the increase in total production cost, the company and subsidiary still could generate the Cash Margin which indicate that the Company was well in operation management. Net gain on foreign exchange rate

% 4.6% -1.4% 3.9% 6.0% -2.1% Stock Gain/(Loss) & NRV -149 -425 -65% -233 -36% -382 -458 -17% Adjusted EBITDA(1) 286 653 -56% 444 -36% 730 998 -27% Adjusted EBITDA Margin (%) 6.8% 13.5% -6.7% 9.6% -2.8

selling expense to increase, 1Q2020 net profit reported at THB 335M or still increased by 14% YoY because of other income representing THB 423m recognized as a gain from selling share of SHR’s subsidiary

other income amounted 15.3 million Baht compared previously year 18.1 million Baht. In Year 2018, Gain on sale of land and structures held for future development in amount of 167.8 million Baht and Gain

179,674 3.6 Fees and services expenses 597,665 442,747 154,918 35.0 Fees and services income, net 4,604,034 4,579,278 24,756 0.5 Gain on trading and foreign exchange transactions, net 276,581 457,007

latter decreased in production due to the adjustment stock management to suitable with the decrease in HRC market price worldwide. - Gain on exchange rate was achieved of THB 193 million in Q2-2017, which

: * Normalized net profit = Net profit – Unrealized gain / (loss) from FX – Non-recurring income / (expense) B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis 2017 2018 % change Q3’2018

) (38.3) 11.9 31.1 Net fees and service income 177.2 174.0 3.2 1.8 Gain from financial instruments measured at fair value through profit or loss 22.7 1.5 21.2 1,413.3 Gain on investments 148.2 11.2 137.0

19% 5,227 -25% 9,158 6,106 50% EBITDA -120 88 -236% 345 -135% 225 229 -2% EBITDA Margin (%) -3.1% 2.7% -5.8% 6.6% -9.7% 2.5% 3.8% -1.3% Stock Gain/(Loss) & NRV -374 -58 545% 92 -507% -282 -132 114

-interest income totaled Baht 1,785 million decreased by 13.2% yoy. The decline is mainly due to the lower gain on financial instruments measured at fair value through profit and loss comparing to the same