Investor Presentaiton

NBI: Power - GPSC QoQ: NI dropped significantly due to lower SPP's gross profit resulted from higher feed costs despite gain from ISP1 divestment 2021 vs 2020: Soften NI due to higher fuel costs and unplanned outages, despite better XPCL's performance ptt Sales Volume Unit: Power: GWh / Steam: '000 Ton Power 2% Steam Gross profit & Gross profit margin 32% 31% 18% 26% Gross profit margin 9% 10% Unit: MMTHB Power Steam 21,330 1% 1% QoQ 19,667 20,148 Power 28% QoQ 610 47% YoY 19,667 Gross profit VSPP & others 8% 6% ΥΟΥ 355 13,871 15,090 Steam 5,339 51 15,362 SPP 3,921 14,423 4,941 5,295 5,220 3,705 3,741 3,710 61 2,815 4,269 36 2,437 1,446 5,358 IPP 1,116 1,423 1,333 4,889 1Q21 4Q21 1Q22 2020 2021 1Q21 4Q21 1Q22 2020 2021 Net Income Unit: MMTHB 73% QoQ 84% YoY 3% 7,508 7,319 ૨૦૨ - Lower gross profit - - SPP Higher NG & coal costs and lower electricity sales volume IPP Lower AP mainly from GHECO-One's unplanned outage in 1Q22 + Gain from selling all shares in Ichinoseki Solar Power 1 GK (ISP1) in 1Q22 2021 vs 2020 Lower gross profit 1,973 1,168 313 SPP: higher fuel costs and unplanned outage of Glow Energy Phase 5 - IPP: lower AP due to planned & unplanned outage of GHECO-One in 1Q21 - 3Q21 1Q21 4Q21 1Q22 2020 2021 + Higher shares of profit from XPCL due to drought situation in 2020 46

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