BTSDF Bond Rating (S&P/Moody’s/Fitch) BB (S&P) / Ba3 (Moody’s) MSCI ESG Rating BBB Industry & Description Manufacturer and distributor of packaged food products. A leading provider of infant milk formula

and Analysis EXECUTIVE SUMMARY ABBREVIATION & OUR PROJECTSFINANCIAL PERFORMANCE FINANCIAL POSITION PROGRESS OF PROJECTS UNDER CONSTRUCTION EXECUTIVE SUMMARY 1 2019: A remarkable year with 40% capacity

and recruit new customers to the Company. From the end of Q2/2018 until mid of Q3/2018, the Company has launched new products into the market, e.g., HPP (High Pressure Processing) fruit juices, and milk

growing revenue to THB 11,223 million with the Normalized Net Profit (NNP) of THB 1,158 million and NNP-owner of the parent of THB 682 million, growing 54.0% y-on-y. This remarkable performance came from 1

despite the COVID-19 pandemic B.Grimm Power continued to report a remarkable performance with a 62.5% y-on-y growth of net profit- owner of the parent to THB 1,017 million and a 17.2% y-on-y growth of

Processing) fruit juice, milk tablet, personal care products, Malee Coco in new designed carton package; sales compensation for branded products; as well as selling expenses recognition from LQSF which

follows:  Domestic Branded Business sales decreased 17% YoY.  Export Branded Business sales increased 24% YoY, mainly due to sales increase from fruit juice and milk products, and sales recognition from

Lemon, HPP (High Pressure Processing) fruit juice, milk tablet, personal care products, Malee Coco in new designed carton package, which was already projected following the Company’s new product launch

study and develop the power plant project using LNG as fuel, including the project of import and distribution of LNG to fuel the power plant in Vietnam. The remarkable performance with the highest NNP in

E_1 Legal_FA_2015_12_29-c A WWCCoorrppLL44..11hhiigg A Executive Summary 1 Management Discussion and Analysis For the Year Ended December 31, 2017 In 2017, Thai economic growth gained traction, buoyed by strong recoveries in tourism and exports. This growth momentum is expected to carry on into 2018, especially amid a brighter outlook in public and private investment. Nonetheless, the business sector remained challenged by new modes of competition in a broader marketplace amid the advancing digi...