2Q17 results

Investor and analyst update16th August 2017

2

DISCLAIMER

The information contained in this presentation is intended solely for your reference.

This presentation contains “forward-looking” statements that relate to future events, which are, by their nature, subject to significant risks and uncertainties. All statements, other than statements of historical fact contained in this presentation including, without limitation, those regarding Banpu Power’s future financial position and results of operations, strategy, plans, objectives, goals and targets, future developments in the markets where Banpu Power participates or is seeking to participate and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “will”, “may”, “project”, “estimate”, “anticipate”, “predict”, “seek”, “should” or similar words or expressions, are forward-looking statements.

The future events referred to in these forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond our control, which may cause the actual results, performance or achievements, or industry results to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

These forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which Banpu Power will operate in the future and are not a guarantee of future performance. Such forward-looking statements speak only as of the date on which they are made. Banpu Power does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. The information set out herein is subject to change without notice, its accuracy is not guaranteed, has not been independently verified and it may not contain all material information concerning the Company.

Banpu Power makes no representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one if many possible scenarios and should not be viewed as the most likely or standard scenario. No assurance given that future events will occur or our assumptions are correct. Actual results may materially differ from those provided in the forward-looking statements and indications of past performance are not indications of future performance. In no event shall Banpu Power be responsible or liable for the correctness of any such material or for any damage or lost opportunities resulting from use of this material. Banpu Power makes no representation whatsoever about the opinion or statements of any analyst or other third party. Banpu Power does not monitor or control the content of third party opinions or statements and does not endorse or accept any responsibility for the content or use of any such opinion or statement.

Banpu Power’s securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state of the United States, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of such act or such laws.

This presentation does not constitute an offer to sell or a solicitation of an offer to buy or sell Banpu Power’s securities in any jurisdiction.

3

Projects update

Banpu Power financial performance

Performance review by operation

3

2

1

Appendix

1.1 BLCP

1.2 Hongsa

1.3 China CHP

1.4 Renewables

4

2Q17 profit up from Hongsa/BLCP performance

FINANCIAL PERFORMANCE

Note: * GWe = equity MW equivalent including steam

OPERATIONAL PERFORMANCE

Japan Solar COD of Awaji 6MWAC equity

Hongsa and BLCP strong operational performance

Banpu Power total operating capacity 2.07 GWe* up from 1.93 GWein 2016

Banpu Power EBITDA up 48% QoQ to THB 2.0 billion

Banpu Power net profit up 76% QoQ to THB 1.8 billion

GROWTH

฿

Japan Solar secured two new projects of 28 MWAC

equity

Banpu Power pipeline/ development portfolio of 620MWe* to COD 2018-2020

+

5

2Q17 Banpu Power overview

Solar

Better performance, mainly from Deyuanand Huien

Strong revenue in total of RMB 43M, +66% QoQ

Total equity portfolio of 152.1 MWDC all in operation

BLCP

Better performance QoQ, stable YoY

EAF* of 100% increased from 96% in 1Q17

EBITDA of THB 2.4 Bn, +20% QoQ

Hongsa

Strong performance both QoQ and YoY

EAF* of 87% increased from 70% in 1Q17 due to higher power generation

Strong EBITDA of THB 4.2 Bn, +50% QoQ

Solid profit contribution of THB 1.1 Bn, +566% QoQ

CHP

Performance impacted by seasonality and high coal prices

EBITDA decreased to RMB 38M, -68% QoQ due to lower power and steam sold after 1Q17 heating season

Note: * Equivalent Availability Factor (EAF) is a percentage and measures of the potential amount of energy that could be produced by the unit after all planned and unplanned losses are removed

THAILAND LAOS CHINA JAPAN

Solar

Better performance both QoQ and YoY due to COD of Awaji and warmer weather

Capacity factor increased to 18.4%, +6% QoQ

6MWAC Awaji COD

Secured two new projects 100% equity of 28 MWAC: Kessenuma (20) and Hiroshima (8)

Total portfolio of 131.3 MWAC, in which 12.6 MWAC

in operation

6

2,847 2,795 2,935

2Q16 1Q17 2Q17

4,2424,150

4,362

2Q16 1Q17 2Q17

97 96100

2Q16 1Q17 2Q17

Q-Q: +5%Y-Y: +3%

BLCP operational performance

Q-Q: +5%Y-Y: +3%

Q-Q: +4%Y-Y: +3%

NET GENERATION (GWh)EQUIVALENT AVAILABILITY (%)

CONTRACT AVAILABLE HOUR (hr) COAL CONSUMPTION (‘000 t)

Full utilization reflecting

BLCP smooth operation

Higher net generation by

5% QoQ and 3% YoY

1,068 1,020 1,059

2Q16 1Q17 2Q17

Q-Q: +4%Y-Y: -1%

7

(32)

(198)

(55)

724 752 787

2Q16 1Q17 2Q17

BLCP financial performance

Q-Q: +32%Y-Y: +6%

THB million

2,4482,120

2,455

2,693

2,681

2,766

2Q16 1Q17 2Q17

Q-Q: +9%Y-Y: +1%

2,383

1,996

2,396

2Q16 1Q17 2Q17

Q-Q: +20%Y-Y: 0% FX Gain/loss

Based on Banpu Power’s 50% interest

Note: 100% basis for availability payment (AP), energy payment (EP)

TOTAL REVENUE EBITDA PROFIT CONTRIBUTION TO BPP

553

AP*

EP*

Others

5,314

4,955

5,382

+9% QoQ due to higher

power generation

2Q16 1Q17 2Q17

692

732

8

6270

87

2Q16 1Q17 2Q17

4,2074,944

5,995

2Q16 1Q17 2Q17

2,1872,435

3,081

2Q16 1Q17 2Q17

Hongsa operational performance

Q-Q: +21%Y-Y: +43%

Q-Q: +17%Y-Y: +25%

Q-Q: +27%Y-Y: +41%

NET GENERATION (GWh)EQUIVALENT AVAILABILITY (%)

CONTRACT AVAILABLE HOUR (hr) COAL CONSUMPTION (‘000 t)

EAF improved significantly by 25% YoY

due to higher power generation

Operating hours also increased by 43% YoY

2,6833,022

3,964

2Q16 1Q17 2Q17

Q-Q: +31%

Y-Y: +48%

9

2,799 2,694

3,883

1,538 1,724

2,234

2Q16 1Q17 2Q17

(34)

(410)

(38)

518 570

1,104

2Q16

1Q17

2Q17

Hongsa financial performanceTHB million

2,740 2,777

4,152

2Q16 1Q17 2Q17

160

TOTAL REVENUE EBITDA PROFIT CONTRIBUTION TO BPP

Q-Q: +38%Y-Y: +41%

Q-Q: +50%Y-Y: +52%

Q-Q: +566%Y-Y: +120% FX Gain/loss

Based on Banpu Power’s 40% interest

Note: * 100% basis for availability payment (AP), energy payment (EP)

AP*

EP*

4,354 4,434

6,133

Higher revenue

resulted from higher

power generation

Others

2Q16 1Q17 2Q17

485

1,066

10

125

522

141

171

284

146

725

865

761

2Q16 1Q17 2Q17

China CHP operational performance

1,021

1,671

1,048

STEAM SOLD (‘000 t)ELECTRICITY SOLD (GWh)

Q-Q: -37%Y-Y: +3%

Slightly higher steam

sold YoY but down

37% after 1Q17

heating season

98

157

93

90

125

93

137

152

139

2Q16 1Q17 2Q17

325

434

325

Zouping

Zhengding

Luannan

Q-Q: -25%Y-Y: 0%

Flat YoY but down

25% after 1Q17

heating season

11

316606 549

293489 466

401767 645

0.39 0.39 0.39

0.320.36

0.33

0.370.38 0.38

3416 22

2270

8

21

35

9

2Q16 1Q17 2Q17

102 140 120

48

112

47 50

100

50

2Q16 1Q17 2Q17

China CHP financial performance

Based on Banpu Power’s 100%

interest for Luannan and Zhending,

and 70% for Zouping Luannan

Zhengding

Zouping

RMB/kWh

RMB/t

2Q16 1Q17 2Q17

Luannan

Zhengding

Zouping

Luannan

Zhengding

Zouping

54

86

17

2Q16 1Q17 2Q17

Q-Q: -80%Y-Y: -69%

RMB million

Q-Q: -38%Y-Y: +9%

Q-Q: -68%Y-Y: -51%

TARIFF TOTAL REVENUE PROFIT CONTRIBUTION TO BPP

217

77

120

38

COAL PRICE EBITDA

2Q16 1Q17 2Q17

352

200

Luannan

Zhengding

Zouping

ZD tariff up YoY, but down QoQ from one-time

make-up payment in Q1 for those due in 2016

Ease of coal prices from 1Q17,

but still high compared YoY

Note: 100% basis for availability payment, energy payment, revenue and EBITDA, Profit contribution based on BPP’s 100% interest for Luannan & Zhending and 70% for Zouping

Average 2Q17 coal price of 576 RMB/t

12

China Solar: total equity capacity 152.1 MWDC

China Solar summary 4Q16 1Q17 2Q17

Operating capacity (MW) 70.45 141.79 141.79

Average capacity factor (%) 11.2% 13.3% 17.7%

Power sold (GWh) 16.5 39.0 46.2

Note: RMB 1.0/kWh of FiT and subsidies for Jinshan, Haoyuan and Huineng phase 1, RMB0.83/kWh for Huineng phase 2 , and RMB0.98/kwh for Hui’en and Deyuan

5.9

22.6

31.5

4Q16 1Q17 2Q17

Xingyu

10.30 MWDC

Deyuan

51.64 MWDC

Huien

19.70 MWDC

Haoyuan

20.00 MWDC

Jinshan

28.95 MWDC

Huineng

21.50 MWDC

SHANDONG

FINANCIAL PERFORMANCEOPERRATIONAL PERFORMANCE

Operational solar 152.09 MW

Higher

utilization

after

winter

season

10.3

25.7

42.7

2Q16 1Q17 2Q172Q171Q172Q16

2Q171Q172Q16

Higher revenue

mainly from project

Huien and Deyuan

Q-Q: +66%

Y-Y: +315%

Q-Q:+39%

Y-Y: +434%

RMB million

REVENUE

EBITDA

+18% QoQ, mainly from additional

generation of project Huien and Deyuan

10.3 MW in

operation as

planned in July

BPP’s effective ownership is 100%

13

Japan Solar: total equity capacity of 131.3 MWAC

Mukawa

17 MWAC (9.5)

Yabuki

7 MWAC (5.3)

Olympia

10 MWAC (4)Hino

3.5 MWAC (2.6)

Awaji

8 MWAC (6)

Nari Aizu

20 MWAC (15)

Onami

16 MWAC (12)

Yamagata

20 MWAC

Kurokawa

18.9 MWAC

Shirakawa

10 MWAC

Japan Solar summary 4Q16 1Q17 2Q17

Operating capacity (MW) 6.6 6.6 12.6

Average capacity factor (%) 10.9% 12.3% 18.4%

Power sold (GWh) 2.5 4.5 9.3

TK distribution (M JPY) - - 35.56

Operational solar

Developing solar

12.6 MW

Construction 44.5 MW

46.2 MW

(As of 30 June 2017)

OPERRATIONAL PERFORMANCE

Received TK Distribution from Olympia Project

Increased operating capacity from Awaji of 6MW

Higher capacity factor QoQ due to warmer weather

Power sold increased to 9.3 GWh, +107% QoQ

Capacity presented on a 100% basis and equity capacity in parentheses

Kessenuma

20 MWAC

Hiroshima

8 MWAC

COD on 8th

May 2017

New projects 28.0 MW

Secured two new projects

of 28 MWAC equity

14

Projects update

Banpu Power financial performance

Performance review by operation

3

2

1

Appendix

1.1 BLCP

1.2 Hongsa

1.3 China CHP

1.4 Renewables

15

635

838

601

426

784

473

16

182

13

127

196

2Q16 1Q17 2Q17

Banpu Power: Revenue

THB million

$31

1,078

Note: * Other i.e., hot water, subsidy for heats

$55

1,931

Q-Q: -34%Y-Y: +19%

China CHP

Steam sales

-40% QoQ+11% YoY

China solar

+54% QoQ

China CHP

Power sales

-28% QoQ-5% YoY

Others*

-93% QoQ

-19% YoY

$37

1,282

16

Q-Q: +48%Y-Y: +37%

692 553

732

485

160

1,066

358

557

127

32

118

121

(76) (4)

12

2Q16 1Q17 2Q17

Banpu Power EBITDA

$42

1,491

2Q16 1Q17 2Q17

$39

1,384

THB million

$59

2,042

(16)

BLCP

equity income

+32% QoQ+6% YoY

Hongsa

equity income

+566% QoQ+120% YoY

China CHP

-77% QoQ

-64% YoY

China solar

+3% QoQ

+278% YoY

Japan solar

n.m.* QoQ

n.m.* YoY

SLG

Note: * From negative to positive Ebitda

17

1,046

553

160

557

118(19)

(117)

1,384

(4)

(18)(152)

(32)

1,335

692

485

35877(2)

FINANCIAL

CHARGES

(115)

D&A NPAT

(38)

EBITDA AS

REPORTED

TAX&

DEFERRED

TAX

(76)

MINORITY

(79)

NON-

RECURRING

ITEMS

Banpu Power consolidated NPAT

$30

THB million

THB million

BLCP

Hongsa

China CHP

Japan solar

China solar

732

1,066

127

121

1,837

(121)

(16)

(23)(45) (17)

12

1

$38

BLCP

Hongsa

China CHP

China solar

Japan solar

$54

THB million

2Q16 NET PROFIT AFTER TAX 2Q17 NET PROFIT AFTER TAX

1Q17 NET PROFIT AFTER TAX

BLCP

Hongsa

China CHP

China solarJapan solar

SLG

2,0421,491

EBITDA AS

REPORTED

FINANCE

CHARGES

TAX&

DEFERRED

TAX

NPATNON-

RECURRING

ITEMS

D&A MINORITY

Non-recurring items:• Other non recurring THB 0.28M• FX gain USD:THB 0.27M

Non-recurring items:• Other non recurring: (THB 0.43M)• FX gain USD:THB 77.26M

Non-recurring items:• Other non recurring (THB 7.23M)• FX loss USD:THB (THB 24.86M)

EBITDA AS

REPORTED

FINANCE

CHARGES

TAX&

DEFERRED

TAX

NPATNON-

RECURRING

ITEMS

D&A MINORITY

18

1.15

0.03 0.08

2015 2016 2Q17

2.87

0.23

2015 2016

Banpu Power consolidated balance sheet

Net debt (Net cash)/ Equity* (x)

Net debt (Net cash)/ EBITDA (x)

Note: * Net debt to book value of shareholders' equity

Total assets increase by THB 2,545 M to THB 46,084 M in 2Q17 from THB 43,539M in 1Q17

2Q17 CONSOLIDATED BALANCE SHEET GEARING RATIOS

THB million

692

2,704

3,879

TOTAL ASSETS TOTAL LIABILITIES AND

SHAREHOLDERS' EQUITY

ASSETS TOTAL SHAREHOLDERS’ EQUITY

TOTAL BORROWINGS

OTHER LIABILITIES

2Q17

CASH EQUIVALENT

The gearing ratio of 2Q17 is 0.08x which is considered low

39,501

45,392

2015 2016 2Q17

2015 2016

19

Projects update

Banpu Power financial performance

Performance review by operation

3

2

1

Appendix

1.1 BLCP

1.2 Hongsa

1.3 China CHP

1.4 Renewables

20

Zouping expansion (70%)

25 MW and 220 tph

(17.5 MW and 150 tph)

(46 MWe*)

Awaji (75%)

8 MWAC (6 MWAC)

Nari Aizu (75%) 20.5 MWAC (15)

Mukawa (56%) 17 MWAC (9.5)

Yamagata (100%) 20 MWAC

Hiroshima (100%) 8 MWAC

Kessenuma (100%) 20 MWAC

Yabuki (75%) 7 MWAC (5.3)

Onami (75%)

16 MWAC (12)

Note: MWe = equity MW equivalent including steam

2017(as of today)

2019 2020

TOTAL OPERATING EQUITY CAPACITY AT YEAR-END (GWe)

Power projects: 620MWe* pipeline to 2020

2.07 2.36 2.67 2.691.93

2016

CHINA

JAPAN

2018

Deyuan (100%) 51.64 MWDC

Huien (100%) 19.7 MWDC

Xingyu (100%) 10.3 MWDC

Shirakawa (100%) 10 MWAC

Kurokawa (100%) 18.9 MWAC

In construction/ under development

In operation

CHINA

44.5MWAC

2 new acquisitions totaled 28 MWAC equity

SLG Unit 1&2 (30%)

1,320 MW (396 MW)

Luannan

expansion phase 2

(100%)

62.2MWAC

Luannan

expansion phase 3

(100%)

25 MW and 150 tph

(52 MWe*)

25 MW and 150 tph

(52 MWe*)

CONVENTIONAL

RENEWABLES

21

Banpu Power: delivering on growth/performance

131.3 MWAC

Fast and progressing Solar

Farms development in Japan with

131.3 MWAC committed capacity

JAPAN SOLAR

87% EAF

Better performance

EAF of 87%, +17% QoQ and +25% YoY

EBITDA up 50% QoQ to THB 4.2 bn

HONGSA

152.1 MWDC

Achieved COD of 152.1 MWDC

Solar Farms in China within one year

CHINA SOLAR

+116%

141.8

152.1*

operational equity capacity+91%

70 +118.7

12.6

6.6

4Q16 1Q17

2Q17

6.6

pipeline

62% 70%

87%

EAF+25%

70.5

Note: * COD Xingyu 10.3 MWDC in July

As of July 2017

4Q16

1Q17

2Q17

pipeline

22

Projects update

Banpu Power financial performance

Performance review by operation

3

2

1

Appendix

1.1 BLCP

1.2 Hongsa

1.3 China CHP

1.4 Renewables

23

60

97

62

2Q16 1Q17 2Q17

1,7021,940

1,780

2Q16 1Q17 2Q17

1,403 1,467

2Q16 1Q17 2Q17

China CHP operational performance

ELECTRICITY SOLD STEAM SOLDUTILIZATION COAL CONSUMPTION

Luannan

Zhengding

Zouping

(Hr) (‘000 t) (‘000 t)

119135

121

2Q16 1Q17 2Q17

55

91

52

2Q16 1Q17 2Q17

171284

146

2Q16 1Q17 2Q17

725865 761

2Q16 1Q17 2Q17

125

522

141

2Q16 1Q17 2Q17

Steam sold much lower QoQ, for no residential load after heating season.

Which also lead to less Power generation and sold QoQ after heating season.

Steam sold much lower QoQ, for no residential load after heating season.

Which also cause less Power generation and sold QoQ after heating season.

Steam sold lower QoQwhen steam load declined.

Which also limited the power generation and sold in Q2 2017.

Steam demand in non-heating season resumed to normal level, -37% QoQ and +3% YoY

1,149

1,850

1,096

2Q16 1Q17 2Q17

2,062

(GWh)

90

125

93

2Q16 1Q17 2Q17

137152

139

2Q16 1Q17 2Q17

98

157

93

2Q16 1Q17 2Q17

24

Coal-fired power maintenance schedule

1Q17 2Q17 3Q17 4Q17

BLCP

HONGSA

BIC LUANNAN

BIC ZHENGDING

BIC ZOUPING

BLCP reached year 10th of operation, with plan for extended major overhaul (EMJ) of Unit 1 in 4Q17

Unit 2 and Unit 3 on inspection for 2 weeks in 1Q17 and 4Q17

Unit 1 on inspection for 6 weeks in 3Q17

Unit 1 on inspection for 3 weeks in 1Q17 and 3Q17

Unit 2 on inspection for 3 weeks in 2Q17 and 4Q17

Unit 2 on inspection for 4 weeks in 2Q17

Minor inspection for all units, 1-1.5 week each

Unit 1 on inspection for 3 weeks in 1Q17 ; Unit 2 on inspection for 2 weeks in 3Q17

Minor inspection for all units, one week each

10 weeks2 weeks

2 weeks 2 weeks6 weeks

Maintenance

3 weeks 3 weeks 3 weeks 3 weeks

4 weeks

6 8 8 days

7 7 10 10 days

3 weeks 7 7 7 days 2 weeks 7 7 7 days

2 weeks

Change Maintenance schedule of unit 3

25

FX impact analysis guidance on P&L

CURRENCY EXPOSURE

BPP’S NPAT IMPACT 2Q17

APPROXIMATE FX EXPOSURE BPP’S NPAT 5% SENSITIVITY 3Q17

HPC

Functional currency:

THB

NET LIABILITYNET ASSET

BLCP

Functional currency:

USD

Assuming 5% depreciation of USD against THB

USD$379M

(THB 4,978M)

(THB 430M)

(THB 249M)

(THB 38M)

(THB 55M)

THB 32.28/USD$THB 33.98/USD$THB 33.98/USD$THB 34.45/USD$

100% basis

Based on BPP’s interest 40% equity in HPC

50 equity in BLCP

BPP’s portion

(THB 95M) USD$632M (THB 1,074M)

100% basis

(THB 9,956M) (THB 498M)(THB 110M)

26

THB million

Cost of sales

Gross profit

GPM

Equity income

Administrative Expense

EBIT

Sales revenue

Sales revenue

Dividend income

Interest expenses

Financial expenses

Income tax – Core Business

Net profit

NCI/Minorities

Other income

YoY%QoQ%2Q162Q17 1Q17

Non-recurring items

Deferred tax income / expense

FX translations

Banpu Power : income statement

Amortization on fair value

Income tax – Non core Business

-29%

15%

62%

36%

19%

38%

-56%

5%

151%

52%

-34%

76%

(732.4)

345.3

32%

1,100.8

(211.9)

1,412.7

1,077.7

9.3

(115.4)

(0.4)

(106.3)

1,335.2

(38.2)

176.4

(0.4)

108.2

77.3

-24% -45%

(1,037.7)

244.0

19%

1,781.4

(242.9)

1,920.6

1,281.7

14.0

(22.6)

(0.2)

(37.3)

1,837.3

(16.5)

134.5

0.3

(4.4)

0.3

(7.3) 42% 26%(10.3)

(2.2)(2.9)

(1,380.7)

549.9

28%

709.3

(230.4)

1,267.2

1,930.6

0

(19.2)

0

(116.9)

1,045.7

(18)

246.6

(7.2)

(35.3)

(24.9)

(8.2)

0