Gulf Energy Development Public Company Limited

POST-EARNINGS RELEASE PRESENTATIONQ4 2017 / FY2017

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 orsubscription of, or the solicitation of an offer to buy or acquire any securities of Gulf Energy Development Public Company Limited (the “Company”) in anyjurisdiction 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 asto, 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 documentshould be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect developments whichmay occur after the date of the document. None of the Company or any of its affiliates, directors, officers, employees, agents, advisors or representativesshall have any liability whatsoever (in negligence or otherwise) for any damages or loss howsoever arising from any use of this document or its contents orotherwise 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, anystatements 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 factorsbeyond the control of the Company that could cause the actual results, performance or achievements of the Company to be materially different from futureresults, performance or achievements expressed or implied by such forward-looking statements. You are cautioned not to rely on such forward-lookingstatements. Neither the Company nor any of its respective affiliates, agents, employees, advisors or representatives intends or has any duty or obligation tosupplement, 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 doesnot make any representation, whether express or implied, as to the accuracy of such data. The replication of any views in this document should be nottreated as an indication that the Company agrees with or concurs with such views.

3

Key HighlightsSection 1

4

GULF : Thai Private Power Producer

in the industry (19 in operation)

Note: Frost & Sullivan, October 2017

*

5

Key Events in 2017

6

Company OverviewSection 2

7

Background and Key Milestones

8

Investment Portfolio: Conventional Business

9

Investment Portfolio: Conventional Business (cont’d)

10

Investment Portfolio: Renewable Business

11

Investment Portfolio: Renewable Business (cont’d)

12

Investment Portfolio: Other Investment

13

Investment Portfolio: Other Investment (cont’d)

14

Overview of Power Projects

IPPSPP

VSPPGas

BiomassSolar

In operation

Under developmentUnder construction

Gross Installed Capacity (MW)

Equity Installed Capacity (MW)

11,1268,706

2,39425 0.6

5,0283,406

1,622- 0.6

- 2,000 4,000 6,000 8,000

10,000 12,000

Total IPP SPP(Gas)

SPP(Biomass)

VSPP(Solar)

In operation + In pipeline In operation

6,3295,072

1,23225 0.4

2,1201,362

758 - 0.4 -

1,000 2,000 3,000 4,000 5,000 6,000 7,000

Total IPP SPP(Gas)

SPP(Biomass)

VSPP(Solar)

In operation + In pipeline In operation

15

Power Generating Capacity with Secured PPAsGross Installed Capacity (MW):

Equity Installed Capacity (MW):

8312,485

4,238 4,238 4,773 5,029 5,801 5,8267,151

8,4769,801

11,126

-

2,000

4,000

6,000

8,000

10,000

12,000

2013 2014 2015 2016 2017 Mar 1,2018

2019F 2020F 2021F 2022F 2023F 2024F

GJP GMP IPD GCG VSPP

320982

1,683 1,683 1,964 2,120 2,594 2,6193,547

4,4745,402

6,329

- 1,000 2,000 3,000 4,000 5,000 6,000 7,000

2013 2014 2015 2016 2017 Mar 1,2018

2019F 2020F 2021F 2022F 2023F 2024F

GJP GMP IPD GCG VSPP

**

*

Note: Gulf's equity stake in GJP was 10% until August 15, 2016 when the stake was increased to 40%; equity installed capacities for 2013-2016 are based onthe pro-forma 40% stake for comparison purposes

*

16

Projects under Construction and DevelopmentSection 3

17

GMP – 12 SPPs

Note: 1As of January, 2018

GVTPCOD 16 May 2017

Construction Progress on Track

GNCCOD 1 Mar 2018

GBL84.7% completed1

GBP82.6% completed1

GNLL276.3% completed1

GTS4COD 1 Jan 2018

GNPM66.1% completed1

GNRV155.3% completed1

GNRV247.5% completed1

GTS1COD 8 Jul 2017

GTS2COD 1 Sep 2017

GTS3COD 1 Nov 2017

PPA: Signed with EGAT

GSA: Signed with PTT

BOI approval: Obtained

EIA approval: Obtained

Land: Purchased

EPC: Signed

COD 2017 – 2019

Overall status:• 6 projects in operation

• 6 projects under construction

18

IPD – 2 IPPs (5,000 MW)

Notes:1 Stands for "Scheduled Commercial Operation Date"2 EGAT contracted capacity3 Sino-Thai Engineering & Construction Public Company Limited and MHPS Project (Thailand) Company Limited were selected as the EPC contractors and

Mitsubishi Hitachi Power Systems, Ltd. was selected as the EPC supplier for GSRC and GPD4 MHPS Project (Thailand) Company Limited, a company within the group of Mitsubishi Hitachi Power Systems, Ltd., was selected as long term service provider

GSRC Project (2,500 MW IPP)2:PPA: Signed with EGATGSA: Signed with PTTBOI approval: ObtainedEIA approval: ObtainedLand: PurchasedEPC3 and LTSA4: Executed EPC contract on 8 Feb 2018SCOD1 Unit 1&2: 2021 Unit 3&4: 2022

Overall status:Financing close progress:• Overwhelming feedback from potential lenders –

5 times credit line offering

• Expect to reach financing close by Q4 2018

19

IPD – 2 IPPs (5,000 MW)

Notes:1 Stands for "Scheduled Commercial Operation Date"2 EGAT contracted capacity3 Sino-Thai Engineering & Construction Public Company Limited and MHPS Project (Thailand) Company Limited were selected as the EPC contractors and

Mitsubishi Hitachi Power Systems, Ltd. was selected as the EPC supplier for GSRC and GPD4 MHPS Project (Thailand) Company Limited, a company within the group of Mitsubishi Hitachi Power Systems, Ltd., was selected as long term service provider

GPD Project (2,500 MW IPP)2:PPA: Signed with EGATGSA: Signed with PTTBOI approval: ObtainedEIA approval: ObtainedLand: PurchasedEPC3 and LTSA4: Executed EPC contract on 8 Feb 2018Financing close: Expected in 2020SCOD1 Unit 1&2: 2023 Unit 3&4: 2024Overall status: Under development

20

GCG – Biomass Power Project (20.6 MW)

GCG Biomass Power Project:PPA: Signed with EGAT in Jan 2018BOI approval: Obtained in Oct 2017EIA approval: Obtained in Nov 2017Land: PurchasedEPC: Signed EPC contract on 16 Feb 2018CFA: Signed CFA on 16 Feb 2018First Drawdown: Mar 2018 in accordance with EPC 1st milestoneCOD Mar 2020Overall status: Preparing for construction

21

Gulf WHA MT Natural Gas Distribution

Location: Hemaraj Eastern SeaboardIndustrial Estate 2

Capacity: 2,000,000 mmbtu/yearCustomer: 500,000 mmbtu/yearGSA Signed with PTTEIAapproval Obtained

Land PurchasedSCOD: Sep 2018Overallstatus: Under construction

Location: Hemaraj Eastern SeaboardIndustrial Estate 4

Capacity: 2,000,000 mmbtu/yearCustomer: 500,000 mmbtu/yearGSA Signed with PTTEIAapproval Obtained

Land PurchasedSCOD: Apr 2019Overallstatus: Preparing for construction

22

Operating PerformanceSection 3

23

Availability and Heat Rate

GNS GUT Average of GJP’s 2IPPs

Availability (%) Heat Rate (MMBTU)

97% 97%

2016 2017

6,991 6,989

2016 2017

98% 95%

2016 2017

GJP’s 7SPPs Average of GJP’s 7SPPs

7,745 7,700

2016 2017

96% 98% 100% 98%

GVTP GTS1 GTS2 GTS3

GMP’s 4SPPs Average of GMP’s 4SPPs

7,479

2016 2017

97% 99% 94% 93%83%

94% 95%98% 97% 99% 99% 99% 99% 99%

GKP1 GKP2 GTLC GNNK GNLL GCRN GNK22016 2017

COD

GVTP May 2017

GTS1 Jul 2017

GTS2 Sep 2017

GTS3 Nov 2017N.A.

24

Maintenance Types

Year 1 2 3 4 5 6COD 1.5

A B C

Machine

Type A Type B Type C

Equivalent operating hours Equivalent operating hours Equivalent operating hours

SIEMENS(7SPPs and

9 out of 12 SPPs)10,000 (A) 30,000 (B) 60,000 (C)

MHPS(GNS and GUT) 12,500 (CI) 25,000 (TI) 50,000 (MI)

GE(3 out of 12 SPPs

– GNC, GRV1and GRV2)

8,000 (CI) 25,000 (HGPI) 50,000 (MO)

1da

ys

10da

ys

3da

ys

18da

ys

18da

ys

22da

ys

35/2

2da

ys

25

A B C

A (3 days)

CI (10 days)

CI (1 days)

SIEMENS

MHPS

GE

B (18 days)

TI (18 days)

HGPI (18 days)

C (22 days)

MI (35 days)

MO (22 days)

Maintenance Schedule 2017 - 2018

Group Project Type COD2017 2018

Quarter1

Quarter2

Quarter3

Quarter4

Quarter1

Quarter2

Quarter3

Quarter4

GJP

GKP1 SPP

2013

GKP2 SPP

GTLC SPP

GNNK SPP

GNLL SPP

GCRN SPP

GNK2 SPP

GNS IPP 2014

GUT IPP 2015

GMP

GVTP SPP

2017GTS1 SPP

GTS2 SPP

GTS3 SPP

A A

A A

A A

A A

A A

AA

A

A

B B

A

A

A

A

26

Financial PerformanceSection 4

27

GULF’s Consolidated RevenuesRevenues increased by over Bt 4,000m primarily from the COD of GMP’s SPPsSales Volume Revenues

1,1101,700

3,050317

504

-

931

45

125

236

272

1,477

2,367

241

4,350

3Q17 4Q17 2016 2017

Power sales to EGAT and PEA Power sales to IUSteam sales Management fee

Unit: Million Baht

70%

21%2%

6%

Power sales to EGATcontributed around 70%of GULF’s total revenuein 2017

+4,109 YoY

+890 QoQ

COD 2017

GVTP 16-May-17 497.6GTS1 8-Jul-17 412.3GTS2 1-Sep-17 280.4GTS3 1-Nov-17 127.3Total 1,317.5

Breakdown by customerPower sold to EGAT GWh 1,048.3

% 79.6%Power sold to IU GWh 269.2

% 20.4%

GVTP 16-May-17 8,469GTS1 8-Jul-17 67,764GTS2 1-Sep-17 41,356GTS3 1-Nov-17 2,690Total 120,279

Gas-fired SPPPower sold (GWh)

Steam sold (Tons)

28

GJP’s performance (non-TFRIC 4)Net profit improved by around 12.5% due to overall increase in power salesGJP’s Sales Volume GJP’s Revenues (excl. gain from FX)

10,607 12,241 12,116

45,933 47,04310,699 12,351 12,206

46,304 47,572

4Q16 3Q17 4Q17 2016 2017

Sales revenue Others Total

Unit: Million Baht

GJP’s Profit before FX

Unit: Million Baht

1,353 1,528 1,3985,858 6,592

212,173 2,113

6,274

9,979

4Q16 3Q17 4Q17 2016 2017

Profit before FX FX gain/loss Net profit

-1.2% QoQ

+14.1% YoY

+2.7% YoY

-8.5% QoQ

3.4% YoY

+12.5% YoY

Note: GJP’s financial information excluded adjustment for the application of TFRIC 4

2016 2017Power sold (GWh)IPP - GNS (COD in 2014) 4,524.7 6,208.5IPP - GUT (COD in 2015) 4,925.4 4,139.67 SPPs (COD in 2013) 5,230.0 5,459.3Total 14,680.1 15,807.4

Breakdown by customerPower sold to EGAT GWh 13,747.0 14,869.7

% 93.6% 94.1%Power sold to IU GWh 933.1 937.7

% 6.4% 5.9%

7 SPPs (COD in 2013)Steam sold (Tons) 257,594 285,850Chilled water sold ('000 RT) 24,785 29,039

29

GULF’s Consolidated Net ProfitFully diluted earnings per share was Bt 1.62 in 2017Net Profit in 2017

4,6563,907

3,451

370

1,428995

54 456

EBITDA D&A Interestexpenses

FX gain/loss Corporate tax Net profit Minorities Net profit toGULF's owners

Unit: Million Baht

Earnings perfully dilutedshares2:Bt 1.62

Note:1/ Weighted average number of shares outstanding : 1,084.9 million2/ Fully diluted number of shares outstanding : 2,133.3 million

Basicearningsper share1:Bt 3.18

30

Capital Structure and Debt ProfileD/E ratio improved from 4.8x in Sep to 1.6x after the IPO in DecCapital Structure Long-Term Debt Profile (as of 31 December 2017)

33,94146,625 49,958

19,445

15,920 6,972

31-Dec-16 30-Sep-17 31-Dec-17

Holding company levelProject level (project financing)

Interestbearingdebts(M. Baht)

Equity(M. Baht)

Due date GULFTHB m

IPDTHB m

GMPTHB m

GMPUSD m

Gulf SolarTHB m

In 1 year - 1,200.0 923.6 10.5 2.5

1 – 5 years 7,000.0 1,083.1 6,444.9 70.5 11.0

Over 5 years - - 27,621.8 302.1 11.1

Total 7,000.0 2,283.1 34,990.3 383.0 24.6

88%12%

• 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 areborrowings and equity contribution by shareholders

Project level

Holding companylevel

3,78213,811

39,348

31-Dec-16 30-Sep-17 31-Dec-17

Note:1/ Interest-bearing debt (ID) includes loans, debentures and bills of exchange2/ Net interest-bearing debt is debt minus cash and cash equivalents and deposits at a financial institution used as collateral

31-Dec-16 30-Sep-17 31-Dec-17

D/E (x) 14.8 4.8 1.6

ID/E1 (x) 14.1 4.5 1.4

Net ID/E2

(x) 13.3 4.2 0.9

53,38662,545

56,930

31

Dividend PaymentGULF’s Board of Director approved dividend payment of Bt 0.4 per shareDividend Policy

At least 30.0% of the Company’s separate net profit (after taxes), subject to meeting the level reserve

requirement under the Public Limited Companies Act and contractual obligations under relevant financing

agreements.

Separate net profit in 2017 (million baht) 1,730.3

Declared dividend* (million baht) 853.3

Payout ratio 49.3%

Note: Subject to the Company’s shareholder approval in the Annual General Meeting to be held on April 23, 2018

Payout for the Performance Period Ended December 31, 2017

32

Appendixes

33

Corporate Shareholding Structure

Notes: Information as of 1 March, 20181/ WHA Energy, a subsidiary of WHAUP, holds a 25.01% equity interest in GNLL2/ WHA Energy, a subsidiary of WHAUP, holds 25.01% equity interests in GVTP, GTS1, GTS2, GTS3, GTS4 and GNLL23/ Thai Industrial Estate Corp., Ltd. holds 25.00% equity interests in GBL and GBP4/ Gulf Pattani Green, SBY Biomass, Thepha Clean Energy, Kolpos and Gulf International Holding Pte. Ltd. are dormant companies5/ WHAUP and MITG hold 35.00% and 30.00% respectively in Gulf WHA MT. In addition, Gulf WHA MT has two wholly-owned subsidiaries, WHA NGD2 and WHA NGD4

SPCG

70.00%

9.09%

100.00%74.99%

GKP1

GKP2

GTLC

GNNK

GCRN

GNK 2

GNLL 1

GNS

GUT

GNC

GNRV1

GNRV2

GNPM

GNLL2 2

GVTP 2

GTS1 2

GTS2 2

GTS3 2

GSRC

GPD

Gulf SolarBV

Gulf SolarKKS

Gulf SolarTS1

Gulf SolarTS2

100.00%

EDL-Gen

GBL 3

GBP 3

GCG(Biomass)

100.00%

75.00%

75.00%

GTS4 2

74.99%Kolpos

GulfInter-

nationalHolding

GulfWHA MT 5

GulfPattaniGreen 4

SBYBiomass 4

ThephaClean

Energy 4

0.46%

Gulf HKGJP GMP IPD Gulf Solar

70.00%

74.99%

74.99%

74.99%

74.99%74.99%

74.99%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

35.00%

100.00%

100.00%

100.00%

100.00%

100.00%

WHANGD2

WHANGD4

100.00%

100.00%

40.00% 30.00%60.00% 30.00% 25.01%

GJP: 4,237 MW / 1,682 MW

OperatingProjects

UnderConstruction

Investment

UnderDevelopment

IPP SPP VSPP

OtherBusinesses or

Dormant Entities

Blue Text: Gross installed capacityRed Text: Equity installed capacity

GMP: 1,563 MW / 911 MW IPD: 5,300 MW / 3,710 MW

COD: 2015

COD: 2014

COD: 2013 COD: 2017-19

COD: 2014-15

COD: 2021-22

COD: 2023-24

34

Power Projects in Operations

Project Category Location Type

Installed CapacityEquityStake

Equity Installed Capacity

COD

PPAAwarded

YearPower(MW)

Steam(TPH)

ChilledWater (RT)

Power(MW)

Steam(TPH)

ChilledWater (RT)

GKP1 SPP Saraburi Gas-fired (CG) 114.0 22.0 - 40.00% 45.6 8.8 - Jan 5, 2013 2007GKP2 SPP Saraburi Gas-fired (CG) 114.0 22.0 - 40.00% 45.6 8.8 - Feb 1, 2013 2007GTLC SPP Saraburi Gas-fired (CG) 114.0 15.0 - 40.00% 45.6 6.0 - Mar 1, 2013 2007GNNK SPP Chachoengsao Gas-fired (CG) 114.0 - 3,200.0 40.00% 45.6 - 1,280.0 Apr 1, 2013 2007GNLL SPP Rayong Gas-fired (CG) 123.0 8.0 4,600.0 30.00% 36.9 2.4 1,379.8 May 1, 2013 2007GCRN SPP Pathumthani Gas-fired (CG) 119.0 15.0 - 40.00% 47.6 6.0 - July 1, 2013 2007GNK2 SPP Saraburi Gas-fired (CG) 133.0 10.0 - 40.00% 53.2 4.0 - Oct 1, 2013 2007GVTP SPP Rayong Gas-fired (CG) 137.0 20.0 - 52.49% 71.9 10.5 - May 16, 2017 2010GTS1 SPP Rayong Gas-fired (CG) 134.0 30.0 - 52.49% 70.3 15.7 - Jul 8, 2017 2010GTS2 SPP Rayong Gas-fired (CG) 134.0 30.0 - 52.49% 70.3 15.7 - Sep 1, 2017 2010GTS3 SPP Rayong Gas-fired (CG) 129.9 25.0 - 52.49% 68.2 13.1 - Nov 1, 2017 2010GTS4 SPP Rayong Gas-fired (CG) 129.9 25.0 - 52.49% 68.2 13.1 - Jan 2018 2010GNC SPP Prachinburi Gas-fired (CG) 126.5 20.0 - 70.00% 88.5 14.0 - Mar 2018 2010Subtotal 1,365.9 197.0 7,800.0 600.9 91.1 2,659.8

GNS IPP Saraburi Gas-fired(CCGT) 1,653.2 - - 40.00% 661.3 - - Unit 1: Jun 1, 2014

Unit 2: Dec 1, 2014 2007

GUT IPP Ayutthaya Gas-fired(CCGT) 1,752.4 - - 40.00% 701.0 - - Unit 1: Jun 1, 2015

Unit 2: Dec 1, 2015 2007

Subtotal 3,405.6 1,362.3Gulf Solar BV VSPP Chonburi Solar Rooftop 0.13 - - 74.99% 0.10 - - Jun 23, 2014 -Gulf Solar TS1 VSPP Rayong Solar Rooftop 0.13 - - 74.99% 0.09 - - Aug 27, 2014 -Gulf Solar KKS VSPP Chonburi Solar Rooftop 0.25 - - 74.99% 0.19 - - Dec 26, 2014 -Gulf Solar TS2 VSPP Rayong Solar Rooftop 0.09 - - 74.99% 0.07 - - Jan 8, 2015 -Subtotal 0.60 0.45

Total 4,772.1 197.0 7,800.0 1,963.5 91.1 2,659.8

Note: As of 1 March 2018

35

Projects under Construction and Development

Project Category Location TypeInstalled Capacity

EquityStake

Equity Installed CapacitySCOD

PPAAwarded

YearPower(MW)

Steam(TPH)

ChilledWater (RT)

Power(MW)

Steam(TPH)

ChilledWater (RT)

GBL SPP Ayutthaya Gas-fired (CG) 126.8 10.0 - 52.50% 66.6 5.3 - Sep 2018 2010

GBP SPP Ayutthaya Gas-fired (CG) 126.8 10.0 - 52.50% 66.6 5.3 - Nov 2018 2010

GNLL2 SPP Rayong Gas-fired (CG) 126.9 10.0 - 52.49% 66.6 5.2 - Jan 2019 2010

GNPM SPP Saraburi Gas-fired (CG) 135.2 25.0 - 70.00% 94.7 17.5 - Mar 2019 2010

GNRV1 SPP NakornRatchasima Gas-fired (CG) 128.2 10.0 - 70.00% 89.8 7.0 - May 2019 2010

GNRV2 SPP NakornRatchasima Gas-fired (CG) 128.2 10.0 - 70.00% 89.8 7.0 - Jul 2019 2010

GCG SPP Songkhla Biomass 25.0 - - 100.00% 25.0 - - 2020 2018

GSRC IPP Chonburi Gas-fired(CCGT) 2,650.0 - - 70.00% 1,855.0 - - Units 1 and 2: 2021 /

Units 3 and 4: 2022 2013

GPD IPP Rayong Gas-fired(CCGT) 2,650.0 - - 70.00% 1,855.0 - - Units 1 and 2: 2023 /

Units 3 and 4: 2024 2013

Total 6,328.6 120.0 4,340.7 74.4

Power Projects

NGD Projects

Project Location Installed Capacity(mmbtu per year) Equity Stake Equity Installed Capacity

(mmbtu per year) SCOD

WHA NGD2 Rayong 2,000,000 35.00% 700,000 Sep 2018

WHA NGD4 Rayong 2,000,000 35.00% 700,000 Apr 2019

Total 4,000,000 1,400,000

Note: As of 1 March 2018

36

GlossaryBOI The Board of Investment of Thailand

COD Commercial Operation Date

EDL-Gen EDL-Generation Public Company

EGAT The Electricity Generating Authority of Thailand

EIA Environmental Impact Assessment

EPC Engineering, Procurement and Construction

GBL Gulf BL Co., Ltd.

GBP Gulf BP Co., Ltd.

GCG Gulf Chana Green Co., Ltd.

GCRN Gulf JP CRN Co., Ltd.

GJP Gulf JP Company Limited

GKP1 Gulf JP KP1 Co., Ltd.

GKP2 Gulf JP KP2 Co., Ltd.

GMP Gulf MP Company Limited

GNK 2 Gulf JP NK2 Co., Ltd.

GNLL Gulf JP NLL Co., Ltd.

GNLL2 Gulf NLL2 Co., Ltd.

GNNK Gulf JP NNK Co., Ltd.

GNPM Gulf NPM Co., Ltd.

GNRV1 Gulf NRV1 Co., Ltd.

GNRV2 Gulf NRV2 Co., Ltd.

GNS Gulf JP NS Co., Ltd.

37

Glossary (cont’d)GSA Gas Sales Agreement

GTLC Gulf JP TLC Co., Ltd.

GTS1 Gulf TS1 Co., Ltd.

GTS2 Gulf TS2 Co., Ltd.

GTS3 Gulf TS3 Co., Ltd.

Gulf WHA MT Gulf WHA MT Natural Gas Distribution Co., Ltd.

GUT Gulf JP UT Co., Ltd.

GVTP Gulf VTP Co., Ltd.

HESIE 2 Hemaraj Eastern Seaboard Industrial Estate 2

HESIE 4 Hemaraj Eastern Seaboard Industrial Estate 4

IPD Independent Power Development Company Limited

IPP Independent Power Producer

LTSA Long Term Service Agreement

NGD Natural Gas Distribution

PPA Power Purchase Agreement

PTT PTT Public Company Limited

SCOD Scheduled Commercial Operation Date

SPCG SPCG Public Company Limited

SPP Small Power Producer

TFRIC 4 Thai Financial Reporting Interpretation Committee 4; Determining Whether An Arrangement Contains a Lease

VSPP Very Small Power Producer

WHA NGD 2 WHA Eastern Seaboard NGD2

WHA NGD 4 WHA Eastern Seaboard NGD4