2Q16 results Investor and analyst update 16 th August 2016 1 - PowerPoint PPT Presentation

2Q16 results Investor and analyst update 16 th August 2016 1

DISCLAIMER The views expressed here contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Any forward looking information in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by Banpu Public Company Limited. Nothing in this release should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction. 2

1 Focus: Banpu Power renewables outlook 2 Coal operations 3 Coal marketing 4 Power business 5 Gas business 6 Financial summary 7 Looking ahead 3

Portfolio target: ≥ 20% in renewables by 2025 ≥ 20% 7% 4% 1.86GW 2.4GW 4.3GW 2018 June 2016 2025 (Operating and committed projects) (Operating) (Target) EXPAND DIVERSIFY STRENGTHEN  4.3GWe by 2025  ≥ 20% renewables by 2025  Leverage and strengthen Banpu Power’s skills and  Capture new opportunities  Diversify fuel type for both advantages from >700GW demand conventional and renewable growth in Asia-Pacific over plant the next four years (1)  Balance country and  Leverage existing assets and regulatory risks platform for both organic and inorganic expansion Source: (1) Frost & Sullivan, EIA, CEA, AER, WEO, Cleantechnica 4

Banpu’s core skills to achieve renewables target EXPERTISE PIONEER Project development expertise Pioneer in private power for from coal-fired projects to over two decades in Asia, leverage in developing renewables with solid track-record of value creation FINANCING Project financing capabilities , experienced team, access to capital SYNERGIES and strong financial position Synergies with coal business to provide local expertise and other synergies REGIONAL PARTNERSHIP Positioned in the most attractive Partnership access and ability to growth markets in Asia-Pacific: work with partners to enhance equity capacity of 4.3GWe by 2025 overall competitiveness DESIGN & FEASIBILITY PERMITS& FINANCING CONSTRUCTION COMMISSIONING O&M STUDY PLANNING PROCUREMENT 5

Asia-Pacific renewables installed capacity 2015 Sources: Power development plans of each country, WEO’s special report on SE Asia (1) includes hydropower capacity; (2) other Greater Mekong Subregion comprises Cambodia, Laos, Myanmar, and Vietnam; (3) other South East Asia comprises Malaysia, Singapore, Philippines, East Timor, and Brunei Unit: GW 8% 33 GW CHINA JAPAN Renewables* 146 GW Biomass 22% 11% Hydro Solar 50 GW Solar Hydro 307 GW 79% LAOS Wind PHILIPPINES 0.1 GW VIETNAM** Hydro 3 GW 70% 2 GW Hydro Geothermal 0.2 GW THAILAND** Hydro 3 GW 16 GW INDIA 6 GW 39 GW 13% 46% 47% Hydro Wind 6 GW INDONESIA 13% 3 GW 55% Hydro Hydro 5 GW 45 GW 74% Wind Wind AUSTRALIA 28% Wind Hydro 5 GW Solar 68% 8 GW Source: Frost & Sullivan, AER, EIA Note: Bubble size not drawn to scale * Exclude hydro; ** As of 2014 6 *DISCLAIMER No representation or warranty is made as to the accuracy, completeness or reliability of the views, information as indications expressed here. This slide should not be relied upon as a recommendation or forecast by Banpu Public Company Limited. Nothing in this slide should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

Sources: Power development plans of each country, WEO’s special report on SE Asia Asia-Pacific renewables growth 2015 – 2020 (1) includes hydropower capacity; (2) other Greater Mekong Subregion comprises Cambodia, Laos, Myanmar, and Vietnam; (3) other South East Asia comprises Malaysia, Singapore, Philippines, East Timor, and Brunei COUNTRIES SELECTED ARE FOR EDUCATIONAL PURPOSES ONLY* Unit: GW CHINA • >250GW capacity +233 686 growth from renewables JAPAN +49 is expected in the next 52% 453 129 +46 four years 83 39% +0.5 68% • Major growth in absolute INDIA 60% 48% +184 +46 61% MW would come from 40% +40 124 32% China, Japan and India LAOS 2015 2020 84 +13 2015 2020 47% +4 7 • Renewable energy 3 54% +4 4% 95% 5% 96% excluding hydro is +27 +0.1 53% 46% 2015 2020 expected to constitute PHILIPPINES 2014* 2020 c.20% of total generating THAILAND VIETNAM No 6 54% breakdown capacity in Asia-Pacific* 23 +7 46% available +6 18 16 by 2020 2015 2020 12 +2 67% +5 91% 50% 98% • Potential upside with +4 33% 2% 9% 50% +2 technology advancement 2015 2020 2015 2020 INDONESIA AUSTRALIA 19 +11 19 +6 +4 55% 13 Hydro * Note: But in Laos and Vietnam it is 8 41% likely to be much less than 20% Renewables 58% 62% +7 45% +6 59% 38% 42% Year 2015 2020 2015 2020 Note: Map not drawn to scale Source: Frost & Sullivan, EIA, CEA, AER, WEO, Australian Gov’t, RET, Cleantechnica 7 *DISCLAIMER No representation or warranty is made as to the accuracy, completeness or reliability of the views, information as indications expressed here. This slide should not be relied upon as a recommendation or forecast by Banpu Public Company Limited. Nothing in this slide should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

Japan renewables market RENEWABLES TARGET BY TYPE Unit: GW Solar Wind BANPU’S POWER ASSETS IN JAPAN Operational solar Mukawa Developing solar 64 17 MW Onami 16 MW 28 Nari Aizu Yamagata 11 20 MW 20 MW Yabuki 4 Awaji 7 MW 8 MW Olympia Hino 10 MW 2015 2020 2015 2020 3.5 MW * Banpu’s effective ownership is between 40-75% Biomass Geothermal • Renewables to constitute 22-24% of total power generation capacity by 2030 • Solar, wind and biomass are primary generating resources • FIT is generally reviewed annually and reduced overtime to control capacity 4 1 • FIT could be replaced by auction process for large 1 0.5 solar projects in 2017 • Tax holiday was removed for commercial solar 2015 2020 2013 2020 installation in Mar’16 while other renewable energy’s tax incentives remain 8 Note: As of June 15, 2016. All plants capacity is based on an as-completed basis includes capacity expansion currently under development. Source: JWPA, IEA, Agency of Natural Resources and Energy, Institute for Sustainable Energy Policies, METI, EIA Geothermal Report

China renewables market RENEWABLES TARGET BY TYPE Unit: GW Luannan (100%) 123 MWe Wind BANPU’S POWER ASSETS IN CHINA 400 Zhengding (100%) Operational coal-fired Zouping (70%) 139 MWe Developing coal-fired 180 MWe Operational solar Huineng (100%) Haoyuan (100%) 200 Developing solar SLG (30%) 20 MW 20 MW 1,320 MW 100 Huien (100%) 20 MW Jinshan (100%) 30 MW 2015 2020 2030 As of June 2016 Biomass Solars • Renewables to constitute 15% of total power generation capacity by 2020 and 20% by 2030 310 • Government’s target for 2 -10% by 2020 of each province’s consumption to come from non - hydro renewables, primarily wind, solar, and biomass 100 59 • FIT for solar PV and wind was cut in 2016 in 30 33 13 order to regulate development • Incentives include capex subsidies, tax 2015 2020 2030 2015 2020 2030 reduction/exemption, *license exemption * For under 6MW projects 9 Source: Climatenexus, Bloomberg New Energy Finance, Sciencedirect, The Climate Group, Cleantechnica

Thailand renewables market RENEWABLES TARGET BY TYPE Unit: GW BANPU’S POWER ASSETS IN THAILAND Solar Biomass Operational coal-fired 6 6 5 3 2 2 BLCP (50%) 1,434 MW Thai Solar 2015 2021* 2036* 2015 2021* 2036* Up to 4.1 MW (Under construction) Wind Waste 3 • Renewables to constitute 25% of total power generation capacity by 2021 and 30% by 2036 2 • Solar, biomass and wind are priority 0.5 0.2 0.2 0.1 • Replaced adder program with FIT for solar (Oct 2014). Available FIT for other renewables 2015 2021* 2036* 2015 2021* 2036* • Incentives include tax reduction, import duties reduction/exemption, permission to own land, etc. * Alternative Energy Development Plan 10 Source: Sunwindenergy, AEDP, Thai German Cooperation, EPPO

Diversified portfolio in high growth countries Banpu’s ownership Considerations : Under development  Strategic fit  Regulations Thailand Solar  Risks Coal-fired Capacity presented on a 100% basis  Financing  Economics Thai Solar Biomass 50% Up to 4.1 MW Equity Wind 100% BLCP 1,434 MW Myanmar Vietnam Greater Mekong Laos 40% Hongsa 1,878 MW Laos Cambodia Japan China CHP solar 273 MW Indonesia 102 MW China China 948 tph solar 40-75% Asia-Pac 70-100% 30% SLG LN and ZP Other 90 MW expansion (25MW 1,320 MW 100% and 150tph each) Japan China Operation 11 DISCLAIMER The views, information and indications expressed here including forward looking targets and indications are illustrative only, are subject to change, may be based on incorrect assumptions, and have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the views, information as indications expressed here. This slide should not be relied upon as a recommendation or forecast by Banpu Public Company Limited. Nothing in this slide should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.