clients over the previous 12 months, and 3) continued efficiency improvements of cogeneration power plants after gas turbine upgrade. Stable IU volume with well portfolio diversification Despite the

FX fluctuation normally causes no material impact on overall performance of the company. B.Grimm always has well-planned strategies to manage the FX risk as follows; 1) Natural hedging where the ratio

International Airport for the operation of hybrid power plant, consisting of combined cycle cogeneration power plant using natural gas and solar farm with total capacity of 95 MW and the smart energy storage

noticed in Q2’19. In additions, the same upgrade via LTSA with Siemens for ABP5 is scheduled in Q3’19. The progress of SPP Replacement Scheme BGRIM has 5 cogeneration power plants qualified for the SPP

Che 1 and 2 solar projects in Vietnam, 2) ABP3’s improving heat rate after gas turbine upgrade in Dec 2018 - Jan 2019 and 3) interest cost saving. • NNP / NNP - owner of the parent increased 6.8% y-on-y

) (9.1%) Sales of steam (IU) 2.5 1.4 (1.1) (44.0%) Sales from Natural Gas Power Plant 422.3 668.6 246.3 58.3% Sales of electricity - FiT, base tariff and Ft 70.1 68.1 (2.0) (2.9%) FiT Premium 6.0 6.0

additional investment to upgrade office building’s facilities. - Administration expenses increased due to additional headcount required for the succession plan. Extraordinary items included 15.2 million baht

(IU) 1.1 0.8 1.1 37.5% - 6.5 3.3 (49.2%) Sales from Natural Gas Power Plant 507.7 657.4 884.1 34.5% 74.1% 1,396.9 2,210.1 58.2% Sales of electricity - FiT, base tariff and Ft 59.5 73.5 76.7 4.4% 28.9

Natural gas (IPP) Natural gas (SPP+VSPP) Maintenance costs Others 59% 60% 63% 10% 9% 4% 18% 18% 18% 4% 4% 4% 9% 10% 10% 14,062 12,943 12,488 Q2/19 Q1/20 Q2/20 Coal GPSC - Q2/2020 Management Discussion and

% 680.5 1,124.4 65.2% Sales of electricity to Industrial Users (IU) 1.4 1.0 0.8 (20.0%) (42.9%) 2.5 1.8 (28.0%) Sales of steam (IU) 2.9 1.4 0.8 (42.9%) (72.4%) 5.4 2.2 (59.3%) Sales from Natural Gas Power