Economic Growth Sources: Office of the National Economic and Social Development Council and Ministry of Commerce *Projection by KResearch Ye ar -o n- Ye ar C ha ng e (p er ce nt ) 2 1.2 Banking Industry

, subscription of such shares, and manipulation of delivering and disclosing the relevant information to the Ministry of Commerce, SEC, SET, and relevant agencies or authorities; 2. Execution, alteration

shares, and manipulation of delivering and disclosing the relevant information to the Ministry of Commerce, SEC, SET, and relevant agencies or authorities; 2. Execution, alteration, amendment, contact

placement with the SEC, the registration of capital reduction, capital increase and amendment of the Articles of Association of the Company with the Ministry of Commerce and/or the listing of the Company's

Ministry of Commerce, shall be authorized to amend or add wordings in compliance with the Registrar’s directions: Articles of Association of the Company Chapter 2 Shares and Shareholders The Existing

investment, fiscal stimulus, increase in relocations of production base to Thailand would be beneficial to private consumptions and investments and lessen the negative impacts from the external factors. For

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

our higher interest rate borrowings (note that the financing costs of BIP1 and BIP2 is 5.6% p.a. for fiscal year end 2017). Acquisition of BGYSP BGRIM acquired additional of 51% shares of B.Grimm Yanhee

the tourism sector, political uncertainties and strengthening of the Thai Baht which may impact competitiveness in international trades. However, acceleration in public investment, fiscal stimulus

burden of SME and consumers and increase liquidity in the markets and to further support the fiscal measures that have already been introduced earlier. For 2020, the Thai economy is projected to contract