Discussion and Analysis of Financial Condition and Results of Operations for the year 2556 Translation UWC 031/2560 August 10, 2017 Subject : Management Discussion and Analysis for quarter 2-2017 To

Discussion and Analysis of Financial Condition and Results of Operations for the year 2556 Translation UWC 028/2018 August 10, 2018 Subject : Management Discussion and Analysis for quarter 2-2018 To

Discussion and Analysis of Financial Condition and Results of Operations for the year 2556 1 Translation UWC 023/2562 August 16, 2019 Subject : Management Discussion and Analysis for quarter 2-2019

expense before selling electricity.  Financial cost of 13.08 Million Baht as 1.72 Million Baht decreased or 11.62% when compared to same period of previous year of 14.80 Million Baht Financial Status As at

+ Financial Lease (IPP) Electricity (SPP+VSPP) Steam QoQ -1% YoY -9% Industrial & chilled water, nitrogen and others Cost of Sales (THB million, %) QoQ -4% YoY -11% Executive Summary Small Power Producer (SPP

of intangible assets from the acquisition of GLOW". (see details on page 24) Operating Revenue (THB million, %) Electricity + Financial Lease (IPP) Electricity (SPP+VSPP) Steam QoQ -8% YoY -14

increase in FT rate and the increase in electricity and steam sales after maintenance shutdown of customers of Rayong Central Utility Plants in Q2/2017. Q2/2018 Financial and Operating Highlights * ไม่รวม

. Financial Performance Project UpdatesExecutive Summary Change QoQ YoY +/(-) Revenue Revenue from selling electricity - Availability Payment: AP 145 145 186 28% 28% 280 331 18% - Energy Payment: EP 1,237 1,553

revenue from financial lease agreement for 9 months in 2017 decreased by Baht 424 million or 9% from the same period in 2016. This is in- line with the decrease in the electricity submitted volume according

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