PowerPoint Presentation THE INNOVATIVE POWER FLAGSHIP OF PTT GROUP MANAGEMENT DISCUSSION & ANALYSIS Q4/2019& FY 2019 MD&A PAGE 1 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q4 2019 and FY2019 Global Power Synergy Public Company Limited (GPSC) (‘company’) has finished the financial activities in accordance with the company's financial deleveraging plan from the offering of newly issued ordinary shares to existing shareholders in proportion to the number of shares held by each shareholder (Rights Offe...

reduction of its massive balance sheet. The Fed is expected to allow maturing US Treasuries and mortgage-backed securities to roll off gradually, while not exceeding the cap limit determined by the Fed, and

rates and a shift to reduction of its massive balance sheet through quantitative tightening (QT), wherein reinvestment in new securities with proceeds from maturing US Treasuries and mortgage-backed

future. The new preventive measures will also come with traceability, enhancing the ability to trace back the route of the product. At the current stage, the Company is working on process improvement

aircraft at period end Aircraft 40 39 40 39 Airbus A320 9 9 9 9 Airbus A319 16 15 16 15 ATR 72-500 2 6 2 6 ATR 72-600 13 9 13 9 Kilometers flown Million Kilometers 12.7 13.2 38.2 39.1 Average Stage Length

with the recovery in the manufacturing sector especially for export related products such as electronics. Manufacturing for domestic demands was still at the early stage of recovery. For 2018, the Thai

recovery that is consistent with the recovery in the manufacturing sector especially for export related products such as electronics. Manufacturing for domestic demands was still at the early stage of

profit after tax of $128 million (-27% YoY; +5% QoQ), higher fall YoY on account of higher interest expenses and depreciation and lower taxes.  Reduction in effective tax rate following the successful

).  Core net profit after tax of $128 million (-27% YoY; +5% QoQ), higher fall YoY on account of higher interest expenses and depreciation and lower taxes.  Reduction in effective tax rate following the

6 2 6 ATR 72-600 13 9 13 9 Average Stage Length Million Kilometers 12.2 12.6 25.5 25.9 Kilometers flown Kilometers 787.3 801.8 759.6 770.8 9 ASIA’S BOUTIQUE AIRLINE Unit April-June January-June 2019