BGRIM: Investor Presentation for Q12018 May 2018 BGRIM Q12018 Key - - PowerPoint PPT Presentation

SLIDE 1

BGRIM: Investor Presentation for Q1’2018

May 2018

SLIDE 2

Q1’2018 BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

BGRIM Q1’2018 Key Highlights

‘A’ CREDIT RATING BOND SOLAR ROOFTOP JOINT VENTURE VIETNAM SOLAR PROJECT INVESTMENT

◼

B.Grimm has been pursuing to invest in the largest solar power plant with an installed capacity of 420 MW in Vietnam.

◼

The project is eligible to obtain tariff of 9.35 US dollar cents and targets to COD on 30 June 2019

◼

B.Grimm joint venture with facility providers to develop solar rooftop project with up to 70 MW.

◼

B.Grimm was rated as ‘A’ credit rating by TRIS with target to issue corporate bond of at least THB 5.5bn in Oct 2018

◼

Progress on BIP 1-2 project debenture issuance amount of THB 6.7bn in May 2018

COLLABORATION WITH SIEMENS

◼

BGRIM and Siemens aim to collaborate on enhancing efficiency, availability and digitalization and target to be finalized in July 2018.

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SLIDE 3

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018

BGRIM Overview Q1’2018 Update Q1’2018 Operation Result Project Update Agenda

2

SLIDE 4

Q1’2018 BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Enhancing Profitability of Operating Project

“BGRIM and Siemens Thailand aims to collaborate on enhancing the performance of gas turbine target to finalize in July 2018” Benefits from the collaboration with Siemens

To enhance heat rate of gas turbine after performing major overhaul To predict the degradation of a machine more accurate To increase availability or reduce a number of maintenance days

Enhance Efficiency Enhance Availability Moving towards Digitalization

More electricity to sales during maintenance Use less gas to produce electricity More capacity available to sales to IUs

2018 TENTATIVE Progress Update May June July

Technical team finalize implementation concept Determine target KPI Execution on long- term service agreement (LTSA)

COLLABORATION WITH SIEMENS

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SLIDE 5

Q1’2018 BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Potential to gearing with low funding cost - ADB facility

• f USD 235mm

TRIS Rating announces the company rating at “A” with “Stable” outlook Corporate debenture will be issued at tentative timeline in Oct 2018 to mainly roll-over an unrated bond of THB 5.5 bn and use for new investment

4

13% 87% TOTAL DEBT

THB 53.1 bn

Project level Corporate level

• 1. Corporate loan saving

10% 3%

Loan THB 1.8 bn Debenture THB 5.5 bn

Existing Corporate Debt

• 2. Project loan saving

22% 65% Loan THB 34.3 bn Debenture THB 11.5 bn

Existing Project Debt

Preliminarily structure of BIP1 and BIP2 project bond to be issued in May 2018

• Amount of THB 6.7 bn
• 15-year amortization
• Issued rating “A-”

Other potential project loans to be refinanced include BPLC 1-2 (THB 1.8 bn), BGPSK solar (THB 0.4 bn) and solar JV (THB 5.4 bn) 4.9% 4.7% 4.5%

0.04 0.04 0.05 0.05 0.05 0.05 0.05 0.05 0.05

2016 2017 Q1/18

Financing cost has gradually improved to 4.5%

THB 45.8 bn THB 7.3 bn

Q1/2018 Capital Structure

Lower Funding Cost through Various Sources of Financing

‘A’ CREDIT RATING BOND

“BGRIM financial cost will gradually reduce by well-managed capital structure”

SLIDE 6

Q1’2018 BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

5

Progress Partner

Xuan Cau Co.,Ltd.

Project type

Solar PV

Capacity

Installed : up to 420 MW dc Contract : up to 350 MW ac

Tariff structure

9.35 Cent USD per kWh

PPA period

20 Years

BGRIM shareholding

Up to 55%

SCOD

30 June 2019

Project Profile

“BGRIM grows inorganically by investing in solar project 420 MW in Vietnam.”

✓ The project obtained MOIT (Ministry of Industry and Trade) approval and in process of obtaining PPA ✓ Local partner is proceeding land certificate expected to complete in June ✓ BGRIM shortlisted EPC and in process of final negotiation

VIETNAM SOLAR PROJECT INVESTMENT

Land Profile

LOCATION: Tay Ninh (South-Western Vietnam) LAND AREA:

• Approx. 724 ha.

(4,525 rais)

Investing in the Largest Solar Project in ASEAN

SLIDE 7

Q1’2018 BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

6

Moving Forward to Develop Solar Rooftop Projects

Project description

Joint venture with facility providers

Project cost

Approximately USD 1-1.5 mm per MW

Capacity

Up to 70 MW

Tariff structure

Discounted to PEA tariff

PPA period

10-15 Years

BGRIM shareholding

70-100%

“BGRIM establishes a new joint venture company for development of solar rooftop projects up to 70 MW.”

Project Profile

SOLAR ROOFTOP JOINT VENTURE LOCATION: Industrial users in industrial estates in Thailand. CONSTRUCTION PERIOD: 2-3 months after NTP

Location

SLIDE 8

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018

BGRIM Overview Q1’2018 Update Q1’2018 Operating Result Project Update Agenda

9

SLIDE 9

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018

49% 44% 2% 5%

Total 298 MW

In Operation 134 MW

Solar Group 145 MW (31 MW under development) Hydro Group 133 MW (113 MW under development) Wind Group 16 MW (under development) Bien Hoa 13 MW Diesel

34% 29% 11% 11% 9% 6%

Gas Fired

Total 2,206 MW

In Operation 1,631 MW

Amata Nakorn* 754 MW Amata City 647 MW (266 MW under construction) Bangkadi 229 MW Laem Chabang* 206 MW Hemaraj 130 MW V.R.M. 240 MW (under development)

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Type of Energy Installed MW Equity MW Total Capacity % In

• peration

Total Capacity % In

• peration

Gas fired 2,206 MW 87.6% 1,631 MW 1,498 MW 87.9% 931 MW Hydro 133 MW 5.3% 20 MW 95 MW 5.5% 14 MW Solar 145 MW 5.8% 114 MW 90 MW 5.3% 59 MW Wind 16 MW 0.6% 15 MW 0.9% IWTE 5 MW 0.2% 2 MW 0.1% Diesel 13 MW 0.5% 13 MW 4 MW 0.2% 4 MW Total 2,518 MW 100% 1,779 MW 1,703 MW 100% 1,008 MW

Well-Diversified Portfolio with Expert in Green-Field Developer

Remark: *Assuming ABP2 (59.6 MW) and BPLC2 (56.1 MW) still run 1 gas turbine and steam turbine configuration after SPP replacement plants achieve COD

SPP – INDUSTRIAL ESTATE 87.6% RENEWABLE GROUP 11.9% TRANSMISSION & DISTRIBUTION 0.5%

Industrial Waste to Energy (IWTE) 5 MW (under development)

SLIDE 10

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018

Q1’2018 SALES AND SERVICE INCOME BY CUSTOMER WEIGHTED AVERAGE REMAINING PPA LIFE

EGAT

62%

IU-TH

30%

IU-VN

3%

Steam-TH

2%

Others

3%

THB 8,156 mm

Q1’2018 Sales and Service Income LONG-TERM PPA STRUCTURE

• EGAT : 21 to 25 years tenor with take-or-pay structure
• PEA : 25 years tenor (VSPP of solar, wind, waste to energy)
• 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

24.9 23.3 19.7 9.6 7.6

EDL PEA / MEA EGAT Industrial users

• electricity

(Thailand) Industrial users

• steam

(Thailand)

Track Record of Extensions

Years Years Years Years Years

9

Note: Weighted Average Remaining PPA life is calculated as the average remaining contractual term remaining from 31 March 2018 to expiry weighted by the aggregate contracted capacity under the relevant agreement

Long-Life PPA and Benefit from Well-Establishment of PPA

SLIDE 11

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018

Delivery of Reliability in Form of Electricity and Steam

FOOTHOLD IN TOP INDUSTRIAL ESTATES WITH MULTIPLE OF GENERATING UNITS IN EACH LOCATION SELECTED TOP IU FOR ELECTRICITY AND STEAM

THAILAND CAMBODIA LAOS VIETNAM ▪ 1 power plant ▪ 130 MW ▪ 3 generating units ▪ 2 power plants ▪ 229 MW ▪ 6 generating units ▪ 2 power plants ▪ 240 MW ▪ 6 generating units ▪ 1 power plant ▪ 13 MW ▪ 5 power plants ▪ 647 MW ▪ 15 generating units ▪ 5 power plants ▪ 754 MW ▪ 17 generating units ▪ 2 power plants ▪ 206 MW ▪ 5 generating units

Hemaraj Bangkadi V.R.M. Amata City

Amata City Bien Hoa

Laem Chabang Amata Nakorn

XXHP Gas-fired cogeneration power plants Transmission and Distribution

10 ▪ 1 power plant ▪ 20 MW ▪ 3 generating units

Hydro power plants

SLIDE 12

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018

ABP1 Replace

(150 MW)

Interchem

(5 MW)

Nam Khao

(5 plants - 68 MW)

Robust Growth Pipeline with Promising on Execution

ACHIEVED COD IN TIME AND WITHIN BUDGET FOR 26 CONSECUTIVE PROJECTS DURING PAST 7 YEARS

ABPR3

(133 MW)

Current (as of Q1’2018)

31

Plants

1,779 MW

Installed Capacity

1,008 MW

Equity Capacity

48

2019

Plants

2,147 MW

Installed Capacity

1,299 MW

Equity Capacity

BGPR1, BGPR2

(240 MW)

Tadsakoi

(30 MW)

2,433 MW

Installed Capacity

1,575 MW

Equity Capacity

Bo Thong 1 & 2

(2 plants - 16 MW)

2020

50

Plants

2,163 MW

Installed Capacity

1,314 MW

Equity Capacity

ABPR4, ABPR5

(2 plants - 266 MW)

Solar 2017

(7 plants - 31 MW)

Nam Che 1

(15 MW)

41 2018

Plants

2,091 MW

Installed Capacity

1,197 MW

Equity Capacity

ABP2 Replace

(150 MW)

BPLC Replace

(150 MW)

2022

53

Plants

2,518 MW*

Installed Capacity

1,703 MW

Equity Capacity 11

2021

53

Plants 2021

Remark: *Assuming ABP2 (59.6 MW) and BPLC (56.1 MW) still run 1 gas turbine and steam turbine after SPP replacement plants achieve COD **Installed capacity growth of 65% from Q1’2018 to 2022 is incorporated solar projects in Vietnam (420 MW)

Gas Solar IWTE Hydro

Solar (420 MW)

2,567 MW 2,938 MW 2,583 MW 2,853 MW

SLIDE 13

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018

BGRIM’s Strategy for Long-Term Sustainable Growth

MEDIUM-TERM LONG-TERM SHORT-TERM ✓ Leverage Strengths and Expertise for Business Growth and Expansion ✓ 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

70/30*

Conventional/Renewable Domestic/International THAILAND CLMV

BGRIM’s Experienced Engineering and Business Development Teams BGRIM’s World Class Technology with High Standard BGRIM’s Strong Financial and Well Managed Capital Structures

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SLIDE 14

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018 13

MYANMAR LAOS VIETNAM CAMBODIA MALAYSIA THAILAND

Gas Solar Hybrid Hydro Transmission and Distribution System (T&D)

Q2’2018 2018 Q2’2018

MOU signing with KEPCO

Explore the opportunity to invest in renewable energy, smart grid system and energy storage system

Diligently Invest in Suitable Opportunities via Strong Networks

2018

Exploring M&A deals with

• pportunity to turnaround

Focus on both green and brown-field projects that B.Grimm could turnaround

• perationally and financially

Pursuing renewable

• pportunity in Vietnam

Final phase negotiation with local partners to invest in mid-scale renewable projects in Vietnam

Installation of solar rooftop

Partner up with facility providers to install solar rooftop with industrial users with capacity of up to 70 MW

SLIDE 15

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018

BGRIM Overview Q1’2018 UPDATE Q1’2018 Operating Result Project Update Agenda

16

SLIDE 16

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018

96% 96% 95% 2% 2% 2% 3% 2% 3% 7,652 7,762 8,156 Q1/17 Q4/17 Q1/18 2,133 2,099 2,218 27.9% 27.0% 27.2%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000

Q1/17 Q4/17 Q1/18

Top Line is Growing Strong in Line with New Capacity

Q1/2017 to Q1/2018 (YoY):

• Sales and service income increased by 6.6% YoY primarily due to an

increase in demand from ABPR3 that started to COD on February 1, 2018 and demand from Amata Nakorn, Hemaraj Industrial Estate also the increase in electricity price.

Q4/2017 to Q1/2018 (QoQ):

• Sales and service income increased 5.1% QoQ primarily due to to an

increase in demand from ABRP3 that started to COD

Q1/2017 to Q1/2018 (YoY):

• EBITDA increased by 4.0% YoY which is in line with the increase in

revenue and maintaining on EBITDA margin

• EBITDA margin maintained at 27.2% in Q1/2018, due to high

efficiency of the new power plants became commercial operation in recent years

Q4/2017 to Q1/2018 (QoQ):

• EBITDA increased 5.7% QoQ being in line with the increase in total

revenue in Q1/2018

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EBITDA AND EBITDA MARGIN TOTAL SALE AND SERVICE INCOME

Electricity Others Steam

(Unit: THB mm) (Unit: THB mm)

EBITDA Margin EBITDA +504 / 6.6% YoY +394 / 5.1% QoQ +85 / 4.0% YoY +119 / 5.7% QoQ

SLIDE 17

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018

2.87 2.88 3.16 3.27

Q1/17 Q1/18 Q1/17 Q1/18 EGAT Industrial Users (TH)

(Unit:THB/KWh)

EGAT

• EGAT Sales volume increased by 5.8% YoY due to COD of ABPR3 on

February 1, 2018

• Electricity price sales to EGAT slightly increased by 0.3% from Baht

2.87/KWh in Q1/2017 to Baht 2.88/KWh Q1/2018 due to the increase in energy payment which is indexed to the price of natural gas despite the partial offset by a reduction of capacity payment due to Baht appreciation

IU Thailand

• IU Thailand sales volume increased by 4.0% YoY due to an increase in

demand from existing customers in Amata Nakorn, Laem Chabang and Hemraj Industrial Estate

• Electricity price sales to Industry Users Thailand increased by 3.5%

YoY which is in line with the change in Ft – the tariff announced by PEA

1,653 720 1,749 749 Q1/17 Q1/18 Q1/17 Q1/18 EGAT Industrial Users (TH)

(Unit: GWh) (Unit: GWh)

Electricity Sales Volume Increased for Both EGAT and IU YoY

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KEY DRIVERS: ELECTRICITY AND NATURAL GAS VOLUME AND PRICE Year on Year

ELECTRICITY SALES VOLUME YoY ELECTRICITY SELLING PRICE YoY

379 393 84 85 169 175 51 58 37 37

Q1/17 Q1/18 Q1/17 Q1/18 Q1/17 Q1/18 Q1/17 Q1/18 Q1/17 Q1/18 Amata Nakorn Amata City Laem Chabang Hemraj Bangkadi

SALES VOLUME FOR EACH INDUSTRIAL USER (TH) YoY

232.7 237.2

Q1/17 Q1/18

EFFECTIVE GAS COST (Unit:THB/mmBTU)

SLIDE 18

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018

Ft (Fuel Adjustment Charge) is a component of electricity tariff announced by Energy Regulatory Commission (ERC) every 4 months to reflect overall

cost of fuel that EGAT uses to generate electricity which includes a portion that EGAT purchases from private sector and import from neighboring countries ➢ In general, natural gas is contributed for 70% of total fuel used to produce electricity in Thailand. Thus, change in gas price has high correlation with change in Ft over the past 10 years. ➢ In addition, the gap between these two indexes is widen since 2011 – the year that renewable business was start commencement in Thailand BGRIM’s Electricity price sold to IU is normally benchmark with Ft which would, in the long run, be moved in the same direction with change in gas price

High Correlation between Gas Price and Ft – Benefit to IU Sales

17

Change in Ft vs Gas Price in 2005-2018

0% 50% 100% 150% 200% 250% 300% Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Introduction of renewable energy

Adjusted FT Index Gas Price Index

SLIDE 19

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018

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 Siemens SGT800 B

8,115 8,567 8,370 8,385 7,521 7,474 7,515 7,740 7,546 7,657 7,535 7,570 8,069 8,718 8,443 8,241 7,491 7,509 7,487 7,724 7,601 7,669 7,543 7,576 7,631 ABP1 BPLC1 ABP2 BPLC2 ABP3 ABPR2 ABPR1 BIP1 ABP4 BIP2 ABP5 BPWHA1 ABPR3

2017 Q1 2018

(a) (a) (b) (a)

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High Standard Technology Leads to High Efficiency & Availability

Our SPP power plants realized lower heat rates Most of our gas-fired cogeneration power plants have availability factors of above 90% since COD

HIGH EFFICIENCY (HEAT RATE) HIGH AVAILABILTY (AVAILABILTY FACTOR)

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 Feb-18

(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) 92.5 96.9 96.7 96.7 97.2 99.7 97.9 94.8 95.8 96.2 96.7 99.1 95.9 93.2 96.5 100.0 98.4 92.1 95.2 97.3 93.3 98.5 100.0 99.7 99.5 70 75 80 85 90 95 100 ABP1 BPLC1 ABP2 BPLC2 ABP3 ABPR2 ABPR1 BIP1 ABP4 BIP2 ABP5 BPWHA1 ABPR3

2017 Q1 2018

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. (c) no EGAT PPA

(%)

SLIDE 20

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018

421 334 512 257 237 318 678 571 830

100 200 300 400 500 600 700 800 900 1000

Q1/17 Q4/17 Q1/18 8.9% 7.4% 10.2% NNP Margin NNP to

• wner

NNP to Non- Controlling Interest (NCI)

Q1/2017 to Q1/2018:

• NNP increased 22.4% / NNP to Owner increased 21.6% YoY primarily

due to an increase in revenue and an improvement on financing cost mainly attributable to a refinancing of project bond in April 2017 and a repayment of corporate loan in September 2017.

• NNP

margin improved to 10.2% in Q1/2018, primarily due to improvement of the operating profit margin and reduction of financing cost.

Q4/2017 to Q1/2018:

• NNP increased 45.4% / NNP to Owner increased 53.3% QoQ due to an

increase in revenue and an improvement on financing cost mainly attributable to a reduction on interest expense from ABPIF

Normalized Net Profit (NNP) = Net profit – Unrealized Fx gain (loss) – Non-recurring income (expense)

+258 / 45.4% QoQ +152/ 22.4% YoY

Reconciliation Items:

• Net unrealized Fx Gain 400 mm is due to the appreciation of the Baht

against the U.S. dollar at the ending of each financial statement period

• Non-recurring expense 27 mm is due to a provision of inventory.

NNP Increased by 22.4% YoY and 45.4% QoQ

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NORMALIZED NET PROFIT (NNP)

(Unit: THB mm)

RECONCILE NORMALIZED NET PROFIT (NNP) OF Q1/2018

(Unit: THB mm)

723 830 512 481 400 27 318

Net Profit Unrealized Fx Gain Non- recurring expense NNP NNP to NCI NNP to Owner

Net Profit to NCI Net Profit to

• wner

1,204

SLIDE 21

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018

71% 70% 29% 30% 31 Dec 17 31 Mar 18 20% 19% 9% 9% 71% 72% 31 Dec 17 31 Mar 18

89,241 89,016

Cash and cash equivalents Other Current Assets

(Unit: THB mm)

Assets

Total Liabilities Total Equity

89,016 89,241

Liabilities and Equity

Strong Financial Position Thanks to the Well-Managed Capital Structure

Non- Current Assets

Financial Position as at 31 Mar 2018 Total assets

• Total assets decreased by 0.3% , primarily due to an

decrease in cash and cash equivalents.

Total liabilities

• Total

liabilities decreased 2.2% primarily due to repayment of project loan and reduction of liabilities from ABPIF during the period.

Total Equities

• Total equities increased 4.7% primarily due to the

increase in retained earnings during the period.

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STATEMENT OF FINANCIAL POSITION AS OF 31 MAR 2018

SLIDE 22

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018

33% 10% 22% 4% 3%

THB 53,108 MM

(as of 31 March 2018) Project Level (In Operation) Loan (THB)

21

• Only 13% of loan represents loan at the corporate
• level. The remaining 87% contributes to debts at

power plant level with limited recourse to sponsor

• Interest obligations of almost all power plant level

debts are swapped to fixed rate

• Only 21% of total loan as at 31 March 2018 is

denominated in USD which is matched with a proportion of EGAT tariff indexation to USD at project level, so called “Natural Hedge” strategy

DEBT PROFILE

BGRIM optimizes Capital Structure through Well Managed Debt Profile

THB 17,401 MM Project Level (Under Construction) Loan (THB) THB 5,482 MM Project Level Debenture THB 11,482 MM Corporate Level Loan THB 1,848 MM Corporate Level Debenture THB 5,495 MM

10%

5.4% 4.9% 4.7% 4.5%

0.04 0.04 0.04 0.05 0.05 0.05 0.05 0.05 0.06

2015 2016 2017 Q1/18

• Financing costs decreased to 4.5% in Q1’2018 due

to:

• 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

• Repayment of corporate loan in the amount of

THB 5.9 billion during Q3’2017

(THB mm)

FINANCING COSTS

Project Level (Under Construction) Loan (USD) THB 2,080 MM Project Level (In Operation) Loan (USD) THB 9,319 MM

17%

SLIDE 23

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018

55%

45% NNP to Owner

2017

• 0.1x

0.0x 1.4x 1.3x

(0.20) (0.10)

• 0.10

0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 1.10 1.20 1.30 1.40 1.50 1.60 1.70 1.80 1.90 2.00 2.10 2.20 2.30 2.40 2.50

Dec-17 Mar-18

Company only Consolidated

NET INTEREST-BEARING DEBT TO EQUITY RATIO

22

(Times)

Gearing Ratios

• Consolidated net interest-bearing debt to equity ratio decreased

to 1.3x, and for the Company only remained 0.02x as a result

• f a decrease in an interest-bearing debt
• Minimum 40% of normalized net profit of consolidated financial

statements

Net Interest-Bearing Debt to Equity Ratio significantly Decreased after IPO

• Manage debt and equity funding to optimize capital structure
• Seek to obtain financing at project level
• Limited-recourse project loan with back-end equity
• Target 3.0x debt to equity project financing at outset,

delevering over project life

• Consolidated debt included loans at power plant because

BGRIM holds majority in most of the projects

DIVIDEND PAYMENT DIVIDEND POLICY CAPITAL STRUCTURE

45% of net profit are paid as dividend with the total amount of 782 THB mm

▪

Dividend payment 0.3 THB per share was approved by AGM on 26 April 2018

1,727

(Unit: THB mm)

SLIDE 24

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018 23

BGRIM Growth Strategy BGRIM Overview Q1/2018 Operating Result Project Update Agenda

SLIDE 25

BGRIM INVESTOR PRESENTATION

Q1/2018 OPERATING RESULT PROJECT UPDATE BGRIM GROWTH STRATEGY BGRIM OVERVIEW

Q1/2018 24

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 30 Apr 2018)

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 30 Apr 2018)

Progress on track Progress on track

SPP – All projects are on Track and SCOD 2018

99.2% 95.0%

SLIDE 26

BGRIM INVESTOR PRESENTATION

Q1/2018 OPERATING RESULT PROJECT UPDATE BGRIM GROWTH STRATEGY BGRIM OVERVIEW

Q1/2018 25

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

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 % Progress (as of 30 Apr 2018)

Progress on track

74.3%

Progress on track SOLAR WVO-COOPERATIVES PROJECT

Type of Fuel Solar PV Installed Capacity 31 MW (combined 7 plants) Economic Ownership 100.0% SCOD 30 Dec 2018 PEA/MEA PPA 31.0 MW / 25 years % Progress (as of 30 Apr 2018)

21.8%

Solar WVO-Cooperatives (31 MW) SCOD in 2018

SLIDE 27

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018

Appendix

26

SLIDE 28

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018 Renewable Group Amata City Industrial Estate 27

Core subsidiaries and associates only

(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 December 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

48.0% Interchem (5MW)

SLIDE 29

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018 28

BGRIM’s Shareholders

34.0% 24.3% 9.1% 1.1% 0.3% 31.2% B.Grimm Power (Singapore) PTE. LTD.

• Mr. Harald Link

B.Grimm Joint Venture Holding

• Ms. Caroline Link

Public Shareholders

(a) 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 21 Mar 18) %

• 1. EUROCLEAR NOMINEES LIMITED

4.7%

• 2. Bualuang Long-Term Equity Fund

1.4%

• 3. Muang Thai Life Assurance Co., Ltd

1.3%

• 4. Thai Life Insurance Co., Ltd

1.1%

• 5. Individual shareholder

0.7%

• 6. Others

22.0% Total 31.2%

PUBLIC SHAREHOLDERS POST IPO WITH 2,606.9 MM SHARES(a)

Directors and Management

SLIDE 30

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018 29

• Note:

(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) 90.0 103.3 6.0 Amata B.Grimm Power 2 ABP2 Gas-Fired Cogen Sep-01 15.3%(b) 171.2 26.2 EGAT (SPP) Sep-22(c) 90.0 83.0 16.0 Amata B.Grimm Power 3 ABP3 Gas-Fired Cogen Oct-12 60.7% 132.5 80.4 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 72.8 EGAT (SPP) Nov-40 90.0 32.5 – Amata B.Grimm Power 5 ABP5 Gas-Fired Cogen Jun-16 55.5% 131.1 72.8 EGAT (SPP) Jun-41 90.0 33.4 13.0 Subtotal 732.3 277.7 450.0 298.3 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 Amata B.Grimm Power (Rayong) 3 ABPR3 Gas-Fired Cogen Feb-18 55.5% 133.0 73.8 EGAT (SPP) Jan-43 90.0 13.0

• Subtotal

380.7 226.7 270.0 54.0 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 48.1 46.2 B.Grimm Power (Laem Chabang) 2 BPLC2 Gas-Fired Cogen Feb-09(d) 100.0% 56.1 56.1 – – – 61.3 18.5 Subtotal 159.1 159.1 60.0 109.4 64.7 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% 130.0 97.5 EGAT (SPP) Nov-41 90.0 31.0 – Gas-Fired Cogen Total 1,631.3 930.6 1,050.0 525.2 140.7 Amata City (Bien Hoa) Industrial Estate, Vietnam Amata Power (Bien Hoa)(e) APB Diesel Generator Apr-99 30.7% 13.0 4.0 – – – 310.5 – Conventional Total 1,644.3 934.6 1,050.0 835.7 140.7

Operational Power Plants: Conventional

SLIDE 31

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018 30

Note: As of 31 December 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

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018 31

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 33

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018 34

Electricity Tariff = Capacity Payment + Energy Payment + Fuel Saving Payment + VAT

Capacity Payment Rate (THB/kW/month) = 𝐷𝑄0 × 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 of

• ur gas-fired cogeneration power plant in consuming natural gas in the

generation of electricity and thermal energy

Source: Company filing and data, EGAT

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

TARIFF STRUCTURE

SLIDE 34

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018 32

Projects Installed Capacity (MW) Steam Capacity (ton/hr) Type of maintenance Duration (days) 2018 Q1 Q2 Q3 Q4

Amata Nakorn

ABP1 166.4 30.0 Major Overhaul 22 ABP2 171.2 30.0 Major Overhaul 22 Major Overhaul 11 ABP3 132.5 30.0 Major Inspection 17 ABP4 131.1 30.0 Major Inspection 13

Laem Chabang

BPLC1 103.0 50.0 Major Overhaul 14 Major Overhaul 8

Bangkadi

BIP1 114.6 20.0 Major Inspection 10 BIP2 114.6 20.0 Major Inspection 10

Maintenance Schedule in 2018

SLIDE 35

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018 34

Abbreviation & Our Projects

ABBREVIATION

ADB Asian Development Bank COD Commercial Operation Date EBITDA Earnings before Interest, Taxes, Depreciation and Amortization EDL Electricite Du Laos EGAT Electricity Generating Authority of Thailand ERC Energy Regulatory Commission EPC Engineering, Procurement and Construction EVN Electricity of Vietnam FiT Feed-in Tariff FX Foreign exchange IPO Initial public offering IU Industrial user IWTE Industrial Waste to Energy JV Joint venture KWh / GWh Kilo / Gigawatt-hour MEA Metropolitan Electricity Authority mmBtu Million Btu (unit of gas consumption) NNP Normalized net profit O&M Operations and maintenance P.A. Per annum PEA Provincial Electricity Authority (Thailand) PPA Power purchase agreement PTT PTT public Company Limited ROA Return on assets ROE Return on equity SG&A Selling, general & administrative expense YE Year End YoY Year-on-Year

OUR PROJECTS

ABPIF Amata B.Grimm Power Plant Infrastructure Fund ABP1 Amata B.Grimm Power 1 ABP2 Amata B.Grimm Power 2 ABP3 Amata B.Grimm Power 3 ABP4 Amata B.Grimm Power 4 ABP5 Amata B.Grimm Power 5 ABPR1 Amata B.Grimm Power (Rayong) 1 ABPR2 Amata B.Grimm Power (Rayong) 2 ABPR3 Amata B.Grimm Power (Rayong) 3 ABPR4 Amata B.Grimm Power (Rayong) 4 ABPR5 Amata B.Grimm Power (Rayong) 5 BGPSK B.Grimm Solar Power (Sakaeo) 1 BGSENA B.Grimm Sena Solar Power Limited BGYSP B.Grimm Yanhee Solar Power BIP1 B.Grimm BIP Power 1 BIP2 B.Grimm BIP Power 2 BPLC1 B.Grimm Power (Laem Chabang) 1 BPLC2 B.Grimm Power (Laem Chabang) 2 BPWHA1 B.Grimm Power (WHA) 1 Nam Che Nam Che 1 Hydro Power Project XXHP Xenamnoy 2 and Xekatam 1 Hydro Power Project

SLIDE 36

BGRIM INVESTOR PRESENTATION

Q1’2018 OPERATING RESULT PROJECT UPDATE Q1’2018 UPDATE BGRIM OVERVIEW

Q1’2018

INVESTOR RELATIONS

Chairath Sivapornpan

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

35

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