Innovate for BETTER

Living

Investors Presentation Patiparn Sukorndhaman Chief Finance Officer, PTT Global Chemical Public Company Limited

Invest ASEAN, Malaysia March 2, 2013

Agenda

• PTTGC Business Overview

• Strategy and Execution

• Key Financials

2

PTTGC as a Result Entity of Amalgamation

3

4

Achieve Global

Winning Formula

World - Scale Company

Create a Strong Platform for

Growth

Reduce Volatility of Raw Materials &

Product Prices

Maximize Integration

PTT’s Petrochemical Flagship “Thailand’s largest Gas and Liquid base Petrochemical producer with 8 million tons production capacity”

1

Highly Integrated Operations with Strong Feedstock Position

“Combined Synergy streams of 765 KTA”

2

Product Coverage Across All Major Petrochemical Building Blocks

“Combined Aromatics and Olefins feedstock with all major intermediate and derivative products”

4

Improved Market Position

5 “Become top 5 market cap in Thailand and the top petrochemical company in ASEAN”*

New Product Opportunities

6 “Capitalize on PTTAR and PTTCH strength and optimize product offering in high value added products”

Strong Immediate Synergies and Identified Long Term Synergies

“Significant synergies of US$80m - US$154 m annually by 2015 with NPV of US$535 m – US$1,055 m over 15 yrs at 10% discount rate”

3

Amalgamation Rationale

*As of Feb, 2011

Laos

Vietnam

Cambodia

Gulf of Thailand

Malaysia

Singapore

Indonesia

Burma

Thailand

ASEAN 2012E-2016E GDP CAGR: 4.3% (1)

PTTGC at a Glance

Principal petrochemical company of PTT Group with upstream and downstream businesses

Well positioned to invest in new opportunities

Largest integrated petrochemical and refined products producer in Thailand and second largest in Southeast Asia (2)

One of the few Thai companies producing petrochemical and refined products along the whole carbon chain

One of the few gas-based petrochemical producers in Asia with significant cost advantage due to long-term secured feedstock supply agreements and favourable pricing arrangement with PTT

Pricing arrangement for gas feedstock is based upon equitable return on investment for both PTT and PTTGC

Benefits from PTT’s role as primary offtake customer via long-term agreements

Strategically co-located and fully integrated production facilities achieve substantial operational and logistic efficiencies

Strong domestic market position in Thailand

1. International Monetary Fund as of April 2012. 2. By nameplate capacity as of 31 December 2011, source from company filings and company annual reports.

5

Organization Chart and Business Units

6

7

Key Competitive Strengths

Fully Integrated Operations with Flexible Feedstock,

Enhanced Optimization and Diversified Product Portfolio

Experienced Management with Strong Track Record

Strong Market Position Across Principal Products

Highly Competitive Cost Structure with Stable Margin

Strategic Relationship with PTT with Secured Feedstock

Position and Offtake Agreements

1

2

3 4

5

Flexible Feedstock and Highly Competitive Cost Structure

8

Flexible Feedstock and By-Product Enhancement

PTTGC's refinery business is able to process a variety of crude oil at a competitive cost due to high complexity

Availability of feedstock along the whole carbon chain enhances the value of PTTGC by offering increased flexibility for better optimization, resulting in further cost advantages – Olefins can be produced from naphtha or ethane directly

from the Gulf of Thailand – Aromatics can be produced from condensate or

reformate from the Refinery Value enhancement from by-product exchange among

Olefins, Aromatics and Refinery units for upgrading at the other unit highlights operational integration and efficiency, for instance – Refinery unit can use condensate residue and hydrogen

from Aromatics unit – Aromatics unit can use pygas from Olefins unit – Olefins unit can use offgas and C3, C4 from Refinery and

Aromatics units, respectively

Feedstock Supply Product Marketing

Refinery

Aromatics

Olefins / Polymers

Others

Condensate

Crude Oil

Others

Ethane, Propane, LPG

C5-C9

C10-C25

C2-C4

Olefins

100% Polymers (1)

47% (2)

53% (2)

Feedstock Supply Commercial Agreements Product Marketing Commercial Agreements

Customers

Others

71% (2)

29% (2)

103

318

799 824 830 883

951 967 1,006

-

200

400

600

800

1,000

1,200

MDEEthane

NAMEthane

NEA LPG NAMNaphtha

MDE LPG MDENaphtha

NEANaphtha

SEANaphtha

WEPNaphtha

Global Ethylene Cash Cost by Region

USD/Ton

2012E (4)

1. PTT owns 50%, PTTGC and IRPC each owns 25% in PTTPM. 2. Six month period ended 30 June 2012.

(5)

Source: IHS (formerly CMAI) as of July 2012. Note: MDE = Middle East, NAM = North America, NEA = Northeast Asia, SEA = Southeast Asia, WEP = Western Europe.

3. PTTGC ethylene cash cost is based on Company estimate and ethane cracker only. 2012E PTTGC cash cost takes into account the effect of the renewal of gas price agreement. 4. MDE cash costs are average values of Iran and Saudi Arabia.

(5) (5)

Natural Gas

Crude Palm Oil

Crude

Condensate

Cracker

Aromatics Plants

Refinery

Ethylene

HDPE

LLDPE

LDPE

MEG

Propylene

Oleochemicals

Paraxylene

Benzene

PTAPET Fiber/Resin

EO

Ethanolamine

Ethoxylate

Cyclohexane

CumenePhenol

Acetone

EB/SM

PS

BPA

Methyl Ester(B-100)

PC

Caprolactam Nylon 6

Fatty Alcohol

MMA PMMA

Epoxy Resins

ABS

SBR

PP

PTT Phenol

Petroleum Products

- LPG- Reformate- Light Naptha- Jet Fuel- Diesel- Fuel Oil

Reformate, Heavy

Naphtha

Pygas

Condensate Residue,

Hydrogen

Light Naphtha

C3,C4

OffGas Mixed C4 Butadiene

PO

PUTDI/HDI

Toluene

Polyols

Orthoxylene

Cracker Bottom,

Hydrogen

PA Plasticizer

Fully Integrated Petrochemical and Refinery Operations with Diversified Product Portfolio

1. PTTGC does not currently produce these products.

REFINERY & SHARED FACILITIES

AROMATICS OLEFINS POLYMERS EO-BASED

PERFORMANCE GREEN CHEMICALS

HIGH VOLUME SPECIALTIES

Feedstock Upstream Intermediates Downstream

Proximity to Suppliers and Customers

Exchange Stream Products

By-Products

Potential Product Opportunities (1)

Petroleum Products - LPG - Reformate - Light Naphtha - Jet Fuel - Diesel - Fuel Oil

9

10

Strong Market Position Across Principal Products PTTGC is a leading integrated petrochemical and refined products producer in Southeast Asia

Source: IHS (formally CMAI). 1. Petrochemical nameplate capacity of public ASEAN peer companies as of 31 December 2011. 2. In May 2012, PTTGC completed the acquisitions of 51% stake in Perstorp Holding France and 50% in NatureWorks. PTTGC’s total petrochemical nameplate capacity is 8,431 ktpa as of

30 June 2012. 3. Based on total capacity in Thailand as of 31 December 2011. 4. Revenue includes sale of goods and rendering of services. 5. Six months period ended 30 June 2012.

(ktpa)

PTTGC Nameplate Capacity as Percentage of Total Capacity in Thailand (3)

Leading ASEAN Players by Petrochemical Nameplate Capacity (1)

11,500

8,261

6,614

5,099

2,236 1,9571,199

Petronas PTTGC SCC Indorama Chandra IRPC TPC

(2)

Source: Company filings, company annual reports.

Revenue Breakdown by Geography (4)(5)

57% 52% 54%

25%

41%

54%

35%

100% 100%

60%

Benzene PX Ethylene Propylene HDPE LDPE LLDPE EO MEG Phenol

Domestic

65%

Export

35%

FY12 Sales Portion by Business Unit

11

68% 32%

Refinery

Aromatics

31%

69%

Export

Domestic 8%

92%

Export

Domestic

Export Domestic

Olefins

Export

65%

Domestic 35%

Polymers

Export

Domestic 30%

70%

EO-Based

Export

Domestic 23%

77%

Green (ME, FA)

Total Sales THB 563 billion

39%

22% PTTGC

Others 39%

34%

35%

31%

PTTGC

34% 33% PTTGC

Others

Others 33%

By Thailand’s Market Share

HDPE

LDPE

LLDPE

Import

Import

Import

Sales portion in quantity (ton)

Agenda

• PTTGC Business Overview

• Strategy and Execution

• Key Financials

12

Strategic Direction

“To be a Leading Chemical Company for Better Living”

13

5 year Investment Budget of USD 4.5 billion

• 2.5 bn through cash flow from operations • 2.0 bn through debt financing

14

Diversified Product Portfolio and End Markets

Potential Product Opportunities (2)

PMMA

Nylon 6

ABS

SBR

PP

PC

Epoxy Resins

Polyester Fiber

PET Resin

Automotives, Electronic and Electrical Appliances, Packaging, Construction, Paints

Automotives, Textiles, Agriculture

Textiles, Packaging, Furniture,

Isocyanates, PU (1)

New Investments

PLA

Foams, Coatings, Elastomers

Films/Cards, Durables, Beverages, Non-Wovens/Fibers

Current Downstream Products New and Potential Downstream Product Opportunities

Packaging, Films, Toys, Furniture, Construction

Health and Personal Care Products, Pharmaceutical

Packaging, Electronic and Electrical Appliances, Automotives

Biodiesel

HDPE

LDPE

LLDPE

PS

Biodiesel

Ethoxylate

Ethanolamine

1. PU is currently a potential product opportunity. 2. PTTGC does not currently produce these products.

2011 Target2017

Target2022

Operational Excellence, Marketing Excellence, Capital Expenditure Excellence

PTTGC Strives for Strong Profitable Growth

15

Synergy Project Excellence

Debottleneck

563

HVS

Green

Sales in THB Bn

Phase 1: Foundation for Growth Phase 2: The Growth Mode

We aim to grow ~5 percent p.a. in the next ten years

HVS

Green

New Global Hub

Expected EBITDA Benefit Uplift 15-30%

~ 620 - 650

Actual 2012

Based on constant Dubai crude year 2012 at USD 109 per bbl

~ 800 - 900

Agenda

• PTTGC Business Overview

• Strategy and Execution

• Key Financials

16

Key Financial Highlights YoY Stronger on volume driven

17

2011 2012 % YoY 4Q/2012

Revenue 500,305 562,811 12% 144,595

EBITDA 54,423 55,879 3% 16,281

Net Income 30,033 34,001 13% 10,389

EPS (THB/share) 6.7 7.5 13% 2.3

Adjusted EBITDA* 48,920 55,045 13% 16,312

Note* Exclude impact of inventory value and commodity hedging

Unit in THB million

48%

20%

21%

2% 3% 6%

Segmental Results – FY12 Olefins and Olefins Derivatives Business contributed greatly to EBITDA

18

204

141

105

11 16 23

270

114 116

13 16 33

Refinery Aromatics Olefins andDerivative

Green Phenol Others

FY11 FY12

6.6 4.7

29.6

0.8 3.1 4.1

8.2 8.8

31.6

0.8 1.0

4.6

Refinery Aromatics Olefins andDerivative

Green Phenol Others

FY11 FY12

Unit in THB billion Unit in THB billion

Adjusted EBITDA Margin by Core BU

Revenue Breakdown Adjusted EBITDA Breakdown

15%

16%

57%

2% 2%

8%

FY12 Revenue Breakdown (%) FY12 EBITDA Breakdown (%)

Refinery Refinery

Aromatics

Aromatics Olefins

Olefins

Phenol

Green

Green

Phenol Others Others

FY11 FY12 Refinery 3% 3%

Aromatics 3% 8%

Olefins and Derivatives 28% 27%

Phenol 20% 6%

THB 563 Bn

THB 55 Bn

FCF for Inv. 7,428

FCF for Inv. 9,908

FCF for Inv. 5,992

FCF for Inv. 24,346 2,003

8,146

26,795

30,532

9,431

18,054

32,787

54,878

-

10,000

20,000

30,000

40,000

50,000

60,000

1Q/12 2Q/12 3Q/12 4Q/12

FCF for Inv.

Debt Service and Dividend

34.6

240.5

238.0

100.8 136.8

60.0 61.2

Strong Financial Position

19

• Free Cash Flow for Investment

• Key Financial Ratios • Dividend – Solid Payout Ratio

As of Dec 31, 2011 As of Dec 31, 2012

THB 436 Billion THB 373 Billion

CA

PPE

Non CA

Share holders’ Equity

IBD

Liab.

• Balance Sheet

Dec 31, 11 Dec 31, 12 ROA 8.05% 7.80% ROE 14.41% 14.28% Net IBD / Equity 0.47 0.32 Net IBD / EBITDA 1.79 1.38

FY11 FY12

EPS (Baht/Share) 6.66 7.54

Dividend (Baht/Share) 2.98 3.40

Payout Ratio (%) 45% 45%

THB Million

32.4

235.3

208.5

82.6

120.2

22.6 44.3

Cash + ST Investment

2%

44% 54%

11.6 11.9

7.6 9.5

19.2

12.7

7.7

11.7

0.5

30.5

-

10.0

20.0

30.0

40.0

50.0

60.0

70.0

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

PTTGC PPCL Others

Diversified Debt Exposure and Repayment Schedule

20

Debt Profile as at Dec 31, 2012

Maturity of Financial Debt as at Dec 31, 2012

Treasury policy Net IBD to Equity ratio of ≤ 0.7x Net IBD to EBITDA ratio of ≤ 2.4x

Debenture

ST Loan

LT Loan

63%

37%

THB

USD & Foreign

62%

38% Floated

Fixed

Agency Credit Rating

Moody’s Baa2

S&P BBB

Cost of long term debts ~ 5.0% (Include W/H Tax)

Average loan life after refinancing - 5.4 Years

THB Billion

16,320*

30,033*

34,001

0

5000

10000

15000

20000

25000

30000

35000

40000

0

100

200

300

400

500

600

700

800 Net Profit HDPE-Naphtha Spread

PTTGC Earnings Increased amid Low HDPE-Naphtha Spread

21

Before Amalgamation PTTAR-PTTCH Amalgamation Oct 19, 2011

HDPE-Naphtha Spread in USD/ton PTTGC Net Profit in THB Million

*pro-forma financial statements for year 2010 and 2011

Year 2010 Year 2011

Year 2012

22