COMPANY PR OF IL E 1 20/ 03/ 2018 Sun For The Future CONT E - PowerPoint PPT Presentation

Sun For The Future COMPANY PR OF IL E 1 20/ 03/ 2018

Sun For The Future CONT E NT S • Vision & Mission • Ke y De ve lopme nt Mile stone s • Por tfolios & Dive r sific ation (T o ta ling 298.42 MW PPA) • Inve stme nt in T hailand (T o ta ling 121.70 MW PPA) ◦ So la r PV F a rms & So la r T he rma l – 85.5 MW PPA ◦ So la r PV Ro o fto ps – 14 MW PPA ◦ Bio ma ss Po we r Pla nts – 22.2 MW PPA • Inve stme nt in Japan (T o ta ling 176.72 MW PPA) ◦ So la r PV F a rms – 176.72 MW PPA • F inanc ial Highlights ◦ Pro fita b ility ◦ Va lua tio n Assumptio n 2

Sun For The Future VISION & MISSION Visio n T o b e c o me a wo rld-c la ss re g io na l le a de r in pro viding re ne wa b le e ne rg y thro ug h re lia b le te c hno lo g ie s to se rve b o th c o mme rc ia l a nd so c ia l so c ie tie s Missio n T o e sta b lish a so lid fo o tprint in T ha ila nd in the so la r po we r industry a nd e xpa nd into o the r re ne wa b le e ne rg ie s a s we ll a s de ve lo ping a n inte rna tio na l so la r po we r b usine ss fo c using in Asia & Oc e a nia re g io ns 3

Sun For The Future – supporting GREEN & CLEAN AIR “ We aim to reduce reliance on fossil fuels by creating cleaner air quality through renewable energy with the goal to cut emissions of major pollutants. ” - Dr. Cathleen Maleenont, CEO of TSE PCL - • Renewable Energy produces little to no global warming emissions. Even when including “life cycle” emissions of clean energy (i.e. emissions from each stage of a technology’s life —manufacturing, installation, operation, decommissioning) , the global warming emissions associated with renewable energy are minimal (*) • Solar Energy provide air quality, public health, and greenhouse gas emission benefits as it reduces reliance on combustion-based electricity generation. Sources: * Intergovernmental Panel on Climate Change (IPCC). 2011

Sun For The Future SOLAR ENERGY: CLEANER AIR - SOONER AT LOWER COST • The costs of renewable energy technologies have declined steadily, and are projected to drop even more. For example, the average price to install solar dropped more than 70% between 2010 and 2017 (*) • Solar Energy requires essentially no water to operate and thus does not pollute water resources or strain supplies by competing with agriculture, drinking water, or other important water needs. Costs will likely decline even further as markets mature and companies increasingly take advantage of economies of scale. • In contrast, fossil fuel prices can vary dramatically and are prone to substantial price swings. For example, there was a rapid increase in US coal prices due to rising global demand before 2008, then a rapid fall after 2008 when global demands declined (**) Likewise, natural gas prices have fluctuated greatly since 2000. Sources: * SEIA. 2017. Solar Market Insight Report 2017 Q2 / ** UCS. 2011. A Risky Proposition: The financial hazards of new investments in coal plants..

Sun For The Future In a Nutshell: Invest in RE to cut air pollution harms Renewable Energy (RE) and Energy Efficiency (EE) will work in synergy to drive global energy decarburization. When pursued together, they result in higher shares of renewable energy, a faster reduction in energy intensity, and lower energy system costs. This also brings environmental and social benefits, such as less air pollution .

DE VE L OPME NT MIL E ST ONE S Continuing Por tfolio Impr ove me nt: Stre ng the ne d Pre se nc e in Pro spe c t Ma rke t & Ne w Busine ss E xpa nsio n BBL SCB E XIM SMT B 5400 mT HB 566 mT HB 2258 mT HB 4800 mJPY (Hanamizuki) De be ntur e s 3000 mT HB 143.4 298.4 4.5 44.5 89.5 99.0 104.5 106.5 129.9 143.4 143.4 MW PPA MW MW MW MW MW MW MW MW MW MW MW + Jyoso 1.25 + Ha na mizuki 13.5 + Onikoube 154.98 + Sakur a 1.99 + Biomass 22.2 - VSPP Se mi- F ir m (Bioma ss PP) * Po te ntial E nhanc e rs - Ove r se a s Bioma ss PP BIOMASS PP CO- OP PV F ARM PV F ARM - JAPAN PV ROOF T OP PV F ARM T HE RMAL 2011 2012 2013 2014 2015 2016 2017 2018E 2019E 2020E 2021E 2022E

Sun For The Future POR T F OL IOS & DIVE R SIF I CAT I ON O pe r ating O wne r Capac ity Pr oje c t Status Powe r Pur c hase R ate T e nor T ax R ate Com pany ship G r oss E ffe c tive B a se T a riff + F T So la r T herm a l T SE F ully Op era ted 100% 4.50 4.50 + Adde r 8 Baht 5 yea rs w ith 0% (yea r 0 – 8) (10 ye ars fro m C OD) a uto m a tic B a se T a riff + F T renew a l So la r PV F a rm s T SR F ully Op era ted 60% 104.80 80.00 + Adde r 6.5 Baht 10% (yea r 9 – 13) (10 ye ars fro m C OD) 20% (14 – 25 yea rs) T HAIL AND So la r PV Ro o fto p s T SE R F ully Op era ted 100% 14.00 14.00 F I T 6.16 B a ht 25 yea rs Po rtfo lio = 121.70 MW PPA 5 o ut o f 8 0% (C I T 20 yea rs) Ja p a n So la r PV T SI , T SO und er 97% 210.47 176.72 F I T 32 – 36 Yen 20 yea rs 20.42% (WHT o n F a rm s o p era tio n a llo c a tio n) 0% (yea r 0 – 8) C o -o p era tive SV F ully Op era ted 100% 1.00 1.00 F I T 5.66 B a ht 25 yea rs 20% (yea r 9 – 25) So la r PV F a rm s B io m a ss Po w er F I T 4.24 B a ht T SE Develo p m ent 49% * 6.00 4.60 20 Yrs 0% (yea r 0 – 8) JAPAN Pla nt (B SW) + Pre mium 0.30 T HB (8 ye a rs) Po rtfo lio = 176.72 MW PPA B io m a ss Po w er F I T 4.24 B a ht T SE Develo p m ent 70% 19.80 17.60 15 Yrs 4 m ths 0% (yea r 0 – 8) Pla nts (OSC AR) + Pre mium 0.30 T HB (8 ye a rs) T ota l 360.57 298.42 Rema rks: * T he C o m p a ny invests a t the initia l 49% o f reg istered c a p ita l a nd there w ill inc rea se to b e 100% o f reg istered c a p ita l a fter C OD 3 yea rs. 8

Sun For The Future Investment in T hailand 9

Sun For The Future Investment in T hailand T SE ’S SOL AR PV F ARMS & SOL AR T HE RMALIN T HAIL AND = T OT AL 85.5 MW PPA Sola r T he rma l = 4.5 MW (fully o pe rate d & COD in 2011) Solar PV F ar ms = 80.0 MW (fully o pe rate d & COD in 2014) Sola r PV F a rm = 1.0 MW (fully o pe rate d & COD in De c 2016) (Go v’ t Se c to r & Co -Op So lar F arm) T OT AL = 85.5 MW PPA 10

Sun For The Future T SE ’S SOL AR PV F ARMS & SOL AR T HE RMALIN T HAIL AND = T OT AL 85.5 MW PPA 11

Sun For The Future Investment in T hailand T SE ’S SOL AR PV ROOF T OPS IN T HAIL AND = T OT AL 14.0 MW PPA In partnership with 12

Sun For The Future T SE ’S SOL AR PV ROOF T OPS IN T HAIL AND = T OT AL 14.0 MW PPA 13

Sun For The Future Investment in T hailand T SE ’S BIOMASS POWE R PL ANT S IN T HAIL AND = T OT AL 22.2 MW PPA BSW OSW 1 OSW 2 L oc a tion Sura t T ha ni Na ko rn Sri T ha mma ra t Na ko rn Sri T ha mma ra t 6.0 MW 9.9 MW 9.9 MW Insta lle d Ca pa c ity 4.6 MW 8.8 MW 8.8 MW Se lling Ca pa c ity F iTSc he me F iTSc he me F iTSc he me Sc he me on Pur c ha se (4.24 T HB/ kWh) (4.24 T HB/ kWh) (4.24 T HB/ kWh) of E le c tr ic ity (+ pre mium : 0.3 T HB/ kWh fo r 8 ye a rs) Q1/ 2018 Q2/ 2018 Q2/ 2018 SCOD Wo o dc hip Wo o dc hip Wo o dc hip R a w Ma te r ia l 14

Sun F o r T he F uture T SE ’S BIOMASS POWE R PL ANT S IN T HAIL AND = T OT AL 22.2 MW PPA BSW OSW 1 OSW 2 F ue l Sto ra g e Building F ue l Sto ra g e Building Co o ling T o we r Co o ling T o we r Bo ile r & E SP Zo ne 15

Sun For The Future Investment in Japan 16

Sun For The Future Investment in Japan T SE ’S SOL AR PV F ARMS IN JAPAN = T OT AL 176.72 MW PPA T OYAMA PV F a r m Shima (1.25 MW) MIYAGI Sa kura (1.99 MW) PV F a r m Oniko ub e (154.98 MW) ISHIKAWA PV F a r m Ha na mizuki (13.50 MW) IBARAKI F UKUI I nsta lled Selling Feed- in- PV F a r m # Com pa ny Pla nt T ype Pr ojec t Site Ca pa c ity Ca pa c ity L oc a tion COD T a r iff PV F a r m (MW) (MW) Jyo so (1.25 MW) 1 TSI PV Fa rm K uno 0.65 0.50 36 Ye n Ib a ra ki 18/ 8/ 2015 Hike me (1.50 MW) 2 TSI PV Fa rm Shima 1.43 1.25 32 Ye n To ya ma 1/ 3/ 2016 Ryug a sa ki (1.75 MW) 3 TSI PV Fa rm Hike me 1.86 1.50 32 Ye n Fukui 1/ 4/ 2016 K uno (0.50 MW) 4 TSI PV Fa rm Ryug a sa ki 2.34 1.75 36 Ye n Ib a ra ki 1/ 9/ 2016 5 TSI PV Fa rm Sa kura 2.50 1.99 32 Ye n To ya ma 2/ 11/ 2016 6 TSI PV Fa rm Jyo so 1.43 1.25 36 Ye n Ib a ra ki Q2 2018 7 TSI PV Fa rm Ha na mizuki 17.50 13.50 36 Ye n Ishika wa Q1, 2019 8 TSO PV Fa rm Oniko ub e 182.76 154.98 36 Ye n Miya g i Q2, 2022 T ota l Ca pa c ity 210.47 176.72 17

Sun For The Future T SE ’S SOL AR PV F ARMS IN JAPAN = T OT AL 176.72 MW PPA Kuno Shima Hike me 0.5 MW 1.25 MW 1.50 MW COD: Aug 2015 COD: Ma r 2016 COD: Apr 2016 18

Sun For The Future T SE ’S SOL AR PV F ARMS IN JAPAN = T OT AL 176.72 MW PPA Ryugasaki Sakur a Jyoso 1.75 MW 1.99 MW 1.25 MW COD: Se p 2016 COD: Nov 2016 T a r g e t COD: Q2, 2018 Hanamizuki 13.50 MW T a r g e t COD: Q1, 2019 19

Sun For The Future T SE ’S SOL AR PV F ARMS IN JAPAN = T OT AL 176.72 MW PPA Onikoube Pr oje c t – 154.98 MW PPA Solar Powe r Plant T a r g e t COD: Q2, 2022 20

Sun For The Future F inanc ial Highlights 21