liabilities 102.6 116.0 13.4 13.1% Total liabilities 6,434.6 7,570.6 1,136.0 17.7% Issued and paid-up share capital 5,088.0 5,088.0 - - Share Premium 3,896.0 3,896.0 - - Retained earnings - Appropriated - Legal

and paid-up share capital 5,088.0 5,088.0 - - Share Premium 3,896.0 3,896.0 - - Retained earnings - Appropriated - Legal reserve 151.9 151.9 - - - Treasury shares 268.0 268.0 - - Retained earnings

(million shares) 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 12.8% from Baht 89,241 million as of

), amount of capital to be raised, number of units offered, offering price, type of unredeemable units; - Specify the purpose of the REIT fundraising; in case of real estate investment purpose, identify the

significantly from the state of excess supplies within the market and declining demand from the COVID-19 outbreak. The company realized loss from invested capital in associate company, OKEA due to the price of

capital is increased by 50 million THB for issuing 100 million shares at the price of 0.50 Baht to the existing shareholders. Funding Structure D/E ratio of the Company is at 1.91, and 1.23 for the yearend

(432.06) (14.96) Total shareholders' equity (1,983.26) (1,912.52) (70.74) 3.70 Book value - baht per share (0.64) (0.61) (0.03) 8.20 Note: Value of registered and paid-up shares at 1 baht per share

, acquired common shares of 3 biomass power plants in the proportion of 100 percent with the consideration paid of Baht 464.6 million. From comparison of identifiable assets acquired and liabilities assumed

of GLAND’s operating cost, is higher under CPN’s book compared to GLAND’s book, which are based on its original cost. Non-recurring item In 1Q19, CPN sold a total of 42.5 million shares of its

total of 42.5 million shares of its ownership in Dusit Thani Public Company Limited, or “DTC”, or approximately 5% of the total issued and paid-up shares of DTC, at the price of 12 THB per share. As a