% 6.03 Earnings before interest, taxes, depreciation 63.24 42.07 50.32 Earnings before interest, taxes, depreciation margin 16.82% 13.25% 3.57 Net profit for the period 47.13 29.06 62.18 Net profit margin

generate retained earnings from operation, while incurring an insignificant amount of total liabilities. The Company and its subsidiaries recorded a debt to equity ratio of 0.13 times. Yours sincerely, Mr

mobilization via the IPO and could generate retained earnings from operation, while incurring an insignificant amount of total liabilities. The Company and its subsidiaries recorded a debt to equity ratio of

Management’s Discussion and Analysis For the Financial Results of Quarter 2 Year 2017 Ended June 30, 2017 1 ABBREVIATION ADB = Asian Development Bank COD = Commercial Operation Date EBITDA = Earnings

LIMITED Management’s Discussion and Analysis ABBREVIATION ADB Asian Development Bank COD Commercial Operation Date EBITDA Earnings before Interest, Taxes, Depreciation and Amortization EDL Electricite Du

Operation Date EBITDA Earnings before Interest, Tax, Depreciation and Amortization FX Foreign Exchange Rate IPP Independent Power Producer PPA Power Purchase Agreement SPP Small Power Producer Projects

and Analysis EXECUTIVE SUMMARY SIGNIFICANT EVENTS ABBREVIATION & OUR PROJECTSFINANCIAL PERFORMANCE FINANCIAL POSITION PROGRESS OF PROJECTS UNDER CONSTRUCTION EXECUTIVE SUMMARY 1 Commercial operation of

% Progress 5.0% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis ABBREVIATION COD Commercial Operation Date EBITDA Earnings before Interest, Taxes, Depreciation and Amortization EDL

LIMITED Management’s Discussion and Analysis ABBREVIATION COD Commercial Operation Date EBITDA Earnings before Interest, Taxes, Depreciation and Amortization EDL Electricite Du Laos EGAT Electricity

Q1’2018, primarily due to high efficiency of our new power plants became commercial operation in recent years. Normalized net profit (NNP)  NNP increased 22.4% y-on-y from Baht 678 million in Q1’2017 to