18 May 2021

Analyst Meeting Q1/21

PTT Oil and Retail Business Public Company Limited

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Disclaimer

IMPORTANT: The following applies to the information in connection with this presentation (this “Presentation”) by PTT Oil and Retail Business Public Company Limited (the“Company”). By viewing all or part of this Presentation, you acknowledge and agree to be bound by the limitations and restrictions described herein.

All information herein should be regarded as indicative, preliminary and for illustrative purposes only. Such information reflects prevailing conditions as at the date of this Presentationor the date as of which such information is given. No reliance may be placed for any purpose whatsoever on the information and opinions contained in this Presentation, or any othermaterials discussed at this Presentation, or on the completeness, accuracy or fairness thereof. You should not rely upon this Presentation or use this Presentation to form the basis forany decision, contract, commitment or action whatsoever. The Company shall not be liable for any direct, indirect, incidental, special or consequential loss or damage resulting from theuse of, or reliance on, any information or opinions presented in this Presentation or its contents, or otherwise arising in connection with this Presentation, including, without limitation,damages for loss of profits.

This Presentation contains forward-looking statements that may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “depends,”“projects,” “estimates” or other words of similar meaning and that involve assumptions, risks and uncertainties. All statements that address expectations or projections about the future,including, but not limited to, statements about the strategy for growth, product development, market position, expenditures, and financial results, are forward-looking statements.Forward-looking statements are based on certain assumptions and expectations of future events. The Company does not guarantee that these assumptions and expectations areaccurate or will be realized. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks,uncertainties and assumptions. Although the Company believes that such forward-looking statements are based on reasonable assumptions, it can give no assurance that suchexpectations will be met. Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication offuture performance. The Company undertakes no obligation to update, amend, modify or revise any forward-looking statements or to adapt them to changed circumstances, futureevents or other developments. A number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement. Youare cautioned not to place undue reliance on these forward-looking statements.No securities of the Company may be offered or sold in any jurisdiction in which such offers or sales may be unlawful. No securities of the Company may be offered or sold in theUnited States absent registration or an exemption from registration, or in a transaction not subject to, the registration requirements under the Securities Act of 1933, as amended (the“Securities Act”). The Company has not registered and does not intend to register any portion of any offering of securities under the Securities Act or the securities law of any state inthe United States or to conduct a public offering of securities in the United States.

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Key Highlights

Financial Summary

Key Factors

Outlook and Guidance

AGENDA

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Investment Updates

EV Station Quick Charge

• Launched additional 5 EV Quick Charge with 50 kW of power per post

• There are 25 EV Stations in the form of Normal Charge.

OHKAJHU

• Invested 20% stake in Pluk Phak Praw Rak Mae company limited to cope with the changing customers’ lifestyle and support SMEs and organic vegetable farmers.

LINE MAN Kitchen

• Collaborated with Lineman and Wongnai; launched cloud kitchen “ Line man kitchen” using ptt station as a platform to provide consumers with access to more products and services

G-Box project

• Signed an MOU with GPSC to pilot the G-Box project—a Battery Energy Storage System to enhance energy management efficiency for EV Station and strengthen the stability of electricity usage

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COVID-19 Measures

• Supported dealers affected by the COVID-19 outbreaks throughpromotions aimed at attracting customers and increasing traffic.

Partners

• Encouraged the use of QR code payment by providing 5 THB cashback for every 100 THB oilrefuel at ptt station during 15 Feb – 15 Mar 21

• Handed out 50 ml. alcohol gel for every 500 THB oil refuel at ptt station in Bangkok Metropolitan area.

• Handed out face mask for every refuel at pttstations.

Customers

• Implemented WFH policy and BCM plan

• Provided prevention measures at all business touchpoints

Employees

• Prepared ptt station at Rama 2 as a place to provide out-of-hospital vaccination service

• Contributed over THB 35 million to affected communities, such as the Klong Toey community and field-hospitals

• Collaborated with dealers to donate THB 23 million to hospitals and public health agencies in 77 provinces

Community

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Key Highlights Q1/21

# Retail fuel service stations inside and outside of Thailand

2,346 Stations

Oil volume sold in Thailand

5,910 mml

Net Income

THB4.0Bn

EBITDA

THB6.4Bn

Sales Revenue

THB118.5Bn

Oil Business80.6%

Non-oil Business 16.6%

International Business

3.2%

Other Business

-0.4%

EBITDA

Breakdown(1)

42.1%Market Share

(2)

____________________Notes:(1) Before eliminations(2) Total products excluding the amount of fuel oil sold to the Electricity Generating Authority of Thailand

Source: Department of Energy Business, Ministry of energy

International Presence

10 Countries

# Café Amazon stores inside and outside of Thailand

3,651 Outlets

Cups sold by Café Amazon inside and outside of Thailand

78 mm

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Key Highlights

Financial Summary

Key Factors

Outlook and Guidance

AGENDA

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Thailand GDPUSD/BBL

2.8 2.4 2.71.3

-2.1

-12.1

-6.3

-4.2

-2.6

Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21

2.32019

-6.12020

Source: www.nesdc.go.th

Dubai

Key Factors

COVID-19Foreign Exchange Rate THB/USD

Q3/20 Q4/20 Q1/21Q4/19 Q1/20 Q2/20

3,000

2,000

1,000

0

Q4/20Q3/20Q2/20

• New wave of COVID-19 outbreak• Implementation of control measures in risky areas• Delay of vaccines and speed of inoculation

Source: JHU CSSE COVID-19 Data

Q1/21

New Infected person Average in 7 days

31 Jan 21New infected persons: 836Avg. in 7 days: 874

Person

6454

3420

3041 43 44 41 41 43

5055

61 64

Q1/20 Q2/20 Q3/20 Q4/20 Q1/21

Avg. 50.7 Avg. 30.6 Avg. 42.9 Avg. 44.6 Avg. 60.0

2020Avg. = 42.2

Stock loss(3,014)

Stock Gain+3,613

Stock gain +2,539

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118Bn

10.1Bn

6.4Bn

4.0Bn

Key Highlights

Gross Profit

EBITDA

Net Profit

Revenue

118.5Bn

10.1Bn

6.4Bn

4.0Bn

-9.1%

+34.0%

+68.9%

+>100%

+8.2%

+10.4%

+25.8%

+36.9%

Volumes sold (Aviation fuel)Demand in Convenience store

Oil margin/liter (0.78 to 1.31)Retail volumes sold

EBITDA

Avg. oil selling prices

Oil margin/liter (1.04 to 1.31)

Demand in F&B, Convenience storesOil sales volume (-6%)

Q1/20 VS Q1/21 Q4/20 VS Q1/21

Sales from F&B, Convenience stores

Gross margin

SG&A (-10%, Advertising & Promotion exp.)

EBITDAGain on exchange rate

Loss from derivatives

F&B outlet expansion

Commercial volumes soldSales from non-oil

Gross marginSG&A (-9%, Rental expenses)

Loss from derivatives

Gain on exchange rate

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Key Highlights

Financial Summary

Key Factors

Outlook and Guidance

AGENDA

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130,305

109,496 118,460

Q1/20 Q4/20 Q1/21

THB MM

1,896

2,923

4,002

Q1/20 Q4/20 Q1/21

THB MM

3,796

5,096

6,410

Q1/20 Q4/20 Q1/21

Financial Summary

QoQ & YoY: Improved oil margin & lower OPEX, despite weaker oil sales volume & softer non-oil marginfrom new COVID-19 outbreak

1.5% 2.7% 3.4%

Net Profit Margin(1)

Total Revenue EBITDA Net Profit

THB MM

2.9% 4.7% 5.4%

EBITDA MARGIN(1)

(9.1)% YoY

+8.2% QoQ

+68.9% YoY

+25.8% QoQ

+>100% YoY

+36.9%QoQ

____________________Notes:(1) Calculated from sales and services income

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Financial Performance Summary QoQ

Gross Profit

Other Income & Operating Exp.

Depreciation & Amortization

Others

Loss on derivatives

Financial Cost

Income Tax

NI Increases 1,079 (+36.9%)

NI Q4/20 NI Q1/21

THB MM

Others (>+100%)

Gain on exchange rate

Loss on derivatives (<-100%)

Commodity & forward contract

Financial Cost & Income Tax (+48.8%)

Operating profit

Gross Profit (+10.4%)

Oil margin/liter (1.04 to 1.31)

Oil volumes sold—Gasoline and Diesel

Other Income & Operating Expenses (-8.9%)

Advertising & sales promotionRepair & maintenance

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Oil Business Key Highlights

MM LitersMM Liters

14.7%5.6% 4.7%

42.7%

46.6% 47.1%

5.4%

5.4% 6.3%

21.9%25.7% 24.7%

1.0% 1.5% 1.7%

Q1/20 Q4/20 Q1/21

Lube Aviation Fuel Diesel

Fuel Oil Gasoline Others

_________________Notes:(1) Thailand and Myanmar(2) Before eliminations

2,993 3,367 3,121

3,630 2,915 2,789

6,623 6,282

5,910

Q1/20 Q4/20 Q1/21

Retail Commercial

(10.8)% YoY

(5.9)% QoQ

Volume by Market(2) Volume by Product Types

Sales volume dipped due to the new COVID-19 outbreak

Outlets

Number of Service Stations(1)

1,627 1,636

372 374

2020 Q1/21

DODO Outlets COCO Outlets

+ 11 Stations

1,999 2,010

121,462

101,285 109,948

Q1/20 Q4/20 Q1/21

2,455

3,537

5,170

Q1/20 Q4/20 Q1/21

5,188

6,554

7,723

Q1/20 Q4/20 Q1/21

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THB MM THB MM

Oil Business

2.0% 3.5% 4.7%

EBITDA Margin(2)

Revenue(1) Gross Profit(1) EBITDA(1)

THB MM

0.78 1.04 1.31

GP per liter (THB/liter)

(9.5)% YoY

+8.6% QoQ

+>100% YoY

+46.2% QoQ

+48.9% YoY

+17.8%QoQ

QoQ: Strong EBITDA from higher gross profit margin per literYoY: Robust EBITDA undeterred by lower sales volume

Average Dubai Crude Oil Price for the Period (US$/barrel)

____________________Notes:(1) Before eliminations(2) Calculated from Sales and services income

50.7 44.6 60.0

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Non-Oil Business Key Highlights

OutletsMillion cupsOutlets

Café Amazon Outlets(1) Other F&B Convenience Store(2)

____________________Notes:(1) Includes outlets in Myanmar, Malaysia, Japan and Oman(2) CVS includes Jiffy in Laos

Outlets

Café Amazon Cups Sold

2,612 2,664

678 693

20 19

3,310 3,376

2020 Q1/21

Franchise CoCo Others(1)

68

74

73

Q1/20 Q4/20 Q1/21

+ 66 outlets +7.2 % YoY

-1.5% QoQ

78 79

70 66

169 169

317 314

2020 Q1/21

Pearly Tea

Hua Seng Hong Dim Sum

Texas Chicken

1,977 1,995

29 29

2,006 2,024

2020 Q1/21

Thailand Laos

- 3 outlets + 18 outlets

4,273

4,618

4,086

2,498 2,936 2,706

1,775

1,682

1,380

Q1/20 Q4/20 Q1/21

Food and beverage Other non-oil

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THB MM

Non-Oil Business

Revenue(1)EBITDA(1)

THB MM

26.7% 29.3% 26.0%

EBITDA MARGIN(2)

(4.4)% YoY

(11.5)% QoQ

(6.9)% YoY

(21.5)% QoQ

QoQ & YoY : Retreated revenue and EBITDA from the new COVID-19 outbreak

____________________Notes(1) Before eliminations(2) Calculated from Sales and services income

1,143

1,355

1,064

677 897

711

466

458

353

-

200

400

600

800

1,000

1,200

1,400

1,600

Q1/20 Q4/20 Q1/21

Food and beverage Other non-oil

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International Business Key Highlights

MM LitersStations/Outlets

Network of Stations and Non-Oil Outlets Petroleum Product Sales Volume(2)

QoQ: Diesel and Aviation fuel sales volume grew, (mainly the Philippines)YoY: Aviation fuel sales volume declined (Cambodia & the Philippines); while Diesel rose (the Philippines)

____________________Notes(1) Include outlets in China, Singapore and Vietnam(2) Before elimination(3) Include Laos, China, and Singapore

183 115

176

114

99

99

60

65

69

Q1/20 Q4/20 Q1/21

Philippines Cambodia Others(3)

(3.8)% YoY

+23.2%QoQ

181 181

106 107

48 48

335 336

2020 Q1/21

18 18

167 174

70 72

10 11

265 275

2020 Q1/21

66 68

2020 Q1/21

Fuel Station Café Amazon Convenience Store

+10 outlets

+2 outlets

+1 station

Philippines Cambodia

Laos Others(1)

Philippines Cambodia

Lao

Cambodia

357

279

344

(4)

65

98

187 63

120

22

4

(11)Q1/20 Q4/20 Q1/21

6,811

4,976

6,456

Q1/20 Q4/20 Q1/21

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THB MM

Revenue (1) EBITDA(1)

THB MM

3.0% 2.7% 3.2%

EBITDA MARGIN(3)

(5.2)% YoY

+29.7% QoQ

+2.0% YoY

+58.0% QoQ

QoQ : Elevated EBITDA from higher margin and lower SG&A (Cambodia & the Philippines)

YoY : Improved EBITDA from increased diesel sales volume, and higher margin from ULG & aviation fuel (the Philippines)

____________________Notes(1) Before elimination(2) Include Laos, China, and Singapore(3) Calculated from Sales and services income

Philippines Cambodia Others(/)

205

132

207

International Business

5.6

8.7

37,916

95,75417,274

17,548

30,120

34,415

59,669

56,790

31 Dec 20 31 Mar 21

Totalborrowings

Other Currentliabilities

Other Non-currentliabilities

Equity

76,385 78,444

49,59053,923

19,004

72,140

31 Dec 20 31 Mar 21

Cash equivalents& ST investment

Other currentassets

Non-currentassets

Financial ratioFinancial Position

1919

Financial Position

Total Assets Total Liabilities & Equity

144,979 144,979

204,507204,507

Times

Covenant ≤ 2.5

Internal Policy ≤ 2.0 Covenant ≥ 1.2

THB MM

Net Interest Bearing Debt / Equity

Net Interest Bearing Debt / EBITDA

Debt service coverage ratio

1.1

-0.2

2.3

-0.8

31 Dec 20 31 Mar 21

31 Dec 20 31 Mar 21

31 Dec 20 31 Mar 21

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Key Highlights

Financial Summary

Key Factors

Outlook and Guidance

AGENDA

Dubai $63.6 $42.2 $60.0

2019A 2020A 2021F 2022F

World 2.8IMF

-3.3IMF

6.0IMF

4.4IMF

Thailand 2.3IMF

-6.1 IMF

2.6IMF

5.6IMF

China 6.0NBS

2.3IMF

8.4IMF

5.6IMF

Cambodia 7.0IMF

-3.5 IMF

4.2IMF

6.0IMF

Lao PDR 4.7IMF

-0.4 IMF

4.6IMF

5.6IMF

Myanmar 6.8IMF

3.2IMF

-8.9IMF

1.4IMF

Vietnam 7.0IMF

2.9IMF

6.5IMF

7.2IMF

Philippines 5.9PSA

-9.5 IMF

6.9IMF

6.5IMF

Outlook 2021

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Supportive Factors

Challenges and risks

Speed of vaccination to achieve herd immunity

High dependence uponinternational tourists that remains a major constraint to economic recovery

Faster-than-expected recovery of the export sector

Continued support measures from the government

2019 2020 2021 (1)Oil Price (US dollars per barrel)

____________________Sources:IMF = International Monetary FundNBS = National Bureau of Statistics of China/ GSO = General Statistics Office of Vietnam/ PSA = The Philippine Statistics Authority/ MTI = The Ministry of Trade and Industry, Singapore(1) Bank of Thailand(2) JHU CSSE COVID-19 Data

COVID-19 Updates (2)

Lasting rapid spread of the new wave of COVID-19 outbreak

GDP Growth

Scenario 1Speed of Vaccination

100 million doses in 2021

Scenario 2Vaccination as plan

64.6 million doses in 2021

Scenario 3Delay in Vaccination

Less than 64.6 million doses in 2021

2021 2022 2021 2022 2021 2022

2.0 4.7 1.5 2.8 1.0 1.1

Thailand GDP Growth(1)

The number of daily infections continues to surge over 2,000 cases.

Target of 100 million doses to vaccinate 50 million people by the end of 2021. New Infected person Average in 7 days

16 May 21New infected persons: 2,302Avg. in 7 days: 2,582

Jun20 Aug20 Feb21 Apr21Nov20

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Business Guidance 2021

Key Expansion Plans

110 new

service stations

Replace terminals Expand 10

new outletsOil

Non-Oil

420 new

Café Amazon outlets

Expand 20 new Texas Chicken in Thailand

M&As/ JVs opportunities

International

82 new service

stations internationally

Expand 132 new

Café Amazon internationally

Café AmazonCentral Bakery, Mixed Beverage Powder Plant and DC

: target to operate in 3Q/21

Brighter Energy Company Limited (BE) in Myanmar project progress: Petroleum Terminal → 62% completion

: Jetty construction → 78% completion

Expand to 100 EV charging stations

To enhance technological and innovative

capabilities as well as competitiveness and

increase value through digital business

development. Its business and future growth

will rely on the strengths of OR’s customers such

as Blue Card members, ptt station’s customers

and Café Amazon’s customers nationwide.

“ORBIT Digital”

Enhance Portfolio Performance & Business Opportunities via M&As/ JVs

40% 60%

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Contact : ir@pttor.com

THANK YOU