INVESTOR UPDATE

July 2019

2

Agenda

Industry Outlook

Performance Highlight

Strategic Direction

Projects Update

• Dividend Payment• CAPEX Plan• Financial Position• Financial Performance• History

Company Profile

Appendix

48.05%

7.93%

12.07%

31.94%Others

Introduction to IRPCIntegrated Petrochemical Complex

3

Shareholding Structure*

PTT secures 100% crude procurement for IRPC at the market price

Receive 60 days credit term from PTT

Petroleum Product off-take and swap agreement with PTT group on arm-length basis

Strong support of credit facilities from PTT thruIntercompany Borrowing & Lending (ICBL)program

IRPC are under umbrella of PTT group’s centraltreasury management framework

PTT

Crude Procurement &

Credit Term

Product Swaps and Off-takes

Financial and Risk Control

Systems

Operational & Strategic Relationships with PTT Group

Complex & Facilities

*Note: as of Feb 2019

• Integrated petrochemical complex: Upstream to downstream in a single complex

• Locate in Industrial Area: Eastern Seaboard Area of Thailand, 200 km. from Bangkok and 30 km. from Map Ta Phut Industrial Area

• Facility Support:- Deepest sea port- Tank Farm and Power Plant- Thailand’s main coastal highway

Market Cap. : 102,172 MB (as of June 28, 2019)

Credit Rating

BB+Positive Outlook

Ba1Positive Outlook

A(tha)Stable Outlook

Thai NVDR

Foreign

4

Petroleum and Petrochemical Capacity

Petroleum PetrochemicalIRPC Core Business

Deep Sea PortUtilities5 Depots,

307 MW Power plant

Facilities & Utilities

Refinery• LPG• Naphtha• Gasoline• Diesel• Fuel Oil

Lube Base• Lube Base Oil• Asphalt

Olefins• Ethylene• Propylene• Butadiene

Aromatics• Benzene• Toluene• Mixed Xylene

Styrenics• EBSM

Polyolefins• HDPE• PP

Polystyrenics• ABS• PS• EPS

Petrochemical Capacity• Monomer 1,848 KTA• Polymer 1,267 KTA

3,115 KTA

Crude Refining Capacity

215 KBD

Freehold Land4,750 Acres

(~12,000 Rais)

1,221

367

915

352

920

215

Unit: KTAUnit: KBD

Unit: KTA260

5

IRPC’s Profile

Refinery Capacity : 215 KBD (crude distillation unit)

Petrochemical Capacity : 3,115 KTA (Olefins, Aromatics, Styrenics,

Polyolefins, Polystyrenics)

1

PP 3rd largest in South-East Asia: 775 KTA

HDPE pipe grade 140 KTA

ABS 179 KTA: The Largest producer in Thailand

2

Lube base oil : 320 KTA

Asphalt : 600 KTA

3

51% of specialty petrochemical portfolio

PPC to add more specialty Petrochemical Products

Specialty : 10-20% higher margin vs Commodity

5

Integrated

Petrochemical Complex &

Product Diversification

Remarkable Position

in ASEAN

Polymer Market

The largest lube base oil capacity

in Thailand

Power & Utility business : ~ 1.0 $/bbl to GIM

Additional contribution from utility JV starting from 2018

Stable income from Port and Tank business

4 Sustained earnings

from facility

and utility businesses

Specialty Petrochemical

to capture

higher margin

6

Petroleum and Petrochemical Value Chain Optimized Configuration & Product Diversification

Olefins Plant PropyleneEthyleneAcetylene Butadiene

180 KTA360 KTA6 KTA56 KTA

Vacuum Gas Oil (VGO)

PP

PS

ABS/SAN

EPS

CCM

Acetylene Black

HDPEEthylene

Acetylene

Propylene

Benzene

TolueneMixed Xylene

Butadiene

CD1

Ethylene

EBSM

4 KTA

140 KTA

775 KTA

Ethylene Rich Gas

DCC

Propylene 132 KTA

ADU1 65 KBD

ADU2 150 KBD

215 KBD

Naphtha

Reformate

UHV

Ethylene Propylene 320 KTA

73 KTA

Lube BaseLube Base Oil Asphalt

320 KTA600 KTA

BTX Benzene TolueneMixed Xylene

114 KTA132 KTA121 KTA 31 KTA

57 KTA

179 KTA

125 KTA

48 KTA

260 KTAStyrene Monomer

Acrylonitrile

Feed (Crude Oil / Condensate)Transportation FuelDiesel

Jet

Gasoline

PRP

HS ATB

Propylene 100 KTA

Pyrolysis Gasoline Raffinate

Styrene Monomer

LS ATB

63% 15% 8% 14%

Crude/Condensate Portfolio

Middle east Far east Domestic Others

For sale

HS ATB

7

Agenda

Industry Outlook

Performance Highlight

Strategic Direction

Projects Update

• Dividend Payment• CAPEX Plan• Financial Position• Financial Performance• History

Company Profile

Appendix

32.05

31.6431.44

31.49

32.15

32.64

33.44

33.2032.80 32.94

33.14

32.87

31.98

31.47

31.89

30

31

32

33

34

35

69.2

65.2 65.9

71.8

76.9

74.3 74.3 72.6

78.9

81.2

64.7

57.4 59.5

64.0 66.1

66.2

62.7 62.7

68.3

74.4 73.6 73.1 72.5

77.2

79.4

65.6

57.3 59.1

64.6

66.9

55

60

65

70

75

80

85

Brent Dubai

Key DriversIncreasing crude oil price from year end led to net stock gain VS low products spread

8

Dubai Crude Oil Price (avg.)

Gross Refining Margin (GRM)

Foreign Exchange (avg.)

Product to Feed Margin (PTF)

Unit: $/bbl Unit : THB/USD

5.4 5.9

1.9

1Q18 4Q18 1Q19

7.6 7.1

5.7

1Q18 4Q18 1Q19

Unit: $/bbl Unit: $/bblYoY 65%

QoQ 68%

YoY 25%

QoQ 20%

31.71 32.09 33.15 32.98 31.78

QoQ 6%

YoY 1%

QoQ appreciated 4%

YoY depreciated 0.2%

1Q18 2Q18 3Q18 4Q18 1Q19

Brent (Avg) 66.8 74.4 75.3 67.8 63.2

Dubai (Avg) 63.9 72.1 74.3 67.4 63.5

1Q18 2Q18 3Q18 4Q18 1Q19

41.353.2

69.4 63.9 67.4 63.5

9

Key Performance

17,430 20,420 18,344

5,389

534 2,355

Net Sales (net excise tax)

Unit: MB

EBITDAUnit: MB

Performance by Business

Net ProfitUnit: MB

Petroleum Petrochemical Utilities & Others

Net Sales(net excise tax)

Dubai (Avg.)Unit: $/bbl

168,349 197,594

258,919

60,488 64,233 54,274

Crude Run (KBD) 180 208183

EBITDA

Net Profit

Market GIM ($/bbl) 13.0

Acct. GIM ($/bbl) 12.8 15.5

14.5

Net Stock G/(L)($/bbl) (0.2) 1.0

2018 : Maintained high operating income from higher U-Rate despite crude premium increased

1Q19 : Better performance as higher net stock gain VS weaken products spread

213 208 200

YoY 32%

YoY 10%

YoY 31%

13.1

(0.5)

13.6 14.1

6.6

(7.5)

Operating NINet Income

14.1

14.4

0.3

8.7

1.3

9.9

QoQ 16%

YoY 10%

QoQ 341%

YoY 56%

YoY 94%

QoQ 109%

8,750 8,621 8,859

2,566 2,351

(650)

9,721 11,354

7,735

2,752

(1,627)

153

2016 2017 2018 1Q18 4Q18 1Q19

(345%)

384%

62%

1Q19

25%

54%

21%

70%

29%

1%

54,274MB

2,355MB

153MB

-1,627 132

3,846

873

357

118

306 1,048

720 83

3,554

141

752

78141 434

-650

2,351

153

Operating Net Income: 4Q18 vs 1Q19According to lower spread & RDCC planned shutdown led to lower operating income

10

Uncontrolled Controlled

Operating Income 128%

Net Income 109% (1,627) 153

2,351 (650)

Unit: MB

Net Income1Q19

(effective Tax rate = 0%)

Net Income 4Q18

(effective tax rate = 19%)

Volume DecreaseMargin

Decrease

Income Tax

Credit Decrease

OPEX +Selling Exp.

Others(Depre/FX loan/

Take quity)

Stock Loss& Hedging

+LCM

FX. Effect

NonOperating

Items

Operating Income 4Q18

NonOperating

Items

Operating Income 1Q9

Crude Premium

Stock Loss& Hedging

+LCM

Fuel Loss & Internal

UsedControllable

UHV+PPE+PPC

Everest + E4E

Fuel Loss & Internal

Used(Exl. UHV)

(1,627)

(650)

1Q19 Actual

Everest+E4E Project Highlight 1Q19: Everest+E4E contributed 21% of plan

Key Area

EverestEverestEverest

Unit : MB of EBIT

2019 (Plan)

2018 Actual

Operations Area

Commercial Area

Integrated Supply Chain

Procurement Area

Corporate Area - HR

Corporate Area – Non HR$

11

Total Everest

Total Everest + E4E

4,276 892 4,441

1,821 425 2,455

1,444 544 1,822

31 14 -

397 65 406

1 - -

7,970 1,940 9,124

1,397 463 2,085

9,367 2,403 11,209

Everest Forever (E4E)

21% of Plan

12

Agenda

Industry Outlook

Performance Highlight

Strategic Direction

Projects Update

• Dividend Payment• CAPEX Plan• Financial Position• Financial Performance• History

Company Profile

Appendix

13

UHV project : Major CAPEXImprove product yield and earnings

IRPC’s refined Production Yield

Upstream project for Hygiene & Value-added Products

Objective : Upgrade low value to high valued-added products

Investment : $ 1.1 bn

COD : Jul. 2016

Benefit : GIM 1.5-2.0 $/ bblAssumption : Spread propylene to FO ~ 500-600 $/ton

RDCC unit Feed Cut-in

@ Jun 16 COD @ Jul 16

HYVAHL unit Feed Cut-in

HS-ATB @ Jul 16 COD @ Jul 16

Performance Guarantee Test RDCC run 100%

@ Oct 2016

Plant Acceptance

(PAC)

Jan 2017

43%

80%

99%

2016A 2017A 2018A

Upgrade to High Valued-Added products

131

123

163

367

220

326

74

HSFO

LPG

Ethylene

HYVAHL

Propylene

Naphtha

FO/FG

Middle Distillates

RDCC

C4 Raffinate III

Internal use & Loss

Unit : KTA

16%

5%

23%

9%

9%

26%

12%

Flow Diagram

LSFO

UHV

Designed Yield

23%8% 11%

4% 4%

14%

10%

15%

12% 11%

40%

38%

45%

47% 47%

5%

10%

8%

9% 12%

16%

21%

16%18% 16%

2%

5%3% 5% 5%6%1% 4% 4%

2% 1% 1%

IRPC IRPC+UHV IRPC2015A

IRPC2017A

IRPC2018A

Ethylene

Propylene

LPG

Naphtha

Gasoline

Diesel/JetFuelLube Oil

Fuel Oil

Designed Yield

Top polypropylene producers in south-east Asia

2016 2017 2018 2019

ExxonMobil Singapore 860 860 860 860

HMC Polymers Thailand 810 810 810 810

IRPC Thailand 475 775 775 775

TPP Thailand 720 720 720 720

Lotte Chem. (M) Malaysia 373 373 373 640

TPC Singapore 625 625 625 625

Chandra Asri PC Indonesia 480 480 480 510

Pengerang PC Malaysia - - - 488

Nghi Son Viet Nam - 185 370 400

Polytama Indonesia 386 386 386 386

JG Summit PC Philippines 185 185 185 185

Unit : KTA

14

PPE&PPC Benefit EnhancementFulfill UHV benefits thru higher margin on PPE & PPC

Random PP• Pipe grade• Hygiene

Super Clear PP• Container box• Medical Device

Block-CO PP• Household Material• Heavy-duty

HOMO PP• Film application• Fiber grade

PP Specialty•Frozen food packaging•Lamination•Health care

PP Compound• Automotive:

pumper, instrument panel, etc

PPE 160 KTA PPC 140 KTA

Total PP 775 KTA in 2017

PP Existing 475 KTA

PP Expansion and PP Compound Project

CompoundingHouse

PP inline compound

Lower cost : PPC production by Inline process technology

Note: Cost Saving • No Packing & Logistic• No 2nd Extruder Process

PP Marketing Strategy : Sales Plan

Y2017

Volume: 600 Ktons

Y2022

Volume: 760 Ktons

PP Expansion Project (PPE) Licensor : Novolen Capacity : 160 KTA PMC : Foster Wheeler, EPC : Sinopec

• CAPEX : $ 236 mn• GIM 0.8-1.0 $/bbl• COD : 4Q17

Source : IHS 2019

Random PP4%

Homo PP75%

Block-CO PP

21%

PP Compound11%

Random PP10%

Homo PP58%

Block-CO PP21%

PP Compound & Specialties (PPC) Licensor : JPP Capacity : 140 KTA PMC : Foster Wheeler EPC : Sinopec

Project UpdateGasoline Max. : Better than target, Cat. Cooler construction on schedule

15

Gasoline Maximization Project UHV Catalyst Cooler in RDCC plant

CAPEX : 724 MB

IRR : ~ 80%

Benefit : GIM: 0.4$/bbl

COD : Nov.2017

Results:

Gasoline volume increase 40 mn liters per month, higher than target of 25 mn liters

RDCC Plant

ERU

PRU Unit

PNU Unit

Prime G Unit

Ne

w c

olu

mn

GasolineBlending Pool

~ 25 M.Litres/month

C2’s

C3’s

C4’s

Naphtha

Modification

Modification

Poly-gasoline (C8’s)20 t/hr. to gasoline pool

Heavy Oligomerate (C12+’s)5 t/hr. to RDCC

HCN (benzene <0.5 volume%) 27 t/h Gasoline pool

Benzene rich cut 8 t/h

LCN

ERU – Ethylene Recovery Unit PRU – Propane-Propylene Splitting Unit PNU – Naphtha Oligomer Unit Prime G – Naphtha Hydro-treating Unit

CAPEX : ~ 1,320 MB

IRR : ~ 35%

Benefit : GIM: 0.3$/bblConstruction Progress : 99% (As of May 19)

MC Complete in the beginning of June 2019

Progress : Commissioning test run

COD : May 2019 (Phase I-Catalyst Cooler)

COD : July 2019 (Phase II-Generator)

Project Objective : Crude selection more heavy crude More electricity & steam

Gasoline Max. Project

16

Project Update : Benefit Tracking

2017 2019

UHV Project Catalyst Cooler Project

0Benefit to GIMUnit: $ per bbl

UHV2017: 1.35 $/bbl2018: 1.51 $/bbl2019F: 1.70 $/bbl

PP compound & specialties (PPC)

PP Expansion Project (PPE)

Catalyst Cooler

UHV value added

Flexibility of crude selection

Utility from cracking

heavy crude molecule

CAPEX : ~ 1,320 MB

COD : ~ May 2019

GIM 0.3$/bbl

Increase UHV benefit Maximize Gasoline Yield Reduce Thailand import CAPEX : 724 MB Capacity: 40 mn litre/month

GIM 0.4$/bbl

Gasoline Maximization

COD : Nov. 17

PP Compound

Capacity: 140 KTA

CAPEX : 5,323 MB

GIM 0.4$/bbl

COD : Sept. 2017

Capacity:160 KTA

CAPEX : 3,248 MB

GIM 0.4$/bbl

PP expansion

COD : Dec . 2017

PPE 2017: 0.13 $/bbl 2018: 0.43 $/bbl2019F: 0.22 $/bbl

PPC2017: -2018: 0.18 $/bbl2019F: 0.17 $/bbl

Cat. Cooler2018: -2019F: 0.3 $/bbl

MC : Feb 19COD Plan : End 1Q19

UHV & UHV value added &

PPE & PPC

Total Benefit to GIM: $/bbl

2017: 1.54$

2018: 2.56$

2019F: 2.79$

Upgrade low value to high value-added products 2016 U-Rate: 43% CAPEX : ~ $ 1.1 bn

GIM 1.5-2.0 $/bbl

UHV

COD : Jul. 16

Gas Max. 2017: 0.06 $/bbl2018: 0.44 $/bbl2019F: 0.40 $/bbl

2016

17

Agenda

Industry Outlook

Performance Highlight

Strategic Direction

Projects Update

• Dividend Payment• CAPEX Plan• Financial Position• Financial Performance• History

Company Profile

Appendix

18

IRPC Strategic Roadmap to 2020Power of Growth, Power of Digital & Power of People: “GDP”

Power of GrowthG

Power of DigitalD

Power of PeopleP

Incremental Margin and Organization Health

Capability Building Owner mindset & Performance

Orientation Cultural Changes

Propylene (UHV)

412 KTA 732 KTA

Capacity Before After

PP(PPE&PPC)

475 KTA 775 KTA

Capacity Before After

Fully Integrated PP

Margin Improvement

Operational Excellence Commercial Excellence Procurement & HR Excellence

Benefit +135 MUSD

Other Projects Completion

Operational Efficiency Improvement Asset Utilization Enhancement Product and Service Improvement Capacity and Products Expansion

CHP I• Electricity• SteamPRPEBSM

108 MW200 T/hr312 KTA200 KTA

307 MW664 T/hr412 KTA260 KTA

Capacity Before After

BIG

Revenue Growth : 5%EBITDA Growth : 10%

1st Quartile ROIC in Petroleum

and Petrochemical Industry

STRONG LONG

Member of DJSI Emerging

Markets Universe

2020ROIC 14%

2018

2014

2010

2016

19

GDP: From Aspiration to Execution

Power Three : 3 Pillars for achieve Top Quartile in 2020

Power of Digital

Power of People

Truly embedand live the IRPC DNA

Develop next generation of

Top 30 leaders

Continue to establish lean, fit-for-purpose organization

P

Power of Growth Maximum

aromatics for competitiveness

Growth byM&A

Everest forever for sustainable

growth

Drive R&D excellence

G

100MUSD

100MUSD

OPS 4.0Smart

Operation (AI)

ISC 4.0Integrated

Supply Chain

CCM 4.0Customer

Centric Digital

ERP 4.0ERP

Transformation

PRO 4.0Lean

procurement

100MUSD

D

MARS - Maximum Aromatics

Reformer Benzene

300-500 KTA

Paraxylene

1,000-1,300 KTA

Naphtha PX

Project:

Aromatic

Complex

Internal use

& Export

Export

Naphtha

Treating

unitHCN

Toluene, Xylene, HA

Internal use

& Export

Other Products: LPG, Raffinate, Raw

Hydrogen, Fuel Gas

200 KTA

CAPEX: $1.1 bn - $1.3 bn IRR 14%-16%

Petrochemical Yield 17% Existing + UHV

Petrochemical Yield 27% >>

Key Rational

• Utilize excess Naphtha

/Toluene/Xylene as feedstock to

maximize PX and BZ products

• Cost competitiveness

thru new technology

• Affirmed PX demand growth:

CAGR: 4% - 5%

G

Maximum Aromatics Project : MARSTo increase Petrochemical Yield

COD:1Q23

Feasibility study and Technology selection

Basic Engineer Design Package/FEED

Construction

202320192017 20202018

EPC

BOD acknowledged on project economics

Early 2019 BOD final approval on EPC Bidding by mid 2019

20

21

E4E : Initiatives projectCapture more benefit thru LSFO project

CAPEX : ~3MUSD (modify pipeline)

Production : ~ 40-80 KT per month

Margin improved : ~ 0.45$/bbl or

~40 MUSD per year

MC : End of May 19

COD : 3Q19

Targeted Year : Y2020 & Y2021

Price Assumption to Study IMO effect.Low Sulfur Fuel Oil Project

ADU

VDU

RDCC

Hyvahlin UHV

DCC

SEU/ PDU

DAU/ ABU Asphalt

Extract

VR

Asphaltene

LCO + DO

LCO

ETP PGO

LS-FO

LCO

Sell

G

22

M&A under “Galaxy” projectFocus in Petrochemical Industry

Petrochemical and/ or related petrochemical business with synergy value

Why Galaxy :• Align with aspiration: “Leading Integrated Petrochemical Complex in Asia by 2020”

• Growth Ambition: Invest to deliver targeted EBITDA of $100-200 Million

• Expeditious success

G

23

M&A under “Galaxy” projectInvestment in plastic product E-commerce business

Company: Guangzhao Saiju Performance Polymer Ltd (GZSJ), China

Business: E-commerce platform for variety of plastic products under “IPLAS” platform

Website: www.isuwang.com & www.suwen8.com

Investment size: ~ 650 MB

E-commerce Platform – in China

Provide market place for supplier and buyer focusing in SME

Service logistic as option for buyers and be included in prices

Service credit term thru interest charged in prices

Provide Technical service solution by the experts

E-commerce Platform : one stop service provider

Company: iPolymer Company Limited

Business: E-commerce platform in Thailand focusing in plastic and chemical products

Investment size: ~ 120 MB

E-commerce Platform – in Thailand

1

New market and distribution

Big data analyticLeverage know-how

Benefit

GZSJ15%

45%

55%

iPolymer Ltd.

Shareholding Structure

1

2

(IPLAS Platform)

Founder & Others

85%

2

G

24

Power of GrowthABS Expansion: Increasing ABS specialty by 6,000 MTA

Flow DiagramABS Expansion

CompoundingFlocculation

& DryingPolymerization

Project Objective : Increase 6,000 MTA of Specialty

ABS Powder.

Recovery Vapor Butadiene 278 MTA from Flare.

CAPEX : ~ 430 MB

IRR : ~ 17%

Styrene

Butadiene

ACN

Change production technology from conventional emulsion to agglomeration to reduce polymerization time

ABS Pellet

Project Timeline

Acrylonitrile (ACN)

Butadiene Styrene

ABS

Chemical resistance Heat stability Tensile strengthAging resistance

ToughnessImpact strengthLow temperature properties

GlossProcessibilityRigidity

Award EPC

BOD Approval

EPC construction

1Q19

2019 2020

2Q19 2Q20

COD

G

ABS Powder

+6,000 MTA

Power of GrowthFloating Solar Power Project with Electricity 12.5 MW

25

Description

Project Objective :

To produce electricity 12.5 MW

Floating Support material from own HDPE

BOI Privilege

Timeline

Award EPC

BOD Approval

Engineering Procurement and Construction

1Q19

2019 2020

2Q19 2Q20

COD

GArea : Reservoir in Industrial Park

Usage : Internal use at PP Plant

CAPEX : ~ 550 MB

IRR : ~ 17%

1Q20

MC

IRPC 4.0 Developing implementation plan through IRPC supply chain

26

O3 - Utility demand forecasting

O2 - Mass balance reconciliation system

E1 - SAP revisit

I3 - Control tower decision making

O4-O5Rotating Machine PM

O1 - EKON$

P1 - Spend cube analytics

/ SRM

I1 - Crude selection

SupplyProduction/

operationDistribution Customer

Market/Competitor

Digital Organization Data Lake

Robust ERPBackbone

Secured Technology

Agile Way of Work

Collaboration platform

with cross function

team

P2 - Advance material mgmt.

C4 - End-to-end CRM

C1 - Advanced pricing algorithm C6 - Market &

competitors intelligence

C3 - Big data analytics to predict demand

E2 - Tech functionE3a - Data governance /

Reporting & big data analytics

I2 - Collaborative asset tech. platform

P3 - Demand planning (non-HC)

C5 - B2B portal

P4 - Process workflow re-design

C2 - Customer industry platform

O6 - Catalyst lifecycle prediction

O10 - Maintenance advanced scheduler

O8 - Crude blending optimization

O12 - Smart operator app & wearable safety

device

D

81

Digital leader

27

2 510

6

15

6

10

2429

58

3

2018

> 100

2019 2020

50

11.5

PRO 4.0

OPS 4.0

CCM 4.0

ERP 4.0

ISC 4.0

Unit: MUSD

19 initiatives

to be launched in Y2018

Target

Strategic Initiative – IRPC 4.0To reach 100 MUSD benefit within 2 years

24

Digital passive

DAI: Digital Assessment Index >>

‘Improve DAI to be digital leader’

D

IRPC 4.0 : €KON$Online monitoring economics platform

28

Economics visualized real-time in the control room

Management reports on performance against targets

Globally accessible web platform for all IRPC

Objectives:

Margin improvement through real-time

understanding of economic implications

Optimized trade-off decisions across operational

parameters and closer tracking of targets

Benefit : ~ 30 M$/year

Timeline : May 2018 – May 2019

1st Wave: Basic Refinery ~ 5 months (11 Units)

2nd Wave: Basic Petrochemical & Specialist ~ 4 months

(13 Units)

3rd Wave: Derivative Petrochemical ~ 4 months

(13 Units)

A tool optimizes key economics through refinery &

petrochemical operations

D

Improve LP model by using AI to maximize yields

Inventory optimization

Minimize products giveaways

Potential additional initiatives

Key Features

Power of PeopleIRPC New DNA

29

Individual Ownership

Result-Oriented

Promise and Deliver

Continuous Improvement

Do Things Together

No Bias

Actively Solve The Problem

Following orders

Process-oriented

Promise but delay

Business as usual

Silo-based

Biased reward

Too many

commentators

P

30

Agenda

Industry Outlook

Performance Highlight

Strategic Direction

Projects Update

• Dividend Payment• CAPEX Plan• Financial Position• Financial Performance• History

Company Profile

Appendix

+ The U.S. to end waivers on import of Iranian oil.+ The U.S. sanctions on Venezuela's crude.- OPEC & non-OPEC may decide to gradually ease crude oil supply- High U.S. crude oil production remained at a record of 12.3 M.bbl/d in April.

+ Global refinery turnaround season to reduce overall refined product supply+ Peak demand in U.S. ahead of driving season- Gasoline stocks in the Atlantic Basin are on the high side (primarily in the U.S.)- Lower import from Vietnam after Nghi Son reach full capacity

+ Global refinery turnaround season support gas oil price+ Healthy Asia Pacific demand driven by agricultural sector+ Strong Demand in preparation for the IMO implementation - Higher Chinese export quotas

+ Higher demand for power generation during summer in Middle East.- Demand in Japan may fall as nuclear plants are planned to start-up in 1H19- Less bunker oil demand due to specification change by IMO .

+ Higher project demand growth+ Seasonal peak period amid optimal weather condition for laying of pipes- PE pipe natural move USA flow to SEA as a result of trade war- Slow demand in SEA due to Ramadan in May-June

+ Peak Turnaround during Apr.-May+ Chinese manufacturing season in Q3+ New capacity from Malaysia plant delayed start up- Slow demand in SEA due to Ramadan in May-June

+ The manufacturers of Personal Electronics and Office Automation in Asiahave return to the market.+ VAT reduction will improve China domestic demand- Trade war impact export of Electronics and Electrical and Toys

ULG 95

FO

Driving Determinants : Petrochemical

Crude Oil

ULG 95

GAS Oil

ABS

FO

PP

HDPE (Pipe)

PS

Key ProductsPrice (1Q19)

Spread(1Q19)

Refinery ($/bbl) ($/bbl)

Dubai 63.5

ULG 95 67.2 3.7

Gas Oil 76.3 12.8

FO 64.1 0.6

Polymer ($/T) ($/T)

PP 1,130 611

HDPE (Pipe) 1,190 671

PS 1,307 788

ABS 1,519 1,000

2Q-3Q Market OutlookDriving Determinants : Petroleum

+ VAT reduction starting 1Apr, will boost Chinese economy.+ Manufacturing season for air-conditioner and refrigerator- Packaging demand slowdown from alternative and environmental concerns

31

Crude Oil Outlook

32

Brent Crude Oil Price Forecast (65 – 73 $/bbl)World oil production and consumption balance

Global oil inventories will decline by 0.3 million b/d in 2019 EIA revises its crude oil price forecast upward as supply expectations change

U.S. Crude & OPEC’s Crude OPEC+ reach its target of production cut by 1.8 MBD

(150%) in May. 2019

Surging U.S. crude oil production will offset OPEC's output cuts Led by Saudi Arabia, Russia, Kazakhstan, and Kuwait

Source : Bloomberg, U.S. Energy Information Administration Source : Bloomberg, June 2019

Petrochemical OutlookPolypropylene: Market return to balance

33

PP world operation rates return to balance FCC splitter : The lowest cost of propylene production

Addition capacity leading by China aim to reduce importPP demand growth stays healthy above world GDP

Source : 2019 IHS Markit

Petrochemical OutlookHDPE : Utilization rate reach the highest level in 2019

34

Surplus Polyethlyene after 2019

China drives global Polyethylene demand growth

HDPE operating rate hit the highest level in 2019

Global PE demand growth stays above average growth

Source : 2019 IHS Markit

Nort

heast

Asi

a

West

Euro

pe

Nort

h A

merica

0

20

40

60

80

100

120

140

160

180

200

Northeast Asia West Europe North America

Tho

usa

nd

s o

f To

ns

Petrochemical OutlookABS : Moderate demand growth with low capacity addition

35

Average ABS plant capacity by region

ABS demand catch up to additional capacity High operating rates required to meet demand

2019 Global market segmentation

Appliance39%

Other (Medical,Toy,Rec) 13%

Building & Const. 8%

Transportation 15%Electronics/Electrical

28%

Source : 2019 IHS Markit

36

Refinery Regulation ConcernIMO regulations to start in 2020 which benefit to LS refinery as IRPC

1.5%

1.0%

4.5%

3.5%

0.5%

Jan-200.1%

IMO implements

new Sulfur spec

Timeline of changes in Sulfur Emission RegulationIMO to cut global SF limits from marine fuels : 3.5% 0.5%

Global Bunker Fuel Demand, MMBD

Source: FGE’s Flash Alert 2 Feb’ 18

Consequence effects

Demand of gasoil for marine bunker blending support gasoil spread,

It is expected gasoil-FO spread will increase from 15-18$/bbl to 35-40$/bbl

Though, lower fuel oil price bring back power generation demand

Higher gasoil price and lower fuel oil price support light crude demand and push Dated/Dubai spread from 2$/bbl to 7$/bbl

3.54

1.25

1.30

2.56

1.00

0

1

2

3

4

5

6

2019 2020

HSFO Gasoil LSFOGlobal Bunker Demand, MMBD

37

Positive impact from IMOStronger diesel/gasoline spread the highest GRM in 2020

Asia crack spreads

$/b

bl

International crude oil pricing

Co

nsta

nt

20

17

do

lla

rs p

er

ba

rrel

Global bunker fuel demand distribution

Consequence effects

Asian product cracks and crude oil differentials will start rising from 2H2019 ahead of IMO implementation

It is expected gasoil-FO spread will increase from 15-18$/bbl to 35-45$/bbl

Though, lower fuel oil price bring back power generation demand

Higher gas oil price and lower fuel oil price support light crude demand and push Dated/Dubai spread from 2$/bbl to 7$/bbl

38

Agenda

Industry Outlook

Performance Highlight

Strategic Direction

Projects Update

• Dividend Payment• CAPEX Plan• Financial Position• Financial Performance• History

Company Profile

Appendix

0.270.31

0.19

-0.04

0.04

-0.26

0.46 0.480.56

0.38

0.18 0.180.12

0.08 0.10 0.08

0.22 0.230.29

0.19

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

EPS

Year Dividend

Dividend Policy & PaymentIRPC is firmly committed to pay dividend at no less than 25% of net income

39

67% 58% 63%

25% 25% 25%

48% 48% 52% 50%

Dividend Yield 4.1% 2.8% 2.9% 1.9% 3.1% 2.6% 5.1% 4.8% 4.1% 3.3%

Share Price 1 4.38 6.50 4.08 4.12 3.26 3.06 4.30 4.80 7.05 5.75

IRPC pay at 48-67% payout ratio with average dividend yield of 3.5%

Dividend Payout

Unit: THB

Div. Policy ≥ 25%

Note: 1 Closing price at the end of period

N.A.N.A.N.A.

40

CAPEX Plan in 2019 – 2023Bt 71 bn committed CAPEX

2,878 2,481 2,912 2,743 4,782

2,821 64

1,924 387 188

4,034 9,532

16,256 10,765

616

389

642

533

4,103

3,314

2,327

2,235

723

108

83

49

5,846

11,316

14,087

23,210

18,944

3,486

2018A 2019 2020 2021 2022 2023

General & Maintenance Project

E4E, IRPC 4.0

MARS project

Strategic Investment Projects

Others

Unit: MB

15,739 ,

22%

2,311 , 3%

41,203 ,

58%

8,592 ,

12%

3,198 , 5%

IRPC 5 year CAPEX Plan

General & Maintenance Project

E4E, IRPC 4.0

Others

Total

71,043 MB

Strategic Investment Projects

MARS Project

* Excluding capex for investment opportunities of Bt 34 bn

*

125,965 125,147

9,852 9,971

44,291 47,751

2,338 2,806

87,380 87,538

2,609 2,614

50,665 49,877

41,792 45,646

3,066 6,361 6,440 6,439

10,981 -

1,902 - 1,268

3,169

3,364 -

6,888 -

-

6,430 8,262

13,327

7,707

14,151

2019 2020 2021 2022 >2022

THB Bond

USD Loan

THB Loan

ST Loan18%

LT Loan (USD)10%

LT Loan (THB)55%

Bond (THB)17%

Financial PositionIncreased inventory to served higher U-Rate after resuming operation

41

Maturity of Long-term Debt

Debt ProfileStatements of Financial Position

Cash Flow

Unit : MB

Remark: Long-term debt as at 31 Mar 2019

Unit: MB

PP&E

Other Non-C/A

Cash

Other CurrentLiabilities

LT Liabilities incl. current port.

Shareholders’Equity

Mar. 2019Dec. 2018

Other CA

Other Non-CurrentLiabilities

Beginning Cash

1 Jan 2019

Ending Cash31 Mar 2019

Cash Flow from

Operating

Unit: MB

Cash Flow from

Investing

Cash Flow from

Financing

Net Debt = 57,966 MB

Ex. Rate = 31.98 Baht/$

Financial Ratios

< 1.0x

Net D/E CA/CL

182,446 185,675Interest Rate Currency

Float 83% THB 67%

Fixed 17% USD 33%

0.95 0.96

4Q18 1Q19

2%

0.76 0.96 0.95

2016 2017 2018

42

Petroleum Spread

(50) (31) (46) (55)(20) (40)

2016 2017 2018 1Q18 4Q18 1Q19

737 602 518 588

471 482

2016 2017 2018 1Q18 4Q18 1Q19

417 498 447 513

375 330

2016 2017 2018 1Q18 4Q18 1Q19

(5.0)(2.3) (2.6)

(4.9)

1.4 0.6

2016 2017 2018 1Q18 4Q18 1Q19

10.8 12.5 14.6 14.8 14.8 12.8

2016 2017 2018 1Q18 4Q18 1Q19

14.9 14.9 10.5

13.7

4.7 3.7

2016 2017 2018 1Q18 4Q18 1Q19

500SN – FO 180 3.5%S Spread

150 BS – FO 180 3.5%S Spread

Asphalt – FO 180 3.5%S Spread

$/BBL

$/BBL

$/BBL

Lube Base SpreadRefinery Spread

Gas oil - Dubai

ULG 95 - Dubai

HSFO - Dubai

1.3 0.7

(2.4) (0.5)(6.4) (7.5)

2016 2017 2018 1Q18 4Q18 1Q19

Naphtha - Dubai

$/BBL

$/TON

$/TON

$/TON

YoY 10%

YoY 14%

YoY 48%

YoY 13%

YoY 17%

YoY 30% QoQ 21%

QoQ 14%

QoQ 57%

QoQ 12%

QoQ 2%

QoQ 100%

52.0 52.4 60.8

15.1 15.4 14.2

7.2 6.4 7.0

1.8 1.7 1.8

59.2 58.8 67.8

16.9 17.2 16.0

2016 2017 2018 1Q18 4Q18 1Q19

Lube Base

Refinery

1Q19 Market GRM was $1.9/bbl:

QoQ: $4.0/bbl decrease as lower petroleum spread and the planned shutdown of the RDCC plant

YoY: $3.5/bbl decrease as lower petroleum spread 43

Petroleum Business2018: Higher crude run resulted in higher petroleum sales1Q19 : Low products spread & RDCC planned shutdown led to lower GRM

Refinery ProductionCrude Intake

Unit : Mbbl

2.7 3.1 3.5 3.4 4.4 0.8

2.2 2.1 1.7 1.9 1.6

1.1

4.9 5.2 5.2 5.4 5.9

1.9

2016 2017 2018 1Q18 4Q18 1Q19

Lube Base

Refinery

Crude intake (Mbbl)

Market GRMSales Volume & Revenue

Unit : $/bbl

Sales Volume

Revenue

67.0 65.576.1

61% 67% 66% 67% 69% 66%

39% 33% 34% 33% 31% 34%

2016 2017 2018 1Q18 4Q18 1Q19

Sweet Crude

Sour Crude

183 180 208

98,348 119,015 163,724

37,556 40,924 33,337

14,80416,110

19,229

4,645 4,981 4,437

113,152 135,125

182,953

42,201 45,905

37,773

2016 2017 2018 1Q18 4Q18 1Q19

Lube Base

Refinery

213 208 200 Crude Run (KBD)

85% 84% 97%

2018 MKT GRM was $5.2/bbl: Unchanged YoY due to higher Gas Oil spread versus lower Lube Base Oil spread

5.1 1.9 2.3

30.229.5

35.0

6.36.2

9.93.45.1

3.00.9 1.8

2.36.5 6.4

7.052.3 50.9

59.6

2016 2017 2018

3.0 2.1 3.2 3.4 3.2 2.0Premium over Dubai ($/bbl)

YoY 16%

57% 65% 63% 64% 66% 64%

23% 18% 15% 13% 12% 19%10% 7% 8% 9% 8% 6%

10% 10% 14% 14% 14% 11% Others

Domestic

Far East

Middle East

99% 97% 93% % Utilization

YoY 17%

YoY 10%

(price 5%, volume 5%)

QoQ 18%

(price 11%, volume 7%)

YoY 15%

YoY 35%(price 20%, volume 15%)

Unit : Mbbl

Unit : MB

YoY 6%

QoQ 4%

YoY 5%

QoQ 7%

0.4 0.5 0.48.6 8.9 8.4

2.4 2.6 2.00.7 0.9 1.00.6 0.6 0.5

1.8 1.7 1.814.6 15.3 14.1

1Q18 4Q18 1Q19

Lube

LPG & Other

Naphtha &Reformate

Gasoline

Diesel & JetOil

Fuel Oil

YoY 3%

QoQ 8%

85% 84% 97% 99% 97% 93% % Utilization

93% 76% 85% 87% 84% 84% Lube Base

43% 80% 99% 105% 110% 70% RDCC

19.2 19.1 18.0

Petrochemical Spread

957

1,334 1,272 1,428

1,032 1,000

2016 2017 2018 1Q18 4Q18 1Q19

194 159

123 137 119 93

2016 2017 2018 1Q18 4Q18 1Q19

209 235 360 367 389 262

639 596 526 659 306 409

848 831 886 1,026

695 671

2016 2017 2018 1Q18 4Q18 1Q19

HDPE-Ethylene Ethylene-NP

250

172 196 182 219

154

2016 2017 2018 1Q18 4Q18 1Q19

817947 912 998

807 788

2016 2017 2018 1Q18 4Q18 1Q19

306 328 375 406 369 320

350 328 278 287 272 291

656 656 653 693 641 611

2016 2017 2018 1Q18 4Q18 1Q19

Propylene-NP PP-Propylene

HDPE-Ethylene –Naphtha Spread

PP-Propylene –Naphtha Spread

MX – Naphtha SpreadToluene – Naphtha Spread

PS –Naphtha SpreadABS –Naphtha Spread

Ole

fin

sS

tyre

nic

sA

rom

ati

cs

44

YoY 7%

YoY 23%

YoY 5%

$/TON YoY - Stable

YoY 14%

YoY 4%

$/TON

$/TON $/TON

$/TON $/TON

QoQ 5%

QoQ 2%

QoQ 30%

QoQ 3%

QoQ 22%

QoQ 3%

22,335 24,684 28,760 6,969 6,660 5,642

29,780 35,044 43,980

10,589 10,815 9,987

52,115 59,728

72,740

17,558 17,475 15,629

2016 2017 2018 1Q18 4Q18 1Q19

Olefins &Polyolefins

Aromatics &Styrenics

45

Petrochemical Group2018: dropped PTF as the decline in petchem. spread vs better product yield after projects completion1Q19 : PTF declined as low products spread

Production

PTF

Sales Volume and Revenue

677 631 728 183 176 181

857 952 1,107

272 278 282

1,534 1,583 1,835

455 454 463

2016 2017 2018 1Q18 4Q18 1Q19

Olefins &Polyolefins

Aromatics &Styrenics

QoQ 2%

Revenue

YoY 2%

YoY 16% Unit : KMT

2018 : Petrochemical revenue was Bt 73 bn

YoY : 22% increase from 6% price increase & 16% vol. increase (major TA in 1Q17)

2018 Market PTF was $7.3/bbl:

YoY : $0.9/bbl decrease as lower products spread

1Q19 : Petrochemical revenue was Bt 16 bn QoQ : 11% decrease from 13% price decrease vs 2% vol. increase YoY : 11% decrease from 13% price increase vs 2% vol. increase

1Q19 Market PTF was $5.7/bbl:

QoQ : $1.4/bbl decrease as soften products spread

YoY : $2.0/bbl decrease as lower products spread

Crude intake (Mbbl)

Unit : $/bbl

386 350 400 104 103 107

9 12 19

10 5

310 313 338

78 88 50

296 317 295

79 76 68

535 600 807

194 215 186

1,536 1,591

1,860

465 488 411

2016 2017 2018 1Q18 4Q18 1Q19

Polyolefins

Olefins

Polystyrenics

Styrenics

Aromatics

Unit : KMT Sales Volume

Unit : MB

YoY 17%

YoY 25%

QoQ 20% YoY 12%

YoY 11%

(price 13%, volume 2%)

QoQ 11%

(price 13%, volume 2%)

YoY 22%(price 6%, volume 16%)

2.0 3.0 2.6 2.7 2.6 1.5

5.1 5.2 4.7 5.0 4.5

4.2

7.1 8.3

7.3 7.6 7.1 5.7

2016 2017 2018 1Q18 4Q18 1Q19

Olefins &Polyolefins

Aromatics &Styrenics

90% 87% 94% 91% 98% 89% % Utilization

87% 91% 90% 87% 95% 83% Polyolefins

92% 83% 100% 96% 101% 97% Olefins

91% 90% 101% 100% 104% 82% % Utilization

84% 88% 93% 86% 98% 69% Polystyrenics

82% 100% 110% 107% 113% 57% Styrenics

100% 88% 103% 108% 106% 107% Aromatics

YoY 12%

QoQ 16%

67.0 65.576.1 19.2 19.1 18.0

1,822 1,629 1,947

451 507 534

1,059

916

1,034

220 284 277

201

196

245

58 62 61

3,082

2,741

3,226

729853 872

2016 2017 2018 1Q18 4Q18 1Q19

Other

Steam

Electricity

46

Power & Utility 2018: Increasing revenue of Power & UT resulted from high production vol. after major TA 1Q19 : Higher power & utility revenue due to higher sales volume to E-GAT

Utilization Rate

GIM

Revenue

QoQ 2%

YoY 20%

YoY 18%

2018 U-Rate of Electricity was 79%; 4%

2018 U-Rate of Steam was 79%; 6%

YoY : increase from higher production volume after major TA in 1Q17

2018 : Power & Utility revenue was 3,226 MB

YoY : 18% increase from higher U-Rate

1Q19 U-Rate of Electricity was 67%; 13% QoQ, 11% YoY

1Q19 U-Rate of Steam was 59%; 24% QoQ, 19% YoY

QoQ & YoY : decrease owing to RDCC ,Polyolefins and Polystyrenicsplants’ maintenance shutdown during 1Q19

1Q19 : Power & Utility revenue was 872 MB QoQ : 2% increase mainly from electricity sales vol. increase YoY : 20% increase mainly from higher electricity sales vol.

1.07 1.01 1.08 1.09 1.08 1.10

2016 2017 2018 1Q18 4Q18 1Q19

Power &Utility

Unit : $/bbl

Unit : MB

75% 75% 79% 79% 80%67%

2016 2017 2018 1Q18 4Q18 1Q19

Electricity

73% 73% 79% 78%83%

59%

2016 2017 2018 1Q18 4Q18 1Q19

Steam

YoY 1%

QoQ 2%YoY 10%

YoY 6%

YoY 4%

YoY 19%

QoQ 24%

YoY 11%

QoQ 13%

2.0 3.0 2.6 2.7 2.6 1.5

5.1 5.2 4.7 5.0 4.5 4.2

7.1 8.3 7.3 7.6 7.1 5.7

Aromatics&Styrenics Olefins

13.0 14.5 13.6 14.1 14.1 8.7

1.3 1.7

(0.5)

0.3

(7.4)

1.3

(1.5) (0.7)

0.0 0.0

(0.1)

12.8 15.5 13.1 14.4 6.6

9.9

Market GIM Stk G/(L) & LCM Hedging

4.9 5.2 5.2 5.4 5.9 1.9

7.1 8.3 7.3 7.6 7.1 5.7

1.1 1.0 1.1 1.1 1.1

1.1

13.0 14.5 13.6 14.1 14.1

8.7

Petroleum Petrochem Power & Utility

2.7 3.1 3.5 3.4 4.4 0.8

2.2 2.1 1.7 1.9 1.6

1.1

4.9 5.2 5.2 5.4 5.9

1.9

2016 2017 2018 1Q18 4Q18 1Q19

Refinery Lube Base

11,616 11,663 12,858 3,260 3,732 1,084

16,869 18,443 18,085

4,645 4,469 3,247

2,548 2,264 2,663

664 678 627

31,033 32,370 33,606

8,569 8,879 4,958

2016 2017 2018 1Q18 4Q18 1Q19

31,033 32,370 33,607

8,569 8,879 4,958

3,045 3,720

(1,268)

194

(4,650)

719

(3,621) (1,452)

30

10

(78)

1

30,457 34,638 32,369

8,773 4,151 5,678

2016 2017 2018 1Q18 4Q18 1Q19

Market GIM

Unit: $/bbl

Accounting GIM

Unit: $/bbl

Unit: MB

Market GIM by business

Unit: $/bblPetrochemical

Petroleum

Unit: MB

47

Gross Integrated Margin (GIM)2018: Higher crude premium & stock loss caused lower Acc. GIM1Q19: Better A/C GIM driven by higher of net stock gain though falling mkt GIM

YoY 38%

QoQ 38% YoY 6%

YoY 31% YoY 15% QoQ 50%

Accounting GIM

2018 Acct GIM was $13.1/bbl: $2.4/bbl from 2017 due to $1.5 higher stock loss and $0.9/bbl lower of market GIM

1Q19 Acct GIM was $9.9/bbl

QoQ: $3.4/bbl due to $8.8/bbl higher stock gain VS $5.4/bbl lower market GIM

YoY: $4.5/bbl due to $5.4/bbl lower market GIM VS $0.9/bbl higher stock gain

Market GIM

2018 Market GIM was $13.6/bbl: $0.9/bbl from 2017

Due to higher crude premium and lower products spread offsetting by better product yield after the COD of projects

1Q19 Market GIM was $8.7/bbl,

QoQ & YoY : $5.4/bbl due to the lower products spread & the planned

shutdown of RDCC plant VS lower crude premium

YoY 42%

QoQ 44% YoY 4%

YoY 62%

YoY 7%

QoQ 52%

48

Important Events in History

2009 2011 2013 2015 2016

HISTORY

KEY MILESTONES OF THE DECADE

• Increased refinery capacity from 65 kbd to 215 kbd

• Entered Rehabilitation Plan

Successful Rehabilitation new major shareholders:

Founded by “Leophairatana” Family as TPI

IPO Restructuring Plan was approved

Exited from Rehabilitation

plan and Registered as

IRPC Plc.

Operated first LDPE plant in

SEA

Debt Moratorium

MOF was appointed as plan

administrator

1978 1982 1995 1997 2000 2003 2004 2005 2006

Efficiency improvement#1 under “DELTA” Project

Capacity Increase: ABS/SAN to 179 KTA

Efficiency improvement#2 :

Launched “EVEREST” project

Business Improvement under Phoenix

Project

Commenced operation of

Combined Heat and Power Project

(CHP I)

• Commenced UHV project in July 2016

• PTT 31.5%• Gov’t (Vayupak) Fund

10%• Gov’t Saving Bank 10%• Gov’t Pension Fund

Group 10%

UHV: Upstream Project for Hygiene and Value Add Products

2017

• Commenced PPE project in Sept. 2017

• Commenced PPC project in Dec. 2017

2018

• Launched “GDP” project : Growth, Digital, People

Thank You

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recipient of the information and data contained herein should perform its own independent investigation and analysis of the transaction and the creditworthiness of IRPC . Reference in this Disclaimer to this shall include references to the Appendices (if any) hereto.

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