2018, CPN progressed with the following asset enhancement initiatives. Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 3 of 16 The major renovation at CentralWorld

create long-term returns. In 2019, CPN progressed with the following asset enhancement initiatives. • The major renovation at CentralWorld, which has been ongoing in phases since 4Q16, has been completed

4Q18. Asset Enhancement Initiatives to increase the value of existing shopping malls, customers, tenants and societies, and create long-term returns. In 2018, CPN progressed with the following asset

Corporation Plc. | lower production quantity, and the trade negotiations between the US and China progressed smoothly. However, the average crude cost used for production in Q4/2019, partially reflects the high

assets to ensure their resilience to liquidity shocks. Factors Affecting Banking Industry Performance Thai commercial banks may encounter challenges from rapid changes in government policies and in the

house, intermediate block fish ladder and 500 kV transmission line are progressed as planned. % Progress Project Update of project under construction Xayaburi Power Company Limited (XPCL) 1Q18 92% 4Q17 88

appraised by the government of Lao PDR. Construction of power house, intermediate block and fish ladder also progressed as planned. % Progress 2Q17 99% 1Q17 95% Financial Performance Project UpdatesExecutive

progressed as planned. 2Q17 81% Project Summary: • Nam

PowerPoint Presentation MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q4/2017 and FY2017 GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED THE INNOVATIVE POWER FLAGSHIP OF PTT GROUP Management Discussion & Analysis Management Discussion & Analysis (MD&A) Q4/2017 and FY2017 Executive Summary Executive Summary 1 For 2017, Global Power Synergy Public Company Limited (GPSC) (“the company”) had a net profit of Baht 3,175 million, increased by Baht 475 million or 18% from 2016. The increase is mainly due to the r...

PowerPoint Presentation MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q2/2018 GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED 0 THE INNOVATIVE POWER FLAGSHIP OF PTT GROUP Management Discussion & Analysis 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, increased by Baht 130 million or 14% from Q1/18. The increase is mainly due to the rise in Availabilit...