BGRIM: Investor Presentation for Year End 2017

BGRIM: Investor Presentation for Year End 2017

March 2018

Q4 and YE 2017

BGRIM OVERVIEW AND STRATEGIES Q4/2017 AND YE 2017 RESULT PROJECT UPDATEBGRIM YEAR-END 2017 KEY HIGHLIGHTS BGRIM UPDATES AND 2018 OUTLOOKS

BGRIM INVESTOR PRESENTATION

1

STRONG

PERFORMANCE

IMPROVEMENT

WITH

REMARKABLE

AWARDS ANDRECOGNITION

BGRIM YE 2017 Key Highlights

STRONG OPERATING PERFORMANCE Enhancing profitability with growing top line

• 14% Sales growth YoY reaching THB 31.48 billion for YE 2017

• 16% EBITDA growth YoY reaching THB 8.73 billion with 28% EBITDA Margin

• 48% NNP to Owner growth YoY reachingTHB 1.73 billion

STRENGTHEN CAPITAL STRUCTURE

AWARDS AND RECOGNITION ‘BEST IPO DEAL IN SE-ASIA 2017’

by Alpha Southeast Asia Magazine

‘THE BEST IPO 2017’

by the Asset Magazine

‘BEST ENERGY SOLUTION PROVIDER’

by International Finance Magazine

‘BOND DEAL OF THE YEAR 2017’

by ThaiBMA

• Net D/E ratio 1.4x as of 31 Dec 17 reduced from 4.1x as of 31 Dec 16 (Net Interest-bearing debt) thanks to the IPO proceed

• Financing cost has reduced from 4.9% to 4.7% in 2017 mainly attributable to an issuance of 11.5bn project bond and repayment of loan after IPO



Q4 and YE 2017

2

BGRIM Updates and 2018 Outlooks

BGRIM Overview and Strategies

YE 2017 Operating Result

Project Update

Agenda


B.GRIM OVERVIEW AND STRATEGIES Q4/2017 AND YE 2017 RESULT PROJECT UPDATEBGRIM YEAR-END 2017 KEY HIGHLIGHTS BGRIM UPDATES AND 2018 OUTLOOKS

Q4 and YE 2017

3


“BGRIM increases operating capacity through organic growth and M&A”

Upcoming COD in 2018 New growth towards

renewables ABPR3 completed COD in Feb 18

ABPR4 to be COD in Q2/18

ABPR5 to be COD in Q4/18

Nam Che hydro project and Solar Farms

project to be COD in Q4/18

Inorganic growth by partnering with

Progress Interchem (Thailand) Co., Ltd.

to diversify into industrial waste energy

“BGRIM constantly strives to improve efficiency of our operation”

Enhancing efficiency and

availability

Collaborating with Siemens to enhance

performance of projects in operation

Reducing Financing Cost USD 235 million of ADB facility were

signed in Feb

THB 5.5 bn of debenture to be

rolled-over by Q4/2018

Refinance with project debenture/loan



Q4 and YE 2017

4

Additional Capacity of 445 MW in 2018 – 27% Growth year-on-year

“ABPR3 (133 MW) – COD on 1 Feb 2018 – In Time / In Budget”

COD

SCOD

Jun 2018 Oct 2018 Q4 2018Dec 2018NAM CHE 1 HYDRO POWER

PROJECT

15 MW

AMATA B.GRIMM POWER

(RAYONG) 5

133 MW

AMATA B.GRIMM POWER

(RAYONG) 4

133 MW

SOLAR FARM PROJECTS

31 MW

“BGRIM continuously grows and

diversifies portfolio both domestically

and internationally”

Upcoming COD in 2018 ABPR3 completed COD in Feb 18

ABPR4 and ABPR5 are on track

Nam Che hydro project SCOD in Q4/18

Solar farm projects SCOD Q4/18



Q4 and YE 2017

5

Services Collaboration with Siemens

“BGRIM and Siemens Thailand aims to

collaborate on enhancing the performance of

Siemens gas turbine used in BGRIM plants”

To enhance heat rate of

gas turbine after

performing major overhaul

To predict the degradation

of a machine more

accurate

To increase availability or

reduce a number of

maintenance days

Enhance

Efficiency

Enhance

AvailabilityMoving towards

Digitalization

Benefits from the collaboration with Siemens

Enhancing efficiency,

availability and digitalization

More electricity to sales

during maintenance

Use less gas to produce

electricity

More capacity available

to sales to IUs

Collaborating with Siemens



Q4 and YE 2017

BENEFIT TO OVERALL SYSTEM

• Provide clean, reliable secure and

affordable energy

• Minimize loss in transmission

• Balance usage of electricity between peak

and off-peak

6

Full Integrated Smart Microgrid Diagram

Microgrids rely on control systems (or microgrid management systems) to optimize generation, loads, and

interactions with the grid.

BENEFIT TO OPERATOR

• Act as “System Operator” to maintain high

reliability of power supply

• Expand customer base by minimizing

spinning reserve (more capacity to sell to

customers)

• Potentially benefit from wheeling charge

in transmission and distribution

BENEFIT TO CUSTOMER

• Have alternative source of power supply

with potentially cheaper and

uninterruptible



Q4 and YE 2017

7

Financial Cost Improvement from Well Managed Capital Structure

Reducing Financing Cost “BGRIM financial cost will gradually

reduce by well managed capital

structure”

14%

86%

TOTAL DEBTTHB 53,856 MM

Project level

Corporate

level

1. Corporate loan saving

10%

4%Loan

THB 1.9 bn

Debenture

THB 5.5 bn

Existing

Corporate Debt

2. Strategy to reduce financing costs

21%

65%

Loan

THB 34.9 bn

Debenture

THB 11.5 bn

Existing

Project Debt

Exploring alternative funding by refinancing with potential

projects in 2018 to reduce financing costs which includes,

• BIP1+BIP2 – outstanding debt of THB 6,700mm

• Solar (15 projects) – outstanding debt of THB 5,800mm

4.9%

4.7%

0.05

0.05

0.05

0.05

0.05

0.05

0.05

0.05

2016 2017

Financing Cost has improved

to 4.7% compared to 2016

Corporate Debenture will be rolled-over by a rating bond

in which the credit rating process has been kicked-off in

Feb 2018

Potential to gearing with low funding cost facility, i.e.

ADB of USD 235mm which were signed in Feb 2018

THB 46.4 bn

THB 7.4 bn

USD 235 million of ADB facility were signed in Feb

THB 5.5 bn of debenture to be rolled-over by Q4/2018

Refinance with project debenture/loan



Q4 and YE 2017

8

BGRIM Diversifies into Industrial Waste to Energy Power Plant

Project

company

Progress Interchem (Thailand) Company Limited

Project

type

Pyrolysis system from used tire, used

oil, plastic with diesel engine and generator

Location Ratchaburi Industrial Estate

Project capacity

Contract capacity of 4 MW Installed capacity of 4.8 MW

PPA Period 20 Years

SCOD 31 Dec 2019

Project Profile

“BGRIM grows inorganically by investing

in Industrial Waste Power Plant Project

with 48% shareholding of Progress

Interchem”

New growth towards renewables Inorganic growth by partnering with Progress

Interchem (Thailand) Co., Ltd. to diversify into

industrial waste energy

Project cost THB 650-700 Million

Tariff

structure

FIT THB 6.08 for 20 years+ THB 0.70 for the first 8 Years

Contribution

BGRIM response in term of

project management, O&M, and

seek for financing.

Metro Energy is a key player in

industrial machinery business.

Their responsibility is to secure

raw materials, i.e. industrial

waste.



Q4 and YE 2017

9




Project Update

Agenda



Q4 and YE 2017

49%

44%

2%5%

Total 298 MWIn Operation

134 MW

Solar Group

145 MW

(31 MW under development)

Hydro Group

133 MW

(15 MW under construction

98 MW under development)

Wind Group

16 MW

(under development)

Bien Hoa

13 MW

Diesel

34%

29%

11%

11%

9%

6%

Gas Fired

Total 2,206 MWIn Operation 1,631 MW

Amata Nakorn*

754 MW

Amata City

647 MW

(266 MW under construction)

Bangkadi

229 MW

Laem Chabang*

206 MW

Hemaraj

130 MW

V.R.M.

240 MW

(under development)

10

Type of Energy

Installed MW Equity MW

Total Capacity

% In operation

Total Capacity

% In operation

Gas fired

2,206 MW 87.6% 1,631 MW 1,498 MW 87.9% 931 MW

Hydro 133 MW 5.3% 20 MW 95 MW 5.5% 14 MW

Solar 145 MW 5.8% 114 MW 90 MW 5.3% 59 MW

Wind 16 MW 0.6% 15 MW 0.9%

IWTE 5 MW 0.2% 2 MW 0.1%

Diesel 13 MW 0.5% 13 MW 4 MW 0.2% 4 MW

Total 2,518 MW 100% 1,779 MW 1,703 MW 100% 1,008 MW

Diversified Portfolio of 2,518 MW / 1,779 MW in Operation (as of 1 Feb 2018)

Remark: *Assuming ABP2 (59.6 MW) and BPLC2 (56.1 MW) still run 1 gas turbine and steam turbine configuration after SPP

replacement plants achieve COD

SPP – INDUSTRIAL ESTATE 87.6% RENEWABLE GROUP 11.9%

TRANSMISSION & DISTRIBUTION 0.5%

Industrial Waste to

Energy (IWTE)

5 MW

(under development)



Q4 and YE 2017

2017 SALES AND SERVICE INCOME BY CUSTOMER WEIGHTED AVERAGE REMAINING PPA LIFE

EGAT

61%

IU-TH

30%

IU-VN

4%

Steam-TH

2%Others

3%

THB 31,482 mm2017 Sales and service

IncomeLONG-TERM PPA STRUCTURE

• EGAT : 21 to 25 years tenor with take-or-pay structure

• PEA : 25 years tenor (VSPP of solar, wind, waste to energy)

• Industrial Users : up to 15 year tenor with track record of extensions

Secured Gas Supply with PTT covering respective PPA tenors

Gas price pass-through at contracted heat rate under EGAT PPA

24.923.5

19.8

9.77.7

EDL PEA EGAT Industrial users- electricity(Thailand)

Industrial users- steam

(Thailand)

Track Record of

Extensions

Years Years

Years

YearsYears

11

Note: Weighted Average Remaining PPA life is calculated as the average remaining contractual term remaining from 31 December

2017 to expiry weighted by the aggregate contracted capacity under the relevant agreement

Trustworthy Customers with Long Remaining PPAs Secure Cash Flow



Q4 and YE 2017

Delivery of Reliability in form of Electricity and Steam

FOOTHOLD IN TOP INDUSTRIAL ESTATES WITH

MULTIPLE OF GENERATING UNITS IN EACH LOCATIONSELECTED TOP IU FOR ELECTRICITY AND STEAM

THAILAND

CAMBODIA

LAOS

VIETNAM

▪ 1 power plant

▪ 130 MW

▪ 3 generating units

▪ 2 power plants

▪ 229 MW


▪ 2 power plants

▪ 240 MW


▪ 1 power plant

▪ 13 MW

▪ 5 power plants

▪ 647 MW


▪ 5 power plants

▪ 754 MW


▪ 2 power plants

▪ 206 MW


Hemaraj

Bangkadi

V.R.M.

Amata City

Amata City Bien Hoa

Laem Chabang

Amata Nakorn

XXHP

Gas-fired cogeneration power plants Transmission and Distribution

12

▪ 1 power plant

▪ 20 MW


Hydro power plants



Q4 and YE 2017

Robust Growth Pipeline with Promising on Execution

ACHIEVED COD IN TIME AND WITHIN BUDGET FOR 26 CONSECUTIVE PROJECTS DURING PAST 7 YEARS

ABPR3(133 MW)

Current

(as of Feb’ 18)

31Plants

1,779 MWInstalled Capacity

1,008 MWEquity Capacity

ABP1 Replace(150 MW)

Interchem(5 MW)

Nam Khao(5 plants - 68 MW)

47

2019

Plants



BGPR1, BGPR2(240 MW)

Tadsakoi(30 MW)



Bo Thong 1 & 2 (2 plants - 16 MW)

2020

49Plants



ABPR4, ABPR5(2 plants - 266 MW)

Solar 2017(7 plants - 31 MW)

Nam Che 1(15 MW)

41

2018

Plants



ABP2 Replace(150 MW)

BPLC Replace(150 MW)

2022

52Plants

2,518 MW*Installed Capacity


+113 MW

Installed Capacity

Increase

(2018-2022)

+1,141 MW

13

202152

Plants

2021

Remark: *Assuming existing ABP2 (59.6 MW) and BPLC (56.1 MW) still run 1 gas turbine and steam turbine configuration after SPP

replacement plants achieve COD

Gas

Solar

IWTE

Hydro



Q4 and YE 2017

BGRIM’s Strategy for Sustainable Growth

MEDIUM-TERM LONG-TERMSHORT-TERM

✓Leverage Strengths and Expertise for

Business Growth and Expansion

✓Highly Efficient Operating

Power Plants

✓Attractive M&A Opportunities

✓Strong Network with local partners

for Oversea Expansion

✓ Investment in Suitable Renewable

Energy projects in different countries

70/30*

Conventional/RenewableDomestic/International

THAILAND

CLMV

BGRIM’s Experienced Engineering

and Business Development Teams

BGRIM’s World Class

Technology with High Standard

BGRIM’s Strong Financial and

Well Managed Capital Structures

14



Q4 and YE 2017

15

MYANMAR

LAOS

VIETNAM

CAMBODIA

MALAYSIA

THAILAND

Gas

Solar

Hybrid

Hydro

Transmission and

Distribution System (T&D)

Jan

2018

Q2’

2018

Q1-Q2’

2018

Negotiation on renewable

opportunity in Vietnam

Final phase negotiation with local

partners to invest in mid-scale

renewable projects in Vietnam

Installation of solar rooftop

Partner up with facility providers to

install solar rooftop with industrial users

with capacity of over 30 MW

Diligently Invest in Suitable Opportunities via Strong Networks

Investment in Industrial Waste

to Energy project

Invested in 4.8-MW industrial waste

to energy power plant located in

Ratchaburi and COD by 2019

2018

Exploring M&A deals with

opportunity to turnaround

Focus on both green and brown-field

projects that B.Grimm could turnaround

operationally and financially



Q4 and YE 2017

16




Project Update

Agenda



Q4 and YE 2017

95% 96% 96%

96%96%

2%2% 2%

2%

2%

3%2% 2%

2%

3%

7,056 8,105 7,762

27,747

31,482

Q4/16 Q3/17 Q4/17 2016 2017

1,8152,270 2,099

7,494

8,725

25.7%

28.0% 27.0% 27.0% 27.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

0

2000

4000

6000

8000

10000

12000

Q4/16 Q3/17 Q4/17 2016 2017

+1,231 / 16.4% YoY

Top Line is Growing Strong with EBITDA Margin Improving

2016 to 2017 (YoY):• Sales and service income increased by 13.5% YoY primarily due to

an increase in revenue from APB5 and BPWHA1 that were fully

developed and are in operation in Jun and Nov 2016, respectively

Q3 2017 to Q4 2017 (QoQ):• Sales and service income decreased 4.2% QoQ primarily due to a

decrease in both electricity sales volume and selling price per unit to

EGAT, despite an increase in selling price to industrial users

2016 to 2017 (YoY):• EBITDA increased by 16.4% YoY which is in line with the increase in

revenue and improvement on EBITDA margin

• EBITDA margin improved to 27.7% in 2017, due to high efficiency of

the new power plants, operational cost saving and increase in Ft during

the year.

Q3 2017 to Q4 2017 (QoQ):• EBITDA decreased 7.5% QoQ being in line with the decrease in

revenue and an increase in SG&A during year end

17

EBITDA AND

EBITDA MARGIN

TOTAL SALE AND

SERVICE INCOME

Electricity

OthersSteam

(Unit: THB mm) (Unit: THB mm)

EBITDA

Margin

EBITDA

+745 / 10.6% YoY

-343 / -4.2% QoQ

+3,735 / 13.5% YoY

-171 / -7.5% QoQ

+284 / 15.6% YoY



Q4 and YE 2017

2.92 2.893.22 3.19

2016 2017 2016 2017

EGAT Industrial Users (TH)

(Unit:THB/KWh) EGAT• EGAT Sales volume increased by 15.5% YoY due to COD of ABP5 and

BPWHA1 in Jun and Nov 2016, respectively

• Electricity price sales to EGAT slightly decreased by 1% from Baht

2.92/KWh in 2016 to Baht 2.89/KWh 2017 due to the fall of energy

payment affected from the decrease in natural gas price

IU Thailand• IU Thailand sales volume increased by 12.0% YoY due to COD of the

new power plants (BIP2, ABP5 and BPWHA1) and increase in demand

at Amata Nakorn, Amata City and Laem Chabang Industrial Estates

• Electricity price sales to Industry Users Thailand decreased by 0.9%

YoY primarily due to a change in natural gas price

5,805

2,634

6,706

2,949

2016 2017 2016 2017

EGAT Industrial Users (TH)

(Unit: GWh) (Unit: GWh)

Electricity Sales Volume Increased for BOTH EGAT and IU YoY

18

KEY DRIVERS: ELECTRICITY AND NATURAL GAS VOLUME AND PRICE Year on Year

ELECTRICITY SALES

VOLUME YoY

ELECTRICITY SELLING

PRICE YoY

1,520 1,551

327 345

669 688

221118 145

2016 2017 2016 2017 2016 2017 2016 2017 2016 2017

Amata Nakorn Amata City Laem Chabang Hemraj Bangkadi

SALES VOLUME FOR EACH INDUSTRIAL USER

FOR 12 MONTHS (TH) YoY

240.0

235.3

2016 2017

EFFECTIVE GAS

COST (Unit:THB/mmBTU)



Q4 and YE 2017

19

High Standard Technology Leads to High Efficiency & Availability

Our SPP power plants realized lower heat rates

Most of our gas-fired cogeneration power plants have availability factors of above 90% since COD

Gas-Turbine

Technology Siemens V64.3 GE Frame 6B GE Frame 6B GE Frame 6BSiemens

SGT800 B

Siemens

SGT800 B

Siemens

SGT800 BGE LM 6000PD

Siemens

SGT800 BGE LM 6000PD

Siemens

SGT800 B

Siemens

SGT800 B

8,1

90

8,4

49

8,3

02

8,2

36

7,6

17

7,5

71

7,5

59

7,7

70

7,6

12

7,6

44

7,5

58

7,6

83

8,1

15 8,5

67

8,3

70

8,3

85

7,5

21

7,4

74

7,5

15

7,7

40

7,5

46

7,6

57

7,5

35

7,5

70

ABP1 BPLC1 ABP2 BPLC2 ABP3 ABPR2 ABPR1 BIP1 ABP4 BIP2 ABP5 BPWHA1

2016 2017

(a) (a) (b) (a)

HIGH EFFICIENCY (HEAT RATE)

HIGH AVAILABILTY (AVAILABILTY FACTOR)

COD Sep-98 Jul-01 Sep-01 Feb-09 Oct-12 Jun-13 Nov-13 Apr-15 Nov-15 Jan-16 Jun-16 Nov-16

(a)(b)(c)

Contracted Heat Rate 8,600 BTU/kWh

Contracted Heat Rate 8,000 BTU/kWh Contracted Heat Rate 7,950 BTU/kWh

(BTU/kWh)

90.3

98.595.6

99.897.9

93.296.0

85.2

97.1 96.898.3 99.0

92.49

96.94 96.68 96.69 97.2199.68

97.9 94.85 95.8396.23

96.6899.08

70

75

80

85

90

95

100

ABP1 BPLC1 ABP2 BPLC2 ABP3 ABPR2 ABPR1 BIP1 ABP4 BIP2 ABP5 BPWHA1

2016 2017

Note: (a) Electricity equivalent generations of steam dispatched are calculated according to efficiency calculation of EGAT PPA (SPP generation 1)

(b) Acquired on 30 June 2014.

(c) no EGAT PPA

(%)



Q4 and YE 2017

45519 334

1,1661,727

78

349238

924

1,191

123

868

572

2,090

2,918

0

500

1000

1500

2000

2500

3000

3500

Q4/16 Q3/17 Q4/17 2016 2017

1.8%

10.7%

7.4% 7.5%9.3%

NNP Margin

NNP to owner

NNP to Non-Controlling Interest (NCI)

2016 to 2017:

• NNP increased 39.6% / NNP to Owner increased 48.1% YoY primarily

due to improvement of the operating profit margin and reduction of

financing cost resulting from the repayment of loan after IPO

• NNP margin improved to 9.3% in 2017 primarily due to improvement of

the operating profit margin and reduction of financing cost.

Q3 2017 to Q4 2017:

• NNP decreased 34.1% / NNP to Owner decreased 35.7% QoQ mainly

due to decrease in sales and services income and EBITDA and higher

financing cost thanks to an increase of interest expense from ABPIF

Normalized Net Profit (NNP) = Net profit – Unrealized Fx gain (loss) – Non-recurring income (expense)

-296 / -34.1% QoQ

+449/ 365.0% YoY

Reconciliation Items:

• Net unrealized Fx Gain 1,049 mm is due to the appreciation of the

Baht against the U.S. dollar at the ending of each financial statement

period

• Non-recurring expense 373 mm is due to the cost of bond issuance of

ABP3, ABPR1 and ABPR 2 as well as a provision of inventory and an

expense related to the remuneration scheme and expenses related to

IPO

+828 / 39.6% YoY

NNP for 12 Months Increased by 39.6% YoY

20

NORMALIZED

NET PROFIT (NNP)(Unit: THB mm)

RECONCILE NORMALIZED NET PROFIT (NNP) OF 2017(Unit: THB mm)

2,127

2,918

1,727

1,467

1,049

373 1,191

Net Profit UnrealizedFx Gain

Non-recurringexpense

NNP NNP to NCI NNP toOwner

Net Profit to NCI

Net Profit to owner

3,594



Q4 and YE 2017

85% 71%

15%

29%

31 Dec 16 31 Dec 17

11%

20%11%

9%

78%

71%

31 Dec 16 31 Dec 17

76,047

89,241

Cash and cash

equivalents

OtherCurrent Assets

(Unit: THB mm)

Assets

Total

Liabilities

Total

Equity

76,047

89,241

Liabilities and Equity

Strong Financial Position Thanks to the Well-Managed Capital Structure

Non- Current Assets

Financial Position as at 31 Dec 2017

Total assets

• Total assets increased by 17.4% , primarily due to an

increase in cash and cash equivalents, PPE which mainly

comes from constructing power plants

Total liabilities

• Total liabilities decreased 1.6% primarily due torepayment of corporate loan of B.Grimm Power in the

amount of THB 5,960 mm during Q3’2017

Total Equities

• Total equities increased 123.2% primarily due to the

increase in paid up equity arising from net proceed from

IPO and retained earnings during the period

21

STATEMENT OF FINANCIAL POSITION

AS OF 31 DEC 2017



Q4 and YE 2017

28%

15%21%

6%

4%

THB 53,856 MM

Project Level (In Operation)

Loan (THB)

22

• After repayment of corporate loan, only 14% of loan

represents loan at the corporate level. The

remaining 86% contributes to loan and debenture

at power plant level

• Interest obligations of almost all power plant level

debt are swapped to fixed rate

• Only 22% of total loan as at 31 Dec 2017 is

denominated in USD which is matched with a

proportion of EGAT tariff indexation to USD at project

level, so called “Natural Hedge” strategy

DEBT PROFILE

BGRIM optimizes Capital Structure through Well Managed Debt Profile

THB 14,794 MM

Project Level

(Under Construction)

Loan (THB)

THB 8,199 MM

Project Level

Debenture

THB 11,482 MM

Corporate Level

Loan

THB 1,949 MM

Corporate Level

Debenture

THB 5,494 MM

10%

5.1%

5.4%

4.9%

4.7%

0.04

0.04

0.05

0.05

0.05

0.05

0.05

0.06

2014 2015 2016 2017

• Financing costs decreased to 4.7% due to:

• Refinancing of project bond of ABP3, ABPR1,

and ABPR2 amounting of THB 11.5 billion in Apr

2017 to reduce financing cost at project level

• Repayment of corporate loan in the amount of

THB 5.9 billion during Q3’2017 in which its cost

is relatively high

(THB mm)

FINANCING COSTS

Project Level

(Under Construction)

Loan (USD)

THB 3,359 MM

Project Level (In Operation)

Loan (USD)

THB 8,581 MM

16%



Q4 and YE 2017

55%

45%

Normalized NetProfit 2017

2.8x

-0.1x

4.1x

1.4x

(0.50)

-

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

Dec-16 Dec-17

Companyonly

COMPANY ONLY AND CONSOLIDATED NET

INTEREST-BEARING DEBT TO EQUITY RATIO

23

(Times)

Gearing Ratios

• Consolidated Net Interest-Bearing Debt to Equity Ratio decreased to 1.4x, and for the Company only fell to -0.1x as a result of the additional of net cash proceed from IPO

Minimum 40% of net profit of consolidated financial statements not including unrealized gain/loss on exchange rate and non-recurring expenses(subject to retained earnings of standalone financial statements)

Net Interest-bearing Debt to Equity Ratio significantly decreased after IPO

Manage debt and equity funding to optimize capital structure

Seek to obtain financing at project level

• Limited-recourse project loan with back-end equity

• Target 3.0x debt to equity project financing at outset,delevering over project life

Consolidated debt included loans at power plant becauseBGRIM holds majority in most of the projects

DIVIDEND PAYMENT*

DIVIDEND POLICYCAPITAL STRUCTURE

45% of net profit are paid as dividend with

the total value of 782 THB mm

▪ Dividend payment 0.3 THB per share

▪ Annualized dividend yield is 2.7%

(based on average 2H’2017 price of 22.3

baht and holding 6 month period)

1,727

(Unit: THB mm)

*Subject to approval from AGM dated 26 April 2018



Q4 and YE 2017

24




Project Update

Agenda



Q4 and YE 2017

25

AMATA B.GRIMM POWER

(RAYONG) 4

Type of Fuel Combined Cycle Cogeneration

Installed Capacity Electricity 133 MW / Steam 30 t/h

Economic Ownership 55.5%

SCOD 1 Jun 2018

EGAT PPA 90 MW / 25 years

% Progress (as of 25 Jan 2018)

AMATA B.GRIMM POWER

(RAYONG) 5

Type of Fuel Combined Cycle Cogeneration

Installed Capacity Electricity 133 MW / Steam 30 t/h


SCOD 1 Oct 2018

EGAT PPA 90 MW / 25 years


Progress on track

Progress on track

SPP – All projects are on Track and SCOD 2018

96.2%

86.7%



Q4 and YE 2017

26

Hydro Project in Laos - Nam Che (15 MW) SCOD in 2018

NAM CHE 1 HYDRO POWER PROJECT

Type of Fuel Hydro (Run of the river)

Installed Capacity 15 MW


SCOD Q4/2018

EDL PPA 15.0 MW / 25 years


Progress on track

61.2%

Transmission and Distribution in Cambodia SCOD in 2018

POIPET SPECIAL ECONOMIC ZONE

Type of Business 22-kv T&D in industrial estate


SCOD Q1/2018

% Progress (as of 25 Jan 2018) 86.7%



Q4 and YE 2017

Appendix

27



Q4 and YE 2017

Renewable Group

Amata CityIndustrial Estate

28

Core subsidiaries and associates only

(a) B.Grimm Power’s 49.0% associate, B.Grimm Sena Solar Power, has an economic interest of 97.0% in these projects through preferred shares based on its right to receive 97.0% of the dividends from these projects and have 97.0% of

the total voting rights at shareholders’ meetings. Also, in case of liquidation (after all debts are repaid), B.Grimm Sena Solar Power Limited has the right to receive the following before other ordinary shareholders (i) 97.0% of dividends

from unallocated profits, (ii) 97.0% of all reserves required by law and (iii) any capital surplus

Note: As of 31 December 2017

*Preferred Shares

Hemaraj Industrial Estate

Bangkadi Industrial Park

V.R.M. Industrial EstateLaem Chabang

Industrial EstateAmata Nakorn Industrial Estate

51.2%

ABP1

(166MW)

ABP2

(171MW)

ABP3

(133MW)

ABP4

(131MW)

ABP5

(131MW)

69.3%

70.0%

60.0%

50.0%

50.0%

30.0%

29.9%

29.9%

Amata B.Grimm

Power Holding

25.3%*27.4%

*47.4%

ABPR1

(123MW)

ABPR2

(123MW)

ABPR3

(133MW)

ABPR4(133MW)

ABPR5(133MW)

50.0%

29.9%

50.0%

29.9%

29.9%

62.0%

30.0%

62.0%

30.0%

B. Grimm Power

Holding

(Laem Chabang)

BPLC1

(103MW)

BPLC2(56MW)

100.0%

100.0%

100.0%

Amata Power

(Bien Hoa)

(13MW)

60.0%

BGYSP

(60MW)

BGPSK

(8MW)

Thai Wind

Power

(Mukdhahan)

Bo Thong

(16MW)

49.0%

49.0%

100.0%

70.0%

BIP1

(115MW)

BGPR1

(120MW)

BIP2

(115MW)

74.0%

74.0%

100.0%

26.0%

B.Grimm Sena

Solar Power

Solarwa

(39MW)

TPS

(8MW)

49.0%*(a)

ABPIF

30.0%

BPWHA1

(130MW)75.0%

BGPR2

(120MW)100.0%

B. Grimm Power

Lao

XXHP

(20MW)

70.0%

100.0%

Holding Company

Power Plant Project Company

Infrastructure Fund

50.0%

74.0%

29.7%

30.0%

49.0%*(a)Nam Che

(15MW)

Nam Khao

(68MW)

72.0%

72.0%

Amata B. Grimm

Power

BGPSP

100.0%

Corporate Structure

48.0% Interchem

(5MW)



Q4 and YE 2017

29

BGRIM’s Shareholders

34.0%

24.3%

9.1%

1.1%

0.3%

31.2%

B.Grimm Power

(Singapore) PTE. LTD.

Mr. Harald Link

B.Grimm Joint

Venture Holding

Ms. Caroline Link

Public

Shareholders

(a) B.Grimm Power (Singapore) PTE. LTD., B.Grimm Joint Venture Holding, Mr. Harald Link and Ms. Caroline Link are subject to regulatory shares lock up of 55% of post-IPO shares

Top Public Shareholders (as of 31 Dec 17) %

1. EUROCLEAR NOMINEES LIMITED 4.7%

2. Bualuang Long-Term Equity Fund 2.6%

3. Muang Thai Life Assurance Co., Ltd 1.3%

4. Thai Life Insurance Co., Ltd 1.1%

5. N.C.B. TRUST LIMITED-NORGES BANK 11 0.9%

6. Others 20.6%

Total 31.2%

PUBLIC SHAREHOLDERSPOST IPO

WITH 2,606.9 MM SHARES(a)

Directors and

Management



Q4 and YE 2017

30

•

Note: (a) Based on B.Grimm Power’s direct and/or indirect interest in the project company owning the power plant

(b) Amata B.Grimm Power owned 30.0% of ABPIF’s units and consequently, our economic ownership of Amata B.Grimm Power 1 Limited and Amata B.Grimm Power 2 Limited was 15.3%

(c) PPA extension is under negotiation with EGAT. NEPC is currently in the process of establishing policies relating to the extension of SPP PPAs that will expire between 2019 – 2025 (include ABP1, ABP2 and BPLC1) for 25 years with

up to 30 MW contracted capacity. This would require construction of new power plants and decommissioning of existing power plants

(d) Acquired from Sime Darby Energy on 30 June 2014

(e) We instead purchase power directly from a subsidiary of EVN which we then on-sell to industrial users in Amata City Bien Hoa Estate

Company Abbreviation Fuel Type COD

Economic

Ownership

%(a)

Capacity Main PPA Industrial User

Installed

(MW)

Equity

(MW)

Offtaker /

ProgramPPA Expiry

Contracted

Capacity

(MW)

Electricity

Contracted Capacity

(MW)

Steam Contracted

Capacity

(t/h)

Amata Nakorn Industrial Estate, Thailand

Amata B.Grimm Power 1 ABP1 Gas-Fired Cogen Sep-98 15.3%(b) 166.4 25.5 EGAT (SPP) Sep-19(c) 90.0 103.3 6.0

Amata B.Grimm Power 2 ABP2 Gas-Fired Cogen Sep-01 15.3%(b) 171.2 26.2 EGAT (SPP) Sep-22(c) 90.0 83.0 16.0

Amata B.Grimm Power 3 ABP3 Gas-Fired Cogen Oct-12 60.7% 132.5 80.4 EGAT (SPP) Oct-37 90.0 46.1 13.0

Amata B.Grimm Power 4 ABP4 Gas-Fired Cogen Nov-15 55.5% 131.1 72.8 EGAT (SPP) Nov-40 90.0 32.5 –

Amata B.Grimm Power 5 ABP5 Gas-Fired Cogen Jun-16 55.5% 131.1 72.8 EGAT (SPP) Jun-41 90.0 33.4 13.0

Subtotal 732.3 277.7 450.0 298.3 48.0

Amata City Industrial Estate, Thailand

Amata B.Grimm Power (Rayong) 1 ABPR1 Gas-Fired Cogen Nov-13 61.7% 123.3 76.1 EGAT (SPP) Nov-38 90.0 17.0 14.0

Amata B.Grimm Power (Rayong) 2 ABPR2 Gas-Fired Cogen Jun-13 61.7% 124.4 76.8 EGAT (SPP) Jun-38 90.0 24.0 14.0

Amata B.Grimm Power (Rayong) 3 ABPR3 Gas-Fired Cogen Feb-18 55.5% 133.0 73.8 EGAT (SPP) Jan-43 90.0 13.0 -

Subtotal 380.7 226.7 270.0 54.0 28.0

Laem Chabang Industrial Estate, Thailand

B.Grimm Power (Laem Chabang) 1 BPLC1 Gas-Fired Cogen Jul-01(d) 100.0% 103.0 103.0 EGAT (SPP) Jul-22(c) 60.0 48.1 46.2

B.Grimm Power (Laem Chabang) 2 BPLC2 Gas-Fired Cogen Feb-09(d) 100.0% 56.1 56.1 – – – 61.3 18.5

Subtotal 159.1 159.1 60.0 109.4 64.7

Bangkadi Industrial Park, Thailand

B.Grimm BIP Power 1 BIP1 Gas-Fired Cogen Apr-15 74.0% 114.6 84.8 EGAT (SPP) Apr-40 90.0 14.0 –

B.Grimm BIP Power 2 BIP2 Gas-Fired Cogen Jan-16 74.0% 114.6 84.8 EGAT (SPP) Jan-41 90.0 18.5 –

Subtotal 229.2 169.6 180.0 32.5 –

Hemaraj Industrial Estate, Thailand

B.Grimm Power (WHA) 1 BPWHA1 Gas-Fired Cogen Nov-16 75.0% 130.0 97.5 EGAT (SPP) Nov-41 90.0 31.0 –

Gas-Fired Cogen Total 1,631.3 930.6 1,050.0 525.2 140.7

Amata City (Bien Hoa) Industrial Estate, Vietnam

Amata Power (Bien Hoa)(e) APB Diesel Generator Apr-99 30.7% 13.0 4.0 – – – 310.5 –

Conventional Total 1,644.3 934.6 1,050.0 835.7 140.7

Operational Power Plants: Conventional



Q4 and YE 2017

31

Note: As of 31 December 2017

(a) Based on B.Grimm Power’s direct and/or indirect interest in the project company owning the power plant.

Company / Project Abbreviation Location CODEconomic

Ownership %(a)

Capacity Main PPA(s)

Installed

(MW)

Equity

(MW)

Offtaker /

ProgramPPA Expiry

B.Grimm Yanhee Solar Power BGYSP 49.0% 59.7 29.3

Sai Luang 2

Pathumthani province,

ThailandDec-15

8.0 3.9

PEA (FiT) Dec-40

Sai Luang 3 8.0 3.9

Sai Luang 9 7.2 3.5

Sai Luang 10 7.5 3.7

Sai Yai Nha 8.0 3.9

Sai Manow 8.0 3.9

Sai Putsa 8.0 3.9

Sai Sena 2 Ayutthaya province, Thailand 5.0 2.4

Solarwa Solarwa 47.5% 38.5 18.3

Sai Lui Rim Num

Nakhon Pathom province,

Thailand

Dec-15

8.0 3.8

PEA (FiT) Dec-40

Sai Chalouw 1 8.0 3.8

Sai Sab 8.0 3.8

BGTTRE2Saraburi province, Thailand

8.0 3.8

BGTTRE3 6.5 3.1

TPS Commercial TPS Saraburi province, Thailand Dec-15 47.5% 8.0 3.8 PEA (FiT) Dec-40

B.Grimm Solar Power (Sakaeo) 1 BGPSK Sakaeo province, Thailand Apr-16 100.0% 8.0 8.0 PEA (FiT) Apr-41

Total 114.2 59.2

Operational Power Plants: Solar



Q4 and YE 2017

391 419 466 483

2,042 2,436 2,634 2,949

3,098

3,744

5,805

6,706

(1,000)

1,000

3,000

5,000

7,000

9,000

11,000

2014 2015 2016 2017

Electricity Sales to EGAT by SPPs

Electricity Sales to Industrial Users - Thailand

Electricity Sales to Industrial Users - Vietnam (APB)

32

Power Plant CompanyNet Electricity Generation (GWh)

2014 2015 2016 2017

ABP1 962 863 967 998

ABP2 1,208 1,188 1,227 1,142

ABP3 933 891 860 952

ABP4 0 100 793 768

ABP5 0 0 470 789

ABPR1 722 797 807 779

ABPR2 784 798 776 850

BPLC1 374 733 760 769

BPLC2 164 319 330 333

BIP1 0 443 608 696

BIP2 0 0 728 738

BPWHA 0 0 109 855

Total 5,147 6,131 8,441 9,669

Power Plant CompanySteam Dispatched (Tons)

2014 2015 2016 2017

ABP1 5,072 3,833 1,699 1,436

ABP2 49,002 42,938 39,484 42,668

ABP3 58,696 95,387 83,561 88,140

ABPR1 44,958 67,252 77,859 56,841

ABPR2 116,084 98,297 76,890 107,609

BPLC1 107,203 188,273 191,008 178,824

BPLC2 19,119 41,522 38,628 36,155

Total 400,133 537,503 509,130 511,673

(GWh)

Our electricity dispatch increased since 2014 primarily as a result of 7

gas-fired cogeneration power plants coming into operation

NET ELECTRICITY GENERATION

BY GAS-FIRED COGENERATION POWER PLANTS

TOTAL ELECTRICITY SOLD

BY CUSTOMERS

STEAM DISPATCHED

BY GAS-FIRED COGENERATION POWER PLANTS

56.0%

36.9%

7.1%

56.7%

65.1%

29.6%36.9%

6.3% 5.2% 4.8%

29.1%

66.1%

Operational Highlights: Net Electricity Generation and Steam Dispatched

10,138

8,912

6,599

5,513



Q4 and YE 2017

33

18.718.5 18.5 18.7 18.6 18.5 18.6 18.6 18.2 18.3 18.6

17.1 17.4 17.816.7

18.7 18.5 18.418.6 18.4

18.4 18.0 18.718.0 18.0

18.4

16.917.2 17.2 16.8

0.0

5.0

10.0

15.0

20.0

25.0

Sai Luang2

Sai Luang3

Sai Luang9

Sai Luang10

Sai Yai Nha Sai Manow Sai Putsa Sai Sena 2 Sai Lui RimNum

SaiChalouw 1

Sai Sab BGTTRE2 BGTTRE3 BGTTRE1 BGPSK

2016 2017

16.0%

capacity

factor

(FiT tariff cap)

8.0 MW 8.0 MW 7.2 MW 7.5 MW 8.0 MW 8.0 MW 8.0 MW 5.0 MW 8.0 MW 8.0 MW 8.0 MW 8.0 MW 6.5 MW 8.0 MW 8.0 MW

BGYSP Solarwa TPS BGPSK

Our solar power plants are located in regions with strong irradiation, resulting in high energy yields of above 16.0% capacity factor

Operational Highlights: Net Electricity Generation and Steam Dispatched

CAPACITY FACTOR (%)



Q4 and YE 2017

34

Projects

Installed

Capacity

(MW)

Steam

Capacity

(ton/hr)

Type of maintenanceDuration

(days)

2018

Q1 Q2 Q3 Q4

Amata Nakorn

ABP1 166.4 30.0 Major Overhaul 22

ABP2 171.2 30.0Major Overhaul 22

Major Overhaul 11

ABP3 132.5 30.0 Major Inspection 17

ABP4 131.1 30.0 Major Inspection 13

Laem Chabang

BPLC1 103.0 50.0Major Overhaul 14

Major Overhaul 8

Bangkadi

BIP1 114.6 20.0 Major Inspection 10

BIP2 114.6 20.0 Major Inspection 10

Maintenance Schedule in 2018



Q4 and YE 2017

35

Source: Company filing and data as of 31 March 2017, EGAT, PEA

(a) Some contract terms are year-on-year basis

(b) According to concession agreements

SPP Gas-fired Cogeneration Solar PV Wind Hydro

EGATIndustrial Users

PEA (FiT) PEA (Adder) EDLElectricity Steam

Term (years) 21 – 25 years 5 – 15 years(a) 5 – 15 years(a) 25 years 5 years 25 years

Weighted average remaining life

(years)20.4 years 10.1 years 8.4 years 23.9 years Not yet COD 25.0 years

Extension option ✓* ✓ ✓ –5 years

auto extensionUp to 10 years

Contracted capacity90 MW

(except for BPLC1

which is 60MW)

Depends on each contract 5 – 8 MW 8 MW 6.7 – 15 MW(b)

Secured fuel supply ✓ ✓ ✓ N/A N/A N/A

Natural gas cost pass-through ✓

(at contracted heat rate)Partially through Ft Depends on contract N/A N/A N/A

FX pass-through ✓ Partially through Ft – – – –

Inflation indexation – – ✓ – – –

Tariff See next page 5.66 THB/kWh

PEA wholesale +

10-year adder at

3.50 THB/kWh

0.065 US$/kWh

Applicable power plants ABP1-5, ABPR1-5, BPLC1, BIP1-2, BPWHA1, BGPR1-2

BGYSP (8 projects),

Solarwa (5 projects),

TPS, BGPSK

Bo Thong

(2 projects)

XXHP (2 projects),

Nam Che, Nam Khao

1-5 (5 projects)

*NEPC is currently in the process of establishing policies relating to the extension of SPP PPAs that will expire between 2019 – 2025 (include ABP1, ABP2 and

BPLC1) for 25 years with up to 30 MW contracted capacity

On 17 May 2017, ERC passed a resolution instructing EGAT to deliver the draft SPP power purchase agreements for which the existing power purchase

agreements with EGAT will expire between 2019 and 2025, to the Office of the Attorney General for consideration

Contractual Overview: Commercial Features



Q4 and YE 2017

36

Electricity Tariff = Capacity Payment + Energy Payment + Fuel Saving

Payment + VAT

Capacity Payment Rate (THB/kW/month) = 𝐶𝑃0 × 𝑥 ×𝐹𝑋𝑡

𝐹𝑋0+(1− 𝑥)

Energy Payment Rate (THB/kWh) = 𝐸𝑃0 +𝑃𝑡−𝑃0

106× contracted Heat rate

Fuel Saving Payment Rate (THB/KWh) = 𝐹𝑆0 ×𝑃𝐸𝑆𝑡

10%

𝐹𝑋𝑡 = THB/ US$ Exchange Rate

𝑃𝑡 = Price for natural gas PTT sells to SPPs in a month (THB/mmBTU)

𝑃𝐸𝑆𝑡 = primary energy saving (“PES”) statistic measuring the efficiency rate of

our gas-fired cogeneration power plant in consuming natural gas in the

generation of electricity and thermal energy

Source: Company filing and data, EGAT

SPP Regulation 1992, 2005 2007 2010

Applicable power plantsABP1-2,

BPLC1

ABP3,

ABPR1-2,

BIP1

ABP4-5,

ABPR3-5,

BIP2, BOWIN,

BGPR1-2

Base Capacity Payment Rate

(𝐶𝑃0) (THB/kW)302.00 383.66 420.00

Base Exchange Rate (𝐹𝑋0)

(THB/US$)37 34 34

US$THB FX indexation (𝑥) 0.8 0.5 0.5

Base Energy Payment Rate

(𝐸𝑃0) (THB/kWh)0.85 1.70 1.85

Base Price for Natural Gas

PTT sells to SPPs (𝑃0)

(THB/mmBTU)

77.0812 209.4531 232.6116

Contracted Heat Rate

(BTU/kWh)8,600 8,000 7,950

Fuel Saving Payment - ✓ ✓

Base Fuel Saving Payment

(𝐹𝑆0) (THB/kWh)- 0.36 0.36

Contractual Overview: EGAT PPA under SPP Program

TARIFF STRUCTURE



Q4 and YE 2017

37

Power Plant Company COD / SCODFull income tax exemption 8 years from

COD

50% partial income tax exemption for

5 years following full exemption expiry

ABP3 October 2012 ✓ –

ABP4 November 2015 ✓ –

ABP5 June 2016 ✓ –

ABPR1 November 2013 ✓ ✓

ABPR2 June 2013 ✓ ✓

ABPR3 February 2018 ✓ ✓

ABPR4 June 2018 ✓ ✓

ABPR5 October 2018 ✓ ✓

Solarwa December 2015 ✓ –

BGYSP December 2015 ✓ –

BGPSK April 2016 ✓ ✓

TPS December 2015 ✓ –

BIP1 April 2015 ✓ –

BIP2 January 2016 ✓ –

BOWIN November 2016 ✓ –

BPLC2 February 2009✓

(end of exemption period)✓

Tax Privileges

In Operation Under Construction

Impact of ABPIF to BGRIM F/S

38

REVENUE SHARING CONCEPT

ABP1 and ABP2

Reduction of liability due to principal payback to

ABPIF based on amortization schedule

Total liabilities

Financing costs

Increased on the interest expense in regard to

remaining cash to be transferred to ABPIF

ABPIF

Total assets

Reduction of value (NAV) from the loan

repayment

Revenue

Increased mainly from the interest and remaining

cash which were booked as revenue in ABPIF

BGRIM’s PL(unit: million baht) Q1 Q2 Q3 Q4 2017

Share of profit from ABPIF

30 16 23 81 149

Interest expense

paid to ABPIF(111) (66) (87) (283) (546)

IMPACT TO BGRIM’S FINANCIAL STATEMENT

Net effect to BGRIM’s NNP

to Owner of 51%

(30% of ABPIF net income)

(100% of interest expense

from ABP1&2)

Nature of cash transfer to ABPIF is peak on the 4th quarter because there is no major cash flow out besides operation

(ABP1 and ABP2 pay debt service in Q1 and Q3 and tax in Q2 every year)

% shareholding of BGRIM

Cash transfer to ABPIF = Cash flow from operation – Tax – CAPEX - Debt service – Cash reserve = Cash Available for Dividend

Effect on Balance sheet

Effect onP/L

51% 15%

Entities



Q4 and YE 2017

39

Abbreviation & Our Projects

ABBREVIATIONADB Asian Development Bank

COD Commercial Operation Date

EBITDA Earnings before Interest, Taxes, Depreciation and Amortization

EDL Electricite Du Laos

EGAT Electricity Generating Authority of Thailand

ERC Energy Regulatory Commission

EPC Engineering, Procurement and Construction

EVN Electricity of Vietnam

FiT Feed-in Tariff

FX Foreign exchange

IPO Initial public offering

IU Industrial user

IWTE Industrial Waste to Energy

JV Joint venture

KWh Kilowatt-hour

GWh Gigawatt-hour

mmBtu Million Btu (unit of gas consumption)

NNP Normalized net profit

O&M Operations and maintenance

P.A. Per annum

PEA Provincial Electricity Authority (Thailand)

PPA Power purchase agreement

PTT PTT public Company Limited

ROA Return on assets

ROE Return on equity

SG&A Selling, general & administrative expense

YE Year End

YoY Year-on-Year

OUR PROJECTSABPIF Amata B.Grimm Power Plant Infrastructure Fund

ABP1 Amata B.Grimm Power 1





ABPR1 Amata B.Grimm Power (Rayong) 1





BGPSK B.Grimm Solar Power (Sakaeo) 1

BGSENA B.Grimm Sena Solar Power Limited

BGYSP B.Grimm Yanhee Solar Power

BIP1 B.Grimm BIP Power 1

BIP2 B.Grimm BIP Power 2

BPLC1 B.Grimm Power (Laem Chabang) 1

BPLC2 B.Grimm Power (Laem Chabang) 2

BPWHA1 B.Grimm Power (WHA) 1

Nam Che Nam Che 1 Hydro Power Project

XXHP Xenamnoy 2 and Xekatam 1 Hydro Power Project



Q4 and YE 2017

INVESTOR RELATIONS

Chairath Sivapornpan

Email: [email protected]

Tel: +66 (0) 2710 3528

40

IR Contact

Disclaimer

None of the Company makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this document or otherwisemade available nor as to the reasonableness of any assumption contained herein or therein, and any liability therein (including in respect of any direct, indirect or consequentialloss or damage) is expressly disclaimed. Nothing contained herein or therein is, or shall be relied upon as, a promise or representation, whether as to the past or the future and noreliance, in whole or in part, should be placed on the fairness, accuracy, completeness or correctness of the information contained herein. Further, nothing in this document shouldbe construed as constituting legal, business, tax or financial advice.

This document is a summary only and does not purport to contain all of the information that may be required to evaluate any potential transaction and any recipient hereof shouldconduct its own independent analysis of the Company, including the consulting of independent legal, business, tax and financial advisers. The information in these materials isprovided as at the date of this document and is subject to change without notice.

.

Gunnlapat Wichutarat

Email: [email protected]

Tel: +66 (0) 2710 3570

Contact Us:

Dr. Gerhard Link Building,

5 Krungthepkreetha Road, Huamark,

Bangkapi, Bangkok 10240, Thailand

Tel: +66 (0) 2710 3400

Fax: +66 (0) 2379 4245

BGRIM: Investor Presentation for Year End 2017

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Transcript of BGRIM: Investor Presentation for Year End 2017