BGRIM: Investor Presentation -...

BGRIM: Investor Presentation

November 2017

B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.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

RobustPipeline

1B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW


B.GRIMM GROWTH STRATEGY Q3/2017 OPERATING RESULT PROJECT UPDATEB.GRIMM Q3/2017 KEY HIGHLIGHTS B.GRIMM OVERVIEW 2

B.Grimm Overview

B.Grimm Growth Strategy

Q3/2017 Operating Result

Project Update

Agenda



3

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

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



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 onDec 2016

Use ofIPO

proceed

D/E onQ3'2017

4.6

1.4Repay 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 LevelLoan (THB)

THB 22,295 MM

Project LevelLoan (USD)

THB 12,039 MM

Project LevelDebentureTHB 11,482 MM

Corporate LevelLoan

THB 1,949 MM

Corporate LevelDebenture

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



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

5

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



• 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

20171878 1931 1994 1996 20101890s

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



49%45%

6%

Total 294 MWIn Operation

134 MW

Solar Group

145 MWHydro 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 MWIn 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)

7

Type of Energy

Installed MW Equity MW

Capacity %Under

DevelopCapacity %

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%



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 mm9M/2017 Sales and

service IncomeLONG-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

25.023.8

20.0

9.88.0

EDL PEASolar

EGAT Industrial users- electricity(Thailand)

Industrial users- steam

(Thailand)

Track Record of

Extensions

Years Years

Years

YearsYears

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



Delivery of Reliability in form of Electricity and Steam

FOOTHOLD IN TOP INDUSTRIAL ESTATES WITH

MULTIPLE OF GENERATING UNITS IN EACH LOCATIONSELECTED TOP IU FOR ELECTRICITY AND STEAM

THAILAND

CAMBODIA

LAOS

VIETNAM

▪ 1 power plant

▪ 130 MW

▪ 3 generating units

▪ 2 power plants

▪ 229 MW


▪ 2 power plants

▪ 240 MW


▪ 1 power plant

▪ 13 MW

▪ 5 power plants

▪ 647 MW


▪ 5 power plants

▪ 754 MW


▪ 2 power plants

▪ 206 MW


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


Hydro power plants



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

operating power plants

Provide flexibility on

maintenance schedule

Industrial EstateRemote 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

171Install

166Install

133Install131Install

131Install

ABP3ABP4

ABP1

ABP5

Intertransmiss electricity amongpower 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



B.Grimm Overview



Project Update

Agenda

B.GRIMM INVESTOR PRESENTATION Q3’ 2017


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

30Plants

1,646 MWInstalled Capacity

934 MWEquity Capacity

ABP1 Replace(150MW)

Nam Khao(5 plants)

(68MW)

46

2019

Plants


1,297 MWEquity Capacity

BGPR1, BGPR2(240MW)

Tadsakoi(30MW)



Bo Thong 1 & 2 (16MW)

2020

48Plants



ABPR3, ABPR4, ABPR5(399MW)

Solar 2017(31MW)

Nam Che 1(15MW)

41

2018

Plants



ABP2 Replace(150MW)

BPLC Replace(150MW)

2022

51Plants

2,513 MW*Installed Capacity


+133 MW

Installed Capacity

Increase (2017-

2022)

+1,136 MW

12

202151

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



BGRIM’s Strategy for Sustainable Growth

MEDIUM-TERM LONG-TERMSHORT-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/RenewableDomestic/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

13



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

operate 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



B.Grimm Overview



Project Update

Agenda



+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%

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

16

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

OthersSteam

(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



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/17EGAT 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

16583 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)



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

TechnologySiemens V64.3 GE Frame 6B GE Frame 6B GE Frame 6B

Siemens

SGT800 B

Siemens

SGT800 B

Siemens

SGT800 BGE LM 6000PD

Siemens

SGT800 BGE LM 6000PD

Siemens

SGT800 B

Siemens

SGT800 B

8,2

28

8,4

31

8,2

78

8,2

25

7,6

21

7,5

21

7,5

50

7,7

53

7,5

90

7,6

83

7,5

69

8,1

25 8

,529

8,3

58

8,3

61

7,5

20

7,4

67

7,5

22

7,7

40

7,5

45

7,6

42

7,5

31

7,5

65

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/kWhContracted Heat Rate 7,950 BTU/kWh

(BTU/kWh)

89.2

98.5 97.099.8 99.2 99.2 98.2

81.5

99.599.0 99.7

91.54

98.1695.71

97.77 97.2099.48

95.8

96.6996.29

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

(%)



346 453 519

1,121 1,393298

348 349

845

953

644

801 868

1,966

2,346

0

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 owner

NNP to Non-Controlling Interest

9M 2016 to 9M 2017:

• NNP increased 19.3% YoY primarily due to improvement of our

operating 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 UnrealizedFx Gain

Deferredfee and

Prepayment

Non-recurringexpense

NNP NNP to NCI NNP toOwner

RECONCILE NORMALIZED NET PROFIT (NNP) 9M OF 2017(Unit: THB mm)



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

OtherCurrent 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

20

STATEMENT OF FINANCIAL POSITION

AS OF 30 SEP 2017



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%



(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

CAPITALSTRUCTURE

Manage debt and equity funding to optimize capital

structure

– Seek to obtain financing at project level

• Limited-recourse project loan with back-end equity

• Target 3.0x debt to equity project financing at outset,

delevering over project life

Consolidated debt 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)

DIVIDENDPOLICY

CONSOLIDATED NET INTEREST-BEARING

DEBT TO EQUITY RATIO

COMPANY ONLY NET INTEREST-BEARING

DEBT TO EQUITY RATIO

1.0x1.3x

-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)



B.Grimm Overview



Project Update

Agenda



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





SCOD 1 Jun 2018







SCOD 1 Oct 2018



Progress on track

Progress on track

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

97.5%

88.4%

73.5%



NAM CHE 1 HYDRO POWER PROJECT

Type of Fuel Hydro (Run of the river)

Installed Capacity 15 MW


SCOD Q4/2018

EDL PPA 15.0 MW / 25 years


Progress on track

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

36.8%


APPENDIX

Appendix

26


APPENDIX

Renewable Group

Amata CityIndustrial 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 EstateLaem Chabang

Industrial EstateAmata 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


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 SHAREHOLDERSPOST IPO

UP TO 2,606.9 MM SHARES(a)

Directors and

Management


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 /

ProgramPPA 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


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 CODEconomic

Ownership %(a)

Capacity Main PPA(s)

Installed

(MW)

Equity

(MW)

Offtaker /

ProgramPPA Expiry

B.Grimm Yanhee Solar Power BGYSP 49.0% 59.7 29.3

Sai Luang 2

Pathumthani province,

ThailandDec-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

BGTTRE2Saraburi 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


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 0 100 793 615 573

ABP5 0 0 470 271 595

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 0 443 608 432 529

BIP2 0 0 728 555 557

BPWHA 0 0 109 0 659

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


APPENDIX 32

Source: Company filing and data

19.018.8 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 18.718.9 18.6

18.6 18.3 18.818.1 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 Luang2

Sai Luang3

Sai Luang9

Sai Luang10

Sai Yai Nha Sai Manow Sai Putsa Sai Sena 2 Sai Lui RimNum

SaiChalouw 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 (%)


APPENDIX 32

Projects

Installed

Capacity

(MW)

Steam

Capacity

(ton/hr)

Type of maintenanceDuration

(days)

2018

Q1 Q2 Q3 Q4

Amata Nakorn

ABP1 166.4 30.0 Major Overhaul 22

ABP2 171.2 30.0Major 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 50.0Major 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


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

EGATIndustrial Users

PEA (FiT) PEA (Adder) EDLElectricity 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 extensionUp to 10 years

Contracted capacity90 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


APPENDIX 35

Electricity Tariff = Capacity Payment + Energy Payment + Fuel Saving

Payment + VAT

Capacity Payment Rate (THB/kW/month) = 𝐶𝑃0 × 𝑥 ×𝐹𝑋𝑡

𝐹𝑋0+(1− 𝑥)

Energy Payment Rate (THB/kWh) = 𝐸𝑃0 +𝑃𝑡−𝑃0

106× contracted Heat rate

Fuel Saving Payment Rate (THB/KWh) = 𝐹𝑆0 ×𝑃𝐸𝑆𝑡

10%

𝐹𝑋𝑡 = THB/ US$ Exchange Rate

𝑃𝑡 = Price for natural gas PTT sells to SPPs in a month (THB/mmBTU)

𝑃𝐸𝑆𝑡 = primary energy saving (“PES”) statistic measuring the efficiency rate of

our 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

(𝐶𝑃0) (THB/kW)302.00 383.66 420.00

Base Exchange Rate (𝐹𝑋0)

(THB/US$)37 34 34

US$THB FX indexation (𝑥) 0.8 0.5 0.5

Base Energy Payment Rate

(𝐸𝑃0) (THB/kWh)0.85 1.70 1.85

Base Price for Natural Gas

PTT sells to SPPs (𝑃0)

(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

(𝐹𝑆0) (THB/kWh)- 0.36 0.36

Contractual Overview: EGAT PPA under SPP Program

TARIFF STRUCTURE


APPENDIX 36

Power Plant Company COD / SCODFull 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


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

operator to run hybrid

scheme

4. Extend relationship with

biomass supplier to seek

new opportunity to co-

develop power plants in the

future


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


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


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


APPENDIX 39

Abbreviation & Our Projects

ABBREVIATIONADB 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 PROJECTSABPIF Amata B.Grimm Power Plant Infrastructure Fund

ABP1 Amata B.Grimm Power 1





ABPR1 Amata B.Grimm Power (Rayong) 1





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

INVESTOR RELATIONS

Chairath Sivapornpan

Email: [email protected]

Tel: +66 (0) 2710 3528

40

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 otherwisemade 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 consequentialloss 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 noreliance, 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 shouldbe 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 shouldconduct its own independent analysis of the Company, including the consulting of independent legal, business, tax and financial advisers. The information in these materials isprovided as at the date of this document and is subject to change without notice.

.

Gunnlapat Wichutarat

Email: [email protected]

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

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