Glow

Glow Energy Plc.

Opportunity Day

29 November 2010

1

Glow

The views expressed here may contain information derived from publiclyavailable sources that have not been independently verified. Norepresentation or warranty is made as to the accuracy, completeness orreliability of the information. Any forward looking information contained inthis presentation has been prepared based on number of assumptions whichmay be incorrect and/or not properly represent actual situation incurring inthe future. The actual information contained in this presentation is for thepurpose of illustration and presentation only. Should there be anydiscrepancies with audited/reviewed financial statements, annual report, andother official filings to SEC, the information presented in such documentsshould be relied upon as official information.

This presentation should not be relied upon as a recommendation orforecast by Glow Group. This presentation shall not be construed as eitheran offer to sell or a solicitation of an offer to buy or sell shares in anyjurisdiction.

2

Disclaimer

Glow

Glow’s Business Overview

3

Glow

Key P&L performance indicator for Glow is Normalized Net Profit (NNP)

Glow IPP, GHECO-One and HHPC have outstanding loan in USD which will be repaid by USD linked and USD operating cash flows

Under Thai GAAP the outstanding USD loan is converted at year-end in THB at the then current exchange rate. Any difference in THB outstanding loan amount due to using a different exchange rate compared to last year leads to an unrealized FX gain (THB appreciation) or loss (THB depreciation).

Since the USD loans in Glow IPP, GHECO-One and HHPC are served by USD linked cash flows the unrealized FX gains / losses should, in Glow’s view, be ignored from an economic point of view.

Glow’s management has always and consistently focused on NNP ignoring unrealized FX gains / losses (substance over form)

4

Glow 5

Q3 Key Events

The 115 MW CFB3 unit has just declared official commercial operation date on 1 November

2010. Delay Liquidated Damages accrued only up to April 2010, with 293 MTHB booked in 2010

There were much higher scheduled maintenance days in Q3 with major maintenance in GE

Phase 2 and GSPP2. In addition GSPP3 also brought forward 19 maintenance days planned in

2011 to Q3.

There was final GSPP3 Business Interruption compensation for CFB1 outage in early 2009 of

112 MTHB.

There was also lower availability at GIPP due to the required PTT gas specification change

outage.

There was extremely low rainfall at HHPC. It is most likely that we will declare drought year for

2011.

Glow

Financial Key Summary

9M-Y2009 9M-Y2010 2010 vs 2009 %

Revenue(1) 26,043 27,249 1,206 4.6%

Gross Margin 7,486 9,048 1,562 20.9%

EBITDA 5,826 7,308 1,482 25.4%

Profit Before Tax 3,531 5,598 2,067 58.5%

Tax 364 492 128 35.2%

Net Profit 3,041 4,649 1,608 52.9%

Normalised Net Profit 2,669 3,531 862 32.3%

Glow Group

Despite revenue increased only by 5%, gross margin and EBITDA is increased by 21% and 25% respectively from same period last year.

EBITDA is increased also by booking of Delay Liquidated Damages, resulting from CFB3 COD delay for the amount of 293 MTHB and BI payment of 112 MTHB(2)

NNP reported is the highest 9 month result ever for the group.

1) Revenue from ordinary business excluding exchange gain / interest incomes / investment incomes2) Resulted from SPP3 unplanned outage in late 2008 - early 2009.

6

Note:

Glow

Core operational profit relatively stabilized

7

Core operational profit, EBITDA, of Cogen remains strong, thanks to stable operating margin and strong demands from industrial customers.

Scheduled maintenance of some units, i.e. Cogen Coal (150 MW) and Cogen Gas (255 MWeq) in the 3rd Quarter of 2010.

HHPC extremely low rainfall until 3rd Quarter of 2010 and production reduced to minimum level allowed under PPA.

1) Cogen EBITDA of Q1-2009 is adjusted to include 170 and 53 MTHB of BI Claims booked in Q2-2009 and Q4-2009 .

2) Cogen EBITDA of Q2-2009 and Q4-2009 are adjusted to exclude 170 and 53 MTHB of BI Claims recorded respectively.

3) Consolidated NNP is per reported figures, and not adjusted per 1) and 2) above.

Note:

0

200

400

600

800

1,000

1,200

1,400

0

500

1,000

1,500

2,000

Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10

EBITDA - Cogen businessEBITDA - HHPCEBITDA - Glow IPPNNP-Consolidated

EBITDA in MTHB NNP in MTHB

(1) (2) (2)

(3)

Glow

COGEN BUSINESS

• Higher Cogen gross profit and EBITDA in 9M-2010 are mainly due to solid margin (lower fuel cost), higher sale volume to Industrial Customers, DLD booking for the amount of 293 MTHB and BI Payment 112 MTHB for Q1-2009 SPP3 outage.

• Higher financial costs reflect higher gearing in Cogen Business, resulted from committed expansion.

• Higher taxes are partly due to DLD and BI Payments, as well as expiring of BOI and the use of all LCF.

1) Cogen business includes operation of GE, SPP1, SPP2 and SPP3

2) IPP business consists of Glow IPP, GHECO-One and HHPC

3) Excluded exchange gain / interest incomes / Investment Income

4) Sum of interest incomes, interest expenses and financial related costs

Note:

8

Cogen Business results continued to be robust

Bt mn 9M-2009 9M-2010 change % 9M-2009 9M-2010 % 9M-2009 9M-2010 %

Gross Operating Revenue (3) 17,451 18,280 829 4.8 8,593 8,969 4.4 26,043 27,249 4.6

Fuel Costs (Gas, Coal, Diesel, Biomass) 12,094 11,570 -524 -4.3 6,172 6,340 2.7 18,266 17,910 -1.9

Other Variable Costs(Water/Chemicals) 240 244 4 1.7 51 46 -8.3 291 291 -0.1

Gross Profit 5,116 6,466 1,350 26.4 2,370 2,582 9.0 7,486 9,048 20.9

Maintenance & Other Operating Costs 1,466 1,469 3 0.2 195 271 39.2 1,661 1,740 4.8

EBITDA 3,650 4,997 1,347 36.9 2,175 2,311 6.2 5,826 7,308 25.4

Depreciation & Amortization 1,297 1,225 -72 -5.6 810 923 13.9 2,107 2,148 1.9

Net Financial Cost (4) 324 700 376 116.1 380 357 -5.9 704 1,057 50.2

Realised FX Gains 21 9 -12 -56.6 41 -17 -140.6 63 -8 -112.2

Taxes 364 491 127 34.8 0 1 -385.1 364 492 35.2

Minority Interest of Net Profit -127 -457

Minority Interest of Unrealised FX Gain/Loss 83 385

Normalised Net Profit 1,686 2,590 904 53.6 1,027 1,013 -1.4 2,669 3,531 32.3

Cogen Business (1) IPP Business (2) Glow Group

Glow

IPP BUSINESS

• Higher IPP business revenue in 9M-2010 is due to higher availability, higher dispatch, and full period consolidation of HHPC, despite strengthen THB and lower gas price.

• No major overhaul in 9M-2010 but shutdown for tuning due to PTT gas composition change during the Q3-2010. Recovery of lost CAH is expected in Q4-2010.

• The strengthening THB affected at capacity charges level in the 3rd Quarter of 2010.

1) Cogen business includes operation of GE, SPP1, SPP2 and SPP3

2) IPP business consists of Glow IPP, GHECO-One and HHPC

3) Excludes exchange gain / interest incomes / Investment Income

4) Sum of interest incomes, interest expenses and financial related costs

Note:

IPP Business remained solid

9

Bt mn 9M-2009 9M-2010 % 9M-2009 9M-2010 change % 9M-2009 9M-2010 %

Gross Operating Revenue (3) 17,451 18,280 4.8 8,593 8,969 376 4.4 26,043 27,249 4.6

Fuel Costs (Gas, Coal, Diesel, Biomass) 12,094 11,570 -4.3 6,172 6,340 168 2.7 18,266 17,910 -1.9

Other Variable Costs(Water/Chemicals) 240 244 1.7 51 46 -4 -8.3 291 291 -0.1

Gross Profit 5,116 6,466 26.4 2,370 2,582 212 9.0 7,486 9,048 20.9

Maintenance & Other Operating Costs 1,466 1,469 0.2 195 271 76 39.2 1,661 1,740 4.8

EBITDA 3,650 4,997 36.9 2,175 2,311 136 6.2 5,826 7,308 25.4

Depreciation & Amortization 1,297 1,225 -5.6 810 923 113 13.9 2,107 2,148 1.9

Net Financial Cost (4) 324 700 116.1 380 357 -23 -5.9 704 1,057 50.2

Realised FX Gains 21 9 -56.6 41 -17 -58 -140.6 63 -8 -112.2

Taxes 364 491 34.8 0 1 1 -385.1 364 492 35.2

Minority Interest of Net Profit -127 -457

Minority Interest of Unrealised FX Gain/Loss 83 385

Normalised Net Profit 1,686 2,590 53.6 1,027 1,013 -14 -1.4 2,669 3,531 32.3

Cogen Business (1) IPP Business (2) Glow Group

Glow

9M-2009 9M-2010 %

MW Contracted (EGAT + ICs) MW 1,968 1,989 1.1

TPH Contracted tph 791 815 3.0

EGAT IPP business GWh 3,882 4,321 11.3

EGAT SPP business GWh 2,521 2,491 -1.2

Industrial Customer GWh electricity sold GWh 2,512 2,916 16.1

Industrial Customer kTON steam sold kTon 3,923 4,014 2.3

Average PEA Price THB/kWh 2.7 2.7 0.0

Average Steam Price THB/Ton 834.45 809.46 -3.0

Average Gas Cost - Cogen business THB/mmBTU 242.07 235.72 -2.6

Average Gas Cost - IPP business THB/mmBTU 236.06 228.35 -3.3

Coal Price FOB USD/Ton JPU 90.85 74.34 -18.2

Freight Price USD/Ton actual 12.82 10.95 -14.6

Availability - Cogen Business % 91.6% 92.6%

Availability - IPP Business % 91.4% 95.8%

Unplanned Outage Factor - Cogen business % 3.9% 2.9%

Unplanned Outage Factor - IPP business % 1.7% 0.8%

Glow IPP Heatrate BTU/kWhe 6,942 6,894 -0.7

Allocated Cogen Heatrate (Coal Units) BTU/kWhe 10,321 10,263 -0.6

Allocated Cogen Heatrate (Gas Units) BTU/kWhe 8,872 8,761 -1.3

Exchange Rate THB/USD 34.79 32.35 -7.0

Summary of Economic Indicators

1) Increase from new contracted capacity to ICs 21 MW and 24 tph.

2) Includes HHPC Electricity Sales of 94GWh in 9M-2009 and 295GWh in 9M-2010

3) Price excludes biomass which currently is up to average 5% of coal volume.

4) GE, SPP1 and SPP2 had schedule maintenance in 9M-2010.

5) IPP Shutdown for tuning due to PTT gas composition change and B-Inspection during the Q3-2010.

6) Improved Cogen heat rate due to CFB3 commissioning during the Q3-2010.

Note:

(2)

10

(1)

(3)

(6)

(1)

(5)

(4)

(6)

Glow

91.6% 92.6%

0%

50%

100%

9M-2009 9M-2010

91.4% 95.9%

0%

50%

100%

9M-2009 9M-2010

Availability & Unplanned Outage Factor

Availability Cogen (%)

3.9% 2.9%

0%

5%

10%

9M-2009 9M-2010

Unplanned Outage Cogen (%)

Availability Glow IPP (%)

Unplanned Outage Glow IPP (%)

(5)

(2)

11

(1) (3)

Note : 1) Mainly from SPP3 Block I Force Outage and Block II Schedule Maintenance during the Q1-2009.

2) Mainly from SPP3 Block I Outage from Jan 1 to March 22, 2009.

3) Mainly from GE and SPP1 Schedule maintenance during the Q3-2010.

4) Mainly from SPP3 Block I has additional maintenance during the Q3-2010, as for efficiency we combined a planned 2011 to a 2010 maintenance.

5) C-Inspection at GIPP Block II in Jan / Feb 2009.

6) Mainly from shutdown for tuning due to PTT gas composition change and B-Inspection during the Q3-2010.

1.7% 0.8%0%

5%

10%

9M-2009 9M-2010

(4)

(6)

Glow

3,923 4,014

01,0002,0003,0004,0005,000

9M-2009 9M-2010

2,521 2,491

0

1,000

2,000

3,000

9M-2009 9M-2010

Revenue : Volumes

2,5122,916

0

1,000

2,000

3,000

9M-2009 9M-2010

3,8824,321

01,0002,0003,0004,0005,000

9M-2009 9M-2010

EGAT SPP business (GWh) IC Power (GWh)

EGAT IPP business (GWh) IC Steam (kTon)

+16.08%

+2.32%+11.31%

Note: 1) EGAT SPP energy dispatch impacted from SPP1 & SPP3 outage during the Q1-2009.

2) Due to CFB delay, we had to shortfall EGAT of 75MW/month during 9M-2010 and GE phase#2, SPP1 major outage during the Q3-2010.

3) IC Sales impacted from Financial & Economic crisis during 1st quarter of 2009.

4) IPP C-Inspection in Q1-2009.

295 GWh from HHPC

12

- 1.16%

94 GWh from HHPC

(2)(1)(3)

(3)

(4)

Glow

8.7%-2.6%

10.3%-0.4%

-20%

-10%

0%

10%

20%

FY-08 vs FY-09 9M-09 vs 9M-10

236228

180

200

220

240

260

9M-2009 9M-2010

2.7 2.7

1.50

2.00

2.50

3.00

9M-2009 9M-2010

242236

180

200

220

240

260

9M-2009 9M-2010

Average Gas Price - Cogen (Bt/mmBTU) Average PEA Selling Price (Bt/kWh)

Average Gas Price – IPP (Bt/mmBTU)

-0.0%-2.6%

-3.3%

Operating margin has improved and stabilized

(1)

Note : 1) IPP gas price is on pass-through basis.

Gas Price Change vs PEA Price Change

% Gas Price Change % PEA Price Change

13

Glow

Stable gas and coal margin sustained in Q3-2010

Note: 1) PEA Price = Base Tariff assumed at 1.8 THB/kWh + actual FT

2) Gas Cost = Blended SPP gas costs in THB/mmBTU x Constant Gas-fired heatrate of 8,800 BTU/kWh / 10^6

3) Coal Cost = Average FOB Coal Cost in THB/mmBTU x Constant Coal-fired heatrate of 10,300 BTU/kWh / 10^6 14

Operating margin for both gas and coal are at normal level due to:

• Stable tariff level.

• Stable gas cost, thanks to relatively strong THB and stable oil price.

• Stable coal cost, thanks to our fully hedged coal open position for 2010.

EGAT’s fuel subsidization1.9 THB/kWh1.7 THB/kWh

0.7 THB/kWh0.6 THB/kWh

Glow

Coal & Freight

9M-2009 9M-2010 2009 vs 2010 %

COAL CONSUMPTION @ 26.59 mmBTU/TON JPU TON JPU 402,320 474,637 72,317 18.0%

AVERAGE JPU&ABARE COAL INDEX USD/TON JPU 88.5 88.7 0.2 0.2%

AVERAGE COAL PRICE AT FOB USD/TON JPU 90.9 74.3 (16.5) -18.2%

FREIGHT PRICE USD/TON actual 12.8 11.0 (1.9) -14.6%

TOTAL COAL PRICE (CIF) USD/TON JPU 108.4 88.6 (19.7) -18.2%

TOTAL COAL PRICE (CIF) THB/mmBTU 141.8 107.9 (33.9) -23.9%

15

Note: Average JPU&ABARE Coal Price Index- April 2008 – March 2009 : 125.00 USD/Ton JPU. - April 2009 – March 2010 : 70.18 USD/Ton JPU.- April 2010 – March 2011 : 98.00 USD/Ton JPU (Coal Price Index is adjusted and retroactive to April 2010)

Higher coal consumption in 9M-2010 due to unplanned outage of CFB 1 in 9M-2009.

Glow has locked the benchmark price for 100% of coal open position for 2010 at 75 USD/Ton JPU.

Glow has successfully locked benchmark price for 96% of coal open position for 2011 at ~ 95 USD/Ton JPU, with current index of around 98 USD/Ton JPU.

Glow

2,1752,311

0

1,000

2,000

3,000

9M-2009 9M-2010

0

2,000

4,000

6,000

8,000

9M-2009 Cogen Glow IPP GHECO-One HHPC 9M-2010

Summary of Results – EBITDA

Cogen business EBITDA

3,650

4,997

0

2,000

4,000

6,000

9M-2009 9M-2010

+1,347mn

IPP business EBITDA

7,308(38)+1,347

5,826

Consolidated EBITDA Analysis (+1,483 mn / +25.5%)

16

+280

Note : All Figures in THB Millions.

+36.9%

+136 mn

6.2%

(106)

Glow

Key Drivers – EBITDA

17

0

2,000

4,000

6,000

9M-2009 GM Impact COGEN Compensation Maintenance Admin expense Other 9M-2010

Cogen business EBITDA Analysis (+1,347 mn / +36.9%)(36) 8

• Volume

• Margin

3,650

4,997+1,350 +12

0

500

1,000

1,500

2,000

2,500

9M-2009 GM Impact GIPP Other GIPP EBITDA Impact GHECO-One

EBITDA Impact HHPC

9M-2010

IPP business EBITDA Analysis (+136 mn / +6.2%)

+5+279

(38)2,175 2,311(111)

• Routine (38)

• A,B Inspection 40

• LTSA 10

+13

Note : All Figures in THB Millions.

• Routine

• A,B Inspection

• 2009 : Other operating cost (6 months)

• Third party 20

• Other (12)

Glow

1,027 1,013

0

500

1,000

1,500

9M-2009 9M-2010

Key Drivers – Normalized Net Profit

IPP business NNPCogen business NNP

1,686

2,590

0

1,000

2,000

3,000

9M-2009 9M-2010

3,531

(74) (353)(193)

+1,483

2,669

01,0002,0003,0004,0005,000

9M-2009 EBITDA Impact Depreciation Finance Expense Others 9M-2010

18

Consolidated NNP (+862 mn / +32.3%)

• GE Debenture

9,000 MTHB

+904 mn

+53.6%

• Income tax (128) (1)

-14 mn

-1.4%

Note : (1) Higher income taxes are also partly due to DLD, BI Payments ,as well as expiring of BOI and the use of all LCF.

(2) All Figures in THB Millions.

Glow

Financial Status

19

Glow

30-Sep

Summary Cash Flows Statement

20

Of the THB 5,914 mn(1)ending cash balance of 30 Sep 10 THB 2,986 mn is in Cogen

Business THB 2,928 mn is in IPP

Business(2)

(1) Ending Balance 5,914 Bt mn excludes temporary investments of 4,686 Bt mn which are mostly cash in reserve accounts.

(2) IPP Business consists of Glow IPP, GHECO-One, and Houay Ho Power.

30-Sep

Note:

KTHB 2009 2010 2010 vs 2009

Net profit 3,531,432 5,598,029 2,066,597

Depreciation 2,005,119 2,078,672 73,553

Amortization 35,051 42,790 7,739

Exchange loss (gain) (438,133) (1,494,795) (1,056,662)

Other non-cash items 712,140 1,039,603 327,463

Change in net working capital (1,966,016) (2,333,924) (367,908)

Net cash from operating 3,879,593 4,930,375 1,050,782

Purchase of PP&E (7,781,502) (21,781,898) (14,000,396)

Other cash from investing (2,224,126) (3,301,541) (1,077,415)

Net cash from investing (10,005,628) (25,083,439) (15,077,811)

Total debt repayment (1,725,018) (566,656) 1,158,362

Total debt issuance 9,758,102 20,192,825 10,434,723

Change in financial lease (29,172) (33,244) (4,072)

Debt issue expenses - (20,268) (20,268)

Advance received for share - 2,100,000 2,100,000

Dividends paid (2,720,733) (2,740,725) (19,992)

Net cash from financing 5,283,179 18,931,932 13,648,753

FX loss (gain) of cash and cash equiv (19,246) (2,049) 17,197

Net change in cash (862,102) (1,223,181) (361,079)

Beginning balance 5,939,035 7,137,483 1,198,448

Ending balance 5,076,933 5,914,302 837,369

Glow

Notable up coming cash movements in 2010

Debts Repayment GE pays scheduled repayment

• THB 3,490mn in Dec-10 GIPP pays scheduled repayment

• USD 11.2mn in Jun-10• USD 12.5mn in Dec-10

• HHPC pays scheduled repayment• THB 26.3mn & USD 1.5mn in Jun-10• THB 26.3mn & USD 1.5mn in Dec-10

Capex for projects under construction Phase5 Payment : THB 6,760 mn in 2010 GHECO-one Equity Contribution : THB 5,005 mn in 2010 CFB 3 Payment : THB 650 mn in 2010

21

Glow

Key Financial Indicators : Outstanding Debts – Q3/2010

IPP Repayment Profile (MUSD)Glow Cogen Repayment Profile (MTHB)

Total Gross consolidated Debt was 63,847 MTHB in 9M-2010 versus 44,568 MTHB in 9M-2009

44,568

63,847

37,075

53,247

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

9M-2009 9M-2010

MTHBConsolidated Glow Group

Gross Debts

Net Debts

Note : 1) Gross Debt – cash – temporary investment

3,400

2,500

5,6006,000

3,000

5,500

3,0002,965

3,490

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

13.117.517.023.221.924.919.720.423.7

7.59

6.90

6.736.39

6.396.21

5.87

5.184.83

4.49

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

HHPC*

Glow IPP

*HHPC’s Loan consists of USD tranche and THB tranche (converted @ 35 Baht/USD)

(1)

22

Glow

Key Financial Indicators

Glow’s long term target is to maintain the following

DSCR excluded cash on hand of not less than 1.6x

D/E of not more than 1.0x but allowing for temporary hike if due to consolidation effect during construction

ICR of not less than 5.0x

Note : Glow IPP - DSCR = (Glow IPP EBITDA) / (Principal + Interest + Financial Charge)

Glow Cogen - DSCR = (Glow Cogen EBITDA + Dividend from IPP business) / (Principal + Interest + Financial Charge)

D/E = Total Consolidated Outstanding Debts / Total Equities

Net D/E = (Total Consolidated Outstanding Debts – cash) / Total Equities

Glow Cogen - ICR = (Glow Cogen EBITDA + Dividend from IPP business) / (Interest)23

9M-2009 9M-2010

DSCR Glow IPP (incl. cash) 2.05 (3.40) 2.33 (4.51)

DSCR Glow Cogen (incl. cash) 3.18 (6.48) 3.33 (6.24)

D/E Ratio Glow Conso 1.44 1.75

Net D/E Ratio Glow Conso 1.20 1.46

Interest Coverage Ratio Glow Cogen 12.37 7.90

Glow 24

3,490 2,965

6,000 5,500

3,000 2,000

2,500 3,000

2,600

3,400 4,000

0

1,000

2,000

3,000

4,000

5,000

6,000

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

2011 Pre-Funding

2010 funding (executed)

Existing

Plenty of repayment capability for committed project funding

Remaining 2011 funding requirement is only 3,000 MTHB with plenty of repayment capacity during 2014-2019.

Repayment capability in long tenor is still available to support further growth opportunities in the future.

Glow

Current Updates

25

Glow

Summary of expansion plan

26

Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12

Cogen Coal Plant @115MWeq

• NTP : Jan 2007• COD : Nov-2010• Capex : 220 MUSD

(THB 7bn)

IPP Coal Plant @660MW

• NTP : Jul 2008• COD : Jan 2012• Glow Stake : 65%• Glow Equity Contribution

260 MUSD or 8,300 MTHB

• NTP : May 2008• COD : Sep 2011• Capex : 500 MUSD

(THB 16bn)

Cogen Gas Plant @382MWeq

Capacity as of 31 Dec 2009 : 2,118 MWeqCapacity as of 31 Jan 2012 : 3,275 MWeq(increase of around 55% )

Glow

Thank you

27

Glow

Q&A

28