The Bangchak Petroleum PLC.

Analyst Meeting 4Q2013 and FY2013

• World Oil Situation

• 4Q2013 and FY2013 Review

• Financial Performance

• 2014 Overview

AGENDA

World GDP Growth Outlook (%YoY)

3 Source: IMF – World Economic Outlook update, Jan 2014

IMF bumps its 2014 growth projections

Developed nations seen leading the way

IMF sees up to 20% deflation risk in euro zone

IMF holds developing nation growth forecast steady

3.0 3.7 3.9

1.9 2.2 2.3

-0.4

1.0

1.4 1.7

1.7 1.0

7.7 7.5 7.3

4.4

5.4 6.4

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

2013 2014 2015

World US EU Japan China India

5.2

7.2

1.3

0.9

2.0

3.6

5.4

7.5

1.7

1.0

2.2

3.7

India

China

Japan

EU

US

World

2014

6.3

7.1

1.2

1.3

2.7

3.9

6.4

7.3

1.0

1.4

2.3

3.9

India

China

Japan

EU

US

World

Current

Previous

2015

Oil Market Outlook: Demand

4

90.04 91.29

92.60

88

89

90

91

92

93

2012 2013 2014

Africa

2012

2013

Europe

*Include Biofuel Demand

Global Oil Demand Growth (KBD)

Global Oil Demand* 2012-2014 (MBD)

+1.31, 1.43%

+1.25, 1.39%

Latin America

North America

FSU

Asia 2014

IEA revised global oil demand in 2014, increasing by 1.43% to 92.60 MBD due to improved world GDP growth rate especially a rebound in demand in North America and Europe after several years of declining consumption.

Expected higher uses of industrial fuels, especially GO, LPG, naphtha

Asia leading the global demand growth by 1.43% in 2014

-340

380 120

-510

-110 -20 100

130 110

270

140 220

790 540

680

170 130 170

230 220 170

Previous Est (Jan’14) +1.24, 1.37% +1.25, 1.37% 89.98 91.22 92.47

Source : IEA, Feb, 14

Middle East

• Total non‐OPEC production growth is forecast at 1.4 mb/d for 2013 and

1.7 mb/d for 2014.

• OPEC oil meeting in Vienna on 4 Dec 13 has kept their output target

unchanged at 30 MBD for 1H14. The next meeting on 11 Jun 14,

fast‐rising production from US light, tight oil formations and could put

pressure on OPEC’s crude oil output in 2H14.

• For short-term, TransCanada’s 700 KBD capacity Keystone South Pipeline

from the Cushing, Oklahoma to the Texas Gulf Coast is expected to begin

deliveries in early Jan14 which will stimulate more production from U.S.

refineries.

Source : IEA Feb, 14

*Include Biofuel Non-OPEC supply growth causing the decline in Call on OPEC in 2014

53.3 54.7 56.4

6.3 6.4 6.6

31.3

0

90.0 91.3 92.6

30

40

50

60

70

80

90

100

2012 2013 2014

OPEC Supply OPEC NGLs Non-OPEC Supply Total Demand

Wo

rld

oil

bal

ance

(M

BD

)

Call on OPEC 29.6 MBD

Call on OPEC 30.2 MBD

Global Oil Supply and Balance

5

Tension and supply

disruption

Unconventional and

Alternative fuel

Efficiency gain

Fuel savings

Upward trend of

interest rate in US and EU

OPEC spare

capacity

U.S. crude oil

export allowed?

Global economic recovery (DM

recovered while EM have moderate growth)

Crude Oil Dubai price outlook

6

2015-2016

85

90

95

100

105

110

115

120Dubai

WTI

Brent

DB(F)

104 101 104 105

105.5 106.5

2013 2014 2015 2016

103.5

2014

MENA tension

OPEC quota production

U.S. economic recovery

China Sustainable

growth

Libya’s production recovery?

U.S. Mid-term General election

Eurozone out Of recession

QE tapering

Iranian Sanction lifted?

Non-OPEC supply

Actual Average Dubai @2013 = 105.45 $/BBL

Dubai WTI Brent DB (F)

Factors to watch

Cracks Spread Outlook

7

2015-2016

2014

2013 2014 2015 2016

Factors to watch

Bu

llis

h

Be

aris

h

-20

-15

-10

-5

0

5

10

15

20

25

30G.O. 0.05%S - DB

UNL 95 - DB

HSFO 3.5%S - DB

17.4 17.5 17.8

13.3 13.0 12.5

-6.75 -5.0 -4.0

$/BBL

17.25 16.75 17.5 18.0

13.0

14.0 15.0

11.0

-8.0

-4.0

-8.0 -7.0

G.O. 0.05%S - DB UNL 95 - DB

HSFO 3.5%S - DB

AVG 2013 = 17.82 G.O. 0.05%S - DB

AVG 2013 = 13.55 UNL 95 - DB

AVG 2013 = -8.01 HSFO 3.5%S - DB

+ Ongoing transportation fuel demand.

+ Refinery closure in Japan and Australia (Europe?)

+ Lower new refining capacity and project postponement

+ China started levying a imported biodiesel tax and some type of kerosene [slower export]

+ Lower fuel oil supply from ME and Russia.

- Effect of lower fuel price subsidy

- Some nuclear power plant restart/fuel switch in Japan.

- Lower import from Middle East as new capacity online

- More export cargoes from India to Asia.

+ Europe and China’s economic recovery

+ Moderate Asian economic growth

+ Uprising gasoline demand in Asia

+ More upgrading unit capacity

+ Lower fuel oil supply from ME and Russia.

- Chinese crude import liberalization?

- Effect of lower fuel price subsidy

- Efficiency gain, fuel savings

- New Emission Control Area (ECA)

• World Oil Situation

• 4Q2013 and FY2013 Review

• Financial Performance

• 2014 Overview

AGENDA

Operating Result (Consolidated)

9

186,514 165,246

9,348 7,770

6,568 5,564

1,383 1,783

1,396 422

4,653 4,273

3.38 3.10

Sales Revenue

EBITDA

EBITDA (Refinery & Biofuel Business)

EBITDA (Marketing Business)

EBITDA (Solar Power Business)

Net Profit*

Earning per Share

FY2013 FY2012 Unit: THB Million

o +35% YoY in crude run

o +20% YoY in total sales volume growth

o +287% YoY in revenues from Solar Power Business

o Inventory Gain of THB 1,357 million (FY2012; Loss THB 674 Million)

o Gain from Oil Hedging Contract of THB 804 million (FY2012; THB 869 Million)

o Loss from FX forward contract of THB 923 million (FY2012; Gain THB 746 Million)

o Insurance compensation of THB 1,589 million (FY2012; THB 383 Million)

Yearly Summary

*Net profit attributable to owners of the company

Crude and Crack Spread Prices

10

14.37 18.15 14.54 12.63 9.18

13.55

FY2012 1Q2013 2Q2013 3Q2013 4Q2013 FY2013

UNL95/DB

109.05 108.09

100.80 106.2 106.81 105.45

FY2012 1Q2013 2Q2013 3Q2013 4Q2013 FY2013

17.10 19.52

16.75 17.39 17.70 17.82

FY2012 1Q2013 2Q2013 3Q2013 4Q2013 FY2013

GO/DB

-3.33 -7.3 -3.65

-10.57 -10.40 -8.01

FY2012 1Q2013 2Q2013 3Q2013 4Q2013 FY2013

FO/DB

• Higher than expect supply increase especially from China, while U.S. and European demand had been decreased significantly during winter.

• Unplanned shutdowns of Taiwan, India, and Japan refineries

• More demand in winter, especially cold weather in U.S. at the end of Q4/2013

• Some drawbacks of gasoil spread were from Indonesia and India’s currency depreciation and decreased government subsidies in some Asian countries

• The global demand growth rate was increased at a slower rate than supply growth.

• Non-OPEC supply, especially North America and Canada, rose by 1 million barrel

• A trend of Iraq’s oil production and oil exports had continuously gone up

Factors (FY2012/FY2013) DB

• Chinese teapot refineries and bunker demand declined due to China’s economic slowdown

• Arbitrage in flow to Asia whereas fuel oil demand in Japan decreased as they switched from fuel oil to LNG and coal.

73.71

99.95 95.61

100.61 101.17 99.34

60

70

80

90

100

110

FY2012 1Q2013 2Q2013 3Q2013 4Q2013 FY2013

Refinery Business: Performance Review

11

KBD

Note In FY2012, There was an annual turnaround (TAM) and incident at Crude Distillation Unit (CDU3).

In FY2013, There was a temporary shutdown of Hydrocracking unit.

Target Crude run

+35% YoY

Crude Run (KBD)

Refinery Business: Performance Review

12

13%

54%

10%

20%

1%

FY2012

51% 38%

7% 5%

17%

49%

11%

20%

3%

FY2013

46%

47%

4% 3%

LPG

Gasoline

Jet

Diesel

Fuel Oil/VGO

Local

Far East

Middle East

Other

The level of Fuel Oil and VGO was high in FY2013 due to the temporary shutdown of Hydrocracking unit.

Crude Selection and Product Yield

45.7 KBD

37.6 KBD

Refinery Business: Performance Review

13

8.34 7.97 5.68 4.72 4.82 5.76

0.81 0.07

0.76 0.78 1.19

0.71

-0.84

2.08

-3.52

3.17 2.10 1.06

FY2012 1Q2013 2Q2013 3Q2013 4Q2013 FY2013

Market GRM GRM Hedging Inventory G/L

8.31 10.12

2.92

8.67 8.10 7.53

-9% YoY

TOTAL GRM ($/BBL)

0.31 0.33 0.35 0.33 0.35 0.34

FY2012 1Q2013 2Q2013 3Q2013 4Q2013 FY2013

Utilization rate

87% 92% 98% 93% 98% 95%

Biodiesel Business: Performance Review

14

FY2012 1Q2013 2Q2013 3Q2013 4Q2013 FY2013

Average B100 Sales Volume (ML/MO)

11.86 14.87 13.60 12.83 14.14 13.86

Revenue (THB Million)

4,443 1,133 985 1,020 1,263 4,401

EBITDA (THB Million)

184 94 64 68 119 345

Production capacity 360,000 litre per day

In FY2013, the decrease in Revenue was from the decline in average B100 price.

The gross profit margin was increased from

1) An increase in sales volume.

2) An increase in margin per unit of B100 and glycerin.

There was an inventory gain of THB 160 million compared to THB 16 million in 2012.

Average Production (ML/Day)

Ethanol Business: Performance Review

15

Capacity: 400,000 litre/day

Raw material: Cassava, Cassava

Chips, and Molasses

COD: January 2013

FY2013

Production (ML) 81.6

Utilization Rate (%) 62%

Operating Days (Days) 306

Consolidated Financial Statement (Unit: THB Million)

FY2013

Sales Revenue 3,541

Gross Profit 716

EBITDA 565

Net Profit 160

Refinery Business: FY2013 Results

16

5,564 6,568

Refinery Business

Crude run increased by 35% YoY

Inventory Gain of THB 1,189 million in FY2013 compared to Inventory loss of THB -711 million in FY2012.

Insurance compensation of THB 1,518 million for BCP’s refinery in FY2013.

Biofuel Business

Biodiesel

Average Daily Production Rate increased by 10% YoY

B100 Sales Volume increased by 17% YoY

Inventory Gain of THB 160 million compared to THB 16 million in FY2012.

Ethanol

Start COD in January, 2013.

Total production of 81.6 ML in FY2013.

+18% YoY

The represented breakdown of EBITDA structure were including the elimination amounts.

EBITDA (THB Million)

97% 94%

3% 5% 1%

FY2012 FY2013

Refinery Biodiesel Ethanol

BCP Trading Channels

17

2,679 729 727 725 754 2,935

1,890 527 510 492 542 2,070

518 254 282 298 206 1,039

741 247 205 219 286 957

5,827 1,757 1,724 1,733 1,787 7,002 Total

BCP Refinery

% Data: FY2013 7,002 MM litre

FY2012 1Q2013 2Q2013 3Q2013 4Q2013 FY2013

Retail Market

42%

Industrial Market 29%

Marketing Channel

Export 15%

Total Sales Volume (MM Litre)

Wholesale OIL

14%

Marketing Business: Performance Review

18

729 727 725 754

527 510 492 542

1Q2013 2Q2013 3Q2013 4Q2013

Retail Industrial

1,256 1,237 1,216 1,295

FY2012

4,569

1,890

2,679

FY2013

5,005

2,070

2,935

Note Total Sales Volume 5,005 MM Litre increased by 10% YoY from the ability to increase sales volume to

support a higher crude run and Company’s network expansion plan and service station quality improvement policy.

Retail and Industrial sales volume both increased by 10% YoY

+10% YoY

MK Total Sales Volume (MM Litre)

The Retail and Industrial figures represented including all products

Marketing Business : Performance Review

19

RM Sales Volume: Gasoline, Gasohol, and Diesel (MM Litre)

444 426 410 442

194 201 204 198 69 79 83 81 15 20 27 31 6

1Q2013 2Q2013 3Q2013 4Q2013

Diesel GSH 91/95 GSH E20 GSH E85 GR Plus 91

1,723

797

313 92 6

FY2013

1,627

590

173 26

258

FY2012

Note Gasohol products sales volumes increased by 59% when compared to 2012.

In 2013, there was an expansion of E20 and E85 service stations. The number of E20 service station was 678 stations and the number of E85 service station was 102 stations.

+10% YoY

+6% YoY

Diesel

+52% YoY Gasohol

+15% YoY Gasoline

The figures represented excluding lubricant and other products.

0.87

0.68

0.80 0.76 0.71 0.73

0.34 0.25 0.29

0.20 0.19 0.23

0.65

0.50 0.59

0.53 0.49 0.53

0.0

0.2

0.4

0.6

0.8

1.0

1.2

FY2012 1Q2013 2Q2013 3Q2013 4Q2013 FY2013

Net Retail Margin Net Industrial Margin Net MKM

Marketing Business : Performance Review

20

Note Net Marketing Margin was at 0.53 Baht per litre. (FY2012; 0.53 Baht per litre)

Net Retail Margin decreased by 16%. Main reasons were cost increased from the using of ethanol produced from cassava, and the fluctuation in oil prices which impacted retail price adjustment mechanism.

Net Industrial Margin was decreased 33% from a price competition of Diesel in industrial market.

Net Marketing Margin (Baht/Litre)

368.10

127.90

0

50

100

150

200

250

300

350

400

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

38.9%

17.7%

12.7%

12.1%

7.4% 11.2%

Other

38.2%

15.1% 14.8%

12.7%

6.5% 12.8%

Other

Retail Business : Performance Review

Jan-Dec 2012 ≈ 13.8%

All Products

Data: Jan-Dec 2013

Note: 1. PTT figure was exclude PTT RM 2. All products excluding LPG and NG

Jan-Dec 2012 ≈ 16.2%

Standard

Co-Op

21

Gasoline

Avg. thruput per station

(K.litre/Service Station/Month)

Retail Market Share

Retail Business: Performance Review

22 Inthanin 232 296 +64

FY2012 FY2013

Strategic Collaboration

Inthanin Coffee

CRM Program

Avg. sales volume (ML/MO)

Members:

Members:

Diesel Club

GSH Club

BigC Mini 7 62 +55

FY2012 FY2013

22.66 28.78 32.77 36.19 35.61

553,643 634,994 715,058 796,368 850,223

FY2012 1Q2013 2Q2013 3Q2013 4Q2013

114,000 148,224 175,013

209,600 226,660

FY2012 1Q2013 2Q2013 3Q2013 4Q2013

9.18 11.51 15.63 18.02 18.85

98% 95%

2% 5%

FY2012 FY2013

Marketing Bangchak Bangchak Greennet

Marketing Business: FY2013 Results

23

1,783 1,383

Marketing Business

EBITDA was recorded at THB 1,383 Million, a decrease of 22% from FY2012.

The reasons were from the higher cost of ethanol and a price competition of Diesel in industrial market.

The represented breakdown of EBITDA structure were including the elimination amounts.

-22% YoY

EBITDA (THB Million)

Solar Power Business: Performance Review

24

FY2012 1Q2013 2Q2013 3Q2013 4Q2013 FY2013

Electricity Generation (MM kWh)

32.97 19.75 36.00 34.08 36.88 126.71

Revenue (THB Million)

378 229 422 381 431 1,463

EBITDA (THB Million)

422 218 392 372 415 1,396

Phase 2 : Bamnet Narong (16 MW PPA)

Phase 2 : Bang Pa Han (16 MW PPA)

3

4

5

6

7

Phase 1 : Bang Pa-In (38 MW PPA)

Unit: Hour

Unit: Hour

Unit: Hour

3

4

5

6

7

3

4

5

6

7

Target Irradiation Actual Irradiation

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

R&M Business (Company)

Contributing more margin BCP Synergy Business

Net MKM Contribution

Accounting GRM

$/BBL

Accounting GRM = Market GRM + Inventory Gain/Loss + Hedging Gain/Loss Net MKM Contribution = Net Marketing Margin weighted by crude run level GIM = Gross Integrated Margin In FY2012, there was an annual turnaround (TAM) and the incident in Crude Distillation Unit 3. 25

Unit: $/bbl FY2012 1Q2013 2Q2013 3Q2013 4Q2013 FY2013

Accounting GRM 8.31 10.12 2.92 8.67 8.10 7.53

Net MKM 3.53 2.32 2.78 2.21 2.14 2.35

GIM 11.84 12.45 5.70 10.88 10.24 9.88

• World Oil Situation

• 4Q2013 and FY2013 Review

• Financial Performance

• 2014 Overview

AGENDA

0.83 0.99 0.50

3.10 3.38

EBITDA

Net Profit

Key Financial Highlight (Consolidated)

27

4Q2012 3Q2013 4Q2013 FY2012 FY2013

EBITDA Margin 4.67% 5.57% 3.77% 4.70% 5.01%

Net Profit Margin 2.61% 2.98% 1.49% 2.60% 2.54%

43,952 46,062 48,064

165,246

186,514

4Q2012 3Q2013 4Q2013 FY2012 FY2013

Revenue

Unit: THB Million

2,037 2,564

1,810

7,770

9,348

4Q2012 3Q2013 4Q2013 FY2012 FY2013

Unit: THB Million

1,147 1,359 688

4,273 4,653

4Q2012 3Q2013 4Q2013 FY2012 FY2013

Unit: THB Million

+13% YoY +9% YoY

+20% YoY

EPS (Baht/Share)

Crude run increased by 35%

Sales volume increased by 20% Recognized insurance compensation of THB 1,589 Million

Gain from Hedging contract THB 804 Million

Loss from FX forward contract THB 923 Million

Solar Business generated EBITDA of THB 1,396 Million in

FY2013 due to fully operation of Phase 1 and COD of Phase 2

Financial Position (Consolidated)

28

* Including current portion of long-term debt

Long-Term Debt Portion

Long-Term Loan 17,834

Debentures 2,996

TOTAL 20,830

Debentures 14%

L/T Loan 86%

Net IBD/E Ratio (Times)

0.49

0.34 0.39

0.25

0.45

0.65

FY2011 FY2012 FY2013

Current Ratio (Times)

2.15

1.93

2.24

1.80

2.10

2.40

FY2011 FY2012 FY2013

Unit: THB Million

6,527

17,092

16,999

31,771

8,005

19,175

13,754

29,919

Cash & Equivalents

Other Assets

PP&E

Inventory

31 Dec 2012

70,853 72,389

31 Dec 2013

Assets

15,282

20,830

1,297

34,981

Non Current Liabilities

Current Liabilities

L/T Debt*

Total Equity

Liabilities & Equity

31 Dec 2012 31 Dec 2013

18,218

19,023

1,290

32,323

70,853 72,389

2013 Credit Rating

Financial Performance: Refinery BU (Company)

29

FY2012 FY2013

THB Million $/BBL THB Million $/BBL

Market GRM 7,026 8.34 6,441 5.76

GRM Hedging 686 0.81 800 0.71

Inventory Gain/Loss (711) (0.84) 1,189 1.06

Total GRM 7,002 8.31 8,429 7.53

Other Income 138 0.16 134 0.12

Insurance Claim 310 0.37 1,518 1.36

FX Forward Contract 746 0.89 (923) (0.82)

Operating Expenses (2,793) (3.32) (2,942) (2.63)

EBITDA 5,403 6.41 6,217 5.56

Crude Run (KBD)

73.71

99.34

FY2012 FY2013

+35% YoY

Crack Spread ($/BBL)

FY2012 FY2013 YoY

AVG AVG (%)

UNL95/DB 14.37 13.55 -5.71%

IK/DB 17.75 17.40 -1.97%

GO/DB 17.10 17.82 4.21%

FO/DB -3.33 -8.01 -140.54%

Financial Performance: Refinery BU (Company)

30

3Q2013 4Q2013 4Q2012

THB Million $/BBL THB Million $/BBL THB Million $/BBL

Market GRM 1,380 4.72 1,429 4.82 2,558 10.66

GRM Hedging 230 0.78 353 1.19 288 1.20

Inventory Gain/Loss 926 3.17 622 2.10 (643) (2.68)

Total GRM 2,535 8.67 2,404 8.10 2,203 9.18

Other Income 21 0.07 24 0.08 31 0.13

Insurance Claim - - - - 310 1.29

FX Forward Contract (51) (0.17) (418) (1.41) 119 0.50

Operating Expenses (730) (2.49) (856) (2.88) (1,081) (4.50)

EBITDA 1,776 6.07 1,154 3.89 1,582 6.59

Key factors:

Crude Run (KBD) 100.61 101.17 84.64

B100 Total sales volume increased from 142 million litre in FY2012 to 166 million litre (+17%)

Inventory Gain increased from THB 16 million in FY2012 to THB 160 million in FY2013

Financial Performance: Biodiesel Business

31

B100 Price (Baht per litre)

Source: www.eppo.co.th

FY2012 FY2013 %

Revenue 4,443 4,401 -1%

Gross profit 159 308 93%

EBITDA 184 345 88%

Net Profit 101 260 157%

Utilization rate 87% 95%

Unit: THB Million

20

25

30

35

40

Financial Performance: Biodiesel Business

32

3Q2013 4Q2013 4Q2012 QoQ(%) YoY (%)

Revenue 1,020 1,263 952 24% 33%

Gross profit 61 119 (10) 94% N/A

EBITDA 68 119 18 75% 572%

Net Profit 48 98 (3) 105% N/A

Utilization rate 93% 98% 93%

Unit: THB Million

Financial Performance: Marketing BU (Company)

33

FY2012 FY2013

THB Million Baht/L THB Million Baht/L

Net Retail Margin 2,326 0.87 2,155 0.73

Net Industrial Margin 647 0.34 476 0.23

Total MKM 2,973 0.65 2,632 0.53

Other Income 742 0.16 929 0.19

Operating Expenses (1,970) (0.43) (2,205) (0.44)

EBITDA 1,744 0.38 1,355 0.27

Sales Volume KBD ML/Mo KBD ML/Mo

- Retail 46.04 223.24 50.58 244.58

- Industrial 32.48 157.49 35.67 172.51

Total Sales Volume 78.52 380.72 86.25 417.09

380.72

417.09

FY2012 FY2013

Marketing Sales Volume

+10% YoY

Financial Performance: Marketing BU (Company)

34

3Q2013 4Q2013 4Q2012

THB Million Baht/L THB Million Baht/L THB Million Baht/L

Net Retail Margin 550 0.76 533 0.71 643 0.91

Net Industrial Margin 97 0.20 101 0.19 149 0.30

Total MKM 647 0.53 633 0.49 791 0.66

Other Income 201 0.16 231 0.18 196 0.16

Operating Expenses (508) (0.42) (710) (0.55) (681) (0.57)

EBITDA 340 0.28 154 0.12 307 0.26

Sales Volume KBD ML/Mo KBD ML/Mo KBD ML/Mo

- Retail 49.54 241.54 51.53 251.24 48.26 235.32

- Industrial 33.61 163.88 37.03 180.56 33.51 163.37

Total Sales Volume 83.15 405.42 88.56 431.80 81.77 398.68

Financial Performance: Solar Business

35

Solar Power Plant 2 phases:

Phase 1: Bang Pa-In, Ayutthaya started COD on July 16, 2012

Phase 2: Bamnet Narong, Chaiyaphum started COD on March 6, 2013

Phase 2: Bang Pa Han, Ayutthaya started COD on April 5, 2013

Revenue: Phase 1 (38 MW) & Phase 2 (32 MW)

Electricity Generation

FY2012 FY2013 %

Revenue 378 1,463 287%

Gross profit 255 1,108 335%

Other income 74* 12 -84%

Operating Expense (2) (8) 212%

EBITDA 422 1,396 231%

FY2012 FY2013

Target Actual Target Actual

Phase 1 (38 MW) 33.30 32.97 68.05 66.88

Phase 2 (32 MW) - - 56.91 59.83

Total 33.30 32.97 124.96 126.71

Unit: THB Million

Unit: MM kWh

378 778

684

FY2012 FY2013

Phase 1

Phase 2

1,463

* Recognized Insurance Compensation of Bath 73 Million in 2012

Unit: THB Million

Financial Performance: Solar Business

36

Phase 1 (38 MW) & Phase 2 (32 MW)

3Q2013 4Q2013 QoQ(%)

Revenue 381 431 12%

Gross profit 280 333 16%

Other income 12 9 -33%

Operating Expense (1) (6) 91%

EBITDA 372 415 10%

Electricity Generation Phase 1 + 2

3Q2013 4Q2013 QoQ(%)

Target 31.60 33.67

Actual 34.08 36.88 8%

Unit: THB Million

Unit: MM kWh

1.05

1.65 1.25 1.35

0.00

0.50

1.00

1.50

2.00

FY2010 FY2011 FY2012 FY2013

Dividend Payment

37

Dividend Payout DPS (THB/Share)

Dividend Policy: ≥ 30 percent of net profit of consolidated financial statements

Dividend Payment (THB per Share)

THB/Share 44% 39% 40% 40%

• World Oil Situation

• 4Q2013 and FY2013 Review

• Financial Performance

• 2014 Overview

AGENDA

Refinery 66%

Marketing

15%

Solar 15%

Biofuel 4%

2014 Company Overview

FY2013

Consolidated EBITDA (Unit: THB million)

9,348 Refinery

55%

Marketing 20%

Solar 22%

Biofuel 3%

>10,000

FY2014 Target

TAM in Q2

Crude run plan 90 - 94 KBD

Solar Phase 1,2 - fully operate

Solar Phase 3 - start COD Q2

39

Target Sales Volume Growth 4%

Biodiesel Business

AVG Daily Production Rate (%) 95% 97%

Ethanol Business

Utilization rate (%) 62% 84%

2014 Company Overview

40

Refinery Business

Marketing Business

Solar Power Business

Biofuel Business

MK sales volume (ML/MO) 417.09 435

Net Marketing Margin (Baht/litre) 0.53 0.64

Crude Run (KBD) 99.34 90-94

GRM ($/BBL) 7.53 7.0

Electricity Generation (MM kWh) 126.71 212

FY2013 FY2014 (Target)

Investment Plan

41

(Unit : THB Million) Total FY2014 FY2015 FY2016 FY2017 FY2018

Refinery Business:

Normal CAPEX 8,750 1,900 1,650 1,950 1,200 2,050

New CDU 400 400 - - - -

3E Project 7,000 280 1,550 1,890 2,460 820

Marketing Business:

Normal CAPEX 3,950 750 800 800 800 800

Network Expansion 4,300 700 900 900 900 900

Solar Power Plant: Phase 3 (48 MW) 2,550 2,550 - - - -

Biodiesel Plant #2 1,400 840 560 - - -

Total 28,350 7,420 5,460 5,540 5,360 4,570

BCP Project Timeline

42 Note: All information are presented based on the latest data available

FY2014 FY2015 FY2016 FY2018 FY2017

Replacing new CDU (100KBD)

Completion of New Co-Generation

Completion of Debottlenecking

New CCR Completion

Upgrading Project (3E)

Ref

ine

ry

Completion of 118 MW of Solar Power Plants

Sola

r P

ow

er

B

iod

iese

l

COD of Biodiesel Plant #2 - 0.45 ML/ day of Biodiesel Production capacity

2014 Refinery Plan

43

1. New CDU: 80 100 KBD

2. Co-Gen : Co-Generation Power Plant (10-20 MW)

3. Debottlenecking : HCU, VDU, and KTU for the higher level of crude run

4. New CCR : Continuous Catalyst Regeneration Unit

Detail:

Turnaround Maintenance ≈46 Days

And Changing of New CDU

3E: Efficiency, Energy and Environment Improvement Project

Status Update:

• EIA Approved • Under Basic design stage

≈90-94 KBD Average Crude Run for the year

Level of crude run --> 120+ KBD

Enhancing GRM ≈ 1-2 $/bbl

Cost and Energy saving

Lower emission

Investment Cost:

7,000 THB Million

Construction Time Frame:

2014-2018

Project

Efficiency, Energy and Environment

2014 Retail Marketing Plan

Thruput Per Station

Network Expansion

Network Rebranding

Extending Non-oil Business

Marketing Strategies

2014 Retail Marketing Plan

CAPEX for Network Expansion and Rebranding:

≈1,200 THB Million/Year

45

Expand through strategic locations with high sales volume, industrial estate area, and high potential area in upcountry.

Refurbishing service stations to be more lively, standardize and appealing to customers.

Solid Network Network Expansion

Network Rebranding

+50 more service stations

Service Station with

678 720

102 150

Actual FY 2013 Target 2014

Service Station 1,074 1,124

Standard 457 472

Co-Operative 617 652

Target 2014

Gasohol Club 1,000,0000

Diesel Club 500,000

Extending Non-oil Business

46

Supporting Businesses (Non-Oil Businesses)

Actual FY 2013 Target 2014

Inthanin 296 400

BigC Mini 62 150

Variety of retail businesses within the service station and attracting more customers via BigC mini, a strategic partner with BIGC

Customer Relationship Program (CRM)

Increase customers based and growing with a satisfy utilization rate per card.

2014 Retail Marketing Plan

New business opportunities under study: franchise food business.

Unit: Branches

Unit: Members

“Reach 1,500,000 members in FY2014”

Solar Power Plant Phase 3 (48 MW PPA)

Phase 1: (38 MW PPA) Location: Ayudhaya

Phase 3: (48 MW PPA) Location: Buriram Nakhon Ratchasima Chaiyaphum Prachin Buri

Phase 2: (32 MW PPA) Location: Chaiyaphum Ayudhaya

PLANT PPA (MW) COD PLAN

Prakhonchai, Buriram 8 1 Apr 2014

Nong Ki, Buriram 8 1 Apr 2014

Dan Khun Thot, Nakornratchasima

8 1 Apr 2014

Hua-Ta-Lay, Chaiyaphum 8 1 Jun 2014

Kabin Buri, Prachinburi 16 1 Jul 2014

Project Investment: 4,500 THB Million

Target EBITDA: 1,200 THB Million per Year

EPC contractor :

• Solartron PCL and CTIEC Consortium

• Gunkul Engineering PCL and Trina Solar

Consortium

Phase 3:

47

Project Progress: Prakhonchai, Buriram (8 MW PPA)

48

Project Progress: 97.87%

COD plan: 1 Apr 2014

MAP

Project Progress: Nong Ki, Buriram (8 MW PPA)

49

Project Progress: 97.47%

COD plan: 1 Apr 2014

MAP

Project Progress: Dan Khun Thot, Nakornratchasima (8 MW PPA)

50

Project Progress: 95.68%

COD plan: 1 Apr 2014

MAP

Project Progress: Hua-Ta-Lay, Chaiyaphum (8 MW PPA)

51

Project Progress: 88.65%

COD plan: 1 Jun 2014

MAP

Project Progress: Kabin Buri, Prachinburi (16 MW PPA)

52

Project Progress: 73.43%

COD plan: 1 Jul 2014

MAP

Biodiesel Plant #2

Investment Cost: ≈1,400 THB Million EBITDA: ≈380 THB Million per year

Purpose

To capture an opportunity regarding government policy of Diesel - B7 grade in 2014

Detail

• 450,000 litre per day expansion which resulted in the total production capacity of 810,000 litre per day

• PFAD unit production capacity of 55,000 litre per day

53

New Business

54

Investment of THB 5,000++ Million per year

New Business

55

Appendix

Profit and Loss (Consolidated)

56

Unit: THB Million 3Q2013 4Q2013 4Q2012 QoQ (%)

YoY (%)

Sales Revenue 46,062 48,064 43,952 4% 9%

EBITDA 2,564 1,810 2,037 -29% -11%

Depreciation and Amortization -705 -712 -710 -1% -0.30%

Gain (loss) on foreign exchange 95 -111 43 -217% -358%

Net reversal of allowance for loss from impairment of assets

-3 54 239 N/A -77%

Financial Cost -299 -255 -274 15% 7%

Pre-tax Profit 1,652 786 1,336 -52% -41%

Income Tax Expense -278 -68 -190 76% 64%

Net Profit* 1,359 688 1,147 -49% -40%

EPS (Baht/Share) 0.99 0.50 0.83

*Net Profit attributable to owners of the company

Profit and Loss (Consolidated)

57

Unit: THB Million FY2012 FY2013 ∆%

Sales Revenue 165,246 186,514 13%

EBITDA 7,770 9,348 20%

Depreciation and Amortization (2,454) (2,777) -13%

Gain (loss) on foreign exchange 346 132 -62%

Net reversal of allowance for loss from impairment of assets

295 24 -92%

Financial Cost (940) (1,064) -13%

Pre-tax Profit 5,017 5,664 13%

Income Tax Expense (715) (932) -30%

Net Profit* 4,273 4,653 9%

EPS (Baht/Share) 3.10 3.38

*Net Profit attributable to owners of the company

Profit and Loss (Company)

58

Unit: THB Million FY2012 FY2013 YoY (%)

Sales Revenue 162,623 183,286 13%

EBITDA 7,570 8,314 10%

- Refinery Business 5,403 6,217 15%

- Marketing Business 1,744 1,355 -22%

- Solar Power Plant Business 423 742 75%

Depreciation and Amortization (2,394) (2,594) -8%

Gain (loss) on foreign exchange 346 132 -62%

Net reversal of allowance for loss from impairment of assets

295 24 -92%

Financial Cost (910) (989) -9%

Pre-tax Profit 4,906 4,887 -0.39%

Income Tax Expense (706) (915) -30%

Net Profit 4,200 3,972 -5%

EPS (Baht/Share) 2.88 3.05

Profit and Loss (Company)

59

Unit: THB Million 3Q2013 4Q2013 4Q2012 QoQ (%)

YoY (%)

Sales Revenue 45,263

47,220 43,337 4% 9%

EBITDA 2,290 1,500 2,056 -34% -27%

- Refinery Business 1,776 1,154 1,582 -35% -27%

- Marketing Business 340 154 307 -55% -50%

- Solar Power Plant Business 175 192 167 10% 14%

Depreciation and Amortization (649) (657) (694) -1% 5%

Gain (loss) on foreign exchange 95 (111) 43 -217% -359%

Net reversal of allowance for loss from impairment of assets

(3) 54 239 N/A -78%

Financial Cost (273) (230) (268) 16% 14%

Pre-tax Profit 1,460 555 1,377 -62% -60%

Income Tax Expense (274) (72) (198) 74% 63%

Net Profit 1,186 483 1,180 -59% -59%

EPS (Baht/Share) 0.86 0.35 0.86

Financial Ratio (Consolidated)

60

Q42012 Q32013 Q42013 FY2012 FY2013

Profitability Ratios (%)

EBITDA Margin 4.67% 5.57% 3.77% 4.70% 5.01% 0.31%

Profit Margin 2.61% 2.98% 1.49% 2.60% 2.54% -0.07%

Return on Equity (ROE) 1/ 13.81% 15.72% 13.92% 13.81% 13.92% 0.11%

Return on Assets (ROA) 8.99% 10.68% 9.39% 8.99% 9.39% 0.40%

31 Dec 12 31 Dec 13 ∆

Liquidity Ratios (times)

Current Ratio 1.93 2.24 0.31

Quick Ratio 0.93 1.19 0.26

Financial Policy Ratios (times)

DSCR2/ 5.07 4.68 2/ -0.39

Interest bearing debt to Equity1/ 0.59 0.60 0.01

Net Interest bearing debt to Equity1/ 0.34 0.39 0.05

1/ Total equity attributable to owners of the Company

2/ DSCR in 2013 was excluded prepayment loan of Baht 5,500 million

Note: We have changed the calculation in ROE, ROA, and DSCR from those in Annual Report of 2012.

− We have defined our “return” used in the formula of ROA and ROE according to the SET Manual Guides – Financial Ratios section.

− We have changed our numerator for DSCR from “Adjusted EBITDA” to be “EBITDA”.

(note: Adjusted EBITDA is defined as EBITDA that excludes impact from inventory gain or loss.)

− ROE, ROA are annualized figures.

Non-OPEC Oil Supply

61

Total Non-OPEC oil supply is expected to grow by another 1.7 MBD in 2014.

Non-OPEC oil supply mainly driven by the shale oil revolution in the United States and oil sands output from Canada.

Forecast

Forecast

Forecast

62

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subject to completion or amendment through the delivery of additional documentation. Except as otherwise provided herein, this document does not constitute an offer

to sell or purchase any security or engage in any transaction. The information contained herein has been obtained from sources that The Bangchak Petroleum Public

Company Limited (“BCP”) considers to be reliable; however, BCP makes no representation as to, and accepts no responsibility or liability for, the accuracy or

completeness of the information contained herein. Any projections, valuations and statistical analyses contained herein have been provided to assist the recipient in the

evaluation of the matters described herein; such projections, valuations and analyses may be based on subjective assessments and assumptions and may utilize one

among alternative methodologies that produce differing results; accordingly, such projections, valuations and statistical analyses are not to be viewed as facts and

should not be relied upon as an accurate representation of future events. The recipient should make an independent evaluation and judgment with respect to the

matters contained herein.

ir@bangchak.co.th Tel. +662 335 4580, 335 4583

www.bangchak.co.th

click Investor Relations

Thank you

63

Q&A