having a common director(s) with major shareholder. Letter of Intent / Memorandum of Understanding is signed with Christiani & Nielsen Energy Solutions (“CNES”) to provide services of designing

said transaction is connected transaction relating to Assets or Services because Ms. Kanjana Pongpatanadecha is spouse of the Managing Director of the Company. The total transaction size is more than

invested in the Independent Power Producer (IPP), Small Power Producer (SPP), Very Small Power Producer (VSPP), Coal Mining, Operating and Maintenance (O&M), Management and Administrative Services

19,968 22,644 13.4% Steam sales 420 397 -5.5% Others 303 678 123.8% Sales and services income 20,691 23,720 14.6% 3 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis Electricity

18 0.0% 15 18 20.0% Sales to EDL 0 8 n/a 48 8 -83.3% Electricity sales 7,311 7,769 6.3% 7,465 7,769 4.1% Steam sales 126 137 8.7% 132 137 3.8% Others 214 249 16.4% 165 249 50.9% Sales and services

437.5% Electricity sales 14,894 16,298 9.4% 7,769 8,529 9.8% Steam sales 258 265 2.7% 137 128 -6.6% Others 463 398 -14.0% 249 148 -40.6% Sales and services income 15,615 16,961 8.6% 8,156 8,805 8.0

EDL 59 84 42.4% 43 32 -25.6% Electricity sales 22,644 25,668 13.4% 8,529 9,370 9.9% Steam sales 397 408 2.8% 128 143 11.7% Others 678 576 -15.0% 148 178 20.3% Sales and services income 23,720 26,652

410 440 7.3% 218 240 200 (8.3%) (16.7%) Demin Water 15 22 46.7% 11 12 10 (9.1%) (16.7%) Others 292* 39** (86.6%) 184* 1 38** (79.3%) 3,700.0% Sales and services income 21,123 22,466 6.4% 10,866 11,223

subsidiary of EGCO, entered into the sale and purchase agreement to invest in a 49% ownership interest in Paju Energy Services Co.,Ltd. (Paju ES) owned by SK E&S Co.,Ltd. (SK E&S). Paju ES owns and operates

Plus B.V., a wholly owned subsidiary of EGCO, singed the sale and purchase agreement to invest in a 49% ownership interest in Paju Energy Services Co.,Ltd. (Paju ES) owned by SK E&S Co.,Ltd. (SK E&S