profit was down, caused by more unplanned outage than the previous year. Banpong: Unit : Million Baht 2017 2016 Change Increase (Decrease) Amount % Electricity revenue 1,149 - 1,149 100% Other income

: * 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 Q1’2019 Q1’2018 % change

Profit (Loss) of Associates and Joint Ventures (unit: THB million) Share- Holding % Q2/19 Q1/20 Q2/20 change +/(-) 6M/19 6M/20 change +/(-) YoYYoY QoQ Independent Power Producer (IPP) Xayaburi Power

depreciation and amortization expenses Financial Performance Project UpdatesExecutive Summary Change QoQ YoY +/(-) Operating revenue 5,553 5,366 5,459 2% (2%) 11,037 10,825 (2%) Gross profit 1,251 1,098 1,256 14

% Gross profit 3,658 4,017 3,927 7% (2%) 9,043 11,912 32% Gross profit margin 25% 29% 31% 5% 1% 25% 30% 4% Key revenue drivers Q3/19 Q2/20 Q3/20 Change +/(-) 9M/19 9M/20 Change +/(-) YoYYoY QoQ Electricity

Income for the year 2019 per following table: (THB) Million 2019 2018 Change %Change Total Revenues 531.73 538.96 (7.23) (1) Total Expenses (497.06) (488.86) 8.20 2 Shares of Profits (Loss) (46.23) 26.72

: Million Baht) 3 Months Change % Change 2 / 5 Operating results by business for the three-month period ended 30 June 2020 • Increase in gross profit was mainly derived from the following reasons: 1

-month period ended 30 June Change % Change 2 / 5 Operating results by business for the three-month period ended 30 June 2019 • Decrease in gross profit was mainly derived from the following reasons: 1

1 / year 2018 Change Million Baht % Million Baht % Million Baht % Sales revenue - net 108.37 92.86% 107.94 93.48% (0.42) -0.39 % Revenue from contract works 7.14 6.12% 6.40 5.54% (0.75) -10.48

: THB million 2019 2018 Change (THB million) Change (%) Revenue from External Customers 315.74 342.33 -26.59 -7.77% Total Revenue 317.11 343.75 -26.63 -7.75% Net Profit for the Period 29.74 35.01 -5.28