#1ptt Investor Update April 2021 Cafe Amerzity#2Contents Overview 1 2 Strategy 3 4Q2020 & YE2020 Performance 4 Outlook Supplementary 5 Information ptt 1#3Oil Balance Thailand: Jan - Dec 2020 Adequate refining capacity maintains the stability of country supply Supply Import (82%) 889 KBD Indigenous (18%) 201 KBD Production Imported Refined Petroleum Products 44 KBD Crude/ Condensate 845 KBD Refined Total Refining Capacity in Thailand: 1,242 KBD Products 1,011 KBD* Crude/ Condensate 176 KBD PTT's Associated Refineries : 770 KBD (TOP, PTTGC, IRPC) Other Refineries: 472 KBD (SPRC, ESSO, BCP) Crude Export 25 KBD Demand Domestic Refined Products 194 KBD EQUATOR Pacific 860 KBD (**) Source: PTIT Remark: (*)Refined product from refineries = 919 KBD, including domestic supply of LPG from GSPs and Petrochemical Plants = 92 KBD (**) Not Included Inventory KBD = Thousand Barrels per day North America Export Atlantic Africal South America Southern Antarctica Pacific Oceania indian Australls 219 KBD ptt 2#4Natural Gas Balance: Jan - Dec 2020 Main driver of the Thai economy Supply Production Gulf of Thailand (64%) PTTEP 2,816 MMSCFD Others 35% 65% ' Onshore (2%) 107 MMSCFD 6 GSPs Total Capacity 2,870 MMSCFD @ Actual Heat Ethane/ Sales Propane/ LPG/NGL Petrochemical Feedstock (14%) 909 MMSCFD (21%) LPG/NGL Industry Household Transportation (7%) Import (34%) Bypass Gas 384 MMSCFD Methane 1,523 MMSCFD Power (59%) 1,468 MMSCFD Industry (16%) NGV (4%) Myanmar, 47% LNG, 53% Remark: MMSCFD = Million Cubic Feet @ Heating Value 1,000 Btu/ft³3 ptt 3#5PTT's Strategic Importance to Thailand Thai Premier Multinational Energy Company Market Cap : SET & PTT Group PTT Group: Ministry of Finance holds majority stake in PTT Note: As of Mar 5, 2021 ptt SET market Cap: Bt 18,023 bn (USD 572 Bn) Bt 2,743 bn (USD 87 Bn) GPSC GGC PTT Group 8% 0.4% 15% IRPC 3% TOP 5% PTTGC 10% PTT 43% Others 85% 14% OR 17% Note: As of Mar 31, 2021 PTTEP Robust revenue and net income growth since IPO (MMUSD) 1 Public 37% • Foreign 10% Thai 27% Thai Ministry of Finance 51% 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+ 53% Affiliate CAGR 7% Revenue 12,553 CAGR 3% 51,851 1,212 Net Income 702 19% 81% 2001 47% PTT 2020 Fully integrated & highly diversified over entire O&G value chain International E&P business: 1,074 mmboe proved reserves or 7 years in 2020 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 15 mtpa Leading oil marketing business in Thailand : 1,997 retail stations² and ~42%² of market share by sales volume International oil trading business having traded 75.5 bn liters³ in 2020 Power Plant flagship with committed capacity of 5,055 MW (equity portion) 1 2020 Annual Avg. BOT selling rate USD/THB of 31.46 (Avg. rate) 2 As of 31 Dec 2020 3 For the year 2020 The International and local recognition Forbes Global 2000 170th in 2020 165th in 2019 platts GLOBAL ENERGY COMPANY TOP 250 Platts Top 250 Global Energy Company 23rd in 2020 21st in 2019 FORTUNE 500 2017 140th Fortune Global 500 in 2020 130th in 2019 163th in 2018 156th in 2018 10th in 2018 192th in 2017 190th in 2017 12th in 2017 146th in 2016 63th in 2016 93th in 2015 337th in 2016 FinanceAsia Best Investor Relations Best Environmental Stewardship 10TH ASIAN EXCELLENCE AWARD 2020 Best CEO/Best CFO /Best CSR Best Environmental Responsibility Best IR Company Best IR Professional ตลาดหลักทรัพย์แห่งประเท ไทย The Stock Exchange of Thailand SET Awards Best Investor Relations Awards 2020 (2nd consecutive years) ■Best Sustainability Excellence Awards 2019 Dow Jones Sustainability Indexes Dow Jones Sustainability Index (DJSI) DJSI Member 2011-2020 (9th consecutive years) 4#6PTT Group Businesses and Activities Upward Integration (PTT Operate through our subsidiaries) E & P LNG Coal PTT Own Businesses (PTT's own operation) Natural Gas PTTEP (65.29%) 4 gas pipelines . - Oil, Gas, Condensate - > 40 Projects in 15 Countries • ptt GLOBAL LNG (50%) ptt LNG (100%) LNG Value Chain • LNG Receiving Facilities Coal Mine in Indonesia ptt GM (100%) Diversified International portfolio for ensuring long-term energy security Trading • 6 Gas Separation Plants Procurement & Marketing • NGV • Crude Procurement • Import/Export • Commodity Hedging Int'l Office: China/ Singapore/ Dubai/ London/ Thailand Technology & Engineering Downward Integration (PTT Operate through our subsidiaries) Oil & Retail Refineries OR (75%-77.5%) Market Share ~ 40% - Oil & Non-oil Retail Lubricants - International Oil & Retail Thaio GC IRPC(48%) Market Share > 50% Petrochemicals - Integrated Refinery & Petrochemical GC IRPC(48%) Market Share > 50% - Integrated Refineries & Petrochemical (31.72%) GPSC 5,055 MW - Electricity Steam & Chill Water - Energy Storage Power . • Engineering & Project Mgt. Asset management Innovation & Digital Infrastructure Business - Create networking of energy that leads to sustainable growth and PTT's S-curve Ensuring customer satisfaction and loyalty by products and services Create value added thru downstream businesses Remark: Percentage holding as of Dec 2020 ptt 5#7Contents Overview 1 Strategy 3 Supplementary 5 Information 2 4Q2020 & YE2020 Performance 4 Outlook 15 15 ptt#8PTT Group's Strategic Framework Vision Aspiration Aspiration Strategi Strategic Direction Powering Life with Future Energy and Beyond POWERING THAILAND'S TRANSFORMATION by PARTNERSHIP & PLATFORM TECHNOLOGY FOR ALL TRANSPARENCY & SUSTAINABILITY CORE STRENTHENING mil Restart Enhance competitiveness •⚫ Synergize operation FOUNDATION FOR GROWTH Reimagination Initiate business action for the next normal • Reimagine Upstream • Reinforce Downstream Reignite new business at scale ដោយ +469 Reform Reform to enhance readiness • Transform organization & structure for regulatory and environment shift Resilience Ensure resiliency • Spend SmarteR /Secure liquidity • Optimize group value chain • Ensure business continuity • Safeguard customers & employees • Maintain financial strength •Engage and retain customers Group Synergy - People - Finance - Communication Mindset: Outside in + Inside out Values: SPIRIT • Build efficient & agile workforce ptt 16#9ptt PTT Group Strategic Move for Growth Reimagination : Initiate business action: Both in existing businesses and new growth for the next normal REIMAGINE Upstream "Strategic move in LNG Business • • to be LNG Portfolio Player" Expand LNG Business overseas Globally Investment in upstream related businesses REINFORCE downstream "Enhance more synergy for group value to create sustainable long-term competitiveness" Strengthen collaboration and trust to maximize value along value chain Reduce redundant investment REIGNITE new business at SCALE • "Drive strategic enablers to speed up execution" Invest in renewables-related businesses, e.g. Storage/Grid network, EV, Smart energy platform Explore & Expand into New Business (Life Sciences, Advanced Materials, Mobility & Life Style, Logistics) TANK Thaioil GC İRPC ptt TRADING BUSINESSUNT OR Focus on Productivity Improvement & Operational Efficiency 17#10Reignite New Business at scale New Energy Opportunities Screening & Alignment Renewable Energy: Roadmap & Target Trading, Oil, P&R, / Gas, EP. Investment Plan 2021 2030 · Power -10% -10% New Energy New 8GW 3GW ptt New Business Explore&Expand in Life Science projects Business Pharmaceutical ■ Develop Thailand's first cancer pharmaceutical factory Explore M&A opportunities 2021 Market Entry 2025 Scalability 2030 www 1st priority target countries Nutrition HO 0 OMOM Bringing manufacturing technology Focus on natural ingredients. Note: Currently, PTT Group's renewable energy portfolio is 200 MW : Investment budget is included in the Provisional CAPEX • ⚫ EV Charger: ☐ EV Platform: Currently 30 stations Target: 100 EV chargers in 2021 Energy Storage & Smart Energy Platform ■ Battery Plant & Smart Grid, Artificial Intelligence Strategic PARTNERSHIP Medical Device Develop Bio-Cellulose for Wound Dressing Medical masks, Dust mask, and Medical gloves from the situation of the COVID-19 New PLATFORM 18#11PTT: Committed CAPEX (PTT and Wholly Owned Subsidiaries) PTT 5-Years (2021-2025) Committed CAPEX Plan totaling Baht 103,267 million or ~ USD 3.3 bn ptt Technology & Engineering (TEG), International Trading, Downstream PTTLNG 22,150 MB LNG Terminal 2 (Nong-Fab) Transmission 13,053 MB 21% 5th onshore Pipeline 13% 10,245 MB 10% i.e. VC,EECi (Wangchan Valley) Other wholly owned subsidiaries 27,267 MB mainly downstream businesses i.e. MTP Phase #3 (PTT Tank), Innobic Unit: MMTHB ■Natural Gas ■Transmission ■PTTLNG ■TEG, International Trading, Downstream ■Other wholly owned subs 30% 26% 52,931 33,412 2021 2022 Gas 30,552 MB GSP #7 (To replace GSP #1) and GSP efficiency improvement projects 8,597 6,663 1,664 2023 2024 2025 The Provisional CAPEX ~Bt 332 bn which mainly focus on LNG Value Chain, Southern LNG terminal and pipelines according to PDP 2018, Gas-to-power project, and New Businesses (including Renewable energy, Life sciences, Electricity value chain etc.) Note: 2021-2025 CAPEX plan approved by BOD on 17 Dec 20 19#12Committed CAPEX: PTT Group Total committed CAPEX during 2021-2025*: ~Bt 851 bn or USD 27 bn Power Business Key Projects ⚫SPP Replacement ERU • Renewable Energy (Solar/Wind) GPSC PTT Business • Key Projects • GSP#7 5th onshore pipeline ptt Unit: MMTHB 6% 12% Tharoil Downstream Business Key Projects •TOP: Clean Fuel Project (CFP) GC: Efficiency improvement projects iRPC 31% OR • IRPC: Ultra Clean Fuel Project (UCF) • OR: Oil & Retail Expansion in domestic & international PTT Group's Provisional CAPEX for 2021 - 2025 ~Bt 804 bn 000 PTTEP • 2nd LNG Regasification Terminal 51% Upstream Business Key Projects • Onshore and Offshore Exploration and Production in Thailand (Bongkot, Erawan etc.) • Algeria HBR • Southwest Vietnam • SK410B Mozambique LNG 20#13Gas Business Roadmap Short term Gas Demand growth be maintained Thailand Gas Demand Outlook (Short Term - 5 year plan) Unit MMSCFD 6,000 CAGR (2021-2025) 3.4% 2% 3% 4,000 16% 22% 2,000 17% NGV Industry 19% GSP Power - EGAT 59% 62% - IPP - SPP 0 2020 2021 2022 2023 2024 2025 New Supply Additional capacity (mmscfd) Major Project: COD Cum. Pipeline Length (km) LNG new project Cum. Capacity (MTA) 5th pipeline RA#6 Pipeline 4,702 Bongkot Erawan 700 800 LNG Terminal 2 19.0 GSP #7* 460 mmscfd *Replace GSP#1 ptt 21#14Newly Thailand Power Development Plan Stronger demand of NG for power plants PDP 2015* Natural Gas growth upon Government fuel diversification policy for power generation 350,000 300,000 250,000 200,000 7% 150,000- 3% 6% Unit: GWh 350,000 Unit: GWh PDP 2018 Rev.1** Natural Gas be the most important source of energy with highest portion among other fuels Energy Efficiency 6% 1% Renewable 19% 300,000 18% 15% Domestic 2% 2% Hydro 2% 250,000 16% 15% 2% 8% 12% 10% 9% Import 2% Hydro 13% 10% 2% 200,000 8% 3% 11% 7% 53% Natural Gas 64% 37% 150,000 100,000 50,000 2015 10% 0 10% *Source: Ministry of Energy 2016 2017 2018 2019 2020 2021 51% 64% 2022 2023 2024 16% 2025 796 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 62% 60% 55% 100,000 17% 50,000 9% 8% 6% 6% 2% 5% 13% 11% 8% 6% 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Import 5% Coal 6% Lignite 2029 2030 2031 2032 2033 2034 2035 2036 2037 ** Source EPPO (Public Hearing presentation) 22 ptt#15Natural Gas: Growth of natural gas upon Government fuel diversification policy for power generation ptt Old* NEW** Thailand Gas demand forecast (CAGR during 2018-2032) Thailand Gas demand forecast (CAGR during 2020-2035) MMscfd 6,000 5,000 : Total N : Power 2 0.1% 2% : GSP N -7% : Industry ~ 1% : NGV N -6% Thailand Gas Demand Replace : Coal Krabi (800 MW), EE 30% MMscfd 6,000 4,823 5,000 : Total ~ 2% : Power N 3% : GSP N -1% : Industry ~ 3% : NGV 2 -7% 5,659 65% 4,000 4,000 2,635 57% Power 73% 2,635 60% Power 3,000 3,000 78% 2,000 78% 1,000 14% 8% 0 - T 2,000 22% GSP 8% 1,000 16% 5% Industry 17% 14% NGV 2% 8% 21% 16% 3% 0 15% GSP 17% Industry NGV 3% T L 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 2029 2031 *Source: Ministry of Energy 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 ** Source: PTT Business plan 2021 approved by BOD on 17 Dec 2020 23#16PTT Group: Upcoming Projects GSP #7 (460 MMSCFD) ptt GPSC ERU Project (Power 250 MW) IRPC Ultra Clean Fuel (UCF) Building Competitiveness: Euro 5 diesel Thaioil Clean Fuel Project (275 → 400 KBD) LNG Terminal 2 ptt 7.5 MTPA 5th onshore pipeline Length 400 KM. 2 Algeria HBR (Phase I) 10-13 KBD ptt *PTTEP hold 49.0% PTTEP Oman Block 61 *PTTEP hold 20.0% Gas: 1.5 Bcf (100% project) GPSC Semi-Solid Energy Storage Unit 30 MWh GC MTP Retrofit (Olefins Reconfiguration) Ethylene 500 KTA, Propylene 250 KTA GC PO/Polyols PO 200 KTA, Polyols 130 KTA 2020 GPSC Nawanakorn Electric Generating Expansion 60 MW *GPSC hold 30% 2021 2022 GC Olefin Modification Project ptt Enhance upstream feedstock flexibility PTTEP 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 2023 2024 2025 PTTEP Algeria HBR (Phase II) 50-60 KBD *PTTEP hold 49.0% Gas to Power in Myanmar Upstream Gas from Zawtika & M3 Pipeline: Length ~ 370 KM Gas-Fired Power Plant: 600MW Completed In progress Wait for FID Under Study 24#17Contents Overview 1 2 Strategy 3 4Q2020 & YE2020 Performance 4 Outlook Supplementary 5 Information ptt 25#182021 Petroleum and Gas Outlook ptt $/bbl Dubai 100 20 Petroleum 80 15 + OPEC+ crude oil production cut and Saudi Arabia's additional voluntary cut + Bullish sentiment from vaccination and economic stimulus package - 60 10 Market sentiment was pressured by 2nd wave of COVID-19 40 5 20 0 + Singapore light distillate inventories back to normal level 0 -5 1020 2020 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Dubai HSFO Mogas VLSFO Gasoil Cracking (RHS) Mogas + Improved demand on expectation of easing lockdown restrictions from end of 1Q21 onwards More supply from the ramp-up in refinery runs followed demand recovery Gasoil + Demand expected to recover in 2H21 due to economic recovery. However, the resurgence of COVID-19 suppressed on industrial activity in the beginning of 2021 Price Y2020 4Q2020 1Q2021(E) Dubai 42.2 44.6 55-60 Y2021(E) 55-60 + Lower supply as refineries shifting gasoil yield to produce more Jet/kerosene towards the end of the from Aviation sector recovered Mogas 46.6 48.7 60-65 62-67 Gasoil 48.4 48.3 59-64 62-67 HSFO (3.5%S) 39.2 44.1 51-56 51-56 VLSFO (0.5%S) 53.4 54.5 67-72 67-72 Singapore GRM 0.4 1.2 1.2-2.2 1.5-2.5 $/MMBTU 12 Gas/LNG 10 8 6 4 2 Asian Spot LNG Henry Hub 0 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Price Y2020 4Q2020 1Q2021(E) Asian Spot LNG 4.3 8.0 10.5 Y2021(E) 6.0-8.0 - Henry Hub (HH) 2.1 2.8 3.0 2.5-3.5 - Singapore middle distillate inventories also remained at high level High Sulfur Fuel Oil + Lower supply amid reduced term lifting of medium-heavy sour crude from OPEC+ supports price Low Sulfur Fuel Oil + Healthy bunker and power demand followed the global trade recovery + Lower supply owing to crude production cuts by OPEC+ Singapore GRM + Improved crack margins from the recovery of gasoline and gasoil demand Gas/LNG Asian Spot LNG: + Bullish winter weather and stock-building demand from China in 1Q21 Downward price pressures from new supply from 2Q21 onwards Henry Hub: + Higher price due to expectation of strong demand for LNG exports Source: PTT, PRISM Petroleum Rolling as of Jan 2021 26#192021 Petrochemical Outlook Olefins ptt Price Y2020 $/Ton 1,400 HDPE 880 PP Yarn 963 4Q2020 1Q2021(E) Y2021(E) 1,000 1,020-1,070 950-1,000 1,131 1,200-1,250 1,100-1,150 1,200 1,000 800 600 HDPE CFR SEA ......PP Yarn CFR SEA 1Q20 2020 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Aromatics Price Y2020 BZ 485 4Q2020 1Q2021(E) 529 650-700 Y2021(E) 650-700 PX 577 561 690-740 700-750 Olefins + PE/PP demand improve relative to expectations of vaccine boosting economic activity and additional stimulus policy in many countries + Strong demand for single-used plastic and medical application amid ongoing COVID-19 pandemic Incoming additional Asian capacities from Southeast Asia and Northeast Asia will pressure the markets from 2Q21 onwards $/Ton ,000 800 600 400 200 0 ......BZ FOB Korea ......PX CFR Taiwan 1020 2020 3Q20 4Q20 1021 2021 3Q21 4Q21 Naphtha $/Ton 800 600 400 200 0 Price Y2020 4Q2020 1Q2021(E) Y2021(E) Naphtha MOPJ 380 408 500-550 500-550 1Q20 2020 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Source: PTT, PRISM Petrochemical Rolling as of Jan 2021 - - Aromatics + PX/BZ market expected to be more balance as demand improved after the economic recovery and additional demand from PTA/SM new capacities startup in 2Q21-3Q21 Elevated Chinese inventories to suppress demand growth in 1H21 Additional PX/BZ capacities from Saudi Aramco start-up in 2Q21 and China's Zhejiang PC start-up in 3Q21 will affect market sentiment - Naphtha + New crackers start-up, particularly in Northeast Asia, to boost demand Eased supply as refinery runs will be higher following the demand recovery 27#20PTT Group 2021 Guidance ptt Lower Pooled gas cost: GAS 5-7% VS 2020 Gas Volume Growth: CAGR 3.4 % during 2021-2025 Unit: MMSCFD 6,000 CAGR (2021-2025) 3.4% 3% 4,000 16% 22% 2,000 2% 17% NGV Industry 19% GSP Power - EGAT 59% 62% - IPP - SPP 0 2020 2021 2022 2023 2024 2025 Improve GSP U-Rate GSP's U-Rate 92-94% in 2021 PTTEP OR GC GPSC ptt Thaioil İRPC E&P : + Vol. ~12% OIL + Unit Cost ~5% : + Oil Stations + Café Amazon P&R : + Refinery 108 stations/year 418 outlets/year U-Rate ~97-99% GRM SG GRM $1.5-2.5 per bbl Petrochemical spread HDPE $440-490 per ton • PP $590-640 per ton • PX $185-235 per ton • BZ $110-160 per ton ptt Upcoming project in 2021 ptt Phase I Phase II RA#6: 5th Pipeline With 3 phases ptt 96.7% 78.6% 99.7% Ratchaburi - Wangnoi 1Q21 COD: 2Q2021 2Q21 3Q21 MTP Retrofit : 750 KTA GC COD: 1Q2021 Rayong Waste to Energy 95.4% GPSC COD: 2Q2021 Phase III In the process of sourcing contractor : To COD in 2022 -Phase II COD:2H2021 4Q21 High-quality Circular Plastic Resin Plant พระนครศรีอยุ 1 โรงไฟฟ้าวังน้อย : 45 KTA GC COD: 4Q2021 ปทุมธานี RA ปราจีนบุรี กรุงเทพฯ by prash ฉะเชิงเทรา พระนครได้ ไร ไฟฟ้า na vay ระยอง -Phase I Power: + Power Consumption ~2% Maintenance Schedule in 2021 ptt Gas Separation Plants 2H21 3Q: GSP #6 Major TA : 26 days 3Q-4Q: GSP#3 & ESP Major TA : 23 days ESP TD 60% 15 days GC 2H21: Planned Major TA: Ethane Crackers . Oleflex : ~ 1 month OLE3~1 month 100.0% New LNG Reciving Terminal LG Preve (Ban Nongfab, Mab ta Ph Phase I ptf 28