the recent year demonstrate a capital investment exceeds one hundred million Baht; (14) a juristic person whose shares holders are the persons under (1) to (13) collectively hold the shares in an amount

) the Government Pension Fund; (11) provident funds; (12) mutual funds; (13) juristic persons whose audited financial statement of the recent year demonstrate a capital investment exceeds one hundred

calculation (million shares) 2,607 2,607 2,607 2,607 2,607 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis Change in Capital Structure • Total assets increased by 20.9% from the end of

of increased registered capital from offering for sales of common shares and warrants (FVC-W2) in the 2nd quarter 2017 at net 277.67 MB (already deducted expenses from such offering at 1.22 MB); and

share sale transaction for ordinary shares in a wholly owned subsidiary of SHR to Wai Eco World Developer Pte. Ltd (“WERW”) in accordance with Joint Venture Agreement to operate and develop a high-end

(13.9) (14.6) Total liabilities 5,514.6 5,371.7 142.9 2.7 Issued and paid-up share capital 5,088.0 5,088.0 - - Share Premium 3,896.0 3,896.0 - - Retained earnings - Appropriated - Legal reserve 45.2 45.2

Warrants AIT-W2 into ordinary shares in the amount of 599.0 MB in September 2022 and receiving money from short-term deposit withdrawals. -6- Other current financial assets decreased by 720.0 MB

% Derivative liabilities - 0.2 (0.2) (100.0%) Other liabilities 97.7 93.9 3.8 4.0% Total liabilities 5,843.7 5,886.4 (42.7) (0.7%) Issued and paid-up share capital 5,088.0 5,088.0 - - Share Premium 3,896.0

(0.2) (100.0%) Other liabilities 100.1 93.9 6.2 6.6% Total liabilities 5,672.6 5,886.4 (213.8) (3.6%) Issued and paid-up share capital 5,088.0 5,088.0 - - Share Premium 3,896.0 3,896.0 - - Retained

5,300.0% Other liabilities 102.6 93.9 8.7 9.3% Total liabilities 6,434.6 5,886.4 548.2 9.3% Issued and paid-up share capital 5,088.0 5,088.0 - - Share Premium 3,896.0 3,896.0 - - Retained earnings