December 2009Private & Confidential

The Bangchak Petroleum Plc.

BCP

2

Disclaimer

The information contained herein is being furnished on a confidential basis for discussion purposes only and only for the use of th e recipient, and may be subject to completion or amendment through the delivery of additional documentation. Except as otherwise provided herein, this document does not constitute an offer to sell or purchase any security or engage in any tran saction. The information contained herein has been obtained from sources tha t The Bangchak Petroleum Public Company Limited (“BCP”) considers to be reli able; however, BCP makes no representation as to, and accepts no responsibility or liability for, the accuracy or completeness of the information contained herein. A ny projections, valuations and statistical analyses contained herein have been pro vided to assist the recipient in the evaluation of the matters described herein; suc h projections, valuations and analyses may be based on subjective assessments and assumptions and may utilize one among alternative methodologies that pr oduce differing results; accordingly, such projections, valuations and stati stical analyses are not to be viewed as facts and should not be relied upon as an accurate representation of future events. The recipient should make an indepen dent evaluation and judgment with respect to the matters contained herein.

3

Performance 9M09

Contents

Investment Projects

Conclusion

Company Background

4

Company BackgroundCompany Background

5

Bangchak is an Integrated Oil Company in Thailand

Players In ThailandPlayers In ThailandRefinery Refinery TypeType

Refinery Refinery CapacityCapacity(KBD)(KBD)

ServiceServiceStation Station

ESSO Complex 177 539

Bangchak (BCP)Bangchak (BCP) ComplexComplex 120120 508508++549549

Rayong Purifier (RPC) Simple 17 71

Thai Oil Complex 275 -

IRPC Complex 215 2

PTTAR Complex 280 -

Star Complex 150 -

PTT - - 1,291

Shell - - 566

Chevron - - 432

Susco - - 154

Petronas - - 110

PT - - 230

Others (exclude LPG,NG) - - 14,215

TotalTotal 11,,234234 1818,,118118

• Integrated oil company of which operation ranges from refinery business to marketing business

• Refinery’s crude run 120 KBD, 9.7% of total Thailand capacity

• The 2nd largest in number of service station

• High quality refined petroleumproducts with reduce environmentimpact

• Market share through service station, 9-months 2009, account for 13.8%, rank no.4th largest in the country

Source: Department of Energy Business (DOEB)

IntegratedIntegratedIntegratedIntegrated

RefineryRefineryOnlyOnlyRefineryRefineryOnlyOnly

MarketingOnlyMarketingOnly

6

Business configuration (before upgrading)

Jobbers

ThaiAirways

Factories

Jobbers

BCP’sBCP’sRefineryRefineryBusinessBusiness

BCP’sBCP’sRefineryRefineryBusinessBusiness

ImportImportCrudeCrude(20%)

LocalLocalCrudeCrude(80%)

Simple RefinerySimple RefineryNameplate : Nameplate : 120 120

KBDKBD

Wholesalers

PTT

Wholesalers

Export

Wholesale Customers

Retail Customers (Service Stations) 45%

RefinedRefinedProductsProducts

BCP’sBCP’sMarketingMarketingBusinessBusiness

BCP’sBCP’sMarketingMarketingBusinessBusiness

GRM

MKM

CrudeCost

Ex-RefPrice

WholesalePrice

RetailPrice

LPGLPG 33%%MogasMogas 1818%%IK/JPIK/JP--1 1 1111%%HSDHSD 3535%%FOFO 3333%%

MKM

CO 253JV 144DODO 111

CO-OP 549

+ Non Oi l

Value Chain

40%

60%

2%

5%

33%

◄ Standard Size (Stations)

NGV StationLUBE

◄ Small Size (Stations)

ULR91, GSH95, GSH91, HSD, B5, E20, E85

MartCar Care

Coffee Shop & Other Facilities

Industrial Customers 15%

JP-1, FO, HSD, LPG

JP-1

FO, LPG, LUBE

HSD

Gas Station LPG

508

Typical YieldTypical Yield

7

0.001%

Co-op

Standard

LPG

Gasohol E85

Gasoline 91

Gasohol 95

E10, E20

Gasohol 91

Diesel

B2, B5

JP1

Fuel Oil

NGV StationLUBE

Non Oil

Ret

ail M

arke

ting

Indu

stria

l M

arke

ting

0.001

KBD %

6.8%4.2

9.2%5.6

9.7%5.9

52.5%32.0

0.2%0.1

15.9%9.7

5.8%3.5

100.0%60.9Total

Industrial

Full range of products under marketing business

8

Investment ProjectsInvestment Projects

0

20

40

60

80

100

120

140

160

180

2003 2004 2005 2006 2007 2008 2009

GO 0.5%S

FO 3.5%S

Dubai Crude

-30

-10

10

30

50

GO/DB

FO/DB

9

(USD/Bbl)

2003 2004 2005 2006 2007 2008 6M09

More volatile refining margins at higher crack spread

* Name Plated Capacity 120 KBD** Annual Turnaround 45 days

Price

Spread

Oil Price Situation 2003 - 2009

Base GRM , $/Bbl(Hydro Skimming)

1.64 1.83 3.42 2.78 3.63 6.79 4.70(9M09)

Capacity Utilization, %* 62 74 52 47 62 55** 69

“Fuel oil crack spread

will have lesser impact to the Company’s

performance after PQI

completion”

10

PQI project

Fuel Oil, 33%

LPG, 3%

Jet Fuel, 11%

ULG, 18%

Diesel, 35%

Fuel Oil, 9%

LPG, 5%

Jet Fuel, 9%

ULG, 25%

Diesel, 52%

What is PQI ?What is PQI ? Result from PQIResult from PQI

CounterpartiesCounterparties

• PQI is the Investment in “Hydro-cracking Unit”

and other supporting units

• These units enable BCP to turn current fuel oil

output to be gas oil without increasing the

capacity

• 25 KBD capacity of Hydro-cracking Unit,

matching 100 KBD of running on crude

distillation unit (CDU)

• Feasibility Study UOP LLC & Foster Wheeler

Corporation• Technology License UOP LLC• EPC Contractor CTCI Corporation

• Project Mgnt Consultant Foster Wheeler Corporation

• Investment Cost USD 378 million (Included Contingency 30 MUSD)

• Construction Work Complete

Investment & ConstructionInvestment & ConstructionMEME FEFEMEME FEFE

CurrentSimple Refinery

AfterPQI Completion

EnhanceEnhance

Crude MixCrude Mix

FlexibilityFlexibility

Less FOLess FO

OutputOutput

PortionPortion

IncreaseIncrease

Crude Crude

RunRun

~ 75 KBD (63%)

~ 100 KBD (83%)

SurgeSurge

GRMGRM

11

PTT became major shareholder

PQI Fund RaisingPQI Fund Raising No. of PaidNo. of Paid--up Sharesup Shares

L/T Loan 8,400

FI 2,064

PTT (CS) 3,930

Debt Equity Operation

Cash 390

PTT (CD) 585

Total Sources of Fund 15,369

Unit : THB Million

• Financial closed on May 16, 2006

• Syndicated loan from 3 local banks

• PTT&FI purchase common share at price Baht 14.00 per share

• PTT became to major shareholder with 29.75% , engage with;

• Crude supply agreement

• Product off-take agreement

BCP’s Share Capital StructureBCP’s Share Capital Structure

691

Million Shares

1,1191/

Million Shares

2/ M inistry of Finance

2/

1/ Currently 1,170 million shares

(some CDDR was

converted to CS)

2/

12

PQI

THB 15,369 m

(USD 378 m) Equity*

THB 12,305 m

(USD 308 m)

Net Debt

THB 6,255 m

(USD 156 m)

THB 68,000 m

(USD 1,700 m)*

THB 33,929 m (USD 842 m )

Enhance BCP

Retail marketing network (~1,057 stations, ~60 KBD)

Typical 100 KBD

Cracking Refinery

No marketing networkNo marketing network

Note: * Revaluation inclusive

PQI investment justification

Green Field

Save THB 34,071 m

(USD 858 m )

Hydro-

cracking

unit

Source : PTIT Study

THB 18,560 m = (USD 464 m)

“ Replacement Cost = 8,420 USD/Barrel ” “ Investment Cost = 17,000 USD/Barrel ”

** Use FX 40 Baht/USD as at the date

pursued PQI

Hydro

skimming

unit

Fuel Oil 9%

13

PQI project

HCUHCUHydroHydro--cracking cracking Unit Unit ((25 25 KBD)KBD)

VDUVDUVacuum Distillation Vacuum Distillation Unit Unit ((35 35 KBD)KBD)

HPUHPUHydrogen Hydrogen Plant Plant ((40 40 MMSCFD)MMSCFD)

Vacuum Gas Oil

Mogas

Hydrogen

Diesel24% 17%

7%

Simplify Block flow diagram

Note : ∑∑∑∑ Mogas = 25%

∑∑∑∑ Diesel = 52%

LPG

Mogas

IK/Jet

Diesel

Fuel Oil33%

35%

11%

18%

3%

Existing Plant

PQI Plant

14

Co-generation power plant

After PQI project completion, electricity and steam demand will be increased.

Demand @ Crude Run 100 KBD

CurrentAfter

runningPQI

Increase

Steam Demand (Ton/Hour)� By ourselves

80 156 76

Electricity Demand (MW)� By ourselves� Buy from Metropolitan Electricity Authority

13.4

8.84.6

29.1

20.98.2

15.7

12.13.6

• Stability of electricity’s plant system is increased• Increase efficiency of public utility system using energy • Cost saving from using Natural Gas instead of Fuel Oil

BenefitBenefitInvested by : PTT (BOT : Build, Operateand Transfer to BCP after 25 Yrs)

Project : Co-generation Power Plant

Capacity • Electricity : 19.7 MW • Steam : 90 Ton/Hour

Progress : 99.1% (Nov’09)

Expected Completion : Dec’09

15

Natural gas as plant fuel

Investment Cost : Baht 108 million

Project : Natural Gas (NG)

Completion : Aug’09

Concept

• Availability of NG as a result of the Cogeneration project

• Using NG to replace fuel oil (FO) as plant fuel due to lower cost (use NG and sell FO)

Economizing : Est. 20 MBaht/month(basis : FO price 65 $/Bbl@ 10,000 MMBTU/Day)

16

Investment Cost : Baht 1,018 million

Bio Diesel (B100) : Producing Bio Diesel 100%

Capacity : 300,000 litters per day

Progress : Completed

Construction Period : Apr’08 - Oct’09

• Located in Diesel Demand Center (70% of total Thailand demand)

• Adjacent to our terminals and close to other major oil terminal

• Facilities sharing

CPOCPO Other Other Oil Oil CompaniesCompanies

BiodieselBiodiesel

GlycerinGlycerin306 306 Ton/DayTon/Day

300 300 Ton/DayTon/Day

36 36 Ton/DayTon/Day

31 31 Ton/DayTon/Day

Met-OH

6060%%

4040%%

BB100 100 selling price = selling price = 00..9797CPOCPO + + 00..1515 MetOHMetOH + + 33..3232

• B100 selling price is announced by Energy Policy & Planning Office (EPPO)

• Mechanism of oil subsidy from the government to adjust price to a merchant who blends and sells B5 (Diesel 95% mixed with B100 5%)

Benefits :

Bio diesel (B100) plant

17

Performance Performance 99MM0909

18

Factors effect to 9M09 performance

• Capacity utilization increased

� 81.7 KBD (3Q09) / 74.3 KBD (3Q08)

• Fuel oil premium from export market

� 3Q09 26.5 KBD premium 6.2 $/Bbl

� 3Q08 28.5 KBD premium 8.3 $/Bbl

• Narrower negative FO/DB spread

� 3Q09 MOP FO/DB = -3.1 $/Bbl

� 3Q08 MOP FO/DB = -10.9 $/Bbl

• GRM secured by hedging gain

� 3Q09 Hedged 50% of production or 3.76 Mbbls

� 3Q08 Hedged 21% of production or 1.44 Mbbls

• Depressed distillate spread

Singapore’s oil price movement

19

(35)

(30)

(25)

(20)

(15)

(10)

(5)

-

J F M A M J J A S O N D

-

5

10

15

20

25

30

35

40

45

50

J F M A M J J A S O N D

USD/BblY2009

Y2008

FO/Dubai

USD/Bbl USD/Bbl

USD/Bbl

AVG.2Q09=7.07

AVG.2Q09 =(5.95)

AVG.FY08=93.46

AVG.FY08=9.12

AVG.FY08=25.98

AVG.FY08=(14.93)AVG.2Q08=37.47

AVG.2Q08=(24.09)AVG.1Q09=8.81

AVG.1Q08=22.84

AVG.1Q09 =(6.69)

AVG.1Q08=(17.10)

-

20

40

60

80

100

120

140

160

J F M A M J J A S O N D

AVG.3Q09=68.02

AVG.3Q08=113.52

AVG.2Q09=59.22

AVG.2Q08=116.59

AVG.1Q09=44.28

AVG.1Q08=91.09

(5)

-

5

10

15

20

25

J F M A M J J A S O N D

AVG.2Q09 =9.58

AVG.2Q08=12.87

AVG.1Q09 =10.69

AVG.1Q08=13.70

AVG.3Q09 =8.84

AVG.3Q08=6.06

Dubai 95/Dubai

AVG.3Q09=6.88

AVG.3Q08=25.87

GO/DubaiAVG.3Q09 =(3.11)

AVG.3Q08=(10.91)

Outlook

4Q09/3Q09 (+)

4Q09/4Q08 (+)

Outlook

4Q09/3Q09 (-)

4Q09/4Q08 (+)

Outlook

4Q09/3Q09 (+/-)

4Q09/4Q08 (-)

Outlook

4Q09/3Q09 (-)

4Q09/4Q08 (+)

-4

-2

-

2

4

6

Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09

HSD

ULR91

-4

-2

0

2

4

6

8

10

12

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09

Hedging

Premium FO

BCP's GRM

Simple GRM

Complex GRM

20

9M09 performance, why we beat the othersGRM* ($/Bbl)

* Excluded inventory gain/lossRefinery Business :• Crude selection & well optimized

• Higher capacity utilization

• Fuel oil export market at premium price

• Huge GRM hedging, helps secure performance for whole 2009

Marketing Business :• Market share beaten 3rd rank in some months

• Low oil price enhanced satisfied marketing margin level

• Market expansion to new territory

: million Baht

MKM (Baht/L)

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09

* Included refinance expense 243 MB

9M09 9M08 ���� Change%

EBITDA 10,333 4,647 122.4%

Refinery business 9,005 4,458 102.0%

Marketing business 1,328 189 602.6%

Depreciation & Amortization (703) (623)

FX-Other Gain (Loss) (166) 25

Impairment Adjustment 5 31

Net Financial Cost (350) (647)

Pre-tax Profit 9,120 3,433 165.6%

Tax (2,721) (994)

Net Profit 6,399 2,439 162.3%

EPS 5.63 2.18

Inventory Gain/(Loss) 2,482 1,312 89.2%

Adjusted EBITDA 7,851 3,335 135.4%

Refinery business 6,523 3,146 107.3%

Marketing business 1,328 189 602.6%

21

BCP’s Stock FeaturesBCP’s Stock Features

22

BCP’s instrument & featuresListed

Listed

Listed

Listed

Non

Non --Listed

Listed

Non

Non --Listed

Listed

• Capital protected by MoF THB13 / per unit at maturity date Feb 2, 2014• Force conversion : when BCP-DR1 > THB 20.80, 15 consecutive days

• No capital protection• Par value of THB 1.00 per share

• Right offering in 2Q06• Exercise price THB 18 per CS, Quarterly• Maturity in May 2011 (5 years)

• Capital protected by MoF @ THB10,000 per unit (Jan 29,2014)• Coupon 3% p.a., Semi-annual• Conversion : THB 14.30 per CS, Quarterly• Force conversion : when BCP-DR1 > THB 21.45, 15 consecutive days

• Solely issued to PTT for PQI funding• Conversion price THB 14.00 per CS, Quarterly• Coupon 3% p.a., Semi-annual

BCP-DR1

BCP

BCP-W1

BCP141A

TickerTicker

Note: CSDR, CS, Warrant are tradable in Stock Exchange of Thailand (SET)CDDR is tradable in TBDCWarrant exercise ratio is 1 Warrant per 1 CS

Significant Terms & ConditionsSignificant Terms & ConditionsTypeType

Common Share

Depository Receipt

Convertible Debenture

Common Share

Warrant

Convertible Debenture

Depository Receipt

23

BCP’s Instrument & FeaturesB

ah

t/S

ha

re

Book value as of Sep 30, 2009 at Baht 21.24 per share

-

5.00

10.00

15.00

20.00

25.00 1

Ja

n 0

4

1 A

pr

04

1 J

ul

04

1 O

ct

04

1 J

an

05

1 A

pr

05

1 J

ul

05

1 O

ct

05

1 J

an

06

1 A

pr

06

1 J

ul

06

1 O

ct

06

1 J

an

07

1 A

pr

07

1 J

ul

07

1 O

ct

07

1 J

an

08

1 A

pr

08

1 J

ul

08

1 O

ct

08

1 J

an

09

1 A

pr

09

1 J

ul

09

1 O

ct

09

Book Value

BCP

BCP-DR1

Guaranteed Price for BCP-DR1

24

Stock performance and key indicators

Share price (1 Jan – 1 Dec 2009)

*EBITDA excluded inventory effect for 12 months backward

BCP +79.35%BCP-DR1 +40.10%SET +56.04%

Energy +38.59%

FINANCIAL POSITION RATIO

Current Ratio times 1.89

AR Day days 17.48

DSCR* (net CAPEX) times 9.00

D/E Ratio times 0.59

Debt to EBITDA* times 1.36

Book Value per Share (BV) Baht 21.24

(As of 30 Sep 09)

VALUATION FIGURES

Share Price (9 month-high) Baht 16.00

Share Price (9 month-low) Baht 7.05

Share Price (9 month-average) Baht 11.99

Share Price (Close) Baht 14.10

EV M.Baht 28,438

EV to EBITDA** times 2.64

P/E** times 2.77

P/BV times 0.66

(As of 30 Sep 09)

*Share price referred “BCP”**EBITDA & earning excluded inventory effect for 12 months backward

PROFIT RETURN RATIO

Net Profit Margin % 8.16

Earning per Share Baht 5.63

Return on Equity-ROE % 28.70

Return on Assets-ROA % 13.60

(For 9M09)

25

BCP’s Shareholding Structure

PTT PTT PTT PTT OthersOthersOthersOthers

MoFMoFMoFMoFPTT PTT PTT PTT OthersOthersOthersOthers

BCP-DR1

Siam DRSiam DR

Siam DR Issued

BCP-DR1of THB 3 billion

BCP shareholders’

MOF

PTT

Others

11%

4%

22%

Total CSDR

PTT

Total (CSDR+CS)

37%

24%

Unit : Million shares

CDDR fully convert to CS(at 14.3 Baht/share)

Total (Full dilution)

Warrant fully convert to CS(add 18 Baht/share)

CD-PTT fully convert to CS(at 14 Baht/share)

Full dilution

125

52

254

431

281

1,170

125

52

254

431

281

1,170

9%

4%

18%

31%

20%

85%

Others 39% 458458 33%

101 7%

42 3%

69 5%

1,382 100%

(1)

(2)

(2)

Total PTT 28%

Total PTT 27%

As of Jan 5, 10

Total CS (not incl. SiamDR) 63% 739739 53%

100%

26

ConclusionConclusion

27

Bangchakwell-equipped

• The LATEST Hydro-cracking technology from UOP , global acceptance in terms of proven production technology, provides better yield production from lower pressure operating condition.

• Competitive efficiency by equipping with Co-generation power plant and Natural gas (as Plant fuel), yet more environmental friendly.

• Capability of producing Diesel EURO IV captures government’s incentive, and even EURO V for fulfill niche markets.

• Ready for Gasoline EURO IV Top-up , comparatively small investment and time needed, allows early Incentive capturing.

• High flexibility configurations , 2 trains of crude distillation unit (CDU), enables to capture any opportunities via crude optimization or product segregation.

• Sitting in the heart of demand earns logistics edges and connects to several major distribution channels.

• Nationwide-established retail marketing network, es pecially COOP one , gives more reliability of maximizing the domestic sale.

• Capturing PTT Group synergy opportunities , such as 100% feedstock supply and 30% product off-take agreements from PTT and Oil Integrated Supply Chain Management.

• Wealthy financial status , ready to acquire any new opportunities

28

READY for future challenges!!

• Our Fuel oil (Premium Grade - Very Low Sulfur), is still required in the market.

Another challenging year for refining business; however, BCP strongly believes, by all measures, we will be able to fight those threats.

• Expand foreign limits from 10% to 20%

• Commit to increase shareholders’ value

Financial Readiness & Market Capitalization Enhancement, towards Future Prosperity

• Potential SET50 listed, more attract to financial derivatives

• Capitalizing our Refinery’s Flexibility, that enhance capabilities of crude selection and optimization i.e. running parallel mode.

• Extensive and Intensive hedging activities

• Comply to IFRS standard

Operational Excellence on Flexibility and Differentiate Turns the Cloud to Sunshine

29

APPENDICESAPPENDICES

30

Key strength & opportunity

Key StrengthKey Strength• Integrated oil company of which operation ranges from

refinery business to marketing business

• The 2nd largest in number of service stations through out the

country 1,057 stations

• Strong position in renewable energy and biofuels

• Plant configuration fit with gasohol base production

• PTT as a major shareholder

• Refinery located in Bangkok which is the center of oil

consumption

OpportunityOpportunity

• High oil prices drive demand in alternative fuel

• Government policy to support biofuels by widen price gab

between gasohol and gasoline normal grade

As of Sep 30, 2009

Bangchak Green Net Co.(Registered capital and

Paid-up Capital

1 million Baht)

Subsidiary

49.0%

Bangchak Biofuel Co.(Registered Capital 281.5

million Baht, Paid-up

Capital 112.60 million Baht)

Subsidiary

70.0%

Fuel Pipeline

Transportation Co.(Registered and Paid-up

Capital 1,592 million Baht)

Related company

11.4%

ASEAN Potash Mining Plc.(Registered Capital 2,227

million Baht, Paid-up Capital

1,166 million Baht)

Related company

6.6%

Bangchak Plc(Registered Capital 1,531 million Baht,

Paid-up Capital 1,170 million Baht)

Siam DR Co.

36.9%

PTT Plc.

23.9%

Other Publ ic

39.2%

The Ministry

of Finance.

28.9%

PTT Plc.

12.0%

Other Publ ic

59.1%

31

The Company has the policy to pay out dividend to the shareholders at the rate of 50 percent of net profit of the Company's consolidated financial statements, depending on the economic situation and the Company's future business projects and must not violate the Public Company Act in dividend payment matter

* For comparison purpose, the dividend was allocated from retained earning

Ne

t In

com

e

(TH

B M

illi

on

)Dividend & performance profile

-4,000

-2,000

0

2,000

4,000

6,000

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 9M09

Listed in SET

Asian Economic Crisis

Shocked by 911Capital

Restructuring

Capital Restructuring Completion

& Start Business Restructuring

*

* Included Inventory Gain/Loss

Dividend

Year 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 9M09

Dividend (�/Share) - - 1.25 1.25 - - - - - - - - 0.30 0.17 0.30 0.50 1.00

Payout Ratio - - 78% 64% - - - - - - - - 11% 80%* 19% N/A 55%

Dividend Yield - - 3.9% 6.9% - - - - - - - - 2.2% 2.0% 2.2% 4.9% 7.1%

Oil Price Plunge

0

20

40

60

80

100

120

140

160

1 92 183 274 365 456 547 63832

Refinery : Record breaking performance GRM

9M09 Total GRM ($/Bbl)

+5.28

+4.70

+3.16

• High premium fuel oil export���� 7.9 $/Bbl over MOPs

• Capacity utilization increased

• 52% hedged production����GO/DB hedged 57%����FO/DB hedged 54%

• Inventory gain • Reverse LCM

Dubai crude price ($/Bbl)

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

9M09 9M08M.Baht $/BBL M.Baht $/BBL

Base GRM 3,700 4.70 4,544 6.90

GRM Hedging 4,156 5.28 (318) (0.48)

Inventory Gain/(Loss) 1,540 1.96 2,262 3.43

Write Down (LCM) 942 1.20 (950) (1.44)

Total GRM 10,338 13.13 5,538 8.41

Other Income 53 0.07 31 0.05

Operating Expenses (1,386) (1.76) (1,111) (1.69)

EBITDA 9,005 11.44 4,458 6.77

Adjusted EBITDA 6,523 8.29 3,146 4.78

Key factorsCrude Run (KBD) 82.4 72.9Exchange rate (฿/$) 35.00 33.00

DB ($/Bbl) 57.26 107.18

95/DB ($/Bb l) 9.66 10.83GO/DB ($/Bb l) 7.61 28.74FO/DB ($/Bbl) -5.25 -17.37FO premium ($/Bb l) 7.9 8.2

33

Refinery 2009: the best performance ever

60.6

83.6

74.378.3

81.6 83.9 81.7

68.5

40

50

60

70

80

90

100

1Q 2Q 3Q 4Q

2008

2009

23.6

30.1 28.527.124.1

23.620.5

12.6

0

5

10

15

20

25

30

35

1Q 2Q 3Q 4Q

2008

2009

-2

0

2

4

6

8

10

12Hedging GRM

Base GRM

Cru

de

In

tak

e (

KB

D)

*

* 1Q08 had an annual plant turnaround & PQI tie-in 45 days

GR

M*

($

/Bb

l)

FO

Exp

ort

Sa

le (

KB

D)

Effective hedging for Y2009

AVG.Y08 = 6.54 $/Bbl

1Q’

08

1Q’

09

2Q’

08

2Q’

09

3Q’

08

3Q’

09

4Q’

08

5.66

11.50

7.979.90

5.38

8.52

6.90AVG.9M09 = 9.98 $/Bbl

*

AVG.Y08 = 72.4 KBD

EST.Y09 = 78.6 KBD

AVG.Y08 = 27.3 KBD

EST.Y09 = 20.2 KBD

* Included EGAT requisition 2 KBD (29 ML)

*

- 1Q09 2Q09 3Q09 4Q09

Hedged volume (Mbbl) 4.00 3.93 3.76 3.72

Production run (Mbbl) 7.34 7.63 7.52 6.16

Hedged portion (%) 54% 51% 50% 60%

Gain realization (M$) 36.80 44.50 39.50 N/A

-2

0

2

4

6

-4

-2

0

2

4

69M09 9M08

M.Baht ฿/L M.Baht ฿/L

Net Retail Margin 1,465 0.83 392 0.23

Net Industrial Margin 176 0.20 223 0.38

Total MKM 1,641 0.62 615 0.27

2.82 1.28

Other Income 653 0.25 537 0.23

Operating Expenses (966) (0.37) (963) (0.42)

EBITDA 1,328 0.50 189 0.08

Sale Volume KBD ML/Mo KBD ML/Mo

o Retail 40.5 195 39.6 192

o Industrial 20.4 98 13.4 65

Total Sale Volume 60.8 293 53.0 257

34

HSD

Mark

eting M

arg

in (Bt.

/L)

ULR

91 M

ark

eting M

arg

in (Bt.

/L)

Year 2008 Year 2009

Maintain marketing margin at high level

Year 2008 Year 2009

Indicative total marketing margin by product (included dealers margin)

(2.82 $/Bbl) (1.28 $/Bbl)

35

Diesel demand got back from economic recovery

6.6%

15.5%

7.7%

10.1%11.5%

0%

5%

10%

15%

20%

PTT ESSO SHELL BCP CALTEX

+7.9% Retail

Mogas growth

-0.4% Retail

HSD growth

+8.9%

Retail

market

Growth

Domestic retail growth 3Q09 compared by brand (yoy)

10.5%

3.3%

-11.4%

12.0%

4.1%4.5%

23.0% 21.8%

8.8%

17.1%

(15%)

(5%)

5%

15%

25%

PTT ESSO SHELL BCP CALTEX Mogas Pool

HSD Pool

Domestic retail growth 3Q09 by product & brand (yoy)

+5.0% Retail

Mogas growth

+11.2% Retail

HSD growth

Domestic retail growth 9M09 by product & brand (yoy)

17.4%

2.2%

-7.5%

11.4%

3.8%

-3.7%

12.7%10.2%

-4.8%-7.7%(10%)

0%

10%

20%

PTT ESSO SHELL BCP CALTEX Mogas Pool

HSD Pool

2.7%

9.0%

3.2%

0.7%

-3.3%(5%)

0%

5%

10%

15%

PTT ESSO SHELL BCP CALTEX

Note : PTT data is included PTT RM

Domestic retail growth 9M09 compared by brand (yoy)

+2.4%

Retail

market

Growth

3Q09 3Q08 9M09 9M08

ML/Mo Mkt Share ML/Mo Mkt Share ML/Mo Mkt Share ML/Mo Mkt Share

PTT 556.0 42.5% 521.6 43.5% 605.2 43.3% 589.2 43.2%

ESSO 226.8 17.3% 196.4 16.4% 229.6 16.4% 210.6 15.4%

SHELL 184.2 14.1% 171.1 14.3% 200.2 14.3% 193.9 14.2%

BCP 181.5 13.9% 164.8 13.7% 192.1 13.7% 190.8 14.0%

CALTEX 94.4 7.2% 84.7 7.1% 101.0 7.2% 104.5 7.7%

OTHERS 64.6 4.9% 61.6 5.1% 70.0 5.0% 75.8 5.6%

TOTAL 1,307.5 1,200.2 1,398.1 1,364.8

36

Source : DOEB

Market share through service station

1

2

3

4

1

2

3

4

1

2

3

4

1

2

3

4

37

Balance sheet

Assets

Inventories

Total Assets

Short Term Loan + Due 1 yr

Liabilities

Shareholders� Equity

Common Share

Premium on Share Capital

Revalue Asset

PPE

Leasehold Right

Total Liabilities & Equity

Other Non-Current Assets Retain Earning

Long Term Loan

Other Non Liabilities

Cash

Other Current Assets

Trade Accounts Receivable

Current Assets

Unit: Million Baht

Total Equity

Total Liabilities

Other Liabilities

Trade Accounts Payable

639

26,987

1,170

8,369

4,570

51,836

10,740

24,836

13,976

854

3,633

7,885

Investments in Subsidiary

Sep 30,2009

12,172

51,836

26,586

1,020

1,522

2,672

2,274

5,811

22,929

168

Dec 31,2008

5,743

42,293

25,021

1,087

1,543

2,095

2,275

4,450

14,563

79

1,874

22,552

1,119

7,695

4,856

42,293

6,071

19,741

13,671

866

1,678

4,463

Sep 30,2009 Dec 31,2008

38

The leader in renewable energy

• Sales volume 60.8 KBD (293 ML/Month , 4th Market

Share)

• Pioneer in co-operative type service station and self

service station

• Leader in renewable energy

• Cooperate with PTT to sell NGV in BCP service

stations

• Operating In - Station Non - Oil Business such as

Inthanin Café, Green Serve, Green Auto Service etc.

• Service station, re-branding to capture new target group

which is younger generation

• Seeking partnerships for additional business in service

stations

• Strengthen Gasohol and Biodiesel sales volume though

marketing network

• Researching and developing renewable energy products

• Room improvement to increase throughput rate per station

Marketing Strategy

Marketing Business Overview

39

Rewards

•Top Corporate Governance Awards (4th consecutive year)

• Best Corporate Social Responsibility Awards (3rd consecutive year)

• Best Investor Relation Excellence Awards (2nd consecutive year)

•Top Corporate Governance Awards (4th consecutive year)

• Best Corporate Social Responsibility Awards (3rd consecutive year)

• Best Investor Relation Excellence Awards (2nd consecutive year)

THAILAND SET AWARDS 2009

13 November 2009

40

Rewards

Board of the Year

Awards

2008/2009

November 26, 2009

•Board with Consistent Best Practices (only for the company who

received Board of the Year Award 3 times consecutively)

•Board of The Year for Exemplary Practices (3rd consecutive time)

•Audit Committee of The Year

•Board with Consistent Best Practices (only for the company who

received Board of the Year Award 3 times consecutively)

•Board of The Year for Exemplary Practices (3rd consecutive time)

•Audit Committee of The Year

Education• Master Degree in Business Administration (MBA),

MTSU, U.S.A. • Bachelor of Economics (2nd Honor), Faculty of

Economics, University of Thai Chamber of Commerce

Experience• 2001-2004: - VP, Retail Marketing

- SVP, Retail Marketing

Mr. YodphotWongrukmit

Executive management

Education• Ph.D. in Chemical Engineering, Monash University,

Melbourne, Australia• Master of Environment Engineering, Asian Institute of

TechnologyExperience• Present: - Chairman of Thailand Business

Council for Sustainable Development

- Director of Thai Listed Companies Asso.

• 2006-2008: - Member of the National Legislative Assembly

- Member and secretary to the Committee

on Energy, National Legislative Assembly

• 2001-2005: - Director of National Ethanol - Board Member of the House sub-

committee on ethanol and biodiesel

Dr. Anusorn Sangnimnuan

President

Education• Master of Engineering, Ohio State University,

U.S.A. • Bachelor of Engineering, Chulalongkorn University Experience• 1993-2002: - SEVP, Marketing

- SEVP, Manufacturing- SEVP, Planning and Logistics

Mr. Vichien Usanachote

SEVP, Refinery Business

Education• Master of Business Administrative (Finance) Steton

School of Economics and Business Administration, Mercer University, Georgia, USA.

• Bachelor of Business Administrative, Commerce and Accounting Faculty, Chulalongkorn University

Experience• 2007-2009: - Deputy MD and CFO Thanarak Asset

Development Co.,Ltd.

• 2005-2007 - Business Advisor Libra Law Office• 2004-2007 - Audit Director Wyncoast Industrial Park Plc.• 1998-2004 - VP, Treasury Department SME

Development Bank of Thailand

Mr. Surachai Kositsareewong

Education• Master Degree in Chemical Engineering,

Chulalongkorn University • Bachelor Degree in Chemical Engineering,

Chulalongkorn UniversityExperience• 2000-2005: - SVP, Planning and Supply

- EVP

Mr. Wattana Opanon-amata

EVPAccounting and Finance

SEVP, Corporate Administration & Information Technology

41EVP, Marketing Business

watcharapong@bangchak.co.th or

ir@bangchak.co.th Tel. +662 335 4583

www.bangchak.co.th click Investor Relation

Thank YouThank You