DCORP 041/2020 August 13, 2020 Subject Management Discussion and Analysis – Explanation of net profit for the quarter ended June 30, 2020 and the increase in the overall operations of more than 20 percent

working capital for the payment of the share acquisition. 9) Opinion of the Board of Directors on the transaction The Board of Directors has considered and conducted study on acquiring of UWT and deemed

of the Company to conduct a study on impacts and possible solutions. Subsequently, the Board of Directors has received the result of the management’s study on the chain of water receiving process of

received from the capital increase to partially repay the loan that the Company borrowed from a financial institution to make a tender offer for all shares in Thai British Security Printing Public Company

Company will utilize the proceeds received from the capital increase to partially or fully repay the loan that the Company borrowed from a financial institution to make a tender offer for all shares in Thai

9 9. Source of Investment Capital The source of funding for the acquisition of ordinary shares of COMASS will come from the Company’s working capital and loan granted from a financial institution. In

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PowerPoint Presentation Management’s Discussion and Analysis (MD&A) For the Financial Result for the Fiscal Year Ended December 31, 2018 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion

for the use of IPO proceeds and the Country’s official economic and investment developing plan. The Board has authorized a special task force team to conduct feasibility study via any risks associated