Q2/19 Performance Presentation 30 August 2019 1 Disclaimer This - PowerPoint PPT Presentation

Opportunity Day Q2/19 Performance Presentation 30 August 2019 1

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 3

Sustainable Development WORLD MEMBERS IN CHEMICALS SECTOR FOR 6 th CONSECUTIVE YEAR 4

Agenda Financial Result 01 Q2/19 Highlight 02 5

Overview of business unit performance Table 1 : Performance Summary YoY QoQ YoY BU Q2/18 vs Q2/19 Q1/19 vs Q2/19 (Unit: Million Baht) Q2/2018 Q1/2019 Q2/2019 6M/2018 6M/2019 % +/(-) % +/(-) % +/(-) Sales Revenue 128,923 112,783 106,748 -17% -5% 249,862 219,531 -12% Refinery EBITDA 18,574 11,194 5,195 -72% -54% 34,883 16,389 -53% Mkt GRM 3.22 -> 3.46 $/BBL Mkt GRM 6.20 -> 3.46 $/BBL EBITDA Margin (%) 14% 10% 5% -9% -5% 14% 7% -7% U rate 101% -> 94% U rate 102% -> 94% Share of profit of investments in JV and Associates 1,515 1,186 1,283 -15% 8% 3,540 2,469 -30% Net Profit 10,828 6,443 2,202 -80% -66% 23,215 8,645 -63% Aromatics BTX P2F 130 -> 75 $/T BTX P2F 206 -> 75 $/T EPS (Baht/Share) -80% -66% -63% 2.40 1.43 0.49 5.15 1.92 U rate 94% -> 72% U rate 94% -> 72% Adjusted EBITDA* 15,902 9,768 7,582 -52% -22% 32,221 17,350 -46% Olefins & Adjusted EBITDA Margin (%) 12% 9% 7% -5% -2% 13% 8% -5% EBITDA margin 29% -> 18% EBITDA margin 18% -> 18% Derivatives Stock gain/(loss) net NRV 2,672 1,426 (1,402) -152% -198% 2,662 23 -99% U rate 104% -> 104% U rate 101% -> 104% Note: * Adjusted EBITDA refers EBITDA excluding Stock gain/(loss), NRV and Extra item Dividend Q2’19 net profit at 2,202 MB 70% Mkt GRM slightly increased QoQ to 3.46 $/BBL. • 61% • BTX P2F posted at 75 $/T. Margin soften mainly from PX spread, while 52% operating rate declined to 72% due to ARO 1 planned turnaround. 50% 49% 48% 46% 45% 45% PE price has been under pressure from prolonged US-China trade • tension. However, trade off by improvement in operating rate of both Olefins and Polymer to 104% and 101% respectively. 2.50 2.50 1.78 1.30 2.45 1.30 Subsidiaries QoQ Analyzation 1.80 1.37 • MEG performance improved driven by increasing spread and sales 1.75 1.75 1.68 1.62 volume from fully utilized operation. 1.50 1.05 0.95 1.00 1.00 JV & Asso QoQ Analyzation 2011 2012 2013 2014 2015 2016 2017 2018 2019 Improvement in PP business. • 1st Half 2nd Half Payout Ratio 6

Performance comparison QoQ Sharing from Unit : MB Subsidiaries, Stock Gain/(Loss) & Operating Profit 6,443 JV & Associate NRV&Commodity from main BUs Q2’19 = 2,036 Hedge Q1’19 = 1,833 Q2’19 = (1,016) 203 Q1’19 = 1,182 1,725 Extra Item 254 2,202 2,198 FX Gain/(Loss) 775 Q2’19 = 692 Q1’19 = 438 Q1-19 Q2-19 • Overall operating profit from GC in Q2’19 was soften from Q1’19, mainly from stock loss in the period, while o REF performance slightly improved due to higher market GRM from 3.22$/BBL to 3.46$/BBL thanks to increasing byproduct spread. o ARO performance decreased due to lower P2F on BTX from 206 $/T to 75 $/T which mainly impacted by declining in PX spread since new supply has started to plug-in and planned turnaround of ARO plant I for 53 days during the quarter. o OLE & POL performance decreased from lower PE sales volume, lower Olefin and PE price. • Subsidiary performance increased mainly driven by MEG spread improvement and increasing MEG sales volume after fully utilized in MEG plant. • Sharing from JV & Associates was increased mainly from higher P2F in Polypropylene (PP) business, also sales volume growth in Bioplastics business. 7

Performance comparison YoY Unit : MB Operating Profit 10,828 from main BUs Sharing from Subsidiaries, JV & Associate Stock Gain/(Loss) & Q2’19 = 2,036 NRV&Commodity Hedge Q2’18 = 3,267 Q2’19 = (1,016) Q2’18 = 2,908 5,459 FX Gain/(Loss) Q2’19 = 692 Extra Item 1,231 Q2’18 = (682) 614 2,202 1,374 3,924 Q2-18 Q2-19 • Overall operating profit from GC in Q2’19 was soften from Q2’18, mainly from o REF performance decreased due to lower market GRM from 6.20$/BBL to 3.46$/BBL as decreasing in major product spread. o ARO performance decreased from lower P2F on BTX from 130 $/T to 75 $/T as PX spread declined due to increasing regional supply, while BZ spread significantly dropped led by sluggish demand from downstream products. o OLE & POL performance is softening from decreasing in Olefins & PE price resulted by US-China trade tension • Subsidiary was decreased mainly from lower spread of both MEG and Phenol. However, partly trade off by realized performance from acquired businesses GCMP and TPRC. • Sharing from JV & Associates was decreased due to lower performance of Acrylonitrile (AN) and Methyl methacrylate (MMA) businesses, while Polypropylene ( PP) performance was soften led by lower sales volume due to planned turnaround in Q2’19 and lower dividend income. 8

Strong Financial Position Statements of Financial Position • Cash & ST Investment (34 billionTHB) and private fund of 2.0 Dec 31, 2018 Jun 30, 2019 billion THB at the end of Q2/2019 450 Bn 469 Bn Cash +ST Investment Liab. • In Q2/2019, the interest bearing debt is 62% on fixed rate and CA IBD 38% is float rate. THB debt is a major portion of 56% of our debt profile, while 44% is in USD, mainly from US Bond. PPE Share Holder’s Equity Non CA Cash Flow • In Q2/2019 CAPEX still based our core investment from ongoing THB Bn projects, including ORP, Propylene Oxide and ,Polyols project. * • The repayment profile is around 10 billion THB per year on average but 2021 will increase from THB bond retirement (4-yr, * 3.05%), as well as 2022 will increase from USD bond maturity. • The average loan life is ~3.10 years with average cost of long term debt ~3.83%. * L/T Investment Note : Private Fund investment around 2,045 MB 9

Agenda Financial Result 01 Q2/19 Highlight 02 10

Highlight Activities Issuing THB Bond10,000 MB 28 th Jun, 2019 The company behind the symposium GC is collaborating with National Geographic, other business partners and leading educational institutions on the Circular Living. It’s a great forum to exchange perspectives and gain insights from world-renowned experts and Thai companies and individuals committed to collaboratively shaping a more sustainable world through Circular Living. PTTGC is to issue up to 10,000 MB bond tenor 5Y with coupon rate of 2.90%. The purpose is to refinance debt and to finance future investment 11

Strategic execution 12

Investment Execution Fully Integrated Petrochemical Value Chain (GC 100%) Joint Venture Company (82.1%) (14.9%) (3%) Polyols New olefins plant Propylene Oxide Polyether Polyols (PPG) 130,000 TPA Ethylene 500,000 TPA 200,000 TPA Polymer Polyols (POP) 30,000 MTA Propylene 250,000 TPA Premix (PM) 20,000 MTA COD Q3/20 COD Q3/20 COD Q4/20 Olefins Propylene Oxide Polyols Project Reconfiguration project Project (ORP Project) 66% 65% 58% 13 (Plan at 46%) (Plan at 69%) (Plan at 60%)

Thank You PTT Global Chemical Public Company Limited 555/1 Energy Complex, Building A, 14 th – 18 th 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 1 Jittasak Soonthornpan Acting VP - Corporate Finance & IR Jittasak.s@pttgcgroup.com +662-265-8172 2 Paween Chiasakul Division Manager - IR Paween.c@pttgcgroup.com +662-265-8665 3 Nattchanon Chawinsittangkul IR Analyst Nattchanon.c@pttgcgroup.com +662-265-8364 4 Krittin Sawasdeewongsa IR Analyst Krittin.s@pttgcgroup.com +662-265-8637 5 Panit Yamprasert IR Analyst Panit.y@pttgcgroup.com +662-265-8513 6 Rattanakorn Kosakul IR Analyst Rattanakorn.k@pttgcgroup.com +662-265-8512 14 Strictly Confidential for PTT Internal Use Only