Gulf Energy Development Public Company Limited POST-EARNINGS RELEASE - PowerPoint PPT Presentation

Gulf Energy Development Public Company Limited POST-EARNINGS RELEASE PRESENTATION For the Three Months Ended, March 31, 2018

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. 2

Company Overview Section 1 3

Investment Portfolio: 4

Investment Portfolio: Conventional Business 5

Investment Portfolio: Renewable Business 6

Investment Portfolio: Other Investment 7

Power Plants’ Location * โครงการโรงไฟฟ้าจะเปิดดําเนินการเชิงพาณิชย์ครบทุกโรงภายในปี 2567 * * ข้ อมูล ณ เดือนมีนาคม 2561

Power Generating Capacity with Secured PPAs Gross Installed Capacity (MW): 11,126 SPP, 12,000 9,801 22% 10,000 8,476 7,151 8,000 4,238 4,238 4,773 5,029 5,283 5,801 5,826 6,000 4,000 2,485 831 2,000 IPP, - 78% 2013 2014 2015 2016 2017 Mar 1, 2018F 2019F 2020F 2021F 2022F 2023F 2024F 2018 GJP GMP IPD GCG VSPP Equity Installed Capacity (MW): 6,329 7,000 SPP, 5,402 6,000 20% 4,474 5,000 3,547 4,000 1,683 1,683 1,964 2,120 2,253 2,594 2,619 3,000 2,000 982 320 1,000 IPP, - 80% 2013 2014 2015 2016 2017 Mar 1, 2018F 2019F 2020F 2021F 2022F 2023F 2024F 2018 GJP GMP IPD GCG VSPP 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- 9 forma 40% stake for comparison purposes

Highlights in Q1/2018 Section 1 10

Key achievements in January – March 2018 01 2 gas-fired SPPs reached Commercial Operation Date IPD issued a preferred share to yield GULF an 02 additional 5%, or a total of 75%, of the dividends paid Partnered with MITG in Gulf WHA MT, holding 35% of 03 shares in two natural gas distribution projects GCG entered into EPC contracts and long-term loan 04 agreements, first drawdown in March 2018 Paid off 1,000MB loans and succeeded in negotiation 05 to reduce financing cost to 3.25% 11

Operating performance Q1’ 2018 Section 2 12

GMP: 6 SPPs availability and heat rate Better plant availability and better heat rate QoQ Installed power generation capacity: 126.5 – 137.0 MW each, a total of 791 MW GVTP GTS1 GTS2 GTS3 GTS4 GNC COD: May 2017 COD: Jul 2017 COD: Sep 2017 COD: Nov 2017 COD: Jan 2018 COD: Mar 2018 Average Heat Rate Availability (%) (BTU/kWh) 1 2 99.3 99.5 100.0 99.6 99.4 98.2 97.2 97.5 94.6 94.7 -0.5% YoY 7,483 7,447 - - Q4-2017 Q1-2018 GVTP GTS1 GTS2 GTS3 GTS4 GNC Note : Q4-2017 Q1-2018 1/ GTS4 : COD Jan 18 13 2/ GNC : COD Mar 18

GJP: 7SPPs availability and heat rate Installed power generation capacity: 114.0 – 133.0 MW each, a total of 831 MW GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2 COD: Jan 2013 COD: Feb 2013 COD: Mar 2013 COD: Apr 2013 COD: May 2013 COD: Jul 2013 COD: Oct 2013 Average heat rate Availability (%) (BTU/kWh) 97.1% – 100.0% -0.3% YoY 2 100.0 100.0 100.0 99.8 99.3 99.9 99.6 99.4 99.9 99.7 98.5 98.9 97.1 1 88.1 7,71 7,69 3 1 3M 2017 3M 2018 GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2 3M 2017 3M 2018 Note: 1/ GKP2 was under maintenance type A (with add. Scope for steam turbine in 3M 2017 14 2/ GNK2 was under maintenance type A (3 days) in 3M 2018

GJP: 2 gas-fired IPPs Contracted power generation capacity: 1,600 MW each, a total of 3,200 MW SARABURI GNS GUT COD: Jun and Dec 2014 (2 units) COD: Jun and Dec 2015 (2 units) AYUTTHAYA Availability (%) Availability (%) Average heat rate (BTU/kWh) 99.0 97.4 2 97.1 +1.4% YoY 1 91.9 7,00 6,90 5 5 3M 2017 3M 2018 GNS GNS 3M 2017 3M 2018 3M 2017 3M 2018 Note: 1/ GUT was under maintenance type A (10 days) in 3M 2017 2/ Dispatch decreased from 36% to 28% YoY 15

SPP heat rate improvement plan in 2018-2020 Target to achieve enhanced heat rate after full operation of the 12 SPPs TIE-LINE CONCEPT GJP : 7 SPPs Plant A Plant B Tie line Concept 4 SPPs: 7,600 • BTU/kWh • Stand Alone 3 SPPs: 7,750 BTU/kWh 67% 67% 67% 67% GMP : 12 SPPs OFF PEAK Plant A Plant B Tie line Concept 10 SPPs: 7,300 • BTU/kWh • Stand Alone 2 SPPs: 7,450 BTU/kWh 100% 100% 100% • Heat Rate improves around 150-200 BTU/kWh/Plant • Expected cost saving will be 50-60 MB/Year/SPP 16

Tie-line 7 Pairs (14 Power Plants) from total 19 SPPs Present 1Q18 Completed Plan GNLL & GNLL2 WHAj Rayong Industrial Land Rayong GTS3 & GTS4 GNK2 & GNPM GKP1 & GKP2 WHA Eastern Seaboard WHA Rayong Nong Kae Industrial Estate Industrial Estate Industrial Land Saraburi Rayong Saraburi 2013 2014 2015 2016 2017 2018 2019 GNRV1 & GNRV2 GTS1 & GTS2 GBL & GBP Suranari Indusrial Eastern Seaboard Hi-Tech Estate Industrial Estate Industrial Estate Ayutthaya Nakhon Ratchasima Rayong 17

IPP heat rate improvement plan in 2018-2019 Working with Mitsubishi Hitachi to reduce heat rate of GNS and GUT by 0.6% • Turbine and machine improvements • Machine modifications • Each of 0.1% improvement contributes 10 – 20 MB/year/plant • If heat rate is reduced by 0.6%, expected cost saving will be 60 – 120 MB/year/plant 18

Project updates Section 3 19

GMP: Additional 6 SPPs SCOD in 2H 2018 – 2019 Installed power generation capacity: 126.8 – 135.2 MW each, a total of 772 MW NAKORN RATCHASIMA GBL GBP 95.8% completed 92.4% completed SARABURI SCOD: Sep 2018 SCOD: Nov 2018 AYUTTHAYA PRACHINBURI GNLL2 GBP 85.6% completed 77.3% completed RAYONG SCOD: Jan 2019 SCOD: Mar 2019 In operation Under construction/ development GNRV1 GNRV2 55.7% completed 62.7% completed SCOD: May 2019 SCOD: Jul 2019 20

NGD projects SCOD in 2018 – 2019 Location: Hemaraj Eastern Seaboard Location: Hemaraj 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 GSA Signed with PTT ü ü GSA Signed with PTT EIA Obtained ü ü EIA Obtained approval approval Land Purchased ü ü Land Purchased SCOD: Sep 2018 Apr 2019 SCOD: Overall Under construction Overall Under construction status: 44% completed status: 23% completed 21