12 th CalGEMs. Merill lynch. 3-5 June 2008

Transcription

1 12 th CalGEMs Merill lynch 3-5 June 2008

2 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 uncertainties. No assurance is given that future events will occur, that projections will be achieved, or that the our assumptions are correct. Actual results may differ materially from those projected. 2

3 About Thailand Contents Introduction to PTT Activities & Operational Results Financial Performance Conclusion 3

4 About Thailand General Information Population : 65 million Area (sq.km) : 513,100 Climate : Tropical Climate Weather: Avg C Middle East Russia Mongolia China Korea Japan Economic Information GDP (2007) : US$ 262 trn GDP Growth : 4.8% India Thailand 2007 Energy Information Total Petroleum Supply : 1,592 KBD Total Petroleum Demand & Export: 1,488 KBD Crude Oil : 1,013 KBD Domestic Demand : 1,303 KBD -Import(incl.refined prod.) 820 KBD (81%) - Refined Products 724 KBD - Domestic 193 KBD (19%) - Natural Gas 579 KBD Natural Gas : 579 KBD Export : 185 KBD - Import 158 KBD (27%) - Refined Products 133 KBD - Domestic 521 KBD (73%) - Crude Oil/Condensate 52 KBD 4

5 About Thailand Contents Introduction to PTT Activities & Operational Results Financial Performance Conclusion 5

6 PTT s Strategic Importance to the Thai Economy Ownership : Ministry of Finance Direct and Indirect ~ 68%, Public ~ 32% PTT (Baht/sh) PTT has the largest market cap on the SET Mkt. Cap (MMBaht) % Others 67% Data as of 21 May 2008 PTT 15% PTT has outperformed the market since IPO on 6 December 2001 PTT +963% SET +190% Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Data as of 21 May 2008 Affiliates 18% SET PTT Group PTT PTTEP PTTCH TOP IRPC PTTAR BCP OTHERS 6,930,665 2,301,563 1,071, , , , ,225 92,613 14,437 10,272 SET ,200 1,700 1, PTT represents a large portion of the Thai Economy Bn Baht 10,000 9,158 6,931 7,500 5,000 2,302 2,500 1,071 0 GDP PTT Group (25.1% GDP) Data as of 21 May 2008 Public 33% Vayupak Fund 1 15% Ministry of Finance 52% SET (75.7% GDP) PTT (11.7% GDP) Shareholders structure as of 21 March 2008 Ministry of Finance holds majority stake in PTT Thailand s only fully-integrated Oil and Gas Company with leading position in E&P, transmission, refining, marketing & trading of Petroleum and Petrochemical products Key driver of Thailand s economic growth and industrial development 6

7 Recognition: Confidence & Credibility PTT is widely recognized among business community both local and international PTT ratings are comparable to sovereign ratings Foreign : Moody s (A2) / S&P (BBB+) / JCR (A-) Local : Moody s (A2) / S&P (A-) / JCR (A+) Platts Top 250 Global Energy Companies th worldwide, 4 th in Asia/Pacific Thailand s Business Leader of the Year: th /2008 Global 2000 The Biggest Listed Companies In The World (354 nd /2007, 372 nd / th /2005 & 461 st /2004) 207 th /2007 Global 500 The World s Largest Corporations (265 th/ / rd /2005 & 456 th /2004 ) 1 st : Best CEO in Thailand 2004 & st : Best Investor Relations in Thailand 2008 : Asia s Best Managed and Governed Companies Poll : The Best Managed Company in Asia/in Thailand/The Oil & Gas Sector 1 st in Thailand / 2 nd in Asia in 2006 : The Best Company For CG The Best For Disclosure & Transparency The Best For Shareholders Right & Equitable Treatment 1st : Large-Cap Corporate 2005/ st : Best CFO 2006 / 1 st : Best IR st : Best Managed Company 2005/ st : Best CG 2005/ st : Asia s Best Companies on Corporate Governance 2006 & 2007 Global Top 40 Executives in Chemical by ICIS 2006 Trusted brands 2007 in oil station For Board of the Year Awards 2007/2005 & 2006/2003 & 2004/2002 Best State Enterprise 2007 Awards 1. Best Performance 2. Best Managed company Commitment to Social and 3. Social and Environmental Environmental Issues Commitment Commitment to Energy Saving 2007 SET Awards 1 st : Best CSR st : Best IR 2006 and Distinction in Maintaining Excellent CG Report st : Best CEO of the Year st : Best Performance st : Best CG Report

8 Strategic Intents Drive Specific Sector Actions Focusing on business management execution through the PTT business groups Business Areas Activities Strategic Intents Major Operator (%) Core Value Creators E&P Gas PTTEP 65.72% 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 natural gas for Petrochemical s feedstock Indochina Basin Major LNG Value Chain Int l Platform Growth Value Creation Enhancement Integrated Value Enhancers Oil Marketing Int l l Trading Refining & Petrochemical Petrochemical 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 TOP 49.10% Integrated Complex Refinery & Petrochemical PTTAR 48.66% Integrated Complex Refinery & Aromatics IRPC 33.69% Integrated Refinery and Petrochemical SPRC 36.00% Stand alone Complex Refinery BCP 29.75% Hydro-skimming Refinery & Retail Stations PTTCH 49.30% Gas-based Olefins Chain Petrochemical Reduce Cost Enhance Profitability Group Trading Full Trading Activities With Global Network Enhance Value thru De-bottlenecking, Upgrading, and Petchem Integration Synergy/Amalgamation Downward Integration/ Higher-Value Products Market Back Strategy 27 8

9 Performance Highlights : 1Q/2008 Results Unit : MMBaht 297,714 14,945 17,877 62, , ,788 14,555 22,898 69, , % YoY +13% QoQ 489,890 8,846 23,715 69, ,711 Revenues 1Q/2008 Revenue Breakdown Int l Trading 55% 13% US$15,046 mm 5% 2% 25% Gas PTTEP Petrochem Oil Marketing 89, , ,133 1Q/2007 4Q/2007 1Q/2008 Oil Marketing Int'l Trading Gas PTTEP Petrochem Note : All figures after restatement; Segmentation of Revenues do not include others and eliminations Despite the deconsolidation of PTTCH, revenue increase due to higher sales volume and sales price 80% of revenue contribute from retail oil marketing & int l trading 9

10 Performance Highlights : 1Q/2008 Results EBITDA Unit : MMBaht 32,876 35,026 3,405 4,139 17,884 15,285 11,148 13, % YoY +5% QoQ 36, ,884 13,502 1Q/2008 EBITDA Breakdown PTTEP 53% Petrochem US$ 1,131 mm Oil Marketing 1% Int l Trading 5%4% 36% Gas TM 13% S&M 9% GSP 13% Others 1% 1,548 1, ,979 1, Q/2007 4Q/2007 1Q/2008 Oil Marketing Int' Trading Gas PTTEP Petrochem EBITDA increase mainly from PTTEP s higher sales volume and sales price Note : All figures after restatement; Segmentation of EBITDA do not include others and eliminations 10

11 Performance Highlights : 1Q/2008 Results Net Income Unit : MMBaht 22, ,754 1,505 1,346 4,387 8,806 6,124 2,876 1,351 4,229 4,451 5, ,690 3,052 6,008 11, Q/2007 4Q/2007 1Q/2008 PTT Gain on Disposal PTTEP PTTCH Petrochem Asso. Refining Asso. Other Asso. After Exp. From Judgment of Supreme Admin. Court 24, % YoY +7% QoQ 26,133 1Q/2008 Net Income Breakdown Petrochem Aff. Refining Asso. 12% PTTEP 18% Other Asso. 23% 2% US$803 mm 45% PTT Net income increased mainly due to the increase in PTT and PTTEP s sales volume & sales price despite the decrease in contribution from refining associates due to the low aromatic s product to feed margin. Note : Categorized IRPC under Refining Affiliates Other Affiliates comprise of THAPP, TLBC, PA(THAI), VLPG, KPL, PTTUT, IPT, TP, PTTICT 11

12 About Thailand Contents Introduction to PTT Activities & Operational Results - PTTEP - PTT - Petrochemical Associates - Refining Associates Financial Performance Conclusion 12

13 PTTEP: The only Exploration and Production Arm of PTT Create high returns with significant growth potential Operations : 40 Projects in 14 Countries Proved Reserves 946 mmboe Middle East (4) Oman Iran Bahrain North Africa (3) Algeria Egypt South Asia (1) Bangladesh Asia Pacific (13) Myanmar Vietnam Malaysia Indonesia Cambodia Thailand (17) Australasia (2) New Zealand Australia By Product Liquid 21% Gas 79% By Geography Overseas 32% Domestic 68% Reserves Replacement Ratio 1.31 Reserve Life Index (year) 12 Projects Exploration 24 Development 4 Production 12 Total 40 13

14 PTTEP: Strong Volume Growth with Potential Upside PTT, as a major Shareholder, holds 65.72% in PTTEP 40,000 30,000 20,000 10,000 MMBaht 0 Sales Vol. (boed) Avg. Sales Prices ($/boe) Strong Earnings %YoY Revenue + 33% - 2% EBITDA + 26% + 5% Net Income + 32% + 19% Revenues EBITDA NI Sales Volumes and Price %QoQ 26,840 26,287 19,731 18,187 19,183 ($589 mm) 15,247 6,771 7,480 8,905 ($274 mm) 1Q/07 4Q/07 1Q/08 %YoY %QoQ + 6.6% +1.3% +36.2% +4.2% ($807 mm) 2008 Target Sales volume target at 223,000 BOED Exploration & appraisal drilling program ~61 wells, incl. 35 wells in Thailand Main Project Start-up - Arthit 1Q/2008 at 330 mmscfd - Arthit North 3Q/2008 at 120 mmscfd - Vietnam 9-2 3Q/2008 at 20,000 BBLD - MTJDA 2H/2009 at 270 mmscfd 1Q/2008 Product Mix By Volume By Revenue Gas 68% Liquid 32% Gas 43% Liquid 57% 171, , ,431 1Q/07 4Q/07 1Q/08 Source: PTTEP analyst meeting, 7 May 2008 Gas (US$/MMBahtu) 4.95 Liquid (US$/bbl) Avg. sales price (US$/boe)

15 PTTEP: Sales Volume and Investment Profile Sales volume increases due to new projects coming on-steam; with continuous investment 000 BOED Unit : Bt mm Expected Sales Volume 5-Year CAGR = 7 % Arthit Arthit North Vietnam 9-2 MTJDA Others Oman Yetagun Yadana B8/32 & 9A S1 Pailin Bongkot Additional ST-Upside Vietnam 16-1 Algeria M9 CAPEX 59,804 50,054 32,725 27,629 21, ,105 OPEX 21,427 19,268 19,142 18,264 16,691 94,792 Note: The above CAGR does not include volume from additional ST-Upside projects. ~ $6 bn ~ $3 bn 15

16 PTTEP: Potential and Upcoming Projects เต ม A4, C1 W. Corridor/Myanmar MTJDA BLOCK B-17 M3 M4 M3 M4 M7 M9 M7 M9 M11 M11 OCA* - Cambodia *OCA = Overlapping Claim Area E.Natuna-Indonesia Natuna Expand to cover Indochina Basin Major to seek more gas reserves that can directly be a part of domestic transmission systems while maintaining petroleum reserve at high level

17 PTT: Transmission Pipeline Network Sole owner and major operator of transmission pipelines in Thailand MYANMAR LAOS Gas Transmission Pipelines Yadana Yetagun Karnchanaburi Ratchaburi Thap Sakae Khanom Tha Luang Expansion Under Master Plan 3 TTM Pipeline SBK Puhom Nampong Kaeng Khoi Wang Noi BangPakong Rayong Existing 1 st Pipeline Existing 2 nd Pipeline Benjamas Tantawan Platong Chevron Add. Erawan PRP Arthit FPSO Pailin Arthit Pailin Add. Bongkot South Bongkot JDA CAMBODIA Current Capacity of 4,380 mmscfd Current pipeline length: 3,180 km - Onshore: 1,397 km - Offshore: 1,783 km Key projects are strategically linked and timely corresponding to meet demand Major pipeline under construction: JDA Arthit - PRP COD ~ 2Q/2008 Sainoi - North Bangkok COD ~ 2H/2009 Power Plant Gas Field COD : Commercial Operation Date 17

18 PTT: Pipeline Business - Strong Demand with New Sources of Supply Existing pipeline s capacity ~ 4,380 MMscfd Gas Sales Volumes heat 1, Customer Profile EGAT IPP SPP GSP Industry 3,346 3,167 3,016 2,970 3,319 3,318 3,138 3,105 3,061 3,013 3,284 3,075 2, avg. 3, avg. 3, avg. 2,996 3, % YoY +2% QoQ 3,284 3, , % 18% 14% 29% 27% 1Q 2Q 3Q 4Q 1Q/2007 4Q/2007 1Q/2008 Gas flow in 1Q/2008 increased by 6% YoY after the 3 rd pipeline started commissioning Gas flow is expected to have ~9% growth in 2008 from Arthit and JDA A-18 gas fields Power producers are still the major buyers of NG supply (~70%) 18

19 PTT: Natural Gas Sales Customer Breakdown During mmscfd 3,500 3,000 2,500 2,000 1, , ,000 By Unit CAGR 9% Industry GSP SPP IPP 3, % 90% 80% 70% 60% 50% 40% 30% 7% 16% 9% 69% By percentage Industry GSP SPP IPP 11% 17% 14% 26% 500 1,083 EGAT 1,040 20% 10% EGAT 32% % Power producers are still major buyers of NG supply (~70%) EGAT proportion is decreasing while IPP and SPP is increasing Industrial usage proportion, with higher margin, is increasing 19

20 PTT: Gas Separation Plants GSP is designed to extract higher product value from natural gas Rayong GSP #1-3 & #5 Gas Separation Plant 5 existing gas separation plants with production capacity of ~4.1 MTA GSP products price linked to world market price Additional capacity GSP#6 : 1.8 MTA COD ~ 1H/2010 Ethane Plant: 0.8 MTA COD ~ 1H/2010 Nakornsri thammarat GSP #4 Production Capacity Existing by Ethane Propane/LPG Natural gasoline Total

21 PTT: Gas Separation Plant - 1Q/2008 Performance Product Prices ($/ton) 1,462 1,607 1,266 1,264 1,394 1, Note: 1/ South East Asia Spot Price 2/ Contract Price (CP 50:50) 3/ MOP Singapore Sales Volume (x 1,000 tons) Q/07 4Q/07 1Q/08 LPG NGL Ethane Propane Sales volume in 1Q/2008 increased 19% YoY due to more gas supply after the 3rd pipeline start commissioning +19% YoY -7% QoQ 1,107 1, Q/07 4Q/07 1Q/08 HDPE 1/ PP 1/ Naphtha 3/ LPG 2/ Feedstock (NG) 5% 26% 13% 57% Price ($/ton) HDPE PP Naphtha LPG-CP Feedstock (NG) Sales Volume Total Propane Ethane NGL LPG %YoY 27% 20% 51% 58% 9% 1Q/08 %QoQ 10% 8% 8% 10% 3% 1Q/08 %YoY %QoQ 19% (7%) (31%) 3% 33% (6%) 13% (2%) 21% (10%) Utilization rate increased from 99.2% in 1Q/07 to 101.5% in 1Q/08 21

22 PTT: Oil Business - Strong Leadership Position with No.1 market share PTT is a market leader in oil retails at 35% market share with 1,185 gas stations nationwide. Oil Marketing : sales volume ~ 258 kboe/d Unit : million liters 3, Source : Ministry of Energy: Note : excluded supply sales Int l l Trading : trade volume ~ 991 kboe/d Unit : million liters + 8% YoY -2% QoQ 3,807 3, ,386 1,389 1, Q/07 4Q/07 1Q/08 10,211 1, ,098 7,590 12,075 1, , % YoY + 19% QoQ 14,337 2, ,091 10,617 LPG Gasoline Jet/IK Diesel Fuel Oil Refined Product Petrochem Condensate Crude Thailand s s Market Share As of March 2008 Caltex Others 12% 22% 12% Shell % ESSO % 7% Source : Department of Energy Business Marketing Margin Unit : Baht/Litre 1Q07 4Q07 1Q08 Trading Margin 1Q07 4Q07 PTT BCP 1Q/07 4Q/07 1Q/08 Source : PTT 1Q

23 PTT: CAPEX (Company Only) PTT plans to invest Bt 241 bn ($7bn) during , mostly into expanding gas business Unit: MMBaht CAPEX ,211 58, ,537 2,149 20, A Gas Oil JV HO&Others 65, ,593 4,118 39,933 71, ,048 1,816 54,555 58, ,650 1,885 43,510 28, ,636 1,533 22,140 16, ,729 1,587 13, CAPEX Years CAPEX Breakdown Oil 4% JV 23% HO &Others 1% Gas 72% 65,563 72% of total investment goes to Gas Business Group, which involve the expansion of onshore and offshore gas pipeline capacity, GSPs and NGV stations Sources : PTT (Board approval on 21 Dec 2007) ; FX = Baht 34 per USD 23

24 PTT: Major Infrastructure Expansion Transmission Pipeline & LNG Yadana B a n I Yetagun T o Three Offshore n Pipelines g Total Capacity 4,140 MMscfd TTM Pipeline Total Capacity 1,020 MMscfd Power Plant Gas Field S B K LNG Terminal TM Capacity Existing 4,380 mmscfd By ,980 mmscfd + LNG Terminal 5 MTA (expand up to 10 MTA) Note : Future capacity excludes TTM pipeline Distribution Pipeline Distance Existing 920 km. 10 Provinces By ,650 km. 23 Provinces GSPs Expansion Production (MT) GSP5 GSP4 GSP3 GSP2 GSP GSP6 Ethane NGV Expansion 328,000 55,868 NGV Vehicles NGV Stations SalesVolume (mmscfd) Substitution Target for Diesel/Benzene 20% ( 13.4 Mil Litre) by

25 PTTCH: PTT s Flagship in Olefins Business Biggest Olefins Plant in Thailand and No.4 in Asia with diversified chemical companies Business Value Chain Plastics Ware Shampoo Detergent Biodiesel Shoe Sole Plastic Bag Fabric Pharmaceutical Health & Personal Care 25

26 PTTCH: Capacity Expansion and Diversified Portfolio Lower cost per unit and more stable income stream (PTT holds 49.30%) Performance Product Prices Unit : Bt mm 93% 61% 115 % 10 4 % 102% HDPE Util. Olefins Util. 91% Unit : USD/Ton 1,266 1,462 1,499 1,243 1,607 1,453 1,325 HDPE 1/ MEG 1/ Ethylene 1/ 12,465 3,822 2,674 24,788 9,918 7,989 21,091 7,518 5,715 1, Naphtha 2/ 1Q/07 4Q/07 1Q/08 Revenues EBITDA NI 1Q/07 4Q/07 1Q/08 Note: 1/ SEA spot 2/ MOPS Source : PTTCH s Analyst Meeting 1Q/08 Net profits in 1Q/08 increased 114% YoY due mainly to the increase in products prices and production volume after the debottlenecking of olefins plant I4-1 Started commercial operation of Methyl Ester Unit of Thai Oleochemical Co., Ltd. (TOL), a subsidiary of PTTCH, in February

27 Petrochemical: Strategic Roadmap - Integrated Value Enhancers New businesses are under development to utilize assets, enhance competitiveness, and diversify risks Ethylene 1,276 KTA Propylene 437 KTA HDPE : PTTCH 250 KTA HDPE : BPE 250 KTA MEG : TOCGC 300 KTA Ethoxylates : TEX 50 KTA VCM : VNT 400 KTA Debot I $75MM Ethylene 100 KTA Propylene 50 KTA MEG Expansion $58MM MEG 95 KTA EO Derivatives $45MM Ethanolamines 50 KTA Total Project $170MM Methyl Ester 200 KTA Fatty Alcohol 100 KTA Glycerin 31 KTA PS : TSCL 90 KTA 2009 HDPE Expansion : PTTCH HDPE 50 KTA Total Project Ethane Cracker $1,300MM Ethylene 1,000 KTA LDPE/LLDPE LLDPE HDPE Expansion HDPE EO Derivatives 400 KTA $168MM 250 KTA $28MM Chlorine Chloride 20 KTA HDPE IRAN JV $225MM HDPE 300 KTA 2010 LDPE 300 KTA Total (MM$) 1,899 Phenol $283MM Phenol 200 KTA Acetone 124 KTA $251MM Bis-Phenol Phenol-A A (BPA) BPA 150 KTA 534 PP 450 KTA PDH/PP Propylene PP $638MM 310 KTA 300 KTA 638 AN/MMA $760MM AN 200 KTA MMA 70 KTA 760 Grand Total 3,831 27

28 Refinery Business in Thailand PTT as the strong leadership position, ensures stable supply to downstream and related businesses PTT Group represents 35% of total refining capacity by equity portion TOP (275 kbpd) (PTT 49.10%) ESSO (145 kbpd) RPC (17 kbpd) Total refining capacity ~ 1,137 kbpd IRPC 19% ESSO 13% RPC 1% TOP 24% BCP (120 kbpd) (PTT 29.75%) BCP 11% SPRC 13% PTTAR 19% IRPC (215 kbpd) (PTT 31.50%) SPRC (150 kbpd) (PTT 36.00%) TOP/SPRC/PTTAR complex refineries with potential for upgrade & expansion. Note : Data as of 31 Dec 2007 PTTAR (215 kbpd) (PTT 48.66%) BCP is undertaking Product Quality Improvement project to enhance product mix. 28

29 Integrated Refining & Petrochemical Associated companies PTT Group refineries represent 86% of 1,137 KBD capacity in Thailand Enhance group synergies with world class assets Company (PTT Stake) Refining Capacity Olefins Aromatics Power Others (49.10%) Complex FCCU 1, HCU 2, TCU 3 275,000 bpd PX 489 KTA MX 90 KTA BZ 177 KTA TL 144 KTA IPT TP 700 MW 118 MW TLB : 270 KTA TM : 30,000 DWT 7 (48.66%) Complex HCU, VBU 4 215,000 bpd PX BZ CX MX 540 KTA 307 KTA 200 KTA 76 KTA (33.69%) Complex DCCU 5 215,000 bpd Ethylene Propylene HDPE PP 360 KTA 312 KTA 140 KTA 475 KTA BZ TL MX 114 KTA 132 KTA 121 KTA Power plant 108 MW IRPC Oil THAI ABS IRPC Polyol: 25 KTA (29.75%) (36.00%) Hydro Skimming 120,000 bpd Complex RFCCU 6 150,000 bpd 1,063 oil stations 1) FCCU : Fluid Catalytic Cracking unit 2) HCU : Hydro Cracking Unit 3) TCU : Thermal Cracking Unit 4) VBU : Visbreaking Unit 5) DCCU : Deep Catalytic Cracking Unit 6) RFCCU : Residue Fluid Catalytic Cracking Unit 7) DWT : Dead Weight Tons 29

30 Refining Associates : 1Q/2008 Performance GRM YoY sustained but poor aromatics P2F 106 EBITDA NI %Utl TOP 275 kbpd (PTT 49.10%) SPRC 150 kbpd (PTT 36%) Unit : MMBaht 8, ,043 5,805 5,943 4,621 3,874 1Q/07 4Q/07 1Q/08 PTTAR 215 kbpd (PTT 48.66%) ,694 6,705 4,065 4,436 2,760 1,488 1Q/07* 4Q/07 1Q/08 * Pro-forma financial information for 1Q/2007 of ATC and RRC as amalgamated on 1 January 2008 GRM ($/bbl) Weighted Average GRM of PTT s associates complex refineries (avg) % YoY -36% QoQ 8.3 1Q/07 2Q/07 3Q/07 4Q/07 1Q/08 5,830 3,069 2,132 1,976 2,192 4,167 1Q/07 4Q/07 1Q/08 IRPC 215 kbpd (PTT 33.69%) ,033 2,012 2,135 2,758 1,628 1,633 1Q/07 4Q/07 1Q/08 44 BCP 120 kbpd (PTT 29.75%) 1, , Q/07 4Q/07 1Q/08 30

31 Refining Strategic Roadmap : Integrated Value Enhancers New businesses are under development to utilize assets, enhance competitiveness, and diversify risks Total (MM$) TOP Refining Capacity Expansion (TPX) PX 348 to 489 KTA MX 72 to 90 KTA Ethanol Project (JV) 200,000 Litre/Day (Project Cost $60 MM) TOP invest = $18 MM TLB Specialties Project Cost $61 MM BZ 177 KTA EURO IV ~ 275,000 bpd 691 TL 144 KTA Project Cost $ 282 MM SBM Expansion Project Cost $ 150 MM TOP s Marines (5 Fleets) Project Cost $ 80 MM Project Cost $100 MM PTTAR ~ 215,000 bpd Synergy Proj. Ph. I CRS (Upgrading#1) Condensate Tanks FEED FLEX. Project Cost $ 251MM AR3 (ATCII) : +65 KBD ; PX 616 KTA; BZ 363 KTA; Toluene 60 KTA Project Cost $938MM AR2 (ATC1) Efficiency Improvement Project Cost $ 27 MM Compli. & Environment (Upgrading#2) for EURO IV Project Cost $ 422 MM Synergy Proj.. Phase II CRS Expansion PSA Reformate Splitter&Sulfolane Project Cost $ 217 MM 1,855 BCP ~ 120,000 bpd PQI Project VDU 35 KBD & HCU 25 KBD Project Cost $378 MM Bio diesel Project (JV) 300,000 Litre/Day (Project Cost $30 MM) (BCP 70%) 399 *IRPC ~ 215,000 bpd HDPE Compound_Pipe Power Plant 200MW Project Cost $ 13 MM Project Cost $ 200 MM ABS Expansion Safety & Lay out Improv. Project Cost $ 39 MM Project Cost $ 17 MM Propylene Booster Project Cost $ 50 MM EURO IV Project Cost $ 360 MM Petroleum Improv. Project Cost $ 620 MM Jetty Improvement Project Cost $ 46 MM 1,345 Note : *IRPC s plans are subjected to further study and approval Grand Total 4,290 31

32 About Thailand Contents Introduction to PTT Activities & Operational Results Financial Performance Conclusion 32

33 Consolidated Income Statements With strong commitment to dividend payment Unit : MMBaht 1Q/2007 4Q/2007 1Q/2008 %YoY %QoQ Sales 297, , , Cost of sales (excl. DD&A) 261, , , Contribution Margin 31,421 42,230 41, (2.05) SG&A & Exploration exp. 4,704 9,295 7, (20.82) EBITDA 32,876 35,028 36, DD&A 6,369 7,669 6, (14.16) EBIT 26,507 27,359 30, Shared incomes from assoc. 7,177 8,938 7, (13.43) Interest expenses 2,368 2,608 2, (2.60) Gain from FX. 1,653 1,585 4, EBT 34,527 41,528 40, (2.60) Taxation 8,382 10,718 11, PTT 2,380 3,530 3, PTTEP 5,420 6,668 6, PTTCH (100.00) (100.00) -Others (19.43) NI before Gain and Effect 22,573 22,869 26, Gain on Disposal of Investment (After Tax) - 4, (100.00) Exp./Effect Judgment of Supreme admin. Court - (2,825) - - (100.00) Net Income 22,573 24,495 26, EPS (per share)

34 Net Income (Equity Method) Unit : MM Baht 1Q/2007 4Q/2007 1Q/2008 YoY QoQ Net Income (PTT Only) 12,541 13,550 17,153 4,612 3,603 Less: Devidend Received (3,735) (80) (5,318) (1,583) (5,238) Gain from Investment Disposal - (7,702) - - 7,702 Add: Exp. From Judgment of Supreme Admin. Court 2,825 Net Operating Income (PTT only) 8,806 8,593 11,835 3,029 3,242 E&P - PTTEP 4,387 4,229 6,008 1,621 1,779 Petrochem - PTTCH 1,346 3,955 2,775 1,429 (1,180) - ATC 1, (1,221) (59) - HMC, PPCL, PTTPL, PTTPM, etc ,838 4,227 3, (1,174) Refinery - TOP 2,873 1,972 1,841 (1,032) (131) - PTTAR - 2, (1,561) - RRC (926) - - SPRC 760 1, (56) (801) - IRPC 1, ,208 (19) BCP (19) ,767 6,124 4,690 (1,077) (1,434) Gas - TTM, PTTNGD, PTTINTER, etc. 499 (31) 481 (18) 512 Oil & Others - PTTRB, PTTT, PTTGE, etc. 276 (273) 66 (210) 339 Total Share of Net Income from Affiliates/JV 13,767 14,276 14, Add: Gain from Investment Disposal - 4, (4,451) Less: Exp. From Judgment of Supreme Admin. Court (2,825) Net Income (Equity Method) 22,573 24,495 26,133 3,560 1,638 34

35 Balance Sheets : Maintained Solid and Secured Financial Position Balance Sheets Unit : Bt mm 3rd pipeline started commissioning De-conso RRC De-conso. PTTCH Recognized BCP, IRPC under Equity Method + 1% 892, ,143 Cash & S-T Invest. Other Current Assets Others Noncurrent Assets 753,192 88, , , , % 219,951 81,189 99, , , ,278 Note : Figures after restatement at ending periods 272, , , , ,556 PP&E 356, , , , , , Q/08 Other Liabilities L/T Liabilities (incl. due within 1 yr) Shareholders Equity Strong Financial Position Treasury policy is strictly followed to maintain financial discipline Net Debt/Equity < 1.0 Net Debt/EBITDA < 2.0 ICR Net Debt/Equity Q/08 PTT ratings are comparable to sovereign ratings Net Debt/EBITDA IBD/EBITDA Foreign : Moody s (A2), S&P (BBB+), JCR (A-) Local : Moody s (A2), S&P (A-), JCR (A+) 35

36 Debt Profile : Control Cost & Manage Risk Debt portfolio is structured to natural hedge and minimize financial risks Yen USD THB 7,033 (4%) 43,521 (25%) PTT Only : Cost of debts ~ 5.7% : % fixed-rate ~ 88% : Avg. loan life ~ 7.6 years 176, ,240 6,893 (3%) 45,094 (24%) Debt Portfolio 187,086 7,321 (4%) 42,511 (23%) 73,004 (33%) 125, , , ,131 (73%) (73%) (71%) (64%) Consolidated : Cost of debts ~ 5.5% : % fixed-rate ~ 82% : Avg. loan life ~ 7.5 years 219, ,361 7,033 6,893 (3%) (3%) 53,945 (25%) Unit : Bt mm 215,300 7,321 (3%) 50,906 (24%) 159, ,073 (72%) (73%) Q/ Q/08 Consolidated debt ~Bt215 bn ($6.8 bn) PTT 86% , ,018 PTTEP 9% Others 5% ~ 43% of total loan (Bt82bn) will be repaid within 5 years. 12,772 6,384 60,451 8,097 52,354 : TTM ~ 3.8% : DCAP ~ 0.3% HMC ~ 0.3% PTT s repayment schedule (Company Only) 107,117 7,321 33,273 66,553 < 1Yr 1-2 Yr 2-5 Yr > 5 Yr PTT THB PTT USD PTT JPY Note : Data as of 31 March 2008 (THB/USD = , THB/JPY = ) Excluding liabilities from finance leases; Cost of debts includes withholding tax 36

37 About Thailand Contents Introduction to PTT Activities & Operational Results Financial Performance Conclusion 37

38 Conclusion Supply worries, political problems within the oil producing countries, production quota imposed by OPEC, the weaken of the USD coupled with commodity price speculation are key factors to keep oil price volatile at high level. Rising oil price supported by the delays of new projects in the Middle East and Asia will push petrochemical product prices to sustain at high level. In 2008, domestic demand of refined products is expected to grow by %. Natural gas consumption is expected to expand by 9-10% while the demand for petrochemicals is likely to grow by %. 38

39 Thank you PTT Public Company Limited Capital Market & Investor Relations Department Tel , Fax , ir@pttplc.com, 39

40 Create Value Through Business Chain PTT Group has strong presence in various sectors throughout the hydrocarbon value chain Upstream Intermediate Downstream End Customers Natural Gas Mix Power Plants Electricity Gas PTTEP Natural Gas Crude & Condensate Pipeline Gas Separation Plants Gas Products Industry NGV PTT Stations DCS in Airport LPG & NGL Compressor Logistics Oil NGL Oil Crude Oil Procurement Crude & Condensate LPG LPG Trading Petroleum Products PTTRF Lube Base Plant Olefin gas products Petrochemical Olefins & Aromatics Plants Petrochemical Plants : Intermediates (MEG, Phenol, etc.) Plastic Resins End Products Export Markets 40

41 E&P and Gas Business Group Subsidiaries Consolidate PTT Exploration & Production Plc. PTTEP 65.72% PTT Natural Gas Distribution Co., Ltd. PTTNGD 58.00% PTT LNG Co., Ltd. PTTLNG % Combined Heat and Power producing Co., Ltd CHPP % PTT International Co., Ltd. PTTINTER % Joint Ventures Proportionate 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 Equity Thai Oil Power Co., Ltd. TP 26.00% Independent Power (Thailand) Co., Ltd. IPT 20.00% PTT Utility Co., Ltd. PTTUT 40.00% Others Cost Ratchaburi Power Co., Ltd. RPCL 15.00% Oil Business Group Subsidiaries Consolidate PTT (Cambodia) Co., Ltd. PTTCL % Subic Bay Energy Co., Ltd. SBECL % PTT Retail Business Co., Ltd. PTTRB % PTT Green Energy Pte.Ltd PTTGE % Retail Business Alliance Co., Ltd. RBA * 49.00% Associates Equity Keloil-PTT LPG Sdn. Bhd. KPL 40.00% Thai Lube Blending Co., Ltd. TLBC 48.95% Vietnam LPG Co., Ltd. VLPG 45.00% Thai Petroleum Pipeline Co., Ltd. THAPPLINE 33.19% PetroAsia (Thailand) Co., Ltd. PA(Thailand) 35.00% Others Cost PTT Mart Co., Ltd. PTT Mart 49.00% PetroAsia (Huizhou) Co., Ltd. PA(Huizhou) 25.00% PetroAsia (Maoming) Co., Ltd. PA(Maoming) 20.00% PetroAsia (Shantou) Co., Ltd. PA(Shantou) 15.00% Intoplane Services Co., Ltd. IPS 16.67% Fuel Pipeline Transportation Co., Ltd. FPT 2.76% Others Fair Value Bangkok Aviation Fuel Services Plc. BAFS 7.06% Petrochemicals & Refining Business Group Petrochemical Subsidiaries Consolidate PTT Polymer Marketing Co., Ltd. PTTPM 75.00% PTT Polymer Logistics Co., Ltd. PTTPL % Associates Equity PTT Chemical Plc. PTTCH 49.30% PTT Phenol Co., Ltd. PPCL 40.00% IRPC Plc. IRPC 33.69% Nptc Maintenance & NPTC 40.00% Engineering Services Co.,Ltd Joint Ventures Proportionate HMC Polymers Co., Ltd. HMC 41.44% PTT Asahi Chemical Co., Ltd. PTTAC 47.50% Refining Associates Equity Thaioil Plc. TOP 49.10% PTT Aromatics and Refining Co., Ltd. PTTAR 48.66% Star Petroleum Refining Co., Ltd. SPRC 36.00% Bangchak Petroleum Plc. BCP 29.75% Subsidiaries Consolidate PTT International Trading Pte. PTTT % International Trading Business Group Others Subsidiaries Consolidate Energy Complex Co., Ltd. EnCo 50.00% Associates Equity PTT ICT Solutions Co., Ltd. PTTICT 20.00% Others Fair Value Dhipaya Insurance Plc. TIP 13.33% * Remark : PTT s subsidiaries that PTT holds less than 50% is consolidated because PTT has the power to control the financial and operating policies. Data as of 31 March, 2008 : 147 Total affiliates (Direct 45 ; Indirect 102) 41

42 Energy Consumption : Growing Along with Economic Expansion Decreased dependence on oil, while natural gas expected to become major source of energy supply KBOED % 18% 39% 41% Source: EPPO Commercial Primary Energy Demand Energy consumption forecast (CAGR during ) : Total ~ 5% : Oil ~ 3% 000 GWh : Gas ~ 6% 350 : Coal ~ 5% : Hydro ~ 4% 1,627 CAGR 5 % Hydro Coal/ Lignite Gas Oil 3,113 Nuclear 2% 2% 18% 43% 35% Decreased dependence on oil, while natural gas expected to become major source of energy supply % 6% 5% 20% 66% : Demand Growth ~1,400 MW p.a : Demand Growth ~2,100 MW p.a. Oil 75% CAGR 6% 326 Other 3% 10% Hydro 9% Nuclear Coal/Lignite15% Natural Gas 63% Source: PDP 2007 Power Demand 197 2% 8% 15% Power demand continues to grow with diversification of energy fuel mix. (Revised PDP 2007, call for more Coal/ Hydro Import) Note : Base on GDP growth 4.5% p.a. 42

43 Natural Gas : Strong and Increasing Demand over Long Term Natural gas is a fuel of choice for power producers and increasingly transportation industry mmscfd 8,000 7,000 Gas demand forecast (CAGR during ) 2021) : Total ~ 5% : Power ~ 4% : GSP ~ 5% : Industry ~ 7% 6,851 6,000 Industry 14% 5,000 3,611 GSP 18% 4,000 13% 3,000 1,970 17% 8% 2,000 15% Power 68% 1,000 77% 70% 0 2,000 2,003 Source : PTT based on PDP ,006 2,009 2,012 2,015 2,018 2,021 43

44 Strategic Roadmap : Core Value Creators Infrastructure is under expansion to enhance capability to meet rising gas demand 6,000 5,000 Unit : mmscfd Gas Demand Outlook CAGR ( ) ~ 10% Industry 20% 4,000 3,000 2,000 1,000 11% 17% 72% GSP 20% Power 60% 0 Additional Source of Supply Pipeline GSP Project Completed Pipeline Capacity ~ 4,380 mmscfd Project Completed Production Capacity ~ 4.1 mta Arthit JDA A18 3rd Pipeline ph2 ~ 4,380 ~4.1 JDA B17 Off-shore Compressor ~ 5,580 ~4.1 ~ 5,580 GSP#6 Ethane Plant Note : Pipeline capacity include onshore pipeline to Namphong field of 140 mmscfd ; Board approval data as of December 2007 ~6.7 LNG Bongkot South 4th Onshore Pipeline ~ 6,980 ~6.7 M9 (Potential) ~ 6,980 ~6.7 44

45 Natural Gas Price Structure Gas prices are mostly agreed under long-term contracts and volatility pass-through to ensure stable returns. Customers Gas Pool Price Sales Price Structure + Supply Margins + Pipeline Tariffs Power Producers ~ 70% : EGAT ~ 27% : IPP ~ 29% : SPP ~ 14% Average Purchased Gas Price 1.75% 1.75% 9.33% ~ 19.4 Bt/MMBahtu GSP ~ 18% Petrochemicals LPG Charged at the same price structure of power producers Profit-sharing mechanism based on market prices of petrochemicals Reference to Saudi Aramco s contract price Industry ~ 12% Charged at prices comparable to fuel oil NGV Charged at prices competitive to diesel Contract periods are ~ years or until depletion of gas fields or the expiration of concessions. The current pipeline tariff of 19.4 Bt/MMBahtu is charged to cover fixed costs and provide agreed returns of 18% IRROE Note and : 1Q/2008 expected data to be revised 45

46 Performance Highlights in 1Q/2008 PTT On February 1, 2008, PTT and the Treasury Department have signed the MOU for the rental of assets transferred to the MOF, rental fee of which is calculated based on the revenue sharing concept. The annual rental charge will be at the minimum and maximum of Baht 180 and 550 mm respectively. On April 24, 2008, PTT and MOF have signed the Memorandum for the Separation and Delivery of Assets Separated to the MOF in order to confirm and acknowledge officially that the MOF has received assets of the Petroleum Authority of Thailand which have been separated under the Supreme Administrative Court s verdict at the book value as of Sep 30, 2001 of ~Baht 16,175 mm E&P and Gas Business On February 3, 2008, PTT and Qatargas Operating Company Limited have signed the HOA for the purchase of LNG in the total volume of 1 million tons per annum PTTEP : started up production from the Arthit Project on March 26, 2008 at 80 mmscfd and reached the DCQ of 330 mmscfd on April 25,

47 Performance Highlights in 1Q/2008 (Continued) Petrochemical and Refining Businesses On March 24, 2008, PTT, Asahi Kasei Chemicals Corporation (AKCC) and Marubeni have signed the Shareholders Agreement for joint investment in Acrylonitrile (AN) and Methyl Methacrylate (MMA) projects with the shareholding structure of 48.5%, 48.5% and 3% respectively. Total project cost is ~US$760 mm with 200 KTA of AN and 70 KTA of MMA capacity PTTCH : shutdown of Olefins Plant I4-1 for 12 days Thai Oleochemical Co., Ltd., PTTCH s subsidiary, has started commercial operation of its Methyl Ester in February 2008 with nameplate capacity of 200 KTA PTTAR : partial shutdown for 6 days (Jan 19-24) for Heat Exchanger efficiency improvement at the Condensate Splitter Unit TOP : PX production unit shutdown (TPX) since Jan 14, 2008 for expansion and major turnaround BCP : scheduled shutdown of CDU and related units for maintenance during Jan 25 Feb 7 47

48 Cash Flow (Company Only) : Jan Mar 2008 Unit : MMBaht Operating 25,169 Net Income & non-cash Adjustment Changes in assets & liabilities 16,101* 9,068 CAPEX & INVESTMENT (7,084) CAPEX (PP&E) (7,702) Investment in Affiliates. (13,464) Dividend received 1,625 Others 12,457 Free Cash Flow 18,085 Finance (6,355) Bond & L/T Loan 90 Share Issued 214 REPAYMENT (4,500) Dividend paid - Others (2,159) Ending Cash & Cash Equivalents 54,915 Beginning Cash & Cash Equivalents 43,185 Cash in (Out) 11,730 Note : *Including effect of exchange rates on cash and currency transtation differences 48

49 Performance Highlights : Record 2007 results Revenues 1,495,806 Bt mm Oil Group 75% EBITDA 147,346 Bt mm Oil Petrochem 6% 13% PTTEP 45% +23% Gas Group 16% 1,213,985 PTTEP 5% 4% Petrochem TM ~11% Mkt ~11% GSP ~13% Other ~1% Gas Group 36% Net Income 97,804 Bt mm Gain on Investment disposal Aff.-Ref Aff.- Others Aff.- Petro 20% 1% 8% PTTCH % 5% 18% PTTEP PTT 39% +3% +2% 95,582 Total 1,495,806 Total Gas Group 244, ,408 PTT +9% 76,419 97,804 Gain on Disposal of investments (after tax) 4,859 5 mth. Gain on Disposal of RRC (after tax) Conso. 6,682-6% RRC 43,044 40, % 18,200 18,378 4,561 Note : All figures after restatement; Segmentation of Revenues and EBITDA do not include others and eliminations PTTEP +7% -8% 81,530 76,389 76,676 70,749 PTTEP Refining Subsidiaries 5 mth. Conso. RRC PTTCH + 37% 29, % 21,415 8,362 9, RRC Petrochem Subsidiaries 995,443 Oil Group +22% 1,209, Total 147, ,675 Gas Group PTTEP +22% +6% 66,850 63,313 54,685 44,806 Refining Subsidiaries 5 mth. Conso. RRC 6,469 Petrochem Subsidiaries Oil Group - 19% + 72% 24,334 19,751 8,607 5, Other Affiliates 49

50 PTTEP - Growth Engine & Cash Generator PTT holds % in PTTEP (as of 31 December 2007) Bt bn Revenues EBITDA NI Sales Vol. (boepd) Avg. Sales Prices ($/boe) Strong Earnings Q/07 2Q/07 3Q/07 4Q/ Rising Volumes and Product Price %yoy %qoq + 12% + 0.7% + 29% + 19% + 5% + 4% Sales Vol. (boepd) Avg. Sales Prices ($/boe) + 1.5% %Chg + 6% + 9% MMBOE Gas Liquid 1, Proven Reserves ~ 946 mboe % 15% 16% 17% 21% 87% 85% 84% 83% 79% Solid Operating Performance Domestic 68% Success rate of 36 out of 51 wells drilled in 2007 marked a higher than the worldwide E&P standard. The successful result of the exploration activities in Block M9 confirms the potential of natural gas in the Eastern part of M9 Block. Overseas 32% Reserves Life 12 yrs 171, , , ,867 1Q/07 2Q/07 3Q/07 4Q/07 Source: PTTEP analyst meeting, 12 February , , Accelerated the development activities with Arthit project expected to start in the first quarter and Arthit North project in the third quarter of Overall success of investments in various regions is well-aligned with PTTEP s investment strategy. 50

51 Refining Associates : Solid Performance Driven by Strong GRM Despite Impact from Baht Appreciation PTT Group represents 35% of total refining capacity by equity portion EBITDA NI %Utl ,577 29,030 9, ,358 6,043 17,65919,176 4,992 5,759 4,621 6,287 2,509 1Q/07 2Q/07 3Q/07 4Q/ , ,657 17,457 13,582 13, TOP 275 kbpd (PTT 49.10%) PTTAR 215 kbpd (PTT 48.66%) 96 18,018 9M Weighted Average GRM of PTT s associates complex refineries GRM ($/bbl) (avg) (avg) 1Q/06 2Q/06 3Q/06 4Q/06 1Q/07 2Q/07 3Q/07 4Q/ ,069 4,707 3,809 2, SPRC 150 kbpd (PTT 36%) 105 5,830 3,195 2,682 4, ,325 6,195 17,415 12,236 1Q/07 2Q/07 3Q/07 4Q/ BCP 120 kbpd (PTT 29.75%) ,444 1,040 1, , , ,764 1Q/07 2Q/07 3Q/07 4Q/ ,586 4,333 3,572 IRPC 215 kbpd (PTT 31.5%) ,012 3,524 4,498 3,485 1,479 9, ,822 Unit : Bt mm 13, ,986 1Q/07 2Q/07 3Q/07 4Q/

52 80, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 000 8, 000 6, 000 4, 000 2, PTTCH Capacity Expansion and Diversified Portfolio Lower cost per unit and more stable income stream PTTCH (PTT 49.31%) 130% 115% 104% 110% 115% 93% 88% 104% 104% 99% 90% 94% 81% 70% 61% 78% 69,811 73,870 50% 30% 24,788 20,422 23,78925,343 10% 12,465 16,196 9,921-10% 3,879 4,584 6,960 2,668 3,210 5,281 8,008 18,282 19,167-30% 1Q/07 2Q/07 3Q/07 4Q/ : Revenues : EBITDA : NI : Olefins util. : HDPE util. -50% Unit : MMBaht The increase in net profits in 2007 comparing to 2006 was due mainly to an increase in product price, especially from MEG despite the 2 months planned and unplanned Shutdown, turnaround, de-bottleneck and maintenance in 1H/2007. PTT GSP ATC AP Refinery Base Chemicals Ethylene (1,276 KMT) Propylene (437 KMT) Mixed C4 Pyrolysis Gasoline Cracker Bottom Hydrogen Polymers HDPE (500 KMT) VCM & PVC (400/210 KMT) HDPE* (300 KMT) LDPE* (300 KMT) LLDPE* (400 KMT) Performance Products Ethylene Glycol (300 KMT) Phenol* (200 KMT) Ethoxyleate (50 KMT) Ethanolamine* (50 KMT) Choline Chloride* (20 KMT) Oleo-Chemicals Methyl Ester Fatty Alcohol Glycerin (331 KMT) Utilities, Jetty & Support Sale & Marketing Utilities Jetty & Buffer Tank Farm Lab. Services Maintenance & Engineering Environment & Safety Piping & Pipeline Transportation Logistics Innovation & Technology Center 52

53 Consolidated Income Statements With strong commitment to dividend payment Unit : MMBaht Change %Change Sales 1,213,985 1,495, , Cost of sales (excl. DD&A) 1,049,735 1,327, , Contribution Margin 164, ,938 3, SG&A & Exploration exp. 27,781 27,085 (696) (2.51) EBITDA 142, ,346 4, DD&A 26,755 28,450 1, EBIT 115, ,896 2, Shared incomes from assoc. 19,139 31,080 11, Interest expenses 10,387 10, Gain from FX. 9,925 5,392 (4,533) (45.67) EBT 150, ,976 4, Taxation 35,435 37,850 2, PTT 7,692 12,339 4, PTTEP 21,624 22,946 1, PTTCH 3,745 1,869 (1,876) (50.09) -Others 2, (1,678) (70.68) NI before Gain and Effect 88,578 95,770 7, Gain on Disposal of Investment (After Tax) 6,682 4,859 (1,823) (27.28) Exp./Effect Judgment of Supreme admin. Court 322 (2,825) (3,147) (977.33) Net Income 95,582 97,804 2, EPS (per share) DPS (per share)

54 Dividend Policy & Historical Payments PTT is firmly committed to pay dividend at no less than 25% of net income EPS DPS % Dividend Payout 32.4% 32.6% 29.8% 30.1% 30.3% 30.8% 33.0% 25% PTT s s minimum payout ratio UNIT : Baht / share

55 Reference : Product Prices Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q %YoY %QoQ FX THB/USD (@ end period) (10.0)% (7%) FX THB/USD (Daily Average) (8.8)% (4%) Crude (US$/bbl) /1 : WTI % 8% : Dubai % 10% Refined Products (US$/bbl) : HSD MOP s % 11% : ULG 95 MOP s % 10% : ULG 91 MOP s % 10% : Fuel Oil MOP s % 10% Refined Products (retail Bt/Litre) : HSD % 4% : ULG % 5% : ULG % 4% : Gasohol % 12% Feedstocks (US$/ton) : LPG (Saudi Aramco s CP) % 10% : Naphtha (MOP Singapore) % 8% : Condensate (ATC) Petrochemicals (US$/ton) 2/ % 6% : Ethylene (ICIS SEA SP) 1,045 1,120 1,311 1,161 1,222 1,140 1,203 1,156 1, % 7% : Propylene (ICIS SEA SP) 1,006 1,081 1,255 1,157 1,182 1,142 1,128 1,164 1, % 11% : LDPE (ICIS Film/SEA SP) 1,116 1,191 1,340 1,273 1,293 1,342 1,502 1,582 1, % 8% : LLDPE (ICIS Film/SEA SP) 1,116 1,179 1,329 1,267 1,274 1,289 1,354 1,424 1, % 13% : HDPE (ICIS Film/SEA SP) 1,114 1,199 1,347 1,272 1,266 1,299 1,383 1,462 1, % 10% : MEG (ICIS ICIS SEA SP) ,020 1,433 1, % 1% : PP (ICIS Film/SEA SP) 1,112 1,187 1,366 1,272 1,264 1,298 1,373 1,394 1, % 8% : Benzene (CMAI FOB Korea) ,084 1,006 1,008 1, % 4% : Paraxylene (ICIS ACP Net) 947 1,007 1,260 1,112 1,047 1,176 1,111 1,068 1, % 5% 1/ Source : PLATT'S SARUS 2/ Source : ICIS ( 55