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Opportunity Day2Q2019 Financial Results21 Aug 2019Ticker: BCPG (SET)

Agenda

2

BCPG strategic directions

Portfolio & Projects in pipelines

Performance

Agenda

3

BCPG strategic directions

Portfolio & Projects in pipelines

Performance

BCPG Vision / Mission

4

World’s Greenergy IconEvolving the world through the greener ways Vision

Create sustainable future for all, enabled by renewable energy and innovative technologyMission

Innovative Integrity InternationalSpiritBy 2025, we will be a prominent renewable energy player in Asia Pacific with

sustainable growth byGoals

Expanding Enhancing Extending EvaluatingStrategies

➢ Growing through smart investments, leveraging the strengths of the Group and long term relationships with the preferred partners.

➢ Providing energy as a service, connecting consumers and communities through innovative business platforms.

➢ Creating values for the shareholders as a leading integrated greenergycompany with operational excellence and social and environmental responsibilities.

4

Our Core Strategies - 4Es Strategy

To Deliver

To scale up the businessthrough both organic andinorganic actions, whichenable BCPG to fill up addergap and grow at faster pace

▪ Financial growth▪ Cumulative pipeline▪ Portfolio resilience

1Expanding

1

To deliver

(Wholesale-focused)

To rotate from structuredassets to those with superiorreturn

▪ Capital gain from investment▪ Financial flexibilities▪ Portfolio rebalancing

To ensure

Evaluating 4

To achieve

(Asset by asset)

Towards promising adjacentsectors including Digitalenergy and Energy storage

▪ New revenue stream▪ Innovative-leading position▪ Diversification purpose

Extending 2

To focus upon assets mgt., cost-efficiency activities, as well as operational improvement to optimize assets performance

▪ Business efficiency▪ Profitability▪ Asset optimization

Enhancing 3

To capture To ensure

(New emerging business) (Operation / Asset Mgt.)

5

+10 GW of RE by 2030 Recently announced 5.5 GW offshoreTop ranked wind speed at Taiwan strait

TW

Business opportunity in the region

500 MW of solar bidding set to start on 8 Aug 2019Target RE to meet 20% by 2025 Target 100 MW COD 2020

MY

Thailand: PDP 2018 - Solar rooftop, floating solar, wind, digital energy, biomassJapan: Biomass Development with FiT of JPY 24 per kWhThe Philippines: Expansion of existing pipeline, Off-grid Solutions, merchant market Indonesia: Expansions and new exploration awaits

Opportunity at Current Footprints

Potential Expansion

Battery of AsiaGood resource for hydro and wind power plantCenter of regional elec. transmission system by 2025

LA

10% p.a. Elec. Demand Growth+27 GW of Renewable by 2030 (12 GW Solar)Visibility on 2019 Projects

VN

+50 GW of Renewable by 2030Gov’t strong support on ESSTarget RE share from currently 8% to 30 - 35% by 2040

KRRetirement of Coal Plants+38 GW of Renewable by 2036Liberalized Retail Market

AU

6

PDP 2018 reflections by Energy Minister have revealed BCPG opportunities

7

46,090MW

New addition2018-2037

2017

52,431MW

Retirement2018-2037

73,211MW

2037

-25,310MW

Source: Energy News Center and BCPG analysis

▪ 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

Reflection from Energy Minister (July 2019)1. Support clean energy by raising contribution from

renewable energy to combat global warming.2. “Energy for All” – promote establishment of

community power plants to widen energy accessfor communities. Renewable energy will be a keyresource in P2P energy trading.

3. Deploy Energy Conservation Fund to supportstart-ups.

4. Promote Thailand as ASEAN’s power hub byupgrading relevant infrastructure to sellelectricity across the region.

5. Support technology and innovation esp. energystorage.

Digital Energy Products and Services

8

Energy IoTSmart metersIoT gatewayData loggerData concentratorIoT data APIe-circuit breakers

AI/ML Energy Efficiency OptimizationDemand and power quality monitoring

Cooling system optimizationBuilding efficiency management

Electric chiller optimizationHeating system optimization

Motor, Pump optimizationGas turbine optimization

Energy Resources ManagementEnergy TradingSolar efficiency managementCarbon servicesAsset and O&M managementBattery management

Electric Mobility ManagementEV-charge point monitoring

Infrastructure O&M managementRoaming agreement

Mobile appsReal time information

Billing and CRMer

Digital Energy

75%

Thai Digital Energy Development

25%

Thai Digital Energy Development

Renewable Power

Generation Business

Energy Efficiency Program Business

Digital Energy

Business

Digital Energy Tech. Support

Customer Insight &

Data Business

Data Marketing Support

Thai Digital Energy Development (TDED)

41%

49%

10% Rooftop solar

Energy Efficiency

Digital Platform

5-year target:

MW:Rooftop solar: 350 MWEnergy efficiency: 419 MW

Portfolio mix:

9

Agenda

10

BCPG strategic directions

Portfolio & Projects in pipelines

Performance

Business footprint

11

In operation: 147.9 MW*Under construction: 12.0 MW

In operation: 14.7 MWUnder construction: 116.5 MWAssets monetization: 19.3 MW

In operation: 14.4 MWUnder construction: 5.6 MW

In operation: 157.5 MWUnder construction: 24.0 MW

Well-diversified renewable energy portfolio in Asia Pacific Unit: contracted capacity or equity MW

492.6 MW Total29 MW

182 MW

282 MW

Technology

Operating 335 MW

Developing158 MW

Status

Update as of 30 April 2019

TH

JP

PH

ID

Remark: *Including wind power plant project of 9.0 MW

Business portfolio

12

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

Power Generation

77%3%1%

19%

ID

1H19: 785 GWh (-2.4% YoY)

TH

JPPH

Pro Forma Revenue

45%

3%4%

48% ID

1H19: THB 3,191 million (0.0% YoY)

TH

PHJP

Unit: GWh

Unit: THB mn

Geothermal power plants support business portfolio’s prominent generation growth

Project update in Japan

13

Risk has been minimized after get FDP approval

Project Target COD

Komagane 1H20

Chiba 1 1H21

Yabuki 2H21

Chiba 2 2H22

Construction plan update:

40 MWDC

Democratization of Energy

14

Establishing strong foundations for new way of energy consumption covering 3 segments e.g. residential, commercial and industrial. 2-year journey and way forward

Engaged Power Ledger as Digital Energy Partner

4Q17

T77 Launch with Sansiri

Sign MOU with CMU 12 MW

(Smart University)

Sun Share Project with SC AssetJointly established Thai

Digital Energy Development (TDED) with PEA ENCOM

Development with key partners:

1Q19

3Q18

2018: Energy for everyone 2019: Democratization of Energy

4Q18

Started to record revenue from

rooftop solar biz

Apply for ERC Sandbox P2P trading area

1H19

Rooftop pipeline

23.4 MW

Total rooftop portfolio (and increasing)

Agenda

15

BCPG strategic directions

Portfolio & Projects in pipelines

Performance

Key highlights for 2Q19

16

By numbers

EBITDA Presenting resiliency

651.5Unit: THB mn

Net profitFX gain is a plus

463.8

MWLeading renewable player in Asia Pacific

492.6

ND/E On ground financial leverage

0.87x

Div. YieldCommitment to shareholders

3.23%

Key takeaway

Resilient operation despite assets monetization due to favor weather and newly COD project.FX gain is a plus.

1

Temporary causes from associates both seasonality and planned maintenance shutdown

2

On ground financial leverage reflecting our financial resilience

3

Solid LT strategies among opportunity’s growing market introducing 4 Es as our core compass

4

0%20%40%60%

Q1 Q2 Q3 Q4

2016 2017 2018 2019

Seasonality summary

12%15%17%20%

Q1 Q2 Q3 Q4

2016 2017 2018 2019

0%

95%

Q1 Q2 Q3 Q4

2018 2019

Solar (TH):Q1: Cloudy weatherQ2: Partial effect from rainQ3: Rainy seasonQ4: Winter & partly cloudy

Solar Wind

Solar (JP):Q1: Winter with cloudy weatherQ2: Clear weather (Spring)Q3: Summer with rainy seasonQ4: Winter season

Wind (PH):Q1: Monsoon seasonQ2: Dry season with lowest wind speedQ3: Picking up windspeed due to monsoonQ4: Partially supported by monsoon

Geothermal (ID):Limited seasonal fluctuation Well-planned maintenance shutdown among power plants

Wind (TH):Q1: North wind → cold climateQ2: Absence of monsoonQ3: Rainy season from central regionQ4: Rainy season in the South

Geothermal

0%

12%

24%

Q1 Q2 Q3 Q4

Estimate & Actual

5%

9%

13%

17%

Q1 Q2 Q3 Q4

2017 2018 2019

Well-diversified technology in portfolio helps smoothen performance throughout

the year

17

67 64 73 72 73

17.1%15.6%

17.8% 17.7% 17.7%

2Q18 3Q18 4Q18 1Q19 2Q19

Generation Capacity factor (%)

138.9 MW + 12 MW

Plants performance (TH&JP)

+9.9% YoYUnit: GWh

Resilient growth in Thailand from favorable weather and newly COD helps offset Japan

133 145

17.2%17.8%

1H18 1H19

Unit: GWh+9.4% YoY

2.5

13.1%

2Q18 3Q18 4Q18 1Q19 2Q19

Generation Capacity factor (%)

2.5

13.1%

1H18 1H19

Power generation & Capacity factor (%)

Favorable weather with full period operation of two “WVO” projects drive growth.

+2.0% QoQ

First quarter performance run by low wind

is a low season in general and

Q3

First quarter of COD “Lomligor” in a low season that has lower wind speed.

9 MW

15 144 4 5

15.5% 14.3%

10.1% 11.1%14.3%

2Q18 3Q18 4Q18 1Q19 2Q19

Generation Capacity factor (%)

+31.5% QoQ

-63.9% YoY

24 9

12.3%12.7%

1H18 1H19

-60.6% YoYUnit: GWh

14.7 MW + 116.5 MW

Assets monetization of Nagi and Nikahosince 3Q18 cut more than half of generation on YoY.While entering summer seasons push generation again QoQ.

18

874 830 815 808 848

71.7% 69.3% 72.1% 74.4% 73.6%

2Q18 3Q18 4Q18 1Q19 2Q19

Thailand Japan Gross margin

1,675 1,655

70.9% 74.0%

1H18 1H19

Favorable weather both Thai and Japan and newly COD of “Lomligor” support QoQrevenue growth in 2Q19 while assets monetization cut YoY. In summary, first half still maintained.

Revenue & plants performance

Revenue & Gross profit margin

Unit: THB million

Despite assets monetization, favorable weather and newly COD maintained top line

+4.9% QoQ

-3.0% YoY -1.2% YoY

19

671 576 614 610 652

76.7%69.4% 75.3% 75.5% 76.9%

2Q18 3Q18 4Q18 1Q19 2Q19

EBITDA EBITDA margin

Unit: THB million

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

15.4% 16.0% 16.6% 17.9% 15.6%

2Q18 3Q18 4Q18 1Q19 2Q19

EBITDADespite Japan assets monetization, EBITDA in 2Q19continue to grow from the full period recognition of two “WVO” projects and a commenced operation of “Lomligor”.While in 1H19, the factors offset completely.

EBITDA

-2.8% YoY

+6.9% QoQ

Selling and administrative expense%SG&A/Sales decreased QoQ in 2Q19 due to seasonality in quarter 1 of every year.However, half year ratio still remain unchanged.

EBITDA & EBITDA margin %SG&A/Sales

New capacity offset impact from last year monetization

1,263 1,261

75.4% 76.2%

1H18 1H19

16.7% 16.7%

1H18 1H19

-0.2% YoY

20

814 12 17

7

24.6%

43.2%37.8%

53.4%

22.6%

2Q18 3Q18 4Q18 1Q19 2Q19Sellable output Capacity factor (%)

21 24

32.0%37.9%

1H18 1H19

21

Amortization (8.3) (8.5) (8.4) (8.5) (8.1) (16.4) (16.3)

One-time items - - - - - - -

Net share of profit (5.9) 20.6 10.5 29.2 (12.1) 8.1 17.1

Unit: THB million

Seasonality effect in Q2 and PHP policy rate causing Q2 net result to be negative. While already negotiated interest rate for 2H19. Despite 18.6% stronger wind YOY (generation +14.6%), 1H19 share profit growth by 36.1%.

Share of profit from associatesWind power plant in the Philippines

(Nabas)

14.4 MW + 5.6 MW

Despite Q2 being low season, First half show >18% stronger wind than 2018

Sellable output and Capacity factor (%)

Share of profit from operation (before amortization)

Unit: M kWh

Remark: Sellable output based on holding percentage

+14.6% YoY

24.633.4

1H18 1H19

2.4

29.118.9

37.4

-3.9

2Q18 3Q18 4Q18 1Q19 2Q19

+36.1% YoYn.a.% YoY

n.a.% QoQ

-11.0% YoY

-57.2% QoQ

614 604

94.2% 92.2%

1H18 1H19

301 305 318 306 298

91.3% 91.9% 95.3% 93.7% 90.8%

2Q18 3Q18 4Q18 1Q19 2Q19Sellable output Capacity factor (%) 22

213.2 192.6 174.5 188.0 169.8

2Q18 3Q18 4Q18 1Q19 2Q19

Amortization (96.4) (99.6) (99.1) (95.5) (95.4) (191.6) (190.9)

One-time items (122.7) - (83.8) - - (122.7) -

Net share of profit (5.9) 93.0 (8.4) 92.5 74.4 79.9 166.9

Unit: THB million

(Salak)65 MW

(Darajat)47 MW

(Wayang Windu)45 MW + 24 MW

157.5 MW + 24.0 MW

Share of profit (before amortization) decreased both YoY and QoQ mainly due to maintenance shutdown in a few units of geothermal power plant as a scheduled in annual plan.

Yearly planned maintenance shutdown pressured share profits

Share of profit from associatesGeothermal power plants in Indonesia

Share of profit from operation (before amortization)

Sellable output and Capacity factor (%)

Unit: GWh -1.0% YoY-2.7% QoQ

Remark: Sellable output calculated based on holding percentage

-20.4% YoY-9.7% QoQ

394 358

1H18 1H19

-9.2% YoY

-1.7% YoY

Pro Forma revenue(USD mn) 23.9 23.9 24.2 22.9 22.4 47.5 45.3

23

215.6 221.7 193.4 225.4165.9

2Q18(restated)

3Q18 4Q18 1Q19 2Q19Indonesia The Philippines

Amortization (104.7) (108.1) (107.5) (103.7) (103.6) (208.1) (207.2)

One-time items: (122.7) - (83.8) - - (122.7) -

Refinancing related expenses (122.7) - - - - (122.7) -

Tax provision - - (83.8) - - - -

Net share of profit* (11.8) 113.6 2.1 121.7 62.3 88.0 184.0

Unit: THB millionShort-term factors such as an increase in interest expense in the (already negotiated) and maintenance shutdown of geothermal in Indonesia are the cause of 2Q19 drops in both QoQ and YoY. While partially supported by robust performance in beginning of the period for lower drops in 1H19.

Share of profit from associates

Refinancing related expense in 2Q18 is a factor to drive YoY growth in 2Q19and 1H19 (+109%).

Half year growth still prevails after considering one-time item

Remark: *Net share of profit = Share of profit (after amortization) – one-time items

Share of profit from operation (before amortization)

418.8 391.3

1H18 1H19

-26.4% QoQ

-23.1% YoY -6.6% YoY

129 136 132 129 130

2.9% 3.3% 3.2% 3.3% 3.4%

2Q18 3Q18 4Q18 1Q19 2Q19Interest expense Effective Kd

Finance cost

2424

Unit: THB million

IBD breakdown by maturity IBD breakdown by currency

9.8% 10.1%

90.2% 91.3%

2018 2Q19< 1 year Due after 1 year

51.1% 52.10%

43.0% 40.30%

5.9% 7.60%

2018 2Q19THB JPY USD

IBD breakdown by Fixed-Floating rate

2Q19 Financial costs unchange from both QoQ and YoY.While in H1/2019, an increase was due to a rising policy interest rate during 2018 and repayment of loan in JPY that has low-interest rate.

9.8% 14.8%

90.2% 85.2%

2018 2Q19Fixed rate Floating rate

+0.5% YoY

Stable financial cost with below industry average KdFinance cost and Kd (%)

+1.0% YoY

+2.7% YoY

252 259

2.9% 3.3%

1H18 1H19

Core profitHalf year prevails despite lower share profit and asset monetization

25

477 412 405 454 433

54.5%49.6% 49.7%

56.2%51.0%

2Q18(restated)

3Q18 4Q18 1Q19 2Q19

Core profit Core profit margin

Core profit:For 2Q19, YoY drop in core profit due to (1) Japan asset monetization (2) lower shares of profit as slightly lower wind speed and interest expense raised in the Philippines and maintenance shutdown of a geothermal power plant. On QoQ basis, despite newly COD of “Lomligor”, lower share of profits from Indonesia and the Philippines cause a drops.Overall, first-half of 2019 core profit still prevails YoY from newly COD and full period recognition of two “WVO” solar projects along with favorable weather.

Unit: THB million

Core profit & Core profit margin (%)

Remark: Core profit equals to net profit minus FX gain/loss and one-time items

871 887

52.0% 53.6%

1H18 1H19

+1.7% YoY-9.2% YoY-4.7% QoQ

Net profitFX and one-time item boost growth from core performance

26

388

1,139

310492 464

44.4%

137.3%

38.0%60.9% 54.7%

2Q18(restated)

3Q18 4Q18 1Q19 2Q19

Net profit Net profit margin

Net profit:FX gain in 2Q19 and one-time item in 2Q18 is another boost that drive YoY growth in net result from recurring profit. On QoQ basis, still slightly declined from the lower FX gain.All in all, FX and one-time item in 1H18 has widen the gap from YoY difference in net profit of 1H19.

+19.5% YoY

Unit: THB million

Net profit & Net profit margin (%)

770955

46.0% 57.7%

1H18 1H19

+24.0% YoY

Remark: Core profit equals to net profit minus FX gain/loss and one-time items

-5.6% QoQ

Financial position

48.0% 48.8%

49.3% 49.3%

31,558 31,490

2018 2Q19

Equity Other Liabilities Interest-bearing debt

1.26 1.08 1.05

2017 2018 2Q19

D/E Ratio

D/E Ratio Covenant

Covenant = 3.0x

27

Total assets

0.30 0.32 0.16

0.31 0.32

0.61 0.64 0.16

68.5% 57.7% 64.0%

2017 2018 1Q19Second half performanceFirst half performance

Total dividend (THB/Share)

DPR

Dividend Payment

Dividend policy = not less than 40% of the Company’s net profit based on separated Financial Statement

Healthy financial position as well as providing satisfactory dividend payment

12.84 15.1612.16

2017 2018 2Q19

ROE (%)

ROE

We use Technology to create Sustainability

2019 Social Business Day By Yunus Foundation

Evolving the world through the greener ways.

31

Appendices

Financial Statement

32Remark: *Restated **Excluding gain/(loss) on FX and one-time items

Overall business performance

Unit: THB million 2Q18* 2Q19Change

(%)1Q19

Change (%)

1H18 1H19Change

(%)

Revenue from sale and redering of service 873.8 847.6 -3.0% 807.8 4.9% 1,675.3 1,655.4 -1.2%Cost of sale and rendering of services (247.5) (223.6) -9.6% (206.9) 8.0% (487.0) (430.5) -11.6%Gross profit 626.4 624.0 -0.4% 600.8 3.9% 1,188.3 1,224.9 3.1%Administrative expenses (134.4) (132.4) -1.5% (144.3) -8.3% (280.5) (276.7) -1.3%EBITDA 670.6 651.5 -2.8% 609.5 6.9% 1,262.9 1,261.0 -0.2%0.0 0.0 0.0% 0.0 0.0% 0.0 0.0 0.0%Operating profit 492.0 491.6 -0.1% 456.5 7.7% 907.8 948.2 4.4%0.0 0.0 0.0% 0.0 0.0% 0.0 0.0 0.0%Share of profit of investment in associates (11.8) 62.3 629.5% 121.7 -48.8% 88.0 184.0 109.1%Other income/(expense) 102.5 6.3 -93.9% 2.6 140.9% 104.8 8.9 -91.5%Gain/(loss) on foreign exchange (66.7) 31.2 146.8% 37.6 -17.1% (79.6) 68.8 186.5%EBIT 527.7 529.1 0.3% 496.8 6.5% 933.0 1,025.9 10.0%Finance costs (129.5) (130.1) 0.5% (128.9) 1.0% (252.2) (259.0) 2.7%EBT 386.5 461.3 19.4% 489.6 -5.8% 768.8 950.9 23.7%Income tax expense (benefit) 1.7 2.5 52.9% 1.9 32.7% 1.3 4.5 238.8%Net profit 388.2 463.8 19.5% 491.6 -5.6% 770.1 955.4 24.1%Recurring profit ** 476.6 432.6 -9.2% 453.9 -4.7% 871.4 886.6 1.7%Basic Earnings per Share (THB) 0.20 0.23 15.0% 0.25 -8.0% 0.39 0.48 23.1%

Financial Statement

33

Unit: THB million 2018% of total

assets2Q19

% of total assets

Change (%)

Cash and cash equivalents 2,425.3 7.7% 1,340.8 4.3% -44.7%Trade accounts receivable 523.8 1.7% 563.2 1.8% 7.5%Other current assets 226.1 0.7% 425.3 1.4% 88.1%Total current assets 3,175.2 10.1% 2,329.4 7.4% -26.6%Investments in associate & subsidiaries 13,500.7 42.8% 13,572.2 43.1% 0.5%Property, plant and equipment 12,945.3 41.0% 13,805.3 43.8% 6.6%Goodwill and Intangible assets 1,765.6 5.6% 1,712.0 5.4% -3.0%Other non-current assets 171.0 0.5% 70.7 0.2% -58.6%Total non-current assets 28,382.6 89.9% 29,160.2 92.6% 2.7%Total Assets 31,557.9 100.0% 31,489.6 100.0% -0.2%Short-term borrowings & current portions 1,520.6 4.8% 1,545.2 4.9% 1.6%Long-term borrowings 14,046.6 44.5% 13,989.7 44.4% -0.4%Other liabilities 848.5 2.7% 575.2 1.8% -32.2%Total liabilities 16,415.6 52.0% 16,110.1 51.2% -1.9%Equity attributable to owners of the Company 15,142.1 48.0% 15,379.3 48.8% 1.6%Non-controlling interests 0.1 0.0% 0.1 0.0% 0.0%Total liabilities and Equity 31,557.9 100.0% 31,489.6 100.0% -0.2%

Consolidated Statement of Financial Position

Financial Statement

34

Unit: THB million 1H18 1H19 YoY ChangeNet cash from (used in) operating activities 1,284.1 825.5 (458.6)

Net cash from (used in) investing activities (1,092.1) (1,161.1) (69.0)

Net cash from (repay to) financing activities (80.7) (710.1) (629.4)

Net increase in cash and cash equivalents 111.3 (1,045.7) (1,157.0)

Cash and cash equivalents at 1 January 2,004.0 2,425.3 421.3Effect of exchange rate changes on balances held in foreign currencies

93.5 (38.8) (132.3)

Cash and cash equivalents at end period 2,208.8 1,340.8 (868.0)

CAPEX (1,094.9) (1,162.7) (67.8)

Consolidated Statement of Cash Flows

Conventional solar & wind projects in Thailand

35

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 5/08/11 *BCPG 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) 11/4/19

Contracted capacity of 147.9 MW

Remark: * BCPG 1 encounter flood from Oct 2011 to Mar 2012 result in delaying adder expiration timeline to Feb 2023

Other solar projects in Thailand

36

Total contracted capacity in pipeline of 23.4 MW as of 2Q19. COD target by 2019.

No. Type Segment Relation-ship

Project Location Contracted Capacity

Terms (year)

Tariff power structure

Status/ COD

1 Rooftop Industrial Subsidiary Kingboard Uthai, Ayutthaya 0.752 MW 20 Private PPA COD 1/12/2018

2Rooftop Commercial Partner

Habito, T77, Sansiri

Wattana, Bangkok 0.053 MW 25 Private PPA COD 12/1/2019

3Rooftop

Commercial/Residential

Partner T77, Sansiri Wattana, Bangkok 0.376 MW 25 Private PPA COD 1/5/2019

4 Rooftop Commercial Partner Sansiri Several cities 0.379 MW 25 Private PPA Under construction

5 Rooftop Commercial Partner CMU Mueang, Chiangmai

12.0 MW 26 Private PPA Under construction

6 Rooftop Mixed Partner Lots Several cities 9.62 MW 15-25 Private PPA In progress

7 Floating Industrial Partner BangchakBiofuel

Bang pa-in, Ayutthaya

0.2 MW 25 Private PPA In progress

Conventional solar projects in Japan

37

Contracted capacity of 14.7 MW

37

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 2H21

8 Chiba 1 100.0 Chiba, Japan 1,362 27.0 20.0 36 20 Tokyo Electric Power Company Expect to COD within 1H21

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

Group’s Business Structure

38

Public

BSE BSE-BRM BSE-BRM1 BSE-CPM1 BSE-NMA BSE-PRI LLG BBP 1 BBP 2

Thailand

Singapore

99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9%

BSEH

100.0%

BCPGI SEGHPL

33.3%

GreenergyHoldings

GreenergyPower BCPG Wind

100.0% 100.0% 100.0%The Netherlands

JapanPetrowind

Energy

The Philippines 40.0%

HMJ BCPGJ

EPC(1) AM(2) Investment(3) Project Under Development

Operating Projects

Operating Projects

Operating Projects

100.0% 100.0%

100.0% 51.0% 100.0% 100.0% 100.0% 100.0%

100.0%

(1) EPC = Groups of companies doing such business as (1) a turnkey EPC contractor and (2) an operation and maintenance contractor for solar power plants in Japan(2) AM = an Asset Management company rendering operation and maintenance service for the Tiramizu project and its remaining shares of 49.0% are held by a juristic person (3) Investment = companies investing in solar farms in Japan as TK investor