The Pulse of Asia Conference (DBS) Singapore July 7, 2011

Transcription

1 The Pulse of Asia Conference (DBS) Singapore July 7, 2011

2 Oil Balance Thailand: Jan-Mar 2011 Adequate refining capacity maintains the stability of supply Supply Production Sales Import (79%) 805 KBD Imported Refined Petroleum Products 46 KBD Crude/ Condensate 759 KBD Total Refining Capacity in Thailand: 1,099 KBD Refined Products 896 KBD* Domestic Indigenous (21%) 207 KBD Crude/ Condensate 177 KBD PTT s Associated Refineries : 905 KBD (TOP, PTTAR, SPRC, IRPC, BCP) Other Refineries : 194 KBD (ESSO, RPC) Refined Products 138 KBD 799 KBD (**) Export Crude Export 30 KBD 168 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 2/15

3 Natural Gas Balance: Jan - Mar 2011 Main driver of the Thai economy Supply Production Sales Indigenous (82%) 3,403 MMscfd Others 38% PTTEP 34% Chevron 28% Import (18%) 749 MMscfd Myanmar PTTEP 14% 2,492 MMscfd 6 GSPs Total Capacity 2,665 MMscfd Pipeline 911 MMscfd Ethane/ Propane/ LPG/NGL 892 MMscfd (21%) LPG/NGL Methane 1,600 MMscfd Total 4,148 MMscfd Petrochemical Feedstock (14%) Industry Household Transportation (7%) Power (62%) Industry (12%) NGV (5%) Others 86% 749 MMscfd Remark: MMscfd = Million Cubic Heating Value 1,000 Btu/cu.ft 3/15

4 4/15 PTTEP: Target Sales Volume Montara will be delayed to 1Q/ BOED Proved Reserves 1,043 MMBOE MTJDA Arthit Domestic 59% Overseas 41% 150 Bongkot 100 Policy 50 0 KKD Oil Sands, Montara, Vietnam 16-1 Others Reserves Replacement Ratio 1.33 >1 Reserve Life Index (year) MTJDA KKD Oil Sands Vietnam 16-1 Montara Bongkot South M9 Algeria

5 5/15 PTT: Natural Gas Sales & Transmission Pipeline Continuing demand growth due to the Start up of GSP#6 Gas Volume heat 1,000 Customer Profile Existing pipelines capacity 4,380 mmcfd Unit : mmcfd ,145 3,802 3,280 4,055 3,606 4,152 4,148 3,677 3, , % YoY 4, % NGV 12% Industry 21% GSP 12% SPP % IPP 1,244 1,235 30% EGAT 1Q 2Q 3Q 4Q 1Q/10 1Q/11

6 6/15 PTT: Gas Separation Plants Better earnings driven by sales volume and petrochemical prices Sales Volume Product Prices Unit : KTon Unit : US$/Ton 53% YoY 1,630 1, ,466 10% Propane 31% Ethane 10% NGL PP 1/ HDPE 1/ LPG 2/ Naphtha 3/ 1,372 1,340 1, , % LPG Domestic LPG Q/10 1Q/11 1Q/10 1Q/11 QTD Note: 1/ SEA Spot 2/ Contract Price (CP 50:50) 3/ MOP S 4/ Include LPG resell

7 7/15 PTT: Gas Business Expansion to meet future gas demand Unit : mmscfd Gas Demand Outlook % 11% 17% 68% NGV 4% Industry 15% GSP 20% Power 61% New Supply PTTEP (JDA B17) PTTLNG Chevron (Plathong) PTTEP (Bongkot South) PTTEP (M9) Pipeline Capacity (mmscfd) 4,380 Offshore Compressor 5,580 5,580 4 th Onshore 6,980 6,980 6,980 GSP Production (MTA) 4.3 GSP#

8 PTT : Oil Marketing and International Trading Business Market leader in Thailand, going international Thailand s Market Share Others 24% 3% 34% 8% 10% 13% 9% Trusted Brand 2011 : Thailand s Top Brand in Platinum Award for service station Gross Margin-Oil Marketing ¹ (Bt/Liter) Sales Volume (PTT only) (MM Liter) Trading Margin (Bt/Liter) Trade Volume (PTT only) (MM Liter) 1Q/10 1Q/11 YoY % 3,545 3,714 5% % 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 Best in class operation o Depot & Logistics management Increase non-oil business o Life station, Jiffy and Café Amazon o Renew 7-Eleven contract Grow Internationally o Retail & Lube in Asia o Expand trading network 8/15

9 Petrochemical Affiliates Performance Higher performance from increased sales volume and spread margins Olefins Derivatives Product prices Net Income (100%) Unit : US$/Ton Unit : MM Baht AN 1/ 2,134 MMA 1/ 1,799 BPA 1/ 1,647 Phenol 1/ 1,302 2,539 2,455 2,393 1,699 2,672 2,501 2,431 2,073 97% YoY 8, Others 1Q/10 1Q/11 QTD 1,371 HMC Polymers 640 PTT Phenol PP 1/ 1,340 HDPE 1/ 1,313 Ethylene 1/ 1,256 Propylene 1/ 1,175 MEG 1/ 950 Naphtha 2/ 659 Upstream Petrochemical prices Unit : US$/Ton 1,630 1,681 1,378 1,487 1,372 1,389 1,235 1,291 1,153 1, , ,165 6,178 PTTCH 1Q/10 1Q/11 QTD 1Q/10 1Q/11 Note : 1/ SEA spot Source : ICIS 2/ MOP S 9/15

10 10/15 Petrochemical Roadmap Major expansion in onwards PTT 48.61% Olefins Polymers EO-Based Oleochemicals 2,888 KTA 990 KTA 495 KTA 819 KTA HDPE LDPE 300 KTA 300 KTA PTT 40.00% Phenol Acetone 200 KTA 125 KTA PTT 41.44% Bis-Phenol-A 150 KTA PP 450 KTA PP 300 KTA Propylene 310 KTA PTT 48.50% AN MMA 200 KTA 70 KTA PTT 50.00% PBS 20 KTA

11 Refining Associates Performance Driven mainly by GRM and P2F Unit : US$/Ton PX¹ 1,040 Benzene¹ 957 Naphtha¹ 659 Aromatic Prices Net Income (100%) 1,621 1,519 1,148 1, Q/10 1Q/11 QTD Unit : MM Baht 143% YoY 21,017 1,424 3,499 BCP IRPC Accounting GRM & Accounting GIM 3,887 SPRC BCP Unit : US$/bbl , ,396 4,979 PTTAR A/C GRM A/C GIM ,161 2,348 7,228 TOP 1,977 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 MOP S 1Q/10 1Q/11 11/15

12 Refining Roadmap Focus on value creation and products quality improvement PTT 49.10% Refining Cap. 275 Kbpd PX 489 KTA MX 90 KTA BZ 177 KTA Tol 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-LAB 100 KTA Power Plant 110 MW PTT 48.40% Refining Cap. 280 Kbpd PX 1,190 KTA BZ 655 KTA CX 200 KTA Other 214 KTA EURO IV PTT 38.83% Refining Cap. 215 Kbpd Aromatic 367 KTA Olefin 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 I 38 MW Solar Power Plant Ph II 32 MW Ethanol UBE 400 KLiter/day Solar Power Plant Ph III 48 MW Algae Energy 30,000 Liter/Day Palm Plantation 45 Tons/Hour Expansion project Ethanol TAE 365 KLiter/day 12/15

13 PTT: Coal business Expected production boost-up from the Northern lease license Sales Volume & Price Production Profile Avg. selling price US$/Ton Unit : KTon 2, % YoY 2,679 Unit : MM Ton Sebuku Jembayan Sebuku Jembayan 1Q/10 1Q/ Target 2012 Target 2013 Target JORC Coal Resources (Total 1,505 MM tons) Unit : MM Ton JORC Coal Reserves (Total 125 MM tons) Unit : MMUSD Net Income (100%) Sebuku 900 Jembayan 605 Sebuku 3 Jembayan % YoY As of 9 May Q/10 1Q/ /15

14 Financial Performance 1Q/11 Net income increased more than 50% YoY 1Q/11 Dubai ($/bbl) Unit : MM Baht 20% YoY Others PTTEP PTT-Gas US$ 17,620 mm 449, ,857 PTT-Oil & Trading Revenue Others PTT-Oil & Trading 21% YoY 42,825 51,853 PTTEP US$ 1,689 mm PTT-Gas EBITDA 22,775 52% 52% YoY 34,524 Refining Others US$ 1,125 mm PTT Net Income Petrochemical EPS (Baht/Share) 1Q/10 1Q/ PTTEP 14/15

15 15/15 Economic & Market Outlook 2011 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 %. 2Q/11 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.

16 Thank you PTT Public Company Limited Investor Relations Department Tel , Fax , ir@pttplc.com 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 our assumptions are correct. Actual results may differ materially from those projected.

17 17 Highlights Thai Premier Multinational Energy Company Key performance 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% Investment 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

18 18 Highlights Thai Premier Multinational Energy Company Operation 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 Finance Fitch Ratings upgraded PTT s outlook to A-(Stable) PTTEP, 10-year debenture of 700 MMUSD issued at 5.692% p.a.

19 19 PTT: CAPEX (PTT and wholly owned Subsidies) PTT plans to invest ~Bt 330 bn ($11bn) during Unit: MM Baht R&D / Others JV LNG 94,091 Oil & Trading Gas 79,276 64,889 58,339 56,703 41,470 28,282 33,456 28,124 19,334 26,509 29,871 32,134 20,986 10, CAPEX ,052 Committed projects 235,814 M&A opportunities 94,238 JV 53% CAPEX Breakdown : 5 Years By Business Unit Others R&D / Others 4% Gas 36% LNG 3% Oil & Trading 4%

20 PTT Group Performance improved YoY Performance 100% % share Equity Method % PTT 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, % 2,601 5, % 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/PTTTANK 1,001 2, % 40-48% % 4,166 8,220 97% 1,959 3,871 98% Refining - TOP 1,977 7, % 49.10% 757 2, % - IRPC 2,396 3,499 46% 38.83% 805 1,460 81% - PTTAR 2,348 4, % 48.40% 1,170 2,265 94% - SPRC 1,161 3, % 36.00% 316 1, % - BCP 774 1,424 84% 26.64% % 8,656 21, % 3,257 7, % Inter - PTTAPM, PTTGE,EMG,PTTML % 100% % Gas & Utilities Oil & Oth. -TTM/PTTNGD/IPT/TP/DCAP/CHPP % % % - PTTRB/PTTT/SBECL/THAPPLINE/ /PTTCL/TLBC/ICT/EnCo 416 1, % % 420 1, % 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% 20

21 21 Statement of Financial Position: Solid and Secured Growing Assets with strong financial position Unit : MM Baht Cash & S/T Invest Other Current Assets Others Noncurrent Assets PP&E Ethane Separation Plant WIP of Montara & Bongkot, PTTLNG, PTT Asahi, GSP6, & PTT Tank 1,229, , , , , , ,029 Gas Seperation Plant#6 40% KKD Oil Sand 127, , ,927 8% YoY 1,321, , , , , Dec10 31 Mar ,964 Other Liabilities L/T Liabilities (incl. due within 1 yr) Total Equity Strong Financial Position Q/11 Treasury policy Net Debt/Equity < 1.0 Net Debt/EBITDA < 2.0 PTT ratings at sovereign level ICR Net Debt/EBITDA Net Debt/Equity FC : Moody s (Baa1), S&P (BBB+), JCR (A-), FITCH (BBB) LC : Moody s (Baa1), S&P (BBB+), JCR (A), FITCH (A-)

22 Statements of Cash flows For the March 31, 2011 & 2010 Unit : MM Baht 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, 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, , , ,801 10,396 (30,806) 22 22

23 Debt Profile : Control Cost & Manage Risk Managed debt according to financial risk and policy As of 31 Mar 2011 Debt Portfolio Unit : MM Baht PTT Only : Cost of debts ~ 4.98 % : % fixed-rate ~ 88.81% : Avg. debt life ~ 7.7 years Consolidated : Cost of debts ~ 4.37 % : % fixed-rate ~ % : Avg. debt life ~ 6.5 years 343, , ,228 USD THB 257, , ,306 84,147 (25%) 114, ,562 (31%) (35%) 63,979 68,308 (25%) (26%) 68,478 (26%) 193, , ,828 (75%) (74%) (74%) 258, , ,666 (75%) (69%) (65%) 31 Dec Dec Mar Dec Dec Mar 11 Note : Data as of 31 Mar 2011 (THB/USD = THB/JPY = ) Excluding liabilities from finance leases; Cost of debts includes withholding tax. 23

24 24 PTTEP: Operating and Financial performance Earnings continuously improved from both sales volume and price Sales Volume Product price Unit: BOED 257,276 73,388 5% YoY 271,292 69, , ,550 Liquid Gas Liquid ($/bbl) Weighted avg. ($/BOE) Gas ($/MMBTU) 1Q/10 1Q/11 1Q/10 1Q/11 1Q/11 Product Mix Net Income (100%) By Volume By Revenue Unit: MMUSD 15% YoY Q/10 1Q/11

25 PTT : Oil Marketing and International Trading Business Market leader in oil retails at 34% market share Oil Marketing : sales volume ~260 KBOE/d Unit : MM liters 1Q/10 1Q/11 Source : Department of Energy Business, PTT (Excluded supply sales and LPG & propane sold to Petrochem) Int l Trading : trade volume ~913 KBOE/d Unit : MM liters 3,545 14,081 Source : PTT (excluded inter company volume) 5% YoY 3,714 13% 10% 15% 21% 41% 7% YoY 13,063 5% 14% 14% 67% 1Q/10 1Q/11 Jet/IK Fuel Oil Gasoline LPG Diesel Petrochem Refined Product Condensate Crude Thailand s Market Share As of March 2011 Others 24% 8% 10% 13% % 9% 34% Source : Department of Energy Business, PTT Gross Margin Oil Mktg. Unit : Baht/Liter 1Q/10 1Q/11 Trading Margin 1Q/10 1Q/

26 26 PTT International Future Growth of PTT SAR Coal Unit : MM Ton EMG (Egypt) Pipeline Jembayan Sebuku 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 PTT Green Energy Palm Plantation 130,000 Ha land acquired o Additional 70,000 Ha in ,000 Ha plantation o Additional 10,000 Ha in 2011 Power 2011 Xayaburi Hydro 1,285 MW 2012 Onwards Expanding in neighboring countries Upcoming 45 T/Hr CPO Mill in 2011

27 New Business Downstream Upstream Our major businesses & activities Business Areas Company PTT s holding (%) Activities E&P PTTEP 65.32% Exploration and Production Gas Oil Marketing 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 PTT PLC Oil Marketing 100% Retail service Stations and commercial Marketing Int l Trading Refining & Petrochemical (Aromatics) Petrochemical Int l Trading 100% Import/Export/Out-Out trading of petroleum and petrochemical products 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 Petrochemical International PTT Inter 100% Overseas investment arm of PTT : Coal, New energy and related businesses 27

28 PTT s Strategic Importance to the Thai Economy Thai Premier Multinational Energy Company PTT has the largest market cap on the SET SET Market Cap = Baht 8.7 trillion PTTEP 6.7% PTTCH 2.7% OTHERS 73.7% PTT Group 26.3% PTT 11.8% TOP 1.9% IRPC 1.4% PTTAR 1.3% Data as of 9 May 2011 BCP & OTHERS 0.5% Ministry of Finance holds majority stake in PTT Vayupak Fund, 15% Public, 34% Ministry of Finance, 51% Remark: * DJSI Note = Dow : * Jones DJSI = Sustainability Dow Jones Index Sustainability Index Data as of 18 March

29 Thailand s projected energy demand Commercial Primary Energy Consumption KTOE 180, , , , ,000 80,000 60,000 40,000 86,689 2% 12% 13% 33% 102,264 2% 13% 15% 38% Hydro/Import Renewable Coal/Lignite Natural Gas 118,986 3% 15% 16% 36% 138,599 2% 6% 15% 17% 32% 161,323 3% 7% 16% 19% 28% 20,000 40% 32% Oil 30% 28% 27% 0 Source : EPPO/ PDP 2010/ PTT team analysis 29

30 Natural Gas : Strong and Increasing Demand over Long Term Natural gas is a fuel of choice for power producers and transportation industry mmscfd 6,000 Gas demand forecast (CAGR during ) : Total ~ 1% : Power ~ 1% : GSP ~ 2% : Industry ~ 3% : NGV ~ 1% 5,236 5,000 4% NGV Industry 4% 16% 4,000 11% GSP 19% 3,000 2,000 1,970 8% 15% 17% 1,000 77% Power 68% 61% Source : PDP

31 Natural Gas Price Structure Gas prices are mostly agreed under long-term contracts and volatility pass-through to ensure stable returns. Customers Sales Price Structure Gas Pool Price + Supply Margins + Pipeline Tariffs Power Producers 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: Ethane, Propane, LPG NGL Local Cooking Gas Export Cooking Gas Profit-sharing mechanism based on market prices of petrochemicals Reference to Naphtha market price Capped at ~330 USD/ton Reference to Saudi Aramco s contract price Industry 12% Charged at prices comparable to fuel oil NGV 6% Capped at 8.5 Baht/Kg* Contract periods are ~ years or until depletion of gas fields or the expiration of concessions * Government subsidies Baht 2 /kg from Oil Fund until September 30 th,

32 Oil Prices Movement: Our Key Value Driver Petroleum prices USD/BBL Price (USD/BBL) 91.1 Crude FO Gasoline HSD 1Q/11 vs 4Q/10 19% 23% 19% 24% 1Q/11 vs 1Q/10 32% 28% 28% 39% Dubai 2009 avg. = $62/bbl Dubai 2010 avg. = $78/bbl Dubai FO ULG95 MOP'S HSD MOP'S 1Q/08 2Q/08 3Q/08 4Q/08 1Q/09 2Q/09 3Q/09 4Q/09 1Q/10 2Q/10 3Q/10 4Q/10 1Q/ Dubai FO Gasoline MOP'S HSD MOP'S

33 Petrochemical Market Reference Prices: Driven by Crude Oil Price $/Ton 2,000 1,800 1,600 1,400 1,200 1, LPG Naptha PP HDPE 1Q/11 vs 4Q/10 7% 25% 15% 8% 1Q/11 vs 1Q/10 21% 26% 22% 14% 1,607 1, Petrochemical prices 1,630 1, $/Ton 2,000 1,800 1,600 1,400 1,200 1, Aromatics prices Benzene ParaXylene 1Q/11 vs 4Q/10 20% 30% 1Q/11 vs 1Q/10 26% 56% 1,169 1,051 1,621 1, LPG Naphtha PP HDPE Benzene PX Source: PLATTS & ICIS 33

34 Data as of 31 March 2011 E&P and Gas Business Group Subsidiaries Consolidate PTT Exploration & Production Plc. PTTEP 65.32% PTT Natural Gas Distribution Co., Ltd. PTTNGD 58.00% PTT LNG Co., Ltd. PTTLNG % Combined Heat and Power producing Co.,Ltd CHPP % 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% B.Grimm BIP Power Co., Ltd. B.Grimm BIP 23.00% 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% Thai Lube Blending Co., Ltd. TLBC * 48.95% Associates Equity Keloil-PTT LPG Sdn. Bhd. KPL 40.00% Vietnam LPG Co., Ltd. VLPG 45.00% Thai Petroleum Pipeline Co., Ltd. THAPPLINE 33.19% PetroAsia (Thailand) Co., Ltd. PA(Thailand) 35.00% Others Cost PetroAsia (Huizhou) Co., Ltd. PA(Huizhou) 25.00% PetroAsia (Maoming) Co., Ltd. PA(Maoming) 20.00% PetroAsia (Sanshui) Co., Ltd. PA(Sanshui) 25.00% Intoplane Services Co., Ltd. IPS 16.67% Fuel Pipeline Transportation Co., Ltd.FPT 2.76% Others Fair Value Bangkok Aviation Fuel Services Plc. BAFS 7.06% Petrochemicals & Refining Business Group Petrochemical Subsidiaries Consolidate PTT Polymer Marketing Co., Ltd. PTTPM 50.00% PTT Polymer Logistics Co., Ltd. PTTPL % PTT Tank Terminal Co., Ltd. PTTTANK % Associates Equity PTT Chemical Plc. PTTCH 48.61% PTT Phenol Co., Ltd. PPCL 40.00% PTT Maintenance and Engineering Co., Ltd.PTTME 40.00% Joint Ventures Proportionate HMC Polymers Co., Ltd. HMC 41.44% PTT Asahi Chemical Co., Ltd. PTTAC 48.50% PTT MCC Biochem Co., Ltd. PMBC 50.00% Refining Associates Equity Thai 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% Subsidiaries Consolidate PTT International Trading Pte. PTTT % International Trading Business Group Subsidiaries Consolidate PTT International Co., Ltd. PTTI % Energy Complex Co., Ltd. EnCo 50.00% Business Service Alliance Co., Ltd. BSA * 25.00% Others Associates Equity PTT ICT Solutions Co., Ltd. PTTICT 20.00% Others Fair Value Dhipaya Insurance Plc. TIP 13.33% Remark : * Subsidiaries that PTT holds less than 50% but being consolidated because PTT has the power to control the financial and operating policies. 34

35 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% 43.6% 40.4% 35.0% 25% 25% PTT s minimum payout ratio UNIT : Baht / share

36 36 PTT Group s Vision & Aspiration Thai Premier Multinational Energy Company Aspiration : Becoming a Global Fortune 100 Company by 2020 With Top Quartile Performance and on DJSI by 2013 Strategic Framework Balance All Stakeholders Interests HPO Enhance through Nation Economic Customers Share holders holders CG Sustainable Growth Strategy Social Environmental Employees Partners CSR People People & & Society Society Global Fortune 100 BIG Sustainable growth, DJSI LONG STRONG Top quartile ROIC in all businesses

37 Recognition: Awards PTT is widely recognized among business communities both international and local 7 th Top Asia Energy Companies of th Top Global Energy Companies of th Fortune Global 500 of 2010 (118 th in 2009 / 135 th in 2008) 196 th The Biggest Listed Companies in the World 2010 (244 th in 2009 / 205 th in 2008) Best CEO 2010 Best CFO 2010 Best Managed Company 2010 Best Corporate Governance 2010 Best Investor Relations 2010 Best Corporate Social Responsibility 2010 Best 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

38 Strong Immediate Synergies and Identified Long Term Synergies PTTAR and PTTCH merger 38

39 New Products Opportunities PTTAR and PTTCH merger 39