PowerPoint Presentation Management’s Discussion and Analysis (MD&A) For the Financial Result of Quarter 1 Year 2018 Ended March 31, 2018 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion

related to generation and distribution of electricity under SAAM-SP1 mainly includes (1) depreciation expense for the solar power project, (2) operation and maintenance (O&M), and (3) other costs such as

PowerPoint Presentation Management’s Discussion and Analysis (MD&A) For the Financial Result of Quarter 2 Year 2018 Ended June 30, 2018 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion

Year Ended December 31, 2017 Page 1 (Translation) 1. Significant events of the year 2017 1.1 The Progress of Projects 1.1.1 Collinsville Solar Power Project in Australia ("The Project") On May 5, 2017

PowerPoint Presentation Management’s Discussion and Analysis (MD&A) For the Financial Result of Quarter 3 Year 2018 Ended September 30, 2018 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s

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

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