E@ at Glance

Established At 13 March 2019 Others, 8% In 2006 to produce palm oil Somphote Core Business Ahunai Energy (Renewable and Utilities) (CEO), 44% Foreign Juristic, 35% Shareholder Secondary Market Structure The Stock Exchange of Thailand since 30 Jan 2013

Market Capitalization (as of 21/02/20) Amorn Approximately THB 175.31 bil. (US$ 5.84 bil.) Thai Juristic, Sapthaweek 5% Domestic Fund, 4% ul (CFO) , 4% Total Board Members = 11

Credit Rating CG Rating Other Independent Executive Non- Corporate rating : A Excellent Directors Directors Executive = 6 (55%) = 2 (18%) = 3 (27%)

2 Highlight of Operating Performance

Q4/2019 2019

THB 4,108 mil. THB 14,955 mil. increase 48% YOY increase 29% YOY Total RevenueTotal

THB 1,750 mil. THB 6,082 mil.

Net Profit increase 86% YOY increase 49% YOY

Note: Comparison of Total Revenue and Net Profit with the previous year, exclude accounting profit THB 895 mil. in Q1/2018 3 “A leader in alternative energy business, by using the modern technology and environmentally friendly”

Renewable Energy Electric Palm Oil Charging Power Storage Vehicle Based Network (1) COD (1) Amita Taiwan (1) MPV car : Mine (1) Bio-PCM & (1) Station • Solar 278 400 MWh (2) Ferry Green Diesel (2) Equipment • Wind 386 MW (2) Amita Thailand (3) Bus & Truck 130 Ton/day (3) Online App (2) New Projects 1 GWh (by 2020) (4) Other Related (2) Other Related

4 มติ กบง. 01 เห็นชอบรางแผนดานพลังงานที่ปรับปรุงใหม 4 ฉบับ ณ 21 กพ. 2563 • แผนผลิตไฟฟา (PDP) • แผนพลังงานทดแทน (AEDP) • แผนอนุรักษพลังงาน (EEP) นําเขา กพช. • แผนดานกาซ Gas Plan ในวันที่ 19 มีค. 2563 02 สงเสริมการทําสถานีชารจ • EV Mapping • กําหนดอัตราคาไฟคงที่ตลอดทั้งวัน 2.6369 บาท/หนวย

03 เพิ่มสวนตางราคา B20 และ B10 เพื่อจูงใจ ตั้งแต 28 กุมภาพันธ 2563 เปนตนไป • B10 ถูกกวา B7 => 3 บาท/ลิตร • B20 ถูกกวา B10 => 0.50 บาท/ลิตร รางแผน PDP 2018 Rev.1 ใชหลักการและสมมติฐาน คงเปาหมายกําลังผลิตไฟฟาใหมไว ท่ ี 56,431 MW (กําลังการผลิตรวม ณ ส้นิ ป 2580 = 77,211 MW) แตจะปรับเปลี่ยนแผนการจายไฟฟา ของโรงฟาพลังงานหมุนเวียน และโรงไฟฟาหลักที่ใชฟ อสซิล ใชตามสมมติฐานเดิม PDP 2018 • ปรับเปาหมายรับซื้อไฟฟาจากพลังงานหมุนเวียน (ใหม) ในบางประเภทเช้อื เพลิง ในการรับซื้อโรงไฟฟาพลังงานหมุนเวียน (ที่ไมใชโรงไฟฟาชมุ ชน) โดยมเี ปาหมายรวมคงเดิมที่ 18,696 MW ภายหลงั ป 2567 ซ่งึ คา ไฟฟาเฉลี่ย • เพิ่มนโยบายโรงไฟฟาชุมชน : ชีวมวล, กาซชีวภาพ (น้าํ เสีย), กาซชีวภาพ (พชื พลังงาน) PDP2018 อยูที่ 3.5799 บาท/kWh และ Solar hybrid เขาระบบตั้งแตป 2563–2567 รวม 1,933 MW • ลดเปาหมายการผลิตไฟฟาจากแสงอาทิตยลง PDP2018 Rev.1 อยูที่ 3.6366 บาท/kWh • เพิ่มเปาหมายโรงไฟฟา พลังนาํ้ ขนาดเล็กของ EGAT 69 MW หรือเพิ่มขึ้น 0.0567 บาท/kWh • ปรับเพิ่มเปาหมายการผลิตไฟฟา กาซชีวภาพ (พืชพลังงาน) • ชะลอโรงไฟฟาชีวมวลประชารัฐภาคใต ปละ 60 MW • เรงรบั ซื้อไฟฟาจากพลังงานลม จากเดิมป 2577 มาเปนป  2565 Our Target in Y2020 Revenue growth 60%, EBITDA > 50% E-Ferry & GD & PCM Charging 4% 1% Capital Investment in 2020 Biodiesel 17% B100 R&D 1% EV 1% Power 27% Revenue 3% Charging 6% 2020

Renewable 1 GWh GD&PCM Power Battery 11% 51% Factory 43% Others, THB 235 , 1% 7,388 mil. EV Car Biodiesel, 16% 3,678 , 25% Revenue Key milestone : E Ferry 2019 EV, GD & PCM, E ferry 19% Renewable Start commercial operation Power, Q2/2020 10,974 , 74%

7 Energy Storage System : Core Technology for New Businesses

EV Electric Electric Charging Vehicle Ferry Station (EV) (E-Ferry)

Phase I Next Phase Energy Energy Storage 1 GWh 50 GWh Trading System System (ESS)

8 Compare Amita’s granted patents with others

LG Samsung SK Amita BYD Chem SDI Innovation

Cell cost ($/kWh) 140 160 140 170 180

170 170 220 190 200 Cell energy density (Wh/kg) (NMC532) (NMC532) (NMC622) (NMC111+NCA) (NMC622)

Major Cathod Material NMC LFP/NMC NMC NMC/NCA NMC

Prismatic/ Major battery type Pouch Prismatic Pouch Pouch Cylindrical

NMC811, Technology roadmap NMC811 NMC811 NCA, NMC NMC811 NCMA

NMC811 vs NMC532 : Higher density 25%, Lower cost , Longer cycle life 15-20%

Source: Company Data, CLSA 9 New era of Advance Technology ESS

• Started investing in Amita Technologies Inc., Taiwan in Dec 2016 current shareholding = 74.71% Energy Storage System for a small renewable power plant • Amita Technologies Inc. was established in March 2000 to produce lithium-ion power battery with strong material science research and long test data accumulation supported by ITRI.* • Main Businesses • High Power Battery for EV, E-Scooter, Power Plant Battery for E-Scooter • OEM (Original Equipment Manufacturer) • PDCA- Post Dry Cell Battery • Turnkeys of High Technology Battery Factory for EV in Beijing • Current production capacity and capability : 44Ah power battery cell over 400MWh per year

* ITRI, a nonprofit R&D organization of Taiwan, who played a vital role in Taiwan's economic growth, strengthen capabilities of innovation and cooperation with international partners all over the world. 10 Amita’s Products and Application Accessories Camcorder

E-Bank Energy Storage Cell Hard & System Soft pack Versatile Stationary Battery System with High Safety & Manageability for Industrial, Commercial, Power System

Model No. AMITA 20FT-ESS Lithium–titanate Battery (LTO) Cell Typical Capacity 0.5-1.5MW Fast-charging >10C Cycle Life 6,000 (NMC)▕ 20,000 (LTO) Ultra Lifespan >20,000 Cycles Voltage 48-820V Non-burning and Safety Features

11 Our EV MINE SPA1

Energy Absolute PCL. Register Now

Weight 1,400 kg. Dimension 1,730 x 4,530 x 1,730 mm. Wheel Base 2,750 mm. Ground Clearance 150 mm.

Turning Radius 5.9 mm. Rear Space 650 Liter

Designed and Developed by our Thai engineer Thai EV for Thai people. 13 Cost of Vehicle Ownership (In case for Car life 10 year and replacing the battery)

(cost per year/THB) ICE Car Hybrid Car EV Car Cost of Energy 36,429 22,992 7,278 Cost of Maintenance 4,340 4,745 1,700 Cost of Replacing Battery 1,440 4,415 11,168 Total cost per year 42,598 32,398 20,146 Total cost for 10 years 422,085 321,516 201,456

(14) Source: Kasikorn Research Department EV Factory

Overall - Front Factory - Front Free Zone

Free Zone FGs Yard - Back Overall - Back

• 75 Rai @Banpho District • Free Zone Register • Factory 28,800 SqM. • THB 200+ mil. construction >> Cars, Trucks, Buses, Battery Pack

15 E-Bus Project

Amita’s turnkey E-Bus Project in Taiwan

E-Bus Project in Thailand

Battery 300 kWh Distance per charge 220 km/charge

16 EV Product Launch Roadmap EV OEMs launched more BEV models than PHEV in Thai automotive market from 2018 to 2020 Automotive Market: Electric Vehicle Product Launch Roadmap, Thailand, 2018-2020

PHEV BEV Volvo S60 T8 PHEV BMW xDrive 25e Range Rover EVOQUE Volvo V60 T8 Cayenne Coupe PHEV PHEV E-Hybrid Porsche Cayenne M-Benz C300e Jaguar I-Pace BMW X5 45e E-Hybrid Porsche Fomm One M-Benz S560e KIA Soul EV Taycan Hyundai loniq Audi e-tron 55 MG ZS EV Mini Cooper SE Electric quattro Hyundai Kona Nissan LEAF BYD T3/M3 MINE SPA1 Electric

2018 2019 2020 (Onwards) Source : Frost & Sullivan 17 EV Charging Infrastructure Snapshot EA Anywhere is the leading EV charging station provider in Thailand with 72.1% market share.

Automotive Market: Electric Vehicle Charging Market Breakdown by Operators, Thailand, 2019

EA Anywhere • EA Anywhere is the biggest electric vehicles (EV) infrastructure provider with 72.1% of market share in 2019. • EA Anywhere , EA Anywhere is a subsidiary of EA , the largest renewable power producer in Thailand. • It targeted total of 1,000 EV charging station by end of 2020. Others, 8.50% 72.10%

ChargeNow, EGAT 5.50% • Electricity Generating Authority of Thailand (EGAT) is a state-owned company which is managed by the Ministry of Energy. It is responsible for electric power generation and EGAT, 13.80% transmission. • It is the second-largest EV infrastructure provider in Thailand with 13.8% share in 2019.

ChargeNow • BMW Thailand has launched Charge Now initiative with Central Group, AP PCL, and GLT Note: Others including Metropolitan Electricity green Thailand, offering EV charging network for all plug-in EVs and BEVs in Thailand Authority (MEA), Provincial Electricity Authority (PEA), and PTT PCL • It has 5.5% EV charging station market share in 2019.

Source : Frost & Sullivan 18 Electric Ferries Nonthaburi To prove the high safety of battery system Using our 800-KWh Lithium-ion battery capacity to modernize and make a cleaner and safer transportation for our community including tourist who travel along Chao Phraya River, which is one of the most impressive tourist destinations in Bangkok.

The electric ferry is designed by our own team and using our technology. No. of E-Ferry

42 42

22

2 2020 Sathorn-BKK Q1 Q2 Q3 Q4

19

EA ANYWHERE Application Owner Application Features: Available now Users Traffic Energy usage Chargers Status Billing System Station Report

Home Favorite Calendar

Payment Promotion Report

Log in Help Setting

About us Compatible with all EV Brands

Battery: 30 kWh 22/150 kW AC/DC Combo Charger Lithium Ion : NMC With STOBA Water cooling less humidity (Short circuit cause)

Charging Battery 30kWh CCS Combo type2 (EU) 12 mins with DC Charger Home Charge for 200 km. AC charge & DC Fast charge (80% 12 mins) with EA Anywhere Charger Advance Technology in Biodiesel Business

Energy Absolute PCL. Biodiesel Business with advance technology of GD & PCM

BioPCM works as a thermal storage battery PCM good for energy saving

Export Market

Green Diesel & PCM Production (38 : 62)

CPO Green Advance product of biodiesel Purification Diesel Enhancing diesel engine capacity Domestic Sell to major oil refinery companies Market B100 B100 & Glycerin Production

Sell to pharmaceuticals , Glycerin Cosmetics, Personal products

24 PCM Market Size : To be US$ 4.024 billion in 2025  Growing demand especially in Asia- Pacific mainly in Building and Construction  Japan issued policy in Promotion of Zero Energy Building (ZEB) and Zero Energy Houses (ZEH)

PCM Market in 2018 (in US$ million) PCM Market in 2025 (in US$ million) 52.45 120.71 55.21 201.18

124.22 292.61 1207.0 523.07 9 1,104.19 4,023.62 179.43 724.25

218.08 724.25 182.19 523.07 Building & Construction Commercial Refrigeration Building & Construction Commercial Refrigeration HVAC Energy Storage Management HVAC Energy Storage Management Shipping and Transportation Textiles Shipping and Transportation Textiles Others Others

Source: Inkwood Research 25 Market Opportunity in Japan from the government policy ZEB and ZEH

Japanʼs Strategic Energy Plan (adopted at the Cabinet Council in April 2014) establishes the following goals to realize and promote ZEB (Net Zero Energy Building) and ZEH (Net Zero Energy House): • Realize ZEB & ZEH in newly constructed public buildings by 2020 • Realize ZEB & ZEH in average newly constructed public and private buildings by 2030

Source: phasechange.com 26 Our Performance

Energy Absolute PCL. Total Revenue of 2019 Revenue for 2019 Period increased from Wind Power Total Revenue increased 20% Total Operating Revenue increased 29%

Mil.bt. 16,000 Accounting gain 14,955 Revenue contribution from power business - Other revenue 235 is increasing after completion of 260 MW 14,000 wind power, Hanuman Project. Other Businesses 12,490 12,000 Power 360 Others Others Biodies Biodie 3% 1% 10,000 Biodiesel&Glycerin el sel 26% 10,974 30% 8,000 7,681 6,000 2018 2019 4,118 4,109 Power Power 4,000 64 55 2,963 2,773 67% 74% 50 130 3,118 3,047 2,000 2,060 1,839 3,511 3,678 850 921 982 - 787 Q3/2018 Q4/2018 Q3/2019 Q4/2019 2018 2019

28 Biodiesel Production

Mil.liters Baht/liter 40.00 35.07 Sales Volume 30.99 Avg Price 300 28.60 30.00 25.00 24.18 20.17 17.69 200 20.00

100 188 193 10.00 175 174 158 134 152

0 0.00 2013 2014 2015 2016 2017 2018 2019 Location Kabinburi Industrial Estate, Prachinburi under BOI promotion & privileges • Biodiesel 800,000 Liters per day Plant Capacity • Pilot production of green diesel/PCM 1 Ton per day • Refined Glycerin 80 Tons per day (by product)

• B100 volume in 2019 = 193 mil.liters increased 20% as compared to last year but the average selling price decreased 12.3% due to oversupply and high competition in the market. • Glycerin volume in 2019 = 14 mil.kg. increased 21% as compared to last year but the average selling price decreased 36% due to the same situation of oversupply and high competition in export market.

29 Palm oil in USD – Historical Prices From 1 Oct 2019 – 2 Jan 2020

on December 9, 2019, Indonesia, the world’s biggest producer of palm oil, filed a lawsuit at the World Trade Organization (WTO) against the European Union, claiming the bloc’s restrictions on palm oil-based biofuel are unfair. Source : https://markets.businessinsider.com

India has cut import taxes on crude and refined palm oil from Southeast Asian (ASEAN) countries from Jan 2020 onwards. The duty on crude palm oil was lowered to 37.5% from 40%, while a tax on the refined variety was cut to 45% from 50% Source : https://in.reuters.com

Since Jan 2020, Indonesia started implementing B30, Malaysia use B20 and Thailand use B10 Source : https://www.channelnewsasia.com/

30 Palm oil Market in Thailand 2019

B100 Food and others Domestic Consumption Stock Unit : Ton 100% 600,000

90% 500,000 80%

70% 400,000 60%

50% 300,000

40% 200,000 30%

20% 100,000 10%

0% - Jan 19 Feb 19 Mar 19 Apr 19 May 19 Jun 19 Jul 19 Aug 19 Sep 19 Oct 19 Nov 19 Dec19

Source: Department of Internal Trade, Thailand 31 Renewable Energy Production

Total Capacity Output Production

Mil.kWh Solar 1,389 42% 1400 Solar HGH HNM MWh Wind 664 58% 278 MWh 1200 800 469 386 MWh 664 1000 894 600 800 292 293 404 404 386 400 600 278 417 126 126 336 381 188 400 253 185 152 602 627 200 98 98 25 107 8 278 278 278 200 75 58 92 67 153 171 140 162 0 0 2012 2013 2014 2015 2016 2017 2018 2019 Q1/19 Q2/19 Q3/19 Q4/19 FY2018 FY2019

+ 126MW + 260MW + 8MW + 90MW + 90MW + 90MW Had Kanghan Hanuman Lopburi Nakornsawan Lampang Phitsanulok (Songkla & (Chaiyaphum) Nakornsri tammarat)

32 Gross Profit of 2019

Mil.bt. 10,000 Power BU. Gross Profit Margin 2018 2019 Biodiesel BU. 9,000 8,135 Others BU. 51 Biodiesel Business 6% 1% 8,000 • Decreasing from B100 price 12% while COGS is no changing. • 7,000 Discount from CPO price was decreased. 5,884 212 Power Business 6,000 Solar 81% 82% 5,000 Wind 63% 70% 8,442 4,000 • Increasing of revenue from power business while COGS is no changing. • Resulting from revenue recognition from Hanuman wind farms gradually adding 3,000 2,365 2,377 5,888 up in 1st quarter and fully resulting to revenue recognition since 2nd quarter. 67 2,000 1,594 42 1,288 Total GPM 51% 55% 24 2,503 2,436 1,000 1,680 1,346 - (128) (82) (95) (43) (126) (216) (358) (1,000) Q3/18 Q4/18 Q3/19 Q4/19 2018 2019

Note: Total Revenue and Net Profit are excluded Accounting Gain, Other Income, Gain/Loss from exchange rate. 33 Total Expense & Net Profit of 2019

YoY Solar (81) 160 (Mil.Bt) Gross Profit (865) (14) 11 Increase (1,386) 8,135 5,884 6,082 5,148

Gross Profit Gross Profit Selling Admin Share of Loss FX Gain (Loss) Financial Cost Tax Net Profit Net Profit 2018 2019 Expense Expense in investment 2019 2018

QoQ 69 (39) (Mil.Bt) (216) (2) 0.13 (396) 2,377 1,750 1,594 942

Gross Profit Gross Profit Selling Admin Share of Loss FX Gain (Loss) Financial Cost Tax Net Profit Net Profit Q4/2018 Q4/2019 Expense Expense in investment Q4/2019 Q4/2018 • Administrative expenses: for 2019, were Baht 865 mil., increased by Baht 129 mil. From the personnel expense with new hiring of employee and executive were increased by Baht 115 mil. and also PR & Advertising expense were following to the business expansion plan. • Financial Cost: increased by Baht 300 million. This is mainly due to long term loan from financial institutions for payment of some part of supplier credits for Hanuman wind power plants project. • FX Gain: Due to buying Forward for payment of supplier credits for Hanuman wind power plants project

34 Total Liability, Equity, D/E Ratio and Net D/E Ratio

THB Mil.

80,000 3.50

2.88 3.00 2.64 60,000 24,867 2.50 2.28 2.25 23,112 2.14 21,039 2.02 19,518 2.03 20,628 1.98 2.02 1.82 1.93 1.82 2.00 40,000 1.57 1.55 14,744 1.51 11,389 1.39 1.34 1.50 8,510 1.16 44,677 45,353 1.00 20,000 39,690 40,912 42,431 5,897 30,118 29,786 24,547 0.50 13,429

- 0.00 2014 2015 2016 2017 2018 Q1/2019 Q2/2019 Q3/2019 Q4/2019 Liabilities Equity D/E Ratio Net D/E

35 Financial Cost and Payment Profile

Total Interest Bearing Debt

ST-Debt, Current 660 , 2% portion of Debentures A , 2,999 , 7% Current portion of Mil.Bt. LT-Debt, Bond LT-Loan 1,308 , 3% 9,000 LT-Debt, 41,948 6,715 22,986 , Debentures 6,272 55% Mil.Bt. , 13,991 , 6,000 4,969 4,855 5,074 33% 2,272 4,000 1,969 5,215 3,506 2,074 3,000 3,355 2,660 4,000 3,506 1,386 4,000 3,000 2,660 3,000 1,500 1,500 1,386 - - Interest Rate 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Short Term Debt: 1.92 – 3.55% P/N: 2.1 – 2.17% On 16th October 2019, EA issued THB 3 billion 7-year bond to ADB Long Term Debt: 3 - 4% with 2.744% interest and was certified by CBI to be green bond. Bond: 2.22 – 3.61%

36 Our Target in Y2020

Biodiesel Renewable Power

Avg.Price/Unit Mil.MW Mil.liters 2000 100% 30 79% 24 73% 80% 25 1500 400 20 1,389 18 20 469 60% 1000 891 15 193 289 293 40% 200 174 162 10 500 20% 602 627 5 0 0% 0 0 2018 2019 F2020

2017 2018 2019 2020 Solar Wind-HGH Wind-HNM GP (%)

As the government promotes to use of B100 Wind power production will increase according to be increased to 10% (from 7%), the volume to full year operation. Solar power production and price would increase. decrease 1% from PV degradation.

37 Our Target in Y2020

Electric Vehicle Car : MINE E-Ferry

No. of E-Ferry No. of EV 60 5,000 5000 42 42 4000 40

3000 2,580 22 2000 20

1000 800 2 2020 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

EV production is going to start in Q2 and ramp up The two pilot E-Ferries will start operation in Q1/2020, to complete delivery of 5,000 units by 2020. followed by the next 20 units in Q2 and the last 20 units in Q3.

38 Our Target in Y2020 Revenue growth 60%, EBITDA > 50% E-Ferry & GD & PCM Charging 4% 1% Capital Investment in 2020 Biodiesel 17% B100 R&D 1% EV 1% Power 27% Revenue 3% Charging 6% 2020

Renewable 1 GWh GD&PCM Power Battery 11% 51% Factory 43% Others, THB 235 , 1% 7,388 mil. EV Car Biodiesel, 16% 3,678 , 25% Revenue Key milestone : E Ferry 2019 EV, GD & PCM, E ferry 19% Renewable Start commercial operation Power, Q2/2020 10,974 , 74%

39 To invest in Land Prosperity Holding 19% and land lease 91 rais for Battery Factory Phase I

Company Company A B

55% 11%

Purchase 285,000,000 shares Other Land Prosperity Prosperity @18.00 = THB 5.13 bil. Investors 15% Holding 19% Gain 19% (Individual) Capital : THB 15 bil. Holdings

100% 100%

Wattanapiboon Land Co., Ltd Double P Land Co.,Ltd Capital : THB 2.03 bil. Capital : THB 10 bil. Lease 91 rais for 15+15 years Owner of Blue Tech City = THB 1.25 bil. Own 600 rais Project 2,100 rais

40 Land Prosperity Holding Invesment

Double P Land Co., Ltd Wattanapiboon Land Co., Ltd

64 km. from BKK 58 km. from BKK

41 IR Contact: [email protected] Disclaimer

This presentation contains summary information about Energy Absolute Public Company Limited (“EA” or “the Company”) and its subsidiaries as at 30 September 2019 and, unless stated otherwise. The information does not purport to be complete or comprehensive. This presentation contains forward looking statements that may be identified by use of words such as “anticipates,” “hopes,” “expects,” “estimates,” “intends,” “projects,”“plans”, “predicts,” “projects”, “aims” or other similar expressions that are used to identify such statements. Forward looking statements are based on certain assumptions and expectations of future events. No guarantee nor assurance is made that these assumptions and expectations are accurate or will be realized. Such forward looking statements should be considered with caution, since actual results may differ materially from those expressed or implied by such statements. The information in this presentation were obtained from various external sources which has not verified through any independent source. No representation or warranty, either express or implied, is made regarding the accuracy, completeness, correctness, reliability, or scope of the information and disclaim all responsibility and liability for the information (including, without limitation, liability for negligence). This presentation is provided for the sole purpose of enhancing understanding of the Company and should not be construed as a legal, tax or investment recommendation or any other type of advice. The Company does not provide any representation, warranty, endorsement, or acceptance, about opinion or statement of any analyst s or other third parties; or the use of any such opinion, or statement of any analysts or other third parties. This document is strictly confidential and being given solely for your information and may not be shared, copied, reproduced or redistributed to any other person in any manner.