BGRIM: Analyst Presentation Q22017 21 August 2017 BGRIM First Half - - PowerPoint PPT Presentation

SLIDE 1

BGRIM: Analyst Presentation – Q2’2017

21 August 2017

SLIDE 2

BGRIM First Half of 2017 Key Highlights

1

• 14% Sales growth YoY

from THB 13.6 billion to THB 15.6 billion

Strong Operating Performance Strengthen Capital Structure Robust Pipeline

• f Growth
• 8 Solar Projects with total ~36 MW

Co-invest in Gov’t and Agri Coop. program

• 51% growth by 2022

14 projects in pipeline with diversified portfolio

Delivering Project as Promised

• COD XXHP hydro power plant

in Lao in 1 Aug 17, adding 20 MW capacity

• 25 consecutive projects
• n-time/ on-budget with favorable target EIRR
• 28% EBITDA Margin
• 13% NNP to Owner growth YoY,

NNP to owner at record high

• Net D/E ratio 1.6x after IPO

(Net Interest-bearing debt)

• THB 11.5 billion project bond with

3.8% coupon rate for the first year

• USD 20 million ADB facility

and USD 235 million term sheet

SLIDE 3 2

BGRIM Overview Growth Strategy Q2/2017 Operating Result Project Update

Agenda

SLIDE 4

• Longest established infrastructure, industrial, and healthcare group in Thailand since 1878
• Concessionaire and contractor of the largest infrastructure system in Thailand and South East Asia of the 1890s: Rangsit irrigation

canals

• Introducing leading engineering technologies into Thailand since the 1880s until today with Krupp, Siemens, Carl Zeiss, Merck, Voith

and United Technologies 3 Opened Siam Dispensary Installed the first telephone line between Germany and Thailand Supplied turnkey systems and services with Siemens for BTS sky train Awarded first Small Power Producer (“SPP”) contract for Amata B.Grimm Power 1 Consortium leader for Airport Rail Link B.Grimm Power reached 1,646 MW installed capacity Built Rangsit canal together with Snidvongse family July 2017 1878 1931 1994 1996 2010 1890s

Values: Positivity, Pioneering Spirit, Professionalism, and Partnership

"Doing Business with Compassion for the development of civilization in harmony with nature"

B.Grimm is the Longest Established Infrastructure Developer in Thailand

SLIDE 5 4

Largest SPP among Thai Listed Peers

Highest installed MW with highest number of operating power plants

st

BGRIM Strength in Numbers

Years of energy experiences in Thailand

Experienced Management Team with good track record in power development

GW Total Generating Capacity

768 MW Under Construction and Development with diversified portfolio *Remark: Information updated as of 21 Aug 2017.

EBITDA Margin

Strong operating result from high efficient power plants become COD

21 2.5

28%

SLIDE 6 1,499 1,680 567 626 441 639 480 357 239 2,138 1,680 1,047 983 680 500 1000 1500 2000 2500 5 BGRIM is the Largest SPP Power Generating Company among Listed Peers in Thailand

BGRIM is Number ONE SPP among Thai Listed Power Generators

12 8 7 5 3

• No. of SPP power

plants in operation (Installed MW) Under construction and Development MW In operation MW Source: IPA Advisory Limited and AWR Lloyd. (a) By Installed capacity of SPP power plants of listed power companies and B.Grimm Power only as of January 2017

SLIDE 7 6 B.Grimm Power’s Team

• Mr. Harald Link

Chairman (24 years with B.Grimm Power) Major Shareholder

• Ms. Preeyanart Soontornwata

President (21 years with B.Grimm Power) Chairperson of The Association of Private Power Producers, Thailand

• Dr. Surachai Saibua

Management Committee Member (21 years with B.Grimm Power) Ex-VP at Petroasia International

• Mr. Sumkan Ratsameebanjongkit

Senior Executive Vice President Chief Operation Officer (4 years with B.Grimm Power) Ex-MD at RATCH

• Mr. Somkiet Pongpiyapaiboon

Executive Vice President Business Development and Commercial (7 years with B.Grimm Power) Ex-Operating Manager with GE International Operations Co., Inc.

• Mr. Surasak Towanich

Executive Vice President Sales and Marketing (21 years with B.Grimm Power) Previously held positions with EGAT and ABB Power Company Limited

• Mr. Nopadej Karnasuta

Executive Vice President Chief Financial Officer (4 years with B.Grimm Power) Ex-First Senior Vice President at Kasikorn Bank PCL

• Mr. Peradach Patanachan

Executive Vice President Legal Counsel (10 years with B.Grimm Power) Previously held position with Clifford Chance

• Mr. Chote Chusuwan

Executive Vice President Deputy Chief Operation Officer (21 years with B.Grimm Power) Previously held position with Cogeneration PCL (now part of GLOW Group)

Experienced Management Team with Strong Commitment to BGRIM

SLIDE 8 Transmission & Distribution 0.5% Renewable Group 10.5% Solar Hydro Wind 43% 51% 6% Total 263 MW (In Operation 134 MW) Solar Group 114 MW Hydro Group 133 MW (15 MW under construction, 98 MW under development) Wind Group 16 MW (under development) Bien Hoa 13 MW Diesel 34% 29% 11% 11% 9% 6% SPP - Industrial Estate 89.0% Gas Fired Total 2,206 MW (In Operation 1,499 MW) Amata Nakorn* 754 MW Amata City 647 MW (399 MW under construction) Bangkadi 229 MW Laem Chabang* 206 MW Hemaraj 130 MW V.R.M. 240 MW (under development) 7 Remark: *Assuming there are replacements in Amata Nakorn (ABP1 150.0 MW in 2019, ABP2 150.0 MW in 2022) and in Laem Chabang (BPLC1 150.0 MW in 2022) while existing ABP2 (59.6 MW) and BPLC2 (56.1 MW) still run 1 gas turbine and steam turbine configuration after SPP replacement plants achieve COD Type of Energy Installed MW Equity MW Capacity % Under Cons & Dev Capacity % Gas fired 2,206 MW 89.0% 399 MW 240 MW 1,444 MW 89.3% Hydro Power 133 MW 5.3% 15 MW 98 MW 95 MW 5.8% Solar 114 MW 4.6% 59 MW 3.7% Wind 16 MW 0.6% 16 MW 15 MW 1.0% Diesel 13 MW 0.5% 4 MW 0.2% Total 2,482 MW 100% 414 MW 354 MW 1,617 MW 100% Under Construction Under Development

Diversified Portfolio of 2,482 MW with 768 MW under Development

SLIDE 9 8 Note: Weighted Average Remaining PPA life is calculated as the average remaining contractual term remaining from 31 March 2017 to expiry weighted by the aggregate contracted capacity under the relevant agreement Long-term PPA Structure

• EGAT : 21 to 25 years tenor
• PEA (Solar) : 25 years tenor
• Industrial Users : up to 15 year tenor with track record of

extensions Secured Gas Supply with PTT covering respective PPA tenors Gas price pass-through at contracted heat rate under EGAT PPA 25.0 23.9 20.4 10.1 8.4 EDL PEA Solar EGAT Industrial users

• electricity

(Thailand) Industrial users

• steam

(Thailand) Track Record of Extensions EGAT 62% IU-TH 29% IU-VN 4% Steam-TH 2% Others 3% Weighted Average Remaining PPA Life (Years) 6M/17 Sales and Service Income by Customer (THB mm) 6M/2017 Sales Income 15,615 mm

Trustworthy Customers with Long Remaining PPAs Secure Cash Flow

SLIDE 10 Foothold in Top Industrial Estates Gas-fired cogeneration power plants Distribution and diesel power plant Foothold in Top Industrial Estates Selected Top IU for Electricity and Steam

Strategically Chosen Blue Chip Customers in Diverse Industries

Thailand Cambodia Laos Vietnam ▪ 1 power plant in operation Amata Nakorn Amata City Laem Chabang Hemaraj Amata City Bien Hoa Bangkadi V.R.M. Bangkok Ho Chi Minh ▪ 2 power plants in operation ▪ 2 power plants under development ▪ 1 power plant in operation ▪ 2 power plants in operation ▪ 3 power plants under construction ▪ 5 power plants in operation ▪ 2 power plants in operation Poipet Special Economic Zone ▪ Development

• f power plants

and/or transmission and distribution systems Penom Penh 9

SLIDE 11 10

BGRIM Power Overview Growth Strategy Q2/2017 Operating Result Project Update

Agenda

SLIDE 12 XXHP (20MW)

2017

30 Plants

1,646 MW

Installed Capacity

934 MW

Equity Capacity ABP1 Replace (150MW) Nam Khao (5 plants) (68MW)

39 2019

Plants

2,111 MW

Installed Capacity

1,266 MW

Equity Capacity BGPR1, BGPR2 (240MW) Tadsakoi (30MW)

2021

44

Plants

2,397 MW

Installed Capacity

1,542 MW

Equity Capacity Bo Thong 1 & 2 (16MW)

2020

41

Plants

2,127 MW

Installed Capacity

1,281 MW

Equity Capacity ABPR3, ABPR4, ABPR5 (399MW) Nam Che 1 (15MW) 34

2018

Plants

2,060 MW

Installed Capacity

1,167 MW

Equity Capacity Achieved COD in time and within budget for 25 consecutive projects during past 6 years

Robust Growth Pipeline with Secured PPAs and Promising on Execution

ABP2 Replace (150MW) BPLC Replace (150MW)

2022

44

Plants

2,482 MW*

Installed Capacity

1,617 MW

Equity Capacity +1,105 MW +133 MW Gross Installed Capacity Increase (2017-2022) Potential to increase from 36 MW solar projects if ERC process is on track Remark: *Assuming existing ABP2 (59.6 MW) and BPLC (56.1 MW) still run 1 gas turbine and steam turbine configuration after SPP replacement plants achieve COD 11

SLIDE 13

70/30*

Conventional/Renewable Domestic/International Transmission and Distribution Operator ✓ Leverage Strengths and Expertise for Business Growth and Expansion 12 Thailand CLMV Renewable Energy SPP for new Industrial Estate Network & Partnership ✓ Highly Efficient Operating Power Plants ✓ Attractive M&A Opportunities ✓ Strong Network with local partners for Oversea Expansion ✓ Investment in Suitable Renewable Energy projects in different countries MEDIUM-TERM LONG-TERM SHORT-TERM

BGRIM’s Strategy for Sustainable Growth

BGRIM’s Strong Financial and Well Managed Capital Structures BGRIM’s World Class Technology with High Standard BGRIM’s Experienced Engineering and Business Development Teams Remark: *Target MW Growth Portion

SLIDE 14 8,245 8,415 8,269 8,203 7,629 7,524 7,556 7,741 7,534 7,703 7,669 8,142 8,478 8,345 8,347 7,492 7,468 7,560 7,733 7,550 7,634 7,534 7,562 ABP1 BPLC1 ABP2 BPLC2 ABP3 ABPR2 ABPR1 BIP1 ABP4 BIP2 ABP5 BPWHA1 6M 2016 6M 2017 (a) (a) (b) (a) COD Sep-98 Jul-01 Sep-01 Feb-09 Oct-12 Jun-13 Nov-13 Apr-15 Nov-15 Jan-16 Jun-16 Nov-16 86.2 97.9 98.7 99.8 99.5 99.9 97.4 92.4 99.5 98.7 100.0 90.6 99.4 94.7 98.8 97.2 99.3 93.8 98.5 96.7 98.4 99.5 97.5 70.0 80.0 90.0 100.0 ABP1 BPLC1 ABP2 BPLC2 ABP3 ABPR2 ABPR1 BIP1 ABP4 BIP2 ABP5 BPWHA1 6M 2016 6M 2017 90% Gas-Turbine Technology Siemens V64.3 GE Frame 6B GE Frame 6B GE Frame 6B Siemens SGT800 B Siemens SGT800 B Siemens SGT800 B GE LM 6000PD Siemens SGT800 B GE LM 6000PD Siemens SGT800 B Siemens SGT800 B 13 High Efficiency (Heat Rate) Note: (a) Electricity equivalent generations of steam dispatched are calculated according to efficiency calculation of EGAT PPA (SPP generation 1) (b) Acquired on 30 June 2014. Operating data for 2014 is for 2H 2014 only (c) no EGAT PPA High Availability (Availability Factor) Most of our gas-fired cogeneration power plants have availability factors of above 90% since COD (%) (a)(b)(c) Contracted Heat Rate 8,600 BTU/kWh Contracted Heat Rate 8,000 BTU/kWh Contracted Heat Rate 7,950 BTU/kWh (BTU/kWh) Our SPP power plants realized lower heat rates

High Standard Technology Leads to High Efficiency & Availability

SLIDE 15 14 Dec 2016 Feb 2017 Apr 2017

Diligently Invest in Suitable Opportunities via Strong Networks

Hybrid Solar Opportunity Signed MoU with China Energy Engineering Corporation (“CEEC”) to co-invest and develop solar PV power projects Tadsakoi Hydro Power Project Signed PPA with EDL for 30MW (Concession currently under negotiation) Poipet Special Economic Zone JV with Poipet SEZ to develop T&D to start construction in Oct’17 and operate in Mar’18 Jun 2017 Co-investor in 8 Solar Projects Selected as a co-investor in solar projects with total capacity of 35.83MW Philippines Myanmar Laos Vietnam Cambodia Malaysia Thailand Gas Solar Hybrid Hydro Transmission and Distribution System (T&D)

SLIDE 16 15

BGRIM Overview Growth Strategy Q2/2017 Operating Result Project Update

Agenda

SLIDE 17 (THB mm) Total Sales and Service Income 16 96% 92% 96% 96% 95% 3% 3% 2% 2% 2% 1% 5% 2% 2% 3% 19,958 24,193 27,919 13,722 15,668 2014 2015 2016 6M/16 6M/17 6M 2016 to 6M 2017:

• Sales and service income increased by 14.2% primarily due to

the inclusion of revenue from ABP5 in Amata Nakorn and BPWHA1 in Hemraj; COD on 1 Jun 2016 and 1 Nov 2016, respectively EBITDA 6M 2016 to 6M 2017:

• EBITDA increased by 17.3% which was in line with the increase

in revenue from the COD of new power plants

• EBITDA margin also improved to 27.9% from 27.3%, due to

high efficiency of the new power plants became commercial

• peration

Electricity Steam Others

Top Line is Growing Strong with EBITDA Margin Improving

(THB mm) 3,804 4,900 7,494 3,712 4,356 19.2% 20.5% 27.0% 27.3% 27.9%

• 30.0%
• 20.0%
• 10.0%

0.0% 10.0% 20.0% 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 2014 2015 2016 6M/16 6M/17 EBITDA Margin

SLIDE 18 3.02 3.32 2.89 3.14 6M/16 6M/17 6M/16 6M/17 EGAT Industrial Users (TH) Key Drivers: Electricity and Natural Gas Volume and Price 758 335 159 49 763 337 169 108 75 6M/166M/17 6M/166M/17 6M/166M/17 6M/166M/17 6M/166M/17 Amata Nakorn Laem Chabang Amata City Hemraj Bangkadi Sales Volume for each Industrial Users (TH)

• EGAT sales volume increased due to COD of BPWHA1 and ABP5
• IU Thailand sales volume also increased due to COD of the new

power plants and increase in demand at ABPR1 and ABPR2

• Hemraj Industrial Estate: The increase was mainly caused by the

COD of BPWHA1 in Nov 2016

• Bangkadi Industrial Estate: The increase was mainly caused by

IU sales volume of BIP2 which increased by 90% from 6M/16

• Electricity selling price generally decreased primary due to decline

in electricity tariff from the decrease in price of natural gas

Electricity Sales Volume Increased for BOTH EGAT and IUs

17 252 235 6M/16 6M/17 Natural Gas 2,732 1,300 3,365 1,452 6M/16 6M/17 6M/16 6M/17 EGAT Industrial Users (TH) (Unit: GWh) Electricity Sales Volume Electricity Selling Price Effective Gas Cost (Unit: THB/KWh)) (Unit: THB/mmBT))

SLIDE 19 18 (THB mm) Reconciliation Items:

• Net unrealized Fx Gain 626mm consisted of:
• Unrealized Fx Gain related to finance cost for 688mm and
• Unrealized Fx Loss on operation for 62mm
• Non-recurring expense 257mm is mainly caused by the write off

the deferred finance fee and prepayment expense together with the provision of inventory obsolete Reconcile Normalized Net Profit (NNP) 6M of 2017

EBITDA and NNP Increased thanks to COD of Efficient Power Plants

(THB mm) Normalized Net Profit (NNP) 6M 2016 to 6M 2017:

• NNP increased 11.8% mainly from the increase in electricity and

steam sales to EGAT and IUs

• NNP attributable to Owner of the Parent is growing strong with

12.8% growth rate

• The portion of NNP attributable to Parent remains in the level of

59% 325 713 1,166 775 874 466 558 924 547 605 791 1,271 2,090 1,322 1,479 500 1000 1500 2000 2500 2014 2015 2016 6M/16 6M/17 4.0% 5.3% 7.5% 9.7% 9.5% NNP Margin NNP to

• wner

NNP to Non- Controlling Interest Normalized Net Profit (NNP) = Net profit – Unrealized Fx gain (loss) – Non-recurring income (expense) 1,848 1,222 1,452 1,479 626 230 27 Net Profit Unrealized Fx Deferred fee and Prepayment Inventory provision NNP

SLIDE 20 11% 12% 11% 10% 78% 78% 31 Dec 2016 30 Jun 2017 76,047 80,710 (x) Cash and cash equivalents Other Current Assets 6.3x 5.6x 4.5x

• 1.00

2.00 3.00 4.00 5.00 6.00 7.00 Dec-16 Jun-17 Post-IPO Net Interest-bearing Debt to Equity Ratio Statement of Financial Position as of 30 Jun 2017 (THB mm) Financial Position as at 30 Jun 2017

• Total assets increased by 6.1% primarily due to the increases

in cash and cash equivalents together with the increase in fixed assets from the additional power plants following the growth in the pipeline Net Debt to EBITDA Ratio (Times) 4.1x 3.7x 1.6x

• 0.50

1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 Dec-16 Jun-17 Post-IPO Net Interest-Bearing Debt to Equity Ratio (Times) Gearing Ratios Illustration Post-IPO

• Net Interest-Bearing Debt to Equity Ratio decreased to

1.6x, and Net Debt to EBITDA ratio was 4.5x as a result of the additional of net cash proceed from IPO of 10,217mm added into our capital structure Illustration Illustration Assets Total Liabilities Total Equity 85% 83% 15% 17% 31 Dec 2016 30 Jun 2017 76,047 80,710 Liabilities and Equity

Current Gearing Ratios are Improving as of 30 June 2017 and Post IPO

Non- Current Assets 19

SLIDE 21 20 5.1% 5.4% 4.9% 4.6% 0.04 0.04 0.05 0.05 0.05 0.05 0.05 0.06 12M/14 12M/15 12M/16 6M/17

• Only 22% of loan represents loan at the

corporate level. The remaining 78% contributes to loan and debenture at power plant level

• Interest obligations of almost all power

plant level debt are swapped to fixed rate

• Only 21% of total loan as at 30 June

2017 is denominated in USD in which BGRIM has actively managed foreign exchange risk

• Financing costs decreased to 4.6% due

to:

• Refinancing of corporate bond of

THB 5.5 billion in Oct 2016 to reduce financing cost at corporate level

• Refinancing of project bond of

ABP3, ABPR1, and ABPR2 amounting of THB 11.5 billion in Apr 2017 to reduce financing cost at project level Debt Profile (THB mm) Financing Costs (THB mm)

BGRIM optimizes Capital Structure through Well Managed Debt Profile

21,444 37% 12,179 21% 11,481 20% 7,890 13% 5,492 9% Total: 58,486 Project Level - Loan (THB) Project Level – Loan (USD) Project Level - Debenture Corporate Level - Debenture Corporate Level – Loan

SLIDE 22 21

BGRIM’s Outlook in 2H/2017 – Grow Top Line while Optimize Key Assets

Outlook in Second Half of 2017

Lower Financial Cost and Optimized Capital Structure No Major Overhaul Scheduled for Power Plants Benefits from Increase in Ft Revenue Growth from COD of New Hydro Power Plants

• XXHP achieved COD on

1 Aug 2017 and has installed capacity of 20.1 MW

• XXHP has 25-year PPA to sell

electricity to EDL

• Q3/17 will be the first period

that XXHP recognize the income

• ERC decided to increase Ft

rate during Sep to Dec 2017 for 8.87 Sa-tang per unit causing new Ft rate to be - 15.90 Sa- tang per unit

• Higher Ft rate will bring about

the higher electricity selling to IU price

• No Major Overhaul is

scheduled during 2H/17

• BGRIM’s power plants will

have availability in producing and selling electricity to customers with no major disruption

• After IPO, Net Interest-

Bearing D/E Ratio reduced to 1.6x

• BGRIM’s finance cost will be

lower in 2H2017 comparing to 1H2017 due to repayment of loan from financial institutions by using IPO proceed

SLIDE 23 22

XXHP (20.1 MW) in Lao COD on 1 Aug 2017 as Planned and Promised

Xenamnoy 2 Xekatam 1 Hydro Power Project (XXHP) Type of Fuel Hydro (Run of the river) Installed Capacity 20.1 MW Economic Ownership 70.0% COD 1 Aug 2017 EDL PPA 20.1 MW / 25 years / FiT 6.5 cent % Progress (as of 1 August 2017) 100.0% Penstock Pipe Power House Building Wier Generators

SLIDE 24 23

BGRIM Overview Growth Strategy Q2/2017 Operating Result Project Update

Agenda

SLIDE 25 Amata B.Grimm Power (Rayong) 3 Type of Fuel Combined Cycle Cogeneration Installed Capacity Electricity 133 MW / Steam 30 t/h Economic Ownership 55.5% SCOD 1 Feb 2018 EGAT PPA 90 MW / 25 years % Progress (as of 31 July 2017) 24 Progress on track Amata B.Grimm Power (Rayong) 4 Type of Fuel Combined Cycle Cogeneration Installed Capacity Electricity 133 MW / Steam 30 t/h Economic Ownership 55.5% SCOD 1 Jun 2018 EGAT PPA 90 MW / 25 years % Progress (as of 31 July 2017) Amata B.Grimm Power (Rayong) 5 Type of Fuel Combined Cycle Cogeneration Installed Capacity Electricity 133 MW / Steam 30 t/h Economic Ownership 55.5% SCOD 1 Oct 2018 EGAT PPA 90 MW / 25 years % Progress (as of 31 July 2017) Progress on track Progress on track

SPP – All projects are on Track and SCOD 2018 with 399 MW

87.3% 69.2% 48.9%

SLIDE 26 25

Hydro Project in Lao - Nam Che (15 MW) SCOD in 2018

Progress on track Nam Che 1 Hydro Power Project Type of Fuel Hydro (Run of the river) Installed Capacity 15 MW Economic Ownership 72.0% SCOD Q4’2018 EDL PPA 15.0 MW / 25 years / FiT 6.5 cent % Progress (as of 31 July 2017) 18.3%

SLIDE 27

Appendix

SLIDE 28 Renewable Group Amata City Industrial Estate Core subsidiaries and associates only 27 (a) B.Grimm Power’s 49.0% associate, B.Grimm Sena Solar Power, has an economic interest of 97.0% in these projects through preferred shares based on its right to receive 97.0% of the dividends from these projects and have 97.0% of the total voting rights at shareholders’ meetings. Also, in case of liquidation (after all debts are repaid), B.Grimm Sena Solar Power Limited has the right to receive the following before other ordinary shareholders (i) 97.0% of dividends from unallocated profits, (ii) 97.0% of all reserves required by law and (iii) any capital surplus Note: As of 31 March 2017 *Preferred Shares Hemaraj Industrial Estate Bangkadi Industrial Park V.R.M. Industrial Estate Laem Chabang Industrial Estate Amata Nakorn Industrial Estate 51.2% ABP1 (166MW) ABP2 (171MW) ABP3 (133MW) ABP4 (131MW) ABP5 (131MW) 69.3% 70.0% 60.0% 50.0% 50.0% 30.0% 29.9% 29.9% Amata B.Grimm Power Holding 25.3% *27.4% *47.4% ABPR1 (123MW) ABPR2 (123MW) ABPR3 (133MW) ABPR4 (133MW) ABPR5 (133MW) 50.0% 29.9% 50.0% 29.9% 29.9% 62.0% 30.0% 62.0% 30.0%

• B. Grimm Power

Holding (Laem Chabang) BPLC1 (103MW) BPLC2 (56MW) 100.0% 100.0% 100.0% Amata Power (Bien Hoa) (13MW) 60.0% BGYSP (60MW) BGPSK (8MW) Thai Wind Power (Mukdhahan) Bo Thong (16MW) 49.0% 49.0% 100.0% 70.0% BIP1 (115MW) BGPR1 (120MW) BIP2 (115MW) 74.0% 74.0% 100.0% 26.0% B.Grimm Sena Solar Power Solarwa (39MW) TPS (8MW) 49.0%*(a) ABPIF 30.0% BPWHA1 (130MW) 75.0% BGPR2 (120MW) 100.0%

• B. Grimm Power

Lao XXHP (20MW) 70.0% 100.0% Holding Company Power Plant Project Company Infrastructure Fund 50.0% 74.0% 29.7% 30.0% 49.0%*(a) Nam Che (15MW) Nam Khao (68MW) 72.0% 72.0% Amata B. Grimm Power BGPSP 100.0%

Corporate Structure

SLIDE 29 28 34.0% 28.4% 9.1% 1.1% 27.3% B.Grimm Power (Singapore) PTE. LTD.

• Mr. Harald Link

B.Grimm Joint Venture Holding

• Ms. Caroline Link

Public Shareholders Post IPO – up to 2,606.9 mm shares(a)(b) (a) The number of share is shown as of 21 Aug 2017 after stabilization period ended on 17 Aug 2017. The newly issued ordinary shares of 65.1mm shares will be paid up to the company on 21 Aug 2017 (b) B.Grimm Power (Singapore) PTE. LTD., B.Grimm Joint Venture Holding, Mr. Harald Link and Ms. Caroline Link are subject to regulatory shares lock up of 55% of post-IPO shares Top Public Shareholders (as of 19 Jul 17) %

• 1. CIMB Securities (Singapore) Pte. Ltd.

8.4%

• 2. Deutsche Bank AG Hongkong Branch

3.9%

• 3. Muang Thai Life Assurance Co., Ltd

1.8%

• 4. Thai Life Insurance Co., Ltd

1.2%

• 5. Bangkok Life Assurance

0.4%

• 6. EGAT Employees (registered)

0.2%

• 7. Others

11.4% Total 27.3% Public Shareholders

BGRIM’s Shareholders

SLIDE 30 29 Note: As of 31 March 2017 (a) Based on B.Grimm Power’s direct and/or indirect interest in the project company owning the power plant (b) Amata B.Grimm Power owned 30.0% of ABPIF’s units and consequently, our economic ownership of Amata B.Grimm Power 1 Limited and Amata B.Grimm Power 2 Limited was 15.3% (c) PPA extension is under negotiation with EGAT. NEPC is currently in the process of establishing policies relating to the extension of SPP PPAs that will expire between 2019 – 2025 (include ABP1, ABP2 and BPLC1) for 25 years with up to 30 MW contracted capacity. This would require construction of new power plants and decommissioning of existing power plants (d) Acquired from Sime Darby Energy on 30 June 2014 (e) We instead purchase power directly from a subsidiary of EVN which we then on-sell to industrial users in Amata City Bien Hoa Estate Company Abbreviation Fuel Type COD Economic Ownership %(a) Capacity Main PPA Industrial User Installed (MW) Equity (MW) Offtaker / Program PPA Expiry Contracted Capacity (MW) Electricity Contracted Capacity (MW) Steam Contracted Capacity (t/h) Amata Nakorn Industrial Estate, Thailand Amata B.Grimm Power 1 ABP1 Gas-Fired Cogen Sep-98 15.3%(b) 166.4 25.5 EGAT (SPP) Sep-19(c) 90.0 100.6 6.0 Amata B.Grimm Power 2 ABP2 Gas-Fired Cogen Sep-01 15.3%(b) 171.2 26.3 EGAT (SPP) Sep-22(c) 90.0 77.9 16.0 Amata B.Grimm Power 3 ABP3 Gas-Fired Cogen Oct-12 60.7% 132.5 80.5 EGAT (SPP) Oct-37 90.0 46.1 13.0 Amata B.Grimm Power 4 ABP4 Gas-Fired Cogen Nov-15 55.5% 131.1 72.7 EGAT (SPP) Nov-40 90.0 32.5 – Amata B.Grimm Power 5 ABP5 Gas-Fired Cogen Jun-16 55.5% 131.1 72.7 EGAT (SPP) Jun-41 90.0 33.4 13.0 Subtotal 732.3 277.7 450.0 290.5 48.0 Amata City Industrial Estate, Thailand Amata B.Grimm Power (Rayong) 1 ABPR1 Gas-Fired Cogen Nov-13 61.7% 123.3 76.1 EGAT (SPP) Nov-38 90.0 17.0 14.0 Amata B.Grimm Power (Rayong) 2 ABPR2 Gas-Fired Cogen Jun-13 61.7% 124.4 76.8 EGAT (SPP) Jun-38 90.0 24.0 14.0 Subtotal 247.7 152.9 180.0 41.0 28.0 Laem Chabang Industrial Estate, Thailand B.Grimm Power (Laem Chabang) 1 BPLC1 Gas-Fired Cogen Jul-01(d) 100.0% 103.0 103.0 EGAT (SPP) Jul-22(c) 60.0 48.0 47.0 B.Grimm Power (Laem Chabang) 2 BPLC2 Gas-Fired Cogen Feb-09(d) 100.0% 56.1 56.1 – – – 63.3 18.5 Subtotal 159.1 159.1 60.0 111.3 65.5 Bangkadi Industrial Park, Thailand B.Grimm BIP Power 1 BIP1 Gas-Fired Cogen Apr-15 74.0% 114.6 84.8 EGAT (SPP) Apr-40 90.0 14.0 – B.Grimm BIP Power 2 BIP2 Gas-Fired Cogen Jan-16 74.0% 114.6 84.8 EGAT (SPP) Jan-41 90.0 18.5 – Subtotal 229.2 169.6 180.0 32.5 – Hemaraj Industrial Estate, Thailand B.Grimm Power (WHA) 1 BPWHA1 Gas-Fired Cogen Nov-16 75.0% 130.2 97.6 EGAT (SPP) Nov-41 90.0 31.0 – Gas-Fired Cogen Total 1,498.5 856.9 960.0 506.3 141.5 Amata City (Bien Hoa) Industrial Estate, Vietnam Amata Power (Bien Hoa)(e) APB Diesel Generator Apr-99 30.7% 13.0 4.0 – – – 308.0 – Conventional Total 1,511.5 860.9 960.0 814.3 141.5

Operational Power Plants: Conventional

SLIDE 31 30 Note: As of 31 March 2017 (a) Based on B.Grimm Power’s direct and/or indirect interest in the project company owning the power plant. Company / Project Abbreviation Location COD Economic Ownership %(a) Capacity Main PPA(s) Installed (MW) Equity (MW) Offtaker / Program PPA Expiry B.Grimm Yanhee Solar Power BGYSP 49.0% 59.7 29.3 Sai Luang 2 Pathumthani province, Thailand Dec-15 8.0 3.9 PEA (FiT) Dec-40 Sai Luang 3 8.0 3.9 Sai Luang 9 7.2 3.5 Sai Luang 10 7.5 3.7 Sai Yai Nha 8.0 3.9 Sai Manow 8.0 3.9 Sai Putsa 8.0 3.9 Sai Sena 2 Ayutthaya province, Thailand 5.0 2.4 Solarwa Solarwa 47.5% 38.5 18.3 Sai Lui Rim Num Nakhon Pathom province, Thailand Dec-15 8.0 3.8 PEA (FiT) Dec-40 Sai Chalouw 1 8.0 3.8 Sai Sab 8.0 3.8 BGTTRE2 Saraburi province, Thailand 8.0 3.8 BGTTRE3 6.5 3.1 TPS Commercial TPS Saraburi province, Thailand Dec-15 47.5% 8.0 3.8 PEA (FiT) Dec-40 B.Grimm Solar Power (Sakaeo) 1 BGPSK Sakaeo province, Thailand Apr-16 100.0% 8.0 8.0 PEA (FiT) Apr-41 Total 114.2 59.2

Operational Power Plants: Solar

SLIDE 32 391 419 466 205 233 2,042 2,436 2,634 1,300 1,452 3,098 3,744 5,805 2,732 3,365 5,531 6,599 8,912 4,240 5,056 2014 2015 2016 6M 2016 6M 2017 Total Electricity Sales to EGAT by SPPs Electricity Sales to Industrial Users - Thailand Electricity Sales to Industrial Users - Vietnam (APB) Total Electricity Sold by Customers 31 Source: Company filing and data Note: (a) Acquired on 30 June 2014. Operating data for 2014 is for 2H 2014 only Power Plant Company Net Electricity Generation (GWh) 2014 2015 2016 6M 2016 6M 2017 ABP1 962 863 967 442 475 ABP2 1208 1188 1227 634 587 ABP3 933 891 860 428 476 ABP4 100 793 416 380 ABP5 470 62 401 ABPR1 722 797 807 401 371 ABPR2 784 798 776 413 424 BPLC1 374 733 760 376 383 BPLC2 164 319 330 168 165 BIP1 443 608 325 357 BIP2 728 359 375 BPWHA 109 433 Total 5,147 6,131 8,441 4,025 4,832 Power Plant Company Steam Dispatched (Tons) 2014 2015 2016 6M 2016 6M 2017 ABP1 5,072 3,833 1,699 1085 773 ABP2 49,002 42,938 39,484 19,094 21,356 ABP3 58,696 95,387 83,561 41,466 42,931 ABPR1 44,958 67,252 77,859 37,762 22,862 ABPR2 116,084 98,297 76,890 41,793 56,912 BPLC1 107,203 188,273 191,008 94,160 88,845 BPLC2 19,119 41,522 38,628 21,123 17,176 Total 400,133 537,503 509,130 256,483 250,854 56.0% 56.7% 65.1% 29.6% 36.9% 36.9% 31.0% 29.0% 6.3% 7.1% 5.2% (GWh) Net Electricity Generation by Gas-fired Cogeneration Power Plants Steam Dispatched by Gas-fired Cogen Power Plants Our electricity dispatch increased since 2014 primarily as a result of 7 gas-fired cogeneration power plants coming into operation 64.0% 5.0% 4.4% 66.5%

Operational Highlights: Net Electricity Generation and Steam Dispatched

SLIDE 33 32 Source: Company filing and data 18.7 18.5 18.5 18.7 18.6 18.5 18.6 18.6 18.2 18.3 18.6 17.1 17.4 17.8 16.7 19.2 19.0 18.9 19.1 18.8 18.9 18.7 19.1 18.5 18.5 19.0 17.9 18.1 18.0 17.7 0.0 5.0 10.0 15.0 20.0 25.0 Sai Luang 2 Sai Luang 3 Sai Luang 9 Sai Luang 10 Sai Yai Nha Sai Manow Sai Putsa Sai Sena 2 Sai Lui Rim Num Sai Chalouw 1 Sai Sab BGTTRE2 BGTTRE3 BGTTRE1 BGPSK 2016 6M 2017 16.0% capacity factor (FiT tariff cap) 8.0 MW 8.0 MW 7.2 MW 7.5 MW 8.0 MW 8.0 MW 8.0 MW 5.0 MW 8.0 MW 8.0 MW 8.0 MW 8.0 MW 6.5 MW 8.0 MW 8.0 MW BGYSP Solarwa TPS BGPSK Capacity Factor (%) Our solar power plants are located in regions with strong irradiation, resulting in high energy yields of above 16.0% capacity factor

Operational Highlights: Solar PV Power Plants

SLIDE 34 33 Projects Installed Capacity (MW) Steam Capacity (ton/hr) Type of maintenance Duration (days) 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Amata Nakorn ABP1 166.4 30.0 Major Overhaul 22 ABP2 171.2 30.0 Major Overhaul 24 Major Overhaul 11 ABP3 132.5 30.0 Major Overhaul 21 ABP4 131.1 30.0 Major Inspection 17 ABP5 131.1 30.0 Major Inspection 17 Major Inspection 17 Amata City ABPR1 123.3 30.0 Major Overhaul 18 ABPR2 124.4 30.0

• Laem Chabang

BPLC1 103.0 50.0 Major Inspection 15 BPLC2 56.1 20.0

• Bangkadi

BIP1 114.6 20.0 Major Inspection 10 BIP2 114.6 20.0 Major Inspection 10 Hemaraj BPWHA 130.2 30.0

• Maintenance Schedule between 2017 and 2018

19Jun – 10Jul 21Dec – 31Dec 25Nov – 15Dec 1Jun – 17Jun 10Aug – 26Aug 1Jul – 29Jul 30Sep – 23Oct 8Jan – 25Jan 5Mar – 19Mar 4Aug – 13Aug 5Oct – 14Oct

SLIDE 35 34 Source: Company filing and data as of 31 March 2017, EGAT, PEA (a) Some contract terms are year-on-year basis (b) According to concession agreements SPP Gas-fired Cogeneration Solar PV Wind Hydro EGAT Industrial Users PEA (FiT) PEA (Adder) EDL Electricity Steam Term (years) 21 – 25 years 5 – 15 years(a) 5 – 15 years(a) 25 years 5 years 25 years Weighted average remaining life (years) 20.4 years 10.1 years 8.4 years 23.9 years Not yet COD 25.0 years Extension option ✓* ✓ ✓ – 5 years auto extension Up to 10 years Contracted capacity 90 MW (except for BPLC1 which is 60MW) Depends on each contract 5 – 8 MW 8 MW 6.7 – 15 MW(b) Secured fuel supply ✓ ✓ ✓ N/A N/A N/A Natural gas cost pass-through ✓ (at contracted heat rate) Partially through Ft Depends on contract N/A N/A N/A FX pass-through ✓ Partially through Ft – – – – Inflation indexation – – ✓ – – – Tariff See next page 5.66 THB/kWh PEA wholesale + 10-year adder at 3.50 THB/kWh 0.065 US$/kWh Applicable power plants ABP1-5, ABPR1-5, BPLC1, BIP1-2, BPWHA1, BGPR1-2 BGYSP (8 projects), Solarwa (5 projects), TPS, BGPSK Bo Thong (2 projects) XXHP (2 projects), Nam Che, Nam Khao 1-5 (5 projects) *NEPC is currently in the process of establishing policies relating to the extension of SPP PPAs that will expire between 2019 – 2025 (include ABP1, ABP2 and BPLC1) for 25 years with up to 30 MW contracted capacity On 17 May 2017, ERC passed a resolution instructing EGAT to deliver the draft SPP power purchase agreements for which the existing power purchase agreements with EGAT will expire between 2019 and 2025, to the Office of the Attorney General for consideration

Contractual Overview: Commercial Features

SLIDE 36 Electricity Tariff = Capacity Payment + Energy Payment + Fuel Saving Payment + VAT Capacity Payment Rate (THB/kW/month) = 𝐷𝑄 0 × 𝑦 × 𝐺𝑌𝑢 𝐺𝑌0 +(1− 𝑦) Energy Payment Rate (THB/kWh) = 𝐹𝑄0 + 𝑄𝑢−𝑄0 106 × contracted Heat rate Fuel Saving Payment Rate (THB/KWh) = 𝐺𝑇0 × 𝑄𝐹𝑇𝑢 10% 𝐺𝑌𝑢 = THB/ US$ Exchange Rate 𝑄𝑢 = Price for natural gas PTT sells to SPPs in a month (THB/mmBTU) 𝑄𝐹𝑇𝑢 = primary energy saving (“PES”) statistic measuring the efficiency rate

• f our gas-fired cogeneration power plant in consuming natural gas in the

generation of electricity and thermal energy 35 Source: Company filing and data, EGAT Tariff Structure SPP Regulation 1992, 2005 2007 2010 Applicable power plants ABP1-2, BPLC1 ABP3, ABPR1-2, BIP1 ABP4-5, ABPR3-5, BIP2, BOWIN, BGPR1-2 Base Capacity Payment Rate (𝐷𝑄 0) (THB/kW) 302.00 383.66 420.00 Base Exchange Rate (𝐺𝑌0) (THB/US$) 37 34 34 US$THB FX indexation (𝑦) 0.8 0.5 0.5 Base Energy Payment Rate (𝐹𝑄 0) (THB/kWh) 0.85 1.70 1.85 Base Price for Natural Gas PTT sells to SPPs (𝑄 0) (THB/mmBTU) 77.0812 209.4531 232.6116 Contracted Heat Rate (BTU/kWh) 8,600 8,000 7,950 Fuel Saving Payment

• ✓

✓ Base Fuel Saving Payment (𝐺𝑇0) (THB/kWh)

• 0.36

0.36

Contractual Overview: EGAT PPA under SPP Program

SLIDE 37 Power Plant Company COD / SCOD Full income tax exemption 8 years from COD 50% partial income tax exemption for 5 years following full exemption expiry ABP3 October 2012 ✓ – ABP4 November 2015 ✓ – ABP5 June 2016 ✓ – ABPR1 November 2013 ✓ ✓ ABPR2 June 2013 ✓ ✓ ABPR3 February 2018 ✓ ✓ ABPR4 June 2018 ✓ ✓ ABPR5 October 2018 ✓ ✓ Solarwa December 2015 ✓ – BGYSP December 2015 ✓ – BGPSK April 2016 ✓ ✓ TPS December 2015 ✓ – BIP1 April 2015 ✓ – BIP2 January 2016 ✓ – BOWIN November 2016 ✓ – BPLC2 February 2009 ✓ (end of exemption period) ✓ 36 Source: Company filing

Tax Privileges

Under Construction In Operation

SLIDE 38 COD = Commercial Operation Date EPC = Engineering Procurement and Construction (turn-key contractor) FiT = Feed-in Tariff IU = Industrial User KWh/MWh = Kilowatt-hour / Megawatt-hour mmBTu = Million BTU (Unit of gas consumption) NNP = Normalized Net Profit PPA = Power Purchase Agreement SCOD = Scheduled Commercial Operation Date SSA = Steam Supply Agreement SPP = Small Power Producer (a program for private power producer to sell electricity to EGAT) VSPP = Very Small Power Producer (a program for private power producer to sell electricity to PEA) Power Plants Under Construction = Power plants (1) with PPA from EGAT, PEA or EDL, (2) with source of financing secured, (3) with EPC contractor engaged and (4) have started construction Power Plants Under Development = Power plants with PPA from EGAT, PEA or EDL, but has not secured source of financing, engaged EPC contractor or start construction Organizations EDL = Electricite Du Laos EGAT = Electricity Generating Authority of Thailand ERC = Energy Regulatory Commission of Thailand EVN = Electricity of Vietnam NEPC = National Energy Policy Council (Thailand) PEA = Provincial Electricity Authority (Thailand) PTT = PTT Public Company Limited 37

Key Terms

SLIDE 39 Power Plant Abbreviation Amata B.Grimm Power 1 ABP1 Amata B.Grimm Power 2 ABP2 Amata B.Grimm Power 3 ABP3 Amata B.Grimm Power 4 ABP4 Amata B.Grimm Power 5 ABP5 Amata B.Grimm Power (Rayong) 1 ABPR1 Amata B.Grimm Power (Rayong) 2 ABPR2 Amata B.Grimm Power (Rayong) 3 ABPR3 Amata B.Grimm Power (Rayong) 4 ABPR4 Amata B.Grimm Power (Rayong) 5 ABPR5 Amata B.Grimm Power Infrastructure Fund ABPIF B.Grimm Power (WHA) 1 (originally Bowin Clean Energy) BPWHA1 (originally BOWIN) B.Grimm BIP Power 1 BIP1 B.Grimm BIP Power 2 BIP2 B.Grimm Power (Ratchaburi) 1 BGPR1 B.Grimm Power (Ratchaburi) 2 BGPR2 B.Grimm Power (Laem Chabang) 1 BPLC1 B.Grimm Power (Laem Chabang) 2 BPLC2 Amata Power (Bien Hoa) APB B.Grimm Solar Power 1 BGPSP B.Grimm Solar Power (Sakaeo) 1 BGPSK Solarwa Co Solarwa (5 projects) TPS Commercial Co TPS Commercial B.Grimm Yanhee Solar Power BGYSP (8 projects) Bo Thong Wind Farm Bo Thong Xenamnoy and Xekatam Hydro Power XXHP (2 projects) Nam Che 1 Hydro Power Project Nam Che Nam Khao 1-5 Hydro Power Project Nam Khao (5 projects) 38

Power Plant Abbreviations

SLIDE 40

INVESTOR RELATIONS

Chairath Sivapornpan Email: Chairath.S@BGrimmPower.com Tel: +66 (0) 2710 3528 39

IR Contact

Disclaimer None of the Company makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this document or otherwise made available nor as to the reasonableness of any assumption contained herein or therein, and any liability therein (including in respect of any direct, indirect or consequential loss or damage) is expressly disclaimed. Nothing contained herein or therein is, or shall be relied upon as, a promise or representation, whether as to the past or the future and no reliance, in whole or in part, should be placed on the fairness, accuracy, completeness or correctness of the information contained herein. Further, nothing in this document should be construed as constituting legal, business, tax or financial advice. This document is a summary only and does not purport to contain all of the information that may be required to evaluate any potential transaction and any recipient hereof should conduct its own independent analysis of the Company, including the consulting of independent legal, business, tax and financial advisers. The information in these materials is provided as at the date of this document and is subject to change without notice. . Gunnlapat Wichutarat Email: Gunnlapat.W@BGrimmPower.com Tel: +66 (0) 2710 3570 Contact Us:

• Dr. Gerhard Link Building,

5 Krungthepkreetha Road, Huamark, Bangkapi, Bangkok 10240, Thailand

• Tel. +66 (0) 2710 3400
• Fax. +66 (0) 2379 4245