. Details of calculation of the transaction size are based on expenses of the Company in subscription of Newly Issued Shares and acquisition of Shares in Hero Experience at the total of บมจ.0107537002109

: FJD million) 2015 2016 Revenue from operation 42.61 41.14 Operating expense 32.54 31.28 Other revenue 0.77 0.92 Other expenses 1.70 1.65 Page 12 of 18 Depreciation and Amortization 3.28 3.57 EBITDA

411 30.9% Depreciation 2,758 3,341 21.1% 876 956 9.1% Total expenses 26,006 31,141 19.7% 8,230 8,821 7.2% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis ABBREVIATION & OUR

liabilities 2,968 0% 1,561 0% 1,066 0% - 0% Other payables 206,719 2% 119,649 1% 146,136 2% 181,505 4% Accrued expenses 235,418 3% 216,232 3% 187,345 3% 154,123 3% Current income tax payable 3,830 0% 1,369 0

1,509 8.7% 725 783 8.0% Total expenses 12,842 14,090 9.7% 6,747 7,343 8.8% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis ABBREVIATION & OUR PROJECTSEXECUTIVE SUMMARY FINANCIAL

% 783 876 11.9% Total expenses 19,483 22,320 14.6% 7,343 8,230 12.1% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis ABBREVIATION & OUR PROJECTSEXECUTIVE SUMMARY FINANCIAL

had delivered raw materials to the company regarding to the settlement agreement (3) Extra items were expenses from raw materials derogation amounting to THB 2,004 million net of tax income from

commission, resulted in overall cost of service decreasing -1.5%YoY and remained flat QoQ. SG&A was under well-controlled, declining -26%YoY and flat QoQ. Marketing expenses dropped -33%YoY from lower

% YoY, with admin expense up 35% YoY due to higher performance-related staff costs. Marketing expenses increased by 6.0% YoY while maintaining a focus on cost-effective strategies that generate returns

) Administrative Expenses (25.4) (8.4) 17.0 (66.8) Finance Costs (146.0) (93.7) 52.3 (35.9) Share of Profit from Investments in Associates and Joint Ventures 250.8 659.2 408.5 162.9 Income Tax (Expense) Income 17.9