The Pulse of Asia Conference (DBS)Singapore

July 7, 2011

Indigenous (21%)

Imported Refined Petroleum Products 46 KBD

799 KBD (**)

Source: PTIT

Remark : (*)Refined product from refineries= 793 KBD, including domestic supply of LPG from GSPs and Petrochemical Plants = 103 KBD

(**) Not included Inventory

KBD = Thousand Barrels per day

Crude Export 30 KBD

Import (79%)

Crude/ Condensate759 KBD

RefinedProducts 896 KBD*

Domestic

Crude/ Condensate 177 KBD

Supply Production Sales

Export

168 KBD

Oil Balance Thailand: Jan-Mar 2011

805 KBD

207 KBD

Adequate refining capacity maintains the stability of supply

Total Refining Capacity in Thailand: 1,099 KBD

PTT’s Associated Refineries : 905 KBD (TOP, PTTAR, SPRC, IRPC, BCP)

Other Refineries : 194 KBD(ESSO, RPC)

RefinedProducts 138 KBD

2/15

PTTEP

14%

Others

86%

Natural Gas Balance: Jan - Mar 2011

Indigenous (82%)3,403 MMscfd

Power (62%)

Industry (12%)

NGV (5%)

Petrochemical Feedstock (14%)

IndustryHousehold

Transportation(7%)

Ethane/ Propane/LPG/NGL

LPG/NGL

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

Total 4,148 MMscfd

3/15

Pipeline 911 MMscfd

2,492 MMscfd

Methane 1,600 MMscfd

Main driver of the Thai economy

Supply Production Sales

892 MMscfd (21%)

6 GSPsTotal Capacity 2,665 MMscfd

749 MMscfd

Import (18%)749 MMscfd

Myanmar

Chevron

28%

PTTEP 34%

Others 38%

PTTEP: Target Sales VolumeMontara will be delayed to 1Q/2012

KKD Oil Sands,

Montara,Vietnam 16-10

50

100

150

200

250

300

350

2011 2012 2013 2014

’000 BOED

265273

319 311

327

Bongkot

SouthM9

Algeria

316

20152010

MTJDA

Others

Bongkot

MTJDA

Arthit

Proved Reserves 1,043 MMBOE

Reserves Replacement Ratio 1.33 >1

Reserve Life Index (year) 9

Domestic59%

Overseas41%

KKD Oil Sands

Vietnam 16-1

Montara

Policy

4/15

3,280

3,6063,677 3,686

3,802

4,0554,152 4,1484,145

1,244 1,235

917 782

466 506

565 892

443494167236

1Q 2Q 3Q 4Q

2011

Customer ProfileGas Volume (mmcfd) @ heat 1,000

PTT: Natural Gas Sales & Transmission Pipeline

Existing pipelines capacity 4,380 mmcfd

2009

30% EGAT

19% IPP

12% SPP

21% GSP

12% Industry

6% NGV

5/15

2010 3,802

Continuing demand growth due to the Start up of GSP#6

4,145

9% YoY

1Q/10 1Q/11

Unit : mmcfd

6/15

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

1,313

1,3721,3891,340

1,6301,681

659

916

879732 861

914

333 333333

1Q/10 1Q/11 QTD

Product Prices

Note: 1/ SEA Spot

2/ Contract Price (CP 50:50)

3/ MOP’S

4/ Include LPG resell

Domestic LPG

PP 1/

LPG 2/

HDPE 1/

Naphtha 3/

Unit : US$/Ton

1Q/10 1Q/11

10% Propane

10% NGL

31% Ethane

49% LPG

960

1,466

53% YoY

Sales Volume

Unit : KTon

0

2000

4000

6000

2010 2011 2012 2013 2014 2015

Gas Demand Outlook

Expansion to meet future gas demand

PipelineCapacity(mmscfd)

5,580

4.3

GSPProduction

(MTA)

5,580

7.0 7.0

6,980

7.0

6,980

7.0

New Supply PTTEP (Bongkot

South)

4,380

4th Onshore

PTTLNG

Offshore Compressor

PTTEP(M9)

PTTEP

(JDA B17) Chevron(Plathong)

6,980

6.3

Industry 15%

GSP 20%

Power 61%68%

17%11%

Unit : mmscfd

NGV 4%

4%

GSP#6

PTT: Gas Business

7/15

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

Thailand’s Market Share

34%

9%13%

10%

8%

24%

3%Others

8/15

1Q/10 1Q/11 YoY

Gross Margin-Oil Marketing ¹ (Bt/Liter)

0.92 0.81 -12%

Sales Volume (PTT only)

(MM Liter)

3,545 3,714 5%

Trading Margin(Bt/Liter)

0.05 0.08 60%

Trade Volume (PTT only)

(MM Liter)

14,081 13,063 -7%

Source : Department of Energy Business, PTT (Excluded supply sales and LPG & propane sold to Petrochem) ¹ Gross Margin included PTTRM

Trusted Brand 2011 :Thailand’s Top Brand in Platinum Award for service station

• Best in class operation

o Depot & Logistics management

• Increase non-oil businesso Life station, Jiffy and Café Amazon

o Renew 7-Eleven contract

• Grow Internationally

o Retail & Lube in Asia

o Expand trading network

1,3021,699

2,073

1,647

2,455 2,431

1,799 2,393

2,501

2,134

2,5392,672

1Q/10 1Q/11 QTD

3,165

6,178355

640

546

1,371

100

31

1Q/10 1Q/11

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

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

Unit : US$/Ton

HDPE1/

Ethylene1/

MEG1/

Naphtha2/

PP1/

Propylene1/

Unit : MM Baht

4,166

8,220

97% YoY

Olefins Derivatives Product prices Net Income (100%)

9/15

Others

HMC Polymers

PTT Phenol

PTTCH

Phenol 1/

AN1/

MMA1/

BPA1/

9501,216

1,153

1,3131,372 1,389

1,2561,235

1,291

659916

879

1,340

1,630 1,681

1,175

1,378 1,487

1Q/10 1Q/11 QTD

Upstream Petrochemical prices

Unit : US$/Ton

Major expansion in 2011

Petrochemical Roadmap

2011 2012 onwards

PTT 48.61%

Olefins 2,888 KTA

Polymers 990 KTA

EO-Based 495 KTA

Oleochemicals 819 KTA

HDPE 300 KTALDPE 300 KTA

PTT 40.00%

Phenol 200 KTA

Acetone 125 KTA

Bis-Phenol-A 150 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 KTA

10/15

1,040

1,621 1,519

957

1,148 1,150

659 916879

4.11

12.59

7.49

14.85

1Q/10 1Q/11

Source : PTT, Refining Associates

Note: Weighted Average GRM of PTT’s associates’ complex refineries (TOP, PTTAR, SPRC and BCP)

Weighted Average GIM of PTT’s associates’ integrated refineries (TOP, PTTAR and IRPC)

SPRC’s Net Income is under review F/S

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

1,977

7,228 2,348

4,979

1,161

3,887

2,396

3,499

774

1,424

1Q/10 1Q/11

8,656

BCP

TOP

PTTAR

BCP

IRPC

SPRC

Unit : US$/bbl

Unit : MM Baht

143% YoY

21,017

11/15

Aromatic Prices Net Income (100%)

Benzene¹

A/C GIM

Unit : US$/Ton

Accounting GRM & Accounting GIM

A/C GRM

PX¹

Refining Associates PerformanceDriven mainly by GRM and P2F

Naphtha¹

¹ MOP’S

1Q/10 1Q/11 QTD

2011 2012 2013 2014 2015

PTT 49.10%

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

EURO IV

VLCC 2 MMBBL

PX & BZ Upgrading

• PX 100 KTA

• BZ 100 KTA

Ethanol UBE

400 KLiter/day

HCU Revamp Phase I-PSA

Benzene Derivatives-LAB100 KTA

Power Plant 110 MW

PTT 48.40%Refining Cap. 280 KbpdPX 1,190 KTA BZ 655 KTA CX 200 KTAOther 214 KTA

EURO IV

PTT 38.83%

Refining Cap. 215 KbpdAromatic 367 KTAOlefin 728 KTA Polyolefin 615 KTA

Power plant 220 MW

Propylene Booster

• Propylene

100 KTA

ABS/SAN Expansion

• ABS/SAN 61 KTA

Propylene 237 KTA

PTT 26.64%

Bangchak

Refining Cap. 120 Kbpd

EURO IV

Solar Power Plant Ph I38 MW

Ethanol TAE

365 KLiter/day

Solar Power Plant Ph II

32 MW

Ethanol UBE

400 KLiter/day

Solar Power Plant Ph III 48 MW

Algae Energy30,000 Liter/Day

Palm Plantation45 Tons/Hour

Expansion project

Refining RoadmapFocus on value creation and products quality improvement

12/15

1Q/10 1Q/11

Sebuku

Jembayan

8.5 910.7

11.514

17

2008 2009 2010 2011 Target

2012 Target

2013 Target

Sebuku

Jembayan

72 82

13

PTT: Coal business

13/15

13

Expected production boost-up from the Northern lease license

Sales Volume & Price

Avg. selling price US$/Ton

2,679

Production Profile

Unit : MM Ton

122

3

JORC Coal Reserves

(Total 125 MM tons)

Unit : MM Ton

JORC Coal Resources

(Total 1,505 MM tons)

605

900

Sebuku

Jembayan

As of 9 May 2011

Sebuku

Jembayan

2,214

Unit : KTon21% YoY

11

41

1Q/10 1Q/11

272% YoY

Net Income (100%)

Unit : MMUSD

449,020 540,857

75.9100.5

42,825 51,853

22,775

34,524

1Q/10 1Q/11

Unit : MM Baht

Financial Performance

Dubai ($/bbl)

1Q/11

US$

17,620 mm

US$

1,689 mm

8.04 12.12

Revenue

EBITDA

Net Income

EPS (Baht/Share)

1Q/11 Net income increased more than 50% YoY

14/15

52%52% YoY

21% YoY

20% YoY

US$

1,125 mm

PTT-Oil & Trading

PTT-Gas

PTTEPOthers

OthersPTT-Oil & Trading

PTT-GasPTTEP

PTT

PTTEP

Petrochemical

Refining

Others

Economic & Market Outlook

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

• Thai economy is also expected to expand in line with global economy. NESDB estimated 2011 growth in the range of 3.5 – 4.5%.

• Crude oil price is expected to move in the range of $95-115/bbl.

• Average market GRM is expected in the range of $6-7/bbl from higher demand.

• Olefins petrochemical market spread is expected to decrease from additional capacities from Middle East.

• Aromatics petrochemical spread margin is expected to narrow from seasonal demand, additional capacities, and higher feedstock costs .

2011

2Q/11

15/15

Thank you

PTT Public Company Limited – Investor Relations DepartmentTel. +66 2 537-3518, Fax. +66 2 537-3948, E-mail: ir@pttplc.com

http://www.pttplc.com, http://www.twitter.com/PTTIR

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

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.

Disclaimer

Highlights

17

• Record high in 1Q Net Income of Baht 34,524 mm

• Dubai surged QoQ from $84/bbl to $100/bbl

• Petrochemical prices increased QoQ by 8-30%

Key performance

• PTTCH & PTTAR merger, completing by August 2011

• PTT MCC Biochem, 50% PBS joint venture with Mitsubishi

• PTT Energy Solutions, investing 40% with TOP, PTTAR, IRPC

• Lao Xayaburi Hydro Power, under EIA process

• Nava Nakorn Electricity Generating, investing 30% with NNCL, RATCH

Investment

Thai Premier Multinational Energy Company

Highlights

18

• GSP#6 1Q volume at 142 KT, full capacity at 1.87 MTA

• LPG/NGV capped price extended to Sep 30, 2011

• SAR, Indonesian Sebuku’s Northern Leases license acquired

• Canadian Oil Sands 1Q volume at 3,880 BOED, currently at 8,000 BOED

• Montara to start commercial operation within 1Q/12

• PTTCH’s HDPE and LDPE units started operation in 1Q/11

• HMC Polymers’s PDH unit start-up in Feb 2011

• PTT Phenol’s Bis-phenol-A unit started operation in Apr 2011

Operation

• Fitch Ratings upgraded PTT’s outlook to A-(Stable)

• PTTEP, 10-year debenture of 700 MMUSD issued at 5.692% p.a.

Finance

Thai Premier Multinational Energy Company

Gas 36%

LNG 3%

Oil & Trading 4%

R&D / Others 4%

Others

26,509 29,87120,986

32,134

10,205

41,47056,703

28,124

28,282

19,334

R&D / Others

JV

LNG

Oil & Trading

Gas

CAPEX 2011 - 2015 330,052

Committed projects 235,814

M&A opportunities 94,238

94,091

58,339

Unit: MM Baht

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

79,276CAPEX Breakdown : 5 Years

By Business Unit64,889

2011 2012 2013 2014 2015

33,456JV

53%

19

% share

Unit : MM Baht 1Q/10 1Q/11 YoY 1Q/10 1Q/11 YoY

PTT Company Only 13,287 19,628 48% 13,287 19,628 48%

Less: Dividend Received 2,601 5,466 110% 2,601 5,466 110%

PTT Net operating Income 10,686 14,162 33% 10,686 14,162 33%

E&P - PTTEP 10,243 10,979 7% 65.32% 6,769 7,244 7%

Petro. - PTTCH 3,165 6,178 95% 48.61% 1,536 2,923 90%

- HMC/PPCL/PTTPL/PTTPM/PTTAC

/ PTTME/PTTTANK1,001 2,042 104% 40-48% 423 948 124%

4,166 8,220 97% 1,959 3,871 98%

Refining - TOP1,977 7,228 266%

49.10% 7572,525 234%

- IRPC 2,396 3,49946%

38.83% 805 1,460 81%

- PTTAR2,348 4,979 112%

48.40% 1,1702,265 94%

- SPRC1,161 3,887 235%

36.00% 3161,374 335%

- BCP774 1,424 84%

26.64% 209306 46%

8,656 21,017 143% 3,257 7,930 143%

Inter - PTTAPM, PTTGE,EMG,PTTML -797 -603 24% 100% -798 -581 27%

Gas &

Utilities-TTM/PTTNGD/IPT/TP/DCAP/CHPP 989 832 -16% 20-100% 482 349 -28%

Oil & Oth.- PTTRB/PTTT/SBECL/THAPPLINE/

/PTTCL/TLBC/ICT/EnCo416 1,610 287% 33-100% 420 1,549 269%

Shared of Net Income from Affiliates 23,673 42,055 78% 12,089 20,362 68%

PTT Conso. Net Income 34,359 56,217 64% 22,775 34,524 52%

Performance 100% Equity Method % PTT

PTT Group Performance improved YoY

20

11.012.6

0.4 0.5

1.4 1.6

2010 1Q/11

496,661 547,260

368,515

421,927

206,348

225,140

157,585

127,362

557,414 580,813

371,029 382,912

300,666

357,964 Other Liabilities

PP&E

Others Non-

currentAssets

OtherCurrentAssets

L/TLiabilities(incl. due within 1 yr)

TotalEquity

Unit : MM Baht

Cash & S/T Invest

Statement of Financial Position: Solid and Secured

• Gas Seperation Plant#6

• 40% KKD Oil Sand

Net Debt/EBITDA

Net Debt/Equity

ICR

Strong Financial Position

• Treasury policy

− Net Debt/Equity < 1.0

− Net Debt/EBITDA < 2.0

• PTT ratings at sovereign level

− FC : Moody’s (Baa1), S&P (BBB+),

JCR (A-), FITCH (BBB)

− LC : Moody’s (Baa1), S&P (BBB+),

JCR (A), FITCH (A-)31 Dec10 31 Mar 11

1,229,109

• Ethane Separation Plant

• WIP of Montara & Bongkot,

PTTLNG, PTT Asahi, GSP6,

& PTT Tank

Growing Assets with strong financial position

1,321,689

8% YoY

21

1Q10 1Q11 1Q10 1Q11

Operating 39,980 47,767 CAPEX & Investment (29,886) (96,153)

EBITDA & Non-Cash Adjustment 43,475 53,198 CAPEX (PP&E, Intangible asset) (22,103) (22,842)

Changes in assets & liabilities (3,494) (5,431) Share Investment (7,493) (471)

Investment (Sub. &Affiliates) (1,396) (73,510)

Others 1,105 670

Free Cash Flow Finance 1,454 17,126

10,094 (48,386) Long-term Loans 19,703 26,795

Repayment Loans (7,672) (583)

Redemption Bonds (7,500) (7,000)

Interest Paid (3,360) (3,936)

Share Issued 367 1,942

Dividend Paid (83) (92)

Adjustment (1,151) 454

Effect of FX on Cash & Cash Equivalent (997) 517

Currency Translation Differences (154) (63)

Ending Cash & Cash Equivalents

Beginning Cash & Cash Equivalents

Cash in (Out)

114,573 104,995 104,177 135,801 10,396 (30,806) 22

Statements of Cash flows For the March 31, 2011 & 2010

Unit : MM Baht

22

Debt Profile : Control Cost & Manage Risk

Debt Portfolio

Managed debt according to financial risk and policy

23

ConsolidatedPTT OnlyUnit : MM Baht

As of 31 Mar 2011

193,454 197,877 190,828

258,991 255,860 248,666

63,979 68,308 68,478

84,147114,442 133,562

31 Dec 09 31 Dec 10 31 Mar 11 31 Dec 09 31 Dec 10 31 Mar 11

USD

THB

343,138

266,185257,443

370,302

259,306

382,228

(26%)

(35%)

(74%)

(65%)

(25%)

(75%)

(26%)

(74%)

(31%)

(69%)

(25%)

(75%)

: Cost of debts ~ 4.98 %

: % fixed-rate ~ 88.81%

: Avg. debt life ~ 7.7 years

: Cost of debts ~ 4.37 %

: % fixed-rate ~ 79.57 %

: Avg. debt life ~ 6.5 years

Note : Data as of 31 Mar 2011 (THB/USD = 30.4348 THB/JPY = 0.36935 ) Excluding liabilities from finance leases; Cost of debts includes withholding tax.

311359

1Q/10 1Q/11

183,888 201,550

73,388 69,742

1Q/10 1Q/11

Liquid

Gas

PTTEP: Operating and Financial performance

Sales Volume

Net Income (100%)

Product price

Earnings continuously improved from both sales volume and price

69.36 94.79

42.29 49.36

5.24 5.60

1Q/10 1Q/11

257,276 271,292

Unit: BOED5% YoY

1Q/11 Product Mix

By Volume By Revenue

24

Liquid ($/bbl)

Weighted avg. ($/BOE)

Gas ($/MMBTU)

Unit: MMUSD15% YoY

1Q/10 1Q/11

Jet/IK

Fuel Oil

Gasoline

LPG

Diesel

1Q/10 1Q/11

Petrochem

Refined Product

Condensate

Crude

0.08

0.85

0.05

0.96

34%

9%13%

10%

8%

24%

3%

25

PTT : Oil Marketing and International Trading BusinessMarket leader in oil retails at 34% market share

Unit : MM liters

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

Oil Marketing : sales volume ~260 KBOE/d

Int’l Trading : trade volume ~913 KBOE/d

Unit : MM liters

Source : PTT (excluded inter company volume)

Others

Gross Margin – Oil Mktg.

Trading Margin

Unit : Baht/Liter

Thailand’s Market ShareAs of March 2011

Source : Department of Energy Business, PTT

3,714

13,06314,081

1Q/10

1Q/11

1Q/10

1Q/11

5% YoY

3,545

7% YoY

13%

10%

15%

21%

41%

5%

14%

14%

67%

Coal

PowerPalm Plantation

Pipeline

8.5 9 10.711.5

1417

2008 2009 2010 2011 2012 2013

Jembayan Sebuku

Future Growth of PTT

PTT International

Unit : MM Ton

2011 Xayaburi Hydro 1,285 MW

2012Onwards

Expanding in neighboring

countries

SAR

PTT Green Energy

EMG (Egypt)

• 130,000 Ha land acquired

o Additional 70,000 Ha in 2011

• 14,000 Ha plantation

o Additional 10,000 Ha in 2011

• Upcoming 45 T/Hr CPO Mill in 2011

• Acquired Izin Prinsip for the Northern Leases at Sebuku

• Potential reserves in Brunei & Madagascar projects

• Investing 25% in EMG

• Offshore natural gas pipeline system

from Egypt to Israel

• 2010 Sales volume = 2.1 BCM/y

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

26

Business Areas ActivitiesCompany PTT’s holding (%)

Our major businesses & activities

E&P

Gas

PTTEP 65.32% Exploration and Production

PTT PLC

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

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

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

Upst

ream

Oil Marketing

Int’l Trading

Dow

nst

ream

Refining &

Petrochemical

(Aromatics)

TOP 49.10%

PTTAR 48.40% Integrated Complex Refinery & Petrochemical

IRPC 38.83%

SPRC 36.00% Stand alone Complex Refinery

BCP 26.64% Complex Refinery & Retail Stations

PTTCH 48.61% Gas-based Olefins Chain PetrochemicalPetrochemical

New

Busi

ness

International PTT Inter 100% Overseas investment arm of PTT :

Coal, New energy and related businesses

27

PTT PLC

• Oil Marketing 100% Retail service Stations and commercial Marketing

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

petrochemical products

28

PTT’s Strategic Importance to the Thai Economy

PTT has the largest market cap on the SET

Data as of 18 March 2011

OTHERS 73.7%

PTT11.8%

PTTEP6.7%

PTTCH2.7%

TOP1.9%

IRPC1.4%

PTTAR1.3%

BCP & OTHERS

0.5%

PTT Group26.3%

Ministry of Finance holds majority stake in PTT

Public, 34%

Ministry of Finance,

51%

Vayupak Fund, 15%

Thai Premier Multinational Energy Company

SET Market Cap = Baht 8.7 trillion

Data as of 9 May 2011

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

Thailand’s projected energy demand

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

Commercial Primary Energy Consumption

40%

33%

13%12%

Oil

Natural Gas

Coal/Lignite

Hydro/Import

KTOE

27%

28%

19%

7%

16%

Renewable2%

Source : EPPO/ PDP 2010/ PTT team analysis

161,323

138,599

118,986

102,264

86,689

32%

38%

15%

13%2%

28%

32%

17%

6%

15%

30%

36%

16%

3%

15%

3%

2%

29

0

1,000

2,000

3,000

4,000

5,000

6,000

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

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

Source : PDP 2010

Power

GSP

Industry

77%

17%

8%

1,970

11%

16%

19%

68% 61%

Gas demand forecast (CAGR during 2010-2030): Total ~ 1%: Power ~ 1%: GSP ~ 2%: Industry ~ 3%: NGV ~ 1%

15%

NGV4%

4%

5,236

30

mmscfd

3131

Natural Gas Price Structure

CustomersSales Price Structure

Gas Pool Price Supply Margins Pipeline Tariffs+ +

Power Producers 61%

: EGAT 30%

: IPP 19%

: SPP 12%

Average Purchased Gas Price

1.75%

1.75%

9.33%

21.7 Bt/MMBtu

GSP 21% Charged at the same price structure of power producers

Petrochemicals Feedstocks:

Reference to Saudi Aramco’s contract price

Industry 12% Charged at prices comparable to fuel oil

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

NGV 6% Capped at 8.5 Baht/Kg*

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

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

NGL Reference to Naphtha market price

Local Cooking Gas

Export Cooking Gas

Capped at ~330 USD/ton

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

32

91.1

116.8 113.3

52.744.1

59.1

67.975.4 75.9 78.0 73.9 84.4

100.5

0

20

40

60

80

100

120

140

160

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

Dubai FO ULG95 MOP'S HSD MOP'S

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

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

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

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

Oil Prices Movement: Our Key Value Driver

USD/BBL

Price (USD/BBL)

Crude FO Gasoline HSD

1Q/11 vs 4Q/10 19% 23% 19% 24%

1Q/11 vs 1Q/10 32% 28% 28% 39%

Petroleum prices

32

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

33

Aromatics prices

$/Ton$/Ton

LPG Naptha PP HDPE

1Q/11 vs 4Q/10 7% 25% 15% 8%

1Q/11 vs 1Q/10 21% 26% 22% 14%

Benzene ParaXylene

1Q/11 vs 4Q/10 20% 30%

1Q/11 vs 1Q/10 26% 56%

832861

854 916

1,510

1,6301,607

1,372

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

LPG Naphtha PP HDPE

Petrochemical prices

1,051

1,148

1,169

1,621

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Benzene PXSource: PLATTS & ICIS 33

Petrochemical Market Reference Prices: Driven by Crude Oil Price

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%

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%

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%

Others Fair ValueBangkok Aviation Fuel Services Plc. BAFS 7.06%

34

Others

Subsidiaries ConsolidatePTT Exploration & Production Plc. PTTEP 65.32%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 ProportionateTrans 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 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%

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 48.61%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%

Refining Associates EquityThai Oil Plc. TOP 49.10%PTT Aromatics and Refining Plc. PTTAR 48.40%IRPC Plc. IRPC 38.83%Star Petroleum Refining Co., Ltd. SPRC 36.00%Bangchak Petroleum Plc. BCP 26.64%

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%

International Trading Business Group

Subsidiaries ConsolidatePTT International Trading Pte. PTTT 100.00%

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

Petrochemicals & Refining Business Group

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

E&P and Gas Business Group Oil Business Group

Data as of 31 March 2011

Dividend Policy & Historical Payments

35

PTT’s minimum payout ratio

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

UNIT : Baht / share

7.718.75

13.43

22.40

30.57

34.14 34.82

18.33

21.06

29.26

2.50 2.854.00

6.75

9.2510.50 11.50

8.00 8.5010.25

25% 25%

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

43.6%40.4%

35.0%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

EPS DPS % Dividend Payout

Balance All Stakeholders’ InterestsStrategic Framework

Sustainable growth, DJSILONG

Top quartile ROIC in all businessesSTRONG

Global Fortune 100BIG

HPO

CG CSR

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

Thai Premier Multinational Energy Company

Sustainable Growth Strategy

Economic

Social Environmental Partners

ShareholdersShare

holders

Partners

People &Society

Employees

Customers

Nation

People &

Society

Nation

Customers

Employees

Enhance through

PTT Group’s Vision & Aspiration

Shareholders

Partners

36

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

155th Fortune Global 500 of 2010(118th in 2009 / 135th in 2008) 196th The Biggest Listed Companies in the

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

Best CEO 2010Best CFO 2010Best Managed Company 2010Best Corporate Governance 2010Best Investor Relations 2010Best Corporate Social Responsibility 2010Best Commitment to Strong Dividend Policy 2010

Asian Corporate Director Recognition Awards 2011

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

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

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

of the Best• Outstanding Leadership Award• Outstanding Innovation Award

37

Strong Immediate Synergies and Identified Long Term SynergiesPTTAR and PTTCH merger

38

New Products OpportunitiesPTTAR and PTTCH merger

39