TTW Public Company Limited Investor Meeting / Q3’2018 Disclaimer

Company Presentation TTW Public Company Limited Investor Meeting / Q3’2018 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 Thailand’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 June 28, 2018

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

Project : Tap Water & Waste Project : Tap water Supply Project : Tap water Supply Water Management Service Area : West of Bangkok Service Area : North of Bangkok Service Area : Industrial Zone Developer : TTW Developer : PTW Developer : TTW Capacity : 540,000 m3/day Capacity : 488,000 m3/day Capacity : TW - 48,000 m3/day Contact Type : BOO Contact Type : BOOT : WW - 18,000 m3/day Period : 2004 – 2034 (30 yrs) Period : 1998 – 2023 (25 yrs) Contact Type : Operating Lease Period : 2009 – 2039 (30 yrs)

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

Bangpa-in Industrial Estate (BIE) Ayutthaya (BIE) Pathum Thani Water Treatment Plant Pathum Thani (PTW) (PTW)

Amata City Industrial Estate (Chonburi, Rayong) Nakhon Krathumban Pathom (TTW) Water Treatment Plant Bangkok (Krathumban)

TTW Water Treatment Samut Sakhon Plant (Banglen) (Krathumban)

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

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 Monthon District Muang ake Booster Pumping Station 11 km Distribution Station Reservoir : 36,000 m3 Sam Khok District 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 khlong Luang 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 Thanyaburi District Avr. Daily Volume : 156,000 m3/day Lad Loom Kaew District Water Treatment Plant Pipe Line Muang Samut Sakhon District Lam Luk Ka 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 • Future Park Rangsit • Greensport • Pataya Food Industries • Rangsit University • ThainamthipManufacturing • Pakfood • Asian Institute of Technology • Elec & Eltek (Thailand) • Unicord • Bangkok University 16 • Hoya Lens Thailand • Better Foods etc. 19 22 etc. etc. 45

39 Total Total • Lumpini Township • Nadee Municipality (Waterworks) 174,577 Users Condominium Rangsit-Klong 1 59 321,048 Users • Mahidol University • Plum Condo Paholyothin 89 etc. etc. Industry Household Commercial Industry Household Commercial

Top Users : As of Oct 2018 / Portion of Water Users : As of Dec 2017

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 (Nakhon Pathom Province) Rai Khing Tank Tank

Chao Phraya River Pathum Thani (Pathum Thani Province)

End Users Land fill Sludge Dewatering

Bulk 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% • Southeast Asia 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% • Nakhon Ratchasima 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

120 Unit : Mil.B. 100.9 100 Change Q3’18 Q3’17 80 +143.1% Amount % 60 100.9 41.5 59.4 143.1 41.5 23840 MW 20 • NN2 (Nam Ngum 2 Power Company Limited) 0 • BIC (Bangpa-in Cogeneration Company Limited) Q3'18 Q3'17

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

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 mil.cu.m. TTW 160 146 Location TTW 136 139 138 138 % 118 Period 9M’2018 9M’2017 Change 120 9.3% 108 + Utilization (%) 81 77 +5.2 80 . TTW Sale Volume on 2017 vs 2016 increased by 5.4% 40 . TTW Sale Volume on 9M’2018 vs 9M’2017 increased by 9.3% 0

Year

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 16 Operating & Financial Performance PTW Sale Volume mil.cu.m. PTW 160 137 134 133 131 136 Location PTW 109 % 120 101 +8.4% Period 9M’2018 9M’2017 Change Utilization (%) 83 77 +7.8 80 . PTW Sale Volume on 2017 vs 2016 increased by 3.3% 40 . PTW Sale Volume on 9M’2018 vs 9M’2017 increased by 8.4% 0 Year

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 17 Operating & Financial Performance BIE Sale Volume mil.cu.m. BIE 10 8.27 7.73 7.73 7.67 Location BIE % 8 6.90 6.32 6.13 3.2% Period 9M’2018 9M’2017 Change 6 + Utilization (%) 49 51 -3.9 4 . BIE Sale Volume 2017 vs 2016 increased 2 by 7.9% . BIE Sale Volume on 9M’2018 vs 9M’2017 - increased by 3.2%

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 18 Operating & Financial Performance Financial Performance Q3’2018 9M’2018 2017 vs 2016 . Total Revenue Q3’2018 vs . Total Revenue 9M’2018 vs Q3’2017 increased by 2.6% 9M’2017 increased by 4.3% . Total Revenue 2017 vs 2016 increased by 4.3% . Net Profit Q3’2018 vs Q3’2017 . Net Profit 9M’2018 vs 9M’2017 . Net Profit 2017 vs 2016 increased by 7.6% increased by 9.8% increased by 9.1%

Unit : Mil.Bt Total Revenue Net Profit 4,448 4,264

5,790 5,622 5,574 5,499 5,747 Total Revenue Net Profit

2,168 1,986 2,974 2,574 2,697 2,492 2,681 1,521 1,483 807 735

2013 2014 2015 2016 2017 Q3'2018 Q3'2017 9M'2018 9M'2017

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 19 Operating & Financial Performance Historical Dividend Payment & Payout Ratio

(Bt./share) EPS DPS Dividend Yield 4.88%

0.69 (@12.• 3Dividend0 baht per policy share : dividend/ as of Sep payment 14, 2018 ) 0.65 0.67 0.65 0.62 not less than 50% of net profit. 0.60 0.60 0.60 0.60 0.60 0.54 (after deduction of all reserves required by law and regulations) • Total dividend payment for 2017 : 0.30 0.60 Bt. per share • Interim dividend payment for 2018: 0.30 Bt. per share

2013 2014 2015 2016 2017 M9'2018

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 20 Operating & Financial Performance NPM Financial Ratios 48.74% Equities 11,696 EBITDA Debt to Equity ROE ROA 3,695.2 Mil.B. Liabilities 27% 24% 1.33 CFO 10,967 24% 25% 1.23 1.23 22% 23% 1.16 2,755.2 Mil.B. 0.96 11.5% 12.6% 0.94 EPS (B./Share) 0.54 Assets 10.5% 12.1% 10.5% 9.5% 22,663 P/E (Times) 17.56 2013 2014 2015 2016 2017 9M'2018 2013 2014 2015 2016 2017 9M'2018 P/BV (Times) As of 30 Sep 2018 4.04

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

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

The Company was selected to The Company was selected to Receiving “AA-” in credit Receiving “100” scores for be include in SET THSI be include in Thailand rating on the company & organizing Annual Ordinary Sustainability Investment senior unsecured debentures General Meeting of Index of the year 2018 Shareholders conducted by by The Stock of Thailand THSI of the year 2018 conducted by TRIS Rating Co., Ltd TIA

Receiving “Very Good” ESG 100 Company of Receiving the “Thailand grade for Corporate Governance Report of Thai Listed Companies the year 2018 conducted Top Company Awards conducted by IOD by THAIPAT 2018”

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 23 Appendix Appendix – Income Statement : TTW (Q3’18 vs Q3’17)

(Unit : mil.Bt.) TTW Change Particular Q3’18 Q3’17 Amount % Sale volume (mil. m3) 40.2 38.0 2.2 5.8 Sales and services 1,016.9 979.8 37.1 3.8 Cost of goods sold and services 267.1 247.7 19.4 7.8 Gross profit 749.8 732.1 17.7 2.4 Other income 476.7 466.3 10.4 2.2 Administrative expenses 47.1 47.9 (0.8) (1.7) Amortization of investments in subsidiaries 55.8 55.8 - 0.0 Earnings before finance cost and income tax 1,123.6 1,094.7 28.9 2.6 Finance cost 92.5 112.3 (19.8) (17.6) Earnings before income tax 1,031.2 982.4 48.8 5.0 Income tax 116.4 117.0 (0.6) (0.5) Net profit for the period 914.7 865.4 49.3 5.7

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 25 Appendix – Income Statement : Consolidated (Q3’18 vs Q3’17) (Unit : mil.Bt.) Consolidation Change Particular Q3’18 Q3’17 Amount % Sale volume (mil. m3) 77.4 72.5 4.9 6.8 Sales and services 1,502.9 1,433.1 69.8 4.9 Cost of goods sold and services 452.6 414.8 37.8 9.1 Gross profit 1,050.3 1,018.3 32.0 3.1 Other income 18.3 50.4 (32.1) (63.7) Administrative expenses 57.5 60.8 (3.3) (5.4) Amortization from business acquisition 49.1 47.7 1.4 2.9 Earnings before profit sharing of investment 962.0 960.2 1.8 0.2 Profit sharing from investment in associated company 100.9 41.5 59.4 143.1 Earnings before finance cost and income tax 1,062.9 1,001.7 61.2 6.1 Finance cost 92.5 112.3 (19.8) (17.6) Earnings before income tax 970.4 889.4 81.0 9.1 Income tax 158.5 150.1 8.4 5.6 Minorities interest 4.8 4.5 0.3 6.7 Net profit for the period 807.1 734.8 72.3 9.8

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 26 Appendix – Income Statement : TTW (9M’18 vs 9M’17)

(Unit : mil.Bt.) TTW Change Particular 9M’18 9M’17 Amount % Sale volume (mil. m3) 117.8 107.8 10.0 9.3 Sales and services 2,996.2 2,836.5 159.7 5.6 Cost of goods sold and services 796.8 719.5 77.3 10.7 Gross profit 2,199.4 2,117.0 82.4 3.9 Other income 981.3 1,102.4 (121.1) (11.0) Administrative expenses 142.2 143.0 (0.8) (0.6) Amortization of investments in subsidiaries 165.7 165.7 - - Earnings before finance cost and income tax 2,872.8 2,910.7 (37.9) (1.3) Finance cost 279.7 297.1 (17.4) (5.9) Earnings before income tax 2,593.1 2,613.6 (20.5) (0.8) Income tax 328.4 356.4 (28.0) (7.9) Net profit for the period 2,264.7 2,257.2 7.5 0.3

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 27 Appendix – Income Statement : Consolidated (9M’18 vs 9M’17) (Unit : mil.Bt.) Consolidation Change Particular 9M’18 9M’17 Amount % Sale volume (mil. m3) 226.9 208.4 18.5 8.9 Sales and services 4,424.1 4,157.0 267.1 6.4 Cost of goods sold and services 1,328.2 1,192.8 135.4 11.4 Gross profit 3,095.9 2,964.2 131.7 4.4 Other income 23.9 107.0 (83.1) (77.7) Administrative expenses 180.5 180.8 (0.3) (0.2) Amortization from business acquisition 146.3 146.3 - - Earnings before profit sharing of investment 2,793.0 2,744.1 48.9 1.8 Profit sharing from investment in associated company 120.9 32.6 88.3 270.9 Earnings before finance cost and income tax 2,913.9 2,776.7 137.2 4.9 Finance cost 279.7 297.1 (17.4) (5.9) Earnings before income tax 2,634.2 2,479.6 154.6 6.2 Income tax 452.4 480.4 (28.0) (5.8) Minorities interest 14.1 13.0 1.1 8.5 Net profit for the period 2,167.7 1,986.2 181.5 9.1

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

P/E P/BV Div. Yield Market Cap. TTW – Price (Bt./sh.) Benchmark (Point) Items Periods (Times) (Times) (%) (mil.Bt) Max. Min. Close SET SET 50 Energy Index SET Index 17.33 2.00 2.87 17,779,863.57 Q3'2018 12.90 11.60 12.20 1,756.41 1,158.75 27,262.90 Energy Index 13.93 1.85 3.45 4,116,087.17 Q2'2018 12.60 11.50 11.70 1,595.58 1,051.63 24,126.49 TTW 17.56 4.04 4.92 48,678.00 Q3'2017 11.20 10.50 10.80 1,673.16 1,068.92 22,343.03 % change QoQ 2.38% 0.87% 4.27% 10.08% 10.19% 13.00% % change YoY 15.18% 10.48% 12.96% 4.98% 8.40% 22.02%

*As of 30 Sep 2018

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 29 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 30 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 31 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 32

To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses 32 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 : 1106, 1110 Fax : +66 2420 6064 Web Site : www.ttwplc.com E-mail : [email protected]

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