Absolute Clean Energy Public Company Limited (ACE)

Absolute Clean Energy Public Company Limited
September 2019
Brief Company Information

2
This presentation is for information purposes only and does not constitute or form whole or part of any offer, invitation or solicitation by or on behalf of the Company for sale or
subscription of or solicitation or invitation of any offer to or recommendation to buy or subscribe for any securities of the Company, nor shall it or any part of it form the basis of or
be relied on in connection with any contract, commitment or investment decision in relation thereto (“Securities”) in Thailand, the United States or any other jurisdictions. Any
recipient considering a purchase of Securities is hereby reminded that any such purchase should be made solely on the basis of the information contained in a final offering
document (which may be different from the information contained in this presentation ) and subject to the selling restrictions set out therein. No public offering of the Securities will
be made in the United States or in any other jurisdiction outside of Thailand where such an offering is restricted or prohibited. This presentation should not be construed as legal,
tax, investment or other advice. The information contained herein does not take into consideration the investment objectives, financial situation or particular needs of any particular
investor, and should not be treated as giving investment advice.
In addition, this presentation contains certain financial information and results of operation, and may also contain certain projections, plans, strategies, and objectives of the
Company, that are not statements of historical fact which would be treated as forward looking statements that reflect the Company's current views with respect to future events and
financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and
contingencies as well as various risks which are in many cases beyond the control of the Company, and which may change over time and may cause actual events and the
Company's future results to be materially different than expected or indicated by such statements. No assurance can be given that future events will occur, that projections will be
achieved, or that the Company's assumptions are correct. Such forward-looking statements are not guarantees of future performance and accordingly, the actual results, financial
condition, performance or achievements of the Company may differ materially from those anticipated by the Company in the forward looking statements. The recipient is cautioned
not to place undue reliance on these forward looking statements.
In providing this presentation, the Company does not undertake to provide any recipient with access to any additional information or to correct any inaccuracies herein which may
become apparent.
Disclaimer

3
Company Core Competitive Advantages
Financial Highlights
Company OverviewI
IV
III
Table of Contents
Industry Overview and Growth PotentialII
Key TakeawaysV

5
Who is ACE?
Company Overview
“To be the world practical model of Clean energy powerplant, which is responsible for
environment, society, and shareholders”
“เป็นโรงไฟฟ้าพลังงานสะอาดต้นแบบของโลกที่มีความรับผิดชอบต่อสิ่งแวดล้อม สังคม และผู้ถือหุ้น”
Thailand’s Current Largest “Professional-Run” Biomass Power Producer
40 Years Strong foundation in Integrated Agricultural Industry
Thailand’s Leading Renewable Power Producer
The Green & Clean Energy Leader

6
ACE at a Glance
Innovative
Private
Power
Producer
for
Absolute
Clean
Energy
Abundant biomass
feedstock support from community
40 Years Strong foundation
of Major Shareholder in
Integrated Agricultural
Industry
Surrounding the power plants
Ongoing Improvement with
Innovative Technology
Innovative Technology and
Experienced R&D Team
Company Overview

7
Company Overview
ACE at a Glance
Innovative
Private
Power
Producer
for
Absolute
Clean
Energy
Co-generation (1+0)
114.35 MW
Solar (2+4)
5.02 MW
MSW (1+1)
11.0 MW
Biomass (9+14+1)/1
291.0 MW/1
32+1 Power Plants/1
(13 in Operations)
411.47+9.9 MW/1
Expected Installed Capacity
1 GW (Gross)
+36% MW CAGR/2
Remark: /1 Including APP’s capacity MW of 9.9, Currently, APP’s shareholders sent LOI for APP share purchase proposal to ACE
/2 Compound Annual Growth Rate in term of MW from 2019-2024

8
Company Overview
ACE’s Biomass Powerplant (9+14+1, 291 MW)/1,/2
ACP1 Ban Bueng
ACP2 Ponthong
ACP3 Bo Ploy ABA1 Thern
ALCP1 Sri Chiang Mai
ALCP2 Sirinthorn
AAPP2 Chokchai
AAPP1 Tanee
AAP1 Nam Pong
/2 Capacity MW

9
Company Overview
ACE’s MSW Powerplant (1+1, 11MW)/1
MSW Khon Kaen
Remark: /1 Capacity MW

10
Company Overview
ACE’s Co-generation Powerplant (1+0, 114.35 MW)/1
AAA Chachoengsao

11
Company Overview
ACE’s Solar Powerplant (2+4, 5.02 MW)/1

12 Strictly Private & Confidential
Company Overview
Source: ERC, company website/annual report
Remark: /1 Average capacity of all powerplant type of ACE
/2 Feedstock burn capacity for biomass powerplant
Innovative
Private
Power
Producer
for
Absolute
Clean
Energy
ACE at a Glance
Feedstock Burn Capability
ACE: Up to 65% moisture
content/2 of mixed
fuel
Others: Up to 40%
Largest Portion Bidding Winner in the recent
2017 Major SPP Hybrid Firm Bidding
Unit : MW
>90% Capacity Factor/1
Biomass: 97% > Listed Peer : 96%
MSW: 95% > Listed Peer : 72%
Cogeneration: 82% > Listed Peers: 81%
196
76

13
85.2
209.5 210.5 212.2
214
421 421
1,000
2016 2017 2018 2019 2020 2021 2022 2024
421
“To be the world practical model of Clean energy powerplant, which is responsible for environment, society, and shareholders”
1979/1 (40 years
ago): Shaiyo Triple A
Group, world’s leading
rice, corns, cassavas
and woodchips
producer and
exporter, has
expertise in
agriculture industry
and R&D in the fast
growing tree and
intrigued in exploring
the energy sector.
2016:
First COD of VSPP
“ALCP” MSW Power
Plant
2015:
Established
Absolute Clean
Energy (ACE) as a
Holding Company
with initial paid-up
capital of THB 0.5
mm.
2017:
First COD of SPP
“AAA” Cogeneration
Power Plant
2017:
Won and secured 4
SPP Hybrid Bidding
of total 93 capacity
MW
2018:
First COD of VSPP
Solar Rooftop
2012:
First COD of VSPP
“ACP1” Biomass
Power Plant
2024:
Expected to secure
an installed capacity
of 1,000 PPA MW
and becomes
Thailand’s largest
biomass power
producer
2022:
Estimated to
COD all
projects/2
(421.37 MW)/3
Unit: MW
ACE’s Key Development Milestones
Company Overview
Remark : /1 http://www.saaa.co.th/SAA_ENG/home.php
/2 Estimated timeline: Currently, Arbitration result states that PEA has to return PPA to ACE and with the assumption that normally power project’s
construction period is approx. 2 years
/3 Including APP’s capacity MW of 9.9, Currently, APP’s shareholders sent LOI for APP share purchase proposal to ACE
ACE’s Total Capacity MW/3 over time

Strictly Private & Confidential14
ACE Business Portfolio in Thailand
Power Type
Biomass Co-generation MSW Solar
ACE’s Holding
Stake in Projects
100.0% 100.0% 100.0% 100.0% 100.0%
Existing + Pipeline
Projects
9+14+1/1 1+0 1+1 2+4
Capacity MW
(Total Capacity
MW)
PPA MW to
Government & IU
(Total PPA MW)
89.1
201.9
114.4
1.73
3.29
6.0
5.0
Remark: /1 Including APP’s capacity MW of 9.9. Currently, APP’s shareholders sent LOI for APP share purchase proposal to ACE
/2 Electricity Sale Agreement (ESA) with IU
Total: 291.0/1 Total: 114.35 Total: 11.0
Total: 5.02/2
72
164.3
90 4.54.4
Total: 236.31/1 Total: 90 Total: 8.9
Total: 5.02
Existing Under Development + Pending for Development
Overview of ACE’s Portfolio
Company Overview
/1
/1
1.73
3.29
COD: 211.18
Pipeline: 210.19
Total: 421.37
COD: 13
Pipeline: 20/1
Total: 33/1
COD: 168.23
Pipeline: 171.99
Total: 340.22

15
Assets Overview
Type
Installed/ Equity
MW
PPA MW Location
COD / SCOD
Date
Status
Existing
Projects
(13 Projects)
1 VSPP - Biomass 9.9 8.0 Chonburi 24/04/2012
COD
2 VSPP - Biomass 9.9 8.0 Khonkaen 02/05/2012
3 VSPP – Biomass 9.9 8.0 Surin 30/10/2012
4 VSPP – Biomass 9.9 8.0 Nakhon Ratchasima 16/01/2013
5 VSPP – Biomass 9.9 8.0 Roi-et 04/06/2013
6 VSPP – Biomass 9.9 8.0 Nongkhai 26/12/2013
7 VSPP – Biomass 9.9 8.0 Lampang 09/07/2014
8 VSPP – Biomass 9.9 8.0 Ubonratchathani 14/08/2015
9 VSPP – MSW 6.0 4.5 Khonkaen 29/11/2016
10 SPP - Cogen 114.35 90.0 Chachoengsao 10/02/2017
11 VSPP – Biomass 9.9 8.0 Kanchanaburi 16/08/2017
12 VSPP – Solar Rooftop 1.0 Chonburi 20/11/2018
13 VSPP – Solar Rooftop 0.73 Nakhon Ratchasima 22/02/2019
Under
Development
and
pending for
development
(20 projects)
4 SPP – Hybrids 93.0 76.31 2021 EIA process
15 VSPP – MSW 5.0 4.4 Krabi 2021 Under Construction
16 1 Solar Rooftop 1.0 Chonburi 2019
Quality
assessment /under
construction
17 VSPP – Biomass 9.9 8.0 Kampangphet Within 2022
Under negotiation
SCOD/2
18 VSPP – Biomass 9.9 8.0 Kampangphet Within 2022
19 VSPP – Biomass 9.9 8.0 Supanburi Within 2022
20 VSPP - Biomass 9.9 8.0 Nakornpathom Within 2022
21 VSPP - Biomass 9.9 8.0 Nakhon Ratchasima Within 2022
22 VSPP - Biomass 9.9 8.0 Chonburi Within 2022
23 VSPP - Biomass 9.9 8.0 Amnatcharoen Within 2022
24 VSPP - Biomass 9.9 8.0 Lopburi Within 2022
25 VSPP - Biomass 9.9 8.0 Pracheenburi Within 2022
26 VSPP – Biomass 9.9 8.0 Srisaket Within 2022
Under
consideration of
Administrative
Court
27 VSPP – Biomass/1 9.9 8.0 Chonburi Within 2022
Under negotiation
SCOD/2
28 1 Solar Rooftop 0.83 Samut Sakhon 2020 Under construction
29 1 Solar farm 0.77 Nakhon Ratchasima 2020 Under construction
30 1 Solar farm 0.69 Nakhon Ratchasima 2020 Under construction
Total Projects 421.37 335.21
Surin:
• No. 3
Khonkaen:
• No. 2 and 9
Roi-et:
• No. 5
Nongkhai:
• No. 6
Lampang:
• No. 7
Ubonratchathani:
• No. 8
Chachoengsao:
• No. 10
Kanchanaburi:
• No. 11
Kampangphet:
• No. 17, 18
• SPP – Hybrid
Srisaket:
• No. 26
Supanburi:
• No. 19
Nakornpathom:
• No. 20
Amnatcharoen:
• No. 23
Lopburi:
• No. 24
Krabi:
• No. 15
Pracheenburi:
• No. 25
Ranong:
• SPP - Biomass
 Operating projects
 Under development projects and
Pending for development projects
Nakhon Si Thammarat:
• 2 SPP - Biomass
1
2
COD Biomass
SCOD Biomass
COD Cogeneration
COD MSW
SCOD MSW
SCOD 4 SPP-Hybrid
Solar
Well-Balanced Portfolio with Diversified Locations
Source: Company information as of 28 August 2019
/2 Estimated timeline: Currently, Arbitration result states that PEA has to return PPA to ACE and with the assumption that normally power project’s construction period is approx. 2 years
Company Overview
Chonburi:
• No. 1, 12, 16,22, 27
Samut Sakhon:
• No.28
Nakhon Ratchasima:
• No. 4, 13 ,21,29 and 30

16
COD
Under Development +
Pending for Development
Asia Clean Energy (“ASCE”)
(Holding Company)
100%
(Holding Company)
ACE’s Group Structure
Company Overview
100%100% 100% 100% 100% 100%
Advance
Farm Tree
(“AFT”)
Advance
Farm Tree
(“AFT”)
1 VSPP
(9.9 MW)
AFT 1
Advance Asia
Power Plant
(“AAP”)
Advance Asia
Power Plant
(“AAP”)
1 VSPP
(9.9 MW)
AAP 1
(May 12)
Advance Bio
Asia
(“ABA”)
Advance Bio
Asia
(“ABA”)
1 VSPP
(9.9 MW)
ABA1
(Jul 14)
100%
Advance
Agro Asia
(“AAA”)
Advance
Agro Asia
(“AAA”)
1 SPP
(114.35 MW)
AAA 1
(Feb 17)
Advance
Agro Power
Plant
(“AAPP”)
Advance
Agro Power
Plant
(“AAPP”)
3 VSPP
(29.7 MW)
AAPP 1
(Oct 12)
AAPP 2
(Jan 13)
AAPP 3
Asia Clean
Power
(“ACP”)
Asia Clean
Power
(“ACP”)
7 VSPP
(69.3 MW)
ACP 1
(Apr 12)
ACP 2
(Jun 13)
ACP 3
(Aug 17)
ACP 4
ACP 5
ACP 6
ACP 7
Operating Company
Operating Assets
100% 100%
Alliance
Clean Power
(“ALCP”)
Alliance
Clean Power
(“ALCP”)
4 VSPP + 2 MSW
(50.6 MW)
ALCP 1
(Dec 13)
ALCP 2
(Aug 15)
ALCP 3
(Nov 16)
ALCP 4
ALCP 5
ALCP 6
ACE Solar
(“ACE Solar”)
ACE Solar
(“ACE Solar”)
2 SPP + 6 VSPP
(53.02 MW)
Rooftop
1
(Nov 18)
Rooftop
2
(Feb 19)
BPP 1
Bio
Powerplant
(“BPP”)
Bio
Powerplant
(“BPP”)
2 SPP +1 VSPP
(54.9 MW)
BPP 2
BPP 3
PSPRPSPR
PSPR 1
1 VSPP
(9.9 MW)
100% 100%
ACE
SOLAR 1
ACE
SOLAR 2
Rooftop 1
expansion
Power
Supply and
Maintenance
Service
(“PSMS”)
Power
Supply and
Maintenance
Service
(“PSMS”)
Advance
Power Plant
(“APP”)/1
Advance
Power Plant
(“APP”)/1
APP 1
1 VSPP
(9.9 MW)
100%
Rooftop 2
expansion
Farm 1
expansion
Farm 1
expansion

17
PRANAI SUWANRATH,
Independent Director
Chairman of the Board of Directors
• Current: The Thai Red Cross- Director
• Ex-Chairman of the BOD, MEA
• Ex-Permanent secretary of the Ministry of Interior
CHAROON INTACHAN,
• Current: Office of the Council of State- Council
Committee
• Ex-President of the Constitutional Court
• Ex-Secretariat of the House of
Representatives- Constitution Drafting
Committee
• Ex-Justice of The Supreme Court
• Ex-Justice of The Supreme Administration
Court
NUEKRAK BAINGERN,
Audit Committee, Nomination &
Remuneration Committee
• Current: Advance Life Assurance-
Chairman of the Audit Committee
• Experience: CIMBT- Executive Vice
President- Operation
TEERAWUT SONGMETTA,
Executive Director
Chief Technology & Innovation Officer
• Current: Songmetta Corporation-
Director
• Experience: Advance Agro Asia-
Director
CHONTICHA CHITRARPORN,
Chairman of Audit Committee
• Current: Advance Life Assurance-
Independent Director / Chairman of the Risk
Management Committee
• Current: Dhanarak Asset Development –
Risk Management Committee
JIRATHA SONGMETTA,
Director
Chairman of Executive Committee,
Nomination & Remuneration Committee
• Experience: Double A (1991) – Director
• Experience: Thai Power Supply - Director
• Experience: 304 Industrial Park - Director
PORNMETT SONGMETTA,
Executive Director
Chief Operation Officer
• Current: Songmetta Corporation-Director
• Experience: Asia Clean Industrial Park –
Director
PATCHANEE SUTHEEVITANUNT,
Audit Committee, Chairman of Nomination &
Remuneration Committee
• Current: Advance Life Assurance – Audit
Committee
• Experience: Government Pension Fund- Assistant
Secretary General
TANAVIJIT ANKAPIPATCHAI,
Director
CFO, Management Committee
• Current: Inter Care & Service- Director
• Experience: Shaiyo AA- Executive Director
• Experience: Advance Agro Asia- Co-CEO
TANACHAI BUNDITVORAPOOM,
Director
CEO, Management Committee
• Current: Synergetic Auto Performance-
Director/the Nomination and Remuneration
Committee
• Experience: TISCO Securities- First Senior Vice
President- Head of Investment Banking
ACE’s Board of Directors
Company Overview

18
ACE’s Strategy, Core Value & Competency
Company Overview
ACE’s Core Competency
Research &
Development
Innovation for
production
Sustainable
growth
Efficiency
Improvement
ACE’s Strategy
Development for Stakeholders
Systemetic
Management
Managerial
Potential
Development
Production
Innovation
for Efficiency
Long Term
Feedstock
Development
Plan
Profitability
with CSR
Sustainability
ACE’s Corporate Culture
Wisdom
Empower
Synergy
Honest
Adaptability
Enterpreneur
Result
Oriented
Social
Responsibility
ACE’s
Sustainable
Growth
ACE’s Core Value Operation
สร้างประสิทธิภาพ
9 ส
สร้างนิสัย
สะสาง
สะอาด
สะดวก
สร้างสรรค์ความ
ปลอดภัย
ส่งเสริมพัฒนา
ทีมงาน
ใส่ใจ
สิ่งแวดล้อม
สุขลักษณะ
สร้างนิสัย

19
Company OverviewI
IV
III
Table of Contents
Key TakeawaysV

Industry Overview and Growth Potential

21
Electricity consumption is gradually growing amid the country’s instability
Electricity Consumption, Resilience Growth Throughout Country Crisis
Source : Global Energy Statistical 2018
World Electricity Consumption
Thailand Electricity Consumption VS SET index
Unit: tWh
Unit: tWh
-
5,000
10,000
15,000
20,000
25,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
0
100
200
300
400
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
400
800
1,200
1,600
2,000
- Red Shirt took
over the
Ratchaprasong
- State of
Emergency
announced by
Thai Gov’t
- Bomb at
Ratchaprasong
- Major
flooding
around
Bangkok
Metropolitan
Area
- Flooding attack
the Southern
part of
Thailand
- Year of GDP
Curtailment
- Anti-Gov’t by
PDRC
- Bangkok
Shutdown
- Military
Government
in action
- Coup d’etat
- High market
volatility due
to domestic
unprecedente
d negative
factor
- Certain
market
volatility with
improved
market
condition
- Uncertainty
from interest
rate hike by
FED
- A crisis in the
sub-prime
mortgage
market in USA
(Hamburger
Crisis)
- Red Shirt start
protesting and
stormed a hotel
in Pattaya that
was the venue
for ASEAN
summit
SET Index

22
Paris Agreement: Around 88% of the world have ratified or acceded to the Agreement. Thailand government has ratified the agreement.
EV Revolution: EV trend is coming with 1) Fossil fuel vehicle bans 2) Renowned automakers are making promises on EV
Announced end
sales of gas and
diesel cars by 2040
Announced end
sales of gas and
diesel cars by 2040
Parliament voted
through motion to
end all gas and
diesel car by 2025 Plans to sell only 100% EV or hybrid/electric onward
Source : Paris Agreement, Climate change, Vox
Global and Domestic Trend to Support Renewable Energy
World Zero Carbon: Government around the world is collaborating to aim for net zero carbon by 2050.
Sample
Approach from
Countries and
States:
Target Date: 2030
Status: In law
Target Date: 2050
Status: In law
Target Date: 2050
Status: In law
Target Date: 2045
Status: Executive Order
Ratified
Signed
Not Signed/Withdrawing
Norway France California United Kingdom
FranceUnited Kingdom Netherlands

23
International and Domestic Trend to promote and support Renewable Energy
Paris Agreement
Set a global goal to reach zero carbon emissions in the second half of the century
Constitution of the Kingdom of
Thailand
Reformation Plan of the Country PDP 2018 Proposal
Thailand
 Section 72(5): To promote energy
conservation and cost-effective use
of energy, as well as to develop and
support the production and use of
alternative energy to enhance
sustainable energy security.
 Thus, current and ongoing
government policies and actions
shall comply with this Section.
 Set up biomass quality and pricing
standard and develop market
 Initiate database of biomass
producer
 Study/develop technology to
transform biomass feedstock for
value added
 Encourage firm contract for biomass
power plant PPA
 Recently, Ministry of Energy has
informed that there could be
adjustment to the PDP 2018 where
renewable portion could increase
even further.
 A professor from Thailand’s leading
institution has proposed an opinion
of increasing the renewable portion
up to 40%.
Global and domestic trend are in the same direction to promote and support “Renewable Energy”

24
Constitution of the Kingdom of Thailand, 20 years National Strategy, Country
Reformation and Government Commitment to Support Renewable Energy
ตามรัฐธรรมนูญแห่งราชอาณาจักรไทย หมวดที่ 6 แนวนโยบายแห่งรัฐ
ข้อ 5 ส่งเสริมอนุรักษ์พลังงานและการใช้พลังงานอย่างคุ้มค่า รวมทั้งพัฒนาและสนับสนุนให้มีการผลิตและการใช้พลังงานทางเลือก
เพื่อเสริมสร้างความมั่นคงทางด้านพลังงานอย่างยั่งยืน
• รัฐบาลจะพัฒนาอุตสาหกรรม
ภายใต้แนวคิดเศรษฐกิจชีวภาพ/
เศรษฐกิจหมุนเวียนและเศรษฐกิจ
สีเขียว (Bio-Circular Green
Economy) ส่งเสริมการใช้
พลังงานทดแทน การใช้ประโยชน์
จากวัสดุเหลือใช้ทางการเกษตร
มาเพิ่มมูลค่า
• สนับสนุนให้เกิดโครงสร ้างตลาด
ไฟฟ้ ารูปแบบใหม่ อาทิเช่น
แพลตฟอร ์มตลาดกลางซื้อขาย
พลังงานไฟฟ้ า
• ส่งเสริมการผลิตและการใช้
พลังงานทดแทนตามศักยภาพ
ของแหล่งเชื้อเพลิงในพื้นที่
• แก้ไขปัญหาก๊าซเรือนกระจกและ
ผลกระทบจากการเปลี่ยนแปลง
ของสภาพภูมิอากาศ
• โดยมุ่งเน้นการลดการปล่อยก๊าซ
เรือนกระจก สร้างสังคมคาร ์บอน
ตํ่าและปลอดฝุ่นละอองขนาดไม่
เกิน 2.5 ไมครอน (PM 2.5)
• การจัดการขยะหรือของเสียเพื่อ
นําไปใช้ในกระบวนการผลิตและ
ทําให้เกิดประโยชน์จาก
ทรัพยากรอย่างคุ้มค่า
• แก้ไขปัญหาการจัดการขยะและ
ของเสียอย่างเป็ นระบบ
• พัฒนาโรงงานกําจัดขยะและของ
เสียอันตรายที่ได้มาตรฐาน
• นโยบายเร่งด่วนของรัฐข้อ 4
• ให้ความช่วยเหลือเกษตรกร
• ส่งเสริมเกษตรพันธสัญญา
• ส่งเสริมการใช้ผลผลิตทาง
การเกษตรในอุตสาหกรรม
พลังงาน
 รัฐบาลสนับสนุนการเพิ่มกําลัง
การผลิตของโรงไฟฟ้ าชีวมวลและ
โรงไฟฟ้ าจากขยะชุมชน
เนื่องจากโรงไฟฟ้ าชีวมวลสร ้าง
รายได้ให้กับเกษตรกร
 บริษัทผู้ผลิตไฟฟ้ าสามารถขาย
ไฟฟ้ าให้ผู้ใช้ไฟฟ้ าได้โดยตรงทั้ง
ในช่วง peak และ off-peak
 บริษัทสามารถขยายหรือเพิ่ม
กําลังการผลิตในอนาคตได้อีก
มากเพราะเป็ นผู้นําของตลาด
เกี่ยวกับโรงไฟฟ้ าชีวมวลและ
โรงไฟฟ้ าชีวมวลสามารถ
แก้ปัญหาเรือนกระจกและสร้าง
สร้างสังคมคาร ์บอนตํ่าและปลอด
ฝุ่นละอองได้
 บริษัทสามารถขยายหรือเพิ่ม
กําลังการผลิตของโรงไฟฟ้ าขยะ
ได้มาก เพราะมีความเชี่ยวชาญ
อย่างมืออาชีพเกี่ยวกับโรงไฟฟ้ า
ขยะ
 โรงไฟฟ้ าชีวมวลของบริษัท
สามารถหาเชื้อเพลิงคุณภาพสูง
และต้นทุนตํ่าได้มากยิ่งขึ้น
Source : Constitution of the Kingdom of Thailand
1 2 3 4 5
ประเทศไทยต้องดําเนินการตามข้อตกลงระหว่างประเทศที่ได้มีข้อผูกพันไว้ในเวทีโลกที่เกี่ยวข้องกับสิ่งแวดล้อม

25
Total Societal Impact(TSI) and Environmental, Social and Government (ESG)
Biomass Powerplant
MSW Powerplant
Contribute to the Paris Agreement Decreasing Greenhouse Gas Emission.
Future Potential To provide base-load to grid instead of conventional energy
• Saves government’s spending on putting down forest fires and farm fires
• Saves government’s spending on PM 2.5 related health problems such as respiratory
complications, masks distributions, water spraying in cities, etc.
• Prevents economic loss from the decrease in tourism due to PM 2.5 problem
Solves PM 2.5 problem at the root
• Additional income to farmers
• Stabilize income for farmers under market uncertainty → reduce empty subsidies that government
have to give out
• Stabilize electricity price preventing electricity price from increasing in the future
• Distribution of revenue to grassroots : Shift from LNG import from the Middle East to purchasing fuel
from Thai farmers
Positive Economic and Societal
Impact
GDP Contribution/1 1.8 Billion THB / year / 9.9 MW biomass power plant
Source: Thailand Energy Academy
Contribute to the Paris Agreement decreasing Greenhouse Gas Emission.
Future Potential To provide base-load to grid instead of conventional energy
Solves MSW mountain problems Save healthcare and environmental spending for government from problems caused by MSW in landfills

26
Total
Electricity
Capacity
as of 2017
Total
Electricity
Capacity in
2037
New installing
capacity for
the next 20
years
Retiring
capacity in
the next 20
years
Renewable
37%
Combined cycle
23%
New or
replacement
power plants
15%
Imports
10%
Saving programme
7%
Cogeneration
4% Lignite or coal‐fired
3%
Pumped storage hydropower
1%
According to the Power Development Plan (PDP) 2018 hearing, Renewable Energy is targeted to contribute the largest portion, or 37%,
of the total new increased capacity by 2037.
Potential MW during 2017-2037 PDP 2018 New Installing Capacity for the Next 20 Years (MW)
Unit : MW
1
Renewable Energy Contribute Largest Portion (37%) of Increased Capacity
Source: Power Development Plan (PDP) 2018
Remark: /1 Based on crude oil used for in-land transport data in 2018 (EPPO) converted into Barrel of Oil Equivalent (BOE) with 35% cusion
Potential
MW from
EV/1
Total
Electricity
Capacity
with EV
Potential in
2037
+56,431 -25,310
126,640+49,429
77,211
46,090
Largest portion of increased capacity (37%) come from renewableUp to ~105,000 Potential MW within 20 years
PDP2018 With EV Potential/1

27
Total
Electricity
Capacity
as of 2017
New installing
capacity for
the next 20
years
Renewable
37%
Combined cycle
23%
New or
replacement
power plants
15%
Imports
10%
Saving programme
7%
Cogeneration
4% Lignite or coal‐fired
3%
Pumped storage hydropower
1%
According to the Power Development Plan (PDP) 2018 hearing, Renewable Energy is targeted to contribute the largest portion, or 37%,
of the total new increased capacity by 2037.
Potential MW during 2017-2037 PDP 2018 New Installing Capacity for the Next 20 Years (MW)
1
Renewable Energy Contribute Largest Portion (37%) of Increased Capacity
Remark: /1 Based on crude oil used for in-land transport data in 2018 (EPPO) converted into Barrel of Oil Equivalent(BOE) with 35% cusion
+56,431
46,090
Largest portion of increased capacity (37%) come from renewable
+56,431 MW
Unit : MW
Total
Electricity
Capacity
as of 2017
Total
Electricity
Capacity in
2037
New installing
capacity for
the next 20
years
Retiring
capacity in
the next 20
years
Unit : MW
Potential
MW from
EV/1
Total
Electricity
Capacity
with EV
Potential in
2037
+56,431 -25,310
126,640+49,429
77,211
46,090
Up to ~105,000 Potential MW within 20 years
PDP2018 With EV Potential/1

28
Unit: MW
Renewable
Conventional
Hydro
Others
2,715
3,267 3,094
928
273 500
12,715
6,763
5,819
2,413
717 1,046
Solar Biomass Hydro Wind Waste Biogas
2018 2037 2018 2037 2018 2037 2018 2037 2018 2037 2018 2037
Renewable energy portion will move from 26% in 2018 to 46% in 2037
% Electricity Capacity by Source of Total Capacity for 2018 and 2037 Electricity Capacity of Each Renewable Source for 2018 and 2037/1
% Installed Capacity
368%
107%
88%
160%
345% 109%
2037
2018
48%
14%
32%
6%
73%
13%
13%
1%
Renewable Energy will provide 46% of Thailand’s Electricity by 2037
Remark : /1 Excluding retiring capacity in the next 20 years

29
Looking at GWh contribution to grid, Biomass is the largest contributor to renewable energy growth in Thailand
Electricity contribution/1 of Each Renewable Source of from 2018 to 2037/2
Biomass : The largest renewable energy contributor in Thailand
Remark : /1 Assume 365 days, 24 hours and specific capacity factor of each plant type for electricity contribution calculation
/2 Excluding retiring capacity in the next 20 years
Source : Power Development Plan (PDP) 2018
Average capacity factor of each power type from EGAT, EIA
88%
Capacity factor applied to each plant type
Unit: GWh
4,757
25,185
13,009
2,032 1,743
3,416
22,277
52,131
24,467
5,282 4,590
7,147
-
10,000
20,000
30,000
40,000
50,000
60,000
Solar Biomass Hydro Wind Waste Biogas
20372018 20372018 20372018 20372018 20372018 20372018
20% 48% 25% 73% 78%

30
Continuous growth with existing PPA along with future potential growth supported by favorable government renewable energy policy
Existing and Pipeline of Company’s MW/1,/2
ACE’s Historical, Current and Future Growth
Source: Power Development Plan 2018
/2 Estimated timeline : Currently, Arbitration result states that PEA has to return PPA to ACE and with the assumption that normally power project’s construction period is approx. 2 years
85.2
209.5 210.5 212.2
214
421 421
1,000
2016 2017 2018 2019 2020 2021 2022 2024
421
Existing, Under-Development and Pending for Development projects
Future Projects to reach company goal

31
212 212 212 212 212 212
2
209 209 209 209
1,000
2019 2020 2021 2022 2023 2024
Existing
Future Growth acc. to plan
Continuous growth with existing PPA along with future potential growth supported by favorable government renewable energy policy
Existing and Pipeline of Company’s MW/1,/2
348 377 481
834
1,221
1,530
1,920
2,117
2,891 2,950
3,176
3,376 3,376
105 139
174
209
244
244
335
399
514 546
546
546 546
29 57
86
114
143
171
200
229
257
286
314
343 371
6
21
35 44
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037
Biomass
Biogas
MSW
Industrial Waste
2025 – 2037 Contract Capacity MW according to PDP 2018
Future Growth
Under-Development and Pending for Development
Source: Power Development Plan 2018
/2 Estimated timeline : Currently, Arbitration result states that PEA has to return PPA to ACE and with the assumption that normally power project’s construction period is approx. 2 years

32
Key Competitive Advantages of ACE to Win The Bidding
2 Operational Expertise &
Economy of Scale
 Low Plants heat rate
 Artificial Intelligence, IoTs and Big
data for cost control and
improvement
 Environmental friendly
 Proven track record in building and
running 13 projects
 Continuous operational improvement
 Economy of scale
 Strong feedstock purchasing team
1 Advance Technology
3 Relationship with Key
Stakeholder
 Major shareholders’ plantation
business can support long-term
feedstock development plan
 Strong & long-term relationship with
community and farmers
 Strong relationship with lender
ACE’s 3 Core Value Represent Competitive Advantage to Secure New PPAs
R&D
Sustainability
 Potential Fuel Crops from Major
Shareholders’ plantation
business
 New Biomass Fuel Types
 Machinery and Powerplant
Design
 Feed stock security
 Financial security
 Community support
Knowhow
 Low O&M cost
 Big & strong Professional Teams get
ready to handle New Projects.

196
76
Won the largest portion of MW in the 2017 SPP Hybrid Bidding (Renewable)
Unit : MW
2017 Biomass Bidding
Proven by Recent Bidding
Total PPA Capacity available for Bidding: 272 MW
Potential Upcoming Community Biomass/Biogas PPA/1
Total Potential Capacity available for Bidding: 4,125 MW
Largest bidding winner out of 42 candidates in the 2017 SPP Hybrid
Bidding (Renewable)
1
ACE
Other Bidding Winners in Biomass
ACE got 28% share in Biomass bidding winner
MW
MW
2,997
1,128
Biomass
Biogas
MW
MW
Source : ERC, PEA
/1 Community Power Plant Project Concept, PEA

34
Company OverviewI
IV
III
Table of Contents
Key TakeawaysV

36
1
2
3
Thailand’s Leading Integrated Power Producer with highest growth potential /1
Proven Operational Capabilities
Secured Cash Flow Supported by PPA with EGAT/PEA
Remark: /1 Estimated approximate MW growth during 2019-2022; Estimated MW growth of peers based on public information only

37
Biomass: 42.2%
MSW: 2.8%
Solar: 0.8%
Co-generation: 54.2%
2019 2022/1,/2 2024
Biomass: 69.1%
MSW: 2.6%
Solar: 1.2%
Additional
- Biomass,
- Biogas,
- MSW,
- Solar/4
Biomass: 29.1%
MSW: 1.1%
Solar: 0.5%
COD Capacity : 211 MW
COD + Secure Pipeline : 421.37 MW/1
COD Capacity : 421.37 MW
COD + Secure Pipeline : 421.37+[x] MW
COD Capacity : 421.37 +[x] MW
Target Capacity/3 : 1,000 MW
Remark: /1 Including APP’s capacity MW of 9.9, Currently, APP’s Shareholders sent LOI for APP’s share purchase proposal to ACE
/2 Estimated timeline: Currently, Arbitration result states that PEA has to return PPA to ACE and with the assumption that normally power project’s
construction period is approx. 2 years
/3 Company Target to COD+ secure 1,000 MW within 2024
/4 Additional capacity is subject to management guidance, but will focus in renewable field.
Target to Secure 1 GW Installed Capacity within 2024
+26% MW CAGR
From 2019 - 2022
+36% MW CAGR
From 2019 - 2024
Company Core Competitive Advantages– Leading Integrated Renewable Power Producer

38
ACE’s in-house R&D capabilities results in feedstock and O&M cost reduction with the target to reduce feedstock cost approx. 5% – 15% for
current plant and 24.70%-27.81% on top for pipeline plant and O&M approx. 15% – 25% in the next 2-3 years
Advanced
Technology
Professional Run
Continuing
Improvement
Proven Track Record
• ACE’s ability to burn
various types of high
moisture content biomass
efficiently up to 60-65%
• Various type of biomass
mix with controllable cost
• ISO 9001, 14001, 18001
• 3 year performance track
record of continued
efficiency and profit
margin improvement
• Proven ability to source
biomass feedstock (no
record of supply
shortage)
Leading Biomass Power Producer in Thailand
Company Core Competitive Advantages – Proven Operational Capabilities
97% 98% 97%
80%
96%
32%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2017 2018 2Q19 Listed Peers Others
Capacity Factor/1
2017 2018
Listed
Peer
Others6M19
• Biggest professional-run
biomass power player in
Thailand
• More than 1 year
continuing operation
before requiring shutdown
maintenance
• Advanced Technology
leading to feedstock
flexibility
Upside Potential
Source : Company annual report and presentation publicly available for peers’ information
Remark: 1/ Selling capacity factor (Selling Electricity /(Total Operating hours * Selling Capacity))
2/ Due to new technology ( high temp, high pressure turbine) and verified by third party technical advisor
3/ Third party technical report stated that general biomass powerplant has an average useful life of 25-30 years or greater in case of proper recurring maintenance
 Biggest professional-run
 More than 1 year continuing operation
 Ability to burn high moisture content 60%-65%
Distinguished Efficiency
• Potential electricity sales
of ~24 MW to IUs
• +15 operational years
after PPA expire/3
2017 2018
• Target to decrease
feedstock cost of 5% -15%
by 2-3 years
• Additionally, potential plant
heat rate decrease of
24.70%-27.81%/2 for
pipeline plant (VSPP, SPP
Hybrid)
• Target to decrease its
O&M cost 15% -25% by 2-
3 years

39
Advanced
Technology
Professional Run
Continuing
Improvement
Proven Track Record
• ISO 9001, 14001, 18001
record of continued
margin improvement
record of supply
shortage)
Feedstock & O&M Cost
Feedstock Cost
(THB/ kWh produced)
0.74 0.7
0.58
0
0.2
0.4
0.6
0.8
2017 2018 2019Q2
O&M Cost
(THB/ kWh produced)
1.6 1.54
1.32
0
0.5
1
1.5
2
2017 2018 2019Q2Q2’19
(3M)
Q2’19
(3 M)
Thailand
maintenance
flexibility
Upside Potential
Continuing
Improvement
Proven Track Record
record of continued
margin improvement
record of supply
shortage)
Upside Potential
 To decrease Feedstock cost 5%-15% by 2-3 years
 24.70%-27.81% Plant heat rate decrease on top for
VSPP, SPP Hybrid pipeline
 To decrease O&M cost 15%-25% by 2-3 years
Potentially Improving Margin
of ~24 MW to IUs
after PPA expire/3
by 2-3 years
24.70%-27.81%/2 for
Hybrid)
O&M cost 15% -25% by 2-
3 years
1.34

40
Advanced
Technology
Professional Run
Continuing
Improvement
Proven Track Record
• ISO 9001, 14001, 18001
of ~24 MW to IUs
after PPA expire/3
record of continued
margin improvement
record of supply
shortage)
555
736
186
243
0
200
400
600
800
1000
1200
1400
2017 2018 2019
Gross Profit Margin
24%
28%
37%
2019
Thailand
maintenance
flexibility
Upside Potential
2H19
Q1’19
Q2’19
 Track record with Improvement
 ~24 Potential MW sales to IUs
 +15 operational years/3 after PPA
Upside potential in the near future
Q2/19
by 2-3 years
24.70%-27.81%/2 for
Hybrid)
O&M cost 15% -25% by 2-
3 years

41
Most Efficient MSW Power Producer in Thailand
Availability Factor and Capacity Factor/1
Capacity FactorAvailability Factor
92%
94% 95%
72%
50%
55%
60%
65%
70%
75%
80%
85%
90%
95%
100%
2017 2018 2Q19 Listed
Peers
85%
92%
95%
88%
60%
65%
70%
75%
80%
85%
90%
95%
100%
2017 2018 Q219 Listed
Peers
2017 2018 Listed
Peer
6M19 2017 2018 Listed
Peer
6M19
Advanced
Technology
Professional Run
International
Recognition
• ACE’s high technological
plant could burn high
moisture content municipal
solid waste up to 80% with
efficiency
• Zero discharge
• Odorless
• ISO 9001, 14001, 18001
• Received 3Rs Awards in
2016 for being an
environment friendly
power operator.
• Thailand’ Minister of
Interior , Minister of
Energy and government
officials of other countries
to visit the plant as MSW
prototype
• Most efficient MSW power
plant operator in Thailand
• Strong in-house O&M
Team
O&M cost 15% -25% by 2-
3 years
ACE’s early engagement in MSW, reputable bidding track record and renowned expertise will secure the upcoming MSW bidding opportunity
Proven Track Record
of 0.4 MW (9% increase
in excess of current PPA
MW)
• Tipping fee will enhance
project return (fee
increase 10%/3 years)
• Nearly 3 year performance
track record with high
efficiency and high profit
margin
• Abundant supply of waste
Upside Potential
Source : Company annual report and presentation publicly available for peers’ information
Remark: 1/ Capacity factor (Produced Electricity /(Total Operating hours * Total Capacity)), For Selling capacity factor of 2017,2018 and 6M2019 are 98%,100% and 99% respectively.
 Most efficient MSW
 Ability to burn high moisture content up to 80%
 Zero discharge and Odorless
Distinguished Efficiency
and Eco friendly

42
Thailand’ Minister of Interior and Minister of Energy visited MSW KK Plant
Advanced
Technology
Professional Run
International
Recognition
moisture content
municipal solid waste (Up
to 80%) with efficiency
• Zero discharge
• Odorless
• ISO 9001, 14001, 18001
Proven Track Record Upside Potential
2016 for being an
power operator.
prototype
Gen. Anupong Paojinda (Minister of Interior) visited MSW powerplant at 3 May 2018 Mr. Siri Jirapongphan (minister of Energy) visited MSW powerplant at 12 Dec 2018
Team
O&M cost 15% -25% by 2-
3 years
MW)
project return (fee
margin

43
Energy Regulatory Commission visit MSW KK Plant
Advanced
Technology
Professional Run
International
Recognition
moisture content
• Zero discharge
• Odorless
• ISO 9001, 14001, 18001
2016 for being an
power operator.
prototype
Kraisi Kanasuta (Former member of ERC) visited MSW powerplant
Team
O&M cost 15% -25% by 2-
3 years
MW)
project return (fee
margin
Mr. Kurujit Nakornthap Chairman of Energy Affairs Committee and Member
of the National Reform Steering Assembly (NRSA)visited MSW powerplant

44
Sri Lanka’ Supreme Ambassadors visit MSW KK Plant
Advanced
Technology
Professional Run
International
Recognition
moisture content
• Zero discharge
• Odorless
• ISO 9001, 14001, 18001
2016 for being an
power operator.
prototype
H.E.Mrs.Kshenuka Dhireni Senewiratne (Sri Lanka’s Supreme Ambassdor) visited MSW powerplant at 11 Dec 2018
Team
O&M cost 15% -25% by 2-
3 years
MW)
project return (fee
margin

45
Bangladesh’s Minister visit MSW KK Plant
Advanced
Technology
Professional Run
International
Recognition
moisture content
• Zero discharge
• Odorless
• ISO 9001, 14001, 18001
2016 for being an
power operator.
prototype
Md. Tajul Islam (Minister of Local Government and Rural
Development) visited MSW powerplant at 16 Feb 2019
Team
O&M cost 15% -25% by 2-
3 years
MW)
project return (fee
margin
H.E.Mrs.Kshenuka Dhireni Senewiratne (Sri Lanka’s Supreme
Ambassador) visited MSW powerplant at 11 Dec 2018

46
MSW KK Plants Intrigued Regional Municipal
Environmental Inspection Division Team
visited MSW powerplant
Indonesia Vice President Deligation visited
MSW powerplant
Director-General of the Department of Local
Administration visited MSW powerplant
Director-General of the Pollution Control
Department visited MSW powerplant
Deputy Director-General of the Department of
Local Administration visited MSW powerplant
Amnat Charoen Governor visited MSW powerplant

47
MSW KK Plants Intrigued Regional Municipal
Udonthani Municipal visited MSW power plantPhuket Municipal visited MSW power plant Executive Committee of local administrative organization
from Surat Thani visited MSW power plant
Nonsira, Khon Kaen Municipal
visited MSW power plant
Management team from Choomporn Municipal Management team from Roi Et Municipal

48
MSW KK Plants Intrigued Regional Municapal
Management team from Maha Sarakham Municipal
Management team from Krabi Municipal
Local government leaders from Songkhla
province visited MSW powerplant in order to
solve the local waste issues
Board of Directors, Ministry of Energy and Ministry of Local
Administration from Bangladesh visted MSW powerplant
Municipal team team from Udonthani Municipal team team from Banpai, Khon Khaen

49
Most Efficient MSW Power Producer in Thailand
82
114
28
35
0
20
40
60
80
100
120
140
160
180
200
2017 2018 2019
Unit : THB mm / (%)
Gross Profit and Gross Profit Margin
36%
43%
50%
Advanced
Technology
Professional Run
International
Recognition
moisture content
• Zero discharge
• Odorless
• ISO 9001, 14001, 18001
Proven Track Record
MW)
project return (fee
margin
Upside Potential
2H19
Q1’19
Q2’19
 Track record with Improvement
 ~0.4 Potential MW sales to IUs
 Additional Tipping fee enhance return
Q2/19
2016 for being an
power operator.
prototype
Team
O&M cost 15% -25% by 2-
3 years

50
83%
80%
82%
81%
70%
75%
80%
85%
ACE
Availability Factor and Capacity Factor/1
Availability Factor Capacity Factor
96%
98%
99%
98%
90%
92%
94%
96%
98%
00%
ACE
Competitive SPP Co-Generation Power Producer
Advanced
Technology
Professional Run
Continuing
Improvement
to control and manage
plant according to EGAT
demand
• ISO 9001, 14001, 18001
Team
O&M cost 15% - 25% by
2-3 years
• One of the most efficient
SPP Co-Generation
powerplant operator in
Thailand
Proven Track Record
efficiency and competitive
margin
• Cost pass-through scheme
could result in stable
margin
• Long term gas purchase
contract with PTT
Upside Potential
2017 2018 Listed
Peer
6M19 2017 2018 Listed
Peer
6M19
Defensive scheme of Co-Generation Power Plant would help balance risk scheme of company’s powerplant portfolio
2/ Third party technical report stated that general natural gas powerplant has an average useful life of 30 -60 years
 One of the most efficient SPP Co-Gen
 Strong in-house O&M
 To decrease O&M cost of 15%-25% by 2-3 years
Balance company risk profile
• Potential sales to IUs of
~20 MW
• Potential steam sales
from IUs for more than
100,000 tons/year
after PPA expire /2

51
Unit : THB mm / (%)
Stable Gross margin
Gross Profit and Gross Profit Margin
484
567
141
142
-
200
400
600
2017 2018 2019
29% 29% 27%
Competitive SPP Co-Generation Power Producer
Advanced
Technology
Professional Run
Continuing
Improvement
to control and manage
plant according to EGAT
demand
• ISO 9001, 14001, 18001
Team
O&M cost 15% -25% by
2-3 years
• One of the most efficient
SPP Co-Generation
powerplant operator in
Thailand
Proven Track Record
• Potential sales to IUs of
~20 MW
• Potential steam sales
from IUs for more than
100,000 tons/year
after PPA expire /2
efficiency and competitive
margin
• Cost pass-through scheme
could result in stable
margin
• Long term gas purchase
contract with PTT
Upside Potential
Defensive scheme of Co-Generation Power Plant would help balance risk scheme of company’s powerplant portfolio
2H19
Q1’19
Q2’19
2/ Third party technical report stated that general natural gas powerplant has an average useful life of 30 -60 years
 Track record with stable margin
 ~20 Potential MW sales to IUs
 +25 operational years/2 after PPA
Q2/19

52
Reliable revenue source with high efficiency and controlled cost can guarantee cash flow to the company
Availability Factor
Capacity Factor
2022 Revenue
Contribution
Feedstock Cost
Control
Result
Upside Potential
Co-GenerationMSWBiomass
Feedstock
Sufficiency
• Long term purchase
agreement with PTT
Cost pass-through
• MSW service agreement
with government
• ~10,000 MW available
• Feedstock development plan
No feedstock CostControllable
 Potential Sales to IUs
 ~25 operation years after PPA/2
 Tipping fee
 ~15 operation years after PPA/1
AF : 99%
CF : 82%
AF : 95%
CF : 95%
AF : 92%
CF : 97%
Secured cashflow with upside potential
92%
8%
Industrial Users
90%
10%Industrial Users
82%
18%
Industrial Users
Secured Cash Flow Supported by PPA with EGAT/PEA
Company Core Competitive Advantages – Secure Cash Flow Supported by PPAs with EGAT/PEA
Remark: 1/ Third party technical report stated that general biomass powerplant has an average useful life of 25-30 years or greater in case of proper recurring maintenance
2/ Third party technical report stated that general natural gas powerplant has an average useful life of 30-60 years

53
Company OverviewI
Table of Contents
Company OverviewI
IV
III
Key TakeawaysV

55
54.0%
41.0%
5.0%
0.0%
Biomass Co-Generation MSW Solar Others
1,886
4,243
4,833
2,335 2,462
-500
500
1500
2500
3500
4500
5500
6500
7500
2016 2017 2018 1H18 1H19
99%
1%
2018
 ACE’s Revenue increase at
significant rate of 50% each year
 Biomass and co-generation
accounts for the majority of ACE’s
revenue at 54% and 40%
respectively.
 ACE’s primary source of revenue is
secured by EGAT and PEA.
(THB mm)
Electricity sales to EGAT and PEA
Sales to IUs
Revenue Breakdown by Type of Power Plant
Revenue/1 Revenue Breakdown by Customer
20172016
99.0%
1.0%
55.0%
40.0%
5.0%
Key Observation
2018
Robust Revenue Growth with Diversified Revenue Mix
Q1: 1,150
Q2: 1,185
Q1: 1,213
Q2: 1,249
Remark: /1 Exclude revenue from construction cost under concession agreement and other revenue

56
793
1,472
1,635
825 907
42.1% 34.7%
33.8%
35.8%
34.1%
32.8% 34.8%
39.5%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
‐
500
1,000
1,500
2,000
2,500
3,000
2016 2017 2018 1H18 1H19
EBITDA % EBITDA to Sales
669
1,121
1,417
699 775
35.5%
26.4%
29.3%
30.3%
29.2%
26.1%/1
29.6%
33.6%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
0
500
1,000
1,500
2,000
2,500
2016 2017 2018 1H18 1H19
Gross Profit %GP to Sales
Robust Financial Performance
EBITDA/3 and EBITDA margin/2
(THB mm)
Financial track record shows strong and consistent revenue, EBITDA and net profit growth with continuous margin expansion.
Gross Profit and Gross Profit margin/2
Remark: *In 2016, ACE Group purchased biomass fuel from related parties and received the fuel cost adjustment fee through the purchasing agreement where the
contracted suppliers were unable to meet the Group’s purchasing conditions.
/1 Adjusted figures by removing supply penalty
/2 Margin divided by sale and service revenue (not including construction revenue)
/3 EBITDA is calculated from net income + tax+ interest +depreciation/amortization+ other non cash items
(THB mm)
494/1
Key Observation
 ACE’s gross profit increase at significant CAGR of 46% (2016-2018), however removing the adjusted supply penalty will boost the Group’s gross
profit at CAGR of 70% (2016-2018).
 Group’s margin improved over time as the Group achieved in 1) decreasing the cost 2) increasing efficiency in generating electricity (longer operating
hours) 3) launching new COD projects to the pipeline.
/1
Q1: 348
Q2: 351
Q1:355
Q2: 420
Q1: 412
Q2: 413
Q1: 414
Q2: 493
Q1 %GP to Sales Q2 %GP to Sales Q1 %EBITDA
to Sales
Q2 %EBITDA
to Sales
618/1

57
Robust Financial Performance
134
334
547
317 342
7.1%
7.9%
11.3%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
‐
100
200
300
400
500
600
700
800
900
1,000
2016 2017 2018 1H18 1H19
Net Profit %NP to Sales
Net Profit and Profit margin/2
(THB mm)
-41.3/1
-2.2%/1
Q1: 103
Q2: 214
Q1: 133
Q2: 209
Q1 %NP to Sales Q2 %NP to Sales
9.0%
10.9%
18.1%
16.8%
134
448
557
295
418
7.1%
10.6%
11.5%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
‐
100
200
300
400
500
600
700
800
900
1,000
2016 2017 2018 1H18 1H19
Net Profit %NP to Sales
Adjusted Net Profit/3 and Net Profit Margin/2
(THB mm)
-41.3/1
-2.2%/1
Q1: 168
Q2: 127
Q1: 161
Q2: 257
Q1 %NP to Sales Q2 %NP to Sales
14.6% 13.3%
10.7%
20.6%
Remark: *In 2016, ACE Group purchased biomass fuel from related parties and received the fuel cost adjustment fee through the purchasing agreement where the
contracted suppliers were unable to meet the Group’s purchasing conditions.
/1 Adjusted figures by removing supply penalty
/2 Margin divided by sale and service revenue (not including construction revenue)
/3 Added back unrealized gain/loss from foreign exchange of finance lease
Financial track record shows strong and consistent revenue, EBITDA and net profit growth with continuous margin expansion.
Key Observation
 Since Net profit of ACE generally include unrealized gain/loss from exchange rate from financial lease of (co-generation powerplant) which may be
mislead if THB/USD exchange rate fluctuate overtime
 Adjusted net profit excluding such unrealized item would reflect actual profitability of the company , The adjusted net profit trend show the significant
increase in term of absolute amount and margin over time
Exchange rate (THB/USD) 32.5146 32.2848 33.0065 30.5733
31.0573 31.6449
35.0684
At COD
10/2/2017
YE 2017 YE 2018
Q1’2018 Q1’2019
Q2’2018 Q2’2019

58
Strong Financial Position to Accelerate growth
ACE’s Leverage Ratio
Unit: THB mm December 31 June 30
2016 2017 2018 2Q19
Current Interest-bearing debt 2,633 3,328 1,166 2,523
Non-Current Interest-bearing debt 5,825 5,197 6,632 4,840
Total interest-bearing debt 8,458 8,525 7,798 7,363
Equity (THB mm) 4,614 5,022 5,572 5,914
ACE’s debt decreased over time due to repayment of bank loan for under development projects so IBD/Equity improved over time.
Unit : THB mm
4,614
5,022
5,572 5,337 5,914
1.8x
1.7x
1.4x
1.6x
1.2x
.x
.2x
.4x
.6x
.8x
1.x
1.2x
1.4x
1.6x
1.8x
‐
2,000
4,000
6,000
8,000
10,000
12,000
2016 2017 2018 1H18 1H19
Equity Total IBD/Equity

59
Strong Financial Position to Accelerate growth
ACE’s Interest Expense
315
497 483
245 219
5.7%
5.5% 5.5% 5.50%
5.10%
8.11% 8.12%
8.03% 8.03%
6.80%
0.0%0
200
400
600
800
1000
1200
2016 2017 2018 1H18 1H19
Interest Expense Project Finance interest rates Equity loan/debenture interest rates
Unit : THB mm
 ACE’s effective interest rate also decreased from time to time. Moreover, based on the condition of the loan agreement, the interest rate will be more competitive
once listed in SET.
Interest rate will be more
competitive once listed in SET
MLR -2.0%, MLR -2.5%/1
Remark: /1 According to the condition of the loan agreement, the financial institution will adjust interest rate of biomass/MSW powerplant and natural gas powerplant project finance to
MLR -2.5% and MLR -2.0%, respectively for the first 2 years after listing in SET and to MLR-1.75% and MLR-1.5% , respectively after the period of 2 years after listing in SET
Unit: THB mm December 31 June 30
2016 2017 2018 2Q19
Current Interest-bearing debt 2,633 3,328 1,166 2,523
Non-Current Interest-bearing debt 5,825 5,197 6,632 4,840
Total interest-bearing debt 8,458 8,525 7,798 7,363
Equity (THB mm) 4,614 5,022 5,572 5,914
2 Years After Listing

60
Profitability Ratio
Return on Asset Return on Equity
1.1%
2.4%
3.9%
6.0%
1.1%
2.8%
5.2%
7.9%
4.1%
8.1%
12.4%
16.0%
2016 2017 2018 Annualized
Q2/19
Return on Asset
Return of Asset (Exclude lease)
Return on Fixed Asset
5.5%
6.9%
10.3%
14.2%
2016 2017 2018 Annualized
Q2/19
Remark: Return on Asset calculated from net income / average total assets
Return on Asset (exclude lease) calculated from net income / average total assets exclude lease
Return on Fixed Asset calculated from (net income + depreciation) / average total fixed assets

61
Notable Additional Information
Unit: THB mm (unless stated otherwise) COD Pipeline
Land Area (ไร่ งาน ตร.ว.)
1,249-19-624 1,345-17-563
Land Value 1,765.23
Land Improvement 453.64
Total Land Value after improvement 2,218.87
ACE’s powerplants located in strategic land owned by itself could result to the upside potential from land
value at the end of its operating period/2
General biomass powerplants have an average useful life of approximately 25-30 years/1, 30-60 years/1 for
co-generation powerplant and 25-30 /1 years for MSW powerplant
Potential Receivables from Government in the amount of THB 3,901.25 mm/2
2
1
3
Remark: 1/ third party technical advisor report with assumption that recurring maintenance will be executed properly
2/ Approximate claim due to FiT 58/59 issue of biomass powerplant. Currently, the case is under consideration of Central Administration Court.
Revenue from selling left over capacity to Industrial User4
• VSPP Biomass
• Co-Gen SPP
• MSW
Possibility to double capacity on the available land bank adjacent to the existing power plants according to
Town Planning Law
5

62
Company OverviewI
Table of Contents
Company OverviewI
IV
III
Key TakeawaysV

ACE’s Key Strengths and Opportunities
2
3
Efficient Operational Capabilities with Continuous Improvement
 Lower Feedstock and O&M cost which leads to higher margin
 Stronger creditworthiness which leads to lower financing cost
 Peer-to-Peer Electricity Trading which leads to additional electricity sales
Low Downside Risk
 Secured Demand & Cashflow
 Proven Operational Excellence & Feedstock Management
 Commitment to the greater good i.e., ESG and TSI (Total Societal Impact)
Continuous Growth from Projects in the Pipeline and Future
 VSPP’s PPA with exceptional tariff rate
 Better technology which leads to higher efficiency and less feedstock / kWh
 Economy of Scale from lower CAPEX, OPEX, and SG&A
 Appreciation of THB potentially leads to lower CAPEX
 28% share in the latest biomass bidding
5
World Megatrend
 “Electrification” Era
 Global & Thailand Commitment to Zero Carbon which implies the rise of renewable energy
 Biomass becomes one of the most reliable renewable energy
 ESG Business
1 Thailand’s Leading Integrated Power Producer with Highest Growth Potential
 Largest biomass Power Producer supported by PPA with PEA in Thailand
 No. 1 Renewable Power Producer in Thailand in term of Equity MW Growth
4
Key Takeaways

Absolute Clean Energy Public Company Limited (ACE)

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