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3Q/14 ANALYST MEETING PRESENTATION

St. Regis Hotel, Bangkok November 14, 2014

Supattanapong Punmeechaow, President & CEO

Patiparn Sukorndhaman, EVP-Finance and Accounting

Sriwan Eamrungroj, EVP -Marketing, Commercial and Supply

http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&docid=H6DC4_odhUKjHM&tbnid=nudTjvcp_k7FDM:&ved=0CAUQjRw&url=http://www.nokia.com/global/about-nokia/people-and-planet/news/sustainability-indices/&ei=o0dPU5OeNsaSrge9tIC4BQ&psig=AFQjCNFiq87N9yEmVdXSCGeYMpzlAN0JlQ&ust=1397789594109672

DISCLAIMER

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

2

AGENDA

3

1. MISSION TO BE CONTINUED

2. 3Q/14 OPERATING RESULTS

3. MARKET OUTLOOK

AGENDA

4



3. MARKET OUTLOOK

MISSION TO BE CONTINUED Delivering a Sustainable Growth and balancing all Stakeholders ‘ interests

* Effective October 1, 2014

Supattanapong Punmeechaow, President & CEO

PTTGC’s Top Management Team’s Commitment

5

Vision To Be a Leading Chemical Company For Better Living

Mission

SUSTAINABLE GROWTH WITH WORLD CLASS SUCCESS

6

ENVIRONMENT

Asia Responsible Entrepreneurship Awards

A Member of United Nations Global Compact at Advanced Level [UNGC]

ASEAN CG Scorecard 1 of 17 Thai Corporates

Award by CDP in Climate Disclosure Leader for 2 Consecutive years & ranked 1 of 7 leading companies

Best Public Company of the Year 2014

Forbes Global 2000 Rank #687 in Global 2000 Rank #14 in Diversified Chemicals

American Chemical Society Global Top 50 Rank #39

2nd Consecutive years

ICIS TOP 100 Awards Rank # 22

Thailand’s Top Corporate Brand Values 2014

Carbon Footprint for Product Certification from Thailand Greenhouse Gas Organization

The first company in Thailand who received the Carbon Neutral certification

Board of the year Awards 2013 for Distinctive Practices

Excellence in SHE Conditions for 16 Consecutives

AMCHAM CSR Excellence Recognition 2013 Silver level in Creative partnership

https://www.google.co.th/url?q=http://asian.chs.ac.th/&sa=U&ei=5BxWU4X-GcKzrgfIl4DQDQ&ved=0CC0Q9QEwAA&sig2=8Mu0agV5JDykXzaf-GQrRQ&usg=AFQjCNF7-PnOu_A6t2XJvBaBYD65xd6aNg

http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&docid=H6DC4_odhUKjHM&tbnid=nudTjvcp_k7FDM:&ved=0CAUQjRw&url=http://www.nokia.com/global/about-nokia/people-and-planet/news/sustainability-indices/&ei=o0dPU5OeNsaSrge9tIC4BQ&psig=AFQjCNFiq87N9yEmVdXSCGeYMpzlAN0JlQ&ust=1397789594109672

HIGH STANDARD OPERATIONS & WORK PROCESS

7

Eneg

y Ef

fici

ency

1st

Qu

arti

le

2nd Q

uar

tile

3rd Q

uar

tile

4th Q

uar

tile

4th Quartile 3rd Quartile 2nd Quartile 1st Quartile

Reliability

Refinery

Aromatics

Olefins

Polymers : HDPE, Polymers : LDPE Polymers : LLDPE

EO-Based Performance

YTD Plant Operation(1) as of Sep. 14 Management System

Note: 1) Internal Calculation base on Solomon and Phillip Townsend Methodology

Energy Efficiency and Reliability drop from its normal standard due to the unstable feedstock supply from PTT’s GSP #5 technical problem from Lightning Strike since Aug. 2013 and I4-1 Shutdown in Feb. 2014. Layout the Infrastructure with Single Enterprise

Resource Planning (ERP) • Integrated End to End Work Process and will Support

Future Business Expansion

Real-time Dashboard

Real-time Performance

Strategic Performance Management

ON GOING STRATEGIC DIRECTION

8

GREEN

CORE UPLIFT PROJECTS

1-STEP ADJACENCIES

Marketing Excellence

Debottlenecking

Operational Excellence

Synergy Excellence

NEW GEOGRAPHIES NEW PRODUCTS

ASEAN: Pertamina

CHINA: Sinochem

US: Shale Gas

System House

Compounding

PC, PU, Nylon 6-6

Oleochemical

PLA

Succinic Acid

PLA/PBS Compound

EXCELLENCE

EXECUTION EBITDA Uplift

15-30% (2012-2017)

1st Quartile

Performance

ROIC > 14%

Listed in Globally

Sustainability Index

CORE UPLIFTS: PROJECTS UPDATE

9

Pure H2 via New PSA

PTTPE Cracker Debottlenecking

12% Olefins Increase

New LLDPE +300 KTA

SYNERGY

TO BE FINALIZED

Phenol 2 Project

Target COD: 3Q/15

TOCGC Plant Improvement Project

Target COD: 3Q/15

Aromatics 2 Debottlenecking

Project (PX Expansion)

Target COD: 4Q/15

EOE +90 KTA

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

Phenol +250 KTA Acetone +155 KTA

DEBOTTLENECKING & EXPANSION

CAPACITY CAPEX (M.USD)

348

94.2

128.8

UNDER CONSTRUCTION PROJECTS

CONSTRUCTION PROGRESS

77%

53%

43%

LLDPE Expansion

Off Gas upgrading at Olefins

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

CONSTRUCTION PROGRESS

91%

To Start Capturing Benefits in 2015

BV Project

Butadiene 75 KTA Butene-1 25 KTA

COMPLETED PROJECTS

348

272

DEBOTTLENECKING & EXPANSION

CAPACITY CAPEX (M.USD)

Target

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

CORE UPLIFTS: BENEFITS UPDATE

(MUSD)

10

Excellence Programs (MUSD)

2014 Target

9M/14 Actual

Est. 2014

Synergy Excellence

83 32 46 -Heavy Gas (Offgas) -Pure H2 via PSA -C3/C4 Stream -3 Streams (Heavy Gasoline, LCB, CB) -Heavy Aromatics


80 96 127 -Customer Portfolio Management

-Product Development -Pricing Excellence


31 28 37 -Total 47 projects in 2014 -34 Energy Saving Projects -7 Plant Reliability Projects -6 Cost Reduction/Optimization Projects

Total 194 156 210

1-STEP ADJACENCIES: NEW GEOGRAPHIES Pride of Indonesia

11

Existing Balongan Refinery

(125 KBD)

Potential Partners

New World Scale

Naphtha Based Cracker Expansion

Refinery

New Downstream

Petrochemical

2014

FID

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

2015 2016-2019 2020

Construction COD New Cracker + Downstream Petrochemical

Basic Engineering Design

Expected Project Timeline

Customers

• PTTGC will mainly focus on Petrochemical while PTT joined bidding for Refineries Expansion

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

Pertamina Refinery Unit VI Balongan

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

12

• Shortlisting of Technology and Potential Partner

• Under Feasibility Studies • To Finalize Potential Partner by 2015

• Overall Progress at 26% as of Sep 14

• TDI conversion to world-scale HDI monomer

• Global technology center • New HDI derivatives plant in Thailand

• Capacity: 12 KTA • Investment: EUR 40 million • Expected IRR > 15% • Target Commissioning by 3Q/15

Vencorex Transformation

PO-Polyols & System House

System House

Formulation & End-use

Foam (67%)

CASE (33%)

Broad and diverse end-use applications

Polyols -Polyether

Polyols

Propylene Oxide (PO)

Isocyanate

TDI

MDI

HDI

PU Building Blocks

Isocyanate is a key building block.

1

2

PU

1

2 Ethylene

Oxide (EO)

http://www.vencorex.com/

MITIGATING THE RISKS Decline of Crude Oil Price

Corporate Risk Management System

Risk Mgmt Process Risk Criteria Risk Audit Monitor & Review

Decline Crude Oil Price

Stress Test

Close Monitoring Reviewing

Commercial and Financial Risk Management

Crude/Products Hedging

Inventory Hedging

FX Hedging

Inventory Mgmt.

Supply Chain Mgmt.

Optimization

Risk Assessment


Utility Management

Turnaround Excellence

Synergy Capital Project Mgmt.

Reliability & Asset Integrity

Customer Value /Portfolio Mgmt.

Pricing Excellence

Product Development


Risk Management

13

MITIGATING THE RISKS Energy Reform

Corporate Risk Management System

Risk Mgmt Process Risk Criteria Risk Audit Monitor & Review

LPG (Price Increase from

Energy Reform)

Stress Test

Close Monitoring Reviewing

Increase Public Understanding

Risk Management Risk Assessment

Studies of Feedstock from US Shale Gas

Alternative Feedstock to fulfill Plant Flexibility

Studies of Logistics Facilities

Plant Optimization (Fully Flexible Feedstock Intake)

14

AGENDA

15



3. MARKET OUTLOOK

BUSINESS ENVIRONMENT AND OPERATIONS RECAP Outperform Olefins & Derivatives Business Beat Declining Crude Oil

Surplus crude and weak demand pressured Dubai crude to decline

from average at 106.1 USD/BBL in 2Q/14 to average 101.5

USD/BBL in 3Q/14. As a result , PTTGC reported Stock Loss & NRV

totaling 2,841 M.THB for the quarter

FX Gain amounting to 381 M.THB, resulting from slight

appreciation in THB against USD from end 2Q/14 at 32.60

THB/USD to end 3Q/14 at 32.52 THB/USD.

HDPE price remained strong with Improving Aromatics

Diesel-Dubai 14.4 USD/BBL -17% YoY -10% QoQ

FO – Dubai -8.4 USD/BBL +21% YoY +21% QoQ

PX-Cond 479 USD/Ton -6% YoY +43% QoQ

BZ-Cond 430 USD/Ton +31% YoY +16% QoQ

HDPE 1,604 USD/Ton +8% YoY +2% QoQ

MEG 1,143 USD/Ton 0% YoY +5% QoQ

Overall utilization rate of major businesses

*Source: BOT Selling Rate

Average Dubai Crude Price

USD/BBL

Average and Closing FX : THB/USD*

3Q/13 2Q/14 3Q/14 9M/13 9M/14

Refinery CDU Utilization (%) 98 103 102 87 102

Aromatics BTX Utilization (%) 91 89 83 89 84

OlefinsUtilization (%) 75 91 94 88 87

Polymers Utilization (%) 88 106 104 95 103

EO Based MEG Utilization (%) 92 99 112 96 92

GreenME Utilization (%) 129 106 121 112 113FA Utilization (%) 139 117 101 128 110

Phenol Phenol Utilization (%) 124 131 132 125 114

109.1

105.5 104.0

116.1

106.4 106.3 107.4 108.2

100.8

106.3 106.8 104.5

106.1

101.5

2012 2013 9M/14 1Q/12 2Q/12 3Q/12 4Q/12 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

31.08 30.73 31.00 31.29 31.36 30.68 29.80 29.89 31.48 31.73 32.66 32.45 32.10

30.99

31.97

30.97 30.78

29.45

31.27

31.53

32.95 32.58 32.60 32.52

2012 2013 1Q/12 2Q/12 3Q/12 4Q/12 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

Average FX Closing FX

16

17.9 16.1 19.6 16.8 17.3 17.7 17.8 16.0 14.4

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

17.5 15.3 20.3

15.3 17.0 17.3 17.0 14.3 14.5

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

REFINERY PERFORMANCE Lower Crude Price in 3Q/14 Contribute to stock loss

ULG

95

- D

B

JET

- D

B

Die

sel

- D

B

FO -

DB

Petroleum Product Spread (USD/BBL)

+ 6% YoY -18% QoQ

-14% YoY + 1% QoQ

-17% YoY -10% QoQ

+21% YoY +21% QoQ

Gross Refinery Margin (USD/BBL)

Total Intake (KBD)

87% 102% 101% 63% 98% 103% 101% 103% 102%

Sales Volume (KBD)

+6% YoY +1% QoQ

CDU U-Rate

+2% YoY -5% QoQ

Note: In 2Q/13, Refinery had Planned Turnaround of 38 days

15.1 14.6 18.4

14.6 12.4

9.2

14.6 16.1 13.2

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

(7.3) (9.2) (7.4) (3.7)

(10.7) (10.5) (8.5) (10.7)

(8.4)

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

3.56 4.24 4.37 2.38

3.48 3.42 4.48 4.44 3.83

0.73

(0.96) (0.91)

(2.45)

4.21

1.11

(0.69)

0.73

(2.92)

0.77 0.56 0.27

1.23

0.98

0.78 0.33 0.66

0.70

5.06 3.84 3.73

1.16

8.67

5.30 4.12

5.83

1.61

(10.00)

(8.00)

(6.00)

(4.00)

(2.00)

-

2.00

4.00

6.00

8.00

(3.00)

(1.00)

1.00

3.00

5.00

7.00

9.00

11.00

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

Market GRM Stock Gain/(Loss) Net NRV

Hedging Gain/(Loss) Accounting GRM

126.8 147.8 146.4

91.8 142.4 149.1 146.5 148.6 148.2

49.7 57.6 57.8

36.0

55.5 69.4

52.5 59.3 61.0

176.6 205.4 204.2

127.8

197.8 218.4

198.9 208.0 209.2

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

Crude Condenstate Residue & Others

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14Market GRM 3.56 4.24 4.37 2.38 3.48 3.42 4.48 4.44 3.83 GRM on CDU 4.40 5.38 5.50 2.73 4.31 4.31 5.52 5.74 4.81 GRM on CRS 2.78 2.81 3.08 2.38 2.90 2.98 2.85 2.76 2.82

17

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

52% 52% 51% 54% 52% 49% 52% 51% 54%

11% 13% 11% 10% 12% 15% 13% 13% 12%

14% 14% 14% 16% 12% 15% 16% 16% 10%

156 184 183 111 176 196 185 188 179

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

Naphtha + Ref.

Jet

Diesel

Fuel Oil

Others

AROMATICS PERFORMANCE Improved PX and BZ spread

Pri

ces

PX

FEC

P -

Co

nd

B

Z S

po

t -

Co

nd

Aromatics Products Prices and Spread (USD/Ton)

-6% YoY +43% QoQ

+31% YoY +16% QoQ

Products to Feed Margin (USD/Ton BTX)

BTX U-Rate and Sales Volume (KTons)

BTX U-Rate

-6% YoY -4% QoQ

916 903 948

871 930 937 917 922

872

1,489

1,303

1,618

1,409 1,440 1,440

1,303 1,256

1,350 1,307

1,297

1,379

1,286 1,258 1,283

1,297 1,293

1,301

800

1000

1200

1400

1600

1800

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

Condensate Erawan PX FECP BZ Spot Korea

391 394 430 415 328 346 380 370

430

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

573

400

669

539 510 502

386 334

479

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

89% 84% 92% 84% 91% 93% 91% 89% 83%

18

6% 6% 8% 5% 4% 3% 7% 6% 4%

28% 28% 26% 26% 31% 30% 25% 28% 33%

43% 43% 43% 42% 43% 43% 43% 43% 42%

23% 23% 22% 26% 22% 24% 24% 23% 22%

2,510 2,488 824 810 876 836 806 860 822

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

BZ Group

PX Group

Naphtha Group

Other By-Products

325

178

396 323

262 221

166 86

290

14.01

(10.18) (1.45) (45.97)

84.10

26.94

(7.90)

40.44

(68.54) (0.26)

(0.81) (0.02)

339

167

395

277 346

248

158 127

221

(400)

(300)

(200)

(100)

-

100

200

300

400

(80)

(30)

20

70

120

170

220

270

320

370

420

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

Market P2F Stock Gain/(Loss) Net NRV

Hedging Gain/(Loss) Accounting P2F

1,471

1,576 1,482

1,443 1,489

1,536 1,554 1,569 1,604 1,466

1,580

1,477 1,433

1,490 1,549 1,560 1,578 1,601

1,491

1,615

1,459 1,444

1,569

1,664 1,639 1,605 1,601

1,199 1,139

1,282 1,173 1,143

1,208 1,182 1,093

1,143

913 933 961 858 920 946 935 951 913 700

800

900

1,000

1,100

1,200

1,300

1,400

1,500

1,600

1,700

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

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

OLEFINS AND DERIVATIVES PERFORMANCE Continuing Strong HDPE Price

Pri

ces

MEG

AC

P –

0.6

5Eth

ylen

e H

DP

E -

Nap

hth

a

Olefins Derivatives Prices and Spread (USD/Ton)

-36% YoY +20% QoQ

+22% YoY +12% QoQ

Adjusted EBITDA Margin

U-Rate (%)

GAS : NAPHTHA Intake %

HDPE Price +8% YoY +2% QoQ

Sales Volume (KTons)

KTons

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14HDPE (FILM) SEA 1,471 1,576 1,482 1,443 1,489 1,536 1,554 1,569 1,604 LLDPE CFR SEA 1,466 1,580 1,477 1,433 1,490 1,549 1,560 1,578 1,601 LDPE CFR SE Asia 1,491 1,615 1,459 1,444 1,569 1,664 1,639 1,605 1,601 MEG ACP 1,199 1,139 1,282 1,173 1,143 1,208 1,182 1,093 1,143 Naphtha MOPJ 913 933 961 858 920 946 935 951 913

558 643

521 585 568 590 620 618 691

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

337

193

375 351 284 281

245

152 182

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

57% 57% 55% 54% 65% 53% 61% 54% 56%

34% 34% 33% 36% 31% 35% 25% 35% 40% 9% 9% 12% 10% 4% 12% 14% 11% 4%

2,740 2,669 1,012 972 756 969 790 925 955

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

Ethane Other Gas Naphtha

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14 Olefins 565 474 200 218 147 190 134 168 172

HDPE 618 630 216 193 208 217 202 218 210 LLDPE 291 288 102 70 119 107 98 105 85 LDPE 171 239 75 71 25 47 72 92 75

Total PE 1,079 1,157 393 334 352 371 373 415 369 MEG 282 275 83 104 95 89 71 95 110

28% 26% 30% 28% 26% 24% 24% 25%

28%

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

19

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14 Olefins 88% 87% 97% 93% 75% 93% 77% 91% 94%

HDPE 104% 105% 109% 96% 106% 113% 93% 107% 114% LLDPE 99% 98% 113% 72% 113% 114% 99% 112% 84% LDPE 68% 104% 101% 99% 5% 101% 115% 93% 104%

Total PE 95% 103% 109% 89% 88% 111% 99% 106% 104% MEG 96% 92% 97% 100% 92% 86% 65% 99% 112%

PHENOL AND BPA PERFORMANCE Improved Margin from Lower Surplus

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)

+207% YoY +78% QoQ

+9% YoY +54% QoQ

Adjusted EBITDA Margin

+6% YoY +11% QoQ

20

1,307 1,297 1,379

1,286 1,258 1,283 1,297 1,293 1,301

1,426 1,490 1,523

1,402 1,352 1,387 1,424 1,456

1,592

1,743 1,728 1,880

1,719 1,630 1,605 1,638

1,653

1,894

900

1100

1300

1500

1700

1900

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

Benzene Phenol BPA

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14Phenol (CMP) 1,426 1,490 1,523 1,402 1,352 1,387 1,424 1,456 1,592 BPA (CMP) 1,743 1,728 1,880 1,719 1,630 1,605 1,638 1,653 1,894 Benzene 1,307 1,297 1,379 1,286 1,258 1,283 1,297 1,293 1,301

119

193 145 116 95 104 126

164

291

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

317

238

356 317

277 218 214 197

302

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

54% 56% 40%

55% 65% 54% 60% 58% 52%

46% 44% 60%

45% 35% 46% 40% 42% 48%

208 187 63 76 69 69 48 66 73

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

Phenol

BPA

U-Rate 9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14 Phenol 125% 114% 126% 127% 124% 130% 78% 131% 132%

BPA 99% 94% 64% 116% 116% 104% 70% 107% 104%

3%

10%

1% 4% 5% 4% 4%

7%

16%

9M/13 9M/14 1Q/13 2Q/13 3Q/13 4Q/13 1Q/14 2Q/14 3Q/14

9,574 7,611

8,719 9,545

30 26 25

28

-20

-15

-10

-5

0

5

10

15

20

25

30

-1000

1000

3000

5000

7000

9000

11000

13000

15000

1Q/13 3Q/13 2Q/14 3Q/14 Oct-14

21

Olefins and Derivatives Performance

Ethane Flow (Ton/Hr)

HDPE Price ($/Ton)

EBITDA Margin (%)

EBITDA (M.THB)

Olefins Utilization Rate (%)

OVERVIEW OF BUSINESS UNITS’ PERFORMANCE Margin Supported by Stable Gas Flow Despite Weak Crude

3Q/14 Revenue and Adjusted EBITDA Structure

Adjusted EBITDA Margins

45%

19%

24%

6% 6% 0%

13%

16%

61%

1%6%

3%

145,820 MB 15,702 MB

Adjusted EBITDA Sales Revenue

% Adj. EBITDA Margin 3Q/13 2Q/14 3Q/14Business Unit :

Refinery 2 4 3Aromatics 8 (2) 9Olefins and Derivative 26 25 28Green 9 4 1HVS 4 1 11

Average 9 8 11

1482 1489 1569 1604 1564

97 75

91 94 100

254

221 229 242

272

INCOME STATEMENT – 3Q/14

Note: * Adjusted EBITDA = EBITDA – Stock Gain/(Loss) &NRV – Provision for Business Restructuring of Vencorex ** Vencorex business restructuring provision at 100% share *** Vencorex business restructuring provision portion of 49% for non-controlling interests or Baht 1,097 million

***

3Q/2013 2Q/2014 3Q/2014 YoY QoQ

MB % MB % MB % MB % MB %

1 Sales Revenue 141,394 100 152,401 100 145,820 100 4,426 3 (6,581) (4)

2 Feedstock Cost (116,522) (82) (126,966) (83) (117,045) (80) 523 0 (9,921) (8)

3 Product to Feed Margin 24,872 18 25,435 17 28,775 20 3,903 16 3,340 13

4 Variable Cost (6,211) (4) (7,601) (5) (7,042) (5) 831 12 (559) (7)

5 Fixed Cost (4,028) (3) (4,904) (3) (4,337) (3) 309 8 (567) (12)

6 Stock Gain/(Loss) & NRV 3,768 3 1,180 1 (2,841) (2) (6,609) (175) (4,021) (341)

7 Gain/(Loss) Commodity Hedging 560 0 411 0 425 0 (135) (24) 14 3

8 Other Income 1,235 1 1,249 1 1,113 1 (122) (10) (136) (11)

9 SG&A (3,808) (3) (3,056) (2) (3,232) (2) (576) (15) 176 6

10 Extraordinary Item

11 Provision for Business Restructuring** 0 0 (2,239) (1) 0 0 0 0 2,239 100

12 EBITDA 16,388 12 10,475 7 12,861 9 (3,527) (22) 2,386 23

13 Depreciation & Amortization (4,149) (3) (4,415) (3) (4,308) (3) 159 4 (107) (2)

14 EBIT 12,239 9 6,060 4 8,553 6 (3,686) (30) 2,493 41

15 Finance Cost (1,144) (1) (1,097) (1) (1,095) (1) (49) (4) (2) (0)

16 FX Gain/(Loss) (738) (1) 71 0 381 0 1,119 152 310 437

17 Shares of profit/(loss) from investments (54) (0) 290 0 240 0 294 544 (50) (17)

18 Income Tax Expense (708) (1) (599) (0) (521) (0) (187) (26) (78) (13)

19 Net Profit 9,595 7 4,725 3 7,558 5 (2,037) (21) 2,833 60

20 Profit/(loss) attributable to:

21 Owners of the Company 9,610 7 6,085 4 7,591 5 (2,019) (21) 1,506 25

22 Non-controlling interests (15) (0) (1,360) (1) (33) (0) (18) (120) 1,327 98

23 Adjusted EBITDA * 12,619 9 11,534 8 15,702 11 3,083 24 4,168 36

22

***

INCOME STATEMENT – 9M/14

Note: * Adjusted EBITDA = EBITDA – Stock Gain/(Loss) &NRV – Provision for Business Restructuring of Vencorex ** Vencorex business restructuring provision at 100% share *** Vencorex business restructuring provision portion of 49% for non-controlling interests or Baht 1,097 million

***

9M/2013 9M/2014 YoY

MB % MB % MB %

1 Sales Revenue 394,590 100 444,587 100 49,997 13

2 Feedstock Cost (316,462) (80) (365,162) (82) 48,700 15

3 Product to Feed Margin 78,128 20 79,425 18 1,297 2

4 Variable Cost (19,203) (5) (22,059) (5) 2,856 15

5 Fixed Cost (12,207) (3) (13,874) (3) 1,667 14

6 Stock Gain/(Loss) & NRV 1,703 0 (2,236) (1) (3,939) (231)

7 Gain/(Loss) Commodity Hedging 1,127 0 1,030 0 (97) (9)

8 Other Income 3,921 1 3,680 1 (241) (6)

9 SG&A (9,197) (2) (9,392) (2) 195 2

10 Extraordinary Item 0 0 0 0 0 0

11 Provision for Business Restructuring** 0 0 (2,239) (1) (2,239) (100)

12 EBITDA 44,273 11 34,335 8 (9,938) (22)

13 Depreciation & Amortization (12,289) (3) (12,925) (3) 636 5

14 EBIT 31,984 8 21,410 5 (10,574) (33)

15 Finance Cost (3,379) (1) (3,333) (1) (46) (1)

16 FX Gain/(Loss) (1,479) (0) 1,054 0 2,533 171

17 Shares of profit/(loss) from investments (93) (0) 771 0 864 927

18 Income Tax Expense (1,419) (0) (1,493) (0) 74 5

19 Net Profit 25,614 6 18,409 4 (7,205) (28)

20 Profit/(loss) attributable to:

21 Owners of the Company 25,857 7 19,971 4 (5,885) (23)

22 Non-controlling interests (243) (0) (1,563) (0) (1,320) (544)

23 Adjusted EBITDA * 42,570 11 38,810 9 (3,760) (9)

23

***

STRONG FINANCIAL POSITION

Interest Rate Currencies

61 % Fixed 50 % THB

39 % Float 50 % USD & Others

Loan Type

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

• Average loan life after refinancing - 5.19Years

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

THB 116 Bn

THB Bn

* After Refinance

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

Statements of Financial Position

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

THB 433 Bn THB 426 Bn Cash +ST Investment

CA

Non CA

PPE

Liab.

IBD

Share Holder’s Equity

14.44%

11.51% 12.51% 11.52% 9.42%

7.97% 8.64% 7.95%

5%

10%

15%

20%

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

ROE ROA

1.30 1.34 1.41 1.52

0.31 0.28 0.30 0.30

0

0.3

0.6

0.9

1.2

1.5

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

Net IBD/EBITDA NET IBD/Equity

24

AGENDA

25



3. MARKET OUTLOOK

CRUDE OIL: Booming Shale Oil Adversely Affects Global Oil Prices This Year

26

80

90

100

110

120

Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

USD/BBL

Refinery Maintenance

IEA Cut Oil Demand Growth

Iraq Crisis

Iran’s Sanction Lift

Conflict in Ukraine and Crimea

Resumed Libya Supply

Severe Winter Climate

Strong USD

Slow Euro/China’s Economy

U.S. Oil Production Hit 30-Year Highest at 8.7 MBD

JBC, Barclays, BNP, BoA, Citi, Standard Chartered, Morgan Stanley*

JP Morgan, Goldman Sachs*

• Shale oil output continues growing by technology advance

• Saudi Arabia fights for market share

• Libya/Iran increase output

• Euro/China’s economy slow down

• Stronger USD

• Ebola outbreak

• OPEC cuts production

• Lower oil prices stimulate economic and spur oil demand

• Supply disruption from geopolitics

* Reuters Poll on October 30, 2014

USD/BBL USD/BBL

Saudi Arabia Cut Official Selling Price

http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://michelewoodward.com/whats-next&ei=vOVdVIybJZWUuQSu24CICg&bvm=bv.79189006,d.c2E&psig=AFQjCNH9aLIrM0mT-c7Ecw_MvBjVcpOA6A&ust=1415526209896249

U.S. SHALE OIL AND GAS: Why Shale Oil Come out This Much?

27

MORE ADVANCED TECHNOLOFY MORE WET GAS FOUND MORE FUNDING FROM FINANCIAL INSTUTUTION

MORE PRODUCT EXPORT MBD

U.S. NET OIL PRODUCT EXPORT

LESS CRUDE IMPORT, ESPECIALLY LIGHT MBD

West African Crudes

REFINING BUSINESS: Fierce Competition with U.S. and M.E. Refiners

28

2015 Global Capacity Addition Outpaces Demand Growth

2012 2013 2014 2015

Net Capacity AdditionDemand Growth

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

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

-10-8-6-4-202468

101214161820

2011 2012 2013 2014 (YTD) 2015 (F)

Diesel - Dubai

Gasoiline - Dubai

Fuel Oil - Dubai

2015 Margin Tends to be Softer than 2014

USD/BBL

14.80

12.00

-7.20

Source: PRISM, Oct 14

Factors to be Watched

Asia Has More Surplus Gasoil to Export in 2015

1,921

188 689

-294

899

1,205

650

1,130

LPG Naphtha Gasoline Jet/Kero Gasoil Fuel Oil

UNIT: KBD UNIT: KBD

Import from U.S./M.E.

Import from M.E./West

Export to Europe/Africa

Export to Europe/M.E. Export to

M.E./Africa

-1,195 -1,120

+164 +356

+750

-1,176

Import from the West

PRODUCT BALANCE IN ASIA 2015

REFINING CAPACITY GROWTH VS. DEMAND GROWTH

PRODUCT SPREAD VS. DUBAI CRUDE

Source: IEA, JBC (Oct 14)

15.85

14.57

-8.87

17.86

13.66 14.37

17.12 18.27

13.50

-8.00

-3.30 -4.03

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

• Narrower clean/dirty product spread

• Euro/China’s economy slow down

• European refineries permanently shut down or lower operating rates

• New refining capacity start-ups delay from plan

Source: JBC (Nov 14)

Gasoil

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

29

More Paraxylene Capacity to Come in 2015

Low Cyclohexane Capacity Growth Boosts 2015 O/R Shale Gas Utilization Strengthens Benzene Margin

Lighter Feedstock Reduces Benzene Supply Growth in 2015

60%

64%

68%

72%

76%

80%

84%

88%

92%

0.0

2.0

4.0

6.0

8.0

10.0

2012 2013 2014 2015

Capacity AdditionDemand from PTAGlobal Operating Rate

MT

50%

55%

60%

65%

70%

75%

80%

-0.50.00.51.01.52.02.53.03.54.04.55.0

2012 2013 2014 2015

Capacity AdditionDemand GrowthGlobal Operating Rate

MT Operating Rate

2014 2015

N. America - 1,612 - 1,579

Europe - 454 - 400

N.E. Asia 189 - 378

S.E. Asia 651 789

S. Asia 603 907

Middle East 261 229

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2011 2012 2013 2014 2015 (F)

PX-MOPJ BZ-MOPJ

BZ (Korea) PX (Korea)

Source: PRISM, Oct 14 USD/MT

45%

50%

55%

60%

65%

70%

75%

-200

0

200

400

600

800

1,000

2012 2013 2014 2015


KT Operating Rate

Derivatives of CX

Caprolactam Adipic

Acid

Cyclohexanol Other

Operating Rate

-50 133

199

349

532

661

200

-113

70.3

73.2

1,542 1,497 1,474

1,250 1,156

1,104 1,207

1,301 1,277 1,161

400

5,200

3,985

1,200

2,400

2,500 2,100

87.1 87.0 81.7 81.0

-293

2,541

1,185

92

1,406

1,474 1,010

72.4 72.7 71.3

72.3

BZ Balance of Each Region

604 554 552 344 361

166 264 380 370 365

2015 New Capacity (MT) • Reliance 2,250 • Sinopec Hainan 600 • JSC KazMunaiGas 469 • PTTGC 120 Lotte Chemical (200) Total 3,239

Effective Cap 2015 1,392

Carry Over 2014 2,593

Total Eff. Cap. 2015 3,985 2,100

1,175

66.8 64.8

Source: PCI, IHS (Oct 14) Source: IHS (Oct 14)

Source: IHS (Oct 14)

MARKET SIZE 45.9 MTA MARKET SIZE 37.1 MTA

MARKET SIZE 5.7 MTA

30

Shale Gas Utilization Strengthens Benzene Margin Factors to be Watched

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

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2011 2012 2013 2014 2015 (F)

PX-MOPJ BZ-MOPJ

BZ (Korea) PX (Korea)


1,542 1,497 1,474

1,250 1,156

1,104 1,207

1,301 1,277 1,161

604 554 552 344 361

166 264 380 370 365

• More lighter feedstock further tightens benzene supply

• Tight benzene supply makes cyclohexane more value

• Cheap U.S. condensate lowers Far East condensate prices

• North East Asia turns to be benzene net importer

• China’s slowdown economy affects polyester demand

• Lower phenol price substitutes cyclohexane demand for caprolactam

More Paraxylene Capacity to Come in 2015

60%

64%

68%

72%

76%

80%

84%

88%

92%

0.0

2.0

4.0

6.0

8.0

10.0

2012 2013 2014 2015

Capacity AdditionDemand from PTAGlobal Operating Rate

MT Operating Rate

400

5,200

3,985

1,200

2,400

2,500 2,100

87.1 87.0 81.7 81.0

2015 New Capacity (MT) • Reliance 2,250 • Sinopec Hainan 600 • JSC KazMunaiGas 469 • PTTGC 120 Lotte Chemical (200) Total 3,239

Effective Cap 2015 1,392

Carry Over 2014 2,593

Total Eff. Cap. 2015 3,985 2,100

Source: PCI, IHS (Oct 14)

Lighter Feedstock Reduces Benzene Supply Growth in 2015

50%

55%

60%

65%

70%

75%

80%

-0.50.00.51.01.52.02.53.03.54.04.55.0

2012 2013 2014 2015


MT Operating Rate

2014 2015

N. America - 1,612 - 1,579

Europe - 454 - 400

N.E. Asia 189 - 378

S.E. Asia 651 789

S. Asia 603 907

Middle East 261 229 -293

2,541

1,185

92

1,406

1,474 1,010

72.4 72.7 71.3

72.3

BZ Balance of Each Region

1,175

Source: IHS (Oct 14)


POLYETHYLENE BUSINESS: Continue Strong Margin, U.S. Cracker Projects Likely to be Delayed and Costly

31

2015 Ethylene Demand Growth Outpaces Capacity Addition

Tight Ethylene Supports HDPE Price above USD 1,400/MT Factors to be Watched

Polyethylene Operating Rate Remains High in 2015

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2011 2012 2013 2014 2015

HDPE-Ethylene Ethylene-MOPJ

Ethylene HDPE


85.6

85.8

87.6 88.2 88.0

83

84

85

86

87

88

89

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

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

MT % Operating Rate

83.6 83.2

84.9 84.9 83.9

80

81

82

83

84

85

86

-2.0

0.0

2.0

4.0

6.0

8.0

10.0


MT % Operating Rate

1,366 1,371 1,488

1,557 1,421

1,187 1,230 1,352 1,423 1,286

179 141 135

134 135

490 537 431

287 249

• U.S. cracker expansion projects are likely to be delayed and more costly

• More plant closures in Europe (1,645 KTA announced until 2015)

• Constraints of Coal-to-Olefins plants in China

• Lower oil price stimulates PE demand

• Weak naphtha price pulls HDPE price down

• Lower polypropylene (PP) price harms PE demand

2.3 3.9

5.8

6.0

6.1

1.8 2.9

3.6

4.2 4.2

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


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

32

New On-purpose Propylene Capacity Brings O/R Down

Margins to be Pressured by Excess Capacity Factors to be Watched

New Butadiene Capacity Pressures O/R in 2015


80.1 80.3 80.7

79.5

78.6

76

77

78

79

80

81

82

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

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

MT % Operating Rate 79.8

78.0 76.4

75.0 75.9

69

71

73

75

77

79

81

0.0

0.2

0.4

0.6

0.8

1.0

1.2


MT % Operating Rate

0

400

800

1,200

1,600

2,000

2,400

2,800

2011 2012 2013 2014 2015

Propylene-MOPJ Butadiene-MOPJ

Butadiene Propylene

• Constraints CTO/PDH plants in China

• High operating rate of ethylene increases propylene supply

• Falling natural rubber price lower butadiene demand

• Slow growth of vehicle sales

448 324 405 394 372

1,804 1,244

550 410 420

2,742

2,188 1,471

1,296 1,216

1,168 1,280 1,326

1,267 1,386

1.7

2.9 4.4 4.5

4.2

0.1

0.3 0.6 0.5

0.4



300

400

500

600

700

800

900

1,000

1,100

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2014 2015

USD/MT

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

33

Capacity Grows Balanced with Demand

2015 Margin Tends to Improve from 2014 Factors to be Watched

Price will Rebound as Inventory Declines

MT

438

253 204

34 80

1,185

1,028 1,055

929 890

0

100

200

300

400

500

600

700

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

2011 2012 2013 2014 2015

MEG Margin (0.63xEthylene)MEG PricePTA Price

78%

80%

82%

84%

86%

88%

90%

0.0

0.5

1.0

1.5

2.0

2.5

2012 2013 2014 2015


MT Operating Rate


961

1,225 1,538

421

86.7

88.1 88.4

845

1,466

• Low production from coal-based due to quality

• Improved PTA price as high-cost producers cut run

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

• Strong ethylene cost squeezes margin

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

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

INVENTORY IN CHINA

MEG Demand

MEG Price (ASP)

1,286

88.3

1,101

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

MARKET SIZE 25.5 MTA

Low Season

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

34

Two New Phenol Plants will Start up by End of 2014

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

Little New More BPA Capacity in 2015 Makes OR Increase

55%

60%

65%

70%

75%

80%

85%

90%

95%

0

200

400

600

800

1,000

1,200

1,400

1,600

2012 2013 2014 2015


KT Operating Rate

45%

50%

55%

60%

65%

70%

75%

80%

85%

0

100

200

300

400

500

600

700

800

2012 2013 2014 2015


KT Operating Rate

698 407 338 428 358

373

168 196 171 218

2,084

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

1,443 1,416 1,462

1,313 1,069 1,010 1,125 1,099

1,002

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2011 2012 2013 2014 (E) 2015 (F)

BPA Margin Phenol Margin BPAPhenol Acetone


615

160

725

204

Start up by end of 2014 • CEPSA Chemical

Shanghai (250 KTA)

• FCFC Ningbo (300 KTA)

Start up mid of 2015 • PTTGC 250 KTA

Start up 2015 • Nan Ya Plastics (150

KTA)

• Changchun Plastic (135 KTA)

385

55

306 258

87.8 80.0

285

91

182

55 286 148

78.8 72.1 74.4

210

• Strong benzene price squeezes phenol margin

• Market adaptability to deal with biggest oversupply situation

• Phenol-based caprolactam switch from cyclohexane

• Polycarbonate maintains high price and margin

845

75.5

77.2


82.9


35

For further information & enquiries, please contact our Investor Relations Team at [email protected]

1 Thitipong Jurapornsiridee VP - Corporate Finance & IR [email protected] +662-265-85742 Puvadol Vasudhara IR Manager [email protected] +662-140-87123 Panugorn Puengpradit IR Analyst [email protected] +662-140-87144 Prang Chudasring IR Analyst [email protected] +662-265-83275 Supika Charudhanes IR Analyst [email protected] +662-265-85336 Chutima Jarikasem IR Coordinator [email protected] +662-140-8713

Thank You

mailto:[email protected]

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