Gulf Energy Development Public Company Limited

Q3’24 Earnings Presentation

Contents

01 GULF – INTUCH Amalgamation

02 Financial Performance

2
Amalgamation of GULF and INTUCH

Pre-Transaction Post-Transaction3,4

Major Singtel Major

Public Public
Shareholder1 (SGI) Shareholder
73.84% 26.16% 9.08% 59.72% 31.20%

Singtel
Public NewCo
(SGI)2

24.99% 47.37% 27.64%

99.99% 99.99%
Singtel Singtel
Gulf Edge Gulf Edge
(SSI)2 (SSI)

23.31% 40.44% 41.14% ≥23.31%* ≥40.44%* ≥41.14%*

*Subject to Voluntary Tender Offer (VTO) of ADVANC and THCOM

Note: UBS and BLS have been appointed as advisors in connection with the restructuring transaction
Remark: /1 Group of Mr. Sarath Ratanavadi as disclosed in annual report 2023
/2 Singtel Global Investment Pte. Ltd. (“SGI”), a subsidiary of Singapore Telecommunications Limited (“Singtel”), and Singtel Strategic Investments Pte. Ltd (“SSI”), a subsidiary of Singtel
/3 In addition, subject to the VTOs, Major Shareholder may hold certain percentage directly in ADVANC/THCOM, and NewCo may hold certain percentage directly in THCOM.
/4 The shareholding illustrated has not yet assumed the dissenting share purchase
3
Amalgamation of GULF and INTUCH
Transaction Benefits

Simplification and delayering of the shareholding structure of relevant listed

companies
Enhance corporate agility and flexibility by streamlining strategic direction and decision-
making processes

Creating a well-balanced portfolio of income streams from Energy &

Infrastructure and Digital businesses
Enhance resiliency and foster a sustainable business model

Strengthening NewCo’s financial position and cashflows

Optimize capital structure and improve leverage capability to support NewCo’s strategic
initiatives and upcoming growth opportunities

4
 Business portfolio post amalgamation
Energy and Infrastructure Digital
Low carbon energy sources with integrated value chain
A well-balanced portfolio Preparing for the future through investments in digital
and logistics and transport-related infrastructures of Energy & Infrastructure businesses and new technologies
and Digital Businesses
Gas-fired Power Generation Cognitive Tech-Co
 Independent Power Producer (IPPs) will enhance resiliency  Towards becoming Cognitive Tech-
 Small Power Producer (SPPs) Co
 Captive Power Plant and foster sustainable  Mobile, fixed broadband, enterprise,
 Merchant Market Power Plant business model digital services

Renewable Energy  Onshore / Offshore Wind Satellite

 Solar Farms / Solar + BESS
 Leading Asian satellite operator
 Solar Rooftop
 Low Earth orbit (LEO) satellites
 Hydropower
 Natural resource management
 Biomass
 Waste-to-Energy Digital  Carbon footprint monitoring
Energy & NewCo  Drone technology

Gas Business Infra Data Center and

 Tier 3+ data center in Thailand Cloud Solutions
 Natural Gas Distribution  Phase 1 SCOD in 2025
 LNG Terminal  Planned capacity of 50MW+
 LNG Shipper Licenses  Partnership with industry leaders for
sovereign cloud services

Infrastructure  Industrial Port Digital Assets

 Deep Sea Container Port
 Intercity Motorways (M6 & M81)
 SEC-regulated digital asset exchange
 Liquid Tank Farm
and brokerage
 Electricity Distribution & District
 Public Launch in Jan 2024
Cooling System

5
Amalgamation of GULF and INTUCH
Transaction steps & indicative timeline

16 Jul 24 BOD Meeting

3 Oct 24 Shareholders Meeting (EGM)

Notification to creditors in relation to the Amalgamation

Q4/2024
Relevant consents/waivers obtained, and
Conditions Precedent for VTOs satisfied/waived
Purchase of shares from dissenting shareholders

Q4/2024 –
Voluntary Tender offer of ADVANC and THCOM
Q1/2025

BOD of GULF and INTUCH calling for Joint Shareholders Meeting

Q1/2025
Joint Shareholders Meeting of GULF and INTUCH

Registration of Amalgamation of GULF and INTUCH; New Company (NewCo) will be established
Q1/2025 – Q2/2025
NewCo’s shares list in the SET 6
Remark: Indicative timeline is subject to change subject to appropriateness
2025 Growth Outlook
2025 Key Performance Drivers

NewCo to hold 40.4% stake Additional LNG imports

in ADVANC 5 million tonnes (70 cargoes)
To support electricity production of
Share of profit to increase
GSRC, GPD, HKP projects
> THB 3,000 million / year

New capacity COD in 2025: Data Center

15,102 MW → 16,577 MW 25 MW to start operation in Apr’25
(+1,475 MW)
• HKP unit 2 (+770 MW) – COD Jan’25
• 5 Solar Farms: (+308 MW) – COD Q4’25
• 2 Solar + BESS: (+289 MW) – COD Q4’25
• Solar Rooftops: (+108 MW) – gradual COD

7
Contents

01 GULF – INTUCH Amalgamation

02 Financial Performance

8
Q3’24 Operating Performance Highlight
Strong Revenue & Core Profit Growth
Total Revenue EBITDA YoY Profit Growth Drivers
Unit: THB million Unit: THB million
+11.0% YoY ▪ Contribution from GPD units 2-3 (1,325
+5.1% YoY MW) which COD in Oct’23 and Mar’24,
respectively

▪ Contribution from HKP unit 1 (770 MW)

which COD in Mar’24

32,617 31,259 10,244

▪ Higher share of profit from Jackson
28,168 9,364 9,843
Generation due to reversal of over-
accrued property tax for 2023 and the
first 9 months of 2024

Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24 ▪ GULF1’s higher revenue from
electricity sales, solar rooftop
construction services, and solar panels
sales to industrial customers
Core Profit Net Profit Attributable to Parent
▪ ADVANC’s improved performance
Unit: THB million Unit: THB million
+64.3% YoY attributed to increased ARPU
+12.1% YoY

1,319

4,779 4,710 6,030

4,203 4,741
3,360

(843) (38)
Q3'23 Q2'24 Q3'24
Q3'23 Q2'24 Q3'24 FX & Derivatives Gain / Loss Net Profit Attributable to Parent

9
 Financial Position
Total Assets Total Liabilities Total Equity
Unit: THB million Unit: THB million Unit: THB million
+5.9% +7.3%
+3.0%
486,837 338,421
459,514
315,410 148,416
144,104

31-Dec-23 30-Sep-24 31-Dec-23 30-Sep-24

31-Dec-23 30-Sep-24

Total Assets was THB 486,837 million as of Sep 30, 2024, Total Liabilities was THB 338,421 million as of Sep 30, 2024, Total Equity was THB 148,416 million as of Sep 30, 2024,
+5.9%, which mainly changed due to : +7.3%, which mainly changed due to : +3.0%, which mainly changed due to :

▪ Debenture issuance in Apr’24 and Sep’24, net with repayment ▪ The Group’s performance growth, net with dividend
▪ Increase in finance lease receivable under PPA
for debentures matured. payment.
from the COD of GPD unit 3
▪ Construction payable increased mainly from land reclamation cost ▪ Decrease in the fair value of interest rate swap contracts
▪ Construction progress of solar farms, MTP3
industrial port development project, and of MTP3 industrial port development project
THCOM’s satellites. ▪ Long-term loans from financial institutions decreased due to
▪ GULF’s investment in Outer Dowsing project scheduled loan repayments by the Company and the GMP and
GSRC projects during the period.
▪ Advanced payment for solar panels

10
Financial Position
Net IBD/E was 1.71x, still well below the bond covenant of 3.5x

Leverage Ratios

Bond Covenant
Threshold at 3.5x
2.41 2.37 2.35 2.28
2.19 2.19
2.08

1.77 1.85
1.69 1.70 1.71
1.56
1.47

31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24

D/E
Net IBD/E (incl. lease liabilities) to equity ratio (for benchmarking against bond covenant)*

Note:
* Net interest-bearing debt to equity = (Total interest-bearing debt incl. lease liabilities - cash and cash equivalent - deposits at financial institutions used as collateral) / (equity - other components of equity)

11
Appendix

12
GULF’s Business Portfolio : Overview
ENERGY
Low carbon energy sources Over 80% of total revenue
INFRASTRUCTURE
with integrated value chain generated from energy business
Diversify business portfolio to logistics infrastructures
• Independent Power Producer (IPPs) with strong and stable cashflows
• Small Power Producer (SPPs) • Industrial Port
• Captive Power Plant • Deep Sea Container Port
• Merchant Market Power Plant • Intercity Motorways (M6 & M81)
GAS-FIRED
• Liquid Tank Farm
POWER GENERATION
• Electricity Distribution & District
• Onshore / Offshore Wind Cooling System
• Solar Farms / Solar + BESS
• Solar Rooftop DIGITAL
• Hydropower Preparing for the future through investments in
• Biomass digital businesses and new technologies
RENEWABLE ENERGY • Waste-to-Energy
• Investments in INTUCH and
THCOM
• Digital Asset Exchange
• Natural Gas Distribution
• Data Center
• LNG Terminal
• Virtual Banking
• LNG Shipper Licenses

GAS BUSINESS

13
Gas-fired Power Generation Portfolio (Committed Projects)
GAS-FIRED RENEWABLE ENERGY GAS INFRASTRUCTURE DIGITAL

GULF currently operates its gas-fired power business in Thailand, Oman,

and the USA with >14 GW combined capacity

Thailand
Total Gross Committed Capacity: USA

14,861 MW
(in operation: 13,491 MW)
MW as of Oct’24

Total Equity Committed Capacity:

1,200 MW Merchant Plant
8,057 MW 10,861 MW IPPs
(in operation: 7,469 MW) 2,474 MW SPPs
13,335 MW Total
Oman
MW as of Oct’24

326 MW Captive Plant

14
Gas-fired power plants in Thailand – in operation
1 2
GJP – 2 IPPs Installed GJP – 7 SPPs Installed Electricity: 888 MW
Capacity:
3,421 MW Capacity: Steam: 92 TPH
Contracted Contracted Electricity: 844.6 MW
Capacity:
3,200 MW Capacity: Steam: 88.4 TPH
Shareholding: 40% GULF Shareholding: 40% GULF
60% J-Power 60% J-Power
Location: Thailand: Location: Thailand: Saraburi, Rayong,
Ayutthaya & Saraburi Chachoengsao,
Pathumthani
PPA: EGAT for 25 years
PPA: EGAT for 25 years
SCOD: 2014 – 2015
SCOD: 2013

3 4
GMP – 12 SPPs Installed Electricity: 1,586 MW GSRC – IPP Installed
Capacity: Capacity:
2,650 MW
Steam: 225.0 TPH
Contracted Electricity: 1,538.2 MW Contracted
Capacity: Capacity:
2,500 MW
Steam: 210.5 TPH
Shareholding: 70% GULF Shareholding: 70% GULF
30% Mitsui & Co. (75% dividends) 30% Mitsui & Co.

Location: Ratchaburi, Thailand Location: Chonburi, Thailand

PPA: EGAT for 25 years PPA: EGAT for 25 years

SCOD: 2017 - 2019 SCOD: 2021 - 2022

15
Gas-fired power plants in Thailand – under development
1 2
GPD – IPP Installed
2,650 MW Hin Kong Power – IPP Installed 1,540 MW
Capacity: Capacity:
Contracted Contracted
Capacity:
2,500 MW Capacity:
1,400 MW

Shareholding: 70% GULF Shareholding: 49% GULF

30% Mitsui & Co. 51% RATCH Group
Location: Rayong, Thailand Location: Ratchaburi, Thailand

PPA: EGAT for 25 years PPA: EGAT for 25 years

SCOD: 2023 – 2024 SCOD: 2024 - 2025

3
Burapa Power – IPP Installed
Capacity:
600 MW

Contracted
Capacity:
540 MW

Shareholding: 35% GULF

65% NPS
Location: Chachoengsao, Thailand

PPA: EGAT for 25 years

SCOD: 2027

16
Gas-fired power plants in other countries – in operation
1 2
Jackson Installed DIPWP Installed Power: ≈ 326 MW
Capacity:
1,200 MW Capacity: Water: ≈ 1,667 m3/hour
Contracted Contracted Power: ≈ 208 MW
n.a.
Capacity: Capacity: Water: ≈ 1,250 m3/hour
Shareholding: 49% GULF Shareholding: 49% GULF
51% J-Power USA 51% OQ
Location: Elwood, Illinois, USA Location: Duqm Special Economic
Zone, Oman
PPA: Merchant Market (PJM) PPA: Duqm Refinery for 25 years
(+5 years renewal)
SCOD: 2022
SCOD: 2023

17
GULF’s Renewable Presence (Committed Projects)
GAS-FIRED RENEWABLE ENERGY GAS INFRASTRUCTURE DIGITAL

Over 8,400 MW of committed renewable capacity across 5 countries

with opportunities to develop more projects globally

Total Gross Committed Capacity: UK

Laos
Vietnam
3,142 MW 1,500 MW
8,495 MW Hydroelectric 119 MW Solar Farms
128 MW Offshore Wind
Offshore Wind

(in operation: 1,053 MW) 247 MW Total

MW as of Oct’24

Total Equity Committed Capacity: Thailand

273 MW Solar Rooftop

4,694 MW 870 MW Solar Farms Germany
(in operation: 574 MW) 1,668 MW Solar + BESS
MW as of Oct’24 177 MW Onshore Wind
465 MW
25 MW Biomass Offshore Wind
128 MW Waste to Energy
3,141 MW Total 18
 Renewable power plants – in operation
1 2
Gulf Chana Green Installed Gulf Gunkul Installed
25 MW 177.5 MW
Capacity: Capacity:
Energy Energy
Biomass (parawood) Onshore Wind
Source: Source:
Shareholding: 100% GULF Shareholding: 50% GULF

Location: Songkhla, Thailand Location: Nakhon Ratchasima,

Thailand
PPA: PEA (5 years) +
renewable option PPA: EGAT (25 years)
SCOD: 2020 SCOD: 2016 - 2018

3 4 5
GTN 1 & 2 Installed Mekong Wind Installed BKR2 Installed
119 MW 128 MW 464.8 MW
Capacity: Capacity: Capacity:
Energy Energy Energy
Solar Farms Offshore Wind Offshore Wind
Source: Source: Source:
Shareholding: 90% GULF Shareholding: 95% GULF Shareholding: 24.99% GULF

Location: Tay Ninh, Location: Ben Tre, Vietnam Location: German North
Vietnam Sea
PPA: EVN (20 years) PPA: EVN (20 years) PPA: Ørsted (20 years)
SCOD: 2019 SCOD: 2021 & 2023 SCOD: 2019

19
 Renewable power plants – under construction / development
1 2
GULF1 Installed CM WTE Installed
273 MW > 9.5 MW
Capacity: Capacity:
Energy Energy
Solar Rooftop Land Fill + WTE
Source: Source:
Shareholding: 100% GULF Shareholding: 99.99% GULF

(with more PPAs to be Location: Thailand Location: Chiang Mai,

signed) Thailand
PPA: Industrial Users
PPA: PEA (20 years)
(10-15 years)
SCOD: [2026]
SCOD: 2021 - 2025

Domestic Renew under a Feed-in-Tariff (FiT) Scheme

3 4 5
Solar Farms Installed Solar BESS Installed Waste-to-Energy Installed
870 MW 1,668 MW 119 MW
Capacity: Capacity: Capacity:
Energy Energy Energy
Solar Farms Solar + BESS Industrial WTE
Source: Source: Source:
Shareholding: 100% GULF Shareholding: 100% GULF Shareholding: 51% GULF

Location: Thailand Location: Thailand Location: Chonburi,

Thailand
PPA: EGAT (25 years) PPA: EGAT (25 years)
PPA: PEA (20 years)
SCOD: 2024 - 2028 SCOD: 2024 - 2029
SCOD: 2026

20
Renewable power plants – under construction / development
1 2
Pak Lay Installed Pak Beng Installed
770 MW 912 MW
Capacity: Capacity:
Energy Energy
Hydroelectric Hydroelectric
Source: Source:
Shareholding: 40% GULF Shareholding: 49% GULF

Location: Xayaburi, Lao PDR Location: Oudomxay, Lao PDR

PPA: EGAT (29 years) PPA: EGAT (29 years)

SCOD: [Mar’33] SCOD: [Jan’33]

3 4
Luang Prabang Installed Outer Dowsing Installed
1,460 MW 1,500 MW
Capacity: Capacity:
Energy Energy
Hydroelectric Offshore wind
Source: Source:
Shareholding: 20% GULF Shareholding: 24.99% GULF

Location: Luang Prabang, Lao PDR Location: Lincolnshire coast,

England
PPA: EGAT (35 years)
PPA: To be decided
SCOD: [Early 2030]
SCOD: [2031]

21
Committed Capacity Growth
Gross Installed Capacity (MW) of Committed Projects Gross Installed Capacity by power plant type

21,674 21,674 23,356 Oct 2024 Year 2033

20,174
17,805 18,606 18,714 36% 93% 64%
16,577 17,097 26%
31% 31%
14,544 15,102
Gas-fired Gas-fired
20% 21%
12,420 14% 17% 17% 75% IPP 53% IPP
7% 11% 18% SPP 11% SPP
9,572 8%
7,876
6,504 9% 14,544 23,356
8% 93% 89% 86% 83% 83% 80% 79% 74% 69% 69% 64%
9% 92% MW MW
92% 91%
91%

7% 36%
2020 2021 2022 2023 Oct-24 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Renewables Renewables

Gas-fired Renewables Total

Equity Installed Capacity (MW) of Committed Projects Equity Installed Capacity by power plant type

Oct 2024 Year 2033

12,750 93% 63%

10,420 11,221 11,329 11,621 11,995 11,995 Gas-fired Gas-fired
9,644 10,102 76% IPP 53% IPP
8,043 8,595 33% 33% 37% 17% SPP
6,711 23% 28% 29% 31% 10% SPP
19% 22%
4,966 7% 13%
2,999 3,952 8%
12% 9% 8% 93% 87% 81% 78% 77% 72% 71% 69% 67% 67% 63% 7,562 12,750
92% 92%
88% 91% MW MW

2020 2021 2022 2023 Oct-24 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
7% 37%
Gas-fired Renewables Total Renewables Renewables

22
Gas Business
GAS-FIRED RENEWABLE ENERGY GAS INFRASTRUCTURE DIGITAL

Vertically integrated gas business to capture profit from energy supply chain by importing gas and operating LNG
terminal for GULF’s own gas demand

GULF’S GAS-FIRED
GAS SUPPLY AND TRADING LNG TERMINAL
POWER PLANTS

x
LNG shipper licenses to import LNG 70% 30% Supply gas to GULF’s own power plants
from global market suppliers
Store and regasify the LNG before distributing 7.2 MTPA of gas demand for GULF’s own
7.8 MTPA LNG shipper license quota through PTT’s gas transmission pipeline system IPPs and SPPs’ usage
First shipment on Feb 28, 2024
Up to 10.8 MTPA to SCOD in 2027
(land reclamation in progress)

23
Infrastructure Business
GAS-FIRED RENEWABLE ENERGY GAS INFRASTRUCTURE DIGITAL

Diversify business portfolio to logistics infrastructures with strong and stable cashflows

MAP TA PHUT PORT PHASE 3 LAEM CHABANG PORT PHASE 3 MOTORWAYS (O&M) THAI TANK TERMINAL

x x x x x x x x
70% 30% 40% 30% 30% 40% 40% 10% 10% 28.57% 36.43% 35.00%

• Dredging and land reclamation work • Deep sea container port Operation and Maintenance of motorways • Public port services for storing and
for IEAT (1,000 rais) (operation period 30 years) handling liquid products
Capacity >4,000,000 TEU/yr
(receive revenues for 30 years) • M6: Bang Pa-In – Nakhon Ratchasima • Capacity 723,800 m3 (operation
• longest and deepest berth in Thailand period 30 years)
• Land reclamation expected to (196 km)
(operation period 35 years)
finish in early 2025 • M81: Bang Yai – Kanchanaburi (96 km) • In Operation: Share acquisition in
• Expected SCOD in 2027 (F1) and Dec 2022
• Expected SCOD in 2025-2026
2031 (F2)
Digital Business
GAS-FIRED RENEWABLE ENERGY GAS INFRASTRUCTURE DIGITAL

Preparing for the future through investments in digital businesses and new technologies

INVESTMENT IN INTUCH INVESTMENT IN THCOM

47.37%
41.14%
40.44%

▪ Estimated profit sharing from INTUCH: ▪ Satellite business with 2 new orbital slots
THB 5,000 – 5,500 mn/yr (119.5E & 78.5E)
▪ Dividend forecast: ▪ Potential opportunities in New Space Economy
THB 4,000 – 5,000 mn/yr

DATA CENTER CLOUD BUSINESS DIGITAL ASSET EXCHANGE

40%
x 90%
x x
35%
x 10%
25%

▪ Up to 50 MW of tier 3+ data center in Thailand ▪ Google Distributed Cloud air-gapped ▪ SEC-regulated digital asset exchange
▪ Sovereign cloud with no connectivity to public and brokerage
▪ Targets hyperscalers and Thai enterprises
internet, providing high stability and data security ▪ Public Launch in Jan’24
▪ Phase 1 (25 MW) SCOD in 2025
▪ Expect to start operation in 2025
25
2024 Business Updates & Major Developments

ENERGY BUSINESS

Gas-fired power generation Renewable energy Gas business

New power plants COD New power plants COD & acquisition LNG shipments
• GPD units 3-4 COD (1,325 MW) • Solar Farms / Solar + BESS: • YTD: Imported a total of 9 cargos
➢ Signed PPAs 25 projects (2,538 MW) ≈ 560,000 tonnes
• HKP unit 1 COD (770 MW)
➢ COD planned in 2024 = 532 MW
• 2024: Plans to import a total of
• Solar Rooftops: additional 55 MW ≈ 630,000 tonnes
COD in 2024 (total of 165 MW in operation)

• Industrial Waste-to-energy acquisition:

➢ Joint investments (total 119 MW)
➢ 3 SRF plants

26
2024 Business Updates & Major Developments

DIGITAL BUSINESS

Cloud Business and Data Center GULF Binance GULF–INTUCH Amalgamation

• Google Distributed Cloud air-gapped • Currently secured >20% market share by • Shareholders approved the transaction on
sovereign cloud solution with high stability trading volume Oct 3, 2024
and data security
• Target 30% market share by end of 2024 • VTO of ADVANC and THCOM expected in
• Data Center of up to 50 MW Q4’24 – Q1’25
• Expect to start operation by mid-2025 • NewCo establishment expected in Q2’25

27
 Long-Term Committed Growth Over the Next Decade
GULF has secured Power, Infrastructure and Digital Projects that will
commence commercial operation over the next decade to drive continuous growth

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033

BKR2 GSRC Units GSRC Units GPD Units 1&2 GPD Units 3&4 HKP Unit 2 GULF1 BPP (IPP) Domestic Domestic Luang LCB3 Pak Beng
(Offshore Wind) 1&2 (IPP) COD 3&4 (IPP) COD (IPP) COD (IPP) COD (IPP) COD (Solar Rooftop) COD Renew Renew Prabang Container Port (Hydro) COD
Acquisition COD (Solar Farms / (Solar BESS) (Hydro) COD (F2 terminal)
Solar BESS) COD
DIPWP GULF1 DIPWP HKP Unit 1 Data Center CMWTE GULF1 COD Outer Dowsing Pak Lay
(Captive) COD (Solar Rooftop) (Captive) (IPP) COD COD (Waste) COD (Solar Rooftop) (Offshore Wind) (Hydro) COD
(40 MW) COD (42 MW) COD (131 MW) COD COD

PTT NGD DIPWP Jackson GULF1 Cloud Business Domestic Renew MTP3 LNG
acquisition (Captive) Share Transfer (Solar Rooftop) Start Operation (Industrial Waste) Terminal
COD (155 MW) COD COD
GULF1
INTUCH THCOM Mekong Wind Domestic Renew (Solar Rooftop) Domestic Renew LCB3
acquisition acquisition (Offshore Wind) (Solar Farms / COD (Solar Farms / Container Port
COD Solar BESS) Solar BESS) (F1 terminal)
COD M81 COD
GULF1 Motorways Domestic Renew
Gulf Binance
(Solar Rooftop) M6 (Solar BESS)
Public Launch
COD Motorways COD
Domestic Renew
(Solar Farms /
Solar BESS)
COD

28
GULF’s Decarbonization Commitment
TARGET COMMITMENT STRATEGY

Scope 1 carbon intensity No Coal Policy Lower Energy Consumption

(tCO2e/MWh)
Short-term Target

Scope 1 carbon intensity Maintain Continuous

0.407

reduction by 25% by 2030 ‘No Coal Policy’ Improvement in

support natural gas, Efficiency
(compared to 2019 base year)
cleaner reliable
through state-of-art
2019 2030 transition fuel
technology adaptation

Increase Renewable Contribution Explore New Technologies

Long-term Target

Gas-fired

Achieve NET ZERO 60% Achieve 40% Study new low-carbon

contribution from technologies such as
Scope 1 & Scope 2 GHG 2035 Renewables projects carbon capture and
emissions by 2050 by 2035 alternative fuels
40%
Renewables

29
 Investment Plan (2024 – 2028)
Investment Plan (2024) 5-Year Investment Plan (2024 – 2028) Source of Funds
approx. THB [20] billion approx. THB [90] billion
Internal cash flow from
operating projects

Infrastructure
3%
Renewables Infrastructure
Renewables
55% 3% Bond issuance
79%
Digital &
Investment
6% Digital &
Gas-Fired
Gas-Fired Investment
& Gas
& Gas 2%
16% Long-term loans from
36%
financial institutions

Use of Funds
DIGITAL &
GAS-FIRED RENEWABLE ENERGY GAS INFRASTRUCTURE
INVESTMENTS
• Thailand IPPs • Offshore & Onshore Wind • LNG Terminal • Deep Sea Container Port • Data Center
• Solar Rooftop • LNG Trading • Intercity Motorways • Other Investments
• Solar Farms
• Solar + BESS
• Waste-to-Energy
• Hydropower 30
Note: Data as of March 2024
 GULF’s Project Details – GJP Group (2 IPPs & 7 SPPs)
Gas-fired power generation business in Thailand
Installed Equity
Location Equity interest Steam Chilled Equity power Equity chilled
Name Type power steam COD
(province) (%) (T/H) water (RT) capacity (MW) water (RT)
capacity (MW) (T/H)

GJP group (associate) : in operation

Unit 1: Jun 1, 2014

GNS IPP Saraburi 40.00% 1,668.2 - - 667.3 - -
Unit 2: Dec 1, 2014

Unit 1: Jun 1, 2015

GUT IPP Ayutthaya 40.00% 1,752.4 - - 701.0 - -
Unit 2: Dec 1, 2015

GKP1 SPP Saraburi 40.00% 124.3 22.0 - 49.7 8.8 - Jan 5, 2013

GKP2 SPP Saraburi 40.00% 124.3 22.0 - 49.7 8.8 - Feb 1, 2013

GTLC SPP Saraburi 40.00% 125.8 15.0 - 50.3 6.0 - Mar 1, 2013

GNNK SPP Chachoengsao 40.00% 130.0 - 3,200.0 52.0 - 1,280.0 Apr 1, 2013

GNLL SPP Rayong 30.00% 125.3 8.0 4,600.0 37.6 2.4 1,380.0 May 1, 2013

GCRN SPP Pathumthani 40.00% 125.9 15.0 - 50.4 6.0 - Jul 1, 2013

GNK2 SPP Saraburi 40.00% 132.4 10.0 - 53.0 4.0 - Oct 1, 2013

Total GJP 4,308.7 92.0 7,800.0 1,710.9 36.0 2,660.0

31
 GULF’s Project Details – GMP Group (12 SPPs)
Gas-fired power generation business in Thailand
Location Equity interest Installed power Steam Equity power Equity steam
Name Type COD
(province) (%) capacity (MW) (T/H) capacity (MW) (T/H)

GMP group (subsidiary) : in operation

GVTP SPP Rayong 52.49% 140.9 20.0 73.9 10.5 May 16, 2017

GTS1 SPP Rayong 52.49% 138.3 30.0 72.6 15.7 Jul 8, 2017

GTS2 SPP Rayong 52.49% 138.3 30.0 72.6 15.7 Sep 1, 2017

GTS3 SPP Rayong 52.49% 130.2 25.0 68.3 13.1 Nov 1, 2017

GTS4 SPP Rayong 52.49% 130.2 25.0 68.3 13.1 Jan 1, 2018

GNC SPP Prachinburi 70.00% 126.5 20.0 88.5 14.0 Mar 1, 2018

GBL SPP Ayutthaya 52.50% 129.5 10.0 68.0 5.3 Sep 1, 2018

GBP SPP Ayutthaya 52.50% 129.5 10.0 68.0 5.3 Nov 1, 2018

GNLL2 SPP Rayong 52.49% 129.5 10.0 68.0 5.2 Jan 1, 2019

GNPM SPP Saraburi 70.00% 138.3 25.0 96.8 17.5 Mar 1, 2019

GNRV1 SPP Nakorn Ratchasima 70.00% 127.5 10.0 89.2 7.0 May 1, 2019

GNRV2 SPP Nakorn Ratchasima 70.00% 127.5 10.0 89.2 7.0 Jul 1, 2019

Total GMP 1,585.9 225.0 923.4 129.5

32
 GULF’s Project Details – IPP Projects in Thailand
Gas-fired power generation business in Thailand
Location Equity interest Installed power Equity power capacity
Name Type SCOD
(province) (%) capacity (MW) (MW)

IPD group (subsidiary) : under construction

Unit 1: Mar 31, 2021
Unit 2: Oct 1, 2021
GSRC IPP Chonburi 70.00% 2,650.0 1,855.0
Unit 3: Mar 31, 2022
Unit 4: Oct 1, 2022
Unit 1: Mar 31, 2023
Unit 2: Oct 1, 2023
GPD IPP Rayong 70.00% 2,650.0 1,855.0
Unit 3: Mar 31, 2024
Unit 4: Oct 1, 2024

Total IPD 5,300.0 3,710.0

HKP (joint venture) : under construction

Unit 1: Mar 1, 2024

HKP IPP Ratchaburi 49.00% 1,540.0 754.6
Unit 2: 2025

Total HKP 1,540.0 754.6

BPH (joint venture) : under development

BPP IPP Chachoengsao 35.00% 600.0 210.0 [2027]

Total BPH 600.0 210.0

33
 GULF’s Project Details – Gas-fired Projects Overseas
Gas-fired power generation business Overseas
Equity
Equity interest Installed power Desalinated Equity power
Name Type Location desalinated water SCOD
(%) capacity (MW) water (m3/hr) capacity (MW)
(m3/hr)

Jackson generation (joint venture) : in operation

Merchant
Jackson Illinois, USA 49.00% 1,200.0 - 588.0 - May 4, 2022
market

1,200.0 - 588.0 -

Marafiq (joint venture) : in operation

Duqm Special
DIPWP Captive Economic Zone, 49.00% 326.0 1,667.0 159.7 816.8 Full COD in Q1’23
Oman

Total Marafiq 326.0 1,667.0 159.7 816.8

34
 GULF’s Project Details – Renewable Projects in Thailand
Renewable energy projects in Thailand under GULF RENEWABLE ENERGY
Location Equity interest Installed power Equity power capacity
Name Type COD / SCOD
(province) (%) capacity (MW) (MW)

In operation

Gulf Solar BV Solar rooftop (VSPP) Chonburi 74.99% 0.13 0.10 Jun 23, 2014

Gulf Solar TS1 Solar rooftop (VSPP) Rayong 74.99% 0.13 0.09 Aug 27, 2014

Gulf Solar KKS Solar rooftop (VSPP) Chonburi 74.99% 0.25 0.19 Dec 26, 2014

Gulf Solar TS2 Solar rooftop (VSPP) Rayong 74.99% 0.09 0.07 Jan 8, 2015

WED Onshore wind Nakorn Ratchasima 50.00% 60.0 30.0 Mar – Dec 2016

GNP Onshore wind Nakorn Ratchasima 50.00% 67.5 33.8 Mar 27, 2018

KWE Onshore wind Nakorn Ratchasima 50.00% 50.0 25.0 Jun 20, 2018

GCG Biomass (SPP) Songkhla 100.00% 25.0 25.0 Mar 1, 2020

Total in operation 203.1 114.2

35
 GULF’s Project Details – Renewable Projects in Thailand
Renewable energy projects in Thailand
Location Equity interest Installed power Equity power capacity
Name Type COD / SCOD
(province) (%) capacity (MW) (MW)

Under construction
Solar rooftop & energy
GULF1 - 80.00% 273.0 210.0 2021 - 2025
solution
Domestic Renew
Solar farm Thailand 100.00% 212.9 212.9 2024
solar farm
Domestic Renew
Solar + BESS Thailand 100.00% 318.9 318.9 2024
solar + BESS

Total under construction 804.8 740.9

Under development
Domestic Renew
Solar farm Thailand 100.00% 656.8 656.8 2025 - 2028
solar farm
Domestic Renew
Solar + BESS Thailand 100.00% 1,348.9 1,348.9 2025 - 2029
solar + BESS
Industrial
SIP Chonburi 34.00% 20.0 6.7 2026
Waste to energy
Industrial
GGP Thailand 50.00% 99.0 49.5 2026
Waste to energy
Municipal
CMWTE Chiang Mai 99.99% 9.5 9.5 2026
Waste to energy

Total under development 2,134.2 2,071.4

36
 GULF’s Project Details – Renewable Projects Overseas
Renewable energy projects overseas under GULF RENEWABLE ENERGY
Equity interest Installed power Equity power capacity
Name Type Location COD / SCOD
(%) capacity (MW) (MW)

In operation

GTN1 Solar farm Tay Ninh, Vietnam 90.00% 68.8 61.9 Mar 6, 2019

GTN2 Solar farm Tay Ninh, Vietnam 90.00% 50.0 45.0 Apr 19, 2019

BKR2 Offshore wind farm North Sea, Germany 24.99% 464.8 116.2 Apr 2019
4 MW: Dec’21
Mekong Wind Farm Offshore wind farm Ben Tre, Vietnam 95.00% 128.0 121.6
124 MW: Jun – Jul’23
Total in operation 711.6 344.7

Under construction / development

Outer Dowsing Offshore wind farm Lincolnshire, England 24.99% 1,500 374.9 [2031]

Pak Lay Hydroelectric Xayaburi, Lao PDR 40.00% 770.0 308.0 [2033]

Pak Beng Hydroelectric Oudomxay, Lao PDR 49.00% 912.0 446.9 [2033]

Luang Prabang Hydroelectric Luang Prabang, Lao PDR 20.00% 1,460.0 291.8 [2030]

Total under construction / development 4,642.0 1,421.6

37
 GULF’s Project Details – Gas Business
Gas business in Thailand
Location Equity interest
Name Capacity COD / SCOD
(province) (%)

Natural gas distribution: in operation

Gulf WHAMT NGD 2 Chonburi 35.00% 2,000,000 mmbtu/year Dec 1, 2018

Gulf WHAMT NGD 4 Rayong 35.00% 2,000,000 mmbtu/year Jun 11, 2019

Bangkok Metropolitan Region, 32,000,000 mmbtu/year

PTT NGD 42.00% 1997 - 2019
Rayong and Chonburi (sales volume)

LNG terminal: under development

Construction period
MTP3 (LNG terminal) Rayong 70.00% Up to 10.8 MTPA 2025- 2027*
*subject to the country’s LNG demand

38
 GULF’s Project Details – Infrastructure & Utilities Business
Infrastructure & utilities business in Thailand
Location Equity interest
Name Type of project Capacity COD / SCOD
(province) (%)

In operation

1992
Thai Tank Terminal Liquid tank farm Rayong 28.57% 723,800 m3
(contract renewed in 2022)

Under development / under construction

MTP3 Construction period

Land reclamation Rayong 70.00% 1,000 rai
(Land reclamation) 2021-2025

LCB3 F1: 2027

Deep sea container port Chonburi 40.00% >4 million TEU
(F1 and F2 terminals) F2: 2031

Bang Pa-In - Nakhon

M6 Motorway Intercity motorway 40.00% 196 km 2026
Ratchasima

M81 Motorway Intercity motorway Bang Yai - Kanchanaburi 40.00% 96 km 2025

One Bangkok (BSP) Power distribution system 13.33% Power: 240.0 MW 2023
Bangkok
One Bangkok (BSD) District cooling system 16.33% Chilled water: 38,000 RT 2023 - 2026

39
 GULF’s Project Details – Digital Business
Digital business in Thailand
Location Equity Interest
Name Type of project Capacity COD / SCOD
(province) (%)

In operation

Investment in telecom, media and

INTUCH Bangkok 47.37% n/a
technology

Satellite services and related

THCOM Bangkok 41.14% n/a
businesses

Digital asset trading platform under

Gulf Binance Bangkok 90.10% n/a Nov 10, 2023
‘Binance TH’

Under development / under construction

GSA DC Data center services Samut Prakan 40.00% Up to 50 MW 25 MW: 2025

GDC Air-gapped Cloud Sovereign air-gapped cloud Thailand n/a n/a [2025]

40
 Power Plant Performance – Gas-fired (quarterly)
GJP – 2 IPPs (3,406 MW) GJP – 7 SPPs (831 MW) GMP – 12 SPPs (1,563 MW) GSRC Units 1-4 (2,650 MW) GPD Unit 1-3 (1,325 MW)
Average Heat Rate (BTU/kWh)

7,687 7,670 7,390 7,401 7,393 6,277 6,261 6,298 6,249 6,245 6,293
7,260 7,661
6,977 6,944

Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24

Plant Availability (%)

100.0% 100.0% 96.6% 99.2% 99.4%

97.9% 86.7% 96.0% 95.6% 97.9%
92.9% 93.9%
90.4% 92.2% 91.2%

Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24

Dispatch Factor (%)

80.2% 80.1% 80.3% 77.7% 80.7% 91.0% 89.4%
71.7% 79.2% 83.9% 69.7%
45.9% 69.0%

21.0%
6.8%

Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24
41
Power Plant Performance – Gas-fired (quarterly)

Jackson* (1,200 MW) DIPWP (326 MW)

Average Heat Rate 6,494 6,519 6,422

(BTU/kWh)
14,476
10,812 10,794

Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24

Plant Availability (%) 98.3%

93.20% 100.0% 100.0% 100.0%

49.7%

Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24

Dispatch Factor (%) 81.3% 82.7%

46.7% 46.9%
38.0% 24.2%

Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24

42
Power Plant Performance – Renewables (quarterly)

GCG – Biomass GTN 1 & GTN 2 – Solar BKR2* – Offshore Wind Gulf Gunkul – Onshore Wind
(25 MW) (118.8 MW) (464.8 MW) (177.5 MW)

Plant Availability (%)

98.5% 93.8% 99.9% 100.0% 100.0% 94.8% 95.7% 97.2%

87.9% 92.1% 87.6% 86.8%

Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24

Capacity Factor (%)

100.0% 91.8% 97.5%

24.7% 26.5% 27.5% 25.2% 24.5%

23.1%
15.5% 17.3% 15.9%

Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24 Q3'23 Q2'24 Q3'24

*BKR2 Capacity Factor not including curtailment effect which the project receives full compensation 43
 Power Plant Performance – Gas-fired (yearly)
GJP – 2 IPPs (3,406 MW) GJP – 7 SPPs (831 MW) GMP – 12 SPPs (1,563 MW) GSRC Units 1-4 (2,650 MW) GPD Unit 1-2 (1,325 MW)
Average Heat Rate (BTU/kWh)

7,353 7,681 7,720 7,694 7,398 7,381 7,399 6,294 6,455 6,302 6,253
7,017 6,959

n.a. n.a.

2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023

Plant Availability (%)

97.8% 96.7% 91.4% 98.0% 97.2% 98.3% 98.9%

95.8% 89.4%
92.1% 94.8% 94.8% 93.6%

n.a. n.a.

2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023

Dispatch Factor (%)

79.1% 79.9% 76.8% 78.8% 88.6% 90.5%
73.5% 71.7%
72.7%

44.6%
26.8%
19.4%
13.0% n.a. n.a.

2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023
44
Power Plant Performance – Gas-fired (yearly)

Jackson* (1,200 MW) DIPWP (326 MW)

63,665
Average Heat Rate 6,505
(BTU/kWh)

n.a. n.a. n.a. 14,927

2021 2022 2023 2021 2022 2023

Plant Availability (%) 100.0% 100.0%

86.9%

n.a. n.a. n.a.

2021 2022 2023 2021 2022 2023

Dispatch Factor (%)

62.0%

20.2% 24.2%
n.a. n.a. n.a.

2021 2022 2023 2021 2022 2023

*The Company recognized Jackson project’s sales volume from Mar’23 onwards 45
 Power Plant Performance – Renewables (yearly)
GCG – Biomass GTN 1 & GTN 2 – Solar BKR2* – Offshore Wind Gulf Gunkul** – Onshore Wind
(25 MW) (118.8 MW) (464.8 MW) (177.5 MW)

Plant Availability (%)

94.3% 95.0% 94.5% 99.9% 99.9% 100.0% 95.9% 95.0% 92.2% 96.0%

n.a. n.a.

2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023

Capacity Factor (%)

95.8% 95.4% 95.3%

33.4% 32.3% 33.8%
28.1%
15.5% 16.4% 15.7%
n.a. n.a.

2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023

*BKR2 Capacity Factor not including curtailment effect which the project receives full compensation
**The Company recognized Gulf Gunkul project’s sales volume from Jul’22 onwards
46
 A
BSI R A B C
SIEMENS Borescope Inspection RMI (1 day) A (3 days) B (16 days) C (20 days)

Maintenance Schedule MHPS CI (10 days) TI (18 days) MI (35 days)

(1 day)
GE CI (1 days) HGPI (18 days) MO (22 days)

2023 2024 2025

Group Project Type COD
Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2 Quarter 3 Quarter 4

GKP1 SPP B R
GKP2 SPP B BSI R
U2
GTLC SPP B BSI U1 BSI R

GNNK SPP 2013 B R

U2
GJP GNLL SPP B BSI R

GCRN SPP B R
U2
GNK2 SPP B BSI R
B1 B2
GNS IPP 2014 C C
B1
GUT IPP 2015 A

GVTP SPP C R

GTS1 SPP BSI C

2017
GTS2 SPP BSI C
GTS3 SPP BSI C
GTS4 SPP R C
U1 U1 ST U2
GNC SPP B BSI C C
GMP 2018 U1
GBL SPP R BSI BSI U2 C
GBP SPP R BSI
U1
GNLL2 SPP R BSI BSI U2 C
GNPM SPP R BSI
2019 U2 U2 U1
BSI U1
GNRV1 SPP B BSI C
U1 U2 U2
GNRV2 SPP B B BSI BSI

Note: Data as of Oct’24

 A
BSI R A B C
SIEMENS Borescope Inspection RMI (1 day) A (3 days) B (16 days) C (20 days)

Maintenance Schedule MHPS CI (10 days) TI (18 days) MI (35 days)

(1 day)
GE CI (1 days) HGPI (18 days) MO (22 days)

2023 2024 2025

Group Project Type COD
Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2 Quarter 3 Quarter 4

GSRC B1 IPP 2021 A B

GSRC B2 IPP 2021 A B
GSRC B3 IPP 2022 A
GSRC B4 IPP 2022 A
IPD
GPD B1 IPP 2023 A
GPD B2 IPP 2023 A
GPD B3 IPP Mar 2024 A

GPD B4 IPP Oct 2024

HKP B1 IPP Mar 2024 A

HKP
HKP B2 IPP Jan 2025
Debt Outstanding
(As of September 30, 2024)

Note:
* Based on % profit sharing received from GSRC & GPD
49
 GULF’s Debentures
Credit Ratings and Outlook
THB 7,500 million Senior Unsecured Debenture
Issuance Date: 25 Jan 2019

THB 10,000 million Senior Unsecured Debenture

Issuance Date: 19 Aug 2020
Rating Outlook
THB 30,000 million Senior Unsecured Debenture
Issuance Date: 29 Sep 2021

Company Rating A+ Stable THB 24,000 million Senior Unsecured Debenture

Issuance Date: 14 Feb 2022

Debenture Rating A Stable THB 35,000 million Senior Unsecured Debenture

Issuance Date: 5 Aug & 18 Aug 2022

THB 20,000 million Senior Unsecured Debenture

Issuance Date: 30 Mar 2023

THB 15,000 million Senior Unsecured Debenture

Issuance Date: 28 Sep 2023

THB 20,000 million Senior Unsecured Debenture

Issuance Date: 1 Apr 2024

THB 25,000 million Senior Unsecured Debenture

Issuance Date: 26 Sep 2024
50
 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.
IR Contact
Gulf 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: [email protected]
Website: www.gulf.co.th