Ampol : Announcement of OMBB and Investor Day Presentation

ASX Release

23 November 2020

ANNOUNCEMENT OF OFF-MARKETBUY-BACK AND INVESTOR DAY PRESENTATION

Ampol Limited (ASX:ALD) today announces the completion of its property transaction announced on 17 August 2020 for net proceeds of approximately $635 million and an Off-marketBuy-back('Buy-back') of approximately $300 million expected to complete in 1Q 2021.

Today Ampol also holds its 2020 Investor Day and the presentation is attached. A webcast of the virtual Investor Day presentation is available via our website investor centre here.

Property transaction update

The Convenience Retail property transaction announced in August 2020 completed on 20 November 2020. Net cash proceeds to Ampol of approximately $635 million are higher than prior guidance of approximately $612 million due to lower than estimated transaction costs on completion of the property transaction.

At the time of announcement of the transaction, Ampol stated that given the then prevailing uncertainty around the COVID-19 pandemic, proceeds would initially be used to reduce leverage in line with its Capital Allocation Framework. Since the transaction announcement, Ampol has experienced an improvement in trading performance following the lifting of various COVID-19 restrictions, as reflected in third quarter financial performance. Ampol has balanced considerations of its strong financial position with the likely ongoing economic uncertainty heading into 2021 in deciding now is an appropriate time to utilise the property transaction proceeds for a combination of reducing leverage, returning capital to shareholders and pursuing appropriate growth opportunities.

Off-marketBuy-back

Ampol today announces an Off-marketBuy-back of approximately $300 million (representing ~$1.20 per share on issue) which is planned to complete in 1Q 2021 and is expected to deliver EPS accretion for shareholders.

Managing Director and CEO, Matthew Halliday, said "We have delivered on our stated 2019 plan to unlock value through network optimisation and I am pleased the completion of the property transaction will further strengthen our balance sheet while allowing us to return capital and release franking credits. The property transaction has complemented the resilient performance of the business in a tough environment and the strong action we have taken to protect cash flows in response to COVID-19."

The Buy-back will be conducted by way of an off-market tender process which is expected to open on Monday, 7 December 2020 and close at 7.00pm (Sydney time) on Friday, 22 January 2021. The record date for the Buy-back is Friday, 27 November 2020.

Details about the Buy-back are outlined in the information Booklet which has been provided to the ASX and is available on the Ampol website. An information flyer communicating how shareholders can participate and how to obtain the Booklet will be sent to eligible shareholders by Wednesday, 2 December 2020 and has also been provided to the ASX.

It is important that shareholders read the information Booklet in full before deciding to participate. For any questions on how the Buy-back operates or how to participate, please contact the Ampol Buy-back information

line on 1300 005 027 from within Australia or [phone] from outside Australia (Monday to Friday, 8.30am - 5.30pm, Sydney time) over the period the Buy-back is implemented.

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Authorised for release by: the Board of Ampol Limited.