BCPG Public Company LimitedQ1 2017 Analyst Meeting

11 May 2017

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Q1 2017 Key Highlight & Performance

New Investment

Value Enhancement

Going Forward

1

2

3

4

Agenda

3

Key Highlight

4

COD of 12 MWPPA Solar Co-operative with FiT of

THB 5.66 since 14 March 2017

Announce dividend payment of THB 0.15 per

share from Q4 2016 performance

COD of 10.5 MWPPA Nagi project in March 2017,

brining total Japan operating capacity to 30 MWPPA

61 THBm gain from sale of Suimei

Philippines: Signed SPA to invest in 50 MW

wind project (40% shareholding)

Indonesia: Signed SPA to invest in 995 MW

geothermal project (17.3-20.0% shareholding)

118.0

+7.0+5.0

10.7

+8.8 +10.5

+200

50

100

150

200

250

300

350

400

Q1 2016 Q4 2016 Q1 2017 Q2 2017

Thailand Japan New Investment

160MWPPA

MWPPA

Contracted Capacity

360MWPPA

Japan

Thailand

New Investment

5

Thailand Contracted Capacity

“130 MWPPA in operation

providing stable & reliable cash flow”

6

Japan Contracted Capacity

Higher return by creating cost efficiency

Additional 41.5 MWPPA (51.2 MWDC) pipeline awaiting

grid connection

“Secured high FiT

projects

& Attractive financing scheme”

Contracted Capacity

11

+9

+11

+75.0

+5

0

30

60

90

120

2015 2016 2017 2018

141 MWDC109 MWPPA

MW

Operating Project Under Development

78

3

78

3

75

7

79

8

62

4

62

4

55

0

62

2

40

8

63

0

33

3

457

39

0

61

3

11

4

45

4

0

250

500

750

1,000

Q1 2016 Q1 2016 (Restated) Q4 2016 Q1 2017

Sales EBITDA Net profit (before Fx) Net profit (after Fx)

YoY QoQ

Sales +1.9% +5.5%

EBITDA -0.4% +13.0%

NP (Before Fx) +12.0% -18.3%

NP (After Fx) +16.3% +33.4%

EBITDA -0.4% +13.0%

NP (Before Fx) -27.5% +37.3%

NP (After Fx) -25.9% +299.5%

Performance

Group Performance

7

THBm

Be

fore

Re

sta

teA

fte

r R

esta

te

Q1 2017 net income increased by 16.3% (before restated FS).

Due to gain from bargaining purchase of Japan projects from SunEdson on Feb 2016, Q1 2016 FS was

restated according to IFRS 3 (Business Combination). Q1 2016 net profit was restated to 613 THBm.

0 250 500 750 1,000

Q1 2016

Q4 2016

Q1 2017

BCPG BSE BSE-BRM BSE-BRM 1

BSE-CPM 1 BSE-NMA BSE-PRI Natkatsugawa

Takamori Nojiri Tarumizu Nikaho

Nagi

THBm

YoY +1.9%

QoQ +5.5%

Q1 2017 electricity sale increased by 1.9% YoY and 5.5% QoQ resulting from COD of 12 MW Solar Co-operative

and 19.3 MW Japan projects (Nikaho and Nagi project) during Q4 2016 -Q1 2017.

Revenue contribution from Japan is 10.2% in Q1 2017 increased from 5.2% in Q1 2016

Sales Structure

782.75

756.63

797.98

Electricity Sale by Project

8

Production volume Q1 2017 of Thai solar

plants increased by 1% YoY from COD of

12 MW Solar co-operative.

Revenue from 118 MW plants decreased by

5.5% YoY from lower average base tariff and

impact of irradiation and degradation.

In Japan, the production volume was 6.6 m

kWh, an increase of 109.5% YoY. The tariff is

fixed at JPY 36 or 40 per unit over 20 years.

Electricity Generation

Electricity Generation FY16

3.38 3.06 3.11

0

2

4

Q1 2016 Q4 2016 Q1 2017

Average Base Tariff – Thailand

THB/unit

-

4036 -40

0

20

40

60

Q1 2016 Q4 2016 Q1 2017

Feed in Tariff – Japan

JPY/unit

9

m kWh

0

5

10

15

20

25

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Q4 Q1

-3.1% Lower Irradiation &Degradation

-8.0% Lower Tariff 18 THBm

22 THBm

Factors impacting Q1 2017 revenue

Thailand

Japan

12 MW Solar Co-operative 15 THBm

Q1 2017 EBITDA still maintain the same level

compared to Q1 2016

EBITDA & Net Profit

626 624550

622

0

500

1,000

1,500

2,000

Q1 2016 Q1 2016(Restated)

Q4 2016 Q1 2017

79.8% 79.8%72.7% 78.0%

EBITDA

10

THB m

408

630

333457390

613

114

454

0

500

1,000

1,500

2,000

Q1 2016 Q1 2016(Restated)

Q4 2016 Q1 2017

Net Profit (Before Fx)

Net profit (After Fx)

Net Profit

THB m

51.9%

62.2%

42.1%

51.8%54.9%

49.6%

60.5%

14.4%

51.5%

33.4%

Q1 2017 Net profit was 453.99 THBm

increased by 16.3% YoY (before restated FS).

This higher net profit caused by

• Higher revenues from new solar plants

in both Thai and Japan

• Gain from sales of Suimei

According to restated Q1 2016 financial

statement, it caused net profit increased to

612.52 THBm

EBITDA Margin (%)

Peer Comparison

11

80

.0%

79

.3%

72

.0%

52

.1%

47

.6%

43

.7%

33

.2%

32

.0%

26

.4%

22

.8%

17

.7%

12

.2%

7.5

%

78

.0%

29

.8%

16

.9%

SU

PE

R

BC

PG

SP

CG

EA

TP

CH

TS

E

GLO

W

EG

CO

GU

NK

UL

BP

P

GP

SC

RA

TC

H

IFE

C

FY2016 Q1 2017

Source: Companies’ Financial Statements and SET

Remark: EBITDA Margin & Net Profit Margin excluding gain/loss on FX.

Adjusted BCPG’s FY2016 EBITDA Margin and Net Profit Margin by excluding one-time costs.

60.9

%

53.6

%

47.2

%

43.8

%

36.3

%

32.1

%

26.5

%

18

.8%

17.6

%

13.2

%

11.5

%

11.4

%

10.9

%

51.8

%

13.6

%

13.4

%

TS

E

BC

PG

SP

CG

BP

P

TP

CH

EA

EG

CO

GL

OW

GU

NK

UL

GP

SC

RA

TC

H

SU

PE

R

IFE

C

FY2016 Q1 2017

Net Profit Margin (%)

14,195 14,196

9,182 9,177

12,812 12,812

3,015 2,485

8,956 8,971

0

10,000

20,000

30,000

40,000

Other non-current assets PPECurrent assets R/E & other equitiesPaid-up capital Other liabilitiesLong-term loans Short-term loans

0.15x

THBm

Financial Position

2016 Q1 2017

25,489 25,516

At Q1 2017, total assets increased to 25,516.08 THBm or +0.1% QoQ mainly caused by the assets’ value of

Nagi project and 5 MW solar Coop.

As a result from fund raising and earning in 2016, the Company maintained net D/E ratio at 0.12x and

liquidity ratio of 4.3x in Q1 2017.

Net D/E ratio

3.6

4.4

3.44.3

2016 Q1 2017

Liquidity ratio Quick ratio

6.0% 6.1%

11.4% 11.2%

2016 Q1 2017

ROA ROE

Capital Structure Liquidity Ratio

ROA & ROE

12

A L + E L + EA

0.12x

Q1 2017 Key Highlight & Performance

New Investment

Value Enhancement

Going Forward

1

2

3

4

Agenda

13

Philippines: Nabas Wind Farm

• Acquisition of 40% shares in a 50 MW Wind Farm expecting to complete

in Q2/17

• Establish a footprint in the Philippines Renewable Energy

• BCPG’s first expansion into Wind Farm Technology

• Proven 2 years operations track record

• Stable cashflow with upside from tariff increase & project expansion

• Opportunity to partner with an influential local business group

14

15

50 MW Wind Farm

Target PetroWind Energy Inc.

Location Nabas Town, Visayas, Philippines

Investment Up to USD 28.5 m

Installed Capacity• Phase 1 : Operating 36 MW

• Phase 2 : Developing 14 MW

Turbine Gamesa G90 (Spain)

Capacity Factor 35% - 40% (Q1 44% - 62%)

FIT Rate7.40 PHP/kWh (Yearly Escalated)

(5.4 THB/kWh, 0.15 USD/kWh)

First COD 10 June 2015

D/E 70:30 From PDB

Status• Closing Expected Mid May 17

• Pending Project Lender’s Consent

Philippines: Nabas Wind Farm

▪ Dispatch priority as base load @ Renewable Tariff

▪ Operating asset, immediately deliver net profit

▪ Assets built and operated at Unocal & Chevron Standard

▪ Proven partnership with Thai investors (EGCO, SCG)

▪ Fit with BCPG’s strategy: Large Renewable Energy portfolio

▪ Indonesia is the world’s largest potential of Geothermal

▪ Solid expansion plan

Indonesia: Geothermal Projects

16

Stable Operation

& Gov’t Support

Strong Partner

& Operator

Strategic

Expansion

2

1

3

Self-funded

Organic Growth

4

227 200 110 80 60 55

120

Sala

k

Wayang

Win

du

Da

raja

t

Kam

oja

ng

Ulu

be

lu

La

hen

don

g

Die

ng

Patu

ha

Sumatra

Kalimantan

JavaBali

Salak 377 MW

(17.3% to BCPG: 65.2 MW)

Wayang Windu 347 MW

(20.0% to BCPG: 69.4 MW)

Darajat 271 MW

(17.3% to BCPG: 46.9 MW)

Effective to BCPG: 181.5 MW

(Under development 24 MW)

Geothermal Power Plants in Indonesia

Unit: MW

347377

271

Sulawesi

Indonesia: Geothermal Projects

BCPG is acquiring stakes in three largest geothermal power plant in Indonesia

17

Geothermal Resources

Major Volcanoes.

Ring of Fire

USA

3,450 MW

Philippines 1,870

MW

Indonesia

1,340 MW

Italy 916 MW

Kenya 594 MW

Turkey 397 MW

665 MW

Global Geothermal Power Plants

Total Installed Capacity in 2014 ~ 12,000 MW

3

2

1

Source: Proceedings World Geothermal Congress 2015 and interviews to specialized expert.

Potential geothermal resources are located around the Ring of Fire. Indonesia has the largest potential.

1,300

4,160

700

300

350

100

665

1,200

100

1,000

207

159

US

Indonesia

Philippines

Mexico

New Zealand

Italy

Iceland

Kenya

Japan

Turkey

Costa Rica

El Salvador

Nicaragua

Installed Capacity

Announced DevelopingCapacity

Japan

519 MW

Mexico

1,017 MW

5

New Zealand

1,005 MW

4

Announced Planned Capacity (MW)

18

52%

66%

21%

10%

11%

1%

6%

7%

4%

7%

4%

9%

2015 2024

Geothermal

LNG

Hydro

Oil

Gas

Coal

Indonesia Electricity Demand

Planned Installed Capacity (GW) by fuel mix

Indonesia with largest population in AEC and growing, electricity generation capacity is expecting to

double by 2024

49.6 GW

108.3 GW

Forecasted Electricity Generation by Fuel Mix

Geothermal

1.68

2.96 3.20

Coal Gas Geothermal

Base Load Tariff Comparison (THB/kWh)

• Thailand SPP Coal and Gas average tariff May – Aug 2017

19

Star Energy Group

Holdings Pte Ltd

Wayang

Windu

33.33%

60%

Star Energy Geo

(Salak – Darajat) B.V.

100%41% 27%

BCPG is acquiring 33% of Holding Company, effectively owning 20% in Wayang Windu and 17.3% in Salak and Darajat

Shareholding Structure

20%

20%

Salak Darajat

12%

20%

Star Energy

Geothermal Pte Ltd

66.67%

Seller’s Group

• Forestry & Plantation

• Property

• Geothermal Power plant

• Partnership with

• Exploration and Production

• Petrochemical

• Partnership with

40%

20%

20%

39% 39%

17.3% 17.3%

20% 20%20

Key Assumptions

Asset Unit Capacity COD Expiry Sales

Tariff

(UScent/

kWh)1

Take-or-

Pay

Net Profit

2016

(USD m)

Wayang

Windu

Unit 1 110 MW Jun 2000

2052 Electricity

9.6

95% 53Unit 2 117 MW Mar 2009 9.6

Unit 3-4 120 MWJun 2020,

Jun 2022

To be

negotiated2

347 MW

Salak Unit 1-3 180 MW 1994 (unit 1&2)

1997 (unit 3)2040

Steam 6.2 95%793

Unit 4-6 197 MW 1997 Electricity 7.2 90%

377 MW

DarajatUnit 1 55 MW 1994

2047

Steam 5.1 80%

543

Unit 2-3 216 MW2000 (unit 2)

2007 (unit 3)Electricity

6.7 (unit 2),

7.1 (unit 3)95%

271 MW

Offtaker: PT Perusahaan Listrik Negara (PLN)

Remark: 1Tariff is monthly escalated. Main factors are US CPI, US PPI, and etc.2Gov’t Ceiling Tariff of 13.8 US cent /kWh & 14.6 US cent/kWh in 2020 & 20223Unaudited financial statements 2016

21

22

Country Thailand Japan Philippines Indonesia

Type Solar Solar Solar Solar Solar Solar Wind Geothermal

Scheme Adder Co-op 1 Co-op 2FIT 40

JPY

FIT 36

JPY

FIT 32

JPYFIT 7.4 PHP FIT

Yield (kWh/kWp) 1,450 – 1,650 1,100 – 1,280 3,000 – 3,500 8,000 – 8,700

Operating hours 4 – 4.5 3 – 3.5 8.4 - 9.6 22 – 24

Tariff (THB/kWh) 11.5 5.66 4.12 13.6 12.2 10.9 5.4 3.2

Investment

(THB m/MW)90 50 42 100 - 120 129 155

Revenues

(THB m/MW)17 8 6 15 13 12 19 26

Investment IRR >20% >20% 12%-15% >20% 15%-20% 10%-15% 12%-15% 12%-15%

Industry Benchmark

Q1 2017 Key Highlight & Performance

New Investment

Value Enhancement

Going Forward

1

2

3

4

Agenda

23

Financial Structure to strengthen return

• Tax Efficient GK-TK structure

• Project Finance at low interest rate

• Strategically divest Project under dispute to manage risk / realize profit

Technical Structure to enhance value

• Optimized energy output through oversized installation

• Advanced technology to lower EPC Cost and expedite construction

• Integration with Operational HQ in Thailand

Bargain from Final Payment Negotiation

• Final Payment Negotiated with Seller to improve economics

Portfolio Acquisition

• Brownfield Projects immediately generating cashflow

• Developing Projects with structured payment to minimize risk

Japan Value Enhancement

Through series of value enhancement, return from Japan Acquisition has been significantly improved

1

2

3

4

3,383 2,103

2,454

Obligation FinalSettlement

Irradiation

Development Milestone

5,837

2,103

Final Payment to Seller (JPY)

115 10687 87

919

Acquisition FinalSettlement

EPC Cost Current

All-in Cost (THB/Wp)

24

Q1 2017 Key Highlight & Performance

New Investment

Value Enhancement

Going Forward

1

2

3

4

Agenda

25

26Hydro Power

193 MW

50 MW (Effective : 20 MW)182 + 25 MW

Geographical Focus

Solar Power Wind Biomass Geothermal

Existing Secured& Potential

Target

375

+398

1,000 MWDC

New potential project in

Solar Coop Phase IIBiomass

Hybrid Power

• Focus on new

technology to improve

cost efficiency

Expected to closing transaction in May 2017

Signed SPA

995 MW (Effective : 182 MW)

+202

Going Forward

+25

Going Forward

27

Q&A