Analyst Meeting Q2/2018 Financial Results 15 August 2018 Ticker: - - PowerPoint PPT Presentation

Analyst Meeting Q2/2018 Financial Results

15 August 2018

Ticker: BCPG (SET)

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Disclaimer

3

Agenda Recent Development Financial Highlights Business Outlooks

4

Recent Development Financial Highlights Business Outlooks Agenda

5

Bett tter er weather ther conditio ndition QoQ but t not t for YoY Revenue venue increa reased sed from m Gotemba temba proje

• ject

ct 4.0 MW (COD since ce 16 April il 2018)

Japan

Bett tter er weather ther conditio ndition QoQ des espit ite e heavie vier rainfal all l YoY Acqu quis isitio ition of Lomli mligor gor wind farm: inst stall lled d 10 MW, entit itled led to adde der of THB B 3.5 for 10 years rs (est st. . revenue venue of nearly ly THB 7 per unit) t) Two sol

• lar

ar gove vernmen nment t proje

• ject

cts s in a colla labo bora ratio tion n between etween WVO are the e first st proje jects cts in the e prog

• gram

ram to sta tart rt comme mercia cial l ope perat ations ions in Thailand iland

Thailand

Low

• w seas

asons

• ns but

t perf rfor

• rme

med d bett etter er with capacity city facto tor r resul sulte ted d to share re of profi fit (befo efore re amortiz

• rtizat

ation) ion) of THB B 2.4 million ion

The Philippines

Key Highlights

Stable ble ope pera ratio tion.

• n. Share

e of profi fit t (from

• m core

re ope pera ratio tion) n) of THB B 212.0 0 million, lion, which was slight ightly y bett etter than expe pectat ctation ion Comple plete ted d refinan inancin cing g activ ivit ity y for Wayang Windu du plant t to free ee up cash flow and loosen

• sen deb

ebt repaymen ayment t term rm

Indonesia

6

Investment summary: Lomligor

Page 6

Project ject Lomligor Locat atio ion Nakhon Sri Thammarat Owners ershi hip 100% Status Under Construction COD Expected 1H 2019 Capacit acity 8.965 MWppa Tarif iff Wholesale Tariff + Adder 3.50 THB/kWh (10 Yr) (Average 6.60 THB/kWh) Land Freehold 133 rais Turbi bine ne Supplier lier Goldwind GW121/2500 (2.5 MW x 4 turbines) EPC Contra tractor ctor ITALTHAI Engineering & Consortium ESS System 1.5 MWh, in research collaboration with NSTDA Capaci acity ty factor

• r

21.4% (5.1 hours)

• Est. Project

ject Cost THB 825 million Finan ancing cing Target D/E 75:25

Lomligor

7

2 Solar projects with government agencies have started commercial operation (WVO)

Tha Muang, g, Kancha chanaburi naburi province ince Installed capacity: 3.94 MW Investment cost: THB 162 mn Tariff: FiT at THB 4.12 per kWh for 25 years COD date: 23 July 2018 Praphu phutthaba thabat, , Sarab aburi ri province ince Installed capacity: 5 MW Investment cost: THB 205 mn Tariff: FiT at THB 4.12 per kWh for 25 years COD date: 20 July 2018

Thailand

Operating : 182 MWDC Developing : 18.9 MWDC Total: 200.9 MW

Japan

Operating : 45 MWDC Developing: 147.3 MWDC Total: 192 MW

Philippines

Operating: 14 MW Developing: 6 MW Total: 20 MW

Indonesia

Operating: 157.5 MW Developing: 24 MW Total: 181.5 MW

8

Portfolio Summary

Operating 398.9 MW (installed) and continued growing

Operating 399 MW Developing 196 MW

Status

30 MW 182 MW 383 MW Technology

Solar Wind Geothermal

Remark: For the Philippines and Indonesia, only equity MW is presented

125 130 130 20 30 34

14.4 14.4

158 158 145 332.4 .4 336.4 .4

2016 2017 2Q18

Contr trac acted ted MW

Thailand Japan The Philppines Indonesia

9

Portfolio Summary

Power Generation and income after acquisitions

Pro-fo forma ma Reve venue nue (THB B million lion)

45% 3% 8% 45%

ID ID

85% 15%

6M 2017: THB 1,687 million 6M 2018: THB 3,192 million

Pro-fo forma ma EBI BITD TDA (THB B millio ion)

50% 3% 4% 43%

ID ID

91% 9%

6M 2017: THB 1,259 million 6M 2018: THB 2,673 million TH TH PH PH JP JP

Power wer Generatio eration n (GWh)

75% 6% 3% 16%

ID ID

86% 14%

6M 2017: 155 GWh 6M 2018: 794 GWh TH TH JP JP PH PH TH TH JP JP PH PH TH TH JP JP JP JP TH TH TH TH JP JP

0.60 0.15 0.61 0.16 0.15 0.15 0.09 0.16 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 FY16* Q117 Q217 Q317 Q417 FY17 1Q18

10

Not t less ss than 40% of the Company’s Net Profit Dividen idend Yield eld (@ 19.7 THB per share) 3.2%

(after deduction of all reserves required by law and regulations)

Unit: THB per share

Dividend payout ratio (Consolidated) 62.7% 65.2% 65.2% 57.7% 55.2% 60.4%

Dividend payment

Robust dividend payout

Remark *The Company paid dividend of THB 0.09 for 2015 performance during 6M16 period. Effectively, 2016 dividend was paid at THB 0.60 per share

91.0%

11

Agenda

Key Highlights Financial Highlights Going Forward

12

Key business drivers

Solar power plants - seasonally peak in second quarter

Irradia adiatio tion n (hou

• urs

rs per day) ay)

5.68 5.17 4.66 4.95 5.61 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q18 2Q1 Q18

• 1.2% YoY

4.94 4.38 2.46 3.19 4.61 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 2Q1 Q18 +13.3% QoQ +44.6% QoQ

Sella lable ble Out utput put (kWh)

68,073 65,384 65,716 66,035 66,695 2Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 2Q1 Q18 +1.0% QoQ 14,409 12,776 8,405 9,155 14,887 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 2Q1 Q18 +3.3% YoY +62.6% QoQ

• 6.6% YoY
• 2.0% YoY

13

Revenue

2Q18 revenue rose QoQ mainly thanks to seasonality

80.8% 82.4% 89.9% 89.1% 81.4% 19.2% 17.6% 10.1% 10.9% 18.6%

890 854 781 802 874

2Q1 Q17 3Q1 Q17 4Q17 1Q1 Q18 2Q1 Q18

Thailand Japan

Unit: THB million +3.2% YoY

Revenue: venue: Revenue declined YoY mainly due to lower

• utput (in TH) and weakening JPY resulted to

lower revenue in THB terms (in JP) On QoQ basis, revenue rose significantly by 9.1% thanks to seasonality

10.56 10.76 10.69 10.81 10.68 2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 2Q1 Q18 38.60 38.60 38.60 38.56 37.82 2Q17 3Q17 4Q1 Q17 1Q1 Q18 2Q1 Q18

• 1.2% YoY
• 0.1% QoQ

Effective fective tariff ff* *

Unit: THB per kWh Unit: JPY per kWh

Remark: *Effective tariff includes FiT to Agricultural Cooperatives Solar (Thailand) of THB 5.66 per unit and Gotemba project (Japan)

+9.1% QoQ +1.1% YoY

• 1.7% YoY
• 1.2% QoQ

14

637 609 529 592 670

2Q1 Q17 3Q1 Q17 4Q1 Q17 1Q1 Q18 2Q1 Q18 Unit: THB million +13.1% QoQ

EBITDA

EBITDA growth bolstered by lower administrative expense

76.7% 71.5% 71.3% 67.8% 73.9%

Remark: EBITDA from operation, excluding other revenue

EBITDA DA 2Q18 EBITDA increased by 5.2% YoY mainly due to lower SG&A expenses 2Q18 EBITDA grew by 13.1% QoQ mainly helped by improving revenue and lower SG&A expenses 2Q18 SG&A to sales was at 15.4%, decline from 20.7% in 2Q17 mainly due to an absence in acquisition related cost (the Company acquired wind power plant in 2Q17) and ESOP related expenses (the program started in 2Q17)

+5.2% YoY

15

Share of profit from associates

Unit: THB million

43 359 347 69 19

2Q17* 3Q17** 4Q17*** 1Q18 2Q18****

• 72.3% QoQ

2Q18 Wind power plant Geothermal power plant Total Share of profit (operation) 2.4 213.0 215.4 Refinancing – Wayang Windu

• 122.5
• 122.5

Amortization

• 8.3
• 96.4
• 104.7

Adjust Amortization for Q1 30.8 30.8 Total

• 5.9

24.9 19.0

Share of profit from investments: In 2Q18, total share of profit from investments were at THB 19 million dropped YoY and QoQ; however: ▪ Geothermal power plant operation was robust besides share of profit contribution was hit by one- time item ▪ Operation from wind power business was resilient thanks to a quarterly record high performance during 2Q18

Remark: *Including wind operation prior to acquisition of THB 53.1 million, **including geothermal operation prior to acquisition of THB 238.2 million, ***including gain on purchases of wind and geothermal of THB 366.3 million ****including one-time accounting item resulted from financing activity of approx. THB 122 million

• 55.8% YoY

Nabas 36 MW + 14 MW 16

PHILI ILIPPI PPINES NES

Share of profit from associates

Wind power plant in the Philippines

• Capacity factor in 2Q18 was at record high, compared to the past 3 years
• Due to better capacity, 2Q18 output soared by 57.2%
• Share of profit from operation was at THB 2.4 million. However, net

contribution (after amortization) was at loss of THB 5.9 million

• 9.9
• 4.5

15.5 22.2 2.4 2Q18 3Q17 4Q17 1Q18 2Q18 Share e of profi fit from m operation eration befor

• re

e amortizat tization ion Unit: THB million

17

Share of profit from associates

Geothermal power plant in Indonesia

INDONE ONESIA SIA

Darajat 47 MW

(271 MW)

Salak 65 MW

(377 MW)

Wayang Windu 45 MW + 24 MW

(227 MW + 120 MW) Java

• Robust operation at geothermal power plant
• Full-quarter recognition of share of profit from investment versus none in 2Q17
• Contribution affected by one-time expenses of full amortization of deferred issuance cost related to refinancing
• activity. Excluding this item, operating performance has been very stable
• Share of profit from operation (after one-time expense) was at THB 90.5 million. However, net contribution (after

amortization) was at THB 24.9 million

• Constant capacity factor of approx. 90% during the period

125.5 207.1 181 213 3Q17* 4Q17 1Q18 2Q18** Share e of profi fit from m operation eration befor

• re

e amortizat tization ion

Remark *Acquired since 26 July 2017 **Excl. one-time accounting related expense of THB 122.5 mn

Unit: THB million

18

Share of profit from associates breakdown

• Final FV has been reflected in 2Q2018 Financial Statement (completed within a year after acquisition date).
• The changes in the FV determined by third party has reflected lower amortization expenses of approx. THB 170 million per

annum whilst gain on purchase of approx. THB 242 million will be restated in Financial Statement of FY2017

Unit: THB million 2017 Q1/18 Q2/18 Wind power plant in the Philippines Gain on purchase

361.8

Share of profit from operation

1.1 22.2

2.40 Amortisation

• 21.6
• 8.1
• 8.30

Total 341.30 14.10

• 5.90

2560 2560 Q1/61 Q2/61 Geothermal power plant in Indonesia Gain on purchase

295.8

Share of profit from operation

332.6 181.0

90.50 Amortisation

• 220.2
• 126.1
• 96.35

Adjustment

• 242.0

30.8 Total 166.2 54.9 25.0 Total share of profit from investment in associates 507.5 69.0 19.1

19

Power generation

Geothermal is the largest GWh contribution to our portfolio

• 50

100 150 200 250 300 350

Q3 2017 Q4 2017 Q1 2018 Q2 2018

Power generation ( GWh )

Solar Thai Solar Japan Wind PH Geothermal ID

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q3 2017 Q4 2017 Q1 2018 Q2 2018

Capacity Factor (%)

Solar TH Solar JP Wind PH Geothermal ID

(GWh)

*

Remark *Capacity factor = Yield/number of days/24; Yield = kWh/kWp

20

Finance cost

Good mix of debt helped lower effective interest cost

84 131 135 123 129

2Q17 3Q17 4Q17 1Q18 2Q18 +54.5% YoY Unit: THB million

Finance cost: A rise in finance cost YoY was mainly due to debt secured for investments in associates Effective cost of debt in 2Q18 was 2.94% vs. 3.21% in 2017. The lower cost of debt was helped by good mix of foreign-denominated debts as well as prudent financial management Inte terest rest-bear earing ing deb ebt t break eakdown

• wn by maturity

rity Inte terest rest-bear earin ing g deb ebt t breakd eakdown n by currency ency

8.3% 7.2% 32.4% 30.3% 59.3% 55.4%

2017 2Q18 < 1 year Due in 1-5 years Due > 5 years

43.7% 45.3% 53.1% 49.8% 3.2% 4.9%

2017 2Q18 THB JPY USD +5.5% QoQ

21

Net profit

Growing QoQ

462 514 586 351 419

2Q17 3Q17 4Q17 1Q18 2Q18

Net t profi fit: t: 2Q18 Net profit decreased YoY mainly due to 1) an absence in one-time revenue (booked in 2Q17 from reversal of provision from contingent consideration from business acquisition 2) an absence of one-time gain on purchase in wind power business 3) increased finance cost 2Q18 Net profit increased significantly QoQ particularly owing to 1) rising revenue from electricity sales 2) a record of insurance claim from Japan 3) decreased administrative expense and 4) lower amortization from investment in geothermal power plants

52.0% 60.1% 75.1% 47.9% Net profit margin

• 9.4% YoY

Unit: THB million +19.3% QoQ

43.8%

462.5 383.7 507.3 419.0 114.2 0.1 139.9 53.1 122.5 101.0 66.7 100 200 300 400 500 600 700

Net profit FX Sale of Asset Settlement - SunED PPA - Wind PH Core profit Core profit Refinancing Insurance Claim FX Net profit MTHB

2Q 2018

22

Second quarter net profit comparison

2Q 2017

• 9.4%

+32.2%

916.5 779.2 871.3 770.1 117.3 61.5 139.9 53.1 122.5 101.0 79.6 200 400 600 800 1000 1200

Net profit FX Sale of Asset Settlement - SunED PPA - Wind PH Core profit Core profit Refinancing Insurance Claim FX Net profit MTHB

6M 2018

23

First half net profit comparison

6M 2017

• 16.0%

+11.8%

24

Core profit

Share of profit from Indonesia and lower admin. cost helped uplift core profit

384 680 169 364 507

2Q17 3Q17 4Q17 1Q18 2Q18

43.1% 79.6% 21.6% 45.4% Core profit Margin*

Core e profi fit: t: Stripping out FX gain/loss and one-time items, 2Q18 core profit grew by 32.1% YoY largely due to share profit recognition from Indonesia and lower administrative expenses On QoQ basis, core profit rose significantly by 39.2% mainly due to improving operation, lower administrative expenses and lower amortization expenses from investment in Indonesia

+39.2% QoQ

Remark: *Core profit excludes FX gain/loss and one-time items. in 2Q17 were FX loss of THB 64.90 million, loss on assets disposal of THB 0.06 million, loss from forward contract of THB 49.27 million, reversal of provision from contingent consideration from business acquisition of THB 139.94 million and gain on purchase of THB 53.1 million in 3Q17 were FX gain of THB 89.27 million, loss on assets disposal of THB 0.53 million and loss from forward contract THB 254.92 million, in 4Q17 were FX gain of THB 51.17 million, assets write off of THB 18.27 million and gain on purchase of THB 366.3 million, in 1Q18 were FX loss of THB 12.83 million In 2Q18 were FX loss of THB 66.73 million, gain from insurance claim of THB 100.97 million and one-time expense related to refinancing activity at geothermal power plant of THB 122 million

Unit: THB million

58.0%

+32.1% YoY

25

Financial position

Increasing debts tied to investment

As at 2Q18, total assets slightly increased by 4.0% to THB 33,388 million mainly due to increasing long-term borrowing to fund investments Total Liability/Equity and Net IBD/Equity declined to 1.33x and 1.12x as at 2Q18

Covenant : D/E ratio ≤ 3x : DSCR ≥ 1.15x Marginal liability : THB 24,807 million Outstanding Debt : THB 18,206 million

Financia ancial l Pos

• sitio

ition

1.23 1.33 2017 2Q18

Liabil ility/E ity/Equity ity (x)

2,675 3,001 13,890 14,762 13,288 13,416 2,004 2,209 14,127 14,338 702 843 17,028 18,206

A L + E A L + E

Other Assets PPE Investment in JV Cash and Cash Equivalent Equity Other Liabilities Long-Term Loan

Unit: THB million 2017 2Q18

26

Agenda

Recent Development Financial Highlights Business Outlooks

Q3: COD of solar power plant project with WVO (8.94 MWppa) August: Peer-to-Peer trading platform @ T77 Community implementation M&A: Realising M&A pipelines. Few discussions are in advanced stages

What’s next in 2018?

Growing organically and inorganically

T77 : Peer-to-Peer Energy Trading Project using Blockchain Technology – 580 kW

• Habito Mall
• Bangkok Prep International school
• Park Court Condominium
• Dental Hospital

Infrastructure Fund

Enter ered ed into assets ets dispositio position n of sola lar r power er pla lants in Ja Japan n e. e.g. . Nika ikaho ho and Nagi project ject into In Infrastr struct ucture ure Fun und in Ja Japan, n, totali ling ng capacity city of 27 27.6 6 MW MW Target et to ut utili lize ze fut utur ure e cash h flo low to fun und new ew investments estments Net et transac saction ion valu lue e shoul uld d be e ≥ JP JPY 11 11,000 ,000 millio llion n or THB B 3, 3,185 185 mill llion ion

30

“BCPG strives to deliver high value while creating wealth for shareholders and sustainable future for all.”

Appendices

Financia ancial l Stateme tement nt Projects detail

33

Financial Statement

2Q18 % to sales 2Q17 % to sales 1Q18 % to sales 2Q18 YoY 2Q18 QoQ Revenues from sales and services 873,833 100% 889,590 100% 801,499 100%

• 1.8%

9.0% Cost of sales and services (247,461)

• 28.3%

(247,547)

• 27.8%

(239,555)

• 29.9%

0.0% 3.3% Gross Profit 626,372 71.7% 642,042 72.2% 561,944 70.1%

• 2.4%

11.5% Administrative expense (134,409)

• 15.4%

(184,574)

• 20.7%

(146,064)

• 18.2%
• 27.2%
• 8.0%

Operating profit 491,963 56.3% 457,469 51.4% 415,880 51.9% 7.5% 18.3% FX gain (loss) (66,732)

• 7.6%

(114,171)

• 12.8%

(12,834)

• 1.6%
• 41.6%

420.0% Other income 102,513 11.7% 158,002 17.8% 2,244 0.3%

• 35.1%

4468.9% EBIT 527,745 60.4% 501,299 56.4% 405,290 50.6% 5.3% 30.2% Financial cost (129,474)

• 14.8%

(83,820)

• 9.4%

(122,766)

• 15.3%

54.5% 5.5% Share of profit from associates & subsidiaries 19,050 2.2% 43,155 4.9% 68,976 8.6% NA

• 72.4%

EBT 417,321 47.8% 460,634 51.8% 351,499 43.9%

• 9.4%

18.7% Corporate Income Tax 1,664 0.2% 1,835 0.2% (347) 0.0%

• 9.3%
• 580.2%

Net profit 418,985 47.9% 462,468 52.0% 351,153 43.8%

• 9.4%

19.3% Consolidated Profit and Loss Statement Unit: Thousand THB (otherwise stated)

Financial Statement

34

1H18 % to sales 1H17 % to sales 1H18 YoY Revenues from sales and services 1,675,332 100% 1,687,572 100%

• 0.7%

Cost of sales and services (487,015)

• 29.1%

(468,864)

• 27.8%

3.9% Gross Profit 1,188,317 70.9% 1,218,708 72.2%

• 2.5%

Administrative expense (280,473)

• 16.7%

(302,972)

• 18.0%
• 7.4%

Operating profit 907,844 54.2% 915,736 54.3%

• 0.9%

FX gain (loss) (79,566)

• 4.7%

(117,265)

• 6.9%
• 32.1%

Other income 104,757 6.3% 241,709 14.3%

• 56.7%

EBIT 933,035 55.7% 1,040,179 61.6%

• 10.3%

Financial cost (252,240)

• 15.1%

(170,084)

• 10.1%

48.3% Share of profit from associates & subsidiaries 88,026 5.3% 43,155 2.6% NA EBT 768,821 45.9% 913,250 54.1%

• 15.8%

Corporate Income Tax 1,316 0.1% 3,207 0.2%

• 59.0%

Net profit 770,138 46.0% 916,458 54.3%

• 16.0%

Consolidated Profit and Loss Statement Unit: Thousand THB (otherwise stated)

35

Financial Statement

Unit: Thousand THB 1H18 % of total assets 2017 % of total assets 1H18 YoY Cash and cash equivalents 2,208,833 6.6% 2,003,984 6% 10.2% Current investments 0.0% 0.0% 0.0% Trade accounts receivable 553,183 1.7% 507,243 1.6% 9.1% Other current assets 305,402 0.9% 185,692 0.6% 64.5% Total current assets 3,067,417 9.2% 2,696,918 8.4% 13.7% Investments in associate & subsidiaries 13,415,882 40.2% 13,529,717 42.1% NA Property, plant and equipment 14,762,306 44.2% 13,890,324 43.3% 6.3% Goodwill and Intangible assets 1,942,140 5.8% 1,892,267 5.9% 2.6% Other non-current assets 199,803 0.6% 90,002 0.3% 122.0% Total non-current assets 30,320,131 90.8% 29,402,310 91.6% 3.1% Total Assets 33,387,548 100.0% 32,099,228 100.0% 4.0% Short-term borrowings & current portions 1,437,821 4.3% 1,415,239 4.4% 1.6% Long-term borrowings 16,768,488 50.2% 15,613,152 48.6% 7.4% Other current liabilities 843,485 2.5% 701,903 2.2% 20.2% Total liabilities 19,049,794 57.1% 17,730,295 55.2% 7.4% Equity attributable to owners of the Company 14,337,607 42.9% 14,368,786 44.8%

• 0.2%

Non-controlling interests 147 0.0% 147 0.0% 0.0% Total liabilities and Equity 33,387,548 100.0% 32,099,228 100.0% 4.0% Consolidated Statement of Financial Position

36

Financial Statement

Unit: thousand THB 1H18 1H17 1H18 YoY Net cash from (used in) operating activities 1,284,119 1,289,066 (4,947) Net cash from (used in) investing activities (1,092,126) (714,464) (377,662) Net cash from (repaid to) financing activities (80,683) (1,520,690) 1,440,007 Net increase in cash and cash equivalents 111,309 (946,088) 1,057,397 Cash and cash equivalents at 1 January 2,003,984 7,361,160 (5,357,176) Effect of exchange rate changes on balances held in foreign currencies 93,541 (753) 94,294 Cash and cash equivalents at end period 2,208,834 6,414,319 (4,205,485) Consolidated Statement of Cash Flows

37

Purchase Price THB 11,956 Million

For each acquisition, company is required to engage third party to perform a Purchase Price Allocation analysis to determine “Fair Value” of the acquired company. For Geothermal power plant, FV assessment has been completed in 2Q18.

Goodwill

Fair Value (Scenario 1) THB 12,252 Million

Target’s Net Asset PPE Write-up Intangible Asset Target’s Net Asset PPE Write-up Intangible Asset

Management est. : Fair Value > Purchase Price Final PPA assessed by third party : Fair Value < Purchase Price

Difference is booked as Gain on Purchase in 2017 Amortization

• ver life

THB 550 Million/year

Fair Value (Scenario 2) THB 7,583 Million

Difference is booked as Goodwill and is subjected to Impairment Test on annual basis Amortization

• ver life

THB 380 Million/year Illustrative Only - Not to scale

1 2

Accounting Impact

Appendices

Financial Statement Projects jects det etail il

39 No. Project ect Loca cati tion Operati rating g Entity ty % of Shareho rehold lding Contrac tracte ted d Capac pacity ty (MW) Tariff Power Struc uctu ture re Off Taker COD District rict Provi vince ce 1 BCPG 1 Bang Pa-in Ayutthaya BCPG N.A. 8 Adder THB 8/kWh PEA 5/08/11 BCPG 2 30 EGAT 16/07/12 2 BSE-BNN Bumnetnarong Chaiyaphum BSE 99.9 16 PEA 6/03/13 3 BSE-BPH Bang Pahan Ayutthaya BSE 99.9 16 5/04/13 4 BSE-BRM Prakonechai Buriram BSE-BRM 99.9 8 19/03/14 5 BSE-BRM1 Nongkee Buriram BSE-BRM 1 99.9 8 11/04/14 6 BSE-CPM1 Bumnetnarong Chaiyaphum BSE-CPM 1 99.9 8 24/04/14 7 BSE-NMA Dan Khun Tod NakhonRatchasima BSE-NMA 99.9 8 10/04/14 8 BSE-PRI Kabinburi Prachinburi BSE-PRI 99.9 16 21/04/14 9 Wiset Chai Chan Agricultural Cooperative Wiset Chai Chan Angthong BSE-PRI 100% 5.0 FiT: THB 5.66/unit PEA (25 years) 23/12/16 10 Bang Pa-in Agricultural Cooperative Bang Pa-in Ayutthaya BSE-PRI 100% 5.0 14/03/17 11 Phra Nakhon Si Ayutthaya Agricultural Cooperative Phra Nakhon Si Ayutthaya Ayutthaya BSE - PRI 100% 2.0 23/12/16 12 JV: the WVO of Thailand under Royal Patronage of His majesty the King Phra Phutthabat Saraburi BCPG NA 5 FiT: THB 4.12/unit PEA (25 years) 20/7/18 13 JV: the WVO of Thailand under Royal Patronage of His majesty the King Tha Muang Kanchanaburi BCPG NA 3.94 23/7/18 14 Lomligor Pak Panang Nakhon Sri Thammarat LLG 100% 8.965 Adder THB 3.5/kWh PEA 1H 2019

182 Installed MW (130 MWPPA) of operating assets portfolio in Thailand

Project pipeline in Thailand

40

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 Nikaho 100.0 Akita, Japan 1,136 13.2 8.8 40 20 Tohoku Electric Power Company COD 15/07/16 6 Nagi 100.0 Okayama, Japan 1,329 14.4 10.5 36 20 Chugoku Electric Power Company COD 02/03/17 7 Gotemba 100.0 Shizuoka, Japan 1,291 4.4 4.0 32 20 Tokyo Electric Power Company COD 16/04/18

Develop velopin ing

8 Komagane 100.0 Nagano, Japan 1,472 32.2 25.0 36 20 Chubu Electric Power Company Under construction 9 Yabuki 100.0 Fukushima, Japan 1,294 27.9 20.0 36 20 Tohoku Electric Power Company Expect to COD within 1H19 10 Chiba 1 100.0 Chiba, Japan 1,362 24.0 20.0 36 20 Tokyo Electric Power Company Expect to COD within 2H19 11 Chiba 2 100.0 Chiba, Japan 1,362 12.0 10.0 32 20 Tokyo Electric Power Company Expect to COD within 2H19

Under der devel elop

• pmen

ment

12 Nagota 100.0 Kagoshima, Japan 1,448 30.0 24.0 36 20 Wait for Grid 13 Isakida 100.0 Kagoshima, Japan 1,463 4.4 3.5 36 20 14 Shimoyunohira 100.0 Oita, Japan 1,330 9.6 8.0 36 20 15 S5 100.0 Kagoshima, Japan 1,371 7.2 6.0 36 20

Operating (33.4 MWPPA) and future projects portfolio in Japan

Project pipeline in Japan

Contact us at: BCPG Public Company Limited Investor Relations team E-mail: ir@bcpggroup.com Call: +66 2 335 8945 Website: www.bcpggroup.com