PowerPoint Presentation Management’s Discussion and Analysis (MD&A) For the Financial Result for the Fiscal Year Ended December 31, 2018 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion

Regarding EP 5.1 General Information Type of Business : Investing in other companies engaging in electricity generation by solar cell as well as electricity and steam generation by co-generation power plant

of sales related to generation and distribution of electricity business under SAAM-SP1 mainly includes depreciation cost for a solar power plant, operation and maintenance (O&M) and utility expenses

widely used basis for determining the value of companies engaging in the business of power generation and distribution, which typically have a consistent cash flow, as it appropriately reflects the nature

. The sales of power under the PPA starts from the project’s first energy generation within 2020 and the PPA will expire on December 31, 2030. On March 24, 2020, RAC achieved a long-term PPA with a

water resource in a sustainable way. Most of water used in co- generation power plants comes from recycle process or treated waste water from factories while the company's plan to manage electricity

2019-04-09_Notification for Resolution of BOD No. 3-2019 regarding the Acquisition and Disposition -Translation- Seven Utilities and Power Public Co., Ltd. 73 Mahachol Building, Soi Sukhumvit 62

2019-04-18_Notification for Resolution of BOD 3-2019 regarding the Acquisition and Disposition _Edit2_ -Translation- Seven Utilities and Power PublicCo.,Ltd. 73 Mahachol Building, SoiSukhumvit 62

operating results and financial condition of UWC will improve as a 12 result of the reduction in accumulated losses in connection with the power generation business, coupled with the decrease in the debt to

or equivalent to 60 percent of the total shares in Oversea Green Energy Company Limited which invests in the project management service of Iwaki-Fukushima and Ueda Solar Power Projects in Japan to the