consists of domestic freight (In-land). In the 3rd quarter of 2021 was 6.94 million Baht, which decreased by 1.0 million Baht from 7.94 million Baht in the 3rd quarter of 2020. The ratio to revenues from the

associates 30 50 -40.0% 49 -38.8% Gain (Loss) on exchange rate 11 (93) n/a 8 37.5% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis FINANCE COST AND TAX ABBREVIATION & OUR

902.4 +0.0% Finance costs 42.5 48.1 50.5 +18.7% +4.9% 128.2 138.5 +8.0% Other expenses - - - - - 192.4 - -100.0% Profit before income tax expenses 108.7 163.7 154.0 +41.7% -5.9% 279.2 456.7 +63.6% Tax

% EBITDA 2,112 4,116 4,951 20% 134% Depreciation and amortization (690) (2,080) (2,074) (0%) 201% EBIT 1,422 2,036 2,877 41% 102% Finance costs (372) (1,197) (1,041) (13%) 180% Other non-operating income and

) 8% 32% EBIT 600 754 1,067 42% 78% Finance costs (96) (90) (119) 32% 24% Other non-operating income (and expenses) 196 36 64 78% (67%) Shares of profit of associates and joint ventures 111 152 152 0

Expenses (130.8) (152.9) -14.5% Finance Costs (366.6) (459.9) -20.3% Share of Profit from Investments in Associates and Joint Ventures 2,047.4 1,936.1 5.7% Income Tax (Expense) Income (49.1) (18.2) 170.4

Refueling Services 82% Fuel Pipeline Transportation Services 18% Services Income structure of 9M/2019 Page 5 of 8 In the nine months of 2019, the Group had operating profit before finance costs and taxes

THB 772mn, increasing by 63.4% or THB 300mn from THB 473mn as of 31 December 2016 mainly from 1) an increase in short-term loan from financial institutions of THB 235mn to finance COMASS’s acquisition

previous year. Expenses analysis Q2 2016 Q2 2017 Increase/(Decrease) THB mm THB mm THB mm % Selling expense 26.5 161.2 134.7 508.1% Administrative expense 235.3 306.3 71.0 30.2% Finance costs 616.9 418.9

56.9% or THB 269mn from THB 473mn as of 31 December 2016 mainly from an increase in 1) short-term loan from financial institution of THB 455mn to finance COMASS’s acquisition and the investment of CBD