& ANALYSIS (MD&A) Q4 2019 and FY2019 Executive Summary Q4/2019 Significant Events Financial activities during GLOW acquisition In order to acquire shares of Glow Energy Public Company Limited (“GLOW”), the

higher rainfall than the previous quarter, and the lower solar panel installation projects. PAGE 3 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q3 2019 Executive Summary Q3/2019 Significant Events Comparing 9M

applicant shall not have any of the following characteristics: (a) having a record of contravening a regulation or condition related to securities offering in a significant matter; (b) having been rejected by

future events, which are, by their nature, subject to significant risks and uncertainties. These forward-looking statements reflect our current views with respect to future events and are not a guarantee

contains “forward-looking” statements that relate to future events, which are, by their nature, subject to significant risks and uncertainties. These forward-looking statements reflect our current views with

this project. The Company has proposed solutions and discovered important issues. The Meeting of the Board of Directors No. 2/2018 of the Company resolved significant matters regarding the operation of

Shareholders’ equities (Baht million) 6,514.37 6,514.37 Net Debt to Equity (times) 0.32 0.73 10. Conditions Precedent Significant conditions precedent as per the Agreements are: 1. Completion of the

debt less cash and cash equivalents (Baht million) 2,087.69 4,729.19 Shareholders’ equities (Baht million) 6,514.37 6,514.37 Net Debt to Equity (times) 0.32 0.73 10. Conditions Precedent Significant

carried by significant capital investments including future development of new facilities; exchange rate and interest rate fluctuations; pending environmental lawsuits; changes in laws and regulations

. Legal Dispute The Company had no legal dispute in the case that the Company may have negative affect toward the operation of the Company with significant.