Discussion and Analysis Change in Capital Structure • Total assets increased 17.4% from Baht 76,047 million as of December 31, 2016 to Baht 89,241 million as of December 31, 2017, primarily due to an increase

2,370.4% from the first quarter of 2020. For the period of six months of 2020, the normalized other income was THB 197.4 mm, increased by 6.0% from the same period of last year. Expense Analysis Change

Microsoft Word - MDA 2017 EN SET Final.docx Page 1 of 5    L-WAVE ENT 28/2018 28 February 2018 Subject: Report on reasons of change to profit (loss) and analysis on operating results by the

) ** 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 Q1’2019 Q1’2018 % change

COMPANY LIMITED Management’s Discussion and Analysis 6M’19 6M’20 change Q2’19 Q1’20 Q2’20 change change Btmn Btmn y-on-y Btmn Btmn Btmn y-on-y q-on-q Sales and service income 21,123 22,466 6.4% 10,866

PUBLIC COMPANY LIMITED Management’s Discussion and Analysis 9M’2017 9M’2018 % change Q2’2018 Q3’2018 % change million Baht million Baht y-on-y million Baht million Baht q-on-q Electricity sales Sales to

COMPANY LIMITED Management’s Discussion and Analysis 6M’2017 6M’2018 % change Q1’2018 Q2’2018 % change million Baht million Baht y-on-y million Baht million Baht q-on-q Electricity sales Sales to EGAT 9,714

Discussion and Analysis ABBREVIATION & OUR PROJECTS EXECUTIVE SUMMARY FINANCIAL PERFORMANCE FINANCIAL POSITION PROGRESS OF PROJECTS UNDER CONSTRUCTION NON-OPERATING ITEMS 9M'2016 9M'2017 % change million Baht

) ** 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