PTT Exploration and Production Public Company Limited

Invest ASEAN

February 2, 2013

Disclaimer

The information, statements, forecasts and projections contained herein reflect the Companys current

views with respect to future events and financial performance. These views are based on assumptions

subject to various risks. No assurance is given that these future events will occur, or that the Companys

assumptions are correct. Actual results may differ materially from those projected.

2/18

Contact us at : IR@pttep.com

Visit our website : www.pttep.com

Growth Strategy

2

Company Overview 1

3/18

3

Financial Performance

PTTEP Thailand

Moodys Baa1 Baa1

S&Ps BBB+ BBB+

JCR A- A-

TRIS AAA N/A

2nd largest company in

the Stock Exchange of Thailand

PTT

65.29%

Others

34.71%

Source: Bloomberg as of 30 January 2013, DMF (September 2012) and team analysis

Note: 1 As of 13 November 2012; 2 Foreign Currency Credit Rating except TRIS for Local Currency rating

is a subsidiary of PTT Public Company Limited

is on par with sovereign ratings2

Shareholding structure1

and contributes approximately 1/3 of total national oil and gas production

Others

72%

PTTEP

28%

33.4

22.2

21.4

19.5

18.2

15.9

14.3

13.5

12.2

11.0

US$bn

PTT

ADVANC

SCB

KBANK

SCG

BBL

CPALL

KTB

PTTGC

PTTEP Overview

Thailands flagship E&P business to secure national energy demand

4/18

PTTEP Overview : Group Value Chain Creating value through PTT Group value chain

Source: PTT Annual report 2011

5 / 18

6 / 18

Proved Reserves

0

200

400

600

800

1,000

1,200

2010 2011 2012

MMBOE

Gas Liquid

By Product

Reserves Replacement Ratio (X) Reserves Life Index (Year)

2011

1.10

9

1,043

Reserves Replacement Ratio Maintained Around 1

2010

1.21

9

969

Domestic

56%

Overseas

44%

By Geography

901

71 %

29 %

72 %

28 %

79 %

21%

2012

0.91

8

Source: PTTEP; * As of 31 December, 2012

7/18

Africa (6)

1 Development

5 Exploration

Algeria Mozambique Kenya

Thailand (18)

13 Production

5 Exploration

North America (1)

1 Production Canada

Middle East (1)

1 Production

Oman

Australasia (3)

1 Development

2 Exploration

Australia New Zealand

South East Asia (15)

4 Production

1 Development

10 Exploration Myanmar Vietnam Indonesia Cambodia

Internationally Diversified and Balanced Portfolio

Worldwide Operations: 44 Projects in 12 Countries

Thailand and

SEA 54%

Australia

14%

North

America,

16%

Africa 15% Middle East

1%

PTTEPs Asset Base*

Growth Strategy

2

Company Overview 1

8/18

3

Financial Performance

188,385 186,982 183,314

76,190 78,065 92,609

0

100,000

200,000

300,000

Sales Volume Liquid GasBOED

Volume Mix

Sales Price 2010 2011 2012

Gas ($/MMBTU)

Liquid(1) ($/BBL)

Weighted Avg. ($/BOE)

5.52

73.77

44.83

6.00

102.23

55.49

7.59

103.27

64.86

Avg. Dubai ($/BBL)

Avg. HSFO ($/BBL)

78.11

72.57

105.52

99.81

109.03

103.26

265,047

Gas

66%

Liquid

34%

Revenue Mix

Gas

46%

Liquid

54%

2012

(High Sulphur fuel oils )

264,575

Highest ever Sales Volume and Price in 2012

PTTEP Average Product Price and Volume

275,923

(1) Included crude oil, condensate and bitumen

(1)

(1)

(1)

9/18

010

20

30

2010 2011 2012

Operating and Financial Performance

DD&A

Royalties

G&A

Exploration Exp.

Operating Exp.*

10.53

5.44

2.06

0.90

4.74

Cash Cost

10.9 13.1

23.67

$/BOE

Note : The formulas for calculating ratios are provided in the supplementary section for your reference

13.61

7.80

3.09

2.11

5.61

28.86

14.5

11.55

6.67

2.67

2.24

5.73

32.22

Effective Cost Management with Remarkable Exploration Success

Unit Cost ($/BOE)

Unit Cost

(US$/BOE) 2010 2011 2012

Lifting Cost 3.75 4.35 4.28

F&D Cost 13.90 19.70 28.97

Success

Ratio**

15:19

(79%)

11:25

(44%)

43:54

(80%)

10/18

* Excludes diluent cost for blending bitumen in KKD Oil sands project

** Exploration and Appraisal wells

Drilling Success Ratio (Successful wells : Total)

Financial Highlights : Performance

* Includes gain/loss on FX, deferred tax from US$ Functional currency , and others

2010

2011 2012 Y-o-Y (%)

EBITDA (MMUS$) 3,171 3,814 4,816 26

EBITDA Margin (%) 71 69 70 1

Operating Cashflows

(MMUS$) 2,660 2,908 3,454 19

Net Profit (MMUS$) 1,380 1,468 1,846 26

Net Profit before

non recurring items 1,292 1,659 1,999 20

Gain (loss) from

non recurring items* 88 (191) (153) 20

Earnings per Share (US$) 0.42 0.44 0.55** 25

11/18

** Based on weighted average number of shares during the year

If based on number of shares as of 31 Dec 12 (3,970 million shares) ,EPS = 0.46 US$

EBITDA Margin Maintains at Level of ~ 70%

US$

37%THB

63% US$97%

THB3%

Financial Highlights : Position

Healthy Balance Sheet with Strong Gearing Ratio after Capital Raising

(Unit : MMUS$) 31 December 2010 31 December 2011 31 December 2012

Asset 10,694 14,131 19,637

Liability 5,286 7,819 8,926

Total Interest Bearing Debt 2,583 3,873 3,773

Equity 5,408 6,312 10,711

Debt to Equity (x) 0.48 0.61 0.35

Debt to EBITDA (x) 0.81 1.02 0.78

Debt Structure

Weighted Average Cost of Debt (%)

[Fixed : Floating]

3.69

[90 : 10]

3.12

[84 : 16]

4.07

[80 : 20]

Average Loan Life (Years) 3.54 3.96 7.58

CAD 12%

12/18

THB 4%

USD 84%

Dividend payment

Dividend policy: minimum payout of 30%

2.86

1.48 2.55 2.61 2.80

2.56

1.20

2.48 2.79 3.00

43% 40% 40% 40%

38%

0%

25%

50%

0.00

5.00

10.00

2008 2009 2010 2011 2012

Dividend Payment History

1H 2H Payout Ratio(1)

THB per

share Payout

Ratio

5.42

2.68

5.03 5.40

Source: PTTEP websites

Note: 1 Dividend Payout Ratio = Dividend Payment / Net Profit

13/18

5.80

16.0%

25.5%

25.1%

21.7%

(20)%

0%

20%

40%

2009 2010 2011 2012

PTTEP

ROE

Source: PTTEP, Cap IQ

*Comparable Peers (ROE as of 9M 2012) include CNOOC, Sinopec, Petrochina, Inpex, ONGC, Santos, BG, ENI, Statoil, OMV, Apache, Anadarko, Hess, Murphy, Marathon Oil, Petrobras and Ecopetrol

TOP quartile ROE

14/18 Note : The formulas for calculating ratios are provided in the supplementary section for your reference

Return On Equity

Top ROE amongst its peers*

Growth Strategy

2

Company Overview 1

15/18

3

Financial Performance

050

100

150

200

250

300

350

Target Sales Volume

Strong base from domestic assets with outstanding international growth

16/18

000 BOED

2016 2012 2013 2014

Project Start-up 2013 - 2017 Montara

2017

Algeria 433a &416b

Thailand *

South East Asia

Middle East & Africa

Australia

North America

Product Mix

Gas (%)

Liquid (%)

66

34 64

36 67

33 68

32 66

34

* Including overlapping area

CF = Closing forecast

Zawtika

13%

10%

61

39

276

310

340 335 325

339

KKD Leismer Expansion

Corner

2015

Investment Plan

Structured to deliver organic growth through development activities

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Exploration

Development

Operation

Total Expenditures (2013-2017) = US$ 25 Billion **

CAPEX = US$ 15 Billion Cove Acquisition

OPEX = US$ 10 Billion

5,809

4,799 4,296

4,985 4,782

3,949

3,134 2,962

2,312 2,410

1,927

2,872

* Excludes expenditure for Cove acquisition ** Excludes expenditure for M&A opportunities

2015 2012 2013 2014 2016 2017

1,445

1,860

1,851 1,837

1,984 2,372

12% *

55% *

21% *

12% * Corporate & Others

16%

53%

20%

11%

12%

51%

25%

12%

11%

49%

27%

13%

4%

49%

33%

14%

7%

43%

37%

13%

17/18

MMUS$

Key Projects Expenditure Arthit, Bongkot, S1, Pailin, MTJDA, KKD

Zawtika

6,244

PTTEPs Aspiration and its Growth Strategy

Initiatives to meet 3 strategic objectives

Sustainability

with R/P at 10 years

Production

Growth

Profitability

Production Volume (KBOE/D)

2020 1990 2010 2000

International

M&A

International

E&P Company

Proven Domestic

Operator Emerging E&P Player

900

Domestic 84

7

304

600 Sustainability

With R/P *

at 10 years

Profitability

BIG

* R/P = Reserves / Production ration or Reserves Life Index 18/18

Supplementary

Supplementary 1/9

1. CAPEX by region and exploration expenditure

2. Total Shareholders Return

3. Thailand Energy Outlook

4. PTTEP Project Information

5. Ratio Formulas

1

2

3

4

5

CAPEX by Region

Committed to both domestic plateau and international growth

North America

8%

SE Asia

28%

Middle East & Africa 10% Australasia

7%

Thailand

59%

SE Asia

18%

Australasia 2%

Thailand 1,866 MMUSD

International 2,083 MMUSD Thailand 6,381 MMUSD

International 4,437 MMUSD

2013

4 Billion USD

2014-2017

11 Billion USD

Middle East & Africa 2%

CAPEX = 15 Billion USD

North

America

19%

Thailand

47%

1

Supplementary 2/9

Exploration Expenditure 2013

Focus on Thailand, Myanmar and East Africa Exploration

33%

34%

10%

4%

19%

Thailand

SE Asia

Australia

North America

ME & Africa

Exploration Expenditure

~900 MMUS$

Drilling expenditure by region

~ 750 MMUS$*

* Exploration and Appraisal wells

Drilling 80%

Seismic &

Others 20%

1

Supplementary 3/9

02

4

6

8

10

Jan-02 Apr-04 Jun-06 Aug-08 Oct-10 Dec-12

PTTEP has outperformed SET TRI, S&P 500 (TR) and O&G benchmarks at 22% compounded annual growth

Total Shareholders Return, 2002-2012

S&P 500 (TR)

CAGR

SET TRI2

PTTEP1

Stock Prices and Indices (TSR) 2002 to 2012

x%

22%

18%

4%

Times

START OF

SET TRI

Source: Bloomberg, Datastream

10% Oil & Gas

Benchmark3

(1) PTTEP closing price on 31 January 2002: 21.25 Baht. Closing price as of 17 December 2012: 158.00 Baht

(2) SET Total Return Index (SET TRI) measures market performance, including price movements (capital gain/loss), rights offered

to current shareholders allowing them to purchase additional shares, usually at a discount to market price (rights offering), and

income from dividend payments (dividends) assuming they are reinvested in securities. Base Date: 31 January 2002

(3) O&G benchmarks represent the entire industry and cover >300 different O&G companies worldwide including Chevron, Exxon,

BP, Shell, etc.

2

Supplementary 4/9

Thailand Energy Outlook (PDP 2010)

Source : PTT & PTTEP

KBOED Energy Consumption

Petroleum Product

Coal & Lignite

Natural Gas

Hydro

Nuclear

Source : EPPO

0

1,000

2,000

3,000

4,000

5,000

6,000

2009 2010 2011 2012 2013 2014 2015 2016

Contracted

Domestic

Contracted

Import

Gas Demand

Gas Market MMSCFD @

1000 BTU

Gas Consumption

By Sector

0

1,000

2,000

3,000

4,000

5,000

6,000

2009 2010 2011 2012 2013 2014 2015 2016

Power

Industry

NGV

MMMSCFD

60%

24%

4% 12%

60%

19%

7%

15%

Source : PTT & EPPO

0

400

800

1,200

1,600

2,000

2,400

2,800

2007 2008 2009 2010 2011 2012 2013 2014 2015 2020

1%

4%

19%

34%

42%

0 %

2 %

17 %

40 %

40 %

Household &

Petrochemical

3

Thailand Energy Outlook

Natural Gas Energy for the future

Supplementary 5/9

MMSCFD @

1000 BTU

Source : PTT & PTTEP

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

J F M A M J J A S O N D

2012

Jan-Nov 11 4,234

Jan-Nov 12 4,633

Growth 9 %

2010

2011

Gas Consumption

PTTEP Projects Information

4

Supplementary 6/9

Project

PTTEPs Share

Partners Production 1 2012 Key Activities

Gas 2 Oil and Other 3

Production Phase

Thailand

1 Arthit 80% Chevron

MOECO

16%

4%

220 MMSCFD

Condensate: 10k BPD

- Ensure gas deliverability at 220 MMSCFD

Drill Appraisal wells to appraise petroleum reserves and resources

2 B6/27 60% JX Nippon 40% N/A N/A Conduct Exploration activities

3 B8/32 & 9A 25% Chevron

MOECO

KrisEnergy

PSTL

51.66%

16.71%

4.63%

2%

170 MMSCFD

Crude: 30k BPD

Maximize oil production and sustain gas deliverability

Drill Exploration well

4 Bongkot 44.4445

%

TOTAL

British Gas

33.3333%

22.2222%

870 MMSCFD

Condensate: 30k BPD

- In Greater Bongkot, maintain production plateau as per GSA commitment

Drill Exploration/Appraisal wells to appraise petroleum reserves and resources

5 Contract 3

(Unocal III)

5% Chevron

MOECO

71.25%

23.75%

1,240 MMSCFD

Condensate: 24k BPD

Crude: 15k BPD Optimize oil production and maintain gas deliverability

Drill development wells and install wellhead platforms

6 Contract 4

(Pailin)

45% Chevron

Hess

MOECO

35%

15%

5%

368 MMSCFD

Condensate: 14k BPD

- Maintain production plateau as per GSA commitment Drill development wells and install wellhead platforms

7 E5 20% ExxonMobil 80% 33 MMSCFD - Maximize gas deliverability

8 G4/43 21.375% Chevron

MOECO

PSTL

51%

21.25%

6.375%

- Crude: 7k BPD

Maintain production rate

Drill Exploration wells to appraise petroleum reserves and resources

9 G4/48 5% Chevron

MOECO

71.25%

23.75%

-

Crude: 2k BPD

Maximize oil production

10 PTTEP 1 100% - Crude: 0.4k BPD Maintain and maximize production rate

11 S1 100% - Crude: 27k BPD

Maximize oil production to reach 30,000 BPD

Continue Exploration activities

12 Sinphuhorm 20% Hess

Apico

ExxonMobil

35%

35%

10%

100 MMSCFD

- Conduct 3D Seismic Interpretation

Maintain production plateau

13 MTJDA 50% Petronas-

Carigali

50% 335 MMSCFD

Condensate: 7k BPD

-

Maintain production plateau as per GSA commitment

Continue exploration activities

Overseas

14 Oil Sands KKD 40% Statoil 60% - Bitumen: 16k BPD

Increase Leismer production up to production capacity and optimize well and facilities performance

Continue development of Leismer Expansion and Corner Project

Conduct Winter Evaluation Program (WEP) e.g. Appraisal/Delineation wells, including 3D seismic

15 Oman 44 100% -

Crude: 3k BPD

Maintain Gas and Condensate production

Continue exploration and appraisal activities

16 Vietnam 9-2 25% PetroVietnam SOCO

50%

25%

- Crude: 6k BPD Maintain production rate

17 Yadana 25.5% TOTAL

Chevron

MOGE

31.24%

28.26%

15%

565 MMSCFD

+ 150 MMSCFD

(to Myanmar)

- Maintain production plateau as per GSA commitment

18 Yetagun 19.3178

%

Petronas-

Carigali

MOGE

Nippon Oil

PC Myanmar (Hong Kong)

30.00140

%

20.4541%

19.3178%

10.90878

%

400 MMSCFD

Condensate: 9k BPD

-

Maintain production plateau as per GSA commitment

19 Vietnam 16-1 28.5% PetroVietnam SOCO

OPECO

41%

28.5%

2%

- Crude: 37k BPD

Maximize oil production and drill development wells

Expect to reach crude production at 55,000 BPD by 4Q12

Note: 1 Based on 100% share of project 3 Based on 9M12 average daily production

2 Based on DCQ = Daily Contractual Quantity. Condensate based on average yield from gas DCQ.

PTTEP Projects Information

Project PTTEPs Share

Partners 2012 Key Activities

Development Phase :

Overseas

20 Algeria 433a & 416b (Bir

Seba)

35% PetroVietnam

Sonatrach

40%

25%

Bir Seba & MOM Oil Field Development

Finalize bidding Engineering Procurement & Construction (EPC) and drill development wells

Expect production to reach 20,000 BPD in 2014

21 Myanmar Zawtika

(M9 & a part of M11)

80% Myanma Oil and Gas Enterprise

(MOGE)

20% Continue development activities

Complete 3D Seismic in Zawtika East (continued from 2011)

First production expected at end of 2013

Daily contractual quantity at 300 MMSCFD (80% to Thailand and 20% to Myanmar)

22 PTTEP Australasia

(PTTEP AA)

20%-100%

(varied by

permits)

Montara : first production in 1Q 2013 with the potential capacity of 35,000 BPD

Drill Appraisal well in Cash/Maple field to appraise petroleum resources

FLNG finalize Pre-FEED Study and proceed with FEED

4

Supplementary 7/9

PTTEP Projects Information

Project PTTEPs Share

Partners 2012 Key Activities

Exploration Phase

Thailand

23 A4, 5 & 6/48 100% 3D Seismic acquisition and processing

24 G9/43 100% Pending activities and waiting for final boundary resolution (overlapping area Thai Cambodia)

25 L21/48 & L28/48 70% Resourceful Petroleum (Thailand) 30% Drill 1 Exploration well in L21/48 and conduct G&G studies

26 L22/43 100% Drill 1 Exploration well

27 L53/43 & L54/43 100% Drill 4 Exploration wells /additional 3D Seismic acquisition

Overseas

28 Algeria Hassi Bir Rekaiz 24.5% CNOOC

Sonatrach

24.5%

51%

Continue 3D seismic acquisition & processing

Drill 6 Exploration wells

29 Australia WA-423-P 30% Murphy

Diamond Resources

40%

30%

Drill 1 Exploration well

30 Cambodia B 33.33% Resourceful Petroleum

SPC

33.33%

33.33%

Drill 1 Exploration well

Conduct G&G studies and post-well analysis

31 Indonesia Semai II 28.33% Murphy

INPEX

PT Pertamina Hulu Energi Semai II

28.33%

28.33%

15%

Drill 2 Exploration wells

Conduct G&G studies

32 Indonesia South Mandar 34% Talisman

TOTAL

33%

33%

Continue G&G studies

33 Indonesia Malunda 100% Continue G&G studies

34 Indonesia Sadang 30% Talisman

TOTAL

40%

30%

3D seismic data interpretation and G&G studies

35 Indonesia South Sageri 20% Talisman

TOTAL

35%

45%

3D seismic data interpretation and G&G studies

36 Myanmar M3

Myanmar M11

100%

45%(1) TOTAL (for M11)

JX NOEX (for M11)

40%

15%

Drill 1 Appraisal Well in M3 by 2012

Drill 1 Exploration Well in M11 (Deep Water) by 2012 or early 2013

Farm out to TOTAL& JX NOEX is subject to Myanmar Government approval

37 New Zealand

Great South

18% Shell

OMV

Mitsui E&P

50%

18%

14%

3D seismic acquisition and G&G studies

38 Vietnam B & 48/95 8.5% Chevron

MOECO

PVEP

42.38%

25.62%

23.5%

Complete follow-on engineering and pipeline detailed design

Further exploration program

39 Vietnam 52/97 7% Chevron

PVEP

MOECO

43.4%

30%

19.6%

Complete follow-on engineering and pipeline detailed design

Further exploration program

40 PSC-G and EP-2 90% WinPreciousResources 10% 2D seismic

41 Mozambique Rovuma

Offshore Area 1

8.5% Anadarko, Mitsui,

ENH, Bharat Petroleum, Videocon

36.5%,20%

15%,10%,10%

Exploration drilling i.e. Black Pearl, Barracuda in 2012

42 Mozambique Rovuma

Onshore

10% Anadarko, Maurel&Prom,

ENH, Wentworth Resources

35.7%,27.7%

15%,11.6%

43 Kenya L10A

Kenya L10B

25%

15%

BG, Premier, Pan Cont.

BG, Premier, Pan Cont.

40%,20%,15%

45%,25%,15%

44 Kenya L5, L7, L11, L11B,

L12

10% Anadarko, Total 50%,40%

Note: 1 Subject to Myanmar government approval

4

Supplementary 8/9

Ratio Formula

Lifting Cost ($/BOE) (Operating Exp. Transportation Cost Stock Variation Other expense not related to lifting) /

Production Volume

Cash Cost ($/BOE) (Operating Exp. + SG&A + Royalty & SRB) / Sales Volume

Unit Cost ($/BOE) (Operating Exp. + Exploration Expense + SG&A + Royalty + DD&A) / Sales Volume

F&D Cost ($/BOE) (5 Yr Avg. of Acquisition + 5-Yr Avg. of (Expl.+ Dev. Cost )) / 5 Yr Avg. of additional reserves

Reserves Replacement Ratio 5-Yr Additional Proved Reserves / 5-Yr Production Volume

Reserves Life Index (Year) Proved Reserves / Production Volume

Success Ratio Number of wells with petroleum discovery / Total number of exploration and appraisal wells

EBITDA (Sales + Revenue from pipeline transportation) - (Operating expenses + Exploration expenses +

Administrative expenses + Petroleum royalties and remuneration + Management's remuneration)

EBITDA Margin EBITDA / Sales Revenue

Return on Equity Trailing-12-month net income / Average shareholders' equity between the beginning and the end of the

12-month period

Total Interesting Bearing Debt Short-term loans from financial institution + Current portion of long-term debts + Bonds + Long-term

loans from financial institution

Total Debt to Equity Ratio Total interest bearing debt/ Shareholders' equity

Total Debt to EBITDA Ratio Total interest bearing debt / Trailing-12-month EBITDA

Dividend Payout Ratio Dividend Payment / Net Profit

Ratio Formula 5

Supplementary 9/9