– Non-operating income / (expense) B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis Q1’19 Q4’19 Q1’20 change change Btmn Btmn Btmn y-on-y q-on-q Electricity sales Sales to EGAT

cost management for electricity generation of our gas- fired power plants which contribute approximately 70% of our portfolio capacity. Land Lease Agreement for U-Tapao hybrid project On June 26, 2020

cycle cogeneration power that commenced COD on October 1, 2018. It has an installed capacity of 133 MW and sells electricity to EGAT 90 MW under a 25-year PPA. The project was able to achieve COD as

budget. The projects already contributed Baht 183 million revenue in Q2’19 based on the 20-year PPA with Electricity of Vietnam (EVN) with tariff of USD 9.35 cent per kWh. DT1&2 solar projects and Phu Yen

water resource in a sustainable way. Most of water used in co- generation power plants comes from recycle process or treated waste water from factories while the company's plan to manage electricity

operations of 11 projects (ABPR5, 7 solar projects in Thailand, Nam Che 1 in Laos including DT1&2 and Phu Yen TTP in Vietnam), 2) the acquisitions of 124 MW SPP1 in March 2019 and 3) the electricity tariff

detail, please contact Investor Relations Section of the Electricity Generating Public Company Limited at Tel: 662-998-5145-8 or Email: ir@egco.com Page 2 Management Discussion and Analysis 1. Significant

is the ideal location for petrochemical, chemical, steel and utility- intensive customers requiring electricity and steam. After successfully acquiring 100% shares of Glow SPP1 from Glow Company

close monitoring of the ongoing impacts of the pandemic on our industrial customers' operational plans, there was continuing strong electricity and steam demand from our main customers, petrochemical

services (1,149.4) (1,274.4) 125.0 10.9% Gross profit 471.6 466.2 (5.4) (1.1%) Net loss on exchange rate (4.6) (17.4) 12.8 278.3% Loss on forward contracts (0.2) (1.5) 1.3 650.0% Other income 3.7 4.7 1.0