were as follows:- Management Discussion and Analysis For the Year Ended December 31, 2017 Page 6 2.1.1 The profit of Hongsa Power Company Limited ("HPC"), a joint venture, in a portion of 40 percent

of the previous year. The increase is owing to the increase in the profit of Hongsa Power Company Limited, a joint venture, in a portion of 40 percent. In addition, the acquisition of RATCH

2,862.85 million in the nine-month period of the year 2017. The main reasons were as follows:- 3.5.1 The profit of Hongsa Power Company Limited ("HPC"), a joint venture, in a portion of 40 percent, increased

Amount % Amount % Amount % Q3-19 VS Q3-18 Q3-19 VS Q2-19 Sales Revenue 12,404 100.0 13,715 100.0 13,915 100 (9.6) (10.9) Gross profit 2,373 19.1 3,358 24.5 2,772 19.9 (29.3) (14.4) Operating profit 409 3.3

(39.4) (7.1%) Gross Profit 278.6 219.0 (59.6) (21.4%) Gross Profit Margin 50.3% 42.5% GPM before adjustment with PPA 53.3% 45.8% Total Share of Profit from Investments in Power Associates 251.2 658.9

year due to the profit realized from the biomass power plant project 7.5MW of Prize of Wood Green Energy Co.,Ltd., invested by Safe Energy Holdings Co.,Ltd., started the commercial operation date on

/ EBITDA from Power Plant Business of BCPG Plc., its subsidiaries, and share of profit from associated companies 4/ EBITDA from BBGI Plc., its subsidiaries, and share of profit from associated companies 5

% Industrial & chilled water, nitrogen and others Cost of Sales (THB million, %) QoQ -10% YoY -19% Executive Summary Small Power Producer (SPP) THB 3,927 mill ion | 73% Gross Profit 5,384 Very Small Power

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

plant, Myanmar that has already accomplished the construction for the 1st phase 50MW from totaling 220 MW since the end of June. For the 3rd quarter, the Company realized the profit from the biomass power