20 May 2020

2

AGENDA

IRPC Strategies

Financial Performance

Performance by Business

Achievement

Impact of the outbreak of COVID-19 and mitigation strategies

3

Spunbond

Face Shield

Alcohol

Key Actions for supporting the COVID-19 outbreak Our Survival Mode

Modular room

Negative-pressure Bed

Business Continuity Management (BCM)

Employees Protection

Social Contribution

Liquidity management

Production and marketing strategies alignment

Tighten Operating expenses (OPEX)

Capital spending plan (CAPEX) Reconsideration

Strengthen IRPC projects

CSR “The Fight Against COVID-19”

#Community Protection

1Q20 Achievement

Patient Transportation Chamber Cover

Signs the MOU with the Faculty of Medicine, Vajira Hospital, Navamindradhiraj University

for a laboratory to test the equipment, raising the product standard

Face Shield

For Hospitals & Government Agencies by

IRPC Volunteers

Alcohol

For IRPC Employees &

Hospitals

Spunbond

Non-Woven FabricTo Produce Personal

Protective Equipment : PPE

Modular Diagnosis Room/ ARI Clinic Room

One Stop Service Clinic

Designed by IRPC and Signs

the MOU with Rayong Hospitals

4

Innovation from IRPC Specialty Polymer and

5

Projects UpdatedFloating Solar Project with Electricity 12.5 MW ABS Expansion: Increasing ABS specialty by 6,000 MTA

Construction ProgressABS Expansion

Project Objective : Increase 6,000 MTA of Specialty

ABS Powder. Recovery Vapor Butadiene

278 MTA from Flare.

CAPEX : ~ 430 MB

IRR : ~ 17%Project Progressas of April 2020

: 80 % of Target

Installing equipment and

Piping work under

progression

MC : 3Q20

COD : 3Q20

Project Progressas of April 2020

Project Objective : To produce electricity 12.5 MW Floating Support material by

own HDPE BOI Privilege

Area: Reservoir in Industrial Park

Usage: Internal use at PP Plant

CAPEX : ~ 550 MB

IRR : ~ 17%

Floating Solar

: 99 % of Target

Construction Progress

MC : April 2020

COD : 2Q20

6

AGENDA

IRPC Strategies

Financial Performance

Performance by Business

Achievement

QoQ 24%

5.7

3.8 4.7

1Q19 4Q19 1Q20

30

31

32

33

7

Key DriversCrude oil price collapse amid Saudi Arabia – Russia price war & COVID-19 pandemic

30

40

50

60

70

80

Brent Dubai

Crude Oil Price (avg)

Gross Refining Margin (GRM)

Foreign Exchange (avg)

Product to Feed Margin (PTF)

Unit: $/bbl Unit : THB/USD

1.9 1.7

0.8

1Q19 4Q19 1Q20

Unit: $/bbl Unit: $/bbl

YoY 56%

QoQ 52%

YoY 18%

31.8

Dubai QoQ 18%

Dubai YoY 20%

QoQ depreciated 3%

YoY appreciated 1%

31.8

1Q19 2Q19 3Q19 4Q19 1Q20

Brent 63.2 68.8 61.9 63.2 50.3

Dubai 63.5 67.4 61.2 62.1 50.71Q19 2Q19 3Q19 4Q19 1Q20

30.9 30.5 31.5

8

Financial Highlight: 1Q20 PerformanceStock loss & dampened petroleum products spread led to lower performance

Overview of Business

Net Sales(net excise tax)

Dubai (Avg.)

Unit: $/bbl

Net IncomeUnit: MB

Unit: MB

EBITDA

Unit: MB

Market GIM ($/bbl)

Crude run KBD

Acct. GIM ($/bbl)

Net Stock G/(L)($/bbl)

Net Income

Operating NI (780)(2,330)

(43)

153

(513)

(8,905)

1Q19 4Q19 1Q20

54,274 50,337 43,617

2,355 543

(6,436)

QoQ , YoY – n.a.

63.5 62.1 50.7

200 190 188

8.68 6.76 6.82

1.26 1.38 (12.66)

9.94 8.14 (5.84)

QoQ , YoY – n.a.

QoQ 13%

YoY 20%

QoQ 98%

YoY 94%

(107%) (95%)

102%

(83%)(20%)

3%

Net Sales(net excise tax)

EBITDA

Net income

5%

(20%)

115%

(93%)

(17%)

10%

72%

27%

1%

69%

29%

2%

Petroleum Petrochemical Utilities & Others

Total

4Q19 1Q20 4Q19 1Q204Q19 1Q20 4Q19 1Q20

4Q19 1Q20 4Q19 1Q204Q19 1Q20 4Q19 1Q20

4Q19 1Q20 4Q19 1Q204Q19 1Q20 4Q19 1Q20

(Unit: MB)

1Q19 4Q19 1Q20 QoQ YoY 1Q19 4Q19 1Q20

Net Sales 54,274 50,337 43,617 (13)% (20)% 95.04 94.41 81.06

Market GIM 4,958 3,605 3,665 2% (26)% 8.68 6.76 6.82

Stock Gain (Loss) (122) 526 (4,461) n.a. n.a. (0.21) 0.99 (8.29)

LCM 841 (163) (2,673) n.a. (418)% 1.47 (0.31) (4.97)

Oil Hedging Gain (Loss) 1 373 323 (13)% n.a. 0.00 0.70 0.60

Net Stock Gain (Loss) 720 736 (6,811) n.a. n.a. 1.26 1.38 (12.66)

Accounting GIM 5,678 4,341 (3,146) (172)% (155)% 9.94 8.14 (5.84)

OPEX + Selling Exp. (3,744) (4,313) (3,730) 14% 0% (6.56) (8.09) (6.93)

Other Incomes 422 515 439 (15)% 4% 0.74 0.97 0.82

EBITDA 2,355 543 (6,436) n.a. (373)% 4.12 1.02 (11.95)

Depreciation (2,016) (2,218) (2,227) (0)% (10)% (3.53) (4.16) (4.14)

Cost of Finance (473) (466) (464) 0% 2% (0.83) (0.87) (0.86)

Financial Derivatives Gain (Loss) 86 382 (558) (246)% (749)% 0.15 0.72 (1.04)

FX Gain (Loss) 127 88 (500) (668)% (493)% 0.22 0.17 (0.93)

Unrealized Oil Hedging Gain (Loss) - - (993) - - - - (1.85)

Impairment Gain (Loss) (8) 658 (4) (101)% 50% (0.01) 1.23 (0.01)

Investment Gain (Loss) 83 65 49 (25)% (41)% 0.14 0.12 0.09

Other Expenses (5) (3) (10) (233)% (116)% (0.01) (0.01) (0.02)

Income Tax 9 445 2,246 405% n.a. 0.02 0.83 4.17

Net Profit 153 (513) (8,905) n.a. n.a. 0.26 (0.97) (16.55)

Unit: $/bblUnit: MB % Change

9

Financial Highlight: 1Q20 performance

(83%)

(20%)

3%

(93%)

(17%)

10%

69%

29%

2%

(8,905) MB

Petroleum Petrochemical Utilities and Others

Net Sales(net excise tax)

EBITDA

Net Income

43,617 MB

(6,436) MB

1Q20

10

Net Profit: 1Q20 VS 4Q19Net Stock loss & unrealized loss on derivatives resulted in a drop of Net Profit

60

Net Loss 4Q19

Margin Net Stock loss

OPEX & Selling

Exp.

Oil Hedging

Unrealized

Financial Derivatives

FX Tax & Others

Net Loss 1Q20

Operating Income 98%

Net Income – n.a.(513) (8,905)

(2,330) (43)

Unit: MB

ST Loan21%

LT Loan (USD)10%LT Loan (THB)

59%

Bond (THB)10%

Leasing0.4%

5,694 6,443 6,942 6,765 12,652 1,957 - 1,305 1,305

1,957

-6,889

- -

-

7,652

13,332

8,247 8,070

14,609

2020 2021 2022 2023 >2023

THB Bond

USD Loan

THB Loan

11

Financial PositionSecuring liquidity in response to COVID-19

121,991 121,362

12,212 14,523

40,611 32,681

3,036 12,273

83,402 73,008

4,860 5,217

52,071 51,910

37,517 50,705

Maturity of Long-term Borrowing

Debt ProfileStatements of Financial Position

Cash Flow

Unit : MB

Remark: Long-term debt as at 31 March 2020

Unit: MB

PP&E(incl.

investment properties and ROU)

Other Non-CA

Cash

Other CurrentLiabilities

LT Borrowing incl. current port.

Shareholders’Equity

Mar. 2020Dec. 2019

Other CA

Other Non-CurrentLiabilities

Beginning Cash

1 Jan 2020

Ending Cash31 Mar 2020

Cash Flow from

Operating

Unit: MB

Cash Flow from

Investing

Cash Flow from

Financing

Net Debt = 53,589 MB

Ex. Rate = 32.83 Baht/$

Financial Ratios

< 1.0x

Net D/E CA/CL

177,850 180,839Interest Rate Currency

Float 80% THB 90%

Fixed 20% USD 10%

2%

0.66 0.67 0.74

1Q19 4Q19 1Q20

0.96 0.95 0.77

1Q19 4Q19 1Q20

12

AGENDA

IRPC Strategies

Financial Performance

Performance by Business

Achievement

13

Petroleum Spread

12.8 12.415.4 14.3

11.0

1Q19 2Q19 3Q19 4Q19 1Q20

3.77.5

11.7 12.96.7

1Q19 2Q19 3Q19 4Q19 1Q20

0.6

(2.3)

0.9

(18.7)

(7.4)

1Q19 2Q19 3Q19 4Q19 1Q20

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

(40)(4) (2)

98

27

1Q19 2Q19 3Q19 4Q19 1Q20

482 473 451 553 536

1Q19 2Q19 3Q19 4Q19 1Q20

330 287 283 384 370

1Q19 2Q19 3Q19 4Q19 1Q20

QoQ 48%

%

%

%

QoQ 23%

QoQ 60%

QoQ 4%

QoQ 3%

QoQ 72% $/TON

$/TON

$/TON

93% 89% 87% % U-Rate

200 190 188

0.4 0.1 0.4

0.9 0.3

8.4 8.1 7.9

2.0 2.3 2.4

1.0 0.5 0.5 0.5 0.5 0.4

1.8 1.8 1.6

14.1 14.0 13.6

1Q19 4Q19 1Q20

Lube

LPG&Other

Naphtha &ReformateGasoline

Diesel & Jet Oil

LSFO 0.5%

HSFO

14

Petroleum GroupFalling Gasoline & Diesel spreads plus high crude premium led to negative refinery margin

4,437 3,823 3,860

33,336 32,193 26,384 Refinery

37,773 36,016 30,244

14.2 14.0 13.4

1.8 1.7

1.7

16.0 15.7 15.2

1Q19 4Q19 1Q20

Lube Base

Refinery

2.0 5.1 5.3

0.8

0.1 (0.9)

1.1 1.6 1.7

1.9 1.7 0.8

1Q19 4Q19 1Q20

Lube Base

Refinery1Q19 4Q19 1Q20

Crude Intake

GRMSales Volume & Revenue

Production

66% 68% 72%

34% 32% 28%

1Q19 4Q19 1Q20

Sweet Crude

Sour Crude

Premium over Dubai ($/bbl)

64% 68% 71%

22% 16% 16%6% 6% 5%

8% 10% 8% Others

Domestic

Far East

Middle East

Crude Run (KBD)

YoY 5%

QoQ 4%

YoY 20%

QoQ 16% Revenue

Petroleum

Lube Base

Crude intake (Mbbl)

Unit : $/bbl

Unit : Mbbl

Unit : Mbbl

18.0 17.5 17.1Sales Volume

Unit : MB

YoY 6%

QoQ 2%

YoY 4%

QoQ 3%

89%

84%

112%

YoY 56%

QoQ 52%

% Utilization

Lube Base

RDCC

93%

84%

70%

87%

79%

93%

15

Petrochemical Spread

788 763 721 622 678

1Q19 2Q19 3Q19 4Q19 1Q20

1,000 955 932 848 892

1Q19 2Q19 3Q19 4Q19 1Q20

93 108 163

120 123

1Q19 2Q19 3Q19 4Q19 1Q20

409 283 307 203 240

262 395 282 254 315

671 678 589 457 555

1Q19 2Q19 3Q19 4Q19 1Q20

Ethylene-NP HDPE-Ethylene

154 164 209

149 148

1Q19 2Q19 3Q19 4Q19 1Q20

320 255 368 321 347

291 337 218 178 180

611 592 586 499 527

1Q19 2Q19 3Q19 4Q19 1Q20

Propylene-NP PP-Propylene

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

QoQ 21% QoQ 6%

QoQ 3%

QoQ 9% QoQ 5%

QoQ 1%

$/TON

$/TON

$/TON$/TON

$/TON

$/TON

16

Petrochemical GroupSharp fall in Naphtha price support Petrochemical product spread

107 91 92 8

50 88 81 68 53 60

186 199 209

411 431 450

1Q19 4Q19 1Q20

Polyolefin

Olefin

Polystyrenic

Styrenic

Aromatic

1.5 1.3 1.2

4.22.5 3.4

5.7

3.84.7

1Q19 4Q19 1Q20

Olefins

Aromatics &Styrenics

Production

PTF

Sales Volume and Revenue

181 168 155

282 266 274

463 434 429

1Q19 4Q19 1Q20

Olefins &Polyolefins

Aromatics &Styrenics

QoQ 1%

QoQ 7% Revenue

1Q19 4Q19 1Q20

YoY 7%

YoY 20%

15,629 13,427 12,497

9,987 8,277 8,090

5,642 5,150 4,407

Petrochem

Olefins

Aromaitcs &Styrenics

Unit : KMT

1Q20 : Petrochemical revenue was Bt 12 bn

QoQ : 7% decrease from 6% price decrease & 1% vol. decrease

YoY : 20% decrease from 13% price decrease & 7% vol.

decrease

1Q20 Market PTF was $4.7/bbl:

QoQ : $0.9/bbl increase as higher products spread

YoY : $1.0/bbl decrease as lower products spread

Crude intake (Mbbl)

Unit : $/bbl

Unit : KMTSales Volume

Unit : MB

YoY 9%

QoQ 4%

YoY 18%

QoQ 24%

90%

88%

92%

82%

69%

57%

107%

% Utilization

Polyolefins

Olefins

% Utilization

Polystyrenics

Styrenics

Aromatics

18.0 17.5 17.1

89%

83%

97%

95%

92%

99%

94%

88%

105%

93%

96%

95%

104%

92%

17

Power & Utility Increasing margin due to higher steam u-rate

534 531 505

277 303 308

61 60 63

872 894 876

1Q19 4Q19 1Q20

Other

Steam

Electricity

Utilization Rate

GIM

Revenue

QoQ 2%

YoY 0.5%

1Q20 U-Rate of Steam was 66%; 6% QoQ, 7% YoY

QoQ & YoY : increase after industrial area customers return to normal

operations

1Q20 U-Rate of Electricity was 71%; Unchanged QoQ, 4% YoY

QoQ & YoY : increase owing to planned shutdown of RDCC plant in 1Q19

1Q20 : Power & Utility revenue was 876 MB

QoQ : 2% decrease from lower electricity sales vol. to EGAT VS higher steam

vol. to IRPC industrial area customers

YoY : 0.5% increase from higher steam sales vol. VS lower electricity sales vol.

1.10 1.24 1.32

1Q19 4Q19 1Q20

Power & Utility

Unit : $/bbl

Unit : MB

67% 71% 71%

1Q19 4Q19 1Q20

Electricity

59% 60% 66%

1Q19 4Q19 1Q20

Steam

YoY 20%

QoQ 6%

YoY 7%

QoQ 6%

YoY 4%

QoQ - Unchanged

Accounting GIM

1Q20 Acct GIM was $-5.8/bbl,

QoQ: $14.0/bbl due to $12.7/bbl net stock loss compared to

$1.4/bbl net stock gain in 4Q19

YoY: $15.8/bbl due to $12.7/bbl net stock loss compared to net

stock gain of $1.3/bbl in 1Q19 and $1.9/bbl lower market GIM

18

Market & Accounting Gross Integrated MarginThe COVID-19 outbreak affected to stock loss

8.7 6.8 6.8

1.3 0.7

(13.3)

0.7 0.6 9.9

8.1

(5.8)

Market GIM Stk G/(L) & LCM Hedging

1.9 1.7 0.8

5.7 3.8 4.7

1.1 1.2 1.3

8.7 6.76 6.82

Petroleum Petrochem Power & Utility

1,084 931

449

3,247 2,014 2,503

627 660 713

4,958 3,605 3,665

1Q19 4Q19 1Q20

4,958 3,605 3,665

719 363

(7,134)

1 373 323

5,678 4,341

(3,146)

1Q19 4Q19 1Q20

Market GIM

Unit: $/bbl

Accounting GIM

Unit: $/bbl

Unit: MB

Market GIM by business

Unit: $/bblPetrochemical

Petroleum

Unit: MB

YoY 22%

QoQ 1%

YoY 159%

QoQ 172%

YoY 26%

QoQ 2%

YoY 155%

QoQ 172%

Market GIM

1Q20 Market GIM was $ 6.8/bbl,

QoQ: $0.1/bbl from higher petrochemical spreads versus lower

petroleum spreads

YoY: $1.9/bbl due to lower spread & higher crude premium

0.8 0.1

(0.9)

1.1 1.6 1.7

1.9 1.7 0.8

1Q19 4Q19 1Q20

Refinery Lube Base

1.5 1.3 1.2

4.2 2.5 3.4

5.7

3.8 4.7

Aromatics&Styrenics Olefins

19

AGENDA

IRPC Strategies

Financial Performance

Performance by Business

Achievement

20

Survival Mode

1. Maintain Market Position

2. CAPEX & OPEX Reduction

3. Strengthen IRPC

21

1. Maintain Market PositionRelationship-based strategies and Portfolio management

Key challenges and mitigation: Protect domestic market share and search for new territories

Petrochemical ProductsPetroleum Products

-1.0 -0.5 0.0

Diesel

Gasoline

Jet

Lube

IRPC MKT

-30%

-20%

Overall reduction in demand, decline across Petroleum products portfolio especially gasoline and jet

-100%

-50%

-40%

-30%

-10%

Impact across petrochemical, some sectors harder hit especially automotive, electronic and industrial while packaging and consumer remains strong

Key challenges and mitigation: Closely monitor customer’s inventory & adjust proportion export

%Market demand decline (2Q20F)

▪ Keep contract of domestic demand based on market decline to maintain market share

▪ Export sales to countries those are not lockdown or partial lockdown

▪ Jet is only 4-5% of refinery portfolio, swap to diesel pool

▪ Lube products group : maintain South East Asia and China customers

▪ Demand decline both domestic and export

▪ Demand decline both domestic and export

Key challenges Mitigation Key challenges Mitigation

No impact

▪ Secure order with contract customer

▪ Review and negotiate with strategic partner to ensure order

▪ Spot order move to focus area

▪ Closely monitor and follow up customer’s inventory to immediate response after lock down

-0.5 -0.3 0.0

Polystyrenics

Polyolefins

IRPC MKT

-30%

-20%

-30%

-25%

%Market demand decline (2Q20F)

Stress case Stress case

22

2. CAPEX & OPEX ReductionTotal 5 years CAPEX plan decreased ̴ 48% and OPEX decreased ̴ 13% after review

41,598

15,009

12,355

10,870

2,176

2020-2024Plan

2020-2024Review

53,953

28,055

-48%

Strengthen IRPC

General CAPEX

4,010 2,159

2,952

2,367

254

2020 Plan

6,962

254

2020 Review

4,780-31%

CAPEX Reduction 2020-2024 (MB)

CAPEX 2020 (MB)

OPEX Reduction 2020 (MB)

2020 Plan 2020 Review2020 Plan 2020 Review

Projects

-13%

23

3. Strengthen IRPCDriven performance by “Strengthen IRPC” program to deliver benefit

Significant EBITDA impact (total value estimated at 4,600+ MB)

▪ “Strengthen core business IRPC”

▪ Cross functional team from Operation , Commercial , Business development , ISC M&R and RD to

– Safety

– Reliability

– Productivity

– Increase specialties products

– Conversion cost reduction

– Enhance value of idle asset

– Inventory management

– Increase distribution channel

▪ Project governance by IRPC ourselves

Benefit Forecasted for 2020 ≈ 1,904 MB (Off PL 640 MB)

MB

Overview of impact and capital required

254

1,530

392

2,1761,904

7731,069

855

4,600

20222020 2021 2023 total

CAPEX

Benefit

886

1,904

329

E4E

Breakthrough Project

IRPC 4.0

total

MB

689

24

3.1 Inventory ManagementMinimize inventory and keep less

Spare Part Management:Minimize stock and more cooperation with partner / supplier

Total Spare Part2,200 MB

Fast Move200 MB

Min - Max500 MB

Non/Slow Move1,500 MB

Method

Challenge reason to stock

Co-develop strategy with supplier

Co-develop strategy with group

Crude & Product Inventory:Reduce product and intermediate

2020 2021 2022

200

400 400

3 Phases development during 2020 – 2022

Targetsaving ~ 1,000 MB

11.010.6

0.0

5.0

10.0

0.0

5.0

10.0

15.0

Existing Target Y20

Reduce product & intermediate inventory ~400K Barrels

-4%

Million bbl

25

3.2 STARGATE

Project description :

Provide strategic gateway for domestic market via pipeline system

supporting UCF project

Scope:

Margin improvement

increase competitive advantage in domestic oil market

CAPEX : Minimal or none

Margin Improvement : 500 - 600 MB

COD : 2Q2023

STARGATE

Future Opportunity

This presentation material has been prepared solely for informational purposes only. IRPC is furnishing it solely for use by prospective investors / analysts in the

proposed event. IRPC makes no representations or warranties as to the accuracy or completeness of such information. By accepting this material each recipient

agrees that IRPC shall not have any liability for any representations (express or implied) contained in, or for any omissions from this presentation.

The information contained herein does not purport to be all-inclusive or to contain all of the Information that may be material to the recipient’s decision. Each recipient

of the information and data contained herein should perform its own independent investigation and analysis of the transaction and the creditworthiness of IRPC . Reference in this Disclaimer to this shall include references to the Appendices (if any) hereto.

Investor Relations Contact: ir@irpc.co.th

Tel. +662-765-7380, Fax. +662-765-7379

Thank You

Disclaimers