PowerPoint Presentation Management’s Discussion and Analysis (MD&A) For the Financial Result for the Fiscal Year Ended December 31, 2017 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion

In November 2019, SEC engaged the Thailand Development Research Institute (TDRI) to conduct a study on laws pertaining to the supervision of audit firms and auditors in foreign capital markets for

10.6% 25.1% 3,862.1 4,766.5 23.4% Revenue from finance lease under power purchase agreement 104.9 95.3 109.4 14.8% 4.3% 305.7 307.0 0.4% Cost of sales and services (971.2) (1,174.0) (1,350.7) 15.1% 39.1

capital. PPTC Company Limited ("PPTC") is a Small Power Producer of Cogeneration Power Plant with a approximate maximum capacity of 120 MW and approximate maximum steam production capacity of 30 tons per

CPT Holding Co., Ltd. CPT Holding Co., Ltd. (“CPT Holding”) and two other legal entities ("group of offerors") failed to comply with the regulations as specified by the Capital Market

Saishin Energy LLC. Saishin Energy LLC. and two other legal entities ("group of offerors") failed to comply with the regulations as specified by the Capital Market Supervisory Board by

Real DC Co., Ltd. Real DC Co., Ltd. and two other legal entities ("group of offerors") failed to comply with the regulations as specified by the Capital Market Supervisory Board by

Beyond Securities Public Company Limited Beyond Securities Co., Ltd. (“Beyond Securities”), as the financial advisor for the tender offer of CPT Drive and Power Public Company Limited (“CPT”), failed

Incomes mainly consists of Interest Income from Loans to GHECO-One and Dividends Received from Investments in Glow IPP Power Plant1. 5 Administrative Expenses and Income Tax (Expnese) Income include the

(“the Group”) as follow: THB Mn THB Mn THB Mn % Sales of goods and services 1,214.9 1,115.7 99.2 8.9 Revenue from finance lease under power purchase agreement 99.2 100.9 (1.7) (1.7) Revenue from