venture with Sansiri, experiences an impact from the new LTV policy and the market uncertainty due to the trade war. The pace of release of newly launched projects are expected to be slow. Sansiri's strong

investor on a private placement basis and has a strong financial status. Therefore, this capital increase will help to support the Company’s financial liquidity, capital structure, potential for generating

-term investment amounted to THB 4,038 million; with total liabilities of THB 3,762 million; and total equities of THB 9,080 million. In this regard, The Company is still in a strong financial position

investment amounted to THB 3,890 million; with total liabilities of THB 3,528 million; and total equities of THB 9,265 million. In this regard, the company remains strong in a financial position with low debt

the previous year, mainly due to the sharp lower of purchasing power in most industries, as well as the strong competition in the stainless steel pipe, aluminum and copper. This caused the decreasing in

important part in laying a strong foundation for the Company to be able to drive sustainable future growth.

, quick response, and strong public health system. Recently, the Global COVID-19 index (GCI) ranks Thailand as the second highest recovery rate of COVID-19 pandemic, and praised by WHO and international

increasing in payable for purchase of fixed assets following to the progress of Tubma Reservoir Development project and Debt service coverage ratio (DSCR) remained strong at 4.61 times.

beginning of May 2020. In Italy, 9 department stores were closed starting from 12 March 2020 to 17 May 2020. Currently, our stores have been re-opened with strong preventive health measures in all business

shares PAGE 4 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q3 2019 Executive Summary In Q3/2019, TRIS Rating assigns the company rating on Global Power Synergy PLC (GPSC) at “AA -” with “stable” rating outlook