PowerPoint Presentation Management Discussion and Analysis MD&A Q2/2020 THE INNOVATIVE POWER FLAGSHIP OF PTT GROUP 1 Q2/2020 and Recent Highlights In the second quarter of 2020, economic factors that

Offer for Securities of Glow Energy Public Company Limited Form 247-4 Table of Contents Page Part 1 Significant Elements of the Tender Offer Part 1 Page1 Part 2 Information of The Tender Offeror 1. The

Profit from power projects and additional investment in power and utilities projects under construction. The key elements of Assets in the Company’s Consolidated Financial Statements consisted of: (i

year-end 2016 mainly due to additional investment in 6 power projects under construction. The key elements of Assets in the Company’s Consolidated Financial Statements consist of: (i) Investments in

Baht 2,179.9 million from Baht 18,652.1 million at year-end 2016 mainly due to additional investment in 6 power projects under construction and industrial estate utilities. The key elements of Assets in

. The key elements of Assets in the Company’s Consolidated Financial Statements consist of: (i) Investments in associates of Baht 10,626.5 million, (ii) Building and equipment (net) of Baht 3,089.1

elements of Assets in the Company’s Consolidated Financial Statements consisted of: (i) Investments in associates of Baht 11,564.9 million, (ii) Building and Equipment (net) of Baht 3,269.8 million (iii

additional investment in power and utilities projects under construction. The key elements of Assets in the Company’s Consolidated Financial Statements consisted of: (i) Investments in associates of Baht

Gross Profit Margin was affected by two major factors: 1) A change in foreign currency exchange rates Table 1: Foreign currency exchange rates and sales in foreign currency 2) A higher cost of main raw

factors in the decrease was (1) reversal of provisions for decommissioning costs and (2) a decrease in short term borrowing from financial institutions. Shareholder Equity As of 31 December 2017, and 30