income, and the lagging recovery in household purchasing power. Regarding Thai monetary policy, the Bank of Thailand’s policy rate is expected to stay at a low 1.50 percent for the entirety of 2017 through

PowerPoint Presentation Management’s Discussion and Analysis (MD&A) For the Financial Result for the Fiscal Year Ended December 31, 2018 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion

% 4,669.2 4,458.3 (4.5%) Revenue from finance lease under a Power Purchase Agreement 105.2 106.3 102.8 (3.3%) (2.3%) 312.1 314.0 0.6% Cost of sales and services (1,168.7) (1,168.5) (1,272.2) 8.9% 8.9

whereby the purchaser has higher bargaining power than the seller, then considered the value of the appraised assets by analyzing the quality scoring and weight of the comparative data, which has

six months ended June 30, 2017, primarily due to high efficiency of our new power plants became commercial operation in recent years Normalized net profit (NNP)  Normalized net profit increased 11.8

PowerPoint Presentation Management’s Discussion and Analysis (MD&A) For the Financial Result of Quarter 1 Year 2020 Ended March 31, 2020 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion

machinery, equipment and related expenses to increase the production capacity of the flexible packaging products another Baht 40 million. This is to increase the proportion of high gross margin products. In

Q2 and flood causing transportation difficulty in Q3, and China where some distributor had weak performance. In addition, Thai baht was stronger by c.5% against the US dollar compared with the same

(Decreased) Percentage Remark Sales and Services Income 1,925.12 1,589.19 335.93 21.14% - LPG Trading 773.35 860.01 (86.66) (10.08%) 1 - Transportation 12.01 14.68 (2.67) (18.19% 2 - Conversion Kit

Remark Sales and Services Income 686.15 582.93 103.22 17.71% - LPG Trading 195.57 186.44 9.13 4.90% 1 - Transportation 4.18 4.00 0.18 4.50% - Conversion Kit Installation 0.37 0.68 (0.31) (45.59%) 2