Draft

Analyst Meeting

1Q/2010

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.

2

2

Disclaimer

Contents

Highlights

Financial Performance

Economic and Market Outlook

Activities & Operational Results

3

Highlights in 1Q/2010

Oil Business

• In 1Q/2010, PTT imported ~330,000 tons of LPG and the outstanding account

receivables – Oil Fund (imported LPG) as of Mar 31, 2010 was ~Bt 6,296 mm.

• PTT estimated the import volume of LPG in 2010 of ~1.6 mm tons.

Corporate

• PTT issued 7 & 12 years tenor debentures to specific investors in February 2010 in the

total amount of Bt 6,635 mm (equivalent to ~US$ 200 mm)

• PTT has signed the US$ 300 mm loan agreement with 3 financial Institutions, Bank of

Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Bank and Mizuho Bank, with 5 years tenor and

LIBOR-based floating interest rate.

Gas Business

• The government approved to pay compensation on NGV to PTT at Bt2/kg during

6 Mar – 31 Aug, 2010 with the maximum of Bt300 mm/month.

• Testing and commissioning of Ethane Separation Plant is expected to finish by 2Q/10.

• Mechanical completion of GSP#6 and is waiting for Court order/announcement of the

list of severe impact projects/activities. 4

Highlights in 1Q/2010

PTTEP

• On February 5, 2010, MTJDA-B17 project started up its production and the project has

successfully increase production to meet the gas quality and quantity during Mid of

February. The production is expected to reach 335 mmscfd by 4Q/2010.

• Manage Oil price volatilities through Derivative on Oil Price Hedged . The contract

cover period of April- December 2010 for 2.88 million barrels at the guarantee price

between 70-93 US dollar per barrel.

• Final report from the Montara Commission of Inquiry into the incident to be released

by June 2010.

5

Map Ta Phut Case Update

7629 Sep 09Central Administrative Court

suspended 76 projects

/activities

25 projects belong to PTT Group.

5125

16

11*

PTT GroupOthers

2 Dec 09Supreme Administrative Court

exempted 11

projects/activities

7 projects belong to PTT Group.

24 Feb 10Central Administrative Court

permitted 9 projects /activities

to continue construction and

system testing. 2 projects belong to PTT Group.

11 May 10Central Administrative Court

permitted 5 projects/activities to

continue construction and

system testing.

5 projects belong to PTT Group.

Exempted PTT Group projects1. โครงการเชื้อเพลิงสะอาด (PTTAR)2. โครงกรปรับปรุงระบบหมุนวนก๊าซ (HMC)3. โครงการติดตั้งหน่วยควบคุมไอน้้ามัน (SPRC4. โครงการติดตั้งระบบควบคุมไอน้้ามัน (PTTAR)5. เพิ่มประสิทธิภาพน้้าทิ้งมาใช้ใหม่ (PTT)6. โครงการท่าเทียบเรือ คลังผลิตภัณฑ์ (PTTCH)7. โครงการติดตั้ง Loading Arm ทา่เรือ (SPRC)

Permission : construction & system test

1. BisPhenol-A2. เปล่ียนแปลงรายละเอียดโรงงาน BisPhenol-A

Permission : construction & system test

1. โครงการโรงงานผลิตสารอะคริโลไนไตรล์และเมทิลเมตะคริเลต (PTTAC)2. โครงการ (เปล่ียนแปลงรายละเอียด) โรงงาน ผลิตสารอะคริโลไนไตรล์และเมทิลเมตะคริเลต 3 รายการ (PTTAC)3. โครงการโรงงานเอทานอลเอมีน (TEA)

* 1 project has been cancelled : Efficiency Improvement of PTTAR unit 1 phase 3

18

6

7

2

5

Actions taken by the authorities regarding the MTP issue

7

The committee on resolving MTP problems to conclude the list of

the severe impact projects/activities after the hearing process.

On May 11,2010, the Cabinet announced the establishment of the

Independent Organization (Transitional/Temporary) for consideration

of a project/activity that may have a severe impact upon the quality of

the environment, natural resources and the community in accordance

with the Notification of the Office of Prime Minister dated January

12,2010.

At present, the Bill pertaining to the Independent Organization

is still in the consideration and review of the Office of the Council of

State as instructed by the Cabinet Resolutions (Jan.12,2010 and

Feb.2,2010).

Contents

Company Logo

Highlights

Financial Performance

Economic and Market Outlook

Activities & Operational Results

8

24%50%

16%

7%2%1%

9

Unit : MM Baht

303,509

Performance Highlights : Revenues

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

449,396

Higher revenue YoY from economic recovery

+48% YoY-0.4% QoQ

451,135

MM Baht 1Q/09 4Q/09 1Q/10 %QoQ %YoY

Others 207 195 342 75% 65%

Coal - 8,186 5,288 -35% n.m.

Petrochem 6,783 8,832 10,588 20% 56%

PTTEP 26,018 34,178 33,308 -3% 28%

Gas 72,473 81,232 82,626 2% 14%

Int'l Trading 147,673 252,721 248,178 -2% 68%

Oil Marketing 86,503 112,967 121,336 7% 40%

Crude Dubai (US$/bbl)+73% YoY+1% QoQ 1Q/10 Revenue Breakdown

Petrochem

Gas

PTTEP

US$ 13,608

mmOil

Marketing

Int’l

Trading

Coal

44

75 76

1Q/09 4Q/09 1Q/10

Others Coal Petrochem PTTEP Gas Int'l Trading Oil Marketing

10

Unit : MM Baht

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

1Q/10 EBITDA Breakdown

EBITDA bounced back from the lowest level in 1Q/09

MM Baht 1Q/09 4Q/09 1Q/10 %QoQ %YoY

Others -306 -1,110 58 105% 119%

Coal - 2,913 957 -67% n.m.

Petrochem 248 179 236 32% -5%

PTTEP 18,069 21,247 24,580 16% 36%

Gas 5,594 14,586 12,728 -13% 128%

Int'l Trading 690 -773 877 213% 27%

Oil Marketing 2,064 2,631 3,744 42% 81%

Crude Dubai (US$/bbl)

Gas

PTTEP

TM 13%S&M 7%GSP 7%Others 2%

US$ 1,310mm

Petrochem 1%

Others0.1%

Oil Mkt 9%

Int’ Trd 2%

Coal2%44

75 76+73% YoY+1% QoQ

26,358

+64% YoY+6% QoQ

40,788 43,247

57%29%

1Q/09 4Q/09 1Q/10

Oil Marketing Int'l Trading Gas PTTEP Petrochem Coal Others

47

30

9

14

11

Performance Highlights : Net Income

Unit : MM Baht

1Q/10 Net Income Breakdown

US$ 697

mm

Earnings of all businesses rebounded

7,449

MM Baht 1Q/09 4Q/09 1Q/10 %QoQ %YoY

Other Affi. -697 97 35 -64% 105%

Coal - 54 79 46% n.m.

Refining Asso. 2,649 1,906 3,287 72% 24%

Petrochem Affi. -31 1,242 1,964 58% n.m.

PTTEP 3,787 3,080 6,866 123% 81%

PTT 1,741 8,838 10,790 22% 520%

PetrochemAffi.

PTTEP

PTT

Other Affi.-4%

RefiningAsso.

Note : All figures after restatement; Segmentation of EBITDA do not include Gain on Divestment/Investment & eliminations: Other Affiliates comprise of Affiliates in Gas (PTTNGD, PTTINTER, etc.), Utilities (DCAP, PTTUT, etc.), Oil (PTTT, PTTRB, PTTGE, etc.), Others (ENCO, PTTICT, etc.)

23,021

+209% YoY+51% QoQ

EPS (Baht per Share)

2.64 5.37 8.12

Coal4%

15,217

Crude Dubai (US$/bbl)

1Q/09 4Q/09 1Q/10

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

44

75 76

+73% YoY+1% QoQ

25,167 33,441 32,590

17,662 19,13223,571

5,746 4,65210,471

1Q/09 4Q/09 1Q/10

Axi

s Ti

tle

Sales Revenue EBITDA NI

Source: PTTEP analyst meeting

PTTEP: Operating and Financial performance

Sales Volume and Price

Performance

Unit: MM Baht

MTJDA-B17: First commercial production

on Feb 5, 2010. Current delivery has

reached DCQ at 270 MMSCFD with

condensate at ~ 10,000 BOED.

3:3 drilling success ratio in 1Q/2010

1Q/10 Product Mix

Major activities in 1Q/101Q/10

%QoQ %YoY

1Q %QoQ %YoY

Liquid31%

Gas69%

Liquid46%

Gas54%

By Volume By Revenue

Gas (US$/MMBTU) 5.24

Liquid (US$/bbl) 69.36

Avg. sales price (US$/BOE) 42.29

EBITDA +23% +33% Sales Revenue -3% +30%

Net Income +125% +82%

Improved oil price and sale volume led to better performance YoY

217,194 249,903 257,276

37.04 43.44 42.29

-40

10

60

1Q/09 4Q/09 1Q/10

Sales Vol. (BOED)

Avg. Sales Prices ($/BOE)

+3% +18%

-3% +14%

12

1Q/09 4Q/09 1Q/10

1,051 1,138 1,243

742935 917

442467 466586591 565341404 443

118

151 167

EGAT IPP SPP GSP Industry NGV

3,801

3,280

3,6063,677 3,686

3,3463,554

3,655

3,2163,167

3,319 3,3183,284

3,016

3,1053,138

3,075

2010 2009 2008 2007 2006

1Q 2Q 3Q 4Q

2006 avg. 3,084

2007avg. 3,272

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

PTT : Natural Gas Sales & Transmission Pipeline

2008avg.

3,443

+16% YoY+3% QoQ

Existing pipeline‟s capacity ~ 4,380 mmscfd

2009avg. 3,554

3,280

The government approved to compensate loss from NGV sales at Bt2/kg during 6Mar–31Aug, 2010

with the maximum of Bt300 mm/month.

Expected natural gas demand growth of 5 -10 % in year 2010, subject to GSP#6 commercial run.

3,801

33%

24%

12%

15%

12%

4%

+16% YoY+3% QoQ

2010avg. 3,801

3,686

Economic upturn and warm weather drove demand growth

13

1Q/09 4Q/09 1Q/10

591 566 562

124 130 125

245 271 242

70 6832 Propane

Ethane

NGL

LPG

934

1,2091,313

887

1,159

1,340

448

657732

375

621659

262 279286332

332 332

PP1/

HDPE1/

LPG2/

Naptha3/

Domestic LPG

Feedstock (NG)

Product Prices ($/ton)

14

PTT : Gas Separation Plants

Sales Volume (x 1,000 tons)

Note: 1/ SEA Spot

2/ Contract Price (CP 50:50)

3/ MOP’S

Better performance YoY from higher margins despite decreased sales volume

1,035 -7 % YoY-7 % QoQ

1,030

59%

13%

25%

3%

% Utilization Rate 97% 90% 90%

961

Note: Sales volume excluded LPG purchased from petrochemical producers for resale

4Q/09 1Q/101Q/09

%QoQ %YoY

HDPE 9% 41%

PP 16% 51%

Naphtha 6% 76%

LPG-Domestic - -

Feedstock(NG) 3% 9%

Price1Q

%QoQ %YoY

Total -7% -7%

Propane -53% -54%

Ethane -11% -1%

NGL -4% 1%

LPG -1% -5%

1QSale Vol.

Refined Products

Petrochem

Condensate

Crude

14,08113,463

35%

9%12%

9%

10%

22%

3%

72%

13%

4%11%

15

PTT : Oil BusinessMarket leader in oil retails at 35% market share

Unit :MM liters

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

Oil Marketing : sales volume ~248 KBOE/d

Int’l Trading : trade volume ~984 KBOE/d

Unit : MM liters

Source : PTT, Note : excluded inter company volume

Others

Gross Margin – Oil Mktg.

Gross Margin - Int’l Trading

Unit : Baht/Liter

1Q/09

1Q/09

Thailand’s Market ShareAs of March 2010

1Q/10

1Q/10

4Q/09

4Q/09

+6% YoY+4% QoQ

+5% YoY-1% QoQ

0.04

0.92

0.01

0.82

0.06

0.63

LPG

Gasoline

Jet/IK

Diesel

Fuel Oil

3,358 3,410 3,545

14,219

Source : Department of Energy Business

1Q/09

1Q/09 4Q/09

4Q/09 1Q/10

1Q/10

524 588 647309 364

546

97 85 76

1Q/09 4Q/09 1Q/10

EBITDA NI

2,000 4,549 5,002

(393)2,234 3,172

89% 95% 60%

114% 116% 81%

1Q/09 4Q/09 1Q/10EBITDA NI

375

621 659

1Q/09 4Q/09 1Q/10

HMC (PTT 41.44%) PP 450 KTA

Petrochemical Affiliates

PTTCH (PTT 49.08%)Unit : MM Baht

Higher performance both QoQ and YoY from higher P2F margins

HDPE1/ Propylene1/

Ethylene1/ Naphtha3/

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

MEG1/

Naphtha3/

16

PP1/

PP% Utl

Product Prices - Propylene Chain

HDPE % Utl

Olefins % Utl

375621 659

1Q/09 4Q/09 1Q/10

Unit : MM Baht

Unit : US$/Ton Unit : US$/Ton

Product Prices - Ethylene Chain

0

2

4

6

8

10

12

1Q/09 2Q/09 3Q/09 4Q/09 1Q/10

5.0 5.4 5.3

4.0

7.0

2.2

10.8

6.4 5.8

7.9

Market GIM Accounting GIM

17

Refining Associates’ GRM & GIM

0

2

4

6

8

10

12

1Q/09 2Q/09 3Q/09 4Q/09 1Q/10

4.2

2.1 1.6

0.1

3.8

2.3

8.9

2.8 2.7

4.0

Market GRM Accounting GRM

2009

Mkt. GIM : 4.28

Acct. GIM : 7.85

2009

Mkt. GRM : 1.98

Acct. GRM : 4.15

Unit : US$/bbl Unit : US$/bbl

Higher Accounting GRM and GIM due to plants shutdown & cut run, especially in Europe and USA

Note: Weighted Average GRM of PTT’s associates’ complex refineries

(TOP, PTTAR, SPRC and included BCP in year 2010)

Note: Weighted Average GIM of PTT’s associates’ integrated refineries

(TOP, PTTAR and IRPC)

Note: Account GRM/GIM = Market GRM/GIM + Hedging Gain/Loss + Stock Gain/Loss

4,754 4,190 4,1761,742 1,497 2,356

103 104 97

1Q/09 4Q/09 1Q/10

3,812992 1,6072,266 553 1,161

105 99 109

1Q/09 4Q/09 1Q/10

Refining Associates

18

PTTAR 280 kbpd (PTT 48.64%)

IRPC 215 kbpd (PTT 36.55%)

Unit : MM Baht

5,283 3,637 3,735

2,283 1,611 2,006

103 95 94

1Q/09 4Q/09 1Q/10

TOP 275 kbpd (PTT 49.10%)

3,045 1,911 1,5321,591 1,078 783

68 58 72

1Q/09 4Q/09 1Q/10

SPRC 150 kbpd (PTT 36%)

BCP 120 kbpd (PTT 28.46%)2,567 735 2,9461,621

-929

2,417

52 70 81

1Q/09 4Q/09 1Q/10

EBITDA NI %Utl

Better performance from economic upturn

121 112

2008 2009

1Q/09 4Q/09 1Q/10

Sebuku

Jembayan

2,855Kt

19

Coal business

83 72

QoQ YoY

Vol. -22% +34%

ASP -13% -15%

Target Sales Volume & Price Guidance

Note: The average selling price is FOB basis

Average Selling Price US$/Ton

1,652Kt

2,214Kt

Production Profile

Coal Resource & Reserves

JORC Coal Resource

19

Performance

Unit : MM US$QoQ YoY

-34% +9%

-62% -52%

-71% -69%

8.5 9~10.3

~13~15

~18

2008 2009 2010

Target

2011

Target

2012

Target

2013

Target

Sebuku

Jembayan

Unit : MM tons

254504

382

928636

1,432

2008 2009

Sebuku

Jembayan

JORC Coal Reserves

Unit : MM Tons

PTT controls a 46% shareholding in Straits Asia

Contents

Company Logo

Highlights

Financial Performance

Economic and Market Outlook

Activities & Operational Results

20

Financial Highlights

Unit : MM Baht 1Q/09 4Q/09 1Q/10 %QoQ %YoY

Sales & Services 303,509 451,135 449,396 -0.4% 48.1%

EBITDA 26,358 40,788 43,247 6% 64%

DD&A 9,117 12,278 12,004 -2% 32%

Shared income(loss) fr. assoc. 2,407 3,038 5,087 67% 111%

Financial Charges 3,097 3,807 3,783 -1% 22%

Gain (loss) from FX. (615) 1,536 3,752 144% 710%

Tax Expenses 6,956 8,741 10,493 20% 51%

-PTT 1,541 3,566 4,099 15% 166%

-PTTEP 5,348 4,431 5,996 35% 12%

-Others 67 745 398 -47% 494%

Net Income 7,449 15,217 23,021 51% 209%

EPS (Baht/share) 2.64 5.37 8.12 51% 208%21

Financial Highlights : 1Q/10 VS 1Q/09Net Income improved YoY from higher sales volumes and product prices

PTT 1,741

PTT 10,790

PTTEP 3,787

PTTEP 6,866

PETRO -31

PETRO 1,964

REFINE 2,649

REFINE 3,287

OTHERS -697

OTHERS 114

9,049

3,079

1,995638

811Unit : MM Baht

Positive impact

Negative impact

Others

PetrochemRefining

7,449

1Q/09

23,021

1Q/10Increase 15,572 MB. (+209%)

22

Financial Highlights : 1Q/10 VS 4Q/09Net Incomes improved QoQ from higher sales volumes and product prices

PTT 8,838 PTT 10,790

PTTEP 3,080

PTTEP 6,866

PETRO 1,242

PETRO 1,964

REFINE 1,906

REFINE 3,287

OTHERS 151

OTHERS 228

1,952

3,786

7221,381

-37Unit : MM Baht

Positive impact

Negative impact

Others

Petrochem

Refining

15,217

4Q/0923,021

1Q/10Increase 7,804 MB. (+51.3%)

23

14.8

10.5

12.3

0.4 0.5 0.5 0.6 0.7 0.7

1.0 1.7 1.5

2008 2009 Q1/2010

374,614

474,587

486,603

267,165

333,806 342,886

151,377

181,292 200,514 92,037

112,859 130,467

430,536 498,091

523,864

239,125

354,888 354,383

215,532

249,565 282,223

885,193

2424Note : Figures after restatement at ending periods

Other Liabilities

PP&E

Others Non-

currentAssets

OtherCurrent

Assets

L/TLiabilities(incl. due within 1 yr)

Shareholders‟Equity

Unit : MM Baht

Cash & S/T Invest

Balance Sheets : Maintain Solid and Secured Financial Position

31 Dec 08

• Completion of

Arthit-MTJDA

Pipeline

• 100% Coogee

acquisition by PTTEP

• 60% PTTAPM

acquisition

1,102,544Net Debt/EBITDA

Net Debt/Equity

IBD/Equity

ICR

Strong Financial Position

• Treasury policy is strictly followed among PTT Group to maintain financial discipline

− Net Debt/Equity < 1.0

− Net Debt/EBITDA < 2.0

• 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-)

31 Dec 09 31 Mar 10

1,160,470

• Current Asset

• Work in process:GSP6,

PTTAC, Montara & Bongkot

138,770193,454 189,405

159,121

258,991 254,410

67,530

63,979 68,49379,493

84,147 90,635

31 Dec 08 31 Dec 09 31 Mar 10 31 Dec 08 31 Dec 09 31 Mar 10

THB

USD

PTT

75%

PTTEP

16%

Others

9%

25Note : Data as of 31 Mar 2010 (THB/USD = 32.5268, THB/JPY = 0.350588) 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 ~Bt342 bn ($10.5 bn)Debt Portfolio

15,997 11,19865,902 96,3082,831 9,62820,965

35,068

< 1Yr 1-2 Yr 2-5 Yr > 5 Yr

PTT THB PTT USD

: PTT Inter 2.4%: TTM 2.3%: Enco 1.5%: HMC 1.2%: PTTAC 1.1%: DCAP 0.2%

ConsolidatedPTT Only

: Cost of debts ~ 4.7%

: % fixed-rate ~ 83%

: Avg. debt life ~ 6.4 years

: Cost of debts ~ 5 %

: % fixed-rate ~ 88%

: Avg. debt life ~ 6.9 years

~49% of total debt (Bt127 bn)

will be repaid within 5 years.

Unit : MM Baht

(67%)(67%)

(33%)

238,614257,433

(33%)

18,828 20,826

86,867131,376

(75%)

(25%)

(75%)

(25%)

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

343,138

257,898

342,045

(27%)

(27%)

(73%)

(73%)

Unit : MM Baht

Contents

Company Logo

Highlights

Financial Performance

Economic and Market Outlook

Activities & Operational Results

26

2727

2010 Economic & Market Outlook

• Global economy has recovered with the existence of many risks and uncertainty

factors to be concerned such as the measures from China, OPEC’s production, the

impact from the financial crisis in European countries etc.

• Thai economy in 2010 seems to recover strongly with 6% expansion, projected by

IMF. Although 1Q/2010 Thai GDP surged 12% YoY, the current political

uncertainties and unrest are key factors that would impact the country growth.

As a result, the NESDB projection of 3.5-4.5% seems to be more realistic.

• For 2010, crude oil price is expected to move in the $70-$80/bbl range, although

oil price moved in higher range during 1Q/2010.

• Market GRM is expected to be sustainable at ~$3 - $4/bbl from higher middle

distillate cracks due to global economic recovery.

• Olefins & Poly-olefins petrochemical price is expected to weaken due to the

additional capacity, especially from China and Middle East, while Aromatics price

is expected to be strong supported by higher feedstock cost as a result of high

energy price and supply constraint from refineries cut run.

28

Thank you

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

2929

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

SETPTT GroupPTTPTTEPPTTCHTOPIRPCPTTARBCPOTHERSData as of 19 May 2010

Thailand’s only fully-integrated Oil and Gas

Company with leading position in E&P,

transmission, petrochemical, refining,

marketing & trading of petroleum and

petrochemical products

Key driver of Thailand’s economic growth

and industrial development

“Ministry of Finance holds majority

stake in PTT”

Data as of 9 March 2010

6,173,3871,650,776711,689485,521154,11295,88193,54985,25516,0278,742

100.026.711.5

7.82.51.61.51.40.30.1

OTHERS 73.3% PTT

11.5%

PTTEP7.8%

PTTCH2.5%

TOP1.6%

IRPC1.5%

PTTAR1.4%

BCP & OTHERS

0.4%

PTT Group26.7%

Shareholder’s structure

3030

PTT 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

Asia‟s Best Companies on Corporate Governance 2009/2008/2007/2006

Global Top 40 Executives inChemical by ICIS 2006/2007

Best State Enterprise 2009 Awards1.Best CEO2.Best of the Best

Platts Global Energy Awards 2008 “CEO OF THE YEAR”

Top 250 Global Energy Awards 20081st Fastest Growing Integrated Oil

and Gas in Asia, 1st Community Development

Program 2009

Trusted brands 2009 in oil station

For 2001-2009

2009 the Asia „s Fabulous 50 Companies205th/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 2006/2008/20091st : Best Managed Company 2005/2006/2008/20091st : Best IR 2006/2008/20092nd : Best CG 2005/2006/2008/20092nd : Most Committed to a Strong Dividend Policy 2008/2009

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

Board of the Year Awards 2006/2008/2009

Thailand Corporate Excellence Awards 2008• Leadership Excellence• Corporate Social Responsibility Excellence

SET Awards 2009-Best IR -Best CGSET Awards 2008- Best CSR AwardShareholders Award 2008

Business Areas ActivitiesCompany PTT’s holding ( )

Our major businesses & activities

E&P

Gas

PTTEP 65.42% Exploration and Production

PTT PLC

Gas Pipeline 100% Sole owner/operator of the Transmission pipeline

S&M 100% Supply & Marketing of Natural Gas

GSP 100% Extracting Hydrocarbon contents in NG for Petrochemical’s feedstock

Upst

ream

Oil Marketing

Int’l Trading

Dow

nst

ream

Refining &

Petrochemical

(Aromatics)

TOP 49.10%

PTTAR 48.64% Integrated Complex Refinery & Petrochemical

IRPC 36.55%

SPRC 36.00% Stand alone Complex Refinery

BCP 28.46% Complex Refinery & Retail Stations

PTTCH 49.08% Gas-based Olefins Chain PetrochemicalPetrochemical

New

Busi

ness

International PTT Inter 100% Overseas investment arm of PTT :

Coal, New energy and related businesses31

PTT PLC

• Oil Marketing 100% Retail service Stations and commercial Marketing

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

petrochemical products

Aspiration: Becoming a Global Fortune 100 Company by 2020

To become

+STS 2009

Vision : Becoming Thai Premier Multinational Energy Company

CG

Sustainable Growth Strategy

HPO

CSR

P IS R I T

+

32

Enhanced through PTT Group Values & Culture

PTT Group Vision, Mission, Values and Aspiration

BIG

LONG STRONG

with Top Quartile Performance

Share-holders

Partners

Society

Employees

Customers

Country

Mission

Balance All Stakeholders‟

Interest

Global Fortune 100 by 2020Top Quartile Performance

Thai Premier

Multinational Energy Company

Group Values P IS R I T

E&P

Gas

Petrochemical and Refining

Oil Trading

International

New Energy• Operational excellence

• Portfolio expansion through M&A

• Operational excel., regulatory mgt. to recover performance

• New value chain opportunities

• Streamline operations

• Evolve into true retailer / marketer

• Indochina

• Manage risk• Expand int’l markets• Develop talent

• Gas and LNG:monitoring and capability building

• Coal: expand assets to full potential and capability building

• Palm: develop cautiously (licenses, logistics)

• Explore: green energy / climate, M&A opportunities

• Capture group synergies through consolidation and SCM

• Pursue opportunities in alternatives (e.g., bioplastics, biofuels)

• Environmental risk management

Upstream Downstream New Business

Support FunctionsHR

• Talent and leadership dev’t

• Performance mgt

Finance

• Financial discipline• Capital mgt• FX/ risk mgt

ICT/ RTI

• Technology enabler to the business

• Value add

CSR

• Strengthen image: environment, community contribution

Corporate

• Harmonize strategies

• Strong monitoring• Stakeholder mgt.

Performance: Best-in-class

Growth: Sustainability and innovation

Synergy: Deeper and broader collaboration

Stakeholder Excellence : Multi-stakeholder balance

33

Highlights of Core Strategies

34

Others

Subsidiaries ConsolidatePTT Exploration & Production Plc. PTTEP 65.42%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%

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%Thai Lube Blending Co., Ltd. TLBC * 48.95%

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

Others 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 49.08%PTT Phenol Co., Ltd. PPCL 40.00%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 48.64%IRPC Plc. IRPC 36.55%Star Petroleum Refining Co., Ltd. SPRC 36.00%Bangchak Petroleum Plc. BCP 28.46%

Others Fair ValueDhipaya Insurance Plc. TIP 13.33%

Subsidiaries ConsolidatePTT International Co., Ltd. PTTI 100.00%Energy Complex Co., Ltd. EnCo 50.00%Business Service Alliance Co., Ltd. BSA * 25.00%

International Trading Business Group

Subsidiaries 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.

Petrochemicals & Refining Business Group

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

E&P and Gas Business Group Oil Business Group

Data as of 31 March 2010

Energy consumption forecast (CAGR during 2010-2020): Total ~ 4%: Gas ~ 4%: Oil ~ 2%: Coal ~ 6%: Hydro/Others ~ 10%

0

400

800

1200

1600

2000

2400

2800

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

kboed

35

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

Source : EPPO (Exclude Renewable Energy)/PTT

Oil

Gas

Coal

Hydro/Others

39%

30%

41%

44%

18%

20%

6%

2%

51%

33%

14%

2%

1,144

1,650

2,560

Energy Consumption : Growing along with Economic Expansion

35

36

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

0

1,000

2,000

3,000

4,000

5,000

6,000

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030

mmscfd

Power

GSP

Industry

77%

21%

8%

1,970

10%

15%

19%

64% 59%

Gas demand forecast (CAGR during 2010-2030): Total ~ 2%: Power ~ 1%: GSP ~ 1%: Industry ~ 4%: NGV ~ 4%

15%

NGV7%

5%

5,542

3737

Overseas40%Dom

estic60%

PTTEP: The only Exploration and Production Arm of PTT

Proved Reserves 1,099 MMBOE

Grow in conventional oil & gas in priority countries

By Product By Geography

Liquid20%

North Africa (4)

• Algeria

• Egypt

Middle East (3)• Oman• Iran• Bahrain

Australasia (4)

• New Zealand• Australia

South East Asia (10)

• Myanmar

• Vietnam

•Indonesia

• Cambodia

•Malaysia

Thailand (19)*

Projects

Exploration 18

Development 3

Production 19

Total 40

Reserves Replacement Ratio 1.67

Reserve Life Index (year) 12

*Remark: Including overlapping area

Gas

80%

Operations : 40 Projects in 13 Countries

3838

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

Benjamas

TantawanPlatong

PRPPailin Arthit

Bongkot

JDA

Erawan

Bang Pakong

3 rd Pipeline

Karnchanaburi

Power Plant

Gas Field

Puhom

Nampong

Chevron Add.

Arthit FPSO

Pailin Add.

South Bongkot

MYANMARLAOS

CAMBODIA

2nd Pipeline

TTM Pipeline

1st Pipeline

COD : Commercial Operation Date

Current Capacity of 4,380 mmscfd

Current pipeline length: 3,518 km

- Onshore: 1,422 km

- Offshore: 2,096 km

Gas Transmission Pipelines

Key projects are strategically linked

and timely corresponding to meet the

demand

39

PTT: Gas Separation Plants

GSP #4

GSP #1-3 & #5

5 existing gas separation plants with

the production capacity of ~4.1 MTA

A Ethane Separation plant with the

production capacity of ~0.76 MTA

GSP products price linked to the

world market price

Rayong

Nakornsrithammarat

Gas Separation Plant

Production Capacity MTA

- Ethane 1.8

- Propane/LPG 2.7

- Natural gasoline 0.4

Total 4.9

GSP is designed to extract higher product value from natural gas

Note : Data as of March 2010

PTT represents 36% of total refining capacity by equity portion

TOP (275 kbpd)

(PTT 49.10%)

ESSO (177 kbpd)

RPC (17 kbpd)

BCP (120 kbpd)

(PTT 28.46%)

IRPC (215 kbpd)

(PTT 36.55%)

SPRC (150 kbpd)

(PTT 36.00%)

PTTAR (280 kbpd)

(PTT 48.64%)

TOP

22%

PTTAR

23%

SPRC

12%

BCP

10%

IRPC

18%

ESSO

14%

RPC

1%

Total refining capacity~ 1,234 kbpd

Refinery Business in Thailand

40

34,606 36,936

21,507

8,125 9,843

2,4251,826

1,671

1,518 1,521

32,99032,114

18,331

16,096 13,758

4,1342,633

1,252

664 563

HO&Others

JV

Oil

Gas

4141

CAPEX 2010 - 2014 243,518

CAPEX 2010 75,160

42,761

26,403

75,160

Unit: MM Baht

PTT: CAPEX (Company Only)

Sources : PTT (Board approval on 14 Dec 2009) ; FX = Baht 33 per USDNote : CAPEX in 2009 has been adjusted to reflect additional investment in gas business (Ethane plant & GSP#6) and JV (Coal Mining) and not include contingency CAPEX (THB 1 Bn)

PTT plans to invest ~Bt 244 bn ($7.4bn) during 2010-2014

73,509

Gas Business Investment are

mostly in Pipeline#4 (onshore),

tie-in gas pipelines and NGV

Stations.

Most of JV investment go to

International energy businesses

and LNG Terminal.

5 Years CAPEX Breakdown

By Business Unit

JV –Overseas 34% Gas46%

HO&Oths4%

Oil 4%

JV-LNG8%

2010 2011 2012 2013 2014

25,685

Oth. JV 4%

Constructions are on track

LNG Receiving Terminal Phase I

Onshore Gas Pipeline #4

Gas Separation Plant Unit6

Ethane Separation Plant

Location : Map Ta Phut, Rayong

Proj Cost : US$780 mm

Capacity : 1,840 KTA

Commissioning : Pending

Progress : 100% (as of Mar 10)

Location : Map Ta Phut, Rayong

Proj Cost : US$560 mm

Capacity : 763 KTA

Commissioning : May 2010

Progress : 100% (as of Mar 10)

Location : Map Ta Phut,Rayong

Proj Cost : US$880 mm

Capacity : 5 MTA

COD : 3Q/2011

Progress : 69.68% (as of April 10)

Facilities : Tank, Jetty,

Regasification

Location : Rayong - Kangkoi

Proj Cost : US$ 1,040 mm

Capacity : 1,400 MMCFD

COD : Phase I 2012

Phase II 2013

Progress : Start construction

the interconnecting pipeline

42

4343

Gas Demand Outlook

Strategic Roadmap : Core Value Creators

Industry 15%

GSP 22%

Power 56%

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

64%

21%10%

Unit : mmscfd

Pipeline

Project Completed

~5,580

~6.7 mm ton

GSP

~5,580

~6.7 ~6.7

~6,980

~6.7

~6,980

~6.7

Additional Source

of Supply

Bongkot South

GSP#6

Ethane Plant

Pipeline Capacity

~4,380 mmscfd

4th Onshore Pipeline

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

LNG

Offshore Compressor

NGV 7%

Zawtika(M9)

5%

JDA B17Chevron

(Plathong)

~6,980

~6.7

44

Refining Strategic Roadmap : Integrated Value EnhancersMajor projects to enhance competitiveness and diversify risks already completed in year 2010

~ 215,000 bpd

Propylene BoosterProject Cost $ 88 MMPower Plant 216 MW

Project Cost $ 220 MMEthylene Special

DevelopmentProject Cost $ 9MM

Lube Gr1 Specialty Product

Project Cost $ 31 MMEuro IV – Gasoline

Project Cost $ 17 MM

IR

PC

20132010 2011 2012

~ 120,000 bpd

EURO IV - GasolineProject Cost $50 MM

Tail Gas TreatmentProject Cost $32 MM

Solar Power Plant Project Cost $100 MM

Ethanol Project330 k.litre/Day

(Project Cost $ 85MM)(BCP 60%)

BC

P

Note :FX=Baht32.3/US$

TO

P

TLB Specialties-TDAE

Project Cost $25 MM

EURO IV

Project Cost $47 MM

PX Upgrading

Project Cost $80 MM

HCU-2 Revamp

Project Cost $250 MM~ 275,000 bpd

Refining Capacity

~ 280,000 bpd

PT

TA

R

DHDS (EURO IV)Project Cost $ 220 MM

ABS/SAN ExpansionProject Cost $ 70 MM

2014

GTs Nox +Bio-diesel + VRU

Project Cost $ 30 MM

4545

20112010

Ethylene 2,376 KTA

Propylene 512 KTA

HDPE 500 KTA

*HDPE : PTTCH 50 KTA

*HDPE : BPEX 250 KTA

LLDPE 400 KTA

PS : TSCL 90 KTA

*MEG : TOCGC 395 KTA

Ethoxylates : TEX 50 KTA

ME/FAOH/ 331 KTA

Glycerin : TOL

FAOH/Fatty Acids/ 962 KTA

Glycerin/Specialty:

(50% COM)

VCM : (25% VNT) 481 KTA

PP 750 KTA

Most projects to enhance competitiveness and diversify risks to be completed within 2010

Propylene 310 KTAPP 300 KTA

PDH/PP

Petrochemical: Strategic Roadmap - Integrated Value Enhancers

2013-14

*Bis-Phenol-A

$636MM

$251MM

BPA 150 KTA

AN 200 KTAMMA 70 KTA

*AN/MMA $760MM

Note : FX = 33 Baht/US$

(49.08%)

(40.00%)

(41.44%)

(48.50%)

Company (PTT Stake)

* Pending projects under Supreme Administrative Court’s junction, thus cannot start operation as planned

2012

LDPE 300 KTA

Cash Flow (Company Only) : 1Q/2010

46

Operating 17,333

Net Income & non-cash

Adjustment

16,769*

Changes in assets

& liabilities564

CAPEX & INVESTMENT (17,368)

CAPEX (PP&E) (5,406)

Investment in Affiliates (4,722)

Free Cash Flow

(35)

Finance 952

Bond & Loan

Others (6,396)

6,636

Share Issued 316

REPAYMENT (4,095)

Cash in (Out)

917

Beginning Cash &

Cash Equivalents

42,768

Ending Cash &

Cash Equivalents

43,685

Unit : MMBaht

Others (1,905)

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

Dividend received 270

Dividend paid -

+

+

+=

Loans to Affiliates (1,114)

47

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

45 days45 days 60 days

Public Scoping

Public Review

Public Hearing organized by The Competent Authorities

Hearing of Opinions from the Independent Organization

Preparation of EHIA Report

60 days

45 days

The Expert Committee

Review

Project Owner

* Environment and Health Impact Assessment for the project/activity that may have a severe impact upon the quality of the environment, natural resources and the community.

After the hearing of opinions from the Independent Organization, the Competent Authorities will take such opinions into consideration prior to further proceed in respect of their own authority, in particular an issuance of an operating license.

PTT Group in Map Ta Phut Case

Summary fo the EHIA * Process

Process to consider severe impact projects/activities

The committee on resolving MTP problems concludes the list of the severe impact projects/activities after the hearing process

Office of Natural Resources and Environmental Policy and Planning/ Ministry of Natural Resources and Environment to submit to the cabinet

Cabinet/ National Environment Board to approve the list of severe impact project/activities

Ministry of Natural Resources and Environment / relevant government authorities announce the final list

Project owners coordinate with relevant government authorities in order to proceed working and commence their operations (if not included in the final list)

49

Dividend Policy & Historical Payments

50

50

7.718.75

13.43

22.40

30.57

34.82

18.33

21.06

34.14

8.508.00

11.5010.509.25

6.75

4.002.852.50

25%

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

43.6%40.4%

33.0%

2001 2002 2003 2004 2005 2006 2007 2008 2009

EPS DPS % Dividend Payout

PTT‟s minimum payout ratio

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

UNIT : Baht / share

Reference : Product Prices

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

2010

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

FX – THB/USD(@end period) 31.6229 33.6588 34.1752 35.0824 35.6629 34.1693 33.6972 33.5168 32.5268 3% -3%

FX – THB/USD (Daily Average) 32.5591 32.4159 34.0160 34.9645 35.4906 34.8246 34.0966 33.4488 33.0253 1.4% -1.3%

Crude (US$/bbl)/1

: WTI 97.94 123.98 118.06 59.06 42.97 59.71 68.12 75.97 78.84 -19.5% 3.8%

: Dubai (@ end period) 97.41 136.33 87.86 36.40 46.70 71.54 65.26 77.95 75.83 -22.2% -2.7%

: Dubai (Daily Average) 91.10 116.50 113.62 52.70 44.10 59.30 67.78 75.36 78.65 -13.7% 4.4%

Refined Products (US$/bbl)

: HSD – MOP’s 114.36 154.47 139.53 70.48 53.18 66.15 74.92 81.62 85.00 -25.7% 4.1%

: ULG 95 – MOP’S 105.12 129.84 119.59 56.70 54.80 68.70 76.86 80.48 88.64 -15.7% 10.1%

: ULG 91 – MOP’S 104.29 128.64 118.15 54.86 52.59 66.40 74.73 78.24 85.84 -17.7% 9.7%

: Fuel Oil – MOP’S 74.57 92.62 102.63 45.05 38.98 53.28 64.93 70.91 73.53 -1.4% 3.7%

Refined Products (Bt/Litre)

: HSD 29.72 36.99 36.14 32.06 19.95 24.39 27.29 27.34 28.31 -4.7% 3.5%

: ULG 91 32.21 36.78 37.83 34.27 25.52 30.97 34.32 34.57 36.47 13.2% 5.5%

: Gasohol 29.37 33.75 31.35 29.69 21.22 27.17 30.72 30.97 32.87 11.9% 6.1%

Feedstocks (US$/ton)

: LPG (Saudi Aramco’s CP) 833 857 874 543 448 405 535 656 732 -12.1% 11.6%

: Naphtha (MOP’S) 793 948 905 312 375 470 556 621 659 -16.9% 6.1%

: Condensate (PTTAR) 809 1,026 966 422 397 464 560 570 620 -23.4% 8.8%

Petrochemicals (US$/ton)2/

: Ethylene (SP CFR SEA) 1,237 1,385 1,379 770 627 743 1,030 1,056 1,313 6.1% 24.3%

: Propylene (SP CFR SEA) 1,293 1,522 1,572 893 672 797 1,044 1,018 1,168 -9.7% 14.7%

: LDPE (Film/SP CFR SEA) 1,711 1,801 1,793 1,219 945 1,126 1,261 1,296 1,465 -14.4% 13.0%

: LLDPE (Film/SP CFR China) 1,605 1,693 1,719 1,138 960 1,110 1,240 1,265 1,337 -16.7% 5.7%

: HDPE (Film/SP CFR SEA) 1,607 1,679 1,709 1,149 934 1,144 1,250 1,209 1,243 -22.7% 2.8%

: MEG (SP FOB NEA) 1,164 1,083 910 652 465 538 688 775 950 -18.4% 22.6%

: PP (SP CFR SEA) 1,510 1,738 1,805 1,087 886 1,116 1,190 1,159 1,340 -11.3% 15.6%

: Benzene (SP FOB Korea) 1,051 1,215 1,209 700 406 661 817 849 998 -5.0% 17.6%

: Paraxylene (SP FOB Korea) 1,169 1,420 1,394 881 853 1,057 1,019 1,008 1,032 -11.7% 2.4%

20092008%YoY %QoQ

52