Gulf Energy Development Public Company Limited

SET OPPORTUNITY DAY PRESENTATION

February 2019

2

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.

3

Agenda

Business Overview

Project Updates

Operating Performance

Financial Highlights

Summary

4

1. Business Overview

5

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

WHA 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

6

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 5,409 MW 2,320 MW

Under development/construction 6,501 MW 4,401 MW

Total 11,910 MW 6,721 MW

7

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 5,409 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 Feb-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 2,320 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 Feb-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

8

2. Project Updates

9

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

SCOD 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: • 9 projects in operation

• 3 projects under

construction

COD

2017

COD

2018

COD

2019

Construction progress on track

99.8% 99.0% 94.8%

GMP – 12 SPPs (1,563 MW)

As of January 2019

10

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

11

GSRC’s project developments

Civil works progress as planned

12

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

13

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

14

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,

operating 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.

15

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

16

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

17

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

18

3. Operating performance

19

Projects in operation

40% Ownership

70% Ownership

4,237 MW 1,172 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 9 SPPs out of 12 SPPs

COD: 2013

COD: 2014-15

COD: 2017

1,752 MW

As of January 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

20

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

21

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

22

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

23

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

24

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

25

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

26

4. Financial Highlights

27

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.

28

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%

29

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

operation of the 4SPPs which have been

operational since 2017 and additional 4 SPPs

which commenced operations during 2018.

-12%

30

Balance sheet

Balance sheet

Unit: Million Baht

2,926 4,374 9,349

53,107 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

100,65

2

123,66

9

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

Cash, cash equivalents and short-

term investment

Investments in an associate and a joint

venture

Property, plant and equipment

Other assets

Interest-bearing debts

Other liabilities

2795

31,556 31,556

(1,409)

1,935 3,924

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 component of equity attributable to

owners of the parent

Paid-up capital and share premium

Unappropriated retained earnings

31

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

32

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

33

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

34

Summary

35

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 operation

Partnered with WHAUP, Mitsui & Co.

and Tokyo Gas to develop natural gas distribution projects

GNC began commercial operation

GBL began commercial

operation

Investment in solar and

wind projects in Vietnam (340 MW)

Investment in a solar project in Vietnam (50 MW)

Awarded PWPA to operate a captive

power plant in Oman

(326 MW)

GBP began commercial

operation

Bt 81.50

(+25%)

Announced to be added to SET50 and SET100

GSRC financing close

36

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)

SCOD 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

37

Appendixes

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%

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

Subtotal 2,002.8 272.0 7,800.0 957.3 134.0 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 5,409.0 272.0 7,800.0 2,320.0 134.0 2,659.8

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)

GNPM SPP Saraburi Gas-fired (CG) 135.2 25.0 - 70.00% 94.7 17.5 - Mar 2019 2010

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 391.7 45.0 - 274.2 31.5 -

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 6,501.5 45.0 - 4,401.2 31.5 -

Power projects under construction and development

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

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 d

ays

10

da

ys

3 d

ays

18

da

ys

18

da

ys

22

da

ys

35

/ 2

2 d

ays

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

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

45

2 IPPs: Sales volume 7 SPPs: Sales volume

6,208

3,732

4,140

1,600

10,34

8

5,332

2017 2018

GNS GUT Total

Steam (Ton)

285,8

50

268,8

03

2017 2018

Electricity (GwH) Electricity (GwH)

29,03

9

29,01

3

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%

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 the IPP’s lower scheduled

availability payment 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 planned

maintenance as there were more power

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

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

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

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

0

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

operation2

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

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

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

52

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

GNK 2 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.

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 NGD 2 WHA Eastern Seaboard NGD2

WHA NGD 4 WHA Eastern Seaboard NGD4