Gulf Energy Development Public Company Limited

Q1 2020 Earnings Presentation 19 May 2020 Q1’20 Business Updates

Q1’20 Financial Performance

Appendix 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) 70% GULF (75% dividends) 30% Mitsui & Co. 30% Mitsui & Co.

Location: WHA Eastern Seaboard Industrial Estate 1, Rojana Rayong 2 Industrial Park, province, Thailand , Thailand Fuel Type: Gas-fired Gas-fired SCOD: Units 1 and 2: 2021 (1,325 MW) Units 1 and 2: 2023 (1,325 MW) Units 3 and 4: 2022 (1,325 MW) Units 3 and 4: 2024 (1,325 MW)

Status: Construction progress: 59.9% • Financial close in Nov 2019 with long-term loan facilities of THB 36,000 million • Construction expected to commence in Q3'20

3 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 35% GULF 51% RATCH Group 65% NPS Location: Hin Kong subdistrict, Khao Hin Son subdistrict, Mueang district, , , Thailand 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) Nov 2027 Unit 2: Jan 2025 (700 MW)

Status: • Expect to get EIA approval within 2020 • Expect to get EIA approval within 2021 • Start construction by 2021 • Start construction by 2025

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

Gulf Chana Green (GCG)

Installed 25 MW Capacity: (100% interest)

Contracted 20.6 MW Capacity: Location: Chana district, , Thailand

SONGKHLA Fuel Type: Parawood

Tarriff: EP + Ft + THB 1.3/kWh adder for 7 years

PPA: Signed with EGAT for 25 years

EPC: Signed with STEC

In operation COD: Mar 1, 2020

Under construction/ Project Cost: THB 2,570 million development

5 Infrastructure and utilities projects in Thailand New projects progressing in line with plan

Map Ta Phut Ph.3 Ph.3 M6 & M81 Motorways One

Consortium: 70% GULF 40% GULF 40% GULF 33% GULF 30% PTT Tank Terminal 30% PTT Tank Terminal 40% BTS Group 33% Mitsui & Co. 30% China Harbour Engineering 10% STEC 33% TGES 10% RATCH Group Investment Type: PPP PPP Net Cost PPP Gross Cost Private Authority: Industrial Estate Authority of Thailand Port Authority of Thailand (PAT) Department of Highways (DOH) - (IEAT) Scope: • Ph.1: Land reclamation • Design, build, O&M F1 and F2 • Ph.1 Design & construction • Electricity Distribution • Ph.2: LNG terminal Terminals ➢ Toll collection system, traffic • District Chilled Water Distribution (up to 10.8 MTPA) • 4 MTEU/year management & control system • Ph.2 O&M Construction • Ph.1: 3 years (2020 – 2023) • F1: 3 years (2022 – 2024) 3 years (2020 – 2023) 2020 – 2024 Period: • Ph.2: 4 years (2023 – 2027) • F2: 3 years (2026 – 2028)

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 • Under negotiation with PAT • PPP contract signing expected in • Under EPC contract bidding • EPC contract expected to sign in early June 2020 • EPC contract signing expected May 2020 between Q2’20 – Q3’20 • Construction starts (Q3’20)

6 Power projects in Vietnam Projects expected to be included in PDP7 (revised) and PDP8 in phases

Mekong Wind LNG-to-Power

Installed • Gas-fired power plant: up to 6,000 MW up to 310 MW Capacity: • LNG terminal: up to 6 MTPA

Shareholding: 95% GULF TBA 5% TTC Group Location: Ben Tre Province, Vietnam Ca Na, Ninh Thuan Province, Vietnam

Fuel Type: Offshore wind Gas-fired

Status & SCOD: • Phase 1 (30 MW): SCOD May 2021 • Phase 1 (1,500 MW): Under construction Expected to be included in PDP7 within Q2'20

• Phases 2-3 (98 MW): SCOD Oct 2021 • Phases 2-4 (4,500 MW): PPA signing expected in July 2020 Expected to be consider to include in PDP8 within [Q1’21] • Phases 4-8 (182 MW): Under MOIT consideration to be included in PDP8 within [Q1’21]

7 Projects in Oman Potential to expand business in Duqm SEZ

DIPWP Potential Projects

Installed Power: approx. 326 MW • GULF has plans to increase equity stake in Oman projects 3 Capacity: Water: approx. 1,667 m /hour and restructure shareholding to directly hold Marafiq shares Location: Duqm Special Economic Zone (Duqm SEZ), Oman • Marafiq has exclusive rights to provide utility services in Fuel Type: Gas/Diesel Duqm SEZ for 25 years

PPA: Signed with Duqm refinery for 25 years (+5 years renewal) • Opportunities to develop and operate future utilities projects in Duqm SEZ with Marafiq: Status & SCOD: 2021 - 2022 SCOD: Construction progress: 66.1% Shareholding 45% GULF Structure: 55% OQ group (Marafiq & Oman Oil Facilities Development) Power Business

Water Business

Duqm SEZ Gas Business

8 Power projects in Laos Hydro power projects in Laos under tariff negotiation

Hydro Power Projects

1 Pak Beng (912 MW) Pak Lay 2 (770 MW) 3 Sanakham Installed 2,366 MW in total (3 projects) (684 MW) Capacity: • 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

SCOD: 2027 - 2030

Status: Under tariff negotiation

9 Impacts from COVID-19 Limited impact on GULF’s businesses from COVID-19

Limited impact on electricity sales

Most of Gulf’s power generation capacity are secured with EGAT’s PPAs while industrial users are diverse in sectors Food & Petchem & Beverage, Chemicals, 6% 6% Electronics, Textiles, 5% 8% Steel, 3% 87% Packaging, 13% 9% Others, 9%

Construction Material, 10%

Automotive, 45% Industrial Users

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 May 2021 while tariff is maintained at 9.8 c/kWh

10 Q1’20 Business Updates

Q1’20 Financial Performance

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

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

• QoQ: 8,670 MB → 7,639 MB (-11.9%) primarily from: +1.9% YoY 1) Decrease in sales revenue from THB 7,920 mil to THB 7,782 mil (-1.7%) -11.9% QoQ mainly due to: 8,670 • Planned maintenance shutdown (B-inspection) of GVTP under GMP for 49 7,639 18 days in February 2020, resulting in loss of EGAT revenue 7,496 617 84 37 • EGAT’s modification of 500kV transmission line in Rayong zone in March 47 2020, resulting in lower offtake from EGAT from 90 MW to 40 MW for 10 895 87 days from 6 SPPs (GVTP, GTS1, GTS2, GTS3, GTS4 and GNLL2) under 77 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 7,920 7,782 6,477 • 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)

(267) • full quarter revenue recognition of 2 solar power projects in Vietnam (GTN1 and GTN2) Q1'19 Q4'19 Q1'20 • GCG biomass power project, which commenced commercial operation Sales revenue Management fee Share of profit Other income on 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 12 Share of profit from GJP (40%) Share of profit from GJP declined YoY from planned shutdown and unrealized FX loss

Unit: THB million 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) -5.5% YoY in Q1’20 vs. C-inspection of 3 SPPs (GKP1, GTLC and GNNK) in Q4’19 895 2) Higher Availability Payment (AP) from both GNS and GUT despite B-inspection of GUT in Q1’20 240 620 3) Higher electricity, steam and chilled water demand from IUs in Q1’20 150 +31.7% • YoY: 655 MB → 619 MB (-5.5%) from: 655 QoQ 619 470 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 (872) GNLL

Share of loss from GJP (incl. FX) in Q1’20 was THB 253 million (253) • a decline of net profit mainly from the depreciation of THB against USD, resulting in massive unrealized FX loss Q1'19 Q4'19 Q1'20 (Q1’19: 31.9785 THB/USD, Q4’19: 30.3313 THB/USD, Q1’20: 32.8298 THB/USD) Share of profit (excluding FX) Gain (loss) on FX

13 Core profit / Net profit Overall core profit improvement QoQ and YoY

Unit: THB million 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 +8.0% YoY maintenance and higher AP of 2 IPPs 1,293 • YoY: 857 → 925 (+8.0%) from: 436 905 1) full quarter profit recognition of 12SPPs and 2 solar projects in Vietnam in 234 Q1’20 vs. 10 SPPs in Q1’19 2) lower natural gas price (282.02 → 267.38 THB/mmbtu) while Ft remained flat 857 925 671 +37.9% QoQ 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 (1,338) • YoY: from unrealized FX gain of THB 436 mil in Q1’19 to unrealized FX loss of THB 1,338 mil

(413) FX Rate at End of Period Natural Gas Price Ft Q1'19 Q4'19 Q1'20 (THB/USD) (THB/mmbtu) (THB)

Q4’18 32.6148 Q1’19 282.02 (0.116) Q1’19 31.9785 Core profit Gain (loss) on FX Q3’19 30.7661 Q4’19 266.36 (0.116) Q4’19 30.3313 Q1’20 32.8298 Q1’20 267.38 (0.116)

14 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 6,966 7,677 7,665 7,645 7,411 7,427 7,428 (BTU/kWh) 6,852 6,824

Q1'19 Q4'19 Q1'20 Q1'19 Q4'19 Q1'20 Q1'19 Q4'19 Q1'20

Plant Availability 99.7% 99.1% 97.0% 99.6% 98.2% (%) 94.0% 94.8% 97.2% 89.9%

Q1'19 Q4'19 Q1'20 Q1'19 Q4'19 Q1'20 Q1'19 Q4'19 Q1'20 Dispatch Factor 80.8% 83.7% (%) 47.7% 73.3% 76.8% 81.0% 76.2% 36.4% 26.6%

Q1'19 Q4'19 Q1'20 Q1'19 Q4'19 Q1'20 Q1'19 Q4'19 Q1'20

15 A B C

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

2019 2020 Group Project Type COD Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2 Quarter 3 Quarter 4

GKP1 SPP C

GKP2 SPP C A GTLC SPP C GNNK SPP 2013 C

GJP GNLL SPP A C A GCRN SPP C

GNK2 SPP A C GNS IPP 2014 A A GUT IPP 2015 A B

GVTP SPP A B GTS1 SPP A B 2017 GTS2 SPP A B GTS3 SPP A

GTS4 SPP A GNC SPP A A A A GMP 2018 GBL SPP A A GBP SPP A GNLL2 SPP A

GNPM SPP A 2019 GNRV1 SPP A A A GNRV2 SPP A A A

16 As of April 2020 TFRS 9 & TFRS 16 impacts The adoption of TFRS 9 and TFRS 16 does not impact income statements

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.

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)

17 Balance sheet

Unit: THB million

Total assets Total liabilities Total equity

+5.6% +29.4% -35.7% 141,828 49,040 134,278 31,552 15,479 110,276 14,810 8,086 11,765 7,607 85,238 31,556 31,556 9,809 6,488 118,263 1,174 6,014 111,861 98,511 10,613 1,174 75,429 6,392 (790) (13,583)

31-Dec-19 31-Mar-20 31-Dec-19 31-Mar-20 31-Dec-19 31-Mar-20

Cash, cash equivalents & deposits used as collateral Current liabilities Paid-up capital and share premium Other current assets Non-current liabilities Retained earnings Non-current assets Other components of equity Other equity Non-controlling interests

Total assets was THB 141,828 million Total liabilities was THB 110,276 million Total equity was THB 31,552 million +5.6% mainly from: +29.4% mostly from: -35.7% mainly from: • increase in PPE from construction of GSRC • Current: GULF’s working capital borrowings • decrease in other components of equity and • increase in advance payment for construction of and accounts payable for GSRC construction non-controlling interests mostly due to loss GPD • Non-current: increase in financial derivative from fair value measurement of IRS contracts • increase in deferred tax assets from IRS liabilities (mostly IRS contracts) from TFRS9 required under TFRS9 derivatives fair value measurement required adoption and long-term loan drawdowns for the under TFRS9 GSRC & GPD construction 18 D/E ratios Leverage ratios still relatively low (1.51x) compared to bond covenant (3.50x)

Unit: THB million

D/E ratios 110,276

3.50 85,238 83,490 77,161 68,011 62,351 1.74 2.16 49,040 49,830 45,135 1.51 31,552 1.27 1.25 15,479 14,810

Cash, cash equivalents Total liabilities Interest-bearing Net interest-bearing Shareholders’ Shareholders’ equity 31-Dec-19 31-Mar-20 and deposits used as debt debt equity (excl. other components collateral of equity) D/E Net IBD/E 31-Dec-19 31-Mar-20 Net IBD/E (adjusted)* 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

19 Q1’20 Business Updates

Q1’20 Financial Performance

Appendix Business overview

Power Generation Renewable Energy Hydropower Gas Infrastructure & Utilities (Conventional)

13,366 MW 484 MW

GJP Gulf Solar Natural Gas Distribution MTP3 (4,237 MW) (0.6 MW) (4,000,000 mmbtu/year)

GMP GCG LNG terminal [LCP3] (1,563 MW) (25 MW) (up to 10.8 MTPA)

IPD GTN1 & GTN2 M6 Intercity Motorway (5,300 MW) (119 MW) (196 km) HKP Mekong Wind M81 Intercity Motorway

(1,400 MW) (310 MW) (96 km) Existing Projects Existing BPG Mekong Solar One BKK (540 MW) (30 MW) - Electricity (240 MW) - District Chilled Water DIPWP (40,000 RT) (326 MW)

LNG-to-power Oman replacement Laos Hydropower Other infrastructure projects

(up to 6,000 MW) (up to 2,000 MW) (2,366 MW) Prospects

21 Power capacity growth (committed PPAs) Gross Installed Capacity (MW): Gross Capacity by Plant Types 13,850 13,310 13,310 12,610 17% 10,585 57% 9,260 40% 3% 7,649 5,944 13,850 5,919 5,944 5,944 5,282 MW MW 1 1 4,772 4,237 4,237 2 2,4851 79% 1 2% 831 May 2020 Year 2027 2013 2014 2015 2016 2017 2018 2019 May-20 2020 2021 2022 2023 2024 2025 2026 2027 IPP SPP Renewables GJP GMP IPD GCG Gulf Solar Vietnam Oman HKP BPG Total

Equity Installed Capacity (MW): Equity Capacity by Plant Types

7,592 7,592 7,781 7,249 16%

5,978 50% 45% 5,051 6% 3,995 2,726 7,781 MW MW 2,701 2,726 2,726 1 1 2,253 1,683 1,683 1,964 2 1 982 78% 3201 5% May 2020 Year 2027 2013 2014 2015 2016 2017 2018 2019 May-20 2020 2021 2022 2023 2024 2025 2026 2027 IPP SPP Renewables GJP GMP IPD GCG Gulf Solar Vietnam Oman HKP BPG Total 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

22 Percentage of Power sold to EGAT and Industrial Users

2019 13% Diversified across sectors including:

Automotive, Construction and Building Materials, Food and Beverage, Electronics, Packaging, Paper and Printing Materials and Petrochemicals, etc. 87%

2027E 5%

95% ✓ 15 Years Long Term Agreement ✓ Minimum Take ✓ 18.4 – 44.9 MW potential Industrial Users expansion in 2020

Industrial Users

23 Debt outstanding As of Mar 31, 2020

THB 7,500 mn THB 1,000 mn in & in debentures working capital borrowings

40% 70% 75%* 75%* 100%

89% 55% 72% THB 38,410 mn THB 36,840 mn THB 17,397 mn 45% 28% 100% 100% THB 3,545 mn THB 1,806 mn USD 945 mn USD 428 mn 11% USD 63 mn

Total loan outstanding: THB 69,420 mn THB 50,904 mn THB 19,466 mn THB 3,545 mn THB 1,806 mn (THB equivalent)

• 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.

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

24 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 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. 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: [email protected] Website: www.gulf.co.th