Gulf Energy Development Public Company Limited

Q1’2021 Earnings PresentationInvestor Relations18 May 2021

Index

Q1’21 Financial Performance

Business Updates

Appendix

3

2021 Revenue Drivers

35,833

2020 2021 (F)

≈ +50%

Projected total revenue

growth

Dividend Income3

Dividend income from

INTUCH & SPCG

2021 Project CODs1

6,409 MW

7,903 MW

2020 2021

Gross installed capacity

+1,494 MW

2021 Project CODs1

6,409 MW

7,903 MW

2020 2021

• Gulf SRC (IPP) 1,325 MW

Unit 1 (662.5 MW): Mar 31, 2021

Unit 2 (662.5 MW): Oct 1, 2021

• Mekong Wind (Offshore Wind) 128 MW

Phase 1 (30 MW): June 2021

Phases 2-3 (98 MW): Oct 2021

• DIPWP (Captive) 40 MW

Phase 1 (40 MW power and 50m3/h

water): July 2021

• Potential additional MW

from GNC and Gulf1

Gross installed capacity

+1,494 MW

2

Started contributing revenue and

profit from Q4 2020 onwards

BKR2Offshore Wind Farm

(464.8 MW)

Full year income contribution from

Will start contributing profit

from Q1 2021 onwards

Natural Gas Distribution

(42%* equity interest)

Biomass Power Project

(25 MW)Started contributing revenue and

profit from Q1 2020 onwards

Remark: *Gulf acquired additional 2% stake in April 2021

4

Renewable Energy

✓ Target to secure 200 MW in 2021

✓ Exploring investment opportunities

in renewable projects domestically

and overseas (UK, EU, US , Asia,

especially Vietnam)

Renewables

Gulf1

Infrastructure & Utilities

Hydropower

✓ Studying hydropower projects in

Laos

Hydropower

✓ Expected PPP Contract

signing by Q2 2021

M6 & M81 Motorways

✓ Expected PPP Contract

signing within Q2 2021

Key Business Activities in 2021

Power Generation

✓ Studying LNG-to-Power projects

in Vietnam

LNG-to-Power LCB3 Port

Index

Q1’21 Financial Performance

Business Updates

Appendix

6

7,7829,184 8,877

4

2744

87

98110

-267

979 259

37

21 696

7,639

10,3099,990

Q1'20 Q4'20 Q1'21

Total revenueOther incomeShare of profit from associates and JVsRevenue from management feeRevenue from service concession arrangementRevenue from lease under power purchase agreementRevenue from sales

Unit: THB million

-3.1% QoQ

Total Revenues

+30.8% YoY

Revenue from BKR2 project and dividend from INTUCH were main contributors to YoY total revenue growth

Total revenues in Q1’21 was THB 9.990 million

• YoY: 7,639 MB → 9,990 MB (+30.8%) primarily from:

1) Increase in sales revenue from THB 7,782 million to THB 8,877 million (+14.1%) due to

recognition of BKR2 sales revenue of THB 1,629 million in Q1’21 and higher volume of

electricity sold to IUs by GMP group

2) Dividend income from INTUCH of THB 683 million

3) Higher share of profit from GJP mainly due to higher volume of electricity sold to EGAT and

IUs as well as lower unrealized FX loss

• QoQ: 10,309 MB → 9,990 MB (-3.1%) from:

1) Sales revenue decreased from THB 9,184 million to THB 8,877 million (-3.3%) mainly from

lower revenue from BKR2 (-15.4%) due to lower wind speed from seasonal factor (capacity

factor of 41.0% in Q1’21 vs. 52.7% in Q4’20)

2) GJP’s share of profit decreased mainly due to unrealized FX loss in Q1’21 while there was

unrealized FX gain in Q4’20

3) Offset with dividend income from INTUCH of THB 683 million

7

605 442

742

(872)

537

(483)

(267)

979

259

Q1'20 Q4'20 Q1'21

Share of core profit

FX gain/loss and unrealized gain/loss from derivative contracts of PTT NGD

+22.6% YoY

+67.9%QoQ

Share of Profit from associates and JVs

Total share of profit

Share of Core profit from associates and JVs in Q1’21 was THB 742 million, increased +22.6% YoY and +67.9% QoQ mainly from

1) Share of Core Profit from an associate GJP

+4.8 YoY from improved profit from SPPs under GJP from lower cost of natural gas (-17.7%)

while electricity selling price reduced at a lower rate

+49.6% QoQ from higher electricity sales volume to EGAT from 2IPPs and higher electricity

and steam sales volume to IUs from 7SPPs

2) Share of Core profit from an associate PTT NGD from first full-quarter profit recognition of

THB 52 million

Share of profit from associates and JVs (incl. FX) in Q1’21 was THB 259 million, mainly from

effects from GJP’s exchange rate loss of THB 430 million and unrealized loss on derivative

contracts of PTT NGD of THB 53 million

Share of Core profit increased from GJP and PTT NGD

Unit: THB million

FX Rate at End of Period

(THB/USD) (THB/EUR) (USD/EUR)*

Q4’19 30.3313 33.3775 -

Q1’20 32.8298 35.6113 -

Q2’20 31.0658 34.3318 -

Q3’20 31.8258 36.7782 -

Q4’20 30.2068 36.4949 1.2290

Q1’21 31.5052 36.3346 1.1706

Natural Gas

Price

(THB/mmbtu)

Ft

(THB)

Q1’20 267.38 (0.1160)

Q4’20 214.03 (0.1243)

Q1’20 220.17 (0.1532)

*Based on the exchange rate in Singapore.

8

Unit: THB million

Net profit / Core profitRecord high core profit boosted by INTUCH dividend combined with BKR2 profit contribution

Core profit in Q1’21 was THB 2,390 million

+158.3% YoY from THB 925 million in Q1’20, due mainly to:

1) Dividend income of THB 683 million from INTUCH

2) Profit from BKR2 offshore wind farm in Germany

3) Share of core profit from PTT NGD of THB 52 million

4) Profit contribution from 12SPPs under GMP group from higher electricity sales to

industrial customers

5) Full-quarter profit contribution from GCG compared to 1-month operation in Q1’20

(COD: March 1, 2020)

+92.8% QoQ mainly from:

1) Share of profit from GJP from higher electricity sales to IUs

2) Dividend income of THB 683 million from INTUCH

Net profit in Q1’21 was THB 1,632 million, compared to net loss of THB 413 in Q1’20

and net profit of THB 1,844 million in Q4’20 (-11.5% QoQ)

925 1,239

2,390

(1,338)

605

(757)

(413)

1,844

1,632

Q1'20 Q4'20 Q1'21

Net profit (loss)

Gain (loss) on FX and unrealized gain (loss) on derivative contracts of PTT NGD

Core profit

+158.3% YoY

+92.8% QoQ

9

143,858 144,837

29,643 31,657

173,501 176,495

31-Dec-20 31-Mar-21

Current liabilities

Non-current liabilities

+1.7%

Total Liabilities

Balance Sheet

Current assets

Non-current assets

215,226 228,522

30,354 27,924

245,581256,446

31-Dec-20 31-Mar-21

+4.4%

Total Assets

8,053 9,6461,1741,174

(8,670)(4,016)

7,9689,592

63,555 63,555

72,080 79,951

31-Dec-20 31-Mar-21

Total Paid-up capital and share premium

Retained earnings Other components

Other equity Minority

Total EquityUnit: THB million

Total assets was THB 256,446 million, +4.4%

mainly from:

• Current & Non-current: Finance lease receivable under

power purchase agreement increased THB 12,041 million

from the COD of GSRC offset with PPE net decrease by

THB 9,630 million

• Non-current: increase of THB 9,066 million from

additional shareholding in INTUCH

Total liabilities was THB 176,495 million, +1.7%

mostly from:

• Current:

1) GULF’s short-term loans used as working capital increased THB 4,000

million

2) accounts payable power plant construction for GSRC and GPD

decreased THB 4,996 million

• Non-current:

1) long-term loan increased THB 9,457 million from loan drawdowns

for the GSRC and GPD construction

2) financial derivative liabilities decreased THB 4,948 million from the

higher fair value of the Company’s IRS contracts

Total equity was THB 79,951 million, +10.9%

mainly from: • Retained earnings increased by THB 1,625 million

• Other components increased THB 4,654 million of equity

and non-controlling interests increased THB 1,593 million mostly due to gain from fair value measurement of IRS

contracts required under TFRS9

+10.9%

Unit: THB million Unit: THB million

10

D/E ratios

3.50

3.88

2.38 2.412.21

2.16

2.62

1.59 1.64 1.67

1.52

1.86

1.35

1.471.60

31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21

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)*

Leverage ratios of 1.60x, still well below bond covenant (3.50x)

22,998

173,501

140,864

72,08080,750

19,416

176,495

152,835

79,951 83,967

31-Dec-20 31-Mar-21

Cash, cash

equivalents and

deposits used as

collateral

Shareholders’

equity

Shareholders' equity (excl.

other components of

equity)

Total liabilities Interest-

bearing debt

Unit: THB million

Capital increase

Index

Q1’21 Financial Performance

Business Updates

Appendix

12

Power Generation

49%Ownership

DIPWP326 MW1 power & water projectCOD: 2021 – 2022

13,566 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 1,540 MW1 IPPCOD: 2024 – 2025

35%Ownership

Burapa600 MW1 IPPCOD: 2027

Infrastructure & Utilities

70%Ownership

Gulf MTPIndustrial port development(land reclamation)3 years constructionSCOD: [2024]

40%Ownership

Laem Chabang Ph3Deep sea container port> 4 million TEU/yearSCOD: F1 terminal: [2025]

F2 terminal: [2029]PPP signing expected in Q2’21

40%Ownership

BGSR 6 & BGSR 81Intercity motorwayOperation & MaintenanceM6: 196 km M81: 96 kmSCOD: [2024]PPP signing expected in Q2’21

33%Ownership

BSE (One BKK Proj.)Electricity distribution(240 MW)SCOD: 2022

District cooling system(36,000 RT)SCOD: [2023 – 2026]

Gas

35%Ownership

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

70%Ownership

Gulf MTPLNG terminalUp to 10.8 MTPASCOD: [2026](subject to LNG demand)

LNG Shipper LicensesTotal 1.7 MTPA• Hin Kong Holding :

1.4 MTPA• Gulf LNG: 0.3 MTPA

Data as of April 2021

HydropowerRenewable Energy

738 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 Up to 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

50%Ownership

Borkum Riffgrund 2

465 MW1 Offshore wind farmCOD: 2019

[Laos Hydropower]

Under study[30-35%]

Ownership

GULF’s 5 Business Pillars

PTT NGD Natural gas distribution28,000,000 mmbtu/year(sales volume in 2020)

42%Ownership

100%Ownership

Gulf1Solar rooftop & energy solution

12

[LNG-to-power]

13

Power Generation & Renewables Businesses

Installed capacity Gross Equity

In operation (by end of 2021) 7,903 MW 4,028 MW

Under development / construction 6,401 MW 3,887 MW

Total* (by 2027) 14,304 MW 7,915 MW

Vietnam

2 solar power projects

in operation

1 offshore wind project

under development/

construction

Oman

1 gas-fired power

project under

construction

Germany

1 offshore wind project

in operation

Total of 36 power projects in 4 countries

29 power projects in operation

Note: * Total installed capacity excludes any prospects such as LNG-to-power project,

hydropower projects and renewable projects under study.

26 power projects

in operation• 21 gas-fired power projects

• 4 solar rooftop projects

• 1 biomass project

5 power projects

under development/

Construction• 4 gas-fired power projects

• 1 solar rooftop & energy

solution business (Gulf1)

Thailand

Preparing for or under construction/ development

In operation

14

Year 2030 (Target)

Renewables capacity growth from:

Renewables in Thailand, Vietnam, Europe, US & Asia,

etc.

Hydropower projects

6,409

7,903

9,514

10,839

12,934 13,704 13,704

14,304

2020 2021 2022 2023 2024 2025 2026 2027

Power Capacity Growth (committed PPAs) and Target

Gross Installed Capacity (MW):

Operating

GSRC

GPD

Mekong

DIPWP

HKP

BPP

Gross Installed Capacity by Fuel Types

Power Generation

<70% Renewables>30%

600 MW

1,540 MW

326 MW

128 MW

2,650 MW

1,987.5 MW (Units 2-4)

12 SPPs under GMP (1,563 MW)

7 SPPs under GJP (831 MW)

GNS & GUT under GJP (3,406 MW)

BKR2 (465 MW)

GCG (25 MW)

GTN1 & GTN2 (119 MW)

4 VSPPs under Gulf Solar (0.6 MW)

GSRC Unit 1 (662.5 MW)

IPP

SPP

Renewables

58%

34%

9%

Apr 2021

7,072 MW

(4,069 MW)(609 MW)

(2,394 MW)

78%

17%

5%

Year 2027

14,304 MW

(11,172 MW)

(738 MW)

(2,394 MW)

Power Generation

16

Power Generation

Operating Projects - Gulf JP – 2 IPPs & 7 SPPs (4,237 MW)

Electricity: 831 MW

Steam: 92 TPH

Electricity: 838 MW

Steam: 68 TPH

Signed with EGAT,

for 25 years

Signed with PTT

Signed with Toyo Engineering &

MIT-Power

Signed with SIEMENS

2013

Approx. THB 44,000 mn

✓

✓

✓

✓

Installed

capacity

Electricity: 3,406 MW

Contracted

capacity

Electricity: 3,200 MW

PPA: Signed with EGAT,

for 25 years

GSA: Signed with PTT

EPC:Signed with MPW* &

STECON

LTSA: Signed with MPW

COD: 2014 – 2015

Project cost: Approx. THB 41,000 mn

✓

✓

✓

✓

2 IPPs 7 SPPsGulf JP Company Limited

40% 60%

2 IPPs: 7 SPPs:

GKP1 GKP2

GTLC GNNK

GNLL GCRN

GNK2

*MHPS changed its name to Mitsubishi Power, Ltd. (MPW)

17

Power Generation

Operating Projects - Gulf MP – 12 SPPs (1,563 MW)

GVTP

COD 16 May 2017

GNC

COD 1 Mar 2018

GBL

COD 1 Sep 2018

GBP

COD 1 Nov 2018

GNLL2

COD 1 Jan 2019

GTS4

COD 1 Jan 2018

GNPM

COD 1 Mar 2019

GNRV1

COD 1 May 2019

GNRV2

COD 1 Jul 2019

GTS1

COD 8 Jul 2017

GTS2

COD 1 Sep 2017

GTS3

COD 1 Nov 2017✓ ✓ ✓

✓ ✓

COD

2017

COD

2018

COD

2019

All projects in operation

✓

✓ ✓ ✓

Installed capacityElectricity: 1,563.4 MW

Steam: 225.0 TPH

Contracted capacityElectricity: 1,489.7 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: THB 6,000 - 6,200 mn / SPP

✓

✓

✓

✓

✓

✓

✓

Gulf MP Company Limited

70% 30%

Gulf MP – 12 SPPs

18

Power Generation

IPD (Total 5,300 MW)Independent Power Development Company Limited

70%* 30%

Gulf SRC Gulf PD

Installed

Capacity:2,650 MW 2,650 MW

Contracted

Capacity: 2,500 MW 2,500 MW

Location: WHA Eastern Seaboard

Industrial Estate 1,

Chonburi province, Thailand

Rojana Rayong 2

Industrial Park,

Rayong province, Thailand

PPA: Signed with EGAT,

for 25 years

Signed with EGAT,

for 25 years

GSA: Signed with PTT Signed with PTT

EPC: Signed with MPW*, MPW-PTC**

and STECON

Signed with MPW*, MPW-PTC**

and STECON

LTSA: Signed with MPW-PTC** Signed with MPW-PTC**

Fuel Type: Gas-fired Gas-fired

Project Cost: THB 50.0 billion Approx. THB 50.0 billion

COD 2021 COD 2022 COD 2023 COD 2024

GSRC

Unit 1

COD

31 Mar 2021

662.5 MW

Unit 3

COD

Mar 2022

662.5 MW

Unit 2

COD

Oct 2021

662.5 MW

Unit 4

COD

Oct 2022

662.5 MW

GPD

Unit 1

COD

Mar 2023

662.5 MW

Unit 3

COD

Mar 2024

662.5 MW

Unit 2

COD

Oct 2023

662.5 MW

Unit 4

COD

Oct 2024

662.5 MW

✓

(*75% dividends)

✓

✓

✓

*Mitsubishi Power, Ltd. (MPW)

**MHI Power Project (Thailand) Co., Ltd. (MPW-PTC)

19

IPPs under development in ThailandConstruction and development progress as planned for all projects

Hin Kong Power Burapa Power

Installed

Capacity: 1,540 MW 600 MW

Shareholding: 49% GULF

51% RATCH Group

35% GULF

65% NPS

Location: Hin Kong subdistrict,

Mueang district,

Ratchaburi province, Thailand

Khao Hin Son subdistrict,

Phanom Sarakham district,

Chachoengsao province, Thailand

Fuel Type: Gas-fired Gas-fired

SCOD: Unit 1: Mar 2024 (770 MW)

Unit 2: Jan 2025 (770 MW)

Nov 2027

Project Cost: [to be disclosed] [to be disclosed]

Status: • EIA approval obtained

• EPC contract signed in Sep 2020

• Expect to finalize GSA in Aug 2021

• EIA approval obtained

• Start construction by 2025

Power Generation

Note: Project progress as of April 2021

20

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: • Phase 1 (40 MW power and 50m3/h

water): July 2021

• Phase 2 (286 MW): May 2022

Status: Under construction: 90.4% Completed

DIPWP Project in OmanPotential to expand business in Duqm SEZ

Duqm Independent Power & Water Project (DIPWP)

In operation

Under construction/

development

DUQM SEZ

• GULF directly holds 49% shares in Marafiq

• Marafiq has exclusive rights to provide utility services in Duqm SEZ

for 25 years with a 25-year additional term

• Opportunities to jointly develop and operate future utilities projects

in Duqm SEZ with Marafiq:

➢ Generation and supply of electricity, water, steam, district cooling

➢ Waste water and sewerage collection and treatment

➢ Industrial waste management and waste incineration➢ Natural gas and industrial gases

Potential Projects

OQ (previously Oman Oil)

100.0%

49.0% 51.0%

Power

Business

Water

BusinessGas

Business

Future

Projects

Kuwait Petroleum

Capacity: 230,000 bbl/day

Project cost: US$7,000mDesalinated

water

50.0% 50.0%

ElectricityDIPWP

Duqm SEZ

Future

Projects

Future

Projects

Power Generation

Note: Project progress as of April 2021

21

Plant Performance

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

(%)

6,829 7,019 6,956

Q1'20 Q4'20 Q1'21

94.8%

85.4%

95.7%

Q1'20 Q4'20 Q1'21

34.7%

9.5%

29.1%

Q1'20 Q4'20 Q1'21

7,645 7,701 7,682

Q1'20 Q4'20 Q1'21

97.0% 99.2% 97.8%

Q1'20 Q4'20 Q1'21

76.8% 78.6% 77.7%

Q1'20 Q4'20 Q1'21

7,447 7,459 7,410

Q1'20 Q4'20 Q1'21

97.2% 99.5%96.2%

Q1'20 Q4'20 Q1'21

76.1% 77.7% 76.4%

Q1'20 Q4'20 Q1'21

22

Maintenance Schedule

Group Project Type COD2020 2021 2022

Quarter 1 Quarter 2 Quarter 3 Quarter 4 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

B

As of Apr 2021

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

B

B

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

B

A

A

A

B

B

A

A

A

A

A A

A A A

AA

A

A

A

A

A

A

A

A

A

A

A

B

B

B

B

B B A

B

BA

A B

A

A

A

* ** ** *

* *

* 1 unit

*A* *

*

23

Percentage of Power Sold to EGAT and IUs

EGAT:

✓ 25-year PPAs with EGAT

✓ 80% Minimum Offtake (SPPs)

✓ Receive Availability Payment (IPPs) regardless of electricity dispatch

✓ Fuel cost and FX pass-through

Industrial Users (IUs):

✓ 15-year Long Term Agreements

✓ 50 – 70% Minimum Take

✓ Diversified customers across different sectors

95%

5%Industrial Users

2027E

90%

10%

Q1/21

Industrial Users

24

63.0% 62.6%

49.0%45.9%

50.3%54.7%

59.2%62.4% 61.9% 63.5%

57.3% 58.6% 56.8%

64.9%

58.3%

Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21

Industrial Customers Load Factor

90%

10%

Industrial Users

Most of Gulf’s power generation capacity are secured with

EGAT’s PPAs while industrial users are diverse in sectors

Power Sold to Industrial CustomersWell-diversified customers limit impact from economic downturn

IU customers = 621 MW COD contracted as of Apr 2021

Q1/21

Automotive,

46%

Construction

Material, 8%

Packaging, 9%

Electronics, 8%

Food &

Beverage, 6%

Petchem &

Chemicals, 6%

Textiles, 5%

Others, 13%

Renewable Energy

26

GULF is committed to making a capital contribution to

supporting renewable energy in line with the global efforts

to decarbonize and combat climate change.

We continue to adhere to our No Coal Policy as we drive

our investment in renewable energy projects both

domestically and overseas, with a target to have at least

30% of renewable projects in our portfolio within the next

10 years.

Towards Sustainability

Power Generation

<70%

Renewables>30%

Target > 30% of renewable projects in portfolio within the decade

GULF is a member of the Global Wind Energy Council

(GWEC), an international organization focused on the

development of the world's wind energy industry, alongside

global industry leaders.

27

Operating Projects - Gulf Chana Green Biomass Project (25 MW)

Location: Songkhla, Thailand

Installed

capacity:

25.0 MW

Contracted

capacity:

20.6 MW

Fuel type Parawood

Tariff EP + Ft + Bt 1.3/kWh adder for 7 years

after COD

PPA Signed with EGAT

EPC Signed with STEC

COD: Mar 2020

Project cost: Approx. THB 2,300 million

Q1’21

Performance

Highlight:

EGAT dispatch factor: 100.0%

Plant availability: 96.5%

In operation

Under construction/

development

SONGKHLA

✓

✓

Gulf Chana Green Co., Ltd.

100%

Gulf Chana Green (GCG)

Renewable Energy

28

Operating Projects - GTN1 and GTN2 (119 MW) Solar Projects in Vietnam

Location Tay Ninh, Vietnam

Installed capacity Approx. 69 MW

ShareholdingGULF (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

COD 6 Mar 2019

Project cost USD 60.0 million

GTN1 GTN2

Location Tay Ninh, Vietnam

Installed capacity Approx. 50 MW

ShareholdingGULF (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

COD 19 Apr 2019

Project cost USD 46.7 million

• Q1’21 Capacity factor: approx. 16.3%

• Q1’21 Plant availability: 100.0%

Renewable Energy

29

Mekong Wind Project in VietnamMekong offshore wind project in Vietnam progressing as planned

Mekong Wind

Installed

Capacity:up to 310 MW

Shareholding: 95% GULF

5% TTC Group

Location: Ben Tre Province, Vietnam

Off-taker Vietnam Electricity (EVN)

Tariff US 9.8c./kWh

Fuel Type: Offshore wind

Status & SCOD: • Phase 1 (30 MW): SCOD June 2021

Overall progress 75.19% completed

• Phases 2-3 (98 MW): SCOD Oct 2021

Overall progress 34.35% completed

• Phases 4-8 (182 MW):

Under MOIT consideration to be included in

PDP8 within [Q2’21]

Project cost USD 651 million

Note: Project progress as of April 2021

Renewable Energy

30

✓ Project in operation, with revenue and profit

recognizable to GULF since Q4’20

✓ 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

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

Project Cost: Project cost = EUR 4mn/MW

COD Apr 2019

Q1’21

Capacity Factor:

41.0%

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%

Borkum Riffgrund 2 started to contribute revenue and profit to the Company since Q4’20

Renewable Energy

Infrastructure & Utilities

32

Map Ta Phut Ph.3 Laem Chabang Ph.3 M6 & M81 Motorways

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

Investment Type: PPP PPP Net Cost PPP Gross Cost

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

Construction Period: • Ph.1: 3 years (2021 – 2024)

• Ph.2: 2 years (2024 – 2026)

• F1: 3 years (2023 – 2025)

• F2: 3 years (2027 – 2029)

3 years (2021 – 2024)

Operation Period: 30 years 35 years 30 years

Investment Cost: Ph.1: THB 11.0 billion

Ph.2: THB [30.0] billion

THB 30.0 billion [to be disclosed]

Status: • PPP contract signed in Oct 2019

• EPC contract signed in Jul 2020

• Construction expected to start in July 2021*

• PPP contract signing expected in June 2021 • PPP contract signing expected within June 2021

Infrastructure and utilities projects in Thailand

Infrastructure & Utilities

Public Private Partnership (PPP) in Thailand

*subject to IEAT issue NTP1

Note: Project progress as of April 2021

33

Shareholding:

Investment Type: Private partnership

Off-taker: 100% by Customers in One Bangkok Project

Construction Period/ SCOD:

• 2021: EPC contract signing in Jan

• 2022: Power SCOD

• 2023: DCS Ph.1 SCOD (25,000 RT)

• 2024: DCS Ph. 2 SCOD (8,000 RT)

• 2025: DCS Ph.3 SCOD (2,000 RT)

• 2026: DCS Ph.4 SCOD – All facilities

completion

Operation Period: 30 years from SCOD

Project Cost: THB 3,100 million

Status: EPC contract for DCS (BSE) signed in Jan 21

Power EPC signed with ABB in May

Engineering and Procurement on progress

Private Partnership in Thailand

Nature of Business: Electricity Distribution

System

(Power)

District Chilled Water

Distribution System

(DCS)

Installed Capacity: 240 MW 40,000 RT

Connected Capacity: 123 MW 36,000 RT

EPC Contract: ABB Thai Shinyo

One Bangkok

Infrastructure & Utilities

Note: Project progress as of May 2021

Gas

35

License Holder Gulf LNG Hin Kong Power Holding Ltd.

Import Amount 300,000 TPA 1,400,000 TPA

Usage 19 SPPs under Gulf group

(partially)

Hin Kong Power Project

License 10 years (extendable) 10 years (extendable)

LNG Shipper Licenses

Gas

36

Investment in PTT NGDGULF acquired 42% of PTT NGD, strengthening its commitment in the Gas Business

✓ GULF acquired 40% ordinary shares in PTT

NGD from International Power S.A. in Dec. 2020

✓ GULF acquired 2% ordinary shares in PTT

NGD from CPBE in April 2021

✓ Investment cost THB 2,830 mn (for 42% shares)

✓ Strengthen GULF’s gas business

Rojana Industrial Park (Ayudhaya)

Bangpa-In Industrial Estate

Nava Nakorn Industrial Estate

Rangsit Industrial Area

Bangkadi Industrial Park

Lad Krabang Industrial Estate

Bang Plee Industrial Estate

& M-Thai Industrial Estate

Bang Poo Industrial Estate &

Bang Poo Mai Industrial Area

Amata City Chonburi

Hemaraj Eastern

Seaboard Industrial Estate

& Eastern Seaboard

Industrial Estate

Amata City

Rayong

Source: PTT NGD

Established: 1996

Business Nature:

• Operates a natural gas distribution

business

• Purchases natural gas from PTT at

wholesale price and sells gas to over 250

industrial customers at retail price in 13

industrial areas

• Revenue linked with fuel oil

• Cost linked with pool gas price

Sales volume (2020):

approx. 28 million mmbtu/year

Status:

• In operation

• Profit recognizable to GULF since Q1’21

Gas

80%

AMATA

20%

58% 42%

37

Debt Outstanding

40% 70% 75%* 75%* 90% 100% 50%

GULF JP GULF MP GULF SRC GULF PD GTN1 & 2 GULF Chana Green

BKR2

Total Loan outstanding

(THB equivalent)THB 63,548 mn THB 49,115 mn THB 26,981 mn THB 11,955 mn THB 2,372 mn THB 1,927 mn THB 25,942 mn

57%

43%

USD

896

mn

THB

36,492

mn

74%

26%USD

405 mn

THB

34,857

mn

71%

29%USD

260 mn

THB

19,126

mn100%

THB 1,927 mn

100%

USD 79 mn

85%

15%

THB

10,135

mnUSD

60 mn

100%

EUR 703 mn

Note:

* Based on % profit sharing received from GSRC & GPD

** FX rate: 30.2068 THB/USD

*** Debt outstanding exclude subsidiaries’ working capital borrowings

• 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.

THB 17,500 mn in debentures &

THB 11,500 mn in short-term loans

38

Investment Plan (2021F – 2030F)

Unit: THB billion

approx. 30 - 40(Year 2021)

GULF’s Investment Plan

approx. 60 - 70(Year 2022 - 2030)

approx. 90 - 110(Year 2021 - 2030)

A combination of:

• Internal cash flow from operating projects

• Bond issuance

• Long-term loans from financial institutions

Source of Funds

Use of Funds in 2021

POWER GENERATION

• 5,300 MW IPPs

• Hin Kong Power

• Burapa Power

• Oman DIPWP

RENEWABLE ENERGY

• Mekong Wind

• Gulf1 projects

INFRASTRUCTURE

• Map Ta Phut 3

• Laem Chabang 3

• Motorway projects

OTHER INVESTMENTS

• Future projects

≈ THB 30 – 40 billion for projects including;

GAS

• Gulf LNG

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.

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