-517-0109-14 Fax 66-2-5170529 February 27, 2017 Subject Management Discussion and Analysis for the year ended December 31, 2016 To Managing Director of Stock Exchange of Thailand Table of Financial Ratio

% Other non-current liabilities 137 138 -0.3% Non-current Liabilities 469 235 +100% Total Liabilities 2,778 2,061 +35% Authorized share capital 140 140 - Issued and fully paid-up share capital 140 140

Catering Co., Ltd (“Epicure”); the Company’s subsidiary, entered into the purchase agreement to buy 100% shares in The Caterer Joint Stock Company, which it operates catering and beverage business in Vietnam

Capital Market Supervisory Board concerning Offering of Newly Issued Shares by Foreign Companies Whose Shares Are Not Listed Securities on Foreign Stock Exchanges; (19/2)3 “company whose business is holding

Notification of the Capital Market Supervisory Board No. Tor.Jor. 21/2551 Re: Rules on Related Parties Transactions and the Notification of the Board of Governors of the Stock Exchange of Thailand Re: Disclosure

, The Office of The Securities and Exchange Commission President, The Stock Exchange of Thailand Board of Directors and Securities Holders of Glow Energy Public Company Limited Refers to: Tender Offer for

-31% EBITDA 88 137 -36% 141 -38% 229 348 -34% EBITDA Margin (%) 2.7% 3.2% -0.5% 5.1% -2.4% 3.8% 3.9% -0.1% Stock Gain/(Loss) & NRV -58 -149 -61% -74 -22% -132 -382 -65% Adjusted EBITDA(1) 146 286 -49

1,359 MB increased from 9M/2016 which was at 885 MB. However, the company’s performance was still impacted from Stock Loss and appreciating Baht currency which resulted in the reported net profit in

B.E. 2535 (1992), as well as a disposal of assets of the Company pursuant to the Notification of the Capital Market Supervisory Board No. TorChor. 20/2551 Re: Rules on Entering into Material

equity 383.00 383.00 Registered capital Issued and Paid up capital 383.00 16.24% 383.00 16.22% Premium on stock 519.67 22.03% 519.67 22.00% Retained earnings Legal reserve 74.70 3.17% 74.10 3.14% Un