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PTT Oil BusinessCONFIDENTIAL AND PROPRIETARY

Any use of this material without specific permission of PTTPLC is strictly prohibitedMarch 29-30, 2017

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Agenda

Summary of the Restructuring

PTT’s Oil Business Overview & Operating Performance

Industry Overview

PTT’s Oil Business Directions

Next Steps

CONFIDENTIAL AND PROPRIETARY

Any use of this material without specific permission of PTTPLC is strictly prohibited

Summary of the Restructuring

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Summary of the Restructuring

3

Restructuring

Transfer Price

IPO / Listing Venue

Minimum Shareholding by PTT

Shareholding by PTT & Government

(1) In the case that there is a loss or damage of assets on the scheduled date to finalize the list of assets and liabilities to be transferred of more than 5% of the Transfer Price, the value of such loss or damages will be used to adjust the Transfer Price down; in the case that there are agreements under which the rights, duties, and liabilities cannot be transferred to PTTOR, which have material negative effect on EBITDA, the parties agree to adjust the Transfer Price down under the terms to be mutually agreed by the parties; in the case that the Transfer Date is later than 1 July 2017, the Transfer Price will be adjusted if there is material difference between the fair market value of net assets as of the Transfer Date and the estimate of the fair market value of net assets as at 30 June 2017.

(2) In case where there is an overallotment to stabilize the share price (Stabilization) for a period of 30 days from the first trading day of PTTOR’s shares on the SET, PTT’s holding percentage in PTTOR may temporarily decrease to be lower than 45.0% of total paid-up capital in that period.

(3) Offering to PTT shareholders who have the rights to subscribe for such allocated shares. However, PTTOR will not offer such shares to shareholders who will cause PTTOR to be subject to rules and regulations of foreign countries.

Preferential Share Offering

Stock Exchange of Thailand (“SET”)

Less than 50.0% of total paid-up capital after IPO

Not more than than 5.0% of ordinary shares being offered at IPO to PTT’s existing shareholders(3)

45.0% of total paid-up capital(2)

PTT currently holds 100% in PTTOR

THB121.95bn(1)

This amount does not include operations and shares currently under PTTOR

PTT’s oil business unit including its assets and liabilities and shares of relevant companies to be transferred to PTT Oil and Retail Business Company Limited (“PTTOR”)

Maximum Shareholding by the Public

55.0% of total paid-up capital

Foreign Limit 25.0% of total outstanding shares

3.0% of the total paid-up capitalForeign Shareholding

Cap Per Person

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Increase in PTT’s revenue from disposal of assets and PTTOR’s shares

Rationale for the Restructuring and Benefits to PTT and Shareholders

4

Realize the value of the oil and retail business reflective of its true potential as a non-state controlled business

2

Improve competitive advantage both domestically and abroad through more flexibility, united, and more efficient operation

4

Creation of a flagship company in the oil and retail business for PTT Group1

3

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Current Group Structure of the Oil Business Unit

The transfer of the oil business unit, the assets and liabilities of the oil business unit, and the shares of companies related to the oil business unit from PTT to PTT Oil and Retail Business Company Limited (“PTTOR”)

The appointment of PTTOR as a Flagship in oil and retail business of PTT Group

The initial public offering of ordinary shares of PTTOR (1) and the listing of PTTOR on the Stock Exchange of Thailand

“The Restructuring of PTT” includes the following:

Downstream Petroleum Business Group

Upstream Petroleum & Gas Business Group

Infrastructure & Sustainability Management

Business Group

Listed CompanyPre -TransactionStructure

International Trading Business Unit

Downstream Business Group Alignment

Oil Business Unit

PTT OilMyanmar

THAPP BAFS KPL(2)PA Sanshui(2) PA Maoming(2)

TLBC IPS FPT PAT PTTCL

PTTLAOPTTRM PTTPCPTTRS PTTTC OGPS

FST

100% 40.4% 7.06% 40%25% 20%

48.95% 16.67% 0.000009% 35% 100%

100%100% 100%100% 100% 40%

100%

25% To be transferred

back to PTT

PTT transfers Oil Business Unit to

PTTOR

(1) including the offering of PTTOR’s ordinary shares to PTT’s existing shareholders who have the rights to subscribe for such allocated shares. However, PTTOR will not offer such shares to shareholders who will cause PTTOR to be subject to rules and regulations of foreign countries (Preferential Share Offering) ; (2) Awaiting to be dissolved

PTTOR

51.05%

-

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Group Structure after the Restructuring of PTT (After IPO)

At least 45% (1)

PTTOR

(Oil and Retail

Businesses)

Infrastructure & Sustainability Management

Business Group

Upstream Petroleum & Gas Business

Group International Trading

Business Unit

Downstream Business Group

Alignment

Downstream Petroleum Business Group

Petchem/Refinery

PTTPM/ HMC/ PTTAC/

PTTPL/ SPRC/

PTTMCC

Gas & Utility

PTTNGD/ TP/

DCAP/ TTM

Services

BSA /ENCO

/PTTICT

Others

TIP etc.

(1) PTT and government agencies will hold less than 50.0% of PTTOR’s total paid-up capital after the offering of PTTOR’s shares and its listing on the SET

PTTOR

(Oil and Retail

Businesses)

PTTRM PTTRS PTTPC PTTTC

FST

100%100%100%100%

25%

PTTOMTLBC PTTCL

PTTLAO

100%100% 100%

100%

THAPP IPS FPT PAT

40.4% 16.67% 0.000009% 35%

BAFS

7.06%

PTT’s Business Unit

Flagship Companies listed in the SET

PTT Group Subsidiaries/PTT Group Joint Venture

E&P Refining Petrochemical Petrochemical Power Oil and Retail

CONFIDENTIAL AND PROPRIETARY

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PTT’s Oil Business Overview & Operating Performance

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Summary of PTT’s Current Oil BusinessFour Key Operating Segments

8(1) Data as at 31 December 2016

Oil Business(1)

Retail

Commercial (B2B)

Supply Sales

Non-oil Business(1)

7-eleven & Jiffy

Café Amazon

Master Franchise Brand

Rental Business

International Business(1)

Non-Oil

Oil

Lubricant Business(1)

Lubricant (Domestics &International)

• #1 market share in Thailand

• Export to 36 countries

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3 4

Service station • FIT auto of 24 stations

Laos Cambodia Myanmar Philippines

• #1 market share in Thailand• PTT nationwide gas station

network of 1,530 stations

• Aviation and marine, industrial use, and LPG

• Sale to dealers under M.7 & 10

• 1,350 7-eleven in PTT gas stations nationwide

• 151 Jiffy stores nationwide

• 1,667 Café Amazon nationwide

• Space rental by high quality tenants

• 29 branches

• Gas station network of 181 stations in 4 ASEAN countries

• 50 Café Amazon • 28 Jiffy stores

•

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Operating Performance of PTT’s Oil Business

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Sales Volume(1)

20,762 21,80723,035 23,981 24,657 25,268

26,464

2010 2011 2012 2013 2014 2015 2016

Gross Margin per Liter(2)

0.77 0.75 0.86 0.80 0.75 0.810.99

2010 2011 2012 2013 2014 2015 2016

Source: Company presentation(1) Only include fuel sales volume that are sold by PTT. Does not include fuel sales volume by subsidiaries of PTT(2) Includes stock gain/loss. Does not include non-oil

Sales volume’s general upward trend caused by a higher demand following a decrease in product prices

Decrease in oil prices also caused gross margins to improve

Million Liters

THB / Liter

0.21Stock gain/(loss) and non recurring item:

(0.17)

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Financial Performance of PTT’s Oil Business

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Total Oil Business Unit EBITDA(1)

13,22415,929

13,297 11,57815,133

23,677

2011 2012 2013 2014 2015 2016

Non-Oil EBITDA(1,2)

1,251

1,8312,359

2,7503,243

3,757

2011 2012 2013 2014 2015 2016

Source: Company presentation(1) Includes EBITDA of oil and non-oil business under PTT and its domestic and international subsidiaries. (2) Non-Oil is EBITDA from operating

Fluctuation in EBITDA is mainly due to stock gain/loss as a result of movement of fuel price. However, fuel sales volume has been growing steady at CAGR of 4.1% since 2010

Non-Oil EBITDA has been growing strongly since 2011 following our strategy to expand more into non-oil business

THBmm

THBmm

5,682Stock gain/(loss):

(4,770)

(901)Aviation fuel pricing formula effect:

1,319

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Recent Awards & Recognitions

Being recognized third years in a row since the beginning of the award from Chulalongkorn University. The results are from 16,000 survey samples from Bangkok and 13 provinces.

The Most Powerful Brands of Thailand 2016

Thailand’s Most Admired Brand

PTT gas stations were voted the Most Admired Brand for 13 consecutive years (2004 – 2016) and PTT Lubricant won the Most Admired Brand for 8 consecutive years based on a consumer survey.

Presented by BrandAge MagazineNo.1 Brand Thailand 2015-2016

PTT gas stations, lubricants, and Café Amazon (Coffee Shop) were voted the most popular brand for 5 consecutives years.Presented by Marketeer Magazine

The Americano Winner!

Café Amazon was voted the best taste Black Coffee (Americano) in Thailand from blind taste test.Presented by Time Out Bangkok Magazine.

Data Champion

PTT received “The Data Champion” award from Microsoft Asia as the pioneer in implementation of digital technology in data analytics with PTT Blue Card program. Presented by Microsoft Asia

Prime Minister’s Best Exporter2016

PTT Lubricants was presented with the PM best exporter award from its performance excellence and innovation in products & services for global export. Presented by Prime Minister of Thailand.

EIA Monitoring Award 2016

PTT Oil’s terminal operation was awarded excellence in its performance on environment. Presented by Ministry of Natural Resources & Environment.

The best performance for PTT Terminal

PTT Oil’s terminal Surajthani was recognized for its excellence in safety, security, health and environment management for 20 consecutive years.

Excellent service for PTT’s iTerminal

Presented by Office of the Public Sector Development Commission

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Industry Overview

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Industry Overview

Oil

Non-Oil

International

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Key Recent Developments in the Fuel Industry

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Source: EPPO, DOEB(1) Average of ULG, Gasohol 95 (E10, E20, E85) and Gasohol 91(2) Average of LPG for cooking, industry and automobile(3) Average marketing margin of gasoline, gasohol and diesel in Bangkok

15

20

25

30

35

40

Gasoline Diesel LPG

THB / Liter

(29.0%)

2016

(14.0%)

(12.6%)

(1)

THB / Liter

1.63 1.561.40

1.631.55

1.69 1.72 1.78

2009 2010 2011 2012 2013 2014 2015 2016

Oil price decline started in 2H14

201520142013(2)

44,37346,867

49,45550,786 51,124 52,079

53,393

2010 2011 2012 2013 2014 2015 2016

Total Fuel Sales Volume (Million Liters)

Retail fuel price in Thailand has declined following the global run down

Increase in fuel consumption in the country following the Global Decline in Oil Price

Retail marketing margin has stabilized and improved since 2014 with oil price at its current level(3)

CAGR by Fuel Type 2010-2013 2014-2016

Gasoline 3.4% 11.7%

Diesel 4.2% 3.7%

Jet Fuel 5.7% 8.3%

LPG 7.9% -9.7%

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Non-Oil Businesses in Thailand Have Demonstrated Strong Growth

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Source: EPPO, DOEB, NESDB, Foreign Agricultural Service/USDA (1) Includes gasoline, kerosene, diesel, J.P., fuel oil and LPG(2) Includes consumption of personal and household goods as well as repair of vehicles(3) For Thailand, the marketing year for coffee starts in October and ends in September of the following year

Fuel Consumption(1)

Coffee Consumption(3)

44,373

46,867

49,45550,786 51,124

52,079

2010 2011 2012 2013 2014 2015

46,500

63,600 67,80075,600

93,000

2010/11 2011/12 2012/13 2013/14 2015/16

Million Liters

Tonnes

Wholesale and Retail Trade(2)

1,569 1,6291,777 1,796 1,867

2,046

2010 2011 2012 2013 2014 2015

THBbn

Growth in fuel consumption correlates strongly with GDP growth

Increasing number of coffee outlets and number of coffee drinkers as well as developing coffee culture have contributed to strong increase in coffee consumption

Convenience store format has expanded faster and enjoyed stronger growth compared to big box format

Expenditures on Restaurants & Hotels

312 350413

475 499587

2010 2011 2012 2013 2014 2015

Strong growth in tourism as well as changing behavior among locals to eat outside more have been driving growth for restaurants and hotels

THBbn

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Supportive Industry Backdrop in the CLMV Region + the Philippines

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Thailand is strategically located to expand into the CLMV region as well as the broader Southeast Asia

Cambodia

Laos Philippines

Myanmar

GDP Growth(1)

Private Consumption Growth(2)

2.9%

7.9% 7.3% 7.2%5.9%

Thailand Laos Myanmar Cambodia Philippines

4.4%

11.4%8.8% 8.1%

Thailand Laos Philippines Cambodia

2010 – 2015 CAGR

2010 – 2015 CAGR

2015 Oil Consumption / Capita (barrel/capita)

4.82

1.40 1.31 1.04 0.75

Thailand Phils Cambodia Laos Myanmar

Source: World Bank (World Bank national accounts data and OECD National Accounts data files), BMI, IMF and Company’s Information(1) At constant LCU(2) Household final consumption expenditure at current LCU

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PTT’s Oil Business Direction

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Transformation of PTT’s Oil Business

From Oil Business to Retail Business

From Product-Based to Platform-Based Business

From Traditional Organization to Digital Organization

From Domestic Market to Regional and Global

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• 1,350 7-Eleven(2)

• 151 Jiffy stores

• 1,667 Café Amazon

• Space rental by high quality tenants

• 29 branches

From Oil Business to Retail Business

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Evolution from Oil Business to Full Service Station

• Station expansion to become the #1 player in retail gas station

• Offering products of higher quality

• Diversification into non-oil products and services

• Providing the best experience for travelers

Our Vision

(1) Includes local operations only(2) Combines PTT-owned and franchise stores(3) Non-Oil is EBITDA from operating

1

2

3

4

Gaining Oil Market Share from Other Players

19%

1% Local Oil Companies (Excluding PTT)

80%Foreign Oil Companies

Foreign Oil Companies

28%

32%

Local Oil Companies (Excluding PTT)

40%

Higher Contribution from Non-Oil(3) Snapshot of Our Current Non-Oil Businesses(1)

Year 1978

Dec 2016

EBITDA (In THB bn)

Phase 1Network

Expansion

Phase 2Product

Differentiation

Phase 3Service

Differentiation

Phase 4Experience

Differentiation

9.5% 15.9%

Expansion of Product and Service Offerings

Enhanced Loyalty Program

• PTT Blue Currency• Partnership / coalition program

Personalized MarketingBig Data Analytics

Where We Are 2.8 3.2 3.8

8.8 11.3

19.9

2014 2015 20162011 2016

Non-oil EBITDA from operating compared to PTT OIL’s EBITDA

Oil

Non-oil(3)

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From Product-Based to Platform-Based Business

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Transforming from a product-based business to a platform-based business to better serve customers

(1) Based on local operations only

Focused Offerings

Focus on selling oil and related products

Lifestyle station / one-stop destination with various product and service offerings

Our Station Then(1) Our Station Now(1)

Limited Offerings Highly Diversified Offerings

Only oil and related products

Simple Gas Station Platinum and Park Format Standard Format Compact and City Format

Smaller format to service underserved area and secondary

roads.

Our mainstay format with diversified

offerings for travelers

Diversified Offerings

QSR Financial Service

1

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1,308 1,326 1,352 1,381 1,396 1,450 1,530

2010 2011 2012 2013 2014 2015 2016

COCO DODO

From Product-Based to Platform-Based Business (Cont’d)

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Expansion Through Our Successful Business Platform and Our Partnership Model

(1) Based on local operations only.

538633

776

989

1,182

1,411

1,667

2010 2011 2012 2013 2014 2015 2016

PTT-Owned Franchise

2

Growth in PTT’s Gas Stations(1) Growth in Amazon Café(1)

143 Shops Space for Farmers to Sell Rice in c.700

Stations

Shops for Local Souvenirs in 148

Stations

Becoming a Part of Local Community to Service Them Closely3

17% 17% 16% 16% 17% 16% 17% 2% 3% 3% 4% 6% 7% 10%

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From Traditional Organization to Digital Organization

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CurrentData Analytics for Better Customer Experiences

Better Customer Insights

Effective Marketing and CRM Campaign

Partner’s Competitiveness Enhancement

Operational Excellence

New Business Development

Next StepsDigital Organization

Allows fleet cars to drive in and fill up their tank without physical financial

transaction

Fill and Go RFID Technology

Data integration through internal softwares and

external venues via social media and

website

Smart Analytics

Gas station automatically

requests a refill truck upon sensing oil level below a certain level

Auto Filling System

Customer service through e-Order, e-Billing, e-Payment,

and Direct Approved systems consolidating customer data for call

center associates

Customer Service

Sales of lube products on Lazada +

intelligent inventory management system

for increased efficiency

Lube Initiatives

• Cross selling + coalition programs

• Sources for customer analytics

~2mm Card Holders

Blue Card Loyalty Program

Phase 1 Foundation

Phase 2 Expansion

Phase 3 Optimization

Phase 4 Monetization

Technology in Use Both at Customer Touch Points and Back Office

Becoming More Customer Centric With Big Data Analytics

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From Domestic Market to Regional and Global

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Becoming a Regional Player Spearheaded by Our Own Brands

Our International Footprint Has Been Growing Steadily

7280

103 124 150 1811 615

26

50

1 610

19

28

2011 2012 2013 2014 2015 2016

Stations Amazon Jiffy

Strong Regional Footprint with Global Presence (as of 31 Dec 2016)

Myanmar

9 1

Thailand

1,5301,667

1,350 151

Cambodia

2826 9

Laos

32 21 19

Philippines

1121

Japan

1

International Operations

181

50

28

36 countries

Total branches 5-Yr CAGR: 29.5%

# of Branches

Vietnam

New Zealand

Philippines

Laos

Cambodia

Myanmar

Pakistan

Greece

Nigeria

China

Hong KongTaiwan

JapanKorea

Bangladesh

Lebanon

India

Angola

Malaysia

Singapore

BahrainIsrael

Ethiopia

RomaniaUkraine

Macau

Maldives

Malta

Australia

Togo

Morocco

Iraq

Brunei

UAE

Indonesia

Jordan

= Countries Where PTT Export Lube To

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The New Growth Engine

International BusinessNon-Oil RetailsDomestic Oil

Cash cowWell-oiled machine

A Platform for next wave of growth

#PTTOR the future is now

Key Takeaways

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Next Steps

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Next Steps

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Restructuring Phase IPO Phase

BoD meeting (17 Mar 2017)

PTT Shareholder

Approval (28 Apr 2017)

PTTOR Shareholder

Approval

Execution of Restructuring / Transfer of

Assets & Liabilities

Precedent Conditions

Key Registration and Approval for the IPO

Preparation for the IPO

SEC permission to offer newly issued shares to the public

SET approval for the listing of PTTOR on the SET

PTT and/or PTTOR obtaining any approval / consent necessary for the restructuring of

PTT from relevant governmental authorities or agencies

PTTOR obtaining material licenses and permits to operate its business

Relevant government authorities granting PTTOR the right to use the state assets in

accordance with the criteria and procedures as prescribed in PPP Act and PTT has

complied with and completed all the requirements and procedures under the PPP Act

Material inter-company agreements are executed by relevant parties

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Appendix

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Petroleum Price Structure in Bangkok

28Source: EPPO

Data as of 23 Mar 2017(THB/Liter)

14.89 15.97 15.73 17.0522.23 15.13

15.91

8.77 8.75 4.54

-6.76

8.36

2.86

1.81 1.80

2.453.87 2.00

33.66

26.55 26.2824.04

19.34 25.49

Ex-Refinery Price

Excise Tax

Municipal Tax

VAT

Oil Fund

Conservation Fund

Marketing Margin

ULG Gasohol 95E10

Gasohol 95E20

Gasohol 95E85

Gasohol 91 H-Diesel

9%

47%

44%

7%

33%

60%

7%

33%

60%

10%

19%

71%

20%

115%

(35%)

8%

33%

60%