due to the decrease in Base Availability Credit in 2018 compared to that of 2017, as specified in the Power Purchase Agreement. ,.5 The effect of exchange rate of the Company and its subsidiar ies In

of profit (loss) of associates 173 133 -23.1% 53 29 -45.3% Gain (Loss) on exchange rate (28) (14) -50.0% 94 (14) -114.9% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis

on exchange rate in the amount of Baht 75.51 million. 2.1.4 The profit of Ratchaburi Power Company Limited, a joint venture, in a portion of 25 percent, decreased in the amount of Baht 126.49 million

PowerPoint Presentation THE INNOVATIVE POWER FLAGSHIP OF PTT GROUP MANAGEMENT DISCUSSION & ANALYSIS MD&A Q2/2019 PAGE 1 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q2 2019 For Q2/2019, the EBITDA of the

associate and our joint ventures, namely ABPIF, BGYSP and BGSENA. Gain (Loss) on Exchange Rate  We recorded a loss on exchange rate of Baht 28 million for 9M’2017 FINANCIAL PERFORMANCE 7 B.GRIMM POWER PUBLIC

-28.9% 29 49 69.0% Gain (Loss) on exchange rate (38) (6) -84.2% (14) 8 -157.1% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis FINANCE COST AND TAX ABBREVIATION & OUR

104 -10.3% 50 53 6.0% Gain (Loss) on exchange rate -17 0 -100.0% -93 94 -201.1% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis FINANCE COST AND TAX ABBREVIATION & OUR

, consisting of a share of loss from operation of Baht 7.9 million and gain on foreign exchange translation of Baht 20.1 million 5 Power plant Type of power Category of producer Equity holding (%) Contracted

Securities Company   8. Report/Form (Notification of Securities and Exchange Commission) Form 104-5 Form for Changing of Position of Power of Management of Persons Approved by the Office   9. Report/Form

10.1% (17.4%) Share of profit (loss) of associates 51 54 5.9% 20 27 27 35.0% 0.0% Gain (Loss) on exchange rate (15) (11) n/a (26) (213) 202 n/a n/a B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s