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Fixed Income Investor Presentation Green Debenture LOCAL RATING - - PowerPoint PPT Presentation

Fixed Income Investor Presentation Green Debenture LOCAL RATING AA- July 9, 2020 A+(tha) INTERNATIONAL RATING BBB- Disclaimer This document has been prepared by Global Power Synergy Public Company Limited (GPSC or the Company)


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SLIDE 1

Fixed Income Investor Presentation Green Debenture

July 9, 2020

LOCAL RATING INTERNATIONAL RATING

BBB- A+(tha) AA-

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SLIDE 2

Disclaimer

This document has been prepared by Global Power Synergy Public Company Limited (“GPSC” or the “Company”) solely for use at a fixed income investor presentation for information purposes only. This document contains forward-looking statements based on currently held beliefs, expectation of future events and assumptions of the management of the Company as of the respective dates indicated

  • herein. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, financial condition, performance or achievements of the Company or

industry results to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that the results and events contemplated by the forward-looking statement will in fact occur or that assumptions are correct. Neither the Company nor any third-party has any obligation to update or otherwise announce any revision to forward-looking statements to reflect future events

  • r developments.

This material does not constitute an invitation or solicitation of an offer to subscribe for or purchase any securities and neither this material nor anything contained herein shall form the basis for any contract or commitment whatsoever. This material contains general background information about the Company and its subsidiaries based on information as of the date of this material. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential investors. Any decision to invest in any offer to subscribe for or acquire any securities of the Company must be based wholly on the information contained in the prospectus in respect of the securities issued or to be issued in connection with such offer and not on the contents hereof. This material is being communicated only to persons who have professional experience in matters relating to investments and to persons to whom it may be lawful to communicate it to (all such persons being referred to as relevant persons). This material is only directed at relevant persons and any investment or investment activity to which the material relates is only available to relevant persons or will be engaged in

  • nly with relevant persons. Solicitations resulting from this material will only be responded to if the person concerned is a relevant person. Other persons should not rely or act upon this material or any of its
  • contents. Investors and prospective investors in securities of the Company mentioned herein are required to make their own independent investigation and appraisal of the business and financial condition of

such company and the nature of the securities. This document is strictly confidential and being given solely for your information and may not be shared, copied, reproduced or redistributed to any other person in any manner. In giving this material, neither the Company nor any third-party has any obligation to provide the recipient with access to any additional information or to update this material or any additional information or to correct any inaccuracies in any such information which may become apparent. None of the Company and entities named as joint lead arrangers in this material (each, a "Joint Lead Arranger") warrants the completeness or accuracy of the information contained herein, nor have they independently verified such information, and none of the Company, the Joint Lead Arrangers or their subsidiaries or affiliates, or undertakes to update or revise any information subsequent to the date hereof, whether as a result of new information, future events or otherwise. The Company and the Joint Lead Arrangers shall not have any responsibility or liability whatsoever for any loss howsoever arising from this material or its content or otherwise in connection therewith. Information concerning entities other than the Company and its subsidiaries are based on publicly available information. This material is not for distribution or redistribution in any jurisdiction. In particular, this material may not be taken or transmitted into the United States, Canada or Japan or distributed, directly or indirectly, in the United States, Canada or Japan. By participating in this material or by accepting any copy of the slides presented, you agree to be bound by the foregoing limitations. This material is not a prospectus for the offer for sale of the securities but has been prepared to publicize information regarding the securities prior to the offer for sale in order that prospective investors can have sufficient time to study the information before making any decision to invest. The information appearing in this material is the same as the information appearing in the registration statement and draft prospectus

  • f the securities filed with the Office of the Securities and Exchange Commission of Thailand (the "Office of the SEC"), which has not yet become effective under applicable laws. Therefore, the information

contained in this document is subject to possible further revision. The offer of the securities may only be made when the registration statement and draft prospectus filed with the Office of the SEC have become effective and final prospectuses have been distributed to investors. Investors must study characteristics, conditions of return of the investment and risks relating to the securities before making a decision to invest in the securities. Investors are urged to read the prospectus or factsheet in respect of the securities carefully.

2

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SLIDE 3

Company Overview Financial Highlights Investment Highlights Proposed Offering and Timeline Green Finance Framework

3

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SLIDE 4

GPSC's vision and mission

4

The Global Leading Innovative and Sustainable Power Company

Create long-term shareholders’ value with profitable growth

Deliver reliable energy through operational excellence to customers

Conduct business with social and environmental responsibility

Seek innovation in power and utility efficiency management through energy storage technology

MISSION VISION

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SLIDE 5

GPSC Customers’ Profile in Q1/2020

5

51% 48% 1%

Others EGAT Industrial Users

*Q1/2020 revenue by customers

LONG TERM OFF TAKE CONTRACTS

✓ Guaranteed market and source of revenue ✓ Guarantee a minimum level of profit in regards to their investment ✓ Price adjustment formula, varying with fuel price

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SLIDE 6

GPSC Innovative Power Company at a Glance | as of 15 June 2020

22.8% 22.7% 20.8% 8.9% 24.8%

Public

2,819.7 million shares

SHAREHOLDING STRUCTURE TOTAL EQUITY CAPACITY *

Electricity | 5,026 MW Steam | 2,876 T/H Chilled Water | 15,400 RT Industrial Water | 7,372 Cu.m./H

COMBINED CYCLE | COGENERATION | THERMAL Electricity | 4,463 MW Steam | 2,876 T/H Chilled Water | 15,400 RT Industrial Water | 7,372 cu.m./H Electricity | 449 MW HYDROELECTRIC RENEWABLE ENERGY Electricity | 114 MW OTHER BUSINESSES 24M | BSA

COMPANY INFORMATION

Business Type | Energy & Utilities Paid-up Capital | THB 28,197 million Market Cap. | THB 211,477.5 million Listed on | Stock Exchange of Thailand

CREDIT RATINGS

BBB- AA- A+(tha)

Note: *Committed equity capacity 6

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SLIDE 7

GPSC’s Business Portfolio by Fuel and Plant Type | as of Q1/2020

68% natural gas 16% coal 0.3% waste 2% solar 9% hydro 5% petroleum pitch

TOTAL

5,026 MW

committed equity capacity

BY FUEL TYPE

FUEL TYPE INSTALLED MW EQUITY MW total capacity in operation % total capacity in operation % natural gas 5,047 4,987 63% 3,399 3,381 68% hydro 1,502 1,502 19% 449 449 9% coal 1,045 1,045 13% 814 814 16% petroleum pitch 250

  • 3%

250

  • 5%

solar 149 109 2% 101 101 2% waste 18 9 0.2% 13 3 0.3% TOTAL 8,011 7,691 100% 5,026 4,748 100% PLANT TYPE INSTALLED MW EQUITY MW total capacity in operation % total capacity in operation % IPP 4,910 4,910 61% 2,440 2,440 49% SPP 2,614 2,554 33% 2,192 2,174 43% ERU 250

  • 3%

250

  • 5%

VSPP + renewable 237 227 3% 144 134 3% TOTAL 8,011 7,691 100% 5,026 4,748 100%

BY PLANT TYPE BY FUEL TYPE

7

TOTAL

5,026 MW

committed equity capacity

BY PLANT TYPE

49% IPP 43% SPP 5% ERU 3% VSPP + renewable

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SLIDE 8

GPSC’s Business Portfolio by Plant Type | as of Q1/2020

8

VSPP and renewable | 3% IPP | 49%

Sriracha Power Plant 700 29% Glow IPP 677 28% Ratchaburi Power (RPCL)* 210 9%

TOTAL 1,587 65%

GHECO-One

429 18%

Xayaburi Power (XPCL)* 321 13% Houay Ho Power 102 4%

TOTAL 423 17%

70% solar 18% hydro 9% waste 3% natural gas 65% natural gas 18% coal 17% hydro IPP TOTAL

2,439 MW

committed equity capacity

SPP | 43%

Glow Energy Phase 2 281 13% Glow Energy Phase 4 77 4% Glow Energy Phase 5 328 15% Glow SPP2 213 10% Glow SPP11 272 12% Rayong CUP 1-3 354 16% IRPC-CP (Phase 1-2) 122 6% Bangpa-in Cogeneration BIC (Phase 1-2)* 59 3% NNEG* 56 3% Rayong CUP 4 45 2%

TOTAL 1,807 82%

Glow SPP3 300 14% Glow CFB3 85 4%

TOTAL 385 18%

82% natural gas 18% coal SPP TOTAL

2,192 MW

committed equity capacity Global Renewable Power (GRP) 39.5 27% Thai Solar Renewable TSR (SSE1)* 32 22% Ichinoseki Solar Power (ISP1) 21 15% Combined Heat and Power Producing (CHPP Solar) 5 3% Glow Energy Solar PV Rooftop 2 1% Glow Energy Solar Plant 1 1%

TOTAL 100.5 70%

Nam Lik 1 Power (NL1PC)*

26 18%

Rayong WTE 10 7% Chonburi Clean Energy (CCE) 3 2%

TOTAL 13 9%

CHPP

5 3%

ERU | 5%

VSPP and renewable

TOTAL

145 MW

committed equity capacity

ERU TOTAL

250 MW

committed equity capacity

250 100%

100% petroleum pitch Note: *GPSC associates and Joint Ventures

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SLIDE 9

Well-versed Board of Directors

9

  • Independent Director / Chairman of the

Board, GPSC

  • Former Deputy Minister of Transport
  • Former President and CEO of PTT Public

Company Limited

  • Former Learned Commissioner, The

Securities and Exchange Commission

  • Former Director, Power of innovation

and power of learning

  • Former Director, Bangkok Bank Public

Company Limited

Pailin Chuchottaworn

  • Independent Director / Chairman of the

Corporate Governance Committee / Member of Audit Committee, GPSC

  • Independent Director, Padaeng Industry

Public Company Limited

  • Former Permanent Secretary, Ministry of

Energy

  • Former Director and Chairman of the

Board, Electricity Generating Authority of Thailand

Kurujit Nakornthap

  • Independent Director / Chairman of

the Risk Management Committee / Chairman of the Nomination and Remuneration Committee, GPSC

  • Former Chairman of the Corporate

Governance Committee, GPSC

  • Former Chairman, Board of

Executive Directors, Krungthai Bank Public Company Limited

  • Former Chairman, Federation of

Thai Industries

  • Independent Director / Member of

Audit Committee, GPSC

  • Former Member of the Corporate

Governance Committee, GPSC

  • Former Army Expertise, Royal Thai

Army

  • Former Deputy Infantry Center

Commandant, Royal Thai Army

Maj.Gen. Chaowalek Chayansupap

  • Independent Director /

Member of the Corporate Governance Committee, GPSC

  • Deputy Secretary-General to

the Prime Minister for Administrative Affairs, Office

  • f the Prime Minister
  • Deputy Director, Prime

Minister Delivery Unit

Our directors have mix of skills and experiences to deliver sustainable growth and long-term success at GPSC

Nicha Hiranburana Thuvatham Payungsak Chartsutipol

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SLIDE 10

Well-versed Board of Directors (Cont’d)

10

  • Independent Director / Chairman of the

Audit Committee, GPSC

Saowanee Kamolbutr

  • Independent Director / Member of the

Corporate Governance Committee

Somchai Meesen

  • Director / Member of the Nomination

and Remuneration Committee/ Member of the Risk Management Committee, GPSC

  • Chief Technology and Engineering

Officer, PTT Public Company Limited

  • Director, PTT Global Chemical Public

Company Limited

  • Former Senior Executive Vice

President, Innovation and Digital, PTT Public Company Limited

Wittawat Svasti-Xuto

  • Director, GPSC
  • Senior Executive Vice President,

Gas Business Unit, PTT Public Company Limited

  • Former Executive Vice President,

Natural Gas Distribution, PTT Public Company Limited

Wuttikorn Stithit

  • Director / Member of the Nomination

and Remuneration Committee, GPSC

  • Chief Operating Officer, Upstream

Petroleum and Gas Business Group, PTT Public Company Limited

Atikom Terbsiri

Our directors have mix of skills and experiences to deliver sustainable growth and long-term success at GPSC

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SLIDE 11

Well-versed Board of Directors (Cont’d)

11

  • Director / Member of the Risk

Management Committee, GPSC

  • Director and Secretary to the Board
  • f Directors / Member of the Risk

Management Committee / Chief Executive Officer and President, Thai Oil Public Company Limited

  • Former Chief Operating Officer,

Upstream Petroleum and Gas Business Group, PTT Plc

  • Former Chief Financial Officer,

PTT Plc

Wirat Uanarumit Bandhit Thamprajamchit

  • Director / Member of the

Corporate Governance Committee

  • Senior Executive Vice

President-Refinery and Petrochemical and also taking a position of Executive Vice President-Operation Excellence (Act.), Thai Oil Public Company Limited

  • Director / Member of the Risk

Management Committee, GPSC

  • Senior Executive Vice President

reporting to Chief Operating Officer, Downstream Petroleum Business Group, PTT Public Company Limited

  • Director and Secretary to the Board
  • f Directors / Director to the Risk

Management Committee and Chief Executive Officer, PTT Global Chemical Public Company Limited

Kongkrapan Intarajang Boonchai Chunhawiksit

  • Director / Secretary to the Board /

Member of the Risk Management Committee / President and Chief Executive Officer, GPSC

  • Senior Executive Vice President,

PTT Public Company Limited

Chawalit Tippawanich

  • Director, GPSC
  • Acting Senior Executive

Vice President, Upstream Petrochemical Business PTT Global Chemical Public Company Limited

Our directors have mix of skills and experiences to deliver sustainable growth and long-term success at GPSC

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SLIDE 12

Highly Experienced Management Team

12

Proven Track Record and Expertise in Thai Energy and utilities Industry

Rosaya Teinwan Sirimet Leepagorn Wanida Boonpiraks Chawalit Tippawanich President & CEO

EVP

Corporate Strategy and Subsidiary Management

EVP

Business Development 28 years in PTT Group Energy & utilities industry 29 years in PTT Group Energy & utilities industry 32 years in PTT Group Energy & utilities industry 14 years in PTT Group 16 years in Energy & utilities industry

▪ Several senior executives have long experience working within the PTT Group and have expertise in power generating business ▪ Rotation policy of key staff within the PTT Group helps foster closer linkage with key shareholders in the company ▪ Succession planning encourage talented employees and to ensure continuity of strategies ▪ PTT Group regular meetings drive synergies between the key subsidiaries of the Group

Pajongwit Pongsivapai

COO

28 years in Energy & utilities industry

CFO

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SLIDE 13

GPSC’s History & Key Milestones

13

GPSC was founded in 2013 to be “the Power Flagship of PTT Group”. Since its inception, GPSC has proved its strong expertise in

  • perating existing power plants, and prudently investing in the new projects.

1997

Independent Power (Thailand) was established (700 MW, IPP) (Renamed to ” Sriracha Power Plant”)

2004

PTT Utility was established (339 MW, SPP) (Renamed to “Rayong Power Plant “)

2013

All PTT’s power assets were consolidated under GPSC

56% 24% 20% 60% 40%

2014 2015

8 of PTT’s power assets were transferred to GPSC GPSC was Listed on the Stock Exchange of Thailand (SET)

2016

Included in the Asia Pacific ex Japan FTSE, ESG 100, and SET50 Index

2018

GPSC entered into a share purchase transaction and tender offering of all the remaining securities of Glow Energy Public Company Limited (GLOW)

2019

GPSC holds 99.83% of GLOW’s shares and GLOW securities has been delisted from the SET on 13th Dec GPSC has completed the Equity Offering

  • f THB 74,000 million and debenture

issuance of THB 35,000 million. GPSC announced the capital increase from the existing capital of THB 14,983 million to THB 28,197 million As of 2019, GPSC’s current electricity generating according to Equity MW is 5,026 MW of electricity

2020

Repaid all bridging loans New organization structure implemented since 1 Apr 2020

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SLIDE 14

GPSC Electricity Growth Pipeline

14

4,766 MW1

equity capacity

5,026 MW2

equity capacity

4,776 MW

equity capacity 2020 2021 2022 - 2023 INORGANIC GROWTH

GR P | +39.5 MW

PROJECT COD

Expansion | +18 MW S emi -solid Battery Pilot plan t | 30 MW h

PROJECT COD

Ray ong W TE | +10 MW

2020 – 2025 Target PROJECT COD

SPP Replacement (Stage 1)3 ERU | +250 MW

SELECTIVE GROWTH

✓ Go along with PTT Group ✓ Conventional Energy (TH and International) ✓ Renewable Energy (solar and wind) ✓ Battery Business

Notes: 1. Consisting of operating projects 4,708 MW (COD before 2020), GRP 39.5 MW and NNEG Expansion 18 MW)

  • 2. Maintain original capacity of Glow Cogeneration plants
  • 3. SPP Replacement Stage 1: Glow Energy Phase 2 (new plant with 2 PPAs with EGAT, total capacity of 192 MW

electricity and 300 T/h steam, SCOD in 2022; and SPP Replacement Stage 2: Glow SPP2 and Glow SPP3 is under feasibility study for internal investment approval.

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SLIDE 15

Strategic Direction and Growth Strategy | 3S Strategy

15

SYNERGY & INTEGRATION SELECTIVE GROWTH S-CURVE

Synergy Capture Operation Excellence & Asset Optimization Corporate & Business Infrastructure Go along with PTT Group Domestic and International Renewable Battery Business Energy Storage System Integrator Energy Management Solution Provider

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SLIDE 16

Strategic Direction and Growth Strategy | Synergy and Integration

Operation Excellence & Asset Optimization Corporate & Business Infrastructure

SYNERGY & INTEGRATION

SYNERGY AND INTEGRATION IMPLEMENTATION “working as one team to deliver synergy”

RECURRING SYNERGY VALUE BASED ON CURRENT PORTFOLIO 89% 8% 3%

Operations & Maintenance Procurement

  • Corp. Function

& IT Ramp up with full synergy value contribution by 2024

THB+1.6 bn per year

THB - 4.0 bn

One-time initial investment

2020 ENDORSED SELECTED INITIATIVES TO LOCK-IN VALUE

As of Q1/2020, GPSC was able to recognize the synergy value of approx. THB 121 mm from:

  • O&M : Maintenance productivity optimization & Change from time based to activities based
  • Procurement : Reduce total cost of power plant, indirect spend and coal management
  • Corporate Functions : Optimize financing costs, insurance and working capital

management

2020 FOCUS MOVED FROM INDENTIFYING POTENTIAL TO DELEVERING PROMISES ✓ Execution Focus | Move to monitoring and controlling ✓ Speed of Delivery | Prioritization and planning ✓ Enablement & Ownership Transfer

16

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SLIDE 17

Strategic Direction and Growth Strategy | Selective Growth

89% 11%

Commited Capacity 2020-2023

5,026 MW

equity capacity

“Continuously seeking more international growth opportunities”

✓ To be listed in DJSI by 2022 ✓ Increasing renewable energy up to 30% of GPSC’s installed capacity

Note: *Renewable energy includes solar, wind, waste, hydro, etc.

70% 30%

Long-Term Target Way forward to sustainable growth

SUSTAINABILITY STRATEGY & COMMITMENT

Conventional Energy Renewable Energy*

17

Go along with PTT Group Domestic and international Renewable SELECTIVE GROWTH “Focus Countries : Thailand, Myanmar Vietnam and Taiwan

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SLIDE 18

S-Curve Business | Shift Design to Decide

First Battery Cell by End of 2020

BATTERY MANUFACTURE

18

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SLIDE 19

Company Overview Financial Highlights Investment Highlights Proposed Offering and Timeline Green Finance Framework

19

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SLIDE 20

Sustainability at GPSC | Overview

20

▪ Sustainability is embedded in GPSC Strategic Direction and Growth Strategy, 3S Strategy | Selective Growth ✓ To be listed in DJSI by 2022 ✓ Increasing renewable energy up to 30% of GPSC’s installed capacity

70% 30%

Long-Term Target Conventional Energy Renewable Energy*

▪ GPSC has operated in line with its commitment to innovation development alongside social and environmental responsibilities, as sustainability business strategy, called “Innovative & sustainable power for all”, by employing the sustainability management framework and 3D Principles. GPSC’s commitment to the Sustainable Development Goals (SDGs) ▪ GPSC has embraced six main goals of the UN’s Sustainable Development Goals as guidelines for the company’s sustainable development management and for the benefit

  • f all stakeholders.
  • Goal 7: Affordable and Clean Energy;
  • Goal 8: Decent Work and Economic Growth;
  • Goal 9: Industry, Innovation, and Infrastructure;
  • Goal 12: Responsible Consumption and Production;
  • Goal 13: Climate Action; and
  • Goal 16: Peace and Justice Strong Institutions.
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SLIDE 21

Sustainability at GPSC | Innovative and Sustainable Power for All

21

Enhance stability of access by investing in Solar Rooftop and Solar floating Empower for a better living by providing occupational training program, light for a better life program and zero-waste village Eco-system of driving clean energy, cultivating the circular economy concept, and easing environmental impacts Sustainable Innovation for the corporation to drive improvement initiatives through Artificial Intelligence (AI) and Blockchain, innovation culture and young social innovator

Sustainability Management Framework

Power Accessibility Quality of Life Eco-system Sustainable Innovation

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SLIDE 22

Sustainability at GPSC | 3D Principles

22

Decentralize

Decentralization refers to the decentralization of electricity from large power stations to small scale ones by harnessing renewable energy such as solar power from solar rooftops integrates into microgrid and smart grid

  • systems. To enable decentralization, two things need to be developed:

software and batteries. GPSC recognizes the importance of batteries in enabling exceptional energy storage to expand the possibilities for our

  • customers. Therefore, the company has collaborated with 24M

Technologies, Inc. in establishing a lithium ion battery factory for business expansion.

Decarbonize

GPSC is committed to reducing pollution and using green products to reduce the impacts on the environment. The use of renewable energy is, therefore, pivotal in the company’s operation. We are determined to develop batteries as renewable energy, embracing the future trend that gears towards renewable energy storage. Decarbonization is also in line with the ecological goals of Thailand’s national integrated energy plan in terms of increasing power production from renewable energy and using advanced technologies to minimize impacts on the environment and communities.

Digitalize

GPSC uses digital technologies to increase work efficiency. Digital technologies enable us to cut unnecessary processes, reduce costs, transform businesses to technological societies and gain advantages in business competitiveness in this rapidly evolving world.

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SLIDE 23

Sustainability at GPSC | Climate Change Management

23

Climate Change Governance Structure

GPSC recognizes the risk and potential impacts from climate change and global warming and is committed to provide

  • ur

full support and collaborating enthusiastically with every sector to achieve the challenging goal

  • f

reducing greenhouse gas emissions by adopting a robust climate change policy and management approach. Climate change management at GPSC is under the supervision of the executive team led by the Chief Executive Officer and with the CEO serving as president.

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SLIDE 24

24

Sustainability at GPSC | Awards and Recognition

The company’s performance in 2019 towards sustainable development across economic, social and environmental dimensions has allowed it to win the confidence and affirmations from various organizations, both domestically and internationally.

Sustainability Disclosure Award 2019 By: Thaipat Institute Rising Star Sustainability Awards 2019 By: The Stock Exchange of Thailand Thailand Sustainability Investment 2019 By: The Stock Exchange of Thailand Thailand Voluntary Emission Reduction Program:

  • 1. T-VER 1 Project, Low Emission
  • 2. Support Scheme: LESS 8 Projects

By: Thailand Greenhouse Gas Management Organization (Public Organization) Platinum Award Winners from The Asset ESG Corporate Awards 2019 By: The Asset Low-carbon Industrial Factory By: Thailand Greenhouse Gas Management Organization (Public Organization) Certification of Green Meetings for the Year 2019 By: Thailand Business Council for Sustainable Asia Responsible Enterprise Award 2019 (in the Category of Green Leadership Award) By: Enterprise Asia

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SLIDE 25

GPSC’s Green Finance Framework | Overview

25

  • 1. Use of Proceeds

Green Finance Framework

  • 2. Process for Project

Evaluation and Selection

  • 3. Management of

Proceeds

  • 4. Reporting

External Reviewer

  • International Capital Market Association

(“ICMA”) Green Bond Principles (“GBP”) 20181;

  • The ASEAN Capital Markets Forum

(“ACMF”) ASEAN Green Bond Standards (“ASEAN GBS”) 20182;

  • LMA / APLMA / LSTA Green Loan

Principles (“GLP”) 20203.

Remark

1 https://www.icmagroup.org/green-social-and-sustainability-bonds/green-bond-principles-gbp/ 2 https://www.theacmf.org/initiatives/sustainable-finance/asean-green-bond-standards 3 https://www.lsta.org/content/green-loan-principles/

Reference Principles

DNV GL is the provider

  • f

Second Party Opinion of GPSC’s Green Finance Framework

  • n

alignment with GBP, ASEAN GBS, and GLP.

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SLIDE 26

GPSC’s Green Finance Framework | Overview

26

Difference between each Reference Principles

International Capital Market Association (“ICMA”) Green Bond Principles (“GBP”) 2018 The ASEAN Capital Markets Forum (“ACMF”) ASEAN Green Bond Standards (“ASEAN GBS”) 2018 LMA / APLMA’s Green Loan Principles (“GLP”) 2020 Principles/ Standards

Core Components of Principles Underlying Instrument Remark of difference from GBP

1) Use of Proceeds 2) Process for Project Evaluation and Selection 3) Management of Proceeds 4) Reporting Green Bonds 1) Use of Proceeds 2) Process for Project Evaluation and Selection 3) Management of Proceeds 4) Reporting Green Bonds

  • For the ASEAN GBS, eligible issuers must have

a geographical or economic connection to the region

  • Fossil fuel power generation projects are excluded

from the ASEAN GBS

  • The ASEAN GBS further set out how investors are to

be given access to information continuously

  • Issuers are encouraged to provide more frequent

periodic reporting which would increase transparency

  • n the allocation of proceeds
  • The ASEAN GBS require the external reviewers to

have the relevant expertise and experience in the area which they are reviewing.

1) Use of Proceeds 2) Process for Project Evaluation and Selection 3) Management of Proceeds 4) Reporting Green Loans

Application to Revolving Credit Facilities:

A revolver may include a specific green tranche but, where not possible, a borrower may seek to report to the lenders the use of any revolver borrowing and/or identify green assets supported by the revolving credit facility.

Issuer

  • International Capital Market

Association (“ICMA”)

  • The ASEAN Capital

Markets Forum (“ACMF”)

  • Loan Market Association

(“LMA”),

  • Asia Pacific Loan Market

Association, (“APLMA”)

  • Loan Syndications &

Trading Association (“LSTA”) With support of

  • International Capital Market

Association (“ICMA”)

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SLIDE 27

GPSC’s Green Finance Framework | Use of Proceeds

27

Use of Proceeds Process for Project Evaluation and Selection Management

  • f Proceeds

Reporting External Review

GPSC will allocate an amount at least equivalent to the net proceeds of the Green Bonds/loans financing instruments issued under this Framework towards financing or refinancing, in whole or in part, new and/or existing eligible projects of GPSC and its affiliates as described below (“Eligible Green Projects”) in the eligible categories, together forming the “Eligible Green Project Portfolio”. Renewable Energy

  • Investments in or expenditures for the

acquisition, conception, construction, development and installation as well of re-powering of renewable energy production

  • Manufacture of components wholly

dedicated to renewable energy technology

  • Solar Projects
  • Wind Projects
  • Run-of-the-river Hydropower

projects

  • Hydropower over

25MW is excluded

Category (GBP) Criteria Eligible Green Project Exclusion Energy Efficiency

  • Development, construction, installation

and maintenance of Energy Storage Facilities

  • Investments and/or expenditures in

projects that would reduce energy consumption, improve network/energy efficiency and/or reduce electricity grid losses

  • Heating and cooling generation

comprising combined heat and power (CHP)

  • District heating including energy from

waste and excess heat utilization

  • Storage systems: acquisition,

conception, construction, development and/or operation of electricity storage facilities, aiming at power grid stabilisation and/or management of peak generation of renewable energy

Pollution Prevention and Control

  • Investments related to the development,
  • perations, maintenance, and upgrading
  • f facilities used to produce energy from

biomass and waste products

  • Investments related to waste

management, circular economy, pollution prevention

  • Facilities for collecting, sorting and

material recovery

  • Facilities for the recycling / reuse of

materials

  • Facilities for the production of compost

/ biogas from waste

  • Waste to Energy plants
  • Landfill
  • None
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SLIDE 28

Solar Projects 3,305 66% WTE Project 1,695 34%

28

Use of Proceeds Process for Project Evaluation and Selection Management

  • f Proceeds

Reporting External Review

GPSC’s Green Finance Framework | Use of Proceeds

TYPE ELECTRICITY (MW) CUSTOMERS GPSC’s HOLDING

39.5 100%

(through GRP)

Solar Power Plant

Provincial Electricity Authority (PEA)

SOLAR PROJECTS ACQUISITION (GRP)

9.8 300

RDF (T/day) LOCATION CUSTOMERS PROJECT UPDATE

100%

  • perating assets

under GPSC

Rayong, Thailand

SCOD | Q2/2021

Waste

The RDF Project construction been starting to sort waste to produce RDF energy since 2018

Provincial Electricity Authority (PEA)

TYPE ELECTRICITY (MW) GPSC’s HOLDING

Q1/2020 progress

57.5%

WASTE TO ENERGY PROJECT PROJECT CLOSING | 26 MAR 2020 SOLAR PROJECT (CHPP)

TYPE

Solar Power Plant/ Private PPA

100%

GPSC’s HOLDING

/1 /1 YTD Actual cost

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SLIDE 29

GPSC’s Green Finance Framework | Process for Project Evaluation & Selection

29

Use of Proceeds Process for Project Evaluation and Selection Management

  • f Proceeds

Reporting External Review

Green Finance Working Group

Funding and Treasury Management Business Development Transformation and Sustainability Management The Plant Safety, Health and Environment Division Business Units (Case by Case basis)

Responsibilities of Green Finance Working Group

  • Reviewing and ratifying Eligible Green Projects to

ensure eligibility for green financing

  • Proposing the Eligible Green Projects to the GPSC

Management Committee to review and approve

  • Undertaking regular monitoring of the asset pool to

ensure the eligibility of projects, whilst replacing any ineligible projects with new green assets

  • Verifying compliance of the green projects with GPSC’s

policy and internal environmental and social standards

  • Facilitating regular reporting on any Green issuance
  • Managing any future updates to the Framework

Management Committee Green Finance Working Group

Step 1: Evaluation Step 2: Approval

slide-30
SLIDE 30

GPSC’s Green Finance Framework | Management of Proceeds

30

Use of Proceeds Process for Project Evaluation and Selection Management

  • f Proceeds

Reporting External Review

Portfolio Approach

GPSC will attempt to maintain an Eligible Green Project Portfolio that at least matches or exceeds the net proceeds from its outstanding Bonds issued under this Framework.

Earmarking of Allocated Proceeds

The net proceeds from GPSC’s Green financing instruments will be deposited in the general account and an amount equal to the net proceeds will be earmarked for allocation to the Eligible Green Projects in accordance with GPSC’s Green Finance Framework.

Substitution of Project

During the life of the instruments issued under this Framework if a project ceases to fulfil the eligibility criteria, GPSC will remove the same from the portfolio upon becoming aware and replace it with another eligible green project as soon as reasonably practicable.

Allocated Proceeds Tracking

GPSC will track the use of net proceeds of instruments issued under this Framework via its internal information system. The balance of the tracked proceeds should be adjusted on an annual basis, in order to match the allocation to Eligible Green Projects re/financed during this period.

Unallocated Proceeds Treatment

For any net proceeds of instruments issued under this Framework that remain unallocated, GPSC will hold the proceeds in cash and/or invest in other short-term liquid instruments, in line with GPSC’s policy. GPSC will aim to be fully allocated to Green Projects within 2 years of Issue date.

slide-31
SLIDE 31

GPSC’s Green Finance Framework | Reporting

31

Use of Proceeds Process for Project Evaluation and Selection Management

  • f Proceeds

Reporting External Review

Green Finance Reporting Allocation Reporting Impact Reporting

Reporting Frequency: annually, until full allocation

  • The issuance amount or

percentage of allocation to the Eligible Green Project Portfolio

  • Examples of projects being

financed

  • The amount of proceeds

allocated by Project Category

  • The portion of net proceeds

used for financing vs. refinancing

  • The balance of unallocated

proceeds On an annual basis, GPSC intends to report on the impact

  • f the portfolio by category from

environmental perspective, subject to the availability

  • f

information and baseline data and based on methodologies that will be publicly available. Reporting Frequency: annually Available on GPSC website

slide-32
SLIDE 32

GPSC’s Green Finance Framework | Reporting

32

Use of Proceeds Process for Project Evaluation and Selection Management

  • f Proceeds

Reporting External Review

Renewable Energy Energy Efficiency Pollution Prevention and Control

  • Solar energy
  • Wind energy
  • Hydropower facilities
  • Heating and cooling

generation comprising combined heat and power (CHP)

  • Battery storage facilities
  • Waste sorting
  • Waste to energy
  • Reduced and/or avoided GHG emissions (in t. CO2e p.a.)
  • Expected annual renewable energy generation in MWh p.a.
  • Reduced and/or avoided GHG emissions (in t. CO2e p.a.)
  • Energy conserved in KWh
  • Waste that is prevented, minimised, reused or recycled before and after

the project in % of total waste and/or in absolute amount in tonnes p.a

  • Annual energy generation from sorted Refuse Derived Fuel (RDF) in

energy/ emission-efficient waste to energy facilities in MWh/GWh (electricity)

  • Energy recovered from waste (minus any support fuel) in MWh/GWh/KJ
  • f net energy generated p.a.
  • GHG emissions from waste management before and after the project in

tCO2e p.a.

Eligible Green Project Categories Sub-categories Examples of impact indicators

Impact Reporting

Reporting Frequency: annually

Green Finance Reporting

Available on GPSC website

slide-33
SLIDE 33

GPSC’s Green Finance Framework | External Review

33

Use of Proceeds Process for Project Evaluation and Selection Management

  • f Proceeds

Reporting External Review

GPSC has engaged DNV GL to provide the Second-Party Opinion (“SPO”)

  • n GPSC’s Green Finance Framework.

The Second-Party Opinion ensures the Framework is aligned with global benchmarks as defined by the Green Bond Principles 2018, ASEAN Green Bond Standards 2018, Green Loan Principles 2020, and market best practices.

Second-Party Opinion

“On the basis of the information provided by GPSC and the work undertaken, it is DNV GL’s opinion that the BOND meets the criteria established in the Protocol and that it is aligned with the stated definition of green bonds within the Green Bond Principles 2018. Based on the limited assurance procedures conducted, nothing has come to our attention that causes us to believe that the GPSC Green Bond is not, in all material respects, in accordance with the ASEAN Green Bond Standards 2018.”

External verification

In order to provide transparent information about the reporting of the funds from bonds issued under this framework, GPSC intends to engage a Second Party Opinion Provider/ Verifier/ External Auditor to provide the assessment

  • n

the alignment

  • f

the allocation

  • f

funds with Framework’s criteria until the full allocation of the proceeds.

slide-34
SLIDE 34

Company Overview Financial Highlights Investment Highlights Proposed Offering and Timeline Green Finance Framework

34

slide-35
SLIDE 35

Q1 2020 KEY HIGHLIGHTS

“Growing profit with sustainability and control”

PROFIT

107% Increase in Adjusted Net Income, YoY due to full contribution from Glow and higher AP from Sriracha Power Plant due to THB depreciation against USD 27% QoQ increase from Q4/2019 due to increased AP and EP from EGAT and decreased cost of SPP natural gas and maintenance No Significant COVID-19 Impact Q1/2020 started off with strong

  • perational performance.

However, any delayed impact on industrial customers demand being closely monitored

CONTROL

Projects Under Construction Expansion phase, 92.3% construction progress, SCOD in 2020 WTE, 57.5% construction progress, SCOD in 2021 ERU, jointly operated with Thaioil, 29% construction progress, SCOD in 2023 SPP Replacement, replacement

  • f:

▪ GE Phase 2 (Stage 1): under

construction with SCOD in 2022

▪ GSPP2 and GSPP3 (Stage 2):

under feasibility study for internal investment approval

SIGNIFICANT GROWTH

Integration & move forward with the new organizational GLOW acquisition completed and new organization structure implemented since 1 Apr 2020 to ensure synergy target and group’s vision are supported Bridging Loan Fully Repaid GPSC’s bridging loan of THB 134.5 billion fully repaid in Q1/2020 as planned by capital increase of THB 74 billion and debenture issuance of THB 35 billion completed in Q4/2019 and new bank loans of THB 12 billion obtained in Q1/2020 Closing of 39.5 MW Solar Project Completed M&A of 39.5 MW solar project through GRP on 26 Mar 2020

SUSTAINABILITY

2nd Interim Dividend

2019 2nd interim dividend payment of THB 0.80 per share made on 17 Apr 2020

Awards

Best Cross-Border M&A deal from the THB 134.6 billion acquisition deal of Glow Energy PLC from Engie Development BV 2019 Bond Deal of the Year from the issuance

  • f THB 35 billion bonds

35

slide-36
SLIDE 36

Accounting Impact on Q1/2020 Consolidated Financial Statements

36

IMPACT ON GPSC BALANCE SHEET | THB million Balance Sheet Component As of 31 Dec 2019 Impact As of 1 Jan 2020 TAS 32 and TFRS 9 TFRS 16 Total impact Asset 252,017 (548) 2,233 1,685 253,510 Liability 141,841 1,312 2,514 3,826 145,475 Equity 110,176 (1,860) (281) (2,141) 108,035 New Thai Financial Reporting Standards (TFRS) implemented in 2020 with significant impact are:

  • The standards for financial instruments (TAS 32 and TFRS 9); and
  • The standard for lease agreements (TFRS 16)

NEW ACCOUNTING STANDARDS IMPLEMENTED IN 2020

slide-37
SLIDE 37

4,868 6,356 18,662 2,477 4,599 5,365 2017 2018 2019 Q1/19 Q4/19 Q1/20 3,175 3,359 4,061 942 1,145 1,580 384 368 2017 2018 2019 Q1/19 Q4/19 Q1/20

Stable Cash Flow and Improving Margin

Note: 1) Gross Profit Margin = Gross Profit / Revenue 2) EBITDA Margin = EBITDA / Revenue 3) Net Profit Margin = Net Profit / Revenue

Revenue (THB million) EBITDA and EBITDA Margin (THB million,%)

EBITDA Margin Net Profit Margin Adjusted Net Income PPA Amortization

Net Profit

Gross Profit and Gross Profit Margin (%) Net Profit and Net Profit Margin (THB million,%)

Gross Profit Margin

19,917 24,777 66,562 9,067 18,279 18,308 2017 2018 2019 Q1/19 Q4/19 Q1/20 4,187 5,457 16,783 2,112 4,116 4,951 2017 2018 2019 Q1/19 Q4/19 Q1/20 21% 22% 25% 23% 23% 27% 1,529 1,948 16% 14% 6% 10% 8% 11% 27% 25% 29% 24% 26% 28% 37

slide-38
SLIDE 38

40,374 42,349 110,176 106,739 689 911 25,736 30,022 10,815 12,509 29,215 45,189 4,993 4,995 52,707 52,673 3,097 3,675 34,182 14,727

59,968 64,439

5,752 6,108 90,346 93,072 5,959 5,354 8,685 8,661 27,246 28,535 101,272 102,763 11,698 12,979 13,901 12,471 9,313 11,463 37,813 32,383

252,017

Solid Financial Position Post GLOW’s Acquisition

38

Total Liabilities & Shareholders Equity (THB million) Total Assets (THB million)

Equity Other non- current liabilities Long-term borrowing Debentures Current liabilities 6% 13% 59,968 31 Mar 20 31 Dec 19 31 Dec 18 31 Dec 17

Larger and Stronger Power House

64,439 249,350 5% 41% 4% 37% Current Assets Investments in associates Property, plant and equipment Finance lease and receivable Other non- current assets 31 Mar 20 31 Dec 19 31 Dec 18 31 Dec 17 21% 18% 12% 43% 252,017 249,350

slide-39
SLIDE 39

Debt Profile

39

Net Debt/ Equity ratio (Times)

Note: The ratio calculation follows the definition in Terms and Conditions of the Bonds

0.29 0.27 0.74 0.84

2017 2018 2019 Q1/20*

slide-40
SLIDE 40

GPSC’s Prudent Financial Policy

40

Net Debt to Equity ≤ 1.0x Net Debt to EBITDA ≤ 4.0x Dividend Policy: Minimum dividend at the rate of not less than 30 percent of the net profit according to the

financial statements of the Company after the deduction of tax, reserved funds as required by law (with additional conditions)

slide-41
SLIDE 41

Strong Credit Ratings

41

AA- (Stable)

The 3 leading local and international Rating Agencies have affirmed rating post the acquisition of GLOW

A+(tha) / (Stable) BBB- (Stable)

LOCAL RATING INTERNATIONAL RATING

✓ ✓ ✓ ✓

Strengthened Linkage with PTT

GPSC is a major supplier of electricity and steam to PTT's key petrochemical and refinery (P&R) subsidiaries, including PTTGC and IRPC.

One of the largest Private Producer in Thailand

GPSC’s power portfolio, in proportion to its ownership or equity capacity, stood at 5,026 MW.

Well-diversified Power Portfolio

As of 1H19, GPSC owned 29 power plants in Thailand and abroad.

Predictable Cash Flow Backed by Long-Term PPAs

Solid cash flow supported by long-term contract with EGAT and reputable industrial users under the PTT Group.

Long-Term Contracted Revenues

GPSC's revenue visibility to remain strong post-acquisition, as most of GLOW's generating assets are part of Thailand's regulated electricity business.

✓ ✓ ✓

Asset Diversity Enhances Business Profile

The acquisition of GLOW and the investment in ERU will improve GPSC's business profile, with its increased size driving better asset and geographical diversification.

Improving Margin; Stable Cash Flow:

GPSC will benefit from the cheaper fuel cost of GLOW's power plants, particularly the coal-fired power plants. Fitch expects GSPC to generate cash flow from operations of around THB14 billion-15 billion a year over the next 3 years.

Strong Support from PTT Group GPSC is expected to receive extraordinary

support from PTT group if needed.

Steady Operating Performance with Improved Margin

The combined entity's margin profile will improve with greater coal exposure and Glow's higher-margin contracts for small power producers (SPP).

Strong Support from PTT Group

PTT Group to continue providing support to GPSC as the flagship company in the power business under the group

slide-42
SLIDE 42

Key Strengths

42

Financial People Business

  • High expertise with long experience of management and

staff team in cogeneration power plant and PTT Group

  • Can access to vast resources of PTT Group
  • Good corporate governance
  • High and strong potential growth

along with PTT Group

  • Diversity of products, customers, fuel

types and location

  • Strong customer profile
  • Opportunities in related businesses
  • Secured & long term supply and

feedstock agreement

  • Growth platform strengthened by

synergies

  • Strong financial position and

financial flexibility

  • Stable & predictable cash flow
  • Low business risk profile
slide-43
SLIDE 43

Outlook 2020

43

Economic Outlook

  • The world economy is projected to experience a sharp contraction and business downturn from the spread of COVID-19
  • Despite of fiscal stimulus with a historic relief package, the economic growth is projected to slowly rebound in 2H/2020

Key assumptions

  • Oil price : Dubai crude oil price is expected to average US$30-40 per barrel in 2020. Shrink demand is expected to recover in 2H/2020.
  • NG & Coal : Natural gas and coal are forecasted to slightly decrease in the same direction with crude oil with lag time 6 – 12 months
  • Ft rate : Ft maintains in Jan-Aug 2020 and assumed to be slightly decreased in line with average national fuel prices
  • The Ministry of Energy expects the Thailand's electricity usage in 2020 will decrease by 0.7% from the previous predicted to grow by 2-3 %

Performance outlook

  • The demand of industrial users is overall close to the previous year but the economic downturn may cause the industrial customers to

be affected in the future. The company expect the utilization rate in 2020 at 95 - 100%

  • The lower price of natural gas trend in line with the crude oil price will have a positive impact on the company in the short term
  • The additional operating results contributed from our power plants and affiliated including GRP, 39.5 MW of solar projects
  • The company expects to be able to recognize the synergy value from the merger of approximately Baht 400 million in 2020
  • The drought situation:
  • Hydro power plants in Lao: Still lower-than-average water flow in Q2/2020
  • Operation of SPP plants: Closely monitor the drought situation and various plans are being prepared
  • PPA amortized cost continued to impact P/L as scheduled amortization profile
  • Accounting impacts:
  • TFRS 9 , TFRS 16 : Accounting impact to the statement of financial position and comprehensive income statement
  • Effect from adjustment of exchange rates of financial lease receivables of 2 IPPs (Sriracha and GIPP). The company has

recognized the accumulated historical transactions to the retained earnings and recognize the current revalued transactions to the Statement of Income at the end of the accounting period, subsequently.

slide-44
SLIDE 44

Company Overview Financial Highlights Investment Highlights Proposed Offering and Timeline Green Finance Framework

44

slide-45
SLIDE 45

Investment Highlights

45

The Innovative Power Flagship of PTT Group with Equity Capacity of 4,748 MW and Committed Equity Capacity of 5,026 MW Strong company ratings from both TRIS and FITCH at AA- and A+(tha) respectively Well-Versed Board Members and Highly Experienced Management team with Proven Track Record and Expertise in Thai Energy and Utilities Industry Reliable Cash Flow with Solid Customer Profile including EGAT and long- established Industrial Users Base under Secured Long-Term Agreements (Power, Steam, Industrial Water) Thailand’s Top rank SPP Player with Operational Synergies and Cost Reduction from the Acquisition of GLOW Diverse Business Portfolio and Geography The First Green Bond including WTE project

slide-46
SLIDE 46

Company Overview Financial Highlights Investment Highlights Proposed Offering and Timeline Green Finance Framework

46

slide-47
SLIDE 47

Indicative Structure

47

Issuer Global Power Synergy Public Company Limited (“GPSC”) Joint Lead Underwriters Bangkok Bank Public Company Limited (“BBL”) Bank of Ayudhya Public Company Limited (“Krungsri”) Standard Chartered Bank (Thai) Public Company Limited (“SCBT”) Debenture Type Thai Baht Senior and Unsecured Green Debentures with Debentureholders’ representative Offering Type Private Placement to Institutional and High-Net-Worth Investors (PP-II&HNW) Company Rating AA- with Stable outlook by TRIS Ratings Co., Ltd. A+(tha) with Stable outlook by FITCH Ratings (Thailand) Co., Ltd. Issue Rating [AA-] by TRIS Ratings Co., Ltd. Total Issue Size Up to THB [] million Tenor 5-year 10-year 15-year Coupon Payment Payable Semi-Annually Debentureholders’ Representative Bank of Ayudhya Public Company Limited Registrar and Paying Agent Bank of Ayudhya Public Company Limited Principal Repayment At Par Value, Bullet at the Maturity Date Registration Thai Bond Market Association (ThaiBMA) Second Party Opinion Provider DNV GL

slide-48
SLIDE 48

Tentative Timeline

48

Roadshow

9 July 2020

Bookbuilding Date

[30 July 2020]

Subscription Period

[4-6 August 2020]

Issue Date

[7 August 2020]

slide-49
SLIDE 49

IR Contact: Pongsak Plaingam +662 140 4646 Viriya Tassanabhakorn +662 140 5358 Suthathip Charoenkij +662 140 5318 Parima Phadungsit +662 140 4691 ir@gpscgroup.com www.gpscgroup.com

Q&A SESSION

slide-50
SLIDE 50

Appendix: Company Overview

slide-51
SLIDE 51

Petroleum Authority of Thailand PLC (PTT)

GPSC's parent company: the largest energy conglomerate in Thailand

Business Area Company PTT’s Holding (%) Activities

E&P PTTEP 65.29%

Exploration and production

Coal PTT Global Management 100%

Coal business

LNG PTT Global LNG PTT LNG 50% 100%

LNG value chain LNG receiving terminal

Gas Gas Pipeline* 100%

Sole owner/operation of the transmission pipeline

S&M* 100%

Supply & marketing of natural gas

GSP* 100%

Extracting hydrocarbon contents in natural gas for petrochemical’s feedstock

Trading Trading* 100%

Import/Export/Out-out trading of petroleum and petrochemical products

Oil Marketing PTTOR** 100%

Retail service stations and commercial marketing

Petrochemical & Refining PTTGC TOP IRPC 48.18% 48.03% 48.05%

Petrochemical flagship Refinery flagship Integrated refinery & petrochemical

Power 22.81%

Power flagship New S-Curve business of PTT group

Note: *Businesses directly operated by PTT PLC **Transferred asset to PTTOR on July 1, 2018 Source: PTT’s Investor Update May 2019

Upstream

Intermediate Downstream Technology & Engineering

51

slide-52
SLIDE 52

Current power industry structure in Thailand

52

EGAT (39%) IPPs (36%) SPPs (16%) Imports (9%) VSPPs (<1%) EGAT (Single Buyer, Network System Operator) (99%) Generation Transmission MEA (30%) End User (99%) Distribution Industrial User (1%) PEA (69%)

ERC (Regulator)

Cogeneration Plant Peak demand 37,312 MW in 2019 End Users

  • EGAT and IPPs dominate electricity generation market, with the combined market share 75%.
  • EGAT is the sole purchaser for almost all of the electricity generated, while VSPPs sell electricity directly to the MEA

and PEA

  • SPPs sell electricity to both EGAT and directly to industrial users

Definition EGAT Electricity Generating Authority of Thailand (State-owned entity) IPP Independent Power Producers SPP Small Power Producers VSPP Very Small Power Producers MEA Metropolitan Electricity Authority (State-owned entity) PEA Provincial Electricity Authority (State-owned entity) ERC Energy Regulatory Commission

Source: EGAT and GPSC

slide-53
SLIDE 53

Power plant definition and revenue structure

53

* Under various type of contracts. ** Fuel Saving (FS) *** Reference rate with conditions: https://www.pea.co.th/Documents/Rate2015.pdf

IPP SPP VSPP

Independent Power Producer (IPP):

  • A large power producer

who has entered into the Power Purchase Agreement (PPA) with contracted capacity more than 90 MW

  • IPPs are obliged to sell

their entire output to EGAT Very Small Power Producer (VSPP):

  • A very small generator whose

power generating process is generated from renewable energy, cogeneration, biogas, biomass, waste heat, etc. with contracted capacity no more than 10 MW of electricity capacity

  • VSPPs are able to sell power to the

Distribution Utility Authority only Availability % x Availability Payment Rate (APR) Energy cost regarding % Dispatch to EGAT

Availability Payment Fuel Payment Base Tariff Ft

PEA tariff TOU Rate 4.2**

EGAT (Power)

Firm

Capacity Payment Energy Payment

Non-Firm

Industrial Customers

K factor

(seasonal weight)

Energy Payment

Electricity Steam

Steam Base Cost x (Gas index + CPI index)

adder Feed in Tariff

Small Power Producer (SPP) / Cogeneration (Cogen):

  • A small power producer who sell their

electricity to EGAT* and sell their electricity and utilities (e.g. steam, industrial water, chilled water) to Industrial customers (IUs) Contract Type: EGAT:

  • Firm: Contract term > 5 years ; CP + EP (+ FS)**
  • Non-Firm: Contract term <= 5 Years; Only EPNF

IUs: Commercial contract as agreed.

slide-54
SLIDE 54

Global Renewable Power Company Limited (GRP)

Capacity

(MW)

18 (6*3) 17.9 (5.96*3) 3.6 (1.2*3) Service Company Off-taker PEA PEA PEA Tariff Scheme FiT at 5.66 THB/kWh FiT at 5.66 THB/kWh Adder at 8 THB/kWh COD Dec 2015 Dec 2015 Mar 2014/Mar 2015 Location Pichit, Suphanburi and Lopburi Pichit Khon Kaen

M&A project

N.P .S Star Group World X Change Asia P .P . Solar Global Renewable Power Operating

54

TYPE ELECTRICITY (MW) CUSTOMERS GPSC’s HOLDING

39.5 100%

(through GRP)

Solar Power Plants

Provincial Electricity Authority (PEA)

PROJECT CLOSING | 26 MAR 2020

slide-55
SLIDE 55

Rayong Waste to Energy (WTE)

55

Project under construction

TYPE ELECTRICITY (MW)

9.8 300

RDF (T/day) LOCATION CUSTOMERS PROJECT UPDATE

100%

  • perating assets

under GPSC

Rayong, Thailand

SCOD | Q2/2021

Q1/2020 progress

57.5%

Waste

  • The RDF Project construction been

starting to sort waste to produce RDF energy since 2018

  • The RDF Power Plant Project construction

progress is 57.5% and on schedule

Provincial Electricity Authority (PEA)

slide-56
SLIDE 56

56

Project under construction

192 300

GPSC’s HOLDING PROJECT UPDATE

100%

  • f total share

Map Ta Phut Industrial Estate Rayong, Thailand

SCOD | Q4/2022

  • Demolition work from 1 April to 31

July 2020

  • Expected construction of new plant on

1 August 2020

SPP Replacement | Stage 1 : Glow Energy Phase 2

Gas-fired Cogeneration

EGAT

(SPP Firm, 2*30 MW, 25-yr) Industrial Users

TYPE ELECTRICITY (MW) STEAM (T/h) LOCATION CUSTOMERS

slide-57
SLIDE 57

ERU Project is a thermal power plant project that produces electricity and steam by using petroleum pitch which is a result of the refinery of Clean Fuel Project (CFP) of Thaioil. The electricity and steam produced are sent back to the CFP at the Thai Oil Refinery.

57

Project under construction

TYPE ELECTRICITY (MW)

250 175

STEAM (T/h) LOCATION CUSTOMERS GPSC’s HOLDING PROJECT UPDATE

100%

  • f total share in

ERU co. Thai Oil Refinery, Sriracha, Chonburi, Thailand

SCOD | 2023

  • Engineering design work: Engineering

Design, Process Review, 3D Model Review

  • Construction: Foundation work, Major

Equipment Foundation

  • Procurement of main machinery and

equipment: purchase, manufacturing plan, PIM can proceed according to plan

Energy Recovery Unit (ERU)

Petroleum Pitch

BY PRODUCTS | Sulfuric acid, condensate water

Thai Oil Public Company Limited

(25-year, 200 MW of electricity and 175 T/h of steam)

Q1/2020 progress

29.0%

PROJECT TIMELINE & MILESTONE PAYMENTS

ERU Approval (1-Apr-19)

P R O J E C T C O N S T R U C T I O N P E R I O D

2019 2020 2021 2022 2023

80%

2% 8% 4% 6%

Final Purchase Price < USD 757 mm Initial Payment 20%

  • f Initial Purchase Price USD 138 mm

SCOD 2023

MILESTONE PAYMENTS

slide-58
SLIDE 58

58

Industrial Users by sector

Revenue breakdown | by sector Key monitoring

+ Petrochemical: continue to operate the plant as normal

  • Automotive: some car maker factories are closed and some customers

stopped operation and no overtime

*Based on power and steam sales which included GLOW from 1 Jan - 31 Dec 2019 for illustration only

IUs revenue*

Petrochemical & Refinery 76% Chemicals 17% Industrial GAS 3% Steel 1% Automotive 2% Others 1%

slide-59
SLIDE 59

G-COVID Monitoring and Surveillance Center of GPSC Group

Measures to Prevent the Spread of COVID-19 Virus of GPSC Group

GPSC recognizes and gives priority to the safety of all employees and strives for generating electricity and utilities to continuously meet the customers’ requirement GPSC established G-COVID Monitoring and Surveillance Center of GPSC Group to monitoring the situation, defining plans and preventive measures, as well as providing and supporting necessary supplies

Monitor internal and external situations with PTT Group Specifying measures and making plans to prevent the outbreak Performance report to the management Procure and support necessary resources Establish a GPSC Group Communication Center

59

slide-60
SLIDE 60

Measures to Prevent the Spread of COVID-19 Virus of GPSC Group

Employee Care Measures Workplace Management Measures Operation & Process Measures

  • Classify employees into surveillance groups
  • Give advice on conduct
  • Set travel abroad measures
  • Implement work from home policy
  • Travel measures across provincial areas
  • Communication and counseling measures
  • Provide COVID-19 life insurance for

all employees

  • Provide alcohol gel and masks
  • Setting screening point in all areas with

temperature checks at the entrance

  • Make sure to clean all risk surfaces
  • Measures for organizing rally activities
  • Provide alcohol gel and necessary medical

equipment

  • Measures to take care of all workplaces and

non-workplaces areas

  • Identify the employees required for the operation

“Golden Man” and manpower management

  • Preparing special controlled workplaces or

“safe houses” for Golden Man and necessary staffs

  • Prohibit unauthorized persons enter into the

production process areas and control rooms

  • Manpower mobilization planning in case of

an employee infected with COVID-19 virus

  • Customer coordination plan and related parties

in case of Safe Shutdown

  • Medical check up for Golden Man staff

Countermeasures against COVID-19

Plant Operation Standing Order

60

slide-61
SLIDE 61

Drought Situation | Impacts and Mitigation Plan

61

มาตรการภาครัฐและเอกชนอื่นๆ

✓ Setup PTT Group’s Business Continuity Plan ✓ 3Rs: Reduce, Reuse, Recycle ✓ Increase operation efficiency and cooling water cycle ✓ Use clarified water from waste water treatment process ✓ Additional initiatives MITIGATION PLAN

Sea Water RO

@Rayong : water production will be ready in May-2020

Mobile RO

Waste Water Recycling @Sriracha : Ready to use

ที่มา: บริษัท จัดการและพัฒนาทรัพยากรน ้าภาคตะวันออก จ ากัด (มหาชน) (EW), ส านักงานคณะกรรมการนโยบายเขตพัฒนาพิเศษภาคตะวันออก (สกพอ. หรือ EECO)

ภาครัฐ-เอกชน ผนึกก าลังสร้างความมั่นใจ

  • มาตรการของภาครัฐสามารถด าเนินการ

ผันน ้าจากเครือข่ายและอ่างเก็บน ้าต่าง ๆ ใน พื้นที่ใกล้เคียงเป็นไปอย่างมีประสิทิิภาพ

  • ผู้ประกอบการภาคอุตสาหกรรมในพื้นที่ภาค

ตะวันออกต่างในความร่วมมือกับภาครัฐ ในการประหยัดน ้าลง 10% และยังคงด าเนิน มาตรการต่อไปจนกว่าสถานการณ์จะคลี่คลาย “Closely monitor the drought situation and various plans are being prepared”

slide-62
SLIDE 62

62

Drought Situation | Raw water simulation for 2019 – 2020

ิ.ค.-2561 ม.ค.-2562 ก.พ.-2562 มี.ค.-2562 เม.ย.-2562 พ.ค.-2562 มิ.ย.-2562 ก.ค.-2562 ส.ค.-2562 ก.ย.-2562 ต.ค.-2562 พ.ย.-2562 ิ.ค.-2562 ม.ค.-2563 ก.พ.-2563 มี.ค.-2563 เม.ย.-2563 พ.ค.-2563 มิ.ย.-2563 ก.ค.-2563 ส.ค.-2563 ก.ย.-2563 ต.ค.-2563 พ.ย.-2563 ิ.ค.-2563

ที่มา: บริษัท จัดการและพัฒนาทรัพยากรน ้าภาคตะวันออก จ ากัด (มหาชน) (EW),

slide-63
SLIDE 63

GPSC Power Plant Portfolio (1/2) | as of Q1/2020

63 Name Type Total capacity (MW) Equity Power capacity (MW) Equity Operating Power capacity (MW) Steam (T/H) Industrial water (Cu.m/H) Direct shareholding (%) COD Tenor IN OPERATION IPP Huay Ho IPP 152 102 102

  • GLOW (67%)

1999 30 Sriracha IPP 700 700 700

  • 80

GPSC (100%) 2000 25/2025 Glow IPP IPP 713 677 677

  • GLOW (95%)

2003 25 RPCL IPP 1,400 210 210

  • GPSC (15%)

2008 25/2033 GHECO-One IPP 660 429 429

  • GLOW (65%)

2012 25 XPCL IPP 1,285 321 321

  • GPSC (25%)

2019 29/2048 Total IPP 4,910 2,439 2,439

  • 80

SPP Glow Energy Phase 1 SPP

  • 250

1,340 GLOW (100%) 1994

  • Glow Energy Phase 2

SPP 281 281 281 300 1,180 GLOW (100%) 1996 3 Glow Energy Phase 4 SPP 77 77 77 137 2,050 GLOW (100%) 2005 25 Glow Energy Phase 5 SPP 328 328 328 160

  • GLOW (100%)

2011

  • Glow SPP 2/ GLOW SPP 3

SPP 513 513 513 190 150 GLOW (100%) 1999 25 Glow SPP 11 Phase 1 SPP 120 120 120

  • 360

GLOW (100%) 2000 25 Glow SPP 11 Phase 3 SPP 42 42 42

  • GLOW (100%)

2006

  • Glow SPP 11 Phase 2

SPP 110 110 110

  • 212

GLOW (100%) 2012 25 Glow Energy CFB 3 SPP 85 85 85 79

  • GLOW (100%)

2010

  • CUP-1

SPP 226 226 226 890 720 GPSC (100%) 2006 10-15/2021++ CUP-2 SPP 113 113 113 170 510 GPSC (100%) 2008 15/2022++ CUP-3 SPP

  • 280

770 GPSC (100%) 2009 15/2023++ BIC-1 SPP 117 29.25 29.25 5

  • GPSC (25%)

2013 25/2038 BIC-2 SPP 117 29.25 29.25 5

  • GPSC (25%)

2017 25/2042 IRPC-CP Phase 1 SPP 45 23 23 86.7

  • GPSC (51%)

2015 25/2040 IRPC-CP Phase 2 SPP 195 99.4 99.4 66.3

  • GPSC (51%)

2017 25-27/2044 Note: Equity capacity includes 100% stake in GLOW, GRP and ERU

slide-64
SLIDE 64

GPSC Power Plant Portfolio (2/2) | as of Q1/2020

64 Note: Equity capacity includes 100% stake in GLOW, GRP and ERU Name Type Total capacity (MW) Equity Power capacity (MW) Equity Operating Power capacity (MW) Steam (T/H) Industrial water (Cu.m/H) Direct shareholding (%) COD Tenor IN OPERATION NNEG SPP 125 38 38 9

  • GPSC (30%)

2016 25/2041 NNEG Expansion SPP 60 18

  • 3
  • GPSC (30%)

2020 25/2041 Rayong Expansion (CUP-3) SPP 15 15 15

  • GPSC (100%)

2019 n/a Rayong Expansion (CUP-4) SPP 45 45 45 70

  • GPSC (100%)

2019

  • Total SPP

2,614 2,192 2,174 2,701 7,292 VSPP and others CHPP VSPP 5 5 5

  • GPSC (100%)

2008 30/2038 CHPP (Solar) VSPP 5 5 5

  • GPSC (100%)

2016 2041 Glow Energy Solar Plant VSPP 1.55 1.55 1.55

  • GLOW (100%)

2012 20-25 TSR (SSE1) VSPP 80 32 32

  • GPSC (40%)

2013 25/2038 Glow Energy Solar PV Rooftop VSPP 0.87 0.87 0.87

  • GLOW (100%)

2019 15 Glow Energy Solar PV Rooftop VSPP 1 1 1

  • GLOW (100%)

2019 15 ISP1 Solar 20.8 20.59 20.59

  • GPSC (99%)

2017 20/2037 GRP VSPP 39.5 39.5 39,5

  • GPSC (100%)

2014-15 2039/2040 NL1PC Hydro 65 26 26

  • GPSC (40%)

2019 27/2044 Chonburi Clean Energy (CCE) VSPP 8.6 2.87 2.87

  • GLOW (33%)

2019 20 Rayong WTE VSPP 9.8 9.8

  • GPSC (100%)

2021 18/2039 Total VSPP and others 237 145 134.5

  • ERU

ERU Cogen 250 250

  • 175
  • GPSC (100%)

2023 25/2048 Total ERU 250 250

  • 175
  • Total capacity

8,011 5,026 4,748 2,876 7,372

slide-65
SLIDE 65

2020 Maintenance Schedule | Sriracha and Rayong Plants

65

GTG HGPI Hot Gas Path Inspection for Gas Turbine 14 days MI Major Inspection for Gas Turbine 22 days STG Minor Minor Inspection for Steam Turbine 15 days 1MO 2nd Major Overhaul for Steam Turbine 23 days 2MO 2nd Major Overhaul for Steam Turbine 27 days AB 1Y One Year Inspection Aux. Boiler 11 days 3Y Three Year Inspection Aux. Boiler 13 days GTG CI Combustion Inspection for Gas Turbine 8 days HGPI Hot Gas Path Inspection for Gas Turbine 26 days MO Major Overhaul for Gas Turbine 33 days RCIE Rotor and Casting Inspection Evaluation 49 days HRSG 1Y One Year Inspection HRSG 8 days 3Y Three Year Inspection HRSG 33 days Other 1Y One Year Inspection NG Station Test Online 5Y Five Year Inspection NG Station (NDT) Online FO Forced Outage Depending on physical damage HRSG 1Y One Year Inspection HRSG 11 days 3Y Three Year Inspection HRSG 14 days Others 1Y One Year Inspection NG Station Test Online 5Y Five Year Inspection NG Station (NDT) Online FO Forced Outage Depending on physical damage Notes: Rayong Site Notes: Sriracha Site

slide-66
SLIDE 66

2020 Maintenance Schedule | IRPC-CP

66

Plant Unit 2020

Q1 (F) Q2 (F) Q3 (F) Q4 (F)

IRPC-CP Block 1 CTG 21 HRSG 21 CTG 22 HRSG 22 STG 23 Block 2 CTG 31 HRSG 31 CTG 32 HRSG 32 STG 33

  • Aux. Boiler

6 6 6 6 6 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 6 1 1 6 1 1 1 1 1 6 6 1 7 6

Notes: YI Yearly Inspection 5 days YI Yearly Inspection Aux Boiler 15 days 1 = 1 Day (24 hours) 3 = 3 Days (72 hours) 6 = 6 Days (144 hours) 7 = 7 Days (168 hours)

slide-67
SLIDE 67

2020 Maintenance Schedule | Glow’s Main Units

67

Main Units Planned Maintenance Duration (Days) 2017 2018 2019 2020 2020 by quarter Q1 Q2 Q3 Q4 GHECO-One 36

  • 39
  • GIPP: Unit 1
  • GIPP: Unit 2
  • CFB 1

38 27 5 25 CFB 2 27 5 21 23 CFB 3 7 26 45 3 Phase 5 31 5 23

  • 25

2 21 3

slide-68
SLIDE 68

Appendix: Financial Highlights

68

slide-69
SLIDE 69

Fair Value Measurement of Net Assets from Acquisition of Glow

69 Items Book Value of GLOW Fair Value of GLOW Differential Value Assets 107,655 155,500 47,845 Liabilities (56,246) (66,497) (10,251) Net Assets of GLOW at 14 March 2019 51,409 89,003 37,594 Non-Controlling interests at 30.89% (32,092) Total Net Asset

  • btained GLOW at

69.11% 56,911 Goodwill 36,090 Proportion of acquisition cost 69.11% 93,001

GPSC has completed the acquisition of 69.11% on 14 March 2019 at a total of THB 93,001 million, the company has measured the fair value of GLOW net assets as follows:

  • The fair value uplift of THB 37,594 million from Purchase Price Allocation (PPA)
  • The fair value recognition of net assets acquired from GLOW will be amortized yearly (based on the

remaining period of the contract, 5 to 31 years).

  • Goodwill will be subjected to an impairment test on a yearly basis.

Amortization of Fair Value Measured from Net Assets acquired from GLOW during 2019 - 2051 (Computed based on 100% of GLOW shares)

2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051

200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 THB million

unit: THB million

slide-70
SLIDE 70

Accounting Impacts in 2020

70

TFRS 9

Assets As-Is GPSC Policy Impacts on TFRS 9

  • 1. Derivatives

(e.g. IRS ,CCS , FW)

  • Disclosed in the notes to the financial

information

  • Recorded at fair value
  • 2. Other long-term

investments (e.g. RPCL, 24M)

  • Recorded at cost
  • Gain or loss on sale of assets are

presented in the statement of income

  • Recorded at fair value
  • Gain or loss on sale of assets

are not presented in the statement of income

  • 3. Impairment of assets

(e.g. receivables, loans)

  • Impairment from historical

information

  • Consider the future credit risk of

the debtor which may cause impairment faster

Assets Liabilities Off balance

Right-of-use assets and Lease liabilities

Not recorded Not recorded

Right-of-use assets

Lease liabilities

  • TFRS 16

Balance Sheet Revenue

  • Current

TFRS 16 Profit & Loss SG&A EBITDA Depreciation EBIT Finance cost EBT

  • Rent, Lease
  • Depreciation
  • 

TFRS 16 (Accounting for lessees)

Current

Interest from lease agreement

slide-71
SLIDE 71

Q1/2020 Financial Performance Summary (1/2)

71 9,067 18,279

18,308

Q1/19 Q4/19 Q1/20 27% 25%

29%

Gross profit Margin Total Revenue

REVENUE & GROSS PROFIT MARGIN | THB million, % GROSS PROFIT MARGIN REVENUE Q1/2020 REVENUE BY PRODUCT | THB million, %

TOTAL

18,308

QoQ: Increased due to higher dispatch volume due to EGAT instruction and higher AP in Q1/2020 as IPP plants reached the Contracted Availability Hours (CAH) in Dec 2019 despite decrease in electricity and steam sales revenue of SPP plants to industrial customers due to customers’ planned maintenance YoY: Increased due to full quarter recognition of GLOW’s performance QoQ: Increased due to: 1) Higher AP from THB depreciation against USD and no planned maintenance shutdown of IPP power plants in Q1/2020; 2) Decreased in natural gas and coal price and the lower maintenance cost due to no maintenance shutdown of SPP plants YoY: Increased due to full quarter recognition of GLOW’s performance and

  • ther factors similar to QoQ

QoQ

+4%

YoY

+2%

QoQ

+0.2%

YoY

+102%

Electricity | 23% (IPP) Electricity | 54% (SPP+IUs) Steam | 21% Others | 2%

slide-72
SLIDE 72

*Adjusted Net Income is net profit attributed to the company adjusted to reflect the company's true earnings from its normal operations which excludes: fair value of intangible asset from the acquisition of GLOW (PPA Amortization).

Q1/2020 Financial Performance Summary (2/2)

EBITDA & EBITDA MARGIN | THB million, %

NET PROFIT & ADJUSTED NET INCOME* | THB million

QoQ

+20%

YoY

+134%

QoQ

+27%

YoY

+107%

942 1,145 1,580 384 368 Q1/19 Q4/19 Q1/20 2,112 4,116

4,951

Q1/19 Q4/19 Q1/20

1,948

Net Profit PPA Amortization Adjusted NI

23% 23%

27%

EBITDA margin

1,529

EBITDA

942

QoQ: Increased due to: 1) Increased AP from THB depreciation against USD and no planned maintenance shutdown in Q1/2020. 2) Decreased natural gas and coal price and the lower maintenance costs 3) Lower SG&A which mainly from the acquisition of GLOW YoY: Increased due to full quarter recognition of GLOW’s performance and other factors similar to QoQ QoQ: Adjusted Net Income increased due to: 1) Increased in AP of Sriracha Power Plant and GHECO-One due to no planned maintenance shutdown in Q1/2020 and depreciation of THB against USD 2) Decreased in cost of natural gas and coal 3) Decreased in finance costs from the company’s financial deleveraging plan YoY: Adjusted Net Income increased due to full quarter recognition of GLOW’s performance and other factors similar to QoQ

72

slide-73
SLIDE 73

Total Revenue | Slightly increased due to depreciation of THB against USD and higher AP

73

VSPP & others

REVENUE BY TYPE OF POWER PLANT | THB million

TOTAL REVENUE IPP REVENUE SPP REVENUE

QoQ

+0.2%

YoY

+102%

QoQ

+21%

YoY

+165%

1,740 3,814 4,604 7,189 14,343 13,579 138 122 125 9,067 18,279

18,308

Q1/19 Q4/19 Q1/20

SPP IPP

VSPP AND OTHERS' REVENUE

QoQ

  • 5%

YoY

+89%

QoQ

+2%

YoY

  • 9%

QoQ: Increased mainly from: 1) Higher AP from depreciation of THB against USD 2) No planned maintenance shutdown of Sriracha Power Plant and GHECO-One in the mid-December YoY: Increased due to full quarter recognition of GLOW’s performance and higher AP from depreciation of THB against USD QoQ: Decreased mainly from lower electricity and steam sales volume from the maintenance shutdown of industrial customers and decreased in natural gas price during Q1/2020 YoY: Increased due to full quarter recognition of GLOW’s performance QoQ: Increased from electricity sales of ISP1 and higher sales volume of chilled water of CHPP YoY: Decreased mainly from lower revenue from solar cell installation business unit of CHPP QoQ: Increased due to higher dispatch volume due to EGAT instruction and higher AP in Q1/2020 as IPP plants reached the Contracted Availability Hours in Dec 2019 despite decrease in electricity and steam sales revenue of SPP plants to industrial customers due to customers’ planned maintenance YoY: Increased due to full quarter recognition of GLOW’s performance

slide-74
SLIDE 74

Gross Profit & Gross Profit Margin | increased due to higher AP and low fuel costs

74

VSPP & others

GROSS PROFIT & GROSS PROFIT MARGIN BY TYPE OF POWER PLANT | THB million, %

TOTAL GROSS PROFIT IPP GROSS PROFIT SPP GROSS PROFIT

QoQ

+17%

YoY

+117%

QoQ

+38%

YoY

+131%

SPP IPP

VSPP AND OTHERS' GROSS PROFIT

QoQ

+11%

YoY

+117%

QoQ

  • 1%

YoY

  • 5%

QoQ: Increased due to lower natural gas and coal price and lower maintenance cost due to no major maintenance shutdown in Q1/2020 YoY: Increased due to the full quarter recognition of GLOW’s performance QoQ: Decreased mainly from higher cost of sales and lower revenue received from solar cell installment business unit of CHPP YoY: Decreased mainly from lower revenue received from solar cell installment business unit of CHPP and high operating cost of RDF power plant QoQ: Increased due to the higher AP due to no planned maintenance shutdown of Sriracha Power Plant and GHECO-One and depreciation of THB against USD in Q1/2020 YoY: Increased due to full quarter recognition of GLOW’s performance and depreciation of THB against USD in Q1/2020 QoQ: Increased due to: 1) Higher AP from THB depreciation against USD and no planned maintenance shutdown of IPP plants in Q1/2020 2) Lower natural gas and coal price and the lower maintenance cost due to no maintenance shutdown of SPP power plants YoY: Increased due to full quarter recognition of GLOW’s performance 632 1,058 1,459 1,769 3,468 3,834 177 182 72 2,477 4,599

5,365

Q1/19 Q4/19 Q1/20 27% 25%

29%

Gross profit margin

slide-75
SLIDE 75

REVENUE | THB million

GROSS PROFIT & GROSS PROFIT MARGIN | THB million,% QoQ

+21%

YoY

+165%

QoQ

+38%

YoY

+131%

1,740 3,814

4,604

Q1/19 Q4/19 Q1/20

Gross Profit Gross Profit Margin

36% 28%

32%

75

IPP Revenue | increased due to depreciation of THB and no maintenance shutdown in Q1/2020

IPP TOTAL REVENUE

GROSS PROFIT

IPP POWER PLANTS

Sriracha HHPC GHECO-One GIPP

*GLOW IPPs consist of GIPP, GHECO-One and HHPC

QoQ: Increased due to the higher AP due to no planned maintenance shutdown of GHECO-One and Sriracha Power Plant and depreciation of THB against USD in Q1/2020 YoY: Increased due to the full quarter recognition of GLOW’s performance and depreciation of THB against USD in Q1/2020 QoQ: Increased mainly from: 1) Higher AP from depreciation of THB against USD 2) No planned maintenance shutdown of Sriracha Power Plant and GHECO-One in the mid-December YoY: Increased due to full period recognition of GLOW’s performance and higher AP from depreciation of THB against USD

632 1,058

1,459

Q1/19 Q4/19 Q1/20 3.50 2.55

2.47

497 1,495

1,868

Q1/19 Q4/19 Q1/20

SALES VOLUME | G W h

Average selling price (THB/kWh) Sales Volume (GWh)

slide-76
SLIDE 76

AVAILABILITY PAYMENT | THB million

AP

Sriracha

QoQ

+20%

YoY

+197%

498 1,229

1,477

Q1/19 Q4/19 Q1/20 76

IPP AVAILABILITY RATE | %

AP

GIPP

QoQ: AR slightly increased due to planned maintenance for 10 days in December 2019 YoY: AR slightly decreased due the shutdown of the plant AR of GIPP maintained at 100% QoQ: AR increased due to the plant reached the Contracted Availability Hours (CAH) in mid-December 2019 YoY: AR slightly decreased due the shutdown of the plant QoQ: AP increased due to depreciation of THB against USD and no planned maintenance shutdown of Sriracha Power Plant and GHECO-One in Q1/2020 YoY: Increased due to the full period recognition

  • f

GLOW’s performance and higher AP from depreciation of THB against USD.

100% 92%

96%

Q1/19 Q4/19 Q1/20

Sriracha GHECO-One GIPP

100% 100%

100%

99% 90%

95%

ENERGY PAYMENT | THB million

QoQ

+22%

YoY

+175%

QoQ: EP increased due to higher energy dispatch YoY: Increased due to 1) Full quarter recognition of EP from all 3 Glow’s IPP plants in Q1/2020 while in Q1/2019,

  • nly

EP from 18 days was recognized. 2) No planned maintenance of GHECO-One in 2020

1,053 2,370

2,894

Q1/19 Q4/19 Q1/20

AP

GHECO- One

Availability Payment and Energy Payment

Availability Payment increased due to depreciation of THB and no planned maintenance in Q1/2020

Energy Payment increased 175% YoY and 22% QoQ

slide-77
SLIDE 77

SPP REVENUE | THB million

GROSS PROFIT & GROSS PROFIT MARGIN | THB million,% QoQ

  • 5%

YoY

+89%

QoQ

+11%

YoY

+117%

Gross Profit Gross Profit Margin

25% 24%

28%

77

SPP Revenue | increased 89% YoY and decreased 5% QoQ

SPP TOTAL REVENUE

GROSS PROFIT

SPP POWER PLANTS

1,769 3,468

3,834

Q1/19 Q4/19 Q1/20 66% 71% 73% 32% 27% 26% 2% 1% 1% 7,189 14,343

13,579

Q1/19 Q4/19 Q1/20

Electricity Steam Others

CUP-2 CUP-1 CUP-3 IRPC-CP GLOW SPP 2-3 GLOW Energy Phase 1,2,4,5 GLOW SPP 11 Phase 1-3 GLOW CFB3 CUP-4

QoQ: Decreased due to lower electricity and steam sales volume to industrial users due to their planned maintenance shutdown. YoY: Increased due to full quarter recognition of revenue from electricity and steam sales of all Glow’s SPP plants in Q1/2020 (in Q1/2019, only revenue from 18 days was recognized) despite a drop in revenue from GPSC’s SPPs.

QoQ: Increased due to decreased cost of natural gas and maintenance due to no major maintenance shutdown in Q1/2020 of Glow SPPs despite decreased gross profit from GPSC’s SPPs. YoY: Increased due to full quarter recognition of gross profit of Glow’s SPPs in Q1/2020 (in Q1/2019, only gross profit from 18 days was recognized) despite a drop in gross profit from GPSC’s SPPs.

slide-78
SLIDE 78

POWER SALES | THB million

QoQ

  • 3%

YoY

+107%

78

SPP Power Sales | increased 107% YoY and decreased 3% QoQ

SPP

4,776 10,238

9,881

Q1/19 Q4/19 Q1/20

GPSC GLOW

POWER SALES VOLUME | GWh

1,056 1,099 1,018 497 2,319 2,201 1,553 3,418

3,219

Q1/19 Q4/19 Q1/20

AVERAGE SELLING PRICE | THB/kWh Ft RATE | THB

3.08 2.99

3.07

Q1/19 Q4/19 Q1/20

  • 0.116
  • 0.116
  • 0.116

Q1/19* Q4/19 Q1/20 Note: * -0.159 in Jan 2019, -0.116 in Feb and Mar 2019

QoQ: Power sales decreased mainly due to lower sales volume to industrial users due to their planned maintenance shutdown despite slight increase in average selling price. YoY: Power sales increased mainly due to full quarter recognition of power sales volume of all Glow’s SPP plants in Q1/2020 (in Q1/2019, only power sales from 18 days was recognized) despite a drop in power sales from GPSC’s SPPs.

slide-79
SLIDE 79

STEAM SALES | THB million

QoQ

  • 10%

YoY

+54%

79

SPP Steam Sales | increased 54% YoY and decreased 10% QoQ

SPP

2,286 3,901

3,513

Q1/19 Q4/19 Q1/20

GPSC GLOW

STEAM SALES VOLUME | ‘000 tons

1,587 1,690 1,598 374 1,918 1,656 1,961 3,608

3,254

Q1/19 Q4/19 Q1/20

AVERAGE STEAM SELLING PRICE | THB/ton AVERAGE NATURAL GAS PRICE | THB/MMBTU

QoQ: Steam sales decreased mainly due to lower sales volume due to industrial users’ maintenance shutdown and slight decrease in average selling price. YoY: Steam sales increased mainly due to full quarter recognition of steam sales volume of all Glow’s SPP plants in Q1/2020 (in Q1/2019,

  • nly

steam sales from 18 days was recognized) and slight increase in steam sales volume from GPSC’s SPPs.

1,165 1,081

1,080

Q1/19 Q4/19 Q1/20 291 278

273

Q1/19 Q4/19 Q1/20

slide-80
SLIDE 80

Total Costs of Sales and Services

80

TOTAL COSTS OF SALES AND SERVICES* | THB million, %

TOTAL COSTS NATURAL GAS COST COAL COST

QoQ

  • 5%

YoY

+96%

QoQ

  • 3%

YoY

+73% MAINTENANCE COST

QoQ

+7%

YoY

+339%

QoQ

  • 46%

YoY

+130%

QoQ: Decreased mainly due to lower average natural gas price and consumption volume of SPP plants YoY: Increased mainly from the full recognition of costs of GLOW’s power plants in Q1/2020 comparing to only 18-day recognition in Q1/2019. QoQ: Increased due to higher coal consumption of both GHECO-One (GHECO-One has reached the Contracted Availability Hours in mid- December 2019) and Glow’s SPPs in Q1/2020. YoY: Increased mainly due to the recognition of GLOW’s power plants. QoQ: Maintenance cost decreased due to no planned maintenance shutdown in Q1/2020 comparing to planned maintenance shutdown from both of Glow energy plants and Sriracha power plant in Q4/2019. YoY: maintenance cost increased due to full recognition

  • f

maintenance cost of Glow’s facilities in Q1/2020 (2019 planned maintenance of GHECO-One ended before acquisition of GPSC) QoQ: Decreased mainly due to lower average natural gas price and consumption volume of SPP plants despite increase in natural gas costs of IPP plants corresponding to higher dispatch to EGAT. YoY: Increased mainly due to full recognition of GLOW’s costs in Q1/2020 and higher distich to EGAT from Sriracha Power Plant despite decrease in average natural gas price. Note: *excluding depreciation and amortization

Natural gas (IPP) Natural gas (SPP+VSPP) Other costs Coal Maintenance costs

69% 62%

60%

9% 5%

8%

8% 16%

18%

3% 7%

4%

11% 10%

10%

6,590 13,680

12,943

Q1/19 Q4/19 Q1/20

slide-81
SLIDE 81

Natural Gas Consumption VS Price Trends | as of Q1/2020

81 1,420 3,336 3,667 612 1,383 3,670 1,227 976

3,125

12,178 12,431 12,268 12,468 15,684 29,440 31,110 30,610

28,312

Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 IPP 258* SPP 273

Average Monthly Natural Gas Price

  • f Q1/2020

(THB/MMBTU)

Quarterly Natural Gas Consumption (‘000 MMBTU)

IPP SPP

QUARTERLY NATURAL GAS CONSUMPTION & MONTHLY NATURAL GAS PRICE | ‘000 MMBTU, THB/MMBTU

*Excluding GLOW IPP

slide-82
SLIDE 82

Financial Position of GPSC and Subsidiaries

82

TOTAL ASSETS | THB million,%

TOTAL LIABILITIES & SHAREHOLDERS EQUITY | THB million,%

ASSETS

  • 1%

EQUITY

  • 3%

LIABILITIE S

+1%

Total liabilities increased mainly from:

  • Current liabilities decreased by THB 19,455 million mainly from

decrease in short-term loans by THB 15,253 million due to repayment

  • Long-term borrowing increased by THB 15,940 million mainly from

long-term loans with banks to repay short-term loans

  • Other non-current liabilities increased by THB 4,286 million mainly

from the recognition of long-term lease liabilities (implementation of TFRS16) of THB 2,527 million and from the recognition of derivative liabilities (implementation of TFRS9) of THB 2,187 million. Total assets slightly decreased mainly from:

  • Current assets: decreased by THB 5,430 million

mainly due to the decrease of cash and cash equivalent by THB 5,569 million

  • Property, plant and equipment: increased by

THB 1,491 million mainly from the acquisition of the solar power plant on 26 March 2020

  • Other non-current assets: increased by THB

2,726 million mainly due to the increase of right of use assets in the amount of THB 2,644 million Total Equity decreased mainly from:

  • dividend payout of THB 2,256 million (that will be paid in Q2/2020)
  • decrease inother components of shareholders' equity of THB

1,980 million due to implementation of TFRS 9

slide-83
SLIDE 83

Key Financial Ratios

83

TOTAL D/E & NET D/E | times

INTEREST COVERAGE RATIO | times

ROE | %

EARNING PER SHARE (EPS) | THB/share

2.70x 1.29x

1.34x

1.96x 0.78x

0.82x

Q1/19 Q4/19 Q1/20

Total D/E Net D/E

3.82x 1.70x

2.76x

Q1/19 Q4/19 Q1/20 8.41 5.76

6.77

Q1/19 Q4/19 Q1/20

0.63 0.64

0.56

Q1/19 Q4/19 Q1/20

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