2011 Power Consumption. Events. Page 4

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4 2011 Power Consumption Peak generation was 23,900 MW in May, decreased 0.46% yoy Total energy generation has decreased 0.77% yoy (as of December 2011) Events Investment in SPP Cogeneration Projects : Awarded three new SPP projects with total capacity of 346 MW in January 2011 One project of the Nava Nakhon Electricity Generating (122 MW) Two projects of the Ratchaburi World Cogeneration (112 MW each) Shares Purchase of EDL Gen : Acquired 9.345% stake in EDL Gen via RATCH-Lao Service and RH International (Singapore) in January 2011 Purchased additional shares of EDL Gen during March to May in total of 5.75 million shares, making the s stake in EDL Gen to 10% in May 2011 Entering the renewable energy: : Invested 549 Million Baht in solar power generation through the purchase of 49 % in Solarta on January 13, 2011 (51% owned by Yanhee Solar Power) IOD of Nam Ngum 2 Hydroelectric Power Plant Project : Nam Ngum 2 Hydroelectric Power Plant Project started the Initial Operation on 26 March 2011 Credit Ratings : Assigned BBB+ Rating with stable outlook by S&P s and Baa1 by Moody s Upgraded to AA from AA- with stable outlook by TRIS RATCHGEN s Debentures : Issued debentures and bills of exchange to refinance the whole amount of its loan in March 2011 (Interest Savings = 276 Million Baht) Page 4

5 Events (Cont.) Shares Purchase of TSI in Australia. : On 2 May 2011, entered into a Scheme Implementation Agreement with TSE to acquire the 56.16% of TSI Fund that TSE does not own for a price of AUS 0.85 per security under Schemes of Arrangement. The execution of the Acquisition Scheme completed on 5 July TSIF's security delisted from the Australian Securities Exchange and changed its name to be RATCH-Australia Corporation (RAC). Increased RATCH s stake via RHIS in RAC from 56.16% to 68.08% on 5 January 2012 Investment in Huay Bong 3 Wind-Turbine Power Project. (20% ownership) : On 26 July 2011, entered into agreements with Aeolus Power Co., Ltd and Chubu Electric Power Korat, BV to invest and develop wind-turbine power project. (Total Installed Capacity MW) Investment in Huay Bong 2 Wind-Turbine Power Project. (20% ownership) : On 30 November 2011, entered into the Shareholders Agreement with Aeolus Power Co., Ltd. and Chubu Electric Power Korat, BV to invest and develop wind-turbine power project (Total Installed Capacity MW) Investment in Solar Power Generation Projects. (40% ownership) : On 4 August 2011, entered into agreements with Solar Power to invest and develop three solar power projects. (Total Installed Capacity 18 MW; 6 MW each) Solar Power (Korat 3) Co.,Ltd Solar Power (Korat 4) Co.,Ltd Solar Power (Korat 7) Co.,Ltd Page 5

6 Events (Cont.) Issuance of Debentures of the Subsidiary Investment in Songkhla Biomass Power Plant Project (40% ownership) : On 24 August 2011, RH International (Singapore) Corporation Pte. has issued unsecured and unsubordinated debentures to foreign investors for the total amount of JPY 15 billion to fund the acquisition of RAC : On 8 September 2011, signed Share Purchase Agreement and the Shareholders Agreement with Precise Power Producer. (Total Installed Capacity 9.9 MW) On 9 November 2011, Assiddeek Saving Cooperative Ltd. has jointly invested in the Project through 20% shares purchase of Songkhla Biomass from Precise Power Producer Co., Ltd. Dawei Power Plant Project : On 14 November 2011, signed MOU with ITALIAN-THAI Development Co., Ltd. to develop the Dawei Power Plant Project in the Republic of the Union of Myanmar. Increase of Investment in Phetchabun Wind Farm Project (Khao Kor Wind Farm) : Increased RATCH s stake via RE in Khao Kor Wind Farm from 51% to 55.18% on 18 January 2012 COD of Sao Thian-A Project : Sao Thian-A Project started Commercial Operation on 26 January 2012 to supply electricity to the Provincial Electricity Authority of Thailand Page 6

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8 Total Capacity In Thailand MW 8,000 5, ,000 1, ,000 In Laos , , End of 2012 In Pipeline End of 2018 Total Projects by the end of 2012 Operation Effective Shareholding RATCH s Capacity Stake (MW) RATCHGEN % 3,645 TECO 50.00% 350 RPCL 25.00% 350 Ongoing Projects MW 7,000 6,000 RAC Solarta Sao Thian-A Solar Power (Korat 3, 4,7) Huay Bong 3 Wind Farm Hongsa RW Cogen#2 NNEG Nam Bak NN3 Xe Pian Pratu Tao-A % 00% 1.75 Pratu Tao-A (Expansion) % 0.90 NN % EDL-Generation 10.00% 00% RATCH-Australia Corporation 68.08% Solarta 49.00% 1.50 Sao Thian-A 99.99% 99% Total 5, ,000 Songkhla Biomass RW Cogen #1 Under construction Solar Power 40.00% 7.2 Khao Kor Wind Farm Huay Bong 2 Wind Farm Solarta 49.00% Huay Bong % ,000 Year Acquisition Plan RATCH-Australia Corporation 11.92% As of February 2012 Total 5, Page 8

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10 Dispatch Factor & Equivalent Availability Factor 2010 & 2011 Dispatch Factor Equivalent Availability Factor TP#1 TP#2 CCGT# 1 CCGT# 2 CCGT# TP#1 TP#2 CCGT# 1 CCGT# 2 CCGT# Page 10

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12 Unit : in Million Baht Diff % Revenues 45, , , Cost & Expenses 37, , EBIT 8, , , Finance costs 1, , Income tax expense 1, , Profit for the period 4, , (497.61) (9.53) Profit (loss) attributable to : Equity holders of the 4, , (385.27) (7.37) Non-controlling interests (117.09) (4.75) (112.34) n.a. Profit for the period 4, , (497.61) (9.53) EPS (Baht) (0.27) Page 12

13 Unit : in Million Baht Diff % Assets Current tassets 19, , (141.95) (0.74) Investment in Jointly-controlled entities/associate 13, , , Property, plant & equipments 50, , , Others Assets 12, , , Total Assets 95, , , Liabilities Loans from Financial Institutions & Debentures 34, , , Other Liabilities 12, , , Equity Total Liabilities 47, , , Issued and paid-up share capital 16, , Other components of equity (226.02) (244.91) n.a Retained earnings 32, , , Total equity attributable to owners of the 47, , , Non-controlling interests n.a Total Equity 48, , , Total Liabilities & Equity 95, , , Page 13

14 Current Ratio (times) ROE (%) ROA (%) EBITDA (Million Baht) 11,818 9,916 Debt/Equity (times) Net Debt/Equity (times) Book Value (Baht per share) EPS (Baht per share) Page 14

15 Disclaimer The information contained in our presentation is intended solely for your personal reference only. In addition, such information contains projections and forward-looking statements that reflect the 's current views with respect to future events and financial performance. These views are based on assumptions subject to various risks. No assurance is given that future events will occur, that projections will be achieved, or that the s assumptions are correct. Actual results may differ materially from those projected. Investors are, however, required to use their own discretion regarding, the use of information contained in this presentation for any purpose.

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17 As of January % 100 % 100 % % 40% 25% MW 3,645 MW Ratch Udom Power Ratchaburi Ratchaburi Electricity Gas Generating 100 % 700 MW. 40 % 48.8 MW Nam Ngum 3 RH International Ratchaburi Nava Nakorn Power Corporation World Electricity Cogeneration Generation Li it d 440 MW. 1,878 MW. 224 MW. 122 MW. 100 % 75 % 100 % 49 % 40 % MW 3.96MW Ratchaburi Solarta Energy MW. Songkhla Biomass 9.9 MW. 20 % % % Chubu Ratchaburi Electric Services 100 % 10 % RATCH-LAO EGAT Services Diamond Service 37.5 % Phu Fai Mining 20.7 MW MW MW 350 MW Tri Energy 40 % 89.6 MW Hongsa SouthEast Power Asia Energy Li it d i i d 3,645 MW. 50 % 100 % 110 MW Sustainable Energy Corporation RH International (Mauritius) Corporation Ratchaburi Nam Ngum 2 Alliances Power 615 MW MW MW. 100 % 100 % 25 % 20 % 350 MW Khao Kor Wind Power RH International (Singapore) Corporation Pte. Ratchaburi Power 1,400 MW % 60 MW. 767MW 6.46 % Power Generation RATCH-LAO Services EDL-Generation Public 40 % 2.4MW % RATCH Australia Corporation 1,126 MW. Solar Power (Korat 3) 6 MW. 40 % 40 % 2.4MW Solar Power (Korat 4) 2.4MW Solar Power (Korat 7) 6 MW. Renewable Energy 6 MW. Related Business Page 17

18 RATCH is the Biggest generator after EGAT and the Largest IPP in Thailand Thailand s Total Installed Capacity: 31,629 MW. SPPs 2,182 Other 8 IPPs 7,901 Foreign Purchase 2,049 EGAT 14,998 RATCH 4,499 RG 3,645 TECO 350 RPCL 350 NN2 154 As of January 2012 Other 8 IPPs consisted of 1. Electricity Generating PCL. 2. Independent Power (Thailand) Co., Ltd 3. Tri Energy Co., Ltd 4. Glow IPP Co., Ltd Eastern Power and Electric Co., Ltd BLCP Power i 7. Gulf Power Generation Co., Ltd. 8. Ratchaburi Power Co., Ltd Page 18

19 By Type of Power Plant Total Net Generation (GWh) 13, , Net Generation (TP#1-2) (GWh) 3, , By Gas (GWh) 2, , By Heavy Oil (GWh) Net Generation (CCGT#1-3) (GWh) 10, , By Gas (GWh) 10, , By Diesel (GWh) Page 19

20 Fuel Fuel Consumption (TH#1-2) - Gas Million MMBTU Heavy Oil Million Liters Fuel Consumption (CCGT#1-3) - Gas Million MMBTU Diesel Million Liters Gas Price (Average) Baht/MMBTU Heavy Oil Price (Average) Baht/Liter Diesel Oil Price (Average) Baht/Liter Page 20

21 Unit : in Million Baht Gain (Loss) from Foreign Exchange Rate (67.31) RH (106.03) RH Inter (0.01) - RE / RG / RUP / RL (14.20) TECO (50%) (4.45) CRESCO (50%) HPC (40%) (27.23) 23) - SEAN (33.33%) (69.96) - - RPCL (25%) (114.41) 1) Foreign Exchange Rate as at December 31, 2011 = Baht/USD as at December 31, 2010 = Baht/USD as at December 31, 2009 = Baht/USD Page 21

22 Unit : in Million Baht Diff % Net Sales 43, , , AP - RG 11, , , RAC 1, , n.a. EP (Fuel) - RG 29, , (2,042.01) 01) (6.56) - RAC n.a. - Flare Gas VOM Revenue from Rendering of services n.a. Share of profit from jointly-controlled t ll entities 1, , (110.04) 04) (7.63) Interest Income Management service income (70.11) (27.11) Dividend Income n.a. Other Incomes Total Revenues 45, , , Page 22

23 Unit : in Million Baht Diff % Share of profit from jointly-controlled entities TECO (226.91) (36.80) RPCL (342.38) (35.76) SEAN (22.02) n.a. HPC (38.48) (136.48) n.a. CRESCO (13.59) (45.93) SEC - (1.87) 1.87 n.a. PFMC (0.08) 08) (0.08) 08) 0.00 n.a. NAVA (1.35) - (1.35) n.a. SOLARTA n.a. RW COGEN (5.51) - (5.51) n.a. NN3 (0.08) - (0.08) n.a. KWINNA n.a. KORAT 3,4,7 (11.16) - (11.16) n.a. FKW (0.41) - (0.41) n.a. BIOMASS (1.10) - (1.10) n.a. KR2 (0.09) - (0.09) n.a. Total Share of profit from jointly-controlled entities 1, , (110.04) (7.63) Page 23

24 Unit : in Million Baht Diff % Cost of Sale and rendering of services 35, , (368.52) (1.02) Fuel Cost : RG 28, , (2,033.39) (6.56) Fuel Cost : RAC n.a. Fuel Cost : Flare Gas (1.58) (28.26) VOM Cost Operation & Maintenance 1, Repairing Expense (CSA) Spare parts Insurance Premium Depreciation ec o 3, , Cost of Sale: Flare Gas Operation Service: RATCH-Lao Services n.a. Others Selling and Admin- Expenses 1, Loss from Foreign Exchange Rate (49.22) n.a. Total Cost and Expenses 37, , Page 24

25 Stable dividends payment - RATCH has a dividend policy of no less than 40% 2.00 (47.06%) 2.00 (50.32%) 2.10 (51.14%) 2.10 (52.24%) 2.20 (49.13%) 2.25 (48.41%) 2.25 (62.51%) 2.25 (67.40%) 1.75 (49.24%) 1.50 (48.42%) Page 25

26 Planned Outage Planned Outage at Ratchaburi Power Plant in 2012 Page 26 Plant Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec RG CCST-10 CCGT-11 CCGT-12 1 MO 21 1 MO 21 RG CCST-20 CCGT-21 CCGT RG CCST-30 CCGT-31 CCGT Thermal-1 Thermal-2 TECO CCST-10 CCGT-11 CCGT-12 RPCL CCST-10 RPCL CCGT-11 CCGT-12 CCST-20 CCGT CCGT Thermal Plant Minor Inspection () 40 Days Major Overhaul (MO) 57 Days Warranty Inspection (WI) Combustion Inspection Minor Inspection Major Overhaul Gas Turbine Normal (WI) Gen.Rotor Removed (WI*) () () (MO) 26 Days 32 Days 15 Days 30 Days 52 Days Warranty Inspection (WI) Minor Inspection Major Overhaul Steam Turbine Normal (WI**) Gen.Rotor Removed (WI*) () (MO) 26 Days 30 Days 26 Days 49 Days

27 Actual Outage Planned Outage Planned Outage at Ratchaburi Power Plant in 2011 Page 27 Plant Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec RG CCST CCGT CCGT RG CCST CCGT CCGT RG CCST CCGT CCGT Thermal Thermal TECO RPCL RPCL CCST-10 CCGT-11 CCGT-12 CCST-10 CCGT-11 CCGT-12 CCST-20 CCGT-21 CCGT Thermal Plant Minor Inspection () 40 Days Major Overhaul (MO) 57 Days Force Outage Force Outage Warranty Inspection (WI) Combustion Inspection Minor Inspection Major Overhaul Gas Turbine Normal (WI) Gen.Rotor Removed (WI*) () () (MO) 26 Days 32 Days 15 Days 30 Days 52 Days Warranty Inspection (WI) Minor Inspection Major Overhaul Steam Turbine Normal (WI**) Gen.Rotor Removed (WI*) () (MO) 26 Days 30 Days 26 Days 49 Days

28 Actual Outage Planned Outage at Ratchaburi Power Plant in 2010 Page 28 Plant Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec RG CCST-10 CCGT-11 CCGT RG CCST-20 CCGT-21 CCGT RG CCST-30 CCGT-31 CCGT Thermal-1 Thermal Mar(Reserve Shutdown) 1 Jan 17 Mar, Mar (Reserve Shutdown) TECO CCST-10 CCGT-11 CCGT RPCL CCST-10 CCGT-11 Start 8 18 RPCL CCGT-12 CCST-20 CCGT-21 CCGT Thermal Plant Minor Inspection () 40 Days Major Overhaul (MO) 57 Days Warranty Inspection (WI) Combustion Inspection Minor Inspection Major Overhaul Gas Turbine Normal (WI) Gen.Rotor Removed (WI*) () () (MO) 26 Days 32 Days 15 Days 30 Days 52 Days Warranty Inspection (WI) Minor Inspection Major Overhaul Steam Turbine Normal (WI**) Gen.Rotor Removed (WI*) () (MO) 26 Days 30 Days 26 Days 49 Days Page 28

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