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Gulf Energy Development Public Company Limited MANAGEMENT PRESENTATION March 2019 Disclaimer 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 or issue or


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Gulf Energy Development Public Company Limited

MANAGEMENT PRESENTATION March 2019

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Disclaimer

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

  • therwise 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"

  • r 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.

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Agenda ▪ Business Overview ▪ Project Updates ▪ Operating Performance ▪ Financial Highlights ▪ Summary

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  • 1. Business Overview
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Business overview

Gas-fired Business Renewables Business Other Business

▪ 2 IPPs and 7 SPPs ▪ 4,237 MW ▪ COD: 2013-2015

40%

Ownership

▪ 12 SPPs ▪ 1,563 MW ▪ COD: 2017-2019

70%

Ownership

70%

Ownership (75% dividend)

75%

Ownership

100%

Ownership

▪ 4 Rooftop-solar VSPPs ▪ 0.6 MW ▪ COD: 2014-2015 ▪ 1 Biomass project ▪ 25 MW ▪ COD: 2020 ▪ 2 IPPs ▪ 5,300 MW ▪ COD: 2021-2024

Solar power projects

49-90%

Ownership ▪

3 solar projects ▪ 149 MW ▪ COD: 2019 ▪ Natural Gas Distribution

  • 2 NGD projects
  • 4,000,000 mmbtu/year
  • COD in 2018-2019

▪ Investment

  • 8.38% in SPCG
  • 0.46% in EDL-Gen

11,426 MW

35%

Ownership

WH WHA A MT Thailand Overseas

484 MW

▪ 1 independent power and water project ▪ 326 MW ▪ COD: 2020-2022

45%

Ownership

Duqm Power Company (“DPC”) Wind power project

49%

Ownership ▪

1 wind project ▪ 310 MW ▪ COD: 2021-2023

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Power business

In operation Under development/ construction

33 Power projects

in 3 countries

With over 20 years of continued experience

in Thailand’s Power industry, Gulf has become one of the largest power companies in the country, operating in all types of power producers – IPP, SPP and VSPP – using environmental-friendly fuels, mainly natural gas plus growing contribution from renewables.

Vietnam

(4 projects)

Oman

(1 project)

Thailand

(28 projects) 1994 Thailand’s 1st IPP and 1st SPP 2007 2013 Thailand’s 2nd IPP and 2nd SPP 2010 2016 2018 Thailand’s 3rd IPP Thailand’s 3rd SPP

Installed capacity Gross Equity In operation 5,544 MW 2,415 MW Under development/construction 6,366 MW 4,306 MW Total 11,910 MW 6,721 MW

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Power capacity growth – nearly 20% in 6 years

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

831 2,485 4,237 4,237 4,772 5,282 5,544 5,919 6,083 7,596 9,145 10,585 11,910

  • 2,000

4,000 6,000 8,000 10,000 12,000 14,000 2013 2014 2015 2016 2017 2018 Mar-19 2019 2020 2021 2022 2023 2024 GJP GMP IPD GCG Gulf Solar Vietnam Oman Total

Note: 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

73%

23% 4%

320 982 1,683 1,683 1,964 2,253 2,415 2,673 2,762 3,777 4,810 5,794 6,721

  • 1,000

2,000 3,000 4,000 5,000 6,000 7,000 8,000 2013 2014 2015 2016 2017 2018 Mar-19 2019 2020 2021 2022 2023 2024 GJP GMP IPD GCG Gulf Solar Vietnam Oman Total

75%

21% 4% IPP

SPP

Renewables

IPP

SPP

Renewables

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  • 2. Project Updates
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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 SCOD May 2019 GNRV2 SCOD Jul 2019 GTS1 COD 8 Jul 2017 GTS2 COD 1 Sep 2017 GTS3 COD 1 Nov 2017

Installed capacity Electricity: 1,563.4 MW Steam: 225.0 TPH Contracted capacity Electricity: 1,466.5 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: 6,200 MB → 6,000 MB

(managed to be under budget)

Overall status:

  • 10 projects in operation
  • 2 projects under

construction

✓ ✓ ✓ ✓ ✓ ✓

COD 2017 COD 2018 COD 2019 Construction progress on track

99.0% 94.8%

✓ ✓ ✓

✓ GMP – 12 SPPs (1,563 MW)

✓ ✓

As of January 2019

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IPD – 2 IPPs (5,300 MW)

In operation Under construction/ development

CHONBURI 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: 51,000 MB → 50,000 MB

(savings from FX hedging & IRS)

  • Debt: 38,000 MB (D/E 3:1)
  • Equity back-ended structure

Overall status: Under construction 22% completed 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. 51,000 MB

  • Debt: 38,000 MB (D/E 3:1)
  • Equity back-ended structure

Overall status:

  • Under development
  • Financial close is

expected by end of 2019

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

As of January 2019

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GSRC’s project developments

Civil works progress as planned

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Gulf Chana Green (25 MW)

(GCG)

SONGKHLA Location: Songkhla, Thailand Installed capacity: 25.0 MW Contracted capacity: 20.6 MW Fuel type Parawood Tariff EP + Ft + Bt 1.3 adder for 7 years after COD PPA Signed with EGAT EPC Signed with STEC SCOD: Mar 2020 Project cost:

  • Approx. 2,300 MB

Overall status: Under construction 41% completed

✓ ✓

As of January 2019

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NGD projects (4,000,000 mmbtu/year)

Location: WHA Eastern Seaboard Industrial Estate 2 Capacity: 2,000,000 mmbtu/year Customers: 500,000 mmbtu/year (Around 60% was secured under 10-year, long-term contracts) GSA Signed with PTT (10 years) COD: 1 Dec 2018 Project cost: Approx. 198 MB Location: WHA Eastern Seaboard Industrial Estate 4 Capacity: 2,000,000 mmbtu/year Customers: 500,000 mmbtu/year (Around 20% was secured under 10-year, long-term contracts) GSA Signed with PTT (10 years) SCOD: Apr 2019 Project cost: Approx. 234 MB Overall status: Under construction 88% completed

✓ ✓ ✓

As of January 2019

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New renewable investment in Vietnam

Project Province Fuel type Equity interest Gross installed capacity (MW) Equity installed capacity (MW) Approx. project cost (US$m) SCOD TTCIZ-01 Tay Ninh Solar 49% 69 34 65 Mar 2019 TTCIZ-02 Tay Ninh Solar 90%* 50 45 50 May 2019 Solar VN Ben Tre Solar 49% 30 15 33 [2019-2020] Wind VN Ben Tre Offshore wind 49% 310 152 618 2021-2023 Total 460 245 766

Investment portfolio

One of the leading conglomerates in Vietnam,

  • perating various businesses, including energy and

industrial estates with an asset size of approx. US$1.9 billion

Under construction/ development

Note: *Gulf successfully increased its equity interest in TTCIZ-02 from 49% to 90% in January 2019.

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First two solar projects in Vietnam (119 MW)

Location Tay Ninh, Vietnam Installed capacity

  • Approx. 69 MW

Shareholding - GULF (49%)

  • TTC Group (51%)

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

Mar 2019

Project cost

  • Approx. US$ 65 million

Overall status Under construction

88% completed

TTCIZ-01

Under construction/ development

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 SCOD

May 2019

Project cost

  • Approx. US$ 50 million

Overall status Under construction

65% completed

As of January 2019

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Two new renewable projects in Vietnam (340 MW)

Location Ben Tre, Vietnam Installed capacity

  • Approx. 30 MW

Shareholding - GULF (49%)

  • TTC Group (51%)

Fuel type Solar Offtaker Vietnam Electricity (EVN) Tariff US[9.35c.]/kWh SCOD

[2019-2020]

Project cost

  • Approx. US$ 33 million

Overall status Waiting for approval from

Ministry of Industry and Trade of Vietnam

Solar Vietnam

Under construction/ development

Wind Vietnam

Location Ben Tre, Vietnam Installed capacity 1st Phase: 30 MW 2nd Phase: 49 MW 3rd Phase: 231 MW Total: 310 MW Shareholding - GULF (49%)

  • TTC Group (51%)

Fuel type Offshore Wind Offtaker Vietnam Electricity (EVN) Tariff Increase from approx. US7.8c./kWh to approx. US9.8c./kWh PPA 20 years SCOD

1st Phase (30MW): 2021 2nd Phase (49 MW): 2021 3rd Phase (231 MW): 2022-2023

Project cost

  • Approx. US$ 618 million

Overall status

  • Under EPC selection process
  • Seeking for key licenses and

PPA

  • Expect to sign EPC contract

by Jul 2019 and begin the construction in Q3 2019

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Newly awarded gas-fired project in Oman (326 MW)

DUQM POWER PROJECT Desalinated water Electricity

55% 45% 50% 50%

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 (45%)
  • Oman Oil (55%)

Fuel type Gas 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 2020-2022 Project cost

  • Approx. US$ 483 million

Overall status Under construction

14% completed

Oman Oil Kuwait Petroleum

Capacity: 230,000 bbl/day Project cost: US$7,000m (Designed to have extra 2 units to standby in case of emergency (n-2). Availability payment will be paid based on installed capacity.)

As of January 2019

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  • 3. Operating performance
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Projects in operation

40%

Ownership

70%

Ownership

4,237 MW 1,307 out of 1,563 MW

GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2 GNS GUT

100% 100% 100% 100% 100% 75% 100%

114 MW 114 MW 114 MW 114 MW 123 MW 119 MW 133 MW

100% 100%

1,653 MW GVTP GTS1 GTS2 GTS3

75% 75% 75% 75%

137 MW 134 MW 134 MW 130 MW

7 SPPs 2 IPPs 10 SPPs out of 12 SPPs COD: 2013 COD: 2014-15 COD: 2017

1,752 MW As of March 2019 GTS4 GNC GBL GBP

75% 100% 75% 75%

130 MW 126 MW 127 MW 127 MW

COD: 2018

GNLL2

75%

127 MW

COD: 2019

GNPM

100%

135 MW

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GJP – 2 IPPs (3,406 MW)

6,991 6,989 7,061 Average

Average heat rate

(BTU/kWh)

2016 2017 2018

2 IPPs Key customer

98 97 95 97 96 97 GNS GUT

Availability (%)

2016 2017 2018

COD: Unit 1 Jun 2014 Unit 2 Dec 2014 GNS GUT COD: Unit 1 Jun 2015 Unit 2 Dec 2015

100% of contracted capacity

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GJP – 7 SPPs (831 MW)

97 99 94 93 83 94 95 98 97 99 99 99 99 99 97 97 98 97 98 97 99 GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2

Availability (%)

2016 2017 2018 7,745 7,700 7,685 Average

Average heat rate

(BTU/kWh)

2016 2017 2018 COD: Jan 2013 COD: Feb 2013 COD: Mar 2013 COD: Apr 2013 COD: May 2013 COD: Jul 2013

GKP1 GKP2 GTLC GNNK GNLL

COD: Oct 2013

7 SPPs Key customers

GCRN GNK2

90 MW of each project is dispatched to The rest is supplied to industrial users

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GMP – 8 out of 12 SPPs (1,045 MW)

COD: May 2017 COD: Jul 2017 COD: Sep 2017 COD: Nov 2017 COD: Jan 2018

GVTP GTS1 GTS2 GTS3

COD: Mar 2018

8 out of 12 SPPs Key customers

GTS4 GNC

90 MW of each project is dispatched to The rest is supplied to industrial users COD: Sep 2018

GBL

96 98 100 98 98 97 98 97 98 98 100 100 GVTP GTS1 GTS2 GTS3 GTS4 GNC GBL GBP

Availability (%)

2017 2018 7,479 7,415 Average

Average heat rate

(BTU/kWh)

2017 2018 COD: Nov 2018

GBP

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A B C

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

Maintenance Schedule 2018 - 2019

Group Project Type COD 2018 2019

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

A A A A A A A B A A A A C C C C A C C A A A A A A C B A A As of January 2019

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SPP heat rate improvement, to be fully completed in 2019

  • Heat rate will improve around 150 BTU/kWh/plant
  • Gross profit will improve around 50 MB/year/SPP
  • Gross profit of the total 14 plants will improve approx.

700 MB/year (Gulf’s portion 350 MB/year)

TIE-LINE CONCEPT

Plant A Plant B Plant A Plant B

67% 67% 67% 67% 100% 100% 100%

Turbine Turbine Turbine Turbine Turbine Turbine Turbine Turbine

Off Peak

GJP: 7 SPPs

Stand-alone 3 SPPs 7,750 BTU/kWh Tie-line concept 4 SPPs 7,600 BTU/kWh

GMP: 12 SPPs

Stand-alone 2 SPPs 7,450 BTU/kWh Tie-line concept 10 SPPs 7,300 BTU/kWh

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Tie-line 14 SPPs (7 pairs) from the total 19 SPPs

2013 2014 2015 2016 2017 2018 2019 GKP1 & GKP2

Nong Kae Industrial Estate

Saraburi GTS1 & GTS2

Eastern Seaboard Industrial Estate

Rayong GTS3 & GTS4

WHA Eastern Seaboard Industrial Estate

Rayong GBL & GBP

Hi-Tech Industrial Estate

Ayutthaya GNLL & GNLL2

WHA Rayong Industrial Land

Rayong GNK2 & GNPM

WHA Rayong Industrial Land

Saraburi GNRV1 & GNRV2

Suranari Industrial Estate

Nakhon Ratchasima

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  • 4. Financial Highlights
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Total revenues

SPPs commencing their operations in 2017–2018 boosted up the revenues

Total Revenues

Unit: Million Baht

Note:

1/ Consolidated sales revenue include electricity and steam sales from SPPs under GMP and electricity sales from VSPPs under Gulf Solar 2/ Consolidated other incomes include dividend income, interest income and other income

4,078 16,881 236 272 300 1,437 3,982 2,615

149 197 298

1,827 8,529 20,095 2016 2017 2018 Sales revenue Management fee Share of profit Other incomes Total revenues

136% Total revenues in 2018 was 20,095 MB, up 136%YoY, due mainly to the recognition of full-year operation of the 4 SPPs, which have been in operations since 2017 and the sales of additional 4 SPPs which were operational during 2018.

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Share of profit from GJP (40%)

Share of profit from GJP

Unit: Million Baht

Share of profit from GJP (excl. FX) in 2018 was 2,509 MB, down 5% YoY, despite 7SPPs’ higher electricity sales to industrial users The decrease was primarily due to: 1) GNS’s lower availability payment (AP) as set out in the PPA 2) Longer maintenance period of 7SPPs compared to 2017 Share of profit from GJP in 2018 was 2,629 MB, down 34% YoY, mainly from the sharp decline in FX gain of 91% YoY. 1,808 2,640 2,509

  • 372

1,344 120

1,437 3,985 2,629

2016 2017 2018

Share of profit (excluding FX) FX gain/loss

Share of profit from GJP (excl. FX) slightly dropped 5% YoY

Total share of profit

  • 5%
  • 34%
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Net profit / Core profit

Net profit / Core profit

Core profit continued to increase aligned with increasing number of power projects

Unit: Million Baht

843 1,559 2,826

  • 54

548 82

  • 372

1,344 120 418 3,451 3,028 2016 2017 2018 Core profit GMP Gain on FX GJP Gain on FX Net profit 81% Net profit in 2018 was 3,028 MB, down 12% YoY caused by a sharp decline in unrealized FX gain from the appreciation of THB against USD.

(Baht 36.00/ USD, Baht 32.85/ USD and Baht 32.61/ USD in year 2016, 2017 and 2018, respectively)

Core profit in 2018 was 2,826 MB, up 81% from 1,559 MB in 2017, due mainly to the full-year

  • peration of the 4SPPs which have been
  • perational since 2017 and additional 4 SPPs

which commenced operations during 2018.

  • 12%
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Balance sheet

Balance sheet

Unit: Million Baht 2,647 4,374 9,349 53,386 56,930 69,532 56,033 61,304 78,880 31-Dec-16 31-Dec-17 31-Dec-18

Total liabilities

8,463 9,267 15,552 29,913 50,547 67,664 18,502 20,439 21,659 2,938 20,399 18,794 59,816 100,652 123,669 31-Dec-16 31-Dec-17 31-Dec-18

Total assets

D/E ratio as of Dec 31, 2018 was at 1.76x

Total assets was 123,669 MB,

up 23% from the development and

construction of SPPs under GMP and GSRC Total liabilities was 78,880 MB,

up 29% as a result of an increase in

long-term loan drawdowns for the construction of SPPs under GMP and GSRC Total equity was 44,788 MB,

up 14% from the increase in R/E

and non-controlling interests

31-Dec-16 31-Dec-17 31-Dec-18

D/E 14.81x 1.56x 1.76x ID/E 14.11x 1.45x 1.55x ND/E 14.04x 1.04x 1.34x

Cash, cash equivalents and deposits used as collateral Investments in an associate and joint ventures Property, plant and equipment Other assets Interest-bearing debts Other liabilities

2,795 31,556 31,556 (1,409) 1,935 3,924 935 1,074 1,057 1,461 4,783 8,251 3,782 39,348 44,788 31-Dec-16 31-Dec-17 31-Dec-18

Total equity

Non-controlling interests Other components of equity attributable to owners of the parent Paid-up capital and share premium Unappropriated retained earnings

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Debts outstanding

As of December 31, 2018

40% 70% 75% 100% 6,000 MB, due in 2019 39,245 MB 41,625 MB 22 MB 850 MB 1,030 MUSD (33,599 MB) 433 MUSD (14,121 MB) Total 75,224 MB Total 53,367 MB

Notes:

  • The amount shown is total outstanding debt at the project level.
  • 32.6148 THB/USD as of Dec 31, 2018

6,696 MB 70% 63 MUSD (2,056 MB) Total 8,752 MB

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Bond issuance in January 2019

Indicative terms Issuer Gulf Energy Development Public Company Limited

Objective

  • To repurchase the existing debenture valued 6,000 million baht
  • To fund new investments

Type of security Thai Baht unsecured and unsubordinated debentures Issue size 7,500 million baht Placement methodology Private Placement to institutional and high net worth investors Credit rating Company rating “A” and issue rating “A-” by TRIS Rating Company Limited Issue date January 25, 2019 Joint Lead Arrangers

  • Bangkok Bank Public Company Limited
  • Kasikornbank Public Company Limited
  • The Siam Commercial Bank Public Company Limited

Co-Manager

  • Standard Chartered Bank (Thai) Public Company

Details of the allotment

Debenture Term Interest rate Amount Debenture tranche 1 3 years 2.73% 2,000 million baht Debenture tranche 2 5 years 3.28% 2,500 million baht Debenture tranche 3 7 years 3.61% 2,000 million baht Debenture tranche 4 10 years 3.85% 1,000 million baht Total 5.7 years 3.30% 7,500 million baht

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Dividend payment

GULF’s Board of Directors approved dividend payment of Bt 1.2 per share

Note: The Company has 2,133.3 million shares outstanding.

Unit: Million baht 2017 2018 Dividend (Baht per share) 0.40 1.20 Dividend payment 853 2,560 Separate net profit for the year 1,730 3,245 Dividend payout 49.3% 78.9%

Dividend payout

  • Gulf has a dividend payment policy to

pay out at least 30.0% of the Company’s separate net profit (after taxes), subject to meeting the relevant legal reserve requirement and contractual obligations.

  • On February 25, 2019, the Company’s

Board of Directors approved dividend payment of 1.20 baht per share, totaling 2,560 million baht, representing 78.9% of the separate net profit (after tax).

  • The declared dividend is subject to the

Company’s shareholder approval in the AGM to be held on April 24, 2019

Key dates

Ex-dividend date : May 2, 2019 Dividend payment date : May 21, 2019

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Summary

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Key events and share performance in 2018

45.0 50.0 55.0 60.0 65.0 70.0 75.0 80.0 85.0 90.0 0.0 20,000.0 40,000.0 60,000.0 80,000.0 100,000.0 120,000.0

Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18

Trading volume ('000 shares) - LHS Share price (Baht) - RHS Jan – Dec 2018 Share price (Baht) Trading volume (‘000 shares) Trading value (Million Baht) Range 60.00 – 83.75 748 –77,833 48 – 5,255 Average 71.12 8,726 627

Added to MSCI Added to FTSE since Jun 2018 Investment in a solar project in Vietnam (69 MW) GTS4 began commercial

  • peration

Partnered with WHAUP, Mitsui & Co. and Tokyo Gas to develop natural gas distribution projects GNC began commercial

  • peration

GBL began commercial

  • peration

Investment in solar and wind projects in Vietnam (340 MW) Investment in a solar project in Vietnam (50 MW) Awarded PWPA to

  • perate a

captive power plant in Oman (326 MW) GBP began commercial

  • peration

Bt 81.50

(+25%)

Announced to be added to SET50 and SET100 GSRC financing close

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Key activities in 2019

Four additional SPPs coming on stream (519 MW)

1

PROJECT DEVELOPMENT

GNLL2 (127 MW) COD 1 Jan 2019 GNPM (135 MW) COD 1 Mar 2019 GNRV1 (128 MW) SCOD May 2019 GNRV2 (128 MW) SCOD Jul 2019

Solar projects in Vietnam in operation (120-150 MW)

2

TTCIZ-01 (69 MW) SCOD Mar 2019 TTCIZ-02 (50 MW) SCOD May 2019 Solar VN (30 MW) SCOD [2019-2020]

ASSET MANAGEMENT

Tie-line program fully implemented

3

  • Three additional pairs to adopt tie-line (GNLL & GNLL2, GNK2 & GNPM and GNRV1 & GNRV2)
  • Expected to be fully completed by Q4 2019

7SPPs under GJP to perform major maintenance (C-inspection)

4

  • Planned major maintenance in 2H 2019

FINANCIAL MANAGEMENT

Bt 7.5 billion bond issuance in January 2019

5

  • Use of proceeds: to refinance existing debts and to fund projects in pipeline
  • Blended coupon rate: 3.30%, for an average tenor of 5.7 years

Gulf’s Board of Directors approved dividend payment of 1.20 baht per share

6

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Appendixes

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38 Notes:

1/ WHA Energy, a subsidiary of WHAUP, holds 25.01% equity interest in GNLL 2/ WHA Energy, a subsidiary of WHAUP, holds 25.01% equity interests in GVTP, GTS1, GTS2,

GTS3, GTS4 and GNLL2

3/ Thai Industrial Estate Corp., Ltd. holds 25.00% equity interests in GBL and GBP 4/ Gulf Pattani Green, SBY Biomass, Thepha Clean Energy and Kolpos are dormant companies 5/ WHAUP and MITG hold 35.00% and 30.00% respectively in Gulf WHA MT.

SPCG 70.00%

8.38%

100.00% 74.99% GKP1 GKP2 GTLC GNNK GCRN GNK 2 GNLL 1 GNS GUT GNC GNRV1 GNRV2 GNPM GNLL2 2 GVTP 2 GTS1 2 GTS2 2 GTS3 2 GSRC GPD Gulf Solar BV Gulf Solar KKS Gulf Solar TS1 Gulf Solar TS2

100.00%

EDL-Gen GBL 3 GBP 3 GCG (Biomass)

100.00% 75.00% 75.00%

GTS4 2

74.99%

Kolpos Gulf Energy Inter- national Gulf WHA MT 5 Gulf Pattani Green 4 SBY Biomass 4 Thepha Clean Energy 4

0.46%

Gulf HK GJP GMP IPD Gulf Solar 70.00%

74.99% 74.99% 74.99% 74.99% 74.99% 74.99% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 35.00% 100.00% 100.00% 100.00% 100.00% 100.00%

WHA NGD2 WHA NGD4

100.00% 100.00%

40.00% 30.00% 60.00% 30.00% 25.01%

GJP: 4,237 MW / 1,682 MW GMP: 1,563 MW / 911 MW IPD: 5,300 MW / 3,710 MW

COD: 2015 COD: 2014 COD: 2013 COD: 2017-19 COD: 2014-15 COD: 2021-22 COD: 2023-24

TTCIZ-01 TTCIZ-02

49.00%

Solar VN 3 Wind VN Gulf SG Gulf VN

COD: 2020

90.00% 49.00% 49.00%

Operating Projects Under Construction Investment Under Development IPP SPP VSPP/RE

Blue text : Gross installed capacity Green text : Equity installed capacity

Other Businesses Dormant Entities

COD: 2019-23

99.99% 99.99%

COD: 2018-19

DUQM

45.00%

Corporate shareholding structure

Gulf Mauritius

49.00% 51.00%

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39

Power projects in operation

Project Category Location Type Installed Capacity Equity Stake Equity Installed Capacity COD PPA Awarded Year Power (MW) Steam (TPH) Chilled Water (RT) Power (MW) Steam (TPH) Chilled Water (RT)

GKP1 SPP Saraburi Gas-fired (CG) 114.0 22.0

  • 40.00%

45.6 8.8

  • Jan 5, 2013

2007 GKP2 SPP Saraburi Gas-fired (CG) 114.0 22.0

  • 40.00%

45.6 8.8

  • Feb 1, 2013

2007 GTLC SPP Saraburi Gas-fired (CG) 114.0 15.0

  • 40.00%

45.6 6.0

  • Mar 1, 2013

2007 GNNK SPP Chachoengsao Gas-fired (CG) 114.0

  • 3,200.0

40.00% 45.6

  • 1,280.0

Apr 1, 2013 2007 GNLL SPP Rayong Gas-fired (CG) 123.0 8.0 4,600.0 30.00% 36.9 2.4 1,379.8 May 1, 2013 2007 GCRN SPP Pathumthani Gas-fired (CG) 119.0 15.0

  • 40.00%

47.6 6.0

  • July 1, 2013

2007 GNK2 SPP Saraburi Gas-fired (CG) 133.0 10.0

  • 40.00%

53.2 4.0

  • Oct 1, 2013

2007 GVTP SPP Rayong Gas-fired (CG) 137.0 20.0

  • 52.49%

71.9 10.5

  • May 16, 2017

2010 GTS1 SPP Rayong Gas-fired (CG) 134.0 30.0

  • 52.49%

70.3 15.7

  • Jul 8, 2017

2010 GTS2 SPP Rayong Gas-fired (CG) 134.0 30.0

  • 52.49%

70.3 15.7

  • Sep 1, 2017

2010 GTS3 SPP Rayong Gas-fired (CG) 129.9 25.0

  • 52.49%

68.2 13.1

  • Nov 1, 2017

2010 GTS4 SPP Rayong Gas-fired (CG) 129.9 25.0

  • 52.49%

68.2 13.1

  • Jan 2018

2010 GNC SPP Prachinburi Gas-fired (CG) 126.5 20.0

  • 70.00%

88.5 14.0

  • Mar 2018

2010 GBL SPP Ayutthaya Gas-fired (CG) 126.8 10.0

  • 52.50%

66.6 5.3

  • Sep 2018

2010 GBP SPP Ayutthaya Gas-fired (CG) 126.8 10.0

  • 52.50%

66.6 5.3

  • Nov 2018

2010 GNLL2 SPP Rayong Gas-fired (CG) 126.9 10.0

  • 52.49%

66.6 5.2

  • Jan 2019

2010 GNPM SPP Saraburi Gas-fired (CG) 135.2 25.0

  • 70.00%

94.7 17.5

  • Mar 2019

2010 Subtotal 2,138.0 297.0 7,800.0 1,052.0 151.5 2,659.8 GNS IPP Saraburi Gas-fired (CCGT) 1,653.2

  • 40.00%

661.3

  • Unit 1: Jun 1, 2014

Unit 2: Dec 1, 2014 2007 GUT IPP Ayutthaya Gas-fired (CCGT) 1,752.4

  • 40.00%

701.0

  • Unit 1: Jun 1, 2015

Unit 2: Dec 1, 2015 2007 Subtotal 3,405.6

  • 1,362.3
  • Gulf Solar BV

VSPP Chonburi Solar Rooftop 0.13

  • 74.99%

0.10

  • Jun 23, 2014
  • Gulf Solar TS1 VSPP

Rayong Solar Rooftop 0.13

  • 74.99%

0.09

  • Aug 27, 2014
  • Gulf Solar KKS VSPP

Chonburi Solar Rooftop 0.25

  • 74.99%

0.19

  • Dec 26, 2014
  • Gulf Solar TS2 VSPP

Rayong Solar Rooftop 0.09

  • 74.99%

0.07

  • Jan 8, 2015
  • Subtotal

0.6

  • 0.4
  • Total

5,544.2 297.0 7,800.0 2,414.7 151.5 2,659.8

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40

Project Category Location Type Installed Capacity Equity Stake Equity Installed Capacity SCOD PPA Awarded Year Power (MW) Steam (TPH) Chilled Water (RT) Power (MW) Steam (TPH) Chilled Water (RT)

GNRV1 SPP Nakorn Ratchasima Gas-fired (CG) 128.2 10.0

  • 70.00%

89.8 7.0

  • May 2019

2010 GNRV2 SPP Nakorn Ratchasima Gas-fired (CG) 128.2 10.0

  • 70.00%

89.8 7.0

  • Jul 2019

2010 Subtotal 256.5 20.0

  • 179.5

14.0

  • TTCIZ-01

RE Vietnam Solar 68.8

  • 49.00%

33.7

  • Mar 2019

N.A. TTCIZ-02 RE Vietnam Solar 50.0

  • 90.00%

45.0

  • May 2019

N.A. Solar VN RE Vietnam Solar 30.0

  • 49.00%

14.7

  • [2019-2020]

N.A. Wind VN RE Vietnam Offshore wind 310.0

  • 49.00%

151.9

  • Phase I: 2021

Phase II: 2021 Phase III: 2022-2023 N.A. GCG SPP Songkhla Biomass 25.0

  • 100.00%

25.0

  • 2020

2018 Subtotal 483.8

  • 270.3
  • DUQM

IPWP Oman Gas-fired 326.0

  • 45.00%

146.7

  • 2020-2022

N.A. GSRC IPP Chonburi Gas-fired (CCGT) 2,650.0

  • 70.00%

1,855.0

  • Units 1 and 2: 2021 /

Units 3 and 4: 2022 2013 GPD IPP Rayong Gas-fired (CCGT) 2,650.0

  • 70.00%

1,855.0

  • Units 1 and 2: 2023 /

Units 3 and 4: 2024 2013 Subtotal 5,626.0

  • 3,856.7
  • Total

6,366.3 20.0

  • 4,306.5

14.0

  • Power projects under construction and development
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41

Project Location Installed Capacity (mmbtu per year) Equity Stake Equity Installed Capacity (mmbtu per year) SCOD Status

NGD2 Rayong 2,000,000 35.00% 700,000 Dec 2018 In operation NGD4 Rayong 2,000,000 35.00% 700,000 Apr 2019 Under construction Total 4,000,000 1,400,000

Natural gas distribution projects

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42

Maintenance Types

Year 1 2 3 4 5 6 COD 1.5

A B C Machine Type A Type B Type C

Equivalent operating hours Equivalent operating hours Equivalent operating hours

SIEMENS

(7SPPs and 9 out of 12 SPPs)

10,000 (A) 30,000 (B) 60,000 (C) MHPS

(GNS and GUT)

12,500 (CI) 25,000 (TI) 50,000 (MI) GE

(3 out of 12 SPPs – GNC, GNRV1 and GNRV2)

8,000 (CI) 25,000 (HGPI) 50,000 (MO)

1 days 10 days 3 days 18 days 18 days 22 days 35 / 22 days

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43

Maintenance Schedule 2017 - 2018

Group Project Type COD 2017 2018

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

A A A A A A A A A A A A A A B B A A A A A A A

A B C

A (3 days) CI (10 days) CI (1 days) SIEMENS MHPS GE B (18 days) TI (18 days) HGPI (18 days) C (22 days) MI (35 days) MO (22 days) As of December 2018

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44

GJP: 7 gas-fired SPPs

All projects have been in operation since 2013

SARABURI CHACHOENGSAO RAYONG PATHUMTHANI

SARABURI

  • Nong Khae Industrial Estate

GKP1 and GKP2

  • Talingchan

GTLC

  • Hemaraj Saraburi Industrial Land

GNK2 PATHUMTHANI

  • Chiangrak noi

GCRN CHACHOENGSAO

  • Wang Takien

GNNK RAYONG

  • Hemaraj Rayong Industrial Land

GNLL

In operation Under construction/ development

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45

2 IPPs: Sales volume 7 SPPs: Sales volume 6,208 3,732 4,140 1,600 10,348 5,332

2017 2018 GNS GUT Total

Steam (Ton) 285,850 268,803

2017 2018

Electricity (GwH) Electricity (GwH) 29,039 29,013

2017 2018

Chilled water (’000 RT)

Sold to IUs 100% Sold to EGAT 100% Sold to IUs 100%

GJP’s sales volume and breakdown in 2018

60% 40% 70% 30% 4,522 4,464 938 1,125 5,459 5,589

2017 2018 EGAT IUs Total

83% 17% 80% 20%

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46

15,557 15,900 15,322 2016 2017 2018 45,933 47,043 41,184 46,304 47,572 41,609 2016 2017 2018

Sales revenue Others

Total revenues (excl. FX)

Total revenues in 2018 dropped 13% YoY as a consequence of GNS’s lower availability payment as specified in the PPA and reduced energy payment, resulting from lower dispatch.

  • 13% YoY

GJP: Breakdown of sales revenue by project

31% 35% 34%

2016

Bt 45,933m

GJP: Breakdown of sales revenue by customer

93%

7%

2016

Electricity - EGAT Electricity, steam and chilled water - IUs Unit: Million Baht

EBITDA

  • 4% YoY

Net profit before FX

Unit: Million Baht Unit: Million Baht

EBITDA in 2018 decreased slightly 4% YoY due to lower revenues and longer period of planned maintenance as there were more projects under A-inspection during the year. Profit before FX in 2018 decreased 5% YoY in line with the EBITDA.

5,858 6,592 6,276 416 3,387 302 6,274 9,979 6,578 2016 2017 2018 Profit before FX FX gain/loss

35% 31% 35%

2017

Bt 47,043m IPP - GUT 7 SPPs IPP - GNS Bt 45,933m Bt 47,043m

93%

7%

2017

GJP’s sales revenue (non-TFRIC 4)

  • 5% YoY

31% 27% 42%

2018

Bt 41,184m

91%

9%

2018

Bt 41,184m

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47

GMP: Portfolio of 12 gas-fired SPPs

9 of the 12 SPPs are in operation, the other 3 SPPs to kick off in Mar – Jul 2019

NAKORN RATCHASIMA

  • Suranaree Industrial Zone

GNRV1 and GNRV2 SARABURI

  • Hemaraj Saraburi Industrial Land

GNPM PRACHINBURI

  • Sahapat Kabinburi Industrial Park

GNC RAYONG

  • Eastern Seaboard Industrial Estate

GVTP, GTS1 and GTS2

  • Hemaraj Eastern Seaboard Industrial Estate

GTS3 and GTS4

  • Hemaraj Rayong Industrial Land

GNLL2 AYUTTHAYA

  • Hi-Tech Industrial Estate

GBL and GBP

In operation Under construction/ development

NAKORN RATCHASIMA SARABURI AYUTTHAYA PRACHINBURI RAYONG

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48

Electricity sales volume (GwH) Steam (Ton) Breakdown of sales revenue by customer

GMP’s sales volume and breakdown in 2018

649 648 650 649 652 522 215 105 215 215 200 161 222 49 62 28 864

863 850 810 873 571 277 132

GVTP GTS1 GTS2 GTS3 GTS4 GNC GBL GBP EGAT IUs 11,200 152,179 148,623 92,466 110,035 34,923 13,020 651 GVTP GTS1 GTS2 GTS3 GTS4 GNC GBL GBP

Total 5,241 GwH

78% 22%

Total 563,096 tons

74% 25% 0.4%

GVTP

Bt 2,694.2m

Total Bt 16,859m

Electricity sales to EGAT and PEA Electricity sales to IUs Steam sales to IUs 71% 24% 5.2%

GTS1

73% 22% 5.1%

GTS2

77% 20% 3.3%

GTS3

72% 24% 3.7%

GTS4

89% 9% 1.9%

GNC

76% 23% 1.2%

GBL

77% 23% 0.2%

GBP

Bt 2,809.8m Bt 2,762.0m Bt 2,602.8m Bt 2,774.4m Bt 1,846.9m Bt 920.1m Bt 448.5m

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49

Due date GULF

THB m

IPD

THB m

GMP

THB m

Gulf Solar

THB m

GCG

THB m

Total

THB m

In 1 year

  • 1,770.0

2.6

  • 7,772.6

1 – 5 years 6,000.0 569.2 7,691.6 11.4 300.2 8,572.4 Over 5 years

  • 6,127.1

29,783.8 8.0 549.9 36,468.8 Total 6,000.0 6,696.3 39,245.4 22.1 850.0 52, 813.8

91%

9%

  • At project level, capital structure is mostly project financing, using debt to equity ratio of 3:1
  • At holding company level, principal sources of liquidity are borrowings and equity contribution by shareholders

Project level Holding company level

Debt profile as of December 31, 20181

43% 57%

Projects under construction Projects in

  • peration2

Most of the debts outstanding is project financing, due over 5 years

Note:

1/ Based on undiscounted contractual payments as of December 31, 2018 2/ The Group has outstanding debts at GJP, which are not shown in the Group’s consolidated financial statements. GJP’s outstanding debts

(100% basis) was Bt 75,224.1m (including US$1,030.2m, converted at THB/USD: 32.6148)

GMP

USD m

19.8 87.6 388.6 496.0

Debt profile

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50

Summary of GULF’s consolidated income statement

Consolidated income statement 2017 2018 Unit: Million baht Revenue from sales 4,078.4 16,881.1 Revenue from management fee 272.0 300.0 Cost of sales (3,096.9) (12,515.8) Cost of management fee (189.3) (165.0) Gross profit 1,064.2 4,500.4 Other income 42.8 9.4 Interest income 44.7 181.2 Dividend income 109.4 107.2 Share of profit (loss) from an associate and joint ventures 3,981.7 2,615.5 Administrative expenses (957.4) (1,489.6) Finance costs (1,427.7) (1,938.3) Corporate income tax benefits (expenses) 54.3 20.6 Gain (loss) on exchange rate, net 994.9 134.8 Profit (loss) for the period 3,906.9 4,141.2 Profit (loss) attributable to owners of the parent 3,451.4 3,028.1

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51

Summary of GJP’s consolidated financial statements (non-TFRIC 4)

Consolidated income statement 2017 2018 Unit: Million baht Sales revenue 47,042.5 41,183.9 Other incomes 529.1 425.3 Cost of sales (31,075.5) (25,714.2) Gross profit 16,496.2 15,894.9 Operating and administrative expenses (596.0) (573.3) EBITDA 15,900.2 15,321.7 Depreciation and amortisation (5,054.1) (5,079.2) Finance costs (4,288.3) (3,961.2) Corporate income tax benefits (expenses) 34.0 (4.8) Gain (loss) on exchange rate, net 3,387.1 301.7 Profit (loss) for the period 9,978.8 6,578.1

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Glossary

COD Commercial Operation Date EDL-Gen EDL-Generation Public Company EGAT The Electricity Generating Authority of Thailand EIA Environmental Impact Assessment EPC Engineering, Procurement and Construction GBL Gulf BL Co., Ltd. GBP Gulf BP Co., Ltd. GCG Gulf Chana Green Co., Ltd. GCRN Gulf JP CRN Co., Ltd. GJP Gulf JP Company Limited GKP1 Gulf JP KP1 Co., Ltd. GKP2 Gulf JP KP2 Co., Ltd. GMP Gulf MP Company Limited GNK2 Gulf JP NK2 Co., Ltd. GNLL Gulf JP NLL Co., Ltd. GNLL2 Gulf NLL2 Co., Ltd. GNNK Gulf JP NNK Co., Ltd. GNPM Gulf NPM Co., Ltd. GNRV1 Gulf NRV1 Co., Ltd. GNRV2 Gulf NRV2 Co., Ltd. GNS Gulf JP NS Co., Ltd.

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53

Glossary (cont’d)

GSA Gas Sales Agreement GTLC Gulf JP TLC Co., Ltd. GTS1 Gulf TS1 Co., Ltd. GTS2 Gulf TS2 Co., Ltd. GTS3 Gulf TS3 Co., Ltd. Gulf WHA MT Gulf WHA MT Natural Gas Distribution Co., Ltd. GUT Gulf JP UT Co., Ltd. GVTP Gulf VTP Co., Ltd. IPD Independent Power Development Company Limited IPP Independent Power Producer LTSA Long Term Service Agreement NGD Natural Gas Distribution PPA Power Purchase Agreement PTT PTT Public Company Limited SCOD Scheduled Commercial Operation Date SPCG SPCG Public Company Limited SPP Small Power Producer TFRIC 4 Thai Financial Reporting Interpretation Committee 4; Determining Whether An Arrangement Contains a Lease VSPP Very Small Power Producer WHA NGD2 WHA Eastern Seaboard NGD2 WHA NGD4 WHA Eastern Seaboard NGD4