Absolute Clean Energy Public Company Limited Brief Company - - PowerPoint PPT Presentation

Absolute Clean Energy Public Company Limited

September 2019

Brief Company Information

2

This presentation is for information purposes only and does not constitute or form whole or part of any offer, invitation or solicitation by or on behalf of the Company for sale or subscription of or solicitation or invitation of any offer to or recommendation to buy or subscribe for any securities of the Company, nor shall it or any part of it form the basis of or be relied on in connection with any contract, commitment or investment decision in relation thereto (“Securities”) in Thailand, the United States or any other jurisdictions. Any recipient considering a purchase of Securities is hereby reminded that any such purchase should be made solely on the basis of the information contained in a final offering document (which may be different from the information contained in this presentation ) and subject to the selling restrictions set out therein. No public offering of the Securities will be made in the United States or in any other jurisdiction outside of Thailand where such an offering is restricted or prohibited. This presentation should not be construed as legal, tax, investment or other advice. The information contained herein does not take into consideration the investment objectives, financial situation or particular needs of any particular investor, and should not be treated as giving investment advice. In addition, this presentation contains certain financial information and results of operation, and may also contain certain projections, plans, strategies, and objectives of the Company, that are not statements of historical fact which would be treated as forward looking statements that reflect the Company's current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks which are in many cases beyond the control of the Company, and which may change over time and may cause actual events and the Company's future results to be materially different than expected or indicated by such statements. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. Such forward-looking statements are not guarantees of future performance and accordingly, the actual results, financial condition, performance or achievements of the Company may differ materially from those anticipated by the Company in the forward looking statements. The recipient is cautioned not to place undue reliance on these forward looking statements. In providing this presentation, the Company does not undertake to provide any recipient with access to any additional information or to correct any inaccuracies herein which may become apparent.

Disclaimer

3

Company Core Competitive Advantages Financial Highlights Company Overview I IV III

Table of Contents

Industry Overview and Growth Potential II Key Takeaways V

Company Overview

5

Who is ACE?

Company Overview

“To be the world practical model of Clean energy powerplant, which is responsible for environment, society, and shareholders”

“เป็นโรงไฟฟ้าพลังงานสะอาดต้นแบบของโลกที่มีความรับผิดชอบต่อสิ่งแวดล้อม สังคม และผู้ถือหุ้น”

Thailand’s Current Largest “Professional-Run” Biomass Power Producer 40 Years Strong foundation in Integrated Agricultural Industry Thailand’s Leading Renewable Power Producer The Green & Clean Energy Leader

6

ACE at a Glance

Innovative Private Power Producer for Absolute Clean Energy Abundant biomass feedstock support from community 40 Years Strong foundation

• f Major Shareholder in

Integrated Agricultural Industry Surrounding the power plants Ongoing Improvement with Innovative Technology Innovative Technology and Experienced R&D Team

Company Overview

7

Company Overview

ACE at a Glance

Innovative Private Power Producer for Absolute Clean Energy Co-generation (1+0) 114.35 MW Solar (2+4) 5.02 MW MSW (1+1) 11.0 MW Biomass (9+14+1)/1 291.0 MW/1 32+1 Power Plants/1 (13 in Operations) 411.47+9.9 MW/1 Expected Installed Capacity 1 GW (Gross) +36% MW CAGR/2

Remark: /1 Including APP’s capacity MW of 9.9, Currently, APP’s shareholders sent LOI for APP share purchase proposal to ACE /2 Compound Annual Growth Rate in term of MW from 2019-2024

8

Company Overview

ACE’s Biomass Powerplant (9+14+1, 291 MW)/1,/2

ACP1 Ban Bueng ACP2 Ponthong ACP3 Bo Ploy ABA1 Thern ALCP1 Sri Chiang Mai ALCP2 Sirinthorn AAPP2 Chokchai AAPP1 Tanee AAP1 Nam Pong

Remark: /1 Including APP’s capacity MW of 9.9, Currently, APP’s shareholders sent LOI for APP share purchase proposal to ACE /2 Capacity MW

9

Company Overview

ACE’s MSW Powerplant (1+1, 11MW)/1

MSW Khon Kaen

Remark: /1 Capacity MW

10

Company Overview

ACE’s Co-generation Powerplant (1+0, 114.35 MW)/1

AAA Chachoengsao

Remark: /1 Capacity MW

11

Company Overview

ACE’s Solar Powerplant (2+4, 5.02 MW)/1

Remark: /1 Capacity MW

12

Strictly Private & Confidential

Company Overview

Source: ERC, company website/annual report Remark: /1 Average capacity of all powerplant type of ACE /2 Feedstock burn capacity for biomass powerplant

Innovative Private Power Producer for Absolute Clean Energy

ACE at a Glance

Feedstock Burn Capability

ACE: Up to 65% moisture content/2 of mixed fuel Others: Up to 40%

Largest Portion Bidding Winner in the recent 2017 Major SPP Hybrid Firm Bidding

Unit : MW

>90% Capacity Factor/1

Biomass: 97% > Listed Peer : 96% MSW: 95% > Listed Peer : 72% Cogeneration: 82% > Listed Peers: 81%

196

76

13 85.2 209.5 210.5 212.2 214 421 421 1,000

2016 2017 2018 2019 2020 2021 2022 2024

421

“To be the world practical model of Clean energy powerplant, which is responsible for environment, society, and shareholders”

1979/1 (40 years ago): Shaiyo Triple A Group, world’s leading rice, corns, cassavas and woodchips producer and exporter, has expertise in agriculture industry and R&D in the fast growing tree and intrigued in exploring the energy sector. 2016: First COD of VSPP “ALCP” MSW Power Plant 2015: Established Absolute Clean Energy (ACE) as a Holding Company with initial paid-up capital of THB 0.5 mm. 2017: First COD of SPP “AAA” Cogeneration Power Plant 2017: Won and secured 4 SPP Hybrid Bidding

• f total 93 capacity

MW 2018: First COD of VSPP Solar Rooftop 2012: First COD of VSPP “ACP1” Biomass Power Plant 2024: Expected to secure an installed capacity

• f 1,000 PPA MW

and becomes Thailand’s largest biomass power producer 2022: Estimated to COD all projects/2 (421.37 MW)/3 Unit: MW

ACE’s Key Development Milestones

Company Overview

Remark : /1 http://www.saaa.co.th/SAA_ENG/home.php /2 Estimated timeline: Currently, Arbitration result states that PEA has to return PPA to ACE and with the assumption that normally power project’s construction period is approx. 2 years /3 Including APP’s capacity MW of 9.9, Currently, APP’s shareholders sent LOI for APP share purchase proposal to ACE

ACE’s Total Capacity MW/3 over time

Strictly Private & Confidential

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ACE Business Portfolio in Thailand

Power Type Biomass Co-generation MSW Solar ACE’s Holding Stake in Projects 100.0% 100.0% 100.0% 100.0% 100.0% Existing + Pipeline Projects

9+14+1/1 1+0 1+1 2+4

Capacity MW (Total Capacity MW) PPA MW to Government & IU (Total PPA MW)

89.1 201.9 114.4 1.73 3.29 6.0 5.0 Remark: /1 Including APP’s capacity MW of 9.9. Currently, APP’s shareholders sent LOI for APP share purchase proposal to ACE /2 Electricity Sale Agreement (ESA) with IU Total: 291.0/1 Total: 114.35 Total: 11.0 Total: 5.02/2 72 164.3 90 4.5 4.4 Total: 236.31/1 Total: 90 Total: 8.9 Total: 5.02 Existing Under Development + Pending for Development

Overview of ACE’s Portfolio

Company Overview

/1 /1

1.73 3.29

COD: 211.18 Pipeline: 210.19 Total: 421.37 COD: 13 Pipeline: 20/1 Total: 33/1 COD: 168.23 Pipeline: 171.99 Total: 340.22

15 Assets Overview

Type Installed/ Equity MW PPA MW Location COD / SCOD Date Status Existing Projects (13 Projects) 1 VSPP - Biomass 9.9 8.0 Chonburi 24/04/2012 COD 2 VSPP - Biomass 9.9 8.0 Khonkaen 02/05/2012 3 VSPP – Biomass 9.9 8.0 Surin 30/10/2012 4 VSPP – Biomass 9.9 8.0 Nakhon Ratchasima 16/01/2013 5 VSPP – Biomass 9.9 8.0 Roi-et 04/06/2013 6 VSPP – Biomass 9.9 8.0 Nongkhai 26/12/2013 7 VSPP – Biomass 9.9 8.0 Lampang 09/07/2014 8 VSPP – Biomass 9.9 8.0 Ubonratchathani 14/08/2015 9 VSPP – MSW 6.0 4.5 Khonkaen 29/11/2016 10 SPP - Cogen 114.35 90.0 Chachoengsao 10/02/2017 11 VSPP – Biomass 9.9 8.0 Kanchanaburi 16/08/2017 12 VSPP – Solar Rooftop 1.0 Chonburi 20/11/2018 13 VSPP – Solar Rooftop 0.73 Nakhon Ratchasima 22/02/2019 Under Development and pending for development (20 projects) 4 SPP – Hybrids 93.0 76.31 2021 EIA process 15 VSPP – MSW 5.0 4.4 Krabi 2021 Under Construction 16 1 Solar Rooftop 1.0 Chonburi 2019 Quality assessment /under construction 17 VSPP – Biomass 9.9 8.0 Kampangphet Within 2022 Under negotiation SCOD/2 18 VSPP – Biomass 9.9 8.0 Kampangphet Within 2022 19 VSPP – Biomass 9.9 8.0 Supanburi Within 2022 20 VSPP - Biomass 9.9 8.0 Nakornpathom Within 2022 21 VSPP - Biomass 9.9 8.0 Nakhon Ratchasima Within 2022 22 VSPP - Biomass 9.9 8.0 Chonburi Within 2022 23 VSPP - Biomass 9.9 8.0 Amnatcharoen Within 2022 24 VSPP - Biomass 9.9 8.0 Lopburi Within 2022 25 VSPP - Biomass 9.9 8.0 Pracheenburi Within 2022 26 VSPP – Biomass 9.9 8.0 Srisaket Within 2022 Under consideration of Administrative Court 27 VSPP – Biomass/1 9.9 8.0 Chonburi Within 2022 Under negotiation SCOD/2 28 1 Solar Rooftop 0.83 Samut Sakhon 2020 Under construction 29 1 Solar farm 0.77 Nakhon Ratchasima 2020 Under construction 30 1 Solar farm 0.69 Nakhon Ratchasima 2020 Under construction Total Projects 421.37 335.21

Surin:

• No. 3

Khonkaen:

• No. 2 and 9

Roi-et:

• No. 5

Nongkhai:

• No. 6

Lampang:

• No. 7

Ubonratchathani:

• No. 8

Chachoengsao:

• No. 10

Kanchanaburi:

• No. 11

Kampangphet:

• No. 17, 18
• SPP – Hybrid

Srisaket:

• No. 26

Supanburi:

• No. 19

Nakornpathom:

• No. 20

Amnatcharoen:

• No. 23

Lopburi:

• No. 24

Krabi:

• No. 15

Pracheenburi:

• No. 25

Ranong:

• SPP - Biomass
• Operating projects
• Under development projects and

Pending for development projects

Nakhon Si Thammarat:

• 2 SPP - Biomass

1 2

COD Biomass SCOD Biomass COD Cogeneration COD MSW SCOD MSW SCOD 4 SPP-Hybrid Solar

Well-Balanced Portfolio with Diversified Locations

Source: Company information as of 28 August 2019 Remark: /1 Including APP’s capacity MW of 9.9, Currently, APP’s shareholders sent LOI for APP share purchase proposal to ACE /2 Estimated timeline: Currently, Arbitration result states that PEA has to return PPA to ACE and with the assumption that normally power project’s construction period is approx. 2 years

Company Overview

Chonburi:

• No. 1, 12, 16,22, 27

Samut Sakhon:

• No.28

Nakhon Ratchasima:

• No. 4, 13 ,21,29 and 30

16 COD Under Development + Pending for Development

Asia Clean Energy (“ASCE”) (Holding Company)

100%

(Holding Company)

ACE’s Group Structure

Remark: /1 Including APP’s capacity MW of 9.9, Currently, APP’s shareholders sent LOI for APP share purchase proposal to ACE

Company Overview

100% 100% 100% 100% 100% 100%

Advance Farm Tree (“AFT”) Advance Farm Tree (“AFT”) 1 VSPP (9.9 MW) AFT 1 Advance Asia Power Plant (“AAP”) Advance Asia Power Plant (“AAP”) 1 VSPP (9.9 MW) AAP 1 (May 12) Advance Bio Asia (“ABA”) Advance Bio Asia (“ABA”) 1 VSPP (9.9 MW) ABA1 (Jul 14)

100%

Advance Agro Asia (“AAA”) Advance Agro Asia (“AAA”) 1 SPP (114.35 MW) AAA 1 (Feb 17) Advance Agro Power Plant (“AAPP”) Advance Agro Power Plant (“AAPP”) 3 VSPP (29.7 MW) AAPP 1 (Oct 12) AAPP 2 (Jan 13) AAPP 3 Asia Clean Power (“ACP”) Asia Clean Power (“ACP”) 7 VSPP (69.3 MW) ACP 1 (Apr 12) ACP 2 (Jun 13) ACP 3 (Aug 17) ACP 4 ACP 5 ACP 6 ACP 7

Operating Company Operating Assets

100% 100%

Alliance Clean Power (“ALCP”) Alliance Clean Power (“ALCP”) 4 VSPP + 2 MSW (50.6 MW) ALCP 1 (Dec 13) ALCP 2 (Aug 15) ALCP 3 (Nov 16) ALCP 4 ALCP 5 ALCP 6 ACE Solar (“ACE Solar”) ACE Solar (“ACE Solar”) 2 SPP + 6 VSPP (53.02 MW) Rooftop 1 (Nov 18) Rooftop 2 (Feb 19) BPP 1 Bio Powerplant (“BPP”) Bio Powerplant (“BPP”) 2 SPP +1 VSPP (54.9 MW) BPP 2 BPP 3 PSPR PSPR PSPR 1 1 VSPP (9.9 MW)

100% 100%

ACE SOLAR 1 ACE SOLAR 2

Rooftop 1 expansion

Power Supply and Maintenance Service (“PSMS”) Power Supply and Maintenance Service (“PSMS”) Advance Power Plant (“APP”)/1 Advance Power Plant (“APP”)/1 APP 1 1 VSPP (9.9 MW)

100% Rooftop 2 expansion Farm 1 expansion Farm 1 expansion

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PRANAI SUWANRATH, Independent Director

Chairman of the Board of Directors

• Current: The Thai Red Cross- Director
• Ex-Chairman of the BOD, MEA
• Ex-Permanent secretary of the Ministry of Interior

CHAROON INTACHAN, Independent Director

• Current: Office of the Council of State- Council

Committee

• Ex-President of the Constitutional Court
• Ex-Secretariat of the House of

Representatives- Constitution Drafting Committee

• Ex-Justice of The Supreme Court
• Ex-Justice of The Supreme Administration

Court

NUEKRAK BAINGERN, Independent Director

Audit Committee, Nomination & Remuneration Committee

• Current: Advance Life Assurance-

Chairman of the Audit Committee

• Experience: CIMBT- Executive Vice

President- Operation

TEERAWUT SONGMETTA, Executive Director

Chief Technology & Innovation Officer

• Current: Songmetta Corporation-

Director

• Experience: Advance Agro Asia-

Director

CHONTICHA CHITRARPORN, Independent Director

Chairman of Audit Committee

• Current: Advance Life Assurance-

Independent Director / Chairman of the Risk Management Committee

• Current: Dhanarak Asset Development –

Risk Management Committee

JIRATHA SONGMETTA, Director

Chairman of Executive Committee, Nomination & Remuneration Committee

• Experience: Double A (1991) – Director
• Experience: Thai Power Supply - Director
• Experience: 304 Industrial Park - Director

PORNMETT SONGMETTA,

Executive Director

Chief Operation Officer

• Current: Songmetta Corporation-Director
• Experience: Asia Clean Industrial Park –

Director

PATCHANEE SUTHEEVITANUNT, Independent Director

Audit Committee, Chairman of Nomination & Remuneration Committee

• Current: Advance Life Assurance – Audit

Committee

• Experience: Government Pension Fund- Assistant

Secretary General

TANAVIJIT ANKAPIPATCHAI, Director

CFO, Management Committee

• Current: Inter Care & Service- Director
• Experience: Shaiyo AA- Executive Director
• Experience: Advance Agro Asia- Co-CEO

TANACHAI BUNDITVORAPOOM, Director

CEO, Management Committee

• Current: Synergetic Auto Performance-

Director/the Nomination and Remuneration Committee

• Experience: TISCO Securities- First Senior Vice

President- Head of Investment Banking

ACE’s Board of Directors

Company Overview

18

ACE’s Strategy, Core Value & Competency

Company Overview

ACE’s Core Competency

Research & Development Innovation for production Sustainable growth Efficiency Improvement

ACE’s Strategy

Development for Stakeholders Systemetic Management Managerial Potential Development Production Innovation for Efficiency Long Term Feedstock Development Plan Profitability with CSR Sustainability

ACE’s Corporate Culture

Wisdom Empower Synergy Honest Adaptability Enterpreneur Result Oriented Social Responsibility

ACE’s Sustainable Growth ACE’s Core Value Operation

สร้างประสิทธิภาพ

9 ส

สร้างนิสัย

สะสาง สะอาด สะดวก สร้างสรรค์ ความ ปลอดภัย ส่งเสริมพัฒนา ทีมงาน ใส่ใจ สิ่งแวดล้อม สุขลักษณะ สร้างนิสัย

19

Financial Highlights Company Overview I IV III

Table of Contents

Industry Overview and Growth Potential II Company Core Competitive Advantages Key Takeaways V

Industry Overview and Growth Potential

21 Electricity consumption is gradually growing amid the country’s instability

Electricity Consumption, Resilience Growth Throughout Country Crisis

Source : Global Energy Statistical 2018

Industry Overview and Growth Potential

World Electricity Consumption Thailand Electricity Consumption VS SET index Unit: tWh Unit: tWh

• 5,000

10,000 15,000 20,000 25,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 100 200 300 400 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 400 800 1,200 1,600 2,000

• Red Shirt took
• ver the

Ratchaprasong

• State of

Emergency announced by Thai Gov’t

• Bomb at

Ratchaprasong

• Major

flooding around Bangkok Metropolitan Area

• Flooding attack

the Southern part of Thailand

• Year of GDP

Curtailment

• Anti-Gov’t by

PDRC

• Bangkok

Shutdown

• Military

Government in action

• Coup d’etat
• High market

volatility due to domestic unprecedente d negative factor

• Certain

market volatility with improved market condition

• Uncertainty

from interest rate hike by FED

• A crisis in the

sub-prime mortgage market in USA (Hamburger Crisis)

• Red Shirt start

protesting and stormed a hotel in Pattaya that was the venue for ASEAN summit

SET Index

22 Paris Agreement: Around 88% of the world have ratified or acceded to the Agreement. Thailand government has ratified the agreement. EV Revolution: EV trend is coming with 1) Fossil fuel vehicle bans 2) Renowned automakers are making promises on EV

Announced end sales of gas and diesel cars by 2040 Announced end sales of gas and diesel cars by 2040 Parliament voted through motion to end all gas and diesel car by 2025

Plans to sell only 100% EV or hybrid/electric onward

Source : Paris Agreement, Climate change, Vox

Global and Domestic Trend to Support Renewable Energy

World Zero Carbon: Government around the world is collaborating to aim for net zero carbon by 2050. Sample Approach from Countries and States:

Target Date: 2030 Status: In law Target Date: 2050 Status: In law Target Date: 2050 Status: In law Target Date: 2045 Status: Executive Order

Ratified Signed Not Signed/Withdrawing

Norway France California United Kingdom France United Kingdom Netherlands

Industry Overview and Growth Potential

23

International and Domestic Trend to promote and support Renewable Energy

Paris Agreement Set a global goal to reach zero carbon emissions in the second half of the century

Constitution of the Kingdom of Thailand Reformation Plan of the Country PDP 2018 Proposal Thailand  Section 72(5): To promote energy conservation and cost-effective use

• f energy, as well as to develop and

support the production and use of alternative energy to enhance sustainable energy security.  Thus, current and ongoing government policies and actions shall comply with this Section.  Set up biomass quality and pricing standard and develop market  Initiate database of biomass producer  Study/develop technology to transform biomass feedstock for value added  Encourage firm contract for biomass power plant PPA  Recently, Ministry of Energy has informed that there could be adjustment to the PDP 2018 where renewable portion could increase even further.  A professor from Thailand’s leading institution has proposed an opinion

• f increasing the renewable portion

up to 40%.

Global and domestic trend are in the same direction to promote and support “Renewable Energy” Industry Overview and Growth Potential

24

Constitution of the Kingdom of Thailand, 20 years National Strategy, Country Reformation and Government Commitment to Support Renewable Energy

ตามรัฐธรรมนูญแห่งราชอาณาจักร ไทย หมวดที่ 6 แนวน โยบายแห่งรัฐ ข้อ 5 ส่งเสริมอนุรักษ์พลังงานและการ ใช้พลังงานอย่างคุ้มค่า รวมทั้งพัฒนาและสนับสนุน ให้มีการผลิตและการ ใช้พลังงานทางเลือก เพื่อเสริมสร้างความมั่นคงทางด้านพลังงานอย่างยั่งยืน

• รัฐบาลจะพัฒนาอุตสาหกรรม

ภายใต้แนวคิดเศรษฐกิจชีวภาพ/ เศรษฐกิจหมุนเวียนและเศรษฐกิจ สีเขียว (Bio-Circular Green Economy) ส่งเสริมการ ใช้ พลังงานทดแทน การ ใช้ ประโยชน์ จากวัสดุเหลือ ใช้ ทางการเกษตร มาเพิ่มมูลค่า

• สนับสนุน

ให้เกิดโครงสร ้ างตลาด ไฟฟ ้ ารูปแบบใหม่ อาทิเช่น แพลตฟอร ์ มตลาดกลางซื้ อขาย พลังงานไฟฟ ้ า

• ส่งเสริมการผลิตและการ

ใช้ พลังงานทดแทนตามศักยภาพ ของแหล่งเชื้ อเพลิง ในพื้นที่

• แก้ไขปัญหาก๊าซเรือนกระจกและ

ผลกระทบจากการเปลี่ยนแปลง ของสภาพภูมิอากาศ

• โดยมุ่งเน้นการลดการปล่อยก๊าซ

เรือนกระจก สร ้ างสังคมคาร ์ บอน ตํ่าและปลอดฝุ่นละอองขนาดไม่ เกิน 2.5 ไมครอน (PM 2.5)

• การจัดการขยะหรือของเสียเพื่อ

นําไปใช้ ในกระบวนการผลิตและ ทําให้เกิดประโยชน์จาก ทรัพยากรอย่างคุ้มค่า

• แก้ไขปัญหาการจัดการขยะและ

ของเสียอย่างเป ็ นระบบ

• พัฒนาโรงงานกําจัดขยะและของ

เสียอันตรายที่ได้มาตรฐาน

• นโยบายเร่งด่วนของรัฐข้อ 4
• ให้ความช่วยเหลือเกษตรกร
• ส่งเสริมเกษตรพันธสัญญา
• ส่งเสริมการ

ใช้ ผลผลิตทาง การเกษตร ในอุตสาหกรรม พลังงาน  รัฐบาลสนับสนุนการเพิ่มกําลัง การผลิตของโรงไฟฟ ้ าชีวมวลและ โรงไฟฟ ้ าจากขยะชุมชน เนื่องจากโรงไฟฟ ้ าชีวมวลสร ้าง รายได้ให้กับเกษตรกร  บริษัทผู้ผลิตไฟฟ ้ าสามารถขาย ไฟฟ ้ าให้ผู้ใช้ ไฟฟ ้ าได้โดยตรงทั้ง ในช่วง peak และ off-peak  บริษัทสามารถขยายหรือเพิ่ม กําลังการผลิต ในอนาคตได้อีก มากเพราะเป ็ นผู้นําของตลาด เกี่ยวกับโรงไฟฟ ้ าชีวมวลและ โรงไฟฟ ้ าชีวมวลสามารถ แก้ปัญหาเรือนกระจกและสร้าง สร้ างสังคมคาร ์ บอนตํ่าและปลอด ฝุ่นละอองได้  บริษัทสามารถขยายหรือเพิ่ม กําลังการผลิตของโรงไฟฟ ้ าขยะ ได้มาก เพราะมีความเชี่ยวชาญ อย่างมืออาชีพเกี่ยวกับโรงไฟฟ ้ า ขยะ  โรงไฟฟ ้ าชีวมวลของบริษัท สามารถหาเชื้ อเพลิงคุณภาพสูง และต้นทุนตํ่าได้มากยิ่งขึ้น

Source : Constitution of the Kingdom of Thailand

1 2 3 4 5

ประเทศ ไทยต้องดําเนินการตามข้อตกลงระหว่างประเทศที่ได้มีข้อผูกพัน ไว้ในเวทีโลกที่เกี่ยวข้องกับสิ่งแวดล้อม

Industry Overview and Growth Potential

25

Total Societal Impact(TSI) and Environmental, Social and Government (ESG)

Biomass Powerplant MSW Powerplant

Contribute to the Paris Agreement Decreasing Greenhouse Gas Emission. Future Potential To provide base-load to grid instead of conventional energy

• Saves government’s spending on putting down forest fires and farm fires
• Saves government’s spending on PM 2.5 related health problems such as respiratory

complications, masks distributions, water spraying in cities, etc.

• Prevents economic loss from the decrease in tourism due to PM 2.5 problem

Solves PM 2.5 problem at the root

• Additional income to farmers
• Stabilize income for farmers under market uncertainty → reduce empty subsidies that government

have to give out

• Stabilize electricity price preventing electricity price from increasing in the future
• Distribution of revenue to grassroots : Shift from LNG import from the Middle East to purchasing fuel

from Thai farmers Positive Economic and Societal Impact GDP Contribution/1 1.8 Billion THB / year / 9.9 MW biomass power plant

Source: Thailand Energy Academy

Contribute to the Paris Agreement decreasing Greenhouse Gas Emission. Future Potential To provide base-load to grid instead of conventional energy Solves MSW mountain problems Save healthcare and environmental spending for government from problems caused by MSW in landfills

Industry Overview and Growth Potential

26

Total Electricity Capacity as of 2017 Total Electricity Capacity in 2037 New installing capacity for the next 20 years Retiring capacity in the next 20 years

Renewable 37%

Combined cycle 23% New or replacement power plants 15% Imports 10% Saving programme 7% Cogeneration 4% Lignite or coal‐fired 3% Pumped storage hydropower 1%

According to the Power Development Plan (PDP) 2018 hearing, Renewable Energy is targeted to contribute the largest portion, or 37%,

• f the total new increased capacity by 2037.

Potential MW during 2017-2037 PDP 2018 New Installing Capacity for the Next 20 Years (MW) Unit : MW

1

Renewable Energy Contribute Largest Portion (37%) of Increased Capacity

Source: Power Development Plan (PDP) 2018 Remark: /1 Based on crude oil used for in-land transport data in 2018 (EPPO) converted into Barrel of Oil Equivalent (BOE) with 35% cusion

Potential MW from EV/1 Total Electricity Capacity with EV Potential in 2037

+56,431

• 25,310

126,640 +49,429 77,211 46,090 Largest portion of increased capacity (37%) come from renewable Up to ~105,000 Potential MW within 20 years PDP2018 With EV Potential/1

Industry Overview and Growth Potential

27

Total Electricity Capacity as of 2017 New installing capacity for the next 20 years

Renewable 37%

Combined cycle 23% New or replacement power plants 15% Imports 10% Saving programme 7% Cogeneration 4% Lignite or coal‐fired 3% Pumped storage hydropower 1%

According to the Power Development Plan (PDP) 2018 hearing, Renewable Energy is targeted to contribute the largest portion, or 37%,

• f the total new increased capacity by 2037.

Potential MW during 2017-2037 PDP 2018 New Installing Capacity for the Next 20 Years (MW)

1

Renewable Energy Contribute Largest Portion (37%) of Increased Capacity

Source: Power Development Plan (PDP) 2018 Remark: /1 Based on crude oil used for in-land transport data in 2018 (EPPO) converted into Barrel of Oil Equivalent(BOE) with 35% cusion

+56,431 46,090 Largest portion of increased capacity (37%) come from renewable

+56,431 MW

Unit : MW

Total Electricity Capacity as of 2017 Total Electricity Capacity in 2037 New installing capacity for the next 20 years Retiring capacity in the next 20 years

Unit : MW

Potential MW from EV/1 Total Electricity Capacity with EV Potential in 2037

+56,431

• 25,310

126,640 +49,429 77,211 46,090 Up to ~105,000 Potential MW within 20 years PDP2018 With EV Potential/1

Industry Overview and Growth Potential

28

Unit: MW

Renewable Conventional Hydro Others 2,715 3,267 3,094 928 273 500 12,715 6,763 5,819 2,413 717 1,046

Solar Biomass Hydro Wind Waste Biogas

2018 2037 2018 2037 2018 2037 2018 2037 2018 2037 2018 2037

Renewable energy portion will move from 26% in 2018 to 46% in 2037

% Electricity Capacity by Source of Total Capacity for 2018 and 2037 Electricity Capacity of Each Renewable Source for 2018 and 2037/1

% Installed Capacity

368% 107% 88% 160% 345% 109%

2037 2018 48% 14%

32%

6% 73% 13%

13%

1%

Renewable Energy will provide 46% of Thailand’s Electricity by 2037

Remark : /1 Excluding retiring capacity in the next 20 years Source: Power Development Plan (PDP) 2018

Industry Overview and Growth Potential

29 Looking at GWh contribution to grid, Biomass is the largest contributor to renewable energy growth in Thailand

Electricity contribution/1 of Each Renewable Source of from 2018 to 2037/2

Biomass : The largest renewable energy contributor in Thailand

Remark : /1 Assume 365 days, 24 hours and specific capacity factor of each plant type for electricity contribution calculation /2 Excluding retiring capacity in the next 20 years Source : Power Development Plan (PDP) 2018 Average capacity factor of each power type from EGAT, EIA

88%

Capacity factor applied to each plant type

Unit: GWh 4,757 25,185 13,009 2,032 1,743 3,416 22,277 52,131 24,467 5,282 4,590 7,147

• 10,000

20,000 30,000 40,000 50,000 60,000

Solar Biomass Hydro Wind Waste Biogas

2037 2018 2037 2018 2037 2018 2037 2018 2037 2018 2037 2018

20% 48% 25% 73% 78%

Industry Overview and Growth Potential

30

Continuous growth with existing PPA along with future potential growth supported by favorable government renewable energy policy

Existing and Pipeline of Company’s MW/1,/2

ACE’s Historical, Current and Future Growth

Source: Power Development Plan 2018 Remark: /1 Including APP’s capacity MW of 9.9, Currently, APP’s shareholders sent LOI for APP share purchase proposal to ACE /2 Estimated timeline : Currently, Arbitration result states that PEA has to return PPA to ACE and with the assumption that normally power project’s construction period is approx. 2 years

85.2 209.5 210.5 212.2 214 421 421 1,000

2016 2017 2018 2019 2020 2021 2022 2024

421

Existing, Under-Development and Pending for Development projects Future Projects to reach company goal

Industry Overview and Growth Potential

31

212 212 212 212 212 212

2 209 209 209 209 1,000 2019 2020 2021 2022 2023 2024 Existing Future Growth acc. to plan

Continuous growth with existing PPA along with future potential growth supported by favorable government renewable energy policy

Existing and Pipeline of Company’s MW/1,/2

348 377 481 834 1,221 1,530 1,920 2,117 2,891 2,950 3,176 3,376 3,376 105 139 174 209 244 244 335 399 514 546 546 546 546 29 57 86 114 143 171 200 229 257 286 314 343 371 6 21 35 44

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Biomass Biogas MSW Industrial Waste

2025 – 2037 Contract Capacity MW according to PDP 2018

Future Growth

Under-Development and Pending for Development

Source: Power Development Plan 2018 Remark: /1 Including APP’s capacity MW of 9.9, Currently, APP’s shareholders sent LOI for APP share purchase proposal to ACE /2 Estimated timeline : Currently, Arbitration result states that PEA has to return PPA to ACE and with the assumption that normally power project’s construction period is approx. 2 years

Industry Overview and Growth Potential

32

Key Competitive Advantages of ACE to Win The Bidding

2 Operational Expertise &

Economy of Scale

 Low Plants heat rate  Artificial Intelligence, IoTs and Big data for cost control and improvement  Environmental friendly  Proven track record in building and running 13 projects  Continuous operational improvement  Economy of scale  Strong feedstock purchasing team

1

Advance Technology

3

Relationship with Key Stakeholder

 Major shareholders’ plantation business can support long-term feedstock development plan  Strong & long-term relationship with community and farmers  Strong relationship with lender

ACE’s 3 Core Value Represent Competitive Advantage to Secure New PPAs

R&D Sustainability

 Potential Fuel Crops from Major Shareholders’ plantation business  New Biomass Fuel Types  Machinery and Powerplant Design  Feed stock security  Financial security  Community support

Knowhow

 Low O&M cost  Big & strong Professional Teams get ready to handle New Projects.

Industry Overview and Growth Potential

33

Strictly Private & Confidential

196

76

Won the largest portion of MW in the 2017 SPP Hybrid Bidding (Renewable)

Unit : MW

2017 Biomass Bidding

Proven by Recent Bidding

Total PPA Capacity available for Bidding: 272 MW

Potential Upcoming Community Biomass/Biogas PPA/1

Total Potential Capacity available for Bidding: 4,125 MW

Largest bidding winner out of 42 candidates in the 2017 SPP Hybrid Bidding (Renewable)

1

ACE Other Bidding Winners in Biomass

ACE got 28% share in Biomass bidding winner

MW MW

2,997 1,128 Biomass Biogas

MW MW

Source : ERC, PEA /1 Community Power Plant Project Concept, PEA

Industry Overview and Growth Potential

34

Company Core Competitive Advantages Financial Highlights Company Overview I IV III

Table of Contents

Industry Overview and Growth Potential II Key Takeaways V

Company Core Competitive Advantages

36

Company Core Competitive Advantages

1 2 3 Thailand’s Leading Integrated Power Producer with highest growth potential /1 Proven Operational Capabilities Secured Cash Flow Supported by PPA with EGAT/PEA

Remark: /1 Estimated approximate MW growth during 2019-2022; Estimated MW growth of peers based on public information only

37

Biomass: 42.2% MSW: 2.8% Solar: 0.8% Co-generation: 54.2%

2019 2022/1,/2 2024

Biomass: 69.1% MSW: 2.6% Solar: 1.2% Co-generation: 27.1% Additional

• Biomass,
• Biogas,
• MSW,
• Solar/4

Biomass: 29.1% Co-generation: 11.4% MSW: 1.1% Solar: 0.5%

COD Capacity : 211 MW COD + Secure Pipeline : 421.37 MW/1 COD Capacity : 421.37 MW COD + Secure Pipeline : 421.37+[x] MW COD Capacity : 421.37 +[x] MW Target Capacity/3 : 1,000 MW

Remark: /1 Including APP’s capacity MW of 9.9, Currently, APP’s Shareholders sent LOI for APP’s share purchase proposal to ACE /2 Estimated timeline: Currently, Arbitration result states that PEA has to return PPA to ACE and with the assumption that normally power project’s construction period is approx. 2 years /3 Company Target to COD+ secure 1,000 MW within 2024 /4 Additional capacity is subject to management guidance, but will focus in renewable field.

Target to Secure 1 GW Installed Capacity within 2024

+26% MW CAGR From 2019 - 2022 +36% MW CAGR From 2019 - 2024 Company Core Competitive Advantages– Leading Integrated Renewable Power Producer

38

ACE’s in-house R&D capabilities results in feedstock and O&M cost reduction with the target to reduce feedstock cost approx. 5% – 15% for current plant and 24.70%-27.81% on top for pipeline plant and O&M approx. 15% – 25% in the next 2-3 years Advanced Technology Professional Run Continuing Improvement Proven Track Record

• ACE’s ability to burn

various types of high moisture content biomass efficiently up to 60-65%

• Various type of biomass

mix with controllable cost

• ISO 9001, 14001, 18001
• 3 year performance track

record of continued efficiency and profit margin improvement

• Proven ability to source

biomass feedstock (no record of supply shortage)

Leading Biomass Power Producer in Thailand

Company Core Competitive Advantages – Proven Operational Capabilities

97% 98% 97% 80% 96% 32%

2017 2018 2Q19 Listed Peers Others

Capacity Factor/1

2017 2018 Listed Peer Others 6M19

• Biggest professional-run

biomass power player in Thailand

• More than 1 year

continuing operation before requiring shutdown maintenance

• Advanced Technology

leading to feedstock flexibility

Upside Potential

Source : Company annual report and presentation publicly available for peers’ information Remark: 1/ Selling capacity factor (Selling Electricity /(Total Operating hours * Selling Capacity)) 2/ Due to new technology ( high temp, high pressure turbine) and verified by third party technical advisor 3/ Third party technical report stated that general biomass powerplant has an average useful life of 25-30 years or greater in case of proper recurring maintenance

 Biggest professional-run  More than 1 year continuing operation  Ability to burn high moisture content 60%-65%

Distinguished Efficiency

• Potential electricity sales
• f ~24 MW to IUs
• +15 operational years

after PPA expire/3 2017 2018

• Target to decrease

feedstock cost of 5% -15% by 2-3 years

• Additionally, potential plant

heat rate decrease of 24.70%-27.81%/2 for pipeline plant (VSPP, SPP Hybrid)

• Target to decrease its

O&M cost 15% -25% by 2- 3 years

39

ACE’s in-house R&D capabilities results in feedstock and O&M cost reduction with the target to reduce feedstock cost approx. 5% – 15% for current plant and 24.70%-27.81% on top for pipeline plant and O&M approx. 15% – 25% in the next 2-3 years Advanced Technology Professional Run Continuing Improvement Proven Track Record

• ACE’s ability to burn

various types of high moisture content biomass efficiently up to 60-65%

• Various type of biomass

mix with controllable cost

• ISO 9001, 14001, 18001
• 3 year performance track

record of continued efficiency and profit margin improvement

• Proven ability to source

biomass feedstock (no record of supply shortage)

Leading Biomass Power Producer in Thailand

Company Core Competitive Advantages – Proven Operational Capabilities

Feedstock & O&M Cost

Feedstock Cost (THB/ kWh produced)

0.74 0.7 0.58 0.2 0.4 0.6 0.8 2017 2018 2019Q2

O&M Cost (THB/ kWh produced)

1.6 1.54 1.32 0.5 1 1.5 2 2017 2018 2019Q2 Q2’19 (3M) Q2’19 (3 M)

• Biggest professional-run

biomass power player in Thailand

• More than 1 year

continuing operation before requiring shutdown maintenance

• Advanced Technology

leading to feedstock flexibility

Upside Potential Continuing Improvement Proven Track Record

• 3 year performance track

record of continued efficiency and profit margin improvement

• Proven ability to source

biomass feedstock (no record of supply shortage)

Upside Potential  To decrease Feedstock cost 5%-15% by 2-3 years  24.70%-27.81% Plant heat rate decrease on top for

VSPP, SPP Hybrid pipeline

 To decrease O&M cost 15%-25% by 2-3 years

Potentially Improving Margin

Remark: 1/ Selling capacity factor (Selling Electricity /(Total Operating hours * Selling Capacity)) 2/ Due to new technology ( high temp, high pressure turbine) and verified by third party technical advisor 3/ Third party technical report stated that general biomass powerplant has an average useful life of 25-30 years or greater in case of proper recurring maintenance

• Potential electricity sales
• f ~24 MW to IUs
• +15 operational years

after PPA expire/3

• Target to decrease

feedstock cost of 5% -15% by 2-3 years

• Additionally, potential plant

heat rate decrease of 24.70%-27.81%/2 for pipeline plant (VSPP, SPP Hybrid)

• Target to decrease its

O&M cost 15% -25% by 2- 3 years 1.34

40

ACE’s in-house R&D capabilities results in feedstock and O&M cost reduction with the target to reduce feedstock cost approx. 5% – 15% for current plant and 24.70%-27.81% on top for pipeline plant and O&M approx. 15% – 25% in the next 2-3 years Advanced Technology Professional Run Continuing Improvement Proven Track Record

• ACE’s ability to burn

various types of high moisture content biomass efficiently up to 60-65%

• Various type of biomass

mix with controllable cost

• ISO 9001, 14001, 18001
• Potential electricity sales
• f ~24 MW to IUs
• +15 operational years

after PPA expire/3

• 3 year performance track

record of continued efficiency and profit margin improvement

• Proven ability to source

biomass feedstock (no record of supply shortage)

Leading Biomass Power Producer in Thailand

Company Core Competitive Advantages – Proven Operational Capabilities

555 736 186 243

200 400 600 800 1000 1200 1400

2017 2018 2019

Gross Profit Margin

24% 28% 37%

2019

• Biggest professional-run

biomass power player in Thailand

• More than 1 year

continuing operation before requiring shutdown maintenance

• Advanced Technology

leading to feedstock flexibility

Upside Potential

2H19 Q1’19 Q2’19

 Track record with Improvement  ~24 Potential MW sales to IUs  +15 operational years/3 after PPA

Upside potential in the near future

Q2/19

Remark: 1/ Selling capacity factor (Selling Electricity /(Total Operating hours * Selling Capacity)) 2/ Due to new technology ( high temp, high pressure turbine) and verified by third party technical advisor 3/ Third party technical report stated that general biomass powerplant has an average useful life of 25-30 years or greater in case of proper recurring maintenance

• Target to decrease

feedstock cost of 5% -15% by 2-3 years

• Additionally, potential plant

heat rate decrease of 24.70%-27.81%/2 for pipeline plant (VSPP, SPP Hybrid)

• Target to decrease its

O&M cost 15% -25% by 2- 3 years

41

Company Core Competitive Advantages – Proven Operational Capabilities

Most Efficient MSW Power Producer in Thailand

Availability Factor and Capacity Factor/1

Capacity Factor Availability Factor

92% 94% 95% 72%

2017 2018 2Q19 Listed Peers 85% 92% 95% 88%

2017 2018 Q219 Listed Peers

2017 2018 Listed Peer 6M19 2017 2018 Listed Peer 6M19

Advanced Technology Professional Run International Recognition

• ACE’s high technological

plant could burn high moisture content municipal solid waste up to 80% with efficiency

• Zero discharge
• Odorless
• ISO 9001, 14001, 18001
• Received 3Rs Awards in

2016 for being an environment friendly power operator.

• Thailand’ Minister of

Interior , Minister of Energy and government

• fficials of other countries

to visit the plant as MSW prototype

• Most efficient MSW power

plant operator in Thailand

• Strong in-house O&M

Team

• Target to decrease its

O&M cost 15% -25% by 2- 3 years

ACE’s early engagement in MSW, reputable bidding track record and renowned expertise will secure the upcoming MSW bidding opportunity Proven Track Record

• Potential electricity sales
• f 0.4 MW (9% increase

in excess of current PPA MW)

• Tipping fee will enhance

project return (fee increase 10%/3 years)

• Nearly 3 year performance

track record with high efficiency and high profit margin

• Abundant supply of waste

Upside Potential

Source : Company annual report and presentation publicly available for peers’ information Remark: 1/ Capacity factor (Produced Electricity /(Total Operating hours * Total Capacity)), For Selling capacity factor of 2017,2018 and 6M2019 are 98%,100% and 99% respectively.

 Most efficient MSW  Ability to burn high moisture content up to 80%  Zero discharge and Odorless

Distinguished Efficiency and Eco friendly

42

Company Core Competitive Advantages – Proven Operational Capabilities

Thailand’ Minister of Interior and Minister of Energy visited MSW KK Plant

Advanced Technology Professional Run International Recognition

• ACE’s high technological

plant could burn high moisture content municipal solid waste (Up to 80%) with efficiency

• Zero discharge
• Odorless
• ISO 9001, 14001, 18001

ACE’s early engagement in MSW, reputable bidding track record and renowned expertise will secure the upcoming MSW bidding opportunity Proven Track Record Upside Potential

• Received 3Rs Awards in

2016 for being an environment friendly power operator.

• Thailand’ Minister of

Interior , Minister of Energy and government

• fficials of other countries

to visit the plant as MSW prototype

• Gen. Anupong Paojinda (Minister of Interior) visited MSW powerplant at 3 May 2018
• Mr. Siri Jirapongphan (minister of Energy) visited MSW powerplant at 12 Dec 2018
• Most efficient MSW power

plant operator in Thailand

• Strong in-house O&M

Team

• Target to decrease its

O&M cost 15% -25% by 2- 3 years

Remark: 1/ Capacity factor (Produced Electricity /(Total Operating hours * Total Capacity)), For Selling capacity factor of 2017,2018 and 6M2019 are 98%,100% and 99% respectively.

• Potential electricity sales
• f 0.4 MW (9% increase

in excess of current PPA MW)

• Tipping fee will enhance

project return (fee increase 10%/3 years)

• Nearly 3 year performance

track record with high efficiency and high profit margin

• Abundant supply of waste

43

Company Core Competitive Advantages – Proven Operational Capabilities

Energy Regulatory Commission visit MSW KK Plant

Advanced Technology Professional Run International Recognition

• ACE’s high technological

plant could burn high moisture content municipal solid waste (Up to 80%) with efficiency

• Zero discharge
• Odorless
• ISO 9001, 14001, 18001
• Received 3Rs Awards in

2016 for being an environment friendly power operator.

• Thailand’ Minister of

Interior , Minister of Energy and government

• fficials of other countries

to visit the plant as MSW prototype

ACE’s early engagement in MSW, reputable bidding track record and renowned expertise will secure the upcoming MSW bidding opportunity Proven Track Record Upside Potential

Kraisi Kanasuta (Former member of ERC) visited MSW powerplant

• Most efficient MSW power

plant operator in Thailand

• Strong in-house O&M

Team

• Target to decrease its

O&M cost 15% -25% by 2- 3 years

Remark: 1/ Capacity factor (Produced Electricity /(Total Operating hours * Total Capacity)), For Selling capacity factor of 2017,2018 and 6M2019 are 98%,100% and 99% respectively.

• Potential electricity sales
• f 0.4 MW (9% increase

in excess of current PPA MW)

• Tipping fee will enhance

project return (fee increase 10%/3 years)

• Nearly 3 year performance

track record with high efficiency and high profit margin

• Abundant supply of waste
• Mr. Kurujit Nakornthap Chairman of Energy Affairs Committee and Member
• f the National Reform Steering Assembly (NRSA)visited MSW powerplant

44

Company Core Competitive Advantages – Proven Operational Capabilities

Sri Lanka’ Supreme Ambassadors visit MSW KK Plant

Advanced Technology Professional Run International Recognition

• ACE’s high technological

plant could burn high moisture content municipal solid waste (Up to 80%) with efficiency

• Zero discharge
• Odorless
• ISO 9001, 14001, 18001

ACE’s early engagement in MSW, reputable bidding track record and renowned expertise will secure the upcoming MSW bidding opportunity Proven Track Record Upside Potential

• Received 3Rs Awards in

2016 for being an environment friendly power operator.

• Thailand’ Minister of

Interior , Minister of Energy and government

• fficials of other countries

to visit the plant as MSW prototype

H.E.Mrs.Kshenuka Dhireni Senewiratne (Sri Lanka’s Supreme Ambassdor) visited MSW powerplant at 11 Dec 2018

• Most efficient MSW power

plant operator in Thailand

• Strong in-house O&M

Team

• Target to decrease its

O&M cost 15% -25% by 2- 3 years

Remark: 1/ Capacity factor (Produced Electricity /(Total Operating hours * Total Capacity)), For Selling capacity factor of 2017,2018 and 6M2019 are 98%,100% and 99% respectively.

• Potential electricity sales
• f 0.4 MW (9% increase

in excess of current PPA MW)

• Tipping fee will enhance

project return (fee increase 10%/3 years)

• Nearly 3 year performance

track record with high efficiency and high profit margin

• Abundant supply of waste

45

Company Core Competitive Advantages – Proven Operational Capabilities

Bangladesh’s Minister visit MSW KK Plant

Advanced Technology Professional Run International Recognition

• ACE’s high technological

plant could burn high moisture content municipal solid waste (Up to 80%) with efficiency

• Zero discharge
• Odorless
• ISO 9001, 14001, 18001

ACE’s early engagement in MSW, reputable bidding track record and renowned expertise will secure the upcoming MSW bidding opportunity Proven Track Record Upside Potential

• Received 3Rs Awards in

2016 for being an environment friendly power operator.

• Thailand’ Minister of

Interior , Minister of Energy and government

• fficials of other countries

to visit the plant as MSW prototype

• Md. Tajul Islam (Minister of Local Government and Rural

Development) visited MSW powerplant at 16 Feb 2019

• Most efficient MSW power

plant operator in Thailand

• Strong in-house O&M

Team

• Target to decrease its

O&M cost 15% -25% by 2- 3 years

Remark: 1/ Capacity factor (Produced Electricity /(Total Operating hours * Total Capacity)), For Selling capacity factor of 2017,2018 and 6M2019 are 98%,100% and 99% respectively.

• Potential electricity sales
• f 0.4 MW (9% increase

in excess of current PPA MW)

• Tipping fee will enhance

project return (fee increase 10%/3 years)

• Nearly 3 year performance

track record with high efficiency and high profit margin

• Abundant supply of waste

H.E.Mrs.Kshenuka Dhireni Senewiratne (Sri Lanka’s Supreme Ambassador) visited MSW powerplant at 11 Dec 2018

46

Company Core Competitive Advantages – Proven Operational Capabilities

MSW KK Plants Intrigued Regional Municipal

Environmental Inspection Division Team visited MSW powerplant Indonesia Vice President Deligation visited MSW powerplant Director-General of the Department of Local Administration visited MSW powerplant Director-General of the Pollution Control Department visited MSW powerplant Deputy Director-General of the Department of Local Administration visited MSW powerplant Amnat Charoen Governor visited MSW powerplant

47

Company Core Competitive Advantages – Proven Operational Capabilities

MSW KK Plants Intrigued Regional Municipal

Udonthani Municipal visited MSW power plant Phuket Municipal visited MSW power plant Executive Committee of local administrative organization from Surat Thani visited MSW power plant Nonsira, Khon Kaen Municipal visited MSW power plant Management team from Choomporn Municipal Management team from Roi Et Municipal

48

Company Core Competitive Advantages – Proven Operational Capabilities

MSW KK Plants Intrigued Regional Municapal

Management team from Maha Sarakham Municipal Management team from Krabi Municipal Local government leaders from Songkhla province visited MSW powerplant in order to solve the local waste issues Board of Directors, Ministry of Energy and Ministry of Local Administration from Bangladesh visted MSW powerplant Municipal team team from Udonthani Municipal team team from Banpai, Khon Khaen

49

Company Core Competitive Advantages – Proven Operational Capabilities

Most Efficient MSW Power Producer in Thailand

82 114 28 35

20 40 60 80 100 120 140 160 180 200

2017 2018 2019 Unit : THB mm / (%)

Gross Profit and Gross Profit Margin

36% 43% 50% Advanced Technology Professional Run International Recognition

• ACE’s high technological

plant could burn high moisture content municipal solid waste (Up to 80%) with efficiency

• Zero discharge
• Odorless
• ISO 9001, 14001, 18001

ACE’s early engagement in MSW, reputable bidding track record and renowned expertise will secure the upcoming MSW bidding opportunity Proven Track Record

• Potential electricity sales
• f 0.4 MW (9% increase

in excess of current PPA MW)

• Tipping fee will enhance

project return (fee increase 10%/3 years)

• Nearly 3 year performance

track record with high efficiency and high profit margin

• Abundant supply of waste

Upside Potential

2H19 Q1’19 Q2’19

 Track record with Improvement  ~0.4 Potential MW sales to IUs  Additional Tipping fee enhance return

Upside potential in the near future

Q2/19

• Received 3Rs Awards in

2016 for being an environment friendly power operator.

• Thailand’ Minister of

Interior , Minister of Energy and government

• fficials of other countries

to visit the plant as MSW prototype

• Most efficient MSW power

plant operator in Thailand

• Strong in-house O&M

Team

• Target to decrease its

O&M cost 15% -25% by 2- 3 years

Remark: 1/ Capacity factor (Produced Electricity /(Total Operating hours * Total Capacity)), For Selling capacity factor of 2017,2018 and 6M2019 are 98%,100% and 99% respectively.

50

83% 80% 82% 81% 70% 75% 80% 85% ACE

Availability Factor and Capacity Factor/1

Availability Factor Capacity Factor

96% 98% 99% 98% 90% 92% 94% 96% 98% 00% ACE

Competitive SPP Co-Generation Power Producer

Company Core Competitive Advantages – Proven Operational Capabilities

Advanced Technology Professional Run Continuing Improvement

• ACE’s high technological

to control and manage plant according to EGAT demand

• ISO 9001, 14001, 18001
• Strong in-house O&M

Team

• Target to decrease its

O&M cost 15% - 25% by 2-3 years

• One of the most efficient

SPP Co-Generation powerplant operator in Thailand

Proven Track Record

• Nearly 3 year performance

track record with high efficiency and competitive margin

• Cost pass-through scheme

could result in stable margin

• Long term gas purchase

contract with PTT

Upside Potential

2017 2018 Listed Peer 6M19 2017 2018 Listed Peer 6M19

Defensive scheme of Co-Generation Power Plant would help balance risk scheme of company’s powerplant portfolio

Remark: 1/ Selling capacity factor (Selling Electricity /(Total Operating hours * Selling Capacity)) 2/ Third party technical report stated that general natural gas powerplant has an average useful life of 30 -60 years

 One of the most efficient SPP Co-Gen  Strong in-house O&M  To decrease O&M cost of 15%-25% by 2-3 years

Balance company risk profile

• Potential sales to IUs of

~20 MW

• Potential steam sales

from IUs for more than 100,000 tons/year

• +25 operational years

after PPA expire /2

51 Unit : THB mm / (%)

Stable Gross margin

Gross Profit and Gross Profit Margin

484 567 141 142

• 200

400 600 2017 2018 2019

29% 29% 27%

Competitive SPP Co-Generation Power Producer

Company Core Competitive Advantages – Proven Operational Capabilities

Advanced Technology Professional Run Continuing Improvement

• ACE’s high technological

to control and manage plant according to EGAT demand

• ISO 9001, 14001, 18001
• Strong in-house O&M

Team

• Target to decrease its

O&M cost 15% -25% by 2-3 years

• One of the most efficient

SPP Co-Generation powerplant operator in Thailand

Proven Track Record

• Potential sales to IUs of

~20 MW

• Potential steam sales

from IUs for more than 100,000 tons/year

• +25 operational years

after PPA expire /2

• Nearly 3 year performance

track record with high efficiency and competitive margin

• Cost pass-through scheme

could result in stable margin

• Long term gas purchase

contract with PTT

Upside Potential Defensive scheme of Co-Generation Power Plant would help balance risk scheme of company’s powerplant portfolio

2H19 Q1’19 Q2’19

Remark: 1/ Selling capacity factor (Selling Electricity /(Total Operating hours * Selling Capacity)) 2/ Third party technical report stated that general natural gas powerplant has an average useful life of 30 -60 years

 Track record with stable margin  ~20 Potential MW sales to IUs  +25 operational years/2 after PPA

Upside potential in the near future

Q2/19

52

Reliable revenue source with high efficiency and controlled cost can guarantee cash flow to the company

Availability Factor Capacity Factor 2022 Revenue Contribution Feedstock Cost Control Result Upside Potential Co-Generation MSW Biomass Feedstock Sufficiency

• Long term purchase

agreement with PTT Cost pass-through

• MSW service agreement

with government

• ~10,000 MW available
• Feedstock development plan

No feedstock Cost Controllable  Potential Sales to IUs  ~25 operation years after PPA/2  Tipping fee  Potential Sales to IUs  Potential Sales to IUs  ~15 operation years after PPA/1 AF : 99% CF : 82% AF : 95% CF : 95% AF : 92% CF : 97%

Secured cashflow with upside potential

92% 8%

Industrial Users

90% 10%

Industrial Users

82% 18%

Industrial Users

Secured Cash Flow Supported by PPA with EGAT/PEA

Company Core Competitive Advantages – Secure Cash Flow Supported by PPAs with EGAT/PEA

Remark: 1/ Third party technical report stated that general biomass powerplant has an average useful life of 25-30 years or greater in case of proper recurring maintenance 2/ Third party technical report stated that general natural gas powerplant has an average useful life of 30-60 years

53

Company Overview I

Table of Contents

Financial Highlights Company Overview I IV III Industry Overview and Growth Potential II Key Takeaways V Company Core Competitive Advantages

Financial Highlights

55

54.0% 41.0% 5.0% 0.0% Biomass Co-Generation MSW Solar Others

1,886 4,243 4,833 2,335 2,462

• 500

2016 2017 2018 1H18 1H19

99% 1%

2018

• ACE’s Revenue increase at

significant rate of 50% each year

• Biomass and co-generation

accounts for the majority of ACE’s revenue at 54% and 40% respectively.

• ACE’s primary source of revenue is

secured by EGAT and PEA.

(THB mm)

Electricity sales to EGAT and PEA Sales to IUs

Revenue Breakdown by Type of Power Plant

Revenue/1

Revenue Breakdown by Customer

2017 2016

99.0% 1.0% 55.0% 40.0% 5.0%

Key Observation

2018

Robust Revenue Growth with Diversified Revenue Mix

Financial Highlights

Q1: 1,150 Q2: 1,185 Q1: 1,213 Q2: 1,249

Remark: /1 Exclude revenue from construction cost under concession agreement and other revenue

56

793 1,472 1,635 825 907 42.1% 34.7% 33.8% 35.8% 34.1% 32.8% 34.8% 39.5%

2016 2017 2018 1H18 1H19 EBITDA % EBITDA to Sales

669 1,121 1,417 699 775

35.5% 26.4% 29.3% 30.3% 29.2% 26.1%/1 29.6% 33.6%

2016 2017 2018 1H18 1H19 Gross Profit %GP to Sales

Robust Financial Performance

EBITDA/3 and EBITDA margin/2

(THB mm)

Financial track record shows strong and consistent revenue, EBITDA and net profit growth with continuous margin expansion. Gross Profit and Gross Profit margin/2

Remark: *In 2016, ACE Group purchased biomass fuel from related parties and received the fuel cost adjustment fee through the purchasing agreement where the contracted suppliers were unable to meet the Group’s purchasing conditions. /1 Adjusted figures by removing supply penalty /2 Margin divided by sale and service revenue (not including construction revenue) /3 EBITDA is calculated from net income + tax+ interest +depreciation/amortization+ other non cash items (THB mm)

494/1

Financial Highlights

Key Observation

• ACE’s gross profit increase at significant CAGR of 46% (2016-2018), however removing the adjusted supply penalty will boost the Group’s gross

profit at CAGR of 70% (2016-2018).

• Group’s margin improved over time as the Group achieved in 1) decreasing the cost 2) increasing efficiency in generating electricity (longer operating

hours) 3) launching new COD projects to the pipeline.

/1

Q1: 348 Q2: 351 Q1:355 Q2: 420 Q1: 412 Q2: 413 Q1: 414 Q2: 493 Q1 %GP to Sales Q2 %GP to Sales Q1 %EBITDA to Sales Q2 %EBITDA to Sales

618/1

57

Robust Financial Performance

Financial Highlights

134 334 547 317 342 7.1% 7.9% 11.3%

2016 2017 2018 1H18 1H19 Net Profit %NP to Sales

Net Profit and Profit margin/2

(THB mm)

• 41.3/1
• 2.2%/1

Q1: 103 Q2: 214 Q1: 133 Q2: 209 Q1 %NP to Sales Q2 %NP to Sales

9.0% 10.9% 18.1% 16.8%

134 448 557 295 418 7.1% 10.6% 11.5%

2016 2017 2018 1H18 1H19 Net Profit %NP to Sales

Adjusted Net Profit/3 and Net Profit Margin/2

(THB mm)

• 41.3/1
• 2.2%/1

Q1: 168 Q2: 127 Q1: 161 Q2: 257 Q1 %NP to Sales Q2 %NP to Sales

14.6% 13.3% 10.7% 20.6%

Remark: *In 2016, ACE Group purchased biomass fuel from related parties and received the fuel cost adjustment fee through the purchasing agreement where the contracted suppliers were unable to meet the Group’s purchasing conditions. /1 Adjusted figures by removing supply penalty /2 Margin divided by sale and service revenue (not including construction revenue) /3 Added back unrealized gain/loss from foreign exchange of finance lease

Financial track record shows strong and consistent revenue, EBITDA and net profit growth with continuous margin expansion. Key Observation

• Since Net profit of ACE generally include unrealized gain/loss from exchange rate from financial lease of (co-generation powerplant) which may be

mislead if THB/USD exchange rate fluctuate overtime

• Adjusted net profit excluding such unrealized item would reflect actual profitability of the company , The adjusted net profit trend show the significant

increase in term of absolute amount and margin over time Exchange rate (THB/USD)

32.5146 32.2848 33.0065 30.5733 31.0573 31.6449 35.0684

At COD 10/2/2017 YE 2017 YE 2018 Q1’2018 Q1’2019 Q2’2018 Q2’2019

58

Strong Financial Position to Accelerate growth

ACE’s Leverage Ratio

Financial Highlights

Unit: THB mm December 31 June 30 2016 2017 2018 2Q19 Current Interest-bearing debt 2,633 3,328 1,166 2,523 Non-Current Interest-bearing debt 5,825 5,197 6,632 4,840 Total interest-bearing debt 8,458 8,525 7,798 7,363 Equity (THB mm) 4,614 5,022 5,572 5,914 ACE’s debt decreased over time due to repayment of bank loan for under development projects so IBD/Equity improved over time. Unit : THB mm 4,614 5,022 5,572 5,337 5,914 1.8x 1.7x 1.4x 1.6x 1.2x

2016 2017 2018 1H18 1H19 Equity Total IBD/Equity

59

Strong Financial Position to Accelerate growth

ACE’s Interest Expense

Financial Highlights

315 497 483 245 219 5.7% 5.5% 5.5% 5.50% 5.10% 8.11% 8.12% 8.03% 8.03% 6.80%

2016 2017 2018 1H18 1H19 Interest Expense Project Finance interest rates Equity loan/debenture interest rates Unit : THB mm

• ACE’s effective interest rate also decreased from time to time. Moreover, based on the condition of the loan agreement, the interest rate will be more competitive
• nce listed in SET.

Interest rate will be more competitive once listed in SET MLR -2.0%, MLR -2.5%/1 Remark: /1 According to the condition of the loan agreement, the financial institution will adjust interest rate of biomass/MSW powerplant and natural gas powerplant project finance to MLR -2.5% and MLR -2.0%, respectively for the first 2 years after listing in SET and to MLR-1.75% and MLR-1.5% , respectively after the period of 2 years after listing in SET

Unit: THB mm December 31 June 30 2016 2017 2018 2Q19 Current Interest-bearing debt 2,633 3,328 1,166 2,523 Non-Current Interest-bearing debt 5,825 5,197 6,632 4,840 Total interest-bearing debt 8,458 8,525 7,798 7,363 Equity (THB mm) 4,614 5,022 5,572 5,914

2 Years After Listing

60

Profitability Ratio

Financial Highlights

Return on Asset Return on Equity

1.1% 2.4% 3.9% 6.0% 1.1% 2.8% 5.2% 7.9% 4.1% 8.1% 12.4% 16.0%

2016 2017 2018 Annualized Q2/19 Return on Asset Return of Asset (Exclude lease) Return on Fixed Asset

5.5% 6.9% 10.3% 14.2%

2016 2017 2018 Annualized Q2/19

Remark: Return on Asset calculated from net income / average total assets Return on Asset (exclude lease) calculated from net income / average total assets exclude lease Return on Fixed Asset calculated from (net income + depreciation) / average total fixed assets

61

Notable Additional Information

Financial Highlights

Unit: THB mm (unless stated otherwise) COD Pipeline Land Area (ไร่ งาน ตร.ว.) 1,249-19-624 1,345-17-563 Land Value 1,765.23 Land Improvement 453.64 Total Land Value after improvement 2,218.87

ACE’s powerplants located in strategic land owned by itself could result to the upside potential from land value at the end of its operating period/2 General biomass powerplants have an average useful life of approximately 25-30 years/1, 30-60 years/1 for co-generation powerplant and 25-30 /1 years for MSW powerplant Potential Receivables from Government in the amount of THB 3,901.25 mm/2

2 1 3

Remark: 1/ third party technical advisor report with assumption that recurring maintenance will be executed properly 2/ Approximate claim due to FiT 58/59 issue of biomass powerplant. Currently, the case is under consideration of Central Administration Court.

Revenue from selling left over capacity to Industrial User

4

• VSPP Biomass
• Co-Gen SPP
• MSW

Possibility to double capacity on the available land bank adjacent to the existing power plants according to Town Planning Law

5

62

Company Overview I

Table of Contents

Financial Highlights Company Overview I IV III Industry Overview and Growth Potential II Key Takeaways V Company Core Competitive Advantages

Key Takeaways

64

Strictly Private & Confidential

ACE’s Key Strengths and Opportunities

2 3

Efficient Operational Capabilities with Continuous Improvement

• Lower Feedstock and O&M cost which leads to higher margin
• Stronger creditworthiness which leads to lower financing cost
• Peer-to-Peer Electricity Trading which leads to additional electricity sales

Low Downside Risk

• Secured Demand & Cashflow
• Proven Operational Excellence & Feedstock Management
• Commitment to the greater good i.e., ESG and TSI (Total Societal Impact)

Continuous Growth from Projects in the Pipeline and Future

• VSPP’s PPA with exceptional tariff rate
• Better technology which leads to higher efficiency and less feedstock / kWh
• Economy of Scale from lower CAPEX, OPEX, and SG&A
• Appreciation of THB potentially leads to lower CAPEX
• 28% share in the latest biomass bidding

5

World Megatrend

• “Electrification” Era
• Global & Thailand Commitment to Zero Carbon which implies the rise of renewable energy
• Biomass becomes one of the most reliable renewable energy
• ESG Business

1

Thailand’s Leading Integrated Power Producer with Highest Growth Potential

• Largest biomass Power Producer supported by PPA with PEA in Thailand
• No. 1 Renewable Power Producer in Thailand in term of Equity MW Growth

4

Key Takeaways