Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the Third Quarter and Nine-Month Period Ended 30 September 2017 1. Q3/2017 Highlights Figure 1

Public Company Limited (20 percent). Management Discussion and Analysis For the Three-month and Six-month Periods Ended 30 June, 201" Page 2 1.3 Secur ities Sale Deed to increase investment propor tion in

/ (Decrease) (472.33) (488.75) Non-Controlling Interests Increase / (Decrease) (689.90) (640.06) Total Equity - Restated 59,009.50 58,282.67 Unit : Million Baht Quar ter 3 Quar ter 1-3 Profit Attributable to

Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the Third Quarter and Nine-Month Period Ended 30 September 2018 1. Q3/2018 Highlights Figure 1

% Thousand Baht % Current Assets 624,579 56.8 670,482 58.0 610,761 55.8 646,293 57.0 (45,903) (6.8) Non-Current Assets 475,333 43.2 485,565 42.0 483,181 44.2 486,917 43.0 (10,232) (2.1) Total Assets 1,099,912

Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the year ended 31 December 2019 1. Year 2019 Highlights Figure 1: Quarterly results  In Q4/2019, the

% 2018 % Thousand Bath % 2019 % 2018 % Thousand Bath % Current Assets 667,437 58.4 670,482 58.0 (3,045) (0.5) 664,175 58.6 646,293 57.0 17,882 2.8 Non-Current Assets 474,717 41.6 485,565 42.0 (10,848) (2.2

% Thousand Baht % Current Assets 679,351 57.8 667,438 58.4 11,913 1.8 661,818 56.2 669,493 59.1 (7,675) (1.1) Non-Current Assets 495,328 42.2 474,717 41.6 20,611 4.3 516,222 43.8 463,471 40.9 52,751 11.4 Total

: * Normalized net profit = Net profit – Unrealized gain / (loss) from FX – Non-recurring income / (expense) B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis 2017 2018 % change Q3’2018

% 10.2% 12.2% % NNP - Owner of the parent 59.1% 63.1% 61.7% 64.2% Remark: * Normalized net profit = Net profit – Unrealized gain / (loss) from FX – Non-recurring income / (expense) B.GRIMM POWER PUBLIC