Glow committed to expansion program despite drop in Normalized Net Profit for fiscal year 2008

Glow Energy Public Company Limited (“Glow”) has announced consolidated total revenues of THB 33,751 million for the year 2008, an increase of 4.33% on 2007. Earnings Before Interest Taxes Depreciation and Amortisation (“EBITDA”) amounted to THB 7,294 million, a decrease of 15.24% on 2007, and Normalized Net Profit before unrealized foreign exchange gains and losses (“NNP”) was THB 3,784 million, a decrease of 12.27% on 2007. In 2008, commodity prices continued to rise while electricity tariffs for industrial customers were constrained by the limited increase in the Ft. Despite the volatile market, Glow performed well throughout the first nine months of 2008, thanks to its cost saving measures. These included reducing coal consumption by substituting biomass, implementing software to improve efficiency, extending the lifetime of critical parts, and restructuring interest payments. During the fourth quarter of 2008, Glow was affected by the global financial crisis, which depressed results for the full year. Sales to industrial customers in the petrochemical industry slowed down significantly with a reduction in sales of over 25% during the last quarter of 2008. Performance was also affected by unplanned outage of a 150 MW coal-fired unit and delays in completing major maintenance on a 356 MW gas-fired IPP. Mr. Esa Heiskanen, CEO of Glow Group, stated: “There were two significant factors affecting our performance in 2008: external forces and operational issues. External forces, primarily included Ft-Fuel price mismatch, where the Ft adjustment could not cover the rising fuel costs throughout 2008, and decreased industrial customer demand reduced margins by approximately THB 810 million. Operational issues, including forced outage of a 150 MW coal-fired cogeneration unit and a delay in completing major maintenance on a 356 MW gas-fired IPP, impacted fourth quarter results by approximately THB 290 million. Throughout 2008, management has taken measures to limit the overall economic impact, which has had a positive impact of over THB 800 million.” Expansion projects going ahead Glow is currently engaged in three major capacity expansion projects, including a new 660 MW coal-fired IPP plant 115 MW coal-fired cogeneration plant, and a 382 MWeq gas-fired cogeneration plant. The new 660 MW coal-fired IPP plant is a joint venture between Glow Group and Hemaraj. Glow Group holds 65% in the project. The 115 MW coal-fired and 382 MWeq gas-fired cogeneration developments are fully owned by Glow Energy. These three projects will increase our capacity by approximately 50% by 2011. This year, the Group will add additional capacity with the start-up of a 115 MW coal-fired cogeneration plant. In the second half of 2011, a 382 MWeq gas-fired cogeneration plant and the 660 MW coal-fired IPP project will commence operations, which will improve earnings significantly. These three projects will benefit from increased economies of scale and common infrastructure, as they are located in the same site with our existing plants in Map Ta Phut Industrial Estate. Furthermore, the new cogeneration units will be the most efficient units in our cogeneration business, and Gheco-One plant will have 25-year Power Purchase Agreement with EGAT securing a steady revenue stream. Gheco-One has entered into 25-year Power Purchase Agreement with EGAT, providing a secured and stable revenue stream. The capacity of 115 MW coal-fired generation unit is fully contracted to industrial customers and the capacity of 382 MWeq gas-fired cogeneration plant is substantially contracted to industrial customers and EGAT Glow also expects to acquire a 67.25% stake in the 152 MW Huay Ho Hydro plant in Laos from GDF Suez. The share transfer and the consolidation of the results from this business is expected to take place within the first quarter of 2009. Mr. Suthiwong Kongsiri, Glow Group’s CFO, added: “The funding for our expansion is very much on track. We have already secured the equivalent of USD 745 million project finance needed for our new IPP project since 4Q08. We have already secured THB 3,000 million for our cogeneration developments, and are in the advance stages of securing another THB 5,000 million. Today, with consolidated net debt to equity ratio of only 0.85 times, we still have sufficient room in our balance sheet to meet our remaining funding needs for 2010 and 2011, an estimated THB 16,000 million. We remain confident of our financial strength and our business base”. About Glow Energy Glow Energy is a member of the Glow Group who is a major energy player in Thailand. Glow Group combined installed capacities include 1,708 MW of electricity and 967 tons per hour of steam. Glow Group generate and supply electricity to Electricity Generating Authority of Thailand (EGAT) under Thailand's SPP (Small Power Producer) and IPP (Independent Power Producer) programs, as well as electricity, steam, industrial water and services to large industrial customers principally located in the Map Ta Phut area and nearby. GDF SUEZ Energy International is Glow Energy’s major shareholder and is a division of the GDF SUEZ Group, one of the largest international industrial and services groups in the world. For more information about GDF SUEZ or GDF SUEZ Energy International, please visit the companies’ websites at www.gdfsuez.com and www.suezenergyint.com. For more information about the Glow Group please go to www.glow.co.th For further details please contact Natthapatt Tanboon-ek Glow Energy Plc. Tel. 02-670-1500-1 Email : [email protected]

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