Fixed Income Investor Presentation Green Debenture LOCAL RATING AA- July 9, 2020 A+(tha) INTERNATIONAL RATING BBB-
Disclaimer This document has been prepared by Global Power Synergy Public Company Limited (“GPSC” or the “Company”) solely for use at a fixed income investor presentation for information purposes only. This document contains forward-looking statements based on currently held beliefs, expectation of future events and assumptions of the management of the Company as of the respective dates indicated herein. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that the results and events contemplated by the forward-looking statement will in fact occur or that assumptions are correct. Neither the Company nor any third-party has any obligation to update or otherwise announce any revision to forward-looking statements to reflect future events or developments. This material does not constitute an invitation or solicitation of an offer to subscribe for or purchase any securities and neither this material nor anything contained herein shall form the basis for any contract or commitment whatsoever. This material contains general background information about the Company and its subsidiaries based on information as of the date of this material. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential investors. Any decision to invest in any offer to subscribe for or acquire any securities of the Company must be based wholly on the information contained in the prospectus in respect of the securities issued or to be issued in connection with such offer and not on the contents hereof. This material is being communicated only to persons who have professional experience in matters relating to investments and to persons to whom it may be lawful to communicate it to (all such persons being referred to as relevant persons). This material is only directed at relevant persons and any investment or investment activity to which the material relates is only available to relevant persons or will be engaged in only with relevant persons. Solicitations resulting from this material will only be responded to if the person concerned is a relevant person. Other persons should not rely or act upon this material or any of its contents. Investors and prospective investors in securities of the Company mentioned herein are required to make their own independent investigation and appraisal of the business and financial condition of such company and the nature of the securities. This document is strictly confidential and being given solely for your information and may not be shared, copied, reproduced or redistributed to any other person in any manner. In giving this material, neither the Company nor any third-party has any obligation to provide the recipient with access to any additional information or to update this material or any additional information or to correct any inaccuracies in any such information which may become apparent. None of the Company and entities named as joint lead arrangers in this material (each, a "Joint Lead Arranger") warrants the completeness or accuracy of the information contained herein, nor have they independently verified such information, and none of the Company, the Joint Lead Arrangers or their subsidiaries or affiliates, or undertakes to update or revise any information subsequent to the date hereof, whether as a result of new information, future events or otherwise. The Company and the Joint Lead Arrangers shall not have any responsibility or liability whatsoever for any loss howsoever arising from this material or its content or otherwise in connection therewith. Information concerning entities other than the Company and its subsidiaries are based on publicly available information. This material is not for distribution or redistribution in any jurisdiction. In particular, this material may not be taken or transmitted into the United States, Canada or Japan or distributed, directly or indirectly, in the United States, Canada or Japan. By participating in this material or by accepting any copy of the slides presented, you agree to be bound by the foregoing limitations. This material is not a prospectus for the offer for sale of the securities but has been prepared to publicize information regarding the securities prior to the offer for sale in order that prospective investors can have sufficient time to study the information before making any decision to invest. The information appearing in this material is the same as the information appearing in the registration statement and draft prospectus of the securities filed with the Office of the Securities and Exchange Commission of Thailand (the "Office of the SEC"), which has not yet become effective under applicable laws. Therefore, the information contained in this document is subject to possible further revision. The offer of the securities may only be made when the registration statement and draft prospectus filed with the Office of the SEC have become effective and final prospectuses have been distributed to investors. I nvestors must study characteristics, conditions of return of the investment and risks relating to the securities before making a decision to invest in the securities. Investors are urged to read the prospectus or factsheet in respect of the securities carefully. 2
Company Overview Green Finance Framework Financial Highlights Investment Highlights Proposed Offering and Timeline 3
GPSC's vision and mission VISION The Global Leading Innovative and Sustainable Power Company ▪ Create long- term shareholders’ value with profitable growth MISSION ▪ Deliver reliable energy through operational excellence to customers ▪ Conduct business with social and environmental responsibility ▪ Seek innovation in power and utility efficiency management through energy storage technology 4
GPSC Customers’ Profile in Q1/2020 51% Industrial Users 48% EGAT LONG TERM OFF TAKE CONTRACTS 1% Others ✓ Guaranteed market and source of revenue ✓ Guarantee a minimum level of profit in regards to their *Q1/2020 revenue by customers investment ✓ Price adjustment formula, varying with fuel price 5
GPSC Innovative Power Company at a Glance | as of 15 June 2020 TOTAL EQUITY CAPACITY * SHAREHOLDING STRUCTURE Electricity | 5,026 MW Steam | 2,876 T/H Chilled Water | 15,400 RT Public Industrial Water | 7,372 Cu.m./H 22.8% 24.8% 2,819.7 million shares 8.9% 22.7% COMBINED CYCLE | 20.8% COGENERATION | THERMAL Electricity | 4,463 MW Steam | 2,876 T/H Chilled Water | 15,400 RT COMPANY INFORMATION Industrial Water | 7,372 Business Type | Energy & Utilities cu.m./H Paid-up Capital | THB 28,197 million Market Cap. | THB 211,477.5 million Listed on | Stock Exchange of Thailand HYDROELECTRIC Electricity | 449 MW CREDIT RATINGS BBB- AA- RENEWABLE ENERGY Electricity | 114 MW A+(tha) OTHER BUSINESSES 24M | BSA Note: *Committed equity capacity 6
GPSC’s Business Portfolio by Fuel and Plant Type | as of Q1/2020 BY FUEL TYPE 68% natural gas INSTALLED MW EQUITY MW 16% coal FUEL TYPE total capacity in operation % total capacity in operation % 9% hydro natural gas 5,047 4,987 63 % 3,399 3,381 6 8 % 5% petroleum pitch 2% solar hydro 1,502 1,502 19 % 449 449 9 % 0.3% waste coal 1,045 1,045 13 % 814 814 16% petroleum BY FUEL TYPE 250 - 3 % 250 - 5 % pitch TOTAL 101 2% solar 149 109 2 % 101 5,026 MW waste 18 9 0.2 % 13 3 0. 3 % committed equity capacity TOTAL 4,7 4 8 8,011 7,691 100% 5,026 100% 49% IPP BY PLANT TYPE 43% SPP INSTALLED MW EQUITY MW PLANT TYPE 5% ERU total capacity in operation % total capacity in operation % 3% VSPP + renewable IPP 4,910 4,910 61% 2,440 2,440 4 9 % SPP 2,614 2,554 33% 2,192 2,174 4 3 % BY PLANT TYPE ERU 250 - 3% 250 - 5 % TOTAL 5,026 MW VSPP + 237 227 3% 144 13 4 3 % renewable committed equity capacity TOTAL 8,011 7,691 100% 5,026 4,7 4 8 100% 7
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