beneficial to the Company and its shareholders as it will enhance the strength of the Company and CCPT-KY, gain more access of fund resources to support business expansions as well as adding value to the

viewed the Transaction is reasonable and is beneficial to the Company and its shareholders as it will enhance the strength of the Company and CCPT-KY, gain more access of fund resources to support business

explanations. 5. Performance of the Company and its Subsidiaries Management’s Discussion and Analysis (MD&A) For Q3/2017 14  Net foreign exchange gain The Company recorded consolidated net gain on foreign

(5.7%) 58(9.7%) (39.6%) Company 46.6(7.5%) 77(12.8%) (39.4%) TBSP 4.2(0.7%) (5)(0.9%) 178.4% Marvel Pack 0.1(0.01%) - 100.0% NP from operating 50.9(8.2%) 72(11.9%) (29.0%) One-time gain 0.9(0.1%) - 100.0

) ** Normalized net profit = Net profit – Unrealized gain / (loss) from FX – Non-operating income / (expense) B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis 9M’18 9M’19 change Q3’18 Q2’19

) ** Normalized net profit = Net profit – Unrealized gain / (loss) from FX – Non-operating income / (expense) B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis 2018 2019 change Q4’18 Q3’19

) ** 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 6M’18 6M’19 change Q2’18 Q1’19

profit in accounting from the disposal of assets that will help developing the conditions of the consolidated financial statements. In addition, the Company will gain income as the increase of cash flow of

gain The Company recorded a consolidated net gain on foreign exchange for the Q2-2017 amounted to THB 193 million which higher than last year quarter by THB 165 million, derived from the strengthen of

Tons = c.1,000 Litres (3) Adjusted EBITDA refers to EBITDA excluding impact of Stock Gain/(Loss) and NRV Global Green Chemicals Public Company Limited Management’s Discussion and Analysis | 7 Performance