1 Translation CEN 012-2020 May 15, 2020 Subject : Management discussion and analysis for business operation Quarter 1-2020 To : The Manager and President The Stock Exchange of Thailand Summarization
and mixing of fuel material to improve combustion resulting in better heat rate and lower fuel consumption per unit and also improvement of feedstock procurement process including sourcing new types of
and production processes, modification and mixing of fuel material to improve combustion resulting in better heat rate and lower fuel consumption per 5 unit and also improvement of feedstock procurement
% after the 22nd May 2019. Consequently, on the 19th June 2019, the Board of Directors has passed the resolution of approving the delisting of GLOW’s from being the listed securities on the Stock Exchange
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
management from modification and mixing of fuel material to improve combustion resulting in better heat rate and lower fuel consumption per unit and improvement of feedstock procurement process including
the resolution of approving the delisting of GLOW’s from being the listed securities on the Stock Exchange of Thailand. The company has informed the Stock Exchange of Thailand (SET) to make a tender
Baht 7 million. Note: VSPP and others include Combine Heat and Power Producing Company Limited (CHPP), Ichinoseki Solar Power 1 GK (ISP1) and Refuse Derived Fuel Plant (RDF) The gross profit of Very