@halcyon.co.th No. CS-2563/014 14 August 2020 Subject: Management Discussion and Analysis for the 6-Month Period Ended 30 June 2020 To: Directors and Managers The Stock Exchange of Thailand Halcyon Technology

Page 1 No. CMC Sor Lor.013/2019 Date 12 November 2019 Re: Management Discussion & Analysis for the Period Ended 30 September 2019 To The President of the Stock Exchange of Thailand (SET

material particular, providing an investment analysis or a forward looking statement based on false or distorted data. It is imperative that the persons who give information or opinions to the public be

in Asia, including issues of concern and challenges as well as the policy responses and initiatives by public authorities on the matter. Based on the analysis of national responses, certain policy

mm in the third quarter of 2017. Expenses analysis Q3 2017 Q3 2018 Increase/(Decrease) 9M 2017 9M 2018 Increase/(Decrease) THB mm THB mm THB mm % THB mm THB mm THB mm % Selling expense 40.9 33.0 (7.8

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

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

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

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

results based on its audited consolidated financial statements which ended 31 December 2019 as follows: Management’s Discussion and Analysis The following Management's Discussion and Analysis should be read