Gulf Energy Development Public Company Limited MANAGEMENT PRESENTATION March 2019
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 Limi ted (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. 2
Agenda ▪ Business Overview ▪ Project Updates ▪ Operating Performance ▪ Financial Highlights ▪ Summary 3
1. Business Overview 4
Business overview Gas-fired Business Renewables Business Other Business 11,426 MW 484 MW 40% 75% WHA WH A MT 35% Ownership Ownership ▪ ▪ 2 IPPs and 7 SPPs 4 Rooftop-solar VSPPs Ownership ▪ ▪ ▪ 4,237 MW 0.6 MW Natural Gas Distribution ▪ ▪ • COD: 2013-2015 COD: 2014-2015 2 NGD projects • 70% 100% 4,000,000 mmbtu/year • COD in 2018-2019 Ownership Ownership ▪ ▪ 12 SPPs 1 Biomass project Thailand ▪ ▪ ▪ Investment 1,563 MW 25 MW • 8.38% in SPCG ▪ COD: 2017-2019 ▪ COD: 2020 • 0.46% in EDL-Gen 70% Ownership (75% dividend) ▪ 2 IPPs ▪ 5,300 MW ▪ COD: 2021-2024 45% Duqm Power 49-90% Solar power projects Company (“DPC”) Ownership ▪ Ownership 3 solar projects ▪ 1 independent power ▪ 149 MW and water project ▪ COD: 2019 Overseas ▪ 326 MW 49% Wind power project ▪ COD: 2020-2022 Ownership ▪ 1 wind project ▪ 310 MW ▪ COD: 2021-2023 5
Power business 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. Thailand’s Thailand’s 1st IPP 2nd IPP Thailand’s Thailand’s and and 3rd SPP 3rd IPP 1st SPP 2nd SPP 1994 2007 2010 2013 2016 2018 Vietnam Thailand (4 projects) (28 projects) 33 Power projects in 3 countries Installed capacity Gross Equity Oman In operation 5,544 MW 2,415 MW (1 project) Under development/construction 6,366 MW 4,306 MW In operation Total 11,910 MW 6,721 MW Under development/ construction 6
Power capacity growth – nearly 20% in 6 years Gross Installed Capacity (MW): 14,000 11,910 SPP 12,000 10,585 23% 9,145 10,000 7,596 8,000 4% 4,237 4,237 4,772 5,282 5,544 5,919 6,083 Renewables 6,000 4,000 2,485 831 73% 2,000 IPP - 2013 2014 2015 2016 2017 2018 Mar-19 2019 2020 2021 2022 2023 2024 GJP GMP IPD GCG Gulf Solar Vietnam Oman Total Equity Installed Capacity (MW): 8,000 6,721 SPP 7,000 5,794 21% 6,000 4,810 5,000 3,777 4% 4,000 Renewables 1,683 1,683 1,964 2,253 2,415 2,673 2,762 3,000 2,000 982 75% 320 1,000 IPP - 2013 2014 2015 2016 2017 2018 Mar-19 2019 2020 2021 2022 2023 2024 GJP GMP IPD GCG Gulf Solar Vietnam Oman Total 7 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
2. Project Updates 8
GMP – 12 SPPs (1,563 MW) Construction progress on track Installed Electricity: 1,563.4 MW Steam: 225.0 TPH capacity COD Contracted Electricity: 1,466.5 MW 2017 Steam: 210.5 TPH capacity ✓ ✓ ✓ ✓ GVTP GTS1 GTS2 GTS3 COD 16 May 2017 COD 8 Jul 2017 COD 1 Sep 2017 COD 1 Nov 2017 ✓ PPA: Signed with EGAT, for 25 years ✓ GSA: Signed with PTT COD ✓ 2018 Signed with Toyo EPC: Engineering ✓ ✓ ✓ ✓ GTS4 GNC GBL GBP COD 1 Jan 2018 COD 1 Mar 2018 COD 1 Sep 2018 COD 1 Nov 2018 ✓ Signed with SIEMENS LTSA: and GE COD COD: 2017 – 2019 2019 Project cost: 6,200 MB → 6,000 MB ✓ ✓ GNLL2 GNPM GNRV1 GNRV2 (managed to be under budget) COD 1 Jan 2019 COD 1 Mar 2019 SCOD May 2019 SCOD Jul 2019 94.8% 99.0% • 10 projects in operation Overall status: • 2 projects under construction As of January 2019 9
IPD – 2 IPPs (5,300 MW) Location: WHA Eastern Seaboard Location: Rojana Rayong 2 Industrial Estate 1, Chonburi Industrial Park, Rayong Installed 2,650.0 MW Installed 2,650.0 MW capacity capacity Contracted 2,500.0 MW Contracted 2,500.0 MW CHONBURI capacity: capacity: ✓ ✓ RAYONG Fuel type: Gas-fired Fuel type: Gas-fired ✓ ✓ PPA Signed with EGAT PPA Signed with EGAT for 25 years for 25 years ✓ ✓ In operation GSA Signed with PTT GSA Signed with PTT ✓ ✓ EPC Signed with Mitsubishi, EPC Signed with Mitsubishi, Under construction/ development MHPS and STEC MHPS and STEC LTSA Signed with MHPS LTSA Signed with MHPS SCOD: Unit 1-2: 2023 SCOD: Unit 1-2: Mar and Oct 2021 Unit 3-4: 2024 Unit 3-4: Mar and Oct 2022 51,000 MB → 50,000 MB Project cost: Approx. 51,000 MB Project cost: ( savings from FX hedging & IRS) • Debt: 38,000 MB (D/E 3:1) • Debt: 38,000 MB (D/E 3:1) • Equity back-ended structure • Equity back-ended structure • Overall Under development Overall Under construction status: status: 22% completed • Financial close is expected by end of 2019 As of January 2019 10
GSRC’s project developments Civil works progress as planned 11
Gulf Chana Green (25 MW) (GCG) Location: Songkhla, Thailand Installed 25.0 MW capacity: Contracted 20.6 MW SONGKHLA capacity: 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 Under construction status: 41% completed As of January 2019 12
NGD projects (4,000,000 mmbtu/year) Location: WHA Eastern Seaboard Location: WHA Eastern Seaboard Industrial Estate 2 Industrial Estate 4 Capacity: 2,000,000 mmbtu/year Capacity: 2,000,000 mmbtu/year Customers: 500,000 mmbtu/year Customers: 500,000 mmbtu/year (Around 60% was secured under (Around 20% was secured under ✓ 10-year, long-term contracts) 10-year, long-term contracts) ✓ ✓ GSA Signed with PTT (10 years) GSA Signed with PTT (10 years) COD: 1 Dec 2018 SCOD: Apr 2019 Project cost: Approx. 198 MB Project cost: Approx. 234 MB Overall Under construction status: 88% completed As of January 2019 13
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