Tpi Polene Power Public Co., Ltd. · SET:TPIPP
Tpi Polene Power Public — Q2 2022 Earnings Presentation
62 slides from Tpi Polene Power Public's earnings presentation, August 2022
Slide 1: TPI Polene Power Public Company Limited
Slide 2: Table of Content
Table of Content soe Company & Business Overview Financial Highlights Key Operation Highlights New Prospect Project Q Mission to No Emission usin fiWla wau twias difia (Un wu) - ; oe aga are & Confidential TPI POLENE POWER PUBLIC CO.,LTD.
Slide 3: Company & Business Overview
ore Company & Business Overview usin fiWla wau twias difia (Un wu) - ; oe aga are & Confidential TPI POLENE POWER PUBLIC CO.,LTD.
Slide 4: TPP What We Stand For
TPP What We Stand For Driving and expanding businesses using cutting | ECH NOLOGY edge technologies and the latest techniques Produce the top, world-class products to satisfy the RODUCT customer’s needs in all areas of life Moving forward with the newest innovations | N NOVATION through a top class
Slide 5: TPIPP's Vision and Mission
TPIPP ‘S Vision and Mission usin fiWla wau twias difia (Un wu) - 5 oe aga are & Confidential TPI POLENE POWER PUBLIC CO.,LTD.
Slide 6: TPIPP as TPIPL's Flagship for Power Business
rH) TPIPP as TPIPL’S Flagship for Power Business Unit : THB mm TPIPP TPIPP (Q2 2022) (H12022) Electricity generation from waste Mai = heat and refused derived fuel (RDF) jain Business sae power plants and operation in petrol and gas stations. > Total Revenue 2,678 5573 Operating EBITDA * 1,130 2,240
Slide 7: Summary of TPIPP's Power Plant Operations
/ Summary of TPIPP’s Power Plant Operations TPIPP’s Installed Capacity Breakdown by Fuel MW QO Operates the Alternatives fuels and Electricity Energy = WH ®Coal/RDF = Coal @ RDF © Solid Waste Disposal Project = Solar Farm * Alternative Fuels RDF Plant 530 * Renewable Energy Power Producer SPP VSPP *
Slide 8: Financial Highlights
| Financial Highlights usin fiWla wau twias difia (Un wu) : ; A : aeeeueeecre = Confidential TPI POLENE POWER PUBLIC CO.,LTD.
Slide 9: Revenue from Energy & Utilities
Revenue from Energy & Utilities (THBmm) 5,574.0 ' 53445 | 2545 ' 2868 H12021 H12022 Energy & Utilities Q2 2021 QI 2022 @ Petrol & Gas Station Q2 2022 H12021 H12022 Q2 2021 QI 2022 Q2 2022 EGAT @TPIPL w@ Sales of RDF, shredded tires, Steam & Others Revenue from Petrol & Gas Station (THBmm) 2545 , 7,
Slide 10: Q2 2022 Cost of Sales Breakdown and Gross Profit Margin
Q2 Y2022 Cost of Sales Breakdown (THBmm) Gross Profit (THBmm) and Gross Profit Margin" (%) Energy & Utilities: 48.7% | 489% Raw s ' . materials & H Fuel 42% Maintenance 31% ' 34.9% 5% d ' 314% s H ae Waste Heat 1,766.5 H 0% ' 28.0 H Total: THB 1,530.2 mm H 1,428.8 ' 145 Petrol & Gas Station: 8745 89
Slide 11: Cost & Expenses, Operating EBITDA and NPAT
Cost & Expenses Items (THBmm) Operating EBITDA" (THBmm) and Operating EBITDA margin®! (%) if 521% 513% 7 39.8% 442% eee a. 419% a E H12021 —- H12022.— Q22021:~=—Q12022.-—S Q2.2022 2,036.6 >); sipscs acess csse8 = 9559 EEE ee 18067 mmm Operating EBITDA —=—Operating EBITDA Margin SUET 193 Operating NP
Slide 12: Comparing Profit and Loss Statement - YoY and QoQ
rH) Comparing Profit and Loss Statement — YoY and QoQ Unit :‘THBmm 2021 2022 2022 Compare (%) H1 H1 Q2 Qi Q2 YoY (H1) YoY (Q) QoQ Income ; Revenue from base tariff 2811.0 2,762.7 15259 1,500.0 1,262.8 -17% 172% -15 8% Revenue from power adder 2471.8 2,094.5; 1,245.4 1,052.0 1,042.6 -15.3% -16.3% 0.9
Slide 13: Generated Amount of Electricity and Capacity
Generated Amount of Electricity (M.KWh) and Capacity (MW) 2021 2022 Diff %Change Q2 602.32 438.62 -163.70 -27:18 HI 1107.22 96172 -14550 -1314 Q12022. 22022 Diff %Change 523.10 438.62 -84.48 -16.15 5181481783) usin fiWla wau twias difia (Un wu) TPI POLENE POWER PUBLIC CO.,LTD.
Slide 14: Debt Profile and Leverage Ratios
rH) Debt Profile and Leverage Ratios Interest Bearing Liabilities (THBmm) Cash / Cash Equivalents & Other current financial assets (THBmm) Net Interest Bearing Liabilities (THBmm) 16,1740 16,1229 44246 13,3853 — 33403 32868 yee 8,000.0 ee 2.7375 eee U i l | 2019 2020 2021 H12022 2019 2020 2021 H1202
Slide 15: COD and ADDER Schedule for each plant
COD and ADDER Schedule for each plant COD and ADDER Schedule for each plant Expiration of ADDER ADDER 18 MW 16 JAN 2015 JAN 2022 2 55 MW TGS 6 Aug 2015 TAG AUG 2022 3 90 MW TG4+TG6 18APR 2018 LY, APR 2025 usin fiWla wau twias difia (Un wu) : , ua = aeeeueeecre = Confidential TPI POLENE POWER PUBLIC
Slide 16: Projected Additional EBITDA in Yr. 2022
@ Projected Additional EBITDA in Yr. 2022 1,272.3 1,068.0 Adder18MW Adder 55 MW _ 168.0 [| FT RDF TPIPL Coal Cost Saving (454.0) (675.7) (1,129.7) FT Sep-Dec22 +468.9 MB usin fiWla wau twias difia (Un wu) - a aeeeueeecre = Confidential TPI POLENE POWER PUBLIC CO.,LTD.
Slide 17: Key Operation Highlights
Key Operation Highlights SS Ganfidentiol usin fiWla wau twias difia (Un wu) 7 aie TPI POLENE POWER PUBLIC CO.,LTD.
Slide 18: TPIPP's WTE Power Plant Situation
} TPIPP’ S WTE Power Plant Situation capacity IPS 20 MW 20 MW Power Plants with Electricity Sales TG7 70 MW eee TG8 150 MW PT capacty [mA SPP Power Plants with Electricity Sales to EGAT 163 MW Total Power Capacity 440 MW we sO RDF/MSW Coal RDF supplement ee nett 2 Contiiential usUn AWla Iwau twiwas
Slide 19: Boilers' Type
@ solters' TYPE BOILERS’ TYPE Te Newer La porere © ee Confidential usUn fiWla Iwau twibas d1fla (UHIWwU) 2 —a—a- TPI POLENE POWER PUBLIC CO.,LTD.
Slide 20: TPIPP's WTE Power Plant Situation
@ TPIPP’S WTE Power Blane Situation Grate Boiler B13, B14, B15 a ia ' ; usin fiWla lwau twas drfia (un wu) Strictly Private & Confidential 20 TPI POLENE POWER PUBLIC CO.,LTD.
Slide 21: Plant Operation Improvement 2021-2023
@ PLANT OPERATION IMPROVEMENT 2021-2023 ) Improvement Plant ) Availability Improvement of Power Plant Efficiency SS Ganfidentiol usin fiWla Iwau twias drfia (un wu) " aie TPI POLENE POWER PUBLIC CO.,LTD.
Slide 22: Increased Low grade RDF Ratio
Increased Low grade RDF Ratio ¢ Average RDF Cost reduce 12 % ¢ COD Q2 -2022 NEW RDF PLANT 3 ¢ 5 Production Lines Capacity 4,500 ton/day * COD Apr 2023 New MSW and Land filled Sorting Plant * 6 additonal Locations with 3,000 ton/day ¢ COD Q2 -2023 usin fiWla wau twias difia (Un wu) resi = oe aga are
Slide 23: RDF Plant Installation Capacity
RDF PLANT INSTALLATION CAPACITY 14,000 11700 12,000 | | 10,000 8.000 7,200 6,000 | | 4,800 4,000 3,000 1,800 2,000 2011 2014 2016 2021 2023F @ RDF LINE 14,15,16,17,18 @ RDF LINE 10,11,12,13 W@ RDF LINE7,89 W@ ROF LINE5,6 RDF LINE1,2,3,4 Strictly Private & Confidential usin fiWla wau twias difia (Un
Slide 24: RDF Consumption in Power Plant
RDF Consumption in Power Plant 100% OOMSW -L 40% - 44% 44s =MSW-H Q1/2021 Q2/2021 Q3/2021 Q4/2021 Q1/2022 Q2/2022 esis eric usin fiWla wau twias difia (Un wu) m a Ne ad Senses TPI POLENE POWER PUBLIC CO.,LTD.
Slide 25: RDF
600,000 500,000 400,000 300,000 200,000 RDF == RDF (Ton) @#===Cost (B/Ton) Q1/2021 Strictly Private & Confidential Q2/2021 Q3/2021 Q4/2021 usin fiWla wau twias difia (Un wu) TP! POLENE POWER PUBLIC CO.,LTD. Q1/2022 Q2/2022 25
Slide 26: Coal
Coal 230% 3% 55% 1% [Ten 114% — 100% _ 71% aa 50% 48% Q1/2021 Q2/2021 Q3/2021 4/2021 Q1/2022 92/2022 ee nett 2 Contiiential usin fiWla wau twias difia (Un wu) a idee TPI POLENE POWER PUBLIC CO.,LTD.
Slide 27: Coal Replacement
rH) 3. Coal Replacement Coal replacement by High Heating Value RDF la (a B8 Coal Replacement Project = 5S Lines production with = Phase 1B6 Modification = B8 Modification and New Boile 4,500 ton per day Capacity re) = Phase 2New RDF Boiler for 100 % RDF replacement = Investment 1,000 Mil Baht = Phas
Slide 28: B8 1st Phase Additional RDF Feeding System
B8 — 1%* Phase Additional RDF Feeding System * Coal Replacement 20 % * Saving fuel cost 10 MB per Month ¢ COD Sep 2022 B6A — 1** Phase 100 % Coal Replacement * Coal Replacement 100 % * Saving fuel cost 110 MB per Month ¢ COD OCT 2022 ER prints = Confidential usUn AWla Iwau twiidas dia (UK wu) ” oe T
Slide 29: B6B 2nd Phase Coal Replacement
B6B — 2%* Phase 100 % Coal Replacement * Coal Replacement 100 % ¢ Saving fuel cost EBITDA +110 MB per Month * TG7 70 MW additional sale to TPIPP or EGAT * COD May 2023 B8A-C — 2% Phase 100 % Coal Replacement * Coal Replacement 100 % ¢ Saving fuel cost EBITDA +200 MB per Month * COD 1% unit JUNE 2024
Slide 30: RDF Supply for Cement Kiln Plants
RDF Supply for Cement Kiln Plants we & = ¢ = y ae MesudalwysvevauNasaisasANUNIsMANauMUuNAssIU usUn fiWla Iwau twias drfia (un wu) TPI POLENE POWER PUBLIC CO.,LTD. Strictly Private & Confidential 30
Slide 31: FT Scenario and EBITDA Impact
FT + 0.10 B/Kwh ———__ EBITDA + 15.5 mil Baht / month FT scenario v Aunts ne. arelle 1 7 FT+1.1436 B/Kwh Aub nwn melu2 7 FT + 0.9151 B/kwh InAuwl owe, FT + 0.6866 B/Kwh FT + 0.6866 B/Kwh —————> EBITDA + 110 mil Baht_/ month usUn fiWla Iwau twidas Siria (UR IwU) TPI POLENE POWER PUBLIC CO.,LTD. Strict
Slide 32: ee usUn AWla Iwau twiidas dia (UK wu) =
0.0962 e ee Confidential usUn AWla Iwau twiidas dia (UK wu) = —a—a- TPI POLENE POWER PUBLIC CO.,LTD.
Slide 33: ; ; ; '
; ; ; ' usin fiWla wau twias difia (Un wu) Strictly Private & Confidential 33 TPI POLENE POWER PUBLIC CO.,LTD.
Slide 34: RDF requirement for coal replacement in Kiln Plants
¢ RDF requirement for coal replacement in 4 Kiln Plants ¢ Production and Selling RDF to TPIPL is approx. 400,000 Ton per year * Investment of RDF plant 1,200 Mil Baht, BOI Tax Incentive 8/5 year ¢ Estimate RDF revenue 350-450 Mil baht per year * Cement KILN 3 and KILN 2 have been using RDF to partly
Slide 35: Q1/2021 Q2/2021 Q3/2021 Q4/2021 Q1/2022 Q2/2022
Q1/2021 Q2/2021 Q3/2021 Q4/2021 Q1/2022 Q2/2022 esis eric usin fiWla wau twias difia (Un wu) - cent certo TPI POLENE POWER PUBLIC CO.,LTD.
Slide 36: = semana intaainiousevsematnn
‘a ¥ = semana intaainiousevsematnn nemeom Wtihesdeuvehsinnlne 4 detod an Inte dor mivdalwinzurduior sivecunedgnduinundsmudmiuguielyinndin der mnfudultiincertuteseduacunnaigntudmumiernuomdadelwtreaan engin a >Tuildya Mowelwtyiunnstih, Ss Contidentiol usGn Awla Iwau twildas difa (UK IwU) An wa TP! POL
Slide 37: nwa. audnqotantesssuudwsu
nwa. audnqotantesssuudwsu mewelww dua 40 MW. mssutalwwisvesaunasassas aAMUMsManaumunassiu Ss Ganfidentiol usUn fiWla Iwau twibas d1Aia (UHIWwU) - “1 TPI POLENE POWER PUBLIC CO.,LTD.
Slide 38: ee usUn AWla Iwau twiidas dia (UK wu)
ee Confidential usUn AWla Iwau twiidas dia (UK wu) —a—a- TPI POLENE POWER PUBLIC CO.,LTD.
Slide 39: Carbon Credit T-VERs Verification
Carbon Credit T-VERs Verification NIENIWNINEINGHITNGIAUALSAIUIANADH Tae BIANITUIMISIANISHIDIFOWNIEIN (AIANISNMIDY) Shing uaun Alo lwaw wired dana (AMID) TasenrsmsniinBouniawus (RDF Tinsuz YANO YNBY (RDF Production from Municipal Solid Waste) aunisteaanahweunis mulilasomsanimtounssenmaniasteaminn wag
Slide 40: Carbon Credit Verification
rH) Carbon Credit Verification Carbon Credit T-VERs Registered by TGO RDF Production From MSW 1. July 2015 - May 2016 13,483 tCO,eq 2. May2016 — Apr 2017 68,573 tCO,eq 82,056 tCO,eq 3. Sold out to Zukunft des Konlentoffmarktes - 39,197 tCO,eq 4. Remain 42,859 tCO,eq 5. Approval Credit 717,931 tCO,eq
Slide 41: New Prospective Projects
ey New Prospective Projects SS Ganfidentiol usUn fiWla Iwau twibas d1fla (UHIWwU) - aie TPI POLENE POWER PUBLIC CO.,LTD.
Slide 42: New Prospective Projects
NEW PROSPECTIVE PROJECTS MSW Incinerator Other Renewable EV Charging Stations clas SS Ganfidentiol usin fiWla wau twias difia (Un wu) _ aie TPI POLENE POWER PUBLIC CO.,LTD.
Slide 43: New Prospective Projects - PDP2018 Rev.1
NEW PROSPECTIVE PROJECTS Qiysaetaramsye 1. ania NISVIIWAIITU nuy. atu 29 wang 2565 tWaruiugau LNUNISINUNISHAAM INA aIAWAVNIUAZOIA MutdunY PDP2018 Rev.1 Wu2iavil 2564 — 2573 I (lsualsorviadia) WasNUUAWind | 45 10 34 300 400 | 666 600 | 700 | 800 | 900 | 4,455 wassuay favtanw gawa 150 150 | 75 70 40 |
Slide 44: MSW Incinerator Power Plants
NEW PROSPECTIVE PROJECTS MSW Incinerator Power Plants } ¢ Phase 1: The Energy Regulator Commission (ERC) is expected to announce 34 MSW Power Plants in approved list (282.98 MW. total) - Songkhla 7.92 MW. - Nakhon Ratchasima 9.9 MW. - 4 Other Potential Projects 4x8 MW. * Phase 2: MSW Power Plant (20
Slide 45: Solar Power Plant
NEW PROSPECTIVE PROJECTS Solar Power Plant * ERC plans to announce 3,368 MW of new Solar Power Plant during 2022-2030 according to PDP2018 Rev.1 * TPI group owns over 15,000 rai of land in strategic locations across the country which may accommodate +1,500 MW solar farms o Songkhla o Rayong oO. Sara
Slide 46: Solar Power Plant - Saraburi Solar Farm Phase 1
NEW PROSPECTIVE PROJECTS Solar Power Plant Independent Power ply (IPS) to TPIPL Saraburi Solar Farm Phase 1 + Installation 54.97 MWp * Net Capacity : 50 MWac * 85,000,000 kWh / year * Expected COD : 2023 * Investment: 1,500 million Baht * Estimate Revenue : 350 million Baht / year SS Ganfidentiol us
Slide 47: New Renewable Power Plant
NEW PROSPECTIVE PROJECTS New Renewable Power Plant * Industrial Waste Power Plant PDP 200 MW. Target 40 MW. * Wind Turbine Power Pant PDP 1,500 MW. Target 300 MW. SS Ganfidentiol usin fiWla wau twias difia (Un wu) _ aie TPI POLENE POWER PUBLIC CO.,LTD.
Slide 48: EV Charging Station - Cement Quarry
NEW PROSPECTIVE PROJECTS EV Charging Station 1. TPIPL Cement Quarry Charging Station * Trucks and Heavy Equipment in TPIPL Cement Plant © 40 Electric Dump Trucks by 2023 o 20 Heavy Equipment for Quarry by 2024 o Fully electrified by 2025 * 30 Charging Stations with 350 kw Changer by 2023 SS Ganfiden
Slide 49: EV Charging Station - MEGA Charging Station
NEW PROSPECTIVE PROJECTS EV Charging Station 2. MEGA Charging Station Cement and Raw Materials Transport * TPIPL Cement Transport 200 pass per day * TPIPL Cement Customer Truck 1,000 pass per day * Raw Material and Coal Transport 300 pass per day * MSW and RDF Raw material Transport 700 pass per day
Slide 50: Power Plant Installation Capacity
TPP NEW PROSPECTIVE PROJECTS POWER PLANT INSTALLATION CAPACITY ( MW.) 1,590 1,320 530 590 TOTAL 440 490 320 SPP-VSPP aa 220 260 2022 2023 2024 2025 2030+ BR priate = Confidential usin fiWla wau twias difia (Un wu) = oe TPI POLENE POWER PUBLIC CO.,LTD.
Slide 51: Mission to No Emission
SA Mission to No Emission SS Ganfidentiol usin fiWla wau twias difia (Un wu) a aie TPI POLENE POWER PUBLIC CO.,LTD.
Slide 52: CSR Activity - Covid-19 waste
@ CSR Activity- Covid-19 waste usUn fiWla wau twas drfia (UHI TPI POLENE POWER PUBLIC CO.,L Strictly Private & Confidential
Slide 53: CSR Activity - Covid-19 waste
@ CSR Activity- Covid-19 waste Usuiruug: COVID-19 3,000 2,500 2,000 1,500 wud (au) 2, 3 1,000 2, 1 8 1 lo 4 F 1, 2 500 7a? 0 A.A64 WH64 s.A64 NAGS NWE6S HAC wees Wass NA6S NAGS ee Confidential usin fiWla wau twias difia (Un wu) - —a—a- TPI POLENE POWER PUBLIC CO.,LTD.
Slide 54: Thailand Stance on COP
Thailand Stance on COP Total CO, Emission in 2030 = 555m tons Paris Agreement 2015 NDC by 2030 = 115m tons (20.8% of total emission) -Industry = 43m tons -Transport = 41m tons -Energy = 24m tons -Others = 7m tons COP26 (Glasgow) NDC by 2030 = 46m tons (40% of 115m tons) NDC by 2050 = 115m tons (tota
Slide 55: Mission to No Emission
@ Mission to No Emission @ 220/440 B @ e 150 / 490 Ge "YY @ =m Sia To be Green Power Plant - Zero Coal SS Ganfidentiol usin fiWla wau twias difia (Un wu) - aie TPI POLENE POWER PUBLIC CO.,LTD.
Slide 56: 8,500 Ton / Day
8,500 Ton / Day 17,000 Ton / Day 25 mil Ton / Year 5.2 mil Ton / Year 5.8 mil Ton-CO, 12.0mil Ton-CO, 56 Strictly Private & Confidential usUn fiWla Iwau twias drfia (un wu) TPI POLENE POWER PUBLIC CO.,LTD.
Slide 57: EU Carbon Permits
EU Carbon Permits CARBON CREDITS EU Carbon 1D w ——— Permits EU Carbon Permits (EUR) $1.75 -0.95 (-1.80%) Voluntary Carbon Market: Voluntary Carbon Markets enable carbon emitters to offset their unavoidable emissions by acquiring carbon credits generated by initiatives aimed at removing or decreasing
Slide 58: Mission to No Emission - ESG
rH) Mission to No Emission amUulngywouu [dus:tGudayaduavusaaau avau wassssuTAUIA (Environmental Social and Governance: ESG) DIAMWsIUNAaMsditGuviudiu ESG U 2563 Tawtécin3a WFE ESG Metrics S1udu 30 ddw5a UavaUIWUSsoaIaHannswélan (World Federation of Exchanges) asuUnztiuulda lagstumwsou WanisUs:10UMU E
Slide 59: usUn AWla Iwau twidas d1Aa (UK WU)
Strictly Private & Confidential usUn AWla Iwau twidas d1Aa (UK WU) TPI POLENE POWER PUBLIC CO.,LTD. 59
Slide 60: International Finance Awards 2021
ugh INANCE INTERNATIONAL FINANCE AWARDS 2021 tee eee TPI Polene Power Public Company Limited (TPIPP) Most Innovative Initiative towards Waste Processing Plant Thailand week ae Strictly Private & Confidential usUn fiWla Iwau twias drfia (un wu) TPI POLENE POWER PUBLIC CO.,LTD. 60
Slide 61: Strictly Private & Confidential
Strictly Private & Confidential 61
Slide 62: Thank you
Thank you Strictly Private & Confidential 62
TPI Polene Power Public Company — Q2 2022 Earnings Presentation on 6ix