Dear Shareholders,

The year 2022 was another challenging year for Sahacogen due to the energy price crisis. The natural gas price, the main production cost, spiked up by more than double comparing to the previous year. The fluctuation of natural gas price affected from unexpected tension between Ukraine and Russia and the unsettled situation of Corona virus (Covid-19) outbreak. However, the Board of Directors, executives and employees have been working hard and been through this turbulence. Meanwhile, the company has built up the strong fundamental in creating resilience to successfully manage the changes. The company also focused on the responsibilitiesto support society, communities and environment to strive for the sustainability development.

The company has practically been driving the reduction of greenhouse gas emission into actions and creating the new business by registering as the certified producer, buyer and seller of Renewable Energy Certificates (RECs) and investing in solar energy business. The company supported the renewable energy consumption and strived for beinga "net zero emission" organization based on the agreement COP26 and global trend that put the climate change as an urgent agenda.

The company's consolidated financial operating result of the year 2022 was net loss of THB 229 million or decreasing by 314 percent comparing to the previous year which was the first time since the company has become a listed company in the Stock Exchange of Thailand.

This result caused by government's policy to adjust the Fuel Adjustment tariff (Ft) that was not in line with the dramatic increment of the natural gas price, the main production cost, affected by global energy crisis. However, the company considered that the situation shall be recovering since the Fuel Adjustment tariff (Ft) was increased and the natural gas price tends to go down for the year 2023.

Meanwhile, the financial stability of the company and the major shareholders resulted the company received credit rating at “A” with “Stable” from TRIS Rating Co., Ltd.

The company has issued and offered the debentures for the first time in September 2022 which offered through the Private Placement to Institutional and High Net-worth Investors (PP-II&HNW) with total amount of THB 2,650 million. This debentures were fixed the repayment period and interest rates in order to restructure the debt for supporting the business expansion including mitigating the risk from the higher interest rates in accordance with inflation.

Mr.Sujarit Patchimnan