(Translation) Management’s Discussion and Analysis For the operating results of Quarter 2 2017 Global Green Chemicals Public Company Limited Management’s Discussion and Analysis Global Green

, power generation from renewable energy in Taiwan is expected to be 27,000 megawatts. 1.3 Competition Overall picture in 2017, power industry in Thailand had intensified competition. Electricity purchase

Green Net 1282 Co., Ltd. (“GNET”) of the NBC by purchasing entire ordinary shares in GNET in the total number of 189,997 shares at par value of 100 Baht or totaling 99.998 of the total sold shares in GNET

. Also, GPSC had a significant success in issuing Green Debentures worth THB 5,000 million to institutional and/or high net worth investors with subscriptions of over 6-time oversubscription. Due to the

Global Green Chemicals Public Company Limited Management Discussion and Analysis | 1 Management Discussion and Analysis For the operating results of 1Q2019 Global Green Chemicals Public Company

December 31, 2019 To The President The Stock Exchange of Thailand Management’s Discussion and Analysis Consolidated Financial Statements For Year Ended December 31, 2019 Overall Group Performance Table 1

March 31, 2019 To The President The Stock Exchange of Thailand Management’s Discussion and Analysis Consolidated Financial Statements For three months ended March 31, 2019 Overall Group Performance Table

September 30, 2019 To The President The Stock Exchange of Thailand Management’s Discussion and Analysis Consolidated Financial Statements For nine months ended September 30, 2019 Overall Group Performance

exhibited signs of ongoing growth, driven largely by exports and tourism. This is in line with the overall global economic improvement. Domestic spending enjoyed promising growth, as evidenced by brighter

customers and new clients. New IU clients with 23 MW PPA scheduled for synchronization in 7M’2020 With a number of world-class customers in portfolio, overall sales to industrial users remain strong in