GULF ENERGY DEVELOPMENT PUBLIC COMPANY LIMITED INTERIM CONSOLIDATED AND SEPARATE FINANCIAL INFORMATION (UNAUDITED) 30 SEPTEMBER 2018

GULF ENERGY DEVELOPMENT PUBLIC COMPANY LIMITED INTERIM CONSOLIDATED AND SEPARATE FINANCIAL INFORMATION (UNAUDITED) 30 SEPTEMBER 2018

AUDITOR S REPORT ON THE REVIEW OF THE INTERIM FINANCIAL INFORMATION To the Shareholders and the Board of Directors of Gulf Energy Development Public Company Limited I have reviewed the interim consolidated of Gulf Energy Development Public Company Limited and its subsidiaries, and the interim separate of Gulf Energy Development Public Company Limited. These comprise the consolidated and separate statements of financial position as at 30 September 2018, the related consolidated and separate statements of comprehensive income for the three-month and nine-month periods then ended, the related consolidated and separate statements of changes in equity and cash flows for the nine-month period then ended, and the condensed notes to the interim. Management is responsible for the preparation and presentation of this interim consolidated and separate in accordance with Thai Accounting Standard No. 34, Interim Financial Reporting. My responsibility is to express a conclusion on this interim consolidated and separate based on my review. Scope of review I conducted my review in accordance with the Thai Standard on Review Engagements 2410, Review of interim performed by the independent auditor of the entity. A review of interim consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Thai Standards on Auditing and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion. Conclusion Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim consolidated and separate is not prepared, in all material respects, in accordance with Thai Accounting Standard No. 34, Interim Financial Reporting. PricewaterhouseCoopers ABAS Ltd. Somchai Jinnovart Certified Public Accountant (Thailand) No. 3271 Bangkok 13 November 2018

Statements of Financial Position As at 30 September 2018 Unaudited Audited Unaudited Audited 30 September 31 December 30 September 31 December 2018 2017 2018 2017 Notes Baht Baht Baht Baht Assets Current assets Cash and cash equivalents 7 14,590,352,040 20,222,174,961 6,775,459,518 14,747,550,080 Deposits at financial institutions used as collateral 9 642,215,264 90,000,000 - - Trade accounts receivable 10.1 3,027,774,904 1,659,512,961 - - Trade accounts receivable from related parties 10.2, 12 - - 112,990,000 198,368,000 Current portion of amount due from related parties 12 - - 24,563,887 212,500 Other accounts receivable 3,848,967 235,963 2,073,183 186,776 Current portion of financial derivative assets 1,577,849 3,578,847 - - Prepaid expenses 101,510,953 118,024,932 13,278,411 7,260,154 Current portion of advance payments under service agreements 204,176,165 98,813,506 - - Current portion of advance payments to a related party 12 - - - 16,982,065 Short-term loans to related parties 12 - - 1,466,626,235 - Current portion of interest receivable from related parties 12 - - 10,571,172 969,806 Spare parts 34,883,129 854,132 - - Available-for-sale investments expected to be sold within one year 11 34,021,777 822,801,728 4,712,699 374,054,415 Refundable value added tax 2,135,324,418 1,764,390,383-5,701,930 Other current assets 178,364,952 163,408,745 78,268,824 48,722,545 Total current assets 20,954,050,418 24,943,796,158 8,488,543,929 15,400,008,271 Director Date The condensed notes to the interim are an integral part of this interim. 2

Statements of Financial Position As at 30 September 2018 Unaudited Audited Unaudited Audited 30 September 31 December 30 September 31 December 2018 2017 2018 2017 Notes Baht Baht Baht Baht Assets (continued) Non-current assets Advance payment for share subscription 8 66,871,225 - - - Deposits at financial institutions used as collateral 9-86,974,400 - - Financial derivative assets 8,434,509 17,936 - - Amount due from related parties 12 - - 25,607,453 74,867,010 Prepaid expenses 6,653,735 9,414,990 - - Refundable value added tax 157,641,604 9,686,968 - - Advance payments to related parties 12 - - 88,053,368 89,005,863 Long-term loans to related parties 12-37,485,000 2,744,324,531 2,075,282,017 Interest receivable from related parties 12-531,375 100,027,962 141,832,657 Available-for-sale investments 11 1,858,066,505 1,984,969,036 - - Investment in subsidiaries, net 13.1 - - 12,006,714,023 5,891,714,033 Investment in an associate 13.2 20,673,333,979 20,435,620,951 17,687,559,481 17,687,559,481 Investment in joint ventures 13.3 1,016,821,619 2,983,444 132,824,980 6,002,493 Land deposit, net 4,996,125 4,996,125 - - Advance payments for land and power plant construction 2,329,478,293 1,817,779,230 - - Advance payments under service agreements 177,353,797 190,123,284 - - Investment property, net 97,595,587 97,595,587 29,704,500 29,704,500 Property, plant and equipment, net 14 59,929,774,582 50,547,133,540 9,778,436 1,928,779 Intangible assets, net 15 26,742,432 22,409,086 469,124 518,649 Deferred financing fee 62,899,765 129,286,025 - - Deferred tax assets, net 330,973,350 320,171,819 24,027,297 24,292,755 Other non-current assets 69,078,233 10,967,085 10,537,451 8,619,189 Total non-current assets 86,816,715,340 75,708,145,881 32,859,628,606 26,031,327,426 Total assets 107,770,765,758 100,651,942,039 41,348,172,535 41,431,335,697 The condensed notes to the interim are an integral part of this interim. 3

Statements of Financial Position As at 30 September 2018 Unaudited Audited Unaudited Audited 30 September 31 December 30 September 31 December 2018 2017 2018 2017 Notes Baht Baht Baht Baht Liabilities and equity Current liabilities Trade accounts payable 1,078,022,118 504,913,077 - - Other accounts payable 343,285,587 285,787,437 26,277,774 67,423,039 Amount due to related parties 12 638,414 6,305,077 635,616 5,345,803 Share subscription payable to a related party 12 - - - 3,255,450 Retention 26,319,658 - - - Accounts payable for power plant construction 1,235,821,876 2,206,722,121 - - Interest payable 103,405,742 56,291,919 15,123,287 64,174,479 Accrued expenses 711,322,055 746,966,150 159,462,141 202,083,861 Short-term loans from financial institutions 16 44,000,000 572,000,000 - - Short-term loans 12 600,000,000 - - - Current portion of long-term loans from financial institutions, net 17 1,677,658,651 2,460,245,112 - - Current portion of debenture, net 18 5,973,820,881-5,973,820,881 - Current portion of financial derivative liabilities 42,856,763 60,005,007 - - Other current liabilities 254,099,340 147,725,487 8,097,364 10,803,941 Total current liabilities 12,091,251,085 7,046,961,387 6,183,417,063 353,086,573 Non-current liabilities Accrued expenses 38,927,709 - - - Financial derivative liabilities 1,288,280 7,022,807 - - Long-term loans from financial institutions, net 17 50,686,098,625 47,914,009,587-988,323,786 Debenture, net 18-5,983,541,521-5,983,541,521 Long-term loans 12 324,900,000 - - - Retention 24,139,508 47,997,330 - - Provision for decommissioning costs 355,137,851 203,074,716 - - Deferred tax liabilities, net 49,460 110,207 - - Employee benefit obligations 111,126,594 100,973,567 102,100,470 92,254,367 Total non-current liabilities 51,541,668,027 54,256,729,735 102,100,470 7,064,119,674 Total liabilities 63,632,919,112 61,303,691,122 6,285,517,533 7,417,206,247 The condensed notes to the interim are an integral part of this interim. 4

Statements of Financial Position As at 30 September 2018 Unaudited Audited Unaudited Audited 30 September 31 December 30 September 31 December 2018 2017 2018 2017 Notes Baht Baht Baht Baht Liabilities and equity (continued) Equity Share capital 19 Authorised share capital 2,133,300,000 ordinary shares at a par value of Baht 5 each 10,666,500,000 10,666,500,000 10,666,500,000 10,666,500,000 Issued and paid-up share capital 2,133,300,000 ordinary shares at paid-up of Baht 5 each 19 10,666,500,000 10,666,500,000 10,666,500,000 10,666,500,000 Share premium 20,889,295,058 20,889,295,058 20,889,295,058 20,889,295,058 Appropriated retained earnings - legal reserve 20 182,820,558 86,512,524 182,820,558 86,512,524 Unappropriated retained earnings 3,460,271,668 1,935,038,462 3,324,005,872 2,371,169,838 Surplus from business combination under common control (316,239,277) (316,239,277) - - Changes in proportion of investment in subsidiaries 1,489,752,705 1,432,424,227 - - Other components of equity 22 (183,196,399) (128,716,475) 33,514 652,030 Total equity attributable to owners of the parent 36,189,204,313 34,564,814,519 35,062,655,002 34,014,129,450 Non-controlling interests 7,948,642,333 4,783,436,398 - - Total equity 44,137,846,646 39,348,250,917 35,062,655,002 34,014,129,450 Total liabilities and equity 107,770,765,758 100,651,942,039 41,348,172,535 41,431,335,697 The condensed notes to the interim are an integral part of this interim. 5

Statements of Comprehensive Income For the three-month period ended 30 September 2018 Unaudited 2018 2017 2018 2017 Notes Baht Baht Baht Baht Revenue from sales 4,383,339,118 1,465,676,813 - - Revenue from management fee 12 75,000,000 44,509,170 199,813,662 163,845,699 Cost of sales (3,304,678,713) (1,117,863,187) - - Cost of management fee (32,394,748) (43,900,131) (90,759,777) (79,998,674) Gross profit 1,121,265,657 348,422,665 109,053,885 83,847,025 Other income 881,228 19,368,898 6,732,129 13,496,282 Interest income 33,118,954 1,481,641 65,264,343 33,636,456 Dividend income 44,912,149 45,416,809 - - Gain (loss) on exchange rate, net 308,504,711 183,741,021 (18,306,343) 11,742 Administrative expenses (403,440,866) (208,824,758) (137,372,569) (110,116,515) Finance costs (448,697,298) (397,088,174) (49,727,507) (188,953,941) Share of profit from an associate and joint ventures 937,578,570 814,621,035 - - Profit (loss) before corporate income tax benefits (expenses) 1,594,123,105 807,139,137 (24,356,062) (168,078,951) Corporate income tax benefits (expenses) 23 (636,081) 672,960 656,407 (2,073,728) Profit (loss) for the period 1,593,487,024 807,812,097 (23,699,655) (170,152,679) Other comprehensive income (expense), net of corporate income tax Items that will be reclassified to profit or loss Change in value of available-for-sale investments 151,878,481 (23,293,280) 9,293 1,744,992 Reclassification adjustments to profit or loss of available-for-sale investments - (11,123,031) - (3,156,084) Change in value of cash flow hedges 3,305,717 (25,570,888) - - Reclassification adjustments to property, plant and equipment of cash flow hedges 4,261,405 93,120,813 - - Currency translation differences (6,213,961) 14,309 - - Share of other comprehensive income of an associate accounted for using the equity method 3,486,355 4,698,994 - - Other comprehensive income (expense) for the period, net of corporate income tax 156,717,997 37,846,917 9,293 (1,411,092) Total comprehensive income (expense) for the period 1,750,205,021 845,659,014 (23,690,362) (171,563,771) The condensed notes to the interim are an integral part of this interim. 6

Gulf Energy Development Pubic Company Limited Statements of Comprehensive Income For the three-month period ended 30 September 2018 Unaudited 2018 2017 2018 2017 Note Baht Baht Baht Baht Profit (loss) attributable to: Owners of the parent 1,205,150,180 675,826,069 (23,699,655) (170,152,679) Non-controlling interests 388,336,844 131,986,028 - - 1,593,487,024 807,812,097 (23,699,655) (170,152,679) Total comprehensive income (expense) attributable to: Owners of the parent 1,357,901,583 682,651,766 (23,690,362) (171,563,771) Non-controlling interests 392,303,438 163,007,248 - - 1,750,205,021 845,659,014 (23,690,362) (171,563,771) Earnings (loss) per share for the owners of the parent: Basic earnings (loss) per share 4 0.56 0.50 (0.01) (0.13) The condensed notes to the interim are an integral part of this interim. 7

Statements of Comprehensive Income Unaudited 2018 2017 2018 2017 Notes Baht Baht Baht Baht Revenue from sales 11,688,402,476 1,816,218,399 - - Revenue from management fee 12 225,000,000 146,658,376 594,510,986 795,784,899 Cost of sales (8,718,235,381) (1,409,144,795) - - Cost of management fee (131,169,626) (144,651,585) (268,554,558) (245,713,356) Gross profit 3,063,997,469 409,080,395 325,956,428 550,071,543 Other income 8,094,408 40,449,649 32,350,288 34,256,277 Interest income 134,902,021 13,020,250 179,866,831 102,495,392 Dividend income 103,955,493 109,434,693 1,947,088,000 658,205,983 Gain (loss) on exchange rate, net 98,012,800 706,047,550 (14,680,318) 57,574 Administrative expenses (1,031,531,117) (679,724,481) (407,009,846) (333,051,254) Finance costs (1,360,966,420) (1,005,289,899) (160,690,268) (609,504,887) Share of profit from an associate and joint ventures 2,178,611,436 3,082,084,801 - - Profit before corporate income tax benefits (expenses) 3,195,076,090 2,675,102,958 1,902,881,115 402,530,628 Corporate income tax benefits (expenses) 23 9,778,637 59,606,392 (420,087) 5,848,383 Profit for the period 3,204,854,727 2,734,709,350 1,902,461,028 408,379,011 Other comprehensive income (expense), net of corporate income tax Item that will not be reclassified to profit or loss Actuarial losses - (7,642,735) - (7,642,735) Items that will be reclassified to profit or loss Change in value of available-for-sale investments (70,474,162) (83,883,381) 526,627 4,325,145 Reclassification adjustments to profit or loss of available-for-sale investments (5,962,707) (16,783,712) (1,145,143) (5,011,742) Change in value of cash flow hedges (7,933,548) 76,238,498 - - Reclassification adjustments to property, plant and equipment of cash flow hedges 38,099,521 97,557,249 - - Currency translation differences (6,158,250) 55,615 - - Share of other comprehensive income of an associate accounted for using the equity method 6,097,488 16,209,522 - - Other comprehensive income (expense) for the period, net of corporate income tax (46,331,658) 81,751,056 (618,516) (8,329,332) Total comprehensive income for the period 3,158,523,069 2,816,460,406 1,901,842,512 400,049,679 The condensed notes to the interim are an integral part of this interim. 8

Statements of Comprehensive Income Unaudited 2018 2017 2018 2017 Note Baht Baht Baht Baht Profit attributable to: Owners of the parent 2,474,858,200 2,469,630,107 1,902,461,028 408,379,011 Non-controlling interests 729,996,527 265,079,243 - - 3,204,854,727 2,734,709,350 1,902,461,028 408,379,011 Total comprehensive income attributable to: Owners of the parent 2,420,378,276 2,468,237,025 1,901,842,512 400,049,679 Non-controlling interests 738,144,793 348,223,381 - - 3,158,523,069 2,816,460,406 1,901,842,512 400,049,679 Earnings per share for the owner of the parent Basic earnings per share 4 1.16 2.90 0.89 0.48 The condensed notes to the interim are an integral part of this interim. 9

Unaudited Statements of Changes in Equity Baht Equity attributable to owners of the parent Other components of equity Surplus from business Changes in Other comprehensive income (expenses) Share of other Issued and Retained earnings (deficits) combination proportion Currency Available- comprehensive Total other Nonpaid-up Share Appropriated - under of investment Actuarial translation for-sale Cash flow (income) expenses components Total owners controlling Total Notes share capital premium legal reserve Unappropriated common control in subsidiaries losses differences investments hedges of an associate of equity of the parent interests equity Opening balance as at 1 January 2017 2,795,000,000 - - (1,409,182,780) (316,239,277) 1,479,602,084 - (21,954) (98,549,586) (119,081,153) (10,470,711) (228,123,404) 2,321,056,623 1,461,332,777 3,782,389,400 Call for additional paid-up 5,205,000,000 - - - - - - - - - - - 5,205,000,000 2,007,579,134 7,212,579,134 Discount from changes in proportion of investment in subsidiaries - - - - - - - - - - - - - (15) (15) Transfer actuarial losses - - - (7,642,735) - - 7,642,735 - - - - 7,642,735 - - - Dividend paid - - - - - - - - - - - - - (135,403) (135,403) Total comprehensive income (expense) for the period - - - 2,469,630,107 - - (7,642,735) 55,615 (101,110,679) 91,095,195 16,209,522 (1,393,082) 2,468,237,025 348,223,381 2,816,460,406 Closing balance as at 30 September 2017 8,000,000,000 - - 1,052,804,592 (316,239,277) 1,479,602,084-33,661 (199,660,265) (27,985,958) 5,738,811 (221,873,751) 9,994,293,648 3,816,999,874 13,811,293,522 Opening balance as at 1 January 2018 10,666,500,000 20,889,295,058 86,512,524 1,935,038,462 (316,239,277) 1,432,424,227-81,428 (83,673,425) (42,854,282) (2,270,196) (128,716,475) 34,564,814,519 4,783,436,398 39,348,250,917 Call for additional paid-up - - - - - - - - - - - - - 2,484,389,620 2,484,389,620 Surplus (discount) from changes in interests in subsidiaries - - - - - 57,328,478 - - - - - - 57,328,478 (57,328,478) - Legal reserve 20 - - 96,308,034 (96,308,034) - - - - - - - - - - - Dividend paid 21 - - - (853,316,960) - - - - - - - - (853,316,960) - (853,316,960) Total comprehensive income (expense) for the period - - - 2,474,858,200 - - - (6,158,250) (76,361,285) 21,942,123 6,097,488 (54,479,924) 2,420,378,276 738,144,793 3,158,523,069 Closing balance as at 30 September 2018 10,666,500,000 20,889,295,058 182,820,558 3,460,271,668 (316,239,277) 1,489,752,705 - (6,076,822) (160,034,710) (20,912,159) 3,827,292 (183,196,399) 36,189,204,313 7,948,642,333 44,137,846,646 The condensed notes to the interim are an integral part of this interim. 10

Statements of Changes in Equity Unaudited Baht Other components of equity Other comprehensive income (expense) Issued and Retained earnings Available- Total other paid-up Share Appropriated - Actuarial for-sale components Total Notes share capital premium legal reserve Unappropriated losses investments of equity equity Opening balance as at 1 January 2017 2,795,000,000 - - 748,121,743-876,176 876,176 3,543,997,919 Call for additional paid-up 5,205,000,000 - - - - - - 5,205,000,000 Transfer actuarial losses Total comprehensive income - - - (7,642,735) 7,642,735-7,642,735 - (expense) for the period - - - 408,379,011 (7,642,735) (686,597) (8,329,332) 400,049,679 Closing balance as at 30 September 2017 8,000,000,000 - - 1,148,858,019-189,579 189,579 9,149,047,598 Opening balance as at 1 January 2018 10,666,500,000 20,889,295,058 86,512,524 2,371,169,838-652,030 652,030 34,014,129,450 Legal reserve 20 - - 96,308,034 (96,308,034) - - - - Dividend paid 21 - - - (853,316,960) - - - (853,316,960) Total comprehensive income (expense) for the period - - - 1,902,461,028 - (618,516) (618,516) 1,901,842,512 Closing balance as at 30 September 2018 10,666,500,000 20,889,295,058 182,820,558 3,324,005,872-33,514 33,514 35,062,655,002 The condensed notes to the interim are an integral part of this interim. 11

Statements of Cash Flows Unaudited 2018 2017 2018 2017 Notes Baht Baht Baht Baht Cash flows from operating activities Profit before corporate income tax benefits (expenses) 3,195,076,090 2,675,102,958 1,902,881,115 402,530,628 Adjustment to reconcile profit before corporate income tax benefits (expenses) for cash generated from (used in) operating activities - (Gain) loss on disposal of investments in a subsidiary - (123,762) 1,171,570 - - Gain on disposal of available-for-sale investments (6,422,093) (20,979,640) (1,431,428) (6,264,678) - Interest income (134,902,021) (13,020,250) (179,866,831) (102,495,392) - Dividend income (103,955,493) (109,434,693) (1,947,088,000) (658,205,983) - Loss (reversal) of an impairment loss on assets - 33,167,644 (3,255,450) 21,333,360 - Allowance for doubtful debts - - - 21,254,398 - Depreciation and amortisation 14, 15 976,786,735 160,409,796 767,269 262,922 - Employee benefit expenses 12,343,927 7,360,337 9,846,103 820,938 - Finance costs 1,360,966,420 1,005,289,899 160,690,268 609,504,887 - Share of profit from an associate and joint ventures 13.2, 13.3 (2,178,601,835) (3,082,084,801) - - - Net unrealised (gain) loss on exchange rate (54,576,438) (645,897,102) 860,806 - Cash flow before changes in working capital 3,066,715,292 9,790,386 (55,424,578) 288,741,080 Changes in working capital (excluding impact from acquisition and disposal of subsidiaries) - Trade accounts receivable (1,368,261,943) (1,158,611,320) - - - Trade accounts receivable from related parties - 15,841,624 85,378,000 12,741,624 - Amounts due from related parties - - 24,908,170 (27,367,630) - Other accounts receivable (3,613,004) (2,464,540) (1,886,407) (268,360) - Prepaid expenses 19,275,234 3,048,538 (2,608,980) - - Advance payments under service agreements (92,593,172) (225,341,811) - - - Spare parts (34,028,997) (313,197) - - - Refundable value added tax (518,888,671) (617,620,985) 5,701,930 - - Other current assets 16,488,361 (43,534,489) 467,112 (40,832,950) - Other non-current assets (58,111,148) (2,059,909) (1,918,262) (1,871,660) - Trade accounts payable 573,109,041 418,244,522 - - - Other accounts payable 57,498,150 146,243,196 (39,994,974) 15,874,382 - Amount due to related parties (5,666,663) 785,260 (4,710,187) 777,576 - Share subscription to a related party - - (3,255,450) - - Accrued expenses (1,175,972) 122,714,217 (42,621,720) (53,371,817) - Other current liabilities 106,373,853 (6,901,056) (2,706,577) (6,879,442) - Employee benefit obligations paid (2,190,900) - - - Cash generated from (used in) operating activities 1,754,929,461 (1,340,179,564) (38,671,923) 187,542,803 - Corporate income tax paid (23,520,251) (53,204,597) (22,989,108) (50,508,774) Net cash generated from (used in) operating activities 1,731,409,210 (1,393,384,161) (61,661,031) 137,034,029 The condensed notes to the interim are an integral part of this interim. 12

Statements of Cash Flows Unaudited 2018 2017 2018 2017 Notes Baht Baht Baht Baht Cash flows from investing activities Payments for short-term investments (7,000,000,000) - (7,000,000,000) - Proceeds from short-term investments 7,000,000,000-7,000,000,000 - Advance payment for share subsription (66,871,225) - - - Proceeds from interest income 127,509,079 21,369,928 205,045,877 163,646,540 Proceeds from dividend 2,051,043,493 763,817,360 1,947,088,000 658,205,983 Payments for available-for-sales investments - (6,186,608,775) - (1,937,926,373) Proceeds from available-for-sales investments 845,452,330 6,041,608,775 370,000,000 2,172,926,373 Payments for investment in a subsidiary 13.1 - - (6,114,999,990) (2,273,600,000) Proceeds from sales of investments in a subsidiary - - 2,083,880 127,500 Advance payments to subsidiaries - - (3,061,535) (9,002,858) Proceeds from advance payments to subsidiaries - - 20,996,094 113,543,061 Advance payments to a joint venture - - - (498,895) Proceeds from advance payments to a joint venture - - - 866,607 Payments for short-term loans to subsidiaries - - (2,376,728,189) - Proceeds from short-term loans to subsidiaries - - 909,226,457 - Proceeds from loans to an associate - - - 39,590,000 Payments for loans to subsidiaries - - (758,100,000) (229,500,000) Proceed from loans to subsidiaries - - 51,572,486 290,700,000 Payments on loans to a joint venture - (6,615,000) - (6,615,000) Proceed from loans to a joint venture 12 37,485,000 39,590,000 37,485,000 - Payments for losing control of subsidiaries, net - (652,696) - - Payments for paid-up ordinary shares of joint ventures 13.3 (1,031,903,525) (5,880,000) (126,822,487) (5,880,000) Payments for land deposit - (3,334,800) - - Advance payments for land and power plant construction (1,588,722,000) (1,654,428,013) - - Purchases of property, plant and equipment (9,213,750,880) - (9,703,001) (14,860) Payments for borrowing costs capitalised in property, plant, and equipment (856,177,131) (12,690,402,183) - - Payments for retention (18,216,716) - - - Purchases of intangible assets 15 (7,102,092) (7,770,408) - - Net cash used in investing activities (9,721,253,667) (13,689,305,812) (5,845,917,408) (1,023,431,922) Cash flows from financing activities Payments for deposits at financial institutions used as collateral (465,240,864) - - - Payments for debentures - (4,000,000,000) - (4,000,000,000) Proceeds from short-term loans from financial institutions 16 877,000,000 6,884,000,000-6,000,000,000 Dividend paid to non-controlling interests of a subsidiary - (135,403) - - Payments for short-term loans from financial institutions 16 (1,405,000,000) (535,000,000) - - Proceeds from long-term loans from financial institutions 17 7,429,715,981 13,165,260,382 - - Proceeds from short-term loans from related parties - (279,300,000) - - Payments for long-term loans from financial institutions 17 (5,337,318,643) (2,535,282) (1,000,000,000) - Proceeds from short-term loans 12 600,000,000 220,500,000 - - Proceeds from long-term loans 12 324,900,000 - - - Payments for dividend 21 (853,316,960) - (853,316,960) - Payments for interest expense (1,150,022,496) (602,129,719) (133,890,411) (280,400,000) Payments for guarantee of debenture 18 (72,584,177) (289,179,282) (72,584,177) (289,179,282) Payments for deferred financing fee (19,270,000) (13,000,000) - (13,000,000) Proceeds from additional paid-up capital 2,484,389,620 7,212,579,134-5,205,000,000 Proceeds from issuing of bill of exchange - 13,357,923,266-13,357,923,266 Payments for bill of exchange - (19,000,000,000) - (19,000,000,000) Payments for other finance costs (56,091,531) (96,338,449) (4,720,575) (261,819) Net cash generated from (used in) financing activities 2,357,160,930 16,022,644,647 (2,064,512,123) 980,082,165 Net increase (decrease) in cash and cash equivalents (5,632,683,527) 939,954,674 (7,972,090,562) 93,684,272 Cash and cash equivalents at the beginning of the period 20,222,174,961 2,765,570,440 14,747,550,080 159,675,847 Gain on exchange rate of cash and cash equivalents 860,606 867,185 - - Cash and cash equivalents at the end of the period 14,590,352,040 3,706,392,299 6,775,459,518 253,360,119 The condensed notes to the interim are an integral part of this interim. 13

Statements of Cash Flows Unaudited 2018 2017 2018 2017 Baht Baht Baht Baht Non-cash transactions Significant non-cash transactions for the periods ended 30 September comprise of: Increase in construction in progress from advance payment for power plant construction 1,077,022,937 1,667,249,894 - - Accounts payable for power plant construction 1,235,821,876 1,828,820,326 - - Retention 50,459,166 43,944,411 - - Increase in assets from decommissioning costs 145,666,805 143,787,880 - - Increase in construction in progress from amortisation of deferred financing fees 14,262,971 17,966,321 - - The condensed notes to the interim are an integral part of this interim. 14

1 General Gulf Energy Development Public Company Limited (the Company) is a public company limited. The Company is incorporated and resided in Thailand. The address of its registered office is 87 M Thai Tower 11th Floor, All Seasons Place, Wireless Road, Lumpini, Pathumwan, Bangkok. The Company is listed on the Stock Exchange of Thailand. For reporting purposes, the Company and its subsidiaries are referred to as the Group. The principal business operation of the Group is to generate and sell electricity, steam and cold water, and other related business in domestic and international. This interim consolidated and separate was authorised for issue by the Board of Directors on 13 November 2018. This interim consolidated and separate has been reviewed, not audited. 2 Accounting policies 2.1 Basis of preparation The interim has been prepared in accordance with Thai Accounting Standard No. 34 Interim Financial Reporting. The primary which comprises the statement of financial position, statement of comprehensive income, statement of changes in shareholders equity and cash flows is presented in a format consistent with the annual financial statements complying with Thai Accounting Standard 1 Presentation of Financial Statements. The notes to the are prepared in a condensed format. Additional notes are presented as required by the Securities and Exchange Commission under the Securities and Exchange Act. The interim should be read in conjunction with the annual financial statements for the year ended 31 December 2017. The accounting policies used in the preparation of the interim are consistent with those used in the annual financial statements for the year ended 31 December 2017. Costs that are incurred unevenly during the financial year are anticipated or deferred in the interim report only if it would also be appropriate to anticipate or defer such costs at the end of the financial year. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss. An English version of the interim consolidated and separate has been prepared from the interim that is in the Thai language. In the event of a conflict or a difference in interpretation between the two languages, the Thai language interim shall prevail. 15

2 Accounting policies (continued) 2.2 Revised accounting standards, revised financial reporting standards, and related interpretations 2.2.1 Revised financial reporting standards are effective for annual periods beginning on or after 1 January 2018 which have significant changes and are relevant to the Group. TAS 7 (revised 2017) TAS 12 (revised 2017) Statement of cash flows Income taxes TAS 7 (revised 2017), the amendments require additional disclosure of changes in liabilities arising from financing activities. This includes changes arising from cash and non-cash transactions. TAS 12 (revised 2017), the amendments clarify the accounting for deferred tax where an asset is measured at fair value and that fair value is below the asset s tax base. Specifically, the amendments confirm that: - A temporary difference exists whenever the carrying amount of an asset measured at fair value is less than its tax base at the end of the reporting period. - An entity can assume that it will recover an amount higher than the carrying amount of an asset to estimate its future taxable profit. - Where the tax law restricts the source of taxable profits against which particular types of deferred tax assets can be recovered, the recoverability of the deferred tax assets can only be assessed in combination with other deferred tax assets of the same type. - Tax deductions resulting from the reversal of deferred tax assets are excluded from the estimated future taxable profits. The Group s management assessed and considered that the above revised standards do not have significant impact on the Group. 2.2.2 New financial reporting standard is effective for annual periods beginning on or after 1 January 2019 which is relevant to the Group. The Group has not yet adopted this standard. TFRS 15 Revenue from contracts with customers TFRS 15 provide the requirements for the recognition of revenue. This standard will supersede the following standards: TAS 11 (revised 2017) TAS 18 (revised 2017) TFRIC 13 (revised 2017) TFRIC 15 (revised 2017) TFRIC 18 (revised 2017) TSIC 31 (revised 2017) Construction contracts Revenue Customer loyalty programmes Agreements for the construction of real estate Transfers of assets from customers Revenue - barter transactions involving advertising services The new standard is based on the principle that revenue is recognised when control of a good or service transfers to a customer - so the notion of control replaces the existing notion of risks and rewards an entity recognises revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognises revenue in accordance with that core principle by applying the following steps: - Step 1: Identify the contract(s) with a customer - Step 2: Identify the performance obligations in the contract - Step 3: Determine the transaction price - Step 4: Allocate the transaction price to the performance obligations in the contract - Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation Entities will have a choice to apply this standard retrospectively in accordance with TAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, subject to the expedients or retrospectively with the cumulative effect recognised as an adjustment to the opening balance of retained earnings of the annual reporting period that includes the date of initial application with additional disclosures. The Group will first apply this standard for annual reporting periods beginning on or after 1 January 2019. Management is currently assessing the impact from initial application of this standard in detail. 16

2 Accounting policies (continued) 2.2 Revised accounting standards, revised financial reporting standards, and related interpretations (continued) 2.2.3 The group of financial reporting standards relating to financial instruments are effective for annual periods beginning on or after 1 January 2020 which are relevant to the Group. The Group has not yet adopted those standards. The Group of financial instruments reporting standards consist of the following standards: TAS 32 TFRS 7 TFRS 9 TFRIC 16 TFRIC 19 Financial instruments: Presentation Financial Instruments: Disclosures Financial Instruments Hedges of a Net Investment in a Foreign Operation Extinguishing Financial Liabilities with Equity Instruments The above new standards will supersede the following standards: TAS 101 TAS 103 TAS 104 TAS 105 TAS 106 TAS 107 Thai Standing Interpretations Committee Bad and Doubtful Debts Disclosures in the Financial Statements of Bank and Similar Financial Institutions Accounting for Troubled Debt Restructuring Accounting for Investment in Debts and Equity securities Accounting for Investment Companies Financial Instruments: Disclosure and Presentation Assets transferred by Debtors for Debt Settlement TAS 32 Financial Instruments: Presentation, provides the requirements for the presentation of financial instruments as liabilities or equity and for offsetting financial assets and financial liabilities. It applies to the classification of financial instruments, from the perspective of the issuer, into financial assets, financial liabilities and equity instruments including the classification of related interest, dividends, losses and gains; and the circumstances in which financial assets and financial liabilities should be offset. TFRS 7 Financial Instruments: Disclosures, provides the requirements for the disclosure that are intended to enable users of the financial statements to be able to evaluate the significance of financial instruments for an entity's financial position and performance, and to understand the nature and extent of risks arising from those financial instruments to which the entity is exposed during the period and at the end of the reporting period, and how the entity manages those risks. TFRS 9 Financial Instruments, establishes principles for the classification, measurement and derecognition of financial assets and financial liabilities, impairment requirement and hedge accounting as follow: - Classification and measurement: - The classification and measurement of debt instrument financial assets which can be categorised into three categories, which are amortised cost, fair value through profit or loss and fair value through other comprehensive income. Classification of debt assets will be driven by the entity s business model for managing the financial assets and characteristics of contractual cash flows of such financial assets. - Equity instrument financial assets shall be measured at fair value through profit or loss. An entity can make an irrevocable election to recognise the changes in fair value in other comprehensive income without subsequent recycling to profit or loss. - Financial liabilities are classified and measured at amortised cost, except for financial liabilities in which they are required to recognise at fair value through profit or loss, or an entity chooses to measure a liability at fair value through profit or loss when the conditions under the standard are met. - Derivatives are classified and measured at fair value through profit or loss. 17

2 Accounting policies (continued) 2.2 Revised accounting standards, revised financial reporting standards, and related interpretations (continued) 2.2.3 The group of financial reporting standards relating to financial instruments are effective for annual periods beginning on or after 1 January 2020 which are relevant to the Group. The Group has not yet adopted those standards. (continued) - The criteria for impairment assessments relating to the accounting for an entity s expected credit losses on its financial assets measured at amortised cost, investments in debt instruments measured at fair value through other comprehensive income, lease receivables, loan commitments and financial guarantee contracts, are no longer necessary for a credit event to have occurred before credit losses are recognised. The entity always accounts for expected credit losses which involves a three stage approach. Each stage dictates how the entity measures impairment losses and can apply the effective interest rate method differently, except for trade receivables and contractual assets which apply under TFRS 15 and do not have significant financial components and lease receivables, they are permitted to measure by simplified approach for credit impaired consideration. - The objective of hedge accounting is to present, in the financial statements, the effect of an entity s risk management activities that use financial instruments to manage exposures arising from particular risks that could affect profit or loss (or other comprehensive income, in the case of investments in equity instruments for which an entity has elected to present changes in fair value through other comprehensive income) in order to appropriately disclose the purpose and effect of hedging instruments for which hedge accounting is applied. TFRIC 16 Hedges of a Net Investment in a Foreign Operation, clarifies the guidance for the accounting treatment in respect of qualified foreign currency risks for net investment hedge in foreign operation. It clarifies that hedging instruments that are hedges of a net investment in a foreign operation may be held anywhere in the group not only by the parent. This includes the guidance on how an entity should determine the amount to be reclassified from equity to profit or loss for both the hedging instrument and the hedged item. TFRIC 19 Extinguishing financial liabilities with equity instruments, provides the accounting treatment requirements when the entity issues equity instruments to a creditor to extinguish all or part of a financial liability. The equity instruments issued shall be measured at fair value. The entity shall remove a financial liability (or part of a financial liability) from its statement of financial position when it is extinguished in accordance with TFRS 9. The difference between the carrying amount of the financial liability (or part of a financial liability) extinguished and the fair value of equity instruments issued shall be recognised in profit or loss. The Group s management is currently assessing the impact of initial adoption of these standards. 3 Estimates The preparation of interim requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing this interim, the significant judgements made by management in applying the Group s accounting policies and the key sources of uncertain estimation were the same as those that applied to the consolidated and separate financial statements for the year ended 31 December 2017. 18

4 Basic earnings (losses) per share Basic earnings (losses) per share for the owners of the parent is calculated by dividing the profit (loss) attributable to the owners of the parent by the weighted average number of ordinary shares held by shareholders issued during the period. For the three-month period ended 30 September 2018 2017 2018 2017 Basic earnings (losses) per share Profit (loss) attributable to the owners of the parent (Baht) 1,205,150,180 675,826,069 (23,699,655) (170,152,679) Weighted average number of ordinary shares outstanding (Share) 2,133,300,000 1,344,347,826 2,133,300,000 1,344,347,826 Basic earnings (losses) per share for the owners of the parent (Baht per share) 0.56 0.50 (0.01) (0.13) 2017 2018 2017 Basic earnings per share Profit attributable to the owners of the parent (Baht) 2,474,858,200 2,469,630,107 1,902,461,028 408,379,011 Weighted average number of ordinary shares outstanding (Share) 2,133,300,000 850,695,971 2,133,300,000 850,695,971 Basic earnings per share for the owners of the parent (Baht per share) 1.16 2.90 0.89 0.48 The Company does not have any dilutive ordinary shares issued during the periods, so no diluted earnings per share is presented. 5 Segment Operating segments are reported in a manner consistent with the internal reporting provided to the Chief operating decision-maker. The Chief operating decision-maker is President and Chief Executive Officer who are responsible for allocating resources and assessing performance of the operating segments. The Group has two segments which comprise of power business and consulting business, particularly in power business. Sales between segments are negotiated independently at an arm s length basis. Sales from external customers are measured at the same basis as reported in statements of comprehensive income. 19

5 Segment (continued) Information by business segment are as follows: Power business Consulting business Thailand Thailand Others Total Eliminating Total Baht Baht Baht Baht Baht Baht Revenue from sales 12,022,019,600 - - 12,022,019,600 (333,617,124) 11,688,402,476 Revenue from management fee - 594,510,986-594,510,986 (369,510,986) 225,000,000 Cost of sales (9,101,896,662) - - (9,101,896,662) 383,661,281 (8,718,235,381) Cost of management fee - (268,554,559) - (268,554,559) 137,384,933 (131,169,626) Gross profit 2,920,122,938 325,956,427-3,246,079,365 (182,081,896) 3,063,997,469 Gross profit margin (%) 24 55-26 26 Interest income 21,716,788 212,709,984 2,961,325 237,388,097 (102,486,076) 134,902,021 Dividend income - 1,947,327,999 103,955,494 2,051,283,493 (1,947,328,000) 103,955,493 Administrative expenses (616,049,443) (425,744,124) (10,907,108) (1,052,700,675) 21,169,558 (1,031,531,117) Profit from operation before finance costs and corporate income tax benefits 2,325,790,283 2,060,250,286 96,009,711 4,482,050,280 (2,210,726,414) 2,271,323,866 Other income 8,094,408 Gains on exchange rate, net 98,012,800 Finance costs (1,360,966,420) Share of net profit from an associate and a joint venture 2,178,611,436 Corporate income tax benefits 9,778,637 Profit for the period 3,204,854,727 Total segmented assets 62,463,206,389 9,943,828-62,473,150,217 (2,543,375,635) 59,929,774,582 Total unallocated assets 47,840,991,176 Total assets 107,770,765,758 20

5 Segment (continued) Information by business segment are as follows: (continued) Power business Consulting business Thailand Thailand Others Total Eliminating Total Baht Baht Baht Baht Baht Baht For the nine-month period ended 30 September 2017 Revenue from sales 1,825,386,334 - - 1,825,386,334 (9,167,935) 1,816,218,399 Revenue from management fee - 795,784,899-795,784,899 (649,126,523) 146,658,376 Cost of sales (1,426,176,790) - - (1,426,176,790) 17,031,995 (1,409,144,795) Cost of management fee - (245,713,356) - (245,713,356) 101,061,771 (144,651,585) Gross profit 399,209,544 550,071,543-949,281,087 (540,200,692) 409,080,395 Gross profit margin (%) 22 69-36 21 Interest income 10,193,596 144,614,683 109 154,808,388 (141,788,138) 13,020,250 Dividend income - 658,773,110 109,434,695 768,207,805 (658,773,112) 109,434,693 Administrative expenses (287,055,774) (350,589,750) (10,902,767) (648,548,291) (31,176,190) (679,724,481) Profit (loss) from operation before finance costs and corporate income tax benefits 122,347,366 1,002,869,586 98,532,037 1,223,748,989 (1,371,938,132) (148,189,143) Other income 40,449,649 Gains on exchange rate, net 706,047,550 Finance costs (1,005,289,899) Share of net profit from an associate and a joint venture 3,082,084,801 Corporate income tax benefits 59,606,392 Profit for the period 2,734,709,350 Total segmented assets 47,062,242,152 1,169,136-47,063,411,288 (2,416,269,684) 44,647,141,604 Total unallocated assets 35,199,251,592 Total assets 79,846,393,196 21

5 Segment (continued), the Group had two major customers which represented the sales and services amounting to Baht 8,482.95 million, representing 71.21% of total sales and services (for the nine-month period ended 30 September 2017, the Group had two major customers which represented the sales and services amounting to Baht 1,491.01 million, representing 75.96% of total sales and services). 6 Financial risk management 6.1 Fair value estimation The different levels of have been defined as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). 6.1.1 Financial assets and liabilities that are measured at fair value The following table presents the Group s financial instruments that are measured at fair value, by valuation method and the different levels of as at 30 September 2018 and 31 December 2017. As at 30 September 2018 Level 1 Level 2 Level 3 Total Baht Baht Baht Baht Assets Derivatives used for hedging Foreign currency forward contracts - 10,012,358-10,012,358 Available-for-sale investments Equity securities Money fund 34,021,777 - - 34,021,777 Common stock in energy industry 1,858,066,505 - - 1,858,066,505 Total assets 1,892,088,282 10,012,358-1,902,100,640 Liabilities Derivatives used for hedging Foreign currency forward contracts - 44,145,043-44,145,043 Total liabilities - 44,145,043-44,145,043 22

6 Financial risk management (continued) 6.1 Fair value estimation (continued) 6.1.1 Financial assets and liabilities that are measured at fair value (continued) The following table presents the Group s financial instruments that are measured at fair value, by valuation method and the different levels of as at 30 September 2018 and 31 December 2017. (continued) As at 31 December 2017 Level 1 Level 2 Level 3 Total Baht Baht Baht Baht Assets Derivatives used for hedging Foreign currency forward contracts - 3,596,783-3,596,783 Available-for-sale investments Equity securities Money fund 822,801,728 - - 822,801,728 Common stock in energy industry 1,984,969,036 - - 1,984,969,036 Total assets 2,807,770,764 3,596,783-2,811,367,547 Liabilities Derivatives used for hedging Foreign currency forward contracts - 67,027,814-67,027,814 Total liabilities - 67,027,814-67,027,814 The Group did not have any transfer between levels 1 and 2 during the period. 6.2 Fair value valuation techniques (a) Valuation techniques used to derive financial instruments in level 1 Available-for-sale investments are subsequently measured at fair value. The fair value of investments is based on quoted price at the close of business day from Stock Exchange of Thailand and Stock Exchange of Laos for the common stock in energy industry and on the latest offering price by a financial institution for the money fund. The unrealised gains and losses of available-for-sale investments are recognised in equity. (b) Valuation techniques used to derive financial instruments in level 2 Level 2 hedging derivatives comprise foreign currency forward contracts which have been measured at fair value using foreign currency forward exchange rates at the statement of financial position date, with the resulting value discounted back to present value. 6.3 Financial assets and liabilities that are not measured at fair value The financial assets and financial liabilities which the carrying amounts approximate their fair values are cash and cash equivalents, short-term investments, trade accounts receivables and payables, amounts due from and due to related parties, other accounts receivables and payables, and short-term loans due to the short maturities of these instruments. For the long-term loans from financial institutions, the carrying amounts approximate its fair value due to the float interest rate have been applied. For interest rate swap contracts the Group does not apply the hedge accounting. Therefore, the fair value of interest rate swap contract are not recognised in the financial statements. 23

7 Cash and cash equivalents 30 September 2018 31 December 2017 30 September 2018 31 December 2017 Baht Baht Baht Baht Cash on hand 698,710 665,110 38,600 40,000 Deposits held in bank - current accounts 409,596,463 50,431,108 63,505 40,732 - savings accounts 11,640,056,867 14,171,078,743 5,775,357,413 8,747,469,348 - fixed accounts less than 3 months 1,540,000,000 5,000,000,000-5,000,000,000 Short-term investment less than 3 months 1,000,000,000 1,000,000,000 1,000,000,000 1,000,000,000 Total 14,590,352,040 20,222,174,961 6,775,459,518 14,747,550,080 As at 30 September 2018, the interest rates on deposits in savings accounts are 0.01% - 1.40% per annum (31 December 2017: 0.02% - 1.20% per annum). As at 30 September 2018, the interest rates on deposits in fixed account less than 3 months are 1.10% - 1.25% (31 December 2017: the interest rates on deposits in fixed accounts less than 3 months are 1.30% - 1.35% per annum). As at 30 September 2018 and 31 December 2017, the interest rate on short-term investment less than 3 months is 1.70 % per annum plus bonus rate as specified in the agreement. 8 Advance payment for share subscription On 10 August 2018, at the Board of Directors meeting of the Company, the Board of Directors passed a resolution to approve Gulf International Holding Pte. Ltd., an indirect subsidiary of the Company, to enter into an investment in Me Kong Wind Power Joint Stock Company, a Company registered in Vietnam, to operate a solar power and wind power projects in Vietnam with an authorised share capital of Vietnam Dong (VDN) 350,000 million. Gulf International Holding Pte. Ltd. will hold 49% of the total authorised shares. As at 30 September 2018, Gulf International Holding Pte. Ltd. made a partial payment of VDN 48,020 million, equivalent to Baht 66.87 million as specified in the agreement and will pay the remaining amount when the counterparty complies with the conditions as specified in the Share Purchase Agreement. 9 Deposits at financial institutions used as collateral As at 30 September 2018, the Group had no deposit at a financial institution used as collateral (31 December 2017: deposits at a financial institution of Baht 4.47 million was used to guarantee for the submission of the proposal to sell electricity to the EGAT and used to pledge for PTT energy card). As at 30 September 2018, the Group s deposits at financial institutions used as collateral of Baht 642.22 million (31 December 2017: Baht 172.50 million) are used to pledge under short-term and long-term loans from financial institutions (Note 16 and 17). 24