#1SERMSANG POWER CORPORATION Sermsang Power Corporation Public Company Limited OPPORTUNITY DAY 10/22 13 June 2022#2Highlights SSP Overview Financial performance Operation performance Projects Update Future Opportunity SERMSANG POWER CORPORATION 2#31 SSP Overview SERMSANG POWER CORPORATION 3#42022 1Q KEY HIGHLIGHTS • • Exercised of SSP-W1 of 865 million THB . • • Investment of 25% in Rom klao Wind Farm. • • New high of net profit and healthy balance sheet. • Divestment of Hidaka project in Japan. Selected as a member of 2022 ESG Emerging List from Thaipat Institute. On going events SERMSANG POWER CORPORATION#5Divestment of hidaka Project Hidaka COD: March 2018 Project Details Business Type Project Owner : Solar power plant : SS Hidaka No Mori (GK Company) SERMSANG POWER CORPORATION Investment Type Investment Percentage Location Installed/PPA MW : Through SEG, as TK Investor, under GK-TK Investment Structure : 86.9% : Hokkaido, Japan : 21/17.0 MW Power Purchaser : Hokkaido Electric Power Company Limited Purchase Price Purchase Term : Under Fit Scheme of JPY 40/KWh : 20 years SSP 100.0% summary detail Selling Price 2,800 mJPY (exclude fees -1.5%) Partner Initial Investment 1,267.2 mJPY SEG SMS MS 86.9% 9.7% 3.4% Expected cash return ~2.4x SS Hidaka No Mori Expected equity IRR Plan for use of proceed -20% • Equity injection for Leo2 project by end of this year. • Capital for others project on hand and working capital. 5#6SSP Business Overview SERMSANG POWER CORPORATION Solar Solar rooftop Wind B Biomass BBB.A. Operating Project 7 >60 2 1 Country PPA Equity MW 144.1 26.7 49.7 7.9#7Portfolio diversification Breakdown Sale Volumes by energy source (MWh) +131% +17,252/100% 155,001 17,252 Breakdown Sale Revenue by energy source (mTHB) +76% 848 SERMSANG POWER CORPORATION +58,138/100% 58,138 +79/100% 79 • 66,991 3,346 +4,940/47.6% +7,680/12.1% 8,286 +189/100% 189 482 8 +10/47.6% +88/18.6% M&A UPT project Annualize TTTV project 18 . New project in Indonesia 63,645 474 71,325 562 3M/21 3M/22 3M/21 3M/22 ■Solar farm Solar rooftop Wind farm Biomass Solar farm Solar rooftop ■Wind farm Biomass • Annualize Leo project 7#82 Financial performance SERMSANG POWER CORPORATION 8#9Key Financial Highlights Total Revenue and EBITDA was increase 50.1% YoY and 55.3% YoY respectively. + + Revenue recognition from new projects ie Leo1, UPT, TTTV. Overall production increase by 131.4%. SERMSANG POWER CORPORATION (Unit: MTHB) +17.4% QoQ +52.8% YoY Electicity revenue EBITDA EBITDA margin 1Q/22 79.9% +29.4% QoQ 848 +55.3% YoY 4Q/21 23.7% 722 189 681 688 1Q/21 77.2% 621 118 81 555 79 170 74 76 487 560 34 532 73 443 37 29 73 83 87 33 30 580 601 547 482 528 481 413 458 526 412 1Q21 1Q22 2Q21 2Q22 3Q21 3Q22 4Q21 4Q22 1Q21 1Q22 2Q21 2Q22 3Q21 3Q22 4Q21 4Q22 ■Solar Biomass Wind Solar Biomass Wind 9#10Key Financial Highlights • Net Profit to SSP's shareholder and Core Operating Profit growth 61.0% YoY and 66.0% YoY respectively. SERMSANG POWER CORPORATION Net profit Net profit margin 1Q/22 31.9% +102.5% QoQ +61.0% YoY 4Q/21 19.7% +68.8% QoQ +66.0% YoY 1Q/21 34.2% COP COP profit margin 1Q/22 31.0% 4Q/21 23.7% 1Q/21 34.3% 295 287 296 257 244 15 237 80 80 12 183 179 19 20 175 146 53 244 271 48 183 196 84 47 237 245 17 14 179 196 105 83 1Q21 1Q22 2Q21 2Q22 3Q21 3Q22 4Q21 4Q22 1Q21 1Q22 2Q21 2Q22 3Q21 3Q22 4Q21 4Q22 ■Solar Biomass Wind ■Solar Biomass Wind 10#11Seasonality of performance by energy source Revenue SERMSANG POWER CORPORATION 2020 PPA Equity-MW Solar- SPN 2021 PPA Equity-MW 2022 PPA Equity-MW Solar- Wind Solar- Wind SPN 17% SPN 20% 16% iomass 17% Biomass 27% 148 MW 3% 230 MW 237 MW 3% Solar 73% COP Solar Solar 100% 100% Solar 30% 25% Q1 Q2 22 Solar 63% Solar 61% Revenue COP Revenue COP Wind Wind Biomass 4% 12% Biomass 6% 4% Wind 14% Wind 18% Biomass 10% Biomass 7% Solar 84% Solar 90% Solar 76% Solar 75% Biomass 25% 25% 25% 25% 25% 40% 20% Q3 Q4 7] Q1 Wind 15% 5% 40% 22 Q2 Q3 Q4 Q1 Q2 Q3 Q4 11#12Balance Sheet Cash and DSRA 4,849 AR and others asset 1,735 PPE, ITA&Investment 17,479 Assets 31 Dec 21 (Unit: MTHB) +1,747 31 Mar 22 SERMSANG POWER CORPORATION 24,063 25,810 512 224 3,201 Others liabilities EPC financing 3,226 5,914 Cash and DSRA Others liabilities EPC financing AR and others asset 2,123 14,741 IBD 14,264 IBD PPE, ITA&Investment 17,772 6,374 Total equity Liabilities&Equity Net IBD to equity = 1.48 (Include EPC financing = 1.98) D/E = 2.78 Assets 7,300 Total equity Liabilities&Equity Net IBD to equity = 1.21 (Include EPC financing = 1.65) D/E = 2.54 12#133 Operation performance SERMSANG POWER CORPORATION 13#14SPN 40.0 MW: Operation performance POWER PRODUCTION (MWh) -ACTUAL (2022) 10000 8000 6000 4000 -PROJECTION LAST YEAR (2021) SERMSANG POWER CORPORATION 2000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Solar Irradiance (KWh / Sqm / month) ACTUAL (2022) LAST YEAR (2021) Jan-21 Feb-21 Mar-21 AF-AVAILABILITY 110% 100% 90% 80% 70% 60% 50% PR-ACTUAL SPN - OPERATION PERFORMANCE Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 MottMac PR 0 GUARANTEE PR 250 200 150 100 PR Range 79% - 90% 50 50 0 14 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec#15110% 100% 90% 80% 70% 60% 50% Jan-21 Feb-21 Hidaka 17.0 MW: Operation performance Hidaka - OPERATION PERFORMANCE AF-AVAILABILITY POWER PRODUCTION (MWh) SERMSANG POWER CORPORATION -ACTUAL (2022) -PROJECTION LAST YEAR (2021) 3500 3000 2500 2000 1500 1000 500 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Solar Irradiance (KWh / Sqm / month) ACTUAL (2022) LAST YEAR (2021) PR-ACTUAL 250 200 150 100 PR Range 58% - 86% 50 50 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 0 15 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec#16110% 100% 90% 80% 70% 60% 50% Jan-21 Feb-21 Zouen 6.0 MW: Operation performance Zouen - OPERATION PERFORMANCE AF-AVAILABILITY SERMSANG POWER CORPORATION POWER PRODUCTION (MWh) -ACTUAL (2022) PROJECTION LAST YEAR (2021) 1200 1000 800 600 400 200 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec PR-ACTUAL 250 200 150 100 PR Range 78% - 90% 50 50 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Solar Irradiance (KWh / Sqm / month) -ACTUAL (2022) LAST YEAR (2021) 0 16 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec#17Solar WVO 5.0 MW: Operation performance SERMSANG POWER CORPORATION POWER PRODUCTION (MWh) -ACTUAL (2022) PROJECTION LAST YEAR (2021) 1000 800 600 400 200 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Solar Irradiance (KWh / Sqm / month) -ACTUAL (2022) LAST YEAR (2021) 110% AF-AVAILABILITY WVO - OPERATION PERFORMANCE 100% 90% 80% 70% 60% 50% Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 PR-ACTUAL 250 200 150 PR Range 79% - 82% 100 50 50 0 17 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec#18Solar Rooftop projects : Operation performance POWER PRODUCTION (MWh) - SNNP -ACTUAL (2021) PROJECTION LAST YEAR (2021) SERMSANG POWER CORPORATION 300 250 200 150 100 50 D ดูโฮม 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec POWER PRODUCTION (MWh) - DoHome ACTUAL (2022) PROJECTION LAST YEAR (2021) 500 400 300 200 100 0 18 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec#19Solar Rooftop projects : Operation performance SERMSANG POWER CORPORATION POWER PRODUCTION (MWh) - TAPACO -ACTUAL (2022) -PROJECTION LAST YEAR (2021) 150 125 100 75 TAPACO 50 25 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec POWER PRODUCTION (MWh) - PRC ACTUAL (2022) -PROJECTION LAST YEAR (2021) 150 125 100 75 50 25 0 19 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec#20Binh Nguyen Solar (Vietnam) 40.0 MW: Operation performance ★ Binh Nguyen - OPERATION PERFORMANCE AF-AVAILABILITY 110% 100% 90% 80% 70% 60% 50% Jan-21 Feb-21 ACTUAL (2022) POWER PRODUCTION (MWh) PROJECTION LAST YEAR (2021) 10000 8000 6000 4000 2000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Solar Irradiance (KWh / Sqm / month) -ACTUAL (2022) LAST YEAR (2021) PR-ACTUAL 250 200 150 100 PR Range 68% - 84% 50 50 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 SERMSANG POWER CORPORATION 0 20 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec#21Khunsight Kundi (Mongolia) 15.0 MW: Operation performance SERMSANG POWER CORPORATION POWER PRODUCTION (MWh) ACTUAL (2022) PROJECTION LAST YEAR (2021) 3500 3000 2500 2000 1500 1000 500 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan-21 Feb-21 Mar-21 Apr-21 May-21 AF-AVAILABILITY 110% 100% 90% 80% 70% 60% 50% Khunsight Kundi - OPERATION PERFORMANCE PR-ACTUAL Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 250 200 150 100 PR Range 74% - 99% 50 50 Solar Irradiance (KWh / Sqm / month) -ACTUAL (2022) LAST YEAR (2021) 0 21 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec#22110% 100% 90% 80% 70% 60% 50% Jan-21 Feb-21 Yamaga 30.0 MW: Operation performance Yamaga - OPERATION PERFORMANCE AF-AVAILABILITY COD: June 2020 POWER PRODUCTION (MWh) -ACTUAL (2022) PROJECTION LAST YEAR (2021) 6,000 5,000 4,000 3,000 2,000 1,000 PR-ACTUAL 250 200 150 100 PR Range 78% - 84% 50 50 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Solar Irradiance (KWh / Sqm / month) -ACTUAL (2022) LAST YEAR (2021) SERMSANG POWER CORPORATION 0 22 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec#23Leo1 20.0 MW: Operation performance COD: July 2021 POWER PRODUCTION (MWh) -ACTUAL (2022) -PROJECTION LAST YEAR (2021) 6,000 5,000 4,000 3,000 2,000 1,000 SERMSANG POWER CORPORATION Jan Leo1 - OPERATION PERFORMANCE AF-AVAILABILITY PR-ACTUAL Feb Mar Apr May Jun Jul Aug Sep Oct Nov Solar Irradiance (KWh / Sqm / month) ACTUAL (2022) LAST YEAR (2021) Dec 110% 250 100% 200 90% 150 80% 70% 100 PR Range 88% - 93% 60% 50% 50 50 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 0 23 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec#24UPT 8.0 MW: Operation performance II COD: May 2019 SERMSANG POWER CORPORATION 8,000 -ACTUAL (2022) POWER PRODUCTION (MWh) -PROJECTION LAST YEAR (2021) 7,000 6,000 5,000 4,000 3,000 2,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 110% UPT - OPERATION PERFORMANCE AF-AVAILABILITY 100% 90% 80% 70% 60% 50% Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 -Capacity factor 24#25TTTV 48.0 MW: Operation performance COD: October 2021 SERMSANG POWER CORPORATION POWER PRODUCTION (MWh) -ACTUAL (2022) -PROJECTION LAST YEAR (2021) 26,000 23,000 20,000 17,000 14,000 11,000 8,000 5,000 2,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 12 10 Solar Irradiance (m / s / month) ACTUAL (2022) -LAST YEAR (2021) 8 6 4 2 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec#26Indicators Average Solar Irradiance CHANGE(%) 1Q22 4Q21 3Q21 2Q20 1Q21 (KWh / Sqm/month) QoQ YOY SPN 161 162 156 171 175 0% -8% Hidaka 111 81 128 143 99 37% 13% Zouen 107 112 121 132 109 -4% -2% WVO 169 146 148 164 175 15% -3% Vietnam 131 92 167 187 135 42% -3% Mongolia 170 150 175 189 163 13% 4% Yamaga 117 114 142 155 116 2% 0% Leo 125 118 121 N/A N/A 6% N/A Average Wind Speed CHANGE(%) 1Q22 4Q21 3Q21 2Q20 1Q21 (m/s/month) QoQ YOY TTTV 8.5 8.1 N/A N/A N/A 22% N/A SERMSANG POWER CORPORATION 26#27Production Production (MWh) 1Q22 4Q21 3Q21 2Q20 1Q21 CHANGE(%) QoQ YOY SPN 20,359 20,222 21,041 23,285 22,349 1% -9% Rooftop 2,263 1,972 2,099 2,236 2,199 15% 7% Hidaka 5,197 4,065 6,559 6,543 4,399 28% 18% Zouen 2,183 2,188 2,539 2,242 2,240 0% -3% WVO 1,988 1,725 1,739 1,923 2,058 15% -3% Vietnam 14,984 9,339 18,852 22,066 15,663 60% -4% Mongolia 7,815 6,124 7,075 7,180 7,044 28% 11% Yamaga 9,994 9,038 11,563 10,842 9,891 11% 1% Leo1 8,804 8,314 5,888 6% N/A UPT 17,252 16,645 17,628 4% N/A TTTV 58,138 37,734 54% N/A Rooftop ID 6,023 5,336 4,169 2,870 1,227 13% 391% Total 137,749 99,901 99,152 79,338 66,991 26% 131% SERMSANG POWER CORPORATION 27#284 Project update SERMSANG POWER CORPORATION 28#29Winchai Company Limited Business Type Capacity Total investment value Percent acquisition Wind Farm (Thailand) 45.0 MW 752 MTHB 25% Prior to the transaction After the transaction SSP SSP 9.67% 9.67% 100.00% Rowella 100.00% SGP 100.00% QXL Nova Nathalin QXL Nova Nathalin 25.00% 50.625% 24.375% 25.00% 50.625% 24.375% Winchai Winchai 29 SERMSANG POWER CORPORATION#30Project Details: Indonesia Rooftop PV Operation Construction Development Lampung Total 532 kW Banten Total 1,898 kW South Sumatra Total 319 kW South Sulawesi Total 185 kW West Java & Jakarta Total 8,867 kW East Java Total 8,317 kW Central Java Total 1,311 kW 30 SERMSANG POWER CORPORATION : 19.8 MW : 8.7 MW : 20.0 MW#31Ashita Power 2 Project Details: Leo (phase#2) 17.0 MW Yamaga C Project Project Leo Details Business Type : Solar power plant 31 SERMSANG POWER CORPORATION Project Owner Investment Type Investment Percentage : Ashita Power 2 (GK Company) : Through SEG, as TK Investor, under GK-TK Investment Structure : 100.0% : 1,413 1,460 KWh/sq.m./annum Solar Irradiation* Location : Shizuoka, Japan Installed/PPA MW : 22/17.0 MW (Phase#2) Solar Cell Technology : Land Details : Polycrystalline Silicon Approximately: 750 rais (surface right) Yamaga C Project Project Status : Under Development Target Financial close : End of Sep-2022 Target SCOD date : Q4-2024 Power Purchaser : Tokyo Electric Power Co., Inc Purchase Price : Purchase Term : Under Fit Scheme of JPY 36/KWh 17 years Tax Incentive GK-TK Structure • TK distribution of GK Company to TK investor can be used as tax deductible expense at GK Company level *Source: (i) New Energy and Industrial Technology Development Organization (ii) Power Plant Analysis Report, Mitsui Chemicals Inc.#32Project Details: 48.0 MW Wind Farm Phase 2 Google Earth CMTARE Hanoi Siphong 15'N Ho Mk City 110 E 10°N TTPTV kon ★ Project Details Business Type : Wind Power Plant (Nearshore) Project Owner : Truong Thanh Tra Vinh Wind Power JSC (TTPTV) Investment Percentage : 60% Wind Speed : Average 6.8 (at 100 m) Location : Tra Vinh, Vietnam PPA Capacity (MW) : 48 MW COD date : Within 2024 Project Cost : TBD Power Purchaser : Electricity of Vietnam (EVN) Purchase Price : Under Fit Scheme Purchase Term : 20 years 32 SERMSANG POWER CORPORATION#33Project Details: 110 MW Wind Farm Hanoi. Haiphong Project Details Business Type : Wind Power Plant (Nearshore & offshore) Investment Percentage : 60% Wind Speed : - Average 6.5 6.8 m/s(at 100 m) Location : South of Vietnam PPA Capacity (MW) : 110 MW COD date : Within 2024-2025 Project Cost : TBD Power Purchaser : Electricity of Vietnam (EVN) 15 N Purchase Price : Under Fit Scheme Purchase Term : 20 years HoMinh City 5 E 110°E 10°N 33 SERMSANG POWER CORPORATION#345 Future Opportunity SERMSANG POWER CORPORATION 34#35Transformation from Thai Solar Company to Regional Renewable Company PPA-Equity (MW) Pre-IPO Present PPA-Equity (MW) Next 3 years June 2022 PPA-Equity (MW) • • 2017 SSP first enter into Solar Farm Project under adder scheme (THB 6.5/kWh) in which project achieve COD in 2015 Till end of 2017, there is only 1 solar farm (SPN) contribution to SSP earnings • 2022 5 year since IPO, SSP currently has over 10 projects (Solar, Wind and Biomass) that achieve COD across 5 different countries. Solar 100% 40 MW Wind 22% Biomass 3% Solar rooftop 12% 228 MW Solar 63% • 2025 Target to expand another renewable portfolio. Renewable energy 23% Biomass 1% Solar 36% >500 MW Wind Solar rooftop 29% 11%#36Track Record & Growth SERMSANG POWER CORPORATION 500.0 MW Project Sermsang Solar 8-Years CAGR of 37.1% p.a. Status Operating PPA Equity (MW) 40.0 Solar WVO Operating 5.0 Solar Rooftop Operating 6.9 COD Feb 2015 Nov 2018 Y2018-Y2020 +227.9 MW Zouen Operating 6.0 Aug 2018 272.1 MW TTQN 230.3 MW 6.8 MW 237.1 MW + 35.0 MW Operating 34.8 May 2019 Mongolia Operating 11.3 Jul 2019 Yamaga Operating 27.0 May 2020 120.8 MW 147.8 MW + 82.5 MW Indonesia Operating 19.8 Y2018-Y2022 UPT Operating 7.9 72.7 MW 43.4 MW +27.0 MW May 2019 Leo Operating 20.0 Q3 2021 40.0 MW +32.7 MW Wind phase 1 Operating 38.4 Q4 2021 Windchai Operating 11.3 Q2'19 2017 2018 2019 2020 2021 2022 Grand Total 2023 2025 228.3 36#37Future Opportunity SERMSANG POWER CORPORATION Across Southeast Asia Target to expand more renewable portfolio. PPA-Equity (MW) >500 MW Geography Year 2025 Focusing in Asia with strong footprint and partner. Investment strategy Driving by organic and inorganic growth. Resource Targeting diverse renewable fuel sources 37#38Thank you SERMSANG POWER CORPORATION PLC. 325/14 Lanlaung Rd, Mahanak Sqaure, Dusit, Bangkok 10300 Thailand Tel: +66 (0) 2628 0993-2 Fax: +66 (0) 2628-0993 Website: https://www.sermsang.com For further information & enquiries, please contact our Investor Relations at nonthacha.j@serm sang.co.th +66 (0) 2628 0991-2 Ext. 290 +66 (0) 82 760 1454#39Appendices#40Statement of comprehensive income for the three-month period ended 31 March 2022 Unit million baht SERMSANG POWER CORPORATION Total revenues Net profit Consolidated financial statements Separate financial statements Item 1Q/21 1Q/21 1Q/22 Change 1Q/21 (Restated) 1Q/21 (Restated) 1Q/22 Change 501 574 860 +50% 18 18 -54% 188 204 324 +59% 183 198 295 +49% Net profit to shareholder 183 183 295 +61% 183 183 295 +61% EPS (Baht/share) 0.20 0.18 0.27 +47% 0.2 0.18 0.27 +47% Weighted average number of 922 1,014 1,111 +10% 922 1,014 1,111 +10% ordinary shares (million shares) 40#41Statement of financial position as at 31 March 2022 Unit million baht Consolidated financial statements Item 2021 1Q/22 Separate financial statements Change 2021 1Q/22 Change Current assets 4,786 6,070 +27% 1,573 2,650 +68% Non-current assets 19,277 19,739 +2% 7,736 8,759 +13% Total assets 24,063 25,810 +7% 9,310 11,408 +23% Total liabilities 17,689 18,509 +5% 3,426 4,615 +35% Equity attributable to owners of the 5,884 6,793 +15% 5,884 6,793 +15% Company SERMSANG POWER CORPORATION 41#42Cash flow statement for the three-month period ended 31 March 2022 Unit million baht Item SERMSANG POWER CORPORATION Consolidated financial statements Separate financial statements 1Q/21 1Q/21 1Q/22 1Q/21 (Restated) 1Q/21 (Restated) 1Q/22 1,364 1,388 3,580 446 446 941 Cash and cash equivalents at beginning of period -Net cash flows from (used in) operating activities -Net cash flows used in investing activities 317 335 466 (6) (6) 4 (708) (708) (890) (54) (54) (879 -Net cash flows from financing activities 167 135 1,633 14 14 1,917 Net increase (decrease) in cash and cash equivalents (178) (193) 1,117 (46) (46) 1,042 Cash and cash equivalents at end of period 1,186 1,195 4,696 400 400 1,983 42#43Business Portfolio - Green Energy SERMSANG POWER CORPORATION PROJECTS COUNTRY %SHARE INSTALLED (MW) PPA (MW) PPA - EQUITY (MW) PPA TERMS (Yrs.) COD / SCOD Operation SPN Thailand 100.0% 52.0 40.0 40.0 25 Q1'15 Zouen Japan 100.0% 8.0 6.0 6.0 20 Q3'18 Solar Rooftop Thailand 100.0% 6.9 6.9 6.9 25 Y2018 -Y2020 Solar WVO Thailand 100.0% 5.0 5.0 5.0 25 Q4'18 Binh Nguyen Solar Vietnam 87.0% 49.6 40.0 34.8 20 Q2'19 Khunsight Kundi Mongolia 75.0% 16.4 15.0 11.3 12+6 Q3'19 Yamaga Japan 90.0% 34.5 30.0 27.0 20 Q2'20 Solar Rooftop #1 Indonesia 95.0% 20.9 20.9 19.8 24 to 30 Y2019 -Y2022 UPT Thailand 99.0% 9.9 8.0 7.9 20 Q2'19 Leo 1 Japan 100.0% 26.0 20.0 20.0 Wind #1 Vietnam 80.0% 48.0 48.0 38.4 Windchai Thailand 25.0% 45.0 45.0 11.3 222 Q3'21 Q4'21 Q2'19 Total operation project 322.2 284.8 228.3 43