#1ptt HN Investor Update April 2022#2Contents 01 T0 02 03 04 05 50 Overview 4Q2021 & YE2021 Performance Strategy Outlook Supplementary Information ptt 1#3Oil Balance Thailand: Jan - Dec 2021 Adequate refining capacity maintains the stability of country supply Supply Import (84%) 898 KBD Production Imported Refined Petroleum Products 35 KBD Indigenous (16%) 174 KBD Crude/ Condensate 863 KBD Total Refining Capacity in Thailand: 1,242 KBD Refined Products 1,004 KBD* Crude/ Condensate 158 KBD PTT's Associated Refineries : 770 KBD (TOP, PTTGC, IRPC) Other Refineries : 472 KBD (SPRC, ESSO, BCP) Crude Export 16 KBD Demand Domestic 837 KBD (**) Refined Products 212 KBD Export 228 KBD Source: PTIT Remark: (*)Refined product from refineries = 914 KBD, including domestic supply of LPG from GSPs and Petrochemical Plants = 90 KBD (**) Included Inventory KBD = Thousand Barrels per day ptt 2#4Natural Gas Balance: Jan - Dec 2021 Main driver of the Thai economy Supply Gulf of Thailand (62%) Production Sales Ethane/ Propane/ LPG/NGL Petrochemical Feedstock (12%) Others, 58% PTTEP, 42% 2,733 MMSCFD Gas Separation Plant ANAWAN 田田 Onshore (2%) 104 MMSCFD Import (36%) 1,583 MMSCFD Myanmar, 44% LNG, 56% 6 GSPs Total Capacity 2,870 MMSCFD @ Actual Heat Bypass Gas 322 MMSCFD Methane 1,502 MMSCFD Remark: MMSCFD = Million Cubic Feet @ Heating Value 1,000 Btu/ft³ 909 MMSCFD (20%) LPG/NGL Industry Household Transportation (8%) Power (59%) 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 19,967 bn (USD 597 Bn*) PTT Group: Note: As of Mar 31, 2022 Bt 2,596 bn (USD 76 Bn*) Note: As of Sep 30, 2021 GPSC GGC PTT Group IRPC 3% 8% 1% 13% TOP 4% PTT PTTGC • ⚫ Thai Public 37% • Foreign 9% 28% Thai Ministry of Finance 51% 9% 42% Others 87% Revenue 12,553 CAGR 8% Net Income 69% Affiliate 702 19% 81% 2001 1 2021 Annual, BOT selling rate USD/THB of 32.15 (Avg. rate) 31% PTT 2021 * As of Mar 31, 2022, BOT selling rate USD/THB of 33.46 (End rate) Robust revenue and net income growth since IPO (MMUSD) 1 CAGR 9% 70,259 3,371 OR 11% 22% 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 : 2,080 retail stations² and ~42%² of market share by sales volume International oil trading business having traded 79.1 bn litters² Power Plant flagship with committed capacity of 7,122 MW² (equity portion) 2 As of Dec 2021 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 45rd in 2021 140th in 2020 23rd in 2020 130th in 2019 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 Dow Jones Sustainability Indexes Dow Jones Sustainability Index (DJSI) DJSI Member 2011-2021 (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 Dec 2021 PTTEP (65.29%) - Oil, Gas, Condensate -> 40 Projects in 15 Countries - 1,350 mmboe proved reserves or 7.5 years in 2021 Natural Gas • • · 4 gas pipelines • 6 Gas Separation Plants • Procurement & Marketing NGV Downward Integration (PTT Operate through our subsidiaries) Oil & Retail Refineries OR (75%) Market Share ~ 42%¹ - Oil (2,080 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 (50%) LNG Value Chain Trading ptt GLOBAL LING ptt LNG (100%) • Crude Procurement • LNG Receiving Facilities • Import/Export • Commodity Hedging • Int'l Office: China/ Petrochemicals Singapore/ Abu Dhabi/ London/ USA/ Thailand • Traded 79.1 bn liters¹ New Business and Infrastructure Power Coal Mine in Indonesia ptt GM (100%) • Engineering & Project Mgt. . Asset management GC IRPC (48%) Market Share > 50% - Integrated Refineries & Petrochemical (~ 75%²) GPSC 7,122 MW1 (equity portion) - Electricity (In process for divestment) • Innovation & Digital - Steam & Chill Water - Energy Storage • Renewable Energy Future Energy • GRP GPSC (50%) (~ 75%) EV Chain ARUN+ Eme SWAP4GO (100%) (100%) (100%) HORIZONT NUOVO OR GPSC (60%) (51%) (75%) (~ 75%) PTT Group's renewable energy portfolio is ~2.7 GW¹ - EV Service platform & Electric Vehicles/ Batteries - 47 EV Charging stations Beyond Energy • Life Sciences Sinnobic • • AI Robotics Pharmaceutical Medical device Nutrition Lotus A * Inno POLYMED (6.66%)³ JV with IRPC (PTT 40: IRPC 60) AI/Robotics Cloud service, Data center ANRF JV with NRF (50:50) (100%) • Digital platform RAISE (50%) PTTEP (100%) MEKHA TECH recc 1 As of Dec 2021/ 2 Holding portion of PTT Group (direct & indirect)/ 3Increase stakes to 37% (direct & indirect) in 3Q2022 (100%) (100%) ptt 5 UT#7Contents 01 02 03 04 05 50 Overview 4Q2021 & YE2021 Performance Strategy Outlook Supplementary Information ptt 6#8ptt Key Activities in 4Q2021 Future Energy Arun Plus JV (51%) with GPSC to establish "Nuovo Plus" to support battery business value chain JV (60%) with FOXCONN to establish "Horizon Plus" to operate the electric vehicle manufacturing business Establishment of ReAcc to be the trading platform for clean energy and climate neutrality PTTEP Beyond JV (30%) with Gulf & Chec Oversea for operating Laem Chabang port phase III Increase stake to 37% in Lotus Pharmaceutical and investment in Adalvo (60%) • • A cap of NGV price at 15.59 baht/kg from 15 Nov 21 for private and other vehicles and 13.62 baht/kg for taxi from 1 Nov 21 until 15 Jun 22 Divestment of East Mediterranean Gas S.A.E (operate gas pipeline business in Egypt) with the total amount of approximately USD 50 mn ptt NGV DIVESTMENT OR Acquisition of 25% stakes in the Concession Area C exploration block in UAE Established 3 subsidiaries to support future investment in renewable energy - FutureTech Energy Venture & FutureTech Solar (Thailand) : Solar thermal - Delta Gas Transportation: Gas to power ORZON Establishment of ORZON VENTURES to invest in high-potential startup companies in Thailand and Southeast Asia KOUEN SUSHI BAR KAMU KAMU かむかむ Investment 25% in KAMU & KOUEN Global Cuisine to strengthen OR's food and beverage business 7#9Key Business Drivers: Increased in most of petroleum and petrochemical prices due to demand recovery resulted from easing of lockdown and vaccines rollout AVG. Petroleum Prices ($/bbl) ptt Dubai FO 3.5% ૨૦૧ YOY 9% 5% 76% 62% 100 2021 vs 2020 64% 63% 83.5 Dubai 78.4 880 76.1 71.7 66.9 FO 60.0 60 60 (3.5%) 50.7 44.6 71.5 68.3 42.9 61.1 30.6 56.6 40 40 44.1 338262 AVG. NG Prices ($/MMBTU) ૨૦૦ YOY JLC-LNG** 32% JKM* 2021 vs 2020 ▲ >100% 32% 89% >100% >100% Avg. Pool 19% 35.1 43% 5% 24 25.9 JKM Spot* 20 18.6 16 10.1 13.5 JLC-LNG** 12 9.4 10.0 10.2 43.4 20 20 9.1 40.4 8.0 8.4 8.5 8.14 28.9 8 7.23 6.79 6.84 Avg. Pooled 6.3 6.3 6.36 gas price 2020 Dubai avg.: 42.2 2021 Dubai avg.: 692 4 3.6 6.20 2.1 5.68 5.89 3.6 0 1Q20 2Q20 0 * JKM = Japan Korea Marker **JLC = Japan LNG Cocktail : Landed LNG price in Japan 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Jan'22 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Jan'22 Petrochemical Prices (Avg. $/ton) AVG. FX (THB/USD) PP HDPE PX BZ Naphtha 2020 (end FX 30.2) ૨૦૦ YOY 7% 17% 10% 25% 59% 3% 5% 10% 35 79% ▲ 83% End: Baht Appre. Bt 0.1 or 0.3% 2021 (end FX 33.6) End: Baht Depre. Bt 3.4 or 11.3% 1600 2021 vs 2020 33% 34% 49% 88% ▲ 70% 34 33.6 33.4 1,338 1,335 33.1 1,365 1300 1,250 1,304 PP 4020 (end FX 30.2) 1,252 1,142 1,145 1,191 1,138 1231 HDPE 333 33 End: Baht Appre. 986 32.1 Bt 1.6 or 5.0% 968 966 993 1000 1,000 871 945 996 BZ 32 839 859 919 963 PX 31.5 31.5 31.5 919 893 4021 (end FX 33.6) End: Baht Appre. Bt 0.5 or 1.5% 766 760 745 700 706 676 770 Naphtha 606 31 614 496 546 561 753 30.8 30.4 3021 (end FX 34.1) End: Baht Depre. 371 427 529 557 Bt 1.9 or 5.9% 400 440 30 408 397 274 100 Note: Figures are average & Naphtha (MOP) 2020 Avg. 31.5/ End: 30:2 29 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Jan'22 1Q20 2Q20 3Q20 2021 Avg. : 32.2/ End : 33.6 4Q20 1Q21 2Q21 3Q21 4Q21 Jan'22 8#10PTT Consolidated Performance: 4Q2021 & 2021 ptt QoQ: Improved NI mainly from lower derivative loss and increased FX gain despite slightly soften margin and higher impairment loss 2021 vs 2020: Robust performance as a result of global petroleum & petrochemical prices and demands recovery NI Unit: MB 16% QoQ >100% YoY >100% 427,956 REVENUE 23% QoQ 40% Unit: MB 69% YOY 2,258,818 EBITDA Unit: MB 8% QoQ 41% YoY 90% 1,615,665 688,837 558,888 407,174 225,672 110,522 101,271 71,614 137,766 23,653 27,544 13,147 108,363 4Q20 3Q21 4Q21 2020 2021 4Q20 3Q21 4Q21 2020 2021 4Q20 3Q21 4Q21 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% 3% E & P REVENUE EBITDA 38% P&R 28% Oil & Retail NI 8% 2,258,818 MB 30% 427,956 MB 108,363 MB 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.#114Q21 vs 3Q21 PTT Consolidated Performance (QoQ): NI increased from lower derivative loss and higher FX gain despite soften margin and loss from impairment MMTHB Net Income 16% 27,544 Others + Coal: Increased in selling prices, and sales volume due to seasonal demand PTTT: Decreased from MTM loss of petroleum products NBI (mainly from power) Lower GPSC's performance from increased NG cost and decrease in shares of profit from XPCL due to seasonal impact Oil & Retail + Both oil and non-oil have increased sales volume from easing of lockdown in 4Q21 23,653 43% Net Income excl. Extra items 34,475 - Oil margin dropped 24,112 2,552 714 Margin 974 3,432 4Q21: 120,132 1,400 3Q21: 120,846 Stock 4,005 6,231 8,950 (459) 3Q21 Gain/(Loss) 1,373 5,105 5,444 4Q21: 7,383 3Q21: 10,815 Other Income 4Q21: (55) 3Q21: 1,318 8,374 OPEX DD&A 4Q21: (26,244) 4Q21: (33,851) 3Q21: (21,139) 3Q21: (39,295) Impairment 4Q21: (9,250) 3Q21: (876) 5,695 Int. & CIT Exp. & Other 4Q21: (35,538) 3Q21: (29,843) 4,039 645 1,706 23,140 6,103 Others/1 58% NBI/2 ▼34% Oil & Retails P&R ▲ 22% ▲ 52% 11,011 PTTEP A77% FX & Derivatives 4Q21: 4,967 3Q21: (18,173) 10,971 PTT ▲ 23% Petrochemical & Refining +Higher derivative gain despite soften operating profit Refinery + Higher Mkt GRM due to improved product spreads and higher sales vol. Petrochemical - Higher feed cost and lower sales vol. PTTEP + Higher avg. selling prices from higher liquid price + Sales volume increased from Malaysia and MTJDA project + Lower DD&A mainly from Bongkot PTT +Higher gain on FX despite soften operating profit of Gas Gas S&M: Higher pooled gas cost and lower gas sales volume NGV: Higher gas cost while prices were capped + GSP: Higher avg. selling prices of all products despite lower sales vol. Trading + Higher domestic condensate margin & sales vol. Extra Items* (*PTT's portion net tax amount) 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 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 (6,931) Extra >100% Items • PTT: Take or pay Myanmar gas contract returned to gov. ~2,700 MB offset with gas discount from production shortfall ~1,700 MB 4Q21 • Gain on disposal of gas pipeline in Egypt ~1,400 MB 3Q21 : PTT's write-off on obsolete materials and supplies of 702 MB offset with TOP's gain on divestment of UBE 233 MB 10#122021 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 & Other 2021: (130,448) 2020: (51,708) 3,307 8,968 27,386 NBI/2 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 11#13PTT EBITDA Breakdown by Business ptt Unit: MMTHB 2021 vs 4Q20 3Q21 4Q21 QoQ YOY 2020 2021 2020 GAS 16,202 23,388 19,200 18% 19% 54,942 86,497 57% S&M 2,796 4,281 1,578 63% 44% 8,120 14,366 77% TM 8,084 8,463 7,911 7% 2% 34,850 33,071 5% GSP 2,969 8,198 8,443 3% >100% 4,879 30,245 >100% NGV (159) (465) (1,252) ▼>100% >100% (1,836) (2,363) 29% Others 2,512 2,911 2,520 13% 8,929 11,178 25% Trading 265 1,942 1,449 25% >100% 3,024 5,436 80% Total 16,467 25,330 20,649 18% 25% 57,966 91,933 59% 12#14Financial Position Strong Balance Sheets maintained credit ratings Consolidated Balance Sheets MMTHB Key Financial Ratios ptt 21% 1.68 3,078,019 1.37 Net Debt/EBITDA ≤ 2.0 2,544,183 361,637 655,254 Cash & AP & Other Liabilities 0.40 0.29 ST Invest 491,769 Net Debt/Equity ≤ 1.0 416,921 462,835 AR & Other Current 304,010 Assets 799,199 Others 795,503 Interest 949,825 Bearing Debt (IBD) 2020 2021 530,535 Non- current Assets Total PTT Ratings at Sovereign Level MOODY'S S&P Global Fitch Ratings Ratings PPE 1,292,717 1,285,845 1,425,414 1,472,940 Equity Foreign Currency Local Currency Baa1 BBB+ BBB+ Baa1 BBB+ BBB+ 31 Dec 20 31 Dec 21 + Increase in Others Non-current Assets mainly from the increase in intangible assets and goodwill from GC's acquisition of Allnex + Increase in Account Receivables and Inventories from the rise of product prices + Higher PPE from PTTEP's business acquisition of Oman Block 61 and TOP's construction in progress of Clean Fuel Project + Increase in IBD from long-term loan and bond issuances of GC, PTT, and TOP + Increase in Equity due to PTT group's net profit and OR's capital increase 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 10 03 04 05 50 Overview 4Q2021 & YE2021 Performance Strategy Outlook Supplementary Information 15 ptt#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 Recycle Sunumoble defopment 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 RAISE Robotics & Al Service Enabler SYS MEKHA TECH 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 LNG* 2 3 Power (Conventional) Renewable energy 12 GW Clean growth 15% GHG reduction from 2020 (Moving to net zero GHG within 2060) 9 MTA 8 GW P&R Supply chain integration Move to high value business Oil & Retail Grow in retail with customer- oriented Future Energy & New business [] Power 17% PTT Group Hydrocarbon Business 68% Beyond 32% Future Energy 15% CAPEX (RE, ESS, EV) (2021-2030) (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 1/ PTT: Committed CAPEX (PTT and Wholly Owned Subsidiaries) PTT 5-Years (2022-2026) Committed CAPEX Plan totaling Baht 102,165 million or ~ USD 3.2 bn¹/ New Business & Infrastructure (NBI) LNG Terminal business 17,930 MB LNG Terminal 2 (Nong-Fab) (PTT LNG) Map Ta Phut Phase#3 (PTT Tank) Transmission 20,547 MB Bang Pakong- South Bangkok Pipeline 5th onshore Pipeline 16,443 MB 17% i.e. Arun plus,Laem Chabang Port#3 (PTT Tank), Innobic, Venture Capital, EECI, etc. 16% 20% Trading and Others 2% 1,734 MB Unit: MMTHB ■Natural Gas ■Transmission ■LNG Terminal business ■NBI ■Trading and Others 45% Gas business group 83,988 MB 82% Gas 45,511 MB GSP #7 (To replace GSP #1) and GSP #8 (LNG Extraction for Ethane and LPG with Ethane Storage & Receiving Facilities) 46,589 31,274 14,643 7,072 2,587 2023 2024 2025 2026 2022 Note: 2022-2026 budget approved by BOD on 16 Dec 21 1/ FX rate (avg.) 32.1Baht/USD The Provisional uncommitted CAPEX ~Bt 238 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 944 bn or USD 29 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% 11% Thaioil GC İRPC 31% OR PTTEP 54% 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 747 bn opo ptt 23#2501 Contents 02 02 03 04 50 05 50 Overview 4Q2021 & YE2021 Performance Strategy Outlook ptt Supplementary Information 24#26Gas/LNG Petroleum 2022 Petroleum and Gas Outlook $/bbl 150 100 50 Dubai ptt + Recovered demand driven by higher vaccination rates and low global crude inventories (GRM) + Geopolitical tensions between Russia and Ukraine, and unrest in ME 24 Concern of Omicron variants pressure market sentiment 20 16 - OPEC+ agreed to continue increasing production 400 KBD/month from Aug'21 to Sep'22 and the market will be surplus from Q2'22 onwards 12 - Refinery maintenance season (Mar-Apr & Sept-Oct) - US supply gradually recover due to high crude price and the new budget year 8 - 4 · Iran may increase supply in 2H22 if US relief sanction relief within Q1 Mogas 0 + Rising mobility in Asia amid easing travel restriction measures + Lower Chinese export due to limited export quota + Support from US summer driving season in Q3 Concern on Omicron variant caused travel restriction in some countries - Easing supply from higher utilization rate along with recovered demand Gasoil + Demand recovery from the industrial and transportation sectors + Lower Chinese export due to limited export quota 1Q21 Dubai Price 2Q21 3Q21 4Q21 Mogas Gasoil 1Q22 HSFO 2Q22 3Q22 4Q22 ⚫VLSFO -Singapore GRM Y2021 4Q2021 1Q2022(E) Dubai Mogas Gasoil HSFO (3.5%S) 69.2 78.4 96-101 80.3 93.8 113-118 2022(E) 100-105 118-123 76.0 89.8 64.4 71.5 VLSFO (0.5%S) 75.4 85.3 Singapore GRM 3.4 6.1 115-120 85-90 108-113 6.5-7.5 118-123 92-97 111-116 6.0-7.0 + Low stock levels below 5 years average across all regions Source: PTT, PRISM Petroleum Rolling as of March 2022 $/MMBTU 40 Asian Spot LNG 35 30 Henry Hub 25 20 15 - Fading heating demand after winter ends Fuel Oil HSFO: + Higher demand from economic recovery and more installation of scrubber in marine vessels - Easing supply from OPEC+ and higher utilization rate along with recovered demand VLSFO: + Improved bunker demand following the increasing trading activities - - Higher supply from the increase in Chinese export quotas, higher utilization rate, and new capacity from Kuwait Singapore GRM + Improve following the recovery of gasoline and middle distillates Gas/LNG Asian Spot LNG: + Geopolitical tensions between Russia and Ukraine + European gas stock hit a record low in Jan'22 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Price Y2021 4Q2021 Asian Spot LNG 18.5 35.1 1Q2022(E) 26.3 2022(E) - Expected more US LNG export in 2022 22.7 Henry Hub (HH) 3.7 4.8 3.8 3.8 Henry Hub: + Recovered demand since the end of 2021 Source: FGE & EIA as of January 2022 Sufficient inventories during this winter in North Asia - US gas supply will increase more than demand, especially in 2H22 25#27Naphtha Aromatics Olefins 2022 Petrochemical Outlook Price Y2021 4Q2021 1Q2022(E) 2022(E) HDPE 1,182 $/Ton 1,600 PP Film 1,321 1,252 1,335 1,315 - 1,365 1,365 - 1,415 1,365 - 1,415 1,347 - 1,397 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 4Q2021 945 PX 859 893 1Q2022(E) 1,080 - 1,130 1,100 - 1,150 2022(E) 1,130 - 1,180 1,160 - 1,210 1,400 1,200 1,000 800 BZ FOB Korea - PX CFR Taiwan 600 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 $/Ton Price Naphtha MOPJ Y2021 647 4Q2021 744 1Q2022(E) 897-947 2022(E) 935-985 1,100 900 700 500 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Source: PTT, PRISM Petrochemical Rolling as of March 2022 ptt Olefins + Tighten Asian supply from production cuts due to squeezed margins and seasonal turnarounds in late 1Q until 2Q + Expected demand recovery according to brighter economic prospects and higher vaccination campaigns - + Stronger feedstock costs and freight rates to support olefins prices Incoming additional Asian capacities from Northeast Asia and Southeast Asia especially China throughout 2022 Aromatics - + Lower supply from production cuts due to squeezed margin and seasonal turnarounds in late 1Q until 2Q + Higher demand from new capacities of SM/ PTA downstream and economic recovery + Stronger feedstock costs to support aromatics prices - Closed Asia-US arbitrage opportunities to weigh on BZ sentiment Elevated Chinese inventories pressure on BZ & PX markets Incoming additional Asian capacities from Northeast Asia and Southeast Asia especially China throughout 2022 Naphtha + More gasoline blending demand especially US driving season in 3Q + Additional demand from petrochemical plants which expected to COD throughout 2022 - Weak demand as a result of switching to LPG after winter and sluggish petchem margins, prompted more Asian crackers to reduce operating rates Cracker maintenance between late Q1 to early 2Q - - Rising supply from higher refinery's utilization rate resulted from recovered demand 26#28E&P GAS GAS Business outlook in 2022 PTT Group 2022 Guidance : + Vol. 1~12%, +Unit cost 1-2-5% : + Domestic gas demand slightly increase despite higher gas cost compared to 2021 Unit: MMSCFD 6,000 3% 4,000 2,000 19% 18% CAGR (2022-2026) 3.5% CAGR 3.5% (during 2022 -2026) GSP's U-Rate 19% 18% NGV Industry GSP Power - EGAT 62% 82-87% in 2022 - IPP - SPP 2021 2022 2023 2024 2025 2026 ptt Upcoming project in 2022 Optt 5th Pipeline [ ptt Phase I Phase II Phase III RAGHES Tratolits Phase 2 BV SA 99.6% 90.8% 30.0% www invalin Phase 1 ios uhul 5 a 1 Phase 3 อาเล่นที 5 สามที่ 3 PSMKS COD Mar 2022 Oct 2022 Dec 2022 GDFS GDF4 E LMPT-2 OIL P&R :+Resuming domestic demand + Oil station 186 stations + Café Amazon 506 stores : Refinery +Improving Demand after the global economic recovery (SG GRM 6.0-7.0$/bbl) - Lower PTT Group U-Rate ~91-95% Petchem: + Higher demand from economic recovery and vaccination rate - More capacities addition from new plants will : pressure the product prices Power +Recover domestic electricity consumption Future Energy: +Expansion of EV charger (Arun plus +1,350 units & OR +200 inside PTT stations, +150 outside PTT stations) +EVME: increasing EV car in the fleet > 500 units New business: + Lotus: starting to recognize NI contribution in 2Q2022 Gas Separation Plants Maintenance schedule in 2022 92.5% LNG ptt LNG Terminal#2 Fully COD: Dec 2022 NNAW 1st phase mid year 2.5 MTA ptt FID-EV Platform (JV with Foxconn) in 1H2022 IRPC Non-Woven Fabric products: 5.6 KTA Sinnobic COD: 2Q2022 GC High-quality Circular Plastic Resin Plant: 45 KTA COD: 1Q2022 GPSC Avaada Solar Power Platform in India: 4,560 MW GPSC hold 41.6% (2,205 MW in operating / 2,403 MW in progress) Petrochemical & Refinery 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 GC İRPC® 2Q: Ole 3 & ARO I Major TA : ~1 month 4Q: Ole 2/2 & HDPE Major TA : ~1 month Refinery Plant Major TA : 50 days 4Q: Refinery Plant Major TA: ~1 month 27#29Contents 01 02 03 04 50 05 Overview 4Q2021 & YE2021 Performance Strategy Outlook Supplementary Information ptt 28#30Supplementary Information PTT Group Performance Cash Flow Debt Profile PTT Group Accounting Structure Financial Performance by business P.30-31 P.32-33 P.34 P.35 P.36-46 PTT Group: Upcoming Projects P.47 Gas Roadmap & PDP P.48-50 Natural Gas Price Structure & Pipeline Business P.51-52 ESG Strategy P.53-55 ptt 29#31PTT Group Performance: 4Q2021 (QoQ & YoY) ptt Performance 100% Unit: MMTHB % PTT holding Equity Method % PTT 4020 3021 4021 QoQ ΥΟΥ 4020 3021 4021 OoQ YOY PTT Net Operating Income 8,351 8,248 7,683 -7% -8% 8,351 8,248 7,683 -7% -8% E&P - PTTEP 2,527 9,545 10,646 12% >100% 65.29% 1,623 6,231 6,950 12% >100% Petrochemical - GC 6,467 7,083 3,278 -54% -49% 2,885 3,545 1,064 -70% -63% 6,405 7,005 3,247 -54% -49% 48.18% 2,824 3,467 1,033 -70% -63% - Other 62 78 31 -60% -50% 61 78 31 -60% -49% Refining - TOP 8,866 4,217 7,228 71% -18% 1,187 693 4,070 >100% >100% 7,258 2,062 5,033 >100% -31% 48.03% 455 (337) 3,000 >100% >100% - IRPC 1,608 2,155 2,195 2% 37% 48.05% 732 1,030 1,070 4% 46% Oil - OR 2,923 1,893 2,353 24% -20% 75.00% 3,035 1,410 1,699 20% -44% NBI - GPSC/TP/DCAP/PTTES/PTTDIGITAL/ENCO 2,104 2,263 1,534 -32% -27% 587 974 645 -34% 10% Others Business (4,448) 3,344 5,705 71% >100% (4,538) 2,552 5,423 >100% >100% Inter - PTTER/PTTGM (5,799) 538 3,298 >100% >100% 100.00% (6,010) 36 3,348 >100% >100% Gas - PTTLNG/PTTNGD/PTTGL/TTM(T)/TTM(M) 1,037 2,412 2,316 -4% >100% 1,157 2,118 1,971 -7% 70% Other - PTTT/Others¹/ 314 394 91 -77% -71% 315 398 104 -74% -67% Shared of Net Income from Affiliates Tax Adjustment for Gain on Disposal of Investment and Asset 18,439 28,345 30,744 8% 67% 4,779 15,405 19,851 29% >100% 17 10 100% -41% 17 10 100% -41% PTT Consolidated Net Income 26,807 36,593 38,437 5% 43% 13,147 23,653 27,544 16% >100% 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#33PTT Consolidated Cash Flows 2021 416,921 ST Investment 84,889 Cash & Cash Equivalents 332,032 Free Cash Flow -62,883 +322,425 Cash Beginning Operating 31 Dec 20 I -385,308 Investing Cash Out -19,302 Operating 322,425 Investing Non-Cash Adjustment 304,977 Investment (Sub. & Affiliates) Net Income 108,363 CAPEX Income Tax (50,648) Others * Changes in Assets & Liabilities (40,267) Current Investment *Investment in financial assets, ST/LT lending loans **Included resale of treasury shares Dividend/Interest Received Unit: MMTHB 361,637 +46,190 -2,609 48,907 312,730 Financing Adj & Others Cash Ending 31 Dec 21 ptt (385,308) Financing 46,190 (256,359) Received from Loans/Bonds (141,870) Ordinary Share Issuance of Subsidiaries ** (28,585) Loan Repayment 207,296 55,154 (107,888) 34,304 Dividend Paid (78,469) 7,202 Finance Cost Paid (29,752) Derivatives (151) 32#34PTT Only Cash Flows 2021 Free Cash Flow +11,567 +55,002 100,746 44,404 ST Investment Cash & Cash Equivalents 56,342 Cash Beginning Operating 31 Dec 20 I -43,435 Investing Cash Out -10,489 -22,142 +86 Unit: MMTHB 51,386 5,533 45,853 Financing Adj & Others Cash Ending 31 Dec 21 ptt Operating 55,002 Investing (43,435) Financing (22,142) Net Income 67,325 Others * (75,163) Dividend Paid (57,694) Non-Cash Adjustment 8,592 Investment (Sub. & Affiliates) (31,196) Loan Repayment (11,138) Changes in Assets & Liabilities (13,623) CAPEX (9,738) Finance Cost Paid (6,175) Income Tax (7,292) Dividend/Interest Received 36,921 Others (88) Current Investment 35,741 Received from loans/Bonds 52,953 *Investment in financial assets, ST/LT lending loans 33#35Debt Profile: Control Cost & Manage Risk Managed debt according to financial risk and policy Unit: MMTHB PTT Only Cost of debts ~ 3.70% : % fixed-rate : Avg. debt life ~ 76.59% ~ 14.91 years USD&Others THB Debt Portfolio Unit: MMTHB 40,000 35,000 30,000 25,000 20,000 15,000 16,000 10,000 6,050 5,000 4,050 2.000 2022 2023 39,354 21,000 3,000 13,000 117,381 32,679 (28%) 84,702 (72%) 31 Dec 19 146,433 53,946 (37%) 92,487 (63%) 31 Dec 20 Note: 1. PTT Data as of 31 Dec 21 (THB/USD = 33.5929 THB/JPY = 0.2944) excluding liabilities from finance leases. 189,451 59,244 (31%) 130,207 (69%) 369,409 (61%) 31 Dec 21 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 Dec 21). 449,943 (61%) 484,588 (55%) 31 Dec 19 31 Dec 20 31 Dec 21 PTT Only: Debt Outstanding and Repayment Profile 605,458 236,049 (39%) 288,567 (39%) Consolidated : Cost of debts : % fixed-rate : Avg. debt life 738,510 ~ 3.22% ~ 67.88% ~ 10.67 years 873,872 389,284 (45%) 2025 2024 Note: 1. Debt Outstanding for Repayment Profile represents financial data and portion after derivative swaps 5,000 2026 2. Bond repayment amounting 4,050 MB in 2022 is THB swaps to USD and amounting 6,236 MB in 2035 is USD swaps to THB 8,000 2027 2028 2,000 2029 15,595 3.359 2030 2031 2032 12,236 19,168 2033 6,616 2034 23,515 2035 2036 7,000 2042 2045 2070 As of 31 Dec 21 FX: 33.5929 200,000 USD (LHS) THB (LHS) 160,000 PTT Debt Outstanding (RHS) 120,000 80,000 40,000 4,000 2110 *PTTC10DA (Century Bonds) is due on 2 Dec 2110 ptt 34#36PTT Group Accounting Structure Data as of 31 Dec 2021 E&P and Gas Business Group International Trading Business Group Petrochemicals & Refining Business Group Consolidate 48.18% 2/ 100.00% Subsidiaries PTT Exploration & Production Plc. PTT Natural Gas Distribution Co., Ltd. PTT LNG Co., Ltd. PTT Global LNG Co., Ltd Consolidate Subsidiaries PTTEP 65.29%2/ PTTNGD 58.00% PTTLNG 100.00% PTTGL 50.00% PTT International Trading Pte. PTT International Trading London Ltd. PTTT Consolidate 100.00% Petrochemical Subsidiaries PTT Global Chemical Plc. 1/ PTT Tank Terminal Co., Ltd. GC PTTTANK PTTT LDN 100.00% PTT International Trading USA Inc. PTTT USA 100.00% Refining Subsidiaries Thai Oil Plc. 1/ IRPC Plc. 1/ TOP IRPC Joint Ventures Equity Trans Thai-Malaysia (Thailand) Co., Ltd. Trans Thai-Malaysia (Malaysia) Sdn. Bhd. Map Ta Phut Air Products Co., Limited TTM (T) 50.00% TTM (M) 50.00% Oil Business Group MAP 49.00% Subsidiaries PTT Oil & Retail Business Plc. OR Consolidate 75.00% Consolidate 48.03% 2/ 48.05% 2/ New Business & Infrastructure Business Group International Investment Business Group Subsidiaries Consolidate Subsidiaries PTT Energy Resources Co., Ltd. Global Power Synergy Co., Ltd¹/ GPSC 75.23% 2/ PTT Digital Solutions Co., Ltd. 1/ 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) Co., Ltd. HG Robotics Plc. Innospace (Thailand) Sunfolding, Inc. Luminar Technologies, Inc. Ample, Inc. Subsidiaries Others Business Service Alliance Co., Ltd. 1/ PTT Treasury Center Co., Ltd. BSA PTT TCC Fair value Baania 2.73% Joint Ventures HG Robotics 9.47% Innospace 13.61% Suez Environmental Services Co., Ltd. Others SES Sunfolding 5.59% Luminar Technologies AMPLE 0.07% Sarn Palung Social Enterprise Co., Ltd. Dhipaya Group Holdings Plc. 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% Consolidate 25.00%³/ 100.00% Equity 40.00% Fair value 20.00% 13.46% ptt 35#37E&P Performance QoQ: Improved performance due to higher selling prices & sales volume as well as lower DD&A 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 ptt KBOED Liquid ($/BBL) ૨૦૨ 10% I 76.17 69.16 42.61 44.25 46.87 41.55 6%i 1% QoQ 10% YoY 18% 66.70 421 61% 417 416 381 I 354 117 123 119 Liquid 132 12% 118 Weighted 43.49 Avg. I 38.92 36.85 ($/BOE) 300 298 6.27 5.69 249 236 297 Gas Gas 1%' 9% 5.81 ($/MMBTU) 5.63 5.76 I I 4Q20 3Q21 4Q21 2020 2021 4Q20 3Q21 4Q21 2020 2021 Net Income (100%) MMUSD 1,211 10% QoQ 68% >100% YoY! I 720 1,479 NI Recurring ૨૦૨ + Recurring NI: increased due to higher selling prices & sales volume, and lower DD&A Non-recurring mainly from impairment loss on Mozambique Area 1 and Yetagun Project 2021 VS 2020 + Recurring NI : significantly improved from higher sales volume & selling prices with lower unit cost Non-recurring primarily from higher loss on oil price hedging and 321 292 781 81 513 335 168 (87) (43) (61) (192) 4Q20 3Q21 4Q21 2020 Non- (268) recurring* 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. impairment offset with gain on bargain purchase of Block 61 36#38E&P: Guidance & Strategy Business Update Strengthen Core Business 6 Algeria 5 UAE 3 Myanmar 4 Mozambique 1 Thailand 2 Malaysia 9 Thailand G1/61 Site access Jan 22 for Operatorship Transfer Starting -425mmscfd, then drop to 250-300mmscfd 8 platforms and 100+ Dev. wells required for ramp-up 24 months timeframe to reach PSC 800 mmscfd G2/61 Arthit Assets Transfer Agreement signed in Q4/21 On track for 800+mmscfd (including BKT sales vol.) GSA supplementary signed, to increase DCQ to 280mmscfd (60 mmscfd additional) Malaysia MY 2021 Bid Round pending result in Q1/22 LLB: Begin FEED in 2022 and prepare for FID in 2023 Myanmar All three fields operates normally YDN: TOTAL withdrawing YTG: Declining production per field life M3 and G2P: Prep work for development on-going Mozambique UAE Construction resume expected in 2022 First cargo in late 2025, subject to local security situation Area C farm-in expecting Govt. approval Q1/22 Exploration campaigns on going Algeria HBR Phase 1, expected First oil in 1st half of 2022 2022 Guidance 2022 Guidance Average Sales Volume* Average Gas Price* Unit Cost USD/MMBTU USD/BOE KBOED Q1 Q1 Q1 ~436 ~6.0 ~27-28 ~467 ~5.9 Full Year Full Year Note: * Include sales volume from ADNOC Gas Processing (AGP) ** Based on average Dubai oil price in 2022 at 67.0 $/BBL Key Focus Areas Key Focus Areas 2022 2021 Operating Results Full Year EBITDA Margin % of Sales Revenue ptt Q1 ~70-75% G1 & G2 Assets Monetization Exploration GHG & CCS Net Zero Diversification Safe transition & accelerate ramp-up activities LLB FEED for FID 2022-23 Sarawak Clusters 21 exploration and appraisal wells in 4 countries Emission intensity reduction and CCS rollout Target declaration by Q2/2022 ARV, G2P, CCU, Renewables, H2 study 416 KBOED +18% vs 2020, new volume from B61, SBH 28.5 USD/BOE -4% vs 2020, gradual decrease towards target 4 new discoveries From 3 MY Exploration projects SK417, SK405B, SK488 Oman B61 Biggest M&A in company history 2.3BN$ (Mar 2021) Sabah H 1st Gas (Feb 2020) 7.5 years of P1 Reserves Beyond E&P Tech: ARV 4 Business lines Power: FEV, FST 24.1% GHG emission reduction ahead of target 25% 6,000 M.THB First fully Digital Bonds in Thailand via e-Wallet 0.17 LTF Safety Records per IOGP Standard 41 Awards In Performance, SD, GRC, IR, CSR, Management Full Year 37#39Gas Business QoQ: Pool price increased from LNG import and lower NG vol. from soften power demand as well as pressured gas supply 2021 vs 2020: Increased gas sales vol., higher industrial selling prices referenced to FO price NG Price VS FO & Customer Breakdown ptt NGV Price & Sales Volume FO (2%) NG Price ૨૦૨ YOY 5% Pool Price 19% 62% 43% NGV Avg. price Unit: THB/KG 3% QoQ 15% YoY I I 1% $/MMBTU 2021vs2020 64% 5% $/TON 15.5 14 464 500 443 Fuel Oil 397 367 15.0 13.5 14.2 14.4 12 HSFO 180 CST 2%S 400 286 10 10 281 262 300 188 8.14 NGV Sales Vol. 8 7.23 6.84 200 19% QoQ 20% 6.79 6.36 Unit: K.Ton/Day 6.20 5.68 5.89 18% YoY 6 100 Avg. Pooled gas price AVG. 2021 = 6.78 AVG. 2020 = 6.48 4 T 3.9 4.0 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 3.2 3.2 2.7 NG Vol. Unit: MMSCFD 2% QoQ 2% YoY 1% 4,437 4,255 4,224 4,158 4,394 163 159 131 NGV (3%) 112 129 709 779 Industry (18%) 739 764 762 909 920 857 909 GSP (20%) 865 1,258 1,355 1,281 1,331 SPP (30%) 1,312 476 546 509 514 703 627 576 786 4Q20 3Q21 4Q21 2020 587 IPP (13%) 700 2021 4Q20 3Q21 4Q21 2020 2021 Key Highlights ૨૦૨ ▼ EGAT (16%) - Avg. pooled gas price increased from imported LNG and Myanmar gas Decreased overall NG sales volume mainly from power producers due to seasonal demand and lower gas supply + Industrial selling prices linked to FO increased + NGV vol. increased from easing lockdown and the cap of NGV 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 38#40Gas Business : Gas Separation Plant (GSP) QoQ: GSP performance improved from higher average selling prices despite lower 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 Unit: $/Ton ptt 1,592 U-Rate 88.5% 84.6% 87.8% 90.0% 85.0% ૨૦૨ 1,533 1,540 LDPE 14% 1,398 1,239 1,285 LLDPE ▲ 8% 1,146 1,191 1,185 1,252 HDPE 10% Unit: kTon 4% 1,185 979 1,000 955 1,138 1,145 866 983 6,908 847 822 919 Propane* A 27% 3% QoQ 6% YoY 6,639 37 853 43 839 760 884 Pentane (1%) 754 648 593 954 Propane (14%) 500 528 446 464 425 430 423 412 420 458 363 328 LPG✶✶ ▲ 2% 418 Feed Cost*** ▲ 2% 331 307 318 281 281 297 295 300 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 2,181 Ethane (31%) 2,199 1,736 6 1,694 1,637 239 205 202 617 NGL (9%) 603 569 521 ૨૦૦ 513 144 161 144 2,947 3,113 LPG (45%) 761 815 767 * LPG price selling to Petro customers close to propane **LPG Domestic ***feed cost calculation per GSP production volume Key Highlights + Higher average GSP's selling prices following referenced global petrochemical prices Decreased sales volume due to petrochemical feed switching and lower gas supply Feed cost slightly increased 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 4Q20 3Q21 4Q21 2020 2021 + Lower feed gas cost 39#41Trading 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 0.06 0.16 44% QoQ 50% YoY I 43% Sales Volume2 Unit: MM Liter 48% QoQ 5% 34% YoY I I 75,527 79,134 0.10 0.09 0.07 18,741 25,082 16,906 Trading - EBITDA³ Unit: MMTHB 25% QoQ >100% YoY I 3,024 1,942 1,449 265 4Q20 3Q21 4Q21 2020 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 4Q20 3Q21 4Q21 2020 2021 Key Highlights 80% ૨૦૨ 5,436 2021 ptt Margin decreased due to loss on mark to market in 4Q21 + Increased sales vol. from higher crude out-in and out-out activities following demand recovery - 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 40#42Oil Business: OR Group QoQ: Better performance from both of Oil and Non-oil sales volume despite lower margin 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) 81.6 80.3 71.7 73.2 66.9 60.0 Amazon¹/ 50.7 64% 2021 vs 2020 42.9 44.6 9% QoQ 30.6 76% YoY Avg. 2021 69.2 = 4Q20 74 MM Cups 3,310 Outlets 3Q21 68 MM Cups 3,512 Outlets Avg. 2020 = 42.2 Avg. 4Q21 = 78.4 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Oct'21 Nov'21 Dec'21 C-Store (7-11, Jiffy) 2/ Margin* 10% QoQ 7% YoY SHOP 19% (THB/Litre) 1,977 Outlets 1.05 1.09 1.15 0.98 0.97 Sales Volume (MM Liter) Cups 28% QoQ 9% 2021 2020 I 274 MM Cups 298 MM Cups 3,310 Outlets 3,628 Outlets 18% YoY 4Q21 87 MM Cups 3,628 Outlets I C-Store I 2% QoQ ! 5% YoY 5% 2,041 Outlets 2,075 Outlets 1,977 Outlets 2,075 Outlets 1/ Thailand, Japan, Oman, Myanmar, and Malaysia 2/ Thailand 5% 24,400 -2% 23,145 Net Income -2% 24% QoQ 3% YoY 25% 24% Unit: MMTHB 6% 7% 24% QoQ 19% YoY I 2,923 1,892 2,354 6,282 6,476 I Others -2% -2% 5,217 24% Gasoline 26% 3% I 46% 47% Fuel Oil 5% 23% 7% I 4Q20 7% Diesel 47% 48% I QoQ: 46% I 7% 5% Aviation LPG 6% 5% 5% 14% 15% 14% 16% 14% 4Q20 3Q21 4Q21 2020 2021 *Gross margin included stock gain/(loss) 3Q21 4Q21 31% 11,474 8,791 2020 2021 Oil Rising sales volume due to easing lockdown measures despite lower margin Non-Oil Higher sales volume from resumed normal operating hours of F&B outlets and CVS 2021 vs 2020: Oil Better margin while sales volume dropped from aviation, gasoline, and diesel Non-Oil: Soften performance from higher promotion expenses despite continued outlet expansion 41#43P&R Businesses QoQ: Soften performance primarily from petrochemical business resulted from higher feed cost and lower volume 2021 vs 2020: Robust performance from stock gain and petrochemical prices hiked following global demand recovery Olefins ptt Aromatics Olefins U-Rate (GC's Plant) 104% 97% 91% 80% 91% BTX U-Rate 98% 100% 97% 99% 96% PP: HDPE: 7% QoQ (GC's plant) PX: 3% QoQ PX: 49% PP: 33% BZ: 5% QoQ BZ: 88% Avg. Price: 10% QoQ HDPE: 34% $/Ton LLDPE: 8% QoQ LLDPE: 38% Avg. Price: $/Ton 993 945 914 859 561 919 893 577 1,335 1,250 1,321 1,285 ! 529 PX: 31% QoQ 485 PX: 16% 1,142 1,200 Spread to Condensate: $/Ton BZ: 1,252 31% QoQ BZ: > 100% 992 1,000 1,185 I 1,182 377 I 303 318 1,138 262 263 I 983 880 192161 210 227 136 867 | 4Q20 3Q21 4Q21 2020 2021 4Q20 3Q21 4Q21 2020 2021 Refinery Net Income (100%) Refinery 95% 102% Unit: MMTHB 7% QoQ U-Rate 88% 96% 95% 31% YoY Avg. 78.4 71.7 69.2 >100% 72,336 271 PTT TANK Dubai 44.6 42.2 $/bbl. 5.9 Acc. 5.1 15,333 62 11,300 44,982 GC 10,506 GRM 3.2 6,405 2.5 78 $/bbl. (0.4) 1,608 3,347 31 1.8 7,005 (8,976) 14,505 IRPC 2,195 7,258 2,155 3.3 Hedging 2,062 5,033 3.3 G/L 277 200 12,578 TOP 5.5 1.5 (3,301) 0.3 2.9 ■Stock G/L 1.6 2.1 1.0 excl. NRV (0.6) (2.2) (1.4) (1.7) (1.1) Mkt GRM (6,152) 4Q20 3Q21 4Q21 2020 2021 4Q20 3Q21 4Q21 2020 2021 42#44P&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 İRPC 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) 2Q2022 CAP2: 2026 (FID 2022) 2023 (FID Jul'18) 165 MMUSD or equivalent to 5,198 MB 1Q2023 13,300 MB Jan'2024 43#45Other Business: Coal business (SAR) ptt QoQ: NI improved due to rising avg. selling prices and sales volume as well as higher hedging gain 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/ Unit: $/Ton ૨૦૧ 184 I Sales Volume K.Ton 168 10% I 137 6,366 9% QoQ 5% YoY 461 4% 6,136 75 Sebuku >100% 95 89 Newcastle 7% 1 83 67 Avg. Selling 60 52 60 54% 1,784 Price 1,699 5,905 6,061 Jembayan 1,634 2% Total Cash 14% 51 161 38 8 50 Costs 36 43 49 1,538 1,596 1,776 4Q20 3Q21 4Q21 2020 2021 1/ Average Calorific value ~ 5,400 kcal/kg 4Q20 3Q21 4Q21 2020 2021 Net Income (100%) Unit: MMUSD >100% QoQ >100% YoY NI I (206.9) 69.7 Operating 3.0 profit 19.9 Extra items (226.8) >100% 97.8 (198.0) 21.3 (219.3) 4Q20 3Q21 4Q21 2020 2021 Key Highlights ૨૦૨ - + Avg. selling prices increased due to escalated Newcastle price + Higher sales volume from higher China's demand due to energy shortage crisis + NI improved mainly from increased avg. selling prices and sales volume with higher commodity hedging gain (3Q21 = hedging loss) 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 44#46NBI: Power - GPSC QoQ: NI decreased due to higher fuel costs affected SPP's profit and lower XPCL's contribution 2021 vs 2020: Soften NI due to higher fuel costs and unplanned outages, despite better XPCL's performance Sales Volume Unit: Power: GWh / Steam: '000 Ton Power 2% Steam 9% Power Steam 14% 3% QoQ 19,667 20,148 Power 6% YOY 13,871 15,090 Steam 4,984 5,295 3,7394,659 3,866 3,741 4Q20 3Q21 4Q21 2020 2021 Gross profit & Gross profit margin 30% 27% 31% I 18% ptt 26% Gross profit margin 20% QoQ 20% YoY 21,330 610 Unit: MMTHB 19,667 Gross profit 8% VSPP & others 355 15,362 SPP 14,423 4,931 4,922 108 112 3,921 61 3,707 3,721 2,437 5,358 4,889 IPP 1,116 1,089 1,423 4Q20 3Q21 4Q21 2020 2021 Net Income Unit: MMTHB 38% QoQ 20% YoY 3% 7,508 7,319 1,875 1,458 1,168 ૨૦૨ - Lower gross profit - - SPP: higher fuel costs, together with unplanned outage of Glow Energy Phase 5 + IPP: higher AP mainly from GHECO-One Lower shares of profit from Xayaburi Power Plant (XPCL) due to seasonality + Partial recognition of Glow Energy Phase 5 insurance claim 2021 vs 2020 Lower gross profit 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 4Q20 3Q21 4Q21 2020 2021 + Higher shares of profit from XPCL due to drought situation in 2020 45#47NBI Businesses: Power - GPSC Upcoming Projects to Bolster Future Growth Energy Recovery Unit (ERU) SCOD | 2023* SPP Replacement - Stage 1 | Glow Energy Phase 2 SCOD | Q4/2022 SERU Electricity (MW) 250 4021 75.45% Steam 175 (ton/hr.) GLOW Electricity 192 (MW) 4Q21 62.90% Steam (ton/hr.) 300 AEPL: Solar Power Platform in India Contracted Capacity GPSC Hold 4,608 MW 41.6% *of shares Project Operating MW COD 2,205 As of Q4/2021 (23 projects) Under construction 2,403 2022- 2023 (13 projects) CFXD : Offshore Wind Power Plant in Taiwan SCOD | Q1/2024 ptt Contracted Capacity 595 MW GPSC Hold 25% of shares 4S Corporate Strategic Progress and Outlook S1: Strengthen and Expand the Core Recurring Synergy Value NO CEREMONY GLOW SPP has signed construction contract with JEL and TJEL (SCOD 2024) As of 2021, the recognized synergy value was 1,633 MB (after-tax) from O&M, procurement and corporate functions. 2022 Target > 1,600 MB per year GLOW SPP 2 uses advanced technology to increase the project efficiency, the stability of the network, serving energy demand of EGAT and Us as well as being environmentally friendly. S2: Scale-Up Green Energy Solar Projects in Taiwan Sheng Yang Project S3: S-Curve and Batteries SemiSolid Energy Storage Unit Production Plant GPSC pa tw UDSE GCELL SCELL GPSC Holds | 45.00% of shares Installed Capacity | 55.8 MW Increased 25.11 MW equity capacity to our portfolio Revenue recognition since May 28, 2021 Offshore Wind in Taiwan Changfang Project and Xidao Project (CFXD) GPSC Holds | 25.00% of shares Installed Capacity | 595 MW Increased 149 MW equity capacity to our portfolio 2022 Target: The transfer of shares will be completed before the end of the 2nd quarter of 2022. 2457 S4: Shift to Customer-Centric Solutions "EECI Project Smart City for Innovation Development" VISTEC VIDYASIRIMEDHI FUR OF SCIENCE AND TEC Smart Energy 24M Technologies announces EV battery partnership with Volkswagen Smart Environment Smart People "G-Cell" Energy Storage Unit Production Plant with a total initial capacity of 30 MWh per year, the first in Southeast Asia that employs the SemiSolid technology "VW acquires 25% stake in 24M technologies" shows that 24M SemiSolid manufacturing platform offers the potential to substantially reduce capital and operating costs to meet rising demand for EVs. Investment in China AXXIVA 安瓦科技 HPEEL Investment in Anhui Axxiva New Energy Technology Co., Ltd. ⚫ Holding 11.1% equity interest for a battery manufacturing plant with a 1 GWh p.a. production capacity Serving the electric vehicle market in China Target to start of regular production in Q1/2023 EECI SMART NATURAL INNOVATION PLATFORM Smart Governanco Smart Living Start Economy Smart Mobility Smart Energy Technology Solar Rooftop 1.39 MW Solar Floating 0.1 MW ESS 1.2 MWh Block Chain System Peer to Peer Energy Trading Fill Energy Management Service ZERO Import Building ZERO Solar Shading 46#48PTT 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% 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) Algeria HBR (Phase I) oil:10-13 KBD *PTTEP hold 49.0% PTTEP ptt İRPC Innopolymed Company Limited Manufacture and sell Non- Woven Fabric (5.6 KTA) 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: 1,917 MW equity capacity (917 MW in operating/1,000 MW in progress) GPSC hold 41.6% Central Bakery, Mixed Beverage Powder Plant and Distribution Center OR ptt GSP #7 (460 MMSCFD) Replace GSP #1 GPSC ERU Project (Power 250 MW) Thaioil Clean Fuel Project (275 → 400 KBD) Ole 2 Modification Plant Project Feed flexibility (propane) GC EV manufacturing (JV with Foxconn) *Arun+ holds 60% ptt ptt Completed In progress Wait for FID Total Capacity 150,000 units/year Changfang & Xidao Project in Taiwan Offshore Wind power: 149 MW equity capacity GPSC GPSC hold 25% Ultra Clean Fuel (UCF) Building Competitiveness: Euro 5 diesel 2023 2022 2021 IRPC 2025 2024 ptt 8th Gas Separation Plant Produce & Import Ethane (1.07 MTA) Bang Pakong- South Bangkok Pipeline Length ~ 80 KM. Mozambique Area 1 *PTTEP hold 8.5% 13.1 MTPA or ~300 KBOED Southwest Vietnam *PTTEP hold 7-8.5% 490 MMSCFD or ~80 KBOED PTTEP 47#49Gas Business Roadmap Short term Gas Demand growth be maintained Thailand Gas Demand Outlook (Short Term - 5 year plan) Unit MMSCFD 6,000 CAGR (2022-2026) 3.5% 1% 3% 4,000 19% 18% 2,000 19% NGV Industry 18% GSP Power - EGAT 60% 62% - IPP - SPP 2021 2022 2023 2024 2025 2026 New Supply Additional capacity (mmscfd) Major Project: COD & Capacity/ Accumulate Pipeline distance Bongkot 700 Erawan 800 RA#6 Pipeline 5th pipeline 4,702 KM GSP#7* LNG Terminal 2 +7.5 MTA 460 mmscfd *Replace GSP#1 GSP#8 BPK-SB** pipeline ~74 KM 4,776 KM **Bang Pakong- South Bangkok Power Plant ptt 48#50Newly 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 ptt 49#51Natural 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 ~ 3% : GSP : Industry ~ 2 1% 3% : NGV N -4% ptt 5,785 4,000 2,635 57% Power 4000 73% 2,635 3,000 60% Power 65% 3000 2,000 78% 1,000 14% 8% 0 2000 78% 22% GSP 8% 16% 5% Industry 17% NGV 2% 1000 0 14% 8% 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 2029 2031 *Source: Ministry of Energy 18% 19% 3% GSP 15% Industry 19% NGV 1% 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 ** Source: PTT Business plan 2022 approved by BOD on 16 Dec 2021 50#52Natural Gas Price Structure: As of Dec 2021 Gas prices are mostly agreed under long term contracts and volatility pass-through to ensure stable returns ptt Customers Power Producers 59% : EGAT 16% : IPP 13% : SPP 30% 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 20% 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 Mar 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 51#53Gas 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 around 6.0 MTA in 2021; are on petrochemical market price- linked profit-sharing basis Yadana Myanmar Natural Gas Transmission Pipeline System and Gas Seperation Plants Zawtika Yetagun Laos Vietnam Sin Phu Hom Nam Phong Ban I Tong Thailand Nakhon Sawan Rojana Industrial Park-0 (Ayutthaya) Wang Noi Navanakorn- Industrial Estate Nong Khao Industrial Tha Luang Estate 44 Nakhon Ratchasima Kaang Khoi Andaman Sea Bangplee Industrial Estate- Bang Poo Industrial Estate 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 Block Valve/ Important Node in Pipeline Network Map Ta Phut LNG Terminal (T-1) LNG Receiving Terminal (T-2): Future Existing Pipeline Future Pipeline Industrial Estate NBK SBK BRK Ratchaburi Samut Prakan Khao Hin Sorn Chon Buri Bang Chan Industrial Estate Lackrabang industrial Estate 304 Industrial Estate Pinthong Industrial Estate Saha Group Industrial Park-Sriracha Laem Chabang Industrial Estate WHA Chonburi Industrial Estate 1 Hemaraj Eastern Seaboard Industrial Estate Eastern Seaboard Industrial Estate Amata City Industrial Estate Asia Industrial Estate Map Ta Phut Industrial Estate Hemaraj Eastern Industrial Estate (Map Ta Phut) Cambodia ESB Rayong Gulf of Thailand Benchamas Tantawan Platong 2 Platong Erawan Khanom North Pailin South Pailin Songkhla Sadao Arthit Bongkot. South Bongkot Thai Malaysia Joint Development Area (JDA) Gas Separation Plant Capacity Unit 1 420 MMcf/d Unit 2 and 3 820 MMcf/d Unit 4 170 MMcf/d Unit 5 580 MMcf/d Unit 6 880 MMcf/d ptt 52#54Sufficiency Economy DJSI PTT Sustainability Strategic Direction SUSTAINABILITY as Business Goal Sufficiency Economy Moderation Environmental Optt Group 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 -100- Good Governance and Performance Excellence ผลดำเนินงานเราต้องเลิศ ΔΙΔ Economic Drive by creating 'Next Growth' Operate with Integrity (GRC) SDGs 53#55PTT 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 Investment Financial & investment Mechanism R&D Partnership (PTT, GPSC) Carbon Neutral Framework Carbon Exchange Platform I Carbon Credit Offset Electric Mobility (PTT) 54#56PTT's Performance on Sustainability Management Environmental: Sustainable Production and Consumption E GHG S "Clean growth" Aim to reduce GHG emission 15% from 2020 by 2030 In 2021, PTT Group's GHG emissions was 32.4 MtCO2e* Achieve the target. Establish PTT Group Net Zero Task Force (G-NET) to set a net zero GHG emission target and drive related operations. Collaborated with various sectors, private and public, to develop the energy policy, the forestry and carbon credit mechanism support Thailand's net zero target. ptt Social: People Well-being โครงการ ลมหายใจเดียวกัน หน่วยตรวจ ารองโควิค-19 ptt VISTEC EDTABIRIREQU G Social Contribution During the COVID-19 Pandemic Situation "Giving Breath Project" - - Set up one-stop field hospital (End-to-End) Support field hospital and medical equipment Developing Antigen Test Kit for COVID-19 กระทรวงพลังงาน MINISTRY OF ENERGY Natural Climate Solutions Continuous maintenance of the 1-Million-Rai Reforestation Project and learning centers C อบก TGO LCSt LCSi Award 3rd consecutive year Prototype traffic cone (recycle from lube container) Social Enterprise Projects Governance: Good Governance and Performance Excellence Powering life with Future energy and Beyond Future Energy p PERFORMA Café Amazon for Chance Community Coffee Sourcing Forest for Chance Spil Cafe AmaZoN 13 Dimens den neden Cc mu "Stan dosdov 13 0 Excellent Renewable Energy Storage & System Related Life Science Mobility & Lifestyle High Value Business Beyond CG Scoring 13th consecutive year AAAAA H2 RE EV Value Hydrogen Chain Logistics & Infrastructure Al, Robotics digitalization Ready to explore... *The data is being reviewed by external independent agencies including both direct and indirect emissions (scope 1 and 2) ptt Inl ptt A PRISM INNOVATION INSTITUTE OR No Lost Time Accident (LTA) and Safety and Occupational Health targets of employee and contractor: Achieve the target. ITM Integrity and Transparency Assessment (ITA) Score 94.26 (Level A) Optt 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 SET AWARDS 2021 HONOR Sustainability Excellence 2021 THSI THAILAND SUSTAINABILITY INVESTMENT 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 DECENT WORK AND ANDRASTRUCTURE 10 INEQUALITES 11 12 RESPONSE 12 CONSUMPTION AND PRODUCTION 13 CLIMATE ACTION 14 15% ON LAND 16 AND STRING PEACE JUSTICE INSTITUTIONS 17 PARTNERSHIPS FOR THE GOALS SUSTAINABLE DEVELOPMENT GOALS As of 06/01/2022 55#57Thank 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 56