23 April 2009

Agenda

Capital Market & Listed Co.

Investor Relations

Sh i E iSharing Experiences

Conclusion

2

Global Capital Market : Source of Funds

Banks

Equity/IPO

Bond30 US$ Trillion

3

Capital Market Key Players

4

Capital Market : Listed Co’s Responsibilities

• What market want from the company?– Better disclosure

Better management quality– Better management quality– Better transparency– Better corporate structure

Expectation Management– Expectation Management

• What market want from IRO?Communication skills– Communication skills

– Timely response & in-depth knowledge – Specific industry experience

Having ears of CEO– Having ears of CEO– Financial literacy– Ability to speak on behalf of the

companycompany– Accounting skills

Payback/Return of IR effort:

5

y /To allow company to raise funds from capital market To help the company to create value to serve shareholders’ interest.

Agenda

Capital Market & Listed Co.

Investor Relations

Sh i E iSharing Experiences

Conclusion

6

IR : From Basic to Strategic Needs

• Stock Performance

• Best Practice

• Stock Performance

• Best PracticeAttraction &n • Best Practice• Best PracticeAttraction & Persuasion

erce

ptio

nm

un

ity

Pe

• IR as a Strategic Tool to enhance “Public Image” as well as optimize “Capital Structure”

• CG

• Shareholders’ Right

• CG

• Shareholders’ Right

Reputation & Acceptance

ent

Com

m Capital Structure– Public Image

• Market Shares• CSR/Sustainability

• Communication• CommunicationComplianceInve

stm

e

– Capital Sources• Funding• Strategic Partner

• Regulation• Regulation

I

Reasonable Active/Proactive Strategic Process

Designed IR efforts & programs7

IR Function : CG & Information Disclosure

8

IR Function : What beyond?

9

IRO : Bird eye view from CEO

• IRO is a key function to demonstrate

management’s ongoing focus onCommunication

management s ongoing focus on

shareholder value

• Actions that can provide higher return

to shareholders than other Marketing &

RelationshipsStrategic &

Finance alternatives e.g.

Dividend Payout

High return on investment project

Merger & Acquisitiong q

10

IR Organization

CEO

A CEOB

CEO

Production Marketing Finance HR

IR/PR/OMD

Production Marketing Finance HR

D

Centralized & Flexibility Centralized & Compliance

CCEO

CPO CPO CFO HR

DCEO

COO CPO CFO HR

C

CPO CPO

IR

CFO HRCOO CPO CFO

IR

HR

11Decentralized & Growth FocusDecentralized & Financial Focus

11

Agenda

Capital Market & Listed Co.

Investor Relations

Sh i E iSharing Experiences

Conclusion

12

TOP’s Experience : Year 5 After IPO

Road ShowCommunication & perception managements Meeting

Call

Conference ExhibitionSite Visit

Road Show

Email

WebsitePress

CG

Confidence Enhancement

IR’s Stakeholders

Best Practice

New RegulationsAnalysts (Equity)

Analysts (Bond)

SET/SEC/ SGX/TBMA

Strategic &

Funds RaisingInvestors (Equity)

Investors (Bond)

CRA/ IB/Media

Investor (Retails)

2004 2005 2006-7 2008

IPO-IPO -Unlocking-Euro Bond

-Other IPO-Unlocking -Bond

???Build Enhance Convince

13

How could we develop continuous IR Plan?

Your shareholder

1

shareholder

Your industryKey player

Crisis Management25

1. 3-Y Message / IR Goal 2. Annual IR Program

Your investmentCapital Mkt

34

investment highlight

pSituation

Expectation Management14

Know your shareholders & Investors1

• Fluctuate global capital market• Short investment horizontal : Thai investors & hedge fundsg• Free floated ~ 50.5%. PTT holds 49.5%

IPO in 2004 2007 Next 1-2 Years

Asia15% Thai

15%Asia19% Thai

15% US20%

Asia15%

Thai15%

Thai Retail20%

Europe

US20%

Thai Retail40%

Europe13%

US13%

Thai Retail20%Europe

20%

Europe30%

30%

Targets • Diversity• Liquidity• Disclosure quality

15

How to track real investors

Analyst Info Service Co.

InvestorsTSD

GOVERNMENT OF SINGAPORE INVESTMENT CORP. PTE LTD. Singapore MACKENZIE FINANCIAL CORP. Canada FIDELITY INVESTMENTS MANAGEMENT (HONG KONG) LTD. Hong Kong CAPITAL RESEARCH & MANAGEMENT CO. United States AJF ASSET MANAGEMENT CO. LTD. ThailandDWS INVESTMENT SA (LUXEMBOURG) L b DWS INVESTMENT SA (LUXEMBOURG) Luxembourg

HSBC INVESTMENTS (UK) LTD. United Kingdom GRANTHAM, MAYO, VAN OTTERLOO LLC United StatesUBS GLOBAL ASSET MANAGEMENT (UK) LTD United Kingdom UBS GLOBAL ASSET MANAGEMENT (UK) LTD. United Kingdom

TMB ASSET MANAGEMENT CO. LTD. Thailand FIDELITY MANAGEMENT & RESEARCH CO. United States CRÉDIT AGRICOLE ASSET MANAGEMENT SINGAPORE LTD. Singaporeg p HENDERSON GLOBAL INVESTORS LTD. (UK) United Kingdom MORGAN STANLEY INVESTMENT MANAGEMENT, INC. United States KRUNG THAI ASSET MANAGEMENT LTD. Thailand

For communication design & focus16

Know your Industry2

• Dynamic Industry / Commodity Oil and Petrochemical Business• High & intensive investment vs 10 years business cycle

17

Know your Investment Highlight3

Completed majorStrategic relationship

ith PTT G o p’sThailand’s largest and

one of the highest complexity in the

region

Completed major expansion in 2008 / No CAPEX obligation

while maintaining growth opportunities

with PTT – Group’s flagship refinery

Diversified earnings

region

Technological

growth opportunities

Diversified earnings through integration

with and contribution from subsidiaries

superiority, logistical advantages, high flexibility & cost competitiveness

Highly capable and experienced staff &

Strongfinancial profile

Industry with high barrier to entry /

Strong market experienced staff &management team

positioning

18

โรงกลน Complex ชนนาของประเทศและภมภาค

Nelson Index - Regional Comparison

Total Refining Capacity = 1,092 kbd

14.0 13.8

BCP (120 kbd)

TOP (275 kbd)PTT’s Flagship Refinery TOP (275 kbd)PTT’s Flagship Refinery 9.4

ESSO (170 kbd)Bangkok 7.0 6.6 6.5

4.6

IRPC (150+65 kbd)

SPRC (150 kbd)

RPC (17 kbd)

PTTAR (145+65kbd)

Gulf of Thailand

( )

Remarks:

RPL (India)

Nippon oil

TOP PTTAR Esso Sinopec SK Corp

Source: PTIT Focus Special Annual Report 2004,except for capacity figure for RRC (based on RRC Offering Memorandum) 19

• Nelson Complexity Index measures refinery’s upgrading capability for comparison

• It is the ratio of complexity barrels divided by crude distillation capacity

Source: The company and broker research

สรปฐานะทางการเงน

(Unit: MB)

Balance Sheet Consolidated Long-Term Debt 1)

32,89127 146

30,452

31,84242,115

Other

LT Debt*

136,570

110,324132,841

CurrentAssets

Bt. 42,115 mn.(US$ 1,201 mn.)

FY/08

60,166 71,837 63,580

19,706 27,146 Liabilities

Equities

Assets

Non-CurrentAssets US$

Bond37%THB

THB Loan22%

13%8%

1%

FY/06 FY/07

Figures shown are unaudited from the company’s Certified Public Accountants

FY/08

Financial Ratios

* Including current portion of Long-Term Debt

37%US$ Loan28%

Bond13%78%

TreasuryPolicy

Net Debt / EBITDA ≤ 2.0x

Net Debt / Equity ≤ 1.0x

Financial Ratios

Currencies Interest Rate

1) Including current portion of Long-Term Debt

5.2Net Debt / EBITDA

Net Debt / Equity

Net Debt / EBITDA(excl. Stock loss)

35%65% 53%47%

Float FixedUS$THB

1.0 0.90.4 0.4 0.71.8

FY/06 FY/07 FY/08As of 30 December 2008 (35.08 THB/US$)

(excl. Stock loss)

20As of 30 December 2008 (35.08 THB/US$)

แผนการลงทน (CAPEX Plan)

Projects COD 2005 2006 2007 2008 2009 2010 2011 Total

(Unit: M$)

j

CDU-3 Revamp Dec’07 34 59 109 21 223

New Gas Turbine Dec’07 9 22 12 43

SBM Expansion Feb’08 78 59 32 169

TPX Expansion Mar’08 6 66 200 85 357

Thaioil Marine’s New Fleets On-going 47 10 16 73

Ethanol 0.2 MLPD1) Jan’09 11 8 19

TLB Specialties - TDAE 2011 5 20 25

Euro IV (Gasoline) 2012 15 15 30

Ongoing Maintenance CAPEX 15 15 15 15 15 15 15 45

Total 64 240 453 171 36 50 30 1,044

1) Investment for 30% equity stake 21116 M$ 928 M$

การจายเงนปนผล

คณะกรรมการบรษทฯ มมตจายเงนปนผลเพมเตมประจาป 2551 จานวน 1.00 บาท

จากทไดจายเงนปนผลระหวางกาลไปแลว 1 75 บาท

9 19 9 40บาทตอหน

จากทไดจายเงนปนผลระหวางกาลไปแลว 1.75 บาท

7.82

9.198.13

9.40บาทตอหน

40%45% 48%

1.80

3.50 3.504.50

2.75กาไรสทธตอหน25%

40%

0.11

2004 2005 2006 2007 2008

เงนปนผลจาย เงนปนผลระหวางกาล1.75

อตราการจาย 25% 38% 45% 48%

อตราผลตอบแทน 3.5% 5.5% 6.7% 5.2% 11.0%

51 50 63 50 52 50 86 50 25 00**

22

ราคาหน 51.50 63.50 52.50 86.50 25.00**

**ราคาปด ณ 12 ก.พ. 52

Capital Market Situation4

100

110

120 Thai Hong KongUS JapanUK

70

80

90

40

50

60

30

Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09

60120 T l V l (RHS) E SET TOP 60

80

100

120 Total Value (RHS) Energy SET TOP

30

20

40

60

23

00

20

Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09

Key Players - Investors5

24

Key Players – Broker Market Share5

Billion THB

1 8 9 102 543 76

By Volume Trade

676 672

800

2006

2007

KIMENG

KIMENG

ASPPHATRA

507490481 480

600

2006SCBS

KGIBLS

SCBS

CSUBS

UBS

PHATRA

ASPCS

PHATRA

490461

409369

311

481 480447

427401

349

307

400

KGI AYS

BFITSECTNS

BLS

BLS

ZMICO

311 297 286 280307 296 290

200

0

25

0

1 8 9 102 543 76

* Share of Citigroup was accounted under SCBS & AYS

Key Players – Broker Recommendation5

โบรกเกอร ความเหน ราคาตอหน วนท

บวหลวง Neutral 70.00 28 พ.ค. 51

นกวเคราะหไ

เอเซยพลส Buy 82.10 26 พ.ค. 51

กมเอง Long-term Buy 90.00 15 พ.ค. 51ไทย SCBS Buy 96.00 26 พ.ค. 51

เคจไอ Outperform 89.00 15 พ.ค. 51

ธนชาต Buy 77 00 23 พ ค 51ธนชาต Buy 77.00 23 พ.ค. 51

UBS Sell 58.00 22 พ.ค. 51

CLSA Sell N.A 1 เม.ย. 51

นกวเคราะห

Credit Suisse Underperform N.A 25 ก.พ. 51

Goldman Sachs (Buy/Attractive) Under Review 28 พ.ค. 51นกวเครา หตางชาต ABN Amro Buy 63.00 26 พ.ค. 51

PHATRA/Merrill Lynch Buy 87.80 23 พ.ค. 51y

Citigroup Buy 62.50 27 พ.ค. 51

MS Buy N.A 17 ม.ค. 5126

3-Year Message/IR Goal

Recession Recovery Active Investment

Capital Market

Leading in Asia Pacific inInvestmentMarket Asia Pacific in

light of valuation

2011- Favorable Market

2010- Investment vs dividendFi i l

Market Condition

- Growth PotentialCompany

Message &

2009- Strong Financial

- Financial Discipline

Message & Target

Financial profile

- Prudent crisis management 27

Annual IR Program 2009

28

IR Organization – Past to Present

Finance Corporate Business

CEO/COO/CFO

Strategic Planning Dept.

Investors Strategic PlannerStrategic Planner

Analysts/CRAs Portfolio MgtPortfolio Mgt

IR Event & Compliance KPI MonitoringKPI Monitoring

29

ชองทางการสอสารของบรษทฯ กบนกลงทน

นกลงทนทวไป• การแจงขาวผาน ตลท. • การพบนกลงทนในนทรรศการของ ตลท.การพบนกลงทนในนทรรศการของ ตลท.• การเยยมชมกจการประจาป• การประชมผถอหน• รายงานประจาป• เวบไซด / อเมล / โทรศพทสายตรง

TOP นกวเคราะหและนกลงทนสถาบน• การประชมแถลงผลประกอบการประจาไตรมาส • การเปดโอกาสใหนกวเคราะหและนกลงทนเขาพบทบรษทฯ เพอชแจงการดาเนนงานอยางสมาเสมอ

• การเยยมชมกจการประจาป• การเดนทางไปพบนกลงทนทงในและตางประเทศ (Management Road show)

สอมวลชนสอมวลชน• การแถลงขาวและใหสมภาษณผานสอ • การประชมรวมกบสอตางๆ เปนระยะ

30

IR Activities

Analyst MeetingAnalyst Meeting

Credit RatingsCredit

RatingsAGMAGM

Analyst Site VisitAnalyst

Site VisitMedia/Press Conference

Media/Press Conference

Retail Site Visit

Retail Site Visit

31

IR Activities

SET in the CitySET in the City Money ExpoMoney Expo

32

IR Calendar

Credit rating: Moody’sSET Event: Money Expo

Analyst Site Visit

Annual General MeetingAnalyst Meeting: Q1 result

Retail Site VisitRetail Site Visit

33

Satisfaction Survey - Analyst Meeting

60 60

Time Duration for Invitation Management’s Presentation

30

40

50

30

40

50

10

20

30

0

10

20

30

0 0

Quality of Presentation Material Quality of Q&A

V.Good Good Fair Below V.Good Good Fair Below

50

60

50

60

20

30

40

20

30

40

0

10

0

10

V.Good Good Fair Below V.Good Good Fair Below34

Popular Questions from Analyst/Investors

• Utilization & Shutdown• Utilization & Shutdown

• Key spreads:

•Product vs DB•Product vs. DB ,

•PX-ULG95,

•Lube Base HSFO•Lube Base-HSFO

• Government policy

ไ ป • กาไรจากอตราแลกเปลยน

• Outlook for 2H/08 :- New Capacity /

E iEconomic

• โครงการในอนาคต

35

• ผลกระทบจากการควบคมราคากาซหงตม

การควบคมราคา LPG และผลกระทบตอบรษทฯ

2008 LPG Demand by Sector

Ex-Refinery PriceRetail Price

CP

18.13

333

462

REFINERY

333

36

KPI & Gap Closing

Investor Relations - 2007

Risk Management• IR Strategy

Compliance

SET Event

• Management involvement

• Extra NDR

IPO 2005 6 8/S e t

Managerial Report

– IPO-2005 6-8/yr

– 2006 4/yr

– 2007 4/yr

2008 5/yr

Road show

Media & Site Visits

– 2008 5/yr

• Annual Site Visit & IR activities

• Enhance channel & access e.g. Web

AGM

Analyst Satisfaction

g

Cast

• Organization, IR team &

C tMarket Recognition

Level 1 2 3 4 5

Competency

37

Expectation Management

FundamentalFundamental SentimentSentiment

Prepare good story f i ht ti

Keep communicate right things for right timeright things

Complexity,Complexity, Q2 Performance,Q2 Performance,Complexity, Expansion, FCF

Complexity, Expansion, FCF

Q2 Performance, Dividend

Q2 Performance, Dividend

38

Bad News Handling

Fact FindingFact Finding

Determine value

Develop message

Communicate thru Communicate thru NetworkNetwork

39

After Clear Message, waiting for good news

40

Agenda

Capital Market & Listed Co.

Investor Relations

Sh i E iSharing Experiences

Conclusion

41

What are Street’s Expectation?

Investor ExpectationInvestor Expectation

CG & DisclosureReturn

Performance&

GrowthManagement

Growth

Stock Performance Liquidity Investor Base Funds Raising42

Conclusion

• IR is critical part of CG enhancement efforts, investors tend to

give more priority on the company with high CGgive more priority on the company with high CG.

• Key Success Factors

– Senior management involvement & support;

– Target shareholding structure to suit strategic– Target shareholding structure to suit strategic

direction/objective;

C t ff ti i ti h l i i t t– Cost effective communication channel i.e. internet,

website, conference call;

– Relationship with brokers to reach out target investors and

supportive report;

– IR approach in crisis situation

43

Q & AQ & AQ & AQ & A

44

Thank YouThank You

i li lAny queries, please contact:Any queries, please contact:Investor RelationsInvestor Relations

at email: ir@thaioil co that email: ir@thaioil co that email: ir@thaioil.co.that email: ir@thaioil.co.thTel: Tel: 662662--299299--00000000Fax:Fax: 662662--299299--01280128Fax: Fax: 662662 299299 01280128

45

AppendixAppendixAppendixAppendix

46

To Enhance Channel and Network

• Road Show (Local, Oversea)• Preview / Analyst Meeting

Insti. Investors• Quick & Equitable

What they want?

• Call / Conference• Email• Site Visit

Bond Investors

Analysts

Quick & Equitable Response

• Macro/Industry View• Web Cast

• SET Event

Analysts• Access to management

• SET Event• Shareholders Day• Call • Email

Retail Investors • Participation

• Information• Email• Website• Site Visit• AGM

Employee/PeersInformation

• Access to management

• AGM

• Meeting • Financial disciplineCRA • Email

• Call

• Financial discipline

• Prudent IR47

To Enhance Channel and Network

48

Sustainable Corporate Performance

49

Sustainable Corporate Performance

50

Rising funds to invest in quality companies

-----Original Message-----From: Harper Gow, Marianne [mailto:Marianne.HarperGow@bailliegifford.com] Sent: Thursday, April 10, 2008 5:13 PM

S ( l d )To: SP (Pattaralada) Subject: RE: Dear PatThank you very much for taking the time to speak to us today regarding sustainability (Environmental, social and governance issues). I am pleased the email address works. Best wishes ____________________________________ Marianne Harper Gow

51