BGRIM: Investor Presentation November 2017 BGRIM Q3/2017 Key - - PowerPoint PPT Presentation

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BGRIM: Investor Presentation

November 2017

SLIDE 2

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

B.GRIMM INVESTOR PRESENTATION Q3’2017

STRONG OPERATING PERFORMANCE Growth top line; Profitability enhance

• 15% Sales growth YoY;THB 23.7

billion for 9M’2017

• 17% EBITDA growth YoY
• 24% NNP to Owner growth YoY
• 28% EBITDA Margin

BGRIM Q3/2017 Key Highlights

STRENGTHEN CAPITAL STRUCTURE

• Net D/E ratio 1.5x as at 30 Sep 17

reduced from 4.1x in 31 Dec 16 (Net Interest-bearing debt)

• USD 20 million ADB facility and

USD 235 million facility expects to be signed by Q4/2017

• Pursuant of rating-corporate bond

to be rollover in Oct 2018 RECOGNITION OF REVENUE FROM XXHP IN LAOS

• Recognized revenue from EDL for

THB 59 million generated from BGRIM first hydro power project – XXHP – which COD in Aug’17 with installed capacity of 20 MW

• ABPR 3, 4 and 5 progressed as

planned, an additional of 399 MW in 2018

• Selected as sponsors of the solar

farm projects for a total of 7 projects with a total capacity of 31 MW

• Significant progress on SPP

replacement ROBUST PIPELINE OF GROWTH

Strong Performance with Growing Robust Pipeline

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B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

SLIDE 3

B.GRIMM INVESTOR PRESENTATION Q3’2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

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B.Grimm Overview B.Grimm Growth Strategy Q3/2017 Operating Result Project Update Agenda

SLIDE 4

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

B.GRIMM INVESTOR PRESENTATION Q3’2017 3

• The scheme for SPP operators whose contract will expire between 2019-2025to

extend with the new 25-year PPA

• Contract capacity is 10-30 MW; <=30% of net generating capacity
• SPP has an ability to produce power in firm contract during peak period
• Total quota of 300 MW; Capacity per project is 10-50MW
• Submit application in mid Oct 2017
• Announced winner in early Dec 2017
• Improve current gearing from 4.1x to 1.5x
• Rollover corporate bond with rating bond and larger tenor
• Manage capital structure to lower finance cost
• VSPP must use biofuels as feedstock to produce power in semi-firm contract

during peak period for 6 months a year

• Total quota of 268 MW; Capacity per project is up to 10 MW
• Submit application tentative in early 2018 (subject to SPP Hybrid timeline)
• 1. Improving

Gearing Ratio under Well-managed Capital Structure

• 5. Micro Grid
• 3. SPP

Hybrid Scheme

• 4. VSPP

Semi-Firm Scheme

• 2. SPP

Replacement Scheme

B.Grimm Updates and Outlooks

SLIDE 5

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

B.GRIMM INVESTOR PRESENTATION Q3’2017

22% 64% Loan

THB 34.3 bn

Debenture

THB 11.5 bn

Debt room to enhance financing cost by refinancing with Project Debenture / Loan Key consideration 1. Refinancing yield 2. Operating years 3. Refinancing cost

Existing Project Debt

4.1x 1.5x

D/E on Dec 2016 Use of IPO proceed D/E on Q3'2017

4.6 1.4

Repay shareholder loan (THB bn) Corporate loan (THB bn)

4

Lower Finance Cost from Improving Gearing Ratio

Lower gearing ratio of 1.5x net interest debt to equity after IPO

Improving Gearing Ratio under Well- managed Capital Structure

GEARING RATIO AFTER IPO

42% 22% 22% 4%

Project Level Loan (THB) THB 22,295 MM Project Level Loan (USD) THB 12,039 MM Project Level Debenture THB 11,482 MM Corporate Level Loan THB 1,949 MM Corporate Level Debenture THB 5,493 MM

10%

Debt Profile AFTER IPO

• 1. Corporate debenture

issaunce

• 2. Strategy to enhance

financing costs

Largest part of Debt Profile comes from Project Debt 10% 4% Loan

THB 1.9 bn

Debenture

THB 5.5 bn

Corporate Debenture will be rolled-over by a rating bond within Q4 2018

Existing Corporate Debt

Repayment of Corporate Loan as Planned Ongoing Consideration

Potential to gearing with low funding cost facility, i.e. ADB

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B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

B.GRIMM INVESTOR PRESENTATION Q3’2017

Criteria and conditions for SPP replacement

Condition

• Constructed within the existing area or nearby
• Sold to the industrial users within the industrial area
• Connected with the existing electricity systems.

Contracted capacity

• 10 – 30 MW
• <= 30% of net generating capacity (Electricity and steam)

Operator

• Firm SPP operator with Cogeneration systems

Contract expiration

• Within year 2019 – 2025

SCOD

• Expiry date of existing PPA or
• 31 Dec 2021 in case existing PPA is expired by 2020

PPA period

• 25 years

Type of fuel

• Natural gas only

Key tentative timeline

• 7 May 2018: EGAT to notify ERC for qualified SPP plant for

SPP replacement scheme

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SPP Replacement Scheme

1. 3 SPP plants, ABP1, ABP2 and BPLC, are qualified for SPP replacement (150 MW each)

• 2. ABP1, ABP2 will have

more equity capacity (51% ownership) after Existing PPA capacity under ABPIF scheme (15% ownership)

• 3. EPC efficiency support

the replacement and also benefit BGRP1 & BGRP2 which PPA was awarded under 3rd SPP scheme (2010)

• 4. Increase in operating margin due to the

increase in portion of electricity sold to industrial users

• 5. SPP replacement scheme is expected

to apply to all SPPs

Conditions Implications to BGRIM

Key terms and conditions Tariff structure Contracted Heat Rate 7,409 BTU/KWh CP0 (at 34 Baht/USD exchange rate with 50% indexation) 497.94 baht/KW/month EP0 2.0086 Baht/KWh

SPP Replacement Scheme – Renewal of 25-year PPA

*Note: CP: Capacity payment, EP: Energy payment

Power plants Existing capacity New capacity Installed capacity Equity capacity Installed capacity Equity capacity ABP1 166.4 25.5 150.0 76.8 ABP2.0* 111.6 17.1 150.0 76.8 BPLC1 103.0 103.0 150.0 150.0 ABP2.1* 59.6 9.1 59.6 30.5 BPLC2* 56.1 56.1 56.1 56.1 Total 496.7 210.8 565.7 390.2 Additional 69.0 179.4

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

Tariff Structure

SLIDE 7

B.GRIMM INVESTOR PRESENTATION Q3’2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

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• 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

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

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 8

B.GRIMM INVESTOR PRESENTATION Q3’2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

49% 45% 6%

Total 294 MW

In Operation 134 MW

Solar Group 145 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%

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)

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Type of Energy Installed MW Equity MW Capacity % Under Develop Capacity %

Gas fired 2,206 MW 87.8% 707 MW 1,498 MW 88.1% Hydro Power 133 MW 5.3% 113 MW 95 MW 5.6% Solar 145 MW 5.8% 31 MW 90 MW 5.3% Wind 16 MW 0.6% 16 MW 15 MW 0.9% Diesel 13 MW 0.5% 4 MW 0.2% Total 2,513 MW 100% 867 MW 1,701 MW 100%

Diversified Portfolio of 2,513 MW with 867 MW Under Development

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

SPP – INDUSTRIAL ESTATE 88% RENEWABLE GROUP 11.5% TRANSMISSION & DISTRIBUTION 0.5%

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B.GRIMM INVESTOR PRESENTATION Q3’2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

9M/17 SALES AND SERVICE INCOME BY CUSTOMER WEIGHTED AVERAGE REMAINING PPA LIFE

EGAT

62%

IU-TH

29%

IU-VN

4%

Steam-TH

2%

Others

3%

THB 23,720 mm

9M/2017 Sales and service Income LONG-TERM PPA STRUCTURE

• EGAT : 21 to 25 years tenor with take-or-pay structure
• 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 23.8 20.0 9.8 8.0

EDL PEA Solar EGAT Industrial users

• electricity

(Thailand) Industrial users

• steam

(Thailand)

Track Record of Extensions

Years Years Years Years Years

8

Note: Weighted Average Remaining PPA life is calculated as the average remaining contractual term remaining from 30 September 2017 to expiry weighted by the aggregate contracted capacity under the relevant agreement

Trustworthy Customers with Long Remaining PPAs Secure Cash Flow

SLIDE 10

B.GRIMM INVESTOR PRESENTATION Q3’2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

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

9 ▪ 1 power plant ▪ 20 MW ▪ 3 generating units

Hydro power plants

SLIDE 11

B.GRIMM INVESTOR PRESENTATION Q3’2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

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Micro Grid Helps Enhancing Reliability of Electricity

Benefit of Micro Grid Enhances the reliability of the power supply Enhances efficiency of power plants and minimize reserve margin of each plant Reduces the overall costs of

• perating power plants

Provide flexibility on maintenance schedule Industrial Estate Remote Terminal Unit

By centralizing the power supply from all power plants in remote terminal unit, BGRIM can not only supply reliability to IU 24/7, but also optimize efficiency of each plant through Automated Metering Reading 171

Install

166

Install

133

Install

131

Install

131

Install

ABP3 ABP4 ABP1 ABP5 Intertransmiss electricity among power plants

(Total capability of 732 MW)

• The excess installed capacity of one power plant is used to supply the unmet

demand for industrial estate of other power plants.

• The exchange of electricity and unmet demand in power plants reflects the

advantage of focusing on revenue by location rather than by plants.

ABP2

2GT + 1ST 2GT + 1ST 2GT + 1ST 3GT + 2ST 2GT + 1ST Estimated demand of 800- 1,000 MW MW MW MW MW MW *Note: GT= Gas turbine, ST= Stream turbine

SLIDE 12

B.GRIMM INVESTOR PRESENTATION Q3’2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

11

B.Grimm Overview B.Grimm Growth Strategy Q3/2017 Operating Result Project Update Agenda

SLIDE 13

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

Robust Growth Pipeline with Promising on Execution

ACHIEVED COD IN TIME AND WITHIN BUDGET FOR 25 CONSECUTIVE PROJECTS DURING PAST 6 YEARS

XXHP

(20MW)

2017

30

Plants

1,646 MW

Installed Capacity

934 MW

Equity Capacity

ABP1 Replace

(150MW)

Nam Khao

(5 plants) (68MW)

46

2019

Plants

2,142 MW

Installed Capacity

1,297 MW

Equity Capacity

BGPR1, BGPR2

(240MW)

Tadsakoi

(30MW)

2,428 MW

Installed Capacity

1,573 MW

Equity Capacity

Bo Thong 1 & 2

(16MW)

2020

48

Plants

2,158 MW

Installed Capacity

1,312 MW

Equity Capacity

ABPR3, ABPR4, ABPR5

(399MW)

Solar 2017

(31MW)

Nam Che 1

(15MW)

41 2018

Plants

2,091 MW

Installed Capacity

1,197 MW

Equity Capacity

ABP2 Replace

(150MW)

BPLC Replace

(150MW)

2022

51

Plants

2,513 MW*

Installed Capacity

1,701 MW

Equity Capacity

+133 MW

Installed Capacity Increase (2017- 2022)

+1,136 MW

12

2021

51

Plants 2021

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

SLIDE 14

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

BGRIM’s Strategy for 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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B.GRIMM INVESTOR PRESENTATION Q3’ 2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

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MYANMAR LAOS VIETNAM CAMBODIA MALAYSIA THAILAND

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

Dec 2016 Nov 2017 Oct 2017 Nov-Dec 2017

Hybrid Solar Opportunity

Signed MoU with China Energy Engineering Corporation (“CEEC”) to co-invest and develop solar PV power projects

Poipet Special Economic Zone

Start construction in Oct’17 and

• perate in Mar’18

Co-investor in 7 Solar Projects

Selected as a co-investor in solar projects with total capacity of 31MW and COD by 2018

Participate on SPP Hybrid Firm and VSPP Semi-Firm

ERC announced target to award 300-MW SPP Hybrid Firm and 268- MW VSPP Semi-Hybrid Firm

Diligently Invest in Suitable Opportunities via Strong Networks

SLIDE 16

B.GRIMM INVESTOR PRESENTATION Q3’2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

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B.Grimm Overview B.Grimm Growth Strategy Q3/2017 Operating Result Project Update Agenda

SLIDE 17

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

+947 / 16.7% YoY 1,967 2,223 2,270 5,679 6,626 27.8% 27.9% 28.0% 27.4% 27.9%

23.0% 24.0% 25.0% 26.0% 27.0% 28.0% 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000

Q3/16 Q2/17 Q3/17 9M/16 9M/17

Top Line is Growing Strong with EBITDA Margin Improving

9M 2016 to 9M 2017 (YoY):

• Sales and service income increased by 14.6% YoY primarily due to

an increase in revenue from APB5 and BPWHA1 that were fully developed and are in operation in Jun and Nov 2016, respectively

Q2 2017 to Q3 2017 (QoQ):

• Sales and service income increased 1.8% QoQ primarily due to an

increase in both electricity sales volume and selling price per unit to industrial users

9M 2016 to 9M 2017 (YoY):

• EBITDA increased by 16.7% YoY which is in line with the increase in

revenue and improvement on EBITDA margin

• EBITDA margin also improved to 27.9% from 27.4% in 2016, due to

high efficiency of the new power plants, operational cost saving and increase in Ft in May 2017

Q2 2017 to Q3 2017 (QoQ):

• EBITDA increased 2.1% QoQ being in line with the increase in revenue

and improvement on EBITDA margin

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EBITDA AND EBITDA MARGIN TOTAL SALE AND SERVICE INCOME

96% 95% 95% 97% 95% 2% 2% 2% 2% 2% 2% 3% 3% 1% 3% 7,083 7,964 8,105 20,691 23,720 Q3/16 Q2/17 Q3/17 9M/16 9M/17 Electricity Others Steam

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

EBITDA Margin EBITDA +1,022 / 14.4% YoY +141 / 1.8% QoQ +3,029 / 14.6% YoY +47 / 2.1% QoQ +303 / 15.4% YoY

SLIDE 18

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

2.96 2.90 3.25 3.16

9M/16 9M/17 9M/16 9M/17 EGAT Industrial Users (TH)

(Unit:THB/KWh)

EGAT

• EGAT Sales volume for 9 months increased by 18.7% YoY due to

COD of ABP5 and BPWHA1 in Jun and Nov 2016, respectively

• Electricity price sales for 9 months to EGAT decreased by 2.0%

YoY due to the fall of energy payment affected from the decrease in natural gas price IU Thailand

• IU Thailand sales volume for 9 months increased by 12.2% YoY

due to COD of the new power plants (BIP2, ABP5 and BPWHA1) and increase in demand at Amata Nakorn, Amata City and Laem Chabang Industrial Estates

• Electricity price sales to Industry Users Thailand for 9 months

decreased by 2.8% YoY primarily due to a change in natural gas price

4,256 1,978 5,052 2,219 9M/16 9M/17 9M/16 9M/17 EGAT Industrial Users (TH)

(Unit: GWh) (Unit: GWh)

Electricity Sales Volume Increased for BOTH EGAT and IU YoY

17

KEY DRIVERS: ELECTRICITY AND NATURAL GAS VOLUME AND PRICE 9 MONTHS YoY

ELECTRICITY SALES VOLUME YoY ELECTRICITY SELLING PRICE YoY

1,150 1,168 245 259 501 516 165 83 111

9M/16 9M/17 9M/16 9M/17 9M/16 9M/17 9M/16 9M/17 9M/16 9M/17 Amata Nakorn Amata City Laem Chabang Hemraj Bangkadi

SALES VOLUME FOR EACH INDUSTRIAL USER FOR 9 MONTHS (TH) YoY

246 237

9M/16 9M/17

EFFECTIVE GAS COST (Unit:THB/mmBTU)

SLIDE 19

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

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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

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 8,228 8,431 8,278 8,225 7,621 7,521 7,550 7,753 7,590 7,683 7,569 8,125 8,529 8,358 8,361 7,520 7,467 7,522 7,740 7,545 7,642 7,531 7,565 ABP1 BPLC1 ABP2 BPLC2 ABP3 ABPR2 ABPR1 BIP1 ABP4 BIP2 ABP5 BPWHA1

9M 2016 9M 2017

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

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

(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) 89.2 98.5 97.0 99.8 99.2 99.2 98.2 81.5 99.5 99.0 99.7 91.54 98.16 95.71 97.77 97.20 99.48 95.8 96.69 96.29 97.32 98.10 98.29 70 75 80 85 90 95 100 ABP1 BPLC1 ABP2 BPLC2 ABP3 ABPR2 ABPR1 BIP1 ABP4 BIP2 ABP5 BPWHA1

9M 2016 9M 2017

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

(%)

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B.GRIMM INVESTOR PRESENTATION Q3’ 2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

346 453 519 1,121 1,393 298 348 349 845 953 644 801 868 1,966 2,346

500 1000 1500 2000 2500 3000

Q3/16 Q2/17 Q3/17 9M/16 9M/17 9.1% 10.1% 10.7% 9.5% 9.9% NNP Margin NNP to

• wner

NNP to Non- Controlling Interest

9M 2016 to 9M 2017:

• NNP increased 19.3% YoY primarily due to improvement of our
• perating profit margin and reduction of financing cost
• NNP attributable to Owner of the Parent is growing strong with

24.26% growth rate with a 59% share of NNP Q2 2017 to Q3 2017:

• NNP increased 8.4% QoQ primarily due to reduction of financing

cost caused by repayment of corporate loan in Q3’2017

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

+67 / 8.4% QoQ +225 / 35% YoY

Reconciliation Items:

• Net unrealized Fx Gain 826 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 350 mm is due to the cost of bond

issuance of ABP3, ABPR1 and ABPR 2 as well as a provision of inventory and an expense related to the remuneration scheme and expenses related to IPO

+380 / 19.3% YoY

NNP for 9 Months Increased 19% YoY

19

NORMALIZED NET PROFIT (NNP)

(Unit: THB mm)

2,823 2,346 1,393 826 235 115 953

Net Profit Unrealized Fx Gain Deferred fee and Prepayment Non- recurring expense NNP NNP to NCI NNP to Owner

RECONCILE NORMALIZED NET PROFIT (NNP) 9M OF 2017

(Unit: THB mm)

SLIDE 21

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

85% 71% 15% 29% 31 Dec 16 30 Sep 17 11% 16% 11% 23% 78% 61% 31 Dec 16 30 Sep 17

76,047 87,834

(x)

Cash and cash equivalents Other Current Assets

(Unit: THB mm)

Assets

Total Liabilities Total Equity

76,047 87,834

Liabilities and Equity

Strong Financial Position Thanks to the Well-Managed Capital Structure

Non- Current Assets

Financial Position as at 30 Sep 2017 Total assets

• Total assets increased by 15.5% 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 and intangible assets

Total liabilities

• Total

liabilities decreased 3.2% primarily due to repayment of corporate loan of B.Grimm Power in the amount of 5,960 mm during Q3’2017

Total Equities

• Total equities increased 120.3% primarily due to the

increase in paid up equity arising from net proceed from IPO and retained earnings during the period

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STATEMENT OF FINANCIAL POSITION AS OF 30 SEP 2017

SLIDE 22

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

28% 14% 22% 6% 4%

TOTAL PROJECT LEVEL: THB 45,816 MM

Project Level (In Operation) Loan (THB) 21

• After repayment of corporate loan, only

14% of loan represents loan at the corporate level. The remaining 86% contributes to loan and debenture at power plant level

• Interest obligations of almost all power

plant level debt are swapped to fixed rate

• Only 22% of total loan as at 30 Sep

2017 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 14,942 MM Project Level (Under Construction) Loan (THB) THB 7,354 MM Project Level Debenture THB 11,482 MM Corporate Level Loan THB 1,949 MM Corporate Level Debenture THB 5,493 MM

10%

5.1% 5.4% 4.9% 4.8%

0.04 0.05 0.05 0.05 0.05 0.05 0.06

12M/14 12M/15 12M/16 9M/17

• Financing costs decreased to 4.8% 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 in which its cost is relatively high

(THB mm) (%)

Financing Costs

Project Level (Under Construction) Loan (USD) THB 3,224 MM Project Level (In Operation) Loan (USD) THB 8,815 MM

16%

SLIDE 23

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

22

(Times)

4.1x 3.7x 1.5x

• 0.50

1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00

Dec-16 Jun-17 Sep-17 Gearing Ratios

• Consolidated Net Interest-Bearing Debt to Equity Ratio decreased

to 1.5x, and for the Company only fell to -0.4x as a result of the additional of net cash proceed from IPO added into our capital structure

CAPITAL STRUCTURE



Manage debt and equity funding to

• ptimize 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 is included loans at power plant because BGRIM holds majority in most of the projects



Minimum 40% of net profit of consolidated financial statements not including unrealized gain/loss on exchange rate and non-recurring expenses (subject to retained earnings of standalone financial statements)

DIVIDEND POLICY

CONSOLIDATED NET INTEREST-BEARING DEBT TO EQUITY RATIO COMPANY ONLY NET INTEREST-BEARING DEBT TO EQUITY RATIO

1.0x 1.3x

• 0.4x

(0.60) (0.40) (0.20)

• 0.20

0.40 0.60 0.80 1.00 1.20 1.40

Dec-16 Jun-17 Sep-17

Net Interest-bearing Debt to Equity Ratio significantly decreased after IPO

(Times)

SLIDE 24

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

23

B.Grimm Overview B.Grimm Growth Strategy Q3/2017 Operating Result Project Update Agenda

SLIDE 25

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

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 Oct 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 Oct 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 Oct 2017)

Progress on track Progress on track

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

97.5% 88.4% 73.5%

SLIDE 26

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATE B.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW

25

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 31 Oct 2017)

Progress on track

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

36.8%

SLIDE 27

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

APPENDIX

Appendix

26

SLIDE 28

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

APPENDIX

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 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

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

APPENDIX

28

BGRIM’s Shareholders

34.0% 28.3% 9.1% 1.1% 0.1% 27.4% 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 16 Nov 17) %

• 1. EUROCLEAR NOMINEES LIMITED

4.7%

• 2. Muang Thai Life Assurance Co., Ltd

1.3%

• 3. N.C.B. TRUST LIMITED-NORGES BANK 11

1.2%

• 4. Bualuang Long-Term Equity Fund

1.1%

• 5. Thai Life Insurance Co., Ltd

1.1%

• 6. GIC PRIVATE LIMITED

0.8%

• 7. Others

17.2% Total 27.4%

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

Directors and Management

SLIDE 30

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

APPENDIX

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 82.2 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 732.3 277.7 450.0 297.5 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 48.1 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 1,498.3 856.8 960.0 511.4 140.7 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 1,511.3 860.8 960.0 821.9 140.7

Operational Power Plants: Conventional

SLIDE 31

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

APPENDIX

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

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

APPENDIX

391 419 466 341 358 2,042 2,436 2,634 1,978 2,219 3,098 3,744 5,805 4,256 5,052 5,531 6,599 8,912 6,580 7,656 2014 2015 2016 9M 2016 9M 2017

Electricity Sales to EGAT by SPPs Electricity Sales to Industrial Users - Thailand Electricity Sales to Industrial Users - Vietnam (APB) Electricity Sales to PEA 31

Source: Company filing and data

Power Plant Company Net Electricity Generation (GWh) 2014 2015 2016 9M 2016 9M 2017 ABP1 962 863 967 693 732 ABP2 1208 1188 1227 957 883 ABP3 933 891 860 648 711 ABP4 100 793 615 573 ABP5 470 271 595 ABPR1 722 797 807 611 580 ABPR2 784 798 776 624 638 BPLC1 374 733 760 570 578 BPLC2 164 319 330 248 249 BIP1 443 608 432 529 BIP2 728 555 557 BPWHA 109 659 Total 5,147 6,131 8,441 6,224 7,284 Power Plant Company Steam Dispatched (Tons) 2014 2015 2016 9M 2016 9M 2017 ABP1 5,072 3,833 1,699 1,385 1,135 ABP2 49,002 42,938 39,484 29,358 32,114 ABP3 58,696 95,387 83,561 63,675 65,707 ABPR1 44,958 67,252 77,859 58,421 42,056 ABPR2 116,084 98,297 76,890 63,055 80,648 BPLC1 107,203 188,273 191,008 144,124 135,069 BPLC2 19,119 41,522 38,628 30,308 26,685 Total 400,133 537,503 509,130 390,326 383,415

56.0% 56.7% 65.1% 29.6% 36.9% 36.9% 30.1% 29.0% 6.3% 7.1% 5.2%

(GWh)

Our electricity dispatch increased since 2014 primarily as a result of 7 gas-fired cogeneration power plants coming into operation

64.7% 5.2% 4.7% 66.0%

Operational Highlights: Net Electricity Generation and Steam Dispatched

NET ELECTRICITY GENERATION BY GAS-FIRED COGENERATION POWER PLANTS TOTAL ELECTRICITY SOLD BY CUSTOMERS STEAM DISPATCHED BY GAS-FIRED COGENERATION POWER PLANTS

SLIDE 33

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

APPENDIX

32

Source: Company filing and data

19.0 18.8 18.8 19.0 19.0 18.9 19.1 18.8 18.5 18.7 18.9 17.1 17.6 18.0 16.0 18.9 18.7 18.7 18.9 18.6 18.6 18.3 18.8 18.1 18.2 18.7 17.3 17.6 17.5 16.8

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

9M2016 9M2017 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

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

CAPACITY FACTOR (%)

SLIDE 34

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

APPENDIX

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

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

APPENDIX

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

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

APPENDIX

35

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 37

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

APPENDIX

36

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) ✓

Source: Company filing

Tax Privileges

Under Construction In Operation

SLIDE 38

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

APPENDIX

Criteria and conditions for SPP hybrid Tariff Structure SPP Hybrid Scheme

37

• 1. Expand business towards

renewable energy

• 2. Leverage partnership with

China Energy Engineering Cooperation to secure a competitive package of high quality EPC with technology suit to hybrid scheme

• 3. Leverage experience as

renewable developer and conventional power plant

• perator to run hybrid

scheme

• 4. Extend relationship with

biomass supplier to seek new opportunity to co- develop power plants in the future

Conditions Implications to BGRIM

SPP Hybrid Scheme 2017

Installed Capacity (MW) FiT (THB/kWh) Period (years) FiTF FiTV,2560* FiT Installed Capacity > 10-50 MW 1.81 1.85 3.66 20 years Decision criteria

• Feedstock procurement plan, Land, Technology, Finance

Type of fuel

• Only new power plants with all types of fuel type can participate
• Greater or equal to 1 type of renewable source

Contracted capacity

• 10 – 50 MW

Installed capacity

• <= 2 times of contracted capacity except solar and wind; and
• <= 50MW

Period

• Peak: Mon-Fri 9.00-22.00
• Off-peak: Mon-Fri 22.00-9.00; Sat-Sun 0.00-24.00

Cap/Firm capacity

• Peak: Firm 98%; Cap 102%
• Off-peak: No firm; Cap 65%

SCOD

• During 2020-2021

PPA signing date

• 2 years after ERC awards

PPA period

• 20 years

Bidding price

• Discount on FiTF

Penalty

• 20% of FiTF * KWh of (98% of contracted capacity – actual

dispatch)

Remark: *FiTV is adjusted by core inflation

SLIDE 39

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

APPENDIX

Criteria and conditions for VSPP semi-firm VSPP Semi-Firm Scheme

38

1. Expand business towards renewable energy 2. Leverage partnership with China Energy Engineering Cooperation to secure a competitive package of high quality EPC with technology suit to hybrid scheme 3. Extend relationship with biomass supplier to seek new opportunity to co- develop power plants in the future 4. Diversify portfolio

Conditions Implications to BGRIM

VSPP Semi-firm Scheme (EPPO Guideline only)

Installed Capacity (MW) FiT (THB/kWh) Period (years) FiT Premium (THB/kWh) on firm month FiTF FiTV, 2560 FiT < 6 months firm period

• 1. Biomass

<= 3 MW 2.61 2.21 4.82 20 years 0.40 0.50 > 3 MW 2.39 1.85 4.24 20 years 0.30 0.50

• 2. Biogas

3.76

• 3.76

20 years 0.50 0.50

• 3. Energy crops

2.79 2.55 5.34 20 years 0.50 0.50

Decision criteria Feedstock procurement plan, Land, Technology, Finance Condition Only new power plants with biomass, biogas and energy crops type Contracted capacity < 10 MW Firm period Firm for 6 months (including Mar-Jun); Other 6 months are non-firm Firm capacity Peak 100% and off-peak 65%* (*in accordance to ERC’s definition) SCOD Within 2019-2020 Bidding price Discount on FiTF Southern border province project

Tariff Structure

SLIDE 40

B.GRIMM INVESTOR PRESENTATION Q3’ 2017

APPENDIX

39

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 FX Foreign exchange IPO Initial public offering IU Industrial user JV Joint venture KWh Kilowatt-hour MWh Megawatt-hour 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

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 41

INVESTOR RELATIONS

Chairath Sivapornpan

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

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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