Strategic importance to PTT Public Co. Ltd.(PTT) and the Thai government Strong domestic position Solid asset base Modest financial risk profile Dependence on PTT Heavy capital requirements, and some risks relating to increasing overseas presence The corporate credit rating on Thailand's PTT Exploration&Production Public Co. Ltd. (PTTEP) reflects the following strengths: Strategic importance to PTT and the Thai government. PTTEP contributed about 70% to Thai oil and gas conglomerate PTT Public Co. Ltd.'s (PTT: BBB+/Negative/--) EBITDA in 2008 and is owned 65.72% by PTT. PTTEP also plays a key role in developing Thailand's hydrocarbon reserves and has strong links with the Thai government. Strong domestic position. PTTEP has a solid operating track record. Over the past five years,