Dear Shareholders,

The year 2022 saw BCPG align its business direction with global energy transformation from conventional energy to green and sustainable energy, as illustrated by the revised vision (“Energizing a Greener and Sustainable World”) to underline an organization rooted in such energy and poised to pursue a green, sustainable planet.

With this new vision, we all at BCPG now command a new, crucial mission of earnestly supporting as well as pursuing consumption of clean energy. We must still value energy security for all sectors, leading to improved energy management efficiency with due regard for environmental impacts, which affects global sustainability. To this end, we follow our strategic plans that stress investment in clean energy together with new infrastructure and businesses that accommodate such energy transition, hence our “Accelerate energy transition towards sustainable and reliable power through innovative energy solutions for all” mission. The new vision and mission require BCPG to modify its logo from one leaf to three leaves, denoting the energy business, innovation and technology, and overall sustainability, while maintaining the unique BCPG ID shade. The synergy of three leaves conveys our secure growth in diverse energy businesses, driven by innovation and technology to improve all people’s quality of life while maintaining environmental equilibrium.

This year the Board has set a goal to become the leader in renewables power generation and green utilities by relentlessly growing investment in power generation, public utilities, and other downstream business around the world. To this end, it stresses secure and sustainable growth in both asset quality and long-term profitability for investors. The Board has paid full attention to proper risk management, retention of environmental sustainability, and delays of impacts leading up to climate change, focusing particularly on our Net-Zero goal achievement by 2050. On the part of the Enterprise-wide Risk Management Committee (ERMC), the commitment is to enable BCPG to command good corporate governance and to properly manage risks. ERMC advises internal units to play a role in the development of BCPG’s risk management system to ensure that BCPG Group is equipped with complete risk management practices in core activities that align with the corporate strategic direction and goals of our risk management plans.

Our Corporate Governance and Sustainable Development Committee (CGSDC) has benchmarked our CG code and practices against SEC’s CG Code 2017 and reviewed action plans for corporate governance, code of conduct, anti-corruption, and treatment of stakeholders, and advised executives to implement communication, nurture transparency aspects of the corporate culture, and treat all stakeholders fairly, equitably, and thoroughly. CGSDC has also steered CSR activities by promoting BCPG’s engagement in assorted activities to improve communities around BCPG installations, spanning education, health and hygiene, religion, culture and tradition, and environmental conservation aspects. As a result, BCPG continually earned certification, including our selection among the ESG100 securities companies with outstanding performance in environmental, social, and governance aspects for the fifth consecutive year; we gained recognition among the ASEAN Asset Class group by the ASEAN Corporate Governance Scorecard; finally, we were selected among the prestigious THSI (Thailand Sustainability Index) group for the second consecutive year. This year the Audit Committee (AC) has performed its duties with freedom as required by its charter, which had undergone revision to align with the current situation. The committee conducted prudent reviews to ensure that BCPG’s financial reports were accurate, with complete disclosure under financial reporting standards, commanded a proper internal-control system and risk management, and complied with applicable laws. AC has constantly monitored our business for alignment with the current business environment. The Nomination and Compensation Committee (NRC) has executed its duties with prudence, transparency, and fairness under corporate governance so that BCPG could retain competent individuals as directors, chief executive officer, presidents, and senior management whose compensation is commensurate with their duties and responsibility and is on a par with peer listed companies. The bottom line is the interests of BCPG and its shareholders. As always, the Investment Committee (IC) has treated our investment strategic plans very seriously, stressing investment in clean energy, infrastructure, and new businesses to sustain global energy transition. IC has also examined investment opportunities proposed by management and continually tracked investment progress. It has approved key investment projects, including development of solar farm projects in Thailand under the FIT renewables power purchase project for 2022-2030, development of a solar farm project in Taiwan, and investment in the Nabas-2 wind power project in the Philippines. IC has also monitored opportunities of and obstacles to international current and new investment projects, while recommending key factors that could affect corporate operations and strategies-whether economic or financial structure, etc.-to ensure the best interests of all stakeholders.

This year, TRIS Rating revised our corporate and debt instrument ratings to “A” with a “Stable” outlook thanks to our activities illustrating the significance of BCPG’s support to Bangchak Group’s strategies for business growth and achievement of the Net-Zero goal. Apart from these, we have still maintained the resilience of the revenue streams from power assets, distributed investment equities in diverse energy sources, and retained sufficient cash flows for investing activities, as well as the readiness to generate revenue from projects under development and emerging projects to offset our gradually tapering Adder revenue.

Energy management efficiency with due regard for environmental impacts, which affects global sustainability. To this end, we follow our strategic plans that stress investment in clean energy together with new infrastructure and businesses that accommodate such energy transition, hence our “Accelerate energy transition towards sustainable and reliable power through innovative energy solutions for all

Valuing all aspects of sustainability-economic, social, and environmental-BCPG organized “Breath of the World” activities to improve and rehabilitate nature in various areas, while upgrading people’s quality of life with innovation and renewables for better surroundings, including forestation in power plants (where we turned an area around power plants into 12 rai of forest), installation of a solar farm for Bamnet Narong Hospital in Chaiyaphum, and Edutainment learning activities to cultivate the Circular Economy concept among students of schools around our power plants. On behalf of the Board of Directors, management, and all employees of BCPG, may I therefore express my wholehearted appreciation to all stakeholders for putting your trust in us as well as supporting our businesses to develop the national economy and the ASEAN economy through the years. BCPG remains committed to our corporate governance code with responsibility for society and the environment, upgrading community residents’ quality of life, and adapting ourselves to the changing world. All these activities are meant to pursue international business acceptance of BCPG as a robust and sustainable corporation.

Mr. Pichai Chunhavajira

Chairman