BGRIM: Investor Presentation for Year End 2018 March 2019 Summary - - PowerPoint PPT Presentation

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BGRIM: Investor Presentation for Year End 2018 March 2019 Summary - - PowerPoint PPT Presentation

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BGRIM: Investor Presentation for Year End 2018 March 2019 Summary of 2018 Highlight BGRIM increases total capacity by delivering projects in pipeline and beyond with improve performance both operationally and financially 4 3 PPAs signing

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SLIDE 1

BGRIM: Investor Presentation for Year End 2018

March 2019

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SLIDE 2

Year End 2018 BGRIM INVESTOR PRESENTATION

Q3’2018 OPERATING RESULT BGRIM OVERVIEW Q3’2018 UPDATE

1

BGRIM OVERVIEW Q3’2018 UPDATE

Summary of 2018 Highlight

“BGRIM increases total capacity by delivering projects in pipeline and beyond with improve performance both operationally and financially”

◼

PPAs signing for 420 MW capacity of DTE (Xuan Cau) solar power plant on September 5, 2018

◼

PPAs signing for 257 MW capacity of Phu Yen TTP (Phu Yen) solar power plant on October 10, 2018

◼

Totaling 677 MW capacity with tariff of USD 9.35 Cent per kWh through 20 years and target COD by June 30, 2019

◼

Completely own 100% of BGYSP - 59.7 MW Solar Project since July 2018 with gain from business combination of THB 276 mm

◼

Started consolidate BGYSP's FS in Q3‘2018

◼

Upside from aquisition is toward refinancing with bond at lower financial cost

1 2 3

◼

Installed capacity grew by 26% to 2,076 MW, driven by successful COD of ABPR 3-5 and solar WVO-Coop projects.

◼

THB 6,700 mm 15-year amortizing debentures with rating A- for reduce interest rate and extend tenors of BIP1 and BIP2

◼

THB 9,700 mm corporate debentures were issued in October 2018 with rating A- for refinancing to reduce interest rate and extend tenors

◼

THB 5,000 mm green bonds were issued in December 2018 with fixed coupon rate for refinancing and new investment

4

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SLIDE 3

Year End 2018 BGRIM INVESTOR PRESENTATION

Q3’2018 OPERATING RESULT BGRIM OVERVIEW Q3’2018 UPDATE

Agenda

2

4

BGRIM OVERVIEW BGRIM UPDATE YEAR END 2018 OPERATING RESULTS

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SLIDE 4

BGRIM INVESTOR PRESENTATION

3

PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE

Top Line and EBITDA Grew Strongly

2,099 2,410 2,202 8,725 9,199 27.0% 24.9% 22.2% 27.7% 25.1%

19.0% 21.0% 23.0% 25.0% 27.0% 29.0% 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000

Q4/17 Q3/18 Q4/18 2017 2018 +474 / 5.4% YoY

2017 to 2018 (YoY):

  • Sales and service income increased 16.2% YoY primarily due to

1) an increase in electrical sales volume from COD of new power plants - ABPR3 (February 2018), ABPR4 (June 2018) and ABPR5 (Oct 2018), 2) rising volume from existing customers and 2) an increase of selling price per unit.

Q3/2018 to Q4/2018 (QoQ):

  • Sales and service income increased 2.5% QoQ primarily due to an

increase in volume from ABPR5 that fully operated in Q4/2018 despite partly offset by seasonally demand decline from industrial users (IUs) in Q4/2018.

2017 to 2018 (YoY):

  • EBITDA increased 5.4% YoY due to the operation of new power plants in

2018.

  • EBITDA margin declined to 25.1% in 2018 because of 1) the 10.1% rise in

gas price per unit but only 2.8% rise in electricity selling price to IUs with limit adjustment of Ft charge and 2) relatively more scheduled maintenance in 2018.

Q3/2018 to Q4/2018 (QoQ):

  • EBITDA decreased 8.6% QoQ due to 1) an 4.6% increase of gas price but

the stable electricity selling price to IUs with no adjustment of Ft charge, however, this was the temporary situation as Ft charge already increased in January 2019 2) more scheduled maintenance during Q4/2018 relative to Q3/2018 and 3) seasonally high expense

  • EBITDA margin declined to 22.2% in Q4/2018

96% 97% 97% 96% 96%

2% 1% 1% 2% 2% 2% 2% 2% 2% 2%

7,762 9,691 9,933 31,482 36,585 Q4/17 Q3/18 Q4/18 2017 2018 Electricity Others Steam

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

EBITDA Margin EBITDA +2,171 / 28.0% YoY +242 / 2.5% QoQ +5,103 / 16.2% YoY

  • 208 / 8.6% QoQ

+103 / 4.9% YoY

EBITDA AND EBITDA MARGIN TOTAL SALE AND SERVICE INCOME

Year End 2018

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SLIDE 5

BGRIM INVESTOR PRESENTATION

4

PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE

Top Line and EBITDA Grew Strongly

1,551 1,610 345 372 688 697 221 236 145 143 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018

Amata City Chonburi Amata City Rayong Laem Chabang WHA Chonburi 1 Bangkadi

2.89 3.07 3.19 3.28

2017 2018 2017 2018 EGAT Industrial Users (TH)

(Unit:THB/KWh)

6,706 2,949 7,702 3,057 2017 2018 2017 2018 EGAT Industrial Users (TH)

(Unit: GWh) (Unit: GWh)

KEY DRIVERS: ELECTRICITY AND NATURAL GAS VOLUME AND PRICE 12 MONTHS YoY

ELECTRICITY SALES VOLUME YoY ELECTRICITY SELLING PRICE YoY SALES VOLUME FOR EACH INDUSTRIAL USER FOR 12 MONTHS (TH) YoY

(Unit:THB/mmBTU)

EGAT

  • EGAT sales volume increased 14.9% YoY due to the inclusion of

ABPR3, ABPR4 and ABPR5 which commenced commercial operation in 2018.

  • Electricity price sales to EGAT increased by 6.2% from Baht

2.89/kWh in 2017 to Baht 3.07/kWh in 2018 as the energy payment is generally adjusted to reflect the changes in natural gas price (which rose in 2018).

IU Thailand

  • IU Thailand sales volume increased 3.7% YoY due to 1) the inclusion
  • f new industrial users in Amata City Rayong Industrial Estate and 2) an

increasing demand load from existing customers in Amata City Chonburi, Laemchabang and WHA Chonburi 1 Industrial Estate .

  • Electricity price sales to industry users in Thailand increased 2.8%

YoY, mainly from the YoY increase in Ft charge. 235.3 259.0

2017 2018

EFFECTIVE GAS COST

*Due to scheduled maintenance in August

Year End 2018

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SLIDE 6

BGRIM INVESTOR PRESENTATION

5

PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE

3.13 3.24 3.30 3.30

Q3/18 Q4/18 Q3/18 Q4/18 EGAT Industrial Users (TH) 419 395 98 98 176 172 62 63 34 35 Q3/18 Q4/18 Q3/18 Q4/18 Q3/18 Q4/18 Q3/18 Q4/18 Q3/18 Q4/18

(Unit:THB/KWh)

ELECTRICITY SELLING PRICE QoQ

(Unit:THB/mmBTU)

0.0%

SALES VOLUME FOR EACH INDUSTRIAL USER (TH) QoQ ELECTRICITY SALES VOLUME QoQ

EGAT

  • EGAT sales volume increased 2.3% QoQ due to full operation of

ABPR5 that achieved COD in October 2018.

  • Electricity price sales to EGAT increased by 3.5% from Baht

3.13/KWh in Q3/2018 to Baht 3.24/KWh in Q4/2018 as the energy payment is generally adjusted to reflect changes in natural gas price (which rose in Q4/2018).

IU Thailand

  • IU Thailand sales volume decreased 3.3% QoQ due to seasonal

reason that Japanese industrial users have traditional long-holiday in Q4 and many industrial users speed up the production in Q3 every

  • year. This could not be fully offset by an increase in demand of

industrial users in WHA Chonburi 1 Industrial Estate and Bangkadi Industrial Park.

  • Electricity

price sales to industry users Thailand remain unchanged due to unchanged of Ft during this period.

KEY DRIVERS: ELECTRICITY AND NATURAL GAS VOLUME AND PRICE QoQ

Top Line and EBITDA Grew Strongly

2,006 789 2,053 763 Q3/18 Q4/18 Q3/18 Q4/18 EGAT Industrial Users (TH)

(Unit: GWh) (Unit: GWh)

Q3/18 Q4/18

EFFECTIVE GAS COST

266.5 278.6

Amata City Chonburi Amata City Rayong Laem Chabang WHA Chonburi 1 Bangkadi

Year End 2018

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SLIDE 7

BGRIM INVESTOR PRESENTATION

6

PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE

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 Jan-19

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

Change in Ft vs Gas Price in 2005-2019

Introduction of renewable energy

Adjusted FT Index Gas Price Index

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

Year End 2018

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SLIDE 8

BGRIM INVESTOR PRESENTATION

7

PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE

High Standard Technology Leads to High Efficiency & Availability

92.5 96.9 96.7 96.7 97.2 99.7 97.9 94.8 95.8 96.2 96.7 99.1 92.4 96.9 91.7 100.0 98.2 98.0 98.0 94.6 95.7 96.7 99.9 98.0 98.4 99.1 97.7 70 75 80 85 90 95 100 ABP1 BPLC1 ABP2 BPLC2 ABP3 ABPR2 ABPR1 BIP1 ABP4 BIP2 ABP5 BPWHA1 ABPR3 ABPR4 ABPR5

2017 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 Siemens SGT800 B Siemens SGT800 B

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 Jun-18 Oct-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)

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

(%)

(a)(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 8,120 8,521 8,517 8,397 7,523 7,542 7,543 7,741 7,594 7,697 7,555 7,579 7,496 7,525 7,598 ABP1 BPLC1 ABP2 BPLC2 ABP3 ABPR2 ABPR1 BIP1 ABP4 BIP2 ABP5 BPWHA1 ABPR3 ABPR4 ABPR5

2017 2018

(a) (a)

Year End 2018

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SLIDE 9

BGRIM INVESTOR PRESENTATION

8

PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE

3,027 1,184 1,842 46 276 281

Unrealized Fx Loss One-time gain from business combination (BGYSP) Non- recurring expense NNP NNP to NCI NNP to Owner

2,976

334 423 220 238 322 161

572 745 381

100 200 300 400 500 600 700 800 900

Q4/17 Q3/18 Q4/18 7.4% 7.7% 3.8% NNP Margin NNP to

  • wner

NNP to Non-Controlling Interest (NCI)

2017 to 2018:

  • NNP increased 3.7% / NNP to Owner increased 6.7% YoY primarily due to

1) an increase in revenue from the starts up of ABPR 3, ABPR 4 and ABPR 5 in 2018 and 2) an improvement on financing cost after debt refinancing in May, October and December 2018.

  • NNP margin declined to 8.3% in 2018 because of 1) the 10.1% YoY increase in gas

price but only 2.8% YoY increase in selling price to IUs (with limit adjustment of Ft charge) and 2) more scheduled maintenances during 2018 relative to 2017.

Q3/2018 to Q4/2018:

  • NNP decreased 48.9% / NNP to Owner decreased 48.0% QoQ primarily due to

1) seasonally softening demand from IUs during the holiday period, 2) seasonally high expense, 3) a 4.6% increase in gas price but stable selling price per unit to IUs (from unchanged Ft charge) however, this was the temporary situation as Ft charge already increased in January 2019 and 4) relatively more scheduled maintenance in Q4/2018

  • NNP margin lower to 3.8% in Q4/2018
  • 364 / 48.9% QoQ
  • 191 / 33.4% YoY

Reconciliation Items:

  • Unrealized Fx gain or loss is due to an appreciation or depreciation of the Baht

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

  • Gain from business combination of Baht 276 million
  • Non-recurring expense is due to a bond issuance of BIP1&2 and green bond to

refinance its project financing, remuneration program’s expense and inventory provision.

NORMALIZED NET PROFIT (NNP)

(Unit: THB mm)

RECONCILE NORMALIZED NET PROFIT (NNP) OF 2018

(Unit: THB mm) 1,727 1,842 1,191 1,184

2,918 3,027

500 1000 1500 2000 2500 3000 3500

2017 2018 +109 / 3.7% YoY 9.3% 8.3%

RECONCILE NORMALIZED NET PROFIT (NNP) OF Q4/2018

(Unit: THB mm)

381 161 220 13 88

Unrealized Fx Gain One-time gain from business combination (BGYSP) Non- recurring expense NNP NNP to NCI NNP to Owner

280

Net Profit

3,594 1,177

Net Profit 2017 2018 Q3/18 Q4/18

NNP to Owner for 2018 Increased 6.7% YoY

Year End 2018

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SLIDE 10

BGRIM INVESTOR PRESENTATION

9

PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE

71% 72% 29% 28% 31 Dec 17 31 Dec 18 20% 12% 9% 11% 71% 76% 31 Dec 17 31 Dec 18

89,241 100,636

Cash and cash equivalents Other Current Assets

(Unit: THB mm)

Assets

Total Liabilities Total Equity

100,636 89,241

Liabilities and Equity

Strong Financial Position Thanks to the Well-Managed Capital Structure

Non- Current Assets

Financial Position as at 31 Dec 2018 Total assets

  • Total assets increased by 12.8%, primarily due to a

progress of projects under construction.

Total liabilities

  • Total liabilities increased by 14.8%, primarily due to

additional loan drawdown for development of our projects under construction.

Total Equities

  • Total equities increased by 7.7%, primarily due to the

increase in retained earnings during the period.

STATEMENT OF FINANCIAL POSITION AS OF 31 DEC 2018

Year End 2018

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SLIDE 11

BGRIM INVESTOR PRESENTATION

10

PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE

THB 58,173 MM

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

  • Only 25% loan represents loan at the corporate level. The remaining

75% 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 17% of total loan as at 31 December 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

BGRIM optimizes Capital Structure through Well Managed Debt Profile

THB 15,794 MM THB 9,559 MM Project Level Debenture THB 38 MM Corporate Level Loan THB 14,680 MM Corporate Level Debenture

25%

4.9% 4.7% 4.6%

0.04 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05

2016 2017 2018

  • Financing costs decreased to 4.6% in 2018 due to:
  • Repayment of corporate loan in the amount of THB

5.9 billion during Q3’2017

  • Refinancing of project bond of 1) ABP3, ABPR1, and

ABPR2 amounting of THB 11.5 billion in Apr 2017 and 2) BIP1 and BIP2 amount of 6.7 billion in May 2018 to reduce financing cost at project level.

  • Issuing of corporate bond in the amount of THB 9.7

billion in October 2018 and green bond in the amount of THB 5.0 billion in December 2018

  • These would lead to the further decline in financing

cost in 2019.

(THB mm)

FINANCING COSTS

THB 18,102 MM Project Level (In Operation) Loan (USD)

0% 31% 27% 17%

Year End 2018

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SLIDE 12

BGRIM INVESTOR PRESENTATION

11

PROJECT UPDATE BGRIM FINANCIAL PERFORMANCE

Capital Structure and Dividend Policy

55%

45%

NNP to Owner 2018

NET INTEREST-BEARING DEBT TO EQUITY RATIO

  • Minimum 40% of normalized net profit of consolidated financial

statements

DIVIDEND POLICY

45% of net profit are paid as dividend with the total amount of 834 THB mm

▪

Dividend payment 0.32 THB per share for 2018 proposed to BOD on 26 February 2019 and paid by 10 May 2019 (Including interim dividend for 1H’2018 at the rate of 0.15 THB per share and remaining dividend for 2H’2018 at the rate of 0.17 THB per share) 1,842

  • 0.1x

0.7x 1.3x 1.5x

(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 Dec-18

Company only Consolidated

Gearing Ratios

  • Consolidated net interest-bearing debt to equity ratio increased to

1.5x, and for the Company only increased to 0.7x as a result

  • f additional investments in new projects to support the company’s

earnings growths in both short term and long term.

  • 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,

delivering over project life

  • Consolidated debt included loans at power plant because

BGRIM holds majority in most of the projects

CAPITAL STRUCTURE

(Unit: THB mm)

DIVIDEND PAYMENT

Note: Net Interest-bearing debt is Interest-bearing debt less cash, cash equivalents and short-term investments.

Year End 2018

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Year End 2018 BGRIM INVESTOR PRESENTATION

Q3’2018 OPERATING RESULT BGRIM OVERVIEW Q3’2018 UPDATE

Agenda

12

4

BGRIM OVERVIEW BGRIM UPDATE YEAR END 2018 OPERATING RESULTS

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SLIDE 14

Year End 2018 BGRIM INVESTOR PRESENTATION

Q3’2018 OPERATING RESULT BGRIM OVERVIEW Q3’2018 UPDATE

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BGRIM OVERVIEW Q3’2018 UPDATE

2019 Outlook

▪

Total installed capacity to increase by 820 MW or 40% to 2,896 MW from the scheduled COD

  • f 4 projects (DTE,

Phu Yen TTP, Nam Che and Interchem) and acquisition of SPP1

2019 40% Capacity Growth Full-year Revenue Recognition from 4 Projects

▪

Ft increase from Jan 2019

▪

More favorable gas price outlook

▪

Continue to enhance SPP performance via LTSA agreement with Siemens

▪

Full-year revenue contributions from 3 SPPs (ABPR3-5) and solar WVO- Coop which started commercial

  • peration in 2018

Profit Margin Enhancement

▪

Enjoy cost saving from the total of THB 21,400 mm bond issuances in last year with average rate of 3.8%

▪

Target to reduce interest rate to 4.2 - 4.4% from 4.6% in 2018 by refinancing bonds or loans

Refinancing Opportunities

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SLIDE 15

Year End 2018 BGRIM INVESTOR PRESENTATION

Q3’2018 OPERATING RESULT BGRIM OVERVIEW Q3’2018 UPDATE

14

Q3’2018 UPDATE

Q1’2019 Significant Events

3 2 1

◼

On 24 January 2019, SPP Replacement scheme was approved by National Energy Policy Council (NEPC) which allowed 25-year PPA with the application of new- technology equipment.

◼

On 13 March 2019, BGRIM has completed the purchase of 100% shares in GLOW SPP1 Company Limited.

◼

GLOW SPP1 has 2 PPAs eligible for the SPP Replacement scheme.

◼

On 21 February 2019, BGRIM was awarded “The Most Innovative Bond Deal” from The Thai Bond Market Association.

◼

On 5 March 2019, BGRIM received certificate of “The First Non-financial Corporate Green Bond from Thailand” from Climate Bond Initiative.

SPP Replacement SPP1 Acquisition Green bond awards

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SLIDE 16

Year End 2018 BGRIM INVESTOR PRESENTATION

Q3’2018 OPERATING RESULT BGRIM OVERVIEW Q3’2018 UPDATE

15

Q3’2018 UPDATE

**For PPAs expired in 2019 - 2021

Key consideration

EGAT PPA period (years) EGAT contract capacity (MW) EGAT Tariff IU Tariff Contracted heat rate (mmBTU/KWh) BGRIM’s power plants applied with this scheme

Replacement

25 Up to 30 Capacity Payment + Energy Payment Benchmark with PEA 7,409 ABP1, ABP2, BPLC1, SPP1 (2 plants)

Extension**

Up to 3 Up to 60 Energy Payment Benchmark with PEA 8,282 ABP1, SPP1 (2 plants)

Existing

21-25 Up to 90 Capacity Payment + Energy Payment Benchmark with PEA 8,600 ABP1, ABP2, BPLC1, SPP1 (2 plants)

SPP Extension and Replacement Scheme*

ABP1 2019 2020 2021 2022 2023 2024 ABP2 BPLC1 SPP1 #1 SPP1 #2

166 MW, (15.3% holding) 166 MW, (51.2% holding) 140-150 MW, (51.2% holding), 25 years 140-150 MW, (51.2% holding), 25 years 140-150 MW, (100.0% holding), 25 years 171 MW, (15.3% holding) 103 MW, (100.0% holding) 62 MW, (100.0% holding) 62 MW, (100.0% holding) 62 MW, (100.0% holding) 62 MW, (100.0% holding) 70-140 MW, (100.0% holding), 25 years 70-140 MW, (100.0% holding), 25 years

*Based on National Energy Policy Council (NEPC) Resolution and our estimation

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Q2’2018 Operation Result Q2’2018 Update BGRIM Overview

BGRIM INVESTOR PRESENTATION Year End 2018

16

Awards and Recognition

✓

SET50

✓

SET100

✓

SETCLMV FTSE SET Mid Cap

EIA Monitoring Awards 2016 Certificate of the Carbon Footprint for Organization (CFO) Best Energy Solutions Provider ASIA Project of the Year 2015: Best Distributed Generation Project The Most Innovative Bond Deal The First Non- financial Corporate Green Bond from Thailand

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Q2’2018 Operation Result Q2’2018 Update BGRIM Overview

BGRIM INVESTOR PRESENTATION Year End 2018

17

Awards and Recognition

“Very Good”

“ESG 100”

(by Thaipat Institute)

“Thai CAC”

(by Thai Institute of Directors Association (IOD))

“Thailand Sustainability Investment (THIS) List”

(by Stock Exchange of Thailand)

“AGM Level”

(by Thai Investors Association)

“CGR Score”

(by Thai Institute of Directors Association (IOD))

“Sustainability Report Awards”

(by Stock Exchange of Thailand)

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SLIDE 19

Q2’2018 Operation Result Q2’2018 Update BGRIM Overview

BGRIM INVESTOR PRESENTATION Year End 2018

18

Well-Diversified Portfolio with Expert in Green-Field Developer

30% 29% 11% 10% 9% 6% 5%

84% 14% 0.5% 2%

Total 975 MW

In Operation 165 MW

Solar Group 822 MW (677 MW under development) Hydro Group 133 MW (113 MW under development) Wind Group 16 MW (under development) Bien Hoa 13 MW Diesel Gas Fired

Total 2,257 MW

In Operation 2,022 MW

Amata City (Chonburi) 675 MW (Included ABP1&2 Replacement 140 MW each) Amata City (Rayong) 647 MW Bangkadi 229 MW Laem Chabang 159 MW

(Included BPLC1 Replacement 140 MW)

Hemaraj 130 MW BGPR1&2 240 MW (Under development)

Type of Energy Installed MW Equity MW Total Capacity % In

  • peration

Total Capacity % In

  • peration

Gas fired 2,257 MW 69.5% 2,022 MW 1,587 MW 70.2% 1,202 MW Hydro 133 MW 4.1% 20 MW 95 MW 4.2% 14 MW Solar 822 MW 25.3% 145 MW 557 MW 24.7% 135 MW Wind 16 MW 0.5% 15 MW 0.7% IWTE 5 MW 0.1% 2 MW 0.1% Diesel 13 MW 0.4% 13 MW 4 MW 0.2% 4 MW Total 3,245 MW 100% 2,200 MW 2,260 MW 100% 1,355 MW

SPP – INDUSTRIAL ESTATE 69.5% TRANSMISSION & DISTRIBUTION 0.4%

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

RENEWABLE GROUP 30.1%

Poi Pet PPSEZ 14 MW**

**Transmission & distribution and solar rooftop only which not included in power plant installed capacity of 3,245 MW

SOLAR ROOFTOP

WHA (Map Ta Put) - SPP1 124 MW (SPP1 Replacement 140 MW)

BGRIM’s Portfolio in 2025

Solar rooftop for industrial users and commercial buildings with capacity up to 70 MW**

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SLIDE 20

Q2’2018 Operation Result Q2’2018 Update BGRIM Overview

BGRIM INVESTOR PRESENTATION Year End 2018

19

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

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

EGAT

65%

IU-TH

27%

IU-VN

3%

Steam-TH

2%

Others

3%

THB 36,585 mm

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

24.7 22.8 19.1 9.1

EDL PEA / MEA EGAT Industrial users - electricity (Thailand)

Track Record of Extensions

Years Years Years Years Years Note: Weighted Average Remaining PPA life is calculated as the average remaining contractual term remaining from 31 December 2018 to expiry weighted by the aggregate contracted capacity under the relevant agreement 15.0 Years

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SLIDE 21

Q2’2018 Operation Result Q2’2018 Update BGRIM Overview

BGRIM INVESTOR PRESENTATION Year End 2018

20

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 ▪ 732 MW ▪ 17 generating units ▪ 2 power plants ▪ 159 MW ▪ 5 generating units

WHA Chonburi 1 Bangkadi BGPR1&2 Amata City Rayong

Amata City Bien Hoa XXHP Gas-fired cogeneration power plants Transmission and Distribution

▪ 1 power plant ▪ 20 MW ▪ 3 generating units

Hydro power plants

Delivery of Reliability in Form of Electricity and Steam

▪ 2 power plants ▪ 124 MW ▪ 4 generating units

WHA (Map Ta Put) Amata City Chonburi Laem Chabung

slide-22
SLIDE 22

Q2’2018 Operation Result Q2’2018 Update BGRIM Overview

BGRIM INVESTOR PRESENTATION Year End 2018

21

Robust Growth Pipeline with Promising on Execution

ACHIEVED COD IN TIME AND WITHIN BUDGET

Gas Solar IWTE Hydro Wind

2020

Plants

Solar WVO-Coop

(7 plants - 31 MW)

40

Plants

2,076 MW

Installed Capacity

1,217 MW

Equity Capacity

ABPR3, ABPR4 & ABPR 5

(3 plants - 399 MW)

52

3,177 MW

Installed Capacity

Tadsakoi

(30 MW)

2022 Plants

ABP1 Replacement

(140 MW)*

BPLC1 Replacement

(140 MW)*

ABP2 Replacement

(140 MW)*

Nam Khao 3

(15 MW)

3,152 MW

Installed Capacity

2,105 MW

Equity Capacity

Plants

BGPR1, BGPR2

(2 plants -240 MW)

2021

50

Plants 2021

SPP1 Extension

(2 plants -124 MW)

*Up to 150 MW, **Up to 280 MW

46

2019

Plants

1,850 MW

Equity Capacity DTE (1 plants - 420 MW) Interchem (5 MW) (166 MW)

2,896 MW

Installed Capacity Phu Yen TTP (1 plants - 257 MW) ABP1 Extension Nam Che (15 MW) SPP1 (2 plants - 124 MW)

53

2,206 MW

Equity Capacity

2023 Plants

3,184 MW

Installed Capacity

Nam Khao 5

(8 MW)

2,912 MW

Installed Capacity

1,865 MW

Equity Capacity

Bo Thong 1 & 2

(2 plants - 16 MW)

48

Plants

2,211 MW

Equity Capacity

3,215 MW

Installed Capacity

Nam Khao 4

(15 MW)

SPP1 Replacement

(2 plants -140 MW)**

3,245 MW

Installed Capacity

Nam Khao 2

(15 MW)

2,238 MW

Equity Capacity

Nam Khao 1

(15 MW)

2,260 MW

Equity Capacity

2024

54

Plants

56

2025 Plants 2018

slide-23
SLIDE 23

BGRIM INVESTOR PRESENTATION

Q2’2018 OPERATING RESULT Q3’2018 UPDATE BGRIM OVERVIEW

Year End 2018

Q3’2018 UPDATE Q3’2018 OPERATING RESULTS BGRIM OVERVIEW

22

BGRIM GROWTH STRATEGY

Diligently Invest in Suitable Opportunities via Strong Networks

May

MOU signing with KEPCO

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

677 MW PPA signing for solar farm in Vietnam

Under construction with target COD in June 2019

70 MW solar rooftop opportunities

1.1 MW COD achievement and 7 MW under construction which 2.3 MW targeting to COD within March 2019.

June

Determine target KPI

THAILAND LAOS MALAYSIA

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

VIETNAM CAMBODIA KOREA TAIWAN PHILIPPINES

slide-24
SLIDE 24

Year End 2018 BGRIM INVESTOR PRESENTATION

Q3’2018 OPERATING RESULT BGRIM OVERVIEW Q3’2018 UPDATE

Agenda

23

4

BGRIM OVERVIEW BGRIM UPDATE YEAR END 2018 OPERATING RESULTS

slide-25
SLIDE 25

BGRIM INVESTOR PRESENTATION

Q2’2018 OPERATING RESULT Q3’2018 UPDATE BGRIM OVERVIEW

Year End 2018

Q3’2018 UPDATE Q3’2018 OPERATING RESULTS BGRIM OVERVIEW

24

BGRIM GROWTH STRATEGY

Upcoming COD - Projects under construction are on track

Type of Fuel: Hydro (Run of the river) Installed Capacity: 15 MW Economic Ownership: 72.0% EDL PPA: 15 MW / 25 years Progress: - Finishing main area facilities, i.e. powerhouse generating unit, penstock and switchyard

  • On process of

transmission line and communication system

% Progress

97.8%

Q2’2019

SCOD

Nam Che 1 Hydro Power Plant

% Progress

66.0%

Type of Fuel: Solar PV Capacity: Installed - up to 420 MW dc Contract - up to 350 MW ac Economic Ownership: 55% EVN PPA : 350 MW / 20 years Progress: - Finished site levelling, clearing and pilling work

  • On process of mounting

structure and installation

  • f PV module
  • PPA signing on

September 5, 2018 Type of Fuel: Solar PV Capacity: Installed - up to 257 MW dc Contract - up to 214 MW ac Economic Ownership: 80% EVN PPA : 214 MW / 20 years Progress: - Finished site leveling and clearing

  • On process of piling work

and mounting structure

  • PPA signing on

October 10, 2018

60.5%

% Progress

June’2019 June’2019

Dau Tieng Tay Ninh Energy Solar Plant Project (Xuan Cau) Phu Yen TTP Solar Plant Project (Phu Yen)

slide-26
SLIDE 26

BGRIM INVESTOR PRESENTATION

Q2’2018 OPERATING RESULT Q3’2018 UPDATE BGRIM OVERVIEW

Year End 2018

Q3’2018 UPDATE Q3’2018 OPERATING RESULTS BGRIM OVERVIEW

25

BGRIM GROWTH STRATEGY

Entering into LTSA for Enhancing Performance of Operating Project

“In October 2018, ABP3 extended the Long Term Service Agreement (LTSA) with additional conditions on enhancing the performance of Siemens gas turbine” Benefits from the LTSA with Siemens

LONG TERM SERVICE AGREEMENT WITH SIEMENS

To enhance heat rate of gas turbine after performing major overhaul and doing design improvement To predict the degradation of a machine more accurate

Enhance Availability Enhance Efficiency Moving towards Digitalization

To increase availability or reduce a number

  • f maintenance days from 18-20 days to

10-15 days More electricity to sales during maintenance Use less gas to produce electricity More capacity available to sales to IUs

slide-27
SLIDE 27

BGRIM INVESTOR PRESENTATION

Q2’2018 OPERATING RESULT Q3’2018 UPDATE BGRIM OVERVIEW

Year End 2018

Q3’2018 UPDATE Q3’2018 OPERATING RESULTS BGRIM OVERVIEW

26

BGRIM GROWTH STRATEGY

Lower Funding Cost through Various Sources of Financing

In May 2018, BIP1 and BIP2 issued 15-year amortizing debentures in amount of THB 6,700 mm with rating A- and coupon rate of 3.95% per annual.

4.9% 4.7% 4.6%

0.04 0.04 0.05 0.05 0.05 0.05 0.05 0.05 0.05

2016 2017 2018

Financing cost has gradually improved to 4.6% 2018 Capital Structure ‘A’ CREDIT RATING BOND

Debenture issuance for refinancing and new investment

In October 2018, BGRIM issued 2-10-year debentures in amount of THB 9,700 mm with rating A- and effective coupon rate of 4.18% per annual. 25% 75% TOTAL DEBT

THB 58.2 bn

Project level Corporate level

In December 2018, BGRIM issued 5-7-year green bonds in amount of THB 5,000 mm with fixed coupon rate

slide-28
SLIDE 28

BGRIM INVESTOR PRESENTATION

Q2’2018 OPERATING RESULT Q3’2018 UPDATE BGRIM OVERVIEW

Year End 2018

Q3’2018 UPDATE Q3’2018 OPERATING RESULTS BGRIM OVERVIEW Q3’2018 OPERATING RESULTS BGRIM OVERVIEW

27

Appendix

27

slide-29
SLIDE 29

BGRIM INVESTOR PRESENTATION

28

BGRIM OVERVIEW Q3’2018 UPDATE

Summary of PDP2018

Security Ecology Economy

◼

Increase balancing of total power generation capacity by region

◼

Include capacity from IPS (Independent Power Supply) to national power system

◼

Consider reliable capacity to balance demand-supply instead of target 15% reserve margin

◼

Increase portion of natural gas to 53% (from 37% in PDP2015)

◼

Support low-cost power generation

◼

Distributed Generation policy to stimulate economic throughout the country especially industrial sector

◼

Support renewable following COP21 frame

◼

Encourage solar rooftops to household sector

◼

Develop smart grid system to support the change to prosumer concept

slide-30
SLIDE 30

BGRIM INVESTOR PRESENTATION

29

BGRIM OVERVIEW Q3’2018 UPDATE

Summary of PDP2018 - Total Power Generation Capacity (MW)

20,766 500 2,112 13,156 1,740 5,857 8,300 4,000

Renewable Hydro Cogeneration Combined Cycle (EGAT/IPP) Coal-fired (EGAT/IPP) Import IPP Bidding (EGAT/IPP) Energy Efficiency Plan (EEP)

46,090 25,310 56,431 77,211

Total capacity as of Dec 2017 during 2018-2037 Total additional capacity during 2018-2037 Total retired capacity at the end of 2037 Grand total capacity

slide-31
SLIDE 31

BGRIM INVESTOR PRESENTATION

30

New 8,300 MW IPP Opportunity (Target COD) 2023 2024 2030 2032 2033 2034 2035 2036

700 MW - EGAT / IPP Bidding (Replacing TECO) 700 MW - EGAT / IPP Bidding (Replacing RG TH#1-2) 700 MW - EGAT / IPP Bidding 700 MW - EGAT / IPP Bidding 1,400 MW - EGAT / IPP Bidding (Replacing GPG) 1,000 MW - EGAT / IPP Bidding (Replacing BLCP)

North Eastern North Eastern Upper Central West West East East

1,000 MW - EGAT / IPP Bidding (Replacing BLCP) 700 MW - EGAT / IPP Bidding (Replacing Chana CC#1 and Krabi TH#1)

South South

700 MW - EGAT / IPP Bidding

Source: EPPO

slide-32
SLIDE 32

BGRIM INVESTOR PRESENTATION

Q2’2018 OPERATING RESULT Q3’2018 UPDATE BGRIM OVERVIEW

Year End 2018

Q3’2018 UPDATE Q3’2018 OPERATING RESULTS BGRIM OVERVIEW Q3’2018 OPERATING RESULTS BGRIM OVERVIEW

31 31

  • 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

Values: Positivity, Pioneering Spirit, Professionalism, and Partnership

"Doing Business with Compassion for the development

  • f civilization in harmony with nature"

140th Year Anniversary of B.Grimm

Opened Siam Dispensary

1890 1931 1996 2010

Built Rangsit canal together with Snidvongse family 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

1878

B.Grimm Power reached 2,076 MW installed capacity

1941 Dec 2018

slide-33
SLIDE 33

BGRIM INVESTOR PRESENTATION

Q2’2018 OPERATING RESULT Q3’2018 UPDATE BGRIM OVERVIEW

Year End 2018

Q3’2018 UPDATE Q3’2018 OPERATING RESULTS BGRIM OVERVIEW Q3’2018 OPERATING RESULTS BGRIM OVERVIEW

32 32

B.Grimm Power’s Team

  • Mr. Harald Link

Chairman (23 years with B.Grimm Power) Major Shareholder

  • Ms. Preeyanart Soontornwata

President (23 years with B.Grimm Power) Chairperson of The Association of Private Power Producers, Thailand

  • Dr. Surachai Saibua

Management Committee Member (23 years with B.Grimm Power) Previously held positions with EGAT and Petroasia International

  • Mr. Surasak Towanich

Senior Executive Vice President Sales and Marketing (23 years with B.Grimm Power) Previously held positions with EGAT and ABB

  • Mr. Nopadej Karnasuta

Senior Executive Vice President CFO and International Business Development (6 years with B.Grimm Power) Previously held positions with KBANK and EGCO

  • Mr. Peradach Patanachan

Senior Executive Vice President Legal Counsel (12 years with B.Grimm Power) Previously held positions with Clifford Chance and KPMG

  • Mr. Chote Chusuwan

Senior Executive Vice President Chief Operation Officer (23 years with B.Grimm Power) Previously held positions with EGAT and Cogeneration PCL

BGRIM Corporate Structure – Long Commitment from Management

  • Mr. Arunphun Pootong

Executive Vice President Business & Project Developments (Conventional) and Commercial & Procurement

Previously held positions with EGAT and JERA Power

slide-34
SLIDE 34

BGRIM INVESTOR PRESENTATION

33

Core subsidiaries and associates only

Holding Company Power Plant Project Company Infrastructure Fund

Corporate Structure

Solar (Vietnam) Other renewable (Thailand) Hydro (Laos) Amata City (Rayong) Amata Bien Hoa 60.0% Solar (Thailand)

(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%

  • f dividends from unallocated profits, (ii) 97.0% of all reserves required by law and (iii) any capital surplus

(b) B.Grimm Power’s 49.0% subsidiary, BGYSP, has an economic interest of 99.0% in these projects through preferred shares based on its right to receive 99.0% of the dividends from these projects and have 99.0% of the total voting rights at shareholders’ meetings. Also, in case of liquidation (after all debts are repaid), BGYSP has the right to receive the following before other ordinary shareholders (i) 99.0% of dividends from unallocated profits, (ii) 99.0% of all reserves required by law and (iii) any capital surplus Note: As of 30 June 2018

Hemaraj Bangkadi Laem Chabang Amata City (Chonburi) 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%*(b) 100.0% 70.0% BIP1 (115MW) BGPR1 (120MW) BIP2 (115MW) 74.0% 74.0% 100.0% 26.0% B.Grimm Sena 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% 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% 48.0% Interchem (5MW) Solar WVO 7 Projects (31MW) 100.0% 100.0% DTE (420MW) 55.0% BGRP 2 PHU YEN TTP (257MW) 80.0% 100.0% 100.0% 60.0% 60.0% 60.0% 60.0% 49.0% 60.0% 60.0% VTS BGRP 1 100.0%

*Preferred Shares

slide-35
SLIDE 35

BGRIM INVESTOR PRESENTATION

34

BGRIM’s Shareholders

34.0% 24.3% 9.1% 1.1% 0.4% 31.1% 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 31 Oct 18) %

  • 1. ASIAN DEVELOPMENT BANK

4.7%

  • 2. Bualuang Long-Term Equity Fund

1.8%

  • 3. Thai Life Insurance Co., Ltd

1.1%

  • 4. Muang Thai Life Assurance Co., Ltd

1.1%

  • 5. Bualuang Long-Term Equity Fund 75/25

0.8%

  • 6. Others

21.6% Total 31.1%

WITH 2,606.9 MM SHARES(a)

Directors and Management

PUBLIC SHAREHOLDERS

slide-36
SLIDE 36

BGRIM INVESTOR PRESENTATION

35

Operational Power Plants: Conventional

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) 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 10 years with up to the existing contracted capacity. (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) Installed Equity Offtaker / PPA Expiry Contracted Capacity (MW) Electricity Contracted Capacity (MW) Steam Contracted Capacity (MW) (MW) Program (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) 90 103.3 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 90.5 16.0 Amata B.Grimm Power 3 ABP3 Gas-Fired Cogen Oct-12 60.70% 132.5 80.4 EGAT (SPP) Oct-37 90 46.1 13.0 Amata B.Grimm Power 4 ABP4 Gas-Fired Cogen Nov-15 55.50% 131.1 72.8 EGAT (SPP) Nov-40 90 32.5

  • Amata B.Grimm Power 5

ABP5 Gas-Fired Cogen Jun-16 55.50% 131.1 72.8 EGAT (SPP) Jun-41 90 33.4 13.0 Subtotal 732.3 277.7 450 305.8 48.0 Amata City Industrial Estate, Thailand Amata B.Grimm Power (Rayong) 1 ABPR1 Gas-Fired Cogen Nov-13 61.70% 123.3 76.1 EGAT (SPP) Nov-38 90 17.0 14.0 Amata B.Grimm Power (Rayong) 2 ABPR2 Gas-Fired Cogen Jun-13 61.70% 124.4 76.8 EGAT (SPP) Jun-38 90 24.0 14.0 Amata B.Grimm Power (Rayong) 3 ABPR3 Gas-Fired Cogen Feb-18 55.50% 133 73.8 EGAT (SPP) Feb-43 90 18.0

  • Amata B.Grimm Power (Rayong) 4

ABPR4 Gas-Fired Cogen Jun-18 55.50% 133 73.8 EGAT (SPP) Jun-43 90 16.0

  • Amata B.Grimm Power (Rayong) 5

ABPR5 Gas-Fired Cogen Oct-18 55.50% 133 73.8 EGAT (SPP) Oct-43 90 22.5

  • Subtotal

646.7 374.3 450 97.5 28.0 Laem Chabang Industrial Estate, Thailand B.Grimm Power (Laem Chabang) 1 BPLC1 Gas-Fired Cogen Jul-01(d) 100.00% 103 103 EGAT (SPP) Jul-22(c) 60 50.1 46.2 B.Grimm Power (Laem Chabang) 2 BPLC2 Gas-Fired Cogen Feb-09(d) 100.00% 56.1 56.1 – – – 61.3 18.5 Subtotal 159.1 159.1 60 111.4 64.7 Bangkadi Industrial Park, Thailand B.Grimm BIP Power 1 BIP1 Gas-Fired Cogen Apr-15 74.00% 114.6 84.8 EGAT (SPP) Apr-40 90 14.0 – B.Grimm BIP Power 2 BIP2 Gas-Fired Cogen Jan-16 74.00% 114.6 84.8 EGAT (SPP) Jan-41 90 18.5 – Subtotal 229.2 169.6 180 32.5 – WHA Chonburi 1 Industrial Estate, Thailand B.Grimm Power (WHA) 1 BPWHA1 Gas-Fired Cogen Nov-16 75.00% 130.2 97.5 EGAT (SPP) Nov-41 90 31.0 – WHA (Map Ta Put) Industrial Park, Thailand SPP1 SPP1 Gas-Fired Cogen Feb & Sep - 98 100.00% 124.0 124.0 EGAT (SPP) Feb & Sep - 21 110 4.5 50.0 Amata City (Bien Hoa) Industrial Estate, Vietnam Amata Power (Bien Hoa)(e) APB Diesel Generator Apr-99 30.70% 13.0 4.0 – – – 340.6 – Conventional Total 2,034.50 1,206.20 1,340.0 923.3 190.7

slide-37
SLIDE 37

BGRIM INVESTOR PRESENTATION

36

Operational Power Plants: Solar

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 100.0% 59.7 59.7 Sai Luang 2 Pathumthani province, Thailand Dec-15 8.0 8.0 PEA (FiT) Dec-40 8.0 8.0 Sai Luang 3 Sai Luang 9 7.2 7.2 Sai Luang 10 7.5 7.5 Sai Yai Nha 8.0 8.0 Sai Manow 8.0 8.0 Sai Putsa 8.0 8.0 Sai Sena 2 Ayutthaya province, Thailand 5.0 5.0 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 Solar WVO-Cooperatives Solar WVO-Coop Dec-18 100.0% 30.8 30.8 BSPCD Sakaeo province, Thailand 2.3 2.3 PEA (FiT) Dec-43 BGPCCS Phetchabun province, Thailand 3.6 3.6 BSPCB Surat Thani province, Thailand 5.0 5.0 BGSP1WN Bangkok province, Thailand 5.0 5.0 MEA BGPLKB Bangkok province, Thailand 5.0 5.0 BGPBBO Samut Prakan province, Thailand 5.0 5.0 BGPSAI Nonthaburi province, Thailand 5.0 5.0 Total 145.0 120.6

Note: As of 31 December 2018 (a) Based on B.Grimm Power’s direct and/or indirect interest in the project company owning the power plant.

slide-38
SLIDE 38

BGRIM INVESTOR PRESENTATION

37

Source: 56-1, 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

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 considering policies relating to the extension/replacement of SPP PPAs that will expire between 2019 – 2025 (include ABP1, ABP2 and BPLC1)

Contractual Overview: Commercial Features

slide-39
SLIDE 39

BGRIM INVESTOR PRESENTATION

38

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$) 27 37 34 US$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-40
SLIDE 40

BGRIM INVESTOR PRESENTATION

39

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

Amata City (Chonburi)

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 Overhaul 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 & 2019

Projects Installed Capacity (MW) Steam Capacity (ton/hr) Type of maintenance Duration (days) 2019 Q1 Q2 Q3 Q4

Amata City (Chonburi)

ABP1 166.4 30.0 Major Overhaul 22 ABP2 171.2 30.0 Major Overhaul 24 ABP3 132.5 30.0 Major Overhaul 20 ABP4 131.1 30.0 Major Inspection 11 ABP5 131.1 30.0 Major Inspection 23 BPWHA 130.0 30.0 Major Inspection 12

slide-41
SLIDE 41

BGRIM INVESTOR PRESENTATION

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 Interchem Progress Interchem Solar WVO Solar WVO-Cooperatives Projects DTE Dau Tieng Tay Ninh Energy Solar Plant Project (Xuan Cau) Phu Yen TTP Phu Yen TTP Solar Plant Project (Phu Yen) 40

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SLIDE 42

BGRIM INVESTOR PRESENTATION

Abbreviation & Our Projects

OUR PROJECTS

BSPCD The Chon Daen agricultural cooperatives project BGPCCS The WVO project, namely the Veteran Support Office of Chonburi BSPCB The Ban Na Doem agricultural cooperatives project BGSP1WN The WVO project, namely Office of Agriculture, Industry and Services Affairs BGPLKB The WVO project, namely the Veterans General Hospital BGPBBO The WVO project, namely the WVO Office of Terminal Production Workshop BGPSAI The WVO project, namely the WVO Office of Security Services 41

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SLIDE 43

BGRIM INVESTOR PRESENTATION

INVESTOR RELATIONS 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. .

Solaya Na Songkha

Email: Solaya.n@BGrimmPower.com Tel: +66 (0) 2710 3157

Gunnlapat Wichutarat

Email: Gunnlapat.W@BGrimmPower.com Tel: +66 (0) 2710 3570

Thunruethai Makaraphan

Email: Thunruethai.M@BGrimmPower.com Tel: +66 (0) 2710 3087

Contact Us:

  • Dr. Gerhard Link Building,

5 Krungthepkreetha Road, Huamark, Bangkapi, Bangkok 10240, Thailand Tel: +66 (0) 2710 3400 Fax: +66 (0) 2379 4245

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