Annual sahacogen 2550(th eng) by SAHACOGEN Group

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1 ¢âÕ¡Ÿ≈∑—Ë«‰ª General Information

CONTENTS

2 “√®“°ª√–∏“π°√√¡°“√ Message from the Chairman 4 √“¬ß“π§≥–°√√¡°“√μ√«® Õ∫ Report of the Audit Committee 6 ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® Nature of Business

14 ‚§√ß √â“ß°“√∂◊ÕÀÿâπ·≈–°“√®—¥°“√ Shareholders and Management Structure 24 —¥ à«π°“√∂◊ÕÀÿâπ„π∫√‘…—∑¬àÕ¬ Shareholding in Subsidiaries 26 √“¬°“√√–À«à“ß°—π Transaction with Related Companies 32 ªí®®—¬§«“¡‡ ’Ë¬ß·≈–°“√∫√‘À“√§«“¡‡ ’Ë¬ß Risk Factors and Management 38 °“√°”°—∫¥Ÿ·≈°‘®°“√ Corporate Governance 68 °‘®°√√¡·≈–§«“¡√—∫º‘¥™Õ∫μàÕæπ—°ß“π ™ÿ¡™π —ß§¡·≈– ‘Ëß·«¥≈âÕ¡ Social Activities, Community and Environmental Responsibility 72 √ÿªº≈ª√–°Õ∫°“√·≈–∞“π–∑“ß°“√‡ß‘π Performance Summary and Financial Highlights 74 Õ—μ√“ à«π∑“ß°“√‡ß‘π Financial Ratio 76 «‘‡§√“–Àå∞“π–°“√‡ß‘π·≈–°“√¥”‡π‘πß“π Analysis of Operating Results and Financial Status 80 √“¬ß“π§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√μàÕ√“¬ß“π∑“ß°“√‡ß‘π Report on the Board of Directorsû Responsibility on Financial Statements 82 √“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’·≈–ß∫°“√‡ß‘π Financial Statements 120 §à“μÕ∫·∑πºŸâ Õ∫∫—≠™’ Auditor Fees of the Auditor 122 ª√–«—μ‘§≥–°√√¡°“√ Sahacogenûs Board of Directors

¢âÕ¡Ÿ≈∑—Ë«‰ª / General Information ™◊ËÕ∫√‘…—∑ ‡≈¢∑–‡∫’¬π∫√‘…—∑ «—π∑’Ë®¥∑–‡∫’¬π°àÕμ—Èß∫√‘…—∑ «—π∑’Ë®¥∑–‡∫’¬π‡ªìπ∫√‘…—∑¡À“™π «—π∑’Ë‡ªî¥¢“¬Àÿâπ„πμ≈“¥À≈—°∑√—æ¬å ª√–‡¿∑∏ÿ√°‘® ∑’Ëμ—Èß ”π—°ß“π„À≠à ‚∑√»—æ∑å ‚∑√ “√ ‡«∫‰´∑å∫√‘…∑— ∑ÿπ®¥∑–‡∫’¬π·≈–∑ÿπ∑’Ë™”√–·≈â«

: ∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) : 0107545000306 (∫¡®. 40854500703) : 20 æƒ»®‘°“¬π 2539 : 4 μÿ≈“§¡ 2545 : 7 ¡°√“§¡ 2547 : ¥”‡π‘π∏ÿ√°‘®º≈‘μ·≈–®”Àπà“¬‰øøÑ“·≈–‰ÕπÈ” : 636 À¡Ÿà∑’Ë 11 ∂ππ ÿ¢“¿‘∫“≈ 8 μ”∫≈ÀπÕß¢“¡ Õ”‡¿Õ»√’√“™“ ®—ßÀ«—¥™≈∫ÿ√’ 20230 : 66-3848-1555 : 66-3848-1551 : www.sahacogen.com : 955 ≈â“π∫“∑ ‡ªìπÀÿâπ “¡—≠ 955,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑

∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ π“¬∑–‡∫’¬πÀÿâπ

: ∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥ 62 Õ“§“√μ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ™—Èπ 4 ·≈– 7 ∂ππ√—™¥“¿‘‡…° ·¢«ß§≈Õß‡μ¬ ‡¢μ§≈Õß‡μ¬ °√ÿß‡∑æœ 10110 ‚∑√»—æ∑å 0-2229-2800 : ‚∑√ “√ 0-2359-1259 ∑’Ëª√÷°…“∑“ß°ÆÀ¡“¬ : ∫√‘…—∑ ∑’Ëª√÷°…“°ÆÀ¡“¬·™π‡≈Õ√å·≈–∑Õß‡Õ° ®”°—¥ ™—Èπ 7 Õ“§“√∫ÿªº®‘μ 20 ∂ππ “∑√‡Àπ◊Õ °√ÿß‡∑æœ 10500 ‚∑√»—æ∑å 0-2266-6485 : ‚∑√ “√ 0-2266-6483 ºŸâμ√«® Õ∫¿“¬„π : ∫√‘…—∑ Õ∫∫—≠™’∏√√¡π‘μ‘ ®”°—¥ 267/1 ∂ππª√–™“√“…Æ√å “¬ 1 ∫“ß´◊ËÕ °√ÿß‡∑æœ 10800 ‚∑√»—æ∑å 0-2587-0808 : ‚∑√ “√ 0-2586-0301 ºŸâ Õ∫∫—≠™’ : π. . ∑‘æ“«—≈¬å π“π“πÿ«—≤πå ‡≈¢∑–‡∫’¬πºŸâ Õ∫∫—≠™’ 3459 ∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ 193/136-137 ∂ππ√—™¥“¿‘‡…° °√ÿß‡∑æœ 10110 ‚∑√»—æ∑å 0-2264-0777 : ‚∑√ “√ 0-2264-0789-90 ∂“∫—π°“√‡ß‘π : ∏π“§“√ °√ÿß‡∑æ ®”°—¥ (¡À“™π) “¢“ ”π—°ß“π„À≠à ‚∑√»—æ∑å 0-2626-3688 ‚∑√ “√ 0-2231-4018 ∏π“§“√° ‘°√‰∑¬ ®”°—¥ (¡À“™π) “¢“ »√’√“™“ ‚∑√»—æ∑å 038-762 787 : ‚∑√ “√ 038-762 791 Name : Sahacogen (Chonburi) Public Company Limited Registered Number : 0107545000306 (Bor Mor Jor. 40854500703) Registered Date : November 20, 1996 Registered Date to Public Company : October 4, 2002 First Trading in the Stock Market : January 7, 2004 Type of Business : Power Plant Head Office Location : 636 Moo 11, Sukaphiban 8 Road, Nongkharm, Sriracha, Chonburi 20230 Telephone No. : 66 3848 1555 Fax No. : 66 3848 1551 Website : www.sahacogen.com Registered and Paid-up Capital : 955 Million Baht, including 955,000,000 common shares, Baht 1 per share

Reference Security Registrar

Legal Consultant Internal Audit Auditor

Financial Institution

: Thailand Securities Depositary Co.,Ltd. 62 The Stock Exchange of Thailand Building, 4th & 7th Floor, Ratchadapisek Road, Klongtoey, Bangkok 10110 Tel : 0-2229-2800 Fax : 0-2359-1259 : Chandler & Thong-Ek 7th Floor, Bubhajit Building 20 North Sathorn Road, Bagkok 10500 Tel : 02-266-6485 Fax : 02-266-6483 : Dharmniti Auditing and Tax Co.,Ltd. 267/1 Pracharaj Sai 1 Road, Bangsue, Bangkok 10800 Tel : 0-2587-8080 Fax : 0-2586-0301 : Ms. Thipawan Nananuwat Authorized Auditor Registration No. 3459 Ernst & Young Office Limited 193/136-137 Rajadapisek Road, Bangkok 10110 Tel: 0-2264-0777 Fax: 0-2264-0789-90 : Bangkok Bank Public Company Limited, Head Office Tel : 0-2626-3688 Fax : 0-2231-4018 Kasikornbank Public Company Limited, Sriracha Branch Tel : 038-762 787 Fax : 038-762 791

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æ≈‡√◊Õ‡Õ° ( Õπÿ™‘μ ‡¿°–π—π∑πå ) ª√–∏“π°√√¡°“√

Message from the Chairman In 2007 the country economic growth was deemed slow down further from the previous year due to several adverse factors, the operating results of the company were unavoidably affected; but as the consequence of the intensive control of the production cost and relevant the adverse impacts were effectively mitigated and the earning from operation was only 2.89% lower from the year 2006. However, due to the income tax incurred after the expiry of the BOI privilege of the Phase 1 plant in March 2006 the net income was further reduced to 10.75% lower than the previous year. The Board of Directors not only encouraged the management to maximize the earning from the existing power plant but also motivated the companyûs environmental friendly policy and thus the company was awarded as çAn outstanding enterprise in the power plant sector that effectively implemented the prevention and mitigation in compliance with the measures stipulated in the environmental impact assessment reportsé in the EIA Monitor Awards 2007 by the Ministry of Natural Resources and Environment. In addition the Board of Director also encouraged the extension of the business development in the renewable energy to the other industrial area other than the Saha Group industrial park. The subsidiary company çSahacogen Kabinburi Company Limitedé was therefore renamed as çSahacogen Green Company Limitedé for appropriately processing the business development. The company had also adjusted the project execution plan by enhancing the public relation work and the biomass fuel plan. The constructions of the biomass power plants in Saha Group Industrial Park Lamphun and Kabinburi were rescheduled to commence by 4rd quarter of the year 2008. The feasibility study with several strategic partners will also be concluded in the year 2008. On behalf of the Board of Directors, I wish to express our gratitude to the shareholders and business partners as well as to our other partnership units including state and private entities for their valuable support throughout the financial year. I also wish to extend our appreciation to all of our executives and employees for their willing efficiency and hard work. Their commitment to our overall vision has enabled us to effectively achieve all of our goals and objectives.

Admiral (Anuchit Bekanan) Chairman

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„π°“√ªØ‘∫—μ‘Àπâ“∑’Ë°“√°”°—∫·≈–¥Ÿ·≈¢Õß§≥–°√√¡°“√μ√«® Õ∫‰¥â·°à 1. √à«¡ª√–™ÿ¡·≈–æ‘®“√≥“À“√◊Õ „π à«π¢Õßß∫°“√‡ß‘π√à«¡°—∫ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“μ®“°∫√‘…—∑ ”π—°ß“π‡Õ‘π ∑å·Õπ¥å¬—ß ®”°—¥ °“√ª√–™ÿ¡π’È ‰¥âæ®‘ “√≥“∂÷ß§«“¡‡À¡“– ¡·≈–§ÿ≥¿“æ¢ÕßÀ≈—°°“√∫—≠™’·≈–§«“¡‡ªìπ‰ª‰¥â¢Õß ¡¡ÿμ∞‘ “πμà“ßÊ ·≈–§«“¡‚ª√àß„ ¢Õß°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¢Õßß∫°“√‡ß‘π 2. √à«¡ª√–™ÿ¡°—∫ºŸâμ√«® Õ∫¿“¬„π®“°∫√‘…—∑ Õ∫∫—≠™’∏√√¡π‘μ‘ ®”°—¥ ·≈–ΩÉ“¬®—¥°“√¢Õß∫√‘…—∑ ‡æ◊ËÕÀ“√◊Õ‡°’Ë¬«°—∫ º≈¢Õß°“√μ√«® Õ∫·≈–°“√ª√–‡¡‘π√–∫∫§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑ ®“°°“√ª√–™ÿ¡√à«¡°—π‰¡àª√“°Ø«à“¡’°“√°√–∑” ´÷ËßÕ“®®–æ‘®“√≥“‰¥â«à“‡ªìπ°“√≈–‡¡‘¥°Æ√–‡∫’¬∫¢Õß∫√‘…—∑Õ¬à“ß√ÿπ·√ßÕ—π®–π”¡“´÷Ëß§«“¡‡ ’¬À“¬ ‚¥¬∑—Ë«‰ª∫√‘…—∑ ¡’°Æ√–‡∫’¬∫°“√ªØ‘∫—μ‘ß“π·≈–°“√§«∫§ÿ¡∑’Ë¡’ª√– ‘∑∏‘¿“æ ·≈–ΩÉ“¬®—¥°“√‰¥â „Àâ§«“¡√à«¡¡◊Õ°—∫ºŸâμ√«® Õ∫¿“¬„π ¥â«¬¥’μ≈Õ¥¡“ 3. ºŸμâ √«® Õ∫¿“¬„π‰¥â Õ∫∑“π√à«¡°—∫§≥–°√√¡°“√μ√«® Õ∫‡°’¬Ë «°—∫√“¬°“√∑’‡Ë °’¬Ë «‚¬ß°—πμ“¡ª√–°“»§≥–°√√¡°“√ μ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ æ∫«à“∫√‘…—∑¡’°“√«à“®â“ß∫√‘…—∑ æ‘∑—°…å°‘® ®”°—¥ ¥”‡π‘πß“π°“√°àÕ √â“ß·≈–ß“π «‘»«°√√¡¢Õß∫√‘…—∑ À‚§‡®π °√’π ®”°—¥ (∫√‘…—∑¬àÕ¬) ´÷Ëß∑’Ëª√–™ÿ¡‰¥âæ‘®“√≥“‡ÀÁπ«à“‡ªìπ‰ªμ“¡°“√ π—∫ πÿπ°“√ ¥”‡π‘πß“πª°μ‘¢Õß∫√‘…∑— ·≈–¡’√“§“∑’μË √«® Õ∫‰¥â«“à ‡ªìπ√“§“∑’‡Ë À¡“– ¡·≈–μË”°«à“√“§“μ≈“¥ ·≈–‰¥âπ”‡ πÕ‡√◊ÕË ß ¥—ß°≈à“«„Àâ°∫— §≥–°√√¡°“√∫√‘…∑— ‡æ◊ÕË Õπÿ¡μ— ‘ μ≈Õ¥®ππ”‡ πÕ„Àâ§≥–°√√¡°“√∫√‘…∑— Õπÿ¡μ— °‘ “√¥”‡π‘πß“π„πª√–‡¿∑ π’È ‰«â „π«ß‡ß‘π‰¡à‡°‘π 20 ≈â“π∫“∑‡æ◊ËÕ§«“¡§≈àÕßμ—«„π°“√ªØ‘∫—μ‘ß“π 4. ‰¥â√à«¡ª√–™ÿ¡°—∫ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“μ·≈–ºŸâμ√«® Õ∫¿“¬„π‡æ◊ËÕÀ“√◊Õ„π‡√◊ËÕß¢Õ∫‡¢μ·ºπß“π¢Õß°“√ Õ∫∫—≠™’ °“√®—¥∑”ß∫°“√‡ß‘π ·≈–°“√μ√«® Õ∫√–∫∫§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑„πªï 2551 5. §≥–°√√¡°“√μ√«® Õ∫¡’§«“¡‡ÀÁπ‡æ◊ÕË ‡ πÕμàÕ§≥–°√√¡°“√∫√‘…∑— „Àâ·μàßμ—ßÈ ∫√‘…∑— ”π—°ß“π‡Õ‘π ∑å·Õπ¥å¬ß— ®”°—¥ ‡ªìπºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“μ„πªï 2551 μàÕ‰ª ´÷Ëß‡ªìπ∫√‘…—∑∑’Ë ‰¥âªØ‘∫—μ‘ß“πμ√«® Õ∫„Àâ°—∫∫√‘…—∑¡“μ—Èß·μàªï 2543 Õ’°∑—Èß ¡’º≈ß“π‡ªìπ∑’ËæÕ„® §à“μÕ∫·∑π°“√μ√«® Õ∫ª√–®”ªï 2551 ®”π«π 740,000 ∫“∑ ·≈–„Àâπ”‡ πÕμàÕ∑’Ëª√–™ÿ¡ ºŸâ∂◊ÕÀÿâπæ‘®“√≥“Õπÿ¡—μ‘ ¥â«¬‡Àμÿº≈¥—ß°≈à“«¢â“ßμâπ·≈–¿“¬„μâ¢Õ∫‡¢μ§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√μ√«® Õ∫´÷ßË °”Àπ¥‰«â„π°Æ∫—μ√§≥– °√√¡°“√μ√«® Õ∫ ‡ πÕ„Àâ§≥–°√√¡°“√∫√‘…—∑´÷Ëß‰¥âÕπÿ¡—μ‘„Àâß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑∑’Ëºà“π°“√μ√«® Õ∫·≈â«„Àâ‡ªìπ à«πÀπ÷Ëß¢Õß√“¬ß“πª√–®”ªï¢Õß∫√‘…—∑

(π“¬πææ√ æß…å‡«™) ª√–∏“π°√√¡°“√μ√«® Õ∫

Report of the Audit Committee The role of the Audit Committee is to assist the Board of Directors in its oversight of the companyûs financial reporting process. The Audit Committee is composed of Mr. Nophorn Bhongsvej, Pol. Gen. Somchai Prabhasabhakdi, Mr. Amorn Asvanunt and Mr. Surong Ongkosit. The Board of Directors in its business judgment has determined that all members of the Audit Committee are çindependenté as required by the regulations of the Stock Exchange of Thailand. The Audit Committee operates pursuant to a charter that was approved by the Board of Directors at the 5/2550 meeting on August 7, 2007. As set forth in the charter, management of the Company is responsible for the preparation, presentation and integrity of the Companyûs financial statements, the Companyûs accounting and financial reporting principles and internal control processes all of which are designed to assure compliance with accounting standards and applicable laws and regulations. The independent auditors are responsible for auditing the Companyûs consolidated financial statements and expressing an opinion as to whether they are presented fairly, in all material respects, in conformity with the accounting principles generally accepted in Thailand.

In performance of its oversight function the Audit Committee has: 1. Considered and discussed the audited consolidated financial statements with management and the auditors. The Audit Committeeûs review included a discussion of the quality, the acceptability of the accounting principles, the reasonableness of significant judgments and the clarity of disclosures in the consolidated financial statements. 2. The Audit Committee meets with the internal auditors on a quarterly basis with management present to discuss the results of their examinations, their evaluations of the Companyûs internal control processes and the overall quality of the Companyûs financial reporting. No internal control deficiencies that may materially affect the Companyûs operation were detected with minor shortfalls receiving prompt and immediate remedial action from management. Overall the Company has an established and effective internal control process with management consistently cooperating with the internal auditors in the review process. 3. Discussed with the internal auditor related transaction as defined by the announcements of the Stock Exchange of Thailand and the Securities and Exchange Commission. The transaction concerned the hiring of Pitakkij Co., Ltd. a related company, in the construction and engineering works of our subsidiary, Sahacogen Green Co., Ltd. in Kabinburi. The transaction was carefully considered with the conclusion that the transaction was done at çarms length çand the prices quoted were at or below market and the services beneficial to the Company. The transaction was subsequently submitted to the Board of Directors for approval. Additionally, the Audit Committee proposed that the Board approve future transaction up to Baht 20 million per transaction with Pitakkij Co., Ltd. so as to increase operational flexibility. 4. Discussed with the Companyûs internal and independent auditors the overall scope and plans for their respective audits for the year 2008. 5. The Audit Committee approves the appointment of Ernst & Young Office Limited to be the companyûs auditors for the year 2008. Ernst & Young Office Limited has consistently and satisfactorily performed the Companyûs audit since 2000. The Audit Committee also considered the auditorsû professional fee of Baht 740,000. The approval of the auditors and fees need to be ratified by the shareholders at the Annual General Meeting. Based upon the report described and subject to the limitation of the role and responsibilities of the Audit Committee referred to in the charter, the Audit committee recommended to the Board of Directors and the Board has approved that the audited financial statements be included in our Annual Report.

(Mr. Nophorn Bhongsvej) Chairman of the Audit Committee

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¿“«–°“√·¢àß¢—π ‡π◊ËÕß®“°∫√‘…—∑‡ªìπºŸâº≈‘μ‰øøÑ“μ“¡‚§√ß°“√ºŸâº≈‘μ‰øøÑ“√“¬‡≈Á° (Small Power Producer: SPP) ¿“¬„μâ —¡ª∑“π ª√–°Õ∫°‘®°“√‰øøÑ“®“°°√–∑√«ßæ≈—ßß“π ´÷ßË ®–®”Àπà“¬·≈– àß¡Õ∫‰øøÑ“„Àâ°∫— °“√‰øøÑ“ºà“¬º≈‘μ·Ààßª√–‡∑»‰∑¬„πª√‘¡“≥ ·≈–μ“¡√“§“∑’°Ë ”Àπ¥„π —≠≠“´◊ÕÈ ¢“¬‰øøÑ“ ”À√—∫°“√®”Àπà“¬‰øøÑ“∫“ß à«π„Àâ°∫— ¿“§‡Õ°™π‚¥¬μ√ßπ—πÈ ‡ªìπ°“√®”Àπà“¬ „Àâ°—∫ºŸâ „™â „ππ‘§¡Õÿμ “À°√√¡μà“ßÊ ·≈–¿“¬„πæ◊Èπ∑’Ë∑’Ë ‰¥â√—∫ —¡ª∑“π‡∑à“π—Èπ ¥—ßπ—Èπ®÷ß‰¡à¡’°“√·¢àß¢—π¢â“¡æ◊Èπ∑’Ë §Ÿà·¢àß¢—π ®–¡’‡æ’¬ß °ø¿. ‡∑à“π—Èπ ·μà∂÷ß·¡â«à“∫√‘…—∑®–¡’§Ÿà·¢àß¢—π‡æ’¬ß√“¬‡¥’¬« ∫√‘…—∑°Á¬—ß§ß¡ÿàß‡πâπæ—≤π“ ·≈–ª√—∫ª√ÿß√–∫∫°“√ º≈‘μ·≈–®”Àπà“¬Õ¬à“ß ¡Ë”‡ ¡Õ

Nature of Business The company is a Small Power Producer (SPP) producing and distributing electricity and steam under a concession granted by the Ministry of Energy. The power plant is a natural gas fired cogeneration combined cycle type, located on 25-rai of land in the Sriracha Saha Group Industrial Park, Nongkharm, Sriracha, Chonburi province. Under an Operation and Maintenance Agreement, Operational Energy Group Company Limited has been employed for the operation and maintenance of the facilities. The company has agreed to transmit and deliver electricity to the Electricity Generating Authority of Thailand (EGAT) and sell electricity and steam to Saha Pattana Inter-Holding PCL. The latter is the sole distributor of electricity and steam to its industrial park tenants located in Sriracha Saha Group Industrial Park. At present, the power plant is operating a total net plant output of 174 megawatts of electricity and 81 tons of steam per hour which will be sufficient to meet a rapid increase in demand for electricity and steam in the Sriracha Saha Group Industrial Park. In addition, the company has developed Biomass Fired Plant Project and established Sahacogen Kabinburi Co.,Ltd. in October 2006, then changed its name to Sahacogen Green Co.,Ltd. a subsidiary company, on October 31, 2007 for the extension of business development in the renewable energy. In 2007, the company has strated developing biomass fired power project, approximately 10 megawatts of electricity at the Saha Group Industrial Parkin Kabinburi and Lamphum provinces, including another two projects in the other potenial industrial areas. To ensure biomass fuel sufficiently supplied to production process, the company has explored and created two energy plant farming in order to grow the fast growing tree plantation at Saha Group Industrial Park In Karbinburi and Lamphun provinces respectively. These plantation farming are not only utilized for growing fast tree plantation, but also research farming. The company has cooperated with the Faculty of Forestry, Kasetsart University to make a research on fast tree seeds, improving and developing its spout for more production in the future.

Business Objectives The company has four main business objectives: ë To efficiently and reliably generate and supply high-quality electricity and steam ë To effectively manage the production process in order to minimize costs and deliver maximum profits to the shareholders ë To maintain the corporate social responsibility including the intensive control of environmental impact ë To establish the companyûs management structure to internationally accepted standards

Policy and Market Characteristics The company realizes that the quality and productive of our industrial client will be materially affected by interruptions in electricity and steam supply; therefore, the company focuses on continual improvement of the reliability of its generation, distribution system, and responsive 24 hours customer services along with technical services as a key strategy. Moreover, pricing policy is one of the companyûs marketing strategies. The companyûs electricity charge to industrial users is based on the rate announced by the Provincial Electricity Authority with an applicable discount dependent on the quantity purchased. At the same time, the steam price is lower comparing to the cost of their own steam production. As a result, all industrial tenants in the Sriracha Saha Group Industrial Park are currently connected to our electricity distribution.

Marketing and Competition Under the Small Power Producer (SPP) program and a granted concession, the company is able to sell electricity only to EGAT and industrial users specified in the granted concession under the conditions on the electricity purchase contract. Therefore, only the Provincial Electricity Authority is the competitor. However, the company does not consider its market its market monopolized and still continually develops and improves its services for more customersû satisfaction.

≈—°…≥–°“√®—¥„Àâ ‰¥â¡“´÷Ëßº≈‘μ¿—≥±å‡æ◊ËÕ®”Àπà“¬ ªí®®ÿ∫—π∫√‘…—∑¡’ ‚√ß‰øøÑ“‡æ’¬ß·Ààß‡¥’¬« μ—ÈßÕ¬Ÿà¿“¬„π‡¢μ «πÕÿμ “À°√√¡‡§√◊Õ Àæ—≤πå-»√’√“™“ ®—ßÀ«—¥™≈∫ÿ√’ ‚¥¬¡’°”≈—ß°“√º≈‘μ ª√‘¡“≥°“√º≈‘μ ·≈–Õ—μ√“°”≈—ß°“√º≈‘μ‰øøÑ“·≈–‰ÕπÈ”„πªï 2550 ¥—ßμàÕ‰ªπ’È ‰øøÑ“ °”≈—ß°“√º≈‘μμ‘¥μ—Èß (Installed Capacity) (‡¡°–«—μμå) ª√‘¡“≥æ≈—ßß“π‰øøÑ“ Ÿß ÿ¥∑’Ë “¡“√∂º≈‘μ‰¥â( ‡¡°–«—μμå-™—Ë«‚¡ß/ªï) ª√‘¡“≥æ≈—ßß“π‰øøÑ“∑’Ëº≈‘μÕÕ°®”Àπà“¬®√‘ß ( ‡¡°–«—μμå-™—Ë«‚¡ß/ªï) Õ—μ√“°“√„™âª√–‚¬™πå (√âÕ¬≈–) ‰ÕπÈ” °”≈—ß°“√º≈‘μμ‘¥μ—Èß (μ—πμàÕ™—Ë«‚¡ß) ª√‘¡“≥‰ÕπÈ” Ÿß ÿ¥∑’Ë “¡“√∂º≈‘μ‰¥â (μ—π/ªï) ª√‘¡“≥‰ÕπÈ”º≈‘μ·≈– àßÕÕ°®”Àπà“¬®√‘ß (μ—π/ªï) Õ—μ√“°“√„™âª√–‚¬™πå (Utilization Factor) (√âÕ¬≈–)

ªï 2550 174 1,524,240 957,544 62.82

ªï 2549 174 1,524,240 945,745 62.05

ªï 2550 81 709,560 298,963 42.13

ªï 2549 81 709,560 296,640 41.81

«—μ∂ÿ¥‘∫À≈—°∑’Ë„™â „π°“√º≈‘μ ë

«—μ∂ÿ¥‘∫À≈—°∑’Ë„™â „π¢∫«π°“√º≈‘μ§◊Õ °ä“´∏√√¡™“μ‘, πÈ”¡—π¥’‡´≈, πÈ” ·≈– “√‡§¡’μà“ßÊ √ÿª‰¥â¥—ßπ’È °ä“´∏√√¡™“μ‘ ∫√‘…∑— ‰¥â∑” —≠≠“´◊ÕÈ ¢“¬°ä“´∏√√¡™“μ‘√–¬–¬“«°—∫∫√‘…∑— ªμ∑. ®”°—¥ (¡À“™π) ‡¡◊ÕË «—π∑’Ë 1 μÿ≈“§¡ 2541 Õ“¬ÿ ≠ — ≠“ 21 ªï π—∫®“°«—π∑’Ë 14 ‡¡…“¬π 2542 À“° —≠≠“À¡¥Õ“¬ÿ°Á “¡“√∂μàÕÕ“¬ÿ —≠≠“‰¥âÕ’° 4 ªï ‚¥¬§«“¡‡ÀÁπ™Õ∫ ¢Õß§Ÿà —≠≠“∑—Èß 2 ΩÉ“¬°àÕπ —≠≠“®–À¡¥Õ“¬ÿ1 ªï ´÷Ëßμ≈Õ¥√–¬–‡«≈“°“√¥”‡π‘π°“√º≈‘μ·≈–®”Àπà“¬‰øøÑ“∑’Ëºà“π¡“ ∫√‘…—∑‰¡à‡§¬ª√– ∫ªí≠À“‡√◊ËÕß§ÿ≥¿“æ°ä“´·≈–‡√◊ËÕßª√‘¡“≥°ä“´∑’Ë‰¡à‡æ’¬ßæÕ·μàÕ¬à“ß„¥

πÈ”¡—π¥’‡´≈ πÈ”¡—π¥’‡´≈‡ªìπ‡™◊ÈÕ‡æ≈‘ß ”√Õß ”À√—∫º≈‘μ‰ÕπÈ”„π°√≥’∑’Ë ‰¡à¡’°ä“´∏√√¡™“μ‘ ‚¥¬∫√‘…—∑‰¥â ”√ÕßπÈ”¡—π¥’‡´≈‰«â „Àâ ‡æ’¬ßæÕ°—∫°“√‡¥‘π‡§√◊ËÕß‡μÁ¡°”≈—ß°“√º≈‘μ‰ÕπÈ” ”À√—∫®”Àπà“¬„Àâ≈Ÿ°§â“‰¥âÕ¬à“ßμàÕ‡π◊ËÕß ·≈–‰«â „™â ”À√—∫°“√ ∑¥ Õ∫§«“¡æ√âÕ¡¢ÕßÀ¡âÕπÈ” ”√Õß

πÈ” ∫√‘…—∑‰¥â∑” —≠≠“´◊ÈÕ¢“¬πÈ”¥‘∫°—∫∫√‘…—∑ ®—¥°“√·≈–æ—≤π“∑√—æ¬“°√πÈ”¿“§μ–«—πÕÕ° ®”°—¥ (¡À“™π) ‡¡◊ËÕ«—π∑’Ë 5 ¡’π“§¡ 2541 ‡ªìπ‡«≈“ 25 ªï ‡æ◊ËÕ„™â „π¢∫«π°“√º≈‘μ‰øøÑ“ ·≈–∫√‘…—∑¬—ß¡’·À≈àßπÈ”¥‘∫ ”√Õß‡æ◊ËÕ„™â „π°√≥’©ÿ°‡©‘π Õ’°·À≈àßÀπ÷ßË §◊ÕπÈ”„πÕà“ß‡°Á∫πÈ”¿“¬„π‡¢μ «πÕÿμ “À°√√¡‡§√◊Õ Àæ—≤πå-»√’√“™“ ®—ßÀ«—¥™≈∫ÿ√’ ´÷ßË ¡’¢π“¥§«“¡®ÿ¢Õß Õà“ß‡°Á∫πÈ”∑—Èß ‘Èπ‡∑à“°—∫ 120,000 ≈Ÿ°∫“»°å‡¡μ√ πÕ°®“°π’È∫√‘…—∑¬—ß √â“ß∫àÕ√—∫πÈ”¢π“¥§«“¡®ÿ 2,000 ≈Ÿ°∫“»°å‡¡μ√ „πæ◊Èπ∑’Ë¢Õß∫√‘…—∑¥â«¬‡™àπ°—π

“√‡§¡’ “√‡§¡’∑’Ë „™â „π‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡¢Õß∫√‘…—∑‡ªìπ “√‡§¡’ ”À√—∫ª√—∫ª√ÿß§ÿ≥¿“æπÈ” ‡æ◊ËÕ„™â „π°“√º≈‘μπÈ” ‡≈’È¬ßÀ¡âÕπÈ” (Demineralized Water) ‚¥¬ “√‡§¡’∑—ÈßÀ¡¥ “¡“√∂®—¥À“‰¥â®“°ºŸâº≈‘μ¿“¬„πª√–‡∑»

Product Sourcing and Services As of 2007, the company has one power plant in operation located on the Sriracha Saha Group Industrial Park, Chonburi, with its capacity and utilization as following:Electricity Installed Capacity (megawatt) Maximum Capacity (megawatt-hour/year) Actual Production (megawatt-hour/year) Utilization Factor (percentage) Steam Installed Capacity (ton/hour) Maximum Capacity (ton/year) Actual Production (ton/year) Utilization Factor (percentage)

2007 174 1,524,240 957,544 62.82

2006 174 1,524,240 945,745 62.05

2007 81 709,560 298,963 42.13

2006 81 709,560 296,640 41.81

Raw Materials ë

Raw materials for the power generation are natural gas, diesel oil, water and chemicals detailed as follows: Natural Gas The 21-year Gas Supply Agreement with PTT Public Company Limited was signed since October 1, 1998. An additional 4-year can be extended subject to the agreement by the parties one year prior the expiry of the effective 21-year term. Neither supply interruptions nor unacceptable gas quality has been experienced since the commercial date.

Diesel Oil Diesel oil is only a backup fuel for steam production during no the natural gas supply by whatsoever reasons. In such an event the diesel oil would be used to produce steam from a backup boiler for serving the industrial steam demand.

Water The raw water is supplied under the 25-year purchases contract with Eastern Water Resources Development and Management PCL executed on March 5, 1998. The company has a secondary water source, a reservoir with a water storage capacity of 120,000 cubic meters in the Sriracha Saha Group Industrial Park. For emergency purpose the company had also built 2,000 cubic meters retention pond within the plant boundary.

Chemicals Chemicals are domestically supplied for the demineralized water production.

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°“√®—¥°“√¥â“π ‘Ëß·«¥≈âÕ¡¢Õß‚√ß‰øøÑ“¢Õß∫√‘…—∑ ∫√‘…—∑¡’°“√·μàßμ—Èß§≥–∑”ß“πμ√«®μ‘¥μ“¡§ÿ≥¿“æ ‘Ëß·«¥≈âÕ¡Õ¬à“ßμàÕ‡π◊ËÕß √«¡∑—Èß«à“®â“ß∫√‘…—∑ Õ’ ‡∑‘√åπ ‰∑¬§Õπ ´—≈μ‘ßÈ 1992 ®”°—¥ ®—¥∑”√“¬ß“πμ‘¥μ“¡¡“μ√°“√≈¥º≈°√–∑∫·≈–μ‘¥μ“¡μ√«® Õ∫§ÿ≥¿“æ ‘ßË ·«¥≈âÕ¡π”‡ πÕμàÕ ”π—°ß“π π‚¬∫“¬·≈–·ºπ∑√—æ¬“°√∏√√¡™“μ‘·≈– ‘Ëß·«¥≈âÕ¡ °√¡‚√ßß“πÕÿμ “À°√√¡ ·≈– ”π—°ß“πÕÿμ “À°√√¡ ®—ßÀ«—¥™≈∫ÿ√’ ‡ªìπª√–®”∑ÿ° 6 ‡¥◊Õπ ∑”„Àâ§ÿ≥¿“æ ‘Ëß·«¥≈âÕ¡„π¥â“πμà“ßÊ Õ—πª√–°Õ∫¥â«¬ §ÿ≥¿“æπÈ” Õ“°“» √–¥—∫‡ ’¬ß¿“¬„π ‚√ß‰øøÑ“ ·≈–§ÿ≥¿“æπÈ”∑‘Èß Õ¬Ÿà„π‡°≥±å¥’°«à“∑’Ë¡“μ√∞“π°”Àπ¥ ·≈–¬—ß‰¥â√—∫°“√√—∫√Õß√–∫∫°“√®—¥°“√ ‘Ëß·«¥≈âÕ¡μ“¡ ¡“μ√∞“π ISO 14001 ¡“Õ¬à“ßμàÕ‡π◊ËÕßμ—Èß·μàªïæ.». 2545 ®π∂÷ßªí®®ÿ∫—π°Á ‰¡àæ∫ªí≠À“§«“¡‰¡à Õ¥§≈âÕß„¥Ê ·≈–¢âÕ ∫°æ√àÕßÕ◊Ëπ„π√–∫∫ ∫√‘…—∑®÷ß¬—ß§ß‰¥â√—∫°“√√—∫√Õß¡“μ√“∞“π ISO 14001:2004 ®“° ∂“∫—π√—∫√Õß¡“μ√∞“π‰Õ‡Õ ‚Õ (MASCI) ®“°°“√μ√«®ª√–‡¡‘πμ“¡¡“μ√∞“π∑’Ëª√—∫ª√ÿß„À¡à ‡¡◊ËÕ 25 æƒ»®‘°“¬π 2548 ¥â«¬§«“¡¡ÿàß¡—Ëπ„π°“√§«∫§ÿ¡ ·≈–≈¥º≈°√–∑∫μàÕ ‘Ëß·«¥≈âÕ¡Õ¬à“ß‡¢â¡ß«¥‡ ¡Õ¡“ ∫√‘…—∑®÷ß‰¥â√—∫√“ß«—≈√“ß«—≈ ∂“πª√–°Õ∫°“√∑’ËªØ‘∫—μ‘μ“¡¡“μ√°“√ „π√“¬ß“π°“√«‘‡§√“–Àåº≈°√–∑∫ ‘Ëß·«¥≈âÕ¡·≈–¡’°“√®—¥°“√ ¿“æ·«¥≈âÕ¡¥’‡¥àπ ª√–®”ªï 2550 ®“° ”π—°ß“ππ‚¬∫“¬ ·≈–·ºπ∑√—æ¬“°√∏√√¡™“μ‘·≈– ‘Ëß·«¥≈âÕ¡ °√–∑√«ß∑√—æ¬“°√∏√√¡™“μ‘·≈– ‘Ëß·«¥≈âÕ¡ ‡¡◊ËÕ«—π∑’Ë 21 ∏—π«“§¡ 2550

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ªï 2550 √“¬‰¥â √âÕ¬≈–

√“¬‰¥â®“°°“√¥”‡π‘πß“π - ‰øøÑ“ (°“√‰øøÑ“ΩÉ“¬º≈‘μ·Ààßª√–‡∑»‰∑¬) 1,646.50 - ‰øøÑ“ ( «πÕÿμ “À°√√¡) 902.18 - ‰ÕπÈ”( «πÕÿμ “À°√√¡) 257.56 √«¡√“¬‰¥â®“°°“√¥”‡π‘πß“π 2,806.24 √“¬‰¥âÕπ◊Ë 6.50 √“¬‰¥â√«¡ 2,812.74

ªï 2549 √“¬‰¥â √âÕ¬≈–

58.54 1,662.50 32.07 892.00 9.16 257.54 99.77 2,812.04 0.23 13.09 100.00 2,825.13

(Àπà«¬ : ≈â“π∫“∑) ªï 2548 √“¬‰¥â √âÕ¬≈–

58.85 1,486.41 31.57 750.00 9.12 170.75 99.54 2,407.16 0.46 2.00 100.00 2,409.16

61.70 31.13 7.09 99.92 0.08 100.00

°“√æ—≤π“∏ÿ√°‘® ∏ÿ√°‘®°“√º≈‘μæ≈—ßß“π®“°æ≈—ßß“πÀ¡ÿπ‡«’¬π ®“°º≈°“√»÷°…“·≈–«‘®¬— »—°¬¿“æ¢Õß·À≈àß™’«¡«≈ √«¡∑—ßÈ °“√º≈—°¥—ππ‚¬∫“¬ àß‡ √‘¡°“√„™âæ≈—ßß“πÀ¡ÿπ‡«’¬πÕ¬à“ß ®√‘ß®—ß¢Õß¿“§√—∞ §≥–°√√¡°“√∫√‘…∑— ®÷ß¡’¡μ‘‡ÀÁπ™Õ∫°—∫¢âÕ‡ πÕ¢Õß§≥–°√√¡°“√∫√‘À“√„π°“√°”Àπ¥„Àâ°“√æ—≤π“∏ÿ√°‘® ¥â“πæ≈—ßß“πÀ¡ÿπ‡«’¬π‡ªìπ°≈¬ÿ∑∏À≈—°¢Õß∫√‘…∑— ‚¥¬„Àâ¡°’ “√»÷°…“æ—≤π“‚§√ß°“√„Àâ§√Õ∫§≈ÿ¡∑—ßÈ ¿“¬„π «πÕÿμ “À°√√¡ ‡§√◊Õ Àæ—≤πå μ≈Õ¥®π√à«¡¡◊Õ°—∫æ—π∏¡‘μ√∑“ß∏ÿ√°‘®æ—≤π“‚§√ß°“√„π‡¢μÕÿμ “À°√√¡Õ◊πË Ê¥â«¬ ·≈–‡ÀÁπ™Õ∫„Àâ¥”‡π‘π°“√

Preventative Maintenance regarding Production Failure With the strong commitment of the reliable electricity supply to customers in the Sriracha Saha Group Industrial Park the generation and distribution was therefore designed for the purpose. In the event of a major disruption causing a total plant shutdown, an electricity from the Provincial Electricity Authority will be automatically and simultaneously imported for serving the industrial demand. In addition, to maximize the availability of the generation unit one backup gas turbine engine is available at the plant for replacing any engine which may become unserviceable or require maintenance.

Environmental Management for the Power Plant The company has set up a committee to continuously monitor and control the environmental impact and has employed the Eastern Thai Consulting 1992 Co., Ltd. to conduct biannual reports covering Environmental Impact Assessment which are submitted to the Office of Natural Resources and Environmental Policy and Planning (ONEP), Department of Industrial Works, and Office of Chonburi Industry. From the commercial date, all the environmental impacts have been mitigated and controlled at fairly lower level than the legislative regulatory limits and in full compliance with the latest standard SIO 14001:2004 which renewed and certified by the Management System Certification Institution (Thailand) or MASCI on November 25, 2005. Our intensive mitigation and control of the relevant environmental impact was well recognized by being selected and awarded as çAn outstanding enterprise in the power industry that implements appropriate prevention and mitigative measure in compliance with the Environment Impact Assessmenté by the Office of Natural Resources and Environmental Policy and Planning, Ministry of Natural Resources and Environment in the EIA Monitoring Award 2007 on December 21, 2007.

Revenues Structure The company has the earnings from electricity sale to EGAT, electricity and steam sale to industrial users in Sriracha Saha Group Industrial Park. In 2007, the total income decreased to Baht 12.39 million due to the Baht appreciated against the US dollars which effected to the reduction of the revenues from selling electricity to EGAT. The revenues characterized by the type of energy are as follows; Product Operating Income - Electricity (EGAT) - Electricity (Industrial Park) - Steam (Industrial Park) Total Operating Income Other Income Total Revenue

2007 Revenue % 1,646.50 902.18 257.56 2,806.24 6.50 2,812.74

2006 Revenue %

58.54 1,662.50 32.07 892.00 9.16 257.54 99.77 2,812.04 0.23 13.09 100.00 2,825.13

(Unit: Million Baht) 2005 Revenue %

58.85 1,486.41 31.57 745.00 9.12 170.75 99.54 2,407.16 0.46 2.00 100.00 2,409.16

61.70 31.13 7.09 99.92 0.08 100.00

Business Development Renewable Energy Business After considering the biomass survey and research report along with the governmentally promoted clean energy program, the Board of Directors agreed and resolved that the subsidiary company çSahacogen Kabinburi Co., Ltd.é was renamed to çSahacogen Green Co., Ltd.é in order to develop renewable energy

‡ª≈’Ë¬π™◊ËÕ∫√‘…—∑ À‚§‡®π °∫‘π∑√å∫ÿ√’ ®”°—¥ ‡ªìπ ∫√‘…—∑ À‚§‡®π °√’π ®”°—¥ ‡æ◊ËÕ§«“¡‡À¡“– ¡¢Õß°“√¥”‡π‘π∏ÿ√°‘® °“√æ—≤π“‚§√ß°“√∑’Ë ”§—≠„πªï 2550 ª√–°Õ∫¥â«¬ ë ‚§√ß°“√º≈‘μæ≈—ßß“π®“°™’«¡«≈ °∫‘π∑√å∫ÿ√’ ¡’°“√ª√—∫·ºπ°“√¥”‡π‘π‚§√ß°“√º≈‘μæ≈—ßß“π®“°™’«¡«≈„π‡¢μ «πÕÿμ “À°√√¡‡§√◊Õ Àæ—≤πå °∫‘π∑√å∫√ÿ ’ ®. ª√“®’π∫ÿ√’ „Àâ Õ¥§≈âÕß°—∫°“√‡ª≈’Ë¬π·ª≈ß¢âÕ°”Àπ¥·≈–¢—ÈπμÕπ°“√¢ÕÕπÿ≠“μ¥”‡π‘π°“√‚§√ß°“√¥â“πæ≈—ßß“π ‚¥¬‡æ‘Ë¡°“√ ∑”ß“π¥â“π¡«≈™π —¡æ—π∏å„Àâ§√Õ∫§≈ÿ¡æ◊Èπ∑’Ë¡“°¢÷Èπ ·≈–≈¥§«“¡‡ ’Ë¬ß¢Õß°“√®—¥À“‡™◊ÈÕ‡æ≈‘ß ¡’°“√‡√‘Ë¡¥”‡π‘π ‚§√ß°“√ª≈Ÿ°‰¡â ‚μ‡√Á«‡æ◊ËÕ‡ªìπ·À≈àß™’«¡«≈∑’Ë¡’§«“¡¡—Ëπ§ß ‚¥¬„πªï·√°¡’°“√ª≈Ÿ°∫πæ◊Èπ∑’Ë√«¡ 900 ‰√à ·≈–Õ’° 2,000 ‰√à„πªï 2551®“°·ºπ°“√ª≈Ÿ°∫πæ◊Èπ∑’Ë 10,000 ‰√à¿“¬„πªï 2554 ‚¥¬∫√‘…—∑‰¥â¥”‡π‘π°“√ √â“ß·ª≈ß “∏‘μ°“√ª≈Ÿ°‰¡â ‚μ‡√Á«„πæ◊Èπ∑’ËÕ”‡¿Õ°∫‘π∑√å∫ÿ√’ ·≈–√à«¡°—∫ ∂“∫—πæ—≤π“º≈‘μº≈∑“ß°“√‡°…μ√·≈–Õÿμ “À°√√¡‡°…μ√ ¡À“«‘∑¬“≈—¬ ‡°…μ√»“ μ√å »÷°…“·π«∑“ßæ—≤π“‡¡≈Á¥æ—π∏ÿå ‡æ◊ËÕ‡æ‘Ë¡º≈º≈‘μ®“°°“√ª≈Ÿ°‰¡â ‚μ‡√Á« √«¡∑—Èß‰¥â¡’°“√ª√–™“ —¡æ—π∏å ·≈– àß‡ √‘¡„Àâ¡’°“√ª≈Ÿ°‰¡â ‚μ‡√Á«„πæ◊Èπ∑’Ë ‡æ◊ËÕ‡ √‘¡ √â“ß√“¬‰¥â „Àâ°—∫™ÿ¡™πÕ’°¥â«¬ ë

‚§√ß°“√º≈‘μæ≈—ßß“π®“°™’«¡«≈ ≈”æŸπ ∫√‘…—∑√à«¡¡◊Õ°—∫ ∂“∫—πæ—≤π“º≈‘μº≈∑“ß°“√‡°…μ√·≈–Õÿμ “À°√√¡‡°…μ√ ¡À“«‘∑¬“≈—¬‡°…μ√»“ μ√å »÷°…“ »—°¬¿“æ¢Õß™’«¡«≈„πæ◊πÈ ∑’æË ∫«à“‡»…‡À≈◊Õ„™â®“°°“√‡°…μ√∑’Ë‰¡à¡°’ “√„™âª√–‚¬™πå„π®—ßÀ«—¥≈”æŸπ ·≈–®—ßÀ«—¥„°≈â‡§’¬ß ‡æ’¬ßæÕ ”À√—∫°“√º≈‘μæ≈—ßß“π§«“¡√âÕπ√à«¡¢π“¥ 9.00 ‡¡°–«—μμå ®÷ß‰¥âπ”‡ πÕ‚§√ß°“√„Àâ∑’Ëª√–™ÿ¡ à«π√“™°“√ √–¥—∫®—ßÀ«—¥ Õ”‡¿Õ ·≈–μ”∫≈ √—∫æ‘®“√≥“‡ÀÁπ¢Õ∫„πÀ≈—°°“√μ“¡≈”¥—∫ Õ¬à“ß‰√°Áμ“¡ ¡’°“√°”Àπ¥·ºπß“π ¡«≈™π —¡æ—π∏å‡æ◊ËÕ √â“ß§«“¡‡¢â“„®·≈–‰¥â√—∫°“√‡ÀÁπ™Õ∫®“°™ÿ¡™π„πæ◊Èπ∑’Ë°àÕπ¥”‡π‘πß“π°àÕ √â“ß‚§√ß°“√ ´÷Ëß§“¥ «à“®–‡√‘Ë¡‰¥â „π‰μ√¡“ ∑’Ë 4 ¢Õßªï 2551

‚§√ß°“√√à«¡∑ÿπ ¡’°“√∑”¢âÕμ°≈ß√à«¡»÷°…“§«“¡‡ªìπ‰ª‰¥â¢Õß°“√¥”‡π‘π‚§√ß°“√æ≈—ßß“πÀ¡ÿπ‡«’¬π√à«¡°—∫ºŸªâ √–°Õ∫°“√Õ’πË ÊÀ≈“¬√“¬ ´÷Ëß¡’§«“¡§◊∫Àπâ“∑’Ëπà“æÕ„®·≈–®– “¡“√∂ √ÿª§«“¡‡À¡“– ¡¢Õß°“√à«¡∑ÿπ‰¥â „πªï 2551

∏ÿ√°‘®‚√ß‰øøÑ“§«“¡√âÕπ√à«¡¢π“¥‡≈Á°¡“° ®“°º≈°“√»÷°…“·≈–‡°Á∫¢âÕ¡Ÿ≈°“√„™âæ≈—ßß“π¢Õß°≈ÿà¡‚√ßß“πÕÿμ “À°√√¡μ“¡‡ âπ∑“ß√–∫∫∑àÕ°ä“´∏√√¡™“μ‘ ∫√‘…—∑ ‰¥âπ”‡ πÕ°“√√à«¡∑ÿπ»÷°…“·≈–æ—≤π“‚§√ß°“√‚√ß‰øøÑ“§«“¡√âÕπ√à«¡¢π“¥‡≈Á° 10-15 ‡¡°–«—μμå „π≈—°…≥–√à«¡∑ÿπ°—∫ ºŸâª√–°Õ∫°“√Õÿμ “À°√√¡‡ªÑ“À¡“¬´÷Ëß‰¥âæ‘®“√≥“‰ª à«πÀπ’Ëß„πªï 2550 ‚¥¬¬—ß¡’°“√¥”‡π‘π°“√μàÕ‡π◊ËÕß·≈–§“¥«à“®– √ÿªº≈‰¥â „πªï 2551

projects not only in the Saha Group owned industrial park but also in the other potential areas. The active renewable projects are as follows: ë Kabinburi Biomass Fired Power Project The Board of Directors agreed and resolved that the project execution plan was adjusted to reflect the alteration of the procedural permits and to allow additional time for the biomass supply preparation. The major activities in the past year included the commencing of the energy plant farming and the enhancement of the public relation work. The company had a successful first year plantation covering 900 Rais. Additional 2,000 Rais plantation is planned for the year 2008 and totaling 10,000 Rais are expected to achieve in 2011. As to ensure the optimal productivity the the company has engaged with the Kasetsart Agricultural Product Improvement Institute (KAPI) to provide relevant research and development of the fast growing tree plantation. However, the company has promotes and extended the fast growing tree plantation to the communities for their additional income. ë

Lamphun Biomass Fired Plant Project In response to the advised Lamphun governorûs intention to cut down the air pollution by eliminating the burning of the agro wastes in the farming area, the company with the cooperation from Kasetsart Agricultural Product Improvement Institute (KAPI) had conducted and confirmed the adequacy of agro waste for a 9.00 Megawatts combined heat and power plant in Saha Group Industrial Park Lamphun. Subsequently the proposed project idea was presented to the Lamphun Provincial Meeting, Amphoe Muang Official Meeting and Tampon Pasak Official Meeting respectively. The presented project was conceptually accepted but further clarification was suggested. The public relation work had indeed informally commenced since July 2007 but the formal public hearing will start in February 2008 onward. The execution of the project is scheduled to begin in the 4th quarter of 2008.

Joint Development The company also cooperated with few strategic partners processing the feasibility studies of the biomass fired power plant projects in various locations. The studies are progressing well and the conclusions will be available in early 2008.

Gas Fired Combined Heat Power(CHP) Business Based on the market survey accomplished in the first half of 2007, the company has had proposed several joint developments of the CHP plants with several potential industrials along the gas distribution system. The proposals are in the evaluating process and to be followed up in 2008.

‚§√ß √â“ß°“√∂◊ÕÀÿâπ·≈–°“√®—¥°“√ ‚§√ß √â“ßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ √“¬°“√

Àÿâπ (≈â“π) 955 955

∑ÿπ®¥∑–‡∫’¬π ∑ÿπ™”√–·≈â«

∫“∑ (≈â“π) 955 955

√“¬™◊ËÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à 10 Õ—π¥—∫·√° ∑’Ëª√“°Ø„π ¡ÿ¥∑–‡∫’¬πºŸâ∂◊ÕÀÿâπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2550 ‡ªìπ¥—ßπ’È ºŸâ∂◊ÕÀÿâπ 1. ∫¡®. Àæ—≤π“ Õ‘π‡μÕ√å‚Œ≈¥‘Èß 2. ∫¡®. ‡Õ ·Õπ¥å‡® Õ‘π‡μÕ√å‡π™—Ëπ·π≈ ‡Õπ‡μÕ√å ‰æ√ å 3. ∫¡®. ‰Õ.´’.´’. Õ‘π‡μÕ√å‡π™—Ëπ·π≈ 4. ∫¡®. Àæ—≤πæ‘∫Ÿ≈ 5. π“¬«’√æ—≤πå æŸπ»—°¥‘ÏÕÿ¥¡ ‘π 6. π“¬ ”‡√‘ß ¡πŸ≠º≈ 7. ∫¡®. ‰∑¬«“‚°â 8. π“ß “«¿“«‘≥’ æŸπ»—°¥‘ÏÕÿ¥¡ ‘π 9. ∫®. ·™¡ªá‡Õ™ 10. ∫®. Õ‘π‡μÕ√å‡π™—Ëπ·π≈ ·≈∫∫Õ√“∑Õ√’ å

®”π«πÀÿâπ 147,697,030 133,306,260 99,432,960 68,013,730 57,400,000 37,428,300 32,800,000 24,600,000 20,500,000 20,400,000

% ∑’Ë∂◊ÕÀÿâπ 15.47 13.96 10.41 7.12 6.01 3.92 3.43 2.58 2.15 2.14

°“√°√–®“¬°“√∂◊ÕÀÿâπμ“¡ª√–‡¿∑¢Õß∫ÿ§§≈∑’Ë∂◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2550 π‘μ‘∫ÿ§§≈

∫ÿ§§≈∏√√¡¥“

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®”π«πºŸ∂â Õ◊ Àÿπâ 25 1 26 328 1 329 355

®”π«πÀÿâπ 704,474,665 9,632,000 714,106,665 240,843,335 50,000 240,893,335 955,000,000

% 73.77 1.01 74.78 25.22 0.01 25.22 100

π‚¬∫“¬°“√®à“¬‡ß‘πªíπº≈ ë

∫√‘…—∑ ∫√‘…∑— ¡’π‚¬∫“¬®à“¬‡ß‘πªíπº≈„πÕ—μ√“‰¡àμË”°«à“√âÕ¬≈– 80 ¢Õß°”‰√ ÿ∑∏‘μ“¡ß∫°“√‡ß‘π‡©æ“–°‘®°“√ „π·μà≈–√Õ∫∫—≠™’ ∑—ßÈ π’§È ≥–°√√¡°“√¢Õß∫√‘…∑— ¡’Õ”π“®„π°“√æ‘®“√≥“¬°‡«âπ‰¡à¥”‡π‘π°“√μ“¡π‚¬∫“¬¥—ß°≈à“« À√◊Õ‡ª≈’¬Ë π·ª≈ßπ‚¬∫“¬ ¥—ß°≈à“«‰¥â‡ªìπ§√—ßÈ §√“« ‚¥¬Õ¬Ÿ¿à “¬„μâ‡ß◊ÕË π‰¢∑’°Ë “√¥”‡π‘π°“√¥—ß°≈à“«®–μâÕß°àÕ„Àâ‡°‘¥ª√–‚¬™πå ßŸ ÿ¥μàÕºŸ∂â Õ◊ Àÿπâ ‡™àπ „™â‡ªìπ∑ÿπ ”√Õß ”À√—∫°“√™”√–§◊π‡ß‘π°Ÿâ „™â‡ªìπ‡ß‘π≈ß∑ÿπ‡æ◊ËÕ¢¬“¬∏ÿ√°‘®¢Õß∫√‘…—∑ À√◊Õ°√≥’¡’°“√‡ª≈’Ë¬π·ª≈ß ¿“«–μ≈“¥ ´÷ËßÕ“®¡’º≈°√–∑∫μàÕ°√–· ‡ß‘π ¥¢Õß∫√‘…—∑„πÕπ“§μ ‚¥¬°“√®à“¬‡ß‘πªíπº≈®–‡ªìπ‰ªμ“¡¢âÕ∫—ß§—∫

Shareholders and Management Structure Equity Structure Item

Share ( in millions) 955 955

Registered Capital Paid-up Capital

Value (million Baht) 955 955

Top Ten of Shareholders as of December 31, 2007 as following:Shareholders 1. Saha Pattana Inter-Holding PCL 2. S&J International Enterprises PCL 3. I.C.C. International PCL 4. Saha Pathanapibul PCL 5. Mr. Veerapat Punsak-Udomsin 6. Mr. Samreng Manupol 7. Thai Wacoal PCL 8. Ms. Pavinee Punsak-Udomsin 9. Champ Ace Co., Ltd. 10. International Laboratories Co., Ltd.

No. of Shares 147,697,030 133,306,260 99,432,960 68,013,730 57,400,000 37,428,300 32,800,000 24,600,000 20,500,000 20,400,000

% Holder 15.47 13.96 10.41 7.12 6.01 3.92 3.43 2.58 2.15 2.14

Types of Shareholders As of December 31, 2007 Juristic person

General public

Thai Foreigner Total Thai Foreigner Total Grand Total

No. of Shareholders 25 1 26 328 1 329 355

No. of Shares 704,474,665 9,632,000 714,106,665 240,843,335 50,000 240,893,335 955,000,000

% 73.77 1.01 74.78 25.22 0.01 25.22 100

Dividend Policy 毛

Sahacogen (Chonburi) PCL The company has a dividend policy to pay out at least 80% of only its net profits in each accounting period. The Board of Directors may occasionally waive or adjust this policy by consideration a condition creating the maximum benefit to the shareholders, such as reserves for debt services or for serving any needs during the market changes causing adverse impact to the company cash flow in the future and/ or for expanding the business. Upon approval by the Board of Directors, the annual dividend payout is to be presented to the shareholders没 meeting for approval. Reference to the Articles of Association No. 36, each payout of the dividend is subject to the net profit of the company only. If the company retains

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loss, the dividend payment is prohibited. The Board of Directors is authorized to pay an interim dividend and report such payout at the next shareholdersû meeting, however, the annual dividend payment shall be proposed to the shareholdersû meeting for approval. As a rule, the company shall pay the dividend within one (1) month after the date of shareholdersû approval on the shareholdersû meeting or the Board of Directorsû meeting. (Details of dividend payment was disclosed on the annual statement (Form 56-1) on the section 8.3 the dividend payment policy). ë

Subsidiary Company A subsidiary company is entitled to make the dividend payment subject to its operation performance.

The Company Structure The Companyûs structure as of December 31, 2007 is as follow:

Auditors

Shareholders Board of Directors Audit Committee

Executive Committee Managing Director Finance/Administration Finance Account Personnel & Administration

Project/Engineer Section Project Development Project Management Engineering

Internal Auditor Operation Sriracha Plant Environment & Safety

Research & Development

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/ / / / / / / / /

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®”π«πÀÿâπ À¡“¬‡Àμÿ (‡æ‘¡Ë /≈¥) ªï 2549 ªï 2550 √–À«à“ßªï 800,010 800,010 §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 49 ·μàßμ—ßÈ „À¡à‡¡◊ÕË «—π∑’Ë 29 ¡’§. 49 16,400,000 16,400,000 §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 49 ·μàßμ—ßÈ „À¡à‡¡◊ÕË «—π∑’Ë 29 ¡’§. 49 10,816,410 11,310,410 494,000 §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 49 ·μàßμ—ßÈ „À¡à‡¡◊ÕË «—π∑’Ë 29 ¡’§. 49 §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 50 ·μàßμ—Èß„À¡à‡¡◊ËÕ«—π∑’Ë 6 ¡’§. 50 1,840,000 2,040,000 200,000 §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 49 ·μàßμ—ßÈ „À¡à‡¡◊ÕË «—π∑’Ë 29 ¡’§. 49 200,000 200,000 §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 50 ·μàßμ—Èß„À¡à‡¡◊ËÕ«—π∑’Ë 6 ¡’§. 50 310,000 310,000 §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 50 ·μàßμ—Èß„À¡à‡¡◊ËÕ«—π∑’Ë 6 ¡’§. 50 §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 50 ·μàßμ—Èß„À¡à‡¡◊ËÕ«—π∑’Ë 6 ¡’§. 50 50,000 50,000 √—∫μ”·Àπàß‡¡◊ÕË «—π∑’Ë 6 ¡’§. 50 (·∑ππ“¬¢®√»—°¥‘Ï «—π√—μπå‡»√…∞) §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 48 ·μàßμ—ßÈ „À¡à‡¡◊ÕË «—π∑’Ë 30 ¡’§. 48 §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 48 ·μàßμ—ßÈ „À¡à‡¡◊ÕË «—π∑’Ë 30 ¡’§. 48 1,000,000 1,000,000 §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 48 ·μàßμ—ßÈ „À¡à‡¡◊ÕË «—π∑’Ë 30 ¡’§. 48 §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 48 ·μàßμ—ßÈ „À¡à‡¡◊ÕË «—π∑’Ë 30 ¡’§. 48

The company structure as of December 31, 2007 consisted of Board of Directors, Executive Committee, and Audit Committee. Total 13 directors appointed by the shareholders were the members of the Board of Directors, as listed below: Name

Proportion of Board of Executive Audit Appointed Security holding Directors Committee Committee 1. Admiral Anuchit Bekanan 800,010 / March 29, 2006 2. Mr. Boonsithi Chokwatana 16,400,000 / March 29, 2006 3. Mr. Boonkiet Chokwatana 11,310,410 / / March 29, 2006 4. Mr. Viroj Theeravatvatee 0 / / March 6, 2007*1 5. Mr. Thirasak Vikitset 2,040,000 / / March 29, 2006 6. Mr. Atthakorn Glankwamdee 200,000 / / March 6, 2007*1 7. Mr. Santi Vilassakdanont 310,000 / March 6, 2007*1 8. Mr. Tanong Srichit 0 / / March 6, 2007*1 9. Mr. Boonyarith Mahamontri 50,000 / March 6, 2007*2 10. Mr. Nophorn Bhongsvej 0 / / March 30, 2005 11. Pol. Gen. Somchai Prabhasabhakdi 0 / / March 30, 2005 12. Mr. Amorn Asvanunt 1,000,000 / / March 30, 2005 13. Mr. Surong Ongkosit 0 / / March 30, 2005 Secretary to the Board of Directors : Mr. Viroj Theeravatvatee Notes : The Annual Shareholders没 Meeting No. 5 on March 6, 2007 approved the appointments of the following Directors: *1 The Director whose term was expired was appointed to be the Director for another term. *2 The Director was appointed in order to replace Mr. Khachornsakdi Vanaratseath whose term was expired and not to be voted and re-elected to be the Director.

Share Ownership by the Company Directors in 2006 and 2007 as of December 31, 2007 was as follow: No.

Name

Position

(No. of Shares) Increment Note Year 2006 Year 2007 1 Admiral Anuchit Bekanan Chairman 800,010 800,010 Reappointed to another term on March 29, 2006 2 Mr. Boonsithi Chokwatana Director 16,400,000 16,400,000 Reappointed to another term on March 29, 2006 3 Mr. Boonkiet Chokwatana Director & Chairman of Executive 10,816,410 11,310,410 494,000 Reappointed to another term Committee on March 29, 2006 4 Mr. Viroj Theeravatvatee Managing Director & Executive Reappointed to another term Committee on March 6, 2007 5 Mr. Thirasak Vikitset Director & Executive Committee 1,840,000 2,040,000 200,000 Reappointed to another term on March 29, 2006 6 Mr. Atthakorn Glankwamdee Director & Executive Committee 200,000 200,000 Reappointed to another term on March 6, 2007 7 Mr. Santi Vilassakdanont Director 310,000 310,000 Reappointed to another term on March 6, 2007 8 Mr. Tanong Srichit Director & Executive Committee Reappointed to another term on March 6, 2007 9 Mr. Boonyarith Mahamontri Director 50,000 50,000 Appointed on March 6, 2007 (replacing Mr. Khachornsakdi Vanaratseath 10 Mr. Nophorn Bhongsvej Independent Director & Reappointed to another term Chairman of the Audit Committee on March 30, 2005 11 Pol. Gen. Somchai Independent Director & Reappointed to another term Prabhasabhakdi Audit Committee on March 30, 2005 12 Mr. Amorn Asvanunt Independent Director & 1,000,000 1,000,000 Reappointed to another term Audit Committee on March 30, 2005 13 Mr. Surong Ongkosit Independent Director & Reappointed to another term Audit Committee on March 30, 2005

¢Õ∫‡¢μÕ”π“®Àπâ“∑’Ë¢Õß§≥–°√√¡°“√ 1) 2) 3) 4) 5) 6)

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¢Õ∫‡¢μÕ”π“®Àπâ“∑’Ë¢Õß§≥–°√√¡°“√μ√«® Õ∫ 1) Õ∫∑“π„Àâ∫√‘…—∑¡’°“√√“¬ß“π∑“ß°“√‡ß‘πÕ¬à“ß∂Ÿ°μâÕß·≈–‡ªî¥‡º¬Õ¬à“ß‡æ’¬ßæÕ 2) Õ∫∑“π„Àâ∫√‘…—∑¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π (Internal Control) ·≈–°“√μ√«® Õ∫¿“¬„π (Internal Audit) ∑’Ë ‡À¡“– ¡·≈–¡’ª√– ‘∑∏‘º≈ 3) Õ∫∑“π„Àâ∫√‘…∑— ªØ‘∫μ— μ‘ “¡°ÆÀ¡“¬«à“¥â«¬À≈—°∑√—æ¬å·≈–μ≈“¥À≈—°∑√—æ¬å ¢âÕ°”Àπ¥¢Õßμ≈“¥À≈—°∑√—æ¬å À√◊Õ°ÆÀ¡“¬ ∑’Ë‡°’Ë¬«¢âÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ 4) æ‘®“√≥“ §—¥‡≈◊Õ° ‡ πÕ·μàßμ—Èß·≈–‡ πÕ§à“μÕ∫·∑πºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑ 5) æ‘®“√≥“°“√Õπÿ¡—μ‘°“√∑”√“¬°“√√–À«à“ß°—π √«¡∑—Èß°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¢Õß∫√‘…—∑„π°√≥’∑’Ë‡°‘¥√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π À√◊Õ√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå „Àâ¡’§«“¡∂Ÿ°μâÕß·≈–§√∫∂â«π 6) ®—¥∑”√“¬ß“π°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß§≥–°√√¡°“√μ√«® Õ∫‚¥¬‡ªî¥‡º¬‰«â„π√“¬ß“πª√–®”ªï¢Õß∫√‘…∑— ´÷ßË √“¬ß“π ¥—ß°≈à“«μâÕß≈ßπ“¡‚¥¬ª√–∏“π§≥–°√√¡°“√μ√«® Õ∫ 7) ªØ‘∫—μ‘°“√Õ◊Ëπ„¥μ“¡∑’Ë§≥–°√√¡°“√¢Õß∫√‘…—∑¡Õ∫À¡“¬¥â«¬§«“¡‡ÀÁπ™Õ∫®“°§≥–°√√¡°“√μ√«® Õ∫

¢Õ∫‡¢μÕ”π“® Àπâ“∑’Ë¢Õß§≥–°√√¡°“√∫√‘À“√ 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

‡ πÕπ‚¬∫“¬ ·ºπß“π ·≈–ß∫ª√–¡“≥ª√–®”ªïμàÕ§≥–°√√¡°“√∫√‘…—∑ æ‘®“√≥“‡√◊ËÕß∑’Ë®–‡ πÕ„Àâ§≥–°√√¡°“√∫√‘…—∑æ‘®“√≥“„Àâ§«“¡‡ÀÁπ™Õ∫À√◊ÕÕπÿ¡—μ‘μàÕ‰ª æ‘®“√≥“Õπÿ¡—μ‘°“√®—¥À“·≈–≈ß∑ÿπ„π ‘π∑√—æ¬å∂“«√ „π«ß‡ß‘π·μà≈–§√—Èß‰¡à‡°‘π 30 ≈â“π∫“∑ æ‘®“√≥“Õπÿ¡—μ‘°“√®—¥∑”π‘μ‘°√√¡ —≠≠“„¥Ê ∑’ËºŸ°æ—π∫√‘…—∑„π«ß‡ß‘π·μà≈–§√—Èß‰¡à‡°‘π 30 ≈â“π∫“∑ æ‘®“√≥“Õπÿ¡—μ‘°“√≈ß∑ÿπ ¢“¬‡ß‘π≈ß∑ÿπ „πÀÿâπ “¡—≠·≈–À√◊ÕÀ≈—°∑√—æ¬åÕ◊Ëπ„¥∑’ËÕÕ°‚¥¬∫√‘…—∑ Õ◊Ëπ „π«ß‡ß‘π·μà≈– §√—Èß‰¡à‡°‘π 30 ≈â“π∫“∑ ·μàßμ—Èß ‚¬°¬â“¬ ∂Õ¥∂Õπ æ‘®“√≥“§«“¡¥’§«“¡™Õ∫μ≈Õ¥®π°”Àπ¥§à“μÕ∫·∑π·≈– «— ¥‘°“√·°àæπ—°ß“π ÕÕ°√–‡∫’¬∫«à“¥â«¬°“√ªØ‘∫—μ‘ß“π ·≈– “¡“√∂¡Õ∫Õ”π“®„π°“√Õπÿ¡—μ‘‡∫‘°®à“¬∑√—æ¬å ‘π¢Õß∫√‘…—∑ „Àâ·°àæπ—°ß“πºŸâ ¥”√ßμ”·Àπàß∑“ß°“√∫√‘À“√√—∫‰ªªØ‘∫—μ‘‰¥â °”°—∫¥Ÿ·≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑ „Àâ‡ªìπ‰ª‚¥¬‰¡à¢—¥μàÕ°ÆÀ¡“¬ √–‡∫’¬∫ ¢âÕ∫—ß§—∫¢Õß∑“ß√“™°“√ ¢âÕ∫—ß§—∫¢Õß ∫√‘…—∑ ·≈–»’≈∏√√¡Õ—π¥’ß“¡ °”°—∫¥Ÿ·≈„Àâ¡’°“√®—¥∑”√“¬ß“π∑“ß°“√‡ß‘π „ÀâºâŸ Õ∫∫—≠™’∑”°“√μ√«® Õ∫À√◊Õ Õ∫∑“π·≈–‡ πÕμàÕ§≥–°√√¡°“√ μ√«® Õ∫·≈–§≥–°√√¡°“√∫√‘…—∑ μ“¡≈”¥—∫ °√√¡°“√∫√‘À“√Õ“®·∫àßß“π°—π√—∫º‘¥™Õ∫‰¥â ‚¥¬μâÕß√“¬ß“π§«“¡‡ªìπ‰ª¢Õß°‘®°“√∑’Ëμπ°”°—∫¥Ÿ·≈ μàÕ∑’Ëª√–™ÿ¡ §≥–°√√¡°“√∫√‘À“√„Àâ∑√“∫ °“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘À“√μâÕß®—¥„Àâ¡’¢÷ÈπÕ¬à“ßπâÕ¬ 1 §√—Èß„π√Õ∫ 3 ‡¥◊Õπ

πÕ°®“°π’È §≥–°√√¡°“√∫√‘À“√‰¥â®—¥μ—Èß§≥–Õπÿ°√√¡°“√™ÿ¥μà“ßÊ ‡æ◊ËÕ„Àâæπ—°ß“π¡’ à«π√à«¡„π°“√®—¥°“√‡√◊ËÕßμà“ßÊ ¿“¬„π∫√‘…—∑„Àâ¡’§«“¡∂Ÿ°μâÕß‡À¡“– ¡ ¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈μàÕ∫√‘…—∑ ‚¥¬¡’§≥–°√√¡°“√∫√‘À“√‡ªìπ∑’Ëª√÷°…“ ®”π«π 1 ∑à“π„π·μà≈–§≥– ´÷Ëßª√–°Õ∫¥â«¬

Authorities and Responsibilities of the Board of Directors 1) To approve income generating activities, financial management and/or company management 2) To certify financial report examined and reviewed by the audit committees 3) To oversee the companyûs operation to fully comply with all relevant laws and to correspond to the companyûs objectives and regulations and resolutions of the shareholdersû meetings 4) To conduct of good corporate governance, review and approve the companyûs policy, significant strategies, business plans as well as annual budget 5) To consider and approve contracts obligating the company 6) To appoint the audit committees and establish the scope of the audit committeeûs authorities and responsibilities

Authorities and Responsibilities of Audit Committee 1) To verify the companyûs financial report to be true, accurate, transparent and complete enough for disclosure 2) To ensure that the company has a suitable and effective internal control system and an internal audit 3) To review the companyûs performance to ensure it is compliant with the Securities and Exchange Act, regulations of The Stock Exchange of Thailand and any laws regarding the company business 4) To consider, select, and propose certified auditors as well as the remuneration of the auditors 5) To consider and approve any inter-business transactions, including disclosure of accurate and complete information in case that there are inter-business transactions or conflicts of interests 6) To prepare and report on the corporate governance conducted by the audit committees in the companyûs annual report. That report is signed by the chairman of the audit committees 7) To perform any activities assigned by the Board of Directors and as agreed by the audit committee

Authorities and Responsibilities of Executive Committee 1. 2. 3. 4.

Being responsibility for proposing company policies, plan, and annual budget to the Board of Directors. To consider matters proposed to the Board of Directors for consideration and approval. To consider and approve any procurement and fixed asset investment not more than 30 million Baht/item. To consider and approve on legally agreement/contracts binding the Company in the amount of not over 30 million Baht/item. 5. To consider and approve any investments, selling common stocks and/or any securities issued by other companies in the limit amount of 30 million Baht. 6. To appoint, remove, transfer, or appraise employees as well as deciding on the remuneration and fringe benefits for them. 7. To establish working regulations and authorize the disbursement of the company assets to an executive employee for further appropriate application. 8. To supervise the companyûs operations in order to comply with the laws, government regulations, good public morals as well as the company regulations. 9. To prepare of the financial statements and financial reports for verification by the company auditor and proposal to the Audit Committee and the Board of Directors respectively. 10. Executive Committee may allocate the authority and duty among themselves, and in such case, each required to report the progress and results of their responsible area to the Executive Committeeûs meeting for acknowledgement. Such Executive Committeeûs meeting is required to be held at least once a quarter. Moreover, the Executive Committee has established some committee teams in order to have employees jointly organize the internal management appropriately, efficiently, and effectively to the company. Each committee has at least one Executive Director to be a consultant. The established committees at present are comprised of:

1. 2. 3. 4. 5.

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(Àπà«¬: ∫“∑) √“¬≈–‡Õ’¬¥¢Õß§à“μÕ∫·∑π

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1. 2. 3. 4. 5.

The Committee of Safety, Sanitation and Working Environment The Committee of Product Efficiency and Energy Conservation The Committee of White Factory The Environmental Management Committee The Quality Management Committee

Selection of Directors and Executives The experience, knowledge, capabilities and qualifications according to the law are the prime considerations for the selection of directors. The directors will be voted in the shareholdersû meeting while executives will be appointed according to the skills and knowledge which are essential and useful to the companyûs business such as in the engineering, accounting and financial professions. The companyûs regulations for the selection and appointment of directors can be summarized as follows; 1) The Board of Directors must consist of at least five directors. Not less than half of the directors have to be resident in the Kingdom of Thailand. All directors must have all qualifications required by law. 2) The directors are voted by the shareholders in the shareholdersû meeting with the following criteria; (a) each shareholder has one vote for one share held. (b) each shareholder must use all of his votes as mentioned in (a) for one nominated candidate or several nominated candidates to be a director/directors but the number of votes cannot be divided for any candidate/group. (c) The election is on a majority basis. The candidates will be ranked in descending order. (d) Directors will be appointed in the order until the positions required are filled. In the case of equal votes, the chairman of the meeting will have the casting vote. 3) In each annual general shareholdersû meeting, one-third of the directors will resign. If the number of the directors cannot be evenly divided by three, the closest number to one-third will be the number of those who will resign. 4) In the case of a vacancy, The Board of Directors can select any qualified person who does not have any qualifications prohibited by the law to be a director (s) on the next meeting. The selected person (s) should be voted in by not less than three-fourth of the all the Board of Directors remaining.

Executivesû Remuneration ë

Money Remuneration The table below is conclusively compared the remuneration for the Directors and Executives of the company in 2006 and 2007. The further information of personally remuneration is disclosed in Section 9.3 Executivesû Remuneration on the annual statements (Form 56-1). (unit: Baht) Board of Directors 2008 2007 Form of Remuneration Total Amount (Baht) Total Amount (Baht) Directors 13 7,850,000 13 6,780,000 Meeting fees and remuneration Executives 11 17,272,085 8 13,110,600 Salary, bonus, and other benefits

Other remunerations The company has welfare and other forms of compensation apart from salary and bonus contribution to the management and all employees. Theses reflect domestic economic conditions such as the provident fund. Each members of the provident fund will receive a contribution portion at a rate of 3% of their salary. In case of any member resigns from the company, the respective membership will be automatically terminated. The contribution portion will be paid according to the conditions of the fund.

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®”π«πÀÿâπ ®”π«πÀÿâπ∑’Ë∂◊Õ ∑’ÕË Õ°®”Àπà“¬ (®”π«πÀÿâπ) 25,000,000 24,999,993

®”π«πÀÿâπ∑’Ë∂◊Õ (®”π«π‡ß‘π∫“∑) 249,999,930

À¡“¬‡Àμÿ : * ‰¥â¡’°“√‡ª≈’Ë¬π™◊ËÕ®“° ∫®. À‚§‡®π °∫‘π∑√å∫ÿ√’ ‡ªìπ ∫®. À‚§‡®π °√’π „π«—π∑’Ë 31 μÿ≈“§¡ 2550

√“¬≈–‡Õ’¬¥‡°’Ë¬«°—∫°√√¡°“√∫√‘…—∑ À‚§‡®π °√’π ®”°—¥ (∫√‘…—∑¬àÕ¬) 1. π“¬∫ÿ≠‡°’¬√μ‘ ‚™§«—≤π“ ª√–∏“π°√√¡°“√ 2. π“¬∏’√–»—°¥‘Ï «‘°‘μ‡»√…∞å °√√¡°“√ 3. π“¬Õ—μ∂°√ °≈—Ëπ§«“¡¥’ °√√¡°“√ 4. π“¬«‘‚√®πå ∏’√«—≤πå«“∑’ °√√¡°“√ 5. π“¬∑πß »√’®‘μ√å °√√¡°“√ 6. π“ßæ√√≥’ ©—π∑«√≈—°…≥å °√√¡°“√

—¥ à«π (%) °“√∂◊ÕÀÿâπ 99.99

Shareholding in Subsidiaries The company has invested in Sahacogen Green Company Limited, which is detailed as follows:The investment in other companies that the company has held more then 10% of share. Name/Location

Type of Business Type of Shares

Sahacogen Green Biomass Fired Co., Ltd.* Power Plant

No. of Total No. of shares No. of shares Proportion (%) Paid-up Shares held (Shares) held (Amount Baht) of shares holding Common Stock 25,000,000 24,999,993 249,999,930 99.99

Note : * The name was changed from Sahacogen Kabinburi Co., Ltd. to Sahacogen Green Co., Ltd. on October 31, 2007.

The information of the Board of Directors for Sahacogen Green Company Limited (the company没s subsidiary): 1. Mr. Boonkiet Chokwatana Chairman 2. Mr. Thirasak Vikitset Director 3. Mr. Atthakorn Glankwamdee Director 4. Mr. Viroj Theeravatvatee Director 5. Mr. Tanong Srichit Director 6. Mrs. Pannee Chantavoraluk Director

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‡ªìπºŸ∂â Õ◊ Àÿπâ ·≈– ºŸâ∫√‘À“√√à«¡°—π ‡ªìπºŸ∂â Õ◊ Àÿπâ ·≈– ºŸâ∫√‘À“√√à«¡°—π ‡ªìπºŸ∂â Õ◊ Àÿπâ ·≈– ºŸâ∫√‘À“√√à«¡°—π ‡ªìπºŸ∂â Õ◊ Àÿπâ ·≈– ºŸâ∫√‘À“√√à«¡°—π ‡ªìπºŸ∂â Õ◊ Àÿπâ ·≈– ºŸâ∫√‘À“√√à«¡°—π ‡ªìπºŸ∂â Õ◊ Àÿπâ ·≈– ºŸâ∫√‘À“√√à«¡°—π ‡ªìπºŸ∂â Õ◊ Àÿπâ ·≈– ºŸâ∫√‘À“√√à«¡°—π ‡ªìπºŸ∂â Õ◊ Àÿπâ ·≈– ºŸâ∫√‘À“√√à«¡°—π ‡ªìπºŸ∂â Õ◊ Àÿπâ ·≈– ºŸâ∫√‘À“√√à«¡°—π ¡’ºŸâ∂◊ÕÀÿâπ·≈– ºŸâ∫√‘À“√√à«¡°—π ‡ªìπºŸ∂â Õ◊ Àÿπâ ·≈– ºŸâ∫√‘À“√√à«¡°—π ¡’ºŸâ∫√‘À“√√à«¡°—π

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≈Ÿ°Àπ’È°“√§â“ 96,059,933 ‡®â“Àπ’°È “√§â“ 218,606 ¢“¬ ‘π§â“ 1,159,735,662 §à“„™â®“à ¬ 7,949,292 §à“‡™à“∑’Ë¥‘π 2,684,349 -

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(Àπà«¬: ∫“∑) ªï 2550

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‡®â“Àπ’°È “√§â“ §à“„™â®“à ¬ §à“‡™à“∑’Ë¥‘π

30,408,076 115,308,369 1,728,000

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‡®â“Àπ’°È “√§â“ §à“∫√‘°“√ ¢“¬∑√—æ¬å ‘π

3,473,081 17,289,021 1,733,350

Transaction with Related Companies From the auditorûs note to financial statements no. 6, the related transactions are as follow:

Parties of Mutual Interestes

Relationship

Controlling Shareholder

1 Saha Pattana Inter-Holding PCL

Shareholder and common directors

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2 S&J International Enterprises PCL 3 I.C.C. International PCL

Shareholder and common directors Shareholder and common directors 4 Saha Pathanapibul PCL Shareholder and common directors 5 Peopleûs Garment PCL Shareholder and common directors 6 Textile Prestige PCL Shareholder and common directors 7 Thanulux PCL Shareholder and common directors 8 Thai Wacoal PCL Shareholder and common directors 9 International Laboratories Corp. Shareholder and common directors 10 Champ Ace Co., Ltd. Shareholder and common directors 11 Operational Energy Common shareholder Group Co.,Ltd. and directors 12 Sinparadorn Ltd. Shareholder and common directors 13 Pitakkij Co., Ltd. common directors 14 Sahacogen Green Co.,Ltd.

Subsidiary

Subject

(Unit : Baht) Year 2007

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Account Receivable 96,059,933 Account Payable 218,606 Sale 1,159,735,662 Expenses 7,949,292 Land rental expense 2,684,349 -

✓

Account Payable Expenses Land rental expense

✓

Account Payable Service Charges Sale of Assets

30,408,076 115,308,369 1,728,000 3,473,081 17,289,021 1,733,350

§«“¡ ¡‡Àμÿ ¡º≈¢Õß°“√∑”√“¬°“√√–À«à“ß°—π √“¬°“√√–À«à“ß°—π„πªï∑’Ëºà“π¡“∑—ÈßÀ¡¥‡ªìπ‰ª‡æ◊ËÕ°“√¥”‡π‘π∏ÿ√°‘®μ“¡ª°μ‘¢Õß∫√‘…—∑ ‚¥¬¡’π‚¬∫“¬„π°“√∑” √“¬°“√¥—ß°≈à“«‡æ◊ËÕª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…—∑ ∑—Èß¥â“ππ‚¬∫“¬°“√°”Àπ¥√“§“‚¥¬®–æ‘®“√≥“®“°√“§“μ≈“¥‡ªìπ ”§—≠ √“¬°“√√–À«à“ß°—π„πªï∑’Ëºà“π¡“‡°‘¥®“° —≠≠“μà“ßÊ ´÷Ëß¡’≈—°…≥–¢Õß√“¬°“√‚¥¬ √ÿª¥—ßπ’È

1. √“¬°“√√–À«à“ß∫√‘…—∑°—∫∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ≈—°…≥–¢Õß√“¬°“√·≈– —≠≠“ : —≠≠“¢“¬‰øøÑ“·≈–‰ÕπÈ” ‡π◊ÕË ß®“°‡ß◊ÕË π‰¢ —≠≠“‡ß‘π°Ÿ°â ”Àπ¥„Àâ¡°’ “√‚Õπ ‘∑∏‘„π —≠≠“´◊ÕÈ ¢“¬‰øøÑ“·≈–‰ÕπÈ”„Àâ°∫— ºŸâ „Àâ°Ÿâ ¡’§«“¡¬ÿßà ¬“°„π°“√ ¥”‡π‘π°“√∑” —≠≠“´◊ÕÈ ¢“¬·≈– —≠≠“‚Õπ ‘∑∏‘°∫— ‚√ßß“πÕÿμ “À°√√¡μà“ßÊ ´÷ßË ¡’®”π«π¡“° Õ’°∑—ßÈ —¡ª∑“πª√–°Õ∫ °‘®°“√‰øøÑ“∑’Ë∫√‘…—∑‰¥â√—∫§√Õ∫§≈ÿ¡‡©æ“–æ◊Èπ∑’Ëμ—Èß¢Õß∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ‡∑à“π—Èπ ¡‘‰¥â§√Õ∫§≈ÿ¡æ◊Èπ∑’Ë¢Õß «πÕÿμ “À°√√¡‡§√◊Õ Àæ—≤πå-»√’√“™“∑—ÈßÀ¡¥ ·≈–∫√‘…—∑μâÕßÕ“»—¬√–∫∫ “¬ àß‰øøÑ“ ´÷Ëß‡ªìπ∑√—æ¬å ‘π¢Õß ∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ∫√‘…—∑®÷ß∑” —≠≠“´◊ÈÕ¢“¬‰øøÑ“·≈–‰ÕπÈ”°—∫ ∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ·μà‡æ’¬ß√“¬‡¥’¬« ‚¥¬®à“¬º≈μÕ∫·∑π„Àâ°—∫∫√‘…—∑ Àæ—≤π“Õ‘π ‡μÕ√å‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) „π√Ÿª·∫∫¢ÕßÕ—μ√“ à«π≈¥§à“æ≈—ßß“π‰øøÑ“ ( à«π≈¥√âÕ¬≈– 0.5 „πªï∑’Ë 1-10 ·≈– à«π≈¥√âÕ¬≈– 1.5 „πªï∑’Ë 11-15) ·≈– à«π≈¥§à“‰ÕπÈ” („πÕ—μ√“ 0.5% μ≈Õ¥Õ“¬ÿ —≠≠“) °“√´◊ÈÕπÈ”¥‘∫®“° ∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ‡ªìπ à«πÀπ÷Ëß¢Õß°“√∫√‘À“√®—¥°“√§«“¡‡ ’Ë¬ß „Àâ¡’·À≈àßπÈ”¥‘∫ ”√Õß„™â „π°‘®°“√º≈‘μ‰øøÑ“‰¥â „π°√≥’∑’Ë ∫¡®. ®—¥°“√·≈–æ—≤π“∑√—æ¬“°√πÈ”¿“§μ–«—πÕÕ° ‰¡à “¡“√∂®—¥À“πÈ”¥‘∫ „Àâ·°à∫√‘…—∑ ´÷Ëß√“§“πÈ”¥‘∫√«¡∂÷ß§à“∫√‘°“√„π°“√∫”∫—¥πÈ”‡ ’¬∑’Ë ∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ‡√’¬°‡°Á∫°—∫∫√‘…—∑®–‡ªìπ√“§“¡“μ√∞“π∑’Ë‡√’¬°‡°Á∫°—∫‚√ßß“πÕÿμ “À°√√¡Õ◊Ëπ∑’Ëμ—ÈßÕ¬Ÿà „π «πÕÿμ “À°√√¡‡§√◊Õ Àæ—≤πå-»√’√“™“ ¥—ßπ—Èπ®–‡ÀÁπ‰¥â«à“√“¬°“√√–À«à“ß∫√‘…—∑·≈–∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) π—Èπ‡ªìπ°“√§â“ª°μ‘·≈–¡’§«“¡ ¡‡Àμÿ ¡º≈‡æ◊ËÕª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…—∑ Õ’°∑—Èß√“§“∑’Ë§‘¥√–À«à“ß°—π∂◊Õ‰¥â«à“‡ªìπ √“§“∑’Ë¬ÿμ‘∏√√¡

2. √“¬°“√√–À«à“ß∫√‘…—∑°—∫∫√‘…—∑ ÕÕªÕ‡√™—ËππÕ≈ ‡ÕÁπ‡πÕ√å¬’Ë °√ÿäª ®”°—¥ ≈—°…≥–¢Õß√“¬°“√·≈– —≠≠“ : —≠≠“√—∫∫√‘°“√¥â“π°“√®—¥°“√‡°’Ë¬«°—∫°“√¥”‡π‘πß“π·≈–´àÕ¡∫”√ÿß ·≈– —≠≠“‡™à“‡§√◊ËÕß®—°√ ∫√‘…—∑‰¥â«à“®â“ß„Àâ ∫√‘…—∑ÕÕªÕ‡√™—ËππÕ≈ ‡ÕÁπ‡πÕ√å¬’Ë °√ÿäª ®”°—¥ ¥”‡π‘π°“√‡¥‘π‡§√◊ËÕß·≈–∫”√ÿß√—°…“‚√ß‰øøÑ“¿“¬„μâ —≠≠“°“√ªØ‘∫μ— °‘ “√‡¥‘π‡§√◊ÕË ß·≈–∫”√ÿß√—°…“‚√ß‰øøÑ“ (Operational and Maintenance Agreement) ‚¥¬§à“μÕ∫·∑π ‡ªìπÕ—μ√“‡¥’¬«°—∫∑’Ë ∫√‘…—∑ ÕÕªÕ‡√™—ËππÕ≈ ‡ÕÁπ‡πÕ√å¬’Ë °√ÿäª ®”°—¥ §‘¥°—∫≈Ÿ°§â“∑—Ë«‰ª Õ’°∑—Èß ∫¡®. ‡Õ ·Õπ¥å‡® Õ‘π‡μÕ√å‡π™—Ëπ·π≈ ‡ÕÁπ‡μÕ√å ‰æ√ å ´÷Ëß‡ªìπºŸâ∂◊ÕÀÿâπ¢Õß∑—Èß∫√‘…—∑·≈–∫√‘…—∑ ÕÕªÕ‡√™—ËππÕ≈ ‡ÕÁπ‡πÕ√å¬’Ë °√ÿäª ®”°—¥ ®÷ß∑”„Àâ “¡“√∂¥Ÿ·≈·≈–§«∫§ÿ¡°“√¥”‡π‘πß“π¢Õß∫√‘…∑— ÕÕªÕ‡√™—πË πÕ≈ ‡ÕÁπ‡πÕ√å¬’Ë °√ÿªä ®”°—¥ ‰¥â √“¬°“√√–À«à“ß°—π π’È®÷ß‡ªìπ°“√§â“ª°μ‘·≈–¡’§«“¡ ¡‡Àμÿ ¡º≈ „π à«π¢Õß —≠≠“°“√‡™à“‡§√◊ËÕß¬πμå ”√Õß°—∫∫√‘…—∑ ÕÕªÕ‡√™—ËππÕ≈ ‡ÕÁπ‡πÕ√å¬’Ë °√ÿäª ®”°—¥ ‡ªìπ°“√æ‘®“√≥“§—¥‡≈◊Õ°‡ß◊ËÕπ‰¢∑’Ë„Àâª√–‚¬™πåμàÕ∫√‘…—∑ ÿß ÿ¥‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫‡ß◊ËÕπ‰¢ °“√‡™à“¢ÕßºŸâ‡ πÕ√“¬Õ◊Ëπ

3. √“¬°“√√–À«à“ß∫√‘…—∑°—∫∫√‘…—∑ ‘π¿√“¥√ ®”°—¥ ≈—°…≥–¢Õß√“¬°“√·≈– —≠≠“ : —≠≠“‡™à“∑’Ë¥‘π ∫√‘…—∑‰¥â‡™à“∑’Ë¥‘π¢Õß∫√‘…—∑ ‘π¿√“¥√ ®”°—¥ ‡æ◊ËÕ„™â‡ªìπ∑“ß‡¢â“-ÕÕ° ·≈– ”À√—∫«“ß√–∫∫®”Àπà“¬ “¬‰øøÑ“·≈– ‰ÕπÈ” „πÕ—μ√“§à“‡™à“‡¥’¬«°—π°—∫∑’Ë∫√‘…—∑ ‘π¿√“¥√ ®”°—¥ ‰¥âμ°≈ß°—∫≈Ÿ°§â“√“¬Õ◊Ëπ„π‡¢μ «πÕÿμ “À°√√√¡‡§√◊Õ Àæ—≤πå »√’√“™“ ®÷ß∂◊Õ‰¥â«à“√“¬°“√‡™à“∑’Ë¥‘ππ’È¡’§«“¡ ¡‡Àμÿ ¡º≈·≈–‡ªìπ√“§“¬ÿμ‘∏√√¡

Appropriations of Related Transaction The related transactions in the past year were conducted in the normal course of business operation. The company has a policy to maintain the optimal benefit, including the pricing policy which shall be determined by the market price. The related party transactions in the past year are as follows:

1. Transaction with Saha Pattana Interholding PCL (SPI) Transaction : Electricity and Steam Purchase Agreements Due to the conditions of the Credit Facilities Agreement that the company had to conditionally assign contracts to the lenders, the complication to complete the electricity and steam purchase agreements and consents of the associatd assignments with number of users become not practicable in the allowable time frame. In addition, the concession to operate this business was limited only in the area of SPI and not covering the SPI owned distribution system. Therefore, the company had to resolved the complication by entering into the Electricity and Steam Purchase Agreement with SPI. SPI had taken a retailer role selling electricity energy and steam with the predetermined applicable discount (0.5% on the 1-10 contract year and 1.5% on the rest for electricityand 0.5% thorough the contract year for steam) On the other hand, the company occasionally purchased raw water and regularly purchased waste water treatment services from SPI. The raw water and waste water treatment charges to the company are standardized for all industrial tenants in the Sriracha Saha Group Industrial Park. Therefore, the related transaction between the company and SPI are normal business practices.

2. Transaction with Operational Energy Group Ltd. (OEG) Transaction : Operation and Maintenance Agreement, Leased Engine Agreement The applicable fees under the Operation and Maintenance Agreement with OEG are the normal market price as charged to its other customers. Moreover, S&J International Enterprises PCL, who is the common shareholder of both OEG and the company, will control and assure the mutual interest. The leased engine contract was entered with OEG after thorough evaluation through the bidding process. Therefore, this transaction is reasonable and is a normal business practice as well.

3. Transaction with Sinparadorn Co., Ltd. Transaction : Land Rental Agreement The company has land rental agreement with Sinparadorn Co., Ltd of which the leased land was utilized as the plant access and to accommodate the electricity and steam distribution system. The rental rate is normal market identical to all tenants located in the Sriracha Saha Group Industrial Park. Therefore, this transaction between the company and Sinparadorn Co., Ltd. is reasonable.

4. √“¬°“√√–À«à“ß∫√‘…—∑°—∫∫√‘…—∑ æ‘∑—°…å°‘® ®”°—¥ ≈—°…≥–¢Õß√“¬°“√ : ß“π®â“ß°àÕ √â“ß∑—Ë«‰ª ∫√‘…—∑‰¥â«à“®â“ß∫√‘…—∑ æ‘∑—°…å°‘® ®”°—¥ ¥”‡π‘π°“√„π°“√°àÕ √â“ß∑—Ë«‰ª ‡™àπ °“√´àÕ¡·´¡ ”π—°ß“π ß“πμàÕ‡μ‘¡μà“ßÊ ‚¥¬ºà“π¢—πÈ μÕπ°“√‡ πÕ√“§“ °“√‡ª√’¬∫‡∑’¬∫°—∫ºŸ√â ∫— ‡À¡“√“¬Õ◊πË ®÷ß∂◊Õ‰¥â«“à √“¬°“√π’‡È ªìπ‰ªμ“¡¢—πÈ μÕπ°“√®—¥®â“ßª°μ‘

5. √“¬°“√√–À«à“ß∫√‘…—∑°—∫∫√‘…—∑ À‚§‡®π °√’π ®”°—¥ ≈—°…≥–¢Õß√“¬°“√ : °“√¢“¬∑√—æ¬å ‘π ∫√‘…—∑‰¥â®—¥μ—Èß∫√‘…—∑¬àÕ¬ §◊Õ∫√‘…—∑ À‚§‡®π °√’π ®”°—¥ ‡æ◊ËÕ¥”‡π‘π‚§√ß°“√º≈‘μæ≈—ßß“π®“°™’«¡«≈ ‚¥¬∫√‘…—∑‡ªìπ ºŸâ∂◊ÕÀÿâπ 99.99% ¢Õß∫√‘…—∑ À‚§‡®π °√’π ®”°—¥ ®÷ß∂◊Õ‰¥â«à“√“¬°“√μà“ßÊ ∑’Ë‡°‘¥®“°°“√¢“¬∑√—æ¬å ‘π ‡ªìπ‰ªμ“¡ ‡ß◊ËÕπ‰¢·≈–‡°≥±å∑“ß°“√§â“‚¥¬ª°μ‘

¡“μ√°“√À√◊Õ¢—ÈπμÕπ°“√Õπÿ¡—μ‘°“√∑”√“¬°“√√–À«à“ß°—π °“√∑”√“¬°“√√–À«à“ß°—π¢Õß∫√‘…—∑ °—∫∫ÿ§§≈∑’ËÕ“®¡’§«“¡¢—¥·¬âß®–μâÕß¡’°“√‡ πÕ∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ ·≈–μâÕß¡’°√√¡°“√μ√«® Õ∫‡¢â“√à«¡ª√–™ÿ¡ ‡æ◊ÕË æ‘®“√≥“·≈–Õπÿ¡μ— °‘ “√∑”√“¬°“√√–À«à“ß°—π„Àâ‡ªìπ‰ªμ“¡°ÆÀ¡“¬«à“¥â«¬ À≈—°∑√—æ¬å·≈–μ≈“¥À≈—°∑√—æ¬å ·≈–¢âÕ∫—ß§—∫ ª√–°“» §” —Ëß À√◊Õ¢âÕ°”Àπ¥¢Õßμ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ´÷Ëß ºŸ∑â Õ’Ë “®¡’§«“¡¢—¥·¬âßÀ√◊Õ¡’ «à π‰¥â‡ ’¬„π°“√∑”√“¬°“√√–À«à“ß°—π®–‰¡à¡ ’ ∑‘ ∏‘ÕÕ°‡ ’¬ß≈ß¡μ‘„π°“√∑”√“¬°“√√–À«à“ß°—ππ—πÈ Ê

π‚¬∫“¬À√◊Õ·π«‚πâ¡°“√∑”√“¬°“√√–À«à“ß°—π„πÕπ“§μ √“¬°“√√–À«à“ß°—π¢Õß∫√‘…—∑„πÕπ“§μ ®–‡ªìπ√“¬°“√∑’Ë¥”‡π‘π°“√∑“ß∏ÿ√°‘®μ“¡ª°μ‘‡™àπ‡¥‘¡ ‚¥¬∫√‘…—∑¡’·π«‚πâ¡ °“√∑”√“¬°“√√–À«à“ß°—π∑’Ë‡°‘¥¢÷Èπ„πªí®®ÿ∫—π·≈–μàÕ‰ª„πÕπ“§μ ‚¥¬®–¡’°“√°”Àπ¥¢âÕμ°≈ß·≈–‡ß◊ËÕπ‰¢μà“ßÊ „Àâ‡ªìπ‰ª μ“¡‡ß◊ËÕπ‰¢°“√§â“ª°μ‘∑—Ë«‰ª·≈–‡ªìπ‰ªμ“¡√“§“μ≈“¥∑’Ë ¡‡Àμÿ ¡º≈ “¡“√∂μ√«® Õ∫À√◊Õ‡∑’¬∫√“§“∑’Ë‡°‘¥¢÷Èπ°—∫∫ÿ§§≈ ¿“¬πÕ°‰¥â æ√âÕ¡∑—ßÈ ºà“π°“√Õπÿ¡μ— μ‘ “¡¢—πÈ μÕπ·≈–°Æ√–‡∫’¬∫∑’‡Ë °’¬Ë «¢âÕßÕ¬à“ß∂Ÿ°μâÕß à«π√“¬°“√√–À«à“ß°—π∑’ÕË “®‡°‘¥¢÷πÈ ‰¥â „πÕπ“§μπ—Èπ §≥–°√√¡°“√®–ªØ‘∫—μ‘„Àâ‡ªìπ‰ªμ“¡°ÆÀ¡“¬ ¢âÕ∫—ß§—∫ ª√–°“» À√◊Õ¿“¬„μâª√–°“»·≈–¢âÕ∫—ß§—∫¢Õß §≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–μ≈“¥À≈—°∑√—æ¬å ·≈–¢âÕ°”Àπ¥¢Õßμ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ·≈–∫√‘…—∑ ®–∑”°“√‡ªî¥‡º¬√“¬°“√√–À«à“ß°—πÀ√◊Õ√“¬°“√‡°’Ë¬«‚¬ß¥—ß°≈à“«‰«â „πÀ¡“¬‡Àμÿª√–°Õ∫ß∫°“√‡ß‘πμ“¡¡“μ√∞“π∫—≠™’ ∑’Ë°”Àπ¥‚¥¬ ¿“«‘™“™’æ∫—≠™’ ·≈–μ“¡√–‡∫’¬∫¢Õß ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–μ≈“¥À≈—°∑√—æ¬å ·Ààßª√–‡∑»‰∑¬

4. Transaction with Pitakkij Co., Ltd. Transaction : Service Charges Pitakkij Co., Ltd. is an experienced constractor providing general construction services including building renovations and maintenances to the Company. The company usually employed Pitakij Co., Ltd. through the bidding process. The transactions are normal business practice and beneficial to the company.

5. Transaction with Sahacogen Green Co., Ltd. Transaction : Sale of Assets Sahacogen Green Co., Ltd. was established for the the Renewable Energy Business. The company holds 99.99% of share in Sahacogen Green Co., Ltd; therefore, any activities on selling assets to its subsidiary are on normal business conditions.

Procedural Approval of Related Business Transaction According to the company没s policy, all transactions between the company and related entities or persons shall be approved in the Board of Director没s meeting with the presence of the audit committees. The review and approval of the related transactions will follow and in full compliance with the Securities and Exchange Act of 1992 and rules, regulations and notifications regulated by the Stock Exchange of Thailand. Any directors having a conflict of interests will not have right to vote on the approval of such related transactions.

Policy or Potential Related Transaction in the Future The company expects these related transactions at present will continue, however, the company has a policy to control them to be a normal business practice and market price conditions. The company will assure the future related transactions be fully controlled according to the law, rules and regulations of the Stock Exchange of Thailand and all to be disclose in the financial statements audited by the auditor.

ªí®®—¬§«“¡‡ ’Ë¬ß·≈–°“√∫√‘À“√§«“¡‡ ’Ë¬ß ∫√‘…—∑‰¥âμ√–Àπ—°∂÷ßªí®®—¬‡ ’Ë¬ß∑’ËÕ“®‡°‘¥¢÷Èπ®“°°“√¥”‡π‘π∏ÿ√°‘® ®÷ß‰¥â¡’°“√¥”‡π‘π°“√∫√‘À“√®—¥°“√‡æ◊ËÕ§«∫§ÿ¡§«“¡ ‡ ’Ë¬ßμà“ßÊ ´÷Ëßªí®®—¬‡ ’Ë¬ß∑’Ë§«√æ‘®“√≥“ ¡’¥—ßπ’È

§«“¡‡ ’Ë¬ß®“°°“√ ‘Èπ ÿ¥ —¡ª∑“πª√–°Õ∫°‘®°“√‰øøÑ“ ∫√‘…—∑‰¥â√—∫ —¡ª∑“πª√–°Õ∫°‘®°“√‰øøÑ“‡ªìπ√–¬–‡«≈“ 15 ªï ´÷Ëß‡ªìπÕ“¬ÿ —¡ª∑“π Ÿß ÿ¥μ“¡¢âÕ®”°—¥∑“ß°ÆÀ¡“¬ ‚¥¬¡’‡ß◊ÕË π‰¢«à“‡¡◊ÕË —¡ª∑“π ‘πÈ Õ“¬ÿ ºŸâ „Àâ ¡— ª∑“π¡’ ∑‘ ∏‘∑®’Ë –´◊ÕÈ °‘®°“√‰øøÑ“∑—ßÈ À¡¥®“°ºŸ√â ∫— —¡ª∑“π À“°ºŸâ „Àâ ¡— ª∑“π ‰¡àª√– ß§å®–´◊ÈÕ·≈–ºŸâ√—∫ —¡ª∑“π¡’§«“¡ª√– ß§å®–¥”‡π‘π°“√μàÕ‰ª ºŸâ „Àâ —¡ª∑“π®–æ‘®“√≥“μàÕÕ“¬ÿ —¡ª∑“π ÕÕ°‰ªμ“¡ ¡§«√ „π¢≥–∑’Ë∫√‘…—∑¡’ —≠≠“´◊ÈÕ¢“¬‰øøÑ“°—∫°“√‰øøÑ“ΩÉ“¬º≈‘μ·Ààßª√–‡∑»‰∑¬ ‡ªìπ√–¬–‡«≈“ 25 ªï ·≈–¡’ —≠≠“´◊ÈÕ¢“¬‰øøÑ“°—∫ ∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ‡ªìπ√–¬–‡«≈“ 15 ªï ¥—ßπ—Èπ ∫√‘…—∑ ®÷ß¡’§«“¡‡ ’Ë¬ß„π°“√‰¡à “¡“√∂ª√–°Õ∫∏ÿ√°‘® °√≥’‰¡à ‰¥â√—∫°“√μàÕÕ“¬ÿ —¡ª∑“πª√–°Õ∫°‘®°“√‰øøÑ“

§«“¡‡ ’Ë¬ß®“°°“√∫Õ°‡≈‘° —≠≠“´◊ÈÕ¢“¬‰øøÑ“·≈–‰ÕπÈ” ∫√‘…—∑¡’§«“¡‡ ’Ë¬ßÀ“°≈Ÿ°§â“√“¬„¥√“¬Àπ÷Ëß®“° 2 √“¬‰¥â·°à °“√‰øøÑ“ΩÉ“¬º≈‘μ·Ààßª√–‡∑»‰∑¬ ·≈–∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ∫Õ°‡≈‘° —≠≠“´◊ÈÕ¢“¬ Õ¬à“ß‰√°Áμ“¡ ®“°º≈°“√¥”‡π‘πß“π∑’Ë∫√‘…—∑ “¡“√∂ ªØ‘∫—μ‘μ“¡‡ß◊ËÕπ‰¢ ”§—≠μà“ßÊ ∑’Ë√–∫ÿ„π —≠≠“´◊ÈÕ¢“¬‰øøÑ“∑ÿ°ª√–‡¿∑π—∫μ—Èß·μà«—π‡√‘Ë¡μâπ´◊ÈÕ¢“¬‰øøÑ“ §«“¡‡ ’Ë¬ß „π°“√∂Ÿ°∫Õ°‡≈‘° —≠≠“´◊ÈÕ¢“¬‰øøÑ“®“°°“√‰øøÑ“ΩÉ“¬º≈‘μ·Ààßª√–‡∑»‰∑¬®÷ßÕ¬Ÿà„π‡°≥±åμË” „π à«π¢Õß —≠≠“´◊ÕÈ ¢“¬‰øøÑ“·≈–‰ÕπÈ”°—∫∫√‘…∑— Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘ßÈ ®”°—¥ (¡À“™π) ºŸâ „™â ‰øøÑ“·≈–‰ÕπÈ”∑—ßÈ À¡¥ ≈â«π·≈â«·μà‡ªìπ∫√‘…—∑„π°≈ÿà¡ Àæ—≤πå‡™àπ‡¥’¬«°—∫∫√‘…—∑ ·≈–®“°°“√ªØ‘∫—μ‘μ“¡‡ß◊ËÕπ‰¢„π°“√ àß¡Õ∫‰øøÑ“·≈–‰ÕπÈ” ‰¥âÕ¬à“ß§√∫∂â«π √«¡∑—ßÈ ¡’°“√ª√—∫ª√ÿß§ÿ≥¿“æ°“√∫√‘°“√Õ¬à“ßμàÕ‡π◊ÕË ß ®÷ß∑”„Àâ‡™◊ÕË ‰¥â«“à ‡Àμÿ·Ààß°“√∑’∫Ë √‘…∑— Àæ—≤π“ Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ®–∫Õ°‡≈‘° —≠≠“´◊ÈÕ¢“¬‰øøÑ“·≈–‰ÕπÈ”°—∫∫√‘…—∑‡ªìπ‰ª‰¥âπâÕ¬¡“°

§«“¡‡ ’Ë¬ß„π°“√∂Ÿ°ª√—∫≈¥ª√‘¡“≥æ≈—ß‰øøÑ“μ“¡ —≠≠“´◊ÈÕ¢“¬‰øøÑ“°—∫ °Ωº. ∫√‘…—∑®–¡’§«“¡‡ ’Ë¬ß„π°“√∂Ÿ°ª√—∫≈¥ª√‘¡“≥æ≈—ß‰øøÑ“μ“¡ —≠≠“´◊ÈÕ¢“¬‰øøÑ“ „π°√≥’∑’Ë∫√‘…—∑‰¡à “¡“√∂®à“¬ æ≈—ß‰øøÑ“‰¥âμ“¡ª√‘¡“≥∑’Ë°”Àπ¥„π —≠≠“·≈–‰¡à “¡“√∂·°â ‰¢‰¥â¿“¬„π√–¬–‡«≈“ 18 ‡¥◊Õπ Õ¬à“ß‰√°Áμ“¡ ∫√‘…—∑ ¡’°“√°”Àπ¥‡ß◊ËÕπ‰¢„π —≠≠“°“√ªØ‘∫—μ‘°“√·≈–∫”√ÿß√—°…“„Àâ ∫√‘…—∑ ÕÕªÕ‡√™—ËππÕ≈ ‡ÕÁπ‡πÕ√å¬’Ë °√ÿäª ®”°—¥ √—∫ª√–°—πª√‘¡“≥ (Capacity) ·≈–‡ ∂’¬√¿“æ„π°“√®à“¬‰øøÑ“„Àâ°—∫°“√‰øøÑ“ΩÉ“¬º≈‘μ·Ààßª√–‡∑»‰∑¬ „π™à«ß §«“¡μâÕß°“√„™â ‰øøÑ“ Ÿß ÿ¥ (EGAT Peak Period Capacity) πÕ°®“°π’È °“√‡æ‘Ë¡°”≈—ßº≈‘μ„πªï 2548 ∑”„Àâ °”≈—ßº≈‘μ¢Õß‚√ß‰øøÑ“‡æ’¬ßæÕ·≈– “¡“√∂√Õß√—∫°“√„™â ‰øøÑ“¿“¬„π «πÕÿμ “À°√√¡‡§√◊Õ Àæ—≤πå-»√’√“™“ ‰¥âÕ’° 40 % ¢Õß§«“¡μâÕß°“√„πªí®®ÿ∫—π

§«“¡‡ ’Ë¬ß„π°“√æ÷Ëßæ‘ßºŸâ¥”‡π‘π°“√¥â“π°“√ªØ‘∫—μ‘°“√‡¥‘π‡§√◊ËÕß·≈–∫”√ÿß√—°…“‚√ß‰øøÑ“ ∫√‘…—∑·≈–∫√‘…—∑ ÕÕªÕ‡√™—ËππÕ≈ ‡ÕÁπ‡πÕ√å¬’Ë °√ÿäª ®”°—¥ ¡’ºŸâ∂◊ÕÀÿâπ√à«¡°—π§◊Õ ∫√‘…—∑ ‡Õ ·Õπ¥å‡® Õ‘π‡μÕ√å‡π™—Ëπ·π≈ ‡Õπ‡μÕ√å ‰æ√ å ®”°—¥ (¡À“™π) ´÷Ëß∂◊ÕÀÿâπ‚¥¬μ√ß„π∫√‘…—∑ ÕÕªÕ‡√™—ËππÕ≈ ‡ÕÁπ‡πÕ√å¬’Ë °√ÿäª ®”°—¥ √âÕ¬≈– 30 ¢Õß ∑ÿπ®¥∑–‡∫’¬π∑’Ë‡√’¬°™”√–·≈â« ·≈–∂◊ÕÀÿâπ‚¥¬μ√ß„π∫√‘…—∑√âÕ¬≈– 13.96 ¢Õß∑ÿπ®¥∑–‡∫’¬π∑’Ë‡√’¬°™”√–·≈â« ∑”„Àâ ‡™◊ËÕ‰¥â«à“¡’§«“¡‡ªìπ‰ª‰¥â§àÕπ¢â“ßπâÕ¬∑’Ë®–¡’°“√¬°‡≈‘°À√◊Õ‰¡àμàÕ —≠≠“°—∫∫√‘…—∑ „π°√≥’¡’°“√¬°‡≈‘° —≠≠“®–μâÕß ¡’°“√·®âß≈à«ßÀπâ“‰¡àπâÕ¬°«à“ 12 ‡¥◊Õπ ´÷Ëß‡ªìπ√–¬–‡«≈“∑’Ë‡æ’¬ßæÕ ”À√—∫°“√§—¥‡≈◊Õ°ºŸâ™”π“≠°“√√“¬Õ◊Ëπ¡“ ¥”‡π‘πß“π·∑π‰¥â

Risk Factors and Management The company is fully aware of the importance managing risk factors associated with the company business. The major risk factors have been identified, evaluated and managed under the risk management plan as described below.

Risks from the Expiry of the Concession to Operate the Power Business The company has secured a 15-year concession, which is maximum by law, with the conditions that when the term expires, the authorizing authority can takeover the business from the concessionaire. If the authorizing authority does not want to take over the business and the concessionaire wishes to run its business on its own, the authorizing authority may extend its concession. Meanwhile, the company has signed a 25-year contract with EGAT and a 15-year contract with Saha Pattana Inter-Holding PCL. The company therefore bears the risk of inability to generate and distribute electricity if the concession is taken over by the authorizing authority after its 15-year term.

Risk of Termination of Electricity and Steam Purchase Agreement The company exposed to the risk if any one of two customers terminates its contract. However, since the effcitive date of the contract, the company has fulfilled all obligations under the contract, the risk of early termination by EGAT is deemed low. All offtakers of electricity and steam via Saha Pattana Inter-Holding PCL are companies in the Saha Group as same as the company is. The past energy services were satisfied and all obligations and commitments were fulfilled; therefore, the possibility that the Saha Pattana Inter-Holding PCL would terminate the contract is very low.

Risk in Reduction of Electricity Purchase Demand of EGAT If the company cannot supply the full amount of electricity as contracted and cannot solve this problem within 18 months, the company is subject to a reduction in the amount purchased via the contract by EGAT. However, the company has defined the conditions in the operation and maintenance agreement that OEG has to guarantee the capacity and reliability of the electricity supply to EGAT, especially during peak periods. Moreover, the increased production capacity from the expansion project not only ensures adequate electricity supply to EGAT but also provides reserved capacity to capture the industrial growth of 40% of the existing demand.

Risk in Dependence on Operation and Maintenance The company is taking a risk in being dependent on OEG for operation and maintenance. However, both OEG and the company have a common shareholder namely S&J International Enterprises PCL who holds 30% of paid-up shares in the OEG and also holds 13.96% of the companyûs shares. It is believed that there is little possibility that either party would terminate the contract. Moreover, the company has to be informed at least 12 months in advance if OEG wants to terminate the contract. Such an amount of time is adequate to find another professional to take care of this responsibility.

§«“¡‡ ’Ë¬ß„π°“√®—¥À“«—μ∂ÿ¥‘∫ ‡æ◊ËÕ≈¥§«“¡‡ ’Ë¬ß„π°“√®—¥À“«—μ∂ÿ¥‘∫∑’Ë ”§—≠ª√–°Õ∫¥â«¬ °ä“´∏√√¡™“μ‘ ·≈–πÈ”¥‘∫ ∫√‘…—∑®÷ß®—¥∑” —≠≠“√–¬–¬“« °—∫ºŸ®â ”Àπà“¬ ‚¥¬ —≠≠“´◊ÕÈ °ä“´∏√√¡™“μ‘°∫— ∫¡®. ªμ∑. ¡’√–¬–‡«≈“ 21 ªï π—∫®“°«—π∑’∫Ë √‘…∑— ‰¥â‡√‘¡Ë ¥”‡π‘π°“√„™âª√–‚¬™πå ‡æ◊ËÕ°“√§â“ ·≈– “¡“√∂μàÕÕ“¬ÿ —≠≠“‰¥âÕ’° 4 ªï —≠≠“´◊ÈÕ¢“¬πÈ”¥‘∫√–¬–¬“« 25 ªï °—∫ ∫¡®. ®—¥°“√·≈–æ—≤π“ ∑√—æ¬“°√πÈ”¿“§μ–«—πÕÕ° πÕ°®“°π’È ∫√‘…—∑¬—ß¡’·À≈àßπÈ”¥‘∫ ”√ÕßÕ’°·À≈àßÀπ÷Ëß ´÷Ëß‡°Á∫Õ¬Ÿà„πÕà“ß‡°Á∫πÈ”¿“¬„π‡¢μ «πÕÿμ “À°√√¡‡§√◊Õ Àæ—≤πå-»√’√“™“ ®—ßÀ«—¥™≈∫ÿ√’ ·≈–®—¥ √â“ß∫àÕ·≈–√–∫∫√—∫πÈ”§«“¡®ÿ 2,000 ≈Ÿ°∫“»°å‡¡μ√ ¿“¬„π‚√ß‰øøÑ“‡™◊ËÕ¡‚¬ß‡¢â“°—∫√–∫∫º≈‘μ¢Õß‚√ß‰øøÑ“

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§«“¡‡ ’Ë¬ß®“°Õ—μ√“·≈°‡ª≈’Ë¬π ∫√‘…—∑¡’§«“¡‡ ’Ë¬ß®“°Õ—μ√“·≈°‡ª≈’Ë¬π„π à«π∑’Ë‡°‘¥®“°¿“√–‡ß‘π°Ÿâ·≈–¥Õ°‡∫’È¬®à“¬§àÕπ¢â“ßμË” ‡π◊ËÕß®“°√“¬°“√∑“ß ∏ÿ√°‘® à«π„À≠à‡ªìπ °ÿ≈‡ß‘π∫“∑ ·μàÕ“®‰¥â√∫— º≈°√–∑∫¢ÕßÕ—μ√“·≈°‡ª≈’¬Ë π§à“‡ß‘π∫“∑μàÕ‡ß‘π °ÿ≈¥Õ≈≈“√å À√—∞Õ‡¡√‘°“ „π à«π¢Õß√“¬‰¥â®“°§à“æ≈—ß‰øøÑ“∑’Ë‡√’¬°‡°Á∫®“°°“√‰øøÑ“ΩÉ“¬º≈‘μ·Ààßª√–‡∑»‰∑¬ ‡π◊ËÕß®“°√âÕ¬≈– 80 ¢ÕßÕ—μ√“ §à“æ≈—ß‰øøÑ“®–·ª√μ“¡Õ—μ√“·≈°‡ª≈’Ë¬π¢Õß °ÿ≈‡ß‘π¥Õ≈≈“Àå À√—∞Õ‡¡√‘°“ Õ¬à“ß‰√°Áμ“¡°“√‡ª≈’Ë¬π·ª≈ß¢ÕßÕ—μ√“ ·≈°‡ª≈’¬Ë π∑ÿ°Ê 1 ∫“∑ ®– àßº≈°√–∑∫μàÕ°“√‡ª≈’¬Ë π·ª≈ß¢Õß√“¬‰¥â¢Õß∫√‘…∑— ª√–¡“≥ 805,000 ∫“∑μàÕ‡¥◊Õπ À√◊Õ §‘¥‡ªìπ√âÕ¬≈– 0.70 ¢Õß√“¬‰¥â√«¡¢Õßß∫°“√‡ß‘π‡©æ“–°‘®°“√ ¥—ßπ—Èπº≈°√–∑∫®“°Õ—μ√“·≈°‡ª≈’Ë¬πμàÕ√“¬‰¥â√«¡ ®÷ßÕ¬Ÿà „π‡°≥±å∑’ËμË”

§«“¡‡ ’Ë¬ß®“°Õ—μ√“¥Õ°‡∫’È¬ ∫√‘…∑— ¬—ß§ß¡’§«“¡‡ ’¬Ë ß®“°Õ—μ√“¥Õ°‡∫’¬È Õ—π‡π◊ÕË ß¡“®“°°“√ß‘π°Ÿ¬â ¡◊ √–¬–¬“«∑’¡Ë ¥’ Õ°‡∫’¬È ‡π◊ÕË ß®“°Õ—μ√“¥Õ°‡∫’¬È ¡’°“√ ª√—∫¢÷Èπ≈ßμ“¡Õ—μ√“μ≈“¥ Õ¬à“ß‰√°Áμ“¡∫√‘…—∑¡’·ºπ √ÿª°“√‡®√®“°—∫ ∂“∫—π°“√‡ß‘π‡æ◊ËÕª√—∫‚§√ß √â“ß¥Õ°‡∫’È¬„Àâ ‡ªìπÕ—μ√“¥Õ°‡∫’È¬§ß∑’Ë‡æ◊ËÕ≈¥§«“¡‡ ’Ë¬ß„π‡√◊ËÕß§«“¡º—πº«π¢ÕßÕ—μ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡„Àâ·≈â«‡ √Á®„πªï 2551

§«“¡‡ ’Ë¬ß∑’Ë‡°’Ë¬«¢âÕß°—∫°“√‡ª≈’Ë¬π·ª≈ß°ÆÀ¡“¬ ¢âÕ∫—ß§—∫ ·≈–π‚¬∫“¬¢Õß¿“§√—∞∫“≈ „π —≠≠“´◊ÈÕ¢“¬‰øøÑ“√–À«à“ß∫√‘…—∑°—∫°“√‰øøÑ“ΩÉ“¬º≈‘μ·Ààßª√–‡∑»‰∑¬ ‰¥â√–∫ÿ‡ß◊ËÕπ‰¢„π°√≥’∑’Ë°“√‡ª≈’Ë¬π·ª≈ß ∑“ß°ÆÀ¡“¬ àßº≈„Àâ∫√‘…—∑μâÕß·°â ‰¢ª√—∫ª√ÿß‚√ß‰øøÑ“„πª√–°“√ ”§—≠ À√◊ÕμâÕß·°â ‰¢ª√—∫ª√ÿß„π¥â“πÕ◊Ëπ∑’Ë‡°’Ë¬«¢âÕß °—∫°“√º≈‘μ‰øøÑ“À√◊Õ°“√∫”√ÿß√—°…“‚√ß‰øøÑ“¢Õß∫√‘…—∑ ´÷Ëß¡’º≈°√–∑∫Õ¬à“ß√ÿπ·√ßμàÕ§à“„™â®à“¬À√◊Õ√“¬‰¥â¢Õß∫√‘…—∑ (√«¡∂÷ß∑’Ë‡°’Ë¬«°—∫¿“…’¥â«¬) ∫√‘…—∑ “¡“√∂‡ πÕ√“¬≈–‡Õ’¬¥§à“„™â®à“¬‡°’Ë¬«°—∫°“√·°â ‰¢ª√—∫ª√ÿßπ—Èπ μ“¡·μà∑’Ë°“√ ‰øøÑ“ΩÉ“¬º≈‘μ·Ààßª√–‡∑»‰∑¬√âÕß¢Õμ“¡ ¡§«√ ‡æ◊ÕË „Àâ°“√‰øøÑ“ΩÉ“¬º≈‘μ·Ààßª√–‡∑»‰∑¬π”‡ πÕ ”π—°ß“ππ‚¬∫“¬ ·≈–·ºπæ≈—ßß“π °√–∑√«ßæ≈—ßß“πæ‘®“√≥“ ¥—ßπ—Èπ ∫√‘…—∑Õ“®¡’§«“¡‡ ’Ë¬ßμàÕ¿“√–§à“„™â®à“¬∑’Ë‡°‘¥¢÷Èπ‰¥â „π°√≥’ ∑’Ë ”π—°ß“π‚¬∫“¬·≈–·ºπæ≈—ßß“πæ‘®“√≥“«à“®–‰¡à®à“¬§à“™¥‡™¬„Àâ°—∫∫√‘…—∑

Raw Materials Risk To secure essential raw materials: natural gas and raw water, the company has defined alleviating measures by signing a contract with the PTT Public Company Limited to purchase its natural gas. The contract term is 21 years with four years extendable. The company has also signed a 25-year contract with the Eastern Water Resources Development and Management PCL for the raw water supply. In emergency case, the raw water can be drawn from a reservoir in the Sriracha Saha Group Industrial Park and 2,000 cubic meters retention pond within the power plant.

Risk of Changes in Raw Materials Prices In the contract with EGAT, the electricity energy charge will be calculated using a formula linked to the respective natural gas price; therefore, any changes in natural gas prices will be passed on through EGAT in the energy charge. The electricity charge to Saha Pattana Inter-Holding PCL is referenced with the electricity tariff of the Provincial Electricity Authority. The tariff contains one component called a fuel tariff adjustment (FT) which will be adjusted every four-month period to reflect the actual average fuel costs, therefore, the change in fuel costs is also compensated.

Fluctuation in Exchange Rate Risk The fluctuation in exchange rate risk has a slight effect to the company since most of the companyûs business activities are majority on Thai Baht. The changes in exchange rate Baht to US dollar will affect the revenue from electricity capacity charge to EGAT which 80% of the capacity charges is indexed to the US currency rate. Every one baht change in the exchange rate will affect the companyûs income by about 805,000 Baht per month (0.70% of the overall income). Consequently, the effect of the exchange rate is low.

Risk of Interest Rate The company carries interest risk from floating interest rate of the long-term loan. However, the company has been exploring flor an attractive fixed interest rate and target to conclude in early 2008.

Risk in the Amendment of Laws, Regulations and Governmental Policies The contract with EGAT contains a condition that if any legal changes require the company to modify the power plant or to make any adjustment related to the power production or maintenance, which affects the companyûs costs and incomes (including tax); the company can request the compensation of unexpected and additional expenditures from these changes to EGAT. EGAT will make a proposal to the Office of Policy and Energy Planning, the Ministry of Energy for consideration. Therefore, the company takes a risk of bearing such expenditures if the Ministry refuses to make any compensation to the company.

à«π —≠≠“´◊ÈÕ¢“¬‰øøÑ“·≈–‰ÕπÈ”°—∫∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) √–∫ÿ‡ß◊ËÕπ‰¢«à“®–√à«¡¡◊Õ°—π „π°“√·°âªí≠À“º≈°√–∑∫∑’ËÕ“®‡°‘¥¢÷ÈπÀ“°¡’°“√‡ª≈’Ë¬π·ª≈ß°ÆÀ¡“¬ ¢âÕ∫—ß§—∫ ·≈–π‚¬∫“¬¢Õß¿“§√—∞∫“≈ ‚¥¬ ®–√à«¡°—πª√—∫ª√ÿß‡ß◊ËÕπ‰¢∑’Ë‡°’Ë¬«¢âÕß„π —≠≠“´◊ÈÕ¢“¬‰øøÑ“·≈–‰ÕπÈ” ‡æ◊ËÕ„Àâ “¡“√∂ªØ‘∫—μ‘μ“¡ —≠≠“μàÕ‰ª‰¥â ∑”„Àâ ∫√‘…—∑¡’§«“¡‡ ’Ë¬ß„π‡√◊ËÕßπ’È§àÕπ¢â“ßμË”

§«“¡‡ ’Ë¬ß¥â“π¢âÕ∫—ß§—∫‡°’Ë¬«°—∫ ‘Ëß·«¥≈âÕ¡·≈–§«“¡ª≈Õ¥¿—¬ ∫√‘…—∑„Àâ§«“¡ ”§—≠°—∫°“√μ√«®μ‘¥μ“¡·≈–§«∫§ÿ¡º≈°√–∑∫ ‘Ëß·«¥≈âÕ¡·≈–§«“¡ª≈Õ¥¿—¬®“°°“√º≈‘μ ‰¥â√—∫°“√ √—∫√Õß√–∫∫°“√®—¥°“√ ‘Ëß·«¥≈âÕ¡μ“¡¡“μ√∞“π ISO 14001:2004 ®“° ∂“∫—π√—∫√Õß¡“μ√∞“π‰Õ‡Õ ‚Õ (MASCI) μ—Èß·μà«—π∑’Ë 25 æƒ»®‘°“¬π 2548 À≈—ßºà“π°“√μ√«®ª√–‡¡‘πμ“¡¡“μ√∞“π∑’Ëª√—∫ª√ÿß„À¡à πÕ°®“°π’È∫√‘…—∑¬—ß‰¥â ®—¥∑”√“¬ß“π°“√μ‘¥μ“¡¡“μ√°“√≈¥º≈°√–∑∫·≈–μ‘¥μ“¡μ√«® Õ∫°“√®—¥°“√ ‘Ëß·«¥≈âÕ¡‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ √à«¡¢Õß∫√‘…—∑‚¥¬∫√‘…—∑ Õ’ ‡∑‘√åπ ‰∑¬§Õπ´—≈μ‘Èß 1992 ®”°—¥ ‡æ◊ËÕ‡ πÕμàÕ ”π—°ß“ππ‚¬∫“¬·≈–·ºπ∑√—æ¬“°√ ∏√√¡™“μ‘·≈– ‘Ëß·«¥≈âÕ¡ °√¡‚√ßß“πÕÿμ “À°√√¡ ·≈– ”π—°ß“πÕÿμ “À°√√¡ ®—ßÀ«—¥™≈∫ÿ√’‡ªìπª√–®”∑ÿ° 6 ‡¥◊Õπ ®“°°“√§«∫§ÿ¡§ÿ≥¿“æ ‘ßË ·«¥≈âÕ¡„π¥â“πμà“ßÊ Õ¬à“ß‡¢â¡ß«¥Õ¬à“ß ¡Ë”‡ ¡Õ àßº≈„Àâ∫√‘…∑— ‰¥â√∫— √“ß«—≈ ∂“πª√–°Õ∫°“√ ∑’ªË Ø‘∫μ— μ‘ “¡¡“μ√°“√„π√“¬ß“π°“√«‘‡§√“–Àåº≈°√–∑∫ ‘ßË ·«¥≈âÕ¡·≈–¡’°“√®—¥°“√ ¿“æ·«¥≈âÕ¡¥’‡¥àπ ª√–®”ªï 2550 ª√–‡¿∑‚§√ß°“√æ≈—ßß“π ®“° ”π—°ß“ππ‚¬∫“¬·≈–·ºπ∑√—æ¬“°√∏√√¡™“μ‘·≈– ‘Ëß·«¥≈âÕ¡ °√–∑√«ß∑√—æ¬“°√ ∏√√¡™“μ‘·≈– ‘Ëß·«¥≈âÕ¡ ‡¡◊ËÕ«—π∑’Ë 21 ∏—π«“§¡ 2550 ·≈–®“°°“√∑’Ë∫√‘…—∑¡’¡“μ√°“√·≈–°“√¥”‡π‘π°“√ªÑÕß°—π º≈°√–∑∫μàÕ§ÿ≥¿“æ ‘Ëß·«¥≈âÕ¡∑’Ë¥’Õ¬à“ßμàÕ‡π◊ËÕß ∑”„Àâ∫√‘…—∑‰¡à¡’§«“¡‡ ’Ë¬ß¥â“πªí≠À“ ‘Ëß·«¥≈âÕ¡·≈–§«“¡ ª≈Õ¥¿—¬„π ∂“πª√–°Õ∫°“√ ∑’ËÕ“®‡ªìπ‡Àμÿ∑”„Àâ°“√ªØ‘∫—μ‘°“√¢Õß‚√ß‰øøÑ“¢Õß∫√‘…—∑μâÕßÀ¬ÿ¥™–ß—° À√◊ÕÕ“®¡’‡Àμÿ μâÕß‡ ’¬§à“„™â®à“¬„π°“√ª√—∫ª√ÿß§ÿ≥¿“æ¢Õß ‘Ëß·«¥≈âÕ¡ Ÿß

The contract with Saha Pattana Inter-Holding PCL states that both parties will cooperate to solve any problems resulting from changes in the laws, regulations and governmental policies and conditions in the electricity and steam purchase agreement may be revised accordingly. Therefore, the risk on this matter is fairly low.

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Environmental and Safety Risk The company has consistently monitored and controlled the environmental impact caused by its operation since the first day of operation and also received ISO 14001:2004 certification, the latest standard, from the Management System Certification Institute (Thailand) (MASCI) on November 25, 2005. The regularly submitted biannual reports on Environment Impact Assessment conducted by the Eastern Thai Consulting 1992 Co., Ltd. had been reviewed by the Office of Natural Resources and Environmental Policy and Planning (ONEP), Department of Industrial Works, and the Office of Chonburi Industry without any major negative comments. As the result of continually and definitely environmental control, the company was awarded as an outstanding enterprise in the power industry that implements the appropriate prevention and mitigative measure in compliance with the Environment Impact Assessment in the EIA Monitoring Awards 2007 by the Office of Natural Resources and Environmental Policy and Planning, Ministry of Natural Resources and Environment on December 21, 2007. With such effective control of the environment, the company does not foresee any environmental risks which may cause the company to suspend operation or to incur major cost for environmental control improvement.

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Corporate Governance The Board of Directors of the Company places importance on the building of good governance and carrying on business with transparency, integrity and accountability to performance, being competitive and fair to all parties concerned, in order to create prosperity and add economic value and wealth to shareholders. Management of the Company is based on the good governance principles of the Stock Exchange of Thailand and Sufficiency Economy, namely moderation, reasonableness and good immunity, by relying on knowledge, prudence and carefulness in planning and operation. At the same time all executives and employees are encouraged to be ethical, honest, diligent, patient, and to share and use wisdom in their conduct, in order to cope with economic, political, cultural and social changes for balanced and sustainable well-being. The Companyûs good governance statement comprises good governance policy, business ethics and code of conduct. It passed approval by the Board of Directors of the Company on February 19, 2003 and its suitability has been regularly reviewed. The Company considers its good governance policy, business ethics and code of conduct to be appropriate to the present situation, and they have been circulated to the directors, executives and employees and publicized on the Companyûs website at www.sahacogen.com so as to be the uniform guideline for business conduct. The Companyûs good governance statement has been divided into the following 5 chapters in line with the good governance practice for listed companies of 2006 of the Stock Exchange of Thailand:

Chapter 1: Rights of Shareholders Shareholders have rights of ownership. The Companyûs good governance policy covers the protection of rights of shareholders by recognizing and observing rights of ownership of shareholders. The Company encourages shareholders to exercise their rights and treats every shareholder equally. The basic rights of shareholders are purchase and sale or transfer of shares, sharing in profits, adequate access to news and information of the Company, attendance of shareholdersû meeting to voice their opinion and participate in decision-making by voting at the shareholdersû meeting, e.g. election of the Companyûs directors, determination of remuneration of the Companyûs directors, appointment of auditor and approval of matters affecting the Company. In addition to their basic rights, the Company also takes steps taking into account rights of shareholders, without impingement on their rights, and encourages and facilitates the exercise by shareholders of their rights as follows: 1.1 Right to information: Shareholders have equal right to information. The Company publicizes its information in both Thai and English languages through the Stock Exchange of Thailand and on its website at www.sahacogen.com. This will enable shareholders to receive information from the Company such as results of operations, connected transactions, purchase or sale of material assets, top 10 shareholders of the Company on the date of close of shareholders register for annual general shareholdersû meeting, minutes of shareholdersû meeting, which must be completed within 14 days from the date of the meeting, and essential information for decision-making by shareholders. 1.2 Right to attend shareholdersû meeting: The Company holds annual general shareholdersû meeting within 4 months from the last day of its fiscal year. The Company has, for ease of shareholders, regularly held such meeting at I.C.C. International Plc, No. 757/10 Soi Pradu 1, Sathupradit Road, Bangpongpang, Yannawa, Bangkok. In 2007, the Company held its annual shareholdersû meeting No. 5 on March 6, 2007.

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«—πª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ §≥–°√√¡°“√∫√‘…—∑„Àâ§«“¡ ”§—≠μàÕ°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ‚¥¬∂◊Õ‡ªìπÀπâ“∑’Ë∑’ËμâÕß‡¢â“√à«¡ª√–™ÿ¡¬°‡«âπªÉ«¬À√◊Õ μ‘¥¿“√°‘® ”§—≠ „π°“√ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ§√—Èß∑’Ë 5 ‡¡◊ËÕ«—π∑’Ë 6 ¡’π“§¡ 2550 ¡’°√√¡°“√∫√‘…—∑‡¢â“√à«¡ ª√–™ÿ¡®”π«π 11 ∑à“π °√√¡°“√∫√‘…—∑∑’Ë ‰¡à “¡“√∂‡¢â“√à«¡ª√–™ÿ¡®”π«π 2 ∑à“π ‡π◊ËÕß®“°μ‘¥¿“√°‘® ”§—≠ πÕ°®“°π’È °√√¡°“√ºŸâ®—¥°“√ ºŸâ®—¥°“√ΩÉ“¬∫—≠™’ ºŸâ®—¥°“√ à«πªØ‘∫—μ‘°“√‚√ß‰øøÑ“ ºŸâ®—¥°“√‚§√ß°“√/«‘»«°√√¡ ·≈–ºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑‰¥â‡¢â“√à«¡°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ¥â«¬ ‡æ◊ËÕ„ÀâºŸâ∂◊ÕÀÿâπ “¡“√∂´—°∂“¡„π‡√◊ËÕß∑’Ë‡°’Ë¬«¢âÕß‰¥â °“√¥”‡π‘π°“√ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ·μà≈–§√—ßÈ ∫√‘…∑— ®–√“¬ß“πº≈°“√¥”‡π‘πß“π Õ—μ√“°“√®à“¬‡ß‘πªíπº≈ °“√æ‘®“√≥“ ·≈–ÕÕ°‡ ’¬ß≈ß§–·ππ„π‡√◊ËÕßμà“ßÊ μ“¡∑’Ë°ÆÀ¡“¬·≈–¢âÕ∫—ß§—∫∫√‘…—∑°”Àπ¥ ·≈–‡¡◊ËÕ∂÷ß‡«≈“ª√–™ÿ¡ºŸâ™à«¬ ‡≈¢“πÿ°“√§≥–°√√¡°“√‰¥â·®âß®”π«π/ —¥ à«πºŸâ∂◊ÕÀÿâπ∑’Ë‡¢â“ª√–™ÿ¡ À≈—ß®“°π—Èπ ª√–∏“π°√√¡°“√∫√‘…—∑ °≈à“«‡ªî¥ª√–™ÿ¡·≈–∑”Àπâ“∑’ªË √–∏“π∑’ªË √–™ÿ¡‚¥¬‰¥â™·’È ®ß„Àâ∑√“∫∂÷ß°Æ‡°≥±åμ“à ßÊ ∑’Ë„™â „π°“√ª√–™ÿ¡ ¢—πÈ μÕπ °“√ÕÕ°‡ ’¬ß≈ß¡μ‘·≈–‰¥â¥”‡π‘π°“√ª√–™ÿ¡„Àâ‡ªìπ‰ªμ“¡≈”¥—∫«“√–°“√ª√–™ÿ¡ ‰¡à¡°’ “√‡æ‘¡Ë «“√–À√◊Õ‡ª≈’¬Ë π·ª≈ß ¢âÕ¡Ÿ≈ ”§—≠‚¥¬‰¡à ‰¥â·®âß„ÀâºŸâ∂◊ÕÀÿâπ∑√“∫≈à«ßÀπâ“ ®—¥ √√‡«≈“„Àâ‡À¡“– ¡‡æ’¬ßæÕ ”À√—∫°“√π”‡ πÕª√–‡¥Áπ μà“ßÊ ¢Õß·μà≈–«“√– ‡ªî¥‚Õ°“ „ÀâºŸâ∂◊ÕÀÿâπ´—°∂“¡·≈–· ¥ß§«“¡§‘¥‡ÀÁπ‰¥âÕ¬à“ß‡μÁ¡∑’Ë„π·μà≈–«“√– ´÷Ëß„πªï ∑’Ëºà“π¡“‰¡à¡’ºŸâ∂◊ÕÀÿâπ´—°∂“¡À√◊Õ· ¥ß§«“¡§‘¥‡ÀÁπ‡æ‘Ë¡‡μ‘¡·μàÀ“°ªï „¥¡’ºŸâ∂◊ÕÀÿâπ´—°∂“¡À√◊Õ· ¥ß§«“¡§‘¥‡ÀÁπ ‡æ‘¡Ë ‡μ‘¡ §≥–°√√¡°“√∫√‘…∑— ®–μÕ∫¢âÕ´—°∂“¡Õ¬à“ß™—¥‡®πμ√ßª√–‡¥Áπ ¡’°“√ √ÿªº≈°“√≈ß¡μ‘®“°°“√π—∫§–·ππ ‡ ’¬ß„π·μà≈–«“√– ·≈–· ¥ßº≈°“√≈ß§–·ππ„π·μà≈–«“√–„ÀâºŸâ∂◊ÕÀÿâπ‰¥â√—∫∑√“∫

Before the date of the shareholdersû meeting The Company will notify the schedule of shareholdersû meeting 7 weeks before the date of meeting so that shareholders can arrange their time to attend the meeting. In 2007, the general annual shareholdersû meeting was held on March 6, 2007, and the notice of the meeting together with all meeting documents with the same contents as those to be delivered to shareholders in a hard copy were publicized through the Companyûs website in Thai and English languages in advance, so that shareholders could study them in advance before delivery of those documents on February 22, 2007. At each agenda item there were facts and reasons as well as opinion of the Board of Directors together with supporting documents for the meeting, e.g. annual report, proxy form B, resume of persons nominated as directors, map of the meeting venue, directions on documents and evidences to be produced by shareholders in attending the meeting, the Companyûs articles of association relating to the general annual shareholdersû meeting and meeting procedure. The Company authorized Thailand Securities Depository Co., Ltd., the Companyûs share registrar, to deliver them to shareholders 14 days before the date of the shareholdersû meeting, so that shareholders who were not able to attend the meeting in person could authorize other or an independent director indicated in the proxy form stipulated by the Ministry of Commerce to attend and vote on behalf of the shareholders. Announcement was also made in a daily newspaper for 3 consecutive days not less than 3 days prior to the date of the meeting to inform shareholders so that they have sufficient time to prepare themselves for the meeting. On the date of the shareholdersû meeting, the Company facilitated all shareholders equally so that they could fully exercise their rights to attend the shareholdersû meeting and vote, with the date, time and place of meeting not being an obstacle to attending the meeting. Adequate personnel were also provided to facilitate the registration of the meeting and registration was commenced for not less than 2 hours prior to the time of the meeting. Shareholders who attended the meeting after the meeting had commenced were allowed to vote on the agenda items not yet considered, and their presence was counted as part of the quorum since the agenda item on which voting was made. The Company used barcode system to count the votes cast on each agenda item and the results were announced to shareholders promptly and transparently. Appropriate catering was provided to shareholders attending the meeting. The date of shareholdersû meeting The Companyûs directors place importance on shareholdersû meeting and it is considered as their duty to attend the meeting except in case of illness or important engagement. At the general annual shareholdersû meeting No. 5 held on March 6, 2007, eleven directors were present. Two directors who were unable to be present were engaged in important business. In addition, the Managing Director, Accounting Manager, Power Plant Operation Manager, Project/Engineering Manager and auditor also attended the shareholdersû meeting so as to answer the shareholdersû questions. At each shareholdersû meeting, the company would report its results of operations, rate of dividend, consideration of and voting on matters required by law and articles of association. At the beginning of the meeting, the assistant secretary to the Board reported the number/proportion of shareholders attending the meeting. Then the Chairman of the Board declared the meeting convened and presided over the meeting. He explained rules applicable to the meeting and procedure of voting, and conducted the meeting in accordance with the agenda, without adding agenda items or changing essential information without prior notice to shareholders. Appropriate and adequate time was allocated for discussion of issues of each agenda item. The shareholders were provided with an opportunity to ask questions and comment on each agenda item. At last yearûs meeting no shareholder asked question or commented. However, if in any year shareholders asked questions or commented, the directors would clearly and precisely answer their questions. Result of voting at each agenda item would be concluded and presented to shareholders. 41

”À√—∫«“√–°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ∑’Ë ”§—≠ ‰¥â·°à (1) °“√·μàßμ—ßÈ °√√¡°“√∫√‘…∑— : ∫√‘…∑— ‡ªî¥‚Õ°“ „Àâº∂Ÿâ Õ◊ Àÿπâ „™â ∑‘ ∏‘‡≈◊Õ°μ—ßÈ °√√¡°“√‡ªìπ√“¬§π ‚¥¬¡’¢Õâ ¡Ÿ≈‡∫◊ÕÈ ßμâπ ¢Õß∫ÿ§§≈∑’‡Ë πÕ„Àâ‡≈◊Õ°μ—ßÈ √«¡∑—ßÈ ¢âÕ¡Ÿ≈„π°“√¥”√ßμ”·Àπàß„π°‘®°“√Õ◊πË ¢Õß∫ÿ§§≈ºŸ∂â °Ÿ ‡ πÕ™◊ÕË ‚¥¬∫√‘…∑— ®–√–∫ÿ‰«â™¥— ‡®π „π°√≥’∑∫’Ë §ÿ §≈ºŸ∂â °Ÿ ‡ πÕ™◊ÕË ‡ªìπ°√√¡°“√„π∫√‘…∑— ∑’ªË √–°Õ∫°‘®°“√Õ—π¡’ ¿“æÕ¬à“ß‡¥’¬«°—π ·≈–‡ªìπ°“√·¢àß¢—π°—∫°‘®°“√¢Õß∫√‘…—∑ √«¡∑—Èß√“¬≈–‡Õ’¬¥¢Õß°“√ª√–™ÿ¡§≥–°√√¡°“√∑’Ë‡°’Ë¬«°—∫∫ÿ§§≈ ∑’Ë∂Ÿ°‡ πÕ™◊ËÕ ´÷Ëßºà“π°“√æ‘®“√≥“°≈—Ëπ°√Õß®“°§≥–°√√¡°“√∫√‘…—∑ ‡π◊ËÕß®“°∫√‘…—∑¬—ß‰¡à¡’°“√·μàßμ—Èß §≥–°√√¡°“√ √√À“ (2) °”Àπ¥§à“μÕ∫·∑π°√√¡°“√∫√‘…∑— :∫√‘…∑— ‰¥â¡°’ “√‡ πÕ«ß‡ß‘π§à“μÕ∫·∑π„Àâ∑ª’Ë √–™ÿ¡ºŸ∂â Õ◊ Àÿπâ Õπÿ¡μ— ‡‘ ªìπª√–®” ∑ÿ°ªï ‚¥¬æ‘®“√≥“®“°º≈ª√–°Õ∫°“√¢Õß∫√‘…∑— ®”π«π§à“μÕ∫·∑π∑’®Ë “à ¬„πªï∑º’Ë “à π¡“ √«¡∂÷ßÕ”π“®Àπâ“∑’Ë §«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√ ´÷ßË §≥–°√√¡°“√∫√‘…∑— ®–æ‘®“√≥“«ß‡ß‘π¥—ß°≈à“«π’°È Õà ππ”‡ πÕºŸ∂â Õ◊ Àÿπâ ‡æ◊ËÕÕπÿ¡—μ‘ ∑—Èßπ’È ‡π◊ËÕß®“°∫√‘…—∑¬—ß‰¡à¡’°“√·μàßμ—Èß§≥–°√√¡°“√°”Àπ¥§à“μÕ∫·∑π (3) °“√·μàßμ—ÈßºŸâ Õ∫∫—≠™’·≈–°”Àπ¥®”π«π‡ß‘π§à“ Õ∫∫—≠™’: ∫√‘…—∑®–·®âß¢âÕ¡Ÿ≈¢ÕßºŸâ Õ∫∫—≠™’ ”π—°ß“π Õ∫∫—≠™’ §«“¡‡ªìπÕ‘ √– ·≈–®”π«πªï∑∑’Ë ”Àπâ“∑’μË √«® Õ∫∫—≠™’„Àâ·°à∫√‘…∑— √«¡∑—ßÈ ‡ª√’¬∫‡∑’¬∫§à“ Õ∫∫—≠™’ √–À«à“ßªïªí®®ÿ∫—π°—∫ªï∑’Ëºà“π¡“ ∑’Ë ‰¥âºà“π°“√æ‘®“√≥“®“°§≥–°√√¡°“√μ√«® Õ∫ ·≈–§à“∫√‘°“√Õ◊Ëπ∑’Ë¡’ °“√√—∫∫√‘°“√®“° ”π—°ß“π Õ∫∫—≠™’∑’ËºŸâ Õ∫∫—≠™’ —ß°—¥‡ πÕ„ÀâºŸâ∂◊ÕÀÿâπæ‘®“√≥“Õπÿ¡—μ‘ (4) °“√®à“¬‡ß‘πªíπº≈: ∫√‘…∑— ®–·®âß¢âÕ¡Ÿ≈‡°’¬Ë «°—∫π‚¬∫“¬°“√®à“¬‡ß‘πªíπº≈ ®”π«π‡ß‘π∑’®Ë “à ¬®√‘ß‡∑’¬∫°—∫π‚¬∫“¬ ·≈–‡ª√’¬∫‡∑’¬∫‡ß‘πªíπº≈∑’Ë®à“¬√–À«à“ßªïªí®®ÿ∫—π°—∫ªï∑’Ëºà“π¡“ ë

À≈—ß«—πª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ À≈—ß‡ √Á® ‘Èπ«—πª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ∫√‘…—∑‰¥â®—¥∑”√“¬ß“π°“√ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπÕ¬à“ß≈–‡Õ’¬¥ ¡’√“¬™◊ËÕ°√√¡°“√ ∫√‘…—∑∑’Ë‡¢â“ / ‰¡à‡¢â“√à«¡ª√–™ÿ¡ √«¡∑—Èß “‡Àμÿ°“√≈“ §”™’È·®ß∑’Ë‡ªìπ “√– ”§—≠ §”∂“¡·≈–§”μÕ∫À√◊Õ¢âÕ§‘¥‡ÀÁπ ‚¥¬ √ÿª (À“°¡’) ´÷Ëß„πªï∑’Ëºà“π¡“‰¡à¡’ºŸâ∂◊ÕÀÿâπ´—°∂“¡À√◊Õ· ¥ß§«“¡§‘¥‡ÀÁπ‡æ‘Ë¡‡μ‘¡ √“¬≈–‡Õ’¬¥„π·μà≈–«“√– ‡ªìπ‰ªμ“¡¢âÕ‡∑Á®®√‘ß„π∑’ªË √–™ÿ¡ ¡’°“√ √ÿªº≈°“√≈ß§–·ππ‡ ’¬ß„π·μà≈–«“√–‚¥¬·¬°‡ªìπ‡ÀÁπ¥â«¬ ‰¡à‡ÀÁπ¥â«¬ ·≈–ß¥ÕÕ°‡ ’¬ß ´÷ßË √“¬ß“π°“√ª√–™ÿ¡¥—ß°≈à“«‰¥â√∫— °“√ Õ∫∑“π®“°§≥–°√√¡°“√∫√‘À“√·≈–ª√–∏“π°√√¡°“√ ∫√‘…—∑ °àÕπ≈ßπ“¡„π∞“π–ª√–∏“π∑’Ëª√–™ÿ¡ ·≈–‰¥â àß„Àâμ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬·≈– ”π—°ß“π §≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–μ≈“¥À≈—°∑√—æ¬å æ√âÕ¡∑—Èß‡º¬·æ√à∫π‡«Á∫‰´μå¢Õß∫√‘…—∑¿“¬„π 14 «—π π—∫®“°«—πª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ∑—Èß¿“…“‰∑¬·≈–¿“…“Õ—ß°ƒ… ‡æ◊ËÕ‡ªìπ™àÕß∑“ß„ÀâºŸâ∂◊ÕÀÿâπ “¡“√∂μ√«® Õ∫¢âÕ¡Ÿ≈‰¥â ‚¥¬‰¡à®”‡ªìπμâÕß√Õ„Àâ∂÷ß°“√ª√–™ÿ¡§√—ÈßμàÕ‰ª æ√âÕ¡∑—Èßπ” àß°√–∑√«ßæ“≥‘™¬å¿“¬„π‡«≈“∑’Ë°ÆÀ¡“¬°”Àπ¥

À¡«¥∑’Ë 2 ‡√◊ËÕß°“√ªØ‘∫—μ‘μàÕºŸâ∂◊ÕÀÿâπÕ¬à“ß‡∑à“‡∑’¬¡°—π ∫√‘…—∑„Àâ§«“¡‡§“√æμàÕ ‘∑∏‘·Ààß§«“¡‡ªìπ‡®â“¢Õß¢ÕßºŸâ∂◊ÕÀÿâπ ‚¥¬ªØ‘∫—μ‘μàÕºŸâ∂◊ÕÀÿâπ∑ÿ°√“¬Õ¬à“ß‡∑à“‡∑’¬¡°—π ºŸâ∂◊ÕÀÿâπ ∑ÿ°√“¬¡’ ‘∑∏‘·≈–§«“¡‡∑à“‡∑’¬¡°—π ¥—ßπ’È 1) „π°“√ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ À“°‡ªìπºŸ∂â Õ◊ Àÿπâ μà“ß™“μ‘Àπ—ß ◊Õ∫Õ°°≈à“«π—¥ª√–™ÿ¡ √«¡∑—ßÈ ‡Õ° “√ª√–°Õ∫°“√ª√–™ÿ¡·≈–√“¬ß“π °“√ª√–™ÿ¡ ®–¡’°“√·ª≈‡ªìπ¿“…“Õ—ß°ƒ…·≈–®—¥ àß‰ªæ√âÕ¡°—∫™ÿ¥¿“…“‰∑¬ À√◊Õ “¡“√∂¥Ÿ‰¥â®“°‡«Á∫‰´¥å¢Õß∫√‘…—∑ ´÷Ëß¡’∑—Èß¿“…“‰∑¬·≈–Õ—ß°ƒ… ‡æ◊ËÕ„ÀâºŸâ∂◊ÕÀÿâπ∑ÿ°§π¡’ à«π√à«¡„π°“√æ‘®“√≥“·≈–ÕÕ°‡ ’¬ß≈ß§–·ππ„π°‘®°“√μà“ßÊ ¢Õß∫√‘…∑— μ“¡√–‡∫’¬∫«“√–°“√ª√–™ÿ¡ À“°ºŸ∂â Õ◊ Àÿπâ ‰¡à “¡“√∂‡¢â“√à«¡ª√–™ÿ¡ “¡“√∂¡Õ∫©—π∑–„Àâ∫§ÿ §≈„¥∫ÿ§§≈Àπ÷ßË À√◊Õ°√√¡°“√μ√«® Õ∫´÷Ëß‡ªìπ°√√¡°“√Õ‘ √–¢Õß∫√‘…—∑§π„¥§πÀπ÷Ëß‡¢â“ª√–™ÿ¡·∑π‡æ◊ËÕ‡ªìπμ—«·∑π√—°…“ ‘∑∏‘¢Õßμπ ´÷ßË ∫√‘…∑— ‰¥â „Àâ™Õ◊Ë ∑’ÕË ¬Ÿà ·≈–°“√¡’ «à π‰¥â‡ ’¬„π«“√–°“√ª√–™ÿ¡¢Õß°√√¡°“√μ√«® Õ∫∑—ßÈ 4 §π ‰«â „πÀπ—ß ◊Õ∫Õ°°≈à“« π—¥ª√–™ÿ¡‡æ◊ËÕ„ÀâºŸâ∂◊ÕÀÿâπ‰¥â „™â¢âÕ¡Ÿ≈¥—ß°≈à“« „π°√≥’∑’Ëª√– ß§å®–‡≈◊Õ°°√√¡°“√μ√«® Õ∫‡ªìπºŸâ√—∫¡Õ∫©—π∑–À√◊Õ “¡“√∂¥Ÿ¢Õâ ¡Ÿ≈‡°’¬Ë «°—∫°√√¡°“√μ√«® Õ∫∑—ßÈ 4 §π ‰¥â „π√“¬ß“πª√–®”ªï∑’Ë ‰¥â ßà ‰ªæ√âÕ¡Àπ—ß ◊Õ∫Õ°°≈à“«π—¥ª√–™ÿ¡

Important agenda items of the shareholdersû meeting include: (1) Appointment of directors: The company allows shareholders to elect directors individually, with data of persons nominated for election and their holding of positions in other businesses in cases where they are directors in a company operating business of the same nature as, and competitive to, the companyûs business, as well as details of the Board of Directors meeting regarding the nominated persons who have been screened by the Board of Directors as the company has not yet appointed a selection committee. (2) Determination of remuneration of directors: The company proposes the remuneration for approval by the shareholdersû meeting every year based on the results of its operations, amount of remuneration paid in the previous year, and the authorities and responsibilities of the Board of Directors. The Board of Directors would consider the said remuneration before proposing it to the shareholders for approval because the company has not yet appointed a remuneration committee. (3) Appointment of auditor and fixing of audit fee: The company will report to the shareholders for approval information on the auditor, audit firm, independence and number of years of performing audit for the company, comparison between audit fee of the current year and the previous yearûs, proposed audit fee that has passed deliberation by the Audit Committee, and other charges for services by the audit firm of the auditor. (4) Payment of dividend: The company will report its dividend policy, actual amount paid compared to that under the policy, and comparison between the dividend paid in the current year with that of the previous year. After the date of the shareholdersû meeting After the date of the shareholdersû meeting, the company will prepare minutes of the annual general meeting stating the names of directors present/absent, cause of their absence, material explanations, questions and answers or comments in summary (if any). In the past year there was no shareholder asking question or commenting. Details for each agenda item will reflect the reality at the meeting. Results of voting at each agenda item will be classified as voting for, voting against and abstention. The said minutes will be reviewed by the Executive Board and the Chairman of the Board before signing by the chairman of the meeting, and they will be sent to the Stock Exchange of Thailand and the Office of the Securities and Exchange Commission and publicized on the companyûs website within 14 days from the date of the shareholdersû meeting in Thai and English languages, so that the shareholders can examine them without waiting until the next meeting. They will also be submitted to the Ministry of Commerce within the period required by law.

Chapter 2: Equal Treatment of Shareholders The company respects the right of ownership of shareholders and treats every shareholder equally. Every shareholder has equal rights as follows: 1) Shareholdersû meeting: For foreign shareholders, the notice of meeting, meeting documents and minutes will be translated into English and delivered together with the Thai version or they can be viewed through the companyûs website in both Thai and English languages, so that all shareholders can consider and vote on the affairs of the company according to the agenda. If a shareholder is unable to attend the meeting, he or she can appoint a proxy or a member of the Audit Committee, who is an independent director of the company, to attend the meeting as representative to preserve his or her rights. The company has indicated the name, address and interest of each of the 4 members of the Audit Committee in the agenda of the notice so that shareholders can use such information in case he or she wishes to select a member of the Audit Committee as his or her proxy, and the information on the 4

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members of the Audit Committee is available in the annual report delivered together with the notice of the meeting. The shareholder can use the form of proxy attached to the notice, which is form B, to encourage shareholders to vote. The form can also be downloaded from the companyûs website. There are 3 forms, i.e. forms A, B and C, prepared in compliance with the notification of the Ministry of Commerce. Any one form of proxy can be chosen. The company also provides duty stamps for shareholders appointing proxies. In 2007, the company held the annual general shareholdersû meeting No. 5 on March 6, 2007. There were a total of 90 shareholders attending the meeting, representing 775,117,800 shares or 81.27%. 1 shareholder authorized a member of the Audit Committee, who is an independent director proposed by the company as a proxy, to vote, and this shareholder held 25,000 shares. 2) Right to vote at the meeting: The voting right is in accordance with the number of shares held by a shareholder with one share having one vote. The meeting is conducted in order of the agenda items. No agenda items are added or changed without prior notice to shareholders. 2.1 Voting at each agenda item is made openly: Ballots are provided for shareholders for every agenda item. Counting of votes will be made for only those who vote against and/or abstain from voting, and these votes will be deducted from the total votes of shareholders present. The rest will be deemed as votes cast for. Accordingly, if at an agenda item, there is any shareholder who votes against or abstains from voting, a score signboard received upon registration will be shown. The signboard will indicate the name of the shareholder present, number of shares held or represented and barcode. The person in charge will bring the ballot to such shareholder for signing as evidence for transparency and examination afterwards. The company uses barcode to help in counting votes and displays the result promptly on the screen in the conference room. All shareholders can simultaneously know the votes for each agenda item classified as voting for, voting against and abstention. 2.2 Supervision of use of internal information: The company has internal information supervision measures, which are provided in its ethics toward the company and shareholders and in the code of conduct for directors, executives and employees so that they will perform duties with integrity, responsibility, disciplines and accountability to the public and themselves, without abuse of their positions or functions for undue benefit for themselves and/or others. They are also required to preserve the interest and assets of the company, without use of the companyûs information and assets for their own and/or othersû benefit. No act may be done to support any other person to do business in competition with the company. The company has announced the same to its directors, executives and employees as a guideline for their business conduct and performance, and this is also publicized on the companyûs website. In the companyûs work rules, the said matter is also covered with highest disciplinary measure, i.e. termination of employment. The companyûs directors, executives and employees have performed as stipulated. 2.3 Inclusion of trading of the companyûs securities in its code of conduct: The company prohibits its directors, executives and employees who are in the departments in which they may be aware of internal information, from trading the companyûs securities during the period of one month before disclosure of its financial statements to the public. In addition, the companyûs directors and executives (including their spouse and minor children) are required to report their securities holding. In case of trading of the companyûs shares, they must notify the Office of the Securities and Exchange Commission, with copy to the Secretary to the Board of Directors of the company, so that the same will be reported to the Board of Directors at the next Board of Directors meeting. At each Board of Directors meeting, there is an agenda item on holding of the companyûs securities by directors and executives, who know that they are required to comply with the applicable rules. In addition, if there is any change in this matter, the company will send a letter notifying the directors and executives of the same, with copy of letter and notification of the Securities and Exchange Commission regarding the said matter. 45

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During the past year, the directors and executives of the company have strictly complied with the said policy. There was no trading of shares during the prohibition period. There were 2 directors and executives who traded the companyûs securities and they have notified the Office of the Securities and Exchange Commission of the same within the required period and have reported their securities holding to the Board of Directors of the company. 2.4 Conflict of interest: The company carries on business with prudence, reasonableness, taking into account the best interest of the company. Pricing is made on the fair commercial terms as if it were a transaction made with a third party, with the practice in the said matter with transparency and in compliance with the rules of the Stock Exchange of Thailand. This is stipulated as one policy in good governance and is also provided in the ethics required for treatment of the company and shareholders. Information is disclosed to provide equal opportunity of access to information. For example, for a connected transaction, the company has complied with the notification of the Stock Exchange of Thailand regarding disclosure of information and practice of a listed company in a connected transaction. The company also requires that interested directors leave the conference room and abstain from voting on that agenda item so that the uninterested directors can fully provide their opinion and be independent in voting. The Secretary to the Board of Directors will notify the meeting that for that agenda item, which directors who have an interest must leave the conference room. Upon completion of the meeting, the name, relationship of the connected person, pricing, value of transaction, and directors who have dissenting opinion from that of the Board of Directors (if any) will be disclosed to the Stock Exchange of Thailand within the period required and the same will be publicized on the companyûs website for the sake of transparency. The same will also be recorded in the minutes of meeting for examination afterwards.

Chapter 3: Roles of Stakeholders The company places importance on the interests of various stakeholders, by carrying on its business with accountability and fairness to all parties concerned. The company is committed to developing its business to achieve prosperity and sustainable growth, appropriately generating return to shareholders and protecting the companyûs interest and assets as if a reasonable man would do to preserve his own assets. This ensures that all stakeholders will be treated fairly, and the same is provided in the code of conduct for executives and employees. Shareholders The company respects the basic rights of shareholders as provided by law, articles of association, and code of conduct of the company, by treating all shareholders equally. The company has set up mechanism by which the shareholders can be confident that they will receive accurate information and appropriate return, fair return according to the companyûs dividend policy. There are control of inter-transactions, conflict of interest prevention measures, prevention of use of internal information that is confidential. No directors, executives and employees who are aware of internal information may use the companyûs internal information for their own benefit including trading of the companyûs securities during the period of 1 month prior to disclosure of its financial statements to the public. This is also stipulated in the code of conduct of employees. In 2007, the company paid dividend from its operation of 2006 at the rate of Baht 0.30 per share, accounting for 77.64% of its net profits of its own financial statements. The dividend was scheduled to be paid on March 15, 2007. Dividend is paid to shareholders continuously every year, truly generating long-term wealth to shareholders. In addition, the company reports its results of operations on a quarterly basis and discloses transactions with connected persons on the terms as if made with a third party through the report system of the Stock Exchange of Thailand and the companyûs website.

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Customers The company carries on business with integrity and fairness and provides accurate information to its customers. Complaints of customers are paid attention to and dealt with fairly to promptly response to the demands of the customers. Goods and services are developed to meet the demands of customers. Commercial partners The company adheres to commercial terms and conditions within the framework of good faith and fair competition. The company strictly keeps its promises to its commercial partners. They will be paid, receive goods as agreed punctually and are treated equally. The company promotes good relationship and understanding with them, exchanges knowledge, and cooperates with them in developing goods and services to add value to them. The company does not demand, receive or agree to receive property or any other benefit beyond commercial agreement. Creditors The company strictly adheres to commitment to its creditors. In the past year, the company paid its commercial creditors according to the credit terms agreed, without any default. Employees The company places importance on development of its personnel, recognizing that employees are a valuable resource and are key to the organizationûs success. The company therefore commits to encouraging training, developing knowledge and skill of all employees so as to found the basis to support the companyûs important business strategies continuously. This will create security in their career and progress according to each personûs potential. The company also sends its employees to study from its commercial partners, local and abroad, so that its personnel are competitive in any situation. The employees are also encouraged to participate in setting direction for operation and development. The company provides compensation with fairness and appropriately to knowledge, capability, responsibility and performance of each employee. (Details of implementation of this policy are disclosed in Section 9.6.2 çPersonnel Development Policyé in Form 56-2.) The company takes care of working environment, taking into account safety to life, health and property of employees by stipulating the policy on safety, occupational health and working environment. The safety, occupational health and working environment committee and safety, occupational health and working environment section are established to oversee this aspect to ensure efficiency with regular monitoring. In 2007, the company provided training on çWork Safety Awarenessé and çBasic Fire-Fighting and Evacuationé courses and conducted fire drill so that employees had knowledge and understanding of appropriate practice. The company also distributes information and knowledge concerning safety to employees through exhibition and the companyûs intranet regularly. At the same time, the company also regularly inspects safety and environment within its factory, and provides safety tools, appliances and equipment for employees in case of emergency. In addition, the company provides welfare to employees to promote their quality of life and well-being, e.g. library, annual physical check-up, medical expenses, health insurance, annual internal sports, uniform for employees, provident fund, housing loans with low interest rate in cooperation with the Government Housing Bank. Competitors The company carries on business strictly within good faith and fair competition scope within legal framework. The company has never had any dispute involving its competitors.

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Communities and society The company recognizes its responsibility to communities and society by raising awareness of responsibility to communities and society in the company continuously and promotes activities that benefit communities and society as a whole. Environment The company carries on business taking into account impact on natural resources and the environment. In the past year, the company was awarded the EIA Monitoring Award 2007for an outstanding enterprise in power industry conforming to the measures in the environmental impact analysis and outstanding environmental management for the year 2007 from the Office of Natural Resources and Environmental Policy and Planning, Ministry of Natural Resources and the Environment, on December 21, 2007. However, if shareholders or any stakeholderss have any concerns about the accuracy of the financial statements, defective internal control, legal offense or misconduct, they can contact the Managing Director at tel. 038-4815555 or fax 038-481551 or email viroj@sahacogen.com or the Secretary to the Audit Committee, who reports directly to the Audit Committee, at tel. 038-481555 or email pannee@sahacogen.com, or Chairman of the Audit Committee at tel. 038-481555 or fax 038-481551. Results of investigation will be reported to the Board of Directors of the company. Those making report or complaint will be strictly kept confidential. In 2007, there was no complaint from any shareholder or stakeholders.

Chapter 4: Disclosure and Transparency The company places importance on disclosure of material financial information accurately and in the timely manner in accordance with the generally accepted accounting standard and principle, as well as non-financial information, with transparency, in strict compliance with laws, rules and regulations of the Office of the Securities and Exchange Commission, Stock Exchange of Thailand and other government agencies. The company also follows up with amendments thereto so that shareholders, investors and the general public can be confident that the laws, rules and regulations observed by the company are up-to-date, so that they are confident in the company没s business operation, which will add value for shareholders. Parties concerned can access to information necessary to their decision-making through the channels provided by the company, e.g. annual report, Form 56-1, and the website of the Stock Exchange of Thailand at www.set.or.th and the company没s website at www.sahacogen.com. In this connection, the company also provides its shareholders and investors with an opportunity to make inquiries through the company没s investor relations, whereby the Managing Director is authorized to provide information and news to investors and those concerned, by making contact at tel. 038-481555, fax 038-481551 or email viroj@sahacogen.com. This will facilitate all stakeholders to access to information equally through several channels. Every time when there is a transaction that may involve a conflict of interest, the Audit Committee will attend the meeting and provide their opinion, and the director having a conflict of interest will not attend the meeting and not vote on that agenda item so that the decision of the Board of Directors and executives will be made fairly for the benefit of shareholders. Upon conclusion being reached the company will disclose the resolution of the meeting indicating the value of the transaction, contractual parties, reasons and needs for the transaction and other details of such transaction accurately, completely and in a timely manner in accordance with the rules of the Stock Exchange of Thailand. The transaction will also be summarized in the annual report and Form 56-1. For the mechanism for monitoring, reviewing and balancing the power of management to ensure transparency, the company has an internal control that covers management, operation and finance. The company has hired Dharmniti Auditing Co., Ltd. as internal auditor to assess the internal control in accordance with the guideline stipulated by the Board of Directors. The internal audit emphasizes on prevention to ensure concrete benefit of the relevant department. It will try to find the causes and propose opinion on

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À¡«¥∑’Ë 5 ‡√◊ËÕß§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√ ë

‚§√ß √â“ß§≥–°√√¡°“√∫√‘…—∑ §≥–°√√¡°“√∫√‘…—∑ ¡’®”π«π 13 ∑à“π ª√–°Õ∫¥â«¬ - ª√–∏“π°√√¡°“√∫√‘…—∑ ´÷Ëß¡’§«“¡‡ªìπÕ‘ √– ·≈–‰¡à ‰¥â‡ªìπºŸâ∫√‘À“√ - °√√¡°“√∑’Ë ‰¡à ‰¥â‡ªìπºŸâ∫√‘À“√ - °√√¡°“√μ√«® Õ∫ ´÷Ëß¡’§«“¡‡ªìπÕ‘ √– - °√√¡°“√∑’Ë‡ªìπºŸâ∫√‘À“√

1 3 4 5

∑à“π ∑à“π ∑à“π ∑à“π

∫√‘…—∑¡’°√√¡°“√Õ‘ √– 4 ∑à“π §‘¥‡ªìπ 30.77% ¢Õß°√√¡°“√∑—Èß§≥– ´÷Ëß‡ªìπ —¥ à«π¡“°°«à“¡“μ√∞“π¢âÕ°”Àπ¥ ¢Õßμ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬∑’Ë°”Àπ¥‰«â ‰¡àπâÕ¬°«à“ 3 §π ∫√‘…∑— ‰¡à¡§’ ≥–°√√¡°“√ √√À“ ‚¥¬§≥–°√√¡°“√∫√‘…∑— ®–§—¥‡≈◊Õ°°√√¡°“√®“°ºŸ∑â √ß§ÿ≥«ÿ≤∑‘ ¡’Ë §’ «“¡√Ÿ§â «“¡ “¡“√∂ ®“°À≈“°À≈“¬«‘™“™’æ ¡’«‘ —¬∑—»πå ‡ªìπºŸâ¡’§ÿ≥∏√√¡ ·≈–¡’ª√–«—μ‘°“√∑”ß“π∑’Ë ‰¡à¥à“ßæ√âÕ¬ · ¥ß§«“¡§‘¥‡ÀÁπÕ¬à“ß Õ‘ √– ‚¥¬§≥–°√√¡°“√∫√‘…∑— ‰¥â°”Àπ¥Àπâ“∑’§Ë «“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√∑ÿ°™ÿ¥‰«âÕ¬à“ß™—¥‡®π ·≈–¡’°√√¡°“√ ºŸ®â ¥— °“√ „π∞“π–ΩÉ“¬®—¥°“√ ´÷ßË ‰¥â√∫— °“√·μàßμ—ßÈ ®“°§≥–°√√¡°“√∫√‘…∑— „Àâ¡À’ πâ“∑’¥Ë ·Ÿ ≈°“√¥”‡π‘π∏ÿ√°‘® ∫√‘À“√°‘®°“√ ß“π¢Õß∫√‘…∑— ·≈–°“√ªØ‘∫μ— ß‘ “π¢Õß∫√‘…∑— „Àâ∫√√≈ÿμ“¡«—μ∂ÿª√– ß§å ‡ªÑ“À¡“¬ ·≈– Õ¥§≈âÕß°—∫π‚¬∫“¬∑’§Ë ≥–°√√¡°“√ ∫√‘…∑— °”Àπ¥

improvements to ensure true benefit, with approval by the relevant department. The audit will also reveal adequate information to ensure transparency in accordance with the good governance practice. Audit results will be reported directly to the Audit Committee. The Executive Board has monitored the performance of Management by requiring reporting of progress of performance and results of operations of the company every month. If any director changes his or her holding of the companyûs securities, a copy of the report on securities holding submitted to the Office of the Securities and Exchange Commission must also be delivered to the Secretary to the Board of Directors, so that the matter can be tabled at the next Board of Directors meeting. The Board of Directors has also provided a report on the accountability of the Board of Directors to the financial reports, which is presented along with the auditorûs report in the annual report, which is signed by the Chairman of the Board and the Managing Director.

Remuneration of directors and executives ë

Remuneration of directors The company has not yet appointed a remuneration committee. The determination of remuneration is made by the Board of Directors and proposed to the shareholdersû meeting for approval based on the results of operations of the company and the remuneration of the previous year. Meeting allowances for the Board of Directors meeting are as follows: Chairman of the Board Baht 20,000 per meeting Director Baht 10,000 per meeting The annual remuneration is paid to all directors. The annual general shareholdersû meeting No. 5, held on March 6, 2007, approved remuneration to directors in a maximum of Baht 8 million per year. The actual total amount paid was Baht 7.9 million. The remuneration of each director is disclosed in Section 9.3 executive remuneration in Form 56-1.

Executive remuneration The executive remuneration is in accordance with the companyûs principle and policy based on its results of operations and performance of each executive.

Chapter 5: Responsibility of the Board of Directors ë

Structure of the Board of Directors The Board of Directors of the company comprises 13 directors: - Chairman of the Board, who is independent and is not a member of Management 1 person - Directors who are members of Management 3 persons - Members of the Audit Committee, who are independent 4 persons - Directors who are members of Management 5 persons The company has 4 independent directors, representing 30.77% of the total number of directors. This is higher than the standard of the regulations of the Stock Exchange of Thailand which require that there must be at least 3 independent directors. The company has no nomination committee. The Board of Directors will select directors from experts who have knowledge and capability from various professions, and who have vision, are ethical, have no misconduct record, and are able to provide opinion independently. The Board of Directors has clearly stipulated the duties and responsibilities of all committees, with the Managing Director, in the capacity of a member of Management, being appointed by the Board of Directors to oversee business operation and management of the companyûs affairs and its performance to achieve the objectives and goals, in line with the policy set by the Board of Directors.

«“√–°“√¥”√ßμ”·Àπàß¢Õß°√√¡°“√ °√√¡°“√∫√‘…—∑‰¥â√—∫·μàßμ—Èß®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ¡’«“√–°“√¥”√ßμ”·Àπàßμ“¡¢âÕ∫—ß§—∫¢Õß∫√‘…—∑ ·≈–‡¡◊ËÕ§√∫«“√– ·≈â« Õ“®‰¥â√—∫°“√‡≈◊Õ°μ—Èß°≈—∫‡¢â“¥”√ßμ”·ÀπàßμàÕ‰ª‰¥âÕ’° ∫√‘…—∑‰¡à ‰¥â°”Àπ¥Õ“¬ÿ¢Õß°√√¡°“√∫√‘…—∑∑’Ë®–∂Ÿ°‡ πÕ™◊ËÕ‡¢â“√—∫°“√‡≈◊Õ°μ—Èß„π«“√–∂—¥‰ª À√◊Õ®”π«π∫√‘…—∑∑’Ë °√√¡°“√∫√‘…—∑·μà≈–§π¥”√ßμ”·Àπàß ‡π◊ËÕß®“°∫√‘…—∑¡’§«“¡‡™◊ËÕ«à“§«“¡ “¡“√∂∑“ß∏ÿ√°‘®·≈–§«“¡‡™’Ë¬«™“≠„π ‡√◊ËÕßμà“ßÊ ¢Õß°√√¡°“√‰¡à ‰¥â¢÷ÈπÕ¬Ÿà°—∫Õ“¬ÿ À√◊Õ®”π«π∫√‘…—∑∑’Ë¥”√ßμ”·Àπàß

®”π«π∫√‘…—∑∑’Ë°√√¡°“√‰ª¥”√ßμ”·Àπàß ∫√‘…—∑‰¥â‡ªî¥‡º¬√“¬≈–‡Õ’¬¥¢âÕ¡Ÿ≈°“√¥”√ßμ”·Àπàß¢Õß°√√¡°“√·μà≈–§π„π∫√‘…—∑Õ◊Ëπ‰«â „π‡Õ° “√·π∫ 1 ¢Õß·∫∫ 56-1 ·≈–„π√“¬ß“πª√–®”ªï ´÷ßË ªí®®ÿ∫π— ∫√‘…∑— ¡’°√√¡°“√∫√‘…∑— ®”π«π 3 §π∑’¥Ë ”√ßμ”·Àπàß°√√¡°“√∫√‘…∑— ®¥∑–‡∫’¬π ¡“°°«à“ 5 ∫√‘…—∑ ·μàÕ¬à“ß‰√°Áμ“¡∫√‘…—∑¡—Ëπ„®«à“‰¡à¡’º≈°√–∑∫μàÕ°“√ªØ‘∫—μ‘Àπâ“∑’Ë·μàÕ¬à“ß„¥ ‡π◊ËÕß®“°°√√¡°“√‰¥â Õÿ∑‘»‡«≈“„π°“√ªØ‘∫—μ‘Àπâ“∑’Ë„Àâ°—∫∫√‘…—∑Õ¬à“ß‡μÁ¡∑’Ë ‚¥¬‰¥â‡¢â“√à«¡ª√–™ÿ¡Õ¬à“ß ¡Ë”‡ ¡Õ∑ÿ°§√—Èß ·≈–∑”§ÿ≥ª√–‚¬™πå ·°à∫√‘…—∑¡“‚¥¬μ≈Õ¥

§ÿ≥ ¡∫—μ‘°√√¡°“√Õ‘ √– ç°√√¡°“√Õ‘ √–é À¡“¬∂÷ß ∫ÿ§§≈∑’Ë¡’§ÿ≥ ¡∫—μ‘§√∫∂â«π ·≈–¡’§«“¡‡ªìπÕ‘ √–μ“¡∑’Ëμ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ·≈– ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å °”Àπ¥ §◊Õ 1. ∂◊ÕÀÿâπ‰¡à‡°‘π√âÕ¬≈– 5 ¢Õß∑ÿπ®¥∑–‡∫’¬π™”√–·≈â«¢Õß∫√‘…—∑ ∫√‘…—∑„π‡§√◊Õ ∫√‘…—∑√à«¡ À√◊Õ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß ∑—Èßπ’È „Àâπ—∫√«¡Àÿâπ∑’Ë∂◊Õ‚¥¬ºŸâ∑’Ë‡°’Ë¬«¢âÕß¥â«¬ 2. ‡ªìπ°√√¡°“√∑’Ë ‰¡à¡’ à«π√à«¡„π°“√∫√‘À“√ß“π„π∫√‘…—∑ ∫√‘…—∑„π‡§√◊Õ ∫√‘…—∑√à«¡ ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß À√◊ÕºŸâ∂◊ÕÀÿâπ √“¬„À≠à¢Õß∫√‘…—∑ √«¡∑—Èß‰¡à‡ªìπ≈Ÿ°®â“ß æπ—°ß“π À√◊Õ∑’Ëª√÷°…“∑’Ë ‰¥â√—∫‡ß‘π‡¥◊Õπª√–®”®“°∫√‘…—∑ ∫√‘…—∑„π‡§√◊Õ ∫√‘…—∑√à«¡ ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕßÀ√◊ÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß∫√‘…—∑ 3. ‡ªìπ°√√¡°“√∑’Ë ‰¡à¡’º≈ª√–‚¬™πåÀ√◊Õ à«π‰¥â‡ ’¬‰¡à«à“∑“ßμ√ßÀ√◊Õ∑“ßÕâÕ¡∑—Èß„π¥â“π°“√‡ß‘π ·≈–∫√‘À“√ß“π¢Õß ∫√‘…—∑ ∫√‘…—∑„π‡§√◊Õ ∫√‘…—∑√à«¡ À√◊ÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß∫√‘…—∑ ·≈–√«¡∂÷ß‰¡à¡’º≈ª√–‚¬™πåÀ√◊Õ à«π‰¥â‡ ’¬„π ≈—°…≥–¥—ß°≈à“«„π‡«≈“ 1 ªï°àÕπ‰¥â√—∫°“√·μàßμ—Èß ¬°‡«âπ§≥–°√√¡°“√∫√‘…—∑‰¥âæ‘®“√≥“Õ¬à“ß√Õ∫§Õ∫·≈â«‡ÀÁπ«à“ °“√‡§¬¡’º≈ª√–‚¬™πåÀ√◊Õ à«π‰¥â‡ ’¬π—Èπ®–‰¡à¡’º≈°√–∑∫μàÕ°“√ªØ‘∫—μ‘Àπâ“∑’Ë·≈–°“√„Àâ§«“¡‡ÀÁπ∑’Ë‡ªìπÕ‘ √– 4. ‡ªìπ°√√¡°“√∑’Ë ‰¡à„™à‡ªìπºŸâ∑’Ë‡°’Ë¬«¢âÕßÀ√◊Õ≠“μ‘ π‘∑¢ÕßºŸâ∫√‘À“√À√◊ÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß∫√‘…—∑ 5. ‡ªìπ°√√¡°“√∑’Ë ‰¡à ‰¥â√∫— °“√·μàßμ—ßÈ ¢÷πÈ ‡ªìπμ—«·∑π‡æ◊ÕË √—°…“º≈ª√–‚¬™πå¢Õß°√√¡°“√∫√‘…∑— ºŸ∂â Õ◊ Àÿπâ √“¬„À≠à À√◊Õ ºŸâ∂◊ÕÀÿâπ´÷Ëß‡ªìπºŸâ∑’Ë‡°’Ë¬«¢âÕß°—∫ºŸâ∂◊ÕÀÿâπ√“¬„À≠à À√◊ÕºŸâ∂◊ÕÀÿâπ´÷Ëß‡ªìπºŸâ∑’Ë‡°’Ë¬«¢âÕß°—∫ºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß∫√‘…—∑ 6. “¡“√∂ªØ‘∫—μ‘Àπâ“∑’Ë ·≈–· ¥ß§«“¡‡ÀÁπÀ√◊Õ√“¬ß“πº≈°“√ªØ‘∫—μ‘ß“πμ“¡Àπâ“∑’Ë∑’Ë ‰¥â√—∫¡Õ∫À¡“¬®“°§≥– °√√¡°“√∫√‘…—∑‰¥âÕ¬à“ßÕ‘ √–‚¥¬‰¡àÕ¬Ÿà¿“¬„μâ°“√§«∫§ÿ¡¢ÕßºŸâ∫√‘À“√À√◊ÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß∫√‘…—∑ √«¡∑—Èß ºŸâ∑’Ë‡°’Ë¬«¢âÕß À√◊Õ≠“μ‘ π‘∑¢Õß∫ÿ§§≈¥—ß°≈à“« À≈—°‡°≥±å„π°“√§—¥‡≈◊Õ°°√√¡°“√Õ‘ √–·≈–°√–∫«π°“√ √√À“ §≥–°√√¡°“√∫√‘…—∑æ‘®“√≥“ √√À“§—¥‡≈◊Õ°°√√¡°“√Õ‘ √– μ“¡À≈—°‡°≥±å·≈–§ÿ≥ ¡∫—μ‘¢Õßμ≈“¥À≈—°∑√—æ¬å ·Ààßª√–‡∑»‰∑¬ ·≈– ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å ‡æ◊ËÕ‡ πÕμàÕ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ‡≈¢“πÿ°“√§≥–°√√¡°“√∫√‘…—∑ ∫√‘…—∑‰¥â¡Õ∫À¡“¬„Àâ§ÿ≥«‘‚√®πå ∏’√«—≤πå«“∑’ °√√¡°“√ºŸâ®—¥°“√ ´÷Ëß‡ªìπºŸâ∑’Ë¡’§ÿ≥«ÿ≤‘·≈–ª√– ∫°“√≥å∑’Ë‡À¡“– ¡ ‡ªìπ ºŸ√â ∫— º‘¥™Õ∫∑”Àπâ“∑’‡Ë ≈¢“πÿ°“√§≥–°√√¡°“√∫√‘…∑— ‡æ◊ÕË „Àâ°“√∫√‘À“√ß“π¢Õß∫√‘…∑— ¥”‡π‘π‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æμ“¡ À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’

Terms of directors A director appointed by the shareholdersû meeting has a term of office as provided in the articles of association of the company. Upon completion of the term of office, he or she may be re-elected. The company does not fix the age of the person nominated for election as director or the number of companies in which each director holds offices, because the company believes that the business capability and expertise of a director does not depend on his or her age or the number of companies in which he or she holds offices. Number of companies in which a director holds offices The company discloses the information on holding of offices by each director in other companies in Attachment 1 of Form 56-1 and in its annual report. At present the company has 3 directors who are also directors in more than 5 listed companies. However, the company is confident that this does not affect their performance because the directors have fully devoted their time to perform their functions for the company by consistently attending every meeting and continuously contributing to the company. Qualifications of independent directors çIndependent directoré means a person with full qualifications and is independent as defined by the Stock Exchange of Thailand and the Securities and Exchange Commission as follows: 1. Holding shares not more than 5% of the paid-up registered capital of the company, its affiliates, associated companies or related companies. This includes shares held by his or her related persons. 2. Being a director without participation in managing the company, its affiliates, associated companies, related companies or major shareholders of the company, and not being an employee or advisor receiving regular salary from the company or any of its affiliates, associated companies, related companies or major shareholders. 3. Being a director without direct or indirect conflict of interest in the finance or management of the company or any of its affiliates, associated companies, or major shareholders, and having no conflict of interest of the said nature during 1 year before being appointed, unless the Board of Directors has carefully consider that such an interest will not affect his or her performance and independence in providing opinion. 4. Being a director who is not related to or close relative of an executive or major shareholder of the company. 5. Being a director not appointed as a representative to protect the interest of any of the directors of the company, its major shareholders or a shareholder related to a major shareholder. 6. Being able to perform duties and provide opinion or report his or her performance of duties entrusted by the Board of Directors independently without being controlled by any executive or major shareholder of the company including those who are related to or close relatives of such a person. Rules for selecting an independent director and selection process The Board of Directors selects independent directors in accordance with the rules and qualifications stipulated by the Stock Exchange of Thailand and the Securities and Exchange Commission and proposes them to the shareholdersû meeting. Secretary to the Board of Directors The company has authorized Mr. Viroj Theeravatvatee, Managing Director, who has appropriate expertise and experience, to perform the duty of the Secretary to the Board of Directors, to ensure that the management of the company is efficient in accordance with the good governance practice.

‡≈¢“πÿ°“√§≥–°√√¡°“√∫√‘…—∑¡’Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫¥—ßπ’È 1. „Àâ§”·π–π”‡∫◊ÈÕßμâπ·°à°√√¡°“√‡°’Ë¬«°—∫¢âÕ°ÆÀ¡“¬ √–‡∫’¬∫·≈–¢âÕ∫—ß§—∫μà“ßÊ ¢Õß∫√‘…—∑ ·≈–μ‘¥μ“¡„Àâ¡’ °“√ªØ‘∫—μ‘μ“¡Õ¬à“ß∂Ÿ°μâÕß·≈– ¡Ë”‡ ¡Õ √«¡∂÷ß√“¬ß“π°“√‡ª≈’Ë¬π·ª≈ß∑’Ë¡’π—¬ ”§—≠·°à°√√¡°“√ 2. ª√– “πß“π√–À«à“ß°√√¡°“√∫√‘…—∑ ·≈–ΩÉ“¬®—¥°“√ ¥Ÿ·≈ ·≈–ª√– “πß“π¥â“π°ÆÀ¡“¬ °Æ‡°≥±åμà“ßÊ ∑’Ë ‡°’Ë¬«¢âÕß√«¡∑—Èß¥”‡π‘π°“√„Àâ¡’°“√ªØ‘∫—μ‘μ“¡¡μ‘§≥–°√√¡°“√∫√‘…—∑ 3. ®—¥°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ·≈–ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑„Àâ‡ªìπ‰ªμ“¡°ÆÀ¡“¬ ¢âÕ∫—ß§—∫¢Õß∫√‘…—∑ ·≈–¢âÕæ÷ß ªØ‘∫—μ‘μà“ßÊ 4. ∫—π∑÷°√“¬ß“π°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ·≈–°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ √«¡∑—Èßμ‘¥μ“¡„Àâ¡’°“√ªØ‘∫—μ‘μ“¡¡μ‘∑’Ë ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ·≈–∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ 5. ¥Ÿ·≈„Àâ¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈·≈–√“¬ß“π “√ π‡∑»„π à«π∑’Ë‡°’Ë¬«¢âÕßμ“¡√–‡∫’¬∫·≈–¢âÕ°”Àπ¥¢Õß ”π—°ß“π §≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å ·≈–μ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ 6. μ‘¥μàÕ·≈– ◊ËÕ “√°—∫ºŸâ∂◊ÕÀÿâπ∑—Ë«‰ª„Àâ ‰¥â√—∫∑√“∫ ‘∑∏‘μà“ßÊ ¢ÕßºŸâ∂◊ÕÀÿâπ ·≈–¢à“« “√¢Õß∫√‘…—∑ ë

∫∑∫“∑ Àπâ“∑’Ë §«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√∫√‘…—∑ ¿“«–ºŸâπ” ·≈–«‘ —¬∑—»πå §≥–°√√¡°“√∫√‘…—∑ª√–°Õ∫¥â«¬∫ÿ§§≈´÷Ëß¡’§«“¡√Ÿâ §«“¡ “¡“√∂ ·≈–ª√– ∫°“√≥åÀ≈“°À≈“¬ ¡’§«“¡ “¡“√∂ ‡©æ“–¥â“π∑’Ë‡ªìπª√–‚¬™πå°—∫∫√‘…—∑ ‡¢â“„®∫∑∫“∑Àπâ“∑’Ë §«“¡√—∫º‘¥™Õ∫ ¡’¿“«–ºŸâπ” ¡’°“√°”Àπ¥«‘ —¬∑—»πå¢Õß ∫√‘…—∑‰«âÕ¬à“ß™—¥‡®π ¡’§«“¡‡ªìπÕ‘ √–„π°“√· ¥ß§«“¡§‘¥‡ÀÁπ·≈–μ—¥ ‘π„® °”°—∫¥Ÿ·≈°‘®°“√¢Õß∫√‘…—∑„Àâ‡ªìπ‰ª μ“¡«—μ∂ÿª√– ß§å·≈–‡ªÑ“À¡“¬∑’Ë ‰¥â°”Àπ¥‰«â „Àâ‡°‘¥ª√–‚¬™πå Ÿß ÿ¥μàÕ∫√‘…—∑ ·≈–ºŸâ∂◊ÕÀÿâπ ¡’°“√∫√‘À“√ß“π‚¥¬°“√ °”Àπ¥¿“√°‘® ‡ªÑ“À¡“¬ °≈¬ÿ∑∏å ·ºπªÆ‘∫—μ‘ß“π·≈–ß∫ª√–¡“≥ª√–®”ªï ‡æ◊ËÕ„Àâ∫√√≈ÿ‡ªÑ“À¡“¬∑’Ë°”Àπ¥‰«â ‚¥¬π” À≈—°∫√√…—∑¿‘∫“≈¡“‡ªìπ‡§√◊ËÕß¡◊Õ„π°“√∫√‘À“√®—¥°“√‡æ◊ËÕ‡æ‘Ë¡¡Ÿ≈§à“„Àâ·°à°‘®°“√·≈–ºŸâ∂◊ÕÀÿâπ ∫√‘…—∑°”Àπ¥„Àâ¡’§≥–°√√¡°“√¢Õß∫√‘…—∑‰¡àπâÕ¬°«à“ 5 §π (μ“¡ æ√∫. ¡À“™π) §ÿ≥ ¡∫—μ‘¢Õß°√√¡°“√μâÕß‡ªìπ ∫ÿ§§≈∏√√¡¥“ ·≈– 1. ∫√√≈ÿπ‘μ‘¿“«– 2. ‰¡à‡ªìπ∫ÿ§§≈≈â¡≈–≈“¬ §π‰√â§«“¡ “¡“√∂ À√◊Õ§π‡ ¡◊Õπ‰√â§«“¡ “¡“√∂ 3. ‰¡à‡§¬√—∫‚∑…®”§ÿ° ‚¥¬§”æ‘æ“°…“∂÷ß∑’Ë ÿ¥„Àâ®”§ÿ°„π§«“¡º‘¥‡°’Ë¬«°—∫∑√—æ¬å∑’Ë ‰¥â °√–∑”‚¥¬∑ÿ®√‘μ‰¡à‡§¬∂Ÿ° ≈ß‚∑…‰≈àÕÕ°À√◊Õª≈¥ÕÕ°®“°√“™°“√ À√◊ÕÕß§å°“√À√◊Õ Àπà«¬ß“π¢Õß√—∞ ∞“π∑ÿ®√‘μμàÕÀπâ“∑’Ë §≥–°√√¡°“√∫√‘…—∑¡’°“√μ‘¥μ“¡º≈°“√¥”‡π‘πß“π¢ÕßΩÉ“¬®—¥°“√ ‚¥¬°”Àπ¥„Àâ√“¬ß“π§«“¡°â“«Àπâ“¢Õßº≈°“√ ¥”‡π‘πß“π·≈–º≈ª√–°Õ∫°“√¢Õß∫√‘…—∑ ·≈–°“√∂◊Õ§√ÕßÀ≈—°∑√—æ¬å¢Õß°√√¡°“√·≈–ºŸâ∫√‘À“√∑ÿ°§π„π°“√ª√–™ÿ¡ §≥–°√√¡°“√∫√‘…—∑ °“√√«¡À√◊Õ·¬°μ”·Àπàß ª√–∏“π°√√¡°“√∫√‘…—∑‡ªìπ°√√¡°“√´÷Ëß¡’§«“¡‡ªìπÕ‘ √–¡‘‰¥â‡ªìπºŸâ∫√‘À“√·≈–‰¡à‡ªìπ∫ÿ§§≈‡¥’¬«°—∫ª√–∏“π°√√¡°“√ ∫√‘À“√ ‡æ◊ÕË ‡ªìπ°“√·∫àß·¬°Àπâ“∑’Ë„π°“√∫√‘À“√ß“π ¡’§«“¡Õ‘ √–®“°°—π ·≈–∂à«ß¥ÿ≈´÷ßË °—π·≈–°—π ‚¥¬ª√–∏“π°√√¡°“√ ∫√‘…—∑‰¥â· ¥ß∫∑∫“∑¢ÕßºŸâπ” ·≈–‡ªìπºŸâ§«∫§ÿ¡°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑„Àâ¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈ π—∫ πÿπ„Àâ°√√¡°“√·≈–ºŸ∫â √‘À“√∑ÿ°§π¡’ «à π√à«¡„π°“√ª√–™ÿ¡ ™à«¬‡À≈◊Õ ·π–π” ¥Ÿ·≈ °“√¥”‡π‘π∏ÿ√°‘®¢ÕßΩÉ“¬®—¥°“√ ·μà®–‰¡à‡¢â“‰ª°â“«°à“¬ß“πÀ√◊Õ∏ÿ√°‘®ª√–®”¢ÕßΩÉ“¬®—¥°“√ πÕ°®“°π’¬È ß— °”Àπ¥¢Õ∫‡¢μÕ”π“®Àπâ“∑’¢Ë Õß§≥–°√√¡°“√ ·μà≈–§≥–·≈–¢ÕßΩÉ“¬®—¥°“√‰«âÕ¬à“ß™—¥‡®π “¡“√∂μ√«® Õ∫‰¥â ‡æ◊ËÕ§«“¡‚ª√àß„ „π°“√∫√‘À“√®—¥°“√

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The Secretary to the Board of Directors has the duties and responsibilities to 1. provide preliminary opinion to the directors on provisions of laws, rules and regulations of the company and monitor the implementation thereof regularly, and report any significant amendment thereto to the directors; 2. coordinate among directors and Management, coordinate on relevant laws and regulations and ensure implementation of the resolutions of the Board of Directors; 3. hold shareholders没 meetings and Board of Directors meetings in accordance with laws, articles of association and stipulations; 4. prepare minutes of shareholders没 meetings and of Board of Directors meetings and monitor implementation of resolutions of the shareholders没 meetings and of the Board of Directors meetings; 5. ensure the disclosure of information and reporting in accordance with the rules and regulations of the Securities and Exchange Commission and the Stock Exchange of Thailand; and 6. contact and communicate with shareholders so that they know of their rights and developments of the company. Roles, duties and responsibilities of the Board of Directors Leadership and vision The Board of Directors comprises persons who have diversified knowledge, capabilities and experiences and specific expertise that benefit the company. They understand their roles, duties and responsibilities, and have leadership. They set the clear vision of the company. They are independent in providing opinion and making decision. They supervise the businesses of the company in accordance with its objectives and goals to generate the maximum benefit to the company and its shareholders. They manage the company by setting tasks, goals, strategies, action plans and annual budget to achieve goals, using good governance practice to increase value for the company and its shareholders. The company requires that the Board of Directors must comprise at least 5 persons (pursuant to the Public Limited Companies Act). A director must be a natural person and 1. being of legal age; 2. not being a bankrupt, incompetent or quasi-incompetent; and 3. having never been imprisoned by a final court judgment for an offense involving property committed in bad faith, and having never been terminated or dismissed from government service, state organization or agency due to dishonesty. The Board of Directors monitors the performance of Management by requiring Management to report the progress and results of operations of the company and securities holding by all directors and executives at the Board of Directors meetings. Combination or separation of positions The Chairman of the Board is a director who is independent and is not a member of Management and not the same person as the Chairman of the Executive Board, in order to separate duties, for the sake of independence and balance. The Chairman of the Board plays the role of leader and controls the Board of Directors meeting to ensure efficiency and effectiveness. The Chairman of the Board also encourages all directors and executives to participate in the meeting, assists, provides advice, supervises the business operation by Management, but does not interfere with the regular tasks or business of Management. In addition, the powers and duties of each committee and of Management are clearly defined so that they can be examined for the sake of transparency.

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Internal control and risk management The Board of Directors places importance on internal control with respect to operation, finance, function and supervision, with an internal audit department examining the performance of the said control including computer system and providing advice to ensure that the stipulated guideline has been implemented effectively. It is also independent and can fully conduct examination and balancing. The company has hired Dharmniti Auditing Co., Ltd. to conduct internal audit in cooperation with those responsible for internal audit of the company in order to increase the effectiveness of the audit. The results of the audit will be consulted with the executive of the department audited and the Managing Director to exchange opinions concerning facts and problems found as well as measures for prevention and improvement, before the same is reported in writing to the Audit Committee. Regular meetings with the Audit Committee are held to exchange opinions on the concepts and results of audit. The Audit Committee considers that the company没s various departments have already analyzed risks. However, the company will be most benefited from the coordination of risk management by various departments systematically and continuously in order to increase the efficiency of risk management. It was therefore proposed to the Board of Directors to hire Dharmniti Auditing Co., Ltd. to evaluate the risk management system. The Board of Directors manages risks according to the nature, suitability and type of risks, by evaluating internal and external factors to find measures of prevention, development, improvement and extension of results of risk consideration and risk management to cover the entire organization so that the risks are at the level acceptable to the organization and not to impact the operation of the company. 毛

Board of Directors meeting The Board of Directors places importance on attending the meeting and it is the duty of directors to do so in order to acknowledge and make decision on the company没s operation. Meetings are scheduled in advance throughout the year and are to be held every quarter. The secretary to the Board of Directors will send notice together with agenda, minutes of the previous meeting and supporting documents for the meeting to the directors for their consideration in advance within the period required by law. In considering matters, the Chairman of the Board, who acts as chairman of the meeting, will provide an opportunity to directors and executives to independently give opinion. At every Board of Directors meeting, high-ranking executives of the company will attend it to provide explanation as a person directly involved with the problem. All directors can request additional information on any matter from high-ranking executives and the Secretary to the Board. Upon completion of the meeting, the Secretary to the Board will prepare the minutes of the meeting, which will be reviewed by the Executive Board and sent to the Chairman of the Board for signing to confirm their accuracy. The minutes will be proposed, for approval, as the first agenda item of the next Board meeting. The directors can comment on or request revisions to the minutes so that they are accurate as much as possible. Minutes approved will be properly kept at the office of the company and also kept in electronic form together with supporting documents of various agenda items for convenience of reference.

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°“√æ—≤π“°√√¡°“√·≈–ºŸâ∫√‘À“√ ∫√‘…—∑ àß‡ √‘¡„Àâ°√√¡°“√·≈–ºŸâ∫√‘À“√∑ÿ°§π¡’ ‚Õ°“ æ—≤π“§«“¡√Ÿâ ‚¥¬§≥–°√√¡°“√∫√‘…—∑„Àâ§«“¡ ”§—≠μàÕ °“√‡¢â“√à«¡ —¡¡π“À≈—° Ÿμ√∑’Ë‡ªìπª√–‚¬™πåμàÕ°“√ªØ‘∫—μ‘Àπâ“∑’Ë°√√¡°“√ ‚¥¬‡¢â“√à«¡Õ∫√¡À≈—° Ÿμ√ Director Accreditation Program (DAP), Director Certification Program (DCP), Audit Committee Program (ACP), ·≈– Finance for Non-Finance Director (FND) ´÷Ëß®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ (IOD) μ≈Õ¥®π°“√®—¥ —¡¡π“À≈—° Ÿμ√ —πÈ Ê Õ—π‡ªìπª√–‚¬™πå·°à°“√ªØ‘∫μ— À‘ πâ“∑’¢Ë Õß§≥–°√√¡°“√∫√‘…∑— ·≈–√«¡∂÷ßÀ≈—° Ÿμ√ μà“ßÊ ∑’Ë IOD ®–®—¥¢÷ÈπÕ’°μàÕ‰ª„πÕπ“§μ

In 2007, the Board of Directors held 6 meetings. Attending the meetings by each director may be summarized as follows: Name

The The Board Shareholdersû of Directorsû Meeting Meeting

The Executive Boardûs Meeting

The Audit Committeeûs Meeting

1. Admiral Anuchit Bekanan 1/1 6/6 2. Mr. Boonsithi Chokwatana 1/1 6/6 3. Mr. Boonkiet Chokwatana 1/1 5/6 5/5 4. Mr. Viroj Theeravatvatee 1/1 6/6 5/5 5. Mr. Thirasak Vikitset 1/1 6/6 5/5 6. Mr. Atthakorn Glankwamdee 1/1 6/6 5/5 7. Mr. Santi Vilassakdanont 1/1 4/6 8. Mr. Tanong Srichit 1/1 6/6 5/5 9. Mr. Boonyarith Mahamontri* 1/1 5/6 10. Mr. Nophorn Bhongsvej 1/1 6/6 4/4 11. Pol.Gen. Somchai Prabhasabhakdi 1/1 6/6 4/4 12. Mr. Amorn Asvanunt 1/1 5/6 3/4 13. Mr. Surong Ongkosit 1/1 6/6 4/4 Remarks: * Mr. Boonyarith Mahamontri was appointed to be the director in March 2007 Moreover, the directors assessed the performance of Directors and the Board of Directors on its policy, structure, performance, and quality on the meeting preparation and organization in order to be a direction for its improvement on the next year. All directors agreed and concluded that their performance throughout the year is good and appropriated. ë

Committees In order to assure the shareholders that the operation of the company is transparent, and is screened, reviewed, with careful consultation, the Board of Directors has appointed committees to perform such duties and report to the Board of Directors. The present committees comprise the Executive Board and the Audit Committee. The powers, duties and responsibilities of each committee are independent of each other for the benefit of supervision of the companyûs business.

Training of directors and executives The company encourages all directors and executives to improve their knowledge. The Board of Directors places importance on attending courses beneficial to performance as directors, and the directors have undergone Director Accreditation Program (DAP), Director Certification Program (DCP), Audit Committee Program (ACP), and Finance for Non-Finance Director (FND) courses organized by the Institute of Directors (IOD) and short-course seminars that benefit the performance of the directors, including courses to be organized in the future by the IOD.

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√“¬ß“π¢Õß§≥–°√√¡°“√ §≥–°√√¡°“√‡ªìπºŸâ√—∫º‘¥™Õ∫μàÕß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ “√ π‡∑»∑“ß°“√‡ß‘π¢Õß∫√‘…—∑ ∑’Ëª√“°Ø „π√“¬ß“πª√–®”ªï·≈–·∫∫ 56-1 ‚¥¬ß∫°“√‡ß‘π¥—ß°≈à“«®—¥∑”¢÷πÈ μ“¡¡“μ√∞“π°“√∫—≠™’∑√’Ë ∫— √Õß∑—«Ë ‰ª„πª√–‡∑»‰∑¬ ‚¥¬‡≈◊Õ°„™âπ‚¬∫“¬∫—≠™’∑’Ë‡À¡“– ¡·≈–∂◊ÕªØ‘∫—μ‘Õ¬à“ß ¡Ë”‡ ¡Õ ·≈–„™â¥ÿ≈¬æ‘π‘®Õ¬à“ß√–¡—¥√–«—ß·≈–ª√–¡“≥°“√ ∑’Ë¥’∑’Ë ÿ¥„π°“√®—¥∑” √«¡∑—Èß¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈ ”§—≠Õ¬à“ß‡æ’¬ßæÕ „πÀ¡“¬‡Àμÿª√–°Õ∫ß∫°“√‡ß‘π §≥–°√√¡°“√∫√‘…—∑‰¥â·μàßμ—Èß§≥–°√√¡°“√μ√«® Õ∫ ´÷Ëßª√–°Õ∫¥â«¬°√√¡°“√∑’Ë ‰¡à‡ªìπºŸâ∫√‘À“√‡ªìπºŸâ¥Ÿ·≈√—∫º‘¥ ™Õ∫‡°’Ë¬«°—∫√–∫∫§«∫§ÿ¡¿“¬„π ‡æ◊ËÕ„Àâ¡—Ëπ„®‰¥âÕ¬à“ß¡’‡Àμÿº≈«à“°“√∫—π∑÷°¢âÕ¡Ÿ≈∑“ß∫—≠™’¡’§«“¡∂Ÿ°μâÕß§√∫∂â«π ‡æ’¬ßæÕ∑’Ë®–¥”√ß√—°…“‰«â´÷Ëß∑√—æ¬å ‘π·≈–‡æ◊ËÕ„Àâ∑√“∫®ÿ¥ÕàÕπ‡æ◊ËÕªÑÕß°—π‰¡à „Àâ‡°‘¥°“√¥”‡π‘π°“√∑’Ëº‘¥ª°μ‘Õ¬à“ß¡’ “√– ”§—≠ §«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√μ√«® Õ∫‡°’Ë¬«°—∫‡√◊ËÕßπ’Èª√“°Ø„π√“¬ß“π¢Õß§≥–°√√¡°“√μ√«® Õ∫´÷Ëß · ¥ß‰«â „π√“¬ß“πª√–®”ªï·≈â« §≥–°√√¡°“√¡’§«“¡‡ÀÁπ«à“√–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑‚¥¬√«¡Õ¬Ÿà„π√–¥—∫∑’Ëπà“æÕ„® ·≈– “¡“√∂ √â“ß§«“¡ ‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àμÿº≈μàÕ§«“¡‡™◊ËÕ∂◊Õ‰¥â¢Õßß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬

The company also prepares a directorûs manual for a new director to study significant information about the company, good governance policy, business ethics, code of conduct and rules and regulations of the Stock Exchange of Thailand and Securities and Exchange Commission. The company requires the new director to undergo courses helpful to performance as a director organized by the Institute of Directors (IOD). In addition, the directors also regularly meet and exchange ideas with directors and high-ranking executives of other local and foreign organizations. Employee development policy It is the policy of the company to develop employees at all levels so that they have knowledge, capability and experience that meet the needs of the company and can develop themselves and work to the success of the organization efficiently and steadily. The training and development policy therefore focuses on the link and consistency between the position and function. In particular, the training must be able to be evaluated and the development should be obvious. After training and seminar in any course, there must be evaluation before and after the training. After evaluation, if it does not pass the criteria, additional training will be provided. Internal audit The Board of Directors places importance on internal control at both managerial and operating levels. Dharmniti Auditing Co., Ltd. is hired to conduct audit with respect to operation, finance, functioning, computer system, utilization of the companyûs assets and to provide advice to ensure that the stipulated guideline is observed effectively and that the internal audit is independent and can fully conduct examination and balancing. The audit results will be reported directly to the Audit Committee periodically. In addition, the company has arranged for Dharmniti Auditing Co., Ltd. to evaluate risks, review and set measures to control and prevent risks that may arise, placing importance on warning signals and significant irregularities. Therefore investors can be confident that the company has adequate internal control that can prevent and preserve its assets from damage that may arise from improper or unauthorized use and disposal. The company is in the process of establishing the Risk Management Committee for the purposes of the companyûs operation. Reports of the Board of Directors The Board of Directors is responsible for the consolidated financial statements of the company and its subsidiaries, financial information of the company set forth in the annual report and Form 56-1. Those financial statements are prepared in accordance with the generally accepted accounting standard in Thailand. Appropriate accounting policy is adopted and consistently applied. Careful discretion and the best estimates are used in preparing financial statements. Adequate significant information has been disclosed in the notes to the financial statements. The Board of Directors has appointed the Audit Committee, comprising directors who are not members of Management, to be responsible for the internal audit, so as to reasonably ensure that accounting entries are accurate, complete and adequate to maintain the companyûs assets and to find weaknesses, in order to prevent significant irregularities. The opinion of the Audit Committee in this respect is described in the report of the Audit Committee presented in the annual report. The Board is of the opinion that the overall internal control of the company is satisfactory and can reasonably create confidence in the reliability of the consolidated financial statements of the company and its subsidiaries.

§«“¡ —¡æ—π∏å°—∫ºŸâ≈ß∑ÿπ §≥–°√√¡°“√„Àâ § «“¡ ”§— ≠ μà Õ °“√√“¬ß“π·≈–‡ªî ¥ ‡º¬¢â Õ ¡Ÿ ≈ ¢Õß∫√‘ …— ∑ ∑—È ß ∑’Ë ‡ °’Ë ¬ «°— ∫ °“√‡ß‘ π ·≈–¢â Õ ¡Ÿ ≈ ∑—Ë « ‰ª μ≈Õ¥®π¢âÕ¡Ÿ≈ ”§—≠∑’¡Ë º’ ≈°√–∑∫μàÕ√“§“À≈—°∑√—æ¬å¢Õß∫√‘…∑— „Àâ¡§’ «“¡∂Ÿ°μâÕß §√∫∂â«π ‡™◊ÕË ∂◊Õ‰¥â ·≈–‚ª√àß„ ‚¥¬ ‰¥â‡º¬·æ√àºà“π™àÕß∑“ß·≈– ◊ËÕ°“√‡º¬·æ√à¢âÕ¡Ÿ≈¢Õßμ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ·≈–‡«Á∫‰´¥å¢Õß∫√‘…—∑∑’Ë www.sahacogen.com ∫√‘…—∑¬—ß‰¡à ‰¥â®—¥μ—ÈßÀπà«¬ß“π¥â“πºŸâ≈ß∑ÿπ —¡æ—π∏å ·μà ‰¥â°”Àπ¥„Àâ°√√¡°“√ºŸâ®—¥°“√ ∑”Àπâ“∑’Ë„Àâ¢âÕ¡Ÿ≈¢à“« “√μ“¡∑’Ë π—°≈ß∑ÿπ·≈–ºŸ∑â ‡’Ë °’¬Ë «¢âÕßμâÕß°“√‚¥¬ “¡“√∂μ‘¥μàÕ‰¥â∑’Ë §ÿ≥«‘‚√®πå ∏’√«—≤πå«“∑’ μ”·Àπàß°√√¡°“√ºŸ®â ¥— °“√ À¡“¬‡≈¢ ‚∑√»—æ∑å 038 481555 À√◊Õ ‚∑√ “√ 038 481551 À√◊Õ∑’ËÕ’‡¡≈å viroj@sahacogen.com

°“√§«∫§ÿ¡¿“¬„π „π°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑§√—Èß∑’Ë 1/2551 ‡¡◊ËÕ«—π∑’Ë 19 °ÿ¡¿“æ—π∏å 2551 ‚¥¬¡’°√√¡°“√μ√«® Õ∫‡¢â“√à«¡ ª√–™ÿ¡¥â«¬ §≥–°√√¡°“√∫√‘…—∑ª√–‡¡‘π§«“¡‡æ’¬ßæÕ¢Õß√–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑„π√Õ∫ªï2550 ´÷Ëß ºŸâμ√«® Õ∫¿“¬„π¢Õß∫√‘…—∑ §◊Õ ∫√‘…—∑ ∏√√¡π‘μ‘ ®”°—¥ ‰¥âμ√«®ª√–‡¡‘π·≈â« ·≈–¡’§«“¡‡ÀÁπ«à“∫√‘…—∑¡’°“√ªØ‘∫—μ‘„π à«π¢Õß°“√§«∫§ÿ¡¿“¬„π∑’Ë ”§—≠∑’Ë¥’ ¡’°“√∫√‘À“√®—¥°“√§«“¡‡ ’Ë¬ßÕ¬à“ß‡æ’¬ßæÕ∑’Ë®–∑”„Àâ°“√¥”‡π‘πß“π ¢Õß∫√‘…—∑∫√√≈ÿ‡ªÑ“À¡“¬μ“¡«—μ∂ÿª√– ß§å∑’Ë«“ß‰«â ®÷ß¡’§«“¡‡ÀÁπ™Õ∫√à«¡°—π‚¥¬ √ÿª«à“ ∫√‘…—∑¡’√–∫∫°“√§«∫§ÿ¡ ¿“¬„π∑’Ë‡æ’¬ßæÕ‡À¡“– ¡°—∫ ¿“æ°“√¥”‡π‘πß“π„πªí®®ÿ∫—π 1. ¥â“πÕß§å°√·≈– ¿“æ·«¥≈âÕ¡ ∫√‘…—∑¡’°“√®—¥‚§√ß √â“ßÕ”π“®Àπâ“∑’Ë¢Õß§≥–°√√¡°“√ ·≈–ºŸâ∫√‘À“√·≈–æπ—°ß“π‰«âÕ¬à“ß™—¥‡®π ¡’°“√®—¥«“ß √–∫∫ªÑÕß°—π°“√„™âÕ”π“®Àπâ“∑’Ë ‰ª„π∑“ß¡‘™Õ∫ √«¡μ≈Õ¥∂÷ß¢âÕ°”Àπ¥‡°’Ë¬«°—∫®√‘¬∏√√¡∏ÿ√°‘® ®√√¬“∫√√≥ æπ—°ß“π „Àâ·°à§≥–°√√¡°“√∫√‘…—∑ ΩÉ“¬∫√‘À“√·≈–æπ—°ß“π‰«âæ÷ßªØ‘∫—μ‘ ∑—Èß„π°√Õ∫¢Õß∫√‘…—∑ ·≈–∫√‘…—∑¬àÕ¬ ‡™◊ËÕ‰¥â«à“ “¡“√∂ªÑÕß°—π°“√π”∑√—æ¬å ‘π¢Õß∫√‘…—∑‰ª„™â ‚¥¬¡‘™Õ∫À√◊Õ‚¥¬¡’Õ”π“®‰¡à‡æ’¬ßæÕ‰¥â 2. ¥â“π°“√∫√‘À“√§«“¡‡ ’Ë¬ß ∫√‘…∑— ¡’°“√∫√‘À“√®—¥°“√§«“¡‡ ’¬Ë ßμ“¡≈—°…≥–‡À¡“– ¡·≈–ª√–‡¿∑¢Õß§«“¡‡ ’¬Ë ß‚¥¬ª√–‡¡‘≥®“°ªí®®—¬¿“¬„π ¿“¬πÕ° ‡æ◊ËÕÀ“¡“μ√“°“√ªÑÕß°—π·≈–∫√‘À“√§«“¡‡ ’Ë¬ß„ÀâÕ¬Ÿà„π√–¥—∫∑’ËÕß§å°√¬Õ¡√—∫‰¥â ·≈–‰¡à àßº≈°√–∑∫ μàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑‡ªìπ ”§—≠ 3. ¥â“π°“√§«∫§ÿ¡°“√ªØ‘ß“π¢ÕßΩÉ“¬∫√‘À“√ ∫√‘…∑— ¡’°“√°”Àπ¥√–¥—∫Õ”π“®°“√Õπÿ¡μ— ·‘ ≈–·∫àß·¬°Àπà«¬ß“π„π≈—°…≥– àß‡ √‘¡°“√ª√– “πß“π·≈–∂à«ß¥ÿ≈ °“√„™âÕ”π“® ¡’°“√°”Àπ¥¢Õ∫‡¢μÕ”π“®·≈–«ß‡ß‘πÕπÿ¡—μ‘¢ÕßΩÉ“¬∫√‘À“√·μà≈–√–¥—∫‰«â‡ªìπ≈“¬≈—°…≥åÕ—°…√ æ√âÕ¡∑—Èß·∫àß·¬°Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫‰«â ¡’°“√°”Àπ¥«‘∏’°“√‡¢â“∑”∏ÿ√°√√¡∑’Ë‡°’Ë¬«‚¬ß°—πμ“¡ª√–°“»¢Õß §≥–°√√¡°“√μ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬°—∫∫ÿ§§≈∑’Ë‡°’Ë¬«‚¬ß°—π‰«âÕ¬à“ß™—¥‡®π §≥–°√√¡°“√∫√‘…—∑‰¥â√—∫ √“¬ß“π·≈–∑”°“√μ√«® Õ∫∑∫∑«πº≈°“√ªØ‘∫—μ‘ß“π¢ÕßΩÉ“¬∫√‘À“√‡ªìπª√–®” ¡Ë”‡ ¡Õ 4. ¥â“π√–∫∫ “√ π‡∑»·≈–°“√ ◊ËÕ “√¢âÕ¡Ÿ≈ ∫√‘…∑— ®—¥„Àâ¡°’ “√ ◊ÕË “√∑—ßÈ ¿“¬„π·≈–¿“¬πÕ°Õß§å°√Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ ¡’°“√®—¥‡°Á∫‡Õ° “√ª√–°Õ∫°“√∫—π∑÷° ∫—≠™’‰«â§√∫∂â«π‡ªìπÀ¡«¥À¡Ÿà ·≈–„™âπ‚¬∫“¬∫—≠™’μ“¡À≈—°°“√∫—≠™’√—∫√Õß∑—Ë«‰ª ¡’°“√π” Software ¡“„™â‡æ◊ËÕ ‡ √‘¡ª√– ‘∑∏‘¿“æ„π°“√«“ß·ºπ°“√„™â∑√—æ¬“°√ ·≈–°“√∫√‘À“√¢âÕ¡Ÿ≈∑“ß°“√∫—≠™’ °“√‡ß‘π °“√´◊ÈÕ °“√¢“¬ °“√∫√‘À“√ ‘π§â“§ß§≈—ß ·≈–¢âÕ¡Ÿ≈°“√«“ß·ºπ°“√º≈‘μ ‡æ◊ËÕ„Àâ ‰¥â¢âÕ¡Ÿ≈∑’Ë∂Ÿ°μâÕß √«¥‡√Á« ¡’§«“¡·¡àπ¬” ´÷Ëß®– ∑”„ÀâΩ“É ¬∫√‘À“√√—∫√Ÿ¢â Õâ ¡Ÿ≈·≈– “¡“√∂μ—¥ ‘π„®‰¥âÕ¬à“ß√«¥‡√Á« æ√âÕ¡∑—ßÈ ¡’¡“μ√°“√‡æ◊ÕË §«“¡ª≈Õ¥¿—¬¢Õß√–∫∫ “√ π‡∑» ‚¥¬‰¥â«“ß¡“μ√°“√ªÑÕß°—π§«“¡‡ ’Ë¬ß∑’ËÕ“®®–‡°‘¥¢÷Èπ®“°√–∫∫ “√ π‡∑»¥â«¬‡™àπ°—π

Relationship with investors The Board of Directors places importance on reporting and disclosure of the companyûs information on finance and general matters as well as significant information affecting the price of the companyûs securities, to ensure such informationûs accuracy, completeness, reliability and transparency. The information is publicized through the reporting channel of the Stock Exchange of Thailand and the companyûs website at www.sahacogen.com. The company has not yet established an investor relation department, but has designated the Managing Director to provide information as required by investors and those concerned by contacting Mr. Viroj Theeravatvatee, Managing Director, tel. 038 481555 or fax 038 481551 or email viroj@sahacogen.com.

Internal control At the Board of Directors Meeting No. 1/2008, held on February 19, 2008, at which the Audit Committee were also present, the Board of Directors evaluated the adequacy of the companyûs internal control in 2007 as evaluated by the companyûs internal auditor, Dharmniti Auditing Co., Ltd. Dharmniti Auditing Co., Ltd. considered that the company has good internal control, adequate risk management to ensure that the company will achieve its goals. It was therefore concluded by the Board that the company has adequate internal control that is appropriate to present circumstances. 1. Organization and environment The company has set up clear structure of powers and duties of the Board of Directors, Management and employees. Systems are established to prevent abuse of powers and duties. There are requirements on business ethics, code of conduct for compliance by the Board of Directors, Management and employees within the company and its subsidiaries. It is therefore believable that this can prevent abusive or unauthorized utilization of the companyûs assets. 2. Risk management The company manages risks according to the nature, suitability and type of risks, by evaluating internal and external factors, in order to find measures to prevent and manage risks so that they are at the level acceptable to the organization and not to impact the operation of the company. 3. Control of performance of Management The company designates the levels of approval powers and separate departments in a way that promotes coordination and balancing of power. Scope of authority and amount of money within the approval power of each level of Management are designated in writing together with division of duties and responsibilities. Procedure of connected transactions is clearly stipulated in accordance with the notification of the Stock Exchange of Thailand. The Board of Directors regularly receives reports from, and reviews performance of, Management. 4. Information technology and communication The company secures efficient communications within and outside the organization. Accounting entry supporting documents are kept completely and systematically, and generally accepted accounting principle is applied. Software are used to enhance the planning of resource utilization and management of accounting, financial, purchase, sale, inventory and production planning data, so as to obtain accurate, prompt and precise data. This will enable Management to be informed and be able to promptly make decisions. Safety measures for information system are put in place as well as measures for prevention of risks that may arise from the information system.

„π°“√ª√–™ÿ¡§≥–°√√¡°“√·≈–ºŸ∂â Õ◊ Àÿπâ ∫√‘…∑— ¡’°“√®—¥ àß®¥À¡“¬‡™‘≠ª√–™ÿ¡æ√âÕ¡∑—ßÈ ¡’¢Õâ ¡Ÿ≈ª√–°Õ∫∑’‡Ë æ’¬ßæÕ μàÕ°“√μ—¥ ‘π„® μ“¡√–¬–‡«≈“∑’°Ë ÆÀ¡“¬°”Àπ¥ æ√âÕ¡∑—ßÈ ¡’°“√∫—π∑÷°√“¬ß“π°“√ª√–™ÿ¡∑’¡Ë ’ “√– ”§—≠§√∫∂â«π ·≈–∫—π∑÷°§«“¡‡ÀÁπ¢Õß°√√¡°“√·≈–ºŸâ∂◊ÕÀÿâπ„π‡√◊ËÕß∑’Ëæ‘®“√≥“‰«â‡ªìπ¡μ‘¢Õß«“√–°“√ª√–™ÿ¡‚¥¬√«¡ À“°¡’ ¢âÕ´—°∂“¡À√◊Õ§«“¡‡ÀÁπ‰¡àμ√ß°—π®–∫—π∑÷°‰«â „π√“¬ß“π°“√ª√–™ÿ¡ 5. ¥â“π√–∫∫°“√μ‘¥μ“¡ ∫√‘…∑— ¡’°“√°”Àπ¥‡ªÑ“À¡“¬°“√¥”‡π‘πß“π·≈–‡ª√’¬∫‡∑’¬∫º≈°“√¥”‡π‘πß“π„Àâ‡ªìπ‰ªμ“¡‡ªÑ“À¡“¬ À“°¡’§«“¡ ·μ°μà“ß®–¥”‡π‘π°“√·°â ‰¢À√◊Õª√—∫‡ª≈’Ë¬π·ºπ°“√¥”‡π‘πß“π„Àâ∑—π‡«≈“·≈–‡À¡– ¡°—∫ ∂“π°“√≥å Õ’°∑—Èß ¡’°“√μ√«® Õ∫°“√ªØ‘∫—μ‘ß“πμ“¡√–∫∫§«∫§ÿ¡¿“¬„π∑’Ë«“ß‰«âÕ¬à“ß ¡Ë”‡ ¡Õ‚¥¬Àπà«¬ß“πμ√«® Õ∫¿“¬„π ·≈–°”Àπ¥„Àâ¡’°“√√“¬ß“πº≈°“√μ√«® Õ∫μ√ßμàÕ§≥–°√√¡°“√μ√«® Õ∫ À“°æ∫¢âÕ∫°æ√àÕß∑’Ë¡’π—¬ ”§—≠ §≥–°√√¡°“√μ√«® Õ∫μâÕß√“¬ß“πμàÕ§≥–°√√¡°“√∫√‘…—∑ ‡æ◊ËÕæ‘®“√≥“ —Ëß°“√·°â ‰¢¿“¬„π√–¬–‡«≈“Õ—π§«√ ®“°°“√ª√–‡¡‘π√–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…∑— „π¥â“πμà“ßÊ 5 à«π¥—ß°≈à“«¢â“ßμâπ §≥–°√√¡°“√‡ÀÁπ«à“ ∫√‘…∑— ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë¡’§«“¡‡À¡“– ¡·≈–‡æ’¬ßæÕ·≈â« ·≈–§≥–°√√¡°“√∫√‘…—∑μ√–Àπ—°¥’«à“ √–∫∫°“√ §«∫§ÿ¡¿“¬„π„¥Ê °Áμ“¡Õ“®®–‰¡à “¡“√∂√—∫ª√–°—π‰¥â∑—ÈßÀ¡¥μàÕ§«“¡‡ ’¬À“¬Õ—π‡°‘¥®“°§«“¡º‘¥æ≈“¥∑’Ë‡ªìπ “√– ”§—≠·μà°Á “¡“√∂ªÑÕß°—πÀ√◊Õ√—∫ª√–°—π‰¥â „π√–¥—∫∑’Ë ¡‡Àμÿ ¡º≈

For Board of Directors meetings and shareholders没 meetings, the company sends notice together with adequate supporting information for decision making, within the period required by law. Minutes of meeting with full material contents are prepared. Resolutions and opinions of directors and shareholders are recorded in the minutes together with questions and dissenting opinions. 5. Monitoring The company sets goals and compares the actual performance against the goals. In case of any difference, action plan will be corrected or adjusted in a timely manner and appropriately to the situation. Examination of performance according to the internal control designated is conducted regularly by the internal audit department, and audit result must be reported directly to the Audit Committee. If any significant defect is found, the Audit Committee must report the same to the Board of Directors for an order of corrections within an appropriate time. From the evaluation of the 5 aspects of the company没s internal control described above, the Board of Directors is of the opinion that the company has appropriate and adequate internal control. The Board also recognizes that any internal control may not guarantee that there will be no damage from significant errors but that damage can be prevented or remedied at a reasonable level.

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°“√∫√‘À“√®—¥°“√¥â“π§ÿ≥¿“æ·≈– ‘Ëß·«¥≈âÕ¡ ∫√‘…∑— ¡’°“√ª√—∫ª√ÿß·≈–μ√«® Õ∫√–∫∫°“√∫√‘À“√®—¥°“√∑—ßÈ ¥â“π§ÿ≥¿“æ·≈– ‘ßË ·«¥≈âÕ¡Õ¬à“ßμàÕ‡π◊ÕË ß ¡Ë”‡ ¡Õ ‡æ◊ÕË „Àâ°“√¥”‡π‘πß“π‡ªìπ‰ªÕ¬à“ß¡’√–∫∫·≈–μ√«® Õ∫‰¥â ¡’°“√ª√–‡¡‘πº≈·≈–μ‘¥μ“¡°“√μ√«® Õ∫ ¡’°“√μ√«®«—¥ §ÿ≥¿“æ ‘Ëß·«¥≈âÕ¡ ‡™àπ πÈ” Õ“°“» ‡ ’¬ß ´÷Ëßª√“°Øº≈‡ªìπ‰ªμ“¡∑’Ë°ÆÀ¡“¬°”Àπ¥ ∑”„Àâ∫√‘…—∑‰¥â√—∫°“√√—∫√Õß √–∫∫∫√‘À“√ß“π§ÿ≥¿“æμ“¡¡“μ√∞“π ISO 9001: 2000 ·≈–°“√√—∫√Õß√–∫∫°“√®—¥°“√ ‘ßË ·«¥≈âÕ¡ ISO 14001:2004 ®“° ∂“∫—π√—∫√Õß¡“μ√∞“π‰Õ‡Õ ‚Õ (MASCI) √«¡∑—Èß‰¥â√—∫√“ß«—≈ ∂“πª√–°Õ∫°“√∑’ËªØ‘∫—μ‘μ“¡¡“μ√°“√„π √“¬ß“π°“√«‘‡§√“–Àåº≈°√–∑∫μàÕ ‘Ëß·«¥≈âÕ¡·≈–¡’°“√®—¥°“√ ¿“æ·«¥≈âÕ¡¥’‡¥àπ ª√–®”ªï 2550 ª√–‡¿∑ ‚§√ß°“√æ≈—ßß“π ®“° ”π—°ß“ππ‚¬∫“¬·≈–·ºπ∑√—æ¬“°√∏√√¡™“μ‘·≈– ‘Ëß·«¥≈âÕ¡ °√–∑√«ß∑√—æ¬“°√∏√√¡™“μ‘ ·≈– ‘Ëß·«¥≈âÕ¡ ‡¡◊ËÕ«—π∑’Ë 21 ∏—π«“§¡ 2550

°“√∫√‘À“√°“√®—¥°“√¥â“πÕ“™’«Õπ“¡—¬·≈–§«“¡ª≈Õ¥¿—¬ ∫√‘…∑— ¡’°“√¥”‡π‘π°“√æ—≤π“·≈–ª√—∫ª√ÿßÕ“§“√ ”π—°ß“π·≈– ¿“æ·«¥≈âÕ¡°“√∑”ß“π μ≈Õ¥®π√–∫∫Õ“™’«Õπ“¡—¬ §«“¡ª≈Õ¥¿—¬ °“√ªÑÕß°—π·≈–√–ß—∫Õ—§§’¿—¬ ¡’°“√®—¥∑”·≈–Ωñ°´âÕ¡·ºπ√–ß—∫‡Àμÿ©ÿ°‡©‘π ·≈–°”Àπ¥∫ÿ§≈“°√√–¥—∫ μà“ßÊ „Àâ¡’Àπâ“∑’Ë√—∫º‘¥™Õ∫¥â“π§«“¡ª≈Õ¥¿—¬ ‡™àπ §≥–°√√¡°“√Õ“™’«Õπ“¡—¬·≈–§«“¡ª≈Õ¥¿—¬ ‡®â“Àπâ“∑’Ë§«“¡ ª≈Õ¥¿—¬√–¥—∫À—«Àπâ“ß“π ‡®â“Àπâ“∑’ËªÑÕß°—π·≈–√–ß—∫‡Àμÿ ‡®â“Àπâ“∑’Ëª∞¡æ¬“∫“≈ ‡ªìπμâπ ¡’°“√ª√–‡¡‘π·≈–∑∫∑«π ª√–‡¥Áπ§«“¡‡ ’Ë¬ß·≈–®—¥∑”·ºπß“π∫√‘À“√§«“¡ª≈Õ¥¿—¬ ¡’°“√®—¥°‘®°√√¡ àß‡ √‘¡‡æ◊ËÕ°√–μÿâπ®‘μ ”π÷° ∑“ß¥â“π Õ“™’«Õπ“¡—¬·≈–§«“¡ª≈Õ¥¿—¬Õ¬à“ß ¡Ë”‡ ¡Õ

°“√ªÑÕß°—πªí≠À“¬“‡ æμ‘¥ ∫√‘…—∑„Àâ§«“¡ ”§—≠°—∫°“√ªÑÕß°—πªí≠À“¬“‡ æμ‘¥·≈–μÕ∫ πÕßπ‚¬∫“¬¢Õß√—∞∫“≈„π°“√ªÑÕß°—π·≈–·°â ‰¢ªí≠À“ ¬“‡ æμ‘¥„π ∂“πª√–°Õ∫°“√Õ¬à“ß‡§√àß§√—¥ ®÷ß¡’°“√®—¥Õ∫√¡„Àâ§«“¡√Ÿâ‡°’Ë¬«°—∫‚∑…·≈–¿—¬¢Õß¬“‡ æμ‘¥ μ√«® ÿ¢¿“æ·≈– ÿ¡à μ√«® “√‡ æμ‘¥„πªí “«–¢Õßæπ—°ß“π ®—¥°‘®°√√¡μà“ßÊ ‡æ◊ÕË „Àâæπ—°ß“π‰¥â„™â‡«≈“«à“ß„Àâ‡°‘¥ª√–‚¬™πå ∑”„Àâ∫√‘…—∑‰¥â√—∫‡°’¬√μ‘∫—μ√‚√ßß“π ’¢“«ª≈Õ¥¬“‡ æμ‘¥ μ—Èß·μà«—π∑’Ë 21 °√°Æ“§¡ 2547 ®π∂÷ßªí®®ÿ∫—π

°‘®°“√¡‡æ◊ËÕ°“√æ—≤π“∫ÿ§≈“°√ ∫√‘…—∑¡ÿàß‡πâπ·≈–‡ √‘¡ √â“ß§«“¡·¢Áß·°√àß„Àâ°—∫∑√—æ¬“°√∫ÿ§§≈ „Àâ¡’§«“¡ “¡“√∂„π°“√·¢àß¢—π·≈–º≈—°¥—π„Àâ°“√ ª√–°Õ∫∏ÿ√°‘®ª√– ∫§«“¡ ”‡√Á®μ“¡°≈¬ÿ∑∏å·≈–‡ªÑ“À¡“¬¢ÕßÕß§å°√ ‚¥¬¡’°“√ √√À“∫ÿ§≈“°√∑’¡Ë §’ ≥ ÿ ¿“æ·≈–∑—»π§μ‘ ∑’¥Ë ’ ¡’°“√°”Àπ¥·≈–∑”§«“¡‡¢â“„®„πÀπâ“∑’°Ë “√∑”ß“π∑’™Ë ¥— ‡®π ¡’°“√ª√–‡¡‘πº≈°“√ªØ‘∫—μ‘ß“π·≈–®Ÿß„®∫ÿ§≈“°√„Àâ¡ÿàß¡—Ëπ · «ßÀ“§«“¡√Ÿâ æ—≤π“μπ‡ÕßÕ¬à“ß ¡Ë”‡ ¡Õ ¡’°“√®—¥Ωñ°Õ∫√¡ ∑—ßÈ ¿“¬„π·≈–¿“¬πÕ° ·≈– àß‡ √‘¡„Àâ¡°’ “√‡√’¬π√Ÿ¥â «â ¬μπ‡Õß ‚¥¬¡’°“√®—¥∑”ÀâÕß ¡ÿ¥∑’Ë¡’Àπ—ß ◊Õ„πÀ≈“°À≈“¬√Ÿª·∫∫

Social Activities, Community and Environmental Responsibility The company is committed to an ethical policy and conducted several management systems to develop and bring the most benefits to the persons concerned, including employees, suppliers, shareholders, public, social and environment.

Activities and Responsibility to Employees ë

Quality and Environmental Management The company has consistently encourages the continual improvement of the environmental management system and also frequently assess, audit all systems, including alleviating any environmental impacts by closely monitoring water and air quality, noise level to assure the compliance with the law and applied to the ISO 14001. Such proactive performance allows the company to secure the certification ISO 9001:2000 for the quality management system and 14001:2004 for the environmental management system from the Management System Certification Institution (Thailand) (MASCI). Moreover, the company was recognized and awarded as an outstanding enterprise in the power industry that implements the appropriate prevention and mitigative measure in compliance with the environmental impact assessment reports and outstanding environmental management practice in the EIA Monitor Awards 2007 by the Ministry of Natural Resources and Environment on December 21, 2007.

Safety and Occupational Health Management As occupational health and safety are vital factor to working efficiently, the company therefore focuses on improving the quality of occupational health, safety, fire protection and suppression. The planned evacuation and fire drill is annually conducted and persons in charge of safety are assigned, such as committee of safety and sanitation, safety officer on supervisor level, first aid officers, etc. Moreover, the company steadily reviews any risk factors and risk management, and promotes activities in developing and enhancing employeeûs consciousness in sanitation and safety on regularly basis.

Drugs Prevention The company takes full responsibility to support the government policy in preventing and solving drug addict in the working place. The employees are trained and educated in drugs danger and offence. The company supports health check and random urine check. Various activities are provided to encourage employees utilizing their leisure time. As the result, the company has been qualified to a White Factory since July 21, 2004 till the present.

Human Resource Development The company recruits candidates based on the suitability of each position. The employeesû competences are assessed via performance evaluation program and then raised by both inside and outside trainings. The company also urges them on self-learning by providing various reference books and magazines in the company library.

πÕ°‡Àπ◊Õ®“°°“√æ—≤π“»—°¬¿“æ¢Õß∫ÿ§≈“°√ ∫√‘…∑— ‰¥â¥”‡π‘π°“√‡æ‘¡Ë §ÿ≥¿“æ·≈– ¿“æ·«¥≈âÕ¡°“√∑”ß“π °“√®—¥μ—ßÈ °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ ·≈– «— ¥‘°“√μà“ßÊ ‡æ◊ËÕ‡ªìπ¢«—≠·≈–°”≈—ß„®μàÕæπ—°ß“π π—∫ πÿπ°‘®°√√¡°’Ã“ ß“π√◊Ëπ‡√‘ß „π«—π ”§—≠μà“ßÊ ‡æ◊ËÕ‡ √‘¡ √â“ß§«“¡ —¡æ—π∏åÕ—π¥’√–À«à“ßæπ—°ß“π √«¡∂÷ß°“√®—¥π‘∑√√»°“√‡æ◊ËÕ‡º¬·æ√à§«“¡√Ÿâ‡°’Ë¬«°—∫ ª√–°—π —ß§¡ ¬“‡ æμ‘¥

°‘®°√√¡·≈–§«“¡√—∫º‘¥™Õ∫μàÕ —ß§¡ ë

‘Ëß·«¥≈âÕ¡·≈–°“√Õπÿ√—°…åæ≈—ßß“π πÕ°‡Àπ◊Õ®“°°“√π”√–∫∫°“√®—¥°“√ ‘Ëß·«¥≈âÕ¡μ“¡¡“μ√“∞“π ISO 14001:2004 ‡¢â“¡“ªØ‘∫—μ‘°“√„πæ◊Èπ∑’Ë ‚√ß‰øøÑ“ ∑—ÈßÀ¡¥ ‡æ◊ËÕ§«∫§ÿ¡º≈°√–∑∫∑—Èß∑“ßπÈ” Õ“°“» ·≈–‡ ’¬ß „Àâ¥’°«à“À√◊Õ‡ªìπ‰ªμ“¡‡°≥±å∑’Ë°”Àπ¥¢Õß°ÆÀ¡“¬·≈â« ∫√‘…—∑¬—ß„Àâ§«“¡ ”§—≠°—∫°“√Õ¬Ÿà√à«¡°—π°—∫™ÿ¡™π√Õ∫Ê ‚√ß‰øøÑ“ ·≈–¡’°“√¡’ à«π√à«¡ √â“ß‡ √‘¡ —ß§¡‚¥¬√«¡ ‚¥¬ „Àâ°“√ π—∫ πÿπ°‘®°√√¡™ÿ¡™πÕ¬à“ßμàÕ‡π◊ÕË ßÕ’°∑—ßÈ ‰¥â¡°’ “√ª≈Ÿ°Ωíß®‘μ ”π÷°∑’¥Ë ·’ ≈–§«“¡√—∫º‘¥™Õ∫μàÕ —ß§¡„Àâ·°àæπ—°ß“π °“√ª√—∫°≈¬ÿ∑∏å∑“ß∏ÿ√°‘®‡¢â“ Ÿ¿à “§°“√„™âæ≈—ßß“πÀ¡ÿπ‡«’¬π ‡æ◊ÕË ≈¥¿“«–‚≈°√âÕπμ“¡π‚¬∫“¬¢Õß√—∞ ‚¥¬∫√‘…∑— „Àâ°“√ π—∫ πÿππ‚¬∫“¬¢Õß√—∞Õ¬à“ß®√‘ß®—ß¡’°“√®—¥∑” ◊ÕË ª√–™“ —¡æ—π∏å√≥√ß§å √â“ß®‘μ ”π÷°æπ—°ß“π„π°“√ª√–À¬—¥æ≈—ßß“π √«¡∂÷ß°“√®—¥Õ∫√¡ —¡¡π“∫”√ÿß√—°…“√–∫∫‰øøÑ“‡æ◊ËÕ°“√ª√–À¬—¥æ≈—ßß“π„Àâ°—∫≈Ÿ°§â“¿“¬„π «πÕÿμ “À°√√¡‡§√◊Õ Àæ—≤πå-»√’√“™“

°“√»÷°…“ ∫√‘…∑— „Àâ°“√ π—∫ πÿπ·≈– àß‡ √‘¡°‘®°√√¡μà“ßÊ ·°à ∂“∫—π°“√»÷°…“‚¥¬μ≈Õ¥ ‡™àπ °“√¡Õ∫∑ÿπ°“√»÷°…“„Àâ°∫— π—°‡√’¬π ‡√’¬π¥’ ¡’§«“¡ª√–æƒμ‘¥’ À√◊Õ‡¥Á°¥âÕ¬‚Õ°“ °“√ π—∫ πÿπÕÿª°√≥å°’Ã“√«¡∑—ÈßÕÿª°√≥å∑’Ë‡°’Ë¬«¢âÕß°—∫°“√‡√’¬π °“√ Õπ °“√‡¢â“‰ª¡’ à«π√à«¡„π°“√®—¥ß“π«—π‡¥Á° ‡ªìπμâπ Õ’°∑—Èß¬—ß‰¥â‡ªî¥‚Õ°“ „Àâπ—°‡√’¬π·≈–π—°»÷°…“®“° ∂“∫—π μà“ßÊ ‡¢â“√—∫°“√Ωñ°ß“π„πÀ≈“¬ “¢“ ‡æ◊ËÕ„Àâπ—°‡√’¬π·≈–π—°»÷°…“‡À≈à“π’È ‰¥â‡√’¬π√Ÿâ·≈–¡’ª√– ∫°“√≥å®“°°“√∑”ß“π ®√‘ß„π ∂“πª√–°Õ∫°“√ πÕ°®“°π’È ¬—ß‡ªî¥‚Õ°“ „Àâ§≥–Õ“®“√¬å·≈–π—°»÷°…“®“° ∂“∫—πμà“ßÊ ‡¢â“‡¬’¬Ë ¡™¡°√–∫«π °“√º≈‘μ°√–· ‰øøÑ“·≈–‰ÕπÈ” ‡æ◊ËÕ‡ªìπ°“√‡æ‘Ë¡æŸπ§«“¡√Ÿâ·≈–ª√– ∫°“√≥å„Àâ·°à§≥–ºŸâ‡¢â“™¡

°‘®°√√¡Õ—π‡ªìπª√–‚¬™πåμàÕ —ß§¡·≈–™ÿ¡™π ∫√‘…—∑„Àâ°“√ π—∫ πÿπ¡Ÿ≈π‘∏‘ Õß§å°√ ¡“§¡·≈–Àπà«¬ß“π∑’Ë¥”‡π‘πß“π‡æ◊ËÕª√–‚¬™πåμàÕ —ß§¡ à«π√«¡¡“‚¥¬μ≈Õ¥ ‡æ◊ËÕ„ÀâÀπà«¬ß“π‡À≈à“π’È¬—ß§ß¥”‡π‘π°‘®°√√¡‡æ◊ËÕ “∏“√≥ª√–‚¬™πå ‰¥âÕ¬à“ßμàÕ‡π◊ËÕß ·≈–¬—ß„Àâ§«“¡ ”§—≠μàÕ °‘®°√√¡Õ—π‡ªìπª√–‚¬™πåμàÕ —ß§¡·≈–™ÿ¡™π ‚¥¬‡¢â“‰ª¡’ à«π√«¡„π°“√ π—∫ πÿπ°‘®°√√¡°“√¥”‡π‘πß“π¢Õß™ÿ¡™π ·≈–°“√·¢àß¢—π°’Ã“„Àâ°—∫™ÿ¡™π °“√√à«¡°—∫™ÿ¡™π„π°“√®—¥ß“πμ“¡ª√–‡æ≥’μà“ßÊ ‡æ◊ËÕ°“√ ◊∫ “π·≈–Õπÿ√—°…å «—≤π∏√√¡ª√–‡æ≥’ ‰∑¬ √«¡∑—Èß°“√√à«¡∑”πÿ∫”√ÿßæ√–æÿ∑∏»“ π“ ¥â«¬°“√√à«¡∑Õ¥°∞‘π ∑Õ¥ºâ“ªÉ“„Àâ°—∫«—¥„π ™ÿ¡™π„°≈â‡§’¬ß·≈–μ“¡™π∫∑μà“ßÊ ‡ªìπª√–®”∑ÿ°ªï

The company enhances not only develops the human resource development but also working environment and safety. Employeesû fringe benefits and provident fund are provided. The company also promotes the employees relationship by supporting sports and celebrations on appropriate occasions.

Corporate Social Responsibility ë

Environment and Energy Conservation In addition to the implementation of the environmental management system ISO 14001:2004 the company consistently motivates all its employee to be aware of the importance of the effective environment control and energy conservation. Moreover, the company also extends its business to cover renewable energy business which is a part of the governmentally supported global warming reduction program To support the government policy on energy conservation campaign, the company has set up various media and activities including energy conservation seminar to encourage employees and the customers located in the Sriracha Saha Group Industrial Park.

Education Recognizing the value of education, the company has given monetary supports to several academic institutions in various forms such as scholarships, sport wears and apparatus, etc. Moreover, the company allows students from colleges or institutions be trained in various field. The company also welcomes instructors and students group to visit the power plant to enrich their knowledge in electricity and steam production.

Social and Communities The company has allocated an annual budget to support foundation, organization, association, and others. The company takes participation and support any activities beneficially to local communities, such as Buddhism fostering, Kathin offering, leaving offerings for the priests at the nearby and rural temples.

√ÿªº≈ª√–°Õ∫°“√·≈–∞“π–∑“ß°“√‡ß‘π √ÿªº≈ª√–°Õ∫°“√·≈–∞“π–∑“ß°“√‡ß‘π º≈°“√¥”‡π‘πß“π ¢“¬ √“¬‰¥â√«¡ μâπ∑ÿπ¢“¬·≈–§à“∫√‘À“√¥”‡π‘π°“√ ¥Õ°‡∫’¬È ®à“¬ °”‰√°àÕπÀ—°¿“…’ ¿“…’‡ß‘π‰¥â °”‰√ ÿ∑∏‘ ∞“π–°“√‡ß‘π ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‘π∑√—æ¬å∂“«√ ‘π∑√—æ¬å√«¡ Àπ’ È π‘ À¡ÿπ‡«’¬π Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π ∑ÿπ‡√◊ÕπÀÿâπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ

2550 2,806,237 2,812,738 2,341,022 135,498 336,218 24,616 311,602

2549 2,812,044 2,825,137 2,321,742 134,722 368,673 654 368,019

803,869 4,115,124 4,918,993 619,817 2,408,100 955,000 1,891,075

946,160 4,216,383 5,162,543 639,470 2,657,100 955,000 1,865,973

(Àπà«¬ : æ—π∫“∑) 2548 2,407,157 2,409,154 2,000,058 96,197 312,899 0 312,899 847,442 4,215,933 5,063,375 489,620 2,884,800 955,000 1,688,955

Performance Summary and Financial Hightlights PERFORMANCE SUMMARY AND FINANCIAL HIGHTLIGHTS Operational Highlights Sales Total Revenues Cost of Sales and Expenses Interest Earning Before Tax Income Tax Net Income Financial Highlights Current Assets Fixed Assets Total Assets Current Liabilities Non-Current Liabilities Share Capital Fully Paid Shareholders没 Equity

2007 2,806,237 2,812,738 2,341,022 135,498 336,218 24,616 311,602

2006 2,812,044 2,825,137 2,321,742 134,722 368,673 654 368,019

803,869 4,115,124 4,918,993 619,817 2,408,100 955,000 1,891,075

946,160 4,216,383 5,162,543 639,470 2,657,100 955,000 1,865,973

(Unit : Baht 霉000) 2005 2,407,157 2,409,154 2,000,058 96,197 312,899 0 312,899 847,442 4,215,933 5,063,375 489,620 2,884,800 955,000 1,688,955

Õ—μ√“ à«π∑“ß°“√‡ß‘π μ“√“ß· ¥ßÕ—μ√“ à«π∑“ß°“√‡ß‘π Õ—μ√“ à«π ¿“æ§≈àÕß Õ—μ√“ à«π ¿“æ§≈àÕß Õ—μ√“ à«π ¿“æ§≈àÕßÀ¡ÿπ‡√Á« Õ—μ√“ à«π ¿“æ§≈àÕß°√–· ‡ß‘π ¥ Õ—μ√“ à«πÀ¡ÿπ‡«’¬π≈Ÿ°Àπ’È°“√§â“ √–¬–‡«≈“‡°Á∫Àπ’È‡©≈’Ë¬ Õ—μ√“ à«πÀ¡ÿπ‡«’¬π ‘π§â“§ß‡À≈◊Õ √–¬–‡«≈“¢“¬ ‘π§â“‡©≈’Ë¬ Õ—μ√“ à«πÀ¡ÿπ‡«’¬π‡®â“Àπ’È √–¬–‡«≈“™”√–Àπ’È √Õ∫‡«≈“‡ß‘π ¥ Õ—μ√“ à«π· ¥ß§«“¡ “¡“√∂„π°“√À“°”‰√ Õ—μ√“°”‰√¢—Èπμâπ Õ—μ√“°”‰√®“°°“√¥”‡π‘πß“π Õ—μ√“°”‰√Õ◊Ëπ Õ—μ√“ à«π‡ß‘π ¥μàÕ°“√∑”°”‰√ Õ—μ√“°”‰√ ÿ∑∏‘ Õ—μ√“º≈μÕ∫·∑πºŸâ∂◊ÕÀÿâπ Õ—μ√“ à«π· ¥ßª√– ‘∑∏‘¿“æ„π°“√¥”‡π‘πß“π Õ—μ√“º≈μÕ∫·∑π®“° ‘π∑√—æ¬å Õ—μ√“º≈μÕ∫·∑π®“° ‘π∑√—æ¬å∂“«√ Õ—μ√“À¡ÿπ‡«’¬π¢Õß ‘π∑√—æ¬å Õ—μ√“ à«π«‘‡§√“–Àåπ‚¬∫“¬∑“ß°“√‡ß‘π Õ—μ√“ à«πÀπ’È ‘πμàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ Õ—μ√“ à«π§«“¡ “¡“√∂™”√–¥Õ°‡∫’È¬ Õ—μ√“°“√®à“¬‡ß‘πªíπº≈

2550 1.30 1.06 1.00 7.57 47.58 7.51 47.91 -0.33

2549 1.48 1.24 1.41 7.79 46.19 10.56 34.08 12.11

2548 1.73 1.42 0.24 7.37 48.87 16.33 22.04 26.83

‡∑à“ ‡∑à“ ‡∑à“ ‡∑à“ «—π «—π «—π ‡∑à“ «—π «—π

20.99 16.81 0.23 132.97 11.08 16.59

20.68 17.90 0.46 158.36 13.03 20.70

19.82 17.00 0.08 29.40 12.99 18.81

% % % % % %

6.18 13.27 0.56

7.20 14.20 0.55

6.58 12.28 0.51

% % ‡∑à“

1.60 5.45 91.94

1.77 6.92 51.90

2.00 2.11 83.93

‡∑à“ ‡∑à“ %

Financial Ratio Financial Ratio Table LIQUIDITY RATIO Current Ratio Quick Ratio Current Cash Flow Ratio Accounts Receivable Turnover Average Collec tion Period Inventory Turnover Ratio Inventory Turn over Period Accounts Pay able Turnover Payment Period Cash Cycle PROFITABILITY RATIO Gross Profit Operating Profit Other Profit Operating Cash Flow Turnover Net profit Return on Equity EFFICIENCY RATIO Return on Total Asset Return on Fixed Asset Total Asset Turnover FINANCIAL POLICY RATIO Debt to Equity Interest Coverage Payout Ratio

2007 1.30 1.06 1.00 7.57 47.58 7.51 47.91 -0.33

2006 1.48 1.24 1.41 7.79 46.19 10.56 34.08 12.11

2005 1.73 1.42 0.24 7.37 48.87 16.33 22.04 26.83

time time time time days days days time days days

20.99 16.81 0.23 132.97 11.08 16.59

20.68 17.90 0.46 158.36 13.03 20.70

19.82 17.00 0.08 29.40 12.99 18.81

% % % % % %

6.18 13.27 0.56

7.20 14.20 0.55

6.58 12.28 0.51

% % time

1.60 5.45 91.94

1.77 6.92 51.90

2.00 2.11 83.93

time time %

§”Õ∏‘∫“¬·≈–«‘‡§√“–Àåº≈°“√¥”‡π‘πß“π ·≈–∞“π–°“√‡ß‘π „π°“√«‘‡§√“–Àå∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π¢Õß∫√‘…∑— ·≈–∫√‘…∑— ¬àÕ¬ „™âß∫°“√‡ß‘π„π°“√«‘‡§√“–Àå‡ª√’¬∫‡∑’¬∫ °—∫ªï 2549 ‚¥¬¡’√“¬≈–‡Õ’¬¥º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ¥—ßπ’È (√“¬≈–‡Õ’¬¥‡æ‘Ë¡‡μ‘¡„πß∫°“√‡ß‘π·π∫∑â“¬ ·≈–·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈ª√–®”ªï 2550 (·∫∫ 56-1))

1. º≈°“√¥”‡π‘πß“π 1.1 ¿“æ√«¡¢Õßº≈°“√¥”‡π‘πß“π∑’Ëºà“π¡“ „πªï 2550 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’√“¬‰¥â√«¡ 2,813 ≈â“π∫“∑ ≈¥≈ß 12 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 0.44 ‡¡◊ËÕ‡∑’¬∫ °—∫ªï 2549 ¡’ “‡ÀμÿÀ≈—°®“°Õ—μ√“§à“‰øøÑ“‡√’¬°‡°Á∫®“°°“√‰øøÑ“ΩÉ“¬º≈‘μ·Ààßª√–‡∑»‰∑¬≈¥≈ßμ“¡°“√·¢Áß§à“ ¢Õß‡ß‘π∫“∑ ·≈–®“°√“¬‰¥âÕ◊ËπÊ ‰¥â·°à ¥Õ°‡∫’È¬√—∫≈¥≈ß ¡’μâπ∑ÿπ¢“¬·≈–§à“∫√‘À“√√«¡ 2,341 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ 20 ≈â“π∫“∑ §‘¥‡ªìπ√âÕ¬≈– 0.82 ‡ªìπº≈®“°°“√‡æ‘Ë¡¢Õß√“§“°ä“´∏√√¡™“μ‘‡ªìπÀ≈—° ¡’¿“…’‡ß‘π‰¥âπ‘μ‘∫ÿ§§≈ ‡æ‘Ë¡¢÷Èπ 24 ≈â“π∫“∑ ‡π◊ËÕß®“° ‘∑∏‘ª√–‚¬™πå∑“ß¥â“π¿“…’ ‚§√ß°“√∑’Ë 1 ‘Èπ ÿ¥≈ß‡¡◊ËÕ«—π∑’Ë 16 ¡’π“§¡ 2550 ∑”„Àâ∫√‘…—∑¡’°”‰√ ÿ∑∏‘À≈—ßÀ—°¿“…’‡ß‘π‰¥âπ‘μ‘∫ÿ§§≈μ“¡ß∫°“√‡ß‘π√«¡ √«¡∑—Èß ‘Èπ 311.6 ≈â“π∫“∑ ≈¥≈ß 56.4 ≈â“π∫“∑ §‘¥‡ªìπ√âÕ¬≈– 15.33 1.2 º≈°“√¥”‡π‘πß“π∑’Ëºà“π¡“¢Õß·μà≈–º≈‘μ¿—≥±å ë √“¬‰¥â®“°°“√¢“¬ ®“°¿“«–‡ß‘π‡À√’¬≠ À√—∞Õ‡¡√‘°“√ÕàÕπ§à“≈ß ∑”„Àâ‡ß‘π∫“∑·¢Áß§à“¢÷Èπª√–¡“≥ 4 ∫“∑μàÕ 1 ‡À√’¬≠ À√—∞Õ‡¡√‘°“ ‡¡◊ËÕ‡∑’¬∫°—∫ªï 2549 àßº≈„Àâ√“¬‰¥â®“°§à“æ≈—ß‰øøÑ“´÷Ëß®–·ª√μ“¡Õ—μ√“·≈°‡ª≈’Ë¬π °ÿ≈‡ß‘π À√—∞Õ‡¡√‘°“≈¥≈ß 30 ≈â“π∫“∑ Õ¬à“ß‰√°Áμ“¡√“¬‰¥â®“°§à“æ≈—ßß“π‰øøÑ“ ·≈–§à“‰ÕπÈ”‡æ‘Ë¡¢÷Èπ ∑”„Àâ ∫√‘…—∑¡’√“¬‰¥â®“°°“√¢“¬√«¡ 2,806 ≈â“π∫“∑ ≈¥≈ß‡æ’¬ß 5.8 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 0.21 ‡¡◊ËÕ‡∑’¬∫°—∫ªï 2549 ë

√“¬‰¥âÕπ◊Ë „πªï2550 ¡’°“√„™â‡ß‘π„π°“√≈ß∑ÿπ‡æ◊ÕË ¢¬“¬∏ÿ√°‘® ·∑π°“√≈ß∑ÿπ√–¬– —πÈ „πæ—π∏∫—μ√ ∑”„Àâ√“¬‰¥âÕπ◊Ë Ê ‰¥â·°à ¥Õ°‡∫’È¬√—∫ ·≈–Õ◊ËπÊ ≈¥≈ß®“°ªï 2549 √«¡ 6.5 ≈â“π∫“∑

μâπ∑ÿπ·≈–§à“„™â®à“¬ ·¡â«“à √“§“°ä“´®–‡æ‘¡Ë Ÿß¢÷πÈ ·μà¡°’ “√∫√‘À“√μâπ∑ÿπ¢“¬„π à«πÕ◊πË Ê ‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ “¡“√∂≈¥μâπ∑ÿπ ¢“¬‡À≈◊Õ 2,217 ≈â“π∫“∑ ‡ªìπ°“√≈¥≈ß®“°ªï°àÕπ 13 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 0.60 à«π§à“„™â®à“¬∫√‘À“√ ‡μ‘∫‚μ¢÷Èπ‡ªìπ®”π«π‡ß‘π 32 ≈â“π∫“∑§‘¥‡ªìπ√âÕ¬≈– 35 ‚¥¬‡ªìπ à«π¢Õß°“√∫√‘À“√®—¥°“√ß“π«‘®—¬·≈– æ—≤π“‚§√ß°“√æ≈—ßß“πÀ¡ÿπ‡«’¬π¢Õß∫√‘…—∑¬àÕ¬ 21 ≈â“π∫“∑ „πªï 2550 ∫√‘…—∑¡’¿“√–¿“…’‡ß‘π‰¥âπ‘μ‘∫ÿ§§≈‡ªìπ®”π«π‡ß‘π 24.62 ≈â“π∫“∑ ‡π◊ËÕß®“° ‘∑∏‘¬°‡«âπ∑“ß¿“…’ ®“°°“√ àß‡ √‘¡°“√≈ß∑ÿπ¢Õß∫√‘…—∑ ‚§√ß°“√∑’Ë 1 ‰¥â ‘Èπ ÿ¥≈ß‡¡◊ËÕ«—π∑’Ë 16 ¡’π“§¡ 2550

°”‰√ ∫√‘…—∑¡’°”‰√®“°°“√¥”‡π‘πß“π‡ªìπ®”π«π 471 ≈â“π∫“∑ ≈¥≈ß 32 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 6.29 ‚¥¬ ¡’ “‡ÀμÿÀ≈—°®“°§à“∫√‘À“√®—¥°“√¢Õß∫√‘…—∑¬àÕ¬∑’Ë‡æ‘Ë¡¢÷Èπ ·≈–√“¬‰¥â¥Õ°‡∫’È¬√—∫®“°‡ß‘π≈ß∑ÿπ√–¬– —Èπ„π æ—π∏∫—μ√≈¥≈ßμ“¡∑’Ë ‰¥â°≈à“«¢â“ßμâπ

Operational and Financial Analysis This analysis is based on the consolidated financial statements 2007 in comparing to the 2006 year. The details of the company and its subsidiaryûs financial performance are as described in the audited financial statement herein and the annual statement (Form 56-1).

1. Results of the Operations 1.1 Overview of Operations in the previous year In the year 2007, the revenue of the company and its subsidiary totaled Baht 2,813 million, a decrease of Baht 12 million or 0.44% mainly resulted from lessen electricity capacity charges from EGAT due to the Baht appreciation across the year and the lower interest income from reduced short term investment. The cost of sales and administrative expenses amounted Baht 2,341 million which is Baht 20 million equal to 0.82% higher than the previous year due to the escalation of the fuel gas price. In addition, the company incurred Baht 24 million for cooperate income tax due to the expiration on the corporate income tax exemption for the plant phase 1 on March 16, 2007. The net profit for the 2007 year was Baht 311.16 million, a decrease of Baht 56.4 million or 15.33% due to the above reasons. 1.2 Operation result of Product Units ë Revenues from Sales In consequence with the US dollars depreciation, the Baht appreciated against the US dollars across the year by 4 Baht per US dollars and resulted in the reduction of the EGAT Capacity revenues by Baht 30 million. However, the total revenue after accumulated with the incremental revenues from selling electricity and steam was totaled Baht 2,806 million, which decreased only Baht 5.8 million, or 0.21%. ë Other Revenues The lower short term investment resulted in a decrease of interest income Baht 6.5 million lower from the year 2006. ë Cost and Expenses In spite of the significant increase of the fuel price the other cost of sales were effectively controlled so that the incremental cost became avoidable. The cost amounted Baht 2,217 million in the year 2007, a decrease of Baht 13 million or 0.60%. However, the administration expenses was up to Baht 32 million, or 35% mainly due to the inclusion of the business development expenses of the subsidiary amount of Baht 21 million. In addition, the company incurred the corporate income tax totaling Baht 24.62 million since the BOI tax previlege for the 1st phase project was expired on March 16, 2007. ë Gross Profit In 2007, total earning from operation was Baht 471 million, a decrease of Baht 32 million, or 6.29% due to the above mentioned factors.

2. ∞“π–°“√‡ß‘π ë

‘π∑√—æ¬å : ≥ «—π∑’Ë 31 ∏—π«“§¡ 2550 ∫√‘…—∑¡’ ‘π∑√—æ¬å√«¡®”π«π 4,919 ≈â“π∫“∑ ≈¥≈ß®”π«π 244 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 0.05 ‡ªìπ°“√≈¥≈ßμ“¡§à“‡ ◊ÕË ¡√“§“Õ“§“√·≈–Õÿª°√≥å 168 ≈â“π∫“∑ ·≈–°“√≈¥‡ß‘π≈ß∑ÿπ™—«Ë §√“« „πæ—π∏∫—μ√ ‡æ◊ËÕ°“√™”√–§◊π‡ß‘π°Ÿâ

Àπ’È ‘π : ∫√‘…—∑Àπ’È ‘π√«¡ 3,028 ≈â“π∫“∑ ≈¥≈ß 269 ≈â“π∫“∑ §‘¥‡ªìπ√âÕ¬≈– 0.08 ®“°°“√™”√–§◊π‡ß‘π°Ÿâ √–¬–¬“« ÿ∑∏‘®“° à«π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï≈¥≈ß·≈–®à“¬§◊π‡ß‘πª√–°—πº≈ß“π∑’Ë∂÷ß°”Àπ¥

à«π¢ÕßºŸâ∂◊ÕÀÿâπ : ¡’ à«π¢ÕßºŸâ∂◊ÕÀÿâπ√«¡ 1,891 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ 25 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 0.01 ®“°°”‰√ – ¡∑’Ë‡æ‘Ë¡¢÷Èπ

3. ¿“æ§≈àÕß ë

°√–· ‡ß‘π ¥ : ¡’°√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π√«¡ 627 ≈â“π∫“∑ ≈¥≈ß 170 ≈â“π∫“∑À√◊Õ√âÕ¬≈– 21.32 ‡π◊ËÕß®“°‡®â“Àπ’È°“√§â“√«¡≈¥≈ß 192 ≈â“π∫“∑ àßº≈„Àâ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥∑—Èßªï≈¥≈ß 285 ≈â“π∫“∑ ≈¥≈ß 26 ≈â“π∫“∑À√◊Õ√âÕ¬≈– 8.38 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2549

Õ—μ√“ à«π ¿“æ§≈àÕß : ¡’ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π√«¡ 804 ≈â“π∫“∑ ≈¥≈ß 142 ≈â“π∫“∑À√◊Õ√âÕ¬≈– 0.15 “‡Àμÿ À≈—°®“°°“√≈¥°“√≈ß∑ÿπ™—Ë«§√“«„πæ—π∏∫—μ√ Àπ’È ‘πÀ¡ÿπ‡«’¬π¡’®”π«π√«¡ 620 ≈â“π∫“∑ ≈¥≈ß 20 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 0.03 ®“°°“√™”√–§◊π‡ß‘πª√–°—πº≈ß“π°“√°àÕ √â“ß °“√‡ª≈’Ë¬π·ª≈ß ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π·≈–Àπ’È ‘πÀ¡ÿπ‡«’¬π àßº≈„ÀâÕ—μ√“ à«π ¿“æ§≈àÕß≈¥≈ß®“° 1.48 ‡∑à“„πªï 2549 ‡À≈◊Õ 1.30 „πªï 2550

4. ª√– ‘∑∏‘¿“æ„π°“√¥”‡π‘πß“π ∫√‘…—∑¡’Õ—μ√“º≈μÕ∫·∑π®“° ‘π∑√—æ¬å 6.18% ‡∑’¬∫°—∫ 7.20% ¢Õßªï 2549 Õ—μ√“º≈μÕ∫·∑π®“° ‘π∑√—æ¬å∂“«√ 13.27% ‡∑’¬∫°—∫ 14.20% ¢Õßªï 2549 ‡ªìπ°“√‡ª≈’Ë¬π·ª≈ßμ“¡°”‰√ ÿ∑∏‘∑’Ë≈¥≈ß ·≈–Õ—μ√“À¡ÿπ¢Õß ‘π∑√—æ¬å 0.56 ‡∑à“ ‡ª≈’Ë¬π·ª≈ß‡≈Á°πâÕ¬ μ“¡ —¥ à«π√“¬‰¥â ®“°Õ—μ√“ 0.55 ¢Õßªï 2549

2. Financial Status ë

ë ë

Assets : On 31 December 2007, the total assets of the company amounted to Baht 4,919 million, a decrease of Baht 244 million or 0.05% resulted from the plant depreciated value amount of Baht 168 million and the reduction of the short term investment. Liabilities : The total liabilities amounted to Baht 3,028 million Baht, a decrease of Baht 269 million which is 0.08% lower than 2007 figures resulted from the repayment of the long term loan. Shareholdersû Equity : Shareholdersû equity totaled Baht1,891 million, a rise of Baht 25 million or 0.01% from the previous year. The rise resulted from an increase in retained earnings.

3. Liquidity ë

Cash Flow : The Company had net cash from operating activities of Baht 627 million, which was Baht 170 million or 21.32% lower than the previous year due to the reduction of trade account payable amount of Baht 192 million. The cash at the end of 2007 year was reduced to Baht 285 million, decreasing by Baht 26 million or 8.38% from the previous year. Liquidity Ratio : In 2007, the current assets amounted Baht 804 million Baht, which was Baht 142 million, or 0.15% lower than the previous year mainly caused by the reduction in the short term investment. However, the current liability was Baht 620 million which was Baht 20 million or 0.03% lower than the previous year due to the remittance of construction retention. The changes in the current asset and current liability resulted in the decrease of current ratio from 1.48 in the year 2006 to 1.30 in 2007.

4. Effectiveness Due to the reduction in the net profit the return on total assets reduced from 7.20% of 2006 to 6.18%, and the return on fixed assets was 13.27% slightly lower than 14.20% of the previous. The total assets turnover was 0.56 times against 0.55 times of the previous year.

√“¬ß“π§«“¡√—∫º‘¥™Õ∫ ¢Õß§≥–°√√¡°“√μàÕ√“¬ß“π∑“ß°“√‡ß‘π §≥–°√√¡°“√∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ‡ªìπºŸâ√—∫º‘¥™Õ∫ß∫°“√‡ß‘π¢Õß∫√‘…—∑ ·≈–∫√‘…—∑¬àÕ¬ ∑’Ëπ”¡“ ®—¥∑”ß∫°“√‡ß‘π√«¡ ·≈–√«¡∂÷ß¢âÕ¡Ÿ≈ “√ π‡∑»∑“ß°“√‡ß‘π∑’Ëª√“°Ø„π√“¬ß“πª√–®”ªï ´÷Ëß‰¥â®—¥∑”¢÷Èπμ“¡À≈—°°“√∫—≠™’ ∑’Ë√—∫√Õß∑—Ë«‰ª¿“¬„μâæ√–√“™∫—≠≠—μ‘°“√∫—≠™’ æ.». 2547 ·≈–μ“¡¢âÕ°”Àπ¥¢Õß§≥–°√√¡°“√°“√°”°—∫À≈—°∑√—æ¬å·≈– μ≈“¥À≈—°∑√—æ¬å ‚¥¬‰¥â¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈Õ¬à“ß‡æ’¬ßæÕ·≈–∂Ÿ°μâÕß§√∫∂â«π„π “√– ”§—≠∑ÿ°ª√–°“√ πÕ°®“°π’È §≥–°√√¡°“√∫√‘…∑— ¬—ß‰¥â®¥— „Àâ¡√’ –∫∫∫√‘À“√§«“¡‡ ’¬Ë ß ·≈–√–∫∫§«∫§ÿ¡¿“¬„π∑’‡Ë À¡“– ¡·≈–¡’ª√– ‘∑∏‘º≈ ‡æ◊ËÕªÑÕß°—π‰¡à „Àâ‡°‘¥§«“¡‡ ’Ë¬ß®“°°“√¥”‡π‘πß“πÀ√◊Õ°“√¥”‡π‘π°“√∑’Ëº‘¥ª°μ‘Õ¬à“ß¡’ “√– ”§—≠ ¡’°“√√–∫∫ªÑÕß°—π·≈– ¥Ÿ·≈√—°…“∑√—æ¬å ‘π∑’Ë¥’ ·≈–√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π´÷ËßÕ“®∑”„Àâ‡°‘¥§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå‡ªìπ√“¬°“√®√‘ß∑“ß°“√§â“ Õ—π‡ªìπ∏ÿ√°‘®ª°μ‘∑—Ë«‰ªÕ¬à“ß ¡‡Àμÿ ¡º≈·≈–‡ªìπª√–‚¬™πå Ÿß ÿ¥ §≥–°√√¡°“√∫√‘…—∑μ√–Àπ—°∂÷ß§«“¡ ”§—≠¢Õßß∫°“√‡ß‘π ·≈–√“¬°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑ ®÷ß‰¥â·μàßμ—Èß §≥–°√√¡°“√μ√«® Õ∫‡ªìπºŸ¥â ·Ÿ ≈‡°’¬Ë «°—∫§ÿ≥¿“æ¢Õßß∫°“√‡ß‘π ·≈–√“¬°“√§«∫§ÿ¡¿“¬„π ¥—ß§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√ μ√«® Õ∫´÷Ëß· ¥ß‰«â „π√“¬ß“π¢Õß§≥–°√√¡°“√μ√«® Õ∫ª√–®”ªï·≈â« ¥—ßπ—Èπ §≥–°√√¡°“√∫√‘…—∑ ®÷ß¡’§«“¡‡ÀÁπ«à“ √–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑ ‚¥¬√«¡Õ¬Ÿà „π√–¥—∫∑’Ëπà“æÕ„® ·≈– “¡“√∂ √â“ß§«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àμÿº≈μàÕ§«“¡‡™◊ËÕ∂◊Õ‰¥â¢Õßß∫°“√‡ß‘π¢Õß∫√‘…—∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2550 ´÷Ëß ºŸâμ√«® Õ∫∫—≠™’¢Õß∫√‘…—∑ ‰¥âμ√«® Õ∫μ“¡¡“μ√∞“π°“√ Õ∫∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ·≈–· ¥ß§«“¡‡ÀÁπ«à“ß∫°“√‡ß‘π¢Õß ∫√‘…—∑· ¥ß∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π·≈–°√–· ‡ß‘π ¥‚¥¬∂Ÿ°μâÕßμ“¡∑’Ë§«√„π “√– ”§—≠ μ“¡À≈—°°“√∫—≠™’ ∑’Ë√—∫√Õß∑—Ë«‰ª

æ≈‡√◊Õ‡Õ° Õπÿ™‘μ ‡¿°–π—π∑πå ª√–∏“π°√√¡°“√

π“¬«‘‚√®πå ∏’√«—≤πå«“∑’ °√√¡°“√ºŸ®â ¥— °“√

Report on the Board of Directors没 Responsibility on Financial Statements The Board of Directors takes responsibility for the financial statements of the company and its subsidiary being consolidated, including other financial information shown on this annual report. The financial statements shall duly represent its financial status, performance, results, and cash flow position, in an adequate and reliable manner, in compliance with general accepted accounting principles under the Accounting Ace B.E. 2543 (2000) and requirements of the Securities and Exchange Commission, including transparently disclosure of sufficient information in the notes section of the financial statements. The Board of Directors also has a risk management policy and efficiently implements its internal control system in order to protect against fraud and irregularity transaction. The company没s assets are properly safeguarded and any related transactions, which might be the conflict of interests, are recorded accurately and be a normal and reasonable business practice price as well as being the most beneficial to the company. The Board of Directors recognizes the importance of the company financial statements and internal control system. For this respect, the Board of Directors has appointed an Audit Committee to oversee the quality of the financial statements and the company internal control system, including the risk management. These comments have already been shown in the Report of the Audit Committee in this annual report. The financial statements of the company and its subsidiary being consolidated have been verified by Ernst & Young Office Limited, in which the Board of Directors has supported all appropriated information and documents with the chosen accounting policy to the auditor. The auditor has reported their examination as shown on the report of the independent auditor in this annual report. The Board of Directors agrees that the company没s internal control system is deemed adequate and appropriate and brings confidence in the reliability of the financial statements of the company and its subsidiary being consolidated for the period ending December 31, 2007 which the auditor has verified and given the opinion that the consolidated and the company没s financial statements present fairly in all material respects in accordance with generally accepted accounting principles.

Admiral (Anuchit Bekanan) Chairman

(Mr. Viroj Theeravatvatee) Managing Director

√“¬ß“πºŸâμ√«® Õ∫∫—≠™’√—∫Õπÿ≠“μ √“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“μ ‡ πÕμàÕºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ¢â“æ‡®â“‰¥âμ√«® Õ∫ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2550 ·≈– 2549 ß∫°”‰√¢“¥∑ÿπ√«¡ ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ√«¡·≈–ß∫°√–· ‡ß‘π ¥√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·μà≈–ªï¢Õß∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–‰¥âμ√«® Õ∫ß∫°“√‡ß‘π‡©æ“–°‘®°“√¢Õß∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ¥â«¬‡™àπ°—π ´÷ËßºŸâ∫√‘À“√¢Õß°‘®°“√‡ªìπºŸâ√—∫º‘¥™Õ∫μàÕ§«“¡∂Ÿ°μâÕß·≈–§√∫∂â«π¢Õß¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π‡À≈à“π’È à«π¢â“æ‡®â“ ‡ªìπºŸâ√—∫º‘¥™Õ∫„π°“√· ¥ß§«“¡‡ÀÁπμàÕß∫°“√‡ß‘π¥—ß°≈à“«®“°º≈°“√μ√«® Õ∫¢Õß¢â“æ‡®â“ ¢â“æ‡®â“‰¥âªØ‘∫—μ‘ß“πμ√«® Õ∫μ“¡¡“μ√∞“π°“√ Õ∫∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª´÷Ëß°”Àπ¥„Àâ¢â“æ‡®â“μâÕß«“ß·ºπ·≈– ªØ‘∫—μ‘ß“π‡æ◊ËÕ„Àâ ‰¥â§«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àμÿº≈«à“ß∫°“√‡ß‘π· ¥ß¢âÕ¡Ÿ≈∑’Ë¢—¥μàÕ¢âÕ‡∑Á®®√‘ßÕ—π‡ªìπ “√– ”§—≠À√◊Õ‰¡à °“√μ√«® Õ∫√«¡∂÷ß°“√„™â«‘∏’°“√∑¥ Õ∫À≈—°∞“πª√–°Õ∫√“¬°“√∑—Èß∑’Ë‡ªìπ®”π«π‡ß‘π·≈–°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π °“√ª√–‡¡‘π§«“¡‡À¡“– ¡¢ÕßÀ≈—°°“√∫—≠™’∑’Ë°‘®°“√„™â·≈–ª√–¡“≥°“√‡°’Ë¬«°—∫√“¬°“√∑“ß°“√‡ß‘π∑’Ë‡ªìπ “√– ”§—≠ ´÷ßË ºŸ∫â √‘À“√‡ªìπºŸ®â ¥— ∑”¢÷πÈ μ≈Õ¥®π°“√ª√–‡¡‘π∂÷ß§«“¡‡À¡“– ¡¢Õß°“√· ¥ß√“¬°“√∑’πË ”‡ πÕ„πß∫°“√‡ß‘π‚¥¬√«¡ ¢â“æ‡®â“ ‡™◊ËÕ«à“°“√μ√«® Õ∫¥—ß°≈à“«„Àâ¢âÕ √ÿª∑’Ë‡ªìπ‡°≥±åÕ¬à“ß‡À¡“– ¡„π°“√· ¥ß§«“¡‡ÀÁπ¢Õß¢â“æ‡®â“ ¢â“æ‡®â“‡ÀÁπ«à“ ß∫°“√‡ß‘π¢â“ßμâππ’È· ¥ß∞“π–°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2550 ·≈– 2549 º≈°“√¥”‡π‘πß“π ·≈–°√–· ‡ß‘π ¥ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·μà≈–ªï¢Õß∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈– ‡©æ“–¢Õß∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ‚¥¬∂Ÿ°μâÕßμ“¡∑’Ë§«√„π “√– ”§—≠μ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª

∑‘æ«—≈¬å π“π“πÿ«—≤πå ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“μ ‡≈¢∑–‡∫’¬π 3459

∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ °√ÿß‡∑æœ: 19 °ÿ¡¿“æ—π∏å 2551

Report of Independent Auditor Report of Independent Auditor To the Shareholders of Sahacogen (Chonburi) Public Company Limited I have audited the accompanying consolidated balance sheets of Sahacogen (Chonburi) Public Company Limited and its subsidiary as at 31 December 2007 and 2006, the related consolidated statements of income, changes in shareholders没 equity and cash flows for the years then ended, and the separate financial statements of Sahacogen (Chonburi) Public Company Limited for the same periods. These financial statements are the responsibility of the Company没s management as to their correctness and the completeness of the presentation. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sahacogen (Chonburi) Public Company Limited and its subsidiary and of Sahacogen (Chonburi) Public Company Limited as at 31 December 2007 and 2006, the results of their operations, and cash flows for the years then ended, in accordance with generally accepted accounting principles.

Thipawan Nananuwat Certified Public Accountant (Thailand) No. 3459

Ernst & Young Office Limited Bangkok: 19 February 2008

ß∫¥ÿ≈ ∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2550 ·≈– 2549 (Àπà«¬: ∫“∑) ß∫°“√‡ß‘π√«¡ 2550 2549

À¡“¬‡Àμÿ ‘π∑√—æ¬å ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘π≈ß∑ÿπ™—Ë«§√“« - À≈—°∑√—æ¬å‡æ◊ËÕ§â“ ≈Ÿ°Àπ’È°“√§â“ ≈Ÿ°Àπ’È°“√§â“ - ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ≈Ÿ°Àπ’ÈÕ◊Ëπ - ∫√‘…—∑¬àÕ¬ Õ–‰À≈à·≈–«— ¥ÿ§ß‡À≈◊Õ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ §à“„™â®à“¬≈à«ßÀπâ“ ¿“…’¡Ÿ≈§à“‡æ‘Ë¡√Õ√—∫§◊π √“¬‰¥â§â“ß√—∫ Õ◊πË Ê √«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ √«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ μâπ∑ÿπ°“√ª≈Ÿ°æ◊™æ≈—ßß“π ‘π∑√—æ¬å ‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ √«¡ ‘π∑√—æ¬å ‰¡àÀ¡ÿπ‡«’¬π √«¡ ‘π∑√—æ¬å

5 5,6 6

7 8

284,670,542 563,585 278,229,451 96,059,933 131,716,248

310,703,719 112,152,594 276,809,760 90,760,671 125,699,302

239,402,960 563,585 278,229,451 96,059,933 129,953,504

177,079,710 112,152,594 276,809,760 90,760,671 8,100,343 124,597,932

6,163,718 138,567 6,000,000 326,667 12,628,952 803,868,711

19,153,367 8,572,891 2,204,366 103,820 30,034,444 946,160,490

6,163,718 6,000,000 225,198 12,388,916 756,598,349

18,212,321 2,204,366 29,422 20,446,109 809,947,119

4,089,580,520 23,639,068 1,904,573 4,115,124,161 4,918,992,872

À¡“¬‡Àμÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

ß∫°“√‡ß‘π‡©æ“–°‘®°“√ 2550 2549

- 249,999,930 249,999,930 4,215,497,882 3,922,354,514 4,090,649,266 885,165 1,904,573 885,165 4,216,383,047 4,174,259,017 4,341,534,361 5,162,543,537 4,930,857,366 5,151,481,480

Balance Sheets SAHACOGEN (CHONBURI) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARY AS AT 31 DECEMBER 2007 AND 2006 (Unit: Baht)

Note ASSETS CURRENT ASSETS Cash and cash equivalents Current investments - securities held for trading Trade accounts receivable Trade accounts receivable related company Other receivable - subsidiary Spare parts and supplies Other current assets Prepaid expenses Value added tax refundable Accrued income Others Total other current assets TOTAL CURRENT ASSETS NON-CURRENT ASSETS Investment in subsidiary Property, plant and equipment - net Project cost of energy plant farming Other non-current assets TOTAL NON-CURRENT ASSETS TOTAL ASSETS

Consolidated financial statements 2007 2006

Separate financial statements 2007 2006

284,670,542 563,585

310,703,719 112,152,594

239,402,960 563,585

177,079,710 112,152,594

5 5,6

278,229,451 96,059,933

276,809,760 90,760,671

278,229,451 96,059,933

276,809,760 90,760,671

131,716,248

125,699,302

129,953,504

8,100,343 124,597,932

6,163,718 138,567 6,000,000 326,667 12,628,952 803,868,711

19,153,367 8,572,891 2,204,366 103,820 30,034,444 946,160,490

6,163,718 6,000,000 225,198 12,388,916 756,598,349

18,212,321 2,204,366 29,422 20,446,109 809,947,119

7 8

4,089,580,520 23,639,068 1,904,573 4,115,124,161 4,918,992,872

- 249,999,930 249,999,930 4,215,497,882 3,922,354,514 4,090,649,266 885,165 1,904,573 885,165 4,216,383,047 4,174,259,017 4,341,534,361 5,162,543,537 4,930,857,366 5,151,481,480

The accompanying notes are an integral part of the financial statements.

ß∫¥ÿ≈ (μàÕ) ∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2550 ·≈– 2549 (Àπà«¬: ∫“∑) ß∫°“√‡ß‘π√«¡ 2550 2549

À¡“¬‡Àμÿ Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ Àπ’È ‘πÀ¡ÿπ‡«’¬π ‡®â“Àπ’°È “√§â“ ‡®â“Àπ’È∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ‡®â“Àπ’Èß“π°àÕ √â“ß·≈–‡ß‘πª√–°—πº≈ß“π à«π¢Õß‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï ¿“…’‡ß‘π‰¥âπ‘μ‘∫ÿ§§≈§â“ß®à“¬ Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ §à“„™â®à“¬§â“ß®à“¬ ¿“…’¡Ÿ≈§à“‡æ‘Ë¡√Õπ” àß Õ◊πË Ê √«¡Àπ’ È π‘ À¡ÿπ‡«’¬πÕ◊πË √«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« - ÿ∑∏‘®“° à«π ∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï √«¡Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π √«¡Àπ’ È π‘ à«π¢ÕßºŸâ∂◊ÕÀÿâπ ∑ÿπ‡√◊ÕπÀÿâπ ∑ÿπ®¥∑–‡∫’¬π ÕÕ°®”Àπà“¬ ·≈–™”√–‡μÁ¡¡Ÿ≈§à“·≈â« Àÿâπ “¡—≠ 955,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ à«π‡°‘π¡Ÿ≈§à“Àÿπâ °”‰√ – ¡ ®—¥ √√·≈â« - ”√Õßμ“¡°ÆÀ¡“¬ ¬—ß‰¡à ‰¥â®¥— √√ √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ √«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ

6 9

299,848,280 34,099,763 1,542,730 249,000,000

290,328,834 52,933,099 37,454,022 227,700,000

299,848,280 30,626,682 249,000,000

290,257,883 51,494,570 27,416,764 227,700,000

8,366,195

626,743

8,366,195

626,743

8,851,498 14,775,430 3,333,236 26,960,164 619,817,132

12,617,291 16,485,201 1,324,482 30,426,974 639,469,672

7,011,128 14,775,430 3,173,445 24,960,003 612,801,160

12,164,876 16,485,201 1,185,662 29,835,739 627,331,699

2,408,100,000

2,657,100,000 2,408,100,000 2,657,100,000

2,408,100,000 3,027,917,132

2,657,100,000 2,408,100,000 2,657,100,000 3,296,569,672 3,020,901,160 3,284,431,699

955,000,000 285,447,000 10

95,500,000 555,128,740 1,891,075,740 4,918,992,872 0

À¡“¬‡Àμÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

ß∫°“√‡ß‘π‡©æ“–°‘®°“√ 2550 2549

955,000,000 285,447,000

95,500,000 95,500,000 95,500,000 530,026,865 574,009,206 531,102,781 1,865,973,865 1,909,956,206 1,867,049,781 5,162,543,537 4,930,857,366 5,151,481,480 0 0 0

Balance Sheets (Continued) SAHACOGEN (CHONBURI) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARY AS AT 31 DECEMBER 2007 AND 2006 (Unit: Baht)

Note LIABILITIES AND SHAREHOLDERS没 EQUITY CURRENT LIABILITIES Trade accounts payable Amount due to related companies Construction and retention payables Current portion of long-term loans Corporate income tax payable Other current liabilities Accrued expenses Value added tax payable Others Total other current liabilities TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Long-term loans-net of current portion TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES SHAREHOLDERS没 EQUITY Share capital Registered, issued and fully paid 955,000,000 ordinary shares of Baht 1 each Share premium Retained earnings Appropriated - statutory reserve Unappropriated TOTAL SHAREHOLDERS没 EQUITY TOTAL LIABILITIES AND SHAREHOLDERS没 EQUITY

6 9

Consolidated financial statements 2007 2006

299,848,280 34,099,763 1,542,730 249,000,000 8,366,195

290,328,834 52,933,099 37,454,022 227,700,000 626,743

299,848,280 30,626,682 249,000,000 8,366,195

290,257,883 51,494,570 27,416,764 227,700,000 626,743

8,851,498 14,775,430 3,333,236 26,960,164 619,817,132

12,617,291 16,485,201 1,324,482 30,426,974 639,469,672

7,011,128 14,775,430 3,173,445 24,960,003 612,801,160

12,164,876 16,485,201 1,185,662 29,835,739 627,331,699

2,408,100,000

2,657,100,000 2,408,100,000 2,657,100,000

2,408,100,000 3,027,917,132

2,657,100,000 2,408,100,000 2,657,100,000 3,296,569,672 3,020,901,160 3,284,431,699

955,000,000 285,447,000 10

Separate financial statements 2007 2006

95,500,000 555,128,740 1,891,075,740 4,918,992,872 0

955,000,000 285,447,000

95,500,000 95,500,000 95,500,000 530,026,865 574,009,206 531,102,781 1,865,973,865 1,909,956,206 1,867,049,781 5,162,543,537 4,930,857,366 5,151,481,480 0

The accompanying notes are an integral part of the financial statements.

ß∫°”‰√¢“¥∑ÿπ ∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2550 ·≈– 2549 (Àπà«¬: ∫“∑) ß∫°“√‡ß‘π√«¡ 2550 2549

À¡“¬‡Àμÿ √“¬‰¥â √“¬‰¥â®“°°“√¢“¬ √“¬‰¥âÕ◊Ëπ ¥Õ°‡∫’¬È √—∫ °”‰√®“°Õ—μ√“·≈°‡ª≈’Ë¬π Õ◊πË Ê √«¡√“¬‰¥â §à“„™â®à“¬ μâπ∑ÿπ¢“¬ §à“„™â®à“¬„π°“√¢“¬·≈–°“√∫√‘À“√ √«¡§à“„™â®“à ¬ °”‰√°àÕπ¥Õ°‡∫’È¬®à“¬·≈– ¿“…’‡ß‘π‰¥âπ‘μ‘∫ÿ§§≈ ¥Õ°‡∫’È¬®à“¬ ¿“…’‡ß‘π‰¥âπ‘μ‘∫ÿ§§≈ °”‰√ ÿ∑∏‘ ”À√—∫ªï °”‰√μàÕÀÿâπ¢—Èπæ◊Èπ∞“π °”‰√ ÿ∑∏‘

2,806,237,907

2,812,044,414 2,806,237,907 2,812,044,414

2,042,121 1,895,742 2,562,694 2,812,738,464

10,203,000 1,735,874 10,178,525 2,735,201 1,895,742 2,735,201 154,579 115,630 154,579 2,825,137,194 2,809,985,153 2,825,112,719

2,217,105,459 123,916,680 2,341,022,139

2,230,414,823 2,217,105,459 2,230,414,823 91,326,829 102,967,929 90,226,438 2,321,741,652 2,320,073,388 2,320,641,261

471,716,325 (135,497,989) (24,616,461) 311,601,875

503,395,542 (134,722,003) (654,661) 368,018,878

489,911,765 (135,888,879) (24,616,461) 329,406,425

504,471,458 (134,722,003) (654,661) 369,094,794

0.33

0.39

0.35

0.39

À¡“¬‡Àμÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

ß∫°“√‡ß‘π‡©æ“–°‘®°“√ 2550 2549

Income Statements SAHACOGEN (CHONBURI) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARY FOR THE YEARS ENDED 31 DECEMBER 2007 AND 2006 (Unit: Baht)

Note REVENUES Sales Other income Interest income Gains on exchange Others TOTAL REVENUES EXPENSES Cost of sales Selling and administrative expenses TOTAL EXPENSES INCOME BEFORE INTEREST EXPENSES AND CORPORATE INCOME TAX INTEREST EXPENSES CORPORATE INCOME TAX NET INCOME FOR THE YEAR BASIC EARNINGS PER SHARE Net income

Consolidated financial statements 2007 2006

Separate financial statements 2007 2006

2,806,237,907

2,812,044,414 2,806,237,907 2,812,044,414

2,042,121 1,895,742 2,562,694 2,812,738,464

10,203,000 1,735,874 10,178,525 2,735,201 1,895,742 2,735,201 154,579 115,630 154,579 2,825,137,194 2,809,985,153 2,825,112,719

2,217,105,459 2,230,414,823 2,217,105,459 2,230,414,823 123,916,680 91,326,829 102,967,929 90,226,438 2,341,022,139 2,321,741,652 2,320,073,388 2,320,641,261

471,716,325 (135,497,989) (24,616,461) 311,601,875

503,395,542 (134,722,003) (654,661) 368,018,878

489,911,765 (135,888,879) (24,616,461) 329,406,425

504,471,458 (134,722,003) (654,661) 369,094,794

0.33

0.39

0.35

0.39

The accompanying notes are an integral part of the financial statements.

ß∫°√–· ‡ß‘π ¥ ∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2550 ·≈– 2549 (Àπà«¬: ∫“∑) ß∫°“√‡ß‘π√«¡ 2550 2549 °√–· ‡ß‘π ¥®“° („™â ‰ª„π) °‘®°√√¡¥”‡π‘πß“π °”‰√ ÿ∑∏‘ ”À√—∫ªï ª√—∫°√–∑∫°”‰√ ÿ∑∏‘‡ªìπ‡ß‘π ¥√—∫ (®à“¬) ®“°°‘®°√√¡¥”‡π‘πß“π °”‰√®“°°“√®”Àπà“¬Õÿª°√≥å §à“‡ ◊ÕË ¡√“§“ °”‰√®“°Õ—μ√“·≈°‡ª≈’Ë¬π∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ °”‰√®“°°“√¥”‡π‘πß“π °àÕπ°“√‡ª≈’Ë¬π·ª≈ß„π ‘π∑√—æ¬å ·≈–Àπ’ È π‘ ¥”‡π‘πß“π ‘π∑√—æ¬å¥”‡π‘πß“π (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß À≈—°∑√—æ¬å‡æ◊ËÕ§â“ ≈Ÿ°Àπ’È°“√§â“ ≈Ÿ°Àπ’È°“√§â“ - ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ≈Ÿ°Àπ’ÈÕ◊Ëπ - ∫√‘…—∑¬àÕ¬ Õ–‰À≈à·≈–«— ¥ÿ§ß‡À≈◊Õ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ ‘π∑√—æ¬å ‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ Àπ’È ‘π¥”‡π‘πß“π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) ‡®â“Àπ’°È “√§â“ ‡®â“Àπ’È∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ‡®â“Àπ’Èß“π°àÕ √â“ß·≈–‡ß‘πª√–°—πº≈ß“π ¿“…’‡ß‘π‰¥âπ‘μ‘∫ÿ§§≈§â“ß®à“¬ Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ ‡ß‘π ¥ ÿ∑∏‘®“°°‘®°√√¡¥”‡π‘πß“π

311,601,875

368,018,878

329,406,425

369,094,794

(1,223) 241,371,249 -

(9,456) 230,873,421 (2,755,082)

(1,223) 239,947,093 -

(9,456) 230,844,429 (2,755,082)

552,971,901

596,127,761

569,352,295

597,174,685

111,589,009 (1,419,691) (5,299,262) (6,016,946) 17,405,492 (1,019,408)

78,161,617 (3,159,098) (10,455,222) (4,105,693) 158,707 949,267

111,589,009 (1,419,691) (5,299,262) 8,100,343 (5,355,572) 8,057,193 (1,019,408)

78,161,617 (3,159,098) (10,455,222) (8,100,343) (3,004,323) 9,747,042 949,267

9,519,446 (18,833,336) (35,911,292) 7,739,452 (3,466,810) 627,258,555

158,378,916 24,630,736 (35,802,148) 626,743 (8,329,806) 797,181,780

9,590,397 (20,867,888) (27,416,764) 7,739,452 (4,875,736) 648,174,368

158,307,965 23,192,207 (45,839,406) 626,743 (8,921,041) 788,680,093

À¡“¬‡Àμÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

ß∫°“√‡ß‘π‡©æ“–°‘®°“√ 2550 2549

Statements of Cash Flows SAHACOGEN (CHONBURI) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARY FOR THE YEARS ENDED 31 DECEMBER 2007 AND 2006 (Unit: Baht) Consolidated financial statements 2007 2006 Cash flows from (used in) operating activities Net income for the year Adjustment to reconcile net income to net cash provided by (paid from) operating activities:Gains on disposal of equipment Depreciation Unrealized gains on exchange Income from operating activities before changes in operating assets and liabilities (Increase) decrease in operating assets Securities held for trading Trade accounts receivable Trade accounts receivable - related company Other receivable - subsidiary Spare parts and supplies Other current assets Other non-current assets Increase (decrease) in operating liabilities Trade accounts payable Amounts due to related companies Construction and retention payables Corporate income tax payable Other current liabilities Net cash flows from operating activities