In February 2565, at the ordinary shareholders' meeting of Chow Shining Energy Limited (CSN), a resolution was passed to increase the registered capital by 199 million baht (1.99 million shares at a par value of 100 baht per share). The company, as a shareholder of CSN, has paid the share capital of 199 million baht.

In March 2565, at the ordinary shareholders' meeting of S.R.G.A. Co., Ltd. (SRGA), a resolution was passed to increase the registered capital by 10 million baht (0.1 million shares at a par value of 100 baht per share). The company, as a shareholder of SRGA, has paid the share capital of 10 million baht.

In March 2565, the company successfully concluded the acquisition of solar power projects in Japan, with a total enterprise value of 33,000 million yen, equivalent to approximately 9,699 million baht.

On May 10, 2565, at the board of directors' meeting, resolutions were passed to adjust the organizational structure, appoint a Chief Executive Officer (CEO), and appoint senior management.

In August 2565, at the board of directors' meeting, a resolution was passed to approve the company's investment in all ordinary shares of Shining SPV1 Co., Ltd. (SSPV1), newly established in Thailand, to invest in the renewable energy business. SSPV1 has a registered capital of 1 million baht (10,000 shares at a par value of 100 baht per share).

In October 2565, at the ordinary shareholders' meeting of SSPV1, a resolution was passed to increase the registered capital by 299 million baht (2.99 million shares at a par value of 100 baht per share). The company, as a shareholder of SSPV1, has paid the called-up share capital of 74.75 million baht, representing 25% of the total called-up capital.

In February 2565, at the ordinary shareholders' meeting of Chow Shining Energy Limited (CSN), a resolution was passed to increase the registered capital by 199 million baht (1.99 million shares at a par value of 100 baht per share). The company, as a shareholder of CSN, has paid the share capital of 199 million baht.

In March 2565, at the ordinary shareholders' meeting of S.R.G.A. Co., Ltd. (SRGA), a resolution was passed to increase the registered capital by 10 million baht (0.1 million shares at a par value of 100 baht per share). The company, as a shareholder of SRGA, has paid the share capital of 10 million baht.

In March 2565, the company successfully concluded the acquisition of solar power projects in Japan, with a total enterprise value of 33,000 million yen, equivalent to approximately 9,699 million baht.

On May 10, 2565, at the board of directors' meeting, resolutions were passed to adjust the organizational structure, appoint a Chief Executive Officer (CEO), and appoint senior management.

In August 2565, at the board of directors' meeting, a resolution was passed to approve the company's investment in all ordinary shares of Shining SPV1 Co., Ltd. (SSPV1), newly established in Thailand, to invest in the renewable energy business. SSPV1 has a registered capital of 1 million baht (10,000 shares at a par value of 100 baht per share).

In October 2565, at the ordinary shareholders' meeting of SSPV1, a resolution was passed to increase the registered capital by 299 million baht (2.99 million shares at a par value of 100 baht per share). The company, as a shareholder of SSPV1, has paid the called-up share capital of 74.75 million baht, representing 25% of the total called-up capital.

On January 22, 2025, AIICAI transferred all shares in Hamada Mega Solar Co., Ltd. ("HMS") to merge with Hamada 1 Co., Ltd. ("Hamada 1") in accordance with the terms of the agreement to purchase solar power projects in Japan. AIICAI became a TKE investor in Hamada 1 as compensation for the transfer of HMS shares. The business combination between Hamada 1 and HMS was completed on January 25, 2025. Subsequently, on January 27, 2025, at the 1/2564 ordinary shareholders' meeting of CHOW, the sale of assets of the subsidiary group was approved.

On May 25, 2025, AIICAI entered into an agreement to transfer investment proportions under a GKT-CTK contract for investment in a solar power project and PECJP entered into an agreement to transfer common shares of Good Solar Co., Ltd. ("GOD") to a buyer unrelated to the group. The transaction was completed, and control over GOD was relinquished on June 25, 2025.

The company was selected to install solar rooftops under a PPA in 1,222 locations across Thailand, with a total installed capacity of 22.23 MW. They have a 15-year electricity sales right and are expected to be constructed and completed around June 2565.

On March 29, 2025, Chow International Limited transferred its common shares invested in Thai Solar Roof CP Limited to Chow Shining Energy Limited.

On May 28, 2025, Chow Shining Energy Limited paid the remaining investment amount of 0.375 million baht to Chow and Haco Solar Co., Ltd., accounting for 50% of the additional registered capital.

On July 30, 2025, Premier Solution Japan Limited ("PSJP") signed an agreement to sell assets of Solar Power Co., Ltd. ("SPW"), including one solar power project under construction and common shares in SUN, to an unrelated buyer in Japan for approximately 230 million yen.

On November 18, 2025, PSJP signed an agreement to sell assets of Solar Power Co., Ltd. ("SOL"), including two solar power projects under construction and common shares in SOL, to an unrelated buyer in Japan for approximately 200 million yen. The transaction was completed on February 15, 2026.

On August 31, 2025, Sun Partners Japan Limited ("SPN") entered into an agreement to transfer assets of solar power projects (Group A assets), and on September 30, 2025, SPN entered into a sales agreement for the Gorio project with the buyer as per the resolution of the company's board meeting. The assets were successfully transferred on September 30, 2025.

On December 22, 2025, Sun Partners Japan Limited ("SPN") transferred ownership rights in solar power project assets (Group B assets), including the Nokata and Chibu projects, to the buyer.

The Nihonmatsu 3 solar power project in Japan commenced commercial operation with a total installed capacity of 1.48 MW(DC), at a FiT rate of 32 yen per kWh, with a purchase term of 20 years.

CEPL approved the investment of its subsidiary, Chow International Limited, in Thai Solar Roof CP Limited, a newly established company in Thailand, to invest in the solar power generation and distribution business. Chow International Limited invested in all issued common shares (fully paid) of Thai Solar Roof CP Limited at an initial capital of 1,000,000 baht.

CEPL established two subsidiaries in Thailand to support future investments in solar power plants:

• Established Chow Shining Energy Limited with an initial capital of 1,000,000 baht, with CEPL holding 100% of the total capital.

• Established SRG Energy Limited with an initial capital of 1,000,000 baht, with Chow Shining Energy Limited holding 100% of the total capital.

CHOW, at the board meeting held on December 17, 2020 (meeting No. 6/2020), approved the sale of 9 solar power projects in Japan with a total installed capacity of 64.21 MW(DC). These projects have been listed for sale. Additionally, approval was given to present this matter to the shareholders' meeting of Chow Steel Industries Public Company Limited (PLC) for consideration and approval.

At the company's board meeting, a resolution was passed to close its subsidiary (New Energy Solar Limited). However, subsequently, another resolution was passed to sell all investments in the subsidiary to an unrelated company for 1 million yen (approximately 0.3 million baht). The group has already transferred the interests in the subsidiary to the buyer in December 2019.

PSCL established Premier Solution Australia Pty Ltd in Australia to invest in the generation and distribution of electricity from solar energy. PSCL acquired 100 percent of all issued shares of Premier Solution Australia Pty Ltd (with all registered share capital being fully paid up) at a price of AUD 550,100.

On October 4, 2019, Premier Solution Australia Pty Ltd was established and acquired all shares of Premier Solution Holdco Pty Ltd at a price of AUD 10, and Premier Solution Holdco Pty Ltd established and acquired all shares of Premier Solution Opco Pty Ltd at a price of AUD 10.

CI increased its registered share capital by 1,200 million baht from 340 million baht (3.4 million ordinary shares with a par value of 100 baht each) to 1,540 million baht (15.4 million ordinary shares with a par value of 100 baht each) by issuing 12 million additional ordinary shares and offering them to CEPL at a price of 100 baht per share. This capital increase did not alter CEPL's shareholding percentage in CI. CEPL fully paid for the new shares in September 2019, and CI registered the increase in share capital with the Ministry of Commerce on September 6, 2019.

During the year 2019, there was a restructuring in GK-TK investments in certain subsidiaries principally engaged in the power generation and distribution business in Japan within the Group, with the identity of the TK investor under the TK agreements made in accordance with the Commercial Code of Japan being changed. Additionally, there was restructuring in investment in HMS by transferring all investments in HMS previously held by Premier Solution Company Limited to RICI.

CEPL sold five power plant projects in Japan to the Infrastructure Fund registered in Japan for a total of 1,932.30 million yen (approximately 545 million baht). The projects include Gifu project in Gifu Prefecture with 0.48 MW(DC), Fukui7 project in Fukui Prefecture with 0.54 MW(DC), Fukui 1 project in Fukui Prefecture with 2.22 MW(DC), Fukui 5 project in Fukui Prefecture with 2.05 MW(DC), and Fukui 6 project in Fukui Prefecture with 0.57 MW(DC).

The Aomori power project commenced commercial operation with 7.21 MW(DC) installed capacity at a FiT rate of 36 yen per kWh. The purchase term is 20 years.

PSCL plans to invest in three solar power plant projects with a total installed capacity of 172.80 MW(DC) in Australia, with a total project cost of approximately AUD 236.79 million (or approximately THB 4,913.51 million).

The Kyotango solar power project was sold to an infrastructure fund registered in Japan for a total transaction value of ¥1.54 billion (approximately 456 million baht).

Sun Solar GK, a subsidiary in Japan, was established with capital of ¥2,900 (10,000 yen), fully owned by PSJP, to support investments in solar power projects in Japan.

A total of 4 commercial solar power projects in Japan with a combined installed capacity of 31.52 megawatts are currently operational. The power purchase agreements have a duration of 20 years.

Project Name Installed Capacity (MW) FIT Rate (¥/kWh)

1. Iwaki Project : Installed Capacity 26.68 MW, FIT Rate 40 ¥/kWh

2. Fukui Project#1 : Installed Capacity 2.22 MW, FIT Rate 32 ¥/kWh

3. Fukui Project#5 : Installed Capacity 2.05 MW, FIT Rate32 ¥/kWh

4. Fukui Project#6 : Installed Capacity 0.57 MW, FIT Rate32 ¥/kWh

Total Installed Capacity 31.52 MW

The company increased its registered capital to 245 million baht, divided into 490 million shares, for the initial public offering (IPO). The allocation of new capital is as follows:

• 122.50 million shares with a par value of 0.50 baht each, offered to existing CHOW shareholders (Pre-emptive Rights).

• 367.50 million shares with a par value of 0.50 baht each, offered to the public for the first time (Initial Public Offering).

Additionally, the commercial operation of the Hamada 2 solar power project in Shimane Province, with an installed capacity of 12 megawatts, has commenced.

Hamada 1 GK was established with a capital of 6,083 baht (20,000 yen), with PSJP holding 99.99% of the total capital, to receive the transfer of the Hamada 1 solar power project.

Furthermore, acquisitions were made from existing shareholders' groups, totaling 334 million baht.

• PSCL acquired 1,260,000 ordinary shares of OGE, accounting for 60% of the total shares sold, from Ratchaburi Power Company Limited.

• CI acquired 9,510,060 ordinary shares of RICI, also representing 60% of the total shares sold, from RH International (Singapore) Corporation Pte. Ltd.

• Following these acquisitions, several subsidiaries of Ratchaburi Holding, including OGE and RICI, along with Green Energy Japan KK, Mega Solar Park No. 3 GK, and Good Solar GK, were transferred to new subsidiaries of the company as of August 16, 2020. The company has completed the deregistration and closure of OGE and Green Energy Japan KK. RICI's board of directors resolved to dissolve the company at its 7th meeting in 2021, with the deregistration process currently underway in Singapore.

Lastly, the company sold two solar power projects in Japan to an infrastructure mutual fund registered in Japan for a total transaction value of 2.04 billion yen (approximately 595.08 million baht). These projects include the Oita solar power project in Oita Prefecture, with an installed capacity of 3.26 megawatts, and the Ibaraki solar power project in Ibaraki Prefecture, with an installed capacity of 1.17 megawatts.

April

Confirm listing of Chow Energy Co., Ltd. on the Stock Exchange

May

H.E.Mr.Bansarn Bunnag Ambassador of the Kingdom of Thailand site visit the solar power plant Hamada1, Hamada City, Shimane Prefecture, Japan

June

Registered as a public company limited under the name "Chow Energy Public Company Limited" and changed its par value from 10 Baht to 0.50 Baht per share

February

Increase of registered capital from 221,536,980 Baht to 570,000,000 Baht

RICI a joint venture company to invested in solar power project in Japan h a capacity of 27.22MW with the total value of 2,872.30 million Baht

Chow Steel Industries Public Company Limited by resolution of the Board of Directors Meeting No.1/2015 on 17 February 2015 has approved for Chow Energy Co., Ltd. registration as a public company limited and listing on the Stock Exchange of Thailand (SET) or Market of Alternative Investment (mai)

June

5 June 2015, Oita solar power project a capacity of 3.2604MW has been completed and ready to COD.

August

Invested in solar power project in Japan (Phase 2) approximately 15MW with the total value of about 1,215 million Baht

September

On 10 September 2015, Ibaraki solar power project in Japan a capacity of 1.2MW has been completed and ready to COD

On 21 September 2015, 3 solar power projects in Japan thus Nagata project a capacity of 1.0MW, Goryo project a capacity of 1.5MW, and Shibushi project a capacity of 1.0MW ready to COD

November

On 20 November 2015 Hamada1 solar power project with a capacity of 11MW are ready to COD)

Chow Steel Industries Public Company Limited By resolution of the Board of directors meeting No.10/2014 on 10 December 2014, resolved to establish Chow Energy Co., Ltd. ("CE") with registered capital of 221,536,980 Baht, through 22,153,698 ordinary shares with a par value of 10 Baht per share in order to Restructuring for the Company’s subsidiary group.

CE to purchase all shares in PSCL, a total of 71,000 shares at a price of 761.38 Baht. The selling price is a fair value based on the net present value calculated by the Financial Advisers.

CE to purchase all shares in CI, a total of 1,300,000 shares at a price of 128.83 Baht. The selling price is a fair value based on the net present value calculated by the Financial Advisers.

Established 3 indirect subsidiaries :

• Premier Solution GmbH "PSGM" in Germany for the purpose of project insurance and quality assurance of alternative energy project,

• Sun Energy GK "Sun" in Japan, and

• Sol Power GK "Sol" in Japan for the purpose of supporting investment in solar power project in Japan

CHOW established 2 subsidiaries in Thailand to conduct business related to investment, production, and distribution of electricity from renewable energy sources. Meanwhile,

• PSCL started with a registered capital of 5 million baht, divided into 50,000 ordinary shares with a par value of 100 baht each, to provide consulting services for solar power plant investment projects both domestically and internationally. Initially, CHOW held 97% of the total issued shares, while the Jiratharamsiri Group (a major shareholder of CHOW) held 3% of the total issued shares.

• • CI, on the other hand, began with a registered capital of 1 million baht, divided into 10,000 ordinary shares with a par value of 100 baht each, for investment and development of solar power plant projects both domestically and internationally. Initially, CHOW held 99.97% of the total issued shares.

PSCL restructured its shareholder base, and CI increased its capital by offering shares to Mr. Tanachat, who possesses knowledge and experience in project development management related to coordination work. After the restructuring,

• CHOW and Mr. Tanachat collectively held 81% and 19% of the total issued shares of PSCL, respectively.

• CI increased its registered capital from 1 million baht to 50 million baht by offering additional ordinary shares to Mr. Tanachat. After the restructuring, CHOW and Mr. Tanachat held 83% and 17% of the total issued shares of CI, respectively.