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Gulf Energy Development Public Company Limited Company Presentation 8 July 2020 GULF Overview Business Updates Financial Performance Appendix Business overview Power Generation Renewable Energy Infrastructure & Utilities Gas

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SLIDE 1

Company Presentation 8 July 2020

Gulf Energy Development Public Company Limited

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SLIDE 2

GULF Overview Financial Performance Appendix Business Updates

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SLIDE 3

3

Business overview

Existing Projects Prospects Renewable Energy

1,019 MW

75%

Ownership

Gulf Solar 0.6 MW 4 Solar rooftop VSPPs COD: 2014 – 2015

100%

Ownership

Gulf Chana Green 25 MW 1 Biomass project COD: 2020

95%

Ownership

Mekong Wind 310 MW 1 Offshore wind farm (8 phases) SCOD: Ph 1-3 (128 MW): 2021 Ph 4-8 (182 MW): TBC

Power Generation 49%*

Ownership

Duqm Power 326 MW 1 power & water project COD: 2021 – 2022 LNG-to-power (up to 6,000 MW)

13,366 MW

40%

Ownership

Gulf JP 4,237 MW 2 IPPs and 7 SPPs COD: 2013 – 2015

70%

Ownership

Gulf MP 1,563 MW 12 SPPs COD: 2017 – 2019

70%

Ownership (75% dividend)

Independent Power Development 5,300 MW 2 IPPs COD: 2021 – 2024

49%

Ownership

Hin Kong 1,400 MW 1 IPP COD: 2024 – 2025

35%

Ownership

Burapa 540 MW 1 IPP COD: 2027

90%

Ownership

GTN1 & GTN2 119 MW 2 Solar farms COD: 2019 Laos Hydropower (2,366 MW)

Infrastructure & Utilities

Other infrastructure projects

70%

Ownership

Gulf MTP Industrial port development (land reclamation) 3 years construction

40%

Ownership

Laem Chabang Ph3 Deep sea container port > 4 million TEU/year SCOD: [2024 – 2028]

40%

Ownership

BGSR JV Intercity motorway Operation & Maintenance M6: 196 km M81: 96 km SCOD: [2023]

33%

Ownership

One BKK Electricity distribution (240 MW) District chilled water (40,000 RT) SCOD: [2022 – 2024]

Gas 35%

Ownership

Gulf WHA MT Natural gas distribution 2 projects 4,000,000 mmbtu/year COD: 2018 – 2019

70%

Ownership

Gulf MTP LNG terminal Up to 10.8 MTPA SCOD: [2027] (subject to LNG demand) LNG Shipper Licenses 1.7 MTPA LNG import for own SPPs and Hin Kong power plant gas demand

Investment 11.6%

Ownership

SPCG Solar power company

0.5%

Ownership

EDL Gen Major power company in Lao PDR

Data as of 3 July 2020

5.6%

Ownership

INTUCH Holding company with investments in telecommunications, media and technology sector

Note: * Subject to share transfer completion.

100%*

Ownership

Ia Pech 1 & 2 100 MW 2 Onshore wind farms SCOD: 2022

50%*

Ownership

Borkum Riffgrund 2 465 MW 1 Offshore wind farm COD: 2019

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4

Power capacity growth (committed PPAs)

Note:

1/

Gulf's equity stake in GJP was 10% until August 15, 2016 when the stake was increased to 40%; equity installed capacities for 2013-2016 are based on the pro-forma 40% stake for comparison purposes

2/

Include the gas-fired power project in Oman

320 982 1,683 1,683 1,964 2,253 2,701 2,959 2,959 4,199 5,355 6,282 7,553 7,896 7,896 8,085 2013 2014 2015 2016 2017 2018 2019 Jul-20 2020 2021 2022 2023 2024 2025 2026 2027 GJP GMP IPD GCG Gulf Solar Vietnam Borkum Oman HKP Burapa Total 831 2,485 4,237 4,237 4,772 5,282 5,919 6,409 6,409 8,084 9,795 11,120 13,145 13,845 13,845 14,385 2013 2014 2015 2016 2017 2018 2019 Jul-20 2020 2021 2022 2023 2024 2025 2026 2027 GJP GMP IPD GCG Gulf Solar Vietnam Borkum Oman HKP Burapa Total

1 1 1 1 1 1 1 1

Gross Installed Capacity (MW): Equity Installed Capacity (MW):

53% 37% 10%

July 2020 6,409

MW

IPP SPP Renewables

76% 17% 8% Year 2027

14,385

MW

2

Gross Capacity by Plant Types

46% 42% 12%

July 2020 2,959

MW

IPP SPP Renewables

75% 15% 9% Year 2027

8,085

MW

2

Equity Capacity by Plant Types

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Percentage of Power sold to EGAT and Industrial Users

EGAT:

✓ 25-year PPAs with EGAT ✓ 80% Minimum Offtake (SPPs) ✓ Receive Availability Payment (IPPs) and Capacity Payment (SPPs)

regardless of electricity dispatch

✓ Cost pass-through

Industrial Users (IUs):

✓ 15-year Long Term Agreements ✓ 50 – 70% Minimum Take ✓ Diversified across sectors including automotive, construction and

building materials, food & beverage, electronics, packaging, paper and printing materials, petrochemicals, etc.

95% 5%

Industrial Users

2027E 87% 13% 2019

Industrial Users

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87% 13%

Industrial Users

Automotive, 45%

Construction Material, 10% Packaging, 9% Electronics, 8% Food & Beverage, 6% Petchem & Chemicals, 6% Textiles, 5% Steel, 3% Others, 9%

Most of Gulf’s power generation capacity are secured with EGAT’s PPAs while industrial users are diverse in sectors

Limited impact on electricity sales Limited impact on project progress

Projects under construction & development in Thailand still progress as planned Mekong Wind Phase 1 (30MW) experienced a slight delay with SCOD postponed to Mar 2021 while tariff is maintained at 9.8 c/kWh

Impacts from COVID-19

Limited impact on GULF’s businesses from COVID-19

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SLIDE 7

Business Updates GULF Overview Financial Performance Appendix

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8

2020 Key Events

Feb

25 MW Gulf Chana Green Biomass project COD

Mar Jan

1,400 MW Hin Kong Power Project acquisition 540 MW Burapa Power Project acquisition One BKK project Shareholders' Agreements and Utility Development Agreements signing

Jun

Acquired additional 4% stake (from 45% to 49%) and changed shareholding structure to hold shares in Marafiq 100 MW Ia Pech

  • nshore wind power

project acquisition 465 MW Borkum

  • ffshore wind power

project acquisition

Jul May

LNG Shipper License

  • btained
  • Gulf: 0.3 MTPA
  • Hin Kong: 1.4 MTPA

Apr

GULF par split 5:1

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Power projects in Thailand

Construction progress as planned for GSRC while GPD is expected to start construction in Q3’20

Gulf SRC Gulf PD

Installed Capacity:

2,650 MW 2,650 MW

Shareholding: 70% GULF (75% dividends) 30% Mitsui & Co. 70% GULF (75% dividends) 30% Mitsui & Co. Location: WHA Eastern Seaboard Industrial Estate 1, Chonburi province, Thailand Rojana Rayong 2 Industrial Park, Rayong province, Thailand Fuel Type: Gas-fired Gas-fired SCOD: Units 1 and 2: 2021 (1,325 MW) Units 3 and 4: 2022 (1,325 MW) Units 1 and 2: 2023 (1,325 MW) Units 3 and 4: 2024 (1,325 MW) Status: Construction progress: 69.7%

  • Financial close in Nov 2019 with long-term

loan facilities of THB 36,000 million

  • Construction expected to commence in Q3'20
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10

New power project acquisitions

Acquisition of two projects will increase equity capacity by 875 MW

Hin Kong Power Burapa Power

Contracted Capacity:

1,400 MW 540 MW

Consortium: 49% GULF 51% RATCH Group 35% GULF 65% NPS Location: Hin Kong subdistrict, Mueang district, Ratchaburi province, Thailand Khao Hin Son subdistrict, Phanom Sarakham district, Chachoengsao province, Thailand Fuel Type: Gas-fired Gas-fired PPA: Signed with EGAT for 25 years Signed with EGAT for 25 years GSA: Under negotiation Signed with PTT for 25 years SCOD: Unit 1: Mar 2024 (700 MW) Unit 2: Jan 2025 (700 MW) Nov 2027 Status:

  • Expect to get EIA approval within 2020
  • Start construction by 2021
  • Expect to get EIA approval within 2021
  • Start construction by 2025
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Commercial operation of GCG

Gulf Chana Green (GCG)

Installed Capacity:

25 MW (100% interest)

Contracted Capacity: 20.6 MW Location: Chana district, Songkhla province, Thailand Fuel Type: Parawood Tariff: EP + Ft + THB 1.3/kWh adder for 7 years PPA: Signed with EGAT for 25 years EPC: Signed with STEC COD: Mar 1, 2020 Project Cost: THB 2,570 million

In operation Under construction/ development

SONGKHLA

GCG achieved commercial operation on 1 March 2020, adding 25 MW to GULF’s portfolio

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Map Ta Phut Ph.3 Laem Chabang Ph.3 M6 & M81 Motorways One Bangkok

Consortium: 70% GULF 30% PTT Tank Terminal 40% GULF 30% PTT Tank Terminal 30% China Harbour Engineering 40% GULF 40% BTS Group 10% STEC 10% RATCH Group 33% GULF 33% Mitsui & Co. 33% TGES Investment Type: PPP PPP Net Cost PPP Gross Cost Private Authority: Industrial Estate Authority of Thailand (IEAT) Port Authority of Thailand (PAT) Department of Highways (DOH)

  • Scope:
  • Ph.1: Land reclamation
  • Ph.2: LNG terminal

(up to 10.8 MTPA)

  • Design, build, O&M F1 and F2

Terminals

  • 4 MTEU/year
  • Ph.1 Design & construction

➢ Toll collection system, traffic management & control system

  • Ph.2 O&M
  • Electricity Distribution
  • District Chilled Water Distribution

Construction Period:

  • Ph.1: 3 years (2020 – 2023)
  • Ph.2: 4 years (2023 – 2027)
  • F1: 3 years (2022 – 2024)
  • F2: 3 years (2026 – 2028)

3 years (2020 – 2023) 2020 – 2024 Operation Period: 30 years 35 years 30 years 30 years Investment Cost: THB [42.9] billion THB 30.0 billion [to be disclosed] THB 3.6 billion Status:

  • PPP contract signed
  • EPC contract expected to sign in

July 2020

  • Construction starts (Q3’20)
  • Under negotiation with PAT
  • PPP contract signing expected in

early July 2020

  • Under EPC contract bidding
  • EPC contract signing expected in

Q3’20

Infrastructure and utilities projects in Thailand

New projects progressing in line with plan

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Power projects in Vietnam

Projects expected to be included in PDP7 (revised) and PDP8 in phases

Mekong Wind Ia Pech 1 & 2 LNG-to-Power

Capacity: Installed capacity up to 310 MW Contracted capacity 100 MW

  • Gas-fired power plant: up to 6,000 MW
  • LNG terminal: up to 6 MTPA

Shareholding: 95% GULF 5% TTC Group 100% GULF TBA Location: Ben Tre Province, Vietnam Gia Lai province, Vietnam Ca Na, Ninh Thuan Province, Vietnam Fuel Type: Offshore wind Onshore wind Gas-fired Status & SCOD:

  • Phase 1 (30 MW): SCOD Mar 2021

Under construction

  • Phases 2-3 (98 MW): SCOD Oct 2021

PPA signing expected in July 2020

  • Phases 4-8 (182 MW):

Under MOIT consideration to be included in PDP8 within [Q1’21]

  • Construction expected to begin in 2021
  • SCOD 2022
  • Phase 1 (1,500 MW):

Included in PDP7

  • Phases 2-4 (4,500 MW):

Expected to be considered for inclusion in PDP8 within [Q1’21]

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DIPWP Potential Projects

Installed Capacity:

Power: approx. 326 MW Water: approx. 1,667 m3/hour

Location: Duqm Special Economic Zone (Duqm SEZ), Oman Fuel Type: Gas/Diesel PPA: Signed with Duqm refinery for 25 years (+5 years renewal) Status & SCOD: SCOD: 2021 - 2022 Construction progress: 69.6% Shareholding Structure: 49%* GULF 51% OQ

Projects in Oman

Potential to expand business in Duqm SEZ

  • GULF is in the process of increasing its equity stake in

Oman projects and restructuring shareholding to directly hold 49% shares in Marafiq

  • Marafiq has exclusive rights to provide utility services in

Duqm SEZ for 25 years

  • Opportunities to develop and operate future utilities projects

in Duqm SEZ with Marafiq:

Power Business Water Business Gas Business Duqm SEZ OQ (previously Oman Oil) 100.0% 49.0%* GIH 51.0%

100.0%

DPC Power Business Water Business Gas Business

Future Projects Future Projects Future Projects

Note: * Subject to signing of the Share Purchase Agreement and completion of share transfer.

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Power projects in Laos

Hydro Power Projects

Installed Capacity:

2,366 MW in total (3 projects)

  • Pak Beng (912 MW)
  • Pak Lay (770 MW)
  • Sanakham (684 MW)

Shareholding: GULF plans to hold 30% - 35% equity interest in each project Location: Mekong River, Lao PDR Fuel Type: Run of river hydro power plants Off-taker: EGAT SCOD: 2027 - 2030 Status: Under tariff negotiation

Hydro power projects in Laos under tariff negotiation

Pak Beng (912 MW) Pak Lay (770 MW) Sanakham (684 MW)

1 2 3

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Borkum Riffgrund 2

Installed Capacity:

464.8 MW

Shareholding: 50% GULF 50% Ørsted Location: 34 km north of the island of Borkum, Germany Fuel Type: Offshore wind power plants Off-taker: Ørsted for 20 years Status: In operation (COD: April 2019)

Power project in Germany

Newly acquired offshore wind farm in Germany

50.0%

GIH

50.0%

100.0%

BKR2 Holding

Ørsted HoldCo.

100.0%

BKR2

Ørsted Wind Power A/S

100.0%

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Financial Performance GULF Overview Appendix Business Updates

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Total revenues

Total revenues in Q1’20 was THB 7,639 million

  • QoQ: 8,670 MB → 7,639 MB (-11.9%) primarily from:

1) Decrease in sales revenue from THB 7,920 mil to THB 7,782 mil (-1.7%) mainly due to:

  • Planned maintenance shutdown (B-inspection) of GVTP under GMP for

18 days in February 2020, resulting in loss of EGAT revenue

  • EGAT’s modification of 500kV transmission line in Rayong zone in March

2020, resulting in lower offtake from EGAT from 90 MW to 40 MW for 10 days from 6 SPPs (GVTP, GTS1, GTS2, GTS3, GTS4 and GNLL2) under

  • GMP. Nonetheless, the 6 SPPs still received full Capacity Payment (CP)

and EGAT will make up the shortage for the remaining of the year. 2) Share of loss mainly from GJP due to unrealized FX loss

  • YoY: 7,496 MB → 7,639 MB (+1.9%) from:

1) Increase in sales revenue from THB 6,477 mil to THB 7,782 mil (+20.2%) mainly from:

  • full quarter revenue recognition of all 12 SPPs under GMP in Q1’20 (vs.

10 SPPs in Q1’19)

  • full quarter revenue recognition of 2 solar power projects in Vietnam

(GTN1 and GTN2)

  • GCG biomass power project, which commenced commercial operation
  • n 1 March 2020.

2) Nonetheless, increase in sales revenue was offset by share of loss mainly from GJP due to unrealized FX loss

Note:

1/ Consolidated sales revenue include electricity and steam sales from SPPs under GMP, electricity sales from VSPPs under Gulf Solar, electricity sales from GTN1 (from November 2019 following stake increase to 90%) and GTN2 2/ Share of profit include profit (loss) from GJP, GTN1 (from March – November 2019 before increasing the stake to 90%), DIPWP, Gulf WHA MT and BSE 3/ Consolidated other income include dividend income, interest income and other income

6,477 7,920 7,782 77 84 87 895 617 (267) 47 49 37

7,496 8,670 7,639

Q1'19 Q4'19 Q1'20

Sales revenue Management fee Share of profit Other income

+1.9% YoY

  • 11.9% QoQ

Full quarter recognition of projects that commenced operations in 2019 boosted up revenues YoY

Unit: THB million

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655 470 619 240 150 (872)

895 620 (253)

Q1'19 Q4'19 Q1'20

Share of profit (excluding FX) Gain (loss) on FX

Share of profit from GJP (40%)

Share of profit from GJP (excl. FX) in Q1’20 was THB 619 million

  • QoQ: 470 MB → 619 MB (+31.7%) primarily from:

1) Fewer number of plants undergone major overhaul (C-inspection of GCRN) in Q1’20 vs. C-inspection of 3 SPPs (GKP1, GTLC and GNNK) in Q4’19 2) Higher Availability Payment (AP) from both GNS and GUT despite B-inspection of GUT in Q1’20 3) Higher electricity, steam and chilled water demand from IUs in Q1’20

  • YoY: 655 MB → 619 MB (-5.5%) from:

1) Major overhaul (C-inspection) of GCRN and B-inspection (18 days) of GUT in Q1’20 while there were no major maintenance of power plants in Q1’19 2) EGAT’s 500kV transmission line modification in Rayong zone in March 2020, resulting in lower offtake from EGAT from 90 MW to 40 MW for 10 days for GNLL Share of loss from GJP (incl. FX) in Q1’20 was THB 253 million

  • a decline of net profit mainly from the depreciation of THB against USD,

resulting in massive unrealized FX loss (Q1’19: 31.9785 THB/USD, Q4’19: 30.3313 THB/USD, Q1’20: 32.8298 THB/USD)

  • 5.5% YoY

+31.7% QoQ

Share of profit from GJP declined YoY from planned shutdown and unrealized FX loss

Unit: THB million

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857 671 925 436 234 (1,338)

1,293 905 (413)

Q1'19 Q4'19 Q1'20

Core profit Gain (loss) on FX

Core profit / Net profit

Core profit in Q1’20 was THB 925 million

  • QoQ: 671 → 925 (+37.9%) primarily from:

1) Higher share of profit from GJP mainly from fewer number of power plant maintenance and higher AP of 2 IPPs

  • YoY: 857 → 925 (+8.0%) from:

1) full quarter profit recognition of 12SPPs and 2 solar projects in Vietnam in Q1’20 vs. 10 SPPs in Q1’19 2) lower natural gas price (282.02 → 267.38 THB/mmbtu) while Ft remained flat Net loss in Q1’20 was THB 413 million

  • QoQ: from unrealized FX gain of THB 234 mil in Q4’19 to unrealized FX loss of

THB 1,338 mil in Q1’20 due to depreciation of THB against USD

  • YoY: from unrealized FX gain of THB 436 mil in Q1’19 to unrealized FX loss of

THB 1,338 mil

+8.0% YoY FX Rate at End of Period (THB/USD) Q4’18 32.6148 Q1’19 31.9785 Q3’19 30.7661 Q4’19 30.3313 Q1’20 32.8298

Overall core profit improvement QoQ and YoY

Natural Gas Price (THB/mmbtu) Ft (THB) Q1’19 282.02 (0.116) Q4’19 266.36 (0.116) Q1’20 267.38 (0.116) +37.9% QoQ

Unit: THB million

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Plant performance

Improved heat rate from GJP plants

GJP – 2 IPPs (3,406 MW) GJP – 7 SPPs (831 MW) GMP – 12 SPPs (1,563 MW)

Average Heat Rate (BTU/kWh) Plant Availability (%) Dispatch Factor (%)

6,966 6,852 6,824 Q1'19 Q4'19 Q1'20 99.7% 94.0% 94.8% Q1'19 Q4'19 Q1'20 26.6% 47.7% 36.4% Q1'19 Q4'19 Q1'20 7,677 7,665 7,645 Q1'19 Q4'19 Q1'20 99.1% 89.9% 97.0% Q1'19 Q4'19 Q1'20 80.8% 73.3% 76.8% Q1'19 Q4'19 Q1'20 7,411 7,427 7,428 Q1'19 Q4'19 Q1'20 99.6% 98.2% 97.2% Q1'19 Q4'19 Q1'20 83.7% 81.0% 76.2% Q1'19 Q4'19 Q1'20

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Group Project Type COD 2019 2020 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2 Quarter 3 Quarter 4 GJP GKP1 SPP 2013 GKP2 SPP GTLC SPP GNNK SPP GNLL SPP GCRN SPP GNK2 SPP GNS IPP 2014 GUT IPP 2015 GMP GVTP SPP 2017 GTS1 SPP GTS2 SPP GTS3 SPP GTS4 SPP 2018 GNC SPP GBL SPP GBP SPP GNLL2 SPP 2019 GNPM SPP GNRV1 SPP GNRV2 SPP As of April 2020

A B C

A (3 days) CI (10 days) CI (1 days) SIEMENS NS MHPS PS GE GE B (18 days) TI (18 days) HGPI (18 days) C (22 days) MI (35 days) MO (22 days) C C C C A C C A A A B A A C A B A A A A A A A A B A A B A A A A A A A A A A

Maintenance schedule

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Financial Instruments Standard (TFRS 9)

  • The Company is required to measure fair value of interest rate swap (IRS)

derivatives in the financial statements (prior periods only required foreign exchange rate derivatives to be measured at fair value).

  • The measurement of IRS derivatives does not affect income statements since the

company applies hedge accounting; instead, the measurement is recorded in other comprehensive income until derecognition, when the hedged items are gradually reclassified to profit or loss. Leases Standard (TFRS 16)

  • The Company is required to recognize right-of-use assets and lease liabilities

arising from lease contracts which have a lease term of over 12 months in the financial statements.

  • The Company has an office building lease contract, car lease contracts and right-of-

way lease contracts. Under TFRS 16, the Company recorded interest incurred from lease liabilities and amortization from the rights to use assets instead of recording lease expenses.

TFRS 9 & TFRS 16 impacts

The adoption of TFRS 9 and TFRS 16 does not impact income statements

Impacts from TFRS 9 & TFRS 16 adoption in Q1’20 (THB million)

TFRS 9 TFRS 16 Total Assets (120) 738 618 Liabilities 17,060 796 17,856 Equity 17,180 (58) (17,238)

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Balance sheet

Total assets was THB 141,828 million +5.6% mainly from:

  • increase in PPE from construction of GSRC
  • increase in advance payment for construction of

GPD

  • increase

in deferred tax assets from IRS derivatives fair value measurement required under TFRS9

111,861 118,263 7,607 8,086 14,810 15,479

134,278 141,828

31-Dec-19 31-Mar-20

Cash, cash equivalents & deposits used as collateral Other current assets Non-current assets

+5.6%

Total assets

Total liabilities was THB 110,276 million +29.4% mostly from:

  • Current: GULF’s working capital borrowings

and accounts payable for GSRC construction

  • Non-current: increase in financial derivative

liabilities (mostly IRS contracts) from TFRS9 adoption and long-term loan drawdowns for the GSRC & GPD construction

75,429 98,511 9,809 11,765

85,238 110,276

31-Dec-19 31-Mar-20

Current liabilities Non-current liabilities

+29.4%

Total liabilities

Total equity was THB 31,552 million

  • 35.7% mainly from:
  • decrease in other components of equity and

non-controlling interests mostly due to loss from fair value measurement of IRS contracts required under TFRS9

Total equity

10,613 6,392 1,174 1,174 (790) (13,583) 6,488 6,014 31,556 31,556

49,040 31,552

31-Dec-19 31-Mar-20

  • 35.7%

Paid-up capital and share premium Retained earnings Other equity Non-controlling interests Other components of equity

Unit: THB million

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D/E ratios

Leverage ratios still relatively low (1.51x) compared to bond covenant (3.50x)

1.74 3.50 1.57 2.65 1.25

1.51

31-Dec-19 31-Mar-20

D/E ratios

Note: *Shareholders’ equity used in the calculation of net IBD/E (adjusted) ratio excludes other components of equity to be in line with bond covenant D/E IBD/E Net IBD/E (adjusted)*

14,810 85,238 77,161 62,351 49,040 49,830 15,479 110,276 83,490 68,011 31,552 45,135 31-Dec-19 31-Mar-20

Cash, cash equivalents and deposits used as collateral Net interest-bearing debt Shareholders’ equity Shareholders’ equity (excl. other components

  • f equity)

Total liabilities Interest-bearing debt

Unit: THB million

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Appendix GULF Overview Financial Performance Business Updates

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27

2020 Outlook

Gas Price

THB/mmbtu

Ft

THB/kWh

Decreasing gas price while Ft remains stable improves Gulf’s SPP gross profit margin

(0.20) (0.15) (0.10) (0.05)

  • 210

220 230 240 250 260 270 280 290 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 Apr - May 20

EGAT’s transmission line modification to be made up in Q2-Q4’20 In March 2020, EGAT’s modification of 500kV transmission line in Rayong zone resulted in lower offtake from EGAT from 90 MW to 40 MW for 10 days from 6 SPPs under GMP group and 1 SPP under GJP Electricity offtake shortage will be made up by EGAT in the remainder of 2020 Increase in IUs demand from new contracts

18.4 – 44.9 MW of potential

IU expansion in 2020 across different sectors from both existing customers and new customers

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SLIDE 28

100.0%* 100.0% 5.6%

POWER BUSINESS GAS BUSINESS INFRASTRUCTURE & UTILITIES BUSINESS INVESTMENT BUSINESS

GJP GMP IPD HKH BPH GEI Gulf HK

Gulf Solar Gulf

WHA MT

Gulf

LNG Gulf MTP

BSE BSP BSD 70.0% 33.3% 40.0% 49.0%

SPCG EDL- Gen

11.6% 0.5% GNS GUT 100.0% 100.0% 100.0% 100.0%

GSRC

GPD HKP 100.0% 100.0% BPG

GKP1 GKP2 GTLC GNNK GCRN GNK2 GNLL GBP GBL GNLL2 GNPM GNRV2 GNRV1 GNC GVTP GTS1 GTS2 GTS3 GTS4

100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 75.0% 100.0% 100.0% 100.0% 100.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 75.0% 40.0% 70.0% 70.0% 49.0% 35.0% 100.0% 100.0% 100.0% 51.0%

Gulf Mauritius

GIH

Gulf VN

100.0% 100.0% 100.0% 100.0%

Gulf Solar BV Gulf Solar KKS Gulf Solar TS1 Gulf Solar TS2

100.0% 100.0% 100.0% 100.0% 100.0% GCG

Gulf Pattani Green SBY Biomass Thepha Clean Energy Kolpos

WHA NGD2 WHA NGD4

100.0% 100.0% 75.0% 35.0% 100.0%

INVESTMENT STRUCTURE

90.0% 90.0% 95.0% GTN1 GTN2

Mekong Wind Power

Marafiq DPC (Duqm)

100.0% 49.0%*

* Note: Subject to completion of share transfer. INTUCH Data as of 3 July 2020

DGI

100.0%

BKR2 50.0%* 49.0% 100.0%

Ia Pech 1 Ia Pech 2

100.0%

BKR2 Holding
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29

Electricity: 831 MW Steam: 92 TPH Electricity: 838 MW Steam: 68 TPH Signed with EGAT, for 25 years Signed with PTT Signed with Toyo Engineering & MIT-Power Signed with SIEMENS 2013

✓ ✓ ✓ ✓

Installed capacity Electricity: 3,406 MW Contracted capacity Electricity: 3,200 MW PPA: Signed with EGAT, for 25 years GSA: Signed with PTT EPC: Signed with MHPS & STECON LTSA: Signed with MHPS COD: 2014 – 2015

✓ ✓ ✓ ✓

2 IPPs 7 SPPs

2 IPPs: 7 SPPs:

GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2

Gulf JP Company Limited

40% 60%

Gulf JP – 2 IPPs & 7 SPPs (4,237 MW)

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SLIDE 30

30

Gulf MP – 12 SPPs (1,563 MW)

GVTP COD 16 May 2017 GNC COD 1 Mar 2018 GBL COD 1 Sep 2018 GBP COD 1 Nov 2018 GNLL2 COD 1 Jan 2019 GTS4 COD 1 Jan 2018 GNPM COD 1 Mar 2019 GNRV1 COD 1 May 2019 GNRV2 COD 1 Jul 2019 GTS1 COD 8 Jul 2017 GTS2 COD 1 Sep 2017 GTS3 COD 1 Nov 2017

✓ ✓ ✓ ✓ ✓

COD 2017 COD 2018 COD 2019 All projects in operation

✓ ✓ ✓ ✓

Installed capacity Electricity: 1,563.4 MW Steam: 225.0 TPH Contracted capacity Electricity: 1,489.7 MW Steam: 210.5 TPH PPA: Signed with EGAT, for 25 years GSA: Signed with PTT EPC: Signed with Toyo Engineering LTSA: Signed with SIEMENS and GE COD: 2017 – 2019 Project cost: THB 6,000 - 6,200 mn / SPP Overall status: All projects in operation

✓

✓ ✓ ✓ ✓

✓ ✓

Gulf MP Company Limited

70% 30%

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SLIDE 31

31

IPD – 2 IPPs (5,300 MW)

Independent Power Development Company Limited

70% 30%

In operation Under construction/ development

CHONBURI RAYONG RAYONG

Location: WHA Eastern Seaboard Industrial Estate 1, Chonburi Installed capacity 2,650.0 MW Contracted capacity: 2,500.0 MW Fuel type: Gas-fired PPA Signed with EGAT for 25 years GSA Signed with PTT EPC Signed with Mitsubishi, MHPS and STEC LTSA Signed with MHPS SCOD: Unit 1-2: Mar and Oct 2021 Unit 3-4: Mar and Oct 2022 Project cost: THB 50,000 million

  • Debt: THB 38,000 million

(D/E 3:1)

  • Equity back-ended structure

Overall status: Under construction Location: Rojana Rayong 2 Industrial Park, Rayong Installed capacity 2,650.0 MW Contracted capacity: 2,500.0 MW Fuel type: Gas-fired PPA Signed with EGAT for 25 years GSA Signed with PTT EPC Signed with Mitsubishi, MHPS and STEC LTSA Signed with MHPS SCOD: Unit 1-2: 2023 Unit 3-4: 2024 Project cost:

  • Approx. THB 50,000 million
  • Debt: THB 36,000 million

(D/E 3:1)

  • Equity back-ended structure

Overall status: • Financing agreement signed

  • n 18 Nov 2019
  • Designing work on progress
  • Construction starts in Q3’20

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

(75% dividend)

construction progress 69%

as of March 2020

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SLIDE 32

32

Duqm Independent Power & Water Project (DIPWP)

Location Duqm Special Economic Zone, Oman Installed capacity Power: approx. 326 MW Water: approx. 1,667 m3/hour Contracted capacity Power: approx. 208 MW Water: approx. 1,250 m3/hour Shareholding

  • GULF (49%)
  • OQ (51%)

Fuel type Gas/Diesel Gas turbine SIEMENS SGT800 EPC Signed with consortium of 4 companies: 1) Alghanim International General Trading & Contracting Co. W.L.L. 2) Cobra Instalaciones y Servicios S.A. 3) Sojitz Corporation 4) Tecnicas De Desalinizacion De Aguas Offtaker Duqm Refinery PPA Signed with Duqm refinery for 25 years (+5 years renewal) SCOD 2021-2022 Project cost

  • Approx. USD 483 million

(Designed to have extra 2 units to standby in case of emergency (n-2). Availability payment has been considered on installed capacity.)

DIPWP (326 MW)

construction progress 69%

as of June 2020

In operation Under construction/ development

DUQM SEZ

Kuwait Petroleum

51% 49%* 50% 50%

OQ

(Previously Oman Oil)

DUQM POWER PROJECT Desalinated water Electricity Capacity: 230,000 bbl/day Project cost: US$7,000m

100%

GIH

* Note: GIH’s shareholding of 49.0% is subject to the signing of the Share Purchase Agreement and completion of share transfer.

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SLIDE 33

33

GTN1 and GTN2 (119 MW) Solar Projects

Location Tay Ninh, Vietnam Installed capacity

  • Approx. 69 MW

Shareholding

  • GULF (90%)
  • TTC Group (10%)

Fuel type Solar EPC Signed with JGC Vietnam Offtaker Vietnam Electricity (EVN) Tariff US9.35c./kWh PPA Signed with EVN for 20 years COD

6 Mar 2019

Project cost

USD 60.0 million

GTN1 (Formerly known as TTCIZ-01) GTN2 (Formerly known as TTCIZ-02)

Location Tay Ninh, Vietnam Installed capacity

  • Approx. 50 MW

Shareholding

  • GULF (90%)
  • TTC Group (10%)

Fuel type Solar EPC Signed with JGC Vietnam Offtaker Vietnam Electricity (EVN) Tariff US9.35c./kWh PPA Signed with EVN for 20 years COD

19 Apr 2019

Project cost

USD 46.7 million

In operation

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34

Location: Songkhla, Thailand

Installed capacity: 25.0 MW Contracted capacity: 20.6 MW Fuel type Parawood Tariff EP + Ft + Bt 1.3/kWh adder for 7 years after COD PPA Signed with EGAT EPC Signed with STEC COD: Mar 1, 2020 Project cost: Approx. THB 2,300 million

In operation Under construction/ development

(GCG)

SONGKHLA

✓ ✓

Gulf Chana Green Co., Ltd.

100%

Gulf Chana Green (25 MW)

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35

Mekong Wind Project in Vietnam (310 MW)

In operation Under construction/ development

Mekong Wind

Location Ben Tre, Vietnam Installed capacity Phase 1: 30 MW Phases 2-3: 98 MW Phases 4-8: 182 MW Total: 310 MW Shareholding

  • GULF (95%)
  • TTC Group (5%)

Fuel type Offshore Wind Offtaker Vietnam Electricity (EVN) Tariff Increase from approx. US7.8c./kWh to approx. US9.8c./kWh PPA 20 years EPC Signed with PowerChina LTP Signed with Siemens Gamesa Status & COD Phase 1 (30MW): Mar 2021 Phases 2-3 (98 MW): Oct 2021 Phases 4-8 (182 MW): Under MOIT consideration to be included in PDP8 Project cost

  • Approx. USD 618 million
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36

Ia Pech Wind Project in Vietnam (100 MW)

In operation Under construction/ development

Ia Pech 1 & 2

Location Gia Lai , Vietnam Contracted capacityIa Pech 1 : 50 MW Ia Pech 2 : 50 MW Total: 100 MW Shareholding GULF (100%) Fuel type Onshore Wind Off-taker Vietnam Electricity (EVN) Tariff USD [8.5] cent/kWh PPA 20 years EPC TBA LTP TBA Status & SCOD Construction expected in 2021

SCOD 2022

Project cost

  • Approx. USD 200 million
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37

Map Ta Phut Industrial Port Development Phase 3

Location: Map Ta Phut Industrial Estate, Rayong Province Map Ta Phut Industrial Estate, Rayong Province Investment Type: PPP Private sector runs its own business Authority: Industrial Estate Authority of Thailand (IEAT) Industrial Estate Authority of Thailand (IEAT) Scope: Land reclamation (1,000 rai) Right to use land: Plot B (200 rai)

  • LNG terminal: up to 10.8 MTPA

Ownership: Build – Transfer Build – Operate – Transfer Construction Period: 3 years (2020 – 2023) 4 years (2023 – 2027)* Operation Period: Operated by IEAT 30 years Investment Cost: THB 12,900 million THB [30,000] million Return on Investment: Annual fixed payment made by IEAT to private sector for 30 years Tolling service fees by off-takers Infrastructure (2020 – 2023) Superstructure (2023 – 2027) Status:

  • PPP Contract signed on October 1, 2019
  • EPC Contract expected to sign in July 2020
  • Financial close by Q3 2020
  • Infrastructure construction starts in Q3 2020, superstructure construction starts in Q3 2023

* Construction commencement will be subject to the LNG demand

Map Ta Phut Port Phase 3

Gulf MTP LNG Terminal Company Limited

70% 30%

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38

Location: Thung Sukhla Subdistrict, Sriracha District, Chonburi Province Investment Type: PPP Net Cost Authority: Port Authority of Thailand (PAT) Scope: F1 and F2 Terminals (690 rai)

  • Design, Build, Operation and Maintenance

Capacity: At least 4 million TEU/year Berth Length:

  • F1 = 1,000 m.
  • F2 = 1,000 m.

Deepest Berth Length:

  • 18.5 m.

Operation Period: 35 years Investment Cost: THB 30,000 million Concession Fees (Paid to PAT):

  • Fixed concession fee
  • Royalty fee (variable fee)

SCOD:

  • F1 = [2024]
  • F2 = [2028]

Superstructure (Container Port)

Infrastructure work (land reclamation) is done by the Port Authority of Thailand (PAT)

Status:

  • Under negotiation with PAT

Consortium 30% 30% 40%

Gulf Energy Development PCL PTT Tank Terminal Co., Ltd. China Harbour Engineering Company Ltd.

Laem Chabang Port Development Phase 3

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SLIDE 39

39 M81 M6

Investment Type: PPP Gross Cost PPP Gross Cost Authority: Department of Highways (DOH) Department of Highways (DOH) Distance: 196 km 96 km Scope: Phase 1: Design and Construction (3 years)

  • Toll Collection System
  • Traffic Management and Control System
  • Other Infrastructures

Phase 2: Operation and Maintenance (30 years) Price Proposed by Consortium: THB 21.3 billion THB 17.8 billion Expected COD: [2023] [2023]

Bang Pa-In – Nakhon Ratchasima Bang Yai – Kanchanaburi

96 km

Bang Yai Kanchanaburi

M81

Status:

  • PPP Contract signing expected in July 2020

BGSR JV

10% 40% 40% 10% M6

Nakhon Ratchasima Bang Pa-In

196 km

Intercity Motorways (M6 & M81)

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40

A GLOBAL LANDMARK DEVELOPMENT IN THE HEART OF BANGKOK

❖ 5 Super luxury / Luxury Hotels ❖ 3 Super luxury / Luxury Residences ❖ 5 Office Buildings ❖ 3 Cultural Hub & Retail Buildings ❖ Central Utilities Plant (CUP)

s

Bangkok Smart Energy (BSE)

33.33% 33.33% 33.33%

Bangkok Smart Power (BSP) Bangkok Smart DCS (BSD) One DCS Services OBC’s Subsidiary One Power Services OBC’s Subsidiary

60% 49% 51% 40%

Scope of Work: Electricity Distribution System (Power) District Chilled Water Distribution System (DCS) Installed Capacity: 240 MW 40,000 RT Connected Capacity: 123 MW 36,000 RT Off-Taker: 100% by Customers in One Bangkok Project Term: 30 years from Power and DCS SCOD (May 2022) SCOD: Phase 1 – 2022 (Power & DCS) Phase 2 – 2024 (DCS) Project Cost: THB 3,570 million Overall status:

  • Under EPC contract bidding
  • EPC contract signing expected in Q3’20

One Bangkok

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41

Borkum Riffgrund 2 Wind Project in Germany (464.8 MW)

Borkum Riffgrund 2

Location Borkum, Germany Installed capacity 464.8 MW Shareholding

  • GULF (50%)
  • Ørsted (50%)

Fuel type Offshore Wind Off-taker Ørsted Tariff Year 1 – 8: 184 EUR / MWh Year 8 – 9.5: 149 EUR / MWh Year 9.5 – 20: Merchant price with min tariff 39 EUR / MWh After PPA expires, merchant market PPA Signed with Ørsted for 20 years COD Apr 2019 Project cost

  • Approx. USD 2,000 million

Germany

In operation Under construction/ development

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42

  • All of the power projects in Thailand have long term loans of 20 - 23 years (vs. PPA term of 25 years).
  • To mitigate interest rate fluctuation, the company entered into interest rate swaps to swap interest rate from floating rate into fixed rate for 18 - 20 years.

40% 70% 100% THB 7,500 mn in debentures 75%* 55% 45% 72% 28% USD 945 mn THB 38,410 mn USD 428 mn THB 36,840 mn 89% 11% USD 63 mn THB 17,397 mn 100% THB 1,806 mn THB 69,420 mn THB 50,904 mn THB 19,466 mn Total loan

  • utstanding:

(THB equivalent)

THB 1,806 mn 100% THB 3,545 mn THB 3,545 mn 75%* THB 1,000 mn in working capital borrowings &

Debt outstanding

As of Mar 31, 2020

Note: * Based on % profit sharing received from GSRC & GPD ** FX rate: 32.8298 THB/USD *** Debt outstanding exclude subsidiaries’ working capital borrowings

slide-43
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43

Board of Directors

slide-44
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44

Management Team

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SLIDE 45

This document is for information and reference only and does not constitute or form part of and should not be construed as, an offer to sell

  • r issue or subscription of, or the solicitation of an offer to buy or acquire any securities of Gulf Energy Development Public Company

Limited (the “Company”) in any jurisdiction or an inducement to enter into investment activity. The information contained in this document has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, reliability, accuracy, completeness or correctness of the information or the opinions contained herein. This document should not be regarded by recipients as a substitute for the exercise of their

  • wn judgment. The information contained in this document should be considered in the context of the circumstances prevailing at the time

and has not been, and will not be, updated to reflect developments which may occur after the date of the document. None of the Company

  • r any of its affiliates, directors, officers, employees, agents, advisors or representatives shall have any liability whatsoever (in negligence or
  • therwise) for any damages or loss howsoever arising from any use of this document or its contents or otherwise arising in connection with

the document. This document contains "forward-looking statements", which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. You are cautioned not to rely on such forward-looking statements. Neither the Company nor any of its respective affiliates, agents, employees, advisors or representatives intends or has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this document. This document contains data sourced from and the views of independent third parties. In such data being replicated in this document, the Company does not make any representation, whether express or implied, as to the accuracy of such data. The replication of any views in this document should be not treated as an indication that the Company agrees with or concurs with such views.

Disclaimer

slide-46
SLIDE 46

IR Contact

Gulf Energy Development Public Company Limited Investor Relations Department 87 M.Thai Tower 11th Floor, All Seasons Place, Wireless Road, Lumpini, Pathumwan, Bangkok 10330, Thailand Tel: +66(0) 2080 4488 Fax: +66(0) 2080 4455 Email: ir@gulf.co.th Website: www.gulf.co.th