higher rainfall than the previous quarter, and the lower solar panel installation projects. PAGE 3 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q3 2019 Executive Summary Q3/2019 Significant Events Comparing 9M

future projects. In terms of the progress on Delisting Tender Offer of GLOW, the process was completed on 2 December 2019 and GLOW has been delisted from being listed on the Stock Exchange of Thailand on

million due to corresponding to EGAT’s dispatched instruction resulting in higher fuel consumption. • Small Power Producer (SPP): The gross profit increased by Baht 2,115 million as a result of the first

301.92 Million Baht from 327.37 Million Baht or 7.77%, due to less or pending projects from oil and gas companies resulting from slowdown economy. 2. Our net loss before tax is 23.97 Million Baht

operating results from GLOW, together with the investment projects and projects that have been opened for commercial operation in 2019. The company is ready to move forward with the new organizational

Storage System (ESS) shown by several pilot projects that embeds the energy storage system with the generation of energy especially from solar panels, including the projects in Nava Nakorn Industrial Estate

business type is as follows: 1. Real Estate Development Business: 1) Income from residential condominium decreased 2.43290 billion THB or 28.24% from 2018. 2) The development of single house projects has

million or 57% from Q3/2017. The electricity dispatched volume in Q3/2018 was higher because of the reserved shutdown according to EGAT’s instruction of Sriracha Power Plant in Q3/2017. Also, the increase

to manage SUTG by themselves again after they found out that the RDF projects was delay and have lose some projects to other companies which do not use innovation channel. It might make more risk in

real estate development and service business. The Company has developed premium housing projects in central business area to open up new business opportunities. Moreover, the opportunity in rental real