Incomes mainly consists of Interest Income from Loans to GHECO-One and Dividends Received from Investments in Glow IPP Power Plant1. 5 Administrative Expenses and Income Tax (Expnese) Income include the

(“the Group”) as follow: THB Mn THB Mn THB Mn % Sales of goods and services 1,214.9 1,115.7 99.2 8.9 Revenue from finance lease under power purchase agreement 99.2 100.9 (1.7) (1.7) Revenue from

PowerPoint Presentation Management’s Discussion and Analysis (MD&A) For the Financial Result for the Fiscal Year Ended December 31, 2017 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion

.  Utilities Business’s Operating Revenue was Baht 1,570.2 milion, a 19.2% increase YoY as planned reflected stable growth from both volume and price.  Share of Profit (Power Business) increased 101.2% YoY from

operate in their full capacity. Since the Group are in the process of improving the machinery’s efficiency to reduce further cost of production. In addition, other biomass power plants, excluded the new

reduce in sales volume. The gross profit of the company decreased mainly due to: • Independent Power Producer (IPP): The gross profit decreased by Baht 553 million as a result of a lower gross profit from

realized in following quarters. The decline of Wholesale/Retail Sale Activities to 169 million Baht was a result of the weakening purchasing power and the increasing market competition. The Export Sale

Dividends Received from Investments in Glow IPP Power Plant1. KEY HIGHLIGHTS  We witnessesd solid performance from both Utilities and Power Business  Utilities Business’s Operating Revenue was Baht 404.2

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

ended 30 September 2019 and 2018 are presented below. THB Mn % (1) THB Mn % (1) THB Mn % (1) THB Mn % (1) Sales of electricity 687.9 60.2 690.2 61.1 2,030.5 59.7 2,013.8 61.7 > Biomass Power Plants 658.5