Analyst Meeting 17 May 2013

The Bangchak Petroleum PLC.

World Oil Situation

1Q 2013 Highlights

Financial Performance

2013 Overview

Agenda

2

World GDP Growth Outlook

Global economic prospects have improvedagain but the road to recovery in theadvanced economies will remain bumpy(U.S. fiscal problems and uncertainty inEuro zone problems). Lower outlook in OECD countries asGovernment spending cuts in the US andthe Euro zone problems. However, IMF welcoming the BOJ'saggressive new monetary stimulus.

Source : IMF, Apr 13

(%)

3.2 3.3 4.0

2.2 1.9 3.0

-0.6 -0.3 1.1 2.0

1.6 1.4

7.8 8.0 8.2

4.0 5.7 6.2

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

2012 2013 2014

World

US

EU

Japan

China

India

5.7

8.0

1.6

-0.3

1.9

3.3

5.9

8.1

1.2

-0.1

2.1

3.5

India

China

Japan

EU

US

World

Previous Current

2013

6.2

8.2

1.4

1.1

3.0

4.0

6.3

8.5

0.7

1.1

3.1

4.0

India

China

Japan

EU

US

World

Previous Current

2014

3

Oil Market Outlook: Demand

89.78 90.60

91.82

88.5089.0089.5090.0090.5091.0091.5092.00

2012 2013 2014

Africa

2012

2013

Europe

Source : IEA, May 2013

*Include Biofuel Demand

Global Oil Demand Growth (KBD)

Global Oil Demand* 2012-2014 (MBD)

+1.22, 1.35%

+0.82, 0.91%

Latin America

North America

FSU

Asia

2014

Middle East

Oil demand from non-OECD countries, led by Asia and the Middle East, could overtake that of OECD countries during the second quarter of this year. Gasoline demand growth will outpace gasoil as sales of larger vehicles would higher than the smaller cars in China through 2020. Although global gasoil demand was relatively week, industrial activity did show signs of picking up momentum over the course of the year. 4

-290

0 -40

-600 -330

-90 130 130 130

660 640

700 Middle East250 180 250

140 170 170 DDDDDDD

Latin America220 160 180

Oil Market Outlook: Supply

IEA expect Non-OPEC production to increase by 1.0 MBD to 54.4 MBD in this year. Continued growth in North American light/tight oil output are the most of an increase. South Sudan production restarted in early April for export via Sudan, ending a thirteen-month outage.

For full year 2013, the call on OPEC was also lowered to an average 29.6 MBD.

5

Source : IEA May, 13

*Include Biofuel

53.4 54.4 55.8

6.3 6.6 6.7

31.3

0

89.8 90.6 91.8

30

40

50

60

70

80

90

100

2012 2013 2013

OPEC Supply OPEC NGLs Non-OPEC Supply Total Demand

Wor

ld o

il ba

lanc

e (M

BD)

66 777777

Call on OPEC 29.3 MBD

0000000

Call on OPEC 29.6 MBD

2014

Oil Market Outlook: Price Outlook

WTI

Brent DB

$/bbl

ME tension

2H2013 ≈ 104-108 $/BBL Y2013 ≈ 105 $/BBL

New refining capacity U.S. and China recovery OPEC meeting

6

DUBAI Price Outlook:

Refinery return from maintenance @ late Q2 Saudi Arabia’s demand for power generation in Summer Tension in Middle East, Iran nuclear U.S. economic recovery Monetary policy from major central bank (U.S., EU, Japan) Chinese demand- New Refining Capacity Hurricane season in Q3 and winter season in Q4

U.S fiscal problem/ Debt ceiling EU zone debt problems Slower than expect growth in China South Sudan resume crude export Non-OPEC supply

75

85

95

105

115

125

135

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

Oil Market Outlook: Cracks Movement

-15

-5

5

15

25

GO-DB Avg. 2013 17.66

UNL95-DB Avg. 2013 14.97

FO-DB Avg. 2013 -5.43

Light and middle distillate crack will be relatively strong in 2013

$/bbl

GO-DB Avg. 2013 17.66

UNL95-DB Avg. 2013 9714.9

FO-DB Avg. 2013 - 35.43UNL95-DB GO-DB

FO-DB

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

Crack spread outlook

7

Re : FO based on new conversion (6.35) 2013 GO-DB based on Gasoil 0.05%S

World Oil Situation

1Q 2013 Highlights

Financial Performance

2013 Overview

Agenda

8

29.94 31.12 30.82

116.45 107.53 108.09

Refinery Business Highlights

Exchange Rate (THB/$)

Avg. Dubai Price ($/BBL)

Unit : $/BBL Total GRM

Market GRM

GRM Hedging

Inventory G/L

Crude Run (KBD) 100.99

84.76 99.95

5.36

-2.22

4.19

0.49

1.24

0.28

6.68 10.64

7.97

12.53 9.66 12.44

1Q2012 4Q2012 1Q2013

9

Refinery Business Highlights

1Q2012 4Q2012 1Q2013

Crude Feed

13% 13% 17%

53% 55% 49%

12% 10% 11% 20% 21% 20%

1% 1% 2%

1Q2012 4Q2012 1Q2013

LPG

GASOLINE

JET

DIESEL

FO

Product Yield

Local 46% Far

East 35%

Middle East 14%

Other 5%

Local 60%

Far East 40%

Local 48%

Far East 50%

Middle East 2%

10

Integrated Performance

12.53 9.66 12.44

2.65 2.71

2.32

1Q2012 4Q2012 1Q2013

Accounting GIM ($/BBL)

15.18 12.37 14.76

Customer 1Q2012 4Q2012 1Q2013 Retail 670.39 705.95 729.21 Industrial 560.45 490.11 526.93 Supply Sales 266.20 234.75 247.02 Export 158.83 164.41 254.06

Total 1,655.88 1,595.22 1,757.22

Total Sales Volume

Unit: Million Liter

11

560.45 490.11 526.93

670.39 705.95 729.21

1,230.84 1,196.06 1,256.14

1Q2012 4Q2012 1Q2013

Industrial Retail Total Sales

Marketing Business Highlights

1Q2013:

Marketing Sales Volume 1,256 ML (87.79 KBD)

increased 2.1% YoY.

Retail Sales volume increased 8.8% YoY.

Industrial sales volume decreased by 6.0% YoY.

664 656 709

1Q2012 4Q2012 1Q2013

6.8% YoY 8.1% QoQ

98 110 127 48 55 81 37 55

69 3

11 15

1Q2012 4Q2012 1Q2013

GASOHOL E85

GASOHOL E20

GASOHOL 95

GASOHOL 91

57.6% YoY 26.8% QoQ

185 230

292

Diesel Sales Volume Gasohol Sales Volume Unit: MM Litre

Unit: MM Litre

Sales Volume through Marketing Channel

2.1% YoY 5.0% QoQ 1Q2012 4Q2012 1Q2013

MKM 0.62 0.66 0.50

Unit: Baht/Litre

12

Marketing Business Highlights

STANDARD 489 488 503

CO-OPERATIVE 578 584 603

No. Service* stations (Sites)

*Number has deducted closed stations from total

Thailand Market share in retail market

Gasoline All Product

Note: (1) PTT figure was exclude PTT RM (2) All figures are LPG excluded +0.7 YoY

No. Service stations with

Y2012 1Q2013 Target 2013

E20 581 640 700

E85 51 51 100

EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE222222222222222222222222222222222222222222222200000000000000000000000000000000000000000000000000000000000

EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE888888888888888888888888888888888888888888888888888888888855555555555555555555555555555555555555555555555555555555555555555555555555555

13

+1.2 YoY

Data: Jan-Mar 2013

N de PTT RM excluded

Other Other

Diesel Club

Marketing Business Highlights

Non Oil (Sites)

INTHANIN 232 249 350

Mini BIG C 7 10 70

BAICHAK MART 105 107 53

Y2012 1Q2013 Target 2013

CRM Program

114,000 148,000

Y2012 1Q2013

GSH Club

554,000 635,000

Y2012 1Q2013

554,000635,000

114,000148,000

Members: Members:

Avg. sales volume Avg. sales volume Unit: ML/MO Unit: ML/MO

A

As of: As of:

14

* * Replace by Mini Big C

Solar Power Business Highlights

EBITDA

Sales Revenue

* Included compensation from BI amounted 73 MMTHB

Y2012 1Q2013

Phase 1 (38 MW) 378 196

Phase 2 (32 MW) - 33

Total 378 229

Phase 1 (38 MW) 423 186

Phase 2 (32 MW) - 32

Total 423 218

Phase 1 (38 MW PPA) Fully started Commercial Operation on July 16th, 2012

Phase 2 (32 MW PPA) Supplied to Provincial Electricity Authority (PEA)

Site#1: (16 MW PPA) at Bam Net Narong District, Chaiyaphum – COD in March 6th, 2013

Site#2: (16 MW PPA) at Bang Pa Han District, Ayudhaya – COD in April 5th, 2013

*

Unit: THB Million

15

Biofuel Business Highlights

Bangchak Biofuel Co. Ltd., (BBF)

Capacity 360,000 litre per day

Capacity Utilization 92% in 1Q2013

Avg. Production Volume increased 13.8% YoY

B100 sales volume grew 11.1% YoY

EBITDA (THB Million)

B100 Sales Volume (MM Litre)

1Q2012 4Q2012 1Q2013

40.14 37.69 44.61

61 31 94

Avg. Production Volume (Litre/Day) 0.29 0.33 0.33

Note: Capacity Expansion from 300,000 litre per day to 360,000 litre per day in July, 2012.

1Q2012

Avg. Production Volumen Vol(Litre/Dayy) 0.29

16

World Oil Situation 1Q 2013 Highlights

Financial Performance

2013 Overview

Agenda

17

Unit: THB Million 1Q 2012 4Q 2012 1Q 2013

Sales Revenue 47,610 43,952 47,283

EBITDA 3,714 2,050 3,478

Depreciation and Amortization (558) (723) (679)

Other FX and Impairment 236 283 209

Financial Cost (191) (274) (268)

Pre-tax Profit 3,201 1,336 2,740

Tax (751) (190) (520)

Net Profit* 2,450 1,147 2,198

EPS (Baht/Share) 1.77 0.83 1.60

Δ QoQ (%) Δ YoY (%)

7.6 -0.7

69.7 -6.4

-6.1 21.7

-26.1 -11.4

-2.2 40.3

105.1 -14.4

173.7 -30.8

91.6 -10.3 *Net profit attributable to owners of the company

18

Profit and Loss (Consolidated)

Adjusted EBITDA 2,101 2,600 2,312

Note: Adjusted EBITDA mentioned to EBITDA excluding an impact of inventory gain or loss.

EPS (THB per Share) 1.73 0.86 1.49

Unit : THB Million 1Q2012 4Q2012 1Q2013

Sales revenue 46,940 43,337 46,530

EBITDA 3,609 2,056 3,270

-Refinery Business 3,059 1,582 2,698

-Marketing Business 550 307 386

-Solar Power Plant Business - 167 186

Tax (740) (198) (507)

Net Profit 2,377 1,180 2,054

Δ QoQ (%)

7.4

59.0

70.5

25.7

11.4

156.1

74.1

Profit and Loss (Company)

Δ YoY (%)

-0.9

-9.4

-11.8

-29.8

-

-31.5

-13.6

19

1Q2013 Performance: Gain from Foreign Currency Forward THB 614 million

Adjusted EBITDA 2,075 2,589 2,141

PP&E increased mainly from Solar Power Plant Phase 2 (32 MW).

Book value on March 31th, 2013 was Baht 24.94 per share.

20

Financial Position (Consolidated)

Current Ratio, time

Current Portion of Long-Term Loan 1,017

Long-Term Loan 14,837

Debentures 2,295

TOTAL 18,848

IBD/E Ratio, time

0.86

0.62 0.59 0.55

0

0.2

0.4

0.6

0.8

1

FY2010 FY2011 FY2012 1Q2013

Long-Term Debt Portion

1.83

2.15

1.93 1.9

1.6

1.7

1.8

1.9

2

2.1

2.2

FY2010 FY2011 FY2012 1Q2013

7

8

0

0.2

0.4

0.6

0.8

F

Non Current Liabilities

Current Liabilities

L/T Debt*

Total Equity

Cash & Equivalents

Other Current

Assets

Other Non-Current

Assets

PP&E

Unit: THB Million

31 Mar 2013

74,178

31 Dec 2012

70,853

* Including current portion of long-term debt

1Q 2012 4Q2012 1Q 2013M.Baht $/BBL M.Baht $/BBL M.Baht $/BBL

Market GRM 1,913 6.68 2,558 10.64 2,147 7.97

GRM Hedging 140 0.49 297 1.24 75 0.28

Inventory Gain/(Loss) 1,534 5.36 (533) (2.22) 1,129 4.19

Total GRM 3,586 12.53 2,322 9.66 3,351 12.44

Other Income 41 0.14 341 1.42 45 0.17

Operating Expenses (567) (1.98) (1,082) (4.50) (698) (2.59)

EBITDA 3,059 10.70 1,582 6.58 2,698 10.02

Adjusted EBITDA 1,525 5.33 2,113 8.79 1,569 5.83

Key factors: Crude Run (KBD) 100.99 84.76 99.95 Exchange rate (฿/$) 31.12 30.82 29.94 DB ($/Bbl) 116.45 107.53 108.09

Company Only

21

Refinery BU Performance

1Q 2012 4Q 2012 1Q 2013 M.Baht Baht/L M.Baht Baht/L M.Baht Baht/L

Net Retail Margin 546 0.81 643 0.91 494 0.68

Net Industrial Margin 211 0.38 149 0.30 131 0.25

Total MKM 757 0.62 791 0.66 625 0.50

Other Income 193 0.16 196 0.16 214 0.17

Operating Expenses (400) (0.33) (682) (0.57) (453) (0.36)

EBITDA 550 0.45 305 0.26 386 0.31

Sales volume KBD ML/Mo KBD ML/Mo KBD ML/Mo

o Retail 46.3 223.5 48.3 235.3 50.9 243.1

o Industrial 38.7 186.8 33.5 163.4 36.8 175.6

Total Sales volume 85.1 410.3 81.8 398.7 87.8 418.7

Company Only

22

Marketing BU Performance

Unit: THB Million 4Q2012 1Q2013

Revenue 185 229

Gross profit 140 171

Other income (2) (0.7)

Operating Expense (16) (2)

EBITDA 166 218

In 1Q 2012, the solar power plant (phase 1) was seized operation due to the flood

Solar Power Plant 2 phases:

Phase 1: Bang Pa-In, Ayudhaya started COD on July 16, 2013

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

23

Solar Business Performance

Phase 1 (38 MW) + Phase 2 (16 MW)

Δ QoQ (%)

23.8

22.1

-65.0

-87.5

31.3

Unit: THB Million 1Q2012 4Q2012 1Q2013

Revenue 1,307 952 1,133

Gross profit 55 (10) 70

EBITDA 61 31 93

Net Profit 41 (4) 70

Δ QoQ (%) Δ YoY (%)

19.0 -13.3

- 27.3

200.0 52.4

- 70.7

Utilization rate (%) 99% 103% 92%*

24

BBF Performance

*Utilization rate in 1Q2013 was calculated based on 360,000 litre per day capacity

Stock Gain/Loss 26.07 -28.77 27.40

In 1Q 2013, Sales volume increased 11.4% YoY however, the sales price decrease.

World Oil Situation 1Q 2013 Highlights

Financial Performance

2013 Overview

Agenda

25

Crude Run (KBD) 99.95 ≈ 100-105

Market GRM ($/BBL) 7.97 ≈ 7

MK sales volume (KBD) 87.79 ≈ 85.5

Retail Margin (Baht/Litre) 0.50 ≈ 0.65

EBITDA (THB Million) 3,478 ≈ 9,600

Company Overview

Refinery 63%

Retail 20%

Solar 15%

Biofuel 2%

Y2013F

15%15%5%

Refinery63%

Reettail2000%

EBITDA, THB million Forecast FY2013

26

Actual 1Q2013

11%

55%

12%

20%

2%

2013F

LPG

Gasoline

Jet

Diesel

Fuel Oil

Refinery Business Target

Y2013:

Target Crude Run 100-105 KBD

Market GRM 7 $/BBL

Refinery project : 3E+ Project to enhance GRM (Efficiency, Energy, and Environment)

1. New CDU (100 KBD) expected to change in 2014 turnaround

2. New CCR: Continuous Catalytic Reforming Unit

3. Co-Gen: Co-Generation Power Plant

New CCR and Co-Generation are under Technology selection and Preliminary Design

Local 43 KBD

Far East 50 KBD

Middle East

9 KBD

Other 9 KBD

Production Yield

Crude selection

2013F

27

Marketing Business Target

Expected Sale through marketing channel growth ≈ 9%

Retailing Business Target is to be rank in term of market share

Expansion of Service station in strategic location

+39

+119

+49

+105

Target 2013

Service station

Service station with

Rebranding Service Stations

Service station with

Expected Marketing Margin ≈ 0.65 THB/Liter

e raY2013:

28

Marketing Business Target

Expand our non oil business to Increase brand awareness and traffic to station

Partnership with BIG C and plan to be 70 branches by 2013

Inthanin expansion plan to be 350 branches by 2013

Develop CRM program, Gasohol & Diesel Club Card

Retailing Business Target is to be rank in term of market share e ra

Y2013:

29

Project Updated

Ubon Bio Ethanol Co., Ltd. (UBE) Capacity 400,000 Litre/day; dual feed flexibility (molasses and cassava).

Commissioning in December 2012.

Started selling Ethanol to BCP and other majors oil companies.

Solar Power Plant: Phase 3 (48 MW PPA) located in the east and northeast of Thailand.

During contractor selection process and expected to start construction in August 2013.

Target COD in May, 2014.

Tail Gas Treating Unit To Reduce emission of Sulfur Dioxide from the Sulfur Recovery Unit

Under construction which the structural work was finished.

Expected completion at the end of 2013.

30

(Unit : THB Million) 2013F 2014-2016F 3-Y accumulated

Refinery Business: • Annual CAPEX • 3E+ Project

1,400

-

4,500 6,000

Marketing Business: Annual CAPEX & Network Expansion 1,000 3,000

Solar Power Plant Business: Phase III : 48 MW 5,700 -

BBF’s Expansion Project 800 -

Total 8,900 13,500

Investment Plan

31

Disclaimer : The information contained herein is being furnished on a confidential basis for discussion purposes only and only for the use of the recipient, and may be 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.

The Bangchak Petroleum PLC

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

www.bangchak.co.thclick Investor Relations

32