[PPT] - Opportunity Day 2Q19 Results 19 August 2019 Your Ultimate Solution PowerPoint Presentation

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Your Ultimate Solution Partner in Utilities & Power with Environmental Care

Opportunity Day 2Q’19 Results

19 August 2019

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Disclaimer

The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for share in WHA Utilities & Power Public Company Limited (“WHAUP” and shares WHAUP, “shares”) in any jurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever. In addition, this presentation contains projections and forward-looking statements that reflect the Company's current views with respect to future events and financial

performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties

and contingencies as well as various risks and these may change over time and in many cases are outside the control of the Company and its directors. You are cautioned not to place undue reliance on these forward looking statements, which are based on the current view of the management of the Company on future

events. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. The Company

does not assume any responsibility to amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and actual results may differ from those forecast and projected or in the forward-looking statements as a result of various factors and assumptions.

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VII. VI.

Agenda

Company Profile Utilities Business Power Business Operating Performance Performance Highlight Financial Information Outlook 2019B Appendix I. II. III. IV. V. VIII

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VISION

“To be Asia's leader in Utilities and Power providing total solutions to partners with good corporate governance as well as environmentally and socially friendly operations”

MISSION

To develop world class utilities and power solutions fitting customer's needs
To vertically integrate solutions in utilities and power businesses and expand

market segment in Thailand and CLMV (Asia)

To continuously develop Human Resources competencies
To nurture an innovative culture in the organization
To add value to communities and the environment with good corporate

governance and sustainable development strategies

Vision & Mission

I. Company Profile

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#1 Logistics developers
Built-to-Suit (BTSW):

World-class standard warehouses and factories

Built-to-Suit (BTSF):

Premium quality factories for tenants with specific requirements

Warehouse Farm:

Combination of Built-to- Suit and Ready-Built Projects at the same site

Built-to-Own

(BTO):Warehouse or factory customized to client’s special needs then transfer the asset to the client

Built-to-Suit Office:

Offices that are customized to customers’ specific requirements i.e. Multi-purpose offices

I. Company Profile

WHAUP is the Flagship Company in Utilities and Power Business of WHA Group

#1 Industrial Estate

Developer

10 operating and 3

Planned New Industrial Estates in Thailand’s most strategic industrial locations totalling 48,627 rai

Ample Land stock –

Thailand with more than net 4,506 industrial estate rai developed/to develop in existing strategic industrial estates and

ver net 4,712 rai to

develop in the 3 new industrial estates.

Ready-Built factory and

warehouse in IEs and logistic park

Potential geographical

expansion in cross-border provinces and overseas investment

Exclusive utilities provider

in the industrial estates with high margin products and steady growth

Active power investor with

strategic partnership with reputable partners.

Industrial water production

capacity is 102.6 million m3/year and wastewater treatment capacity is 42.8 million m3/year

554 Operational Equity

MW* and growing to 570 Equity MW by 2019 from projects under construction and in pipeline.

To be one-stop service

for Data Center developer and provider by way of business collaboration with reputable partners

Be part of the

Government Initiative to promote digital economy

Remark * As of June 2019

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Business Overview

I. Company Profile

Utilities Business Power Business

Sole provider of utilities to manufacturers/ factories in leading industrial estates with a concrete plan to capture increasing demand from heavy users and expand outside i.e. other IEs, non-IE area and international Active power investor with strategic partnership with leading Thai and international power companies

HE SIE 3

Raw Water Industrial Water

Process water
Clarified water

Wastewater Treatment

100

Million M3

2017

105

Million M3

2018

Conventional Renewable Natural Gas

2017

2018

521

Installed Equity MW

486

Installed Equity MW

Reclaimed Water

554

Installed Equity MW

2Q’19

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VII. VI.

Agenda

Company Profile Utilities Business Power Business Operating Performance Performance Highlight Financial Information Outlook 2019B Appendix I. II. III. IV. V. VIII

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Utilities Business Overview

Supplier Water Production

IE’s Reservoir

WHAUP

Industrial Users

WHAUP

WHAUP secures 80% of raw water from EASTW for its industrial water production via IEs

2 3

 One of the largest industrial utilities providers in Thailand  Excellent track record in providing comprehensive utilities service  Exclusive right for all existing and future WHA ID’s Estates in Thailand and CLMV  Strong base of industrial users in various sectors and opportunity to capture non-industrial users

Raw Water Industrial Water

1

750 International and Thai Corporate Customers Currently supply via IEs of WHA ID

Royal Irrigation Department (“RID”)

2 1

Wastewater Management

3 Product/ Service Provided

Supply and distributes raw water to

factories in the industrial estates.

Main customers: Power Industry
Produces and distributes process

and clarified water to supply industrial users in the industrial estates

Main customers : Petrochemical

Industry

Collect and provide wastewater

treatment services to factories in the industrial estates

Main customers : Petrochemical,

Automotive, and Power Industry

II. Utilities Business

Reclaimed Water

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Assets Location

II. Utilities Business

WHAUP’s exclusive rights to operate and provide utilities services to customers cover all WHA ID’s Industrial Estates. Currently, WHAUP provides utilities services to 9 operating IEs plus 5 developing IEs in the future (including Vietnam).

1 WHA Chonburi Industrial Estate 1 (WHA CIE 1) 2 WHA Chonburi Industrial Estate 2 (WHA CIE 2) 3 Easter Seaboard Industrial Estate (ESIE) 4 WHA Eastern Seaboard Industrial Estate 1 (WHA ESIE 1) 5 WHA Eastern Industrial Estate (Map Ta Phut) (WHA EIE) 6 WHA Saraburi Industrial Land (WHA SIL) 7 WHA Rayong Industrial Land (WHA RIL) 8 WHA Eastern Seaboard Industrial Estate 2 (WHA ESIE2) 9 WHA Eastern Seaboard Industrial Estate 4 (WHA ESIE4)

6 7 5 8 1 2 3 9 4

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Business Strategies

II. Utilities Business

Industrial Estate Products (Raw Water, Industrial Water and Central Wastewater Treatment)

Current Positioning 5Y Aspiration

Developing Integrated Solutions to Industrial Users Municipal Water Supply CLMV Markets Domestic: Integrated solutions to industrial market, expansion to other market segments with world-class

peration and services

International: Expand to strategic regional countries by leveraging on WHA Group brand, expertise and customer base Thailand’s leader in industrial water businesses provides 105 million m3 Industrial Estate products to customers in WHA Group in 2018.

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Agenda

VII. VI. Company Profile Utilities Business Power Business Operating Performance Performance Highlight Financial Information Outlook 2019B Appendix I. II. III. IV. V. VIII

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Growing Portfolio

III. Power Business

Continuing Growth from Projects Under Construction and Committed Projects in Pipeline

Targeted 100 MW solar rooftop by 2022; As of 6M’19, 24.2 MW already secured 570 MW 486 MW 521 MW 352 MW 2016 2017 2018 2019B

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Maturity < 20 Years, 27% Maturity ≥ 20 Years, 73%

Well-balanced and High Stability Portfolio

Portfolio Analysis

III. Power Business

IPP 52% SPP 48%

By Type of Power Plant By Type of Sourcing

Coal 43% Gas 53% Hydro 4% By Type of Power Plant By Type of Sourcing VSPP 100% Solar 90% WTE 10%

Conventional Power: 547 Equity MW Secured Renewable Power: 30 Equity MW Secured

EGAT/ PEA/ MEA, 92% Industrial Users, 8%

Highly reliable off-taker (EGAT)

Client Profile

Maturity ≥ 20 Years, 100%

Long-maturity Portfolio

Additional Incoming Project in 2019 2018

Portfolio Summary

Project Name Type JV Partner Location Installed Capacities (MW) WHAUP Portion Equity MW COD Operating Phase Gheco-I IPP Coal Glow Map Ta Phut IE 660 35.00% 231 Q3’12 Glow IPP IPP Gas Combined Cycle Glow WHA CIE 1 713 5.00% 36 Jan-03 Houay Ho Power IPP Hydro Glow Lao PDR 152 12.75% 19 Sep-99 GJP NLL SPP Gas Co-gen Gulf JP WHA RIL 123 25.01% 31 May-13 Gulf Solar VSPP Solar Gulf WHA LP 1, WHA CIE 1, WHA ESIE 1, ESIE 0.6 25.01% 0.2 Jun-14 – Jan-15 WHA Gunkul VSPP Solar Gunkul Bangna and Ayudthaya 3.3 74.99% 2.5 Apr – Jul-14 BGWHA-1 SPP Gas Co-gen B Grimm WHA CIE 1 130 25.01% 33 Nov-16 GVTP SPP Gas Co-gen Gulf MP ESIE 137 25.01% 34 May-17 GTS1 SPP Gas Co-gen Gulf MP ESIE 134 25.01% 34 Jul-17 GTS2 SPP Gas Co-gen Gulf MP ESIE 134 25.01% 34 Sep-17 GTS3 SPP Gas Co-gen Gulf MP WHA ESIE 1 130 25.01% 32 Nov-17 GTS4 SPP Gas Co-gen Gulf MP WHA ESIE 1 130 25.01% 32 Jan-18 GNLL2 SPP Gas Co-gen Gulf MP WHA RIL 127 25.01% 32 Jan-19 Solar Rooftop Projects Private PPA Solar 100% Owned IEs/ Logistic Center 4.5 100.0% 4.5 May’18-Jun’19 Total 2,578 554 Construction Phase Solar Rooftop Projects Private PPA Solar 100% Owned IEs/ Logistic Center 19.7 100.0% 19.7 Q3’19-Q1’20 CCE VSPP Waste-to-energy Glow& Suez WHA CIE 1 8.6 33.33% 2.9 Q4’19 Total 28 23

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Business Strategies

III. Power Business
New projects in IEs : WHA ESIE 2 COD in Dec’18 and WHA ESIE4 COD

in Jun’19

“Developer” in Power and Energy Businesses

IPP : Glow IPP, Gheco-One , Houay Ho Hydropower in Lao PDR
SPP : 8 SPPs in operation
Solar Rooftop : 2.6 MW sale to grid & 4.5 MW private-sale.

As of 6M’19, 24.2 MW already secured.

WTE : 8.6 MW CCE Project SCOD in Q4’2019. Exploring municipal-waste-to-

energy opportunities

Natural Gas Distribution Energy Services

Exploring opportunity in Energy Management Services such as Cogen

plant, Boiler, Chiller, Energy Storage for IE customers

Conventional Power Renewable Power

Other Targets

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Agenda

VII. VI. Company Profile Utilities Business Power Business Operating Performance Performance Highlight Financial Information Outlook 2019B Appendix I. II. III. IV. V. VIII

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Water Consumption 2017 2018 2019E 2020E 2021E

SPP COD 3,500 – 4,000 m3/day

Utilities – Operating Performance

IV. Operating Performance

Utilities Portfolio Growth – Sale & Management Volume Potential Demand from New Power Plants

GVTP (16 May 17) Gulf TS1 (8 Jul 17) Gulf TS2 (Sep 17) Gulf TS3 (Nov 17) Gulf TS4 (Jan 18) GNLL2 (Jan 19) 31 32 34 43 49 53 13 17 17

25 34 35

31 32 34 82 100 105

20 40 60 80 100 120 2013 2014 2015 2016 2017 2018 Industrial Water Raw Water Wastewater

Million m3/ year

WWT

1% YoY

RW

3% YoY

IW +4% YoY

26 28 9 8

18 18

53 54

6M'18 6M'19

Other SPP (Mar 19) Block 1 Block 2 CCE (Q4’19)

Waste to Energy 1,000 m3 / day IPP COD 40,000 m3 / day Petrochemical

+13,000 +3,000 On Schedule

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Power Business - IPP Group

IV. Operating Performance

GWh

Energy Dispatch

% AF

Availability

6M’18 6M’19

2,760 231 38 2,215 301 Gheco-One HHPC Glow IPP 95.6% 100.0% 76.1% 100.0% Gheco-One Glow IPP

6M’18 6M’19

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Power Business - SPP Group

IV. Operating Performance

98.7% 99.1% 96.3% 96.7% 99.5% 100.0% 100.0% 99.6% 99.7% 97.5% 99.5% 99.9% 99.9% 97.9% 99.7% 6M'18 6M'19 6M'18 6M'19 6M'18 6M'19 6M'18 6M'19 6M'18 6M'19 6M'18 6M'19 6M'18 6M'19 6M'18 6M'19 GNLL GVTP GTS1 GTS2 GTS3 GTS4 GNLL2 BGWHA-1 327 291 320 312 330 310 332 309 333 303 332 310 297 167 140 87 89 99 117 110 110 100 98 76 86 102 124 58 54 57

414 380 420 429 440 420 432 407 409 390 434 434 356 221 197

6M'18 6M'19 6M'18 6M'19 6M'18 6M'19 6M'18 6M'19 6M'18 6M'19 6M'18 6M'19 6M'18 6M'19 6M'18 6M'19 GNLL GVTP GTS1 GTS2 GTS3 GTS4 GNLL2 BGWHA-1

GWh

Energy Dispatch

% AF

Availability

EGAT IU

2,14 1 2,27 3 628 739

2,7 69 3,0 12

6M'18 6M'19 Total

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Agenda

VII. VI. Company Profile Utilities Business Power Business Operating Performance Performance Highlight Financial Information Outlook 2019B Appendix I. II. III. IV. V. VIII

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V. Performance Highlight

Financial Highlight 2Q’19

2Q’19 YoY Remarks Total Revenue 475.1 +12.2%

Utilities Business

473.6 +12.1%

Higher Sales Volume mainly from COD of 2 SPPs (GNLL2

and Other SPP), existing and new IEs customers

Higher other utilities revenue which mainly represented
ne-time Excessive Charge was Baht 52.4 million
Power Business

1.5 +95.3%

Recognized revenue from Solar Rooftop Projects

Share of Profit and Dividend Income 782.7 +163.7%

GHECO-One returned back to full operation with solid
perational results after planned major maintenance in

1Q’19.

Newly COD of 1 SPP (GNLL2) since 1 January 2019
Foreign Exchange gain of Baht 162.3 Million in 2Q’19 Vs

Loss Baht -315.3 Million in 2Q’18.

Adoption of new accounting standard (TFRS 15) of

GHECO-One of Baht 64.6 million in 2Q’19. EBITDA 1,006.3 +115.6% 1) Higher of Gross Profit from higher other utilities revenue 2) Higher of Share of Profit from Investments 3) Lower of Finance Cost from bond issuance to refinance the existing bank loan totaling of Baht 4,000 million in June 2018. Net Profit 857.5 +189.8% Normalized Net Profit 695.3 +46.9% Adjusted by Foreign Exchange Gain or Loss

Unit : THB mm

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V. Performance Highlight

Financial Highlight 6M’19

6M’19 YoY Remarks Total Revenue 934.5 +10.5%

Utilities Business

931.6 +10.3%

Higher Sales Volume mainly from COD of 2 SPPs (GNLL2

and Other SPP), existing and new IEs customers

Higher other utilities revenue which mainly represented
ne-time Excessive Charge was Baht 79.2 million
Power Business

2.9 +278.8%

Started to recognize revenue from Solar Rooftop Projects

in 1Q’19 Share of Profit and Dividend Income 1,121.9 +17.3%

GHECO-One returned back to full operation with solid
perational results after planned major maintenance in

1Q’19.

Newly COD of 1 SPP (GNLL2) since 1 January 2019
Foreign Exchange gain of Baht 256.9 Million in 6M’19 Vs

Loss Baht -64.7 Million in 6M’18.

Adoption of new accounting standard (TFRS 15) of

GHECO-One of Baht 129.2 million in 2Q’19. EBITDA 1,566.2 +18.0% 1) Higher of Gross Profit from higher other utilities revenue 2) Higher of Share of Profit from Investments 3) Lower of Finance Cost from bond issuance to refinance the existing bank loan totaling of Baht 4,000 million in June 2018. Net Profit 1,281.8 +26.6% Normalized Net Profit 1,024.9 +28.0% Adjusted by Foreign Exchange Gain or Loss

Unit : THB mm

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Agenda

VII. VI. Company Profile Utilities Business Power Business Operating Performance Performance Highlight Financial Information Outlook 2019B Appendix I. II. III. IV. V. VIII

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Consolidated Financial Statement

VI. Financial Information

Unit : THB mm

Total Revenue and Share of Profit and Dividend Income was recorded at Baht 2,056.4 million in 6M’19

Utilities = Utilities Operating Revenue + Other Utilities Revenue Power = Solar Project Revenue + Normalized Share of Profit/1 and Dividend Income YTD Quarter

Unit : THB mm

422.7 473.6 475.0 621.9 (315.3) 162.3 137.9

720.3 1,257.8

2Q'18 (A) 2Q'19 (A) Adjustments of Revenue Levelization (TFRS 15) Gain/Loss (FX) Power Utilities 844.7 931.6 745.7 867.9 (64.7) 256.9 275.8

1,801.5 2,056.4

6M'18 (A) 6M'19 (A) Adjustments of Revenue Levelization (TFRS 15) Gain/Loss (FX) Power Utilities

Remark : /1 Normalized share of profit in 2018 adjusted with TFRS 15 for comparison

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27.4% 26.9% 35.3% 33.1% 34.4% 34.7% 25.8% 29.5% 27.9% 30.4% 33.3% 40.1% 2014 2015 2016 2017 2018 6M'19 Gross Profit Margin (%) Gross Profit Margin (%) (Exclude Other Utilities Revenue)

311.2 314.8 623.2 642.4 68.9 66.6 137.2 131.5 40.4 39.8 80.7 78.5 2.2 52.4 3.6 79.2

422.7 473.6 844.7 931.6 2Q'18 2Q'19 6M'18 6M'19 Industrial Water Raw Water Wastewater Other Utilities Revenue

Utilities Performance

VI. Financial Information

Total Revenue from Utilities Business was recorded at Baht 931.6 million in 6M’19

Units: THB mm

Remark: /1 Other Utilities Revenue is consist of excessive charge, management fee.

/1

Total Revenue - Utilities Business Gross Profit Margin - Utilities Business

Units: %

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424.3 590.4 695.0 835.0 (315.3) 162.3 (64.7) 256.9 50.0 30.0 50.0 30.0 137.9 275.8 296.8 782.7 956.1 1,121.9 2Q'18 2Q'19 6M'18 6M'19 Adjustments of Revenue Levelization (TFRS 15) Dividend Gain/Loss (FX) Normalized Share of Profit

Power Performance

VI. Financial Information

Total Share of Profit and Dividend Income was Baht 1,121.9 million in 6M’19 Share of Profit and Dividend Income

Units: THB mm

Remark : /1 Normalized share of profit in 2018 adjusted with TFRS 15 for comparison

/1

Normalized Share of Profit by Power Plant

241.5 421.0 353.6 431.5 168.0 152.1 326.7 380.5 424.3 590.4 695.0 835.0 2Q'18 2Q'19 6M'18 6M'19 Gheco-One Houy Ho SPP Alternative Underconstruction

Units: THB mm

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26 473.3 695.3 800.9 1,024.9 (315.3) 162.3 (64.7) 256.9 137.9 275.8

295.9 857.5 1,012.0 1,281.8 40.2% 67.1% 55.2% 61.2% 51.8% 62.4% 49.3% 55.7%

400.0%
350.0%
300.0%
250.0%
200.0%
150.0%
100.0%
50.0%

0.0% 50.0% 100.0% (500.0)

500.0

1,000.0 1,500.0 2,000.0

2Q'18 2Q'19 6M'18 6M'19

644.1 844.1 1,116.2 1,309.3 (315.3) 162.3 (64.7) 256.9 137.9 275.8

466.7 1,006.3 1,327.3 1,566.2 63.4% 78.8% 72.3% 74.7% 70.5% 75.7% 68.8% 71.2%

200.0%
150.0%
100.0%
50.0%

0.0% 50.0% 100.0% (500.0)

500.0

1,000.0 1,500.0 2,000.0 2,500.0

2Q'18 2Q'19 6M'18 6M'19

Remark:

/1 Consolidated EBITDA from Utilities Business and Power Business and Other Income. /2 Normalized EBITDA and Net Profit in 2018 adjusted with TFRS 15 for comparison //3 Net Profit Margin is calculated by dividing the Net Profit by revenue from Total Revenue and Share of Profit from Investments in Associates and Joint Ventures and Other Income

Consolidated Performance

VI. Financial Information

Consolidated EBITDA/1 and EBITDA Margin

Unit : THB mm

Consolidated Net Profit and Net Profit Margin/3

Unit : THB mm

FX Gain (Loss) Normalized EBITDA % EBITDA Margin % Normalized EBITDA Margin Adjustments of Revenue Levelization (TFRS 15) FX Gain (Loss) Normalized Net Profit % Net Profit Margin % Normalized Net Profit Margin Adjustments of Revenue Levelization (TFRS 15)

/2 /2

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23,773 22,992 8,988 9,111 736 802 14,049 13,079 1 2 3 4 5 6 Total Assets Interest Bearing Debt Other Liabilities Total Equity

Capital Structure and leverage ratio

VI. Financial Information

Note : * Normalized trailing 12 months

10.0 % 10.8 % 2018 2Q'19

Statement of Financial Position Debt Maturity Profile

2018 2Q’19 0.69 x 0.76 x 2018 2Q'19 D/E Ratio 0.58 x 0.66 x 2018 2Q'19 Net IBD/E Ratio 16.9% 18.6% 2018 2Q'19 ROE* ROA*

Financial Ratio

Unit : THB mm Unit : THB mm

22,992

4,000 2,390 1,290 1,320

2018 2019 2020 2021 2022 2023 2024 2025

Bond

23,773

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Agenda

VII. VI. Company Profile Utilities Business Power Business Operating Performance Performance Highlight Financial Information Outlook 2019B Appendix I. II. III. IV. V. VIII

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2019 Plan: Utilities Business

VII. Outlook 2019B

Partner with Industrial Estate Developers to provide Utility Solution

Market Expansion

New WHA IEs Non-WHA IEs

2019B

Target Sales & Managed Volume

Product Innovation

Wastewater Reclamation, RO Water, Demineralized Water, Smart Water Solution, Wastewater Pretreatment

Capture Vietnam Opportunity

Raw Water, Industrial Water, Municipal Water, Wastewater

2018A

Leverage IE customer base to offer innovative products Sourcing potential M&A

pportunities in CLMV,

especially Vietnam

105

Million M3

120

Million M3

Key Deliverables

Non-IE Products

10

million m3

RECLAMATION

3,650,000 m3/yr

Capacity

Located in WHA EIE

DEMINERALIZED WATER

2,190,000 m3/yr

Capacity

To serve for a Well-know Power Plant

+3

Growing water sales volume with new up- coming WHA IEs

Smart Water Solution Integrating IoT on water meter (First phase in WHA EIE) Target STRATEGIC LOCATIONS with growing populations, industrial users and abundant water resources

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2019 Plan: Power Business

VII. Outlook 2019B

2019B

Power Portfolio Growth

Renewable Energy in Focus

570

Installed Equity MW

Innovative Energy Solution

Smart Grid, Energy Storage System, Captive Gas Power Plant, Floating Solar

2018A

521

Installed Equity MW

Energy Storage Smart grid Controller Utility Grid Industrial Users Conventional Generation Renewable Generation

+49

Equity Megawatt

Leverage on WHA customers’ roofs to create track record and project references for business expansion to non-WHA Roofs Study and prepare for future of electricity trend (EV, ESS) to make

ptimal investment

Key Deliverables

Waste-to-Energy Project COD in Q4’2019 32 Equity MW from GNLL2 COD in Jan 2019

Capture Vietnam Opportunity

Solar

Explore potential Solar power projects in Vietnam

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2019 Plan: Power Business

VII. Outlook 2019B

Natural Gas Distribution Projects

Enhance Products Offering to Provide Total Solution Energy Services

Leverage on Industrial Estates’ Customers Base Focus on Industrial Sales Strong Partnership with Leading International Energy Players

WHANGD 2 Status : Operating WHANGD 4 Status : Operating WHANGD 3

Upcoming -

1 2 3

PARTNERSHIP & COLLABORATIONS

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Significant contribution to WHAUP’s utilities business
Sizeable entry into municipal water business in Vietnam
High potential coverage area for future

150,000 CMD 300,000 CMD

Phase 1A COD Phase 1B COD

1Q’19 4Q’19

54.8

Million m3/year

109.5

Million m3/year

Vietnam Project - Duong River Surface Water Plant JSC

VII. Outlook 2019B

Company and Project Overview

Duong River Surface Water Plant JSC (“the Company”) was

established in June 2016. The Company built and commissioned Duong Water Treatment Plant (“SDWTP”) within 2.5 years of its establishment.

Capacity Expansion Plan Timeline

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Water Demand – Vietnam

VII. Outlook 2019B

Remark : *WSC = Water Supply Companies

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VII. Outlook 2019B

Water Demand – Hanoi

250.4 228.1 164.3 138.7 169.7 557.0 873.1 1,200.9 Supply from Ground Water Supply from Surface Water 548.2 757.4 997.9 1,223.1

2018 2020 2030 2050

Demand

Hanoi Water Consumption is fast-rising due to population growth and continuing urbanization

Clean Water Supply Shortage : Clean water demand of Hanoi around 548.2 million m3/year

whereas Hanoi’s current supply capacity is just over 420.1 million m3/year (including SDWTP). There are major shortages in suburban and rural area

High Non-revenue Water : Hanoi has high non-revenue water (NRW) at 22% in 2016, the local

authority aims to reduce to under 15% by 2025

Limited Access to Treated Surface Water : Only 31% of Hanoi’s population had access to

treated surface water in 2018. The authority aims to increase this to 100% in 2050

Over-reliance on polluted groundwater : Small ground water plants accounts for 69% of total

clean water supply in Hanoi in 2018. But they will be shut down over the next decade according to authority since almost every tested groundwater well has been found to supply unsafe levels Estimated Clean Water Demand and Planned Clean Water Supply in Hanoi* (million m3/year)

Remark : * Referring to the new draft adjustment in October 2018 of Hanoi water supply master plan, underground water is projected to reduce significantly in the future. In 2018, underground water accounts for 686,292 m3/day in Hanoi and the government plans to trim it down to 450,000 m3/day in 2030 and 380,000 m3/day in 2050.

The total demand is 548.2 million m3/year in 2018. The water

demand in urban area is 343.9 million m3/year which accounts for more than 62% of total water demand in Hanoi

The water demand from industrial area accounts for only 2.48%
f total water demand in Hanoi because industrial zones usually

have small-scale water plants using underground water. In the future, water demand for industrial area will increase due to removal of self-drilled and self-operated wells

Urban 343.9 million m3/year

62.7%

f total demand

13.6 million m3/year

2.5%

f total demand

Industrial Rural 190.7 million m3/year

34.82%

f total demand

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VII. Outlook 2019B

Water Demand – Household Consumptions

Hanoi’s population is increasing at 2.1% p.a. and rapid economic growth improves living conditions

f the people

Hanoi’s Population Density Hanoi’s Populations and Density (2011 – 2025F)

Hanoi’s population is expected to reach 9 million by 2025
Population distribution in Hanoi is growing highly unequal. Density
f 12 central districts is 11,220 person per km2. Suburban area

are less crowded; however given urban space is expanding, population is suburban is expected to increase sharply followed by the demand for water in Gia Lam, Long Bien, Hoang Mai and Thanh Tri areas

Income per capita of Hanoi is USD 3,494 per year, 36% higher

than the country average. Income per capita is expected to double and reach USD 6,800 by year 2024

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VII. Outlook 2019B

Water Demand – Duong Water

Potential Opportunities from SDWTP’s covered area and nearby areas

Forecasted Demand for Planned Supply Share in SDWTP’s coverage and potential areas by 2027

Clean water demand for SDWTP’s coverage area is

increasing rapidly. With prosper socio-economic growth, water demand in the area is expected to grow at a CAGR of 5% until 2030 . Especially Hoang Mai & Long Bien are the top two districts with highest forecasted water demand

Strategic location to expand coverage area

District & Province Forecasted demand (2027) Potential Share

f Demand by

SDWTP (2027) Hanoi – Center 990,032 360,000 Hanoi – North 446,040 270,000 Hanoi – East 162,439 160,000 Hanoi- South 389,560 70,000 Bac Ninh 535,600 70,000 Hung yen 414,200 35,000 Total 2,937,871 965,000

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37

Agenda

VII. VI. Company Profile Utilities Business Power Business Operating Performance Performance Highlight Financial Information Outlook 2019B Appendix I. II. III. IV. V. VIII

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38

Shareholders and Management Structure

VIII. Appendix

Shareholding Structure Board of Directors

Mr. David Richard Nardone

Director

Ms. Jareeporn Jarukornsakul

Chairman of Board of Directors

Mr. Vivat Jiratikarnsakul

Director

Mr. Wisate Chungwatana

Director and Chief Executive Officer

Mr. Surathian Chakthranont

Director

Mr. Weidt Nuchjalearn

Independent Director and Chairman of Audit Committee

Mr. Ekajai Tivutanond

Independent Director and Audit Committee

Mrs. Punnee Worawuthichongsathit

Independent Director and Audit Committee

Remark /1 WHA Group covers WHA Industrial Development Plc, WHA Ventures Holding, WHA Industrial Development International (SG) Pte. Ltd., Miss Jareeporn Jarukornsakul Note: Shareholding Structure and Top 10 Shareholders are reference from WHAUP’s registered list

f shareholders on latest closing date of 28 June 2019

WHA Group 73% Domestic Institutions 9% Foreign Institutions 1% Retail 17%

Top 10 Shareholders

No. of shares

% WHA Industrial Development Public Company Limited 2,633,999,970 68.9% Bangkok Life Assurance Public Company Limited 77,833,100 2.0% WHA Holding Company Limited 72,581,665 1.9% Thai NVDR Company Limited 71,396,603 1.9% WHA INDUSTRIAL DEVELOPMENT INTERNATIONAL (SG) PTE. LTD. 43,500,010 1.1%

Ms. Jareeporn Jarukornsakul

34,499,800 0.9% Muang Thai Life Assurance Public Company Limited 19,011,000 0.5%

Ms. Supitchaya Phupisut

18,454,386 0.5%

Ms. Chatchamol Anantaprayoon

17,081,813 0.4%

Mr. Chaiwat Phupisut

16,684,956 0.4% Others 819,956,697 21.4% Total 3,825,000,000 100%

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39

Back Up

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40

Industry Overview – Water Demand

Utilities Business

2,877 5,506 1,937 2,797 2,009 7,250 5,000 10,000 15,000 20,000 2017 2036F Industrial Service Municipal

million m3/year Ecosystem 5% Municipal 2% Industrial 2%

2017 2036F

Forecasted Demand for Water

131,440 million m3 144,062 million m3

Proportion of Water Demand

8%

North

9%

West

28%

South

19%

Central

11%

East

25%

Northeastern

In 2014, Eastern part of Thailand total water

usage ranked 4th with water demand of nearly 10,000 million m3

However, when comparing water demand to

total area, eastern part ranked 2nd after Southern part of Thailand

Emphasizing on EEC area, proportion of water

demand from Industrial sector ranked 1st comparing to other part of Thailand

93%

Agricultural

5%

Industrial

2%

Household

6%

EEC

Municipal CAGR 7.0% Service CAGR 2.0% Industrial CAGR 4.0%

Service 1%

Demand for water in Thailand for the next 20 years increases at the rate of

0.5% CAGR

Agriculture sector reduce its proportion from 90% to 85% while municipal and

industrial proportion strongly grow to reach 5% and 4% respectively

Industrial Water Consumption

3 4 4 5 5 6 7 8 8 12 Wood Paper Outdoor Metal Textile Accessory Other Chemical Unmetal Food

Food industry demand for water the most at 12 m3 per rai per day
Industry that demand less water is wood industry with 3 m3 per rai per day

m3/Rai/Day

Agricultural 90% Ecosystem 4% Municipal 5% Industrial 4% Service 2% Agricultural 85%

Source: Irrigation Water Management (TDRI), PIER Economic Research

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41

Opportunities in EEC

Utilities Business

Forecasted Demand and Supply for Industrial Water 21 Promotional Zones Out Of 31 Industrial Estates In EEC Including 9 from WHA Group

8 Zones 1 Zones

8

Zones

WHA ESIE1,4
WHA EIE
ESIE
WHA CIE 1-2
WHA ESIE 2-3
Yamato
Amata 1-2
Pinthong 1-5
TFD2
WHA RY36
Smart Park
Amata City
CP

12 Zones

Declared as EEC Industrial Promotional Zone for Targeted Industries

Area Declared 86,755 Rai Area to Accommodate New Investment 28,666 Rai Estimated investment THB 1.31 trillion

21

zones

EEC Industrial Promotional Zone Basic Package EEC Package Target Industries* 10 yrs 5 – 8 yrs 12 yrs Basic + 50% 5 yrs Other Industries 10 yrs 5 – 8 yrs 12 yrs Basic + 50% 3 yrs Other Estates in EEC 10 yrs 5 – 8 yrs 11 yrs Basic + 50% 3 yrs

315 476 561 427 529 604 704 781 100 200 300 400 500 600 700 800 900 1000 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

Water Volume (million m3)

Forecast Demand Forecast Supply

Source: Irrigation Water Management (Prachachat news 15/02/2018)

1 Raising the efficiency of 7 old reservoirs in EEC which will increase water storage level from 770 million m3 to 872 million m3 2 Establish the diversion channel from Klong Panthong to Bang Pra Reservoir diverted water for 75 million m3 3 Develop 4 new reservoirs around Klong Wang Ta Nod accounted for 100 million m3 4 Search for new reserve water which raise will add 77 million m3 to water supply

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Utilities Business - Vietnam

Water Suppliers – Hanoi

Surface Water Plant SDWTP Song Da Bac Thang Long Xuan Mai Song Hong Year of construction 2016 2005 2015 2018 2015 Status In Operation since 2018 In Operation since 2010 Under Construction Obtaining License Under Construction Investor AquaOne Gelex, REE* Hawacom AquaOne Thanh Long JSC* Source of water Duong River Da River Red River Da River Red River Coverage Areas**

The northeast region
f Hanoi (districts of

Long Bien, Gia Lam and a part of Dong Anh)

The south region of

Hanoi (a part districts

f Hai Ba Trung and

Hoang Mai);

Phu Xuyen and

adjacent rural areas; and provinces of Bac Ninh and Hung Yen

Western
South Western

Hanoi

Northern Red

River Area

Southern

Red River

South

Western Hanoi (Quoc Oai, Son Tay and Chuong My)

Central Hanoi
Northern

Highway 32 (Bac Tu Liem district, Dan Phuong) Current Issues Operating

Failing to
perate at full

capacity due to low quality of pipeline (broken >20 times in 2018)

Under

Construction

Supply

capacity limited, insufficient to serve area

Newly

licenses

Construction

progress stalled for sometime

There are 4 other large surface water plants with licenses to operate in Hanoi with only one in operation

Surface Water Coverage Area

Remark *Gelex, REE and Thanh Long JSC are all Vietnamese industrial groups ** Coverage Area per Decision 499 (currently effective)

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Industry Overview – Power Development Plan 2018

Power Business

Security Reduce dependent on one sources of fuel by diversified fuel appropriately and develop smart grid to support decentralized generation (DG) Economy Encouraging low cost power producers and develop power generation management in more efficient way Ecology Reducing carbon emission and promoting micro grid system in remote areas, industrial estates and special economic zone

The development guideline is as follow.

1. Prepare a new forecasted country’s demand of electricity in long term by adding Electric vehicle, EEC and Independent Power Supply (IPS) in the forecast

Key Principles in the Development of New PDP

EV IPS Use ESS to support the electricity’s overcapacity and reduce the electricity back feeding problems

2. Evaluate potential areas to build smart microgrid such as remote area, industrial estate, SEZ and smart city

3. Evaluate the potential of renewable energy by region (RE firm/RE non-firm power plant will establish in which areas) 4. Evaluate the result of electricity saving from Energy Efficiency Plan

Enhance the efficiency of existing power plant
Propose the existing power plant establishment from PDP 2015

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Industry Overview - Power Development Plan 2018

Power Business

37% 23% 20% 15% 5% 53% 12% 20% 9%6% PDP 2015 PDP 2018 Natural Gas Coal/Lignite Renewable Import Others

Proportion of natural gas in PDP 2018 has increased to

53% to improve stability of the system

While the proportion of coal has decreased to 12% and

renewable proportion remain the same at 20% in PDP 2018 Current Installed Capacity (2017) Target Installed Capacity (2037) Government wants to support the solar rooftop projects by planning to purchase excess electricity from rooftop owners up to 10,000

MW by 2037

Waste Biogas Wind Hydro Biomass Solar 191 MW

755 MW

475 MW

1,021 MW

628 MW

2,113 MW

3,089 MW

5,745 MW* 6,533 MW

3,157 MW 2,697 MW

12,697 MW

EPPO forecast system demand increased from 30,300 MW in 2017 to 54,000 MW in 2037 with a CAGR of 2.9%. The forecast system demand will be used for planning on establishing the new power plants in each regions. The total new power plant to be established according to PDP 2018 is 56,431 MW and can be classified by type of power plant as follow: Renewable Energy

20,766 MW (37%)

Combined Cycle

13,156 MW (23%)

Competitive Bidding

8,300 MW (15%)

Import

5,857 MW (10%)

Coal/Lignite

1,740 MW (3%)

Co-generation

2,112 MW (4%)

EGAT’s Hydro

500 MW (1%)

Energy Efficiency Plan

4,000 MW (7%)

Source: EPPO Note* Hydro installed capacity including floating solar

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Industry Overview – Energy 4.0 Policy

Power Business

Microgrid Smart Energy Management Smart Grid Energy Storage System SPP Hybrid Firm/VSPP Firm Next Generation of Renewable

Ministry of Energy launched Energy 4.0 policy to raise the standard and improve the efficiency of energy usage by deploying technologies/innovations as key driver. The policy focuses on 3 main energy – electricity, fuel for transportation and for heat production.

Source: Ministry of Energy

Electricity

Present Action Plan 2017-2018 Target in 2036 Innovations

Imbalance energy mix and

unstable supply from renewable energy

Electricity generation system and

electricity grid are not fully utilized

Centralized generation and

distribution system

Low energy efficiency
Develop grid to support RE and set up firm

RE & energy storage system

Develop market for old power plants, use

merit order in electricity generation, sales/purchase with neighboring countries

Decentralized power generation,

launching microgrid pilot projects

Change to higher efficiency equipment

and enhance the energy standard

Reduce NG dependency from 64% to 37%

and increase the use of RE to 20%

To be ASEAN electricity hub, competitive

cost of electricity generation among ASEAN countries

Reduce transmission line investment, smart

power system, smart grid

Reduce electricity demand by 89,000

million units, reduce the construction of 10,000 MW new power plants Fuel for Transportation Fuel for heat production

Biofuel used:
B100 -> 4 million litre/day
Ethanol -> 3.5 million litre/day
Increasing on car’s energy

efficiency

Oil transportation mainly by truck
Public transportation
Train -> 4,043 km.
Electric train -> 100 km.
Increase the proportion of ethanol and

biodiesel used and develop technology related to biofuel

Reduce oil usage in cars by issued Eco-

driving policy

Construction of oil pipelines
Public transportation driven by policy

committee

Increase production of biofuel
B100 -> 14 million litre/day
Ethanol -> 11 million litre/day
Reduce energy used in transportation

sector by 45%

Pipeline oil transportation increase by

2,769 km.

Increase the use of public transportation
Train -> 7,280 km.
Electric train -> 564 km.
Inefficiency thermal energy used

in industrial sector

Monopoly in natural gas industry
Natural gas demand 5,019

million cubic feet/day

Using renewable heat incentive to

support wood pellet, bio-gas and biomass usage in industrial sector

Liberalized NG market by introducing

new player (FSRU by EGAT)

Construction of new LNG terminal and

NG pipelines

Reduce energy used in industrial sector by

22% and increase heat production from RE by 37%

Stable and secured NG supply with a

competitive price

Natural gas demand 5,062 million cubic

feet/day EV Car Charging Stations Battery Next Generation Bio- Fuel Bio-Economy Renewable energy for heat production Renewable Heat Incentive