IRPC Public Company Limited

Analyst Meeting : 4Q17 & 2017 Result

19 February 2018

Disclaimer

This presentation material has been prepared solely for informational purposes only. IRPC is furnishing it solely for use byprospective investors / analysts in the proposed event. IRPC makes no representations or warranties as to the accuracy orcompleteness of such information. By accepting this material each recipient agrees that IRPC shall not have any liability forany 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

2017 Performance Highlight 1

Achievement in 2017

Operation & Financial Performance

Industry Outlook

Agenda

CEO Agenda

22%

63%

15%

Financial Highlight: 4Q17 & 2017 Performance2017 Performance Improvement driven by better products yield

48,006 52,355 58,443

168,349 197,594 QoQ 12%

YoY 22%

Overview of Business

Net Sales(net excise tax)

Dubai (Avg.)

Unit: $/bbl

Net Income

Unit: MB

Unit: MB

YoY 166%

QoQ 39%

EBITDA

Unit: MB

4,473 6,635 6,530

17,430 20,420

YoY 46% QoQ 2%

Petroleum Petrochemical Utilities and Others

Net Sales(net excise tax)

EBITDA

Net income

4

YoY 17%

YoY 17%

YoY 17%

2017

33%

56%

11%

68%

30%

2%

197,594MB

20,420MB

1,694 3,248

4,513

9,721 11,354

4Q16 3Q17 4Q17 2016 2017

11,354MB

Market GIM ($/bbl) 12.61 15.05 14.33 13.04 14.48

48 51 5941

53

Crude run KBD 188 201 207 183 180TA in 1Q17

Acct. GIM ($/bbl) 13.06 16.09 17.22 12.80 15.49

28%

62%

10%

67%

31%

2%

10%

83%

7%

2016

17,430MB

9,721MB

168,349MB

5

Everest Project Highlight : 4Q17 & 2017 Performance97% target achievement in 2017

Procurement Area

Commercial Area

Operations Area

Corporate Area - Non HR

• Maximize energy efficiency and reduce loss in production units

• Improve efficiency and effectiveness of maintenance

• Reduce production unit downtime and minimize operating days lost

• Maximize commercial value generation from refined petroleum and petrochemical products

• Asset Port and Tank management

• Optimize timing, duration and cost of turnaround

• Spend optimization with key expenditure categories

• Optimize small CAPEX spend for highest value expenditures

• Budget management

• Optimize planning and policies to ensure continued productivity

enhancement

2,560

1,921

177

281

3,011

1,179

234

287

7,0036,807Total

Y2017 (Target)2017 Actual

Unit: MB of EBIT *

$

Integrated Supply Chain• Optimize crude selection, product blending and hydrocarbon stock

• Enhance throughput & yield by adjusting production unit parameter

Corporate Area - HR

• Develop capabilities to sustain both performance and health

• Improve organizational health practices for top quartile outcomes

1,348

71618

2,077

Key Area

EBIT * : Realized Benefit

6

Organization Health results

APAC Benchmark

Top Quartile

Second Quartile

Third Quartile

2017 Results

78

2015 Results

69

Motivation62%

Capabilities79%

Accountability79%

ExternalOrientation

62%

Coordination &Control

60%

Direction77%

Leadership68%

Innovation& Learning

68%

Culture & Climate70%

Motivation72%

Capabilities82%

Accountability82%

ExternalOrientation

72%

Coordination &Control

75%

Direction87%

Leadership80%

Innovation& Learning

79%

Culture & Climate77%

7

2017 Performance Highlight

Achievement in 2017 1

Operation & Financial Performance

Industry Outlook

Agenda

CEO Agenda

Efficient energy usage management :Energy Intensity Index (EII) at 90.40%2017 : 3.49%

Safety improvement : Total Recordable Incident Rate (TRIR) at 0.45% in 2017: 0.13%

2015 2017

93.89%90.40%

0.580.45

Achievement in 2017 : Operation

● The Prime Minister’s Industry Award 2017 3 awards :

- Productivity Improvement

- Quality Management

- Energy Management by efficient use of resources

● Thailand Energy Awards 2017 2 awards :

- Energy Management Team

- Energy Administrator

2016

97.07%

0.46

2015 2016 2017

710 12

2015 2016 2017

8

Zero Shutdown Plants: Zero shutdown plants: 12 plants in 2017 vs 10 plants in 2016

9

Achievement in 2017 : Commercial

IRPC – UBE (Thailand) entered into

Steam & Tank Service Supply and Purchase Agreement

Increase High Value Added and Specialty Products Volume Ratio

IRPC reached its specialty product target: 45% of petrochemical portfolio

Affirmed Customer Technology Support customer

Real Time International Transfer thru“Krungsri Blockchain's Interledger” Innovation

: The first Thai business sector

Achievement in 2017 : Finance & Accounting

Signed onExtended Business Collaboration

Extended Crude Payment (60 Days) With PTT

Amount 12,000 MB

Signed Extended Inter-Company Borrowing and Lending with PTT,

ICBL Agreement :

IRPC as Borrower 10,000 MBIRPC as Lender 1,500 MB

Fitch Rating revised

Outlook from negative to “Stable” and affirm rating at ‘A-(tha)’

SET Awards 2017

”Best Investor Relations Award”

The Asset Triple A Country Awards 2017

“The Best FX Solutions Thailand”

10

Achievement in 2017 : Awards and Recognition in 2017

Asian Excellence Awards 2017

● Asia’s Best CEO

● Asia’s Best CFO

● Best IR Company

(Thailand)

Best Innovative Company Awards

SET Awards 2017IRPC CEO as 1 of 55 leading

Asian business leaders from 5,000 corporations by CNBC

The Prime Minister's Industry Award 2017

Golden Peacock Global Award for Excellence in Corporate Governance 2017

Honorable NACC Integrity Awards 2017 (2nd year)

Best SET Sustainability Awards 2017

Thailand Sustainability Investment 2017

1 of the 100 leading global energy companies by Thomson Reuters

DJSI Emerging Market:Oil & Gas Refining

and Marketing (4th year)

Thailand Energy Awards 201711

12

2017 Performance Highlight

Achievement in 2017

Operation & Financial Performance

Industry Outlook

Agenda

CEO Agenda

7 12 6 10 19 17 18 4515 2711 21 34 33 43

99

53

68

2965

72 49

121

215

23

29

2

18 17 9

52

47

7

8

2

76

7

15

22

13

11

5

1015

21

24

52

118 156

55

132156

136

274

480

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

LPG

L-Sulfur

Ethylene

Propylene

HCN

Diesel

Fuel Oil

1.0 0.8 0.7 0.9 0.5 0.8 0.9 0.9

3.4 3.1 0.8 0.9 0.8 0.9 0.5

0.9 0.9 0.9

3.4 3.3

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

Lube

Asphalt

50% 49%63% 68% 61% 68% 66% 64% 57% 65%

27% 23%

23% 16% 25% 20% 15% 14% 23%18%

9%10%

9% 11% 9% 6%5% 9% 10% 7%

14% 18%5% 5% 5% 7%

14% 13% 10% 10%Others

Domestic

Far East

Middle East

4.1 3.1 2.6 2.1 2.3 1.4 1.9 2.6 3.0 2.1

187 182 176 188 116 194 201 207 183 180Crude Run

(KBD)

51% 51%69% 74% 62% 68% 66% 68% 61% 67%

49% 49%31% 26% 38% 32% 34% 32% 39% 33%

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

Sweet Crude

Sour Crude

87% 85% 82% 87% 53% 90% 93% 96% 85% 84% % U-Rate

TA in 1Q17TA in 1Q17

Petroleum ProductionSlightly decreased U-Rate despite Major Turnaround in 1Q17

Unit : Mbbl

Unit : Mbbl

LPG & Others

Naphtha

Gasoline

Diesel

Fuel oil

Unit : KMT

1.8 1.7 1.5 1.8 1.0 1.7 1.8 1.8

Remark: Excluding internal use quantity Remark: Excluding internal use quantity 13

Premium over Dubai ($/bbl)

6.8 6.4

65% 86% 38% 82% 95% 95% 43% 78% % U-Rate

Crude Intake

RDCC ProductionRefinery Production

Lube Base oil & Asphalt

1.8 1.6 0.7 0.7 0.6 0.7 0.3 0.3 5.0

2.0

7.6 7.6 7.1 7.6 4.7

7.8 8.6 8.4

29.8

29.5

1.6 1.6 1.6 1.6

0.8

1.7 1.7 2.0

6.3

6.2

0.6 0.5 0.7 0.8

0.6

1.0 0.6 1.0

2.5

3.2

0.3 0.1 - 0.1

0.0

0.1 0.1 0.2

0.9

0.5

11.8 11.4 10.0 10.7

6.6

11.3 11.3 11.9

44.5 41.4

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

Unit : KMT

TA in 1Q17TA in 1Q17 TA in 1Q17TA in 1Q17

100% 95% 87% 93% 48% 83% 87% 86% 93% 76% % U-Rate

3.2

1.4 2.0

4.0

2.4 2.1

3.8 3.8

2.7 3.1

2.8

2.6 2.1

1.4

2.4 2.5

2.1 1.8

2.2 2.1

6.0

4.0 4.1

5.4

4.8 4.6

5.9 5.5

4.9 5.2

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

Refinery Lube Base

3,985 3,734 3,368 3,717 2,939 4,440 4,327 4,404 14,804 16,110Lube Base

13.2 12.1 12.9 13.9 9.0 14.1 14.3 15.0

52.0 52.4 2.0 1.8 1.6 1.7

1.1 1.7 1.8 1.8

7.2 6.4

15.2 13.9 14.5 15.6 10.1 15.8 16.1

16.8

59.2 58.8

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

Refinery Lube Base

20,981 23,354 24,221 29,792 21,405 30,314 31,053 36,243 98,348 119,015 Refinery

24,966 27,088 27,589 33,509 24,344 34,754 35,380 40,647 113,152 135,125Petro leum

Sales Volume & Revenue

17.0 16.6 16.2 17.3 10.4 17.6 18.5 19.1 67.0 65.5

Crude intake M.bbl

Unit : $/bbl

Sales Distribution

Local58%

Export42%

2017

Top 5 Export Destination in 2017 : Singapore, Malaysia, Cambodia, Laos, Myanmar

4Q17 : Petroleum revenue 15% increase QoQ: 10% price increase & 5% volume increase 21% increase YoY : 13% price increase & 8% volume increase

4Q17 Market GRM was $5.5/bbl: $0.37/bbl decrease QoQ due to higher Crude Premium over

Dubai $0.12/bbl increase YoY from higher Gas Oil & Lube Base Oil

spread

Local54%

Export46%

YoY 8%

QoQ 5%

YoY 21%

QoQ 15%

Sales volume (M.bbl)

Revenue (MB)

14

YoY 1%

YoY 19%

Petroleum Group : Sales & GRMLower crude premium helped support Market GRM

4Q17

2017 : Petroleum revenue 19% increase YoY: 20% price increase vs 1% volume

decrease 2017 Market GRM was $5.2/bbl: $0.34/bbl increase YoY due to higher Gas Oil & FO spread Lower cost from Crude Premium over Dubai

TA in 1Q17TA in 1Q17

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

Market GRM

2017 : YoY slightly lower U-rate given TA in 1Q17 4Q17: 100% Aromatics & Styrenics U-Rate at 184 KTA

101 92 97 96 48 95 101 97

386 350

3 1 1 4 3

2 4 3

9 12

81 75 73 82 62

85 81 84

310 313

184 168 170 182

113

182 186 184

705 675

49 52 44 29 10 53 58 52 175 174

134 139 137 126 99 140 162 199

535 600

183 191 181 154

109

193 220

251

710

774

Petrochemical Group : ProductionU-Rate increased after TA: Capacity increase & efficiency improvement

Styrenics

Aromatics

Aromatics & StyrenicsOlefins

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

98% 89% 80% 93% 61% 97% 104%100% 91% 90% % U-Rate

90% 86% 77% 80% 71% 95% 92% 94% 84% 88% Polystyrenics

97% 78% 49% 105% 69% 107% 113% 110% 82% 100% Styrenics

106% 98% 100% 98% 47% 94% 110% 99% 100% 88% Aromatics

Polystyrenics

Olefins

Polyolefins

Unit : KMT Unit : KMT

Remark : - Utilization rate calculated based on the main products- volume excluded internal use

2017: 87% Olefins U-Rate as planned TA in 1Q17 4Q17: 101% Olefins U-Rate at 251 KMT:

PPE started up in Sept. 2017 with 160 KTA capacity

15

UHV COD

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

94% 95% 88% 84% 54% 95% 97% 101% 90% 87% % U-Rate

88% 91% 89% 82% 67% 93% 98% 104% 87% 91% Polyolefins

99% 99% 87% 85% 42% 96% 97% 98% 92% 83% Olefins

Aromatics Lower U rate due to heater maintenance of Reformer Unit

182 152 163 180 114 160 185 172

677 631 196 212 226 224 169

237 270 276

857 952

378 364 389 404 283

397 455 448

1,534 1,583

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

Aromatics & Styrenics Olefins & Polyolefins

Petrochemical Group : Sales & PTFBetter Styrenics spread caused higher 2017 MKT PTF

1.8 2.4 1.5

2.4 4.0

2.9 2.9 2.7 2.0 3.0

4.9

5.9 5.7 3.8

5.7

5.1 5.3 5.1 5.1

5.2

6.7

8.3 7.2

6.2

9.7

8.0 8.2 7.8 7.1

8.3

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

Unit : $/bbl

Aromatics & Styrenics Olefins & Polyolefins

Crude intake (M.bbl)

Sales Volume and Revenue

17.0 16.6 16.2 17.3 10.4 17.6 18.5 19.1 67.0 65.5

Sales Distribution

Local51%

Export

49%

4Q17

Top 5 Export Destination in 2017: Hong Kong, Japan, Singapore, Australia, Vietnam

Local55%

Export

45%

4Q17 : Petrochemical revenue 5% increase QoQ: 7% price increase vs 2% volume decrease 24% increase YoY: 13% price increase & 11% volume increase

4Q17 Market PTF was $7.8/bbl $0.4/bbl increase QoQ mainly from much lower Aromatics spread $1.6/bbl increase YoY mainly from value added products from

UHV and PPE projects and better Styrenics spread

QoQ 2%

QoQ 5%

Sales volume (KMT)

Revenue (MB)1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

16

YoY 3%

YoY 15%

Market PTF ($/bbl)

2017

2017 : Petrochemical revenue 15% increase YoY: 12% price increase & 3% volume increase

2017 Market PTF was $8.3/bbl $1.2/bbl increase YoY mainly from better product’s yield after the

COD of UHV and PPE projects & higher Styrenics spread

12,471 12,573 13,292 13,780 11,951 14,472 16,251 17,054 52,115 59,728Petrochem

6,781 7,497 8,058 7,445 6,798 8,361 9,543 10,342 29,780 35,044 Olefins

5,690 5,076 5,234 6,335 5,153 6,111 6,708 6,712 22,335 24,684Aro&Styrenics

YoY 24%

YoY 11%

Y16 = 0.11Y17 = 0.92Ever.= 0.49

6.0 4.0 4.1 5.4 4.8 4.6 5.9 5.5 4.9 5.2

6.7 8.3 7.2 6.2 9.7 8.0 8.2 7.8 7.1 8.3 1.0 1.1 1.2 1.0

1.2 1.0

0.9 1.0 1.1 1.0

13.7 13.4 12.5 12.6 15.7 13.6 15.1 14.3 13.0 14.5

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

13.04

14.48

0.21

0.36 0.14 0.73

0.13

1.38

0.16

0.32

0.49

1.00

13.7 13.4 12.5 12.6 15.7 13.6 15.1 14.3 13.0 14.5

(1.2)

3.8 0.1 2.4

3.4

(1.2)

1.8 3.3 1.3

1.7

(1.5) (1.4) (1.2) (1.9) (0.8) (0.8) (0.7) (0.4) (1.5) (0.7)

11.015.8

11.4 13.1 18.3 11.6

16.1 17.2 12.8 15.5

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

Gross Integrated Margin (GIM)Better product yield, Low crude premium and stock gain resulted in higher Accounting GIM

Market GIM

Unit: $/bbl

Accounting GIM

Unit: $/bbl

MKT GIM2016

MKT Spread

Fuel Loss & Internal

Use

Premiumon Dubai

UHV Project

EverestProject

MKT GIM2017

MKT GIM: 1.44 $/bbl

Unit: MB

8,323 7,869 7,079 7,762 5,762 8,240 9,331 9,036

31,033 32,370

(712)

2,242 44 1,471 1,275

(712)

1,098 2,059

3,045 3,720

(920) (821) (686)(1,194)

(300) (466) (455) (231) (3,621) (1,452)

6,691 9,290 6,437 8,039 6,737 7,062

9,974 10,864

30,457 34,638

Market GIM Stk G/(L) & LCM Hedging

17

-0.22

$/bbl

3.2 1.4 2.0

4.0 2.4 2.1 3.9 3.8 2.7 3.1

2.8 2.6 2.1

1.5 2.4 2.5

2.1 1.8 2.2 2.1

6.0 4.0 4.1

5.4 4.8 4.6 5.9 5.5 4.9 5.2

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2016 2017

Refinery Lube Base

4.9 5.9 5.7 3.8 5.7 5.1 5.3 5.1 5.1 5.2

1.8 2.4 1.5

2.4 4.0 2.9 2.9 2.7 2.0 3.0

6.7 8.3 7.2 6.2

9.7 8.0 8.2 7.8 7.1 8.3

Olefins Aromatics&Styrenics

Market GIM by business

Unit: $/bblPetrochemical

Petroleum

Unit: MB

3,625 2,327 2,323 3,341 1,748 2,760 3,662 3,493

11,616 11,663 4,103 4,857 4,091 3,818 3,561

4,864 5,107 4,911

16,869 18,443

595 685 665 603 453

616 562 632

2,548 2,264

8,323 7,869 7,079 7,762 5,762

8,240 9,331 9,036

31,033 32,370

GRM PTF Power & Utility

Y16 = (2.95)Y17 = (2.09) Ever.= 0.13 Y16 = (3.02)

Y17 = (4.24)Ever.= 0.16

Benefit from Everest

0.86 1.22 0.81-0.01

Less Premium on sales

Y16 = 1.06Y17 = 0.84 Ever.= 0.14

56,445 54,895 55,812

6,141 10,503 2,957

62,587 65,398

58,769

2,042 3,759

2,145

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

4Q16 3Q17 4Q17

L/T Debt S/T Debt Cash

0.75 0.74 0.65

4Q16 3Q17 4Q17

Debt PortfolioLower D/E ratio and better current ratio

ST Loan5%

LT Loan (USD)

7%

LT Loan (THB)62%

Bond (THB)26%

Debt StructureDebt Profile

Float 74 THB 66

Fixed 26 USD 34

Currency (%) Interest Rate (%)

Net Debt = 56,625 MB Ex. Rate = 32.85 Baht/$

Financial Ratios

0.76 0.85 0.96

4Q16 3Q17 4Q17

< 1.0x

Net D/E CA/CL

Unit : MB

Net Debt

Maturity of Long-term Debt

Unit : MB

MB

ST Loan THB 2,957

LT Loan USD 125 4,097

LT Loan THB 36,467

Bond THB 15,248

Total 125 58,769

Debt Currency60,544 56,62561,639

18Remark: Long-term debt as at 31 Dec 2017

2,536 3,732

6,355 6,435

17,409

3,117 653

327 -

4,999

3,362 -

6,886

-

10,652

7,748 6,682

13,322 17,409

2018 2019 2020 2021 >2021

THB Bond

USD Loan

THB Loan

19

CAPEX Plan in 2018 – 20225 year CAPEX plan including initiative projects: Bt 53 bn

4,098 2,470 2,354 2,425 4,947 2,703

4,504

1,445

905

488

1,651

1,466

116 73

1,301

4,291

9,747

9,736

9,718

11,157

7,169 6,761

12,245

14,683

12,421

2017E 2018 2019 2020 2021 2022

Maintenance

UHV, PPE & PPC Projects

Everest & Delta Projects

Other Projects

Initiative Projects

Unit: MB

14,899 , 28%

1,445 , 3%

488 , 1%1,655 , 3%

34,793 , 65%

IRPC 5 year CAPEX Plan

UHV, PPE&PPC

Maintenance

Everest , Delta

Others

Total

53,279 MBInitiative Projects

Project Update : UHV and PPE & PPC

2017 2019

Gasoline Max. ProjectUHV Project Catalyst Cooler Project

02016

0

Benefit to GIMUnit: $ per bbl

UHV 2017: 1.35 $/bbl2018F: 1.97 $/bbl

Feed 2017: -Adj. 2018F: 0.08 $/bbl

2019F: 0.16 $/bbl

Gas 2017: 0.06 $/bblMax. 2018F: 0.39 $/bbl

PP compound & specialties

(PPC)

PP Expansion Project (PPE)

Increase UHV benefit Maximize Gasoline Yield Reduce Thailand import

CAPEX : 800 MB

Capacity:25 mn litre/month

GIM 0.4$/bbl

UHV value added

Flexibility of crude selection

Utility cost from cracking heavy crude molecule

CAPEX : 1,320 MB

COD : ~ 1Q19

GIM 0.3$/bbl

Catalyst Cooler

Feed adj. & Reformulate Catalyst

21%-23%Propylene Yield Mitigation Plan: Lighter feed

& reformulate Catalyst Time: ~ 6 months GIM 0.3 – 0.4 $/bbl

CAPEX : ~ $ 1.1 bnCOD : July 2016 GIM 1.5-2.0 $/bbl

COD : July 2016 2016 Util. rate : 43% 2017 Product Yield :

18% Propylene Yield GIM 0.3 - 0.4 $/bbl(only short term)

Gasoline Maximization

To fill up Catalyst by mid 2018

COD : Nov. 17Current: 19-20% Propylene Yield from feed adjustment

Capacity: 140 KTA

CAPEX : 5,323 MB

GIM0.4$/bbl

PP Compound

COD in Sept. 2017

Capacity:160 KTA

CAPEX : 2,799 MB

GIM0.4$/bbl

PP expansion

COD : Dec 31, 17

PPE 2017:0.13 $/bbl2018F: 0.50 $/bbl

PPC 2017: -2018F:0.31 $/bbl

Cat. Cooler 2018: -2019F: 0.3$/bbl

MC Plan : Feb 19 COD Plan : End 1Q19

UHV & UHV value added & PPE & PPC

Total Benefit to

GIM: $/bbl

2017: 1.54$

2018F: 3.25$

2019F: 3.63$

20

21

2016 Performance Highlight

Achievement in 2016

Operation & Financial Performance

Industry Outlook 1

Agenda

Highlight from CEO

22

Petroleum Outlook

20

30

40

50

60

70

80

90

Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18

USD/BBL

Actual PRISM

Dubai Price Outlook

Feb. 18 Mar.-Apr. 18 2Q18

(-) Lower crude oil demand from refinery maintenance in the U.S.

(-) Expected growth in U.S. shale oil production by 0.11 MMBD to hit 6.55 MMBD in Feb (EIA)

(+) Continual support from OPEC and Non-OPEC supply cuts

(+) Collapsing Venezuela’s Jan output to 1.61 MMBD, near a 30-year low.

(-) Concern over rising U.S. oil production and exports

(-) Lower crude oil demand from global refinery maintenance

(+) Expectation of high compliance rates of output cuts by OPEC and Non-OPEC

(-) Higher Non-OPEC supply especially U.S., Canada and Brazil

(+) Falling global oil inventories due to higher demand and lower supply

(+) Strong refinery run to meet higher demand during summer

Factors to watch• OPEC & Non-OPEC compliance rates

Factors to watch• The Joint OPEC-Non-OPEC Ministerial

Monitoring Committee (JMMC) in April

Factors to watch• OPEC meeting on 22 Jun

23

Petroleum Outlook

-10

-5

0

5

10

15

20

25

30

Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18

Naphtha Mogas Naphtha PRISM Mogas PRISMULG 95

Naphtha

Naphtha & ULG 95 Outlook

USD/BBL

Product Feb. 2018 Mar. – Apr. 2018 2Q18

MOGAS Seasonally higher demand and the onset of spring maintenance

A seasonal downturn in U.S. refinery utilization and a heavy spring maintenance schedule in the Middle East

Firm transportation demand during warmer weather

Seasonally higher demand and the onset of spring maintenance

▼ High Chinese refinery run-rates amid higher export quotas and new refining capacity

Global refinery turnaround season to reduce overall refined product supply

Improved transportation demand after winter ends and stock replenishment

▼ Nghi Son (220 KBD) refinery to start

commercial operation in 3Q18

NAPHTHA Higher supply arrivals into Asia, especially India and the West

▼ Lower naphtha demand effected from

lower LPG prices Returning gasoline strength

Arbitrage flows from the West should remain ample as the downtrend in European naphtha

Lower Asian demand during peak seasonal turnaround

Feedstock switching to cheap LPG

Additional cargoes from the Middle East will hit the Asian market

Global cracker T/A season Steadily high import from China Returning gasoline strength

24

Petroleum Outlook

-10

-5

0

5

10

15

20

25

30

Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18

GO PRISM FO PRISM GO crack FO crackGas Oil

FO

Gas Oil & FO OutlookUSD/BBL

Product Feb. 2018 Mar .- Apr. 2018 2Q18

GAS OIL Cold weather in North East Asia and U.S. East Coast support Gasoil demand

An outage of Taiwan’s refinery

Stable-to-high Chinese exports due to high refinery runs and new quota allocations

Soften heating demand after winter ends

Higher Russia & U.S. arbitrage flow to Europe could limit Asia outflow

Return of the Middle East refineries from maintenance in 1Q18

Global refinery turnaround season to reduce overall refined product supply

Healthy Asia Pacific demand, supported by agricultural sector consumption

FUEL OIL Pakistan’ s power fuel has changed from fuel oil to LNG

Lower Japanese demand due to using natural gas and nuclear instead

Lower arbitrage flows out of the Middle East ahead of heavy refinery maintenance

Lower FO demand in China’s teapot refinery feedstock after increasing crude import quota

Trend of lower demand in power sector and industry

Lower arbitrage flows out of the Middle East ahead of heavy refinery maintenance

Steadily high exports from the Middle East due to refinery resume production and the prolonged shutdown of UAE

Trend of lower demand in power sector and industry

Petrochemical Outlook

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400

600

800

1000

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1400

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400

600

800

1000

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1400

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

2018 2017 PRISM

Ethylene Price and Spread with Naphtha MOPJSpread ( $/Ton)Price ( $/Ton)

0

200

400

600

800

1000

1200

1400

1600

0

200

400

600

800

1000

1200

1400

1600

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

2017 2018 IRPC 2018

Polyethylene Price and Spread with EthyleneSpread ( $/Ton)Price ( $/Ton)

Product Feb. 2018 Mar. 2018 2Q18

Ethylene + Restock before Chinese New Year Holidays + Short term up new China SM + Strong demand from MEG and SM, HDPE pipe- Both SEA and NEA run at high Operating Rate- During the spring festival, demand down- Mideast downstream plant T/A in 1Q18

+ Asia cracker T/A in 1Q18 - Mideast downstream plant T/A in 1Q18

+ Asia peak T/A crackers in 2Q18- Asia/Mideast downstream EG & MEG T/A in

2Q18

HDPE PIPE

GRADE

+ Tight supply amid strong demand in SEA+ Restock before Chinese New Year Holidays

+ Strong market prices from high feedstock and limit supply cost production

+ Restock after Chinese New Year Holidays

+ Ethylene feedstock price be firmed+ Expect demand to be stable-to-firm

since the warmer weather

25

Petrochemical Outlook

0

200

400

600

800

1000

1200

0

200

400

600

800

1000

1200

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

2017 2018 PRISM

Propylene Price and Spread with Naphtha MOPJSpread ( $/Ton)Price ( $/Ton)

0

300

600

900

1200

1500

0

300

600

900

1200

1500

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

2017 2018 PRISM

Polypropylene Price and Spread with PropyleneSpread ( $/Ton)Unit price ( $/Ton)

Product Feb. 2018 Mar. 2018 2Q18

Propylene + North East Asia T/A+ Restock before Chinese New Year+ Good in PP and Phenol market- Return of Key’s PDH producer

+ FCC plants shutdown+ Chinese government ban for import recycle

plastics will cause demand C3 and propylene balance is expected to be tightened

+ Asia cracker start T/A by end of Feb. –Mar.- New FCC startup

+ Asia T/A peak of cracker in 2Q18+ Chinese government ban for import

recycle plastics will cause demand C3 and propylene balance is expected to be tightened

- Expansion of new propylene plant in China

PP + PP price still be firmed + Restock before Chinese New Year+ Major PP compound in Japan be S/D for

maintenance+ Import supply remained tight due to lack

of deep sea cargoes

+ PP feedstock price be firmed + High demand during Summer

+ PP price be firmed+ Demand improve and restocking before

Ramadan

26

27

Petrochemical Outlook

0

200

400

600

800

1000

1200

1400

1600

0

200

400

600

800

1000

1200

1400

1600

J F M A M J J A S O N D2017 2018 PRISM

Styrene Price and Spread with Feedstock EBSpread ( $/Ton)Price ( $/Ton)

0

200

400

600

800

1000

1200

1400

1600

1800

0

200

400

600

800

1000

1200

1400

1600

1800

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

2017 2018 PRISM

Polystyrene Price and Spread with Styrene Spread ( $/Ton)Unit price ( $/Ton)

0

300

600

900

1200

1500

1800

2100

0

300

600

900

1200

1500

1800

2100

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

2017 2018 IRPC

ABS Price and Spread with FeedstockSpread ( $/Ton)

Price ( $/Ton)

Product Feb. 2018 Mar. 2018 2Q18

SM + Pre-buying ahead of the potential imposing of an anti-dumping duty (ADD) by China

+ Pre-buying demand ahead of the potential imposing of ADD by China

+ SM stock preparations for maintenance next spring

+ South Korean producers reduce the export volume to China may cause an increase in Chinese domestic prices

- Deep sea cargo arrival

ABS + Pressure from higher feedstock SM and BD costs- Slower demand in early February ahead of

the Lunar New Year holiday

+ ABS and ABS alloys are poised to make headways in replacement of other engineering plastics and in some cases metals

- Operation rates of major ABS producers have been running at 90% capacity

+ Demand improve ahead of manufacturing season

PS + Resumption of usual PS demand for production requirements as Chinese New Year in China falls

- Cheaper plastic substitute such as PP and PET for some applications

+ SM price be stabled to Firmed- Demand in China remain soft as buyers still

have stock to hand over

+ Demand from the electronics/appliances sector in China would see to the healthy revival of PS demand in Northeast Asia

28

2017 Performance Highlight

Achievement in 2017

Operation & Financial Performance

Industry Outlook

Agenda

CEO Agenda1

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

Capacity Before After

Propylene

(UHV)

412 KTA 732 KTA

2010

2014

Margin Improvement

• Operational Excellence

• Commercial Excellence

• Procurement & HR

Excellence

Benefit +135 MUSD

INDIVIDUAL OWNERSHIP

SYNERGY

PERFORMANCE EXCELLENCE

INNOVATION

RESPONSIBILITY FOR SOCIETY

INTEGRITY & ETHICS

TRUST & RESPECT

Projects Completion

• Operational Efficiency Improvement

• Asset Utilization Enhancement

• Product and Service Improvement

• Capacity and Products Expansion

Incremental Margin and Organization Health

• Capability Building

• Owner mindset & Performance

Orientation

• Cultural Changes

Fully Integrated PP

Revenue Growth of 5%

EBITDA Growth of 10%

1st Quartile ROIC in Petroleum

and Petrochemical Industry STRONG

Member of DJSI Emerging

Markets Universe

Capacity Before After

PP

(PPE&PPC)

475 KTA 775 KTA

20172016

Capacity Before After

CHP I

- Electricity

- Steam

PRP

EBSM

108 MW

200 T/hr

312 KTA

200 KTA

328 MW

620 T/hr

412 KTA

260 KTA

BIG LONG

Leading Integrated Petrochemical Complex in Asia by 2020

Power of GrowthG

Power of DigitalD

Power of PeopleP

29

30

GDP: From Aspiration to Execution

Power Three : 3 Pillars for achieve Top Quartile in 2020

Power of

Digital

Power of

PeopleTruly embed

and live the IRPC

DNA

Develop next

generation of

Top 30 leaders

Continue to

establish lean,

fit-for-purpose

organization

P

Power of

Growth Maximize

aromatics for

competitiveness

Growth by

M&A

Everest forever

for sustainable

growth

Drive R&D

excellenceG

OPS 4.0

Smart

Operation (AI)

ISC 4.0

Integrated

Supply Chain

CCM 4.0

Customer

Centric DigitalD

ERP 4.0

ERP

Transformation

100MUSD

100MUSD

100MUSD

IRPC Strategic Roadmap to 2020

31

32

4.0MARS - Maximize AromaticsG1

COD:

4Q22Feasibility study

and Technology

selection

Basic Engineering

Design

Package/FEED/ EPC

Bidding

Construction

202220192017 20202018

Reformer Benzene

300 KTA

Paraxylene

1,000 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: $1.0 bn - $1.1 bn IRR 13%-15%

Petrochemical Yield 15% Existing + UHV

Petrochemical Yield 25% >>

Key Rational

• Utilize excess Naphtha /Toluene/Xylene

as feedstock to maximize

PX and BZ products

Maximize Aromatics

• Cost competitiveness

thru new technology

• Firmed PX demand growth:

CAGR 4% - 5%

32

ST - Strategic transformation and result delivery

Tracking and

Monitoring tool

▪ Set up PEAK

Efficient Organization

▪ Retraining LEAD,

Great Leader Camp 2

Effective project management

▪ Maintain cadence meeting

▪ Ensure strategic move

▪ Maintain KPI (Monthly Variance Analysis: MVA)

“Everest Forever”Vital Enabler to Drive

Sustainable Growth

CEO

Strategic transformation and result delivery

(ST)

Corporate Strategy

Management

E4E IRPC 4.0 M&A

Project 1 Project 2 Project 3

G2

System

PeopleProcess/Tool

3

2 1

E4E

100MUSD

33

GALAXY – Growth by M&AG3

Key activities – M&A and CVC focused

Initial

opportunity

scan

Align on areas for further

assessment, prioritize

5-8 targets, and

CVC opportunities

Due

dili-

gence

Negotiation

and closure

Integration and Recovery &

Transformation Services (RTS)

4 wks 8 wks ~9-12 months~4-6 weeks

tbdKick off

Jan 15, 2018

100MUSD

34

Drive R & D ExcellenceG4

Stabilize project delivery

Oct 2017 – Mar 2018

▪ Prioritize portfolio, establish

portfolio management

▪ Install project management

▪ Create disciplined steering to

transparency on pipeline

>2019

▪ Selectively commercialize

"big-bet" step outs

▪ Make early-stage technology-driven

acquisitions

▪ Invest in product development

incubators

Become world-class fast follower

>2021De novo

program

New S-Curve : Technology platform

integration

Upgrade the organization

Dec 2017 – Dec 2018

▪ Shift organization to

"fit-for-purpose", and drive

towards project completion

▪ Create a target skill map,

identifying gaps to target

▪ Supplement skill assessment with

partnership strategy

▪ Execute org upgrade as per

strategy

Turbo-charge R&D for growth

Jun 2018 – Dec 2019

Achieve flawless R&D execution

Increase agility, improving time to

market & value

Set up continuous improvement culture

Systematically use customer insight to

increase CM

Install high performing support

infrastructure (e.g. labs) using lean

principles35

36

IRPC 4.0 aims to unlock USD 100 mn in value through digital

"Digitized operations""Integrated customer

management and

engagement"

"End-to-end visibility

& real-time planning"

"Digitized support

functions"

IRPC4.0: Digital Refinery and Petrochemical of the Future

Enhance competitiveness through digitization to achieve the target

ROIC of 14% and unlock > USD100mn in value

OPS 4.0 CCM 4.0 ISC 4.0 ERP 4.0

• Increasing asset performance considering economic impact

• Increasing asset reliability through predictive maintenance

• Field operator effectiveness and safety

• Advanced and optimized pricing

• Increasing customer lifetime value through customer analytics

• Supply chain analytics to reveal process optimization insights

• Continuous rollout of advanced planning capabilities

• Collaborative and analytics driven procurement

• Re-architected technology landscape

• Next Gen Tech function

Remark: Timeline is subject to change

Dec 2018Apr 2018Jan 2018

100MUSD

D

Design & Pilot IndustrializationStrategy & Innovation

2019 37

38

39

Power

of

People

NEW DNA

Following orders

Process-oriented

Promise but delay

Business as usual

Silo-based

Biased reward

Too many

commentators

Individual Ownership

Result-Oriented

Promise and Deliver

Continuous Improvement

Do Things Together

No Bias

Actively Solve The Problem

P1

40

Identify and cultivate next generation of top 30 Leaders

Post-program assessment

Match demand & supply Evaluate

candidates Debate and

calibrate Produce

succession lists

Implement development program with IDP e.g. 10% Training 20% Coaching & mentorship 70% Breakthrough project

(BTP) & On-the-job

Implement external recruitment Proceed executive search for

mid-career Implement IRPC

Management Trainee

Demand:• Identify critical

roles• Develop mission

& profile

Supply: Assess potential

candidates & gap analysis

Proposed external candidates

3

3

4

5

Phase1Pre-successionplanning

Phase2Succession planning actually happens

Phase3Gap closing

1

2

Creating a

Talentculture

Attracting&

retaining the

right people

Recruiting, hiring and

onboarding

Growing

and

developing

leaders Motivating,

recognizing

performance

Talentmanagement& succession

planning

12

3

4

5

6

and rewarding

Phase1Study and design target

organization(2017)

Phase2 Quick win to transform to

Target organization(2018 onward)

Phase3Fundamental changes

and sustaining(2018-2030)

P3

P2

Thank You

Investor Relations Contact: ir@irpc.co.th

Tel. 02-765-7380, Fax. 02-765-7379

Presentation is available at

www.irpc.co.th

Click “Presentations”

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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.

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Statement of Financial Position & RatioHigher profitability Ratios derived from good performance

121,361 128,324

11,169 8,637

37,806 45,438

2,042

2,145

81,005 87,650

2,203 2,378

56,445 55,812

32,725 38,704

Unit: MB

PP&E

Other Non-C/A

Cash

172,378

Other CurrentLiabilities

L/T Liabilities(incl. due within 1 yr)

Shareholders’Equity

Dec 31, 2017

184,544

Dec 31, 2016

Assets : Cash 103 MB AR 2,817 MB

Higher sales price Inventory 4,269 MB

Higher crude oil inventories and higher product price

PP&E 6,963 MB Rising from PPE+PPC Projects, maintenance

expenses offset with Depreciation

Liabilities & Equity AP 6,239 MB

Higher crude oil payable IBD 3,818 MB

Lower short-term loan of 3,184 MB and lower long-term loan including current portion of 633 MB (caused by long term loan of 19,500 MB drawdown to repay loans & bonds 19,322 MB and unrealized foreign exchange gain 787 MB)

Equity 6,645 MB Increase in NI 11,354 MB offset by dividend

paid 4,694 MB(@ 0.23 THB/share)

Other C/A

2016 2017 4Q16 3Q17 4Q17 2016 2017 4Q16 3Q17 4Q17

EBITDA Margin (%) 9.42 9.54 8.65 11.70 10.38 Current Ratio (time) 0.76 0.96 0.76 0.85 0.96

Net Profit Margin (%) 5.25 5.30 3.12 5.73 7.18 Quick Ratio (time) 0.23 0.30 0.23 0.32 0.30

Earnings per share (Baht/share) 0.48 0.56 0.08 0.16 0.22

Return on Equity (%) 12.41 13.47 12.41 11.11 13.47 Net Debt to Equity (time) 0.75 0.65 0.75 0.74 0.65

RATIOS

Financial Policy Ratio

Profitability Ratios Liquidity Ratios

Other Non-CurrentLiabilities

43