totalled at Baht 1,979.8 million, a 6.9% decrease from Baht 2,125.6 million in 2018. However, Normalized Total Revenue from Power Business and Share of Profit from Investments and Dividend was Baht 1,560.2

PowerPoint Presentation Management’s Discussion and Analysis (MD&A) For the Financial Result of Quarter 3 Year 2018 Ended September 30, 2018 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s

. The main reason was the decrease in revenue from finance lease contracts in the amount of Baht 99.84 million. Additionally, the power plant generated electricity less than the previous year. 2.2 Revenue

) Increase (Decrease) THB Million % THB Million % THB Million % Revenues Sales 13.59 24.38 12.69 23.49 (0.90) (6.62) Service and rental income 41.19 73.88 41.19 76.24 - - Other income 0.97 1.74 0.15 0.27 (0.82

genuine gross margins for 3 months and 9 months were 51.5% and 54.8%, respectively. Utilities & Power Business Q3 2018 Q3 2019 Increase/ (Decrease) 9M 2018 9M 2019 Increase/ (Decrease) THB mm THB mm % THB

Investment and Dividend Income totalled at Baht 1,979.8 million, a 6.9% decrease from Baht 2,125.6 million in 2018. However, Normalized Total Revenue from Power Business and Share of Profit from Investments

profit decreased by Baht 128 million mainly due to the decrease in steam sales volume of Rayong Central Utility Plants (CUP) and IRPC Clean Power (IRPC-CP) decreased, even though the electricity sales

the same period of 2016 ( while utility service income increases) , is attributable to the decrease in central infrastructure maintenance expenditures during this period. ▪ An increasing participating

last year, comes partly from the decrease in electricity generating to the EGAT’s system of hydro-power project. Moreover, there is an adjustment of accounting record in the previous year which, then

causing the gross profit to slightly decrease by Baht 1 million. • IRPC Clean Power (IRPC-CP): The revenue in Q1/2018 was Baht 1,472 million, increased by Baht 523 million or 55% due to the COD of both