CalGEMs Conference 2014 June 2-6, 2014

Contents Overview

Performance

Q2/14 Outlook

Overview Performance Q2/14 Outlook

1

Oil Balance Thailand: Jan-Mar 2014

Adequate refining capacity maintains the stability of supply Overview

Performance

Supply Import (81%) 932KBD

Production

Sales

Imported Refined Petroleum Products 96 KBD Crude/ Condensate 836 KBD

Crude/ Condensate Indigenous (19%) 213 KBD 223 KBD

Q2/2014 Outlook

Total Refining Capacity in Thailand: 1,087 KBD

Domestic

Refined Products 957 KBD*

901 KBD PTT’s Associated Refineries : 910 KBD (TOP, PTTGC, SPRC, IRPC, BCP)

Refined Products 155 KBD

(**)

Export

Other Refineries : 177 KBD (ESSO)

Crude Export 10 KBD Source: PTIT Remark :

165 KBD

(*)Refined product from refineries= 859 KBD, including domestic supply of LPG from GSPs and Petrochemical Plants = 98 KBD (**) Not included Inventory KBD = Thousand Barrels per day 2

Natural Gas Balance: Jan – Mar 2014 Main driver of the Thai economy Overview

Supply

Performance

Q2/2014 Outlook

Production

Sales Ethane/ Propane/ LPG/NGL

Gulf of Thailand (80%)

Others 42%

Chevron 32%

PTTEP 26%

(15%)

3,555 MMSCFD

Bypass Gas 1,124 Onshore (3%) MMSCFD

936 MMSCFD (21%)

6 GSPs Total Capacity 2,740 MMSCFD @ Actual Heat

135 MMSCFD

LPG/NGL

Industry Household Transportation (6%)

Methane 1,495 MMSCFD

Power

Import (17%)

(58%)

Industry

LNG 21%

Myanmar 79%

Petrochemical Feedstock

NGV

(14%)

(7%)

774 MMSCFD

Remark: MMSCFD = Million Cubic Feet @ Heating Value 1,000 Btu/ft3

3

PTT is Thailand’s Largest Energy Company Overview

Performance

PTT Public Limited Company (“PTT”)

Q2/2014 Outlook

Robust revenue and Net Income growth since IPO (MMUSD)

 Largest company on Thai Stock exchange

94,756

 Market cap ~US$27bn1 or ~ THB843bn1

3,155

 Group companies:16.8%1 of Thai Stock Exchange market

capitalization

Revenue

12,553

 Majority owned by Thai government (66%)  51% by Ministry of Finance  15% by Vayupak Fund

 International exploration and production business with 846        1

mmboe2 of proved reserves in 2013 Sole operator and owner of gas transmission pipelines and GSPs in Thailand Largest refinery group in Thailand with stakes in 5 of 6 refineries in the country Largest petrochemical producer group in Thailand with stakes in 6 of 8 major petrochemical plants Leading oil marketing business with 1,381 retail stations and 40% 2 of market share by volume International oil trading business having traded 15.1 bn liters 2 Coal business assets in Indonesia, Madagascar, and Brunei New Power Flagship (GPSC) to capture opportunity in neighboring ASEAN countries

As of 27 March 2014 2 As of March 2014 Note: THB/US$ exchange rate of 31.50

Affiliate

31%

PTT

Net Income 702 19% 81%

 Fully integrated and highly diversified over the entire O&G

value chain

59%

2001 IPO

2013

International and local recognition

144th in 2013 167th in 2012 171th in 2011

Thailand best borrower award 2014 Best CEO Best CFO Best Managed Company Best Corporate Governance Best Investor Relations Best Corporate Social Responsibility Best Commitment to Strong Dividend Policy

Platts Top 250 Global Energy Company

18th Overall Performance of 2013

81st Fortune Global 500 in 2013 95th in 2012 128th in 2011

SET Awards  Top Corporate

Governance Report Award 2010 & 2011

Dow Jones Sustainability Index (DJSI)

 Best Corporate Social

Responsibility Awards 2011 & 2012

DJSI Member 2013-2014 (Listed in 2011)

4

PTT’s Strategic Importance to Thailand Overview

Performance

Ministry of Finance holds majority stake in PTT

Public 34%

PTT ratings at Thai sovereign level

Thai Ministry of Finance 51%

• Foreign 17% • Thai 17%

Q2/2014 Outlook

Vayupak Fund1 15%

Kingdom of Thailand – FC

Baa1

BBB+

BBB+

A-

PTT – FC

Baa1

BBB+

BBB+

A-

PTT – LC

Baa1

BBB+

A-

A

Note: As of March 2014

Largest market cap on the Thai Stock Exchange PTT

PTTEP

PTTGC

TOP

IRPC

BCP

Total

Others

Market cap (BNUSD)2

26.7

19.5

10.3

3.4

2.1

1.3

63.3

319.7

% of SET

7.0%

5.1%

2.7%

0.9%

0.6%

0.4%

16.8%

83.2%

Moody’s rating

Baa1

Baa1

Baa2

Baa1

Ba1

N.A.

-

-

S&P rating

BBB+

BBB+

BBB

BBB

BB+

N.A.

-

-

1

The Vayupak Fund is a registered investment management fund in Thailand in which the Government is a major unit holder. The Government has rights of first refusal with respect to any of our shares to be sold by the fund. Although the fund’s shareholding may be considered to be beneficially owned by the Government under international standards, such shares are not considered to be owned by the Government for the purposes of Thai law or our compliance with certain of our debt covenants 2 Based on data as of 27 March 2014/ THB/US$ exchange rate of 31.50

5

Our Major Businesses & Activities Overview

Intermediate

Upstream

Business Areas

E&P

Gas

New Business

Downstream

Oil Marketing

Performance Company

PTT’s holding (%)

Coal Power

Activities

PTTEP

65.29%

Exploration and Production

PTT PLC • Gas Pipeline • S&M • GSP

100% 100% 100%

Sole owner/operator of the Transmission pipeline Supply & Marketing of Natural Gas Extracting Hydrocarbon contents in NG for Petrochemical’s feedstock

• Oil Marketing

100%

Retail service Stations and commercial Marketing

• Int’l Trading

100%

Import/Export/Out-Out trading of petroleum and petrochemical products

PTTGC

48.89%

Petrochemical Flagship

TOP

49.10%

Integrated Refinery & Petrochemical

IRPC

38.51%

Integrated Refinery & Petrochemical

SPRC

36.00%

Stand alone Complex Refinery

BCP

27.22%

Complex Refinery & Retail Stations

Int’l Trading

Petrochemic al & Refining

Q2/2014 Outlook

PTT Energy Resources 100%

Coal Business

GPSC

Power Flagship

30.10%

6

PTT Aspiration

Strategic direction and target to achieve “Big-Long-Strong” aspiration Overview

Performance

Q2/2014 Outlook

“Thai Premier Multinational Energy Company”

Strong TOP Quartile ROIC

Long

Big

Ranked Fortune 81th

Listed in DJSI since 2011

Technologically Advanced and Green National Oil Company 7

Q1/14 Performance: PTT’s Strong Performance offset weaker Affiliates Overview

Performance

Q2/14 Outlook

MMTHB

35,804 Refinery

Petrochem

PTTEP

3,269

2,595

Gross margin

4,329 487

FX OPEX* gain

4,985

Share of income

6,569

23%

4,002

2,852

27,448

Interest NCI expense & income taxes 12,602

3,516

54%•• 46%

7,450

41%

1,509

Total intake decreased 10% Avg. ACC GRM decreased 30% Overall spread margins drop esp. PX Sales vol. decreased 6%

Sales vol. increased 3% Avg. selling price decreased 3% Gas Avg. NG gas margin increased Avg. GSP sales vol. decreased 8% More loss on NGV

PTT

12,308

Gross margin

FX gain

OPEX * Share of Interest income expense & Income taxes

NCI

13,739

Oil vol. increased 6% Oil margin increased 2% Trading Margin increased 30%

Others

1,056

1,234

Q1/2013

Q1/2014

*including petroleum exploration expenses and royalties

12%

13%

Better coal performance from cost reduction program

8

Contents Overview

Performance

Q2/14 Outlook

Overview Performance Q2/14 Outlook

9

E&P Key Overview in Q1/14 Overview

Performance E&P

Gas

Oil & Trading

Q2/14 Outlook Refining

PetChem

Others

Exploration Portfolio Expansion

Successful Brazil acreage farm-in Proceeding with exploration and appraisal program as planned

Growth-Delivering Development and Solid Operations

Montara gradual ramp-up Zawtika gas delivered to domestic market Resilient domestic gas demand

Value-Accretive Portfolio Management

Consolidate domestic leadership through Hess Thailand acquisition Rationalizing asset value through Canada oil Sands asset swap

10

E&P Performance:

Expenses and prices pressured performance Overview

Performance Gas Oil & Trading

E&P

Product Prices 103.74

Liquid (USD/BBL)

67.03

Weighted Avg. (USD/BOE)

101.53

100.84

64.48**

64.92**

7.96

7.64*

7.79*

Q1/13

Q4/13

Q1/14

Gas (USD/MMBTU)

Refining

Q2/14 Outlook PetChem

Others

Sales Volume 1%QoQ 3% YoY

KBOED

1%QoQ 3% YoY

2%QoQ 2% YoY

0.3% QoQ 3% YoY

292

300

299

101

101

101

Liquid

191

199

198

Gas

Q1/13

Q4/13

Q1/14

* Gas price, if excludes Vietnam 16-1 retroactive sale recording, is 7.98$ for Q4 13 and 7.97$ for Q1 14 ** Average selling price, if excludes Vietnam 16-1 retroactive sale recording is 66.4$ for Q4 13 and 65.91$ for Q1 14

Net Income (100%) MMUSD

60% QoQ 44% YoY

680 380 238

* Not-restated

Q1/13

Key Overview

Q4/13*

Q1/14

QoQ • Sales volume slightly decreased from Vietnam16-1, S-1 project and Yadana while average prices slightly increased. • Net income increased mainly due to lower exploration expense, G&A and lower income tax. YoY • Sales volume increased mainly from start up of Montara/ MTJDAB17 / Natuna Sea A and First Gas sale in March of Zawtika Project. • Net income decreased due to higher loss from non-recurring item, DD&A and Operating expense of PTT Australasia project

11

E&P Roadmap:

Building Strong Platform to Deliver Growth

On target development to achieve solid growth Overview and exploration progress Performance Q2/14 Outlook E&P

Gas

Oil & Trading

Refining

PetChem

Others

On target development and exploration progress to achieve solid growth Q1 2014 Analyst Meeting

Focus Areas

Q1 14

Q2 14

Q3 14

 = Completed

Q4 14

2015

~2020

Myanmar M3 appraisal drilling start Brazil farm-in and first entry  Maple East-1 exploration drilling start Myanmar PSC-G & EP-2 exploration drilling start Zawtika appraisal drilling start Zawtika gas export to Thailand Zawtika domestic gas delivery  Montara sub-sea wells tie-in 

Mozambique LNG expected FID Algeria Bir Seba first oil

Expected Contribution • Thornbury • MZ LNG • Myanmar M3

Announce Canada oil sands asset swap  Announce Hess Thailand acquisition  Pursue M&A strategy and continue to evaluate asset rationalization opportunities

329 KBOED 2013 Actual Production Volume

>10%

~7%

Growth

Growth

~600 KBOED

12

Gas BU Performance:

Better performance from better GSP margin Overview

Performance E&P

Gas

Oil & Trading

MMSCFD 4,695

MMSCFD AVG.

2014 2012

4,695

4,746

4,675 4,611

4,439 4,507

4,488

4,462

4,284

Q1

Q2

Q3

Refining

PetChem

Others

NG Customer Breakdown

NG Sales Volume

2013

Q2/14 Outlook

303 630

4,580

NGV (7%)

319 632

911

910 GSP (21%)

660

710

896

610 IPP (14%)

1,380

1,052

1,258 EGAT (28%)

Q1/13

Q4/13

Q1/14

528 866

4,439

Q4

4,439

308 635

988

4,537

4,462

0.5% QoQ 5% YoY

Industry (14%) SPP (16%)

Key Overview

NGV Sales Volume 4% QoQ 5% YoY 8.57

8.87

8.43

QoQ

•

NG volume decreased mainly from lower demand from EGAT due to cold weather

•

Higher NGV Sales volume due to # NGV stations back to normal operation

YoY

Q1/13 Vol. MMCFD

303

Q4/13

Q1/14

308

319

•

NG volume decreased mainly due to cold weather at beginning of this year dragged demand of Natural Gas from EGAT

•

NGV Sales volume increased by 5%

13

Gas BU Performance :

Better performance from better GSP margin Overview

Performance E&P

Gas

Oil & Trading

1,562

1,539

1,537

1,482

1,535

887

864

858

403

375

338

1,632

PP HDPE

1,555

220

Q4/13

12,381 1,741 4,008

6,562

5,921

4,760

5,977

-4,219

Q1/13

*Not Restated

-5,266

Q4/13*

1,507

1,508 Propane (14%)

552

509

476

Ethane (32%)

184

173

185

NGL (12%)

676

648

638

LPG (42%)

Q1/13

Q4/13

Q1/14

Naphtha

Q1/14

0.1% QoQ 8% YoY 209

Gas BU EBITDA MMTHB

Others

177

GSP Cost

1,535 3,135

PetChem

KTon

USD/Ton

11,773

Refining

GSP Sales Volume

GSP - Reference Product Prices

Q1/13

Q2/14 Outlook

Key Overview 17% QoQ 23% YoY

14,488 1,906

Others

5,675

GSP

6,886

TM

4,757

S&M

-4,736

NGV

QoQ

•

EBITDA increased from higher margin of GSPs and resumption of GSP#5

YoY

•

Better performance from GSPs due to an decrease in NG feed cost and higher margin on GSPs.

•

However, more loss on NGV limit gain on Gas BU performance

Q1/14

14

Gas BU:

4th onshore pipeline delay but negligible Overview

Business & Roadmap E&P

Gas

Performance

Oil & Trading

Q2/14Outlook

Refining

PetChem

New Business

4th onshore pipeline project •

Cost 40 Billion THB

•

1 year delayed

•

Impact manageable

15

Oil BU Performance :

Margin and inventory gain drive performance Overview

Performance Gas Oil & Trading

E&P

Contribution Margin 1/ 39% QoQ 2% YoY

MM Liter

4% QoQ 6% YoY 6,295

0.92

0.90 0.66

Q1/13

Q4/13

5,956

Q1/14

Q1/13 2

Excluded non–oil business

Oil BU - EBITDA 142% QoQ 14% YoY

3,879

5,049

2,088

4,408

Oil

1,445 536

643

641

Q1/13

Q4/13**

Q1/14

* EBITDA from Operating ** Not restated

6,031

Q4/13

Q1/14

/ Only PTT and PTTRM

Key Overview

MMTHB

4,415

Others

Sales Volume 2/

THB/Liter

1/

Refining

Q2/14 Outlook PetChem

Non-Oil*

QoQ • EBITDA surged from better margins and sales volume • Strong performance of non-oil despite political unrest YoY • Better margin mainly from aviation fuel together with stock gain • Higher sales volume from all products esp. diesel and aviation • Growing non-oil business performance following branch expansion

16

Trading BU Performance :

FX and lower condensate discount support margin Overview

Performance E&P

Gas

Q2/14 Outlook

Oil & Trading

Contribution Margin* 44% QoQ 30% YoY

0.13

0.09

Q1/13

Q4/13

PetChem

Others

Sales Volume

THB/Liter

0.10

Refining

MM Liter 16,612

16,824

10% QoQ 9% YoY

15,113

Q1/14

Q1/13

Q4/13

Q1/14

* PTT only : FX Adjustment in compliance with Accounting Standard

Trading BU - EBITDA*

Key Overview 26% QoQ 15% YoY

MMTHB

1,940 1,680

Q1/13

1,541

Q4/13

QoQ • Higher margins from better spread from crude price and condensate • Sales volume dropped mainly from SPRC T/A and lower SPOT sales • YoY • Better margins from lower domestic condensate discount and petrochemical margin of PTTT • Lower sales volume mainly from out – out transactions

Q1/14

17

Refining Business Performance:

GRM drop following tumbled Crude from China slowdown/QE Overview

Performance E&P

Gas

Q2/14 Outlook

Oil & Trading

USD/BBL

108.2

106.8

104.5

7.36

7.11

A/C GIM

19% QoQ 16% YoY

Aggregated Intake (KBD)

5.95

5.45 5.41

3.81

4.07 3.82

2.03

Mkt GRM A/C GRM

Q1/13 Stock Gain/Loss

Q4/13

-0.16

PetChem

Others

Refinery Utilization

GRM/GIM Dubai

Refining

Q1/14

0.95

-0.90

732

733

662

U-Rate (%)

Q1/13

Q4/13

Q1/14

Aggregated U-Rate

93

93

85

TOP

100

101

105

IRPC

85

81

80

SPRC

101

105

BCP

83

84

10% QoQ 10% YoY

T/A (23 days)

60 T/A (38 days) 82

Net Income (100%) YoY

MMTHB

90% QoQ

6,787

52% YoY

2,197

3,269

153

1,565 3,227 1,210

1,721

344

733 784

2,534

10

* Not restated

TOP

+ Better net marketing margin - Decline in Crude run - Decrease in total GRM

IRPC

+ Better A/C GIM from; higher petroleum product spreads

TOP

+ Higher U-Rate - Lower Mkt GRM - More Stock loss from soften Dubai - Pressured PX, while stable BZ margin

SPRC

- Plant Turnaround: 8 Feb – 17 Mar - Lower A/C GRM

194

-1,174

Q1/13

BCP IRPC

BCP

Q4/13*

Q1/14

SPRC

& more usage of domestic crude - T/A 14-23 days (18 Mar – 9 Apr)

18

Refineries : Going forward Overview

Performance

Turnaround

E&P

CDU-3 Major Turnaround (165 KBD) : Jun-July

Oil & Trading

Refining

No major turnaround after planned S/D during 18 Mar-9 Apr

(To produce more diesel/jet at expense of fuel oil) -COD : Q2/2014

• CDU-3 Crude Preheat Train (Reduce fuel usage) -COD: Q3/2014

PetChem

Others

Turnaround Maintenance : 1May15 Jun (46 Days) • Install new CDU (100KBD)

~55 Days • HCU Revamp

Project Updates

Gas

Q2/14 Outlook

•UHV Project on track (Increase Propylene from 412 KTA to 732 KTA) - Upgrading bottom refinery product to high value added for Petrochem feedstock) -COD : Q3/2015

• Solar: Phase 3 (48 MW PPA) - COD earlier than plan (Apr./14)

• Delta Project - Benefit : USD 5.6 MM

•Explore New Geography: Myanmar & Indonesia: by 2014

19

Petrochemical: Olefins In Good Shape; Aromatics Under Pressured Overview

Performance E&P

Gas

Oil & Trading

Global Ethylene Demand/Supply Addition

4

90%

Additional Demand

86.2% 85.6%

Million Metric Ton

3 88.3%

Operating Rate

87.7%

88%

2

86%

Demand 84%

2012

2013

2014

1

Million Metric Ton

Additional Demand 80.7%

Additional Supply Op Rate

Forecast

-1

72.3%

Supply 69%

80.8%

80.1%

6

79.7%

2014

2015

Global PX Demand/Supply Addition

83.4%

84.5%

Additionl Supply

Op Rate

1 78%

2013

2014

2015

65%

90%

83.4%

85%

76.6%

4

2

0

67%

Forecast

Additional Demand

80%

71.3%

3

Demand

Source: IHS as of 3 Mar 14

2013

5

Supply 79.4%

2012

2012

Million Metric Ton 7

80%

2011

73%

Ample capacity add will knock off margins

82%

4 2

72.7% 71.3%

2011

Supply jump from U.S. shale gas will weaken price

6

72.4%

75%

0

2015

Global Propylene Demand/Supply Addition 8

72.1%

Forecast

Additional Demand Additional Supply Operating Rate

Demand

0

2011

Others

71%

85.8%

Supply

2

PetChem

Oversupply from Asian refineries

Forecast

Additional Supply 6

Refining

Global Benzene Demand/Supply Addition

Demand over supply

Million Metric Ton 8

Q2/14 Outlook

75%

70%

Supply

65%

Demand

0

60%

2011

2012

2013

2014

2015

20

Petrochemical Business Performance: Pressured PX price stumble performance Overview

Performance E&P

Gas

Q2/14 Outlook

Oil & Trading

Refining

Refineries 101%

4.37

3.73

BTX U-Rate

3.42

4.48 4.12

93%

92%

101% 5.31

22% QoQ 10% YoY

Mkt GRM A/C GRM

91%

669 502

430 PX-Cond

Stock Gain/Loss

Q1/13

Q4/13

Q1/14

-0.91

1.11

-0.69 Q1/13

97% 93%

Unit : MMTHB S/D P: I-1 (37days) 77% U: I-4/1(23days)

590

5% QoQ

USD/Ton

6,766

19% YoY

521

17% QoQ 40% YoY

7,924

12,075

Q4/13

PX-Cond

42%

387

Q1/14

Net Income (100%)

13,303

Q1/13

12%

Q4/13

620

HDPE-Naphtha

BZ-Cond

380

346

YoY

BZ-Cond

Olefins Olefins U-Rate

Others

Aromatics

103%

CDU U-Rate

PetChem

Q1/14

Q1/13

7,420

6,296

Q4/13

Q1/14

Others HMC PTTGC

YoY PTTGC

+ Mkt GRM slightly increased + Olefins spreads improved - Aromatic spreads tumbling - Sales Vol. decreased due to I-1 & I-4/1 S/D

21

Petrochemical : Going Forward Overview

Performance E&P

Gas

Oil & Trading

Q2/14 Outlook Refining

PetChem

Others

22

Other Businesses : Coal - SAR (94.58%) Better performance from cost reduction initiatives Overview

Performance E&P

Gas

Q2/14 Outlook

Oil & Trading

Refining

Avg. Selling Price & Cash cost USD/Ton 76

70

68

3% QoQ 11% YoY

Sales Volume KTon 13% QoQ 17% YoY

Selling price

3,334 2,472

50 44

40

493

Cash Costs

10% QoQ 12% YoY

Q1/13

Q4/13

Q1/14

Net Income (100%) MMUSD

296% QoQ 18% YoY

9.6

8.2

Q1/13

*

Q4/13

Q1/14

Others

PetChem

1,062

1,979

2,272

Q1/13

Q4/13

2,899 941 Sebuku 1,958 Jembayan

Q1/14

Key Overview QoQ • Net income increased mainly from lower depreciation and no write-off, despite lower sales volume and higher cash cost YoY • Sales volume slightly increased due to higher production from Sebuku mine especially from Northern Leases area. • Net income increased as consequence of cost reduction initiatives and mine plan optimization.

-4.9 *Not restated

23

SAR Project Update Overview

Performance E&P

Gas

Oil & Trading

Q2/14 Outlook Refining

PetChem

Others

2014 Operational Plan Overview: • Continue cost reduction initiative program under downturn market (mainly on mining and logistics)

Target to reduce at least 5% from 2013 • Improve working efficiency through corporate reorganization and cost reduction program • Study coal blending to optimize SAR resources • Market expansion in India and South East Asia region as well as domestic market in Indonesia.

24

Other Businesses : Power - GPSC (30.10%) Better performance as a result of TFRIC#4 Overview

Performance E&P

Gas

Q2/14 Outlook

Oil & Trading

Sales Volume

Refining

PetChem

Others

Net Income (100%)

KMWh KTon

MMBaht 6% QoQ

 34% QoQ (Power)  8% QoQ (Steam)

2,126

Power

Q4/13

Q1/14

2%

1,591 32

1,521

1,559

2013

As of Q1/2014

*Power only (excludingSteam) According to Business Plan 2014-18 (@ 4 Mar 2014 (To be revised) ** By year-end 2014

18%

1,871 78

1,793

Q4/13*

Q1/14 (Before TFRIC#4)

Q1/14 (After TFRIC#4)

*Not restated

Moving Forward (Capacity*)

32

251

1,111

Steam

1,553

294

312

1,413

1,214

MW

15%QoQ

Renewable

Key Overview QoQ • Lower power sales volume from Sriracha plant S/D • Lower steam sales volume due to customers’ S/D

Conventional

Next Step**

25

GPSC Project Update Overview

Performance E&P

Gas

Oil & Trading

Q2/14 Outlook Refining

PetChem

Others

Update Progress (Q1-2014)  Completed transfer shares of 5 power assets from PTT Combined Heat and Power Producing Company Limited (CHPP) Bang Pa-In Cogeneration Company Limited (BIC) Thai Solar Renewable Company Limited (TSR) Natee Synergy Company Limited (NSC) NavaNakorn Electricity Generating Company Limited (NNEG)  Credit facility Signed between GPSC and KTB, BAY, TISCO, MIZUHO and GSB in the amount of 8,600 MTHB on Mar 20,2014 Highlight Planned Activities 2014  Transfer shares of the remaining 2 power assets from PTT/PTTER Ratchaburi Power Company Limited (RPCL) Nam Lik 1 Power Company Limited (NL1PC)

 GPSC Initial Public Offering Preparation

26

PTT Consolidated Performance: Q1/2014 Performance

Overview

Dubai (USD/BBL)

108.2

106.8

Q2/14 Outlook

Q1/14

104.5

Others

PTTEP 4% QoQ

Unit : MMTHB

2% YoY 749,995

699,864

716,571

4%

8%

PTT - Gas 16%

Revenue 72%

Revenue

PTT - Oil & Trading Q1/2013

Q4/2013*

Q1/2014 9% QoQ 12% YoY 64,492

EBITDA

57,335

Q1/2013

PTT - Gas

Q4/2013 *

23% EBITDA 65%

Q1/2014

6%

27,448

EPS (THB/Share) * Not restated

PetChem

15,392

12.52

Q4/2013* 5.32

4%

13% Net Income

PTTEP 27%

50%

Q1/2014 9.60

PTTEP

Others

Refining

23% YoY

35,804

Q1/2013

4%

8%

58,983

78% QoQ

Net Income

Others

PTT - Oil & Trading

PTT

27

Statement of Financial Position Overview

Performance

MMTHB

Decreased assets : • A/R due to lower sales volume

1.4% 1,805,308 Cash & S/T Invest Other Current Assets

Others Noncurrent Assets

160,370

1,779,380 198,574

509,287

467,065

Q2/14 Outlook

Other Liabilities

Decreased PP&E: • Reclassification of related PP&E as noncurrent assets held-for-sales of PTTEP

363,206 379,137

541,946

465,864

471,395

L/T Liabilities (incl. due within 1 yr)

525,963

12.8

12.6

1.3

1.4

0.4

0.4

Q1/13

Q4/13

4.5 4.0 * 13.6 ICR3.5 3.0 2.5 2.0 1.2 1.5 Net Debt/EBITDA ≤ 2.0 1.0 0.3 0.5 Net Debt/Equity≤ 1.0 0.0 Q1/14

*ICR = EBITDA/Interest Expense

PP&E

739,785

846,451

824,626 675,705

Total Equity

PTT Ratings at Sovereign Level − FC

: Moody’s (Baa1), S&P (BBB+), JCR (A-), FITCH (BBB+)

− LC 31 Dec 13

31 Mar 14

: Moody’s (Baa1), S&P (BBB+), JCR (A), FITCH (A-)

28

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

Performance

Overview

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

.

Q2/14 Outlook

43.6% 40.4%

34.7% 34.9% 35.5% 39.3%Dividend payout

PTT’s minimum payout ratio Baht / share

30.57

34.14 34.82

18.33 7.71 8.75 4.00 2.50 2.85 1

6.75

33.07

29.58

22.40 13.43

36.64

.

11.50 10.50 9.25 8.00

21.06 EPS

8.50

10.25

13.00 13.00 13.00 DPS

1

11

1

1 29

PTT: CAPEX (PTT and Wholly Owned Subsidiaries) PTT plans to invest ~Bt 327bn ($10bn) during 2014-2018 Overview

Performance

Q2/2014 Outlook

CAPEX Breakdown : 5 Years By Business Unit

Unit: MMTHB

Investment in Joint Venture and Its subsidiaries Head Office and Others Oil and International Trading JV & Investment in Natural Gas Subsidiaries 38%

LPG import facility 4th

pipeline & extension

Gas 42% M&A and Investment Oversea 24%

R&D, Others 3%

86, LNG, M&A and Investment Oversea 38,404

LNG 14%

, 1

, 1

,

29,043

18,733 457 11,503

6,888 11,753

17,563 3,206 9,319

29,903

22,826

17,177

2014

2015

2016

765 11,925

Oil & Trading 17%

, 18,709 44 10,415

30,103

37,839

201

201 30

Contents Overview

Performance

Q2/2014 Outlook

Overview Performance Q2/14 Outlook

31

Economic Outlook : Challenges ahead Overview

Performance

Q2/14 Outlook

US Market : shows signs of stronger recovery : - US Economics Recovery : - Fed to keep QE tapering on course

EU market: keep an eye on political issue

: - EU Economy tends to recover from recession : - Ukraine and Russia political tension tend to escalate

China market: conservative growth

: - IMF Raise Chinese GDP Forecast to 7.5% in Y2014 : - Chinese Credit Controls : slower sustainable growth

AEC market : effect from Capital Out Flow

: - IMF forecast ASEAN-51 GDP growth in 2014 around 4.9%

: - Risk of Capital Outflow and rising interest rate

Thailand market: Prolonged Politcal Turmoil

: - Export growth according to global economies recovery : - How long Thailand can have election

- Risk of Thailand Credit Rating Downgrade

PTT Performance: Better performance from professional management : - Better Performance under political uncertainty : - Hanging Issue: on LPG and NGV Pricing Cap 1

Indonesia, Malaysia, Philippines, Thailand, and Vietnam.

32

32

Crude Oil Outlook: Limited Demand on Refinery Turn Around Overview

Q2/14 Outlook

Performance

World Oil Demand/Supply Balance MBD

Dubai

95 94 93 92 91 90 89 88 87 86 85

MBD

Dubai

$109/bbl

$105/bbl

Dubai

$104/bbl 91.8

91.6 90.4 89.2

90.1

7 6 5 4

88.7

3 2

“OPEC spare capacity rises in 2014. OPEC will play an important role to balance global oil demand/supply to maintain oil price of $1 /barrel”

1 0

2012

2013

World oil Demand(LHS)

2014

World Oil Supply(LHS)

OPEC Spare Capacity*(RHS)

Crude Oil Price Forecast range bound 102-104 $/bbl 2013 Dubai $105.5/bbl

2014 Q1 Dubai $104.4/bbl

Dubai Forecast 2014 Range $102-$104/bbl

102.6 102.8

103.3 103.7

103.8 103.8

104.3 104.5

Psychology level @ 100 USD/BBL

Factors to watch Ukraine and Russia political tension remains US and EU Economics Improved

Asia Pacific Refineries turnaround season in Q2/2014 Easing Libyan supply disruption

Jan-13

Apr-13

Jul-13 WTI

Oct-13 Brent

Jan-14 Dubai

Apr-14

Jul-14

Oct-14

Dubai Forecast (PTT Group PRISM)

Source: EIA report Apr ’14, OPEC World Oil Outlook, (PTT Group) Estimated (28.04.2014)

Chinese economy grows more conservative

33

Henry Hub / JKM Price Outlook: US Gas in Surplus due to Significant Production Growth /Korean ample supply to pressure Performance Q2/14 Outlook JKMOverview Price US LNG Export Terminal Projects

LNG Global Demand/Supply

Excess Supply expected in L-T

Henry Hub Natural Gas Price Forecast

EIA’s projected HH Price in

1 is .

Japan-Korea Market Price Forecast

USD/MMBTU

JKM Price in 2014 is approx. 16-17 USD/MMBTU

Factors to watch Higher

US Gas Demand from Cold Snap Lowest

Factors to watch Uncertainty of Japan Nuclear Policy

Inventory lowest in 5-year average

to restart Nuclear Power Plant

US gas balances in surplus from shale gas asset

Kogas has faced High LNG Inventory as result of mild weather in Korea

Source : Short term 2014 Outlook, April 2014 EIA, Street Research, Bloomberg and PTT

34

Refinery Margin Outlook : Firm GRM in Q2-14 due to tight supply during refinery maintenance Overview

Performance

CDU Additional Vs Additional Demand –AP&ME

Demand Growth

Refinery Maintenance in Asia-Pacific Area

Supply Growth

Jan-14

“Expected supportive GRM in 1 due to limited net capacity addition as refinery closure in Japan, Australia & project postponement in China” 25

Q2/14 Outlook

Feb-14

V

Jul-14

Aug-14 Sep-14 Oct-14

Nov-14 Dec-14

“Seasonal Peak Refinery maintenance in Asia-Pacific during limits crude oil demand but supports to petroleum product market .”

Singapore GRM Forecast to be around 6-7 $/bbl Forecast

GO

20

Mar-14 Apr-14 May-14 Jun-14

Factors to watch Asia-Pacific Refineries turnaround in 2Q/2014 US stockpiling ahead of driving season

15

Mogas

10 5 0

FO

-5

Stockpiling in the Muslim countries ahead for Ramadan Impact from Jubail Refinery (400KBD) run full operation Off-peak traveling season

-10 -15 Jan-13

Apr-13

Jul-13

Oct-13

Jan-14

Apr-14

Jul-14

Oct-14

Source: FACTS, DB, KBC, Reuters , IEA, Reuters, Thaioil and PRISM Estimated (April 2014)

35

Petrochemical Outlook : Olefin spread to move slightly upward from cracker T/A Overview

Asia Propylene Supply/Demand Balance

Asia Ethylene Supply/Demand Balance

Million Metric Tons

Million Metric Tons

4.5

Q2/14 Outlook

Performance

4.5 Note: Domestic demand excludes export volume

4.0

4.0

3.5

3.5

3.0

3.0

2.5

2.5

2.0

2.0

*Non-steam cracking availability includes production from metathesis, PDH and FCC Splitter

Olefins Product Spread

Unit :USD/TON 800 Spread HDPE

Spread PP

Y 2014

600

•

HDPE-Naphtha expected to be around 540-640 USD/TON

•

PP-Naphtha expected to be around 560-660 USD/TON

Factors to watch Tighten supply from Propylene Plant T/A

400

US and EU Economics Recovery

200 Uncertainty on PP demand in Indonesia Market

0

Jan-13

Apr-13

Jul-13

Oct-13

Source: PRISM Estimated, PTTGC

Jan-14

Apr-14

Jul-14

Oct-14

More spot available from middle east when UAE’s Borouge Start up ethane cracker in early Jun.

36

Petrochemical Outlook : Weak Downstream Demand Weighs Down PX Market Overview

Q2/14 Outlook

Performance

Asia PX Supply/Demand Balance

Asia Benzene Supply/Demand Balance

AP/ME PX Capacity* and Supply

Demand

Remark:* Normalized capacity to start up period

Unit :USD/TON

AP/ME Benzene Capacity* and Supply

Capacity

Demand

Aromatics Product Spread

800

Spread BZ

Spread PX

Capacity

Remark:* Normalized capacity to start up period

Y 2014

600

•

Bz-Naphtha forecasted to be around 300-400 USD/TON

•

PX-Naphtha forecasted to be around 240-290 USD/TON

Factors to watch Light feed in US to Support BZ Market in Asia Pacific

400

PX producers run cut and PX plants maintenance

200

0

PX Supply overwhelm from New Capacity in South Korea, Chin and Saudi Arabia Soft PTA and Polyester demand Jan-13

Apr-13

Jul-13

Oct-13

Source: PRISM Estimated, Thaioil

Jan-14

Apr-14

Jul-14

Oct-14

37

Thank you PTT Public Company Limited – Investor Relations Department Tel. +66 2 537-3518, Fax. +66 2 537-3948, E-mail: [email protected] Website: http://www.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. Petroleum Reserves and Resources Information In this presentation, the Company discloses petroleum reserves and resources that are not included in the Securities Exchange and Commission of Thailand (SEC) Annual Registration Statement Form 56-1 under “Supplemental Information on Petroleum Exploration and Production Activities”. The reserves and resources data contained in this presentation reflects the Company’s best estimates of its reserves and resources. While the Company periodically obtains an independent audit of a portion of its proved reserves, no independent qualified reserves evaluator or auditor was involved in the preparation of reserves and resources data disclosed in this presentation. Unless stated otherwise, reserves and resources are stated at the Company’s gross basis. This presentation may contain the terms “proved reserves”, “probable reserves”, and/or “contingent resources”. Unless stated otherwise, the Company adopts similar description as defined by the Society of Petroleum Engineers. Proved Reserves - Proved reserves are defined as those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods, and government regulations. Probable Reserves - Probable reserves are defined as those unproved reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable. Contingent Resources – Contingent resources are defined as those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from known accumulations, but which are not currently considered to be commercially recoverable. The reasons for non commerciality could be economic including market availability, political, environmental, or technological.

Debt Profile : Control Cost & Manage Risk

Managed debt according to financial risk and policy

Debt Portfolio Unit : MMTHB

Consolidated

PTT Only : Cost of debts : % fixed-rate : Avg. debt life

~ 4.63 % ~ 81.91 % ~ 8.32 years

: Cost of debts : % fixed-rate : Avg. debt life

USD THB

288,171 100,069

125,972

(35%)

(41%)

188,102

181,399

(65%)

31 Dec 12

467,963

462,365

259,665

254,931

(49%)

(55%)

(55%)

221,201

208,298

207,434

436,708

307,371

(59%)

31 Dec 13

305,600

~ 4.42 % ~ 76.97 % ~ 7.57 years

215,507

124,708 (41%)

180,892 (59%)

31 Mar 14

(51%)

31 Dec 12

(45%)

31 Dec 13

(45%)

31 Mar 14

Note : Data as of 31 Mar 14 (THB/USD = 32.5814 THB/JPY = 0.31838) Excluding liabilities from finance leases; Cost of debts includes withholding tax.

39

PTT Group Performance : Q1/14 (YoY) Overview

Performance

Q2/14 Outlook

Performance 100%

% share

Equity Method % PTT

Unit : MMTHB

Q1/13

Q1/14

YoY

Q1/13

Q1/14

PTT Net operating Income

12,308

13,739

12%

12,308

13,739

12%

E&P

20,246

12,435

-39%

12,602

7,450

-41%

13,303

7,924

-40%

6,569

3,516

-46%

12,075

6,296

-48%

48.89%

5,852

2,722

-53%

1,228

1,628

33%

40-50%

717

794

11%

6,787

3,269

-52%

3,269

1,509

-54%

3,227

2,534

-21%

49.10%

1,258

1,303

4%

- IRPC

153

344

n.m.

38.51%

949

125

-87%

- SPRC

1,210

-1,174

n.m.

36.00%

452

-335

n.m.

- BCP

2,197

1,565

-29%

27.22%

610

416

-32%

-740

-589

20%

100%

-799

-555

31%

1,019

1,429

40% 50-100%

1,100

1,018

-7%

987

544

20-30%

280

148

-47%

520

834

60% 33-100%

475

623

31%

Shared of Net Income from Affiliates

42,122

25,846

-39%

23,496

13,709

-42%

PTT Conso. Net Income

54,430

39,585

-27%

35,804

27,448

-23%

- PTTEP

Petro. Business - PTTGC - HMC/PPCL/PTTPL/PTTPM/PTTAC/ PTTES/ PTTME/PTTMCC/PMMA

Refining - TOP

65.29%

YoY

Others Business Inter

- PTTER, PTTGE

Gas

-PTTNGD/ TTM(T)/ TTM (M)/ PTTLNG

Utilities

-GPSC/ TP/ DCAP/ CHPP/ BIP/ BIC/ NNEG

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

-45%

40

Statements of Consolidated Cash Flows Overview

Performance

Q2/14 Outlook Investing

2013 -95,364

Q1/2014 -27,757

27,448

CAPEX(PP&E, Intangible asset)

-114,457

-28,504

-25,592

11,426

Investment (Sub. &Affiliates)

-11,256

-

Income Tax

-45,822

-2,931

Dividend/Interest Received

18,488

583

Non-Cash Adjustment

126,342

32,925

Others

11,861

164

15,747

3,978

2013 165,327

Q1/2014 72,846

94,652

Changes in assets & liabilities

Operating Net Income

Interest-net

Financing Free Cash flow 69,963

45,089

-55,790

-6,071

Repayment Loans

-76,726

-3,100

Interest paid

-20,089

-4,463

Dividend paid

-46,367

-18

280

-

87,112

1,510

Received from share issue Received from loans/Bonds Adjustment 6,586

Beginning Cash and Cash Equivalents 136,924

157,683

-973

Cash In/(Out) 20,759

38,045

Ending Cash & Cash Equivalents

157,683

195,728

41

Statements of Cash Flows: Q1/2014 & FY2013 (PTT Only) Operating Net Income Changes in assets & liabilities Income Tax Non-Cash Adjustment Interest - net

2013 42,592

Q1/2014 24,133

63,988

21,586

-12,063

5,269

-2,276

-741

-15,199

-3,911

8,142

1,930

2013 16,981

Q1/2014 -2,629

-22,912

-6,557

Investment (Sub. &Affiliates)

-4,281

-7

Dividend/Interest Received

37,880

803

6,294

3,132

Investing CAPEX (PP&E, Intangible asset)

Others

Financing Free Cash flow 59,573

21,504

-43,214

-2,459

Repayment Loans

-55,754

-644

Interest paid

-13,472

-2,766

Dividend paid

-37,116

-4

-

-

63,128

955

Received from share issue Received from loans/Bonds Adjustment -74

Beginning Cash and Cash Equivalents 47,642

63,927

-1

Ending Cash & Cash Equivalents

Cash In/(Out) 16,285

19,044

63,927 42

82,971

42

Data as of 31 Mar 2014

E&P and Gas Business Group Subsidiaries Consolidate PTT Exploration & Production Plc. PTTEP 65.29% PTT Natural Gas Distribution Co., Ltd. PTTNGD 58.00% PTT LNG Co., Ltd. PTTLNG 100.00% Joint Ventures

Proportionate 50.00% 50.00% 35.00%

Trans Thai-Malaysia (Thailand) Co., Ltd. TTM (T) Trans Thai-Malaysia (Malaysia) Sdn. Bhd. TTM (M) District Cooling System and Power Plant DCAP

Associates Thai Oil Power Co., Ltd. Global Power Synergy Co., Ltd Others Ratchaburi Power Co., Ltd.

TP GPSC RPCL

Equity 26.00% 30.10% Cost 15.00%

Subsidiaries PTT (Cambodia) Co., Ltd. Subic Bay Energy Co., Ltd. PTT Retail Business Co., Ltd. Thai Lube Blending Co., Ltd. PTT Tank Terminal Co., Ltd. PTT Oil Myanmar Co., Ltd.

Consolidate PTTCL 100.00% SBECL 100.00% PTTRB 100.00% TLBC* 48.95% PTTTANK 100.00% PTTOM 100.00% Equity 40.00% 36.44% 35.00%

Others Cost 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 0.00024%

International Trading Business Group PTTT

Petrochemical Subsidiaries PTT Polymer Marketing Co., Ltd. PTT Polymer Logistics Co., Ltd. PTT PMMA Co., Ltd.

Consolidate PTTPM 50.00% PTTPL 100.00% PTTPMMA 100.00%

Associates PTT Global Chemical Plc. PTT Maintenance and Engineering

Associates Keloil-PTT LPG Sdn. Bhd. KPL Thai Petroleum Pipeline Co., Ltd.THAPPLINE PetroAsia (Thailand) Co., Ltd. PA(Thailand)

Others Bangkok Aviation Fuel Services Plc. BAFS

Subsidiaries PTT International Trading Pte.

Petrochemicals & Refining Business Group

Oil Business Group

Fair Value 7.06%

PTT Energy Solutions Co., Ltd.

Equity PTTGC 48.89% PTTME 40.00% PTTES 40.00%

Joint Ventures HMC Polymers Co., Ltd. PTT Asahi Chemical Co., Ltd. PTT MCC Biochem Co., Ltd.

Proportionate HMC 41.44% PTTAC 48.50% PTTMCC 50.00%

Refining Associates Thai Oil Plc. IRPC Plc. Star Petroleum Refining Co., Ltd. Bangchak Petroleum Plc.

TOP IRPC SPRC BCP

Equity 49.10% 38.51% 36.00% 27.22%

International Investment Subsidiaries PTT Energy Resources Co., Ltd. PTT Green Energy Pte. Ltd

Consolidate 100.00%

PTTER PTTGE

Consolidate 100.00% 100.00%

Others Subsidiaries Consolidate Energy Complex Co., Ltd. EnCo 50.00% Business Service Alliance Co., Ltd. BSA * 25.00% PTT Regional Treasury Center Pte. Ltd. PTTRTC 100.00% Remark :

Associates PTT ICT Solutions Co., Ltd.

PTTICT

Equity 20.00%

Others Dhipaya Insurance Plc.

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

TIP

Fair Value 13.33%

43

Natural Gas Price Structure : Jan-Mar 2014

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

Customers1

Sales Price Structure Gas Pool Price

+

Supply Margins

+

Pipeline Tariffs

Power Producers 58% : EGAT

28%

: IPP

14%

: SPP

16%

GSP

21%

1.75% Average Purchased Gas Price

1.75%

21.9 Bt/MMBtu

9.33% Charged at the same price structure of power producers

Petrochemicals Feedstocks Ethane, Propane, LPG

Profit-sharing mechanism based on market prices of petrochemicals

NGL

Reference to Naphtha market price

Local Cooking Gas

Capped at 333 USD/ton

Export Cooking Gas

Reference to Saudi Aramco’s contract price

Industry NGV

14% 7%

Charged at prices comparable to fuel oil Capped at 10.5 Baht/Kg

• Contract periods are ~ 25-30 years or until depletion of gas fields or the expiration of concessions 1 As at Apr, 2014

44

Natural Gas : Strong and Increasing Demand over Long Term

Natural gas is a fuel of choice for power producers and transportation industry

Gas demand forecast (CAGR during 2013-2030) : Total : Power : GSP : Industry : NGV

MMscfd

~ 2% ~ 3% ~ -1% ~ 2% ~ 3%

6,462 8%

NGV

13%

Industry 6% 14%

2,635

12%

GSP

21%

8% 14% 59%

Power

67%

78%

Source : PTT

45

Thailand’s Projected Energy Demand

Commercial Primary Energy Consumption KBD

3,728

4000

3,306

3500

3% Hydro/Import13% 2% Renewable 14% 12% Coal/Lignite 13%

2,321

17%

19%

39%

35%

28%

28%

Source : EPPO/ PDP 2010 Revised 3 (June 2012)/ PTT analysis as of 27 Mar 2014

2029

202

202

2026

2025

2023

29%

Oil

2022

2013

2012

32% 2011

2010

2009

200

200

2006

2005

2004

2003

32%

2021

500

2020

41%

38%

13%

41%

2019

1000

Natural Gas

2016

1500

201

2% 13% 15%

2015

2000

201

1,917

2014

2500

2024

3000

0

3% 13%

2,862

1% Nuclear 4%

46

Gas Business Generates Stable Returns Overview

Gas transmission pipeline capacity

Sole owner and operator of entire gas transmission pipelines in Thailand (3,678 km), a regulated business • IRROE ranges between

Phu Hom

12.5% - 18% for transmission pipeline investment Supply & marketing of natural gas provides fixed margin with long-term contracts of 25-30 years

Thailand Yadana

Ban I Tong The Luang

Nam Phong



Nakhon Ratchasima

Kaong Khoi

Wang Noi NBK

Yetagun



6 Gas Separation Plants; Total production 6.7 MTA; are on petrochemical market price-linked profit sharing basis



Nakhon Sawan





 

Ratchaburi SBK

Samut Prakan ESB

Bang Pakong



Chon Buri

Rayong

Andaman Sea

Benchamas Tantawan Platong Chevron–Additional Arthit–FPSO Erawan Arthit

 Khanom

 Songkhla Sadao

Pailin

Bongkot South Bongkot

Natural gas fields Thai-Malaysia (JDA)

 Power plants Gas separation plant 1,2,3,5,6 in Rayong Gas separation unit 4 in Nakhon Si Thammarat Existing pipeline Future pipeline

47