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

Transcription

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

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. 2

3 Company Overview Section 1 3

4 Investment Portfolio: 4

5 Investment Portfolio: Conventional Business 5

6 Investment Portfolio: Renewable Business 6

7 Investment Portfolio: Other Investment 7

8 Power Generating Capacity with Secured PPAs Gross Installed Capacity (MW): 12,000 10,000 8,000 6,000 4,000 2, ,485 4,238 4,238 4,773 5,029 5, Mar 1, ,801 5,826 7,151 8,476 9,801 11, F 2019F 2020F 2021F 2022F 2023F 2024F SPP, 22% IPP, 78% GJP GMP IPD GCG VSPP Equity Installed Capacity (MW): 7,000 6,000 5,000 4,000 3,000 2,000 1, ,683 1,683 1,964 2,120 2, Mar 1, ,594 2,619 3,547 4,474 5,402 6, F 2019F 2020F 2021F 2022F 2023F 2024F SPP, 20% IPP, 80% 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 are based on the proforma 40% stake for comparison purposes 8

9 Highlights in Q1/2018 Section 1 9

10 Key achievements in January March gas-fired SPPs reached Commercial Operation Date 02 IPD issued a preferred share to yield GULF an additional 5%, or a total of 75%, of the dividends paid 03 Partnered with MITG in Gulf WHA MT, holding 35% of shares in two natural gas distribution projects 04 GCG entered into EPC contracts and long-term loan agreements, first drawdown in March Paid off 1,000MB loans and succeeded in negotiation to reduce financing cost to 3.25% 10

11 Operating performance in Q1/2018 Section 2 11

12 GMP: 6 SPPs availability and heat rate Better plant availability and better heat rate QoQ Installed power generation capacity: 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 Availability (%) Average Heat Rate (BTU/kWh) -0.5% YoY 7,483 7, GVTP GTS1 GTS2 GTS3 GTS4 GNC Note : 1/ GTS4 : COD Jan 18 2/ GNC : COD Mar 18 Q Q Q Q

13 GJP: 7SPPs availability and heat rate Installed power generation capacity: 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 Availability (%) 97.1% 100.0% 2 Average heat rate (BTU/kWh) -0.3% YoY 7,713 7,691 GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2 3M M M M 2018 Note: 1/ GKP2 was under maintenance type A (with add. Scope for steam turbine in 3M / GNK2 was under maintenance type A (3 days) in 3M

14 GJP: 2 gas-fired IPPs Contracted power generation capacity: 1,600 MW each, a total of 3,200 MW AYUTTHAYA GNS COD: Jun and Dec 2014 (2 units) SARABURI GUT COD: Jun and Dec 2015 (2 units) Availability (%) Availability (%) Average heat rate (BTU/kWh) % YoY 2 6,905 7,005 GNS 3M M 2018 GNS 3M M M M 2018 Note: 1/ GUT was under maintenance type A (10 days) in 3M / Dispatch decreased from 36% to 28% YoY 14

15 SPP heat rate improvement plan in Target to achieve enhanced heat rate after full operation of the 12 SPPs TIE-LINE CONCEPT Plant A Plant B GJP : 7 SPPs Tie line Concept 4 SPPs: 7,600 BTU/kWh Turbine Turbine Turbine Turbine 67% 67% 67% 67% OFF / PEAK Plant A Plant B Turbine Turbine Turbine Turbine Stand Alone 3 SPPs: 7,750 BTU/kWh GMP : 12 SPPs Tie line Concept 10 SPPs: 7,300 BTU/kWh Stand Alone 2 SPPs: 7,450 BTU/kWh 100% 100% 100% Heat Rate improves around BTU/kWh/Plant Expected cost saving will be MB/Year/SPP 15

16 Tie-line 7 Pairs (14 SPPs) from total 19 SPPs GKP1 & GKP2 Nong Kae Industrial Estate Saraburi Completed Planned GTS3 & GTS4 WHA Eastern Seaboard Industrial Estate Rayong Present: Q1 18 GNLL & GNLL2 WHAj Rayong Industrial Land Rayong GNK2 & GNPM WHA Rayong Industrial Land Saraburi GTS1 & GTS2 Eastern Seaboard Industrial Estate Rayong GBL & GBP Hi-Tech Industrial Estate Ayutthaya GNRV1 & GNRV2 Suranari Indusrial Estate Nakhon Ratchasima 16

17 IPP heat rate improvement plan in 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 MB/year/plant If heat rate is reduced by 0.6%, expected cost saving will be MB/year/plant 17

18 Project updates Section 3 18

19 GMP: Additional 6 SPPs SCOD in 2H Installed power generation capacity: MW each, a total of 772 MW SARABURI NAKORN RATCHASIMA GBL 95.8% completed SCOD: Sep 2018 GBP 92.4% completed SCOD: Nov 2018 AYUTTHAYA PRACHINBURI RAYONG GNLL2 85.6% completed SCOD: Jan 2019 GNPM 77.3% completed SCOD: Mar 2019 In operation Under construction/ development GNRV1 72.2% completed SCOD: May 2019 GNRV2 62.7% completed SCOD: Jul

20 NGD projects SCOD in Location: Hemaraj Eastern Seaboard Industrial Estate 2 Location: Hemaraj Eastern Seaboard 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 EIA approval Land Signed with PTT Obtained Purchased ü ü ü GSA EIA approval Land Signed with PTT Obtained Purchased ü ü ü SCOD: Sep 2018 SCOD: Apr 2019 Overall status: Under construction 44% completed Overall status: Under construction 23% completed 20

21 Renewables to kick off in TTCIZ-01 TTCIZ-02 GCG Location: Tay Ninh, Vietnam Location: Tay Ninh, Vietnam Location: Songkhla, Thailand Installed capacity: Approx MW Installed capacity: Approx MW Installed capacity: 25.0 MW Contracted capacity: Approx MW Contracted capacity: Approx MW Contracted capacity: 20.6 MW Fuel type Solar Fuel type Solar Fuel type Biomass Tariff Approx. US$9.35c./kWh Tariff Approx. US$9.35c./kWh Tariff EP + Ft + Bt 1.3 adder for 7 yrs. after COD PPA 20 years PPA 20 years PPA 25 years SCOD: Jun 2019 SCOD: Jun 2019 SCOD: Mar 2020 Overall status: To begin construction in Jun 2018 Overall status: To begin construction in Q Overall status: Under construction 21

22 IPD: Gigantic and promising growth in Location: Hemaraj Eastern Seaboard Industrial Estate, Chonburi Location: Rojana (Pluak Daeng) Industrial Estate, Rayong CHONBURI Contracted capacity: 2,500.0 MW Contracted capacity: 2,500.0 MW In operation RAYONG Under construction/ development Fuel type PPA GSA EPC LTSA Gas-fired Signed with EGAT Signed with PTT Signed with Mitsubishi, MHPS and STEC Signed with MHPS ü ü ü ü Fuel type PPA GSA EPC LTSA Gas-fired Signed with EGAT Signed with PTT Signed with Mitsubishi, MHPS and STEC Signed with MHPS ü ü ü ü SCOD: Unit 1-2: 2021 Unit 3-4: 2022 SCOD: Unit 1-2: 2023 Unit 3-4: 2024 Overall status: Under due diligence process with lenders and legal advisors Expect to sign loan agreements by Q Overall status: Under development Financing close is expected in 2020 Loan drawdown by early Q

23 Financial performance Section 4 23

24 GULF s Financial Highlights SPPs starting operations in boosted up the revenues and profit Total Revenues Unit: Million Baht Profit attributable to GULF s owners Unit: Million Baht +3,737m / 226% YoY 5, , m / 54% YoY 1, ,361 1, M M 2018 Sales revenue Management fee Share of net profit Gain on exchange rate Other incomes 1,107 1,708 3M M 2018 Total revenues in 3M 2018 increased 226% YoY due mainly to 6 SPPs under GMP commencing commercial operations in Q2 Q (May, Jul, Sep and Nov) and Q (Jan and Mar) Profit in 3M 2018 increased 54% YoY primarily from two factors: increase in sales revenue (Bt 3,359m YoY) and increase in gain on exchange rate (Bt 239m YoY) 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 interest income and other income 24

25 GULF s Financial Highlights (cont d) Breakdown of net profit EBITDA (excl. share of net profit) Unit: Million Baht +54% YoY / +74% QoQ Unit: Million Baht +81% QoQ 1,708 28% 605 1, % 22% Q1' 17 Q2' 17 Q3' 17 Q4' 17 Q1' 18 EBITDA margin EBITDA Net profit before FX GMP Gain on FX GJP Gain on FX Q1' 17 Q2' 17 Q3' 17 Q4' 17 Q1' 18 Note: 1/ EBITDA margin is EBITDA divided by sales revenue and management fee 25

26 GMP s sales revenue Sales revenue has consistently built up from achievement of the first 6 SPPs Sales revenue Unit: Million Baht +3,359m YoY Breakdown of sales revenue by customer Unit: Million Baht GTS1 (Jul) GTS2 (Sep) GTS3 (Nov) GTS4 (Jan) GNC (Mar) 22% 3% 75% Sales revenue 3M 18 Bt 3,361m 4 solar VSPPs GVTP (May) ,466 2,262 3,361 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Electricity sales to EGAT Electricity sales to IUs Steam sales to IUs Sales revenue in 3M 2018 increased Bt 3,359m YoY from achievement of the first 6 SPPs (out of 12 SPPs) under GMP, starting from GVTP in May, GTS1 in Jul, GTS2 in Sep and GTS3 in Nov, 2017, and GTS4 in Jan and GNC in Mar, 2018 Contribution from electricity sales to EGAT made up around 75% of the total sales revenue for the three months ended March 31,

27 GJP s share of profit to GULF (TFRIC 4) Share of profit before FX improved in line with the maintenance schedule Share of profit from GJP Unit: Million Baht 5.3% YoY 1,234 Included proceeds from GNLL s insurance claims 1, GNS under maintenance type B (18 days) % QoQ 1, Q1' 17 Q2' 17 Q3' 17 Q4' 17 Q1' 18 Share of profit before FX FX 27

28 GJP s sales revenue (non-tfric 4) Total revenues (excl. FX) Unit: Million Baht -556m / 4.9% YoY 11,416 10,860 EBITDA Unit: Million Baht +130m / 3.5% YoY Net profit Unit: Million Baht +245m / 8.3% YoY 3,207 2,963 1,525 1,520 11,342 10,786 3,747 3,877 1,443 1,682 3M'17 Sales revenue 3M'18 Others 3M'17 3M'18 3M'17 Profit before FX 3M'18 FX gain/loss Revenues in 3M 2018 declined slightly by Bt 556m YoY due primarily to lower dispatch of the 2 IPPs EBITDA in 3M 2018 increased by Bt 130m YoY as the 7 SPPs could generate higher revenue from electricity and steam sales, while improving heat rate efficiency Net profit in 3M 2018 increased by Bt 245m YoY mainly from improved performance of the 7 SPPs GJP: Breakdown of sales revenue by project GJP: Breakdown of sales revenue by project 3M'17 30% 35% 3M'18 29% 38% IPP - GNS IPP - GUT 7 SPPs 3M'17 93% 3M'18 92% Electricity - EGAT Electricity and steam - IUs 36% 33% 7% 8% Bt 11,342m Bt 10,786m Bt 11,342m Bt 10,786m 28

29 Balance sheet D/E ratio as of March 31, 2018 slightly dropped to 1.5x Balance sheet Unit: Million Baht Total assets +5.2% Total liabilities 31-Dec Mar-18 D/E 1.6x 1.5x 100,652 20,399 20, ,871 19,595 21, % 61,304 63,668 4,374 5,711 Total equity +7.3% 50,547 55,549 9,267 8, Dec Mar-18 Cash and cash equivalents Investment in an associate and a joint venture Property, plant and equipment Other assets 56,930 57, Dec Mar-18 Interest-bearing debt Other liabilities 39,348 42, Dec Mar-18 Total assets increased 5.2% from an increase in construction value of power projects under GMP Total liabilities increased 3.9% from drawdown of long-term loans for SPPs under GMP Total equity increased 7.7% from an increase in retained earnings and non controlling interests 29

30 Debt profile Most of the debts outstanding is project financing, due over 5 years Debt profile as of March 31, Due date GULF THB m IPD THB m GMP THB m GMP THB m (equiv.) GCG THBm Gulf Solar THB m Total THB m In 1 year - 2, , years 6, , , ,252.8 Over 5 years , , ,595.0 Total 6, , , , ,378.8 Holding company level 10% 46% Projects under construction Project level 90% 54% Projects in operation 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 Note: 1/ Based on undiscounted contractual payments as of March 31,

31 Appendixes 31

32 Corporate Shareholding Structure 40.00% 60.00% 70.00% 30.00% 70.00% 30.00% 74.99% 25.01% GJP GMP IPD Gulf Solar Gulf HK GNS COD: 2014 GUT COD: 2015 GKP1 GKP2 GTLC GNNK GCRN 74.99% GNC GNRV1 GNRV2 GNPM GNLL % 74.99% 74.99% 74.99% 74.99% GVTP 2 GTS1 2 GTS2 2 GTS3 2 GTS4 2 GSRC COD: GPD COD: Gulf Solar BV Gulf Solar KKS Gulf Solar TS1 Gulf Solar TS2 COD: % 0.46% SPCG EDL-Gen GCG (Biomass) Gulf Pattani Green 4 SBY Biomass 4 Thepha Clean Energy % Kolpos Gulf WHA MT 5 Gulf International Holding 49.00% WHA NGD2 WHA NGD4 TTCIZ-01 GNK % GBL % TTCIZ % GNLL % GBP 3 Operating Projects Under Construction Under Development GJP: 4,237 MW / 1,682 MW COD: 2013 COD: GMP: 1,563 MW / 911 MW IPD: 5,300 MW / 3,710 MW Investment Other Businesses or Dormant Entities IPP SPP VSPP Notes: Information as of May 16, / WHA Energy, a subsidiary of WHAUP, holds a 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, Kolpos and Gulf International Holding Pte. Ltd. are dormant companies 5/ WHAUP and MITG hold 35.00% and 30.00% respectively in Gulf WHA MT. Blue Text: Gross installed capacity Red Text: Equity installed capacity 32

33 Power Projects in Operations Project Category Location Type Power (MW) Installed Capacity Steam (TPH) Chilled Water (RT) Equity Stake Equity Installed Capacity Power (MW) Steam (TPH) Chilled Water (RT) GKP1 SPP Saraburi Gas-fired (CG) % Jan 5, GKP2 SPP Saraburi Gas-fired (CG) % Feb 1, GTLC SPP Saraburi Gas-fired (CG) % Mar 1, GNNK SPP Chachoengsao Gas-fired (CG) , % ,280.0 Apr 1, GNLL SPP Rayong Gas-fired (CG) , % ,379.8 May 1, GCRN SPP Pathumthani Gas-fired (CG) % July 1, GNK2 SPP Saraburi Gas-fired (CG) % Oct 1, GVTP SPP Rayong Gas-fired (CG) % May 16, GTS1 SPP Rayong Gas-fired (CG) % Jul 8, GTS2 SPP Rayong Gas-fired (CG) % Sep 1, GTS3 SPP Rayong Gas-fired (CG) % Nov 1, GTS4 SPP Rayong Gas-fired (CG) % Jan GNC SPP Prachinburi Gas-fired (CG) % Mar Subtotal 1, , ,659.8 GNS IPP Saraburi GUT IPP Ayutthaya Gas-fired (CCGT) Gas-fired (CCGT) 1, % , % Subtotal 3, ,362.3 COD Unit 1: Jun 1, 2014 Unit 2: Dec 1, 2014 Unit 1: Jun 1, 2015 Unit 2: Dec 1, 2015 Gulf Solar BV VSPP Chonburi Solar Rooftop % Jun 23, Gulf Solar TS1 VSPP Rayong Solar Rooftop % Aug 27, Gulf Solar KKS VSPP Chonburi Solar Rooftop % Dec 26, Gulf Solar TS2 VSPP Rayong Solar Rooftop % Jan 8, Subtotal Total 5, , , ,659.8 PPA Awarded Year Note: As of 16 May

34 Power Projects Projects under Construction and Development Project Category Location Type Power (MW) Installed Capacity Steam (TPH) Chilled Water (RT) Equity Stake Equity Installed Capacity Power (MW) Steam (TPH) Chilled Water (RT) GBL SPP Ayutthaya Gas-fired (CG) % Sep GBP SPP Ayutthaya Gas-fired (CG) % Nov GNLL2 SPP Rayong Gas-fired (CG) % Jan GNPM SPP Saraburi Gas-fired (CG) % Mar GNRV1 SPP Nakorn Ratchasima Gas-fired (CG) % May GNRV2 SPP Nakorn Ratchasima Gas-fired (CG) % Jul TTCIZ-01 SPP Vietnam Solar % Jun 2019 N.A. TTCIZ-02 SPP Vietnam Solar % Jun 2019 N.A. GCG SPP Songkhla Biomass GSRC IPP Chonburi Gas-fired (CCGT) 2, % 1, GPD IPP Rayong Gas-fired (CCGT) 2, % 1, Total 6, , NGD Projects SCOD Units 1 and 2: 2021 / Units 3 and 4: 2022 Units 1 and 2: 2023 / Units 3 and 4: 2024 PPA Awarded Year Project Location Installed Capacity (mmbtu per year) Equity Stake Equity Installed Capacity (mmbtu per year) SCOD WHA NGD2 Rayong 2,000, % 700,000 Sep 2018 WHA NGD4 Rayong 2,000, % 700,000 Apr 2019 Total 4,000,000 1,400,000 Note: As of 16 May

35 GMP: Portfolio of 12 gas-fired SPPs 6 of the 12 SPPs are in operation, the other 6 SPPs to kick off in 2H2018 and 2019 NAKORN RATCHASIMA Suranaree Industrial Zone GNRV1 and GNRV2 SARABURI NAKORN RATCHASIMA SARABURI Hemaraj Saraburi Industrial Land GNPM AYUTTHAYA PRACHINBURI PRACHINBURI Sahapat Kabinburi Industrial Park GNC AYUTTHAYA RAYONG Hi-Tech Industrial Estate GBL and GBP RAYONG In operation Under construction/ development Eastern Seaboard Industrial Estate GVTP, GTS1 and GTS2 Hemaraj Eastern Seaboard Industrial Estate GTS3 and GTS4 Hemaraj Rayong Industrial Land GNLL2 35

36 GMP s sales volume and revenue breakdown Electricity sales volume (GwH) Steam (Ton) Total 1,100 GwH Total 102,749 tons 21% GVTP GTS1 GTS2 GTS3 GTS4 GNC 79% 37,506 37,056 14,259 4,068 6,594 3,267 GVTP GTS1 GTS2 GTS3 GTS4 GNC EGAT IUs Breakdown of sales revenue by customer Electricity sales to EGAT and PEA Electricity sales to IUs Steam sales to IUs Total Bt 3,359m GVTP GTS1 GTS2 GTS3 GTS4 GNC 24% 1% 26% 5% 23% 5% 19% 1% 24% 2% 11% 2% 75% 70% 72% 80% 75% 88% Bt 606.9m Bt 675.6m Bt 665.1m Bt 595.7m Bt 637.0m Bt 179.4m 36

37 GJP: 7 gas-fired SPPs All projects have been in operation since 2013 SARABURI SARABURI Nong Khae Industrial Estate GKP1 and GKP2 Talingchan GTLC Hemaraj Saraburi Industrial Land GNK2 PATHUMTHANI CHACHOENGSAO PATHUMTHANI Chiangrak noi GCRN RAYONG CHACHOENGSAO Wang Takien GNNK In operation RAYONG Hemaraj Rayong Industrial Land GNLL Under construction/ development 37

38 GJP s sales volume and revenue breakdown 2 IPPs: Sales volume 7 SPPs: Sales volume Electricity (GwH) Sold to EGAT 100% Electricity (GwH) Steam (Ton) Sold to IUs 100% 2,492 70,013 66,893 62% 940 1,936 3M'17 3M'18 38% 1,553 3M'17 GNS 671 1,265 3M'18 GUT 65% 35% 17% 83% 1,339 1, ,107 1,117 3M'17 3M'18 EGAT IUs 20% 80% Chilled water ( 000 RT) Sold to IUs 100% 7,244 7,463 3M'17 3M'18 38

39 Maintenance Types A B C 1 days 3 days 10 days 18 days 18 days 35 / 22 days 22 days Year COD Type A Type B Type C Machine SIEMENS (7SPPs and 9 out of 12 SPPs) MHPS (GNS and GUT) GE (3 out of 12 SPPs GNC, GRV1 and GRV2) Equivalent operating hours Equivalent operating hours Equivalent operating hours 10,000 (A) 30,000 (B) 60,000 (C) 12,500 (CI) 25,000 (TI) 50,000 (MI) 8,000 (CI) 25,000 (HGPI) 50,000 (MO) 39

40 Maintenance Schedule Group Project Type COD Quarter 1 Quarter Quarter 3 Quarter 4 Quarter 1 Quarter 2 Quarter 3 Quarter 4 GKP1 SPP A A GKP2 SPP A A GTLC SPP A A GNNK SPP 2013 A A GJP GNLL SPP A A GCRN SPP A A GNK2 SPP A GNS IPP 2014 B B GUT IPP 2015 A GVTP SPP A GMP GTS1 GTS2 SPP SPP 2017 A A GTS3 SPP A A B C SIEMENS A (3 days) B (18 days) C (22 days) MHPS CI (10 days) TI (18 days) MI (35 days) GE CI (1 days) HGPI (18 days) MO (22 days) Note: As of 16 May

41 Glossary BOI COD EDL-Gen EGAT EIA EPC GBL GBP GCG GCRN GJP GKP1 GKP2 GMP GNK 2 GNLL GNLL2 GNNK GNPM GNRV1 GNRV2 GNS The Board of Investment of Thailand Commercial Operation Date EDL-Generation Public Company The Electricity Generating Authority of Thailand Environmental Impact Assessment Engineering, Procurement and Construction Gulf BL Co., Ltd. Gulf BP Co., Ltd. Gulf Chana Green Co., Ltd. Gulf JP CRN Co., Ltd. Gulf JP Company Limited Gulf JP KP1 Co., Ltd. Gulf JP KP2 Co., Ltd. Gulf MP Company Limited Gulf JP NK2 Co., Ltd. Gulf JP NLL Co., Ltd. Gulf NLL2 Co., Ltd. Gulf JP NNK Co., Ltd. Gulf NPM Co., Ltd. Gulf NRV1 Co., Ltd. Gulf NRV2 Co., Ltd. Gulf JP NS Co., Ltd. 41

42 Glossary (cont d) GSA GTLC GTS1 GTS2 GTS3 Gulf WHA MT GUT GVTP IPD IPP LTSA NGD PPA PTT SCOD SPCG SPP TFRIC4 VSPP WHA NGD 2 WHA NGD 4 Gas Sales Agreement Gulf JP TLC Co., Ltd. Gulf TS1 Co., Ltd. Gulf TS2 Co., Ltd. Gulf TS3 Co., Ltd. Gulf WHA MT Natural Gas Distribution Co., Ltd. Gulf JP UT Co., Ltd. Gulf VTP Co., Ltd. Independent Power Development Company Limited Independent Power Producer Long Term Service Agreement Natural Gas Distribution Power Purchase Agreement PTT Public Company Limited Scheduled Commercial Operation Date SPCG Public Company Limited Small Power Producer Thai Financial Reporting Interpretation Committee 4; Determining Whether An Arrangement Contains a Lease Very Small Power Producer WHA Eastern Seaboard NGD2 WHA Eastern Seaboard NGD4 42