PTT Public : Investor Update, November 2020

Contents

2 3 4

5 6

1

Oil Balance Thailand: Jan - Aug 2020

Adequate refining capacity maintains the stability of country supply

Import (82%)

Supply

Domestic

Source: PTIT

233 KBD

Remark : (*)Refined product from refineries = 930 KBD, including domestic supply of LPG from GSPs and Petrochemical Plants = 92 KBD (**) Included Inventory

KBD = Thousand Barrels per day

2

Main driver of the Thai economy

Natural Gas Balance: Jan - Sep 2020

Remark: MMSCFD = Million Cubic Feet @ Heating Value 1,000 Btu/ft3

3

PTT Group:

Bt 13,151 bn (USD 418 Bn)

Bt 1,643 bn (USD 52 Bn)

Market Cap : SET & PTT Group

SET market Cap:

Robust revenue and net income growth since IPO (MMUSD) 1

2001 2001

2019 2019

Fully integrated & highly diversified over entire O&G value chain

•  International E&P business: 1,140 mmboe proved reserves in 2019

•  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 : 6 of 8 major petrochemical plants

•  Leading oil marketing business in Thailand : 1,911 retail stations2 and ~40%2 of market share by sales volume

•  International oil trading business having traded 82.9 bn liters3 in 2019

•  Power Plant flagship with committed capacity of 5,026 MW (equity portion)

• 1 2019 Annual Avg. BOT selling rate USD/THB of 31.22 (Avg. rate)

• 2 As of 31 Dec 2019

• 3 For the year 2019

Thailand best borrower award Best CEO

Best CFO

Best Managed Company Best Corporate Governance Best Investor Relations Best Corporate Social Responsibility

Best Commitment to Strong Dividend Policy

4

*Under the restructuring process, expected to be done within 2020

(100%)

Market Share ~ 40%

• - Oil & Non-oil Retail

• - Lubricants

• - International Oil & Retail

(~48%)

Market Share > 50%

- Integrated Refinery & Petrochemical

(~48%)

Market Share > 50%

• - Integrated Refineries & Petrochemical

  (31.72%*)

  5,026 MW

• - Electricity

• - Steam & Chill Water

• - Energy Storage

• • Ensuring customer satisfaction and loyalty by products and services

• • Create value added thru downstream businesses

Remark: Percentage holding as of Oct 2020

5

5 6

6

PTTEP: Signed senior debt financing agreements of USD 14.9 bn to advance the first two-train LNG development

Signed ESPA with Oman's Ministry of Oil and Gas (MOG) : E&P rights of Block12

GPSC: Acquired Solar power plants in Thailand 39.5 MWOR: IPO Filing on 2 Apr 2020, SEC approved on 16 Sep 2020

PTT Group Refining Synergy amid COVID-19

• • Rebalance JET & middle distillate during COVID-19

• • Synergy group value chain optimization

• • PTT group refineries U-rate

2Q20 : 95%

Subsidies during COVID-19

Public : reduced 3 baht/kg. (Apr.-Jul.)

Private : capped price at 15.31 baht/kg. for 5 months (16 Mar. -15 Aug.)

Low-income household 100 baht/person/month thru state welfare card for 6 months (Apr.-Sep.)

1Q20 : 101%

PTT Group's Bond issuance

Baht Bond USD Bond

: THB 35 bn Incl. Green Bond THB 2 bn : USD 700 mn

Key Business Drivers:

QoQ: Oil prices bottomed out in April and started to recover while gas pooled prices tend to decline HoH: During COVID-19 pandemic and oil price war, most of petroleum and petrochemical prices dropped

AVG. Petroleum Prices ($/bbl)

Dec-171Q1M8 ar-128Q18Jun-183Q18Sep-184Q18Dec-181Q1M9 ar-192Q1J9un-193Q19Sep-194Q19Dec-119Q20Mar-2Q020 Jun-J2u0l'20

Note: Figures are average & Naphtha (MOP'J)

Avg. NG Prices ($/MMBTU)

Dec-11Q718Mar-21Q818Jun-138Q18Sep-41Q8 18Dec-18Q19Mar-129Q1J9un-139Q1S9ep-194QD19ec-119Q2M0ar-220Q2J0un-J2u0l'20

PTT Consolidated Performance: 2Q20 & 1H20

QoQ: Improved NI from lower stock loss despite weaken demand & prices HoH: NI dropped from the impacts of Covid-19 pandemic and oil price war

Avg. Dubai (USD/BBL)40% QoQ

38% HoH

Revenue29% QoQ

Unit : MMTHB

-Lower from all businesses due to lower petroleum & petrochemical prices from oil price war and weaken demand caused by COVID-19

26% HoH

- Most businesses: Declined from lower selling prices and volumes due to Covid-19 impact + Power : Increased from GLOW's revenue

EBITDA67% QoQ

+ P&R: Increased from stock gain in 2Q20 (stock loss in 1Q20)

and improved Mkt GRM and most of petrochemical spreads

• - EP : Soften from lower sales vol.& prices

• - GAS : Weaken from GSP's turnaround and lower demand

• - Oil : Declined from weaken demand and products' spread

44% HoH

• - P&R : Declined from stock loss and lower GRM & Olefins spreads

• - GAS : Lower from GSP's weaken selling prices & vol.

• - EP : lower due to avg. selling prices aligned with crude price

• - Oil : Lower mainly from weaken Jet fuel demand + Power : Increased from GLOW's contribution

NI>100% QoQ + Higher NI from better EBITDA + Higher FX gain from THB appreciation in 2Q20 + Lower Tax expenses mainly from PTTEP

- Higher hedging loss on derivatives

- Impairment from PTTEP's Mariana Oil Sands project

81% HoH

- Weaken EBTIDA

2Q19

1Q20

2Q20

1H19

1H20

- Higher DD&A from EP and power businesses from acquisition + Lower tax expenses from lower performances + Higher gain on derivatives offset with FX loss

2Q20

Oil & Retail/ Power & Others

P&R

PTTEP

21%

30%

Revenue

23%

Oil & Retail/ Power & Others

P&R

17%

PTT-

EBITDA

Trading

20%

PTT-Gas

Oil & Retail/ Power & Others

P&R

19%

PTT-Gas

PTT-Trading

42%

PTTEP

11%

25%

Net Income

23%

PTTEP

41%

PTT

9

2Q20 vs 1Q20 PTT Consolidated Performance (QoQ):

Group performance rebounded due to lower stock loss over weaken demand & prices

(1,554)

Oil & Retail/ Power/ Others

2Q20: 15,670 1Q20: 17,867

2,197

1,263

(1,643)

Depreciation & Amortization

(229)

OPEX

2Q20: 34,602 1Q20: 35,865

2Q20: (634) 1Q20: 1,009

Other

FX & Derivatives

2Q20: 3,166 1Q20: 3,395

2Q20: 10,085 1Q20: 2,478

2,932 1,357 3,767

48%

5,647

Int. & CIT exp.&

Other

PTTEP

PTT

5,569

1,716

P&R

(14,486)

Oil & retail/ Power/ OthersOthers

Coal : lower vol. & prices and other income (tax payback)

Oil & Retail

Margin decreased; Jet A-1 due to price structure

Vol. decreased from impact of Covid-19 and lockdown

Power

Higher GM from lower natural gas and coal cost Higher contribution from affiliates

Petrochemical & Refining

Stock gain in 2Q20 due to crude oil price recovery while stock loss in 1Q20

Higher GRM from lower crude premium

Aromatics: Higher PX spread as a sharp drop in feedstock priceOlefins: Better products' spread & Volume as no SD in 2Q20

4,963

Gas

Extra Items

(966)<100%

MarginStock gain/(loss)

2Q20: 67,527 1Q20: 85,945

2Q20: 2,351 1Q20: (35,693)

1Q20

2Q20

GSP: Soften demand from domestic fuel and petrochemical customers due to impact of COVID-19 & drought situation (GSP#1 & GSP#5: Shutdown & Turndown 50%)

S&M : Lower NG sales vol. from Power, GSP and industrialsectors due to impact of COVID-19

Trading

Capture arbitrage opportunity in a favorable market

environment

Soften performance caused by COVID-19 pandemic & Oil price war

1H20 vs 1H19 PTT Consolidated Performance (HoH):

MMTHB

Oil & retail/ Power/ Others

Others

PTT NGD: lower selling prices ref. FO

Coal: lower vol. and prices from weak global demandPTTLNG: stable rev. and gain on derivatives

Oil & Retail

Higher stock loss following crude oil prices

Vol. decreased esp. Jet from COVID-19's lockdownMargin slightly declined mainly from Diesel and Gasoline

Power

Increasing vol. from full recognition of GLOW in 1H20

Petrochemical & Refining

Huge stock loss in 1H20 as crude price sharply dropped in 1Q20

Lower GRM from reduced all products' spread

Olefins: lower vol. as GC's major T/A & olefin spreads dropped

Aromatics: PX spreads dropped; despite higher vol.

PTTEP

Lower ASP following crude oil prices decreased

Higher vol. from Malaysia Project & Partex acquisition; despite lower demand due to COVID-19 impact

Gas

GSP: declined petchem prices & vol. from GSP S/D

S&M: declined selling price of industrial customers due to lower FO price linked & softer power demand

Lower loss on NGV's business due to lower vol. & price uplift

Trading

Capture arbitrage opportunity in a favorable market environment

Lower vol. from global demand

Extra Items

1H20

1H20 : PTTEP's impairment loss 47 MMUSD (Marina oil sand) 1H19 : - PTT Group: Additional Employee Compensation

+ IRPC: Claim from UHV project

(Unit: MMTHB)

Business Unit	2Q19	1Q20	2Q20	QoQ	1H19	1H20	HoH
Gas	19,850	14,433	11,028	24%	37,798	25,461	33%
• S&M	4,438	1,924	1,356	30%	7,941	3,280	59%
• TM	8,520	9,079	8,960	1%	17,153	18,039	5%
• GSP	5,059	1,803	(475)	<(100)%	9,311	1,328	86%
• NGV	(1,015)	(580)	(684)	18%	(2,163)	(1,264)	42%
• Others1/	2,848	2,207	1,871	15%	5,556	4,078	27%

2018	2019	2019 vs 2018
94,083	71,407	24%
18,917	15,148	20%
35,157	34,037	3%
34,060	16,017	53%
(4,871)	(4,177)	14%
10,820	10,382	4%

Trading2/

363907

1,251

38%

976

2,158

>100%

5,929

2,130

64%

20,21315,34012,27920%38,77427,61929%

100,012

73,537

26%

1/ Others include PTTLNG, PTTNGD, and PTTGL 2/ For MIS and include PTTT and PTTT LDN

Note Since July 2018 Oil business has been transferred to subsidiaries (OR), see more details in Oil business performance

Consolidated Balance Sheets

Key Financial Ratio

1.84

1,266,492 − Local Currency

Net Debt/EBITDA ≤ 2.0

AP & Other Liabilities

0.25

0.32

Net Debt/Equity ≤ 1.0

Interest Bearing Debt (IBD)

2019

1H20

Total Equity

131 Dec. 192*

4 30 Jun. 250

Assets/Liabilities/ Equity:

- Decrease in accounts receivables and inventories: Impact from lower sales vol. and prices from COVID-19 & Price War

- Decrease in accounts payables: lower vol. and prices + Increase in right of use assets; asset reclassification according to TFRS 16 (Leases)

+ Higher Interest Bearing Debt (IBD) from increase in affiliated companies' long term borrowing (bond/loan)

- Lower equity due to dividend payment despite lower net profit in 1H20

Dividend Policy & Historical Payments

1H2020 Dividend payout at 50.0% and dividend yield at 3.4%

Avg. since IPO 44%

Contents

5 6

Resilience

Ensure resiliency

• • Spend SmarteR /Secure liquidity

• • Optimize group value chain

• • Ensure business continuity

• • Safeguard customers & employees

Restart

Enhance competitiveness

• • Synergize operation

• • Maintain financial strength

• • Build efficient & agile workforce

• • Engage and retain customers

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)

~10%

New

Business Pharmaceutical

•  Develop Thailand's first cancer pharmaceutical factory

•  Explore M&A opportunities

Note: Currently, PTT Group's renewable energy portfolio is 200 MW : Investment budget is included in the Provisional CAPEX

Medical Device

•  EV Platform : Currently 30 stations

•  Target: 100 EV chargers in 2021

•  Develop Bio-Cellulose for Wound Dressing

  •  Battery Plant & Smart Grid, Artificial Intelligence

  •  Medical masks, Dust mask, and Medical gloves from the situation of the COVID-19

Strategic PARTNERSHIP

New PLATFORM

PTT: Committed CAPEX (PTT and Wholly Owned Subsidiaries)

Focus on core businesses (Gas and Downstream)

PTT 5-Years (2020-2024) Committed CAPEX Plan totaling Baht 173,3951/ million or ~ USD 5.4 bn

PTTLNG

28,696 MB

Transmission 31,961 MB

Other Infrastructure

10,780 MB i.e. EECi (Wangchan Valley), VC, and Energy related new business

New Pipelines2/

LNG Terminal 2

5th onshore Pipeline,

17% 6%

18%

Gas 10,794 MB

6%

GSP Maintenance

53%

Other wholly owned subsidiaries mainly downstream businesses

91,164 MB

i.e. Oil and retail businesses, MTP Phase#3 (PTT Tank)

Note: 2020 budget revision approved by BOD on 28 May. 20 & 2021-2024 revision is estimated by PTT's Planning and Budgeting Department : The Committed CAPEX excluded the restructuring transaction of power business within PTT Group

1/ The revision of 5-years capex plan decreased by 4% from 180,814 MB (Business Plan)

2/ Subject to project's approval

Total committed CAPEX during 2020-2024* : ~Bt 827 bn or USD 26 bn

Committed CAPEX: PTT Group

Power Business

Key Projects

• • ERU

• • Synergy Capture

• • Renewable Energy (Solar/Wind)

PTT Business

Downstream Business

Key Projects

• • TOP: Clean Fuel Project (CFP)

• • GC: Olefin reconfiguration Plant,

  Propylene Oxide/Polyols,

• • IRPC: Euro V

• • OR: Oil & Retail Expansion in domestic & international

• • 2nd LNG Regasification Terminal

Upstream Business

Key Projects

Unit: MMTHB

• • Onshore and Offshore Exploration and Production in Thailand (Bongkoch, Erawan etc.)

• • Algeria HBR

• • Southwest Vietnam

• • SK410B

• • Mozambique LNG

Gas Business Roadmap

Short term Gas Demand growth be maintained

Thailand Gas Demand Outlook (Short Term - 5 year plan)

New Supply

Additional capacity (mmscfd)

Bongkot Erawan Mozambique

700

800

LNG new project Cum. Capacity (MTA)

LNG Terminal 2 19.0

Stronger demand of NG for power plants

Newly Thailand Power Development Plan

PDP 2015*

PDP 2018 Rev.1

*Source: Ministry of Energy

** Source : EPPO (Public Hearing presentation)

Growth of natural gas upon Government fuel diversification policy for power generation

Natural Gas :

Old*

• : Power

  • ~ 2%

• : GSP

• : Industry ~ 1%

  • ~ -7%

• : NGV

• ~ -6%

Thailand Gas Demand Replace :

Coal กระบี่ (800 MW), EE 30%

2 3

5 6

2H2020 Petroleum and Gas Outlook

$/bbl

Price	1Q20	2Q20	1H19	1H20	Y19	Y20(E)
Dubai	50.7	30.6	65.4	40.6	63.5	40-45
Mogas	57.4	33.1	71.1	45.3	72.5	45-50
Gasoil	61.7	36.3	78.0	49.0	77.2	48-53
FO (3.5%)	43.4	28.9	64.6	36.2	58.7	35-39
Singapore GRM	1.2	(0.9)	3.3	0.2	3.7	0.5-1.5

$/MMBTU 8

6 4 2 0

Gas/LNG

Asian Spot LNGHenry Hub

1Q19

2Q19

3Q19

4Q19

1Q20

2Q20

3Q20

4Q20

Price	1Q20	2Q20	1H19	1H20	Y19	Y20(E)
Asian Spot LNG	3.6	2.1	5.8	2.9	6.0	2.7 - 3.3
Henry Hub (HH)	1.9	1.8	2.7	1.8	2.5	1.8 - 2.4

Source: PTT, PRISM Petroleum Rolling as of Jul 2020

Dubai

• + Global economy and oil demand recover after lockdown eased. However, market remains concern about the second wave of COVID-19.

• + OPEC+ cut oil output 7.7 MMBD from Aug. to Dec.'20, non-OPEC supply in 2020 is expected to decrease by 3 MMBD YoY (IEA).

• + Geopolitical Risk; U.S. conflicts with Iran, and Venezuela, plus unrest in other oil producing countries such as Libya, Nigeria.

- U.S. - China trade tensions, including political standpoints may weigh on market sentiment.

Mogas

+ Gradual demand returns from lifting lockdown restrictions, reopening economic activity, driving season in US, despite the resurgence of COVID-19 infections.

- High regional supply remains due to ramping up in refinery runs and strong Chinese gasoline exports.

Gasoil+ An uptick in industrial activities will support demand

- The increase exports from India and China and the pullback in refinery runs would create supply overhang

Fuel Oil+ Bunker demand slowly improve following the recovery in trade activities

- Expected ease of supply due to lower level of OPEC+ production cuts

- Demand from power generation will be faded after summer

Singapore GRM+ Firmer crack margins affected by the recovery in demand

Gas/LNG

• • Asian Spot LNG: + Higher demand as the region enters winter

  - Record high inventory levels pressured demand growth

• • Henry Hub:

  - Reduction in economic activities result in lower prices

2H2020 Petrochemical Outlook

Olefins + Downstream demand recover after the easing of the COVID-19 restriction amid concern on the 2nd wave of COVID-19.

+ High demand from single-use applications, such as food packaging and medical products, will continue throughout this year.

- New supply from Malaysia and China in 2H20

Aromatics

-PX downstream demand expect to be stable-to-soft, especially in textile and clothing industries, due to slow growth of global macroeconomics.

- Incoming Chinese PX supply to startup at the end of this year

-Benzene downstream demand, especially automotive and appliance, gradually recover after the easing of the COVID-19 restriction but expect to slow toward the end of year

Polystyrene

Source: PTT, PRISM

Petrochemical Rolling as of Jul 2020

Polystyrene (PS)

+ Two major PS producers in Asia discontinued production due to bearish long-term outlook.

+ Healthy PS demand for food packaging and medical application as ongoing COVID-19 pandemic.

- Demand from appliance, automotive and construction are not expected to show significant recovery in 2020 as global economic slowdown.

28

2 3 4

Upstream

*Note: compared to Business Plan

Intermediate

Gas Pipeline

• • Performance maintain as per committed volume of pipeline

S&M

• • Gas consumption in relation to domestic GDP both for power and industrial customers

GSP

• • Optimal utilization rate to align with Petrochemical demand and domestic LPG demand

Total Gas volume  ~ 6-11% : mainly due to industrial's and transportation's demand

Maximize utilization to mitigate gas market volatility

Downstream

Trading

• • Crude/project supply and procurement optimization according to market

• • Expected trading volume  ~ 6%

• • Sales volume both oil and non-oil businesses relative to country GDP

• • PTT group refinery U-Rate in 2020 range from 90%-100%

• • Running optimization with group central balance model to get optimal In & out take plan as a group

Infrastructure

Group's immediate focus & strengthening with closed monitoring

Strong foundation for growth thru any crisis

01 02 Resilience Restart Immediate actions to address challenges and ensure resiliency Restart the business back to scale quickly and ensure competitiveness • Stress tests & adaptive planning • Spend smarter & Prioritize CAPEX • New normal operation thru Group synergy • Liquidity mgmt. & Credit Rating • PTT group value chain optimization • Maintain financial strength and business competitiveness • Safeguard employees & WFH • Efficient & agile workforce • Protect & care for customers • Engage and retain customers

03 04 Re-imagination Reform Initiates & design business models for opportunities (Next Normal) Reform corporate & businesses to operate in every situation • Reimagine Upstream • Reinforce Downstream • Reignite S-Curve into action • Org. / structure / business transformation readiness for regulatory and environment shift

Present focus on Resilience & Restart … to New normal

Reimagine & Reform … for Next normal

"Decrease-Discard-Defer" Measures & Prioritize CAPEX

Decrease

• • Donation/CSR

• • Outsources/ Advisory

Discard

• • SG&A

• • Advertising/ Events

Defer

• • Maintenance

• • New projects

2 3 4

PTT Group Performance : 2Q2020 (QoQ)

E&P	- PTTEP
Petrochemical
- PTTGC
- Other
Refining
- TOP
- IRPC

Shared of Net Income from Affiliates

Tax adjustment for gain on disposal of investment and asset

PTT Conso. Net Income

1/ Including BSA, PTT TCC, and RTC

2Q19	1Q20	2Q20	QoQ
10,748	1,716	4,963	>100%
13,684	8,613	4,322	(50%)
2,269	(8,712)	1,728	>100%
2,202	(8,784)	1,671	>100%
67	72	57	(21%)
1,074	(22,659)	2,069	>100%
567	(13,754)	2,480	>100%
507	(8,905)	(411)	95%
6,009	5,559	6,096	10%
Inter	- PTTER/PTTGM	303	(2,007)	1,218	>100%
Gas	- PTTLNG/PTTNGD/PTTGL/TTM(T)/TTM(M)	2,094	2,353	1,465	(38%)	(30%)
Utilities	- GPSC/TP/DCAP/PTTME/PTTES/PTTDIGITAL/ENCO	1,526	2,234	2,568	15%	68%
Oil & Oth.	- PTTT/PTTOR/THAPPLINE/Others1/	2,086	2,979	845	(72%)	(59%)
23,036	(17,199)	14,215	>100%	(38%)
(313)	(402)	(12)	97%	96%
33,471	(15,885)	19,166	>100%	(43%)

>100%	47.12%
<(100%)	47.55%
1%
>100%	100%

2Q19	1Q20	2Q20	QoQ	YoY
10,748	1,716	4,963	>100%	(54%)
8,934	5,569	2,801	(50%)	(69%)
1,173	(4,015)	837	>100%	(29%)
1,106	(4,088)	780	>100%	(29%)
(15%)	67	73	57	(22%)	(15%)
93%	753	(10,471)	520	>100%	(31%)
540	(6,255)	690	>100%	28%
213	(4,216)	(170)	96%	<(100%)
4,643	6,049	2,944	(51%)	(37%)
308	154	82	(47%)	(73%)
1,862	2,386	1,337	(44%)	(28%)
382	564	641	14%	68%
2,091	2,945	884	(70%)	(58%)
15,503	(2,868)	7,102	>100%	(54%)
(313)	(402)	(12)	97%	96%
25,938	(1,554)	12,053	>100%	(54%)
35

89

PTT Group Performance : 1H20 vs 1H19 (HoH)

Unit : MMTHB

Performance 100%

% PTT holdingEquity Method % PTT

Petrochemical

- PTTGC

- Other

1H19	1H20	1H19	1H20	HoH
19,164	6,679	19,164	6,679	(65%)
26,163	12,935	17,081	8,370	(51%)
8,782	(6,984)	4,177	(3,178)	<(100%)
8,645	(7,113)	4,040	(3,308)	<(100%)
137	129	137	130	(5%)
5,635	(20,590)	2,592	(9,951)	<(100%)
- TOP	4,975	(11,274)	2,289	(5,565)	<(100%)
- IRPC	660	(9,316)	303	(4,386)	<(100%)
Others Business	15,365	11,655	12,549	8,993	(28%)
1,553	(789)	1,563	236
4,305	3,818	(11%)	3,755	3,723
3,050	4,802	57%	769	1,205
6,457	3,824	(41%)	6,462	3,829
55,945	(2,984)	<(100%)	36,399	4,234
(313)	390	>100%	(313)	(414)
74,796	4,085	(95%)	55,250	10,499

(41%)

HoH

PTT Net operating Income

(65%)

E&P

- PTTEP

(51%)

64.88%

<(100%)

<(100%)

47.92%

(6%)

Refining

<(100%)

<(100%)

<(100%)

47.12% 47.55%

(24%)

Inter

• - PTTER/PTTGM

  <(100%)

  100%

  (85%)

  Gas

• - PTTLNG/PTTNGD/PTTGL/TTM(T)/TTM(M)

  (1%)

  Utilities

• - GPSC/TP/DCAP/PTTME/PTTES/PTTDIGITAL/ENCO

57%

Oil & Oth.

- PTTT/PTTOR/THAPPLINE/Others1/

Shared of Net Income from Affiliates

(88%)

Tax adjustment for gain on disposal of investment and asset

32%

PTT Conso. Net Income

1/ Including BSA, PTT TCC, and RTC

(81%)

89

Statements of Consolidated Cash Flows : YE2019 vs 1H2020

Cash & cash eqi

Beginning Cash & Cash Equivalents
292,184	292,542
142,421	38,263
434,605	330,805

Operating	YE2019 265,107	1H2020 99,440
Net Income	92,951	10,499
Changes in assets & liabilities	26,663	33,197
Non-Cash Adjustment	210,752	90,524
Income Tax	(65,259)	(34,780)

Investing	YE2019 (188,218)	1H2020 (130,894)
CAPEX (PP&E, Intangible asset)	(149,951)	(80,267)
Current investment	108,719	(63,524)
Investment (Sub. & Affiliates & others)	(161,121)	(2,399)
Others	2,922	10,077
Dividend/Interest Received	11,213	5,219

Unit : MMTHB

Current inv.

Financing Loan/Bond repayment

Ordinary share issuance of subsidiaries

Dividend Paid

Finance cost paid

Others /Derivatives

Received from loans/Bonds

Ending Cash & Cash Equivalents	292,542	257,858
Current inv.	38,264	97,373
Ending cash incl. S/T investment	330,806	355,231

Statements of Cash Flows (PTT Only) : YE2020 vs 1H2020

Operating	YE2019 46,834	1H2020 16,681
Net Income	61,657	28,030
Non-Cash Adjustment	(1,788)	(5,594)
Income Tax	(29,289)	(3,642)
Changes in assets & liabilities	16,254	(2,113)

Cash	In/(Out)
Cash & cash eqi	(39,723)	(5,729)
Current inv.	(6,970)	6,451

Beginning Cash and Cash Equivalents
86,204	46,481
21,972	15,002
108,176	61,483

Investing	YE2019 6,212	1H2020 13,946
Dividend/Interest Received	33,035	20,241
Others	(6,281)	11,156
Investment (Sub. & Affiliates & others)	(20,098)	1,493
Current investment	17,761	(9,632)
CAPEX (PP&E, Intangible asset)	(18,205)	(9,312)

Financing	(93,171)	(35,812)
Dividend Paid	(59,979)	(31,416)
Finance cost paid	(6,720)	(2,716)
Loan/Bond repayment	(50,658)	(1,725)
Received from loans/Bonds	24,186	0
Others	0	45

Ending Cash & Cash Equivalents	46,481	40,752
Current inv.	15,002	21,453
Ending cash incl. S/T investment	61,483	62,205

Note : 1. PTT Data as of 30 Jun 20 (THB/USD = 31.0658 THB/JPY = 0.2906) excluding liabilities from finance leases.

• 2. Debt Outstanding represents amount and portion before derivative swaps, and reconciled with accounting.

• 3. Cost of debts, % fixed rate, and avg. debt life took into account the derivative transactions, including withholding tax (update as of 30 Jun 20).

Debt Outstanding and Repayment Profile

Unit : MM THB

As of 30 Jun 20

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000 -

Note: 1. Debt Outstanding for Repayment Profile represents financial data and portion after derivative swaps

*PTTC10DA (Century Bonds) is due on 2 Dec 2110

2. Bond repayment in 2022 is THB swaps to USD.

939 4

Data as of 30 Jun 2020

Subsidiaries

Consolidate

PTT Exploration & Production Plc. PTTEP 64.79%

PTT Natural Gas Distribution Co., Ltd. PTTNGD 58.00%PTT LNG Co., Ltd.

PTTLNG 100.00%

PTT Global LNG Co., Ltd

PTTGL 50.00%

Joint Ventures

Equity

Trans Thai-Malaysia (Thailand) Co., Ltd. Trans Thai-Malaysia (Malaysia) Sdn. Bhd.

TTM (T) 50.00%

TTM (M) 50.00%Map Ta Phut Air Products Company Limited MAP 49.00%

Subsidiaries

PTT Oil & Retail Business Co., Ltd.

OR

Consolidate 100.00%

Others

Cost

PetroAsia (Maoming) Co., Ltd. PA(Maoming) 20.00%PetroAsia (Sanshui) Co., Ltd.

PA(Sanshui) 25.00%

Subsidiaries

Consolidate

Global Power Synergy Co., Ltd* Thai Oil Power Co., Ltd.*

TP 26.00%

PTT Digital Solutions Co., Ltd.* PTT Energy Solutions Co., Ltd.* Energy Complex Co., Ltd.

PTT DIGITAL 20.00%

PTTES 40.00%

EnCo 50.00%

Joint Ventures

Equity

District Cooling System and Power Plant

DCAP

35.00%

Others

Cost

Baania (Thailand) Company Ltd. HG Robotics Plc.

Baania 2.89%

HG Robotics 9.49%

Innospace (Thailand)

Innospace 19.42%

GPSC **22.81%Petrochemical Subsidiaries PTT Global Chemical Plc.* PTT Tank Terminal Co., Ltd.

Consolidate

GC 47.92%

PTTTANK 100.00%

Refining Subsidiaries

Consolidate

Thai Oil Plc.*

TOP 47.03%

IRPC Plc.*

IRPC 47.55%

Subsidiaries

Consolidate

PTT International Trading Pte. PTT International Trading London Ltd

PTTT 100.00%

PTTT LDN 100.00%

PTT International Trading USA Inc.

PTTT USA 100.00%

Subsidiaries

Consolidate

PTT Energy Resources Co., Ltd.

PTTER 100.00%PTT Green Energy Pte. Ltd PTTGE 100.00%

PTT Global Management Co., Ltd. PTTGM 100.00%

Subsidiaries

Consolidate

Business Service Alliance Co., Ltd.* PTT Regional Treasury Center Pte. Ltd. PTT Treasury Center Co. Ltd

BSA 25.00%

PTTRTC 100.00%

PTT TCC 100.00%

Others

Cost

Sarn Palung Social Enterprise Company Ltd. Dhipaya Insurance Plc.

SPSE 20.00%

TIP 13.33%

Remark : * Subsidiaries that PTT holds less than 50% but being consolidated because PTT has the power to control the financial and operating policies.

: ** After the restructuring process (which is expected to be done in 2020) will be 31.72%

E&P : Prices & Volume and NI

QoQ: Soften performance due to lower selling prices and volume

HoH: NI dropped from lower selling prices despite higher sales volume from acquisition

Product Prices

Sales Volume

2Q19

1Q20

2Q20

1H19

1H20

2Q19

1Q20

2Q20

1H19

1H20

Net Income (100%)

MMUSD

* Includes Gain/(Loss) on FX, Deferred tax from Functional currency, Current Tax from FX Revaluation, Gain/(Loss) from Financial Instruments, Impairment loss on assets and etc.

Key Highlights

QoQ

- Avg. Selling Price: decreased 22% according to lower crude oil price

- Volume: decreased 10% mainly from lower gas nomination in Bongkot & Contract 4 projects

- NI: dropped 51% as lower avg. selling prices & sales vol., hedging loss and impairment in Mariana Oil sand project

HoH

- Avg. Selling Price: decreased 15% as drop in crude oil price + Volume: increased 6% from acquisition of Malaysia project & Partex

Group despite lower sales vol. of Contract 4 project

- NI dropped 51% due to lower margin and higher DD&A, tax expenses, and impairment loss despite gain on derivatives

E&P: Guidance & Strategy

2030 Aspiration Targets

Achievable through "Execute" and "Expand" Strategy

PTTEP strategy

Gas Business : Prices & Sales Vol.

QoQ : Lower NG vol. from Power, GSP, and Industrial owing to COVID-19's weak demand HoH : Decreased in NG vol. of all customers esp. Power due to COVID-19 pandemic

* HSFO 180 CST 2%S

QoQ

- NG sales vol. declined 8% mainly from Power, GSP, and industrial customers due to

COVID-19

- GSP vol. decreased 11% as more planned SD and TD 50% of GSP1's & GSP5's in 2Q20 according to seasonal drought and COVID-19's lower demand + Avg. pooled gas price (cost) dropped 5% from Myanmar gas and imported LNG - NGV: selling prices of public car decreased 3 baht/kg. despite the lower sales vol. from COVID-19 effect

HoH

- NG sales vol. soften 9% from power, GSP, and industrial customers

- Power vol. dropped 8% mainly from COVID-19 pandemic

- GSP vol. decreased 9% from more SD & TD due to lower petrochemical demand

- Price: Industrial selling prices decreased according to dropped FO price due to IMO effect

2Q19

1Q20

2Q20

1H19

1H20

- Avg. pooled gas price (cost) dropped 1% from Myanmar gas and imported LNG + NGV sales vol. dropped from lockdown policy and lower of alternative fuel prices 43

Gas Business Performance

QoQ: Lower EBITDA due to overall gas sales volume dropped esp. GSP from more planned SD & TD HoH: Lower EBITDA mainly from GSP and S&M while TM & LNG Terminal EBITDA sustained

QoQ

• - GSP performance declined due to lower sales vol. from GSP's SD & TD in 2Q20 more than in 1Q20 and lower average selling prices

• - S&M decreased from 8% lower gas sales vol. due to soften domestic power demand and GSP's SD and TD

• - NGV higher loss from lower public selling prices but lower vol. from lock down

• • TM & LNG terminal still contributed stable performances

HoH

• - GSP dropped significantly due to

  • - Lower average selling prices from the lower global referenced petchem prices

  • - Lower sales vol. from planned SD and lower demand due to COVID-19 impact

  • - higher feed cost

• - S&M decreased due to lower industrial selling prices linked to FO prices & drop of sales vol. mainly from COVID-19 impact caused lower NG demand

+ NGV lower loss from lower sales volume

• • TM & LNG Terminal contributed stable performances

2Q19

1Q20

2Q20

1H19

1H20

Trading Business:

QoQ & HoH: Higher EBITDA due to enhanced gross margin from arbitrage opportunity despite lower sales vol. owing to Covid-19 impact

Unit: THB/Liter

Gross Margin1

HoH

17% QoQ

2Q19

1Q20

2Q20

1H19

1H20

1 PTT Trading BU + trading subsidiaries: FX Adjusted + gain/loss on derivatives

Unit: MM Liter

Sales Volume2

2Q19

1Q20

2 PTT Trading BU + trading subsidiaries

2Q20

1H19

1H20

2Q19

1Q20

2Q20

1H19

3 PTT Trading BU + trading subsidiaries: FX Adjusted + gain/loss on derivatives

Key Highlights

QoQ + Margin increased 17% from lower domestic condensate discount

- Volume decreased 8% mainly from out-out transaction of crude oil & petroleum products from impact of COVID-19 + EBITDA increased from higher GM from capturing arbitrage opportunity

HoH

- Volume decreased 4% due to lower out-out transaction of crude oil & petroleum products from impact of COVID-19 + EBITDA increased from other income and capturing arbitrage opportunity

1H20

Oil Business : OR Group

QoQ: lower EBITDA from lower margin and sales volume during lockdown

HoH : lower EBITDA from decreased sales volume from COVID-19 impact and higher stock loss

Petroleum Prices

Gross margin1/Sales volume

3Q19

2Q19 1Q20 2Q20

QoQYoYHoH

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

OR Group - EBITDA

QoQ

YoY

HoH

Oil

Non-oil

Inter & Other

25%

31% 36%

33%

39% 18%

74%>100% 7%

Total

22%

27% 30%

4Q19

1Q20

2Q20

2Q19

1Q20

2Q20

1H19

1/Excluded Non-oil, stock gain/loss, non-recurring item

Key Highlights

1H20

QoQ

• - Margin was lower mainly from Jet A-1 (lower margin amid 2Q20 oil price uptrend as "month -1" selling price structure)

• - Volume dropped 18% in all products from COVID-19 pandemic and lockdowns mainly jet fuel

• - EBITDA decreased 22% due to lower oil's margin & volume and non-oil EBITDA amid COVID-19's lockdown

HoH

- Margin decreased mainly from Diesel and Gasoline as well as higher stock loss

-

Volume dropped 8% in all products from COVID-19 Pandemic and lockdowns mainly Jet fuel

- EBITDA decreased 30% due to oil's lower margin & volume and non-oil EBITDA due to COVID-19 impact

2Q19

1Q20

2Q20

1H19

1H20

P&R Businesses

2Q20

QoQ: Improved performance thanks to oil demand recovery HoH: Soften performance in line with global trend

Olefins

2Q19

Refinery U-Rate

Dubai

101%

67.4

Spread toDubai: 7.5 $/bbl

12.4

5.6

11.0

6.7

(2.3)

1Q20

101%

95%

Refinery

1H19

1H20

102% 65.4

50.7

30.6

98% 40.6

12.2

8.5

12.6 12.6

Diesel 8.4

5.7

2.6

4.6

4.2 Kerosene

(0.1)

(1.6)

(0.9)

Gasoline (4.5) FO 3.5%

(7.4)

2Q19

1Q20

2Q20

1H19

1H20

Unit: $/BBL	2Q19	1Q20	2Q20	1H19	1H20
Mkt GRM	2.44	0.83	1.60	2.44	1.22
Stock G/L excl. NRV	0.02	-9.00	-3.33	0.83	-6.44
Hedging G/L	0.36	0.79	0.17	0.14	0.50
A/C GRM	2.82	-7.38	-1.56	3.41	-4.72

2Q19

1Q20

2Q20

1H19

Net Income (100%)

TOP's T/A (Aro)

>100% QoQ

1H20

Unit : MMTHB

GC's T/A (Aro I)

<(100%) HoH

14,417

3,343

GC's T/A (Olefin)

3,797

67 2,202 507

567

72

(31,371)

(13,754)

(8,905)

(8,784)

57 1,671 2,480

(411)

137 8,645 660 4,975

(27,574)

PTT TANK

TOP

IRPC

GC

129

(11,274)

(9,316)

(7,113)

2Q19

1Q20

2Q20

1H19

1H20

P&R : Projects Update

ME plants2	UHV Catalyst Cooler	Low Sulfur FO Project.	PO/ Polyols	MTP Retrofit (Olefins Reconfiguration)	CFP (Clean Fuel Project)
Objective/C apacity	• Methyl Ester (200 KTA)	• Flexibility of crude selection • More electricity & steam • Phase I: Catalyst Cooler • Phase II: Generator 4 MW	• Capture more benefit thru LSFO project • 42.6 MT/Month	• Create value added in Polyurethane chain • PO KTA) (200 • Polyols (130 KTA) *94% in progress as of June 2020	• Ethylene KTA) (500 • Propylene (250 KTA) *91% in progress as of June 2020	• Upgrade lower value product  higher value product • Ability to process heavier (cheaper) crude oil • Refining capacity 275  400 KBD
CAPEX	1,650 MB (~50 MMUSD)	1,320 MB (~40 MMUSD)	3 MB	888 MMUSD	985 MMUSD	4.8 Bn.USD incl. ERU unit 757 M.USD
COD	Apr'19	Phase I: May'19 Phase II: Aug'19	Jul'19	2H20 (FID Aug'17)	2H20 (FID Jan'18)	1Q23 (FID Jul'18)

Other Businesses : Coal Business (SAR)

QoQ & HoH : NI dropped due to lower other income from tax lawsuit case and lower selling prices & volume

Unit: $/Ton

Avg. Selling Price1/ & Cash cost1/

kTon

Sales Volume

1/Average Calorific value ~ 5,400 kcal/kg

QoQ

- Volume dropped 16% from lower export from Jembayan

- Avg. Selling Price: lower 12% due to referenced New Castle Coal price + Cash cost was down 6% from lower gasoil price & New Castle Coal price

- NI decreased 93% from no payback on tax lawsuit case as in 1Q20

HoH

- Volume decreased 7% due to lower export from Jembayan

- Avg. Selling Price: down 14% due to lower referenced New Castle price + Cash cost was lower 13% according to gasoil price and New Castle price

- NI decreased from lower payback on tax lawsuit case

2Q19

1Q20

2Q20

1H19

1H20

QoQ: NI increased from lower NG cost and higher contribution from affiliates HoH: Higher performance from the full recognition of GLOW

Sales Volume

QoQ

YoY

HoH

Power Steam

• 2 %

  7% 36%

• 2 %

4% 22%

Key Drivers: Weighted Avg. Selling & NG Prices

QoQYoY

HoH

SPP Avg. Selling Prices

Avg. NG Cost

1%3% 3%

1 %4% 5%

2Q19

1Q20

2Q20

1H19

1H20

Net Income

QoQ

YoY

HoH

NI

20%

75%

72%

Unit: MMTHB

3,476

2Q19

1Q20

2Q20

1H19

1H20

Key Highlights

QoQ

- Sales vol. decreased slightly due to lower dispatch vol. of Sriracha according to EGAT instruction while SPP and VSPP volume improved + SPP Avg. NG Cost decreased according to lower NG prices + NI increased mainly from lower NG and coal cost, and higher contribution from affiliates (XPCL,GRP solar power plants, ISP1)

HoH

• + Sales vol. increased from the full recognition of GLOW in 1H20

• + SPP Avg. NG Cost decreased according to lower NG prices

• + NI increased from full recognition of GLOW in 1H20 despite lower Energy Payment from Sriracha

2Q19

1Q20

2Q20

1H19

1H20

Upcoming Projects to Bolster Future Growth

Committed Capacity SCOD from 2020 - 2023

GPSC Growth Pipeline and Strategy

GPSC Electricity Growth Pipeline

Notes:

• 1. Consisting of operating projects 4,708 MW (COD before 2020), GRP, NNEG

• 2. Maintain original capacity of Glow Cogeneration plants

• 3. SPP Replacement Stage 1: Glow Energy Phase 2 (new plant with 2 PPAs with EGAT, total capacity of 192 MW electricity and 300 T/h steam, SCOD in 2022; and SPP Replacement Stage 2: Glow SPP2 and Glow SPP3 is under feasibility study for internal investment approval.

Strategic Direction and Growth Strategy Selective Growth

"Continuously seeking more international growth opportunities"

Focus Countries: Thailand, Myanmar, Vietnam, and Taiwan

Natural Gas Price Structure : Jan-Jun 2020

Gas prices are mostly agreed under long term contracts and volatility pass-through to ensure stable returns

Sales Price Structure

Customers

+

+

Power Producers 60%

: EGAT 19%

: IPP 12%

1.75% * 1.75% * 9.33% *

: SPP 29%

* EGAT IPP and SPP Supply Margins not more than 2.1525 and 11.4759 bt/mmbtu respectively

GSP 20%

Charged at the same price structure of power producers

Petrochemicals Feedstocks

•

Ethane, Propane, LPG

Profit-sharing mechanism based on market prices of petrochemicals

NGL

Reference to Naphtha market price

Local Cooking Gas

At GSPs cost (adjusted every 3 months)

Export Cooking Gas

Reference to Saudi Aramco's contract price

Charged at prices comparable to fuel oil

Public transportation vehicles : regulated and capped to minimize the impact from the rising global crude prices on end-users

• • Since 16 May 2018 : Allowance to adjust NGV public price from 10.62 Baht/Kg. to 13.62 Baht/Kg. by every 4 month

  (16 May 19, 16 Sep 19 and 16 Jan 20)

• • As of Aug 2020 = 13.62 Baht/Kg.

135

Private vehicles: reflect the natural gas cost, gas quality adjustment and operating cost (not fully cover PTT's operating cost)

• • Since 16 Jul 2016 : The retail price is set to reflect the natural gas cost but operating cost is still regulated

• • Since 5 Sep 2017 : Allowance to adjusted +0.46 Baht/Kg. to 3.8920 Baht/Kg. for gas quality improvement cost

• • As of 16 Aug 2020 = 14.41 Baht/Kg.

• • Contract periods are ~ 25-30 years or until depletion of gas fields or the expiration of concessions

Overview

Gas transmission pipeline capacity

Sole owner and operator of entire gas transmission pipelines in Thailand (~ 4,000 km), a regulated business

• • IRROE ranges between 12.5% - 18% for transmission pipeline investment

Supply & marketing of natural gas provides fixed margin with long-term contracts of 25-30 years

6 Gas Separation Plants; Total production 6.7 MTA; are on petrochemical market price-linked profit sharing basis

Incorporate in PTT Strategic Direction

Sustainability Framework

Balancing Sustainability : PEOPLE PLANET & PROSPERITY

PTT commits to sustainably operate its business with an emphasis to balance 3 sustainability management aspects (3P)

Prosperity

People

Planet

Create Sustainable Growth for the Thai Economy and SocietyDeveloping Human Resources, Creating Quality Livelihoods and Inclusive Business Growth with Community and Society

Conserving Natural Resources and the Environment, and Caring for Community and Society

Green House Gas (GHG) Reduction Target

Thailand's Greenhouse

Gas Reduction Target

PTT: GHG Emission from operation (scope 1 & 2) Target

Verified by 3rd party

•  Increase PTT Group's revenue from low carbon products in 2023

  16 % vs BAU

  18 % vs BAU

  20 % vs BAU

•  Implement carbon pricing for new investment in 2020

Water Management

Waste Management

Reduction Target on Water Intensity by 2030

Water Recycling Efforts

Target: Zero Industrial Hazardous Waste to Landfill in 2020

• • Committing to the 3Rs principle - Reduce, Reuse, and Recycle

  : Production sector 12.6% : Office building 10%

• • Desalinating seawater to reduce reliance on public water resources

7.32% of water recycled & reused to total water consumption in 2019

0.15% of routine hazardous waste to landfill to total routinghazardous waste in 2019

Short-term: 2020 Target

Reduce greenhouse gas emissions 7-20% from business as usual level

Nationally Appropriate Mitigation Actions (NAMAs)

Long-term: 2030 Target

Reduce greenhouse gas emissions 20 - 25% from business as usual level Nationally Determined Contributions (NDCs):

Reduce Operational Carbon Footprint

: Set up GHG Reduction Target from Operation

Thank you

PTT Public Company Limited - Investor Relations Department

Tel. [phone], Fax. [phone]

E-mail:[e-mail]

Website:http://www.pttplc.com

Disclaimer

The information contained in our presentation is intended solely for your personal reference only. Please do not circulate this material. If you are not an intended recipient, you must not read, disclose, copy, retain, distribute or take any action in reliance upon it. In addition, such information contains projections and forward-looking statements that reflect our current views with respect to future events, financial performance and result of PTT's activities. These views are based on assumptions subject to various risks and uncertainties. No assurance is given that future events will occur, that projections will be achieved, or that our assumptions are correct. Actual results may differ materially from those projected.

The information contained in this presentation is subject to change without notice and PTT does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations.

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