Annual Report 2015 EN by Shareinvestor Thailand

CONTENTS

Message from the Chairman

Vision, Mission and Corporate Values

Significant Financial Information

TTW 2015 Achievements

General Information

Nature of Business

TTW and Its Subsidiaries Structure

List of Subsidiaries

Risk Management

Internal Control

Related Transaction

Dividend Policy

Management Structure

60 80

Shareholder in 2015

Sustainable Development

Shareholding Structure

Board of Directors and Management

Report on the Compliance to Good Governance Principles

Compensation Paid to Directors, Management and all Employees

Report on the Board of Directorâ&#x20AC;&#x2122;s Responsibility on the Financial Report

Auditing Committee Report to Shareholders

Independent Auditorâ&#x20AC;&#x2122;s Report

Operation Result Analysis and Report

Financial Statements

Annual Report 2015

MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS

TTW Public Company Limited

TTW realized the roles of water producer and distributor whom is important to enhancing the quality of life of the public and to strengthen the community within the service area and society including participate in maintaining the sustainable environment as our vision: “To Be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses.” In 2015, TTW Public Company Limited (“Company”) HCEGF EJCNNGPIGU FWG VQ VJG ÍWEVWCVKQP QH VJG YQTNF GEQPQO[ YJKEJ ECWUGF VJG GZRQTV DWUKPGUU FGETGCUGU RWTEJCUKPI RQYGT QH VJG RQRWNCVKQP FGETGCUGF CPF VJG JQWUGJQNF FGDV YCU JKIJ 6JGUG ECWUGF PGICVKXG KORCEV VQ VJG EQPUWOKPI #U YGNN CU VJG CITKEWNVWTCN UGEVKQP YCU CNUQ CHHGEVGF HTQO VJG UGXGTG FTQWIJV 'XGT[ DWUKPGUU UGEVQT YCU CHHGEVGF KPENWFKPI VJG FGOCPF HQT YCVGT EQPUWORVKQP HQT EQPUWOGT CPF KPFWUVT[ *QYGXGT VJCPMU VQ VJG FGVGTOKPCVKQP CPF FGFKECVKQP HTQO QWT RGTUQPPGN QH CNN NGXGNU VJG QRGTCVKQP TGUWNVU QH QWT EQORCP[ YGTG KP UCVKUHCEVQT[ NGXGN #OQPI CNN QH VJG KUUWGU YJKEJ QWT EQORCP[ JCF HCEGF VJG EQORCP[ EQPVKPWGU VQ RTQXKFG QP IQKPI CEVKXKVKGU HQT VJG UQEKGV[ CPF GPXKTQPOGPV GURGEKCNN[ VJG Á1PG /KNNKQP 6TGGU 2NCPVKPI 2TQLGEVÂ +P QWT EQORCP[ CEJKGXGF QWT IQCNU CPF RNCPVGF QPG OKNNKQP [QWPI RNCPVU 1WT EQORCP[ KU EQOOKVVGF VQ EQPVKPWG VJG RTQLGEVU QH JWOCP TGUQWTEG FGXGNQROGPV VJTQWIJQWV VJG [GCT YJKEJ TGÍGEVGF CP CYCTGPGUU QH VJGKT TQNG VQ VJG DWUKPGUU YKVJ FGFKECVKQP YQTM QH QWT RGTUQPPGN QH CNN NGXGNU 669 YCU CDNG VQ MGGR QWT CEJKGXGOGPVU HTQO UWEJ CU UGEWTGF VJG RTGUGPEG KP 5'6 TGEGKXGF ## KP ETGFKV TCVKPI QP VJG EQORCP[ CPF UGPKQT WPUGEWTGF FGDGPVWTGU CPF TGEGKXGF ÁUVCDNGÂ ITCFG YCU GXCNWCVGF D[ %QTRQTCVG )QXGTPOGPV 4GRQTV HQT 6JCK NKUVGF EQORCPKGU CPF YCU GXCNWCVGF VJG SWCNKV[ QH #PPWCN )GPGTCN

/GGVKPI QH 5JCTGJQNFGTU QH QWT EQORCP[ D[ 6JCK +PXGUVQTU #UUQEKCVKQP CPF TGEGKXGF UEQTGU HTQO EQORCPKGU +P CFFKVKQP VQ VJKU 669 YCU CNUQ UGNGEVGF CPF TGEGKXGF Á6JCKNCPF 6QR %QORCP[ #YCTF Â YJKEJ KU C RTK\G CYCTFGF VQ C EQORCP[ YKVJ GZEGNNGPV QRGTCVKQP KP 'PGTI[ 0CVWTCN 4GUQWTEG ECVGIQT[ 6JGTGHQTG FWG VQ VJG WPEGTVCKPV[ QH GEQPQO[ QWT EQORCP[ DGNKGXGU VJCV YG YKNN QRGTCVG QWT DWUKPGUUGU KP YKVJ RTWFGPEG CPF RTQHGUUKQPCNKUO 9G TGCNK\G VJCV VJG SWCNKV[ QH YCVGT KU CP GUUGPVKCN RCTV QH GEQPQOKE FGXGNQROGPV CPF UWRRQTV VJG SWCNKV[ QH NKHG QH VJG RQRWNCVKQP 9G YKNN EQPVKPWG UGGMKPI HQT QRRQTVWPKVKGU VQ GZRCPF YCVGT DWUKPGUUGU VQ GZENWUKXG GEQPQOKE \QPGU CPF VQ VJG PGKIJDQT¿U EQWPVTKGU VJCV UVKNN HCEG KPGHÌEKGPV YCVGT KUUWG + YQWNF NKMG VQ WUG VJKU QRRQTVWPKV[ VQ RC[ O[ ITCVKVWFG VQ VJG DQCTF QH FKTGEVQTU CPF CNN QH QWT GORNQ[GGU YJQ JCXG DGGP FGFKECVGF VQ YQTM KP QTFGT VQ CEJKGXG VJG EQORCP[¿U IQCNU + YQWNF CNUQ NKMG VQ RC[ O[ ITCVKVWFG VQ VJG UJCTGJQNFGTU EWUVQOGTU CPF EQOOWPKVKGU HQT [QWT EQPVKPWQWU UWRRQTV + YQWNF NKMG VQ GPUWTG VJCV QWT EQORCP[ YKNN QRGTCVG QWT DWUKPGUUGU D[ MGGRKPI VJG IQQF IQXGTPCPEG CPF TGURQPUKDKNKVKGU VQ CNN QH VJG UVCMGJQNFGTU KP QTFGT VQ FGXGNQR VJG ITQYVJ QH QWT EQORCP[ KP QP IQKPI basis and enhance the stability of the community CPF VJG UQEKGV[ CPF VCMG IQQF ECTG QH VJG GPXKTQPOGPV

Dr. Thanong Bidaya %JCKTOCP QH VJG $QCTF QH &KTGEVQTU

Annual Report 2015

VISION MISSION

To grow on a firm, continuous and sustainable basis in order to accomplish our vision through the balance of interests among customers, employees, business partners, shareholders, communities and environments.

To Be Thailandâ&#x20AC;&#x2122;s Leading Company in Water, Energy and Eco-Friendly Businesses.

CORPORATE VALUES Running business to fulfill our vision and mission on the basis of sharing highest satisfaction and benefits among stakeholders by means of: Continuous Improvement Proactive & Initiative Teamwork

TTW Public Company Limited

Annual Report 2015

SIGNIFICANT FINANCIAL INFORMATION

Consolidated Financial Statements

26,644

24,627 24,525

Total assets (Unit : Million Baht)

2015

2014

2013

Total assets Total liabilities

26,644 15,214

24,627 13,238

24,525 13,514

Shareholders’ equity

11,430

11,389

11,011 2015

2014

2013

23,470

23,650

Separate Financial Statements Total assets (Unit : Million Baht)

2015

2014

2013

Total assets Total liabilities

25,361 15,049

23,470 13,021

23,650 13,349

Shareholders’ equity

10,312

10,449

10,331

25,361

TTW Public Company Limited

2,574

2,972

2,681

Consolidated Financial Statements Total assets (Unit : Million Baht)

2015

2014

2013

Book value per share (Bt./share)

2,681 2.86

2,972 2.85

2,574 2.76

Basic earnings per share (Bt./share)

0.67

0.74

0.65

Net income

2013

2014

2015

Separate Financial Statements Total assets (Unit : Million Baht)

2015

2014

2013

Book value per share (Bt./share)

2,456 2.58

2,742 2.62

2,359 2.59

Basic earnings per share (Bt./share)

0.62

0.69

0.59

Net income

2,359

2,742

2,456

Annual Report 2015

TTW Public Company Limited

SIGNIFICANT FINANCIAL INFORMATION Description Total assets Total liabilities 5JCTGJQNFGTUÂż GSWKV[ 5CNGU CPF UGTXKEGU 6QVCN TGXGPWGU %QUV QH UCNGU CPF UGTXKEGU #FOKPKUVTCVKXG GZRGPUGU CPF OCPCIGOGPV GZRGPUGU (KPCPEKCN GZRGPUGU +PEQOG VCZ GZRGPUGU )TQUU OCTIKP Net income $QQM XCNWG RGT UJCTG $V UJCTG $CUKE GCTPKPIU RGT UJCTG $V UJCTG

7PKV /KNNKQP $CJV

Consolidated Financial Statements For the year ended December 31 2015 2014 2013

Separate Financial Statements For the year ended December 31 2015 2014 2013

106 1,510 305

111 5,622 1,535

11,011 106 1,550

25,361 10,312 36

13,021

23,650 10,331 33

566

615 3,632

215

565 1

613

Financial Ratio Description

Consolidated Financial Statements For the year ended December 31 2015 2014 2013

Separate Financial Statements For the year ended December 31 2013 2015 2014

2TQĂ&#x152;VCDKNKV[ TCVKQU )TQUU RTQĂ&#x152;V OCTIKP 0GV RTQĂ&#x152;V OCTIKP 4GVWTP QP GSWKV[

'HĂ&#x152;EKGPE[ 4CVKQU 4GVWTP QP CUUGVU 4GVWTP QP Ă&#x152;ZGF CUUGVU

& GDV UGTXKEG EQXGTCIG TCVKQ &GDV 'SWKV[ VKOGU &KXKFGPF ;KGNF

Annual Report 2015

TTW 2015 ACHIEVEMENTS

In 2015, TTW kept being continuously determined to operate business from which its stakeholders can embrace the following many awards given to TTW:

Receiving “AA-“in credit rating on the company and senior unsecured debentures conducted by TRIS Rating Co., Ltd.

Receiving “100” scores for organizing Annual Ordinary General Meeting of Shareholders conducted by Thai Investors Association.

Has been selected as one of the companies. Who received the " Thailand Top Company Award 2015" by a great performance in Energy & Nature Resource.

Receiving Excellent Booth Award (concurrently with Cho Karnchang Group) from Money Expo 2015 organized by Money & Banking Magazine.

Receiving “Very Good” grade for Corporate Governance Report of Thai Listed Companies conducted by Thai Institute of Directors.

Maintaining status as SET50 Index of listed companies in Stock Exchange of Thailand.

The company is recognized as the organization supporting Corporate Social Responsibility (CSR) and environmental conservation campaign which is role model for industry sector organized by Biz Focus Magazine and the Marine Corps Tourism.

TTW Public Company Limited

GENERAL INFORMATION TTW PUBLIC CO., LTD.

FORMERLY KNOWN AS 6JCK 6CR 9CVGT 5WRRN[ 2WDNKE %QORCP[ .KOKVGF

0COG EJCPIKPI CRRTQXCN HTQO 1TFKPCT[ )GPGTCN /GGVKPI QH 5JCTGJQNFGTU QP /CTEJ SET SYMBOL TTW REGISTRATION NUMBER (QTOGT 0Q HEADQUARTERS ADDRESS /QQ $WFFJC /QPVJQP 4QCF 4CK -JKPI 5CO 2TCP 0CMJQP 2CVJQO TYPE OF BUSINESS 6JG JKIJGUV ECRCEKV[ VCR YCVGT RTQFWEGT CPF FKUVTKDWVQT KP 6JCKNCPF REGISTERED CAPITAL $CJV DIVIDED INTO COMMON STOCK 5VQEMU PAR VALUE $CJV RGT EQOOQP UVQEM

PAID-IN CAPITAL

$CJV FIRST TRADING DAY IN SET MARKET

/C[ WEBSITE

JVVR YYY VVYRNE EQO CONTACT HEADQUARTERS

6GNGRJQPG (CEUKOKNG DEPARTMENT OF ORGANIZATION AFFAIRS

Æ Corporate Governance and Company Secretary 6GNGRJQPG 'ZV ' OCKN EI"VVYRNE EQO Æ Investor Relations 6GNGRJQPG 'ZV ' OCKN KT"VVYRNE EQO

REFERENCE PERSON AUDITOR: '; 1HÌEG %Q .VF TF (NQQT .CMG 4CLCFC 1HÌEG %QORNGZ 4CLCFCRKUGM 4QCF -NQPIVQG[ $CPIMQM 6GNGRJQPG (CEUKOKNG

LEGAL CONSULTANT: 6JG .GIKUVU %Q .VF #DFWNTCJKO 2NCEG (NQQT th 4COC 4QCF 5KNQO 5WD &KUVTKEV $CPI 4CM &KUVTKEV $CPIMQM Telephone: (+66) 2636 1111 Facsimile: (+66) 2636 0000

Annual Report 2015

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ÌPKUJGF KP VJG GPF QH CPF VJG CFFKVKQPCNN[ KPKVKCN ECRCEKV[ KU EWDKE OGVGT RGT

FC[ YJKEJ KVU FGNGVGGG UJCNN DG KPETGCUGF WR VQ EWDKE OGVGT KP VJG HWVWTG CU UVTWEVWTCN EQPUVTWEVKQP VQ UWRRQTV RTQFWEVKXKV[ GZRCPUKQP JCU DGGP EQORNGVGN[ DWKNV 669 UQNF YCVGT UWRRN[ VQ 29# C VQVCN QH OKNNKQP EWDKE OGVGT KP CPF VJG CEEWOWNCVKXG SWCPVKV[ QH VCR YCVGT HTQO VJG ÌTUV FC[ QH QRGTCVKQP WPVKN VJG GPF QH KU VQVCNN[ OKNNKQP EWDKE OGVGT /QTGQXGT UWDUKFKCT[ CPF CHH KNKCVGF EQORCPKGU QH 669 GZGTEKUG VJG TKIJV VQ QRGTCVG VCR YCVGT OCPWHCEVWTKPI CPF YCUVGYCVGT VTGCVOGPV DWUKPGUU KP KPFWUVTKCN GUVCVGU CU YGNN CU KPXGUVOGPV QH GPGTI[ CPF PCVWTG QH DWUKPGUU QH GCEJ EQORCP[ KU CU HQNNQY

TTW Public Company Limited

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ÌTUV FC[ QH QRGTCVKQP WPVKN VJG GPF QH KU VQVCNN[ OKNNKQP EWDKE OGVGT

BANG PA-IN INDUSTRIAL ESTATE

6JG %QORCP[ JCU QDVCKPGF VJG TKIJV VQ OCPWHCEVWTG VCR YCVGT CPF YCUVGYCVGT VTGCVOGPV KP $CPI 2C KP +P FWUVTKCN 'UVCVG $+' 2JTC 0CMQTP 5K #[WVVJC[C RTQXKPEG HTQO $CPI 2C KP .CPF %Q .VF HQT [GCTU UKPEG #WIWUV 6JG EQORCP[ JCU ECRCEKV[ KP RTQFWEKPI VCR YCVGT EWDKE OGVGT RGT FC[ CPF YCUVGYCVGT ECP DG VTGCVGF EWDKE OGVGT RGT FC[ KP $+' FKUVTKDWVGU YCVGT SWCPVKV[ VQVCNN[ OKNNKQP EWDKE OGVGT RGT FC[ CPF VJG CEEWOWNCVKXG SWCPVKV[ QH VCR YCVGT HTQO VJG ÌTUV FCVG QH QRGTCVKQP WPVKN VJG GPF QH KU VQVCNN[ OKNNKQP EWDKE OGVGT +P CFFKVKQP GZGEWVKQP KVU TKIJV KP $+' RTQRQUGU CKO VQ KPETGCUG KPEQOG QH VJG EQORCP[ CU YGNN CU VQ KPETGCUG UMKNNU MPQYNGFIG CPF GZRGTKGPEGU RGTUQPPGN QH VJG EQORCP[ KP RTQXKFKPI UGTXKEG VQ EWUVQOGTU FKTGEVN[ YJKEJ UJCNN NGCF VQ CEJKGXG VJG UGV XKUKQP Á$GKPI NGCFKPI PCVKQPCN EQORCP[ KP QRGTCVKPI YCVGT GPGTI[ CPF GPXKTQPOGPVCN DWUKPGUUGUÂ

THAI WATER OPERATIONS CO., LTD. 6JCK 9CVGT 1RGTCVKQPU %Q .VF 691 KU CPQVJGT UWDUKFKCT[ EQORCP[ YJKEJ 669 JQNFU QH EQORCP[¿U UJCTGU CPF 269 JQNFU QH EQORCP[¿U UJCTGU 6JG EQORCP[ QRGTCVGU DWUKPGUU KP CFOKPKUVTCVKQP CPF OCPCIGOGPV QH OCPWHCEVWTKPI CPF FKUVTKDWVKPI VCR YCVGT U[UVGO CPF YCUVGYCVGT VTGCVOGPV U[UVGO HQT 669 269 $CPI 2C KP +PFWUVTKCN 'UVCVG #OCVC 0CMQTP +PFWUVTKCN 'UVCVG CPF #OCVC %KV[ +PFWUVTKCN 'UVCVG 691 TGEGKXGU EGTVKÌECVKQP QH SWCNKV[ UVCPFCTF +51 KP RTQXKFKPI OCKPVGPCPEG U[UVGO UGTXKEG CPF OCPCIGOGPV QH YCVGT VTGCVOGPV RTQLGEVU KP 2CVJWOVJCPK 6JCOOCUCV 7PKXGTUKV[ CPF 4CPIUKV CTGCU

INVESTMENT IN OTHER COMPANY 6JG EQORCP[ KPXGUVGF KP EQOOQP UVQEM QH %- 2QYGT 2WDNKE %QORCP[ .KOKVGF %-2 KP %-2 KU C *QNFKPI %QORCP[ YJKEJ KPXGUVGF KP UWDUKFKCT[ CPF CHÌNKCVGF EQORCPKGU YJKEJ QRGTCVGF VJGKT DWUKPGUUGU KP RTQFWEKPI CPF FKUVTKDWVKPI GNGEVTKEKV[ UWEJ CU J[FTQRQYGT EQORCP[ UQNCT RJQVQXQNVCKE GPGTI[ EQORCPKGU CPF EQODKPGF E[ENG RQYGT RNCPV EQORCP[ 6JG EQORCP[ EWTTGPVN[ JCU QH TGIKUVGTGF ECRKVCN OKNNKQP DCJV YKVJ HWNN[ RCKF TGIKUVGTGF ECRKVCN QH OKNNKQP DCJV KP %-2 YKVJ VQVCN KPXGUVOGPV OKNNKQP DCJV

Annual Report 2015

TTW AND ITS SUBSIDIARIES STRUCTURE **TTW SUPPLY PUBLIC COMPANY LIMITED Registered Capital 3,990 mil.Bt. Paid-up Capital 3,990 mil.Bt.

98%*

Pathum Thani Water Company Limited

Registered Capital 1,200 mil.Bt. Paid-up Capital 1,200 mil.Bt.

32%

25.31% CK Power Public Company Limited

Registered Capital 9,240 mil.Bt. Paid-up Capital 7,370 mil.Bt.

68%

Thai Water Operations Company Limited Registered Capital 60 mil.Bt. Paid-up Capital 60 mil.Bt.

Remark : *2 % is owned by Provincial Waterworks Authority **Approval for name changing from Thai Tap Water Supply Public Company Limited to TTW Public Company Limited from Ordinary General Meeting of Shareholders on March 14, 2014

TTW Public Company Limited

LIST OF SUBSIDIARIES Pathum Thani Water Company Limited

Thai Water Operations Company Limited

CK Power Public Company Limited

BUSINESS 2TQFWEG CPF FKUVTKDWVG VCR YCVGT HQT VJG 2TQXKPEKCN

BUSINESS 1RGTCVG CPF OCKPVCKP VCR YCVGT RTQFWEVKQP CPF FKUVTKDWVKQP U[UVGO CPF YCUVGYCVGT VTGCVOGPV U[UVGO

BUSINESS *QNFKPI %QORCP[ QH XCTKQWU RQYGT IGPGTCVKQP ÌTOU

REGISTERED CAPITAL $CJV DIVIDED INTO COMMON STOCK 12,000,000 stocks PAR VALUE $CJV RGT EQOOQP UVQEM PAID-IN CAPITAL $CJV

REGISTERED CAPITAL $CJV DIVIDED INTO COMMON STOCK 600,000 stocks PAR VALUE $CJV RGT EQOOQP UVQEM PAID-IN CAPITAL $CJV

REGISTERED CAPITAL $CJV DIVIDED INTO COMMON STOCK UVQEMU PAR VALUE 1 $CJV RGT EQOOQP UVQEM PAID-IN CAPITAL $CJV

ADDRESS /QQ %JKCPI 4CM 0QK $CPI 5CK 4QCF $CP 2CVJWO 5CO -JQM Pathum Thani 12160 6GNGRJQPG (CEUKOKNG

ADDRESS /QQ $WFFJC /QPVJQP 4QCF 4CK -JKPI 5CO 2TCP 0CMJQP 2CVJQO 2TQXKPEG 6GNGRJQPG (CEUKOKNG

ADDRESS 8KTK[CVJCXQTP $WKNFKPI th (NQQT 5WVVJKUCTPXKPKVEJCK 4QCF &KPFCGPI &KPFCGPI $CPIMQM 6GNGRJQPG (CEUKOKNG

WEBSITE YYY RVY EQ VJ

WEBSITE YYY VYQ EQ VJ

WEBSITE YYY EMRQYGT EQ VJ

Annual Report 2015

RISK MANAGEMENT TTW Public Company defines its vision by aiming as being leading national company in operating water, energy and environmental businesses and being aware of the importanceof risk management, business operation under changing of internal and external factors, changing environments which may have impact on companyâ&#x20AC;&#x2122;s operation. Rick management is an important tool of management in order to achieve goal efficientlyas well as it is an important factor of Good Governance. The management has established Risk Management Officer (RMO) in order to review risk, risk management plan by consideration of environmental factors which affected to companyâ&#x20AC;&#x2122;s operation as well as monitoring operating results of risk management plan and preparing outcome report shall be submitted to Risk Management Committee (RMC) quarterly. +P VJG EQORCP[ TGXKGYU GZKUVGF CPF UKIPKĂ&#x152;ECPV TKUMU CPF KORTQXGU NKUV QH TKUMU YJKEJ CTG CTKUGP HTQO DQVJ KPVGTPCN CPF GZVGTPCN GPXKTQPOGPV HCEVQTU JQYGXGT VJG EQORCP[ UVKNN KORNGOGPVU QTICPK\CVKQPCN TKUM OCPCIGOGPV KP CEEQTFCPEG YKVJ 'PVGTRTKUG 4KUM /CPCIGOGPV (TCOGYQTM YJKEJ KU FKXKFGF

KPVQ RCTVU UWEJ CU 5VTCVGI[ 1RGTCVKQP (KPCPEG CPF %QORNKCPEG CPF NKUV QH TKUMU EQORTKUGU TKUM KVGOU TKUM EQPVTQN OGCUWTGU TKUM OCPCIGOGPV CPF OQPKVQTKPI QRGTCVKPI TGUWNVU QH TKUM OCPCIGOGPV RNCP EQPVKPWQWUN[ YKVJ VJG HQNNQYKPI FGVCKN

TTW Public Company Limited

1. STRATEGIC RISK which has merely 1 factor Water distribution does not meet the objective 6JG EQORCP[ KU CYCTG CPF GORJCUK\GU QP SWCPVKV[ QH YCVGT FKUVTKDWVKQP CU VJG EQORCP[ UGVU QDLGEVKXG QH YCVGT FKUVTKDWVKQP KP 5COWV 5CMJQP CPF 0CMJQP 2CVJQO CTGCU PQV NGUU VJCP OKNNKQP EWDKE OGVGT KP CPF SWCPVKV[ QH YCVGT FKUVTKDWVKQP KP 2CVJWOVJCPK 4CPIUKV CTGC KU PQV NGUU VJCP OKNNKQP EWDKE OGVGT &WG VQ GZVGTPCN HCEVQTU TGNCVGF VQ GEQPQOKE UKVWCVKQP YJKEJ OC[ ECWUG TKUM YJKEJ VJG EQORCP[ ECPPQV FKUVTKDWVG YCVGT CU VJG FGÌPGF QDLGEVKXGU DWV VJG EQORCP[ UVKNN KORNGOGPVU CEEQTFKPI VQ OGCUWTGU VQ TGFWEG TKUM D[ EQPFWEVKPI EWUVQOGT TGSWKTGOGPV UWTXG[ KP NKUV QH RTKQTKVKGU KP QTFGT VQ HQNNQY WR RTQDNGOU KP WUKPI VCR YCVGT CEMPQYNGFIGOGPV QH QRKPKQP QT UWIIGUVKQP CPF KORTQXKPI VQ DG EQPUKUVGPV VQ

VJG UVTCVGI[ YJKEJ KU FGÌPGF D[ VJG EQORCP[ KP QTFGT VQ EQQTFKPCVG YKVJ 2TQXKPEKCN 9CVGTYQTMU #WVJQTKV[ 29# KP GCEJ CTGC VQ Ì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

2. OPERATIONAL RISK there are 3 factors in operational risk as follow: 2.1 Company disgrace due to distribution of low quality of tap water 6JG EQORCP[ OWUV HQTOWNCVG EQPÌFGPEG COQPI EWU VQOGTU YJQ WUG VCR YCVGT UGTXKEG CU VJG EQORCP[ UJCNN FGNKXGT VCR YCVGT YJKEJ KU SWCNKÌGF CPF KP CPF UVCPFCTF CU KV KU FGÌPGF D[ EQPFKVKQP QH VJG EQPVTCEV +P CFFKVKQP VJG EQORCP[ UJCNN HQTOWNCVG RTQOQVKQPCN OGCUWTGU KP VGUVKPI YCVGT SWCNKV[ CPF YCVGT SWCPVKV[ OWUV DG UWHÌEKGPV DGECWUG UVCPFCTF SWCNKV[ CPF UGTXKEG OC[ CHHGEV FKTGEVN[ VQ TGNKCDKNKV[ QH VJG RTQFWEV QT UGTXKEG DQVJ FKTGEVN[ CPF KPFKTGEVN[ KP QTFGT VQ UWRRQTV QT VQ HQTOWNCVG EQPÌFGPEG KP 29# QT YCVGT WUGTU KP UGTXKEG CTGCU

2.2 Discontinuity of water distribution in Bulk Trunk Main +P RTQXKFKPI YCVGT UWRRN[ UGTXKEG YCVGT FKUVTKDWVKQP U[UVGO HTQO VCR YCVGT VTGCVOGPV RNCPV VQ 2WOR 5VCVKQP XKC $WNM 6TWPM /CKP $6/ KU FGGOGF CU EQTG QH EQPVKPWKV[ CPF OCKPVCKPKPI JKIJ SWCNKV[ QH UGTXKEG +P QTFGT VQ HQTOWNCVG EQPÌFGPEG KP RTQXKFKPI UGTXKEG EQPVKPWQWUN[ VJG EQORCP[ OWUV JCXG OGCUWTGU KP VGUVKPI YCVGT RKRGNKPG U[UVGO KP QTFGT VQ OCKPVCKP NGXGN QH UGTXKEG SWCNKV[ KH VJGTG KU CP[ KPEKFGPV VJCV VCR YCVGT KU PQV FKUVTKDWVGF VQ UGTXKEG CTGCU KPEQOG QH VJG EQORCP[ UJCNN DG CHHGEVGF VJGTGHQTG VJG EQORCP[ UJCNN RTGRCTG RTGXGPVKQP OGCUWTGU KP QTFGT VQ TGFWEG UWEJ QRGTCVKQPCN TKUM

Annual Report 2015

2.2.1. 2TGRCTKPI 8KUWCN 6GUV 2NCP 2TGXGPVKXG /CKPVGPCPEG 'SWKROGPV CPF KPURGEVKPI VTGPF QH YCVGT EQPXG[CPEG NQUU KP FKUVTKDWVKQP U[UVGO HTQO YCVGT UWRRN[ VTGCVOGPV RNCPV VQ 2WOR 5VCVKQP OQPVJN[ 2.2.2. 2TGRCTKPI 2JQVQ 5WTXG[ 'SWCVKQP &CVC HQT #U $WKNV #U $WKNV &TCYKPI QH GSWKROGPV CNQPI $6/ NKPG KH VJGTG KU CP[ TKUM[ GSWKROGPV QH RQKPV CHHGEVGF D[ DQVJ KPVGTPCN CPF GZVGTPCN HCEVQTU TGURQPUKDNG RGTUQP UJCNN DG PQVKÌGF HQT EQTTGEVKQP KOOGFKCVGN[ 2.2.3. %QPFWEVKPI $6/ EQPVKPWQWUN[ TGURQPUKDNG RGTUQP UJCNN DG CUUKIPGF D[ VJG EQORCP[ KP QTFGT VQ EQPVCEV 2TQLGEV 1HÌEGT QH TQCF GZVGPFKPI EQPUVTWEVKQP KP CNN UGEVQTU YJGP VJGTG KU CP QRRQTVWPKV[ VQ QRGTCVG KP UGTXKEG CTGCU

2.2.4. /GCUWTGOGPV QH XQNVCIG FKHHGTGPEG QH RKRGNKPG CPF ITQWPFKPI EQPFWEVQT KP QTFGT VQ GXCNWCVG %CVJQFKE 2TQVGEVKQP EQPFKVKQP CPF TGRQTVKPI VQ TGNCVGF RGTUQPU GXGT[ OQPVJ 2.3 Expenses in production, delivery and water distribution do not meet the target 6JG EQORCP[ GORJCUK\GU QP RTQFWEVKQP EQUV CU VJG EQORCP[ UJCNN QRGTCVG CEEQTFKPI VQ VJG FGÌPGF VCTIGV CPF RTQFWEKPI GHÌEKGPVN[ VJG EQORCP[ UJCNN RTGRCTG RTQFWEVKQP RNCP GHÌEKGPVN[ KP QTFGT VQ TGFWEG GNGEVTKEKV[ EQUV CPF EJGOKECN EQUV CU YGNN CU OQPKVQTKPI SWCNKV[ QH TCY YCVGT CPF RTGRCTKPI OGCUWTGU QT IWKFGNKPG QH EJGOKECN WUCIG KP QTFGT VQ QDVCKP IQQF SWCNKV[ CPF OQUV GHÌEKGPE[ QH VCR YCVGT OCPWHCEVWTKPI

3. FINANCIAL RISK which has merely 1 factor: Fluctuation of interest rate 6JG EQORCP[ JCU NKCDKNKVKGU YKVJ ÍQCVKPI KPVGTGUV TCVG +H VJG KPVGTGUV TCVG KP VJG OCTMGV KPETGCUGU VJG EQORCP[ OC[ GPEQWPVGT DWTFGP KP RC[KPI VJG KPETGCUGF KPVGTGUV CPF KV KU GZRGEVGF VJCV VGPFKPI QH KPVGTGUV TCVG KU CFLWUVGF UNKIJVN[ VJG EQORCP[ KU CDNG VQ TGRC[ NKCDKNKVKGU CU VJG EQORCP[ UVKNN JCU ECUJ QP JCPF VQ RC[ KPVGTGUV CPF RTKPEKRNG EQPVKPWQWUN[ VJGTGHQTG VJG EQORCP[ JCU ÌPCPEKCN OGCUWTGU CU HQNNQY

3.1. %TGCVKPI DCNCPEG QH NKCDKNKVKGU QH NQCP YKVJ ÍQCVKPI KPVGTGUV TCVG VQVCNN[ OKNNKQP $CJV CPF EQTRQTCVG DQPF YKVJ ÌZGF KPVGTGUV TCVG VQVCNN[ OKNNKQP $CJV VJG RTQRQTVKQP QH NQCPU CPF FGDGPVWTGU KU CPF TGURGEVKXGN[ YJKNG VJG RTQRQTVKQP QH FGDGPVWTGU YKVJ ÌZGF KPVGTGUV TCVG KU UNKIJVN[ JKIJGT VJCP NQCPU YKVJ ÍQCVKPI KPVGTGUV TCVG

TTW Public Company Limited

3.2. /CKPVCKPKPI ÌPCPEKCN RTQRQTVKQP KP GXGT[ [GCT GPF KP CEEQTFCPEG YKVJ VGTOU CPF EQPFKVKQP QH FGDGPVWTGU &GDV ECRKVCN VKOGU 0GV &GDV '$+6&# '$+6&# +PVGTGUV GZR VKOGU CU ÌPCPEKCN RTQRQTVKQP CV VJG GPF QH [GCT KU CEEQTFKPI VQ VGTOU CPF EQPFKVKQP QH FGDGPVWTGU RTQRQTVKQP QH FGDV ECRKVCN KU 0GV FGDV '$+6&# '$+6&# +PVGTGUV 3.3. %QPUKFGTKPI VQ QTICPK\G PGIQVKCVKQP YKVJ DCPM QT KUUWKPI FGDGPVWTGU YKVJ ÌZGF KPVGTGUV TCVG VQ TGRNCEG VJG GZKUVGF NQCPU CU VJG KPVGTGUV TCVG QH FGDGPVWTGU OWUV DG NQYGT VJCP KPVGTGUV TCVG QH NQCPU CV NGCUV RGTEGPV 6JG EQORCP[ EWTTGPVN[ OQPKVQT UKVWCVKQP QH KPVGTGUV TCVG KV KU GZRGEVGF VJCV KVU EJCPIKPI KU KPUKIPKÌECPV VJGTGHQTG VJG EQORCP[ PGGFU PQ TGÌPCPEKPI VQ OCMG DCPM NQCPU YKVJ ÍQCVKPI KPVGTGUV TCVG VQ TGRNCEG FGDGPVWTGU YKVJ ÌZGF KPVGTGUV TCVG

3.4. %CUJ KU TGUGTXGF VQ RC[ KPVGTGUV PQV NGUU VJCP OQPVJU VJG EQORCP[ UJCNN TGUGTXG OQPG[ ITCFWCNN[ CPF EQPVKPWQWUN[ VQ TGFWEG TKUM KP ECUG QH VJG EQORCP[ OC[ TGEGKXG RC[OGPV HTQO 29# YJKEJ KU GZEGGFGF FC[U VJGTGHQTG VJG EQORCP[ EWTTGPVN[ TGUGTXGU ECUJ VQ TGRC[ ECRKVCN CPF KPVGTGUV PQV NGUU VJCP OQPVJU 3.5. %QPFWEV CUUGUUOGPV QH ÌPCPEKCN UVCVWU QH VJG EQORCP[ SWCTVGTN[ CPF CPPWCNN[ KV KU HQWPF VJCV VJG EQORCP[ JCU UVCDNG ÌPCPEKCN UVCVWU YKVJ IQQF NKSWKFKV[ CPF JCXKPI RQUKVKXG YQTMKPI RGTHQTOCPEGU TGIWNCTN[ VJGTGHQTG VJG QRRQTVWPKV[ VJCV VJG EQORCP[ VQ GPEQWPVGT PGICVKXG YQTMKPI RGTHQTOCPEG KU TCTG FWG VQ EWTTGPV DWUKPGUU QRGTCVKQP JQYGXGT VQ RTGXGPV JKIJ TKUM VJG EQORCP[ JCU RQNKE[ KP KPXGUVOGPV KP RTQLGEVU YKVJ TGVWTP QP KPXGUVOGPV ECTGHWNN[ CPF EQPUKUVGPVN[ VQ RQNKE[ QH VJG EQORCP[

4. COMPLIANCE RISK which has merely 1 factor: Amendment of terms and condition by contractual party $WUKPGUU QRGTCVKQP KP YCVGT RTQFWEVKQP CPF FKUVTKDWVKQP WPFGT 2WTEJCUG 5CNGU 6CR 9CVGT %QPVTCEV DGVYGGP VJG EQORCP[ CPF 2TQXKPEKCN 9CVGTYQTMU #WVJQTKV[ 29# YJKEJ KU FGGOGF OGTGN[ CU QPG OCKP EWUVQOGT CPF DGKPI VJG OCKP KPEQOG QH 669 )TQWR VJGTGHQTG KH VJGTG KU COGPFOGPV QH CP[ VGTOU CPF EQPFKVKQP QH VJG EQPVTCEV KV OC[ CHHGEV VQ ÌPCPEKCN UVCVWU QH VJG EQORCP[ CU KPEQOG

CPF PGV RTQÌV QH VJG EQORCP[ OC[ TGFWEG VJG EQORCP[ UJCNN OCKPVCKP TGNCVKQPUJKR RTQXKFKPI KPHQTOCVKQP VQ RGTUQPPGN KP 2TQXKPEKCN 9CVGTYQTMU #WVJQTKV[ CPF OQPKVQTKPI RGTUQPCN TQVCVKQP KP CFOKPKUVTCVKQP EQOOKVVGG CPF GZGEWVKXGU KP 2TQXKPEKCN 9CVGTYQTMU #WVJQTKV[ RQNKE[ YJKEJ OC[ CFXGTUGN[ CHHGEV VQ VJG EQPVTCEV UJCNN DG WUGF CU KORNGOGPVKPI OGCUWTGU VQ TGFWEG TKUM KP VJKU OCVVGT

Annual Report 2015

INTERNAL CONTROL

TTW Public Company Limited

$QCTF QH &KTGEVQTU CPF GZGEWVKXGU QH 669 GORJCUK\GU CPF DGKPI CYCTG QH KPVGTPCN EQPVTQN U[UVGO KU CP KORQTVCPV OGEJCPKUO YJKEJ ECP ETGCVG EQPÌFGPEG YKVJKP OCPCIGOGPV VGCO KP TGFWEKPI DWUKPGUU TKUMU D[ CUUKIPKPI #WFKVKPI %QOOKVVGG YJKEJ KU EQPUKUVGF QH KPFGRGPFGPV EQOOKVVGGU VQ FKTGEV CPF UWRGTXKUG KPVGTPCN EQPVTQN U[UVGO CPF TKUM OCPCIGOGPV U[UVGO QH VJG EQORCP[ GHÌ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ÌPCPEKCN UVCVGOGPV QH VJG EQORCP[ JCU KPFKECVGF VJCV VJG EQORCP[ JCU KPVGTPCN EQPVTQN U[UVGO UWHÌEKGPVN[ CPF JCXKPI CRRTQRTKCVG GHHGEVKXGPGUU HQT DWUKPGUU QRGTCVKQP 6JG EQORCP[ GORJCUK\GU VJG KORQTVCPEG QH KPVGTPCN CWFKV QH VJG QTICPK\CVKQP UGTKQWUN[ D[ EQPUKFGTKPI RCTVKEWNCTN[ KPHQTOCVKQP QH TKUM CUUGUUOGPV KP QTICPK\CVKQPCN NGXGN CPF ÌPCPEKCN UVCVGOGPV CPCN[UKU KP QTFGT VQ FGÌPG CU CWFKVKPI RNCP D[ GORJCUKU QP UWHÌEKGPE[ CPF GHHGEVKXGPGUU QH KPVGTPCN EQPVTQN U[UVGO CPF TKUM OCPCIGOGPV QH VJG EQORCP[ OQTGQXGT VJG EQORCP[ CNUQ JCU OQPKVQTKPI RTQEGUU YQTMKPI RGTHQTOCPEG D[ WUKPI OQPKVQTKPI RTQEGUU FGÌPGF D[ SWCNKV[ OCPCIGOGPV U[UVGO CPF GPXKTQPOGPVCN OCPCIGOGPV U[UVGO KP VJG EQORCP[ KP TGURGEV QH +PVGTPCVKQPCN 5VCPFCTF +51 CPF +51 TGURGEVKXGN[ CPF EQPVKPWQWUN[

Annual Report 2015

RELATED TRANSACTION

Related parties transaction between the company, affiliated company and subsidiary company and related companies (QT CEEQWPVKPI [GCT GPF RGTKQF CV &GEGODGT VJG EQORCP[ JCU TGXGCNGF TGNCVGF RCTVKGU VTCPUCEVKQP URGEKĂ&#x152;GF KP TGOCTM CVVCEJGF VQ Ă&#x152;PCPEKCN UVCVGOGPV YJKEJ JCU DGGP KPURGEVGF D[ CWFKVQT QH VJG EQORCP[ D[

RGTHQTOKPI KP CEEQTFCPEG YKVJ 6JCK #EEQWPVKPI 5VCPFCTFU YJKEJ KU YKFGN[ EGTVKĂ&#x152;GF CPF #PPWCN 4GIKUVTCVKQP 5VCVGOGPV KU KP VJG HQNNQYKPI FGVCKN

TTW Public Company Limited

7PKV VJQWUCPF $CJV Related companies

Relations

Related transaction amount at 31 Dec. 2015 Related transaction Total Specific finance finance statement statement

Æ $GKPI OCLQT Æ 1VJGT FGDVQTU ¼ %J -CTPEJCPI UJCTGJQNFGT TGNCVGF DWUKPGUU 2WDNKE %QORCP[ (holding company .KOKVGF %- 1RGTCVGU EQPUVTWEVKQP UJCTGU Æ *CXKPI EQ FKTGEVQTU Æ %QPUVTWEVKQP ETGFKVQTU ¼ DWUKPGUU TGNCVGF DWUKPGUU /T 2NGY 6TKXKUXCXGV /T 0CTQPI 5CPIUWTK[C Æ 2TQXKFKPI KPVGT UGTXKEG 2CVJWOVJCPK 9CVGT Æ $GKPI C UWDUKFKCT[ %Q .VF 269 company (The Company 1RGTCVGU EQPEGUUKQP JQNFU UJCTGU DWUKPGUU KP RTQFWEKPI Æ *CXKPI EQ FKTGEVQTU CPF FKUVTKDWVKPI VCR /T 2CKTCL /GMCTRQTP YCVGT KP 2CVJWOVJCPK /T 6GEJCRKV RTQXKPEG VQ 29# 5CPIUKPIMGQ Æ 'ZGEWVKXGU YJQ CTG Committee in PWA /T %JCKYCV 7VCKYCP /T 5QOMKCV Pattamamongkolchai Æ 2TQXKFKPI KPVGT UGTXKEG

Æ Dividend income Æ 'CTPGF KPVGTGUV

Æ .QPI VGTO NQCP ¼ TGNCVGF DWUKPGUU

1,562,500

Æ #EEWGTF KPVGTGUV TGEGKXCDNG Æ #FOKPKUVTCVKQP EQUV

Æ 5CNGU CPF UGTXKEG EQUVU 6JCK 9CVGT 1RGTCVKQPU Æ $GKPI C UWDUKFKCT[ company (The company %Q .VF 691 JQNFU UJCTGU 1RGTCVGU OCKPVGPCPEG UGTXKEG QH YCVGT Æ #FOKPKUVTCVKQP EQUV Æ 'ZGEWVKXGU YJQ CTG RTQFWEVKQP U[UVGO CPF EQOOKVVGG KP 691 RGTUQP income YCUVGYCVGT VTGCVOGPV /T %JCKYCV 7VCKYCP U[UVGO /T 5QOMKCV Pattamamongkolchai Æ 2TQXKFKPI KPVGT UGTXKEG Æ 5GEWTKV[ DQPF ETGFKVQT Æ *CXKPI EQ FKTGEVQT YJQO Æ 1VJGT FGDVQTU ¼ 4. Bang Pa-in TGNCVGF DWUKPGUU KU /T 0CTQPI 5CPIUWTK[C %Q )GPGTCVKQP %Q .VF 1RGTCVGU KP IGPGTCVKPI Æ 2TQXKFKPI KPVGT UGTXKEG CPF FKUVTKDWVKPI GNGEVTKEKV[ VQ ')#6

6,000

Description

Æ 6CR YCVGT EQUV YCUVGYCVGT VTGCVOGPV UGTXKEG EQUV YJKEJ VTCPUCEVKQP FGÌPGF D[ VJG EQPVTCEV Æ %QPUVTWEVKQP EQUV FWG VQ GZRCPUKQP QH YCVGT VTGCVOGPV RNCPV Æ &KXKFGPF TGEGKXGF KU RCKF VTCPUCEVKQP FWG VQ FGENCTCVKQP FCVG Æ 'CTPGF KPVGTGUV KU RCKF

VTCPUCEVKQP FWG VQ KPVGTGUV TCVG QH OKPKOWO NQCF UWDVTCEVGF D[ FKHHGTGPEG VJCV FGHKPGF D[ VJG EQPVTCEV Æ .QPI VGTO NQCP YKVJ KPVGTGUV TCVG QH OKPKOWO NQCF UWDVTCEVGF D[ FKHHGTGPEG VJCV FGPKGF D[ VJG EQPVTCEV

Æ #FOKPKUVCTVKQP EQUV KU

RCKF VTCPUCEVKQP FGPKGF D[ VJG EQPVTCEV

Æ 5GTXKEG CPF OCKPVGPCPEG EQUVU QH YCVGT RTQFWEVKQP U[UVGO KU RCKF VTCPUCEVKQP FGÌPGF D[ VJG EQPVTCEV Æ #FOKPKUVCTVKQP EQUV KU RCKF VTCPUCEVKQP FGPKGF D[ VJG EQPVTCEV

5,000

Æ 5GEWTKV[ DQPF KU RCKF VTCPUCEVKQP FGHKPGF D[ VJG EQPVTCEV

Æ 6CR YCVGT EQUV CPF YCUVGYCVGT VTGCVOGPV UGTXKEG EQUV CTG RCKF VTCPUCEVKQP FGÌPGF D[ VJG EQPVTCEV

Æ 6CR YCVGT EQUV CPF YCUVGYCVGT VTGCVOGPV UGTXKEG EQUV CTG RCKF VTCPUCEVKQP FGÌPGF D[ VJG EQPVTCEV 6JG EQORCP[ JCU EQORNKGF YKVJ TWNGU CPF TGIWNCVKQPU QH 6JG 5GEWTKVKGU 'ZEJCPIG %QOOKVVGG 6JG 5GEWTKVKGU 'ZEJCPIG QH 6JCKNCPF CPF %CRKVCN /CTMGV 5WRGTXKUQT[ $QCTF KP ECUG QH VJG EQORCP[ RTGRCTGU 4GNCVGF 2CTVKGU 6TCPUCEVKQP YJKEJ OC[ ECWUG EQPÍKEV QH KPVGTGUV CPF KV OWUV DG CRRTQXGF D[ $QCTF QH &KTGEVQTU CU YGNN CU 4GNCVGF 2CTVKGU 6TCPUCEVKQP UJCNN DG CRRTQXGF D[ +PURGEVKQP %QOOKVVGG NKMGYKUG CU 4GNCVGF 2CTVKGU 6TCPUCEVKQP KU PQTOCN DWUKPGUU QRGTCVKQP QH VJG EQORCP[ YJKEJ UWKVCDKNKV[ TGCUQPCDKNKV[ CPF QRVKOWO DGPGÌVU UJCNN DG EQPUKFGTGF 'ZRQTV 6TCPURQTV %Q .VF 1RGTCVGU NCTIG NQTT[ VTCPURQTVCVKQP

Æ *CXKPI EQ FKTGEVQT YJQO Æ 1VJGT FGDVQTU ¼ TGNCVGF DWUKPGUU KU /T 2NGY 6TKXKUXCXGV Æ 2TQXKFKPI KPVGT UGTXKEG

Annual Report 2015

SHAREHOLDING STRUCTURE /KVUWK 9CVGT *QNFKPIU 6JCKNCPF %QORCP[ .KOKVGF

25.98%

$CPIMQM 'ZRTGUUYC[ CPF /GVTQ 2WDNKE %QORCP[ .KOKVGF

19.16%

%* -CTPEJCPI 2WDNKE %QORCP[ .KOKVGF

19.04%

6JCK 08&4 %QORCP[ .KOKVGF

4.81%

$CPIMQM .KHG #UUWTCPEG 2WDNKE %QORCP[ .KOKVGF

3.78%

/T /KP 6KGCPYQTP

1.80%

#+# %1/2#0; .+/+6'& #+# & 2.75

1.50%

/T ,QQP 9CPCXKV

1.13%

#+# %1/2#0; .+/+6'& #2':

0.96%

/T 2CKUCP %JCTVRKVCM

0.71%

List of Shareholders

Number of Shares

Shareholding (%)

1,036,500,000

25.98%

$CPIMQM 'ZRTGUUYC[ CPF /GVTQ 2WDNKE %QORCP[ .KOKVGF

763,900,000

19.16%

%* -CTPEJCPI 2WDNKE %QORCP[ .KOKVGF

759,877,400

19.04%

6JCK 08&4 %QORCP[ .KOKVGF

192,106,246

4.81%

$CPIMQM .KHG #UUWTCPEG 2WDNKE %QORCP[ .KOKVGF

150,648,000

3.78%

/T /KP 6KGCPYQTP #+# %1/2#0; .+/+6'& #+# & 2.75

72,000,000 59,800,000

1.80% 1.50%

/T ,QQP 9CPCXKV

45,200,000

1.13%

#+# %1/2#0; .+/+6'& #2':

38,198,600

0.96%

10. /T 2CKUCP %JCTVRKVCM

28,200,000

0.71%

/KVUWK 9CVGT *QNFKPIU 6JCKNCPF %QORCP[ .KOKVGF

TTW Public Company Limited

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

WPKV $CJV UJCTG

Dividend

2015 (KTUV JCNH

2014

2013

2012

2011

0.30

0.65

0.60

0.52

0.40

Annual Report 2015

TTW Public Company Limited

MANAGEMENT STRUCTURE As of 31 December, 2015, the company’s management structure is as follow: Corporate Governance Committee

Board of Directors

Nomination & Remuneration Committee

Executive Committee

Risk Management Committee

Managing Director

Executive Secretary

Audit Committee

Internal Audit Division

Administration Department

Business Development Department

Operation Department

Human Resource Division and Administrative

Customer Relationship Management Division

Operation Division

Finance and Accounting Division

Business Development Division

Engineering and Construction Division

Corporate Affair Division

6JG $QCTF QH %QOOKVVGG QH VJG 669 2WDNKE %QORCP[ .KOKVGF EQPUKUVU QH %QOOKVVGGU 6JG $QCTF QH %QOOKVVGG EQPUKUVU QH +PFGRGPFGPV %QOOKVVGGU YJQ CTG SWCNKÌGF CPF PQV RTQJKDKVGF WPFGT VJG 2WDNKE %QORCP[ .KOKVGF #EV 'CEJ EQOOKVVGG YKNN DG KP RQUKVKQP HQT [GCT VGTO 6JG FGUKIPCVKQP QH VJG DQCTF QH EQOOKVVGG KU VTCPURCTGPV CPF KP CEEQTFCPEG YKVJ VJG TGIWNCVKQPU QH VJG EQORCP[ KP QTFGT VQ UWDOKV HQT CRRTQXCN HTQO VJG UJCTGJQNFGTU 6JGTG KU CNUQ C UWDEQOOKVVGGU VJCV KU TGURQPUKDNG HQT UETGGPKPI CPF UWRGTXKUKPI URGEKÌE KUUWGU HQT VJG $QCTF QH %QOOKVVGG 6JG 'ZGEWVKXG %QOOKVVGG 6JG %QTRQTCVG )QXGTPCPEG %QOOKVVGG 6JG 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG 6JG 4KUM /CPCIGOGPV %QOOKVVGG 6JG #WFKV %QOOKVVGG

Annual Report 2015

The company has structure of committee and management which can check and balance under management framework as follow: 6JGTG CTG CV NGCUV QPG VJKTF QH KPFGRGPFGPV FKTGEVQTU QH VQVCN OGODGTU QH $QCTF QH &KTGEVQT YJKEJ KU PQV NGUU VJCP RGTUQPU CPF VJGTG CTG KPFGRGPFGPV FKTGEVQTU KP $QCTF QH &KTGEVQTU QH VJG EQORCP[ #WFKV %QOOKVVGG KU KPFGRGPFGPV CPF RGTHQTOKPI FWVKGU CU FGÌPGF D[ TGIWNCVKQP QH 5'6 JCXKPI UWHÌEKGPV MPQYNGFIG CPF GZRGTKGPEGU VQ XGTKH[ TGNKCDKNKV[ QH ÌPCPEKCN UVCVGOGPV CU YGNN RGTHQTOKPI QVJGT FWVKGUQH #WFKV %QOOKVVGG 6JG #WFKV %QOOKVVGG EQORTKUGU CV NGCUV KPFGRGPFGPV FKTGEVQTU DWV PQV GZEGGFGF FKTGEVQTU YJKEJ CTG CUUKIPGF D[ $QCTF QH &KTGEVQTU KU CP KPFGRGPFGPV EQOOKVVGG CPF

COQPI VJKU PWODGT VJGTG OWUV DG CV NGCUV GZRGTV FKTGEVQTU HTQ $QCTF QH &KTGEVQT CPF CV NGCUV FGTGEVQT YJQ JCU MPQYNGFIG CPF GZRGTKGPEG KP CEEQWPVKPI KP QTFGT VQ UWRRQTV QRGTCVKQP QH 6JG %QTRQTCVG )QXGTPCPEG %QOOKVVGG XGTKÌECVKQP QH CFOKPKUVTCVKQP KPVGTPCN EQPVTQN KPVGTPCN CWFKV CPF TKUM OCPCIGOGPV CU YGNN CU RTGRCTKPI ÌPCPEKCN TGRQTVU VQ GPUWTG VJG EQTTGEVPGUU CPF CFGSWCVG FKUENQUWTG 2QYGT CWVJQTK\CVKQP DG[YGGP VJG EQOOKVVGG CPF OCPCIGOGPV FGRCTVOGPV KU CUUKIPGF ENGCTN[ CU URGEKÌGF KP VJG VQRKE QH %QTRQTCVG )QXGTPCPEG

Board of Directors consists of 12 members as follow: &T 6JCPQPI $KFC[C /T 2NGY 6TKXKUXCXGV /T 0CTQPI 5CPIUWTK[C /T 6GEJCRKV 5CPIUKPIMGQ /T 2JCKTWEJ /GMCTRQTP

+PFGRGPFGPV &KTGEVQT CPF %JCKTOCP QH VJG $QCTF QH &KTGEVQTU &KTGEVQT CPF 8KEG %JCKTOCP QH $QCTF QH &KTGEVQTU &KTGEVQT CPF %JCKTOCP QH 'ZGEWVKXG %QOOKVVGG +PFGRGPFGPV &KTGEVQT %JCKTOCP QH #WFKV %QOOKVVGG %JCKTOCP QH 4KUM /CPCIGOGPV %QOOKVVGG CPF %QTRQTCVG )QXGTPCPEG %QOOKVVGG +PFGRGPFGPV &KTGEVQT %JCKTOCP QH 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG %QTRQTCVG )QXGTPCPEG %QOOKVVGG and Audit Committee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

TTW Public Company Limited

The Company’s Authorized Signatory Directors 6JG %QORCP[¿U CWVJQTK\GF UKIPCVQT[ FKTGEVQTU UJCNN DG

CP[ VYQ QH VJGUG UKZ FKTGEVQTU PCOGN[ /T 2NGY 6TKXKUXCXGV /T 0CTQPI 5CPIUWTK[C /T 5QODCV -KVLCNCMUCPC /TU 2C[CQ /CTKVVCPCRQTP /T %JCKYCV 7VCKYCP CPF /T 5WXKEJ 2WPIEJCTQGP LQKPVN[ UKIP CPF CHÌZ VJG EQORCP[¿U UGCN QT

GKVJGT /T 2NGY 6TKXKUXCXGV QT /T 0CTQPI 5CPIUWTK[C QT /T 5QODCV -KVLCNCMUCPC QT /TU 2C[CQ /CTKVVCPCRQTP QT /T %JCKYCV 7VCKYCP QT /T 5WXKEJ 2WPIEJCTQGP CPF GKVJGT /T ;C\WVCMC <W\WMK QT /T 6QOQCMK /CVUWOQVQ VQVCNKPI VYQ FKTGEVQTU LQKPVN[ UKIP CPF CHÌZ VJG EQORCP[¿U UGCN

Terms of Duty # FKTGEVQT UJCNN DG KP KP C DQCTF UGCV HQT C FWTCVKQP QH [GCTU #V CP #)/ QPG VJKTF QH VJG $QCTF QH &KTGEVQTU UJCNN DG TGUKIPGF D[ TQVCVKQP 6JG $QCTF QH &KTGEVQTU UJCNN JCXG CP QTFKPCT[ OGGVKPI GXGT[ OQPVJU CPF OC[ ECNN C URGEKCN OGGVKPI CU TGSWKTGF 6JGTG CTG VQVCN QH OGGVKPIU QH $QCTF QH &KTGEVQTU CPF KV¿U UWDEQOOKVVGG CU YGNN CU #PPWCN )GPGTCN /GGVKPI KP CU HQNNQY

$QCTF QH &KTGEVQTU /GGVKPI YKVJ PQTOCN CIGPFC 6JG 'ZGEWVKXG %QOOKVVGG /GGVKPI YKVJ PQTOCN CIGPFC 6JG #WFKV %QOOKVVGG /GGVKPI YKVJ PQTOCN CIGPFC 6JG 4KUM /CPCIGOGPV %QOOKVVGG /GGVKPI YKVJ PQTOCN CIGPFC 6JG %QTRQTCVG )QXGTPCPEG %QOOKVVGG /GGVKPI YKVJ PQTOCN CIGPFC 6JG 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG /GGVKPI YKVJ PQTOCN CIGPFC #PPWCN )GPGTCN /GGVKPI QH 5JCTGJQNFGTU

VQVCNN[ VKOGU VQVCNN[ 5 times VQVCNN[ VKOGU VQVCNN[ VKOGU VQVCNN[ 2 times VQVCNN[ 2 times 1 times VQVCNN[

Powers and Duties of Board of Directors 6JG $QCTF QH &KTGEVQTU UJCNN VCMG TGURQPUKDKNKV[ VQYCTFU VJG UJCTGJQNFGTU KP TGURGEV QH VJG %QORCP[¿U DWUKPGUU QRGTCVKQPU CPF UWRGTXKUKQP QH VJG %QORCP[¿U QRGTCVKQPU VQ DG KP NKPG YKVJ VJG IWKFGNKPGU CPF IQCNU YJKEJ YQWNF IKXG TKUG VQ VJG QRVKOWO DGPGÌVU VQ VJG UJCTGJQNFGTU UWDLGEV VQ VJG EQFG QH GVJKEU CPF VCMKPI KPVQ CEEQWPV VJG DGPGÌVU QH CNN KPVGTGUVGF RCTVKGU 5WRGTXKUKPI VJG %QORCP[¿U QRGTCVKQPU VQ GPUWTG EQORNKCPEG YKVJ NCYU QDLGEVKXGU CPF VJG %QORCP[¿U #TVKENGU QH #UUQEKCVKQP CU YGNN CU TGUQNWVKQPU QH VJG UJCTGJQNFGTU¿ OGGVKPIU CPF RTQVGEVKPI VJG %QORCP[¿U KPVGTGUV DCUGF QP VJG IQQF EQTRQTCVG IQXGTPCPEG RTKPEKRNGU &GVGTOKPKPI RQNKEKGU CPF FKTGEVKQPU QH VJG %QORCP[¿U QRGTCVKQPU CPF UWRGTXKUKPI VJG OCPCIGOGPV VQ VCMG CEVKQPU VQ GPUWTG EQORNKCPEG YKVJ VJG RQNKE[ YKVJ GHÌEKGPE[ CPF GHHGEVKXGPGUU UQ CU VQ TGUWNV KP VJG QRVKOWO GEQPQOKE XCNWG VQ VJG DWUKPGUU CPF ITGCV RTQURGTKV[ VQ VJG UJCTGJQNFGTU #RRTQXKPI XKUKQP OKUUKQP EQTRQTCVG XCNWG CU CPVKEKRCVGF D[ VJG %QORCP[ CPF VJG DWUKPGUU GVJKEU #TTCPIKPI HQT CPF UWRGTXKUKPI VJG CFOKPKUVTCVKQP KP EQORNKCPEG YKVJ VJG IQQF EQTRQTCVG IQXGTPCPEG RTKPEKRNGU %QPUKFGTKPI CRRTQXCN HQT DWFIGV HQT KPXGUVOGPV CPF DWFIGV HQT VJG %QORCP[¿U CPPWCN DWUKPGUU QRGTCVKQPU KPENWFKPI OQPKVQTKPI VJG WUG QH VJG %QORCP[¿U TGUQWTEGU 2TQXKFKPI EQORNGVG EQTTGEV CPF UWHÌEKGPV TGRQTVU

QP ÌPCPEKCN KPHQTOCVKQP FCVC CPF IGPGTCN KPHQTOCVKQP YJKEJ CTG KORQTVCPV HQT UJCTGJQNFGTU CPF CHÌTOKPI VJG EGTVKÌECVKQP QH VJG TGRQTVGF KPHQTOCVKQP #TTCPIKPI HQT VJG %QORCP[ VQ JCXG CP GHÌEKGPV KPVGTPCN EQPVTQN CPF CWFKV U[UVGO CU YGNN CU CRRTQRTKCVG CPF CFGSWCVG TKUM OCPCIGOGPV OGCUWTGU KPENWFKPI HQNNQYKPI WR QP UWEJ OCVVGTU QP C TGIWNCT DCUKU 6JG $QCTF JCU CNUQ HQTOWNCVGF C EJCTVGT HQT VJG 'ZGEWVKXG %QOOKVVGG VJG #WFKV %QOOKVVGG VJG %QTRQTCVG )QXGTPCPEG %QOOKVVGG VJG 4KUM /CPCIGOGPV %QOOKVVGG CPF 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG CU C IWKFGNKPG HQT VJGKT FWVKGU 5WRGTXKUKPI VJG 'ZGEWVKXG %QOOKVVGG UWDEQOOKVVGGU CPF VJG OCPCIGOGPV VQ EQORN[ YKVJ VJG URGEKÌGF RQNKEKGU %QPUKFGTKPI RGTHQTOCPEG GXCNWCVKQP FGVGTOKPCVKQP QH UCNCTKGU YCIGU YGNHCTG DQPWU CNNQYCPEG CPF QVJGT TGOWPGTCVKQP KPENWFKPI GZRGPUGU CPF HCEKNKVKGU QH VJG /CPCIKPI &KTGEVQT CU YGNN CU FGVGTOKPKPI DCEMWR RNCP HQT PQOKPCVKPI RGTUQPPGN VQ JQNF OCLQT QHÌEG QH VJG management should the management become unable VQRGTHQTO VJG FWVKGU %QPUKFGTKPI TGXKUKQP QH VJG UEQRG QH RQYGTU FWVKGU TGURQPUKDKNKVKGU CPF TQNGU QH VJG 'ZGEWVKXG %QOOKVVGG UWDEQOOKVVGGU CPF VJG OCPCIGOGPV CU CRRTQRTKCVG

Annual Report 2015

6JG %JCKTOCP QH VJG $QCTF CU C NGCFGT CPF KPFGRGPFGPV FKTGEVQT YKNN UVTKEVN[ EQPHQTO JKU FWV[ VQ GVJKECN CPF %) RTKPEKRNGU 6JG %JCKTOCP UGVU CPF EQPFWEVU GHHGEVKXG DQCTF OGGVKPI GPEQWTCIGU VJG EQPUVTWEVKXG FKUEWUUKQP COQPI VJG DQCTF OGODGTU CPF EQPENWFGU VJG OGGVKPI TGUQNWVKQP 6JG %JCKTOCP IQXGTPU VJG UJCTGJQNFGT OGGVKPI RTQXKFKPI GSWKVCDNG TKIJVU VQ CNN UJCTGJQNFGTU YKVJ EQORNKCPEG VQ TWNGU TGIWNCVKQPU CPF DGUV RTCEVKEGU CFXKUGF D[ TGIWNCVQTU

Powers and Duties fo Chairman of Board of Directors

%JCKTOCP QH VJG $QCTF CU C NGCFGT QH VJG QTICPK\CVKQP UJCNN UWRGTXKUG DGPGÌVU QH VJG EQORCP[ UJCTGJQNFGTU CU YGNN CU QVJGT KPVGTGUVGF RCTVKGU KP QTFGT VQ CEJKGXG OCZKOWO DGPGÌVU KP NQPI VGTO D[ DGKPI NGCFGT KP VJKPMKPI ETGCVKXKV[ EQODKPKPI ECRCDKNKV[ QH FKTGEVQTU YKVJ VJG OCPCIGOGPV VQ CEJKGXG UVTCVGIKE RNCP KP DWUKPGUU QRGTCVKQP QH VJG EQORCP[ DQVJ KP UJQTV VGTO CPF NQPI VGTO OQPKVQTKPI QRGTCVKPI QWVEQOG QH VJG OCPCIGOGPV CTTCPIKPI HQT RTGRCTCVKQP QH ÌPCPEKCN UVCVWU TGRQTV CPF UKIPKÌECPV ÌPCPEKCN KPHQTOCVKQP RTGUGPVKPI VQ $QCTF QH &KTGEVQTU SWCTVGTN[ CU YGNN CU GPEQWTCIKPI EQTRQTCVG IQXGTPCPEG CPF %QTRQTCVG 5QEKCN 4GRQPUKDKNV[ RQNKEKGU QH VJG EQORCP[

Administrative Responsibility 5WRGTXKUKPI QXGTXKGY QH EQORCP[¿U UVTCVGI[ CPF RQNKE[ VQ EQPUVKVWVG LWUVKEG CU YGNN CU UWRXGTXKUKPI EQORCP[¿U EWUVQOGT YKVJ GSWCNKV[ 'ORJCUKU QP DWUKPGUU QRGTCVKQP VQ GPUWTG EQORNKCPEG YKVJ NCY DQVJ DQVJ D[ TGIWNCVQT[ CWVJQTKV[ QDLGEVKXGU CPF VJG %QORCP[¿U #TVKENGUQH #UUQEKCVKQP CU YGNN CU TGUQNWVKQPU QH VJG UJCTGJQNFGTU¿ OGGVKPIU

Board of Directors Meeting 2TGUKFKPI QXGT CU %JCKTOCP QH VJG OGGVKPI CPF CVVGPFKPI GXGT[ OGGVKPI VQ EQPUVKVWVG $QCTF QH &KTGEVQTU /GGVKPI GHÌEKGPVN[ CU YGNN CU GPEQWTCIKPI CNN FKTGEVQTU VQ GZRTGUU VJGKT QRKPKQPU D[ FGNGICVKPI CFOKPKUVTCVKXG CWVJQTKV[ VQ VJG OCPCIGOGPV CRRTQRTKCVGN[ UWRGTXKUKPI CPF CTTCPIKPI CNN FKTGEVQTU VQ TGEGKXG EQTTGEV QP VKOG CPF ENGCT KPHQTOCVKQP VQ DG WUGF HQT FGEKUKQP OCMKPI YJKEJ UJCNN NGCF VQ CEJKGXGOGPV QH VJG QTICPK\CVKQP GHÌEKGPVN[ RTQXKFKPI VKOG OCPCIGOGPV UWHÌEKGPVN[ HQT $QCTF QH &KTGEVQT VQ EQPUWNV CPF GZRTGUU QRKPKQP YKFGN[ KP TGNCVGF KUUWGU FWTKPI VJG KORQTVCPV CIGPFC %JCKTOCP QH VJG $QCTF WVKNK\GU RQNKE[ VQ GPJCPEG IQQF TGNCVKQP DGVYGGP 'ZGEWVKXG &KTGEVQTU CPF 0QP GZGEWVKXG &KTGEVQTU

Development and Evaluation of Work Efficiency 2TQXKFKPI 1TKGPVCVKQP 2TQITCO CPF QRGTCVKQP XKUKV HQT CNN PGY FKTGEVQTU YJKEJ ECP CUUKUV PGY FKTGEVQTU VQ WPFGTUVCPF CPF CFCRV VJGOUGNXGU VQ VJG QTICPK\CVKQP TCRKFN[ 5WRRQTV CPF RTQOQVKPI CNN FKTGEVQTU VQ CVVGPF UMKNNU FGXGNQROGPV VTCKPKPI XCTKQWU ÌGNFU QH MPQYNGFIG YJKEJ CTG DGPGÌEKCN HQT RGTHQTOKPI FKTGEVQTU¿ FWVKGU KP YGNN MPQYP CPF TGEQIPK\GF KPUVKVWVGU UWEJ CU 6JCK +PUVKVWVG QH &KTGEVQTU 6+& CPF 5VQEM 'ZEJCPIG QH 6JCKNCPF 5'6 GVE 5WRRQTV CPF RTQOQVKPI CNN FKTGEVQTU YQTMKPI CU C VGCO YJKEJ EQPUVKVWVGU GHÌEKGPE[ CPF GHHGEVKXGPGUU KP YQTMKPI CTTCPIKPI GXCNWCVKQP QH VJG $QCTF¿U QRGTCVKQP DQVJ UGNH GXCNWCVKQP ETQUU GXCNWCVKQP CPF ITQWR GXCNWCVKQP CPF VCMKPI UWEJ GXCNWCVKQP QWVEQOG WUGF VQ KORTQXG CPF FGXGNQR VJG $QCTF¿U QRGTCVKQP 2TQXKFKPI OQPKVQTKPI U[UVGO CPF CUUGUUOGPV QH VJG QTICPK\CVKQP¿U QRGTCVKQP DGKPI EQPUKUVGPV VQ RQNKE[ TGIWNCTN[ CPF EQPVKPWQWUN[

TTW Public Company Limited

Relationship between Shareholders 5WRGTXKUKPI CPF CTTCPIKPI EQOOWPKECVKQP DGVYGGP UJCTGJQNFGTU QH VJG EQORCP[ GHÌEKGPVN[ CPF RTQXKFKPI QRRQTVWPKV[ HQT UJCTGJQNFGTU VQ EQOOWPKECVG YKVJ VJG $QCTF HQT GZEJCPIKPI QRKPKQP

Shareholders Meeting 2TGUKFKPI QXGT CU %JCKTOCP QH GXGT[ 5JCTGJQNFGTU /GGVKPI CPF TGURQPUKDNG RGTUQP KU CUUKIPGF VQ UWRWXKUG EQTTGEVN[ CU FGÌPGF D[ NCY CPF TGNCVGF TGIWNCVKQPU CU YGNN CU CNN FKTGEVQTU CTG PQVKÌGF VQ CVVGPF VJG OGGVKPI EQORNGVGN[ +V KU CP QRRQTVWPKV[ HQT UJCTGJQNFGTU VQ GZGTEKUG VJGKT TKIJVU QRGPN[ KP CVVGPFKPI VJG OGGVKPI CPF XQVKPI KP 5JCTGJQNFGTU /GGVKPI CUMKPI SWGUVKQPU CPF CFFKVKQPCN GZRNCPCVKQP CEMPQYNGFIGOGPV QH CPPWCN TGRQTV CRRTQXCN DWFIGV CPF RTQÌV CPF NQUU CEEQWPV CRRTQXKPI CRRTQRTKCVKQP QH RTQÌV CPF FKXGFGPF FKTGEVQTU CRRQKPVOGPV CPF EQORGPUCVKQP RCKF VQ FKTGEVQTU CWFKVQT GNGEVKQP CPF RTQRQUKPI TGPWOGTCVKQP QH CWFKVQT CPF CRRTQXCN QH %QORCP[¿U /GOQTCPFWO QH #UUQEKCVKQP COGPFOGPV GEV

Other Roles of Chairman of Board of Directors 2GTHQTOKPI FWVKGU YKVJ JQPGUV[ UWRGTXKUKPI UVTWEVWTG QH VJG $QCTF CRRTQRTKCVGN[ UWRGTXKUKPI KP VCMKPI RQNKE[ CPF VJG $QCTF¿U FGEKUKQP HQT QRGTCVKPI GHHGEVKXGN[ RTQOQVKPI EQRTCVG IQXGTPCPEG CPF UQEKCN CPF GPXKTQPOGPV TGURPUKDKNKV[ CEVKXKVKGU KP CNN NGXGNU TCPIKPI HTQO FKTGEVQTU VQR OCPCIGOGPV VQ GORNQ[GGU D[ QRGTCVKPI KP CEEQTFCPEG YKVJ IWKFGNKPGU QH VJG $QCTF¿U UVTWEVWTG VQ RTQOQVG EQTRQCTCVG IQXGTPCPEG QH VJG QTICPK\CVKQP

Executive Committee

6JG 'ZGEWVKXG %QOOKVVGG EQORTKUGU ÌXGU OGODGTU CU HQNNQY /T 0CTQPI 5CPIUWTK[C %JCKTOCP QH VJG 'ZGEWVKXG %QOOKVVGG /T 5WXKEJ 2WPIEJCTGQP /GODGT &T 5QODCV -KVLCNCMUCPC /GODGT /T 6QOQCMK /CVUWOQVQ /GODGT /T %JCKYCV 7VCKYCP /GODGT CPF 5GETGVCT[

Scope of powers and duties of the Executive Committee

5WRGTXKUKPI VJG /CPCIKPI &KTGEVQT¿U RGTHQTOCPEG VQ *CXKPI RQYGT VQ GORNQ[ CRRQKPV KORQUG FKUEKRNKPCT[

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ÍKEV QT KPVGTGUV CICKPUV VJG %QORCP[ QT KVU UWDUKFKCTKGU CEEQTFKPI VQ &GENCTCVKQP QH 1HÌEG QH VJG 5GEWTKVKGU CPF 'ZEJCPIG %QOOKUUKQP CPF 5VQEM 'ZEJCPIG QH 6JCKNCPF *CXKPI RQYGT VQ EQPUKFGT CRRTQXG CPF QT FGVGTOKPG RQNKEKGU QP CFOKPKUVTCVKQP CPF DWUKPGUU QRGTCVKQP QH VJG %QORCP[ QT CP[ CEVKQPU YJKEJ YQWNF JCXG DKPFKPI GHHGEV WRQP VJG %QORCP[ UWDLGEV VQ VJG UEQRG QH RQNKEKGU CPF UVTCVGIKGU CU FGVGTOKPGF D[ VJG $QCTF QH &KTGEVQTU

CEVKQP VGTOKPCVG FKUOKUU TGOQXG FGVGTOKPG UCNCT[ DQPWU DGPGÌVU CPF QVJGT TGOWPGTCVKQPU KPENWFKPI GZRGPUGU CPF HCEKNKVKGU QH VJG %QORCP[¿U QHÌEGTU QT UVCHH KP VJG RQUKVKQP QH &KXKUKQP &KTGEVQT QT GSWKXCNGPV CPF JKIJGT DWV GZENWFKPI VJG /CPCIKPI &KTGEVQT *CXKPI RQYGT VQ CRRQKPV FGVGTOKPG CWVJQTKVKGU CPF FWVKGU FGNGICVG FKTGEVKQP QH UWRGTXKUKQP RQNKE[ FGVGT OKPG TGOWPGTCVKQPU CNNQYCPEGU GZRGPUGU CPF HCEKNKVKGU HQT URGEKCN YQTMITQWRU HQT ECTT[KPI QWV URGEKÌE YQTMU KPENWFKPI VQ CRRTQXG RTQRQUCNU QH URGEKCN YQTMITQWRU YKVJKP CP COQWPV WPFGT *CXKPI RQYGT VQ CRRQKPV EJCKTOCP QH VJG CFXKUQTU CFXKUQTU CPF QT CFXKUQT[ DQCTF VQ VJG 'ZGEWVKXG %QOOKV VGG CU CRRTQRTKCVG YJGTGD[ TGOWPGTCVKQPU CNNQYCPEGU GZRGPUGU CPF HCEKNKVKGU HQT VJG UCKF EJCKTOCP QH VJG CFXK UQTU CFXKUQTU CPF QT CFXKUQT[ DQCTF UJCNN DG FGVGTOKPGF D[ VJG 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG 2GTHQTOKPI QVJGT FWVKGU CU FGNGICVGF HTQO VKOG VQ VKOG D[ VJG $QCTF QH &KTGEVQTU

Annual Report 2015

Audit Committee

6JG #WFKV %QOOKVVGG EQORTKUGU VJTGG KPFGRGPFGPV FKTGEVQTU CU HQNNQYU /T 6GEJCRKV 5CPIUKPIMGQ %JCKTOCP QH VJG #WFKV %QOOKVVGG /T 5QOPWM %JCKFGLUWTK[C /GODGT /T 2JCKTWEJ /GMCTRQTP /GODGT +PVGTPCN #WFKV /CPCIGT KU VJG 5GETGVCT[

Scope of powers and duties of the Audit Committee 4GXKGYKPI VJG %QORCP[¿U ÌPCPEKCN TGRQTVU VQ GPUWTG

VJG EQTTGEVPGUU CPF CFGSWCVG FKUENQUWTG 4GXKGYKPI VJG KPVGTPCN EQPVTQN CPF KPVGTPCN CWFKV U[UVGOU QH VJG %QORCP[ VQ GPUWTG VJG UWKVCDKNKV[ CPF GHÌEKGPE[ D[ EQPUKFGTKPI KPFGRGPFGPE[ QH +PVGTPCN #WFKV &GRCTVOGPV CPF CRRTQXKPI CRRQKPVOGPV TGOQXCN CPF VGTOKPCVKQP QH +PVGTPCN #WFKV %JKGH 4GXKGYKPI VJG %QORCP[¿U QRGTCVKQP VQ GPUWTG KVU EQORNKCPEG YKVJ VJG NCYU QP UGEWTKVKGU CPF GZEJCPIG VJG TGIWNCVKQPU QH VJG 5VQEM 'ZEJCPIG QT UWEJ NCYU TWNGU CPF TGIWNCVKQPU CPF RQNKEKGU TGNCVKPI VQ VJG DWUKPGUU QH VJG %QORCP[ %QPUKFGTKPI VJG %QORCP[¿U FKUENQUWTG KP TGURGEV QH TGNCVGF RCTV[ VTCPUCEVKQPU QT UWEJ VTCPUCEVKQPU YJKEJ OC[ IKXG TKUG VQ EQPÍKEV QH KPVGTGUV VQ GPUWTG VJG CEEWTCE[ EQORNGVGPGUU CPF VKOGNKPGUU

%QPUKFGTKPI UGNGEVKPI PQOKPCVKPI HQT CRRQKPVOGPV

CPF RTQRQUKPI TGOWPGTCVKQP HQT VJG %QORCP[¿U CWFKVQT VQ VJG $QCTF QH &KTGEVQTU HQT HWTVJGT UWDOKUUKQP VQ UGGM CRRTQXCN QH VJG UJCTGJQNFGTU D[ EQPUKFGTKPI KPFGRGPFGPE[ QH CWFKVQT CU YGNN CU QTICPK\KPI VJG OGGVKPI YKVJ CWFKVQT YKVJQWV VJG OCPCIGOGPV¿U KPXQNXGOGPV CV NGCUV QPEG C [GCT 2TGRCTKPI VJG #WFKV %QOOKVVGG¿U EQTRQTCVG IQXGTPCPEG TGRQTV VQ DG FKUENQUGF KP VJG %QORCP[¿U CPPWCN TGRQTV YJGTGD[ UWEJ TGRQTV UJCNN DG UKIPGF D[ VJG %JCKTOCP QH VJG #WFKV %QOOKVVGG 2GTHQTOKPI QVJGT FWVKGU CU FGNGICVGF D[ VJG $QCTF QH &KTGEVQTU CPF YKVJ CRRTQXCN QH VJG #WFKV %QOOKVVGG %QPUKFGTKPI VQ CRRTQXG #PPWCN +PVGTPCN #WFKV 2NCP CPF RGTUQPPGN QH +PVGTPCN #WFKV &GRCTVOGPV 4GXKGYKPI +PVGTPCN #WFKV %QOOKVVGG %JCTVGT CPF +PVGTPCN #WFKV &GRCTVOGPV %JCTVGT CU KV KU TGSWKTGF CPF CRRTQRTKCVG

Nomination and Remuneration Committee

6JG $QCTF QH &KTGEVQTU CRRQKPVU VJG 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG VQ JGNR EQPUKFGT UGNGEVKPI SWCNKÌGF RGTUQPU VQ VCMG QHÌEG CU FKTGEVQTU VJG /CPCIKPI &KTGEVQT CU YGNN CU UGVVKPI QWV ETKVGTKC HQT EQPUKFGTCVKQP QH TGOWPGTCVKQP 6JG 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG EQORTKUGU OGODGTU CU HQNNQY /T 2JCKTWEJ /GMCTRQTP %JCKTOCP QH VJG 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG /T 5QOPWM %JCKFGLUWTK[C /GODGT /TU 2C[CQ /CTKVVCTCPRQTP /GODGT /T ;C\WVCMC <W\WMK /GODGT *WOCP 4GUQWTEG CPF #FOKPKUVTCVKXG &KTGEVQT KU VJG 5GETGVCT[

Scope of powers and duties of the Nomination and Remuneration Committee %QPUKFGTKPI VJG ETKVGTKC CPF RTQEGFWTGU HQT TGETWKVKPI

RGTUQPU SWCNKÌGF VQ VCMG QHÌEG CU FKTGEVQTU QH VJG %QORCP[ KPENWFKPI UGNGEVKPI RGTUQPU KP CEEQTFCPEG YKVJ VJG URGEKÌGF PQOKPCVKQP RTQEGFWTGU HQT UWDOKUUKQP VQ VJG $QCTF QH &KTGEVQTU HQT EQPUKFGTCVKQP CPF CRRQKPVOGPV QT HQT UWDOKUUKQP VQ VJG UJCTGJQNFGTU¿ OGGVKPI HQT EQPUKFGTCVKQP CPF CRRQKPVOGPV CU VJG ECUG OC[ DG RTQXKFGF VJCV UWEJ RTQEGFWTGU HQT EQPUKFGTCVKQP CPF UGNGEVKQP QH SWCNKÌGF RGTUQPU CU CHQTGUCKF UJCNN CNUQ CNNQY OKPQTKV[ UJCTGJQNFGTU VQ PQOKPCVG RGTUQPU HQT UWEJ EQPUKFGTCVKQP CPF UGNGEVKQP %QPUKFGTKPI VJG ETKVGTKC CPF RTQEGFWTGU HQT TGETWKVKPI RGTUQP SWCNKÌGF VQ VCMG QHÌEG CU VJG /CPCIKPI &KTGEVQT KPENWFKPI PQOKPCVKPI CPF UGNGEVKPI UWEJ RGTUQP KP CEEQTFCPEGYKVJ VJG URGEKÌGF PQOKPCVKQP RTQEGFWTGU HQT UWDOKUUKQP VQ VJG $QCTF QH &KTGEVQTU HQT EQPUKFGTCVKQP

CPF CRRQKPVOGPV

#TTCPIKPI HQT 5WEEGUUKQP 2NCP HQT MG[ RQUKVKQPU KP

OCPCIGOGPV QT RGTUQPU GNKIKDNG VQ VCMG QHÌEG QH JKIJ NGXGN GZGEWVKXG YKVJ TGIWNCT TGXKGY QH UWEJ 2NCP &GVGTOKPKPI VJG ETKVGTKC HQT EQPUKFGTCVKQP QH TGOWPGTCVKQP HQT FKTGEVQTU CPF VJG /CPCIKPI &KTGEVQT %QPUKFGTKPI RTQRQUKPI TGOWPGTCVKQP QH FKTGEVQTU VQ VJG $QCTF QH &KTGEVQTU HQT CRRTQXCN CPF UWDOKUUKQP VQ VJG UJCTGJQNFGTU¿ OGGVKPI HQT HWTVJGT EQPUKFGTCVKQP CPF CRRTQXCN %QPUKFGTKPI RTQRQUKPI UCNCT[ CPF CFLWUVOGPV QH UCNCT[ TCVG KPENWFKPI QVJGT TGOWPGTCVKQP QH VJG /CPCIKPI &KTGEVQT VQ VJG $QCTF QH &KTGEVQTU HQT EQPUKFGTCVKQP CPF CRRTQXCN 2GTHQTOKPI QVJGT FWVKGU CU FGNGICVGF D[ VJG $QCTF QH &KTGEVQTU

TTW Public Company Limited

Corporate Governance Committee 6JG $QCTF QH &KTGEVQTU CRRQKPVU VJG %QTRQTCVG )QXGTPCPEG %QOOKVVGG VQ JGNR EQPUKFGT RQNKEKGU CPF RTCEVKEGU QP IQQF EQTRQTCVG IQXGTPCPEG CPF DWUKPGUU GVJKEU 6JG %QTRQTCVG )QXGTPCPEG %QOOKVVGG EQORTKUGU OGODGTU CU HQNNQYU /T 5QOPWM %JCKFGLUWTK[C %JCKTOCP QH VJG %QTRQTCVG )QXGTPCPEG %QOOKVVGG /T 6GEJCRKV 5CPIUKPIMGQ /GODGT /T 2JCKTWEJ /GMCTRQTP /GODGT /T %JCKYCV 7VCKYCP /GODGT CPF 5GETGVCT[

Scope of powers and duties of the Corporate Governance Committee 2TQRQUKPI RTCEVKECN IWKFGNKPGU HQT IQQF EQTRQTCVG

IQXGTPCPEG VQ VJG $QCTF QH &KTGEVQTU 5WRGTXKUKPI VJG QRGTCVKQP QH VJG $QCTF QH &KTGEVQTU VJG 'ZGEWVKXG %QOOKVVGG XCTKQWU UWDEQOOKVVGGU CPF VJG OCPCIGOGPV VQ GPUWTG EQORNKCPEG YKVJ VJG IQQF EQTRQTCVG IQXGTPCPEG RTKPEKRNGU 4GXKGYKPI VJG RTCEVKECN IWKFGNKPGU HQT IQQF EQTRQTCVG IQXGTPCPEG D[ EQORCTKPI YKVJ VJG IQQF EQTRQTCVG IQXGTPCPEG RTKPEKRNGU DCUGF QP KPVGTPCVKQPCN UVCPFCTF CPF QH VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF HQT UWDOKUUKQP VQ VJG $QCTF QH &KTGEVQTU HQT EQPUKFGTCVKQP CPF TGIWNCT WRFCVG

&GNGICVKPI RQNKEKGU QP IQQF EQTRQTCVG IQXGTPCPEG

VQ VJG %QORCP[¿U IQQF EQTRQTCVG IQXGTPCPEG YQTMITQWR CPF TGRQTVKPI VJG TGUWNVU QH VJG IQQF EQTRQTCVG IQXGTPCPEG VQ VJG $QCTF QH &KTGEVQTU *CXKPI CWVJQTKV[ VQ KPXKVG GORNQ[ CP[ GZVGTPCN RGTUQPU JCXKPI MPQYNGFIG CPF GZRGTVKUG VQ CEV CU CFXKUQTU CPF CVVGPF OGGVKPIU CV VJG %QORCP[¿U GZRGPUGU 2GTHQTOKPI QVJGT FWVKGU CU FGNGICVGF D[ VJG $QCTF QH &KTGEVQTU

Risk Management Committee 6JG $QCTF QH &KTGEVQTU CRRQKPVU VJG 4KUM /CPCIGOGPV %QOOKVVGG VQ JGNR EQPUKFGT UGVVKPI QWV RQNKE[ QP OGCUWTGU CPF RNCP HQT TKUM OCPCIGOGPV KP VJG %QORCP[¿U QRGTCVKQPU 6JG 4KUM /CPCIGOGPV %QOOKVVGG EQORTKUGU OGODGTU CU HQNNQYU /T 6GEJCRKV 5CPIUKPIMGQ %JCKTOCP QH VJG 4KUM /CPCIGOGPV %QOOKVVGG /T 6QOQCMK /CVUWOQVQ /GODGT /TU 2C[CQ /CTKVVCTCPRQTP /GODGT /T %JCKYCV 7VCKYCP /GODGT CPF 5GETGVCT[

Scope of powers and duties of the Risk Management Committee 5GVVKPI QWV VJG 4KUM /CPCIGOGPV 2QNKE[ HQT VJG

%QORCP[ CU C YJQNG CPF CUUKIPKPI VJG OCPCIGOGPV VQRGTHQTO KP EQORNKCPEG YKVJ UWEJ 2QNKE[ KPENWFKPI TGRQTVKPI VJG RGTHQTOCPEG TGUWNVU VQ VJG 4KUM /CPCIGOGPV %QOOKVVGG &GXGNQRKPI CPF TGXKGYKPI VJG %QORCP[¿U 4KUM /CPCIGOGPV 5[UVGO VQ GPUWTG KVU EQPVKPWCN GHÌEKGPE[ CPF GHHGEVKXGPGUU D[ YC[ QH TGIWNCT GXCNWCVKQP CPF

HQNNQY WR QH VJG TKUM OCPCIGOGPV RTQEGFWTGU VQ DG EQPUKUVGPV YKVJ VJG URGEKÌGF RQNKE[ 5WRRQTVKPI CPF GPEQWTCIKPI VJG OWVWCN EQQRGTCVKQP KP TKUM OCPCIGOGPV CV GXGT[ NGXGN QH VJG %QORCP[ 2TGRCTKPI TGRQTVU QP TKUMU CPF UWIIGUVKQPU VQ VJG $QCTF QH &KTGEVQTU 2GTHQTOKPI QVJGT FWVKGU CU FGNGICVGF D[ VJG $QCTF QH &KTGEVQTU

Annual Report 2015

Executive Management Executive Management of TTW Public Company Limited Name

Position

Mr. Chaiwat Utaiwan

Managing Director and Acting Assistant Managing Director, Business Developement Group

Mr. Tanat Siricharoen

Assistant Managing Director, Operaion Group and Acting Director, Operation Group

Ms. Valainat Trivisvavet

Assistant Managing Director, Administration Group

Ms. Sudarat Chiamchan

Corporate Affair Director

Ms. Pathida Chaiyasen

Human Resource and Administrative Director

Mr. Somkiat Pattamamonkolchai

Finance and Accounting Director

Mr. Hongthong Artit

Business Development Director

Mr. Chatchawan Tianprasertkit

Acting Customer Relationship Management Director

Mr. Pipat Katikul

Acting Engineering and Construction Director

Scope of powers and duties of the Managing Director *CXKPI RQYGT VQ CRRTQXG GZGEWVKQP QH CP[ LWTKUVKE

CEVU YJKEJ YQWNF JCXG DKPFKPI GHHGEV WRQP VJG %QORCP[ YKVJKP CP COQWPV QH PQV GZEGGFKPI $CJV (KXG /KNNKQP $CJV 1PN[ *CXKPI RQYGT VQ KUUWG COGPF CFLWUV VJG %QORCP[ÂżU YQTM TWNGU QTFGTU CPF TGIWNCVKQPU G I GORNQ[OGPV appointment, demotion, discipline of staff and employees, FGVGTOKPCVKQP QH UCNCTKGU CPF QVJGT RC[OGPVU KPENWFKPI YGNHCTG CPF DGPGĂ&#x152;VU *CXKPI RQYGT VQ FGNGICVG CWVJQTKV[ VQ VJG %QORCP[Âż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

&KXKUKQP &KTGEVQT QT GSWKXCNGPV CPF JKIJGT VQ UGGM CRRTQXCN QH VJG 'ZGEWVKXG %QOOKVVGG *CXKPI RQYGT VQ FGVGTOKPG VJG UVTWEVWTG QH UCNCT[ TCVGU CPF QVJGT TGOWPGTCVKQPU QH UVCHH CV UWEJ NGXGNU NQYGT VJCP &KXKUKQP &KTGEVQT QT GSWKXCNGPV RTQXKFGF VJCV VJG UCNCT[ TCVGU GZENWFKPI QVJGT TGOWPGTCVKQPU CPF DGPGĂ&#x152;VU KP DQVJ CPF UJCNN CNVQIGVJGT PQV GZEGGF QH %QORCP[ÂżU TGXGPWG *CXKPI RQYGT VQ GORNQ[ CRRQKPV KORQUG FKUEKRNKPCT[ CEVKQP VGTOKPCVG FKUOKUU TGOQXG FGVGTOKPG UCNCT[ DQPWU YGNHCTG CPF QVJGT TGOWPGTCVKQPU KPENWFKPI GZRGPUGU CPF HCEKNKVKGU QH VJG %QORCP[ÂżU UVCHH YJQ TGEGKXG UCNCT[ CV VJG TCVG QPN[ VJG UCNCT[ TCVG GZENWFKPI CP[ QVJGT DGPGĂ&#x152;VU TGEGKXGF QH PQV GZEGGFKPI $CJV OQPVJ CPF QT VJG %QORCP[Âż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Ă&#x152;PCPEKCN statements and income statements of the Company to

TTW Public Company Limited

VJG $QCTF QH &KTGEVQTU HQT CRRTQXCN *CXKPI FWV[ VQ RTQRQUG UKIPKÌECPV KUUWGU VQ VJG $QCTF QH &KTGEVQTU QT VJG UJCTGJQNFGTU¿ OGGVKPI HQT EQPUKFGTCVKQP CPF CRRTQXCN QT HQT CP[ QVJGT RWTRQUGU CU CRRTQRTKCVG *CXKPI FWV[ VQ EQPFWEV HGCUKDKNKV[ UVWFKGU QP PGY RTQLGEVU CPF JCXKPI RQYGT VQ CRRTQXG UWEJ RTQLGEVU CU FGNGICVGF D[ VJG 'ZGEWVKXG %QOOKVVGG +P ECUG VJG /CPCIKPI &KTGEVQT KU WPCDNG VQ RGTHQTO FWVKGU VJG /CPCIKPI &KTGEVQT UJCNN CRRQKPV CP &KXKUKQP &KTGEVQT QT CPQVJGT RGTUQP VQ CEV HQT CPF QP DGJCNH QH VJG /CPCIKPI &KTGEVQT HTQO VKOG VQ VKOG YJGTGD[ UWEJ

RGTUQP UJCNN JCXG VJG RQYGTU CPF FWVKGU GSWKXCNGPV VQ VJG /CPCIKPI &KTGEVQT 2GTHQTOKPI QVJGT FWVKGU CU FGNGICVGF D[ VJG $QCTF QH &KTGEVQTU HTQO VKOG VQ VKOG *QYGXGT VJG /CPCIKPI &KTGEVQT CPF VJG RGTUQP CWVJQTKTK\GF D[ VJG /CPCIKPI &KTGEVQT JCU PQ RQYGT VQ CRRTQXG CP[ OCVVGTU QT VTCPUCEVKQPU KP YJKEJ VJG /CPCIKPI &KTGEVQT QT RGTUQPU YJQ OC[ JCXG EQPÍKEV JCXG KPVGTGUV QT OC[ JCXG EQPÍKEV QH KPVGTGUV KP CP[ QVJGT OCPPGT YQWNF GPVGT KPVQ YKVJ VJG %QORCP[ QT KVU UWDUKFKCTKGU CU FGÌPGF D[ VJG 5GEWTKVKGU CPF 'ZEJCPIG %QOOKUUKQP

Supervision of Internal Information Provision 669 FGVGTOKPGU TGIWNCVKQP QH KPVGTPCN KPHQTOCVKQP WUCIG YJKEJ KU EQPUKUVGPV VQ UGEWTKVKGU NCY YKVJ VJG HQNNQYKPI content: 1. &KTGEVQTU 'ZGWEVKXG /CPCIGOGPV CPF GORNQ[GGU KP CNN NGXGN UJCNN PQV WUG KPVGTPCN KPHQTOCVKQP YJKEJ JCU UKIPKÌECPV GHHGEV VQ UVQEM RTKEG EJCPIKPI YKVJKP FC[U RTKQT ÌPCPEKCN UVCVGOGPV FKUENQUWTG 2. 6JG EQORCP[ JCU FWV[ VQ FKUENQUG EQORCP[¿U RTGHQTOCEG KPHQTOCVKQP CPF TGNCVGF KPHQTOCVKQP VQ CNN KPXGUVOGPV ITQWRU KOOGFKCVGN[ CPF GSWCNN[ 3. &KTGEVQTU 'ZGEWVKXG /CPCIGOGPV URQWUGU CPF

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

The definition of Independent Director 669 2WDNKE %QORCP[ JCU UGV VJG FGÌPKVKQP QH KPFGRGPFGPV FKTGEVQT KU UVTKEVGT VJCP VJG UVCPFCTF TWNG QH 5VQEM 'ZEJCPIG QH 6JCKNCPF CPF 5GEWTKVKGU CPF 'ZEJCPIG %QOOKUUKQP CU HQNNQY 1. 5JCNN JQNF UJCTGU PQV GZEGGFKPI QH VJG VQVCN PWODGT QH XQVKPI UJCTGU QH VJG %QORCP[ UWDUKFKCT[ CUUQEKCVG QT LWTKUVKE RGTUQP VJCV OC[ DG EQPÍKEV 2. 5JCNN PQV DG TGNCVGF VQ VJG OCPCIGOGPV QH VJG EQORCP[ KVU UWDUKFKCTKGU CPF KVU CUUQEKCVG EQORCPKGU /QTGQXGT UJCNN PQV DG C OCLQT UJCTGJQNFGT C VGORQTCT[ QT HWNN VKOG GORNQ[GGU CPF CP CFXKUQT TGIWNCTN[ GCTPKPI UCNCTKGU HTQO VJG EQORCP[ KVU UWDUKFKCTKGU KVU CUUQEKCVGF EQORCPKGU CPF KVU OCLQT UJCTGJQNFGTU 3. 5JCNN PQV DG C RGTUQP TGNCVGF D[ DNQQF QT NGICN TGIKUVTCVKQP CU HCVJGT OQVJGT URQWUG UKDNKPI QT EJKNF KPENWFKPI URQWUG QH EJKNF QH CP GZGEWVKXG OCLQT UJCTGJQNFGT EQPVTQNNKPI RGTUQP QT RGTUQP VQ DG PQOKPCVGF CU GZGEWVKXG QT EQPVTQNNKPI RGTUQP QH VJG %QORCP[ QT KVU UWDUKFKCT[ 4. 5JCNN PQV JCXG CP[ FKTGEV QT KPFKTGEV EQPÍKEVU QH KPVGTGUV CICKPUV VJG OCPCIGOGPV QH VJG EQORCP[ CPF KVU UWDUKFKCTKGU CPF KVU CUUQEKCVGF EQORCPKGU HQT VJG RGTKQF QH PQV NGUU VJCP QPG [GCT RTKQT VQ PQOKPCVKQP GZEGRV VJG $QCTF QH &KTGEVQT YCU CVVGPVKXGN[ EQPUKFGTGF VJCV UWEJ EQPÍKEV QH KPVGTGUV PQV CHHGEVKPI VJG QRGTCVKQP CPF JCXG KPFGRGPFGPV FGEKUKQP OCMKPI QH +PFGRGPFGPV FKTGEVQTU 5. 5JCNN PQV DG C FKTGEVQT YJQ JCU DGGP CRRQKPVGF CU TGRTGUGPVCVKXG QH VJG EQORCP[¿U FKTGEVQT OCLQT UJCTGJQNFGT QT UJCTGJQNFGTU YJQ CTG TGNCVGF VQ VJG OCLQT UJCTGJQNFGT

6. 5JCNN DG KPFGRGPFGPVN[ RGTHQTO VJG FWVKGU CPF

IKXG VJG QRKPKQP QT TGRQTV QP VJG TGUWNV QH FWVKGU CU CUUKIPGF D[ VJG $QCTF QH &KTGEVQTU WPEQPVTQNNGF D[ VJG OCPCIGOGPV QT OCLQT UJCTGJQNFGTU CPF TGNCVGF RGTUQP QT TGNCVKXG QH UWEJ RGTUQP 7. 5JCNN DG CDNG VQ CVVGPF OGGVKPIU QH VJG $QCTF QH &KTGEVQTU CPF OCMG KPFGRGPFGPV LWFIOGPV 8. 5JCNN PQV QRGTCVG CP[ DWUKPGUU YJKEJ JCU VJG UCOG PCVWTG CU CPF KU KP UKIPKÌECPV EQORGVKVKQP YKVJ VJG DWUKPGUU QH VJG EQORCP[ QT KV UWDUKFKCTKGU QT PQV DGKPI C RTKPEKRCN RCTVPGT KP CP[ RCTVPGTUJKR QT PQV DG CP GZGEWVKXG FKTGEVQT GORNQ[GG UVCHH QT CFXKUQT TGIWNCTN[ GCTKPI VJG UCNCTKGU QT JQNFKPI UJCTGU PQV GZEGGFKPI QPG RGTEGPV QH VJG VQVCN PWODGT QH XQVKPI TKIJV QH CP[ QVJGT EQORCP[ QRGTCVKPI DWUKPGUU YJKEJ JCU VJG UCOG CU CPF KU KP UKIPKÌECPV EQORGVKVKQP YKVJ VJG DWUKPGUU QH VJG EQORCP[ QT KVU UWDUKFKCTKGU 9. 5JCNN PQV JCXG CP[ EJCTCEVGTKUVKEU YJKEJ OCMG JKO JGT KPECRCDNG QH GZRTGUUKPI KPFGRGPFGPV QRKPKQP YKVJ TGICTF VQ VJG EQORCP[¿U DWUKPGUU CHHCKTU 10. 5JCNN DG CDNG VQ NQQM CHVGT VJG KPVGTGUVU QH CNN UJCTGJQNFGTU GSWCNN[ 11. 5JCNN DG CDNG VQ RTGXGPV EQPÍKEVU QH KPVGTGUV 12. 5JCNN PQV JCXG DGGP EQPXKEVGF QH XKQNCVKPI UGEWTKV[ QT UVQEM GZEJCPIG NCYU ÌPCPEKCN KPUVKVWVKQP NCYU NKHG KPUWTCPEG NCYU IGPGTCN KPUWTCPEG NCYU CPVK OQPG[ NCWPFGTKPI NCYU QT CP[ QVJGT ÌPCPEKCN NCY QH C UKOKNCT PCVWTG YJGVJGT 6JCK QT HQTGKIP D[ CP CIGPE[ YKVJ CWVJQTKV[ WPFGT VJCV EGTVCKP NCY 5WEJ YTQPIHWN CEVU KPENWFG VJQUG KPXQNXGF YKVJ WPHCKT VTCFKPI KP UJCTGU QT RGTRGVTCVKQP QH FGEGRVKQP HTCWF QT EQTTWRVKQP

Annual Report 2015

BOARD OF DIRECTORS

AS AT DECEMBER 31, 2015 COMPRISES:

Directors 2 1

MR. TECHAPIT SANGSINGKEO +PFGRGPFGPV &KTGEVQT %JCKTOCP QH #WFKV %QOOKVVGG %JCKTOCP QH 4KUM /CPCIGOGPV %QOOKVVGG CPF %QTRQTCVG )QXGTPCPEG %QOOKVVGG

MR. PLEW TRIVISVAVET &KTGEVQT CPF 8KEG %JCKTOCP QH VJG $QCTF QH &KTGEVQTU DR. THANONG BIDAYA +PFGRGPFGPV &KTGEVQT CPF %JCKTOCP QH VJG $QCTF QH &KTGEVQTU

MR. PHAIRUCH MEKARPORN +PFGRGPFGPV &KTGEVQT %JCKTOCP QH 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG %QTRQTCVG )QXGTPCPEG %QOOKVVGG and Audit Committee

MR. NARONG SANGSURIYA &KTGEVQT CPF %JCKTOCP QH 'ZGEWVKXG Committee

MR. SOMNUK CHAIDEJSURIYA +PFGRGPFGPV &KTGEVQT %JCKTOCP QH %QTRQTCVG )QXGTPCPEG %QOOKVVGG 0QOKPCVKQP CPF 4GOWPGTCVKQP Committee and Audit Committee

TTW Public Company Limited

DR. SOMBAT KITJALAKSANA &KTGEVQT CPF 'ZGEWVKXG %QOOKVVGG

8 MR. YASUTAKA SUZUKI &KTGEVQT CPF 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG

MR. CHAIWAT UTAIWAN &KTGEVQT 'ZGEWVKXG %QOOKVVGG 4KUM /CPCIGOGPV %QOOKVVGG %QTRQTCVG )QXGTPCPEG %QOOKVVGG CPF /CPCIKPI &KTGEVQT

MR. SUVICH PUNGCHAREON &KTGEVQT CPF 'ZGEWVKXG %QOOKVVGG

9 MR. TOMOAKI MATSUMOTO &KTGEVQT 'ZGEWVKXG %QOOKVVGG CPF 4KUM /CPCIGOGPV %QOOKVVGG

MRS. PAYAO MARITTANAPORN &KTGEVQT 4KUM /CPCIGOGPV Committee and Nomination CPF 4GOWPGTCVKQP %QOOKVVGG

Annual Report 2015

Position in other listed companies %- 2QYGT 2WDNKE %QORCP[ .KOKVGF +PFGRGPFGPV &KTGEVQT CPF %JCKTOCP QH VJG $QCTF QH &KTGEVQTU 6JCK 5TK +PUWTCPEG 2WDNKE %QORCP[ .KOKVGF %JCKTOCP QH VJG $QCTF QH &KTGEVQTU Position in other non - listed companies :C[CDWTK 2QYGT %QORCP[ .KOKVGF %JCKTOCP QH VJG $QCTF QH &KTGEVQTU 5ECP +PVGT %QORCP[ .KOKVGF %JCKTOCP QH VJG $QCTF QH &KTGEVQTU

Work Experience /KPKUVT[ QH (KPCPEG /KPKUVGT QH (KPCPEG /KPKUVT[ QH %QOOGTEG /KPKUVGT QH %QOOGTEG 1HÌEG QH VJG 0CVKQPCN 'EQPQOKEU CPF 5QEKCN &GXGNQROGPV $QCTF 0'5&$ %JCKTOCP QH VJG $QCTF QH &KTGEVQTU 6JCK #KTYC[U +PVGTPCVKQPCN 2WDNKE %QORCP[ .KOKVGF %JCKTOCP QH VJG $QCTF QH &KTGEVQTU TTW Shareholding UJCTGU QT Date appointed as a director &GEGODGT Seminar and Training 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP 2004, &KTGEVQTU #EETGFKVCVKQP 2TQITCO

&#2

Position in other listed companies $CPIMQM 'ZRTGUUYC[ CPF /GVTQ 2WDNKE %QORCP[ .KOKVGF %JCKTOCP QH VJG $QCTF QH &KTGEVQTU %JCKTOCP QH 'ZGEWVKXG Committee and Nomination CPF 4GOWPGTCVKQP %QOOKVVGG %* -CTPEJCPI 2WDNKE %QORCP[ .KOKVGF %JCKTOCP QH 'ZGEWVKXG %QOOKVVGG %- 2QYGT 2WDNKE %QORCP[ .KOKVGF &KTGEVQT CPF %JCKTOCP QH 'ZGEWVKXG %QOOKVVGG Positions in other non – listed companies 5QWVJGCUV #UKC 'PGTI[ .KOKVGF &KTGEVQT 0CO 0IWO 2QYGT %QORCP[ .KOKVGF &KTGEVQT CPF %JCKTOCP QH VJG 'ZGEWVKXG %QOOKVVGG :C[CDWTK 2QYGT %QORCP[ .KOKVGF &KTGEVQT $/%. 0GVYQTM %QORCP[ .KOKVGF &KTGEVQT

Work Experience %- 2QYGT 2WDNKE %QORCP[ .KOKVGF %JCKTOCP QH VJG $QCTF QH &KTGEVQTU 669 2WDNKE %QORCP[ .KOKVGF %JCKTOCP QH VJG $QCTF QH &KTGEVQTU TTW Shareholding UJCTGU QT Date appointed as a director 5GRVGODGT Seminar and Training %CRKVCN /CTMGV #ECFGO[ 2007, 5GPKQT 'ZGEWVKXG 2TQITCO 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP 2004, &KTGEVQT %GTVKÌECVG 2TQITCO

&%2 2004, &KTGEVQT #EETGFKVCVKQP 2TQITCO

&#2 2004, (KPCPEG HQT 0QP (KPCPEG &KTGEVQT (0& 0CVKQPCN &GHGPUG %QNNGIG 1993, &KRNQOC

Education Background &QEVQT¿U &GITGG 2J & KP /CPCIGOGPV 0QTVJYGUVGTP 7PKXGTUKV[ 7 5 # /CUVGT¿U &GITGG 'EQPQOKEU 0QTVJYGUVGTP 7PKXGTUKV[ 7 5 # $CEJGNQT¿U &GITGG 'EQPQOKEU ;QMQJCOC 0CVKQPCN 7PKXGTUKV[ ,CRCP

DR. THANONG BIDAYA Age [GCTU QNF Positions in the Company +PFGRGPFGPV &KTGEVQT CPF %JCKTOCP QH VJG $QCTF QH &KTGEVQTU 669 2WDNKE %QORCP[ .KOKVGF

MR. PLEW TRIVISVAVET Age [GCTU QNF Positions in the Company &KTGEVQT CPF 8KEG %JCKTOCP QH VJG $QCTF QH &KTGEVQTU 669 2WDNKE %QORCP[ .KOKVGF Education Background /CUVGT¿U &GITGG 'NGEVTKECN 'PIKPGGTKPI 1UCMC 7PKXGTUKV[ ,CRCP $CEJGNQT¿U &GITGG 'NGEVTKECN 'PIKPGGTKPI 1UCMC 7PKXGTUKV[ ,CRCP

TTW Public Company Limited

MR. NARONG SANGSURIYA Age [GCTU QNF Positions in the Company &KTGEVQT CPF %JCKTOCP QH 'ZGEWVKXG %QOOKVVGG 669 2WDNKE %QORCP[ .KOKVGF

MR. TECHAPIT SANGSINGKEO Age [GCTU QNF Positions in the Company +PFGRGPFGPV &KTGEVQT %JCKTOCP QH #WFKV %QOOKVVGG %JCKTOCP QH 4KUM /CPCIGOGPV %QOOKVVGG CPF %QTRQTCVG )QXGTPCPEG %QOOKVVGG 669 2WDNKE %QORCP[ .KOKVGF Education Background /CUVGT¿U &GITGG 'EQPQOKEU -'+1 7PKXGTUKV[ ,CRCP $CEJGNQT¿U &GITGG 'EQPQOKEU *KVQVUWDCUJK 7PKXGTUKV[ ,CRCP

Education Background $CEJGNQT¿U &GITGG %KXKN 'PIKPGGTKPI %JWNCNQPIMQTP 7PKXGTUKV[ Positions in other listed companies %- 2QYGT 2WDNKE %QORCP[ .KOKVGF &KTGEVQT CPF %JCKTOCP QH %QTRQTCVG )QXGTPCPEG CPF 4KUM /CPCIGOGPV %QOOKVVGG %* -CTPEJCPI 2WDNKE %QORCP[ .KOKVGF &KTGEVQT 'ZGEWVKXG &KTGEVQT 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG %QTRQTCVG )QXGTPCPEG CPF 4KUM /CPCIGOGPV %QOOKVVGG CPF 5GPKQT 'ZGEWVKXG 8KEG 2TGUKFGPV 1RGTCVKQPU )TQWR Positions in other non - listed companies $CPIRC KP %QIGPGTCVKQP .KOKVGF &KTGEVQT

Position in other listed companies %- 2QYGT 2WDNKE %QORCP[ .KOKVGF +PFGRGPFGPV &KTGEVQT CPF %JCKTOCP of Audit Committee Position in other non - listed companies 2CVJWO 6JCPK 9CVGT %QORCP[ .KOKVGF &KTGEVQT 5VCT 5CPKVCT[ 9CTG %QORCP[ .KOKVGF +PFGRGPFGPV &KTGEVQT CPF %JCKTOCP QH #WFKV %QOOKVVGG Work Experience $CPM QH 6JCKNCPF &GRWV[ )QXGTPQT 0CMQTPVJQP $CPM 2WDNKE %QORCP[ .KOKVGF %JCKTOCP QH VJG $QCTF QH &KTGEVQTU CPF %JCKTOCP QH 'ZGEWVKXG %QOOKVVGG 5WMJWOXKV #UUGV /CPCIGOGPV %QORCP[ .KOKVGF %JCKTOCP QH VJG $QCTF QH &KTGEVQTU 2GVEJCDWTK #UUGV /CPCIGOGPV %QORCP[ .KOKVGF &KTGEVQT CPF %JCKTOCP QH VJG #WFKV Committee 4CVCPCUKP #UUGV /CPCIGOGPV %QORCP[ .KOKVGF %JCKTOCP QH VJG $QCTF QH &KTGEVQTU

0CO 0IWO 2QYGT %QORCP[ .KOKVGF &KTGEVQT CPF 'ZGEWVKXG &KTGEVQT 5QWVJGCUV #UKC 'PGTI[ .KOKVGF &KTGEVQT Work Experience 0CPVCYCP %QORCP[ .KOKVGF 2TQLGEV 8KEG /CPCIGT $CPI 1P %QPUVTWEVKQP %QORCP[ .KOKVGF 2TQLGEV /CPCIGT TTW Shareholding UJCTGU QT Date appointed as a director 5GRVGODGT Seminar and Training 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP 2005, &KTGEVQTU %GTVKÌECVKQP 2TQITCO

&%2

6JCK #UUGV /CPCIGOGPV %QTRQTCVKQP 6#/% 'ZGEWVKXG %QOOKVVGG TTW Shareholding UJCTGU QT Date appointed as a director 5GRVGODGT Seminar and Training 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP 2008, #WFKV %QOOKVVGG 2TQITCO #%2 2005, &KTGEVQTU #EETGFKVCVKQP 2TQITCO

&#2 2TCRQMMNCQ +PUVKVWVG 2005, 5GPKQT 'ZGEWVKXG &GXGNQROGPV Class 3 *CTXCTF 7PKXGTUKV[ )TCFWCVG 5EJQQN QH $WUKPGUU 7 5 # 2005, 'ZGEWVKXG &GXGNQROGPV 2TQITCO %CRKVCN /CTMGV #ECFGO[ 2005, 5GPKQT 'ZGEWVKXG 2TQITCO %NCUU

Annual Report 2015

MR. PHAIRUCH MEKARPORN

Education Background /CUVGTÂżU &GITGG Mechanical 'PIKPGGTKPI %CNKHQTPKC 5VCVG 7PKXGTUKV[ .QPI $GCEJ 7 5 # $CEJGNQTÂżU &GITGG Mechanical 'PIKPGGTKPI %JWNCNQPIMQTP 7PKXGTUKV[ Position in other listed companies 6JCK 1RVKECN )TQWR 2WDNKE %QORCP[ .KOKVGF +PFGRGPFGPV &KTGEVQT Position in other non- listed companies 2CVJWO 6JCPK 9CVGT %QORCP[ .KOKVGF %JCKTOCP QH VJG $QCTF QH &KTGEVQT

Age [GCTU QNF Positions in the Company +PFGRGPFGPV &KTGEVQT %JCKTOCP QH 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG %QTRQTCVG )QXGTPCPEG %QOOKVVGG and Audit Committee 669 2WDNKE %QORCP[ .KOKVGF

Work Experience 5KCO -TCHV +PFWUVT[ %QORCP[ .KOKVGF /CPCIKPI &KTGEVQT 6JCK -TCHV 2CRGT +PFWUVT[ %QORCP[ .KOKVGF /CPCIKPI &KTGEVQT 6+2 (KDTG %GOGPV %QORCP[ .KOKVGF /CPCIKPI &KTGEVQT

MR. SOMNUK CHAIDEJSURIYA Age [GCTU QNF Positions in the Company +PFGRGPFGPV &KTGEVQT %JCKTOCP QH %QTRQTCVG )QXGTPCPEG %QOOKVVGG 0QOKPCVKQP CPF 4GOWPGTCVKQP Committee and Audit Committee 669 2WDNKE %QORCP[ .KOKVGF Education Background /CUVGTÂżU &GITGG .CY %JWNCNQPIMQTP 7PKXGTUKV[

$CEJGNQTÂżU &GITGG : .CY %JWNCNQPIMQTP 7PKXGTUKV[ Positions in other listed companies &QP /WCPI 6QNNYC[ 2WDNKE %QORCP[ .KOKVGF &KTGEVQT #WFKV %QOOKVVGG CPF %JCKTOCP QH 4KUM /CPCIGOGPV Committee %CVJC[ .GCUGRNCP 2WDNKE %QORCP[ .KOKVGF &KTGEVQT CPF %JCKTOCP QH Audit Committee 6JCK 5TK +PUWTCPEG 2WDNKE %QORCP[ .KOKVGF &KTGEVQT CPF %JCKTOCP QH the Nomination and 4GOWPGTCVKQP %QOOKVVGG Position in other non-listed companies 0CXCOKPFTCFJKTCL 7PKXGTUKV[

7PKXGTUKV[ QH $CPIMQM /GVTQRQNKVCP 8KEG %JCPEGNNQT Work Experience 6JG /CTMGVKPI 1TICPK\CVKQP HQT (CTOGTU /1( &KTGEVQT

TTW Shareholding None Date appointed as a director 5GRVGODGT Seminar and Training 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP 2007, #WFKV %QOOKVVGG 2TQITCO #%2 2006, &KTGEVQTU %GTVKĂ&#x152;ECVKQP 2TQITCO

&%2 *CTXCTF 7PKXGTUKV[ )TCFWCVG 5EJQQN QH $WUKPGUU #FOKPKUVTCVKQP 7 5 # 1995, #FXCPEGF /CPCIGOGPV 2TQITCO 6JG +PVGTPCVKQPCN 5GPKQT /CPCIGTUÂż 2TQITCO

'ZRTGUUYC[ CPF 4CRKF 6TCPUKV #WVJQTKV[ QH 6JCKNCPF )QXGTPQT &GRWV[ )QXGTPQT HQT 1RGTCVKQPU &GRWV[ )QXGTPQT HQT .CY CPF #ESWKUKVKQP &KTGEVQT QH .CPF CPF #ESWKUKVKQP &GRCTVOGPV &KTGEVQT QH .GICN &GRCTVOGPV TTW Shareholding None Date appointed as a director 5GRVGODGT Seminar and Training 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP 2005, #WFKV %QOOKVVGG 2TQITCO

#%2 2004, &KTGEVQTU #EETGFKVCVKQP 2TQITCO

&#2 2004, &KTGEVQTU %GTVKĂ&#x152;ECVKQP 2TQITCO

&%2 0CVKQPCN &GHGPUG %QNNGIG 1998, Diploma +PUVKVWVG QH .GICN 'FWECVKQP QH VJG 6JCK $CT 1975, $CTTKUVGT CV .CY

TTW Public Company Limited

DR. SOMBAT KITJALAKSANA

Education Background &QEVQTÂżU &GITGG 'PIKPGGTKPI

5QKN /GEJCPKE 7PKXGTUKV[ QH +PPUDTWEM #WUVTKC /CUVGTÂżU &GITGG 'PIKPGGTKPI

5QKN /GEJCPKE %JWNCNQPIMQTP 7PKXGTUKV[ Position in other listed companies $CPIMQM 'ZRTGUUYC[ CPF /GVTQ 2WDNKE %QORCP[ .KOKVGF &KTGEVQT /CPCIKPI &KTGEVQT CPF 8KEG %JCKTOCP QH VJG 'ZGEWVKXG Committee Position in other non-listed companies $CPIMQM /GVTQ 0GVYQTM %QORCP[ .KOKVGF

Age [GCTU QNF Positions in the Company &KTGEVQT CPF 'ZGEWVKXG %QOOKVVGG 669 2WDNKE %QORCP[ .KOKVGF

Education Background /CUVGTÂżU &GITGG 2QNKVKECN 5EKGPEG 5WMJQVJCK 6JCOOCVJKTCV 1RGP 7PKXGTUKV[ $CEJGNQTÂżU &GITGG 'NGEVTKECN 'PIKPGGTKPI 6QJQMW 7PKXGTUKV[ ,CRCP Position in other listed companies None Position in other non-listed companies None

MR. SUVICH PUNGCHAREON Age [GCTU QNF Positions in the Company &KTGEVQT CPF 'ZGEWVKXG %QOOKVVGG 669 2WDNKE %QORCP[ .KOKVGF

Other current positions $CPIMQM 'ZRTGUUYC[ CPF /GVTQ 2WDNKE %QORCP[ .KOKVGF #FXKUQT Work Experience $CPIMQM 'ZRTGUUYC[ 2WDNKE %QORCP[ .KOKVGF /CPCIKPI &KTGEVQT CPF )GPGTCN /CPCIGT 0QTVJGTP $CPIMQM 'ZRTGUUYC[ %QORCP[ .KOKVGF /CPCIKPI &KTGEVQT

&KTGEVQT Work Experience 2CVJWO 6JCPK 9CVGT %QORCP[ .KOKVGF &KTGEVQT %* -CTPEJCPI 2WDNKE %QORCP[ .KOKVGF 'ZGEWVKXG 8KEG 2TGUKFGPV $WUKPGUU Development 'NGEVTKEKV[ )GPGTCVKPI #WVJQTKV[ QH 6JCKNCPF *GCF QH &KXKUKQP %QPUVTWEVKQP 5VCPFCTF TTW Shareholding UJCTGU QT Date appointed as a director 5GRVGODGT Seminar and Training 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP 2006, &KTGEVQTU %GTVKĂ&#x152;ECVKQP 2TQITCO

&%2 2005, &KTGEVQTU #EETGFKVCVKQP 2TQITCO (DAP) 36/2005

6JG 5KCO %GOGPV 2WDNKE %QORCP[ .KOKVGF 6JCK +PFWUVTKCN (QTIKPI 5KCO 0CYCNQJC (QWPFT[ TTW Shareholding None Date appointed as a director 5GRVGODGT Seminar and Training -KPI 2TCLCFJKRQMÂż +PUVKVWVG 2004, 2QNKVKEU CPF )QXGTPCPEG KP &GOQETCVKE 5[UVGOU HQT 'ZGEWVKXGU %QWTUG %NCUU 2003, /CPCIGOGPV QH 2WDNKE 'EQPQO[ HQT 'ZGEWVKXGU %QWTUG %NCUU 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP 2003, &KTGEVQT %GTVKĂ&#x152;ECVKQP 2TQITCO

&%2 $GTMGNG[ 7PKXGTUKV[ 7 5 # 1984, /KPK /$#

Annual Report 2015

MRS. PAYAO MARITTANAPORN Age [GCTU QNF Positions in the Company &KTGEVQT 4KUM /CPCIGOGPV %QOOKVVGG CPF 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG 669 2WDNKE %QORCP[ .KOKVGF

MR. YASUTAKA SUZUKI Age [GCTU QNF Positions in the Company &KTGEVQT CPF 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG 669 2WDNKE %QORCP[ .KOKVGF

Education Background /CUVGTÂżU &GITGG $WUKPGUU #FOKPKUVTCVKQP %JWNCNQPIMQTP 7PKXGTUKV[ $CEJGNQTÂżU &GITGG Accountancy, %JWNCNQPIMQTP 7PKXGTUKV[ Position in other listed companies $CPIMQM 'ZRTGUUYC[ CPF /GVTQ 2WDNKE %QORCP[ .KOKVGF &KTGEVQT %QTRQTCVG )QXGTPCPEG CPF 4KUM /CPCIGOGPV %QOOKVVGG 'ZGEWVKXG %QOOKVVGG CPF /CPCIKPI &KTGEVQT Position in other non-listed companies :C[CDWTK 2QYGT %QORCP[ .KOKVGF &KTGEVQT Work Experience 0QTVJGTP $CPIMQM 'ZRTGUUYC[

Education Background /CUVGTÂżU &GITGG /5E /GEJCPKECN 'PIKPGGTKPI 6QJQMW 7PKXGTUKV[ 5GPFCK ,CRCP $CEJGNQTÂżU &GITGG $5E /GEJCPKECN 'PIKPGGTKPI 6QJQMW 7PKXGTUKV[ 5GPFCK ,CRCP Position in other listed companies None Position in other non-listed companies None Other current positions /KVUWK #UKC 2CEKĂ&#x152;E 26' %Q .VF 5KPICRQTG 5GPKQT 8KEG 2TGUKFGPV CPF &KTGEVQT )GPGTCN +PHTCUVTWEVWTG $WUKPGUU 2TQLGEV &GRCTVOGPV

%QORCP[ .KOKVGF /CPCIKPI &KTGEVQT $CPIMQM 'ZRTGUUYC[ CPF /GVTQ 2WDNKE %QORCP[ .KOKVGF &GRWV[ /CPCIKPI &KTGEVQT CPF #UUKUVCPV /CPCIKPI &KTGEVQT TTW Shareholding None Date appointed as a director (GDTWCT[ Seminar and Training 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP 2009, 4QNG QH VJG %QORGPUCVKQP %QOOKVVGG %NCUU 2004, &KTGEVQT %GTVKĂ&#x152;ECVKQP 2TQITCO

&%2

Work Experience /KVUWK 6QM[Q %Q .VF 2TQLGEV &GRWV[ &KTGEVQT 2TQLGEV &GXGNQROGPV &GRCTVOGPV +PHTCUVTWEVWTG $WUKPGUU 2TQLGEV &GRCTVOGPV 2TQLGEV &GXGNQROGPV &GRCTVOGPV /CPCIGT .QIKUVKE 5[UVGO 2TQLGEV &KXKUKQP /KVUWK -QTGC %Q .VF +PHTCUVTWEVWTG CPF /CEJKPGT[ &GXGNQROGPV &GRCTVOGPV /CPIGT /KVUWK .QPFQP %Q .VF +PHTCUVTWEVWTG $WUKPGUU 2TQLGEV &GRCTVOGPV /CPCIGT TTW Shareholding None Date appointed as a director #RTKN Seminar and Training None

TTW Public Company Limited

Education Background $CEJGNQT¿U &GITGG 'EQPQOKEU 6QM[Q 7PKXGTUKV[ ,CRCP $TE6lTE*7lT`M; *$EEC$TE= ++Z<S; b;<EVKS9+69R_<WD; ģĄŇĄĘ

MR. TOMOAKI MATSUMOTO Age [GCTU QNF Positions in the Company &KTGEVQT 'ZGEWVKXG %QOOKVVGG CPF 4KUM /CPCIGOGPV %QOOKVVGG 669 2WDNKE %QORCP[ .KOKVGF

MR. CHAIWAT UTAIWAN Age [GCTU QNF Positions in the Company &KTGEVQT 'ZGEWVKXG %QOOKVVGG 4KUM /CPCIGOGPV %QOOKVVGG %QTRQTCVG )QXGTPCPEG %QOOKVVGG CPF /CPCIKPI &KTGEVQT 669 2WDNKE %QORCP[ .KOKVGF Education Background /CUVGT¿U &GITGG /CUVGT QH $WUKPGUU #FOKPKUVTCVKQP

'ZGEWVKXG 5CUKP )TCFWCVG +PUVKVWVG QH $WUKPGUU #FOKPKUVTYCVKQP QH %JWNCNQPIMQTP 7PKXGTUKV[ /CUVGT QH 5EKGPEG /CVJGOCVKEU CPF %QORWVGT 5EKGPEG 7PKXGTUKV[ QH .QWKUXKNNG -GPVWEM[ 7 5 #

Position in other listed companies None Position in other non-listed companies /KVUWK 9CVGT *QNFKPIU 6JCKNCPF .KOKVGF &KTGEVQT /KV 2QYGT 6JCKNCPF .KOKVGF &KTGEVQT /KV 2QYGT %CRKVCNU 6JCKNCPF .KOKVGF &KTGEVQT Work Experience 2CVJWO 6JCPK 9CVGT %QORCP[ .KOKVGF &KTGEVQT

$CEJGNQT¿U &GITGG 5EKGPEG 5VCVKUVKEU %JWNCNQPIMQTP 7PKXGTUKV[ Position in other listed companies %- 2QYGT 2WDNKE %QORCP[ .KOKVGF &KTGEVQT Position in other non-listed companies 5WXCTPCDJWOK #KTRQTV *QVGN %QORCP[ .KOKVGF %JCKTOCP QH VJG $QCTF QH &KTGEVQTU +UNCOKE $CPM QH 6JCKNCPF %JCKTOCP QH VJG $QCTF QH &KTGEVQTU 2CVJWO 6JCPK 9CVGT %QORCP[ .KOKVGF &KTGEVQT CPF /CPCIKPI &KTGEVQT 6JCK 9CVGT 1RGTCVKQPU %QORCP[ .KOKVGF &KTGEVQT 6JCK .KUVGF %QORCPKGU #UUQEKCVKQP &KTGEVQT CPF 8KEG 2TGUKFGPV Work Experience $CPIMQM /GVTQ 2WDNKE %QORCP[ .KOKVGF &KTGEVQT 'ZGEWVKXG %QOOKVVGG 4KUM /CPCIGOGPV %QOOKVVGG CPF /CPCIKPI &KTGEVQT $CPIMQM /GVTQ 0GVYQTM %QORCP[ .KOKVGF 8KEG %JCKTOCP QH VJG $QCTF QH &KTGEVQTU )QXGTPOGPV 5CXKPIU $CPM &KTGEVQT CPF 'ZGEWVKXG %QOOKVVGG 5KCO %KV[ $CPM 2WDNKE %QORCP[ .KOKVGF 2TGUKFGPV CPF %JKGH 'ZGEWVKXG 1HHKEGT 5KCO %KV[ .KHG #UUWTCPEG 2WDNKE %QORCP[ .KOKVGF %JCKTOCP QH VJG $QCTF QH &KTGEVQTU #+) 4GVCKN $CPM 2WDNKE %QORCP[ .KOKVGF 2TGUKFGPV CPF %JKGH 'ZGEWVKXG 1HÌEGT #+) (KPCPEG 6JCKNCPF 2WDNKE %QORCP[ .KOKVGF 2TGUKFGPV CPF %JKGH 'ZGEWVKXG 1HÌEGT

669 2WDNKE %QORCP[ .KOKVGF &KTGEVQT /KVUWK %Q .VF 6QM[Q /CPCIGT (KTUV 2TQLGEV &GXGNQROGPV &GRV 2QYGT +PHTCUVTWEVWTG 2TQLGEV Development Division TTW Shareholding None Date appointed as a director #WIWUV Seminar and Training 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP 2006, &KTGEVQTU #EETGFKVCVKQP 2TQITCO

&#2 2006, &KTGEVQTU %GTVKÌECVKQP 2TQITCO

&%2

TTW Shareholding None Date appointed as a director /CTEJ Seminar and Training 6JCKNCPF 'PGTI[ #ECFGO[ 'PGTI[ 5EKGPEG %QWTUG HQT 5GPKQT 'ZGEWVKXGU %NCUU 0CVKQPCN &GHGPEG %QNNGIG QH 6JCKNCPF 0&% 0CVKQPCN &GHGPUG ,QKPV 2WDNKE 2TKXCVG 5GEVQT %QWTUG 0&% %NCUU %JWNCNQPIMQTP 7PKXGTUKV[ .CPF 2QYGT %QWTUG (QT 5GPKQT 'ZGEWVKXGU %NCUU %QOOGTEG #ECFGO[ 7PKXGTUKV[ QH VJG 6JCK %JCODGT QH %QOOGTEG 6QR 'ZGEWVKXG 2TQITCO KP %QOOGTEG CPF 6TCFG 6'2%Q6 %NCUU 2WDNKE &KTGEVQT +PUVKVWVG 2&+ -KPI 2TCLCFJKRQM U +PUVKVWVG %QTRQTCVG )QXGTPCPEG %QWTUG HQT &KTGEVQTU CPF 5GPKQT 'ZGEWVKXGU QH 5VCVG 'PVGTRTKUGU CPF 2WDNKE 1TICPK\CVKQPU 2&+ %NCUU %CRKVCN /CTMGV #ECFGO[ %CRKVCN /CTMGV #ECFGO[ %QWTUG HQT 5GPKQT 'ZGEWVKXGU %/# %QWTUG %NCUU 6JCK +PUVKVWVG QH &KTGEVQTU +1& 4QNG QH %JCKTOCP 2TQITCO 4%2 %NCUU 6JCK +PUVKVWVG QH &KTGEVQTU +1& &KTGEVQT %GTVKÌECVKQP 2TQITCO &%2 %NCUU

Annual Report 2015

Management

MR. CHAIWAT UTAIWAN &KTGEVQT 'ZGEWVKXG %QOOKVVGG 4KUM /CPCIGOGPV %QOOKVVGG %QTRQTCVG )QXGTPCPEG %QOOKVVGG CPF /CPCIKPI &KTGEVQT

2 MS. WALAINUT TRIVISVAVET #UUKUVCPV /CPCIKPI &KTGEVQT #FOKPKUVTCVKQP )TQWR

MR. TANAT SIRICHAROEN #UUKUVCPV /CPCIKPI &KTGEVQT 1RGTCVKQPU )TQWR

MS. SUDARAT CHIAMCHAN %QTRQTCVG #HHCKTU &KTGEVQT CPF %QORCP[ 5GETGVCT[

TTW Public Company Limited

MS. PATHIDA CHAIYASEN *WOCP 4GUQWTEG CPF #FOKPKUVTCVKXG &KTGEVQT

6 MR. CHATCHAWAN TIANPRASERTKIT #EVKPI %WUVQOGT 4GNCVKQPUJKR /CPCIGOGPV &KTGEVQT

MR. SOMKIAT PATTAMAMONGKOLCHAI (KPCPEG CPF #EEQWPVKPI &KTGEVQT

MR. PIPAT KATIKUL #EVKPI 'PIKPGGTKPI CPF %QPUVTWEVKQP &KTGEVQT

MR. HONGTHONG ARTIT $WUKPGUU &GXGNQROGPV &KTGEVQT

Annual Report 2015

MR. CHAIWAT UTAIWAN Age [GCTU QNF Positions in the Company

&KTGEVQT 'ZGEWVKXG %QOOKVVGG 4KUM /CPCIGOGPV %QOOKVVGG %QTRQTCVG )QXGTPCPEG %QOOKVVGG CPF /CPCIKPI &KTGEVQT 669 2WDNKE %QORCP[ .KOKVGF Education Background /CUVGT¿U &GITGG /CUVGT QH $WUKPGUU #FOKPKUVTCVKQP

'ZGEWVKXG 5CUKP )TCFWCVG +PUVKVWVG QH $WUKPGUU #FOKPKUVTCVKQP QH %JWNCNQPIMQTP 7PKXGTUKV[ /CUVGT QH 5EKGPEG /CVJGOCVKEU CPF %QORWVGT 5EKGPEG 7PKXGTUKV[ QH .QWKUXKNNG -GPVWEM[ 7 5 #

MR. TANAT SIRICHAROEN Age [GCTU QNF Position in the Company #UUKUVCPV /CPCIKPI &KTGEVQT 1RGTCVKQPU )TQWR 669 2WDNKE %QORCP[ .KOKVGF

Education Background $CEJGNQT¿U &GITGG +PFWUVTKCN 'NGEVTQPKE 6GEJPQNQI[ -KPI /QPIMWV¿U +PUVKVWVG QH 6GEJPQNQI[ 0QTVJ $CPIMQM

Seminar and Training 2014, 6JCKNCPF 'EQPQOKE 1WVNQQM 2014, %JCPIG /CPCIGOGPV 2TQITCO 6JCK +PUVKVWVG QH &KTGEVQTU CPF #UUQEKCVKQP 2013, &KTGEVQT %GTVKÌECVKQP 2TQITCO

&%2 2012, &KTGEVQT #EETGFKVCVKQP 2TQITCO

&#2 6JCKNCPF /CPCIGOGPV #UUQEKCVKQP 2013 #5'#0 $WUKPGUU (QTWO 6JCK 9CVGT #UUQEKCVKQP +PVGITCVGF 9CVGT /CPCIGOGPV HQT 'ZGEWVKXG %NCUU 2011, What does it take to be an MD of a listed company?

Other current positions 6JCK 9CVGT 1RGTCVKQPU %QORCP[ .KOKVGF &KTGEVQT CPF /CPCIKPI &KTGEVQT Work Experience 669 2WDNKE %QORCP[ .KOKVGF 1RGTCVKQP &KTGEVQT 6JCK 9CVGT 1RGTCVKQPU %QORCP[ .KOKVGF 1RGTCVKQP /CPCIGT $,6 9CVGT %QORCP[ .KOKVGF 1RGTCVKQP &KTGEVQT CPF /CKPVGPCPEG /CPCIGT TTW Shareholding None

TTW Public Company Limited

Education Background /CUVGT¿U &GITGG /CUVGT QH 5EKGPEG KP #FOKPKUVTCVKXG 5VWFKGU 5WDEQPEGPVTCVKQP (KPCPEKCN 'EQPQOKEU $QUVQP 7PKXGTUKV[ $CEJGNQT¿U &GITGG $WUKPGUU #FOKPKUVTCVKQP #UUWORVKQP 7PKXGTUKV[ Other current positions None

MS. WALAINUT TRIVISVAVET Age [GCTU QNF Position in the Company #UUKUVCPV /CPCIKPI &KTGEVQT #FOKPKUVTCVKQP )TQWR 669 2WDNKE %QORCP[ .KOKVGF

Work Experience $CPIMQM 'ZRTGUUYC[ 2WDNKE %QORCP[ .KOKVGF #UUKUVCPV /CPCIKPI &KTGEVQT (KPCPEG 7PKV 4WPI 2JQPEJCK %QORCP[ .KOKVGF /CPCIKPI &KTGEVQT CPF )GPGTCN &KTGEVQT (CJCOQTP 'SWKROGPV %QORCP[ .KOKVGF /CPCIKPI &KTGEVQT 4 5 $ %QPUVTWEVKQP %QORCP[ .KOKVGF /CPCIKPI &KTGEVQT 5C PIC 'SWKROGPV %QORCP[ .KOKVGF )GPGTCN /CPCIGT

Education

/CUVGT¿U &GITGG /CUVGT QH /CPCIGOGPV /CJKFQN 7PKXGTUKV[ $CEJGNQT¿U &GITGG $WUKPGUU #FOKPKUVTCVKQP #EEQWPVKPI 4COMJCOJCGPI 7PKXGTUKV[ Work Experience

2CVJWO 6JCPK 9CVGT %QORCP[ .KOKVGF #EEQWPVKPI CPF (KPCPEG /CPCIGT +PFGZ +PVGTPCVKQPCN )TQWR %QORCP[ .KOKVGF #EEQWPVKPI CPF (KPCPEG /CPCIGT

MS. SUDARAT CHIAMCHAN Age [GCTU QNF Positions in the Company %QTRQTCVG #HHCKTU &KTGEVQT CPF %QORCP[ 5GETGVCT[ 669 2WDNKE %QORCP[ .KOKVGF

TTW Shareholding

None

Seminar and Training

6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP 2015, Advance Audit Committee 2TQITCO ##%2 ĆěŇü

TTW Shareholding None Seminar and Training 6JCK +PUVKVWVG QH &KTGEVQTU +1& 2015, Advanced Audit Committee 2TQITCO ##%2 %NCUU 2015, %QORCP[ 4GRQTVKPI 2TQITCO

%42 %NCUU 2015, &KTGEVQT %GTVKÌECVKQP 2TQITCO (DCP) Class 201/2015 (GFGTCVKQP QH #EEQWPVKPI 2TQHGUUKQPU 7PFGT 4Q[CN 2CVTQPCIG QH *KU /CLGUV[ 6JG -KPI $G[QPF 6TGCUWT[ /CPCIGOGPV %QWTUG %JKGH (KPCPEKCN 1HÌEGT %GTVKÌECVKQP 2TQITCO %(1 %NCUU #FXCPEGF %GTVKÌECVG %QWTUG KP 2WDNKE 'EQPQOKEU /CPCIGOGPV HQT UGPKQT GZGEWVKXGU

2014, &KTGEVQT %GTVKÌECVKQP 2TQITCO

&%2 2012, 'HHGEVKXG /KPWVGU 6CMKPI '/6 2011, What does it take to be an MD of a listed company? 2011, %QORCP[ 5GETGVCT[ 2TQITCO

%52 2011, %QORCP[ 4GRQTVKPI 2TQITCO

%42 6JCKNCPF /CPCIGOGPV #UUQEKCVKQP 2014, %JCPIG /CPCIGOGPV 2TQITCO 2013, TMA, Management Development 2TQITCO

Annual Report 2015

MS. PATHIDA CHAIYASEN Age [GCTU QNF Positions in the Company *WOCP 4GUQWTEG CPF #FOKPKUVTCVKXG &KTGEVQT 669 2WDNKE %QORCP[ .KOKVGF

MR. SOMKIAT PATTAMAMONGKOLCHAI Age [GCTU QNF Positions in the Company (KPCPEG CPF #EEQWPVKPI &KTGEVQT 669 2WDNKE %QORCP[ .KOKVGF

Education Background

Seminar and Training 6JCKNCPF /CPCIGOGPV #UUQEKCVKQP 2014, %JCPIG /CPCIGOGPV 2TQITCO 2014, Management Development 2TQITCO 6JCK .KUVGF %QORCPKGU #UUQEKCVKQP 2013, %'1 *%/ %NKPKE 6JCKNCPF /CPCIGOGPV #UUQEKCVKQP 2013, 6/# /CPCIGOGPV &GXGNQROGPV 2TQITCO 2011, What does it take to be an MD of a listed company?

Education Background /CUVGTÂżU &GITGG /CUVGT QH #EEQWPVKPI 6JCOOCUCTV 7PKXGTUKV[ $CEJGNQTÂżU &GITGG %QOOGTEG CPF #EEQWPVCPE[ %JWNCNQPIMQTP 7PKXGTUKV[

TTW Shareholding None Seminar and Training +$% #UKC 5 26' .6& 2014, 'CUV #UKC 2CEKĂ&#x152;E +PHTCUVTWEVWTG 4GIWNCVQT[ #5'#0 'PGTI[ 4GIWNCVQTU 0GVYQTM #PPWCN %WTTGPV +UUWGU %QPHGTGPEG +$% #UKC 5 26' .6& 2014, %JCPIG /CPCIGOGPV 2TQITCO 2011, What does it take to be an MD of a listed company? 6JCK +PUVKVWVG QH &KTGEVQTU #UUQEKCVKQP 2009, &KTGEVQTU %GTVKĂ&#x152;ECVKQP 2TQITCO

&%2 2009, &KTGEVQTU #EETGFKVCVKQP 2TQITCO

&#2

/CUVGTÂżU &GITGG /CUVGT QH 'FWECVKQP 'FWECVKQP OCPCIGOGPV %JWNCNQPIMQTP 7PKXGTUKV[ $CEJGNQTÂżU &GITGG 2QNKVKEU 5EKGPEG

*WOCP 4GUQWTEG /CPCIGOGPV %JWNCNQPIMQTP 7PKXGTUKV[ Work Experience $CPIMQM /KETQDWU %QORCP[ .KOKVGF *WOCP 4GUQWTEG /CPCIGT 6JCPCEJCTV %CRKVCN %QORCP[ .KOKVGF 5GPKQT *WOCP 4GUQWTEG 1HHKEGT TTW Shareholding UJCTGU QT

Other Current Positions 6JCK 9CVGT 1RGTCVKQPU %QORCP[ .KOKVGF &KTGEVQT 2CVJWO 6JCPK 9CVGT %QORCP[ .KOKVGF &KTGEVQT Work Experience %- 2QYGT 2WDNKE %QORCP[ .KOKVGF &KTGEVQT '; 1HĂ&#x152;EG .KOKVGF #UUKUVCPV #WFKV /CPCIGT $CPIMJGPEJCK %QORCP[ .KOKVGF &KTGEVQT

TTW Public Company Limited

MR. HONGTHONG ARTIT Age [GCTU QNF Position in the Company $WUKPGUU &GXGNQROGPV &KTGEVQT 669 2WDNKE %QORCP[ .KOKVGF

Mr. Chatchawan Tianprasertkit Age [GCTU QNF Position in the Company #EVKPI %WUVQOGT 4GNCVKQPUJKR /CPCIGOGPV &KTGEVQT 669 2WDNKE %QORCP[ .KOKVGF

Education Background /CUVGT¿U &GITGG +PHTCUVTWEVWTG CPF /CPCIGOGPV 'PIKPGGTKPI / 'PI -CUGVUCTV 7PKXGTUKV[ $CEJGNQT¿U &GITGG Mechanical 'PIKPGGTKPI $ 'PI -KPI /QPIMWV¿U +PUVKVWVG QH 6GEJPQNQI[ 0QTVJ $CPIMQM

-/+60 $CPIMQM Work Experience 2CVJWO 6JCPK 9CVGT %QORCP[ .KOKVGF 1RGTCVKQP &GRCTVOGPV /CPCIGT 669 2WDNKE %QORCP[ .KOKVGF 'PIKPGGTKPI CPF %QPUVTWEVKQP %JKGH ,QKPV 8GPVWTG 69%2KRGNKPG 5KVG /CPCIGT 6JCK %TCPG +PVGTPCVKQPCN %QORCP[ .KOKVGF 'PIKPGGTKPI /CPCIGT 585 %QPUWNVCPV %QORCP[ .KOKVGF 'PIKPGGTKPI /CPCIGT

Educational background: /CUVGT¿U FGITGG $WUKPGUU #FOKPKUVTCVKQP /CPCIGOGPV 2TQITCO 5TKRCVWO 7PKXGTUKV[ $CEJGNQT¿ FGITGG Faculty of %QOOGTEG CPF #EEQWPVCPE[ &GRCTVOGPV QH 5VCVKUVKEU %QORWVGT 2TQITCO %JWNCNQPIMQTP 7PKXGTUKV[ Other current positions None Experiences 669 2WDNKE %QORCP[ .KOKVGF +PVGTPCN #WFKV &KXKUKQP /CPCIGT +PHQTOCVKQP 6GEJPQNQI[ &KTGEVQT /CTMGVKPI &KTGEVQT $CPIMQM /GVTQ 2WDNKE %QORCP[ .KOKVGF 5GPKQT &KXKUKQP /CPCIGT $WUKPGUU &GXGNQROGPV &KXKUKQP 1RGTCVKQP 5WRRQTV &KXKUKQP /CPCIGT 1RGTCVKQP &GRCTVOGPV $WUKPGUU #RRNKECVKQP %Q .VF $WUKPGUU /CPCIGOGPV #RRNKGF 5QHVYCTG 2TQFWEV /CPCIGT 5KCO -C[CDC %Q .VF %QORWVGT &KXKUKQP /CPCIGT

TTW Shareholding UJCTGU QT Seminar and Training +FGCN (QTWO %Q .VF 2014, ,QKPV 8GPVWTG +PXGUVOGPV $WUKPGUU %QPVTCEV 4KUM /CPCIGOGPV KP /[CPOCT 6JCKNCPF /CPCIGOGPV #UUQEKCVKQP 2014, /CPCIGOGPV &GXGNQROGPV 2TQITCO 2014, 6JG )TGCV /GMJQPI +PXGUVOGPV (QTWO 'WTQOQPG[ %QPHGTGPEG 2014, %JCPIG /CPCIGOGPV 2TQITCO 2013, TMA, Management Development 2TQITCO

TTW Shareholding None Seminar and Training 2KXQVCN 4GUQWTEGU +PE 2015, .GCP 5KZ 5KIOC .GCFKPI %QPVKPWQWU +ORTQXGOGPV 2TQITCO 6JCK +PUVKVWVG QH &KTGEVQTU 2015, $WUKPGUU 4GRQTVKPI 2TQITCO 2012, (KPCPEG HQT 0QP (KPCPEG %QWTUG /CTEWU 'XCPU 2011, 4KUM /CPCIGOGPV %QWTUG %% -PQYNGFIG $CUG %Q .VF 2015, 2TQHGUUKQPCN 2TGUGPVCVKQP 2TQITCO 64+5 #ECFGO[ QH /CPCIGOGPV 2014, )QXGTPCPEG 4KUM CPF %QORNKCPEG 2TQITCO HQT 'ZGEWVKXGU (GFGTCVKQP QH #EEQWPVKPI 2TQHGUUKQPU 2013,+PVGTPCN #WFKV %GTVKH[ 2TQITCO 6JCOOCUCV 7PKXGTUKV[ 2012 /CTMGVKPI %GTVKÌECVG 2TQITCO

/%2 'ZEGNNGPEG 5GTKGU %NCUU 6JCKNCPF 2TQFWEVKXKV[ +PUVKVWVG 2011 +PVGITCVGF /CPCIGOGPV 5[UVGO HQT 5WUVCKPCDKNKV[ 2TQITCO +/5

Annual Report 2015

Education background /CUVGTÂżU FGITGG $WUKPGUU #FOKPKUVTCVKQP National Institute of Development #FOKPKUVTCVKQP 0+&# %QORWVGT CPF 'PIKPGGTKPI /CPCIGOGPV #UUWORVKQP 7PKXGTUKV[ $CEJGNQTÂżU FGITGG (CEWNV[ QH 5EKGPEG &GRCTVOGPV QH /KETQDKQNQI[ -KPI /QPIMWVÂżU 7PKXGTUKV[ QH 6GEJPQNQI[ 6JQPDWTK Other current positions ology

Mr. Pipat Katikul Age [GCTU QNF Position in the Company #EVKPI 'PIKPGGTKPI CPF %QPUVTWEVKQP &KTGEVQT 669 2WDNKE %QORCP[ .KOKVGF

Experiences 6JCK 9CVGT 1RGTCVKQPU %Q .VF 3WCNKV[ CPF 'HĂ&#x152;EKGPE[ &GXGNQROGPV &KXKUKQP /CPCIGT 1RGTCVKQP &KXKUKQP /CPCIGT 2CVJWO 6JCPK 9CVGT 6TGCVOGPV 2NCPV $WUKPGUU &GXGNQROGPV &KXKUKQP /CPCIGT 669 2WDNKE %QORCP[ .KOKVGF $WUKPGUU &GXGNQROGPV &KXKUKQP /CPCIGT $,6 9CVGT %Q .VF 1RGTCVKQP &KXKUKQP /CPCIGT

#LKPQOQVQ 6JCKNCPF %Q .VF 2TQFWEVKQP &KXKUKQP /CPCIGT TTW Shareholding None Seminar and Training 6JCK +PUVKVWVG QH &KTGEVQTU 2014, *QY VQ &GXGNQR C 4KUM Management Plan 2015, $WUKPGUU 4GRQTVKPI 2TQITCO $42 6JCKNCPF /CPCIGOGPV #UUQEKCVKQP 2014, $WUKPGUU %CRCDKNKV[ 'PJCPEG OGPV 2TQITCO $%'2 2015, /QPKVQTKPI CPF %QPVTQNNKPI $WUKPGUU 2GTHQTOCPEG %% -PQYNGFIG $CUG %Q .VF 2015, 2TQHGUUKQPCN 2TGUGPVCVKQP 5MKNNU Intensive 2KXQVCN 4GUQWTEGU +PE 2015, .GCP 5KZ 5KIOC HQT 'ZGEWVKXG

TTW Public Company Limited

SHAREHOLDERS IN 2015 AS OF DECEMBER 31, 2015

Name-Surname

Position %JCKTOCP QH VJG $QCTF QH &KTGEVQTU &KTGEVQT

Changes is Number of Number of TTW Share Shares Shares Structure Shareholder Start of End of 2015 during the (%) 2015 year 1,100,000

1,100,000

/TU 5CKMCUGO 6TKXKUXCXGV 5RQWUG

100,000

&KTGEVQT

100

1,000,000

+PFGRGPFGPV &KTGEVQT

none

/T 5QOPWM %JCKFGLUWTK[C +PFGRGPFGPV &KTGEVQT /T 5WXKEJ 2WPIEJCTGQP &KTGEVQT

none none

&T 6JCPQPI $KFC[C /T 2NGY 6TKXKUXCXGV /T 0CTQPI 5CPIUWTK[C

/T 6GEJCRKV 5CPIUKPIMGQ +PFGRGPFGPV &KTGEVQT /T 2JCKTWEJ /GMCTRQTP

/TU 9CPPC 2WPIEJCTGQP 5RQWUG

200,000

300,000

100,000

&T 5QODCV -KVLCNCMUCPC

&KTGEVQT

/T 6QOQCMK /CVUWOQVQ /T ;CUWVCMC 5W\WMK

&KTGEVQT &KTGEVQT &KTGEVQT CPF /CPCIKPI &KTGEVQT #UUKUVCPV /CPCIKPI &KTGEVQT 1RGTCVKQPU )TQWR

none

/KUU 9CNCKPWV 6TKXKUXCXGV

#UUKUVCPV /CPCIKPI &KTGEVQT #FOKPKUVTCVKQP )TQWR

none

/KUU 5WFCTCV %JKCOEJCP

%QTRQTCVG #HHCKTU &KTGEVQT

none

Miss Pathida Chaiyasen

*WOCP 4GUQWTEG CPF #FOKPKUVTCVKXG &KTGEVQT

200,000

/T 5QOMKCV Pattamamongkolchai

Finance CPF #EEQWPVKPI &KTGEVQT $WUKPGUU &GXGNQROGPV &KTGEVQT #EVKPI %WUVQOGT 4GNCVKQPUJKR /CPCIGOGPV &KTGEVQT #EVKPI 'PIKPGGTKPI CPF %QPUVTWEVKQP &KTGEVQT

none

/T %JCKYCV 7VCKYCP /T 6CPCV 5KTKEJCTQGP

/T *QPIVJQPI #TVKV /T %JWVEJCYCP 6KGPRTCUGTVMKL /T 2KRCV -CVKMWN

none

Annual Report 2015

SUSTAINABLE DEVELOPMENT FOR THE COUNTRY, SOCIETY, ENVIRONMENT AND SUSTAINABLE BUSINESS Water Cycle, Life Cycle Thong Pha Phum National Park Etong Village, Pilok, Thong Pha Phum, Kanchanaburi Nature Tributary

Wastewater Treatment

TTW is well aware that the sustainable growth of the country is based on sustainable development of various fields. TTW is the largest tap water private producer of the country which operates its business concurrently with participation in supervising, improving, developing communities and environment in order to constitute the actual sustainability. As we believe in our business philosophy mentioned â&#x20AC;Ś â&#x20AC;&#x153;Better quality of waterâ&#x20AC;Ś brings better quality of life â&#x20AC;Ś We dedicate ourselves operate total service for the complete water management business and to supervise and to solve social and environmental problems from upstream until downstreamâ&#x20AC;Ś

River

Water Users (Household/ Industry/Commerce)

Water Treatment Plant

Restoration and Conservation "Watershed" #U YCVGT KU PCVWTCN TGUQWTEGU CPF WUGF CU OCKP TCY OCVGTKCN QH DWUKPGUU QRGTCVKQP 669 KORNGOGPVU Ă /KNNKQP 5GGFNKPIU #HHQTGUV 9CVGTUJGFĂ&#x201A; 2TQLGEV KP FGHQTGUVGF CTGC FWG VQ RCUV OKPKPI CV 'VQPI 8KNNCIG 6CODQP 2KNQM #ORJQG 6JQPIRJCRJWO -CPEJCPCDWTK 2TQXKPEG NQECVGF KP 6JQPIRJCRJWO 0CVKQPCN 2CTM YJGTG KU VJG YCVGTUJGF QH /CG -NQPI 4KXGT $CUKP CPF YCVGT FKXGTUKQP KU OCFG VQ 6JC %JKP 4KXGT YJGTG 669 WUGU CU VJG OCKP TCY YCVGT UQWTEG KP RTQFWEKPI VCR YCVGT CPF FKUVTKDWVKPI YCVGT VQ WUGTU KP 5COWV 5CMJQP 0CMJQP 2CVJQO CTGC 6CTIGV QH VJKU 2TQLGEV KU UGV VQ CHHQTGUV 4CK QH NCPF QT VTGGU CPPWCNN[ HQT VJG RGTKQF QH [GCTU HTQO QT VQVCNN[ OKNNKQP VTGGU CPF VJG RNCPVGF CTGCU OWUV DG OCKPVCKPGF HQT CPQVJGT [GCTU CHVGT RNCPVKPI VQVCNN[ [GCTU DGHQTG FGNKXGT[ VQ &GRCTVOGPV QH 0CVKQPCN 2CTMU 9KNFNKHG CPF 2NCPV %QPUGTXCVKQP HWTVJGT OCKPVGPCPEG

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Ă&#x152;EGT IQXGTPOGPV CWVJQTKVKGU CPF NQECN CWVJQTKVKGU CU YGNN CU UJCTGJQNFGTU QH VJG EQORCP[ YJQ RCTVKEKRCVG KP VTCXGNNKPI VQ VJG FKUVCPV CPF FGUGTVGF CTGC CU YKVPGUU KP FGNKXGTKPI RNCPVGF HQTGUV CEEQTFKPI VQ VJG KPVGPVKQP CPF FGFKECVKQP QH RCTVKEKRCVKPI KP UWRGTXKUKPI YCVGTUJGF

Objective

6Q CHHQTGUV CPF KORTQXG FGHQTGUVGF CTGC YJKEJ KU YCVGTUJGF QH VJG OCKP TKXGT WUKPI KP EQORCP[ÂżU DWUKPGUU TGUVQTKPI VQ KVU HGTVKNG HQTGUV

Operation

6Q CHHQTGUV CPF KORTQXG FGHQTGUVGF CTGC EQPEWTTGPVN[ KP EQTRQTCVKQP YKVJ &GRCTVOGPV QH 0CVKQPCN 2CTMU 9KNFNKHG CPF 2NCPV %QPUGTXCVKQP HQT VJG Ă&#x152;HVJ [GCT KP 6JQPIRJCRJWO 0CVKQPCN 2CTM CV 'VQPI 8KNNCIG 6CODQP 2KNQM #ORJQG 6JQPIRJCRJWO -CPEJCPCDWTK 2TQXKPEG D[ GORNQ[KPI NQECN NCDQWT HQTEG VQ CHHQTGUV CPF OCKPVCKP HQTGUV EQPFKVKQP KPENWFKPI CHHQTGUVKPI 4CK QH NCPF CPF OCKPVCKP HQTGUV EQPFKVKQP 4CK QH NCPF VJG RNCPVGF HQTGUV KP /QTGQXGT QTICPK\KPI VJG RNCPVGF HQTGUV FGNKXGT[ KP VQVCNN[ 4CK QH NCPF VQ &GRCTVOGPV QH 0CVKQPCN 2CTMU 9KNFNKHG CPF 2NCPV %QPUGTXCVKQP QP &GEGODGT

Social and community benefits

+P VJG CHHQTGUVCVKQP QH FGHQTGUVGF CTGC KP YCVGTUJGF CTGC QP NGXGN KP 6JQPIRJCRJWO 0CVKQPCN 2CTM KPETGCUGU VQVCNN[ 4CK QH NCPF QT VTGGU CU YGNN CU KV KU CDNG VQ FKUVTKDWVG KPEQOG VQ VJG EQOOWPKV[ VQVCNN[ $CJV

Company benefits

'ORNQ[GGU JCXG QRRQTVWPKV[ VQ RCTVKEKRCVG KP CHHQTGUVCVKQP QH YCVGTUJGF EQPEWTTGPVN[ YKVJ VJG EQOOWPKV[ KP QTFGT VQ HQTOWNCVG CYCTGPGUU QH GPXKTQPOGPVCN EQPUGTXCVKQP

TTW Public Company Limited

Water Source Supervision #HHQTGUVCVKQP QH YCVGT YJKEJ KU UWDUVCPVKCN TGSWKTGU EQPUVTWEVKQP QH %JGEM &CO VQ UVQTG YCVGT HQT CDUQTRVKQP VQ PQWTKUJ UGGFNKPIU CU YGNN CU DGKPI YCVGT UQWTEGU HQT YKNF NKXGU CPF OQKUVWTG QH UQKN UWTHCEG VQ RTGXGPV YKNFÌTG TGFWEKPI YCVGT ÍQY TCVG VQ VJG TKXGT UNQYN[ YJKEJ KU EQPUKUVGPV VQ IQXGTPOGPV RQNKE[ KP UVQTKPI HQT VJG YJQNG [GCT WUCIG CU YGNN CU VTKCN WUKPI UNWFIG VQ KORTQXG OQFKH[ CU EQPUVTWEVKQP OCVGTKCN QH VJG FCO CPF RTQEGGFKPI Á /KNNKQP 5GGFNKPIU #HHQTGUV 9CVGTUJGFÂ 2TQLGEV VQ OCKPVCKP YCVGT UQWTEG EQPVKPWQWUN[

Supervision residents who live near the river

4GUKFGPVU YJQ NKXG PGCT VJG TKXGT RCTVKEWNCTN[ JQWUGJQNF UGEVQT QT EQOOWPKV[ UGEVQT YJKEJ KU CP KORQTVCPV RCTV HQT RCTVKEKRCVKPI KP OCKPVCKPKPI CPF UQNXKPI YCVGT UQWTEG RTQDNGOU 669 QTICPK\GU CEVKXKVKGU EQPEWTTGPVN[ YKVJ EQOOWPKVKGU PGCT 6JC %JKP 4KXGT EQPVKPWQWUN[ CU HQNNQY

Indoctrination of water conservation concept in children Objectives

6Q RTQOQVG EJKNFTGP YJQ NKXG CTQWPF YCVGT VTGCVOGPV RNCPV VQ JCXG HWP CEVKPI CEEQTFKPI VQ VJGKT CIGU CPF QDVCKPKPI MPQYNGFIG TGICTFKPI YCVGT CPF GPXKTQPOGPV EQPUGTXCVKQP CU YGNN CU XKUKVKPI YCVGT VTGCVOGPV RNCPV QH VJG EQORCP[

Operation

669 QTICPK\GU 0CVKQPCN %JKNFTGP &C[ CEVKXKV[ CV $CPINGP YCVGT VTGCVOGPV RNCPV CPF 2CVJWOVJCPK YCVGT VTGCVOGPV RNCPV QP Á6JCK 6CR 9CVGT %JKNFTGP &C[ YKVJ 9CVGT %QPUGTXGF *GCTVÂ 'ORNQ[GGU RCTVKEKRCVG KP NGCTPKPI RTQOQVKQP CEVKXKVKGU KP EQORCP[ DWUKPGUU CPF YCVGT TGUQWTEG EQPUGTXCVKQP KP GZJKDKVKQP DQCTFU YCVGT SWCNKV[ VGUVKPI DQQVJ CPF UWRGT HWP ICOGU

Social and community benefits

%JKNFTGP KP EQOOWPKVKGU NQECVGF PGCT DQVJ YCVGT VTGCVOGPV RNCPVU VQVCNN[ RGTUQPU JCXG HWP CEEQTFKPI VQ VJGKT CIGU NGCTPKPI VCR YCVGT QTKIKP CPF YCVGT TGUQWTEG OCKPVCKPKPI OGVJQFU

Company benefits

'ORNQ[GG VQVCNN[ RGTUQPU RCTVKEKRCVG KP FKUVTKDWVKQP QH MPQYNGFIG KP QRGTCVKPI DWUKPGUU QH VJG EQORCP[ CPF ETGCVKPI IQF TGNCVKQPU YKVJ EQOOWPKVKGU

"Promotion of Education" brings good future to the country, measures of participation in developing communities and society combined with water conservation

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

Annual Report 2015

Objectives

6Q RTQOQVG CPF KPETGCUG GFWECVKQPCN QRRQTVWPKV[ HQT EJKNFTGP KP EQOOWPKVKGU CU YGNN CU VQ TGNKGXG DWTFGP QH GFWECVKQP GZRGPUGU QH VJGKT RCTGPVU CPF VQ GORJCUK\G QP OCKPVCKPKPI YCVGT UQWTEG EQPEWTTGPVN[

Operation

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

Social and community benefits

6Q GPJCPEG GFWECVKQPCN QRRQTVWPKV[ HQT EJKNFTGP KP EQOOWPKVKGU VQVCNN[ UVWFGPVU CPF VQ TGNKGXG DWTFGP QH GFWECVKQP GZRGPUGU QH VJGKT RCTGPVU KP PGY UGOGUVGT KP CFFKVKQP GFWECVKQP GSWKROGPVU CTG RTQXKFGF UEJQQNU CPF 5RGEKCN 'FWECVKQP %GPVGTU 9JKEJ ECP DG WUGF VQ FGXGNQR VGCEJKPI CPF NGCTPKPI GHÌEKGPVN[ UMKNN FGXGNQROGPV UGV CTG RTQXKFG VQ

Company benefits

'ORNQ[GGU RCTVKEKRCVG KP EQOOWPKV[ CEEGUU CPF ETGCVG IQQF TGNCVKQPU YKVJ EQOOWPKVKGU

“Producing bottled water for sharing”

Not only quench thirst, but also develop community area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

Objectives

2TQFWEKPI DQVVNGF YCVGT OGTGN[ PGV EQPVGPV ON YJKEJ KU C CRRTQRTKCVG UK\G CPF YQTVJ[ EQPUWORVKQP QH YCVGT HQT QPEG FTKPMKPI YKVJ PQ YCVGT NGHV 5WEJ FTKPMKPI YCVGT KU WUGF VQ RTQOQVG RWDNKE EJCTKV[ CEVKXKVKGU CPF VQ FQPCVG VQ EQOOWPKVKGU HQT DGVVGT SWCNKV[ QH NKHG KP HWPFCOGPVCN RWDNKE WVKNKVKGU

Operation

669 GORNQ[U NCDQWT HQTEG YJQ NKXG PGCT $CPINGP YCVGT VTGCVOGPV RNCPV KP RTQFWEKPI DQVVNGF YCVGT VQVCNN[ DQVVNGU YJKEJ CTG ECNEWNCVGF CU YCIG COQWPV $CJV

Social and community benefits

%QOOWPKVKGU JCXG DGVVGT SWCNKV[ QH NKHG KP HWPFCOGPVCN RWDNKE WVKNKVKGU CU YGNN CU KV ECP FKUVTKDWVG KPEQOG VQ EQOOWPKVKGU VQQ

Company benefits

&KUVTKDWVKPI MPQYNGFIG QH DWUKPGUU QRGTCVKQP RWDNKEK\KPI EQORCP[ TGRWVCVKQP CPF ETGCVKPI IQQF TGNCVKQP DGVYGGP VJG EQORCP[ CPF KPVGTGUVGF RCTVKGU

TTW Public Company Limited

Tap water manufacturing with awareness of social and environment responsibility “Manufacturing tap water better than standard” Zero-Waste Management to enhance economy and friendly to environment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

OCPWHCEVWTKPI RTQEGUU HQT OQFKÌECVKQP CPF TGE[ENKPI YCVGT DCEM VQ RTQFWEVKQP RTQEGUU YJKEJ KU FGGOGF CU <GTQ 9CUVG /CPCIGOGPV CU YGNN CU YQTVJ[ WVKNK\CVKQP QH YCVGT TGUQWTEG CPF TGEGKXKPI EGTVKÌECVKQP QH SWCNKV[ UVCPFCTF U[UVGO +51 CPF 'PXKTQPOGPVCN /CPCIGOGPV 5VCPFCTFU +51 669 WVKNK\GU YCVGT SWCNKV[ VGUVKPI UGTXKEG RTQXKFGF D[ &GRCTVOGPV QH *GCNVJ /KPKUVT[ QH 2WDNKE *GCNVJ VQ OCKPVCKP UVCPFCTF CPF RTGEKUKQP YJKEJ YCVGT SWCNKV[ KU EGTVKÌGF D[ 6+5 5VCPFCTF CU VWTDKFKV[ KU OGTGN[ 067 HQTO UVCPFCTF 067 %QNQWT KU OGTGN[ 2V %Q HTQO UVCPFCTF 2V %Q GVE

“Construction of the second water treatment plant”

to support economic expansion and deteriorated quality of raw water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ÌTUV VKOG KP 6JCKNCPF YJKEJ ECP TGFWEG DQVJ EJGOKECN WUCIG CPF FGVGTKQTCVGF SWCNKV[ QH TCY YCVGT YJKEJ ECP TGFWEG KORCEV QP GPXKTQPOGPV VQQ

Production Process Control in accordance with Standard

9CVGT VTGCVOGPV RNCPVU CPF RTQFWEVKQP RTQEGUU QH VCR YCVGT DQVJ KP $CPINGP CPF 2CVJWOVJCPK QH 669 CNVJQWIJ VJG[ YGTG FGUKIPGF CPF EQPUVTWEVGF HQT OQTG VJCP [GCTU VJG[ UVKNN CTG CFXCPEGF YCVGT VTGCVOGPV RNCPVU D[ WUKPI UNWFIG QDVCKPGF HTQO VCR YCVGT OCPWHCEVWTKPI RTQEGUU HQT OQFKÌECVKQP CPF TGE[ENKPI YCVGT DCEM VQ RTQFWEVKQP RTQEGUU YJKEJ KU FGGOGF CU <GTQ 9CUVG /CPCIGOGPV CU YGNN CU YQTVJ[ WVKNK\CVKQP QH YCVGT TGUQWTEG CPF TGEGKXKPI EGTVKÌECVKQP QH SWCNKV[ UVCPFCTF U[UVGO

+51 CPF 'PXKTQPOGPVCN /CPCIGOGPV 5VCPFCTFU +51 VQQ

Annual Report 2015

“Emphasis on safety”

as receiving award, being business enterprise that treats labor fairly 5CHGV[ QH GORNQ[GGU KU VJG EQTG QH OCPWHCEVWTKPI KPFWUVT[ YJKEJ 669 CPF UWDUKFKCT[ EQORCPKGU GORJCUK\G EQPVKPWQWUN[ +P 2CVJWOVJCPK YCVGT VTGCVOGPV RNCPV KU EGTVKÌGF VQ <GTQ #EEKFGPV KUUWGF D[ 2CVJWOVJCPK 2TQXKPEKCN 1HÌEG 'PVTGRTGPGWTUJKR 6[RG CU VJGTG KU PQ CEEKFGPV HTQO YQTM HQT JQWTU +P CFFKVKQP 669 QTICPK\GF 669 UCHGV[ &C[ QP &GEGODGT NQVU TGRTGUGPVCVKXGU QH IQXGTPOGPV UGEVQTU CPF UVWFGPVU KP VJG CTGC RCTVKEKRCVG KP VJKU CEVKXKV[

Personnel Development Annual Physical Examination and health plan and sports clubs

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

Development of Well-prepared Employees

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

TTW Public Company Limited

Creating confidence for customers We produce tap water with high quantity, sufficiency and continuity, operation business with justice and responsibility for consumers 2TQXKPEKCN 9CVGTYQTMU #WVJQTKV[ 29# KU XGT[ KORQTVCPV CU KV KU DQVJ EQPVTCEVWCN EQWPVGTRCTV[ CPF LQKPV XGPVWTG 669 RTQXKFGU EQORCP[ XKUKV QH VJG EQOOKVVGG CPF VQR OCPCIGOGPV CV $CPINGP YCVGT VTGCVOGPV RNCPV QP ,WN[ CPF XKUKVKPI QH 4GIWNCVQT[ %QOOKVVGG QH 2WDNKE 2TKXCVG 2CTVPGTUJKR CV 2CVJWOVJCPK YCVGT VTGCVOGPV RNCPV QP 5GRVGODGT /QTGQ XGT VJGTG CTG TGIWNCT OGGVKPIU QH EQQTFKPCVKPI QHÌEGTU HQT KPHQTOCVKQP GZEJCPIG VJTQWIJQWV VJG [GCT VQVCN VKOGU CU YGNN CU TGEGRVKQP ITQWR QH %GPVTCN 29# QHÌEGTU CPF 29# QHÌEGTU HTQO $/# $TCPEJ 1HÌEG VQVCNN[ VKOGU CPF XKUKVKPI QT TGEGRVKQP OCLQT EWUVQOGTU YJQ CTG KPFWUVTKCN HCEVQT VQVCNN[ VKOG KP QTFGT VQ ETGCVG EQPÌFGPEG QH 29# CPF YCVGT WUGTU QP Á3WCNKV[ 5WHÌEKGPE[ CPF %QPVKPWKV[Â

Supervision of General Water Users Meeting water users to acknowledge problems, receiving complaints and solution #RCTV HTQO YJKEJ KU FKTGEV EWUVQOGT 669 KU KPVGTGUVGF KP UQNXKPI RTQDNGOU QH KPFKTGEV EWUVQOGTU UWEJ JQWUGJQNF YCVGT WUGTU YCVGT WUGTU KP KPFWUVTKCN UGEVQT D[ IQKPI VQ XKUKV KPFWUVTKCN EWUVQOGTU VQ KPSWKTG RTQDNGOU CPF RCTVKEKRCVKPI KP RTGRCTKPI UQNWVKQP RNCP UWEJ CU UWRRQTV DWFIGV KP FKTGEV RKRKPI VQ UQNXG NQY YCVGT RTGUUWTG RTQDNGO YJKEJ KU KPUWHÌEKGPV QH WUGT +H 669 CEMPQYNGFIG KP CFXCPEG VJCV VJGTG KU CP[ UVQRRKPI QH YCVGT FKUVTKDWVKQP FWG VQ RKRG TGRCKT YCVGT WUGTU UJCNN DG PQVKÌGF XKC YGDUKVG QT VGNGRJQPG QT G OCKN HQT TGUGTXKPI CU YGNN CU UGPFKPI PQVKH[KPI KPHQTOCVKQP TGNCVGF VQ SWCNKV[ QH YCVGT FWTKPI FTQWIJV VQ YCVGT WUGTU KP KPFWUVTKCN UGEVQT YJKEJ SWCNKV[ UCNVKPGUU QH YCVGT OC[ CHHGEV VQ RTQFWEVKQP KP QTFGT VQ CFLWUV RTQFWEVKQP RTQEGUU CEEQTFKPI VQ SWCNKV[ QH VCR YCVGT QP VKOG +P CFFKVKQP EQOOKPCVKQP EJCPPGN KU RTGRCTGF VQ TGEGKXG RTQDNGOU EQORNCKPVU DQVJ D[ VGNGRJQPG CPF YGDUKVG UQNWVKQP OWUV DG VCMGP TCRKFN[ CU YCVGT WUGTU UJCNN CHHGEVGF NGCUV

Wastewater Treatment Wastewater Treatment in Industrial Estate and Water restoration and Conservation in Communities

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

Annual Report 2015

REPORT ON THE COMPLIANCE TO GOOD GOVERNANCE PRINCIPLES

Policy of Corporate Governance )QQF EQTRQTCVG IQXGTPCPEG KU C MG[ HCEVQT KP DWUKPGUU OCPCIGOGPV YJKEJ KPFKECVGF VJCV VJG EQORCP[ JCU CFOKPKUVTCVKQP CPF OCPCIGOGPV U[UVGO YJKEJ KU GHÌEKGPV LWUVKEG VTCPURCTGPV XGTKÌCDNG CPF TGURQPUKDNG HQT UQEKGV[ CPF GPXKTQPOGPV VJGUG ECP HQTOWNCVG EQPÌFGPEG CPF VTWUV COQPI UJCTGJQNFGTU KPXGUVQTU KPVGTGUVGF RCTVKGU CPF CNN TGNCVGF RGTUQPU CU YGNN CU IQQF IQXGTPCPEG UJCNN NGCF VQ UWUVCKPCDNG ITQYVJ DQVJ KP ÌPCPEG KPXGUVOGPV CPF EQORGVKVKXGPGUU $QCTF QH &KTGEVQTU UWRGTXKUGU VJG EQORCP[ VQ QRGTCVG DWUKPGUU KP EQORNKCPEG YKVJ IQQF EQTRQTCVG IQXGTPCPEG ETKVGTKC CU FGÌPGF D[ 5VQEM 'ZEJCPIG QH 6JCKNCPF 5'6

TGIWNCVKQP QH 5GEWTKVKGU CPF 'ZEJCPIG %QOOKUUKQP

5'% %CRKVCN /CTMGV 5WRGTXKUQT[ $QCTF CU YGNN CU DGKPI EQPUKUVGPV VQ 2TKPEKRNGU QH %QTRQTCVG )QXGTPCPEG KP CEEQTFCPEG YKVJ #5'#0 %QTRQTCVG )QXGTPCPEG 5EQTGECTF

#5'#0 %) 5EQTGECTF 6JG %QTRQTCVG )QXGTPCPEG %QOOKVVGG UWRGTXKUGU DWUKPGUU VQ OGGV KPVGTPCVKQPCN UVCPFCTFU EQPVKPWQWUN[ D[ ETGCVKPI GHÌEKGPV CFOKPKUVTCVKQP U[UVGO CPF UWUVCKPCDNG ITQYVJ CU YGNN CU GPJCPEKPI QRGTCVKQP VQ CEJKGXG 669 8KUKQP Á6Q $G 6JCKNCPF¿U .GCFKPI %QORCP[ KP 9CVGT 'PGTI[ CPF 'EQ (TKGPFN[ $WUKPGUUGUÂ

Preparation of Corporate Governance Policy $QCTF QH &KTGEVQTU RTGRCTGU %QTRQTCVG )QXGTPCPEG 2QNKE[ KP YTKVVGP OCVGTKCN CU IWKFGNKPGU QH QRGTCVKQP HQT 'ZGEWVKXG Committee, the management and employees of the EQORCP[ D[ EQORNKCPEG YKVJ ETKVGTKC QH IQQF EQTRQTCVG IQXGTPCPEG CPF DGUV RTCEVKEG QH 5'6 6JG %QTRQTCVG )QXGTPCPEG %QOOKVVGG UJCNN TGXKGY EQTRQTCVG IQXGTPCPEG RQNKE[ CPPWCNN[ D[ GORJCUKU QP CFOKPKUVTCVKQP CPF OCPCIGOGPV KP XCTKQWU RCTVU CU YGNN CU FGVGTOKPCVKQP QH RQNKE[ YJKEJ GORJCUK\GU QP KPVGTGUVGF RCTVKGU KP CNN UGEVQTU OCKPVCKPKPI RWDNKE EQPÌFGPEG KORTQXGOGPV QH YQTMKPI GHÌEKGPE[ QP TGIWNCT DCUKU D[ EQPUKFGTKPI GPXKTQPOGPV EQPUGTXCVKQP GHÌEKGPV TGUQWTEG WUCIG GPJCPEGOGPV QH

GORNQ[GG OQTCNG KPENWFKPI UCHGV[ CPF J[IKGPG +P $QCTF QH &KTGEVQTU KORTQXGU IQQF IQXGTPCPEG RTKPEKRNGU VQ DG EQPUKUVGPV VQ XKUKQP CPF OKUUKQP QH VJG EQORCP[ CPF CRRNKGF VQ WUG CU UVTCVGI[ KP QRGTCVKPI 669 DWUKPGUU CPF DGKPI CRRTQRTKCVG HQT EWTTGPVN[ GEQPQOKE UKVWCVKQP /QTGQXGT $QCTF QH &KTGEVQTU GORJCUK\GU QP GHÌEKGPV QRGTCVKQP QH UWDUKFKCT[ EQOOKVVGGU VQ DG OQTG KPFGRGPFGPV D[ KPETGCUG PWODGT QH KPFGRGPFGPV FKTGEVQTU KP 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG 5VTWEVWTG CPF 4GURQPUKDKNKVKGU QH $QCTF QH &KTGEVQTU KU URGEKÌGF KP 2CTV Á4GURQPUKDKNKVKGU QH $QCTF QH &KTGEVQTÂ

TTW Public Company Limited

Communication of Corporate Governance Policy

6JG %QTRQTCVG )QXGTPCPEG %QOOKVVGG FKUVTKDWVGU %QTRQTCVG )QXGTPCPEG 2QNKE[ VQ KPVGTGUVGF RCTVKGU HQT CEMPQYNGFIGOGPV XKC EQORCP[¿U YGDUKVG YYY VVYRNE EQO /QTGQXGT 669 RTGRCTG %QFG QH $WUKPGUU %QPFWEV WUGF CU RTKPEKRNGU CPF QRGTCVKQPCN IWKFGNKPGU HQT FKTGEVQTU 'ZGEWVKXG /CPCIGOGPV CPF GORNQ[GGU CU YGNN CU RTGRCTKPI OGFKCU CPF CEVKXKVKGU VQ GPJCPEG DGVVGT WPFGTUVCPFKPI TGICTFKPI IQQF EQTRQTCVG IQXGTPCPEG COQPI GORNQ[GGU QH VJG EQORCP[ D[ GORJCUKU QP IQQF EQTRQTCVG IQXGTPCPEG RTKPEKRNGU CU HTCOG QH TGURQPUKDKNKV[ VTCPURCTGPE[ EQPVKPWCN FGXGNQROGPV CPF UWUVCKPCDNG ITQYVJ YJKEJ KU EQPUKUVGF QH

4'52105+$+.+6;

Be aware of responsible duty

#%%1706#$+.+6;

Be responsible for decision and action

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Treat all related parties equally

64#052#4'0%; 241/16+10 1( $'56 24#%6+%'

Disclosure of transparent and verifiable information Promotion of Best Practice

6JGTG CTG OCKP CEVKXKVKGU KP RTGXKQWU [GCT KP VJG HQNNQYKPI &KUVTKDWVKQP KPHQTOCVKQP CPF DGUV RTCEVKEG QH IQQF EQTRQTCVG IQXGTPCPEG VQ FKTGEVQTU CPF GORNQ[GGU CU YGNN CU TGUQNWVKQP QH %QTRQTCVG )QXGTPCPEG %QOOKVVGG /GGVKPI CPF 5'6 VQ GORNQ[GGU KP 669 )TQWR XKC KPVTCPGV U[UVGO QH VJG EQORCP[

4GRQTVKPI EQORCP[¿U QRGTCVKQP CEEQTFKPI VQ IQQF ÆEQTRQTCVG IQXGTPCPEG RTKPEKRNGU QH 5'6 CPF UWIIGUVKQP

U QH %QTRQTCVG )QXGTPCPEG %QOOKVVGG CPF $QCTF QH &KTGEVQTU HQT CEMPQYNGFIGOGPV 2TQXKFKPI IQQF EQTRQTCVG IQXGTPCPEG VTCKPKPI UWEJ CU GZRNCPCVKQP CPF VTCKPKPI PGY GORNQ[GG QH VJG EQORCP[

Monitoring Operating Outcome of Corporate Governance Policy

$QCTF QH &KTGEVQTU 'ZGEWVKXG /CPCIGOGPV CPF GORNQ[GGU QH 669 KORNGOGPV CEEQTFKPI VQ EQTRQTCVG IQXGTPCPEG RQNKE[ CPF HQNNQYKPI WR QRGTCVKPI QWVEQOG KP CEEQTFCPEG YKVJ CEVKQP RNCP UVTKEVN[ CPF TGIWNCTN[ CPF VJGTG KU PQV CP[ QRGTCVKQP YJKEJ KU FKHHGTGPV HTQO VJG RQNKE[ Due to such dedication, TTW receives rewards and certification of compliance with good corporate governance in 2015 as follow: 4GEGKXKPI Á Â UEQTGU HQT QTICPK\KPI #PPWCN 1TFKPCT[ )GPGTCN /GGVKPI QH 5JCTGJQNFGTU EQPFWEVGF D[ 6JCK +PXGUVQTU #UUQEKCVKQP KP 4GEGKXKPI Á8GT[ )QQFÂ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ÌXG EQTG CTGCU CU 669 EQORNKGU YKVJ EQTG CTGCU QH 2TKPEKRNGU QH %QTRQTCVG )QXGTPCPEG KP KP VJG HQNNQYKPI

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Part 1 Rights of Shareholders 669 GORJCUK\GU QP UJCTGJQNFGTU CU KPXGUVQTU CPF QYPGT QH VJG EQORCP[ KV KU RTQXKFG VQ RTQOQVG UJCTGJQNFGTU VQ GZGTEKUG VJGKT DCUKE NGICN TKIJVU UWEJ CU RCTVKEKRCVKQP KP VJG EQORCP[ RTQÌV UJCTGU VTCFKPI QT UJCTGU VTCPUHGT TGEGKXKPI PGYU CPF KPHQTOCVKQP QH VJG EQORCP[ UWHÌEKGPVN[ CVVGPFKPI UJCTGJQNFGTU OGGVKPI KP QTFGT VQ XQVG VQ CRRQKPV QT TGOQXG FKTGEVQTU RTQRQUKPI EQORGPUCVKQP RCKF HQT FKTGEVQTU CRRQKPVOGPV QH CWFKVQT CPF RTQRQUKPI CWFKV HGG CPF QVJGT OCVVGTU YJKEJ CTG CHHGEVGF VQ VJG EQORCP[ #RCTV HTQO RTQOQVKPI UJCTGJQNFGTU VQ GZGTEKUG VJGKT DCUKE TKIJVU 669 UWRGTXKUGU CPF VTGCVU UJCTGJQNFGTU GSWCNN[ UWEJ CU RTQXKFKPI UKIPKÌECPV CPF WRFCVG KPHQTOCVKQP XKC YGDUKVG RTQXKFKPI CP QRRQTVWPKV[ HQT UJCTGJQNFGTU VQ PQOKPCVG RGTUQPU CU FKTGEVQTU QH VJG EQORCP[ QTICPK\KPI EQORCP[ XKUKV RCTVKEKRCVKQP KP CEVKXKVKGU YJKEJ CTG TGURQPUKDNG HQT UQEKGV[ CPF VJGTG KU PQV CP[ VTGCVOGPV YJKEJ KU FGGOGF CU XKQNCVGF QT FGRTKXGF TKIJVU QH UJCTGJQNFGTU

Annual Report 2015

Organizing Shareholders Meeting 6JG $QCTF GORJCUK\GU QP QTICPK\KPI #PPWCN )GPGTCN /GGVKPI QH 5JCTGJQNFGTU YJKEJ KU JGNF YKVJKP OQPVJU CHVGT VJG GPF QH CEEQWPVKPI RGTKQF QH VJG EQORCP[ VQ RTQXKFG CP QRRQTVWPKV[ HQT UJCTGJQNFGTU VQ RCTVKEKRCVG KP CEMPQYNGFIGOGPV QH VJG EQORCP[¿U RGTHQTOCPEG +H VJGTG KU CP[ WTIGPV TGSWKTGOGPV VQ EQPUKFGT URGEKCN CIGPFC YJKEJ OC[ CHHGEV VQ KPVGTGUV QH UJCTGJQNFGTU CPF KV KU TGSWKTGF CRRTQXCN HTQO UJCTGJQNFGTU 6JG $QCTF OC[ ECNN VJG 'ZVTCQTFKPCT[ )GPGTCN /GGVKPI QH 5JCTGJQNFGTU RGTKQFKECNN[ +P #PPWCN )GPGTCN /GGVKPI QH 5JCTGJQNFGTU VJG EQORCP[ UJCNN EQORN[ YKVJ #)/ %JGEMNKUV YJKEJ KU RTGRCTGF D[ 6JCK +PXGUVQTU #UUQEKCVKQP 6JCK .KUVGF %QORCPKGU #UUQEKCVKQP CPF 5GEWTKVKGU CPF 'ZEJCPIG %QOOKUUKQP 5'% CU HQNNQY Before the meeting day 669 UJCNN RTGRCTG OGGVKPI FQEWOGPV YKVJ EQORNGVG KPHQTOCVKQP KP UKIPKÌECPEG WUGF CEEQORCP[KPI YKVJ EQPUKFGTCVKQP QH UJCTGJQNFGTU¿ XQVKPI D[ FKUVTKDWVKPI KPHQTOCVKQP VQ UJCTGJQNFGTU HQT CEMPQYNGFIGOGPV KP CFXCPEG CPF RTQOQVKPI UJCTGJQNFGTU VQ CVVGPF #PPWCN )GPGTCN /GGVKPI QH 5JCTGJQNFGTU CU YGNN CU RTQXKFKPI HCEKNKVCVKQP KP GZGTEKUKPI VJGKT TKIJVU QH XQVKPI KP ECUG VJG[ ECPPQV CVVGPF VJG OGGVKPI VJGOUGNXGU CU HQNNQY Notifying meeting schedule and agenda to UJCTGJQNFGTU HQT UJCTGJQNFGTU HQT CEMPQYNGFIGOGPV KP CFXCPEG XKC KPHQTOCVKQP EQOOWPKECVKQP U[UVGO QH 5'6 CPF YGDUKVG QH 669 RTKQT UGPFKPI OGGVKPI FQEWOGPV UKPEG (GDTWCT[ DGHQTG VJG OGGVKPI FC[ PQV NGUU VJCP FC[U CU UJCTGJQNFGTU ECP RTGRCTG VKOG RNCP KP QTFGT VQ CVVGPF VJG OGGVKPI 5GPFKPI OGGVKPI KPXKVCVKQP NGVVGT URGEKH[KPI FGVCKN QH GCEJ CIGPFC D[ UGRCTCVKQP QH GCEJ CIGPFC ENGCTN[ #IGPFC QH #PPWCN )GPGTCN /GGVKPI QH 5JCTGJQNFGTU KU EQPUKUVGF QH VQRKEU HQT EQPUKFGTCVKQP CU FGÌPGF D[ EQORCP[ TGIWNCVKQP RCTV Á5JCTGJQNFGTU /GGVKPIÂ D[ UGRCTCVKPI 6QRKE QH #RRQKPVOGPV QH &KTGEVQT VQ TGRNCEG &KTGEVQT YJQUG VGPWTG KU GZRKTGF CPF 6QRKE QH %QPUKFGTCVKQP QH %QORGPUCVKQP RCKF VQ &KTGEVQT CU VJG UGRCTCVGF CIGPFC 'CEJ CIGPFC KU EQPUKUVGF QH HCEVU CPF TGCUQPU QRKPKQP QH VJG $QCTF ETKVGTKC CPF OGVJQFU QH CVVGPFKPI VJG OGGVKPI CPF (QTOU QH 2TQZ[ 2TQZ[ (QTO # 2TQZ[ (QTO $ CPF 2TQZ[ (QTO % CU FGÌPGF D[ &GRCTVOGPV QH $WUKPGUU &GXGNQROGPV /KPKUVT[ QH %QOOGTEG CU YGNN CU UGPFKPI #PPWCN 4GRQTV VQ UJCTGJQNFGTU HQT CEMPQYNGFIGOGPV UKPEG /CTEJ RTKQT VJG OGGVKPI FC[ PQV NGUU VJCP FC[U CPF OCMKPI CP CPPQWPEGOGPV KP FCKN[ PGYURCRGT HQT EQPUGEWVKXG FC[U KP QTFGT VQ UWOOQP UJCTGJQNFGTU OGGVKPI KP CFXCPEG UWHÌEKGPVN[ HQT VJGO VQ RTGRCTG VQ CVVGPF VJG OGGVKPI CU YGNN CU RTGUGPVKPI CNN TGNCVGF KPHQTOCVKQP KP YGDUKVG QH 669 VQ RTQXKFG CP QRRQTVWPKV[ HQT UJCTGJQNFGTU VQ UVWF[ OGGVKPI FQEWOGPV RTKQT CU YGNN CU CTTCPIKPI EQPVCEVGF VGNGRJQPG PWODGTU HQT GPSWKT[ CDQWV CFFKVKQPCN KPHQTOCVKQP CPF RTGUGPVKPI UKIPKÌECPV KPHQTOCVKQP CEEQORCP[ YKVJ EQPUKFGTCVKQP CIGPFC 6QRKE QH #RRQKPVOGPV QH &KTGEVQT EQORNGVGN[ CPF UKIPKÌECPVN[ 2TQXKFKPI CP QRRQTVWPKV[ HQT UJCTGJQNFGTU UGPFKPI SWGUVKQPU VJCV TGSWKTGF GZRNCPCVKQP KP VJG KUUWG QH

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VJG CIGPFC VJCV UGPV KP CFXCPEG D[ UGPFKPI GNGEVTQPKE OCKN VQ EI"VVYRNE EQO QT HCEUKOKNG PWODGT CU UJCTGJQNFGTU ECP QDVCKP OQUV DGPGÌVU HTQO VJG OGGVKPI CU YGNN CU OCKPVCKPKPI OCZKOWO DGPGÌVU QH UJCTGJQNFGTU Shareholders Meeting Day 669 UWRRQTVU UJCTGJQNFGTU VQ GZGTEKUG VJGKT TKIJVU KP CVVGPFKPI CPF XQVKPI KP UJCTGJQNFGTU OGGVKPI D[ RTQXKFKPI HCEKNKVCVKQP HQT UJCTGJQNFGTU YJQ CVVGPF VJG OGGVKPI CPF QTICPK\KPI VJG OGGVKPI VTCPURCTGPVN[ CPF VJGTG KU OGEJCPKUO YJKEJ ECP DG XGTKÌGF CPF CP[ XKQNCVKQP QT FGRTKXCVKQP QH UJCTGJQNFGTU¿ TKIJVU OWUV PQV DG OCFG CU YGNN CU RTQXKFKPI QRRQTVWPKV[ HQT UJCTGJQNFGTU HQT GPSWKT[ CPF GZRTGUUKPI VJGKT QRKPKQPU QRGPN[ VJGTGHQTG &KTGEVQTU 'ZGEWVKXG /CPCIGOGPV CPF CWFKVQT OWUV CVVGPF VJG OGGVKPI EQORNGVGN[ KP QTFGT VQ CPUYGT VJG SWGUVKQPU CPF CEMPQYNGFIKPI UJCTGJQNFGTU¿ QRKPKQPU +P %JCKTOCP CPF FKTGEVQTU VQVCNN[ RGTUQPU CVVGPF UJCTGJQNFGTU OGGVKPI YJKEJ KU GSWCN VQ QH VQVCN PWODGT QH FKTGEVQTU CU %JCKTOCP QH 'ZGEWVKXG Committee cannot attend the meeting due to accident YJKNG JG KU VTGCVGF KP VJG JQURKVCN %JCKTOGP QH VJG TGUV UWDUKFKCT[ EQOOKVVGG CVVGPF VJG OGGVKPI NKMGYKUG CPF %JCKTOGP CPF FKTGEVQTU QH UWDUKFKCT[ EQOOKVVGG RCTVKEKRCVG KP GZRNCPCVKQP FGVCKN QH TGNCVGF CIGPFC CU YGNN CU CPUYGTKPI UJCTGJQNFGTU¿ SWGUVKQPU 1TICPK\KPI GZJKDKVKQP CPF RTQXKFKPI KPHQTOCVKQP TGICTFKPI DWUKPGUU QRGTCVKQP QH VJG EQORCP[ D[ GZGEWVKXG OCPCIGOGPV QH +PXGUVQTU 4GNCVKQPU 9QTMITQWR #EEQWPVKPI CPF (KPCPEG 9QTMITQWR $WUKPGUU &GXGNQROGPV 9QTMITQWR 1RGTCVKQP 9QTMITQWR CPF 'PIKPGGTKPI CPF %QPUVTWEVKQP 9QTMITQWR RCTVKEKRCVG KP TGEGRVKQP CPF CPUYGTKPI UJCTGJQNFGTU¿ SWGUVKQPU 2TQXKFKPI TKIJVU QH UJCTGJQNFGTU YJQ CVVGPF VJG OGGVKPI NCVG VQ GZGTEKUG VJGKT TKIJVU VQ XQVG QP CIGPFC YJKEJ KU QP EQPUKFGTCVKQP CPF CIGPFC YJKEJ TGUQNWVKQP KU PQV OCFG %QPFWEVKPI VJG OGGVKPI KP CEEQTFCPEG YKVJ TGURGEVKXG CIGPFC YJKEJ KU URGEKÌGF KP VJG KPXKVCVKQP NGVVGT CPF RTGUGPVCVKQP QH CIGPFC KU EQOOGPEGF YKVJ VJG DCEMITQWPF TGCUQPU PGEGUUKV[ CPF RTQRQUCN RTGUGPVKPI KP VJG OGGVKPI CU FGVCKN QH UKIPKÌECPV KPHQTOCVKQP JCU DGGP CNTGCF[ PQVKÌGF UJCTGJQNFGTU KP VJG KPXKVCVKQP NGVVGT 2TQXKFKPI CP QRRQTVWPKV[ HQT UJCTGJQNFGTU VQ GZRTGUU VJGKT QRKPKQPU CUMKPI SWGUVKQPU KP VJG OGGVKPI KP GCEJ CIGPFC GSWCNN[ CU %JCKTOCP QH VJG /GGVKPI UJCNN GORJCUK\G CPF CPUYGTU SWGUVKQPU KP CNN KUUWGU CU YGNN CU OKPWVG UJCNN DG TGEQTFGF VQVCNN[ 6JG .GIKUVU %Q .VF C NGICN QHÌEG KU GORNQ[GF CU CWFKVQT KP QTFGT VQ KPURGEV FQEWOGPV QH UJCTGJQNFGTUQT RTQZKGU YJQ CTG GNKIKDNG VQ CVVGPF VJG OGGVKPI VJG SWQTWO XQVKPI OGVJQF CPF XQVG EQWPVKPI CEEQTFKPI VQ EQORCP[ TGIWNCVKQP UJCNN DG EQPUKUVGPV VQ DCNNQVU VJCV %JCKTOCP QH VJG OGGVKPI PQVKÌGU EQNNGEVKQP HTQO UJCTGJQNFGTU CU YGNN CU KPURGEVKQP QH TGUQNWVKQP QWVEQOG CPF XQVKPI TGUWNV #WFKVQT EQOOGPVU VJCV QTICPK\KPI UJCTGJQNFGTU OGGVKPI CPF XQVKPI KU

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TTW Public Company Limited

VTCPURCTGPV CPF EQORNKGF YKVJ EQORCP[ TGIWNCVKQP CRRNKECDNG NCYU CPF DGUV RTCEVKEG QH 5'6 TGICTFKPI IQQF EQTRQTCVG IQXGTPCPEG CU YGNN CU VJG EQORCP[ TGURGEVU TKIJVU QH UJCTGJQNFGTU YJQ CVVGPF VJG OGGVKPI CPF GZRTGUUKPI VJGKT QRKPKQPU KP VJG OGGVKPI 2TQXKFKPI QRRQTVWPKV[ HQT UJCTGJQNFGTU CU TGRTGUGPVCVKXGU QH UJCTGJQNFGTU YJQ CVVGPF VJG OGGVKPI CU YKVPGUUGU KP XQVG EQWPVKPI +P #PPWCN )GPGTCN /GGVKPI QH 5JCTGJQNFGTU VJGTG CTG UJCTGJQNFGTU CV ENQUKPI VJG OGGVKPI YJQ CVVGPF VJG OGGVKPI VJGOUGNXGU CPF D[ RTQZKGU VQVCNN[ RGTUQP CPF RGTUQPU TGURGEVKXGN[ 6JG VQVCN PWODGT QH UJCTGU CTG UJCTGU YJKEJ KU GSWCN VQ QH VJG VQVCN UQNF UJCTGU PWODGT QH UJCTGJQNFGTU YJQ CVVGPF VJG OGGVKPI TGFWEGU HTQO VJG CVVGPFGGU QH #PPWCN )GPGTCN /GGVKPI QH 5JCTGJQNFGTU YJKEJ UJCTGJQNFGTU CVVGPFGF VJG OGGVKPI D[ VJGOUGNXGU CPF D[ RTQZKGU VQVCNN[ RGTUQPU CPF RGTUQP TGURGEVKXGN[ CPF VJG VQVCN QH UJCTGU YCU UJCTGU YJKEJ YCU GSWCN VQ QH VJG VQVCN UQNF UJCTGU After Shareholders Meeting #HVGT VJG CPPWCN IGPGTCN OGGVKPI QH UJCTGJQNFGTU

669 UJCNN RTGRCTG VJG OKPWVG YJKEJ TGEQTFGF PCOG NKUV QH &KTGEVQTU 'ZGEWVKXG /CPCIGOGPV CU YGNN CU RQUKVKQPU QH &KTGEVQTU CPF 'ZGEWVKXG /CPCIGOGPV YJQ JCXG CVVGPFGF VJG OGGVKPI XQVKPI OGVJQF CPF vote counting, ballot usage, suggestions of The $QCTF GPSWKT[ CPF UWIIGUVKQPU QH UJCTGJQNFGTU 'ZGEWVKXG /CPCIGOGPV¿U GZRNCPCVKQP CU YGNN CU XQVKPI TGEQTF KPENWFKPI DQVJ CITGGOGPV FKUCITGGOGPV CPF CDUVGPVKQP QH XQVGU CPF VJG TGUQNWVKQP QH GCEJ CIGPFC CPF VJGP FKUVTKDWVKPI KP EQORCP[ YGDUKVG CV YYY VVYRNE EQO QP #RTKN YJKEJ KU EQORNKGF YKVJ 5'6¿U ETKVGTKC VJCV YKVJKP FC[U CHVGT OGGVKPI FCVG #VOQURJGTG QH VJG OGGVKPI KU TGEQTFGF CPF FKUVTKDWVGF KP 669 YGDUKVG VQ CEMPQYNGFIG UJCTGJQNFGTU YJQ ECPPQV CVVGPF VJG OGGVKPI #HVGT VJG 5JCTGJQNFGTU /GGVKPI JCU CRRTQXGF FKXKFGPF RC[QWV 669 OC[ PQVKH[ VJG TGUQNWVKQP CU YGNN CU FGVCKN QH FKXKFGPF RC[QWV VQ UJCTGJQNFGTU HQT CEMPQYNGFIGOGPV XKC GNGEVTQPKE OGFKC 5'6 2QTVCN QH 5'6 CU YGNN CU EQQTFKPCVKPI YKVJ 65& 4GIKUVTCT and making announcement of dividend payout in PGYURCRGT VQ GPUWTG VJCV UJCTGJQNFGTU QDVCKP FKXKFGPF EQORNGVGN[ CPF EQTTGEVN[

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Part 2 Equitable Treatment of Shareholders 6JG $QCTF UWRGTXKUGU %QTRQTCVG )QXGTPCPEG 5VTWEVWTG TGIWNCTN[ KP QTFGT VQ HQTOWNCVG EQPÌFGPEG KP RTQXKFKPI GSWKVCDNG CPF HCKT VTGCVOGPV QH CNN UJCTGJQNFGTU CU YGNN CU VJG UJCTGJQNFGTU UWRGTXKUKPI RTQEGUU KU PQV EQORNKECVG UJCTGJQNFGTU CTG GNKIKDNG VQ RCTVKEKRCVG KP OCMKPI FGEKUKQP CPF TGEGKXKPI QWVEQOG QH VJG EQORCP[¿U FGEKUKQP HQT CP[ UKIPKÌECPV UKVWCVKQP CU FGÌPGF D[ NCY CPF EQORCP[ TGIWNCVKQP CU HQNNQY +P QTICPK\KPI UJCTGJQNFGTU OGGVKPI 669 JCU RQNKE[ VQ OCKPVCKP TKIJVU QH CNN UJCTGJQNFGTU CFFKVKQPCN CIGPFC UJCNN PQV DG KPETGCUGF YKVJQWV PQVKH[KPI UJCTGJQNFGTU HQT CEMPQYNGFIGOGPV RTKQT CU UJCTGJQNFGT JCXG UWHÌEKGPV VKOG VQ UVWF[ CIGPFC DGHQTG XQVKPI +P CFFKVKQP CNN UJCTGJQNFGTU CTG GNKIKDNG VQ XQVG CEEQTFKPI VQ PWODGT QH UJCTGU VJCV VJG[ CTG JQNFKPI GCEJ UJCTG KU QPG XQVG CPF VJGTG KU PQ RTKXKNGIGF UJCTG YJKEJ FGRTKXGF QVJGT UJCTGJQNFGTU¿ TKIJVU 6JG $QCTF RTQXKFGU CP QRRQTVWPKV[ HQT (TGG (NQCV VQ RTQRQUG CIGPFC KP #PPWCN )GPGTCN /GGVKPI QH 5JCTGJQNFGTU CU VJG CPPQWPEGOGPV UJCNN DG OCFG XKC EQOOWPKECVKQP EJCPPGNU QH 5'6 CPF QP EQORCP[ YGDUKVG YKVJ UVGRU CPF RTQEGFWTGU YJKEJ CTG FKUVKPEVKXG VTCPURCTGPV CPF EQPUKUVGPV VQ CFFKVKQPCN RTCEVKEG QP 4KIJVU QH (TGG (NQCV YJKEJ UJCTGJQNFGTU CTG GNKIKDNG VQ PQOKPCVG SWCNKÌGF RGTUQPU HQT GNGEVKQP CU EQORCP[¿U &KTGEVQTU FWTKPI 5GRVGODGT ¼ &GEGODGT

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Internal Information Using Protection

669 FGVGTOKPGU IWKFGNKPGU KP UVQTKPI CPF RTQVGEVKPI KPVGTPCN KPHQTOCVKQP WUCIG KP YTKVVGP OCVGTKCN KP &KTGEVQTU¿ 'VJKEU CPF KP 'ORNQ[GGU¿ 'VJKEU KP QTFGT VQ RTQVGEV WUKPI KPVGTPCN KPHQTOCVKQP HTQO KNNGICN GZRNQKVCVKQP QH VJGKT QYP QT QVJGT RWTRQUGU YJKEJ QVJGT UJCTGJQNFGTU CTG VCMGP CFXCPVCIG QT ECWUGF FCOCIG VQ UJCTGJQNFGTU KP IGPGTCN CU HQNNQY Directors Employees &KTGEVQTU OWUV PQV WUG VJG CESWKTGF KPHQTOCVKQP 'ORNQ[GGU OWUV EQORN[ YKVJ 4GIWNCVKQPU QH 5'6 CU FKTGEVQTU QH VJG EQORCP[ KNNGICNN[ QT ECWUGF FCOCIG 5'% CPF CRRNKECDNG NCYU UVTKEVN[ CU YGNN CU FKUENQUKPI VQ VJG EQORCP[ KPHQTOCVKQP VQ UJCTGJQNFGTU IGPGTCN RWDNKE GSWCNN[ &KTGEVQTU OWUV PQV FKUENQUG DWUKPGUU EQPÌFGPVKCN +PHQTOCVKQP FKUENQUWTG YJKEJ OC[ CHHGEV VQ VJG KPHQTOCVKQP QT CP[ KPHQTOCVKQP VJCV CHHGEVGF VQ VJG DWUKPGUU CPF UJCTG RTKEG OWUV DG CRRTQXGF D[ DWUKPGUU VQ CP[ VJKTF RCTV[ /CPCIKPI &KTGEVQT YJQ UJCNN FKUENQUG UWEJ KPHQTOCVKQP &KTGEVQTU URQWUGU CPF WPFGTCIG EJKNFTGP OWUV D[ QYP QT CUUKIPKPI CP[ TGURQPUKDNG RGTUQP VQ FKUENQUG PQV EQPFWEV UJCTGU VTCFKPI YJGP EQORCP[¿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¿U UJCTGU

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Annual Report 2015

/QTGQXGT 669 RTQJKDKVU &KTGEVQTU 'ZGEWVKXG /CPCIGOGPV CPF TGNCVGF GORNQ[GGU YJQ CTG CYCTG QH ÌPCPEKCN UVCVGOGPV HTQO UJCTGU VTCFKPI CU YKVJKP FC[U RTKQT KPHQTOCVKQP FKUENQUWTG CPF YKVJKP JQWTU CHVGT FKUENQUWTG QH UWEJ KPHQTOCVKQP VQ 5'6 +P CFFKVKQP 669 FGVGTOKPGU KPVGTPCN EQPVTQN U[UVGO KP QTFGT VQ RTQVGEV NGCMCIG QH KPHQTOCVKQP ECTGHWNN[ CPF VKIJVN[ VQ RTGXGPV KPVGTPCN KPHQTOCVKQP HTQO FKUENQUKPI VQ IGPGTCN RWDNKE RTKQT HQTOCN FKUENQUWTG CPF KV KU FGGOGF VJCV VJGUG OGCUWTGU CPF EQPVTQN U[UVGO CTG RCTVU QH VJG UKIPKÌECPV TKUM EQPVTQN OGCUWTGU QH VJG EQORCP[ CU YGNN CU KV KU FGGOGF CU VJGUG CTG FWVKGU CPF TGURQPUKDKNKVKGU QH UWRGTKQT VQ EQPVTQN CPF OCKPVCKP KPVGTPCN KPHQTOCVKQP KP CEEQTFCPEG YKVJ UWEJ OGCUWTGU +H CP[ GORNQ[GG WUGU KPVGTPCN KPHQTOCVKQP YJKEJ KU

PQV FKUENQUGF VQ IGPGTCN RWDNKE CPF QT IGPGTCN UJCTG JQNFGTU HQT GZRNQKVCVKQP QH UJCTGU VTCFKPI HQT JKU JGT QT QVJGT RWTRQUGU UWEJ CEVKQP KU FGGOGF CU XKQNCVKQP QH EQORCP[¿U %QFG QH %QPFWEV Conflict of Interest 6JG $QCTF JCU RQNKE[ RTQJKDKVKQP CICKPUV RGTUQPCN KPVGTGUV CPF 669 KPVGTGUV D[ FGVGTOKPKPI CU RTKPEKRNGU KP DWUKPGUU GVJKE HQT &KTGEVQTU CPF GORNQ[GGU CU FGVCKN KU URGEKÌGF KP 2CTV 4GURQPUKDKNKVKGU QH $QCTF QH &KTGEVQTU +P VJG $QCTF JCU PQV TGEGKXGF CP[ EQORNCKPV TGICTFKPI FKUTGURGEV HQT DCUKE TKIJVU QH UJCTGJQNFGTU QT OCNRTCEVKEGU QH &KTGEVQTU CPF 'ZGEWVKXG /CPCIGOGPV KP KPVGTPCN KPHQTOCVKQP WUCIG YJKEJ KPFKECVGF GHÌEKGPV UWRGTXKUKQP QH VJG $QCTF KP VJKU OCVVGT

Part 3 Roles of Interested Parties #RCTV HTQO UWRGTXKUKPI CPF OCKPVCKPKPI TKIJVU QH UJCTGJQNFGTU VJG $QCTF JCU RQNKE[ VQ UWRGTXKUG TKIJVU QH CNN KPVGTGUVGF RCTVKGU D[ GORJCUKU QP VJG UKIPKÌ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¿U QRGTCVKQP YJKEJ KU KNNGICN CICKPUV TWNGU CPF TGIWNCVKQPU CU YGNN CU OCNRTCEVKEGU Protection Measures of Informant and Complainant CVVGPF UGOKPCT QTICPK\GF D[ NGCFKPI KPUVKVWVKQPU 699 #P[ GORNQ[GG QT QWVUKFGT YJQ PQVKÌGU VTCEG QH EQORNCKPV RTGRCTGU 'ORNQ[GG *CPFDQQM HQT CNN GORNQ[GGU VQ JQPGUVN[ UJCNN DG RTQVGEVGF CRRTQRTKCVGN[ CU HQNNQY CEMPQYNGFIG RQNKEKGU CPF DGPGÌVU CPF YGNHCTGU YJKEJ 1. 6JG EQORCP[ OC[ MGGR KPHQTOCVKQP CPF CRRGCTCPEG employees may obtain, in addition, TTW has policy to QH KPHQTOCPV EQORNCKPCPV CPF EWNRTKV CU EQPÌFGPVKCN UWRGTXKUG CPF FGXGNQR RGTUQPPGN CU KV KU DGNKGXGF VJCV 2. +H VJG EQORCP[ KU TGSWKTGF VQ FKUENQUG UWEJ KPHQTOCVKQP RGTUQPPGN KU VJG OQUV RTGEKQWU TGUQWTEG VQ FTKXG VJG VJG PGEGUUCT[ KPHQTOCVKQP UJCNN DG FKUENQUGF D[ EQPUKFGTKPI QTICPK\CVKQP VQ VJG IQCNU EQPEWTTGPVN[ 6JGTGHQTG 669 UCHGV[ CPF FCOCIG QH KPHQTOCPV CPF EQORNCKPCPV FGFKECVGU KVUGNH VQ FGXGNQRKPI RGTUQPPGN JCXKPI MPQYNGFIG ECRCDKNKV[ CPF IQQF SWCNKV[ QH NKHG (QT NGCTPKPI RCVJ CPF Employees GORNQ[GG FGXGNQROGPV VJG EQORCP[ RTQXKFGU CRRTQRTKCVG 669 VTGCVU GORNQ[GG GSWCNN[ CPF HCKTN[ YKVJQWV CP[ NGCTPKPI RTQITCO UKPEG GORNQ[GG UVCTVU YQTMKPI YKVJ GZEGRVKQP QH FQOKEKNG TCEG TGNKIKQP UGZ OCTKVCN UVCVWU NCPIWCIG QT RQUKVKQP CPF VJGTG JCU PQV CP[ WUKPI QT 669 HTQO VJG ÌTUV FC[ WPVKN TGVKTGOGPV 669 FGXGNQRU UWRRQTVGF WUKPI EJKNF NCDQWT JWOCP VTCEMKPI CPF FQGU GORNQ[GG¿U RCTVKEKRCVKQP EQPVKPWQWUN[ D[ EQPFWEVKPI 'ORNQ[GG 5CVKUHCEVKQP 5WTXG[ 'ORNQ[GG 'PICIGOGPV PQV UWRRQTV CNN HQTOU QH HTCWF CPF EQTTWRVKQP 669 RTQRQUGU 5WTXG[ GORNQ[GG¿U RCTVKEKRCVKQP KP CFOKPKUVTCVKQP QH EQORGPUCVKQP RCKF VQ GORNQ[GGU CRRTQRTKCVGN[ CPF DGKPI EQPUKUVGPV VQ TGOWPGTCVKQP QH VJG UCOG KPFWUVT[ CU YGNN YGNHCTGU JGCNVJ CPF UCHGV[ XKC 1EEWRCVKQPCN *GCNVJ CPF CU RTQXKFKPI DGPGÌVU CPF YGNHCTGU OQTG VJCP VJG[ CTG 5CHGV[ %QOOKVVGG 669 RTQOQVGU CPF UWRRQTVU GORNQ[GG¿U FGÌPGF D[ NCY UWEJ CU GUVCDNKUJOGPV QH 2TQXKFGPV (WPF NGCTPKPI TGIWNCTN[ D[ URGPFKPI VKOG DWFIGV CPF ECTGGT RTQXKFKPI CPPWCN RJ[UKECN GZCOKPCVKQP HTGG OGFKECN RCVJ RTQITGUU VQ GPUWTG VJCV 669 OC[ JCXG SWCNKÌGF RGTUQPPGN CPF UWHÌEKGPV OCPRQYGT HQT EWTTGPV DWUKPGUU CEEQTFKPI VQ JGCNVJ ECTG RNCP OCKPVCKPKPI UCHGV[ CPF J[IKGPKE YQTMKPI GPXKTQPOGPV QHÌEG ECTU CTG RTQXKFGF YJKEJ KU OCPWHCEVWTKPI CPF FKUVTKDWVKPI VCR YCVGT HQT 'ZGEWVKXG /CPCIGOGPV KP &KXKUKQP /CPCIGT QT JKIJGT UOQQVJ OCPCIGOGPV QH VCR YCVGT CPF YCUVGYCVGT CU QPG QH VJG MG[ HCEVQT KU RGTUQPPGN FGXGNQROGPV QH 669 HQT ÍGZKDNG YQTMKPI RTQOQVKPI CEVKXKVKGU HQT GORNQ[GGU UWEJ CU GUVCDNKUJOGPV QH ,QIIKPI %NWD $CFOKPVQP VQ JCXG MPQYNGFIG ECRCDKNKV[ CPF DGKPI YGNN RTGRCTGF %NWD (QQVDCNN %NWD GVE 6JG EQORCP[ UVKNN GORJCUK\GU VQ GPVGT PGY DWUKPGUU 669 FGVGTOKPGU HTCOGYQTM QH QP RGTUQPPGN FGXGNQROGPV KP NQPI VGTO RTQXKFKPI RGTUQPPGN FGXGNQROGPV KP GCEJ RQUKVKQP D[ FGÌ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ÌVU CU YGNN CU RTQOQVKQP QH NGCTPKPI CPF PGY MKNNU HQT GORNQ[GGU KP CNN YKVJ 669 2WDNKE %QORCP[ CNN QH VJGO OWUV CVVGPF NGXGNU D[ RTQXKFKPI UEJQNCTU CPF UWRRQTVU GORNQ[GGU VQ QTKGPVCVKQP VQ CEMPQYNGFIG RTCEVKEGU DWUKPGUU QRGTCVKQP

TTW Public Company Limited

RQNKE[ QH VJG QTICPK\CVKQP IQQF EQTRQTCVG IQXGTPCPEG RTKPEKRNGU GPXKTQPOGPVCN VTCKPKPI RTQOQVKQP QH GHÌEKGPV TGUQWTEG WUKPI CU YGNN CU IQQF TGNCVKQPUJKR DGVYGGP GORNQ[GGU CPF PGY GORNQ[GGU /QTGQXGT KP YQTMKPI YKVJ 669 GORNQ[GGU OCV QDVCKP FGXGNQROGPV CPF RTQOQVKQP KP NGCTPKPI KP XCTKQWU HQTOU YJKEJ CTG FKHHGTGPV CEEQTFKPI VQ V[RG CPF NGXGN QH YQTMU DQVJ QP VJG LQD VTCKPKPI CPF KPVGTPCN CPF GZVGTPCN VTCKPKPIU GORNQ[GG TQVCVKQP YJKEJ CNNQYU GORNQ[GGU VQ JCXG XCTKQWU LQD NGCTPKPI GZRGTKGPEG CPF UMKNNU GVE +P VGTO QH UGNH NGCTPKPI 669 RTGRCTGU Á'FWVCKPOGPVÁ YJKEJ KU EQPUKUVGF QH VGZV CPF GPVGTVCKPOGPV EQORNGVGN[ YJGP GORNQ[GG UVGRU VQ JKIJGT RQUKVKQP 669 RTQXKFGU VJG YGNN RTGRCTGFPGUU RTQITCO QH EJCPIKPI HTQO GORNQ[GG TQNGU VQ NGCFGT TQNGU KPUVGCF +P GORNQ[GGU CVVGPFGF 5MKNNU 2TQOQVKQP 6TCKPKPI VQVCNN[ RTQITCOU CPF VJG VTCKPKPI JQWTU VQVCNN[ JQWTU KP GORNQ[GGU CVVGPF 5MKNNU 2TQOQVKQP 6TCKPKPI VQVCNN[ RTQITCOU YKVJ VTCKPKPI JQWTU VQVCNN[ JQWTU YJKEJ KPFKECVGU VJCV PWODGT QH VTCKPKPI JQWTU QH GORNQ[GGU KP CNN NGXGNU HQT FGXGNQROGPV KPETGCUGU 669 CTTCPIGU VQ JCXG IQQF CPF J[IKGPKE GPXKTQPOGPV KP YQTMRNCEG CU YGNN CU JCXG NKHG CPF RTQRGTV[ UCHGV[ DQVJ GORNQ[GG¿U CPF 669¿U 669 UVKNN EQPUKFGTU UCHGV[ HQT GORNQ[GG¿U QRGTCVKQP CPF RWDNKE WVKNKV[¿U WUGTU D[ RTQXKFKPI VTCKPKPI HQT VGEJPKEKCP CPF GPIKPGGT VTCKPKPIU CU YGNN CU GORNQ[GGU YJQ YQTM KP VCR YCVGT OCPWHCEVWTKPI RTQEGUU TGIWNCTN[ KP QTFGT VQ QRGTCVG VJGKT FWVKGU UCHGN[ CPF GHÌEKGPVN[ +P 669 JCU UVCVKUVKEU QH CEEKFGPV FWG VQ YQTM VQVCNN[ VKOG YKVJQWV FGCVJ QT UGXGTG KPLWT[ QH GORNQ[GG Evaluation of Working Performance and Career Development (QT GORNQ[GGU YJQ QDVCKP EQORGPUCVKQP OQPVJN[ KP CNN NGXGNU -G[ 2GTHQTOCPEG +PFKECVQT -2+ HQT GCEJ GORNQ[GG UJCNN DG EQPFWEVGF KP GXGT[ [GCT GPF YJKEJ KU DCUGF QP GZRGEVCVKQP QH YQTM UWEEGUU UMKNNU ECRCDKNKV[ CPF FGXGNQROGPV KP QTFGT VQ FGÌPG RTKQTKV[ QH QDLGEVKXG QH FGXGNQROGPV D[ TGHGTTKPI GXCNWCVKQP QWVEQOG QH UMKNNU CPF ECRCDKNKV[ KP CTGCU UWEJ CU %QTG %QORGVGPE[ /CPCIGTKCN %QORGVGPE[ CPF (WPEVKQPCN %QORGVGPE[ CEEQTFKPI VQ V[RKECN FGXGNQROGPV RNCP QH 669 RGTUQPCN FGXGNQROGPV RNCP GORJCUK\GU QP NGCTPKPI CPF FGXGNQROGPV QDVCKPGF HTQO CEVWCN GZRGTKGPEG NGCTPKPI CPF FGXGNQROGPV QDVCKPGF HTQO KPVGT TGNCVKQPU CPF NGCTPKPI CPF FGXGNQROGPV QDVCKPGF HTQO HQTOCN VTCKPKPI Customers 669 UJCNN EQORN[ YKVJ QDNKICVKQP VQYCTF EWUVQOGT CU OCPWHCEVWTGT CPF FKUVTKDWVQT VCR YCVGT D[ EQPHQTOKPI UVTKEVN[ VQ RTKPEKRNGU QH FGNKXGT[ RTQFWEV CPF UGTXKEG YJKEJ KU ENGCP UWHÌEKGPV CPF EQPVKPWQWU DCUGF QP LWUVKEG CPF GPJCPEKPI UWUVCKPCDNG KPVGT TGNCVKQPU VQ CNN EWUVQOGTU +P VJGTG KU PQV CP[ FKURWVG DGVYGGP 669 CPF EWUVQOGTU CU KP OCPWHCEVWTKPI CPF FKUVTKDWVKPI VCR YCVGT DWUKPGUU 669 ECP RTQFWEG VCR YCVGT CU FGÌPGF KP VJG EQPVTCEV KP IGPGTCN CPF KV KU YGNN RTGRCTGF KP FKUVTKDWVKQP YCVGT JKIJGT VJCP KV KU FGÌPGF KP VCR YCVGT UCNGU CPF RWTEJCUG EQPVTCEV CPF VCR YCVGT KU RTQFWEGF KP CEEQTFCPEG YKVJ 9*1 5VCPFCTF

Creditors 669 ECP EQORN[ YKVJ QDNKICVKQP QH CNN ETGFKVQTU D[ EQPHQTOKPI VQ VGTOU CPF EQPFKVKQP QH NQCP EQPVTCEV UVTKEVN[ YKVJQWV EQPEGCNKPI CEVWCNN[ ÌPCPEKCN UVCVWU ÌPCPEKCN KPHQTOCVKQP KU RTQXKFGF HQT ETGFKVQTU RGTKQFKECNN[ 669 QRGTCVGU DWUKPGUU KP EQORNKCPEG YKVJ RTKPEKRNGU CPF FKUEKRNKPGU ECRKVCN OCPCIGOGPV KP RTQRQTVKQP QH NKCDKNKVKGU KP QTFGT VQ HQTOWNCVG EQPÌFGPEG QH ETGFKVQTU 669 QRGTCVGU KP VJG HQNNQYKPI RTKPEKRNGU +P TGRC[OGPV QH NKCDKNKVKGU NQCPU KPVGTGUV CPF TGURQPUKDKNKVKGU QH EQNNCVGTCNU 669 UJCNN EQORN[ UVTKEVN[ YKVJ VJG CITGGF EQPVTCEVU CPF EQPFKVKQPU +H 669 ECPPQV RGTHQTO CEEQTFKPI VQ VGTOU CPF EQPFKVKQP QH VJG CITGGF EQPVTCEV 669 UJCNN PQVKH[ ETGFKVQTU HQT CEMPQYNGFIGOGPV KP CFXCPEG KP QTFGT VQ EQPUKFGT ÌPFKPI UQNWVKQP EQNNCDQTCVKXGN[ +P 669 CPF UWDUKFKCT[ EQORCPKGU ECP EQORN[ YKVJ EQPFKVKQP FGÌPGF D[ ETGFKVQTU EQORNGVGN[ CPF VJG EQORCP[ KU PQV KP CP[ FGHCWNV QP NQCPU Partners 6JG KORQTVCPV KPVGTGUVGF RCTVKGU QH 669 CTG GZVGTPCN VTCFG RCTVPGTU 669 JCU UGNGEVKQP RTKPEKRNGU D[ GORJCUKU QP EQPUKFGTCVKQP QH DWUKPGUU UVTCVGI[ QH UGTXKEG RTQXKFGT YJGVJGT KV KU EQPUKUVGPV VQ DWUKPGUU UVTCVGI[ QH 669 QT PQV UWEJ CU EQORGVKVKXGPGUU DWUKPGUU EQPVKPWKV[ EWUVQOGT RTQVGEVKQP CPF UWRGTXKUKQP CPF TKUM OCPCIGOGPV OGVJQF +P VJG EQPVTCT[ 669 UJCNN VTGCV GZVGTPCN UGTXKEG RTQXKFKPI EQORCP[ HCKTN[ WPFGT EQTRQTCVG IQXGTPCPEG CPF TGIWNCVKQPU QH 669 TTW has selection principles of external service provider covering 7 areas as follow: 5MKNNU CPF GZRGTKGPEGU Technical capability Financial status %QORNCKPVU CPF NGICN RTQEGGFKPIU TGEQTF $WUKPGUU TGRWVCVKQP 4KUMU CTKUGP HTQO RTQXKFKPI UGTXKEG VQ OCP[ EWUVQOGTU 5GTXKEG RQNKE[ 6JG HQTGIQKPI UGNGEVKQP ETKVGTKC EQPUVKVWVG 669 OCKPVCKPKPI KVU GZEGNNGPV SWCNKV[ KP OCPWHCEVWTKPI CPF FKUVTKDWVKPI VCR YCVGT YKVJQWV TKUM YJKEJ OC[ CHHGEV VQ EWUVQOGTU +P VJGTG KU PQV CP[ FKURWVG DGVYGGP 669 UWDUKFKCT[ EQORCPKGU CPF 6TCFG RCTVPGTU EQPVTCEVWCN EQWPVGTRCTVKGU Communities and society 669 QRGTCVGU DWUKPGUU D[ EQPUKFGTKPI EQOOWPKVKGU CPF UQEKGV[ RCTVKEWNCTN[ EQOOWPKV[ YJGTG VJG DWUKPGUU KU NQECVGF CU KV KU FGÌPGF CU OKUUKQPU QH VJG QTICPK\CVKQP VQ DG IQQF OGODGT QH UQEKGV[ CPF RC[KPI CVVGPVKXGPGUU VQ EQOOWPKV[ +V KU FGGOGF CU QPG QH FWV[ CPF TGURQPUKDKNKV[ QH 'ZGEWVKXG /CPCIGOGPV CPF CNN GORNQ[GGU VQ EQORN[ YKVJ 5VCTVKPI HTQO RTQXKFKPI VTWG CPF WRFCVG KPHQTOCVKQP RGCEGHWN EQJCDKVCVKQP YKVJ TGURGEV HQT VTCFKVKQP CPF EWNVWTG QH EQOOWPKV[ CU YGNN CU RCTVKEKRCVKQP KP FGXGNQRKPI IQQF SWCNKV[ QH NKHG EQPEWTTGPVN[ YKVJ RGQRNG KP EQOOWPKV[ CPF RCTVKEKRCVKPI EQPEWTTGPVN[ YKVJ EQOOWPKV[ KP OCMKPI NQECNKV[ CPF UQEKGV[ RGCEGHWN YJKEJ UJCNN NGCF VQ UWUVCKPCDNG FGXGNQROGPV QH UQEKGV[ KP IGPGTCN 669 QRGTCVGU RTQLGEVU

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Annual Report 2015

CPF CEVKXKVKGU HQT EQOOWPKVKGU CPF UQEKGV[ EQPVKPWQWUN[ YJKEJ KU FKXKFGF D[ V[RG QH RTQLGEV KPVQ RCTVU UWEJ CU NKHG SWCNKV[ FGXGNQROGPV QH EQOOWPKVKGU UWTTQWPFKPI YCVGT VTGCVOGPV RNCPV RTQOQVKQP QH YCVGT EQPUGTXCVKQP NGCTPKPI CPF EQPUGTXCVKQP QH YCVGTUJGF CPF GPXKTQPOGPV +P VJGTG KU PQV CP[ FKURWVG DGVYGGP 669 UWDUKFKCT[ EQORCPKGU CPF EQOOWPKVKGU YJGTG VJG DWUKPGUU KU NQECVGF QT CP[ UQEKCN UGEVQT 669 QRGTCVGU RTQLGEVU CPF CEVKXKVKGU HQT EQOOWPKVKGU CPF UQEKGV[ EQPVKPWQWUN[ GPJCPEKPI UWUVCKPCDNG YCVGTUJGF EQPUGTXCVKQP EQPEWTTGPVN[ YKVJ &GRCTVOGPV QH 0CVKQPCN 2CTMU 9KNFNKHG CPF 2NCPV %QPUGTXCVKQP Á OKNNKQP UGGFNKPIU CHHQTGUV YCVGTUJGFÂ 2TQLGEV CU OKNNKQP UGGFNKPIU JCXG DGGP CNTGCF[ RNCPVGF KP 4CK QH NCPF KP VJG RGTKQF QH [GCTU CPF OCKPVCKPKPI VJG HQTGUV CTGC HQT CPQVJGT [GCT DGHQTG JCPFKPI QXGT VQ &GRCTVOGPV QH 0CVKQPCN 2CTMU 9KNFNKHG CPF 2NCPV %QPUGTXCVKQP VQ RTQEGGF HWTVJGT Environmental Implementation 669 KU YGNN CYCTG VJCV DWUKPGUU QRGTCVKQP YKVJQWV CP[ TGURQPUKDKNKV[ OC[ ECWUG KORCEV QP GPXKTQPOGPV UGXGTGN[ RCTVKEWNCTN[ KP EQOOWPKVKGU YJGTG 669 QRGTCVG DWUKPGUU VJGTGHQTG 669 FGFKECVG KVUGNH VQ RTQVGEVKPI CPF EQPUGTXKPI GPXKTQPOGPV D[ GORJCUK\KPI GSWCNN[ CU QPG QH DWUKPGUU QRGTCVKPI HCEVQT QH 669 *QYGXGT FWG VQ NQPI DWUKPGUU QRGTCVKQP HQT NCUV UGXGTCN [GCTU 669 KU YGNN CYCTG VJCV OGTG EQORNKCPEG YKVJ TWNGU CPF TGIWNCVKQPU KU PQV CFGSWCVG VQ RTQVGEV CPF EQPUGTXG VJG GPXKTQPOGPV CU VJGTG CTG QVJGT KORQTVCPV HCEVQTU VQ KORNGOGPV CRCTV HTQO VJG FGÌPGF TWNGU CPF TGIWNCVKQPU YJKEJ CTG FGXGNQROGPV QH KPVGTPCN CEVKQP RNCP VQ UWRRQTV GOGTIGPE[ CPF SWCNKV[ EQPVTQN U[UVGO CU YGNN CU UGGMKPI CFXCPEGF VGEJPQNQI[ EQPVKPWQWUN[ WUGF VQ TGFWEG GPXKTQPOGPVCN KORCEVU CPF 669 QRGTCVGU KP EQORNKCPEG YKVJ GOGTIGPV UKVWCVKQP CPF SWCNKV[ EQPVTQN U[UVGO Environmental Achievements 1TICPK\KPI CPPWCN OGGVKPI KP QTFGT VQ EQPUKFGT CPF EQPUWNV KUUWGU YJKEJ CTG TGNCVGF VQ GPXKTQPOGPVCN NCYU 'PXKTQPOGPVCN RTQVGEVKQP RQNKE[ KU RTGRCTGF KP CEEQTFCPEG YKVJ 6+5+ 5VCPFCTF YJKEJ KU 669 RQNKE[ KP UWUVCKPCDNG GPXKTQPOGPV RTQVGEVKQP KP QTFGT VQ RTQVGEV GPXKTQPOGPV CPF DGVVGT NKXKPI URGEKÌGF KP Á6+5+ 5VCPFCTF QH 'PXKTQPOGPV /CPCIGOGPV 5[UVGO +51 Â )QCNU CPF QDLGEVKXGU QH GPXKTQPOGPVCN OCPCIGOGPV KU FGÌPGF CPF DGKPI WUGF YKVJ CNN GORNQ[GGU KP VJG QTICPK\CVKQP CPF GORNQ[GGU WPFGT YQTMITQWRU KP QVJGT NQECVKQPU CPF VJG FWTCVKQP QH QRGTCVKQP CPF KORNGOGPVCVKQP KU CNUQ FGÌPGF 669 KU YGNN CYCTG VJCV VTCKPKPI CPF KORTQXGOGPV QH VJKPMKPI HQT GORNQ[GGU KP CNN NGXGN UJCNN NGCF VQ CEJKGXGOGPV QH GPXKTQPOGPV RQNKE[ 669 EQPFWEVU CUUGUUOGPV QH UKIPKÌECPV KORCEV QP GPXKTQPOGPV HQT CEVKXKVKGU KP VJG QTICPK\CVKQP KV KU HQWPF VJCV TWNGU CPF UVGRU QH EWTTGPV QRGTCVKQPU ECP TGFWEG KORCEV QP GPXKTQPOGPV GHÌEKGPVN[ +PVGTPCN VTCKPKPI RTQLGEVU YJKEJ CTG RTQXKFGF HQT CNN GORNQ[GGU KP CEEQTFCPEG YKVJ 'PXKTQPOGPVCN /CPCIGOGPV 5[UVGO 2QNKE[ JCU QDLGEVKXG KP GUVCDNKUJOGPV CPF ETGCVKPI CYCTGPGUU QH GPXKTQPOGPV 6JKU VTCKPKPI RTQLGEV KU RTQXKFGF DQVJ CV JGCF QHÌEG CPF DTCPEJ QHÌEGU

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669 RWVU DGUV GHHQTV VQ EQPXKPEG CPF UWRRQTV CNN VTCFG RCTVPGTU QH 669 VQ EQORN[ YKVJ GPXKTQPOGPVCN UVCPFCTF Efficient resources Usage 669 UWRRQTVU TGE[ENGF OCVGTKCN WUCIG D[ RTQOQVKPI GHÌEKGPV TGUQWTEGU WUCIG ECORCKIP UWEJ CU WUKPI DQVJ UKFGU QH RCRGT UYKVEJ¼QHH CKT EQPFKVKQPGT CPF GNGEVTKEKV[ FWTKPI DTGCM QT YJGP 'ZGEWVKXG /CPCIGOGPV CTG PQV KP VJGKT TQQO HQT C NQPI VKOG WUKPI ECT RQQN HQT VJG UCOG QRGTCVKQP CPF FKTGEVKQP 5WEJ RTQLGEVU OC[ PQV GHHGEV ENGCTN[ KP VGTO QH TGFWEVKQP QH GPGTI[ EQUV QT GZRGPFKVWTGU VJQWIJ KV ECP ETGCVG RGTUQPCN CYCTGPGUU YJKEJ ECP DG WUGF KP FCKN[ NKHG CU IQQF EKVK\GP QH VJG UQEKGV[ Human Rights Respect 669 UWRRQTV KP EQORNKCPEG YKVJ 7PKXGTUCN &GENCTCVKQP QH *WOCP 4KIJVU CPF QVJGT KPVGTPCVKQPCN UVCPFCTFU QH JWOCP TKIJVU D[ QRGTCVKPI 669 DWUKPGUU KP EQORNKCPEG YKVJ 7PKXGTUCN &GENCTCVKQP QH *WOCP 4KIJVU +P CFFKVKQP 669 RTQXKFGU VTCKPKPI HQT PGY GORNQ[GGU QP 669¿U 'VJKEU CPF JWOCP TKIJVU RQNKE[ +P 669 RTGRCTGU TGEGKXKPI EQORNCKPV CPF YJKUVNG DNQYGT RQNKE[ YJKEJ ECP DG KORNGOGPVGF D[ GUVCDNKUJKPI TGEGKXKPI EJCPPGN QH HQT GORNQ[GGU VQ UWDOKV EQTTWRVKQP EQORNCKPV XKQNCVKQP TWNGU CPF TGIWNCVKQPU EQORNCKPVU WPHCKT VTGCVOGPV EQORNCKPV VQ JWOCP TKIJVU TGNCVGF YQTMITQWRU CU FGÌPGF D[ 669 VQ KPFKECVG VJCV 669 GORJCUK\GU QP VTCPURCTGPE[ CPF )QQF %QTRQTCVG )QXGTPCPEG 2TKPEKRNGU UVTKEVN[ +P VJGTG KU PQV CP[ EQORNCKPV TGICTFKPI JWOCP TKIJVU XKQNCVKQP HTQO GORNQ[GG VTCFG RCTVPGTU CPF NQECN RGQRNG YJGTG 669 KU NQECVGF YJKEJ ECP HQTOWNCVG EQPÌFGPEG VJCV 669 QRGTCVKQP FQGU PQV CHHGEV QT VGPFU VQ JCXG CP[ GHHGEV VQ NQECN EQOOWPKVKGU $QCTF QH &KTGEVQT FGVGTOKPGU PQP XKQNCVKQP QH JWOCP TKIJVU RQNKE[ HQT 'ZGEWVKXG /CPCIGOGPV CPF CNN GORNQ[GGU VQ EQORN[ YKVJ 7PKXGTUCN &GENCTCVKQP QH *WOCP 4KIJVU CU HQNNQY 669 VTGCVU CNN GORNQ[GGU YKVJ JQPQWT CPF FKIPKV[ 669 RTQXKFGU EQOOWPKECVKQP EJCPPGN HQT GORNQ[GG VQ UWDOKV UWIIGUVKQPU YQTMKPI EQORNCKPVU VJGUG RTQRQUCNU UJCNN DG EQPUKFGTGF UGTKQWUN[ CPF UQNWVKQP KU FGÌPGF HQT DGPGÌVU QH CNN TGNCVGF RCTVKGU CU YGNN CU ETGCVKPI IQQF YQTMKPI TGNCVKQPU 669 UWRRQTVU GORNQ[GGU VQ GZGTEKUG VJGKT TKIJVU CU TKIJVHWN EKVK\GP CEEQTFKPI VQ VJG EQPUVKVWVKQP CPF NCYU 669 UJCNN MGGR RGTUQPCN KPHQTOCVKQP QH GORNQ[GG UWEJ CU DKQITCRJ[ JGCNVJ TGEQTF YQTMKPI TGEQTF GVE CU EQPÌFGPVKCN #P[ FKUENQUWTG QT VTCPUHGT RGTUQPCN KPHQTOCVKQP QH GORNQ[GG VQ IGPGTCN RWDNKE UJCNN DG OGTGN[ OCFG WRQP CRRTQXCN QH UWEJ GORNQ[GG GZEGRV KV KU TGSWKTGF D[ EQORCP[ TGIWNCVKQP QT D[ NCY 8KQNCVKQP QH VJKU OCVVGT KU FGGOGF CU FKUEKRNKPCT[ QHHGPUG 669 UJCNN PQV UWRRQTV XKQNCVKQP QH 7PKXGTUCN &GENCTCVKQP QH *WOCPU 4KIJVU CPF EQTTWRVKQP #NN GORNQ[GGU OWUV PQV EQPFWEV CP[ CEVKQP YJKEJ KU FGGOGF CU XKQNCVKQP QT VJTGCV YJGVJGT D[ XGTDCN QT CEVKQP CICKPUV QVJGT RGTUQPU DCUGF QP TCEG UGZ TGNKIKQP CIG CPF RJ[UKECN CPF OGPVCN FKUCDKNKV[

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TTW Public Company Limited

Non-infringement of Intellectual Property and Copyright 669 JCU QRGTCVKQP RQNKE[ YKVJQWV KPHTKPIKPI KPVGNNGEVWCN RTQRGTV[ CPF EQR[TKIJV CU 669 JCU 4KUM /CPCIGOGPV 1HÌ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nti-corruption and Bribery 669 JCU <GTQ 6QNGTCPEG 2QNKE[ 669 RTQJKDKVU $QCTF QH &KTGEVQTU 'ZGEWVKXG /CPCIGOGPV UWRGTKQT GORNQ[GGU KP CNN NGXGN QT TGNCVGF RGTUQPU HTQO KPXQNXGOGPV QH CNN HQTOU QH EQTTWRVKQP KP OCMKPI VTCPUCEVKQPU CPF OWUV EQORN[ YKVJ TWNGU TGIWNCVKQPU CPF NCYU QH CNN EQWPVTKGU YJKEJ FQKPI DWUKPGUU YKVJ 669 6JKU RQNKE[ UJCNN DG TGXKGY TGIWNCTN[ VQ KORTQXG CPF WRFCVG VQ MGGR CDTGCUV YKVJ CP[ COGPFOGPV QH NCY TGIWNCVKQP UVCPFCTF CPF DWUKPGUU EJCPIKPI 669 RNCPU VQ OCMG CPPQWPEGOGPV CPVK EQTTWRVKQP CPF

DTKDGT[ CU VJG RTKPEKRNG KU FGÌ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ompetitor Treatment %QORGVKVQTU CTG QWVUKFGTU VJCV 669 OWUV EQORGVG KP CEEQTFCPEG YKVJ DWUKPGUU QRGTCVKQP RCVJ %QORGVKVKQP OWUV DG HCKT YKVJQWV KPHQTOCVKQP FKUVQTVKQP FGEGKV QT CP[ OGVJQF YJKEJ KU KPEQTTGEV CEEQTFKPI VQ IQQF EQORGVKVKQP YC[ +P CFFKVKQP 669 KU VJG DKIIGUV OCPWHCEVWTGT CPF FKUVTKDWVQT QH VCR YCVGT KP 6JCKNCPF D[ RTQFWEKPI CPF FKUVTKDWVKPI YCVGT VQ 2TQXKPEKCN 9CVGTYQTMU #WVJQTKV[ YJKEJ KU VTCFG RCTVPGT YKVJQWV FKTGEV EQORGVKVQT

Part 4 Disclosure and Transparency 669 KU CYCTG QH VJG KORQTVCPEG QH FKUENQUWTG QH ÌPCPEKCN KPHQTOCVKQP IGPGTCN KPHQTOCVKQP CPF UKIPKÌECPV KPHQTOCVKQP VGEJPQNQI[ YJKEJ KU EQTTGEV EQORNGVG QP VKOG VTCPURCTGPV CPF EQPUKUVGPV VQ VJG TGSWKTGOGPV QH 1HÌEG QH 5GEWTKVKGU 'ZEJCPIG EQOOKUUKQP CPF 5'6 +P QTFGT VQ FKUVTKDWVG KPHQTOCVKQP VQ UJCTGJQNFGTU CPF KPVGTGUVGF RCTVKGU VJQTQWIJN[ D[ FKUVTKDWVKPI VJTQWIJ VJG HQNNQYKPI EJCPPGNU 1. &KUENQUWTG QH KPHQTOCVKQP QP YGDUKVG +PHQTOCVKQP CPF OQXGOGPV QH VJG QTICPK\CVKQP 6Q CNNQY UJCTGJQNFGTU CPF KPXGUVQTU VQ UGCTEJ HQT EQPUKUVU QH DWUKPGUU KPHQTOCVKQP CPF KPHQTOCVKQP KPHQTOCVKQP FKUENQUGF VQ IGPGTCN RWDNKE TCRKFN[ 669 TGNCVGF VQ RTQLGEVU HQT EQOOWPKVKGU CPF UQEKGV[ RTGUGPVU UKIPKÌECPV KPHQTOCVKQP YJKEJ KU KORTQXGF CPF 4GURQPUKDKNKVKGU HQT UQEKGV[ EQPUKUVU EQPEGRV CPF WRFCVGF TGIWNCTN[ QP YGDUKVG YYY VVYRNE EQO DQVJ KP FKTGEVKQP QH QRGTCVKQP KPHQTOCVKQP TGNCVGF VQ RTQLGEVU 6JCK CPF 'PINKUJ CU HQNNQY HQT EQOOWPKVKGU CPF UQEKGV[ YJKEJ CTG EWTTGPVN[ $CEMITQWPF XKUKQP OKUUKQP CPF UVTWEVWTG QH VJG implementing QTICPK\CVKQP %QTRQTCVG IQXGTPCPEG KU EQPUKUVGF QH )QQF 2. 2TQXKFKPI KPHQTOCVKQP VQ UVQEM CPCN[UVU QT KPXGUVQTU %QTRQTCVG )QXGTPCPEG 2TKPEKRNGU %QTRQTCVG YJQ XKUKV CPF EQPUWNV GZGEWVKXGU QH VJG EQORCP[ )QXGTPCPEG %QOOKVVGG CPF UWDUKFKCT[ EQOOKVVGG 3. 6TCXGNNKPI VQ RTQXKFG KPHQTOCVKQP VQ KPXGUVQTU CPF 'ZGEWVKXG /CPCIGOGPV 4. 1TICPK\KPI 5VQEM #PCN[UVU /GGVKPI +PHQTOCVKQP QH KPXGUVQTU KU EQPUKUVGF QH UKIPKÌECPVN[ 5. 2TQXKFKPI KPHQTOCVKQP XKC RWDNKE OGFKCU UWEJ CU ÌPCPEKCN KPHQTOCVKQP UVTWEVWTG QH UJCTGJQNFGTU CPF PGYURCRGTU OCIC\KPGU LQWTPCNU CPF VGNGXKUKQP KPXGUVQT ECNGPFCT

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Part 5 Responsibilities of Board of Directors 5.1 Structure of Board of Directors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

Annual Report 2015

0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG UJCNN EQPUKFGT CPF UETGGP GXGT[ RGTUQP YJQ UJCNN DG CRRQKPVGF VQ DG FKTGEVQTYJGVJGT FKTGEVQTU YJQ CTG TGRTGUGPVCVKXGU QH UJCTGJQNFGTU QT KPFGRGPFGPV FKTGEVQTU D[ EQPUKFGTKPI UWKVCDKNKV[ QH VJG TGSWKTGF UMKNNU CPF GZRGTKGPEGU KP QTFGT VQ UVTGPIVJGP %QTRQTCVG )QXGTPCPEG %QOOKVVGG CU YGNN CU YQTMKPI TGEQTF YJKEJ KU VTCPURCTGPV GVJKECN TGURQPUKDNG DGKPI OCVWTG CPF DGKPI RTQHGUUKQPCN 5VTWEVWTG QH FKTGEVQTU UJCNN DG TGXKGYGF CPPWCNN[ VJG $QCTF EQOOGPVU VJCV

UVTWEVWTG CPF GNGOGPV QH VJG EWTTGPV $QCTF KU EQPUKUVGF QH OCNG FKTGEVQTU YJQ CTG GPIKPGGTKPI URGEKCNKUV 'EQPQOKEU $WUKPGUU #FOKPKUVTCVKQP #EEQWPVKPI CPF (KPCPEG CPF .CYU KP RTQRQTVKQP QH CPF TGURGEVKXGN[ YJKEJ KU CRRTQRTKCVG CU VJGTG CTG XCTKGV[ QH RTQHGUUKQPU CPF JKIJN[ UMKNNU CPF GZRGTKGPEGU YJKEJ KU PGEGUUCT[ CPF XGT[ DGPGĂ&#x152;EKCN HQT DWUKPGUU QRGTCVKQP QH 669 CU YGNN CU CRRTQRTKCVG DCNCPEG QH FKTGEVQTU

Table indicated taking position of subsidiary committees Sub-Committee Name of directors

Nomination Corporate Risk Executive Audit and Committee Committee Governance Management Remuneration Committee Committee

Remark

Committee

/T 0CTQPI 5CPIUWTK[C

%JCKTOCP

&T 5QODCV -KVLCNCMUCPC

&KTGEVQT

/T 6QOQCMK /CVUWOQVQ

&KTGEVQT

/T 5WXKEJ 2WPIEJCTGQP

&KTGEVQT

/T %JCKYCV 7VCKYCP

&KTGEVQT

/T 6GEJCRKV 5CPIUKPIMGQ

%JCKTOCP

&KTGEVQT

%JCKTOCP

/T 2JCKTWEJ /GMCTRQTP /T 5QOPWM %JCKFGLUWTK[C /TU 2C[CQ /CTKVVCPRQTP /T ;C\WVCMC <W<WMK

&KTGEVQT

%JCKTOCP

&KTGEVQT

%JCKTOCP

&KTGEVQT

0QP GZGEWVKXG FKTGEVQT 0QP GZGEWVKXG FKTGEVQT 0QP GZGEWVKXG FKTGEVQT 0QP GZGEWVKXG FKTGEVQT Managing FKTGEVQT Independent FKTGEVQT Independent FKTGEVQT Independent FKTGEVQT 0QP GZGEWVKXG FKTGEVQT 0QP GZGEWVKXG FKTGEVQT

5.2 Board of Directors Meeting 6JG $QCTF JCU UEJGFWNG QH OGGVKPI PQTOCNN[ GXGT[ OQPVJU CPF CP GZVTCQTFKPCT[ OGGVKPI KU QTICPK\GF CU TGSWKTGF D[ PQVKH[KPI CIGPFC ENGCTN[ KP CFXCPEG CPF EQPUKFGTCVKQP CIGPFC QP OQPKVQTKPI QRGTCVKQP QWVEQOG KU JGNF TGIWNCTN[ 1TICPK\CVKQP #EVKXKV[ &GRCTVOGPV OC[ UGPF OGGVKPI KPXKVCVKQP NGVVGT CEEQORCPKGF D[ CIGPFC PQV NGUU FC[ RTKQT CPF OGGVKPI FQEWOGPV UJCNN DG UGPV PQV NGUU VJCP FC[U KP CFXCPEG CU FKTGEVQTU JCXG UWHĂ&#x152;EKGPV VKOG VQ UVWF[ RTKQT CVVGPFKPI VJG OGGVKPI 6JGTG CTG $QCTF QH &KTGEVQTU /GGVKPI CPF UWDUKFKCT[ EQOOKVVGGU OGGVKPI VQVCNN[ VKOGU KP CU HQNNQY

Table indicated number of times directors attending the meeting Meeting attendance in 2015 (number of times) Name of directors

&T 6JCPQPI $KFC[C /T 2NGY 6TKXKUXCXGV /T 0CTQPI 5CPIUWTK[C /T 6GEJCRKV 5CPIUKPIMGQ /T 2JCKTWEJ /GMCTRQTP /T 5QOPWM %JCKFGLUWTK[C

Share holders

1/1 1/1 0/1 1/1 1/1 1/1

Nomination Corporate Risk Board of Executive Audit and Management Governance Directors Committee Committee Remuneration Committee Committee

5/5

2/2 2/2

2/2 2/2 2/2

Committee

TTW Public Company Limited

Meeting attendance in 2015 (number of times) Name of directors

&T 5QODCV -KVLCNCMUCPC /T 5WXKEJ 2WPIEJCTGQP /TU 2C[CQ /CTKVVCPRQTP /T 6QOQCMK Matsumoto /T ;C\WVCMC <W<WMK /T %JCKYCV 7VCKYCP

Share holders

Nomination Corporate Board of Executive Audit Risk and Governance Management Directors Committee Committee Remuneration Committee Committee

Committee

1/1 1/1 1/1 1/1

5/5 5/5 5/5

2/2

1/1 1/1

5/5

2/2

4GOCTM Self-assessment of Board of Directors +P $QCTF QH &KTGEVQTU /GGVKPI 0Q QP 0QXGODGT VJG TGUQNWVKQP QH UGNH CUUGUUOGPV KU CEMPQYNGFIGF UGNH CUUGUUOGPV QH $QCTF QH &KTGEVQTU KP KU EQPUKUVGF QH VQRKEU CU HQNNQY 5VTWEVWTG CPF SWCNKÌECVKQP QH VJG $QCTF %QORTGJGPUKQP QH TQNGU CPF TGURQPUKDKNKVKGU QH VJG $QCTF 6JG $QCTF /GGVKPI &WVKGU QH VJG $QCTF 4GNCVKQPU DGVYGGP 'ZGEWVKXG /CPCIGOGPV &GXGNQROGPV CPF VTCKPKPI %QPENWUKQP 5GNH CUUGUUOGPV QH VJG YJQNG $QCTF QH &KTGEVQTU KU DGVVGT VJCP UVCPFCTF YKVJ /GCP

ÆÆ ÆÆ ÆÆ

Executive Secretary $QCTF QH &KTGEVQTU CRRQKPVU /KUU 5WFCTCV %JKCOEJCP &KTGEVQT QH 1HÌEG /CPCIKPI &KTGEVQT CU 'ZGEWVKXG 5GETGVCT[ D[ XKTVWG QH RQYGT CPF TGURQPUKDKNKVKGU CU FGÌPGF D[ 5GEWTKVKGU CPF 'ZEJCPIG #EV 0Q $ ' KPENWFKPI UGETGVCT[ QH $QCTF QH &KTGEVQTU CPF UWDUKFKCT[ EQOOKVVGG UWEJ CU %QTRQTCVG )QXGTPCPEG %QOOKVVGG CU YGNN CU UWRGTXKUKPI CEVKXKVKGU QH $QCTF QH &KTGEVQTU CPF EQQTFKPCVKPI KP QRGTCVKQP CEEQTFKPI VQ VJG TGUQNWVKQP QH $QCTF QH &KTGEVQT CU HQNNQY 2TQXKFKPI KPKVKCN UWIIGUVKQP VQ FKTGEVQTU TGICTFKPI TGSWKTGOGPV TWNGU TGIWNCVKQPU QH VJG EQORCP[ CPF HQNNQYKPI WR EQTTGEV CPF TGIWNCT EQORNKCPEG CU YGNN CU TGRQTVKPI UKIPKÌ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¿U KPHQTOCVKQP 5WRGTXKUKPI CPF EQQTFKPCVKPI CEVKXKVKGU QH VJG $QCTF CU YGNN CU RTGRCTKPI QTKGPVCVKQP QH PGY FKTGEVQTU 5WRGTXKUKPI KORQTVCPV FQEWOGPV QH VJG EQORCP[ UWEJ CU TGIKUVTCVKQP QH FKTGEVQTU KPXKVCVKQP NGVVGT QH VJG $QCTF /GGVKPI OKPWVG QH VJG $QCTF /GGVKPI CPPWCN TGRQTV KPXKVCVKQP NGVVGT QH UJCTGJQNFGTU OGGVKPI UJCTGJQNFGTU OGGVKPI OKPWVG CPF EQPPGEVGF VTCPUCEVKQPU QH FKTGEVQTU QT GZGEWVKXG /CPCIGOGPV

Æ Æ Æ Æ Æ ÆÆ

Annual Report 2015

TTW Public Company Limited

COMPENSATION PAID TO DIRECTORS, MANAGEMENT AND ALL EMPLOYEES Compensation of Directors 6JG EQORCP[ FGVGTOKPGU EQORGPUCVKQP RCKF VQ FKTGEVQTU KP CRRTQRTKCVG NGXGN CPF UWHÌEKGPVN[ VQ OCKPVCKP SWCNKV[ QH FKTGEVQTU YKVJQWV RC[KPI EQORGPUCVKQP GZEGUUKXGN[ 6JG EQPUKFGTCVKQP QH EQORGPUCVKQP RCKF VQ FKGEVTQU KU DCUGF QP LWUVKEG CPF TGCUQPCDKNKV[ YJGP KV KU EQORCTGF VQ QRGTCVKQP NGXGN KP VJG UCOG QT UKOKNCT KPFWUVT[ CU YGNN CU GZRGTKGPEGU FWVKGU UEQRG QH TQNGU CPF TGURQPUKDKNKV[ QH GCEJ FKTGEVQT KPENWFKPI VJG KPETGCUGF FWVKGU CPF TGURQPUKDKNKVKGU CU DGKPI CRRQKPVGF VQ OGODGTU QH UWDUKFKCT[ EQOOKVVGGU NKMGYKUG +P VJG EQORCP[ JCU RCKF EQORGPUCVKQP VQ FKTGEVQTU VQVCNN[ $CJV D[ UGRCTCVKQP CU CPPWCN EQORGPUCVKQP VQVCNN[ $CJV CPF CPPWCN DQPWU VQVCNN[ $CJV

Compensation of each director in 2015 Name-Surname

&T 6JCPQPI $KFC[C /T 2NGY 6TKXKUXCXGV

Position

+PFGRGPFGPV &KTGEVQT CPF %JCKTOCP QH VJG $QCTF QH &KTGEVQTU &KTGEVQT CPF 8KEG %JCKTOCP QH $QCTF QH &KTGEVQTU

WPKV $CJV Annual Compensation

Bonus (2014)

Grand total

3,520,000

651,000

2,333,000

2,055,000

/T 0CTQPI 5CPIUWTK[C

&KTGEVQT CPF %JCKTOCP QH 'ZGEWVKXG %QOOKVVGG

/T 6GEJCRKV 5CPIUKPIMGQ

+PFGRGPFGPV &KTGEVQT %JCKTOCP QH #WFKV %QOOKVVGG %JCKTOCP QH 4KUM Management Committee and %QTRQTCVG )QXGTPCPEG %QOOKVVGG

/T 2JCKTWEJ /GMCTRQTP

+PFGRGPFGPV &KTGEVQT %JCKTOCP QH 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG %QTRQTCVG )QXGTPCPEG %QOOKVVGG and Audit Committee

/T 5QOPWM %JCKFGLUWTK[C

+PFGRGPFGPV &KTGEVQT %JCKTOCP QH %QTRQTCVG )QXGTPCPEG %QOOKVVGG 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG and Audit Committee

&T 5QODCV -KVLCNCMUCPC

&KTGEVQT CPF 'ZGEWVKXG %QOOKVVGG

502,000

/T 5WXKEJ 2WPIEJCTGQP

&KTGEVQT CPF 'ZGEWVKXG %QOOKVVGG

502,000

Annual Report 2015

WPKV $CJV Name-Surname

Position

Annual Compensation

Bonus (2014)

Grand total

/TU 2C[CQ /CTKVVCPCRQTP

&KTGEVQT 4KUM /CPCIGOGPV %QOOKVVGG and Nomination and 4GOWPGTCVKQP %QOOKVVGG

/T 4[QVCTQ 5WOK

&KTGEVQT CPF 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG

1,115,000

/T 6QOQCMK /CVUWOQVQ

&KTGEVQT 'ZGEWVKXG %QOOKVVGG CPF 4KUM /CPCIGOGPV Committee

/T %JCKYCV 7VCKYCP

&KTGEVQT 'ZGEWVKXG %QOOKVVGG 4KUM /CPCIGOGPV %QOOKVVGG %QTRQTCVG )QXGTPCPEG %QOOKVVGG CPF /CPCIKPI &KTGEVQT

/T 5QORQF 5TKRQQO

/T 6QOQPQTK <W\WMK

/T ;C\WVCMC <W\WMK

Total

4GOCTM C /T 5QORQF 5TKRQQO JCU TGUKIPGF HTQO DGKPI FKTGEVQT UKPEG /CTEJ D /T %JCKYCV 7VCKYCP YCU CRRQKPVGF VQ DG FKTGEVQT KP /CTEJ E /T 6QOQPQTK <W\WMK JCU TGUKIPGF HTQO DGKPI FKTGEVQT UKPEG #WIWUV F /T 6QOQCMK /CVUWOQVQ YCU CRRQKPVGF VQ DG FKTGEVQT KP #WIWUV G /TU 2C[CQ /CTKVVCPCRQTP JCU TGUKIPGF HTQO DGKPI FKTGEVQT UKPEG #WIWUV H /TU 2C[CQ /CTKVVCPCRQTP YCU TGCRRQKPVGF VQ DG FKTGEVQT KP (GDTWCT[ I /T 4[QVCTQ 5WOK JCU TGUKIPGF HTQO DGKPI FKTGEVQT QP #RTKN J /T ;C\WVCMC <W\WMK YCU CRRQKPVGF VQ DG FKTGEVQT KP #RTKN

Comparison of compensation paid to dierectors in 2015, 2014 and 2013 Description

2015

2014

WPKV $CJV

2013

Number

Amount

Number

Amount

Number

Amount

Annual Compensation

6QVCN $QPWU

)TCPF VQVCN

TTW Public Company Limited

Compensation of Management

%QORGPUCVKQP QH /CPCIGOGPV UJCNN DG EQPHQTO VQ RQNKE[ CPF ETKVGTKC FGHKPGF D[ FKTGEVQTU KP EQPPGEVKQP YKVJ EQORCP[¿U RGTHQTOCPEG KP CEEQTFCPEG YKVJ CUUGUUOGPV U[UVGO YJKEJ KU EQNNCDQTCVKXGN[ FGHKPGF KPFKECVQTU CPF CPPWCN VCTIGV D[ $QCTF QH &KTGEVQTU /CPCIKPI &KTGEVQT CPF /CPCIGOGPV CPF KV KU WUGF CU IWKFGNKPG KP QRGTCVKPI DWUKPGUU CPF CUUGUUOGPV QH YQTMKPI RGTHQTOCPEG &GVCKN QH EQORGPUCVKQP DQPWU CPF RTQXKFGPV HWPF YJKEJ CTG RTQXKFGF HQT /CPCIGOGPV KU CU HQNNQY

WPKV $CJV

Comparison of compensation, bonus and provident fund paid to Executive Management Description

2015

2014

2013

Number

Amount

Number

Amount

Number

Amount

Total Compensation

6QVCN $QPWU

2TQXKFGPV (WPF

Compensation of Employee

669 2WDNKE %QORCP[ KU CP QTICPK\CVKQP YJKEJ JCU UKOKNCT YCIG CPF EQORGPUCVKQP YJGP KV KU EQORCTGF VQ VJG UCOG KPFWUVT[ CU VJG $QCTF JCU FGVGTOKPGF VJG CRRTQRTKCVG OCPCIGOGPV RQNKE[ YJKEJ KU EQPUKUVGPV VQ YCIG UKVWCVKQP CPF VJG /CPCIGOGPV KU CUUKIPGF VQ UVWF[ EQORCTG CPF KORTQXG YCIG CPF EQORGPUCVKQP QH GORNQ[GG CPPWCNN[ 9CIG /CPCIGOGPV KU EQPFWEVGF DCUGF QP LWUVKEG RTKPEKRNGU D[ EQPUKFGTKPI UEQRG QH TGURQPUKDKNKV[ QH GCEJ RQUKVKQP CPF KPFKXKFWCN ECRCDKNKV[ UKIPKÌECPVN[ RTQXKFG CRRTQRTKCVG DGPGÌVU CPF YGNHCTU CU YGNN CU JQPQTCDNG CYCTF RTGUGPVCVKQP YQTMKPI RTQOQVKQP KU RTQXKFGF HQT GORNQ[GG YJQ JCU QWVUVCPFKPI RGTHQTOCPEG KP QTFGT VQ HQTOWNCVG OQVKXCVKQP QH GZEGNNGPV RGTHQTOCPEG &WG VQ VJG CYCTGPGUU CPF KORQTVCPEG QH RGTUQPPGN FGXGNQROGPV VJG EQORCP[ JCU FGVGTOKPGF RGTUQPPGN FGXGNQROGPV CU C RCTVKEWNCT RQNKE[ CU YGNN CU VCTIGV QH KORTQXKPI GORNQ[GG EQORGPUCVKQP QH VJG EQORCP[ HTQO RGTEGPVKNG VQ DG RGTEGPVKNG QH EQORGPUCVKQP VJG NKUVGF EQORCPKGU QRGTCVKPI DWUKPGUU KP RWDNKE WVKNKVKGU YKVJKP [GCTU KP QTFGT VQ GPJCPEG OQVKXCVKQP CPF QTICPK\CVKQPCN TGNCVKQPUJKRU +ORTQXGOGPV QH EQORGPUCVKQP UJCNN DG QORNGOGPVGF EQPEWTTGPVN[ YKVJ VJG FGXGNQROGPV QH MPQYNGFIG CPF GORNQ[GG RQVGPVKCN YJKEJ UJCNN NGCF VQ VJG KORTQXGOGPV QH YQTMKPI GHÌEKGPE[ VQQ 6JG EQORCP[ RC[U VQVCN EQORGPUCVKQP QH GORNQ[GGU QH VJG EQORCP[ CPF UWDUKFKCT[ EQORCPKGU KP VGTO QH UCNCT[ CPF DQPWU CU HQNNQY Company/Subsidiary companies

2015

2014

2013

TTW Public Company (company)

OKNNKQP $CJV

Pathumthani 9CVGT %Q .VF UWDUKFKCT[ 6JCK 9CVGT 1RGTCVKQPU %Q .VF

UWDUKFKCT[

OKNNKQP $CJV

+P 669 TGUVTWEVWTGU OCPCIGOGPV U[UVGO D[ VTCPUHGT UQOG GORNQ[GGU QH UWDUKFKCT[ EQORCPKGU VQ DG GONQ[GGU QH VJG EQORCP[

Other compensation

6JG EQORCP[ RTQXKFGU YGNHCTGU CPF QVJGT DGPGÌVU CRCTV HTQO UCNCT[ DQPWU CPF RTQXKFGPV HWPF HQT VJG OCPCIGOGPV CPF GORNQ[GGU CRRTQRTKCVGN[ KP CEEQTFCPEG YKVJ GEQPQOKE UKVWCVKQP EQUV QH NKXKPI CU YGNN CU UVCPFCTF QH VJG UCOG NGCFKPI ITQWR QH EQORCPKGU

Annual Report 2015

REPORT ON THE BOARD OF DIRECTOR'S RESPONSIBILITY ON THE FINANCIAL REPORT 6JG $QCTF QH &KTGEVQTU KU TGURQPUKDNG HQT VJG ÌPCPEKCN UVCVGOGPVU QH 669 2WDNKE %QORCP[ .KOKVGF 669 CPF UWDUKFKCTKGU VQ GPUWTG VJCV VJG ÌPCPEKCN UVCVGOGPVU KPEQOG GZRGPUG CPF ECUJ ÍQY UVCVGOGPV CTG CEEWTCVG TGCUQPCDNG CPF KP NKPG YKVJ CEEQWPVKPI UVCPFCTF CPF RQNKE[ +P FQKPI UQ VJG $QCTF QH &KTGEVQTU JCF FGNGICVGF VJKU TGURQPUKDKNKV[ VQ VJG #WFKV %QOOKVVGG YJKEJ EQORTKUG QH SWCNKÌGF CPF GZRGTKGPEGF KPFGRGPFGPEG FKTGEVQTU 6JG #WFKV %QOOKVVGG QXGTUCY VJG KPVGTPCN EQPVTQN RTQEGUU VQ GPUWTG KVU GHHGEVKXGPGUU CPF GHÌEKGPE[ (WTVJGTOQTG VJG[ JCF TGXKGYGF VJG ÌPCPEKCN UVCVGOGPV HQT KVU CEEWTCE[ TGNKCDN[ CPF CFGSWCVGN[ FKUENQUGF QH TGNCVGF KPHQTOCVKQP 6JG $QCTF QH &KTGEVQTU VJGP CEMPQYNGFIGF VJG TGRQTV VJG #WFKV %QOOKVVGG JCF RTGUGPVGF 6JG $QCTF QH &KTGEVQTU DGNKGXGU VJCV VJG (KPCPEKCN 5VCVGOGPVU QH 669 CPF UWDUKFKCTKGU CTG CEEWTCVG TGCUQPCDNG KP NKPG YKVJ CEEQWPVKPI UVCPFCTF CPF RQNKE[ CPF CFGSWCVGN[ FKUENQUGF QH TGNCVGF KPHQTOCVKQP 6JG EQORCP[¿U CWFKVQT ICXG QRKPKQPU VQ 669 CPF UWDUKFKCTKGU ÌPCPEKCN UVCVGOGPVU YKVJQWV EQPFKVKQP

&T 6JCPQPI $KFC[C %JCKTOCP QH VJG $QCTF QH &KTGEVQTU

/T %JCKYCV 7VCKYCP /CPCIKPI &KTGEVQT

TTW Public Company Limited

AUDITING COMMITTEE REPORT TO SHAREHOLDERS #WFKV %QOOKVVGG QH 669 2WDNKE %QORCP[ .KOKVGF CRRQKPVGF D[ $QCTF QH &KTGEVQT KU EQPUKUVGF QH OGODGTU QH KPFGRGPFGPV FKTGEVQTU YJQ CTG URGEKCNKUVU CPF JCXKPI JKIJN[ GZRGTKGPEGU KP XCTKQWU Ì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erification of Financial Reports 6Q GPUWTG VJCV CEEQWPVKPI U[UVGO CPF ÌPCPEKCN TGRQTVU KU EQTTGEV CPF TGNKCDNG KPHQTOCVKQP KP ÌPCPEKCN UVCVGOGPV KU FKUENQUGF UWHÌEKGPVN[ CU YGNN CU XGTKÌECVKQP QH EQPPGEVGF VTCPUCEVKQPU DGVYGGP VJG EQORCP[ CPF UWDUKFKCT[ EQORCPKGU KPENWFKPI TGNCVGF EQORCPKGU +P KU GPUWTGF VJCV VJG EQORCP[ KORNGOGPVU KP EQORNKCPEG YKVJ EQPFKVKQP QH PQTOCN DWUKPGUU CPF KP CEEQTFCPEG YKVJ RTKPEKRNGU FGÌPGF D[ 5VQEM 'ZEJCPIG QH 6JCKNCPF (QT DGPGÌVU QH UJCTGJQNFGTU #WFKV %QOOKVVGG CITGGU YKVJ CWFKVQT VJCV SWCTVGT ÌPCPEKCN UVCVGOGPV CPF #PPWCN (KPCPEKCN 5VCVGOGPV CTG EQTTGEV KP UKIPKÌECPEG YJKEJ KU EQPUKUVGPV VQ )GPGTCNN[ #EEGRVGF #EEQWPVKPI 2TKPEKRNGU )##2 2. Verification of Internal Audit +P EQPUKFGTCVKQP QH UEQRG QH FWVKGU TGURQPUKDKNKVKGU KPFGRGPFGPE[ QH +PVGTPCN #WFKV &GRCTVOGPV #WFKV %QOOKVVGG CITGGU VJCV VJG EQORCP[ JCU KPVGTPCN EQPVTQN U[UVGO YJKEJ KU UWHÌEKGPV CRRTQRTKCVG CPF GHÌEKGPV CEEQTFKPI VQ KPVGTPCVKQPCN UVCPFCTF 6JG #WFKV %QOOKVVGG JCU EQPUKFGTGF CPF CRRTQXGF UEQRG +PVGTPCN #WFKV 2NCP CPF EQPUKFGTCVKQP QH KPVGTPCN CWFKV TGRQTV YJKEJ +PVGTPCN #WFKV &GRCTVOGPV UWDOKVU VJG TGRQTV FKTGEVN[ VQ #WFKV %QOOKVVGG SWCTVGTN[ KV KU HQWPF VJCV KPVGTPCN EQPVTQN QH QRGTCVKQP RTQEGUU CPF VJG KORQTVCPV YQTMKPI U[UVGO CTG CRRTQRTKCVG HQT DWUKPGUU QRGTCVKQP CU YGNN CU RTQXKFKPI CFFKVKQPCN UWIIGUVKQPU YJKEJ CTG XGT[ DGPGÌEKCN HQT YQTM QRGTCVKQP CPF VJGTG KU OQPKVQTKPI QH #FOKPKUVTCVKQP &GRCTVOGPV CPF VJG /CPCIGOGPV HQT KORTQXGOGPV KP CEEQTFCPEG UWIIGUVKQPU RTQXKFGF D[ KPVGTPCN CWFKVKPI VJG QRGTCVKQP KU EQORN[ YKVJ UGEWTKVKGU NCY CPF 5'6 NCY TGSWKTGOGPV QH 5VQEM 'ZEJCPIG QH 6JCKNCPF CPF QT NCYU VJCV TGNCVGF VQ DWUKPGUU QH VJG EQORCP[ CPF KV KU HQWPF VJCV VJGTG KU PQV UKIPKÌECPV FGÌEKGPE[

3. Consideration of Connected Transactions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ÌVU QH VJG EQORCP[ 4. Consideration of Selection, appointment and Proposing Auditor Fee 6JG #WFKV %QOOKVVGG EQPUKFGTU UGNGEVKQP CRRQKPVOGPV CPF RTQRQUKPI CWFKVQT HGG KP QTFGT VQ RTGUGPV VQ $QCTF QH &KTGEVQTU D[ EQPUKFGTKPI TGNKCDKNKV[ ECRCDKNKV[ QH RTQXKFKPI UGTXKEG RTQXKFKPI EQPUWNVCVKQP CEEQTFKPI VQ CEEQWPVKPI UVCPFCTF CWFKVKPI CPF XGTKÌECVKQP QH ÌPCPEKCN UVCVGOGPV QP VKOGHTCOG +P #WFKV %QOOKVVGG JCU EQPUKFGTGF VQ CRRQKPV /TU 2QQPPCTV 2CKEJCTQGP CWVJQTK\GF CWFKVQT 0Q CPF QT /KUU 5WOCNGG 4KXCTCDCPFKV CWVJQTK\GF CWFKVQT 0Q CPF QT /KUU /CPGG 4CVVCPCDWPPCMK CWVJQTK\GF CWFKVQT 0Q QH 'TPUV ;QWPI %Q .VF CU VJG CWFKVQT QH VJG EQORCP[ KP YJKEJ KU SWCNKÌGF CPF RGTHQTOKPI FWV[ CEEQTFKPI VQ UVCPFCTF QH CWFKVQT RTQHGUUKQP CPF VJG CWFKV HGG KU RTQRQUGF PQV GZEGGFGF $CJV $QCTF QH &KTGEVQTU JCU EQPUKFGTGF CPF CRRTQXGF VQ RTGUGPV KP UJCTGJQNFGTU OGGVKPI HQT CRRTQXCN HWTVJGT

/T 6GEJCRKV 5CPIUKPIMGQ %JCKTOCP QH VJG #WFKV %QOOKVVGG

Annual Report 2015

INDEPENDENT AUDITOR’S REPORT

TO THE SHAREHOLDERS OF TTW PUBLIC COMPANY LIMITED

+ JCXG CWFKVGF VJG CEEQORCP[KPI EQPUQNKFCVGF ÌPCPEKCN UVCVGOGPVU QH 669 2WDNKE %QORCP[ .KOKVGF CPF KVU UWDUKFKCTKGU YJKEJ EQORTKUG VJG EQPUQNKFCVGF UVCVGOGPV QH ÌPCPEKCN RQUKVKQP CU CV &GEGODGT CPF VJG TGNCVGF EQPUQNKFCVGF UVCVGOGPVU QH EQORTGJGPUKXG KPEQOG EJCPIGU KP UJCTGJQNFGTU¿ GSWKV[ CPF ECUJ ÍQYU HQT VJG [GCT VJGP GPFGF CPF C UWOOCT[ QH UKIPKÌECPV CEEQWPVKPI RQNKEKGU CPF QVJGT GZRNCPCVQT[ KPHQTOCVKQP CPF JCXG CNUQ CWFKVGF VJG UGRCTCVG ÌPCPEKCN UVCVGOGPVU QH 669 2WDNKE %QORCP[ .KOKVGF HQT VJG UCOG RGTKQF YJGVJGT FWG VQ HTCWF QT GTTQT +P OCMKPI VJQUG TKUM CUUGUUOGPVU VJG CWFKVQT EQPUKFGTU KPVGTPCN EQPVTQN TGNGXCPV VQ VJG GPVKV[ U RTGRCTCVKQP CPF HCKT RTGUGPVCVKQP QH VJG ÌPCPEKCN UVCVGOGPVU KP QTFGT VQ FGUKIP CWFKV RTQEGFWTGU VJCV CTG CRRTQRTKCVG KP VJG EKTEWOUVCPEGU DWV PQV HQT VJG RWTRQUG QH GZRTGUUKPI CP QRKPKQP QP VJG GHHGEVKXGPGUU QH VJG GPVKV[ U KPVGTPCN EQPVTQN #P CWFKV CNUQ KPENWFGU GXCNWCVKPI VJG CRRTQRTKCVGPGUU QH CEEQWPVKPI RQNKEKGU WUGF CPF VJG TGCUQPCDNGPGUU QH CEEQWPVKPI GUVKOCVGU OCFG D[ OCPCIGOGPV CU YGNN CU GXCNWCVKPI VJG QXGTCNN RTGUGPVCVKQP QH VJG ÌPCPEKCN UVCVGOGPVU Auditor's Responsibility I believe that the audit evidence I have obtained is /[ TGURQPUKDKNKV[ KU VQ GZRTGUU CP QRKPKQP QP VJGUG ÌPCPEKCN UWHÌEKGPV CPF CRRTQRTKCVG VQ RTQXKFG C DCUKU HQT O[ CWFKV UVCVGOGPVU DCUGF QP O[ CWFKV + EQPFWEVGF O[ CWFKV KP CEEQTFCPEG YKVJ 6JCK 5VCPFCTFU QP #WFKVKPI 6JQUG QRKPKQP UVCPFCTFU TGSWKTG VJCV + EQORN[ YKVJ GVJKECN TGSWKTGOGPVU CPF RNCP CPF RGTHQTO VJG CWFKV VQ QDVCKP TGCUQPCDNG Opinion CUUWTCPEG CDQWV YJGVJGT VJG ÌPCPEKCN UVCVGOGPVU CTG +P O[ QRKPKQP VJG ÌPCPEKCN UVCVGOGPVU TGHGTTGF VQ CDQXG RTGUGPV HCKTN[ KP CNN OCVGTKCN TGURGEVU VJG ÌPCPEKCN RQUKVKQP HTGG HTQO OCVGTKCN OKUUVCVGOGPV #P CWFKV KPXQNXGU RGTHQTOKPI RTQEGFWTGU VQ QDVCKP QH 669 2WDNKE %QORCP[ .KOKVGF CPF KVU UWDUKFKCTKGU CWFKV GXKFGPEG CDQWV VJG COQWPVU CPF FKUENQUWTGU KP VJG CPF QH 669 2WDNKE %QORCP[ .KOKVGF CU CV &GEGODGT ÌPCPEKCN UVCVGOGPVU 6JG RTQEGFWTGU UGNGEVGF FGRGPF CPF VJGKT ÌPCPEKCN RGTHQTOCPEG CPF ECUJ ÍQYU HQT QP VJG CWFKVQT U LWFIGOGPV KPENWFKPI VJG CUUGUUOGPV QH VJG [GCT VJGP GPFGF KP CEEQTFCPEG YKVJ 6JCK (KPCPEKCN VJG TKUMU QH OCVGTKCN OKUUVCVGOGPV QH VJG ÌPCPEKCN UVCVGOGPVU 4GRQTVKPI 5VCPFCTFU Management's Responsibility for the Financial Statements /CPCIGOGPV KU TGURQPUKDNG HQT VJG RTGRCTCVKQP CPF HCKT RTGUGPVCVKQP QH VJGUG ÌPCPEKCN UVCVGOGPVU KP CEEQTFCPEG YKVJ 6JCK (KPCPEKCN 4GRQTVKPI 5VCPFCTFU CPF HQT UWEJ KPVGTPCN EQPVTQN CU OCPCIGOGPV FGVGTOKPGU KU PGEGUUCT[ VQ GPCDNG VJG RTGRCTCVKQP QH ÌPCPEKCN UVCVGOGPVU VJCV CTG HTGG HTQO OCVGTKCN OKUUVCVGOGPV YJGVJGT FWG VQ HTCWF QT GTTQT

/CPGG 4CVVCPCDWPPCMKV %GTVKÌGF 2WDNKE #EEQWPVCPV

6JCKNCPF 0Q '; 1HÌEG .KOKVGF $CPIMQM (GDTWCT[

TTW Public Company Limited

OPERATION RESULT ANALYSIS AND REPORT Analysis of Income from Water Supply Sales Description

7PKV /KNNKQP $CJV

2015

2014

Change

9CVGT 5WRRN[ ¼ %QORCP[

9CVGT 5WRRN[ ¼ 2CVJWO 6JCPK 9CVGT %Q .VF

Total

Income from Water Supply Sales

+P CPF 669 CPF KVU UWDUKFKCTKGU GCTPGF KPEQOG HTQO UGNNKPI VCR YCVGT UWRRN[ HQT /KNNKQP $CJV CPF /KNNKQP $CJV TGURGEVKXGN[ YJKEJ KPETGCUGF HQT /KNNKQP $CJV QT HTQO VJG RTGXKQWU [GCT 6JG KPETGCUGF KPEQOG HTQO UGNNKPI VCD YCVGT UWRRN[ ECP DG FGUETKDGF CU HQNNQYU

1) 6JG KPEQOG HTQO UGNNKPI VCR YCVGT UWRRN[ QH 669 KPETGCUGF HQT /KNNKQP $CJV QT CU VJG UGNNKPI RTKEG JCF DGGP KPETGCUGF HTQO VJG RTGXKQWU [GCT 2) 6JG KPEQOG HTQO UGNNKPI VCR YCVGT UWRRN[ QH 2CVJWO 6JCPK 9CVGT %Q .VF KPETGCUGF HQT /KNNKQP $CJV QT CU VJG UGNNKPI RTKEG QH 269 JCF DGGP KPETGCUGF HTQO VJG RTGXKQWU [GCT

Water Supply Price Ratio that TTW and PTW sold to the Provincial Waterworks Authority during the past 3 years

7PKV /KNNKQP $CJV

The first 300,000 Cubic Meters

Over 300,000 Cubic Meters

Water Supply Costs of PTW (Baht/Cubic Meter)

,CP &GE

Period

Water Supply Costs of TWW (Baht/Cubic Meter)

Income from Services

+P CPF 669 CPF KVU UWDUKFKCTKGU GCTPGF KPEQOG HTQO UGTXKEGU HQT /KNNKQP $CJV CPF /KNNKQP $CJV TGURGEVKXGN[ YJKEJ FGETGCUGF HQT /KNNKQP $CJV QT FWG VQ GEQPQOKE UNQYFQYP CPF VJG EWUVQOGTU HTQO +PFWUVTKCN 'UVCVG VGORQTCTKN[ UVQRRGF VJG RTQFWEVKQP

Other Income

6JG KPEQOG QH 669 CPF KVU UWDUKFKCTKGU EQPUKUVU QH KPVGTGUV KPEQOG HTQO VJG DCPM FGRQUKV CPF TGOWPGTCVKQP HTQO ECUJ ÍQY OCPCIGOGPV QH 669 CPF KPEQOG HTQO UGNNKPI CUUGVU

+P CPF 669 CPF KVU UWDUKFKCTKGU GCTPGF KPEQOG HQT /KNNKQP $CJV CPF /KNNKQP $CJV TGURGEVKXGN[ YJKEJ FGETGCUGF VQ /KNNKQP $CJV QT 6JG FGETGCUGF QVJGT KPEQOG ECP DG FGUETKDGF CU HQNNQYU $GECWUG KP 669 GFKVGF VJG EQTRQTCVG KPEQOG VCZ TGEQTFGF KP VJG CEEQWPV NKUV QH OQTG VJCP VJG CEVWCN RC[CDNGU HQT /KNNKQP $CJV VQ DG QVJGT KPEQOG and 6JG FGRQUKV TCVGU CPF TGOWPGTCVKQP QH CFOKPKUVTCVKQP FGETGCUGF

Annual Report 2015

Cost Analysis

7PKV /KNNKQP $CJV Description

2015

2014

Changes

%QUV QH UCNGU CPF UGTXKEGU

#FOKPKUVTCVKQP GZRGPUGU

(KPCPEKCN GZRGPUGU

%QTRQTCVG +PEQOG 6CZ

Total

Cost of sales and services

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

Administration expenses

#FOKPKUVTCVKQP GZRGPUGU QH 669 CPF KVU UWDUKFKCTKGU HQT CPF YGTG /KNNKQP $CJV CPF /KNNKQP $CJV TGURGEVKXGN[ YJKEJ KPETGCUGF HQT /KNNKQP $CJV QT YJGP EQORCTGF YKVJ VJG RTGXKQWU [GCT CPF ECP DG FGUETKDGF CU HQNNQYU 5WRRQTV GZRGPUGU HQT EQOOWPKV[ UQEKCN CPF GPXKTQPOGPVCN CEVKXKVKGU KPETGCUGF HQT /KNNKQP $CJV and 'ZRGPUGU TGNCVGF VQ GORNQ[GGU KPETGCUGF HQT /KNNKQP $CJV CU VJG UCNCT[ QH GORNQ[GGU JCF KPETGCUGF HTQO VJG UCOG RGTKQF QH VJG RTGXKQWU [GCT

Financial Expenses

6JG ÌPCPEKCN GZRGPUGU KP CPF YGTG /KNNKQP $CJV CPF /KNNKQP $CJV TGURGEVKXGN[ YJKEJ FGETGCUGF VQ /KNNKQP $CJV QT CU VJG NQCPU YGTG TGFWEGF CPF

VJG KPVGTGUV TCVG QH NQCPU YCU FGETGCUGF HTQO VJG UCOG RGTKQF QH VJG RTGXKQWU [GCT

Corporate Income Tax

6JG EQTRQTCVG KPEQOG VCZ KP CPF YCU /KNNKQP $CJV CPF /KNNKQP $CJV TGURGEVKXGN[ YJKEJ KPETGCUGF HQT /KNNKQP $CJV QT CU 669 CNTGCF[ WUGF VJG OCZKOWO RTKXKNGIG QH EQTRQTCVG KPEQOG VCZ GZGORVKQP HTQO VJG $QCTF QH +PXGUVOGPV QH 6JCKNCPF KP VJG OKFFNG QH 6JGTGHQTG VJG HTQO VJG NCUV SWCTVGT QH VJG EQORCP[ JCF EQTRQTCVG KPEQOG VCZ EJCTIG YJKNG KP VJG EQORCP[ FKFP¿V JCXG VQ RC[ HQT VJG EQTRQTCVG KPEQOG VCZ

Analysis of share of profits from investment with associates

6JG UJCTG QH RTQÌVU HTQO KPXGUVOGPV YKVJ CUUQEKCVGU KP CPF YCU /KNNKQP $CJV CPF /KNNKQP $CJV TGURGEVKXGN[ YJKEJ FGETGCUGF VQ /KNNKQP $CJV QT CU VJG UWDUKFKCT[ EQORCP[ QH %- 2QYGT %QORCP[ %-2 JCF GZRGPUGU KP QRGTCVKQP CPF OCKPVGPCPEG EQPVTCEV VGTOKPCVKQP HQT /KNNKQP $CJV CPF %-2 KPXQNXGF KP VJG KPXGUVOGPV YKVJ CUUQEKCVGU HQT /KNNKQP $CJV YJKNG VJGTG YCU PQ UWEJ GZRGPUGU KP

Net Profit

+P CPF 669 CPF KVU UWDUKFKCTKGU JCF PGV RTQÌV QH /KNNKQP $CJV CPF /KNNKQP $CJV TGURGEVKXGN[ ECNEWNCVGF CU VQVCN KPEQOG QH 669 CPF KVU UWDUKFKCTKGU HQT CPF TGURGEVKXGN[ 6JG PGV RTQHKV KP FGETGCUGF HTQO VJG RTGXKQWU [GCT VQ /KNNKQP $CJV QT

Analysis of Financial Status Income

7PKV /KNNKQP $CJV 31 Dec 2015

31 Dec 2014

Changes

Total Assets

Total Liabilities

5JCTGJQNFGTU

TTW Public Company Limited

Assets Analysis

6JG CUUGVU QH 669 CPF KVU UWDUKFKCTKGU EQPUKUV QH NCPF RTGOKUGU CPF GSWKROGPV KPXGUVOGPV YKVJ CUUQEKCVGU YCVGT UWRRN[ CUUGV FWTKPI EQPUVTWEVKQP YCVGT UWRRN[ RTQFWEVKQP CUUGVU QYPGF D[ 669 YCVGT UWRRN[ RTQFWEVKQP CUUGVU VJCV PGGF VQ DG VTCPUHGTTGF CV VJG GPF QH EQPVTCEV QH VJG UWDUKFKCTKGU TKIJVU KP RTQFWEVKQP CPF UGNNKPI YCVGT UWRRN[ CPF YCUVGYCVGT VTGCVOGPV CPF TKIJVU KP RTQFWEVKQP CPF UGNNKPI YCVGT UWRRN[ HTQO DW[KPI DWUKPGUUGU #U QH &GEGODGT 669 CPF KVU UWDUKFKCTKGU JCF CUUGVU KP PGV XCNWG /KNNKQP $CJV YJKEJ KPETGCUGF HQT /KNNKQP $CJV YJGP EQORCTGF YKVJ &GEGODGT CU KP /C[ 669 JCF DQWIJV UJCTGU QH %- 2QYGT %QORCP[ %-2 HQT /KNNKQP $CJV CPF CUUGVU KP YCVGT UWRRN[ RTQFWEVKQP FWTKPI VJG EQPUVTWEVKQP HQT /KNNKQP $CJV 9JKNG VJG CUUGVU KP YCVGT UWRRN[ RTQFWEVKQP CTG QYPGF D[ 669 WPFGT VJG EQPVTCEV YKVJ VJG IQXGTPOGPV UGEVQT FGETGCUGF VQ /KNNKQP $CJV CPF TKIJVU KP RTQFWEVKQP CPF UGNNKPI YCVGT UWRRN[ CPF YCUVGYCVGT VTGCVOGPV HTQO VJG RTKXCVG UGEVQTU FGETGCUGF VQ /KNNKQP $CJV

Liability Analysis

6JG NKCDKNKVKGU QH 669 CPF KVU UWDUKFKCTKGU EQPUKUV QH FGDGPVWTG CPF NQPI VGTO NQCPU FWG KP QPG [GCT CPF KPEQOG VCZ NKCDKNKVKGU #U QH &GEGODGT 669 CPF KVU UWDUKFKCTKGU JCF PGV NKCDKNKVKGU QH /KNNKQP $CJV YJKEJ KPETGCUGF HQT /KNNKQP $CJV YJGP EQORCTGF YKVJ &GEGODGT CU 669 KUUWGF FGDGPVWTG HQT /KNNKQP $CJV VQ WUG CU CP KPXGUVOGPV HQT VJG EQPUVTWEVKQP QH VJG PF YCVGT UWRRN[ RNCPV HQT /KNNKQP $CJV CPF DQWIJV UJCTGU QH %- 2QYGT %QORCP[ %-2 HQT /KNNKQP $CJV +P CFFKVKQP VQ VJKU 669 CPF KVU UWDUKFKCTKGU RCKF DCEM VJG NQPI VGTO NQCPU HQT /KNNKQP $CJV FWTKPI VJG [GCT

Equity Analysis

#U QH &GEGODGT 669 CPF KVU UWDUKFKCTKGU JCF GSWKV[ HQT /KNNKQP $CJV YJKEJ KPETGCUGF HQT /KNNKQP $CJV YJGP EQORCTGF YKVJ &GEGODGT CU KP 669 JCF CP CPPWCN PGV RTQÌV HQT /KNNKQP $CJV CPF RCKF FKXKFGPF HQT /KNNKQP $CJV

Cash Flow Analysis

Æ %CUJ (NQYU HTQO 1RGTCVKPI #EVKXKVKGU +P 669 CPF KVU UWDUKFKCTKGU JCF PGV ECUJ ÍQY HTQO QRGTCVKQPU HQT /KNNKQP $CJV YJKEJ KPETGCUGF HTQO VJG UCOG RGTKQF QH VJG RTGXKQWU [GCT HQT /KNNKQP $CJV QT CU KP 669 RCKF NGUU KPEQOG VCZ HQT /KNNKQP $CJV

+P 669 CPF KVU UWDUKFKCTKGU JCF PGV ECUJ ÍQY HTQO QRGTCVKQPU HQT /KNNKQP $CJV YJKEJ KPETGCUGF HTQO VJG UCOG RGTKQF QH VJG RTGXKQWU [GCT HQT /KNNKQP $CJV QT CU VJG KPVGTGUV KPEQOG FGETGCUGF VQ /KNNKQP $CJV Æ %CUJ (NQY HTQO +PXGUVOGPV +P 669 CPF KVU UWDUKFKCTKGU JCF PGV ECUJ Í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ÍQY HTQO KPXGUVOGPV HQT /KNNKQP $CJV YJKEJ KPETGCUGF HTQO VJG UCOG RGTKQF QH VJG RTGXKQWU [GCT HQT /KNNKQP $CJV QT CU KP 669 CPF KVU UWDUKFKCTKGU JCF HWPFU HTQO LQKPV EQORCP[ KPXGUVOGPV KPETGCUGF HQT /KNNKQP $CJV VJG CUUGVU KP YCVGT UWRRN[ RTQFWEVKQP WPFGT VJG EQPVTCEV KPETGCUGF HQT /KNNKQP $CJV CPF YCVGT UWRRN[ RTQFWEVKQP CUUGVU VJCV PGGF VQ DG VTCPUHGTTGF CV VJG GPF QH EQPVTCEV QH VJG UWDUKFKCTKGU KPETGCUGF HQT /KNNKQP $CJV Æ %CUJ ÍQY HTQO ÌPCPEKCN CEVKXKVKGU +P 669 CPF UWDUKFKCTKGU WUGF VJG ECUJ ÍQY HQT ÌPCPEKCN CEVKXKVKGU KP VJG VQVCN COQWPV QH /KNNKQP $CJV YJKEJ KPETGCUGF HTQO DGECWUG KP VJG EQORCP[ RCKF FKXKFGPF HQT /KNNKQP $CJV CPF RCKF DCEM VJG NQPI VGTO NQCPU HQT /KNNKQP $CJV +P 669 CPF UWDUKFKCTKGU WUGF VJG ECUJ ÍQY HQT ÌPCPEKCN CEVKXKVKGU KP VJG VQVCN COQWPV QH /KNNKQP $CJV CU KP VJG EQORCP[ TGEGKXGF ECUJ HTQO EQTRQTCVG DQPF KUUWCPEG HQT /KNNKQP $CJV

The remuneration of auditor

(QT VJG TGOWPGTCVKQP QH CWFKVQT 669 CPF UWDUKFKCTKGU JCF JKTGF '; %Q .VF VQ DG CP CWFKVQT QH 669 CPF UWDUKFKCTKGU KP CEEQTFCPEG YKVJ VJG TGUQNWVKQP QH VJG #PPWCN )GPGTCN /GGVKPI QH 5JCTGJQNFGTU QP /CTEJ 6JG CWFKVQT TGEGKXGF TGOWPGTCVKQP HTQO 669 KP VJG VQVCN COQWPV QH $CJV

Annual Report 2015

FINANCIAL STATEMENTS

TTW Public Company Limited

Annual Report 2015

Statement of financial position TTW Public Company Limited and its subsidiaries As at 31 December 2015 (Unit: Baht)

Consolidated financial statements Note Assets Current assets Cash and cash equivalents Current investments Trade and other receivables Current portion of long-term loans to related party and interest receivable Raw materials and supplies Other current assets Total current assets Non-current assets Long-term loans to related party, net of current portion Investments in subsidiaries Investment in associate Property, plant and equipment Assets for production of treated water Assets for production of treated water under agreements with public sector agency: Assets that are owned by the Company Assets that must be transferred at end of concession of subsidiary Rights to produce and sell treated water and treat waste water from private sector agency Rights to produce and sell treated water from business acquisition Intangible assets Deferred tax assets Advance payment to subcontractor - related party Other non-current assets Total non-current assets Total assets

Separate financial statements

2015

2014

2015

2014

8 9 10

784,670,038 5,941,873,036 515,828,992

1,197,907,493 5,276,839,353 528,975,171

444,769,853 5,421,045,693 363,612,326

904,357,402 4,892,497,268 372,801,284

7 11

22,107,553 34,626,761 7,299,106,380

21,368,950 56,206,693 7,081,297,660

367,530,822 11,976,459 28,962,489 6,637,897,642

310,389,110 11,106,616 47,484,637 6,538,636,317

7 12 13 14 15

4,510,053,592 690,614,882 1,086,648,389

3,011,759,111 678,469,535 84,994,043

1,195,360,000 2,802,270,143 4,228,013,282 628,731,051 1,086,648,389

1,162,500,000 3,023,764,292 2,756,080,010 613,412,779 84,994,043

7,274,066,103

7,617,869,564

7,274,066,103

7,617,869,564

2,732,467,351

2,696,054,116

1,181,113,975

1,224,160,260

1,181,113,975

1,224,160,260

19 20 28

1,519,465,909 1,714,412,300 6,368,838 8,028,701 1,864,779 1,604,034 305,232,978 490,620,000 292,527,576 435,555,000 36,834,476 18,078,057 34,197,522 13,144,021 19,344,731,272 17,546,049,721 18,722,928,041 16,931,479,969 26,643,837,652 24,627,347,381 25,360,825,683 23,470,116,286

The accompanying notes are an integral part of the financial statements.

TTW Public Company Limited

Statement of financial position (continued) TTW Public Company Limited and its subsidiaries As at 31 December 2015 (Unit: Baht)

Consolidated financial statements Note Liabilities and shareholders' equity Current liabilities Trade and other payables Current portion of long-term loans Current portion of debentures Income tax payable Accrued interest Other current liabilities Total current liabilities Non-current liabilities Retention payable - subsidiary Long-term loans, net of current portion Debentures, net of current portion Provision for long-term employee benefits Deferred tax liabilities Total non-current liabilities Total liabilities

21 22 23

7 22 23 24 28

Separate financial statements

2015

2014

2015

2014

257,255,686 770,000,000 1,800,000,000 253,254,144 130,134,593 54,187,578 3,264,832,001

652,577,474 750,000,000 69,535,729 107,299,587 61,182,068 1,640,594,858

203,521,173 770,000,000 1,800,000,000 178,023,826 130,134,593 37,822,718 3,119,502,310

544,675,801 750,000,000 107,299,586 41,666,905 1,443,642,292

5,000,000 5,000,000 5,445,000,000 6,215,000,000 5,445,000,000 6,215,000,000 6,391,737,288 5,294,365,242 6,391,737,288 5,294,365,242 12,230,187 27,791,333 22,354,466 15,972,120 50,858,144 84,814,257 65,443,479 71,826,863 11,577,453,573 11,949,342,878 11,597,163,187 11,929,536,271 15,214,174,879 13,237,758,045 15,049,038,581 13,021,095,865

The accompanying notes are an integral part of the financial statements.

Annual Report 2015

Statement of financial position (continued) TTW Public Company Limited and its subsidiaries As at 31 December 2015 (Unit: Baht)

Consolidated financial statements Note Shareholders' equity Share capital Registered 3,990,000,000 ordinary shares of Baht 1 each Issued and fully paid-up 3,990,000,000 ordinary shares of Baht 1 each Share premium Retained earnings Appropriated - statutory reserve Appropriated - other reserve Unappropriated Other components of shareholders' equity Equity attributable to owners of the Company Non-controlling interests of the subsidiaries Total shareholders' equity Total liabilities and shareholders' equity

25 26

Separate financial statements 2015 2014

2015

2014

3,990,000,000

3,990,000,000 2,637,769,601

399,000,000 399,000,000 399,000,000 399,000,000 1,445,616,272 1,171,411,333 1,445,616,272 1,171,411,333 3,599,586,197 3,786,648,430 1,839,401,229 2,250,839,487 (682,760,466) (633,123,374) 11,389,211,604 11,351,705,990 10,311,787,102 10,449,020,421 40,451,169 37,883,346 11,429,662,773 11,389,589,336 10,311,787,102 10,449,020,421 26,643,837,652 24,627,347,381 25,360,825,683 23,470,116,286

The accompanying notes are an integral part of the financial statements.

TTW Public Company Limited

Statement of comprehensive income TTW Public Company Limited and its subsidiaries For the year ended 31 December 2015 (Unit: Baht)

Consolidated financial statements Note

2015

2014 (Restated)

Separate financial statements 2015

2014 (Restated)

Profit or loss: Revenues Sales of treated water to public sector agency: Sale of treated water - minimum offtake quantities 4,867,529,106 4,757,743,229 3,342,632,105 3,265,367,728 Sale of treated water - above minimum offtake quantities 281,126,146 339,500,396 129,388,011 176,165,777 Sales of treated water to private sector agencies 174,881,610 175,010,139 174,881,610 175,010,139 Total sales of treated water 29 5,323,536,862 5,272,253,764 3,646,901,726 3,616,543,644 Service income 106,108,059 110,542,151 36,236,795 36,544,021 Interest income 99,727,666 92,820,312 157,167,455 162,035,630 Dividend income - 738,705,132 714,756,572 12, 13 Other income 45,114,383 146,502,018 51,564,888 153,477,518 Total revenues 5,574,486,970 5,622,118,245 4,630,575,996 4,683,357,385 Expenses Cost of sales of treated water and service 1,509,951,054 1,535,081,715 889,334,329 911,516,358 Administrative expenses 304,661,644 249,073,605 256,925,472 198,325,237 Amortisation of investments in subsidiaries 12 - 221,494,148 221,494,148 Amortisation of rights to produce and sell treated water and treat waste water from private sector agency 18 43,046,285 42,957,387 43,046,285 42,957,387 Amortisation of rights to produce and sell treated water from business acquisition 19 194,946,391 194,946,391 Total expenses 2,052,605,374 2,022,059,098 1,410,800,234 1,374,293,130 Profit before share of profit from investment in associate, finance cost and income tax expenses 3,521,881,596 3,600,059,147 3,219,775,762 3,309,064,255 Share of profit from investment in associate 13 103,498,301 110,596,627 Profit before finance cost and income tax expenses 3,625,379,897 3,710,655,774 3,219,775,762 3,309,064,255 Finance cost (549,509,077) (566,107,802) (548,642,181) (565,484,323) Profit before income tax expenses 3,075,870,820 3,144,547,972 2,671,133,581 2,743,579,932 Income tax expenses (898,626) 28 (378,267,296) (156,335,596) (214,988,625) Profit for the year 2,697,603,524 2,988,212,376 2,456,144,956 2,742,681,306

The accompanying notes are an integral part of the financial statements.

Annual Report 2015

Statement of comprehensive income (continued) TTW Public Company Limited and its subsidiaries For the year ended 31 December 2015 (Unit: Baht)

Separate financial statements

Consolidated financial statements Note Other comprehensive income: Other comprehensive income to be reclassified to profit or loss in subsequent periods: Unrealised loss from cash flow hedges Other comprehensive income not to be reclassified to profit or loss in subsequent periods Actuarial gain (loss) - net of income tax Other comprehensive income for the year

2014 (Restated)

2015

(49,637,092)

(3,833,510)

(49,637,092)

2,117,439 (1,716,071)

(631,914) (631,914)

Total comprehensive income for the year

2,647,966,432 2,986,496,305 2,456,144,956 2,742,049,392

Profit attributable to: Equity holders of the Company Non-controlling interests of the subsidiaries

2,680,520,981 2,971,796,160 2,456,144,956 2,742,681,306 17,082,543 16,416,216 2,697,603,524 2,988,212,376

Total comprehensive income attributable to: Equity holders of the Company Non-controlling interests of the subsidiaries

Basic earnings per share Profit attributable to equity holders of the Company

2014 (Restated)

2015

2,630,883,889 2,970,080,089 2,456,144,956 2,742,049,392 17,082,543 16,416,216 2,647,966,432 2,986,496,305 30 0.67

The accompanying notes are an integral part of the financial statements.

0.74

0.62

0.69

TTW Public Company Limited

Cash flows statement TTW Public Company Limited and its subsidiaries For the year ended 31 December 2015 (Unit: Baht)

Consolidated financial statements

Cash flows from operating activities Profit before tax Adjustments to reconcile profit before tax to net cash provided by (paid from) operating activities: Depreciation and amortisation Amortisation of investments in subsidiaries Amortisation of rights to produce and sell treated water and treat waste water from private sector agency Amortisation of rights to produce and sell treated water from business acquisition Loss (gain) on sales/written off of equipment Share of profit from investment in associate Dividend income Withholding tax deducted at source written off Provision for long-term employee benefits Interest expenses Profit from operating activities before changes in operating assets and liabilities Operating assets (increase) decrease Trade and other receivables Raw materials and supplies Other current assets Other non-current assets Operating liabilities increase (decrease) Trade and other payables Other current liabilities Cash paid for long-term employee benefits Cash from operating activities Cash paid for interest expenses Cash paid for corporate income tax Cash received from withholding tax receivable Net cash from operating activities

Separate financial statements

2015

2014 (Restated)

2015

2014 (Restated)

3,075,870,820

3,144,547,972

2,671,133,581

2,743,579,932

651,285,786 -

652,148,340 -

368,219,187 221,494,148

369,186,235 221,494,148

43,046,285

42,957,387

43,046,285

42,957,387

194,946,391 (4,178,819) (103,498,301) 5,377,012 5,436,867 548,658,487

194,946,391 (760,255) (110,596,627) 3,168,426 9,639,345 565,526,385

(2,116,586) (738,705,132) 3,048,350 3,741,933 548,642,181

151,719 (714,756,572) 6,160,108 565,484,323

4,416,944,528

4,501,577,364

3,118,503,947

3,234,257,280

4,582,294 (738,603) 24,997,495 (21,003,501)

(5,521,797) 820,678 402,311 (5,230,980)

623,362 (869,843) 20,950,928 (21,053,501)

(8,005,595) 1,005,796 1,088,109 (5,176,482)

9,005,325 (6,696,820) 4,427,090,718 (523,516,985) (176,219,324) 3,727,354,409

(6,242,357) (57,467,376) (3,129,000) 4,425,208,843 (595,009,160) (197,969,077) 6,410,109 3,638,640,715

12,836,292 (3,844,187) 3,127,146,998 (523,500,679) (15,996,079) 2,587,650,240

2,911,071 (56,512,379) (3,104,000) 3,166,463,800 (594,967,098) (44,796,489) 2,526,700,213

The accompanying notes are an integral part of the financial statements.

Annual Report 2015

Cash flows statement (continued) TTW Public Company Limited and its subsidiaries For the year ended 31 December 2015 (Unit: Baht)

Consolidated financial statements 2015 Cash flows from investing activities Increase in current investments Decrease in other long-term investment Decrease (increase) in long-term loans to related party Increase in investment in associate Increase in property, plant and equipment Increase in assets for production of treated water Cash paid for capitalised interest Increase in assets for production of treated water under agreements with public sector agency - assets that are owned by the Company Increase in assets for production of treated water that must be transferred at the end of concession of subsidiary Proceeds from sales of equipment Dividend received Increase in advance payment to subcontractor - related party Net cash from (used in) investing activities Cash flows from financing activities Cash receipt from long-term loans Repayment of long-term loans Cash received from debentures Repayment of debentures Dividend payment Dividend payment for non-controlling interests of the subsidiary Net cash used in financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year

2014 (Restated)

Separate financial statements 2015

2014 (Restated)

(658,380,612) (1,580,782,217) (521,895,354) (1,196,440,132) 400,000,000 200,000,000 (90,000,000) 310,000,000 - (1,471,933,272) (1,471,933,272) (5,588,163) (27,404,943) (25,645,877) (4,897,643) (4,342,205) (737,517,387) (737,517,387) (4,342,205) (42,864,820) (42,864,820) (14,487,609)

(18,269,753)

(14,487,609)

(18,269,753)

(99,857,821) (267,220,319) 2,864,486 5,411,495 2,516,075 27,500,000 738,705,132 - (435,555,000) (490,620,000) (3,677,517,467) (1,305,975,673) (2,598,678,112)

2,369,159 714,756,572 3,175,998

- 1,700,000,000 - 1,700,000,000 (750,000,000) (675,000,000) (750,000,000) (675,000,000) 2,895,065,550 - 2,895,065,550 - (1,700,000,000) - (1,700,000,000) (2,593,625,227) (2,593,194,945) (2,593,625,227) (2,593,194,945) (14,514,720) (14,587,200) (463,074,397) (3,282,782,145) (448,559,677) (3,268,194,945) (413,237,455) (950,117,103) (459,587,549) (738,318,734) 1,197,907,493 2,148,024,596 904,357,402 1,642,676,136 784,670,038 1,197,907,493 444,769,853 904,357,402

TTW Public Company Limited

Cash flows statement (continued) TTW Public Company Limited and its subsidiaries For the year ended 31 December 2015 (Unit: Baht)

Separate financial statements

Consolidated financial statements 2014 (Restated)

2015 Supplemental cash flows information Non-cash transactions Increase (decrease) in dividend payable Decrease in accounts receivable from securities trading Increase (decrease) in accounts payable from securities trading Increase in property, plant and equipment from construction payable Transfer advance for land to land Increase in assets for production of treated water from construction payable Portion of advance payment to subcontractor deducted from payment for assets for production of treated water Transfer construction in progress to assets for production of treated water Transfer construction in progress to assets for production of treated water under agreements with public sector agency that are owned by the Company Increase in assets for production of treated water that must be transferred at end of concession of subsidiary from construction payable Portion of advance payment to subcontractor deducted from payment for assets for production of treated water that must be transferred at the end of concession of subsidiary Transfer advance payment for assets for production of treated water that must be transferred at end of concession of subsidiary to assets for production of treated water that must be transferred at end of concession of subsidiary Transfer construction in progress to other non-current assets

(246,952) 8,563,884 (1,910,813) 25,000 -

297,670 16,480,612 535,035 90,400,000

78,244,715

435,555,000

143,027,424

2015

2014 (Restated)

(246,952) 8,563,884 (1,910,813) -

297,670 16,480,612 535,035 90,400,000

78,244,715 435,555,000

- 143,027,424

80,651,838

25,109,280

4,116,250

55,065,000

42,359,598

21,510,000 2,043,472

2,043,472

The accompanying notes are an integral part of the financial statements.

Share premium

- (14,514,720) (14,514,720) (682,760,466) 11,389,211,604 40,451,169 11,429,662,773

37,883,346 11,389,589,336 17,082,543 2,697,603,524 - (49,637,092) 17,082,543 2,647,966,432 - (2,593,378,275) (633,123,374) 11,351,705,990 - 2,680,520,981 (49,637,092) (49,637,092) (49,637,092) 2,630,883,889 - (2,593,378,275)

3,642,111,050 (28,926,998) (600,362,866) (629,289,864) 10,975,118,516 36,054,330 11,011,172,846 - 2,971,796,160 16,416,216 2,988,212,376 2,971,796,160 (1,716,071) (1,716,071) - (3,833,510) 2,117,439 (3,833,510) - (3,833,510) 2,970,080,089 16,416,216 2,986,496,305 2,973,913,599 (3,833,510) - (2,593,492,615) - (2,593,492,615) (2,593,492,615) (235,883,604) - (14,587,200) (14,587,200) 3,786,648,430 (32,760,508) (600,362,866) (633,123,374) 11,351,705,990 37,883,346 11,389,589,336

Balance as at 1 January 2015 3,990,000,000 2,637,769,601 399,000,000 1,171,411,333 3,786,648,430 (32,760,508) (600,362,866) Profit for the year - 2,680,520,981 Other comprehensive income for the year - (49,637,092) Total comprehensive income for the year - 2,680,520,981 (49,637,092) Dividend paid - (2,593,378,275) 33 Unappropriated retained earnings transferred to other reserve - 274,204,939 (274,204,939) 26 Decrease in non-controlling interests of the subsidiary from dividend payment of the subsidiary Balance as at 31 December 2015 3,990,000,000 2,637,769,601 399,000,000 1,445,616,272 3,599,586,197 (82,397,600) (600,362,866)

The accompanying notes are an integral part of the financial statements.

(Unit: Baht)

Consolidated financial statements Equity attributable to owners of the Company Other components of equity Equity Total Other com- Difference attributable Retained earning equity Total prehensive on reorTotal to nonother com- attributable income controlling shareholdganisation Unrealised of business ponents of to owners interests ers' equity Appro- AppropriUnappro- loss from priated - ated of the shareholdof the cash flow of group ers' equity Company other statutory priated subsidiaries hedges companies reserve reserve

Balance as at 1 January 2014 3,990,000,000 2,637,769,601 399,000,000 935,527,729 Profit for the year (Restated) Other comprehensive income for the year (Restated) 4 Total comprehensive income for the year Dividend paid 33 Unappropriated retained earnings transferred to other reserve - 235,883,604 26 Decrease in non-controlling interests of the subsidiary from dividend payment of the subsidiary Balance as at 31 December 2014 3,990,000,000 2,637,769,601 399,000,000 1,171,411,333

Note

Issued and fully paid-up share capital

TTW Public Company Limited and its subsidiaries For the year ended 31 December 2015

Statement of changes in shareholders' equity

96 Annual Report 2015

10,300,463,644 2,742,681,306 (631,914) 2,742,049,392 (2,593,492,615) 10,449,020,421 10,449,020,421 2,456,144,956 (2,593,378,275) 10,311,787,102

(235,883,604) 2,250,839,487 2,250,839,487 2,456,144,956 (2,593,378,275) (274,204,939) 1,839,401,229

235,883,604 1,171,411,333 1,171,411,333 274,204,939 1,445,616,272

399,000,000 399,000,000 399,000,000

2,637,769,601 2,637,769,601 2,637,769,601

3,990,000,000 3,990,000,000 3,990,000,000

Total shareholders' equity 2,338,166,314 2,742,681,306 (631,914) 2,742,049,392 (2,593,492,615)

Unappropriated

935,527,729 -

Appropriated other reserve

399,000,000 -

Appropriated statutory reserve

2,637,769,601 -

Share premium

Separate financial statements Retained earnings

(Unit: Baht)

3,990,000,000 -

Issued and fully paid-up share capital

The accompanying notes are an integral part of the financial statements.

Balance as at 1 January 2015 Total comprehensive income for the year Dividend paid Unappropriated retained earnings transferred to other reserve Balance as at 31 December 2015

Balance as at 1 January 2014 Profit for the year (Restated) Other comprehensive income for the year (Restated) Total comprehensive income for the year Dividend paid Unappropriated retained earnings transferred to other reserve Balance as at 31 December 2014

Note

TTW Public Company Limited and its subsidiaries For the year ended 31 December 2015

Statement of changes in shareholders' equity (continued)

TTW Public Company Limited

Annual Report 2015

Notes to consolidated financial statements TTW Public Company Limited and its subsidiaries For the year ended 31 December 2015

1. General information TTW Public Company Limited (“the Company”) is a public company incorporated and domiciled in Thailand. Its major shareholder is Mitsui Water Holdings (Thailand) Company Limited, which was incorporated in Thailand. The Company is principally engaged in the production and sale of treated water to the Provincial Waterworks Authority (“PWA”) in the Amphur Nakorn Chaisri, Amphur Sam Pran, and Amphur Budha Monthon areas of Nakhon Pathom and the Amphur Muang and Amphur Kratumban areas of Samut Sakhon, under the “Water Purchase Agreement” made with the PWA dated 21 September 2000 (An amendment agreement dated 29 December 2008), which covers a period of 30 years as from the Actual Commencement Date (21 July 2004), and under the Concession to operate treated water granted by the Ministry of Natural Resources and Environment (“the Concessionaire”) for a period of 25 years commencing on 11 March 2005. The Company has to comply with certain conditions as stipulated in the Water Purchase Agreement and the Concession. The terms of the Concession include certain significant conditions, such as that when the Company has completed half of the concession period, if the government or the local government agency wish to purchase the water production business of the Company, the Concessionaire is entitled to cancel the concession in order to purchase it, or permit the relevant local government agency to purchase it, at market price. However, it must provide the Company with advance notice of six months of such action. The Company’s registered office is at 30/130 Moo 12, Budha Monthon 5 Road, RaiKhing, Sam Pran, Nakhon Pathom.

2. Basis of preparation 2.1 The financial statements have been prepared in accordance with Thai Financial Reporting Standards enunciated under the Accounting Profession Act B.E. 2547 and their presentation has been made in compliance with the stipulations of the Notification of the Department of Business Development dated 28 September 2011, issued under the Accounting Act B.E. 2543. The financial statements in Thai language are the official statutory financial statements of the Company. The financial statements in English language have been translated from the Thai language financial statements. The financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies. 2.2 Basis of consolidation a) The consolidated financial statements include the financial statements of TTW Public Company Limited (“the Company”) and the following subsidiary companies (“the subsidiaries”):

Company’s name

Nature of business

Country of Percentage of shareholding incorpora2015 2014 tion (%) (%)

Pathum Thani Water Company Limited Production and sale of treated water in Pathumthani

Thailand

98.0

Thai Water Operations Company Limited (31.5% held by Pathum Thani Water Company Limited)

Thailand

68.5

Operating and maintenance of water supply project

TTW Public Company Limited

b) The Company is deemed to have control over an investee or subsidiaries if it has rights, or is exposed, to variable returns from its involvement with the investee, and it has the ability to direct the activities that affect the amount of its returns. c) Subsidiaries are fully consolidated, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. d) The financial statements of the subsidiaries are prepared using the same significant accounting policies as the Company. e) Material balances and transactions between the Company and its subsidiaries have been eliminated from the consolidated financial statements. f) Non-controlling interests represent the portion of profit or loss and net assets of the subsidiaries that are not held by the Company and are presented separately in the consolidated profit or loss and within equity in the consolidated statement of financial position. 2.3 The separate financial statements present investments in subsidiaries and associate under the cost method.

3. New financial reporting standards Below is a summary of financial reporting standards that became effective in the current accounting year and those that will become effective in the future. (a) Financial reporting standards that became effective in the current year The Company has adopted the revised (revised 2014) and new financial reporting standards issued by the Federation of Accounting Professions which become effective for fiscal years beginning on or after 1 January 2015. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards, with most of the changes directed towards revision of wording and terminology, and provision of interpretations and accounting guidance to users of standards. The adoption of these financial reporting standards does not have any significant impact on the Company’s financial statements. However, some of these standards involve changes to key principles, which are summarised below: TAS 19 (revised 2014) Employee Benefits This revised standard requires that the entity recognise actuarial gains and losses immediately in other comprehensive income while the former standard allowed the entity to recognise such gains and losses immediately in either profit or loss or other comprehensive income, or to recognise them gradually in profit or loss. The Company and its subsidiaries have changed the recognition of actuarial gains and losses in the current period from an immediate recognition in profit or loss to an immediate recognition in other comprehensive income and adjusted the current period’s transactions and restated the prior period’s financial statements, presented as comparative information, as if the Company and its subsidiaries had always applied this accounting policy. The cumulative effect of changes in accounting policies is presented in Note 4 to the financial statements. TFRS 10 Consolidated Financial Statements TFRS 10 prescribes requirements for the preparation of consolidated financial statements and replaces the content of TAS 27 Consolidated and Separate Financial Statements dealing with consolidated financial statements. This standard changes the principles used in considering whether control exists. Under this standard, an investor is deemed to have control over an investee if it has rights, or is exposed, to variable returns from its involvement with the investee, and it has the ability to direct the activities that affect the amount of its returns, even if it holds less than half of the shares or voting rights. This important change requires the management to exercise a lot of judgement when reviewing whether the Company and its subsidiaries have control over investees and determining which entities have to be included in preparation of the consolidated financial statements. This standard does not have any impact on the Company’s and its subsidiaries’ financial statements.

100

Annual Report 2015

TFRS 12 Disclosure of Interests in Other Entities This standard stipulates disclosures relating to an entity’s interests in subsidiaries, joint arrangements and associates, including structured entities. This standard therefore has no financial impact on the financial statements of the Company and its subsidiaries. TFRS 13 Fair Value Measurement This standard provides guidance on how to measure fair value and stipulates disclosures related to fair value measurement. Entities are to apply the guidance under this standard if they are required by other financial reporting standards to measure their assets or liabilities at fair value. The effects of the adoption of this standard are to be recognised prospectively. This standard does not have any significant impact on the Company’s and its subsidiaries’ financial statements. (b) Financial reporting standard that will become effective in the future During the current year, the Federation of Accounting Professions issued a number of the revised (revised 2015) and new financial reporting standards and accounting treatment guidance which is effective for fiscal years beginning on or after 1 January 2016. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards. The Company's management believes that the revised and new financial reporting standards and accounting treatment guidance will not have any significant impact on the financial statements when it is initially applied.

4. Cumulative effect of changes in accounting policies due to the adoption of new financial reporting standard As described in Note 3 to the financial statements, during the current year, the Company and its subsidiaries have changed some of their accounting policies, as a result of the adoption of new and revised financial reporting standards. The cumulative effect of the changes has been separately presented in the statements of changes in shareholders’ equity. The amounts of adjustments affecting the statements of comprehensive income are summarised below. (Unit: Million Baht) For the year ended 31 December 2014

Statements of comprehensive income Profit or loss: Decrease in actuarial gains (losses) Increase (decrease) in profit Other comprehensive income: Increase in actuarial gains (losses) Increase (decrease) in other comprehensive income Earnings per share (Baht): Increase (decrease) in basic earnings per share

Consolidated financial statements

Separate financial statements

2 (2)

(1) 1

2 2

(1) (1)

(0.0005)

0.0001

TTW Public Company Limited

5. Significant accounting policies 5.1 Revenues recognition Sales of treated water Sales of treated water are recognised when the Company and a subsidiary supply the water to the Provincial Waterworks Authority, and comprise the invoiced value, excluding value added tax, of the treated water supplied, after deducting discounts and allowances. Service income Service income presents the invoiced value, excluding value added tax, of services rendered. Interest income Interest income is recognised on an accrual basis based on the effective interest rate. Dividends Dividends are recognised when the right to receive the dividends is established. Other income and expenses Other income and expenses are recognised on an accrual basis 5.2 Cash and cash equivalents Cash and cash equivalents consist of cash in hand and at banks, and all highly liquid investments with an original maturity of three months or less and not subject to withdrawal restrictions. 5.3 Trade accounts receivable Trade accounts receivable are stated at the net realisable value. Allowance for doubtful accounts is provided for the estimated losses that may be incurred in collection of receivables. The allowance is generally based on collection experience and analysis of debt aging. 5.4 Raw materials and supplies Raw materials and supplies are valued at the lower of cost (under the first-in, first-out method) and net realisable value and are charged to treated water production costs whenever consumed. 5.5 Investments a) Investments in securities held for trading are stated at fair value. Changes in the fair value of these securities are recorded in profit or loss. b) Investment in associate is accounted for in the consolidated financial statements using the equity method. c) Investment in associate is accounted for in the separate financial statements using the cost method. The fair value of marketable securities is based on the latest bid price of the last working day of the year. The fair value of debt instruments is determined based on yield rates quoted by the Thai Bond Market Association. The fair value of unit trusts is determined from their net asset value. 5.6 Investments in subsidiaries Investments in subsidiaries are accounted for in the separate financial statements using the cost method. Investment costs of subsidiaries are the values paid for their acquisition. The subsidiary is engaged in business under the agreement for the production and sale of treated water with the Provincial Waterworks Authority and concessions granted by state enterprises or government agencies, which have defined fixed periods of operation, as stipulated in the agreement

101

102 Annual Report 2015 and concessions; and the subsidiary has committed to transfer most of its assets used in the operation to the Provincial Waterworks Authority. Hence, parts of the investment cost are deemed to be investments in the acquisition of rights to operate business under the agreement and concessions, and are amortised on a straight-line basis over the remaining periods of the agreements, commencing from the date of investment in the subsidiary. This amortised amount is presented as amortisation of investments in subsidiary, and recognised as an expense in profit or loss. In addition, parts of the investment cost in the subsidiary to which the Company transferred most of its operations after investment, in order to reduce future operating costs, was amounts paid for acquisition of such operations. These are amortised on a straight-line basis over the remaining period of the Water Purchase Agreement made between the Company and the Provincial Waterworks Authority, commencing from the date of investing in the subsidiary, and presented as amortisation of investments in subsidiary. The amortised amount is recognised as expense in profit or loss. 5.7 Property, plant and equipment/Depreciation Land is stated at cost. Building and equipment are stated at cost less accumulated depreciation and allowance for loss on impairment of assets (if any). Depreciation for assets is generally calculated by reference to their costs on the straight-line basis over estimated useful lives of 3, 5 and 10 years. However depreciation of the Companyâ&#x20AC;&#x2122;s assets used for production of treated water is calculated using the units-of-production method, based on the following formula: Depreciation for the period

Net assets for production of treated water at the beginning of period x Percentage of treated water produced in the period

Percentage of treated water produced in the period

Current periodâ&#x20AC;&#x2122;s actual production of treated water (Actual production of treated water for the period + Projected total production of treated water over the remaining term of the Water Purchase Agreement)

Net assets for production of treated water as at the beginning of the period

Total assets for production of treated water - Accumulated depreciation as at the beginning of the period

Assets for production of treated water consist of costs of construction of a water treatment plant and distribution system, and related interest expenses and financial costs. Depreciation is included in determining income. No depreciation is provided on land and assets under installation. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on disposal of an asset is included in profit or loss when the asset is derecognised. 5.8 Assets for production of treated water that must be transferred at end of concession and amortisation Assets for production of treated water of Pathum Thani Water Company Limited that must be transferred to the Provincial Waterworks Authority at the end of the concession to produce and sell treated water (land, water treatment plant and distribution system) are stated at cost less accumulated amortisation and any impairment losses. Amortisation of assets for production of treated water is calculated using the units-of-production method, based on the following formula:

TTW Public Company Limited

Amortisation for the period

Net assets for production of treated water that must be transferred at end of concession as at the beginning of period x Percentage of treated water produced in the period

Percentage of treated water produced in the period

Current period’s actual production of treated water (Actual production of treated water for the period + Projected total production of treated water over the remaining term of concession for production and sale of treated water)

Net assets for production of treated water that must be transferred at end of concession as at the beginning of the period

Total assets for production of treated water that must be transferred at end of concession - Accumulated amortisation as at the beginning of the period

Amortisation is included in determining income. No amortisation is provided on assets under installation. 5.9 Rights to produce and sell treated water and treat waste water and amortisation The Company recorded cost of rights to produce and sell treated water and treat waste water (“Operation rights”) at cost as at the acquisition date, and allocated such cost in line with forecasted revenues calculated as at the acquisition date. a) Rights to produce and sell treated water Rights to produce and sell treated water are stated at cost less accumulated amortisation and any impairment losses. Amortisation of the rights is calculated using the units-of-production method, based on the following formula: Amortisation for the period

Net rights to produce and sell treated water as at the beginning of period x Percentage of treated water produced in the period

Percentage of treated water produced in the period

Current period’s actual treatment of waste water (Actual production of treated water for the period + Projected total production of treated water over the remaining term of operation rights)

Net rights to produce and sell treated water as at beginning of the period

Total rights to treated water - Accumulated amortisation as at the beginning of the period

Amortisation is included in determining income. b) Rights to treat waste water Rights to treat waste water are stated at cost less accumulated amortisation and any impairment losses. Amortisation of the rights is calculated using the units-of-production method, based on the following formula:

103

104

Annual Report 2015

Amortisation for the period

Net rights to treat waste water as at the beginning of period x Percentage of waste water treated in the period

Percentage of waste water treated in the period

Current periodâ&#x20AC;&#x2122;s actual treatment of waste water (Actual treatment of wasted water for the period + Projected total treatment of waste water over the remaining term of operation rights)

Net rights to treat waste water as at beginning of the period

Total rights to treat waste water - Accumulated amortisation as at the beginning of the period

Amortisation is included in determining income. 5.10 Rights to produce and sell treated water from business acquisition and amortisation Rights to produce and sell treated water, which arose as a result of the acquisition of ordinary shares in Pathum Thani Water Company Limited being made at a cost higher than the fair value of this subsidiary, is regarded as an intangible asset with a definite life. It is carried at cost less accumulated amortisation and any impairment losses. The Company amortises it on a straight-line basis over the remaining period of the subsidiaryâ&#x20AC;&#x2122;s agreement for the production and sale of treated water, starting from the acquisition date, (approximately 16 years) and tested for impairment whenever there is an indication that it may be impaired. The amortisation period and the amortisation method for rights to produce and sell treated water are reviewed at least at each financial year end. The amortisation expense is charged to profit or loss. 5.11 Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the period they are incurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. 5.12 Intangible assets The intangible assets (assets from which the subsidiary obtained the maintenance and management project) of the subsidiary are carried at cost less accumulated amortisation and any accumulated impairment losses. Intangible assets with finite lives are amortised on a systematic basis over the economic useful life (5 years and 10 years) and tested for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method of such intangible assets are reviewed at least at each financial year end. The amortisation expense is charged to profit or loss. 5.13 Related party transactions Related parties comprise enterprises and individuals that control, or are controlled by, the Company, whether directly or indirectly, or which are under common control with the Company. They also include associated companies and individuals which directly or indirectly own a voting interest in the Company that gives them significant influence over the Company, key management personnel, directors and officers with authority in the planning and direction of the Companyâ&#x20AC;&#x2122;s operations.

TTW Public Company Limited

5.14 Long-term leases Leases of property, plant or equipment which transfer substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lower of the fair value of the leased assets and the present value of the minimum lease payments. The outstanding rental obligations, net of finance charges, are included in long-term payables, while the interest element is charged to profit or loss over the lease period. The assets acquired under finance leases are depreciated over the shorter of the useful life of the asset and the lease period. Leases of property, plant or equipment which do not transfer substantially all the risks and rewards of ownership are classified as operating leases. Operating lease payments are recognised as an expense in profit or loss on a straight line basis over the lease term. 5.15 Impairment of assets At the end of each reporting period, the Company and its subsidiaries perform impairment reviews in respect of the property, plant and equipment and other intangible assets whenever events or changes in circumstances indicate that an asset may be impaired. The Company and its subsidiaries also carry out annual impairment reviews in respect of rights to produce and sell treated water. An impairment loss is recognised when the recoverable amount of an asset, which is the higher of the assetâ&#x20AC;&#x2122;s fair value less costs to sell and its value in use, is less than the carrying amount. An impairment loss is recognised in profit or loss. 5.16 Employee benefits Short-term employee benefits Salaries, wages, bonuses and contributions to the social security fund are recognised as expenses when incurred. Post-employment benefits Defined contribution plans The Company, its subsidiaries and their employees have jointly established a provident fund. The fund is monthly contributed by employees and by the Company and its subsidiaries. The fundâ&#x20AC;&#x2122;s assets are held in a separate trust fund and the Company and its subsidiariesâ&#x20AC;&#x2122; contributions are recognised as expenses when incurred. Defined benefit plans The Company and its subsidiaries have obligations in respect of the severance payments it must make to employees upon retirement under labor law. The Company and its subsidiaries treat these severance payment obligations as a defined benefit plan. The obligation under the defined benefit plan is determined by a professionally qualified independent actuary based on actuarial techniques, using the projected unit credit method. Actuarial gains and losses arising from post - employment benefits are recognised immediately in other comprehensive income. 5.17 Provisions Provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

105

106

Annual Report 2015

5.18 Income tax Income tax expense represents the sum of corporate income tax currently payable and deferred tax. Current tax Current income tax is provided in the accounts at the amount expected to be paid to the taxation authorities, based on taxable profits determined in accordance with tax legislation. Deferred tax Deferred income tax is provided on temporary differences between the tax bases of assets and liabilities and their carrying amounts at the end of each reporting period, using the tax rates enacted at the end of the reporting period. The Company and its subsidiaries recognise deferred tax liabilities for all taxable temporary differences while they recognise deferred tax assets for all deductible temporary differences and tax losses carried forward to the extent that it is probable that future taxable profit will be available against which such deductible temporary differences and tax losses carried forward can be utilised. At each reporting date, the Company and its subsidiaries review and reduce the carrying amount of deferred tax assets to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. The Company and its subsidiaries record deferred tax directly to shareholders' equity if the tax relates to items that are recorded directly to shareholders' equity. 5.19 Hedge accounting - Cash flow hedges Associate applies hedge accounting in order to hedge the foreign exchange exposure on a certain portion of its forecasted revenue from sales of electricity in USD currency where the revenues from sales of electricity are designated as the hedged item and long-term loans in USD are the hedging instrument. The associate has recorded such transactions using cash flow hedge accounting. The effective portion of the change in the fair value of the cash flow hedging instrument is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised in profit or loss. Gains or losses accumulated in other comprehensive income are then transferred to profit or loss in the period when the hedged items affect profit or loss. 5.20 Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between buyer and seller (market participants) at the measurement date. The Company and its subsidiaries apply a quoted market price in an active market to measure their assets and liabilities that are required to be measured at fair value by relevant financial reporting standards. Except in case of no active market of an identical asset or liability or when a quoted market price is not available, the Company and its subsidiaries measure fair value using valuation technique that are appropriate in the circumstances and maximises the use of relevant observable inputs related to assets and liabilities that are required to be measured at fair value. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy into three levels based on categorise of input to be used in fair value measurement as follows: Level 1 - Use of quoted market prices in an observable active market for such assets or liabilities Level 2 - Use of other observable inputs for such assets or liabilities, whether directly or indirectly Level 3 - Use of unobservable inputs such as estimates of future cash flows At the end of each reporting period, the Company and its subsidiaries determine whether transfers have occurred between levels within the fair value hierarchy for assets and liabilities held at the end of the reporting period that are measured at fair value on a recurring basis.

TTW Public Company Limited

6. Use of accounting estimates The preparation of financial statements in conformity with financial reporting standards requires management to make estimates and assumptions in certain circumstances, affecting amounts reported in these financial statements and related notes. Actual results could differ from these estimates.

7. Related party transactions During the years, the Company and its subsidiaries had significant business transactions with related parties. Such transactions, which are summarised below, arose in the ordinary course of business and were concluded on commercial terms and bases agreed upon between the Company and those related parties. (Unit: Million Baht) Consolidated financial statements 2015 Transactions with subsidiary companies (eliminated from the consolidated financial statements) Cost of sales and services Interest income Management income Dividend income Transaction with associate Dividend income Transactions with related parties Sales of treated water Service income Construction in progress Cost of sales and services

Separate financial statements

2014

2015

Transfer pricing policy

2014

34 69

12 711

25 2 1,236 2

25 2 491 2

25 2 954 2

33 Contract price 81 Minimum Loan Rate minus stipulated margin per annum 11 Based on contract 715 As declared - As declared 25 2 436 2

Based on contract Based on contract Based on contract Based on contract

107

108

Annual Report 2015

As at 31 December 2015 and 2014, the balances of the accounts between the Company and those related companies are as follows: (Unit: Thousand Baht) Consolidated Separate financial statements financial statements 2015 Other receivables - related parties (Note 10) Subsidiaries Related companies (related by shareholders or committees) Total other receivables - related parties Advance payment to subcontractor - related party Related company (related by committees) Total advance payment to subcontractor - related party Trade and other payables - related parties (Note 21) Subsidiaries Related companies (related by shareholders or committees) Total trade and other payables - related parties

2014

2015

2014

5,571 5,571

5,077 5,077

1,971 5,571 7,542

963 5,077 6,040

305,233 305,233

490,620 490,620

292,528 292,528

435,555 435,555

3,638

3,048

129,284 129,284

525,029 525,029

116,729 120,367

466,109 469,157

5,000 5,000

Retention payable - subsidiary

Long-term loans to related party As at 31 December 2015 and 2014, the balance of long-term loans between the Company and a related party and the movement are as follows: (Unit: Thousand Baht) Separate financial statements Companyâ&#x20AC;&#x2122;s name

Pathum Thani Water Company Limited Loan Interest receivable Total

Related by

Balance as at 1 January 2015

Increase during the year

Decrease during the year

Balance as at 31 December 2015

Subsidiary 1,472,500 389 1,472,889

400,000 69,257 469,257

(310,000) (69,255) (379,255)

1,562,500 391 1,562,891

TTW Public Company Limited

(Unit: Thousand Baht) Separate financial statements 2015 Long-term loans to related party and interest receivable Pathum Thani Water Company Limited Loan Interest receivable Total Less: Current portion and interest receivable Long-term loans to related party, net of current portion

2014

1,562,500 391 1,562,891 (367,531) 1,195,360

1,472,500 389 1,472,889 (310,389) 1,162,500

Long-term loans to subsidiary were subject to interest at the Minimum Loan Rate minus a stipulated margin (MLR - margin) per annum. Repayment is to be made in quarterly installments and due in full within September 2019. During the current year, the subsidiary entered into a loan agreement with the Company under which it borrowed Baht 400 million (the subsidiary fully drawn down this loan). The loan is subject to interest at MLR - margin per annum and is to be repaid in quarterly installments from March 2016 to December 2022. Directors and managementâ&#x20AC;&#x2122;s benefits During the years ended 31 December 2015 and 2014, the Company and its subsidiaries had employee benefit expenses payable to their directors and management as below. (Unit: Million Baht) Consolidated Separate financial statements financial statements 2015 Short-term employee benefits Post-employment benefits Total

2014 62 5 67

2015 53 5 58

2014 55 5 60

39 4 43

8. Cash and cash equivalents (Unit: Thousand Baht) Consolidated financial statements 2015 2014 Cash Bank deposits Total

455 784,215 784,670

455 1,197,452 1,197,907

Separate financial statements 2015 105 444,665 444,770

2014 105 904,252 904,357

As at 31 December 2015, bank deposits in saving accounts and fixed deposits carried interests between 0.05% and 1.80% per annum (2014: between 0.10% and 2.80% per annum).

109

110 Annual Report 2015

9. Current investments The balances of current investments represent investments in trading securities and the 4 - 12 month fixed deposits, carrying interests between 0.90% and 4.70% per annum (2014: between 1.550% and 5.625% per annum). (Unit: Thousand Baht) Consolidated financial statements 2015 Fixed deposits Investments in trading securities at fair value Government and state enterprise bonds Private sector debt securities Marketable equity securities Total current investments

Separate financial statements

2014

2015

2014

4,203,770 4,203,770

3,633,409 3,633,409

3,733,014 3,733,014

3,249,067 3,249,067

969,936 595,401 172,766 1,738,103 5,941,873

1,018,989 413,336 211,105 1,643,430 5,276,839

969,936 545,330 172,766 1,688,032 5,421,046

1,018,989 413,336 211,105 1,643,430 4,892,497

10. Trade and other receivables As at 31 December 2015 and 2014, the outstanding balances of trade and other receivables were overdue less than 3 months.

11. Raw materials and supplies (Unit: Thousand Baht) Consolidated financial statements 2015 2014 Raw materials Spare parts Total

5,752 16,356 22,108

5,746 15,623 21,369

Separate financial statements 2015 3,484 8,492 11,976

2014 3,175 7,932 11,107

TTW Public Company Limited

12. Investments in subsidiaries Details of investments in subsidiaries as presented in separate financial statements are as follows:

Paid-up capital

Shareholding percentage

2015

2015 (%)

2014 (%)

60,000

68.5

700,000

1,200,000 1,200,000

98.0

3,998,310 4,698,310

711,205 711,205

714,757 714,757

(1,876,040) (1,654,546)

711,205

714,757

Companyâ&#x20AC;&#x2122;s name

Thai Water Operations Company Limited Pathum Thani Water Company Limited

(Unit: Thousand Baht) Dividend received during the year

60,000

2014

Cost 2015

Less: Accumulated amortisation of investments in subsidiaries Less: Dividend received from income before purchase of shares Total

2014

(20,000) 2,802,270

(20,000) 3,023,764

2015

2014

13. Investment in associate 13.1 Details of associate: (Unit: Thousand Baht) Consolidated financial statements Companyâ&#x20AC;&#x2122;s name

CK Power Public Company Limited Total

Nature of business

Making investment in other companies

Country of incorporation

Thailand

Shareholding percentage 2015 (%)

2014 (%)

25.31

25.00

Carrying amounts based on cost method

Cost 2015

2014

2015

2014

4,228,013 2,756,080 4,510,054 3,011,759

111

112 Annual Report 2015 (Unit: Thousand Baht) Separate financial statements Companyâ&#x20AC;&#x2122;s name

CK Power Public Company Limited

Country of incorporation

Nature of business

Making investment in other companies

Thailand

Shareholding percentage 2015 (%)

2014 (%)

25.31

25.00

Total

Carrying amounts based on cost method

Cost 2015

2014

2015

2014

4,228,013 2,756,080 4,228,013 2,756,080

13.2 Share of comprehensive income and dividend received During the years, the Company has recognised its share of profit from investment in associate company in the consolidated financial statements and dividend income in the separate financial statements as follows: (Unit: Million Baht) Separate financial statements

Consolidated financial statements Share of profit from investment in associate during the year

Associate

CK Power Public Company Limited Total

Share of other comprehensive income from investment in associate during the year

Dividend received during the year

2015

2014

2015

2014

2015

2014

103 103

111 111

(50) (50)

(4) (4)

28 28

13.3 Fair value investment in listed associate In respect of investment in associate that is listed company on the Stock Exchange of Thailand, its fair value is as follows: (Unit: Million Baht) Associate CK Power Public Company Limited Total

Fair values as at 31 December 2015

2014 3,657 3,657

4,895 4,895

TTW Public Company Limited

13.4 Summarised financial information about material associate Summarised information about financial position (Unit: Million Baht) CK Power Public Company Limited 2015 Current assets Non-current assets Current liabilities Non-current liabilities Net assets Equity attributable to non-controlling interest of the associate Net assets of the Company Shareholding percentage (%) Share of net assets Goodwill Carrying amounts of associate based on equity method

2014

5,196 49,371 (2,416) (20,338) 31,813 (14,058) 17,755 25.31 4,494 16 4,510

4,160 45,165 (2,220) (21,002) 26,103 (14,055) 12,048 25.00 3,012 3,012

Summarised information about comprehensive income (Unit: Million Baht) CK Power Public Company Limited For the years ended 31 December 2015 Revenue Profit Other comprehensive income Total comprehensive income

2014 6,851 786 (433) 353

7,027 882 (23) 859

In May 2012, the Company agreed to provide financial support to CK Power Public Company Limited (“the associate”), in the form of a guarantee, whereby it will provide financial support to a subsidiary of the associate not more than Baht 154 million, should the subsidiary be unable to comply with the conditions of a loan or default on loan repayment to the lending bank. In January 2015, the Board of Directors’ meeting of the associate passed the following significant resolutions: a) Approved a change of the par value of the associate’s ordinary shares from Baht 5 per share (1,100 million shares) to Baht 1 per share (5,500 million shares). b) Approved the issue of up to 3,740 million additional ordinary shares with a par value of Baht 1 each, increasing the registered share capital from Baht 5,500 million (5,500 million ordinary shares at Baht 1 each) to Baht 9,240 million (9,240 million ordinary shares at Baht 1 each), with up to 1,870 million shares to be offered for sale to the existing shareholders in

113

114 Annual Report 2015 proportion of their shareholding (Rights Offering) at a price of Baht 3 per share, and up to 1,870 million shares allocated to accommodate the exercise of the warrants to purchase ordinary shares of the associate. On 7 April 2015, the Company’s Board of Directors’ meeting passed a resolution to approve a subscription to not less than 467.50 million ordinary shares of the associate in proportion to the Company’s shareholding, or not less than 25% of the shares allocated. On 15 April 2015, the Company’s Board of Directors’ meeting passed a resolution to approve the Company’s expression of its intent to oversubscribe to the newly issued ordinary shares, in an amount of not more than 100 million shares, in accordance with the rules for the allocation of the new shares of the associate. However, since there was strong demand from retail investors to oversubscribe to the new shares of the associate, the Company’s Board of Directors’ meeting held on 22 May 2015 passed a resolution to approve a reduction in the Company’s oversubscription to the new shares of the associate, to not more than 50 million shares. In May 2015, the Company purchased 467.50 million of the new ordinary shares in proportion to its shareholding and 23.14 million ordinary shares in excess of its entitlement that were remaining after allocation, for a total of 490.64 million shares of Baht 3 each. The Company paid a total of Baht 1,472 million for those shares in the same month. As a result, the Company’s interest in the equity of the associate increased from 25.00% to 25.31%. Furthermore, the Company received, at no cost, 490.64 million warrants to purchase 490.64 million newly issued ordinary shares (at a ratio of 1 warrant to 1 ordinary share), with an exercise price of Baht 6 per share. The warrants have a term of 5 years from the date they were issued and offered and can be exercised every 3 months, beginning on 30 September 2015 and with the final exercise date on 28 May 2020. In addition, during the second quarter of the year 2015, the Company received dividend from the associate amounting to Baht 27.5 million, in accordance with a resolution of a meeting of the associate’s shareholders held on 9 April 2015. A 3-year silent period was imposed on the 189.1 million shares of the associate held by the Company as from the initial trading date of the shares on the Stock Exchange of Thailand (18 July 2013), although the Company may gradually allocate the shares for sale beginning one year after the initial trading date under the Regulations of the Stock Exchange of Thailand.

Cost: 1 January 2014 Additions Disposals/ written off Transfer out 31 December 2014 Additions Disposals/ written off 31 December 2015 Accumulated depreciation: 1 January 2014 Depreciation for the year Depreciation on disposals/ written off 31 December 2014 Depreciation for the year Depreciation on disposals/ written off 31 December 2015 Net book value: 31 December 2014 31 December 2015 Depreciation for the year 2014 (Baht 5 million included in cost of sales of treated water and service, and the balance in administrative expenses) 2015 (Baht 3 million included in cost of sales of treated water and service, and the balance in administrative expenses)

14. Property, plant and equipment

94,404 (2,000) (92,404) 4,951 4,951 4,951

615,821 627,161

Construction in progress

525,421 90,400 615,821 11,340 627,161

Land

38,462 36,997

13,456 2,201 15,657 2,470 18,127

53,235 884 54,119 1,005 55,124

Building and building improvement

16,700 18,074

91,107 6,850 (417) 97,540 6,657 (64) 104,133

109,994 4,246 114,240 8,046 (79) 122,207

Furniture and office equipment

6,189 1,988

39,621 7,082 (9,239) 37,464 4,327 (15,419) 26,372

53,408 5 (9,760) 43,653 1,333 (16,626) 28,360

Motor vehicles

Consolidated financial statements

1,298 1,444

20,360 602 20,962 598 (23) 21,537

21,807 453 22,260 755 (34) 22,981

Tools

14,052

16,735

678,470 690,615

164,544 16,735 (9,656) 171,623 14,052 (15,506) 170,169

858,269 95,988 (11,760) (92,404) 850,093 27,430 (16,739) 860,784

Total

(Unit: Thousand Baht)

TTW Public Company Limited

115

Cost: 1 January 2014 Additions Disposals/ written off Transfer out 31 December 2014 Additions Disposals/ written off 31 December 2015 Accumulated depreciation: 1 January 2014 Depreciation for the year Depreciation on disposals/ written off 31 December 2014 Depreciation for the year Depreciation on disposals/ written off 31 December 2015 Net book value: 31 December 2014 31 December 2015 Depreciation for the year 2014 (Baht 2 million included in cost of sales of treated water and service, and the balance in administrative expenses) 2015 (Baht 1 million included in cost of sales of treated water and service, and the balance in administrative expenses) 94,404 (2,000) (92,404) 4,951 4,951 4,951

561,089 572,429

Construction in progress

470,689 90,400 561,089 11,340 572,429

Total

38,462 36,997

13,456 2,201 15,657 2,470 18,127

54,119 1,005 55,124

53,235 884

Building and building improvement

10,633 12,919

50,586 5,773 56,359 4,714 61,073

63,122 3,870 66,992 7,000 73,992

Furniture and office equipment

2,895 1,222

22,508 4,341 (7,509) 19,340 2,606 (7,610) 14,336

30,265 (8,030) 22,235 1,333 (8,010) 15,558

Motor vehicles

Separate financial statements

334 213

9,434 219 9,653 138 9,791

9,843 144 9,987 17 10,004

Tools

9,928

12,534

613,413 628,731

95,984 12,534 (7,509) 101,009 9,928 (7,610) 103,327

721,558 95,298 (10,030) (92,404) 714,422 25,646 (8,010) 732,058

Total

(Unit: Thousand Baht)

116 Annual Report 2015

TTW Public Company Limited

As at 31 December 2015, certain items of plant and equipment were fully depreciated but are still in use. The gross carrying amount before deducting accumulated depreciation of those assets amounted to approximately Baht 143 million (Separate financial statements: Baht 83 million) (2014: Baht 119 million Separate financial statements: Baht 62 million).

15. Assets for production of treated water

(Unit: Thousand Baht) Consolidated/ Separate financial statements Construction in progress

Cost: 1 January 2014 Additions 31 December 2014 Additions Capitalised interest 31 December 2015

84,994 84,994 958,789 42,865 1,086,648

As at 31 December 2015, the Company had an outstanding balance of assets for production of treated water under construction amounting to Baht 1,002 million (2014: nil). The construction was financed with debentures, issued and offered for sale on 6 February 2015 and borrowing costs amounting to Baht 43 million were capitalised as project costs during the year ended 31 December 2015 (2014: nil).

16. Assets for production of treated water under agreements with public sector agency assets that are owned by the Company

(Unit: Thousand Baht) Consolidated/ Separate financial statements

Water treatment plant and distribution treated water system Cost: 1 January 2014 Additions Transfer in 31 December 2014 Additions Transfer in (out) 31 December 2015 Accumulated amortisation: 1 January 2014 Amortisation for the year 31 December 2014 Amortisation for the year 31 December 2015 Net book value: 31 December 2014 31 December 2015 Amortisation for the year 2014 2015

Construction in progress

Total

10,799,223 10,799,223 20,272 10,819,495

18,270 25,109 43,379 14,487 (20,272) 37,594

10,799,223 18,270 25,109 10,842,602 14,487 10,857,089

2,868,080 356,652 3,224,732 358,291 3,583,023

7,574,491 7,236,472

43,379 37,594

7,617,870 7,274,066 356,652 358,291

117

118 Annual Report 2015

17. Assets for production of treated water under agreements with public sector agency assets that must be transferred at end of concession of subsidiary (Unit: Thousand Baht) Consolidated financial statements Water treatment plant and distribution treated water system

Land Cost: 1 January 2014 Additions Transfer out 31 December 2014 Additions 31 December 2015 Accumulated amortisation: 1 January 2014 Amortisation for the year 31 December 2014 Amortisation for the year 31 December 2015 Net book value: 31 December 2014 31 December 2015 Amortisation for the year 2014 2015

Construction in progress

Total

418,088 418,088 418,088

5,971,661 29,554 6,001,215 7,379 6,008,594

43,029 146,879 (55,065) 134,843 306,317 441,160

6,432,778 176,433 (55,065) 6,554,146 313,696 6,867,842

249,793 17,117 266,910 17,117 284,027

3,331,197 259,985 3,591,182 260,166 3,851,348

3,580,990 277,102 3,858,092 277,283 4,135,375

151,178 134,061

2,410,033 2,157,246

134,843 441,160

2,696,054 2,732,467 277,102 277,283

Amortisation of such assets for production of treated water has been included as part of cost of sales of treated water. Assets for production of treated water of Pathum Thani Water Company Limited will be transferred to the Provincial Waterworks Authority after the end of the 25-year concession to produce and sell treated water.

18. Rights to produce and sell treated water and treat waste water from private sector agency (Unit: Thousand Baht) Consolidated/ Separate financial statements 2015 Rights to produce and sell treated water and treat waste water from private sector agency Less: Accumulated amortisation of rights to produce and sell treated water and treat waste water from private sector agency Rights to produce and sell treated water and treat waste water from private sector agency, net

2014

1,410,075

(228,961)

(185,915)

1,181,114

1,224,160

TTW Public Company Limited

19. Rights to produce and sell treated water from business acquisition (Unit: Thousand Baht) Consolidated financial statements 2015 Rights to produce and sell treated water from business acquisition Less: Accumulated amortisation of rights to produce and sell treated water from business acquisition Rights to produce and sell treated water from business acquisition, net

2014

3,169,109

(1,649,643) 1,519,466

(1,454,697) 1,714,412

20. Intangible assets The net book value of intangible assets as at 31 December 2015 and 2014 is presented below. (Unit: Thousand Baht) As at 31 December 2015 Cost Less Accumulated amortisation Net book value As at 31 December 2014 Cost Less Accumulated amortisation Net book value

14,104 (7,735) 6,369 14,104 (6,075) 8,029

A reconciliation of the net book value of intangible assets for the years 2015 and 2014 is presented below. (Unit: Thousand Baht) 2014

2015 Net book value at beginning of year Amortisation Net book value at end of year

8,029 (1,660) 6,369

9,687 (1,658) 8,029

119

120

Annual Report 2015

21. Trade and other payables (Unit: Thousand Baht) Consolidated financial statements 2015 2014 Trade payables - related party Trade payables - unrelated parties Amounts due to related parties Amounts due to unrelated parties Construction payable - related party Construction payable - unrelated parties Retention payable for contract work - related party Retention payable for contract work - unrelated parties Accounts payable from securities trading Accrued expenses Total trade and other payables

19,040 125 11,929 83,722 4,574 45,437 3,179 89,250 257,256

18,695 65 21,655 524,964 565 2,170 1,911 82,552 652,577

Separate financial statements 2015 3,025 9,411 738 9,110 83,722 143 32,882 3,061 61,429 203,521

2014 2,966 10,874 147 6,678 466,044 565 1,850 1,911 53,641 544,676

22. Long-term loans

Loan

Interest rate (%)

Repayment schedule

(Unit: Thousand Baht) Consolidated/ Separate financial statements 2015

1 2 3 4

MLR - a stipulated margin

Quarterly installments as from March 2010 to June 2019 MLR - a stipulated margin Quarterly installments as from December 2009 to September 2019 The 6-month fixed deposit rate Repayment in full by 9 May 2020 + a stipulated margin MLR - a stipulated margin Quarterly installments as from June 2014 to December 2021

Total Less: Current portion Long-term loans, net of current portion

2014

790,000

960,000

1,350,000

1,710,000

2,760,000

1,315,000

1,535,000

6,215,000 (770,000) 5,445,000

6,965,000 (750,000) 6,215,000

The loan agreements contain several covenants which, among other things, require the Company to maintain certain debt to equity ratio, net debt to EBITDA and EBITDA to interest ratio at the rate prescribed in the agreements.

TTW Public Company Limited

23. Debentures (Unit: Thousand Baht) Debentures

Life

Date of issue

Maturity date

Interest rate

Consolidated/ Separate financial statements 2015

1 2 3 4 5 6

7 years 7 years 10 years 3 years 5 years 10 years

26 February 2009 22 February 2012 22 February 2012 6 February 2015 6 February 2015 21 May 2015

Total Less: Current portion of debentures Less: Deferred debenture issuing costs Debentures, net of current portion

26 February 2016 22 February 2019 22 February 2022 6 February 2018 6 February 2020 21 May 2025

5.35 4.40 4.60 3.06 3.37 3.98

2014

1,800,000 1,500,000 2,000,000 1,000,000 500,000 1,400,000

1,800,000 1,500,000 2,000,000 -

8,200,000 (1,800,000) (8,263) 6,391,737

5,300,000 (5,635) 5,294,365

On 12 November 2014, a meeting of the Companyâ&#x20AC;&#x2122;s Board of Directors passed a resolution granting approval for the Company to issue Baht 1,500 million of unsecured senior debentures, with no trustees, in 2 series; to be offered for sale to investors in accordance with the Notification of the Securities and Exchange Commission. Details of the debentures are as follow:A) Series #1 comprises 1,000,000 debentures with a par value of Baht 1,000 or a total of Baht 1,000 million. The debentures mature on 6 February 2018 and bear interest at a fixed rate of 3.06% per annum, payable every 6 months. B) Series #2 comprises 500,000 debentures with a par value of Baht 1,000 or total of Baht 500 million. The debentures mature on 6 February 2020 and bear interest at a fixed rate of 3.37% per annum, payable every 6 months. The Company issued these debentures on 6 February 2015. On 7 April 2015, a meeting of the Companyâ&#x20AC;&#x2122;s Board of Directors passed a resolution granting approval for the Company to issue Baht 1,400 million of unsecured senior debentures, with no trustees, in 1 series; to be offered for sale to investors in accordance with the Notification of the Securities and Exchange Commission. Details of the debentures are as follows:C) Series #3 comprises 1,400,000 debentures with a par value of Baht 1,000 or a total of Baht 1,400 million. The debentures mature on 21 May 2025 and bear interest at a fixed rate of 3.98% per annum, payable every 6 months. The Company issued these debentures on 21 May 2015. The Company is required to maintain certain financial ratios i.e. debt to equity ratio, net debt to EBITDA and EBITDA to interest ratio at the rate prescribed.

121

122 Annual Report 2015

24. Provision for long-term employee benefits Provision for long-term employee benefits, which represents compensation payable to employees after they retire, was as follows: (Unit: Thousand Baht) Consolidated Separate financial statements financial statements 2014 (Restated)

2015 Provision for long-term employee benefits at beginning of year Included in profit or loss: Current service cost Interest cost Past service costs and gains or losses on settlement Included in other comprehensive income: Actuarial (gain) loss arising from Demographic assumptions changes Financial assumptions changes Experience adjustments Benefits paid during the year Provision for long-term employee benefits at end of year

2014 (Restated)

2015

22,355

18,491

12,230

8,384

4,551 885 -

3,845 705 5,090

3,256 486 -

2,570 369 3,221

27,791

781 59 (3,487) (3,129) 22,355

15,972

305 28 457 (3,104) 12,230

Line items in profit or loss under which long-term employee benefit expenses are recognised as follows: (Unit: Thousand Baht) Consolidated financial statements 2014 (Restated)

2015 Cost of sales of treated water and service Administrative expenses Total expenses recognised in profit or loss

1,706 3,730 5,436

1,549 8,091 9,640

Separate financial statements 2014 (Restated)

2015 330 3,412 3,742

322 5,838 6,160

The Company and its subsidiaries expect to pay Baht 1 million of long-term employee benefits during the next year (Separate financial statements: nil) (2014: Baht 3.1 million, separate financial statements: Baht 3.1 million). As at 31 December 2015, the weighted average duration of the liabilities for long-term employee benefits is 9.70 12.65 years (Separate financial statements: 9.70 years) (2014: 9.70 - 12.65 years, Separate financial statements: 9.70 years). Significant actuarial assumptions are summarised below: Consolidated financial statements

Discount rate Salary increase rate Turnover rate

Separate financial statements

2015 (% per annum)

2014 (% per annum)

2015 (% per annum)

2014 (% per annum)

3.88 - 4.21 5.0 0 - 18.0

3.97 5.0 0 - 9.0

TTW Public Company Limited

The result of sensitivity analysis for significant assumptions that affect the present value of the long-term employee benefit obligation as at 31 December 2015 are summarised below: (Unit: Million Baht) Consolidated financial stateSeparate ments financial statements Discount rate Salary increase rate Turnover rate

Increase 1%

Decrease 1%

Increase 1%

Decrease 1%

(1.7) 2.0 (2.0)

2.0 (1.7) 1.3

(0.9) 1.0 (1.0)

1.0 (0.9) 0.6

25. Statutory reserve Pursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the Company is required to set aside to a statutory reserve at least 5% of its net profit after deducting accumulated deficit brought forward (if any), until the reserve reaches 10% of the registered capital. The statutory reserve is not available for dividend distribution. At present, the statutory reserve has fully been set aside.

26. Other reserve According to the amendment of the concession to operate treated water dated 20 March 2008, prior to paying a dividend the Company is required to set aside 10% of its annual net profit to other reserve.

27. Expenses by nature Significant expenses classified by nature are as follows: (Unit: Thousand Baht) Consolidated financial statements 2015 Salaries, wages and other employee benefits Depreciation and amortisation Amortisation of assets for production of treated water that must be transferred at end of concession Amortisation of investments in subsidiaries Operating and maintenance expenses Production and maintenance cost

2014 (Restated)

Separate financial statements 2015

2014 (Restated)

166,340 374,003

156,584 375,046

90,720 368,219

80,568 369,186

277,283 735,011

277,102 771,008

221,494 33,918 441,898

221,495 33,162 470,892

123

124 Annual Report 2015

28. Income tax Income tax expenses for the years ended 31 December 2015 and 2014 are made up as follows: (Unit: Thousand Baht) Consolidated financial Separate statements financial statements 2014 2014 2015 2015 (Restated) (Restated) Current income tax: Current income tax charge Deferred tax: Relating to origination and reversal of temporary differences Income tax expenses reported in the statement of comprehensive income

359,157

157,057

194,020

19,110

(721)

20,969

899

378,267

156,336

214,989

899

The reconciliation between accounting profit and income tax expenses is shown below.

Accounting profit before tax Applicable tax rate Accounting profit before tax multiplied by income tax rate Effects of: Promotional privileges (Note 29) Non-deductible expenses Additional expense deductions allowed Exemption of income Effect of elimination entry on the consolidated financial statements Others Total Income tax expenses reported in the statement of comprehensive income

Consolidated financial statements 2014 2015 (Restated)

(Unit: Thousand Baht) Separate financial statements 2014 2015 (Restated)

3,075,871

3,144,548

2,671,134

2,743,580

20% 615,174

20% 628,910

20% 534,227

20% 548,716

(268,550) 49,276 (405) -

(491,345) 51,404 (11,185) -

(227,721) 46,099 (243) (147,741)

(450,174) 47,421 (11,076) (142,951)

(27,596) 10,368 (236,907)

(30,411) 8,963 (472,574)

10,368 (319,238)

8,963 (547,817)

378,267

156,336

214,989

899

TTW Public Company Limited

The components of deferred tax assets and deferred tax liabilities are as follows: (Unit: Thousand Baht) Statements of financial position as at 31 December Consolidated financial statements 2015 2014 Deferred tax assets Provision for long-term employee benefits Total Deferred tax liabilities Accumulated amortisation - assets for production of treated water Accumulated amortisation of rights to produce and sell treated water and treat waste water Accumulated amortisation - assets for production of treated water that must be transferred at end of concession of subsidiary Deferred debenture issuing costs Fair value adjustment of assets for production of treated water that must be transferred at end of concession regarding business combination Total

Separate financial statements 2015 2014

5,558 5,558

4,471 4,471

3,194 3,194

2,446 2,446

(59,434)

(38,772)

(59,434)

(38,772)

(14,311)

(13,533)

(14,311)

(13,533)

(6,663) (1,276)

(7,297) (999)

(1,276)

(999)

(6,823) (88,507)

(7,709) (68,310)

(75,021)

(53,304)

29. Promotional privileges The Company received promotional privileges from the Board of Investment for production of treated water, pursuant to the investment promotion certificate No. 2437(2)/2553 issued on 13 September 2010. Subject to certain imposed conditions, the main privileges include the following: x ([HPSWLRQ IURP LPSRUW GXW\ RQ LPSRUWHG PDFKLQHU\ XQGHU VSHFLILHG FRQGLWLRQV x ([HPSWLRQ IURP FRUSRUDWH LQFRPH WD[ RQ QHW SURILW IURP WKH SURPRWHG RSHUDWLRQV IRU D SHULRG RI HLJKW \HDUV IURP WKH date the promoted operations begin generating revenues (30 September 2010). During the year 2013, the Company received promotional privileges from the Board of Investment to restore investment after the floods, pursuant to the promotion certificate No. 5177(2)/2556 issued on 27 May 2013 (replacing earlier promotion certificate No. 1382(2)/2545 which expired in 2012). Subject to certain imposed conditions, the main privileges include the following: x ([HPSWLRQ IURP LPSRUW GXW\ RQ LPSRUWHG PDFKLQHU\ XQGHU VSHFLILHG FRQGLWLRQV x ([HPSWLRQ IURP FRUSRUDWH LQFRPH WD[ RQ QHW SURILW IURP WKH SURPRWHG RSHUDWLRQV ZLWK WKH DPRXQW RI WD[ H[HPSWHG capped at 150% of investment, excluding land and working capital, only the repair expenses of machinery and equipment damaged due to flooding, for a period of eight years from the date the promoted operations begin generating revenues (30 June 2013). The Companyâ&#x20AC;&#x2122;s operating revenues for the years ended 31 December 2015 and 2014, divided between promoted and non-promoted operations, are summ (Unit: Thousand Baht) Promoted operations Non-promoted operations Total

Sales of treated water

2015

2014

2015

2014

2015

2014

1,780,851

3,441,534

1,866,051

175,010

3,646,902

3,616,544

125

126 Annual Report 2015

30. Basic earnings per share Basic earnings per share is calculated by dividing profit for the year attributable to equity holders of the Company (excluding other comprehensive income) by the weighted average number of ordinary shares in issue during the year. The following table sets forth the computation of basic earnings per share: Consolidated financial statements 2015 Basic earnings per share Profit for the year (Thousand Baht) Weighted average number of ordinary shares (Thousand shares) Profit attributable to equity holders of the Company (Baht pershare)

2,681,703 3,990,000 0.67

2014 (Restated) 2,971,796 3,990,000 0.74

Separate financial statements 2015

2,456,145 3,990,000 0.62

2014 (Restated) 2,742,681 3,990,000 0.69

31. Segment information Operating segment information is reported in a manner consistent with the internal reports that are regularly reviewed by the chief operating decision maker in order to make decisions about the allocation of resources to the segment and assess its performance. The Company and the subsidiaries are principally engaged in the production and sell of treated water. Its operations are carried on only in Thailand. Segment performance is measured based on operating profit or loss, on a basis consistent with that used to measure operating profit or loss in the financial statements. As a result, all of the revenues, operating profits and assets as reflected in these financial statements pertain to the aforementioned reportable operating segment and geographic area. Geographic information The Company and its subsidiaries operate in Thailand only. As a result, all the revenues and assets as reflected in these financial statements pertain exclusively to this geographical reportable segment. Major customer For the year 2015, the Company and its subsidiaries have revenue from a major customer in amount of Baht 5,149 million (2014: Baht 5,097 million).

32. Provident fund The Company, its subsidiaries and their employees have established provident funds jointly with their employees in accordance with the Provident Fund Act B.E. 2530. The Company, the subsidiaries and their employees contribute to the funds monthly at the rates of 5 - 7.5% of basic salary. The funds, which are managed by Kasikorn Asset Management Company Limited, will be paid to employees upon termination in accordance with the fund rules. The contributions for the year 2015 amounting to approximately Baht 6 million (Separate financial statements: Baht 3 million) (2014: Baht 6 million, Separate financial statements: Baht 3 million) were recognised as expenses.

TTW Public Company Limited

33. Dividend paid Total dividends (Thousand Baht)

Dividend per share (Baht)

Dividends

Approved by

Dividends from the earnings of the promoted operations for July to December 2013

Annual General Meeting of the shareholders on 14 March 2014

877,796

0.220

Dividends from the earnings of the non-promoted operations for July to December 2013

Annual General Meeting of the shareholders on 14 March 2014

239,399

0.060

Dividends from unappropriated retained earnings

Annual General Meeting of the shareholders on 14 March 2014

279,298

0.070

Interim dividends from the earnings of the promoted operations for January to June 2014

Board of Directors Meeting on 14 August 2014

1,193,010

0.299

Interim dividends from the earnings of the non-promoted operations for January to June 2014

Board of Directors Meeting on 14 August 2014

3,990

0.001

2,593,493

0.650

Total dividends for 2014 Dividends from the earnings of the promoted operations for July to December 2014

Annual General Meeting of the shareholders on 30 March 2015

1,057,350

0.265

Dividends from the earnings of the non-promoted operations for July to December 2014

Annual General Meeting of the shareholders on 30 March 2015

211,470

0.053

Dividends from unappropriated retained earnings

Annual General Meeting of the shareholders on 30 March 2015

127,680

0.032

Interim dividends from the earnings of the promoted operations for January to June 2015

Board of Directors Meeting on 10 August 2015

1,057,243

0.265

Interim dividends from the earnings of the non-promoted operations for January to June 2015

Board of Directors Meeting on 10 August 2015

139,635

0.035

2,593,378

0.650

Total dividends for 2015

127

128 Annual Report 2015

34. Commitments and contingent liabilities 34.1 Capital commitments As at 31 December 2015, the Company and its subsidiaries had capital commitments of Baht 1,736 million (Separate financial statements: Baht 1,664 million) relating to the construction of a water tank and area water supply capacity expansion project (2014: Baht 3,022 million (Separate financial statements: Baht 2,645 million). 34.2 Service commitments a) The Company has entered into operation and maintenance agreements with Thai Water Operations Company Limited (â&#x20AC;&#x153;the subsidiaryâ&#x20AC;?), whereby the subsidiary is to manage and maintenance of production and supply of treated water system and to manage the waste water system. Under the conditions of the agreements, the Company is to pay service fees at a rate stipulated in the agreements, which have an initial term of 1 year from 8 January 2010 and thereafter automatically renews each year for a further period of 1 year. b) As at 31 December 2015, its subsidiaries had commitments totaling Baht 8 million (2014: Baht 6 million) under other service agreements. 34.3 Operating lease commitments The Company has entered into vehicles and land lease agreements for office building. The term of the land lease agreement is between 1 March 2010 and 28 February 2035. Future minimum lease payments required under this non-cancellable operating lease contract were as follows: (Unit: Million Baht) Separate financial statements

Payable: In up to 1 year In over 1 and up to 5 years In over 5 years

2015

2014

7 20 9

1 3 10

34.4 Guarantees As at 31 December 2015, there were outstanding bank guarantees of Baht 291 million (Separate financial statements: Baht 103 million) (2014: Baht 281 million (Separate financial statements: Baht 101 million)) issued by banks on behalf of the Company and its subsidiaries in respect of certain performance bonds as required in the normal course of business. These included letters of guarantee as follows: (Unit: Million Baht) Consolidated financial statements

Guarantee under the Water Purchase Agreement with the Provincial Waterworks Authority Guarantee electricity use Total

Separate financial statements

2015

2014

2015

2014

228 63 291

220 61 281

62 41 103

60 41 101

TTW Public Company Limited

34.5 Litigation Pathum Thani Water Company Limited In August 2004, a person submitted a dispute with Pathum Thani Water Company Limited (the subsidiary) for the Thailand Arbitration Center to determine an arbitral award in respect of claims for damages totaling approximately Baht 65 million against the subsidiary (second defendant) and the Provincial Waterworks Authority (first defendant) for a tort against this person in relation to the construction of a water treatment plant. On 24 October 2006, the Arbitral Tribunal dismissed the dispute. Subsequently, on 20 December 2006, the person filed an appeal with the Administrative Court, seeking a court order overturning the decision of the Arbitral Tribunal. The Administrative Court dismissed the appeal and the person then filed an appeal with the Supreme Administrative Court. On 27 March 2015, the Supreme Administrative Court determined that the appeal was not permitted by law and issued orders to revoke the appeal process on the grounds that it breached regulations, dismiss the appeal and return all appeal court fees to this person. 35. Fair value hierarchy As of 31 December 2015, the Company and its subsidiaries had the assets that were measured at fair value using different levels of inputs as follows: (Unit: Million Baht) Consolidated/ Separate financial statements

Financial assets measured at fair value Held for trade investments Equity instruments Debt instruments Asset for which fair value are disclosed Investment in associate

Level 1

Level 2

Level 3

Total

173 -

1,565

173 1,565

3,657

36. Financial instruments 36.1 Financial risk management The Company’s and its subsidiaries’ financial instruments, as defined under Thai Accounting Standard No. 107 “Financial Instruments: Disclosure and Presentations”, principally comprise cash and cash equivalents, current investments, trade and other receivables, other long-term investments, long-term loans to related party, trade and other payables, debentures and long-term loans. The financial risks associated with these financial instruments and how they are managed is described below. Credit risk The Company and its subsidiary are exposed to credit risk primarily with respect to trade accounts receivable and there is a high concentration of risk since the Company and its subsidiary have only one major customer, the Provincial Waterworks Authority. However, because the Provincial Waterworks Authority is a government agency, the Company and its subsidiary do not expect to incur material financial losses. The maximum exposure to credit risk is limited to the carrying amounts of receivables as stated in the statement of financial position. Interest rate risk The Company’s and its subsidiaries’ exposures to interest rate risk relate primarily to their cash at banks, current investments, long-term loans to related party, debentures and long-term loans. However, since most of the Company’s and the subsidiaries’ financial assets and liabilities bear floating interest rates or fixed interest rates which are close to the market rate,

129

130 Annual Report 2015 the interest rate risk is expected to be minimal. Significant financial assets and liabilities classified by type of interest rates are summarised in the table below, with those financial assets and liabilities that carry fixed interest rates further classified based on the maturity date, or the repricing date if this occurs before the maturity date. (Unit: Million Baht) As at 31 December 2015 Consolidated financial statements Fixed interest rates

Financial assets Cash and cash equivalents Current investments Trade and other receivables Financial liabilities Trade and other payables Long-term loans Debentures

Within 1 year

1-5 years

Over 5 years

Floating interest rate

Noninterest bearing

Total

Effective interest rate (% per annum)

105 5,719 5,824

645 645

35 223 516 774

785 5,942 516 7,243

1,800 1,800

2,997 2,997

3,395 3,395

6,215 6,215

257 257

257 6,215 2.8625 - 4.7500 8,192 3.06 - 5.35 14,664

0.05 - 1.80 0.90 - 4.70 -

(Unit: Million Baht) As at 31 December 2014 Consolidated financial statements Fixed interest rates

Financial assets Cash and cash equivalents Current investments Trade and other receivables Financial liabilities Trade and other payables Long-term loans Debentures

Within 1 year

1-5 years

Over 5 years

Floating interest rate

Noninterest bearing

Total

Effective interest rate (% per annum)

309 5,066 5,375

871 871

18 211 529 758

1,198 5,277 529 7,004

3,297 3,297

1,997 1,997

6,965 6,965

653 653

653 6,965 3.2125 - 4.8750 5,294 4.40 - 5.35 12,912

0.10 - 2.80 1.550 - 5.625 -

TTW Public Company Limited

(Unit: Million Baht) As at 31 December 2015 Separate financial statements Fixed interest rates

Financial assets Cash and cash equivalents Current investments Trade and other receivables Long-term loans to related party Financial liabilities Trade and other payables Long-term loans Debentures

Within 1 year

1-5 years

Over 5 years

Floating interest rate

Noninterest bearing

Total

Effective interest rate (% per annum)

33 5,248 5,281

378 1,563 1,941

34 173 364 571

445 5,421 364 1,563 7,793

1,800 1,800

2,997 2,997

3,395 3,395

6,215 6,215

204 204

204 6,215 2.8625 - 4.7500 8,192 3.06 - 5.35 14,611

0.05 - 1.05 0.90 - 4.70 4.75 - 5.00

(Unit: Million Baht) As at 31 December 2014 Separate financial statements Fixed interest rates

Financial assets Cash and cash equivalents Current investments Trade and other receivables Long-term loans to related party Financial liabilities Trade and other payables Long-term loans Debentures

Floating interest rate

Noninterest bearing

Total

Effective interest rate (% per annum)

Within 1 year

1-5 years

Over 5 years

59 4,681 4,740

827 1,473 2,300

18 211 373 602

904 4,892 373 1,473 7,642

3,297 3,297

1,997 1,997

6,965 6,965

545 545

545 6,965 3.2125 - 4.8750 5,294 4.40 - 5.35 12,804

0.10 - 2.80 1.550 - 5.625 4.75 - 5.00

131

132 Annual Report 2015

Foreign currency risk The Company and its subsidiaries do not consider themselves exposed to foreign currency risk because they have no significant foreign currency transactions. 36.2 Fair values of financial instruments Since the majority of the Company’s and the subsidiaries’ financial instruments are short-term in nature or bear floating interest rates, their fair value is not expected to be materially different from the amounts presented in statement of financial position.

37. Capital management The primary objective of the Company’s capital management is to ensure that it has appropriate capital structure in order to support its business and maximise shareholder value. As at 31 December 2015, the Group's debt-to-equity ratio was 1.33:1 (2014: 1.16:1) and the Company's was 1.46:1 (2014: 1.25:1).

38. Approval of financial statements These financial statements were authorised for issue by the Company’s Board of Directors on 25 February 2016.