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

of sales volume and improving operating performance. Power Business In 3Q2018, our Share of Profit from Investment in Associates and Joint Ventures (“Share of Profit from Investments”) and Dividend

Project with capacity of 7,500 cubic meter per day in WHA Eastern Industrial Estate achieved Commercial Operation Date in 3Q’18. Power Business In 2018, our Share of Profit from Investment in Associates and

/ 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

increase in administrative expenses pertaining to the record of allowance for impairment of power plant under construction of SAAM Solar Power Two Company Limited, with net profit margin of 21.52%. Net

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

plant, Myanmar that has already accomplished the construction for the 1st phase 50MW from totaling 220 MW since the end of June. For the 2nd quarter, the Company realized the profit from the biomass power

Management Discussion & Analysis (MD&A) Q2/2018 Executive Summary Executive Summary For Q2/2018, Global Power Synergy Public Company Limited (GPSC) (“the company”) had a net profit of Baht 1,052 million