Powering the Future · 1. Nam Ngum 2 Project 615 Lao PDR Hydro 25% 89.00 Jan 2013 153.75 MW Total 615 153.75 MW Projects under Development Project MW Location Plant type RATCH’s

RATCHABURI ELECTRICITY RATCHABURI ELECTRICITY GENERATING HOLDING PCL.GENERATING HOLDING PCL.

PoweringPowering the Futurethe Futuregg

CLSA Asean Corporate Access Day: 23-24 November 2009

Table of Contents

o RATCH Overviewo RATCH Overview

o RATCH Highlightso RATCH Highlightso C g g ts

o RATCH Growth Strategies

o C g g ts

o RATCH Growth Strategieso RATCH Growth Strategieso RATCH Growth Strategies

Appendix

RATCHRATCHOverviewOverview

Company History

• In February 1999 the Thai Cabinet approved private participation on the EGAT Ratchaburi power plant with generating capacity of 3,645 MW, the single largest power plant in Thailandsingle largest power plant in Thailand.

• The private participation plan involves the creation of the Ratchaburi Electricity Generating Holding Company Limited (“RATCH”) and its wholly y g g p y ( ) yowned subsidiary, Ratchaburi Electricity Generating Company Limited, to own and operate Ratchaburi power plant.

RATCH t bli h d h ll d b idi f El t i it• RATCH was established as a wholly owned subsidiary of Electricity Generating Authority of Thailand (“EGAT”) in March 2000 and was listed on the Stock Exchange on Thailand (“SET”) (symbol RATCH) in October 20002000.

• Following the IPO, EGAT remains the single largest shareholder (45%). RATCH is still to date the largest IPP in Thailand

4

RATCH is still to date, the largest IPP in Thailand.

Company History

Price HistoryPrice History

RATCH Daily Closing

5

Company Structure

6

As at September 2, 2009

BANPU 14 99%

NORTRUST NOMINEES LIMITED 5.19%14.99% LIMITED 5.19%

Social Security Office 4.93%

STATE STREET BANK AND TRUST COMPANY 4.88%

EGAT 45.00%TRUST COMPANY 4.88%

Government Savings Bank Fund 2.17%

AMERICAN INTERNATIONAL ASSURANCE COMPANY

1.33%

BBL ASSET MANAGEMENT COMPANY LIMITED 1.28%General Public BANGKOK LIFE ASSURANCE

PCL 0.84%

THAI NVDR COMPANY LIMITED 0.64%

18.75%

7

Foreign Shareholder Structure

14.34%20.00%

12.00%

16.00%

8.99% 8 54%

11.32%12.05%

14.07%

8.00%

8.99%

7.08% 7.48%8.54%

0.00%

4.00%

Data are as of AGM closing date in each respective year

April 2,2002 Mar 21,2003 Mar 23,2004 Mar 31,2005 Mar 31,2006 April 2,2007 Mar 2,2008 Mar 2,2009

8As at September 2, 2009

Total Installed Capacity: 29,355 MW.p y ,

RG = 3,645 MW14,327.11(48.81%)

9 0 94 345

TECO = 350 MWRPCL = 350 MW

4 3457,970.59(27.15%)

2,072.30 640 00

4,345(14.80%)

4,345 MW

,0 30(7.06%) 640.00

(2.18%)

EGAT RATCH Other 8 IPPs SPPs Foreign Purchase

9Source: EGAT, September 2009

RATCH Highlights

RATCH Highlights

Capital Structure as at September 30, 2009

43 341 MB

Strong Balance Sheet Debt* 32.14%

• Total Shareholders’ Equity 43,341 MB

• Debt 20,527 MB

Equity 67.86%

>>TOTAL CAPITAL 63,868 MB

*Debt Repayment Obligation

D/E (9-Month) = 0.60 times

11

RATCH Highlights

RATCH Group’s capacity to rise 27% by 2016Nam Bak 40 MW

Xe pian = 97.5 MWNN3 = 110 MW

Wind farm18 MW

Hongsa751.20 MW

RG

TECO350 MW

NN2153.75 MW 2016

Total Install Capacity5,517.20 MW.Pratu Tao

RG2,175 MW

5,517.20 MW.

2009Total Install Capacity4 346 75 MW

RG1 470 MW

1.75 MW

4,346.75 MW.1,470 MW

12

Stable dividends payment – RATCH has a dividend policy of no less than 40%

Baht per Share (% of Net Profit)2 10 2.10 2.20

2.00

2.40

1 50

1.75 (49.24%)

2.00 (47.06%)

2.00 (50.32%)

2.10 (51.14%)

2.10 (52.24%) (49.13%)

1.60

1 001.10 1.00 1.10 1.10 1.10

1.50 (48.42%) (40.90%)

Interim Dividend

0.80

1.20

1.501 10 1 10

1.00

0.40 0.75 0.90 1.00 1.00 1.00 1.10 1.10

13

0.00

2002 2003 2004 2005 2006 2007 2008 2009Year

RATCH GrowthStrategy

RATCH Growth Strategies

• Well prepared for the next bidding round since RATCH has in place at least 2 sites ready to accommodate the new power plants.

• Aiming to invest in renewable energy and biomass projects.

• Seeking investment opportunities abroad including Vietnam, Indonesia, the Philippines, Australia, etc.

• Extending our investment to related business including g goperating and maintenance for power plants and coal mining.

• Continuing to strengthen the excellent relationships with g g pexisting business partners as well as seeking potential new business partners.

15

A diAppendix

2009 2008 2007 2006 2005

Unit : in Million Baht

2009 (9 Months)

2008 2007 2006 2005

Revenues 28,448.98 43,801.85 46 072 34 51 848 22 44,836.84Revenues 28,448.98 43,801.85 46,072.34 51,848.22 44,836.84

Expenses 21,347.78 35,798.23 38,781.36 44,223.34 37,471.85

EBIT 7,101.20 8,003.62 7,290.98 7,624.88 7,364.99

Interest Expense 680.96 1,293.37 1,364.54 1,443.75 1,208.88p , ,

Income Tax 863.64 217.35 97.04 75.09 89.75

6 60 6 492 90 6 106 04Net Income 5,556.60 6,492.90 5,829.40 6,106.04 6,066.36

EPS (Baht) 3.83 4.48 4.02 4.21 4.18

17

Unit : in Million Baht

2009 2008 2007 2006 20052009 (9 Month)

2008 2007 2006 2005

Asset

Current Asset 19,247 19,520 21,071 21,923 18,300

Property, plant & equipments 38,405 40,383 42,876 45,233 47,561

Investments in Joint Ventures 8,965 7,362 5,676 3,986 3,036

Others Assets 2,839 2,407 678 963 1,044

Total Assets 69,456 69,672 70,301 72,105 69,941

Liabilities & Shareholders’ Equity

Current Liabilities 8,585 9,058 10,007 11,010 8,943

Long-term Loans 17,530 19,640 22,814 26,400 29,508

18

Shareholders’ Equity 43,341 40,974 37,480 34,695 31,490

Total Liabilities & Shareholders’ Equity 69,456 69,672 70,301 72,105 69,941

Projects in Operation

Project MW Location Plant type RATCH’s holding

COD Capacity contribution to RATCH

1. Ratchaburi Power Plant 3,645 Ratchaburi Thermal & C bi C l

99.99% TH : 2000 CCGT 2001

3,645 MWCombine Cycle CCGT : 2001

2. Tri Energy Power Plant 700 Ratchaburi Combine Cycle 50% 2000 350 MW

3. Ratchaburi Power (RPCL) 1,400 Ratchaburi Combine Cycle 25% 2008 350 MW

Total IPPs 5,745 4,345 MW

4. Pratu Tao-A (SPP) 1.75 Sukhothai Associated Gas 100% 2007 1.75 MW

Total 5,746.75 4,346.75 MW

19

Project MW Location Plant type RATCH’s Status Expected Capacity contribution

Projects under Construction

holding (%) COD to RATCH

1. Nam Ngum 2 Project 615 Lao PDR Hydro 25% 89.00 Jan 2013 153.75 MW

Total 615 153.75 MW

Projects under Development

Project MW Location Plant type RATCH’s h ldi

Status(%)

Expected COD

Capacityt ib tiholding (%) COD contribution

to RATCH

1. Nam Ngum 3 Project 440 Lao PDR Hydro 25% Tariff proposal sent to EGAT

2016 110 MW

2. Xe-Pian Xe-Namnoy Project 390 Lao PDR Hydro 25% Tariff M proposal sentto EGAT

2016 97.5 MW

3. Hongsa Thermal Project 1,878 Lao PDR Lignite-Fired 40% PPA & CA finalized 2015 751.2 MW

4 N B k P j t 160 L PDR H d 25% T iff l t 2016 40 MW4. Nam Bak Project 160 Lao PDR Hydro 25% Tariff proposal sentto EGAT

2016 40 MW

5. Khao Kor Wind Farm 60 Phetchabun Wind 30% Preparing RFP for lenders

2011 18 MW

20

6. Pratu Tao-A (Expansion) 0.875 Sukhothai Associated Gas

100% EPC selection 2010 0.875 MW

Total 2,928 1,016.70 MW

Projects in OperationRatchaburi Power Plant (RG)

Shareholders’ StructureProject SummaryLocation : Ratchaburi Province

Technology : Thermal & Combine Cyclegy

Total Capacity : 3,645 MW.

Contributed capacity to RATCH:

3,645 MW. (99.99%)

RATCH

99.99%

PPA : 25 Years (Remaining:16 Years)

COD : TH#1-2 - Oct 2000,

CCGT #1-2 – Apr 2002 and CCGT#3 –

99.99%

Nov 2002

Outstanding Loan: THB 19,798 Million

Outstanding Debenture: THB 1,500 Million

Debt to Equity : 1.33 times

Lender : KTB, KBANK, BAY, GSB, BT & TMB

21

Investment Amount (for RATCH) :

THB 18,275 Million

As at September 2009

Projects in OperationTri Energy Power Plant (TECO)

Shareholders’ StructureProject Summary

Location : Ratchaburi Province

Technology : Combine Cycle

Total Capacity : 700 MW. RATCH


350 MW. (50%)

PPA : 20 Years (Remaining:11 Years)RGAS

99.99%

Chevron Thailand

COD : July 2000

Outstanding Loan: THB 2,903.27 Million(USD 84 97 Million)

RGAS50% Energy Company I50%

(USD 84.97 Million)

Debt to Equity : 0.56 times

Lender : BTMU, Mizuho & SMBC

22


THB 1,809 Million


Projects in OperationRatchaburi Power Plant (RPCL)

Shareholders’ StructureProject SummaryLocation : Ratchaburi Province

T h l C bi C lTechnology : Combine Cycle

Total Capacity : 1,400 MW.


350 MW. (25%) 99.99%

RATCH

to RATCH:

PPA : 25 Years (Remaining:24 Year)

COD : CCGT #1 –March 2008

CCGT #2 –June 2008

Ratch UdomPower HK Electric

99.99%

25%

15%

Ratch Alliances

CCGT #2 June 2008

Outstanding Loan: THB 5,737 MillionUSD 419 Million

Debt to Equity : 2.72 times 25%

Chubu Electric

PTT

15%

15%Debt to Equity : 2.72 times

Lender : USD: JBIC, Calyon, HSBC & SMBCTHB: BBL & KTB

Investment Amount USD 53.25 Million

Union Energy10%

23


USD 53.25 MillionTHB 1,831 Million Toyota Tsusho

10%


Projects in OperationPratu Tao-A

Shareholders’ StructureProject Summary

Location : Sukhothai Province

Technology : Gas EngineTechnology : Gas Engine

Total Capacity : 1.75 MW.

Contributed capacity to RATCH: 1.75 MW. (100%) 99.99%

RATCH

PPA : 5 Years (Automatic Renewal)

COD : June 2007

Investment Amount THB 62 Million

Ratchaburi Energy

100%Investment Amount (for RATCH) :

THB 62 Million 100%

Pratu Tao-APtatu Tao-A (Expansion) Pratu Tao-A(Expansion)

Total Capacity : 0.875 MW.

Contributed capacity to RATCH: 0.875 MW. (100%)

PPA : 5 Years (Automatic Renewal)

COD : May 2010

24

COD : May 2010


THB 35 Million

Num Ngum 2 Project

Project Progress

• EPC contract signed with C.H Karnchang on May 26, 2006

• Construction completed of 89% as at September 2009.

Projects Summary

Location : Lao PDR

Technology : Hydro Power Plant• RATCH-Lao Service Co.,Ltd has signed O&M Agreement with

Num Ngum 2 Power Co.,Ltd

Shareholders’ Structure

Technology : Hydro Power Plant

Total Capacity : 615 MW. (3x205 MW.)


153.75 MW. (25%)to RATCH:

PPA : 27 Years

IOD : December 2010C.H Karnchang

38%

RATCH33.3%

COD : January 2013

Project Cost : THB 30,832 Million

Total Debt : THB 15 003 Million

C.H Karnchang

Bangkok Expressway16.7%

5 3%

SouthEastAsia Energy

75%

Total Debt : THB 15,003 Million USD 180 Million

Debt to Equity : 2.5:1 times

L d KTB TMB & SCIB

Shalapak

P.T Construction Irrigation

5.3%

5.3%Lao PDR

25%

25

Lender : KTB, TMB & SCIB


THB 2,202.25 Million Team Consulting1.4%

Num Ngum 3 Project

Project Progress• Shareholder Agreement signed with GMS Lao Co.,Ltd.,

Marubeni Corporation and Lao Holding State Enterprise on May 13, 2008

Projects Summary

Location : Lao PDR

Technology : Hydro Power Plant y

• Tariff MOU proposal sent to EGAT



Total Capacity : 440 MW. (2x220 MW.)


110 MW. (25%)to RATCH:

PPA : 27 Years

IOD : n.a. GMS Lao27%

COD : In 2016

Project Cost : USD 905 Million

Debt to Equity : 70:30 times

25%RATCH Marubeni

Corporation

25%

23%

NN3

q y

Potential Lender : - USD Loan :ADB, JBIC & PROPARCO

- THB Loan: n.a.

I t t A t USD 71 25 Milli

Lao PDR

26


USD 71.25 Million

Xe Pian - Xe Namnoy Project

Project Progress• Joint Development Agreement signed with SK Engineering

& Construction and Korean Western Power on August 6, 2007

Projects Summary

Location : Lao PDR

Technology : Hydro Power Plant• Project Development Agreement signed with the

government of Lao PDR on November 14, 2008

• Tariff MOU proposal sent to EGAT


Total Capacity : 390 MW.

Contributed capacity t RATCH

97.5 MW. (25%)

Shareholders’ Structureto RATCH:

PPA : n.a.

IOD : n.a.26%

a

COD : In 2016

Project Cost : USD 830 Million 25%RATCH

SK Engineering

Korea Western Power

26%

25%XePian


Lender : n.a.

Investment Amount USD 63 Million

Power

Lao PDR24%

27


USD 63 Million

Hongsa Thermal Project

Project Progress

• Signed the Shareholder Agreement on February 5, 2009 for the establishment of Hongsa Power Co., Ltd. and PhuFai Mining to operate Hongsa Power Plant Project

Projects Summary

Location : Lao PDR

Technology : Lignite-Fired Power Plant g p g j

• Signed new Tariff MOU with EGAT on May 13,2009

• PPA & CA finalized

Technology : Lignite Fired Power Plant

Total installed Capacity : 1,878 MW.


751.2 MW. (40%)


to RATCH:

Fuel: Lignite

PPA : n.a.

IOD : n.a.

COD : In 2015

Project Cost : USD 3,700 Million

40%RATCH

Banpu Power

Lao PDR

40%

20%Hongsa

oject Cost US 3, 00 o


Lender : n.a.

Lao PDR

28


USD 370 Million

Nam Bak Project

Project Progress• Tariff MOU proposal sent to EGAT

Projects Summary

Location : Lao PDR

Technology : Hydro Power PlantTechnology : Hydro Power Plant



40 MW. (25%)to RATCH:

PPA : n.a.

IOD : n.a.

COD I 2016COD : In 2016

Project Cost : n.a.


Lender : n.a.


n.a.

29

Khao Kor Wind Farm Project

Project Progress

• MOU signed on December 3, 2008

• Share Purchase Agreement & Share Holder Agreement signed

Project SummaryLocation : Phetchabun Province

Technology : Wind Turbine Generator Share Purchase Agreement & Share Holder Agreement signed on February 18, 2009

• RATCH has purchased another 4 % stake in the Project on June 30,2009

• Preparing RFP for lenders

Technology : Wind Turbine Generator



18 MW. (30%)

• Preparing RFP for lenders


PPA : n.a.

IOD : n.a.

COD : I 2011COD : In 2011

Project Cost : USD 120 Million

Debt to Equity : 70:30 times RATCH

Lender : n.a.


USD 10.8 Million

Ratchaburi Energy

99.99%

30%

Wind Energy Holding60%

10%

30

gy 30%Other

10%

ObjectiveObjective

• Service provider for the refurbishment of the components of the gas turbine of the electricity generating system.

A f S iA f S iArea of ServicesArea of Services

• Cover 18 Asian countries• COD in 2010• COD in 2010

Registered CapitalRegistered Capital

• 623 Million Baht

Shareholders’ StructureShareholders’ Structure

10% EGAT

EGAT

Mit bi hi H

45%

30%

31

10%RATCH EGAT

DiamondMitsubishi Heavy

Industries

Mitsubishi Corporation15%

ObjectiveObjective

• To operate the investment in power business internationally

Registered CapitalRegistered Capital

• 5 Million Baht

Shareholders’ StructureShareholders’ Structure

100%RATCH

RH International Corporation Limited

32

Power Development Plan (PDP 2007) Version 2 ( )

33

Power Purchase Agreement (PPA)

RATCHGEN: PPA Tariff Structure

FX/ Inflation Adjustments

Fixed O&M Costs

• Thermal Units and Combined Cycle Units have separate 25 year PPAs.

• Tariff is designed to cover all ti d fi i t d

Availability Payment

Availability

Debt Services

Interest Indexation

operating and financing costs and yield IRR of 19%.

• Revenues are from Availability Payments (“AP”) and Energyy

Factor

RATCHGENEGAT

Return on EquityPayments ( AP ) and Energy Payments (“EP”).

• AP (Baht/MW/month) - includes fixed operation and maintenance

Inflation Adjustments

Variable O&M Cost

expenses, debt servicing, and return on equity.

• AP is payable irrespective of whether electricity is dispatched orEnergy

PaymentEfficiency

FactorFuel Cost

whether electricity is dispatched or not as long as plants are available as agreed capacity.

• EP (Baht/MWh) - includes fuel costs

34

and variable operation and maintenance costs with inflation indexation and pass through mechanism.

24,000 2004 2005 2006 2007 2008 2009 Peak Generation

22,000

,

YearMW.

Increase (Decrease )

MW. %

2009 22,045 (523) (2.32%)

18,000

20,000 2008 22,568 (17.90) (0.08%)

2007 22,586 1,522 7.23%

2006 21,064 526 2.56%

16,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2005 20,538 1,212 6.27%

2004 19,326 1,205 6.64%

o In 2007, the highest peak generation was 22,586 MW. on April 7.23% increase yoy.

o In 2008, the highest peak generation was 22,568 MW. on April -0.08% decrease yoy.

o In 2009 (9-month), the highest peak generation was 22,045 MW. on April -2.32% decrease yoy.

35

2004 2005 2006 2007 2008 2009 Energy Generation

13,000

14,000 2004 2005 2006 2007 2008 2009

YearMW.

Increase (Decrease )

MW. %

2009 106 698 02 (7 129) (6 26)

10 000

11,000

12,000 2009 106,698.02 (7,129) (6.26)

2008 148,436 1,552 1.06

2007 146,884 4,797 3.38

2006 142 088 7 234 5 36

9,000

10,000

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

2006 142,088 7,234 5.36

2005 134,854 7,364 5.78

2004 127,490 9,133 7.72

o In 2007, average monthly energy generation growth was 3.38%

o In 2008, average monthly energy generation growth was 1.06%o In 2008, average monthly energy generation growth was 1.06%

o In 2009, average monthly (9-month) energy generation growth was -6.26%

36

Documents

Powering the Future · 1. Nam Ngum 2 Project 615 Lao PDR Hydro 25% 89.00 Jan 2013 153.75 MW Total 615 153.75 MW Projects under Development Project MW Location Plant type RATCH’s