The Synergy Hall, EnCo C : November 17, 2015

3Q/2015 Analyst Meeting Presentation

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.

Management Re-shuffle

SVP – Polymers Business

Unit

EVP – EO Based

Performance Business

Unit

SVP – Marketing, Commercial and Supply

EVP – Finance and Accounting

EVP – Corporate Strategy

EVP – Organizational Effectiveness

EVP – External Affairs

SVP – Corporate

Affairs

SVP – Science and Innovation

EVP – Project

Executive Director

EVP – GPC Olefins

SVP – GPC Refinery

and Shared Facilities

SVP – GPC Aromatics

SVP – CAPEX

Excellence

SVP – Quality, Safety,

Occupational Health and

Environment

Mr. Supattanapong Punmeechaow

Mr. Prasert Bunsumpun Chairman

Miss Duangkamol Settanung

SVP – Green

Chemicals Business

Unit

SVP - Phenol

Business Unit

EVP – International

Business Operations

Board of Directors

President and CEO

COU – Upstream Petrochemical Business

COD – Downstream Petrochemical Business

VP – Internal Audit

Audit Committee

Risk Management Committee

Nomination and Remuneration Committee

CG Committee

Mr. Patiparn Sukorndhaman

Mr.Saroj Putthammawong

Mr.Athavudhi Hirunburana

Effective Jan 1, 2016

SVP – Technical

and Operations

SVP - High Volume Specialties

Business Unit

3

• PX spread plunged

• Vencorex restructuring

• S/D of GSP5 • S/D of I-1

and I-4/1

Adjusted EBITDA Margin remain strong under crude oil price volatility and economics uncertainty

11,498 11,340 15,582 13,954 11,606 13,785

10,511

8% 8%

11% 12% 12% 12% 11%

0%

5%

10%

15%

-

5,000

10,000

15,000

20,000

1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

Adj. EBITDA Adj. EBIDTA Margin

-

20.00

40.00

60.00

80.00

100.00

120.00

Unit: USD/BBL Dubai price

Crimea Crisis

Unit: MB

Uprising of IS troops in Iraq Cold weather hit historical high record

Highest US oil production in the past 30 years

US QE Tapering

Continually strong USD

OPEC&IEA cut global oil demand growth

OPEC remain production capacity

Saudi Arabia reduce oil price to maintain market share

Major OPEC members continue to decrease selling price

• Improved chemical price

• Refinery spread squeezed

• Declined HDPE price

• Aromatics II S/D

Iran and world powers deal is done

Chinese Yuan devalued

4

Agenda

5

STRATEGIC EXECUTION

3Q/2015 FINANCIAL RESULTS

MARKET OUTLOOK

Strategic Plans : Major Projects

3Q/15 4Q/15 2016 2017 2018 2019 2020 2021

Phenol II • Progress: 99% TOCGC Improvement

• Construction Completed • Under Performance test run

PO/Polyol US Petrochemical Complex

2015

Aromatics II Debott. • Progress : 99.5%

HDI Monomer France mLLDPE

HDI Derivative Thailand

MTP Retrofit

Offgas TOCGC ARO2 Phenol2 HDI Thailand HDI France MLLDPE PO/Polyol US

Petrochem

CAPEX 180 MUSD 94.2 MUSD 128.8 MUSD 345 MUSD 40 MEUR 17 MEUR 288.2 MUSD 1,000 MUSD

Additional Ethylene

Ethylene 1 MTA

Additional PetChem* (per year)

EOE 90KTA PX 115 KTA BZ 35 KTA OX 20 KTA

PH 250 KTA AC 155 KTA

HDI Derivative 12 KTA

HDI Monomer 70 KTA

MLLDPE 400 KTA Hexene-1 34 KTA

PO 200 KTA Polyol 150 KTA

HDPE 700 KTA MEG 500 KTA EO 100 KTA

EBITDA Uplift/Year**

22 MUSD 26 MUSD 24 MUSD 63 MUSD 8 MEUR 4 MEUR 59 MUSD

* 100% stake of additional capacity ** Estimate EBITDA uplift with 100% stake at mid cycle price

6

Excellence Project Update

Performance Excellence Target Crude $109

(M$)

9M/15 Actual (M$)

FY2015 Estimate

(M$)

Synergy Excellence 149 19 26

Marketing Excellence 86 77 104

Operational Excellence 68 48 67

Total 303 144 197

Synergy Excellence : EBITDA Uplift lower than target due to… o Low crude price vs. target which based on Dubai

at 109 USD/bbl o Off gas project delayed (in preparation for

hydrocarbon feed in after Aromatics 2 return from shutdown in 4Q/15)

o Additional off gas volume from refinery after refinery turnaround in 2Q/2016

7

Off gas project at Olefins I-1 plant

Map Ta Phut Retrofit : The Possibilities

Objective : Utilize light naphtha being sold to external customers

Downstream Product Value Creation

Timeline

ARO FFU

Condensate MaxEne Unit Olefins Cracker

HN

Aromatics Complex HN

n-Paraffin Olefins Products

Aromatics Products

Upstream Maximize Product Value

To Create Additional Olefins Feedstock Volume • Install MaxEne Unit within Aromatics plant to generate n-

Paraffin for Naphtha cracker

MTP Retrofit Configuration is to be finalized by end of 2015

To Utilize Gas Feedstock from Modified Olefins Plant

• Debottleneck PTTPE Plant to use excess gas feedstock reshuffled from modified olefins plant

Possibilities under study

8

Modify Olefins Cracker for Flexible Feedstock

To Utilize naphtha being sold to spot market for captive use

• Modify olefins plant (i.e. I-1) to be flexible in feedstock and resilience to feedstock price

• Modify olefins plant to run as a pure naphtha cracker

• Create Olefins and by products capacity addition

Refinery Modify Olefins I-1 LN

Capacity Expansion Study

PE / Special PE

EO / EG

PP

Acrylic Acid SAP

SM

MMA MS

Butadiene

AN ABS / SAN

PS / Special PS

Potential Product

Existing Product

Legends PTTGROUP Product

SSBR/TPE/PBR

Compound

Polyurethane Chain Updates

PO/Polyols Project Update • License : Signed engineering service agreement for both PO and

Polyols

• Finance: Exploring project financing, engaging potential lenders

• Engineering : Issued TOR for FEED contractor, expect to award contractor by December 2015

• Marketing: Shortlisted PO customers and conducting market survey for Polyols potential buyers in 5 countries

• Partners:

Isocyanate Update

2016 2017

4Q/16 Set up JV company

2019

2Q/17 Construction

COD 2Q/19

• TDI Development : Engaging 2 external consultants to jointly develop a specific Basic Engineering Design Package (BEDP) for a future unit development in Asia. Proceeding with technology and process improvement to optimize productivity and cost efficiency.

• HDI Derivatives Thailand: Under construction with project progress of 95%

• Convert TDI to HDI, France: Detailed engineering & construction of new parts, project progress : 20%

• HDI Derivatives in Freeport, USA : Under feasibility study

9

Isocyanate • TDI/HDI

EO

Polyols System House PO Propylene

PU Formulation PU Raw Materials Feedstock

Cumene

1

2 160 KTA

• MDI

Capacity 200 KTA PO

Licensor

Capacity 130 KTA Polyols

Licensor

PO Polyols/ System House

Total CAPEX of approx. USD 1 Bn

Majority Shareholder

Majority Shareholder

1 2

COD: 2016 Cap.: 12 KTA CAPEX: 40 MEUR

COD: 2016 Cap.: 70 KTA CAPEX: 17 MEUR

COD: 2019 Cap.: 12 KTA

• Selected 2 FEED contractors : Fluor-Technip-SK (FTSK) and Bechtel-JGC-Samsung (BJS) • Process design package by Technip, INEOs and SD to be completed by end of the year

• Developing ethane feedstock supply agreement • In discussion with utilities providers and pipeline network

companies • To finalize sell purchase agreement at least 50% of required

volume by year end

• Finalized land option agreements to use the land during FEED study period

• Federal, State, and local put project as high priority • Land owners are doing site works and will deliver clean land • Community outreach program start on November 2015

• Discussing with potential 3rd partner for JV possibility • Shortlist additional potential partners who are local marketing companies, offtakers with and

without capacity reservation, and local O&M

• FEED contractors are working on vendor shortlist for ECA financing • Developing information memorandum for potential lenders

• On going discussion with potential product offtakers, capacity reservation offtakers, and logistic providers

• Market survey by customer conducted around 34% of target customers, expect to complete within 1Q/16

US Petrochemical Complex Updates

1.FEED

2. Feedstock

3. Marketing and Logistic

4. Site, permitting & State support

5. Partner

6. Finance

Project Updates

10

Indonesia Project

11

Project Update Pertamina has recently prioritized its refinery project

investment plan o Balikpapan and Cilacap refinery upgrade

projects will be proceeded as the first priority o Other refinery upgrades, including Balongan, are

planned for a later phase

Pertamina is evaluating options for the new location for the planned integrated refinery and petrochemical complex

PTTGC is well positioned as a strong candidate for project partner due to

o Strong relationship with Pertamina o Knowledge of the industry and Indonesia

market

In the meantime, PTTGC and Pertamina are continuing to collaborate closely in the sales and marketing activities under ITT, a joint venture between PTTGC and Pertamin

IndoThai Trading: PTTGC supplies PE which accounts for 70%. Pertamina supplies PP, 30% of ITT’s total sales volume.

HDPE

LDPE

EO/EG

PP

BD

Pygas

Naphtha based cracker

1.5 MTA

Petrochemical Complex

Petrochemical Complex in Indonesia to • Expand production facilities • Capture domestic demand • Replace import volume

Trading JV : IndoThai Trading • ITT as marketing arm • Currently earning market

share by selling PTTGC’s and PERTAMINA’s polymer

.

360

0

329 244

692

58

580

269

619 629

1642

58 0

500

1000

1500

2000

HDPE LDPE LLDPE MEG PP BD

Production Domestic Demand

With current demand, Indonesia requires > 1 world scale Petrochemical Complex

Indonesia market (2015, KT)

Agenda

12

STRATEGIC EXECUTION

3Q/2015 FINANCIAL RESULTS

MARKET OUTLOOK

o Dubai dipped from average at 61.3 USD/BBL in 2Q/15 to 49.7 USD/BBL in 3Q/15. As a result, PTTGC reported Stock Loss & NRV totaling to 2,687 M.THB in 3Q/15

o FX Loss amounting to 2,140 M.THB, resulting from depreciation in THB against USD from 33.93 THB/USD at the end of 2Q/15 to 36.53 THB/USD at the end of 3Q/15

o Modest Refinery GRM, declined Aromatics P2F, yet, strong Olefins margin

o Diesel-Dubai 10.8 USD/BBL -25% YoY -21% QoQ o ULG95-Dubai 19.3 USD/BBL +47% YoY -2% QoQ o FO – Dubai -8.1 USD/BBL +4% YoY -128% QoQ o PX-Cond 397 USD/Ton -17% YoY +1% QoQ o BZ-Cond 235 USD/Ton -45% YoY -14% QoQ o HDPE 1,234 USD/Ton -23% YoY -10% QoQ o MEG 1,025 USD/Ton -10% YoY -0% QoQ

o Overall utilization rate of major businesses

Average and Ending Dubai Crude Price: USD/BBL

Average and Closing FX : THB/USD

13

Business Environment and Operations Recap

104.0 54.3 104.5 106.1 101.5 74.4 51.9 61.3 49.7

104.8 109.2

94.6

52.9 53.4 60.2

43.5

9M/149M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

Average Price Closing Price

32.40 33.72 32.66 32.45 32.10 32.71 32.65 33.26 35.25

32.58 32.60 32.52 33.11

32.70

33.93

36.53

9M/149M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

Average FX Closing FX 3Q/14 2Q/15 3Q/15 YoY

+ /(-) QoQ + /(-)

Refinery CDU Utilization (%) 102% 100% 101% -1% 1%

Aromatics BTX Utilization (%) 82% 85% 57% -25% -28%

Olefins Utilization (%) 94% 89% 93% -1% 4%

Polymers Utilization (%) 104% 92% 113% 9% 21%

EO Based MEG Utilization (%) 112% 106% 51% -61% -55%

Phenol Phenol Utilization (%) 132% 121% 132% 0% 11% BPA Utilization (%) 104% 85% 107% 3% 22% 13

147.8 146.5 146.5 148.6 148.2 146.6 147.8 145.0 146.7

57.6 58.6 52.4 59.4 61.0 52.0 60.3 66.1 49.5

205.4 205.1 198.9 208.0 209.2 198.6 208.1 211.1 196.2

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

Crude Condenstate Residue & Others

7% 9% 5% 8% 9% 9% 9% 10% 9% 13% 13% 14% 13% 14% 14% 12% 14% 15%

52% 49% 52% 51% 54% 45% 46% 51% 50%

13% 12% 13% 13% 12% 15% 17% 10% 9% 14% 16% 16% 16% 10% 16% 16% 15% 17%

184 186 185 188 179 186 184 194 180

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

Others Fuel Oil Diesel Jet Naphtha+Ref.

(9.2) (4.5)

(8.5) (10.7) (8.4)

(5.6) (1.9) (3.6)

(8.1)

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

16.1 13.6 17.8 16.0 14.4 16.0 16.3 13.7 10.8

9M/149M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

15.3 13.8 17.0 14.3 14.5 17.7 17.1 13.5 10.9

9M/149M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

14.6 18.2 14.6 16.1 13.2 13.4 15.3 19.8 19.3

9M/149M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

14

Refinery Performance Production optimization supported decent GRM

ULG

95

- D

B

JET

- D

B

Die

sel

- D

B

FO -

DB

Petroleum Products - Dubai Spread (USD/BBL) +47% YoY -2% QoQ

-25% YoY -19% QoQ

-25% YoY -21% QoQ

+4% YoY -128% QoQ

Gross Refinery Margin (USD/BBL)

Total Intake (KBD)

Sales Volume (KBD)

CDU U-Rate

+1% YoY -7% QoQ

102% 101% 101% 103% 102% 101% 102% 100% 101% -6% YoY -7% QoQ

14

4.24 5.16 4.48 4.44 3.83 4.91 5.98 5.40 4.16

(0.97) (0.82) (0.69)

0.73

(2.92)

(14.68)

(1.50)

2.22

(3.22)

0.56

(0.12)

0.33 0.66 0.70 2.08

(0.31) (0.04)

(0.03)

3.84 4.22 4.12

5.83 1.61

(7.69)

4.17 7.59

0.91

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

Market GRM Stock Gain/(Loss) Net NRV

Hedging Gain/(Loss) Accounting GRM

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15Market GRM 4.24 5.16 4.48 4.44 3.83 4.91 5.98 5.40 4.16 GRM on CDU 5.38 6.73 5.52 5.74 4.81 6.30 7.97 7.27 5.11 GRM on CRS 2.81 2.79 2.85 2.76 2.82 2.57 2.58 2.69 3.16

11% 8% 12% 12% 9% 11% 2% 13% 10%

28% 29% 25% 28% 33% 35% 28%

30% 30%

37% 39% 38% 37% 36% 33% 45%

36% 36%

23% 23% 24% 23% 22% 21% 25% 21% 25%

2,488 2,125 806 860 822 668 707 866 552

9M/149M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

BZ Group

PX Group

Naphtha Group

Other By-Products

30 35 18 29 42 13 41 31 34

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

400 373 386 334 479 401 333 391 397

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

394 241 380 370 430 320 217 271 235

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

15

Aromatics Performance 3Q/15 margin impacted by Aromatics 2 plant shutdown

Pri

ces

PX

FEC

P -

Co

nd

B

Z S

po

t -

Co

nd

Aromatics Products Prices and Spread (USD/Ton)

-17% YoY +1% QoQ

-45% YoY -14% QoQ Products to Feed Margin (USD/Ton BTX)

BTX U-Rate and Sales Volume (KTons)

BTX U-Rate -33% YoY

-36% QoQ

88% 77% 91% 89% 82% 63% 88% 85% 57%

Nap

hth

a -

Co

nd

-18% YoY +11% QoQ

178 207 166 86 290 164 219 216 183

(10.18) (2.65) (7.90)

40.44

(68.54) (398.22) (27.63)

54.93

(48.94) (0.02)

(0.37)

-

167 205

158 127

222

(235)

191 271

134

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

Market P2F Stock Gain/(Loss) Net NRV

Hedging Gain/(Loss) Accounting P2F

903

471

917 922 872

634 453

533 427

1,303

844

1,303 1,256 1,350

1,035

785 924

823 1,297

712

1,297 1,293 1,301

954

670 804 661

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

Condensate Erawan PX FECP BZ Spot Korea

15

1,576

1,266 1,554 1,569 1,604

1,448 1,188

1,375 1,234

1,580

1,260 1,560 1,578 1,601

1,431 1,181 1,375

1,224

1,615

1,279

1,639 1,605 1,601 1,440

1,192 1,401

1,244

1,139

985

1,182 1,093 1,143 1,035

903 1,027 1,025

933

506

935 951 913

647 494 563

461

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

HDPE (FILM) SEA LLDPE CFR SEA LDPE CFR SE AsiaMEG ACP Naphtha MOPJ

193 252 245 152 182 246 236 126 394

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15 16

Olefins and Derivatives Performance Margin stayed strong at 24%

Pri

ces

MEG

AC

P –

0.65

Ethy

lene

H

DPE

- N

apht

ha

Olefins Derivatives Prices and Spread (USD/Ton)

+116% YoY +214% QoQ

+12% YoY -5% QoQ

Adjusted EBITDA Margin

U-Rate (%)

GAS : NAPHTHA Intake %

HDPE Price -23% YoY -10% QoQ

Sales Volume (KTons)

KTons

643 760 620 618 691 802 694 812 774

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

Olefins 484 557 134 168 182 224 196 173 189

HDPE 630 633 202 218 210 243 219 195 219

LLDPE 288 276 98 105 85 120 108 69 99

LDPE 239 243 72 92 75 83 80 80 83

Total PE 1,157 1,152 373 415 369 446 407 344 402

MEG 275 290 71 95 110 107 102 108 80

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

Olefins 87% 93% 77% 91% 94% 101% 96% 89% 93%

HDPE 105% 105% 93% 107% 114% 115% 109% 97% 109%

LLDPE 98% 95% 99% 112% 84% 105% 110% 61% 113%

LDPE 104% 114% 115% 93% 104% 106% 99% 119% 124%

Total PE 103% 104% 99% 106% 104% 111% 107% 92% 113%

MEG 92% 88% 65% 99% 112% 104% 108% 106% 51%

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

HDPE (FILM) SEA 1,576 1,266 1,554 1,569 1,604 1,448 1,188 1,375 1,234

LLDPE CFR SEA 1,580 1,260 1,560 1,578 1,601 1,431 1,181 1,375 1,224

LDPE CFR SE Asia 1,615 1,279 1,639 1,605 1,601 1,440 1,192 1,401 1,244

MEG ACP 1,139 985 1,182 1,093 1,143 1,035 903 1,027 1,025

Naphtha MOPJ 933 506 935 951 913 647 494 563 461

26% 24% 24% 25% 28% 25% 19% 28% 24%

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

56% 56% 60% 54% 56% 59% 56% 54% 57%

34% 36% 26% 35% 40% 36% 37% 38% 35% 9% 8% 13% 11% 4% 6% 7% 8% 8%

2,695 2,888 799 932 965 1,032 991 932 964

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

Ethane Other Gas Naphtha

16

1,554 1,569 1,604 1,448

1,188 1,375

1,234

620 618 691 802 694

812 774

24% 25%

28%

25%

19%

28%

24%

0%

5%

10%

15%

20%

25%

30%

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

HDPE Price ($/Ton) HDPE-Naphtha ($/Ton) Adj. EBITDA Margin (%)

Olefins Adjusted EBITDA Margin maintain at normal level … despite lower HDPE price

Adj. EBITDA margin maintained o Benefit from high naphtha crack

spread o HDPE price dropped o I-4/2 shutdown

Adj. EBITDA margin declined o Lowest HDPE price o Less benefit from naphtha

cracker due to I-4/1 shutdown

Adj. EBITDA margin rebounded o HDPE price bounced o Benefit from high naphtha crack

spread

17

Adj. EBITDA margin declined o Lower HDPE price

1,190 430

HDPE Price By Product Feedstock Cost Variable Cost Fixed Cost EBITDA Margin

1,190

378

HDPE Price By Product Feedstock Cost Variable Cost Fixed Cost EBITDA Margin

Gas Cracker is still more competitive over Naphtha at Crude 43 $/BBL

Gas

Cra

cker

N

aph

tha

Cra

cker

Unit: USD/ton ethylene

Unit: USD/ton ethylene

18

Main Price Assumption

Crude ($/bbl) 43

Naphtha Price ($/Ton) 433

Ethylene ($/Ton) 1000

Propylene ($/Ton) 515

C3/C4 ($/Ton) 433

Phenol Mkt P2F

425

289

358

389

528

456

347

236

285

BPA Mkt P2F

148

285

103

112

228

299

402

318

137

238 321

214 197 302 360 454 355

154

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

193 212 126 164

291 282 240 175 221

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

Phenol and BPA Performance Lower Margin from Soften Product Spread

Pri

ces

BP

A-P

hen

ol

Ph

eno

l-B

Z

Phenol/ BPA Prices and Spread (USD/Ton) U-Rate and Sales Volume (KTons)

Sales Volume (KTons)

Adjusted EBITDA Margin

-2% YoY +10% QoQ

-24% YoY +26% QoQ

1,297

712

1,297 1,293 1,301

954 670 804

661

1,490

923

1,424 1,456 1,592

1,235

909 979 882

1,728

1,244

1,638 1,653

1,894

1,595 1,364 1,334

1,036

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

Benzene Phenol BPA

56% 55% 60% 58% 52% 60% 59% 48% 57%

44% 45% 40% 42% 48% 40% 41% 52% 43%

187 212 48 66 73 70 74 66 72

9M/149M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

Phenol

BPA

U-Rate 9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15 Phenol 114% 128% 78% 131% 132% 132% 131% 121% 132%

BPA 94% 102% 70% 107% 104% 116% 114% 85% 107%

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

Phenol (CMP) 1,490 923 1,424 1,456 1,592 1,235 909 979 882

BPA (CMP) 1,728 1,244 1,638 1,653 1,894 1,595 1,364 1,334 1,036

Benzene 1,297 712 1,297 1,293 1,301 954 670 804 661

10% 11%

4% 7%

16% 13%

19%

7% 6%

9M/14 9M/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15

19

-49% YoY -57% QoQ

18%

4%

70%

2% 4%

2%

Adjusted EBITDA

45%

12%

33%

3% 7%

Sales Revenue

Overview of Business Unit’s Performance

3Q/15 Revenue and Adjusted EBITDA Structure

93,620 MB 10,511 MB

% Adjusted EBITDA Margin

(Unit: MB) 3Q/14R 2Q/15 3Q/15 YoY

% + /(-) QoQ

% + /(-)

Sales Revenue 141,081 111,169 93,620 -34% -16%

EBITDA 12,728 16,055 7,824 -39% -51%

EBITDA Margin (%) 9% 14% 8% -1% -6%

Net Profit 7,658 8,974 1,207 -84% -87%

EPS (Baht/Share) 1.70 1.99 0.27 -84% -87%

Adjusted EBITDA* 15,582 13,784 10,511 -33% -24%

Adjusted EBITDA Margin (%) 11% 12% 11% 0% -1% Note: * Adjusted EBITDA refers to EBITDA excluding impact of inventory value (Inventory gain/(loss) and NRV)

3Q/14R 2Q/15 3Q/15

Business Unit :

Refinery 3 5 4

Aromatics 9 9 4

Olefins and Derivative 28 28 24

Green 1 1 6

HVS 11 6 6

Average 11 12 11

20

21

3Q/15 Income Statements Consolidated

***

Note: * Adjusted EBITDA refers to EBITDA excluding impact of inventory value (excludes Inventory gain/(loss) and NRV) ** Restated 3Q/2014 Income Statements from the implementation of new accounting standards (Pack 5) *** Restated 2Q/2015 Income Statements to reflect share purchase of PTTPL on the basis of business combination under common control

3Q/2014** 2Q/2015*** 3Q/2015 YoY QoQ MB % MB % MB % MB % MB % 1 Sales Revenue 141,081 100 111,169 100 93,620 100 (47,461) -34% (17,549) -16% 2 Feedstock Cost (113,516) (80) (86,168) (78) (71,236) (76) (42,280) -37% (14,932) -17% 3 Product to Feed Margin 27,565 20 25,001 22 22,384 24 (5,181) -19% (2,617) -10% 4 Variable Cost (6,726) (5) (6,130) (6) (6,228) (7) (498) -7% 98 2% 5 Fixed Cost (3,896) (3) (4,003) (4) (3,974) (4) 78 2% (29) -1% 6 Stock Gain/(Loss) & NRV (2,854) (2) 2,271 2 (2,687) (3) 167 6% (4,958) -218% 7 Gain/(Loss) Commodity Hedging 428 0 (72) (0) 52 0 (376) -88% 124 172% 8 Other Income 898 1 1,373 1 877 1 (21) -2% (496) -36%

9 SG&A (2,687) (2) (2,384) (2) (2,600) (3) (87) -3% 216 9%

10 EBITDA 12,728 9 16,056 14 7,824 8 (4,904) -39% (8,232) -51%

11 Depreciation & Amortization (3,941) (3) (4,062) (4) (4,132) (4) 191 5% 70 2%

12 EBIT 8,787 6 11,994 11 3,692 4 (5,095) -58% (8,302) -69% 13 Finance Cost (1,071) (1) (993) (1) (960) (1) (111) -10% (33) -3% 14 FX Gain/(Loss) 380 0 (1,235) (1) (2,140) (2) (2,520) -663% (905) -73%

15 Shares of profit/(loss) from investments

137 0 162 0 485 1 348 254% 323 199%

16 Income Tax Expense (540) (0) (932) (1) 216 0 (756) -140% (1,148) -123% 17 Net Profit 7,693 5 8,996 8 1,293 1 (6,400) -83% (7,703) -86% Profit/(loss) attributable to:

18 Owners of the Company 7,658 5 8,974 8 1,207 1 (6,451) -84% (7,767) -87% 19 Non-controlling interests 35 0 22 0 86 0 51 146% 64 291%

20 Adjusted EBITDA* 15,582 11 13,785 12 10,511 11 (5,071) -33% (3,274) -24%

21

7.0 10.1

15.9 14.9 9.1

12.9 11.1

39.2

1.2 1.3

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

PTTGC PPCL Others

22

Strong Financial Position

Repayment Profile

Interest Rate Currencies

54% Fixed 62% THB

46% Float 38% USD&Others

Loan Type

• Cost of long term debts ~ 4.24% (Include W/H Tax)

• Average loan life after refinancing - 5.35 Years

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

THB Bn

* After Refinance

Key Financial Ratios

Statements of Financial Position

As of Dec 31, 2014 As of Sep 30, 2015

THB 381 Bn THB 394 Bn

Cash +ST Investment

CA

Non CA

PPE

Liab.

IBD

Share Holder’s Equity

1.97 1.59

1.28

1.72

0.30 0.23 0.21 0.26

31 Dec 14 31 Mar 15 30 Jun 15 30 Sep 15

Net IBD/EBITDA NET IBD/Equity

6.86% 6.40% 7.57% 4.80%

5.05% 4.92% 6.10%

4.21%

31 Dec 14 31 Mar 15 30 Jun 15 30 Sep 15

ROE ROA

THB 116 Bn

ST Bank Loan, 0%

LT Bank Loan, 51%

Debenture, 49%

22

Agenda

23

STRATEGIC EXECUTION

3Q/2015 FINANCIAL RESULTS

MARKET OUTLOOK

CRUDE OIL : SUPPLY GLUT REMAINS BUT BETTER BALANCE AS NON-OPEC PRODUCTION SLOWDOWN

FACTORS TO WATCH

• OPEC Policy

• Iran ramp up possibility in Q1

• Lifting the US ban on crude oil exports

• China’s economic slowdown

• Geopolitics & Middle East tension may cause supply disruption

• Rising demand in 2H 16

-

+

Q3-Q4 : ECONOMIC-DRIVEN MARKET SENTIMENT

30

35

40

45

50

55

60

65

70

Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15

Unit : $/bbl

Q3’2015

Q4’2015

• China’s economic downturn • Iran’s nuclear deal

• Winter crude demand & Brazil oil worker union strike

• OPEC unlikely to cut • Fed rate rise expectations

2016 OUTLOOK : SLOWDOWN OF NON-OPEC

• Slowdown in Non-OPEC supply growth, especially in US production

• EIA : US crude output at 8.8 (-0.5)MBD in 2016

9.1 9.1 9.2 9.3 9.4 9.4 9.4 9.6 9.5 9.3

9.1 9.1

8.6

8.8

9.0

9.2

9.4

9.6

9.8US Crude Oil Production (MBD)

PRICE TREND & FORECAST

51.9

61.3

49.7

44.6 40

45

50

55

60

65

70

Q1'15 Q2'15 Q3'15 Q4'15E 2015E 2016F

Ref : EIA, IEA, JBC, PRISM

Dubai Price (USD/BBL)

53-56 USD/bbl

51.9 USD/bbl

24

25

CRUDE OIL : SUPPLY GLUT REMAINS BUT BETTER BALANCE AS NON-OPEC PRODUCTION SLOWDOWN

Unit : MBD H1 2014 OPEC : 36.35 Non-OPEC : 56.30 Demand : 91.85 Surplus : +0.8 H2 2014 OPEC : 36.9 Non-OPEC : 57.75 Demand : 93.6 Surplus : +1.05

2016 OUTLOOK : SLOWDOWN OF NON-OPEC

• Slowdown in Non-OPEC supply growth, especially in US production

• EIA : US crude output at 8.8 (-0.5)MBD in 2016

9.1 9.1 9.2 9.3 9.4 9.4 9.4 9.6 9.5 9.3

9.1 9.1

8.6

8.8

9.0

9.2

9.4

9.6

9.8US Crude Oil Production (MBD)

• Global Oil Demand Growth FY2015 : 1.8 MBD FY2016 : 1.2 MBD

2016 OUTLOOK : DECLINING IN SURPLUS

Unit : MBD

36.6 37.8 38.3

57.0 58.3 57.8 92.7 94.5 95.7

0

20

40

60

80

100

120

2014 2015 2016

OPEC Non-OPEC Demand

2014 2015 2016

Non OPEC

OPEC

93.6 96.1 96.1 +0.4 +1.6 +0.9

PRICE TREND & FORECAST

51.9

61.3

49.7

44.6 40

45

50

55

60

65

70

Q1'15 Q2'15 Q3'15 Q4'15E 2015E 2016F

Ref : EIA, IEA, JBC, PRISM

Dubai Price (USD/BBL)

Demand

53-56 USD/bbl

51.9 USD/bbl

FACTORS TO WATCH

• OPEC Policy

• Iran ramp up possibility in Q1

• Lifting the US ban on crude oil exports

• China’s economic slowdown

• Geopolitics & Middle East tension may cause supply disruption

• Rising demand in 2H 16

-

+

25

Additional Asia CDU Capacities FY2016

REFINERY : MORE COMPETITION FROM NEW CAPACITY, HOWEVER, BOOSTED DEMAND STILL BACKS UP

Unit : MBD

• Paradip (300 kbd), India • NOCL (125 kbd), India • BPC (120 kbd), India • Sinopec (100 kbd), China

-1.8 -3.5

-8.1 -7.6

15.4

19.8 19.3 16.0

16.3 13.7

10.8 13.7

17.6 16.0

13.6 12.8

-5.3 -6.5 -15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

Q1'15 Q2'15 Q3'15 Q4'15E 2015E 2016F

FACTORS TO WATCH PRICE TREND & FORECAST

Q3-Q4 : DEMAND DRIVEN BY LOW CRUDE PRICE

• China’s economic slowdown

• Nuclear policy in Japan

• Low oil prices stimulate demand globally

• Postponement of new CDU capacity in China & India

+

USD/BBL

Diesel – Dubai

ULG95 – Dubai

Fuel Oil – Dubai

321 90 107 4

Gasoline Jet/Kero Diesel Fuel Oil

Unit : KBD

-

• New capacity 800 KBD in Middle East (Saudi & UAE) pushes more middle distillate to the market in Q3.

• Winter season still boosts middle distillate demand for heating

• Transportation consumption drives gasoline spread

Ref : JBC, PRISM

2016 OUTLOOK : STRONG COMPETITION IN ASIA

6.6

12.6

1.5

6.5

11.5

2.7 0

2

4

6

8

10

12

14

16

18

20

Gasoline Middle Distillate Fuel Oil

Unit : MBD

Balance

Surplus

1.2

Growth in demand but more balance from new capacity

in India & China

More competition from

ME & India Balance

Asia import demand fulfilled

by Europe volume

Supply Demand Import

26

10.97 11.72

12.67

8.00

10.00

12.00

14.00

2014 2015F 2016F

FACTORS TO WATCH SQUEEZED SPREAD BUT CAN STAY OVER 700$/MT

NEA PE DEMAND REMAINS STRONG AMID SLOWDOWN OF CHINA’S ECONOMY

• Tighten ethylene supply. • Iran’s PE export after sanction lifting. • Delay of China’s new CTO plants (~2m tons).

MORE PE SUPPLY FROM NEW CAPACITY

POLYETHYLENE : STRONG DEMAND IN NEA WHILE MORE PE NEW CAPACITY

USD/MT

Source: PRISM, Oct 15

Northeast Asia PE Import Million Tons

• Slowdown of China’s economy.

• Competitiveness of lower polypropylene (PP) price.

Source: IHS

2.95 3.86 3.89

-2.0

0.0

2.0

4.0

6.0

8.0

2014 2015 2016

Million Tons Global PE Capacity Addition vs Demand Growth

Source: IHS

+

- 1188

1375 1234 1199 1249

1194

708 823 788 753 768 700

0

200

400

600

800

1000

1200

1400

1600

Q1-15 Q2-15 Q3-15 Q4-15E 2015E 2016F

HDPE Price

HDPE – MOPJ

NEA

NAM

ME

Indian

Europe

Demand

Growth

27

PROPYLENE : OVER-INVESTMENT IN CHINA HAS STARTED TO PRESSURE BUTADIENE : START TO RECOVER

FACTORS TO WATCH -PROPYLENE

• More competitive propane export from US • PP demand grows faster than expected

- +

CHINA PROPYLENE CAPACITY ADDITION SHIFTS TO ON-PURPOSE

CHINA BD OPERATING RATE STARTS TO INCREASE DUE TO A LACK OF NEW SUPPLY

28

Source : IHS

In fact, China capacity addition during 2015-16 are enough to supply the world demand growth

214

561 515

344 408

486

342 375

283

102

276 263

0

100

200

300

400

500

600

700

Q1-15 Q2-15 Q3-15 Q4-15E 2015E 2016F

SPREADS TEND TO BE SOFTENED IN 2H15 USD/MT

BD – MOPJ

PY – MOPJ

Source: PRISM, Oct 15

• Economic slowdown, especially in China and India • More BD supply from high-run rate of Naphtha

cracker • Recovery of natural rubber price • Delay startup of on-purpose units in China

-

+

FACTORS TO WATCH -BUTADIENE

Source : IHS

China BD Capacity Addition vs Demand Growth

28

PARAXYLENE : SURPLUS SUPPLY STILL PRESSURE ON MARGIN BENZENE : MARGIN SLIGHTLY IMPROVES IN 2016

FACTORS TO WATCH

• China economic slowdown • More benzene supply from naphtha cracker due to

strong olefins margin • Resume production of TPPI, JAC and Dragon

Aromatics

• Strong gasoline demand may limit feedstock to aromatics

• Growing BZ import demand from US

• Startup of SM and Phenol in Asia

-

+

IN 2016, PX MARKET REMAINS SURPLUS BENZENE – SLOWDOWN IN NEW SUPPLY IN BZ MARKET

333 372 360 352 354 354

176 240 200

149 191

206

0

100

200

300

400

500

Q1-15 Q2-15 Q3-15 Q4-15E 2015E 2016F

AROMATICS MARGINS STAY TO FIRM IN 2016 USD/MT

PX – MOPJ

Benzene – MOPJ

Source: PRISM, Oct 15

Source : PCI

2.90

4.47

2.88 3.52

2.11 1.05 1.93 2.15

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2013 2014 2015 2016

Million Tons

Capacity addition Demand growth

1.69

2.26

1.05 0.71

0.99 0.85

1.06 1.09

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2013 2014 2015 2016

Million Tons

Capacity addition Demand growthSource : IHS

However, cutting run rates of high cost producers in Japan and S.Korea and rationalization in Europe will support the market.

29

1.07 0.77

1.25 1.35

0.0

0.5

1.0

1.5

2.0

2013 2014 2015 2016Capacity - Coal Capacity - Normal Demand

134

69

154

68

106

180

0.0

40.0

80.0

120.0

160.0

200.0

240.0

280.0

Q1-15 Q2-15 Q3-15 Q4-15E 2015E 2016F

FACTORS TO WATCH MEG MARGIN TO BE IMPROVED IN 2016

MARGIN SQUEEZED IN 2H 2015

• China’s policy to boost economy

• Polyester market growth

• MEG inventory in China

• Coal-based MEG technology in China

• Volatility of crude oil price -

+

MEG : MARGIN TENDS TO REDUCE IN 4Q15 AND EXPECTED TO IMPROVE IN 2016

USD/MT

Source: PRISM, Oct 15

MEG Margin

*MEG Margin = MEG – (0.63 x Ethylene)

200

400

600

800

Jan-

15

Feb-

15

Mar

-15

Apr

-15

May

-15

Jun-

15

Jul-

15

Aug

-15

Sep-

15

Oct

-15

Nov

-15

Thousand Tons

Source: ICIS

China’s inventory surges from speculation but seasonal demand lower than expected

USD/MT 2015 2016

MEG Margin 106 180

Ethylene 1,087 1,006

EXPECT SLIGHTLY TIGHT SUPPLY SITUATION IN 2016

Source: PCI , Nov 15

Million Tons Global MEG New capacity vs Demand growth

Chinese Coal-based industry will probably only run at 70%-75%

1.55 1.41

1.72 1.78

30

385

55

273

468

30

183 98 375

0

200

400

600

2013 2014 2015 2016

Capacity addition Demand growth

615

140

525 465

71

201 208 235

0

200

400

600

800

2013 2014 2015 2016

Capacity addition Demand growth

Thousand Tons

• Slightly recover from 2015 as less surplus supply • Capacity rationalization in US causes limited volume to

Asia, especially China • Potential delay of Rabigh Refining (275 KTA) from Q4-16

PHENOL/BPA : SLIGHTLY RECOVER IN 2016

Thousand Tons

• Less surplus from new capacity due to almost captive used

• SINOPEC SABIC Tianjin PC (240KTA) may be delayed startup due to the incident in Tianjin

PHENOL : LESS SURPLUS IN SUPPLY BIS-PHENOL A : BOTTOM OUT FROM 2H 2015

31

347

235

281 239

276 296

402

318

136 122

244 214

0

100

200

300

400

500

Q1-15 Q2-15 Q3-15 Q4-15E 2015E 2016F

Source: PRISM, Oct 15

USD/MT

PHENOL AND BPA MARGINS TO BE SOFTENED IN Q4

Phenol P2F

BPA P2F

FACTORS TO WATCH

• Producers cut run due to low margin

• The delay of new supply

• Capacity rationalization

• Volatility in feedstock prices

• Slowdown in downstream demand -

+

High restocking demand and lower feed cost +

Pressure from new capacity and demand

slowdown -

31

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

Thank You

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

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

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

32

APPENDIX

33

Shutdown Schedule

4Q/15 1Q/16 2Q/16 3Q/16 4Q/16

Refinery

I

II

PTTPE

I-1

I-4/1

I-4/2

Butadiene

I-1

BPE I

BPE II

LDPE

LLDPE

TOCGC

Phenol

BPA

Aromatics

Olefins

HDPE

Phenol

1-15 Jun (15)

3-31 Mar (29)

28 Jul -9 Nov (105)

12-31 Mar(20)

22 Feb-31 Mar (39)

Sep (22)

19 Sep-7 Oct (19)

9-24 Nov (16)

20 May-22 Jun (34)

Sep (16)

22 Feb-11 Mar (19)

Sep (15)

Sep (22)

4 May - 5 July (63)

34

Phenol and BPA Soon getting on up trend after hitting the bottom Phenol and BPA Market P2F Margin

Note: Phenol Market P2F: Phenol – 0.878 Benzene - 0.474 Propylene +0.616 Acetone BPA Market P2F: BPA – 0.853 Phenol – 0.273 Acetone

0

100

200

300

400

500

600

700

800

900

1,000

1,100

Jan

-98

Jan

-99

Jan

-00

Jan

-01

Jan

-02

Jan

-03

Jan

-04

Jan

-05

Jan

-06

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

Jan

-13

Jan

-14

Jan

-15

$/Ton

P2FM-PH P2FM-BPA

Phenol and BPA Market P2F Margin

35