Opportunity Day the water becomes superheat steam • The superheated steam flows to the steam turbine driving a generator for the production of electricity SOLAR PV FARM PHASE 1 (FULLY

Opportunity Day

25th November 2014

EXECUTIVE SUMMARY

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● Established under the name of Siam Solar Energy Company Limited ● Acquired PPA of Solar Thermal ● Changed name to Thai Solar Energy Company Limited (“TSE”)

● Majority owned by Dr. Cathleen ● COD of Solar Thermal with selling capacity 4.5MW ● Acquired PPAs for 10 Solar PV Farms ● Established Thai Solar Renewable Company Limited (“TSR”) to serve as a holding company for the joint venture between GPSC (PTT Group) and TSE in Siam Solar Energy 1 Company Limited (“SSE1”)

● Executed Joint Venture with GPSC to invest in Solar PV Farm projects ● Acquired PPAs for 14 Solar Commercial Rooftop projects ● Converted to Public Company Limited ● COD of 10 Solar PV Farms with total selling capacity of 80 MW ● Began roll out of Solar Commercial Rooftop projects with total selling capacity of 14 MW

● COD of all Solar Commercial Rooftop projects ● Invest in oversea projects including Asian and Oceania ● Expand company capacity in Thailand ● Diversify into other renewable energy businesses in Thailand

KEY MILESTONES

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2008-2010

2011-2012

2013-2014

2015 onward

COMPANY STRUCTURE

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STOCK INFORMATION

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Stock Information Ticker “TSE”

Sector MAI

IPO New Shares 450 Mil Shares @ 3.9 Baht

Total Outstanding Shares 1,815 Mil

Share Price @ 21/11/14 9.4 Baht

Market Cap. @ 21/11/14 17,061 Mil Baht

Minorities 37%

P.M. Energy 43%

WAVE 20%

Dr. Cathleen

Group 63%

Shareholding Structure

Used of IPO Proceed Total Proceed 1,755 Mil Baht

- Repayment Debt 420 Mil Baht

- IPO Proceed Fee 35 Mil Baht

- W/C for Rooftops 50 Mil Baht

Net for Future Projects 1,250 Mil Baht

CURRENT PROJECT SUMMARY

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CURRENT PROJECT LOCATION

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SOLAR THERMAL (FULLY OPERATIONAL)

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Key Facts • Solar Thermal has gross capacity of 5.0MW and net

capacity of 4.5MW (“TSE-01”) • TSE-01 located in Huay Krachao, Kanchanaburi • South East Asia’s first commercial concentrated

solar thermal power plant • First in the world for Direct Steam Generation (DSG)

for parabolic trough • Output production from Solar Thermal is seasonal

due to requirement of effective solar irradiance

Technology • Parabolic troughs concentrate heat generated from

sunlight and direct the heat to the metal tubes • Transfer water running through the metal tubes

absorb the heat which increases the temperature until the water becomes superheat steam

• The superheated steam flows to the steam turbine driving a generator for the production of electricity

SOLAR PV FARM PHASE 1 (FULLY OPERATIONAL)

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SSE1-PV04 Type: Solar PV Capacity: 8.0MW Location: Doem Bang Nang Buat, Suphanburi COD: 21 Nov 2013

SSE1-PV02 Type: Solar PV Capacity: 8.0MW Location: Don Chedi, Suphanburi COD: 17 Jul 2013

SSE1-PV01 Type: Solar PV Capacity: 8.0MW Location: Bo Phloi, Kanchanaburi COD: 4 Sep 2013

SSE1-PV03 Type: Solar PV Capacity: 8.0MW Location: Nong Ya Sai, Suphanburi COD: 28 Oct 2013

SSE1-PV05 Type: Solar PV Capacity: 8.0MW Location: Doem Bang Nang Buat, Suphanburi COD: 21 Nov 2013

SOLAR PV FARM PHASE 2 (FULLY OPERATIONAL)

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SSE1-PV09 Type: Solar PV Capacity: 8.0MW Location: U Thong, Suphanburi COD: 9 Apr 2014

SSE1-PV07 Type: Solar PV Capacity: 8.0MW Location: Rang Sali, Kanchanaburi COD: 20 Mar 2014

SSE1-PV06 Type: Solar PV Capacity: 8.0MW Location: Dan Makham Tia, Kanchanaburi COD: 6 Jun 2014

SSE1-PV08 Type: Solar PV Capacity: 8.0MW Location: Panom Tuan, Kanchanaburi COD: 6 Jun 2014

SSE1-PV10 Type: Solar PV Capacity: 8.0MW Location: Sam Chuk, Suphanburi COD: 30 May 2014

- 10,000 20,000 30,000 40,000 50,000

PV1 ** PV2 ** PV3 PV4 PV5 PV6 PV7 PV8 PV9 PV10Avg.

Out

put p

er D

ay

Simple Average Output from COD to Q3

Actual Output Guaranteed Output

SOLAR PV PERFORMANCE

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- 10,000 20,000 30,000 40,000 50,000

PV1 PV2 PV3 PV4 PV5 PV6 PV7 PV8 PV9 PV10

Avg.

Out

put p

er D

ay

Simple Average Output Q3 for period 3-month

Actual Output Guaranteed Output

Unit: KWh

Unit: KWh

**At least 12 months operation

SOLAR ROOFTOP (2 OPERATIONAL)

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-

1,000

2,000

3,000

4,000

5,000

Lopburi Chumpon

Avg.

Out

put p

er D

ay

Simple Average Output of Solar Rooftop

Actual Output 3rd Party Engineer Estimation

Lopburi Type: Solar PV Capacity: 1.0MW Location: HMPRO Lopburi COD: 4 Sep 2014

Chumporn Type: Solar PV Capacity: 1.0MW Location: HMPRO, Chumporn COD: 4 Sep 2014

Unit: KWh

SOLAR ROOFTOP (6 AWAITING COD)

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6 Rooftop projects awaiting COD Type: Solar PV

Total Capacity: 6.0MW Location:

Khao Yai, Ubonratchathani, Surat Thani, Phrae,

Ekamai-Ramindra, and Ratchapruek

SOLAR ROOFTOP (6 UNDERCONSTRUCTION)

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6 Rooftop projects underconstruction

Type: Solar PV Total Capacity: 6.0MW

Location: Nakornsawan, Nakorn Sri Thammarat

Hat Yai, Ngamwongwan Thrapra, and Bangkapi

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FINANCIAL HIGHLIGHT – P/L STATEMENT

9-month comparison 3-month comparison

75.05

P/L Statement Q3 '13 %Growth Q3 '14 9M '13 %Growth 9M '14Electricity Sales 25.34 836% 237.22 43.12 1212% 565.51Other Incomes 7.81 -50% 3.88 15.05 51% 22.75Total Revenue 33.15 627% 241.10 58.16 911% 588.26Cost of Goods Sold -5.56 492% -32.88 -12.02 382% -57.92Gross Profit 27.59 655% 208.22 46.14 1049% 530.34Selling, General and Administration -31.50 -47% -16.74 -74.30 -9% -67.73EBITDA -3.91 5002% 191.48 -28.15 1743% 462.61Depreciation and Amortization -11.68 274% -43.68 -26.45 295% -104.52EBIT -15.59 1048% 147.80 -54.61 756% 358.09Interest Expenses -36.23 17% -42.48 -53.20 120% -116.91Corporate Income Tax 126.86 -95% 6.18 137.80 -97% 3.79Core Net Profit 75.05 49% 111.50 29.99 717% 244.97Delayed Claim 0.00 0.00 4.91 1216% 64.59Gain on Changes in Statuses of Investments 0.00 0.00 293.43 53% 450.00Impairment Loss -591.90 -100% 0.00 -599.25 -100% 0.00Profit from Jointly Controlled Entity 0.00 0.00 105.43 -100% 0.00Net Profit for Period -516.85 122% 111.50 -165.50 559% 759.55

FINANCIAL HIGHLIGHT – BALANCE SHEET

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Assets 2013 Q3 2014Current Assets

Cash and Equivalent 37.89 138.39Account Receivable 118.14 185.09Others 107.56 102.06Total Current Assets 263.59 425.55

Fixed AssetsProperty, Plant and Equipments (Net) 4,682.61 4,994.65Restricted Cash 0.88 138.63Others 357.74 354.50Total Fixed Assets 5,041.23 5,487.77

Total Assets 5,304.82 5,913.32

Debt and Equity 2013 Q3 2014Current Liabilities

Short-Term Loan 70.29 177.64Account Payable 793.06 248.53Others 46.97 23.16Total Current Liabilities 910.33 449.33

Long-Term DebtLong-Term Loan 3,430.22 3,502.83Others 31.55 11.86Total Long-Term Debt 3,461.76 3,514.68

EquityRegistered Capital 1,365.00 1,815.00Paid-up Capital 1,021.22 1,365.00Retained Earnings (175.25) 584.30Capital Surplus 0.00 0.00Others 86.76 0.00Total 932.73 1,949.30

Total Debt and Equity 5,304.82 5,913.32

910 449

3,462 3,515

933 1,949

2013 Q3 2014

Debt and Equity

Current Liabilities Long-Term Debt Equity

264 426

5,041 5,488

2013 Q3 2014

Assets

Current Assets Fixed Assets

FINANCIAL RATIOS

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5%

78% 78% 79%

FY2013 1Q '14 2Q '14 3Q '14

EBITDA Margin**

EBITDA Margin

-10%

38%

187%

129%

13% 38% 38% 42%

FY2013 1Q '14 2Q '14 3Q '14

Net Profit Margin**

NPM Core NPM

4.69

3.60

2.15 2.03

4.69

3.60

2.15

1.07

2013 Q1 2014 Q2 2014 Q3 2014

D/E

D/E D/E after IPO

**Revenue exclude extraordinary items

-2% -3%

18%

68%

2% 9% 13%

18%

22.9%

FY2013 Q1 '14 Q2 '14 Q3 '14

Return on Equity (Annualized)

ROE ROE (Core Profit) ROE (Recurring Profit)

• Organic growth from full year operational of Phase 2 solar PV farm and solar commercial rooftop including better performance than projection.

• Potential growth in Thailand by expanding solar capacity and diversify into other renewables.

• Potential growth via overseas expansion in solar projects focusing in Asia region.

FUTURE OUTLOOK

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Questions and Answers

Thai Solar Energy Public Company Limited (“TSE”)

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