Slide 1: 2020 Full Year Results Presentation
AMPOL LIMITED ACN 004 201307 LEVEL 24 2 MARKET STREET SYDNEY NSW 2000 ASX Release 2020 Full Year Results Presentation Monday 22 February 2021 (Sydney): Ampol Limited provides the attached 2020 Full Year Results Presentation for the year ended 31 December 2020 Authorised for release by: a sub-committ
Slide 2: Welcome and overview
Welcome and ih overview Matt Halliday Managing Director & CEO
Slide 3: Disciplined strategy execution
Disciplined strategy execution Performance of integrated business in 2020 impacted by pandemic = Australian volumes down 17% and International volumes up 36% on = Constant focus on safety and business continuity ASK = Adjusted execution of Lytton T&l = F&I ex-Lytton RCOP EBIT down 21% on 2019 = CRRC
Slide 4: Significant improvement in safety performance despite COVID-19 challenges
Significant improvement in safety performance despite COVID-19 challenges Fuels & Infrastructure Personal 15 Safety 10 : iw 0 2018 2019 2020 Days Away from Work Injury Frequency Rate —Total Recordable Injury Frequency Rate = Fuels & Infr = Lytton Turnai nvenie: /\ AMPOL For definition of Tier 1 pr 1
Slide 5: 2020 group financial performance
2020 group financial performance Continued strong performance in Convenience Retail with one-off impacts; Lytton heavily impacted by COVID-19 and F&I impacted by loss of scale across supply chain EBIT - Fuels & Infrastructure (ex-Lytton) EBIT - Fuels & Infrastructure (Lytton) EBIT - Convenience Reta
Slide 6: 2020 RCOP EBIT result heavily impacted by COVID-19
2020 RCOP EBIT result heavily impacted by COVID-19 Hydrocarbon market disruption has significantly impacted Lytton and F&l Australia; strong Convenience Retail performance driven by disciplined execution of strategy, despite one-off impacts FY 2020 vs. FY 2019 Group RCOP EBIT a1 86 3 401 FY 2019 RCO
Slide 7: Source: Australian Petroleum Statistics
7 ▪ ▪ ▪ Source: Australian Petroleum Statistics ▪ ▪
Slide 8: Executing our F&I International growth strategy
Executing our F&l International growth strategy We continue to focus on delivering organic growth that leverages our core strengths in assets, customers and supply chain International EBIT $m 100 68 72 oO + ¥ 8s Strong progress on $70 million EBIT uplift by 2024* FY 2018 FY 2019 @ International EBIT
Slide 9: Retail Network Update
Retail Network Update Disciplined focus on improving returns across our network Company-operated network 2020 network movements Number of sites in network Site closures #HBU Closed # Sites Closed ~790 1H 202! 2H 2020 (Actual) ) (Actual) HBU sites’ * For 33 closures (excluding HBU sites), 2019 fuel v
Slide 10: Strong momentum in fuel and shop
10 Strong momentum in fuel and shop Retail volume weakness offset by retail fuel margin strength; strong shop sales growth despite reduced network size Convenience Retail EBIT $m 350 300 250 200 150 100 50 0+ Strong progress on $85 million EBIT uplift by 2024* AMPOL FY 2018 Fy 2019 ™ Convenience Ret
Slide 11: Group financial result
Group financial result 1 Jeff Etherington Interim CFO
Slide 12: Fuels & Infrastructure result
12 Fuels & Infrastructure result Result impacted by sustained weakness in refiner margins and loss of scale across supply chain due to COVID-19 demand impacts FY 2020 v FY 2019 F&l RCOP EBIT 600 COVID- 19 impact A 500 450 25 ) 400 $m 300 68 LE... 13 fT te) FY 2019 F&I Refining Volume Supply & F&I Op
Slide 13: Challenging refining conditions further impacted by COVID-19
13 Challenging refining ele . = 2020 Singapore Weighted Average Margin (SWAM) impacted by conditions fu rther impacted sustained weakness in global hydrocarbon demand = 2020 volume weighted average LRM* of US$4.70/bbl; T&l extended in by COVI D-1 9 consideration of the COVID-19 pandemic and to mitig
Slide 14: Convenience Retail result
14 Convenience Retail result Strong result driven by significant improvement in retail fuel margins and shop strategy execution; result impacted by one-off items FY 2020 v FY 2019 Convenience Retail RCOP EBIT 400 5 350 5 25 7 100 — —— 4 287 300 Es 250 5 201 $m 200 + 150 > 100 5 SO 5 O- : : : , , ; ;
Slide 15: Balance sheet and cash flow
15 Balance sheet and cash flow Ampol maintains a strong balance sheet, with net borrowings reducing materially following settlement of the property transaction Movement in cash flows and period end net borrowings 1,000 $268 million operating cash flow 900 868 2 227 800 700 57 600 P| Ag$m 500 7? 434
Slide 16: Disciplined capital allocation to drive value creation
16 Disciplined capital allocation to drive value creation Continued focus on operating and capital efficiency CopitallAllecation| Frame Committed to maintaining a strong investment grade credit rating Stay-In-Business Capex * Focused on safety and reliability of supply Core freehold Convenience Reta
Slide 17: Capital management
Capital management Committed to returning surplus capital and franking credits in line with our Capital Allocation Framework and business performance Strong record of capital returns since 2015 (A$m) 536 467 300 117 2015 2016 2017 2018" 2019 2020 2021 =lnterim Dividend — = Final Dividend Off-Market
Slide 18: Outlook and closing remarks
Outlook and closing remarks Matt Halliday Managing Director & CEO
Slide 19: Delivering for our stakeholders
19 Delivering for our stakeholders $2 47M Scope 1&2 . GHG emissions contributed via Ampol Foundation (Mt COz-e) New partnerships with The Smith Family FYI9—-FY20 FYI9—-FY20 Y19 FY20 and Surf Life Saving Australia Fuels & Convenience = TCFD climate scenario analysis to be Infrastructure Retail releas
Slide 20: Outlook
20 Outlook On track to deliver targeted $195 million EBIT uplift by 2024* = 2021 final year of brand exclusivity and full trademark license fee payments, with concurrent spend on rebrand marketing = Capacity to produce ~6BL in 2021, subject to market conditions Lytton refinery * Net wholesale supply
Slide 21: We have a clear set of 2021 priorities
We have a clear set of 2021 priorities Clear strategic priorities to grow shareholder value during 2021 Improve returns from F&I Australia Earnings growth Improve our network Capital management /\ Lytton refinery review F&I International Convenience Retail n vel Maximise portfolio value Release fran
Slide 22: Q&A
Q&A
Slide 23: Appendix
Appendix Significant items 24 Ampol rebrand 25 Fuels & Infrastructure — financial highlights 26 Lytton refinery result 27 Lytton refinery — highlights 28 Australian fuel volumes 29 Convenience Retail - financial highlights 30 Strong funding and liquidity platform 31 Financial discipline - capital ex
Slide 24: Significant items
Significant items FY 2020 Full Year Ending December 24 Impairment of non-current assets' (413) (e) Ampol rebranding expense” (66) Higher better use sites? Sale of investment in joint operation* Other expenses” (36) 6 7 N acy loome) Other income Total Significant Items (Before Tax) (504) 53 Tax’ 167
Slide 25: Ampol rebrand
Ampol rebrand We have commenced rebranding activities across our branded network Progress (as at 31 Dec. 2020) Local area marketing and sponsorship launch Brand objectives No. sites rebranded 26 Network rebrand $15 million spend* * Excludes marketing spend
Slide 26: Fuels & Infrastructure and Convenience Retail financial highlights
26 Total Fuels Sales Volumes (BL) 20.1 21.1 F&I (ex Lytton) EBIT ($m) 299 380 (21) Lytton EBIT ($m) F&I EBITDA ($m) 338 626 F&I EBIT ($m) 154 450
Slide 27: Lytton refinery result
Lytton refinery result 150 AMPOL FY 2020 v FY 2019 Lytton RCOP EBIT 70 3 172 FY 2019 RCOP EBIT able Drivers Impact of AUD LRM impacted on LRM by lower refining margins 89 Lower production due to extended Tal Crude costs 2019 FCCU Cost of Incident Lower Feedstock & Input costs 7 Opex and D&A (148) FY
Slide 28: Lytton refinery highlights
Lytto n refi nery — h ite} h lig hts Operational performance in 2020 impacted by extended T&l High Value Transport Fuels Production Volumes, LRM heavily impacted by eaerecgemamersn weakness and Production Utilisation (%) and Availability (%) Uss/ob| Acpl % = T&l brought forward and 16 16 extended fr
Slide 29: Australian fuel volumes
29 1.4 1.4 1.3 ULP E10 Premium Petrol Diesel Premium Diesel Lubes & Other
Slide 30: Convenience Retail
Convenience Retail Strong performance despite lower fuel volumes, reduced network size and impact from one-off items AMPOL (® Includes 40 unmanned diesel stops. (2) Exclu: including both Company controlled and franc! slated income. (5) Site operating costs which in « CORO site ar to maintain compara
Slide 31: Strong funding and liquidity platform
Strong funding and liquidity platform Committed debt maturity profile (31 December 2020) 2021 2022 2023 2024 2025 Beyond 2025 @ Bilateral Bank Facilities m= Medium Term Notes /\ Inventory Finance Facilities ™ Subordinated Notes 31 Over $2.1 billion of undrawn committed funding facilities at 31 Decem
Slide 32: Financial discipline - capital expenditure
Financial discipline - capital expenditure Indicative Capital Expenditure*, subject to change (includes T&I**) $ millions 2019 Lytton Stay in business (includes T&I)** 66 86 ~45 Growth 16 5 ~S 82 91 ~50 Fuels & Infrastructure (ex Lytton) Stay in business 37 28 ~40 Growth 36 15 ~30 73 44 ~70 Convenie
Slide 33: Depreciation and Amortisation
33 Depreciation and Amortisation $ millions Site remediation and dismantling Convenience Retail* 193 210 190 - 200 Fuels and Infrastructure v7 183 175 - 185 Pluriitg)¢ ssets from o Corporate 7 1B 20 - 25 Significant Items*** ie) n ~10 Total 387 422 395 - 420 NOTE* 2020 Convenience Retail D&A include
Slide 34: Our assets - retail infrastructure
Our assets -— retail infrastructure Australian retail network Owned Leased Dealer Owned Total Company Operated* 333 322 oO 655 Company Operated (Diesel Stop) 19 21 ie) 40 Company Operated (Depot Fronts) 8 13 oO 21 Franchised 4 8 1 13 Supply Agreement 56 13 576 645 Agency StarCard fe) 0 n " EG fe) io
Slide 35: Important Notice
Important Notice This presentation for Ampol Limited Group is designed to provide: * anoverview of the financial and operational highlights for the Ampol Limited Group for the 12-month period ended 31 December 2020; and * ahigh level overview of aspects of the operations of the Ampol Limited Group,
Slide 36: Thank you
VA AMPOL Thank you