Investor Presentaiton

Current trading conditions and outlook Strong start to the year. Ampol is well positioned to manage the ongoing volatility in global energy markets Lytton refinery ☐ Realised Lytton refiner margin in January was US$18.40/bbl, remaining above historical averages ☐ Significant recovery in gasoline cracks in January trading from lows of 4Q 2022 Fuels and Infrastructure (Ex Lytton and Future Energy) Strong Australian fuel volume sales growth up 19% versus same time last year which was COVID impacted ☐ Quality premiums and product freight (jet) remain well above traditional levels; contract renewals are progressing and a key focus for 2023 Macro Outlook ■ Uncertainty regarding Russian sanctions on refined product to Europe and impact on trade flows. Potential for disruption to be supportive of middle distillate cracks Limited new refining capacity on stream, more tempered concerns regarding global recessions China likely to bring continued volatility to global oil markets. A key watch point. Base case assumption is that China COVID recovery story likely to limit exports of refined products to meet growing domestic demand Ongoing growth in demand for jet, driven by COVID recovery of air travel and China re-entry to international travel Convenience Retail Improved January 2023 trading for both fuel and shop compared to COVID impacted prior corresponding period ■ Return of net migration to Australia Capital Expenditure ☐ January 2023 fuel volumes grew 5.6% on LFL basis and shop sales were up 0.6% Z Energy " Poor weather, including Auckland flooding event temporarily impacted mobility and January trading; Notwithstanding this fuel sales were up 28% compared to the same time in 2022 which was affected by a COVID lockdown Z Energy acquisition to contribute a full year of earnings in 2023. Synergies on track Full volume supply to commence in April 2023 when third party contract expires Capex for 2023 is expected to be at a similar level 2022 including investment in highway sites, Lytton Ultra Low Sulphur Fuels Project and e-mobility rollout under Federal and NSW grants Л AMPOL 23

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