Draft

Analyst Meeting
4Q/2010 Q

Disclaimer The information contained in our presentation is intended solely for your personal reference only. In addition, such information contains projections and forward-looking statements that reflect our current views with respect to future events and financial performance. These views are based on assumptions subject to various risks and p j uncertainties. No assurance is given that future events will occur, that projections will be achieved, or that our assumptions are correct. Actual results may differ materially from those projected.

2/20

Contents

Highlight & PTT Aspiration g g p Expansion & Growth 2010 Financial Performance 2011 Economic and Market Outlook

3/20

Highlight of activities to date

Proactive in M&A

Investment/M&A C Canadian Oil S d 40% acquisition b PTTEP di Sands, i iti by PTTCH & PTTAR merger, creating synergistic value SAR Coal, increasing to 45.6% shareholding Laos Xayaburi Hydro power project, investing 25% with CK Bangkadee SPP power project, investing 23% with B.Grimm Operation GSP6 started Testing & Commissioning since 4Q/10 LPG ex-refinery price reformed, 76% linked to market price reformed NGV 2 baht subsidy extended to June 30, 2011 Montara action plan accepted by Australian government Finance 100-year Baht bond, first time ever for Bt4,000 mm at 5.9% p.a. Moodys ratings downgraded to sovereign level at Baa1
4/20

PTT Groups Vision & Aspiration

Becoming Thai Premier Multinational Energy Company

Aspiration : Becoming a Global Fortune 100 Company by 2020 With Top Q p Quartile Performance and on DJSI by 2013 y
Strategic Framework
HPO
Economic Sustainable Growth Strategy Environmental Social

Balance All Stakeholders Interests

Enhance through
Customers Customers Nation Nation Share holders holders

CG

CSR

Employees Employees P l People People & & Society Society

Partners Partners Partners

Global Fortune 100 Sustainable growth, DJSI LONG

BIG STRONG Top quartile ROIC in all businesses

5/20

PTT Groups strategic direction

Energy diversification Internationalization Thailand
Altern native Convent tional Energ / materia gy als Energy/ materials /
Upstream Oil

ASEAN

Australia, N. Non- Asia Asia and S. Asia

Keep core value chain expansion Drive E&P growth (900 kbd) Gas Upstream Accelerate Petchem consolidation, Market back strategy
Coal Others Nuclear Solar Hydro Wi d Wind Bio-based
Real estate

Top Oil and Gas player

Div versificatio on

Enhance value chain game in adjacent energy businesses to diversify

Grow coal mining with large scale and move into trading Consolidate and expand power tf li (prioritizing clean) l ) portfolio ( i iti i Capture bio-route growth through sugar/cassava based and oleochem value chain development p

Energy conglomerate

Infra

Services Retail Others

Seed options to play conglomerate game Retail in Thailand Palm plantation in Indonesia (CPO)

O Others

Business conglomerate

6/20

Contents

Highlights & PTT Aspiration g g p Expansion & Growth 2010 Financial Performance 2011 Economic and Market Outlook

7/20

PTT : Gas Business

Expansion to meet future gas demand

Unit : mmscfd
6000

Gas Demand Outlook

4000

4% 11% 17% 68%

NGV 4% Industry 15% GSP

20%

2000

Power

61%

0 2010 2011 2012 2013 2014 2015

New Supply

JDA B17

LNG Chevron (Plathong)

Bongkot South

M9

Pipeline Capacity (mmscfd) GSP Production (MTA)

4,380

Offshore Compressor p 5,580

4th Onshore 5,580 6,980 6,980 6,980

GSP#6 4.3 6.3 7.0 7.0 7.0 7.0

8/20

PTT : Oil and Trading Business

Market leader in Thailand, going international

Thailands Market Share

Others

3% 22% 36%
Best in class operation o Depot & Logistics management Increase non-oil business o Life station, Jiffy, Amazon Grow Internationally o Retail & Lube in Asia o Expand trading network

9% 9% 12% 9%

9/20

PTTEP Upstream
Major projects coming to production

Expected Sales Volume

000 BOED

Proved Reserves 1,043 MMBOE

327 319 311 316

350 300 250 200 150 100 50 0

265

273

MTJDA Arthit Bongkot

Domestic 59%

Overseas O 41%

Policy
KKD Oil Sands Sands, Montara, Vietnam 16-1
2010 2011 2012
Bongkot South

Others

Reserves Replacement Ratio Reserve Life Index (year)

1.33 9

>1

2013

2014

2015

MTJDA KKD Oil Sands

Vietnam 16-1 Montara

M9 Algeria

10/20

Oil Refinery Sector

Focus on value creation and products quality improvement

2010
TLB Specialties
275,000 bpd

2011
EURO IV Ethanol UBE

2012
PX Upgrading

2013
HCU Revamp Benzene Derivatives Lube Base

2014
Power Plant 220MW

2015

Total

$1 302 MM $1,302

280,000 bpd

GTs Nox/Biodiesel/VRU

EURO IV

$ 265 MM

215,000 bpd

Power plant P l 220MW Phoenix

Propylene P l Booster Phoenix

ABS/SAN Expansion Phoenix

Phoenix Ph i

Phoenix Ph i Propylene 237 KTA

$ 1,511 MM 1 511

EURO IV
120 000 bpd 120,000

Solar Power Plant 38 MW Ethanol UBE

Solar Power Plant 32MW

Solar Power Plant 48 MW

$ 509 MM

11/20

Petrochemical Sector
Major expansion in 2011

2010

2011

2012 onwards

Total

Olefins 1,588 KTA Polymers 590 KTA EO-Based 515 KTA Oleochemicals 962 KTA

Ethylene LLDPE

1,000 KTA 400 KTA

HDPE LDPE

300 KTA 300 KTA

$1,300MM

Phenol Acetone

200 KTA 125 KTA

Bis-Phenol-A 150 KTA

$251MM

PP

450 KTA

PP Propylene

300 KTA 310 KTA

$636MM

AN MMA

200 KTA 70 KTA

$760MM

12/20

PTT: CAPEX (Company Only)

PTT plans to invest ~Bt 327 bn ($10.9bn) during 2011-2015

Unit: U it MM Baht B ht

CAPEX 2011 - 2015

R&D / Others JV LNG

327,038
228,789 98,249 98 249

Committed projects M&A opportunities t iti

94,809 75,545 58,339

53,081 29,066 28,124 36,440 20,986

Oil Gas

64,889

5 Years CAPEX Breakdown By Business Unit

Gas39%

28,282

33,456
19,334

Others

JV 48%
LNG3% R&D/ Oil4% Others6%

27,865

32,134 10,205

2011

2012

2013

2014

2015

Sources : PTT (Board approval on 24 Dec 2010) ; FX = Baht 30 per USD Note : CAPEX in 2011 not include contingency CAPEX (THB 1 Bn)

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Contents

Highlights in 4Q/2010 g g Q Expansion & Growth 2010 Financial Performance 2011 Economic and Market Outlook

14/20

Performance Highlights
Net profit jumped in 2010
+26% YoY 78 +20% YoY +14% QoQ 84
Unit U it : MM B ht Baht

4Q/2010

Gas
16%

Dubai ($/bbl)

62

74

PTTEP
7% 2% 1% 23%

Petrochem Coal Oil Marketing

1,900,005 1,586,174
+7% QoQ

Intl Trading

US$ 16,381 mm
51%

461,402 Revenue
+17% YoY

493,550 493 550

142,704

167,375
+8% QoQ

Coal OthersOil Mkt 3% 0.1% 6% Int Trd Petrochem Int 1% -1%

US$ 1,385 mm
28%

Gas
TM 12% S&M 5% GSP 8% Others 3%

38,807 38 807 EBITDA

+40% YoY

41,714 41 714

PTTEP

63%

83,088 59,548 21,705 Net Income

-0.1% QoQ

Others -3% Refining Asso. 26%

US$ 720 mm

21,678

37%

PTT

2009
EPS 21.06

2010
29.26

3Q/10
7.64

4Q/10
7.62

Petrochem Affi.

9%

PTTEP

31%

15/20

PTT Group Performance improved YoY

Performance100%
Unit:MMBaht PTTCompanyOnly Less: DividendReceived PTTNetoperatingIncome E&P Petro. PTTEP PTTEP PTTCH HMC/PPCL/PTTPL/PTTPM/PTTAC/ PTTME/PTTTANK 2009 39,651 14,493 25,158 22,154 22 154 6,802 1,814 8,616 Refining TOP IRPC PTTAR SPRC BCP 12,062 5,415 9,162 5,534 7,524 39,697 39 697 2010 54,577 18,317 36,260 41,739 41 739 10,290 5,432 15,722 8,999 6,183 6,343 5,562 2,813 29,900 29 900 519 3,695 2,819 88,756 125,016 YoY 38% 26% 44% 88% 51% 199% 82% 25% 14% 31% 1% 63% 25% 25% n.m. 36% 37% 24% 29%
16

%share

EquityMethod%PTT
2009 39,651 14,493 25,158 2010 54,577 18,317 36,260 27,414 27 414 5,036 2,293 7,329 4,221 2,282 2,997 2,120 815 12,435 12 435 519 1,784 2,653 46,828 83,088 YoY 38% 26% 44% 87% 50% 180% 75% 29% 2% 19% 23% 62% 21% 21% 31% 91% 34% 37% 40%

65% 49% 4048%

14,634 14 634 3,357 820 4,177

49% 39% 49% 36% 28%

5,941 2,247 3,702 1,722 2,130 15,742 15 742

Coal
Gas&Utilities Oil&Oth.

PTTAPM
TTM/PTTNGD/IPT/TP/DCAP/CHPP PTTRB/PTTT/SBECL/THAPPLINE/ PTTGE/EMG/PTTI/PTTML SharedofNetIncomefromAffiliates

755 2,707 2,065 71,864 97,022

60% 20100% 33100%

755 933 1,985 34,256 59,548 *

PTTConso.NetIncome
*Adjusted Negative Goodwill/Reversed on Impairment approx. Bt 134mm in 2009. SPRC FY2010 is unaudited

16/20

Balance Sheets : Solid and Secured

Growing Assets with strong financial position
Unit : MM Baht 100% Coogee acquisition by PTTEP 60% PTTAPM acquisition Ethane Separation Plant WIP of Montara & Bongkot, PTTLNG, PTTAC GSP6, PTTLNG PTTAC, GSP6 &PTT Tank

Completion of Arthit-MTJDA Pipeline

Strong Financial Position 14.8 11.1 10.5

ICR

1,102,544 , ,

1,249,148

1.0
157,416 306,846 206,925 ,

1.7 0.5

1.4 14 0.4

Net Debt/EBITDA Net Debt/Equity

885,193
Cash & S/T Invest Other Current Assets Others Noncurrent Assets

112,859 249,565 ,

Other Liabilities

0.4

92,037 215,532 151,377

181,292

2008

2009

2010

370,989 333,806 239,125 354,888 , 358,0 358,011

L/T Liabilities (incl. due within 1 yr)

Treasury policy
Net Debt/Equity < 1.0 Net Debt/EBITDA < 2.0

267,165

474,587

Shareholders Shareholders 571,313 3 3 Equity

498,091 526,796

PTT ratings at sovereign level

FC LC : Moodys (Baa1), S&P (BBB+), JCR (A-), FITCH (BBB) : Moodys (Baa1), S&P (BBB+), JCR (A), FITCH (A-) (A)

PP&E

374,614

430,536

31 Dec 08

31 Dec 09

31 Dec 10

17/20

Debt Profile : Control Cost & Manage Risk

Managed debt according to financial risk and policy

Debt Portfolio
PTT Only
: Cost of debts : % fixed-rate : Avg. debt life ~ 4.96 % ~ 89.11% ~ 7.7 years

Consolidated
: Cost of debts : % fixed-rate : Avg. debt life g ~ 4.62 % ~ 85.13 % ~ 6.8 years y

Unit : MM Baht
THB USD

343,138 257,433 266,185 238,614

68,308 84,147

370,262

114,442

(25%)

(31%)

206,300
67,530 (33%)

63,979 (25%)

x
79,493

(26%)

(33%)
258,991 258 991 193,454 (75%) 197,877 255,820 255 820

(75%)
159,121

(69%)

138,770 (67%)

(74%)

(67%)

31 Dec 08

31 Dec 09

31 Dec 10

31 Dec 08

31 Dec 09

31 Dec 10

18/20

Contents

Highlights in 4Q/2010 g g Q Expansion & Growth 2010 Financial Performance 2011 Economic and Market Outlook

19/20

Economic & Market Outlook 2011

The global economy grows at slower pace, driven by the developing and g y g p y p g the emerging countries. The IMF projected the 2011 growth at 4.7%. Thai economy is also expected to expand following the global economy. NESDB estimated the 2011 growth in the range of 3.5 4.5%. Crude oil price is expected to move in the range of $85 95 /bbl /bbl. Average market GRM is expected in the range of $5-6/bbl from the higher demand following the global economic recovery recovery. Olefins petrochemical price is expected to maintain from the increased demand despite additional capacity. d dd i ddi i l i Aromatics petrochemical price is expected to increase from increasing demand in emerging countries.
20/20

Thank you

PTT Public Company Limited Investor Relations Department

Tel. +66 2 537-3815, Fax. +66 2 537-3948, Email: ir@pttplc.com, http://www.pttplc.com, http://www.twitter.com/PTTIR

Statements of Cash flows (Company Only) : For the year ended 2010
Unit : MM Baht Cash
Beginning

Operating 65,701MB

CAPEX & Investment (29,133) MB

Finance (18,025) MB

Cash Ending

ChangeinNWC Change in NWC 4,762 CAPEX(PP&E) 20,051 NetIncome& Net Income & NonCash 60,939

Bond&Loan Bond & Loan 50,419

Repayment , 33,447

42,768

Investmentand Loantoaffiliates 40,305

OtherInvestments Oh I 12,798 Dividend Received 18,425 ,

OthersFinance 34,996

48,788 48 788

Cash&Cash Equivalent 42,768

CashInflow CashOutflow

Cash&Cash Equivalent 61,311

31 Dec 09

Cash In (Out) 18,543MB

31 Dec 10

1AdjusteffectonExchangetoCashandCashequivalent1MMBaht 2 STinvestments,OtherLTinvestmentsandInterestreceived 3 Shareissuance,DividendpaidandInterestpaid

22

PTTEP: The only Exploration and Production Arm of PTT

Expand activities to meet the aspiration

Operations : 44 Projects in 13 Countries

Proved Reserves 1,043 MMBOE By Product

Liquid 29%

North America(1) Canada

By Geography

Middle East (2) Oman Bahrain North Africa (4) Algeria Egypt Thailand (19)*

Gas 71%

Domestic 59%

Overseas 41%

South East Asia (14) Myanmar Vietnam Indonesia Cambodia Malaysia

Australasia (4) New Zealand Australia

Reserves Replacement Ratio 1.33 Reserve Life Index (year) R Lif I d ( ) 9 Projects 21 4 19 44
23

KKD Oil Sands

Key project areas Australasia

Myanmar

23 3

Exploration Development Production Total

23

*Remark: Including overlapping area

PTTEP: Operating and Financial performance

Earnings continuously improved from both sales volume and price

Sales Volume
Unit: BOED

Product price
+9% YoY +3%QoQ
2010 %YoY Liquid Weight Avg. Gas +27% +13% +7% %YoY 4Q %QoQ +13% +4% -2%

+13% YoY

264,575 249,903

233,756

265,261

272,198

+11% +6% +10%

58.03 39.53 5.17 2009

73.77 44.83 5.52 2010

72.15 43.44 5.06 4Q/09 /

70.99 44.54 5.68 3Q/10 /

80.02
Liquid($/BBL)

46.14 5.58 4Q/10 /

Weightedavg. ($/BOE) Gas($/MMBTU)

Earnings
2010 %YoY SalesRevenue+20% EBITDA +30% NetIncome +88% %YoY +5% +41% +118% 4Q %QoQ +1% +11% -4% Unit: MM Baht

2010 Product Mix

By Volume By Revenue

138,474 115,548 101,708 78,068 41,739 22,154 33,441 19,132 4,652

SalesRevenue EBITDA

NI

Gas 71%
34,739 24,313 10,532 34,956 27,052 10,120

Liquid Li id 29%

Liquid 47%

Gas 53%

2009

Source: PTTEP analyst meeting

2010

4Q/09

3Q/10

4Q/10

24

Continuing demand growth due to the economic recovery

PTT : Natural Gas Sales & Transmission Pipeline

Gas Sales Volumes (mmscfd) @ heat 1,000

Existing pipelines capacity 4,380 mmscfd
EGAT

Customer Profile
IPP SPP
5% 11% 16% 12%

GSP

Indus try

2010

2009

2008 4,152 4,055

2007

2006 4,148

+13% YoY -0.1% QoQ

4,040 3,554
134 369 597 454 903 943 184 444 650 475

+14% YoY

4,152 4,148 3,686 8

151 404 591 467 185 451 714 475 951 211 448 763 480 856

+13% YoY -0.1% QoQ

5% 11% 18% 11%

NGV

2010 avg. 4,040 2009 avg. 3,554 2008 avg. 3,443

3,801

3,606
3,346 3,554 3 554 3,319 3,105

3,677
3,655 3,318 3,138

3,686

23%

935

21%

3,167 3,016 3 016

3,280

3,284 avg. 3,272

2006 3,216 avg. 3,084 g ,

2007

1,097

1,344

33%

1,138

1,376

1,390

34%

3,075
2Q 3Q 4Q
2009 2010 4Q/09 3Q/10 4Q/10

1Q

The government extend NGV capped price at Bt 8.50/kg until 30 June, 2011 with compensation to PTT at Bt 2/kg.
25

PTT : Gas Separation Plants

Better earnings driven by higher sales volume

Product Prices ($/ton)

1,419 1,134 1,088 511 505 333 261 1,222 1,340 713 660 333 299 1,209 1,159 657 621 332 255 1,260 1,120 1 120 615 601 333 309 1,271 801 733 333 302

Sales Volume (x 1,000 tons)

4,213
PP 1/ HDPE 1/ LPG 2/ Naphtha
3/

4,290
268

+2% YoY
6%

269

Propane 1,065 1,163 27%

523

537

13%

+19% YoY +4% QoQ

Ethane NGL

Domestic LPG Cost of sales

54%
2,356

1,035

1,184

1,231
9% 27% 12% 52%

2,322

LPG

2009

2010

4Q/09

3Q/10

4Q/10
2009 2010 4Q/09 3Q/10 4Q/10

Note: 1/ SEA Spot 2/ Contract Price (CP 50:50) 3/ MOPS

% Utilization 94% Rate

92%

96%

98%

98%

ProductPrices

2010 %YoY 8% 23% 31% 15%

4Q/10 %YoY 5% 22% 18% 18% %QoQ 14% 13% 22% 2%

SalesVol.

2010 %YoY

4Q/10 %YoY 19% 58% 22% 18% 13% %QoQ 4% 49% 7% 9% 4% 26

HDPE PP Naphtha N hth Costofsales

Total Propane Ethane NGL LPG

2% 0.4% 9% 3% 2%

Note: Sales volume exclude LPG purchased from petrochemical producers for resale

PTT : Oil Business

Market leader in oil retails at 36% market share

Oil Marketing : sales volume ~240 KBOE/d

Unit : Million liters +7% YoY

Thailands Market Share As of December 2010

+6% YoY +5% QoQ
Jet/IK Fuel Oil

13,008

13,953
11% 11% 16% 21%

Others
22% 9% 9%

3% 36%

3,410

3,424

3,600

Gasoline 12% 10% 16% 21% 41% LPG Diesel

41%

12%

9%

2009

2010

4Q/09

3Q/10

4Q/10
Source : Department of Energy Business

Source : Department of Energy Business, PTT (Excluded supply sales and LPG sold to Petrochem)

Intl Trading : trade volume ~1,075 KBOE/d

Unit : Million liters +3% YoY +6% YoY +11% QoQ

Gross Margin Oil Mktg.

Unit : Baht/Liter
2009 2010
Petrochem Refined Product Condensate

58,251

60,256
3% 15% 12%

4Q/09 Q/09 3Q/10 Q/10 4Q/10 Q/10

14,219
70%

14,822

15,722
3% 14% 12% 71%

Crude

Trading Margin
2009 2010 4Q/09 Q/09 3Q/10 Q/10 4Q/10 Q/10

0.85 0.81 0.81 0.78 0 78 0.82

Source : PTT, Note : excluded inter company volume

2009

2010

4Q/09

3Q/10

4Q/10

0.02 0.04 0 04 0.01 0.06 0.004

27

Petrochemical Affiliates
Higher performance QoQ from increased sales volume and spread margins

Product Prices - Ethylene Chain

Unit : US$/Ton

Product Prices - Propylene Chain

Unit : US$/Ton
1,419 1,159
PP1/

1,222
HDPE1/ Ethylene1/ MEG1/ Naphtha2/

1,209 1,056 775 621

1,271 1,120 902 761 601 , 1,051 1,001 733

1,340 1,088 1 088

1,260 1,152

1,134 , 864 617 505 1,075 868 660

Propylene1/ 883 Naphtha2/

1,130 660

1,018 621

1,062 601

733

505

2009
Note : 1/ SEA spot Source : ICIS

2010
2/MOPS

4Q/09

3Q/10

4Q/10

2009

2010

4Q/09

3Q/10

4Q/10
PP 450 KTA
Unit : MM Baht

PTTCH (PTT 48 68%) 48.68%)

Unit : MM Baht
HDPE % Utl
106% 93% 71% 16,720 10,290 6,802 4,549 4 549 2,234 3,187 3 187 2,030 4,291 2,771 91% 83% 106% 98% 76% 66%

HMC (PTT 41 44%) 41.44%)

PP% Utl

Olefins % Utl 92%

15,548

94% 83%

85%

87% 77%

2,769

1,949

2,784

2,244 588 364 600 518

1,002 1 002 685

2009

2010

4Q/09
EBITDA NI

3Q/10

4Q/10

2009

2010

EBITDA

4Q/09

NI

3Q/10

4Q/10

28

Improved Market GRM & GIM

RefiningAssociatesGRM&GIM
12
Unit : US$/bbl

12 10
8.4 84

Unit : US$/bbl

MarketGRM

MarketGIM AccountingGIM

10

10.0

AccountingGRM

8
6.9 6.2

7.1 5.8 58 4.0 5.3

7.3

6 5.1 4.1 4 2.6 2 1.9 4.3 4.7 4.6 4.9

6
4.9

5.0

4 2 0
3Q/10 4Q/10

0 2009 2010

0.04 4Q/09

Note: Weighted Average GRM of PTTs associates complex refineries (TOP, PTTAR, SPRC and included BCP in year 2010)

Note: Weighted Average GIM of PTTs associates integrated refineries (TOP, PTTAR and IRPC)

2009

2010

4Q/09

3Q/10

4Q/10
29

Note: Account GRM/GIM = Market GRM/GIM + Hedging Gain/Loss + Stock Gain/Loss

RefiningAssociates
Lower performance YoY from the narrowed GRM & GIM
Unit : MM Baht

TOP275kbpd(PTT49.10%) PTTAR280kbpd (PTT48.60%) PTTAR 280 kbpd (PTT 48 60%)

99 95 95 97 94

102 20,031

103

104

105

105

21,393 17,432 12,062 8,999 8 999 3,637

2009 2010

13,490 9,162 6,343 4,190 6,562 1,498 , , 1,703 695 4Q/10 3,807

1,611

3,995

6,642 2,323 3,596

4Q/10

4Q/09

3Q/10

SPRC150kbpd (PTT36.00%) SPRC 150 kbpd (PTT 36 00%)

9,124 9,207 5,534
*

2009

2010

4Q/09

3Q/10

IRPC215kbpd (PTT39.02%)
66 9,728 9 728 5,415 81 8,322 70 6,183 735 2010 EBITDA -929 329 3Q/10 -6,706 80 83

5,562 5 562 * 1,122 553 2,153 1,289 3Q/10

3,677

2,352

2009

2010

4Q/09

4Q/10

* Unaudited preliminary figures

BCP120kbpd (PTT28.29%)
2,351 2,251
66 86

2009

4Q/09 NI

4Q/10 %Utl

12,316 12 316 7,524

58

73

89

6,165

2,813

1,896 1,078 4Q/09

1,221 507 3Q/10

2,157 1,089 4Q/10

2009

2010

30

PTTs Strategic Importance to the Thai Economy

Thai Premier Multinational Energy Company

PTT has the largest market cap on the SET

SET Market Cap = Baht 8.1 trillion

PTTEP 7.5%

PTTCH 2.7% TOP 1.9% 1 9%

OTHERS 72.7%

PTT G Group 27.3%

PTT 12.0%

IRPC 1.4% PTTAR 1.4% 1 4%

Data as of 1 March 2011

BCP & OTHERS 0.4%

Ministry of Finance holds majority stake in PTT

Vayupak Fund, 15%

Public, 34%

Ministry of Finance, , 51%

Data as of 10 September 2010

Remark: * DJSI = Dow*Jones = Dow Jones Index Note : DJSI Sustainability Sustainability Index

31

Our major businesses & activities

Business Areas Company
PTTEP

PTTs holding (%)

65.34%

Activities
Exploration and Production

U Upstream m

E&P

PTT PLC

Gas

Gas Pipeline S&M GSP PTT PLC Oil M k ti Marketing Intl Trading TOP PTTAR IRPC SPRC BCP PTTCH

100% 100% 100%

Sole owner/operator of the Transmission pipeline Supply & Marketing of Natural Gas Extracting Hydrocarbon contents in NG for Petrochemicals feedstock Retail R t il service St ti i Stations and commercial M k ti d i l Marketing Import/Export/Out-Out trading of petroleum and petrochemical products Integrated Complex Refinery & Petrochemical Stand alone Complex Refinery Complex Refinery & Retail Stations Gas-based Olefins Chain Petrochemical

Oil Marketing Downstre eam Intl Trading Refining & Petrochemical (Aromatics) ( ) Petrochemical New Business s

100% 100% 49.10% 48.60% 39.02% 36.00% 28.29% 48.68%

International

PTT Inter

100%

Overseas investment arm of PTT : Coal, New energy and related businesses

32

Natural Gas Balance: 2010

Main driver of the Thai economy

Supply
Indigenous (79%)
3,205 MMscfd
Others 22% Mitsui 9%

Production
Ethane/ Propane/ NGL

Sales
Total 4,012 MMscfd

Petchemical Feedstock (9%) Industry Household Transportation

(7%)

Chevron 32%

1,865 MMscfd

652 MMscfd (16%)

PTTEP 31%

LPG/NGL
5 GSPs Total Capacity 1,865 MMscfd

Import (21%)
853 MMscfd Myanmar

Methane 1,213 MMscfd

Pipeline 1,340 MMscfd p , 853 MMscfd

Power (68%) Industry (11%) NGV (5%)

Remark: MMscfd = Million Cubic Feet @ Heating Value 1,000 Btu/cu.ft

33

Oil Balance: 2010

Adequate refining capacity maintains the stability of supply

Supply
Import (79%)
870 KBD

Production
Imported Refined Petroleum Products 54 KBD
Crude/ Condensate 816 KBD Refined R fi d Products 834 KBD

Sales
Domestic

Total Refining Capacity in Thailand: 1,092 KBD

Indigenous (21%) I di
236 KBD

Crude/ Condensate 205 KBD

751 KBD (1)

PTTs Associated Refineries : 905 KBD (TOP, PTTAR, SPRC, IRPC, BCP)
Others Refineries : 187 KBD (ESSO, RPC)

Refined Products 215 KBD

Export

Crude Export 31 KBD

Source: PTIT
Remark : (1) Included domestic supply of LPG/Propane/NGL from GSPs, Petrochemical Plants & Imported Volume KBD = Thousand Barrels per day

246 KBD

34

Thailands projected energy demand

Commercial Primary Energy Consumption

KTOE

180,000 160,000 140,000 120,000 100,000 80,000 80 000 60,000 40,000 20,000 0

161,323 , 138,599 118,986 102,264 86,689 2% 12% 13% 33% 40% 2% 6% 15% 17% 32% 3% 7% 16% 19%

Hydro/Import 15% 2% Renewable 13% 16% Coal/Lignite 15%

38% NaturalGas 36%

3%

28%

32%

Oil

30%

28%

27%

Source : EPPO/ PDP 2010/ PTT team analysis

35

Natural Gas : Strong and Increasing Demand over Long Term

Natural gas is a fuel of choice for power producers and transportation industry

Gas demand forecast (CAGR during 2010-2030) 2010-2030)

6,000 mmscfd
: Total :P Power : GSP : Industry : NGV ~ 1% ~ 1% ~ 2% ~ 3% ~ 1%

5,236

5,000

4,000

4% 11% 11%

NGV Industry GSP

4% 16% 16%

19% 19%

3,000

1,970
8% 15% 15%

17% 17%

2,000

1,000
77% 77% 68% 68%

Power

61% 61%

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
Source : PDP 2010

36

Natural Gas Price Structure

Gas prices are mostly agreed under long-term contracts and volatility pass-through to ensure stable returns.

Customers

Sales Price Structure

Gas Pool Price

Supply Margins

Pipeline Tariffs

Power Producers ~ 68% 68% : EGAT : IPP : SPP GSP ~ 33% 33% ~ 23% 23% ~ 12% 12% ~ 16% 16% Petrochemicals Feedstocks: Ethane, Propane, LPG NGL Local Cooking Gas Export Coo po t Cooking Gas g Industry NGV ~ 11% 11% ~ 5% Profit-sharing mechanism based on market prices of petrochemicals Reference to Naphtha market price Capped at ~330 USD/ton Reference to Saudi Aramco s contract price Aramcos Charged at prices comparable to fuel oil Capped at 8.5 Baht/Kg* Average Purchased Gas Price 1.75% 75% 1.75% 75% 9.33% 33% Charged at the same price structure of power producers
~ 2 .7 Bt/MMBtu 21. 21 / (Td 20.6553 + 20. Tc 1.1112) 1112)

Contract periods are ~ 25-30 years or until depletion of gas fields or the expiration of concessions Thailand's Energy Regulatory Commission has approved an increase in pipeline tariff (Td+Tc) from 19.7 to 21.7 Bt/MMBtu effective on 1 April, 2009.
* Government subsidies 2 Baht/kg from Oil Fund until February 28th, 2011
Note : 2010 data

37

Oil Prices Movement : Our Key Value Driver

Petroleum prices
USD/BBL

160 140 120 100 80 60 40 20 0

4Q/10 vs 3Q/10 4Q/10 vs 4Q/09

Crude 14% 12%

FO Gasoline 10% 15% 7% 18%

HSD 11% 18%

116.8 113.3 91.1

Dubai 2009 avg. = $62/bbl

Dubai 2010 avg. = $78/bbl

52.7
FO
1Q/08 2Q/08
116.8 92.6 129.8 154.5

59.1 44.1
Dubai

67.9

75.4

75.9

78.0

73.9

84.4

ULG95 MOP'S
2Q/09
59.1 53.4 68.8 66.4

HSD MOP'S
4Q/09
75.4 70.9 80.5 81.6

3Q/08
113.3 102.6 119.6 139.5

4Q/08
52.7 45.1 56.7 70.5

1Q/09
44.1 39.0 54.8 53.2

3Q/09
67.9 64.9 76.8 74.9

1Q/10
75.9 72.8 88.2 85.2

2Q/10
78.0 71.4 87.5 89.5

3Q/10
73.9 69.1 82.5 86.3

4Q/10
84.4 76.1 95.0 96.0

Price (USD/BBL)
Dubai FO Gasoline MOP'S HSD MOP'S 91.1 74.6 105.1 114.4

38 38

Petrochemical Market Reference Prices: Driven by Crude Oil Price

Petrochemical prices
4Q/10 vs 3Q/10 4Q/10 vs 4Q/09 $/Ton LPG Naptha p 30% 22% 22% 8% PP HDPE 13% 13% 22% 5% $/Ton
2,000

Aromatics prices
4Q/10 vs 3Q/10 4Q/10 vs 4Q/09 Benzene 14% 11% ParaXylene y 36% 22%

2,000 1,800 1,600 1 600 1,400 1,200 1,000 800 600 400 200 0
LPG
Source: PLATTS & ICIS

1,607 1,419 1 419 1,510 1,271 854 832 801 733

1,800 1,600 1 600 1,400 1,200 1,000 800 600 400 200 0
1,051 954 1,169 1,245

Naphtha

PP

HDPE

Benzene

PX

39

Dividend Policy & Historical Payments

PTT is firmly committed to pay dividend at no less than 25% of net income

EPS

DPS

% Dividend Payout

43.6% 32.4% 32.6% 29.8% 30.1% 30.3% 30.8% 33.0%

25%

40.4%

35.0%
25%

PTTs minimum payout ratio 34.14 34.82

30.57 30 57
UNIT : Baht / share

29.26

22.40 18.33 13.43 7.71 2.50 2 50 2001 8.75 2.85 4.00 9.25 6.75 10.50 11.50 11 50 8.00

21.06 21 06

8.50

10.25

2002

2003

2004

2005

2006

2007

2008

2009

2010

40

Data as of 31 December 2010

E&P and Gas Business Group

Subsidiaries Consolidate PTT Exploration & Production Plc. PTTEP 65.34% PTT Natural Gas Distribution Co., Ltd. PTTNGD 58.00% PTT LNG Co., Ltd. PTTLNG 100.00% Combined Heat and Power producing Co.,Ltd CHPP 100.00% Proportionate p Trans Thai-Malaysia (Thailand) Co., Ltd. TTM (T) 50.00% Trans Thai-Malaysia (Malaysia) Sdn. Bhd. TTM (M) 50.00% District Cooling System and Power Plant DCAP 35.00% Associates Thai Oil Power Co., Ltd. TP Independent Power ( p (Thailand) Co., Ltd. IPT ) , PTT Utility Co., Ltd. PTTUT B.Grimm BIP Power Co., Ltd. B.Grimm BIP Others Ratchaburi Power Co., Ltd. RPCL Equity 26.00% 20.00% 40.00% 23.00% Cost 15.00% Joint Ventures

Oil Business Group

Subsidiaries PTT (Cambodia) Co., Ltd. Subic Bay Energy Co., Ltd. PTT Retail Business Co., Ltd. PTT Green Energy Pte. Ltd Retail Business Alliance Co., Ltd. Thai Lube Blending Co., Ltd. g , Associates Keloil-PTT LPG Sdn. Bhd. Vietnam LPG Co., Ltd. Thai Petroleum Pipeline Co., Ltd. PetroAsia (Thailand) Co., Ltd. PTTCL SBECL PTTRB PTTGE RBA * TLBC * Consolidate 100.00% 100.00% 100.00% 100.00% 49.00% 48.95% Equity 40.00% 45.00% 33.19% 35.00% Cost 25.00% 20.00% 25.00% 16.67% 2.76%

Petrochemicals & Refining Business Group

Petrochemical Subsidiaries PTT Polymer Marketing Co., Ltd. PTT Polymer Logistics Co., Ltd. PTT Tank Terminal Co., Ltd. Associates PTT Chemical Plc. PTT Phenol Co., Ltd. PTTPM PTTPL PTTTANK Consolidate 50.00% 100.00% 100.00% Equity 48.68% 40.00% 40.00%

PTTCH PPCL PTT Maintenance and Engineering Co., Ltd.PTTME HMC PTTAC TOP PTTAR IRPC SPRC BCP

KPL VLPG THAPPLINE PA(Thailand)

Joint Ventures HMC Polymers Co., Ltd. PTT Asahi Chemical Co., Ltd. Refining Associates Thai Oil Plc. PTT Aromatics and Refining Plc. IRPC Plc. Star Petroleum Refining Co., Ltd. Bangchak Petroleum Plc.

Proportionate 41.44% 48.50% Equity 49.10% 48.60% 39.02% 36.00% 28.29%

Others PetroAsia (Huizhou) Co., Ltd. PA(Huizhou) PetroAsia (Maoming) Co., Ltd. PA(Maoming) PetroAsia (Sanshui) Co., Ltd. PA(Sanshui) Intoplane Services Co., Ltd. IPS Fuel Pipeline Transportation Co., Ltd.FPT Others Bangkok Aviation Fuel Services Plc. BAFS

Fair Value 7.06%

International Trading Business Group

Subsidiaries PTT International Trading Pte. PTTT Consolidate 100.00%

Others
Subsidiaries PTT International Co., Ltd. Energy Complex Co., Ltd. Business Service Alliance Co., Ltd. Remark : PTTI EnCo BSA * Consolidate 100.00% 50.00% 25.00% Associates PTT ICT Solutions Co., Ltd. PTTICT Equity 20.00% Others Dhipaya Insurance Plc. TIP Fair Value 13.33%

* Subsidiaries that PTT holds less than 50% but being consolidated because PTT has the power to control the financial and operating policies.

41

Coal business
Sales Volume & Price
82 73 82 72

(PTT controls 27% shareholding in Straits Asia)

Expected production boost-up from the Northern lease license

Production Profile
76
Unit : MM Tons i

Avg. sales Price US$/Ton

9,210 Kt
%YoY Vol. +16% ASP -11%

10,712 Kt
Vol. ASP

% QoQ %YoY +6% +2% +6% 6% -7% 7%

8.5
2,900 Kt
Sebuku Jembayan

10.7

11

14

17
Sebuku Jembayan

2,855 Kt

2,741 Kt

2009

2010

4Q/09

3Q/10

4Q/10

2008

2009

2010

2011 Target

2012 Target

2013 Target

Note: The average selling price is FOB basis

JORC Coal Resources (Total 1,538 MM tons)

Unit : MM tons

JORC Coal Reserves (Total 134 MM tons)

Unit : MM tons

Jembayan 7 Sebuku Jembayan 610 Sebuku S b k 127

As of Aug 2010
42

928

As of Aug 2010

42

Xayaburis FactSheet
Thisprojecthastotalinstalled capacityof1,285MW,locatedaway f l d fromLuang Prabang approximately80 kilometers Apowerpurchaseagreementtosell electricitytoEGATof1,220MWand toElectricite duLaosof60MW to Electricite du Laos of 60 MW Thetotalconstructionperiodis approximately8yearswhichitwillbe d i l i expectedtocommercialoperation withinJanuary2019 p y Aconcessionaperiodof29years

Theregistered capitalisBaht800million Thetotalprojectcostisapproximately Th t t l j t ti i t l Baht115,000million PTThasjointlyinvestedinXayaburi PowerLimited(XPCL)with25%viaNatee SynergyCompanyLimited

43