#1Sptt Investor Update August 2022 + TITLE#2Contents 01 T0 02 03 04 05 50 Overview 1Q2022 Performance Strategy Outlook Supplementary Information ptt 1#3Oil Balance Thailand: Jan - Mar 2022 Adequate refining capacity maintains the stability of country supply Supply Import (88%) 1032 KBD Production Imported Refined Petroleum Products 60 KBD Indigenous (12%) 146 KBD Crude/ Condensate 972 KBD Total Refining Capacity in Thailand: 1,242 KBD Refined Products 1,054 KBD* Crude/ Condensate 130 KBD PTT's Associated Refineries: 770 KBD (TOP, PTTGC, IRPC) Other Refineries : 472 KBD (SPRC, ESSO, BCP) Crude Export 16 KBD Demand Domestic 957 KBD (**) Refined Products 165 KBD Export 181 KBD Source: PTIT Remark: (*)Refined product from refineries = 971 KBD, including domestic supply of LPG from GSPs and Petrochemical Plants = 83 KBD (**) Included Inventory KBD = Thousand Barrels per day ptt 2#4Natural Gas Balance: Jan - Mar 2022 Main driver of the Thai economy Supply Gulf of Thailand (53%) Others, 51% PTTEP, 49% Onshore (2%) Production Ethane/ Propane/ LPG/NGL 2,346 MMSCFD Gas Separation Plant ANAWAN 108 MMSCFD Import (45%) 1,950 MMSCFD Myanmar, 37% LNG, 63% 田田 6 GSPs Total Capacity 2,870 MMSCFD @ Actual Heat Bypass Gas 171 MMSCFD Methane 1,329 MMSCFD Remark: MMSCFD = Million Cubic Feet @ Heating Value 1,000 Btu/ft³ Sales 846 MMSCFD (19%) Petrochemical Feedstock (12%) LPG/NGL Industry Household Transportation (7%) Power (60%) Industry (18%) NGV (3%) ptt 3#5PTT's Strategic Importance to Thailand Market Cap : SET & PTT Group ptt Ministry of Finance holds majority stake in PTT SET market Cap: Bt 19,017 bn (USD 514 Bn*) PTT Group: Note: As of Jul 27, 2022 Bt 2,517 bn (USD 68 Bn*) Note: As of Mar 4, 2022 PTT Group IRPC GPSC GGC 3% 7% 1% 13% TOP 4% PTTGC PTT • ⚫ Thai Public 37% • Foreign 9% 28% Thai Ministry of Finance 51% 8% 39% Others 87% * As of Jul 27, 2022, BOT selling rate USD/THB of 36.98 (End rate) 70,259 3,371 Revenue 12,553 CAGR 8% 69% Affiliate Net Income 702 19% 81% 2001 1 2021 Annual, BOT selling rate USD/THB of 32.15 (Avg. rate) 31% PTT 2021 Robust revenue and net income growth since IPO (MMUSD) 1 CAGR 9% 12% OR 26% PTTEP Vayupak Fund 12% PTT ratings at Thai sovereign level MOODY'S STANDARD & POOR'S Fitch Ratings FC Baal BBB+ BBB+ PTT - FC Baal BBB+ BBB+ PTT - LC Baal BBB+ BBB+ Fully integrated & highly diversified over entire O&G value chain International E&P business: 1,350 mmboe proved reserves or 7.5 years in 2021 Sole operator & owner of gas transmission pipelines and Gas Separation Plants (GSPs) in Thailand Largest refinery group in Thailand 3 of 6 refineries Largest petrochemical producer group in Thailand total capacity of olefins, aromatics and styrenics production of more than 16 mtpa Leading oil marketing business in Thailand : 2,085 retail stations² and ~44%² of market share by sales volume International oil trading business having traded 79.1 bn litters in 2021 Power Plant flagship with equity power capacity of 7,168 MW2 2 As of Mar 2022 The Forbes Global 2000 234th in 2021 170th in 2020 International and local recognition platts GLOBAL ENERGY COMPANY TOP Platts Top 250 Global Energy Company FORTUNE 500 2017 Fortune Global 500 206th in 2021 Dow Jones Sustainability Indexes 140th in 2020 130th in 2019 Dow Jones Sustainability Index (DJSI) DJSI Member 2011-2021 45rd in 2021 23rd in 2020 165th in 2019 21st in 2019 163th in 2018 156th in 2018 10th in 2018 192th in 2017 190th in 2017 12th in 2017 146th in 2016 337th in 2016 63th in 2016 93th in 2015 (10th consecutive years)#6PTT Group Businesses and Activities Upward Integration (PTT Operate through our subsidiaries) PTT Own Businesses (PTT's own operation) New Business E & P LNG Coal G Remark: Percentage holding as of Mar 2022 PTTEP (65.29%) - Oil, Gas, Condensate -> 40 Projects in 15 Countries - 1,350 mmboe proved reserves or 7.5 years in 2021 Natural Gas Trading ptt GLOBAL LING ptt LNG (100%) (100%)¹ LNG Value Chain • LNG Receiving Facilities Coal Mine in Indonesia ptt GM (100%) (In process for divestment) • • • · 4 gas pipelines • 6 Gas Separation Plants • Procurement & Marketing NGV Crude Procurement Downward Integration (PTT Operate through our subsidiaries) Oil & Retail Refineries • Import/Export • Commodity Hedging . Int'l Office: China/ Petrochemicals Singapore/ Abu Dhabi/ London/ USA/ Thailand O Traded 79.1 bn liters New Business and Infrastructure • Innovation & New business . • Engineering & Infrastructure • Innovation Institute Power OR (75%) Market Share ~ 44%² - Oil (2,085 stations in Thailand¹) Non-oil Retail Lubricants - International Oil & Retail Thaioil GC IRPC (~48%) Market Share > 50% -Largest refinery group in Thailand : 3 of 6 refineries GC IRPC (48%) Market Share > 50% - Integrated Refineries & Petrochemical GPSC (75%) GPSC 7,168 MW1 (equity portion) - Electricity - Steam & Chill Water - Energy Storage • Renewable Energy GRP GPSC Future Energy • (100%) (100%) (100%) EV Chain ARUN me SWAP4GO HORIZON+ NUOVO OOR GPSC - Beyond Energy • Life Sciences Sinnobic • • AI Robotics Pharmaceutical Medical device Nutrition Lotus A * Inno POLYMED ANRF (60%) (51%) (75%) (~ 75%) Direct & indirect target 37%4 JV with IRPC (PTT 40: IRPC 60) JV with NRF (50:50) (50%) (~ 75%) PTT Group's renewable energy portfolio is ~2.75 GW² EV Service platform & Electric Vehicles/ Batteries 104 EV Charging stations (100%) • AI/ Robotics RAISE (50%) PTTEP Cloud service, Data center (100%) MEKHA TECH • Digital platform recc 1Increase stakes to 100% in June 2022/2 As of Mar 2022/3 Holding portion of PTT Group (direct & indirect)/4 Target stakes (start to recognize income since Apr 2022) (100%) (100%) ptt 5 UT#7Contents 01 02 03 04 05 50 Overview 1Q2022 Performance Strategy Outlook Supplementary Information ptt 6#8Core Businesses Restructuring of Power Business by acquiring additional stakes from TOP (+10.78%) ptt Restructuring PTTGL to be 100% owned by PTT's subsidiary (SMH) ptt Key Activities in 1Q2022 A cap of NGV price at 15.59 baht/kg for private and other vehicles and 13.62 baht/kg for taxi until 15 Sep 22 ptt PTTEP-Signing of Gas, Condensate and Crude Sale Agreement of G1/61 PTTEP and G2/61 Projects Changing of the Operator of Yadana pit N Project in Myanmar to PTTEP (37.0842% participating interest) re TotalEnergies PTTEP Awarding of Malaysia exploration block SB412 PTTEP OPEN ....... Acquisition of 25% stakes in the Concession Area C exploration block in UAE PTTEP Issuance and Offering of 275,120,000 Newly Issued Shares Thaioil OPEN Future Energy & Beyond Arun Plus JV (51%) with GPSC to establish "Nuovo Plus" to support battery business value chain ptt JV (60%) with FOXCONN to establish "Horizon Plus" to operate the electric vehicle manufacturing business (FID in April 2022) ptt 1111 M Arun Plus and Contemporary Amperex Technology (CATL) announced a strategic collaboration in battery business Completed to acquire additional stakes in Lotus Pharmaceutical and investment in Adalvo, stakes increased to 37% and 60%, respectively. Profit contribution started in 2Q22 ptt GPSC Divestment of shares in Ichinoseki Solar Power 1 GK ptt n 7#9Key Business Drivers: Most of petroleum and petrochemical prices escalated due to demand recovery and impact from Russia-Ukraine tension AVG. Petroleum Prices ($/bbl) AVG. NG Prices ($/MMBTU) ptt Dubai FO 3.5% ૨૦૨ 22% 22% ΥΟΥ 59% 54% 50 111.1 120 40 FO (3.5%) 102.8 Dubai 100 95.6 ૨૦૦ JLC-LNG** 10% JKM* YOY 76% 13% >100% Avg. Pool 34% 85% 35.1 30.7 78.4 30 80 71.7 66.9 60.0 87.2 18.6 60 44.6 50.7 68.3 71.5 20 61.1 10.1 14.8 28.0 JKM Spot* JLC-LNG** 43.4 42.9 56.6 10.0 13.5 40 44.1 9.4 9.1 40.4 7.23 30.6 10 6.79 6.3 8.0 8.4 8.5 10.2 Avg. Pooled 20 6.20 6.3 10.90 gas price 28.9 3.6 2020 Dubai avg.: 42.2 2021 Dubai avg.: 69.2 2.1 5.89 6.36 6.84 8.14 3.6 5.68 0 *JKM = Japan Korea Marker **JLC = Japan LNG Cocktail : Landed LNG price in Japan 0 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Apr 22 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Apr 22 AVG. Petrochemical Prices ($/ton) AVG. FX (THB/USD) PP ૨૦૨ YOY 4% HDPE PX 6% 22% BZ Naphtha 14% 18% 35 2% 16% 42% 42% 57% 4021 (end FX 33.6) ¦ End: Baht Appre. Bt 0.5 or 1.5% 1600 1,420 HDPE 1,387 1,365 1,336 1,335 1,418 PP 1,428 34 1021 (end FX 31.5) End: Baht Depre. Bt 1.3 or 4.3% 34.0 33.6 33.2 33.1 1300 1,250 1,142 1,145 1,191 1,138 1,252 1,330 1,180 PX 33 32.1 986 968 1,000 1,087 1000 966 993 1,147 BZ 871 945 839 1,073 919 766 919 893 32 32 31.5 31.5 706 760 859 31.5 877 903 Naphtha 30.8 1022 (end FX 33.5) End: Baht Appre. Bt 0.1 or 0.3% 700 561 614 753 745 496 546 529 31 606 676 427 400 440 371 408 30.4 557 397 30 274 100 Note: Figures are average & Naphtha (MOP')) 29 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Apr 22 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Apr 22 8#10PTT Consolidated Performance: 1Q2022 & 2021 ptt QoQ: Soften NI mainly from higher loss on derivatives despite strong operating performance resulted from demand and product prices' recovery 2021 vs 2020: Robust performance as a result of global petroleum & petrochemical prices and demands recovery REVENUE 10% QoQ 40% EBITDA Unit: MB 59% YoY 2,258,818 Unit: MB 41% QoQ 39% YOY 1,615,665 758,465 688,837 477,837 90% NI Unit: MB 7% QoQ 22% YOY 427,956 225,672 142,701 102,997 101,271 >100% | 37,766 32,588 27,544 25,571 108,363 1Q21 4Q21 1Q22 2020 2021 1Q21 4Q21 1Q22 2020 2021 1Q21 4Q21 1Q22 2020 2021 Others4/ NBI³/ 1% E & P Oil & Retail 5% NBI³/ Others4/ 1% 5% Oil & Retail 2% 6% Gas¹/ 15% 13% 2021 Others6/ NBI5/ 13% E&P 24% E & P 3% REVENUE EBITDA 38% P&R 28% Oil & Retail NI 8% 427,956 MB 108,363 MB 2,258,818 MB 30% P&R 33% Trading²/ Trading2/ Remark: 1/ PTT Gas business and affiliates 2/ PTT Trading business and affiliates 3/ New Business and Infrastructure mainly contributed from power business 4/ Others business mainly contributed from coal business 3% 20% 21% P&R 31% PTT (GAS & Trading) Gas¹/ Remark: 5/ New Business and Infrastructure mainly contributed from power business 9 6/ Others business mainly contributed from PTT LNG, PTT NGD, PTTT and PTTGM etc.#111Q22 vs 4Q21 PTT Consolidated Performance (QoQ): NI decreased from higher loss on derivatives despite improved margin and higher stock gain 27,544 MMTHB Net Income 7% 25,571 Net Income excl. Extra items 29% 34,475 1,643 9,255 1,835 3,294 19,926 OPEX 1Q22: (24,601) 4Q21: (26,244) DD&A 1022: (37,145) 4Q21: (33,851) Other Income 1Q22: 1,780 4Q21: (55) Impairment 1Q22: 5 4Q21: (9,250) 48,234 Stock Gain/(Loss) 1022: 27,309 19,861 4Q21: 7,383 4,039 645 1,706 1Q22: 139,993 4Q21: 120,132 6,103 11,011 10,971 Margin (6,931) 4Q21 Remark: 1/ Others business mainly contributed from PTT LNG, PTT NGD, PTTT and PTTGM etc. 2/ New Business and Infrastructure business mainly contributed from power business 24,642 ▲ >100% 2,965 FX & Derivatives Int. & CIT Exp. 1Q22: (43,267) & Other 4Q21: 4,967 929 2,279 8 Extra Items Others/1 NBI/2 44% ▼ 99% 2,897 Oil & 1Q22: (38,503) ▲ 70% Retails 4Q21: (35,538) 5,420 P&R ▼ 11% 6,872 PTTEP ▼ 38% 7,166 PTT ▼35% 1Q22 Extra Items* (*PTT's portion net tax amount) 1Q22: PTT's discounted benefit from gas production shortfall ~+700 MB and gain from Ichinoiseki share divestment of GPSC~+350 MB 4Q21: Impairment loss ~-7,000 MB (PTTEP's Mozambique and Yetagun projects, PTT's NGV, and GC's US project) : Other items ~+100MB mainly from - PTT: Take or pay of Myanmar gas returned to gov. ~-2,700 MB offset with gas discount from production shortfall ~+1,700 MB Gain on disposal of gas pipeline in Egypt ~+1,400 MB Others Coal: Decreased in sales volume and higher loss on derivatives + PTTT: Increased from higher spread margin NBI (mainly from power) Lower GPSC's performance from increased gas and coal cost Oil & Retail + Oil: Increased from both of sales volume and margin due to easing of lockdown - Non-oil: Performance dropped from soften food and beverage sales Petrochemical & Refining Higher derivatives loss despite improved operating profit Refinery + Higher stock gain and Mkt GRM due to improved product prices and spreads Petrochemical Feed cost increased more than selling prices PTTEP Loss from oil price hedging following upward oil price trend + Higher avg. selling prices from higher liquid prices + Sales volume increased from Arthit and Zawtika project PTT - Higher loss on Derivatives Gas + GSP: Higher avg. selling prices and sales vol. S&M: Higher pooled gas cost despite higher overall gas sales volume NGV: Higher gas cost while selling prices were capped Trading Margin dropped from mark-to market loss + Sales volume increased 10#121Q22 vs 1Q21 PTT Consolidated Performance (YoY): Lower NI from higher loss on derivative despite better margin and stock gain MMTHB Net Income 22% 32,588 25,571 27,714 Net Income excl. Extra items 11% 24,642 7,841 11,420 2,109 OPEX DD&A Stock Gain/(Loss) 1Q22: 27,309 1Q21: 15,889 36,125 5,362 1Q22: (24,596) 1Q22: (37,145) 1Q21: (16,755) 1Q21: (35,036) Other Income 1Q22: 1,780 1Q21: 7,142 31,539 Extra Items* (*PTT's portion net tax amount) 1Q22: PTT's discounted benefit from production shortfall ~+700 MB and GPSC's gain on Ichinoseki Solar Power 1 GK divestment ~+350 MB 1Q21 EP's gain on bargain purchase of Oman Block 61 ~+7,000 MB offset with write-off assets in Brazil ~-2,900 MB Others + Coal: Higher hedging loss from escalated Newcastle price and lower sales vol. despite avg. selling prices improved NBI (mainly from power) Lower profit margin of electricity sales to industrial customers as natural gas and coal costs significantly increased Oil & Retail Lower oil margin; especially diesel from a cap on retail price Higher oil sales volume from easing of lockdown measures + Non-oil: better sales vol. due to the recovery of economic activities and stores expansion Petrochemical & Refining Higher derivative loss despite improved operating profit Refinery + Higher Acc. GRM from higher stock gain and product spreads Petrochemical - Olefins & Aromatics: Lower product spreads 4,874 Margin 3,521 1Q22: 139,993 739 1Q21: 103,868 3,437 8,867 3,400 7,750 1Q21 Remark: *Included impairment 1/ Others business mainly contributed from PTT LNG, PTT NGD, PTTT and PTTGM etc. 2/ New Business and Infrastructure mainly contributed from power business PTTEP FX & Derivatives 1Q22: (43,267) 1Q21: (11,728) + 7,711 929 2,279 Extra Items ▼81% + Others/1 ▼ 35% Higher avg. selling prices from liquid price increased Higher avg. sales vol. from Oman Block 61 acquisition, Malaysia Block H, and Arthit projects. Int. & CIT Exp. & Other NBI/2 ▼ 99% 2,897 1Q22: (38,503) 1Q21: (30,792) 5,420 Oil & Retails P&R 16% PTT ▼39% Gas 6,872 PTTEP >100% 7,166 PTT ▼8% 1Q22 S&M: Higher pooled gas cost and lower overall gas sales vol. due to lower gas supply + GSP: Higher selling prices despite lower sales volume due to lower gas supply and higher feed gas cost Trading + Higher sales volume Decreased margin from MTM loss despite higher domestic condensate margin 11#13PTT EBITDA Breakdown by Business ptt Unit: MMTHB 2021 vs 1Q21 4Q21 1Q22 QoQ YOY 2020 2021 2020 GAS 21,775 19,200 19,520 2% 10% 54,942 86,497 57% S&M 4,775 1,578 723 54% 85% 8,120 14,366 77% TM 8,120 7,911 8,457 7% 4% 34,850 33,071 5% GSP 6,220 8,443 10,343 23% 66% 4,879 30,245 >100% NGV (221) (1,252) (2,303) 84% >100% (1,836) (2,363) 29% Others 2,881 2,520 2,300 9% 20% 8,929 11,178 25% Trading 1,138 1,449 1,219 16% 7% 3,024 5,436 80% Total 22,913 20,649 20,739 9% 57,966 91,933 59% 12#14Financial Position Strong Balance Sheets maintained credit ratings Consolidated Balance Sheets Key Financial Ratios MMTHB 8% 3,315,950 3,078,019 1.37 1.42 426,068 Net Debt/EBITDA ≤ 2.0 Cash & 725,852 361,637 AP & Other Liabilities ST Invest 655,254 0.40 0.44 AR & Other 669,177 491,769 Net Debt/Equity ≤ 1.0 Current Assets Others 1,089,407 949,825 Non- 799,199 799,587 Interest Bearing Debt (IBD) 2021 1Q22 current Assets ptt Total PTT Ratings at Sovereign Level MOODY'S S&P Global Fitch Ratings PPE 1,425,414 1,472,940 1,421,118 1,500,691 Equity Ratings Foreign Currency Local Currency Baa1 BBB+ BBB+ Baa1 BBB+ BBB+ 31 Dec 21 31 Mar 22 + Increase in Inventories and Account Receivables from higher product prices and inventory volume + Increase in Cash & Short-term Investment mainly from the increase in long term borrowings primarily from GC PTT and TOP + Increase in IBD from short-term and long-term loans as well as bonds issuances from GC + Increase in AP & Other Liabilities from commodity derivatives following higher prices and volume 13#15Dividend Policy & Historical Payments 2021 Dividend payout at 52.8% Avg. since IPO 46% Dividend payout 10-Year Avg. 148.6% 61% 75.8% 43.6% 32.4% 32.6% 29.8% 30.1% 30.3% 33.0% 40.4% 34.7% 30.8% 34.9% 35.5% 40.0% 49.0% 48.2% 62.5% 42.8% 54.1% 52.8% 25% PTT's min. payout ratio Policy Baht / share 22.40 34.82 34.14 30.57 21.06 18.33 29.58 37.24 36.58 32.52 20.34 13.43 8.75 7.71 13.00 13.00 13.00 10.50 11.50 9.25 10.25 11.00 10.00 8.00 8.50 6.75 6.73 4.00 2.50 2.85 2001 2002 2003 32.68 46.74 Split par* 4.15 3.20 20.00 2.00 2.00 16.00 1.32 1.00 3.79 EPS ptt 2.00 DPS 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 14 * Split par value from 10 to 1 Baht/share since 24 April 2018#16Contents 01 02 03 04 05 50 Overview 1Q2022 Performance Strategy Outlook Supplementary Information ptt 15#17PTT's vision is revised to set aspirations ptt along with future trends PURPOSE Conduct business that powers the ways of life L Powering Life with Future Energy and Beyond L STRATEGIC POSITIONING By expanding into the business of future energy and new business beyond energy industry 16#18Powering Life with future energy and beyond to empower and better life Purpose Technology & Innovation Ad Partnership & Platform Sunumoble defopment Recycle Climate change CO2 Environment Indust Energy raving Growth along the way of life Positive Contribution to enhance livelihood Low Carbon Society Deliver inclusive growth to create economic growth while enhance quality of life - people, society, community, and environment ptt 17#19Powering life with Future Energy and Beyond focus more on future energy trend ptt Strategic Positioning and new businesses that have potentials to grow ENERGY STORAGE Future Energy Renewable Energy Storage & System Related Life Science Mobility & Lifestyle High Value Business Beyond H2 EV Value Hydrogen Chain Logistics & Infrastructure AI, Robotics digitalization Ready to explore... Moving toward future energy and energy technologies which are clean and environmental friendly as well as stepping into new potential businesses that support people live and drive people well-being 18#20Directing energy business in line with future trend Reimagine Upstream Acceleration into LNG value chain Fully integrated player in gas and LNG value chain Collaboratively build LNG value chain platform Accelerate LNG portfolio development through partnership Focus on Lower-carbon portfolio Coal business divestment ■ Reinforce Downstream Powering Downstream along with Future Energy Downstream Business Portfolio Rebalancing Resilience for Refinery Business To be Global Player with Digital Forefront Synchronized Upstream & Downstream Optimization HNEX Collaboration Tower ◉ H2 ptt Reignite new business at speed and scale Future Energy Expedite execution New Energy & EV STORAGE & integrate Renewable Energy Value Chain with PTT Group Business Renewable Energy GPSC Energy Storage System EV Value Chain Energy Platform Other potential (e.g. H₂) SWAP4GO GRP ARUN+ Eme HORIZON+ NUOVO ptt Inl NOVATION INSTITUTE recc SE H₂ X Expresso 19#21Growing along the way of life beyond energy Reignite New Business at Speed and Scale Life Science Innobic High Value Business Pharmaceutical Investment in Generics / Biopharma Company ✓ Medical Technology (e.g. Covid-19 Test Kit, Meltblown, MED. GLOVES and MED. DEVICE) www Nutrition through M&A Coating and Adhesive GC Accelerating growth in attractive segments (e.g. composites & UPR, coating additives) Next HVB AI, Robotics & Digitalization Explore opportunities in AI, Robotics & Digitalization Robotic / AI ■ Digital platform ☐ ptt Cloud service provider, Data center co-location Seeking more opportunities in HPP and Composite ptt DIGITAL MEKHA TECH RAISE Robotics & Al Service Enabler SYS PTTEP AI AND ROBOTICS VENTURES Logistics & Infrastructure Focus on 3rd Party Logistics (3PL) segment with interest in 2nd Party Logistics (2PL) Rail & Terminal Rail-based intermodal logistics services provider Modern Logistics Solution & Platform Seamless logistic solution provider Mobility & Lifestyle PTT Group's Marketing Platform Mobility Strengthen energy solution for Seamless Mobility Lifestyle OR Strive one-stop solution for All Lifestyle Oil Energy Solution One-stop Ecosystem F&B Ecosystem Solution Ecosystem Ecosystem 20#22Overall Strategic Direction to achieve purpose of New Vision Optt Long-term target (2030) for new vision 1 New growth NI from Future Energy and Beyond > 30% Business growth Strategic Direction by Business Direction Build global LNG portfolio Business E&P Expand growth for high return asset & mainly invest in gas assets Gas 2 LNG* 3 Power (Conventional) Renewable energy 12 GW Clean growth 15% GHG reduction from 2020 9 MTA 8 GW P&R Supply chain integration Move to high value business Oil & Retail Grow in retail with customer- oriented Future New business [] Power Energy & Beyond 32% 17% Future Energy (RE, ESS, EV) PTT Group 15% CAPEX (2021 - 2030) Hydrocarbon Business 68% (E&P, Gas, LNG, Power, P&R, Oil) New Energy New business Move to mobility & lifestyle Accelerate growth in Thailand & region Expedite growth in new energy e.g. renewable, energy storage & system related and EV value chain Scale up potential business e.g. life science, logistics & infrastructure * LNG Equity and controlling of portfolio volume 21#23PTT: Committed CAPEX (PTT and Wholly Owned Subsidiaries) PTT 5-Years (2022-2026) Committed CAPEX Plan totaling Baht 146,755 million or ~ USD 4.6 bn¹/ New Business & Infrastructure (NBI) 56,347 MB i.e. Arun plus, Innobic, Laem Chabang Port#3 (PTT Tank), Venture Capital, EECI, PTT group's business restructuring, etc. 38% LNG Terminal business 16,512 MB LNG Terminal 2 (Nong-Fab) (PTT LNG) Map Ta Phut Phase #3 (PTT Tank) Transmission 18,780 MB 11% 13% Bang Pakong- South Bangkok Pipeline 5th onshore Pipeline Gas business group 78,757 MB 54% ptt Unit: MMTHB ■Natural Gas Transmission ■LNG Terminal business ■ NBI Trading and Others ■Future Energy & beyond 30% 8% Trading and Others 11,651 MB Restructure of PTTGL PTT group's business restructuring (GPSC & PTTGL) and the investments of Arun plus (EV Manufacturing) and Innobic (in Pharmaceutical business) Gas 43,465 MB GSP #7 (To replace GSP #1) and GSP #8 (LNG Extraction for Ethane and LPG with Ethane Storage & Receiving Facilities) 96% 46,589 2022 Note: 2022 budget revision approved by BOD on 16 Jun 22 *Revised 2022 only 1/ FX rate (avg.) 32.1Baht/USD 91,179 31,274 14,643 7,072 2,587 2023 2024 2025 2026 The Provisional uncommitted CAPEX ~Bt 199 bn mainly focus on Future Energy and New Businesses including Life sciences (Pharmaceutical, Nutrition, Medical devices), Renewable energy, Electricity value chain, Logistics & Infrastructure as well as new pipelines network and LNG value chain. 22#24Committed CAPEX: PTT Group Total committed CAPEX during 2022-2026*: ~Bt 988 bn or USD 31 bn Downstream Business Key Projects GC: Acquired Allnex • TOP: Clean Fuel Project (CFP) ⚫OR: Oil & Retail Expansion in domestic & international •IRPC: Ultra Clean Fuel Project (UCF) Power Business Key Projects Renewable Energy (Solar/Wind) ⚫ERU GPSC 4% Thaioil 15% GC 30% iRPC OR 51% PTTEP PTT Business Key Projects • 2nd LNG Regasification Terminal •5th onshore pipeline • GSP #7 & GSP#8 Bang Pakong- South Bangkok Pipeline Unit: MMTHB Upstream Business Key Projects • Onshore and Offshore Exploration and Production in Thailand (Bongkot, Erawan etc.) • SK410B ⚫ Mozambique LNG Algeria HBR • Southwest Vietnam PTT Group's Provisional CAPEX for 2022 - 2026* ~Bt 708 bn *Revised of PTT for 2022 opo ptt 23#2501 Contents 02 02 03 04 50 05 50 Overview 4Q2021 & YE2021 Performance Strategy Outlook ptt Supplementary Information 24#262022 Petroleum and Gas Outlook $/bbl 150 Petroleum Gas/LNG 100 50 (GRM) 30 20 10 Dubai + Deepening crisis in Ukraine as the U.S., Canada, the U.K., Australia, and Switzerland have banned imports of Russian oil + Other outages such as Libya shutting its largest oil field amid anti-government protests + Recovered demand following the easing of lockdowns however market still concerned about uncertainties of economic growth Coordinated Strategic Petroleum Reserves Release from IEA member countries to help ease the supply shortage ptt - Increasing supply from OPEC+ (as planned), expect more supply from U.S. Shale oil, and Iran (if sanction lifted) Mogas + Asian mobility levels continue to improve amid the easing travel restrictions + Restocking demand for U.S. summer driving season in 3Q2022 - Rising supply due to increasing refinery runs after maintenance ended and new additional capacities in China Gasoil + Strong demand recovery in Asia & low global inventory levels + Supply concern over the Russia-Ukraine conflict Low seasonal demand during monsoon season in China and India during 3Q2022 Rising supply due to increasing refinery runs as mentioned Fuel Oil 0 0 1Q21 Dubai Price 2Q21 3Q21 4Q21 Mogas Gasoil Y2021 1Q22 HSFO 1Q2022 2Q22 ⚫VLSFO 3Q22 4Q22 -Singapore GRM 2Q2022(E) Dubai Mogas 69.2 95.6 102-107 80.3 113.3 123-128 2022(E) 98-103 116-121 Gasoil 76.0 115.1 132-137 HSFO (3.5%S) 64.4 87.2 106-111 VLSFO (0.5%S) 75.4 107.4 Singapore GRM 3.4 8.0 116-121 14.7-15.7 122-127 95-100 110-115 10.5-11.5 - Source: PTT, PRISM Petroleum Rolling as of April 2022 $/MMBTU 40 233222050 15 10 Asian Spot LNG Henry Hub HSFO: + Rising seasonal power demand in the Middle East during 3Q2022 + Continued high NG prices will encourage the use of fuel oil in the power sector - Rising supply from OPEC+, higher refinery utilization rate and Iran (if sanction lifted) VLSFO: + Refiner tends to shift to produce more gasoil with better crack spread than VLSFO Rising supply from higher refinery utilization rate Singapore GRM + Improve following the strong gasoline and middle distillates crack spreads Gas/LNG Asian Spot LNG: + Geopolitical tensions between Russia and Ukraine + European imported more LNG in 2022 to substitute for gas imports from Russia + Russian LNG Supply projects delayed - COVID-19 outbreak and Lockdown in China 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Price Y2021 1Q2022 2Q2022(E) 2022(E) Asian Spot LNG 18.5 31.2 34.0 33.8 Henry Hub: + Low U.S. Storage Level Henry Hub (HH) 3.7 4.6 6.8 6.6 Source: EA (Apr. 22) - U.S. gas production expected to increase from gas support for accelerating investment 25#27Naphtha Aromatics Olefins 2022 Petrochemical Outlook Price Y2021 HDPE 1,182 $/Ton 1,600 PP Film 1,321 1Q2022 1,330 1,387 2Q2022(E) 2022(E) 1,420 - 1,440 1,430 - 1,450 1,355 - 1,405 1,375 - 1,425 1,400 1,200 1,000 HDPE CFR SEA PP Film CFR SEA 800 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Price Y2021 $/Ton BZ 914 PX 859 1Q2022 1,073 1,087 2Q2022(E) 1,160 - 1,180 1,180 - 1,200 2022(E) 1,118 - 1,168 1,132 - 1,182 1,200 1,000 800 000000 BZ FOB Korea PX CFR Taiwan 600 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Price $/Ton Naphtha MOPJ Y2021 646 1Q2022 877 2Q2022(E) 922-942 2022(E) 890-940 1,000 800 600 400 1Q21 2Q21 Source: PTT, PRISM Petrochemical Rolling as of April 2022 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 ptt Olefins - + Strong feedstock cost to support prices amid ongoing geopolitical tension between Russia-Ukraine + Tighten Asian supply from production cuts according to squeezed margins at standalone units and seasonal turnarounds in 2Q22 + Expected downstream demand recovery from easing lockdowns across major cities in China within late 2Q22 Competitively-priced Chinese cargoes to dampen SEA sentiment - Incoming additional Asian capacities from SEA and NEA, especially China, throughout 2022 Aromatics + Strong feedstock cost to support prices and Lower Asian supply as mentioned + Expected SM/PTA downstream demand recovery from easing lockdowns as mentioned + Opened benzene Asia-US arbitrage opportunities and Low Chinese inventories to boost up sentiment Elevated Chinese PX inventories and uneconomical downstream PTA margins pressure on markets Incoming additional Asian capacities as mentioned Naphtha + Expected petrochemical demand recovery due to lower cracker maintenance and easing lockdowns + Improved naphtha blending demand ahead of the US driving season in 3Q22 + Additional demand from petrochemical plants expected to start throughout 2022 26#28ptt Business outlook 2022 PTT Group 2022 Guidance Upcoming project in 2022 Upstream E&P: + Vol. ~12% GAS: Downstream Oil: Resuming domestic demand Unit cost ↑ P&R: Domestic gas demand slightly decline and higher gas cost GSP's U-Rate 80-85% in 2022 - Refinery: + Improving Singapore GRM Lower PTT Group U-Rate ~91-95% Petchem: + Better petrochemical prices More capacities addition Power: - Higher feed cost + Recovering domestic electricity consumption Future Energy & Beyond Future Energy: ptt + Expansion of EV charger 5th Pipeline Phase I COD Phase II Phase III ptt Mar 22 Oct'22 Dec'22 99.6% 91.0% 39.8% LNG Terminal#2 97.8% ptt FID - EV Platform(JV with Foxconn) in April' 22 ptt Fully COD Dec 22 1st phase: mid year 2.5 MTA Non-Woven Fabric products: ~ 5.6 KTA (Arun plus +1,350 units & OR +200 inside PTT stations, +150 outside PTT stations) İRPC Sinnobic in 3Q22 ptt Beyond: GC High-quality Circular Plastic Resin Plant: 45 KTA in 2Q22 Gas Separation Plants ptt 2Q: ESP Major SD & GSP #2&3 TD: 23 days 3Q: GSP#4 Major SD :20 days 4Q: GSP#5 SD: 15 days Lotus: starting to recognize NI contribution in 2Q2022 Avaada Solar Power Platform in India : 4,608 MW GPSC GPSC hold 42.9% (2,413 MW in operating / 2,195 MW in progress) COD: 4Q2021-2023 Maintenance schedule in 2022 Petrochemical & Refinery Plants GC 2Q: Ole 3 & ARO I Major TA: ~1 month 4Q: Ole 2/2 & HDPE Major TA : ~1 month Refinery Plant Major TA : 50 days IRPC 4Q: Refinery Plant Major TA : ~1 month 27#29Contents 01 02 03 04 50 05 Overview 1Q2022 Performance Strategy Outlook Supplementary Information ptt 28#30Supplementary Information PTT Group Performance Cash Flow Debt Profile P.30-32 P.33-34 P.35 PTT Group Accounting Structure P.36 Financial Performance by business P.37-47 PTT Group: Upcoming Projects P.48 Gas Roadmap & PDP P.49-51 Natural Gas Price Structure & Pipeline Business P.52-53 ESG Strategy P.54-57 ptt 29#31PTT Group Performance: 1Q2022 (QoQ & YoY) ptt Performance 100% Unit MMTHB % PTT holding Equity Method % PTT 1021 4021 1022 QoQ YOY 1021 4021 1022 QoQ YOY PTT Net Operating Income 8,498 7,683 7,743 1% -9% 8,498 7,683 7,743 1% -9% E&P - PTTEP 11,534 10,646 10,519 -1% -9% 65.29% 7,524 6,950 6,872 -1% -9% Petrochemical - GC Other 9,778 3,278 4,300 31% -56% 4,675 1,064 2,055 93% -56% 9,695 3,247 4,212 30% -57% 48.18% 4,592 1,033 1,967 90% -57% - 83 31 88 >100% 6% 83 31 88 >100% 6% Refining - TOP 8,941 7,228 8,684 20% -3% 4,192 4,070 3,453 -15% -18% 3,360 5,033 7,183 43% >100% 48.03% 1,615 3,000 2,799 -7% 73% - IRPC 5,581 2,195 1,501 -32% -73% 48.05% 2,577 1,070 654 -39% -75% oil - OR 4,003 2,353 3,845 63% -4% 75.00% 3,439 1,699 2,898 71% -16% NBI - GPSC/TP/DCAP/PTTES/PTTDIGITAL/ENCO 17,036 1,534 641 -58% -96% 739 645 260 -60% -65% Others Business 3,485 5,705 3,696 -35% 6% 3,221 5,423 2,290 -58% -29% Inter - PTTER/PTTGM 531 3,298 738 -78% 39% 100.00% 493 3,348 (377) <-100% <-100% Gas - PTTLNG/PTTNGD/PTTGL/TTM(T)/TTM(M) 2,255 2,316 2,150 -7% -5% 2,029 1,971 1,857 -6% -8% Other - PTTT/Others¹/ 699 91 808 >100% 16% 699 104 810 >100% 16% Shared of Net Income from Affiliates 54,777 30,744 31,685 3% -42% 23,790 19,851 17,828 -10% -25% Tax Adjustment for Gain on Disposal of Investment and Asset 300 10 -100% -100% 300 10 -100% -100% PTT Consolidated Net Income 63,575 38,437 39,428 3% -38% 32,588 27,544 25,571 -7% -22% 1/Including PTTGE, BSA, and PTT TCC 30#32PTT Group Performance: 2021 vs 2020 ptt Performance 100% Unit: MMTHB % PTT holding Equity Method % PTT 2020 2021 2021 VS 2020 2020 2021 2021 VS 2020 PTT Net Operating Income 17,631 34,024 93% 17,631 34,024 93% E&P - PTTEP 22,664 38,864 71% 65.29% 14,783 25,369 72% Petrochemical Refining - GC - Other - TOP 477 45,253 >100% 374 10,753 >100% 200 44,982 >100% 48.18% 97 10,482 >100% 277 271 -2% 277 271 -2% (9,453) 27,083 >100% (7,457) 12,170 >100% (3,301) 12,578 >100% 48.03% (4,540) 5,284 >100% - IRPC (6,152) 14,505 >100% 48.05% (2,917) 6,886 >100% Oil - OR 8,791 11,474 31% 75.00% 8,884 8,987 1% NBI - GPSC/TP/DCAP/PTTES/PTTDIGITAL/ENCO 10,423 23,536 >100% 2,666 3,307 24% Others Business 2,869 15,358 >100% 1,962 13,441 >100% Inter - PTTER/PTTGM (6,318) 4,712 >100% 100.00% (7,026) 3,880 >100% Gas Other - PTTLNG/PTTNGD/PTTGL/TTM(T)/TTM(M) - PTTT/Others¹/ 7,153 9,265 30% 6,953 8,157 17% 2,034 1,381 -32% 2,035 1,404 -31% Shared of Net Income from Affiliates 35,771 161,568 >100% 21,212 74,027 >100% Tax Adjustment for Gain on Disposal of Investment and Asset (1,077) 312 >100% (1,077) 312 >100% PTT Consolidated Net Income 52,325 195,904 >100% 37,766 108,363 >100% 1/Including PTTGE, BSA, and PTT TCC 31#332021 vs 2020 PTT Consolidated Performance: Escalated performance driven by most of PTT Group Businesses MMTHB 37,766 Net Income >100% 108,363 Net Income excl. Extra items >100% 115,308 47,244 11,307 6,910 OPEX 2021: (82,236) DD&A 65,450 2020: (70,929) 2021: (146,790) 5,295 Other Income 1,369 Impairment 2020: (139,880) 2021: 9,358 2020: 4,063 2021: (13,286) 2020: (11,917) 49,963 - - Others Coal: Higher margin due to increased selling prices following Newcastle price despite lower sales vol. NBI (mainly from power) + Increased in shareholding of GPSC despite GPSC's soften performance due to higher fuel costs Oil & Retail + Improved oil margin; especially gasoline & diesel Lower oil sales volume due to Covid-19 impact Non-oil was pressured by higher promotion expenses Petrochemical & Refining Refinery + Higher stock gain in 2021 + Higher Mkt GRM mainly from gasoline spread Petrochemical + Olefins & Aromatics: Improved product spreads PTTEP + Higher sales vol. from Oman Block 61 acquisition, Malaysia Block H projects, Bongkot, Contract4, and Arthit. + Higher avg. selling prices from liquid price increased 148,141 8,948 2,666 Margin 8,884 16,210 2021: 463,935 2020: 315,794 17,631 (7,095) (9,478) 2020 Stock Gain/(Loss) 2021: 46,257 2020: (19,193) FX & Derivatives 2021: (38,427) 2020: 11,536 78,740 Others/138% Int. & CIT Exp. 12,359 NBI/2 & Other 2021: (130,448) 2020: (51,708) 3,307 8,968 27,386 Oil & Retails P&R ▲ 24% ▲ 1% ▲ >100% 25,306 PTTEP 56% 37,982 PTT (6.945) Extra Items A>100% • ▲ 27% Remark: 1/ Others business mainly contributed from PTT LNG, PTT NGD, PTTT and PTTGM etc. 2/ New Business and Infrastructure mainly contributed from power business 2021 PTT Gas + GSP: Higher avg. selling prices, sales volume, and lower feed gas cost + S&M: Higher industrial customers' selling price linked to FO price, higher gas sales vol. despite higher pooled gas cost Trading + Higher gross margin and sales vol. Extra Items* (*PTT's portion net tax amount) 2021 : Impairment loss ~ 9,000 MB from EP's Mozambique and Yetagun projects, PTT's NGV, and GC's US project • : Other items ~+2,000 MB mainly from EP: Gain on bargain purchase of Oman Block 61 of 6,928 MB offset write-off assets in Brazil 2,909 MB GC: loss from restructuring of Emery Group 1,295 MB PTT: recognition of Take of Pay 2,763 MB and write-off obsolete material and supplies 700 MB offset benefit from shortfall 1,700 MB and gain on disposal of gas pipeline in Egypt 1,394 MB 2020: Impairment of PTTGM's Coal mining impairment of 6,800 MB and EP's Mariana Oil Sands and Yetagun impairments of 1,614 MB 32#34PTT Consolidated Cash Flows Free Cash Flow -65,637 Unit MMTHB 426,068 361,637 +130,895 -478 48,558 -26,702 ST Investment 48,907 -38,935 Cash & Cash Equivalents 312,730 Cash Beginning Operating 31 Dec 21 Cash In +64,780 377,510 Investing Financing Adj & Others Cash Ending 31 Mar 22 Operating (26,702) Investing Changes in assets & liabilities (146,250) CAPEX (PP&E, Intangible asset) Income Tax (7,082) Investment (Sub. &Affiliates) Non-Cash Adjustment 101,059 Others * Net Income 25,571 Dividend/Interest Received Current investment *Investment in financial assets, ST/LT lending loans ** Including net increase in bank overdrafts and short-term loan from financial institutes, and short-term borrowings approximately 5 billion Baht ptt (38,935) Financing 130,895 (34,646) Received from loans/Bonds ** 157,335 (6,577) Loan Repayment (18,553) (469) Ordinary share issuance of subsidiaries 3 1,417 Finance cost paid (7,825) 1,340 Dividend paid (50) Derivatives (15) 33#35PTT Only Cash Flows Free Cash Flow +8,802 51,386 -18,880 ST Investment 5,533 Cash & Cash Equivalents 45,853 +15,910 -4 +27,682 Unit: MMTHB 74,338 3,777 70,561 Cash In +24,708 Cash Beginning Operating Investing Financing Adj & Others Cash Ending 31 Dec 21 31 Mar 22 Operating Changes in assets & liabilities Income Tax Net Income Non-Cash Adjustment (18,880) Investing 27,682 Financing (37,092) Proceeds from lending 38,055 Received from loans/Bonds (397) Current investment 2,998 Loan Repayment 15,547 Dividend/Interest Received 748 Finance cost paid 3,062 Others 157 Dividend paid Investment (Sub. &Affiliates) (11,770) CAPEX (PP&E, Intangible asset) (2,506) ptt 15,910 22,290 (4,143) (2,236) (1) 34#36Debt Profile: Control Cost & Manage Risk Managed debt according to financial risk and policy Unit: MMTHB PTT Only Cost of debts ~ 3.58% : % fixed-rate ~ 70.79% : Avg. debt life ~ 14.65 years USD&Others THB 146,433 53,946 (37%) 92,487 (63%) 31 Dec 20 189,451 59,244 (31%) 130,207 (69%) 31 Dec 21 Debt Portfolio Consolidated 738,510 : Cost of debts : % fixed-rate : Avg. debt life 873,872 ~ 3.28% ~ 68.88% ~ 10.56 years 939,225 288,567 (39%) 389,284 (45%) 431,244 (46%) 184,837 58,623 (32%) 126,214 (68%) 449,943 (61%) 484,588 (55%) 507,981 (54%) 31 Mar 22 31 Dec 20 31 Dec 21 31 Mar 22 Note: 1. PTT Data as of 31 Mar 22 (THB/USD = 33.4553 THB/JPY = 0.2764) excluding liabilities from finance leases. 2. Debt Outstanding represents amount and portion before derivative swaps, and reconciled with accounting. 3. Cost of debts, % fixed rate, and avg. debt life took into account the derivative transactions, including withholding tax (update as of 31 Mar 22). PTT Only: Debt Outstanding and Repayment Profile Unit: MMTHB 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 16,000 39,354 21,000 2,000* 2022 2023 13,000 3,000 5,000 2024 2025 2026 Note: 1. Debt Outstanding for Repayment Profile represents financial data and portion after derivative swaps 2. Bond repayment amounting 6,236 MB in 2035 is USD swaps to THB *Exclude BAY PN 4,000 MB 2027 2028 19,090 As of 31 Mar 22 FX: 33.4553 200,000 USD (LHS) THB (LHS) 160,000 PTT Debt Outstanding (RHS) 120,000 80,000 23,419 40,000 4,000 7,000 2045 2070 2110 *PTTC10DA (Century Bonds) is due on 2 Dec 2110 2029 2030 8,000 2,000 2031 2032 15,580 3,345 2033 2034 2035 12,235 6,589 2036 2042 ptt 35#37PTT Group Accounting Structure Data as of 31 Mar 2022 E&P and Gas Business Group Subsidiaries PTT Exploration & Production Plc. PTT Natural Gas Distribution Co., Ltd. PTT LNG Co., Ltd. PTT Global LNG Co., Ltd Joint Ventures Trans Thai-Malaysia (Thailand) Co., Ltd. Trans Thai-Malaysia (Malaysia) Sdn. Bhd. Map Ta Phut Air Products Company Limited Consolidate International Trading Business Group Subsidiaries PTT International Trading Pte. PTT International Trading PTTEP PTTNGD PTTLNG PTTGL 65.29% 2/ 58.00% 100.00% London Ltd 100.00% 4/ PTT International Trading USA Inc. Equity TTM (T) TTM (M) MAP 50.00% 50.00% Oil Business Group 49.00% PTTT Consolidate 100.00% Petrochemical Subsidiaries PTT Global Chemical Plc. 1/ PTT Tank Terminal Co., Ltd. GC Petrochemicals & Refining Business Group Consolidate 48.18% 2/ 100.00% PTTTANK PTTT LDN 100.00% PTTT USA 100.00% Refining Subsidiaries Thai Oil Plc. 1/ IRPC Plc. 1/ Consolidate TOP IRPC 48.03% 2/ 48.05% 2/ Subsidiaries PTT Oil & Retail Business Co., Ltd. OR Consolidate 75.00% New Business and Infrastructure Business Group International Investment Business Group Subsidiaries Global Power Synergy Plc. 1/ PTT Digital Solutions Co., Ltd. 1/ Consolidate Subsidiaries PTT Energy Resources Co., Ltd. GPSC 75.23% 2/ PTT Energy Solutions Co., Ltd. ¹/ Energy Complex Co., Ltd. PTT DIGITAL PTTES EnCo 20.00% PTT Green Energy Pte. Ltd PTT Global Management Co., Ltd. PTTER PTTGE PTTGM Consolidate 100.00% 100.00% 100.00% 40.00% 50.00% Joint Ventures District Cooling System and Power Plant DCAP Equity 35.00% Others Baania (Thailand) Company Ltd. HG Robotics Plc. Innospace (Thailand) Sunfolding, Inc. Luminar Technologies, Inc. Ample, Inc. Subsidiaries Business Service Alliance Co., Ltd. ¹/ PTT Treasury Center Co. Ltd Others Consolidate BSA PTT TCC 25.00%³/ 100.00% Fair value Baania 2.73% Joint Ventures HG Robotics 9.47% Suez Environmental Services Co.,Ltd. SES Innospace 13.61% Others Sunfolding 5.59% Luminar Technologies AMPLE 0.07% Sarn Palung Social Enterprise Company Ltd. Dhipaya Group Holdings Pub Co., Ltd. SPSE TIPH 1.13% Remark: 1/Subsidiaries that PTT holds less than 50% but being consolidated because PTT has the power to control the financial and operating policies. 2/ Holding portion of PTT Group (direct & indirect) 3/ PTT holds 100.00% of BSA's ordinary shares, PTT's ownership interest in BSA is 100% 4/ Increase stakes to 100% in June 2022 Equity 40.00% Fair value 20.00% 13.46% ptt 36#38E&P Performance QoQ: Soften Net income mainly from higher oil price hedging losses despite improved operating performance ptt 2021 VS 2020: Strengthen performance due to higher sales volume, selling prices, and extra gain on bargain purchase of Block 61 Product Prices Sales Volume KBOED 18% ૨૦૨ 1% QoQ 11% YoY ▲20% 91.19 | 421 427 416 Liquid 383 I 61% 354 76.17 66.70 ($/BBL) 123 116 51.35 112 119 Liquid Weighted 56.59 46.87 10% 41.55 43.49 118 12% I Avg. ($/BOE) 40.38 38.92 6.07 298 311 271 Gas 5.81 4% 6.27 297 Gas 236 5.69 ($/MMBTU) 5.61 9% 1Q21 4Q21 1Q22 2020 2021 1Q21 4Q21 1Q22 2020 2021 Net Income (100%) MMUSD 1% QoQ I 15% YoY 1,211 68% QoQ + Normal operation: increased due to higher selling prices & sales volume and lower unit cost Non-operating items: primarily from higher oil price hedging losses 2021 VS 2020 + Normal operation: significantly improved from higher sales volume & selling prices with lower unit cost 720 376 321 318 1,479 Recurring NI - 781 282 513 570 94 ■ (61) 1Q21 (192) 4Q21 (252) (268) Non- recurring* - 1Q22 2020 2021 * Includes Gain/(Loss) on FX, Deferred tax from Functional currency, Current Tax from FX Revaluation, Gain/(Loss) from Financial Instruments, Impairment loss on assets and etc. Non-operating items: primarily from higher loss on oil price hedging and impairment offset with gain on bargain purchase of Block 61 37#39E&P: Guidance & Strategy Business Update | E&P Strengthen Core Business G1/61 Thailand Transition and Operatorship transfer completed 24 APR 2022. Proceed to ramp-up activities to achieve 800MMSCFD in 24 months G2/61 Transition of 200MMSCFD completed On track for additional 500 MMSCFD in Mar 2023 Malaysia Myanmar Yadana Become new operator with 37% interest by 20 July 2022 C UAE Sharjah Onshore Area C 25% stake acquisition completed 1 March 2022 On progress of seismic activity SB412 Obtained new block SB412 from MY Bid Round 2021. PSC signed in March 2022. SK410B Prepare to drill 1 more exploration well in 2022 For LLB FID expected in 2023 MZA 1 Mozambique 1st Cargo expected in 2025 awaiting local security situation Business Update Beyond E&P Green Methanol CCS Algeria HBR-Phase I 1st Oil expected in Q2/2022 at 4 KBOED Solar Farm 2022 Guidance Financial Guidance PTTEP Average Sales Volume Average Gas Price* KBOED USD/MMBTU Unit Cost USD/BOE Q2 Q2 Q2 ~467 ~6.2 ~28-29 ~467 ~6.4 Full Year Full Year Full Year 24 Jan 2022: Signed a MOU with multiple international firms to explore Green Methanol value chain, with plan of 50KTPA methanol production plant in Singapore What is Green Methanol? 12 January 2022: Established Thailand CCS Project Task Force to develop CCS initiatives 25 April 2022: Signed a MOU with INPEX and JGC to explore on CCS project in Thailand. 1st Pilot Solar energy project of PTTEP -10 MWp, FID mid 2022 and COD early 2023 100% owned by FST, 100% offtake by $1 Completed FEED and started application of permits and licenses Total Area 40 acres (113 Ra in Kampangpetch, NE Thailand Renewable Energy Biogenic CO₂ Northem powerplant Electrolysis to H₂ H₂ Central Industrial Complex Co L Eastem Industrial Complex CH₂OH Marine Transportation Methanol Synthesis to E-Methanol Southern powerplants Selected CO, sources ARV 21 April 2022: Establishment of B-Med X, a JV between Cariva, a subsidiary of ARV, and BJC Healthcare, subsidiary of BJC To develop an aesthetic marketplace application and expand to healthcare business such as remote healthcare system CARIVA BJC *Based on average Dubai oil price in 2022 at 96 $/BBL, including sole investment in G1/61 (Erawan) Net Zero Our Net Zero Ambition 2020 Base Year EBITDA Margin % of Sales Revenue Q2 ~70-75% Full Year ptt PTTEP 2030 30% GHG Intensity* Reduction 2040 50% GHG Intensity Reduction 2050 NET ZERO Greenhouse Gas Emissions E&P, Operational Control SCOPE 1 & 2 "Intensity refers to GHG released in Tonne CO₂e per thousand tonnes of hydrocarbon production 5 38#40Gas Business QoQ: Gas pool price surged from LNG import while overall gas volume improved 2021 vs 2020: Increased gas sales vol., higher industrial selling prices referenced to FO price NG Price VS FO & Customer Breakdown NGV Price & Sales Volume NG Price ૨૦૨ FO (2%) 22% Pool Price 34% $/MMBTU YOY 2021vs2020 54% 85% NGV Avg. price Unit: THB/KG ૨૦૦ 16% YoY 1% 64% 5% $/TON 15.5 15.5 14 566 600 14.2 14.4 Fuel Oil 464 12 HSFO 180 CST 2%S 500 13.4 I 443 397 10.90 367 I 400 10 286 281 262 I 300 NGV Sales Vol. 8 188 T 8.14 7.23 6.84 I 5.79 200 6.20 5.68 5.89 6.36 Unit: K.Ton/Day 3% QoQ 11% YoY I 20% 6 Avg. Pooled gas price 100 AVG. 2021 = 6.78 AVG. 2020 = 6.48 4 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 4.0 3.7 3.2 3.3 3.2 NG Vol. Unit: MMSCFD 6% QoQ 4% YoY 1% ptt 1Q21 4Q21 1Q22 2020 2021 4,619 4,422 4,437 150 4,158 4,394 136 786 129 791 163 709 131 779 NGV (3%) Industry (18%) Key Highlights 762 ૨૦૨ ▼ 957 846 909 909 GSP (20%) 865 1,323 1,290 1,281 1,312 1,331 SPP (30%) I 598 580 546 514 805 576 779 786 1Q21 4Q21 1Q22 2020 587 IPP (13%) 700 2021 EGAT (16%) Avg. pooled gas price surged from higher vol. of imported LNG during high price and increased Myanmar and gulf gas prices + Increased overall NG sales volume mainly from power producers due to lower hydro import + Industrial selling prices linked to FO increased following oil price 2021 vs 2020 + NG sales vol. increased from industrial customers due to the recovery of economic activities + Industrial selling prices improved according to FO price linked - NGV sales vol. dropped from lockdown measuresand switching to alternative fuels 39#41Gas Business : Gas Separation Plant (GSP) QoQ : Outperformed GSP performance due to higher average selling prices and higher sales volume 2021 vs 2020 : Outperformed GSP performance due to higher selling prices & volume as well as lower feed cost GSP Sales Vol. & U-Rate GSP Feed Cost vs Petchem. Price ptt U-Rate 94.7% 87.8% 90.0% 85.0% 82.8% 1,641 Unit: $/Ton 1,592 ૨૦૦ 1,533 1,540 LDPE ▲ 3% 1,398 1,239 1,285 1,1461,191 1,185 1,346 1,330 LLDPE ▲ 5% 1,252 HDPE 6% Unit: kTon 4% 1,185 979 1,000 955 1,138 1,145 866 919 983 6,908 847 884 822 803 Propane* 2% 4% QoQ 6,639 37 853 43 839 760 Pentane (1%) 754 648 593 954 Propane (14%) 500 528 4% YoY 446 464 425 430 423 420 435 412 458 363 LPG** 4% 328 418 I Feed Cost*** ▲ 2% 331 307 318 281 281 297 295 300 306 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2,181 Ethane (31%) 1,780 2,199 1,703 11 1,637 13 271 11 202 262 617 NGL (9%) * LPG price selling to Petro customers close to propane **LPG Domestic ***feed cost calculation per GSP production volume Key Highlights 603 ૨૦૦ 582 513 487 + 168 144 133 + Higher average GSP's selling prices following referenced global petrochemical prices Increased sales volume due to higher demand from petrochemical customers 2,947 3,113 - LPG (45%) Feed cost slightly increased 748 767 808 2021 vs 2020 + + Increased GSP's selling prices following global petrochemical prices Higher sales volume according to higher petrochemical demand and lower plants' shutdown compared to 2020 1Q21 4Q21 1Q22 2020 2021 + Lower feed gas cost 40#42Trading Business: QoQ: Soften EBITDA due to lower gross margin despite increased sales volume 2021 vs 2020 : Enhanced EBITDA mainly due to improved domestic condensate margin and sales volume Gross Margin¹ Unit: THB/Liter 44% QoQ 44 YoY 43% Sales Volume² Unit: MM Liter 44% QoQ 5% 91% YoY I 75,527 79,134 0.10 0.09 0.09 36,235 0.07 25,082 0.05 18,922 Trading - EBITDA³ Unit: MMTHB 16% QoQ 7% YoY 3,024 1,449 1,138 1,219 1Q21 4Q21 1Q22 2020 2021 Key Highlights 80% ૨૦૦ ptt 5,436 Margin decreased due to significantly loss from mark to market in 1Q22 following upward oil price trend + Increased sales vol. from higher crude as well as LNG import to fulfill lower gulf gas supply - EBITDA dropped following lower gross margin 2021 vs 2020 + Higher gross margin mainly from domestic condensate as well as out-out trading products e.g., LNG, LPG, and Aromatics + Volume increased due to global demand recovery from the easing of lockdown + EBITDA improved from higher gross margin and sales volume 1Q21 4Q21 1Q22 2020 2021 1 PTT Trading BU + trading subsidiaries: FX Adjusted + gain/loss on derivatives + Joint Trade Agreement (JTA) 2 PTT Trading BU + trading subsidiaries +JTA 3 PTT Trading BU + trading subsidiaries: FX Adjusted + gain/loss on derivatives 41#43Oil Business : OR Group QoQ: Better performance from Oil as rising sales volume and oil margin, Non-oil is also better due to an efficient cost management 2021 vs 2020 : Improved Oil performance from wider oil margin despite reduced oil sales volume and soften Non-oil performance Oil Business Non-oil Business ptt Dubai ($/BBL) 110.9 92.3 83.5 78.4 66.9 71.7 60.0 22% QoQ 59% YoY Amazon¹/ 1Q21 4Q21 Cups 5% QoQ 14% YoY 1Q22 I 9% 42.2 | 64% 2021 vs 2020 Avg. 2021 Avg. 1Q22 95.6 = = 69.2 73 MM Cups 3,357 Outlets 87 MM Cups 3,628 Outlets |-- H 2020 1Q21 2Q21 3Q21 4Q21 Jan'22 Feb'22 Mar'22 C-Store (7-11, Jiffy) 2/ 83 MM Cups 3,685 Outlets C-Store ૨૦૨ 2020 2021 I 274 MM Cups 298 MM Cups 3,310 Outlets 3,628 Outlets SHOP Margin* (THB/Litre) 16% QoQ 13% YoY 19% 1,995 Outlets 1 I I 5% 4% YOY 2,075 Outlets 2,081 Outlets 1,977 Outlets 2,075 Outlets 1.31 1.14 1.15 0.98 0.97 1/ Thailand, Japan, Oman, Myanmar, and Malaysia 2/ Thailand 5% 4% QoQ 24,400 14% YoY -2% 23,145 -2% Net Income 25% 24% Unit: MMTHB Sales Volume 6% (MM Liter) 7% 63% QoQ 4% YoY 31% 11,474 8,791 6,476 6,724 5,910 -2% -2% Others 2% 21% 24% 46% Gasoline 25% 8% 47% 7% Fuel Oil 6% 1Q21 4,003 3,845 2,354 4Q21 I 1Q22 2020 2021 48% 48% Diesel ૨૦૫ : 47% 7% 5% Oil Rising sales volume due to easing lockdown measure, together with wider oil margin Aviation LPG 5% 5% 7% 14% 15% 15% 14% 14% Non-Oil More efficient cost management despite lower sales volume 2021 vs 2020: 1Q21 4Q21 1Q22 2020 2021 *Gross margin included stock gain/(loss) Oil - Better margin while sales volume dropped from aviation, gasoline, and diesel Non-Oil - Soften performance from higher promotion expenses despite continued outlet expansion 42#44P&R Businesses QoQ: Better performance primarily from refinery business with higher Mkt GRM and stock gain 2021 vs 2020: Robust performance from stock gain and petrochemical prices hiked following global demand recovery Olefins ptt Aromatics I Olefins U-Rate (GC's Plant) 100% 104% 80% 85% I 97% 91% BTX U-Rate 98% 97% 96% 99% Avg. Price: $/Ton PP: HDPE: LLDPE: 4% QoQ PP: 33% (GC's plant) PX: BZ: 22% QoQ PX: 49% 14% QoQ 6% QoQ Avg. Price: 945 1,087 1,073 BZ: 88% 914 HDPE: 34% $/Ton 766 I 859 5% QoQ LLDPE: 38% 893 577 I 753 I 1,365 1,335 1,387 PX: 1,346 1,285 I 1,321 Spread to Condensate: $/Ton 20% QoQ 485 PX: 16% 1,146 1,330 1,200 BZ: 1,252 9% QoQ BZ: > 100% I 1,182 I 318 992 1,145 253 240 262 210 251 238 1227 263 880 136 867 I 1Q20 4Q21 1Q22 2020 2021 1Q20 4Q21 1Q22 2020 2021 Refinery Net Income (100%) Refinery 102% 101% Unit: MMTHB 96% U-Rate 96% 95% 18,719 Avg. 78.4 95.6 60.0 69.2 42.2 83 Dubai $/bbl. 6.9 5.9 8.8 (0.4) 5.1 Acc. GRM $/bbl. 24% QoQ >100% 31% YoY 72,336 271 PTT TANK 12,984 I 9,695 10,506 88 GC 44,982 31 I 4,212 3,247 1,501 5,581 2,195 10.3 7,183 (8,976) 14,505 IRPC Stock G/L 5,033 1.8 5.1 3.3 excl. NRV 3,360 12,578 TOP 5.5 6.1 1.9 03 2.9 Mkt GRM (3,301) (0.1) (1.4) (1.7) (1.1) Hedging G/L (7.6) (6,152) 1Q20 4Q21 1Q22 2020 2021 43 1Q20 4Q21 1Q22 2020 2021#45P&R : Projects Update 2020 GC PO/Polyols 2021 ptt IRPC GC GC Thaioil GC MTP Retrofit Non-Woven Thaioil HVB Fabric products Olefins investment (Allnex) CFP Ole 2 Modification plant project PO/ Polyols MTP Retrofit (Olefins Reconfiguration) 2022 High value business (HVB) Acquired 100% share of Allnex The establishment of Innopolymed 2023 ptt iRPC Ultra Clean Fuel 2024 Olefins investment (Investment in PT Chandra Asri: CAP) CFP (Clean Fuel Project) Ole 2 Modification plant project Ultra Clean Fuel Upgrade lower value products → higher value products Ability to process heavier (cheaper) crude oil To increase Propane usage as feedstock • To enhance feedstock flexibility and long- term competitiveness • To increase refinery plant's efficiency and upgrade diesel quality to meet the Euro 5 standard • Increase 75 KBD of diesel capacity in Diesel hydro- treating Unit Objective/Capacity • Create value added in Polyurethane chain ⚫ PO (200 KTA) • Polyols (130 KTA) • Ethylene (500 KTA) Propylene (250 KTA) Olefins capacity 2,988 3,738 KTA *100% in progress as of Dec 2020 CAPEX 888 MMUSD 985 MMUSD To diversify geographic targets in specialty chemical and expand global footprint (Basic chemical → Performance Chemicals & Green Chemicals) Global producer of industrial coating resins and additives Total capacity around 1,297 KTA *Expected closing deal in 4Q21 €4,002 million or equivalent to 148,417 MB • 40% stake held by Innobic and 60% stake held by IRPC with a registered capital of Baht 260 million. to manufacture and sell Non-Woven Fabric products as well as medical consumables Total capacity around 5.6 KTA *The Company completed its registration in 2Q21 • . Further extend Hydro- Carbon value chain to Olefins Use excess feedstock from CFP project (Naphtha) to create more flexibility and competitiveness. Investment 15.38% in petrochemical producer (Olefins) in Indonesia with total capacity around 4,232 KTA *Realized CAP contribution in 4Q21 onwards *CAP2: expected FID in 2022 • • Refining capacity 275 >> 400 KBD 260 MB not exceed 1,183 M.USD or equivalent to 39,116 MB 4.8 Bn.USD incl. ERU unit 757 MMUSD COD Dec'2020 2Q2021 (Jun) 4Q2021 (Dec) 3Q2022 CAP2: 2026 (FID 2022) 2023 (FID Jul'18) 165 MMUSD or equivalent to 5,198 MB 1Q2023 13,300 MB Jan'2024 44#46Other Business: Coal business (SAR) ptt QoQ: NI dropped due to lower sales volume from export banned and hedging loss 2021 vs 2020: NI increased from higher avg. selling prices referenced to Newcastle price surged and impairment of assets in 2020 Avg. Selling Price¹/ & Cash cost¹/ Sales Volume Unit: $/Ton 184 ૨૦૨ 264 I 43% I I I Newcastle 89 95 99 Avg. Selling 4% Price 68 60 61 50 60 Total Cash 44 22% Costs 1Q21 4Q21 1/ Average Calorific value ~5,400 kcal/kg Net Income (100%) Unit: MMUSD 1Q22 K.Ton 24% QoQ 8% ΥΟΥ 6,366 4% 6,136 75 461 Total Sales Volume Sebuku 137 >100% 83 1,784 54% 5,905 6,061 Jembayan 49 1,468 8 1,354 14% 1,468 1,776 1,354 1Q21 4Q21 1Q22 2020 2021 2020 2021 Key Highlights >100% ૨૦૨ <(100)% QoQ <(100)% YoY NI 69 Operating 22 (198) 21 97 profit (10) Extra items -219 1Q21 4Q21 1Q22 2020 2021 Higher coal hedging loss following rising Newcastle price Sales volume largely dropped from lower production plan and export banned from government in Jan'22 and postponed shipment to 2Q22 + Avg. selling prices increased due to escalated Newcastle price despite capped price for domestic sales 2021 vs 2020 + Avg. selling prices largely improved following referenced Newcastle price Sales volume dropped from lower production plan and ceased operation of the Sebuku coal mine + NI improved mainly from sharply increased avg. selling prices and there was impairment of assets in 2020 45#47NBI: Power - GPSC QoQ: NI dropped significantly due to lower SPP's gross profit resulted from higher feed costs despite gain from ISP1 divestment 2021 vs 2020: Soften NI due to higher fuel costs and unplanned outages, despite better XPCL's performance ptt Sales Volume Unit: Power: GWh / Steam: '000 Ton Power 2% Steam Gross profit & Gross profit margin 32% 31% 18% 26% Gross profit margin 9% 10% Unit: MMTHB Power Steam 21,330 1% 1% QoQ 19,667 20,148 Power 28% QoQ 610 47% YoY 19,667 Gross profit VSPP & others 8% 6% ΥΟΥ 355 13,871 15,090 Steam 5,339 51 15,362 SPP 3,921 14,423 4,941 5,295 5,220 3,705 3,741 3,710 61 2,815 4,269 36 2,437 1,446 5,358 IPP 1,116 1,423 1,333 4,889 1Q21 4Q21 1Q22 2020 2021 1Q21 4Q21 1Q22 2020 2021 Net Income Unit: MMTHB 73% QoQ 84% YoY 3% 7,508 7,319 ૨૦૨ - Lower gross profit - - SPP Higher NG & coal costs and lower electricity sales volume IPP Lower AP mainly from GHECO-One's unplanned outage in 1Q22 + Gain from selling all shares in Ichinoseki Solar Power 1 GK (ISP1) in 1Q22 2021 vs 2020 Lower gross profit 1,973 1,168 313 SPP: higher fuel costs and unplanned outage of Glow Energy Phase 5 - IPP: lower AP due to planned & unplanned outage of GHECO-One in 1Q21 - 3Q21 1Q21 4Q21 1Q22 2020 2021 + Higher shares of profit from XPCL due to drought situation in 2020 46#48NBI: Power - GPSC Upcoming Projects to Bolster Future Growth Energy Recovery Unit (ERU) SCOD 2023* ERU Project updates: ➤ Engineering and design work almost done. Overall, the project has reached 78.77%. 1Q22 78.77% Electricity (MW) 250 Steam (ton/hr.) 175 4S Corporate Strategic - Action Plan Strengthen & S1 Expand the Core To drive OpEx across all asset ■ Best in class operations ■ Customer-centric utility ■ Expansion into adjacencies (e.g., water) ➤ Roll out, monitor, track and ensure OpEx is deeply embedded in all part of organization Safety operating ROIC Efficiency Reliability OEMS DRIVING PERFORMANCE EXCELLENCE 5 OpEx KPIs Changn Cantal Project Management Evve Performance Management Strato ssait Protect GPSC Pater Exp Organization & Cap Sustainability Management Rullabin Operat Asset Integrity Operations 2022 OEMS ➤ OEMS 5 OpEx Target & Organization ▸ Knowledge & Capability Zero Unplanned Shutdown (ZUS) Challenge Ranagement Velve Management Supples AEPL: Solar Power Platform in India SPP Replacement - Stage 1 | Glow Energy Phase 2 GPSC Hold 42.93% of shares SCOD | Q4/2022 GLOW Contracted Capacity 4,608 MW ptt CFXD: Offshore Wind Power Plant in Taiwan SCOD | Q1/2024 Electricity 192 1Q22 73.56% (MW) Steam (ton/hr.) 300 TIENLI V Project MW COD Operating (23 projects) Project updates: 2,413 Under construction (13 projects) 2,195 2022 2023 ➤ The engineering design work, procurement and construction progress has reached 73.56% GPSC Hold 25% of shares Contracted Capacity 595 MW Project updates: ➤ The project is under construction and expected to COD in 2024 S2 Scale-up Green energy ■ Solar power scale-up ■ Wind power scale-up ■ ESS-RE hybrid power entry Enhancing business opportunity ➤ To diversify GPSC portfolio, select investment from target and opportunistic countries AEPL: solar platform CFXD offshore wind □ others ► Green energy is a way to boost portfolio and improve risk-return profile Pitch, 4% Coal 11% Natural gas 47% Committed capacity 2023 Renewable 38% TOTAL 7,168 MW Target >50% of MW from green portfolio in 2030 S-curve & Batteries To take lead in S-Curve & Batteries S3 Energy storage systems ■ EV & Mobility batteries ■ New S-Curves Digital Power GPSC will take lead in new S-Curve ventures pertaining to Renewables, Batteries and Digital power businesses Batteries PTT Group Collaboration & Value Chain Development ➤ GPSC Joins Arun Plus to embark on EV Battery Business through "NUOVO PLUS" ➤ To move forward to regional EV market growth expansion To seek opportunistic investments and strategic partnerships To devise business and commercial offering for Virtual Power Plant (VPP) and P2P S4 Shift to Customer-centric Solutions ■Distributed generation ■ District cooling Energy Management services (EMS) ESS with Smart Energy GPSC continually develops Smart Energy Solutions to support Thailand's 4D1E policy Smart farming, Smart agriculture project RB GPSC GPSC-NSTDA join force on an innovative "Smart farming, Smart agriculture project" in the villages of Baan Suan Tonnam and Baan Huay Khab. Battery technologies & ESS to enhance the power grid efficiency project System Operator Substation Energy Storage Energy Management System GPSC and PEA team up to study the battery technologies for the upcoming trend of clean energy and focusing on the development of infrastructure necessary for the power grid management system of PEA and some technologies of ESS. 47#49PTT Group: Upcoming Projects 5th onshore pipeline (Phase I, II & III) ptt ~ Length 430 KM. LNG Terminal 2 7.5 MTPA Increased stake in Lotus pharmaceutical Entering into pharma business PTT hold ~37% ptt GSP #7 (460 MMSCFD) Replace GSP #1 Plant-based manufacturing (3 KTA) GPSC ERU Project (Power 250 MW) Thatoil Clean Fuel Project (275 → 400 KBD) GC Ole 2 Modification Plant Project Feed flexibility (propane) EV manufacturing (JV with Foxconn) *Arun+ holds 60% ptt Completed In progress Wait for FID Total Capacity 150,000 units/year ptt Algeria HBR (Phase I) Sabah H *PTTEP hold in Rotan field 56.0% and Remaining Area 42% Gas: 270 MMSCFD (100% project) Oman Block 61 *PTTEP hold 20.0% Gas: 1.5 Bcf (100% project) PTTEP MTP Retrofit (Olefins Reconfiguration) GC Ethylene 500 KTA, Propylene 250 KTA High value business (Coating Resins): Allnex *GC hold 100% (1,297 KTA) Manufacture and sell Non- Woven Fabric (5.6 KTA) oil:13 KBD *PTTEP hold 49.0% PTTEP Changfang & Xidao Project in Taiwan Offshore Wind power: 149 MW equity capacity GPSC hold 25% Ultra Clean Fuel (UCF) Building Competitiveness: Euro 5 diesel GPSC IRPC Innopolymed Company Limited ptt 2025 İRPC 2024 ptt Olefins investment: PT Chandra Asri *TOP hold 15.38% (4,243 KTA) Thaioil Battery Semi-Solid Plant (30 MWh) Avaada Project in India GPSC Solar Power: 1,978 MW equity capacity (1,036 MW in operating/942 MW in progress) GPSC hold 42.93% Central Bakery, Mixed Beverage Powder Plant and Distribution Center OR 2023 2022 2021 8th Gas Separation Plant Produce & Import Ethane (1.07 MTA) Bang Pakong- South Bangkok Pipeline Length Mozambique Area 1 *PTTEP hold 8.5% 13 MTPA or ~300 KBOED Southwest Vietnam *PTTEP hold 7-8.5% 490 MMSCFD or ~80 KBOED ~ 80 KM. PTTEP 48#50Gas Business Roadmap Short term Gas Demand growth be maintained Thailand Gas Demand Outlook (Short Term - 5 year plan) Unit MMSCFD CAGR (2022-2026) 4% 6,000 1% NGV 3% 4,000 20% 20% 2,000 19% Industry 18% GSP Power - EGAT 57% 62% - IPP - SPP 0 2021 2022 2023 2024 2025 2026 New Supply Additional capacity (mmscfd) Major Project : COD & Capacity/ Accumulate Pipeline distance RA#6 Pipeline 5th pipeline Bongkot 700 Erawan 800 4,702 KM GSP#7* LNG Terminal 2 +7.5 MTA 460 mmscfd *Replace GSP#1 GSP#8 (Ethane 1.07 MTA, LPG 0.11 MTA) BPK-SB** pipeline ~74 KM 4,776 KM **Bang Pakong- South Bangkok Power Plant ptt 49#51Newly Thailand Power Development Plan Stronger demand of NG for power plants PDP 2015* Natural Gas growth upon Government fuel diversification policy for power generation Unit: GWh 350,000 300,000 250,000 200,000 7% 3% 6% 150,000 PDP 2018 Rev.1** Natural Gas be the most important source of energy with highest portion among other fuels Unit: GWh Energy Efficiency 6% 350,000 1% Renewable 19% 18% 300,000 15% Domestic 2% 2% Hydro 2% 16% 250,000 15% 2% 8% 12% 10% Import 9% 2% Hydro 13% 10% 2% 200,000 8% 3% 7% 11% 53% 64% Natural Gas 37% 150,000 510 64% 100,000 50,000 0 10% 10% 2015 2016 *Source: Ministry of Energy 2017 2018 2019 2020 2021 2022 2023 16% 2024 2025 7% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 62% 60% 55% 100,000 50,000 17% 9% 8% 11% 6% 13% 5% 0 2018 2019 2020 2021 2022 2023 2024 2025 ** Source EPPO (Public Hearing presentation) 2% 6% 7% 8% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Import 5% Coal 6% Lignite 2037 50 ptt#52Natural Gas Demand Growth of natural gas upon Government fuel diversification policy for power generation Old* Thailand Gas demand forecast (CAGR during 2018-2032) : Total NEW** Thailand Gas demand forecast (CAGR during 2022-2036) MMscfd 6,000 5,000 : Power : GSP N N 2 0.1% 2% -7% 2 1% -6% : Industry ~ : NGV Thailand Gas Demand Replace : Coal Krabi (800 MW), EE 30% MMscfd 4,823 6000 5000 : Total ~ 2% : Power ~ : GSP 3% 2 1% : Industry ~ 2% : NGV N -4% ptt 5,785 4,000 2,635 57% Power 4000 73% 2,635 3,000 57% Power 65% 3000 2,000 78% 1,000 14% 8% 0 2000 78% 22% GSP 8% 1000 16% 5% Industry 17% NGV 2% 14% 8% 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 2029 2031 *Source: Ministry of Energy 20% 20% 3% GSP 15% Industry 19% NGV 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 1% ** Source: PTT Business plan 2022 approved by BOD on 16 Dec 2021 51#53Natural Gas Price Structure: As of Mar 2022 Gas prices are mostly agreed under long term contracts and volatility pass-through to ensure stable returns ptt Customers Power Producers 60% : EGAT 18% : IPP 13% : SPP 29% Gas Pool Price Average Purchased Gas Price Sales Price Structure Supply Margins + Pipeline Tariffs 1.75% * 1.75% * 9.33% * * EGAT IPP and SPP Supply Margins not more than 2.1525 and 11.4759 bt/mmbtu respectively GSP 19% Petrochemicals Feedstocks Ethane, Propane, LPG NGL Local Cooking Gas Export Cooking Gas Industry NGV 18% 3% Charged at the same price structure of power producers Profit-sharing mechanism based on market prices of petrochemicals Reference to Naphtha market price At GSPs cost (adjusted every 3 months) Reference to a bi-weekly average of Platt's FOB Arub Gulf price Charged at prices comparable to fuel oil Charged at Avg. gas cost + Operating cost (3.892 bt/kg) for both Public & Private vehicles NGV's selling price reflects the natural gas cost and operating cost* (including gas quality adjustment) * The allowed operating cost is still regulated and not fully cover PTT's operating cost **A cap of NGV price at 13.62 baht/kg from 1 Nov 21 for taxi and 15.59 baht/kg for private and other vehicles from 16 Nov 21 until 15 Sep 22 . Public transportation vehicles: regulated and capped to minimize the impact from the rising global crude prices on end-users Since 16 May 2018: Allowance to adjust NGV public price from 10.62 Baht/Kg. to 13.62 Baht/Kg. by every 4 month (16 May 19, 16 Sep 19 and 16 Jan 20) Since 1 Jan 2021 : Use the same pricing as private vehicles Private vehicles: reflect the natural gas cost, gas quality adjustment and operating cost (not fully cover PTT's operating cost) Since 16 Jul 2016: The retail price is set to reflect the natural gas cost but operating cost is still regulated Since 5 Sep 2017: Allowance to adjusted +0.46 Baht/Kg. to 3.8920 Baht/Kg. for gas quality improvement cost 21.7 Bt/MMBtu 52#54Gas Business Generates Stable Returns Overview Gas transmission pipeline capacity Sole owner and operator of entire gas transmission pipelines in Thailand (~4,000 km), a regulated business IRROE ranges between 12.5% 18% for transmission pipeline investment Supply & marketing of natural gas provides fixed margin with long-term contracts of 25-30 years 6 Gas Separation Plants; Total production 6.7 MTA; are on petrochemical market price-linked profit sharing basis Yadana Myanmar Laos Natural Gas Transmission Pipeline System and Gas Seperation Plants Zawtika Yetagun Andaman Sea GAS TRANSPORTATION PIPELINE CAPACITY • Natural Gas Field Power Plant • Gas Seperation Plant Unit 1, 2, 3, 5, 6 in Rayong . Gas Seperation Plant Unit 4 in Nakhon Si Thammarat Vietnam Gas Separation Plant Capacity Unit 1 420 MMcf/d Unit 2 and 3 820 MMcf/d Sin Phu Hom Unit 4 170 MMcf/d Nam Phong. Unit 5 580 MMcf/d Unit 6 880 MMcf/d Ban I Tong Nakhon Sawan Tha Luang Thailand 44 Nakhon Ratchasima (Ayuthays) Wang Noi Kaeng Khoi Industrial Estate NBK SBK BRK Bang Chan industrial Estate Ladkrabang Industrial Estate 304 Industrial Estate Khao Hin Sorn Ratchaburi Banglee Industrial Estate Bang Po Industrial Estate Samut Prakan Chon Buri ESB Rayong Gulf of Thailand Benchamas Tantawan Platong 2 Platong Erawan • Block Valve/ Important Node Khanom North Pailin in Pipeline Network South Pailin • Map Ta Phut LNG Terminal (T-1) LNG Receiving Terminal (T-2): Future Existing Pipeline Future Pipeline Industrial Estate Nameplate Capacity Unit 1 420 MMSCFD Unit 2 and 3 820 MMSCFD Pinhong Industrial Estate ha Group in Laem Chabang Industrial Estate WHA Chonburi Industrial Estate 1. Hamara Eastern Seaboard Industrial Estate Eastern Seaboard Industrial Estate Amata City Industrial Estate Asia Industrial Estate Map Ta Phut Industrial Estate Hemara Eastern Industrial Estate (Mapa) Cambodia Arthit Bongkot South Bongkot Songkhla Sadao Nameplate Capacity ncluding incremental capacity from Dhane Seperation Plant Unit 4 170 MMSCFD Unit 5 560 MMSCFD Unit 6 880 MMSCFD Thai-Malaysia Joint Development Area (JDA) ptt 53#55Sufficiency Economy DJSI PTT Sustainability Strategic Direction SUSTAINABILITY as Business Goal Sufficiency Economy Moderation Environmental Optt Moderation Reasonableness Reasonableness Prudence Prudence Social Knowledge Virtues Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA 1 2 3 W 4 ESG Governance & Economics 5 7 10 11 12 Am 13 14 15 16 16 MOTTING 17 FOR THE GOALLE ENVIRON NVIRONMENTAL -0000- Sustainable Production and Consumption โลกเราต้องรักษ์ 00 Low Carbon Circular Society Economy PTT's Sustainability DNA SOCIAL People's Well-being สังคมไทยเราต้องอุ้มชู + Safety and Human Rights Workforce Social Shared Value for New Growth со G SUSTAINABLE DEVELOPMENT GOALS GOVERNANCE 000- Good Governance and Performance Excellence ผลดำเนินงานเราต้องเลิศ ΔΙΔ Economic Drive by creating 'Next Growth' Operate with Integrity (GRC) SDGs 54#56PTT Group Clean & Green Strategic Execution ES G 2012 Base year Continue execution in GHG reduction and initiate carbon price application to enable green investment Aim to achieve Carbon Neutrality By 2050, and Net Zero By 2065 (align with "National Energy Plan") 2018 2021 Optt Group 2030 GOAL Aim to reduce GHG emission ptt 15% from 2020 Group 2030 STRATEGIC DIRECTION to achieve GHG reduction and manage carbon intensity CO2 Scope 1+2 (Direct and Indirect Greenhouse Gas Emissions) Scope 3 (Other Indirect Greenhouse Gas Emission) Enabler Review and adjust price to ensure meeting GHG reduction target Apply Carbon Price in Investment Decision Process As Hidden Price in Feasibility Study 20 USD per ton CO₂e Process Optimization & Energy Efficiency (All facilities) CO2 Renewable Energy in Operations (All facilities) Biofuel/Low Carbon Product BIOFUEL (OR, GC, IRPC, TOP, INI) ptt ircular Economy CO₂ Utilization and Storage (PTTEP, PTT) Reforestation & Community GHG Project (CSR) Circular Economy (GC, IRPC) Renewable/New Energy Financial & investment Mechanism R&D Partnership Investment (PTT, GPSC) Carbon Neutral Framework Carbon Credit Offset Electric Mobility (PTT) Carbon Exchange Platform 55#57Clean Growth 15% CO2 emission 2022-2030 PTT Group move towards Carbon Neutrality and Net Zero 2 3P a Decarbonization Pathways Pursuit of lower emissions Partnership with nature and society (Reforestation) Reforest 2,000,000 rai by 2030 (1 M. Rai by PTT and 1 M.Rai by Group) Carbon credit sharing (90:10) Green carbon / Blue carbon ptt Group NET ZERO ptt Corporate Strategy and Sustainability SRTICTLY CONFIDENTIAL any use of this material without permission is prohibited % ptt (Clean growth) 15% GHG reduction from 2020 by 2030 ☐ Carbon capture, utilization and storage (CCUS) ☐ Clean energy (RE/ Hydrogen) ☐ Energy efficiency and optimization Carbon offset/ carbon trading $ Portfolio transformation (Business growth) RE 12 GW by 2030 (Green portfolio) Future Energy and Beyond 32% of CAPEX 2021 - 2030 ◉ Portfolio shifting to Low carbon business ■ Future Energy & Beyond as a New Core 56#58PTT's Performance on Sustainability Management Environmental: Sustainable Production and Consumption E GHG "Clean growth" Ptt LCSt LCSi Award 3rd consecutive year Aim to reduce GHG emission 15% from 2020 by 2030 Group In 2021, PTT Group's GHG emissions was 33.15 MtCO2e* Achieve the target. กระทรวงพลังงาน Prototype traffic cone (recycle from lube container) MINISTRY OF ENERGY htt PRISM النظر Education 機 TGO KACHAO PERFORMA ptt Inl INNOVATION INSTITUTE OR PTT Group's "Giving "au ptt Group Listed a member of the DJSI 10th consecutive year in the World Index and the Emerging Market Index. Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA Sustainability Award Silver Class 2022 S&P Global PTT is awarded a Silver Class distinction from the S&P Global Sustainability Award 2022 PTT won Sustainability Awards of Honor and was listed in Thailand Sustainability Investment (THSI) from SET Awards 2021 S Collaborated with various sectors, private and public, to develop the energy policy, the forestry and carbon credit mechanism support Thailand's net zero target. Restart Social: People Well-being Thailand RESTART First jobber and unemployed 2021 25,000 jobs 2022 23,000 jobs G Smart Farming & ชมชน ยิ้มได้:) Social Enterprise Projects Smart Marketing, Developing youth skill, Café Amazon for Enhancing innovation 25 areas across the country Developing community product 1,250 SKUs Increasing community income at least 10% by STEEM +4E model through training teachers from 109 schools Supporting KVIS and VISTEC to develop advanced research Chance Community Coffee Sourcing •Forest for Chance ⚫ PTT Daycare •PTT Group Lounge และระบบพิ QAS URBANIZATION REGENERANCH KHUNG BANG • New planting forestry of PTT Group's 2 million rai Existing 1 million rai of forestry area are PTT's planted and cared Increasing green area in Bang Krachao 4,368 rai (target 6,000 rai) Governance: Good Governance and Performance Excellence Powering life with Future energy and Beyond Spil Natural Disaster Relief Supporting victims of drought and cold • More than 24,000 person; Victims of floods rescued from pmm Breath Project" No Lost Time Accident (LTA) and Safety and Occupational Health targets of employee and contractor: Achieve the target. ++ SET AWARDS 2021 Sustainable Development Goals (SDGs) PTT's operations fully support 17 SDGs 1 POVERTY 2 ++ SSS 3 AND WELL-BEING EDUCATION 5 ONDER QUALITY LAN WATE AND SANITATION . • Will. Renewable Future Energy H2 Electricity Hydrogen Value Chain 13 Dimens den neden Cc mu "Stan dosdov 13 0 Excellent CG Scoring Life Science Mobility & Lifestyle High Value Business Beyond 13th consecutive year AAAAA Logistics & Al, Robotics Ready to Infrastructure digitalization explore... *including both direct and indirect emissions (scope 1 and 2), **Total Recordable Injuries Rate (TRIR) and Occupational illness frequency rate (OIFR). ITA Integrity and Transparency Assessment (ITA) Score 94.26 (Level A) DECENT WORK AND HONOR Sustainability Excellence 2021 ANDRASTRUCTURE 10 INEQUALITES 11 13 CLIMATE ACTION 14 15年 THSI THAILAND SUSTAINABILITY INVESTMENT 2021 12 RESPONSE COMPTION AND PRODUCTION လ 10 ON LAND PEACE JUSTICE 16 AND STRING INSTITUTIONS 17 PARTNERSHIPS FOR THE GOALS SUSTAINABLE DEVELOPMENT GOALS 57#59Thank you Ouver PTT Public Company Limited - Investor Relations Department Tel. +66 2 537-3518, Fax. +66 2 537-3948 E-mail: [email protected] Www Website: http://www.pttplc.com Disclaimer The information contained in our presentation is intended solely for your personal reference only. Please do not circulate this material. If you are not an intended recipient, you must not read, disclose, copy, retain, distribute or take any action in reliance upon it. In addition, such information contains projections and forward-looking statements that reflect our current views with respect to future events, financial performance and result of PTT's activities. These views are based on assumptions subject to various risks and uncertainties. No assurance is given that future events will occur, that projections will be achieved, or that our assumptions are correct. Actual results may differ materially from those projected. The information contained in this presentation is subject to change without notice and PTT does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations. ptt 58