CLSA ConferenceCLSA ConferenceSeptember 19-21, 2011September 19-21, 2011

Oil Balance Thailand: Jan - Jun 2011 Adequate refining capacity maintains the stability of supply

I t (80%) D ti

SupplySupply ProductionProduction SalesSales

Imported Refined Petroleum Products 46 KBDImport (80%)

Crude/ Condensate Refined

Domestic849 KBD

Condensate803 KBD Products

923 KBD*Total Refining Capacity in Thailand:

1,099 KBD

Indigenous (20%)

799 KBD (**)Crude/ Condensate 182 KBD PTT’s Associated Refineries : 905 KBD Refined

Export212 KBD (TOP, PTTAR, SPRC, IRPC, BCP)

Other Refineries : 194 KBD(ESSO, RPC)

Products166 KBD

Crude Export 30 KBD196 KBD

Source: PTITRemark : (*)Refined product from refineries= 821 KBD, including domestic supply of LPG from GSPs and Petrochemical Plants = 102 KBD

(**) Not included InventoryKBD = Thousand Barrels per day 1/20

Natural Gas Balance: Jan – Jun 2011Main driver of the Thai economy

SupplySupply ProductionProduction SalesSales

Indigenous (82%)3,403 MMSCFD

Petrochemical

Ethane/ Propane/LPG/NGL

Total 4,148 MMSCFD

Feedstock (14%)

IndustryH h ld

2,492 MMSCFD 892 MMSCFD (21%)Chevron28%Others

38%

HouseholdTransportation

(7%)

LPG/NGL

Methane

6 GSPsTotal Capacity 2,665 MMSCFD

PTTEP 34%

PTTEP

Power (62%)Industry (12%)

Pipeline 911 MMSCFD

Methane 1,600 MMSCFDImport (18%)

749 MMSCFDMyanmar

PTTEP 14%

Others 86%

y ( )NGV (5%)

749 MMSCFD

Remark: MMSCFD = Million Cubic Feet @ Heating Value 1,000 Btu/ft3

2/20

Our major businesses & activities

Business Areas ActivitiesCompany PTT’s holding (%)

E&PE&P PTTEP 65.31% Exploration and Production

stre

amst

ream

GasGas

Ups

Ups

edia

teed

iate PTT PLC

• Gas Pipeline 100% Sole owner/operator of the Transmission pipelineGasGas

Oil M k tiOil M k tiPTT PLC

Inte

rme

Inte

rme • S&M 100% Supply & Marketing of Natural Gas

• GSP 100% Extracting Hydrocarbon contents in NG for Petrochemical’s feedstock

Oil MarketingOil Marketing

Int’l TradingInt’l Trading

eam

eam

• Oil Marketing 100% Retail service Stations and commercial Marketing

• Int’l Trading 100% Import/Export/Out-Out trading of petroleum and petrochemical products

Dow

nstr

eD

owns

tre

Refining &Refining &PetrochemicalPetrochemical

(Aromatics)(Aromatics)

TOP 49.10%PTTAR 48.49% Integrated Complex Refinery & Petrochemical IRPC 38.65% SPRC 36.00% Stand alone Complex Refinery(Aromatics)(Aromatics) SPRC 36.00% Stand alone Complex RefineryBCP 27.36% Complex Refinery & Retail Stations

PTTCH 49.14% Gas-based Olefins Chain PetrochemicalPetrochemicalPetrochemical

ssN

ew

New

Bu

sine

s sBu

sine

ss

InternationalInternational PTT Inter 100% Overseas investment arm of PTT : Coal, New energy and related businesses

3/20

PTT AspirationStrategic direction and target to achieve “Big-Long-Strong” aspiration

“Thai Premier Multinational Energy Company”

E dExpand resources Maximize value along the chain

Big

BigBalance stakeholder excellenceLong

“Top quartile performance”

Long

StrongDrive functional excellence and synergyShare best practice and

Strong

performance”Dow JonesSustainabilityIndexes

Share best practice and knowledge management

4/20

2011 PTT Group Strategic DirectionInvestment priorities by geography and value chain

Internationalization

Non- AsiaEuropeNon- AsiaAfrica Non- AsiaAmericasNon- AsiaMiddle East

Australia, N. Asia and S. AsiaASEAN

Gas

UpstreamUpstream

UpstreamMidstream

Create P&R flagship and

Expand production to 900 kbd

Build LNG business & expand mid-/ downstream gas value chain

Support group inv.

UpstreamP&R

Oil

& G

Retail

T di

Create P&R flagship and internationalize chemical business

Expand oil station related business and spin off lubricants

Consolidate petroleum commodities and create value through international transactions

Top oil and gas player

UpstreamCoal

Adj

acen

t in

dust

ry

Trading

rsif

icat

ion

Grow coal mining to large scale

UpstreamPower Build Thailand Gas, follow int. gas value chain e pansion oppo t nistic coal

Consolidate petroleum commodities and create value through international transactions

A i E

nerg

y/ia

ls

Div

e

Alt. energy Build Thai clean power, monitor opport. in ASEAN

chain expansion, opportunistic coal

Plantations Develop palm oil, sugar and cassava Energy

conglomerate

sG

reen

m

ater

i

Infrastructure

Build Green business (ASEAN biohub) Bio-business

pp

Strengthen integrated hub Business

Non-oil RetailExplore opportunities in non-fuel retailO

ther

s eg a ed u(e.g. Gr. Marine) Business

conglomerate

Priority 1 Priority 3Priority 2 based on market attractiveness and potential for PTT Group to be distinctive 5/20

PTTEP: Operating and Financial performanceEarnings continuously improved from both sales volume and price

Sales Volume Product priceUnit: KBOED

4% Y Y

77

263 271 273

Liquid

+ 4% YoY+ 1% Q0Q

74.54

108.95

56 28

Liquid (USD/BBL)

196 Gas5.55 5.92

46.2156.28

Gas (USD/MMBTU)

Weighted Avg.(USD/BOE)

Net Income (100%)2Q/11 Product Mix

2Q/10 1Q/11 2Q/11 2Q/10 1Q/11 2Q/11

Liquid Liquid

By Volume By Revenue

351 359 370

+ 5% YoY+ 3% Q0Q

Unit: MMUSD

72%

28%45%

55%

351 359

72%

Gas Gas 2Q/10 1Q/11 2Q/11

6/20

PTTEP: Target Sales VolumeRevised sales volume based on Montara production in 1Q/2012

Target Sales Volume Proved Reserves

307323 329 317

Unit: KBOED

Total 1,043 MMBOETotal 1,043 MMBOE

265 269

MTJDA

Overseas

Bongkot

Arthit 45%55%

OthersPolicy

Domestic

2010 2011 2012 2013 2014 2015Reserves Replacement Ratio 1.33 > 1

Reserve Life Index (year) 9

KKD Oil SandsMTJDA

Vietnam 16-1

Montara

BongkotSouth

Algeria

M9

7/20

PTT: Natural Gas Sales & Transmission Pipeline Continuing demand growth from industry and IPP

Customer ProfileGas Volume

+ 7% YoY+ 4% Q0Q4 330

Unit: MMSCFD Unit: MMSCFD

2011 Industry (13%)

NGV (6%)

Q Q

4,0554,152 4,1484,145

4,330

558247

4,145 4,3304,055

SPP (12%)

GSP (20%)

Industry (13%)

20103,606

3,677 3,686

3,802

511

880

558

2009

IPP (22%)

SPP (12%)

3,280

1 166

968

EGAT (27%)

1Q 2Q 3Q 4Q

1,166

2Q/10 1Q/11 2Q/11

8/20

PTT: Gas Separation PlantsBetter earnings driven by sales volume and petrochemical prices

Product PricesSales Volume

Unit : USD/TonUnit : KTon

+ 53% YoY+ 0.4% Q0Q

1/

Propane (9%)133

1,466 1,472

1,3731 340

1,661

PP 1/

HDPE 1/

NGL (11%)

Ethane (31%)

164

467963

904

1,187

1,340

Domestic LPG

Naphtha 2/

LPG (48%)708 333 333

647

2Q/10 1Q/11 2Q/11 2Q/10 1Q/11 2Q/11

Note: 1/ SEA Spot (CMAI)2/ MOP’S

9/20

Expansion to meet future gas demandPTT: Gas Business

6 000

Gas Demand OutlookGas Demand OutlookUnit : MMSCFD

4,000

6,000

GSP

IndustryNGV

17%11%

4%

4%20%

14%

0

2,000Power68%

17%

61%

0

2010 2011 2012 2013 2014 2015

New S l

PTTEP (Bongkot

PTTLNG PTTEP(M9)

PTTEP(JDA B17) Chevron

PipelineCapacity

Supply (BongkotSouth)

4th Onshore Offshore

Compressor

( )(JDA B17) Chevron(Plathong)

Capacity(MMSCFD) 5,580

GSPProduction

5,580 6,980 6,9804,380Compressor

6,980

GSP#6

4.3Production

(MTA) 7.0 7.0 7.0 7.06.3

10/20

PTT : Oil Marketing and International Trading Business Market leader in Thailand, going international

Thailand’s Market Share 2Q/2011

3%

34%

25%Others

9%11%

10%

8%

Trusted Brand 2011 :Thailand’s Top Brand in Platin m A ard for ser ice station11%

1Q/11 2Q/11 Q Q

Thailand’s Top Brand in Platinum Award for service station

• Best in class operationo Depot & Logistics management1Q/11 2Q/11 QoQ

Oil Marketing Margin ¹ (THB/Liter)

0.81 0.86 6.2%

Sales Volume 2 (MM Lit )

3,714 3,690 -1.0%

o Depot & Logistics management

• Expand non-oil businesses o Implement Amazon’s franchise o Launch community mall with gas station(MM Liter)

Trading Margin(THB/Liter)

0.08 0.03 -62.5%

Trade Volume 3(MM Lit )

13,063 16,248 24.38%

o Launch community mall with gas station plug-in model

• Grow Internationallyo Retail in Indochina++(MM Liter)

Source : Department of Energy Business, PTT (Excluded supply sales and LPG & propane sold to Petrochem) ¹ Gross Margin included PTTRM and non-oil business2 Exclude PTTRM3 Exclude PTTT

o Retail in Indochina++o Lube worldwide distributed in 21 countrieso Expand trading network

11/20

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

U it MMTHB

Net Income (Net Income (100100%)%)Petrochemical Product PricesPetrochemical Product Prices

U it USD/T Unit : MMTHB

2,403

Unit: USD/Ton

8 763

+ 138% YoY+ 7% Q0Q

2,045

1,881BPA1/ 1,205

1,077488,220

8,763

PTT Phenol

HMC PolymersOthers

1,661

1,373

1,579Phenol1/

, PTT Phenol

977

1,340

1,187 1,142HDPE1/

PP1/

6,433

3,679

PTTCH

698

810MEG1/

LightNaphtha2/

Note : 1/ SEA spot 2/ MOP’S Source : ICIS

2Q/10 1Q/11 2Q/11 2Q/10 1Q/11 2Q/11

12/20

Major expansion in 2011Petrochemical Roadmap

2011 2012 onwards

PTT 49.14%

Olefins 2,888 KTAPolymers 990 KTA

HDPE 300 KTALDPE 300 KTA

EO-Based 495 KTAOleochemicals 819 KTA

PTT 40.00%

Phenol 200 KTAAcetone 125 KTA

Bis-Phenol-A 150 KTA Phenol 250 KTAAcetone 154 KTA

PTT 41.44%

PP 450 KTA PP 300 KTAPropylene 310 KTA

PTT 48.50%

AN 200 KTAMMA 70 KTA

PTT 50.00%

PBS 20 KTAPBS 20 KTA

13/20

Refining Associates PerformancePerformance affected by lower inventory gain and tighter aromatics spread

Unit : USD/BBL Unit : MMTHB

Net Income (Net Income (100100%)%)Accounting GRM & Accounting GIMAccounting GRM & Accounting GIM

12.59 15.31

8.66 21,017A/C GIM

A/C GRM

3.66 6.66 5.86

13 227

/

+ 355% YoY- 37% Q0Q

2Q/10 1Q/11 2Q/11

3,021

13,227

Aromatic PricesAromatic Prices

Unit : USD/Ton

BCP

IRPC

968

1,502

1,136 977

2,141

1,840

2,980

2,904

B ¹PX¹

IRPC

SPRC*

PTTAR903 698

2Q/10 1Q/11 2Q/11

3,245

2Q/10 1Q/11 2Q/11

Benzene¹Light Naphtha¹

¹ MOP’S

TOP

Source : PTT, Refining AssociatesNote: Weighted Avg. GRM of PTT’s associates’ complex refineries (TOP, PTTAR, SPRC and BCP)

Weighted Avg. GIM of PTT’s associates’ integrated refineries (TOP, PTTAR and IRPC)Account GRM/GIM = Market GRM/GIM + Hedging Gain/Loss + Stock Gain/Loss

*SPRC’s Net Income is unreviewed F/S

14/20

Refining RoadmapFocus on value creation and products quality improvement

2011 2012 2013 2014 2015

PTT 49 10%

EURO IVVLCC 2 MMBBL

PX & BZ Upgrading

HCU Revamp Phase I-PSA

Benzene Derivatives-LAB

Power Plant 110 MWPTT 49.10%

Refining Cap. 275 KbpdPX 489 KTAMX 90 KTABZ 177 KTATol 144 KTA

VLCC 2 MMBBL pg g• PX 100 KTA• BZ 100 KTAEthanol UBE400 KLiter/day

100 KTA

Tol 144 KTA

PTT 48.49%Refining Cap. 280 KbpdPX 1,190 KTA BZ 655 KTA

EURO IV

BZ 655 KTA CX 200 KTAOther 214 KTA

PTT 38.65%

Refining Cap 215 Kbpd

Power plant220 MW

Propylene Booster • Propylene

ABS/SAN Expansion

Propylene 320 KTARefining Cap. 215 Kbpd

Aromatic 367 KTAOlefin 728 KTA Polyolefin 615 KTA

(COD Jun 1)py

100 KTA • ABS/SAN 61 KTA

PP Compound and Specialties100 KTA

PTT 27.36%

Bangchak

Refining Cap 120 Kbpd

EURO IV

Solar Power Plant Ph I 38 MW(8 MW: COD Aug 2011)

Solar Power Plant Ph II32 MW

Ethanol UBE

Solar Power Plant Ph III 48 MW

Algae Energy30,000 Liter/Day

Palm Mill45 Tons/Hour

Refining Cap. 120 Kbpd 2011)Ethanol TAE365 KLiter/day

Ethanol UBE400 KLiter/day

Expansion project 15/20

PTT: Coal businessExpected production boost-up from the Northern lease license

Sales Volume & PriceSales Volume & Price Production ProfileProduction Profile

Unit : MMTonAvg. selling price Unit : MMTon

Unit : KTon

7295

- 13% YoY- 8% Q0Q

g g pUSD/Ton

8 5 910.7 11.5

1417

Sebuku

2,214

263

2,858 2,679 2,477

Jembayan

Sebuku

8.5 9

Jembayan

2Q/10 1Q/11 2Q/11

ReservesReserves ResourcesResources Net Income (Net Income (100100%)%)

2008 2009 2010 2011 Target

2012 Target

2013 Target

ReservesReserves ResourcesResources (( ))

Unit : MMUSD+ 68% YoY- 6% Q0Q

41

2%

Sebuku Jembayan

23

41 39

98% 60%

40%

16162Q/10 1Q/11 2Q/11

Jembayan Sebuku

1,505 MMTon125 MMTon

16/20

Financial PerformanceEarnings slightly declined QoQ mainly from refining associates

Dubai (USD/BBL)2Q/1178 101 111

6%4%Others

PTTEP

Unit : MMTHB + 30% YoY+19% Q0Q

495,339 540,857643,577

75%

15%

6%PTT – Gas

21,163MMUSD

Revenue2Q/10 1Q/11 2Q/11

75%

PTT – Oil & Trading

5%PTT – Oil & TradingOthers

43,465 51,853 55,054

+ 27% YoY+ 6% Q0Q

6%

34%

55%

5%

PTT – Gas

1,810MMUSD

EBITDA2Q/10 1Q/11 2Q/11

+ 91% YoY

PTTEP

Others

Net Income

17,02434,524 32,528

- 6% Q0Q

42%12%

20%2%

PTT

P t h i l

1,060MMUSD

Refining

Net Income

EPS (THB/Share)2Q/10 1Q/11 2Q/116.00 12.12 11.40

24%

Petrochemicals

PTTEP

17/20

Statement of Financial Position: Solid and SecuredGrowing Assets with strong financial position

Unit: MMTHB• GSP#6• 40% KKD Oil Sand Strong Financial Position

11.0 12.3• PTTLNG• WIP of 4th pipeline , PTT Asahi

b /

ICR

g• ESP• WIP of Montara & Bongkot,

PTTLNG, PTT Asahi, GSP6, & PTT Tank

+ 10%

0.4 0.5 1.4

1.7

2010 1H/11111,833

347 977Other LiabilitiesCash &

Net Debt/EBITDA

Net Debt/Equity1,229,1091,357,554

/

206,348

260,816 157,585

404 288

300,666

347,977

Others

OtherCurrentAssets

L/TLiabilities(incl. due

S/T Invest

• Treasury policy

368,515 420,670 371,029

404,288 Others Non-

currentAssets

(incl. due within 1 yr) − Net Debt/Equity < 1.0

− Net Debt/EBITDA < 2.0

• PTT ratings at sovereign level

496,661 564,235 557,414 605,289 PP&E

TotalEquity

− FC : Moody’s (Baa1), S&P (BBB+),

JCR (A-), FITCH (BBB)

− LC : Moody’s (Baa1), S&P (BBB+),

JCR (A), FITCH (A-)

31 Dec10 30 Jun 11

18/20

PTT: CAPEX (PTT and wholly owned Subsidies)PTT plans to invest ~Bt 330 bn ($11bn) during 2011-2015

CAPEX 2011 - 2015 330,052Unit: MMTHB

R&D / OthersJV

,

Committed projects 235,814

M&A opportunities 94,238LNGOil & TradingGas

94,091

79,276 CAPEX Breakdown : 5 Years

Gas 36%41,47056,703

28 282

58,339

9, 6 CAPEX Breakdown : 5 YearsBy Business Unit64,889

Gas 36%

Others

32 134

,

28,12428,282

19,334

33,456JV53%

LNG 3%

Oil & Trading 4%

R&D / Others 4%

26,509 29,871 20,98632,134

10,205

2011 2012 2013 2014 2015

19/20

3Q/2011 Economic & Market Outlook

• Global economy, although driven by developing and emerging countries,Global economy, although driven by developing and emerging countries, may grow at slower pace. IMF projected 2011 growth at 4.0%.

• Thai economy is also expected to expand in line with global economy. NESDB estimated 2011 growth 3 5 4 5%NESDB estimated 2011 growth 3.5 – 4.5%.

• Dubai crude oil price is expected to move in the range of $100-110/bbl + Continuing political unrest in MENA and Hurricane season in the U.S.g p- U.S. and European economy recovery still in doubt

• Avg. market GRM would be in the range of $6-7/bbl due to strong power plant demand in China and resumed operations of Japanese plantsplant demand in China and resumed operations of Japanese plants.

• Olefins petrochemical market spread is expected to maintain from restocking, while oversupply still exists.

• Aromatics petrochemical spread margin is expected to increase from restocking and higher demand of additional PTA plants.

20/20

Thank youThank youPTT Public Company Limited – Investor Relations Department

Tel. +66 2 537-3518, Fax. +66 2 537-3948, E-mail: ir@pttplc.comhttp://www.pttplc.com, http://www.twitter.com/PTTIRp // p p , p // /

The information contained in our presentation is intended solely for your personal reference only. In addition, such

DisclaimerDisclaimer

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 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.

Highlights of 2Q/2011Thai Premier Multinational Energy Company

• 2Q/2011 Avg Dubai Price at 111 $/bbl increasing from 101 $/bbl in 1Q/2011

Key Key PerformancePerformance

• 2Q/2011 Avg. Dubai Price at 111 $/bbl, increasing from 101 $/bbl in 1Q/2011

• Higher natural gas sales volume, from 4,145 to 4,330 MMSCFD

• 2Q/2011 Revenue at Bt 643 bn and Net Profit at Bt 33 bn

2011 2015 CAPEX l i d f Bt 327 b t Bt 330 b

InvestmentInvestment

2Q/2011 Revenue at Bt 643 bn and Net Profit at Bt 33 bn

• 2011-2015 CAPEX plan revised from Bt 327 bn to Bt 330 bn

• PTTCH & PTTAR merger to be completed within October 2011

• Sakari Resources Limited the new name of Straits Asia Resources Limited• Sakari Resources Limited, the new name of Straits Asia Resources Limited

OperationsOperations

• After gas leakage incident, 1st gas pipeline resumed operation on 15 August 2011

• GSP#5 shutdown for major turnaround (22 days) in June 2011

• PTT LNG Terminal started commissioning in June 2011, COD in August 2011

• PTT Asahi Chemical started commissioning in July 2011, COD in 4Q/201122

PTT Group Performance QoQ

% share

Unit : MM Baht 1Q/11 2Q/11 QoQ 1Q/11 2Q/11 QoQ

PTT Company Only 19,628 19,888 1% 19,628 19,888 1%

Performance 100% Equity Method % PTT

Less: Dividend Received 5,466 5,134 -6% 5,466 5,134 -6%Gain from sell PTTCH 989 989PTT Net operating Income 14,162 13,765 -3% 14,162 13,765 -3%

E&P - PTTEP 10,979 11,170 2% 65.31% 7,244 7,704 6%

Petro. - PTTCH 6,178 6,433 4% 49.14% 2,923 3,023 3%

- HMC/PPCL/PTTPL/PTTPM/PTTAC/ PTTME/PTTTANK 2,042 2,330 14% 40-48% 948 1,054 11%

8,220 8,763 7% 3,871 4,077 5%

Refining - TOP 7,228 3,245 -55% 49.10% 2,525 2,705 7%

- IRPC 3,499 2,980 -15% 38.65% 1,460 846 -42%

- PTTAR 4,979 2,141 -57% 48.49% 2,265 1,165 -49%

- SPRC 3,887 1,840 -22% 36.00% 1,374 800 -42%

- BCP 1,424 3,021 29% 27.36% 306 922 201%

21,017 13,227 -37% 7,930 6,438 -19%

PTTI (PTTAPM EMG PTTML FLNG)Inter

- PTTI group(PTTAPM,EMG,PTTML,FLNG),PTTGE -584 -31 95% 100% -581 -31 95%

Gas & Utilities

-TTM/PTTNGD/IPT/TP/DCAP/CHPP 832 1,073 29% 20-100% 349 439 26%

Oil & Oth. - PTTRB/PTTT/SBECL/THAPPLINE//PTTCL/TLBC/ICT/EnCo 1,590 -402 -125% 33-100% 1,549 -434 -128%/PTTCL/TLBC/ICT/EnCo

Shared of Net Income from Affiliates 42,054 33,800 -20% 20,362 18,193 -11%Add Gain (Loss) on sales of investments in Associates 0 570 0 570

PTT Conso. Net Income 56,216 48,135 -14% 34,524 32,528 -6%23

PTT Group Performance YoY

% share

Unit : MMTHB 1H/10 1H/11 YoY 1H/10 1H/11 YoY

PTT Company Only 25,398 39,516 56% 25,398 39,516 56%

Performance 100% Equity Method % PTT

Less: Dividend Received 8,066 10,600 31% 8,066 10,600 31%

Gain from sell PTTCH 0 989 0 989

PTT Net operating Income 17,332 27,927 61% 17,332 27,927 61%

E&P - PTTEP 21,623 22,149 2% 65.31% 14,159 14,948 6%

Petro. - PTTCH 5,474 12,611 130% 49.14% 2,673 5,946 122%

- HMC/PPCL/PTTPL/PTTPM/PTTAC/ PTTME/PTTTANK 2,371 4,372 84% 40-48% 980 2,002 104%

7 845 16 983 116% 3 653 7 948 118%7,845 16,983 116% 3,653 7,948 118%

Refining - TOP 3,056 10,473 243% 49.10% 1,457 5,230 259%

- IRPC 3,562 6,479 82% 38.65% 1,189 2,306 94%

- PTTAR 1,826 7,120 290% 48.49% 889 3,430 286%, , ,

- SPRC 1,916 5,727 199% 36.00% 647 2,174 236%

- BCP 1,199 4,445 271% 27.36% 349 1,228 252%

11,559 34,244 196% 4,531 14,368 217%

Inter - PTTI group(PTTAPM,EMG,PTTML,FLNG),PTTGE -962 -615 36% 100% -964 -615 36%

Gas & Utilities

-TTM/PTTNGD/IPT/TP/DCAP/CHPP 1,085 1,905 76% 20-100% 658 788 20%

Oil & Oth. - PTTRB/PTTT/SBECL/THAPPLINE//PTTCL/TLBC/ICT/EnCo 320 1,188 271% 33-100% 430 1,118 160%

Shared of Net Income from Affiliates 41,470 75,854 83% 22,467 38,555 72%

Add Gain (Loss) on sales of investments in Associates 0 570 0 570

PTT Conso. Net Income 58,802 104,351 77% 39,799 67,052 68%

24

Statements of Cash flows For the June 30, 2011 & 2010

1H10 1H11 1H10 1H11Operating 54,842 49,759 CAPEX & Investment (55,210) 104,454)

Unit : MMTHB

EBITDA & Non-Cash Adjustment 59,745 83,290 CAPEX (PP&E, Intangible asset) 22,103) (43,827)

Changes in assets & liabilities (4,903) (33,530) Investment (Sub. &Affiliates) (1,396) (77,117)Dividend/Interest Received 6,103 6,026Others (13,983) 10,464

Free Cash Flow Finance (14,810) 16,160

(369) (54,694) Issued Loans/Bonds 30,321 51,984 Repayment Loans (18,685) (2,156)Redemption Bonds (6,000) (8,000)Interest Paid 7,096) (8,460)Share Issued 1 232 2 559Share Issued 1,232 2,559 Dividend Paid (14,582) (19,767)

Adjustment (1,401) 548

Effect of FX on Cash & Cash Equivalent (1,377) 810Effect of FX on Cash & Cash Equivalent (1,377) 810

Currency Translation Differences (24) (262)

Ending Cash & Beginning Cash & CashEnding Cash & Cash Equivalents

Beginning Cash & Cash Equivalents

Cash in (Out)

87,476 97,814 104,056 135,801 (16,580) (37,987)

25

Debt Profile : Control Cost & Manage RiskManaged debt according to financial risk and policy

Debt Portfolio

ConsolidatedConsolidatedPTT OnlyPTT OnlyUnit : MMTHB ConsolidatedConsolidatedPTT OnlyPTT OnlyU t

: Cost of debts ~ 5.08 %: % fixed-rate ~ 90 %: Avg. debt life ~ 7.5 years

: Cost of debts ~ 4.38 %: % fixed-rate ~ 82.8 %: Avg. debt life ~ 6.4 years

114 442 155,986USD

343,138370,302

g y

403,525

g y

63,979 68,308 68,410

84,147 114,442 ,THB

266,185257,443

(25%) (26%)

(31%)(25%)258,189

(39%)

8258,991 255,860 247,539

(25%) (26%) (26%)

193,454 197,877 189,779(75%) (74%)

(69%)(75%)

(74%)(61%)

31 Dec 09 31 Dec 10 30 Jun 11 31 Dec 09 31 Dec 10 30 Jun 11

Note : Data as of 30 Jun 2011 (THB/USD = 30.8882 THB/JPY = 0.3857 ) Excluding liabilities from finance leases; Cost of debts includes withholding tax. 26

PTT’s Strategic Importance to the Thai EconomyThai Premier Multinational Energy Company

PTT has the largest market cap on the SET

OTHERS

PTTEP6.3%

PTTCH2.3%

TOP1 5%PTT G

SET Market Cap = Baht 8.6 trillion

OTHERS 76.8% PTT

10.8%

1.5%

IRPC1.1%

PTTAR1 1%

PTT Group23.6%

100100

139

1.1%

BCP & OTHERS

0.5%

Ministry of Finance holds majority stake in PTTMinistry of Finance holds majority stake in PTT

Data as of 5 September 2011

Fortune Global 500 Ranking

118118

155155

128128

100100

Need new initiatives

59.9 59.9

Ministry of Finance holds majority stake in PTTMinistry of Finance holds majority stake in PTT

Rev.of 100th company in Fortune Global 500 (Billion USD)

g

64.964.9 65.065.0 68.168.1

155155

Vayupak Fund 15%

46.2 Public 34%

Ministry of

Finance

2008 2009 2010 2020

Revenue (Billion USD)

27Data as of 18 March 2011

Remark: * DJSI = Dow Jones Sustainability Index

51%

Future Growth of PTTPTT International

Coal PipelineUnit : MM TonSAR EMG (Egypt)

8.5 9 10.7 11.5 1417

( gyp )

• Investing 25% in EMG

• Offshore natural gas pipeline system

2008 2009 2010 2011 2012 2013

Jembayan Sebuku

from Egypt to Israel

• 2010 Sales volume = 2.1 BCM/y

• 2011 Average sales volume target up to 3 BCM/y

PowerPalm Plantation

• Acquired Izin Prinsip for the Northern Leases at Sebuku • Potential reserves in Brunei & Madagascar projects

PowerPalm Plantation

2011 Xayaburi Hydro 1,285 MW

PTT Green Energy

• 147,000 Ha land acquiredP t ti l 78 000 H i 2011 2012

OnwardsExpanding in neighboring countries

o Potential ̴78,000 Ha in 2011

• 11,045 Ha plantedo Additional 9,000 Ha has been prepared in 2011prepared in 2011.

• 45 T/Hr CPO Mill has been completed

28

Thailand’s projected energy demand

Commercial Primary Energy Consumption

180,000KTOE

163,299

120 000

140,000

160,000

Hydro/Import

6%

15%

145,162

127,145

106,939

5%

14%4%

2%1%

Nuclear

80,000

100,000

120,000

13%Coal/Lignite

yd o/ po

17%Renewable

2%

106,939

87,651

14%

13%3% 16%

15%

13%

40,000

60,00033%

14% Natural Gas 33%

38%

35%37%

0

20,000 38% Oil 27%32% 29%31%

Source : EPPO/ PDP 2010/ PTT team analysis29

Natural Gas : Strong and Increasing Demand over Long TermNatural gas is a fuel of choice for power producers and transportation industry

Gas demand forecast (CAGR during Gas demand forecast (CAGR during 20102010--20302030)): Total ~ : Total ~ 11%%: Power ~ : Power ~ 11%%: GSP ~: GSP ~ 22%%

6,000mmscfd : GSP ~ : GSP ~ 22%%

: Industry ~ : Industry ~ 33%%: NGV: NGV ~ ~ 11%%

44%%

55,,236236

4,000

5,000

IndustryIndustry1111%%

1616%%

1919%%

NGVNGV44%%

3,000

GSPGSP1717%%

88%%

11,,970970

2,000

88%%

1515%%

0

1,000 PowerPower7777%% 6868%% 6161%%

0

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

30

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

CustomersCustomersSales Price StructureSales Price Structure

Gas Pool PriceGas Pool Price Supply MarginsSupply Margins Pipeline TariffsPipeline Tariffs+ +

Power Producers Power Producers 6161%%

EGATEGAT 2828%% 11 7575%%: EGAT : EGAT 2828%%

: IPP : IPP 2121%%

: SPP : SPP 1212%%

Average Purchased Average Purchased Gas PriceGas Price

11..7575%%

11..7575%%

99..3333%%

2121..7 7 Bt/Bt/MMBtuMMBtu

GSP GSP 2121%% Charged at the same price structure of power producersCharged at the same price structure of power producers

Petrochemicals Feedstocks:

Ethane Propane LPG Profit-sharing mechanism based on market prices of petrochemicalsEthane, Propane, LPG Profit-sharing mechanism based on market prices of petrochemicals

NGL Reference to Naphtha market price

Local Cooking Gas

ki

Capped at 333 USD/ton

Reference to Saudi Aramco’s contract price

Industry Industry 1212%% Charged at prices comparable to fuel oilCharged at prices comparable to fuel oil

NGV NGV 66%% Capped at Capped at 88..5 5 Baht/Kg*Baht/Kg*

Export Cooking Gas

3131* Government subsidies Baht 2 /kg from Oil Fund until September 30th , 2011

• Contract periods are ~ 25-30 years or until depletion of gas fields or the expiration of concessions

Oil Prices Movement: Our Key Value Driver

Crude FO Gasoline HSD2Q/11 vs 1Q/11 10% 9% 11% 10%

Petroleum prices

140

160

2Q/11 vs 1Q/11 10% 9% 11% 10%2Q/11 vs 2Q/10 42% 43% 43% 46%

116.8 113.3 110.7100

120

140Dubai 2010 avg. = $78/bbl

Dubai 2009 avg. = $62/bbl

91.1

52 759.1

67.975.4 75.9 78.0 73.9 84.4

100.5

40

60

80

52.744.1

0

20

40

1Q/08 2Q/08 3Q/08 4Q/08 1Q/09 2Q/09 3Q/09 4Q/09 1Q/10 2Q/10 3Q/10 4Q/10 1Q/11 2Q/11

Dubai FO ULG95 MOP'S HSD MOP'S

1Q/08 2Q/08 3Q/08 4Q/08 1Q/09 2Q/09 3Q/09 4Q/09 1Q/10 2Q/10 3Q/10 4Q/10 1Q/11 2Q/11

Dubai 91.1 116.8 113.3 52.7 44.1 59.1 67.9 75.4 75.9 78.0 73.9 84.4 100.5 110.7

Price (USD/BBL)

32

FO 74.6 92.6 102.6 45.1 39.0 53.4 64.9 70.9 72.8 71.4 69.1 76.1 93.3 102.1

Gasoline MOP'S 105.1 129.8 119.6 56.7 54.8 68.8 76.8 80.5 88.2 87.5 82.5 95.0 113.1 125.0

HSD MOP'S 114.4 154.5 139.5 70.5 53.2 66.4 74.9 81.6 85.2 89.5 86.3 96.0 118.7 130.832

Petrochemical Market Reference Prices: Driven by Crude Oil Price

Aromatics prices

LPG Naptha PP HDPE2Q/11 vs 1Q/11 7% 25% 15% 8%

Benzene ParaXylene2Q/11 vs 1Q/11 -1% -7%

Petrochemical prices

$/Ton$/Ton

2Q/11 vs 1Q/11 7% 25% 15% 8%2Q/11 vs 2Q/10 21% 26% 22% 14%

2Q/11 vs 1Q/11 -1% -7%2Q/11 vs 2Q/10 26% 55%

2 000

1,6611,607

1 3731,600

1,800

2,000

1,5021,600

1,800

2,000

914854

1,5101,373

1,000

1,200

1,400

1,136

1,169

,

1 000

1,200

1,400

832877

400

600

800

,1,051

600

800

1,000

0

200

400

0

200

400

33LPG Naphtha PP HDPE

Benzene PXSource: PLATTS & ICIS 33

Subsidiaries ConsolidateS b idi i C lid t Petrochemical Subsidiaries Consolidate

Petrochemicals & Refining Business GroupE&P and Gas Business Group Oil Business Group

Data as of 30 June 2011

Subsidiaries ConsolidatePTT (Cambodia) Co., Ltd. PTTCL 100.00%Subic Bay Energy Co., Ltd. SBECL 100.00%PTT Retail Business Co., Ltd. PTTRB 100.00%PTT Green Energy Pte. Ltd PTTGE 100.00%Retail Business Alliance Co., Ltd. RBA * 49.00%

Associates Equity

Subsidiaries ConsolidatePTT Exploration & Production Plc. PTTEP 65.31%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%

Joint Ventures ProportionateT Th i M l i (Th il d) C Ltd TTM (T) 50 00%

Petrochemical Subsidiaries ConsolidatePTT Polymer Marketing Co., Ltd. PTTPM 50.00%PTT Polymer Logistics Co., Ltd. PTTPL 100.00%PTT Tank Terminal Co., Ltd. PTTTANK 100.00%

Associates EquityPTT Chemical Plc. PTTCH 49.14%PTT Phenol Co Ltd PPCL 40 00%Associates Equity

Keloil-PTT LPG Sdn. Bhd. KPL 40.00%Vietnam LPG Co., Ltd. VLPG 45.00%Thai Petroleum Pipeline Co., Ltd. THAPPLINE 33.19%PetroAsia (Thailand) Co., Ltd. PA(Thailand) 35.00%

Others CostPetroAsia (Huizhou) Co Ltd PA(Huizhou) 25 00%

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 EquityThai Oil Power Co., Ltd. TP 26.00%Independent Power (Thailand) Co., Ltd. IPT 20.00%PTT Utilit Co Ltd PTTUT 40 00%

PTT Phenol Co., Ltd. PPCL 40.00%PTT Maintenance and Engineering Co., Ltd.PTTME 40.00%

Joint Ventures ProportionateHMC Polymers Co., Ltd. HMC 41.44%PTT Asahi Chemical Co., Ltd. PTTAC 48.50%PTT MCC Biochem Co., Ltd. PMBC 50.00%

PetroAsia (Huizhou) Co., Ltd. PA(Huizhou) 25.00%PetroAsia (Maoming) Co., Ltd. PA(Maoming) 20.00%PetroAsia (Sanshui) Co., Ltd. PA(Sanshui) 25.00%Intoplane Services Co., Ltd. IPS 16.67%Fuel Pipeline Transportation Co., Ltd.FPT 2.76%

Others Fair ValueBangkok Aviation Fuel Services Plc BAFS 7 06%

PTT Utility Co., Ltd. PTTUT 40.00%B.Grimm BIP Power Co., Ltd. B.Grimm BIP 23.00%Nava Nakorn Electricity Generation Co.,Ltd NNEG 30.00%

Others CostRatchaburi Power Co., Ltd. RPCL 15.00%

Refining Associates EquityThai Oil Plc. TOP 49.10%PTT Aromatics and Refining Plc. PTTAR 48.49%IRPC Plc. IRPC 38.65%Star Petroleum Refining Co., Ltd. SPRC 36.00%Bangchak Petroleum Plc. BCP 27.36%PTT Energy Solutions Co Ltd PTTES 40 00%Bangkok Aviation Fuel Services Plc. BAFS 7.06% PTT Energy Solutions Co., Ltd. PTTES 40.00%

International Trading Business Group

OthersSubsidiaries Consolidate

Subsidiaries ConsolidatePTT International Trading Pte. PTTT 100.00%

Associates Equity

34

Others Fair ValueDhipaya Insurance Plc. TIP 13.33%

Subsidiaries ConsolidatePTT International Co., Ltd. PTTI 100.00%Energy Complex Co., Ltd. EnCo 50.00%Business Service Alliance Co., Ltd. BSA * 25.00%

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

Associates EquityPTT ICT Solutions Co., Ltd. PTTICT 20.00%

Recognition: Awards 2010-2011PTT is widely recognized among business communities both international and local

7th Top Asia Energy Companies of 201035th Top Global Energy Companies of 2010

128th Fortune Global 500 of 2011(155th in 2010 / 118th in 2009) 196th The Biggest Listed Companies in the

World 2010(244th in 2009 / 205th in 2008)

Best CEO 2010 Asian Corporate Director Recognition Thai BMA Best Bond Awards 2010Best CEO 2010Best CFO 2010Best Managed Company 2010Best Corporate Governance 2010Best Investor Relations 2010Best Corporate Social Responsibility 2010

Asian Corporate Director Recognition Awards 2011

• Asia’s Best CEO• Asia’s Best CFO• Best IR Website/Promotion • Best Environmental Responsibility

Thai BMA Best Bond Awards 2010• Deal of the Year• Most Creative Issue• Best Investor Relations Issuer

p p yBest Commitment to Strong Dividend Policy 2010

p y• Best Investor Relations• Best IR Officer

SET Awards 2010• Top Corporate Governance Report Award

Trusted Brand 2011• Thailand’s Top Brand in Platinum Award

for service station

Outstanding State Enterprise Award 2010• Best State Enterprise of the Year, Best

f th B tfor service station of the Best• Outstanding Leadership Award• Outstanding Innovation Award

35

Dividend Policy & Historical PaymentsPTT is firmly committed to pay dividend at no less than 25% of net income

43 6%

EPS DPS % Dividend Payout

25% 25%

32.4% 32.6% 29.8% 30.1% 30.3% 30.8% 33.0%43.6% 40.4%

35.0%25.5%

PTT’s minimum payout ratioPTT’s minimum payout ratio

30.5734.14 34.82

29.26

UNIT : Baht / shareUNIT : Baht / share 22.40

18 3321.06

23.52

7 71 8.75

13.43

18.33

9.25 10.50 11.508.00 8.50

10.257.71

2.50 2.85 4.006.75

8.00 8.506.00

36

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1H2011