22 August 2018 Contents Overview Performance Outlook Overview - PowerPoint PPT Presentation

22 August 2018

Contents Overview Performance Outlook Overview Q2/2018 & 1H/2018 Performance Outlook 2018 1

Oil Balance Thailand: Jan - Jun 2018 Adequate refining capacity maintains the stability of supply Overview Performance Outlook Supply Production Sales Domestic Import (83%) Imported Refined Petroleum Products 72 KBD 1,026 KBD Crude/ Refined Condensate Products Total Refining Capacity in Thailand: 954 KBD 1,232 KBD 1,141 KBD* Crude/ 986 KBD (**) Indigenous (17%) Condensate 173 KBD 206 KBD Refined PTT’s Associated Refineries : 770 Products KBD Export ( TOP, PTTGC, IRPC ) 198 KBD Other Refineries : 462 KBD (SPRC, ESSO, BCP) Crude Export 33 KBD 231 KBD Source: PTIT Remark : (*)Refined product from refineries = 1,031 KBD, including domestic supply of LPG from GSPs and Petrochemical Plants = 110 KBD (**) Not included Inventory KBD = Thousand Barrels per day 2

Natural Gas Balance: Jan – Jun 2018 Main driver of the Thai economy Overview Performance Outlook Supply Production Sales Ethane/ Propane/ Gulf of Thailand (68%) Petrochemical LPG/NGL Feedstock (15%) 3,223 PTTEP, MMSCFD 1,035 MMSCFD 29% (22%) Industry Others, 71% Household LPG/NGL Transportation 6 GSPs Bypass Gas Total Capacity (7%) 475 Onshore (2%) 2,860 MMSCFD @ Actual Heat MMSCFD 93 MMSCFD Methane Power (57%) 1,712 MMSCFD Import (30%) Industry (16%) NGV (5%) Myanmar 57% 1,420 MMSCFD LNG 43% Remark: MMSCFD = Million Cubic Feet @ Heating Value 1 ,000 Btu/ft 3 3

Key Business Drivers: Oil and gas prices continue to rise Overview Performance Outlook Dubai vs FO ($/BBL) NG Prices ($/MMBTU) QoQ HoH QoQ HoH Dubai 13% 32% 90 JLC* 6% 16% FO 15% 29% 72.1 12 JKM 26% 31% 63.9 59.3 9.6 Avg . Pooled 7% 13% 8.3 69.2 10 10.6 53.1 Dubai 50.5 8.3 8.0 8.4 49.8 60.3 45.7 JLC* 57.5 7.8 7.0 9.1 50 8 36.8 51.1 50.2 6.8 7.9 49.0 6.0 7.7 5.8 5.7 43.8 6 JKM 6.5 6.1 5.9 5.9 5.6 Avg. 5.5 5.5 5.7 30.5 4 Pooled 5.4 FO Price 10 2 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 * JLC = Japan LNG Cocktail : Landed LNG price in Japan Petchem ($/Ton) FX (USD/THB) QoQ HoH 1700 Depreciated (QoQ) HDPE 0.4% 20% 37 0.3 THB/USD (1%) HDPE Price PX-Naphtha 9% 4% 1300 1,385 36 35.6 1,379 35.3 1,226 1,176 1,128 1,137 35 1,138 1,133 35.3 900 34 34.5 PX-Naphtha Spread 33.6 33 500 32.0 33.1 31.7 32 400 Appreciated (HoH) 393 388 357 380 368 346 310 3.0 THB/USD (9%) 5 100 31 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 4 Note: Figures are average & Naphtha (MOPJ)

Activities Highlights : PTT • NGV Public price uplifted 0.62 bath/kg (16 May 18) Key Events Update • PTTGC • (Q2’18) Transferred Oil BU’s assets to PTTOR • • TOCGC (Planned T/A 12 days) PTTEP • • Phenol I (Planned T/A 16 days) Bongkot acquisition (22.22%) • TOP • Divestment 100% stakes of assets in Montara • • CDU 1 (Planned T/A 21 days) PTTGC Signing SPA for PTA and PET business (Aug’18) • IRPC • TOP FID Clean Fuel Project (CFP) • • HDPE (Planned T/A 30 days) GPSC BOD approved to acquire GLOW (69.11% & tender offer • 30.89%) Business Performance Performance Upstream PTTEP (HoH) Coal Midstream Gas Downstream Oil Trading Petchem Refinery Infrastructure Power Finance Loan Repayment (PTT Group) (Q2’18) Loan Drawdown PTTEP: USD 575 MM • PTTGC sub: THB 1,650 MM/ USD 498 MM /EUR 11 MM • PTTGC & Sub: THB 489 MM / USD 518 MM/ EUR 14 MM • TOP Sub: THB 88 MM/ USD 611 MM/ VND 57,946 MM • TOP: THB 431 MM / USD 611 MM • GPSC: THB 2,000 MM • IRPC: THB 500 MM • GPSC sub: THB 468 MM 5 •

Contents Overview Performance Outlook Overview Q2/2018 & 1H/2018 Performance Outlook 2018 6

PTT Consolidated Performance: 1H/2018 Overview Performance Outlook 13% QoQ 32% HoH Avg. Dubai 68.0 72.1 63.9 1H/18 1H/17 51.4 (USD/BBL) Others PTTEP 12% HoH Unit : MMTHB 1% 1% 5% 5% 1,111,759 PTT - Gas P&R 9% QoQ 13% 988,585 15% 30% 31% Revenue Revenue Revenue 578,787 532,972 PTT - Oil 50% 49% & Trading Q1/18 Q2/18 1H/17 1H/18 Others 16% HoH 4% 4% 190,815 12%QoQ PTTEP P&R 164,171 32% 31% 33% 33% 100,699 90,116 EBITDA EBITDA EBITDA 6% 7% 25% 25% PTT - Oil PTT - Gas Q1/18 Q2/18 1H/17 1H/18 & Trading Others 10% HoH 25% QoQ PTTEP 77,485 6% 7% 69,817 16% 17% P&R 25% 29% Net Net 39,788 Net Income Income 30,029 Income 8 PTT 49% 51% Q1/18 Q2/18 1H/17 1H/18 7

1H/18 Performance: Healthy operating performance, lowered by no EPIF receipt and tax exposures Overview Performance Outlook MMTHB Extra Items Dividends from mutual fund (EPIF) Net 77,485 Income Others Affi Coal BU from tax penalty Higher revenue from LNG Terminal 1 Phase 2 69,817 1,348 5,083 6,343 OPEX* Depre & 31,727 Petrochem & Refining Other Amortiza- 11,644 Higher stock gain in 1H/18 Income tion Extra FX & Better Olefins from product price & sale vol. 14,977 Items 5,217 Margin Derivatives Aromatics decreased esp. BZ spreads Others Int. & Weaken Mkt. GRM from higher crude premium 5,613 Affi. 5,376 4% CIT exp.& Other PTTEP 19,201 Higher tax expense from FX depreciation P&R 20,144 5% Improved ASP & Sales Vol. from oil price recovery PTTEP 12,942 Gas 11,079 14% GSP increased vol. and LPG margin TM increased from TDC vol. S&M margin rose Oil Lower margin PTT 34,512 33,218 Higher volume 4% Gas stations & Café Amazon expansion Trading Vol. increased from lower refineries shutdown Higher margin from domestic condensate & out-out 1H/18 1H/17 HO Higher CIT 8 * including petroleum exploration expenses and royalties Tax expense on land sale

E&P : NI pressured performance from Tax Expense, despite Vol & ASP increased Overview Performance Outlook E & P Gas Oil & Trading P&R Others Sales Volume Product Prices KBOED Liquid 11% QoQ 2% HoH 3% QoQ ($/BBL) 70.13 32% HoH 66.77 63.12 303 293 293 298 50.63 Weighted 7% QoQ 89 86 Liquid 83 88 Avg. 20%HoH 46.94 ($/BOE) 45.51 44.01 38.04 2% QoQ Gas 214 210 212 205 Gas 13% HoH 6.14 6.20 ($/MMBTU) 6.07 5.45 Q1/18 Q2/18 1H/17 1H/18 Q1/18 Q2/18 1H/17 1H/18 Net Income (100%) Key Highlights MMUSD QoQ 73% QoQ 6% HoH • ASP edged up by 7% due to rise of oil price. 536 569 • Sales vol. increased mainly from Zawtika and Sinphuhorm 423 Projects. 113 378 • Recurring NI increased due to higher oil price and Vol, 640 Recurring NI 304 while NI decreased, primarily from increase in tax expense 336 191 due to FX depreciation. 119 -104 HoH Non-recurring *** -223 • ASP increased from rising in oil price 1H/18 • Sales vol. increased from Contract 4 and MTJDA projects. Q1/18 Q2/18 1H/17 • NI declined from higher tax expense , despite Vol & ASP *** Includes Deferred tax from Functional currency, Current Tax from FX Revaluation, increased. 9 Gain/loss from Financial instruments, Gain/(loss)on FX, H1 incident Insurance Claim, and etc.

PTT EBITDA Breakdown by BU’s Overview Performance Outlook (Unit: MMTHB) Business Unit Q1/18 Q2/18 QoQ 1H/17 1H/18 HoH Gas- EBITDA 23,244 8 % 48,243 16 % 24,999 41,631 • S&M 4,274 4,133 3% 7,606 8,407 11% • TM 9,294 0% 18,565 7% 9,271 17,400 • GSP 8,208 9,763 19% 14,738 17,971 22% • NGV (812) 62% (2,126) 7% (1,314) (2,280) • Others* 2,280 38 % 5,426 30 % 3,146 4,167 Oil- EBITDA 6,318 3,943 38% 10,472 10,261 2% Trading**- EBITDA 1 ,095 2,422 121% 2,805 3,517 25% Total *** 3 0,657 31,364 2% 54,908 62,021 13% * Others include PTTLNG, PTTNGD, and PTTGL (restructured by excluding GPSC, PTTES, PTTDigital and ENCO) ** MIS *** Included subsidiaries from all BUs 10

Gas BU: Continual rising pooled gas, NG volume maintained Overview Performance Outlook E & P Gas Oil & Trading P&R Others NG Price VS FO NG Customer Breakdown MMSCFD %QoQ %HoH $/MMBTU $/Ton 0.2%HoH 15 FO 15% 29% 4% QoQ 430 Fuel Oil* Pooled 4,726 4,825 4,735 400 7 % 13% 374 Price 4,644 13 357 NGV (5%) 235 242 265 250 318 312 Industry (16%) 760 304 715 760 760 296 11 300 1,047 GSP (22%) 247 1,008 1,035 1,023 219 9 Avg. Pooled 987 SPP (26%) 1,229 1,209 gas price 1,189 200 160 7 6.5 932 765 IPP (16%) 6.2 6.1 770 6.0 774 5.9 5.8 5.8 5.4 5.6 5.5 789 819 EGAT (15%) 719 648 * MOPS HSFO 180 CST 5 100 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q1/18 Q2/18 1H/17 1H/18 NGV Price/Sales Volume Key Highlights 5% HoH THB/KG 2% QoQ QoQ 12.7 12.6 12.4 12.0 • Gas cost and F/O price continue to rise • NG sales vol. increased from power demand due to summer NGV Avg. price • NGV vol. decreased despite avg. selling price rose K.Ton/Day 8% HoH 6% QoQ HoH 6.88 • 6.51 6.10 6.30 • NG sales vol. maintained from lower power demand offsetting Industry and GSP vol. • NGV vol. dropped from demand switching to diesel and gasoline Q1/18 Q2/18 1H/17 1H/18 11