16th CLSA Investors’ ForumHong Kong

21-23 September 2009

22

DisclaimerDisclaimer

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.

3

ContentsContents

2H/2009 Outlook

Financial Performance

About Thailand

Introduction to PTT

Activities & Operational Results

4

Population : 66 millionArea (sq.km) : 513,100Climate : Tropical ClimateWeather: 24-37 C

About Thailand

China

Mongolia

Russia

JapanKorea

India

Middle East

Thailand

General Information

GDP (2008) : US$ 272 bnGDP Growth : 2.6%

Economic Information

Total Petroleum Supply : 1,598 KBDCrude Oil : 1,073 KBD- Import (incl. refined prod.) 853 KBD (79%)- Domestic 220 KBD (21%)Natural Gas : 525 KBD- Import 127 KBD (24%)- Domestic 398 KBD (76%)

1H/2009 Energy InformationTotal Petroleum Demand & Export: 1,439 KBD

Domestic Demand : 1,198 KBD- Refined Products 727 KBD (61%) - Natural Gas 471 KBD (39%)Export : 241 KBD- Refined Products 195 KBD (81%)- Crude Oil/Condensate 46 KBD (19%)

5

ContentsContents

2H/2009 Outlook

Financial Performance

Introduction to PTT

Activities & Operational Results

About Thailand

66

PTT’s Strategic Importance to the Thai EconomyOwnership : Ministry of Finance ‘Direct and Indirect’ ~ 67%, Public ~ 33%

Mkt. Cap (MM Baht) %

PTT has the largest market cap on the SET

Others71%

PTT13%

SETPTT GroupPTTPTTEPPTTCHTOPIRPCPTTARBCPOTHERS

5,646,7311,642,575

752,926483,418122,36694,35185,97578,53616,8468,157

Ministry of Finance

52%Vayupak Fund 1

15%

Public33%

Data as of 16 September 2009

Thailand’s only fully-integrated Oil and Gas Company with leading position in E&P, transmission, refining, marketing & trading of Petroleum and Petrochemical productsKey driver of Thailand’s economic growth and industrial development

100.029.113.38.62.21.71.51.40.30.1

Shareholders’ structure

“Ministry of Finance holds majority stake in PTT”

Affiliates16%

Data as of 10 March, 2009

77

PTT international ratings are comparable to sovereign ratingsPTT international ratings are comparable to sovereign ratings

Recognition: Confidence & CredibilityPTT is widely recognized among business community both local and international

118th/2009 Global 500 The World’s Largest Corporations

(135th/2008,207th/2007, 265th//2006, 373rd/2005)

1st in Thailand / 2nd in Asia in 2006 : The Best Company For CG

The Best For Disclosure & Transparency The Best For Shareholders’ Right &

Equitable Treatment1st : Large-Cap Corporate 2005/2006

2008 : Asia’s Best Managed and Governed Companies Poll 2008

2005 : The Best Managed Companyin Asia/in Thailand/The Oil & Gas Sector

1st : Asia’s Best Companies on Corporate Governance 2006 & 2007

Global Top 40 Executives inChemical by ICIS 2006

Best State Enterprise 2008 Awards1. Best Performance2. Best Board of Directors3. Best Managed company4. Social and Environmental

Commitment

Platts Global Energy Awards 2008 “CEO OF THE YEAR”

Top 250 Global Energy Awards 20081st Fastest Growing Integrated Oil

and Gas in Asia, 4th Fastest Growing Energy Company in Asia, 5th Overall

Performance in Asia

Trusted brands 2009 in oil station

For 2001-2009

205th/2008 Global 2000 The Biggest Listed Companies in The World

(354nd/2007, 372nd /2006425th/2005 & 461st/2004)

1st : Best CEO in Thailand 2004 & 20051st : Best Investor Relations in Thailand

Thailand’s Business Leader of the Year: 2005

1st : Best CFO 2008/20061st : Best Managed Company 2008/2006/20051st : Best IR 2008/20062nd : Best CG 2008/2006/20052nd : Most Committed to a Strong Dividend Policy 2008

Foreign Currency : A3/BBB+/BBB/A- (Moody’s/S&P/Fitch/JCR) Local Currency : A2/BBB+/A-/A+ (Moody’s/S&P/Fitch/JCR)

SET Awards 2008- Best CSR Award- Shareholders AwardSET Awards 20061st : Best CSR 2006 1st : Best IR 2006 and Distinction in Maintaining Excellent CG Report 2006

Board of the Year Awards 2007/2005 & 2006/2003 & 2004/2002

Thailand Corporate Excellence Awards 2007• Leadership Excellence• Corporate Social Responsibility• Overall Corporate Excellence

Business Areas Activities Strategic IntentsMajor Operator (%)

Strategic Intents Drive Specific Sector ActionsFocusing on business management execution through PTT business groups

E&PE&P

GasGas

PTTEPPTTEP 65.53% Exploration and Production

PTT PLCPTT PLCGas Pipeline 100% Sole owner/operator of the

Transmission pipelineS&M 100% Supply & Marketing of Natural GasGSP 100% Extracting Hydrocarbon contents

in NG for Petrochemical’s feedstock

• Maintain growth through- Replicating gas value chain success in adjacent

geographies- Capturing mega trends

• Accelerate growth through M&A• Maintain production plateau • Solidify domestic position & enhance

value via operation excellence• Expand international gas value chain –

supply potential to Thailand• Enter adjacent energy sectors (e.g.,

coal, power)

Ups

trea

mU

pstr

eam

Oil MarketingOil MarketingPTT PLCPTT PLC• Oil Marketing 100% Retail service Stations and

commercial Marketing

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

IntInt’’l Tradingl Trading

• Maintain market leader position in retail station and lubricant

• Expand non-oil businesses• Strengthen commercial market• Ensure operational excellence• Take active trading role for PTT Group• Expand out-out/derivative trading and

international footprint• Ensure disciplined risk management to

limit exposure

Dow

nstr

eam

Dow

nstr

eam

Refining &Refining &PetrochemicalPetrochemical

(Aromatics)(Aromatics)

TOPTOP 49.10%

PTTAR PTTAR 48.66%

IRPCIRPC 36.77%

SPRCSPRC 36.00% Stand alone Complex Refinery

BCPBCP 29.75% Complex Refinery & Retail Stations

PTTCH PTTCH 49.30% Gas-based Olefins Chain Petrochemical

Petrochemical

• Capture synergy through cross-refinery integration

• Maximize PTT Group value chain• Enhance value through operational

excellence and capital efficiency

• Grow through Market-back strategy• Develop new businesses & strategic M&A• Enhance value through operational

excellence and capital efficiency

Integrated Complex Refinery& Petrochemical

Mid

stre

amM

idst

ream

Int

Int ’’

ll

InternationalInternational PTT Inter PTT Inter 100% Overseas investment arm of PTT• Capitalize on Group value chain capabilities in

oil, gas & coal• Invest in new energy & related businesses• Expand through partnership and M&A 88

2007 2008 1H/08 1H/09

Others Coal Petrochem PTTEP Gas Int'l Trading Oil Marketing

6894 104

51

9

Unit : MM Baht

Performance Highlights : Revenues

Note : All figures after restatement; Segmentation of Revenues do not include eliminations

1,508,129

24%46%

20%

7%

1H/09 Revenue Breakdown

Petrochem 2%

Gas

PTTEP

US$ 19,642 mm

Lower global oil price impacted revenue

+33% YoY

Oil Marketing

Int’l Trading

2007 2008 %YoY 1H/08 1H/09 %YoYOthers - - - - 398 -Coal - - - - 4,823 -Petrochem 70,749 36,256 -49% 19,400 14,735 -24%PTTEP 94,059 136,752 45% 64,969 54,585 -16%Gas 267,408 312,822 17% 146,630 151,120 3%Int'l Trading 809,602 1,188,523 47% 651,346 355,029 -45%Oil Marketing 417,116 513,151 23% 289,719 182,256 -37%

-36% YoY1,082,559

Crude Dubai (US$/bbl)

Coal 0.6%

+38% YoY-50% YoY

Note : Excluding eliminations

2,000,816

690,565

Others 0.1%

6894 104

51

0

Others Coal Petrochem PTTEP Gas Int'l Trading Oil Marketing

10

Unit : MM Baht

145,971

Performance Highlights : EBITDA

Note : All figures after restatement; Segmentation of EBITDA do not include eliminations: Petrochem subsidiaries = PTTPM, PTTPL, PTTAC, HMC, PTT TANK Other subsidiaries = ENCO, PTTICT, BSA

24%63%

1H/09 EBITDA Breakdown

Gas

PTTEP

TM 18%S&M -1%GSP 5%Others 2%

US$ 1,747 mm

Petrochem1%

Others-1%Oil Mkt

9%+7% YoY

Lower EBITDA from decrease in prices

156,133

2007 2008 1H/08 1H/09

2007 2008 %YoY 1H/08 1H/09 %YoYOthers -2,044 -2,081 -2% -1,022 -883 14%Coal - - - - 1,515 -Petrochem 19,751 695 -96% 582 613 5%PTTEP 66,849 97,760 46% 48,799 38,444 -21%Gas 53,232 54,437 2% 29,572 14,809 -50%Int'l Trading 3,030 4,318 43% 2,309 1,326 -43%Oil Marketing 5,151 722 -83% 2,141 5,548 159%

Int’ Trd2%-25% YoY

82,29361,417

Crude Dubai (US$/bbl)

9.7% 7.8% 7.6% 8.9%

EBITDA Margin

Coal2%

-50% YoY+38% YoY

Note : Excluding eliminations

6894 104

51

PTT PTTEP Petrochem Affi. Refining Asso. Coal Other Affi.

31%

29%5%

37%

-3%1%

11

Performance Highlights : Net Income

Unit : MM Baht

97,804

1H/09 Net Income Breakdown

US$ 778 mm

1H/09 earnings dropped YoY despite improved 2Q/09 earnings

-47% YoY

51,705

2007 2008 %YoY 1H/08 1H/09 %YoYGain on Divest/Invest 4,859 443 -91% - - -Other Affi. 559 -3,175 n.m. -442 -828 -87%Coal - - - - 141 -Refining Asso. 27,982 -11,692 -142% 15,094 9,996 -34%Petrochem Affi. 10,508 6,180 -41% 6,050 1,323 -78%PTTEP 18,378 27,605 50% 14,581 8,080 -45%PTT 35,517 32,344 -9% 20,734 8,632 -58%

PetrochemAffi. PTTEP

PTT

Other Affi.

RefiningAsso.

2007 2008 1H/08 1H/09

Note : Other Affiliates comprise of Affiliates in Gas (PTTNGD, PTTINTER, etc.), Utilities (DCAP, PTTUT, etc.), Oil (PTTT, PTTRB, PTTGE, etc.), Others (ENCO, PTTICT, etc.)

56,01727,344

-51% YoY

Crude Dubai (US$/bbl)

EPS (Baht per Share)

34.82 18.33 19.88 9.68

+38 YoY-50% YoY

Coal

12

Activities & Operational Results- PTTEP- PTT- Petrochemical Associates- Refining Associates

ContentsContents

About Thailand

Introduction to PTT

2H/2009 Outlook

Financial Performance

1313

PTTEP: The only Exploration and Production Arm of PTT

Proved Reserves 944 MMBOEProved Reserves 944 MMBOEOperations : 41 Projects in 13 Countries

Overseas31%

Domestic69%

Grow in conventional oil & gas in priority countries

By Product By Geography

Gas79%

Liquid21%

North Africa (3)• Algeria• Egypt

Middle East (4)• Oman• Iran• Bahrain

Australasia (4)• New Zealand• Australia

South East Asia (11)• Myanmar• Vietnam•Indonesia• Cambodia•Malaysia

Thailand (19)*

ProjectsExploration 19Development 5Production 17Total 41

Reserves Replacement Ratio 0.98Reserve Life Index (year) 10

*Remark: Including overlapping area

179,767 219,314 207,533 225,119

39.78 49.69 51.6037.13

-100

-50

0

50

100

2007 2008 1H/08 1H/09

Sales Vol. (BOED)Avg. Sales Prices ($/BOE)

90,764

132,621

63,218 52,55865,957

95,054

47,340 37,74128,455 41,67521,902

12,243

2007 2008 1H/08 1H/09

Sales RevenueEBITDANI

14Source: PTTEP analyst meeting

PTTEP: Operating and Financial performance

Sales Volume and Price

Financial Performance

Unit: MM Baht

Potential growth through conventional E&P and M&A opportunities

2008 1H/09%YoY %YoY

+25% -28% +22% +8.5%

2008 1H/09%YoY %YoY

EBITDA +44% - 20%Sales Revenue +46% -17%

Net Income +46% -44%

Success ratio was 12:153 dry wells write-off with total expenditure of Bt 2,001 mmAustralasia (Jabiru/Challis) started sales in 2Q2009 sales volume was approximately 5,900 BBLD

1H/2009 Product Mix

Activities in 1H/2009

Liquid33%Gas

67%Gas59%

Liquid41%

By Volume By Revenue

Gas (US$/MMBTU) 5.41Liquid (US$/bbl) 46.69Avg. sales price (US$/BOE) 37.13

0

50

100

150

200

250

300

350

Note : 2009 expenditures do not include 102 MMUSD cash received from unwinding oil price hedging instrument in Coogee Resources, FX = 36 Baht/US$

PTTEP: Sales Volume and Investment ProfileA substantial oil & gas reserve upside potential with continuous investment

Expected Sales VolumeExpected Sales Volume

15

CAPEX

OPEX

108,172 65,391 69,868 60,481 37,381 341,293

29,989 30,128 28,574 27,112 28,070 143,873

~$9.5 bn

~$4 bn

2009 2010 2011 2012 2013

5-Year CAGR = 6.5%

Others

Bongkot

Arthit North

MTJDA

’000 BOED

219240

300 284

Arthit

Vietnam 16-1

Algeria

M9295 301

Australasia

Vietnam 16-1,BKT South

Algeria M9Arthit North, MTJDAPTTEP AA (Montara)

Q2 09 = 232,957 BOED

2008A

Long Term Upside: Myanmar Projects, Phase II&III of Existing Projects, Exploration Projects in 13 Countries

1616

PTT: Transmission Pipeline NetworkSole owner and major operator of transmission pipelines in Thailand

Yetagun

YadanaWang Noi

Tha Luang Kaeng Khoi

Rayong

SBKRatchaburi

Thap Sakae

Khanom

BenjamasTantawanPlatong

PRPPailin Arthit

Bongkot

JDA

Erawan

Bang Pakong

Expansion Under Master Plan 3

Karnchanaburi

Power Plant

Gas Field

Puhom

Nampong

Chevron Add.

Arthit FPSO

Pailin Add.

South Bongkot

MYANMARLAOS

CAMBODIA

Existing 2nd Pipeline

TTM Pipeline

Existing 1st Pipeline

COD : Commercial Operation Date

Current Capacity of 4,380 mmscfdCurrent Capacity of 4,380 mmscfd

Current pipeline length: 3,498 km

- Onshore: 1,402 km

- Offshore: 2,096km

Gas Transmission PipelinesGas Transmission Pipelines

Key projects are strategically linked Key projects are strategically linked

and timely corresponding to meet and timely corresponding to meet

demanddemand

1,040 1,013 985 1,097

847 968 987 824

462 459 463 447

572 583 610 600

328 346 352 353 23 74 53 122

2007 2008 1H/08 1H/09

EGAT IPP SPP GSP Industry NGV

3,280

3,606

3,346

3,554

3,655

3,216 3,167

3,319 3,3183,284

3,016

3,1053,138

3,075

2,9703,013

3,061

2,940

2009 2008 2007 2006 2005

17

1Q 2Q 3Q 4Q

2005 avg. 2,996

2006 avg. 3,084

2007avg. 3,272

Customer ProfileGas Sales Volumes (mmscfd) @ heat 1,000

Better performance from pipeline tariff adjustment despite flat demandPTT : Transmission Pipeline

2008avg. 3,443

+2% YoY+10% QoQ +5% YoY

Existing pipeline’s capacity ~ 4,380 mmscfd

1H/2009avg. 3,443

3,2723,450

The increased volume from EGAT and NGV was offset by the decreased volume from IPPs, SPPs and GSPReceipt Pipeline tariff adjustment of ~2 Bt/mmbtu (Td & Tc) or ~10% starting from Apr. 1, 2009 Expected natural gas demand for the year 2009 to be flat

-0.2% YoY

3,4433,443

32%

24%

13%

17%

10%4%

18

PTT: Gas Separation Plants

GSP #4

GSP #1-3 & #5

5 existing gas separation plants with

production capacity of ~4.1 MTA

GSP products price linked to world

market priceRayongRayong

NakornsriNakornsrithammaratthammarat

Gas Separation PlantGas Separation Plant

Production Capacity MTA

- Ethane 1.1- Propane/LPG 2.6- Natural gasoline 0.4

Total 4.1

GSP is designed to extract higher product value from natural gas

1,350 1,536

1,643

1,039 1,331 1,535 1,624

1,001 625 740

871

423608

777 845

426

221 250 243 253

2007 2008 1H/08 1H/09

2,253 2,3841,230 1,196

521 534

280 259

929 968

531 520

241 180

88 135

2007 2008 1H/08 1H/09

Propane

Ethane

NGL

LPG

93 97 96 94

Product Prices ($/ton)

19

PTT : Gas Separation Plants

Note: 1/ SEA Spot 2/ Contract Price (CP 50:50) 3/ MOP’S

Feedstock (NG)

LPG2/

Naphtha3/

HDPE1/

PP1/

Performance dropped from lower selling prices

Price2008%YoY

HDPEPPNaphthaLPG-CPFeedstock(NG)

+14%+15%+18%+28%+13%

1H/09%YoY

-37%-38%-51%-50%+4%

Sales Vol. 2008

%YoY

TotalPropaneEthaneNGLLPG

+3%-25%+4%+2%+6%

1H/09%YoY-1%

+53%-2%-8%-3%

3,944

-1% YoY

57%

12%25%6%

4,066

2,129 2,110

+3% YoY

% Utl

34,497 39,09720,303 20,145

4,407 4,855

2,428 2,923

2,229 2,102

1,079 1,020

6,273 7,936

3,791 4,241

47,40653,990

27,601 28,329

2007 2008 1H/08 1H/09

Refined Product PetrochemCondensateCrude

2,518 1,704 1,073 675

5,263 5,797 3,312 2,908

1,481 1,397

770 635

2,027 2,008

975 1,147

2,989 3,275

1,615 1,151

2007 2008 1H/08 1H/09

LPGGasolineJet/IKDieselFuel Oil

20

PTT : Oil BusinessMarket leader in oil retails at 34% market share with 1,069 gas stations nationwide (excl. PTTRM)

Unit : million liters

Source : Department of Energy Business, Note : Excluded supply sales and LPG sold to Petrochem

Oil Marketing : sales volume ~226 KBOE/d

Int’l Trading : trade volume ~984 KBOE/dUnit : million liters

Source : PTT, Note : excluded inter company volume

34%

8%12%

12%

12%

19%3%

PTT

BCPESSO

Shell

Caltex

Others

Gross Margin Gross Margin –– Oil Mktg.Oil Mktg.

Trading MarginTrading Margin

Unit : Baht/Litre20072007

20072007

ThailandThailand’’s Market Shares Market ShareAs of June 2009As of June 2009

Source : Department of Energy Business

-16% YoY

1H/081H/08

1H/081H/08

PTTRM(Jet)

14,278 14,181

7,7466,516

20082008

1H/091H/09

20082008

1H/091H/09

-1% YoY

+3% YoY

+14% YoY

0.06

0.80

0.10

0.10

0.33

0.08

0.42

0.54

23,308

42,73753,182

19,61014,063

3,252

861

3,580

1,925

1,4321,465

1,478

17,137

22,614

25,811

13,956

8,567

9,671

263

1,765

1,597

1,087

801

748

HO&OthersJVOilGas

2121

CAPEX 2009 - 2013 229,340

CAPEX 2009 70,696

24,89615,148

2009 2010 2011 2012

82,515

Unit: MM Baht

PTT: CAPEX (Company Only)

Sources : PTT (Board approval on 22 Dec 2008) ; FX = Baht 34 per USD

PTT plans to invest ~Bt 230 bn ($6.8bn) during 2009-2013, mostly into gas business expansion

36,085

58% of total investment goes to Gas Business Group: Ethane Plant, GSP#6 and Pipeline#4.

Most of JV investment go to LNG Terminal and new opportunities

5 Years CAPEX BreakdownBy Business Unit

2013

70,696

41,569

1H/09A

JV24%

Gas58%

HO &Others2%

Oil4%

JV-LNG12%

22

Major Projects Update : All projects are on track

LNG Receiving Terminal Phase I

Onshore Gas Pipeline #4

Gas Separation Plant Unit6

Ethane Separation Plant

Location : Map Ta Phut, RayongProj Cost : US$780 mm Capacity : 1,840 KTACommissioning : 1Q/2010Progress : 96% (as of July 09)

Location : Map Ta Phut, RayongProj Cost : US$560 mmCapacity : 763 KTACommissioning : 1Q/2010Progress : 96% (as of July 09)

Location : Map Ta Phut, RayongProj Cost : US$880 mmCapacity : 5 MTACOD : 3Q/2011Progress : 34% (as of July 09)Facilities : Tank, Jetty,

Regasification

Location : Rayong - KangkoiProj Cost : US$ 1,040 mmCapacity : 1,400 MMCFDCOD : Phase I 2Q/2011

Phase II 2012Phase III 2014

Progress : 98% of EngineeringDesign (as of July 09)

EIA : Approved in Jun 09

0

1,000

2,000

3,000

4,000

5,000

6,000

2008 2009 2010 2011 2012 2013

2323

Gas Demand OutlookGas Demand Outlook

Strategic Roadmap : Core Value Creators

Industry 20%

GSP 22%

Power 58%

CAGR (2008-2013) ~ 7%

Infrastructure is under expansion to enhance capability to meet future gas demand

71%

17%12%

Unit : mmscfd

PipelinePipeline

Project Completed

~4,380

~4.1 GSPGSP

~4,380

~6.7

~5,580

~6.7

~6,980

~6.7

~6,980

~6.7

Additional Additional Source Source

of Supplyof SupplyArthit North JDA B17 Bongkot South

GSP#6 Ethane Plant

4th Onshore Pipeline ph 2

Pipeline Capacity

~4,380 mmscfd

Project Completed

3rd Pipeline ph2

Production Capacity~4.1 mta

Note : Pipeline capacity include onshore pipeline to Namphong field of 140 mmscfd

LNG

Offshore Compressor &4th Onshore Pipeline ph1

ArthitJDA A18

25,343 20,258

16,014

5,931

19,167

11,739 10,994

1,747

85% 84% 93% 92%

93% 99% 102% 112%

2007 2008 1H/08 1H/09EBITDA NI

2,419 2,084

1,248 1,473

2,265

1,380 964 1,068

85% 87% 89% 98%

2007 2008 1H/08 1H/09EBITDA NI

1,079 952

1,355

501

1,350 1,536

1,643

1,039 1,178 1,193 1,311

685

625 740

871

423

2007 2008 1H/08 1H/09 HMC (PTT 41.44%) PP 450 KTA

Petrochemical Affiliates

PTTCH (PTT 49.30%)Unit : MM Baht

Lower product prices impacted performance

1,1511,320 1,408

734

1,331 1,535

1,624

1,001

625 740

871

423

2007 2008 1H/08 1H/09

Product Prices

HDPE1/

Propylene1/

Ethylene1/

Naphtha3/

Note : 1/ SEA spot 2/ NEA Spot 3/MOP’S Source : ICIS

MEG2/

Naphtha3/

24

PP1/

Unit : US$/Ton HDPE % UtlOlefins % Utl

% Utl

2525

201120112010201020092009

Ethylene 1,276 KTAPropylene 437 KTAHDPE : PTTCH 250 KTAHDPE : BPE 250 KTAPS : TSCL 90 KTAMEG : TOCGC 395 KTAEthoxylates : TEX 50 KTAME/FAOH/ 331 KTAGlycerin : TOLFAOH/Fatty Acids/ 962 KTAGlycerin/Specialty:(50% COM)VCM : (25% VNT) 481 KTA

PP 450 KTA

New businesses are under development to utilize assets, enhance competitiveness, and diversify risks

1,135

190

180

603

2,1082,108

55--year year CAPEXCAPEX

Propylene 50 KTA Ethylene 100 KTA

Ethanolamines 50 KTA

Phenol 200 KTAAcetone 124 KTA

EO DerivativesEO Derivatives $51MM$51MM

Debot I4Debot I4--22 $57MM$57MM

PhenolPhenol

Ethylene 1,000 KTA

LDPE 300 KTA

LLDPE 400 KTA

Propylene 310 KTAPP 300 KTA

PDH/PPPDH/PP

$1,300MM$1,300MM

: BPEHDPE 250 KTA

Petrochemical: Strategic Roadmap - Integrated Value Enhancers

20122012--20132013

HDPE Expansion: PTTCH (I-1)HDPE 50 KTA

Ethane CrackerEthane Cracker

LDPE/LLDPE LDPE/LLDPE

$15MM$15MM

BisBis--PhenolPhenol--AA

$636MM$636MM

$283MM$283MM $251MM$251MM

Grand Total

$168MM$168MM

BPA 150 KTA

AN 200 KTAMMA 70 KTA

AN/MMAAN/MMA $760MM$760MM

MPR 14 KTA(Fatty Alcohol Derivatives)

Unit : MM USDUnit : MM USD

Note : FX = 34 Baht/US$

(49.30%)

(40.00%)

(41.44%)

(48.50%)

Company (PTT Stake)

$19MM$19MM

Note : Data as of 31 Dec 2008

PTT Group represents 36% of total refining capacityPTT Group represents 36% of total refining capacity by equity portionby equity portion

TOP (275 kbpd)(PTT 49.10%)

ESSO (177 kbpd)

RPC (17 kbpd)

BCP (120 kbpd)(PTT 29.75%)

IRPC (215 kbpd)(PTT 36.77%)

SPRC (150 kbpd)(PTT 36.00%)

PTTAR (280 kbpd)(PTT 48.66%)

• TOP/SPRC/PTTAR – complex refineries with potential for upgrade & expansion.

• BCP is undertaking “Product Quality Improvement” project to enhance product mix.

Total refining capacityTotal refining capacity~ 1,234 kbpd~ 1,234 kbpd

Refinery Business in ThailandPTT as the strong leadership position, ensures stable supply to downstream and related businesses

26

27

Refining Associates’ GRM & GIMLower market GRM & GIM from decelerated oil demand

0

3

5

8

10

13

1Q/08 2Q/08 3Q/08 4Q/08 1Q/09 2Q/09

GRM ($/bbl)

Market GRM *

5.85.8

2008 (avg)

4.24.24.54.5

9.39.3

3.63.6

5.95.9

2.22.2

3.23.2

1H/2009 (avg)

$/bbl 2008 1H/08 2H/08 1H/09

Market GRM 5.8 6.8 4.7 3.2

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

5.8

10.2

4.2

2.3

5.8 5.3

0

3

5

8

10

13

1Q/08 2Q/08 3Q/08 4Q/08 1Q/09 2Q/09

GIM ($/bbl)

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

$/bbl 2008 1H/08 2H/08 1H/09

Market GIM 5.9 8.0 3.3 5.5

Market GIM *

5.95.9

2008 (avg)

5.65.6

1H/2009 (avg)

17,415

(7,098)12,051

7,322 12,236

(5,446)8,395

4,774

10187 97 106

2007 2008 1H/08 1H/09

EBITDA NI %Utl

26,588

(3,833) 10,023 11,91618,018

(8,465) 5,591 5,956

91 8797 100

2007 2008 1H/08 1H/09

14,132

(13,234)9,054

5,868 13,683

(18,262)6,754 4,044

81 81 8561

2007 2008 1H/08 1H/09

28,959

7,949 23,058

13,935 19,118

224

14,420 8,473

96 100 102 101

2007 2008 1H/08 1H/09

28

PTTAR 280 kbpd (PTT 48.66%)

Refining Associates

TOP 275 kbpd (PTT 49.10%)

IRPC 215 kbpd (PTT 36.77%)

Unit : MM Baht

Declined performance from lower GRM despite better P2F margin

3,977 530

4,324 7,046

1,764 (750)

2,697 4,293

55 62 60 69

2007 2008 1H/08 1H/09

SPRC 150 kbpd (PTT 36%)

BCP 120 kbpd (PTT 29.75%)

177

29

Grand Total

274~ 215,000 bpdPropylene BoosterProject Cost $ 88 MMPower Plant 216 MW

Project Cost $ 220 MM

HDPE CompoundProject Cost $ 13 MMIR

PC

IRP

C

2013201320102010 20112011 20201212

New businesses are under development to utilize assets, enhance competitiveness, and diversify risks

127~ 120,000 bpd EURO IVProject Cost $40 MM

Ethanol Project200 k.litre/Day

(Project Cost $ 68 MM)(BCP 40%)

BC

PB

CP

55--year year CAPEXCAPEX(MM$) (MM$)

1,021Note :FX=35 Baht/US$

Refining Strategic Roadmap : Integrated Value Enhancers

PQI ProjectVDU 35 KBDHCU 25 KBD

Project Cost $378 MMBio diesel Project (JV)

300,000 Litre/DayProject Cost $30 MM

(BCP 70%)

TOP

TOP Ethanol Project (JV)

200,000 Litre/DayProject Cost $60 MM

(TOP 30%)

TLB Specialties-TDAEProject Cost $25 MM

EURO IVProject Cost $30 MM

~ 275,000 bpd

Refining CapacityRefining Capacity

~ 280,000 bpd

PTT

AR

PTT

AR

GT Nox + Bio-diesel + VRUProject Cost $ 73 MM

428DHDS (EURO IV)Project Cost $ 221 MM

20092009

Synergy Project - PSA Project Cost $ 35MM

Efficiency ImprovementProject + MRU

Project Cost $12MM

30

PTT International : An Overseas Investment Arm of PTTPTT holds 100%

PTT

PTT Inter

100%

EMG

25%

PTT APMthrough Lints

60%

SAR

47.1%

East Mediterranean Gas Company S.A.E. (EMG )

Performance

Own an export terminal in Egypt, offshore NG pipeline from Egypt to Israel (~677 mmcfd capacity) and a receiving terminal in IsraelEMG buys NG from Egypt and sells to end-users in Israel under 15 yrs agreementStart delivery of NG to Israel since Jul 1, 2008, current gas flow ~205 mmcfd.

162 140 176

265315

62 65 62100

126

38 36 2158 57

2Q/08 1Q/09 2Q/09 1H/08 1H/09

Revenue EBITDA NI

Sales Volume and Price

2,162 1,652 2,101

4,197 3,753

2Q/08 1Q/09 2Q/09 1H/08 1H/09

Unit : MM US$77 85 85

6485

Note: The average selling price is FOB basis

Unit : KT

Average Selling Price US$/Ton

31

ContentsContents

2H/2009 Outlook

Financial Performance

Introduction to PTT

About Thailand

Activities & Operational Results

32

Financial Highlights

Unit : MM Baht 2007 2008 %YoY 1H/08 1H/09 %YoY

Sales & Services 1,508,129 2,000,816 33% 1,082,559 690,565 (36%)

Cost of sales (excl. DD&A) 1,328,906 1,801,702 36% 994,856 627,160 (37%)

EBITDA 145,971 156,133 7% 82,293 61,417 (25%)

Depreciation, depletion and amortization 28,840 32,170 12% 14,628 19,595 34%

Shared income(loss) from assoc. 31,080 (6,251) (120%) 21,093 10,432 (51%)

Financial Charges 10,459 10,528 1% 5,433 6,313 16%

Gain (loss) from FX. 5,392 (1,982) (137%) 1,226 2,225 81%

Tax Expense 38,655 43,333 12% 22,806 17,110 (25%)

-PTT 13,144 9,909 (25%) 6,187 4,526 (27%)

-PTTEP 22,946 32,879 43% 16,296 11,472 (30%)

-Others 2,565 545 (79%) 323 1,112 244%

Net Income Before Gain 92,945 51,262 (45%) 56,017 27,344 (51%)

Gain on Divestment/Investment 4,859 443 (91%) - - -

Net Income 97,804 51,705 (47%) 56,017 27,344 (51%)

EPS (Baht/share) 34.82 18.33 (47%) 19.88 9.68 (51%)

33

Net Income (Equity Method)

Unit : MM Baht 2007 2008 %YoY 1H/08 1H/09 %YoYNet Income (Cost Method) 63,225 59,994 (5%) 37,367 17,498 (53%)Less: Dividend Received (19,434) (27,616) 42% (16,633) (8,866) 47%

Gain from Investment Disposal (8,274) (34) (100%) - - -Net Operating Income 35,517 32,344 (9%) 20,734 8,632 (58%)E&P - PTTEP 18,378 27,605 50% 14,581 8,080 (45%)Petrochem - PTTCH 9,734 5,689 (42%) 5,601 918 (84%)

- HMC, PPCL, PTTPL, PTTPM, etc . 774 491 (37%) 449 405 (10%)10,508 6,180 (41%) 6,050 1,323 (78%)

Refinery - TOP 9,272 119 (99%) 6,131 3,873 (37%)- PTTAR 9,583 (3,315) (135%) 2,877 1,545 (46%)- SPRC 4,360 (1,858) (143%) 2,504 2,022 (19%)- IRPC 4,269 (6,427) (251%) 2,773 1,315 (53%)- BCP 498 (211) (142%) 809 1,241 53%

27,982 (11,692) (142%) 15,094 9,996 (34%)Gas & Utilities - TTM, PTTNGD, PTTINTER, etc . 889 (1,652) (286%) (101) (1,491) n.m.Coal - PTTAPM - - - - 141 -Oil & Others - PTTRB, PTTT, PTTGE, etc. (330) (1,523) 362% (341) 663 294%Total Share of Net Income from Affiliates/JV 57,427 18,918 (67%) 35,283 18,712 (47%)Gain on Divestment/Investment 4,859 443 (91%) - - -Net Income (Equity Method) 97,804 51,705 (47%) 56,017 27,344 (51%)

315,143 374,614 453,962

261,563 267,165

293,535

233,628 152,595

198,549 81,190 90,819

96,434

398,652 430,536 460,235

220,999 239,126

323,766

271,873 215,531

258,479

• 3rd pipeline started commissioning

• De-conso. PTTCH

3434Note : Figures after restatement at ending periods

Other Liabilities

PP&E

Others Non-

currentAssets

OtherCurrentAssets

L/TLiabilities(incl. due within 1 yr)

Shareholders’Equity

Unit : MM Baht

--1%1%

Cash & S/T Invest

Balance Sheets : Maintain Liquidity & Financial Strength

2007 2008 1H/09

• Completion ofArthit-MTJDA Pipeline

• 100% Coogee acquisition by PTTEP

• 60% SBI acquisition

+18%+18%

891,524 885,193

1,042,48014.0 14.8

10.8

0.4 0.4 0.5 0.6 0.6

0.7 1.0 1.0

2.0

2007 2008 1H/09

Net Debt/EBITDANet Debt/EBITDA

Net Debt/EquityNet Debt/EquityIBD/EquityIBD/Equity

ICRICR

Strong Financial Position

• Expected higher Net Debt/EBITDA due to economic crisis.

• PTT international ratings are comparable to sovereign ratings− FC : Moody’s (A3), S&P (BBB+),

JCR (A-), FITCH (BBB)

− LC : Moody’s (A2), S&P (BBB+),

JCR (A+), FITCH (A-)

35

140,253 138,770 160,723 159,523 159,121

226,289

45,094 58,564 56,846 53,945 70,527

79,226

6,893 8,966

8,238 6,893 8,966

8,238

2007 2008 1H/09 2007 2008 1H/09

THBUSDYen

Note : Data as of 30 Jun 2009 (THB/USD = 34.1693, THB/JPY = 0.358174) Excluding liabilities from finance leases; Cost of debts includes withholding tax

Debt portfolio is structured to natural hedge and minimize financial risks

Debt Profile : Control Cost & Manage Risk

Consolidated debt ~Bt314 bn ($9.2 bn)Consolidated debt ~Bt314 bn ($9.2 bn)Debt PortfolioDebt Portfolio

PTT72%

PTTEP18%

Others10%

8,637 14,93857,394

79,7541,685 2,982

13,968

38,2118,238

< 1Yr 1-2 Yr 2-5 Yr > 5 YrPTT JPY PTT USD PTT THB

: PTT Inter 3.0%: TTM 3.0%: Enco 1.6%: HMC 1.4%: PTTAC 0.5%: DCAP 0.2%

ConsolidatedConsolidatedPTT OnlyPTT Only: Cost of debts ~ 5.0%: % fixed-rate ~ 83%: Avg. debt life ~ 6.6 years

: Cost of debts ~ 5.4%: % fixed-rate ~ 91%: Avg. debt life ~ 7.3 years

~44% of total debt (Bt100 bn) will be repaid within 5 years.

Unit : Bt mm

(3%)

(72%)(73%)

(23%)

238,614

192,240

(25%)

10,322 17,920

71,362

126,203

(67%)

(29%)(5%)

(67%)

(28%)

(4%)PTT’s repayment schedule (Company Only)PTT’s repayment schedule (Company Only)206,300

220,361

(4%)

225,807

313,753

(4%)

(25%)

(3%)

(25%)

(71%)

(72%)

36

ContentsContents

2H/2009 Outlook

Financial Performance

Introduction to PTT

About Thailand

Activities & Operational Results

3737

2H/2009 Outlook

Crude oil price has strengthened from $36/bbl at end-December 2008 to

$72/bbl at end-June 2009 with average of $51/bbl for 1H/2009, partly due

to the perception that global economy is starting to recover. For 2H/2009,

crude oil price is expected to move in the $60-$70/bbl range with

enormous uncertainty surrounding ; pace of global economic recovery,

OPEC’s production, countries’ inventory levels etc.

Market GRM is expected to weaken to ~$2-$4/bbl.

To cope with oil price fluctuation, PTT enhances risk management

programs across the Group, i.e. oil price hedging, crack spread hedging etc.

Petrochemical price in 2H/2009 is expected to weaken due to the addition

of significant new production capacity, especially in the Middle East.

3838

Thank youThank you

PTT Public Company Limited – Capital Market & Investor Relations DepartmentTel. +66 2 537-2792, Fax. +66 2 537-2791, Email: ir@pttplc.com, http://www.pttplc.com/

39

Create Value Through Business ChainPTT Group has strong presence in various sectors throughout the hydrocarbon value chain

4040

Others

Subsidiaries ConsolidatePTT Exploration & Production Plc. PTTEP 65.53%PTT Natural Gas Distribution Co., Ltd. PTTNGD 58.00%PTT LNG Co., Ltd. PTTLNG 100.00%Combined Heat and Power producing Co., Ltd CHPP 100.00%PTT International Co., Ltd. PTTINTER 100.00%

Joint Ventures ProportionateTrans Thai-Malaysia (Thailand) Co., Ltd. TTM (T) 50.00%Trans Thai-Malaysia (Malaysia) Sdn. Bhd. TTM (M) 50.00%District Cooling System and Power Plant DCAP 35.00%

Associates EquityThai Oil Power Co., Ltd. TP 26.00%Independent Power (Thailand) Co., Ltd. IPT 20.00%PTT Utility Co., Ltd. PTTUT 40.00%

Others CostRatchaburi Power Co., Ltd. RPCL 15.00%

Subsidiaries ConsolidatePTT (Cambodia) Co., Ltd. PTTCL 100.00%Subic Bay Energy Co., Ltd. SBECL 100.00%PTT Retail Business Co., Ltd. PTTRB 100.00%PTT Green Energy Pte. Ltd PTTGE 100.00%Retail Business Alliance Co., Ltd. RBA * 49.00%Business Service Alliance Co., Ltd. BSA * 25.00%

Associates EquityKeloil-PTT LPG Sdn. Bhd. KPL 40.00%Thai Lube Blending Co., Ltd. TLBC 48.95%Vietnam LPG Co., Ltd. VLPG 45.00%Thai Petroleum Pipeline Co., Ltd. THAPPLINE 33.19%PetroAsia (Thailand) Co., Ltd. PA(Thailand) 35.00%

Others CostPTT Mart Co., Ltd. PTT Mart 49.00%PetroAsia (Huizhou) Co., Ltd. PA(Huizhou) 25.00%PetroAsia (Maoming) Co., Ltd. PA(Maoming) 20.00%PetroAsia (Shantou) Co., Ltd. PA(Shantou) 15.00%Intoplane Services Co., Ltd. IPS 16.67%Fuel Pipeline Transportation Co., Ltd. FPT 2.76%

Others Fair ValueBangkok Aviation Fuel Services Plc. BAFS 7.06%

Petrochemical Subsidiaries ConsolidatePTT Polymer Marketing Co., Ltd. PTTPM 50.00%PTT Polymer Logistics Co., Ltd. PTTPL 100.00%PTT Tank Terminal Co., Ltd. PTTTANK 100.00%

Associates EquityPTT Chemical Plc. PTTCH 49.30%PTT Phenol Co., Ltd. PPCL 40.00%IRPC Plc. IRPC 36.77%PTT Maintenance and Engineering Co., Ltd. PTTME 40.00%

Joint Ventures ProportionateHMC Polymers Co., Ltd. HMC 41.44%PTT Asahi Chemical Co., Ltd. PTTAC 48.50%

Refining Associates EquityThaioil Plc. TOP 49.10%PTT Aromatics and Refining Plc. PTTAR 48.66%Star Petroleum Refining Co., Ltd. SPRC 36.00%Bangchak Petroleum Plc. BCP 29.75%

Others Fair ValueDhipaya Insurance Plc. TIP 13.33%

Subsidiaries ConsolidateEnergy Complex Co., Ltd. EnCo 50.00%

International Trading Business GroupSubsidiaries ConsolidatePTT International Trading Pte. PTTT 100.00%

* Remark : Subsidiaries that PTT holds less than 50% but being consolidated because PTT has the power to control the financial and operating policies.Data as of 30 June 2009

Petrochemicals & Refining Business Group

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

E&P and Gas Business Group Oil Business Group

Energy consumption forecast (CAGR during 2009-2020): Total ~ 4%: Gas ~ 4%: Oil ~ 2%: Coal ~ 4%: Hydro ~ 12%

41

0

500

1,000

1,500

2,000

2,500

2000 2003 2006 2009 2012 2015 2018

kboed

Source : EPPO (Exclude Renewable Energy)/PTT

OilOil

GasGas

CoalCoal

Hydro/OthersHydro/Others

39%39% 31%31%

40%40%

45%45%

19%19%

18%18%

6%6%

2%2%

51%51%

33%33%

14%14%

2%2%

1,1441,144

1,6241,624

2,4102,410

Oil and gas are major sources of energy and likely to remain so for many years

Energy Consumption : Growing along with Economic Expansion

4242

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

0

1,000

2,000

3,000

4,000

5,000

6,000

2000 2003 2006 2009 2012 2015 2018 2021

mmscfd

Source : PDP 2007 (Revision 2)

PowerPower

GSPGSP

IndustryIndustry

77%77%

17%17%

8%8%

1,9701,970

3,4433,443

10%10%

20%20%

13%13%

71%71%

62%62%

Gas demand forecast (CAGR during 2008Gas demand forecast (CAGR during 2008--2021)2021): Total ~ 4%: Total ~ 4%: Power ~ 3%: Power ~ 3%: GSP ~ 5%: GSP ~ 5%: Industry ~ 6%: Industry ~ 6%: NGV: NGV ~ 11%~ 11%

15%15%

NGVNGV5%5%

2%2%

43

PTT: Natural Gas Sales Customer Breakdown During 1998 - 2008

Power producers are still major buyers of NG supply (~70%)EGAT proportion is decreasing while IPP and SPP is increasingIndustrial usage proportion, with higher margin, is increasing

9%

69%

16%

7%

13%

30%

17%

12%

28%

1,013

968

459

583

420

1,083

104

135248

EGAT

IPP

SPP

GSPIndustry

EGAT

IPP

SPP

GSP

Industry

CAGR 8%

By Unit By percentagemmscfd

3,443

1,570

ปรับ

4444

Natural Gas Price Structure

CustomersCustomersSales Price StructureSales Price Structure

Gas Pool PriceGas Pool Price Supply MarginsSupply Margins Pipeline TariffsPipeline Tariffs+ +

Power Producers ~ 69%Power Producers ~ 69%

: EGAT ~ 32%: EGAT ~ 32%

: IPP ~ 24%: IPP ~ 24%

: SPP ~ 13%: SPP ~ 13%

Average Purchased Average Purchased Gas PriceGas Price

1.75%1.75%

1.75%1.75%

9.33%9.33%

~ 21.7 Bt/MMBtu~ 21.7 Bt/MMBtu(Td 20.6553 +(Td 20.6553 +

Tc 1.1112)Tc 1.1112)

GSP ~ 17%GSP ~ 17% Charged at the same price structure of power producersCharged at the same price structure of power producers

Petrochemicals Feedstocks:

Reference to Saudi Aramco’s contract price

Industry ~ 10%Industry ~ 10% Charged at prices comparable to fuel oilCharged at prices comparable to fuel oil

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

NGV NGV ~ 4%~ 4% Charged at prices competitive to dieselCharged at prices competitive to diesel

• Thailand's Energy Regulatory Commission has approved an increase in pipeline tariff (Td+Tc) from 19.7 to 21.7 Bt/MMBtu effective on 1 April, 2009.

Note : 2Q/2009 data

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

NGL Reference to Naphtha market price

Local Cooking Gas

Export Cooking Gas

Ex-refinery price being capped at Bt 10.996/kg or ~315 USD/ton

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

45

Performance Highlights in 2Q/2009

PTT• On July 31, 2009, PTT issued Baht debentures in the total amount of Bt 35,000 mm.• At the end of July 2009, The Office of the Council of State issued an opinion that the

relevant government authorities may issue permits or licenses if operators (including PTT & its affiliates) have complied with the existing laws and regulations (i.e. guidelines for EIA preparation & approval process)

45

Oil Business

• The government agreed to reimburse PTT the differences between PTT's LPG imported costs and the cap price. The amount incurred by PTT in 2008 was ~Bt 7.9 bn. Up until August 17, 2009, PTT has received ~Bt 2.45 bn and will receive ~ Bt 400 mm per month from September 2009. For those of 2009, PTT will receive < Bt 500 mm per month.

• From Jan – July, 2009, PTT imported ~240,000 tons of LPG and the outstanding account receivables – Oil Fund (imported LPG) as of August 17, 2009 was ~Bt 6,443 mm

46

Performance Highlights in 2Q/2009 (Continued)

PTTEP• On May 29, 2009 ,PTTEP issued Baht debentures in the total amount of Baht 40,000 mm.

• Entered into “Zero Collar” oil price hedging at $55 - $86/bbl (Brent) for 20,000 bpd in 2H/2009, with total volume of 3.6 million barrels.

• BOD approved an interim dividend payment at 1.48 Bt/share or 40% payout to be paid on August 28, 2009.

Gas Business• Energy Regulatory Commission approved pipeline tariff adjustment of Bt 2.0218/mmbtu

(Td & Tc) from Bt 19.7447/mmbtu to Bt 21.7665/mmbtu, up ~10%, effective on April 1, 2009 onward.

46

4747

Performance Highlights in 2Q/2009 (Continued)

Refining BusinessPTTAR

• On April 30, 2009, PTTAR issued 5-year debentures in the total amount of Bt 15,000 mm with 5.5% p.a. interest rate.

• During April 26 – May 2, 2009, the Hydrocracking Unit “HCU” at the refinery (AR1) was shutdown to fix the leakage at the reboiler of the HCU.

BCP • On May 21, 2009, the HCU, a part of the PQI Project, was shutdown to repair the pumping

and valves’ control system, damaged during the commissioning process.

Coal Business• On June 15, 2009, Lints has completed the Mandatory General Offer for all the remaining

shares of Straits Asia Resources (SAR). The Offer has not become unconditional in accordance with the terms of the Offer, thus the total numbers of SAR shares owned and controlled by Lints remains unchanged.

2Q/08 1Q/09 2Q/09 1H/08 1H/09

Others Coal Petrochem PTTEP Gas Int'l Trading Oil Marketing

11744 59

10451

48

Unit : MM Baht

589,451

Performance Highlights : Revenues

Note : All figures after restatement; Segmentation of Revenues do not include eliminations

1,082,559

Higher revenue QoQ from increased prices and volume

-34% YoY+28% QoQ

303,509

2Q/08 1Q/09 2Q/09 %YoY %QoQ 1H/08 1H/09 %YoYOthers - 207 190 - -9% - 398 -Coal - - 4,823 - - - 4,823 -Petrochem 10,554 6,783 7,952 -25% 17% 19,400 14,735 -24%PTTEP 37,798 26,018 28,567 -24% 10% 64,969 54,585 -16%Gas 76,897 72,472 78,648 2% 9% 146,630 151,120 3%Int'l Trading 360,748 147,673 207,356 -43% 40% 651,346 355,029 -45%Oil Marketing 156,893 86,503 95,753 -38% 11% 289,719 182,256 -37%

387,056

-36% YoY

690,565

Crude Dubai (US$/bbl) -50% YoY+34% QoQ -50% YoY

23%49%

18%7%

2%1%

2Q/09 Revenue Breakdown

Petrochem

Gas

PTTEP

US$ 11,114 mm

Oil Marketing

Int’l Trading

Others

Note : Excluding eliminations

Coal

11744 59

10451

0

Others Coal Petrochem PTTEP Gas Int'l Trading Oil Marketing

49

Unit : MM Baht

45,661

Performance Highlights : EBITDA

Note : All figures after restatement; Segmentation of EBITDA do not include eliminations: Petrochem subsidiaries = PTTPM, PTTPL, PTTAC, HMC, PTT TANK Other subsidiaries = ENCO, PTTICT, BSA

26,361

2Q/09 EBITDA Breakdown

-23% YoY+33% QoQ

Improved EBITDA QoQ from higher margins & volume and started recognition of new coal assets

35,056

2Q/08 1Q/09 2Q/09 1H/08 1H/09

2Q/08 1Q/09 2Q/09 %YoY %QoQ 1H/08 1H/09 %YoYOthers -523 -316 -567 -8% -79% -1,022 -883 14%Coal - - 1,515 - - - 1,515 -Petrochem 245 248 365 49% 47% 582 613 5%PTTEP 28,915 18,069 20,375 -30% 13% 48,799 38,444 -21%Gas 16,070 5,594 9,215 -43% 65% 29,572 14,809 -50%Int'l Trading 794 690 637 -20% -8% 2,309 1,326 -43%Oil Marketing 178 2,063 3,484 1857% 69% 2,141 5,548 159%

-25% YoY82,293

61,417

Crude Dubai (US$/bbl)

7.7% 8.7% 9.1% 7.6% 8.9%

EBITDA Margin

-50% YoY+34% QoQ -50% YoY

26%59%

Gas

PTTEP

TM 15.8%S&M 0.4%GSP 8%Others 2%

US$ 1,007 mm

Petrochem1%

Others-2%Oil Mkt

10%Int’ Trd2%

Coal4%

Note : Excluding eliminations

PTT PTTEP Petrochem Affi. Refining Asso. Coal Other Affi.

21%7%

35%37%

-1%1%

50

Performance Highlights : Net Income

Unit : MM Baht

29,885

2Q/09 Net Income Breakdown

US$ 571 mm

Earnings surged 167% QoQ contributed by all businesses

-33% YoY+167% QoQ

19,895

7,449

2Q/08 1Q/09 2Q/09 %YoY %QoQ 1H/08 1H/09 %YoYOther Affi. -988 -697 -131 87% 81% -442 -828 -87%Coal - - 141 - - - 141 -Refining Asso. 10,404 2,649 7,347 -29% 177% 15,094 9,996 -34%Petrochem Affi. 3,007 -31 1,354 -55% 4468% 6,050 1,323 -78%PTTEP 8,573 3,787 4,293 -50% 13% 14,581 8,080 -45%PTT 8,898 1,741 6,891 -23% 296% 20,734 8,632 -58%

PetrochemAffi. PTTEP

PTT

Other Affi.

RefiningAsso.

2Q/08 1Q/09 2Q/09 1H/08 1H/09

Note : Other Affiliates comprise of Affiliates in Gas (PTTNGD, PTTINTER, etc.), Utilities (DCAP, PTTUT, etc.), Oil (PTTT, PTTRB, PTTGE, etc.), Others (ENCO, PTTICT, etc.)

56,017

27,344

-51% YoY

Crude Dubai (US$/bbl)

EPS (Baht per Share)

10.60 2.64 7.04 19.88 9.68

-50% YoY+34% QoQ -50% YoY

Coal117

44 59104

51

1,059 1,052 1,143 985 1,097

1,002 741

907 987 824

458 442

452 463 447

622 586

613 610 600

353 341

365 352 353

60 118

126 53 122

2Q/08 1Q/09 2Q/09 1H/08 1H/09

EGAT IPP SPP GSP Industry NGV

3,280

3,606

3,346

3,554

3,655

3,216 3,167

3,319 3,3183,284

3,016

3,1053,138

3,075

2,9703,013

3,061

2,940

2009 2008 2007 2006 2005

51

1Q 2Q 3Q 4Q

2005 avg. 2,996

2006 avg. 3,084

2007avg. 3,272

Customer ProfileGas Sales Volumes (mmscfd) @ heat 1,000

Demand recovery with pipeline tariff adjustmentPTT : Transmission Pipeline

2008avg. 3,443

+2% YoY+10% QoQ

+2% YoY+10% QoQ

Existing pipeline’s capacity ~ 4,380 mmscfd

1H/2009avg. 3,443

3,5543,280 3,450

2Q/2009 demand increased QoQ from all customer groupsReceipt Pipeline tariff adjustment of ~2 Bt/mmbtu (Td & Tc) or ~10% starting from Apr. 1, 2009 Expected natural gas demand for the year 2009 to be flat

-0.2% YoY

3,4433,606

32%

25%

13%

17%

10%3%

32%

24%

13%

17%

10%4%

1,679934

1,144

1,643

1,039

1,738

8871,116

1,624

1,001

948

375

470

871

423857 448

405

845

426

243 262 243 243 253

2Q/08 1Q/09 2Q/09 1H/08 1H/09

Product Prices ($/ton)

52

PTT : Gas Separation Plants

Note: 1/ SEA Spot2/ Contract Price (CP 50:50) 3/ MOP’S

Feedstock (NG)LPG2/Naphtha3/

HDPE1/

PP1/

Higher product prices, lower feedstock cost reflected better GSPs’ performance QoQ

Price2Q

%QoQ %YoY

HDPEPPNaphthaLPG-CPFeedstock(NG)

+22%+26%+25%-10%-7%

-32%-36%-50%-53%

0%

1H%YoY

-37%-38%-52%-50%+4%

Sales Vol. 2Q

%QoQ %YoY

TotalPropaneEthaneNGLLPG

+5%-7%

+12%+9%+2%

-2%+67%+3%-8%-7%

1H%YoY-1%

+53%-2%-7%-3%

1,030

-1% YoY

1,101

57%

12%

25%

6%

1,080

2,129 2,110-2% YoY+5% QoQ

97 95 93 96 94% Utl

649 591 6051,230 1,196147 124 135

280 259

266245 275

531 520

39 70 65

88 135

2Q/08 1Q/09 2Q/09 1H/08 1H/09

Propane

Ethane

NGL

LPG

36,93125,167 27,391

63,21852,558

28,15717,662 20,078

47,34037,741

12,9975,746 6,496

21,90212,243

2Q/08 1Q/09 2Q/09 1H/08 1H/09

Sales RevenueEBITDANI

232,634 217,194 232,957 207,533 225,119

54.23

37.04 37.2151.60

37.13

-40

-20

0

20

40

60

80

2Q/08 1Q/09 2Q/09 1H/08 1H/09

Sales Vol. (BOED)Avg. Sales Prices ($/BOE)

53Source: PTTEP analyst meeting

PTTEP: Operating and Financial performance

Sales Volume and Price

Financial Performance

Unit: MM Baht

Success ratio was 7:92 dry wells write-off with total expenditure of Bt 807 mmAustralasia (Jabiru/Challis) sales volume in 2Q/09 was approximately 5,900 BBLD

2Q/2009 Product Mix

Activities in 2Q/2009

Better oil price, higher volume, full Quarter realization of PTTEP AA (Coogee)’s performance

2Q 1H%QoQ %YoY %YoY

+0.5% -31.4% -28% +7.3% +0.1% +8.5%

2Q 1H%QoQ %YoY %YoY

Liquid33%Gas

67%Gas54%

Liquid46%

By Volume By Revenue

Gas (US$/MMBTU) 4.99Liquid (US$/bbl) 51.88Avg. sales price (US$/BOE) 37.21

EBITDA +14% -29% - 20%Sales Revenue +9% -26% -17%

Net Income +13% -50% -44%

9,686 9,899 10,24620,303 20,1451,348 1,312 1,611

2,428 2,923

519 498 522

1,079 1,020

1,843 1,754 2,487

4,211 4,241

13,396 13,463 14,866

27,601 28,329

2Q/08 1Q/09 2Q/09 1H/08 1H/09

Refined Product

Petrochem

Condensate

Crude

564 338 337 1,073 675 1,766 1,520 1,389

3,312 2,908 341

338 297

770 635

485 601 546

975 1,147

857 561 590

1,615 1,151

2Q/08 1Q/09 2Q/09 1H/08 1H/09

LPGGasolineJet/IKDieselFuel Oil

54

PTT : Oil BusinessMarket leader in oil retails at 34% market share with 1,069 gas stations nationwide (excl. PTTRM)

Unit : million liters

Source : Department of Energy Business, Note : Excluded supply sales and LPG sold to Petrochem

Oil Marketing : sales volume ~218 KBOE/d

Int’l Trading : trade volume ~1,028 KBOE/d

Unit : million liters

Source : PTT, Note : excluded inter company volume

34%

8%12%

12%

12%

19%3%

PTT

BCPESSO

Shell

Caltex

Others

Gross Margin Gross Margin –– Oil Mktg.Oil Mktg.

Trading MarginTrading Margin

Unit : Baht/Litre2Q2Q//0808

2Q/082Q/08

ThailandThailand’’s Market Shares Market ShareAs of June 2009As of June 2009

Source : Department of Energy Business

2Q/092Q/09

-16% YoY

0.06

0.80

0.10

0.42

0.01

0.96

0.10

0.63

0.09

0.25

1H/081H/08

2Q/092Q/09

1H/081H/08

PTTRM(Jet)

3,733 3,358 3,159

7,7466,516

1Q1Q//0099

1H/091H/09

1Q/091Q/09

1H/091H/09

-21% YoY-6% QoQ

+3% YoY

+11% YoY+10% QoQ

8,496

2,000 3,931

8,007 5,931 5,280

(393)2,140

5,497

1,747

94% 89% 94% 93% 92%

107% 114% 109% 102% 112%

2Q/08 1Q/09 2Q/09 1H/08 1H/09EBITDA NI

1,257

615 600

1,355

608

1,679

934 1,144

1,643

1,039

1,385

627 743

1,311

685 948

375 470

871

423

2Q/08 1Q/09 2Q/09 1H/08 1H/09

491 587 887 1,248 1,473

424 309 759 964 1,068

83% 97% 99% 89% 98%

2Q/08 1Q/09 2Q/09 1H/08 1H/09

EBITDA NI

HMC (PTT 41.44%) PP 450 KTA

Petrochemical Affiliates

PTTCH (PTT 49.30%)Unit : MM Baht

Better performance from higher margins

1,522

672 797

1,408

734

1,738

887 1,116

1,624

1,001

948

375 470

871

423

2Q/08 1Q/09 2Q/09 1H/08 1H/09

Product Prices

HDPE1/

Propylene1/

Ethylene1/

Naphtha3/

Note : 1/ SEA spot 2/ NEA Spot 3/MOP’S Source : ICIS

MEG2/

Naphtha3/

55

PP1/

Unit : US$/Ton

HDPE % UtlOlefins % Utl

% Utl

9,929 3,812

9,929 12,051 7,322 6,428

2,266 2,508

8,395 4,774

88 105 106 97 106

2Q/08 1Q/09 2Q/09 1H/08 1H/09

EBITDA NI %Utl

7,281 4,754 7,162 10,023 11,916

4,104 1,742 4,214 5,591 5,956

88103 97 97 100

2Q/08 1Q/09 2Q/09 1H/08 1H/09

6,920 2,568 3,300 9,054 5,868

5,126 1,621 2,423 6,754 4,044

85

52

71 8561

2Q/08 1Q/09 2Q/09 1H/08 1H/09

17,252 5,283 8,653

23,058 13,935 10,546

2,283 6,189 14,420

8,473

105 103 98 102 101

2Q/08 1Q/09 2Q/09 1H/08 1H/09

56

PTTAR 280 kbpd (PTT 48.66%)

Refining Associates

TOP 275 kbpd (PTT 49.10%)

IRPC 215 kbpd (PTT 36.77%)

Unit : MM Baht

Better performance QoQ from stock gain & higher P2F margin

2,765 3,026 4,021 4,324 7,046

1,846 1,591 2,704 2,697 4,293

70 68 70 60 69

2Q/08 1Q/09 2Q/09 1H/08 1H/09

SPRC 150 kbpd (PTT 36%)

BCP 120 kbpd (PTT 29.75%)

5757

Cash Flow (Company Only) : 1H/2009

OperatingOperating 2,7422,742

Net Income & nonNet Income & non--cashcashAdjustmentAdjustment

18,787*18,787*

Changes in assets Changes in assets & liabilities& liabilities

(16,972)(16,972)

CAPEX & INVESTMENTCAPEX & INVESTMENT (28,879)(28,879)

CAPEX (PP&E)CAPEX (PP&E) (22,122)(22,122)Investment in AffiliatesInvestment in Affiliates (16,447)(16,447)

Free Cash FlowFree Cash Flow

(26,137)(26,137)

FinanceFinance 9,1479,147

Bond & LoanBond & Loan

OthersOthers 3,7913,791

29,35429,354

Share IssuedShare Issued 123123

REPAYMENTREPAYMENT (8,793)(8,793)

Cash in (Out)Cash in (Out)

(16,990)(16,990)

Beginning Cash & Beginning Cash & Cash Equivalents Cash Equivalents

38,15038,150

Ending Cash & Ending Cash & Cash EquivalentsCash Equivalents

21,16021,160

Unit : MMBaht

OthersOthers (5,888)(5,888)

Note : * Including effect of exchange rates on cash and currency transtation differences

Dividend receivedDividend received 8,8998,899

Dividend paidDividend paid (5,648)(5,648)

+

+

+=

5858

7.71 8.75

13.43

22.40

30.57

34.14 34.82

18.33

9.68

2.50 2.85 4.006.75

9.25 10.50 11.50

8.00

4.00

25%

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

43.6% 41.3%

2001 2002 2003 2004 2005 2006 2007 2008 1H/09

EPS DPS % Dividend Payout

Dividend Policy & Historical Payments

PTTPTT’’s minimum payout ratios minimum payout ratio

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

UNIT : Baht / shareUNIT : Baht / share

5959

Reference : Product Prices

1/ Source : PLATT'S SARUS2/ Source : ICIS (http://www.icislor.com/)

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2QFX – THB/USD (@ end period) 35.1354 34.6679 34.3851 33.8850 31.6229 33.6588 34.1752 35.0824 35.6629 34.1693 6% -4%FX – THB/USD (Daily Average) 35.7077 34.8077 34.1736 34.0588 32.5591 32.4159 34.0160 34.9645 35.4906 34.8246 9% -2%Crude (US$/bbl)/1

: WTI 57.99 64.90 75.49 90.66 97.94 123.98 118.06 59.06 42.97 59.71 -65% 39% : Dubai (@ end period) 63.09 66.12 76.69 89.32 97.41 136.33 87.86 36.40 46.70 71.54 -66% 53% : Dubai (Daily Average) 55.42 64.79 70.08 83.19 91.10 116.50 113.62 52.70 44.10 59.30 -62% 34%Refined Products (US$/bbl) : HSD – MOP’s 70.05 81.26 86.48 102.58 114.36 154.47 139.53 70.48 53.18 66.35 -66% 25% : ULG 95 – MOP’S 68.33 85.68 81.67 95.79 105.12 129.84 119.59 56.70 54.80 68.84 -58% 26% : ULG 91 – MOP’S 67.19 84.83 80.58 94.50 104.29 128.64 118.15 54.86 52.59 66.40 -59% 26% : Fuel Oil – MOP’S 45.07 54.01 59.58 73.20 74.57 92.62 102.63 45.05 38.98 53.42 -58% 37%Refined Products (retail : HSD 23.18 25.17 25.87 28.50 29.72 36.99 36.14 32.06 19.95 24.39 -46% 22% : ULG 95 26.20 29.56 29.26 31.75 33.37 37.86 - - - - : ULG 91 25.28 28.76 28.46 30.85 32.21 36.78 37.83 34.27 25.52 30.97 -31% 21% : Gasohol 24.70 26.06 25.76 26.25 29.37 33.75 31.35 29.69 21.22 27.17 -37% 28%Feedstocks (US$/ton) : LPG (Saudi Aramco’s CP) 527 569 583 756 833 857 874 543 448 405 -48% -10% : Naphtha (MOP’S) 527 619 621 735 793 948 905 312 375 470 -60% 25% : Condensate (ATC) 504 593 621 761 809 1,026 966 422 397 464 -61% 17%Petrochemicals (US$/ton)2/

: Ethylene (SP CFR SEA) 1,222 1,140 1,203 1,156 1,237 1,385 1,379 770 627 743 -55% 19% : Propylene (SP CFR SEA) 1,181 1,142 1,128 1,164 1,293 1,522 1,572 893 672 797 -56% 19% : LDPE (Film/SP CFR SEA) 1,293 1,342 1,502 1,582 1,711 1,801 1,793 1,219 946 1,126 -47% 19% : LLDPE (Film/SP CFR SEA) 1,274 1,289 1,354 1,424 1,605 1,693 1,719 1,138 954 1,117 -44% 17% : HDPE (Film/SP CFR SEA) 1,266 1,299 1,383 1,462 1,607 1,679 1,709 1,149 934 1,144 -44% 22% : MEG (SP FOB NEA) 900 963 1,020 1,433 1,164 1,083 910 492 465 538 -57% 16% : PP (SP CFR SEA) 1,264 1,298 1,373 1,394 1,510 1,738 1,805 1,087 887 1,116 -49% 26% : Benzene (SP FOB Korea) 978 1,084 1,006 1,008 1,051 1,215 1,209 700 406 661 -67% 63% : Paraxylene (SP FOB Korea) 1,047 1,176 1,111 1,068 1,169 1,420 1,394 881 853 1,057 -40% 24%

20092007 2008%YoY %QoQ