Analyst Meeting 2Q14 14 August 2014

Disclaimer

This presentation material has been prepared solely for informational purposes only. IRPC is

furnishing it solely for use by prospective investors / analysts in the proposed event. IRPC makes no

representations or warranties as to the accuracy or completeness of such information. By accepting

this material each recipient agrees that IRPC shall not have any liability for any representations

(express or implied) contained in, or for any omissions from this presentation.

The information contained herein does not purport to be all-inclusive or to contain all of the

information that may be material to the recipient’s decision. Each 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.

2

3

Agenda

1. 2Q14 Overview

• Fire Incident

• Delta & UHV Project

2. Highlight Update

3. Operation & Financial Performance

4. Industry Outlook

5. UHV Project & Post Phoenix

• Strategic Direction

• Phoenix Project

Appendix

67,150 71,854 71,658

136,114 143,512

YoY 7%

QoQ 0.3%

104.5 106.1 104.5 105.3

2Q14 Overview

Overview of Business

Revenue (net excise)

Dubai

Unit: USD/BBL

(1,159)

344 178

(1,006)

522 Net income

Unit: MB

Unit: MB

Market GIM 8.0 7.8 5.4

7.7 6.6

(0.9)

0.7 3.8

(0.6)

2.2

7.1 8.5 9.2

7.1

8.8

4

Accounting GIM

Net stock gain/(loss)

LCM & oil hedging

Unit: USD/BBL

2Q13 2Q14 1H14

YoY 30%

QoQ 8%

YoY 115%

QoQ 48%

1) In 2Q14, average Dubai price rose to

$106.1/bbl from $104.5/bbl in 1Q14, driven by

geopolitical tension in Iraq, Libya and Ukraine.

2) Net sales were 71,658 MB in 2Q14, decreasing

by 0.3% from 71,854 MB in 1Q14 due to a

decrease of 0.4% in the product prices despite

an increase of 0.1% in the sales volume.

In 1H14, net sales were 143,512 MB, higher

than net sales of 136,114 MB in 1H13.

3) Market GIM in 2Q14 was $5.4/bbl dropping by

$2.4/bbl compared to $7.8/bbl in 1Q14 because

of lower product spreads and VGOHT unit

shutdown. However, the Accounting GIM was

$9.2/bbl, rising from $8.5/bbl in 1Q14 mainly

due to stock and hedging gains.

4) In 1H14, the Market GIM dropped to $6.6/bbl

from $7.7/bbl in 1H13 while the Accounting GIM

increased to $8.8/bbl from $7.1/bbl in 1H13.

5) Net profit was 178 MB in 2Q14, compared to

344 MB in 1Q14. In 1H14, net profit was 522

MB, compared to net losses of 1,006 MB in

1H13.

1Q14 1H13

HoH 5%

HoH 24%

HoH 152%

5

Agenda

1. 2Q14 Overview

• Fire Incident

• Delta & UHV Project

2. Highlight Update

3. Operation & Financial Performance

4. Industry Outlook

5. UHV Project & Post Phoenix

• Strategic Direction

• Phoenix Project

Appendix

Highlight: Fire Incident Update

Refi

nery

Pla

nt

DCC

VGOHT

LR Lube

LS ATB • Propylene • Gasoline • High Speed

Diesel

VGO

HTVGO

6

Shutdown

VGOHT and DCC Operation Update Mitigation Action

Anticipated Shutdown Period

Claim Amount

• Procure additional propylene to fulfill polypropylene

capacity

• Successfully negotiate with customers on shortage

of gasoline and gas oil

• Re-commission of Deep Catalytic Cracking (DCC),

running at 60%-70%, since 29 June 2014

• Successfully arrange for imports of HTVGO,

resulting in DCC higher utilization

• VGOHT unit is now expected to shut down for

about 10 months due to purchases of long-lead

machinery.

• Property damage (PD) USD 40 m

(Less deductible USD 5 m)

• Business Interruption (BI)

(Losses of 10 months, less deductible

2 months) Total USD 91 m

USD 35 m

USD 56 m

Imp

ort

Run 70%

Export

7

Agenda

1. 2Q14 Overview

• Fire Incident

• Delta & UHV Project

2. Highlight Update

3. Operation & Financial Performance

4. Industry Outlook

5. UHV Project & Post Phoenix

• Strategic Direction

• Phoenix Project

Appendix

Highlight: Delta Project Update

Operational Excellence

Commercial Excellence

Human Resource Excellence

Achieving EXCELLENCE across all 3 strategic pillars ensures that

IRPC will meet its vision by 2020.

Value chain optimization

Overall plant effectiveness

Energy efficiency improvement

Reliability & asset integrity

Product portfolio optimization

Salesforce effectiveness

Transportation optimization

Labor cost productivity

Corporate overhead reduction

Sourcing optimization

8

37

20

10

Benefit (USD M)

Target (USD M)

7.0

8.8

1.7

• Reallocation of spot/term

contracts for petroleum products

• Focus on higher margin and

high potential customers, and

maintain customer royalty for

petrochemical products

• Quality giveaway reduced by upgraded LP model

• Optimized steam consumption

• Usage of alternative steam with lower costs

• Shortened time required for turnaround

• Budget saving

• Reduced non-moving inventory of spare parts

As of 31/12/14

67 17.5

As of 30/6/14

Highlight: UHV Project Update

9

UHV (Upstream Project for Hygiene & Value Added Products)

• Project Description: Upgrade bottom refinery

products to be high-value feedstock for

petrochemicals

• Capacity Expansion: Increase the capacity of

propylene from 412 KTA to 732 KTA.

• EIA approved in January 2013

• COD: September 2015

HYVAHL reactor

Stream reformer

package

Atmospheric tank

erection

Main control room

building

C3 rectifier & C3

stripper erection

Reactor and

regenerator

Progress

• As of 25 July 2014, 75.9%: now EPC phase II stage II (construction)

Concrete pouring work for API pond

10

Agenda

1. 2Q14 Overview

• Fire Incident

• Delta & UHV Project

2. Highlight Update

3. Operation & Financial Performance

4. Industry Outlook

5. UHV Project & Post Phoenix

• Strategic Direction

• Phoenix Project

Appendix

(7.3) (3.6)

(10.7) (10.4) (8.5)

(10.6)

(5.5) (9.5)

1Q13 2Q 3Q 4Q 1Q14 2Q 1H13 1H14

0

20

40

60

80

100

120

140

160

180

200

$/BBL Dubai ULG 95 GAS OIL 0.05% FUEL OIL

Mixed performance of Petroleum Spreads

Source: Platts, IRPC Analysis Team

Note: Starting Jan-13 onward Gas oil 0.05%s is used instead of Gas oil 0.5%s.

For comparison purpose, historical data is re-stated based on Gas oil 0.05%

106.3 106.4 AVG.

Price. 1 7

2Q14 2Q12 4Q12 1Q13 2Q13 3Q13 4Q13

106.3

3Q12

0.04 107.5 106.8 108.2 100.8 0.5 5

18.4 14.6 12.4

9.2 14.6 16.1 16.5 15.3

1Q13 2Q 3Q 4Q 1Q14 2Q 1H13 1H14

19.6 16.8 17.3 17.7 17.8 16.0 18.2 16.9

1Q13 2Q 3Q 4Q 1Q14 2Q 1H13 1H14

ULG95-Dubai

1Q14

104.5 2

Gasoil-Dubai ($/BBL)

Fuel oil -Dubai ($/BBL)

0.7

• Average Dubai price increased in 2Q14, mainly driven

by geopolitical tension in Ukraine and Iraq with

prolonged supply disruption in Libya support price.

• ULG spread improved due to US driving season,

stockpiling demand from Muslim countries ahead of

Ramadan, and tight supply driven by refinery

turnaround.

• Gas oil spread softened since regional demand

remained low while there was an increase in the

supply from Jubail refinery.

• A decline in fuel oil spread was due to weak bunker

demand and an increase in the arbitrage from South

America and Russia to the Asian market.

($/BBL)

($/BBL)

($/BBL)

11

106.1 1.6 116.1 10

1Q12

Source: Platts, ICIS, IRPC Analysis Team

0

200

400

600

800

1,000

1,200

1,400

1,600

$/TON FO 180 3.5%S 500SN 150BS Asphalt

1Q12 2Q12 4Q12 2Q13 4Q13 2Q14 3Q12 1Q13 3Q13

421 494 518 509 486 501 458 494

1Q13 2Q 3Q 4Q 1Q14 2Q 1H13 1H14

$/TON

500SN – FO 180 3.5%S Spread

(19) (7) (3)

(27)

(68) (77)

(13)

(73)

1Q13 2Q 3Q 4Q 1Q14 2Q 1H13 1H14

$/TON Asphalt – FO 180 3.5%S Spread

1.0 2.0

0.2 0.3 1.3

0.6 1.5 1.0

1.4

1.5

1.4 1.2

1.8

1.1

1.4 1.4

2.4

3.5

1.6 1.6

3.1

1.7

3.0 2.4

1Q13 2Q 3Q 4Q 1Q14 2Q 1H13 1H14

$/BBL

Market GRM

Lube Base

Refinery

1Q14

• Lube base oil spread rose due to stockpiling demand

from China before monsoon seasons.

• Asphalt spread continued to decline since the demand

from China and Vietnam softened and there was a rise in

the supply from Korea.

Divergence of Lube Base Oil Performance

12

• Polyolefin spread maintained at high level because of stockpiling demand before the Ramadan period and tight

regional supply due to ongoing turnaround.

500

700

900

1,100

1,300

1,500

1,700

$/TON Naphtha Ethylene Propylene HDPE PP

1Q12 2Q12 4Q12 2Q13 4Q13 2Q14

434 405 397 480 507 496 420 501

87 179 171 110 113 121 133

117 521 585 568 590 620 618 553 619

1Q13 2Q 3Q 4Q 1Q14 2Q 1H13 1H14

$/TON

HDPE-Ethylene –Naphtha Spread

3Q12

HDPE-Ethylene

Ethylene - NP

1Q13

345 439 412 420 434 328 392 381

236 175 184 177 193 304 205 248

581 614 596 597 627 632 597 629

1Q13 2Q 3Q 4Q 1Q14 2Q 1H13 1H14

$/TON

PP-Propylene

Propylene - NP

3Q13

PP-Propylene –Naphtha Spread

1Q14

Relatively Stable Olefin Spreads

13 Source: Platts, ICIS, IRPC Analysis Team

Source: Platts, ICIS, IRPC Analysis Team

• Mixed xylene and toluene spreads continued to drop. Mixed-xylene was adversely affected by ongoing poor

performance of Paraxylene while toluene faced a downward pressure from Chinese economic slowdown resulting in

a drop in the demand for solvents and gasoline in China.

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

1,500

$/TON Naphtha Benzene Toluene Mixed Xylene

1Q12 2Q12 4Q12 1Q13 2Q13 4Q13 2Q14

426 428 336 338 364 341

427 352

1Q13 2Q 3Q 4Q 1Q14 2Q 1H13 1H14

$/TON

305 260 205 192 161 134

283

148

1Q13 2Q 3Q 4Q 1Q14 2Q 1H13 1H14

$/TON

366 334 349 269

169 115

350

142

1Q13 2Q 3Q 4Q 1Q14 2Q 1H13 1H14

$/TON Benzene – Naphtha Spread

3Q12 3Q13

Toluene – Naphtha Spread MX – Naphtha Spread

1Q14

Weaker Aromatics Spreads

14

500

700

900

1,100

1,300

1,500

1,700

1,900

2,100

2,300

2,500

$/TON Naphtha SM ABS PS

1Q12 2Q12 4Q12 1Q13 2Q13 4Q13 3Q12 3Q13

922 976 995 891 863 804 949 834

1Q13 2Q 3Q 4Q 1Q14 2Q 1H13 1H14

$/TON

1,051 1,057 1,015 960 980 974 1,054 977

1Q13 2Q 3Q 4Q 1Q14 2Q 1H13 1H14

$/TON

PS –Naphtha Spread

773 851 895 759 724 673 812 699

1Q13 2Q 3Q 4Q 1Q14 2Q 1H13 1H14

$/TON

SM - Naphtha Spread

ABS –Naphtha Spread

1Q14

Source: Platts, ICIS, IRPC Analysis Team

Sliding Styrenics Spreads

15

• ABS and PS spreads dropped amid weak demand largely

caused by a slowdown in Chinese economy. PS price was

also adversely affected by falling price of its feedstock.

133 168 123 125

156 137

149 147

151 141 132 135 66

39

146

53

140 157

126 129 116 94

148

105

1Q13 2Q 3Q 4Q 1Q14 2Q 1H13 1H14

Aromatic

&Styrenics

Olefins

Market PTF*

$/Ton

* Exclude Intermediate Stream Margin

2Q14

63% 67% 67% 63% 61%

0%

65% 62%

33% 28% 22% 23% 21%

32%

22%

4% 5% 11% 14% 18%

3%

16%

2Q13 3Q 4Q 1Q14 2Q 1H13 1H14

Domestic Crude

Sweet Crude

Sour Crude

Increased Domestic Crude Intake

Crude Intake

Mbbl

16

• Crude intake slightly increased in 2Q14 relative to

1Q14, amounting to 173 KBD.

• Domestic crude intake in 2Q14 was 31 KBD or 18%

of total intake increasing from 23 KBD or 14% of

total intake in 1Q14.

• Utilization rates of olefins, styrenics, and aromatics

were 90%, 84%, and 75%, down 7%, 2%, and 11%

respectively due to schedule turnaround and

unplanned shutdown from fire incident.

Unit: KBD

100%

107% 111%

97%

90%

104%

94%

89%

78%

89% 85%

75%

88%

80% 78%

81%

95%

87%

84% 85%

85%

2Q13 3Q 4Q 1Q14 2Q 1H13 1H14

Olefins Aromatic Styrenic

88%

83%

81% 80%

80% 86%

80% 83%

95%

92%

82%

79%

86%

81%

2Q13 3Q 4Q 1Q14 2Q 1H13 1H14

Refinery Lube

Utilization

Petrochemical Petroleum

179 174 172 173 189

173 186

17.2 16.5 16.0 15.5 15.7 33.6 31.3

63% 62% 55% 58% 59%

62% 59% 37% 38% 45% 42% 41%

38% 41%

311 344

373 343 347

656 690

2Q13 3Q 4Q 1Q14 2Q 1H13 1H14

Export

Domestic

86% 84% 83% 84% 84%

85% 84% 14% 16% 17% 16% 16%

15% 16%

17.7 17.6 17.8 16.7 16.7

34.8 33.4

2Q13 3Q 4Q 1Q14 2Q 1H13 1H14

Petchem

Petroleum

58% 58% 62% 65% 65%

61% 65%

42% 42% 38% 35% 35%

39% 35%

15.3 14.9 14.8 14.0 14.0

29.5 28.0

2Q13 3Q 4Q 1Q14 2Q 1H13 1H14

Export

Domestic

Focus on Domestic Market

Petr

ole

um

P

etr

och

em

ical

Unit: Mbbl

Unit: KTon

Unit: Mbbl

Petroleum

84%

Petrochemical

16%

Direct 24%

Agent 35%

Export 41%

Direct 6%

Wholesale 29%

Article 7 32%

Export 33%

Domestic

65%

Export

35%

Sales Volume Structure

2Q14 Sale volume

By Sales Channels

2Q14 Sale volume

By Destinations

17

3.5 1.6 1.6

3.1 1.7

3.0 2.4

3.8

3.3 4.1 3.4

2.5

3.9 3.0

0.8

1.1 0.8

1.3

1.2

0.9 1.2

8.0

6.0 6.5 7.8

5.4

7.7 6.6

88% 83% 81% 80% 80% 86% 80%

2Q13 3Q 4Q 1Q14 2Q 1H13 1H14

Power & Utility

Petrochemical

Petroleum

GIM in 2Q14

2Q12 3Q12 4Q12 1Q13 2Q13

2.97 3.08 3.12 3.88

3.09 3.09 2.77 2.93

1.03 0.88 0.97 1.02

7.09 7.05 6.86 7.83

30 Jun 12 30 Sep 12 31-Dec-12 31-Mar-13 30-Jun-13

98.3 112.7 111.2 101.8

115.0 114.8 116.7 105.0

223.9 220.7 226.7 220.6

126.1 127.4 129.8 118.4

8.0 6.0 6.5 7.8

5.4 7.7 6.6

(1.0)

4.0 0.1

(0.4)

1.9

(1.0)

0.7 0.1

0.4

2.3 1.1 1.9 0.3 1.5

7.1 10.4

8.9 8.5 9.2 7.1 8.8

2Q13 3Q 4Q 1Q14 2Q 1H13 1H14

Accounting GIM

8.5 9.8

7.0

11.0

6.3

0

5

10

15

A/C GIM

Market GIM

Utilization rate

Unit: $/bbl

18

Hedging

Stock gain/loss

Net LCM

Market GIM

Unit: $/bbl

• The Market GIM in 2Q14 was

$5.4/bbl, compared to $7.8/bbl in

1Q14.

• A decline in the Market GIM was

due to the shutdown of VGOHT

unit and lower product spreads,

particularly petroleum and

styrenics products.

• The Accounting GIM in 2Q14

was $9.2/bbl, rising by $0.7/bbl,

compared to 1Q14.

• In 2Q14, stock gains and

reversal of provision for LCM

were $1.9/bbl, compared to

$0.4/bbl from stock losses and

provision for LCM.

• Hedging gains were $1.9/bbl,

rising by $0.8/bbl from 1Q14 at

$1.1/bbl.

Financial Highlight

2Q14 2Q13 1Q14 YoY QoQ 1H14 1H13

Foriegn Exchange Rate Avg. 32.59 30.03 32.80 2.56 (0.21) 32.70 29.99

Net Sales 71,658 67,150 71,854 4,508 (196) 143,512 136,114

Market GIM 2,773 4,141 3,970 (1,368) (1,197) 6,743 7,783

Stock Gain/(Loss) net LCM 962 (506) (228) 1,468 1,190 734 (978)

Oil Hedging Gain/(Loss) 975 10 580 965 395 1,555 322

Accounting GIM 4,710 3,645 4,322 1,065 388 9,032 7,127

OPEX (3,113) (2,763) (2,760) 350 353 (5,873) (5,234)

Other Income 364 298 306 66 58 670 552

EBITDA 1,961 1,180 1,868 781 93 3,829 2,445

Gain/(Loss) from Fx (5) (760) 156 755 (161) 151 (200)

Gain/(Loss) from Impairment (51) (15) - (36) (51) (51) (1)

Investment Gain/(Loss) 7 22 35 (15) (28) 42 (10)

Net Profit 178 (1,159) 344 1,337 (166) 522 (1,006)

Unit: MB

ChangeQuarter

19

43,180 42,735 56,725

66 5,620

177 43,246

48,355 56,902

5,408 2,974

16,144

2Q13 1Q14 2Q14

Long term Short term Cash & S/T investment

2Q14 Debt Portfolio

Float 27 THB 49

Fixed 73 USD 51

Currency (%) Interest Rate (%)

Net Debt = 40,758 MB

Debt Structure As of June 30, 2014

ST Loan 177

LT Loan 14,368

Bond (USD) 7,746

Bond (THB) 34,611

Total 56,902

Debt (MB)

ST Loan 0.3%

LT Loan 25%

Bond (USD) 14%

Bond (THB) 61%

1.68

1.16 1.26

2Q13 1Q14 2Q14

> 1.05x 0.51 0.60 0.55

2Q13 1Q14 2Q14

< 1.0x

Net D/E CA/CL

37,838 45,381 40,758

2Q13 1Q14 2Q14

Cost of Debt 4.04% 3.90% 3.97%

Debt Profile

Financial Ratios

20

USD/THB = 32.60

Agencies Annual Review

March 2014 “Ba1” (Negative outlook)

April 2014 “BB+” (Stable outlook)

February 2014 “A-(tha)” (Negative outlook) / F2

(tha)

Credit Ratings

Net Debt

Unit: MB

21

Agenda

1. 2Q14 Overview

• Fire Incident

• Delta & UHV Project

2. Highlight Update

3. Operation & Financial Performance

4. Industry Outlook

5. UHV Project & Post Phoenix

• Strategic Direction

• Phoenix Project

Appendix

Crude Oil and Petroleum Products Outlook

Driving Determinants

• Dubai price faces downward pressure from resumption of oil production in Libya and absence of supply disruption from geopolitical tension in Iraq and Ukraine.

• Peak maintenance of oil field in North Sea is expected to support the crude oil price.

• Gasoline spread may soften seasonally.

• Gas oil spread improves because of winter demand in North Asia and power generation consumption in ME.

• Fuel oil is also expected to be supported by lower arbitrage from Europe.

• Lube base oil spread is sustained due to lower feedstock prices but lack luster demand during regional monsoon season limits gain.

Company Capacity

(KT/Year) Timing

Jinan

Petrochemical 150 Q4 2014

Shandong

Qisheng

Industry & Trade

70 Q4 2014

2014 Shutdown Schedule

22

Key

Products

Price

(2Q14)

Spread

(2Q14) 3Q14

Outlook

Refinery ($/bbl) ($/bbl)

Dubai 106.1 -

ULG95 122.2 16.1

GAS OIL 0.05% 122.2 16.0

FO 95.5 -10.6

Lube Base Oil ($/T) ($/T)

500 SN 1,108 501

150 BS 1,245 627

Source: ICIS, 1 August 2014

Petrochemical Products Outlook

23 23

• Polyethylene is supported by demand from agriculture sector during winter season and high scheduled turnaround during 3Q14.

• Polypropylene spread can be improved further due to reversal of demand from western country in Polypropylene derivatives.

• PS spreads is supported by higher

demand from manufacturing

activities before year end.

• However, with the absence of

sustainable global economic

recovery, ABS spread improvement

is underway.

Key

Products

Price

(2Q14)

Spread

(2Q14)

3Q14

Outlook

Olefins ($/T) ($/T)

Ethylene 1,447 496

HDPE 1,569 618

Propylene 1,279 328

PP 1,583 632

Styrenics ($/T) ($/T)

PS 1,755 804

ABS 1,925 974

Driving Determinants

24

Agenda

1. 2Q14 Overview

• Fire Incident

• Delta & UHV Project

2. Highlight Update

3. Operation & Financial Performance

4. Industry Outlook

5. UHV Project & Post Phoenix

• Strategic Direction

• Phoenix Project

Appendix

UHV Project Progress : Video Presentation

25

UHV Project: Video Presentation

26

Strategic Initiatives: Post-Phoenix

• DELTA Initiative Implementation

• Assets Management (Bankai/EIZ)

Para-Xylene

(PX)

Acrylic Acid

(AA)

• Specialty focus and Moving away

from heavy-asset company

• CHP I: Electricity +220MW, Steam +420T/hr

• PRP +100KTA of Propylene

• EURO IV: Gasoline 15KBD, Diesel 10KBD, Jet 15KBD

• TDAE +28KTA, 150BS +25KTA

• Lube Blending +60m.Ltrs./year

• EBSM +60KTA, ABS/SAN +60KTA

Completed Project during 2011-13

2013 Crude Run 181 KBD

Nelson Complexity Index

Portfolio of Revenue:

Petroleum/Petrochemical & Others

2

2015 Crude Run 215 KBD

Nelson Complexity Index

More stable portfolio of Revenue:

Petroleum/Petrochemical & Others

76% / 24%

59% / 41% 6.6

8.6 84%

100%

1

3

STS 2014:

Strengthening

Core Business

• Increase product value by converting

fuel oil to petrochemical products

• Running at full capacity of 215 KBD

• PP Expansion

160 KTA

• PP Compounding

140 KTA

Super Absorbent

Polymer

(SAP)

PP Derivatives

Quick Win Initiatives

UHV Completion

New investments through JV

2013

2014

2015

2017

27

The future begins now creating shared value

Q & A

Environment

Social

Education & Sports

Labor & Human Rights

Religion

Public Health

Thank You

Investor Relations Contact: ir@irpc.co.th

Tel. 02-649-7380, Fax. 02-649-7379

Presentation is available at

www.irpc.co.th

Click “Presentations”

This presentation material has been prepared solely for informational purposes only. IRPC is furnishing it solely for use by prospective investors / analysts in

the proposed event. IRPC makes no representations or warranties as to the accuracy or completeness of such information. By accepting this material each

recipient agrees that IRPC shall not have any liability for any representations (express or implied) contained in, or for any omissions from this presentation.

The information contained herein does not purport to be all-inclusive or to contain all of the Information that may be material to the recipient’s decision. Each

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.

29

Agenda

1. 2Q14 Overview

• Fire Incident

• Delta & UHV Project

2. Highlight Update

3. Operation & Financial Performance

4. Industry Outlook

5. UHV Project & Post Phoenix

• Strategic Direction

• Phoenix Project

Appendix

Strategic Initiatives: Overview

Delta: 2014 Onwards

• Margin Improvement Initiatives

– Operational Excellence

– Commercial Excellence

– HR Excellence

• Acceleration of Assets

Utilization

– EIZ

– Bankai

– Dry port

• Domestic crude use up to

35,000 Barrels per day

Post-Phoenix: 2015 Onwards

• Adding more value to

petrochemical feedstock from

UHV project

• Shifting product portfolio to be

specialty player through PTT

Group Partnership strategy

– PP compound

– Polyol

– AA/ SAP

– PX

– SM

Phoenix + : 2010 Onwards

• Transformation to support high

value added product growth

– CHP I

– PRP

– EBSM

– UHV

• Quick specialty capacity

expansion/ Grade shifts

– TDAE

– ABS6/SAN3

– HDPE-Pipe Grade

– UHMWPE

3

Structural changes for

specialty growth

Quick win initiatives

for cost reduction

and margin enhancement

Specialty focus and moving

away from heavy-asset

company by investing

through JV

1 2

30

Post-Phoenix Specialty Growth through JV

Delta Margin Improvement Initiatives

Phoenix + Structural Changes for Specialty Growth

Strategic Initiatives: Phoenix +

31

HDPE-Pipe

HDPE-Pipe grade

+140 KTA

TDAE +28 KTA

150BS +25 KTA

TDAE/BS

UHMW

UHMW

+16 KTA

CHP I

Electricity +220 MW

Steam +420 T/h

Combined Heat

and Power

ABS/SAN

ABS +30 KTA

SAN +30 KTA

UHV

EBSM

EBSM +60 KTA

PRP

Propylene +100KTA

Increase product value by converting fuel

oil to petrochemical products

Running at full capacity of 215 KBD

2-3 USD/BBL margins improvement

Propylene +320 KTA

Co

mp

lete

d P

roje

cts

C

urr

en

t P

roje

cts

COMmercial EXcellence

Strategic Initiatives: Delta

Post-Phoenix Specialty Growth through JV

Phoenix + Structural Changes for Specialty Growth

Delta Margin Improvement Initiatives

32

Organisation

DELTA

HR EXcellence

7 Workstreams

USD 37 M

5 Workstreams

USD 10 M

2 Workstreams

USD 20 M

USD 67 M

Delta

HR EXcellence OPerational EXcellence

33

Agenda

1. 2Q14 Overview

• Fire Incident

• Delta & UHV Project

2. Highlight Update

3. Operation & Financial Performance

4. Industry Outlook

5. UHV Project & Post Phoenix

• Strategic Direction

• Phoenix Project

Appendix

Phoenix Initiatives & Roadmap

Capacity & Products

Expansion

Capacity & Product

Expansion

Operational Efficiency

Improvement Asset Utilization

Enhancement

Product & Services

Improvement

Petrochem Petroleum Port & Tank Real Estate & Services

6. Supply Chain Optimization

(Griffin and Trading)

3. Ethylene Specialty

Development

7. Lube Group 1 Specialty

Products Focus

12. I'M ACE: IRPC Service

Solutions

1. Petrochem Operation &

Energy Efficiency

5. Petroleum Operation &

Energy Efficiency

9 . New Value Added for Port

and Tank Business 2. Capacity Development for

Propylene Growth

11. Build and sustain land for

green industrial

complex

4. EBSM Upgrading for ABS

Specialty

14. Performance Chemical

Business Development

Project

8. Petroleum quality

improvement to clean fuel

and green growth

development

13. Petrochem Catalyst

Commercialization

15. Utilities for

Sustainability

16: Oil Depot and Lube

Blending Business

Improvement

17: Analytical Lab

19: Hydrocarbon Management

20: Intellectual Property

Stewardship

34

35

Additional Capacity in Phoenix Projects

Sep.

+60 KTA

2012 2013 2014 2015

EBSM

Upgrading for

ABS

Lube Group1

Petroleum

Quality

Improvement

SM

200/260 KTA

TDAE 22/50 KTA

150BS 95/120 KTA

EURO IV

Gasoline 15KBD

Diesel 10KBD

Kerosene 15KBD

Project Total Capacity

Old/New

Oct.

Propylene

+100 KTA

Sep.

Propylene

+320 KTA

PRP+ Propylene

Growth (UHV) Propylene

312/732 KTA

SAN3/ABS6 Apr.

+60 KTA

ABS/SAN

117/177 KTA

Sep.

TDAE +28 KTA

150BS +25 KTA

Feb.

GHU 15 KBD

Mar.

Co-Invest

Diesel 10KBD

Kerosene 15KBD

Refinery & Lube

ADU

Lube Base

Asphalt

Products 2011 2012 2013 2014 2015 2016

CDU 215 KBD 215 KBD

150BS 95 KTA 120 KTA

TDAE 22 KTA 50 KTA

Lube Group 1 Specialty Products:

Increase high value added lube specialty products: TDAE & Bright Stock

+28 KTA

Petroleum Quality Improvement to Clean Fuel & Green Growth Development:

Upgrading HSD / Gasoline to be EURO IV standard

Products 2011 2012 2013 2014 2015 2016

Gasoline 75 M.Ltrs 75 M.Ltrs

Diesel 180 M.Ltrs 180 M.Ltrs

50 KTA

Phoenix by Business Unit

120 KTA +25 KTA

36

Initiative

7

Initiative

8

Products 2011 2012 2013 2014 2015 2016

Benzene 114 KTA 114 KTA

Toluene 132 KTA 132 KTA

Mixed Xylene 121 KTA 121 KTA

Products 2011 2012 2013 2014 2015 2016

SM 200 KTA 260 KTA

ABS/SAN 117 KTA 177 KTA

PS 100 KTA 100 KTA

EPS 30 KTA 30 KTA

+60 KTA

Performance Chemical Business Development Project:

Increase 60 KTA EBSM for feeding ABS specialty.

To satisfy local demand for ABS/SAN expansion and to produce Nano additive.

260 KTA

Styrene

+60 KTA

177 KTA

ABS/SAN Expansion 6

Increase ABS/SAN from 117 KTA to 177 KTA to support ABS specialties production and Nano

additive production.

Phoenix by Business Unit (Con’t)

Aromatics

37

Initiative

4

Olefins Products 2011 2012 2013 2014 2015 2016

Ethylene 360 KTA 433 KTA

Propylene 312 KTA 732 KTA

Butadiene 56 KTA 56 KTA

Acetylene 4 KTA 4 KTA

Upstream Project for Hygiene & Value Added Products (UHV):

Upgrading low value product (HS-ATB) to be high value added product for petrochemical feedstock:

Propylene 320 KTA, Ethylene 73 KTA, and Heavy Aromatic Naphtha 250 KTA, etc.

+320 KTA +100 KTA

+73 KTA

412 KTA 732 KTA

433 KTA

Products 2011 2012 2013 2014 2015 2016

PP 475 KTA 475 KTA

HDPE 140 KTA 140 KTA

Ethylene Specialty Development High Value Added Product of HDPE Specialty & PE Wax .

Phoenix by Business Unit (Con’t)

Polyolefins

38

Initiative

2

Initiative

3

After completion of UHV

• Running at full capacity of 215 KBD

• Propylene 320 KTA

• Light Distillate yield

• Crude Selection Flexibility

Sweet : Sour = 30:70 20:80

39

Benefits of UHV Project

Production Yield

0%

20%

40%

60%

80%

100%

Current Run +40 KBD Crude Run with UHV

20%

43%

8%

11%

10%

35%

35%

38%

11%

10%

19% 20%

21%

4% 2%

5% 6% 2% Ethylene

Propylene

LPG

Naphtha

Gasoline

Diesel/Jet

Lube Base

FO

09 10 11 12 13 14 15 16

Other Projects

Phoenix

BAU

Market GIM

GIM up 50%

Other projects consist of CHP, PRP and ABS6/SAN3

Currently running at full capacity is not optimal.

at 175 KBD (As of 2012)