Gulf Energy Development : Notification of the allotment of the Company's name-registered unsubordinated and unsecured debentures with a debenture holders' representative valued 35,000 million baht

- Translation -

Ref: CS28/2022

August 18, 2022

Subject: Notification of the allotment of the Company's name-registered unsubordinated and unsecured debentures with a debenture holders' representative valued 35,000 million baht

To: President

The Stock Exchange of Thailand

Gulf Energy Development Public Company Limited (the "Company") would like to provide notification to the Stock Exchange of Thailand that in August 2022, the Company issued name-registered unsubordinated and unsecured debentures with a debenture holders' representative with a total value of THB 35,000 million. The debentures have been divided into 2 separate offerings, with the first offering valued at THB 11,000 million placed to institutional and high net worth investors and the second offering valued at THB 24,000 million placed to the general public.

The debentures offered to institutional and high net worth investors, valued at THB 11,000 million, were allotted in 3 tranches, namely, 3-year,5-year and 10-year debentures, with an average fixed coupon rate of 3.57% and an average tenor of 5.1 years. The subscription period for the debentures was between August 2-4, 2022 and the issued date was on August 5, 2022. The debentures offered to the general public, valued at THB 24,000 million, were allotted in a series of 2 tranches, namely, 4-year debentures with a fixed coupon rate of 3.50% per annum and 7-year debentures with a fixed coupon rate of 3.90% per annum. The subscription period for the debentures was between August 15-17, 2022, and the issue date was on August 18, 2022. The Company offered debentures to the general public through Krungthai Bank Public Company Limited's "Pao Tang" application and through Joint Lead Arrangers from 9 financial institutions comprising of Bangkok Bank Public Company Limited, Bank of Ayudhya Public Company Limited, KASIKORNBANK Public Company Limited, Siam Commercial Bank Public Company Limited, CIMB Thai Bank Public Company Limited, TMBThanachart Bank Public Company Limited, United Overseas Bank (Thai) Public Company Limited, Kiatnakin Phatra Securities Public Company Limited and Maybank Securities (Thailand) Public Company Limited. The Company was assigned a company rating of "A" with a "stable" outlook and the debentures were assigned a rating of "A-" by TRIS Rating Company Limited on June 21, 2022.

The Company believes that the support from investors in the debenture offerings demonstrates confidence in the Company's strong operational performance and continued solid growth of the businesses under the Group, and plans to use the proceeds from the offerings to repay loans from financial institutions and as working capital for business expansions, both domestically and internationally, to grow its businesses sustainably in the future.

Yours Sincerely

Gulf Energy Development Public Company Limited

-Signed-

(Ms. Yupapin Wangviwat)

Chief Financial Officer