1 --Translation-- Sor Gor 113/2017 November 9, 2017 Subject: Management Discussion and Analysis for the third quarter ended September 30, 2017 (Reviewed) To: The President The Stock Exchange of

2017 2016 Variance 2017 2016 Variance MB % MB % Gain on foreign exchange 99.5 45.4 54.1 119.3 134.9 106.1 28.8 27.2 Non-operating revenues (2) 0.1 (0.9) 0.9 106.4 0.4 4.0 (3.6) (90.8) EBIT (3) (397.2

1,839.6 34.5 1.9 Income tax expenses 93.1 472.0 (378.9) (80.3) Less: Dividend income 418.6 389.6 29.0 7.4 Interest received 114.0 116.8 (2.8) (2.4) Gain on exchange rate 164.7 55.7 109.0 195.8 Non-operating

services expenses 117,670 106,479 11,191 10.5 Fees and services income, net 1,130,742 1,143,083 (12,341) (1.1) Gain on trading and foreign exchange transactions, net 106,785 162,815 (56,030) (34.4) Gain

The Stock Exchange of Thailand Reference: The Notification No. BGRIM 16/2563 dated 31 August 2020 Re: the readiness for development of 7 combined cycle cogeneration power plants as planned B.Grimm Power

366 240% Gain (loss) from foreign currency forward contracts (32) (259) 17 152% 106% 39 (225) -672% Gain (loss) on foreign exchange (253) 299 227 190% -24% 237 889 276% Reversal of allowance for gain

) (1,612.81) (1,350.14) Net Cash Used in Financing Activities (54.66) (757.33) (680.20) Net Increase (Decrease) in Cash and Cash Equivalents 322.76 (281.62) 425.39 Cash and Cash Equivalents at the Beginning

assets and convening the Extraordinary General Meeting of the Shareholders No. 1/2018 (Revise 3) To : President, The Stock Exchange of Thailand Attachment : 1. Capital Increase Report Form (F 53-4) 2

foreign exchange 299 (39) 230 N/A N/A 663 363 N/A (loss) from impairment of assets (1,358) (412) (14) N/A N/A (1,441) (425) N/A Share of profit of associate and JV 56 23 118 111% 413% 128 233 82% Profit

392,980 49,767 12.7 Fees and services income, net 4,579,278 4,055,136 524,142 12.9 Gain on trading and foreign exchange transactions, net 457,007 268,337 188,670 70.3 Gain on financial liabilities