CK POWER PUBLIC COMPANY LIMITED

THAILAND FOCUS 2016 : A NEW GROWTH STRATEGY

Company Overview

Financial Highlights

Industry Outlook

Looking Forward

AGENDA

Page 2

Our Group: Infrastructure Oriented

• Infrastructure Oriented

• Transportation System

• Tap Water Supply

• Electricity Supply

• Ultimate Parent Company

as the EPC contactor

Remark : Shareholding percentage as of June 29, 2016

Bangkok Expressway and Metro Public CompanyLimited (BEM)

TTW PublicCompany Limited(TTW)

Ch. KarnchangPublic CompanyLimited (CK)

Public

CK Power30.2480%

19.4023% 25.3140%

25.0357%

28.16% 19.40%

Hydro – 1,900 MW Cogeneration – 238 MW Solar – 22 MW

SouthEast Asia EnergyCompany Limited(SEAN)

Bangpa-in Cogeneration Company Limited (BIC)• BIC 1• BIC 2

Nam Ngum 2 Power Company Limited(NN2HPP)

Bangkhenchai Company

Limited (BKC)

Chiangrai Solar

Company Limited

(CRS)

Nakorn Ratchasima

Solar Company Limited

(NRS)

75%

65%

100%

30%

30%

Xayaburi Power

Company Limited(Xayaburi HPP)

56% 30%

Page 3

Well Diversified Portfolio

CKP

Hydro – 1,900 MW Cogeneration – 238 MW Solar – 22 MW

- BIC Phase 1

- BIC Phase 2

NN2HPP XayaburiHPP

BIC 1 BIC 2 BKC CRS NRS

Operation

Jan 2013

42%1/

615

258

Construction

Oct 2019

30%

1,285

385

Operation

Jun 2013

65%

118

76

Construction

Jun 2017

65%

120

78

Aug 2012

100%

8

8

Operation

Jan 2013

30%

8

2

Mar 2012

30%

6

2

COD/SCOD

CKP’s shares

Capacity MW

Equity MW

Remark : 1/ CKP owns 56% in SEAN which holds 75% in NN2.

Total Capacity MW = 2,160 MW Total Equity MW = 810 MW

Page 4

Asset Location

1

3 5 4

62

1

3

4

5

6

2

Ayutthaya, ThailandBangpa-in Cogeneration Power Project (BIC)

• BIC 1• BIC 2 (Under Construction)

Vientiane, Lao PDR Nam Ngum 2 Hydroelectric Power Project (NN2HPP)

Nakhon Ratchasima, Thailand

Solar Power Plant Project of

Bangkhenchai (BKC)

Chiang Rai, Thailand

Solar Power Plant Project of Chiangrai

Solar (CRS)

Nakhon Ratchasima, Thailand

Solar Power Plant Project of Nakorn

Ratchasima Solar (NRS)

Xayaburi, Lao PDRXayaburi Hydroelectric Power Project(Xayaburi HPP)(Under Construction)

12%Thailand88%

Lao PDR

CK Power’s Total Capacity MW

By Country

2,160 MW

Page 5

3,802 3,8384,097 3,967 3,883

Revenue (Secondary Axis)

1,971 2,218 2,314 2,218 2,152

1,043 988

154 92 95 16 41654 101

151 88

2011(Mar-Dec) 2012 2013 2014 2015 1H2015 1H2016PE SE EE

Electricity Sold and Revenue

(Unit: GWh)

1,8171,854

2/

(Unit: MB.)

In Operation : NN2HPP Type

Hydroelectric Power Project• Storage Dam

IOD March, 2011

COD January, 2013

Concession Period

25 years from COD with the GOL

Power Purchase Agreement

• 615 MW with EGAT• 25 years from COD with EGAT• Take or Pay

Power Generation

• Installed Capacity 615 MW (3x205 MW)

• Annual Supply Target 2,310 GWh plus Excess Energy

• PE 2,218 GWh per year

• SE 92 GWh per year

Shareholders • SEAN 75% • EdL-Gen 25%

Shareholders of SEAN

• CK Power 56%• RATCH 33%• Others 11%

Tariff Structure

YearPE Tariff

SE Tariff

EE Tariff

USD / kWh

THB / kWh

THB /kWh

THB / kWh

IOD 0.02475 0.963 1.253 1.060COD Date + 6 years after COD

0.02475 0.965 1.255 1.062

Thereafter 0.02668 1.041 1.353 1.062

1/

3/

4/

Remarks : Initial Operation Date (IOD) / Commercial Operation Date (COD)Government of Lao PDR

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

-

50

100

150

200

250

300

350

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Electricity2014 Electricity2015 Electricity2016

Inflow2014 Inflow2015 Inflow2016

PE : 230 GWhSE : 5 GWh

PE : 240 GWhSE : 40 GWh

Monthly Electricity Sale and Water Inflow

GWh MCMTotal Inflow for 1H2015 = 902 MCMTotal Inflow for 1H2016 = 1,036 MCM

1/

2/

3/

4/Electricite du Laos Ratchaburi Electricity Generating Holding Public Company LimitedPage 6

2/

332

647 636

321 304

44

114 123

56 68

1,289

2,716 2,578

0

500

1,000

1,500

2,000

2,500

3,000

-

100

200

300

400

500

600

700

800

2013(Jun-Dec) 2014 2015 1H2015 1H2016

EGAT Ius Revenue (Secondary Axis)

24,442

94,328 97,312

47,939 47,558

21

80 77

0

10

20

30

40

50

60

70

80

90

-

20,0 00

40,0 00

60,0 00

80,0 00

100 ,000

120 ,000

2013(Jun-Dec) 2014 2015 1H2015 1H2016

Steam Revenue (Secondary Axis)

EGATIUs

3.48 3.57 3.39 3.47 3.013.46 3.56 3.44 3.48 3.26

842.45 850.15 785.60 811.07 656.14

In Operation : BIC 1

(Unit: MB.)

1,1361,308

Type Gas-fired Cogeneration

COD-BIC 1SCOD-BIC 2

• June 2013• June 2017

Concession Period

25 years from COD

Power Purchase Agreement

• 90 MW with EGAT (Min. Take or Pay with gas price pass-through mechanism)

• Selling the rest of electricity and steam to industrial estate users

Shareholders of BIC

• CK Power 65%

• GPSC 25% • Others 10%

Installed Capacity

BIC 1• 118 MW of electricity• 20 tons per hour of

steamBIC 2• 120 MW of electricity• 20 tons per hour of

steam

(Unit: Ton)

Electricity Production Steam Production

(Unit: GWh) (Unit: MB.)

3139

Remarks : Global Power Synergy Public Company Limited

1/

Average Tariff (THB/kWh)

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

-

10

20

30

40

50

60

70

80

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Electricity2014 Electricity2015 Electricity2016 Steam2014 Steam2015 Steam2016

GWh Ton

Monthly Electricity and Steam Production

Average Steam Price (THB/Ton)

1/

Page 7

In Operation : BKC

5,665

14,001 14,077 13,979

7,172 6,859

65

160 163 158

020406080100120140160180

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2012(Aug-Dec) 2013 2014 2015 1H2015 1H2016

Electricity Revenue (Secondary Axis)

Type Ground-mounted Solar Farm

COD August 2012

Concession Period

5 years from COD with automatic renewal

Power Purchase Agreement

• Provincial Electricity Authority (PEA)

• Adder: 8 Baht / kWh for 10 years from COD

Shareholders of BIC CK Power 100%

Capacity 8 MW (Unit: GWh) (Unit: MB.)

7682

Monthly Electricity Production and Irradiation

Electricity Production

Average Tariff (THB/kWh)11.4740 11.4278 11.6482 11.4537 11.4759 11.2225

-

1

2

3

4

5

6

7

-

200

400

600

800

1,000

1,200

1,400

1,600

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Electricity2014 Electricity2015 Electricity2016 Irradiation2014 Irradiation2015 Irradiation2016

MWh kWh/m2

Monthly Electricity Production and Irradiation

Page 8

Under Construction : BIC 2

Type Gas-fired Cogeneration

SCOD June 2017

Concession Period

25 years from COD

Installed Capacity

• 120 MW of electricity• 20 tons per hour of steam

Power Purchase

Agreement

• 90 MW with EGAT (Min. Take or Pay with gas price pass-through mechanism)

• Selling the rest of electricity and steam to industrial estate users

62.02%

0% 20% 40% 60% 80% 100%

June 2017Work Progress as of June 2016

March 2016

21.74%

June 2016 +40.28%

Overview of BIC 2

Page 9

BIC 2: Work Progress

Total increase in work progress

March 201621.74%

+40.28%

June 201662.02%

1 ) Erection gas turbine package

2 ) Fan Blade installation at Cooling Tower.3-4 ) Pipe line main cooling water

supply on main pipe rack

1 2

3 4

Picture Caption

Page 10

Under Construction : Xayaburi HPP

Type Run-of-River

SCOD October 2019

Concession Period

31 years from COD

Annual Energy

Production7,370 GWh

Installed Capacity

1,285 MW

Power Purchase

Agreement

• Turbines 7x175 MW = 1,220 MW with EGAT

• Turbines 1x60 MW = 60 MW with EDL

• Take or Pay

Average monthly inflow

3,980 cubic meters per second

Maximum operating

level+275 m asl.

66.69%

0% 20% 40% 60% 80% 100%

October 2019Work Progress As of June 2016

March 2016

60.72%

June 2016 +5.97%

Overview of work area at upstream view

Perspective of Xayaburi HPP

Page 11

Xayaburi HPP: Work Progress

Total increase in work progress

March 201660.72%

+5.97%

June 201666.69%

1-2 ) Installation of draft tube3-5 ) Rebar and Formwork works at

Powerhouse

1 2

3 4 5

Picture Caption

Page 12

82%

66%56% 55%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

EBITDA Margin

59%

38%

3%

Revenue from Hydro Power Plant Revenue from Solar Power Plant Revenue from Cogeneration Power Plant

56% 54%

CK Power : Performance to Date

2,578

5,633 7,027 6,851

3,357 3,113

2,122

3,694

3,960 3,762

1,884 1,673 57

384

410 374

175109

55

219

472 412

215110

2012 2013 2014 2015 1H2015 1H2016

Revenue EBITDA Net Profit to Non-controlling interests Net Profit to Equity holders

Revenue CAGR 39%

(Y2012 – Y2015)

CK Power’s Performance

Unit: MB.

1,043

376

7

1,427

991

372

7

1,370

NN2 BIC 1 BKC Total

1H2015 1H2016

Electricity Sales Volume

Unit: GWh

97%

3%

58%

40%

2%

74%

23%

3%

59%

39%

2%

20122,512 MB.

20135,568 MB.

20146,942 MB.

20156,697 MB.

1H20153,244 MB.

1H20163,061 MB.

57%

40%

3%

Combination of Revenue from Sales of Electricity and Steam

Page 13

CK Power : Financial Position

Interest Bearing Debt

4,455

15,354

3,783

2,630 464

CKP NN2 BIC 1 BIC 2 BKC

Cost of debt (2Q2016) = 4.54%D/E Ratio = 0.86x

Net-interest Bearing Debt/Equity = 0.56x

2Q2016 (MB.)

Including $ 133M

Unit: MB.

470

16,229

3,863

922 503

CKP NN2 BIC1 BIC2 BKC

Cost of debt (2015) = 4.82%D/E Ratio = 0.72x

Net-interest Bearing Debt/Equity = 0.53x

2015 (MB.)

Including $ 140M

Financial Position

Unit: MB.

22,273 25,414 26,10331,812 31,844

22,881 25,068 23,224

22,754 27,492

45,154

50,482 49,327

54,566

59,336

2012 2013 2014 2015 as at June 30, 2016

Total shareholder's equity Total liabilities Total assets

CAGR 7%(Y2012 – Y2015)

Page 14

Neighboring Countries in Focus: Lao PDR

• Lao PDR to be “the battery of Asia”

• A theoretical hydroelectric potential of about 26,500 MW excluding the mainstream Mekong 1/

• MOU 7,000 MW with Thailand 2/

Source:1/ http://www.poweringprogress.org/ Department of Energy Business2/ under negotiation to increase to 10,000 MW

Status Project TypeContracted Capacity

(MW)

In Operation

Theun-Hinboun HPP Hydro 434

Houy Ho HPP Hydro 126

Nam Theun 2 HPP Hydro 948

Nam Ngum 2 HPP Hydro 597

Hongsa 1-2 Lignite 2 x 491

Hongsa 3 Lignite 491

Under Construction

Nam Ngiep 1 (2019) Hydro 269

Xe Pian Xe Namnoy(2019)

Hydro 354

Xayaburi HPP (2019) Hydro 1,220

MOU Stage Nam Theun 1 HPP Hydro 525

Total 5,946

Page 15

Source: http://www.poweringprogress.org/

1 2

3

4

5 6

7

8

910

11

Project

Capacity (MW)

Construction Planned

1. Pak Beng 1,230

2. Luang Prabang 1,410

3. Xayaburi HPP 1,285

4. Pak Lay 1,320

5. Sanakham 570

6. Pak Chom 1,079

7. Ban Khoum 2,000

8. Lat Sua 800

9. Don Sahong 360

10. Stung Treng 980

11. Sambor 460

Total 1,285 10,209

Neighboring Countries in Focus: Lao PDR

Abundant water resource on the mainstream Mekong River

Page 16

Industry Outlook: Myanmar

River BasinsDeveloped

capacity (MW)

Under construction

(MW)

Under processing

(MW)

Potential future

projects (MW)

Total of each

basins (MW)

AyeyarwadyUpper

AyeyarwadyLower

Ayeyarwady

1,870149

2,056150

15,200-

6,000-

25,126299

Chindwin - - 380 1,860 2,240

Sittaung 810 - 260 - 1,070

Thanlwin 302 81 15,395 765 16,543

Others 20 111 521 1,512 2,164

Total 3,151 2,398 21,756 10,137 47,442

Source: Department of Hydropower Implementation, Myanmar

Ch

ind

win

Riv

er

Than

lwin

Rive

r

Abundant Water Resource in the Major River Basins

• A hydroelectric potential of about 108,000 MW • MOU 1,500 MW with Thailand

Page 17

Year Solar Others Total

2014 1,299 6,191 7,490

2036 6,000 13,634 19,634

Industry Outlook: Domestic

Source: Thailand’s Power Development Plan 2015

41%

35%

12%

6% 6%

64%

20%

8%7% 1%EGAT

IPP

SPP

Imported & Exchange

TOTAL 37,612 MW

Power Generation by Producers

Natural Gas

Clean Coal

Renewable Energy

ImportedHydro

Diesel /Fuel Oil

Power Generation by Fuel Type

VSPP

Unit: MW PDP2015

Installed capacity at the end of 2014 37,612

New installed capacity 57,459

Retired (24,736)

Installed capacity at the end of 2036 70,335

PDP2015

Fuel Type Sep 2014(percentage)

Sep 2026(percentage)

Sep 2036(percentage)

Imported Hydro 7 10-15 15-20

Clean Coal (including Lignite)

20 20-25 20-25

Renewable 8 10-20 15-20

Natural Gas 64 45-50 30-40

Nuclear - - 0-5

Diesel/Fuel Oil 1 - -

TOTAL 100 100 100

Thailand’s Current Installed Capacity

Target Fuel Mix at the End of PDP 2015

Thailand’s planned installed capacity at the end of PDP 2015

Remark: 1/ Others renewable include Wind, Hydro, Waste, Biomass, Biogas, Energy Crops

Page 18

CKP in the Next 5 Years

Thai

lan

d • BIC-2: on time COD and in budget

• PDP2015: more renewable power projects, especially the ground-mounted solar power projects (at least new 100MW)

Lao

PD

R • XPCL: on time COD and in budget while taking into accounts the valid concerns from stakeholders

• Additional concessions: large-scale hydroelectric power projects

Mya

nm

ar • In-depth understanding: country and associated risks

• Materialization of new projects: focusing on hydroelectric power projects.

Page 19

Looking ForwardCKP Solid Project Pipeline and Strong Growth Plan during 2016 - 2020

Y 2016

Operating : 755 MW

Hydro :• NN2 615 MW

Cogeneration : BIC1

• Electricity 118 MW• Steam 20 tonsSolar : • BKC 8 MW• CRS 8 MW• NRS 6 MW

Y 2017 – 2018

Operating : 875 MW

New Capacity :

• Electricity 120 MW• Steam 20 tons

(June 2017)

Y 2019 – 2020

Operating : 2,320 MW

New Capacity :

• 1,285 MW

Xayaburi HPP

Y 2020 Onward

Target : 5,000 MW

Potentials :

• Hydro Power Projects from Cross-Border

• Domestic Power Projects

BIC 2

(October 2019)

• A fair return

• A sustainable growth

• A good corporate citizen

• A social & environmental friendly corporation

Commitment to Our Shareholders

Page 20

CKP’s Core Strength

CK Power

Expertise in Hydro & In-depth experience in other technology

Ability to Raise Funds(Hold Co., Project

Co, and Supportfrom major shareholders)

Relationship with Government Entities (Thailand and Lao PDR)

CK as an EPC Contractor

(>40 yrs experience)

Page 21

INVESTOR RELATIONS DIVISION

0 2691 9720 Ext. 13

ir@ckpower.co.th

http://www.ckpower.co.th

Disclaimer

The information contained in this presentation is intended solely for your personal reference only. This presentation is not intended to provide the basis for any investment decision, nor to substitute your own analysis and investigation, and should not be considered as a recommendation to any recipient of this presentation. Some statements made in this presentation are projections and forward-looking statements, with respect to CK Power Public Company Limited’s (CKP) corporate plans, strategies and beliefs and other statements that are not historical facts and are subject to various risks and uncertainties. These statements can be identified by the use of forward-looking terminology such as “may” , “will” , “expect” , “anticipate”, “intend” , “estimate” , “continue” “plan” or other similar words. The statements are based on the assumptions and beliefs of CKP’s management in light of the information currently available to CKP. These assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this presentation is, or should be relied on as a promise or representation of CKP as to the future.

THANK YOU

Page 22