INVESTOR PRESENTATION “SET Thai Corporate Day 2015” - Maybank Kim Eng

January 27, 2015

DISCLAIMER

This presentation includes forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realized from the proposals described herein. This presentation contains a number of forward-looking statements including, in particular, statements about future events, future financial performance, plans, strategies, expectations, prospects, competitive environment, regulation and supply and demand. PTTGC has based these forward-looking statements on its views with respect to future events and financial performance. Actual financial performance of the entities described herein could differ materially from that projected in the forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections, and financial performance may be better or worse than anticipated. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. Forward-looking statements represent estimates and assumptions only as of the date that they were made. The information contained in this presentation is subject to change without notice and PTTGC 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.

2

AGENDA

3

PTTGC’s BUSINESS OVERVIEW

STRATEGY & EXECUTION

FINANCIAL HIGHLIGHTS

MARKET OUTLOOK

APPENDIX

RECENT UPDATE

AGENDA

4

PTTGC’s BUSINESS OVERVIEW

STRATEGY & EXECUTION

FINANCIAL HIGHLIGHTS

MARKET OUTLOOK

APPENDIX

RECENT UPDATE

4,509 mil

shares

Overview of PTTGC

5

PTT Group’s Chemical Flagship Thailand’s largest ethane-base cracker with integrated aromatics and refining business Highly competitive cost structure with pricing arrangement for gas feedstock based

upon equitable return on investment for both PTT and PTTGC Fully integrated petrochemical and refinery operations with diversified product

portfolio covering full hydrocarbon chain Committed to operational excellence targeting best in class/ first quartile business

efficiency Ranked in Dow Jones Sustainability Indices’ Chemicals Sector for 2nd Consecutive

Year

PTTGC at a Glance

Strong footprint in fast growing regions with

6 operating countries

Shareholding

Structure

Historical Dividend

Payment

Dividend Policy >=30% Foreign Limit <=37%

• Incorporated on October

19, 2011 from the

amalgamation of PTTAR

and PTTCH

• 2013 Sales : $17.9 bn;

EBITDA: $1.8 bn

• Asset size: $13.7 bn (as of

Dec 31, 13)

• Number of employees:

3,660 persons

Our Business Structure 7 Business Units

6

LPG Light Naphtha Reformate Jet A1 Diesel Fuel Oil

Benzene Toluene Paraxylene Orthoxylene Mixed Xylenes Cyclohexane

Ethylene Propylene Mixed C4 Pyrolysis

Gasoline Butadiene Butene-1

HDPE LLDPE LDPE Polystyrene

Ethylene Oxide ( Ethylene Glycol Ethanolamines Ethoxylate

Methyl Ester Fatty Acid Fatty Alcohol Grycerin Specialty

Oleochemicals Bioplastics

Phenol Bisphenol A Toluene

Dilsocyanate

Hexamethylene Diisocynate and Derivatives

280 KBD (1) 2,259 KTA 2,988 KTA 1,590 KTA 495 KTA 863 KTA 556 KTA

Capacity & Key Products

Aromatics Olefins Polymers EO-Based Performance

Green Chemicals

High Volume Specialties Refinery

Thailand’s Largest Petrochemical Player

8.75 (Million Tons per Annum)

Petrochemical Capacity 280 (Thousand Barrels per Day)

Petroleum Distillation Capacity (1)

(1) Refinery = 145 KBD, Condensate Splitter Units = 135 KBD

Aromatics Olefins Refinery

1 2 7 3 4 5 6

(1) Refinery = 145 KBD, Condensate Splitter Units = 135 KBD

Key Competitive Strengths

7

Fully Integrated Operations with

Flexible Feedstock, Enhanced

Optimization and Diversified

Product Portfolio

Strategic location creates

proximity to suppliers and

customers

Experienced Management with

Strong Track Record Highly Competitive Cost Structure

Strategic Relationship with PTT

with Secured Feedstock Position

and Offtake Agreements

1

2

3 4

4

Domestic / Export Volume Portion Flexible Feedstock and By-Product Enhancement

PTTGC's refinery is one of the most complex refineries in Thailand, with Nelson Index of 10.17 and refining capacity accounting for 13% of country’s total capacity

Value enhancement from by-product exchange among Olefins, Aromatics and Refinery units highlights operational integration and efficiency:

- CR from Aromatics units sent to Refinery to produce middle distillates

- Pygas from Olefins unit sent to Aromatics for BTX - Offgas from Refinery sent to Cracker for Olefins products

Feedstock Supply Product Marketing

Refinery

Aromatics

Olefins & Derivatives

Others

Condensate

Crude Oil

Others

Ethane,

Propane, LPG

C5-C9

C10-C25

C2-C4

66%

(1)

46%

54%

Feedstock Supply Commercial Agreements Product Marketing Commercial Agreements

Customers

Others

70%

30%

(1) PTT owns 50%, PTTGC and IRPC each owns 25% in PTTPM

8

Others 34%

Captive Use EO Based

Polymers 79%

21%

Strategic Relationship with PTT with Flexible Feedstock and Secured Product Offtake

1

Domestic 70% Domestic

60% Domestic 40%

Export 30% Export

40% Export 60%

Refinery Aromatics Polymers

Domestic 70%

Import 30%

Highly Competitive Cost Structure &

Performance mainly driven by Olefins and Derivatives

9

94

244

1019 1030 1039 1107

1177 1199 1228

0

200

400

600

800

1000

1200

1400

MDEEthane

NAMEthane

WEPNaphtha

MDENaphtha

NAMNaphtha

MDELPG

NEANaphtha

SEANaphtha

NEA LPG

2013 Global Ethylene Cash Cost by Region USD/Ton

Source: IHS (formerly CMAI) average 2013. PTTGC cash cost takes into account the effect of the renewal of gas price agreement

Note: MDE = Middle East, NAM = North America, NEA = Northeast Asia, SEA = Southeast Asia, WEP = Western Europe. MDE cash costs are average values of Iran and Saudi Arabia.

48%

20%

21%

5%

5% 1%

Typical Adj. EBITDA Breakdown

16%

16%

56%

3%

3% 5%

Typical Revenue Breakdown

% Adj. EBITDA Margin

3 8

27

5 7 10

2

10

27

8 2

10

Refinery Aromatics Olefins andDerivatives

Green HVS PTTGC

2012 2013

s

s

2

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

C 3 ,C 4

OffGas Mixed C 4 Butadiene

PO

PUTDI / HDI

Toluene

Polyols

Orthoxylene

Cracker Bottom ,

Hydrogen

PA Plasticizer

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

10

1st Screen for Further Feasibility Study PTTGC does not currently produce these products

Not qualify for 1st Screen

PLA

Succinic Acid Succinic Acid

Plant

PLA Plant Agricultural

Products

PTA

PA

EB/SM

Nylon 6

HDI

TDI

Nylon 6,6

PU

Polyester Fiber/

PET Resin

Plasticizer

Nylon 6 Caprolactam

Epoxy Resin

System

House

Adipic Acid Phenol

HDMA

Oleochemicals

Fully Integrated Petrochemical and Refinery Operations

with Diversified Product Portfolio 3

Strategic location of each plant in Map Ta Phut Industrial

Complex creates proximity to suppliers and customers

11

4

Experienced Management with Strong Track Record and

Organization Structure to support Growth

12 * Effective October 1, 2014

5

PTTGC Board of Directors

VP – Internal Audit

EVP – Polymers Business

Unit

EVP – EO Based

Performance Business

Unit

EVP – Marketing, Commercial and

Supply

EVP – Finance and Accounting

EVP – Corporate Strategy

EVP – Strategic Execution and

Excellence

EVP – Corporate Affairs

EVP – Organizational Effectiveness

EVP – Project Executive Director

Head – Science and Innovation

EVP – GPC Olefins

EVP – GPC Refinery

and Shared Facilities

EVP – GPC Aromatics

EVP – Engineering

and Maintenance

SVP – Quality, Safety,

Occupational Health and

Environment

Audit Committee CG Committee Risk Management

Committee Nomination and

Remuneration Committee

President and CEO

COD – Down Stream Petrochemical Business COU – Up Stream Petrochemical Business

Mr. Supattanapong Punmeechaow

Mr. Prasert Bunsumpun Chairman

Mr. Patiparn Sukorndhaman

EVP – Green

Chemicals Business

Unit

SVP - High Volume Specialties Business

Unit

EVP – International

Business Operation

AGENDA

13

PTTGC’s BUSINESS OVERVIEW

STRATEGY & EXECUTION

FINANCIAL HIGHLIGHTS

MARKET OUTLOOK

APPENDIX

RECENT UPDATE

14

Impact on PTTGC

1

LPG RESOLUTION Energy Reform resolved on positive end for PTTGC

2

3

Cost reduction from not having to pay for 1 baht/kg oil fund, approximately 850 MB/year

No change to LPG bought from PTT on profit sharing formula.

• NEPC approved the new formula for LPG prices for all LPG user to buy at the same price. • The new LPG price is derived from using a median cost of LPG from three major sources:

imported LPG, local gas separation plants and oil refineries. • NEPC has lifted contribution to oil fund for all LPG bought of 1 baht/kg for petrochemical

National Energy Policy Counsel's Resolution

Old LPG New LPG

Formula Formula

24% @ 333 $/t

76% @ CP-20CP-20

Change in formula of LPG price from refinery

Average 2014 LPG =800$/ton

Old LPG New LPG

Formula Formula

688 780

Average Jan 2015 LPG =443$/ton

AGENDA

15

PTTGC’s BUSINESS OVERVIEW

STRATEGY & EXECUTION

FINANCIAL HIGHLIGHTS

MARKET OUTLOOK

APPENDIX

RECENT UPDATE

S-Term Strategies

L-Term Strategies

16

50

60

70

80

90

100

110

120

130

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

$/b

bl

2012 2013 2014

A PLUNGE IN OIL PRICE : OVERSUPPLY

Polar Vortex: lowest temperature in decades

Ukraine evolved into full scaled civil war as Russia seized control of Crimea

Iraq civil war burst as ISIL taking control of big cities Libya resume oil export

terminals

OPEC kept its target production at 30 MMBD

Libya production increased

from 0.5 MMBD to 0.8 MMBD

US production surged to the highest since 1980

Q1 Q2 Q3 Q4

Dubai Crude 63.5 $/bbl

HDPE Price 1,161 $/ton

PX – naphtha 307 $/ton BZ- naphtha 108 $/ton

IHS 2015 Forecast

Significant drop from the peak price in late Jun’14 Dubai: -$58.27/BBL (52.42%)

Dated Brent: -$60.34/BBL (-52.32%)

Morning War Room – meeting to monitor and react to the situation in timely manner • Closely monitor production optimization’s economic to ensure low cost feedstock

usage, high margin production, and synchronize production with selling plan • Closely communicate and response to customers’ demand • Consider bonded warehouse in China to be able to deliver the goods in “just in time”

manner • Keep inventory in a lowest level with cost that reflects current price the most

17

Decline of Crude Oil and Product Prices MITIGATING THE RISKS

Feedstock Sourcing • Efficiently manage crude sourcing • Switch crude and condensate purchase method to reduce

crude price difference while transport Expense Budgeting • Decrease unnecessary expenses that have no impact to

safety, plant reliability, and company’s growth Hedging • Closely monitor to arrive at prudent hedging method and

implement accordingly within the Company’s policy

COMPETITIVENESS REMAINS

WITH HIGHER ETHANE FLOW

18

PTTGC gas cracker is still more cost competitive over naphtha cracker

Feed

Products

Typical Cracking Yield • Naphtha bases cracker yield around 53% by product, while ethane based cracker yield only 22% by product

• Today’s value of by product has declined. The premium over naphtha of by product has decreased to a very slight premium level.

• Conversion cost of naphtha cracker is higher than ethane based cracker

22% 53%

Higher ethane flow

219 229 242 271

0

50

100

150

200

250

300

1Q/14 2Q/14 3Q/14 4Q/14

Ton/Hr

AGENDA

19

PTTGC’s Business Overview

STRATEGY & EXECUTION

FINANCIAL HIGHLIGHTS

MARKET OUTLOOK

APPENDIX

S-Term Strategy

L-Term Strategy

ON GOING STRATEGIC DIRECTION

20

GREEN

CORE UPLIFT PROJECTS

1-STEP ADJACENCIES

Marketing Excellence

Debottlenecking

Operational Excellence

Synergy Excellence

NEW GEOGRAPHIES NEW PRODUCTS

ASEAN: Pertamina

CHINA: Sinochem

US: Shale Gas

System House

Compounding

PC, PU, Nylon 6-6

Oleochemical

PLA

Succinic Acid

PLA/PBS Compound

EXCELLENCE

EXECUTION EBITDA Uplift

15-30% (2012-2017)

1st Quartile

Performance

ROIC > 14%

Listed in Globally

Sustainability Index

CORE UPLIFTS: ROADMAP

21

Pure H2 via New PSA

PTTPE Cracker Debottlenecking

12% Olefins Increase

New LLDPE +300 KTA

SYNERGY

TO BE FINALIZED

Phenol 2 Project

Target COD: 3Q/15

TOCGC Plant Improvement Project

Target COD: 3Q/15

Aromatics 2 Debottlenecking

Project (PX Expansion)

Target COD: 4Q/15

EOE +90 KTA

PX +115 KTA BZ + 35 KTA OX + 20 KTA

Phenol +250 KTA Acetone +155 KTA

DEBOTTLENECKING & EXPANSION

CAPACITY PROGRESS

86%

71%

54%

LLDPE Expansion

Off Gas upgrading at Olefins

Delay to 1Q/15 from Target: 4Q/14

CONSTRUCTION PROGRESS

98%

BV Project

Butadiene 75 KTA Butene-1 25 KTA

COMPLETED PROJECTS

285

272

DEBOTTLENECKING & EXPANSION

CAPACITY CAPEX (M.USD)

Updated as of November 2014

TARGET CORE UPLIFT BENEFIT

* Debottleneck EBITDA uplift includes 1Q/14 BV project starts up 3Q/15 TOCGC Plant Improvement Project 4Q/15 PX Expansion starts up Not Including PTTPE Cracker Debottlenecking and LLDPE Expansion

(MUSD)

CAPEX 345 M$

CAPEX 94.2 M$

CAPEX 128.8 M$

2015 COMPLETING PROJECTS

ASSET RECONFIGURATION

As of Sep 30, 2014

Revisit feedstock alternative usage i.e. • Reconsider naphtha currently sold to

customer for internal use • Capture longer chain value • Diversify product portfolio

UNDER CONSTRUCTION PROJECTS

1-STEP ADJACENCIES: NEW GEOGRAPHIES Pride of Indonesia

22

Existing Balongan Refinery

(125 KBD)

Potential Partners

New World Scale

Naphtha Based Cracker Expansion

Refinery

New Downstream

Petrochemical

2014

FID

• Continues to Increase Polymer Sales in Indonesia via ITT according to targets

2015 2016-2019 2020

Construction COD New Cracker + Downstream Petrochemical

Basic Engineering Design

Expected Project Timeline

Customers

• PTTGC will mainly focus on Petrochemical

LPG, (938 KTA) Naphtha (1,796 KTA)

Pertamina Refinery Unit VI Balongan

23

1-STEP ADJACENCIES: NEW PRODUCTS Completing the Jigsaw of PU Chain

TDI

HDI

1

PO / Polyols

System House

2

Formulation Isocyanate

Propylene

EO

156 KTA

8 KTA

100-150 KTA

50-100 KTA PO Plant 200 KTA

PTTGC 100% or JV

Joint Venture

Project Scope Feedstock

160 KTA

Polyols & System

house 100-150 KTA

Automotive

E&E

Construction

End Used

Applications

VENCOREX Thailand New HDI derivatives plant in Thailand • Capacity: 12 KTA • CAPEX : 40 M.EU • Expected IRR > 15% • Target COD : 3Q/15

PO / POLYOL Project • To complete the jigsaw and pursue

forward to PTTGC’s strategy of PU business.

• Joint study with potential partner and expect to conclude by 2Q/15

Project Scope • Location : Rayong, Thailand • Capacities PO : 200 KTA Polyols & System house : 100-150 KTA • CAPEX ~ 1 billion USD • Target COD : 4Q/18

100-150 KTA

24

• Access to abundant and competitive feedstock • Serving N. America and S. America demand • Geographic diversification • International partner with global reach

Product Offtake

Local Connection & Practice

Marketing

Operation

Strategic location creates competitive position in domestic market

55% of total HDPE N .America demand

(US Demand = 6,600 KTA)

65% of total MEG N. America demand

(US Demand = 2,700 KTA)

1-STEP ADJACENCIES Shale Gas Project

Type Ethane cracker complex

Capacity 1 MTA Ethylene

Product HDPE and MEG

Location NE of USA

Site Selection Considerations

- Limited number of player in the area

- Tax Scheme

- Incentives/ Grants

- Availability and quality workforce

CAPEX $ 5 billion

Marcellus is the largest shale play in US with 64.9 TCF of

Proved reserves (7 times over Thai Natural Gas Reserves)

Type : Ethane cracker complex

Capacity : 1 MTA Ethylene

Product : HDPE, Hight Purity EO, and MEG

Location : NE of USA

Site Selection Considerations

- Limited number of player in the area

- Tax Scheme

- Incentives/ Grants

- Availability and quality workforce

CAPEX : Approx. $ 5 billion

Feedstock :

- US Shale gas is plentiful and accessible

- Ethane price is compeitive, even at

naphtha price at USD$ 400/Ton

ASPIRATION Continues to Strive for Strong Profitable Growth

~800-900

~620-650

Green

563

Actual

2012

Target

2017

Target

2022

Expected EBITDA Benefit

Uplift 15-30%

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

Green

HVS

New Global Hub

Debottleneck

Synergy Project Excellence

Operational Excellence Marketing Excellence Capital Expenditure Excellence

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

Sales in THB Bn Based on constant Dubai crude year 2012 at USD 109 per bbl

25

CAPEX to Support Growth Approved and Uncommitted CAPEX Plan for year 2014 - 2018

26

5 Years Investment CAPEX Approved CAPEX Plan 2014 -2018

$ 4.5 Bn

$ 2.5 Bn Cash Flow

From Operation

$ 2 Bn Debt

Financing

$1 Bn secured from USD Bond issued in Sep’12

Green 5%

64% 1-Step Adjacencies

31%

Core Uplift

193 246 247 256 234 234

175 59 35

325 410

103

3

19 49

46

95

15 25

26 25

32

4

738 790

463

357

249 260

545 544

216

101 15 25

2013A 2014 2015 2016 2017 2018

Green1-stepCore upliftPhenolAnnual MaintenanceTotalTotal Growth Project

Unit: USD mn

AGENDA

27

PTTGC’s Business Overview

STRATEGY & EXECUTION

FINANCIAL HIGHLIGHTS

MARKET OUTLOOK

APPENDIX

Financial Highlights

28

2013 Impacted by 3 incidents :

- Unplanned Shutdown of LDPE

- Oil spill (1,059 MB)

- PTT’s GSP#5 shutdown, lack of gas feedstock for

PTTGC

9M/14 Impacted by :

- Unplanned Shutdown of an olefins plant I4-1

- Unstable gas feedstock from PTT

- PX price going through bottom of the cycle

- Restructuring provision of Vencorex (1,142MB)

9M/14 Revenue and Adj. EBITDA Structure 9M/14 Adj. EBITDA Margin

Business Unit %

Refinery 3

Aromatics 3

Olefins 26

Green 3

HVS 5

PTTGC's Average 9

(Unit: MB) FY2012 FY2013 9M/2013 9M/2014

Sale Revenue 562,811 549,189 394,590 444,587 EBITDA 57,168 58,362 44,273 34,335 EBITDA Margin (%) 10% 11% 11% 8% Net Profit 34,001 33,277 25,857 19,971 EPS (THB/share) 7.54 7.38 5.73 4.43

Adj. EBITDA * 56,993 55,333 42,570 38,810

Adj. EBITDA Margin (%) 10% 10% 11% 9%

18%

8%

67%

2% 3% 3% Refinery

Aromatics

Olefins and Derivative

Green

HVS

Others

Revenue

444,587 MB 46%

19%

23%

6% 6%

Adj. EBITDA

38,810 MB

STRONG FINANCIAL POSITION

Interest Rate Currencies

61 % Fixed 50 % THB

39 % Float 50 % USD & Others

Loan Type

• Cost of long term debts ~ 4.54% (Include W/H Tax)

• Average loan life after refinancing - 5.19Years

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

THB 116 Bn

THB Bn

* After Refinance

Maturity of Financial Debt* as at Sep. 30, 2014 Key Financial Ratios

Statements of Financial Position

As of Dec. 31, 2013 As of Sep. 30, 2014

THB 433 Bn THB 426 Bn Cash +ST Investment

CA

Non CA

PPE

Liab.

IBD

Share Holder’s Equity

14.44% 11.51% 12.51% 11.52%

9.42% 7.97% 8.64% 7.95%

5%

10%

15%

20%

31 Dec. 13 31 Mar. 14 30 Jun. 14 30 Sep. 14

ROE ROA

1.30 1.34 1.41 1.52

0.31 0.28 0.30 0.30

0

0.3

0.6

0.9

1.2

1.5

31 Dec. 1331 Mar. 1430 Jun. 14 30 Sep. 14

Net IBD/EBITDA NET IBD/Equity

29

AGENDA

30

PTTGC’s Business Overview

STRATEGY & EXECUTION

FINANCIAL HIGHLIGHTS

MARKET OUTLOOK

APPENDIX

MARKET OUTLOOK

31

Crude oil price sharp decline • Strength of US supply amid weak global demand that led to 2015 lower oil price. The 1.2 MBD

oversupply expected for 2015 will be cut to just 0.6 MBD with the lower prices.

• OPEC will let markets decide the clearing price for oil for the time being, keeping markets oversupplied.

• US shale oil investment will slow in 2015, so the impact on production growth will likely be less severe.

Refining global capacity addition outpaces demand growth

• Global additional supply of 1.9 MBD and additional demand of 1.1 MBD in 2015, mostly from ME and India

• US refineries run at high operating rate

Aromatics : PX and BZ still under pressure from oversupply situation

• PX is still oversupply even though there will be higher demand from new PTA in 2015

• BZ additional demand growth is expected at 1.5 MTA while additional supply is expected at 1.2 MTA in 2015, however naphtha cracker is back in operation as naphtha price decreased, hence, more pyrolysis gasoline, a feedstock of BZ production.

Polyethylene continue with strong margin

• Balanced supply and demand as more plants closure in Europe and CTO plants in China still face production problems.

MEG downstream product demand is depending on Chinese economy

• Coal based MEG’s quality and run rate is still a problem

• MEG margin is likely to improves as ethylene price declined

CONCLUSION

32

4Q Performance is driven by Olefins business

• Refinery crack spread improved from seasonal demand and lower crude price while punished by stock loss

• Aromatics is supported by BZ price while PX price is still in difficulty

• Better gas supply for from PTT for Olefins business unit, expect strong performance

• HDPE price declined during the quarter following the decrease of crude oil price

2015 Expansion and value creation

• Completion of 3 debottlenecking/expansion projects adding 8.7% of petrochemical capacities

• TOCGC Plant Improvement Project • PX Expansion • Phenol 2

• Clarity on new investment including PU chain project, US shale gas, and petrochemical complex in Indonesia

• Operational and Marketing Excellence continues and expect an uplift of 154 MUSD

• All Synergy Projects completes in 2015 and expected benefit of approx. 149 MUSD

AGENDA

33

PTTGC’s Business Overview

STRATEGY & EXECUTION

FINANCIAL HIGHLIGHTS

MARKET OUTLOOK

APPENDIX

DETAIL MARKET OUTLOOK

50

60

70

80

90

100

110

120

130

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

$/b

bl

2012 2013 2014

A Plunge in Oil Prices – Oversupply or Conspiration

34

Polar Vortex: lowest temperature in decades

Ukraine evolved into full scaled civil war as Russia seized control of Crimea

Iraq civil war burst as ISIL taking control of

big cities Libya resume oil export terminals

OPEC kept its target production at 30 MMBD

Libya production increased from 0.5 MMBD to 0.8 MMBD

US production surged to the highest since 1980

[USD/BBL] 2013 2014

DUBAI 105.45 96.69

DATED BRENT 108.66 99.08

WTI 97.99 93.29

Significant drop from the peak price in late Jun’14 Dubai: -$58.27/BBL (52.42%)

Dated Brent: -$60.34/BBL (-52.32%)

Q1

Q2 Q3 Q4

• Exceptional growth in non-OPEC production especially in US-and the recent increase in Libyan production

• Large supply gains eclipse geopolitical tension (Ukraine, Iraq, etc)

• Global oil supply growth is now running at more than double the pace of demand growth

2015 Price Outlook

35

80

77

72.5

70

77

75.25

72

64

0 20 40 60 80 100

Citigroup

BNP Paribas

Deutshe Bank

Morgan Stanley

BofA Merrill

Credit Suisse

Barclays

PRISM

$/bbl

2015 Brent Forecast

Key messages :

• Strength of US and non-OPEC supply amid weak global demand that exacerbated effect to 2015 lower oil price. The 1.2 MMb/d oversupply expected for 2015 will be cut to just 0.6 MMb/d with the lower prices.

• OPEC will let markets decide the clearing price for oil for the time being, keeping markets oversupplied.

• US shale oil investment will slow in 2015, but the impact on production growth will likely be less severe.

36

North America

Europe

FSU

Asia

Middle East

Asia Oceania Africa

Latin America

4.64 MMBD

8.02 MMBD

23.14 MMBD

4.10 MMBD

6.91 MMBD

24.13 MMBD 14.10 MMBD

8.32 MMBD

93.35 MMBD

2015

Growth (MMBD)

Source: IEA Monthly Market Outlook Report Dec. 2014

1.23

0.67 0.90

2013 2014 2015

0.49

-0.06

0.10

-… -… -…

0.13 0.10

-0.21

0.20 0.17 0.12

0.05 0.09 0.17

-0.19

-0.20

-0.11

0.15 0.20 0.22

0.54 0.52 0.66

Oil Demand Grows Moderately in 2015

Refining Business: Fierce Competition with U.S. and M.E. Refiners

37

2015 Global Capacity Addition Outpaces Demand Growth

2012 2013 2014 2015

Net CapacityAddition

2015 Major Addition (KBD) • Yanbu (Saudi) +400 • IOC (India) +300 • Petrobas (Brazil) +230 • CNOOC (China) +140 • NOCL (India) +125 • PetroChina +100 • Ruwais (UAE) +417 (Shift from 2016)

2015 Major Shutdown (KBD) • BP (Australia) -102

-10-8-6-4-202468

101214161820

2011 2012 2013 2014 (YTD) 2015 (F)

Diesel - Dubai

Gasoiline - Dubai

Fuel Oil - Dubai

2015 Margin Tends to be Softer than 2014

USD/BBL

14.80

12.00

-7.20

Source: PRISM, Oct 14

Factors to be Watched

Asia Has More Surplus Gasoil to Export in 2015

1,921

188

689

-294

899

1,205

650

1,130

LPG Naphtha Gasoline Jet/Kero Gasoil Fuel Oil

UNIT: KBD UNIT: KBD

Import from U.S./M.E.

Import from M.E./West

Export to Europe/Africa

Export to Europe/M.E. Export to

M.E./Africa

-1,195 -1,120

+164 +356

+750

-1,176

Import from the West

PRODUCT BALANCE IN ASIA 2015

REFINING CAPACITY GROWTH VS. DEMAND GROWTH

PRODUCT SPREAD VS. DUBAI CRUDE

Source: IEA, JBC (Oct 14)

15.85

14.57

-8.87

17.86

13.66 14.37

17.12 18.27

13.50

-8.00

-3.30 -4.03

• U.S. refineries run high operating rate and export products to Europe

• Narrower clean/dirty product spread

• Euro/China’s economy slow down

• European refineries permanently shut down or lower operating rates

• New refining capacity start-ups delay from plan

Source: JBC (Nov 14)

Gasoil

38

Paraxylene Still in Down Cycle but Backed by Vigorous Benzene

604 554 552 338 380 166 264 380 350 320

1,104 1,207 1,301

1,212

864

1,542 1,497 1,474

1,201

924

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2011 2012 2013 2014 2015 (F)

$/MT

PX-MOPJ BZ-MOPJBZ (Korea) PX (Korea)

Source : PRISM, Dec 14

PX Outlook

Outlook Slightly improve

Bull Factors

• PX producers may reduce OR a& T/A • Due to an end of bullish benzene, reformer OR may

decline • Improving US macro-economy may support PX price • Start up of PTA plants about 13 million tons

Bear Factors

• Surplus PX from various sources due to good PX/Naphtha margin, good olefins margin

• Non-settlement of ACP may add extra spot PX • Slowing down of China economy may weaken PX

demand • Strong USD may pull down energy & commodities

prices

Lighter Feedstock Reduces Benzene Supply Growth in 2015

50%

55%

60%

65%

70%

75%

80%

-0.50.00.51.01.52.02.53.03.54.04.55.0

2012 2013 2014 2015

Capacity Addition

Demand Growth

Global Operating Rate

MT Operating Rate

2014 2015

N. America - 1,612 - 1,579

Europe - 454 - 400

N.E. Asia 189 - 378

S.E. Asia 651 789

S. Asia 603 907

Middle East 261 229 -293

2,541

1,185

92

1,406

1,474 1,010

72.4 72.7 71.3

72.3

BZ Balance of Each Region

1,175

Source: IHS (Oct 14)

MARKET SIZE 45.9 MTA

Shale Gas Utilization Strengthens Benzene Margin

166 264 380 350 320

1,104 1,207 1,301

1,212

864

0

200

400

600

800

1,000

1,200

1,400

2011 2012 2013 2014 2015 (F)

$/MT

BZ-MOPJ BZ (Korea)

Source : PRISM, Dec 14

AROMATICS BUSINESS: Paraxylene Still in Down Cycle but Backed by Vigorous Benzene and Cyclohexane

Polyethylene –Northeast and Southeast Asia

39

Polyethylene and China Coal In a declining price market, Chinese consumers have been caution in holding stocks

China Main Ports PE Inventory

Demand • China PE demand to grow at a moderate rate of

7% in 2014. Other NEA countries have mature markets growing below 3%

Production • Domestic production growth have picked up

during Q3, the trend continues in Q4. Inventories • Inventories in China have remained range bound

since mid-year due to caution buying.

NEA Key Takeaways Demand • Sluggish during Q4 due to weak price outlook Production • Few new capacity addition during 2014 • Operational challenges in a few cracker. Inventories • Market participants are extremely cautions

resulting in below avg. inventory • Producers’ stocks have risen rapidly due to sharp

slowdown in demand.

SEA Key Takeaways

Ethylene/PE: Continue in Uptrend, U.S. Crackers to be Delay

40

2015 Ethylene Demand Growth Outpaces Capacity Addition Polyethylene Operating Rate Remains High in 2015

85.6

85.8

87.6

88.2 88.0

83

84

85

86

87

88

89

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

2012 2013 2014 2015 2016Americas W.Europe Middle East/AfricaAsia Others Demand GrowthGlobal OR

MT % Operating Rate

83.6 83.2

84.9 84.9

83.9

80

81

82

83

84

85

86

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

2012 2013 2014 2015 2016Americas W.Europe Middle East/Africa

Asia Others Demand Growth

Global OR

MT % Operating Rate

2.3 3.9

5.8

6.0

6.1

1.8 2.9

3.6

4.2 4.2

Source: IHS (Oct 14) Source: IHS (Oct 14)

MARKET SIZE 145.0 MTA MARKET SIZE 89.1 MTA

• Ethylene/PE capacity growth concentrates in low-cost/high-demand regions i.e. North America, Middles East, and China

• Nearly 2.1 million ton of naphtha crackers will be permanent shutdown by 2016

• U.S. greenfield capacity is likely to be delayed, then no capacity additions before 2017

10 greenfield ethane projects announced, but only four companies (Chevron Philips, Exxon Mobil, Dow Chemical and Occidental Chem/Mexichem) has been commenced construction.

• China’s CTO/MTO projects still have several challenges such as low profitability of MTO projects, technical issues, environmental issues

Ethylene/PE in Uptrend

70%

75%

80%

85%

90%

95%

2012 2013 2014 2015 2016

%O

R

NAM OR WE OR NEA OR SEA OR Global OR

Global PE Net Capacity Additions and Global Operating

Rates

41

Polyethylene Operating Rate Remains High in 2015

• High-cost producers in Asia and Europe plan to shut down permanently in 2015

• Sumitomo Chemical, Japan 415 KTA in May • CPC No.5, Taiwan 500 KTA (uncertain schedule

due to shutdown since Apr 14) • Total, France 400 KTA in H2 • Ineos, UK 330 KTA in H2

• However, higher export volume from Middle East will be key challenge

• Startup of Saudi Arabia’s Sadara Chemical in H2/15 (1.5-MT ethylene, LDPE 350 KTA, LLDPE 375 x 2 KTA)

Ethylene/PE in Uptrend Tight Ethylene Supports HDPE Price

249 287 431 533 490 179 141

135 149 175

1187 1230

1352 1395

1034

1366 1371 1488

1544

1209

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2011 2012 2013 2014 2015

$/MT HDPE-Ethylene Ethylene-MOPJ

Ethylene HDPE

Source : PRISM, Dec 14

PROPYLENE/BUTADIENE BUSINESS: Moderate Margins as a Result of Excess Capacity

42

New On-purpose Propylene Capacity Brings O/R Down

Margins to be Pressured by Excess Capacity Factors to be Watched

New Butadiene Capacity Pressures O/R in 2015

Source: PRISM, Oct 14 USD/MT

80.1 80.3

80.7

79.5

78.6

76

77

78

79

80

81

82

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

2012 2013 2014 2015 2016Others Asia Middle East/AfricaW.Europe Americas Demand GrowthGlobal OR

MT % Operating Rate 79.8

78.0 76.4

75.0 75.9

69

71

73

75

77

79

81

0.0

0.2

0.4

0.6

0.8

1.0

1.2

2012 2013 2014 2015 2016Americas W.Europe Middle East/AfricaAsia Others Demand GrowthGlobal OR

MT % Operating Rate

0

400

800

1,200

1,600

2,000

2,400

2,800

2011 2012 2013 2014 2015

Propylene-MOPJ Butadiene-MOPJ

Butadiene Propylene

• Constraints CTO/PDH plants in China

• High operating rate of ethylene increases propylene supply

• Falling natural rubber price lower butadiene demand

• Slow growth of vehicle sales

448 324 405 394 372

1,804 1,244

550 410 420

2,742

2,188

1,471 1,296

1,216

1,168 1,280

1,326

1,267 1,386

1.7

2.9

4.4 4.5

4.2

0.1

0.3 0.6

0.5

0.4

Source: IHS (Oct 14) Source: IHS (Oct 14)

MARKET SIZE 92.7 MTA MARKET SIZE 11.6 MTA

300

400

500

600

700

800

900

1,000

1,100

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2014 2015

USD/MT

MONOETHYLENE GLYCOL BUSINESS: Demand and Supply are Well Balanced but Price Depends on PTA

43

Capacity Grows Balanced with Demand

2015 Margin Tends to Improve from 2014 Factors to be Watched

Price will Rebound as Inventory Declines

MT

438

253 204

34

80

1,185

1,028 1,055

929 890

0

100

200

300

400

500

600

700

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

2011 2012 2013 2014 2015

MEG Margin (0.63xEthylene)

MEG Price

PTA Price

78%

80%

82%

84%

86%

88%

90%

0.0

0.5

1.0

1.5

2.0

2.5

2012 2013 2014 2015

Capacity Addition

Demand Growth

Global Operating Rate

MT Operating Rate

Source: PRISM, Oct 14 USD/MT

961

1,225

1,538

421

86.7

88.1 88.4

845

1,466

• Low production from coal-based due to quality

• Improved PTA price as high-cost producers cut run

• Slow polyester demand growth if China’s economy cools down

• Strong ethylene cost squeezes margin

• 840 KTA of coal-based MEG will start up in 2015

• But expect to be unable to run at high rate due to low quality

INVENTORY IN CHINA

MEG Demand

MEG Price (ASP)

1,286

88.3

1,101

Source: ICIS (Oct 14) Source: IHS (Oct 14)

MARKET SIZE 25.5 MTA

Low Season

PHENOL/BPA BUSINESS: Downward Pressure on Phenol Margin but BPA is OK

44

Two New Phenol Plants will Start up by End of 2014

Phenol Margin to be Softer but BPA will Improve Factors to be Watched

Little New More BPA Capacity in 2015 Makes OR Increase

55%

60%

65%

70%

75%

80%

85%

90%

95%

0

200

400

600

800

1,000

1,200

1,400

1,600

2012 2013 2014 2015

Capacity Addition

Demand Growth

Global Operating Rate

KT Operating Rate

45%

50%

55%

60%

65%

70%

75%

80%

85%

0

100

200

300

400

500

600

700

800

2012 2013 2014 2015

Capacity Addition

Demand Growth

Global Operating Rate

KT Operating Rate

698 407 338 428 358

373

168 196 171 218

2,084

1,675 1,710 1,718 1,612 1,663

1,443 1,416 1,462

1,313

1,069 1,010 1,125 1,099

1,002

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2011 2012 2013 2014 (E) 2015 (F)

BPA Margin Phenol Margin BPA

Phenol Acetone

Source: PRISM, Oct 14 USD/MT

615

160

725

204

Start up by end of 2014 • CEPSA Chemical

Shanghai (250 KTA)

• FCFC Ningbo (300 KTA)

Start up mid of 2015 • PTTGC 250 KTA

Start up 2015 • Nan Ya Plastics (150

KTA)

• Changchun Plastic (135 KTA)

385

55

306

258

87.8 80.0

285

91

182

55

286 148

78.8 72.1 74.4

210

• Strong benzene price squeezes phenol margin

• Market adaptability to deal with biggest oversupply situation

• Phenol-based caprolactam switch from cyclohexane

• Polycarbonate maintains high price and margin

845

75.5

77.2

Source: IHS (Oct 14) Source: IHS (Oct 14)

82.9

MARKET SIZE 5.4 MTA MARKET SIZE 10.0 MTA

45

For further information & enquiries, please contact our Investor Relations Team at IR@pttgcgroup.com

1 Thitipong Jurapornsiridee VP - Corporate Finance & IR Thitipong.j@pttgcgroup.com +662-265-8574

2 Puvadol Vasudhara IR Manager Puvadol.v@pttgcgroup.com +662-140-8712

3 Panugorn Puengpradit IR Analyst Panugorn.p@pttgcgroup.com +662-140-8714

4 Prang Chudasring IR Analyst Prang.c@pttgcgroup.com +662-265-8327

5 Supika Charudhanes IR Analyst Supika.c@pttgcgroup.com +662-265-8533

6 Chutima Jarikasem IR Coordinator Chutima.j@pttgcgroup.com +662-140-8713

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