THE SHARE VALUATION REPORT

PRESENTATION

September 2018 (Update FS Q2/2018)

Super Energy Corporation Public Company Limited

Private & Confidential

AGENDA

PART 1

• Company Overview

• On Going Projects

• Financial Highlights

PART 2

• Infrastructure Fund

• Potential Projects in THAILAND

• Wind Power Projects in VIETNAM

2


Company Overview


www.superblockthailand.com 4


2. Production and Distribution of Electricity

1. Operation and Maintenance Services (O&M)

3. Information & Communications Technology

Company Information since 2014

The Company has a vision to become a leading national and regional player in renewable energy electricity production businesses such as solar energy, waste energy or wind energy businesses.

Board of Director

5


Mr. Jormsup Lochaya Chairman to the board

Mr. Kamthorn Udomritthiruj Vice-chairman of the Board of Director

and Chairman of the AC

Ms.Vanida Majjimanonda Director and AC

Ms.Warinthip Chaisungka Director

Ms Trithip Sivakriskul Vice-chairman of the AC and Director

Mr. Piya Sorntrakul Director

Ms Sunsiri Chaijareonpat Director

Super Energy Group Co.,Ltd (“SE”)

Registered Capital 1,000 MB

Super Solar Energy Co.,Ltd (“SSE”)


Open Technology Public Co.,Ltd (“OPEN”)

Registered Capital 40 MB

Pro Solar One Co., Ltd (“PRO ONE”)

Registered Capital 263.25 MB

www.superblockthailand.com

Corporate Structure in Thailand

100%

76.25% 100%

100%

6

SOLAR ENERGY

Lemon Gold Farm Co., Ltd (“LEMON”)

Registered Capital 1 MB

76%

Super Wind Energy Co., Ltd (“SUPER WIND”)

Registered Capital 0.1 MB

100%

WIND ENERGY

100%

Super Earth Energy Co., Ltd (“SUPER EARTH”)


WASTE ENERGY


100%

7 www.superblockthailand.com

Corporate Structure in Oversea

Hong Kong

SUPER SOLAR ENERGY (HONG KONG) 1 Co.,Ltd.

SSE-HK1 Registered Capital 100,000 HKD

SUPER SOLAR ENERGY (HONG KONG) 2 Co.,Ltd.

SSE-HK2 Registered Capital 100,000 HKD

Japan

SUPER ENERGY GROUP (HONG KONG) Co.,Ltd.

SE-HK Registered Capital 100,000 HKD

100% 100%

100% SUPER ENERGY–GA JAPAN 1 GK

SE-GA JAPAN 1GK Registered Capital 100,000 JPY

75%

100%

SUPER ENERGY JAPAN 2 GK SE-JAPAN 2 GK

Registered Capital 100,000 JPY

Singapore

Super Energy (East) Pte Ltd..

SE-EAST

Registered Capital 200,000 SGD

100%


Vietnam

SUPER WIND ENERGY Co.,Ltd. SUPER WIND

Registered Capital 100,000 THB

SUPER WIND ENERGY CONGLY 1 JOINT STOCK Co.

SWEC1 Registered Capital 100,000 HKD

51%

Company Information

8

150 330 629

975

2,015

2,735 2,735 704

616

402 547

-

500

1,000

1,500

2,000

2,500

3,000

3,500

1994 2004 2012 2013 2014 2015 2017

Registered Capital

Paid-up Remaining

Unit: MB

Year 28-Feb 31-May 31-Aug 30-Nov

2017 No.1

2018 No.2 No.3 No.4 No.5

2019 No.6 No.7 No.8 No.9

2020 No.10 No.11 No.12

}

SUPER-W4 Warrants : 5,469,893,121 Unit Amount of : 546,989,312.10 Baht Exercise Price : 2.50 Baht Exercise Ratio : 1 warrants : 1 shares Trading date : 22 September 2017 (SET) Exercise Period :

Investing & Develop of Renewable Energy Power Plant Project in

Thailand and Overseas

Production and Distribution as grade 4 and grade 6 autoclaved

aerated concrete


Total 3,282

Growth Commercial Operation Date - COD

9

2014

2015 2016

2017

COD 125 Project, 749.60 MW

•6 Project

•12.95 MW

•20 Project

•175.50 MW

•96 Project

•542.15 MW

•2 Project

•10 MW


2014, SUPER Acquisition

group ADDER

Since 2015, SUPER Acquisition PPA Develop & Construction own group Freed in Tariff

2018

COD by year No. Of Sites

COD (MW)

Accum, COD

2011 3 6.0 6.00

2012 1 1.0 7.00

2013 1 0.95 7.95

2014 1 5.0 12.95

2015 20 175.5 188.45

2016 96 542.15 730.60

2017 2 10.0 740.60

Q4-2018 7 29.5 770.10

In processing 4 35.9

Total 135 806.0

COD by year No. Of Sites

COD (MW)

COD 14 June 2018 (Sakaeo) 1 9.00

COD within 2019 (Phichit) 1 9.00

COD within 2020 (Phetchaburi) 1 8.00

In processing PPA (Nongkhai) 1 6.00

In processing (Nonthaburi) 1 16.00

Total 5 48.00

Existing PPA 802.1 MW In process 51.9 MW TOTAL 854.0 MW

•1 Project

•9 MW

Waste Energy Solar Energy

Power Purchase Agreement - PPA

10


Remark: Excluding Solar 19.9 MW which their PPA have been processing. Excluding Hybrid 16.0 MW which their PPA have been processing. Excluding Waste 16.0 MW which their PPA have been processing.

EGAT MEA PEA

93%

6% 1%

ADDER 8, 1%

ADDER 6.5, 1%

ADDER 3.5, 3%

FiT5.66, 92%

[CATEGORY NAME], 3%

ADDER 8 ADDER 6.5 ADDER 3.5 FiT5.66 FiT4.12

PPA Type Rate Period Capacity MW

COD(MW)

ADDER SOLAR 8 10 7.00 7.00

ADDER SOLAR 6.5 10 5.95 12.95

FIT SOLAR 5.66 25 729.15 720.65

ADDER WASTE 3.5 7 9.00 9.00

FIT SOLAR 4.12 25 28.00

FIT WASTE 5.08 25 6.00

ADDER WASTE 3.5 7 17.00

802.10 749.60

Location Power Plant in THAILAND

11


Remarks: excluding SPP Hybrid 16 MW excluding Solar 19.9 MW excluding Waste 16 MW

Thailand Site MW %

SOLAR

Central 58 358.75 47%

Eastern 59 319.60 42%

Southern 10 63.75 8%

Northern 4 28.00 4%

131 770.10 100%

WASTE

Central 2 17.00 53%

Eastern 1 6.00 19%

Northern 1 9.00 28%

4 32.00 100%

12


On going Project

Solar Energy COOP2 = 28 MW

ELT(อผศ.) = 5 MW

Thai Green(หนองบวัล ำภ)ู = 4 MW PKT Green(ชยัภมู)ิ = 4 MW IQ Good(แพร)่ = 5 MW

Thai Green(กระบี)่ = 5 MW SSE(สรุำษฎธ์ำน)ี = 5 MW

COD within 31 Dec 2018

13


On going Project

Waste Energy 9.9 MW PPA 9 MW

VSPP-PEA-56/2558

Installed 9.9 MW

Adder Rate 3.50 THB/Unit for 7 years

Location Tumbol Nonglum, Amphoe Wachirabarami, PHICHIT

Project type Waste Power Plant by RDF

Fuel Refuse Derived Fuel : RDF RDF1 : MSW RDF2 : Coarse RDF RDF3 : Fluff RDF

8,000 – 8,200 Ton/Month

Technology Step Grate / Stoker JAPAN

Tentative COD Date 2019

Industrial Estate Northern Region (Phichit)

47-3-89.1 Rai

On going Project

Solar Energy COOP1

14


Sanam Chai Khet Project

COD : within Q4/2018

1.50 MW

Phichit Project 9 MW

COD : within Q3/2019

Waste Energy

15


On going Project

Nongkhai (Quick Win)

Nonthaburi (Quick Win)

Phetchaburi

PPA 6 MW 16 MW 8 MW VSPP-PEA-001/2560

Installed 8.0 MW 20.0 MW 9.9 MW

Rate Fit 5.08 /Unit for 20 years Fit 5.08 /Unit for 20 years Adder 3.50 THB/Unit for 7 years

Location Tumbol Phonsawang, Amphoe Mueangnongkhai, Nongkhai

Tumbol Khlongkhwang, Amphoe Sainoi, Nonthaburi

Tumbol Thasen, Amphoe Banlat, Phetchaburi

Land 95-0-56 Rai 57-0-0 Rai 22-1-25 Rai

Project type Waste Power Plant Waste Power Plant Waste Power Plant

Fuel MSW MSW MSW and RDF

11,400 – 12,000 Ton/Month 30,000 – 36,000 Ton/Month 9,300 – 10,500 Ton/Month

Technology Stoker incineration by Hitachi Zosen

Pyrolysis and Gasification by Nippon Steel

Stoker incineration

Tentative COD Year 2020 Year 2021 Year 2021

Waste Energy

Financial Highlights


Financial Highlights

17


Statement of P/L.

Statements of profit and loss For 6

month

Q2-18 Q2-17 Q2-18 Q2-17 Q2-18 Q2-17

Revenue from sales 2,763 2,764 2 4 - - 2,765 95% 2,768 95%

Revenue from government granted-adder 85 83 - - - - 85 3% 83 3%

Revenue from services 5 3 64 54 - - 69 2% 57 2%

Total Revenue 2,853 2,850 66 58 - - 2,919 100% 2,908 100%

Cost of the sales of goods -1,176 -1,145 -1 -1 - - -1,177 -40% -1,146 -39%

Cost of the rendering of services -2 -1 -46 -33 - - -48 -2% -34 -1%

Gross profit 1,675 1,704 19 24 - - 1,694 58% 1,728 59%

Gain(Loss) on foreign exchange rate 23 103 - - 2 - 25 1% 103 4%

Other income 24 3 - - 1 2 25 1% 5 0%

Selling expenses - -1 -2 -3 - - -2 0% -4 0%

Administrative expenses -127 -138 -8 -8 -40 -19 -175 -6% -165 -6%

Finance cost -677 -689 - - -41 -16 -718 -25% -705 -24%

Profit from investments 53 42 - - - - 53 2% 42 1%

Profit (loss) before income tax ex. 971 1,024 9 13 -78 -33 902 31% 1,004 35%

Income tax expense -3 -3 -1 -2 - - -4 0% -5 0%

Profit (loss) for the period 968 1,021 8 11 -78 -33 898 31% 999 34%

Profit (loss) others -1 - - - -1 - -2 0% - -

Comprehensive income (loss) 967 1,021 8 11 -79 -33 896 31% 999 34%

Power Technology Others Consolidate

Q2-18 Q2-17

Financial Performance

Revenue (Unit : MB)

18


Cost (Million Baht)

Gross Profit (Million Baht)

1,447 1,452 1,402 1,402.32 1,326 1,223

5,398

2,854.32

-

1,000

2,000

3,000

4,000

5,000

6,000

ENERGY IT Other

122 115 124 152.52 123 126

496

268

-

500

1,000

1,500

2,000

2,500

3,000

Depreciation (non cash) Cost of sales & services (cash)

727.89

724.83

892.07 835.67

756.63

640.91

889.58 824.04

- 100.00 200.00 300.00 400.00 500.00 600.00 700.00 800.00 900.00

1,000.00

Gross Profit

2017 Q1 60%

Q2 58%

Q3 56%

Q4 57%

2018 Q1 60%

Q2 56%

Financial Performance

EBITDA /Profit (loss) for the period (Million Baht)

19


Compare of Revenue

Q1/2017

Q2/2017

Q3/2017

Q4/2017 Q1/2018 Q2/2018

Net Profit 38.14% 30.43% 27.02% 11.76% 33.45% 28.01%

EBITDA 89.47% 87.04% 86.02% 82.15% 87.63% 85.58%

Net Profit Margin from SOLAR FARM has been stable around 30% to 35% Strong EBITDA Margin

563 494 435 403 366 146

1,511

898 1,321 1,296 1,244 1,232 1,165 1,024

4,757.23

2,528.07

-

500.00

1,000.00

1,500.00

2,000.00

2,500.00

3,000.00

3,500.00

4,000.00

4,500.00

5,000.00

NET PROFIT EBITDA

Financial Position

Balance Sheet (Million Baht) as of Q2/2018

20


Total asset of 46,872.32 MB

1,401.86

45,468.79

6,803.26

23,844.86

16,222.53

1,885.29

44,987.03

6,952.52

22,803.79 17,116.00

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

50000

Q12018 Y2017 Q12018 Y2017 Q12018 Y2017 Q12018 Y2017 Q12018 Y2017

CURRENT ASSETS NON-CURRENT ASSETS CURRENT LIABILITIES NON-CURRENT

LIABILITIES

SHAREHOLDERS’

EQUITY

Assets Liabilities Equity

Y2017

Q2/2018

Financial Position

Capital Structure

Debt to Equity Ratio

21


Remark: 2/ Excluding trade and other payables

71% 70% 69% 69% 68% 67% 66% 65% 65% 63.48%

29% 30% 31% 31% 32% 33% 34% 35% 35% 36.52%

Q1/2016 Q2/2016 Q3/2016 Q4/2016 Q1/2017 Q2/2017 Q3/2017 Q4/2017 Y2017 Q2/2018

Liabilities Equity

2.48 2.30

2.18 2.27 2.15 2.04

1.97 1.89 1.89 1.74

1.52 1.96 1.95 1.93 1.91 1.86 1.83

1.79 1.79 1.66

-

0.50

1.00

1.50

2.00

2.50

3.00 D/E Ratio 1 D/E Ratio 2

Financial Position

22


Cashflows Q2/2018 Q2/2017

Net cash provided by operating activities 2,166 2,210

Net cash used in investing activities (737) (2,260)

Net cash provided by (used in) financing activities (1,288) 144

Net increase in cash and cash equivalents 140 94

Cash and cash equivalents at the beginning of the period 338 146

Cash and cash equivalents at the end of the period 478 240

Statement of cashflow

Infrastructure Fund

23


Infrastructure Fund : IFF

24


List Detail

Time: Tentative filing : September 2018

Fund Asset: Solar Energy Power Plant 118 MW

Company Holding Ratio In Consideration(Approx. 15%)

Total Value of Fund Approx. 9,000 Million Baht

Objective of Fund Objective of Fund are as follows:

1.Loan Repayment to Financial Institution

2.Reinvestment to IFF = 15%

3.Future Investment in Other Projects

Financial Consultant Bangkok Bank (Public) Company Limited

Potential Projects


Potential Projects in THAILAND

26


• SPP Hybrid

• Installed capacity =32MW / PPA = 16 MW

• Private PPA

• Installed capacity = 65 MW

• Solar Power Plant (subject to Government’s policy)

• Waste Power Plant (subject to Government’s policy)

• Solar Roof Top (subject to Government’s policy)

Wind Power Projects in VIETNAM

27


SUPER ENERGY CORPORATION

Plc

SUPER ENERGY GROUP Co.,Ltd

SUPER WIND ENERGY Co.,Ltd

SUPER WIND ENERGY CONGLY 1 JOINT STOCK

COMPANY

CONG LY CONSTRUCTION COMMERCE

51% 49%

100%

100%

Disclaimer

This presentation herein should be used for investor information only. It should not be used as an offer or invitation to purchase or sell SUPER shares. Additionally, this presentation contains forward-looking statements and assumptions that are subject to risks and uncertainties. Investors or readers using this material need to be prudent

28


THANK YOU


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THE SHARE VALUATION REPORT