[PPT] - An Analyst lyst Meeting eting 3Q2019 2019 Re Results sults 11 PowerPoint Presentation

SLIDE 1

An Analyst lyst Meeting eting 3Q2019 2019 Re Results sults

11 Nov 2 2019 19

Ticker cker: BCPG (SET)

SLIDE 2

Ag Agen enda da

2

3Q19 Key highlights Portfolio & Projects in pipelines Performance Business Outlook

SLIDE 3

Ag Agen enda da

3

3Q19 Key highlights Portfolio & Projects in pipelines Performance Business Outlook

SLIDE 4

3Q19 Key Highlights

4

“Our first step in hydropower er pla lant and in CLMV.” “75 75 MW in pipel elines es with JPY 36 per kWh”

“4 projects to

tes est en ener ergy innovation in regulatory Sandbox”

New Acquisition in Nam San 3A ERC Sandbox Secure high tariff in Japan

SLIDE 5

5

Hydro ro and Hybr brid id Pot

tential

ential High h Growth th of Electric ectricit ity y Deman mand d

Abundance of hydro resources, potential for up to 26 GW of hydro power plant with current up-and-run approximately 5 GW Complimentary of wind solar and hydro resources in South East Asia region, an opportunity for hybrid power plant Energy demand expect to increase with CAGR c. 8% until 2030 Location advantage allowing Lao to export power to neighbor Approximately 15 GW of exporting capacity signed

Thail iland nd 9,000 MW Malaysi ysia 300 MW Cambo bodia dia 200 MW Vietnam tnam 5,000 MW Myanma nmar 300 – 400 MW

Current ent MOU to export

rt power

wer to neighbo ighbor

2 3 4 5 6 7 8 9 10 11 12 50 100 150 200 250 300 350 400 Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec

Hydro dro (Rai ainfall all) Solar r (Irradi radiati ation) Wind (Wind d Speed) d)

Complime limenta ntary ry of each h resour urce ce in SEA regio ion

Laos

s PDR

DR At-A-Glan lance ce

Lao PDR as the battery of Asia

SLIDE 6

6

El Nino means "the little boy.“ Dry conditi itions

ns follo

low w the warm rm water er to the central and northern Australia and southeast Asia. While the wetter conditions impact Pacific coastal South America. La Nina means "the little girl.“ La Nina is characterized by the opposite process. Dry conditions in Pacific coastal South America, and much wetter conditions in northern Australia and southeast Asia

Source: International Research Institute for climate and Society, UNESCAP

What at are El Nino no and La La Nina? na?

La La Nina na ef effec ect El N l Nino no ef effec ect

El Nino (the warm phase) and La Nina (the cold phase), typically last for 9-12 months each, but in rare cases can last over multiple years

El nino and La nina Effect

SLIDE 7

40% 45% 50% 55% 60% 65% 5.0 5.1 5.2 5.3

2016 2017 2018 2019 CAPA PACIT CITY Y FACTOR CTOR (%) IRR IRR (HRS / D DAY) Y)

Irradiation Forecasting by Global Signal

7

Source&Remarks: National Oceanic and Atmospheric Administration, U.S.A. / * Base on actual data

Strong

El Nino La Nina

Strong

(Dry condition in SE Asia) (Wetter condition in SE Asia) +3 oC

3 oC

0 oC

> +0.5 oC = Possibility of El Nino 0 oC = Neutral < -0.5 oC = Possibility of La Nina

The e trend nd move ve to neut utral ral or weak k La Nina.

Right ht mix x of renewabl ewable e technology hnology will l buil ild d resilie ilience nce into to our portf tfolio

lio

Histor

rica

ical l Perfo forma mance nce * Solar ar TH Hydro ro LA

SLIDE 8

Chance of El nino and La nina

8

Hybri ridi dizi zing g impacts pacts to the power er plants ts

*

Estimated El Nino and La Nina in SE Asia for September – December 2019

30% 30% El Nino 60% 60% ENSO-Neutral* 10% 10% La Nina

Power er Plan ants ts El Nino La Nina a

Solar Power Plants

Benefit Not benefit

Wind Power Plants

Not benefit Benefit

Hydro Power Plants

Not benefit Benefit

Solar Power plants are mostly benefit from El Nino according to intensified radiation caused by the drought weather. Hydro Power Plant and Wind Power Plants are benefit from La Nina according to Low air pressure, which is likely to cause Monsoon, Depression and Typhoon.

Source: International Research Institute for climate and Society, UNESCAP *ENSO-Neutral = Above-average sea surface 0 oC temperature across the equatorial.

SLIDE 9

Nam San 3A: Project Fact Sheet

9 First expansion to Lao PDR with strong growth potential Technology and revenue risk diversification Stable cashflow Acquired the asset from the extensively experienced hydropower plant developer, Phongsubthavy group, which is

peratingseveralhydropowerplantsinLaos.

(Nam San 3A)

The e in-bou

und

nd river er to Mek ekong ng with few ewer er sea easona sonality lity ef effec ect

69 MW Nam San 3A

In In-bo bound to Mekong g River

Mekon

ng

g River ver Location Nam San River, Xiengkhouang Province Type Run-of-river Installed Capacity 69 MW Concession

Concession agreement with Government of Laos for

27 years period after COD

Build-Operate-Transfer (BOT) basis

Purchase Price

4,424 MTHB - Paid
891 MTHB – upon completion of negotiation to

increase tariff COD date 29 January 2016 Off-taker

Power Purchase Agreement with Electricite du Laos

for 27 years period after COD

Take-or-pay basis
Tariff rate at 6 – 7 US cents per kWh

Projec ect t Summary ary

SLIDE 10

Chiba 1 project has finished EPC selection process and ready for construction.

Projects update in Japan

10

25 MW under er construc structi tion,

n, while

e 50 MW are promp mpt t to construc struct

Komagan magane COD 1H20

25 25MW

MW

20 20MW

MW

Constructing structing

Yabuki uki COD 2H21

Chiba ba 1

Got exemption from Grid connection work application and requesting FDP permission. Secured FiT at 36 JPY/kWh.

Yabuki i

Secur ecured ed 36 36 JPY/kWh Y/kWh

Granted grid connection work application and secured FiT at 36 JPY/ kWh. In the process of EPC selection. Deadline of COD without PPA period cut is 30 Sep 2020.

Constr tructio ction n Progr gres ess >60%

Chiba COD 1H21* 1*

30 30MW*

MW**

Re Ready ady to Bu Build ld

Komag agane Chiba ba 2

Remark: *Chiba 1 exp.COD by 1H21 & Chiba 2 exp.COD by 2H22 **Chiba 1: 20 MW / Chiba 2: 10MW

Chiba 2 project has finished Land acquiring .

Land d Prompt mpt

SLIDE 11

ERC Sandbox projects

Le Leadi ding ng to test t energy rgy innov

vati

ations

ns in Regulatory

ulatory Sandbox ndbox campaign mpaign

Management Project Energy Town 77

(Peer er to Peer r with blockchai ckchain n techno hnolo logy gy)

Smart City Prototype Development Project at CMU

(The he Smart rt City)

Sun Share Smart Green Energy Community Project

(Smar art Grid d Network work System)

Lom Ligor Project

(Energy ergy Storag rage e Systems ems)

Source: Energy Regulatory Committee

11

SLIDE 12

Ag Agen enda da

12

3Q19 Key highlights Portfolio & Projects in pipelines Performance Business Outlook

SLIDE 13

Operatin erating g 404 MW Developin veloping 158 MW Total 562 MW

Business footprint in 5 countries in Asia

13

Unit: t: contrac ntracte ted capacity city or equity ity MW Thaila iland nd 4 SPPs and 9 VSPP PPs (14 147. 7.8 8 MW.) Rooftop top 12 MW. Under const structio ruction n Indone

nesia

ia 3 SPPs Ps (157 57.5 5 MW.) Develo loping ing 24 MW Philipp ilippin ines 1 SPPs Ps (14.4 4.4 MW.) Develo loping ing 5.6 MW Laos 1 SPPs Ps (69M 9MW.) Remark: *Including wind power plant project of 9.0 MW

Loca cation tion Schem eme Contr tracted cted MW.

Thaila iland nd Adder THB 8.00 THB 3.50 118 MW 9.0 MW* FiT THB 5.66 THB 4.12 12.0 MW 8.9 MW Jap apan FiT JPY 40 JPY 32 10 MW 4 MW Laos FiT USD 0.06-0.07 69 MW. Philippin ilippines Fit USD 0.13 14.4 MW Indone nesia sia Fit USD 0.96 USD 0.05-0.07 45.4 MW 112.1 MW Japan an 5 VSPP PPs (17 17.4 4 MW.) Develo loping ng 116. 6.5 5 MW

SLIDE 14

14

29 MW (5.6 MW under development) 181.5 MW (24.0 MW under development) 282.1 MW (128.5 MW under development) 69.0 MW 64.4% 3.1% 15.1% 17.5%

Q1 Q2 Q3 Q4 3 hrs 4.1 hrs 4.3 hrs 8.7 hrs 14 hrs 22.5 hrs

Estimate imated Yearly rly Power er Generat eratio ion n by technolo hnology * Contr ntracted acted MW by Techn hnolo

logy

gy Y2018 018 Seaso sonalit nality y by Techn hnolo

logy

gy (Capacit acity factor

r %)

561.6 MW Geothe herm rmal al (ID) Hydro (LA) Wind (PH) Solar (TH) Solar (JP)

Wind (TH) Average rage capacit ity y factor

r in hours

rs by Technolog nology

Unit: t: GWh Unit: t: MW

Remarks : * Calculate base on capacity factor (%) in 2018

> 2,000 GWh / year

Well-diversified portfolio

in 4 major types of technology

SLIDE 15

148 335 326 2016 2017 2018 2019 2024

Portfolio growth from existing pipeline

15

…......

Remarks : Not including wait for grid projects in Japan of 41.5 contracted equity MW / **Solar equivalent are calculate to be compared with Solar power plant in Thailand

Unit: t: MW

Cur urrent rent portf tfolio lio and pipelines elines Cur urrent rent pipeline eline gua uarant antee ees s a growth wth of 30 30% % in the e nex ext 5 5 yea ears

520 MW

Solar Equivalent **

404 MW*

12.0 MW TH 2020 25.0 MW JP 2020 40.0 MW JP 2021 10.0 MW JP 2022 5.6 MW PH 2022 24.0 MW ID 2024 Curren ent pipeline eline

1,300 MW 1,500 MW

Solar Equivalent **

SLIDE 16

Ag Agen enda da

16

3Q19 Key highlights Portfolio & Projects in pipelines Performance Business Outlook

SLIDE 17

Financial highlights for 3Q19

17

By By num umbers ers EBI BITDA DA

Presenting resiliency

58 583. 3.5

Unit: THB mn

Net et profit it

Stable earnings

40 401. 1.2 MW MW

Leading renewable player in Asia Pacific

56 561. 1.6 ND/ D/E

On ground financial leverage 1.

1.12 12x Di Div. . Yield eld

Commitment to shareholders 3.

3.51% Key ey takea eaway way

New acquisition “Nam San 3A 3A”, the first step in Hydro and CLMV while begin a key driver for next year growth 1 Recur currin ring g profit

fit and EBI

BITD TDA mainta ntain in YoY from new projects

ffset absence of Nagi&Nikaho which will impact the last

quarter 2 Geot

ther

herma mal l come me back k as shutdo utdown n drop

ps

s top up with favorable seasonality for wind power plant in the Philippines 3 4 Continue tinue to deliver liver stable able divid idend end payme ment nt

SLIDE 18

702 770 775 419 50.7% 56.4% 58.4% 45% 2016 * 2017 2018 9M19 Revenue Capacity factor (%) 672 729 732 389 95.8% 94.7% 94.5% 92.7% 2016 * 2017 2018 9M19 EBITDA EBITDA margin (%)

Nam San 3A Historical Performance

18 5,336 3,852 3,598 9.7% 15.0% 16.3% 2016 2017 2018 Total Assets ROA (%)

Stea eady y CF sec ecured ured by concessi ession n agreemen eement

517 578 586 283 73.6% 75.1% 75.6% 67.4% 2016 * 2017 2018 9M19 Net profit Net Profit Margin (%) Unit: THB million

Current ROA of hydro power plant is more than double from BCPG’s current level.

Unit: THB million

Opera rati ting ng Revenue EBITDA

Past performance and EBITDA margin stable at high level.

Remarks: * 11 months of operation due to COD at 29 Jan 2016

Assets Net profi fit

SLIDE 19

Nam San 3A Acquisition

(Management Estimate) as of 20 September 2019

19

Total l Purchas chase e Price ce 5,357 MB Payment Method

A. Loan to 3A to repay seller debt

2,399 MB

B. 3A Share Purchase

2,958 MB Continge tingent nt Consid iderat eratio ions ns (Part rt of Total l Purchas chase e Price) ce) 897 M MB Provision (1) – Current Liab 186 MB Provision (2) – Non-Current Liab 711 MB

Fair value of net assets acquired is recognized at value based on management estimates. The result will be finalized within one year.

Working capital & Fixed assets 26.2 M฿ Intangible assets 4,356.0 M฿ (Value is based

n the terms of

Power Purchase Agreement with EDL) Deferred tax liabilities 103 M฿

Revalued net assets 1,868 M ฿

Purchas ase conside deration 2,958 58 M฿

Other Liabilities 12 M฿ Inter co Loan from BCPG group 2,400 M฿

Goodwill 1,090 M ฿

Goodwill is subject to annual impairment test and represents as followed

Potential benefits from new PPA
Business relationships with

seller in future

Enhancement in BCPG’s

expertise

3 2 1

Intangible asset of 4356 MB will be amortized over 23.3 years

2 3

Share Purchase Price is the net payment after loan to repay seller debt

1

Purchas chase e Price ce Allocat catio ion

SLIDE 20

675 782 714 3Q18 2Q19 3Q19 Solar (TH) Wind (TH) Other (TH) 2,102 2,253 9M18 9M19 +7.2% YoY +5.8% YoY 64 73 66 15.6% 17.7% 15.8% 3Q18 2Q19 3Q19 Generation Capacity factor (%)

138.9 MW + 12 MW

TH performance

+2.3% YoY Unit: GWh

Ra Rainy y sea eason son (TH) ) is the e main pres essure sure on gen ener eration tion

197 211 16.6% 17.1% 9M18 9M19 Unit: GWh +7.1% YoY

Power er generat eration ion & Capacit acity factor

r (%)

Rainy season cut generation QoQ in

3Q19. While YTD still rise from the
verall favorable weather.

Full quarter of operation and strong wind season help generation from Lomligor rise by 68.8% QoQ. 9.0 MW MW

20

10.3% QoQ

+68.8% QoQ 3 4 13.1% 19.4% 3Q18 2Q19 3Q19 Generation Capacity factor (%)

Revenue e (TH)

8.7% QOQ

Unit: THB million 7 16.5% 9M18 9M19

Revenue growth YTD remain strongs from favorable solar performance and newly COD of Lomligor.

SLIDE 21

149 403 176 9M18 9M19 59 154 65 60 3Q18 2Q19 3Q19 Solar (JP) exc. Nagi&Nikaho Nagi&Nikaho Other (TH)

8.5% QoQ

14 5 5 14.3% 14.3% 13.1% 3Q18 2Q19 3Q19 Generation Capacity factor (%) 38 14 12.8% 12.8% 9M18 9M19

JP performance

Monetiza etization tion still ll the e main n pres essur sure

Power er generat eratio ion n & Capaci acity ty factor

r (%)
63.9% YoY
61.8% YoY

Unit: GWh

14.7 MW + + 116.5 MW MW Absence of Nagi and Nikaho still the main pressure on generation in 3Q19 (YoY) and 9M19 (YoY). But will come to an end in this quarter.

21

7.0% QoQ

Revenue ue (JP)

Unit: THB million

61.3% YoY
56.2% YoY

Revenue from existing assets after last year monetization remain stable QoQ and growing at 17% YTD.

SLIDE 22

830 848 790 69.3% 73.6% 71.4%

3Q18 2Q19 3Q19 Thailand Japan Laos Gross Profit Margin

2,505 2,445 70.4% 73.1%

9M18 9M19

16.0% 15.6% 18.5%

3Q18 2Q19 3Q19

1,839 1,845 73.4%75.4%

9M18 9M19 Remark: EBITDA from operation, excluding other revenue and share of profit from associates and one-time items

Revenue & EBITDA

10.4% QoQ

Selling and administrative expense %SG&A/Sales increased QoQ in 3Q19 partially from expenses arising due to hydropower plant acquisition. EBITDA %SG&A/S /Sales les

COD D of new ew project ects s ful ully ly offset et the e impac act from JP JP monetiza etizatio tion

16.5% 17.3% 9M18 9M19 22 +0.3% YoY +1.3% YoY

Revenue e

4.8% YoY
2.4% YoY
6.8% QoQ

Revenue Rainy season in Thailand and absence of Japan’s projects (Nagi and Nikaho) led to QoQ and YoY drop in operating revenue respectively.

Unit: THB million

EBITDA Despite Japan assets monetization, EBITDA in 3Q19 still slightly growth YoY from the full period recognition of two “WVO” projects, “Lomligor” and partially from “Nam San 3A” as well as 9M19 YoY.

Unit: THB million

576 652 584 69.4% 76.9% 73.9%

3Q18 2Q19 3Q19

EBITDA EBITDA margin

SLIDE 23

14 7 13 43.2% 22.6% 40.4% 3Q18 2Q19 3Q19 Sellable output Capacity factor (%) 36 39 32.0% 37.9% 9M18 9M19 23

Amortization (8.5) (8.1) (7.9) (24.9) (24.2) One-time items

Net share

e of prof

fit

it 20.6 (12.1) 16.3 28.8 33.4

Unit: THB million

Stronger wind speed from seasonality QoQ (Generation +80.9%) and lower interest expense from successful negotiation support robust growth QoQ over 520% in 3Q19.

Share of profit from associates

Wind power plant in the Philippines Favorabl rable e sea easonal sonalit ity y boost gen ener eration ation

Sellab lable le output t and Capacit acity factor

r (%)

Share re of prof

fit

Unit: M kWh Remark: Sellable output based on holding percentage +8.3% YoY

53.7 57.6

9M18 9M19

29.1

3.9

24.2

3Q18 2Q19 3Q19 +7.3% YoY

16.9% YoY
8.5% YoY

+80.9% QoQ +520.5% QoQ

While lower wind speed compared to last year. Opera rati ting: ng: 14.4 MW MW Develop

pin

ing: g: 5.6 MW

SLIDE 24

192.6 169.8 199.5

3Q18 2Q19 3Q19 24

Operation ration get back k to close se to full capaci acity ty

Sellab lable le output put and Capac acit ity y factor

r (%)

306 298 317 91.9% 90.8% 95.3% 3Q18 2Q19 3Q19 Sellable output Capacity factor (%) 923 921 93.5% 93.3% 9M18 9M19

0.2% YoY

Unit: GWh Unit: THB million

5.0% YoY

Amortization (99.6) (95.4) (92.7) (291.3) (283.5) One-time items

(122.7)
Net shar

are e of profit fit 93.0 74.4 106.8 .8 172.8 .8 273.8 .8

586.8 557.3

9M18 9M19

Strong operational performance in 3Q19 without major maintenance shutdown drives share of profit growth both YoY and QoQ. Share re of profit it

Share of profit from associates

Geothermal power plants in Indonesia

+17.5% QoQ +3.6% YoY +6.4% QoQ +3.5% YoY

Opera rati ting: ng: 157.5 MW Develop

pin

ing: g: 24.0 MW

Remark: Sellable output based on holding percentage

SLIDE 25

25

221.7 165.9 223.7

3Q18 2Q19 3Q19 Indonesia The Philippines

Amortization (108.1) (103.6) (100.6) (316.2) (307.8) One-time items:

(122.7)
Refinancing related expenses
(122.7)
Net share

e of prof

fit*

it* 113.6 62.3 123.1 201.6 307.1

Unit: THB million

Boost in share of profit (before amortization)

n

QoQ (+34.8%) supported by both geothermal power plant, Indonesia, from strong

perational performance and favorable

seasonality wind speed to wind power plant, the Philippines. While YTD drop is a result of shutdown of geothermal power plant in 2Q19.

Share of profit from associates

Refinancing related expense in 2Q18 is a factor to drive YoY of 9M19 (+52.3%).

QoQ growth h led by strong g wind nd and resili ilient ent geothermal ermal power er plant

Remark: *Net share of profit = Share of profit (after amortization) – one-time items

Share re of prof

fit

t from

m opera

ratio ion n (befor

re

e amor

rtiz

tizat atio ion) 640.5 614.9

9M18 9M19

4.0% YoY

+0.9% YoY +34.8% QoQ

SLIDE 26

136 132 129 130 136 3.3% 3.2% 3.3% 3.4% 3.1%*

3Q18 4Q18 1Q19 2Q19 3Q19 Interest expense Effective Kd

Finance cost

26 26 Unit: THB million

IBD D break akdown down by matu turit ity IBD D break akdown down by curren rency

9.8% 19.4% 90.2% 80.6%

2018 3Q19 < 1 year Due after 1 year

51.1% 58.0% 43.0% 31.9% 5.9% 10.1%

2018 3Q19 THB JPY USD

IBD D break akdown down by Fixe ixed-Flo Floatin ating g rate 3Q19 Financial expenses increase 4.7% QoQ due to draw down of loan to acquire “Nam San 3A”. For 9M/2019, an increase in finance expenses was due to a rising policy interest rate from early 2018.

9.8% 22.9% 90.2% 77.1%

2018 3Q19 Fixed rate Floating rate

Kd Kd (%) ) still ll mainta ntained ined in range e des espit pite e new ew investme estment nt

Finan ance ce cost and Kd(%)

+4.7% QoQ +1.7% YoY

0.2% YoY

389 395 3.2% 3.3%

9M18 9M19 Remark: The average finance costs calculated by a simple average method. If calculated by using weighted average method , the average finance cost in Q3/2019 will be around 3.46%.

SLIDE 27

Core profit

Ful ull l per eriod

d rec

ecog

gnition

nition and new ew project ects s hel elp maintai ained ed des espit pite e JP JP m monetiza etizatio tion n

27

412 405 454 433 410 49.6% 49.7% 56.2% 51.0% 51.83%

3Q18 4Q18 1Q19 2Q19 3Q19 Core profit Core profit margin

Core profit: Q3/2019 core profit is relatively stable though there was an assets disposal in Q3/2018. Thanks to positive factors supported from (1) Full-quartered

peration of “Lomligor” (2) Acquisition of hydro

power plant “Nam San 3A” on late of September 2019 (3) An increased in share of profit from associates from the geothermal power plants in Indonesia (4) Favorable weather for Thai solar. While QoQ drop are mainly from rainy season in Thailand. Overall, 9 months of 2019, core profit still slightly increase YoY from strong performance of TH solar, newly COD and full period recognition of two “WVO” solar projects.

Unit: THB million

Core re profi fit t & Core re profi fit t marg rgin n (%)

Remark: Core profit equals to net profit minus FX gain/loss and one-time items

1,283 1,296 51.2% 53.0%

9M18 9M19 +1.0% YoY

0.6% YoY
5.3% QoQ

SLIDE 28

Net profit

Stabilize bilize ea earnings nings if one-time ime gain from JP JP monet etization ization are e ex exclud luded ed

28

1,139 310 492 464 401 137.3% 38.0% 60.9% 54.7% 50.78%

3Q18 4Q18 1Q19 2Q19 3Q19 Net profit Net profit margin

Net profit: Unlike 3Q18, there is no one-time gain in 3Q19. Especially the gain from asset monetization in 3Q18, Nagi and Nikaho of THB 794.7 mn. Hence, this resulted in a decline of net profit in YoY, though Core profits still consider stable for QoQ and growth at 1% YTD.

Unit: THB million

Net profi fit & Net profi fit t margi gin n (%) 1,909 1,357 76.2% 55.5%

9M18 9M19 Remark: Core profit equals to net profit minus FX gain/loss and one-time items

13.5% QoQ
64.8% YoY
29.0% YoY

SLIDE 29

Financial position

48.0% 40.3% 49.3% 52.0% 31,558 38,376 2018 3Q19

Equity Other Liabilities Interest-bearing debt

1.26 1.08 1.48 2017 2018 3Q19

D/E E Ratio io

D/E Ratio Covenant

Covenant = 3.0x

29

Tot

tal

al asset sets

0.30 0.32 0.32 0.31 0.32 0.61 0.64 0.32 68.5% 57.7% 66.7% 2017 2018 1H19

Second half performance First half performance

Total dividend

(THB/Share)

DPR

Dividend idend Payme ment nt

Dividend policy = not less than 40% of the Company’s net profit based on separated Financial Statement

Ut Utili lizing zing room of le lever erage age for the e continuo inuous us growth h

12.84 15.16 10.49 2017 2018 3Q19

ROE (%)

ROE

SLIDE 30

Ag Agen enda da

30

3Q19 Key highlights Portfolio & Projects in pipelines Performance Business Outlook

SLIDE 31

31 Source : Mckinsey, Energy Insights Global Energy Perspective (Jan 2019)

Re Renewab ewable les s ex expec ected ed to be e 50 50% of glo lobal l power er sup upply ly by 20 2035 35

Global power generation

Over the next 20 years, the push will be

n to electrify everything -transportation,

industrial equipment, heating and air- conditioning -and to power these with renewables plus storage

SLIDE 32

+10 GW of RE by 2030 Recently announced 5.5 GW offshore Top ranked wind speed at Taiwan strait

TW

Business opportunity in the region

500 MW of solar bidding set to start

n 8 Aug 2019

Target RE to meet 20% by 2025 Target 100 MW COD 2020

MY Thailand: PDP 2018 - Solar

rooftop, floating solar, wind, digital energy, biomass

Japan: Biomass Development

with FiT of JPY 24 per kWh

The Philippines: Expansion of

existing pipeline, Off-grid Solutions, merchant market

Indonesia: Expansions and new

exploration awaits

Opportunity at Current Footprints

Poten ential l Exp xpansion

Battery of Asia Good resource for hydro and wind power plant Center of regional

elec. transmission

system by 2025

LA

10% p.a. Elec. Demand Growth +27 GW

f

Renewable by 2030 (12 GW Solar) Visibility on 2019 Projects

VN

+50 GW of Renewable by 2030 Gov’t strong support on ESS Target RE share from currently 8% to 30 - 35% by 2040

KR

Retirement of Coal Plants +38 GW of Renewable by 2036 Liberalized Retail Market

AU

32

SLIDE 33

33

35th ASEAN Summit and Related Summits

SLIDE 34

Financial Statement

34 Remark: *Restated **Excluding gain/(loss) on FX and one-time items Overall busi siness ss performance

Unit: THB million 3Q1 3Q18 3Q1 3Q19

Change ge (%)

2Q1 Q19

Change ge (%)

9M18 9M19

Change ge (%)

Revenue from sale and redering of service 829.7 790.0

4.8%

847.6

6.8%

2,505.0 2,445.4

2.4%

Cost of sale and rendering of services (254.3) (226.2)

11.0%

(223.6) 1.2% (741.3) (656.8)

11.4%

Gross profit 575.4 563.8

2.0%

624.0

9.6%

1,763.7 1,788.7 1.4% Administrative expenses (181.7) (145.8)

19.7%

(132.4) 10.1% (462.1) (422.5)

8.6%

Administrative expenses (132.7) (145.8) 9.9% (132.4) 10.1% (413.1) (422.5) 2.3% Tax income/expense related to IFF (49.0)

NA
NA

(49.0)

NA

EBITDA 576.2 583.5 1.3% 651.5

10.4%

1,839.1 1,844.5 0.3% 0.0 0.0 0.0% 0.0 0.0% 0.0 0.0 0.0% Operating profit 393.7 418.0 6.2% 491.6

15.0%

1,301.6 1,366.2 5.0% 0.0 0.0 0.0% 0.0 0.0% 0.0 0.0 0.0% Share of profit of investment in associates 113.6 123.1 8.3% 62.3 97.5% 201.6 307.1 52.3% Other income/(expense) 802.3 2.8

99.7%

6.3

55.9%

907.0 11.7

98.7%

Gain/(loss) on foreign exchange 69.1 (8.3)

112.0%

31.2 -126.7% (10.5) 60.5 676.2% EBIT 1,265.0 412.5

67.4%

529.1

22.0%

2,198.1 1,438.4

34.6%

Finance costs (136.4) (136.2)

0.2%

(130.1) 4.7% (388.7) (395.2) 1.7% EBT 1,242.2 399.3

67.9%

461.3

13.4%

2,011.0 1,350.3

32.9%

Income tax expense (benefit) (102.9) 1.9

101.8%

2.5

26.8%

(101.6) 6.3

106.2%

Income tax expense (benefit) (15.6) 1.9

111.9%

2.5

26.8%

(14.3) 6.3

144.2%

Tax expense related to IFF (87.3)

NA
NA

(87.3)

NA

Net profit 1,139.3 401.2

64.8%

463.8

13.5%

1,909.4 1,356.6

29.0%

Recurring profit * 411.9 409.5

0.6%

432.6

5.3%

1,283.3 1,296.1 1.0% Basic Earnings per Share (THB) 0.57 0.20

64.9%

0.23

13.0%

0.96 0.68

29.2%

SLIDE 35

Financial Statement

35

Uni nit: THB mi million 2018 2018 % of total assets 3Q1 3Q19 % of total assets Cha hang nge (%) Cash and cash equivalents 2,425.3 7.7% 2,640.0 6.9% 8.9% Trade accounts receivable 523.8 1.7% 594.7 1.5% 13.5% Other current assets 226.1 0.7% 343.2 0.9% 51.8% Total cur urrent nt assets 3, 3,175.2 10.1% 3, 3,577.9 9.3% 3% 12.7% Investments in associate & subsidiaries 13,500.7 42.8% 13,671.7 35.6% 1.3% Property, plant and equipment 12,945.3 41.0% 13,726.7 35.8% 6.0% Goodwill and Intangible assets 1,765.6 5.6% 7,105.6 18.5% 302.5% Other non-current assets 171.0 0.5% 294.1 0.8% 72.0% Total non-current assets 28,382.6 89.9% 34,797.9 90.7% 22.6% Total Assets 31 31,557.9 100.0% 38 38,37 375.9 100.0% 21.6% Short-term borrowings & current portions 1,520.6 4.8% 3,862.3 10.1% 154.0% Long-term borrowings 14,046.6 44.5% 16,089.9 41.9% 14.5% Other liabilities 848.5 2.7% 2,966.3 7.7% 249.6% Total liabilities 16,415.6 52.0% 22,918.4 59.7% 39 39.6% Equity attributable to owners of the Company 15,142.1 48.0% 15,457.3 40.3% 2.1% Non-controlling interests 0.1 0.0% 0.1 0.0% 0.0% Total liabilities and nd Equi uity 31 31,557.9 100.0% 38 38,37 375.9 100.0% 21.6% Cons nsolidated Stateme ment nt of Fina nanc ncial Position

SLIDE 36

Financial Statement

36

Uni nit: THB mi million 9M18 9M19 YoY Cha hang nge Net cash from (used in) operating activities 1,881.8 1,412.2 (469.6) Net cash from (used in) investing activities 1,640.9 (4,565.1) (6,206.0) Net cash from (repay to) financing activities (2,572.3) 3,397.4 5,969.7 Net inc ncrease in n cash h and nd cash h equi uivalent nts 950.4 244.5 (705.9) Cash and cash equivalents at 1 January 2,004.0 2,425.3 421.3 Effect of exchange rate changes on balances held in foreign currencies (42.3) (29.9) 12.4 Cash h and nd cash h equi uivalent nts at end nd period 2,912.2 2,640.0 (272.2) CAPEX (1,408.0) (4,487.9) (3, 3,079.9) Cons nsolidated Stateme ment nt of Cash h Flows

SLIDE 37

Conventional solar & wind projects in Thailand

37

No. Project ect Loca cati tion Operati rating g Enti tity ty % of Shareho rehold lding Insta tall lled ed Capa pacity ty (MW) Contrac tracte ted d Capac pacity ty (MW) Tariff Power Struc uctur ure Off Taker COD District rict Provi vince ce 1 BCPG 1 Bang Pa-in Ayutthaya BCPG N.A. 9.8 8 Adder THB 8/kWh PEA 5/08/11 BCPG 2 35.6 30 EGAT 16/07/12 2 BSE-BNN Bumnetnarong Chaiyaphum BSE 99.9 25.2 16 PEA 6/03/13 3 BSE-BPH Bang Pahan Ayutthaya BSE 99.9 25.2 16 5/04/13 4 BSE-BRM Prakonechai Buriram BSE-BRM 99.9 12.5 8 19/03/14 5 BSE-BRM1 Nongkee Buriram BSE-BRM 1 99.9 12.5 8 11/04/14 6 BSE-CPM1 Bumnetnarong Chaiyaphum BSE-CPM 1 99.9 12.6 8 24/04/14 7 BSE-NMA Dan Khun Tod NakhonRatchasima BSE-NMA 99.9 12.6 8 10/04/14 8 BSE-PRI Kabinburi Prachinburi BSE-PRI 99.9 25.0 16 21/04/14 9 Co-op: WSC Wiset Chai Chan Angthong BSE-PRI N.A. 5.0 5.0 FiT: THB 5.66/unit PEA (25 years) 23/12/16 10 Co-op: BPI Bang Pa-in Ayutthaya BSE-PRI N.A. 5.0 5.0 14/03/17 11 Co-op: AYA Phra Nakhon Si Ayutthaya Ayutthaya BSE - PRI N.A. 2.0 2.0 23/12/16 12 Co-op (WVO) Saraburi Phra Phutthabat Saraburi BCPG N.A. 5.0 5.0 FiT: THB 4.12/unit PEA (25 years) 20/7/18 13 Co-op (WVO) Kanchanaburi Tha Muang Kanchanaburi BCPG N.A. 3.94 3.94 23/7/18 14 Lomligor Pak Panang Nakhon Sri Thammarat LLG 99.9 10.0 8.965 Adder THB 3.5/kWh PEA (25 years) 11/4/19

Contr trac acte ted capac acity ity of 147.9 9 MW

SLIDE 38

Other solar projects in Thailand

38

Tot

tal

al contracte ntracted d capac acit ity y in pipe pelin line e of 34.6 MW as of 2Q19. COD targe rget by 2019.

No. Type Segment ent Relatio tion- ship Project ject Locatio ion Contr tract acted ed Capaci acity ty Term rms (year) r) Tarif iff f power er structure cture Status/ / COD

1 Rooftop Industrial Subsidiary Kingboard Uthai, Ayutthaya 0.752 MW 20 Private PPA COD 1/12/2018 2 Rooftop Commercial Partner Habito, T77, Sansiri Wattana, Bangkok 0.053 MW 25 Private PPA COD 12/1/2019 3 Rooftop Commercial/ Residential Partner T77, Sansiri Wattana, Bangkok 0.376 MW 25 Private PPA

COD 1/5/2019

4 Rooftop Commercial Partner Sansiri Several cities 0.379 MW 25 Private PPA

Under construction

5 Rooftop School Partner Satit pattana Bangkok 0.528 MW 25 Private PPA

Under construction

6 Rooftop Gas station Partner Lots Several cities 0.523 MW 15 – 20 Private PPA

Under construction

7 Rooftop Commercial Partner CMU Mueang, Chiangmai 12.0 MW 26 Private PPA

Under construction

8 Rooftop Mixed Partner Lots Several cities 20.01 MW 15-25 Private PPA In progress 9 Floating Industrial Partner Bangchak Biofuel Bang pa-in, Ayutthaya 0.2 MW 25 Private PPA In progress

SLIDE 39

Conventional solar projects in Japan

39

Contr trac acte ted capac acity ity of 14.7 MW

39

No. Project ect % of Inve vestment tment Loca cati tion Irrad adiat ation (kWh/m2/year) year) Insta tall lled ed Capac pacity ty (MW) Contrac tracte ted d Capac pacity ty (MW) Feed-in Tariff (FiT) (JPY/kW kWh) PPA A Period d (Year) ear) Off Taker Status tus

Operation tion

1 S1

(Natkatsugawa)

100.0 Kagoshima, Japan 1,405 0.9 0.7 40 20 Kyushu Electric Power Company COD 15/08/14 2 S11 (Takamori ) 100.0 Kumamoto, Japan 1,376 1.3 1.0 40 20 COD 16/02/15 3 S19 (Nojiri) 100.0 Miyazaki, Japan 1,433 1.1 0.9 40 20 COD 24/02/15 4 Tarumizu 100.0 Kagoshima, Japan 1,369 9.7 8.1 40 20 COD 31/08/15 5 Gotemba 100.0 Shizuoka, Japan 1,291 4.4 4.0 32 20 Tokyo Electric Power Company COD 16/04/18

Develop velopin ing

6 Komagane 100.0 Nagano, Japan 1,472 32.0 25.0 36 20 Chubu Electric Power Company Expect to COD within 1H20 7 Yabuki 100.0 Fukushima, Japan 1,294 27.9 20.0 36 20 Tohoku Electric Power Company Expect to COD within 2H21 8 Chiba 1 100.0 Chiba, Japan 1,362 27.0 20.0 36 20 Tokyo Electric Power Company Expect to COD within 1H21 9 Chiba 2 100.0 Chiba, Japan 1,362 13.0 10.0 32 20 Tokyo Electric Power Company Expect to COD within 2H22

Under der devel elop

pmen

ment

10 Nagota 100.0 Kagoshima, Japan 1,448 30.0 24.0 36 20

Wait for Grid

11 Isakida 100.0 Kagoshima, Japan 1,463 4.4 3.5 36 20 12 Shimoyunohira 100.0 Oita, Japan 1,330 9.6 8.0 36 20 13 S5 100.0 Kagoshima, Japan 1,371 7.2 6.0 36 20

Sold d to IFF

Nikaho 100.0 Akita, Japan 1,136 13.2 8.8 40 20 Tohoku Electric Power Company COD 15/07/16 Nagi 100.0 Okayama, Japan 1,329 14.4 10.5 36 20 Chugoku Electric Power Company COD 02/03/17

SLIDE 40

Group’s Business Structure

40

Public blic

BSE BSE-BRM BSE-BRM1 BSE-CPM1 BSE-NMA BSE-PRI LLG TDED

Thail iland nd Singa gapo pore

99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9% BSEH 100.0% BCPGI SEGHPL 33.3% Greenergy Holdings Greenergy Power BCPG Wind 100.0% 100.0% 100.0% The Netherlands

Japa pan

Petrowind Energy The Philippines 40.0% HMJ BCPGJ EPC(1) AM(2)

Investment(3)

Project Under Development Operating Projects Operating Projects Operating Projects

100.0% 100.0% 100.0% 51.0% 100.0% 100.0% 100.0% 100.0% 100.0%

(1) EPC = Groups of companies doing such business as (1) a turnkey EPC contractor and (2) an operation and maintenance contractor for solar power plants in Japan (2) AM = an Asset Management company rendering operation and maintenance service for the Tiramizu project and its remaining shares of 49.0% are held by a juristic person (3) Investment = companies investing in solar farms in Japan as TK investor

Laos

s

BCPG Indochina 99.9% Nam San 3A 100.0%

SLIDE 41