3Q/2016 ANALYST MEETING PRESENTATION

Disclaimer This presentation includes forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realized from the proposals described herein. This presentation contains a number of forward-looking statements including, in particular, statements about future events, future financial performance, plans, strategies, expectations, prospects, competitive environment, regulation and supply and demand. PTTGC has based these forward-looking statements on its views with respect to future events and financial performance. Actual financial performance of the entities described herein could differ materially from that projected in the forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections, and financial performance may be better or worse than anticipated. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. Forward-looking statements represent estimates and assumptions only as of the date that they were made. The information contained in this presentation is subject to change without notice and PTTGC does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations.

2

Agenda STRATEGIC EXECUTION 3Q/2016 FINANCIAL RESULTS

MARKET OUTLOOK APPENDIX 3

Agenda STRATEGIC EXECUTION 3Q/2016 FINANCIAL RESULTS

MARKET OUTLOOK APPENDIX 4

3Q/2016 Executive highlight • Slowdown in the global economy but have positive sign in the US; strong in labor market. • Anticipate for crude oil output freeze from OPEC and Russia led to risen in crude oil price. • Aromatics spread was soften from returning of S/D capacity but offset by high demand from downstream product and G20 effect. • Olefins & derivatives price slightly declined caused by returning of S/D capacity. HDPE-MOPJ spread maintained around $745/T on average.

50

45

Dubai Crude

40

29/9/2016

27/9/2016

25/9/2016

23/9/2016

21/9/2016

19/9/2016

17/9/2016

15/9/2016

13/9/2016

9/9/2016

11/9/2016

7/9/2016

5/9/2016

3/9/2016

35

1/9/2016

30/8/2016

28/8/2016

26/8/2016

24/8/2016

22/8/2016

20/8/2016

18/8/2016

16/8/2016

14/8/2016

12/8/2016

8/8/2016

10/8/2016

6/8/2016

4/8/2016

2/8/2016

31/7/2016

29/7/2016

27/7/2016

25/7/2016

23/7/2016

21/7/2016

19/7/2016

17/7/2016

15/7/2016

13/7/2016

9/7/2016

11/7/2016

7/7/2016

5/7/2016

3/7/2016

1/7/2016

3Q/16 Dubai Crude Price Average @ 43.17 $/bbl

30

5

3Q/2016 Executive highlight MAX Implementation

3Q Performance Adj. EBITDA : 11,630MB YoY +11% QoQ +47% Net Profit : 6,226MB YoY +416% QoQ +26% This mainly from improved plant utilization rate, ethane flow rate, aromatics performance, and insurance income

New HOA

GGC IPO

To Joint develop Performance Chemicals

Global Green Chemical (GGC) Submitted IPO filing on 5th October 2016

PA9T & HSBC

• PTTGC Green Flagship • Maximize business potential

Completed detail action plans and started implementation in late September

COD of VCR France HDI Monomer Product : Capacity : CAPEX :

Approved of Treasury Stock resell scheme HDI Monomer 70 KTA 18 MUSD

# of Shares : 48,553,000 % of total share : 1.077% Period for resale : Sept 8, 2016 – Mar 7, 2019

6

3Q/2016 Executive highlight

1

st Thai Corporate

CEO statement of

United Nations Global Compact The Business Leaders

1

st Company

to protect marine life with innovative environmentally friendly product

Fish Aggregating Devices

1st

Ranked in Chemical Sector

4 th time

named to the world

Dow Jones Sustainability Index

7

Strategic Direction To be a Leading chemical company for Better living Sustain Core Accelerate Growth levers Balance Business & Social Value

Regain Competitiveness



International hub



Sustainable development



Project MTP retrofit



Performance chemicals



Effective CSR programs



Project MAX



Green business



Stakeholder management



Project Asset Injection

Olefins Reconfiguration Improve productivity

Reduce complexity & Maximize integration

Transform toward diversified business

8

Sustain Core : MTP Retrofit Olefins Reconfiguration

Olefins Reconfiguration Internal Naphtha

Project Updates • EPC proposal will be submitted in 4Q/2016

Olefins Reconfiguration To utilize internal naphtha by building a new naphtha cracker Capacity • Ethylene : 500 KTA • Propylene: 261 KTA

• BOI approved (8+5 years) in 3Q/2016

• Plan to submit EIA/EHIA reports to Office of Natural Resource and Environmental Policy and Planning (ONEP) reports in November 2016.

Timeline Downstream Value Creation  C-2 Chain  C-3 Chain  C-4 Chain

1Q/2017

FID

2018

Construction

2020

COD

9

Sustain Core : Project Improve productivity

MAX

Phase 1 : Top-Down Diagnostic Duration: 6 Weeks Phase 2 : Bottom up planning

Duration: 12 Weeks

Area of improvement • Procurement • Plant Operation • Supply Chain • Maintenance • Commercial

Develop initiative with estimated benefit and implementation plan (IL 3)

Phase 3 : Transformation Implementation

(IL 4, IL 5) Benefit Breakdown

This phase is conducted from early of June to end of August.

Apr-16

May-16

Jun-16

Jul-16

Aug-16

2016

2017

2019

~ 800 Initiatives Estimated Benefit $200-400M * Annualize benefit

Completed Detail Plan

2016

~70 M$* (Cash in 12 M$)

2017

~190 M$* (Cash in 90 M$)

2019 onward > 230 M$* Cash In > 190 M$

10

Sustain Core : Project Enhance sustainability

MAX

Score

Top Quartile health overall:

▪ ▪

The overall health score is the best available predictor of an organization's future capacity to perform Companies with top quartile health deliver on average 3x greater TRS over time

Project Max Initiatives

Top quartile from 167 leading corporates in 17 Asian Pacific Countries

11

Reliability is our PRIORITY Goal Zero Incident and Unplanned S/D Dedicate Function

Appointed COE, Khun Varit Namwong to oversee plant reliability including plant maintenance, safety, technical etc.

Strengthen OEMS and PSM

Enhance OEMS and PSM understanding & commitment for all related counter parties including contractor & subcontractors

Employ Technical Experts

Employ technical experts service to elevate the performance and culture of safety and reliability to all plants

Enhance Utility Security

Initiate new projects to improve reliability of electrical and steam supply system, including addition of back-up supply sources.

Set Up New Tools

Implement new tools for better operation by using automated system i.e. Integrated Smart Monitoring System, Advance Operator Navigation System, etc.

Audit

Perform internal and external audit including supplier audit

12

Sustain Core : Asset Injection Reduce complexity & Maximize integration

“To review investment and supply chain that PTT hold to find synergies among Group operating asset and enhance competitiveness” • PTT Group has a direction to streamline business structure • PTTGC together with PTT are studying the restructure of the group’s asset including the study of rearrangement in shareholding of PTT’s existing operations • Financial advisor and related advisors have been appointed

Propylene Chain Bio Chemical

Service & Others

EBITDA

13

Accelerate Growth levers Ethylene 1MTA

Ethane

Polyols 130 KTA System House 40 KTA ----------------------------------Licensor

Ethane Cracker

- HDPE : 700 KTA (350*2) - MEG : 500 KTA - EO : 100 KTA Downstream Product

US Petrochemical Complex

PO/Polyols Project Update

Project Update

• Funding : Issued Long-form term sheet to potential lenders

• Funding : Preparing info memo for potential lenders

• FEED : The Capital Cost Estimation has been issued.

• Marketing : Marketing plan has been completed in September.

• Bidding : Proposal received from bidders, on bid clarification process • EIA : Ongoing preparation for EIA report to submit to ONEP by November 2016 • JV Agreement : Negotiating key terms and developing JV company Timeline 2017 FID 2Q/2017

2020 COD

• Partner : Due diligence with potential partners to start in December • FEED : Bids have been received in October and are under evaluation.

• Economics uncertainty and new consideration from reviewing of US government in fossil fuels, shale gas and alternative energy policy might alter the prospect of supply volume and price structure of shale gas as well as investment incentive i.e. tax privilege.

14

Agenda STRATEGIC EXECUTION 3Q/2016 FINANCIAL RESULTS

MARKET OUTLOOK APPENDIX 15

Petroleum and Aromatics Price/Spread

54.3 38.9

9M/15 9M/16

Closing Price 46.4 45.1

43.5

31.8 34.9 51.9 61.3 49.7 40.7 30.4 43.2 43.2 1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16

ULG 95 - DB

Petroleum Products - Dubai Spread (USD/BBL) -40% YoY -20% QoQ

-18% YoY

18.2 14.9

15.3 19.8 19.3 18.7 18.8 14.4 11.6

9M/15 9M/16

1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16 +2% YoY 0% QoQ

JET - DB

-18% YoY

13.8 11.3 9M/15 9M/16

17.1 13.5 10.9 14.1 11.7 11.1 11.1

Diesel - DB FO - DB

241

16.3 13.7 10.8 13.8

9.6

10.5 11.0

1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16

9M/15 9M/16

1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16

(1.9) (3.6) -35% YoY

(4.3) (5.2) (8.8) +47% YoY (8.1) (6.5) +51% QoQ

253

9M/15 9M/16

217

271

235

230

271

+8% YoY +8% QoQ

234

373

407

9M/15 9M/16

253

1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16 +1% YoY -1% QoQ

+9% YoY

333

391

397

410

415

405

402

1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16

o

Dubai crude oil price flats at 43.2 $/bbl due to uncertainty from OPEC meeting regarding crude oil output cuts.

o

ULG-Dubai decreased 20% QoQ due to high ULG inventory and end of driving season in North America.

o

Diesel-Dubai increased 4% QoQ from higher seasonal demand toward the end of the quarter and expectation on winter demand.

o

FO-Dubai increased 51% QoQ from buoyancy bunkering demand and less arbitrage from deep sea cargo.

o

BZ-Cond increased 8% QoQ due to healthy demand from downstream business i.e. Phenol, SM.

o

PX-Cond decreased 1% QoQ as a result of higher supply from returning of S/D capacity and anticipate of new capacity at end quarter.

+1% YoY +4% QoQ

9M/15 9M/16

(4.5) (6.1)

+5% YoY

1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16 -24% YoY

13.6 10.4

BZ Spot - Cond

Average Price 60.2 -28% YoY 53.4

Aromatics Products Prices and Spread (USD/Ton)

PX FECP - Cond

Prices

Average and Ending Dubai Crude Price: USD/BBL

16

Olefins & Phenol Price/ Spread MEG – 0.65Ethy HDPE - Naphtha

Olefins Prices and Spread (USD/Ton) -1% YoY

760

750

694

9M/15 9M/16

252

-66% YoY

236

85

Product Price

1,192 1,188 1,181

1,165 1,163 1,132

903

381

9M/15

394 126

LLDPE CFR SEA

771

506

708

759

743

-3% YoY +1% QoQ

o

HDPE price dropped slightly by 1% QoQ to 1,139 $/ton. Steady demand with some resistants from China due to fluctuation in currency.

-81% YoY -29% QoQ

o

HDPE-MOPJ spread up 1% QoQ to 749 $/ton mainly due to lower naphtha price following soften in ULG demand.

o

MEG price dropped 7% QoQ to 762 $/ton with spread decreased 29% QoQ due to uncertainty in market trend, foresee lower price in the future which cause market interest to drop.

o

Phenol-BZ spread increased 1% QoQ supported by demand during G20, uptrend in phenol price along with oil price and good demand of acetone.

o

BPA-Phenol spread dropped 13% because of high supply since 2Q/2016, while stable demand of downstream product and increasing in feedstock price.

749

165

74

105

75

1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16

HDPE (FILM) SEA

985

774

1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16

9M/15 9M/16

1,279 1,266 1,260

812

494

9M/16

1Q/15

LDPE CFR SE Asia 1,401 1,375 1,375 1,027 563

2Q/15

1,244 1,234 1,224 1,025

MEG ACP

1,158 1,158

1,117 1,114

1,153

1,103

837

Naphtha MOPJ 1,183 1,181 1,153

1,195 1,193 1,139

732

820

762

461

445

344

411

389

3Q/15

4Q/15

1Q/16

2Q/16

3Q/16

BPA-Phenol

Phenol-BZ

Phenol/ BPA Prices and Spread (USD/Ton) -4% YoY

212

240

204

9M/15 9M/16

321

9M/15 9M/16

221

170

179

215

217

1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16 -29% YoY

227

175

-2% YoY +1% QoQ

454

355

154

114

166

275

240

1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16

+56% YoY -13% QoQ

17

Operating Rate BTX U-Rate (%)

Total Intake (KBD) CDU U-Rate 101%

76%

102% 100% 101% Crude

173.5 27.3

+4% YoY

135.4

99%

93%

35%

99%

Condenstate Residue

174.0 178.3 168.2 173.5 168.2 26.4

34.1

21.5

30.4

174.2

77%

82%

90%

85% 57%

31.2

33.1

88%

83%

66%

75%

25.8 146.2

147.6 144.2 146.7 143.1 135.5

109.7

9M/15 9M/16

63.8 143.0 13.3 50.5

1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16

Olefins U-Rate (%) Olefins

9M/15 93%

9M/16 86%

1Q/15 96%

2Q/15 89%

3Q/15 92%

4Q/15 97%

1Q/16 81%

2Q/16 85%

3Q/16 92%

HDPE

105%

102%

109%

97%

109%

115%

95%

97%

114%

LLDPE

95%

89%

110%

61%

113%

79%

76%

80%

112%

LDPE

114%

100%

99%

119%

124%

104%

90%

99%

111%

Total PE MEG

104% 88%

98% 93%

107% 108%

92% 106%

112% 51%

103% 117%

89% 96%

93% 91%

112% 92%

Phenol U-Rate U-Rate Phenol BPA

9M/15 9M/16 128% 123% 102% 99%

1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16 131% 121% 132% 134% 133% 130% 105% 114% 85% 107% 104% 108% 94% 93%

9M/15 9M/16

1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16

o

CDU U-rate is back to normal level at 99% after 2 months planned shutdown in 2Q/2016.

o

BTX U-rate decreased to 75% due to turndown of aromatics small units for upgrading and maintenance.

o

Olefins U-rate increased to 92% due to Olefins unit #3 ramped up after incident in the past quarter.

o

PE U-rate runs fully at 112% following better olefins u-rate.

o

Phenol U-rate runs at 105% mainly from new capacity is not able to run at full in the early period.

18

Sales Volume Phenol Sales Volume (KTons)

Refinery Sales Volume (KBD) -11% YoY

Others

Fuel Oil

Diesel

Jet

186

134 -28% YoY 184

194

180

188

177

63

161

16% 12%

9% 14%

16% 17%

15% 10%

17% 9%

17% 10%

8% 13%

6% 19%

12% 13%

49%

51%

46%

51%

48%

47%

54%

15% 11%

13% 9%

12% 9%

9M/15 9M/16

14% 10%

50% 15% 9%

51% 13% 9%

15% 15%

20% 8%

211 268 Phenol

BPA

13% 8%

Other By-Products

23%

2,568+21% YoY 23%

39%

38%

29%

27%

8%

12%

Naphtha Group

55%

41%

66

72

71

72

75

41%

52%

43%

47%

44%

51%

48%

57%

53%

56%

49%

59%

121 72% 28%

1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16

PX Group

BZ Group

866

552

796

841

25%

21%

25%

19%

24%

24%

21%

40%

34%

36%

29%

39%

Refinery sales volume increased 154% QoQ following better U-rate after refinery turnaround period.

o

Aromatics sales volume increased 2% QoQ from higher naphtha sales but offset by lower paraxylene sales due to lower aromatics production.

o

Olefins sales volume to external parties declined 18% QoQ from higher volume used internally from Phenol II projects, while PE sales volume increased followed higher U-rate.

o

Phenol and BPA sales volume increased 61% from COD of Phenol II in early of 3Q/2016.

+2% QoQ

707

36%

o +58% YoY

871

35% 31% 30% 21% 30% 30% 28% 17% 14% 16% 13% 10% 7% 2% 1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16

Olefins Sales Volume (KTons) 9M/15 9M/16 557 466

1Q/15 196

2Q/15 3Q/15 173 189

4Q/15 203

1Q/16 156

2Q/16 170

3Q/16 140

HDPE

635

592

219

197

219

233

193

182

217

LLDPE

276

245

108

69

99

89

78

72

95

LDPE

243

227

80

80

83

90

73

74

80

1,154 290

1,064 314

407 102

346 108

402 80

411 130

344 106

329 103

391 105

Total PE MEG

59%

9M/15 9M/16

857

45%

9M/15 9M/16

Olefins

45%

74

1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16

Aromatics Sales Volume (KTons) 2,125

+68% YoY +62% QoQ

+27% YoY

Naphtha+Ref. +154% QoQ

19

Margin by BU Products to Feed Margin (USD/Ton BTX)

Gross Refinery Margin (USD/BBL) Market GRM Hedging Gain/(Loss)

Stock Gain/(Loss) Net NRV Accounting GRM 3.86 8.64

8.58 0.04 0.62

6.10

4.17 7.15

4.15 -

(0.82) (0.12)

8.70

2.22

4.81

5.16

1.59 7.31

6.39 (0.04)

(1.50) (0.31)

4.62

0.07

4.85 (3.22) (2.47)

5.53

(0.97)

4.07 4.57

Market P2F Hedging Gain/(Loss)

205

4.97

4.06

207

Market GRM GRM on CDU GRM on CRS

12%

9M/15 9M/16

-

134 219

175

(3)

1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 7.15 6.39 4.85 7.31 5.53 4.57 7.75 6.95 4.97 8.01 5.59 5.71 3.75 4.02 3.97 3.92 5.28 3.35

3Q/16 4.06 4.04 4.13

Olefins Adjusted EBITDA Margin

11%

2.54

216

(27.63)

217 205

16.41

226 251

183

-

9M/15 9M/16

o

Note: Adjusted calculation methodology of Market GRM to based on intake volume of crude and condensate, and adjusted calculation of CRS GRM to use actual sale weighted average price from previously used theoretical weighted averaged price.

9M/15 9M/16

191

(48.94) (27.79)

179

58.26 201

147

181 (0.95) (1.35)

1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16

9M/15 9M/16 6.10 4.15 6.46 4.79 4.17 4.62

24% 24%

201

(0.00)

(0.03) 9M/15 9M/16

271 54.93

26

0.03 0.88

Stock Gain/(Loss) Net NRV Accounting P2F

19%

Aromatics P2F increased to 181 $/ton from better BZ product spread and higher sales of condensate residue to refinery unit after it came back from turnaround.

o

Olefins EBITDA margin increased to 28% as a result of insurance claim from Olefins III incident.

o

Phenol’s EBITDA margin increased to 15% from better market demand while volume improved from COD of phenol II

1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16

7%

6%

1%

14%

15%

3%

1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16

Refinery GRM decreased to 4.06 $/bbl due to the product spread slightly declined, especially ULG spread.

o

28% 24% 28% 22% 20% 24%

Phenol Adjusted EBITDA Margin 19%

1Q/15 2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16

20

Overview of Business Unit’s Performance (Unit: Million Baht)

3Q/2015

Sales Revenue EBITDA EBITDA Margin (%) Net Profit EPS (Baht/Share) Adjusted EBITDA* Adjusted EBITDA Margin (%)

2Q/2016

93,620 7,824 8% 1,207 0.27 10,511 11%

65,543 10,119 15% 4,924 1.10 7,938 12%

3Q/2016

YoY % + /(-)

QoQ % + /(-)

-4% 56% 5% 416% 421% 11% 2%

37% 21% -2% 26% 26% 47% 1%

89,714 12,210 14% 6,226 1.40 11,630 13%

9M/2016

YoY % + /(-)

236,022 31,844 13% 15, 858 3.56 29,357 12%

-22% -7% 0% 0% -18% 0%

Note: * Adjusted EBITDA refers EBITDA excluding impact of inventory value (Inventory and NRV)

3Q/16 Revenue and Adjusted EBITDA Structure Sales Revenue 4%

30%

7% 2% 1% 14%

9%

89,714 MB

Adjusted EBITDA

40%

11,630 MB

% Adj. EBITDA Margin 3Q/2015 2Q/2016 Business Unit : Refinery Aromatics

11%

Olefins and Derivative Green HVS

17%

65%

Average

4 4 24 6 6 11

3 7 24 10 (1) 12

3Q/2016

5 9 28* 7 10 13

* Includes insurance claim of OLE III

21

Key highlight on 3Q/2016 performance Beside operational performance, there are other positive factor as follow Insurance : Benefit from insurance claim from OLE III incidence by 1,155MB and expect the remaining claim amount in 2017. This support high margin of OLE & derivative at 28% in this period.

Stock Gain : Stock gain by 580MB despite oil drop from last quarter. FX Gain : FX gain 306 MB from appreciation of THB from 35.34 baht/$ at end Q2 to 34.88 baht/$ at end Q3.

Private Fund : Establish private fund to enhance investment yield with investment ~ 6,000 MB. This increased long term investment in this period.

Dividend • Announced interim dividend 4,683 MB • 1.05 baht DPS • 49% payout ratio

22

Strong Financial Position Statements of Financial Position

CA

PPE

48

37

42

70

106

72

Liab.

45

LT Bank Loan, 47%

93

IBD

THB 93 Bn

222

220

Share Holder’s Equity

239

234 42

39

Non CA

ST Bank Loan, 0%

Debenture, 53%

THB 377 Bn

THB 378 Bn Cash +ST Investment

Loan Type

As of Dec 31, 2015

As of Sep 30, 2016

• •

Interest Rate

Currencies

58% Fixed

52% THB

42% Float

48% USD & Others

Cost of long term debts ~ 4.2% (Include W/H Tax) Average loan life - 4.51 Years

Repayment Profile

Key Financial Ratios

THB Bn Net IBD/EBITDA

EUR Loan 38.9

USD Loan THB Loan USD Bond

8.7

9.9

9.1

10.4 7.9

1.2

1.3

1.4

1.4

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

ROA

1.72 1.30

1.28

1.12

1.27

0.21

0.20

1.29

8.99% 8.42%

7.57% 4.80%

0.21

0.26

0.25

0.23

THB Bond

12.7

ROE

NET IBD/Equity

30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 30 Sep 15 15 15 16 16 16 Treasury policy Net IBD to EBITDA ratio of ≤ 2.4x

6.10%

7.36% 6.95% 4.27%

6.62%

8.82%

5.65% 7.13%

30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 30 Sep 15 15 15 16 16 16 Net IBD to Equity ratio of ≤ 0.7x

23

2017 Outlook Overall

Refinery

Dubai price is expected to be in the range of $45-55/bbl on average with market being more balanced from demand growth.

Volume growth from higher U-rate at 100% from no schedule S/D.

Sales revenue expects to grow by 22% in 2017, due mainly from better plants U-rate.

GRM is foreseen to be ~$5.4 /bbl as gas oil and ULG spread is expected to increase. This is mainly due from higher demand in Asia and less disrupt from China export volume

Aromatics U-rate is anticipated to be in the same level of this year, as ARO II is scheduled to T/A. Aromatics margin will be capped by new supply, but offset by growing in demand of SM and Phenol.

Aromatics P2F to increase to ~$183 /ton from ~$179/ton in 2016

Olefins & Derivative Total olefins U-rate will improve to ~93% from OLE III being back in normal operation, comparing with ~90% in 2016. Ethane flow is to reach ~270 T/h from ~240 T/h in 2016. PE U-rate expects to increase to ~ 109% from ~ 102% in 2016. PE price to maintain at ~ $1,150/T. MEG U-rate to maintain at around ~ 95% while price improves from demand growth, especially polyester.

Phenol & BPA Phenol performance will be supported by realizing full year operation of Phenol plant# 2 Phenol U-rate is expected to decrease to ~107% from ~121% in 2016 due to Phenol I T/A, margins is also expected to soften from additional capacity. BPA U-rate up to ~111% from ~104% in 2016. BPA margin to surge from demand of new PC plant.

24

Agenda STRATEGIC EXECUTION 3Q/2016 FINANCIAL RESULTS

MARKET OUTLOOK APPENDIX 25

CRUDE OIL 2017 : OIL DEMAND CONTINUES TO EXPAND WHILE SUPPLY GROWTH IS STILL LAGGING BEHIND GLOBAL OIL DEMAND DRIVEN BY NON-OECD 100

Unit : MBD

98

+0.3

+1.2

96 94

RETURN OF NON-OPEC SUPPLY BUT STILL LAGGING BEHIND GLOBAL DEMAND

+1.3 96.8

97.0 94.4

95.7

96.8

2017

Growth (MBD)

OECD Demand

+0.1

Non-OECD Demand

+1.1

92 3Q16 4Q16

Source : JBC, Oct’16

2015 2016 2017

• Global demand is still driven by Non-OECD countries especially in Asia i.e. China and India.

Global Oil Supply 100 90 80 70 60 50 40 30 20

Unit : MBD

Call on OPEC 32.45

Call on OPEC 33.35

63.2

63.5 +0.3

• Unclear OPEC deal and raising output of exemption countries (Iran, Libya, Nigeria) keep pressure on crude oil price • US production is expected to recover as continually growing in oil rig counts. • High demand growth amid limit supply rise could support global balance in 2H/2017

• OPEC deal could expedite rebalancing process of oil market.

NON-OPEC & NGL’s Supply 2016

2017

Source : JBC, Oct’16

DUBAI CRUDE PRICE TREND 2016

MARKET HIGHLIGHT • Raise of global oil demand in 4Q/2016 from usual winter weather

• World oil demand need OPEC output 33.35 MBD as slower recover of Non-OPEC

Unit : $/BBL

60

45-55

55 50 45

47.0

40

43.2

43.2

2Q16

3Q16

40.9

35 30 25 20

30.4 1Q16

Source: PRISM’s forecast

4Q16 (F)

2016 (F)

2017 (F)

26

REFINERY 2017 : ASIA DEMAND GROWTH HOLDS LEAD IN GLOBAL GROWTH ASIA DEMAND STILL GROWTH LEADING BY TRANSPORTATION SECTOR ASIA OIL DEMAND GROWTH 1000 800 600

Unit : KBD 917 243

11222

400 200 0

641 225 68 129

Diesel Fuel Oil Others

2016

GLOBAL ADDITIONAL CDU CAPACITY

• Recovery in emerging economies Gasoline drive middle distillate consumption.

Jet/Kero

GLOBAL CAPACITY ADDITION HAS BEEN DRIVEN BY ASIA

• Stable Fuel Oil demand as lower China import to offset with raising Bunker consumption

Africa

1000

Middle East 786

822

695

500

Asia FSU

0 -500

2017

Source : JBC Sept’ 2016

Unit : KBD

1500

Europe

Major CDU 2017 China CNOOC : 200 KBD, Q1 CNPC : 260 KBD, Q1

America

2015

2016

2017

Total

Source : JBC Sept’ 2016

MARKET HIGHLIGHT

• Raise of light and middle distillate demand in Asia to support refinery margins. However, additional China’ refinery capacity in 1Q/2017 could cap product spread to increase at certain level onward. • Global refinery yield could shift to more heavy product in avoidance of repeating 2016 light products supply glut problem.

PRICE TREND & FORECAST 25.0 20.0

$/BBL 18.8

ULG95 – Dubai 14.4

15.0 10.0 5.0

9.6

10.5

0.0

14.1

11.6

12.9

11.0

Diesel – Dubai

-5.0 -10.0

-5.2

-15.0

1Q16

-3.3

-4.3 -8.7 Fuel Oil – Dubai

2Q16

Source: PRISM’s forecast

3Q16

4Q16 (F)

14.7

11.0

-5.4

2016 (F)

15.5

11.8

-7.4

2017 (F)

27

OLEFINS AND DERIVATIVES : DAWNING IN NEW US PE SUPPLY AT THE END OF 2017 MEG : WELL SUPPLY/DEMAND BALANCE KEEPS MARKET STABLE-TO-FIRM

• Ethylene supply trends to lengthen in 4Q/2016 after NEA crackers T/A completed. • In 2017, starting of new plants in US at the end of year may exert downward price pressure, however low oil prices may cause shale based PE capacity delays after 2017. • Less SEA’s PE export from 622 KT in 2016 to 110 KT in 2017 due to significantly increasing domestic demand in Thailand, Vietnam and Indonesia.

PROPYLENE AND MEG MARKET HIGHLIGHTS Propylene • In 2017, propylene margin may affects from last wave of unconventional capacity from China nearly 4 mill tons. • Instability of unconventional units may be a support factor to spread margin same as in 2016. MEG • Increasing margin in 4Q/2016 owing to peak polyester demand and lack of new supply. • In 2017, well balance of demand-supply growth and gradual increase of %OR from 78 to 80% support margin.

1400 1200 1000 800 600 400 200 0

$/MT

Polyethylene and Ethylene

LENGTH SUPPLY of DERIVATIVES SUPPRESS THE PRICES

1103

1153 1099

1012

759

743

1Q16

2Q16

HDPE-MOPJ

1139 1057

749

1153

1137

1150

1049 1036

1028

704

739

3Q16 4Q16 (F)

-

HDPE Price

674

2016 (F) 2017 (F) Ethylene Price

Source: PTTGC’s forecast

PROPYLENE PRICE IS STILL PRESSURED FROM ON-PURPOSE 800 600 $/MT

OLEFINS AND POLYOLEFINS HIGHLIGHTS

719

728

735

708

633

626

643

634

305

308

339

290

311

1Q16

2Q16

3Q16

4Q16

649 633

756 666

400 200

280

0 Propylene-MOPJ Source: PTTGC’s forecast

-

Propylene Price

2016 (F) 2017 (F) MEG Price

28

AROMATICS: SLIGHTLY SURPLUS SUPPLY OF PX WHILE BZ QUITE BALANCE PHENOL/BPA : SUPPLY LENGTH IN Q4 WOULD SUPPRESS STABLE MARGIN AROMATICS HIGHLIGHTS

AROMATICS: DECLINGING MAGIN FROM IMPENDING SUPPLY

PX • Start-up of 2.2 mTons/y from Reliance and restarting of 800 KTA of JAC would keep more supply availability in 4Q/2016.

500

• In 2017, PX new supply outpace demand growth around 1 mill. tons but struggling start-up may make upward surprise.

300

• In 2017, new BZ capacity addition of 1.08 mTons/y balance with demand growth (1.07 mTons/y), causing stable margin.

$/MT

BZ • In 4Q/2016, resume demand from SM and Phenol producers after T/A but spread will be capped from new condensate splitter in S.Korea.

400

200

406

395

230

218

417

250

1Q16

2Q16

224

196

100 0

397

368

3Q16

PX-Naphtha

4Q16(F)

2016(F)

368

220

2017(F)

BZ-Naphtha

Source: PRISM’s forecast

PHENOL/BPA HIGHLIGHTS

PHENOL & BPA : THE TURNAROUND OF BPA

Phenol • Soften margin in 4Q/2016 due to weak demand and less turnaround in Asia.

400

• In 2017, there are 2 plants coming, Petro Rabigh (275KTA, Saudi Arabia in 2H) and CNOOC (200KTA, China in 4Q)

300

313

292

280

200

$/MT

• Demand side is expected to growth around 4% due to new Cyclohexanone project in China (consume 200KTA of Phenol).

334

321

200 100

250

235

197

162

191

170

BPA • Demand remains weak in 4Q/2016 but next year will be boosted up by new PC capacities in China • No new capacity coming in 2017 except Covestro which will come along with downstream PC plant.

0

1Q16

2Q16

Source: PRISM’s forecast

3Q16

Phenol P2F

4Q16 (F)

2016 (F)

BPA P2F

2017 (F)

29

Agenda STRATEGIC EXECUTION 3Q/2016 FINANCIAL RESULTS

MARKET OUTLOOK APPENDIX 30

3Q/2016 Income Statements Consolidated 3Q/2015 % MB

Sales Revenue Feedstock Cost Product to Feed Margin

1 2 3 4 5 6

Variable Cost Fixed Cost Stock Gain/(Loss) & NRV Gain/(Loss) Commodity Hedging Other Income SG&A EBITDA

Depreciation & Amotization EBIT Finance Cost

7

FX Gain/(Loss)

8

Shares of profit/(loss) from investments

9

Income Tax Expense Net Profit

93,620 (71,236) 22,384 (6,228) (4,138) (2,687) 52 1, 041 (2, 600) 7,824 (4,132) 3,692 (960) (2,140) 485 216 1,293

100 (76) 24 (7) (4) (3) 0 1 (3) 8 (4) 4 (1) (2) 1 0 1

2Q/2016 % MB

65,543 (46,620) 18,923 (5,569) (4,161) 2,181 (0) 1,124 (2,379) 10,119 (4,158) 5,961 (834) 102 54 (380) 4,903

100 (71) 29 (8) (6) 3 (0) 2 (4) 15 (6) 9 (1) 0 0 (1) 7

3Q/2016 % MB

MB

6,226 7 83 0 11,630 13

5,019 416% (3) -3% 1,118 11%

89,714 (67,276) 22,438 (6,578) (3,883) 580 2 2,244 (2,593) 12,210 (4,491) 7,719 (877) 306 183 (1,022) 6,309

YoY

QoQ

%

MB

100 (3,906) -4% 24,171 (75) (3,960) -6% 20,656 25 54 0% 3,515 (7) 350 6% 1,009 (4) (255) -6% (278) 1 3,267 122% (1,601) 0 (50) -96% 2 3 1,203 116% 1,120 (3) (6) 0% 214 14 4,385 56% 2,091 (5) 358 9% 333 9 4,027 109% 1,758 (1) (84) -9% 43 0 2,445 114% 204 0 (302) -62% 129 (1) 1,238 573% 642 7 5,016 388% 1,406

%

37% 44% 19% 18% -7% -73% 0% 100% 9% 21% 8% 29% 5% 200% 239% 169% 29%

9M/2016 MB

236,022 (173,532) 62,490 (18,045) (12,222) 2,487 45 4,347 (7,258) 31,844 (12,790) 19,054 (2,533) 1,040 415 (2,024) 15,952

YoY %

-22% -26% -12% -6% 2% -261% -122% 18% -1% -7% 5% -14% -16% -137% -55% 67% 0%

Profit/(Loss) attributable to : Owners of the Company Non-controlling interests Adjusted EBITDA*

1,207 1 86 0 10,511 11

4,924 8 (21) (0) 7,938 12

หมายเหตุ: * Adjusted EBITDA คือ EBITDA ที่ไม่รวมผลกระทบจากมูลค่าสต๊ อกน ้ามัน (Stock Gain/Loss และ NRV) และรายการพิเศษ

1,302 104 3,692

26% 495% 47%

15,858 0% 93 -52% 29,357 -18%

31

2017 Shutdown Plan 2017

Plant

Jan

Feb

Mar

OLE

14

Apr OLE3

May

Jun

Jul

OLE2/1

39

Aug

17 Oleflex

25

POL

12

EOB PHN

Phenol I Phenol II

REF

HDPE-1

20

31

52 45 10

BPA

ARO

Oleflex

12

LLDPE TOCGC

Dec

15 BPE1

15

LDPE

Nov

OLE1

15 BPE2

HDPE

Oct

25 11 3 OLE2/2

Cracker 38

Sep

19

Refinery Aromatics I Aromatics II

45

32

Refinery GRM PTTGC adjusted calculation methodology of Market GRM ; •

•

Adjusted calculation methodology of Market GRM to based on intake volume of crude and condensate from previously used intake volume of crude, condensate and other feed. Adjusted calculation of CRS GRM to use actual sale weighted average price from previously used theoretical weighted averaged price.

NEW Concept Market GRM at Market GRM on CDU GRM on CRS

1Q/15 7.15 7.75 3.75

2Q/15 6.39 6.95 4.02

3Q/15 4.85 4.97 3.97

4Q/15 7.31 8.01 3.92

FY2015 6.42 6.87 4.08

1Q/16 5.5 5.6 5.3

2Q/16 4.6 5.7 3.4

OLD Concept Market GRM at Market GRM on CDU GRM on CRS

1Q/15 5.98 7.97 2.58

2Q/15 5.40 7.27 2.69

3Q/15 4.16 5.11 3.16

4Q/15 6.23 8.25 3.39

FY2015 5.45 7.13 2.95

1Q/16 4.8 6.1 3.8

2Q/16 4.0 5.3 3.4

33

Thank You

For further information & enquiries, please contact our Investor Relations Team at [email protected] 1 2 3 4 5 6

Thitipong Jurapornsiridee Jittasak Soonthornpan Prang Chudasring Nattchanon Chawinsittangkul Pantaree Nantanakom Chutima Jarikasem

VP-Corporate Finance & IR IR Manager IR Senior Analyst IR Analyst IR Analyst IR Coordinator

[email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

+662-265-8574 +662-265-8172 +662-265-8327 +662-265-8364 +662-140-8714 +662-140-8713

34