SET-Opportunity Day

FY2022
February 20,2023
Disclaimer

This presentation includes forward-looking statements that are subject to risks and uncertainties, including those
pertaining to the anticipated benefits to be realized from the proposals described herein. This presentation
contains a number of forward-looking statements including, in particular, statements about future events, future
financial performance, plans, strategies, expectations, prospects, competitive environment, regulation and
supply and demand.

PTTGC has based these forward-looking statements on its views with respect to future events and financial
performance. Actual financial performance of the entities described herein could differ materially from that
projected in the forward-looking statements due to the inherent uncertainty of estimates, forecasts and
projections, and financial performance may be better or worse than anticipated. Given these uncertainties,
readers should not put undue reliance on any forward-looking statements.

Forward-looking statements represent estimates and assumptions only as of the date that they were made. The
information contained in this presentation is subject to change without notice and PTTGC 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.

2
Vision and Mission

VISION
To be a Leading Global Chemical Company
for Better Living

MISSION

SHAREHOLDER SOCIETY BUSINESS PARTNER EMPLOYEE

We deliver the best business
performance through
trustworthiness to create fair
and sustainable value for
shareholders.
We integrate social and
environmental responsibility
into our business practices to
achieve sustainable
development.
We provide superior solutions
from innovative products and
services to be the best choice
for our business partners.
We build an organization that is prepared
for change and learning by providing a
happy working environment that
promotes the development of
employees’ capabilities and abilities,
enabling them to meet new challenges
with dedication to the organization and
to professional excellence.

3
The global recognized sustainable company

The only company in chemicals sector ranked

No.1 FOR 4 CONSECUTIVE YEARS

The only company in chemicals sector of Asia awarded

The 1st company in
Thailand recognized in GOLD CLASS MEDAL
LEAD LEVEL
The 1st and only Thai-own conglomerate to achieve

A LIST: CLIMATE CHANGE & WATER SECURITY

Top 6th percentile

(Top 10)
In Chemical Industry 8 consecutive years
(Top 3) SET Sustainability Awards of Honor
5 consecutive years 4
 Agenda

1 FY2022 recap

2 Strategic direction

3 Financial highlights

4 Market outlook

5
 Agenda

1 FY2022 recap

2 Strategic direction

3 Financial highlights

4 Market outlook

6
FY2022 recap: External factors negatively impacted chemicals sector
Revenue Adj. EBITDA Sharing from Operating profit Net Profit/(Loss)
JVs & Asso.

678,267 MB 49,134 MB 2,908 MB 18,984 MB (8,752 MB)

+46% YoY -13% YoY -58% YoY -39% YoY -119% YoY

Key Factors

Economic recession Geopolitical tension New petrochemical GC’s maintenance

& China capacities in market Q2 : OLE3 Q4 : REF

2022 EBITDA: 49,134 MB (-13%) Q4/22 EBITDA: 3,459 MB (-67%)

Upstream & Intermediates Refinery business help to tradeoff weak petrochemical margins
Polymers Maintained optimization despite impact from global recession
Performance chemicals allnex’s robust full year contribution started in 2022
Bio & Circularity Added recycled plastics (Envicco) to GC’s strong Bio & Circularity portfolio

7
 2022 Accomplishments

Progressing our Long- Enhance Business Ready for New

term Strategy Portfolio Capacity Financial flexibility

• Leveraging Synergies • GULF joined as new partner
between GC and allnex. in investment in TTT.
• Full year recognized • Group restructuring of
allnex performance. subsidiaries (reduce
• Grew high-value administrative cost) by
product sales of transferring entire business
Polymers. of GC Glycol, GC Styrenics,
GC Phenol, GCO.
• Complete shares increase • Implement cost saving
in AVT to expand PVC program by achieving
Business. OPEX cut by 15% (approx.
• Commercial start up of 3,700 MB) and CAPEX
Recycled plastics plant - 11,000 MB.
Envicco. • Asset light Management
saving 1,100 MB.
• Secured long-term funding
from bonds issuances by
100,000 MB with 6 times
subscribe over offering for
US$ bond and additional
loan facilities 31,000 MB.
• Successfully refinance for
allnex with approximately
850MEuro.
• Manage repayment profile
and extend average loan
life to 8.40 yr. (+3 yr)

8
Looking into 2023: Pointing to recovery but challenges remain

External factors End Use Market Outlook

Recovery momentum to pick up from Q2/22 onwards

China reopening Automotive Textile

Petchem spread recovery but capacities still ample chip shortage ease more travelling &
social activity
Global Recession
Packaging Construction
Geopolitical tension development
continue strong stimulus package
demand

Remain cautious while continuously strengthen GC’s resilient

Playbook remains activated Downstream extension

✓ Production Optimization ✓ HMC, AVT, KGC

✓ Expense Cutting
✓ Secure cash & liquidity Continue allnex synergies
✓ Enhance Collaboration with
counterparties
9
 Agenda

1 FY2022 recap

2 Strategic direction

3 Financial highlights

4 Market outlook

10
 Strategic directions driven by 3-Steps
Plus

New chapter is Allnex as platform

for growth
underway and
ready for the Reshaping towards High
Value & Low Carbon business
Global recovery Financial strength
supports growth

Upstream

Intermediates

Polymers & Chemicals

Diversified portfolio focused on
Megatrends
Bio & Circularity

Performance Chemicals
Net Zero Target
11
 Climate Change Demographic Health Urbanization Disruptive
Megatrends & Shift & Technology
Energy Transition Wellness

Portfolio Evolution to High Value and Low Carbon Business

Performance Chemicals High Value Product Bio & Circularity Product High Value Business
Advanced solutions
Value-added Applications Alternative Products for Advanced Material Solutions
More Durable, More Flexible Sustainability Solutions with Quality of Earnings
Bio & Circularity
Alternative Solutions: Flexible
Packaging Bio-based
Global Leader in
Stop the waste: recycling / Industrial Coating Resin
upcycling
Rigid Packaging
Polymers & Chemicals
Value-added applications Recycled
Construction

Upstream Emerging
Intermediates
Fulfill Basic Needs
2030 Target 2025 Target 2030 Target

Performance
HVP +1,000 KTA Bio-based product Chemicals
Commodity
56% & 35% Adjusted
44% EBITDA
*2022 = 36% +75 KTA Recycling capacity *2022 = 22%

12
 allnex : Continue cost saving and synergy programs and be ready for the rebound
Continue GC group synergies
▪ Rayong Innovation Hub: Composite lab ready to use, chemical synthesis lab
will be ready in Q2
▪ Raw material integration
Continue cost saving programs to
▪ Expert exchange program: 3 experts from GC assigned to support allnex
mitigate market & economics risk safety/reliability improvement
New synergy initiatives kick start
▪ Supply chain reoptimization to take ▪ Sustainability collaboration
advantage of low cost production base
▪ Digitalization
and competitive raw material cost in APAC

▪ Cost control program Growth strategies progress well

▪ Operational improvement e.g. energy
consumption efficiency and yield China Hub (Capacity at 55 KTA) – ready to capture demand after China reopening
improvement ▪ 100% main equipment installed, 95% civil works completed.
▪ Mechanical Completion within July 2023
▪ Liquidity preparedness – completed
refinancing with more competitive cost in
Q4 2022

South East Asia Hub: to advanced capture the demand growth in the region
▪ Evaluating project scopes
13
 Current projects update
Upstream
Olefins 2 Modification
Project (OMP)
Polymers & Chemicals Bio & Circularity Performance Chemicals
PLA plant 2 PA9T / HSBC new plant
HMC PP line 4
(KGC)

Project highlights : Project highlights : Project highlights : Project highlights :

▪ Enhance feedstock ▪ 250kta PP capacity
flexibility to be able to ▪ Specialty grade to serve
use propane up to 40% Medical & hygiene
from 29%. products and Rigid &
▪ Improve our Long-term flexible packaging.
competitiveness ▪ Capture demand growth
especially in SEA
▪ 75kta PLA capacity
▪ World’s First Integrated
PLA facility.
▪ Address the increasing
global market demand
for sustainable materials.
▪ 13kta PA9T / 16kta HSBC
▪ Extend Olefins value chain
into more downstream
derivative from GC’s
current Butadiene.
▪ To serve key sectors : Auto/
E&E/ Construction/
Consumer goods.

COD : Q2/23 COD : Dec 22 COD : 2024 COD : Q1/23

14
Overall Decarbonization Roadmap Update
Initiatives in pipeline can achieve 20% emission reduction target in 2030
Unit: MtCO2e
(X.XX) reduction
Additional
+X.XX growth 2030 Target 2030 Roadmap: Initiatives in pipeline Initiatives
o Improvement & new
Fuel Switching
Efficiency technology deployment

-driven (0.78) o Clean energy & biogas (0.79) +(0.72)

o Synergy within PTT Group
H H

o New investment mgmt protocol

Portfolio
-driven +0.02
o Internal carbon pricing
o Low carbon business growth:
+0.40 *

Growth exceeds
HVB, bio & circularity target
(*to be further prioritized & managed)

TH
US o PTT Group CCS hub & CCU Platform
Compensation
(1.28) +(0.29)
oversea opportunity

-driven (1.28) seeking

o Forestation & others + Carbon Credit

Inventory Building

15
 Agenda

1 FY2022 recap

2 Strategic direction

3 Financial highlights

4 Market outlook

16
 Q4/22 Earnings impacted by refinery shutdown and weak chemicals spread

Unit: MB Adjusted EBITDA*

Revenue Unit: MB

-31% QoQ +46% YoY -13% YoY

-67% QoQ
678,267
56,627
465,128 49,134

139,298 181,536 124,780

10,173 10,374
3,459
Q4/2021 Q3/2022 Q4/2022 FY2021 FY2022
Q4/2021 Q3/2022 Q4/2022 FY2021 FY2022
Note: * Adjusted EBITDA refers to EBITDA excluding Stock gain/(loss),NRV, Gain/(loss)
Unit: MB from commodity hedging, and Extra item
Operating Profit and NI
NI Operating Profit + 93% ->200% -119% -39% Adjusted EBITDA contribution
QoQ QoQ YoY YoY
Performance Service&Other
FY2021 extra items; FY2022 extra items; Chemicals Service&Other 5%
• Stock Gain(Loss) &NRV 5,995 • Stock Gain(Loss) &NRV (3,657)
3% -2%
• Commodity Hedging (1,440) • Commodity Hedging (23,507) Bio & Performance
•
•
FX loss
Gain on GPSC shares
(4,765)
17,724
• FX loss (313) Circularity Chemicals
• Gain on shares purchase 939
• Gain from investment reclassification 848 3% 22%
Upstream Upstream
Polymers & 44%
Q4’22 extra items; 40%
50, 000
• Stock Gain(Loss) &NRV (3,518) 44,982 Chemicals 56,627 49,134
• Commodity Hedging 356
31,347 21%
40, 000

•
•
FX Gain/(Loss)
Gain on shares purchase
3,990
939
MB Bio &
Circularity
MB
18,984
30, 000

• Gain from investment reclassification 848

20, 000
3%
10, 000
3,248 3,462 813
0

Polymers &
-10,000

-968 -1,769 Intermediates Chemicals Intermediates

-20,000

-13,384 -8,752 33% 16% 10%

Q4/2021 Q3/2022 Q4/2022 FY2021 FY2022
Adjusted EBITDA FY2021 Adjusted EBITDA FY2022

17
 Consolidated Statement of Income – Q4’22
YoY highlights (FY22 VS FY21)
YoY QoQ YoY
Unit : MB Q4/2021 Q3/2022 Q4/2022 20221 2022
% + /(-) % + /(-) % + /(-) (A) P2F: Increased from allnex and refinery business, but
1 Sales Revenue 139,298 181,536 124,780 -10% -31% 465,128 678,267 46% decreased from aromatic , olefins ,and phenol business
2 Feedstock cost (106,681) (143,018) (92,801) -13% -35% (341,893) (521,512) 53% (B) VC: Utilities of allnex and higher Fuel gas price caused by
3 Product to Feed Margin 32,617 38,518 31,979 -2% -17% 123,235 156,755 27% (A) a rise in utilities cost/steam price
4 Variable Cost (10,614) (13,854) (13,053) 23% -6% (34,107) (51,148) 50% (B) (C) FOH&SGA:
Apart from fix costs of allnex , GC mainly increased from
5 Fixed OH (6,320) (8,341) (9,949) 57% 19% (18,556) (32,542) 75% (C)
transportation expense maintenance expense
6 Stock Gain/(Loss) and NRV 1,040 (8,108) (3,518) <-200% 57% 5,955 (3,657) -161%
7 Gain/(Loss) on Commodity Hedging 1,462 (2,111) 356 -76% 117% (1,440) (23,057) <-200% (D) Depreciation increased from allnex, but lower D&A from useful
8 Other Revenue 1,465 1,875 2,535 73% 35% 4,932 7,527 53% life of assets extension and asset management related to
9 SG&A Expenses (6,975) (7,824) (8,053) 15% 3% (18,878) (31,458) 67% (C) production process
10 EBITDA 12,675 155 297 -98% 92% 61,141 22,420 -63% (E) Net Financial Expense: Mainly from higher interest expense
11 Depreciation & Amortization (6,408) (7,123) (6,235) -3% -12% (23,593) (26,646) 13% (D) from allnex acquisition and GC bond issuance
12 Loss from impairment of assets (1,886) - - -100% - (1,886) - -100%
13 Provision of contingent liabilities-Subsidiary (444) - - -100% - (444) - -100%
(F) FX loss from THB depreciation against USD
14 Gain on shares purchase - - 939 100% 100% - 939 100% QoQ highlights (Q4/22 VS Q3/22)
15 Gain on sale of investment 1,388 - - -100% - 10,201 - -100%
(A) P2F: Mainly from upstream and Performance Chemical business
16 Gain from investment reclassifiantion - - 848 100% 100% 10,565 848 -92%
(B) VC: decreased due to turnaround of Refinery and GCO
17 Technical incident in the warehouse construction project - (851) (43) - -95% - (894) 100% plant in Q4’22
18 EBIT 5,325 (7,819) (4,194) -179% 46% 55,984 (3,333) -106% (C) FOH&SGA: Fixed overhead increased from inventory uplift
19 Net financial expense (1,400) (2,474) (2,405) 72% -3% (5,434) (9,171) 69% (E) from PPA of allnex and maintenance expense
20 FX Gain(Loss) (1,899) (3,298) 3,990 >200% >200% (4,765) (313) 93%
21 Share of gain/(loss) from investment 1,472 306 (381) -126% <-200% 6,993 2,908 -58% (D) Depreciation decreased from asset management related to
22 Corporate Income Tax (190) 101 2,031 <-200% >200% (7,228) 2,273 -131% production process
23 Net Profit/(Loss) after Tax 3,308 (13,184) (959) -129% 93% 45,550 (7,636) -117%
Profit/(loss) attributable to:
24 Non-controlling interests 60 200 9 -85% -96% 568 1,116 96% (E) Net Financial Expense: Mainly from bond repayment 1,000
25 Owners of the Company 3,248 (13,384) (968) -130% 93% 44,982 (8,752) -119% MUSD in Q3’22
26 Adjusted EBITDA* 10,173 10,374 3,459 -66% -67% 56,627 49,134 -13%
Note:* Adjusted EBITDA = Adjusted EBITDA refers to EBITDA excluding Stock gain/(loss),NRV, Gain/(loss) from commodity hedging, and Extra item

18
 Strong Financial Position
Statements of Financial Position Long Term Debt Portfolio
Dec 31, 2022 Dec 31, 2021 Interest Breakdown Currency Breakdown
THB 720 Bn THB 747 Bn
Cash & Cash equivalents
+ Current investments 35%
32 75
in financial Assets 119 145 46%
65% 54%
140 134 Liab.
CA

302 275
IBD
296 301
PPE Fixed Float THB USD & Others
Share Total Long Term Debt THB 273 Bn
328 Holder’s As of 31 Dec-22
252 299
Non CA 237 Equity
Avg. Loan Life 8.40 yrs
Restate FS Avg. Cost of Debts 3.51 %

Key financial Ratios Strong Credit Rating

Net IBD to Equity Net IBD to EBITDA/Adj.EBITDA*

0.90 12.04
0.61
5.49 BBB Baa2 AA (th)
3.28 3.54
(Stable) (Stable) (Stable)
Q4/21 Q4/22 Q4/21 Q4/22
Note: *Adjusted EBITDA refers to EBITDA excluding Stock gain/(loss), NRV , gain/(loss) from commodity hedging and Extra item 19
Committed Capex to support GC’s sustainable growth

Total Estimated Annual CAPEX (M.USD)

Projects
2023-2027 2023 2024 2025 2026 2027

1) Olefin 2 Modification Project 33 33 - - - -

2) Other projects 269 225 27 16 - -

total 302 258 27 16 - -

3) allnex expansion & growth Capex 491 80 111 114 95 91
GC group Grand total 793 338 139 130 95 91

Notes: 1. Group annual maintenance ~ 400 M.USD (including allnex)

2. Other projects such as IT & digital, new office facility, upgrade/modify production unit etc

20
 Agenda

1 FY2022 recap

2 Strategic direction

3 Financial highlights

4 Market outlook

21
 GC Portfolio allocation
Products
Chemicals
Base

Export / External customer Upstream Diesel, LSFO, Olefins, PX, BZ

BU Subs, JV and asso.

Refinery
Aromatics EO Phenol GC-MPTA GCO PTTAC Intermediates EO/EG, Phenol, Acetone, BPA, PTA, PO, AN, MMA
Derivative & Bio

Olefins
Chemicals

BU Subs, JV and asso.

GCS HMC VNT TPRC
Polymer Polymers & PE, PS, PP, PET, PVC, Compound
Chemicals Ethanolamine, Polyols
RGL DYCT GCP

Subs, JV and asso.

Bio &
GGC Envicco PTTMCC Emery NatureWorks Oleochemical, Bioplastics, Recycle Resins
Circularity

Coating & Adhesives Engineering Plastic

Performance
Chemicals

Subs, JV and asso. Liquid Resins & Additives (LRA) PA9T, HSBC
Performance Power Coating Resins (PCR)
Allnex Vencorex KGC Chemicals Radcured Resins (RAD)
Crosslinkers (XLR)
IPDI, HDI, HDI Derivatives

22
 Feedstocks & Refined Products Outlook
Global Crude Balance [MBD] : Supply - Demand Crude :
- Lower demand from Recession fear, Balance :
▪ China reopening announced in Jan 23 boost oil demand.
MBD China lockdowns Supply – Demand
104 - Supply concern from political tensions [MBD] 4 ▪ OPEC+ maintain production cut 2 MBD to maintain high oil price.
102 3 ▪ Geopolitical supply risks from the ongoing Russia-Ukraine conflict,
1.8 expects Russian supply loss ~0.7 MBD.
100 2
0.8
▪ Economy & inflation concern; 2023 GDP revised down from 3.6%
98 0.3 0.4 0.4 1 to 2.9%, 2.7% but recently revised up to 2.9% in Jan 2023.
96 0 ▪ Forecast Dubai price 2023 around 80-90$/bbl.
94 -0.5 -0.3 -1
-0.70 -0.7
Naphtha :
92 China demand coming -2
-2.4
back amid continue
supply concerns
▪ Demand recover from Gasoline blending after China reopens
90 -3 borders.
2020 2021 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23
Balance [RHS] Demand Supply ▪ Improving Petrochemical demand with new capacities coming
Source: IMF, EIA, Rystad, GC Jan 2023 will also support Naphtha prices.
Global Refined Product Demand [MBD] Refined Products :
World Diesel/Jet/FO Demand vs 2019 ▪ Global refined product demand growth will increase in 2023
120%
108% 108%
Fuel Oil demand after China reopens borders but weighted with global high
106%
Demand growth vs 2019

106%
110%
101%
103% 103% 104% 104%
102% inflation and risk to economic recession.
94% 97% 2019 level
100%
98%
101% 101% 101% 100% 101% 101% 101% 101%
101% ▪ On 5th Feb 2023, EU officially announced price cab for Russian
90% 95%
97%
Diesel demand 92%
products. But the cab of 100$, e.g. Diesel, is not that low to dis-
80% 84%
87% 88%
incentive Russian products out flow.
81%
Jet demand
70%
73%
77% 75%
78%
▪ Diesel price get supported by French nationwide strike against
60% 64% 64%
67% pension reform.
50% ▪ Challenge in 2003 new refineries additions as much as net
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23
capacity 1.1 MBD throughout the year. 23
Source: Energy Aspect (Jan. 2023), PTTGC
 End Use Market Outlook
Automotive GC Products : BZ, Phenol, PO, MEG, BD, AN, PE, PP, Polyols
Vehicle Sales by Type ▪ Overall market still challenge from global recession concern.
Million Car units
100
83.6 85.6 ▪ Since COVID in 2020, see growth in vehicle sales along 2021 to
80.6
80 1.6 1% 72.8 1% 75.6 4% 4% 1 – 4% PHEV
9.6 11% 2023. With 2023 total sales will exceed pre-COVID level in 2019.
2% 3% 7.6
2.2 3% 4.6 6% 9% 2 – 11 % BEV Expect interrupt in battery & semiconductor shortage will ease.
60 85 – 97% ICE
▪ EV car sale portion over ICE growth from 2019 to 2023 as 3% to 15%.
97% 96% 91% 87% 85%
40
81.5 69.6 69.0 69.9 72.4 ▪ China reopening lead to more travelling support market in the future.
20 ▪ Expect EV car growth in China enhanced by stimulus on tax credit
rebate for purchasing EV car & more stimulus packages from many
0
countries support EV market in the future as well.
2019 2020 2021 2022 2023
Source : Bloomberg BNEF Oct 2022 [PHEV : Plug-in Hybrid Electric Vehicle, BEV : Battery Electric Vehicle]

Textile GC Products : PX, PTA, MEG, PP

Chinese Fabric Sale [Million Meters/day] ▪ Overall market still challenge from global recession concern.
16
Summer Textile Winter Textile
14
Season Season ▪ In 2022, limited demand from prolonged China Zero COVID policies
12 led to re-lockdown multiple areas pressure textile demand.
10 ▪ Post-COVID, consumers behavior change more people spend
8 conservatively.
6
Avg [Million Meters/day]
▪ China reopening lead to more travelling & social activities expected
4 demand will resume in the future.
Y.19 9.4
2 Y.20 7.0
Y.21 8.2 ▪ Uplift on seasonality in summer & winter textile demand.
0 Y.22 7.2
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ▪ Yr 2023 still challenge from new capacities especially in China. PX
7.5 MTA, PTA 6.2 MTA, MEG 5.7 MTA.
Source : CCF Dec 2022 2019 2020 2021 2022 24
 End Use Market Outlook
Packaging & Film GC Products : PX, BZ, PTA, PE, PP, PET, PS
Consumer Goods PMI ▪ Since COVID, hygienic concern support growth in food & beverage
65
Global Asia Europe US packaging & e-commerce industry.
▪ Increase in travel activities after most countries easing travel
60 restrictions will improve packaging demand for outdoor activities.
▪ China reopening drives demand recovery, but global economic
55 recession may limit demand growth.

50
▪ Global demand for recycled plastic is growing across all polymers.
However, recycling portion are small [~10%] compared to demand of
virgin plastics.
45
▪ Sustainability & environmental issues may continue to be underlined,
particularly in developed regions.

Construction, Household & Pipe
% Products Growth : 2022 to 2023 by Q
GC Products : Phenol, PO, PE, PP, Polyols
▪ Slowing economic growth, rising interest rates impact construction
growth. However, expected 2023 will see slower-down in interest rates
hike compared to 2022 that could support construction projects
investment in 2H 2023.
▪ China is expected to inject substantial stimulus for construction in public
infrastructure megaprojects in order to spur a post-COVID recovery &
investment.
▪ Net zero emission became key strategy for countries, rising government
investment in control-carbon-emission related infrastructure.
▪ Smart city & smart home trends shall support the material market.
▪ Wind turbine growth remain strong to support Phenol coating & paint market.
Source : Oxford Economics Jan 2023, ICIS Jan 2023, S&P Global Platts PMI Jan 2023 25
 Macro Trend: 2022 is a challenging year with anticipation to recover by 2H’2023
Closely monitor
‘Recovered by 2H’23’
▪ China’s recent reopening
Major Events

Auto slow ▪ Supply chain disruption ▪ Fear of recession ▪ Destocking

▪
▪ Covid spike in China -> “Inflation under control”
down ▪ Raw material increase ▪ China lockdown ▪ Recession within
further ▪ Russia-Ukraine conflict Europe and temporary short of labor “EU pressure on energy price
▪ Omicron
▪ Raw material ▪ Russia-Ukraine conflict escalated to energy geopolitics ▪ Rising interest and inflation stabilized”
increase continued crisis continued ▪ Slightly better 2023 GDP forecast. “China back to recovery mode”

End of 21 End of End of End of End of End of

Q1’22 Q2’22 Q3’22 Q4’22 Q1’23

2023 Industry Outlook: Still slowdown from Q4/22 to Q1/23 but expect recovery in end of Q2/23
Q1/23 vs Q4/22
End Market (Exposure) Q1/23 Outlook : China is the key to recovery
EU America AP

• EU new-vehicles sales remain flat and slight decline in OEM production,

Auto & Mobility • U.S. continued strength in automotive OEM and vehicle refinish, new-vehicle sales increase.
(~28%) • China terminated subsidies for EVs and tax cuts for low-emission gasoline cars in Dec 2022 -> lower demand in 1Q,23 but
expect to improve in 2Q,23. Demand in other Asian countries is still good.

• EU and NA remains stay at Q4/22 level due to rising interest and inflation, expect a recovery in 2H 23.
Industrial goods • AP remains weak from Q4/22 level, due to covid spike after lifting covid restriction in China and Chinese New Year ->
(~25%) lower production rate of industrial goods.

• Expect weak demand consumer spending in retail of all regions

Packaging • Europe Vol in Jan may be slightly higher than previous month due to restocking needs.
(~27%) • China’s incentives to boost consumer spending would be a game changer, but again, it will depend on how quickly the
country gets the outbreak under control

• EU decorative/construction will be affected by economic slowdown

Construction &
• U.S. housing will be under pressure this year mainly due to continued high inflation
Decoration • AP region will benefit from strong economic recovery in China as the pandemic reopening resulting in higher spending
(~20%) especially from Chinese govt infrastructure plan after China real estate crisis in 2022.
Negative Stable Positive 26
Q A
27
 Thank You
PTT Global Chemical Public Company Limited
555/1 Energy Complex, Building A, 14th – 18th Floor,
Vibhavadi Rangsit Road, Chatuchak, Chatuchak, Bangkok 10900 Thailand
Tel: +66(0) 2265-8400 Fax: +66(0) 2265-8500
www.pttgcgroup.com

For further information & enquiries, please contact our Investor Relations Team at IR@pttgcgroup.com

Jittasak Soonthornpan VP - Corporate Finance & IR Jittasak.s@pttgcgroup.com T. 662-265-8172

Paween Chiasakul Division Manager – IR Paween.c@pttgcgroup.com T. 662-265-8665
Panit Yamprasert Senior IR Analyst Panit.y@pttgcgroup.com T. 662-265-8513
Tanuntorn Karunyatorn IR Analyst Tanuntorn.k@pttgcgroup.com T. 662-265-8533
Sanjira Chotipintu IR Analyst Sanjira.c@pttgcgroup.com T. 662-265-8534

28
Appendix

29
Maintenance Shutdown Schedule 2023
Plant 2023
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Cracker 59 37 OLE1 T/A
OLE

OLE2/2 T/A *Postpone from Dec'22

Oleflex 65

21 HDPE1/1

HDPE 23 HDPE1/2
16 HDPE2

LDPE 12 24
POL

LLDPE I
LLDPE II 20

PS 21

TOCGC 61 108
EOB

7 103
EA
Phenol I 15
PHN

Phenol II 3

BPA 18

Refinery
GCO ARO2 ARO1 REF

Aromatics I
Aromatics II 37

PO

Original plan Updated from Original plan

30
Upstream - Refinery
Refinery Intake (KBD) Refinery Sales Volume (KBD)
Utilization rate
102% 101% 77% 101% 101% 98% 100% 56% 95% 89% 151 148 113 172 154 155 166 84 146 139
4% 1%
0% 1%
1% 5% 0%
1% 5% 10% 3% 6%
3% 0% 0% 0% 9% 1% 1%
3%
172.2 171.1 180.6 174.6 165.1 175.1 163.8
131.7 153.4 73% 68% 76% 70% 71%
24.9 25.1 34.2 28.2 23.5 29.7 26.3 70% 72% 70% 68% 71%
24.9
20.8 99.5
18.2
147.3 146.0 146.4 146.5 141.6 145.4 137.6 128.6 19%
110.9 81.3 12% 16% 11% 12% 13% 11% 14% 13%
14%
11% 9% 11% 11% 11% 11% 7% 9% 11% 10%
Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 2021 2022 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 2021 2022
Crude Condenstate Residue Others Fuel Oil Diesel Jet Naphtha+Ref.

Gross Refinery Margin ($/bbl)

4.9
9.8
5.4 1.8 4.5 21.1 3.99
1.9 1.3 1.7 5.2 9.8 9.7 2.6 1.72 12.13
2.5
3.2 1.4 3.2 6.3 7.6 3.80 -1.31
2.0 -1.53 -0.19
-0.2 -1.6 -7.5 -3.1 -4.5 -8.6 -2.7 -7.1
-16.6 -20.7 0.0 -11.01
-3.9
Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22

Market GRM Stock Gain (Loss) net NRV

Hedging Gain (Loss) Accounting GRM
31
Upstream - Aromatics
Aromatics Intake (KTons) Aromatics Sales Volume (KTons)
Utilization rate
98% 102% 100% 97% 100% 80% 88% 82% 99% 88% 745 705 705 738 676 581 567 565 2,892 2,389

6,223
5,710
1,724 1,421 31% 38% 35% 34% 34% 35% 41% 36% 34% 37%

1,501 1,540 1,584 1,598 1,526 49% 55% 53%

1,279 1,504 1,402 4,499 4,289 54% 56% 55% 57% 57% 57% 57%
398 462 421 444 468 356 329 268
1,104 1,078 1,164 1,154 1,057 923 1,175 1,134 15% 7% 7% 11% 10% 7% 1% 7% 10% 5%
4% 1% 3% 0% 0% 0% 0% 1%
1% 2%
0%
Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22

Condensate Other Feed Other By-Products Condensate Residue Naphtha Group

PX Group BZ Group
Other Feedstocks are Reformate, Pygas, and Heavy Naphtha

Aromatics BTX P2F ($/ton BTX)

295
198 205 77
38 30 179 18 206
63 3 35
129 36
12
16 129 19 70
181 188 9 153
142 117 44 78
101
48
96 85 59
-6 -13 -45 -7
-18
-144 -57 -109
Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22

BTX P2F Stock Gain (Loss) net NRV

Hedging Gain (Loss) Accounting P2F
32
Upstream - Olefins

Olefins Intake (KTons) Olefins Sales Volume (KTons)

Utilization rate
1,094 1,118 1,289 1,147 1,174 1,079 1,211 1,121 4,649 4,585 104% 93% 91% 80% 85% 75% 83% 76% 91% 80%

15% 3,015 2,888

17% 24% 24% 24% 28% 28% 29% 20% 27%
32% 33% 34%
37% 33% 35% 38% 36% 32% 35%
741 707 824 743 763 697 745 683
53% 49% 39% 42% 40% 37% 45%
33% 34% 36%

Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22

Ethane Other Gas Naphtha

33
Intermediates Polymers & Chemicals
Intermediates Sales Volume (KTons) Polymers & Chemicals Sales Volume (KTons)
663 715 789 794 727 767 709 672 2,961 2,874 587 564 613 590 599 545 515 541 2,353 2,199
11% 9% 13% 13% 12% 15% 15% 13% 12% 14%
3% 3% 3% 3% 3% 3% 3% 3%
39% 44% 15% 14% 3% 3%
47% 49% 49% 49% 48% 47% 45% 48% 13% 14% 15% 14% 15% 16% 14% 15%
8% 7% 30% 31% 32% 30% 29% 28% 27% 30% 31% 28%
7% 7% 7% 7% 6% 5% 3%
6% 7% 5%
11% 6% 6% 5% 6% 6% 4% 6% 6%
11% 10% 9% 11% 12% 11% 10% 11%
10%
16% 15% 13% 12% 15% 17% 14% 15%
14% 14% 41% 42% 38% 40% 40% 40% 40% 39% 40% 40%
20% 17% 17% 17% 14% 15% 16% 17% 18% 15%

Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22

EO-Based PHN Acetone BPA PO PTA HDPE LLDPE LDPE PS Others

34
Utilization rate

Utilization rate Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 2021 2022
Upstream
- Refinery 102% 101% 77% 101% 101% 98% 100% 56% 95% 89%
- Aromatics 98% 102% 100% 97% 100% 80% 88% 82% 99% 88%
- Olefins 104% 93% 91% 80% 85% 75% 83% 76% 91% 80%
Intermediates
- MEG 105% 104% 110% 99% 66% 88% 84% 79% 104% 79%
- Phenol 119% 115% 118% 101% 119% 118% 116% 107% 113% 115%
- BPA 114% 103% 121% 107% 119% 112% 71% 107% 111% 102%
- PO 89% 100% 99% 53% 104% 81% 69% 22% 85% 69%
Polymers & Chemicals
HDPE 107% 107% 104% 102% 111% 102% 95% 92% 105% 100%
LLDPE 96% 106% 95% 93% 92% 80% 97% 88% 98% 89%
LDPE 123% 100% 123% 100% 128% 85% 128% 121% 111% 115%
Total PE 105% 105% 104% 98% 106% 90% 101% 95% 103% 98%

35
 • High crude price remains from Chinese economy reopening that boost oil demand
• Geopolitical supply risks and limited OPEC supply remains, while recession concern

Crude Price, $/bbl Market Commentary : Crude

DUBAI 2022
120
108.1 ▪ Geopolitical supply risks from the Russia-Ukraine
110
conflict, expects Russian supply loss ~0.7 MBD.
100 95.6 96.9 96.3
▪ OPEC+ cut production to maintain high oil price.
84.8 87.3 88.0
90 83.7 85.0
78.3
80 80 - 90
71.7
69.2
2023
70 66.9
60.0 ▪ China’s reopening boosts oil demand in 2023.
60 Crude ▪ The EU official embargoes Russian crude & refined
50 products.

40 ▪ OPEC+ maintain cut at 2 MBD to maintain high oil price.

▪ Recession fear, economy concern.

▪ U.S. production will increase in late 2023 (however still

lower than 2019) [~12.2 MBD in Jan 2023 vs. 2019 13
MBD].
$/bbl 2021 2022 2023 (F)
▪ Iran to delay supply to market, expected in late Y2023.
Dubai 69.2 96.3 80-90

Source: PTTGC as of 23 Jan 23 Price Forecast

36
 • Refined products crack in 2023 are supported by China reopens boarders &
Russia invasion of Ukraine amid global high inflation & risk to economic recession
Refined Products Price, $/bbl Market Commentary : Refinery
51.6
50 2022
Diesel 10 ppm 41.1 41.5
39.0 ▪ More vaccinations and Live with COVID policy in
40 35.0 the most countries, help stimulus transportation
28.5 33.2 VLSFO 26-30 demands.
30
22.5
21.1 ▪ High middle distillates crack due to Russia invasion
22.5
20 15.5 15-19 Diesel of Ukraine, EU depend on Russian Gasoil 60%.
13.5 18.5 14.4 12.7
11.2 11.8 14.4 18.8 2023
10 7.1
9.9 11.6
12.6 13.2 11.1 14-18
Gasoline 95 9.4
6.9 8.1 8.4 Gasoline ▪ On 5th Feb 2023, EU officially announced price cab
5.8
0 for Russian products. But the cab of 100$, e.g.
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2023F Diesel, is not that low to dis-incentive Russian
products out flow.
VLSFO
▪ Demand recovery as less restrictions after China
Spread over reopens borders in final farewell to zero-COVID
2021 2022 2023 (F)
Dubai, $/bbl policy but weighted with world economic recession
due to high inflation.
Diesel 10 ppm 8.4 39.0 26 – 30
▪ China surprise market by increasing refined
Gasoline 95 11.1 18.8 15 – 19 products export quota in 1Q’2023
VLSFO 12.7 22.5 14 - 18 ▪ New refineries coming in 2023 with net capacity 1.1
MBD throughout the year 2023
Source: PTTGC as of 23 Jan. 23 Price Forecast 37
 • Forecast 2023 GDP 2.9% down 0.5% compare to 2022 on recession concern
• Upcoming new capacities of Aromatics chains still challenge the markets
Market Commentary : Aromatics
Paraxylene Value Chain Spreads, $/T 2022
▪ 2022 COVID recovered from 2021
Total PET Resin Margin PTA Margin PX - Naphtha J ▪ COVID pandemic & travel restriction pressured PX/PTA demand on textiles
1000 sector

PX ▪ Overall PX Chain margins higher than 2021 due to supportive by more PX

800 feedstocks (Reformate , MX TOL) divert to gasoline blending with plants
687 683 control supply
600 530-590
600 499 486 516 196 193 511 2023
465 461 473
103
175 140-150 PTA ▪ China reopening lead to more travelling & social activities expected
400 156 207 107 116 90-100 demand will resume in the future
164 127 233 168 106
102
89 91 ▪ Recession, Prolong Russia-Ukraine War amid new PX capacities mainly in China
92 99 92
200 105 300-340 7.5 MTA (10% world capacity) while new PTA capacities 6.2 MTA consume PX
209 254 243 148 210 384 374 306 319
PET (4.2 MTA) less than new PX supply increase, pressure PX Chain market
213
0 ▪ PET margin supported by demand as several countries reopen but still challenge
Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 2023 (F) on PET new capacities mainly from China 2.5 MTA (8% world capacity)
▪ Overall PX chain margins in 2023 close to 2022 amid challenge from
recession concern & new capacities
Benzene Value Chain Spreads, $/T
2022
Total PHL Margin BZ - Naphtha J ▪ COVID pandemic & travel restriction pressured BZ demand from electrical
1000 appliances & construction sectors
825 2023
800 715 716
665 669 679 657 BZ ▪ Recession, Prolong Russia-Ukraine War amid new BZ capacities pressure BZ
565 601 Chain market
600 465 506 480-550
397 294 448 ▪ China reopening lead to more travelling & social activities expected demand
469 469 483 301 357 will resume in the future
400
354 260-300 ▪ Work from home & learn online new normal trend still support BZ chain
Phenol application for food packing, electrical appliances
200 268 ▪ BZ new capacities increase more than D/S [3 MTA vs. 2 MTA] pressure BZ price
196 360 318 200 196 363 264 152 244 220-250
0 ▪ Phenol new capacities 1.8 MTA (13% world capacity) pressure Phenol margin
Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 2023 (F) ▪ Overall BZ chain margins in 2023 lower than 2022 due to new capacities of
D/S amid recession concern
Source: PTTGC as of 23 Jan
Source: PTTGC as of 1919
Oct 2023
Jul’21 Price Forecast
Rolling
Rolling Price
Price Forecast
Forecast 38
 Fear of overcapacity amid uncertainty along value chain lead to high volatility of
market sentiment
Ethylene Derivatives Price, $/T Market Commentary: Olefins
2022
HDPE-Naphtha J HDPE Price MEG Price
▪ Global economic recession dampened Asia PE market sentiment, yet
1600 prices picked up in Dec after China decided to relax zero-covid policy.
1330 1343 1203 2023
1400
1191
1252
1181 1150-1200
PE ▪ China’s reopening would boost global economy and Asia PE demand.
1145 1138 1104
1200 1033 ▪ Geopolitical uncertainties, global recession, and high inflation rates are
1000 major concerns for converters. Though market prices increase following
demand recovery, would be pressured by upcoming PE capacities.
679 722 684 676
800 664 640 630 600-620
517 574 2022
600 466 ▪ MEG margin pressured from limited buying interest from polyester as China
toughen lockdown to control pandemic.
400
588 585 463 507 453 468 390 361 536 418 420-440 2023
200 MEG ▪ MEG capacity 5.7 MTA (10% world capacity) plan to start up in 2023.
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2023 (F) ▪ Demand to improved in 2023 in y-o-y basis with China reopening.
However, recession concern may cap recovery upside.
Propylene Derivatives Price, $/T
2022
PP-Naphtha J PP Price PO Price ▪ Ongoing economic concerns and cost surged have thrown sentiment
into uncertainty amid slow demand recovery.
2600 2023
2205 2115 2037 1988 2086 PP ▪ High production cost driven by high energy price projections, global
2200
1400-1460 recession, and upcoming capacities in 2023, around 6.8 MTA (6% world
1800 capacity), may weigh market sentiment
1421 1347 1,230
1321 ▪ Demand foresee to recovery following China reopening
1400 1098
1054 2022
1000 1365 1336 1335 1385 1356
1250 1088 1206 ▪ Feedstock cost remained high amid lower demand pressured PO
1120-1200 margin. Additionally, 5 new capacity 1.1 MTA in total (10% world
995
600 capacity) was startup which make PO price maintain at low level
808 731 574 590 508 480 374 323 668 421 400-420 PO 2023
200
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2023 (F) ▪ Upcoming of new capacities 2.4 MTA (22% world); from China 1.3 MTA.
While addition world demand from Polyols 0.7 MTA. Hence, over supply
Source: PTTGC as of 23 Jan 23 Price Forecast of PO will pressure 2023 market. 39
 Market Prices

Y. 2020 Y. 2021 Y. 2022 Y. 2023 Change

Product Unit
[Actual] [Actual] [Actual] [Forecast] Y. 23 - 22
Crude : Dubai $/bbl 42.2 69.2 96.3 80 – 90
Petroleum Product :
▪ Diesel 10 PPM -
$/bbl 7.2 8.4 39 26 – 30
Dubai
▪ VLSFO - Dubai $/bbl 11.2 12.6 22.5 14 – 18
Aromatics Chain :
▪ PX – Naphtha $/Ton 198 213 319 300 – 340
▪ PTA Margin $/Ton 81 92 106 90 – 100
▪ PET Margin $/Ton 137 168 175 140 – 150
▪ BZ – Naphtha $/Ton 106 268 244 220 – 250
▪ Phenol Margin $/Ton 447 448 357 260 – 300
Olefins Chain :
▪ HDPE $/Ton 880 1181 1203 1150 – 1200
▪ HDPE – Naphtha $/Ton 500 536 418 420 – 440
Source: Platts, ICIS, GC’s Price Forecast as of 23 Jan 2023
40