To be a leading value-oriented integrated energy company in Asia-Pacific

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Dear all shareholders and stakeholders,

The outbreak of the Coronavirus Disease 2019 (COVID-19) brought about multiple challenges in 2020 as the world has been gripped with its impacts on health and economic performance. It is one of major challenges that disrupted the Company's business travel, while the Company is experiencing a significant drop in earnings in 5 years from now as Ratchaburi Power Plant's Power Purchase Agreements gradually reach expiration dates. Nevertheless, the Company is rushing on investing in more projects in Thailand and abroad from which we can immediately realize revenue, aside from operational adjustments under Business Continuity Plan to keep business going and least affected despite disruptions. This is to compensate the missing revenue from expired PPAs as much as possible. The Board of Directors, the Management and employees have a strong will to push forward the business with our best capabilities and to achieve our goal to “become a leading value-oriented energy and infrastructure company in Asia-Pacific”. We maintain the business strategies in creating added enterprise value, mainly through development and partnership in support of our expansion in energy, infrastructure, and other related businesses; and maximizing revenue from asset management. Along the way, we are ensuring that all targets involving the schedules, quality and investment cost of under-construction projects will be achieved, to create fair and sustainable growth and returns to shareholders and stakeholders. The Company upholds governance and social and environmental responsibility to be a good neighbor of society and community with respect to human rights; strict compliance with safety, occupational health and environmental standards, relevant laws and regulations; and fight against all forms of corruption. Being on the path towards High Performance Organization, we have been continually strengthening the operations and competitiveness and promoting innovations. The Company is thus highly confident that this will be strong foundation in further enhancing the organization's capabilities and strengths in adjusting to business trends amid increasing competition. At times of crises from the COVID-19 pandemic, economic, social and environmental turbulences to cyber threats associated with rapid technological changes, we must remind ourselves of and give importance to responsible business operations. That said, we must think about social and national interests in the overall picture: while we are ensuring energy security, we must safeguard information technology and further raise our operations closer to international standards.

The Company proceeds with its strategy to explore investment opportunities, particularly concerning electricity generation which is the Company's main business. The Company currently sits on 8,174.00 MW in installed capacity, contributed by commercially-operated power plants in Thailand and abroad (6,599.89 MW) and power plants under development and construction (1,574.11 MW). The 160.70 MW capacity was added on during 2020, following the indirect investment in Thang Long Coal-Fired Power Plant in the Socialist Republic of Vietnam through An Bihn Energy and Infrastructure Fund which emphasizes investment in energy and infrastructure projects in the Socialist Republic of Vietnam; and Nava Nakorn SPP Power Plant (Expansion) in Pathum Thani Province which commenced operations in the year. The Company also invested in several more projects. To commence commercial operations in 2021 are Yandin Wind Farm and Collector Wind Farm in Australia, Riau Combined-Cycle Power Plant in Indonesia, and Thanh Phong Wind Farm in the Socialist Republic of Vietnam; in 2022 are Nexif RATCH Energy Rayong SPP Power Plant in Rayong Province, RATCH Cogeneration Power Plant (Expansion) in Pathum Thani Province and Fangchenggang (II) Nuclear Power Plant in the People’s Republic of China; in 2023 is R E N Korat Energy Power Plant in Nakhon Ratchasima Province; and in 2024 and 2025 is Hin Kong Combined-Cycle Power Plant in Ratchaburi Province.

In response to rapid changes in technology, lifestyle and consumer expectations in the Digital Age and under the New Normal way of living, the Company has stepped up its investment in infrastructure, related and other businesses. Some projects are operating and generating income such as fiber optic network projects. Among the investment projects to generate revenue in 2021 is the investment in shares of Bangkok Aviation Fuel Services Public Company Limited (“BAFS”). The Company purchased 15.53 percent of BAFS total issued and paid-up shares from Thai Airways International Public Company Limited, making it a major shareholder in BAFS. The Company also expects to start realizing revenue from the investment in the Internet of Things network in 2021. Meanwhile, MRT Pink Line Project (Khae Rai-Min Buri) and MRT Yellow Line Project (Lat Phrao-Samrong) and a wood pellet manufacturing project in Lao PDR are expected to start generating revenue in 2022.

Furthermore, the Company is considering a number of additional investments, which involve electricity generation, infrastructure, related and other businesses, to achieve its mission, strategy andsustainable growth goals. They include Quang Tri 1 Thermal Power Plant Project and Nexif Ben Tre Wind Farm Project in the Socialist Republic of Vietnam, and Public Private Partnerships for Operation and Maintenance (O&M) of Bang Pa-In - Nakhon Ratchasima (M6) and Bang Yai - Kanchanaburi (M81) Intercity Motorway Projects, etc.

In 2020, the Company received satisfactory level of profit as the Company and its subsidiaries showed Baht 39,521.99 million in consolidated revenue and Baht 6,286.68 million in consolidated net profit, which increased from the previous year by 5.42 percent. The Company still maintains financial strengths, reflecting in unchanged credit ratings at “AAA”, “Baa1” and “BBB+” by TRIS Rating, Moody’s Investors Service and S&P Global Ratings, respectively. TRIS Rating and Moody's Investors Service maintained the “Stable Outlook”. S&P Global Ratings revised the outlook from “Stable” to “Negative.” In addition, the Company received “Deal of the Year” and “Environmental, Social and Governance Bond (ESG Bond) Private Sector” awards from Best Bond Award 2020, and also received “Best Local Currency Green Bond” - regional level, due to the Company’s fundraising by the first issuance of green debentures, from “The Asset Triple A Sustainable Capital Markets Regional Awards 2020.

The Company has continually reviewed and improved governance practices to achieve global standards. In executing any activities, we aim to create sustainable enterprise values with fairness, ethics, integrity, transparency, zero corruption, social and environmental responsibility, and equitable treatment of stakeholders. All that has been embedded in the corporate culture, which resulted in accolades and awards on good governance including ASEAN Corporate Governance Scorecard (ASEAN CG Scorecard) Assessment at “Excellent” level for 6 consecutive years, “Outstanding” in Corporate Governance Report of Thai Listed Companies Assessment for 13 consecutive years, continually receiving 100 full scores from Annual General Meeting Assessment, Best Innovative Company Awards, Sustainability Disclosure Award 2020, and inclusion in Thailand Sustainability Investment Index (THSI) for six consecutive years. Meanwhile, RATCH Group Building was bestowed ASEAN Building Fire Safety Awards 2020, organized by Engineering Institute of Thailand under HM the King’s patronage in collaboration with ASEAN Federation of Engineering Institutions.

Social and environmental stewardship has also been the Company’s emphasis since its inception. The stewardship was demonstrated through projects and activities, aimed to promote the quality of life, ease or solve problems, and support society and the environment in several dimensions. They included Love the Forests and the Community Project, Community Energy Project, Project in support of the Royal initiative of HRH Princess Maha Chakri Sirindhorn (RSPG), @CareLine Happy Community Network Project, employee volunteer activities, and Education for Career Empowerment Project in Lao PDR. Through the initiatives, the Company targets to conserve and rehabilitate natural resources and the environment by utilizing resources efficiently. We have supported community forests as they can be natural carbon sinks and ease global warming. We aim to improve people’s quality of life, promote efficient learning among children and the elderly, and instill sense of sharing among employees who should do good deeds as a good citizen, for the Company’s sustainable growth and good corporate image.

On behalf of the Board of Directors, the Management and all employees, I would like to thank shareholders and stakeholders for their continued supports, recommendations and trust in the Company's operations. We are highly confident the Company's vision to become a leading value oriented energy and infrastructure company in Asia-Pacific will definitely be achieved in a sustainable manner thanks to careful execution of business plans with concerns in the balance of economic, social and environmental dimensions; governance best practices; social and environmental responsibility; safety, occupational health, work environment; cyber threats; corruption; and overall social and national interests.

(Mr. Boonyanit Wongrukmit)