IRPC Public Company Limited

Opportunity Day : 3Q17 & 9M17 Result

21 November 2017

3Q17 & 9M17 Highlight

Operation & Financial Performance

Project Update

Agenda

Industry Outlook

2

Financial Highlight: 3Q17 & 9M17 PerformanceHigher spread & net stock gain resulted in good performance

41,622 49,930 52,355

120,343 139,151 QoQ 5%

YoY 26%

Overview of Business

Net Sales(net excise tax)

Dubai (Avg.)

Unit: $/bbl

Net Income

Unit: MB

Unit: MB

YoY 149%

QoQ 164%

EBITDA

Unit: MB

3,098 3,706 6,635

12,957 13,890

YoY 114% QoQ 79%

2Q17

Petroleum Petrochemical Utilities and Others

Net Sales(net excise tax)

EBITDA

Net income

3

YoY 16%

YoY 7%

YoY 15%

3Q17

42%

50%

8%

68%

31%

1%

52,355MB

1,307 1,228

3,248

8,027 6,841

3Q16 2Q17 3Q17 9M16 9M17

6,635MB

43 50 5139

51

Crude run KBD 176 194 201 181 170

36%

59%

5%

Planned TA in 1Q17

-10%

93%

17%

23%

61%

16%

70%

29%

1%

49,930MB

3,706MB

1,228MB

3,248MB

Market GIM ($/bbl) 12.5 13.6 15.1 13.2 14.6

Acct. GIM ($/bbl) 11.4 11.6 16.1 12.7 14.9

3Q17 & 9M17 Highlight

Operation & Financial Performance

Project Update

Agenda

Industry Outlook

4

+ Higher ULG95 price impacted from Hurricane Harvey+ lower inventory in Singapore after export to Mexico+ Strong demand from ME and India+ Demand from Indonesia and Vietnam

5

Petroleum SpreadBetter Refinery Spread from strong demand and lower supply by Hurricane impact

500SN –FO 180 3.5%S Spread

150 BS – FO 180 3.5%S Spread

Asphalt – FO 180 3.5%S Spread

$/BBL

$/BBL

$/BBL

Lube Base SpreadRefinery Spread

Gas oil - Dubai

ULG 95 - Dubai

HSFO - Dubai

18.814.5 11.6 14.6 14.8 14.2 16.1

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

(5.2)(8.7)

(4.3) (1.7) (3.1) (1.8) (1.4)

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

9.6 10.5 11.0 12.0 11.8 11.4 13.9

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

(7)(48) (61) (80)

(13) (38) (28)

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

$/TON

844 780 725 602 635 658 579

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

$/TON

442 418 443 367 451 556 528

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

$/TON

6.1 0.7

(1.9)

0.2 1.1

(1.3) (0.2)

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

QoQ 85% Naphtha - Dubai + Higher Cracker plant’s utilization rate

QoQ 13%

QoQ 22%

QoQ 12%

QoQ 22% QoQ 26%

QoQ 5%

+ Tight supply impacted from Hurricane+ High demand from Sri Lanka

+ Lower supply from Europe, Persian Gulf and export from Russia+ Increasing demand from ME for power generation

- Plant resumed operation after main. SD in Asia- Lower demand during Monsoon season

+ Tight supply from refineries’ main. SD in Singapore

- Plant resumed operation after main. SD in Asia- Lower demand during Monsoon season

1.8 1.6 0.7 0.7 0.6 0.7 0.3 3.7

1.7

7.6 7.6 7.1 7.6

4.7 7.8 8.6

22.7

21.1

1.6 1.6 1.6 1.6

0.8

1.7 1.7

4.7

4.2

0.6 0.5 0.7

0.8

0.6

1.0 0.6

1.7

2.2

0.3 0.1 - 0.1

0.0

0.1 0.1

0.3

0.3

1.0 0.8

0.7 0.9

0.5

0.8 0.9

2.5

2.2

0.8 0.9

0.8 0.9

0.5

0.9 0.9

2.5

2.3

0.9 1.2

0.4

1.0 1.0

0.9

2.6

13.6 13.1 12.4 13.6

8.1

14.1 14.2

38.9 36.6

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

RDCC

Lube

Asphalt

LPG + Other

Naphtha

Gasoline

Diesel

Fuel

Petroleum ProductionHigher crude run after ADU II internal column retrofit enhance capacity

187 182 176 188 116 194 201 181 170 Crude Run (KBD)

87% 85% 82% 87% 53% 90% 93% 84% 79% % U-Rate

TA in 1Q17TA

Unit : Mbbl

Remark: Excluding internal use quantity

Middle East, 66%

Far East, 19%

Domestic, 6%

Others, 9%

Source of Crude

3Q17: 93% Utilization Rate

QoQ: 3% increase from ADU II capacity improvement

YoY : 11% increase from higher U-Rate of ADU II & RDCC units

9M17: 79% Utilization Rate

5% decrease according to Planned Turnaround in 1Q17

6

Petroleum Production

20,981 23,354 24,221 29,792 21,405 30,314 31,053 68,556 82,772 Refinery

24,966 27,088 27,589 33,509 24,344 34,754 35,380 79,643 94,478 Petroleum

3,985 3,734 3,368 3,717 2,939 4,440 4,327 11,087 11,706 Lube Base

3.2

1.4 2.0

4.0

2.4 2.1

3.8

2.2 2.8

2.8

2.6 2.1

1.4

2.4 2.5

2.1

2.5 2.3

6.0

4.0 4.1

5.4 4.8 4.6

5.9

4.7 5.1

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

LubeBase

Refinery

Market GRMSales Volume & Revenue

17.0 16.6 16.2 17.3 10.4 17.6 18.5 49.7 46.5Crude intake

M.bbl

Unit : $/bbl

Sales Distribution

Local59%

Export41%

9M17

Top 5 Export Destination in 3Q17 : Singapore, Malaysia, Cambodia, Laos, Japan

3Q17 : Petroleum revenue 2% increase QoQ: 2% volume increase vs stable price 28% increase YoY : 11% volume & 17% price increase

3Q17 Market GRM was $5.9/bbl: $1.3/bbl increase QoQ due to higher Refinery’s spread $1.8/bbl increase YoY from higher Diesel & FO spreadLocal

54%

Export46%

YoY 11%

QoQ 2%

YoY 28%

QoQ 2%

Sales volume (M.bbl)

Revenue (MB)

7

YoY 19%

Petroleum Group : Sales & Gross Refinery Margin (GRM)Refinery products spread brought better market GRM

3Q17

9M17 : Petroleum revenue 19% increase YoY: 23% price increase vs 4% volume decrease

9M17 Market GRM was $5.1/bbl: $0.4/bbl increase YoY due to higher Diesel & FO spread

TA in 1Q17TA

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

YoY 4%

13.2 12.1 12.9 13.9 9.0

14.1 14.3

38.1 37.3 2.0 1.8 1.6 1.7

1.1

1.7 1.8

5.5 4.6

15.2 13.9 14.5 15.6 10.1

15.8 16.1

43.6 42.0

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

Lube Base

Refinery

224 184 175 192 200

170 159

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

$/TON

668 688 668 529 591 544 622

239 188 177 232 171 286 201

907 876 845 761 762 830 823

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

$/TON Ethylene-NP HDPE-Ethylene

254 262 267 215 192 202 182

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

$/TON

809 806 810 8421,029

878 977

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

$/TON

304 308 339 272 435 296 323

295 376 360 366 228 365 356

600 684 699 638 663 661 679

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

$/TON Propylene-NP PP-Propylene

8

Petrochemical SpreadShortage supply support Styrenics spread, lower Aromatics spread from soften demand

HDPE-Ethylene –Naphtha Spread PP-Propylene –Naphtha Spread

MX – Naphtha SpreadToluene – Naphtha Spread

PS –Naphtha SpreadABS –Naphtha Spread

Ole

fin

sS

tyre

nic

sA

rom

ati

cs

854 897 984 1,092 1,382

1,226 1,377

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

$/TON

QoQ 1%

QoQ 3%

QoQ 6%

QoQ 11% QoQ 12%

QoQ 10%

- RM prices moved up following crude oil price

- Feedstock prices increased following crude oil price

- Soften demand

+Product prices rose following crude oil price

+Higher demand to support the production for upcoming festivals

- Lower Demand- Higher supply from plants

resumed operation after SD

+Higher demand to support manufacturing season

+Shortage of RM caused by Hurricane

+ Increasing Demand+ Tight supply due to impacted from

Hurricane

101 92 97 96 48

95 101

290 244

3 1 1 4

3

2 3

5

8

81 75 73 82

62

85 81

228 228

184 168 170 182

113

182 184

523 480

49 52 44 29 10 53 58 146 121

134 139 137 126 99 140 162

410 401

183 191 181 154

109

193 220

555 522

Petrochemical Group : ProductionHigher U-Rate after plant efficiency improvement program

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

94% 95% 88% 84% 54% 95% 97% 92% 82% % U-Rate

88% 91% 89% 82% 67% 93% 98% 89% 86% Polyolefins

99% 99% 87% 85% 42% 96% 97% 95% 78% Olefins

Styrenics

Aromatics

Aromatics & StyrenicsOlefins

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

98% 89% 80% 93% 61% 97% 104% 89% 87% % U-Rate

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

97% 78% 49% 105% 69% 107% 113% 75% 96% Styrenics

106% 98% 100% 98% 47% 94% 110% 101% 84% Aromatics

Polystyrenics

Olefins

Polyolefins

Unit : KMT Unit : KMT

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

3Q17: 97% Olefins U-Rate at 220 KMT: PPE started up in Sept. 2017 with 160 KTA capacity

9M17: 82% Olefins U-Rate as planned TA in 1Q17

9

UHV COD

3Q17: 104% Aromatics & Styrenics U-Rate at 184 KTA owing to plant efficiency improvement

9M17 : YoY slightly lower U-rate given with planned TA in 1Q17

182 152 163 180 114 160 185 497 459 196 212 226 224

169 237 270

633 676

378 364 389 404 283

397 455

1,130 1,135

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

Aromatics & Styrenics Olefins & Polyolefins

Petrochemical Group : Sales & Product to Feed (PTF)Higher sales volume and better Styrenics spread

1.8 2.4 1.5

2.4 4.0

2.9 2.9 1.9

3.2

4.9

5.9 5.7 3.8

5.7

5.1 5.3 5.5

5.3

6.7

8.3 7.2

6.2

9.7

8.0 8.2 7.4

8.5

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

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 49.7 46.5

Sales Distribution

Local51%

Export49%

3Q17

Top 5 Export Destination in 3Q17: Hong Kong, Japan, Singapore, Australia, Vietnam

Local56%

Export44%

3Q17 : Petrochemical revenue 12% QoQ: 15% volume increase vs 3% price decrease 22% YoY: 17% volume increase & 5% price increase

3Q17 Market PTF was $8.2/bbl $0.2/bbl QoQ mainly from Styrenics spread $1.0/bbl YoY mainly from better Styrenics spread

YoY 17%QoQ 15%

YoY 22%QoQ 12%

Sales volume (KMT)

Revenue (MB)

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

10

YoY 0.4%

YoY 11%

Market PTF

9M17

9M17 : Petrochemical revenue 11% increase YoY: 11% price increase vs stable volume

9M17 Market PTF was $8.5/bbl $1.1/bbl increase YoY mainly from Styrenics spread

12,471 12,573 13,292 13,780 11,951 14,472 16,251 38,334 42,674Petrochem

6,781 7,497 8,058 7,445 6,798 8,361 9,543 22,335 24,702 Olefins

5,690 5,076 5,234 6,335 5,153 6,111 6,708 15,999 17,972Aro& Styrenics

3,625 2,327 2,323 3,341 1,748 2,760 3,662 8,276 8,171

4,103 4,857 4,091 3,818 3,561

4,864 5,107

13,051 13,531

595 685 665 603 453

616 562

1,944 1,631

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

8,240 9,331

23,271 23,333 GRM PTF Power & Utility

13.7 13.4 12.5 12.6 15.7 13.6 15.1 13.2 14.6

(1.2)

3.8 0.1 2.4

3.4

(1.2)

1.8 0.9 1.0

(1.5) (1.4) (1.2)(1.9)

(0.8) (0.8) (0.7) (1.4) (0.8)

11.015.8

11.413.1 18.3

11.6 16.1

12.7 14.9

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

Gross Integrated Margin (GIM)Better spread and stock gain resulted in higher Accounting GIM

Market GIM

Unit: $/bbl

Accounting GIM

Unit: $/bbl

Unit: MB

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

23,271 23,333

(712)

2,242 44 1,471 1,275

(712)

1,098

1,574 1,661

(920) (821) (686) (1,194) (300) (466) (455) (2,427) (1,221)

6,691 9,290

6,437 8,039 6,737 7,062 9,974

22,418 23,773 Market GIM Stk G/(L) & LCM Hedging

11

3.2 1.4 2.0

4.0 2.4 2.1

3.9 2.2 2.8

2.8

2.6 2.1 1.5

2.4 2.5 2.1

2.5 2.3

6.0 4.0 4.1

5.4 4.8 4.6 5.9

4.7 5.1

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

Refinery Lube Base

4.9 5.9 5.7 3.8 5.7 5.1 5.3 5.5 5.3

1.8 2.4 1.5

2.4 4.0 2.9 2.9 1.9 3.2

6.7 8.3 7.2 6.2

9.7 8.0 8.2 7.4 8.5

Olefins Aromatics&Styrenics

Market GIM by business

Unit: $/bblPetrochemical

Petroleum

Unit: MB

6.0 4.0 4.1 5.4 4.8 4.6 5.9 4.7 5.1

6.7 8.3 7.2 6.2 9.7 8.0 8.2 7.4 8.5

1.0 1.1 1.2 1.0 1.2

1.0 0.9

1.1 1.0

13.7 13.4 12.5 12.6

15.7 13.6 15.1 13.2 14.6

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17

Accounting GIM

3Q17 Acct GIM was $16.1/bbl vs 2Q17 of $11.6/bbl; higher Market GIM from spread and stock gain in 3Q17

9M17 Acct GIM was $14.9/bbl vs 9M16 of $12.7/bbl; higher Market GIM and lower hedging loss

Market GIM

3Q17 Market GIM was $15.1/bbl, higher by $1.5/bbl mainly from higher Refinery & Styrenics spread

9M17 Market GIM was $14.6/bbl, higher $1.4/bbl from higher Refinery & Styrenics spread

12

Financial Performance

3Q16 2Q17 3Q17 QoQ YoY 9M16 9M17

Net Sales 41,622 49,930 52,355 5% 26% 120,343 139,151 16%

Market GIM 7,079 8,240 9,331 13% 32% 23,271 23,333 0%

Stock Gain/(Loss) 40 (706) 1,098 255% 2645% 1,286 1,662 29%

LCM 4 (6) (0) 92% (111)% 288 (1) (100)%

Oil Hedging Gain/(Loss) (686) (466) (455) 2% 34% (2,427) (1,221) 50%

Net Stock Gain/(Loss) (642) (1,178) 643 155% 200% (853) 440 152%

Accounting GIM 6,437 7,062 9,974 41% 55% 22,418 23,773 6%

OPEX + Selling Exp. (3,666) (3,786) (3,715) 2% (1)% (10,411) (11,003) (6)%

Other Incomes 328 429 376 (12)% 15% 951 1,120 18%

EBITDA 3,098 3,706 6,635 79% 114% 12,957 13,890 7%

Cost of Finance (471) (537) (710) (32)% (51)% (890) (1,789) (101)%

FX Gain/(Loss) 181 52 90 73% (50)% 543 677 25%

Impairment Gain/(Loss) - 2 - (100)% - - 238 -

Investment Gain/(Loss) 60 117 109 (7)% 82% 82 322 293%

Other Expenses (40) (5) - 100% 100% (66) (9) 86%

Income Tax 189 (191) (846) (343)% (548)% (121) (1,445) (1094)%

Net Profit 1,307 1,228 3,248 164% 149% 8,027 6,841 (15)%

%

Change

Unit: MB

56,008 58,617 54,895

8,674 10,476

10,503

64,682 69,093 65,398

2,020 2,181 3,759

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

3Q16 2Q17 3Q17

L/T Debt S/T Debt Cash

0.79 0.84 0.74

3Q16 2Q17 3Q17 13

Debt PortfolioLower debt after most of repayment be done in 9M17

ST Loan15%

LT Loan (USD)

7%

LT Loan (THB)52%

Bond (THB)26%

Debt StructureDebt Profile

Float 77 THB 70

Fixed 23 USD 30

Currency (%) Interest Rate (%)

Net Debt = 61,639 MB Ex. Rate = 33.53 Baht/$

Financial Ratios

0.73 0.89 0.85

3Q16 2Q17 3Q17

< 1.0x

Net D/E CA/CL

Unit : MB

Net Debt

Maturity of Long-term Debt

Unit : MB

MB

ST Loan THB 10,503

LT Loan USD 125 4,181

LT Loan THB 35,467

Bond THB 15,247

Total 125 65,398

Debt Currency

62,662 61,63966,912

498 2,536 3,732

6,205

22,496

-

3,181 667

333

-

4,999 3,362 -

6,886

498

10,715

7,761 6,539

29,383

4Q17 2018 2019 2020 >2020

THB Bond

USD Loan

THB Loan

Remark: Long-term debt as at 30 Sep 2017

14

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

121,361 128,296

11,169 9,828

37,806 40,637

2,042

3,759

81,005 83,392

2,203 2,296

56,445 54,895

32,725 41,937

Unit: MB

PP&E

Other Non-C/A

Cash

172,378

Other CurrentLiabilities

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

Shareholders’Equity

Sept. 30, 2017

182,520

Dec. 31, 2016

Assets : Cash 1,717 MB AR 3,160 MB

Higher sales volume PP&E 5,593 MB Increase mainly from PPE & PPC Projects

Liabilities & Equity AP 5,227 MB Higher crude oil inventories

IBD 2,811 MB Higher mainly from ST loan of 4,362 MB Slightly lower of long-term loan (incl.

current portion of 1,551 MB (drawdown LT loan of 18,000 MB and repaid LT loans & bonds of 18,822 MB)

Equity 2,387 MB Increase mainly from NI of 6,841 MB Decrease from dividend payment of 4,722

MB (Bt 0.23 per share)

Other C/A

As of ending 3Q16 2Q17 3Q17 As of ending 3Q16 2Q17 3Q17

EBITDA Margin (%) 6.78 6.79 11.7 Current Ratio (time) 0.73 0.89 0.85

Net Profit Margin (%) 2.86 2.25 5.73 Quick Ratio (time) 0.23 0.31 0.32

Earnings per share (Baht/share) 0.06 0.06 0.16

Return on Equity (%) 13.79 8.94 11.11 Net Debt to Equity (time) 0.79 0.84 0.74

RATIOS

Financial Policy Ratio

Profitability Ratios Liquidity Ratios

Other Non-CurrentLiabilities

3Q17 & 9M17 Highlight

Operation & Financial Performance

Project Update1

Agenda

Industry Outlook

15

23%8% 11%

4% 4%

14%

10%

15%

11% 11%

40%

38%

45%

47% 48%

5%

10%

8%

9% 10%

16%

21%

16%19% 18%

2%

5%3%

3% 3%6%1%

6% 6%2% 0.8%

IRPC IRPC+UHV IRPC2015A

IRPC2017F

IRPC2018F

Ethylene

Propylene

LPG

Naphtha

Gasoline

Diesel/JetFuelLube Oil

Fuel Oil

Designed Yield

0.8%

Project Update: UHV project

IRPC’s Production Yield

Upstream project for Hygiene & Value-added Products

Objective : Upgrade low value to high valued-added products

Investment : $ 1.1 bn

COD : Jul. 2016

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

RDCC unit Feed Cut-in

@ Jun 16 COD @ Jul 16

HYVAHL unit Feed Cut-in

HS-ATB @ Jul 16 COD @ Jul 16

Performance Guarantee Test RDCC run 100%

@ Oct 2016

Plant Acceptance

(PAC)

Jan 2017

43%

84%95%

2016A 2017F 2018F

Upgrade to High Valued-Added products

UHV to raise flexibility and improve product yield and earnings

131

123

163

367

220

326

74

HS-ATB

LPG

Ethylene

HYVAHL

Propylene

Naphtha

FO/FG

Middle Distillates

RDCC

C4 Raffinate III

Internal use & Loss

Unit : KTA

16%

5%

23%

9%

9%

26%

12%

Flow Diagram

LS-ATB

UHV

Designed Yield

16

Value added on UHV project

Gasoline Maximization Project UHV Catalyst Cooler in RDCC plant

Objectives Flexibility of crude selection Fully optimized UHV operation Utility cost from cracking heavy crude molecule

CAPEX : ~ 1,320 MBIRR : ~ 35%COD : ~ 1Q19Benefit : GIM 0.3$/bbl

Objectives To capture domestic market gasoline deficit Increase UHV benefit Maximize Gasoline Yield Reduce Thailand import

CAPEX : 1,100 MBIRR : ~ 80%COD : by end 2017Benefit : GIM 0.4$/bbl

Demin

To improve margin with small CAPEX

RDCC Plant

ERU

PRU Unit

PNU Unit

Prime G Unit

Ne

w c

olu

mn

GasolineBlending Pool

~ 25 M.Litres/month

C2’s

C3’s

C4’s

Naphtha

Modification

Modification

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

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

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

Benzene rich cut 8 t/h

LCN

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

17

Project Update: PPE & PPC

18

MC : Aug 17COD : Sep 17

PPCPPE

MC : Sep 17COD Plan : End Nov 17

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

PP Compound & Specialties (PPC) Licensor : Japan Polypropylene Corp. (JPP) Capacity : 140 KTA PMC : Foster Wheeler , EPC : Sinopec

Operation37%

Supply Chain19%

Commercial27%

Procurement3%

Corporate14%

2017Target

7,003 MB

Efficiency Improvement from Everest ProjectTo reach $300 mn benefits from Everest with CAPEX ≤10% on benefit : Key Driver to reach Top Quartile

19

Height

29,029 ft.

Basecamp

(17,500’)

Camp l

(19,500’)

Camp ll

(21,000’)

Camp lll

(23,500’)

Camp lV

(26,300’)

2020

2016

2017

2018

2019ROIC 14%

1st Quartile ROIC in

Petroleum &

Petrochemical Industry

Strong Performance

Healthy Organization

(OHI)

+

ROIC 8%

Getting to the top and staying there

2,560

177

281

7,003Total

Y2017 (Target)

1,348

716

9M17 Actual

1,091

778

277

165

2,311

Y2016 Actual

1,771

682

214

122

4,414

166

1,458

Procurement Area

Commercial Area

Operations Area

Corporate Area: Non HR$

Integrated Supply Chain

Corporate Area : HR

$100m $200m $300m

Optimize crude selection Adjusting production unit

parameter

Maximize energy efficiency Reduce loss in production Improve maintenance

efficiency Reduce production unit

downtime

Budget management Develop human capabilities

Reduce cost thru E-Procurement

Maximize commercial value; go to the new market 19

1,921

20

Everest Project Highlight : 3Q17 & 9M17 Performance

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

1,771

682

214

122

7,0034,414Total

Y2017 (Target)9M17 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

716166

1,459

Key Area

930

287

115

42

2,059

3Q17 Actual

43

642

0

200

400

600

800

1,000

1,200

2012 2013 2014 2015 2016 2017F 2018F 2019F 2020F

0

10,000

20,000

30,000

40,000

50,000

2011 2012 2013 2014 2015 2016 2017F 2018F 2019F 2020F

Sales PlanIRPC A & L Company LimitedMarketing ABS and ABS Color Compound Products for the automotive industry, electronics, and office equipment

Shareholding Structure

• IRPC ….……………… 60%• Nippon A&L(NAL) …. 37%• Sumithai ……………. 3%

Joint Venture

IRPC Polyol Company Limited Production and marketing for Polyurethane Products

Shareholding Structure

• IRPC ….…………………………………… 75%• PCC Rokita SA (Poland) ………………. 25%

Sales Plan

-

5,000

10,000

15,000

20,000

25,000

2011 2012 2013 2014 2015 2016 2017F 2018F 2019F 2020F

High-value product

Standard product

IRPC Clean Power Company LimitedTo produce electricity and steam for EGAT’s SPP contract and UHV projectThe Company was incorporated on June 20, 2013

Shareholding Structure

• GPSC Plc….………… 51%• IRPC ……..…………. 49%

CAPEX : ~13,500 MBIRR : ~11%

Net Profit PlanMB

Total• Electricity : 240 MW• Steam : 300 T/h

Phase 1 COD: Nov 2015• Electricity : 45 MW• Steam : 170 T/h

Phase 2 COD: Nov 2017

Capacity

Enter into new geographic markets and gain new technological knowledge

Ton

Ton

21

Construction period

Phase I

Phase I & II

3Q17 & 9M17 Highlight

Operation & Financial Performance

Project Update

Agenda

Industry Outlook

22

Crude Oil Supply & Outlook

Target Production reached target Production did not reach target

Non-OPEC reach compliance since Aug. 2017

23

35

40

45

50

55

60

65

70

2015 2016 2017 2018 2019

NorddeutscheLandesbank

Market RiskAdvisory

Wells Fargo

BMI Reserch

DeutscheBank

Bank of NovaScotia

$53-57$54-57

$56-65

Source: Bloomberg Note: Report Sept. - early

Nov. 2017

$/bbl

Brent

Crude Oil Price ForecastWorld oil production and consumption balance

Leaded by Saudi Arabia, Venezuela, Angola

Tight Supply from OPEC and non-OPEC producers to extend supply cut and the steady reduction of excess U.S supply

OPEC reach its target of production cut by 1.13 MBD (97%) OPEC : 97% compliance in Sept. 2017

Dubai priceBase Case

$52-57

+ High potential of OPEC and non-OPEC oil producers to extend supply cut extension beyond March 2018

+ Amid expectation of falling global oil inventories from growing oil demand prospects has also supported prices

Gasoline cracks remain structurally strong amid significant risk from higher supply after refineries increase run rates during winter demand

Middle distillate cracks continue to be under downwards pressure due to surplus from China and India amid weaker demand in Industry sector

Diesel cracks were boosted by pre-stocking demand ahead of winter

Short-Term Crude Oil and Petroleum Products Outlook

Driving Determinants

24

KeyProducts

Price(3Q17)

Spread3Q17

4Q17 1Q18

Refinery ($/bbl) ($/bbl) Outlook Outlook

Dubai 50.5

ULG95 66.6 16.1

GAS OIL0.05%S

64.4 13.9

FO 49.1 (1.4)

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

500 SN 840 528

150 BS 891 579

+ Demand pick up after rainy season - Ample supply in China as local refineries increase capacities Slow demand before Chinese new year but to rebound after it

ended

- Weak demand from winter in North East Asia- Slow demand before Chinese new year

+ Fuel oil cracks stay strong as global supply reduced especially from FSU

+ Winter demand support FO price

Short-Term Petrochemical Products Outlook

25

KeyProducts

Price(3Q17)

Spread(3Q17)

4Q17 1Q18

Olefins ($/T) ($/T) Outlook Outlook

Ethylene 1,090 622

Propylene 791 323

HDPE 1,291 823

PP 1,147 679

Styrenics ($/T) ($/T) Outlook Outlook

PS 1,445 977

ABS 1,845 1,377

Driving Determinants

Styrenics to be soften in 4Q17 but stronger in 1Q18- Soften demand before year end as producers tends to lean

their inventories+ Producers to increase their stock again after year end

PE: Additional capacity from North American with cost advantaged feedstock from shale gas is potentially delayed

PP: + China market remains active - Additional China supply of 950 KTA (Zhongtian Hechuang and

Shenhua) will be delayed, 1Q18 at the earliest+ ASEAN, Indonesia and Vietnam, still short of supply

Olefins market be affirmed+ Less export from SEA+ Tighten market during 4Q17, schedule turnaround in Asia

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

Other 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

E4E

Everest forever

IRPC Strategic Roadmap to 2020

BIG

Revenue Growth of 5%

EBITDA Growth of 10%

1st Quartile ROIC in Petroleum

and Petrochemical Industry

STRONG LONG

Member of DJSI Emerging

Markets Universe

Capacity Before After

PP (PPE&PPC)

475 KTA

775 KTA

2017

2016

26

Beyond Everest

Power of Growth Power of People

Power of Digital

Capture benefits and growth after investment to reach 1st Quartile ROIC

26

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

• PRP +100KTA of Propylene• TDAE +28KTA, 150BS +25KTA• Lube Blending +60m.Litres./year• EBSM +60KTA, ABS/SAN +60KTA

IRPC Key Highlight

27

Project improvement to add initiated value

Cost saving program always be implemented: Everest Forever

Corporate Improving program: IRPC 4.0, New DNA

Commitment to Shareholders: 43%-67% payout ratio

Dividend policy: 25% payout ratio

Record fully benefit starting from 2018 After completion of huge CAPEX: UHV and PPE & PPC After planned major turnaround in 1Q17 (every 5 years)

High value Product: Specialty Petrochemical Portfolio

Strong market share and strategic target in PP & PP specialty market

Corporate Governance : DJSI bronze class level

1/3 private company receiving National Anti-Corruption Commission Integrity Awards CG &

TRANSPARENCY

STRONGER

CASH FLOW

SHARE

HOLDERS

INDUSTRY

UPTREND

Strong support from PP outlook

Sole producer ABS in Thailand: ABS limited capacity addition

KEEP

IMPROVING

Thank You

Investor Relations Contact: ir@irpc.co.th

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

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