PTT Global Chemical Public : Submission of the Financial Statements for the second quarter ended June 30, 2022 and the Management's Discussion and Analysis (MD&A) of PTT Global Chemical Public Company Limited and its Subsidiaries

(Translation)

Ref. No. 16-041/2022

August 10, 2022

Subject:	Submission of the Financial Statements for the second quarter ended June 30, 2022 and the
	Management's Discussion and Analysis (MD&A) of PTT Global Chemical Public Company
	Limited and its Subsidiaries
To:	President, The Stock Exchange of Thailand

Attachment:

1. A copy of the Financial Statements of PTT Global Chemical Public Company Limited (the "Company") and its Subsidiaries for the second quarter ended June 30, 2022 and reviewed report of certified public accountant, with a copy of English translation.
2. Company's and its Subsidiaries performance report (Form F45)
3. Management's Discussion and Analysis (MD&A) of the Company for the period ended
   June 30, 2022.

We are pleased to submit the Financial Statements for the second quarter ended June 30, 2022 of the Company and its Subsidiaries, which were reviewed by our certified public accountant and the Company's Audit Committee. In addition, the Company's Audit Committee has given approval to disclose our financial statements and MD&A to public, as per attachments. The Company and Subsidiaries performance for the second quarter ended June 30, 2022 could be summarized as follows:

In Q2/2022, PTT Global Chemical Public Company Limited ("the Company") had total sales revenue of Baht 196,397 million, increased by 12% from Q1/2022 and increased by 76% from Q2/2021. The revenue has grown continuously supported by the rise of petroleum products tracking with crude oil price and the demand recovery from easing of COVID-19 lockdown restrictions. Moreover, the tensions between Russia and Ukraine escalated into a wider energy and economic sanction from many countries. Petrochemical products prices also increased, following soaring feedstock costs as well as maintenance shutdown and the slowdown in production of some producers in the region. In term of sales volume, in this quarter, the Company's sales volume decreased mainly from planned maintenance shutdown of Olefins 3 plant and

Corporate Finance and Investor Relations

Tel. [phone] ext. 8172, 8665, 8513, 8533, 8534

Aromatics 1 plant, including LDPE and LLDPE. However, the Company had Adjusted EBITDA of Baht 21,029 million in this quarter, increased from Q1/2022 and Q2/2021 by 47% and 29%, respectively. The Company had Net Operating Profit Recurring (excluding Stock Gain Net NRV, Foreign Exchange Loss and Gain from financial derivative, Loss from commodity hedging, and Extraordinary items) of Baht 13,703 million, increased from Q1/2022 by120% and increased from Q2/2021 by 31%. After considering the results of Stock Gain Net NRV of Baht 3,085 million, Loss from commodity hedging of Baht 12,734 million as the products spread was higher prices compared to the hedged prices of the commodity hedging which consists of realized loss of Baht 11,598 million and Unrealized loss of Baht 1,136 million, Foreign Exchange Loss of Baht 4,378 million, Gain from financial derivatives of Baht 1,712 million. As a result, the Company reported Net Profit in Q2/2022 of Baht 1,388 million (Baht 0.31/share), decreased by 67% from Q1/2022.

In Q2/2022, Olefins and Derivatives Business Unit's performance slowed down compared to

previous quarter even the price of Polyethylene (PE) increased. However, the Company had planned maintenance shutdown of Olefin Plant 3 (Ethane Cracker Plant), which led to a decline in sale volumes while the proportion of naphtha increases to 28%. Additionally, the planned maintenance shutdown of LDPE and LLDPE led to a slightly decreased in PE sale volumes. This resulted to Adjusted EBITDA Margin of Olefins and Derivative Business Unit in this quarter at 9%, decreased from the previous quarter. Performance Materials &

Chemicals Business Unit's performance decreased due to Phenol market was weak as the feedstock Benzene prices increased. However, allnex's performance continued the ability to deliver strong results. For

the Aromatics business, the BTX P2F was at 117 USD per ton, increased from the previous quarter but decreased from Q2/2021, due to the increase in products spreads both Paraxylene and Benzene. Moreover, the increase in byproducts spreads, especially Condensate Residue. For Refinery Business Unit, in Q1/2022, the Market GRM was at 21.09 USD per barrel, increased from the previous quarter and Q2/2021, followed the increase in products spread and demand recovery from easing of COVID-19 lockdown restrictions. Other factors included economic sanctions on Russia, which is one of the major oil and gas producers in the world, and the decrease in China's export growth. The Company had Share of Profit from Investments in JV and associates of Baht 1,833 million, increased from Q1/2022, mainly driven by the increased share of profit from VNT after the tender offer completion to increase the ownership from 24.98% to 37.82% at the end of Q1/2022, and the improved performance of Bioplastics business and Acrylonitrile (AN) business.

As of June 30, 2022, the Company had total asset of Baht 792,656 million, increased by 5% or Baht 38,540 million from December 31, 2021 mainly due to increasing of Cash and Cash Equivalents and Current Investments in financial assets derived from both THB and USD Bond issuing coupled with increase in account receivable and inventory due to the rise of crude oil, petroleum products, and petrochemical products prices. The Company, as of June 30, 2022, had Total liabilities of Baht 475,803 million, increased by 12% or Baht 49,291 million from December 31, 2021 mainly from an increased in Interest-bearingdebt increased related to bond issuing and increase in account payable due to the rise in feedstock price and account payable of Coating Resins products (allnex).

Corporate Finance and Investor Relations

Tel. [phone] ext. 8172, 8665, 8513, 8533, 8534

As of June 30, 2022, the Company had total Shareholder's Equity of Baht 316,853 million, which decreased by Baht 10,750 million from December 31, 2021, as a result from Net profit for H1/2022 of Baht 5,600 million. The Company had dividend payment for 2021 of Baht 7,890 million. Additionally, the Company had lower Other components of equity by Baht 8,871 million, which included the fair value measurements of GPSC of Baht 5,686 million.

Please be informed accordingly.

Sincerely yours,

(Miss Pattaralada Sa-Ngasang)

Executive Vice President - Finance and Accounting

Corporate Finance and Investor Relations

Tel. [phone] ext. 8172, 8665, 8513, 8533, 8534