@egco.com Page 2 Management Discussion and Analysis 1. Significant events in the Second Quarter of 2020  The progress in construction projects - Gangdong Fuel Cell Project (Gangdong), a project of Paju

, gross profit was Baht 219.19 million decreased from the first quarter of the year 2018 which was Baht 256.89 million for Baht 37.70 million or -14.7% lower than the decrease in revenue from operations

Analysis NORMALIZED NET PROFIT (NNP) ABBREVIATION & OUR PROJECTSEXECUTIVE SUMMARY FINANCIAL PERFORMANCE FINANCIAL POSITION PROGRESS OF PROJECTS UNDER CONSTRUCTION Normalized Net Profit (NNP) • NNP / NNP

income 82 2,381 -97% 298 -72% Other income 3,852 7,251 -47% 4,339 -11% Total Revenues 439,120 494,213 -11% 328,687 34% Profit / (Loss) before interest and taxation 27,930 (44,109) 163% (767,358) 104

Nirvana Daii Public Company Limited (“NVD”), a 52%-owned subsidiary of Singha Estate, invested in January 2017. 1Q18 consolidated net profit grew 651% YoY, as the performance incorporated (non-cash) gains

changed in revenue and net profit compared with the last year as follows: Statement of Comprehensive Income (Unit : Million Baht) Details 31 Dec 2019 31 Dec 2018 Increased (Decreased) (%) Revenues from

1 / 2 IR.022/2017 13 November 2017 Re: Clarification on the changes of Profit and Loss Statement To President The Stock Exchange of Thailand T Engineering Corporation Public Company Limited (the

& Analysis (MD&A) Q3/2017 Management Discussion & Analysis For Q3/2017, Global Power Synergy Public Company Limited (GPSC) (“the company”) had a net profit of Baht 888 million, increased by Baht 73 million or

% 0.18 0.25% 0.24 128.77% Administrative expenses 25.37 35.37% 24.10 32.80% 1.27 5.26% Other expense 1.61 2.24% - - 1.61 Total expenses 47.98 66.88% 44.79 60.96% 3.18 7.11% Profit before finance cost and

Discussion and Analysis NORMALIZED NET PROFIT (NNP) ABBREVIATION & OUR PROJECTSEXECUTIVE SUMMARY FINANCIAL PERFORMANCE FINANCIAL POSITION PROGRESS OF PROJECTS UNDER CONSTRUCTION Normalized Net Profit (“NNP