-1-

Thai Oil Public Company Limited

Presentation to Investors

March 2020

-2--2-

Disclaimer

The information contained in this presentation is intended solely for your personal reference.

Please do not circulate this material. If you are not an intended recipient, you must not read,

disclose, copy, retain, distribute or take any action in reliance upon it.

Some statements made in this material are forward-looking with relevant assumptions, which

are subject to uncertainties, which may cause the actual result/performance to be materially

deviated from any future result/performance implied by such forward-looking statements.

Please note that the company and management/staff are not capable to control and

guarantee if these forward-looking statements will be accurately materialized, they are subject

to various risks and uncertainties.

-3--3-

Presentation Agenda

TOP GROUP BUSINESS OVERVIEW

KEY FINANCIAL HIGHLIGHTS

STRATEGIC INVESTMENT PLANS

INDUSTRY OUTLOOK

APPENDIX

-4--4-

Thai Oil’s strong shareholder base

• Benefits from PTT’s dual role as our major shareholder and key business partner

• All transactions take place at arm’s length and in adherence with strong corporate governance principles

Key strategic

benefits for Thai Oil

1. Long-term strategic partnership

• Thai Oil is PTT’s principal refiner

• Long-term strategic shareholder and joint investment

2. Businesspartnership

• Product offtake• Crude procurement

3. Operationalsynergies

• Freight costs reduction• Knowledge transfer and shared

services• Close management collaboration

and secondment of trained staff

47.0%

Strategic Relationship and Operational Integration with PTT

47.0%

15.5%

28.7%

8.8%

PTT

Foreign Investors

Local Investors

NVDR As of 28 Feb 2020

-5--5-TOP Group Synergy & Strategic Role in PTT Group Value Chain

NATURAL GAS

CRUDE IMPORT

Mixed-Xylene

Solvent

Toluene

Pentane

Hexane

SOLVENTS

TP & TOP SPP provides electricity and steam

to Thai Oil group and sells its remaining

power to the national grid

AROMATICS & LAB

Lube Base Oil

Bitumen

TDAE

Slack Wax

ExtractLUBE BASE

REFINERY LPG

Fuel Oil

Diesel

Gasoline

Jet/Kero

PLATFORMATE

LONG RESIDUE

REFINED

PETROLEUM

POWER

Diversifying to a broad

range of downstream

products to enjoy higher

profit margins and reduce

earnings volatility

Thai Oil’s Businesses

The majority of

refined petroleum

products are sold

domestically to PTT

PTT is our principal

domestic customer

for our lube base

products

Upstream Intermediate Downstream

Paraxylene

Benzene

Mixed-Xylene

Toluene

LAB

-6--6-

Key Milestones: 59 Years, A Long Track Record of Success

2007• Increased refining capacity to 275 kbd

2008• The first refinery in Thailand with diesel

production to comply with the sulfur content requirements of Euro IV

• Capacity expansion of Thai Paraxylene with total aromatics capacity of 900,000 tons p.a.

• Invested in Solvents business in Thailand and Vietnam

1993• We expanded our refining capacity to 190 kbd

1994 – 1997• Increased total refining capacity to 220 kbd• Initial investment in Thai Paraxylene (“TPX”) and Thai Lube

Base (“TLB”)• IPT became the first IPP to enter into a PPA with EGAT2 with

700 MW capacity ; separately, Thaioil Power (“TP”) constructed the power generation plant under the SPP with 118 MW capacity

1961 – 1997 Capacity expansion and initial stage of business

diversification

2004 – 2011Listing, expansion and

diversification

TodayA leading integrated refining and

petrochemical group in Asia Pacific

• 275 kbd refinery ( approximately 22% of

Thailand’s total refining capacity)

• Nelson index 9.81

• Diversified business through 16

subsidiaries

1961 – 1964

1961

• Incorporated

1964

• Commenced operation

with distillation capacity of

35 kbd

• Simple refinery with Nelson

complexity Index ~ 41

1970

• Refining capacity

expanded to 65 kbpd

1989

• Increased refining capacity

to

90 kbpd

2004

• IPO and listed on the SET

• Acquired remaining shares in Thai

Paraxylene and Thai Lube Base which

became our wholly-owned subsidiaries

2013-2014• Established LABIX• Invested in power biz via GPSC

& TOP SPP• Completed Emission

Improvement, HVU-2 Debottlenecking & CDU-3 Preheat Train project

2015-2016• Completed Projects: LABIX &

TOP SPP2017-2018• 2017 Revenue 337,388 MB • 2017 Net profit 24,856 MB• Completed lorry expansion

project (10 to 15 mml/day)• Established Thaioil Treasury

center (TTC) • CFP Investment ($4.8 bn)2019• ERU Carve-out to reduce CFP

project cost(CFP cost $4.1 bn)• Set up TOP Venture Co.,ltd

under TTC

2010• Established Thaioil

Ethanol • Production expansion of

TDAE by 50,000 tons per annum

2011• Manufactured diesel

and ULG in compliance with the sulfur and BZ aromatics content requirements of the Euro IV

• Acquired 1st VLCC

-7--7-Thai Oil Group Business Structure

IRPC 20.0%

• 5 Oil & Chemical TankersCapacity : 22,800 DWT

• Crude Tankers: 3VLCCsCapacity: 881,050 DWT

• 13 crew & utility boats (120 DWT each)

• 2 Large vessels for crude, feedstock & product storage and transportation servicescapacity: 200,000 DWT

• Ship management services

9.2 %

Principal power plant of PTTTotal Equity Capacity 5,026 MW of electricity 2,876 tons/hour of steam 7,372 Cu.m./hour of Industrial water 15,400 RT of Chilled water

PTT Group 80.0%

100.0% 100.0% 74.0% 100.0%

Thaioil (TOP)Thai Lube Base

(TLB)

Thaioil Power

(TP)

Global Power Synergy

Public Company Limited

Thaioil Energy Services

(TES)

Thaioil Marine

(TM)

Capacity : 275,000 barrels/day

Small Power Producer Program3-on-1 Combined Cycle

Electricity 118 MWSteam 216 tons/hour

PTT 26.0%

Proceeds the business on various professional of management services

100.0%

Thappline (THAP)

Multi-product PipelineCapacity:26,000 m.lts/y

20.0%

PTTOR 40.4%

Others 50.4%

Lube Base Oil Capacity :

Base Oil 267,015 tons/annumBitumen350,000 tons/annumTDAE67,520 tons/annum

Thaioil Solvent

Through TOP Solvent (TS)

100.0%

100.0%

Thaioil Ethanol

(TET)

Solvent manufacturerCapacity : 141,000

tons/annum

Thai Paraxylene

(TPX)

100.0%

80.5%

Production

Sapthip (SAP)

Cassava Based EthanolCapacity : 200,000 lts/day

50.0%

Ubon Bio Ethanol (UBE)

21.3%

Cassava/Molasses Based PlantCapacity : 400,000 lts/day

PTT Energy Solutions

(PTTES)Provides engineering technique consulting services

20.0%

PTT 40.0%PTTGC 20.0%

BCP 21.3%

Others57.4%

Aromatics Capacity:Paraxylene 527,000 tons/annumMixed Xylene52,000 tons/annumBenzene

259,000 tons/annumTotal 838,000 tons/annum

LABIX Company Limited (LABIX)

LAB producer and distributorCapacity: 120 KTA COD: 2016

Mitsui 25.0%75.0%

TOP SPP

2 Small Power Producers Total capacity: 239 MWSteam capacity 497 T/HCOD 2016

100.0%

Sells Electricity/Steam to Group

PTT Digital Solutions

(PTT Digital)

PTT 22.6%

Thaioil & TP 29.7%

PTTGC 22.7% Thaioil Treasury Center

(TTC)

100.0%

Enhance financial efficiency,Investment in CVC/Start-up

Supports execution of social

enterprise of PTT group

15.0%PTT Group 85.0%

Sarn Palung Social

Enterprise

Net Profit Contribution

(Avg. 2006 – 2019)

Sak Chaisidhi(SAKC)

Sales & Distribution

Top Solvent

Vietnam

100.0%

Top Solvent

Thailand

PT. Tirta Surya

Raya (TSR)

67.0%

50% 25% 12% 13%

RefineryAromaticsLube BaseOthers

-8--8-

Process Linkage: Beauty of Integration

Thai

Paraxylene

PROCESS FLOWCHART

JET

ULG91

LPG

ULG95

KEROSENE

MX

AGO

DIESEL

FUEL OIL

BITUMEN

SULPHUR

HVU-1

HVU-2

FUEL GAS

BBU

1,800

ADIPSRU-1/2

SRU-3/4

2x210

KMT-1

KMT-2

HDT-1

HDT-2HDT-3

85,000

HDS-2

MX

40,000

CCR-1CCR-2

50,000

ADIP

Thai Oil

TCU19,000

HVU-3

95,000

HCU-

1HCU 2

50,000

ISOM

20,000

HMU-1

HMU-2

140TH2

HDS-3

75,000

HVU-3

95,000

FCCU10,40

0

CDU-1

45,000

CDU-3

180,00

0

CDU-2

50,000

CCR

-9--9-

Total Thailand crude refining capacity 1,257 kbd (1)

One of Region’s Leading RefineriesMarket shares for refined petroleum product (3)

Thai Oil (275 kbpd)

PTT’s Principal Refiner

Esso (177 kbpd)

IRPC (2) (215 kbpd)

SPRC (175 kbpd)

BCP (135 kbpd)

Remarks:

• Nelson Complexity Index measures refinery’s upgrading capability for comparison

• It is the ratio of complexity barrels divided by crude distillation capacity

14.0 13.8

10.2 9.8 9.7 8.8 6.6

Reliance JX PTTGC TOP SK Corp Sinopec Esso

Nelson Index - Regional Comparison (4)

PTTGC (2) (280kbpd)

Thai Oil 22% Share Nameplate Capacity

Note: 1. Source: Energy Policy and Planning Office (EPPO), Ministry of Energy Thailand as of Feb 2020

2. PTT holds a 47.5% interest in IRPC, a 47.7% interest in PTTGC as at 28 Feb 2020

3. Calculate by total domestic sales of refined petroleum products (excluding by product & LPG) of Thai Oil divided by total sales of petroleum products in Thailand excl LPG. Source from EPPO 4. Source: Worldwide Refinery Survey and Complexity Analysis 2019 from Oil & Gas Journal and company information

32% market shares

FY/19

35% market shares

Q4/19

-10--10-

Our strategic location provide us with

1. Close proximity with the key domestic markets and Indochina

2. Direct access to deep water ports

3. Direct connection with multi-product pipelines

Strategic Location with Competitive Advantages in Access to Key Markets

Our plants are located within the Sriracha Complex

SBM provides direct access to deep water ports, and

ability to receive feedstock directly from VLCC

We also enjoy available connections to delivery

networks such as multi-product pipelines, including

Thappline

Ø24”, 134 km

Saraburi

LamlukkaDon MuengSuvarnabhumi

ESSO

PTTGC

SPRCIRPC

Map Ta Phut

Sriracha

BCP

Product pipeline system

Direct connection with product pipeline system

Access to Indochina markets through deep water ports and trucks

Close proximity to the key domestic markets

Bangkok

Map Ta Phut

Gulf of Thailand

Sriracha (124 km from BKK)

THAILAND

LAOS

VIETNAM

CAMBODIA

-11--11-

Thai Oil is able to diversify its type of crude intake and product outputs to maximize demand and margin

Optimized & Flexible Operations…Superior Performance

27%17%

7%17%

28%29%

28%28%

45% 54%65%

55%

Oman Dubai Murban Arab Light

Short Residue Waxy Gasoline/Distillates

Sources of

Crude

• Flexibility in crude intake allows diversification of crude types to source cheaper crude

• Flexibility in product outputs by maximizing middle distillates (jet and diesel) by adjusting production mode to

capture domestic demand and price premium

• Maximize Platformate production to capture higher margin on aromatics

• Minimize fuel oil output to avoid lower margin products

Product

output

Domestic demand for

petroleum products**

** Source: Energy Policy and Planning

Office, Ministry of Energy Thailand

% S = 0.78

API = 39.4

% S = 1.43

API = 32.0

% S = 2.52

API = 31.2

Crude Assays based onTOP configuration*

*** Including U.S. ,West Africa, Russia and others

% S = 1.97

API = 32.8

*Crude yield as per assay in Spiral as of Feb 2016

68%

7%

6%

19%

5%

8%

33%

23%

16%

11%

4%

3%

42%

13%

21%

21%

Middle East

FY/19

SAUDI

ARAMCO

MOPS Jet

Kerosene FOB

SG

MOPS Gasoil

0.05% Sulfur

FOB SG

MOPS ULG 95

FOB SG

Others

LPG

PLATFORMATE

GASOLINE

JET

DIESEL

FUEL OIL

FY/19

***

LONG RESIDUE

MOPS Fuel Oil

180 CST 3.5%

Sulfur FOB SG

Reference

Price

Local

Far East

-12--12-

0.0

200.0

400.0

600.0

800.0

Mogas Jet/Kero Diesel Total Demand

2018 2019

Refinery: Higher U-Rate and Robust Domestic & CLMV Sales

49%

7%3%1%

32%

9%

FY/19

Sales

Breakdown

Export

97% 94% 97% 98% 98% 96%

87%

76%

97%

89%

113%108%

115% 115% 116%

103%

97%

113% 113%107%

60%

80%

100%

120%

Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 2018 2019

Industry utilization rate TOP utilization rate

TOP’s Domestic Sale vs IndustrySales breakdown by customers

89% 87% 89% 88% 86% 83% 88% 87%

11% 13% 11% 12% 14% 17% 12% 13%

Q4/19

TOP IndustryThailand

ExportQ3/19 Q4/19 FY/18 FY/19

TOP Ind. TOP Ind. TOP Ind. TOP Ind.

CLMV 8% 6% 9% 6% 9% 7% 9% 6%

Others 3% 7% 2% 6% 5% 10% 3% 7%

Domestic

Export

TOP/ Domestic Refinery Utilization Rate Unit: % Utilization Rate

(2) excluding Fuel Oil & LPG demand

TOP Industry

Thailand

TOP Industry

Thailand

FY/19(3) excluding export sale through PTT

(4) Source: Department of Energy Business, Ministry of Energy Q3/19

Domestic Oil Demand

TOP Industry

Thailand

FY/18

48%

7%5%

1%

31%

8%

Q4/19

Sales

Breakdown

Export

OtherDomesticCustomers

OtherDomesticCustomers

(1) TOP’s CDU-3 MTA (Mid June – July 2019)

(1)

KBD

(2)

(3)(3)

(4)

3.7%0.8%

1.2%

1.8%

-13--13-

Competitive Performance Benchmarking (Yr 2016 vs 2018)

Solomon for GOC 3(1) Category

Remark :

(1) GOC 3 stands for Gas Oil Conversion Group 3, under which refineries in this group have equivalence distillation capacity 1,800 – 2,999 KEDC

Solomon Associates is the independent 3rd

party who applies Comparative Performance

Analysis methodology to industry peers in the

area of reliability, equipment, utilization,

operating expense, gross margin and overall

performance range and come up with

comparative ranking

2018 : TOP

2016 : TOP Total Operating

Expenses, US

cents/UEDC

Maintenance

Index, US $/EDC

Non-Energy

Operating

Expenses, US$/EDC

Operational

Availability, %

Personnel Index,

work hours/100

EDC

Energy Intensity

Index

Process Utilization,

%

Mechanical

Availability, %

-14--14-

KEY HIGHLIGHTS

-15--15-

Q4 & FY/19 Key Market Highlights

2.3 3.4

4.2 3.5

0.5

0.8

1.8

1.1

0.5

0.9

0.5

0.6

3.3

5.1

6.6

5.2

Q3/19 Q4/19 - FY/18 FY/19

QoQ Crude Oil (Dubai rose to $64.9/bbl from $61.1)

• OPEC cut production by additional 0.5 MBD

• U.S. – China signed phase I trade deal

• U.S. crude production hit 12.97 MBD in Dec’19

QoQ Refinery (Mkt GRM soften to $2.7/bbl from $4.1)

• Improving Gasoline spread due to tight supply

• Weak Middle Distillate spread due to new

supply and softened demand

• HSFO spread collapsed ahead of the

implementation of IMO marine fuel

specification change

QoQ Aromatics & LAB (Contributions improved to

$0.8/bbl from $0.5)

• Aromatics sale volume increased after

completion of MTA

• Stable LAB contribution

QoQ Lube & Bitumen (Contribution improved to

$0.9/bbl from $0.5)

• Improving Base oil and Bitumen margins due

to collapsing feedstock price

Mkt. GRM ($/bbl) exclude stock G/L

Dubai Crude Price ($/bbl)

ACC. GIM ($/bbl) include stock G/L

Lube

Aromatic & LAB

Refinery

4.1

2.7

4.7

3.1

Q3/19 Q4/19 0 FY/18 FY/19

61.1 64.9

57.3 64.9

(1.8)

0.7

(0.4)

0.5

Q3/19 Q4/19 0 FY/18 FY/19

Stock G/L

($/bbl)

(1)

(1) Ending Dubai Crude price

YoY Refinery (Mkt GRM soften to $3.1/bbl from $4.7)

• Higher supply from new refineries mainly in

China

• Ongoing U.S. and Chinese trade tension

pressured global demand growth from 1.4

MBD to 1 MBD

YoY Crude Oil (Dubai rose to $64.9/bbl from $57.3)

• Higher-than-target production cut from OPEC

• Lower Iran and Venezuela’s production from

U.S. sanction

• Increasing geopolitical tensions following

a drone attack in Saudi Arabia

YoY Aromatics & LAB (Contributions soften to $1.1/bbl

from $1.8)

• Oversupplied market from new Aromatics

plant start-up mainly in China

YoY Lube & Bitumen (Contribution improved to

$0.6/bbl from $0.5)

• Rebounding Lube and Bitumen spread on

lower HSFO price ahead of IMO

-16--16-

2019 Key Achievement

Operational Commercial Financial

• Completion of the historic major turnaround

- CDU-3 & Aromatics complex in Jul’19

• Successful CFP tie-in activities

• Readiness for VLSFO production with 3

commercialized batches in Dec’19

• Superior operation to maintain top quartile

performer on safety performance among Oil

& Gas group

U-Rate % Q3/19 Q4/19 2018 2019

Refinery* 97% 113% 113% 107%

Aromatics* 54% 73% 89% 70%

Base Oil 81% 77% 84% 83%

* Planned MTA CDU-3, TPX Complex (Jun-Jul’19)

• Captured higher domestic & Indochina sales

• Diversified crude sources to capitalize on

market opportunities

• Hedging gain from aromatic margins -

capture opportunity from market volatility

• Hedged freight cost from owned VLCCs to

reduce impact on extraordinarily high freight

rate

Q3/19 Q4/19 2018 2019

Local 89% 89% 86% 88%

Indochina 8% 9% 9% 9%

Other exports

3% 2% 5% 3%

• Tremendously successful $565 mn USD bond

issuance – 30 years w/ coupon rate of 3.5%

pa. (Lowest-ever 30-years coupon out of

Thailand and of Asian’s BBB ratings)

• Successful completion of GPSC capital fund

raising to maintain 24.29% shareholding

(17,973 MB)

• Affirmed final credit rating

• Dividend 2019 at 1.50 Baht per share

2018 2019Other, 17%

ME, 75%

Local,8%

ME, 65%Local,8%

Other, 27%

BBB+Stable Outlook

Baa1Negative Outlook

AA (Tha)Stable Outlook*

* Revised down from Stable Outlook

-17--17-

2019 Key External Events

Delayed IMO impact Rising Crude premium

Prolonged US-China Trade War Key Messages

• Limited impact on middle distillate spreads due to sufficient

VLSFO inventory and shippers’ preference on VLSFO over MGO

• Collapsing HSFO spread in Q4 as shippers started switching fuel to

VLSFO

• Rising light sweet crude premium due to increasing demand for

VLSFO production ahead of IMO

• Lower global oil demand growth amid slower economic growth

Forecasted month

0

1

2

3

4

5

Q1-19 Q2-19 Q3-19 Q4-19 2018 2019

$/BBL Market Crude Cost vs Dubai

Murban Premium AXL Premium

-20

-10

0

10

Q1-19 Q2-19 Q3-19 Q4-19 2018 2019

$/BBL Key Product Spreads

U95-DB GO-DB HSFO-DB VLSFO-DB

1.4 1.41.2

1.0 1.0

0.0

0.5

1.0

1.5

2.0

Jan-19 Apr-19 Jul-19 Oct-19 Jan-20

MBD 2019 Global Demand Growth Forecast

-18--18-

Q4 & FY/19 Financial Performance

YoY

• Lower market GIM ((2.2) $/bbl or (7,858) MB)

• Lower crude intake from MTA ( -6% or (781) MB)

• One-time MTA expenses ((1,066) MB in 2019)

Q4/19 FY/19Q3/19

6,277 MB

FY/18

10,149 MB

TOP Group Net Profit

Unit : million THB (MB)

Reversal/ (Write-Down) on

Crude and Petroleum

Product Inventory

Stock G/L

Net Operating Profit

Tax expense

F/X G/L on foreign currency

assets & liabilities

Others incl Hedging G/L &

Non-recurring items

Net Profit ContributionsExcluding Stock Gain/(loss)

2019

2018

Petchem

Petroleum

Power

1,984 MB(683) MB

Others

& New Business

Power

Petchem

Petroleum

Others

& New Business

QoQ

• Lower market GIM ((0.7)$/bbl or (566) MB)

• Interest During Construction Capitalizationin Q4’19 713 MB

-19--19-

2019 Productivity Improvement (VS Corporate Plan)

THB 5,234 mnTHB 5,441 mn* *

2019

1,133

4,101 2018

Unit: million THB

1,319

4,122

Margin Improvement(Hydrocarbon Management : HMR) and

Productivity Improvement (Non HMR)

Higher domestic and Indochina sales/ better

product premium

6% Others

Crude Enhancement

Energy improvement

Plant optimization

29%

17%

2%

18%

* Compared with Corp. plan

Commercial value enhancement

4%

Cost Management

General & Admin , Procurement & warehouse , Operation

& Maintenance , Project & Manpower management

414 MB (7%)905 MB (17%)

-20--20-

1.8 1.6 1.7 2.5 3.0 2.7 1.9 2.4 0.5 0.5 0.6

0.60.7

0.50.5 2.3 2.1 2.3

3.1 3.7

2.6 2.4 2.9

2016 2017 Q1/19 Q2/19 Q3/19 Q4/19 2018 2019

Integrated Margin & Competitive Cash Cost

5.2 6.7 6.6 7.5

3.0

5.7

2.5 2.4 4.1

2.3 2.7 3.4 4.6 4.2

3.0 3.5

1.7

1.7 1.6 1.6

2.0

2.0

1.0 1.0

0.5

0.5 0.8

0.8

1.8 1.8

1.1 1.1

0.7

0.7 0.8 0.8

0.2

0.2

0.7 0.7

0.5

0.5 0.9

0.9

0.5 0.5

0.6 0.6

7.5

9.1

5.24.2

5.14.4

6.9

4.7

9.1 9.9

7.9

4.0 3.3

5.1

6.6

5.2

2016 2017 Q1/19 Q2/19 Q3/19 Q4/19 2018 2019

Refinery Aromatics+LAB Lube Base

5.2

6.7

3.0 2.6

4.1

2.7

4.7

3.1

6.87.6

5.7

2.4 2.3

3.44.3

3.6

2016 2017 Q1/19 Q2/19 Q3/19 Q4/19 2018 2019

1.4 1.2 1.2 1.9 2.3 2.3 1.5 1.90.5 0.4 0.5

0.6 0.60.4

0.41.9 1.6 1.72.5 2.9 2.2 1.8

2.3

2016 2017 Q1/19 Q2/19 Q3/19 Q4/19 2018 2019

(Unit: US$/bbl)

Group’s Cash Cost

(Unit: US$/bbl)

Market GRM Accounting GRM (Market GRM + Stock G/L)

Gross Integrated Margin(Unit: US$/bbl) (Unit: US$/bbl)

Gross Refining Margin Refinery’s Cash Cost

Higher refinery operating cash

cost due to MTA CDU-3 cost

• 280 MB or 0.3 $/bbl in Q2/19

• 326 MB or 0.4 $/bbl in Q3/19

• 196 MB or 0.2 $/bbl in Q4/19

Market GRM Accounting GRM (Market GRM + Stock G/L)Higher operating group cash

cost due to MTA TOP (CDU-3)

and TPX

• 352 MB or 0.4 $/bbl in Q2/19

• 444 MB or 0.6 $/bbl in Q3/19• 187 MB or 0.2 $/bbl in Q4/19

Operating Cost

(excl. one-time non-operating item)

Interest Expense (net)

Operating Cost(excl. one-time non-operating item)

Interest Expense (net)

(1)

(1)

(1)

(1) Including Interest During Construction (IDC) Capitalization 713 MB

(1)

-21--21-

25,496

33,448

3,1022,959

3,134 3,674

22,867

13,214

32,675

36,925

6,889

2,072 4,293 4,293

20,239

13,833

2016 2017 Q1/19 Q2/19 Q3/19 Q4/19 2018 2019

EBITDA (excl stk G/L) EBITDA (incl stk G/L)

5,767

20,878 16,789

30,740

10,578

(14,380)

2014 2015 2016 2017 2018 2019

274,739

337,388

91,626 91,962 82,329 96,263

389,344 362,179

2016 2017 Q1/19 Q2/19 Q3/19 Q4/19 2018 2019

Financial Performance

14,043

21,379

621

1,454 690 1,365

11,464

4,696

21,222

24,856

4,408

567

(683)

1,984

10,149 6,277

2016 2017 Q1/19 Q2/19 Q3/19 Q4/19 2018 2019

NP (excl stk G/L before tax) NP (incl stk G/L)

Unit: Million THB Unit: Million THB

Unit: Million THB

Free Cash Flow*

R Restated financial statement

Unit: Million THB

* Free Cash Flow (FCF) = Operating cash flow – Net CAPEX(PP&E)

Net CAPEX (PP&E)

18,666 10,830 6,392 3,677 7,735 27,467

Net Profit

EBITDASales Revenue

-22--22-

2019 TOP Group Strong Financial Position & Financial Ratios

103,869 148,768

57,481

57,739

107,262 76,937

126,472 123,924

107,060 118,199

35,081 41,322

0.00.3

31-Dec-18 31-Dec-19

(1) Including current portion of Long-Term Debt

(2) Including investment in EPIF 31 Dec 18 = 361 MB, 31 Dec 19 = 383 MB

(3) Based on actual performance in the past 12 months

Financial Ratios

Net Debt / adj. EBITDA Net Debt / Equity

Statements of Financial Position

(Unit: million THB)

Trade Payable/ Others

Interest Bearing Debt

Equities

CurrentAssets

Non-CurrentAssets

Cash & ST investment

(5) Actual EBITDA as of 31 Dec 2019

(6) As of 31 Dec 19 Net Debt 42,262 MB or 1,360 M$

ROE 8.0 % 5.1 %

ROIC 9.2 % 6.3 %

283,445

0.0

3.0

31-Dec-18 31-Dec-19

Consolidated Long-Term Debt as at 31 Dec 19

Net Debt

42,262 million THB

(US$ 1,360 million

equivalence)

118,199 million THB

(US$ 3,897 million

equivalence)

Total IBD268,213

31 Dec 19

As at 31 Dec 19 (30.33 THB/US$)

31 Dec 18

(1)

(2)

(3)

(3)

(5)

(6)

Currency Breakdown Interest Rate Breakdown

34%

TH

8%

66%

USD92%

Fixed rate

Float rate

BBB+

Stable Outlook

Baa1

Negative Outlook*AA (Tha)

Stable Outlook

(4) Due to yield enhancement

Avg. Debt Life (yrs) 15.41 yrs

Cost of Debt (Net) 2.45%

(Gross) 4.37%

(4)

* Revised down from Stable Outlook **SACP stands for Stand-Alone Credit Profiles

Baa3 BB A+

Final rating

SACP**

-23--23-

Dividend Payment

7.82

9.198.66

9.40

0.11

5.91

4.39

7.28

6.04

4.57

-2.03

5.97

10.40

12.18

4.97

3.08

FY/04 FY/05 FY/06 FY/07 FY/08 FY/09 FY/10 FY/11 FY/12 FY/13 FY/14 FY/15 FY/16 FY/17 FY/18 FY/19

Dividend Policy : Not less than 25% of consolidated net profit after deducting reserves, subject to cash flow and investment plan

Unit : THB/Share EPSR

1H dividend

* Based on average TOP share price in each year

2H dividend

Year Dividend

R Based on restated financial statement

** Dividend payout before restated ; 2004 = 25% , 2006 = 43%, 2013 = 45%

1.50 1.75 1.751.05 0.60 1.30 0.50 0.80 0.56 0.90

1.50 1.50 1.50 1.00

2.00 2.75

1.00 1.50

1.40

2.00 2.20 1.50 0.60

1.80

3.00 3.75

1.15 0.50 1.80

3.50

Annual DPS (Baht/share)

1.80 3.50 3.50 4.50 2.75 2.55 2.00 3.30 2.70 2.30 1.16 2.70 4.50 5.25 2.65 1.50

DividendPayout

23% 38% 40% 48% N/A 43% 45% 45% 45% 50% N/A 45% 43% 43% 53% 49%

Dividend Yield* 4.0% 5.6% 5.6% 6.2% 5.2% 7.1% 4.0% 4.7% 4.2% 3.6% 2.3% 5.0% 6.7% 6.2% 3.1% 2.2%

Avg TOP price 44.7 63.0 62.7 72.7 53.3 35.9 49.9 69.8 65.1 64.6 50.4 53.5 66.7 84.2 86.9 68.3

** ** **

-24--24-

STRATEGIC INVESTMENT PLANS

-25-

Key Strategic Projects

• Successfully set up TOP Ventures entities in TH, HK & US

• 4 Startup Partnerships : reliability improvement, drone for project engineer, e-mobility and additive

• 1 New VC Investment : Industrial 4.0 focus

• Expected revenues 3.4 MB from R&D products commercialization

• Petrochemical

- Completed pre-feasibility study with PTT Group

- Start competitiveness study & investment scenario evaluation

• Lube Base & Specialties

- Collaborate with strategic partner to identify specific projects for conversion into specialties

• Solvent and other chemicals- Established new Solvent JV company (TSR)

in Indonesia

Manufacturing

Technology

Green and Human

Hydrocarbon Disruption

Key Focus Area

• Marine

- Completed pre-feasibility study on PTT Group Marine Flagship

• Strategic investment in GPSC

- Successful completion of capital subscription to maintain 24.29% shareholding

6,592 MB

11,380 MB

TOP Injection 17,972 MB

Growth | Diversity | Returns | Sustainability | Stakeholder

Drive for

Sustainability

Enhance

Capabilities

Strong License to Operate through Environment, Social & Governance (ESG)

Capability Uplifting through People and Technology

Strengthen the Core Value Chain Enhancement Seed the Options

Empowering Human Life through Sustainable Energy and Chemicals

Vision

Portfolio

Strategic

Direction

Measurement

To transform TOP to a World-Class refinery with competitive & comprehensive Petchem portfolio

• CFP Project

- Enhance capability to process heavier crude and upgrade product and increase refinery’s productionfrom 275KBD to 400 KBD

- Completed 29% project progress as planned

-26--26-

TOP Group Strategic Investment Plan

CAPEX Plan (Unit US$ million)

Notes: Excluding approximately 40 M$/year for annual maintenance

Updated as of January 2020 Estimated Budgeting for Investment Plan

* CAPEX of CFP Project including the disposal of asset to transfer ownership in the Energy Recovery Unit (ERU) which is a part of the CFP Project

Project Total 2019 - 2023

2019 2020 2021 2022 2023

CFP project * 3,923 653 2,110 1,080 463 (383)

GPSC’s Equity Injection576 576

Total Ongoing CAPEX349 181 120 35 9 4

Reliability, Efficiency and Flexibility Improvement 77 36 16 2 -

Infrastructure Improvement ( i.e. Jetty 7&8, Office Relocation

& New Crude Tank, Site office preparation for fire water & fire

water improvement, New Bangphra Raw Water Line )99 40 12 3 1

Other Investments ( i.e. Digital Transformation ) 5 44 7 4 3

Total CAPEX 4,848 1,410 2,230 1,115 472 (379)

Average FX FY/19 @ 31.22 Baht/USD

-27--27-

CFP Benefits for Thailand

First mega project in EEC provinces$4.825 billion

฿40+ billion Local contents

During construction20,000+ jobs

2.4x income tax For the country after completion

5x cleaner products Ready for EURO V diesel

Strategically located in AEC & EEC

Clean Fuel Project (CFP)

CFP Benefits for Thai Oil

• Rejuvenate our facilities

• Capacity growth

• Upgrading product mix

• Feedstock flexibility

• Stepped improvement in GIM

• Pathway to value chain enhancement

-28--28-

CFP Rationale & Timeline

Project Rationale

• Risk of losing competitiveness to others regional refineries as more new refineries with higher capacity

and more advanced technologies are on stream.

• Adjust product portfolio by producing high demand and clean product to serve customer needs

and country’s energy stability.

• Replace units i.e. CDU 1,2 which have been operating more than 50 and 40 years respectively.

2015 2016 2017 2018 2019 2020 2021

CFP & ERU Carve-out Timeline

2022 2023

BDP

FEED

EPC Bidding

(Basic Design Package)

(Front-End Engineering and Design)

FID (Final Investment Decision)

Shareholder Approval – CFP

EPC (Engineering Procurement Construction)

COD- CFP Q1’23

Shareholder Approval – ERU Carve-outProvisional

Acceptance & Transfer to

GPSC

Q3’23

-29--29-

(1) New Upgrading Unit (2) New Distillation Unit (3) New Hydrogen Manufacturing Unit

(4) New Treating Unit (5) New Sulphur Recovery Unit (6) New Energy Recovery Unit

Crude

PX/BZ

Fuel Oil

LPG

Gasoline

Jet/Kero

Diesel

Hy. Naph

Naphtha

ISOM

LPG

Kerosene

Diesel

Lt.Naph

HVU-2/3

HVU-4

RHCU

VGO

SR

CCR-1/2

HDT-3

HDT-4

HDS-2/3

HDS-4

KMT-1/2

LPG Tops

TPX

Tops

HCU-1/2

Platformate

CDU-3

180 kbd

New

CDU-4

220 kbd

HCU-3

ERU

400 kbd

HMU-1/2&PSA-1/3

HMU-3 & PSA-4

CCR PSA-2

SRU Sulfur

Isomerate

1

1

2

23

5

4

4

LR

TLB Bitumen New unit

Existing unit6

Scope of CFP & Technical Aspect

-30--30-

14.0 13.8

12.0 10.2 9.8 9.7 8.8

6.1

Reliance JX TOP PTTGC TOP SK Corp Sinopec Esso

CFP Competitiveness

CDU Capacity

275,000 bbl per day

Without CFP With CFP

CDU Capacity

400,000 bbl per day

Upgrading Ratio 28 %

Nelson Index - Regional Comparison

Without CFPWith CFP

(upgrading capacity(1) over CDU capacity)

Upgrading Ratio 50%(upgrading capacity(2) over CDU capacity)

Remark : (1) including HCU 1/2, FCCU, TCU (2) including HCU 1/2/3, RHCU

Power Plant 250 MW

-31--31-

Note : After CFP, all products based on average data 2023-2043

Product Upgrading

17%

62%

25%

23%

53%

Middle Distillate(Jet , Gasoil)

Light Distillate(LPG, Light naphtha,

Heavy naphtha,

Gasoline)

7% 13%

Without CFP With CFP

Flexibility of crude intake

Others(Sulfur, Long residue to TLB,

Reformate to TPX)

CFP Value Proposition

Without CFP With CFP

40% - 50%

Light Crude(API > 31)

Medium Crude(25 < API < 31)

Heavy Crude(API < 25)

100%

5% - 15%

40% - 50%

Unit in %Vol. Unit in %Vol.

Fuel oil

-32--32-

29%

CFP Key Progress

Key Progress in 2019

• Completed ERU carve out contract execution with GPSC

• Executed tie-in work during plant maintenance successfully

• Completed most of High Critical equipment procurement

• Awarded all Module yards in three countries

Overall Project Progress

19 %

As of Jan’20

Budget Utilization Key Progress in 2019

-33--33-

CFP Key Progress

Module DeliveryModule Fabrication Foundation Completion

CFP Plan in 2020

• Completion of detailed design phase

• Completion of early civil work and

commencement of steel work on-site

• Fabrication work at local and oversea

construction yard

• Assembly of priority equipment on-site

• Delivery of key module and long lead items

on-site

• Procurement of critical / non-critical

equipment / material

-34--34-

2020 INDUSTRY OUTLOOK

• Crude Oil

• Refinery

• Aromatic

• Base Oil & Bitumen

-35--35-

Big Oil Producers Heading Toward Oil-Price War Again?

Saudi Arabia and Russia to Shift in Policy in order to Protect Market Share

Proposed Deepen Cut by 3.2 MBD to Stabilize Lower Demand (in Q1’20:-2.5MBD Q-o-Q) A

Falling Crude and OSP Prices in Mar’20 C

8

10

12

14

Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20

MBD

Russia

• Rejected the proposed production cut during OPEC+ meeting

• Eyeing an opportunity to hit US shale

producers

• To withstand $25-30/bbl for 10 years

Saudi Arabia

• Plan to produce additional up to 2.8 MBD (9.7MBD in Feb’20 up to 12.5 MBD)

• Announced oil price discount (Apr’s OSP)

OPEC

Allies

0.8

Unit: MBD

Pledged cut in

2019

Pledged cut in

Q1’20

0.4

1.2(+0.4)

0.5(+0.1)

Total 1.2 1.7(+0.5)

0.0

1.0

2.0

3.0

0.0

0.5

1.0

Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20

OPEC Oil Production Cut

Allies Oil Production Cut

Pledged cut 0.8 MBD

Pledged cut 0.4MBD

Pledged cut 1.2 MBD

Pledged cut 0.5 MBD

Saudi and Russia Failure to Agree on Output CutB

D

MBD

MBD

-4.0-2.00.02.04.06.08.0

Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20

$/BBL OSP Physical Premium

AL (OSP M+1) AXL (OSP M+1) MB (OSP M-1)

20

40

60

80

Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20

$/BBL Dubai Price

Source; CNBC, Reuters and Bloomberg Mar’20Source: Reuter Mar’20

Source: EIA and OPEC Mar’20

2.2(+1.0)

1.0(+0.5)

3.2(+1.5)

Pledgedcut in

Q2’20

OPEC’s Proposal

Oil Production by Key Producers %Mkt Share

Saudi Arabia Russia US

MTD 10 Mar : 45.710Mar’20 = 34.2(25% lower from MTD10Mar)

11% 12% 11% 13%

13% 13% 13% 13%

11% 12% 14%14%

2017 2018 2019 End

2020F

-36--36-

Singapore Cracking GRM ($/BBL)

Resume Product Demand after COVID-19 Reliefs

Lower Supply on Plants Run Cut and Maintenance to Support Market

2020 Key Highlights: GRM will Climb up from Q1-20

1

2

Challenging Refinery Margin on COVID-19 amid Lower Supply on Plants Run Cut

Source : Reuters Feb’20

7.7

5.0 5.2

6.7 6.2 6.4 6.4

8.27.2 7.1 7.0

6.1 6.1

4.3

5.9

3.2 3.5

6.5

1.7

3.7

1.8

Q1-16 Q2-16 Q3-16 Q4-16 Y2016 Q1-17 Q2-17 Q3-17 Q4-17 Y2017 Q1-18 Q2-18 Q3-18 Q4-18 Y2018 Q1-19 Q2-19 Q3-19 Q4-19 Y2019 Q1TD-

20*

Remark : * QTD as of 6 Mar’20

-37--37-

Lower Oil Price Forecasts for 2020 Citing OPEC+'s failureA

Surge of Supply due to Production Increase from SaudiC

Bearish Fuel Demand Growth in 2020 on COVID-19B

Global Product Demand Growth (y-o-y)

-3.5

-2.5

-1.5

-0.5

0.5

1.5

2.5

Q1'20 Q2'20 Q3'20 Q4'20

LPG Naphtha Gasoline GO Jet/Kero FO Other

MBD

Source: IEA and TOP’s estimated (9 Mar’20)

20

30

40

50

60

70

80

Q1'20 Q2'20 Q3'20 Q4'20

Energy

Aspect

(9 Mar)

Morgan

Stanley

(6 Mar)

Goldman

Sachs

(9 Mar)

Dubai Forecast by Publication*$/bbl

FGE

(8 Mar)

* Adjusted from Brent to DB, using est. Brent – DB = 1 $/BBL (TOP’s estimate)

QTD (10 Mar) : 45.65

-2.00

0.00

2.00

4.00

90

95

100

105

Q1'20 Q2'20 Q3'20 Q4'20

MBD MBD

Source: IEA 9Mar’20, IHS4Mar’20, TOP’s estimate

Global Supply/Demand Balance

Supply (as of Mar’20) Demand (as of Mar’20) Surplus(RHS, as of Mar’20)

Supply (as of Feb’20) Surplus(RHS, as of Feb’20)Demand (as of Feb’20)

- COVID-19 China under control in Q1’20 - Economic improve in Q3’20

+1MBD Saudi +1MBD Libya -1MBD CAN, N.SEA, US

TOP LE

(9Mar)

Weak Oil Demand and Surplus Supply on COVID-19 and Oil Price War

Oil Demand Growth By Publication

0.84

-0.09

0.90 0.860.70

0.500.60

-0.56-1.0

-0.5

0.0

0.5

1.0

2019 2020

IEA Platts Energy Aspect FGE

MBD

Source : IEA, Platts, Energy Aspects and FGE (Mar’20)

-38--38-

54%

17%

12%

17%

Jan-20

VLSFO Gaining Share in Singapore’s Bunker Sales

Asian VLSFO to Re-Balance with More Supply

Rising Low Viscosity VLSFO Demand to Support Gasoil Demand

SUMMARY AND INDUSTRY IMPACTS

BA

C

Mil.Ton/mnth

Source : Reuter (Feb’20)

Source : Reuters (Feb’20) and TOP’s estimate

VLSFO Market Approaching Equilibrium after Months of Volatility

59%30%

11%

Dec-19

Source : Reuter (Feb’20)

0

2

4

6

Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20

MGO (2-6 cst) HSFO (180,380,500 cst)

VLSFO (30-100 cst) VLSFO (>100 cst)

0

2

4

6

8

10

Jan'20 Feb'20F Mar'20F Apr'20F May'20F Jun'20F

Floating Storage

Direct Crude BlendProduction*

Demand

Mil.Ton/mnth

Required VLSFO

additional supply

Major refineries produce more VLSFO

Switching crude oil to match with IMO requirement

Potential upside for gasoil blending in VLSFO pool

*production from sweet crude, Resid Desulfurization and VGO/GO blending etc.

Chinese Production from tax rebate**

Floating Storage and Arbitrage

**may be delayed from COVID-19

VLSFO Low Viscosity (30-100 cst)

MGO (2-6 cst)

VLSFO High Viscosity (>100 cst)

HSFO (180,380,500 cst)

Assumption: No arbitrage flow from Mar onward

-39--39-

Slower Gasoline Demand Growth by Lower Consumer Spending Growth A

SUMMARY AND INDUSTRY IMPACTS

Source : BOT and TOP’s Estimation (Feb’20)

Softer domestic petroleum products demand growth due

to Thailand economy slowdown

Gasoline Demand Growth vs. Non-Durable Consumption Growth

0%

2%

4%

2017 2018 2019 2020F

Gasoline Demand Growth Non-Durable Consumption Index Growth

YoY

Challenging Domestic Demand Growth on Struggling Economy

C

Diesel Demand Growth vs. GDP Growth

Source DLT, DOEB and TOP’s Estimation (Feb’20)

YoY

Softer Diesel Demand Growth Pressured by Lower Economic Growth

2017 2018 2019 2020F

-5%

0%

5%

10%

C Jet Demand Growth Pressured by COVID-19 OutbreakB

Jet Demand Growth

Source : DOEB, Department of Tourism and TOP’s Estimation (Feb’20)

YoY

(2) Affected for 6 Months resulting deduction of 3.2 million tourists (Jan-Jun’20) with support from excise tax reduction from

4.726 to 0.2 THB/L (Mar-Sep’20)

COVID-19 Effect (-3.8% YoY) (2)

*Non-durable Consumption Index is the index that measure of national spending on consumer goods, which imply to traveling activity

0%

2%

4%

6%

2017 2018 2019 2020F

Diesel Demand Growth GDP Growth

NO COVID-19Effect (+2.8% YoY)

(1)

(1) No effect from Coronavirus with support from tourism stimulus measures

-40--40-

SUMMARY AND INDUSTRY IMPACTS

Aromatic producers need to optimize production due to

capacity addition

High-cost and non-integrated producers to lower PX

operating rate

50

60

70

80

90

100

110

Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20

B Low Polyester Run Rates From Extended Chinese Holidays

Weak Aromatic Market from New Capacity Addition

Source : CCFGroup (Feb-20)

China’s Polyester Operating Rate (%)Chinese New Year

(CNY)CNY Extended CNY*

*From 1 to 3 weeks

-10%-10%

-20%

Source : WMChemicals (Dec-19), IHS (Jan-20) and TOP’s Estimate

Source : Platts (21 Feb-20)

Sichuan- PTA Pengwei Chemical (900KTA) Cut 20%

Hubei Fujian- PTA Fujian Fuhua (4500KTA) Cut 20%

Jiangsu

- PTA Jiangyin Hanbang (600KTA) Shutdown

Liaoning

- PTA Hengli 4 (2500KTA) Cut 50%

PTA Production Run Cut due to Limited Tank Ullage from COVID-19 C

Market Pressured by Surplus Capacity A

AP/ME PX and BZ Capacity Addition vs. Demand Growth

Mil TON PX Mil TON BZHeng Li

SinochemSinopec Hainan

Heng YiZhejiang 1

Zhejiang 2 (Q1)Dongying Weilian (Q3)

Saudi Aramco (Q3)

1.3 2.1 3.31.8 1.1 1.20

2

4

6

8

10

2018 2019 2020F

BZ Effective Capacity BZ Demand

Zhejiang 2 (Q1)Dongying Weilian (Q3)

Saudi Aramco (Q3)

2.1

6.2

8.4

3.4 2.20.90

2

4

6

8

10

2018 2019 2020F

PX Effective Capacity PX Demand

-41--41-

Less Capacity Addition to Ease Surplus Situation A Base Oil Production Cut due to Limited Tank Ullage from COVID-19B

SUMMARY AND INDUSTRY IMPACTS

Slower Base Oil capacity addition to ease surplus supply

situation

Source : Argus (Feb-20), ICIS (21 Feb-20) and TOP’s Estimate

0.2

1.1

3.0

0.3

0.0

1.0

2.0

3.0

4.0

Mil TON

Gr.1 Capacity Gr.2 Capacity Gr.3 Capacity Demand Growth2017 2019 20202018

Lower Base Oil Capacity Addition amid Steady Demand

Hainan Handi

(1MTA,Gr.2/3)

deferred to 2021

AP Base Oil Gr.1/2/3 Capacity Addition vs. Demand Growth

Steady Domestic Bitumen Demand on Stable Road BudgetC

91 108 117 116

4648 47 48

0

50

100

150

200

2017 2018 2019 2020

Mil Baht

Highways Dept. Rural Roads Dept.

Source: Budget Bureau (Jan’20)

Thailand Road Budget

Source : Argus (Feb-20), ICIS (21 Feb-20) and TOP’s Estimate

-42--42-

(vs. 2019)

2020 Industry Outlook Conclusion

Crude Oil

Refinery

Lube Base

Aromatic

Expected Recovery in Refinery Margin after end of COVID-19

Oil Market Pressured by Soft Demand Growth from COVID-19 amid Expected Deepen Oil Production Cut from OPEC+

Pressured Aromatic Market due to Surplus Supply

Stable Base Oil Market due to Less Capacity Addition

-43--43-

Oil Demand Growth Outpaces Refinery Addition in Medium-term

Note: Adjusted capacity based on start-up period (effective additional capacity)

1.60.3

2.7

4.5

2.8

0.52.0 2.1

6.2

8.4

2.03.0

0.3

3.8

0.9

60

70

80

90

100

0

2

4

6

8

10

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Mil TON

Demand Growth Effective Capacity Operating Rate (RHS)

Operating Rate, %

Note: Adjusted capacity based on start-up period (effective additional capacity)

Source : FACTs Semi Annual Reports, Fall 2019, WMChemicals (Dec-19) and TOP’s estimate

Asia Pacific/Middle East Crude Capacity Addition vs Demand Growth

Recovered Market due to Slower Capacity Addition after 2020

Asia Pacific/Middle East PX Capacity Addition vs Demand Growth

Operating Rate, %

Effective Capacity

KBD

517

1386 1431875

458 5625

762 872 1113631 795

389 313 544

70

80

90

100

-1000

0

1000

2000

3000

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Middle East China Other AP JapanIndia Vietnam Teapot ThailandNet Capacity Addition Operating Rate [RHS]

AP/ME Demand Growth

Beyond 2020 Industry Outlook

China: Sinopec Zhanjiang 200KBD in Q2-20

-44--44-

APPENDIX

• Performance analysis

• Sustainability / ESG

• Awards & Recognitions

• CDU Addition VS Additional Demand – AP & ME

• World GRM / Inventories

• Thailand petroleum demand by products

-45--45-

Refinery: Soften Mkt GRM Pressured by Lower Product Spread

66 63 63 68 74 74 73 72 77 7966

57 59 65 67 71 69 62 63 59 61 5962 65

Ja

n

Fe

b

Ma

r

Ap

r

Ma

y

Ju

n

Ju

l

Au

g

Se

p

Oc

t

No

v

De

c

Ja

n

Fe

b

Ma

r

Ap

r

Ma

y

Ju

n

Ju

l

Au

g

Se

p

Oc

t

No

v

De

c

2018 2019

Gross Refinery Margins - GRM

2018 2019 2020 2018

$/bbl Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY19 Q1TD FY18

DUBAI (DB) 63.9 72.1 74.3 67.4 63.5 67.4 61.1 62.1 63.5 56.3 69.4

ULG95 - DB 13.7 12.1 11.6 4.7 3.7 7.5 11.7 12.9 9.0 8.3 10.5

JET - DB 16.1 15.3 14.5 15.6 13.0 12.2 15.7 13.9 13.7 8.9 15.4

GO - DB 14.8 14.6 14.4 14.8 12.8 12.4 15.3 14.3 13.7 10.2 14.6

HSFO - DB (4.9) (4.4) (2.5) 1.4 0.6 (2.3) 0.9 (18.7) (4.9) (9.1) (2.6)

2018 2019 2018

$/bbl Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY19 FY18

Market GRM 5.7 4.0 5.0 3.9 3.0 2.6 4.1 2.7 3.1 4.7

Stock G/(L) 0.4 5.0 1.2 (7.5) 2.7 (0.2) (1.8) 0.7 0.5 (0.4)

Accounting

GRM6.2 9.0 6.2 (3.6) 5.7 2.4 2.3 3.4 3.6 4.3

Dubai Crude Price & Key Petroleum Product Spreads Refinery Utilization

Q3/19 Q4/19 FY/18 FY/19

97% 113% 113% 107%

Dubai Price

(US$/bbl)

Q4/19 Market GRM

Q4/19 Performance

*Murban OSP over Dubai ($/bbl)

% MB Intake/OSP*

26%/

3.4

21%/

4.4

35%/

3.2

28%/

3.1

+ Higher refinery run rate at 113% after the

completion of MTA-CDU-3

*As of 6 Mar 20+ Improving Gasoline spread due to tight

supply from planned and unplanned

shutdown in the region

- Weak Middle Distillate spread due to new

supply from China and Brunei (0.56 MBD)

and softened demand from economic

slowdown

- HSFO spread collapsed ahead of the

implementation of IMO marine fuel

specification change, as shippers started to

switch fuel to VLSFO

- Higher crude premium on the expectation

on IMO

Performance analysis : Refinery

-46--46-

126 109 131 134 115 107 49 106

63 59 57 67 6047

2543

TL

BZ

PX

Aromatic: Improving Contribution Despite Weak Aromatic Margins

296 315

300 271 267 267 311

481 559 545 515 524 528 543

454

326 236 257 223 197 162 165 142 184

246 248 199 145 115 118 130 159

91 73 92 76 38 42 (25) (60)

(24)50 44 62 74 27

(7)

81 -100

300

700

2018 2019 2020 2018

$/ton Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY/19 Q1TD FY18

PX-ULG95 304 268 451 528 508 273 194 163 285 198 388

BZ-ULG95 231 126 126 81 18 (12) 60 33 25 118 141

2018 2019 2018

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY18

P2F -$/ton 110 87 129 151 143 76 42 52 81 121

P2F -$/bbl 14.5 11.6 16.9 20.2 18.8 9.9 5.5 6.8 10.6 15.9

GIM -$/bbl 1.7 1.3 2.0 2.2 2.0 1.0 0.5 0.8 1.1 1.8

(1)

Aromatics Spreads and Margins Aromatics Production

Q3/19 Q4/19 FY/18 FY/19

54% 73% 89% 70%

(Unit : KTon)

Q4/19 Market

(1) TOL –ULG95 : Q3/19 = 38 $/ton, Q4/19 = 21 $/ton, FY/19 = 28 $/ton

(2) Including LAB contribution since 25 Feb 2016

Q4/19 Performance

(US$/Ton)PX-ULG95

BZ-ULG95

2018 2019

- Soften PX and BZ spread pressured by

ample supply , after the completion of

new Chinese plant in Q3 (Chinese plant -

phase I/II combined of PX 4.5 MTA or 8%

of global supply)

+ Higher utilization rate at 73% and PX yield

& sale volume after the completion of MTA

– TPX’s complex (45 days)

378500

175

245

Aromatic’s Sales (excluding by product) & Product-To-Feed Margin (P2F)

(2)

Performance analysis : Aromatic

*As of 6 Mar 20

-47--47-

Base Oil: Improving Contributions from Robust Lube&Bitumen Spread

TLB’s Sales (excluding by product) & Product-To-Feed Margin (P2F)

482 510 545 518 469 457 436 425 390 339 364423 384

325 280 266 281 313 263320

266363 410 377

(58) (51) (58)(75) (81)(44) (43) (40) (39) (48) (9) (1)(48) (49)

(22) (14)

3

(0)(43)

43 1

106 120

65

-200

0

200

400

600

800

2018 2019 2020 2018

$/ton Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY Q1TD FY18

500SN-HSFO 512 481 417 376 330 287 283 384 321 331 447

BITUMEN-HSFO (56) (67) (41) (19) (40) (4) 1 97 14 32 (46)

2018 2019 2018

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY18

P2F -$/ton 105 97 66 73 59 94 83 119 89 84

P2F -$/bbl 16.0 14.8 9.9 11.1 9.0 14.3 12.6 18.1 13.5 12.8

GIM -$/bbl 0.7 0.7 0.4 0.4 0.2 0.7 0.5 0.9 0.6 0.5

Base Oil & Bitumen Spreads & Margins Base oil Production

Q3/19 Q4/19 FY/18 FY/19

81% 77% 84% 83%

500SN-HSFO

Bitumen-HSFO

(Unit : KTon)

Q4/19 Performance

Bitumen

Specialty

Base Oil

% Base Oil & Specialty Sales Volume

Q4/19 Market

209 231

135 149

384440

(US$/Ton)

2018 2019

- Slightly soften utilization rate at 77%

61 62 48 60 59 53 60 5239 39 34 38 40 37 36 34

117 11680 104 98 107 103 109

23% 18% 20% 19%

14%12% 13% 12%

Q3/19 Q4/19 FY/18 FY/19

Base Oil Specialty

+ Improving Base oil and Bitumen margins

due to collapsing feedstock price

Performance analysis : Base Oil & Bitumen

*As of 6 Mar 20

-48--48-

Power Sector Performance…Growing Contribution to the Group

Power Business Sector

Equity holding in****

SPP

**** TOP shareholding 24.29% (8.91% via TOP and 20.79% via TP)GPSC is an associate company of TOP. Equity method is applied to recognize share of profit. (EBITDA calculation excludes profit sharing from GPSC)

SPP (TP+TOP SPP)

Equity income from GPSC

(1) 100% of TP and TOP SPP Performance Highlight

(2) Consolidated

EBITDA of TP and TOP

SPP

(3) Net profit of 74%

TP + 100 % TOP SPP +

24.29% profit sharing

from GPSC

Power & Steam Sales

EBITDA & Net Profit

Electricity(1)

(GWh)

Steam(1)

(kton)

EBITDA(2)

(THB million)

Net Profit (3)

(THB million)

74% 100%

605 632 614 6352,544 2,486

Q1/19 Q2/19 Q3/19 Q4/19 FY/18 FY/19

+ Higher power section contribution from

increased profit-sharing form GPSC thanks to

consolidating net profit from GLOW

1,043 998 1,005 1,064

4,333 4,110

Q1/19 Q2/19 Q3/19 Q4/19 FY/18 FY/19

575 637 559 632

2,653 2,404

Q1/19 Q2/19 Q3/19 Q4/19 FY/18 FY/19

254 309 250 238

1,3681,050

229 263 217 278

815 986

482 572 467 515

2,183 2,036

Q1/19 Q2/19 Q3/19 Q4/19 FY/18 FY/19

Performance analysis : Power

-49--49-

PetroleumPetrochemical &

Lube BasePower

Others &

New Business

Consolidated Net

Profit(excl. Stock G/(L)

Stock Gain/

(Loss)

Consolidated Net

Profit(incl. Stock G/(L)

Q3/19 265 6 467 (41) 690 (1,373) (683)

Q4/19 123 779 516 28 1,365 619 1,984

FY/18 5,298 3,609 2,183 193 11,464 (1,315) 10,149

FY/19 580 1,978 2,036 62 4,696 1,581 6,277

Performance Breakdown

(1) Includes 75% of LAB net profit, Q3/19 (6) MB, Q4/19 11MB, FY/18 (134) MB, FY/19 (98) MB

(2) Apply on an equity accounted basis in the consolidated financial statement. (GPSC has been held by TOP 8.9% and TP 20.8%,TP has been held by TOP 74% & TOP SPP has been held by TOP 100%)

(3) Consisting of Solvent, Marine, Ethanol and other business

Higher utilization at 113% after the completion of MTA CDU-3 for 30 days (Mid Jun’19 – Mid Jul’19)

Petroleum

(1)(2)

Q4’19 Key Points

(3)

Petrochemical

Power Others & New Business

• Aromatic & LAB: higher utilization after the completion of maintenance TPX’s complex for 45 days (Mid Jun’19 – End of

Jul’19)

• Lube: better contribution due to low feedstock cost

Solvent: higher contribution due to improving gross sale margins following rising crude price

Higher contribution from increasing profit-sharing form GPSCdue to consolidating net profit from GLOW

Remark

Performance Breakdown

-50--50-

Q4 & FY/19 TOP Group Consolidated P&L

Unit : million Baht (MB) Q3/19 Q4/19 QoQ+/(-) Q4/18 YoY+/(-) FY/18 FY/19 YoY+/(-)

Sales Revenue 82,329 96,263 13,934 100,150 (3,887) 389,042 362,179 (26,863)

Hedging gain/(loss) 147 288 141 (852) 1,140 (821) 359 1,180

EBITDA 945 3,927 2,982 (3,582) 7,509 20,239 13,833 (6,406)

Financial cost (1,041) 144 1,185 (1,078) 1,222 (3,942) (3,307) 635

FX G/(L) & CCS 303 226 (77) (233) 459 627 1,775 1,148

Tax Expense /(Income) 222 (345) (567) 1,315 (1,239) (1,983) (1,239) 744

Net Profit (683) 1,984 2,667 (4,812) 6,796 10,149 6,277 (3,872)

EPS (THB/Share) (0.33) 0.97 1.30 (2.36) 3.33 4.97 3.08 (1.89)

THB/US$ - average selling 30.88 30.46 (0.42) 32.99 (2.53) 32.49 31.22 (1.27)

THB/US$ - ending 30.77 30.33 (0.44) 32.61 (2.28) 32.61 30.33 (2.28)

Effective Tax Rate (%) N/A 17% N/A N/A N/A 16% 16% -

(A) TOP and TPX: Higher sales volume from

resumption

(B) Mainly from PX-ULG95 hedging gain

(C) Mainly from larger stock gain (Stock loss (1.8)

$/bbl in Q3/19, Stock gain 0.7 $/bbl in Q4/19)

Q3/19 VS Q4/19 Q4/18 VS Q4/19 FY/18 VS FY/19

(F) TOP and TPX: Lower sales volume from MTA

and lower average selling price

(G) Mainly from weakened GIM ( Market GIM 4.7

$/bbl in FY/19, Market GIM 6.9 $/bbl in FY/18)

(D) Mainly from lower average selling price

(E) Mainly from huge stock loss in Q4/18 (Stock

loss (7.5)$/bbl in Q4/18, Stock gain 0.7$/bbl in Q4/19)

Analysis

(A)

(B)

(C)

(D)

(E)

(F)

(G)

Performance analysis : P&L

-51--51-

2019 Consolidated Cash Flow

Ending Cash

74,854

76,937 (6)

Beginning Cash

33,741

107,262

(Unit: MB) FY/19 FY/18

Operating Cash Flow 13,089 18,313

Net income & non-cash adj. 13,686 23,978

Change in working capital (597) (5,665)

+

=

+

Effect of FX changes

(3,447)

Ending Cash incl. S/T Investment

44,560

(30,325)(5)

Financing 8,129 25,566

Loans proceeding 28,083 (3)

95,705

Loans repayment (12,071) (4)

(55,706)

Interest (3,257) (3,428)

Dividend (4,626) (11,006)

Free Cash Flow 36,431 (7,854)

non-cash transaction :

(5) Unrealized gain from FCD 837 MB

(2) TOP 25,885 MB, TPX 1,285 MB

(4) ST-loan LABIX 2,800, SAP&SGE 809, TMS 23, TS Group 3,634, and TLB 540 MB

LT-loan TOP 3,000, TM 150, LABIX 540, TOP SPP 295, SAKC 216, SAP&SGE 46 MB, TSV 19

(6) USD Deposit = 54,918 MB (1,838 MUSD)

Cash incl. S/T Investment

(3) ST-loan TMS 267, LABIX 2,707 , TS Group 3,227, SAP&SGE, 789 MB

LT-loan TTC 16,982, TP 3,999, TSV 41, SGE 68 MB, LABIX 3 MB

(1) Sell Private fund 12,161 MB

=

FY/19 FY/18

Investments 23,342 (26,167)

Dividend income 763 772

ST investments 72,285 (1)

(21,597)

Investments in a associate (21,972) -

CAPEX (PP&E) & other (27,734) (2)

(5,342)

/

Performance analysis : Cash Flow

-52-

ESG/Sustainability

Environmental Social Governance

Enable Renewable Energy at

Engineering Building Center

Member of DJSI Emerging Market For 7 consecutive years in OGR

*Industry Leader in OGR from 2014-2019

6th year of leading position Oil & Gas Refining & Marketing

2020

Sustainability Award (Gold Class)

Industry Leader in Oil & Gas Refining & Marketing Industry (OGR) in 2019

- Continue GRC roadmap

- Strengthen ESG practices and

performance of suppliers

through ESG Verification Plus

Program

Greenhouse

Gases (GHG)

Waste

Water

Reduce 4% direct GHG

emission from BAU by 2023

Strengthen 3Rs through:

- Zero waste to landfill

- Study reverse osmosis for

recycling waste water from

operation and wastewater

treatment units

- Green procurement for

operation

&

Others

Communities

Healthcare - Café Amazon for Chance at

Laem Chabang Hospital where

3 hearing disabilities have been

employed

- Installed solar roof for 3 hospitals

&

Well-being

- Strengthen community

engagement through Refinery

in the City Model and

proactive communication

- Develop Social Enterprise

Programs

- Established CFP support Center

to mitigate impact from CFP

construction around refinery

Transparency ZERO Corruption and Fraud

Incident

Structure&

Oversight&

Safety

Management

ESG

-53--53-

2019 Awards & Recognitions

• Thailand Sustainability Investment Awards &

Sustainability Awards of Honor from SET

Awards 2019

• 7 - consecutive year as DJSI Emerging Market member & industry leader in Oil & Gas sector

• 2019 Sustainability Award (Silver Class)

• NACC Integrity Awards

• Human Resource Management Excellence

from Thailand Corporate Excellence Awards

• 8 - consecutive year the strongest

Commitment to Sustainable Energy in

Southeast Asia by Alpha Southeast Asia

Award

• Thailand TOP Company Awards , Energy Sector by Business+ Magazine

Management Finance / Investment Sustainability

• Outstanding Investor Relations Awards from

SET Awards

• Asian Excellence Award from Corporate

Governance Asia Magazine

- Asia’s Best CEO & CFO (Investor Relations)

- Best Investor Relations by company

• Shortlisted top five global Best IR in energy

sector by IR Global Magazine

Awards & Recognitions

-54--54-

Medium-Term Demand Growth to Outpace Refinery Addition

Sources: FACTs Semi Annual Reports, Fall 2019, Fact Monthly Report (Mar’20) and TOP’s estimate

Note: Adjusted capacity based on start-up period (effective additional capacity)

Asia Pacific and Middle East Effective CDU Addition VS Additional Demand

0.80.9

1.1

0.60.8

0.40.3

-1.0

0.0

1.0

2.0

2018 2019 2020 2021 2022 2023 2024

MBD

AP & ME Demand Growth Middle East

China Other AP

Japan India

Vietnam Teapot

Thailand Net Addition

Operating Rate [RHS]

Start-up period)

CountryNameplate

(KBD)Company

Q1-20 India 56 BPCL Mumbai

Q2-20 China 200 Sinopec Zhanjiang

Saudi Arabia 400 Jazan

Iraq 66 North Refining Company – Baiji

Iraq 66South Refining Company –Basra

Kuwait 60 KPC - Mina Al-Ahmadi

UAE 70 ENOC – Jebel Ali

Q3-20 India 56 HPCL Mumbai

Q1-21 India 125 HPCL Vizaq

Q2-21 Pakistan 27 National Refinery - Karachi

Q4-21 Kuwait 630 Al Zour (GR) - KNPC

Closures

Q4-20 China -75 Local refineries

Japan -107 JX Group - Osaka

Q4-21 China -50 Local refineries

Refinery

-55-

Asian Margin Vs. US-EU margin

12

14

16

18

20

1 5 9 13 17 21 25 29 33 37 41 45 49

U.S. Crude Refinery Input

5yr-range 2019 2020 avg 15-19

MBD

Source : EIA

8

9

10

11

12

1 2 3 4 5 6 7 8 9 10 11 12

EU 16 Crude Refinery Input

5yr-range 2019 2020 avg 15-19

MBDSource : EurOil

2.2

2.7

3.2

3.7

1 5 9 13 17 21 25 29 33 37 41 45 49

Japan Crude Refinery Input

5yr-range 2019

MBDSource : METITotal Capacity: 3.5 MBD

84.16% 64.86% 85.93%Total Capacity: 18.6 MBD Total Capacity: 15.8 MBD

-14-12-10

-8-6-4-202468

101214

Ju

l-1

7

Oc

t-1

7

Ja

n-1

8

Ap

r-1

8

Ju

l-1

8

Oc

t-1

8

Ja

n-1

9

Ap

r-1

9

Ju

l-1

9

Oc

t-1

9

Ja

n-2

0

$/BBL

SINGAPORE GRM

SING CRACK SING HYDRO

-10

0

10

20

30

40

Ju

l-1

7

Oc

t-1

7

Ja

n-1

8

Ap

r-1

8

Ju

l-1

8

Oc

t-1

8

Ja

n-1

9

Ap

r-1

9

Ju

l-1

9

Oc

t-1

9

Ja

n-2

0

$/BBL

EU - US Margins

BRENT CRACK BRENT HYDRO WTI CRACK

World GRM

-56-

Global Crude Oil Inventories

250

300

350

400

450

500

550

600

1 5 9 13 17 21 25 29 33 37 41 45 49

U.S. Crude Stocks (excl. SPR)

5yr-range 2019 2020 avg 15-19

MBBLSource : EIA

0

10

20

30

40

50

60

70

80

1 5 9 13 17 21 25 29 33 37 41 45 49

Crude Oil, Cushing, Oklahoma

5yr-range 2019 2020 avg 15-19

MBBLSource : EIA

0

20

40

60

80

100

120

1 5 9 13 17 21 25 29 33 37 41 45 49

Japan, Crude Stocks

min 5yr-range 2019 2020 avg 15-19

MBBLSource : METI

430

440

450

460

470

480

490

500

510

1 2 3 4 5 6 7 8 9 10 11 12

EU 16 Crude and Feedstock Stocks

5yr-range 2019 2020 avg 15-19

MBBLSource : EurOil

Inventories

-57-

Global Gasoline Inventories

180

200

220

240

260

280

1 5 9 13 17 21 25 29 33 37 41 45 49

U.S. Gasoline Stocks

5yr-range 2019 2020 avg 15-19

MBBL Source : EIA

80

100

120

140

1 2 3 4 5 6 7 8 9 10 11 12

EU 16 Gasoline Stocks

5yr-range 2019 2020 avg 15-19

MBBLSource : EurOil

0

10

20

1 5 9 13 17 21 25 29 33 37 41 45 49

Singapore Gasoline Stocks

5yr-range 2019 2020 avg 15-19

MBBLSource : IE Singapore

0

5

10

15

1 5 9 13 17 21 25 29 33 37 41 45 49

Japan, Gasoline Stocks

5yr-range 2019 2020 avg 15-19

MBBLSource : METI

Inventories

-58-

Global Middle Distillate Inventories

80

100

120

140

160

180

1 5 9 13 17 21 25 29 33 37 41 45 49

U.S. Diesel Stocks

5yr-range 2019 2020 avg 15-19

MBBLSource : EIA

0

10

20

1 5 9 13 17 21 25 29 33 37 41 45 49

Singapore Middle Distillate Stocks

5yr-range 2019 2020 avg 15-19

MBBLSource : IE Singapore

300

350

400

450

500

1 2 3 4 5 6 7 8 9 10 11 12

EU 16 Diesel Stocks

5yr-range 2019 2020 avg 15-19

MBBLSource : EurOil

0

5

10

15

20

1 5 9 13 17 21 25 29 33 37 41 45 49

Japan, Middle Distillate Stocks

5yr-range 2019 2020 avg 15-19

MBBLSource : METI

Inventories

-59-

Global Fuel Oil Inventories

20

30

40

50

1 5 9 13 17 21 25 29 33 37 41 45 49

U.S. Residual Fuel Oil Stocks

5yr-range 2019 2020 avg 15-19

MBBLSource : EIA

0

10

20

30

40

1 5 9 13 17 21 25 29 33 37 41 45 49

Singapore Residual Fuel Oil Stocks

5yr-range 2019 2020 avg 15-19

MBBL Source : IE Singapore

0

5

10

15

20

1 5 9 13 17 21 25 29 33 37 41 45 49

Japan, Residual Fuel Oil Stocks

5yr-range 2019 2020 avg 15-19

MBBLSource : METI

50

60

70

80

90

1 2 3 4 5 6 7 8 9 10 11 12

EU 16 Residual Fuel Oil Stocks

5yr-range 2019 2020 avg 15-19

MBBLSource : EurOil

Inventories

-60-

China’s Refined Product Exports

0

100

200

300

400

500

600

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

China’s Gasoline Exports

2016 2017 2018 2019

KBDSource : China Custom

0

100

200

300

400

500

600

700

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

China’s Gasoil Exports

2016 2017 2018 2019

KBDSource : China Custom

0

100

200

300

400

500

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

China’s Jet/Kero Exports

2016 2017 2018 2019

KBDSource : China Custom

Inventories

-61--61-

Domestic LPG Demand

LPG Demand by Sector

LPG Demand Highlight

• In 2019, LPG demand decreased 0.2% YoY due to dropping in cooking, industrial and transport. LPG demand in cooking, industrial and transport decreased by 2.0%, 4.1% and 12.5% YoY, respectively as the price was higher and become uncompetitive to alternative fuels. While LPG price in petrochemical sector was still lower than other feeds resulting in increasing of 9.4% YoY in this sector.

Outlook for 2020

• In 2020, LPG demand is expected to decrease 2.1% YoY due to declining demand in transport. Demand in transport sector tends to fall by 7.2% YoY as lower

gasoline price could make LPG price uncompetitive

and encourage users to switch to oil resulting in decrease of LPG station in Thailand. In addition, most of registered taxis powered by LPG are gradually expired in 2020.

Thailand LPG Demand

Remark : LPG demand includes Petrochemical consumption

Source: EPPO, DOEB (As of Jan 2020)

17.5

18.818.1 18.1

17.717.1

18.3 18.2 17.917.4 17.5 17.2

12

14

16

18

20

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

2019 2016 2017 2018KT/Day

0

100

200

300

400

500

600

700

Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov

2018 2019

Cooking Industry Automobile Petrochemical

KT/MTH

Thailand petroleum demand by products

-62--62-

Domestic Gasoline/Gasohol Demand

Gasoline/Gasohol Demand by Grade

GASOLINE/Gasohol Demand Highlight

• In 2019, Gasoline demand rose by 3.7% YoY to an average 32.2 MML/day. Besides lower retail price of Gasoline, the demand was mainly supported by increasing amount of personal cars which are still more popular than public transit. Moreover, Gasoline

demand is also advocated by fuel switching from LPG.

• The level of domestic Ethanol demand, in 2019, rose significantly by 5.8% YoY from 4.2 to 4.4 MML/day following the growth of Gasohol demand as GSH95, E20, and E85 increased by 6.7% , 11.3% and 8.1% YoY, respectively. Ethanol demand was also supported by increasing in the number of new E20 vehicle, higher E20 gas station, and magnetized GSH95-E20 and E20-E85 price gap.

Outlook for 2020

• Gasoline consumption is predicted to grow by 3.3%

YoY supported by expectation of growing of new

passengers cars and lower Gasoline retail price.

Thailand Gasoline/Gasohol Demand

31.232.2 32.3 32.6

31.6

32.832.2 32.2

30.9

32.7 32.433.2

22

24

26

28

30

32

34

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

2019 2016 2017 2018MML/Day

0

5

10

15

20

25

30

35

Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov

2018 2019

ULG95 GSH 91 (E10) GSH 95 (E10)

GSH E20 GSH E85

MML/Day

Source: DOEB (As of Jan 2020)

Thailand petroleum demand by products

-63--63-

Domestic Jet Demand

Thailand petroleum demand by products

JET-A1 demand and Number of flights

JET Demand Highlight

• In 2019, Jet consumption slightly increased by 0.8% YoY. Despite of economic slowdown and strengthening

of Thai Baht, flight number which is a main support of Jet demand still grew by 0.7% YoY. Furthermore, an exemption of visa on arrival fee for tourists have been impelling tourism sector since Nov’18 resulting in 4.4% YoY growth of Chinese tourist number and 4.2% YoY growth of total tourist number.

Outlook for 2020

• Jet demand growth is expected to accelerate to 2.3%

YoY due to the increased number of tourists especially

from India, Malaysia and Eastern of Asia countries as a

result of government’s stimulus measures. Moreover, an

expansion plan of Suvarnabhumi airport will increase

the capacity to support more passengers in 2020.

However, strengthening of Thai Baht and concerns of

economic slowdown could be pressured traveling

activities in this year.

Thailand JET Demand

Source: DOEB, AOT, Department of Tourism (As of Jan 2020)

12

14

16

18

20

22

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

2019 2016 2017 2018MML/Day

350

400

450

500

550

600

650

700

40,00045,00050,00055,00060,00065,00070,00075,00080,00085,000

Ja

n

Ma

y

Se

p

Ja

n

Ma

y

Se

p

Ja

n

Ma

y

Se

p

Ja

n

Ma

y

Se

p

Ja

n

Ma

y

Se

p

Ja

n

Ma

y

Se

p

2014 2015 2016 2017 2018 2019

Number of Flights (LHS) JP 1 Demand (RHS)

MML/MTHFlights

-64--64-

Domestic Gasoil and NGV Demand

Thailand petroleum demand by products

NGV Demand

Thailand Gasoil Demand

MML/Day

5254565860626466687072

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

2019 2016 2017 2018

4

5

6

7

8

9

10

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

2019 2016 2017 2018KT/Day

Diesel Demand Highlight

• In 2019, Diesel demand slightly increased by 1.2% YoY mainly supported by 4.4% YoY increasing amount of accumulated registered diesel cars. However, the decrease of logistic activities following lower manufacturing

production activities still pressured the demand.

Source: DOEB (As of Jan 2020)

NGV Demand Highlight

• In 11M2019, NGV demand fell significantly by 11.6% YoY. As

NGV price for personal cars has been adjusted to reflect the

actual costs making the price increased. Moreover, the B20

incentive policy for large-size of trucks also pressured the

demand. These turned NGV users to use other fuels resulting

in decrease of NGV service stations.

Outlook for 2020

• Diesel demand is expected to grow by 2.2% YoY supported

by higher logistic activities following recovered Thailand

manufacturing and agricultural production. Moreover,

increased number of diesel cars and commercial cars

would also advocate the demand

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Domestic Fuel Oil Demand

Thailand petroleum demand by products

Thailand Fuel Oil Demand by Sector

Thailand Fuel Oil Demand

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

2019 2016 2017 2018MML/Day

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2017 2018 2019

Transportation Industry Electricity Others

MML/Day

Fuel Oil Demand Highlight

• In 2019, Fuel Oil consumption fell by 10.5% YoY, as a result of the decrease in industrial sector by 7.5% to using environmental friendly fuel. Together with the demand for bunker still dropped by 13.8% YoY due to no off-specification Fuel Oil from Singapore. While the demand for electricity which accounted for 1.3% of overall Fuel Oil demand remained low but still increased from last year due to lower price than other feeds.

Outlook for 2020

• Fuel Oil demand is expected to increased by 5.0% YoY, mainly supported by recovered export activities and Thailand economic growth. Moreover, lower fuel oil price is expected to support the demand in most sector.

Source: DOEB (As of Jan 2020)

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Thank You

Any queries, please contact:

at email: ir@thaioilgroup.com

Tel: 662-797-2999 / 662-797-2961

Fax: 662-797-2976