38.8% y-on-y in 2019 to Baht 1,774 million and 54.5% y-on-y in Q4’2019 to Baht 635 million, primarily due to commercial operations of new power plants described previously. COST STRUCTURE FINANCIAL

deferred revenue amounting to THB 2,100.6 mm to statement of comprehensive income for this period. • Share of profit from power associates and joint ventures decreased by 53.0%, mainly due to the planned

PowerPoint Presentation Management’s Discussion and Analysis (MD&A) For the Financial Result of Quarter 3 Year 2019 Ended September 30, 2019 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s

project land used as site location for clients’ solar power projects. Total assets decreased by THB 21.44 million or 4.82% from the end of the previous year (end of 2018: THB 445.12) mainly due to the

clients who operate 17 solar power projects in Thailand, and (2) revenues from the sale of electricity from its own solar power project operated by its direct subsidiary. SAAM Energy Development Public

profit (loss) for Q1/2020 of power generation business decreased by Baht 562 million, comparing to Q1/2019, mainly due to a decrease in the operating results of EGCO Plus, BLCP, Quezon, XPCL and KEGCO. On

reason of QoQ above. The reasons are increase in sales of electricity due to lower planned-shutdown, increase in sales from partially record of revenue from the new power plant acquired in this period and

Page 2 Management Discussion and Analysis 1. Significant events in the second Quarter of 2019 1.1 The progress in construction projects - Xayaburi Project, a project of the Xayaburi Power Company Limited

sales of 1,560.58 Million Baht as 397.63 Million Baht increased or 34.19 percent when compared to same period of previous year as amount of 1,162.95 Million Baht due to subsidiary (RWI) has more volume in

events in the first Quarter of 2019 1.1 The progress in construction projects - Xayaburi Project, a project of the Xayaburi Power Company Limited, (EGCO holds a 12.50% ownership interest.), is a hydro