weather condition in Japan, heavily rain and cloudy, thereby resulted low sunlight intensity. On the other hand, the cost in Q3/2018 was increased by Baht 6 million from Q2/2018 due to the prepaid rental

of the revision of revenue recognition according to TFRIC 12. • Shares of profit from Thai Solar Renewable Company Limited (TSR) increased by Baht 9 million from Q4/2017 due to higher sunlight

higher sunlight intensity throughout Q2/2018. In addition, when comparing to Q2/2017, the shares of profit increased by Baht 22 million due to other expenses such as the maintenance cancellation

due to its lofty international reserves. Meanwhile, Thai and US interest rates and bond yields were declining due to several factors. There were, for instance, political strife between North Korea and

PowerPoint Presentation THE INNOVATIVE POWER FLAGSHIP OF PTT GROUP MANAGEMENT DISCUSSION & ANALYSIS MD&A Q3/2019 PAGE 1 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q3 2019 On the 9th October, after Global Power Synergy Public Company Limited (GPSC) (‘company’) have finished the Rights Offering process of Baht 74,000 million and has allocated the not exceeding 1,321,428,571 newly-issued ordinary shares to the shareholders of the Company at the offering price of Baht 56 per share. As a result, the com...