Translation DIMET AC 2008/001 August 31, 2020 Subject Management Discussion and Analysis for business operation year 2019 (July 1, 2019 - June 30, 2020) To The Manager and President The Stock

the Tender Offer for the Securities of Glow Energy Public Company Limited (the “Business”) (Form 247-4) to the Office of The Securities and Exchange Commission, the Stock Exchange of Thailand, the

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

) PCCA shall have duly obtained a Certificate of Building Construction, Modification or Relocation ( Or. 6) and a Factory License ( RorNgor. 4) as required for the business operations; (2) As of the date

for 9M19 since it caused the drop in revenue with the cost of employees of Dusit Thani Hotel Bangkok. However, the Company sold the long-term investment and recorded the profit in 2Q19 as per Business

the profit in 2Q19 as per Business Plan to alleviate the impact from the closure. For the staffs of Dusit Thani Hotel Bangkok, the Company allocates them to new businesses which has been expanded since

construction under a concession arrangement - 131.3 (131.3) N.A. (

liabilities 72,577,054.19 80,500,544.08 Non-Controlling Interests - - Net profit 5,011,961.28 1,579,357.21 (5) Worldbuild Construction Company Limited Registered capital: 50,000,000 baht Nature of Business

THB % Millions of THB % Revenue from sale of real estate 233.51 84.93% 346.20 87.55% (112.69) (32.55%) Revenue from construction service 29.23 10.63% 32.07 8.11% (2.84) (8.86%) Other Revenue 12.20 4.44

% Millions of THB % Millions of THB % Revenue from sale of real estate 679.80 84.01% 1,003.47 91.27% (323.67) (32.26%) Revenue from construction service 98.87 12.22% 59.91 5.45% 38.96 65.03% Total Revenue