B.

Grimm Power:
Q2’2021
Opportunity Day
September 2021

1
Highlights

7 Strategies to empower Professionalism Partnership

the world compassionately
• COD of 16 MW Bo Thong wind farm • Joint venture with PTT Global LNG
• BGRIM as the sustainable utility solution in August Company Limited to explore opportunities
provider, power by reliable clean energy • 5 SPP replacement project construction throughout the value chain
• Target signed PPA of 7,200 MW by on process to SCOD in 2H'2022
2025 and 10,000 MW towards 2030 • To add new IU with total PPA over
40 MW in F2021

Compassion Financial performance

• GHG intensity declined by 8.9% to 0.37 Successful bond issuance worth Q2'21 NNP rose 50% y-on-y
tonnes CO2e/MWh in 2 years THB 12 billion in July
• Commitment to Net Positive Impact • 7% electricity volume growth
biodiversity • Rating A- with effective coupon rate of • 21.2 MW new IU in Q2'2021
2.94% per annum
• Net zero carbon emissions by 2050 • Efficiency improvement of ABPR1&2
• Green bond allocation of THB 3 billion • 18% declining SG&A
for green energy development
• Declining financial cost to 3.8% in 1H'21

COD – Commercial Operation Date, SCOD – Scheduled Commercial Operation Date, IU – Industrial User, NNP – Normalised Net Profit 2
Agenda

01 7 Strategies to Empower the world

compassionately
02 Professionalism
03 Partnership
04 Compassion
05 Financial Performance
3
Our strategy is guided by our vision:
Empowering the world compassionately

EMPOWER THE WORLD COMPASSIONATELY

● Build human capabilities ● Find trusted partners and great ● Cultivate a culture of mindfulness
● Power industries, businesses opportunities in attractive countries and compassion among everyone at
and communities ● Grow our footprint all over the world B.Grimm

That means empowering great people and partners to be a force for good
in the societies and the environment where we operate.
4
As compassionate professionals, we believe we can achieve success
by adhering to our four core values

Positivity
To continue at a world-class level, we work with positivity, demonstrate
a strong can-do-attitude and stay flexible and tolerant in the face of
difficulties.
Partnership
We work together as a team, among each other, with our customers,
with our partners and communities. We constantly build, maintain and
value trustworthy relationships to bring well being, prosperity, and
happiness to others.
Pioneering Spirit
We aim to be a leader in the power business, since the beginning of the
company. To accomplish that, we have to actively always seek out new
opportunities in both investment and development.
Professionalism
We strive for excellence and world-class standards on all levels: be it in
developing or operating power plants.

5
Our five key success factors
govern our long-term strategic success

%
Our capability to Our capability to be Our capability to build, Our capability to Our capability to
find attractive an attractive partner operate, and maintain finance our growth embrace Digital
opportunities of choice to others starting from greenfield at attractive rates Transformation

6
 We will focus on 7 strategic initiatives to (em)power our future

Market Increasing Needs for lower Needs for Needs for Needs for power Implement wide
Opportunities electricity demand cost of electricity reliable power in end-to-end transmission in ranging digital
in Asia Pacific and resources industrial estate total solution other countries Energy trading technologies
(B2G) for buildings
1 2 3 4 5 6 7

Significantly Become a Grow our B2B Supply Maximize

Become a Champion global
expand our gas significant player solution commercial reliability and
significant best practices in
7 Strategic and renewable in the LNG offerings to building viability in
player in private digital
Initiatives generating business and industrial complexes with energy trading
transmission & transformation
capacity in the clean fuel customers reliable utilities
distribution
region (B2G) supply

7
To be the Sustainable Utility Solution Provider, Power
by Reliable Clean Energy

Utility Solution Provider

Reliability Sustainability Affordability

8
 SIGNIFICANTLY EXPAND OUR GAS AND RENEWABLE GENERATING
1
CAPACITY IN THE REGION (B2G)

9
 Many opportunities for government power purchase agreements
1 (PPA) across the world with the biggest global power demand in
Asia Pacific
Re-powering markets: Market design and regulation during the Gas turbines in the thermal power market,
transition to low-carbon power Growth rate by region 2020-2025

Growth trend: Low Medium High

Source: IEA (2016a), Team analysis Source: Mordor Intelligence report 2018, Team analysis

10
1
We will focus on expanding our power generation business
regionally and internationally to empower the world compassionately

Offer cleaner energy globally through Cost leadership in project development, Become a local company to support
long term concessions financing, fuel supply, and operational community, society and economy
excellence wherever we go

11
We are expanding our signed power purchase agreements
7,200
to 7,200 MW in 2025

Gas
Solar
IWTE
Hydro
Wind 3,502
Potential Projects No change in equity MW
from DT asset separation on 3,480
st
July 1 despite reduction in
gross MW.
3,465

3,090 Nam Khao 2 Nam Khao 1

3,058 2,894 (15 MW) Nam Khao 3 (15 MW)
2,896
BGPM
Hybrid U-Tapao
(15 MW)
BGPAT2,
BGPAT3
(15 MW) Nam Khao 5
(15 MW)
(124 MW) BGPAT1 Bo Thong 1&2 5 SPP (280 MW)
Nam Che (123 MW) (16 MW) Replacement
(15 MW) Hybrid U-Tapao
DT Ray Power BGPM Extension (700 MW)
Tadsakoi (80 MW) +
(420 MW) (39 MW) (124 MW) (ESS 50 MWh)
2,076
ABPR 3-5
Phu Yen TTP
(257 MW)
ABP1 Extension
(30 MW)
Nam Khao 4
(399 MW) (166 MW) (15 MW)
Solar WVO- PIC
Coop (5 MW) 2,549 MW 2,560 MW 2,576 MW
(31 MW) 1,819 MW 1,938 MW 1,953 MW 2,178 MW
1,217 MW Equity Capacity Equity Capacity Equity Capacity Equity Capacity
Equity Capacity Equity Capacity Equity Capacity Equity Capacity
2018 2019 2020 2021 2022 2023 2024 2025 12
*Based on committed projects
.. and 10,000 MW towards 2030

KOREA

NORTH LAOS
AMERICA
EUROPE MYANMAR PHILIPPINES

THAILAND VIETNAM

CAMBODIA

Gas
Solar
Wind
Hybrid MALAYSIA
Hydro
Transmission and Distribution System (T&D) INDONESIA
LNG
Solar Rooftop
13
 BECOME A SIGNIFICANT PLAYER IN THE LNG BUSINESS AND CLEAN
2
FUEL SUPPLY

14
2 The growth is in our backyard: Growing gas demand, declining
domestic supply makes Southeast Asia one of the largest global
markets for LNG
Demand for LNG (liquified natural gas) in Asia Pacific, 2020-2040, MMTPA
+660%
114 Myanmar
Philippines
Vietnam

Malaysia
60

Indonesia

Singapore
15
Thailand

2020 2030 2040

Source: Wood MacKenzie, BNEF, Team analysis 15

2 LNG is our most significant cost item: Going forward, we want
to turn LNG into a strategic advantage and revenue generator

LNG shipper license, for 1.2 million tons Collaboration with key stakeholders, Establish strong team capabilities, in
in Thailand including power plants, industrial estate both commercial and technical, to best
developers, and logistic providers serve our partners

16
3 GROW OUR B2B SOLUTION OFFERING TO INDUSTRIAL CUSTOMERS

17
3 With the rising demand from the industrial sector, we will focus
on providing reliable power and energy solution for Industrial
Customers
Following the Gas: Industrial estate locations are closely linked
Following the Business: Major Industrial Parks in Thailand
with gas infrastructure access locations

Lamphun Nong Khai

Udon Thani
Phichit
Saraburi
Ayutthaya
Ratchaburi

Bangkok
Samut Sakorn
Samut Prakan
Prachinburi
Chachoengsao
Songkla Sa Kaew
Chonburi
Rayong Source: PTT, team analysis
Source: Krungsri Bank Industry Outlook Industrial Real Estate 2020-2022 report, Team analysis
18
3
We have been trusted by hundreds of our industrial partners
locally and internationally to supply electricity and utilities solutions

Our industrial customer base is continuously expanding over 300 companies

Combined cycle Energy
co-generation power plant storage

Solar
Power

Energy trading platform &

Renewable energy certificate

19
3
We will focus on growing beyond industrial estates in the region,
to provide extremely reliable electricity and additional services

New potential markets to come from Data Centers, EV manufacture, frozen warehouses,
healthcare, modern warehouses

Cost leadership from LNG import and Strategic partnership with industrial
Create value for customers through
operational excellence estate developers, MEA, PEA and
reliability, smart energy, smart factories
industrial customers

20
4 BUILD A FOOTHOLD IN THE COMMERCIAL AND BUILDING SEGMENTS

21
 Together with a variety of businesses under B.Grimm, we have
4
the unique ability to be a total solutions provider to commercial
and building end-users

B.Grimm able to provide energy efficiency & healthy

building solution by
• Captive power (Gas-Fired)
• Solar panels and Inverters
• Air-conditioning and controlling
• Energy storage systems
• Building management systems
• Electric vehicle charging stations
• Lighting sensors
• Entry and exit controls
• Power distribution boards

22
4
We can provide something other groups cannot:
A total solution for building and commercial clients

Energy Industrial Businesses

Businesses Building
Energy Equipment Cooling Transportation
Materials

B.Grimm Power Hamon B.Grimm B.Grimm Carrier PCM B.Grimm Trading

● Co-generation ● Environmental- friendly ● Energy-saving & ● Train equipment & ● Energy-efficient building
● LNG cooling tower healthy residential AC spare parts solution
● Hydro
B.Grimm Babcock Carrier Thailand Panrail MBM Metalworks
● Solar
Power ● Complete HVAC ● Railway development ● Bespoke & heat-
● Wind
● Energy-efficient HRSG solution & maintenance insulated Facades
● Hybrid
● Backup for Power
& heat exchanger Beijer B.Grimm Chubb
Trading ● AC parts and ● Safety & Security
● Waste to energy refrigeration Solution
● Distribution Systems B.Grimm Aircon KSB Pumps
● AC factory with ● Pump & valves.
customization ● SupremeServ Smart
services 23
 BECOME A SIGNIFICANT PLAYER IN PRIVATE TRANSMISSION AND
5
DISTRIBUTION

24
 From more than 25 years of experience in transmission and
5
distribution systems, we can help improve power infrastructure
globally

Amata City Halong

Amata City Chonburi

2
1 3
Amata City Long Thanh
3
x Remote Substation

x ABP 1-5 1 2 4 5
25
 We will be the first mover in the market to focus on transmission
5
and distribution beyond industrial estate.

The largest private transmission and Strong networking with regulator to

To be the leader in developing smart
distribution network in the region with ensure we end up in the right geography
grids and smart cities
9 strategic locations and space in the value chain

26
6 MAXIMIZE VIABILITY AND RELIABILITY IN ENERGY TRADING

27
 We are currently doing a pilot project to trade energy between
6
B.Grimm companies, to practice for positioning ourselves further
downstream

Pilot project

• To prepare for an Asian Pacific region where energy

trading and P2P energy may be a reality, we are
already practicing trading within our own corporate
campus

• We generate energy on solar rooftops and trade

energy between different companies at different times
– to simulate a real situation at larger scales with
energy trading

28
 As distributed generation and renewables scale up, we seek to
6
provide expertise and leadership in energy trading

29
7 CHAMPION GLOBAL BEST PRACTICES IN DIGITAL TRANSFORMATION

30
 Done right at scale, digital transformation will materially affect
7 competitiveness and profitability

31
FINANCIAL STRATEGY & SUSTAINABILITY

32
Our corporate financial strategy to support 10-year growth consists
of 3 pillars

10-year
Installed CAPEX
Capacity 250-300 billion
Prudent Capital Structure 10,000 MW THB Fundraising Initiatives
DEBT ● Non-recourse/limited recourse
Through budget forecasting and
2030 Revenue project loan
controlling system to monitor key over 100 billion
financial ratio within target i.e. THB ● EPC financing

● Consolidated Net Debt to Equity ● Green loan/debenture

Ratio at 2.0 times ● Perpetual debenture

● Project level Debt to Equity Ratio ● Asset recycling

at 3.0 times ● Infrastructure fund

$
● Vietnam IPO

Risk Mitigation
manage foreign exchange rate, interest rate risk
through natural hedge and hedging instrument 33
With compassion, business can exist in harmony with nature

PLANET PEOPLE
Aim to achieve carbon neutral by Years of supporting
2050 11 Dual Vocation Education Programs
Years of supporting
Students joined tiger 11
6,704 conservation education
The Little Scientists’ House
Years of supporting
18 Equestrian Sports in Thailand
711,199 Total Areas of
Reforestation (sq.m.)
PEOPLE
Years of supporting
16 Royal Bangkok Symphony Orchestra

PROFIT
PLANET PROFIT
Generating Capacity
10,000 MW in 2030
Revenue (THB)
> 100 Billion in 2030

34
We have been continuously awarded various
sustainability recognitions after IPO in 2017

FTSE4GOOD Emerging Index

MSCI ESG Rating: A
FTSE4GOOD ASEAN 5 Index

Thailand Sustainability Investment ESG 100 company

by SET by Thaipat Institute
3 consecutive years (2018-2020) 4 consecutive years (2018-2021)
Thai CAC certified
CGR Score: EXCELLENT
by Thailand’s Private Sector Collective
by Thai Institute of Directors
Action
Association
2 consecutive terms

2018 The first green bond certified by 2020 The first green loan certified by
Climate Bond Initiative in Thailand Climate Bond Initiative in CLMVT

35
Empowering the world compassionately as a Utility Solution
Provider with net zero carbon emission in 2050

Utility Solution Provider

Significantly expand gas and renewable generating
1 capacity to the areas where electricity is insufficient
Become a significant player in the LNG business
2 and clean fuel supply
Grow our B2B solution offerings to industrial
3 customers
Build a foothold in commercial and building
4 segments
Become a significant player in private transmission
5 & distribution
6 Maximize reliability and viability in energy trading

7 Champion global best practices in digital

transformation
Reliability Sustainability Affordability
36
Agenda

01 7 Strategies to Empower the world

compassionately
02 Professionalism
03 Partnership
04 Compassion
05 Financial Performance
37
 Well-diversified portfolio with expertise in green-field development
GAS – FIRED POWER PLANT (INDUSTRIAL POWER PLANTS) RENEWABLE GROUP
U-Tapao Area (Hybrid) Hydro Group
WHA Chonburi 1 80 MW 133 MW
(Under Development) (98 MW Under Development)
Laem Chabang 130 MW
196 MW 3.0%
(Including BPLC1 Replacement 4.9% Amata City (Chonburi) 15.6% Wind Group
of 140 MW) 7.4% 675 MW
25.6% 1.9% 16 MW
Bangkadi (Including ABP1&2 Replacement Solar Group
229 MW 8.7% of 140 MW each) 696 MW Total 849 MW 0.6%
Total 2,640 MW (15 MW Under In Operation 737 MW* Waste to Energy
WHA (Map Ta Phut) Development) (IWTE)
280 MW 8.7% In Operation 2,144 MW* 81.9% 5 MW
(Including BGPM Replacement
of 140 MW each) 4.7% 24.5% Amata City (Rayong)
Angthong Province 10.6% 647 MW
123 MW
World Food Valley Installed MW Equity MW
280 MW Type of Energy
(Under Development) Total Capacity % In Operation Total Capacity % In Operation
Gas fired 2,560 MW 73.1 2,144 MW 1,769 MW 68.7 1,311 MW
TRANSMISSION & DISTRIBUTION SOLAR ROOFTOP Solar 681 MW 19.4 681 MW 596 MW 23.1 596 MW
Bien Hoa 90 MW Hydro 133 MW 3.8 35 MW 95 MW 3.6 25 MW
(with 13 MW back up
for power trading) Hybrid 95 MW 2.7 95 MW 3.7
Wind 16 MW 0.5 16 MW 15 MW 0.6 15 MW
Solar rooftop for industrial
Poi Pet PPSEZ 14 MW** users and commercial IWTE 5 MW 0.1 5 MW 2 MW 0.1 2 MW
buildings with up to 100 MW Backup for power
trading 13 MW 0.4 13 MW 4 MW 0.2 4 MW
opportunity**
*As of August 2021 Total 3,502 MW 100 2,894 MW* 2,576 MW 100 1,953 MW* 38
**Transmission & distribution and solar rooftop are not included in total installed capacity
High standard technology leads to high efficiency & availability
HIGH EFFICIENCY (HEAT RATE) Our SPP power plants have lower heat rates than contracted heat rates.
Contracted Heat Rate 8,600 BTU/kWh Contracted Heat Rate 8,000 BTU/kWh Contracted Heat Rate 7,950 BTU/kWh

8,577 8,586 7,580

7,609 7,622 7,574

(BTU/kWh)

1st Round SPP 2nd Round SPP 3rd Round SPP 2020
6M'2021
HIGH AVAILABILITY (AVAILABILITY FACTOR) Most of our gas-fired cogeneration power plants have availability factors of above 90% since COD
99.0%
97.4% 96.6% 95.6% 98.6% 97.1%

1st Round SPP 2nd Round SPP 3rd Round SPP

Note: (a) Electricity equivalent generations of steam dispatched are calculated according to efficiency calculation of EGAT PPA (BGPM generation 1)
1st Round SPP consist of ABP1, ABP2, BPLC1 and BGPM
2nd Round SPP consist of ABP3, ABPR1, ABPR2, BIP1 39
3rd Round SPP consist of ABP4, ABP5, ABPR3, ABPR4 ABPR5, BIP2, BPWHA and BGPAT1
Improve efficiency continually
SPP Portfolio

5 Replacement 18 In Operation 2 Under Construction

ABP3, ABP4, ABP5, BPWHA, ABPR1, ABPR2,
ABP1, ABP2, BPLC1, BGPM1, BGPM2 BGPAT2, BGPAT3
ABPR3, ABPR4, ABPR5, BIP1, BIP2,
(SCOD in 2022) (SCOD in 2023)
BPLC2, BGPAT1
New Technology Upgrading gas turbine of 6 projects under New Technology
LTSA with Siemens during 2019-2023
MW increase by 135 MW MW increase by 280 MW
Maintenance period Food and beverage
IUs portion customer's base
Gas consumption by 1%
Gas consumption by 10-15%
Wastewater treatment 7 MW / plant available for IU
capacity
LNG import for fuel-cost flexibility

40
Enhancing performance of operating projects
Benefits from the LTSA with Siemens
Enhance Availability To increase availability or reduce the number of More operating days
maintenance days from 18-20 days to 10-15 days
Enhance Efficiency To enhance heat rate of gas turbine after performing Lower gas
major overhaul and doing design improvement consumption by 1%
Moving towards Digitalization To predict the degradation of a machine more accurate More MW for IUs

LTSA Upgrade Schedule 2 Gas Turbines 1 Gas Turbine

Plants Asian Power Award 2020:
“Power Plant Upgrade of 2018 2019 2020 2021 2022 2023
1 ABP3 the Year-Thailand”
by Asian Power Magazine Nov Jan
2 ABP5
Jul Jan
3 BPWHA
Feb Nov
4 ABPR2
Jun-Jul
5 ABPR1 Aug-Oct
6 ABP4
Feb 41
 SPP extension and replacement scheme
2019 2020 2021 2022 2023 2024 2025
ABP1 166 MW, (15% holding) 166 MW, (51% holding) Sep 140 MW, (51% holding), 25 years
ABP2 171 MW, (15% holding) Sep 140 MW, (51% holding), 25 years
BPLC1 103 MW, (100% holding) Jul 140 MW, (100% holding), 25 years
BGPM #1 62 MW, (70% holding) 62 MW, (70%) Dec 140 MW, (70% holding), 25 years
BGPM #2 62 MW, (70% holding) 62 MW, (70%) Dec 140 MW, (70% holding), 25 years
Milestones Newer technology, improving efficiency
EPC & LTSA Signing PPA Signing Secure Financing Start Construction SCOD

Key consideration Existing Extension* Replacement

EGAT PPA period (years) 21-25 1-3 25
EGAT contract capacity (MW) Up to 90 Up to 60 30
EGAT Tariff Capacity Payment + Energy Payment Capacity Payment +
Energy Payment Energy Payment
IU Tariff Benchmark with PEA Benchmark with PEA Benchmark with PEA
Contracted heat rate with EGAT (BTU/KWh) 8,600 8,282 7,409
BGRIM’s power plants applied with this scheme ABP1, ABP2, BPLC1, ABP1, ABP2, BPLC1,
BGPM (2 plants) ABP1, BGPM (2 plants) BGPM (2 plants) 42
*For PPAs expired in 2019 - 2021
 Increase flexibility in gas management with diverse sources
SPP gas from PTT

Wellhead price Margin

(WH) + 9.33% +
Lower gas
(Storage and regasification
consumption by 1%
Pipeline Transmission
of LNG was included.)
onshore + offshore
21.8 baht/ MMBTU

LNG import (obtaining the LNG Shipper license in 2020)

Power Plants
LNG

LNG Storage and Pipeline Transmission

weighted average cost Regasification onshore
18 baht/ MMBTU 12 baht/ MMBTU
Note: Based on current regulation 43
U-Tapao hybrid co-generation power plant
Hybrid Co-generation Power Plant
Co-generation power plant 80 MW
Sattahip Electricity
Authority
The Royal Thai Navy
U-Tapao International Airport
Welfare Concession

Terminal Substation

ESS 50 MWh Solar PV 15 MW

44
Agenda

01 7 Strategies to Empower the world

compassionately
02 Professionalism
03 Partnership
04 Compassion
05 Financial Performance
45
Strong partnership - Synergy under B.Grimm umbrella
Energy Industrial Healthcare Lifestyle & Real Estate

B.Grimm Power PCL Energy Equipment Merck Thailand B.Grimm Real Estate
Industrial Power Plant B.Grimm Trading Corporation Getinge Group Thailand B.Grimm Country Club
Hamon – B.Grimm
Solar B.Grimm Babcock Power Zeiss Thailand The MET Store Thailand
Cooling Biomonde (Thailand) Nymphenburg Porcelain
Hydro B.Grimm. Airconditioning
B.Grimm Carrier (Thailand) Primo Care Clinic Paris Spa
Wind Carrier (Thailand) Provence Restaurant
Beijer B.Grimm (Thailand)
Waste to Energy Transport
PCM Transport and
Hybrid Panrail (Thailand)
B.Grimm Maritime
Distribution Systems Building Materials
B. Grimm Trading Corporation
KSB Pumps
Chubb (Thailand)
MBM Metalworks
46
Joint venture with Univentures
Co-generation Power Plants

Biomass Power Plants Solar Rooftops

▪ Thailand’s leading property ▪ Leading power producer in

developer and investment Thailand and Southeast Asia
company ▪ In-house teams with expertise in
project development, and
operations and maintenance
▪ Various investments in real ▪ Well-diversified portfolio
estate, related real estate • in Thailand, Vietnam, Lao PDR,
business and others Cambodia, the Philippines and
• Commercial buildings Oman
Smart Grid Solar Floating • 25 years of experience in
• Office Buildings
• Condominium co-generation power plants with
• Etc. currently 18 operating projects
• Approximately 300 industrial
Hybrid Power plant Energy Solutions clients
• Solar farm and solar rooftops
Independent Power Supply (IPS) • Wind farm and hybrid power
for real estate and other industries plant under development
47
Joint venture with PTT Global LNG company limited

Cooperation with PTTGL to procure and supply LNG and explore other business opportunities related to LNG value chain
both domestically and internationally together
48
Partner with MEA, PEA and PEA ENCOM

Exploring business opportunities with MEA,

PEA and PEA ENCOM
• Independent Power Supply (IPS)
• Service coverage expansion
• Microgrid and Smart Microgrid
System
• Renewable project expansion

49
Long-term relationship with industrial estates and customers

FOOTHOLD IN TOP INDUSTRIAL ESTATES WITH SELECTED TOP IU FOR ELECTRICITY AND STEAM
MULTIPLE OF GENERATING UNITS IN EACH LOCATION
WHA Chonburi 1 Laem
▪ 1 power plant Chabung
▪ 130 MW VIETNAM
▪ 3 generating units ▪ 2 power plants
▪ 159 MW
World Food ▪ 5 generating units
Valley LAOS

▪ 1 power plant
▪ 123 MW Amata City
▪ 3 generating units Chonburi
▪ 5 power plants
BGPAT2&3 THAILAND ▪ 732 MW
▪ 17 generating units
▪ 2 power plants
▪ 280 MW
▪ 6 generating units Poi Pet PP
CAMBODIA SEZ
Bangkadi
▪ 2 power plants Amata City
▪ 229 MW Bien Hoa
▪ 6 generating units

Amata City
Rayong WHA Eastern
▪ 5 power plants (Map Ta Phut)
▪ 647 MW ▪ 2 power plants
▪ 15 generating units ▪ 124 MW
▪ 4 generating units

Gas-fired cogeneration power plants Transmission and Distribution

50
Agenda
01 7 Strategies to Empower the world
compassionately
02 Professionalism
03 Partnership
04 Compassion
05 Financial Performance
51
Expanding renewable power continually
Nam Khao
VIETNAM ▪ 5 power plants
▪ 67.5 MW
Nam Che 1
▪ 1 power plant LAOS Tadsakoi
▪ 15 MW ▪ 1 power plant
▪ 30 MW
TPS Com.
XXHP
▪ 1 power plant
▪ 8 MW ▪ 1 power plant
THAILAND ▪ 20 MW
Bo Thong BGPSK
▪ 2 power plants ▪ 1 power plant
▪ 16 MW ▪ 8 MW
BGYSP
▪ 8 power plants Ray Power
▪ 60 MW
CAMBODIA ▪ 1 power plant
PIC ▪ 39 MW
▪ 1 power plant
▪ 5 MW Phu Yen TTP
Solar WVO-Coop ▪ 1 power plant
Hydro power plants ▪ 257 MW
▪ 7 power plants
Solar power plants ▪ 31 MW
Solarwa DT
Wind power plant ▪ 1 power plant
▪ 5 power plants
Waste to energy power plant ▪ 39 MW ▪ 240 MW
52
Sustainability highlights
100% of SPP projects implemented
GHG intensity declined by 8.9% from • ISO 14001 Environmental
2018 to 0.37 tonnes CO2e/MWh in 2020 Management Systems
• OHSAS 18001 / ISO 45001
11.9% reducing in net Occupational Health and Safety
water consumption in Management System
2020 (vs 2019)
0% Fatality
More than 60% of total
water consumption was from Board Diversity
mixed wastewater • Independent directors 60%
• Female directors 50%

Commit to Net Positive

Impact (NPI) on biodiversity CGR score of “Excellent”

ZERO case of corruption and

Renewable capacity rose to 29% non-compliance
in 2020 from 8% in 2018
53
ESG Roadmap
Target to enter DJSI index by 2022
MSCI ESG Rating of A, 2021
Thai CAC
by Thailand’s Private Sector Collective Action Coalition
Against Corruption ESG100 Company of 2021
Thailand Sustainability
Sustainability Disclosure 2021 by Thaipat Institute
Award 2020
Investment (THSI) List 2020 by Thaipat Institute CGR Score
by Stock Exchange of Thailand by Thai Institute
ESG100 Company of 2020 of Directors “Excellent”
by Thaipat Institute Association (IOD) (2020)
FTSE4Good Index Series: Emerging Phu Yen Green Loan
Markets Index & ASEAN 5 Index by Climate Bonds Initiative
by FTSE Russell
Platinum Award Excellence in ESG
2020
& Best Initiative in Environment MSCI ESG Rating of BBB, 2020
Responsibility
by The Asset Thailand Sustainability Investment (THSI) List 2019
Sustainability Disclosure Awards 2019 by Stock Exchange of Thailand
by Thaipat Institute ESG100 Company of 2019
Green Financing by Thaipat Institute
of the Year
by The Asset
2019 The Green Financial Leader
Green Bond Awards 2019
ESG100 Company of 2018 by Climate Bonds Initiative
by Thaipat Institute
Thailand Sustainability
Investment (THSI) List 2018 Sustainability Report Awards
by Stock Exchange Thai CAC by SEC, CSR Club & Thaipat Institute
of Thailand by Thailand’s Private Sector Collective Action Coalition
Against Corruption
2018 CGR Score
54
“Very Good” by Thai Institute of Directors Association (IOD)
(2018-2019)
Agenda

01 7 Strategies to Empower the world

compassionately
02 Professionalism
03 Partnership
04 Compassion
05 Financial Performance
55
Steady cashflow from strong top line and EBITDA
TOTAL REVENUES EBITDA AND EBITDA MARGIN
(Unit: THB mn) 7,105 7,425 Total GWh Sales (Unit: THB mn)
31.5% 30.7% 31.1%
28.6%
28.9% EBITDA Margin
3,603 3,564 3,861 -2.4% YoY
22,466 21,928
+2.1% YoY 2% 1% Others +4.9% YoY
2% Steam
+9.8% QoQ
+9.4% YoY 6,818
11,475 +7.0% QoQ 6,500
11,243 10,453 2%
2% 1% EBITDA
2% 98% 97% Electricity 3,524
3,221 3,294
98% 98%
97%

Q2'20 Q1'21 Q2'21 6M'20 6M'21 Q2'20 Q1'21 Q2'21 6M'20 6M'21
Total sales volume rose 7.1% y-on-y to 3,861 GWh in Q2’2021 New-high EBITDA:
• Total revenue of THB 11,475 million in Q2’2021 • EBITDA grew 9.4% y-on-y in Q2’2021 and 4.9% in 6M’2021 due to new IUs,
continued improving performance of SPP and capacity growth from the COD
• Revenue from IUs increased 43.3% y-on-y from growing demand and of solar project in Cambodia.
new clients total PPA of 31.5 MW in 1H’2021.
• EBITDA margin remained strong at 30.7% in Q2’2021 and 31.1% in
• New revenue stream of THB 38 Million from the 39 MW solar projects in 6M’2021 from
Cambodia (COD in December 2020)
• Gas-turbine upgrades of ABPR1 and ABPR2 during
• In 6M’2021, total revenue decreased 2.4% y-on-y from 1) declined
energy payment which is linked to the 13.1% y-on-y declining gas cost June-October 2020 to improve efficiency
per unit and 2) softening revenue from solar projects in Vietnam due to • IU volume growth of 47.4% y-on-y in Q2’2021
weather and curtailment issues before significantly improved since • Q2’2021 SG&A declined 17.6 y-on-y from expense control
March 2021. • 8.9% y-on-y declining gas cost per unit 56
 Steady cashflow from strong top line and EBITDA (YoY)
Electricity Sales Volume Decreased YoY for EGAT and Increased for IU (Q2’2020 vs Q2’2021)
KEY DRIVERS: ELECTRICITY AND NATURAL GAS VOLUME AND PRICE YoY
ELECTRICITY SALES VOLUME YoY SALES VOLUME FOR EACH INDUSTRIAL USER (TH) YoY
(Unit: GWh) (Unit: GWh)
3,000
2,500 384
2,000
1,500 241
2,557 2,516 170 134 161
1,000
100 88 117
500
563 831
-

Q2'20 Q2'21 Q2'20 Q2'21 Q2'20 Q2'21 Q2'20 Q2'21 Q2'20 Q2'21 Q2'20 Q2'21
EGAT Industrial Users (TH) Amata City Amata City Laem Chabang Others (Bangkadi,
Chonburi Rayong WHA Chonburi, Map Ta Phut)
ELECTRICITY SELLING PRICE YoY EFFECTIVE GAS COST EGAT
(Unit:THB/KWh) (Unit: THB/MMBTU) • EGAT sales volume decreased 1.6% y-on-y primarily due to dispatch
compensation from EGAT last year (from maintenance of 500kV transmission in
Q1’2020).
3.32 262.41 • Electricity price sales to EGAT decreased 6.3% y-on-y because the energy
3.04 2.85 3.23 238.98 payment is generally adjusted to reflect changes in natural gas price which
decreased 8.9% during the period.
IU Thailand
• IU Thailand sales volume increased 47.4% y-on-y due to synchronisation from
new clients with total PPA of 21.2 MW in Q2’2021 or 31.5 MW in 6M’2021 and
high electricity demand from key sectors especially auto-parts, tires, home
appliances and industrial gas
Q2'20 Q2'21 Q2'20 Q2'21 Q2'20 Q2'21 • Electricity price sales to industry users Thailand decreased 2.7% y-on-y which
EGAT Industrial Users (TH) is in line with Ft charge announced by the ERC. 57
 Steady cashflow from strong top line and EBITDA (QoQ)
Electricity Sales Volume Increased QoQ for EGAT and Increased for IU (Q1’2021 vs Q2’2021)
KEY DRIVERS: ELECTRICITY AND NATURAL GAS VOLUME AND PRICE QoQ
ELECTRICITY SALES VOLUME QoQ SALES VOLUME FOR EACH INDUSTRIAL USER (TH) QoQ
(Unit: GWh) (Unit: GWh)

2,500
2,000 500
400 387 384
2,300 2,516
1,500
300
1,000
200 152 170 168 161 108 117
500 814 831 100
- -

Q1'21 Q2'21 Q1'21 Q2'21 Q1'21 Q2'21 Q1'21 Q2'21 Q1'21 Q2'21 Q1'21 Q2'21
EGAT Industrial Users (TH) Amata City
Chonburi
Amata City
Rayong
Laem Chabang Others (Bangkadi,
WHA Chonburi, Map Ta Phut)
ELECTRICITY SELLING PRICE QoQ EFFECTIVE GAS COST EGAT
(Unit:THB/KWh) (Unit: THB/MMBTU)
0.0% • EGAT sales volume increased 9.4% q-on-q primarily due to more scheduled
maintenance during Q1’2021.
3.23 3.23
2.72 2.85 220.64 238.98 • Electricity price sales to EGAT increased 4.8% q-on-q because the energy
payment is generally adjusted to reflect changes in natural gas price which
increased in Q2’2021.
IU Thailand
• IU Thailand sales volume increased 2.0% q-on-q primarily due to growth from
auto-parts, tires, home appliances and industrial gas and new clients with total
PPA of 21.2 MW in Q2’2021.
Q1'21 Q2'21 Q1'21 Q2'21 Q1'21 Q2'21 Electricity price sales to industry users Thailand remain unchanged which is
EGAT Industrial Users (TH) • 58
in line with Ft charge announced by the ERC.
Revenue breakdown
Q2’2021 REVENUE BREAKDOWN BY CUSTOMER Q2’2021 IU VOLUME BREAKDOWN BY SECTOR

EGAT Tire Industrial Gas

63% 17% 10%
THB 11,476 mn
Home Appliance
Q2’2021 Auto part
IU-TH 9%
Sales and Service 23% 42% Packaging
Income 6%
Others
13% Consumer
EDL EVN 3%
1% Steam 7% IU-VN IU Volume New-high IU volume
PEA, MEA, EDC 3% of 831 GWh in Q2’2021
2% 2%
(Thai new year) 2019 2020 2021

59
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Ft charge and gas price

Ft (THB/kWh) SPP Gas Price (THB/MMBTU)

-0.1160 -0.1160 -0.1160 -0.1160 -0.1160 -0.1160 -0.1160 -0.1160 -0.1243 -0.1243 -0.1243 -0.1243-0.1532 -0.1532 -0.1532 -0.1532 -0.1532 -0.1532 -0.1532 -0.1532 -0.1532 -0.1532 -0.1532 -0.1532

261.56 269.57 271.02 266.33 261.09 256.80 265.43 259.38 255.92 270.13 265.53 265.29
241.30 236.01 239.19 244.53
228.35 211.94 212.48 217.68 220.16 219.52 220.83 231.95

Based on 2019 figures;

◼ THB 0.01 change in IU tariff would impact earnings by THB 18 million per annum.
◼ THB 1/MMBTU change in gas cost would impact earnings by THB 15 million per annum.
Source: ERC and PTT 60
Strong normalised net profit
NORMALISED NET PROFIT (NNP) RECONCILE NORMALISED NET PROFIT (NNP) OF Q2’2021
(Unit: THB mn) (Unit: THB mn)
13.5% 11.7%
9.8% 9.7% 10.1% NNP Margin
+22.1% YoY
+50.0% YoY
2,560
2,260 NNP to
+56.5% QoQ 904 Non-Controlling
Interest (NCI)
2000
904
1,471 73 1,544 534
1,544 664 449
1500
354 1,011
1,102 1,016 1,656 NNP to owner
1000
428 370 1,356 1,022
500 1,011
674 646
0 449
Q2'20 Q1'21 Q2'21 Q2’21 Unrealised FX NNP NNP NNP
6M'20 6M'21 Net Profit Loss to NCI to owner
New-high NNP in Q2’2021 Reconciliation Items:
• NNP to owner increased 50.0% y-on-y in Q2’2021 to THB 1,011 million and • Unrealised Fx loss of THB 73 million in Q2’2021 was a non-
22.1% y-on-y in 6M’2021 to THB 1,656 million from cash item from USD debt translation and the THB
• Continued expansion of IU base with new PPAs of 21.2 MW in Q2’2021 depreciation against USD during this period.
• Gas-turbine upgrades to improve efficiency
• 17.6% declining SG&A from expense control
• THB 169 million net realised FX gain
• NNP margin increased to 13.5% in Q2’2021
61
Strong financial position with well-managed capital structure

STATEMENT OF FINANCIAL POSITION Financial Position as of 30 June 2021

AS OF 30 JUNE 2021
Assets Liabilities and Equity Total assets
• Total assets increased by 6.5%, primarily due to the
139,147 continual expansion of project portfolio both local and
139,147
130,696 130,696 overseas.
Total
30% Total liabilities
30% Equity
• Total liabilities increased by 7.3%, primarily due to
Non- Current 75% borrowing for project development.
Assets 77%
Total Equities
70% 70% Total • Total equity increased by 4.5%, primarily due to an
Liabilities
Other increase in retained earnings during the period.
Current Assets 8% 8%
Cash, cash
Equivalents and 15% 17%
ST investments

31 Dec 20 30 Jun 21 31 Dec 20 30 Jun 21

62
Well-managed debt profile
DEBT PROFILE
19%
Corporate Level
25%
Project Level (In Operation)
• Only 29% loan represents loan at the corporate level. The remaining
71% contributes to debts at power plant level with limited recourse to
Debenture Loan (THB)
THB 16,143 mn THB 21,360 mn sponsor
6%
10%
Corporate Level
Project Level
(Under Construction)
• Interest obligations of almost all power plant level debts are swapped
Loan Loan (THB) to fixed rate
THB 8,241 mn THB 4,709 mn
17% • Only 22% of total loan as of 30 June 2021 is denominated in USD
Project Level 22%
Project Level which is matched with a proportion of EGAT tariff indexation to USD at
Debenture (In Operation) project level, so called “Natural Hedge” strategy
THB 14,681 mn
Loan (USD)
THB 18,902 mn
THB 84,048 mn • Successful bond issuance worth THB 12 billion in July 2021
(as of 30 June 2021)
0%
Project Level with Rating A-, effective coupon rate of 2.94% per annum and Green
(Under Construction) bond allocation of THB 3 billion for green energy development
Loan (USD)
THB 13 mn
FINANCING COSTS
0.06

4.9% 4.7% 4.6% 4.6%

4.1% • Financing costs at 3.8% in 6M’2021 due to altering of financial
0.05

3.8%
structure according to debt refinancing.
0.04

0.03

0.02

0.01

63
0.00

2016 2017 2018 2019 2020 6M'2021

Capital Structure and Dividend Policy

NET INTEREST-BEARING DEBT TO EQUITY RATIO DIVIDEND PER SHARE (Unit: THB)
2.50
2.40
45% 45% 45% 45% Dividend payout based
Company only Consolidated
on normalised net profit
2.30
2.20

0.45
2.10
2.00
1.90
1.80
1.70
0.5
1.60
1.50
1.40 0.45
0.37
1.30
1.20
1.10
1.00
0.90
1.5x 1.5x 0.4
0.32
0.80
0.70
1.0x 0.9x 0.30
0.60
0.50
0.40
0.30 0.35
0.30 2H
0.20
0.10
-
(0.10)
(0.20) 0.3
0.22
(0.30)
(0.40)

0.17
(0.50)
(0.60)
(0.70)
(0.80)
(0.90)
0.25
(1.00)
(1.10)
(1.20)
(1.30)
(1.40)
(1.50)
Dec-20 Jun-21 0.2
0.15
Gearing Ratios 0.1
0.15 0.15 0.15 0.15 1H
0.05
• The consolidated net interest-bearing debt to equity 0
ratio stable at 1.5x and decreased to 0.9x for 2017 2018 2019 2020 2021
Company only as a result of increasing of retained
earnings during the period.
CAPITAL STRUCTURE DIVIDEND POLICY
• Manage debt and equity funding to optimize capital • Minimum 40% of normalised net profit of consolidated
structure financial statements
• Seek to obtain financing at project level
• Limited-recourse project loan with back-end equity
• Target 3.0x debt to equity project financing at
outset, delivering over project life
• Consolidated debt included loans at power plants
because BGRIM holds majority in most of the projects
64
Appendix

65
Thailand power industry

Generation EGAT IPP Import SPP VSPP

Electricity & Steam

Government and Regulator (ERC)

Transmission EGAT Transmission & System Operation Policy

Distribution MEA PEA Regulation

Direct Purchase End

User Users
Industrial Users
from EGAT

66
Small Power Producer (SPP) scheme
1) Located in strategic industrial estates, near users Round 1: 1992
2) IU tariff is linked to market price while EGAT tariff Round 2: 2007
SPP
is based on a cost-plus model Round 3: 2010
3) Provide both electricity and stream to IUs Replacement: 2018

SPP IPP
CP = Capacity Payment
Contracted Capacity 30-90 MW The rest All (> 90 MW) EP = Energy Payment
FS = Fuel Saving
Off-taker EGAT Industrial Users EGAT AP = Availability Payment
Tenors 20-25 10-15 20-25 FS = Fuel Saving
Product and Service Electricity Electricity, Stream, Electricity
Demin Water
Tariff Structure CP+EP+FS Base Tariff + Ft AP+EP
Minimum CP Base Tariff AP
Fuel cost pass-through
mechanism EP Ft EP
Incentive from the government FS* - None
*Fuel saving payment is made to cogeneration when the plant achieves a certain degree of cogeneration efficiency = 0.36 Baht /kWh
67
Longt-term PPA and well-established contracts
WEIGHTED AVERAGE REMAINING PPA LIFE
Track Record of
Extensions
23.1
Years 20.6 19.5
Years Years
17.9 17.2 15.0
Years Years Years
8.4
Years

EDL PEA / MEA EDC EVN EGAT Industrial users -

electricity (Thailand)
LONG-TERM PPA STRUCTURE
• EGAT : 21 to 25 years tenor with take-or-pay structure
• PEA / MEA : up to 25 years tenor (VSPP of solar, wind, waste to energy)
• EDC : 20 years tenor (solar)
• EDL : 25 years tenor (hydro)
• EVN : 20 years tenor (solar)
• 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
Note: Weighted Average Remaining PPA life is calculated as the average remaining contractual term remaining from 31 June 2021 to expiry weighted by the aggregate contracted capacity under the relevant 68
agreement
High correlation between gas price and Ft charge
Change in Ft vs Gas Price in 2005-2021 Introduction of
renewable energy
Adjusted Ft Index

Gas Price Index

Jul-05

Jul-06

Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21
Jan-11
Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21
Ft (Fuel Adjustment Charge) is a component of electricity market tariff, announced by Energy Regulatory Commission (ERC) every 4 months to
reflect EGAT’s overall cost electricity which includes EGAT’s power generations, its purchase from private sector and the import from neighboring
countries
➢ In general, natural gas contributes approximately 70% of total fuel used to produce electricity in Thailand. Thus, change in gas price has high
correlation with change in Ft.
➢ In addition, the gap between these two indexes is widen since 2011 – when renewable business started commencement in Thailand.

BGRIM’s electricity tariff for IU is normally benchmarked with PEA (base tariff+Ft) which generally moves in the same direction with gas price.
69
Corporate structure
Core subsidiaries and associates only

70
Operational power plants: conventional
Company Abbreviation Fuel Type COD Economic IU Electricity Steam Contracted
Ownership %(a) Installed Equity Offtaker / PPA Expiry EGAT Contracted Contracted Capacity
Capacity (MW) Capacity (MW)
(MW) (MW) Program (t/h)
Amata Nakorn Industrial Estate, Thailand
Amata B.Grimm Power 1 ABP1 Gas-Fired Cogen Sep-98 50.69% 166.4 84.3 EGAT (SPP) Sep-22(c) 60.0 104.3 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) 90.0 101.0 19.0
Amata B.Grimm Power 3 ABP3 Gas-Fired Cogen Oct-12 60.70% 132.5 80.4 EGAT (SPP) Oct-37 90.0 43.1 13.0
Amata B.Grimm Power 4 ABP4 Gas-Fired Cogen Nov-15 55.50% 131.1 72.8 EGAT (SPP) Nov-40 90.0 30.9 -
Amata B.Grimm Power 5 ABP5 Gas-Fired Cogen Jun-16 55.50% 131.1 72.8 EGAT (SPP) Jun-41 90.0 32.7 13.0
Subtotal 732.3 336.5 420.0 312.0 51.0
Amata City Industrial Estate, Thailand
Amata B.Grimm Power (Rayong) 1 ABPR1 Gas-Fired Cogen Nov-13 61.70% 123.3 76.1 EGAT (SPP) Nov-38 90.0 33.0 14.0
Amata B.Grimm Power (Rayong) 2 ABPR2 Gas-Fired Cogen Jun-13 61.70% 124.4 76.8 EGAT (SPP) Jun-38 90.0 24.0 14.0
Amata B.Grimm Power (Rayong) 3 ABPR3 Gas-Fired Cogen Feb-18 55.50% 133.0 73.8 EGAT (SPP) Feb-43 90.0 18.0 -
Amata B.Grimm Power (Rayong) 4 ABPR4 Gas-Fired Cogen Jun-18 55.50% 133.0 73.8 EGAT (SPP) Jun-43 90.0 33.5 -
Amata B.Grimm Power (Rayong) 5 ABPR5 Gas-Fired Cogen Oct-18 55.50% 133.0 73.8 EGAT (SPP) Oct-43 90.0 34.5 -
Subtotal 646.7 374.3 450.0 143.0 28.0
Laem Chabang Industrial Estate, Thailand
B.Grimm Power (Laem Chabang) 1 BPLC1 Gas-Fired Cogen Jul-01(d) 100.00% 103.0 103.0 EGAT (SPP) Jul-22(c) 60.0 54.3 46.2
B.Grimm Power (Laem Chabang) 2 BPLC2 Gas-Fired Cogen Feb-09(d) 100.00% 56.1 56.1 – – – 61.3 18.5
Subtotal 159.1 159.1 60.0 115.6 64.7
Bangkadi Industrial Park, Thailand
B.Grimm BIP Power 1 BIP1 Gas-Fired Cogen Apr-15 74.00% 114.6 84.8 EGAT (SPP) Apr-40 90.0 14.0 –
B.Grimm BIP Power 2 BIP2 Gas-Fired Cogen Jan-16 74.00% 114.6 84.8 EGAT (SPP) Jan-41 90.0 24.3 –
Subtotal 229.2 169.6 180 38.3 –
WHA Chonburi1 Industrial Estate, Thailand
B.Grimm Power (WHA) 1 BPWHA1 Gas-Fired Cogen Nov-16 70.00% 130.2 97.7 EGAT (SPP) Nov-41 90.0 31.7 –
WHA Eastern (Map Ta Phut) Industrial Estate, Thailand
Feb &
B.Grimm Power (AIE-MTP) BGPM Gas-Fired Cogen 70.00% 124.0 86.8 EGAT (SPP) Feb & Dec-21(c) 110.0 4.6 48.0
Dec-98

B.Grimm Power (Angthong) 1 BGPAT1 Gas-Fired Cogen May -16 70.00% 123.0 86.1 EGAT (SPP) May-41 90.0 3.0 5.0
Gas-Fired Cogen Total 2,144.5 1,310.1 1,400.0 648.2 196.7
Amata City (Bien Hoa) Industrial Estate, Vietnam
Amata Power (Bien Hoa)(e) APB Diesel Generator Apr-99 30.70% 13.0 4.0 – – – 441.4 –
Conventional Total 2,157.5 1,314.1 1,400.0 1,089.6 196.7

Note: As of August 2021

(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 2 Limited was 15.3%
(c) ABP1, ABP2, BPCL1 and BGPM got the approval to build new replacement projects under the 25-year PPA with the scheduled commercial operation in 2022
(d) Acquired from Sime Darby Energy on 30 June 2014
71
(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
 Operational power plants: solar Economic Capacity Main PPA(s)
Company / Project Abbreviation Location COD Installed Equity Offtaker / PPA Expiry
Ownership %(a) (MW) (MW) Program
B.Grimm Yanhee Solar Power BGYSP 100.0% 59.7 59.7
Sai Luang 2 8.0 8.0
Sai Luang 3 8.0 8.0
Sai Luang 9 7.2 7.2
Sai Luang 10 Pathumthani province, Thailand Dec-15 7.5 7.5 PEA (FiT) Dec-40
Sai Yai Nha 8.0 8.0
Sai Manow 8.0 8.0
Sai Putsa 8.0 8.0
Sai Sena 2 Ayutthaya province, Thailand 5.0 5.0
Solarwa Solarwa 47.5% 38.5 18.3
Sai Lui Rim Num 8.0 3.8

Sai Chalouw 1 Nakhon Pathom province, Thailand 8.0 3.8

Sai Sab
Dec-15 8.0 3.8 PEA (FiT) Dec-40
BGTTRE2
Saraburi province, Thailand 8.0 3.8
BGTTRE3
6.5 3.1
TPS Commercial TPS Saraburi province, Thailand Dec-15 47.5% 8.0 3.8 PEA (FiT) Dec-40
B.Grimm Solar Power (Sakaeo) 1 BGPSK Sakaeo province, Thailand Apr-16 100.0% 8.0 8.0 PEA (FiT) Apr-41
Solar WVO-Cooperatives Solar WVO-Coop Dec-18 100.0% 30.8 30.8
BSPCD Sakaeo province, Thailand 2.3 2.3
BGPCCS Chachoengsao province, Thailand 3.6 3.6 PEA (FiT)
BSPCB Surat Thani province, Thailand 5.0 5.0
BGSP1WN Bangkok province, Thailand 5.0 5.0 Dec-43
BGPLKB Bangkok province, Thailand 5.0 5.0
MEA (FiT)
BGPBBO Samut Prakan province, Thailand 5.0 5.0
BGPSAI Nonthaburi province, Thailand 5.0 5.0
Dau Tieng Tay Ninh Energy DT Tay Ninh province, Vietnam Jun-19 96.25% 240.0 231.0 EVN (FiT) Jun-39
Phu Yen TTP (Phu Yen) Phu Yen TTP Phu Yen province, Vietnam Jun-19 80.0% 257.0 205.6 EVN (FiT) Jun-39
Ray Power Ray Power Banteay Meanchey Province, Cambodia Dec-20 100.0% 39.0 39.0 EDC (FiT) Dec-40
Total 681.0 596.2
Note: As of August 2021
72
(a) Based on B.Grimm Power’s direct and/or indirect interest in the project company owning the power plant.
 Contractual overview: commercial features
SPP Gas-fired Cogeneration Solar PV Solar Wind Hydro iWTE Solar
(Vietnam) (Cambodia)
Industrial Users PEA/MEA
EGAT (FiT) EVN PEA (Adder) EDL PEA EDC
Electricity Steam

Term (years) 21 – 25 years 5 – 15 years(a) 5 – 15 years(a) 25 years 20 years 5 years 25 years 20 years 20 years

– – 5 years – –
Extension option ✓ ✓ ✓ auto extension
Up to 10 years

90 MW
(except for Depends on each contract 2.25-8 MW 677 MW dc 8 MW 6.7 – 15 MW(b) 4 MW 30 MW
Contracted capacity BPLC1 which is 564 MW ac (each)
60MW)
Secured fuel supply ✓ ✓ ✓ N/A N/A N/A N/A N/A N/A
✓ Partially through Depends on
Natural gas cost pass-through (at contracted N/A N/A N/A N/A N/A N/A
Ft contract
heat rate)
Partially through – – – – – –
FX pass-through ✓ Ft
–

Inflation indexation – – ✓ – – – – – –
PEA wholesale + FiTF + FiTV +
See next page 5.66 THB/kWh 9.35 10-year adder at 6.50 Cents/kWh 8-year adder 7.60 Cents/kWh
Tariff 4.12 THB/kWh Cents/kWh 3.50 THB/kWh at 0.7 THB/kWh
BGYSP
XXHP
(8 projects), (2 projects),
ABP1-5, ABPR1-5, BPLC1, BIP1-2, BPWHA1, BGPAT1-3, Solarwa (5 DT1&2, Bo Thong Nam Che, Nam PIC Ray Power
Applicable power plants BGPM projects), TPS, Phu Yen TTP (2 projects)
Source: 56-1, EGAT, PEA Khao 1-5
BGPSK, (5 projects)
Some contract terms are year-on-year basis Solar WVO-Coop
According to concession agreements 73
Contractual overview: EGAT PPA under SPP program
SPP Regulation 1992, 2005 2007 2010
TARIFF STRUCTURE ABP4-5,
ABP1-2, ABP3, ABPR3-5,
Applicable power plants BPLC1, ABPR1-2, BIP2,
BGPM BIP1 BPWHA,
BGPAT1
Electricity Tariff = Capacity Payment + Energy Payment + Fuel Saving Payment + VAT
Base Capacity Payment Rate
302.00 383.66 420.00
(𝐶𝑃0 ) (THB/kW)
𝐹𝑋𝑡
Capacity Payment Rate (THB/kW/month) = 𝐶𝑃0 × (𝑥 × )+(1− 𝑥)
𝐹𝑋0 Base Exchange Rate (𝐹𝑋0 )
27 37 34
(THB/US$)
𝑃𝑡 −𝑃0
Energy Payment Rate (THB/kWh) = 𝐸𝑃0 + × contracted Heat Rate US$THB FX indexation (𝑥) 0.8 0.5 0.5
106
Base Energy Payment Rate
𝑃𝐸𝑆𝑡 0.85 1.70 1.85
Fuel Saving Payment Rate (THB/kWh) = 𝐹𝑆0 × (𝐸𝑃0 ) (THB/kWh)
10%
Base Price for Natural Gas
𝐹𝑋𝑡 = THB/ US$ Exchange Rate PTT sells to SPPs (𝑃0 ) 77.0812 209.4531 232.6116
(THB/MMBTU)
𝑃𝑡 = Price for natural gas PTT sells to SPPs in a month (THB/MMBTU) Contracted Heat Rate
8,600 8,000 7,950
(BTU/kWh)
𝑃𝐸𝑆𝑡 = primary energy saving (“PES”) statistic measuring the efficiency rate of our gas-fired Fuel Saving Payment - ✓ ✓
cogeneration power plant in consuming natural gas in the generation of electricity and thermal
energy Base Fuel Saving Payment
- 0.36 0.36
(𝐹𝑆0 ) (THB/kWh)
74
Major maintenance schedule in 2020 to 2021
Installed Capacity Steam Capacity Duration 2020
Projects Type of maintenance
(MW) (ton/hr) (days) Q1 Q2 Q3 Q4
Amata City (Rayong)
ABPR1 123.3 30.0 Major Overhaul 40

ABPR2 124.4 30.0 Major Overhaul 40

WHA Chonburi 1
BPWHA 130.0 30.0 Major Inspection 15

Installed Capacity Steam Capacity Duration 2021

Projects Type of maintenance
(MW) (ton/hr) (days) Q1 Q2 Q3 Q4
Amata City (Chonburi)
ABP4 131.1 30.0 Major Overhaul 27

ABP5 131.1 30.0 Major Overhaul 15

Amata City (Rayong)

ABPR3 133.0 30.0 Major Inspection 24

ABPR4 133.0 30.0 Major Inspection 24

ABPR5 133.0 30.0 Major Inspection 24

Bangkadi
BIP1 114.6 20.0 Major Inspection 10

Laem Chabang

BPLC2 56.1 20.0 Major Inspection 11

WHA Eastern (Map Ta Phut)
BGPM 124.0 90.0 Major Overhaul 22 75
Abbreviation & our projects
ABBREVIATION
ADB Asian Development Bank FX Foreign exchange P.A. Per annum
COD Commercial Operation Date IPO Initial public offering PEA Provincial Electricity Authority (Thailand)
EBITDA Earnings before Interest, Taxes, Depreciation and Amortization IU Industrial user PPA Power purchase agreement
EDC Electricite Du Cambodge IWTE Industrial Waste to Energy PTT PTT public Company Limited
EDL Electricite Du Laos JV Joint venture ROA Return on assets

EGAT Electricity Generating Authority of Thailand kWh / GWh Kilowatt / Gigawatt-hour ROE Return on equity

ERC Energy Regulatory Commission MEA Metropolitan Electricity Authority SG&A Selling, general & administrative expense

EPC Engineering, Procurement and Construction MMBTU Million Btu (unit of gas consumption) YE Year End

EVN Electricity of Vietnam NNP Normalised net profit YoY Year-on-Year

FiT Feed-in Tariff O&M Operations and maintenance

OUR PROJECTS Phu Yen TTP Phu Yen TTP Solar Project (Phu Yen)
ABPIF Amata B.Grimm Power Plant Infrastructure Fund BGPSK B.Grimm Solar Power (Sakaeo) 1
ABP1 Amata B.Grimm Power 1 BGSENA B.Grimm Sena Solar Power Limited Solar WVO Solar WVO-Cooperatives Projects

ABP2 Amata B.Grimm Power 2 BGYSP B.Grimm Yanhee Solar Power Ray Power Ray Power Supply Company Limited

ABP3 Amata B.Grimm Power 3 BIP1 B.Grimm BIP Power 1 XXHP Xenamnoy 2 and Xekatam 1 Hydro Power Project

ABP4 Amata B.Grimm Power 4 BIP2 B.Grimm BIP Power 2 BSPCD The Chon Daen agricultural cooperatives project

ABP5 Amata B.Grimm Power 5 BGPM B.Grimm Power (AIE-MTP) (SPP1) BGPCCS The WVO project, namely the Veteran Support Office of Chonburi

ABPR1 Amata B.Grimm Power (Rayong) 1 BPLC1 B.Grimm Power (Laem Chabang) 1 BSPCB The Ban Na Doem agricultural cooperatives project

ABPR2 Amata B.Grimm Power (Rayong) 2 BPLC2 B.Grimm Power (Laem Chabang) 2 The WVO project, namely Office of Agriculture, Industry and Services
BGSP1WN
Affairs
ABPR3 Amata B.Grimm Power (Rayong) 3 BPWHA1 B.Grimm Power (WHA) 1
BGPLKB The WVO project, namely the Veterans General Hospital
ABPR4 Amata B.Grimm Power (Rayong) 4 DT Dau Tieng Tay Ninh Energy Solar Project
The WVO project, namely the WVO Office of Terminal Production
ABPR5 Amata B.Grimm Power (Rayong) 5 BGPBBO
Nam Che 1 Nam Che 1 Hydro Power Project Workshop
BGPAT1 B.Grimm Power (Angthong) 1 PIC Progress Interchem BGPSAI The WVO project, namely the WVO Office of Security Services 76
 INVESTOR RELATIONS
Email: [email protected]
Tel: +66 (0) 2710 3528
Solaya Na Songkhla
Email: [email protected]
Pornratchanee Sethakaset
Email: [email protected]
Gunnlapat Wichutarat
Email: [email protected]
Thunruethai Makaraphan
Email: [email protected]

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