Investor Presentaiton

CPN Capital Structure CPN's net D/E ratios are historically below its debt covenant of 1.75x (THB mn) (Times) 70,000 1.40 63,880 60,000 a 1.19 53,005 50,000 46,801 41,748 40,000 0.82 36,824 30,000 25,245 25,568 0.49 25,900 20,448 20,000 10,000 945 2011 1.20 1.00 0.80 0.60 22,623 17,904 0.39 16,019 19,842 0.29 4,207 4,326 1,869 3,773 2012 2013 0.40 0.28 9,529 5,36 0.20 3,204 0.07 0.00 2014 2015 2016 2017 Cash & current investment Prepared by CPN Investor Relations Interest bearing debts Appendices Equity ---RS: Net D/E Page 41

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