Analyst Analyst

ConferenceConferenceQ1/2012

April 24 , 2012

1

22

Agenda

Q1/2012 Situation

Consolidated Financial Results

PVC Outlook Q2/2012

33

I. Q1/2012 Situation

44

Q1/2012 Market Highlights

PVC demand in Thailand improved due to seasonal demand and

recovery from severe floods.

PVC supply remains limited from weak domestic demand in

China, shortage of VCM supply in S.E. Asia and Japan, very low

level of A-PVC operating rate. However, A-PVC have start to

emerge in the market in late quarter due to attractive of higher

PVC price.

PVC price improved due to cost-push resulting from rising

energy, Ethylene and VCM.

55

Vinyls Market and Price Movement

- 5 -

PVC-EDC 407 423 483 481 466 437 467 516 637 626 591 658Gap (US$/MT)

PVC-EL (23) (147) (203) (300) (95) (10) (65) (213) (115) (62) (140) (297) Gap (US$/MT)

PVC Price 719 883 853 966 993 893 983 1,025 1,176 1,098 920 954

US$/MT

PVC

EDC

Ethylene

Q2 ’09 Q3 Q4 Q1’10 Q2 Q3 Q4 Q1’11 Q2 Q3 Q4 Q1’12

VCM

66

-

50,000

100,000

150,000

200,000

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12

Domestic Export Regional Sales

-

100

200

PVC Resin Sales Volume

Regional Sales = Vietnam & Indonesia

MT

1% Q-o-Q

6% Y-o-Y

KMT YTD

185

6 % Y-o-Y

43%

30%

27%

27%

30%

43%

185

28%

31%

41%

15626

%

36%

38%

174

27%

36%

37%

171

….. increased 1% Q-o-Q while decreased 6% Y-o-Y mainly from the recession of global economic…………

173

45%

28%

27%

173

45%

28%

27%

77

-

200,000

400,000

600,000

800,000

Domestic Export Regional Sales

745697

36%

38%

26%

35%

37%

28%

MT

713

PVC Resin Sales Volume

29%

34%

37%

685

40%

33%

27%

(3 Months)

173

88

II. Consolidated Financial Results

(Preliminary & Unaudited)

99

7,935 7,9008,300

6,790

7,561

0

2,000

4,000

6,000

8,000

10,000

Q1'11 Q2'11 Q3'11 Q4'11 Q1'12

Consolidated Revenue from Sales

Million Baht

Million Baht

5 % Y-o-Y

YTD

5 % Y-o-Y

..

11 % Q-o-Q

…….Up 11% Q-o-Q from higher selling price while down 5% Y-o-Y mainly from the economic slowdown………….

7,9357,561

0

5,000

10,000

1010

Consolidated Revenue from Sales

Million Baht

31,588

24,622

29,22930,924

7,561

0

10,000

20,000

30,000

40,000

(3 Months)

1111

Million Baht

YTDMillion Baht

191% Q-o-Q

14% Y-o-Y

14% Y-o-Y

Consolidated EBITDA

…. increased 191% Q-o-Q and 14% Y-o-Y mainly from the better performance……

1,037

1,187

0

500

1,000

1,500

1,037

1,226

908

408

1,187

0

500

1,000

1,500

Q1'11 Q2'11 Q3'11 Q4'11 Q1'12

1212

3,648

3,247

1,187

0

1,000

2,000

3,000

4,000

Million Baht

Consolidated EBITDA

(3 Months)

1313

-100

100

300

500

700

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12

TPC Sub Asso

-

500

1,000

Million Baht

Million Baht

1,118 % Q-o-Q

47 % Y-o-Y

YTD

Consolidated Net Profit

…… increased 1,118% Q-o-Q and 47% Y-o-Y due to the higher gap between selling price and main raw material price…………

513

766

54%

38%

513

38%

54%

755

62%

36%47 % Y-o-Y

37%

60%

539

35%

60%

148%

62

755

36%

62%

1414

-

500

1,000

1,500

2,000

2,500

3,000

TPC Sub Asso

Million Baht

Consolidated Net Profit

755

2,210

1,866 1,866

83%92%

55%

72%

40%

8%

36%

35%

59%

1,880

55%

40%

62%

(3 Months)

1515

III. Outlook Q2/2012

1616

Q2/2012 Outlook

Thailand’s demand may be slow because of rainy season and

Songkran holidays.

PVC supply is still limited from continued shortage of VCM

supply and weak domestic demand in China.

PVC price is expected to improve due to cost-push due to

continued rising in energy, Ethylene and VCM price.

1717

Thank you