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

consumption) NNP = Normalized net profit O&M = Operations and maintenance P.A. = Per annum PEA = Provincial Electricity Authority (Thailand) PPA = Power purchase agreement PTT = PTT Public Company Limited SG&A

accordance with B.Grimm Power’s investment plan. These projects have received financial support by way of project financing from leading financial institutions. In additions, B.Grimm Power has maintained its