Energy AbsoluteEnergy for the Future

E@ at GlanceEstablishedIn 2006 to produce palm oil

Core Business Energy (Renewable and Utilities)

Secondary MarketThe Stock Exchange of Thailand since 30 Jan 2013

Credit RatingCorporate rating : A

CG RatingExcellent

Mr. Somphote AhunaiChief Executive Officer

Education• MBA from University of Pittsburgh, USA• Bachelor of Engineering from Chulalongkorn

University, ThailandPrevious Experience• Analyst and Researcher in USA.• Managing Director of a Securities Brokerage

company in Thailand• Managing Director of a Renewable Energy

company in Thailand

Mr. Amorn SapthaweekulDeputy CEO and Chief Finance Officer

Education• Master of Science (Finance)

from Chulalongkorn University, Thailand• Bachelor of Business Administration

(Finance and Banking) from Thammasat University, Thailand

Previous Experience• Investment Banker and Financial Advisor,• Director in a Renewable Energy company

Shareholder Structure

Market Capitalization (as of 12/11/19)Approximately THB 166.92 bil. (US$ 5.56 bil.)

Chart1

Somphote Ahunai (CEO)

Amorn Sapthaweekul (CFO)

Domestic Fund

Thai Juristic

Foreign Juristic

Others

As of 20 March 2018

At 13 March 2019

0.4361169786

0.0411508871

0.035790422

0.0513805686

0.3540295418

0.0815316019

Sheet1

As of 20 March 2018

Somphote Ahunai (CEO)44%

Amorn Sapthaweekul (CFO)4%

Domestic Fund4%

Thai Juristic5%

Foreign Juristic35%

Others8%

1

Highlight of Operating Performance

Q3/2019 9M/2019

Net

Pro

fitTo

tal R

even

ue

THB 4,103 mil.increase 39% YOY

Note: Total Revenue and Net Profit exclude accounting profit and other revenue

THB 10,804 mil.increase 23% YOY

THB 1,633 mil.increase 30% YOY

THB 4,233 mil.increase 31% YOY

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

ExistingBusinesses

From 2006

NewBusinesses

From 2016 - Onwards

Biodiesel : B100 and GlycerinRenewable Power• Solar 278 MW• Wind 386 MW

EV-Charging

E-FerryEV-Car

Energy Storage Green Diesel & PCM

1 GWhPhase I Next Phase

50 GWh

EV Charging

Station

Electric Ferry

(E-Ferry)

Electric Vehicle

(EV)

Energy TradingSystem

Energy Storage System

(ESS)

Energy Storage System : Core Technology for New Businesses

Growth in EVs & Battery Technologies

Energy Absolute PCL.

GROWTH IN BATTERY BUSINESS MAINLY FROM ELECTRIC VEHICLES

ELECTRICITY DEMAND FROM ALL TYPES OF EVS RISES FROM 74TWH IN 2019 TO 2,333TWH IN 2040.

High growth in Battery business mainly from Electric Vehicles

Thailand Electric Vehicle MarketHIS Markit expected xEVs will reach over 0.65Mil. units or 23% of total production by 2030,

while Energy Blue print set the target of 1.2Mil units by 2036.

Compare Amita’s grantedPatents with others

Amita BYD LG ChemSamsung

SDISK

Innovation

Cell cost ($/kWh) 140 160 140 170 180

Cell energy density (Wh/kg) 170(NMC532)170

(NMC532)220

(NMC622)190

(NMC111+NCA)200

(NMC622)

Major Cathod Material NMC LFP/NMC NMC NMC/NCA NMC

Major battery type Pouch Prismatic Pouch Prismatic/Cylindrical Pouch

Technology roadmap NMC811 NMC811 NMC811,NCMA NCA, NMC NMC811

NMC811 vs NMC532 : Higher density 25%, Lower cost , Longer cycle life 15-20% Source: Company Data, CLSA

DEVELOPMENT OF NMC SERIES FOR LOWER COST

Distribution of Battery Technology for EVNMC series is increasing adopted

0

50

100

150

200

2014 2016 2018 2020 2022 2024

USD/kWh

NMC111 NMC622 NMC811

1 2 2 1

44

10 6 22

39

4

15 17

12

26 73 7245

26

2017 2020 2025 2030

33 26 24 14

82 1

12

378 32 35

2530

40 382321

2017 2020 2025 2030

ChinaBattery capacity demand by chemistry (%)

Rest of the worldBattery capacity demand by chemistry (%)

Source: McKinsey

Our Technologies & Key Partners

Energy Absolute PCL.

Started new era of advance technology Energy Storage Business

• Started investing in Amita Technologies Inc., Taiwan in Dec 2016 current shareholding = 77%

• Amita Technologies Inc. was established in March 2000 to produce lithium-ion power battery with strong material science research and long test data accumulation supported by ITRI.*

• Main Businesses • High Power Battery for EV, E-Scooter, Power Plant • OEM (Original Equipment Manufacturer) • PDCA- Post Dry Cell Battery• Turnkeys of High Technology Battery Factory for EV in Beijing

• Current production capacity and capability : 44Ah power battery cell or over 500MWh per year

* ITRI, a nonprofit R&D organization of Taiwan, who played a vital role in Taiwan's economic growth, strengthen capabilities of innovation and cooperation with international partners all over the world.

Energy Storage System for a small renewable power plant

Battery for E-Scooter

Amita’s turnkey project : Design & Construction Management for CABRI factory

• China Automotive Battery Research Institute Co., Ltd (CABRI) originated from China Association of Automobile Manufacturers (CAAM)and General Research Institute for Nonferrous Metals (GRINM) with massive support of state and governmental departments to serve as anindustry & technology coordination and innovation platform, jointly established by domestic scientific research institutions, power batterymanufacturers and automobile OEMs.

• The shareholders of CABRI include 11 enterprises of General Research Institute for Nonferrous Metals (GRINM), China Ting New Power, Dongfeng, Chang’an, SAIC, Brilliance, GAC, CATL, Tianjin, Lishen

Source : http://www.glabat.com/class/view?id=54

Industrial Technologies Research Institute (ITRI)

• Other 2019 R&D 100 Awards winners include the MIT Lincoln Laboratory, Dow, Dupont, etc

The most prestigious recognition of invention & innovation awards

“Oscars of Invention”• Won 41 R&D 100 Awards for 12

consecutive years since 2008• Most of the winning technologies

licensed to manufacturers for commercialization, including STOBA Technology in Li-ion battery

• ITRI is the most awarded research institute for the Top 100 Global Innovators in Asia. • Only 3 Other government-sponsored research institutions in the same class:

(1) Fraunhofer (Germany) - Europe's largest application-oriented research organization(2) The French Alternative Energies (3) Atomic Energy Commission (USA)

5099130NRSCell

20Ah Cell with high safety, high capacity, and an energy density of 180Wh/kg

Hard PackASP-48020-LPYour Idea Solution for the world. Compact, Safe and Portable! Superior Technologies with total solution.

Energy Storage System1.2KWhSave Power for tomorrow. Your back-up power station. Enrich Your Green Life.

Camcorder-AN SeriesAN-L100RCatch the world with you. No worry of losing any important moments.

A Passion for Providing Green Energy Solutions.

Our EV MINE SPA1

Energy Absolute PCL.

Criteria for picking a good EVSafety

With battery package and located plug higher

Affordable price & Functionality To offer suitable size of battery base

on daily use and suitable price.

Fits with day in a life • Charging time period : support

quick charge and smartphone using.• Flexibility & Compatibility of

charging plug• Location of compatible chargers

along the usual routes / main routes

Maintenance serviceWarranty and After-sale Service battery package

Keep longer life batteryHome charger preparation &

charging station

Design Concept

Engineering

• Function• Appearance• Comfort• Ergonomic

Designed and Developed by our Thai engineer

Thai EV for Thai people.

Cost

Light Weight with Aluminum for Longer Range

Packed with Advance Technologies

Integrate with our Chargers & Others SystemFast Charge Battery

Durability

19

Register Now

Weight

Dimension

Wheel Base

Ground Clearance

Rear Space

1,400 kg.

1,730 x 4,530 x 1,730 mm.

2,750 mm.

150 mm.

5.9 mm.

650 Liter

Turning Radius

To prove the high safety of battery system Electric FerriesUsing our 800-KWh Lithium-ion battery capacity to modernize and make a cleaner and safer transportation for our community including tourist who travel along Chao Phraya River, which is one of the most impressive tourist destinations in Bangkok.

The electric ferry is designed by our own team and using our technology.

Q1 Q2 Q3 Q42020

No. of E-Ferry

42 42

2

22

No Emission is Now Your Decision

SPA 1

Upcoming Projects

Energy Absolute PCL.

Biodiesel Business with advance technology of GD & PCM

CPO Purification

Glycerin Sell to pharmaceuticals , Cosmetics, Personal products

Sell to major oil refinery companiesB100

Advance product of biodieselEnhancing diesel engine capacity

Green Diesel

PCM

BioPCM works as a thermal storage battery good for energy saving Green Diesel & PCM

Production (38 : 62)

B100 & GlycerinProduction

Export Market

Domestic Market

PCM Market Size : To be US$ 4.024 billion in 2025 Growing demand especially in Asia- Pacific mainly in Building and Construction Japan issued policy in Promotion of Zero Energy Building (ZEB) and Zero Energy Houses (ZEH)

1207.09

724.25523.07

724.25

523.07

201.18120.71

PCM Market in 2025 (in US$ million)

Building & Construction Commercial RefrigerationHVAC Energy Storage ManagementShipping and Transportation TextilesOthers

4,023.62

292.61

218.08182.19

179.43

124.22

55.2152.45

PCM Market in 2018 (in US$ million)

Building & Construction Commercial RefrigerationHVAC Energy Storage ManagementShipping and Transportation TextilesOthers

1,104.19

Source: Inkwood Research

Market Opportunity in Japan from the government policy ZEB and ZEH

Source: phasechange.com

Japanʼs Strategic Energy Plan (adopted at the Cabinet Council in April 2014) establishes the following goals to realize and promote ZEB (Net Zero Energy Building) and ZEH (Net Zero Energy House):

• Realize ZEB & ZEH in newly constructed public buildings by 2020• Realize ZEB & ZEH in average newly constructed public and private buildings by 2030

Our Performance

Energy Absolute PCL.

Revenue for 9m Period increased from Wind PowerTotal Revenue increased 12%

Total Operating Revenue increased 23%

9M/18

Biodiesel30%

Power67%

Others3% Biodiesel

26%

Power73%

Others1%

9M/19

850 889 921 2,724 2,692

2,060 2,685 3,118

5,842 7,928

50 36

64

229

184

3 26

15

27

43

895

2,963 3,636 4,118

9,717 10,847

-

2,000

4,000

6,000

8,000

10,000

12,000

Q3/2018 Q2/2019 Q3/2019 9M/2018 9M/2019

Mil.bt.PowerOther revenueAccounting gainColumn1

Revenue contribution from power business is increasing after completion of 260 MW wind power, Hanuman Project.

Biodiesel Production

134

175188

152174

158 150

0

50

100

150

200

2013 2014 2015 2016 2017 2018 3Q/2019

Mil.Ltr.Sale Volume of B100

Location Kabinburi Industrial Estate, Prachinburi under BOI promotion & privileges

Plant Capacity• Biodiesel 800,000 Liters per day• Pilot production of green diesel/PCM 1 Ton per day• Refined Glycerin 80 Tons per day (by product)

• B100 volume in 3Q/2019 = 150 mil.liters increased 25.80% as compared to the same period of last year but the revenue slightly increased. Because of lower of selling price by 19.34% due to oversupply of palm product in the market.

• Glycerin volume in 3Q/2019 = 10 mil.kg. increased 18.01% from expanding domestic customer base.

Renewable Energy Production

136 151 154 171 140

451 465115 59 73 58 91

230 221

25 105183

313

252 210 251 334

414

681

999

0

200

400

600

800

1000

Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 9M/18 9M/19

Mil.kWh

Solar HGH HNMSolar42%

Wind58%

664278 MWh

386 MWh

+ 90MWNakornsawan

+ 8MWLopburi

278 278 278

126 126386

898 98

188278

404 404

664

0

200

400

600

800

2012 2013 2014 2015 2016 2017 2018 2019

MWh

+ 90MWLampang

+ 90MWPhitsanulok

+ 126MWHad Kanghan(Songkla &Nakornsritammarat)

+ 260MWHanuman(Chaiyaphum)

Total Capacity Output Production

Gross Profit for Q3 & 9M of 2019

Gross Profit Margin 9M/2018 9M/2019

Biodiesel Business 7% -0.6%

• Decreasing form Glycerin price 36% while COGS is no changing.• Discount form CPO price was decreased.

Power Business

Solar

Wind81%

53%

83%

53%

• Revenue of power business was increasing.• Resulting to revenue recognition form Hanuman wind farms gradually adding up

in 1st quarter and fully resulting to revenue recognition since 2nd quarter.

Total GPM 52% 54%1,680

2,035 2,424

4,542

6,092

42 15

(43)

188

(16)(128) (97) (92) (134) (233)

1,594 1,953

2,289

4,595

5,843

(1,000)

-

1,000

2,000

3,000

4,000

5,000

6,000

Mil.bt.Power BU.

Biodiesel BU.

Others BU.

Q3/18 Q2/19 Q3/19 9M/18 9M/19Loss from BIO (16),ESM (183), EMN (4), Amita (44)

Total Expense & Net Profit for Q3 & 9M of 2019Solar

Gross Profit Increase

• Administrative expenses: for 9M/2019, were Baht 649 mil., increased by Baht 43.04 mil. From the personnel expense with new hiring of employee and executive following to the business expansion plan and PR & Advertising expense due to several programs to promote new businesses, EV charging station and Electrical Vehicle, following to EA’s strategic plan.

• Financial Cost: increased by Baht 116.00 million. This is mainly due to long term loan from financial institutions for payment of some part of supplier credits for Hanuman wind power plants project.

• FX Gain: Due to buying Forward for payment of supplier credits for Hanuman wind power plants project Baht 91 mil.

YoY

4,595 5,843

(64) (649) (12) 91 (986) 10

4,233 3,233

Gross Profit9M/2018

Gross Profit9M/2019

SellingExpense

AdminExpense

Share of Lossin investment

FX Gain (Loss) Financial Cost Tax Net Profit9M/2019

Net Profit9M/2018

(Mil.Bt)

QoQ(Mil.Bt)

1,594 2,289

(22) (167) (6) (84) (382)5

1,633 1,257

Gross ProfitQ3/2018

Gross ProfitQ3/2019

SellingExpense

AdminExpense

Share of Lossin investment

FX Gain (Loss) Financial Cost Tax Net ProfitQ3/2019

Net ProfitQ3/2018

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

13,429 24,547

30,118 29,786 39,690 40,912 42,431

44,677 5,897

8,510

11,389 14,744

19,518 20,628 21,039

23,112 2.28

2.882.64

2.02 2.03 1.98 2.021.931.82

2.252.14

1.57

1.16

1.51 1.551.39

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

-

20,000

40,000

60,000

80,000

2014 2015 2016 2017 2018 Q1/2019 Q2/2019 Q3/2019

THB Mil.

Liabilities Equity D/E Ratio Net D/E

Financial Cost for Q3 & 9M of 2019

Total Debt

Short Term Debt,

2,490 , 6%

Bond,

13,990 , 35%

Long term Debt,

24,090 , 59%

40,570Mil.Bt.

3,000 4,000 1,500 1,500

4,000

1,600

5,125

3,577 4,015

3,863

2,660 2,074 1,386

4,660

9,125

5,077 4,015

5,363

2,660 2,074 1,386

4,000

-

3,000

6,000

9,000

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Mil.Bt.Bond LT-Loan

A

Interest RateShort Term Debt: 1.92 – 3.55%

P/N: 2.1 – 2.17%

Long Term Debt: 3 - 4%

Bond: 2.22 – 3.61%

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

EV E-FERRY

Our Target in Y2020

EV production is going to start in Q2 and ramp up to complete delivery of 5,000 units by 2020.

The two pilot E-Ferries will start operation in Q1/2020, followed by the next 20 units in Q2 and the last 20 units in Q3.

Chart1

Q1

Q2

Q3

Q4

Column1

2020

No. of E-Ferry

2

22

42

42

Sheet1

Column1

Q12

Q222

Q342

Q442

Chart1

Q1

Q2

Q3

Q4

Column1

No. of EV

0

800

2580

5000

Sheet1

Column1

Q10

Q2800

Q32,580

Q45,000

Our Target in Y2020: Revenue +61%

Biodiesel25%

Renewable Power75%

Revenue 2019

B1001%

Power3% Charging

6%

GD&PCM11%

EV Car16%

E Ferry19%

1 GWh Battery Factory

43%

R&D1%

THB 7,388 mil.

Capital Investment in 2020Biodiesel17%

Renewable Power51%

EV 27%

GD & PCM4%

E-Ferry & Charging

1%

Revenue2020

Key milestone :EV, GD & PCM, E ferry Start commercial operation Q2/2020

Disclaimer

This presentation contains summary information about Energy Absolute Public Company Limited (“EA” or “the Company”) and its subsidiaries as at 30September 2019 and, unless stated otherwise. The information does not purport to be complete or comprehensive.

This presentation contains forward looking statements that may be identified by use of words such as “anticipates,” “hopes,” “expects,” “estimates,”“intends,” “projects,”“plans”, “predicts,” “projects”, “aims” or other similar expressions that are used to identify such statements. Forward lookingstatements are based on certain assumptions and expectations of future events. No guarantee nor assurance is made that these assumptions andexpectations are accurate or will be realized. Such forward looking statements should be considered with caution, since actual results may differmaterially from those expressed or implied by such statements.

The information in this presentation were obtained from various external sources which has not verified through any independent source. Norepresentation or warranty, either express or implied, is made regarding the accuracy, completeness, correctness, reliability, or scope of theinformation and disclaim all responsibility and liability for the information (including, without limitation, liability for negligence).

This presentation is provided for the sole purpose of enhancing understanding of the Company and should not be construed as a legal, tax orinvestment recommendation or any other type of advice.

The Company does not provide any representation, warranty, endorsement, or acceptance, about opinion or statement of any analyst s or other thirdparties; or the use of any such opinion, or statement of any analysts or other third parties.

This document is strictly confidential and being given solely for your information and may not be shared, copied, reproduced or redistributed to anyother person in any manner.

Slide Number 1Slide Number 2Slide Number 3Slide Number 4Slide Number 5Growth in EVs & Battery TechnologiesHigh growth in Battery business mainly from Electric VehiclesSlide Number 8Slide Number 9Distribution of Battery Technology for EV�NMC series is increasing adopted Our Technologies & Key PartnersStarted new era of advance technology Energy Storage BusinessSlide Number 13Slide Number 14Slide Number 15Our EV �MINE SPA1 Slide Number 17Slide Number 18Slide Number 19Slide Number 20Slide Number 21Upcoming ProjectsSlide Number 23Slide Number 24Slide Number 25Our �PerformanceRevenue for 9m Period increased from Wind Power�Total Revenue increased 12%�Total Operating Revenue increased 23%Slide Number 28Slide Number 29Slide Number 30Slide Number 31Slide Number 32Slide Number 33Our Target in Y2020Our Target in Y2020: Revenue +61%Slide Number 36