-1- AIT (VP-SEC) 014E/2024 May 9, 2024 Subject: Management's Discussion and Analysis of Operating Results for Q1-2024 To: The President of the Stock Exchange of Thailand Summary of Operations Q1-2024

to investors in private placement, the acquisition of assets and convening the Extraordinary General Meeting of the Shareholders No. 1/2018 (Revise 2) To : President, The Stock Exchange of Thailand

termination of tolling and repayment of short-term loan USD 20 million from the cash received from Right-offering received in previous quarter. • Net gain from exchange rate The Company had recorded gain from

and gain form exchange rate which those non-cash revenues were high at Baht 1,045 million while this year the company has such non-cash gain only Baht 224 million. From the above reason, the Company has

portion of trade debts into equity and gain form exchange rate which those non-cash revenues were high at Baht 1,045 million while this year the company has such non-cash gain only Baht 225 million. From

the 2nd Quarter 2019. GFPT Group has policy to mitigate risks from foreign exchange rate volatility, which occurred from export sale and raw material importation by hedging forward contract from several

to: • Decrease in financial cost of THB 17 Million consequent to debt reduction programme. • Net gain from exchange rate of THB 71 Million resulting from the strengthen in Thai Baht, whilst last year

% compared to the same period of previous year. The highest export quantity was structural steel at 0.294 million metric tons. The export of deformed bars for construction was at 0.169 million metric tons

Million for Last Year Quarter mainly due to increase in loss on devaluation of Finished Goods and Raw Material by THB 158 Million and lower Foreign Exchange Gain by THB 95 Million compared to Last Year

, 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