to maintain liquidity. Public expenditure was affected by the delayed enactment of the Annual Budget Expenditure Act B.E. 2563. The government is also reallocating parts of its budget to mitigate the

million or 21% from 1H/2018 mainly due to recognition of GLOW’s performance following the acquisition of GLOW. Executive Summary Q2/2019 Operating Highlights On the 14th March 2019, Global Power Synergy

consumption from private sector. However, expenses from the government sector, and tourism industry sector continued to increase, partly benefited from the return of Chinese tourists, and a decline of the

: million Baht 31 December 2019 31 December 2018 F in a n ci a l S ta tu s Total Liabilities 2,194 5,607 Total Asset 15,488 18,824 Total Equity 13,294 13,217 The Company posted an Operating EBITDA loss of THB

such as Report of the Acquisition or Disposition of Securities in a Business, and sign or certify documents or copy documents to the government agencies or other offices. These additional investments in

recognize share of profits from Nava Nakorn Electricity Generating Company Limited (NNEG). Operating highlight in Q4/2017 and 2017 Q4/16 Q3/17 Q4/17 Change +/(-) 2016 2017 Change +/(-) (THB million) QoQ YoY

Discussion & Analysis Q3/2022 Operating Highlights in Q3/2022 Q3/21 Q3/22 Change +/(-) 9M/21 9M/22 Change +/(-) (THB million) %YoY %YoY Operating Revenue 115 246 114% 431 674 56% Gross Profit 60 159 165% 242

-1- AIT (VP-SEC) 003E/2023 16 February 2023 Subject: Management's Discussion and Analysis of Operating Results for the year 2022 and Q4-2022 To: The President of the Stock Exchange of Thailand

growth; 2.) slow pace of growth in tourism sector which supported by number of tourists from India, Japan, Hong Kong and Malaysia offset an unrecovered of Chinese tourists; and 3.) government subsidy to

in operating results from GLOW that has been impacted by GHECO-One in which the selling price has fallen in Q3/2019, a seasonality effect usually occurring in the third quarter of every year. In