12th CalGEMsMerill lynch

3-5 June 2008

2

DisclaimerDisclaimer

The information contained in our presentation is intended solely for your personal reference only. In addition, such information contains projections and forward-looking statements that reflect our current views with respect to future events and financial performance. These views are based on assumptions subject to various risks and uncertainties. No assurance is given that future events will occur, that projections will be achieved, or that the our assumptions are correct. Actual results may differ materially from those projected.

3

ContentsContents

Conclusion

Financial Performance

About Thailand

Introduction to PTT

Activities & Operational Results

4

Population : 65 millionArea (sq.km) : 513,100Climate : Tropical ClimateWeather: Avg. 18-34 C

About Thailand

Total Petroleum Supply : 1,592 KBDCrude Oil : 1,013 KBD- Import (incl.refined prod.) 820 KBD (81%)- Domestic 193 KBD (19%)Natural Gas : 579 KBD- Import 158 KBD (27%)- Domestic 521 KBD (73%)

China

Mongolia

Russia

JapanKorea

India

Middle East

Thailand

General Information

GDP (2007) : US$ 262 trnGDP Growth : 4.8%

Economic Information

2007 Energy InformationTotal Petroleum Demand & Export: 1,488 KBD

Domestic Demand : 1,303 KBD- Refined Products 724 KBD - Natural Gas 579 KBDExport : 185 KBD- Refined Products 133 KBD- Crude Oil/Condensate 52 KBD

5

ContentsContents

Conclusion

Financial Performance

Introduction to PTT

Activities & Operational Results

About Thailand

6

0

100

200

300

400

500

Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07200

700

1,200

1,700

2,200PTT +963%

SET +190%

PTT’s Strategic Importance to the Thai Economy

9,1586,931

2,3021,071

0

2,500

5,000

7,500

10,000

GDP SET (75.7% GDP)PTT Group (25.1% GDP) PTT (11.7% GDP)

Bn Baht

PTT represents a large portion of the Thai EconomyPTT represents a large portion of the Thai Economy

Data as of 21 May 2008

PTT has outperformed the market since IPO on 6 December 2001

PTT has outperformed the market since IPO on 6 December 2001

SETPTT (Baht/sh)

Ownership : Ministry of Finance ‘Direct and Indirect’ ~ 68%, Public ~ 32%

Data as of 21 May 2008

Mkt. Cap (MMBaht) %PTT has the largest market cap on the SETPTT has the largest market cap on the SET

Others67%

PTT15%

Affiliates18%

SETPTT GroupPTTPTTEPPTTCHTOPIRPCPTTARBCPOTHERS

6,930,6652,301,5631,071,021

686,120178,112140,762108,22592,61314,43710,272

Ministry of Finance

52%Vayupak Fund 1

15%

Public33%

Shareholders’ structure as of 21 March 2008

Shareholders’ structure as of 21 March 2008

Data as of 21 May 2008

“Ministry of Finance holds majority stake in PTT”

100.033.215.59.92.62.01.61.30.20.2

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

7

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

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

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

207th/2007 Global 500 The World’s Largest Corporations

(265th//2006 373rd/2005 & 456th/2004 )

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

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

Equitable Treatment1st : Large-Cap Corporate 2005/2006

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

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

1st : Best CFO 2006 / 1st : Best IR 20061st : Best Managed Company 2005/2006

1st : Best CG 2005/2006

SET Awards 1st : Best CSR 2006 1st : Best IR 2006 and Distinction in Maintaining Excellent CG Report 20061st : Best CEO of the Year 20051st : Best Performance 20051st : Best CG Report 2005

1st : Asia’s Best Companies on Corporate Governance 2006 & 2007 Global Top 40 Executives in

Chemical by ICIS 2006

Best State Enterprise 2007 Awards1. Best Performance2. Best Managed company3. Social and Environmental

Commitment

Platts Top 250 Global Energy Companies 2007

27th worldwide, 4th in Asia/Pacific

Trusted brands 2007 in oil station

For 2001-2007

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

• Commitment to Social and Environmental Issues 2002-2007

• Commitment to Energy Saving 2007

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

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

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

Thailand’s Business Leader of the Year: 2005

8

Business Areas Activities Strategic IntentsMajor Operator (%)

““ Int

egra

ted

Valu

e En

hanc

ers

Inte

grat

ed V

alue

Enh

ance

rs””

E&PE&P

GasGas

Oil MarketingOil Marketing

Refining &Refining &PetrochemicalPetrochemical

PTTEPPTTEP 65.72% Exploration and Production

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

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

natural gas for Petrochemical’s feedstock

PTT PLCPTT PLC• Oil Marketing 100% Retail service Stations and

commercial Marketing

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

TOPTOP 49.10% Integrated Complex Refinery & Petrochemical

PTTAR PTTAR 48.66% Integrated Complex Refinery & Aromatics

IRPCIRPC 33.69% Integrated Refinery and Petrochemical

SPRCSPRC 36.00% Stand alone Complex Refinery

BCPBCP 29.75% Hydro-skimming Refinery & Retail Stations

PTTCH PTTCH 49.30% Gas-based Olefins Chain Petrochemical

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

““ Cor

e Va

lue

Crea

tors

Core

Val

ue C

reat

ors ””

Petrochemical

IntInt’’l Tradingl Trading

• Reduce Cost• Enhance Profitability

• Group Trading• Full Trading Activities

With Global Network

• Enhance Value thru De-bottlenecking, Upgrading, and PetchemIntegration

• Synergy/Amalgamation

• Downward Integration/ Higher-Value Products

• Market Back Strategy

• Indochina Basin Major

• LNG Value Chain• Int’l Platform Growth

• Value CreationEnhancement

27

9

89,243124,090

145,805

240,962

69,509

69,733

8,846

133,133

290,71162,177

22,898

23,715

17,877

14,555

14,945

1Q/2007 4Q/2007 1Q/2008

Oil Marketing Int'l Trading GasPTTEP Petrochem

55%

13%

2%5%

25%

Unit : MMBaht

297,714

433,788

Performance Highlights : 1Q/2008 Results

+65% YoY+13% QoQ

RevenuesRevenues

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

1Q/2008 Revenue Breakdown

Int’lTrading

Petrochem

Gas

Oil Marketing

489,890

PTTEP

Despite the deconsolidation of PTTCH, revenue increase due to higher sales volume and sales price80% of revenue contribute from retail oil marketing & int’l trading

US$15,046 mm

10

11,148 13,37813,502

15,28517,884

19,884

1,9795611,548 641

1,061 1,515

3,4054,139

337

1Q/2007 4Q/2007 1Q/2008

Oil Marketing Int' Trading GasPTTEP Petrochem

53%

1%

36%

5%4%

Unit : MMBaht

32,876

Performance Highlights : 1Q/2008 Results

36,812

+12% YoY+5% QoQ

35,026

EBITDAEBITDA

Note : All figures after restatement; Segmentation of EBITDA do not include others and eliminations

1Q/2008 EBITDA Breakdown

Gas

PTTEP

Int’l TradingOil MarketingPetrochem

TM 13%S&M 9%GSP 13%Others 1%

EBITDA increase mainly from PTTEP’s higher sales volume and sales price

US$ 1,131 mm

11

Net IncomeNet Income

Note : Categorized IRPC under Refining AffiliatesOther Affiliates comprise of THAPP, TLBC, PA(THAI), VLPG, KPL, PTTUT, IPT, TP, PTTICT

Performance Highlights : 1Q/2008 Results

23%

18%2%

12%45%

1Q/2008 Net Income Breakdown

PetrochemAff.

PTTEP

PTT

Other Asso.

RefiningAsso.

US$803 mm

Net income increased mainly due to the increase in PTT and PTTEP’s sales volume & sales price despite the decrease in contribution from refining associates due to the low aromatic’s product to feed margin.

8,8065,768

11,836

4,3874,229

6,0081,351

3,0525,7546,124

4,690775

-304

4,451

1,346

2,8761,505

546

1Q/2007 4Q/2007 1Q/2008

PTT Gain on Disposal PTTEPPTTCH Petrochem Asso. Refining Asso.Other Asso.

+16% YoY+7% QoQUnit : MMBaht

22,57324,495

26,133

After Exp. From Judgment of

Supreme Admin. Court

12

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

ContentsContents

Conclusion

Financial Performance

About Thailand

Introduction to PTT

13

PTTEP: The only Exploration and Production Arm of PTT

Proved Reserves 946 mmBOEProved Reserves 946 mmBOEOperations : 40 Projects in 14 Countries

Overseas32%

Domestic68%

Create high returns with significant growth potential

By Product By Geography

Gas79%

Liquid21%

North Africa (3)• Algeria• Egypt

Middle East (4)• Oman• Iran• Bahrain

South Asia (1)• Bangladesh

Australasia (2)• New Zealand• Australia

Asia Pacific (13)• Myanmar• Vietnam• Malaysia • Indonesia• CambodiaThailand (17)

ProjectsExploration 24Development 4Production 12Total 40

Reserves Replacement Ratio 1.31Reserve Life Index (year) 12

14

171,170 184,867 182,431

35.43

46.2848.24

1Q/07 4Q/07 1Q/08

Sales Vol. (boed)Avg. Sales Prices ($/boe)

Source: PTTEP analyst meeting, 7 May 2008

PTTEP: Strong Volume Growth with Potential Upside

1Q/2008 Product Mix1Q/2008 Product MixSales Volumes and PriceSales Volumes and Price

Strong EarningsStrong Earnings 2008 Target2008 Target

+36.2% +4.2%+ 6.6% +1.3%%YoY %QoQ%YoY %QoQ

Net Income + 32% + 19%

%YoY %QoQRevenue + 33% - 2%EBITDA + 26% + 5%MMBaht

19,731

26,840 26,287

15,24719,18318,187

6,771 7,480 8,905

0

10,000

20,000

30,000

40,000

1Q/07 4Q/07 1Q/08

Revenues EBITDA NI

Liquid32%

Gas68%

Gas43%

Liquid57%

By Volume By Revenue

Sales volume target at 223,000 BOED

Exploration & appraisal drilling program ~61 wells, incl. 35 wells in Thailand

Main Project Start-up

- Arthit 1Q/2008 at 330 mmscfd

- Arthit North 3Q/2008 at 120 mmscfd

- Vietnam 9-2 3Q/2008 at 20,000 BBLD

- MTJDA 2H/2009 at 270 mmscfd

Gas (US$/MMBahtu) 4.95Liquid (US$/bbl) 88.09Avg. sales price (US$/boe) 48.24

($807 mm)

($589 mm)

($274 mm)

PTT, as a major Shareholder, holds 65.72% in PTTEP

15

0

50

100

150

200

250

300

350

2008 2009

261223

180

5-Year CAGR = 7 %

2010

250

2007 2011

278252

2012

S1PailinBongkot

B8/32 & 9A

Oman

YadanaYetagun

Others

Arthit NorthVietnam 9-2

MTJDA

Arthit

Additional ST-Upside

Unit : Bt mm

Vietnam 16Vietnam 16--11 AlgeriaAlgeria M9M9

PTTEP: Sales Volume and Investment ProfileSales volume increases due to new projects coming on-steam; with continuous investment

Expected Sales VolumeExpected Sales Volume

‘00

0 B

OED

CAPEXCAPEX 59,804 50,054 32,725 27,629 21,893 192,105

OPEXOPEX 21,427 19,268 19,142 18,264 16,691 94,792

~ $6 bn

~ $3 bnNote: The above CAGR does not include volume from additional ST-Upside projects.

16

PTTEP: Potential and Upcoming Projects

Expand to cover Indochina Basin Major to seek more gas reserves that can directly be a part of domestictransmission systems while maintaining petroleum reserve at high level. 12

W. Corridor/MyanmarOCA* - Cambodia

E.Natuna-Indonesia

Natuna

MTJDA

BLOCK B-17

เติม A4, C1

M9M3 M4

M7

M11

*OCA = Overlapping Claim Area

M9

M3 M4M7

M11

17

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

Yetagun

YadanaWang Noi

Tha Luang Kaeng Khoi

Rayong

SBKRatchaburi

Thap Sakae

Khanom

BenjamasTantawanPlatong

PRPPailin Arthit

Bongkot

JDA

Erawan

BangPakong

Expansion UnderMaster Plan 3

Karnchanaburi

Power Plant

Gas Field

Puhom

Nampong

Chevron Add.

Arthit FPSO

Pailin Add.

South Bongkot

MYANMARLAOS

CAMBODIA

Existing 2nd Pipeline

TTM Pipeline

Existing 1st Pipeline

Current Capacity of 4,380 Current Capacity of 4,380 mmscfdmmscfd

Current pipeline length: 3,180 km

- Onshore: 1,397 km

- Offshore: 1,783 km

Major pipeline under construction:Major pipeline under construction:

JDA JDA –– ArthitArthit -- PRPPRPCOD ~ 2Q/2008

SainoiSainoi -- North BangkokNorth BangkokCOD ~ 2H/2009

Gas Transmission PipelinesGas Transmission Pipelines

Key projects are strategically linked Key projects are strategically linked and timely corresponding to meet and timely corresponding to meet demanddemand

COD : Commercial Operation Date

18

1,030 935 910

809 888 971

459 462 468

526 625 599344 374 398

3,167 3,284 3,346

1Q/2007 4Q/2007 1Q/2008

EGAT IPP SPP GSP Industry

3,346

3,167

3,319 3,3183,284

3,1053,075

2,9703,013

3,061

3,138

3,016

2,940

2008 2007 2006 2005

1Q1Q 2Q2Q 3Q3Q 4Q4Q

2005 2005 avg. 2,996avg. 2,996

2006 2006 avg. 3,084avg. 3,084

2007avg. 3,272

27%

29%

14%

18%

12%

+6% YoY+2% QoQ

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

Existing pipeline’s capacity ~ 4,380 MMscfd

Gas flow in 1Q/2008 increased by 6% YoY after the 3rd pipeline started commissioningGas flow is expected to have ~9% growth in 2008 from Arthit and JDA A-18 gas fieldsPower producers are still the major buyers of NG supply (~70%)

PTT: Pipeline Business - Strong Demand with New Sources of Supply

19

PTT: Natural Gas Sales Customer Breakdown During 1998 - 2007

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

0

500

1,000

1,500

2,000

2,500

3,000

3,500

1998 1999 2000 2001 2002 2003 2004 2005 2006 20070%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

9%

69%

16%

7%

14%

32%

17%

11%

26%

1,040

847

462

572

351

1,083

104

135248

EGAT

IPP

SPP

GSPIndustry

EGAT

IPP

SPP

GSP

Industry

CAGR 9%

By Unit By percentagemmscfd

3,272

1,570

20

PTT: Gas Separation Plants

GSP #4

GSP #1-3 & #5

5 existing gas separation plants with production capacity of ~4.1 MTA

GSP products price linked to world market price

Additional capacity

GSP#6 : 1.8 MTACOD ~ 1H/2010Ethane Plant: 0.8 MTACOD ~ 1H/2010

RayongRayong

NakornsriNakornsrithammaratthammarat

Gas Separation PlantGas Separation Plant

Production Capacity Existing by 2010

- Ethane 1.1 2.4- Propane/LPG 2.6 3.7- Natural gasoline 0.4 0.6

Total 4.1 6.7

GSP is designed to extract higher product value from natural gas

21

480 643 582117

134 132199282 26571

48 49

1Q/07 4Q/07 1Q/08

LPG NGL Ethane Propane • Sales volume in 1Q/2008 increased 19% YoY due to more gas supply after the 3rd pipeline start commissioning

• Utilization rate increased from 99.2% in 1Q/07 to 101.5% in 1Q/08

PTT: Gas Separation Plant - 1Q/2008 Performance

Sales Volume (x 1,000 tons)

27%20%51%58%9%

HDPEPPNaphthaLPG-CPFeedstock (NG)

10%8%8%

10%3%

Price ($/ton)1Q/08

867

1,1071,028

%QoQ%YoYSales Volume1Q/08

%QoQ%YoYProduct Prices ($/ton)

57%

13%26%5%

Note: 1/ South East Asia Spot Price 2/ Contract Price (CP 50:50) 3/ MOP Singapore

+19% YoY+19% YoY--7% QoQ7% QoQ

Feedstock(NG)

LPG2/

Naphtha3/

HDPE1/

PP1/

1,6071,462

1,2661,5101,394

1,264833

735527 793756

527

242234222

1Q/07 4Q/07 1Q/08

TotalPropaneEthaneNGLLPG

19%(31%)

33%13%21%

(7%)3%

(6%)(2%)

(10%)

22

PTT: Oil Business - Strong Leadership Position with No.1 market share PTT is a market leader in oil retails at 35% market share with 1,185 gas stations nationwide.

Unit : million liters

Source : Ministry of Energy: Note : excluded supply sales

Oil Marketing : sales volume ~ 258 Oil Marketing : sales volume ~ 258 kBOE/dkBOE/d

IntInt’’l Trading : trade volume ~ 991 l Trading : trade volume ~ 991 kBOE/dkBOE/dUnit : million liters

Source : PTT

22%

35%

7%12%

12%

12%

PTT

BCP

ESSOShell

Caltex

Others

0.09

0.05

0.08

0.59

0.40

0.61

Marketing MarginMarketing Margin

Trading MarginTrading Margin

Unit : Baht/Litre

11Q07Q07

44QQ0707

11QQ0707

44Q07Q07

11QQ0808

11Q08Q08

ThailandThailand’’s Market Shares Market ShareAs of March 2008As of March 2008

+ 40% YoY+ 19% QoQ

+ 8% YoY- 2% QoQ

Source : Department of Energy Business

558 691 509

1,386 1,389 1,547

358 395 429511 512 490634

819 758

3,448 3,807 3,733

1Q/07 4Q/07 1Q/08

LPG

Gasoline

Jet/IK

Diesel

Fuel Oil

7,590 8,58310,617

1,098972

1,091

4736011,050

1,920

2,069560

14,337

10,21112,075

1Q/07 4Q/07 1Q/08

RefinedProductPetrochem

Condensate

Crude

23

241,211CAPEX 2008 - 2012

65,563CAPEX 2008

20,656

39,933

54,55543,510

22,14013,016

2,149

4,118

1,816

1,885

1,533

34,537

20,593

15,048

12,650

4,636

673

919

486

345

354

1,5871,729357

Gas Oil JV HO&Others

71,905

58,390

28,663

16,690

2008 2009 2010 2011 2012

5 Years CAPEX Breakdown65,563

Unit: MMBaht

PTT: CAPEX (Company Only)

Sources : PTT (Board approval on 21 Dec 2007) ; FX = Baht 34 per USD

PTT plans to invest Bt 241 bn ($7bn) during 2008-2012, mostly into expanding gas business

JV23%

Gas72%

HO &Others1%

Oil4%

2007 A

58,015

72% of total investment goes to GasBusiness Group, which involve theexpansion of onshore and offshore gaspipeline capacity, GSPs and NGV stations

Transmission Pipeline & LNG

PTT: Major Infrastructure Expansion

Distribution Pipeline

GSP1GSP2GSP3GSP4GSP5

EthaneGSP6

4.1

6.7

GSPs Expansion NGV Expansion

Production(MT)

2007 2008 2009 2010 2011 2012

NGV Stations

55,868

328,000

167

725

NGV Vehicles

Existing4,380 mmscfd

By 20126,980 mmscfd

Substitution Target for Diesel/Benzene 20% ( 13.4 Mil Litre) by 2012

320420 480

580

Existing920 km.

10 Provinces

By 20121,650 km.

23 Provinces

Distance

SalesVolume (mmscfd)

TM Capacity

242008 2010

B

a

n

I

T

o

n

g

S

B

K

Yadana

Yetagun

Three Offshore Pipelines

Total Capacity 4,140 MMscfd

Power PlantGas Field

LNG Terminal

TTM PipelineTotal Capacity 1,020 MMscfd

Note : Future capacity excludes TTM pipeline

23

426

+ LNG Terminal 5 MTA

(expand up to 10 MTA)

25

PTTCH: PTT’s Flagship in Olefins Business

Fabric

DetergentShampoo

Shoe Sole

Plastics Ware

PlasticBag

Biodiesel

Health & Personal Care

Pharmaceutical

Business Value Chain

Biggest Olefins Plant in Thailand and No.4 in Asia with diversified chemical companies

26

929

1,4991,266

1,4621,607

1,453

1,3251,243

1,065

857796

574

1Q/07 4Q/07 1Q/08

Lower cost per unit and more stable income stream (PTT holds 49.30%)

Unit : Bt mm

PTTCH: Capacity Expansion and Diversified Portfolio

PerformancePerformance Product PricesProduct Prices

Note: 1/ SEA spot 2/ MOPS Source : PTTCH’s Analyst Meeting 1Q/08

Unit : USD/Ton

Net profits in 1Q/08 increased 114% YoY due mainly to the increase in products prices and production volume after the debottlenecking of olefins plant I4-1

Started commercial operation of Methyl Ester Unit of Thai Oleochemical Co., Ltd.

(TOL), a subsidiary of PTTCH, in February 2008.

HDPE1/

MEG1/

Ethylene1/

Naphtha2/

HDPE Util.

Olefins Util.

24,788 21,09112,465

7,5189,9183,822 5,7152,674

7,989

61%

104%91%

102%

93%

115%

1Q/07 4Q/07 1Q/08

R evenues EB IT D A N I

27

201020102009200920082008

Ethylene 1,276 KTA

Propylene 437 KTA

HDPE : PTTCH 250 KTA

HDPE : BPE 250 KTA

MEG : TOCGC 300 KTA

Ethoxylates : TEX 50 KTA

VCM : VNT 400 KTA

PP 450 KTA

20112011

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

1,8991,899

534534

638638

760760

3,8313,831

TotalTotal(MM$)(MM$)

Propylene 50 KTA Ethylene 100 KTA

Ethanolamines 50 KTA

Phenol 200 KTAAcetone 124 KTA

EO DerivativesEO Derivatives $45MM$45MM

Debot I4Debot I4--22 $75MM$75MM

MEG ExpansionMEG Expansion $$5858MMMMMEG 95 KTA

HDPE IRAN JVHDPE IRAN JV $225MM

PhenolPhenol

AN 200 KTAMMA 70 KTA

AN/MMAAN/MMA

Ethylene 1,000 KTA

LDPE 300 KTA

LLDPE 400 KTA

Chlorine Chloride 20 KTA

Propylene 310 KTAPP 300 KTA

PDH/PPPDH/PP

Total ProjectTotal Project$1,300MM$1,300MM

HDPE ExpansionHDPE 250 KTA

Petrochemical: Strategic Roadmap - Integrated Value Enhancers

EO DerivativesEO Derivatives $28MM$28MM

20122012

HDPE 300 KTA

HDPE Expansion : PTTCHHDPE 50 KTA

Ethane CrackerEthane Cracker

LDPE/LLDPE LDPE/LLDPE

$168MM$168MM

BisBis--PhenolPhenol--A (BPA)A (BPA)

BPA 150 KTABPA 150 KTA

Methyl Ester 200 KTAFatty Alcohol 100 KTAGlycerin 31 KTA

$638MM$638MM

$283MM$283MM

$760MM$760MM

$251MM$251MM

Total ProjectTotal Project$170MM$170MM

Grand Total

PS : TSCL 90 KTA

28Note : Data as of 31 Dec 2007

PTT Group represents 35% of total refining capacityPTT Group represents 35% of total refining capacity by equity portionby equity portion

TOP (275 kbpd)(PTT 49.10%)

ESSO (145 kbpd)

RPC (17 kbpd)

BCP (120 kbpd)(PTT 29.75%)

IRPC (215 kbpd)(PTT 31.50%)

SPRC (150 kbpd)(PTT 36.00%)

PTTAR (215 kbpd)(PTT 48.66%)

TOP24%

PTTAR19%

SPRC13%

BCP11%

IRPC19%

ESSO13%

RPC1%

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

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

Total refining capacityTotal refining capacity~ 1,137 kbpd~ 1,137 kbpd

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

29

Integrated Refining & Petrochemical Associated companies

Refining CapacityRefining Capacity

Hydro Skimming 120,000 bpd

Complex RFCCU6

150,000 bpd

Complex HCU, VBU4

215,000 bpd

Complex FCCU1, HCU2, TCU3

275,000 bpd

1) FCCU : Fluid Catalytic Cracking unit 2) HCU : Hydro Cracking Unit 3) TCU : Thermal Cracking Unit4) VBU : Visbreaking Unit 5) DCCU : Deep Catalytic Cracking Unit 6) RFCCU : Residue Fluid Catalytic Cracking Unit7) DWT : Dead Weight Tons

Complex DCCU5

215,000 bpd

Ethylene 360 KTAPropylene 312 KTA HDPE 140 KTAPP 475 KTA

BZ 114 KTATL 132 KTAMX 121 KTA

PX 540 KTABZ 307 KTACX 200 KTAMX 76 KTA

Power plant 108 MW

IPT 700 MWTP 118 MWPX 489 KTA

MX 90 KTABZ 177 KTATL 144 KTA

Olefins Olefins Aromatics Aromatics Power Power Others Others

TLB : 270 KTA TM : 30,000 DWT7

IRPC OilTHAI ABS

IRPC Polyol: 25 KTA

1,063 oil stations

Enhance group synergies with world class assets

PTT Group refineries represent 86% of 1,137 KBD capacity in Thailand

Company(PTT Stake)

(49.10%)

(48.66%)

(33.69%)

(29.75%)

(36.00%)

30

SPRC 150 kbpd (PTT 36%)

5,8302,1323,069

1,9762,192 4,167

10510697

1Q/07 4Q/07 1Q/08

PTTAR 215 kbpd (PTT 48.66%)

Refining Associates : 1Q/2008 Performance

6,043 5,8058,372

3,8745,943 4,621

100

71

106

1Q/07 4Q/07 1Q/08

EBITDA NI %Utl

5,6942,760

6,705

4,4364,065 1,488

97 108 105

1Q/07* 4Q/07 1Q/08

3,033 2,1352,012

1,6332,758 1,628

87 90 84

1Q/07 4Q/07 1Q/08

TOP 275 kbpd (PTT 49.10%)

BCP 120 kbpd (PTT 29.75%)

IRPC 215 kbpd (PTT 33.69%)

Unit : MMBaht

11.5

8.37.7

12.9

7.8

02468

101214

1Q/07 2Q/07 3Q/07 4Q/07 1Q/08

GRM ($/bbl)

Weighted Average GRM of PTT’s associates’ complex refineries

2007 (avg)1010

277

1,5591,216

417-42853

4456 51

1Q/07 4Q/07 1Q/08

* Pro-forma financial information for 1Q/2007 of ATC and RRC as amalgamated on 1 January 2008

+ 8% YoY-36% QoQ

GRM YoY sustained but poor aromatics P2F

31

~ 215,000 bpd

PTT

AR

PTT

AR

1,855AR2 (ATC1) Efficiency

Improvement

Grand Total

1,345~ 215,000 bpdHDPE Compound_PipeProject Cost $ 13 MM

ABS ExpansionProject Cost $ 17 MM

Propylene BoosterProject Cost $ 50 MM

EURO IVProject Cost $ 360 MMPetroleum Improv.

Project Cost $ 620 MMJetty ImprovementProject Cost $ 46 MM

Power Plant 200MWProject Cost $ 200 MM

Safety & Lay out Improv.Project Cost $ 39 MM

*IR

PC

*IR

PC

20072007 20082008 20020099 20102010 20112011 20201212

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

399~ 120,000 bpdPQI Project

VDU 35 KBD & HCU 25 KBD

Project Cost $378 MM

BC

PB

CP

TotalTotal(MM$) (MM$)

4,290

TOP

TOP Ethanol Project (JV)

200,000 Litre/Day(Project Cost $60 MM)TOP invest = $18 MM

TLB SpecialtiesProject Cost $61 MM

EURO IVProject Cost $100 MM

Expansion (TPX)PX 348 to 489 KTAMX 72 to 90 KTA

BZ 177 KTATL 144 KTA

Project Cost $ 282 MMSBM Expansion

Project Cost $ 150 MMTOP’s Marines (5 Fleets)

Project Cost $ 80 MM

~ 275,000 bpd 691

Refining CapacityRefining Capacity

Note : *IRPC’s plans are subjected to further study and approval

Refining Strategic Roadmap : Integrated Value Enhancers

Project Cost $ 27 MM

Synergy Proj. Ph. I CRS (Upgrading#1)Condensate Tanks

FEED FLEX. Project Cost $ 251MM

AR3 (ATCII) :AR3 (ATCII) :+65+65 KBD ; PX 616 KTA;

BZ 363 KTA; Toluene 60 KTA Project Cost $938MM

Compli. & Environment (Upgrading#2)

for EURO IVProject Cost $ 422 MM

Synergy Synergy ProjProj. Phase II. Phase IICRS Expansion

PSAReformate Splitter&Sulfolane

Project Cost $ 217 MM

Bio diesel Project (JV) 300,000 Litre/Day

(Project Cost $30 MM)(BCP 70%)

32

ContentsContents

Conclusion

Introduction to PTT

Financial Performance

Activities & Operational Results

About Thailand

33

Consolidated Income Statements

8.05

22,573-

-

22,573

147

435

5,420

2,380

8,382

34,527

1,653

2,368

7,177

26,507

6,369

32,876

4,704

31,421

261,221

297,714

1Q/2007

6.6715.169.278.69EPS (per share)

(100.00)--(2,825)Exp./Effect Judgment of Supreme admin. Court

(100.00)--4,451Gain on Disposal of Investment (After Tax)

6.6915.7726,13324,495Net Income

14.27

(19.43)

(100.00)

3.82

13.20

3.46

(2.60)

164.23

(2.60)

(13.43)

10.49

(14.16)

5.09

(20.82)

(2.05)

14.55

12.93

%QoQ

22,869

211

309

6,668

3,530

10,718

41,528

1,585

2,608

8,938

27,359

7,669

35,028

9,295

42,230

391,558

433,788

4Q/2007

26,133

170

-

6,923

3,996

11,089

40,450

4,188

2,500

7,738

30,229

6,583

36,812

7,360

41,366

448,524

489,890

1Q/2008

15.77

15.65

(100.00)

27.73

67.90

32.30

17.15

153.36

5.57

7.82

14.04

3.36

11.97

56.46

31.65

71.70

64.55

%YoY

NI before Gain and Effect

- PTTCH

- Others

EBIT

Contribution Margin

Cost of sales (excl. DD&A)

Shared incomes from assoc.

Gain from FX.

- PTTEP

- PTT

Taxation

EBT

Interest expenses

DD&A

EBITDA

SG&A & Exploration exp.

Sales

Unit : MMBaht

With strong commitment to dividend payment

34

Unit : MM Baht 1Q/2007 4Q/2007 1Q/2008 YoY QoQ

Net Income (PTT Only) 12,541 13,550 17,153 4,612 3,603 Less: Devidend Received (3,735) (80) (5,318) (1,583) (5,238)

Gain from Investment Disposal - (7,702) - - 7,702 Add: Exp. From Judgment of

Supreme Admin. Court2,825

Net Operating Income (PTT only) 8,806 8,593 11,835 3,029 3,242 E&P - PTTEP 4,387 4,229 6,008 1,621 1,779 Petrochem - PTTCH 1,346 3,955 2,775 1,429 (1,180)

- ATC 1,221 59 - (1,221) (59) - HMC, PPCL, PTTPL, PTTPM, etc. 271 173 278 7 105

2,838 4,227 3,053 215 (1,174)Refinery - TOP 2,873 1,972 1,841 (1,032) (131)

- PTTAR - 2,239 678 678 (1,561) - RRC 926 - - (926) - - SPRC 760 1,505 704 (56) (801) - IRPC 1,227 291 1,208 (19) 917 - BCP (19) 117 259 278 142

5,767 6,124 4,690 (1,077) (1,434)

Gas - TTM, PTTNGD, PTTINTER, etc. 499 (31) 481 (18) 512

Oil & Others - PTTRB, PTTT, PTTGE, etc. 276 (273) 66 (210) 339 Total Share of Net Income from Affiliates/JV 13,767 14,276 14,298 531 22 Add: Gain from Investment Disposal - 4,451 - - (4,451)Less: Exp. From Judgment of

Supreme Admin. Court(2,825)

Net Income (Equity Method) 22,573 24,495 26,133 3,560 1,638

Net Income (Equity Method)

35

329,609 315,143 324,059

174,265261,278 274,073

161,099

234,742 203,62388,219

81,189 99,388

398,652 431,102

219,951220,999

215,556

177,180

272,700 254,485

356,061

753,192

892,351 901,143

• Treasury policy is strictly followed to maintain financial discipline− Net Debt/Equity < 1.0

− Net Debt/EBITDA < 2.0

• PTT ratings are comparable to sovereign ratings− Foreign : Moody’s (A2), S&P (BBB+),

JCR (A-)

− Local : Moody’s (A2), S&P (A-), JCR (A+)

Note : Figures after restatement at ending periods

Other Liabilities

PP&E

Others Non-

currentAssets

OtherCurrent

Assets

L/TLiabilities(incl. due within 1 yr)

Shareholders’Equity

+ 18%+ 18%

14.7

14.1

13.7

0.4 0.4 0.3

0.6 0.50.60.8

1.00.9

2006 2007 1Q/08

Net Debt/EBITDANet Debt/EBITDA

Net Debt/EquityNet Debt/Equity

IBD/EBITDAIBD/EBITDA

ICRICRStrong Financial PositionStrong Financial PositionBalance SheetsBalance Sheets

Unit : Bt mm

+ 1%+ 1%

• De-conso RRC • Recognized BCP,

IRPC under Equity Method

Cash & S-T Invest.

• 3rd pipeline started commissioning

• De-conso. PTTCH

Balance Sheets : Maintained Solid and Secured Financial Position

2006 2007 1Q/08

36Note : Data as of 31 March 2008 (THB/USD = 31.6229, THB/JPY = 0. 318324) Excluding liabilities from finance leases; Cost of debts includes withholding tax

Debt portfolio is structured to natural hedge and minimize financial risksDebt Profile : Control Cost & Manage Risk

Consolidated debt ~Bt215 bn ($6.8 bn)Consolidated debt ~Bt215 bn ($6.8 bn)Debt PortfolioDebt Portfolio

125,518140,253 137,253 139,131

159,523 157,073

43,521

45,094 42,511

73,00453,945 50,906

6,893 7,321

7,033 6,893 7,321

7,033

2006 2007 1Q/08 2006 2007 1Q/08

Yen

USD

THB

PTT86% PTTEP

9%Others

5%

12,418 6,018

52,35466,553

8,097

33,273

7,321

354 367

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

: TTM ~ 3.8%: DCAP ~ 0.3%HMC ~ 0.3%

ConsolidatedConsolidatedPTT OnlyPTT Only: Cost of debts ~ 5.5%: % fixed-rate ~ 82%: Avg. loan life ~ 7.5 years

: Cost of debts ~ 5.7%: % fixed-rate ~ 88%: Avg. loan life ~ 7.6 years

~ 43% of total loan (Bt82bn) will be repaid within 5 years.

Unit : Bt mm

(33%)

(64%)

(25%)

(71%)

(3%)

(72%)(73%)

(24%)

215,300

192,240

219,168

176,072(25%)(3%)

12,772 6,384

60,451

107,117

(73%)

(24%)(4%)

(73%)

(23%)

(3%)

PTT’s repayment schedule (Company Only)PTT’s repayment schedule (Company Only)

187,086

220,361

(3%)

(4%)

37

ContentsContents

Financial Performance

Introduction to PTT

Conclusion

Activities & Operational Results

About Thailand

38

Conclusion

Supply worries, political problems within the oil producing countries,

production quota imposed by OPEC, the weaken of the USD coupled

with commodity price speculation are key factors to keep oil price

volatile at high level.

Rising oil price supported by the delays of new projects in the Middle

East and Asia will push petrochemical product prices to sustain at

high level.

In 2008, domestic demand of refined products is expected to grow by

0.5-1.5%. Natural gas consumption is expected to expand by 9-10%

while the demand for petrochemicals is likely to grow by 6.0-7.5%.

39

Thank youThank you

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

40

Create Value Through Business ChainG

asG

asO

ilO

ilP

etro

chem

ical

Pet

roch

emic

al

Crude Oil Crude Oil ProcurementProcurement

Natural Gas

Crude & Condensate

Power Plants

Compressor

Gas Separation Plants

PTTRF

Natural Gas Mix

Gas Products

Electricity

DCS in Airport

NGV

Oil

LPG

Logistics

Petrochemical Plants: Intermediates (MEG, Phenol, etc.) Plastic Resins

Olefins & Aromatics Plants

End Products

Petroleum Products

PipelinePTT Stations

UpstreamUpstream IntermediateIntermediate DownstreamDownstream End CustomersEnd Customers

PTTEP

Trading

Export MarketsExport Markets

PTT Group has strong presence in various sectors throughout the hydrocarbon value chain

Industry

Lube Base Plant

LPG & NGL

NGL

LPG

Olefin gas products

Crude & Condensate

41

Others

Subsidiaries ConsolidatePTT Exploration & Production Plc. PTTEP 65.72%PTT Natural Gas Distribution Co., Ltd. PTTNGD 58.00%PTT LNG Co., Ltd. PTTLNG 100.00%Combined Heat and Power producing Co., Ltd CHPP 100.00%PTT International Co., Ltd. PTTINTER 100.00%

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

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

Others CostRatchaburi Power Co., Ltd. RPCL 15.00%

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

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

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

Others Fair ValueBangkok Aviation Fuel Services Plc. BAFS 7.06%

Petrochemical Subsidiaries ConsolidatePTT Polymer Marketing Co., Ltd. PTTPM 75.00%PTT Polymer Logistics Co., Ltd. PTTPL 100.00%

Associates EquityPTT Chemical Plc. PTTCH 49.30%PTT Phenol Co., Ltd. PPCL 40.00%IRPC Plc. IRPC 33.69%Nptc Maintenance & NPTC 40.00% Engineering Services Co.,Ltd

Joint Ventures ProportionateHMC Polymers Co., Ltd. HMC 41.44%PTT Asahi Chemical Co., Ltd. PTTAC 47.50%

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

Others Fair ValueDhipaya Insurance Plc. TIP 13.33%

Subsidiaries ConsolidateEnergy Complex Co., Ltd. EnCo 50.00%

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

Oil Business GroupE&P and Gas Business Group

* Remark : PTT’s subsidiaries that PTT holds less than 50% is consolidated because PTT has the power to control the financial and operating policies.Data as of 31 March, 2008 : 147 Total affiliates (Direct 45 ; Indirect 102)

Petrochemicals & Refining Business Group

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

42

Source: EPPO

0

500

1000

1500

2000

2500

3000

3500

2007 2009 2011 2013 2015 2017 2019 2021

Oil41%

Gas

Coal/ Lignite

Hydro

39%

18%

2%

35%

43%

18%

2%Nuclear

’000 GWh

0

50

100

150

200

250

300

350

2007 2009 2011 2013 2015 2017 2019 2021

66% 63%

Coal/LigniteNuclearHydro

Oil

CAGR 5 %

CAGR 6%

20%5%

3%

15%

9%10%

‘08-’12 : Demand Growth ~1,400 MW p.a. ‘13-’21 : Demand Growth ~2,100 MW p.a.

75%

Natural Gas

Decreased dependence on oil, while natural gas expected to become major source of energy supply

Power demand continues to grow with diversification of energy fuel mix.

(Revised PDP 2007, call for more Coal/ Hydro Import)

Source: PDP 2007

Note : Base on GDP growth 4.5% p.a.

15%8%

6%

2%

3%Other

Commercial Primary Energy Demand

Commercial Primary Energy Demand Power DemandPower Demand

Energy consumption forecast (CAGR during 2008-2021): Total ~ 5%: Oil ~ 3%: Gas ~ 6%: Coal ~ 5%: Hydro ~ 4%

Decreased dependence on oil, while natural gas expected to become major source of energy supplyEnergy Consumption : Growing Along with Economic Expansion

KBOED

1,6271,627

3,1133,113

150150197197

3263262%

43

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

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2,000 2,003 2,006 2,009 2,012 2,015 2,018 2,021

mmscfd

Source : PTT – based on PDP 2007

PowerPower

GSPGSP

IndustryIndustry

77%77%

17%17%

8%8%

1,9701,970

3,6113,611

6,8516,851

13%13%

14%14%

18%18%

70%70%

68%68%

Gas demand forecast (CAGR during 2008Gas demand forecast (CAGR during 2008--2021)2021): Total ~ 5%: Total ~ 5%: Power ~ 4%: Power ~ 4%: GSP ~ 5%: GSP ~ 5%: Industry ~ 7%: Industry ~ 7%

15%15%

44

Gas Demand OutlookGas Demand Outlook

Strategic Roadmap : Core Value Creators

0

1,000

2,000

3,000

4,000

5,000

6,000

2007 2008 2009 2010 2011 2012

Industry 20%

GSP 20%

Power 60%

CAGR (2008-2012) ~ 10%

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

72%

17%11%

Unit : mmscfd

PipelinePipeline

Project Completed

~ 4,380

~4.1 GSPGSP

~ 5,580

~4.1

Off-shore Compressor

~ 5,580

~6.7

~ 6,980

~6.7

~ 6,980

~6.7

Additional Additional Source Source

of Supplyof SupplyArthit

JDA A18JDA B17 LNG

Bongkot SouthM9

(Potential)

GSP#6 Ethane Plant

Pipeline Capacity

~ 4,380 mmscfd

Project Completed

3rd Pipeline ph2 4th OnshorePipeline

Production Capacity~ 4.1 mta

Note : Pipeline capacity include onshore pipeline to Namphong field of 140 mmscfd ; Board approval data as of December 2007

45

Natural Gas Price Structure

CustomersCustomersSales Price StructureSales Price Structure

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

Power Producers ~ 70%Power Producers ~ 70%

: EGAT ~ 27%: EGAT ~ 27%

: IPP ~ 29%: IPP ~ 29%

: SPP ~ 14%: SPP ~ 14%

Average Purchased Average Purchased Gas PriceGas Price

1.75%1.75%

1.75%1.75%

9.33%9.33%

~ 19.4 Bt/~ 19.4 Bt/MMBahtuMMBahtu

GSP ~ 18%GSP ~ 18% Charged at the same price structure of power producersCharged at the same price structure of power producers

Petrochemicals

LPG

Profit-sharing mechanism based on market prices of petrochemicals

Reference to Saudi Aramco’s contract price

Industry ~ 12%Industry ~ 12% Charged at prices comparable to fuel oilCharged at prices comparable to fuel oil

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

NGVNGV Charged at prices competitive to dieselCharged at prices competitive to diesel

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

• The current pipeline tariff of 19.4 Bt/MMBahtu is charged to cover fixed costs and provide agreed returns of 18% IRROE

and expected to be revised Note : 1Q/2008 data

46

Performance Highlights in 1Q/2008

PTT• On February 1, 2008, PTT and the Treasury Department have signed the MOU for the

rental of assets transferred to the MOF, rental fee of which is calculated based on the revenue sharing concept. The annual rental charge will be at the minimum and maximum of Baht 180 and 550 mm respectively.

• On April 24, 2008, PTT and MOF have signed the Memorandum for the Separation and Delivery of Assets Separated to the MOF in order to confirm and acknowledge officially that the MOF has received assets of the Petroleum Authority of Thailand which have been separated under the Supreme Administrative Court’s verdict at the book value as of Sep 30, 2001 of ~Baht 16,175 mm

E&P and Gas Business• On February 3, 2008, PTT and Qatargas Operating Company Limited have signed the HOA

for the purchase of LNG in the total volume of 1 million tons per annum • PTTEP : started up production from the Arthit Project on March 26, 2008 at 80 mmscfd

and reached the DCQ of 330 mmscfd on April 25, 2008

47

Performance Highlights in 1Q/2008 (Continued)

Petrochemical and Refining Businesses• On March 24, 2008, PTT, Asahi Kasei Chemicals Corporation (AKCC) and Marubeni have

signed the Shareholders Agreement for joint investment in Acrylonitrile (AN) and Methyl Methacrylate (MMA) projects with the shareholding structure of 48.5%, 48.5% and 3% respectively. Total project cost is ~US$760 mm with 200 KTA of AN and 70 KTA of MMA capacity

• PTTCH : shutdown of Olefins Plant I4-1 for 12 days• Thai Oleochemical Co., Ltd., PTTCH’s subsidiary, has started commercial operation of its

Methyl Ester in February 2008 with nameplate capacity of 200 KTA• PTTAR : partial shutdown for 6 days (Jan 19-24) for Heat Exchanger efficiency

improvement at the Condensate Splitter Unit• TOP : PX production unit shutdown (TPX) since Jan 14, 2008 for expansion and major

turnaround• BCP : scheduled shutdown of CDU and related units for maintenance during Jan 25 – Feb 7

48

Cash Flow (Company Only) : Jan – Mar 2008

OperatingOperating 25,16925,169

Net Income & nonNet Income & non--cashcashAdjustmentAdjustment

16,101*16,101*

Changes in assets Changes in assets & liabilities& liabilities

9,0689,068

CAPEX & INVESTMENTCAPEX & INVESTMENT (7,084)(7,084)

CAPEX (PP&E)CAPEX (PP&E) (7,702)(7,702)Investment in Affiliates.Investment in Affiliates. (13,464)(13,464)

Free Cash FlowFree Cash Flow

18,08518,085

FinanceFinance (6,355)(6,355)

Bond & L/T LoanBond & L/T Loan

OthersOthers 12,45712,457

9090

Share IssuedShare Issued 214214

REPAYMENTREPAYMENT (4,500)(4,500)

Cash in (Out)Cash in (Out)

11,73011,730

Beginning Cash & Beginning Cash & Cash Equivalents Cash Equivalents

43,18543,185

Ending Cash & Ending Cash & Cash EquivalentsCash Equivalents

54,91554,915

Unit : MMBaht

OthersOthers (2,159)(2,159)

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

Dividend receivedDividend received 1,6251,625

Dividend paidDividend paid --

49Note : All figures after restatement; Segmentation of Revenues and EBITDA do not include others and eliminations

43,044

18,200

4,561

21,4158,362

97,804

40,376

18,3789,734

29,315

+2%

- 6%

+ 1%

+ 37%

Gain on Disposal of investmentsGain on Disposal of investments(after tax) 4,859(after tax) 4,859

Gain on Disposal of RRC (after tax) Gain on Disposal of RRC (after tax) 6,6826,682

20062006 2007200720062006 20072007 20062006 20072007 20062006 20072007 200720072006200620062006

95,582

20072007

+ 16%

PTTEPPTTEP PTTCHPTTCHRRCRRCTotalTotal PTTPTT Other AffiliatesOther Affiliates

995,443

76,67676,38976,419244,684

1,209,070

70,74981,530

267,408

1,495,806

1,213,985

+23%

+9%

+7% -8%

+22%

5 mth.Conso.

RRC

20062006 2007200720062006 20072007 20062006 20072007 20062006 20072007 200720072006200620062006 20072007

PTTEPPTTEP RefiningRefiningSubsidiariesSubsidiaries

PetrochemPetrochemSubsidiariesSubsidiaries

TotalTotal Gas GroupGas Group Oil GroupOil Group

44,806

63,313

6,469

24,334

5,003

142,675

54,685

147,346

66,850

19,751 8,607

20062006 2007200720062006 20072007 20062006 20072007 20062006 20072007 200720072006200620062006 20072007

+22% +6%

- 19% + 72%

5 mth.Conso.

RRC

+3% PTTEPPTTEP RefiningRefiningSubsidiariesSubsidiaries

PetrochemPetrochemSubsidiariesSubsidiaries

TotalTotal Gas GroupGas Group Oil GroupOil GroupEBITDA 147,346 Bt mmEBITDA 147,346 Bt mm

36%

13%

6%

45%

Gas GroupGas GroupPetrochemPetrochem

OilOil

PTTEPPTTEP

TM ~11%Mkt ~11%GSP ~13%Other ~1%

4%

75%

16%

5%

Oil GroupOil Group

Gas GroupGas Group

PetrochemPetrochem

Revenues 1,495,806 Bt mmRevenues 1,495,806 Bt mm

39%

18%9%

8%1%

20%5%

Net Income 97,804 Bt mmNet Income 97,804 Bt mm

PTTPTTAffAff..--RefRef

PTTEPPTTEPPTTCHPTTCH

AffAff..--OthersOthers

Aff.Aff.--PetroPetro

Performance Highlights : Record 2007 results

5 mth.Conso.

RRC

PTTEPPTTEP

20072007

Gain on Investment disposal Gain on Investment disposal

50

171,170 179,180 183,660 184,867

35.43 38.17 46.2838.75

1Q/07 2Q/07 3Q/07 4Q/07

Sales Vol. (boepd)Avg. Sales Prices ($/boe)

26.8

28.5

90.886.3

22.521.719.718.2

66.0

16.4 16.2

63.2

15.27.57.07.26.8

28.00

20

40

60

80

100

1Q/07 2Q/07 3Q/07 4Q/07 2006 2007

Revenues EBITDA NI

0

200

400

600

800

1,000

2003 2004 2005 2006 2007

MMBOE Gas Liquid

Success rate of 36 out of 51 wells drilled in 2007 marked a higher than the worldwide E&P standard.

The successful result of the exploration activities in Block M9 confirms the potential of natural gas in the Eastern part of M9 Block.

Accelerated the development activities with Arthitproject expected to start in the first quarter and ArthitNorth project in the third quarter of 2008.

Overall success of investments in various regions is well-aligned with PTTEP’s investment strategy.Source: PTTEP analyst meeting, 12 February 2008

PTTEP - Growth Engine & Cash Generator

Solid Operating PerformanceSolid Operating Performance

Bt bn

Rising Volumes and Product PriceRising Volumes and Product Price

Strong EarningsStrong Earnings

Overseas32%

Domestic68%

Reserves Life 12 yrs

Proven Reserves ~ 946 mboeProven Reserves ~ 946 mboe

169,348 179,767

36.52 39.78

2006 2007

Sales Vol. (boepd)Avg. Sales Prices ($/boe)

PTT holds 65. 73% in PTTEP (as of 31 December 2007)

+ 5%+ 5%

+ 4%+ 4%

+ 1.5%+ 1.5%

+ 12%+ 12% + 0.7%+ 0.7%

+ 29% + 19%+ 29% + 19%

87% 85% 84% 83% 79%

13% 15% 16% 17% 21%882 899

950 923 946

+ 9%+ 9%

%Chg%Chg+ 6%+ 6%

%%yoyyoy %%qoqqoq

51

9,6376,043 17,65919,1768,358

29,03024,577

4,9926,287

4,6215,759 2,509

71

96105109 100 104

1Q/07 2Q/07 3Q/07 4Q/07 2006 2007

EBITDA NI %Utl

SPRC 150 kbpd (PTT 36%)

12,2368,325

4,707 3,8093,0695,830

17,415

2,6822,1926,195

3,195 4,167

106 101103105

100

97

1Q/07 2Q/07 3Q/07 4Q/07 2006 2007

26,588

20,65717,457

13,582 13,24818,018

105 105 103

9M07 2006 2007

PTTAR 215 kbpd (PTT 48.66%)

Refining Associates : Solid Performance Driven by Strong GRM Despite Impact from Baht Appreciation

PTT Group represents 35% of total refining capacity by equity poPTT Group represents 35% of total refining capacity by equity portionrtion

TOP 275 kbpd (PTT 49.10%)

2771,764

3,977

1,444 1,2161,040

1,613

881

417196

508-42

565547

5962

44

1Q/07 2Q/07 3Q/07 4Q/07 2006 2007

BCP 120 kbpd (PTT 29.75%)

IRPC 215 kbpd (PTT 31.5%)

3,586 4,333 3,5722,012

9,303

3,5244,498

3,485 1,479

13,500

12,986

6,822

87 88 9088

66

87

1Q/07 2Q/07 3Q/07 4Q/07 2006 2007

Unit : Bt mm

5.9

11.0

8.1

11.512.9

7.8

1.93.9

02468

101214

1Q/06 2Q/06 3Q/06 4Q/06 1Q/07 2Q/07 3Q/07 4Q/07

GRM ($/bbl)

2006 (avg)2006 (avg)

Weighted Average GRM of PTT’s associates’ complex refineries

5.55.5

2007 (avg)2007 (avg)1010

52

The increase in net profits in 2007 comparing to 2006 was due mainly to an increase in product price, especially from MEG despite the 2 months planned and unplanned Shutdown, turnaround, de-bottleneck and maintenance in 1H/2007.

PTTCH (PTT 49.31%)PTTCH (PTT 49.31%)

Lower cost per unit and more stable income stream

Unit : MMBaht

Base Chemicals Polymers

Ethylene(1,276 KMT)

Propylene(437 KMT)

Mixed C4 PyrolysisGasoline Cracker Bottom Hydrogen

PerformanceProducts

HDPE(500 KMT)

VCM & PVC(400/210 KMT)

HDPE*(300 KMT)

LDPE*(300 KMT)

LLDPE*(400 KMT)

Ethylene Glycol(300 KMT)

Phenol*(200 KMT)

Ethoxyleate(50 KMT)

Ethanolamine*(50 KMT)

Choline Chloride*(20 KMT)

Methyl EsterFatty Alcohol

Glycerin(331 KMT)

Oleo-Chemicals

Sale & MarketingUtilitiesUtilities

Jetty & Buffer TankFarm

Lab. ServicesLab. ServicesMaintenance &

EngineeringEnvironment & SafetyEnvironment & Safety

Piping & PipelineTransportation

LogisticsLogisticsInnovation &

Technology Center

Utilities, Jetty& Support

PTT GSPPTT GSP

ATC APATC AP

RefineryRefinery

PTTCH – Capacity Expansion and Diversified Portfolio

16,196 20,422 24,788

8,008

73,87069,811

12,4653,879 4,584 6,960

23,7899,921

25,343

3,210 18,2822,668 5,281 19,167

104%104%78%

104%

61%81%

115% 99%88%93% 94%

115%

0

2 , 0 0 0

4 , 0 0 0

6 , 0 0 0

8 , 0 0 0

1 0 , 0 0 0

1 2 , 0 0 0

1 4 , 0 0 0

1 6 , 0 0 0

1 8 , 0 0 0

2 0 , 0 0 0

2 2 , 0 0 0

2 4 , 0 0 0

2 6 , 0 0 0

2 8 , 0 0 0

3 0 , 0 0 0

3 2 , 0 0 0

3 4 , 0 0 0

3 6 , 0 0 0

3 8 , 0 0 0

4 0 , 0 0 0

4 2 , 0 0 0

4 4 , 0 0 0

4 6 , 0 0 0

4 8 , 0 0 0

5 0 , 0 0 0

5 2 , 0 0 0

5 4 , 0 0 0

5 6 , 0 0 0

5 8 , 0 0 0

6 0 , 0 0 0

6 2 , 0 0 0

6 4 , 0 0 0

6 6 , 0 0 0

6 8 , 0 0 0

7 0 , 0 0 0

7 2 , 0 0 0

7 4 , 0 0 0

7 6 , 0 0 0

7 8 , 0 0 0

8 0 , 0 0 0

1Q/07 2Q/07 3Q/07 4Q/07 2006 2007

-50%

-30%

-10%

10%

30%

50%

70%

90%

110%

130%

: Revenues : EBITDA : NI : Olefins util.: HDPE util.

53

Consolidated Income Statements

1.990.6834.8234.14EPS (per share)9.521.0011.5010.50DPS (per share)

(977.33)(3,147)(2,825)322Exp./Effect Judgment of Supreme admin. Court

(27.28)(1,823)4,8596,682Gain on Disposal of Investment (After Tax)

2.322,22297,80495,582Net Income

8.10

(70.68)

(50.09)

6.11

60.41

6.82

3.24

(45.67)

0.69

62.39

2.57

6.34

3.27

(2.51)

2.25

26.50

23.21

%Change

88,578

2,374

3,745

21,624

7,692

35,435

150,117

9,925

10,387

19,139

115,920

26,755

142,675

27,781

164,250

1,049,735

1,213,985

2006

95,770

696

1,869

22,946

12,339

37,850

154,976

5,392

10,459

31,080

118,896

28,450

147,346

27,085

167,938

1,327,868

1,495,806

2007

7,192

(1,678)

(1,876)

1,322

4,647

2,415

4,859

(4,533)

72

11,941

2,976

1,695

4,671

(696)

3,688

278,133

281,821

Change

NI before Gain and Effect

- PTTCH

- Others

EBIT

Contribution Margin

Cost of sales (excl. DD&A)

Shared incomes from assoc.

Gain from FX.

- PTTEP

- PTT

Taxation

EBT

Interest expenses

DD&A

EBITDA

SG&A & Exploration exp.

Sales

Unit : MMBaht

With strong commitment to dividend payment

54

Dividend Policy & Historical Payments

7.71 8.75

13.43

22.40

30.57

34.82

2.50 2.85 4.006.75

9.2510.50 11.50

34.14

32.4% 32.6%

29.8% 30.1% 30.3% 30.8%33.0%

25%

2001 2002 2003 2004 2005 2006 2007

EPS DPS % Dividend Payout

PTTPTT’’s minimum payout ratios minimum payout ratio

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

UNIT : Baht / shareUNIT : Baht / share

55

Reference : Product Prices

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

5%27.4%33.3731.7529.2629.5626.2025.7928.8728.7724.65: ULG 95

10%53.8%105.1295.7981.6785.6868.3464.2977.5383.5667.15: ULG 95 – MOP’s

1%60.8%1,4481,4331,020963900940957863870: MEG (ICIS – ICIS – SEA SP)

11%63.3%114.36102.5887.2881.2670.0566.9777.7784.3567.49: HSD – MOP’s

10%55.2%104.2994.580.5984.8267.1963.4676.6782.8466.22: ULG 91 – MOP’s

10%64.9%91.3883.1970.0864.7955.4144.1051.6354.4051.50: Fuel Oil – MOP’s

Refined Products (US$/bbl)

6%59.7%805761621593504506587585530: Condensate (ATC)

Petrochemicals (US$/ton)2/

8%68.9%97.9290.6675.4964.8957.9959.9970.6070.3063.32: WTI

10%64.9%91.3783.1970.0864.7955.4157.3565.9764.7758.02: Dubai

4%27.4%32.2130.8528.4628.7625.2824.9928.0727.9725.91: ULG 91

12%18.9%29.3726.2525.7626.0624.7024.2927.3727.2725.21: Gasohol

Refined Products (retail Bt/Litre)

4%28.2%29.7228.5025.8725.1723.1823.8927.1226.5626.71: HSD

Feedstocks (US$/ton)

5%7.4%1,1241,0681,1111,1761,0471,1121,2601,007947: Paraxylene (ICIS – ACP Net)

4%7.6%1,0521,0081,0061,084978958905862742: Benzene (CMAI – FOB Korea)

8%19.5%1,5101,3941,3731,2981,2641,2721,3661,1871,112: PP (ICIS – Film/SEA SP)

10%26.9%1,6071,4621,3831,2991,2661,2721,3471,1991,114: HDPE (ICIS – Film/SEA SP)

13%26.0%1,6051,4241,3541,2891,2741,2671,3291,1791,116: LLDPE (ICIS – Film/SEA SP)

8%32.3%1,7111,5821,5021,3421,2931,2731,3401,1911,116: LDPE (ICIS – Film/SEA SP)

11%9.4%1,2931,1641,1281,1421,1821,1571,2551,0811,006: Propylene (ICIS – SEA SP)

7%1.2%1,2371,1561,2031,1401,2221,1611,3111,1201,045: Ethylene (ICIS – SEA SP)

8%50.5%793735621619527525483550485: Naphtha (MOP Singapore)

10%58.1%833756583569527477537457578: LPG (Saudi Aramco’s CP)

Crude (US$/bbl)/1

(4%)(8.8)%32.559134.058834.173634.807735.707736.701937.786938.224239.4190FX – THB/USD (Daily Average)

(7%)(10.0)%31.622933.885034.385134.667935.135436.230837.637338.329538.9417FX – THB/USD (@ end period)

%QoQ%YoY2008

1Q4Q3Q2Q1Q4Q3Q2Q1Q

20072006