by Paju Energy Services Co., Ltd. (Paju ES), a company in which EGCO Group owns a 49% equity interest. Paju ES owns and operates Paju Power Plant which is a combined cycle gas-fired power plant. The

subsidiaries were developing their power plants. Earth Tech Environment Public Company Limited Page 2 Financial summary for the three months ended 30th June 2020 Item Three months ended 30th June 2020 Three

liabilities 63,497 66,295 4.4% Total equities 25,744 27,725 7.7% Total equities attributable to Owner 18,653 19,107 2.4% Net-int debt to equity (times) 1.4 1.5 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s

% Total liabilities 83,016 89,391 7.7% Total equities 38,677 36,776 (4.9%) Total equities attributable to owner 28,144 26,746 (5.0%) Net-int debt to equity (times) 1.0 1.1 B.GRIMM POWER PUBLIC COMPANY

impairment loss from damaged cane THB 203 million, (3) Ethanol business : Higher cost of production due to average molasses cost increased from 3,649 THB/ton to 4,305 THB/ton in 2017, (4) Power business

46,154 46,319 43,763 Total liabilities million baht 13,680 14,428 13,205 equity’ Total shareholders million baht 32,474 31,891 30,558 Registered capital million baht 1,259 1,259 1,259 up capital-Paid

equity (times) 1.4 1.6 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis PROGRESS OF PROJECTS UNDER CONSTRUCTION As Of 31 January 2019 ABBREVIATION & OUR PROJECTSEXECUTIVE SUMMARY

consists of 27 operating power plants, with a total contracted capacity of 4,354 MW equity and 5 construction projects, with a total contracted capacity of 911 MW equity. 3. Report and Analysis of the

of the previous year. The increase is owing to the increase in the profit of Hongsa Power Company Limited, a joint venture, in a portion of 40 percent. In addition, the acquisition of RATCH

equities attributable to Owner 18,655 18,880 1.2% Net-int debt to equity (times) 1.4 1.5 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis PROGRESS OF PROJECTS UNDER CONSTRUCTION AS