Gulf Energy Development Public Company Limited

ROADSHOW PRESENTATION

January 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 projects49%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 project49%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 4,381 MW

Total 11,910 MW 6,701 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 Jan-19 2019 2020 2021 2022 2023 2024

GJP GMP IPD GCG Gulf Solar Vietnam Oman 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/ Capacity of TTCIZ-02 was calculated based on 49% equity interest.

73%

23%

4%

320 982

1,683 1,683 1,964 2,253 2,320 2,652 2,741

3,756

4,789

5,773

6,701

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2013 2014 2015 2016 2017 2018 Jan-19 2019 2020 2021 2022 2023 2024

GJP GMP IPD GCG Gulf Solar Vietnam Oman Total

76%

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

98.6% 95.4% 88.8%

✓

✓

✓

✓

GMP – 12 SPPs (1,563 MW)

✓

✓

✓

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

and IRS)

• Debt: 38,000 MB (D/E 3:1)

• Equity back-ended structure

Overall

status:

• The construction began on

3 Dec 2018

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

• Financing close is

expected in 2020

✓

✓

✓

✓

✓

✓

✓

✓

11

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

28% completed

✓

✓

12

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

84% completed

✓

✓

✓

13

New renewable investment in Vietnam

Project ProvinceFuel

type

Gross

installed

capacity

(MW)

Equity

installed

capacity

(MW)

Approx.

project cost

(US$m)

SCOD

TTCIZ-01 Tay Ninh Solar 69 33 66 Mar 2019

TTCIZ-02* Tay Ninh Solar 50 25 53 May 2019

Solar VN Ben Tre Solar 30 15 33 [2019-2020]

Wind VN Ben Tre Offshore

wind

310 152 618 2021-2023

Total 460 225 770

Investment portfolio

49.0% 51.0%

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: *On December 21, 2018, Gulf entered into a share purchase agreement and shareholder agreement with

Thanh Thanh Cong Industrial Zone Joint Stock Company, a subsidiary of TTC Group, to increase its equity

interest in TTCIZ-02 from 49% to 90%. The share transfer will be completed after obtaining approval from

relevant government authorities, tentatively in Q1 2019.

14

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

(5 Dec 2018)

SCOD Mar 2019

Project cost Approx. US$ 66 million

Overall status Under construction

86% completed

TTCIZ-01

Under construction/

development

TTCIZ-02

Location Tay Ninh, Vietnam

Installed

capacity

Approx. 50 MW

Shareholding - GULF (49% → 90%)

- TTC Group (51% → 10%)

Fuel type Solar

EPC Signed with JGC Vietnam

Offtaker Vietnam Electricity (EVN)

Tariff US9.35c./kWh

PPA Signed with EVN for 20 years

(24 Dec 2018)

SCOD May 2019

Project cost Approx. US$ 53 million

Overall status Under construction

60% completed

15

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

16

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.)

17

3. Operating performance

18

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 November 2018

GTS4

GNC

GBL

GBP

75%

100%

75%

75%

130 MW

126 MW

127 MW

127 MW

COD: 2018

GNLL275%

127 MW

COD: 2019

19

GJP – 2 IPPs (3,406 MW)

6,991 6,989 7,074

Average

Average Heat rate (BTU/kWh)

2016 2017 9M'18

2 IPPs Key customer

98 9795

9796

100

GNS GUT

Availability (%)

2016 2017 9M'18

COD: Unit 1 Jun 2014

Unit 2 Dec 2014

GNS GUT

COD: Unit 1 Jun 2015

Unit 2 Dec 2015

100% of contracted capacity

20

GJP – 7 SPPs (831 MW)

97 9994 93

83

94 9598 97

99 99 99 99 9996 96 97 97 98 100 98

GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2

Availability (%)

2016 2017 9M'18

7,745 7,700 7,687

Average

Average Heat rate (BTU/kWh)

2016 2017 9M'18

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

21

GMP – 7 out of 12 SPPs (918 MW)

COD: May 2017 COD: Jul 2017 COD: Sep 2017 COD: Nov 2017

COD: Jan 2018

GVTP GTS1 GTS2 GTS3

COD: Mar 2018

7 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

9698 100 9897 99 100 99 100 98 100

GVTP GTS1 GTS2 GTS3 GTS4 GNC GBL

Availability (%)

2017 9M'18

7,479 7,392

Average

Average Heat rate (BTU/kWh)

2017 9M'18

22

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

A

A

A

A

A

A

A

B

A

A

A

A

C

C

C

C

A C

CA

A

A

A

A

A

A

A

C

As of December 2018

23

SPP heat rate improvement plan, 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

24

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

2013 2014 2015 2016 2017 2018 2019

GKP1 & GKP2Nong Kae Industrial Estate

Saraburi

GTS1 & GTS2Eastern Seaboard

Industrial Estate

Rayong

GTS3 & GTS4WHA Eastern Seaboard

Industrial Estate

Rayong

GBL & GBPHi-Tech

Industrial Estate

Ayutthaya

GNLL & GNLL2WHA Rayong

Industrial Land

Rayong

GNK2 & GNPMWHA Rayong

Industrial Land

Saraburi

GNRV1 & GNRV2Suranari Industrial

Estate

Nakhon

Ratchasima

25

4. Financial Highlights

26

Total revenues and EBITDA

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

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

EBITDA

Unit: Million Baht

4,078

1,816

11,688

236

272

147

225

1,808

2,637

2,021

2,056

149

197

163

247

2,198

7,185

4,147

14,217

2016 2017 9M'17 9M'18

Sales revenue

Management fee

Share of profit (excl. FX gain)

Other incomes

Total revenues in 9M’18 was 14,217 MB,

up 243%YoY from the full-year operation of the

4SPPs which has been in operation since 2017

and additional 3 SPPs which reached COD

during 9M’18.

EBITDA in 9M’18 was 5,178 MB,

up 151%YoY due to increasing number of SPPs

under GMP and higher profit sharing from GJP.

1,354

3,267 2,061

5,178

2016 2017 9M'17 9M'18

243%

151%

27

Profitability

Core profit has consistently increased in line with number of projects on stream

Net profit / Core profit

Unit: Million Baht

304 388 326 542

756 795 754 201 97 94

156

347

-468

169 603

202 256

284

605

-765

282

1,107

686 676

982

1,708

-438

1,205

1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

Core profit GMP Gain on FX GJP Gain on FX Net profit

• Core profit has gradually been

increasing from time to time as a result

of an increase in number of SPPs under

GMP which has been in operation

• However, core profit in 3Q’18 dropped

slightly due mainly to lower tariff (AP) of

the 2IPPs during rainy season and

scheduled maintenance of the 3 SPPs

under GJP.

28

Balance sheet

Balance sheet

Unit: Million Baht

2,926 4,374 4,326

53,107 56,930 59,306

56,033 61,304 63,633

31-Dec-16 31-Dec-17 30-Sep-18

Total liabilities

8,463 9,267 10,918

29,913

50,547 59,930

18,502

20,439

21,690

2,938

20,399 15,233

59,816

100,652 107,771

31-Dec-16 31-Dec-17 30-Sep-18

Total assets

D/E ratio as of Sep 30, 2018 was at 1.44x

Total assets was 107,771 MB,

increasing 7% from the

development and construction of

SPPs under GMP

Total liabilities was 63,633 MB,

increasing 4% as a result of the

increase in long-term drawdowns

for the construction of SPPs

Total equity was 44,138 MB,

increasing 12% from the increase

in unappropriated retained earnings

and non- controlling interests

31-Dec-16 31-Dec-17 30-Sep-18

D/E 14.81x 1.56x 1.44x

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 3,460

1,461

4,783 7,949

3,782

39,348 44,138

31-Dec-16 31-Dec-17 30-Sep-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

29

Debts outstanding

As of September 30, 2018

40% 70% 75% 100%

Bt 6,000 m,

due in 2019

Bt 38,518 mBt 42,602 m Bt 23 m Bt 701 m

US$ 1,053 m

(Bt 34,300 m)

US$ 419 m

(Bt 13,665 m)

Total Bt 76,903 m Total Bt 52,183 m

Notes:

• 33.3278 THB/USD as of Jun 30, 2018

• 32.5767 THB/USD as of Sep 30, 2018

30

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

31

Summary

32

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

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 since Dec 2018

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

33

Key events 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 implemented3• 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

34

Appendixes

35

Notes: 1/ WHA Energy, a subsidiary of WHAUP, holds 25.01% equity interest in GNLL2/ WHA Energy, a subsidiary of WHAUP, holds 25.01% equity interests in GVTP, GTS1, GTS2,

GTS3, GTS4 and GNLL23/ Thai Industrial Estate Corp., Ltd. holds 25.00% equity interests in GBL and GBP4/ Gulf Pattani Green, SBY Biomass, Thepha Clean Energy and Kolpos are dormant companies5/ 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 5Gulf

Pattani Green 4

SBY Biomass 4

Thepha Clean

Energy 4

0.46%

Gulf HKGJP 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%

WHANGD2

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

49.00%

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

BusinessesDormant

Entities

COD: 2019-23

99.99% 99.99%

COD: 2018-19

DUQM45.00%

Corporate shareholding structure

Gulf Mauritius

49.00%

51.00%

36

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 SaraburiGas-fired

(CCGT)1,653.2 - - 40.00% 661.3 - -

Unit 1: Jun 1, 2014

Unit 2: Dec 1, 20142007

GUT IPP AyutthayaGas-fired

(CCGT)1,752.4 - - 40.00% 701.0 - -

Unit 1: Jun 1, 2015

Unit 2: Dec 1, 20152007

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

37

Project Category Location Type

Installed Capacity

Equity

Stake

Equity Installed Capacity

SCOD

PPA

Awarded

YearPower

(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 SPPNakorn

RatchasimaGas-fired (CG) 128.2 10.0 - 70.00% 89.8 7.0 - May 2019 2010

GNRV2 SPPNakorn

RatchasimaGas-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 - - 49.00% 24.5 - - 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 - - 249.8 - -

DUQM IPWP Oman Gas-fired 326.0 - - 45.00% 146.7 - - 2020-2022 N.A.

GSRC IPP ChonburiGas-fired

(CCGT)2,650.0 - - 70.00% 1,855.0 - -

Units 1 and 2: 2021 /

Units 3 and 4: 20222013

GPD IPP RayongGas-fired

(CCGT)2,650.0 - - 70.00% 1,855.0 - -

Units 1 and 2: 2023 /

Units 3 and 4: 20242013

Subtotal 5,626.0 - - 3,856.7 - -

Total 6,501.5 45.0 - 4,380.7 31.5 -

Power projects under construction and development

38

Project LocationInstalled 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

39

Maintenance Types

Year 1 2 3 4 5 6COD 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

40

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 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

2017GTS1 SPP

GTS2 SPP

GTS3 SPP

A A

A A

A A

A A

A A

AA

A

A

B B

A

A

A

A

A

A

41

GJP: 2 gas-fired IPPs in 9M’18

Contracted power generation capacity: 1,600 MW each, a total of 3,200 MW

COD: Jun and Dec 2014 (2 units)

GNS GUT

COD: Jun and Dec 2015 (2 units)

Note: 1/ GNS Block 2 was under maintenance type B (18 days) in 2Q’18

GUT maintained high availability, while GNS was under planned maintenance

95% 97%96% 100%

GNS GUT

Availability1 (%)

9M'17 9M'18

96% - 100%

6,986 7,073

9M'17 9M'18

Average Heat rate (BTU/kWh)

42

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

GNLLIn operation

Under construction/

development

43

GJP: 7 SPPs availability and heat rate in 9M’18

Installed power generation capacity: 114.0 – 133.0 MW each, a total of 831 MW

COD: Jan 2013 COD: Feb 2013 COD: Mar 2013 COD: Apr 2013 COD: May 2013 COD: Jul 2013

GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2

COD: Oct 2013

7 SPPs’ availability remained high around 96%-100%

98% 96% 99% 99%100%

99%99%96% 96% 97% 97%

98%100%

98%

GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2

Availability1 (%)

9M'17 9M'18

7,695 7,687

9M'17 9M'18

Average Heat rate (BTU/kWh)

96% - 100%

Note: 1 GKP1, GTLC and GNNK were under maintenance type A (3 days) in 3Q’18

44

2 IPPs: Sales volume 7 SPPs: Sales volume

1,473

639

551

264

2,024

903

3Q'17 3Q'18

GNS GUT Total

Steam (Ton)

66,063 66,773

3Q'17 3Q'18

Electricity (GwH) Electricity (GwH)

7,624

7,111

3Q'17 3Q'18

Chilled water (’000 RT)

Sold to IUs 100%Sold to EGAT 100%

Sold to IUs 100%

GJP’s sales volume and breakdown in 3Q’18

73%

27%

71%

29%

1,158 1,102

260 288

1,418 1,389

3Q'17 3Q'18

EGAT IUs Total

82%

18%

79%

21%

45

2 IPPs: Sales volume 7 SPPs: Sales volume

4,341

2,630

3,038

1,112

7,379

3,741

9M'17 9M'18

GNS GUT Total

Steam (Ton)

203,035 201,321

9M'17 9M'18

Electricity (GwH) Electricity (GwH)

22,079 22,571

9M'17 9M'18

Chilled water (’000 RT)

Sold to IUs 100%Sold to EGAT 100%

Sold to IUs 100%

GJP’s sales volume and breakdown in 9M’18

59%

41%

70%

30%

3,385 3,360

740 838

4,125 4,198

9M'17 9M'18

EGAT IUs Total

82%

18%

80%

20%

46

3,842 4,066 3,947

3Q'17 2Q'18 3Q'18

12,241 9,849 9,786

12,351

9,964 9,934

3Q'17 2Q'18 3Q'18

Sales revenue Others

Total revenues (excl. FX)

Total revenues in 3Q’18 dropped 20% YoY

and 0.3% QoQ due primarily to lower dispatch

of the 2 IPPs, reducing the energy payment

-20% YoY / -0.3% QoQ

GJP: Breakdown of sales revenue by project

33%

33% 34%

3Q'17

Bt 12,241m

GJP: Breakdown of sales revenue by project

93%

7%

3Q'17

Electricity - EGAT Electricity, steam and chilled water - IUs

Unit: Million Baht

EBITDA

+3% YoY / -3% QoQ

Net profit before FX

Unit: Million BahtUnit: Million Baht

EBITDA in 3Q’18 increased 3% YoY, but

decreased 3% QoQ due to lower availability

payment rates during the rainy season in Q3

and 3 SPPs under planned maintenance

Profit before FX in 3Q’18 improved 8% YoY, but

decreased 9% QoQ from the seasonal effect.

1,504 1,784 1,625

654

(1,904)

715

2,158

(120)

2,340

3Q'17 2Q'18 3Q'18

Profit before FX FX gain/loss

+8% YoY / -9% QoQ

29%

27%

44%2Q'18

Bt 9,849m

29%

26%

45%3Q'18

Bt 9,786m

IPP - GUT 7 SPPsIPP - GNS

Bt 12,241m Bt 9,849m Bt 9,786m

91%

9%

2Q'18

90%

10%

3Q'18

GJP’s sales revenue (non-TFRIC 4)

47

GJP’s share of profit to GULF (TFRIC 4)

Share of profit before FX from GJP

561 616 695 707 655

256 284

605

-765

282

817 900

1,300

-59

938

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

Share of profit before FX FX gain/loss Share of profit

Share of profit before FX dropped QoQ from seasonal effects, but improved YoY

GNS Block 1

under planned

maintenance type B

(18 days)

Unit: Million Baht

GNS Block 2

under planned

maintenance

type B (18 days)

+17% YoY / -7% QoQ

GKP1, GTLC and

GNNK under planned

maintenance type A

(3 days each)

48

GMP: Portfolio of 12 gas-fired SPPs

8 of the 12 SPPs are in operation, the other 4 SPPs to kick off in 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

49

GMP: 7 SPPs availability and heat rate in 9M’18

Installed power generation capacity: 126.5 – 137.0 MW each, a total of 918 MW

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

GVTP GTS1 GTS2 GTS3 GTS4 GNC

Note : 1/ GTS1, GTS2, GTS3, GTS4 and GNC began commercial operations during Jul 2017 – Mar 2018

Higher plant availability and better heat rate YoY

97% 100% 100%97% 99% 100% 99% 100% 98% 100%

GVTP GTS1 GTS2 GTS3 GTS4 GNC GBL

Availability1 (%)

9M'17 9M'18

7,455 7,387

9M'17 9M'18

Average Heat rate (BTU/kWh)

97% - 100%

- - - - -

GBL

COD: Sep 2018

50

Electricity sales volume (GwH) Steam (Ton)

167 167 167 163 167 15953

53 53 51 40 5914

16

220 220 218 203 227172

69

GVTP GTS1 GTS2 GTS3 GTS4 GNC GBL

EGAT IUs

978

39,496 37,170

28,250 32,452

10,980 3,138

GVTP GTS1 GTS2 GTS3 GTS4 GNC GBL

Breakdown of sales revenue by customer

Total 1,259 GwH

79%

21%

Total 152,464 tons

73%

26%

0.2%

GVTP

Bt 713.9m

Total Bt 4,382mElectricity sales to EGAT and PEA Electricity sales to IUs Steam sales to IUs

GMP’s sales volume and breakdown in 3Q’18

71%

23%

5.4%

GTS1

73%

22%

5.2%

GTS2

76%

20%

4.1%

GTS3

71%

24%

4.3%

GTS4

89%

9%2.0%

GNC

70%

29%

1.2%

GBL

Bt 733.5m Bt 719.0m Bt 678.2m Bt 734.4m Bt 562.2m Bt 241.2m

51

Electricity sales volume (GwH) Steam (Ton)

Breakdown of sales revenue by customer

GMP’s sales volume and breakdown in 9M’18

487 496 499 496 499 36953

146 159 151 110 161

32

16

633 656 650 606 660

401

69

GVTP GTS1 GTS2 GTS3 GTS4 GNC GBL

EGAT IUs

9,323

114,933 111,588

61,308 74,887

23,946 3,138

GVTP GTS1 GTS2 GTS3 GTS4 GNC GBL

Total 3,606 GwH

79%

21%

Total 399,123 tons

74%

25%

0.5%

GVTP

Bt 1,982.4m

Total Bt 11,685mElectricity sales to EGAT and PEA Electricity sales to IUs Steam sales to IUs

71%

24%

5%

GTS1

73%

22%

5%

GTS2

77%

20%3%

GTS3

73%

24%

3%

GTS4

89%

9% 2%

GNC

70%

29%

1.2%

GBL

Bt 2,118.1m Bt 2,074.9m Bt 1,937.3m Bt 2,059.0m Bt 1,272.3m Bt 241.2m

52

Due dateGULFTHB m

IPDTHB m

GMPTHB m

Gulf

SolarTHB m

GCGTHB m

TotalTHB m

In 1 year - - 1,473.5 2.6 - 1, 476.0

1 – 5 years 6,000.0 - 7,384.8 11.2 210.7 13,606.7

Over 5 years - - 29,659.7 9.6 489.8 30,159.1

Total 6,000.0 - 38,517.9 23.4 700.5 45,241.8

90%

10%

• 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 September 30, 20181

40%

60%

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 September 30, 20182/ 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 76,902.6m (including US$1,052.9m, converted at THB/USD: 32.5767)

GMPUSD m

14.1

80.5

324.9

419.5

Debt profile

53

Consolidated income statement 3Q'17 2Q'18 3Q'18 9M'17 9M'18

Unit: Million baht

Revenue from sales 1,465.7 3,944.5 4,383.3 1,816.2 11,688.4

Revenue from management fee 44.5 75.0 75.0 146.7 225.0

Cost of sales (1,117.9) (2,929.2) (3,304.7) (1,409.1) (8,718.2)

Cost of management fee (43.9) (53.1) (32.4) (144.7) (131.2)

Gross profit 348.4 1,037.2 1,121.3 409.1 3,064.0

Other income 19.4 1.0 0.9 40.4 8.1

Interest income 1.5 59.8 33.1 13.0 134.9

Dividend income 45.4 59.0 44.9 109.4 104.0

Share of profit (loss) from an associate and joint ventures 814.6 (58.9) 937.6 3,082.1 2,178.6

Administrative expenses (208.8) (397.9) (403.4) (679.7) (1,031.5)

Finance costs (397.1) (441.9) (448.7) (1,005.3) (1,361.0)

Corporate income tax benefits (expenses) 0.7 6.7 (0.6) 59.6 9.8

Gain (loss) on exchange rate, net 183.7 (819.0) 308.5 706.0 98.0

Profit (loss) for the period 807.8 (554.1) 1,593.5 2,734.7 3,204.9

Profit (loss) attributable to owners of the parent 675.8 (438.0) 1,205.2 2,469.6 2,474.9

Summary of GULF’s consolidated income statement

54

Consolidated income statement 3Q'17 2Q'18 3Q'18 9M'17 9M'18

Unit: Million baht

Sales revenue 12,241.4 9,848.5 9,785.6 34,926.5 30,419.9

Other incomes 110.0 115.2 148.6 439.3 337.8

Cost of sales (8,401.2) (5,739.8) (5,858.0) (22,817.0) (18,407.2)

Gross profit 3,950.3 4,175.8 4,076.2 12,548.9 12,350.5

Operating and administrative expenses (108.5) (158.2) (129.5) (365.0) (423.5)

EBITDA 3,841.8 4,065.7 3,946.8 12,183.9 11,927.0

Depreciation and amortisation (1,266.7) (1,259.2) (1,282.7) (3,773.5) (3,795.7)

Finance costs (1,062.3) (999.6) (994.5) (3,242.7) (2,977.5)

Corporate income tax benefits (expenses) 14.8 (3.6) (12.4) 25.9 (11.4)

Gain (loss) on exchange rate, net 659.1 (1,920.9) 720.9 2,713.7 325.2

Profit (loss) for the period 2,186.7 (126.7) 2,378.0 7,907.3 5,467.6

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

55

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.

56

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