Q2 2020 Earnings Presentation14 August 2020

Gulf Energy Development Public Company Limited

Q2’20 Business Updates

Q2’20 Financial Performance

Appendix

3

2020 Key Events

Feb

25 MW

Gulf Chana Green

biomass project COD

MarJan

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

onshore wind power

projects acquisition

465 MW Borkum

offshore wind power

project acquisition

JulMay

LNG Shipper Licenses

obtained- Gulf: 0.3 MTPA

- HKH: 1.4 MTPA

Apr

GULF par split 5:1

Aug

Shareholders’ meeting

to approve 10:1 capital

increase by way of

rights offering

4

Rights Offering Capital Increase

No. of existing shares: 10,666,500,000 shares

No. of newly issued shares: 1,066,650,000 shares

No. of shares after capital increase: 11,733,150,000 shares

Ratio (old share : new share) 10 : 1

EPS dilution: 9.1%

Subscription price: THB 30 / share

Total proceeds: THB 31,999,500,000

Use of proceeds:

• Investment in existing projects such as Borkum, renewable projects in

Vietnam, hydropower projects in Laos, investment in future projects and

potential M&A deals

Benefits to the Company:

• Reduce IBD/E ratio to be lower than 2x

• Provide more headroom for additional debt of THB 70-80 billion to reach 3:1 ratio

Key Information Key Timeline

27 AugEGM Approval

14-18 SepRO Subscription

Period

30 Sep1st day trade of RO shares

6 AugXM & XR date

5

Power projects under construction/development in Thailand

Construction and development progress as planned for all projects

Gulf SRC Gulf PD Hin Kong Power Burapa Power

Installed

Capacity: 2,650 MW 2,650 MW 1,400 MW 540 MW

Shareholding: 70% GULF (75% dividends)

30% Mitsui & Co.

70% GULF (75% dividends)

30% Mitsui & Co.

49% GULF

51% RATCH Group

35% GULF

65% NPS

Location: WHA Eastern Seaboard Industrial Estate

1, Chonburi province, Thailand

Rojana Rayong 2 Industrial Park,

Rayong province, Thailand

Hin Kong subdistrict,

Mueang district,

Ratchaburi province, Thailand

Khao Hin Son subdistrict,

Phanom Sarakham district,

Chachoengsao province, Thailand

Fuel Type: Gas-fired Gas-fired 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)

Unit 1: Mar 2024 (700 MW)

Unit 2: Jan 2025 (700 MW)

Nov 2027

Investment Cost: THB 50.0 billion Approx. THB 50.0 billion

Status: Construction progress: 75.6% • Preparing for construction• Construction expected to

commence in Q3'20

• Preparing for EPC contract signing

• Start construction by 2021

• Expect to get EIA approval within

2021

• Start construction by 2025

Note: Project Progress as of July 2020

6

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 signed in July 2020

• Construction expected to start in

[Q1’21]

• Under negotiation with PAT

• PPP contract signing expected in

2020

• PPP contract signing expected in

Q3’20

• Under EPC contract bidding

• EPC contract signing expected in

Q3’20

Infrastructure and utilities projects in Thailand

New projects progressing in line with plan

Note: Project Progress as of July 2020

7

Wind projects in Vietnam

Wind projects in Vietnam progressing as planned

Mekong Wind Ia Pech 1 & 2

Installed

Capacity:up to 310 MW Total 100 MW

Shareholding: 95% GULF

5% TTC Group

100% GULF

Location: Ben Tre Province, Vietnam Gia Lai Province, Vietnam

Off-taker Vietnam Electricity (EVN) Vietnam Electricity (EVN)

Tariff US9.8c./kWh US [8.5] c./kWh

Fuel Type: Offshore wind Onshore wind

Status & SCOD: • Phase 1 (30 MW): SCOD Q1-Q2 2021

Under construction 9.9% completed

• Phases 2-3 (98 MW): SCOD Oct 2021

Included in PDP7, designing work on progress

• Phases 4-8 (182 MW):

Under MOIT consideration to be included in

PDP8 within [Q1’21]

• Construction expected in 2021

• SCOD 2022

Project cost Approx. USD 618 million Approx. USD 200 million

Note: Project Progress as of July 2020

8

✓ Project in operation, with revenue and profit to

be immediately recognizable to GULF

✓ Strategic partnership with the global market

leader in offshore wind (Ørsted) would increase

GULF’s credibility and competitiveness on a

global scale

✓ Long term contracted cash flows backed by

the German government

Borkum Riffgrund 2 Offshore Wind Project in Germany (464.8 MW)

Location German North Sea

≈ 59 km northwest of Norddeich harbor

≈ 34 km north from the island of Borkum

Installed capacity 464.8 MW

Export capacity 450.0 MW

Fuel type Offshore Wind

Tariff Year 1 – 9.5:

FiT backed by German government

Year 9.5 – 20:

merchant price with guaranteed floor

price

PPA Signed with Ørsted for 20 years

SWA (Services and Warranty Agreement)

Signed with MHI Vestas Offshore Wind for

10 years + 5 years extendable

Investment Cost ≈ EUR 550 million (share acquisition cost)

COD Apr 2019

Borkum Riffgrund 2 will start to contribute revenue and profit to the Company in Q4’20

Germany

In operation

Under construction/

development

50.0%

GIH

50.0%

100.0%

BKR2 Holding Ørsted HoldCo.

100.0%

Borkum

Riffgrund 2

Ørsted Wind Power

A/S

100.0%

9

Location: Duqm Special Economic Zone, Oman

Installed

Capacity:

Power: ≈ 326 MW

Water: ≈ 1,667 m3/hour

Contracted

Capacity:

Power: ≈ 208 MW

Water: ≈ 1,250 m3/hour

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

PPA: Signed with Duqm refinery for 25 years (+5 years renewal)

Project cost: ≈ USD 483 million

SCOD: 2021-2022

Status: Under construction: 73.3% Completed

Projects in Oman

Potential to expand business in Duqm SEZ

Duqm Independent Power & Water Project (DIPWP)

Note: Project Progress as of July 2020

In operation

Under construction/

development

DUQM SEZ

• GULF is in the process of increasing its equity stake inOman projects and restructuring shareholding to directly

hold 49% shares in Marafiq

• Marafiq has exclusive rights to provide utility services inDuqm SEZ for 25 years

• Opportunities to develop and operate future utilitiesprojects in Duqm SEZ with Marafiq

Potential Projects

as of June 2020

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

of share transfer.

OQ (previously Oman Oil)

100.0%

49.0%* 51.0%

Power

Business

Water

BusinessGas

Business

Future

Projects

Future ProjectsFuture

Projects

Kuwait Petroleum

Capacity: 230,000 bbl/day

Project cost: US$7,000mDesalinated

water

50.0% 50.0%

Electricity

DIPWP

10

Hydropower Projects in Lao PDR

Location Mekong River, Lao PDR

Installed capacity Pak Beng (Run-of-River)Pak Lay (Run-of-River) Sanakham (Run-of-River)

912 MW

770 MW

684 MW

Total: 2,366 MW

Shareholding GULF plans to hold 30% - 35% equity interest in each project

Fuel type Run-of-river hydro power plants

Off-taker EGAT

SCOD & Status • SCOD: 2027 – 2030

• Under tariff negotiation

1

2

3

3

1

2

Hydropower projects under study in Lao PDR

Q2’20 Financial Performance

Q2’20 Business Updates

Appendix

12

Total revenues

Total revenues in Q2’20 was THB 9,139 million

• QoQ: 7,639 MB → 9,139 MB (+19.6%) primarily from:

1) Dividend received from SPCG in the amount of THB 81 mil in Q2’20

2) GJP’s unrealized FX gain in Q2’20 compared to unrealized FX loss in Q1’20

3) Nonetheless, the increase was slightly offset by an insignificant decrease in

sales revenue from THB 7,782 mil to THB 7,683 mil (-1.3%) mainly from

GMP’s lower electricity and steam sales to IUs despite higher off-take from

EGAT to compensate for the 500kV transmission system modification in

Rayong zone in Q1’20, and from full quarter revenue recorded from GCG

Biomass project (COD Mar’20).

• YoY: 8,332 MB → 9,139 MB (+9.7%) from:

1) Increase in sales revenue from THB 7,067 mil to THB 7,683 mil (+8.7%)

mainly due to:

• Full quarter revenue recognition of 12 SPPs under GMP group in Q2’20

(vs. 11 SPPs in Q2’19) and higher electricity sales to EGAT in Q2’20

compared to lower off-take from EGAT in Q2’19 due to EGAT’s 500kV

transmission line maintenance in Rayong zone. The revenue growth in

Q2’20 already accounts for the impact from planned maintenance

shutdown of GTS1 for 18 days and lower sales to IUs

• Full quarter revenue recognition of GCG biomass project (COD Mar’20)

and GTN2 solar project (COD Apr’19)

2) Increase in management fee revenue from THB 77 mil to THB 90 mil

(+16.2%) from additional service fee received from Gulf Electric Company

3) Share of profit mainly due to higher unrealized FX gain from GJPNote:

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%), GTN2 and GCG

2/ Share of profit include profit (loss) from GJP, GTN1 (from March – November 2019 before increasing the stake to 90%), DIPWP, Gulf WHA MT, BSE, HKH and BPH

3/ Consolidated other income include dividend income, interest income and other income

7,067 7,782 7,683

77 87

90 1,062

(267)

1,254 125

37

111 8,3327,639

9,139

Q2'19 Q1'20 Q2'20

Sales revenue Management fee Share of profit Other income

+9.7% YoY

+19.6% QoQ

Total revenue expanded from full quarter recognition of projects that COD in 2019 and FX gain from GJP

Unit: THB million

13

657 619 656

396

(872)

604

1,052

(253)

1,260

Q2'19 Q1'20 Q2'20

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

Share of profit from GJP (40%)

Share of profit from GJP (excl. FX) in Q2’20 was THB 656 million

• QoQ: 619 MB → 656 MB (+5.9%) primarily from:

1) GUT received higher Availability Payment (AP) in Q2’20 compared to Q1’20 which

had B-inspection

2) Lower depreciation expense from extending the useful life of machinery and

capital spare parts of the 2 IPPs due to lower operating hours

3) Higher volume of electricity sold to EGAT by 7 SPPs in Q2’20 from:

• Compensation for EGAT’s 500kV transmission system modification in Rayong

zone which affected GNLL in Q1’20

• There was no major overhaul of power plants in Q2’20 compared to GCRN’s

C-inspection in Q1’20

• YoY: 657 MB → 656 MB (-0.2%) mainly from:

1) 7 SPPs’ sales to IUs, which softened in Apr-May’20 from the effect of COVID-19.

The impact was offset by:

• Higher electricity sales volume to EGAT by 7 SPPs

• Higher AP received by GNS according to the PPA

• Lower depreciation expense from extending the useful life of machinery and

capital spare parts of the 2 IPPs due to lower operating hours

Share of profit from GJP (incl. FX) in Q2’20 was THB 1,260 million

• An increase in share of profit mainly from the appreciation of THB against USD, resulting in an unrealized FX gain of THB 604 million

(Q2’19: 30.9125 THB/USD, Q1’20: 32.8298 THB/USD, Q2’20: 31.0658 THB/USD)

-0.2% YoY

+5.9%QoQ

Higher sales volume to EGAT was able to offset the impact from softened core profit YoY

Unit: THB million

14

985 925 989

618

(1,338)

892

1,603

(413)

1,881

Q2'19 Q1'20 Q2'20

Core profit Gain (loss) on FX

Core profit / Net profit

Core profit in Q2’20 was THB 989 million

• QoQ: 925→ 989 (+6.9%) primarily from:

1) Higher share of profit from GJP mainly from fewer number of power plant

maintenance and higher AP received from GUT from higher availability

2) Increased profit from two solar power plants in Vietnam and full quarter profit

recognition from GCG biomass project

3) Lower natural gas price (267.38 → 261.41 THB/mmbtu) while Ft remained flat

4) Dividend income from SPCG while there was no dividend received in Q1’20.

• YoY: 985 → 989 (+0.3%) from:

1) Profit recognition of all 12 SPPs in Q2’20 vs. 11 SPPs in Q2’19

2) Full quarter profit recognition from GCG

3) Decrease in natural gas price (274.55 → 261.41 THB/mmbtu) while Ft

remained flat at (0.1160) THB/kilowatt-hour

4) Dividend income from SPCG which increased by THB 23 mil

Net profit in Q2’20 was THB 1,881 million

• Q2’20 recorded unrealized FX gain of THB 892 mil, compared to unrealized FX

loss of THB 1,338 mil in Q1’20 and unrealized FX gain of THB 618 mil in Q2’19

+0.3% YoY

FX Rate at End of Period

(THB/USD)

Q1’19 31.9785

Q2’19 30.9125

Q4’19 30.3313

Q1’20 32.8298

Q2’20 31.0658

Core profit growth YoY mainly from full quarter profit recognition, lower natural gas price and dividend income

Natural Gas Price

(THB/mmbtu)

Ft

(THB)

Q2’19 274.55 (0.116)

Q1’20 267.38 (0.116)

Q2’20 261.41 (0.116)

+6.9%QoQ

Unit: THB million

15

Plant performance

Heat rate of SPPs were better than contracted heat rate

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

(%)

6,832 6,829 6,955

Q2'19 Q1'20 Q2'20

98.5%94.8%

99.5%

Q2'19 Q1'20 Q2'20

59.0%

34.7%

14.5%

Q2'19 Q1'20 Q2'20

7,694 7,645 7,663

Q2'19 Q1'20 Q2'20

99.6%97.0% 98.2%

Q2'19 Q2'20 Q2'202

79.3% 76.8% 82.3%

Q2'19 Q1'20 Q2'20

7,408 7,447 7,453

Q2'19 Q1'20 Q2'20

98.0% 97.2% 97.8%

Q2'19 Q1'20 Q2'20

76.9% 76.1% 82.6%

Q2'19 Q1'20 Q2'20

Contracted Heat Rate

Contracted Heat Rate

16

Group Project Type COD2019 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

2017GTS1 SPP

GTS2 SPP

GTS3 SPP

GTS4 SPP

2018GNC SPP

GBL SPP

GBP SPP

GNLL2 SPP

2019GNPM SPP

GNRV1 SPP

GNRV2 SPP

Maintenance Schedule

C

C

C

A C

CA

A

A

B

A

As of July 2020

C

A

B

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)

A

A

A

A

A

A

B

A

B

A

A

A

A

A

A

A

A

C

17

Balance sheet

Total assets was THB 152,604 million

+13.6% mainly from:

• increase in PPE from increase in value of GCG and GSRC

• increase in advance payment for construction of GPD

• increase in long-term loan for DIPWP project (Oman)

• increase in deferred tax assets from IRS derivatives fair

value measurement required under TFRS9

Cash, cash equivalents & deposits used as collateral

Other current assets

Non-current assets

111,861 129,754

7,607

7,848 14,810

15,001134,278

152,604

31-Dec-19 30-Jun-20

+13.6%

Total assets

Total liabilities was THB 121,335 million

+42.3% mostly from:

• Current: GULF’s working capital borrowings

• Non-current: increase in financial derivative

liabilities (mostly IRS contracts) from TFRS9

adoption and long-term loan drawdowns for the

GSRC construction

75,429

100,850

9,809

20,486

85,238

121,335

31-Dec-19 30-Jun-20

Current liabilities

Non-current liabilities

+42.3%

Total liabilities

Total equity was THB 31,290 million

-36.2% mainly from: • dividend payment of THB 2,773 mn

• decrease in other components of equity and non-controlling interests mostly due to loss from fair

value measurement of IRS contracts requiredunderTFRS9

Total equity

10,613 6,506

1,174 1,661

(790) (13,121)

6,4884,667

31,55631,556

49,04031,268

31-Dec-19 31-Mar-20

-36.2%

Paid-up capital and share premium

Retained earnings

Other equity

Non-controlling interests

Other components of equity

Unit: THB million

18

D/E ratios

Leverage ratios still relatively low (1.86x) compared to bond covenant (3.50x)

1.74

3.50

3.88

1.27

2.16

2.62

1.251.52

1.86

31-Dec-19 31-Mar-20 30-Jun-20

D/E ratios

Note:

* Net interest-bearing debt to equity (for bonds issued in 2019)

= (Total interest-bearing debt incl. lease liabilities - cash and cash

equivalent - deposits at financial institutions used as collateral) /

(equity - other components of equity)

D/E

Net IBD/E

Net IBD/E (incl. lease liabilities) to equity ratio

(according to covenant of bonds issued in 2019)*

14,810

85,23877,161

49,040

(790)

15,001

121,335

97,723

31,268

(13,121)

31-Dec-19 30-Jun-20

Cash, cash equivalents

and deposits used as

collateral

Shareholders’

equity

Other components

of equity

Total liabilities Interest-bearing

debt

Unit: THB million

Q2’20 Financial Performance

Appendix

Q2’20 Business Updates

20

Power Generation

49%*Ownership

Duqm Power326 MW1 power & water projectCOD: 2021 – 2022

13,366 MW

40%Ownership

Gulf JP 4,237 MW2 IPPs and 7 SPPsCOD: 2013 – 2015

70%Ownership

Gulf MP 1,563 MW12 SPPsCOD: 2017 – 2019

70%Ownership

(75% dividend)

Independent Power Development 5,300 MW2 IPPsCOD: 2021 – 2024

49%Ownership

Hin Kong 1,400 MW1 IPPCOD: 2024 – 2025

35%Ownership

Burapa 540 MW1 IPPCOD: 2027

Infrastructure & Utilities

70%Ownership

Gulf MTPIndustrial port development(land reclamation)3 years constructionSCOD: [2023]

40%Ownership

Laem Chabang Ph3Deep sea container port> 4 million TEU/yearSCOD: [2024 – 2028]

40%Ownership

BGSR ConsortiumIntercity motorwayOperation & MaintenanceM6: 196 km M81: 96 kmSCOD: [2023]

33%Ownership

One BKKElectricity distribution(240 MW)

District chilled water(40,000 RT)SCOD: [2022 – 2024]

Gas

35%Ownership

Gulf WHA MTNatural gas distribution2 projects4,000,000 mmbtu/yearCOD: 2018 – 2019

70%Ownership

Gulf MTPLNG terminalUp to 10.8 MTPASCOD: [2027](subject to LNG demand)

LNG Shipper LicensesTotal 1.7 MTPA• Hin Kong Holding :

1.4 MTPA• Gulf : 0.3 MTPA

Data as of August 2020

Hydro Power

Note: * Subject to share transfer completion.

Renewable Energy

1,019 MW

75%Ownership

Gulf Solar 0.6 MW4 Solar rooftop VSPPsCOD: 2014 – 2015

100%Ownership

Gulf Chana Green 25 MW1 Biomass projectCOD: 2020

95%Ownership

Mekong Wind 310 MW1 Offshore wind farm (8 phases)SCOD: Ph 1-3 (128 MW): 2021Ph 4-8 (182 MW): under PDP8 consideration

90%Ownership

GTN1 & GTN2 119 MW2 Solar farmsCOD: 2019

100%*Ownership

Ia Pech 1 & 2100 MW2 Onshore wind farmsSCOD: 2022

50%*Ownership

Borkum Riffgrund 2

465 MW1 Offshore wind farmCOD: 2019

Business Overview

LNG-to-power

(up to 6,000 MW)Other infrastructure projects

Ex

isti

ng

Pro

jec

tsP

ros

pe

cts

Laos Hydropower

2,366 MW

3 Hydropower Projects

[30-35%]Ownership

21

Power Generation & Renewable Energy Businesses

Thailand VietnamGermany

Oman

Installed capacity(By end of 2020)

Gross Equity

In operation 6,409 MW 2,959 MW

Under development / construction 7,976 MW 5,139 MW

Total 14,385 MW 8,098 MW

Preparing for or under construction/ development

In operation

26 projects in operation

4 projectsunder development/

construction

2 projects in operation

3 projectsunder development/

construction

1 projectunder construction

1 project in operation

Total of 37 power projects in 4 countries

22

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 purposes2/ Include the gas-fired power project in Oman

320 982

1,683 1,683 1,964 2,253

2,701 2,959 2,959

4,200

5,368

6,295

7,566 7,909 7,909 8,098

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

6,409MW

IPP SPP Renewables

76%

17%

8%

Year 2027

14,385MW

2

Gross Capacity by Plant Types

46%

42%

12%

July 2020

2,959MW

IPP SPP Renewables

75%

15%

9%

Year 2027

8,098MW

2

Equity Capacity by Plant Types

23

Percentage of Power sold to EGAT

EGAT:

✓ 25-year PPAs with EGAT✓ 80% Minimum Offtake (SPPs)

✓ Receive Availability Payment (IPPs) 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

89%

11%

2019

Industrial Users

24

89%

11%

Industrial Users

Automotive,

44%

Construction

Material, 9%

Packaging,

10%

Electronics,

8%

Food &

Beverage,

6%

Petchem &

Chemicals, 6%

Textiles, 5%

Others, 12%

Most of Gulf’s power generation capacity are secured with

EGAT’s PPAs while industrial users are diverse in sectors

Power Sold to Industrial Customers

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.

Well-diversified customers limit impact from economic downturn

25

GTN1 and GTN2 Solar Projects (119 MW)

Location Tay Ninh, Vietnam Tay Ninh, Vietnam

Installed capacity 69 MW 50 MW

Contracted capacity 48 MW 41 MW

Fuel type Solar Solar

Tariff US9.35c./kWh US9.35c./kWh

PPA Signed with EVN for 20 years Signed with EVN for 20 years

EPC Signed with JGC Vietnam Signed with JGC Vietnam

Capacity Factor 17-18% 17-18%

Project cost ≈ USD 65 million USD 52 million

COD Mar 2019 Apr 2019

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

In operation

Gulf Tay Ninh 1 Joint Stock Company

Gulf Tay Ninh 2 Joint Stock Company

90% 10%

Capacity factor of approximately 17.7%

26

• 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%*

57%

43%

73%

27%

USD 927 mn

THB 37,657 mn

USD 417 mn

THB 35,848 mn78%

22%

USD 162 mn

THB 18,250 mn

100%THB 1,806 mn

THB 66,449 mn THB 48,799 mn THB 23,292 mnTotal loan

outstanding: (THB equivalent)

THB 1,806 mn

100%THB 3,545 mn

THB 3,545 mn

75%*

THB 13,000 mn in

working capital borrowings&

Debt outstanding

As of Jun 30, 2020

Note:

* Based on % profit sharing received from GSRC & GPD

** FX rate: 31.0658 THB/USD

*** Debt outstanding exclude subsidiaries’ working capital borrowings

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

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this document should be not treated as an indication that the Company agrees with or concurs with such views.

Disclaimer

IR ContactGulf 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