Analyst Meeting 3Q14 17 November 2014

Disclaimer

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.

2

Agenda

1. 3Q14 Overview

2. Highlight Update

3. Industry Outlook

4. Operation & Financial Performance

• Strategic Direction • Phoenix Project

Appendix

3

71,766 71,658 68,507

207,880 212,019

106.1 101.5 105.1 104.0 106.3

3Q14 Overview Overview of Business

Net Sales (net excise)

Dubai Unit: $/bbl

1,048

178 22 42 544

Net income

Unit: MB

Unit: MB

Market GIM 6.0 5.4 6.7 7.1 6.6

4.0 1.9

(4.5)

0.7

(1.0)

0.4 1.9 0.8

0.4 1.3

10.4 9.2 3.0 8.2 6.9 Accounting GIM Oil hedging

Unit: $/bbl

3Q13 3Q14 9M14 2Q14 9M13

9Mo9M 2%

1. In 3Q14, average Dubai price dropped to 101.5$/bbl from 106.1$/bbl in 2Q14, driven by higher Libya’s oil production and a gradual rise in the US shale oil production.

2. Net sales were 68,507 MB in 3Q14, decreasing by 4% from 71,658 MB in 2Q14 due to a decrease of 5% in the product prices despite an increase of 1% in the sales volume.

For 9M14, net sales were 212,019 MB, higher than net sales of 207,880 MB in 9M13, mainly due to an increase of 6% in the product prices despite a decline of 4% in the sale volume caused by the VGOHT fire incident.

3. Market GIM in 3Q14 was 6.7$/bbl, increasing by 1.3$/bbl compared to 5.4$/bbl in 2Q14 because of better petrochemical product spreads.

However, the Accounting GIM was 3.0$/bbl, dropping from 9.2$/bbl in 2Q14 mainly due to stock losses and provision for LCM despite hedging gains of 0.8$/bbl.

For 9M14, the Market GIM dropped to 6.6$/bbl from 7.1$/bbl in 9M13. Alleviated by hedging gains of 1.3$/bbl, the Accounting GIM decreased to 6.9$/bbl from 8.2$/bbl in 9M13.

4. Net profit was 22 MB in 3Q14, compared to 178 MB in 2Q14. For 9M14, net profit was 544 MB, compared to 42 MB in 9M13.

QoQ 4 % YoY 5 %

YoY 98% QoQ 88% 9Mo9M 1,195%

YoY 71% QoQ 67% 9Mo9M 16%

4

Stock gain/(loss)

Agenda

1. 3Q14 Overview

2. Highlight Update

3. Industry Outlook

4. Operation & Financial Performance

• Strategic Direction • Phoenix Project

Appendix

5

Highlight Update Dispute settlement between IRPC and Liaopairattana family

6

Criminal 33 Cases

Civil 62 Cases

Plaintiff 46 Cases

Defendant 49 Cases

Type of Cases

Total 95 Case

• Approval for dispute settlement between IRPC and Liaopairattana family

was granted by BOD since September 2014, totaling 95 cases.

- For cases in Trial Court, Trial Courts have approved compromise

verdicts and consented a disposal of the cases.

- For cases in Appeal Court and Supreme Court, IRPC is waiting for

Appeal Court and Supreme Court to issue summons for hearing an

order.

• All of shareholding in United Grain Industries Company Limited

amounting to 992,698 shares or 18.05% of the total shares in the firm to

Liaopairattana Enterprise Company Limited was disposed for 250 MB.

• The 90-year lease agreement beginning in 1995 -1999 between IRPC

and Pornchai Enterprises Co.,Ltd. for the TPI Tower building was

terminated, resulting in a refund of the remaining prepaid rental fees

amounting to 470 MB.

Highlight Update Dow Jones Sustainability Indices (DJSI)

• IRPC has been chosen for inclusion in the Dow Jones Sustainability Emerging Markets Index.

• Reinforce the fact that IRPC is operating businesses with the best sustainability practices by considering the environment, society, corporate governance and good performance.

7

Fire Incident Update

UHV Project Update

• VGOHT unit: Reconstruction is on schedule

Waiting for installation of long-lead items

Expect start-up in April 2015

• DCC: 3Q14, utilization was at 70%

Currently utilization is higher at 80%

• Insurance Claim: 3Q14, amounts to 22 MUSD (710 MB)

• UHV Progress: 84.6% as of October 2014

• COD: October 2015

• CAPEX Utilization: 59%

UHV Project

Highlight: Delta Project Update

Operational Excellence

Commercial Excellence

Human Resource Excellence

Achieving EXCELLENCE across all 3 strategic pillars ensures that IRPC will meet its vision by 2020.

Value chain optimization Overall plant effectiveness Energy efficiency improvement Reliability & asset integrity

Product portfolio optimization Salesforce effectiveness Transportation optimization

Labor cost productivity Corporate overhead reduction Sourcing optimization

37

20

10

Benefit (MUSD)

Target (MUSD)

• Reallocation of spot/term contracts for petroleum products

• Focus on higher margin and high potential customers, and maintain customer royalty for petrochemical products

• Optimize crude selection via upgraded LP model

• Optimize steam consumption

• Optimize energy usage

• Shorten time required for turnaround

• Budget saving

• Reduced non-moving inventory of spare parts

As of 31/12/14

67 34.0

As of 30/9/14

13.9

15.1

5.0

8

Agenda

1. 3Q14 Overview

2. Highlight Update

3. Industry Outlook

4. Operation & Financial Performance

• Strategic Direction • Phoenix Project

Appendix

9

World Oil Demand: Recovery in 2015

Source: PRISM, October 2014 10

US Shale Oil Phenomenon Total US liquids production grew phenomenally in 2014 due to shale oil U.S. Now becomes the BIGGEST producer

Source: IEA, EIA, BofA ML

Big surplus in U.S. Crude Production

Source: IEA, EIA, PIRA, J.P. Morgan

• The US oil output soared to a 31-year high, reaching almost 12 MMBD.

• US is poised to leapfrog Saudi Arabia and Russia as the world’s largest oil producer.

• The US oil production has significantly changed the flows of oil around the world. US imports have fallen 31 percent since 2005 to 7.5 MMBD.

Non-OPEC Crude Oil and Liquid Fuels Production Growth

11

Less OPEC Crude Oil Needed

Source: IEA, EIA, OPEC & PRISM

Looking back (Nov 4,2013): PRISM estimate average Non-OPEC supply & OPEC NGLs growth of 2014 = +1.7 MMBD

12

A New Norm for Crude Oil Big supply disruptions from OPEC in 2014 As Libyan oil output attempted to make a return in June,

Saudi Arabia did not react

A lower oil price will likely hit countries facing US sanctions such Iran or Russia the hardest…

Source: PIRA

Saudi policy may have shifted to factor in geopolitics

1. A dip in prices could benefit Saudi Arabia by slowing down American shale oil investments and thus keep the US engaged in the Middle East for longer.

2. Higher inventories reduce the risk of a major spike and thus mitigate the likelihood of European or Asian recession.

3. A lower oil price will likely hit countries facing US sanctions such as Iran or Russia the hardest .

13

Breakeven Costs Set Floor for Crude Price

Fiscal Breakeven Price Cost of Oil Production $/BBL

Saudi can stay in comfort zone at 80 – 90$/bbl

Lower floor price shall cause delay for high production cost projects such GTL, Ultra-Deepwater etc.

If the price slides to below 80$/bbl, 1.05 MMBD of North America oil production will be affected.

Production of N. America Project Types with Breakevens above $80/BBL

Source: IEA analysis of Rystad energy Data

Source: Deutsche Bank Thomson Reuters, The Economist Oct14, J.P. Morgan Oct’14

Can. Synthetics Can. Bitumen US LTO Deepwater Crude Oil (>125 Metres)

Total

14

62

64

66

68

70

72

74

0

5,000

10,000

15,000

20,000

25,000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

'000 Ton

US PROPYLENE DEMAND / SUPPLY ( by Feedstock )

Demand Export/Import Metathesis Dehydro FCC Splitters Steam Crackers ORPDH

Shale Gas, the Revolution in US

6065707580859095100

05,000

10,00015,00020,00025,00030,00035,00040,00045,000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

'000 Ton US ETHYLENE DEMAND / SUPPLY ( by Feedstock )

Demand Export/Import Naphtha Butane Propane Ethane OR

There is no effect of Shale gas on ethylene because the demand recovers and operating rate is still stable in high level, ~90% from 2015 -2023.

US Ethylene Demand / Supply (by Feedstock)

PDH continues to increase with several companies announcing new capacity, making propylene oversupplied and needed to be exported.

US Propylene Demand / Supply (by Feedstock)

% Operating rate

% Operating rate

15

Shift to Lighter Cracker Feedstock Changing Petrochemical World

Source: IHS 2014

Ethylene Cash Cost of Regional Stream Cracker

Coal/ Methanol

Ethane

MMT

World Ethylene Demand

The Era of Coal and Ethane

Incremental Ethylene Capacity 2013-2018, MMT

HDPE Demand Growth 4.7% (2013 – 2018)

Higher demand and more usage of US Shale gas improved competitive position, leading to the

reinvestment in commodity products.

Source: IHS 2014

Source: ICIS 2014

16

Increasing On-purpose Propylene Production Due to the New Wave of PDH and CTO

Source: IHS 2014

Incremental Propylene Capacity 2013-2018

China brings a large capacity of CTO and PDH to the market.

Coal/ Methanol PDH

PDH

CTO/MTO becomes a large portion of local supply, reaching 50% of the supply in 2020.

China CTO/MTO expansion 2013-2020

Global Propylene Demand Growth Average 4 MMT/year (2008-2023)

2013-2018 Global propylene demand growth: ~4.6% PP demand growth: 4.4%

17

Petrochemical Driving Force The consumption growth in China boosts global petrochemical investments.

Source: Nexant 2014

0

20

40

60

80

100

120

China Europe North America South EastAsia

India Japan Brazil Turkey Middle East

Mill

ion

tons

Demand in 2023

Capacity in 2013

China: Primary Driver for Global Future Investment

India: Secondary Driver for Future Investment in Asia

20 Million Tons Excess Capacity

Forecast Capacity Development 2013-2023

Note: Commodity plastics include polyolefins, polystyrene, poly vinyl chloride, PET resin

Demand and Capacity Outlook for Commodity Plastics

18

Benefits of Lower Crude Oil Prices

Fuel Loss Decrease Fuel loss is estimated as a proportion of

production yields and the value of the fuel losses incurred is linked to the level of crude price.

Thus, lower crude price would result in lower value of fuel losses incurred.

Lower Crude Premium Lower Arabian premium is driven by Saudi

Arabia’s incentive to maintain its market shares amid excess supply of crude, supporting product margins. Narrower Brent/Dubai premium is caused by

higher output of US shale oil supply and lower Middle East crude price in well-supplied oil market. Sweet crude is thus relatively cheaper.

Widen Petroleum and Petrochemical Product Margin Sustainably low crude price could stimulate economic growth in the long run.

Higher economic growth would boost up the demand for petroleum and petrochemical products and support the product spreads.

5

4

3

2

1

Less Working Capital Requirement

Benign Inflation and Interest Cost Lower crude price directly eases headline

inflation pressure.

Without inflation pressure, central banks can prolong the low interest rate environment to support economy during the recovery period.

The amount of working capital is directly linked to the amount of payments for purchases of crude, which is in turn proportional to crude price.

Lower crude price reduces required working capital and frees up existing cash.

19

Agenda

1. 3Q14 Overview

2. Highlight Update

3. Industry Outlook

4. Operation & Financial Performance

• Strategic Direction • Phoenix Project

Appendix

20

(7.3) (3.6)

(10.7) (10.4) (8.5) (10.6) (8.4) (7.2) (9.1)

1Q13 2Q 3Q 4Q 1Q14 2Q 3Q 9M13 9M14

020406080

100120140160180200

$/bbl Dubai ULG 95 GAS OIL 0.05% FUEL OIL

Mixed performance of Petroleum Spreads

Source: Platts, IRPC Analysis Team

106.3 106.4

AVG. Price.

1 7

2Q14 2Q12 4Q12 1Q13 2Q13 3Q13 4Q13

106.3

3Q12

0.04 107.5 106.8 108.2 100.8

0.5 5

18.4 14.6 12.4 9.2 14.6 16.1 13.2 15.1 14.6

1Q13 2Q 3Q 4Q 1Q14 2Q 3Q 9M13 9M14

19.6 16.8 17.3 17.7 17.8 16.0 14.4 17.9 16.1

1Q13 2Q 3Q 4Q 1Q14 2Q 3Q 9M13 9M14

ULG95-Dubai

1Q14

104.5 2

Gasoil-Dubai ($/BBL)

Fuel oil -Dubai ($/BBL)

0.7

($/bbl)

($/bbl)

($/bbl)

106.1 1.6

116.1 10

1Q12 3Q14

101.5 4.7

21

• Average Dubai price decreased in 3Q14, driven by higher Libya’s oil production and a gradual rise in the US shale oil production.

• ULG spread declined due to high US gasoline stock and the end of US driving season.

• Gas oil spread was adversely affected by the monsoon season in South East Asia.

• A rise in fuel oil spread was because of strong power demand in the summer season in M.E., and increased of Iran’s stockpiling demand for fuel oil cargo due to shortages of LPG.

Source: Platts, ICIS, IRPC Analysis Team

0

200

400

600

800

1,000

1,200

1,400

1,600$/Ton FO 180 3.5%S 500SN 150BS Asphalt

1Q12 2Q12 4Q12 2Q13 4Q13 2Q14 3Q12 1Q13 3Q13

421 494 518 509 486 501 499 478 496

1Q13 2Q 3Q 4Q 1Q14 2Q 3Q 9M13 9M14

$/Ton 500SN – FO 180 3.5%S Spread

(19) (7) (3) (27)

(68) (77) (66)

(10)

(71)

1Q13 2Q 3Q 4Q 1Q14 2Q 3Q 9M13 9M14

$/Ton Asphalt – FO 180 3.5%S Spread

1.0 2.0 0.2 0.3

1.3 0.6 0.9 1.1 1.0

1.4 1.5

1.4 1.2

1.8

1.1 1.3 1.4 1.4

2.4 3.5

1.6 1.6

3.1

1.7 2.2 2.5 2.3

1Q13 2Q 3Q 4Q 1Q14 2Q 3Q 9M13 9M14

$/bbl

Market GRM

Lube Base

Refinery

1Q14

• Lube base oil spread was quite stable amid solid demand from China.

• Asphalt spread increased since there was a seasonally strong demand from Australia.

Mixed performance of Lube Base Oil

3Q14

22

• Polyolefin spread maintained at high level due to tight supply of its feedstock in Asia amid ongoing maintenance schedule in the regions. The spread was also supported by the demand from manufacturing sectors.

500

700

900

1,100

1,300

1,500

1,700

$/Ton Naphtha Ethylene Propylene HDPE PP

1Q12 2Q12 4Q12 2Q13 4Q13 2Q14

434 405 397 480 507 496 565 412

523

87 179 171 110 113 121 125 146

120 521 585 568 590 620 618 691 558 643

1Q13 2Q 3Q 4Q 1Q14 2Q 3Q 9M13 9M14

$/Ton

HDPE-Ethylene –Naphtha Spread

3Q12

HDPE-Ethylene Ethylene - NP

1Q13 3Q13 1Q14

Rising Olefin Spreads

Source: Platts, ICIS, IRPC Analysis Team

3Q14

23

345 439 412 420 434 328 388 399 383

236 175 184 177 193 304 327 198 275

581 614 596 597 627 632 716 597 658

1Q13 2Q 3Q 4Q 1Q14 2Q 3Q 9M13 9M14

$/Ton PP-Propylene Propylene - NP

PP-Propylene –Naphtha Spread

Source: Platts, ICIS, IRPC Analysis Team

• Mixed xylene and toluene spreads improved. This improvement was attributed to ongoing strong performance of paraxylene.

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

1,500$/Ton Naphtha Benzene Toluene Mixed Xylene

1Q12 2Q12 4Q12 1Q13 2Q13 4Q13 2Q14

426 428 336 338 364 341 392 396 366

1Q13 2Q 3Q 4Q 1Q14 2Q 3Q 9M13 9M14

$/Ton

305 260 205 192 161 134 234 257

176

1Q13 2Q 3Q 4Q 1Q14 2Q 3Q 9M13 9M14

$/Ton

366 334 349 269 169 115

225 350

170

1Q13 2Q 3Q 4Q 1Q14 2Q 3Q 9M13 9M14

$/Ton Benzene – Naphtha Spread

3Q12 3Q13

Toluene – Naphtha Spread MX – Naphtha Spread

1Q14

Recovering Aromatics Spreads

3Q14

24

500700900

1,1001,3001,5001,7001,9002,1002,3002,500

$/Ton Naphtha SM ABS PS

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

922 976 995 891 863 804 821 965 829

1Q13 2Q 3Q 4Q 1Q14 2Q 3Q 9M13 9M14

$/Ton

1,051 1,057 1,015 960 980 974 1,033 1,041 996

1Q13 2Q 3Q 4Q 1Q14 2Q 3Q 9M13 9M14

$/Ton

PS –Naphtha Spread

773 851 895 759 724 673 688 840 695

1Q13 2Q 3Q 4Q 1Q14 2Q 3Q 9M13 9M14

$/Ton SM - Naphtha Spread

ABS –Naphtha Spread

1Q14

Source: Platts, ICIS, IRPC Analysis Team

Improving Styrenics Spreads

• ABS and PS spread rose supported by strong feed price although the improved spread appeared to be capped by continued weak downstream demand in Asia.

133 168 123 125

156 137 156 140 150

151 141 132 135 66 39

83 142 63

140 157

126 129 116 94 120

141 110

1Q13 2Q 3Q 4Q 1Q14 2Q 3Q 9M13 9M14

Aromatic &Styrenics Olefins

Market PTF*

$/Ton

* Exclude Intermediate Stream Margin

2Q14 3Q14

25

67% 67% 63% 61% 63% 0%

65% 62% 28% 22% 24% 21% 26%

31% 24%

5% 11% 14% 18% 11%

4% 14%

3Q13 4Q 1Q14 2Q 3Q 9M13 9M14

Domestic CrudeSweet CrudeSour Crude

Current Production Utilization Crude Intake

Mbbl

• Crude intake dropped in 3Q14 by 5% relative to 2Q14 due to VGOHT fire incident.

• Domestic crude intake in 3Q14 amounted to 18 KBD or 11%, declining by 13 KBD from 2Q14 because of high level of impurity (mercury and sulfur).

• Lube utilization rose by 6% to 84%.

• Utilization rates of aromatics and styrenics were 82% and 92% respectively. These amounted to increases of around 10% QoQ. In the previous quarter, there was a planned shutdown for 13 days.

• Utilization rate of olefins was 84%, down 6% since there were shutdowns in HDPE and PP units.

Unit: KBD

107% 111%

97% 90%

84%

105%

91%

78% 89%

85% 75%

82% 84% 81%

81%

95% 87%

84%

92%

84% 88%

3Q13 4Q 1Q14 2Q 3Q 9M13 9M14

Olefins Aromatic Styrenic

83% 81%

80%

80%

76%

85%

79%

95% 92%

82%

79%

84% 89%

82%

3Q13 4Q 1Q14 2Q 3Q 9M13 9M14

Refinery Lube

Utilization

Petrochemical Petroleum

174 172 173 163 179

169 183

16.5 16.0 15.5 15.7 14.9 50.1 46.2

26

Petroleum Sale Metrics Petrochemical Sale Metrics

10%

29%

20%

40%

11%

30% 24%

35%

10%

29% 23%

38%

3Q13 2Q14 3Q14

6%

8%

12%

9%

9%

10%

53%

55%

48%

10%

13%

11%

14%

12%

10%

8%

3%

9%

3Q14

2Q14

3Q13

Naphtha Gasoline pool Diesel pool FO pool Lube &Asphalt Others

6%

27% 26%

41%

6%

29% 32% 33%

5%

27% 30% 38%

Direct Wholesale Article 7 Export

3Q13 2Q14 3Q14

14.23 Mbbl

13.97 Mbbl

14.86 Mbbl

16%

13%

15%

53%

55%

59%

29%

30%

25%

2%

2%

1%

3Q14

2Q14

3Q13

Aromatics Olefins Styrenics Polyol

322 KMT

347 KMT

344 KMT

23%

37% 40%

24%

35% 41%

22%

38% 40%

Direct Agent Export

3Q13 2Q14 3Q14

77% 75% 75%

22% 24% 23%

3/56 2/57 3/57 .

ปิโตรเลยีม

ปิโตรเคม ี

+1% from Power & Utility

71,766 71,658 68,507

3Q14 Sale Volume Metrics

Local 62%

Export 38%

Unit: MB

Direct Wholesales Article7 Export

3Q14 Net Seles Revenue Sale Value

3Q13 2Q14 3Q14

Petroleum Petrochemical

27

1.6 1.6 3.1 1.7 2.2 2.5 2.3

3.3 4.1 3.4

2.5 3.3 3.7 3.1

1.1 0.8 1.3

1.2 1.2 1.0 1.2

6.0 6.5 7.8

5.4 6.7 7.1 6.6

83% 81% 80% 80% 76% 85% 79%

3Q13 4Q 1Q14 2Q 3Q 9M13 9M14

Power & Utility

Petrochemical

Petroleum

GIM in 3Q14

6.0 6.5 7.8 5.4 6.7 7.1 6.6

4.0 0.1

(0.4)

1.9

(4.5)

0.7

(1.0)

0.4

2.3 1.1 1.9 0.8 0.4

1.3

10.4 8.9 8.5 9.2

3.0 8.2 6.9

3Q13 4Q 1Q14 2Q 3Q 9M13 9M14

Accounting GIM

Market GIM

Utilization rate

Unit: $/bbl

Unit: $/bbl

28

• In 3Q14, Market GIM was 6.7$/bbl, rising by 0.7$/bbl compared to 6.0$/bbl in 3Q13.

- Product spreads 0.48 $/bbl - Crude intake 0.67 $/bbl - Delta project 0.92 $/bbl

• Oil Hedging gains (31% of production) was 0.8$/bbl (376MB) in 3Q14, rising by 0.34$/bbl (165MB) compared to 0.4$/bbl in 3Q13. In 3Q14, stock losses and provision for LCM were 4.5$/bbl (2,224MB) while there were stock gains of 4.0$/bbl (2,085MB) in 3Q13.

3Q14 vs. 3Q13

Hedging

Stock gain/ (loss) net LCM

Market GIM

9M14 vs. 9M13 • In 9M14, Market GIM was 6.6$/bbl, decreasing by

0.5$/bbl compared to 7.1$/bbl in 9M13.

- Product spreads 0.52 $/bbl - Crude intake 0.56 $/bbl - Delta project 0.57 $/bbl

• Oil Hedging gains (40% of production) was 1.3$/bbl (1,931MB) in 9M14, rising by 0.92$/bbl (1,398MB) compared to 0.4$/bbl in 9M13, stock losses and provision for LCM were 1.0$/bbl (1,490MB) while there were stock gains of 0.7$/bbl (1,107MB) in 9M13.

Financial Highlight: Quarterly

Unit : MB Quarter % Change

3Q14 2Q14 3Q13 QoQ YoY Net sales 68,507 71,658 71,766 (4) (5)

Market GIM 3,357 2,773 3,121 21 8 Stock Gain/(Loss) (1,906) 944 2,085 (302) (191)

LCM (318) 18 - (1,867) -

Oil Hedging Gain/(Loss) 376 975 211 (61) 78

Accounting GIM 1,509 4,710 5,417 (68) (72) OPEX & Selling Exp. (2,861) (3,113) (3,058) (8) (6)

Other Income 1,156 364 289 217 300

EBITDA (196) 1,961 2,648 (110) (107) Cost of Finance (265) (403) (209) (34) 27

FX Gain/(Loss) 33 (5) (112) 760 129

Impairment Gain/(Loss) 535 (51) 9 1,149 5,844

Investment Gain/(Loss) 130 7 16 1,757 713

Income Tax 1,107 (35) (61) 3,263 1,915

Net Profit 22 178 1,048 (88) (98)

29

Remark

Net Sales YoY: 5% from volume , price 0.3% QoQ: 1% from volume , price 5%

Market GIM YoY: increased by 0.73 $/bbl QoQ: increased by 1.32 $/bbl from spread and Delta project

Oil Hedging 3Q14 Hedging 31% of production volume

OPEX & Selling Exp. YoY: a decline in staff costs and consult exp. QoQ: a decline in maintenance exp.

Other Income Due to port , tank and claim insurance VGOHT = 710 MB

Cost of Finance YoY: a decline in gain from CCS 149 MB and interest paid 93 MB QoQ: increased gain from CCS 72 MB, a decline in interest paid 66 MB

FX Gain/(Loss) Ex.rate 32.52 $/฿ ( 30 Jun 14 Ex.rate = 32.60 $/฿)

Impairment: TPI Tower 470 MB

Investment: Gain of 167 MB from sales of stock

Income Tax: Increased from deferred taxes

Financial Highlight: 9 Months

Unit : MB 9 Months % Change

2014 2013 YoY

Net sales 212,019 207,880 2

Market GIM 10,100 10,904 (7)

Stock Gain/(Loss) (1,169) 1,107 (206)

LCM (321) - -

Oil Hedging Gain/(Loss) 1,931 533 262

Accounting GIM 10,541 12,544 (16)

OPEX & Selling Exp. (8,734) (8,292) 5

Other Income 1,826 841 117

EBITDA 3,633 5,093 (29)

Cost of Finance (1,033) (1,099) (6)

FX Gain/(Loss) 184 (312) 159

Impairment Gain/(Loss) 484 8 5,950

Investment Gain/(Loss) 172 6 2,767

Income Tax 1,005 2 50,150

Net Profit 544 42 1,195

30

Remark

Net Sales Sales volume declined by 4%, product prices rose by 6%

Market GIM 0.51$/bbl = 804 MB 1. A decline in MKT price and volume of production 2. Gain form Delta project

Oil Hedging Hedging 40% of volume production

OPEX & Selling Exp. Increased from staff costs and maintenance exp.

Other Income Due to port, tank and claim insurance VGOHT = 710 MB

Cost of Finance Net interest paid 151 MB and gain CCS/IRS 85 MB

FX Gain/(Loss) Ex.rate 32.52 $/฿ (31 Dec 13 = 32.95 $/฿)

Impairment: prepaid rental fees TPI Tower 470 MB

Investment: Gain from sell stock 167 MB

Income Tax: Increased from deferred tax

43,294 56,725 52,693

360

177 4,640 43,654

56,902 57,333

7,580 16,144

3,188

3Q13 2Q14 3Q14

Long term Short term Cash & S/T investment

3Q14 Debt Portfolio

Float 36 THB 56

Fixed 64 USD 44

Currency (%) Interest Rate (%)

Net Debt = 54,145 MB

Debt Structure As of Sep 30, 2014

ST Loan 4,640LT Loan 17,353

Bond (USD) 7,727Bond (THB) 27,613

Total 57,333

Debt (MB)

ST Loan 8%

LT Loan 30%

Bond (USD) 13%

Bond (THB) 49%

1.34 1.26 1.16

3Q13 2Q14 3Q14

> 1.05x

0.48 0.55 0.74

3Q13 2Q14 3Q14

< 1.0x

Net D/E CA/CL

36,074 40,758 54,145

3Q13 2Q14 3Q14

Cost of Debt 4.04% 3.97% 4.09%

Debt Profile

Financial Ratios

USD/THB = 32.52

Agencies Annual Review

March 2014 “Ba1” (Negative outlook)

April 2014 “BB+” (Stable outlook)

February 2014 “A-(tha)” (Negative outlook) /

F2 (tha)

Credit Ratings

Net Debt

Unit: MB

31

The future begins now creating shared value

Q & A Environment Social Education & Sports Labor & Human Rights Religion Public Health

32

Thank You

Investor Relations Contact: ir@irpc.co.th Tel. 02-649-7380, Fax. 02-649-7379

Presentation is available at

www.irpc.co.th Click “Presentations”

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.

Agenda

1. 3Q14 Overview

2. Highlight Update

3. Industry Outlook

4. Operation & Financial Performance

• Strategic Direction • Phoenix Project

Appendix

34

Vision and mission

Leading Integrated Petrochemical Complex in Asia by 2020

BIG LONG STRONG

1st Quartile ROIC in Petroleum & Petrochemical Industry

Member of DJSI Emerging Markets Universe

5% pa Revenue Growth with 15% pa EBITDA Growth

Groups Aspirations

Capacity & Products Expansion

Product & Service Improvement

Asset Utilization Enhancement

Operational Efficiency Improvement

Business Structure & Work Process

Leadership & Culture

Superb Products Portfolio

Management

Technology Driven Growth

Performance Planning & Monitoring

Excellence Capital Discipline

END

MEAN

WAY

Commercial Excellence BD & RD Excellence HR

Excellence Financial

Excellence Operational Excellence

REVENUE DJSI ROIC

35

Strategic Roadmap 2009-2020

Completed Project

Trail

Destination

Leading Integrated Petrochemical Complex In Asia by 2020

2015

2013

2009

2020

CHP I: - Electricity +220MW - Steam +420T/h

PRP: +100KTA of Propylene EURO IV: - Gasoline 15 KBD

- Diesel 10 KBD - Kerosene 15 KBD

TDAE: +28KTA, 150BS +25KTA Lube Blending: +60m.Ltrs./year EBSM: +60KTA, ABS/SAN: +60KTA

DELTA Initiatives & Implementations

Domestic crude usage up to 35KBD

Assets Management (Bankai/EIZ)

Product value increase by converting fuel oil to petrochemical products

Crude run at the full capacity of 215 KBD

UHV Completion

Quick Win Initiatives

Focus on specialties and move away from heavy-asset company

AA / SAP PX

Polyols SM

Future Project New investments

Crude Run 181 KBD: 84% Nelson Complexity Index: 6.6 Portfolio of Revenue: Petroleum 76% Petrochemical 24%

Crude Run 215 KBD: 100% Nelson Complexity Index: 8.6 More stable portfolio of Revenue:

Petroleum 59% Petrochemical 41%

Functional Excellence

Organic & Inorganic Growth: 5% pa Revenue Growth 15% pa EBITDA Growth

Member of DJSI: Emerging Markets Universe 1st Quartile ROIC in Petroleum &

Petrochemical Industry: ROIC 14%

PP Compound PP Expansion Approved

2017

36

COMmercial EXcellence

Strategic Initiatives: Delta

Organisation

DELTA

HR EXcellence

7 Workstreams

USD 37 M

5 Workstreams

USD 10 M

2 Workstreams

USD 20 M

USD 67 M

Delta

HR EXcellence OPerational EXcellence

37

• Increase propylene yield 320 KTA • Heavy and cheaper crude processing • COD : October 2015

Product Yield

23% 8%

14%

10%

40%

38%

5%

10%

16%

21%

2%

5% 6% 2%

0%

20%

40%

60%

80%

100%

IRPC IRPC+UHV

Ethylene

Propylene

LPG

Naphtha +Reformate

Gasoline

Diesel/ JetFuel

Lube Oil

Fuel Oil

Market GIM ($/BBL)

Benefit

$/bbl

0.0

3.0

6.0

9.0

12.0

15.0

BAU Dom.Crude UHV Delta Prog.

2012A 2013A 2014B 2015F 2016F 2017F 2018F

5.8 7.0

Progress 84.6% as of October 2014

HYVAHL reactor C3 rectifier & C3 stripper erection

Reactor and regenerator

38

Strategic Initiatives: UHV

Strategic Initiatives Roadmap: 2020

PP Derivatives • PP Expansion

160 KTA • PP Compounding

140 KTA

• DELTA Initiative Implementation • Assets Management (Bankai/EIZ)

Para-Xylene (PX)

Acrylic Acid (AA)

• Specialty focus and Moving away from heavy-asset company

• CHP I: Electricity +220MW, Steam +420T/hr • PRP +100KTA of Propylene • EURO IV: Gasoline 15KBD, Diesel 10KBD, Jet 15KBD • TDAE +28KTA, 150BS +25KTA • Lube Blending +60m.Ltrs./year • EBSM +60KTA, ABS/SAN +60KTA

Completed Project during 2011-13

2013 Crude Run 181 KBD Nelson Complexity Index Portfolio of Revenue: Petroleum/Petrochemical & Others

2

2015 Crude Run 215 KBD Nelson Complexity Index More stable portfolio of Revenue: Petroleum/Petrochemical & Others

76% / 24%

59% / 41% 6.6

8.6 84%

100%

1

3

STS 2014: Strengthening Core Business

• Increase product value by converting fuel oil to petrochemical products

• Running at full capacity of 215 KBD

Super Absorbent Polymer (SAP)

Quick Win Initiatives

UHV Completion

New investments through JV

2013

2014

2015

2017

39

Agenda

1. 3Q14 Overview

2. Highlight Update

3. Industry Outlook

4. Operation & Financial Performance

• Strategic Direction • Phoenix Project

Appendix

40

Phoenix Initiatives & Roadmap Capacity & Products

Expansion Capacity & Product

Expansion

Operational Efficiency Improvement

Asset Utilization Enhancement

Product & Services Improvement

Petrochem Petroleum Port & Tank Real Estate & Services

6. Supply Chain Optimization (Griffin and Trading)

3. Ethylene Specialty Development

7. Lube Group 1 Specialty Products Focus (TDAE/150BS)

12. I'M ACE: IRPC Service Solutions

1. Petrochem Operation & Energy Efficiency

5. Petroleum Operation & Energy Efficiency

9 . New Value Added for Port and Tank Business

2. Capacity Development for Propylene Growth (PRP/UHV)

11. Build and sustain land for green industrial complex (Bankai/EIZ)

4. EBSM Upgrading for ABS Specialty

(EBSM, ABS/SAN)

14. Performance Chemical Business Development Project

8. Petroleum quality improvement to clean fuel and green growth development (EURO IV)

13. Petrochem Catalyst Commercialization

15. Utilities for Sustainability

16: Oil Depot and Lube Blending Business Improvement (Lube Blending)

17: Analytical Lab

19: Hydrocarbon Management

20: Intellectual Property Stewardship

41

Additional Capacity in Phoenix Projects

Sep. +60 KTA

2012 2013 2014 2015

EBSM Upgrading for

ABS

Lube Group1

Petroleum Quality

Improvement

SM 200/260 KTA

TDAE 22/50 KTA 150BS 95/120 KTA

EURO IV Gasoline 15KBD Diesel 10KBD

Kerosene 15KBD

Project Total Capacity Old/New

Oct. Propylene +100 KTA

Sep. Propylene +320 KTA

PRP+ Propylene Growth (UHV)

Propylene 312/732 KTA

SAN3/ABS6 Apr. +60 KTA

ABS/SAN 117/177 KTA

Sep. TDAE +28 KTA 150BS +25 KTA

Feb. GHU 15 KBD

Mar. Co-Invest

Diesel 10KBD Kerosene 15KBD

42

Refinery & Lube

ADU

Lube Base

Asphalt

Products 2011 2012 2013 2014 2015 2016

CDU 215 KBD 215 KBD

150BS 95 KTA 120 KTA

TDAE 22 KTA 50 KTA

Lube Group 1 Specialty Products: Increase high value added lube specialty products: TDAE & Bright Stock

+28 KTA

Petroleum Quality Improvement to Clean Fuel & Green Growth Development: Upgrading HSD / Gasoline to be EURO IV standard

Products 2011 2012 2013 2014 2015 2016

Gasoline 75 M.Ltrs 75 M.Ltrs

Diesel 180 M.Ltrs 180 M.Ltrs

50 KTA

Phoenix by Business Unit

120 KTA +25 KTA

Initiative 7

Initiative 8

43

Products 2011 2012 2013 2014 2015 2016

Benzene 114 KTA 114 KTA

Toluene 132 KTA 132 KTA

Mixed Xylene 121 KTA 121 KTA

Products 2011 2012 2013 2014 2015 2016

SM 200 KTA 260 KTA

ABS/SAN 117 KTA 177 KTA

PS 100 KTA 100 KTA

EPS 30 KTA 30 KTA

+60 KTA

Performance Chemical Business Development Project: Increase 60 KTA EBSM for feeding ABS specialty. To satisfy local demand for ABS/SAN expansion and to produce Nano additive.

260 KTA

Styrene

+60 KTA 177 KTA

ABS/SAN Expansion 6 Increase ABS/SAN from 117 KTA to 177 KTA to support ABS specialties production and Nano

additive production.

Phoenix by Business Unit (Con’t)

Aromatics

Initiative 4

44

Olefins Products 2011 2012 2013 2014 2015 2016

Ethylene 360 KTA 433 KTA

Propylene 312 KTA 732 KTA

Butadiene 56 KTA 56 KTA

Acetylene 4 KTA 4 KTA

Upstream Project for Hygiene & Value Added Products (UHV): Upgrading low value product (HS-ATB) to be high value added product for petrochemical feedstock:

Propylene 320 KTA, Ethylene 73 KTA, and Heavy Aromatic Naphtha 250 KTA, etc.

+320 KTA +100 KTA

+73 KTA

412 KTA 732 KTA 433 KTA

Products 2011 2012 2013 2014 2015 2016

PP 475 KTA 475 KTA

HDPE 140 KTA 140 KTA

Ethylene Specialty Development High Value Added Product of HDPE Specialty & PE Wax .

Phoenix by Business Unit (Con’t)

Polyolefins

Initiative 2

Initiative 3

45

After completion of UHV • Running at full capacity of 215 KBD • Propylene 320 KTA • Light Distillate yield • Crude Selection Flexibility Sweet : Sour = 30:70 20:80

Benefits of UHV Project

Production Yield

0%

20%

40%

60%

80%

100%

Current Run +40 KBD Crude Run with UHV

20%

43%

8%

11%

10%

35%

35%

38%

11% 10%

19% 20%

21%

4% 2% 5% 6% 2% Ethylene

Propylene

LPG

Naphtha

Gasoline

Diesel/Jet

Lube Base

FO

Currently running at full capacity is not optimal.

at 175 KBD (As of 2012)

46