increased by Baht 173.7 million, which are deposits with financial institutions as collateral as specified in the loan agreements in order to receive payment under the Power Purchase Agreements, to reserve

% 4,669.2 4,458.3 (4.5%) Revenue from finance lease under a Power Purchase Agreement 105.2 106.3 102.8 (3.3%) (2.3%) 312.1 314.0 0.6% Cost of sales and services (1,168.7) (1,168.5) (1,272.2) 8.9% 8.9

Angthong Power acquisition in March 2020. • Total equities decreased by 6.3% from the end of 2019 to THB 36,237 million as of March 31, 2020, primarily due to a record of loss in hedging reserve in Other

impairment loss from damaged cane THB 203 million, (3) Ethanol business : Higher cost of production due to average molasses cost increased from 3,649 THB/ton to 4,305 THB/ton in 2017, (4) Power business

lease under a Power Purchase Agreement 104.5 104.9 106.3 1.3% 1.7% 206.9 211.2 2.1% Cost of sales and services (1,191.7) (1,121.4) (1,168.5) 4.2% (1.9%) (2,466.2) (2,289.9) (7.1%) Gross profit 421.6 350.0

PowerPoint Presentation THE INNOVATIVE POWER FLAGSHIP OF PTT GROUP MANAGEMENT DISCUSSION & ANALYSIS Q4/2019& FY 2019 MD&A PAGE 1 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q4 2019 and FY2019 Global

the country has sufficient reserve margin. According to the Department of Alternative Energy Development and Efficiency, the current status of renewable energy power plants as of October 31, 2018, which

PowerPoint Presentation Management’s Discussion and Analysis (MD&A) For the Financial Result of Quarter 2 Year 2020 Ended June 30, 2020 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion

reserve The result of this agreement is to eventually enhance operating margin of our gas-fired combined cycle cogeneration projects. Projects under construction are on track Nam Che 1 Hydro Power Plant

Operation Date EBITDA Earnings before Interest, Tax, Depreciation and Amortization FX Foreign Exchange Rate IPP Independent Power Producer PPA Power Purchase Agreement SPP Small Power Producer Projects