1

“A leader in alternative energy business, by using the modern technology and environmentally friendly”

ENERGY ABSOLUTE PUBLIC COMPANY LIMITED

Investor Roadshow Presentation5 June 2020

2

EA at a Glance

Financial Highlights

EA Business in Depth

Proposed Offering & Timeline

Agenda 1

2

3

4

3

E@ at GlanceEstablished

In 2006 to produce palm oil

Core Business

Energy (Renewable and Utilities)

Secondary Market

The Stock Exchange of Thailand since 30 Jan 2013

Credit Rating

Corporate rating : A

CG Rating

Excellent

Market Capitalization (as of 19/05/20)

Approximately THB 148.27 bil. (US$ 4.63 bil.)

Somphote Ahunai (CEO),

43.61%

Amorn Sapthaweekul (CFO) , 3.53%

Domestic Fund, 11.35%

Foreign Juristic, 18.90%

Others, 22.62%

At 20 March 2020

Shareholder Structure

Total Board Members = 11

Independent Directors = 6 (55%)

Executive Directors = 2 (18%)

Other Non - Executive

= 3 (27%)ESG Rating

4

Highlight of Operating Performance

Q1/2020 FY2019

Ne

t P

rofi

tTo

tal R

eve

nu

e

THB 4,761 mil.

increase 54% YOY

THB 14,955 mil.

increase 20% YOY

THB 1,452 mil.

increase 20% YOY

THB 6,082 mil.

increase 18% YOY

5

Renewable Power

Energy Storage

Electric Vehicle

Palm Oil Based

Charging Network

(1) COD • Solar 278 MW•Wind 386 MW

(2) New Projects

(1) Amita Taiwan 400 MWh

(2) Amita Thailand 1 GWh (by 2020)

(1) MPV car : Mine(2) Ferry (3) Bus & Truck(4) Other Related

(1) B100 & Glycerin(2) Bio-PCM &

Green Diesel(3) Other Related

(1) Station(2) Equipment(3) Online App

“A leader in alternative energy business, by using the modern technology and environmentally friendly”

6

EA at a Glance

Financial Highlights

EA Business in Depth

Proposed Offering & Timeline

Agenda 1

3

4

2

7

Total Revenue of Q1/2020Revenue for Q1/2020 period increased from Wind Power and Biodiesel unit

Total Revenue increased 54% YoYTotal Operating Revenue increased 53% YoY

Biodiesel29%

Power69%

Others2% Biodiesel

39%

Power59%

Others2%

Q1/2020

787 885 982 1,860 3,511 3,678 1,839 2,120

3,047 2,766

7,681

10,974

130 80 55

106

360

235 -

2,773 3,088 4,109

4,761

12,490

14,955

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Q4/2018 Q1/2019 Q4/2019 Q1/2020 2018 2019

Mil.bt.

Accounting gain

Other revenue

Other Businesses

Power

BiodieselGlycerin

• Amount of revenue contributed from power business is increasing YoY after completion of 260 MW wind power, Hanuman Project.

• Stronger demand of B100 as required to use B10 caused the increase in B100 selling price 122% YoY.

Q1/2019

8

Gross Profit of 1Q2020

Gross Profit Margin Q1/19 Q1/20

Biodiesel Business 2% 5%

• Higher demand of CPO from the government measurement announcing B10 to be used as regular diesel while there was shrunk from drought in 2019.

• B100 specification change to Mono Glyceride content at 0.4% for use as B10 caused price to increase.

Power BusinessSolarWind

82%64%

82%66%

• Increasing of power production was due to higher solar radiation.• Revenue was fully recognized from Hanuman wind power project • Increasing of power production from Hadkunghan wind power

plant due to strong wind compare to the last year.

Total GPM 52% 44%1,629

2,436 2,075

5,888

8,442

13

67 91

212

51

(38) (126) (73) (216) (358)

1,604

2,377 2,093

5,884

8,135

(1,000)

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Mil.bt.

Power BU.

Biodiesel BU.

Others BU.

Q1/19 Q4/19 Q1/20 2018 2019

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

9

Total Expense & Net Profit of 1Q2020

Solar Gross Profit

Increase

• Administrative expenses: for 1Q2020, were Baht 269 mil., increased by Baht 72 mil. From the personnel expense with new hiring of employee and executive were increased by Baht 41 mil. and also Office expenses were Baht 24 mil. following the new business.

• Financial Cost: increased by Baht 170 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 Battery plant project

YoY

5,884 8,135

(81)(865) (14)

160

(1,386)11

6,082 5,148

Gross Profit 2018 Gross Profit 2019 Selling Expense Admin Expense Share of Loss ininvestment

FX Gain (Loss) Financial Cost Tax Net Profit 2019 Net Profit 2018

(Mil.Bt)

YoY

(Mil.Bt)

1,604 2,063

(20) (269) 24 (14)

36(433)

1

1,452 1,211

Gross ProfitQ1/2019

Gross ProfitQ1/2020

Selling Expense Admin Expense Gain onremeasurement

of financialinstrument

Share of lossfrom

investments

FX Gain (Loss) Financial Cost Tax Net ProfitQ1/2020

Net ProfitQ1/2019

10

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

13,429

24,547 30,118 29,786

39,690 45,353 47,619

5,897

8,510

11,389 14,744

19,518

24,866 26,422

2.28

2.882.64

2.02 2.03 1.821.801.82

2.25 2.14

1.57

1.161.41

1.21

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

-

20,000

40,000

60,000

80,000

2014 2015 2016 2017 2018 2019 Q1/2020

THB Mil.

Liabilities Equity D/E Ratio Net D/E

11

Financial Cost and Payment Profile

Total Interest Bearing Debt

Current portion of

Debentures & ST-Debt

13%

Debentures33%

LT-Debt54%

42,664Mil.Bt.

3,000 4,000

1,500 1,500 3,000

4,000

1,467

2,272

5,215

3,506

3,355

2,660

2,074

1,386

4,467

6,272 6,715

3,506 4,855

2,660

5,074

1,386 -

4,000

-

3,000

6,000

9,000

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Mil.Bt. Bond LT-Loan

A

Interest Rate

Short Term Debt: 1.50 – 4.53%

P/N: 1.41 – 3.50%

Long Term Debt: 3.00 – 3.80%

Bond: 2.09 – 3.15%

On 16th October 2019, EA issued THB 3 billion 7-year bond to ADBwith 2.744% interest and was certified by CBI to be green bond.

12

Capital Investment in 2020-2021

B100562 3%

GD&PCM800 5%

Power260 2%

Charging430 2%

EV Car&Bus3,35819%

E Ferry1,390 8%Battery Factory

5,196 30%

R&D91

1%

Property Dev., 5,130 , 30%

THB 17,217 mil.

Investment Plan in 2020-2021

Investment Plan Progress / Target

Biodiesel Business B100 : To invest in palm oil and related business

GD&PCM : New plant will start commercial operation in Q3/2020

Battery Factory

(Thailand)Phase l to be completed in Q4/2020, then expand in 2021

Electric Ferry

(42 units)

2 units are to be operated in Q2/2020,

40 units will be completed in Q1/2021

EV Car & Bus EV Car : Start delivering 5,000 cars from Q4/2020 to Q4/2021

EV Bus : Start investing Q3/2020

EV Charging Achieved 400 Stations from 52 provinces in June 2020 and

expanding to nationwide

Property Development To invest 19% stake in Land Prosperity Holding

Power Improve efficiency and maintenanceCash from the beginning 2020 THB 10,029 mil.

Operating Cash in Flow in 2020 (forecast) THB 10,000 mil.

Issue of Debentures (Approved from AGM 2020) THB 15,000 mil.

Sources of Fund

13

Financial Highlights

EA Business in Depth

Proposed Offering & Timeline

Agenda

2

4

EA at a Glance1

3

14

134175 188

152 174 158193

50.2 49.8

25.0028.60

30.9935.07

24.1820.17

17.69 16.27

36.15

0.00

10.00

20.00

30.00

40.00

0

100

200

300

2013 2014 2015 2016 2017 2018 2019 Q1/19 Q1/20

Sales Volume

Avg Price

Biodiesel Production

Location Kabinburi Industrial Estate, Prachinburi under BOI promotion & privileges

PlantCapacity

• Biodiesel 800,000 Liters per day

• Pilot production of green diesel/PCM 1 Ton per day

• Refined Glycerin 80 Tons per day (by product)

• B100 volume in Q1/20 = 49.8 mil.liters decreased 0.8% as compared to last year but the average

selling price increased 122.2% from the announcement B10 to be used instead of B7

• Glycerin volume in Q1/20 = 3.77 mil.kg. decreased 0.03% as compared to last year and the

average selling price decreased 26% due to the high competition in domestic and export market.

Mil.liters Baht/liter

15

Palm oil Market in Thailand

-

100,000

200,000

300,000

400,000

500,000

600,000

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Apr 19 May 19 Jun 19 Jul 19 Aug 19 Sep 19 Oct 19 Nov 19 Dec19 Jan 20 Feb 20 Mar 20

B100 Food and others Domestic Consumption StockUnit : Ton

Source: Department of Internal Trade, Thailand

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Biodiesel Business with advance technology of GD & PCM

CPO Purification

Green Diesel & PCMProduction (38 : 62)

B100 & GlycerinProduction

Glycerin

B100

Green Diesel

PCM

Sell to major oil refinery companies

Sell to pharmaceuticals , Cosmetics, Personal products

Advance product of biodieselEnhancing diesel engine capacity

BioPCM works as a thermal storage battery good for energy saving

Export Market

Domestic Market

17

New Plant forGreen Diesel & PCM

Production

COD• HNM 1 & 8 = 90 MW 25 Jun 19• HNM 5 = 48 MW 22 Mar 19• HNM 9 = 42 MW 30 Mar 19• HNM 10 = 80 MW 13 Apr 19

Adder 3.50 baht/kwhTechnology from Siemens Gamesa, Spain

EA Solar Lampang(90 MW)

EA Solar Nakornsawan(90 MW)

EA Solar Phitsanulok(90 MW)

Renewable PowerProduction

664 MW

EA Wind Hadkanghun(126 MW)

(Songkla & Nakornsri tammarat)

EA Wind Hanuman(260 MW)

(Chaiyaphum)

EA Solar Lopburi(8 MW)

19

Renewable Energy Production

153 171 140 162 155

602 62775 58 92 67 83

292 293

25 107 185 152 115

469

253 336

417 381 353

894

1,389

0

200

400

600

800

1000

1200

1400

Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 FY18 FY19

Mil.kWh

SolarHGHHNM

Solar42%Wind

58%664

278 MWh386 MWh

+ 90MWNakornsawan

+ 8MWLopburi

278 278 278 278

126 126

386 386

898 98

188278

404 404

664 664

0

200

400

600

800

2012 2013 2014 2015 2016 2017 2018 2019 2020

MWh

+ 90MWLampang

+ 90MWPhitsanulok

+ 126MWHad Kanghan(Songkla &Nakornsritammarat)

+ 260MWHanuman(Chaiyaphum)

Total Capacity Output Production

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Energy Storage System : Core Technology for New Businesses

1 GWh

Phase I Next Phase

50 GWh

EV Charging Station

Electric

Ferry (E-Ferry)

Electric

Vehicle (EV)

Energy TradingSystem

Energy Storage System

(ESS)

21

New era of Advance Technology ESS

Energy Storage System for a small renewable power plant

Battery for E-Scooter

• Started investing in Amita Technologies Inc., Taiwan in Dec 2016 current shareholding = 74.71%

• 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

• 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.

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Amita’s Products and Application

Cell Hard & Soft pack

Energy Storage System

E-Bank

Camcorder

Accessories

Model No. AMITA 20FT-ESS

Typical Capacity 0.5-1.5MW

Cycle Life 6,000 (NMC)▕ 20,000 (LTO)

Voltage 48-820V

Versatile Stationary Battery System with High Safety & Manageability for Industrial, Commercial, Power System

Lithium–titanate Battery (LTO) CellFast-charging >10CUltra Lifespan >20,000 CyclesNon-burning and Safety Features

MINE Mobility

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Electric FerriesTo 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.

Battery 30kWh12 mins with DC Chargerfor 200 km.

Compatible with all EV Brands

Battery: 30 kWh Lithium Ion : NMC

With STOBA Water cooling less humidity (Short circuit cause)

Charging CCS Combo type2 (EU)

Home Charge AC charge & DC Fast charge (80% 12 mins)

with EA Anywhere Charger

22/150 kW AC/DC Combo Charger

EA ANYWHERE Application

Available now

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Help

Setting

About us

Owner Application Features:

Users Traffic

Energy usage

Chargers Status

Billing System

Station Report

27

EA Anywhere – Charging Stations

Opening 384 stations• BKK 185 stations• Up-country 52 provinces

with 199 stations

28

Our Target in Y2020

602 627

289 293469891

1,389

73% 79%

0%

20%

40%

60%

80%

100%

0

500

1000

1500

2000

2018 2019 F2020

Mil.MW

Solar Wind-HGH Wind-HNM GP (%)

174 162193

2420

18

0

5

10

15

20

25

30

0

200

400

2017 2018 2019 2020

Mil.liters Avg.Price/Unit

As the government promotes to use B100 to be increased to 10% (from 7%),

the volume and price would increase.

Wind power production will increase according to full year operation.

Biodiesel Renewable Power

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Our Target in Y2020

Electric Vehicle Car : MINE E-Ferry

180

0

1000

2000

3000

Q4/20 Q1/21 Q2/21 Q3/21 Q4/21

No. of EV

EV production is going to start in Q4/2020 and ramp up to complete delivery of 5,000 units by 2021.

0

10

20

30

Q2/20 Q3/20 Q4/20 Q1/21

No. of E-Ferry

The two pilot E-Ferries will start operation in Q2/2020, followed by the next 24 units within 2020 and the rest in 2021.

Total 5,000 cars

Total 42 units

30

EA Investment through EA Mobility Holding (EMH)

EMHSubsidiary of

670 mil. Shares = 40%

• To jointly invest in quality development, manufacturing, assembling, and distributing, including the sales and aftersales services of buses, commercial vehicle, and private vehicles.

• EMH will submit the request for waiver from mandatory tender offer by resolution of NEX shareholders’ meeting (Whitewash).

• Working capital 500 – 600 MB.

• Bus business and related 1,520 MB.

• Loan payment 30 MB.

• Others investment 200 MB.

At 2.20 bath per shareMr. Boonaue Jittanom

100 mil. shares

Mr. Kanit Sriwachiraprapa

300 mil. shares

Established

In 1997 to produce high precision electronic parts

Core Business

Manufacturing and selling electronic parts and Buses and related service

CG Rating

Excellent

Objectives of the capital increase

31

Financial Highlights

EA Business in Depth

Proposed Offering & Timeline

Agenda

4

2

3

EA at a Glance1

32

Investment Highlights

“A leader in alternative energy business, by using the modern technology and environmentally friendly”

Robust cash flows from the power business & Consistent operating performance Power plants remains smooth and consistently beats the benchmark of P50

Diversification into non-power generation businesses EA also invests in other battery and new electric vehicle (EV) ferries and EV cars

Sound financial profile & Adequate liquidity Leverage is expected to stay at fair level for the next years

A leader in alternative energy business EA uses the modern technology which is environmentally friendly and aligns with national PDP, to yield the optimal benefit all stakeholders

33

Indicative Structure for EA Debentures (1/2020)

Issuer Energy Absolute Public Company Limited (“EA” or the “Issuer”)

Joint Lead Arrangers KASIKORNBANK Public Company Limited (“KBANK”) and Government Savings Bank (“GSB”)

Debenture Type Thai Baht Unsubordinated and Unsecured Debentures with Debentureholders’ Representative

Offering Type Private Placement to Institutional and/or High Net-Worth Investors (PP – II&HNW)

Company Rating A/Stable by TRIS Rating Co., Ltd. as of 19 May 2020

Issue Rating [A-]/Stable by TRIS Rating Co., Ltd.

Use of Proceeds For refinancing maturing EA debentures (EA207A) and/or working capital

Total Issue Size THB [●] million + Greenshoe option

Tenors [●] years [●] years [●] years [●] years

Coupon Payment Semi-Annually

Principal Repayment At Par Value, Bullet at the Maturity Date

Key Covenants The T&C is modified to be in line with new SEC’s requirement and those of the recent EA’s debentures in 2019

Financial Covenant Net Interest Bearing Debt to Equity* shall not exceed 3.5x; the ratio is to be tested annually

DHR Kiatnakin Bank Public Company Limited (“KK”)

Registrar KASIKORNBANK Public Company Limited (“KBANK”)

Registration Thai Bond Market Association (“ThaiBMA”)

*Please see the draft terms and conditions of the Debentures submitted to the SEC for more details

34

Debentures Issuance Timeline

Subscription Period

Bookbuild Date

5 Jun 2020 [1 July] 2020

Group Roadshow

[●] 2020 [●] 2020

Investor Roadshow

Bookbuildingdate

Subscription period

First Filing Submission

Issue date

4 Jun 2020

Disclaimer

This presentation contains summary information about Energy Absolute Public Company Limited (“EA” or “the Company”) and its subsidiaries as at31 March 2020 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 theseassumptions and expectations are accurate or will be realized. Such forward looking statements should be considered with caution, since actualresults 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. Norepresentation or warranty, either express or implied, is made regarding the accuracy, completeness, correctness, reliability, or scope of theinformation 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 orinvestment 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 otherthird 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 toany other person in any manner.