Company Presentation TTW Public Company Limited Investor Meeting / Q4’2018 & 2018 Disclaimer

 This presentation includes some forward-looking statements relevant to future events such as plans, business strategies, expectations etc.. Thus, actual situations may differ from what is projected in this presentation due to unexpected environment which might be better or worse than anticipated. Investors or material users should be meticulous on any herein information.

 This presentation, which is prepared by the company, is only used for investment information. Also, the information included in this forward-looking statement may be changed by TTW Public Company Limited without notice and then the company does not take any duty to update any relevant information.

To be ’s Leading Company in Water, Energy and Eco-Friendly Businesses 2 Agenda Company Overview Operating and Financial Performance Growth and Strategy Direction

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 3 Company Overview – Our Business

Produces and Operates Distributes Tap water and Investment in Tap water Waste water Other business

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 4 Company Overview – Shareholder Structure

MITSUI 26% CK 19.4% BEM 19.3% Free Floated 35.3%

CKP PTW TWO 68% 25.31% 98%* 32%

Pathum Thani Water Company Limited Thai Water Operations Company Limited CK Power Public Company Limited Produces and distributes tap water Operates tap water and waste water Power Holding company 1,200 mil.Bt. Registered Capital treatment systems 60 mil.Bt 9,240 mil.Bt. Registered Capital Registered Capital * 2% is owned by PWA As of Dec 28, 2018

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 5 Company Overview – Current Project

*Max. Cap. 440,000 m3/Day *Max. Cap. 100,000 m3/Day

Banglen Water Treatment Plant Krathumban Water Treatment Plant Water Treatment Plant Bangpa-in Industrial Estate

Developer TTW PTW TTW Project Tap water Supply Tap water Supply Tap Water & Waste Water Management Contract Type BOO BOT Rights (Operating Lease) Contract Period 2004 – 2034 (30 yrs.) 1998 – 2023 (25 yrs.) 2009 – 2039 (30 yrs.) Business Model Whole sale to PWA Whole sale to PWA Retailers Investment Scheme Production, Transmission and Distribution Production and Transmission N/A Distribution Area West North Bangkok BIE Max. Capacity *540,000 m3/day 488,000 m3/day TW: 48,000 m3/day, WW: 18,000 m3/day

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 6 Company Overview - Location

. 3 Companies Bangpa-in . 5 Locations in Water Business Industrial Estate (BIE) Ayutthaya (BIE) Pathum Thani Water Treatment Plant Pathum Thani (PTW) (PTW) TTW Plc. PTW Co.,Ltd. TWO Co.,Ltd. Amata City Industrial Estate (Chonburi, ) . 1 Company in Energy Business Nakhon Krathumban Pathom (TTW) Water Treatment Plant Bangkok (Krathumban)

TTW Water Treatment Plant (Banglen) (Krathumban) CK Power Plc. (Holding Company)

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 7 Company Overview – Service Area Service Area in Samut Sakhon – Service Area in Pathum Thani -

Nakhon Chai Sri District Banglen Water Treatment Plant Pathum Thani Water Treatment Plant Phra Nakhon Sri Ayutthaya (Some Area) Max. Capacity : 440,000 m3/day Max. Capacity : 488,000 m3/day 3 3 17 km Reservoir : 30,000 m Reservoir : 7,000 m Khlong Yong Buddha District Muang ake Booster Pumping Station 11 km Distribution Station Reservoir : 36,000 m3 Reservoir : 10,000 m3 3 13 km Pathum Thani Max. Distribution : 65,000 m /day Buddha Monthon Distribution Station Thammasat Distribution Station 3 District Reservoir : 22,000 m3 7 km Reservoir : 30,000 m 3 Max. Distribution : 80,000 m3/day Max. Distribution : 150,000 m /day Buddha Monthon Distribution Station Reservoir : 50,000 m3 7 km 3 Avr. Daily Volume : 244,000 m /day Krathumban Water Muang Booster Pumping Station Samphran District Treatment Plant 14 km Max. Capacity : 100,000 m3/day District (Can expand the capacity to 400,000 m3/day) Rangsit Distribution Station Krathumban District Reservoir : 45,000 m3 Reservoir : 30,000 m3 8 km Max. Distribution : 170,000 m3/day 7 km Mahachai Distribution Station Reservoir : 30,000 m3 Avr. Daily Volume : 156,000 m3/day Lad Loom Kaew District Water Treatment Plant Pipe Line Muang Samut Sakhon District Distribution Station Booster Pumping Station

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 8 Company Overview – Portion of Water Users

Samut Sakhon – Nakhon Pathom (%) Pathum Thani - Rangsit (%) • • Klongluang Utilities • Thai Union Group • Greensport • Pataya Food Industries • • Asian Institute of Technology • ThainamthipManufacturing • Pakfood • Elec & Eltek (Thailand) • Unicord • NSTDA 16 • 18 • NEO Factory • Better Foods 22 • etc. etc. etc. 45 Serving over 500,000 Water Users or Millions of Lives 39 • Lumpini Township • Nadee Municipality (Waterworks) Condominium Rangsit-Klong 1 61 • Mahidol University • Plum Condo Paholyothin 89 • Samut Sakhon Hospital etc. • etc. Industry Household Commercial Industry Household Commercial Top Users / Portion of Water Users : As of Dec 2018

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 9 Company Overview – The Leading Position of Water Business in Thailand

Capacity of Private Tap Water Companies m3/day 1,028,000 m3/day UU Universal Utilities Company Limited (Subsidiary of East 600,000 Water Group) 488,000 500,000 440,000 BW Bangpakong Water Supply CW Chachoengsao Water Supply 400,000 400,000 ET EGCOM TARA 300,000 IWR Industrial Water Resource Management REQ R.E.Q Water Service 200,000 Source : PWA 2018 Krathumban Water Treatment 100,000 86,400 Plant can expand the capacity 100,000 43,200 to 400,000 m3/day 37,200 36,000 30,000 28,000 0 TTW TTW 22ndnd PTW UU BW CW ET IWR REQ Plant

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 10 Company Overview - Water Production Procedures Chemical Dosing Raw Water Intake Banglen Rapid Mixing Clarifier Tha Chin River Filter () Rai Khing Tank Tank

Chao Phraya River Pathum Thani ()

End Users Land fill Sludge Dewatering

Whole Sale Provincial Waterworks Household + Industry + Commercial Authority (PWA) Water Distribution Treated Water

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 11

Company Overview - Investment in Other Business

- -

- 25.31%

- -

------1,900- -MW------238- -MW------22- MW CK Power 56% • Energy Co., Ltd. (SEAN) 37.5% • Bang Pa-In Co-Generation Co., Ltd. (65%) 100% • Bangkhenchai Co., Ltd. (BKC) • Nam Ngum 2 Power Company (NN2) 75% - Phase 1 (BIC 1) 30% • Chiangrai Solar Co., Ltd. (CRS) • Xayaburi Power Co., Ltd. (XPCL) - Phase 2 (BIC 2) 30% • Solar Co., Ltd. (NRS)

Source : www.ckpower.co.th

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 12 Company Overview - Investment in Other Business

Profit sharing from investment in CK Power

200 Unit : Mil.B. Change 2018 2017 151.6 Amount % 150 151.6 40.2 111.4 277.1 +277.1% 100 238 MW 50 40.2

0 2018 2017 *Xayaburi Dam will be COD on October 2019 As of Dec 31, 2018

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 13 Agenda

Highlights Company Overview Operating and Financial Performance Growth and Strategy Direction

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 14 Operating & Financial Performance – Portion of Revenue

30 TTW PTW TTW Group (%) 60 BIE Others 5 5

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 15 Operating & Financial Performance TTW Sale Volume Location TTW mil.cu.m. Period 2018 2017 158 160 146 Utilization (%) 80 74 136 139 138 138 8.5% mil.cu.m. 38 40 120 + 40 34 34 33 33 6.3% 80 20 +

40 0 Year 0 . TTW Sale Volume on 2018 vs 2017 increased by 8.5% 2013 2014 2015 2016 2017 2018 Year . TTW Sale Volume on Q4’2018 vs Q4’2017 increased by 6.3%

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 16 Operating & Financial Performance

PTW Sale Volume Location PTW % mil.cu.m. Period 2018 2017 Change 160 146 Utilization (%) 82 76 +7.9 137 134 133 131 136 mil.cu.m. 7.5% 40 37 120 + 35 33 33 32 35 + 6.3%

80 20

40 0

0 Year . PTW Sale Volume on 2018 vs 2017 increased by 7.5% 2013 2014 2015 2016 2017 2018 Year . PTW Sale Volume on Q4’2018 vs Q4’2017 increased by 6.3%

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 17 Operating & Financial Performance

BIE Sale Volume Location BIE % mil.cu.m. Period 2018 2017 Change 10 Utilization (%) 49 48 +2 8.27 8.51 7.73 7.73 7.67 mil.cu.m. 8 2.00 1.99 2.14 2.19 6.90 +2.9% 2 1.94 1.97 + 2% 6 1.5 1 4 0.5 0 2 Year 0 . BIE Sale Volume 2018 vs 2017 increased by 2.9% 2013 2014 2015 2016 2017 2018 Year . BIE Sale Volume on Q4’2018 vs Q4’2017 increased by 2%

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 18 Operating & Financial Performance Financial Performance Q4’2018 2018 vs 2017 . Total Revenue Q4’2018 vs Q4’2017 . Total Revenue 2018 vs 2017 increased by 3.5% increased by 1.1% . Net Profit 2018 vs 2017 increased by 6.7% . Net Profit Q4’2018 vs Q4’2017 . The Net Profit for the year increased by 178.7 MB mainly due to increase in sale volumes, decreased by 0.6% profit sharing from investment in associated company, and decrease in the finance cost. 1,501 1,484 Unit : Mil.Bt Total Revenue Net Profit 5,949 5,622 5,574 5,499 5,747

674 678 2,974 2,842 2,697 2,492 2,663

2014 2015 2016 2017 2018 Q4'2018 Q4'2017

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 19 Operating & Financial Performance Historical Dividend Payment & Payout Ratio . Dividend policy : dividend payment not less than (Bt./share) EPS DPS Dividend Yield 4.88% 0.69 50% of net profit. (after deduction of all reserves 0.68 (@12.required30 baht by lawper and share regulations) / as of Sep 14, 2018) 0.67 Particular 2016 2017 2018 0.65 0.65 Net profit 2,391 2,699 2,667 0.62 - Amount (MB.) - EPS (Bt./share) 0.60 0.68 0.67 0.60 0.60 0.60 0.60 0.60 0.60 DPS (Bt./share) - Dividend#1 (Interim) 0.30 0.30 0.30 - Dividend#2 0.30 0.30 0.30 Total DPS 0.60 0.60 0.60 Dividend amount (MB.) 2,394 2,394 2,394 Year 2013 2014 2015 2016 2017 2018 Dividend / Net profit 100.0% 88.7% 89.8%

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 20 Operating & Financial Performance NPM Financial Ratios 47.8% Equities 12,365 EBITDA Debt to Equity ROE ROA 4,894.7 Mil.B. Liabilities* 26.6% 23.6% CFO 10,966 23.8% 23.1% 1.33 21.6 22.6% 1.23 1.16 1.23 3,844.1 Mil.B. 0.96 11.5% 12.3% 0.89 EPS (B./Share) 0.67 Assets 10.5% 12.1% 10.5% 9.5% 23,330 P/E (Times) 17.39 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 P/BV (Times) *The total liabilities decreased by 433.6 MB mainly due to loan repayment. As of 31 Dec 2018 4.24

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 21 Agenda

Highlights Company Overview Operating and Financial Performance Growth and Strategy Direction

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 22 TTW’s Achievement

Receiving “AA-” in credit The Company was selected to The Company was selected to Receiving “Very Good” rating on the company & be include in Thailand be include in SET THSI grade for Corporate Governance Sustainability Investment Report of Thai Listed Companies senior unsecured debentures Index of the year 2018 conducted by TRIS Rating conducted by IOD THSI of the year 2018 by The Stock of Thailand Co., Ltd

Receiving “100” scores for TTW has been selected by ESG 100 Company of THAIPAT to be include Receiving the “Thailand organizing Annual Ordinary the year 2018 conducted General Meeting of Shareholders in 1 of 58 Companies of Top Company Awards by conducted by TIA THAIPAT “THAIPAT ESG Index” 2018”

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 23 Appendix Appendix – Financial Statement TTW Profit and loss statement of Q4’2018 and year 2018 compare with the same period of last year

(Unit : MB.)

Quarter 4 Change Twelve-month periods Change TTW profit and loss statement 2018 2017 Amount % 2018 2017 Amount % Total revenue 1,026.9 1,034.0 (7.1) (0.7) 5,004.4 4,972.9 31.5 0.6 - sales and services 1,020.6 977.8 42.8 4.4 4,016.7 3,814.3 202.4 5.3 - dividend income - - 0.0 0.0 929.0 962.1 (33.1) (3.4) - other income 6.3 56.2 (49.9) (88.8) 58.7 196.5 (137.8) (70.1) Less Cost of goods sold and services 267.8 256.2 11.6 4.5 1,064.6 975.8 88.8 9.1 Less Administrative expenses 106.6 112.2 (5.6) (5.0) 414.5 420.8 (6.3) (1.5) Less Written-off development expenses 36.7 - 36.7 100.0 36.7 - 36.7 100.0 of water project in Myanmar EBIT 615.8 665.6 (49.8) (7.5) 3,488.6 3,576.3 (87.7) (2.5) EBITDA 802.2 847.2 (45.0) (5.3) 4,223.1 4,279.1 (56.0) (1.3) Less Finance cost 92.0 109.9 (17.9) (16.3) 371.7 407.0 (35.3) (8.7) Less Income tax expenses 121.9 113.4 8.5 7.5 450.3 469.8 (19.5) (4.2) Net profit for the period 401.9 442.3 (40.4) (9.1) 2,666.6 2,699.5 (32.9) (1.2)

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 25 Appendix – Financial Statement Consolidated profit and loss statement of Q4’2018 and year 2018 compare with the same period of last year

(Unit : MB.) Quarter 4 Change Twelve-month periods Change Consol. profit and loss statement 2018 2017 Amount % 2018 2017 Amount % Total revenue 1,500.5 1,483.5 17.0 1.1 5,948.5 5,747.4 201.1 3.5 - sales and services 1,501.6 1,438.2 63.4 4.4 5,925.7 5,595.2 330.5 5.9 - other income (1.1) 45.3 (46.4) (102.4) 22.8 152.2 (129.4) (85.0) Less Cost of goods sold and services 447.6 421.2 26.4 6.3 1,775.7 1,615.0 160.7 10.0 Less Administrative expenses 112.3 126.8 (14.5) (11.4) 439.0 452.7 (13.7) (3.0) Less Written-off development expenses of water project in 36.7 - 36.7 100.0 36.7 - 36.7 100.0 Myanmar Plus Profit sharing from investment in associated company 30.8 9.0 21.8 242.2 151.6 40.2 111.4 277.1 EBIT 934.7 944.5 (9.8) (1.0) 3,848.7 3,719.9 128.8 3.5 EBITDA 1,199.5 1,194.5 5.0 0.4 4,894.7 4,682.5 212.2 4.5 Less Finance cost 92.0 109.9 (17.9) (16.3) 371.7 407.0 (35.3) (8.7) Less Income tax expenses 163.7 152.0 11.7 7.7 616.1 632.2 (16.1) (2.5) Less Minorities interest 4.8 4.5 0.3 5.7 19.0 17.5 1.5 8.6 Net profit for the period 674.2 678.1 (3.9) (0.6) 2,841.9 2,663.2 178.7 6.7

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 26 Appendix – TTW Price vs SET Index

Unit : Point The Price Movement of TTW vs SET Index from Jan 2018 – Jan 2019 Unit : B./Share

1,900.00 13.50 13.20 13.30 1,850.00 13.00 1,830.13 1,780.11 1,800.00 1,826.86 1,776.92 12.70 1,756.41 12.50 1,750.00 1,726.97 12.40 12.40 12.30 12.50 1,700.00 12.20 12.40 12.40 1,721.58 1,701.79 1,641.73 1,650.00 12.20 12.00 12.10 1,669.09 1,641.80 1,600.00 11.70 1,595.58 11.50 1,550.00 1,563.88

1,500.00 11.00 1,450.00

1,400.00 10.50 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19

SET Index TTW Price *As at 31 Jan 2019

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 27 Appendix – Definition of TTW Stock by Investor, SET, THAIPAT

Dividend Defensive Domestic Bunker Stock Stock Play Stock

SET100 SETHD THSI SET THSI ESG100 Index

*As of 31 Dec 2018

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 28 Appendix – TTW Key Statisics, Price and Benchmark

TTW Key Statistics TTW Price and Benchmark TTW - Price Daily Trading P/E P/BV Dividend Yield Market Cap. Benchmark (Point) Items Periods (Bt./sh.) Volume (mil.bt) (%) (mil.Baht) (Times) (Times) Max. Min. Close SET SET 100 Energy Index Avg. SET Index 14.75 1.78 3.22 15,978,251.87 Q4'2018 12.60 11.70 12.40 1,563.88 2,293.11 23,018.75 40.14 Energy Index 10.89 1.57 4.09 3,475,317.04 Q3'2018 12.90 11.60 12.20 1,756.41 2,578.35 27,262.90 37.61 TTW 17.39 4.24 4.84 49,476.00 Q4'2017 12.80 10.60 12.60 1,753.71 2,543.08 24,555.41 92.33 % change -2.33% 0.86% 1.64% -10.96% -11.06% -15.57% 6.73% QoQ % change -1.56% 10.38% -1.59% -10.82% -9.83% -6.26% -56.53% YoY

*As of 31 Dec 2018

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 29 Appendix – Tap Water Business & Opportunities Portion of Tap Water Users in Thailand 17% 9%

58%

16%

Department of Local Administration (DLA) Provincial Waterworks Authority (PWA) Metropolitan Waterworks Authority (MWA) Non-Tap Water

Source : Conclusion of Management of PWA - Corporate Strategic Plan (No.3) 2019 - 2022

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 30 Appendix – Major Shareholders Rank List of Shareholders No. of Shares Shareholding (%) 1. Mitsui Water Holdings (Thailand) Company Limited 1,036,500,000 25.98% 2. CH. Karnchang Public Company Limited 774,077,400 19.40% 3. Bangkok Expressway and Metro Public Company Limited 769,777,100 19.29% 4. Thai NVDR 204,740,666 5.13% 5. Bangkok Life Assurance 141,136,600 3.54% 6. Mr. Min Tienworn 72,100,000 1.81% 7. AIA Company Limited - EQ3P 65,742,100 1.65% 8. South East Asia UK (Type C) Nominees Limited 41,771,575 1.05% 9. Thanachart Dividend Stock Fund 40,494,700 1.02% 10. State Street Europe Limited 31,778,190 0.80% 11. Mr.Paisan Chartpithuk 30,000,000 0.75% 12. The Bank of New York (Nominees) Limited 26,098,000 0.65% *As of 28 December, 2018 13. Others 755,783,669 18.94%

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 31 Appendix - Corporate Governance Update

TTW receives ESG100 Award : TTW is the one of 16 companies in resources industry

No. Listed Company Symbol No. Listed Company Symbol 1 Bangkok Aviation Fuel Services Plc. BAFS 9 IRPC Plc. IRPC 2 Bangchak Corporation Plc. BCP 10 PTT Plc. PTT 3 BCPG Plc. BCPG 11 PTT Exploration and Production Plc. PTTEP 4 B.Grimm Power Plc. BGRIM 12 Star Petroleum Refining Plc. SPRC 5 Electricity Generating Plc. EGCO 13 Thai Oil Plc. TOP 6 GLOW Energy Plc. GLOW 14 TPC Power Holding Plc. TPCH 7 GLOBAL Power Synergy Plc. GPSC 15 TPI Polene Power Plc. TPIPP 8 Gulf Energy Development Plc. GULF 16 TTW Plc. TTW

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 32 Appendix - Corporate Governance Update TTW receives 100 Points AGM Assessment : The assessment result for TTW was 100 points. There were 139 from 657 or 21.15 percent of listed company Year Assessment 2018 2017 2016 2015 2014 Listed Company 657 618 601 575 535 Receive 100 point 139 114 159 162 121 Average point 92.42 91.97 91.62 92.68 91.35 TTW 100 100 100 100 100

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 33 Appendix - Corporate Governance Update

Good Corporate Governance : TTW has been assessed on good corporate governance at 87% or “very good” for 5 consecutive years.

Listed 2014 2015 2016 2017 2018 TTW 80% 80% 84% 88% 87%

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 34 Appendix - Corporate Governance Update TTW has been selected by SET to be 1 of 45 Companies in “SET THSI Index”

Food & Petrochemicals Property Transportation Information & Banking (6) Energy & Utilities (13) Beverage (6) & Chemicals (4) Development (6) & Logistics (5) Communication Tech. (5)

16/8/2018 35

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 35 บริษัท ทีทีดับบลิว จ ำกัด (มหำชน) TTW Public Company Limited To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses

Address : 30/130 Moo 12, Buddha Monthon 5 Rd, Rai Khing, Sam Pran, Nakhon Pathom, Thailand 73210 Tel : +66 2019 9490 – 3 , +662019 9484 – 9 Ext : 1108, 1110 Fax : +66 2420 6064 Web Site : www.ttwplc.com E-mail : [email protected]

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