Analyst MeetingFY2018 Financial Results

25 February 2019Ticker: BCPG (SET)

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Disclaimer

3

Recent Development

Financial Highlights

Business Outlooks

Agenda

4

Recent Development

Financial Highlights

Business Outlooks

Agenda

5

Key developments in 2018Accomplished business growth strategy as planned

Solar Assets Monetization

Completed two solar assets monetizationRecorded gain of THB 793 mn

New Capacity Added

Gotemba project (4.0 MWac)WVO project (8.94 MW)Rooftop solar with P2P trading platform (0.6 MW)

Investment in associates started to bear fruit

The first full-year recognition of share of profit from investments in Indonesia and the Philippines

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Yabuki

Komagane

Regulatory challenges

Sep 30, 2019 Sep 30, 2020

Deadline to get acceptance of Grid Connection Work application from Utility co.

otherwise FiT reduce to 21 JPY/kWh

Deadline to COD after granted acceptance

otherwise PPA period reduction

(month-by-month basis)

✓ Got Exception (Construction over 66%)

(27.9 MW 36 JPY/kWh)

(32.0 MW 36 JPY/kWh)

1 year after acceptance

New measures (1-year rule)Public hearing since Dec 5, 2018. The new rule might affect 2 projects in pipeline.

Remark: The new measure (1-year rule) is expected to be enforced within 1H19.

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Rooftop portfolioCapturing market at the foundation

Establishing blockchain-based P2P electricity trading platform under “Smart City” concept:

1 Pilot project at Town Sukhumvit 77 in collaboration with Sansiri PCL

2 Chiangmai University, the first university in Thailand to develop solar rooftop (12 MW) with energy trading platform in partnership with BCPG and Power Ledger

Other rooftop solar projects:

Partnership with Sansiri PCL Gas stationFactories

8

Floating solar development

Floating solar:

Pilot project of 0.2 MW at Bang pa-in (Ayutthaya) sites Plan to sell electricity to Bangchak Biofuel Company after integrating with solar panels ground installation (2.1 MW)

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Over two-third of the construction progress has been completed which is slightly above plan.Two turbines have been assembled and will be installed within February 2019.Battery (1.5 MWh) helps stabilize system, improve efficiency and reduce degradation in the longer term.

Lomligor wind farmExpect to COD within April 2019

Remark: Lomligor wind power plant acquisition has been completed since 18 June 2018

Project details

Capacity 10 MWdc / 8.965 MWppa

CapexTHB 825 mn (Shares purchase of THB 219 mn and estimated construction cost of THB 616 mn)

PPAWholesale Tariff + Adder 3.50 THB/kWh (10 Yr)(Average 6.60 THB/kWh)

No. turbine 4 turbines

Capacity factor

~21.4% (5.1 hours)

10

Thailand

Operating: 192 MWDCDeveloping: 10 MWTotal: 202 MWDC

Japan

Operating: 17.4 MWDCDeveloping: 151.1 MWDCTotal: 168.5 MWDCMonetized: 27.6 MWDC

The Philippines

Operating: 14.4 MWDeveloping: 5.6 MWTotal: 20 MW

Indonesia

Operating: 157.5 MWDeveloping: 24 MWTotal: 181.5 MW

Solar Wind Geothermal

Remark: For the Philippines and Indonesia, only equity MW is presented

30 MW

182 MW

361 MW

Technology

Operating 381 MW

Developing191 MW

Status

Our business footprintOperating 381.1 MWDC and continued growing

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94169 169 202

394 381

2013 2014 2015 2016 2017 2018

Installed & Equity MW in Portfolio

Solar TH Solar JP Wind PH Geothermal ID

130 231 263 274

847

1,607

2013 2014 2015 2016 2017 2018

Power Generation

Solar TH Solar JP Wind PH Geothermal ID

Unit: GWh

Unit: MW

Business portfolio

Power Generation

78%

3%3%

17%

ID

31%

5%2%

62%

2017: 847 GWh* 2018: 1,607 GWh (+89.7% YoY)

TH

JPPH

TH

JP

Pro-forma Revenue

47%

3%7%

43% ID68%11%

19% 2%

2017 THB 4,201 million* 2018: THB 6,616 million (+57.5% YoY)

TH

PHJP

JP TH

Unit: GWh

Unit: THB mn

ID

PH

PHID

Remark: * In 2017, the company has effective stake in subsidiaries for 7.5

months for wind power plants in the Philippines and 5 months for geothermal power plants in Indonesia.

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Recent Development

Financial Highlights

Going Forward

Agenda

13

Operational highlights: ThailandRecord quarterly revenue in 4Q18

92.9% 93.2% 92.6% 88.8% 88.4%

65,717 66,035 66,695 64,243 73,028

4Q17 1Q18 2Q18 3Q18 4Q18Adders scheme FiT @ THB 5.66/kWh FiT @ THB 4.12/kWh

Sellable Output (MWh) breakdown

96.4% 96.4% 96.5% 94.6% 95.1%

702 714 712 675 756

4Q17 1Q18 2Q18 3Q18 4Q18Adders scheme FiT @ THB 5.66/kWh FiT @ THB 4.12/kWh

Revenue breakdown Capacity factor (%)*

16.8% 17.2% 17.1%15.6%

17.8%

4Q17 1Q18 2Q18 3Q18 4Q18

4Q18 revenue reached record high at THB 756 mn, presented strong growth YoY and QoQ thanks mainly to rising electricity output given to (1) favorable weather conditions and (2) COD of WVO solar power plants of 8.94 MW.2018 revenue remained stable at THB 2,858 mn.

Unit: THB million

Remark: *Capacity factor is calculated by energy yield/numbers of day during the period/24

+7.6% YoY

+11.9% QoQ +6.0% YoY

+13.7% QoQ

+11.0% YoY

+13.7% QoQ

+0.6% YoY

+3.2% YoY-1.0% YoY

+1.8% YoY

96.6% 95.6%

2,841 2,858

2017 2018

93.4% 90.7%

265,167 270,001

2017 2018

17.1% 16.9%

2017 2018

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Operational highlights: JapanLower revenue contribution from Japan post assets monetization

Revenue breakdown Capacity factor (%)*

9.4% 10.5%15.5%14.3%

10.1%

4Q17 1Q18 2Q18 3Q18 4Q18

Unit: THB million

Remark: *Capacity factor is calculated by energy yield/numbers of day during the period/24

63.3% 55.7% 58.5% 61.2% 76.8%

79 87162 154

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4Q17 1Q18 2Q18 3Q18 4Q18FiT @ JPY 40/kWh FiT @ JPY 36/kWh FiT @ JPY 32/kWh

Sellable Output (MWh) breakdown

61.4% 44.7% 54.6% 57.7% 73.0%

7,232 9,15514,887 13,873

3,917

4Q17 1Q18 2Q18 3Q18 4Q18FiT @ JPY 40/kWh FiT @ JPY 36/kWh FiT @ JPY 32/kWh

+3.2% YoY-29.6% QoQ+3.2% YoY-73.3% QoQ

+3.2% YoY-47.7% YoY+6.9% YoY

+3.2% YoY-71.8% QoQ

+3.2% YoY-45.8% YoY+1.4% YoY

4Q18 revenue declined YoY and QoQ mainly due to decreased output post assets monetization in 3Q18.2018 revenue also decreased YoY mainly attributable to aforementioned factor.2018 capacity factor remained stable.

+0.1% YoY

63.3% 55.7%

481 445

2017 2018

+3.2% YoY-7.7% YoY

61.4% 44.7%

41,238 41,832

2017 2018

12.6% 12.7%

2017 2018

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Revenue & Gross profitRecord GPM at 72.1% for the past 7 quarter

89.9% 89.1% 81.4% 81.4% 94.2%

781 802 874 830 815

4Q17 1Q18 2Q18 3Q18 4Q18Thailand Japan

Unit: THB million

Revenue: 4Q18 total revenue increased YoY mainly led by (1) growing electricity output given favorable weather condition during the period as well as (2) COD of WVO solar power plants of 8.94 MW.On QoQ basis, total revenue declined slightly due mainly to lower revenue contribution from Japan after assets monetization program in 3Q18. 2018 total revenue remained constant.

-1.7% QoQ

Gross profit: 4Q18 gross profit rose YoY and QoQ mainly due to lower COGS record post assets monetization program2018 gross profit and GPM stayed constant YoY.

Revenue:

Gross profit:

526 562 626 575 588

67.4%70.1% 71.7% 69.3% 72.1%

4Q17 1Q18 2Q18 3Q18 4Q18

Gross profit GPM

85.5% 86.4%

3,322 3,320

2017 2018

+3.2% YoY-0.1% YoY

2,354 2,351

70.9% 70.8%

2017 2018

+3.2% YoY-0.1% YoY

+4.4% YoY

+11.6% YoY

+2.1% QoQ

2,397 2,49672.2% 75.2%

2017 2018

16

608529 592 670 625

67.8% 73.9% 76.7% 75.4% 74.6%

4Q17 1Q18 2Q18 3Q18 4Q18

EBITDA margin

Unit: THB million

EBITDAGrew YoY thanks to lower admin. cost

Remark: EBITDA from operation, excluding other revenue and share of profit from associates and one-time items

EBITDA4Q18 EBITDA significantly increased YoY mainlydue to a decrease in acquisition relatedexpenses from investment made during priorperiod. EBITDA margin remained robust at74.6%.

2018 EBITDA rose YoY mainly helped by lowerSG&A expense.

SG&A to sales ratios have been in a downwardtrend mainly thanks to lower acquisitionrelated expenses.

+14.9% YoY +4.1% YoY

22.6%18.2% 15.4% 16.0% 16.6%

4Q17 1Q18 2Q18 3Q18 4Q18

EBITDA:

19.8% 16.5%

2017 2018

%SG&A/Sales:

-2.8% QoQ

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Nabas

36 MW + 14 MW

PHILIPPINES

39.4% 24.6%

43.2% 37.8%

1Q 2Q 3Q 4Q2016 2017 2018

33.0% 30.5% 37.1%

2016 2017 2018

Capacity factor (%)

Remark * Acquisition since 15 May 2017

1.1

72.6

2017 * 2018

15.5 22.2

2.4

29.118.9

4Q17 1Q18 2Q18 3Q18 4Q18

Share of profit from operation (before amortization)Unit: THB million

104 98114

2016 2017 2018

Generation (GWh)**

Share of profit from associatesWind power plant in the Philippines

Remark: *Before one-time gain on purchase of THB 361.8 million **Based on holding percentage

• 4Q18 share of profit from wind power plant grew by 21.9% mainly thanks to an increase in electricity generation by 10% YoY.

• Capacity factor increased to 37.8% from favorable wind speed from Northeast Monsoon (Amihan) and Tropical Depression Samuel in Nov and Dec 18.

• Thanks to robust performance of wind power plants in the Philippines (historically peak in electricity output) and first full-year recognition of share of profit from operation, share of profit jumped to THB 72.6 million.

+16.9% YoY

25 24 24 24 24

4Q17 1Q18 2Q18 3Q18 4Q18

2,8626,884

94.6% 96.6%

Jul - Dec 17 2018

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Share of profit from associatesGeothermal power plant in Indonesia: resilient operations

INDONESIA

Darajat 47 MW(271 MW)

Salak 65 MW (377 MW)

Wayang Windu 45 MW + 24 MW(227 MW + 120 MW)

Java

207 181 213 193 175

4Q17 1Q18 2Q18* 3Q18 4Q18**

Share of profit from operation before amortization & one-time items (THB mn)

Remark *Excl. one-time accounting related expense from refinancing activity at Wayang Windu Plant of THB 122.7 mn **Excluding tax provision of THB 83.8 million***Capacity factor (%) is calculated based on weighted average by MW of three geothermal power plants

333

761

Jul - Dec 17 2018

• 2018 share of profit from operation presented substantial growth YoY (+128.9%) mainly attributable to full-year recognition (compared to 5-month recognition in 2017) and robust operation.

• Stable operation with capacity factor of above 90%.

Generation (GWh) & capacity factor (%)***

1,713 1,744 1,672 1,696 1,772

91.3%94.8% 94.8% 93.8% 95.6%

4Q17 1Q18 2Q18 3Q18 4Q18Revenue of Star Energy Group Holdings Pte. Ltd (USD mn) Based on holding percentage

40

96

Jul - Dec 17 2018

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Share of profit from associatesFirst full-year recognitions

223 203 216 222 193

4Q17 1Q18 2Q18 3Q18 4Q18

Total share of profit from operation:Unit: THB million

Total share of profit from operation (after amortization):

334

834

2017 2018

114 100 111 114 86

4Q17 1Q18 2Q18 3Q18 4Q18

146

410

2017 2018

One-time items:

309 - (123) - (84) 362 (207)

Net share of profit (as reported):

423 100 (12) 114 2 508 204

4Q18 total share of profit from operation was at THB 193 mn mainly thanks to resilient operations at geothermal power plants in Indonesia.

2018 total share of profit from operation stood at THB 834 mn, significantly increased from THB 334 mn thanks to first-full year record of investments.

4Q18 total share of profit (as reported) was at THB 2 mn. The abnormal low contribution was mainly due to tax provision item that was accrued based on conservative accounting policy during the period.

2018 total share of profit (as reported) was at THB 204 mn. The lower contribution was mainly due to the absence of one-time gain on purchase booked in 2017 (amounted to THB 361.8 mn).

Total share of profit from operation:

Net share of profit (as reported):

135 123 129 136 132

4Q17 1Q18 2Q18 3Q18 4Q18

45%

37%

6%6%6%

Corporateloan (THB)

Corporateloan (JPY)

Corporateloan (USD)

ProjectFinance (THB)

ProjectFinance (JPY)As of 4Q18 20

Finance costLower average Kd despite increasing finance costUnit: THB million

IBD breakdown by maturity IBD breakdown by currency

8.3% 9.8%

91.7% 90.2%

2017 2018< 1 year Due after 1 year

43.7% 51.1%

53.1% 43.0%

3.2% 5.9%

2017 2018THB JPY USD

IBD breakdown by loan type

436521

2017 2018

+19.4% YoYFinance cost:

-3.3% QoQ

-2.5% YoYInterest-bearing debt decreased to long-term loan repayment of THB 2,028 mn after assets monetization2018 Financial costs increased by 19.4%YoY mainly due to full-year recognition of finance costs funded for investments in subsidiaries.However, average cost of debt (kd) in 2018 slightly decreased to 3.19%, compare to 3.21% in 2017.

21

Core profitRobust growth YoY

Unit: THB million

+26.5% YoYCore profit: Stripping out FX gain/loss and one-time items, 4Q18 core profit increased by 26.5% YoY largely due to robust performance of solar power plants in Thailand. 2018 core profit grew by 15.6% mainly due to (1) full-period share of profit recognition from associates in Indonesia and the Philippines and (2) lower SG&A expenses.

+15.6% YoY

Remark: Core profit excludes FX gain/loss and one-time items

*Restated gain on purchase from investment in geothermal power plants in Indonesia

Core profit:

-1.7% QoQ

320 364 507 412 405

41.0% 45.4% 58.0% 49.6% 49.7%

4Q17* 1Q18 2Q18 3Q18** 4Q18

Core profit margin

1,461 1,690

44.0%50.9%

2017* 2018

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Net profitSupported by gain from solar assets monetization

Net profit: 4Q18 Net profit decreased YoY and QoQ mainly due to (1) an absence of gain from assets monetization to infrastructure fund in Japan of THB 793 mn (2) an absence of one-time gain from wind power plant in the Philippines of THB 308.7 mn in 4Q17 (3) an absence of FX gain as booked in 4Q17 of THB 51.2 mn. 2018 Net profit rose significantly YoY mainly thanks to gain from assets monetization and growing EBITDA.

Unit: THB millionNet profit:

Remark: *Including net gain from assets monetization to infrastructure fund amounting to THB 658.3 million

+25.1% YoY

1,7742,219

53.4% 66.8%

2017 2018

-72.8% QoQ

-53.2% YoY

662 351 419

1,139

310

84.7%43.8% 47.9%

137.3%

38.0%

4Q17 1Q18 2Q18 3Q18* 4Q18

NPM

23

X-Date: 5 March 2019Record date: 6 March 2019Payment date: 22 April 2019

Dividend paymentRobust dividend payout

Not less than 40% of the Company’s Net Profit(after deduction of all reserves required by law and regulations)

Remark *The Company paid dividend of THB 0.09 for 2015 performance during 6M16 period. Effectively, 2016 dividend was paid at THB 0.60 per share

Unit: THB per share

5.2%3.3% 3.0%

2016 2017 2018

Dividend yield

0.69 * 0.61 0.64

63% 60% 58%

2016 2017 2018

BCPG’s Dividend HistoryDPS DPR

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Financial positionAssets monetization strengthened financial position for future investment

As at 2018, total assets remained at THB 31,558 million after the offsets between increase investment in associates and decrease in PP&E (post assets monetization).Total Liability/Equity decreased to 1.08x as at year end 2018.

Covenant : D/E ratio ≤ 3x: DSCR ≥ 1.15x

Marginal liability : THB 29,011 millionOutstanding Debt : THB 15,567 million

Financial Position

1.23 1.08

2017 2018

Liability/Equity (x)

Unit: THB million

2,675 2,687

13,890 12,945

13,288 13,501

2,004 2,425

2017 2018

Cash and Cash EquivalentInvestment in associatesPPEOther Assets

Asset

14,127 15,142

702 848

17,028 15,567

2017 2018

Interest-bearing debtOther LiabilitiesEquity

Liabilities + Equity

31,857 31,558

25

Recent Development

Financial Highlights

Business Outlooks

Agenda

▪ Renewable 20,766MW▪ Pump Hydro 500MW▪ Cogen 2,112MW▪ Combined Cycle 13,156MW ▪ Coal 1,740MW▪ Import 5,857MW▪ New Power Plant 8,300MW▪ Energy Efficiency - 4,000MW

46,090MW

New addition2018-2037

2017

52,431MW

Retirement2018-2037

73,211MW

2037

RE Types MW Potential Opportunities

1. Solar 10,000 ▪ Solar rooftop 100MW for 10 years▪ The rest of 9,000 MW implies

large scale solar opportunity▪ Market adoption in rooftop solar

driving the demand for ISP and P2P

3. Wind 1,485 ▪ Leverage Lomligor expertise to capture coming opportunities

2. Floating solar + Hydro

2,725 ▪ Participate in floating solar development under EGAT scheme

-25,310MW

Source: Energy News Center and BCPG analysis

PDP 2018 has revealed BCPG opportunities

26

27

Retirement of Coal

Plants

+38 GW of Renewable

by 2036

Liberalized Retail

Market

AU10% p.a. Elec.

Demand Growth in

+27 GW of Renewable

by 2030 (12 GW Solar)

Visibility on 2019

Projects

VN

Battery of Asia

Good resource for

hydro and wind power

plant

LAO+10 GW of Renewable

by 2030

Recently announced

5.5 GW offshore wind

farm

TW

+50 GW of Renewable

by 2030

Gov’t strong support

on ESS

KR

Expansions and new exploration awaits

Indonesia Biomass Developments <100 MW

Japan

Expansion of existing pipeline / Off-grid Solutions

The Philippines

PDP 2018: Solar rooftop, farm, floating / wind

Thailand 2019 CAPEX of THB 10 bn5-year CAPEX of THB 50 bn

500 MW of solar

bidding set to close on

8 Aug 2019

Target 100 MW

COD 2020

MS

Business opportunity in a region27

28

“BCPG strives to deliver high value while creating wealth for shareholders and sustainable future for all.”

Q&A

Appendices

Financial Statement

Projects detail

30

Financial Statement Overall business performance

Unit: THB million 4Q17 4Q18 Change (%) 3Q18 Change (%)2017

Restated2018 Change (%)

Revenue from sale and redering of service 781.0 815.3 4.4% 829.7 -1.7% 3,322.5 3,320.3 -0.1%Cost of sale and rendering of services (254.6) (227.8) -10.5% (254.3) -10.4% (968.5) (969.1) 0.1%Gross profit 526.4 587.6 11.6% 575.4 2.1% 2,354.0 2,351.2 -0.1%Administrative expenses (176.5) (129.3) -26.7% (181.7) -28.8% (658.9) (591.4) -10.2%

Administrative expenses (176.5) (135.1) -23.5% (132.7) 1.8% (658.9) (548.2) -16.8%Tax income/expense related to IFF - 5.8 NA (49.0) NA - (43.2) NA0.0 0.0 0.0% 0.0 0.0% 0.0 0.0 0.0%

Operating profit 349.9 458.2 31.0% 393.7 16.4% 1,695.1 1,759.8 3.8%0.0 0.0 0.0% 0.0 0.0% 0.0 0.0 0.0%EBITDA (excl. expenses related to IFF) 529.1 607.9 14.9% 625.2 -2.8% 2,397.3 2,496.0 4.1%Share of profit of investment in associates 422.7 2.1 -99.5% 113.6 -98.2% 507.5 203.7 -59.9%Other income/(expense) (16.2) 2.5 -115.2% 802.3 -99.7% 245.0 909.5 271.2%(Loss) from foreign currency forward contracts - - NA - NA (304.2) - NAGain/(loss) on foreign exchange 51.2 (17.1) -133.4% 69.1 -124.8% 72.4 (27.6) -138.1%EBIT 384.8 443.6 15.3% 1,265.0 -64.9% 1,708.4 2,641.7 54.6%Finance costs (135.2) (131.9) -2.5% (136.4) -3.3% (436.1) (520.6) 19.4%EBT 672.3 313.8 -53.3% 1,242.2 -74.7% 1,779.8 2,324.8 30.6%Income tax expense (benefit) (10.6) (3.9) -62.7% (102.9) -96.2% (5.6) (105.6) 1782.0%

Income tax expense (benefit) (10.6) (3.9) -62.7% (15.6) -74.7% (5.6) (18.3) 225.5%Tax expense related to IFF - - NA (87.3) NA - (87.3) NA

Net profit 661.8 309.8 -53.2% 1,139.3 -72.8% 1,774.2 2,219.2 25.1%Recurring profitิ * 320.2 405.0 26.5% 411.9 -1.7% 1,461.5 1,690.0 15.6%Basic Earnings per Share (THB) 0.33 0.20 -39.4% 0.52 -61.5% 0.89 1.11 24.7%Remark:*Excluding gain/(loss) on FX and one-time items

31

Financial Statement

Unit: THB million 2017% of total

assets2018

% of total assets

Change (%)

Cash and cash equivalents 2,004.0 6.3% 2,425.3 7.7% 21.0%Trade accounts receivable 507.2 1.6% 523.8 1.7% 3.3%Other current assets 185.7 0.6% 226.1 0.7% 21.8%Total current assets 2,696.9 8.5% 3,175.2 10.1% 17.7%Investments in associate & subsidiaries 13,287.8 41.7% 13,500.7 42.8% 1.6%Property, plant and equipment 13,890.3 43.6% 12,945.3 41.0% -6.8%Goodwill and Intangible assets 1,892.3 5.9% 1,765.6 5.6% -6.7%Other non-current assets 90.0 0.3% 171.0 0.5% 90.0%Total non-current assets 29,160.4 91.5% 28,382.6 89.9% -2.7%Total Assets 31,857.3 100.0% 31,557.9 100.0% -0.9%Short-term borrowings & current portions 1,415.2 4.4% 1,520.6 4.8% 7.4%Long-term borrowings 15,613.2 49.0% 14,046.6 44.5% -10.0%Other liabilities 701.9 2.2% 848.5 2.7% 20.9%Total liabilities 17,730.3 55.7% 16,415.6 52.0% -7.4%Equity attributable to owners of the Company 14,126.9 44.3% 15,142.1 48.0% 7.2%Non-controlling interests 0.1 0.0% 0.1 0.0% 0.0%Total liabilities and Equity 31,857.3 100.0% 31,557.9 100.0% -0.9%

Consolidated Statement of Financial Position

32

Financial Statement

Unit: THB million 2017 2018 YoY ChangeNet cash from (used in) operating activities 2,351.4 2,473.8 122.4

Net cash from (used in) investing activities (13,026.4) 1,341.9 14,368.3

Net cash from (repaid to) financing activities 5,362.2 (3,400.0) (8,762.2)

Net increase in cash and cash equivalents (5,312.7) 415.7 5,728.4

Cash and cash equivalents at 1 January 7,361.2 2,004.0 (5,357.2)

Effect of exchange rate changes on balances held in foreign currencies

(44.5) 5.6 50.1

Cash and cash equivalents at end period 2,004.0 2,425.3 421.3

CAPEX (13,558.6) (1,702.8) 11,855.8

Consolidated Statement of Cash Flows

Appendices

Financial Statement

Projects detail

34

No. ProjectLocation

Operating Entity

% of Shareholding

Installed Capacity

(MW)

Contracted Capacity

(MW)Tariff Power Structure Off Taker CODDistrict Province

1 BCPG 1Bang Pa-in Ayutthaya BCPG N.A.

9.8 8

Adder THB 8/kWh

PEA 5/08/11BCPG 2 35.6 30 EGAT 16/07/12

2 BSE-BNN Bumnetnarong Chaiyaphum BSE 99.9 25.2 16

PEA

6/03/133 BSE-BPH Bang Pahan Ayutthaya BSE 99.9 25.2 16 5/04/134 BSE-BRM Prakonechai Buriram BSE-BRM 99.9 12.5 8 19/03/145 BSE-BRM1 Nongkee Buriram BSE-BRM 1 99.9 12.5 8 11/04/146 BSE-CPM1 Bumnetnarong Chaiyaphum BSE-CPM 1 99.9 12.6 8 24/04/147 BSE-NMA Dan Khun Tod NakhonRatchasima BSE-NMA 99.9 12.6 8 10/04/148 BSE-PRI Kabinburi Prachinburi BSE-PRI 99.9 25.0 16 21/04/14

9 Co-op: WSC Wiset Chai Chan Angthong BSE-PRI N.A. 5.0 5.0

FiT: THB 5.66/unit PEA(25 years)

23/12/16

10 Co-op: BPI Bang Pa-in Ayutthaya BSE-PRI N.A. 5.0 5.0 14/03/17

11 Co-op: AYA Phra Nakhon Si Ayutthaya

Ayutthaya BSE - PRI N.A. 2.0 2.0 23/12/16

12 Co-op (WVO)Saraburi Phra Phutthabat Saraburi BCPG N.A. 5.0 5.0

FiT: THB 4.12/unit PEA(25 years)

20/7/18

13 Co-op (WVO)Kanchanaburi Tha Muang Kanchanaburi BCPG N.A. 3.94 3.94 23/7/18

14 Lomligor Pak Panang Nakhon Sri Thammarat LLG 99.9 10.0 8.965 Adder THB 3.5/kWh PEA

(25 years)Expect to

COD within 1H 2019

192 Installed MW (139 MWPPA) of operating assets portfolio in Thailand

Project pipeline in Thailand

35

No. Project % ofInvestment Location Irradiation

(kWh/m2/year)Installed Capacity

(MW)

Contracted Capacity

(MW)

Feed-in Tariff (FiT)

(JPY/kWh)PPA Period

(Year) Off Taker Status

Operation1 S1

(Natkatsugawa) 100.0 Kagoshima, Japan 1,405 0.9 0.7 40 20

Kyushu Electric Power Company

COD 15/08/14

2 S11 (Takamori ) 100.0 Kumamoto, Japan 1,376 1.3 1.0 40 20 COD 16/02/15

3 S19 (Nojiri) 100.0 Miyazaki, Japan 1,433 1.1 0.9 40 20 COD 24/02/15

4 Tarumizu 100.0 Kagoshima, Japan 1,369 9.7 8.1 40 20 COD 31/08/15

5 Gotemba 100.0 Shizuoka, Japan 1,291 4.4 4.0 32 20 Tokyo Electric Power Company COD 16/04/18

Developing

6 Komagane 100.0 Nagano, Japan 1,472 32.0 25.0 36 20 Chubu Electric Power Company Expect to COD within 1H20

7 Yabuki 100.0 Fukushima, Japan 1,294 27.9 20.0 36 20 Tohoku Electric Power Company Expect to COD within 2H20

8 Chiba 1 100.0 Chiba, Japan 1,362 27.0 20.0 36 20 Tokyo Electric Power Company Expect to COD within 2H19

9 Chiba 2 100.0 Chiba, Japan 1,362 13.0 10.0 32 20 Tokyo Electric Power Company Expect to COD within 2H22

Under development10 Nagota 100.0 Kagoshima, Japan 1,448 30.0 24.0 36 20

Wait for Grid11 Isakida 100.0 Kagoshima, Japan 1,463 4.4 3.5 36 20

12 Shimoyunohira 100.0 Oita, Japan 1,330 9.6 8.0 36 20

13 S5 100.0 Kagoshima, Japan 1,371 7.2 6.0 36 20

Sold to IFFNikaho 100.0 Akita, Japan 1,136 13.2 8.8 40 20 Tohoku Electric Power Company COD 15/07/16

Nagi 100.0 Okayama, Japan 1,329 14.4 10.5 36 20 Chugoku Electric Power Company COD 02/03/17

Operating 17.4 Installed MW (14.7 MWPPA) and future projects portfolio in Japan

Project pipeline in Japan