Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

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TTW (TTW TB): Tapping the Burmese Tap Water Market

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TTW: Largest Private Tap-Water Producer in Thailand

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CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Capable of funding growth internally, low volatility in earnings, and strong cash levels relative to its sector</li><li>Continued demand from Thai food exporters along with industrial manufacturers as well as private customers are driving demand for tap water, TTW’s main business</li><li>New tap water plant project in Myanmar has been approved, though limited impact on TTW revenue, it should open up other opportunities in the country where one-third of the population lacks access to clean water</li><li>Trades above Thai Utilities at 18CE* 4.3x PB in line with a better ROE</li><li>Risks: Regulatory changes, e.g. water tax law</li></ul><p><em>* Consensus Estimates</em></p>

Capable of funding growth internally, low volatility in earnings, and strong cash levels relative to its sectorContinued demand from Thai food exporters along with industrial manufacturers as well as private customers are driving demand for tap water, TTW’s main businessNew tap water plant project in Myanmar has been approved, though limited impact on TTW revenue, it should open up other opportunities in the country where one-third of the population lacks access to clean waterTrades above Thai Utilities at 18CE* 4.3x PB in line with a better ROERisks: Regulatory changes, e.g. water tax law* Consensus Estimates

TTW: Not Only Tapping the Thai Tap Water Market