ANALYSIS (THB mn) 1Q 2020 1Q 2019 % YoY 4Q 2019 % QoQ Operating revenues 1,486.6 1,347.6 10.3% 2,205.3 (32.6%) Other revenues 505.8 114.3 343% 1,903.8 (73.4%) Total Revenue 1,992.4 1,461.9 36.3% 4,109.1

Quarter Ended 31 March, 2020 Page 1 Executive Summary Unit : Million baht 2020 2019 Total revenues * 4,506.78 4,014.33 492.45 12.3 Total cost and expenses * 2,522.92 2,311.10 211.82 9.2 Gain (Loss) on

-24.6% Insurance Income 37.3 1.4% 71.4 2.7% 34.1 91.3% Total Revenues 2,743.0 100.0% 2,664.4 100.0% -78.6 -2.9% Cost of sales 1,575.1 57.4% 1,385.1 52.0% -189.9 -12.1% Cost of Services 208.3 7.6% 231.6

increased by 8.8% from 1H/2019 as the decrease in total operating revenues is greater than the cost saving from staff-related expenses and the exemption of rental expense. • Selling expenses in Q2/2020 was

Performance Note: 1. In Q1/2019, all GLOW’s revenues are 18-days revenue after the company’s acquisition of GLOW Operating Results Gross Profit An Independent Power Producer’s (IPP) gross profit depends on

% 161.43 4.50% Cost of sales and services 3,271.76 91.20% 3,407.15 90.89% 135.39 4.14% Gross Profit 314.63 8.77% 340.67 9.09% 26.04 8.28% Other income 1.19 0.03% 0.75 0.02% (0.44) (37.16%) Total revenues

CONSTRUCTION OTHER ITEMS Other Revenues • Other revenues decreased 88.3% y-on-y in Q3’2019 to Baht 36 million and 60.5% y-on-y in 9M’2019 to Baht 153 million, primarily attributable to gain from business

Discussion and Analysis ABBREVIATION & OUR PROJECTSEXECUTIVE SUMMARY FINANCIAL PERFORMANCE FINANCIAL POSITION PROGRESS OF PROJECTS UNDER CONSTRUCTION OTHER ITEMS Other Revenues • Other revenues decreased 37.2

and cash outflow with effectiveness. 2.3 Other Revenues The revenue that didn’t earned from the regular operation was Baht 15.45 million. It decreased from the same period of previous year Baht

items as: net sales or operating revenues; income (loss) from operations; income (loss) from continuing operations; net income (loss); total assets; total liabilities; and net assets or liabilities. 4. If