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Company Presentation

TTW Public Company Limited Company Presentation March 2020

Krathumban Water Treatment Plant

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

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 the 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.

2

Agenda COVID-19 Situation

3

Operating and Financial Performance Company Overview

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

COVID-19 Situation

4

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

• TTW has not been affected by the COVID-19

and drought

• Our sales volume doesn’t decrease as compared

with the same period of 2019

5

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

COVID-19 Situation

6

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

SET revises Circuit Breaker rules 1,124.84 1,003.39 1,024.46 13.00 12.60 11.40

10.50 11.00 11.50 12.00 12.50 13.00 13.50 900.00 950.00 1,000.00 1,050.00 1,100.00 1,150.00 1,200.00

SET Index TTW's Price

SET Circuit Breaker

No. Date

Temporary halt trading period Reason: SET index has decreased by SET Index (Points)

TTW's Price

(Close / Baht)

Points % 1 12-Mar-20 30 Mins

• 125.05
• 10%

1,124.84 13.00 (14.38-15.08) 2 13-Mar-20 30 Mins

• 111.52
• 10%

1,003.39 12.60 (09.59-10.29) 3 23-Mar-20 30 Mins

• 90.19
• 8%

1,024.46 11.40 (15.25-15.55) Earlier Level 1: Trigger Value -10% Halt Action 30 mins Level 2: Trigger Value -20% Halt Action 60 mins * After resume trading, brokers or investors can send orders as normal until closing New 18 Mar 2020: SET tweaks Circuit Breaker rules again after heavy sell-off (The revised regulations will take effect 18 Mar 2020 and run until 30 Jun 2020) Level 1: Trigger Value -8% Halt Action 30 mins Level 2: Trigger Value -15% Halt Action 30 mins Level 3: Trigger Value -20% Halt Action 60 mins * After the third level, SET will continue trading until the market closes that session

SET circuit breaker has been activated three times in March 2020 to handle high-volatility trading

COVID-19 Situation

*At the end of 31 March 2020, TTW stock price ends at 12.70 Bt.

Agenda Highlights

7

Operating and Financial Performance Company Overview

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

• 500

1,000 1,500 2,000 2,500 3,000 3,500

• 0.00

2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

TTW’s Net Profit vs Price

Price

Company Overview – Key Milestone

8 Sep’00 : Company established & Entered into WPSA with PWA Jan’04 : First Day of Sale (Design Cap. = 320K / Day) Feb’06 : Acquired Water Flow Co., Ltd. Jul’04 : Official COD Jul’06 : Converted to Plc. Feb’07 : Acquired 98% PTW Shares)

As at Mar 31, 2020 (IPO)

Unit: MB

Net Profit

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

May’08 : Listed in SET

Unit: Baht

Aug’ 09 : Acquired BIE Rights Dec’08 : Second WPSA with PWA Sep’10 : First Expansion Completed

(Design Cap. = 320K / Day  440K / Day)

Sep’11 : Acquired 30% CKP Shares Mar’14 : Changed the Company’s Name to “TTW” May’15 : Increased CKP Shares &

• versubscribed to 25.31% CKP Shares

Jun’17 : The Construction of 2nd Water Treatment Plant has been Completed

(Design Cap. = 440K / Day  540K / Day)

Sep’19 : Increased CKP Shares to 24.98% COVID-19 Outbreak (Pandemic)

Company Overview – Our Business

9

Produces and

Distributes

Tap water

Operates

Waste water

Tap water and

Investment in

Other business

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

Company Overview – Shareholder Structure

Pathum Thani Water Company Limited Produces and distributes tap water 1,200 MB. Registered Capital * 2% is owned by PWA CK Power Public Company Limited Power Holding company 9,240 MB. Registered Capital 8,129 MB. Paid-up capital Thai Water Operations Company Limited Operates tap water and waste water treatment systems 60 MB. Registered Capital

MITSUI, 25.98% BEM, 18.47% CK, 19.40% Free Floated, 36.15% PTW 98%* TWO 68% 32%

10 As of Dec 31, 2019

CKP 24.98% TTW Public Company Limited

Produces and distributes tap water 3,990 MB. Registered Capital

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

Company Overview – Current Project

11

Company TTW PTW TTW Business Service 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.) Contract Customer Whole sale to PWA Whole sale to PWA BIE Investment Scheme Production, Transmission and Distribution Production and Transmission N/A Distribution Area West Bangkok (Nakhon Pathom – Samut Sakhon) North Bangkok (Pathum Thani – Rangsit) BIE (Bang Pa-In Industial Estate, Ayutthaya) Design Capacity *540,000 m3/day 488,000 m3/day TW: 48,000 m3/day, WW: 18,000 m3/day Pathum Thani Water Treatment Plant Bangpa-in Industrial Estate Banglen Water Treatment Plant TTW PTW BIE

1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040

*Design Cap. 440,000 m3/Day

Krathumban Water Treatment Plant

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

Nakhon Pathom (TTW) Samut Sakhon (Krathumban) Bangkok

Company Overview - Location

12

Pathum Thani (PTW) Pathum Thani Water Treatment Plant (PTW, Pathum Thani) Bangpa-in Industrial Estate (BIE, Ayutthaya) Banglen Water Treatment Plant (TTW, Nakhon Pathom) Krathumban Water Treatment Plant (TTW, Samut Sakhon) Amata City Industrial Estate (Chonburi, Rayong)

• 3 Companies
• 5 Locations in Water Business
• 1 Company in Energy Business

Phra Nakhon Sri Ayutthaya (BIE)

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

41 16 43

Samut Sakhon – Nakhon Pathom (%)

(West BKK)

Industrial Commercial Household

Company Overview – Portion of Water Users

13

21 62 17

Pathum Thani - Rangsit (%)

(North BKK)

Industrial Household Commercial

Serving over 500,000 Water Users

• r

Millions of Lives

• Thai Union Group
• Pataya Food Industries
• Unicord
• Pakfood
• Better Foods
• etc.
• Mahidol University (Salaya)
• Nadee Municipality (Waterworks)
• etc.
• Klongluang Utilities
• Greensport
• Thainamthip Manufacturing
• Elec & Eltek (Thailand)
• Hoya Lens (Thailand)
• etc.
• Thammasat University (Rangsit)
• National Housing Authority
• Future Park Rangsit
• Rangsit University
• Asian Institute of Technology
• Zeer Rangsit
• etc.
• Pinehurst golf club & Hotel
• Summit Starhome
• Pruksa Real Estate

etc.

*As of March 2020

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

440,000 100,000 488,000 400,310 43,200 30,000 28,000 30,000 28,000 100,000 200,000 300,000 400,000 500,000 600,000

TTWTTW 2nd PlantPTW UU BW CW ET IWR REQ Capacity of Private Tap Water Companies

Company Overview – The Leading Position of Water Business in Thailand

Unit: m3/day

1,076,000 m3/day

UU Universal Utilities Group (Subsidiary of East Water Group) BW Bangpakong Water Supply CW Chachoengsao Water Supply ET EGCOM TARA NW Nakornsawan Water Supply IWR Industrial Water Resource Management REQ R.E.Q Water Service Source : PWA, YE2019 Company Presentation of East Water, www.uu.co.th

400,000

14 IWR REQ

+100,000 +100,000 +100,000

Starting at 100,000 m3/Day

BIE

48,000 Plant The Krathumban Water Treatment Plant (TTW 2nd) can be expanded the design capacity up to 400,000 m3/day

• Hybrid Technology: Conventional +

Ultrafiltration (Membrane Technology)

• Cleaner: Because the membrane pore size is
• nly 0.01 micron so it can effectively

contaminants viruses and bacteria

• Safer: Less chemical usage

Krathumban Water Treatment Plant

TTW TTW 2nd

BW CW ET

NW Others

East Water & UU Group

403,910

PTW

30,000 28,000

At present In the future Peers

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

Company Overview - Water Production Procedures

15

Tha Chin River

(Nakhon Pathom Province)

Chao Phraya River

(Pathum Thani Province)

End Users Household + Industrial + Commercial Raw Water Intake Rapid Mixing Tank Clarifier Tank Filter Sludge Dewatering Treated Water Water Distribution Land fill Chemical Dosing

Whole Sale

Provincial Waterworks Authority (PWA)

Banglen Pathum Thani Rai Khing

The water from sludge dewatering will be

re-claim into the processed again.

“Zero Discharge”

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

100% 30% 30% 61.3% 75%

• - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Company Overview - Investment in Other Business

16

• Southeast Asia Energy Co., Ltd. (SEAN)
• Bangkhenchai Co., Ltd. (BKC)
• Chiangrai Solar Co., Ltd. (CRS)
• Nakhon Ratchasima Solar Co., Ltd. (NRS)

24.98%

1,900 MW 238 MW 29 MW

• Nam Ngum 2 Power Company (NN2)
• Xayaburi Power Co., Ltd. (XPCL)

37.5%

615 MW 1,285 MW

• Bang Pa-In Co-Generation Co., Ltd. (65%)
• Phase 1 (BIC 1)
• Phase 2 (BIC 2)

118 MW 120 MW 8 MW 15 MW 6 MW Source : www.ckpower.co.th As of Dec 2019 To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses

Company Overview - Investment in Other Business

17

*Xayaburi Dam has already COD on 29th October 2019

• Contract period with EGAT for 29 years (2019 - 2048)
• Design Capacity: 1,285 MW
• Supply Electricity to EGAT at 1,220 MW
• Supply Electricity to Électricité du Laos at 60 MW

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

Profit sharing from investment in CK Power

238 MW

151.6

280.3

50 100 150 200 250 300 2018 2019

Unit : MB

+84.9%

(YoY)

2018 2019

Change Amount %

151.6 280.3 +128.7 +84.9

215.3 56.2

Q4’19 Q4’18

Source: www.ckpower.co.th

Agenda Highlights

18

Operating and Financial Performance Company Overview

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

Operating & Financial Performance – Portion of Revenue

19

60 30 5 5

TTW Group (%)

TTW PTW BIE Others

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

*Approximately

Operating & Financial Performance

TTW Sales Volume

34.5 33.8 38.0 40.5

41.4

5 10 15 20 25 30 35 40 45

Q1'2016 Q1'2017 Q1'2018 Q1'2019 Q1'2020 mil.m3 Year

Q1’2020 vs Q1’2019

+2.2%

Year

136.1 138.5 137.7 138.4 145.9 158.3 166.1

40 80 120 160 200 2013 2014 2015 2016 2017 2018 2019 mil.m3

2019 vs 2018

+4.9%

Q1’ Daily Average (Thousand m3) Year 2016 2017 2018 2019 2020 Daily Avg. 379 363 422 450 459 Full Year Daily Average (Thousand m3) Year 2013 2014 2015 2016 2017 2018 2019 Daily Avg. 373 379 377 377 395 434 455

Location TTW % Change Period Q1’2020 Q1’2019 Utilization (%) 84 83 +1%

20

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

Year

137.2 133.6 133.0 131.4 135.8 145.9 148.9

40 80 120 160 2013 2014 2015 2016 2017 2018 2019 mil.m3

Operating & Financial Performance

PTW Sales Volume

Location PTW % Change Period Q1’2020 Q1’2019 Utilization (%) 85 83 +2%

21

Year

32.6 32.0 35.6 36.6

37.8

20 40

Q1'2016 Q1'2017 Q1'2018 Q1'2019 Q1'2020 mil.m3

2019 vs 2018

+2.1%

Full Year Daily Average (Thousand m3) Year 2013 2014 2015 2016 2017 2018 2019 Daily Avg. 375 366 366 358 369 400 408 Q1’ Daily Average (Thousand m3) Year 2016 2017 2018 2019 2020 Daily Avg. 358 348 396 407 415

Q1’2020 vs Q1’2019

+3.1%

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

Operating & Financial Performance

BIE Sales Volume

22

Year

6.90 7.73 7.73 7.67 8.27 8.51 8.84

1 2 3 4 5 6 7 8 9 10 2013 2014 2015 2016 2017 2018 2019 mil.m3 Year

1.74 1.80 2.00 2.09

2.03

0.00 0.50 1.00 1.50 2.00 2.50 Q1'2016 Q1'2017 Q1'2018 Q1'2019 Q1'2020 mil.m3

Location BIE % Change Period Q1’2020 Q1’2019 Utilization (%) 47 49

• 2%

Full Year Daily Average (Thousand m3) Year 2013 2014 2015 2016 2017 2018 2019 Daily Avg. 18.9 21.2 21.8 20.9 22.7 23.3 24.2 Q’ Daily Average (Thousand m3) Year 2016 2017 2018 2019 2020 Daily Avg. 19.2 20.1 22.2 23.2 22.3

2019 vs 2018

+3.9%

Q1’2020 vs Q1’2019

• 2.7%

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

Operating & Financial Performance

How much room to grow?

23

Q1’2020 Daily Average

TTW = 459K / Day PTW = 415K / Day BIE = 22K / Day

896K / Day

Total Design Capacity

1,076K / Day

(At Present)

Unit: m3 180K / Day 300K / Day

In the future, the Krathumban Water Treatment Plant (TTW 2nd) can be expanded the design capacity by 300K / Day

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

Operating & Financial Performance

Financial Performance

24

2019 vs 2018 Q4’2019 vs Same period last year

• The increase in sales volume of TTW and PTW, adjustment of selling price by CPI of TTW and PTW
• Profit-sharing from investment in associated company increased
• The decrease in finance cost by the redemption of debentures of 1,500 MB, loan repayment 435 MB and issue debentures of 1,000 MB

5,574.5 5,499.1 5,747.4 5,948.5 6,165.6 2,680.5 2,475.6 2,663.2 2,841.9 3,128.0

4,514.7 4,429.4 4,699.9 4,901.5 5,269.8

2015 2016 2017 2018 2019 Total Revenue Net Profit EBITDA Unit : MB

+3.6% +10.1%

+7.5%

1,421.0 1,303.9 1,483.5 1,500.5 1,548.9 620.5 568.4 677.1 674.2 934.4

1,126.5 1,034.8 1,194.5 1,199.5 1,446.8

Q4'2015 Q4'2016 Q4'2017 Q4'2018 Q4'2019 Total Revenue Net Profit EBITDA Unit : MB

+38.6% +3.2%

+20.6% To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses As at Dec 31, 2019

Operating & Financial Performance

Historical Dividend Payment & Payout Ratio

25

(Bt./share)

0.62 0.60 0.68 0.67 0.72 0.60 0.60 0.60 0.60 0.60

2015 2016 2017 2018 2019

EPS DPS

Dividend Yield 4.88%

(@12.30 baht per share / as of Sep 14, 2018)

• Dividend policy: Dividend payment is not less than 50%
• f its net profit after deduction of corporate income tax,

statutory reserve, and other reserves required by terms of relevant agreements.

Year

Particular 2019 2018 2017 2016 Net profit

• Amount (MB)

2,855 2,667 2,699 2,391

• EPS (Bt./share)

0.72 0.67 0.68 0.60 DPS (Bt./share)

• Dividend #1 (Interim)

0.30 0.30 0.30 0.30

• Dividend #2

0.30(*) 0.30 0.30 0.30 Total DPS 0.60 0.60 0.60 0.60 Dividend amount (MB) 2,394 2,394 2,394 2,394 Dividend / Net profit 83.9% 89.8% 88.7% 100.0%

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

*The Board of Directors determined to pay interim dividend instead of the annual dividend payment which will be proposed for approval of the 2020 Shareholders' Annual General Meeting in order to reduce the effects that may

• ccur to the shareholders due to the indefinite postponement of the annual general meeting.

Operating & Financial Performance

Financial Ratios

26 As at 30 Dec 2019

26.7 23.6 21.6 22.6 23.1

23.4

12.1 10.1 9.7 11.5 12.3

13.6

2014 2015 2016 2017 2018 2019 ROE ROA

1.16 1.33 1.23 0.96 0.89

0.76

0.51 0.67 0.77 0.67 0.53

0.47

2014 2015 2016 2017 2018 2019 D/E Net D/E

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

Operating & Financial Performance

27

(Unit : MB)

12,364.9 13,124.8 10,965.5 10,033.3 23,330.4 23,158.1

5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000

31 Dec 2018 31 Dec 2019

Consolidated Financial Position

Total shareholders’ equity Total liabilities Total assets

• 0.7%
• 8.5%

+6.2%

Consolidated Financial Position

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

• The depreciation and amortization recording and the

redemption of debenture in February 2019 by cash and current investment.

• The debentures redemption of 1,500 MB, loan repayment of

435 MB and issue debentures of 1,000 MB.

• The net profit 2019 of 3,128.0 MB and dividend payment of

2,393.7 MB.

Appendices

Appendices – TTW’s Achievement

29

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

Company

Company/Issue

Rating

CGR 2019 ESG100 2019 AGM Checklist THSI 2019 SET THSI Index SET50 Index SET100 Index SETHD Index

Sustainability

Disclosure Award

By

AA- / Stable

100 scored Reserved list

(Excellent)

TTW’s Achievement 2019

HRH Princess Maha Chakri Sirindhorn Thailand Corporate Excellence Awards 2019

The “Corporate Management Excellence” is given to an organization with less than 10 billion baht in annual revenue for its overall performance excellence, organized by the Thailand Management Association (TMA) and Sasin Graduate Institute of Business Administration of Chulalongkorn University.

TTW’s Water Dispatch (Daily Average)

Unit: m3/Day

Appendices – Water Dicpatch

30

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

PTW’s Water Dispatch (Daily Average)

Unit: m3/Day

Appendices – Water Dicpatch

31

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

BIE’s Water Dispatch (Daily Average)

Unit: m3/Day

Appendices – Water Dicpatch

32

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

33

บริษัท ทีทีดับบลิว จ ำกัด (มหำชน) TTW Public Company Limited

30/130 Moo 12, Buddha Monthon 5 Rd, Rai Khing, Sam Pran, Nakhon Pathom, Thailand 73210 Tel : +66 2019 9490 – 3 Ext. 1100, 1108 Fax : +66 2420 6064 Web Site : www.ttwplc.com E-mail : ir@ttwplc.com Website : www.ttwplc.com Facebook : TTW Plc Instagram : TTW Plc LinkedIn : TTW Public Company Limited