TRUST. Investor Presentation Thailand Focus 2013 Grand Hyatt Erawan, Bangkok August 28-29, 2013 PERFORMANCE YOU CAN. Aromatics. Refinery.

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1 PERFORMANCE YOU CAN TRUST Refinery Olefins Aromatics Polymers EO Based Performance Green Chemicals HVS High Volume Specialties Services and Others Investor Presentation Thailand Focus 2013 Grand Hyatt Erawan, Bangkok August 28-29, 2013

2 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

3 Agenda Incidents Update PTTGC Business Update Strategy and Execution Market Outlook 2Q/13 Operating Results 3

4 Oil Spill Committee and Execution leakage WHAT HAPPENED? On July 27, 2013 leakage in the flexible hose was found at the SPM while discharging crude oil. The leakage resulted in oil spill of 54,341 liters. PTTGC and other agencies coordinate in cleaning up by using dispersants. Last portion of oil slick reach Prao Bay, Samed Island. On-shore cleanup operation was done quickly and effectively. Currently all oil slick has been cleaned and the Refinery is operating at full capacity as usual. EXECUTION Set up working team led by CEO, President, Heads of business unit on oil spill management as follows: 1. Cleanup team continue to clean up oil spill in all affected areas both on and off shore 2. Remedy team work with government authorities regarding financial compensation for the effected persons i.e. fisheries, hawkers stalls 3. Restoration team monitor and recover marine environment and affected resources including water quality 4. Legal team work closely with insurance company and third party legal team to claim insurance and to seek legal position for any claim from authorities 5. Communication team set up spokesperson, IR and PR work together to communicate accurate messages to all stakeholders including public and private sectors 4

5 Oil Spill SPM has been back in operation since August 15, PTTGC & Samed Community clean the beach Prao Bay is back! Together with volunteers pick up crude residual Ready for tourists 5

6 PTT s GSP#5 Shutdown On August 14, 2013, Thunder storm and lightning strike on the Waste Heat Recovery Unit or WHRU of PTT s GSP#5 which is the gas supplier of PTTGC s I4-2 plant (Olefins production capacity of 450 KTA) PTT anticipated that the repairs will take approximately 3-5 months. PTTGC has arranged preliminary mitigation plans due to GSP#5 s shutdown as follows. 1. Coordinate with related parties including PTT to source for natural gas and/or search for natural gas from other sources 2. Allocate natural gas, especially ethane among PTTGC s olefins plants to maximize the value and to reallocate olefins products to efficiently operate both upstream and downstream products to minimize impact to PTTGC s performance and customers. Estimated the maximum preliminary impact of approximately 400 million Baht per month. PTTGC has Property Damage and Business Interruption insurance policy which cover suppliers extension. PTTGC and the insurer are currently in the process of appraising the claim value. 6

7 Agenda Incidents Update PTTGC Business Update Strategy and Execution Market Outlook 2Q/13 Operating Results 7

8 A Chemical Flagship of PTT Group with Compelling Strengths Largest gas-based petrochemical producer in Thailand and the fifth in Asia 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 Strong footprint in fast growing regions with 5 operating countries worldwide Committed to operational excellence targeting best in class/ first quartile business efficiency $1.1bn NET PROFIT 3,509 EMPLOYEES $18.8bn SALES 8.45 MTPA CAPACITY 2012 Figures, FX THB 30 $812mn FREE CASH FLOW* $1.9bn EBITDA >= 30% DIVIDEND POLICY *Free cash flow for investment after excluding debt service and dividend 8

9 Flexible Feedstock and Highly Competitive Cost Structure Feedstock Supply Product Marketing Olefins Customers Others Ethane, Propane, LPG Olefins / Polymers C 2 -C 4 100% Polymers (1) 54% (2) Others Condensate Aromatics C 5 -C 9 46% (2) Crude Oil Refinery C 10 -C 25 30% (2) 70% (2) Others Flexible Feedstock and By-Product Enhancement Feedstock Supply Commercial Agreements PTTGC's refinery (145 KBD) is one of the most complex refineries in Thailand, with Nelson Index of 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 distillate - Pygas from Olefins unit sent to Aromatics for BTX - Offgas from Refinery sent to Cracker for olefins products 1. PTT owns 50%, PTTGC and IRPC each owns 25% in PTTPM. 2. FY12 USD/Ton 1,200 1, Product Marketing Commercial Agreements Global Ethylene Cash Cost by Region 2012E (3) MDE NAM NEA LPG NAM MDE LPG MDE NEA SEA WEP Ethane Ethane Naphtha Naphtha Naphtha Naphtha Naphtha Source: IHS (formerly CMAI) as of July Note: MDE = Middle East, NAM = North America, NEA = Northeast Asia, SEA = Southeast Asia, WEP = Western Europe. 3. PTTGC ethylene cash cost is based on Company estimate and ethane cracker only PTTGC cash cost takes into account the effect of the renewal of gas price agreement. 4. MDE cash costs are average values of Iran and Saudi Arabia. (4) (5) (5) 1,006 9

10 2Q/13 and 1H/13 Sales Portion by Business Unit 2Q/13 Sales Split Domestic : Export (Volume) 1H/13 Thailand s Market Share Refinery Aromatics Olefins Domestic 75% 63% 90% Export 37% 25% 10% HDPE Import, 21% Other, 41% PTTGC, 38% Polymers 39% 61% EO-based 78% 22% Green 76% 24% 0% 20% 40% 60% 80% 100% 1H/13 Sales Split Domestic : Export (Volume) LDPE Import, 29% Other, 32% PTTGC, 39% Domestic Export Refinery Aromatics Olefins Polymers 37% 76% 66% 89% 63% 24% 34% 11% LLDPE Import, 29% Other, 39% PTTGC, 32% EO-based 82% 18% Green 74% 26% 0% 20% 40% 60% 80% 100% 10

11 Fully Integrated Petrochemical and Refinery Operations with Diversified Product Portfolio Feedstock Upstream Intermediates Downstream Proximity to Suppliers and Customers Exchange Stream Products By-Products Ethylene EO MEG HDPE LDPE LLDPE Natural Gas Light Naphtha Cracker Propylene EB/SM PO Polyols Ethanolamine Ethoxylate PS ABS OffGas Mixed C4 Butadiene PP Condensate Reformate, Heavy Naphtha Pygas Aromatics Plants C3,C4 Benzene Toluene PTT Phenol Cumene Cyclohexane SBR Phenol PC BPA Acetone Epoxy Resins MMA PMMA Caprolactam Nylon 6 Crude Crude Palm Oil REFINERY & SHARED FACILITIES Refinery Condensate Residue, Hydrogen Cracker Bottom, Hydrogen Paraxylene Orthoxylene Oleochemicals AROMATICS OLEFINS POLYMERS TDI/HDI PTA PA Fatty Alcohol Methyl Ester (B-100) EO-BASED PERFORMANCE Potential Product Opportunities (1) GREEN CHEMICALS PU PET Fiber/Resin Plasticizer Petroleum Products Petroleum Products - LPG LPG - Reformate Reformate - Light Naphtha Naptha - Jet Fuel - Diesel - Fuel Fuel Oil Oil HIGH VOLUME SPECIALTIES 1. PTTGC does not currently produce these products. 11

12 Organization Chart and Business Units 12

13 Agenda Incidents Update PTTGC Business Update Strategy and Execution Market Outlook 2Q/13 Operating Results 13

14 PTTGC s Strategies Overview To be a Leading Chemical Company for Better Living 14

15 Execution Led by a Well Defined Strategy Operational Excellence Marketing Excellence Synergy Project Excellence Debottleneck CAPEX Excellence Reliability improvement Energy efficiency improvement Cost reduction 24 projects completed out of 105 as of 1H/13 Product development Customer / Portfolio mgmt Strategic pricing Product upgrade Cost saving from share tank and facility Steam Cost reduction BV Project Quench Tower PX expansion PTTPE Cracker and Polymer Plants Debottleneck Capital Project Management Engineering Procurement Construction Project Mgmt. EBITDA Uplift (USD mn) Target EBITDA Uplift of Excellence Programs and Synergy Projects Debottleneck 1Q/14 BV project starts up 3Q/15 PX expansion starts up 15

16 2Q/13 Key Achievement and EBITDA uplift 1H13 Core Uplift 1-Step Adjacencies Emerging Business Models Excellence Programs 1. Operational excellence 1.1 1H13 Target FY13 28 USD mn - Reliability improvement - Energy efficiency improvement - Cost reduction 2. Marketing excellence USD mn - HVP sales performance exceeded target - increased portion of HVP from 10% to 14% of total polymers revenue - expanded 4 grades of HVP - Exported Mixed C4 and capture more value from mixed C4 quality premium - Exported PE sales to China, also allocated to strategic locations ie Indonesia for pre-marketing - Treated high sulfur diesel and kerosene from IRPC - Sold light naphtha as spot price to SPRC 3. Synergy projects USD mn - C3, C4 and 3 stream projects completed ongoing projects progress as planned - offgas progress 20% - Pure H2 via new PSA progress 77% Total USD mn 16

17 1-Step Adjacencies Direction Core Uplift 1-Step Adjacencies Emerging Business Models New Product New Geography C4 PU PC US Shale Gas China ASEAN Near-term Operate Butadiene Plant (BV Project) Expand HDI derivatives business in Thailand and HDI monomer in France To build PU system house with Partner in Thailand for niche market Seek for JV polyols and MDI Partner with global player Seek joint sales/mkt in ASEAN PC Compounding Mid-Term Expand into Synthetic rubber business by using butadiene from PTTGC and from JV Investment Plant Expand niche PU position to China with partner JV polyols and MDI plant Study, preparation, and seek opportunity for Cracker in US Strengthen sales & mkt on polymer/meg with partner Long-Term JV with key player who offer technology for synthetic rubber strategic owner business model Build fully integrated PU plant Full market coverage Expand capacity Strengthen market position Build asset in China Sales & mkt on special grade polymers / HVS products COD Pertamina petchem complex Enhance sales and mkt initiatives in AEC Buildup HVS Facilities Co-Investment with Parent/Sister Company Seeking Partnership-JV Shale Gas Field Owner/Operator Asian Company Build and Operate Back integrated to a cracker project in China Secure AEC market position 17

18 Existing and Upcoming Key Projects Core Uplift 1-Step Adjacencies Emerging Business Models Project Status Status New Products New Geographies Upcoming Upcoming Upcoming Existing Upcoming Competitive advantage over size and vicinity World-scale integrated petrochemical complex covering upstream to downstream Pave a way towards HVS product offering Signed HoA in Apr 2013 and to sign JV agreement by Dec 2013 Estimated investment of USD 4 bn, with D/E > 1 under project finance Secure access to China downstream market Signed MoU to jointly explore potential collaboration e.g., PU and PC chains and Bio-based chemicals Expand downstream product portfolio (PC and PO chain) and support HVS strategic initiative Signed HoA with Petronas and Itochu, target completion by 2017 for feasibility study Estimated USD 2 bn, PTTGC expects to contribute 25% of the equity component PTTGC holds 51% and is the owner of TDI and HDI technology which will pave the way to PU Phenol 2 Project will capture longer value chain of benzene and propylene. Pave a way towards downstream phenol derivatives. EHIA approved. Expected COD 3Q/15. CAPEX: Estimated investment of USD 148 mn, with D/E 2:1 (project financing) Under Feasibility Study Expect COD 2017 Expand Scope for collaboration on petrochemical plant Delay to 2017 for COD Target JV signing in 2014 Study on HDI derivatives Preparation for construction permits Polymers and Other HVS China Marketing Activities PU PC 18

19 Petrochemical Value Chain and the link with 1-Step Adjacencies Core Uplift 1-Step Adjacencies Emerging Business Models EC HDPE Ethylene VCM LDPE LLDPE PVC PC Application EO EG MEG Propylene Acrylic Acid PO PG PPG PP PA Butene-1 C4 IsoButylene Adiponitrile HDMA BR Nylon 6,6 Butadiene BDO THF PTMEG Styrene SBR PU Application Benzene Cyclo hexane Cyclo hexanone Capro lactam PS Nylon 6 Phenol BPA PC Cumene Acetone MMA PMMA Toluene Dinitro benzene MDA (Methylenediphenyl Diamine) MDI (Methylenediphenyl Diisocyanate) PU Dinitro toluene TDA (Toluenediamine) TDI HDI PBT PET Paraxylene PTA Polyester 19

20 Biochemical to Support Future Growth Core Uplift 1-Step Adjacencies Emerging Business Models PTTGC holds 50% in NatureWorks. A manufacture of polylactic acid (PLA) and lactides, plant-based biopolymers used to manufacture plastics and fibers with world scale PLA capacity of 150,000 ton/year. Applications Planned to build second plant potentially in Asia Studied the possibilities to use alternative feedstock PTTGC holds 47.25% in Myriant Corporation. A R&D based company with proven technology platform. In April 2013, Myriant Corporation had completed the construction of a 14,000 ton/year Succinic Acid Plant in Louisiana State and is currently commissioning. 20

21 Continues to Strive for Strong Profitable Growth Sales in THB Bn Based on constant Dubai crude year 2012 at USD 109 per bbl Green ~ ~ HVS New Global Hub Green HVS Debottleneck Synergy Project Excellence Operational Excellence, Marketing Excellence, Capital Expenditure Excellence Expected EBITDA Benefit Uplift 15-30% Actual 2011 Target Phase 1: Foundation for Growth Phase 2: The Growth Mode We aim to grow ~5 percent p.a. in the next ten years Target

22 CAPEX to Support Growth Approved and Uncommitted CAPEX Plan for year USD 4.5 Bn Uncommitted CAPEX USD 2.5 Bn from Cash Flows from Operation USD 4.5 Bn Green 5% Core Uplift 31% USD 2 Bn from Debt Financing USD 1 Bn secured from USD Bond Issued in Sep Step 64%* Adjacencies 22

23 Agenda Incidents Update PTTGC Business Update Strategy and Execution Market Outlook 2Q/13 Operating Results 23

24 Key Trends for Petrochemical Market in 2H/13 Refinery Crude oil prices expected to gradually increase toward the end of the year and average around usd/bbl Aromatics PX spread in 2H/13 expected to be softened than 1H/13 from new PX capacities BZ spread is expected to maintain in 2H13 due to the limited feedstock (Pygas) from lower run rate of Naphtha crackers, and improved BZ demand driven by SM Country Company Nameplate Cap. Capacity Effective Korea HC Petrochemical Q USA BP Q China Tenglong Aromatics Q China Petrochina Sichuan Petrochemical Q China Sinopec Hainan Refining Q China Tenglong Aromatics Q India ONGC Mangalore Petrochemicals Q Saudi Arabia SATORP (Al- Jubail) Q Total 5,630 2,077 Country PX : New Expansion/Capacity 2013 (KTA) PTA : New Expansion/Capacity 2013 (KTA) Company Nameplate Cap. Capacity Effective Total Effe.Cap Brazil Petroquimica Suape Q Germany BP Schwedt Q Indonesia MC C Indonesia Q China Luoy ang C hemical Fibre Plant Q Indonesia PT Indorama Petrochemicals [ Poly pr Q China Xianglu Petrochemicals 2 (Zhangzhou) 2, Q China Xianglu Petrochemicals 2 (Zhangzhou) 2, Q Saudi Arabia Ibn Rushd Q Turkey Petkim Petrokimy a 30 8 Q Total

25 Key Trends for Petrochemical Market in 2H/13 Olefins Polymers Ethylene price should gradually increase in 2H/13 due to higher feedstock cost and high planned shutdown while new capacity is still limited KTA Sichuan (July-Aug) China s PE imported volume is still growing at 11% from 2012 Asia Ethylene Volume Loss in 2H/13 Mitsui Chem. 612 KTA 20 Jun-7 Aug PTTGC I KTA Aug (1.5 months) Mitsub Chem. 450 KTA Aug (1.5 months) FPCC 1035 KTA Mid-Sep 1.5 (months) ExxonMobil (Singapore) 875 KTA Oct (1 month) Optimal (Malaysia) 600 KTA Sep (1.5 months) * HDPE price expected to improve from higher feedstock cost and improved demand while new supply still limited LDPE price is expected to remain high due to PTTGC s unplanned shut down (300KTA, 3.5 month) and Malaysia Petline (255KTA, 1 Sep for 45 days) LLPE price is expected to remain under pressure from new supply Source: * General Administration of Customs of the People's Republic of China, PTTPM New Asia and Middle East PE capacity in 2H/13 HDPE Sinopec Wuhan 300 KTA (Jul 2013) (900 KTA) Sichuan PC 300 KTA (Aug 2013) NPC Kermanshah (Iran) 300 KTA (Dec 2013) LDPE/EVA Sipchem/Hanwha 200 kta (Q3 2013) LLDPE Exxon Mobil Singapore 2x650 KTA (1,900 KTA) Sinopec Wuhan 300 KTA (Jul 2013) Sichuan PC 300 KTA (Aug 2013) 25

26 Agenda Incidents Update PTTGC Business Update Strategy and Execution Market Outlook 2Q/13 Operating Results 26

27 2Q/13 Key Achievement and Milestone During 2Q/13 Paid 2.45 THB/share dividend with 47% payout ratio for 2H/12 performance. Total 2012 dividend payment was 3.40 THB/share equivalent to 45% payout ratio. Completed amalgamation between PTTUT and IPT. PTTGC holds 30.31% in GPSC to strengthen business operation of utilities. Acquire remaining 40% shareholding of PPCL from PTT to pursue its downstream investment and capture the fully integrated value of Phenol chain. PTTGC currently holds 100% since May 2,2013. Restatement of Financial Statements due to Purchase Price Adjustment (PPA) completion in 4Q/12, contributed mainly from investment in Vencorex. PPCL had secured funding for Phenol 2 project with investment cost of MUSD, Debt/Equity ratio of 2:1. Debt will funded through project finance. After 2Q/13 Complete business transfer of BPE and PTTPE to PTTGC for more efficient and integrated operation LDPE Shutdown (capacity 300kton) for approximately 3.5 months to fix booster/primary compressor, currently waiting for spare part and target resume operation in October Oil Spill : Various measures were introduced to protect the environment and the community resulted from an oil leak into the sea amount to 54,341 liters. Signed MoU for strategic alliance for further collaboration on petrochemical plant with Sinochem Group 27

28 Key Financial Highlights (Unit: Million Baht) 2Q/2012 (Restated) 1Q/2013 2Q/2013 YoY QoQ 1H/12 1H/13 YoY Sale Revenue 139, , ,887-20% -21% 272, ,196-7% EBITDA 7,537 16,419 11,466 52% -30% 22,525 27,885 24% EBITDA Margin (%) 5% 12% 10% 5% -1% 8% 11% 33% * Net Profit 1,508 12,075 4, % -65% 11,360 16,247 43% EPS (THB/Baht) % -65% % *Net Profit 2Q/12 before restate = 851 MB Adjusted EBITDA 1 13,422 16,914 12,469-7% -26% 24,904 29,383 18% Adjusted EBITDA Margin (%) 10% 12% 11% 2% -1% 9% 12% 27% Revenue decreased 20% YoY primarily from lower sales of refinery, aromatics Refinery turnaround 44 days AROII turnaround 17 days I4-1 shutdown 10 days to prepare for Quench Oil Tower modification Reduce naphtha to gas portion (liquid/vapor ratio) from 0.95 to 0.60 Net Income increased 177% YoY from better performance and lower stock loss while decreased 65% QoQ due to lower utilization rates and lower spreads 28

29 Segmental Results 2Q/13 Olefins and Olefins Derivatives Business contributed greatly to EBITDA 2Q/13 Revenue Breakdown (%) Green 6% Olefins and Derivative 27% HVS 8% Others 0.02% Aromatics 23% Refinery 36% 2Q/13 Adjusted EBITDA Breakdown (%) Olefins and erivative 67% THB 112 Bn THB 12 Bn Green 2% HVS -1% Others 3.59% Refinery 3% Aromatics 26% Olefins and Derivative 61% 1H/13 Revenue Breakdown (%) Green 6% Olefins and Derivative 25% HVS 7% Others 0.06% THB 253 Bn Aromatics 22% Green 3% HVS 1% Refinery 41% 1H/13 Adjusted EBITDA Breakdown (%) THB 29 Bn Others 2.66% Refinery 8% Aromatics 25% Adjusted EBITDA Margin % by Core BU 2Q/12 1Q/13 2Q/13 Refinery Aromatics Olefins & Derivatives Green HVS H/12 1H/13 Refinery 3 2 Aromatics 5 13 Olefins & Derivatives Green 6 6 HVS

30 Strong Financial Position Cash + ST Investment CA PPE Non CA Statements of Financial Position THB 436 Bn THB 409 Bn 54 As of Dec 31, 2012 As of Jun. 30, 2013 Liab. IBD Share holders Equity Deben ture 61% Loan Type ST Loan 2% LT Loan 37% THB 120 Bn Interest Rate 70% Fixed 58% THB Currencies 30% Float 42% USD & Others Cost of long term debts ~ 5.0% (Include W/H Tax) Average loan life after refinancing Years Treasury policy Net IBD to Equity ratio of 0.7x Net IBD to EBITDA ratio of 2.4x Restructure of Loan Portfolio 6.7 Maturity of Financial Debt as at Jun. 30, PTTGC PPCL Others THB Bn x 1.4x 1.2x 1.0x 0.8x 0.6x 0.4x 0.2x 0.0x 1.34 Net IBD / EBITDA Net IBD/Equity Dec Mar Jun. 13 Key Financial Ratios 20% 15% 10% 5% 16.15% 16.39% 10.43% ROE ROA 17.09% 11.13% 11.80% 31 Dec Mar Jun

31 PTTGC s Way Forward FY13- another year to achieve high performance as targeted, with EBITDA uplift up to 30% towards 2017 following Operational Excellence, Marketing Excellence, Synergy Projects, and Debottlenecking Continue to pursue the target for strong profitable growth CAGR ~2-3% towards 2017 with expected revenue increase to THB bn CAGR ~5-7% towards 2022 with expected revenue increase to THB bn 31

32 Thank You For further information & enquiries, please contact our Investor Relations Team at 1. Thitipong Jurapornsiridee VP - Corporate Finance & IR Thitipong.j@pttgcgroup.com Panugorn Puengpradit IR Analyst Panugorn.p@pttgcgroup.com Prang Chudasring IR Analyst Prang.c@pttgcgroup.com

33 Appendix 2Q/13 Segmental Result Product Additional Demand/Supply 33

34 Refinery BU Performance Total Production Volume (mbbl) and Yield 120% 100% 80% 60% 40% 20% 0% Total Intake in KBD CDU U-Rate Others 6% 8% 5% Ref+LN 7% 7% 19% 20% 20% 20% 20% 9% 12% 9% Jet 10% 11% 98% 101% 51% 47% 49% Diesel 49% 48% % 14% 16% Fuel Oil 14% 15% 100 2Q/12 1Q/13 2Q/13 1H/12 1H/ Unit: USD/BBL 2Q/12 1Q/13 2Q/13 YoY QoQ Market GRM % -46% CDU GRM % -50% CRS GRM % -23% Hedging Gain/(Loss) % 356% Stock Gain/(Loss) Net NRV % 169% Accounting GRM % -69% Unit: USD/BBL 2Q/12 1Q/13 2Q/13 YoY QoQ 1H/12 1H/13 YoY Dubai % -7% % ULG95-Dubai % -18% % Jet-Dubai % -24% % Diesel*-Dubai % -14% % Fuel Oil-Dubai % -50% % Intake and U-Rate Crude CR+Other feed CDU rate 63% % % Q/12 1Q/13 2Q/13 1H/12 1H/13 120% 100% 80% 60% 40% 20% 0% EBITDA and Adj. EBITDA in THB bn EBITDA Adjusted EBITDA Q/12 1Q/13 2Q/13 1H/12 1H/13 * Diesel 0.05% Sulfur 34

35 Aromatics BU Performance Total Production Volume in Kton and Yield Total intake in kton 120% 100% 80% 60% 40% 20% 0% 1,396 1,357 1,312 2,506 2,669 10% 11% 10% Others 10% 11% 29% 27% 28% Ref+LN 28% 27% 24% 23% 25% CR 23% 24% 15% 15% 15% BZ+CX 15% 15% 23% 24% 23% 23% 23% PX group 2Q/12 1Q/13 2Q/13 1H/12 1H/13 Unit: USD/Ton 2Q/12 1Q/13 2Q/13 YoY QoQ Market P2F % -18% (LCM)/LCM Reversal N/A N/A Hedging Gain/(Loss) N/A N/A Stock Gain/(Loss) N/A N/A Accounting P2F % -29% 3,500 3,000 2,500 2,000 1,500 1,000 Unit: USD/Ton 2Q/12 1Q/13 2Q/13 YoY QoQ 1H/12 1H/13 YoY Condensate % -8% 1,932 1,819-6% Paraxylene FECP-Condensate % -19% 1,125 1,208 7% Benzene Spot Korea-Condensate % -3% % Naphtha-Condensate % -195% % Condensate Reformate + Other feed BTX rate 90% 92% 90% 88% 84% ,326 1,234 1, EBITDA ,332 2,460 Adjusted EBITDA 443 2Q/12 1Q/13 2Q/13 1H/12 1H/13 EBITDA and Adj. EBITDA in THB bn % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Q/12 1Q/13 2Q/13 1H/12 1H/13 35

36 Olefins and Olefins Derivatives BU Performance Sales Volume in Kton and Utilization Rates 2Q/2012 1Q/2013 2Q/2013 1H/12 1H/13 Sale Utilization Sale Utilization Sale Utilization YoY QoQ Sale Utilization Sale Utilization YoY Olefins* Volume Rate Volume Rate Volume Rate Volume Rate Volume Rate % % % 1% 9% % % 7% HDPE % % % (2%) (11%) % % 8% LLDPE 70 77% % 70 72% 1% (31%) % % 2% LDPE 54 98% % 71 99% 31% (5%) % % 28% Total % % % 4% -15% % % 10% MEG 90 85% 83 97% % Total 16% intake 26% % % 18% *Olefins external sales Price and Spread in USD/ton Olefins Intake Gas Naphtha 883 1, ,766 1,984 12% 12% 10% 14% 11% Unit: USD/Ton 2Q/12 1Q/13 2Q/13 YoY QoQ 1H/12 1H/13 YoY Naphtha % -11% % HDPE 1,387 1,482 1,443 4% -3% 1,391 1,463 5% LLDPE 1,357 1,477 1,433 6% -3% 1,338 1,455 9% LDPE 1,362 1,459 1,444 6% -1% 1,377 1,452 5% MEG 1,167 1,282 1,173 1% -9% 1,202 1,228 2% 88% 88% 90% 86% 89% 2Q/12 1Q/13 2Q/13 1H/12 1H/13 Olefins and Olefins Derivatives Adjusted EBITDA Margin in THB bn Q/12 1Q/13 2Q/13 1H/12 1H/13 36

37 Phenol Performance Sales Volume in Kton and Utilization Rates Phenol BPA Phenol U-rate BPA U-rate Phenol Adjusted EBITDA in THB bn % 126% 127% 29 27% 25 60% Phenol and BPA Market Spread in USD/ton % 2Q/12 1Q/13 2Q/13 YoY QoQ 1H/12 1H/13 YoY Phenol 1,407 1,523 1,402 0% -8% 1,440 1,463 2% Phenol-Bz % -19% % BPA-Phenol % -11% % Phenol and BPA P2F in USD/ton 110% % 126% 2Q/12 1Q/13 2Q/13 1H/12 1H/13 100% 67 88% 80% % 120% 60% 40% 20% 0% Q/12 1Q/13 2Q/13 1H/12 1H/13 2Q/12 1Q/13 2Q/13 YoY QoQ 1H/12 1H/13 YoY Phenol Margin % -17% % BPA Margin % -22% % P2F = PH AC BZ PY P2F = BPA PH AC 37

38 2Q/13 Profit and Loss Statement 2Q/2012 1Q/2013 2Q/2013 YoY QoQ (Restate) THB Mn % THB Mn % THB Mn % THB Mn % THB Mn % 1 Sales Revenue 139, , , (27,354) (20) (29,422) (21) 2 Feedstock Cost (117,992) (85) (112,119) (79) (87,594) (78) (30,398) (26) (24,525) (22) 3 Product to Feed Margin 21, , , , (4,897) (17) 4 Variable Cost (3,995) (3) (6,903) (5) (6,204) (6) 2, (699) (10) 5 Fixed Cost (3,374) (2) (4,128) (3) (4,163) (4) Stock Gain/(Loss) & NRV (6,187) (4) (643) - (1,422) (1) (4,765) (77) Gain/(Loss) Hedging 7 Commodity Other Income 2, , ,362 1 (702) (34) SG&A (2,522) (2) (2,569) (2) (2,819) (3) EBITDA 7, , , , (4,953) (30) 11 Depreciation & Amortization (4,057) (3) (3,952) (3) (4,187) (4) EBIT 3, , , , (5,188) (42) Financing Expenses (Net 13 Interest Earned) (1,373) (1) (1,115) (1) (1,120) (1) (253) (18) 5-14 FX Gain/(Loss) (1,281) (1) 1,986 1 (2,726) (2) 1, Shares of gain/(loss)from investments (18) - (22) - (123) (122) (4) (22) 16 Corporate Income Tax (1,220) (1) (119) (19) 1, Net Profit After Income 17 Tax 1, , , , (8,180) (68) Portion of Net Profit: 18 Shareholders 1, , , , (7,903) (65) 19 Minorities (252) Adjusted EBITDA 13, , , (953) (7) (4,445) (26) 38

39 Appendix 2Q/13 Segmental Result Product Additional Demand/Supply 39

40 Dubai Crude Oil prices pressured by economic slowdown but minimized by ME politics USD/BBL USD/BBL Gasoline 95-Dubai Jet-Dubai Diesel-Dubai Fuel Oil-Dubai Dubai Crude Gasoline 95 Jet Diesel Fuel Oil USD/Barrel Dubai Crude Gasoline-Dubai Jet-Dubai Diesel-Dubai Fuel Oil-Dubai Source: PIRA, May

41 USD/Ton 1,600 1,400 1,200 1, Unit : KMT 12,000 10,000 8,000 6,000 4,000 2, ,000 Olefins Improved derivatives demand will support to Olefins market 1,395 1, Short-term Price Forecast 1,297 1,333 1,283 1,265 1,294 1, Q/13 2Q/13 3Q/13F 4Q/13F Fushun PC China 800 KMT Q1-10 to Q3-12 Daqing PC China 600 KMT Q1-11 to Q3-12 Saudi Polymers Saudi 1,200 KMT Q3-11 to Q3-12 Long-term Supply/Demand Sichuan PC China 1,000 KMT Q3-11 to Q3-13 ExxonMobil SG 1,000 KMT Q3-11 to Q2-13 SINOPEC Wuhan CH 800 KMT Q1-11 to Q3-13 BPCL India 220 KMT Q3-11 to Q4-15 Sinopec Zhijin China 300 KMT Q4-14 to Q2-15 Reliance India 1,350 KMT Q1-16 to Q3-16 Ilam Iran 458 KMT Q1-15 to Q CNOOC & Shell China 1,000 KMT Q1-16 to Q1-17 America Europe Middle East China Other Asia Additional demand Other Asia 17% China 39% Short-Term Olefins prices were expected to remain high in 2H-13 due to improve demand in derivatives markets in line with new PE plants in Asia will come on-stream However the market will be pressured from 1) Additional new supply in Asia (mainly from China) in the second half of the year 2) Turnaround and shutdown for maintenance of Asia cracker 3) Uncertain global economic outlook America 22% Middle East 19% Europe 3% Additional ( ) (Unit : MMT) Supply Demand Source: CMAI July

42 USD/Ton 1,600 1,400 1,200 1, Unit : KMT 3,000 2,500 2,000 1,500 1, Polyethylene The market will be pressured from new supply in the short term 1,482 1,477 1, Short-term Price Forecast 1,443 1,444 1,433 1,430 1,402 1,428 1,389 1,385 1, Q/13 2Q/13 3Q/13F 4Q/13F Fushun PC China 575 KMT Q1-10 to Q3-12 Daqing PC China 400 KMT Q1-11 to Q3-12 Saudi Polymers Saudi 550 KMT Q3-11 to Q3-12 HDPE Long-term Supply/Demand Sichuan PC China 300 KMT Q1-12 to Q3-13 Saudi Polymers Saudi 550 KMT Q3-11 to Q1-13 SINOPEC Wuhan CH 300 KMT Q1-11 to Q3-13 OPAL India 350 KMT Q1-13 to Q3-14 BPCL India 110 KMT Q3-13 to Q4-14 Shanxi Coking Corp China 150 KMT Q2-15 to Q2-16 Ilam Iran 300 KMT Q1-14 to Q Other Asia 11% China 42% America Europe Middle East China Other Asia Additional demand Short-Term More new PE supplies in Asia (Mainly from China) and strong buying resistance from end-use producers due to squeezed margin will weigh on PE markets especially in the second half of the year However, due to Q3-early Q4 13 will be the high manufacturing season, it will support PE demand to be improve America 21% Middle East 22% Europe 4% Additional ( ) (Unit : MMT) Supply Demand

43 Unit : KMT 3,500 3,000 2,500 2,000 1,500 1, LLDPE & LDPE New Capacities and Closures ExxonMobil Sing. 1,300 KMT Q1-11 to Q4-12 Fushun PC China 225 KMT Q2-10 to Q3-12 LLDPE Long-term Supply/Demand SINOPEC Wuhan China 300 KMT Q1-11 to Q3-13 Sichuan PC China 300 KMT Q3-12 to Q3-13 OPAL India 350 KMT Q1-13 to Q3-14 Yulin Energy China 300 KMT Q2-13 to Q2-14 LDPE Long-term Supply/Demand CNOOC & Shell China 300 KMT Q1-16 to Q1-17 Other Asia 29% China 39% America Europe Middle East China Other Asia Additional demand America 19% Middle East 13% Europe 0% Additional ( ) (Unit : MMT) Supply Demand Unit : KMT 2,000 1,500 1, QAPCO Qatar 300 KTA Q1-12 to Q3-12 Borouge UAE. 350 KTA Q1-14 to Q3-14 Reliance India 400 KTA Q1-15 to Q China 28% Europe 11% Other Asia 7% America Europe Middle East China Other Asia Additional demand Middle East 30% America 22% Additional ( ) (Unit : MMT) Supply Demand Source: CMAI July

44 USD/Ton 1,600 1,400 1,200 1, MEG the market will be robust due to seasonal and strong derivative demand 1,395 1, Short-term Price Forecast 1,265 1,294 1,280 1,173 1, , Q/13 2Q/13 3Q/13F 4Q/12F Short-Term New MEG supplies will come on-stream in the second half of the year and persistently high port inventories in China will affect the market. However, buying sentiment is expected to be driven up from stronger demand in the downstream textiles and fabrics sectors in China due to seasonal demand and more new Polyester supply will start up in the second half of the year 2013 MEG Long-term Supply/Demand Unit : KMT 6,000 5,000 4,000 3,000 2,000 1,000 0 Henan Coal Chemical China 400 KTA Q1-13 to Q3-12 Henan Coal Chemical China 400 KTA Q1-13 to Q4-12 Petrochina Sichuan China 380 KTA Q3-13 to Q4-13 Ningbo Heyuan China 500 KTA Q4-12 to Q1-13 Qianxi Coal Chem China 400 KTA Q3-13 to Q America Europe India Middle East China 52% Other Asia 3% India 5% America 18% Europe 5% Middle East 17% Additional ( ) (Unit : MMT) Supply Demand China Other Asia Additional demand Source: PCI June

45 Paraxylene Derivatives demand will support PX market Short-term Price Forecast USD/Ton 1,800 1,618 1,600 1,409 1,402 1,365 1,400 1, , Q/13 2Q/13 3Q/13F 4Q/13F Short-Term PX demand in year 2013 will be supported from new PTA plants in Asia (especially in China) will start up in and high manufacturing season in textile and fabric sectors in China However, additional new supply in Asia in 2H-13 and squeezed PTA margins and high inventory levels among downstream Polyester market will affect the PX market PX Long-term Supply/Demand Unit : KMT 6,000 5,000 4,000 3,000 2,000 1,000 0 Dalians Fujia2 China 700 KTA Q3-12 to Q4-12 Tenglong Aromatics1 China 800 KTA Q2-12 to Q2-13 SK Energy S. Korea 800 KTA Q3-12 to Q1-14 PetroRabigh Saudi. 1,400 KTA Q3-15 to Q Other Asia 36% China 20% America Europe India Middle East China Other Asia Additional demand America 2% Europe 4% Middle East 23% India 15% Additional ( ) (Unit : MMT) Supply Demand Source: PCI June

46 USD/Ton 1,600 1,400 1,200 1, Benzene the market will still be driven by the main products 1, Short-term Price Forecast 1, ,232 1, Q/13 2Q/13 3Q/13F 4Q/13F Short-Term Benzene supply will depend on the shutdown for maintenance of Aromatics plants and higher operating rate of Cracker in Asia due to high margin In addition, Benzene market will be depend on volatile crude and feedstock prices and improve demand from derivatives (SM and Phenol) market Unit : KMT 3,000 2,500 2,000 1,500 1, Daqing PC China 150 KTA Q1-13 to Q3-12 BZ Long-term Supply/Demand ExxonMobil Sing. 340 KTA Q1-13 to Q2-13 Anqing PC China 54 KTA Q3-12 to Q1-13 Samsung Total PC S. Korea 422 KTA Q4-14 to Q3-14 Reliance India 260 KTA Q1-16 to Q-15 Nghi Son Vietnam 246 KTA Q1-15 to Q Other Asia 55% America 1% America Europe Middle East China Other Asia Additional demand Middle East 9% Europe 2% China 33% Additional ( ) (Unit : MMT) Supply Demand Source: CMAI July

47 USD/Ton 1,800 1,600 1,400 1,200 1, Phenol Will be pressured from high feedstock prices and new additional supply 1,612 1, Short-term Price Forecast 1,531 1,327 1,345 1,277 1,232 1, Q/13 2Q/13 3Q/13F 4Q/13F Phenol Long-term Supply/Demand Short-Term Phenol market remain continue to face rising cost and weak supply/demand balances Additionally, Phenol market will be pressured from new additional supply in Asia, mainly from China in the second half of the year Unit : KMT Lihuayi Group Taiwan 217 KTA 1,500 Q1-13 to Q4-12 1, FCFC China 300 KTA Q4-13 to Q1-14 SSMC China 250 KTA Q4-13 to Q1-14 Kumho P&B S. Korea 300 KTA Q3-14 to Q1-15 INEOS/Yangzi PC China 400 KTA Q3-14 to Q1-16 Other Asia 55% America 1% Europe 2% China 68% Additional ( ) (Unit : MMT) Supply Demand America Europe Middle East China Other Asia Additional demand Source: CMAI July