° Electricity Generating and Supply 0GÅ³DFÇ° Ç°UIFÇ°0GÅ³DFTÇ°BUÇ°$FOUSBMÇ°8PSME Ç° #VTJOFTTÇ°VTJOHÇ°4PMBSÇ°1PXFS Rama 1 Road, Pathumwan, Bangkok 10330, Thailand 4JUFÇ°0GÅ³DFÇ° Ç°.PPÇ° Ç°8BOHÇ°1MPFOHÇ°4VC %JTUSJDU Ç° Khok Samrong District, Lopburi 15120, Thailand Tel. +66 (0) 3641 8400 Fax +66 (0) 3641 8401 ( 1PXFSÇ°4PVSDFÇ°$PNQBOZÇ°-JNJUFEÇ° (14

VSPP 930 0GÅ³DFÇ° Ç°/BLPSODIBJTSJÇ°3E Ç°/BLPSODIBJTSJ Ç° &MFDUSJDJUZÇ°(FOFSBUJOHÇ°BOEÇ°4VQQMZ Dusit, Bangkok 10300 Thailand Business using Solar Power Tel. +66 (0) 2242 5800 Fax +66 (0) 2242 5832 4JUFÇ°0GÅ³DFÇ°Ç° Ç° #SBODIÇ° Ç° Ç° Ç°.PPÇ° Ç° Tumbon Dong Khon, Amphoe, Sankhaburi Chai Nat 17140 - Branch 2 - 11/1,11/11 Moo 5 Tumbon Ta Khit, Amphoe Banphot Phisai, Nakhon Sawan 60180 - Branch 3 - 11,11/1 Moo 2 Tumbon Ta Sang, Amphoe Banphot Phisai, Nakhon Sawan 60180 - Branch 4 - 311,311/1 Moo 2 Tumbon Sap Samo Thot, Amphoe Bueng Sam Phan, Phetchabun 67160

Paid-up Ownership Share Capital Interest (Direct (Million Baht) + Indirect) (%)

17.6

250

+PJOUÇ°7FOUVSFT Ç° DPOUJOVFE

Company

Business

Registered Share Capital (Million Baht)

Par Value (Baht)

Paid-up Ownership Share Capital Interest (Direct (Million Baht) + Indirect) (%)

"CTPMVUFÇ°1PXFSÇ°$PNQBOZÇ°-JNJUFEÇ° "11$

Biodiesel business, Biodiesel 100 100 100 0GÅ³DFÇ° &($0Ç°5PXFSÇ° QSPEVDUJPOÇ°BOEÇ°USBEJOH Tel +66 (0) 2998 5000 Fax +66 (0) 2955 0956-9 4JUFÇ°0GÅ³DFÇ° Ç°.PPÇ° Ç°/POHÇ°#VBÇ°%JTUSJDU Ç°Ç° Ban Khai, Rayong 21120, Thailand (*%&$Ç°$PNQBOZÇ°-JNJUFE VSPP 400 100 400 0GÅ³DFÇ°Ç° Ç°1BIPMZPUIJOÇ°1MBDFÇ°5PXFSÇ°Ç° &MFDUSJDJUZÇ°(FOFSBUJOHÇ°BOEÇ°4VQQMZ 16th Floor Paholyothin Road, Business using waste Samsennai, Phyathai, Bangkok 10400 Thailand 4JUFÇ°0GÅ³DFÇ°Ç° 4BOBNCJOÇ°1BOJKÇ°3PBE Ç°.PPÇ° Ç°,VBOMVOH Ç°Ç° Hat Yai, Song Khla 90110, Thailand 15Ç°.BOBNCBOHÇ°.BVSBÇ°&OJNÇ° ..&

COAL MINING industry, covering 2,325.08/2 3,100.10/2 581.27/2 )FBEÇ°0GÅ³DFÇ°Ç° #3* Ç°#VJMEJOH Ç° th Floor, Jalan coal mining, coal concession Jendral Sudirman Kavling 44-46, development, coal trading and Jakarta 10210 Indonesia shipping 750,000,000 1,000 187,500,000 4JUFÇ°0GÅ³DFÇ°Ç° -BXBOHÇ°,JEVMÇ°BOEÇ°5BOKVOHÇ°&OJN Ç°Ç° Ç° (Thousand Rupiah) (Thousand Rupiah) (Thousand Rupiah) Muara Enim City, Sumatera Selatan (South Sumatra) Province, Indonesia

0UIFS Company

Registered Share Capital (Million Baht)

Par Value (Baht)

Paid-up Share Capital (Million Baht)

Ownership Interest (%)

&BTUFSOÇ°8BUFSÇ°3FTPVSDFTÇ°%FWFMPQNFOUÇ°BOE Water resources development .BOBHFNFOUÇ°1VCMJDÇ°$PNQBOZÇ°-JNJUFE and management for supplying Ç° &BTUÇ°8BUFS

0GÅ³DFÇ° Ç° Ç° 'Ç°&BTUXBUFSÇ°#VJMEJOH Ç°Ç° SBXÇ°XBUFSÇ°UPÇ°UIFÇ°DVTUPNFST 1 Vibhavadi Rangsit Road, Jomphol, Chatuchak, Bangkok 10900, Thailand Tel. +66 (0) 2272 1600 Fax +66 (0) 2272 1601-3 Website www.eastwater.com

1,663.73

18.72

9BZBCVSJÇ°1PXFSÇ°$PNQBOZÇ°-JNJUFEÇ° 91$-

Feasibility study on Hydroelectric 0GÅ³DFÇ°Ç° Ç°-BOFYBOHÇ°"WFOVF Ç°Ç° QSPKFDUÇ°JOÇ°-BPÇ°1%3 Ban Siang Yuen, Chantaburi District, Vientiane, Lao PDR Tel. (856-21) 223 215, 252 060 Fax (856-21) 215 500

16,250

1,966

12.5

Note : The Exchange rate as at December 28, 2012 /1 1 USD = Baht 30.5502 /2 1,000 Rupiah = Baht 3.1001 /3 1 PESO = Baht 0.7370

Business

Referenced Persons

Referenced Persons 3FHVMBUPS ǰ ǰ ǰ ǰ ǰ ǰ ǰ

The Securities and Exchange Commission, Thailand (1'ǰ8JUUIBZVǰ#VJMEJOH ǰ8JSFMFTTǰ3PBE ǰ-VNQJOJ ǰ1BUVNXBO ǰ#BOHLPLǰ ǰ Thailand 5FM ǰǰ

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Topics

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Page No.

Glossary

Glossary 1. Companies

"&Ç° "1.$Ç° "11$Ç° #-$1 #7Ç° $IBJZBQIVNÇ° $POBMÇ° $PPQÇ° $10*Ç° DGAÇ° &BTUÇ°8BUFSÇ° &($0Ç° &($0Ç°#7*Ç° &($0Ç°$PHFOÇ° &($0Ç°(SFFOÇ° &HDPNÇ°5BSBÇ° &4$0Ç° GCCÇ° (&$Ç° (&$$Ç° (&/Ç° (*%&$Ç° (*11Ç° (1(Ç° (1*2Ç° (14Ç° (SPVQÇ°DPNQBOJFT Ç°Ç° &($0Ç°(SPVQÇ°

"HSPÇ°&OFSHZÇ°$PNQBOZÇ°-JNJUFE "MUPÇ°1PXFSÇ°.BOBHFNFOUÇ°$PSQPSBUJPO "CTPMVUFÇ°1PXFSÇ°1Ç°$PNQBOZÇ°-JNJUFE BLCP Power Limited /FXÇ°(SPXUIÇ°# 7 $IBJZBQIVNÇ°8JOEÇ°'BSNÇ°$PNQBOZÇ°-JNJUFE $POBMÇ°)PMEJOHTÇ°$PSQPSBUJPO /FXÇ°(SPXUIÇ°$PPQFSBUJFGÇ°6 " $PWBOUBÇ°1IJMJQQJOFTÇ°0QFSBUJOHÇ°*OD %JBNPOEÇ°(FOFSBUJOHÇ°"TJB Ç°-JNJUFE &BTUÇ°8BUFSÇ°3FTPVSDFTÇ°%FWFMPQNFOUÇ°BOEÇ°.BOBHFNFOUÇ°1VCMJDÇ°$PNQBOZÇ° Limited &MFDUSJDJUZÇ°(FOFSBUJOHÇ°1VCMJDÇ°$PNQBOZÇ°-JNJUFEÇ° &($0Ç°*OUFSOBUJPOBMÇ° # 7 * Ç°-JNJUFE &($0Ç°$PHFOFSBUJPOÇ°$PNQBOZÇ°-JNJUFE &($0Ç°(SFFOÇ°&OFSHZÇ°$PNQBOZÇ°-JNJUFE &HDPNÇ°5BSBÇ°$PNQBOZÇ°-JNJUFE &($0Ç°&OHJOFFSJOHÇ°BOEÇ°4FSWJDFÇ°$PNQBOZÇ°-JNJUFE (VMGÇ°$PHFOFSBUJPOÇ°$PNQBOZÇ°-JNJUFE (VMGÇ°&MFDUSJDÇ°1VCMJDÇ°$PNQBOZÇ°-JNJUFE (FOFSBMÇ°&MFDUSJDÇ°$BQJUBMÇ°$PSQPSBUJPO (VMGÇ°&OFSHZÇ°$PNQBOZÇ°-JNJUFE (*%&$Ç°$PNQBOZÇ°-JNJUFE (VMGÇ°*11Ç°$PNQBOZÇ°-JNJUFE (VMGÇ°1PXFSÇ°(FOFSBUJPOÇ°$PNQBOZÇ°-JNJUFE (1*Ç°2VF[POÇ°$PNQBOZÇ°-JNJUFE ( 1PXFSÇ°4PVSDFÇ°$PNQBOZÇ°-JNJUFE &MFDUSJDJUZÇ° (FOFSBUJOHÇ° 1VCMJDÇ° $PNQBOZÇ° -JNJUFEÇ° BOEÇ° JUTÇ° TVCTJEJBSJFTÇ° BOEÇ°KPJOUÇ°WFOUVSFÇ°DPNQBOJFT

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(VOLVMÇ° GYGÇ° ,&($0Ç° *.4Ç° ..&Ç° /&%Ç° /&%Ç°8JOEÇ° NKCCÇ° /.1$Ç° /PSUIÇ°1PMFÇ° /51$Ç° 0OF&OFSHZÇ° 01%$*Ç° 1&10*Ç° 1(4Ç° 2.4Ç° 2VF[POÇ° 3&($0Ç° 3PJ &UÇ°(SFFOÇ° 4$$Ç° 4,Ç°$PHFOÇ° Ç°51Ç°$PHFOÇ° 4PMBSDPÇ° 411 Ç° 411 Ç° 411 Ç° 411 Ç° 411$ 5&1%*"Ç° 5IFQQBOBÇ° 5+Ç°$PHFOÇ° 8.1$Ç° 91$-Ç°

(VOLVMÇ°&OHJOFFSJOHÇ°1VCMJDÇ°$PNQBOZÇ°-JNJUFE (VMGÇ°:BMBÇ°(SFFOÇ°$PNQBOZÇ°-JNJUFE ,IBOPNÇ°&MFDUSJDJUZÇ°(FOFSBUJOHÇ°$PNQBOZÇ°-JNJUFE *OUFSHFOÇ°.BOBHFNFOUÇ°4FSWJDFTÇ° 1IJMJQQJOFT Ç°-JNJUFE 15Ç°.BOBNCBOHÇ°.VBSBÇ°&OJNÇ°$PNQBOZÇ°-JNJUFE /BUVSBMÇ°&OFSHZÇ°%FWFMPQNFOUÇ°$PNQBOZÇ°-JNJUFE /&%Ç°8JOEÇ°$PNQBOZÇ°-JNJUFE /POHÇ°,IBFÇ°$PHFOFSBUJPOÇ°$PNQBOZÇ°-JNJUFE /PSUIFSOÇ°.JOEBOBPÇ°1PXFSÇ°$PSQPSBUJPO /PSUIÇ°1PMFÇ°*OWFTUNFOUÇ°$PNQBOZÇ°-JNJUFE /BNÇ°5IFVOÇ° Ç°1PXFSÇ°$PNQBOZÇ°-JNJUFE 0OF&OFSHZÇ°5IBJMBOEÇ°-JNJUFE 0HEFOÇ°1PXFSÇ°%FWFMPQNFOUÇ°$BZNBOÇ°*OD 1FBSMÇ°&OFSHZÇ°1IJMJQQJOFTÇ°0QFSBUJOHÇ°*OD 1PXFSÇ°(FOFSBUJPOÇ°4FSWJDFTÇ°$PNQBOZÇ°-JNJUFE 2VF[POÇ°.BOBHFNFOUÇ°4FSWJDFÇ°*OD 2VF[POÇ°1PXFSÇ° 1IJMJQQJOFT Ç°-JNJUFEÇ°$PNQBOZ 3BZPOHÇ°&MFDUSJDJUZÇ°(FOFSBUJOHÇ°$PNQBOZÇ°-JNJUFE 3PJ &UÇ°(SFFOÇ°$PNQBOZÇ°-JNJUFE 4BNVUQSBLBSOÇ°$PHFOFSBUJPOÇ°$PNQBOZÇ°-JNJUFE #BOQPOHÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFE 4PMBSDPÇ°$PNQBOZÇ°-JNJUFE 411Ç°5XPÇ°$PNQBOZÇ°-JNJUFE 411Ç°5ISFFÇ°$PNQBOZÇ°-JNJUFE 411Ç°'PVSÇ°$PNQBOZÇ°-JNJUFE 411Ç°'JWFÇ°$PNQBOZÇ°-JNJUFE Southern Philippines Power Corporation 5&1%*"Ç°(FOFSBUJOHÇ°# 7 5IFQQBOBÇ°8JOEÇ°'BSNÇ°$PNQBOZÇ°-JNJUFE ,MPOHMVBOHÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFE 8FTUFSOÇ°.JOEBOBPÇ°1PXFSÇ°$PSQPSBUJPO 9BZBCVSJÇ°1PXFSÇ°$PNQBOZÇ°-JNJUFE

Glossary

:BOIFFÇ°&($0Ç° :BOIFFÇ°1PXFSÇ° :BOIFFÇ°4PMBSÇ°

:BOIFFÇ°&($0Ç°)PMEJOHÇ°$PNQBOZÇ°-JNJUFE :BOIFFÇ°1PXFSÇ°)PMEJOHÇ°$PNQBOZÇ°-JNJUFE :BOIFFÇ°4PMBSÇ°1PXFSÇ°$PNQBOZÇ°-JNJUFE

2. Government Organizations

&MFDUSJDJUZÇ°(FOFSBUJOHÇ°"VUIPSJUZÇ°PGÇ°5IBJMBOE &OFSHZÇ°1PMJDZÇ°BOEÇ°1MBOOJOHÇ°0GÅ³DF &OFSHZÇ°3FHVMBUPSZÇ°$PNNJTTJPO /BUJPOBMÇ°&OFSHZÇ°1PMJDZÇ°$PVODJM 1SPWJODJBMÇ°&MFDUSJDJUZÇ°"VUIPSJUZ 1SPWJODJBMÇ°8BUFSXPSLTÇ°"VUIPSJUZ 4FDVSJUZÇ°BOEÇ°&YDIBOHFÇ°$PNNJTTJPO Ç°5IBJMBOE 4UPDLÇ°&YDIBOHFÇ°PGÇ°5IBJMBOE

3. Other Institutions

$040Ç° IODÇ° +#*$Ç°

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4. Technical Terms

"TTPDJBUFEÇ°$PNQBOZÇ° Ç° Ç° Ç°Ç° Ç° Ç° Ç° Ç° $POUSPMMJOHÇ°1FSTPOÇ° Ç° Ç° Ç°

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