1. 2015 Ratings Review Presentation
6/6/2018 3:20 AM CS
2015 Ratings Review Presentation
October 2015

2. Industry and Regulatory Environment KOSEP’s Recent Developments
6/6/2018 3:20 AM
Table of Contents
Company Overview
Industry and Regulatory Environment
KOSEP’s Recent Developments
Business & Operations
Financial Overview
Financial Forecast

3. 6/6/2018 3:20 AM
1. Company Overview

4. Transmission & Distribution
6/6/2018 3:20 AM
Company Snapshot
KOSEP, a core subsidiary of KEPCO, specializes in thermal power generation. As one of the key suppliers of the nation’s electricity, it owns 5 power plants with current total capacity of 9,979MW
Major Business Area
Transmission & Distribution
Generation
KOSEP Introduction
Key Stats
Company Name
Korea South East Power Co.
Business Type
Power generation and etc.
Main Production Items
Electric power, heat
Establishment Date
April 2, 2001
Number of Employees
2,146
Assets
W8,854 billion
Liabilities
W4,751 billion
Sales
W2,407 billion (1H 2015)
W4,481 billion (FY2014)
Installed Capacity
9,979MW (1H 2015)
9,979MW (FY2014)
Power Generation Quantity
36,462GWh (1H 2015)
67,577GWh (FY2014)
Credit Rating
Aa3 (Moody’s) / A+ (S&P) / AA- (Fitch)
Thermal
(100%)
KOSEP
Republic of Korea
(Aa3/AA-/AA-)
(51%)
(Aa3/A+/AA-)
KOMIPO
(100%)
(100%) WP
Market Share (1)
(100%)
EWP
(100%)
KOSPO
Hydro & Nuclear
(100%)
KHNP
Note: As of June 30, 2015
(1) Figures based on sales of electricity

5. A Proven Leader of Korean GENCOs
6/6/2018 3:20 AM
A Proven Leader of Korean GENCOs
KOSEP has competitive advantages compared to other thermal GENCOs in multiple aspects including sales and production capability
Net Income(1)
Operating Margin(1)
Electricity Purchase Cost(2)
(KRWbn)
(Unit: %)
(Unit: KRW/kWh) #1 #1 #1
Capacity Factor(2)
Generation Capacity(1)
Power Sales Volume(1)
(Unit: %)
(Unit: MW)
(Unit: GWh) #1 #1 #1
Note: (1) Figures based on a period from Jan 1, 2015 to June 30, 2015
(2) Figures as of Dec 31, 2014

6. Historical Milestones
6/6/2018 3:20 AM
Historical Milestones
KOSEP was spun off from KEPCO as a part of the government’s reorganization plan.
KOSEP was spun off from KEPCO as a part of the government’s reorganization plan.
2001
Established in April
Declared corporate vision and ethical guidelines
2003
Stopped the attempt to sell its controlling stake, and instead made a decision to pursue an initial public offering
Received A3 from Moody’s
Issued $150 million Euro bond
2007
Completed 250kW Bundang Hydrogen-fuel cell power generation system
First ignition of Yonghung Thermal Power Plant #3
2010
The government declared a new plan to restructure the electricity industry
Moody’s upgraded its rating to A1
2013
Issued $300 million Kangaroo bond
Fitch upgraded its rating to AA-
Heo Yup appointed as President
2015
Moody’s upgraded its ratings outlook to positive
S&P upgraded Korea sovereign rating to AA-
2001
2002
2003
2004~2005
2006
2007
2008~2009
2010
2011~2012
2013
2014~2015
2002
Selected as the first GENCO to be privatized
Obtained the highest domestic credit ratings of AAA
2004
Postponed IPO
Completed Yonghung Plant #1, 2
2005
Moody’s upgraded its ratings to A2
2006
Moody’s upgraded its ratings to A1
Issued $300 million Global bond
2008
Completed Yonghung Plant #3, 4
Officially ceased the IPO plan
S&P upgraded its rating to A
2009
Moody’s downgraded its rating to A2
Acquired 0.3% of PT Adaro Indonesia
2011
Issued $300 million Euro bond
2012
Issued $300 million Syndicated Loan
Officially gained Fitch’s rating
2014
Moody’s upgraded its rating to Aa3
Completed Yonghung Plant #5,6
Source: Company data.

7. 2. Industry and Regulatory Environment
6/6/2018 3:20 AM
2. Industry and Regulatory Environment

8. Committed and Continued Government Support
6/6/2018 3:20 AM
Committed and Continued Government Support
KOSEP plays a key role in national electricity supply as one of the key power generators in Korea
Strong Government Support
Public Corporation Act
Electricity Business Law
Legal Framework for KOSEP
Basic Plan for Energy Development
Environmental Policy Law
Public corporation governed by the Public Corporation Act
Continued government support pursuant to legal framework
Oversight of the Ministry of Trade, Industry & Energy
Solid Credit Profile
International Credit Rating
Local Credit Rating
Aa3
Aa3
AA- A+
AA-
AA-
AAA
AAA
AAA
Stable
Stable
Stable
ROK
KOSEP

9. The 7th Basic Energy Plan for Long Term Power Supply
6/6/2018 3:20 AM
The 7th Basic Energy Plan for Long Term Power Supply
In July 2015, the government newly published the 7th Basic Plan for Long Term Power Supply, which covers the period between 2015 and 2029
Basic Direction of the Plan
Secure stable supply of electricity
Reassess the validity of electricity demand projections
Utilize new energy business to control and manage electricity demand
Promote low carbon energy mix to reduce greenhouse gas emission
Diversify energy source, including renewable energy
Target Projections
2015
2029
Electricity Demand
489,595 GWh
656,883 GWh
Maximum Electricity Supply
82,478 MW
111,929 MW
Generation Capacity
92,438 MW
136,097 MW
Proportion of New Renewable Energy Business
4.5%
11.7%
Key Changes from the 6th Basic Plan
Supply-side Outlook: During the 6th Basic Plan, the projected growth rates of electricity consumption in ’13 and ’14 were 2.9% and 3.4%, respectively. However, due to increase in electricity cost, changes in weather conditions and slowdown in overall economy, the actual rates were 1.8% and 0.6%
Capacity Installation Plans: The expansion plans to increase installed capacity discussed during the 6th Basic Plan were postponed due to environmental regulation and absence of power cables – YongHung #7,8 and Dongbu Hasla #1,2
Carbon Emission Issue: Capacity installation plans were mainly LNG and coal-focused constructions that have shorter construction period but also negative effects in reducing carbon emissions; To meet the ‘Post-2020 Goal’ of reducing amount of greenhouse gases, the focus should be on low- carbon growth
Source: The Seventh Basic Plan of Long Term Electricity Supply and Demand, July 2015 by Ministry of Trade, Industry, Energy

10. Korea Electricity Market Trends
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Korea Electricity Market Trends
Although electricity demand growth has slowed down since 2011, strong efforts have been continued to be made in overseeing demand control and pricing optimization
Electricity Consumption & GDP Growth(1)
Key Trends
Total domestic utility capacity recorded 93,216MW in 2014, 8.3% (7,133MW) increase compared to 2013 figure
Domestic total power generation quantity recorded 517,771GWh, 0.5% (2,562GWh) increase compared to 2013 figure
Electricity demand recorded y-o-y growth rate of 1.7% in according to Korea Electric Power Corporation
December recorded the highest amount of average bidding quantity of ~75MkW while April recorded the lowest, with quantity of ~60MkW, mainly dependent on temperature change
Electricity Market Projections(2)
(Unit: Thousand MW)
2.1% annual growth in electricity demand from 2015 to 2029
2.2% annual growth in maximum supply from 2015 to 2029
(Unit: Thousand GWh)
Source:
(1) KEPCO
(2) The Seventh Basic Plan of Long Term Electricity Supply and Demand, July 2015 by Ministry of Trade, Industry, Energy

11. Overview of Electricity Pricing Mechanism
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Overview of Electricity Pricing Mechanism
Introduction of “The Adjusted Coefficient of SMP” motivates GENCOs to construct base load power plants and led to fair competition among GENCOs. New pricing system has helped KOSEP, with the highest base load proportion, to be more profitable and competitive.
Regulatory Change in Electricity Pricing Mechanism (May 2008 ~ Present)
Regulated Market Price (RMP) System
New Power Pool Market System
Existing regulated market prices acted effectively as price caps on coal-fueled and nuclear power sold to KEPCO, deteriorating the profitability of the GENCOs that primarily rely on coal sources for electricity generation
Through the new power pool market system, KOSEP can pass through its fuel cost through the energy price
Concept of Electricity Pricing Mechanism
Price of Electricity
Energy Payment (Variable Cost)
Capacity Payment (Fixed Cost)
Price of Electricity that GENCOs sell to KEPCO
Provide adaptable price caps under the concepts of a “System Marginal Price (SMP)” and an “adjusted coefficient” of the SMP
To compensate for the costs of constructing power generation facilities and to provide incentives for new construction
Price Type
Price
Remarks
Energy Payment (EP)
Base Load
Fuel Cost + [Max {(SMP-Fuel Cost), 0} x
The Adjusted Coefficient]
The Adjusted Coefficient (July ~ )
Nuclear: (←0.4377)
Coal: (← )
Anthracite: (← )
Others/General: (← )_(Jan.2015~)
Non Base Load
Capacity Payment (CP)
KRW 7.46/kWh
KRW 7.46/kWh as a base price, CP is differentiated by regions, by seasons and by hours

12. Overview of Vesting Contract (“VC”)
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Overview of Vesting Contract (“VC”)
Overview
Market Impact
(KRW/kWh)
Financial Markets
Strike Price
Market Price (SMP)
Current Market
Market after VC A
Spot Market
Spot Market
Signing VC B B
(Hours)
Genco 1
Genco 2
Genco 3
Genco 1
KEPCO
KEPCO
Case A: GENCOs pays difference (A) to distribution companies
Case B: Distribution companies pay difference (B) to GENCOs
Market Price
Market Price
Market Price
Market Price
KPX
Genco 2
KPX
Concept
A contractual obligation between GENCOs and distribution companies to produce a specified quantity of electricity at a specified price per government’s regulation
Risk Hedging Contract
Buy Electricity
Sell Electricity
Genco 3
Buy Electricity
Sell Electricity
Purpose
To hedge financial risk amongst parties and stabilize electricity supply through stabilizing SMP as part of the advancement process in the electricity market
Adjusted Market Price
Differences between market price and strike price
Pricing Mechanism 1 2 3
Strike Price
Strike Volume
Fuel Cost
Adjusted Actual Amount   1
Strike Price 2
Fuel Cost
Investments + Maintenance Cost + Corporate tax
Fuel cost calculation options:
Application of average cost of power suppliers; or
Application of foreign index; or
Application of current methodology

13. 3. KOSEP’s Recent Developments
6/6/2018 3:20 AM
3. KOSEP’s Recent Developments

14. Notable Achievements & Successes
6/6/2018 3:20 AM
Notable Achievements & Successes
During 2014, KOSEP recorded net income at its historical highs while also achieving low L/E ratio through a proactive liabilities reduction efforts
Highest Net Income Since Establishment
Intensive Efforts to Reduce Liabilities
Net Income Performance
Liabilities to Equity Ratio Performance
(Unit: KRWbn)
(Unit: %)
Target for 2014: 129%(1)
Target for 2014: KRW300bn(1)
Contributing Factors
Breakdown of Liability Reduction Efforts in 2014
Yonghung #5, #6 units in Yonghung completed earlier than expected
Days saved by early completion: 20 days (#5) / 57 days (#6)
Increase in capacity: +1,740 MW vs. 2013
Increase in generation amount: +236 GWh vs. 2013
Increase in power sales: +4,300 GWh vs. 2013
Resulting increase in operating income: + KRW 155bn vs. 2013
Lower fuel cost due to decrease in commodity prices contributed to net income as well
(KRWbn)
Planned FY2014
Actual FY2014
Achievement (%)
Portfolio Adjustment
315.6
392.5
124%
Asset Monetization
70.8
100%
Cost Reduction
46.9
82.0
175%
Expand Income
9.1
9.7
107%
Total Debt Reduction
442.4
555.0
125%
Source:
(1) Target figures under financial management plan

15. KOSEP’s Updated Financial Management Strategy
6/6/2018 3:20 AM
KOSEP’s Updated Financial Management Strategy
KOSEP lowered the target liabilities-to-equity ratio to 107% by 2019 through portfolio adjustment, asset divestment, and management optimization efforts
Key Target Leverage Ratios
FY2015
FY2019
(%)
(x)
Forecast
Liability-to- Equity Ratio
120%
107%
Interest Coverage Ratio
5.4x
4.4x
Maintaining a 5-year average of 3%
in reducing the amount of liabilities
Liability Level
2015 – 2019 Capital Raising / Cost Saving Plan
Plan
Total Amount by 2019
Key Highlights
Portfolio
Adjustment
KRW 1,171bn
Cost savings in construction business (KRW 369bn)
Adjustment and prioritization of existing projects (KRW 15bn)
Withdrawal/downsizing from new domestic and overseas projects (KRW 787bn) 1
Asset Divestment
KRW 118bn
Asset monetization through stake sale of assets
Divestment of various assets 2
Management Optimization
KRW 220bn
Cost savings: operates under reduced budget, exceeding government guidance
Business expansion: finds and secures new business in niche market 3
Total: KRW 1,509bn

16. 6/6/2018 3:20 AM
3. Business & Operations

17. Power Generation Portfolio
6/6/2018 3:20 AM
Power Generation Portfolio
KOSEP has the largest base load capacity and competitive site locations near high-electricity-consuming areas among the thermal GENCOs
Location of Power Plants
Generation Portfolio as of 2015
“Operation Units”
“Fuel Type”
Capacity (MW)
Samchonpo
6 (#1~6)
Bituminous
3,240
Yonghung
5,080
Bundang
10 (#1~2)
LNG
922
Yeosu
1 (#2)
329
Yongdong
2 (#1~2)
Anthracite
325
Renewables 83
Subtotal 25
9,979
(in construction)
350
Total 26
10,329
BUNDANG
YONGDONG
YONGHUNG
Power Generation by Plant in 1H 2015
SAMCHONPO
(In GWh)
YEOSU
Metropolitan Area
Major Industrial/Chemical Complex
Source: Company Data, Company filings

18. Renewable and New Business
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Renewable and New Business
Renewable Energy Business
Required Renewable Supply % under Renewable Portfolio Standard
Current Operations and Future Plans
Capacity (MW)
KOSEP
SPC
Total
In commercial operations
83.30
7.97
91.27
In construction
3.00
96.00
99.00
In development
10.00
223.59
233.59
96.3
327.56
423.86
Goal: Changing 14.9% of total amount of electric power to New & Renewable energy until 2024
Breakdown of Plants in commercial operations
Type
Photo Voltaic
Small Hydro
Fuel Cell
Wind
Capacity
12.7MW
18.6MW
6.0MW
46.0MW
New Business
Domestic
Overseas
Type
Projects
Capacity
Period
Steam Sales
Hyundai Energy
48.4MW
’13.01~
Combined Cycle Power
S-Power (Ansan)
834.3MW
’14.12~
Coal Power
Gosung Green Power
2,080MW
‘21.04~
Gangneng Eco Power
’20.06~
Lightweight Aggregate Sales
Yonghung
200,000m/yr
’13.9~
Type
Projects
Capacity
Period
Coal Development
Moolraben (Australia)
0.625 mn tons/yr
’08.02~
Adaro (Indonesia)
3 mn tons/yr
’09.07~
Power Generation
Photo Voltaic (Bulgaria) - ASM
20.14MW
’11.12~
Photo Voltaic (Bulgaria) - RES
21.48MW
’12.03~
Novus Wind (U.S) - #1
80MW
’12.09~
Novus Wind (U.S) - #2
40MW
’12.12~
Domestic: YonghungESS (’15) / ShinhanBigeum Wind (’15)
Domestic: GS PyeongTaek Complex (‘17~)
Overseas: Nepal Hydro (’~19) / Pakistan Hydro (’~19)
Future Plans
2015
2016
2017
2018
2019
Note: As of June 2015

19. Operations Highlights
6/6/2018 3:20 AM
Operations Highlights
Our efforts to effectively utilize the company’s resources along with ongoing stability of the electricity market in Korea provide a competitive advantage to KOSEP
Generation Capacity
Power Generation
Power Sales
(In MW)
(In GWh)
(In GWh)
Generation Capacity as % of Market(1)
Power Generation as % of Market(1)
Sales Amount as % of Market(1)
(In %)
Source: Company data.
Note: (1) Data as of June 30, 2015

20. Operational Efficiency
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Operational Efficiency
KOSEP has been recognized for its exceptional operational efficiency among GENCOs especially through steady improvement in capacity factor and unplanned outage rate
Efficient Operations
Capacity Factor
Capacity factor has been very stable due to KOSEP’s efforts to procure fuel at the lowest price and operate its facilities more efficiently, and KOSEP has maintained its top rank among GENCOs for 6 consecutive years
Unplanned outage rate has also decreased for 6 consecutive years
More and larger capacity facilities with less operating manpower makes KOSEP one of the highest productive companies
(Unit: %)
Unplanned Outage Rate
Productivity (Revenue per Head)
(Unit: %)
(Unit: Million Won/person)
Note: Company data.
Note: Company data.

21. Efficient Cost Management Fuel Purchasing Cost Trend by Product
6/6/2018 3:20 AM
Cost Efficiency
Constant efforts to maintain low fuel cost has helped KOSEP to achieve low production cost and higher margins at the same time
Efficient Cost Management
Fuel Cost Composition
KOSEP has extensive and deep knowledge in procuring fuels Fuel cost has remained the lowest among thermal GENCOs
KOSEP has performed significant roles in integrated coal purchasing among Korean GENCOs.
Production cost has also reached its lowest, and has kept its #1 position among thermal GENCOs for the last 14 years
Note: For the year ended Jun. 30, 2015
Fuel Purchasing Cost Trend by Product
Production Cost
(Unit: KRW/kWh)
Fuel Type
1H2015
1H2014
Change
Bituminous Coal (KRW/ton)
87,985
84,346
4.3%￪
Anthracite (KRW/ton)
117,933
103,866
13.5%￪
Oil (KRW/liter)
671
931
28.0%
LNG (KRW/ton)
890,081
1,095,880
18.8%
Note: Company data.
Note: Company data.

22. 6/6/2018 3:20 AM
4. Financial Overview

23. Financial Profitability
6/6/2018 3:20 AM
Financial Profitability
Revenue
Operating Profit
(Unit: KRW in billions)
(Unit: KRW in billions)
Operating Profit Margin
Net Profit Margin
(Unit: %)
(Unit: %)
Note: (1) 2010~2013 data are based on K-IFRS accounting standard (consolidated basis).

24. EBIDTA / Interest Expense Net Debt / Capitalization
6/6/2018 3:20 AM
Financial Stability
EBIDTA / Interest Expense
Net Debt / EBITDA
(Unit: multiple)
(Unit: multiple)
Note: EBITDA = Operating Income + Depreciation + Amortization
Note: Net Debt = Short-term financial Debt + Long-term financial Debt – Cash & Cash Eqv.
EBITDA = Annualized EBITDA for 1H2014, 1H2015
Net Debt / Capitalization
CFO / Total Debt
(Unit: %)
(Unit: %)
Note: Capitalization = Net Debt + Total Shareholder’s Equity.
Note: (1) 2010~2012 data are based on K-IFRS accounting standard (consolidated basis) while 2009 data is based on K-GAAP accounting standard (unconsolidated basis).
Note: CFO =Cash flow from operating activities; Annualized CFO for 1H2014,1H2015

25. Short-term vs. Long-term Local vs. Foreign Currency
6/6/2018 3:20 AM
Debt Profile
KOSEP continues to maintain a balanced debt profile
Debt Maturity Profile
Short-term vs. Long-term
Local vs. Foreign Currency
(KRW in Billions)
Type of Borrowing
Type of Interest
Note: (1) As of Jun 30, 2015
(2) Total financial debt as of Jun 30, 2015, is KRW 3,720 billion

26. Back-up Liquidity Bank Overdraft Facilities (in Millions)
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Back-up Liquidity
Bank Overdraft Facilities (in Millions)
Bank
Committed Amount
Yield
NongHyup Bank
KRW
100,000
3M CD + Spread
Trade Financing Facilities (in Millions)
Type
Bank
Committed Amount
Yield
Letter of Credit
Citi Bank
USD
150
3M Libor + Spread
Woori Bank 20
NongHyup Bank
Kookmin Bank 60
Credit Line Limit
Korea Exchange Bank
KRW
88,500
ANZ
200
Loan Commitment Limit
14,697 -
RBS
100
DBS
KORES
5,585
SMBC 50
Mizuho Bank
Other Credit Guarantee
HSBC 40
Total Short-term Borrowings (CP) Facilities (in Millions)
Bank
Committed Amount
Yield
Shinhan Bank
KRW
100,000
3M CD + Spread
Note: All data was made as of Jun 30, 2015

27. 6/6/2018 3:20 AM
5. Financial Forecasts

28. FY2015 – FY2019 Financial Forecasts
6/6/2018 3:20 AM
Financial Forecasts
FY2015 – FY2019 Financial Forecasts
2015F
2016F
2017F
2018F
2019F
Assets (KRW billions)
94,946
96,632
97,871
100,740
104,668
Liabilities (KRW billions)
51,719
51,977
50,753
53,668
54,090
Financial Liabilities / Borrowings
40,138
39,192
37,714
37,340
37,122
- Borrowings (Bonds) (1)
39,531
33,823
32,547
32,224
32,036
Non-financial Liabilities
11,581
12,785
13,039
16,328
16,968
Liability-to-Equity Ratio (%)
120
116
108
114
107
Operating Income (KRW billions)
6,713
4,292
5,250
3,746
5,816
Interest Expense (KRW billions)
1,254
1,174
1,265
1,352
1,308
Net Income (KRW billions)
4,258
2,310
2,991
665
3,779
Interest Coverage Ratio (x)
5.4
3.7
4.1
2.8
4.4
Source: KOSEP’s Financial Management Plan
(1) Borrowings include Commercial Papers and Asset Backed Short-term Bond

29. Assumption for Forecasts
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Assumption for Forecasts
Macroeconomic Assumptions for FY2015 – FY2019 Financial Forecast
Macro Factors
2015F
2016F
2017F
2018F
2019F
Inflation (%)
0.7
1.3
2.0
2.2
Oil Price ($/Barrel) 60 63 71 74
Currency (Won/$)
1,100
1,140
New Loan Borrowing Rate (%)
3.0
Interest Rate Change (%)
Dividend Pay-out Ratio (%) 20
Expected Sales Amount (Gwh)
70,258
69,580
69,748
68,173
68,130
Source: KOSEP’s Financial Management Plan

30. Changes from Previous Financial Management Strategy
6/6/2018 3:20 AM
Changes from Previous Financial Management Strategy
Key Differences
2014
2015
2016
2017
2018
2019
Debt Ratio (%)
Plan (A)
129 (Estimate)
133
132
130
Plan (B)
128 (Actual)
120
116
108
114
107
Disparity (B-A) +1
+13
+16
+22
Net Income (KRW bn)
298.4 (Estimate)
301.5
322.1
362.6
440.8
418.1 (Actual)
425.8
231.0
299.1
66.5
377.9
+119.7
+124.3
-91.1
-63.5
-374.3
Major Considerations for Change
Recent announcement in 7th Electrical Power Supply And Demand Basic Plan to withdraw the initial expansion plan of constructing 2 more operation(Yonghung #7,#8) units in Yonghung
Comprehensive efforts to self-achieve liabilities reduction goal
Achieved liabilities reduction of KRW550bn in FY2014 and expected reduction of KRW1,168bn throughout FY
Applied increase in CER(Certified Emission Reduction) cost based on the Emission Trading Scheme
Unexpected changes in macroeconomic conditions such as exchange rate, inflation rate, oil price and etc

31. Investment / Funding Plan
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Investment / Funding Plan
2015
2016
2017
2018
2019
Total
Investment Plan (KRWbn)
New Construction
319 87 1 57
463
Maintenance
367
407
405
399
336
1,914
Renewable Energy 93 46 43 28
115
324
New Business (Domestic + Foreign) 98
106 84 81
207
576
Others 39 26 24 22 23
134
Total Investment
915
672
556
531
738
3,412
Funding Plan (KRWbn)
Operating Cash Flow (after tax)
934
851
749
625
770
3,929
Finance cost
Loan Repayment
-351
-501
-467
-552
-332
-2,203
Payment of dividends
-57
-84
-45
-10
-253
Borrowing
389
406
515
310
1,939
Total Funding
5-Year Investment Plan
(KRWbn)

32. 6/6/2018 3:20 AM
Thank you