August 15, 2017 Subject: MD&A for the financial statements of the 2nd quarter of fiscal year 2017 ended as of June 30, 2017 To: The President The Stock Exchange of Thailand Aapico Hitech Public Company

(Translation) th August, Ref: SET-- Re: Management's Discussion and Analysis and Operating Results for Quarter / Dear: The President The Stock Exchange of Thailand Filter Vision Public Company

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

146 151 (5) -4% 149 151 (2) -1% Earnings per share (THB/share) 0.24 0.25 (0.01) -4% 0.25 0.25 (0.00) -1% • Total revenue of Q2/2018 increased 61% are results of volume impact from rice business of both

116 14.0% Gain (Loss) on exchange rate 135 (17) -112.8% Share of profit (loss) of associates and joint ventures  Share of profit from associates increased 14.0% from Baht 102 million to Baht 116

acquisition of dried fruit business and acquisition 51% additional ordinary shares (Registered and Paid-up Capital) of Fruity Dry Company Limited Attn.: The President The Stock Exchange of Thailand Global

quarter of 2017 Attention: The President The Stock Exchange of Thailand The Company wishes to present the Management Discussion & Analysis (MD&A) on the operating and financial status for the 2nd quarter of

President The Stock Exchange of Thailand The Company wishes to present the Management Discussion & Analysis (MD&A) on the operating and financial status for the 3rd quarter of 2017. The MD&A would enable the

314.48 341.71 (27.23) (7.97%) Earnings per share (EPS) 0.19 0.21 (0.02) (7.97%) Raw water costs 51% Tap water costs 38% Rental and services costs 6% Construction cost under Concession Agreements 5% Raw

6,299 Group EBITDA 1,223 2,635 Group Net Profit (Loss) 495 1,963 HRC Sales (k tons) 389 333 HRC Production Volume (k tons) 382 361 HRC Average Selling Price (Bht/Ton) 20,939 18,907 HRC Cash Margin (Bht