expansion and the inclusion of administrative expenses of the new power plants. 7 2.3) Non-operating items 6M'2016 6M'2017 change million Baht million Baht % Share of profit (loss) of associates and JV 102

PERFORMANCE 7 Q1’2017 Q1’2018 % change Q4’2017 Q1’2018 % change million Baht million Baht y-on-y million Baht million Baht q-on-q Other revenues 11 22 100.0% 112 22 -80.4% Share of profit (loss) of associates

) from financial instruments 102.5 64.2 38.3 59.7 - Profit (loss) from change of fair value of investments (unrealized) 0.1 1.4 (1.3) n/a - Profit (loss) from sale of investments (realized) (1.6) 0.6 (2.2

recognized the share of profit according to the increasing investment. KLU: Unit : Million Baht 2018 2017 Change Increase (Decrease) Amount % Electricity revenue 2,231 913 1,318 100% Other income 7 1 6 100

Profitability Ratios Quarter 2 Change Increase/(Decrease) 2019 2018 Gross Profit Ratio (%) 27.24 35.88 (8.64) Operating Profit Ratio before FX (%) 24.74 31.68 (6.94) Profit Ratio before FX (%) 12.99 14.69 (1.70

expenses and interest expenses. Whereas, electricity profit was down, caused by more unplanned outage than the same period last year. GPG: Unit : Million Baht Quarter 3 Change Increase (Decrease) 2017 2016

Q1’19 Q4’19 Q1’20 change change Btmn Btmn Btmn y-on-y q-on-q Other revenues 48 136 92 91.7% (32.4%) Share of profit (loss) of associates 30 24 27 (10.0%) 12.5% Gain (Loss) on exchange rate 11 (15) (213) n

: * 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

) ** Normalized net profit = Net profit – Unrealized gain / (loss) from FX – Non-operating income / (expense) B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis 2018 2019 change Q4’18 Q3’19

) (1,092) (431) (657) (1,184) (1,749) (565) (32%) Normal operating profit (loss) 44 162 (2) 84 42 246 (204) (83%) GPS (JV) XPCL* (ASSO) NT1PC (JV) GIDEC** (JV) Total Change Increase (Decrease) 2019 2018 2019