PTT PCL: First take on 1Q26 results

Research evidence excerpt

PTT PCL: First take on 1Q26 results

=Capital Security (Not including Equity Preferred); EP=Equity Preferred; CDS=Credit Default Swap

PTT Treasury Center / PTTTB

Security DateR2 Action Recommendation Price

4.5, Senior, USD, 2042:B 30-Apr-2025 Marketweight

02-Sep-2025 Upgrade Overweight 86.61

29-Sep-2025 Downgrade Marketweight 88.08

3.7, Senior, USD, 2070:B 30-Apr-2025 Marketweight

Table reflects credit opinion history as of previous business day’s close.R2First date of recommendation within the last 36 months, if for an issuer or within the last 12 months, if for a security or loan. The investment

opinion system is contained at the end of the report under the heading "BofA Global Research Credit Opinion Key."

Pricing information in the table is provided for each action where available. In the case of bonds, loans, capital securities and equity preferreds, the price shown reflects the nominal cash price for the security; and in the

case of CDS, the price shown reflects the spread, on the date of the relevant action.

B=Bond; L=Loan; CS=Capital Security (Not including Equity Preferred); EP=Equity Preferred; CDS=Credit Default Swap

BofA Global Research Credit Opinion Key

BofA Global Research provides recommendations on an issuer’s bonds (including corporate and sovereign external debt securities), loans, capital securities, equity preferreds and CDS as

described below. Convertible securities are not rated. An issuer level recommendation may also be provided for an issuer as explained below. BofA Global Research credit recommendations are

assigned using a three-month time horizon.

Issuer Recommendations: If an issuer credit recommendation is provided, it is applicable to bonds and capital securities of the issuer except bonds and capital securities specifically referenced