fuel material cost of Natural Gas Power Plant from decrease in average natural gas price. And decrease in cost of maintenance to outside since there is no maintenance service performed to outside in the

ability of the Sriracha Power Plant as this power plant is IPP. Cost of sales and services (exclude depreciation and amortization) • Natural gas, which is the main operating cost of the company’s power

PDR which offset with the construction cost recognizes based on actual incurred construction cost according to TFRIC 12 – Concession Agreement B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s

4.5% Effective gas cost Baht/mmBtu 236.59 252.07 6.5% 250.98 266.45 6.2% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis ABBREVIATION & OUR PROJECTSEXECUTIVE SUMMARY FINANCIAL

- Thailand Baht/Ton 1,027.69 1,055.70 2.7% 1,035.55 1,078.14 4.1% Effective gas cost Baht/mmBtu 235.45 244.29 3.8% 237.21 250.98 5.8% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis

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

2.8% Revenue from finance lease under power purchase agreement 95.3 102.4 104.5 2.1% 9.7% 197.6 206.9 4.7% Cost of sales and services (1,174.0) (1,274.4) (1,191.7) (6.5%) 1.5% (2,323.4) (2,466.2) 6.1

Cost of sales and service increase 1.0% QoQ from Baht 788.7 million to Baht 796.3 million. The increase by Baht 7.6 million, mainly from cost of Natural Gas Power Plant which increased by Baht 19.9

4,669.2 (2.0%) Revenue from finance lease under power purchase agreement 109.4 104.5 105.2 0.7% (3.8%) 307.0 312.1 1.7% Cost of sales and services (1,350.7) (1,191.7) (1,168.7) (1.9%) (13.5%) (3,674.1

. For 1H2018, Gross Profit Margins, excluding Other Income from Utilities Business was 34.4% improved from 30.3% in 1H2017, maily from increased of sales volume and lower maintenance cost. Power Business