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CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Strong cash levels, more attractive to analysts, and low volatility in earnings 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 Thailand where one-third of the population lacks access to clean water</li><li>Trades above Thai Utilities at 18CE* 4x PB in line with a better ROE</li><li>Risks: Delay in the opening of Krathum Baen water treatment project</li></ul><p><em>* Consensus Estimates</em></p>

Strong cash levels, more attractive to analysts, and low volatility in earnings 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 Thailand where one-third of the population lacks access to clean waterTrades above Thai Utilities at 18CE* 4x PB in line with a better ROERisks: Delay in the opening of Krathum Baen water treatment project* Consensus Estimates

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