% 2Q17 62% GLOBAL POWER SYNERGY PLC. Q2/2017 Management Discussion & Analysis (MD&A) Ratios Formula Gross profit margin Net profit margin Interest coverage ratio Net Debt to Equity ratio Debt to Equity

$ 1.9B. Interest cost is expected to come down for year 2020, thanks to lower benchmark rates. Our net operating debt to equity went up to 1.35 times primarily due to the acquisition of Spindletop

arrangement for the Mixed-use project of THB 492 million, and (2) a decrease in net long-term loan of THB 133 million. Dusit Thani PCL Management Discussion and Analysis 2017 P a g e | 5 Shareholders’ Equity As

75% in VGI Global Media (Malaysia) Sdn. Bhd (“VGM”) with a total investment value of THB 360mn. This transaction is expected to complete within the 4th quarter of 2018. VGM is a holding company

- Translation - Management Discussion and Analysis of the Company’s Performance for the three-month period ended 31 March 2020 - Translation - JKN GLOBAL MEDIA PUBLIC COMPANY LIMITED Management

merchandise exports contracted in response to the weakening global economy and sustained Baht appreciation. In addition, the contraction in merchandise exports has affected private consumption and investment

4.2 percent in 2018. Against the backdrop of a global trade slowdown and US-China trade uncertainty, merchandise exports and imports for the year contracted by 2.7 and 4.7 percent from 2018

in June 2020. • Gross profit of Very Small Power Producer (VSPP) and others increased by THB 173 million mainly from recognition of gross profit from Global Renewable Power Co., Ltd. (GRP) after the

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previous Quarterly To: The President The Stock Exchange of Thailand As a result of the global economic slowdown, trade and economic negotiations and in Thailand have continued to slow down to wait for