Minutes of the 2026 AGM

(Translation)

No. 80000001/ 178

April 24, 2026

Subject : Minutes of the 2026 Annual General Meeting of Shareholders To : Shareholders

Attachment: Copy of the Minutes of the 2026 Annual General Meeting of Shareholders

With reference to the 2026 Annual General Meeting of Shareholders held by PTT Public Company Limited (PTT) on April 10, 2026 enclosed herewith are the Minutes of the meeting.

If you wish to submit any amendments to these Minutes, please contact PTT at corporatesecretary@pttplc.com or fax at +66 (0) 2537 3887 no later than June 30, 2026 in order for PTT to have sufficient time to collect all such amendments (if any) for further processing. If no such input is received, it shall be deemed that all shareholders approve these Minutes as written.

Yours sincerely,

PTT Public Company Limited

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The 2026 Annual General Meeting of Shareholders (the "Meeting ") of PTT Public Company Limited ("PTT") was convened on Friday April 10, 2026, at 1:30 PM. in the form of an electronic meeting (e-Meeting) in accordance with the Emergency Decree on Electronic Meetings B.E. 2563 (2020), as well as relevant regulations, laws, and guidelines. PTT utilized the electronic meeting control system provided by PTT Digital Solutions Company Limited, a service provider whose system compliance has been assessed by the Electronic Transactions Development Agency (ETDA). The provider adheres to the standards set forth in the Emergency Decree on Electronic Meetings, B.E. 2563 (2020) and Notification of the Ministry of Digital Economy and Society re: Standards for Maintaining Security of Meetings via Electronic Means, as well as the relevant laws and regulations. Additionally, PTT recorded the 2026 Annual General Meeting of Shareholders in video format to enable participants to view the meeting later through PTT's website.

On March 6, 2026, which was the record date determining the shareholders' entitlement to attend the Meeting and receive dividends (the "Record Date"), PTT had registered paid-up capital of THB 28,562,996,250, representing 28,562,996,250 paid-up ordinary shares, in total, with a par value of THB 1 per share. In counting the quorum and votes, PTT will deduct the number of shares that PTT repurchased under the Treasury Stock program, totaling 238,660,400 shares, from the total number of ordinary shares of PTT. Since the repurchased shares are not counted towards the quorum in the shareholders' meeting, have no voting rights, and have no right to receive dividends. Therefore, the number of PTT shares used as the voting base at the opening of the Meeting was 28,324,335,850 shares. At the commencement of the Meeting, a total of 2,342 shareholders and proxy holders attended the Meeting via electronic means. Among them, 108 shareholders attended in person, while 2,234 shareholders attended by proxy, representing a total of 22,028,206,756 shares, equivalent to 77.7713 percent, which was more than one-third of the total paid-up shares of PTT, thus constituting a quorum pursuant to the PTT's Articles of Association. It was noted that PTT continued to accept the registration of shareholder attendance thereafter.

Mr. Vuttikrai Leewiraphan, Chairman of the PTT's Board of Directors, presided as the Chairman of the Meeting and delivered an opening speech to the 2026 Annual General Meeting of Shareholders.

The Chairman then introduced directors who attended the Meeting, 15 persons in total, (the directors attending the Meeting accounted for 100 percent of the total number of directors) as follows:

1. Mr. Vuttikrai Leewiraphan Chairman of the Board of Directors / Independent

   Director

2. Dr. Kongkrapan Intarajang Director and Secretary to the Board of Directors /

   Member of the Enterprise Risk Management Committee / Chief Executive Officer and President

3. Dr. Chayatan Phromsorn Independent Director / Chairman of the

   Remuneration Committee

4. Mr. Payong Srivanich Independent Director / Chairman of the Nominating Committee

5. Gen. Ukris Boontanondha Independent Director / Chairman of the Corporate

   Governance and Sustainability Committee

6. Miss Choosri Kietkajornkul Independent Director / Member of the Audit

   Committee

7. Mrs. Sommai Siriudomset Independent Director / Member of the Audit

   Committee

8. Dr. Piyawat Sivaraks Independent Director / Member of the Corporate Governance and Sustainability Committee

9. Mr. Krishna Boonyachai Independent Director / Chairman of the Audit

   Committee

10. Mrs. Phongsaward Neelayodhin Independent Director / Chairman of the Enterprise

    Risk Management Committee

11. Mr. Kulit Sombatsiri Independent Director / Member of the Corporate Governance and Sustainability Committee

12. Dr. Veerapat Kiatfuengfoo Director / Member of the Enterprise Risk

    Management Committee

13. Mr. Teeralak Sangsnit Director / Member of the Remuneration

    Committee / Member of the Nominating Committee

14. Pol. Capt. Piya Raksakul Independent Director / Member of the Nominating

    Committee

15. Professor Dr. Wilert Puriwat Independent Director / Member of the

Remuneration Committee

In this regard, Professor Dr. Wilert Puriwat, Independent Director / Member of the Remuneration Committee, attended the Meeting via electronic means.

Dr. Kongkrapan Intarajang, the Chief Executive Officer and President, introduced the C-level executives attending the Meeting, as follows:

1. Mr. Bandhit Thamprajamchit Chief Operating Officer, Upstream Petroleum and

   Gas Business Group

2. Mr. Prasong Intaranongpai Chief Operating Officer, Downstream Petroleum

   Business Group

3. Dr. Buranin Rattanasombat Chief New Business and Sustainability Officer

4. Miss Pattaralada Sa-ngasang Chief Financial Officer

In addition, there are 10 Executive Vice Presidents, as well as Miss Piyaporn Thanangteerapong, Executive Vice President - Office of President and Company Secretary, serving as the Company Secretary.

The Chairman introduced the three Independent Directors attending the Meeting who were also appointed as proxy holders by minority shareholders, namely Miss Choosri Kietkajornkul, Mrs. Sommai Siriudomset, and Dr. Piyawat Sivaraks.

The Chairman introduced a representative from EY Office Limited as the appointed company's auditors, namely Mr. Kittiphun Kiatsomphob and also introduced the legal advisor from TTT & Partners Company Limited, namely Mrs. Veeranuch Thammavaranucupt. The proxy for the major shareholder, the Ministry of Finance, is Mrs. Phuriwan Thaweesit, and Mr. Pathorn Towongchuen from TTT & Partners Company Limited, who served as a witness for the vote-counting verification.

With respect to the documents used for the Meeting today, PTT had published such documents on its website and notified the publication to the Stock Exchange of Thailand ("SET") on March 12, 2026. In order to promote good corporate governance and equitable treatment of its shareholders, PTT had informed shareholders via the SET and published an announcement on its own website to invite shareholders to propose significant matters to be included in the Meeting agenda of the 2026 Annual General Meeting of Shareholders and to nominate individuals whose qualifications were appropriate and met the criteria prescribed by PTT to be elected as directors during the period from September 1, 2025 to December 1, 2025. However, no shareholders proposed any agenda item, nor did they nominate any person in accordance with the prescribed criteria.

To ensure that the Meeting was convened smoothly, the Chairman asked the Company Secretary, Miss Piyaporn Thanangteerapong, to expound on meeting procedures to shareholders.

Miss Piyaporn explained the method for counting the votes of shareholders, who shall vote on each agenda item, as follows:

• A shareholder shall have voting rights equal to the number of shares held or represented by proxy, and may cast votes of approval, disapproval, or abstention on each agenda item equivalent to the number of shares which he/she or a proxy grantor held.

• To count votes, votes of disapproval or abstention, as well as the votes on invalid ballots (if any) would then be deducted from the total number of votes of the shareholders present at the Meeting, and the remaining numbers would be treated as votes for the approval of that agenda item. The vote counting shall be conducted as follows: (According to Public Limited Companies Act B.E. 2535 and PTT's Articles of Association)

• Agenda items that require a majority vote of the shareholders present at the Meeting and entitled to vote are:

  Agenda Item 2: To approve the financial statements for the year ended December 31, 2025

  Agenda Item 3: To approve 2025 net profit allocation and dividend payment

  Agenda Item 4: To appoint the auditors and approve the audit fees for the year 2026

  Agenda Item 7: To elect directors to replace those who are retired by rotation

  For the vote count, only the votes of shareholders present at the Meeting and voting in favor, against, or abstaining will be counted. For Agenda Item 7 regarding the election of directors to replace those retiring by rotation, PTT will request shareholders to vote on an individual basis in accordance with the guidelines for the assessment of good shareholders' meeting practices.

• Agenda item that requires a vote of not less than three-fourths of the total votes of the shareholders present at the Meeting and entitled to vote is:

  Agenda Item 5: To approve PTT's 5-year fund raising plan (for 2026-2030)

  The voting base will be calculated by counting the votes of shareholders who attend the Meeting and cast votes in favor, against, and abstain.

• Agenda item that requires a vote of not less than two-thirds of the total votes of the shareholders present at the Meeting is:

Agenda Item 6: To approve the 2026 directors' remuneration

The voting base will be calculated by counting the votes of shareholders who attend the Meeting and cast votes in favor, against, and abstain.

Ballots are invalid in cases where the shareholder appoints a proxy and specifies his/her votes in advance, but his/her declared intention is unclear, for example, they specify to vote in more

than one box, and PTT is unable to verify such intention to vote of the shareholder. PTT provided voting instructions via a video presentation outlining the voting procedures.

Miss Piyaporn explained the method for voting via electronic means (e-Voting system) as

follows:

1. For each agenda item, the voting system will display three voting options: Approve, Disapprove, and Abstain. Shareholders may change their vote at any time before the voting for that agenda item is officially closed.

2. In the case where a proxy is appointed by several shareholders, the system will display a list of all shareholders appointing such proxy to attend the Meeting. The proxy can choose to vote according to the list of shareholders who granted a proxy individually. Except in the case where the grantors have already specified their voting preference in advance in the proxy form, the system will display the voting as specified in the proxy form.

3. Shareholders must be present at the Meeting until the end of each agenda item and must vote on each agenda item before the closing of voting for that agenda item. In the event that the shareholder presses confirm button to leave the Meeting without voting in advance, before closing the voting of any agenda item, that shareholders' vote will not be counted as part of the quorum and will not be counted as a vote on that agenda item. Leaving the Meeting during any agenda item does not deprive shareholders or proxies of their right to return to the Meeting and vote on the next agenda item.

Miss Piyaporn clarified the method for submitting questions via electronic means. Following the informational presentation on each agenda item, and prior to voting, PTT will provide an opportunity for shareholders to raise matters relevant to such agenda item through the following two channels and PTT provided instructions on how to ask questions via a video presentation outlining the question submission procedures, which included the following methods:

Channel 1 Inquiry through Text Message

Channel 2 Inquiry through Audio Visual or VDO Conference Shareholders were requested to state their full name, surname, and their status as either a shareholder or a proxy holder before asking a question each time, so that the PTT could accurately record the information in the minutes of the Meeting.

In the event that a large number of shareholders wish to ask questions via VDO Conference, and in order to manage the Meeting time efficiently, PTT kindly requested that shareholders submit their questions via written message instead. These questions would then be addressed at the end of the Meeting or included in the minutes of the Meeting. PTT also reserved the right to cut off the video and audio of any shareholder who makes inappropriate, defamatory, or unlawful remarks, infringes upon the rights of others, or disrupts the Meeting or causes inconvenience to other participants.

For the voting process, PTT will allow shareholders approximately 2-3 minutes after the voting is announced, and the results of each agenda item will then be announced to the Meeting accordingly.

The Chairman announced the commencement of the meeting agenda, which consists of a total of 8 agenda items in the following order:

The Chairman informed that PTT had submitted the 56-1 One Report form for the year 2025 and the 2025 Financial Statements to all shareholders ahead of the Meeting.

The Chairman requested the Chief Executive Officer and President to present a summary of the energy situation and PTT Group's approach to handling the unrest in the Middle East.

The Chief Executive Officer and President presented the essential details as follows:

PTT immediately activated the PTTICS (Incident Command System) Business Continuity Management Center as soon as the Middle East unrest occurred to maintain national energy security and prepare for potential risks and impacts. Regular business emergency plans are exercised, covering scenarios such as the closure of the Strait of Hormuz, to ensure effective deployment. PTT and its group companies play a critical role in managing the entire supply chain of crude oil, natural gas, Liquefied Petroleum Gas (LPG), and petrochemical products to ensure sufficient supply for domestic demand. This is coupled with proactive measures covering 4 main topics:

1. The role of PTT Group in managing the oil business Supply Chain;

2. Facts about the refining business;

3. The role of PTT Group in managing Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG); and

4. Summary of actions taken by PTT Group beyond its duty in the crisis to ensure national energy security.

The details are as follows:

1. The role of PTT Group in managing the oil business Supply Chain

   Oil is the primary energy source for the transportation, agricultural, and industrial sectors. PTT Group plays a vital role in procuring crude oil from various sources globally to reduce geopolitical risks, ensuring refineries operate efficiently and continuously, distributing oil thoroughly to all sectors, and managing the sales of finished oil products to meet national demand. PTT Group strictly adheres to the core principle of stability and transparency for Thailand

   1. Crude oil procurement

      Since the onset of the unrest, PTT Group has taken proactive measures without waiting for the Strait of Hormuz to resume normal operations. The crude oil procurement plan was adjusted to reduce reliance on Middle Eastern sources. By April 2026, the proportion of crude oil procured from this region will decrease to 30 percent, down from the normal level of 70 percent.

      Although PTT must bear the burden of increased costs, stemming from Crude Premiums, freight charges, and insurance rates that are exceptionally higher than normal, it has already secured

      crude oil supplies in advance through April 2026. Furthermore, there are continuous operational plans in place for the period from May to June 2026 to ensure that the country has sufficient oil during this crisis.

      This capability to prepare and adapt rapidly is the result of continuous investments in developing highly flexible refineries, coupled with PTT's extensive global network of partners. These factors enable PTT to procure crude oil from new sources, thereby enhancing Thailand's energy security and effectively mitigating the volatility of the global energy situation.

   2. Refinery production

      All 3 refineries of PTT Group have been operating continuously, enhancing production efficiency, adjusting plans to align with market conditions, and managing crude oil reserves at appropriate levels. This is coupled with transparent operations and strict compliance with oil reserve requirements. The volume and movement of stocks are regularly reported to the government, with the Excise Department closely monitoring the inflow and outflow of oil.

      In March 2026, the refineries in PTT Group operated at an exceptionally high average of 104 percent. Despite facing higher costs from accelerated production, they strictly adhered to safety standards. PTT utilized its oil reserves to almost their maximum limit, with some terminals having only Dead Stock remaining, in order to prevent domestic oil shortages. There was no hoarding; oil was continuously distributed, resulting in a decline in stock levels in accordance with market mechanisms.

      By optimizing the production process to suit the situation, PTT's refineries were able to increase diesel production by 8 percent, along with reducing the proportion of aviation fuel production. Meanwhile, the refineries' diesel inventory is 22 percent below normal levels, and the refined oil stock of PTT Oil and Retail Business Public Company Limited (OR) is 42 percent below normal levels due to continuous distribution.

      Over the past 5 years, PTT Group has continuously invested over THB 110,000 million in its refineries to increase flexibility in accommodating diverse types of crude oil, upgrade refining capabilities, and enable the refineries to operate at over 100 percent capacity. Despite the high value of refinery investments, PTT remains steadfast in its commitment to building and maintaining energy security for the country.

      Furthermore, PTT continues to maintain crude oil reserves at a level sufficient for the country's demand, coupled with prudent risk management. This is despite facing global energy price volatility, such as during the aftermath of the Russia-Ukraine crisis in the second half of 2022, which resulted in a combined stock loss of over THB 36,000 million for the refineries in PTT Group.

   3. Transportation and distribution

      PTT Group operates oil transportation in all forms, including via pipeline systems, trucks, and ships, coupled with appropriate stock management in compliance with laws and operating according to international standards, with transparent inspections and reporting to the government sector. Under the energy crisis situation, PTT Group has increased the frequency and accelerated transportation, including

      extending the opening hours of oil terminals to 24 hours to resolve bottlenecks in the system, along with preparing plans to accommodate energy demand during the festival season and accelerating the import of refined oil to enhance supply security.

      Currently, oil is distributed at an average level of 52.5 million liters per day. In addition, PTT Group is a pioneer in developing the Energy Logistics Digitalization system to elevate the management of the country's energy supply chain to be more efficient, transparent, and able to respond to situations more rapidly.

   4. Transportation and distribution of oil

      PTT Group distributes oil to customers in all sectors by managing sales volumes to align with market conditions and supporting the driving of the country's economy, especially the transportation and logistics sectors. PTT's oil pricing is based on market mechanisms under the supervision of the government sector and uses the same trade rules equally with other operators.

      Currently, the service stations of PTT Oil and Retail Business Public Company Limited (OR) are fully open for service at all 2,409 stations nationwide, while reducing exports to increase domestic sales volume and setting ex-terminal prices equal to service station prices to reduce the problem of scrambling for oil at gas stations and support the stability of the oil retail system.

      In March 2026, refineries in PTT Group increased domestic sales of diesel fuel from normal levels to 8.3 million liters per day, or an increase of over 20 percent, coupled with a reduction in exports, while still exporting to the Lao PDR in accordance with government policy. In this regard, OR accelerated transportation and extended the opening hours of oil terminals to 24 hours, enabling service stations nationwide to receive oil within 6 hours, down from previously where some areas had to wait up to 12 - 24 hours. As a result, in March, OR's sales volume of refined oil was higher than planned, increasing from normal levels by 14 percent, especially diesel fuel which increased from normal levels by 18 percent.

      For the festival season, PTT Group has prepared comprehensive support plans covering production, procurement, and oil distribution, with service stations on main roads having oil available for sale continuously throughout the Songkran festival.

      On the supply side, refineries maximized diesel production and planned to procure sufficient oil. On the demand side, oil was allocated on a per-station basis to ensure sufficiency for Jobber service stations and public vehicles. Meanwhile, on the logistics side, transportation plans were adjusted, terminals were opened at full capacity, and a Digital Tracking system was used to monitor the oil status in key stations in real-time.

      In early April 2026, domestic demand for diesel fuel decreased compared to March 2026 and April 2025, which may be due to several factors. However, OR still has a sufficient volume of oil to meet demand during the festival, and the refineries can confirm the continuous provision of Supply to OR.

      PTT Group continues to closely monitor the situation and manage logistics constraints to ensure that oil distribution to terminals and service stations is carried out with maximum efficiency, under the export constraints that currently exist.

2. Facts about the refining business

   Companies in PTT Group that own refineries consist of Thai Oil Public Company Limited, PTT Global Chemical Public Company Limited, and IRPC Public Company Limited.

   The Gross Refinery Margin (GRM) is not the profit of the refining business but is a reference index (Benchmark). It is not the figure of any specific refinery but rather a market reference refinery margin used to reflect market trends in each region (Product to Feed). It is calculated by taking the prices of refined products, such as gasoline and diesel, minus the reference crude oil cost.

   However, if the actual refinery margin of each refinery is calculated, the results will differ for each refinery depending on the complexity and capability of each refinery. This is calculated from the actual refined oil prices minus the actual purchased crude oil prices and other actual costs incurred, such as Crude Premium, transportation costs, and insurance costs. Since the occurrence of the unrest, the Crude Premium has increased by approximately 15 times, while transportation costs and insurance costs have increased by 10 times and 20 times, respectively. In addition, refineries also have energy costs and other operating expenses. The actual refinery margin of a refinery may be higher or lower than the Benchmark GRM, depending on the oil market situation and the efficiency of the refinery during that period.

   Furthermore, refineries must bear the risk burden resulting from timing differences. Generally, refineries purchase crude oil approximately 1-2 months in advance, causing the costs used in current production to be potentially based on prices agreed upon in the past, while the prices of refined oil products reflect current market prices. This results in the market refinery margin not corresponding with the actual operational performance during the same period.

   In addition, refineries must bear the burden of profit or loss from oil stock (Stock Gain / Loss). The volatility of crude oil prices in the global market results in stock gains or losses, and this may have a greater impact than the direct operational results of the refinery.

3. The role of PTT Group in managing LNG and LPG

   Energy security is considered an issue of no less importance than oil. Thailand has natural gas sources from the Gulf of Thailand, both domestic sources and those jointly developed with Malaysia, as well as natural gas from the Republic of the Union of Myanmar. When combined, these account for approximately over 60 percent of domestic natural gas demand. Such natural gas is utilized as fuel for electricity generation and in various industrial sectors. As for the portion imported from abroad as Liquefied Natural Gas (LNG), which is approximately 40 percent of natural gas demand, PTT is not the sole importer. Of this 40 percent proportion, PTT accounts for only about 20 percent of imports. PTT has carried out LNG imports at full capacity, along with appropriate risk management. Additional natural gas sources from other countries have been procured in the event that natural gas cannot be sourced from Qatar, such as the United States of America and Malaysia.

   PTT has increased the utilization of natural gas from the Gulf of Thailand, coupled with LNG imports from other sources. It has also managed its 6 existing gas separation plants by postponing maintenance plans to avoid production halts and to ensure there will be a sufficient and continuous supply of natural gas until June.

   For Liquefied Petroleum Gas (LPG) or cooking gas, PTT oversees the procurement accounting for approximately over 80 percent of the country. LPG is a product of natural gas separation plants and oil refineries, with imports not exceeding 20 percent. Currently, LPG prices in the global market are at a high level. Therefore, PTT has procured from additional sources, resulting in the proportion of LPG imports not exceeding approximately 20 percent from non-Middle Eastern sources. PTT has adjusted the maintenance plans for the gas separation plants and controlled the occurrence of Bypass Gas because if routing gas into the gas separation plants is bypassed, it could result in a shortage of LPG and raw materials for the petrochemical industry. Therefore, every production process must be operated at full capacity and continuously.

4. Summary of actions taken by PTT Group beyond its duty in the crisis to ensure national energy security

1. Accelerating the procurement of substitute crude oil from non-Middle Eastern sources. PTT prioritizes securing continuous and sufficient crude oil for use as the first priority, even if crude oil prices, transportation costs, insurance costs, and other expenses are higher.

2. Regarding vessels stuck in the Strait of Hormuz during the war, once the strait opens, the available crude oil volume will exceed demand because other sources have already been procured as well. It may have to be sold at prices lower than cost.

   Many refineries in the Asian region have reduced their production capacity recently because they may not have prioritized securing a sufficient volume of crude oil. However, for PTT Group, such actions cannot be taken as there is a mission to ensure the country has sufficient energy for continuous use. Therefore, PTT is obligated to procure enough crude oil for domestic use. Under current circumstances, ships are now able to exit the strait, carrying crude oil purchased at high prices, whereas sales must reference current market prices.

3. Not reducing production capacity and accelerating refinery operations to levels higher than 100 percent.

4. Refineries accelerated diesel fuel production to full capacity to meet domestic diesel fuel demand.

   If considering profitability, one might choose to increase the proportion of aviation fuel production. However, PTT Group did not operate in that manner, but rather placed the highest importance on diesel fuel production, which is a necessary product for the country, as it is in a state of shortage.

5. Petrochemical plants operated at full capacity, taking care of customers, and creating Security of Supply for the country, so that domestic customers, especially the plastic pellet industry group, are not

   impacted. Therefore, petrochemical plants in PTT Group still continued to operate production at full capacity.

6. Selling to wholesalers (Jobber) at the same price as local service stations to reduce scrambling for oil at gas stations.

7. Being a leader in transparency regarding information provision throughout the supply chain. Currently, important data and figures are published on the company's website so the public can be informed transparently.

8. Preparing liquidity readiness to accommodate crude oil price volatility and bearing the burden of higher financial costs. In the past, crude oil prices were at a level of around USD 60 per barrel, whereas currently, crude oil prices have increased to approximately USD 120 per barrel. Thus, there is a necessity to use more cash. In managing such a situation, PTT needs to secure additional funding sources through borrowing, which results in PTT having to bear the burden of higher financial costs.

9. Investing over THB 110,000 million in advance (years 2021-2025) to enable all 3 refineries to accommodate multiple types of crude oil.

10. Managing the supply chain to ensure sufficient oil to accommodate the festival season.

The aforementioned actions represent operations at full capacity to accommodate the crisis situation, in order to build energy security for the country.

The Chairman invited the shareholders to watch a video presentation summarizing the operations, strategies, and operational results of PTT and its subsidiaries in the year 2025 (video screening of approximately 13 minutes).

The Chairman informed the Meeting that Agenda Item 1 is presented for shareholders' acknowledgment of the PTT's operational performance report for the year 2025. Any questions raised by shareholders under this agenda item will be addressed during Agenda Item 2.

Resolution

The Meeting acknowledged the 2025 performance results and the future operational plans.

The Chairman invited the Chief Executive Officer and President to present the details to the Meeting. The Chief Executive Officer and President informed the Meeting in summary as follows:

In 2025, the year was considered highly challenging due to several factors, including geopolitical tensions, uncertainty in the global economic conditions, the impact of tariff policies, conflicts and wars, declining energy prices, as well as the appreciation of the Thai Baht. Nevertheless, PTT Public Company Limited was still able to operate its businesses steadily amidst such pressures and maintained its net profit at a level close to that of 2024 despite numerous adverse factors.

In this regard, such success resulted from the implementation of operational efficiency improvement and internal capability enhancement projects (Profit Enhancement), comprising asset management for value

creation (Asset Monetization), cost control and optimization, implementation of the Mission X project to enhance operational efficiency, the adoption of digital technology (Digitalization), as well as collaboration and synergy within the group companies, which altogether generated additional value of more than THB 38,000 million from such projects.

In addition, PTT was able to continuously maintain its credit rating, reflecting its management approach which takes into account stakeholders of all sectors, including creditors, investors, and related parties.

Based on PTT's operating results in 2025, PTT was able to consider the payment of dividends at the rate of THB 2.10 per share, and for the first time, a special dividend at the rate of THB 0.20 per share was also paid, resulting in a dividend yield of more than 6 percent. In addition, PTT continued to take care of shareholders through various measures, such as the share buyback program (Share Buyback) in order to enhance value and returns for shareholders.

Regarding the overall economic conditions in the past year, oil prices declined by approximately 13 percent and the Thai Baht appreciated against the U.S. Dollar, resulting in revenue in 2025 decreasing by approximately 14 percent from 2024. Nevertheless, PTT was able to maintain and slightly increase its net profit through strengthening the organization internally through various Profit Enhancement projects, despite declining product prices across many businesses, with total net profit amounting to THB 90,166 million.

In addition, there was recognition of special gains from disposal and reclassification of investments, restructuring of investments in Lotus Pharmaceutical Company Limited (Lotus), as well as recognition of share of profits from group companies, such as Thai Oil Public Company Limited from the acquisition of PT Chandra Asri Petrochemical Tbk, and PTT Exploration and Production Public Company Limited from investments in Algeria, together with effective management of foreign exchange risks and loan interest burdens, resulting in PTT being affected only to a limited extent by foreign currency volatility. Such achievements resulted from collaboration within PTT Group and the implementation of various projects, thereby strengthening operating performance.

With respect to the financial position of PTT and its subsidiaries as of December 31, 2025, it remained strong as a result of adjustments to the investment plan in line with strategy by focusing on investments in core businesses with expertise and competitive advantages, reducing investments in businesses outside its expertise, together with implementation of strict financial policies, resulting in PTT maintaining cash and short-term investments at a high level exceeding THB 400,000 million, while interest-bearing debt decreased to approximately THB 120,000 million as a result of the continuous implementation of debt reduction strategies.

In addition, PTT Group continued to invest in key projects aligned with the corporate strategy together with the share buyback program in order to enhance shareholder returns and value, with total shareholder return of approximately 7.92 percent, reflecting its ability to generate profits while sustainably taking care of shareholders, and resulting in PTT having strong financial status and financial ratios, such as maintaining a low net debt-to-EBITDA ratio, while also being able to maintain its credit rating at the same level as the sovereign credit rating of the country.

With respect to the annual dividend for 2025, as previously informed, dividends were paid at the rate of THB 2.10 per share together with a special dividend at the rate of THB 0.20 per share, reflecting the commitment to continuously taking care of shareholders.

The summary of PTT's achievements in the past year is as follows: Upstream business:

Exploration and production business for procurement of various raw materials, whereby PTT Exploration and Production Public Company Limited was able to increase production volume and natural gas reserves in line with the strategy to strengthen the country's energy security.

Liquefied Natural Gas (LNG) business: Thailand currently imports approximately 40 percent, and given the current energy crisis situation, participation in the global market is therefore important. In 2025, PTT had a trading volume of approximately 3.3 million tons per year under both short-term and long-term contracts in order to create supply flexibility.

Renewable energy business through Global Power Synergy Public Company Limited continuously increased the proportion of renewable energy generation.

Downstream business:

There was restructuring of PTT Tank Terminal Company Limited and elevation of the company as the Infrastructure Flagship for tank, pipeline, and jetty in order to continuously enhance efficiency and shared resource utilization.

The petrochemical and refinery business continued to progress in seeking strategic partners. Non-Hydrocarbon business:

There was restructuring, such as in the EV business, involving capital reduction and disposal of investments not aligned with strategic direction, resulting in PTT receiving cash returns totaling more than THB 10,000 million.

Life Science business, which is a business in which investments have been made successfully, included investment in Lotus, a company in Taiwan. Subsequently, the investment structure was adjusted through a slight reduction in shareholding proportion with the objective of enhancing Lotus's flexibility in business operations and procurement of financing from external sources. As a result of such restructuring, PTT recognized gains from dilution of shareholding amounting to more than THB 7,500 million. In addition, such restructuring enabled Lotus to obtain financing without consolidating debt obligations into the financial statements of PTT Group and to expand investments efficiently, particularly through acquisitions in the United States, resulting in Lotus currently demonstrating outstanding growth and becoming one of the world's top 20 companies in its industry.

When considering and comparing the overall business structure, businesses relating to oil and natural gas, which are the core businesses for energy security, continue to be expanded and developed by PTT. Meanwhile, for the Non-Hydrocarbon business, PTT has adjusted its investment approach to become more appropriate and prudent by reducing the level of investment while continuing to focus on creating

benefits and added value through collaboration with strategic partners and experts in order to enhance operational flexibility and efficiency.

In addition, PTT continued to place importance on continuously creating value for shareholders, including dividend payments, implementation of the share buyback program, and maintaining its credit rating, which is an important factor reflecting PTT's financial discipline.

In carrying out its core mission of strengthening the country's energy security through ensuring adequate supply of oil and natural gas and enhancing the country's competitiveness, such efforts must be undertaken together with greenhouse gas emissions reduction. PTT therefore continues to fully proceed with the exploration, production, and procurement of gas for the country, while hydrocarbons will still need to be used for at least another 30 years. At the same time, greenhouse gas emissions must also be reduced. PTT maintains its target to achieve Net Zero Emissions by 2050 and remains on track. Business restructuring is expected to contribute approximately 20 percent of emissions reduction, while factory improvements to reduce greenhouse gas emissions and operational waste are expected to contribute another approximately 20 percent reduction. However, the key mechanism to achieve the Net Zero Emissions target of PTT Group and Thailand is the implementation of Carbon Capture and Storage (CCS) projects. In this regard, CCS projects have made tangible progress. During the past year, the government issued relevant licenses enabling PTT Exploration and Production Public Company Limited to conduct exploration for carbon storage sites in the Gulf of Thailand. In addition, PTT has jointly conducted studies with countries having experience and success in CCS projects in terms of both technology and regulations. For 2035, the target is to reduce greenhouse gas emissions by 15 percent, whereby the most important success factor is the concrete implementation of CCS projects.

Regarding the overall corporate strategic plan, PTT continues to focus on strengthening its core business operations in order to reinforce the country's energy security while seeking growth opportunities in high-potential businesses, such as the LNG business through expansion of international trading roles, greenhouse gas emissions reduction, enhancement of Digital Transformation, and strengthening the foundation of PTT Group to support sustainable long-term growth.

Based on the details previously reported, this explains why overall business performance in the past year faced pressure, with margins declining, crude oil prices decreasing by more than 10 percent, and the global petrochemical industry remaining in a slowdown period.

Nevertheless, PTT was still able to manage and implement various projects as presented, which PTT regularly presents to analysts and shareholders every year in order to continuously monitor the progress and results of key projects. In the short term, Project P1, which focuses on creating synergy within PTT Group in crude oil procurement and integrated management, targeted EBITDA generation of approximately THB 3,400 million in the past year but was able to achieve EBITDA of more than THB 4,000 million. For 2026, the target is set at THB 3,200 million.

Project D1, which focuses on creating synergy within PTT Group in Thailand, generated value of more than THB 600 million in the past year, while the target for 2026 is increased to more than THB 1,000 million.

Mission X Project, which is an operational efficiency enhancement project through the adoption of digital technology in various work processes, generated value of approximately THB 12,000 million in the past year, exceeding the target of THB 10,000 million. Accordingly, the target for 2026 is approximately THB 20,000 million for the entire PTT Group in the form of EBITDA Uplift.

AXIS Project forms part of driving Digital Transformation within PTT Group.

For short-term projects, PTT also places importance on Asset Monetization. In the past year, PTT was able to increase cash flow by approximately THB 17,000 million, generate additional profits of approximately THB 14,700 million, and achieve cost savings of approximately THB 13,000 million. Such operating results mainly occurred in the short term. Meanwhile, in the medium term, PTT also has important projects, such as the LNG business, for which progress will be regularly reported to analysts every quarter.

With respect to future operational directions, PTT has established key guidelines for shareholders, whereby in the short term the focus will be on three key areas, namely:

Creating added value for shareholders through efficient operations, whereby despite unfavorable external factors, profitability can still be maintained.

Focusing on core businesses and strengthening PTT in order to support its role in the country's energy security.

Prudent investment to reduce risks and volatility arising from global energy and economic conditions, together with taking care of shareholders through dividend payments and the share buyback program, including participation in the JUMP+ project together with the Stock Exchange of Thailand in order to reaffirm its commitment to generating appropriate returns.

During the middle of the year, progress will be seen in having strategic partners participate in investments in several areas, as the current global context requires cooperation with partners possessing expertise and capabilities in order to support PTT's growth.

For the Downstream business, the refinery and petrochemical business is currently considering and selecting global partners for joint investment. For infrastructure, such as pipeline, tank, and jetty, management has currently been consolidated under PTT Tank Terminal Company Limited in order to enhance efficiency and return on equity.

For the Non-Hydrocarbon business, PTT has reduced or discontinued investments in businesses outside its expertise, while businesses in which it still has competitive advantages will continue, with greater participation from partners, such as certain EV businesses, charging station businesses, car rental-related businesses, Life Science businesses, and Digital businesses.

Finally, with respect to growth, PTT currently has LNG trading volume in its portfolio exceeding 3 million tons per year and is able to generate profits. Under the current global situation, PTT places importance on and targets increasing LNG trading volume to approximately 10 million tons per year by 2030.

Nevertheless, long-term hydrocarbon business operations must be conducted together with greenhouse gas emissions reduction. PTT therefore continues to proceed with carbon reduction projects,

such as Carbon Capture and Storage (CCS) and hydrogen projects, while continuously implementing Profit Enhancement projects in all dimensions.

Lastly, the Chief Executive Officer and President further stated that, as presented in the video, PTT has received recognition through various awards in sustainability, state enterprise operations, and has continuously gained confidence from investors and shareholders.

The Chairman requested the Meeting to consider approving the financial statements for the year ending December 31, 2025, and the auditor's report, in which the auditor has certified the accuracy in all material respects according to the financial reporting standards, as detailed in the 56-1 One Report form for 2025 and the financial report. The Chairman also requested the moderator to explain the procedure for asking questions, with a summary of the questions as follows:

sufficient crude oil for refinery operations through June 2026. However, this did not mean that there would be shortages after such period, as crude oil procurement and management would continue on an ongoing basis. At the same time, the refineries within PTT Group continued operating at production levels exceeding 100 percent capacity and were able to fully deliver refined oil products to customers. Inventory levels of refined oil products remained near the minimum level, while distribution through service stations of PTT Oil and Retail Business Public Company Limited continued fully without station closures, and refined oil products remained continuously available to the public and customers. Nevertheless, during April 2026, diesel demand was found to have declined significantly, resulting in inventory levels beginning to return to higher levels. In this regard, PTT managed operations in line with market conditions to ensure the country's energy security.

With respect to the petrochemical business during the crisis period, the key policy established by PTT for group companies was to prioritize taking care of domestic customers first by ensuring sufficient product supply (Security of Supply), since petrochemicals are upstream industries connected to downstream products such as polymers, plastic pellets, and essential consumer products. Therefore, during such period, PTT did not focus primarily on profits, but instead prioritized maintaining continuity of product supply to domestic customers. Although there remained some investment opportunities in the petrochemical business, the overall petrochemical industry continued to face oversupply conditions, particularly from China. Nevertheless, for Thailand, PTT continued to place the highest priority on ensuring safety and security of supply of raw materials and products for customers on a continuous basis.

If the situation improved and crude oil delayed in the Middle East could subsequently be transported while global crude oil prices declined, PTT would have to bear the risk of stock loss from crude oil costs being higher than market prices.

For refinery operations, PTT Group continued operating refineries at production capacity exceeding 100 percent without focusing solely on maximizing profits, but balancing operations with Thailand's energy security. For example, reducing the proportion of jet fuel production, which generated higher returns, and instead increased diesel production to maximum diesel mode in order to support domestic demand. Such operations represented policy decisions based primarily on the interests of the country and society, together with consideration of long-term shareholder interests.

For the petrochemical business, PTT Group was able to effectively manage raw material procurement and maintain production continuity despite higher raw material costs, while continuously delivering products to customers, creating security of supply, and without any declaration of force majeure, reflecting the strength of its supply chain and organizational risk management capabilities.

Such management measures resulted in increased working capital requirements and financial costs for PTT due to high crude oil prices and the necessity to procure additional funding sources in order to support its role in maintaining the country's energy security.

Accordingly, GRM was only an indicator of trends and not actual profit. For refinery profits in Thailand, crude premiums had to be considered, which in some periods could exceed normal levels by approximately USD 20 per barrel. In addition, transportation costs had to be considered, as crude oil was not sourced from nearby locations such as Singapore, but had to be transported from the Middle East, the United States, or West Africa, together with freight costs which had increased by approximately 10-20 percent, significantly increased insurance costs, and other refinery operating costs such as electricity, energy, labor, maintenance, and employee expenses, all of which formed part of the overall cost structure. These were factual matters. Although GRM might fluctuate between high and low levels in certain periods, assessment of refinery business performance must be considered from a medium to long-term perspective, both monthly and annually, since crude oil must be procured in advance.

In addition, as previously explained, PTT Group had several petrochemical companies within the group, such as IRPC Public Company Limited and PTT Global Chemical Public Company Limited and PTT Group had established policies prioritizing domestic customers first in order to ensure raw material security for downstream industries, since the petrochemical industry is an important upstream industry connected to many consumer goods industries.

In addition, PTT had also considered investments and participated in studies relating to CCS projects in certain overseas locations through investments at appropriate levels in order to learn about technology, operational approaches, and success factors of such projects for the maximum benefit of Thailand, which was considered positive progress in the right direction.

When the time is appropriate, the Chairman requested that shareholders proceed to cast their votes via the e-Voting system. A voting period of 2 minutes was allotted.

Resolution

The Meeting resolved to approve the financial statements for the year ended December 31, 2025, by the majority vote of the shareholders who attended the Meeting and were eligible to vote as follows:

The Chairman requests that the Chief Executive Officer and President present the details to the Meeting. The Chief Executive Officer and President provides the following information:

The results for the year 2025, based on the consolidated financial statements of PTT and its subsidiaries, show a net profit of THB 90,166 million, or THB 3.15 per share. PTT has allocated approximately THB 42 million to self- insurance fund reserve. In accordance with legal requirements, PTT has also set aside 10 percent of its registered capital as a legal reserve. PTT proposed to distribute a dividend for the 2025 fiscal year at the rate of THB 2.30 per share, comprising the annual dividend for the operating results of the year 2025 at the rate of THB 2.10 per share and a special dividend at the rate of THB 0.20 per share, totaling THB 65,361 million, which represents a payout ratio of 73 percent. The special dividend for the year 2025 was considered from the success in asset management and the generation of strong free cash flow throughout the past year. Such allocation is a one-time allocation in nature.

Accordingly, PTT sought shareholders' approval for the allocation of net profit and dividend distribution for the 2025 fiscal year at the rate of THB 2.30, comprising the annual dividend for the operating results of the year 2025 at the rate of THB 2.10 per share and a special dividend at the rate of THB 0.20 per share, consisting of the following:

1. Interim dividend for the operating results of the first half of 2025 at the rate of THB 0.90 per share;

   and

2. Dividend for the operating results of the second half of 2025 at the rate of THB 1.40 per share, comprising the annual dividend for the operating results of the second half of 2025 at the rate of THB 1.20 per share and a special dividend at the rate of THB 0.20 per share.

The dividend for the operating results of the second half of 2025 shall be paid from three portions of unappropriated retained earnings as follows:

Part 1: Net profits subject to corporate income tax at the rate of 20 percent in the amount of THB

0.88 per share, comprising the portion from the operating results of the second half of 2025 at THB 0.75 per share and the special dividend at THB 0.13 per share. Individual shareholders shall be entitled to dividend tax credits for this portion pursuant to Section 47 bis of the Revenue Code.

Part 2: Net profits from BOI-promoted business currently enjoying corporate income tax exemption privileges in the amount of THB 0.03 per share. Individual shareholders shall neither be required to include such dividend as taxable income nor be entitled to dividend tax credits pursuant to Section 47 bis of the Revenue Code.

Part 3: Profits derived from dividends received from PTTEP in the amount of THB 0.49 per share, comprising the portion from the operating results of the second half of 2025 at THB 0.42 per share and the special dividend at THB 0.07 per share. Individual shareholders shall not be entitled to dividend tax credits for this portion pursuant to Section 47 bis of the Revenue Code.

The record date for shareholders entitled to receive the dividend payment shall be March 6, 2026, and the dividend payment date shall be April 28, 2026. In addition, the Meeting was requested to acknowledge the interim dividend payment at the rate of THB 0.90 per share, which was approved by the PTT's Board of Directors on September 18, 2025 and paid to shareholders on October 17, 2025.

The Chairman requests the moderator to explain the procedure for asking questions. As there are no questions or suggestions from shareholders during this agenda item, the Chairman now requested that shareholders proceed to cast their votes via the e-Voting system. A voting period of 2 minutes was allotted.

Resolution

The Meeting has resolved to approve the net profit allocation and the payment of dividends for the year 2025 at a rate of THB 2.30 per share, as proposed. The shareholders entitled to receive dividends will be those registered on March 6, 2026, with the dividend payment scheduled for April 28, 2026, based on the majority vote of shareholders present at the Meeting and entitled to vote as follows:

Agenda Item 4: To appoint the auditors and approve the audit fees for the year 2026

The Chairman would like to clarify that the Audit Committee consists of 3 members, as follows:

1. Mr. Krishna Boonyachai Chairman of the Audit Committee

2. Miss Choosri Kietkajornkul Member of the Audit Committee

3. Mrs. Sommai Siriudomset Member of the Audit Committee

Mr. Krishna Boonyachai as the Chairman of the Audit Committee, was asked to present the details related to this Agenda item to the Meeting.

Mr. Krishna Boonyachai as the Chairman of the Audit Committee provided the following explanation:

In accordance with the State Fiscal and Financial Discipline Act B.E. 2561 (2018), the Office of the Auditor General (OAG), or an auditor approved by the OAG, is required to audit the financial statements of "state agencies". The audit and reporting must be conducted in accordance with the policies, criteria, and standards prescribed by the State Audit Commission.

The OAG has requested the cooperation of PTT in appointing an external auditor in replacement thereof. The appointed auditor must be one who has been approved by the OAG for each accounting period in accordance with the Regulations of the Auditor General Commission Re: Criteria for Consideration and Approval of Auditors B.E. 2562 (2019).

Since 2022, PTT and its group companies that qualify as state enterprises under the Public Procurement and Supplies Administration Act B.E. 2560 (2017) have engaged external auditors through a joint procurement process for the PTT SOE Group Auditor. This process was conducted in compliance with the Public Procurement and Supplies Administration Act B.E. 2560 (2017) and the regulations, criteria, procedures, and conditions prescribed by the State Audit Commission (SAC). As a result, EY Office Limited has been selected as the auditor of PTT for the fiscal years 2025-2027.

EY Office Limited proposed an audit fee for the year 2026 in the amount of THB 8,000,000, comprising a quarterly review fee of THB 1,200,000 per quarter and a year-end audit fee of THB 4,400,000.

The PTT's Board of Directors approved the appointment of an auditor from EY Office Limited as PTT's auditor for the year 2026 and approved the audit fee as proposed by PTT's Audit Committee.

Therefore, it is proposed that the Meeting consider and approve the appointment of auditors from EY Office Limited, as follows:

1. Mr. Kittiphun Kiatsomphob;

2. Miss Kessirin Pinpuvadol; and

3. Mr. Vorapoj Amnauypanit

as PTT's auditors for the year 2026 and approve the audit fees of THB 8,000,000 as per the proposal of the Board of Directors.

The Chairman requests the moderator to explain the procedure for asking questions. As there are no questions or suggestions from shareholders during this agenda item, the Chairman now requested that shareholders proceed to cast their votes via the e-Voting system. A voting period of 2 minutes was allotted.

Resolution

The Meeting resolved to approve the appointment of Mr. Kittiphun Kiatsomphob, CPA License No. 8050 and/or Miss Kessirin Pinpuvadol, CPA License No. 7325 and/or Mr. Vorapoj Amnauypanit, CPA License No. 4640 from EY Office Limited as PTT's auditors for the year 2026 and approve the audit fees

of THB 8,000,000 as per the proposal of the Audit Committee, which has been properly reviewed, and approved by the PTT's Board of Directors, the Meeting passed the resolution by a majority of votes of the shareholders who were present and entitled to vote, as follows:

The Chairman requests that the Chief Executive Officer and President present the details to the Meeting. The Chief Executive Officer and President provides the following information:

The PTT's Board of Directors, at the meeting held on December 16, 2021, and the 2022 Annual General Meeting of Shareholders held on April 8, 2022, approved PTT's 5-year financing plan (2022-2026), which included borrowings and/or debt incurrence by subsidiaries in order to procure financing for PTT within the total equivalent amount of THB 200,000 million.

At present, the remaining financing facility amounts to THB 135,000 million. Such remaining financing facility will be cancelled upon approval by the shareholders' meeting of the 5-year financing plan (2026-2030) proposed for approval at this Meeting.

The PTT's Board of Directors, at the meeting held on December 18, 2025, approved PTT's 5-year capital expenditure plan (2026-2030) in the total amount of THB 76,572 million. Such investment focuses on core businesses to strengthen the country's energy security, with key projects including investments in and efficiency enhancement of natural gas pipeline systems and gas separation plants, as well as investments in expanding integrated international trading businesses. In addition, there are investments through wholly-owned subsidiaries of PTT, such as investments supporting the Asset Monetization (A1) strategy, which focuses on the management of infrastructure and logistics assets, by designating PTT Tank Terminal Company Limited (PTT Tank) as the Infrastructure Flagship to manage infrastructure assets of group companies, including investment in the Map Ta Phut Port Development Phase 3 Project in order to enhance the country's long-term energy infrastructure capabilities.

The PTT's Board of Directors also acknowledged the capital expenditure budget for projects currently under study and future investment opportunity exploration (Provisional and Plan Capital Expenditure) over the next 5 years in the approximate total amount of THB 115,166 million. Such investments focus on expansion during the energy transition period, including expansion of investment in upstream petroleum

businesses, particularly the development of the integrated LNG Value Chain both domestically and internationally, in order to strengthen and enhance competitiveness in line with the vision and strategy of the PTT Group. Accordingly, the total investment plan for the 5-year period amounts to THB 191,738 million. Based on the estimated cash flow during 2026-2030, PTT will continue to have sufficient cash on hand and liquidity to support the committed CAPEX under the plan.

However, in order to support investment opportunities in projects currently under study and future investment opportunity exploration over the next five years, as well as to support repayment of loans/debentures maturing during 2026-2030 in the aggregate amount of approximately THB 80,500 million, coupled with the highly volatile economic, political, money market and capital market conditions, it is necessary to maintain financial readiness and flexibility in financial management.

Accordingly, the PTT's Board of Directors deemed it appropriate to propose for approval for PTT to procure financing, including borrowing facilities, issuance of debentures and/or debt incurrence by subsidiaries in order to procure funding sources for PTT within the equivalent amount of THB 200,000 million over the 5-year period (2026-2030). PTT's capital structure and financial ratios remain at appropriate levels, resulting in PTT continuing to have the ability to incur additional debt.

Following implementation of the investment plan, PTT is expected to be able to maintain its financial ratios in accordance with its financial structure policy.

It is therefore proposed that the shareholders' meeting consider and approve PTT's financing plan, including borrowing facilities, issuance of debentures and/or debt incurrence by subsidiaries in order to procure funding sources for PTT within the equivalent amount of THB 200,000 million over the 5-year period (2026-2030), for use in investments and/or general working capital and/or refinancing existing debt.

The Chairman requested the moderator to explain the procedure for asking questions, with a summary of the questions as follows:

1. How will the financing be utilized to create added value for PTT?

2. Does PTT have any policy to reduce its debt ratio, and if so, how? In addition, does PTT have any plan to conduct a share buyback?

As for the utilization of financing for investment in projects generating favorable returns, such as LNG projects and infrastructure projects, both projects will enhance PTT's Return on Investment (ROI) and help reduce financial costs or Weighted Average Cost of Capital (WACC), thereby increasing Economic Value and enhancing PTT's ability to pay dividends, which in turn increases Return on Equity (ROE) for shareholders.

With respect to the next question regarding PTT's debt repayment policy, PTT maintains a strong credit standing at the country's investment grade level, enabling PTT to obtain financing at appropriate interest rates and with long repayment tenors. In addition, PTT is able to maintain its debt-to-equity ratio and

debt-to-EBITDA ratio at appropriate levels, which remain below the applicable financial restrictions. Accordingly, PTT continues to have the capability to access quality financing sources. However, for certain business groups that still maintain relatively high debt levels, such as the petrochemical and refinery businesses, PTT has a policy requiring continuous debt reduction. According to the latest financial statements, loan liabilities decreased from approximately THB 1 trillion to approximately THB 900,000 million, and PTT has closely monitored and managed all related sectors.

Regarding the final question on the share buyback, PTT would like to clarify that during the previous year, it completed a treasury stock repurchase program in the amount of approximately THB 7,500 million. The purpose of such repurchase was to optimize the utilization of excess cash liquidity and enhance Return on Equity (ROE). For the current year, PTT is closely monitoring various factors, including the share price level, global economic conditions and PTT's excess liquidity level. Should there be any developments, PTT will further inform the Board of Directors and shareholders accordingly.

1. Since PTT has strong liquidity and excess cash, why did it issue debentures during the previous year?

2. Does PTT have any policy to issue additional debentures?

At present, PTT Tank Terminal Company Limited (PTT Tank) has independently procured financing from financial institutions and has already repaid in full the loans received from PTT.

Regarding the policy for the following year, PTT will primarily consider conditions in the financial markets in order to assess the appropriateness of procuring quality financing sources in terms of both interest rates and borrowing tenors, whether through offshore bond markets, domestic bond markets or loans from domestic financial institutions.

Category 1: Companies wholly owned by PTT, such as PTT International Trading (PTTT), PTT LNG Company Limited (PTT LNG), and PTT Tank Terminal Company Limited (PTT Tank). PTT has provided short-term loans to such group companies in the aggregate amount of approximately THB 38,000 million. PTTT utilized such funds for trading operations, which generated returns and profits for the company, while also supporting crude oil procurement to meet the country's current demand. At the same time, PTT Tank utilized such funds to support business growth in accordance with PTT's Infrastructure Flagship plan.

Compared with cases where such group companies procure financing independently, financial costs would be higher than if PTT were the borrower due to PTT's stronger credit standing, resulting in interest cost savings of approximately 2 percent. Based on the aggregate loan amount of THB 38,000 million, such savings create additional value from reduced interest expenses.

Another category comprises listed companies and flagship companies. In this regard, PTT does not directly provide short-term loans, but instead considers providing assistance through extension of trade credit. Such arrangements do not affect PTT's liquidity, as they are supported by Letters of Credit (LC) from financial institutions.

Such approach enables group companies to maintain strong Credit Ratings, thereby allowing them to continue paying dividends consistently. During the previous year, all flagship subsidiaries paid dividends to PTT in the aggregate amount of approximately THB 43,000 million, enabling PTT to pay total dividends to shareholders in the amount of THB 65,000 million.

In the case of PTT Global Chemical Public Company Limited (PTTGC), which obtained bridge financing from its shareholder, namely PTT, in 2021 for acquisition purposes, the actual loan utilization amounted to approximately THB 55,000 million for such investment. Within 6 months, PTTGC was able to fully procure replacement financing through issuance of debt instruments in overseas markets at lower interest rates and subsequently repaid the loans to PTT in full. At present, there is no outstanding debt in relation to such transaction.

As there were no further questions or comments from shareholders, the Chairman requested that shareholders proceed to cast their votes via the e-Voting system. A voting period of 2 minutes was allotted.

Resolution

The Meeting resolved to approve PTT's 5-year fund raising plan, including the borrowing and/or debt incurrence facilities of PTT's subsidiaries for the purpose of procuring sources of funding for PTT, within the total equivalent amount of THB 200,000 million (Two Hundred Thousand Million Thai Baht) for a period of five years (2026 - 2030), as proposed, with the resolution passed by not less than three-fourths of votes cast by the shareholders present at the Meeting and entitled to vote, as follows:

The Chairman informed that the Remuneration Committee consisted of 3 directors as follows.

1. Dr. Chayatan Phromsorn The Chairman of the Remuneration Committee

2. Mr. Teeralak Sangsnit

3. Professor Dr. Wilert Puriwat

Member of the Remuneration Committee Member of the Remuneration Committee

Dr. Chayatan Phromsorn, the Chairman of the Remuneration Committee, was asked to present detail related to this Agenda item to the Meeting.

Dr. Chayatan Phromsorn, the Chairman of the Remuneration Committee, informed that the Remuneration Committee followed the same practice for determining remunerations for directors and specific committees of PTT for the year 2026 by considering key factors such as:

• Practices of listed companies in the same industry and other leading companies both in Thailand and internationally;

• Practices of listed companies that are state enterprises;

• Principles of good corporate governance;

• Operating results;

• Business size;

• Responsibilities of the PTT's Board of Directors; and

• Data on economic growth.

After due consideration, the Remuneration Committee deemed it appropriate to approve the remunerations for the Board of Directors and other specific committees of PTT for the year 2026 to be the same as those in the year 2025, as follows:

1. Monthly Fee and Attendance fee for the year 2026, the remunerations remained unchanged

   • The remuneration for the PTT's Board of Directors remains at the same rate and consists of:

     • Monthly fee: THB 30,000 per month per director, with the Chairman receiving twice the amount allocated to other board members.

     • Meeting attendance fee payable to those present at each meeting: THB 60,000 per attendance, with the Chairman receiving 25 percent more than other members of the Committee.

       The allowance is limited to a maximum of one meeting per month, except in justified cases where more than one meeting may be considered. However, the total number of meetings must not exceed 15 per year

   • Remunerations for specific committees appointed by PTT's Board of Directors, at the same rate

     as follows:

     1. The Audit Committee

        • Monthly fee: THB 15,000 per month per person, with the Chairman of the Audit Committee receiving the same rate as that of the other members of the Committee.

        • Meeting attendance fee: THB 45,000 per attendance payable to those present at each meeting with the Chairman of the Audit Committee receiving 25 percent more than other members of the Committee.

        • The secretary to the meeting receiving a monthly fee of THB 7,500 per month (same rate).

     2. The Nominating Committee, the Remuneration Committee, the Corporate Governance and Sustainability Committee, the Enterprise Risk Management Committee and other sub-committees that may be appointed by the Board of Directors in the future when deemed necessary and appropriate, as follows:

        • Monthly fee: none

        • Meeting attendance fee: THB 30,000 per attendance payable to those present at each meeting where the Chairman of each sub-committee receiving 25 percent more than other members of each committee.

        • Other benefits: none, remain unchanged.

     The allowance is limited to a maximum of one meeting per month for each specific committee.

2. Bonus for the Board of Directors of PTT for the year 2026, payable according to the same policy

The payment of bonuses for the year 2026 would be based on the PTT's operational performance or net profits and was fixed at the rate equal to 0.05 percent of the net profits of the year 2026. The bonus amount must be commensurate with the term of directorship, within a limit of THB 60,000,000 for the entire Board of Directors with the Chairman of the Board of Directors receiving 25 percent more than other directors.