PTT Group Financial and Strategic Insights

Naphtha Aromatics Olefins 2022 Petrochemical Outlook Price Y2021 4Q2021 1Q2022(E) HDPE 1,182 1,252 $/Ton 1,600 PP Film 1,321 1,335 1,315 - 1,365 1,365 - 1,415 1,347 - 1,397 1,400 1,200 1,000 ptt 2022(E) 1,365 - 1,415 HDPE CFR SEA PP Film CFR SEA 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 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 1,000 800 600 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 BZ FOB Korea PX CFR Taiwan 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 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

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