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Corporate Presentation Annual Period Financial Results Ended 31 December 2010

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Corporate Presentation Annual Period Financial Results

Ended 31 December 2010

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This presentation was made from the analysis of reliable information in order to assist investment community to better understand the company's financial status and operation. It also supports the "Good Corporate Governance Project" of the Securities and Exchange Commission (SEC).

However, the information within this presentation hasbeen derived from the existing factors in the present time. Therefore, the forward-looking information on this presentation may not occur in the future if the aforementioned factors or situations are changed. Investors are, however, required to use their own discretion regarding the use of information contained in this presentation for any purpose. For further information, please contact Investor Relations Section of the Electricity Generating Public Company Limited (EGCO) at Tel: (662) 998-5145-7 or Email: [email protected].

Disclaimer Statement

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Table of Contents

• EGCO Restructuring

• Thailand’s Electricity Industry Overview

• EGCO Group’s Overview

• Financial Results

• Appendices

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EGCO Restructuring

PRESIDENT

RayongPower Plant

SEVP- Business Development International

SEVP- Business Development Domestic

SEVP- Finance and Corporate Services

Seconded Management to Subsidiaries

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EGCO Restructuring

Executive Profiles

Mr. Piya Jetasanon

SEVP- Finance and Corporate Services

Mr.Piya holds MBA from Ramkhamhaeng University and B.A. (Economics) from Thammasart University. He also attended course on “Directors Certification Program Course” at Thai Institute of Directors Association Program and “Executive Development Program Course”at Thai Listed Companies Association. He has over 20 years of experience in corporate finance and project finance in Thailand and ASEAN region. He was also one of the pioneers in EGAT partially privatization and the listing of EGCO in the Stock Exchange of Thailand in 1995. Prior to joining EGCO, he was in charge of Head of Financial Policy Section at EGAT.

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EGCO Restructuring

Executive Profiles

Mr. Voravit Potisuk

SEVP- Business Development Domestic

Mr. Voravit holds MBA from University of Thai Chamber of Commerce and B.Eng. (Electrical and Communication) from ChulalongkornUniversity. He also attended course on “Director Certification Program 101” at Thai Institute of Directors Association (IOD), “Management of Public Economic for Executives” at King Prajadhipok’s Institute and NIDA – Wharton Executive Leadership Program. He has worked in Electricity Generating Business for more than 30 years with the expertise in construction, engineering, project management and International and Domestic Business Developments. Prior to joining EGCO, he was in charge of Chief of Electrical Unit, South Bangkok Combined Cycle Power Plant Construction Project, Thermal Power Construction Department of the Electricity Generating Authority of Thailand.

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Thailand’s Electricity Industry Overview

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Source: EPPO and EGAT

IPP : Independent Power ProducerEGCO’s IPPs have 11% market share.

SPP : Small Power ProducerEGCO’s SPPs have 0.64% market share.

INT. : International = Purchases from Laos & Malaysia EGCO’s Import have 1.07% market share.

MEA : Metropolitan Electricity Authority

PEA : Provincial Electricity Authority

* The percentages refer to market share of total installed capacity as of 31 January 2011 which was 30,920.01 MW.

INT. (5.14%)*

2

End Users

EGAT Transmission

EGAT *(48.51%)

MEADirect

Customers

PEA

IPP (39.30%)* SPP (7.06%)*

Thailand’s Electricity Industry Overview : Current Electricity Supply Industry

Increasing importance of international power supply

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9Source: EGAT

Thailand’s Electricity Industry Overview :Historical Demand Growth

Note. - Peak demand in January 2011 was on the 24th of 21,288.30 MW.

MW

24,009.90 MW or 8.91% increase from 2009

22,044.90 MW or -2.32% decrease from 2008

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

14,000

15,000

16,000

17,000

18,000

19,000

20,000

21,000

22,000

23,000

24,000

25,000

26,000

January February March April May June July August September October November December

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Thailand’s Electricity Industry Overview :Energy Generation Sales by Categories

Jan – Dec 2010Jan - Dec 2009

2009

Market Share

9,38

3,67

0,75

9

56,0

85,4

63,3

91

22,2

82,4

34,1

26

30,2

54,6

71,2

82

14,3

30,8

15,5

13

33,2

13,6

16,2

87

15,5

86,6

65,1

44

23,7

48,7

23,7

47

63,7

96,6

93,0

35

10,1

34,8

58,7

57

Residential Small GeneralService

Medium GeneralService

Large GeneralService

Others

+ 9.78%

Unit : Gwh

+ 6.58%

+ 13.75%

+ 8.76%

+ 8.01%

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Corporate Overview :Thailand’s New Capacity (2010 – 2017)

Source: PDP 2010 Revised by 12 March 2010

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2010 2011 2012 2013 2014 2015 2016 2017

Nam Theun 2 920 MW

VSPP 367 MW

North BKK. # 1 670 MW

Nam Ngum 2 597 MW

Gheco-one 660 MW

Renew 160 MW + Others 38 MW

SPP (Co-Gen) 720 MW

Theun Hin.-Exp. 220 MW SEC # 1-2

2x800 MW

NPS # 1-2 2x135 MW

Wang Noi # 4 800 MW

PGS # 1-2 2x800 MW

Chana # 2 800 MW

NPS # 3-4 2x135 MW

New Plants (Southern)

800 MWEGAT # 3-4

(Lamtakong) 2x250 MW

VSPP 187 MW

Renew 90 MW

SPP (Co-gen) 90 MW

VSPP 258 MW

SPP (Co-gen)

704 MW

VSPP 162 MW

Renew 65 MW + Others 29 MW

Others 54 MW

VSPP 192 MW SPP (Co-gen) 90 MWOthers 18 MW

Hongsa # 1-2 2x491 MW

SPP (Co-gen) 270 MW

VSPP 167 MW

Others 26 MW

Hongsa # 3 491 MW

Mong Kok # 1-3 3x123 MW

SPP (Co-gen) 270 MW

VSPP 231 MW Others 17 MW

Nam Ngum 3 440 MW

SPP (Co-gen) 270 MW

VSPP 229 MW

Others 11 MW

28.1% 27.1% 23.7% 25.4% 23.4% 26.0% 27.2% 23.2%

Reserve Margin

EGAT Private Players New Plants VSPPSPP (Co-gen) Renew & Others

Source: EPPO - PDP 2010 (Revised) as of April 2010

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0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Corporate Overview :Thailand’s New Capacity (2018 – 2030)

Neighboring Country

EGAT # 1 (Coal)

800 MW

450 MW

SPP (Co-gen) 270 MW

VSPP 176 MWOthers 30 MW

600 MW 600 MW 600 MW 600 MW 600 MW 600 MW 600 MW 600 MW 600 MW 600 MW 600 MW 600 MW

VSPP 177 MWSPP (Co-gen)

270 MW

Others 8 MW

EGAT # 1 (Nuclear) 1000 MW

SPP (Co-gen) 270 MW

VSPP 190 MWOthers 22 MW EGAT # 2

(Coal) 800 MW

EGAT # 2 (Nuclear) 1000 MW

SPP (Co-gen) 380 MW

VSPP 294 MW

VSPP 135 MWOthers 61 MW

EGAT # 1 (Natural Gas)

800 MW

SPP (Co-gen) 360 MW

Others 36 MW

EGAT # 2-6 (Natural Gas)

5x800 MW

EGAT # 3 (Coal)

800 MW

SPP (Co-gen) 360 MW

VSPP 146 MW

EGAT # 3 (Nuclear) 1000 MW

SPP (Co-gen) 360 MW

SPP (Co-gen) 360 MW

SPP (Co-gen) 360 MW

SPP (Co-gen) 360 MW

SPP (Co-gen) 360 MW

SPP (Co-gen) 360 MW

SPP (Co-gen) 540 MW

VSPP 148 MW

VSPP 163 MW

VSPP 159 MW

VSPP 173 MW

VSPP 179 MW

VSPP 179 MWVSPP 169 MW

EGAT # 4 (Nuclear) 1000 MW

EGAT # 7 (Natural Gas)

800 MW

EGAT # 8-9 (Natural Gas)

2x800 MW

EGAT # 4-5 (Coal)

2x800 MW EGAT # 10 (Natural Gas)

800 MW

EGAT # 5 (Nuclear) 1000 MW

EGAT # 6-7 (Coal)

2x800 MW

EGAT # 11-12 (Natural Gas)

2x800 MW

EGAT # 8 (Coal)

800 MW

EGAT # 13 (Natural Gas)

800 MW

EGAT # 9 (Coal)

800 MW

Reserve Margin

17.3% 15.0% 15.6% 15.4% 16.0% 16.7% 16.5% 16.3% 15.9% 15.4% 16.3% 16.3% 15.0%

EGAT Neighboring Country VSPPSPP (Co-gen) Renew & Others

Source: EPPO - PDP 2010 (Revised) as of April 2010

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EGCO Group’s Overview

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EGCO Group’s Overview : EGCO Group Investment

Note: Since December 2008, installed capacity of GPG, WMPC, SPPC, and NT2 have been adjusted to gross MW capacity

so that all figures shown will be on the same basis.

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• Seek ASEAN region opportunities

• Develop or acquire IPP&SPP projects including increase stakes in existing IPP projects

• Develop renewable energy projects (SPP)

• Negotiate on REGCO & KEGCO PPA Extension

EGCO Group’s Overview : EGCO Group’s Strategic Direction

Continue to focus on power generating business

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Financial Results

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Million Baht

Net Profit

7,936 6,792

2009 2010

(-1,143)

14%

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Million Baht

Net Profit before FX

7,506 6,220

2009 2010

(-1,285)

17%

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Million Baht

FX of SUBs and JVEs

430

572

20102009

14233%

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2020

Operating ResultsEnded December 31, 2009 and 2010

Million Baht

YE2009 YE2010 +/- % DiffRevenues (EGCO + Subs) 9,494.54 8,995.18 (499.36) -5%Share of profit from JVEs bf FX 5,875.51 5,561.77 (313.74) -5%Expenses (EGCO + Subs) 7,864.87 8,336.35 471.48 6%Profit before FX 7,505.17 6,220.60 (1,284.58) -17%Gain (loss) from FX (Subs&JVEs) 430.42 571.65 141.22 33%

Net Profit 7,935.60 6,792.24 (1,143.35) -14%

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Summary ResultsEnded December 31, 2009 and 2010

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2222

177

-529

693505

6,659

239

-798

1,287

413

5,079

2009 2010Million Baht

IPP SPP Overseas Others EGCO

24%

18%86%

35%51%

Net Profit before FXEnded December 31

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2323

Million Baht

Net Profit before FXEnded December 31, 2010

Million Baht

By Segment

IPP 72%5,079 MB

SPP 6%413 MB

Overseas 18%1,287 MB

Others 4%239 MB

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Million Baht

By Company

Net Profit before FXEnded December 31, 2010

ET 1%

EGCO Cogen 2%

Rayong Power plant 7%

GPG (KK2) 25%

GCC, NKCC, SCC, GYG, 4%

KEGCO 7%

BLCP 33%

Conal 2%

Roi Et Green 1%

NTPC 8%

Quezon 8%

ESCO 2%

2,336 MB

501 MB 467 MB

578 MB

1,776 MB

150 MB

100 MB

155 MB

184 MB

145 MB

94 MB

553 MB

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25252525

Million Baht

Cash FlowEnded December 31, 2009 and 2010

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Summary of Debt Structure

JPY 1,260 M. 2.23%JPY 571 M.

Total FacilitiesTotal Outstanding Balances

31 December 2010

4.15%USD 27 M. USD 13 M.

93.62%Baht 20,778 M. Baht 8,970 M.

-Total facilities and total outstanding balancesof EGCO & Subs

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0.20

0.89 0.860.850.89 0.910.94

0.89

0.360.41

0.97

0.310.310.28 0.26

0.220.220.28 0.26

0.24

0.32

0.23 0.220.200.21

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

1.20

2004

1Q05

1H05

9M05

2005

1Q06

1H06

9M06

2006

1Q07

1H07

9M07

2007

1Q08

1H08

9M08

2008

1Q09

1H09

9M09

2009

1Q10

1H10

9M10

2010

Debt to Equity (Time)

Facility Amount (Million Baht)

Tenor(Years)

Period Interest Rate & FeeDrawndown Amount

(Million Baht)

4,000 3 30 Apr 08 – 30 Apr 11 • 3M THBFIX + fixed margin p.a.• Fixed commitment fee p.a.

-

Revolving Credit Facility

Million Baht

Total Debt : 10,838

Total Equity : 54,817

Cash and cash equivalents : 7,748

Outstanding revolving

credit facility : 4,000

Total : 11,748

EGCO D/E ProfilesEnded December 31, 2010

0.20

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Dividend Policy

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2929

Baht/Share

Interim FinalFinal

Dividend Policy

1.00 1.25 1.25 1.50 1.502.00 2.25 2.50 2.50 2.50

1.251.25 1.50

1.50 1.75

2.00

2.50 2.75 2.752.50

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

2.252.50 2.75

3.003.25

4.00

4.755.00

5.25 5.25

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Appendices

• Financial Results

• Corporate Overview

• Operating Performance

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31Source: Thailand Securities Depository Co., Ltd.

31.73%20.44%

25.41% 22.42%

EGAT OneEnergy Thailand Ltd.

Thai Investors Foreign Investors *

Foreign investors comprise those investing in foreign board (22.39%) and Non-Voting Depository Receipts “NVDR” (9.34%)

1 EGAT 133,773,662 25.41%2 OneEnergy Thailand Limited 118,023,606 22.42%3 Thai NVDR Company Limited 49,159,972 9.34%4 Littledown Nominees Limited 24,343,528 4.62%5 Bangkok Life Assurance Company Limited 10,019,300 1.90%6 CLP SEA Energy Limited 8,030,572 1.53%7 State Street Bank and Trust Company, for London 7,449,805 1.42%8 Chase Nominees Limited 1 7,120,247 1.35%9 Social Security Office (Two-Types) 6,597,800 1.25%10 Chase Nominees Limited 73 6,177,200 1.17%

Total Number of Shares (Share) 526,465,000

(owned by OneEnergy which is jointly owned 50% each by CLP Holding and Mitsubishi Corporation)

Corporate Overview : EGCO Shareholding Structure as of 7 September 2010

*

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• Mr. Aswin Kongsiri

• Mr. Chaipat Sahasakul

• Mr. Thanapich Mulapruk

• Mr. Somphot Kanchanaporn

• Mr. Phaiboon Siripanoosatien

• Pol. Lt. Gen. Pijarn Jittirat

• Mr. Pornchai Rujiprapa

(Chairman of the Board)

• Mr. Sahust Pratuknukul

• Mr. Kurujit Nakornthap

• Mr. Somboon Arayaskul

• Mr. Hideaki Tomiku

• Mr. Ryota Sakakibara

• Mr. Akio Matsuzaki

• Mr. Toshiro Kudama

Mr. Vinit Tangnoi

Corporate Overview :EGCO Board of Directors

EGAT Directors

OneEnergyDirectors

EGCO President

Independent Directors

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Note : 1. An installed MW of power plant is shown in each block while the percentage of equity stake together with

an equity MW are shown at each level and add up to total EGCO equity MW above.

2. Since December 2008, installed capacity of GPG, WMPC, SPPC, and NT2 have been adjusted to gross MW capacityso that all figures shown will be on the same basis.

Corporate Overview : EGCO Group Structure

Majority Owned Minority OwnedMW MW

EGCOM Tara

AE

EGCO Group4,660.0 MW

100.0%126.00

2,383.4

117.00

13.10100.0%

80.0%18.3

35.0% 33.33%

Gulf Energy1,510.00

NED824.00 1,895.00 1,086.80

NTPC

100.0% 74.0%1,232.00 9.40 1,434.00

BLCPKEGCO GEC

2,276.6

EGCO BVI

ESCO EGCO-Rayong EGCO Green EGCO Cogen

50.0%100.0%

TJ Cogen120.00

380.4717.0

9.4

GCC NKCC SCC

Roi-ET Green

95.0%

100.0% 50.0%1232.0 7.0 93.6

9.90

824.0 947.5

GYG

GPG

13.1

502.50

CONAL

1510.0

Gulf IPP1,510.00

100.0%

126.00

1,510.00

QPL

23.0040.0%100.0%

23.0

1510.0

QPI

30.1

73.3%361.2

110.0

492.50

1510.0100.0%

55.0%109.60

55.0%

159.60

55.00

10.0%13.1

130.7090.0%117.6

100.0%

GPI-I

98.0%

0.0 72.3 0.0

130.7

SPPC

60.336.2%

QGC361.20

WMPC54.80

North Pole159.60

100.0%159.6

28.9

72.30

0.00

159.6

492.5

APMC Alsing NMPC GPIQ0.00

60.0%90.40

80.0% 64.5%

EAST Water

18.72%0.0

0.00100.0%

0.0

0.01.0%

0.0

New Growth BV

100.0%126.0 126.0

110.00100.0%100.0%

120.0

74.2%

100.0%

XHPP1,285.00

12.50%160.6

99.0%0.00New Growth Coop

100.0%

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Corporate Overview : EGCO Group’s CSR Projects

• Pluak Dang Health Care Market • Mobile Medical Unit Support• Breeding of Blue Swimming Crab • Building for Fostering Local Wisdom• New Home for Undersea Livings

(artificial coral reefs) Year 3• The cultivation of baby Staghorn Coral in East

Coast of Thailand• The study of dolphin population and behaviors

at Khanom District to support dolphin conservation and to promote ecological tour ofKhanom and nearby communities.

• Biological Agriculture: Sufficiency for Sustainability• Youth learning development • Khao Chamao Conservation Youth Camp • Public lighting maintenance volunteer project

• A Watershed Forest: A Source of Energy forLife project

• Forest: the Circle of Life • Bor Nam Phud water source conservation

project at Baan Jedi Luang, Khaun Thong subdistrict, Khanom district, Nakhon Sri Thammarat province

• EGCO Forest Conservation Youth Camp• How to Fight Against Global Warming with

Sustainable Living Green Learning • EGCO Green Blood

Paths for Promotion and Development of Community's “Quality of Life” Paths for Preservation of the “Watershed Forest”

Paths for Promotion of Learning and Building a Public Conscience in “Youths”

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Appendices

• Corporate Overview

• Financial Results

• Operating Performance

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363636

Financial Results :Operating Results ended December 31, 2009 and 2010

Million Baht

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373737

11,559

-568 -621

33

-2,467

7,936

10,286

-569 -455

11

-2,481

6,792

EBITDAEBITDA

Finance costs Tax DA FX

Net ProfitNet Profit-11%

Financial Results :EBITDA and Net Profit Ended December 31, 2009 and 2010

YE09 YE10

-14%

Million Baht

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383838

Financial Results :Operating Results – Q4/2009 VS Q4/2010

Million Baht

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393939

Financial Results :Segmental Operating Results Ended December 31, 2009

Million Baht

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404040

Financial Results :Segmental Operating ResultsEnded December 31, 2010

Million Baht

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414141

Financial Results :Segmental Operating ResultsQ4/2009

Million Baht

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424242

Financial Results :Segmental Operating Results Q4/2010

Million Baht

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434343

Financial Results :Financial Ratio Highlights

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444444

Financial Results :FX Variance Ended December 31, 2009 and 2010

Million Baht

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Appendices

• Corporate Overview

• Financial Results

• Operating Performance

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46• EGAT is the sole offtaker for electricity produced by Rayong Power Plant and KEGCO under long term cost-plus based Power Purchase Agreements (PPAs).

• REGCO and KEGCO receive the capacity payment (Rayong Power Plant) or availability payment (KEGCO) for maintaining the availability of the power plants, regardless of whether the electric power will be supplied to EGAT or not.

Operating Performance (IPPs) :Annual Net Generation & Electricity Sales for the Year 2006-2010

Net GenerationGWh

Electricity SalesMM Baht

Rayong Power Plant BLCP KK 2 KEGCO

(Block I)

(Block I)

NT 2

(9 Month)

(9 Month)

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Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2011

MM Baht

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Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2010

MM Baht

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Operating Performance (IPPs) : Major Maintenance Expenses for the Year 2009

MM Baht

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Operating Performance (IPPs) : Operating Performance Equivalent Availability Factor

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Operating Performance (IPPs) : Net Generation and Fuel Consumption

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Thank You