Korea Western Power Ratings Presentation July 2017 10/31/2019 4:32 AM Korea Western Power Ratings Presentation July 2017 Good afternoon, my name is [Sun A, KIM], Team Head of Treasury Department at Korea Western Power. Thank you for your time to visit us and I hope, by this presentation, you will have a better understanding of our credit profile. Before we get started, let me briefly introduce our participants. [Introduce other participants] Confidential Presentation

Table of Contents Company Overview Industry & Regulatory Update 10/31/2019 4:32 AM Table of Contents Agenda Company Overview Industry & Regulatory Update Operation Overview Financial Management Financial Forecast Our presentation today is divided into five sections. First of all, I will provide you an overview of our company. Second, I will brief you on current industry and regulatory environment. Then we will move onto the overview of our company’s operation. The following section will be our financial performance and management. And lastly, I will explain our financial forecast.

Company Overview Let me begin with an overview of our company. 10/31/2019 4:32 AM Company Overview Let me begin with an overview of our company.

One of the Most Important Gencos in Korea 10/31/2019 4:32 AM One of the Most Important Gencos in Korea Company Overview KOWEPO has established sophisticated power generating facilities in Korea As of March 2017, Coal, B.C. Oil, LNG and others account for 47.1%, 13% and 36.1% and 3.8% respectively in terms of generation capacity in operation Generation Capacity by Type of Fuel Location of Plant Complex Coal Metropolitan Area LNG BC Oil 5,050MW Power Plant Region Hydro Solar Fuel Cell 3,866.9MW Wind Seoincheon Gunsan C/C (718.4MW) Seoul and Gyeonggi Metropolitan Area Pyeongtaek Taean T/P (5,050MW) Seoincheon C/C (1,800MW) Taean IGCC Taean/Gunsan,/ Samryangjin/Sejong/ Youngam Solar, Taean Hydro, etc. (407.7MW) Taean Sejong City 1,400MW Pyeongtaek T/P (1,400MW) Pyeongtaek C/C (1,348.5MW) Gunsan Samrangjin This page shows the current status of our power generating facilities. As of 1H of 2015, Coal, B.C. Oil, LNG and hydro and solar power account for 43%, 15.1%, 41.6%, and 0.3%, respectively. As you can see from the map on the right, approximately 90% of our power generating facilities are located in Metropolitan area near Seoul City. This area accounts for approximately 40% of domestic electricity demand. As such, the demand concentration from this area puts us in an advantageous position in terms of power sales as compared to other Gencos. Hwasun Total Generation Capacity 10,724.6MW Youngam ___________________________ Note: T/P denotes “Thermal Power Plant”, C/C denotes “Combined Cycle.” Source: Company data as of March 2017 1

Strong Market Position 10/31/2019 4:32 AM Strong Market Position Company Overview KOWEPO boasts significant market share both in capacity and sales volume Market Share by Generation Capacity Market Share by Sales Volume (As of 31 March, 2017, Unit: MW) (Period: Jan-March, 2017, Unit GWh) KOWEPO grabs 10% of total domestic generation capacity, and 10% of total domestic electricity sales volume as of June 2015. Other Gencos except KHNP shows similar market shares to KOWEPO. Total Generation Capacity 109,288MW Total Electricity Sales 133,533GWh ___________________________ Source: Company data as of March 2017 2

Industry & Regulatory Update 10/31/2019 4:32 AM Industry & Regulatory Update In the coming section, I will update you on the current industry and regulatory environment.

Korea Electricity Consumption Trend 10/31/2019 4:32 AM Korea Electricity Consumption Trend Industry & Regulatory Update Electricity Consumption & GDP Growth(1) Power Sold by Segment (FY2016)(1) Electricity Consumption Forecast(2) (Unit: Thousand MW) (Unit: Thousand GWh) Avg. Expected Consumption Growth Rate: 2.1% Let’s look into power consumption growth trend. Power consumption has continued to rise at an average rate of 5% per annum from 2000 to 2014. According to the “7th Electricity Supply and Demand Basic Plan” published by The Ministry of Trade, Industry and Energy in February 2013, power consumption is expected to grow at an average rate of 2.1% per annum from 2015 to 2029. ___________________________ Source: KEPCO, The Monthly Report on Major Electric Power Statistics The 7th Basic Plan of Long-term Electricity Supply and Demand, July 2015 by Ministry of Trade, Industry and Energy (MOTIE) 3

Government’s New Energy Policy 10/31/2019 4:32 AM Government’s New Energy Policy Proposed Energy U-Turn Focus on Renewable Energy The new administration of President Moon Jae-in focuses on natural gas and renewables, responding to public concerns over air pollution and nuclear safety While the new government’s energy roadmap is still being hashed out, the care for the environment will paly a central role in forming policy The government hopes to boost gas-fired generation from about 18 percent now to 27 percent by 2030 and boost the use of renewables from roughly 5 percent to 20 percent KOWEPO’s Strategy Renewable Energy 3020 Roadmap Overview (Generation) Supply 20% of total electricity via renewable energy by 2030 (Generation Capacity) Secure 4,476MW of generating capacity and Investment total KRW8,049bn by 2030 Additional Construction of LNG Combined Cycle Power Plant Plans to replace aging power plant with LNG CC power plant with same generation capacity Shut Down Plan (7th Basic Plan) Replacement (Plan) Classification Capacity (MW) Exp. Shut Down Date Capacity (MW) Exp. Completion LNG CC Pyeongtaek 1CC 480 Dec’17 500 ’23 Seoincheon CC 1,800 Dec’23 ’23 (900MW) ’28 (900MW) Heavy Oil Pyeongtaek 1,400 Dec’24 ’28 (Unit: MW, KRW bn) ’16 ’17 ’19 ’21 ’23 ’25 ‘27 ‘30 Generating Capacity 655 716 1,429 2,290 2,610 3,499 3,894 4,476 Investment 1,486 1,591 2,988 4,325 5,200 6,164 6,706 8,049 Now I would like to brief you on the electricity pricing mechanism. The price of electricity is determined under the “cost-based pool system”. Under this system, the price of electricity has two components, ‘energy adjusted price’ and ‘capacity payment’. Capacity payment is the fee Gencos receive as a compensation for the construction of generation facilities. Capacity payment is determined annually and is paid to each generation company for the amount of available generation capacity. Energy adjustment price compensates the Gencos for fuel costs which is the principal component of the variable cost in electricity generation. This allows all units generating electricity to be compensated for all fuel costs, plus margin. The Adjusted Coefficient of System Marginal Price is determined by the Electricity Generation Cost Evaluation Committee every year and with the Adjusted Coefficient, we are able to pass 100% of the fuel costs to the electricity price, enabling KOWEPO to maintain solid financial performance. In accordance with the revised Electric Utility Act in May 2014, Vesting Contract will be implemented. Vesting Contract is a system that power plant companies pre-contract with vendors about price, supply quantity and period etc. under the government regulation. It made to reduce uncertainty of electricity market and to operate stable & effective electricity market. Currently VC is implemented as a replacement of CBP thus we don’t expect a ripple effect on the electricity pricing. The detailed implementation plan has been worked out by a task force and is still under discussion. ___________________________ Source: Company data, Ministry of Trade, Industry and Energy 4

10/31/2019 4:32 AM Operation Overview In this section, I will explain our operating performance.

Power Plant Facilities in Operation 10/31/2019 4:32 AM Power Plant Facilities in Operation Operation Overview KOWEPO operates 63 generation units with a combined generation capacity of 10,725MW Type Fuel Type Number of Units Capacity (MW) Capacity Factor (%) Taean Thermal Bituminous 9 5,050 81.4 Solar - 3 2.51 13.3 Small Hydro 1 2.2 16.7 IGCC 346.33 30.0 Pyeongtaek BC Oil 4 1,400 18.2 0.46 11.6 Combined Cycle LNG 8 1,348.5 32.5 Seoincheon 16 1,800 13.2 Fuel Cell 16.2 82.4 Gunsan 718.4 21.0 0.27 14.6 Samrangjin 2 15.0 Sejong City 5 5.01 14.5 Gyeonggi 7 2.42 Hwasun Wind Power 22.2 Youngam 16.1 TOTAL 63 10,724.6 50.3 This table outlines our extensive power plant facilities in operation. KOWEPO is currently operating 60 generation units at 7 different sites and generated about 9,306MW in total as of June 2015. Taean plant works as the largest generator of our company. It is test-running IGCC. Pyeongtaek has thermal and combined cycle power plants, while Seoincheon and Gunsan have combined cycle power plants, respectively. The company also has renewable energy plants in Taean, Gunsan, Sejong City, and Gyoenggi. Yet they have small generation capacity. As you can see, KOWEPO has extensive power generation facilities and broad experience in operation. ___________________________ Source: Company data as of March 2017 5

Major Suppliers of Coal 10/31/2019 4:32 AM Cost Efficiency KOWEPO has implemented a cost competitive strategy Operation Overview Fuel Cost Coal LNG Making long-term supply contracts assure adequate supply of the raw materials Hedging risks by adjusting proportion of long-term contracts with market volatility Fuel Cost Composition Major Suppliers of Coal (1) Let me discuss our cost efficiency on this slide. As of June 2015, fuel costs accounted for approximately 80-90% of total production cost. KOWEPO is actively focusing on fuel procurement strategy as fuel costs takes up the large portion of total production cost. Currently 78% of coal and 100% of LNG are supplied through long-term contracts, which assures stable supply of raw materials. ___________________________ Source: Company data as of March 2017 Represents fuel costs other than that required to generate electricity, such as fuel required to start up the generating units 6

New Business – Domestic 10/31/2019 4:32 AM New Business – Domestic Operation Overview Strategy to defend its strong market position and superb operating performance through both domestic and overseas plant constructions and projects Power Plant Type Capacity Construction Period Remarks New Plant Taean #9, #10 Thermal 2,100MW Oct. 2012 ~ Jun. 2017 Largest unit capacity in Korea Lowest fuel cost Profit generation via utilizing state-of-the-art high-capacity generator Facility using most economical coal Taean IGCC Integrated Gasification Combined Cycle (“IGCC”) 346.3MW Nov. 2011 ~ Aug. 2016 Clean energy source securing by utilizing Bituminous and meeting RPS standard Obtained the know-how in planning and building 380MW-level IGCC Taean, Pyeongtaek, Seoincheon Solar 5.2MW Nov. 2016 ~ May. 2017 Follows new renewable energy plan Jangheung Wind Power 16MW Aug. 2017 ~ Jun. 2018 In line with low carbon, green growth policy driven by the Korean government In line with KOWEPO’s plan in securing energy sources that meet RPS Plans to install ESS regarding the wind plant to further gain RPS- compliant energy sources In this slide, I would like to explain our expansion plan for new plant construction and business diversification in the domestic market. The construction of Taean IGCC (Integrated Gasfication Combined Cycle) was started in November 2011 and will be completed in this year. IGCC project is a part of the Government’s R&D project and will receive 128.8bn won of support from the Government. We had a groundbreaking ceremony for Taean #9, #10 thermal plants in July 2012, and they expected to be completed by December 2016. After the completion, Taean plant is expected to be the largest thermal power plant in Korea. ___________________________ Source: Company data as of March 2017 7

New Business – Overseas 10/31/2019 4:32 AM New Business – Overseas Operation Overview Strategy to defend its strong market position and superb operating performance through both domestic and overseas plant constructions and projects Power Plant Type Capacity Construction Period Remarks Equity Investment Maharashtra, India C/C 388MW Fed. 2012 ~ Jul. 2016 Consortium with PPIL Consortium: 40% from KOWEPO (Korea), 51% from PPIL (India), and 9% from minority shareholders Build, Own, Operates and maintenance Period for the business: 25 years after the completion Xe-Pian Xe- Namnoy, Laos Hydro 410MW Nov. 2013 ~ Feb. 2019 Consortium: 25% from KOWEPO (Korea), 26% from SK E&C (Korea), 25% from Ratchaburi (Thailand), 24% from LHSE (Laos) Build, Own, Transfer (KOWEPO to be in charge of operation and maintenance) Project Financing; Completed in November 2013 PPA contract with Thailand and Laos (Thailand/Laos power supply construction) Undergoing construction (Rate of process: 75.15%) Bylong, Australia Mine 360MT/Y Jan. 2018 ~ Nov. 2019 Consortium: 10% from GENCOS (Korea), 90% from KEPCO (Korea) Planning to acquire 7.8% stakes in 2017 and 10.2% stakes in consecutive order from 2018 KOWEPO Bylong founded in Dec. 2016 In this slide, I would like to explain our expansion plan for new plant construction and business diversification in the domestic market. The construction of Taean IGCC (Integrated Gasfication Combined Cycle) was started in November 2011 and will be completed in this year. IGCC project is a part of the Government’s R&D project and will receive 128.8bn won of support from the Government. We had a groundbreaking ceremony for Taean #9, #10 thermal plants in July 2012, and they expected to be completed by December 2016. After the completion, Taean plant is expected to be the largest thermal power plant in Korea. ___________________________ Source: Company data as of March 2017 8

Capital Expenditure Plan 10/31/2019 4:32 AM Capital Expenditure Plan Operation Overview Capital Expenditure Schedule 1,806 1,716 1,446 Total 1,020 Following the company’s development plan, here is our future investment plan to support the projects. In 2015, KOWEPO has an investment plan of about 1.6 trillion won. In 2016, we have plan to invest 800bn won in 2016 as our construction plan is going to be completed around that period. Due to KOWEPO’s new project plans, KOWEPO expects the capital expenditure to increase. Thus, KOWEPO plans to finance the necessary capital through the global capital markets. As our CAPEX will decrease from 2015 to 2017, we expect our financial profile to improve going forward. KOWEPO believes that the company can increase its market share through active investment in equipment and facilities and reduce the portion of high-cost facilities improving its financial results for next five year. ___________________________ Source: Company data as of March 2017 9

Asset Comprehensive Insurance 10/31/2019 4:32 AM Insurance Coverage Operation Overview KOWEPO is fully insured on its facilities under operation and shipment/transportation of fuels and raw materials in the event of any unexpected accident and subsequent losses Asset Comprehensive Insurance Details Insurance Type Insurer Insured Period 2016.11.01 ~ 2017.10.31 Insured Amount KRW17,597 bn Insured Target Generation Facilities Insurance on Cargo Details Insurance Type Fuel and Equipment Facilities Comprehensive Insurance on Cargo Insurer Insured Period 2017.03.01 ~ 2018.02.28 Insured Amount KRW1,369 bn Insured Target Fuel and Equipments This shows our insurance coverage. KOWEPO is fully insured on its facilities under operation or construction and shipment and transportation of fuels and raw materials in the event of any unexpected accident and subsequent losses. ___________________________ Source: Company data as of March 2017 Note: KOWEPO did not insure against Erection All Risks (EAR) Insurance as the Company launched its commercial operation of IGCC #9 and #10 10

10/31/2019 4:32 AM Financial Management Now, let me lead your through our financial status under our prudent financial policy.

Capital Structure Overview – 1Q 2017 Capital Structure Assets 10/31/2019 4:32 AM Capital Structure Financial Management Overview – 1Q 2017 Capital Structure Assets KRW9,697 bn Non-Current Assets / Total Assets Ratio : 87.8% Liability KRW5,672 bn Total Debt: KRW4,787 bn Total Liabilities / Total Equity: 140.9% Shareholders Equity KRW4,019 bn Wholly owned by KEPCO Revenue Revenue: KRW1,240 bn Net Income: KRW180 bn Net Income / Revenue: 14.5% EBITDA KRW412 bn EBITDA / Revenue: 33.2% This slide highlights our capital structure. As of 1H of 2015, we had 8.7 trillion won in assets, 5.5 trillion won in liabilities, and 3.2 trillion won in shareholder’s equity. As for the performance, we witnessed solid result with revenue of 2.2 trillion won and EBITDA of 424 billion won. As you can see from the chart on the right side, we have been maintaining a sound capital structure as well. ___________________________ Source: Company data as of 1Q 2017 Note: K-IFRS accounting standards 11

Financial Profitability 10/31/2019 4:32 AM Financial Profitability Financial Management Operating Income Profit for the Period EBITDA EBITDA Margin (KRW bn) (%) For the following two slides, I will touch upon our financial performance. Despite the global economic downturn, our revenue maintained at a stable level and EBITDA remained at an elevated level compared to the last year. As you can see from the graph at the left bottom, the level of interest coverage is remained at a stable level. This also applies to our leverage ratio which has shown stability over the past two years. ___________________________ Source: Financial Supervisory Service (as of 2015-2017 financials based on K-IFRS) Note: EBITDA is defined as earnings before interest expense, income taxes and depreciation and amortization 12

EBITDA to Interest Expense(1) Debt to Capitalization(3) 10/31/2019 4:32 AM Financial Stability Financial Management EBITDA to Interest Expense(1) Debt(2) to EBITDA Debt to Capitalization(3) FFO(4) to Debt (%) (%) For the following two slides, I will touch upon our financial performance. Despite the global economic downturn, our revenue maintained at a stable level and EBITDA remained at an elevated level compared to the last year. As you can see from the graph at the left bottom, the level of interest coverage is remained at a stable level. This also applies to our leverage ratio which has shown stability over the past two years. ___________________________ Source: Financial Supervisory Service (as of 2015-2017 financials, based on K-IFRS) 1. Interest Expense includes capitalized interest expense Debt = Borrowings + Debentures (Short Term & Long Term) Capitalization = Debt + Total Equity FFO = Funds From Operations 13

Financial Management Policy 10/31/2019 4:32 AM Financial Management Policy Financial Management Overview of KOWEPO’s Financial Management Policy Risk Management To manage interest rate risks, KOWEPO borrows most of its debt under fixed rate As of 1Q 2017, 99.9% of KOWEPO’s debt was fixed rate Company holds quarterly committee meetings to manage its FX risk strategies Basic strategy to hedge long-term risks through currency swap and limit short-term risk to below 50% Dividend Policy KOWEPO’s basic stance on dividend payout is to achieve a balance between meeting the shareholder’s expectations and maximizing corporate value While the Company strives to provide stable dividends at a reasonable level, KOWEPO also considers the sustainability of financial soundness and liquidity, as well as retaining sufficient financial resources for continued investments of its facilities In FY2016, KOWEPO’s payout ratio was 16.7% Dividend Policy (KRW bn) 2013 2014 2015 2016 Net income 106.8 151.7 294.6 401.9 Dividend 32.0 22.7 36.2 67.0 Total equity 158.9 166.6 Dividend yield 20.1% 14.3% 22.8% 40.2% Payout ratio 30.0% 15.0% 12.3% 16.7% To manage interest rate risks, KOWEPO borrows most of its debt under fixed rate and 99.9% of KOWEPO’s debt was fixed rate as of 3Q 2015. Company holds quarterly committee meetings discuss and establish FX risk management strategies. In FY2014, KOWEPO’s payout ratio was 15% and KOWEPO’s basic stance on dividend payout is to achieve a balance between meeting the shareholder’s expectations and maximizing corporate value. While the Company strives to provide stable dividends at a reasonable level, KOWEPO also considers the sustainability of financial soundness and liquidity, as well as retaining sufficient financial resources for continued investments of its facilities. ___________________________ Source: Company data 14

Details on Credit Line Facilities – 1Q 2017 10/31/2019 4:32 AM Details on Credit Line Facilities – 1Q 2017 Financial Management Bank Overdraft Facilities Bank Amount Remarks Nonghyup Bank KRW200 bn Committed Line Short-term KRW/FCY Credit Facilities Bank Amount Remarks Nongyhup Bank KRW 10 bn Kukmin Bank KRW 30 bn Shinhan Bank Woori Bank IBK KRW 5 bn BNP Paribas USD 40 mn Societe Generale USD 50 mn Standard Chartered Bank HSBC DBS Bank USD 100 mn Credit Agricole Mizuho Corporate Bank Deutsche Bank AG USD 30 mn Bank of Communications Committed Line Bank of Nova Scotia USD 20 mn KDB USD 80 mn Total KRW KRW 85 bn Total USD USD 600 mn As of 1H 2015, KOWEPO’s total overdraft facilities and short-term foreign credit facilities are 300 billion won and 948 million dollars, respectively. KOWEPO has utilized 21 million dollars from its credit facilities and they are to be redeemed before the year end. ___________________________ Source: Company data as of 1Q 2017 15

Debt Profile Debt Maturity Profile(1) Local vs. Foreign Currency(1)(2) 10/31/2019 4:32 AM Debt Profile Financial Management Debt Maturity Profile(1) Local vs. Foreign Currency(1)(2) (KRW billions) Fixed vs. Floating Rate Debt(1)(2) This is our debt profile. As you can see from the left chart, although the amount of debt maturing from 2017 to 2019 is quite high, we are expected to complete most of our capital expenditures in construction by 2015. Therefore we expect to regain good casfhlow for debt repayment in 2016. Our debt matrix by current shows that 58.9% are in local currency while the remaining 41.1% are in foreign currency. To avoid the interest rate risk, we strategically maintain fixed rate funding. Currently 99.9% of our debt are in fixed rate, but we can be flexible depending on the market conditions.. ___________________________ Source: Company data, as of 1Q 2017 Note: Debt consists of the sum of debentures (excluding amortization of discount) and long-term borrowings (including current position) Foreign currency debt portion is based on the net amount swapped into KRW 16

Financial Statements – Income Statement 10/31/2019 4:32 AM Financial Statements – Income Statement Financial Management Income Statement (Unit : KRW bn) 2014 2015 2016 1Q2016 1Q2017 Sales 4,844 4,224 4,180 1,250 1,240 Cost of Sales 4,558 3,653 3,487 870 943 Gross Profit 286 571 693 380 297 SG&A 77 82 104 22 25 Operating Profit 209 489 589 357 273 Other Operating Income 3.5 3.7 4 1 Other Operating Expense 0.4 0.6 0.05 0.1 Other Income 1.5 4.8 3 5 Financial Income 89 125 62 30 136 Financial Expense 151 193 135 47 175 Share in Loss of Joint Ventures and Associates 8.9 (13.2) (4) Income From Continuing Operations Before Income Tax 163 412 511 346 235 Income Tax Expense From Continuing Operations 112 118 79 55 Net Income From Continuing Operations 133 300 393 267 180 Net Income From Discontinued Operations - Net Income (Loss) The following three slides are financial statement for the past four years and 1H 2015. If you don’t have any specific question on these, I would like to move onto the next section. ___________________________ Source: Company Financial Report as of 1Q 2017 Note: Consolidated K-IFRS accounting standard 17

Financial Statements – Balance Sheet 10/31/2019 4:32 AM Financial Statements – Balance Sheet Financial Management Balance Sheet (Unit : KRW bn) 2014 2015 2016 1Q2016 1Q2017 Assets Current Assets 994 985 1,175 1,032 1,180 Non-Current Assets 7,226 8,223 8,618 8,217 8,517 Total Assets 8,220 9,208 9,793 9,249 9,697 Liabilities Current Liabilities 924 1,370 1,651 1,009 1,159 Non-Current Liabilities 4,088 4,352 4,219 4,535 4,513 Total Liabilities 5,012 5,722 5,870 5,544 5,672 Stockholder’s Equity Capital Stock 1,192 1,273 Capital Surplus 42 49 57 40 46 Retained Earning 1,974 2,245 2,593 2,473 2,706 Total Stockholders’ Equity 3,208 3,486 3,923 3,705 4,025 Total Liabilities and Stockholders’ Equity ___________________________ Source: Company Financial Report as of 1Q 2017 Note: Consolidated K-IFRS accounting standard 18

Financial Statements – Cash Flow Statement 10/31/2019 4:32 AM Financial Statements – Cash Flow Statement Financial Management Cash Flow Statement (Unit : KRW bn) 2014 2015 2016 1Q2016 1Q2017 Cash Flows From Operating Activities Net Income 133 300 393 267 180 Non-cash Income & Expenses 569 690 765 234 257 Changes in Assets and Liabilities (43) (220) (125) 35 (28) Other (53) (99) (166) (50) Net Cash Provided by Operating Activities 606 671 867 493 359 Cash Flows from Investing Activities Purchase of Fixed Assets (1,788) (1,582) (656) (132) (169) Others, Net 91 25 (55) (2) 14 Net Cash Provided by Investing Activities (1,697) (1,557) (711) (134) (155) Cash Flows from Financing Activities Cash Inflows 1,991 2,983 1,884 496 697 Cash Outflows (1,336) (2,066) (1,899) (753) (795) Net Cash Provided by Financing Activities 655 917 (15) (257) (98) Cash and Cash Equivalent at End of Period 75 106 247 208 352 ___________________________ Source: Company Financial Report as of 1Q 2017 Note: Consolidated K-IFRS accounting standard 19

10/31/2019 4:32 AM Financial Forecast The last section will be our forecast on financial ratios and financial statements.

Financial Statements Forecast Financial Forecast Balance Sheet (Unit : KRW bn) 2017 2018 2019 2020 Assets 10,059 10,373 11,242 12,395 Liabilities 5,986 5,866 6,408 7,138 Equity 4,073 4,507 4,834 5,257 Income Statement (Unit : KRW bn) 2017 2018 2019 2020 Revenue 4,547 4,790 5,059 5,251 Operating Expense 4,070 4,294 4,412 4,437 - Depreciation & Amortization 573 620 644 665 Operating Income 477 496 647 814 Net Income 220 239 378 507 Here is our forecast on financial statements from 2015 to 2017. This concludes our presentation today. Again, thank you very much for your time. ___________________________ Source: Company’s mid and long term financial management plan (2017-2020), as of June 2017 20

Key Financial Indicator Forecast Financial Forecast Key Financial Indicator Outlook (Unit : KRW bn) 2017 2018 2019 2020 Revenue 4,547 4,790 5,059 5,251 EBIT 455 474 686 894 Depreciation & Amortization 573 620 644 665 EBITDA 1,028 1,094 1,330 1,560 (Unit : %) ROE 5.4% 5.3% 7.8% 9.7% Return on Sales 4.8% 5.0% 7.5% Debt / Equity 146.9% 130.2% 132.6% 135.8% EBITDA Margin Ratio 22.6% 22.8% 26.3% 29.7% Here are our outlook on key financial ratios from 2015 to 2017. ___________________________ Source: Company’s mid and long term financial management plan (2017-2020), as of June 2017 Note: EBIT = Net Profit + Interest Expense + Corporate Tax EBITDA = EBIT + Depreciation + Amortization Debt = Financial liabilities EBITDA Margin Ratio = EBITDA / Revenue 21

10/31/2019 4:32 AM Disclaimer This presentation material is prepared by Korea Western Power (the “Company”) solely for your information only. All or any part of this presentation material may not be taken away, reproduced, redistributed, or retransmitted in any manner. You agree to be bound by the above condition by participating into this presentation. Any non- compliance may be against the related laws and requirements. This presentation material does not constitute an offer to purchase or sell the related securities or forms the basis of, or be relied upon in connection with any contract, commitment or investment decision whatsoever. This presentation material may contain forward-looking statements. These forward-looking statements are based on a number of assumptions about the future, some of which are beyond the Company’s control. The Company does not undertake any obligation to update any forward-looking statements to reflect events that occur or circumstances that arises after the date of this presentation. Potential investors should bear in mind that actual financial results may differ materially from the following forward-looking statements. The information contained in this presentation material is not verified by any independent third party. No warranty is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information contained herein. The information contained in this presentation material should be interpreted under the prevailing circumstances. There is no update and nothing to be updated upon the presentation to reflect any significant change in the development. At no time does the Company or the related directors, management, employees, agents or advisers accept any liability for the information contained in this presentation material and accordingly accept any liability whatsoever for any loss howsoever arising from any use of this presentation material. 22