September 2019

1

Overview: PTT’s Business

Key Drivers

PTT’s Growth Factors

Outlook

Sustainability

Agenda

53%21%

10%

6%3% 5%

PTT Group.: Bt 2,338 bn (76 MMUSD)

14%

86%

SET market Cap.:Bt 17,110 bn (555 MMUSD)

2001 2018

Revenue

Net Income Affiliate

PTT49%

19%

3,685

51%

81%19%

Ministry of Finance holds majority stake in PTT

PTT ratings at Thai sovereign level

Thai Ministry of Finance51%

Vayupak Fund 12%

Public 37%

FC Baa1 BBB+ BBB+

PTT – FC Baa1 BBB+ BBB+

PTT – LC Baa1 A- BBB+

• Foreign 13%• Thai 24%

PTT’s Strategic Importance to Thailand

Note: As of Mar 2019

Market Cap : SET & PTT Group

Robust revenue and Net Income growth since IPO (MMUSD) 1

1 2018 Annual Avg. BOT selling rate USD/THB of 32.48 (Avg. rate)2 As of 31 Dec 20183 For the year 2018

12,553

71,926

2001 2018

International E&P business: 677 mmboe proved reserves in 2018 Sole operator & owner of gas transmission pipelines and Gas

Separation Plants (GSPs) in Thailand Largest refinery group in Thailand : 3 of 6 refineries Largest petrochemical producer group in Thailand : 6 of 8 major

petrochemical plants Leading oil marketing business in Thailand : 2,027 retail stations2 and

40%2 of market share by sales volume International oil trading business having traded 80.5 bn liters3 in 2018 A Power Plant Flagship listed in SET: To capture opportunity in ASEAN

Fully integrated & highly diversified over entire O&G value chain

Thai Premier Multinational Energy Company

Note: As of Aug. 2019

Others

PTT Group

PTT

PTTEP

PTTGC

TOP

IRPC GPSC

702

Thailand best borrower award Best CEO Best CFO Best Managed Company Best Corporate GovernanceBest Investor RelationsBest Corporate Social Responsibility Best Commitment to Strong Dividend Policy

SET Awards

Top Corporate

Governance Report

Award 2010 & 2011

Best Corporate Social

Responsibility Awards

2011 & 2012

Platts Top 250 Global Energy Company

10th in 201812th in 201763th in 201631th in 201524th in 2014

Dow Jones Sustainability Index (DJSI)

DJSI Member 2011-2018(7th consecutive years/ 2nd

time as Leader in 2018)

2

130th Fortune Global 500 in 2019163th in 2018192th in 2017146th in 201693th in 2015

165th in 2019156th in 2018190th in 2017337th in 2016225th in 2015

International and local recognition

Natural Gas Oil & Retail

- Oil & Non-oil Retail- Lubricants- International Oil & Retail

Trading

Upward Integration(PTT Operate through our subsidiaries)

Downward Integration(PTT Operate through our subsidiaries)

E & P

- Oil, Gas, Condensate

- 46 Projects in 12 Countries

CoalPower

- Electricity - Steam & Chill Water- Energy Storage

Petrochemicals

- Integrated Refineries & Petrochemical

LNG

• LNG Value Chain• LNG Receiving

Facilities

Refineries

- Integrated Refinery& Petrochemical

Coal Mine inIndonesia

Technology & Engineering

• Engineering & Project Mgt.• Asset management• Innovation & Digital

PTT Own Businesses(PTT’s own operation)

• Diversified International portfolio for ensuring long-term energy security

• Infrastructure Business – Create networking of energy that leads to sustainable growth and PTT’s S-curve

• Ensuring customer satisfaction and loyalty by products and services

• Create value added thru downstream businesses

PTT Group Businesses and Activities

3

• 4 gas pipelines• 6 Gas Separation Plants• Procurement &

Marketing• NGV

• Crude Procurement• Import/Export• Commodity Hedging• Int’l Office: China/

Singapore/ Dubai/ London/ Thailand

Market Share > 50%

Market Share ~ 40%

Market Share > 50%

Committed 4,748 MW in 2019

CEO

COOU

E&P

Gas

Coal

CTO COOD

Trading

Oil&Retail

P&R

CFO

Innovation & Digitalization

Engineering & Project Management

4

PTT Organization Structure

Power

Supervision of affiliates through Board of Directors, CEO & CFO

BOD

Total 6 people

CFOCEO

BOD

Total 6 people

CFOCEO

BOD

Total 5 people

CFOCEO

BOD

Total 4 people

CFOCEO

BOD

Total 6 people

CFOCEO

5

GAS

Sales and Marketing

(S&M)

Transmission Pipeline

(TM)

Gas Separation Plant

(GSP)

NGV

Others

EP

Upstream

Business

6

COAL

Gas Business

7

Natural Gas Balance: Jan – Jun 2019

Gulf of Thailand (66%)

Power (59%)

Industry (16%)

NGV (5%)

Petrochemical Feedstock

(14%)

IndustryHousehold

Transportation(6%)

Ethane/ Propane/LPG/NGL

LPG/NGL

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

Main driver of the Thai economy

Supply Production Sales

992 MMSCFD (20%)

Methane 1,628 MMSCFD

103 MMSCFD

1,546 MMSCFD

3,230 MMSCFD

Bypass Gas610

MMSCFDOnshore (2%)

6 GSPsTotal Capacity

2,870 MMSCFD @ Actual Heat

PTTEP,

36%Others,

64%

Myanmar, 51%

LNG,

49%

Import (32%)

8

GAS business Unit

10

S&M

PTTLNG

“A fully integrated natural gas business”

Supply & Marketing

GSP

Gas Separation Plant

NGV

Natural Gas forVehicles

Others

Others

PTTNGD

PTTGL

TM

Transmission Pipeline

9

GSM

NGR

Industry

Co-Gen

68% Indigenous

sources

16% LNG

16% Myanmar

4,879 MMSCFD as of Jun’19

Increasing domestic demand Import LNG

Gulf 66%Onshore 2%

Yadana, Yetagun, Zawtika

Natural Gas Supply

10

LNG Import

Weighted Average NG price from 3 sources

Gulf/Onshore of Thailand & Myanmar gas

FO PriceExchange Rate

Price Index

i.e. Producer Price Index/ Consumer Price Index/ Oil, Gas, Machinery Price Index

Pool Gas Price

Gas Price Formula

(Medium FO 180 CST 2%)Lagging 6-12 months

Average price of long term contracts• Qatar 2 MTA• Shell 1 MTA• BP 1 MTA• Petronas 1.2 MTA

GSP (21%)

Power (59%)

Industry (15%)

NGV (5%)

11

Natural Gas Price Structure by Customer

CustomerCost Sales Price

: EGAT 16%

: IPP 17%

: SPP 26%

Gas Pool Price

1.75%*

1.75%*

9.33%*

21.9

Bt/MMBtu

* EGAT IPP and SPP Supply Margins not more than 2.1525 and 11.4759 bt/mmbtu respectively

+ +

Gulf Gas

Reference to Saudi Aramco’s contract price

Profit-sharing mechanism based on market Petchem Price (HDPE, PP)

Reference to Naphtha market price

At GSPs cost (adjusted every 3 months)

Petrochemicals Feedstocks

Ethane, Propane, LPG

NGL

Local Cooking Gas

Export Cooking Gas

Linked to fuel oil price lagged~ 3 months

Private car = Avg gas cost + Operating cost (3.892 bt/kg)

Public car = capped at 12.62 bt/kg (Sep 2019)

Supply Margins Pipeline Tariffs+ +

Pool Gas Supply Margins Pipeline Tariffs+ +

Gas Pool Price Supply Margins Pipeline Tariffs+ +

5.5

6.0 5.8

5.9 6.1 6.5 6.6

7.2 7.3 7.2

325 311 319

365 383

439 466

447 416 423

100

200

300

400

500

600

5

7

9

11

13

15

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

NG Customer Breakdown

Gas Sale & Marketing (GSM) Natural Gas Distribution (NGR)

NG Price VS FO

$/MMBTU

EGAT & IPP

SPP

Industry charged at 1.75% of NG pooled price but not more than 2.1525 bt/mmbtu

charged at 9.33% of NG pooled price but not more than 11.4759 bt/mmbtu

Industrial customer : 55%

Cogeneration : 45%

Linked to 2% FO prices lagged ~ 3 months

Cost Plus margin

Supply & Marketing (S&M)

12

S&M

757 737 719 782

934 739 770 846

1,043 1,222 1,209 1,278

996 1,015 1,035 987

727 760 760 761259 237 242 230

2017 2018 1H18 1H19

4,735

EGAT (17%)

IPP (15%)

SPP (27%)

GSP (20%)

Industry (16%)

NGV (5%)

MMSCFD

4,710

3% HoH

4,8844,716

$/TON

Fuel Oil*

* MOPS HSFO 180 CST

Avg. Pooled gas price

FO 2%Pooled Price

HOH2%14%

Y18 vs Y1731%31%

Transmission Pipeline (TM) • Regulated business: Sole owner and operator of entire gas transmission pipelines in Thailand (~ 4,000 km)

• Currently, 4 pipelines in operation and 5th onshore pipeline under construction

Loop linked pipelines to flow gas from East to West with

400 KM to be COD in 2021

• 5th pipeline from LNG Receiving Terminal to Central region

• Ratchaburi Pipeline (RA6) to Western region

Total Vol. = Committed vol. (EGAT & IPP) +Actual Vol. (SPP)

Stable Returns : Fix tariff at 21.9 Baht/MMBTU

*Tariff revision every 5-year or new investment coming

Future expansion

• Agreed return with regulators, not less than WACC

• IRROE ranges between 12.5% - 18% for existing pipeline

investment

Tariff

Revenue Grow by Vol.

13

TM

Natural Gas Pipelines Natural Gas Pipelines

Pipeline #1,2,3(Offshore)

Pipeline #5

Pipeline #4

Gas Separation plant (GSP)

GSP Sales VolumeGSP Feed Cost vs Petrochem. price

• 6 gas separation plants to separate hydrocarbons from NG maximizes value of gulf gas

feed to petrochemicals

Gas Separation Plant CapacityGSP # 1 : 420 mmscfdGSP # 2, 3 : 820 mmscfdGSP # 4 : 170 mmscfdGSP # 5 : 580 mmscfdGSP # 6 : 880 mmscfd

• Total sales vol. ~ 7 MTA

• Feed cost = Gulf gas cost + GSP’s processing cost

• Gulf gas linked with the 6-12 month lag of fuel oil price

• Selling Price linked to petrochemical market prices (HDPE,

PP) with profit sharing basis

14

GSP

2,919 3,203

1,465 1,748

688 645

330328

2,333 2,389

1,196 1,150

827907

493 412

4448

23 23

2017 2018 1H18 1H19

LPG (46%)

Unit : kTon

3,507

Propane (14%)

NGL (8%)

Ethane (31%)

Pentane (1%)

3,661

6%

4% HoH

6,8117,192

1,176 1,133

1,138

1,226

1,379 1,385 1,350

1,207

1,093 1,080

1,159 1,114

1,149 1,196

1,270 1,301 1,288

1,215 1,127 1,143

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

Unit: USD/Ton

Feed Cost*

LPG cost of GSP

* Revised feed cost calculation from per sale volume to per GSP production volume

HDPE

PP

HDPEPP

LPG cost GSPFeed cost

HoH21%12%10%10%

375 386 395 401 407 420 414 427

456 457

253 262 259 269 282 286 277316 309 314

Y18 vs Y1714%10%7%

11%

About LPG

What is LPG??

Liquefied Petroleum Gas (LPG) referred to as simply propane or butane, are flammablemixtures of hydrocarbon gases used as fuel in heating appliances, cooking equipment, and vehicles.

LPG Supply in Thailand

Refinery 32%

Gas Separation Plants (GSPs)

55%

Import13%

History of LPG Liberalization

Capped at 333$/ton2009

(EBITDA loss around Bath 10 Bn)

2015

LPG Pooled price(Refinery, GSPs & Import)

LPG Liberalization: Selling at market price except GSP with condition to capped

margin +/- 20 $/ton2017

2018

GSP selling price as fuel was capped margin +/-1 $/ton

(Low income subsidy

capped < 500 MB)

Low income subsidy

capped < 250 MB1H2019

Household32%

Industry10%

Transportion16%

Petrochemical41%

Self-used1%

LPG Demand

Source : EPPO as of Jun 2019

Source : EPPO as of March 2019

15

6.7 6.1 6.3 5.6

2017 2018 1H18 1H19

17

Natural Gas for Vehicle (NGV)

Adjusting NGV retail price to reflect NGV cost

Private Cars 67%

Public Cars 33%

Performance

2018 EBITDA loss 4,872 MB (2017: loss 4,188) from higher

gas cost effecting to higher loss in public car

*Weighted 3 sources of gas (Gulf, Myanmar & LNG) + margin + pipeline tariff **Operating cost set by gov. based on 3rd party assessment,

• Including Operating cost, transporation cost and gas quality adjustment cost• Excluding gas loss expense (PTT absorb)

Private Cars15.5 Baht/Kg

Public Cars12.62 Baht/Kg

Private car:

Sep 2017: Gov. adjusted the gas quality improvement cost +0.46 Baht/Kg

allowed operating cost to be at 3.892 Baht/Kg (3.43 + 0.46)

Public car:

May 16, 2018 : Gov. adjusted capped price +0.62 baht/kg (10.0 10.62 baht/kg.)

May 16, 2019 : Gov. adjusted capped price +1.0 baht/kg (10.62 11.62 baht/kg.)

Sept 16, 2019 : Gov. adjusted capped price +1.0 baht/kg (11.62 12.62 baht/kg.)

Jan 16, 2020 : Gov. adjusted capped price +1.0 baht/kg (10.62 13.62 baht/kg.)

NGV Price

K.Ton/Day

Sales Volume

Actual Cost Selling Price(Private)

Selling Price(Public)

3.892 Bt./Kg.

Baht/Kg.

PooledGas Cost

VAT

Operating cost > 4 Bt/Kg.

VAT

>

PooledGas Cost

Public Price

12.62

: Price Structure

Price Reform

NGV Price = Pooled Gas cost* + Operating cost** + VAT 7%

Current NGV Price

16

As of 16 Sep 2019

NGV

11% HoH9%

12.213.4 12.6

14.4

2017 2018 1H18 1H19

THB/KG14% HoH

10%

LNG Business

17

19

Others : PTTLNG (100% hold by PTT)

World Class LNG Facilities: Map Ta Phut LNG Terminal, a strategic gateway of natural gas network in Thailand, seeking for potential LNG supply

Future Projects

Terminal 1 (capacity extension)

Terminal 2 (Nong Fab)

Jetty - 2

Vessel Size (m3) - 125,000- 264,000

LNG Tank (m3) - 180,000 x 2

Capacity (MTPA) 1.5 MTA

(210 MMSCFD)

7.5 MTA(1,050 MMSCFD)

Commercial Operation 4Q2019Construction 100% completed

2022

Current Projects

Terminal 1 (PHASE 1)

Terminal 1 (PHASE 2)

Jetty 1 1

Vessel Size (m3) 125,000- 264,000 125,000- 264,000

LNG Tank (m3) 160,000 x 2 160,000 x 2

Capacity (MTPA) 5 MTA

(700 MMSCFD)

5 MTA

(700 MMSCFD)

Commercial Operation 6 Sep 2011 2017

Revenue Tariff: 18.3506 Baht/MMBTU (from 24.932 Baht/MMBTU)2018 : committed vol. at 8.4 MTA (Actual vol. at 4.4 MTA)2019 : committed vol. at 10 MTA (After COD the extension 11.5 MTA)

18

Others

20

Others : PTTNGD (58% hold by PTT)

Others : PTTGL (JV with PTTEP)

Specialized in distributing and supplying Natural Gas to industrial customers

LNG Value Chain Investment

Current Project : MLNG Train 9• 10% investment to continue looking for

more LNG opportunities globally• Capacity 3.6 MTPA• COD on Jan 2017

Supplier : PTT with 10-year GSA

Customers: 12 Industrial Areas with 5-7 year GSA

NG Cost: Pooled gas cost + S&M margin + Tariff

Selling Price linked with 1-month lagged of fuel oil

2017 2018

Sales Vol. (MMSCFD) 57.22 57.34

Customers 249 253

19

Others

Others

Coal Business

20

Coal Business Direction

SAR: SebukuMine

Location : South Kalimantan

Production vol. : 0.3 MTPA in 2018

PTTGM (PTT Global Management) hold 95.82% in Sakari Resources (SAR), a Singapore-listed company, operates coal mines in Indonesia

SAR: Jembayan Mine

Location : East Kalimantan

Production vol. : 8 MTPA in 2018

Coal Direction

“Keep all options Opened”

• Optimize value from existing assets

• Strengthen coal business platform

including cost saving

• Under study in variety options

70

78 78

65

5056 54

53

88

107104

88

2017 2018 1H18 1H19

Avg. Selling Price1/ & Cash cost1/

Unit: USD/Ton

Avg. Selling Price

Total Cash Costs

New Castle

17%

15%

2%

11%

22%

12%

1/Average Calorific value ~ 5,450 kcal/kg

93 97

45

19(4) (7) (15)

30

Net income

2/Non-recurring items include the payback on tax lawsuit case & impairment

Unit: MMUSD

63%

4930

1%

9089

21

Aug 2019: Acquired 2 new greenfield mines in Indonesia• to replenish coal reserves• to enhance company’s quality adjustment capability with

existing coal production to meet its customers’ requirement

Trading

Crude & Condensate

Refined Product

Petrochemical Product

Others

Oil & Retail

Oil

Non-Oil

International

P&R

Petrochemical

Refinery

Downstream

Business

22

Indigenous (18%)227 KBD

Imported Refined Petroleum Products 84 KBD

1,004 KBD (**)

Source: PTIT

Remark : (*)Refined product from refineries = 1,009 KBD, including domestic supply of LPG from GSPs and Petrochemical Plants = 104 KBD

(**) Not included Inventory

KBD = Thousand Barrels per day

Import (82%)

Crude/ Condensate933 KBD

RefinedProducts1,113 KBD*

Domestic

Crude/ Condensate 204 KBD

Supply Production Demand

Export

201 KBD

Oil Balance Thailand: Jan. – Jun. 2019 Adequate refining capacity maintains the stability of country supply

Total Refining Capacity in Thailand: 1,232 KBD

PTT’s Associated Refineries : 770 KBD

(TOP, PTTGC, IRPC)

Other Refineries : 462 KBD(SPRC, ESSO, BCP)

RefinedProducts178 KBD

23

Crude Export 23 KBD

1,017 KBD

25

Oil Business

24

Summary of Oil BusinessThree Key Operating Segments

Oil Business

Retail

Commercial

(B2B)

Supply Sales

Non-oil Business

7-eleven & Jiffy

Café Amazon

Master

Franchise Brand

Rental

Business

International Business

Non-Oil

Oil

Lubricant

(Domestics &

International)

• #1 market share in Thailand

• Sale through dealer,

end user and industrial market

in both domestic and International

21

3

Service

station • FIT auto & Procheck

Laos Cambodia Myanmar Philippines

• #1 market share in Thailand

• PTT nationwide gas station

network of > 1,800 stations

• Aviation and marine, industrial

use, and LPG

• Sale to dealers under M.7 & 10

• >1,600 7-eleven in PTT gas stations

nationwide

• Jiffy stores nationwide

• > 2,600 Café Amazon nationwide

• Space rental by high quality tenants

• Gas station network of

>250 stations in 4 ASEAN countries

• Café Amazon

• Jiffy stores

Singapore China

25

• Texas Chicken

• Daddy Dough

• Hua Seng Hong

55

70

85

100

1Q18 2Q18 3Q18 4Q18 1Q19 Apr-19 May-19 Jun-19

1H18 1H19 HoH Y18 vs Y17

Kerosene 83.7 78.0 7% 30%

Gasoline 80.9 71.1 12% 17%

Diesel 82.7 78.0 6% 28%

Dubai 68.0 65.4 4% 30%

3,615 3,884 2,221 2,331

15,983

11,387

8,040 7,603

2017 2018 1H18 1H19

0.91 0.99 1.00 1.17

26,006 26,351

13,508 13,043

2017 2018 1H18 1H19

Y18 vs Y17 HoH

Oil 29% 5%

Non-oil3 7% 5%

Total 22% 3%

Oil BU & PTTOR

1H19 vs 1H18 : Lower EBITDA from stock loss despite higher margin2018 vs 2017: Higher Volume & Margin despite lower EBITDA from stock loss

GM (unit: THB/Liter)

26

Gross margin1/Sales volume2

Sales Volume (unit: MM Liter)

1/Excluded Non-oil, stock gain/loss, non-recurring item 2/PTTOR only

Petroleum Prices

USD/BBL

(Average Prices)

Key Highlights

1H19 vs 1H18 (HoH)

Vol: 3% decreased mostly from LPG and aviation vs gasoline volume increased from station expansion

Margin: 17% increased mainly from diesel due to high competition in 1H18

EBITDA: Lower oil EBITDA due to stock loss though non-oil EBITDA rose mainly from Café Amazon expansion

Oil – EBITDA

Unit: MMTHB

3/ PTTOR Group

9,93410,261

3%

17%

15,271

19,598

2018 vs 2017

Margin: 9% increase due to +17% rise of diesel spread

Vol: 1% increase from station expansion and aviation after ICAO lifted Thailand red flag

EBITDA: Lower EBITDA due to ~Bt 4.8 bn stock loss, non-oil EBITDA increase 7% from expansion

1%

9%

Trading Business

27

Trading Business

Our Global Connectivity

28

Gross Margin1 Sales Volume2

67%

33%

41%

Fully Integrated Trading Solutions

50++ Countries

By Products

2018PORTFOLIO

58% 42%

By Activities

Trading Business

*As of 2018

75,638 80,481

38,478 40,156

2017 2018 1H18 1H19

0.10 0.11 0.13

0.06

2017 2018 1H18 1H19

MM LiterGross Margin (THB/Liter)

2 PTT Trading BU + trading subsidiaries1 PTT Trading BU + trading subsidiaries: FX Adjusted + derivatives

4%54%10%

6%

29

30

Overview: PTT’s Business

Key Drivers

PTT’s Growth Factors

Outlook

Sustainability

Agenda

40

60

80

Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19

NG Prices ($/MMBTU)

Key Business Drivers:

AVG. Dubai vs FO ($/bbl)

Petrochemical Spread ($/ton) AVG. FX (THB/USD)

Dubai

FO 3.5%

51.4

49.0

54.9

52.7

63.5

67.4

59.0

68.867.7

71.763.9

64.1

72.174.3

AVG.DubaiFO 3.5%

2018 vs 201731%31%

1H17 2H17 1Q18 2Q18 3Q18 4Q18 1Q19 Jul’19

HoH4%2%

67.465.1

67.8

63.3

2Q192

4

6

8

10

12

Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19

* JLC = Japan LNG Cocktail : Landed LNG price in Japan

9.1

7.0

5.6 5.96.1

8.0

6.8

8.17.8

6.5

10.5

9.78.5

6.6

10.210.0

7.2

11.011.0 11.0

7.3

JLC*

JKM

Avg. Pooled Price

5.4

9.6

7.2

1H17 2H17 1Q18 2Q18 3Q18 4Q18 1Q19 Jul’192Q19

JLCJKM

Avg. Pool

HoH11%21%14%

31

32

33

34

35

36

37

Jan-17

Feb-17

Mar-17

Q1'17

Apr-17

May-17

Jun-17

Q2'17

1H/201

7Jul-17

Aug-17

Sep-17

Q3'17

9M/2017

Oct-17

Nov-17

Dec-17

Q4'17

2017

Jan-18

Feb-18

Mar-18

Q1'18

Apr-18

May-18

Jun-18

Q2'18

1H/201

8Jul-18

Aug-18

Sep-18

Q3'18

9M/2018

Oct-18

Nov-18

Dec-18

Q4'18

2018

Jan-19

Feb-19

Mar-19

Q1'19

Apr-19

May-19

Jun-19

Q2'19

1H/201

9Jul-19

32

34.9

33.3

2018 vs 2017: Appreciated 1.62 THB/USD (4.8%)

31.7

32.1

33.1 33.0

31.8

2018 vs 2017: Appreciated 0.23 THB/USD (0.7%)

AVG. FX

Ending FX

31.8 31.0

1H2562(Avg. 31.77)

End: Baht Appre1.69 bt. or 5.2%

1H2561(Avg. 31.90)Ending: Baht Depre0.48 bt. or 1.5%

1H17 2H17 1Q18 2Q18 3Q18 4Q18 1Q19 Jul’192Q19

4.5

Note: Figures are average & Naphtha (MOP)

0

200

400

600

800

1000

Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19

HDPE-Naphtha

PX-Naphtha

PP-Naphtha

BZ-Naphtha

HDPE-NAPPP-NAPPX-NAPBZ-NAP

HoH-28%-10%+28%-69%

381335

382

343

513

573

561

369

278

309

201 188

12571

371

337

84

157

1H17 2H17 1Q18 2Q18 3Q18 4Q18 1Q19 Jul’192Q19

678665 671

796

744683

632

574539

487

645

687660

622

642

608

602581

2018 vs 2017: Upsurge in oil, gas, and most petrochemical prices1H19 vs 1H18: Pooled gas price surged following lagged of FO while trade war impact on Petchem prices

2018 vs 201724%43%16%

2018 vs 2017+6%-1%

+26%-36%

31

31%

35%

22%

12%

53.2

69.4 68.0 65.4

1,995,722 2,336,155

1,111,759 1,121,196

2017 2018 1H18 1H19

135,180119,684

69,81755,250

2017 2018 1H18 1H19

345,395351,396

190,815154,327

2017 2018 1H18 1H19

32

PTT Consolidated Performance: 2018 & 1H2019

Avg. Dubai (USD/BBL)

1H19

1H19 vs 1H18: 21% NI; Lower P&R spreads and gas margin, higher stock loss 2018 vs 2017 : Strong EBITDA from PTT & upstream; despite refineries’ stock loss

1%

Revenue

EBITDA

Net Income

19%

21%

+ Gas : higher sales vol.+ Power : Glow acquisition+ EP : higher prices & Bongkot +22.2%- P&R : soften product prices & more T/A

1% HoH

21% HoH

- Higher DD&A from E&P and power business+ Lower tax: lower performances+ Higher gain on FX

Y2018

5%13%

33%18%

31%

36%

27%1%

8%

28%

20%

45%

11%

24%

- P&R : lower Olefins & Aromatics spreads and lower stock gain

- GAS : lower GSP from weaken product prices & higher feed cost

19% HoH

4%

Unit : MB 5%15%

32%19%

29%

43%

24%1%

13%

19%

PTT

P&R PTTEP

Net Income

EBITDA

P&R

PTT-Gas

PTTEP

Revenue

PTT-

Trading

PTT-GasPTTEP

P&R

PTT-

Trading

Oil & Retail/Power & Others

Oil & Retail/Power & Others

+ From all businesses (higher product prices following crude price)

17% Y18 vs Y17

2% Y18 vs Y17

+ GSP : higher margin + Coal : Vol. & Price- P&R : Stock loss

11% Y18 vs Y17

- Higher Tax(PTTOR’s transfer & full BOI) - Higher DD&A- Lower FX gain

17%

2%

11%

30%

Unit : MB

Unit : MB

Revenue

EBITDA

Net Income

Oil & Retail/Power & Others

Business Unit

1Q18 2Q18 1Q19 2Q19 QoQ YOY 1H18 1H19 HoH 2017 2018 YoY

Gas-EBITDA

23,244 24,635 17,948 19,850 11% 19% 47,879 37,798 21% 83,792 94,084 12%

• S&M 4,274 4,133 3,503 4,438 27% 7% 8,407 7,941 6% 16,267 18,917 16%

• TM 9,294 9,271 8,633 8,520 1% 8% 18,565 17,153 8% 34,134 35,157 3%

• GSP 8,208 9,763 4,252 5,059 19% 48% 17,971 9,311 48% 29,424 34,060 16%

• NGV (810) (1,314) (1,148) (1,015) 12% 23% (2,124) (2,163) 2% (4,188) (4,872) 16%

• Others 2,278 2,782 2,708 2,848 5% 2% 5,060 5,556 10% 8,155 10,822 33%

Oil-EBITDA

6,318 3,943 5,729 4,205 27% 7% 10,261 9,934 3% 19,598 15,271 22%

Trading*-EBITDA

1,250 2,267 613 363 41% 84% 3,517 976 72% 5,387 5,929 10%

Total** 30,812 30,845 24,290 24,418 1% 21% 61,657 48,708 21% 108,777 115,284 6%

HoH: Declined mainly from GSP due to pressured Petchem spreads and higher feed gas cost

(Unit: MMTHB)

1/ Others include PTTLNG, PTTNGD, and PTTGL (restructured by excluding GPSC, PTTES, PTTDigital and ENCO)2/ MIS3/ Included subsidiaries from all BUs

PTT EBITDA Breakdown by Business

33

2018 vs 2017: Stronger results from avg. selling price & Volume

0.11 0.08

0.21

0.39 0.31

0.85

2017 2018 1H2019

MMTHB

Statement of Financial Position

AP & Other Liabilities

PPE

Others Non-

currentAssets

AR & OtherCurrent

Assets

Interest Bearing Debt (IBD)

TotalEquity

Cash & ST Invest

31 Dec. 17

1,805,041

1,076,906 1,114,1751,212,418

373,238381,515

425,279

386,330422,358

391,017

395,840

434,605352,461

1,248,5561,318,004 1,299,110

529,480543,635 621,484

454,278

491,014460,581

1 2 3 4 5 6 7 8

2,232,3142,381,175

2,352,653

31 Dec. 18 30 Jun. 19

Net Debt/EBITDA

≤ 2.0

Net Debt/Equity

≤ 1.0

1%

PTT Ratings at Sovereign Level

− FC : Moody’s (Baa1), S&P* (BBB+),

FITCH (BBB+)

− LC : Moody’s (Baa1), S&P* (A-),

FITCH (BBB+)

Assets/Liabilities slightly increased : mainly from

+ Increased in PPE from

• GPSC’s acquisition of Glow

- Decreased in cash from loans repayment & bond redemption

*S&P final rating uplift 1 notch at LC only but maintain for FC

34

Free Cash flow

233,653 56,635

Ending Cash & Cash Equivalents

292,184 282,062

Ending cash incl. S/T investment

434,605 352,461

Beginning Cash and Cash Equivalents

166,189 292,184

Cash In/(Out)

125,995 (10,122)

Adjustment

3,810 (6,135)

Statements of Consolidated Cash Flows : 1H2019

Operating2018 1H2019

267,801 119,703

Net Income 119,684 55,250

Changes in assets & liabilities (44,043) 9,995

Income Tax (45,371) (51,235)

Non-Cash Adjustment 237,531 105,693

Investing2018 1H2019

(34,148) (63,068)

CAPEX (PP&E, Intangible asset) (106,958) (69,270)

Investment (Sub. & Affiliates & others) (38,035) (75,620)

Current investment 93,821 72,659

Dividend/Interest Received 13,173 7,225

Others 3,851 1,938

Financing (111,468) (60,622)

Repayment Loans (132,802) (65,159)

Interest paid (28,148) (14,188)

Dividend paid (85,035) (48,429)

Received from share issue 93 117

Received from loans/Bonds 143,627 101,760

Others (9,203) (34,723)

35

7.718.75

13.43

22.40

30.57

34.1434.82

18.33

21.06

29.58

37.24 36.58

32.52

20.34

6.73

32.68

46.74

4.152.50 2.85 4.00

6.75

9.2510.50

11.50

8.00 8.5010.25

13.00 13.00 13.0011.00 10.00

16.00

20.00

2.00

32.4% 32.6% 29.8% 30.1% 30.3% 30.8% 33.0% 43.6% 40.4% 34.7% 34.9% 35.5% 40.0% 54.1%

148.6%

49.0% 42.8% 48.2%

-900.00%

-600.00%

-300.00%

0.00%

0.00

10.00

20.00

30.00

40.00

50.00

60.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

25% PTT’s min. payout ratio Policy

Baht / share

Dividend payout

36

Dividend Policy & Historical Payments

Dividend payout Policy: Not less than 25% of net income

Split par*

* Spilt par value from 10 to 1 Baht/share since 24 April 2018

10-Year Avg. 53%

Avg. since IPO43%

EPS

DPS

4.15

2.0

3,733

9,2366,099

17,670

27,118

15,230

10,000

24,354

4,000

0

40,000

80,000

120,000

160,000

-

10,000

20,000

30,000

40,000THB (LHS)

USD (LHS)

PTT Debt Outstanding (RHS)

38

Debt Profile : Control Cost & Manage Risk

Debt Portfolio

Managed debt according to financial risk and policy

ConsolidatedPTT OnlyUnit : MM THB : Cost of debts ~ 5.39%: % fixed-rate ~ 68.32%: Avg. debt life ~ 10.82 years

: Cost of debts ~ 4.41%: % fixed-rate ~ 66.18%: Avg. debt life ~ 8.63 years

129,279 110,715 84,715

311,317 325,424 309,10345,088

34,80033,153

194,284 187,207 187,602

174,367 145,515117,868

505,601 512,631 496,705

31 Dec 17 31 Dec 18 30 Jun 19 31 Dec 17 31 Dec 18 30 Jun 19

(26%)

(74%)

(28%)

(72%)

(38%)

(62%)

(38%)

(62%)(24%)

(76%)

(37%)

(63%)

37

FX: 30.9679As of 31 July 2019

*PTTC10DA (Century Bonds) is due on 2 Dec 2110

Unit : MM THB

Debt Outstanding and Repayment Profile

Note : 1. Data as of 30 Jun 19 (THB/USD = 30.9152 THB/JPY = 0.2892) Excluding liabilities from finance leases; Cost of debts includes withholding tax.

3. Cost of debts, % fixed rate, and avg. debt life took into account the derivative transactions.

2. Debt Outstanding represents amount and portion before derivative swaps, and reconciled with accounting

38

Overview: PTT’s Business

Key Drivers

PTT’s Growth Factors

Outlook

Sustainability

Agenda

Natural Gas growth upon Government fuel diversification policy

for power generation

Natural Gas be the most important source of energywith highest portion among other fuels

PDP 2015* NEW– PDP**

Stronger demand of NG for power plants

Unit: GWh

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

Newly Thailand Power Development Plan

37%

Lignite

Import Coal

Natural Gas

Import Hydro

Domestic Hydro

Renewable

Energy Efficiency

53%

6%

18%

2%

9%

7%

5%

63%

8%

3%

10%

2%

15%

62%

11%

2%

9%

8%

8%

8%

58%

11%

10%

2%

11%

60%

13%

9%

7%

3%8%

*Source: Ministry of Energy ** Source : EPPO 39

Unit: GWh

NG Growth upon Government fuel diversification policy for power generationAt the end of PDP, NG demand increase by 12%

Old* NEW**

Thailand Gas demand forecast (CAGR during 2018-2032): Total ~ 0.1%: Power ~ 2%: GSP ~ -7%: Industry ~ 1%: NGV ~ -6%

Thailand Gas demand forecast (CAGR during 2018-2033): Total ~ 1%: Power ~ 1%: GSP ~ -1%: Industry ~ 3%: NGV ~ -8%

Thailand Gas DemandReplace :Coal กระบี่ (800 MW), EE 30%

Thailand Gas Demand :+ Surat PP (2x700 MW)

*Source: Ministry of Energy ** Source : PTT Business plan 2019 approved by BOD on 21 Dec 2018

40

Gas Business Roadmap

Under new PDP, Gas Demand growth be maintained

41

Thailand Gas Demand Outlook

LNG new project

2

LNG1 Extension LNG Terminal 2

19.0

New SupplyAdditional capacity (mmscfd)

Bongkot

210

Major Project : CODCompressor

Wangnoi

NakhonRatchsima

4,182

5th pipeline

RA#6 Pipeline

4,702Cum. Pipeline Length (Km)

th onshore Midline

GSP project: CODGSP#5

Debottleneck

2,870Cum. GSP Production (mmscfd)

Cum. Capacity (MTA) 11.5

Bongkot Erawan

700 800

Mozambique

2024

Profit

Time

OPTIMIZATION capture more value from

optimizing value chain

PRODUCTIVITY reduce cost /expense and

improve productivity through digitization

BUSINESS INTEGRITY build trust and

transparency via GRC* process

DECIDE NOW Focus on discipline investment

ENERGY SECURITY invest in NG infrastructures,

GoT’s resources, LNG hub and LNG Value Chain (Gas-to-power)

NEW ENERGY/ NEW BUSINESS increase new

energy portfolio and invest in smart city, logistics & property development

EXPAND CORE move to high value products

NATIONAL/SOCIAL INVESTMENT invest for

social, community and country

DESIGN NOW Explore new business

*Governance - Risk Management - Compliance

DO NOW Strengthen from inside

EXPLORE & SEED FOR NEW S-CURVE

Seeking opportunity to invest in new businesses

e.g. Life science, IOT/AI/ robotics business

Execute growth strategy to build sustainable growth for PTT and drive Thailand Economy

42

2017 2018 2019 2020 2021 2022 2023

Capital Restructure

Other JV & wholly owned subs

PTTLNG

Other Infrastructure

Transmission

Natural Gas

Committed CAPEX: PTT and wholly owned Subsidiaries

43

Other Infrastructure

PTTLNG

Transmission

Gas

Other JV & wholly owned subsidiaries

46,18117,184

9,451

70,701

23,798

Unit: MMTHB

70,460 MB

9,939 MB

26,990 MB

59,226 MB

35% 30%

17%

33,696 MB

5%

Note: 2019 budget revision approved by BOD on 20 Jun. 19* Revised 2019 only

PTT 5-Years Committed CAPEX Plan totaling Baht 200,311 million

Note: 2019-2023 committed CAPEX excluding project under study (provisional CAPEX)

Total committed CAPEX during 2019-2023* : ~Bt 200 bn or USD 6 bn

13%

Unit: MMTHB

2019(revised)

103,69793,999

221,294

13%

41%

33%

13%

45

Committed CAPEX: PTT Group

Power Business

Upstream Business

Unit: MMTHB

Key Projects• Onshore and Offshore Exploration

and Production in Thailand• M&A Murphy Oil

Key Projects• Central Utility Project• M&A Glow• Xayaburi Power• Nam Lik Power

* Some companies have a revised investment plan during the year.

Key Projects• TOP: Clean Fuel Project (CFP)• GC: Olefin reconfiguration Plant,

Propylene Oxide/Polyols, • IRPC: MARS• PTTOR: Oil & Retail Expansion

in domestic & international

Total committed CAPEX during 2019-2023* : ~Bt 1,100 bn or USD 35 bn

PTT Business

Downstream Business

Key Projects• 5th onshore pipeline• 2nd LNG Regasification Terminal

44

• Erawan & Bongkot• FID Mozambique Area 1

• Acq. Murphy in Malaysia• Add stake in Sinphuhom(4Q)• Acq. PARTEX in ME (4Q)

2019

2020 2021

2022 2023

2024

Completed

Construction in progress

Wait for FID

Under Study

PTT Group : Upcoming Projects

45

PO/Polyols PO 200 KTA, Polyols 130 KTA

MTP Retrofit (Olefins Reconfiguration)Ethylene 500 KTA, Propylene 250 KTA

Southwest Vietnam490 MMSCFD or ~80 KBOED

5th onshore pipelineLength 400 KM.

Ubon(Contract 4)25-30 KBD

LNG Terminal 27.5 MTPA

MARS - Maximize AromaticsPX 1-1.3 MTPA, BZ 300-500 KTA

Clean Fuel Project275 400 KBD

Mozambique Area 112 MTPA or ~300 KBOED

Algeria HBR (Phase I)10-13 KBD

LNG Terminal 1 Extension 1.5 MTPA

ERU ProjectPower 250 MW

Acquired Glow 95% Xayaburi COD in 4Q19

Catalyst Cooler (UHV)

Map-Ta-PhutIndustrial Port

Phase III

LocationMap Ta Phut Industrial Area

Rayong Province

StakeholdersPTT : 30% & GULF 70%

Project DevelopmentPhase I Land DevelopmentPhase II Infra. Construction

ProgressSubject to cabinet’s approval

by 4Q2019

NGV Retail price lifting

1st: +1 bt/kg. from 16 May 2019 2nd: +1 bt/kg. from 16 Sept. 2019 3rd: +1 bt/kg. from 16 Jan. 2020

Laem Chabang Phase III

LocationDeep Sea Port

Chon Buri Province

StakeholdersPTT : 30%, Gulf 40% & China Harbour 30%

Project DevelopmentA deep-sea port for the

transportation of international cargo (terminals and berths)

ProgressExpect to be concluded within

4Q2019

Projects on the pipeline & recent Event

NGV Price Lifting Map-Ta-Phut III Laem Chabang III

totaling 3 bt/kg.: 13.62 bt/kg.

10.110.5

10.8

13.112.813.1

14.4

16.316.116.015.915.915.8

8.5 8.5 8.5

10.010.010.010.010.610.6

11.611.611.611.6

12.6

13.6

6.0

8.0

10.0

12.0

14.0

16.0

18.0Private

Public

46

47

Overview: PTT’s Business

Key Drivers

PTT’s Growth Factors

Outlook

Sustainability

Agenda

Petroleum

GRM:

• Asian refining margins to range between $4.0 – 5.0/bbl in 2019 mainly from the impact of IMO 2020

• Lower gasoline & FO crack margins in 4Q19 before IMO 2020

2019 Petroleum and Gas Outlook

Gas/LNG

48

0

2

4

6

8

10

12

14

Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19

Asian Spot LNG Henry Hub

Price 2Q2019 1H2018 1H2019 2018 2019E

Asian Spot LNG 6.9 9.1 5.8 9.9 5.8 – 6.8

Henry Hub (HH) 2.7 2.8 2.7 3.1 2.5 – 2.9

2019

$/MMBTU

Source: PTT, PRISM

Gas/LNG

• Asian Spot LNG:

• New LNG trains will boost output in 2H’19 e.g. Corpus Christi T2, Elba Island, Cameron T1 and Freeport T1

• Uncertain industrial growth in China, re-gas capacity constraints and slower pace of coal-to-gas switching.

• Henry Hub: Less severe summer weather in the US led to lower-than-expected natural gas-fired electricity generation and high reserves, which will continue to keep prices low

Gasoil

• Diesel inventory buildup ahead of IMO 2020

• Higher Indian exports due to normal monsoon season

• Softened demand due to poor industrial/manufacturing output, resulting from trade war and global economic slowdown

Mogas

• Ample supply due to higher refinery intakes of lighter crude, after the US shale oil export surges

• Softened demand from falling car sales in China, the big market

• Lower supply from refinery’s yield shifting to maximize middle distillate ahead of IMO implementation in 2020

Dubai

• OPEC+ extended supply cut at 1.2 MMBD to balance market until 1Q’20

• Geopolitical Risks in the ME with heightened tensions between the US/Britain and Iran.

• Surging Non-OPEC output; especially in the US – increasing crude exports after pipeline expansion completed in 4Q’19

• Lower demand due to expectation on global economic slowdown

Petrochemical Rolling as of Aug 19

1

3

5

7

9

40

60

80

100

120

Jan-18 May-18 Aug-18 Nov-18

Dubai Mogas Gasoil FO Cracking (RHS)

$/bbl

2019

Price 2Q2019 1H2018 1H2019 2018 2019E

Dubai 67.4 67.9 65.4 69.4 58-68

Mogas 74.9 80.9 71.1 79.9 65-75

Gasoil 79.7 82.7 78.0 84.1 72-82

FO 65.1 63.3 64.6 66.8 55-65

Cracking 3.5 6.5 3.3 5.8 4.0-5.0

BenzeneOlefins

• More U.S. PE cargoes to divert to SEA particularly in Vietnam market

• Import cargoes will be more competitive due to the appreciation of local currency against US dollar

• US-China trade war to impact market sentiment

• Off-seasonal demand for PE an PP during 3Q’19

• RAPID Project in Malaysia will start-up HDPE, PP in 4Q’19, pressuring market

Aromatics

Polystyrene (PS)

• PS price in 3Q’19 will be pressured by the uncertainty of global economy

• Limited growth in long term: PS packaging demand continues facing competition from alternative materials and will face risks of bans and negative consumer perception

Polystyrene

Petrochemical Rolling as of Aug 19

Source: PTT, PRISM

2019 Petrochemical Outlook

Aromatics

• Concerns on long PX supply due to plan start-up of Zhejiang Petrochemical and Hengli Group in 2H19

• More BZ supply from new units and high inventory in China

• US driving season leading to higher gasoline demand thus lower Benzene production

• Resumption of BZ downstream unit will boost up demand

49

9001,0001,1001,2001,3001,4001,5001,600

Jan-18 Apr-18 Jul-18 Oct-18

PE CFR SEA PP CFR SEA

2019

$/Ton

300

500

700

900

1,100

1,300

1,500

Jan-18 Apr-18 Jul-18 Oct-18

BZ FOB Korea PX CFR Taiwan

2019

$/Ton

Price 2Q2019 1H2018 1H2019 2018 2019E

BZ 625 866 607 821 630-640

PX 909 974 995 1,067 920-930

Price 2Q2019 1H2018 1H2019 2018 2019E

HDPE 1,080 1,382 1,086 1,330 1,040-1,050

PP (Film) 1,143 1,286 1,135 1,269 1,110-1,120

Olefins

400

800

1,200

1,600

2,000

2,400

Jan-18 Apr-18 Jul-18 Oct-18

PS CFR SEA

2019

$/Ton

Price 2Q2019 1H2018 1H2019 2018 2019E

Polystyrene 1,260 1,555 1,275 1,503 1,245-1,255

50

Overview: PTT’s Business

Key Drivers

PTT’s Growth Factors

Outlook

Sustainability

Agenda

52

51* PTT SDGs Focus | PTT SDGs Involvement

PTT SDGs Focus

PTT SDGs Involvement

Balancing Sustainability : PEOPLE PLANET & PROSPERITY

53

52

Strategic Direction

Set up GHG Reduction Target from Operation (Target: 20% vs BAU by 2030)

Reduce Operational Carbon Footprint

2019 2020 2025 2030

20 % vs BAU

18 % vs BAU

16 % vs BAU

15 % vs BAU

Reduce GHG from operation

Target Measurement

Increase PTT Group’s revenue from low carbon products in 2023

Implement carbon pricing for new investment in 2020

GHG Emission from operation (scope 1 & 2)*

Verified by 3rd party

GREEN LIFE STYLE

Green House Gas (GHG) Reduction Target

Climate Change and Energy Management

*Scope 1 = Direct Emission e.g. Fuel Combustion, Company Owned Vehicle*Scope 2 = Indirect Emission e.g. Purchase electricity for own used

Thailand’s GreenhouseGas Reduction Target

Short-term:2020 Target Long-term: 2030 Target

Nationally AppropriateMitigation Actions (NAMAs):

Reduce greenhouse gas emissionsby 7-20% from business as usual level

Nationally Determined Contributions (NDCs):Reduce greenhouse gas emissions by 20 - 25%

from business as usual level

PTT Group established a climate change strategy called “ PTT Group Clean & Green Strategy”

Reduce greenhouse gas emission from operations Enhance the circular economy into operations

Increase proportion of renewable energy and natural gas Develop environmentally friendly product and services Enhance carbon pricing for new investment

Clean & Green Strategy for investment Enhance the circular economy concept into PTT Group’s value chain

Water Management

Corporate Governance (CG)

Water Recycling Efforts

• Manage water according to the 2Rs Principle (Reserve and Re-visualize)

• Implement 3Rs Principle (Reduce, Reuse, Recycle) project in Rayong

Province and Sriracha (Chonburi Province) to reduce dependency on

public water resources; Desalinating seawater

Reduction Target on Water Intensity by 2030

Production sector 12.6%

Office buildings 10%

3 Channels to Report on Whistle blower

1. 2. 3.

Water Management and Corporate Governance

Water Storage Capacity for PTT’s operational Areas

in Rayong Province

Unit: million cubic meters

Recycled and Reused Water and Water Storage Capacity

Unit: million cubic meters

CG & Anti-Corruption Strategic Plan

• Revise and announce Anti-Fraud and Corruption

Policies of PTT and PTT Group

• Third-party Anti-Corruption Due Diligence Manual

• Communicate and educate about Anti-Fraud and

Corruption

• Enhance Information Disclosure to be

ensured PTT’s Transparency to all

stakeholders and other assessors /

regulators

• Enhance PTT Whistleblowing Management Process

with Fair-based Treatment to Whistleblower and

Complainant

• Communicate whistleblowing channels to all

stakeholders

Percentage of volume of water recycled and reused from the total

volume of water consumption

1. Establish Anti-Fraud Mechanism 2. Information Disclosure 3. Redesign Whistleblowing Process

53

Thank youPTT Public Company Limited – Investor Relations Department

Disclaimer

The information contained in our presentation is intended solely for your personal reference only. Please do not circulate this material. If you are not an intended recipient, you must not read, disclose, copy, retain, distribute or take any action in reliance upon it. In addition, such information contains projections and forward-looking statements that reflect our current views with respect to future events, financial performance and result of PTT’s activities. 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.

The information contained in this presentation is subject to change without notice and PTT does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations.

55

54

Tel. +66 2 537-3518, Fax. +66 2 537-3948

Website: http://www.pttplc.com

E-mail: ptt-ir@pttplc.com