1 Note: 1) Revenue and Cost that were recognized when there is construction under concession agreements for tap water according to accounting standard TFRIC12 1. ANALYSIS OF FINANCIAL PERFORMANCE For

in sales of scrap and sale of damaged and unusable assets. (2.2) Cost of Sales and Services Description Year 2018 Year 2017 Increase / (Decrease) Million Baht % of Sales Million Baht % of Sales Million

%YoY 9M/2019 9M/2018 %YTD Revenues from sales and services 1,205 1,204 0.1% 3,741 3,891 (3.9%) Cost of goods sold and services 992 955 4% 3,131 2,975 5% Gross profit 213 249 (14%) 612 916 (33%) % gross

consumption) NNP = Normalized net profit O&M = Operations and maintenance P.A. = Per annum PEA = Provincial Electricity Authority (Thailand) PPA = Power purchase agreement PTT = PTT Public Company Limited SG&A

province of Republic of the Philippines. 455 MW of the plant’s capacity and energy are contracted to the Manila Electric Company (MERALCO) pursuant to a 20 years power supply agreement which is extendable

commercial operation of hospitality business since April in accordance with measures containing COVID-19 announced by local governments. Regardless an effective cost management together with reducing variable

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

25-year Power Purchase Agreement (PPA) with the tariff of USD 6.5 cent per kWh. The project was able to achieve COD as scheduled in PPA, and construction cost is in line with the budget approved. Move

consolidated sales and services income excluding construction revenue under concession agreement of 3,075.80 million Baht, decreased by 186.46 million Baht or 5.72%) and Net profit attributable to Equity holders

to IU portion. Development of Solar Projects ERC has announced the qualified project sponsors to enter into Power Purchase Agreement with the electricity distribution authorities (Metropolitan