PowerPoint Presentation MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q3/2018 GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED 0 THE INNOVATIVE POWER FLAGSHIP OF PTT GROUP Management Discussion & Analysis Management Discussion & Analysis (MD&A) Q3/2018 Executive Summary Executive Summary For Q3/2018, Global Power Synergy Public Company Limited (GPSC) (“the company”) earned a net profit of Baht 899 million, decreased by Baht 153 million or 15% from Q2/2018. The drop was due to the rise in natural gas prices...

a trust, such person has been sentenced by a final judgement in an offense concerning property, only for a cause arising from a deceitful, fraudulent or dishonest act that results in widespread damage

prior to the date of submitting the application, having been sentenced by the final judgement of a court for an offense related to property on the ground of acting in a manner of deceiving, cheating or

(c). (2) within a period of ten years prior to the filing date of the application for an offer for sale of newly issued shares, the applicant has been sentenced by a final judgement in 2 Amended by the

freight saving. This does not have any impact on regional or consolidated EBITDA. 4Core EBITDA is Reported EBITDA less inventory gains/(losses) 5Core EPS is Reported EPS less inventory gains/(losses) less

) transactions 2Total of each segment may not always tally with consolidated financials due to holding segment 3Excludes price adjustment for captive sales on freight saving. This does not have any impact on

increased overall average operating rate of 86%. Higher freight rates positively impacted sales price in our respective domestic markets. This translated into an overall Fibers Core EBITDA growth of 23% QoQ

freight to decline. Jet (Kerosene) and Dubai crack spread (IK/DB) declined by 12.21 $/BBL compared to the average of 12.19 $/BBL in Q2/ 2 0 1 9 . This is due to pressure from the airline industry which was

cost (excluding freight) (USD/Ton JPU) 98.7 89.7 81.7 (17%) (9%) 97.7 87.5 (10%) Cost of sales of goods and rendering of services of IPP business in Q3/2020 was THB 2,217 million, decreased by THB 547

Offeror. However, the Tender Offeror considered the issue in regard to expense deduction was a separate issue from the previous issues that the court had made a final judgement. The Tender Offeror is of