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Gunkul Engineering Public Company Limited

July 2016

1

Strictly Private & Confidential Content

I. Company Overview

II. Investment Highlights

III. Industry Outlook

IV. Business Updates

V. Financial Highlights

Appendix: Selected Project Details

3

8

16

21

24

28

2

Strictly Private & Confidential

Section I: Company Overview

3


Gunkul Overview

Gunkul Engineering Public Company (“Gunkul”) operates across the entire renewable energy value chain

Founded in 1982 as an electrical equipment trader. Gunkul later

expanded into manufacturing, EPC business, and filed for IPO in

2010 to grow its renewable generation business

Trader, manufacturer and EPC contractor: Complete value chain

business model provides end-to-end solution in the development

of renewable energy projects

Renewable energy power producer: Power projects with

contracted capacity(1) of 336 equity MW in Thailand, Japan and

Myanmar (approx. 46% solar, 51% wind, and 4% gas). As of 1H

2016, we have ~111 equity MW in operation

Approx. US$1 Billion market capitalization as of 21 July 2016

(SET:GUNKUL)

Notes:

(1) Including operational, under construction, and secured pipeline

(2) As of Jun 2016

(3) Gunkul Group is a holding company with the Dhumrongpiyawut family owning 99.6% of the Group

Reliable manufacturer and supplier of over 5,000

electrical equipment and products 1

2

World-class renewable energy projects with a visible and

robust pipeline across Asia 3

Reputable one-stop renewable energy EPC and O&M

service provider with over 15% market share in Thailand

Top 5 Shareholders(2)

Disconnecting

Switch

Arrester SF6 gas switch Low-voltage

switch

4

Strictly Private & Confidential From Equipment Trading to Renewable Energy

Secured PPA for 60MW

Wind Energy Development

(WED)

Secured PPA for 30.9MW Gunkul Chubu

Powergen (GCPG)

Founded as an

electrical

equipment trader

1982

Set up factory for

manufacturing

1992 2010

Initial Public Offering

Entered into renewable energy sector

as EPC and O&M contractor

1st solar project

1st wind project

2012

1st gas engine power plant

25MW gas engine power plant in

Myanmar (GKMCP)

2013

Expanded into solar roof business

along with reputable partners

Solar roof business

2014

Acquired 65MW of solar projects in Japan

Solar PV module manufacturing

1 of 4 manufacturers in Thailand producing solar

PV modules under Thai Industrial Standard

Total contracted capacity

of 336 equity MW

Target to achieve 500

equity MW by 2018

2015

100

2011

Wind project MOU in Myanmar

Signed MOU with Myanmar Ministry

of Electric Power to develop

1,000MW Wind Project

Supplied and set up Thailand’s first wind

turbine for EGAT

Gunkul transformed itself from a trading company with volatile earnings to a renewable energy player that has

stable cashflow and high margins

Gunkul’s EBITDA from Renewable Power is Expected to Increase from 41% to 83% by 2018

Remark: Based only on the secured 500 equity MW in our portfolio and only 336MW to be COD by 2018

18%

83%

2018F EBITDA Breakdown

Trading & EPC Renewable Power Generation

59% 41%

2015 EBITDA Breakdown

Trading & EPC Renewable Power Generation

5

Strictly Private & Confidential High Quality Renewables Asset Portfolio

Gunkul Chubu Powergen (GCPG)

Ownership: Gunkul (51%), Chubu Electric (49%)

Gross / Equity MW: 30.9 / 15.8

COD: 2011 (7.4MW) and 2013 (23.5MW)

Offtaker / PPA tenor: PEA / 25 years

Gunkul Myanmar Central Power

(GKMCP)

Ownership: Gunkul (51%), Myanmar Central

Power (49%)


COD: 2013

Offtaker / PPA tenor: MEPE / 25 years

NK Power Solar (NKP)

Ownership: Gunkul (100%)


COD: 2013


Solar Rooftop Projects

Ownership: Gunkul (25% - 100%), WHA

Corporation Public (75%)


COD: 2013 - 2014

Offtaker / PPA tenor: MEA & PEA / 25 years

Rang Ngern Solution (RNS)

Ownership: Gunkul (67%), IAE (33%)


COD: 2015


G-Power Source (GPS)

Ownership: Gunkul (40%), EGCO (60%)


COD: 2012 (19.5MW) and 2013 (6.5MW)


Greenovation Power (GNP)



COD: 3Q 2017

Offtaker / PPA tenor: EGAT/ 25 years

Wind Energy Development (WED)



COD: 2016

Offtaker / PPA tenor: EGAT & PEA / 25 years

Korat Wind Energy (KWE)



COD: 1Q 2018

Offtaker / PPA tenor: EGAT / 25 years

Sendai



COD: 1Q 2018

Offtaker / PPA tenor: Tohoku Electric Power / 20

years



COD: 4Q 2018

Offtaker / PPA tenor: Tokyo Electric Power / 20 years

Gunkul’s assets are located in areas of high solar irradiation and rich wind resources

Offtakers:

EGAT: Electricity Generating Authority of Thailand

PEA: Provincial Electricity Authority (Thailand)

MEA: Metropolitan Electricity Authority (Thailand)

MEPE: Myanmar Electric Power Enterprise

Kimitsu

Solar Projects

Wind Farms

Gas-Fired Plant

http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://kisetsuai.exteen.com/20060509/entry&ei=uADGVM37KtPk8AW_n4KgDA&bvm=bv.84349003,d.dGc&psig=AFQjCNGwbeJkyIl663oS8k9zEss3Eh3Spw&ust=1422348787084008

6


Vision: To Grow Gunkul Into Asia’s Leading Renewables Company

Gunkul will continue to grow in both the domestic and international markets to transform itself into a

company with stable income and high margin

To COD 500 equity MW in the next 2 years

and secure additional 400 - 500MW by 2020

To prepare company to be ready for

ASEAN Grid by 2020-2030

Expand in Thailand via bidding for

government projects and purchase of

PPAs

Increase capacity through international

expansion, for instance in Japan

Selectively grow trading and EPC

businesses that support our renewable

energy business

Myanmar’s Ministry of Electric Power

granted 10-year MOU for 1,000 MW in

Myanmar where Gunkul will conduct

feasibility study of wind speed (wind

energy study requires minimum 3-4 years)

and subsequently sell into ASEAN Grid

7


Section II: Investment Highlights

8


Investment Highlights Overview

Attractive Power Industry

in Thailand Fuelled by

Increasing Demand

Track Record of

Accelerated

Growth

Visible Pipeline from

Domestic and Overseas

Expansion

Experienced

Management Team

Able to Deliver

on Growth Targets

End-to-end

Capability Enables

Downstream

Integration of IPP

Development

1

2 6

3

Fast Growth in

Renewable Energy

Sector Supported by

Favorable

Government Policies

4

5

Investment

Highlights

9


Attractive Power Industry in Thailand Fuelled

by Increasing Demand

1

Capacity (GW) Reserve Margin (%)

Source: BMI

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

(1)

Source: Ministry of Energy

TWh

Note:

(1) Refers to SPPs (Small Power Producers) and VSPPs (Very Small Power Producers). Excludes IPPs

Electricity Consumption will Continue to Outstrip Generation

Despite Thailand's Growth in Generation Capacity, Reserve Margin is Expected to Decline

10


Fast Growth in Renewable Energy Sector

Supported by Favorable Government Policies

2

Source: Thailand Ministry of Energy

Notes:

(1) This FiT rate applies to a project that delivers power into the grid in the year 2017. After 2017, the FiTv rate will be increased based on the core inflation rate – only applies to waste (integrated waste

management), biomass and biogas (energy plants) projects

(2) Projects located in Yala, Pattani, Narathiwat and 4 Sub-districts in Songkla (Jana Sub-district, Tepha Sub-district, Sabayoi Sub-district and Natawee Sub-district) only

2036

19,634 MW

2014

7,490 MW

Source: Thailand Ministry of Energy

FiT (Baht/kWh) (1) FiT Premium (Baht/kWh) (2)

Fuel / Installed Capacity FiTF FiTV, 2017 FiT

Supporting

Period (y)

Bioenergy

Projects

(First 8 y)

Projects in 3

Southern

Provinces

1. Municipal Solid Waste (MSW)

Installed Capacity ≤ 1 MW 3.13 3.21 6.34 20 0.70 0.50

Installed Capacity > 1-3 MW 2.61 3.21 5.82 20 0.70 0.50

Installed Capacity > 3 MW 2.39 2.69 5.08 20 0.70 0.50

2. MSW (Landfill Gas) 5.60 - 5.60 10 - 0.50

3. Biomass

Installed Capacity ≤ 1 MW 3.13 2.21 5.34 20 0.50 0.50

Installed Capacity > 1-3 MW 2.61 2.21 4.82 20 0.40 0.50

Installed Capacity > 3 MW 2.39 1.85 4.24 20 0.30 0.50

4. Biogas (Waste / Solid Waste) 3.76 - 3.76 20 0.50 0.50

5. Biogas (Energy Crop) 2.79 2.55 5.34 20 0.50 0.50

6. Hydro Power

Installed Capacity ≤ 200 kW 4.90 - 4.90 20 - 0.50

7. Wind 6.06 - 6.06 20 - 0.50

8. Solar

Solar Farm (≤ 90 MWp) - - 5.66 25 - 0.50

PV rooftop (Households, ≤ 10

kWp) - - 6.85 25 - 0.50

PV rooftop (Business building /

Factories, > 10-250 kWp) - - 6.40 25 - 0.50

PV rooftop (Business building /

Factories, > 250-1,000 kWp) - - 6.01 25 - 0.50

Solar cell for Government and

Agriculture Cooperative (≤

5MWp)

- - 5.66 25 - 0.50

Growth in Renewable Energy Capacity will be

Lead by Solar and Wind Power Attractive Feed-in Tariff (FiT) will Continue to

Encourage Development of Renewables Projects

11


Solar Gas Wind Future Projects to be Acquired

Gunkul demonstrated a track record of successful capacity build-up and this translates into more stable and

recurring electricity revenue

Source: Company Filings

3 Track Record of Accelerated Growth

Equity MW

Under Construction / Under Development

(2016 – 2018)

In Operation

(2011 – 2016)

114.0

50.0

Thailand solar

projects to be

acquired

Japan solar

projects to be

acquired

12


Visible Pipeline from Domestic and Overseas

Expansion

4

Domestic Projects Overseas Projects

THAILAND

WED, GNP, KWE Wind Farms

Location: Huai Bong / Nongnamsai

Type: Solar Power Plant

Capacity: 170 MW

% shareholding: 100%

Project Milestones

Land Site Fully Secured

License Fully Secured

COD WED (2016), GNP

(2017), KWE (2018) JAPAN

Sendai Solar Power Plant

Location: Sendai, Japan


Capacity: 31.8 MW


Project Milestones

Financial close: 3Q2016

COD: 1Q2018

Kimitsu Solar Power Plant

Location: Kimitsu, Japan


Capacity: 33.5 MW


Project Milestones

Financial close: 1Q2017

COD: 4Q2018

MYANMAR

Granted MOU by MOEP

(Myanmar’s Ministry of

Electric Power) to conduct

feasibility study for wind

projects in Myanmar with

total capacity of 1,000MW

Pipeline Project

Type: Solar Power

Plant

Installed

capacity: 50 MW

%

shareholding: 100%

Pipeline Project

Type: Solar Power

Plant

Installed

capacity: 114 MW

%

shareholding: 100%

13


KYRGYZSTAN

End-to-end Capability Enables Downstream

Integration of IPP Development

5

Trading and Manufacturing Engineering, Procurement &

Construction Power Generation

Examples of In-House Products

Cables and accessories, capacitors, fuse and switches, grounding, hardware and connectors, Insulators, lightning protection, live part covers, maintenance equipment, meters, preformed, tools and instruments, transformers

Distribution

Lines

Transmission

Lines

Cable and accessories, fuse and switches, hardware and connectors, insulators, lightning protection, maintenance equipment, tools and instruments

Electricity

Plants

Wind turbine components, solar panel components

Low Voltage

Lines

Capacitors, explosion proof products, fuses and switches, grounding, hardware and connectors, insulators, lightning protection, meters, preformed, street lighting and control, telephone hardware

Substation Battery and chargers, capacitors, grounding, maintenance equipment, meters, tools and instruments, transformers

Low-voltage

switch

Cutout

Arrester

Disconnecting

Switch

SF6 gas switch

Project Reference

Project Owner

Total

MW

204.9

EPC O&M

1) GPS 26.0 P P

2) GCPG 30.9 P P

3) NK Power Solar 1.0 P P

4) CK & Sun Solar

Power Plant 8.0 P P

5) Solatra Solar Power

Plant 8.0 P

6) BSE (NMA) 12.5 P P

7) BSE (CPM1) 12.5 P P

8) Solar Rooftop

Projects 11.0 P P

9) RNS 87.0 P

10) BMP 8.0 P P

Gunkul’s Own Projects

Power Plant Locations(1)

GCPG:

Solar 30.9 MW

GKMCP:

Gas Engine 25.0 MW

NKP:

Solar 1.0 MW

Solar Rooftop:

5.5 MW

Rang Ngern:

Solar 87.0 MW

GPS:

Solar 26.0 MW

GNP:

Wind 60.0 MW

WED:

Wind 60.0 MW

KWE:

Wind 50.0 MW

JAPAN

SENDAI:

Solar 31.8 MW

Kimitsu:

Solar 33.5 MW

Total Gross Capacity as of

2018: 410.7 MW

Total Gross Capacity as of

30 June 2016: 175.4 MW

Solar Gas Wind Under Construction Note:

(1) Excludes pipeline projects

“To achieve economies of scale and benefit in cost savings”

14


Experienced Management Team Able to Deliver

on Growth Targets

• 14 years of experience in the power industry

• 14 years of experience with Gunkul

• Senior Vice President, Executive Office since 2010

• Member of Nomination and Remuneration Committee

since 2008



• Senior Vice President, Factory since 2010

• 10-year expertise in Renewable Energy business

• Over 10-year experience with Gunkul

• Leading Gunkul to Initial Public Offering in 2010

• Deputy Managing Director 2010-2012

• Assistant Managing Director 2007-2010



• Deputy MD, Business Development & Strategic

Planning since 2016

• Assistant Managing Director, Business Development &

Strategic Planning 2014-2015

• 19-year expertise in manufacturing/ supplying electrical

products & renewable energy products, and generating

electrical power from renewable energy resources

• Over 19-year experience with Gunkul

• CEO since 2012, Managing Director 1998-2012

Mrs. Somluk

Kanuenghet

Senior Vice

President,

Executive Office

Mrs. Areewan

Chaloemdan

Senior Vice

President,

Factory

Dr. Somboon

Aueatchasai

Managing Director

Mr. Phongsakorn

Damnoen

Deputy MD,

Business

Development &

Strategic Planning

Miss Sopacha

Dhumrongpiyawut

Chief Executive

Officer



• Senior VP, Sales & Marketing-LED since 2016

• VP, Logistics 2011-2015



• Senior VP, PM & OM since 2015

Mr. Phudis

Triwilaskul

Senior VP, Sales &

Marketing-LED

Mr. Phairot

Phanukan

Senior VP, PM &

OM

Mr. Thitipong Techaratanayuenyong

Chief Financial Officer

Miss Naruechon

Dhumrongpiyawut

Senior VP, Strategic

Planning and

Investment

Mr. Thamrong

Chankraithong

Senior VP, Sales &

Marketing

• Founder and Chairman

• 34-year extensive experience in Energy

business

• First mover in Renewable Energy business

Mr. Gunkul

Dhumrongpiyawut

Chairman / Founder

6

• Over 15-year experience in financial management of

Thailand’s listed companies. 3 years of experience in

the power industry

• Expertise in capital market and derivative products

• CFO and member of the Risk Management committee

and Secretary since 2014



• Senior VP, Strategic Planning and Investment since

2014

• Senior VP, Logistics since 2016

• VP, Strategic Planning and Investment 2012-2014



• Senior VP, Sales & Marketing since 2010

• Assistant General Manager, Public Sector and

International 2008-2010

The Management team, who has successfully grown the Company to where it is today, is committed to

achieving Gunkul’s growth targets

15


Section III: Industry Outlook

16


Industry Outlook: Power Generation

Notes:

(1) Comprise of existing 37,612MW as of Dec 2014 + 57,459MW of new capacity – 24,736MW of retired capacity during 2015-2036

Reference: Thailand PDP2015-2036 section 2.1, 2.4, and 5.8

(2) Reference: Thailand PDP2015-2036 Table 3.4

Power Development Plan 2015 (PDP 2015) Alternative Energy Development Plan 2015 (AEDP 2015)

Thailand’s PDP 2015 target to increase the country’s total

contracted capacity from 37,612MW in 2014 to 70,335MW(1)

by 2036, representing a CAGR of 3%. Most of this growth will

be lead by an increase in capacity from renewable generation

In the latest AEDP 2015, Thailand increased its 2036 target

renewable energy capacity from 13,927 MW (AEDP 2013) to

19,634 MW, representing a 40% change from previous plan

Total 19,634 MW Total 7,490 MW

Fuel Type Capacity in

2014 (MW)

Additional

Capacity (MW)

Target

Capacity in

2036 (MW)

Solar 1,299 4,702 6,000

Wind 225 2,778 3,002

Biomass 2542 3,028 5570

Hydro 3,048 234 3,282

Waste 66 434 500

Biogas 310 969 1,280

Total 7,490 12,144 19,634

Contracted Capacity 2014: 37,612MW

Contracted Capacity 2036F: 70,335MW

17


Industry Outlook: Trading & EPC

Expected Investment THB Billion

Source: EPPO as of Oct 2015 (http://www.eppo.go.th/info/5electricity_stat.htm)

Rising Electricity Demand Requires Continued

Expansion and Improvement of Electrical System

Investment in Transmission and Distribution

Systems Expected to Remain Substantial

Over the past five years, Thailand’s electricity peak demand

grew at a CAGR of ~3% from 2011 – 2015. In 2015 peak

demand experienced a strong 1.5% increase over 2014

Electricity Peak Demand (MW)

As indicated in PDP 2010(1), investments by the main electricity

authorities during 2010-2030 is budgeted to reach a total of THB

749Bn over a 20 year period

Currently, 13 transmission system development projects are

under construction and other 19 projects are in studying

processes

Note:

(1) Latest as of PDP 2010 because PDP 2015 did not disclose updated expected investment plan

18


In-house

Products

1.Bangsue-Bangyai

C1.Bangsue-Talingchan

5.Bangkapi-Bangbumru

7.Bangkapi-Minburi

C3.Bangsue-Pyatai-Huamark 2.Bangsue-Thapra

Hualumpong-Bangkae

6.Taksin-Bangwa-Puttamonton sai 4

3.Morchit-Paholyathin-Sapanmai (Lumlukka)

C2.Bangsue- Thammasart Rungsit

C4. Hualumpong-Mahachai

4.Baring-Sumrong-Samutprakarn (Bangpu)

8.Outer Ring Road (A-D)

Transport Network of Rail and Mass Transit

Industry Outlook: Trading & EPC (Cont’d)

Thailand’s THB 2 trillion budget for improving the country’s infrastructure, including the construction of 9

Mass Rapid Transit lines, will create a big demand for our in-house electrical products

19


Section IV: Business Updates

20

Strictly Private & Confidential Setting Up Infrastructure Fund to Recycle Capital

Gunkul can use proceeds from infrastructure fund to invest in over 500MW of new projects

1. Gunkul to inject assets into infrastructure fund

Sale of ~250MW of potential assets to infrastructure fund to increase cash flow, reduce debt, and increase equity

160 MW of wind PPAs with EGAT

90 MW of solar and wind PPAs with PEA

2. Gunkul will use net proceeds to invest in new projects which it can subsequently sell to the infrastructure fund

Capital recycling scheme to accelerate growth significantly faster than growth through internal cash flows

Increase in cash flow base without additional capital from shareholders

3. Tax benefit from infrastructure fund

Infrastructure funds are excluded from 20% income tax

No dividend tax on dividend repatriation from infrastructure fund to Gunkul

Appointed Financial Advisors to Study the Feasibility of Infrastructure Fund Concept

21

Strictly Private & Confidential Roadmap to 500 Equity MW and Beyond

Equity Investment and Capacity Buildup

Equity Investment (THB MM) Equity Capacity (MW)

161 MW already fully funded

GCPG 15.8 MW

GPS 10.4 MW

NKS 1.0 MW

Solar Rooftop 2.8 MW

GKMCP 12.8 MW

RNS 58.3 MW

WED 60.0 MW

161.0 MW

Pipeline Projects

Excess

Capital

Note:

(1) Rights offering @ rate of THB 4.58/share x 880MM shares (= THB 4,033MM) + Warrants @ 92MM units of warrants x 4.8 shares/warrant x THB 5.625/share (= THB 2,475MM). Warrant holders

committed to exercise their warrants by 3Q 2017. Numerical values subject to rounding and pro forma for two rounds of stock splits – 4:1 and 6:5 (or effectively 4.8:1) in May 2016

(1)

GNP: 60MW

Project Cost:

THB5.8Bn

D/E: 75:25

KWE: 50MW

Project Cost:

THB4.5Bn

D/E: 75:25

Sendai: 32MW

Project Cost:

THB3.8Bn

D/E: 85:15

Kimitsu: 34MW

Project Cost:

THB4.2Bn

D/E: 85:15

Japan Solar:

114MW

Project Cost:

THB11.8Bn

D/E: 85:15

Thailand Solar:

50MW

Project Cost:

THB3.3Bn

D/E: 75:25

Future Projects to be Acquired

22


Section V: Financial Highlights

23


Sales and Earnings Breakdown

Sales Breakdown by Customer Type

THB MM

Notes:

(1) Includes Government, Private, Foreign and Project (Trading)

(2) Includes Construction and Operations & Maintain

(3) Includes Electricity

(4) Includes income from associates

(5) Excludes one-off gains from disposal of assets

(1) (2) (4)

15%

3%

17%

10%

16%

12%

22%

18%

20%

15%

39%

23%

30%

14%

EBITDA

Margins

Net

Margins

(5) (3)

Revenue Breakdown by Customer Type

Million Baht.

4,460

2,977

2,044

4,306

2,651

Use Full Column Width: *Recreate revenue stacked bar chart such that it shows only 3 stacks: (i) manufacturing & trading, (ii) EPC and O&M, (iii) power generation *Show EBITDA and net profit together with revenue as clustered bars (but no need to breakout EBITDA and net profit). Make sure EBITDA > net profit and footnote adjustments made *Show EBITDA and profit margins as separate dots above the bars *Create dummy bars for 1H2016 vs 1H2015 results (for Company to provide)

24


(1,723.5) 668.1 (635.7) 254.1 (827.4) (197.0) (810.5)

0.5 1.1 0.8 1.2 0.8 1.0 0.8

Financial Position

Total Assets, Liabilities, and Equities

THB MM

2011 2012 2013 2014 2015 1Q2015 1Q2016

Non-Current Assets Other Current Assets Cash Current Debt Other Current Liabilities Non-Current Debt Other Non-

Current Liabilities

D/E Debt / EBITDA

Total Equity

Working Capital

Current Assets /

Current Liabilities

25


Dividend and Leverage Policies

Dividend Policies Leverage Policies

The Company has dividend payout ratio of

at least 40% of net profit of the Company

only (Unconsolidated Basis) in which net

profit is after deducting corporate income

tax, legal reserves, and other reserves.

Overall D/E Ratio: not exceed 3 times

Renewable Power generation: Non-

recourse financing

Thailand

Japan D/E Ratio: 85:15

D/E Ratio: 70:30 and 75:25

D/E Ratio: 75:25 Yr 2016

26


Appendix: Selected Project Details

27


Key Information

Solar Farm Solar

Rooftop

Wind

Farm

Gas

Engine

Feed-in-Tariff

Scheme

(Year 2015 till now)

Adder Scheme

(Year 2010-2014)

Feed-in-Tariff

Scheme

(Year 2014 till now)

Adder Scheme

(Year 2012-2014)

Fixed Rental Scheme

(Year 2013)

Project

Investment

Costs

~THB 60 mm per

MW ~THB70 - 100mm per MW ~THB 60 mm per MW ~THB 85 mm per MW ~THB 35 mm per MW

Technology Thin Film CIS modules without cadmium or

Crystalline Silicon Module Crystalline Silicon Module Horizontal Wind Turbine Gas Fired Engine

Selling Price

(Base Tariff + Ft)

Feed-in Tariff (FiT)

At THB 5.66 per

kWh for 25 years

since COD

Peak*: THB 4.2243 per

kWh,

Off-Peak**: THB 2.3567

per kWh

Ft***: THB -0.4770 per

kWh

Feed-in Tariff (FIT) for

commercial size (over

500kW per site)

THB 6.16 per kWh for 25

years since COD

Peak*: THB 4.2243 per

kWh,

Off-Peak**: THB 2.3567

per kWh

Ft***: THB -0.4770 per

kWh

~US$0.034 /kWh

Adder (Non-FiT) - THB8.0 per kWh for 10

years since COD

- THB 3.5 per kWh for 10

years since COD

-

BOI Tax

Exemption Year 1st – 5th :100%

Year 1st – 8th: 100%

Year 9th – 13th: 50% Year 1st – 5th :100%

Import Tax 100% import tax exemption

Yearly Revenue ~THB 8 mm per MW ~THB 20 mm per MW ~THB 8 mm per MW ~THB 16 mm per MW ~THB 7 mm per MW

Power Plant Business: Key Info

Notes:

As of June 2016

* Peak: Mon – Fri

** Off Peak: Holiday

*** Ft: Fuel Adjustment Charge (at the given time)

28


Operating Project: RNS (Already COD)

Project

location

Solar Radiation Map of Thailand from

Satellite data Project Description

Total of 11 Project sites


Contract capacity: 87 MW

Installed capacity: 87 MW

%Shareholding: 67%

Tax exemption: Year 1st – 8th : 100%,

Project Milestones

Financial Close: 3Q2015

COD: 4Q2015

29


Under Construction: WED (Partial COD in 1Q2016)

Thailand wind map

Project

location

Wind Speed

(m/sec)

Source: King Mongkut’s University of Technology Thondburi

Project Description

Project Name: Wayu Wind farm: 50 MW

Subplu Wind Farm 2: 8 MW

Subplu Wind Farm 1: 2 MW



%Shareholding: 100%


Year 9th – 13th : 50%

Project Milestones


• COD: Partial COD in 1Q2016

Fully COD in 3Q2016

30


Under Construction: GNP

Thailand wind map

Project

location

Wind Speed

(m/sec)


Project Description

Project Name: Saranhlom wind farm

Type: Wind Farm



%Shareholding: 100%


Year 9th – 13th : 50%

Project Milestones


COD: 3Q2017

31


Pipeline Project: KWE

Thailand wind map

Project

location

Wind Speed

(m/sec)


Project Description

Project Name: Mittraphap wind farm

Type: Wind Farm



%Shareholding: 100%


Project Milestones


COD: 1Q2018

32


Under Construction: Sendai

Project Description

Project Name: Sendai

Location: Sendai, Japan


Contract capacity: 31.75 MW

Installed capacity: 38.10 MW

%Shareholding: 100%

Project Milestones


COD: 1Q2018

Project

location

Solar Radiation Map of Japan

33


Under Construction: Kimitsu

Project Description

Project Name: Kimitsu

Location: Kimitsu, Japan


Contract capacity: 33.50 MW

Installed capacity: 40.41 MW

%Shareholding: 100%

Project Milestones


COD: 4Q2018

Project

location

Solar Radiation Map of Japan

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Strictly Private & Confidential Private Placement to Siam Commercial Bank

Strategic partnership with Siam Commercial Bank who is a long term investor and one of the most reputable

companies in Thailand

Shares Issued to Siam Commercial Bank PCL (“SCB”)

Transaction Date Feb 2016

Size THB 947.9 MM

Purchase Price THB 22.84/share

Number of Shares 41.5 MM (approx 3% dilution)

(1)

Note:

(1) Par value changed from THB 1.00/share to THB 0.25/share on 03 May 2016

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Disclaimer

This presentation has been prepared by Gunkul Engineering Public Company Limited (“Gunkul”) for informational purposes only and

does not constitute a recommendation regarding the securities of Gunkul or any of its subsidiaries. This presentation is not intended

as, and does not form part of, any offer to sell or solicitation or invitation to buy or subscribe for any securities. Neither this presentation

nor anything contained herein shall form the basis of, or be relied on in connection with, any contract or commitment whatsoever.

Gunkul makes no representation or warranty, either expressed or implied, in relation to the accuracy, completeness or reliability of the

information contained in this presentation. The information set out herein may be subject to updating, completion, revision, verification

and amendment without notice and such information may change materially. The information in this presentation should not be

regarded by recipients as a substitute for the exercise of their own judgment.

This presentation may contain forward-looking statements and estimates with respect to the future operations and performance of

Gunkul, its subsidiaries and affiliates. These forward-looking statements are subject to various assumptions, risks and uncertainties,

many of which are difficult to predict and are generally beyond the control of Gunkul. Such assumptions, risks and uncertainties could

cause actual results and developments to differ materially from those expressed in or implied by the forward-looking statements.

Neither Gunkul nor any of its directors, officers, employees, advisors or representatives assumes any responsibility to update any of

the forward-looking statements to conform such statements to actual results or developments, to reflect the occurrence of anticipated

results or otherwise. Neither Gunkul nor any of its directors, officers, employees, advisors or representatives nor any other person

accepts any liability whatsoever for any loss, however arising, from any use of this document or its contents or otherwise arising in

connection therewith.

Any opinions expressed in this presentation are subject to change without notice and may differ or be contrary to opinions expressed

by other business areas or groups of Gunkul as a result of using different assumptions and criterion.

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