Draft

Analyst MeetingAnalyst Meeting4Q/2010Q

DisclaimerDisclaimer

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 juncertainties. 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.correct. Actual results may differ materially from those projected.

2

2/20

ContentsContents

Highlight & PTT Aspirationg g p

Expansion & Growth

2010 Financial Performance

2011 Economic and Market Outlook

3/20

Highlight of activities to dateProactive in M&A

Investment/M&AC di Oil S d 40% i iti b PTTEP• Canadian Oil Sands, 40% acquisition by PTTEP

• 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• LPG ex-refinery price reformed, 76% linked to market price

• 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.

• Moody’s ratings downgraded to sovereign level at Baa1

4/20

Becoming Thai Premier Multinational Energy Company

PTT Group’s Vision & Aspiration

Aspiration : Becoming a Global Fortune 100 Company by 2020With Top Quartile Performance and on DJSI by 2013

Balance All Stakeholders’ InterestsStrategic Framework

p Q y

HPO

EconomicShare

holdersShare

holdersCustomers

NationNation

Customers

Enhance through

Shareholders

CG CSR

Sustainable Growth Strategy

Social Environmental Partners

holders

PartnersEmployeesP l

Employees Partners

Global Fortune 100

CG CSRPeople &SocietyPeople

& Society

Sustainable growth, DJSILONG

Top quartile ROIC in all businessesSTRONG

Global Fortune 100BIG

5/20

PTT Group’s strategic directionEnergy diversification

Non- AsiaAustralia, N. Asia and S. AsiaASEANThailand

Internationalization

UpstreamGas

UpstreamOil

tion

al

/ m

ater

ials

Asia and S. Asia

“Keep” core value chain expansion▪ Drive E&P growth (900 kbd)▪ Accelerate Petchem consolidation,

Market back strategy

Top Oil and Gas player

CoalOthersC

onve

ntEn

ergy

/

Nuclearals

“Enhance” value chain game in adjacent energy businesses to diversify

Market back strategy

on

Solar

Hydro

Nuclear

Wi dnati

ve

gy /

mat

eria

Energy conglomerate▪ Grow coal mining with large scale

and move into trading

▪ Consolidate and expand power tf li ( i iti i l )ve

rsif

icat

io

Bio-based

Wind

Alt

ern

Ener

g

Real estate

Servicesnfra

portfolio (prioritizing clean)

▪ Capture bio-route growth through sugar/cassava based and oleochemvalue chain development

Div

Retail

Others

Oth

ers

ServicesI p

Business conglomerate

“Seed” options to play conglomerate game▪ Retail in Thailand

O ▪ Palm plantation in Indonesia (CPO)

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ContentsContents

Highlights & PTT Aspirationg g p

Expansion & Growth

2010 Financial Performance

2011 Economic and Market Outlook

7/20

PTT : Gas BusinessExpansion to meet future gas demand

6000

Gas Demand OutlookGas Demand OutlookUnit : mmscfd

4000

6000

Industry 15%

GSP 20%17%11%

NGV 4%

4%

0

2000

2010 2011 2012 2013 2014 2015

Power 61%68%

2010 2011 2012 2013 2014 2015

New Supply Bongkot South

LNGM9JDA B17 Chevron

(Plathong)

PipelineCapacity

4th Onshore Offshore Compressor

(Plathong)

Capacity(mmscfd) 5,580

GSP

5,580 6,980 6,9804,380p

6,980

GSP#6

4.3Production

(MTA) 7.0 7.0 7.0 7.06.3

GSP#6

8/20

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

Thailand’s Market Thailand’s Market ShareShare

3%Others

36%22%

• Best in class operationo Depot & Logistics management

9%12%

9%

9% • Increase non-oil businesso Life station, Jiffy, Amazon

12% • Grow Internationallyo Retail & Lube in Asiao Expand trading network

9/20

PTTEP UpstreamMajor projects coming to production

Expected Sales VolumeExpected Sales Volume

’000 BOED

327

Proved Reserves 1,043 MMBOEProved Reserves 1,043 MMBOE

250

300

350

265 273

319 311327

316

MTJDA O

150

200

250

Bongkot

MTJDA

Arthit Domestic59%

Overseas41%

KKD Oil Sands50

100

150

Others Reserves Replacement Ratio 1.33 >1

Policy

KKD Oil Sands,Montara,

Vietnam 16-10

2011 2012 2013 2014 20152010

Reserve Life Index (year) 9

BongkotSouth

M9Algeria

MTJDA KKD Oil SandsVietnam 16-1

Montara

10/20

Oil Refinery SectorOil Refinery SectorFocus on value creation and products quality improvement

2010 2011 2012 2013 2014 2015 Total

TLB Specialties EURO IV PX Upgrading HCU Revamp Power Plant $1 302 MM

275,000 bpd

TLB Specialties EURO IV

Ethanol UBE

PX Upgrading HCU Revamp

Benzene DerivativesLube Base

Power Plant 220MW

$1,302 MM

280,000 bpd

GTs Nox/Bio-diesel/VRU

EURO IV $ 265 MM

P l P l ABS/SAN Ph i Ph i $ 1 511 MM215,000 bpd

Power plant220MW

Phoenix

Propylene Booster

Phoenix

ABS/SAN Expansion

Phoenix

Phoenix Phoenix•Propylene 237 KTA

$ 1,511 MM

120 000 bpd

EURO IV

Solar Power

Solar Power Plant32MW

Solar Power Plant 48 MW

- $ 509 MM

120,000 bpd Solar Power Plant 38 MW

Ethanol UBE

11/20

Major expansion in 2011Petrochemical Sector

20112010 2012 onwards Total20112010

Olefins 1,588 KTA

2012 onwards

Ethylene 1,000 KTA HDPE 300 KTA

Total

$1,300MMPolymers 590 KTAEO-Based 515 KTAOleochemicals 962 KTA

LLDPE 400 KTA LDPE 300 KTA$1,300MM

Bis-Phenol-A 150 KTAPhenol 200 KTAAcetone 125 KTA

$251MM

PP 450 KTA

PP 300 KTAPropylene 310 KTA

$636MM

AN 200 KTAMMA 70 KTA $760MM

12/20

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

U it MM B ht

R&D / Others

JV

CAPEX 2011 - 2015 327,038

Committed projects 228,789

M&A t iti 98 249

Unit: MM Baht

JV

LNG

Oil

Gas

M&A opportunities 98,249

94,809

53,081

Gas75,545

58,3395 Years CAPEX Breakdown

By Business Unit64,889

29,066

28,124

28,282 33,456

Gas 39%Others

JV48%

27,86536,440

20,98632,134

10,205

19,334 LNG 3%

Oil 4%R&D / Others 6%

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

2011 2012 2013 2014 2015

13/20

ContentsContents

Highlights in 4Q/2010g g Q

Expansion & Growth

2010 Financial Performance

2011 Economic and Market Outlook

14/20

Performance HighlightsPerformance HighlightsNet profit jumped in 2010

62 78 74 84+14% QoQ

16%7%

2%U it MM B ht+20% YoY

Dubai ($/bbl)

+26% YoY 4Q/2010

Petrochem

Gas

PTTEP

1,586,1741,900,005

493 550

23%51%

1%Unit : MM Baht

+7% QoQ

+20% YoY

US$ 16,381mm

Oil Marketing

Int’l Trading

Coal

461,402 493,550

+17% YoY Petrochem

Others0.1% Oil Mkt

6% Int’ Trd

Coal3%

Revenue

142,704167,375

38 807 41 714

28%+8% QoQ

GasTM 12%S&M 5%GSP 8%

US$ 1,385 mm

1%Int Trd

-1%

38,807 41,71463%PTTEP

GSP 8%Others 3%

+40% YoY Others-3%

EBITDA

59,54883,088

21,705 21,67837%26%

US$ 720

-0.1% QoQ PTTRefining

Asso.

Net Income

2009 2010 3Q/10 4Q/10

31%

9%mm

PetrochemAffi.

PTTEP21.06 29.26 7.64 7.62EPS15/20

PTT Group Performance improved YoY

% shareUnit : MM Baht 2009 2010 YoY 2009 2010 YoY

Performance 100% Equity Method % PTT

PTT Company Only 39,651 54,577 38% 39,651 54,577 38%

Less: Dividend Received 14,493 18,317 26% 14,493 18,317 26%

PTT Net operating Income 25,158 36,260 44% 25,158 36,260 44%

E&P PTTEP 22 154 41 739 88% 65% 14 634 27 414 87%E&P ‐ PTTEP 22,154 41,739 88% 65% 14,634 27,414 87%

Petro. ‐ PTTCH 6,802 10,290 51% 49% 3,357 5,036 50%

‐ HMC/PPCL/PTTPL/PTTPM/PTTAC/  PTTME/PTTTANK

1,814 5,432 199% 40‐48% 820 2,293 180%

8,616 15,722 82% 4,177 7,329 75%

Refining ‐ TOP 12,062 8,999 ‐25% 49% 5,941 4,221 ‐29%

‐ IRPC  5,415 6,183 14% 39% 2,247 2,282 2%

‐ PTTAR 9,162 6,343 ‐31% 49% 3,702 2,997 ‐19%

‐ SPRC 5,534 5,562 1% 36% 1,722 2,120 23%

‐ BCP 7,524 2,813 ‐63% 28% 2,130 815 ‐62%

39 697 29 900 25% 15 742 12 435 21%39,697 29,900 ‐25% 15,742 12,435 ‐21%

Coal ‐ PTTAPM 755 519 n.m. 60% 755 519 ‐31%

Gas & Utilities ‐TTM/PTTNGD/IPT/TP/DCAP/CHPP 2,707 3,695 36% 20‐100% 933 1,784 91%

Oil & Oth.‐ PTTRB/PTTT/SBECL/THAPPLINE/PTTGE/EMG/PTTI/PTTML

‐2,065 ‐2,819 ‐37% 33‐100% ‐1,985 ‐2,653 34%

16

PTTGE/EMG/PTTI/PTTML

Shared of Net Income from Affiliates 71,864 88,756 24% 34,256 46,828 37%

PTT Conso. Net Income 97,022 125,016 29% 59,548 83,088 40%

**Adjusted Negative Goodwill/Reversed on Impairment approx. Bt 134mm in 2009. SPRC FY2010 is unaudited 16/20

Balance Sheets : Solid and SecuredBalance Sheets : Solid and SecuredGrowing Assets with strong financial position

Unit : MM Baht

• 100% Coogee Strong Financial Position• Ethane Separation Plant• WIP of Montara & Bongkot,

PTTLNG PTTAC GSP6 &PTT 14.810.5 11.1

1.7 1 4

• Completion ofArthit-MTJDA Pipeline

acquisition by PTTEP• 60% PTTAPM acquisition

1,102,544

ICRICR1,249,148

PTTLNG, PTTAC, GSP6, &PTT Tank

0.4 0.5 0.4

1.0 1.4

2008 2009 2010206,925

112,859

157,416

249,565 306,846

885,193Other Liabilities

Cash &

, ,Net Debt/EBITDANet Debt/EBITDA

Net Debt/EquityNet Debt/Equity

2008 2009 2010

358,011 151,377

181,292

,

92,037

354,888 370,989

215,532

,

OtherCurrent

Assets

L/TLiabilities(incl. due within 1 yr)

Cash & S/T Invest

• Treasury policy

267,165

333,806 358,0

3 3

239,125

,

Others Non-

currentAssets

within 1 yr)

Shareholders’

− Net Debt/Equity < 1.0

− Net Debt/EBITDA < 2.0

• PTT ratings at sovereign level

374,614

474,587

526,796 430,536 498,091

571,313

PP&E

ShareholdersEquity − FC : Moody’s (Baa1), S&P (BBB+),

JCR (A-), FITCH (BBB)

− LC : Moody’s (Baa1), S&P (BBB+),

JCR (A) FITCH (A-)

31 Dec 08

JCR (A), FITCH (A-)

31 Dec 09 31 Dec 10

17/20

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

Debt Portfolio

ConsolidatedConsolidatedPTT OnlyPTT Only: Cost of debts ~ 4.62 %: % fixed-rate ~ 85.13 %: Avg. debt life ~ 6.8 years

: Cost of debts ~ 4.96 %: % fixed-rate ~ 89.11%: Avg. debt life ~ 7.7 years g y: Avg. debt life 7.7 years

Unit : MM Baht 343,138370,262

84,147114,442

THB USD

238,614257,433

(25%)

266,185(31%)

x

258 991 255 820

67,530

63,979 68,308

79,493

(33%)(33%)

(25%)206,300

(26%)

138,770

193,454 197,877159,121

258,991 255,820

(67%)(67%)

(75%)(75%) (74%)

(69%)

31 Dec 08 31 Dec 09 31 Dec 10 31 Dec 08 31 Dec 09 31 Dec 10

18/20

ContentsContents

Highlights in 4Q/2010g g Q

Expansion & Growth

2010 Financial Performance

2011 Economic and Market Outlook

19/20

Economic & Market Outlook Economic & Market Outlook 20112011

• The global economy grows at slower pace, driven by the developing and g y g p y p gthe emerging countries. The IMF projected the 2011 growth at 4.7%.

• Thai economy is also expected to expand following the global economy. 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 Crude oil price is expected to move in the range of $85 – 95 /bbl.

• Average market GRM is expected in the range of $5-6/bbl from the higher demand following the global economic recoverydemand following the global economic recovery.

• Olefins petrochemical price is expected to maintain from the increased d d d i ddi i l idemand despite additional capacity.

• Aromatics petrochemical price is expected to increase from increasing demand in emerging countries.

20/20

Thank youThank youyouyou

PTT Public Company Limited – Investor Relations DepartmentTel. +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 Statements of Cash flows (Company Only) : For the year ended 20102010

Finance(18,025) MB¹

Operating65,701MB

Unit : MM Baht

CAPEX & Investment(29,133) MB

Cash Ending

Cash Beginning

Change in NWC Bond & Loan

Repayment33,447

48 788Net Income &

Change in NWC4,762 CAPEX (PP&E)

20,051

O h I ²

Bond & Loan50,419

,

Others Finance³

42,76848,788Net Income &

Non‐Cash60,939

Investment andLoan to affiliates

40,305 Dividend Received18,425

Other Investments²12,798

34,996

Cash InflowCash & CashEquivalent

Cash & CashEquivalent61,311 

,

Cash Outflow

31 31 Dec Dec 0909 31 31 Dec Dec 1010Cash In (Out) 18,543MB

42,768 

22

1     Adjust effect on Exchange to Cash and Cash equivalent 1 MM Baht2 S‐T investments, Other L‐T investments and Interest received3 Share issuance, Dividend paid and Interest paid  

PTTEP: The only Exploration and Production Arm of PTTExpand activities to meet the aspiration

Proved Reserves 1,043 MMBOEProved Reserves 1,043 MMBOEOperations : 44 Projects in 13 CountriesOperations : 44 Projects in 13 Countries

By Product By Geography

Liquid

North America(1)• Canada

Liquid29%

North Africa (4)• Algeria

Middle East (2)• Oman• Bahrain

Thailand (19)*

Gas 71% Domestic

59%

Overseas41%

• Algeria• Egypt

South East Asia (14)• Myanmar• Vietnam• Indonesia• Cambodia

Reserves Replacement Ratio 1.33R Lif I d ( ) 9

Australasia (4)• New Zealand• Australia

Cambodia• Malaysia

Projects

Reserve Life Index (year) 9

Key project areasKKD Oil Sands Australasia Myanmar

2323

Exploration 21Development 4Production 1933

Total 44

*Remark: Including overlapping area23

23

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

Sales Volume Product price+9% YoY+3% QoQ+13% YoY

2010 4Q %YoY %YoY %QoQ

Liquid +27% +11% +13%Unit: BOED

58.0373.77 72.15 70.99 80.02

Liquid($/BBL)

249,903265,261

272,198233,756264,575

Liquid +27% +11% +13%

Gas         +7% +10% -2%Weight Avg. +13% +6% +4%

39.53 44.83 43.44 44.54 46.14

5.17 5.52 5.06 5.68 5.58

/ / /

Weighted avg. ($/BOE)Gas ($/MMBTU)

Earnings 2010 Product Mix

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

2010 4Q

Unit: MM BahtLi id

By Volume By Revenue

2010 4Q %YoY %YoY %QoQ

Sales Revenue             +20% +5% +1%

Net Income          +88% +118% -4%EBITDA +30% +41% +11%

115,548138,474

78,068101,708

Sales Revenue EBITDA NILiquid

29%Gas71%

Liquid47%

Gas53%

33,441 34,739 34,95619,132 24,313 27,05222,154

41,739

4,652 10,532 10,120

2009 2010 4Q/09 3Q/10 4Q/10 24Source: PTTEP analyst meeting

PTT : Natural Gas Sales & Transmission Pipeline Continuing demand growth due to the economic recovery

Customer ProfileGas Sales Volumes (mmscfd) @ heat 1,000

185 211

EGAT IPP SPP GSP Indus try NGV

2010 2009 2008 2007 2006

Existing pipeline’s capacity 4,380 mmscfd

8

4,1525% 5%

+14% YoY4,040+13% YoY

4,148+13% YoY-0.1% QoQ

597650

591714 763369

444404

451 448134

184151

185 211

4,055

4,152 4,148 3,686

16%

11%

18%

11%2010avg. 4,040

3,554-0.1% QoQ

903943

935951 856

454475

467475 480

597 5913,801

3,6063,677 3,686

3 5543,655 2008

avg. 3,443

2009avg. 3,554

23%

12%

21%

11%

1,097 1,344 1,138 1,376 1,390

903

3,280

3,346 3,554

3,2163,167

3,319 3,318 3,284

3 0163,105 3,138 2006

avg. 3,084

2007avg. 3,272

33% 34%

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

3,0163,075

1Q 2Q 3Q 4Q

g ,

25

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

PTT : Gas Separation PlantsBetter earnings driven by higher sales volume

Product Prices ($/ton) Sales Volume (x 1,000 tons)+2% YoY

1,065 1,163

269 268Propane

Ethane1,134

1,222 1,209

1 1201,2711,088

1,3401,159

1,2601,419

801

PP 1/ 6%

27%HDPE 1/

+2% YoY4,2904,213

+19% YoY+4% QoQ

2,356 2,322

523 537NGL

LPG

1,1201,088 1,159

505 660 621601 733

511713 657 615

801

261 299 255 309 302333 333 332 333 333

Domestic LPG 9%

12%27%

LPG 2/ 13%

54%

Naphtha 3/

Cost of sales

1,035 1,184 1,231

+4% QoQ

2009 2010 4Q/09 3Q/10 4Q/102009 2010 4Q/09 3Q/10 4Q/10

Note: 1/ SEA Spot2/ Contract Price (CP 50:50) 3/ MOP’S

12%

52%

% Utilization 94% 92% 96% 98% 98%Rate3/ MOP’S Rate

Product Prices  2010 4Q/10 Sales Vol.  2010 4Q/10

%YoY  %YoY  %QoQ%YoY  %YoY  %QoQ

HDPE  8% 5% 14%

PP  23% 22% 13%

N hth 31% 18% 22%

Total  2% 19% 4%Propane  ‐0.4% 58% 49%Ethane  9% 22% ‐7%

26Note: Sales volume exclude LPG purchased from petrochemical producers for resale

Naphtha  31% 18% 22%

Cost of sales 15% 18% ‐2%NGL  3% 18% 9%LPG  ‐2% 13% 4%

PTT : Oil BusinessPTT : Oil BusinessMarket leader in oil retails at 36% market share

Unit : Million litersOil Marketing : sales volume ~240 KBOE/d Thailand’s Market ShareThailand’s Market Share

As of December As of December 20102010+7% YoY

36%22%

3%Others

+7% YoY

13,008+6% YoY+5% QoQ13,953

16%

11%11%

Jet/IK

Fuel Oil

9%12%9%

9%3,6003,410 3,424

41%

41%

21%

21%16%

10%12%

Gasoline

LPG

Diesel

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

Int’l Trading : trade volume ~1,075 KBOE/dUnit : Million liters

GrossGross Margin Margin –– Oil Mktg.Oil Mktg.Unit : Baht/Liter

Source : Department of Energy Business

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

3%

Petrochem

Refined Product 0 780.810.810.85

Unit : Million liters Unit : Baht/Liter

+3% YoY +6% YoY+11% QoQ

58,25160,256

20092009

44Q/Q/0909

33Q/Q/1010

20102010

70%

12%

15%

14%

3%

Condensate

Crude 0.820.78

0 040.02

Trading MarginTrading Margin14,219

15,72214,82220092009

20102010

44Q/Q/1010

71%12%

2009 2010 4Q/09 3Q/10 4Q/100.0040.06

0.010.04

27Source : PTT, Note : excluded inter company volume

44Q/Q/0909

33Q/Q/1010

20102010

44Q/Q/1010

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

Product Prices - Propylene ChainUnit : US$/Ton Unit : US$/Ton

Product Prices - Ethylene Chain

1,134

1,222 1,209 1,1201,271

1,051 1,152 1 088

1,340 1,159

1,260 1,419

PP1/

Unit : US$/Ton Unit : US$/Ton

HDPE1/

617 868

775 761

1,001,

864 1,075 1,056

902,

505 660 621 601

733883

1,130 1,018 1,062 1,088

505 660 621 601

733 Propylene1/

Naphtha2/

PPHDPE

Ethylene1/

MEG1/

Naphtha2/

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

HMC (PTT 41 44%) PP 450 KTAPTTCH (PTT 48 68%)

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

HMC (PTT 41.44%) PP 450 KTAPTTCH (PTT 48.68%)Unit : MM Baht

PP% UtlOlefins % Utl

Unit : MM Baht

HDPE % Utl

94% 85% 87%

106% 93% 91% 106% 98%

Olefins % Utl

2,769 2,784

588 600 1 002 1,949 2,244 685

94%

83%85% 87%

77%

15,548 16,720

4 549 3 187 4,2916,802

10,290

92%71% 83%

66%76%

28

588 600 1,002 364 518 685

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

4,549 3,187 4,2912,234 2,030 2,771

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

Refining Associates’ GRM & GIMRefining Associates’ GRM & GIMImproved Market GRM & GIM

1212 Unit : US$/bbl Unit : US$/bbl

1010.0 

Market GIM

Accounting GIM10

8 4

Market GRM

Accounting GRM

8

6.2 

7.3 6.9  7.1 

5 8

8

8.4 

4

64.9 

4.0 

5.3 5.8 

5.0 

4

6

4.3 4.7  4.9 

4.1 

5.1 4.6 

2

4

2

4

1.9

2.6 

0

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

0

2009 2010 4Q/09 3Q/10 4Q/10‐0.04 

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

29

2009 2010 4Q/09 3Q/10 4Q/10Note: Weighted Average GRM of PTT’s associates’ complex refineries (TOP,

PTTAR, SPRC and included BCP in year 2010)Note: Weighted Average GIM of PTT’s associates’ integrated refineries

(TOP, PTTAR and IRPC)

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

Refining AssociatesRefining AssociatesLower performance YoY from the narrowed GRM & GIM

TOP 275 kbpd (PTT 49.10%)PTTAR 280 kbpd (PTT 48 60%)

Unit : MM Baht

21,393

17,432

12,062 8 999

99 95 95 97 94

20,031

102 103 104 105 105

PTTAR 280 kbpd (PTT 48.60%)

3,637 3,995 6,642

8,999

1,611 2,323 3,596

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

13,490

4,1901,703

6,5629,162

6,343

1,498695

3,807

SPRC 150 kbpd (PTT 36 00%),,695

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

9,124 9,2075,534 5 562

SPRC 150 kbpd (PTT 36.00%)

*

*

9 728

66 81 70 80 83

1,122 2,1533,677

5,534 5,562

553 1,289 2,352

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

IRPC 215 kbpd (PTT 39.02%)

* Unaudited preliminary figures

**

9,728 8,322

735 2,351 5,415 6,183

-929 329 2,251

2009 2010 4Q/09 3Q/10 4Q/1012 316

6686

5873 89

BCP 120 kbpd (PTT 28.29%)

-6,706EBITDA NI %Utl12,316

6,165 1,896 1,221 2,157

7,524 2,813 1,078 507 1,089

58

2009 2010 4Q/09 3Q/10 4Q/1030

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

PTT has the largest market cap on the SET

OTHERS

PTTEP7.5%

PTTCH2.7%

TOP1 9%PTT G

SET Market Cap = Baht 8.1 trillion

OTHERS 72.7% PTT

12.0%

1.9%

IRPC1.4%

PTTAR1 4%

PTT Group27.3%

1.4%BCP &

OTHERS0.4%

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

Data as of 1 March 2011

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

Public, 34%

Vayupak Fund, 15%

34%

Ministry of Finance,

3131Data as of 10 September 2010

,51%

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

Our major businesses & activities

Business Areas ActivitiesCompany PTT’s holding (%)

E&PE&PPTTEPPTTEP 65.34% Exploration and Production

mm

GasGas

PTT PLCPTT PLCGas Pipeline 100% Sole owner/operator of the Transmission pipelineS&M 100% Supply & Marketing of Natural GasU

pstr

eam

Ups

trea

m

S&M 100% Supply & Marketing of Natural GasGSP 100% Extracting Hydrocarbon contents in NG for

Petrochemical’s feedstock

UU

Oil MarketingOil MarketingPTT PLCPTT PLC

Oil M k ti 100% R t il i St ti d i l M k tiOil 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)

TOPTOP 49.10%PTTAR PTTAR 48.60% Integrated Complex Refinery & Petrochemical IRPCIRPC 39.02% SPRCSPRC 36.00% Stand alone Complex Refinery( )( ) SPRCSPRC 36.00% Stand alone Complex RefineryBCPBCP 28.29% Complex Refinery & Retail Stations

PTTCH PTTCH 48.68% Gas-based Olefins Chain PetrochemicalPetrochemical

ssN

ew

New

Bu

sine

s sBu

sine

ss

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

32

Natural Gas Balance: 2010Main driver of the Thai economy

SupplySupply ProductionProduction SalesSales

Indigenous (79%)3,205 MMscfd

Petchemical

Ethane/ Propane/

NGL

Total 4,012 MMscfd

PetchemicalFeedstock (9%)

Industry

Chevron32%

Mitsui9%

Others22%

1,865 MMscfd 652 MMscfd (16%)

IndustryHousehold

Transportation (7%)

LPG/NGLPTTEP31%

9%

5 GSPsTotal Capacity

Import (21%)853 MMscfd Power (68%)Pipeline 1,340 MMscfd

Methane 1,213 MMscfd

1,865 MMscfd

Industry (11%) NGV (5%)

p ,

Myanmar853 MMscfd

Remark: MMscfd = Million Cubic Feet @ Heating Value 1,000 Btu/cu.ft 33

Oil Balance: 2010 Adequate refining capacity maintains the stability of supply

SupplySupply ProductionProduction SalesSales

Imported Refined Petroleum Products 54 KBDImport (79%)

Crude/ R fi d

Domestic870 KBD

Crude/ Condensate816 KBD

RefinedProducts 834 KBD

Total Refining Capacity in Thailand: 1,092 KBD

I di (21%)

751 KBD (1)Crude/ Condensate 205 KBDIndigenous (21%) 205 KBD

Export236 KBDPTT’s Associated Refineries : 905 KBD

(TOP, PTTAR, SPRC, IRPC, BCP)

Others Refineries : 187 KBD(ESSO, RPC)

RefinedProducts 215 KBD

Crude Export 31 KBD246 KBD

215 KBD

Source: PTITRemark : (1) Included domestic supply of LPG/Propane/NGL from GSPs, Petrochemical Plants & Imported Volume

KBD = Thousand Barrels per day

246 KBD

34

Thailand’s Thailand’s projected energy demandprojected energy demand

Commercial Primary Energy Consumption

180,000KTOE

161,323

140,000

160,0007%

16%

,

138,599

118,9866%

3%

2%

80 000

100,000

120,000

12% Coal/Lignite

Hydro/Import19%

Renewable2%

102,264

86,689

15%13%2% 17%

15%

16%

3%15%

40,000

60,000

80,000

33%

13%12%

Natural Gas

Coal/Lignite

28%38%

15%32%

36%

0

20,000 40% Oil 27%32% 28%30%

Source : EPPO/ PDP 2010/ PTT team analysis 35

Natural Gas : Strong and Increasing Demand over Long TermNatural 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%%

PP 11%%6,000mmscfd

: Power ~ : Power ~ 11%%: GSP ~ : GSP ~ 22%%: Industry ~ : Industry ~ 33%%: NGV: NGV ~ ~ 11%%

44%%

55,,236236

4,000

5,000

IndustryIndustry1616%%

NGVNGV44%%

44%%

3,000

GSPGSP1717%%11,,970970

1111%%1919%%

2,00088%%

,,

1515%%

0

1,000

PowerPower7777%% 6868%% 6161%%

36

0

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

Source : PDP 2010

Natural Gas Price StructureNatural 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 ~ 6868%%

: EGAT ~ : EGAT ~ 3333%% 11..7575%%22 //

: IPP ~ : IPP ~ 2323%%

: SPP ~ : SPP ~ 1212%%

Average Purchased Average Purchased Gas PriceGas Price 11..7575%%

99..3333%%

~ ~ 2121..7 7 Bt/MMBtuBt/MMBtu(Td (Td 2020..6553 6553 ++Tc Tc 11..11121112))

GSP ~ GSP ~ 1616%% 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 petrochemicals

Reference to Saudi Aramco’s contract price

NGL Reference to Naphtha market price

Local Cooking Gas

Export Cooking Gas

Capped at ~330 USD/ton

Reference to Saudi Aramco s contract price

Industry ~ Industry ~ 1111%% Charged at prices comparable to fuel oilCharged at prices comparable to fuel oil

NGV ~ NGV ~ 55%% Capped at Capped at 88..5 5 Baht/Kg*Baht/Kg*

po t Coo g Gas

3737

• Thailand's Energy Regulatory Commission has approved an increase in pipeline tariff (Td+Tc) from 19.7 to 21.7 Bt/MMBtueffective on 1 April, 2009. * Government subsidies * Government subsidies 2 2 Baht/kg from Oil Fund until February Baht/kg from Oil Fund until February 2828thth, , 20112011

Note : 2010 data

• 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 HSD

Petroleum prices

140

160

USD/BBL 4Q/10 vs 3Q/10 14% 10% 15% 11%4Q/10 vs 4Q/09 12% 7% 18% 18%

116.8113.3100

120

140

Dubai 2009 avg. = $62/bblDubai 2010 avg. = $78/bbl

91.1

59.167.9 75.4 75.9 78.0 73.9 84.460

80

52.7 44.1

0

20

40

FO Dubai 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

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

Price (USD/BBL)

38

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

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

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 96.038

Petrochemical Market Reference Prices: Driven by Crude Oil Price

Aromatics prices

LPG Naptha PP HDPE Benzene ParaXylene

Petrochemical prices

$/Ton$/Ton

p4Q/10 vs 3Q/10 30% 22% 13% 13%4Q/10 vs 4Q/09 22% 8% 22% 5%

y4Q/10 vs 3Q/10 14% 36%4Q/10 vs 4Q/09 11% 22%

1 419

1,6071 600

1,800

2,000

1 600

1,800

2,000

1,510

1,419

1,2711,200

1,400

1,600

1,169 1,245

1,200

1,400

1,600

832

801854

733600

800

1,000 1,051954

600

800

1,000

0

200

400

0

200

400

39

0

LPG Naphtha PP HDPE Benzene PXSource: PLATTS & ICIS 39

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

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%

PTT’s minimum payout ratioPTT’s minimum payout ratio

30 57

34.14 34.82

25% 25%

UNIT : Baht / shareUNIT : Baht / share

22.40

30.57

21 06

29.26

13.43

18.3321.06

11 50

7.71 8.75

2 50 2.85 4.006.75

9.25 10.50 11.50

8.00 8.5010.25

40

2.50 2.85

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

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

Data as of 31 December 2010

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%Thai Lube Blending Co., Ltd. TLBC * 48.95%

Subsidiaries ConsolidatePTT 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%

Joint Ventures Proportionate

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 48.68%g ,

Associates EquityKeloil-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%

pTrans 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 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%

Others CostPetroAsia (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%

p ( ) ,PTT Utility Co., Ltd. PTTUT 40.00%B.Grimm BIP Power Co., Ltd. B.Grimm BIP 23.00%

Others CostRatchaburi Power Co., Ltd. RPCL 15.00%

Refining Associates EquityThai Oil Plc. TOP 49.10%PTT Aromatics and Refining Plc. PTTAR 48.60%IRPC Plc. IRPC 39.02%Star Petroleum Refining Co., Ltd. SPRC 36.00%Bangchak Petroleum Plc. BCP 28.29%

Others Fair ValueBangkok Aviation Fuel Services Plc. BAFS 7.06%

International Trading Business Group

OthersOthers Fair ValueSubsidiaries Consolidate

Subsidiaries ConsolidatePTT International Trading Pte. PTTT 100.00%

Associates Equity

41

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%

Coal business (PTT controls 27% shareholding in Straits Asia)

Expected production boost-up from the Northern lease license

82 73 82 72 76

Sales Volume & Price Production Profile

i

8.5 9 10.7 1114

17

Sebuku

Jembayan

Avg. sales Price US$/Ton

9,210 Kt

Unit : MM Tons

10,712 Kt % QoQ %YoYVol. +6% +2% ASP +6% -7%

2008 2009 2010 2011 2012 2013

Jembayan

2,900 Kt2,855 Kt

ASP 6% 7%%YoY

Vol. +16% ASP -11% 2,741 Kt Sebuku

Jembayan

2008 2009 2010 2011 Target

2012 Target

2013 Target

JORC Coal Reserves (Total 134 MM tons)JORC Coal Resources (Total 1,538 MM tons)

Note: The average selling price is FOB basis

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

JORC Coal Reserves (Total 134 MM tons)Unit : MM tons

JORC Coal Resources (Total 1,538 MM tons)Unit : MM tons

Jembayan7

610

928

SebukuJembayan

S b k

42

4242

Sebuku127

As of Aug 2010 As of Aug 2010

Xayaburi’sXayaburi’s Fact SheetFact Sheet

• This project has total installed f l dcapacity of 1,285 MW, located away 

from Luang Prabang approximately 80 kilometers

• A power purchase agreement to sell electricity to EGAT of 1,220 MW and to Electricite du Laos of 60 MWto Electricite du Laos of 60 MW

• The total construction period is approximately 8 years which it will be 

d i l iexpected to commercial operation with in January 2019

• A concession a period of 29 years • The registered capital is Baht 800 million

Th t t l j t t i i t lp y• The total project cost is approximately 

Baht 115,000 million

• PTT has jointly invested in Xayaburi

43

Power Limited (XPCL) with 25%  via NateeSynergy Company Limited