-0-

Thai Oil Public Company Limited

Venue : The Okura Prestige Hotel

Q1/2014 Analyst Meeting

14 May 2014

-1-

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.

-2-

VISION A LEADING FULLY INTEGRATED REFINING & PETROCHEMICAL

COMPANY IN ASIA PACIFIC

MISSION

• To be in top quartile on performance and return on investment

• To create a high-performance organization that promotes

teamwork, innovation and trust for sustainability

• To emphasis good Corporate Governance and commit to Corporate

Social Responsibility

VALUES

Corporate Vision, Mission and Values

Professionalism

Ownership & Commitment

Social Responsibility Integrity Teamwork & Collaboration Initiative

Vision Focus

Excellent Striving

-3-

Corporate Governance Policy

Corporate Governance Policy

The board of directors, management

and all staff shall commit to moral

principles, equitable treatment to all

stakeholders and perform their duties for

the company’s interest with dedication,

integrity, and transparency.

Roles and Responsibilities for

Stakeholders

• Truthfully report company’s situation and

future trends to all stakeholders equally

on a timely manner.

• Shall not exploit the confidential

information for the benefit of related

parties or personal gains.

• Shall not disclose any confidential

information to external parties.

CG Channels

Should you discover any

ethical wrongdoing that is

not compliance to CG policies

or any activity that could

harm the Company’s interest,

please inform:

Corporate Management Office Thai Oil Public Company Limited 555/1 Energy Complex Building A

11F, Vibhavadi Rangsit Road,

Chatuchak, Bangkok 10900

cgcoordinate@thaioilgroup.com http://www.thaioilgroup.com

+66-0-2797-2999 ext. 7312-5

+66-0-2797-2973

-4-

Presentation Agenda

Q1/2014 KEY HIGHLIGHTS

Q1/2014 PERFORMANCE ANALYSIS

Q2-4/2014 MARKET OUTLOOK

2014 KEY ACTIVITIES / PROJECT UPDATE

KEY TAKE AWAY MESSAGE

-5-

Q1/2014 KEY HIGHLIGHTS

-6-

Q1/14 Business Highlights

Refinery : 105% Utilization Rate

Capture domestic sale 88%

Aromatic/Base Oil : Optimized run at 95%/100%

Power : High run rate at TP, while lower run rate from

GPSC as IPT having planned maintenance ~ 1 month

Marine : Fully utilized vessels (no major overhaul)

Solvent : Weaker sale vol. from weaker local demand

Ethanol : Higher sale from increasing gasohol demand

Business Highlights Financial Highlights

BOI Tax Exemption Privilege from emission & fuel

efficiency project ~ 265 MB (Effective tax rate at 8 %)

Gain from commodity hedging ~ 602 MB

THB Appreciation against USD ~ 0.3 THB/USD

causing FX Gain at ~ 692 MB

Successfully launched 15,000 MB THB Debenture

Affirmed credit ratings : S&P :BBB , Moody’s : Baa1

Fitch : AA- (Tha)

Adopting TFRIC 4 since Jan 1,14 (GPSC) & restated 2013 FS

Macro-economies / Industry Highlights

Soften Dubai crude price pressured by weak CN demand & temporary Iran sanction relief

Improving Indonesian import demand & opportunities to export diesel to US during winter

New PX plants & slow CN polyester demand,

while ongoing BZ export to US

Tight Base oil supply as plants under maintenance Maintained Lube margin

Pressured PX, while stable BZ margin

Improved Market GRM

Stock Losses from softened Dubai

-7-

3,967

-1,237

4,687

-1,421

1,247

-861

-12 -599

NP w/o Stock G/L Stock G/(L) LCM

Q1/2014: Improving Group’s Net Profit

Top Group Net Profit

Unit : million THB

*redeemed BOI privilege for tax exemption on environmental projects in Q1/14 = 265 MB, Q4/13 = (382) MB, Q1/13 = 466 MB ** Cracking SIN GRM from Reuters based on product yield of LPG 3%, MOGAS 31%, Naphtha 7%, Jet 18%, GO 16%, FO 22%. Adj Cracking SG GRM assuming 3% F&L of Dubai crude cost

Gross Refining Margin - GRM

Gross Integrated Margin - GIM

Q1/14 Q1/13R

Before tax

2,534* MB 3,227* MB

$/bbl Q1/14 Q4/13 Q1/13

Aromatics 0.4 2.1 2.0

Lube base 0.8 1.0 0.5

Marketing GIM 6.1 4.9 8.8

Accounting GIM 4.5 6.4 7.7

Cracking SIN GRM** 6.3 4.2 8.6

Adj Cracking SG GRM ** 3.1 1.0 5.3

Q4/13 R

10* MB

R Restated financial statement, As on 1 January 2014, Thaioil Group adopted Thai Financial Reporting Interpretations Committee 4 (TFRIC4) on determining whether an arrangement contains a lease.

$/bbl Q1/14 Q4/13 Q1/13

Marketing GRM 5.1 1.9 6.6

Stock Gain/(Loss) (1.7) 1.5 (1.1)

Accounting GRM 3.4 3.4 5.5

-8-

Q1/2014 PERFORMANCE ANALYSIS

-9-

108 111

106

102 100 100 104

107 108 107 106

108

104 105 104 105 104

95

100

105

110

115

120

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

2013 2014

Q1/14: Concerns on Chinese Econ…Lower Dubai Crude Price

$/bbl

Average Y2013 = 105 $/bbl Y2014

Q1 Q2 Q3 Q4 Q1 Q2TD

108 101 106 107 104 105

Dubai Crude Price

Positive Factors

+ Ukraine vs. Russia Conflict

+ Unstable Libyan oil production

+ Strong US econ data / severe winter season

Negative Factors

−Slowdown Chinese economic growth

− Increasing Iranian tension/ temporary sanction relief

−Ongoing FED QE tapering

Refining

-10-

(38.9) (41.6) (43.5) (35.0)

(33.3) (40.0) (39.8)

6.6

3.6 5.0

1.9 5.1 5.3 4.3

(7.3) (3.6)

(10.7) (10.4) (8.5)

(3.3)

(8.0)

19.6 15.3 19.3 17.7 17.8 17.1 17.9

20.3 15.3 17.0 17.3 17.0 17.7 17.5

18.4 14.6 12.4 9.2

14.6 14.4 13.6

+ Firm demand from Vietnam, Saudi Arabia & Africa + Strong heating oil market in the US amid expected

colder weather and falling inventories - Soften Chinese demand following slowdown econ

Q2TD 8 May (Unit: $/bbl) LPG - DB

ULG95 - DB + Resume Indo. import and ME demand + Limited supply during refinery turnaround of major

export refineries (Taiwan, South Korea and China)

JET - DB + Lower kerosene stocks in Japan during winter - Closed arbitrage to West - Weak airline’s activity

Diesel - DB

HSFO - DB

+ Limited Western inflows + Increasing Chinese demand and Japanese import + Higher bunker sales in Singapore

Marketing Gross Refining Margin - GRM

(43.0)

16.2

15.8

Q1/13 Q2 Q3 Q4 Q1/14 FY/12 FY/13

18.2

-10.8

• LPG price = 76% CP price + 24%*333 $/ton.

Healthy product cracks esp. gasoline

Q1/14: Thriving Product Spreads…Improving MKT GRM Refining

Q1/13 Q2 Q3 Q4 Q1/14 FY/12 FY/13

-11-

108

111

106

102

100 100

104

107

108

107 106

108

104 105

104 105

95

100

105

110

115

120

Ja

n

Fe

b

Ma

r

Ap

r

Ma

y

Ju

n

Ju

l

Au

g

Se

p

Oct

No

v

De

c

Ja

n

Fe

b

Ma

r

Ap

r

Ma

y

2013 2014

Average Y2013 = 105 $/bbl Y2014

Q1 Q2 Q3 Q4 Q1 Q2TD

108 101 106 107 104 105

Refining

6.6

3.6 5.0

1.9 5.1 5.3 4.3

Marketing Gross Refining Margin – Marketing GRM

Stock Gain/ (Loss)

Accounting Gross Refining Margin – Accounting GRM

(Unit: $/bbl)

(Unit: $/bbl)

(1.1) (1.4)

4.0 1.5

(1.7) (0.8)

0.8

5.5 2.2

9.0

3.4 3.4 4.5 5.1

(Unit: $/bbl)

Q1/13 Q2 Q3 Q4 Q1/14 FY/12 FY/13

Q1/14: Fallen Crude Price…Resulting in Inventory Loss

$/bbl

Dubai Crude Price

Q1/13 Q2 Q3 Q4 Q1/14 FY/12 FY/13

Q1/13 Q2 Q3 Q4 Q1/14 FY/12 FY/13

Dec. 108

Mar. 104

-12-

Optimized & Flexible Operations…Superior Performance

82%

8%

6%

12%

8%

38%

20%

15%

14%

4%

4%

42%

12%

16%

26%

27% 13% 7%

32%

29% 32%

41% 58% 61%

Oman Dubai Murban

Short Residue Waxy Gas/Distillates

Far East Local

Middle East

Sources of Crude

Q1/14

1

Spread over Dubai (US$/bbl)

-33.3

17.0

17.8

-8.5

14.6

Others

18.6

• 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

1.LPG price = 76% CP + 24%*333 $/ton

LPG

PLATFORMATE

GASOLINE

JET

DIESEL

FUEL OIL

Product output

Domestic demand for

petroleum products*

*Source: Energy Policy and Planning Office, Ministry of Energy Thailand

Q1/14

% S = 0.79 API = 39.7

% S = 1.54 API = 31.2

% S = 2.13 API = 30.4

Crude Assays based on TOP configuration

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

Refining

-13-

88% 81% 86%

12% 19% 14%

Q1/14 Q4/13 Q1/13

Export

Domestic

Strong Domestic Sales despite Flatten Local Demand

Refinery Intake (KBD) 289 277 276

Domestic Oil Demand / Domestic Refinery Intake

TOP’s Domestic & Export Sales

Domestic Oil Demand

Refining

42%

13% 11%

2%

20%

10% 2%

Domestic Jobbers

Q1/14

Sales

Breakdown

Export 12%

Sales breakdown by customers

41%

13% 8%

2%

21%

14% 2%

Domestic Jobbers

FY/13

Sales

Breakdown

Export 16%

686 694 640 689 724 698 667 700 727 678 697

92% 88% 85% 89% 93% 89% 92% 92% 86% 89% 92%

0%

20%

40%

60%

80%

100%

-

200

400

600

800

1,000

1,200

Domestic Demand/Sales Net Export Others Utilization Rate

KBD

Utilization = 105%

*including TOP intake (Excluding TOP = 61%)

including LPG from refinery only

*

0

200

400

600

800

1,000

LPG Mogas Jet/Kero Diesel Fuel Oil Total Demand

Q1/13 Q1/14 KBD

-3 % +1 % +4 %

-1 %

+4 %

-0.3 %

-14-

0

200

400

600

800

2013 2014

$/ton Q1 Q2 Q3 Q4 Q1 2013

P2F -$/ton 155 127 142 165 63 147

P2F -$/bbl 20.3 16.5 18.6 21.6 8.2 19.2

132 123 134 131 127 - - - - - 54 59 61 62 61

Q1/13 Q2 Q3 Q4 Q1/14

TL

BZ

MX

PX

2013 2014

$/ton Q1 Q2 Q3 Q4 Q1 Q2TD* 2013

PX*-ULG95 559 462 476 445 273 178 486

BZ-ULG95 303 305 249 297 285 242 289

Q1/14: Depressed PX Spread…Subdued Aromatics Margins

Aromatics Spreads and Margins

TPX’s Sales & Product-To-Feed Margin (P2F)

Aromatics Production

Q1/14 Q4/13 Q1/13

95% 94% 82%

(Unit : KTon)

(US$/Ton)

PX-ULG95

BZ-ULG95

Paraxylene (PX)

- Ample supply: New PX plants startup (PetroChina; 650 KTA and SATORP; 660 KTA) & restarted plants of Qingdao Lidong (800 KTA) and HC Petrochemical (700 KTA)

- Weak PX demand due to high polyester inventory and PTA’s operating rate reduction

+Some PX plants in JAP, SIN and Korea cut run in late Q1 due to depressed margin

+ The open of arbitrage window for Asian BZ to US

- Additional BZ supply from new plants

- Bearish SM market during turnaround season

Benzene (BZ)

*CFR Taiwan

Aromatics

*as of 8 May 14

-15-

72 62 77 66 70 30 32 36 34 23 84 88 98 79 90

Q1/13 Q2 Q3 Q4 Q1/14

Bitumen

TDAE/Extract

/Slack Wax

Base Oil

Q1/14: Softer Bitumen Spread…Slightly Lower Lube Margins

Base Oil & Bitumen Spreads & Margins

2013 2014

$/ton Q1 Q2 Q3 Q4 Q1 Q2TD* 2013

500SN-HSFO 419 494 519 509 486 508 485

BITUMEN-HSFO -19 -7 -3 -27 -69 -67 -14

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

Base oil Production

Q1/14 Q4/13 Q1/13

100% 95% 97%

500SN-HSFO

Bitumen-HSFO

Lube Base Oil

+Limited spot availability from plant run cut and maintenance (320 KTA IRPC and 400 KTA Dalian Petro.)

+Building up stock demand ahead of agricultural season

- Weak demand during Chinese New Year holiday

- Slow demand from

Indonesia due to heavy rain and completed projects

- Lower imports from China as high inventories and tight budgeting policy

+ Firm Australian and Vietnamese demand during their peak paving season

Bitumen

2013 2014

$/ton Q1 Q2 Q3 Q4 Q1 2013

P2F -$/ton 118 132 158 165 135 144

P2F -$/bbl 18.0 20.1 24.0 25.0 20.5 21.9

Lube Base

*as of 8 May 14 (US$/Ton)

-200

0

200

400

600

800

(Unit : KTon)

-16-

20.3 16.5 18.6 21.6

8.2 16.5 19.2

Q1/13 Q2 Q3 Q4 Q1/14 FY/12 FY/13

5.3 2.0

8.6 3.3 3.3 4.3 4.9

2.0

1.4

1.9

2.1 0.4 1.7 1.8

0.5

0.8

1.2

1.0 0.8

0.9 0.9 7.7

4.2

11.7

6.4 4.5

6.9 7.6

TOP TPX TLB GIM

18.0 20.1 24.0 25.0 20.5 20.5 21.9

Q1/13 Q2 Q3 Q4 Q1/14 FY/12 FY/13

Q1/13 Q2 Q3 Q4 Q1/14 FY/12 FY/13

Beauty of Integration…Sustainable GIM

(Unit: US$/bbl)

6.6 3.6

5.0

1.9

5.1 5.3 4.3

Q1/13 Q2 Q3 Q4 Q1/14 FY/12 FY/13

Marketing GIM Accounting GIM

Crude

Product to Feed

Product to Feed

Marketing GRM (excluded stock gain / loss)

7% to GIM

80% to GIM

13% to GIM

(Unit: US$/bbl) (Unit: US$/bbl)

Performance Breakdown

Q1/13 Q2 Q3 Q4 Q1/14 FY/12 FY/13

6.4 3.4 4.8

1.8 4.9 5.1 4.1

2.0

1.4 1.9

2.1

0.4 1.7 1.8

0.5

0.8

1.2

1.0 0.8

0.9 0.9

8.8

5.6 7.9

4.9 6.1

7.6 6.8

TOP TPX TLB GIM

-17-

**

Q1/14: Performance Breakdown

1,921 (161) 437 72 71 43 39 64 2,534

(662) (1,047) (56) 14 (1) (6) (6) 22 (693)

4,089 (1,520) 261 (30) 11 (28) 74 (3) 2,524

NP

∆YoY

∆QoQ

32.39% holding

74% holding

Q1/14 Net Profit Breakdown (include stock gain / loss)

Conso.

105% 95% 100%

56%

91%

133%

98% 91%

110%

80% 100%

82%

97%

74% 88%

127%

85% 72%

106%

50%

Q1/14 Q1/13

Acc GRM ($/bbl)

P2F ($/ton)

P2F ($/ton)

3.4 63 135 Q1/14

5.5 155 118 Q1/13

Stock G/(L) & LCM Q1/14* = (1,433) MB

Net Profit excl. stock G/(L)* = 3,967 MB

*before tax

***

** Apply on an equity accounted basis in the consolidated financial statement.(GPSC has been hold by TOP 11.88% and TP 27.71% since 10 Jan 13) ***TP performance only (excluding 27.71% shares of profit from the investment in GPSC). TOP hold TP 74% since 4 Dec 12

• TOP: Max run rate to serve domestic demand • GPSC: IPT plants had yearly shutdown during 18Jan-28Feb14 • TP: higher run with rising FT while a plant maintenance in Q1/13 for 3 days • TS: Weaker sales vol. due to softer domestic demand • TM: Vessels were fully utilized (no major overhaul) • TET: SAPTHIP/MCE/UBE improved ethanol production along continual growth in

domestic gasohol demand

Refinery Utilization

Aromatic Production

Lube Base Production

IPT Plant Availability

TP Plant Utilization

SAKC Utilization

Ship Utilization

Sapthip

Utilization

Mae Sod

Utilization

UBON

Utilization

(Unit: million THB)

Performance Breakdown

-18-

Consolidated Financial Performance Financial

(US$/bbl) Q1/14 Q4/13R Q1/13R

Marketing GRM 5.1 1.9 6.6

Marketing GIM 6.1 4.9 8.8

Accounting GIM 4.5 6.4 7.7

QoQ+/(-) YoY+/(-)

3.2 (1.5)

1.2 (2.7)

(1.9) (3.2)

4,276 7,338

(757) (873)

(9) 92

2,507 (1,025)

(9) (62)

2,524 (693)

EPS (THB/Share) 1.24 0.00 1.58

THB/US$ - average 32.81 31.83 29.95

THB/US$ - ending 32.58 32.95 29.45

Effective Tax Rate (%) 8% N/A 8%

1.24 (0.34)

0.98 2.86

(0.37) 3.13

N/A 0%

R Restated financial statement . As on 1 January 2014, Thaioil Group adopted Thai Financial Reporting Interpretations Committee 4 (TFRIC4) on determining whether an arrangement contains a lease.

(million THB)

Sales Revenue 112,228 107,952 104,890

EBITDA 3,500 4,257 4,373

Financial Charges 959 968 867

FX G/(L) & CCS 692 (1,815) 1,717

Tax Expense 208 217 270

Net Profit / (Loss) 2,534 10 3,227

-19-

Strong Financial Performance

0.9 1.4 1.4

31-Dec-12 31-Dec-13 31-Mar-14

0.2 0.3 0.3

31-Dec-12 31-Dec-13 31-Mar-14

1) Including current portion of Long-Term Debt

Policy ≤ 2.0x

Financial Ratios

Net Debt / EBITDA** Net Debt / Equity

Cost of Debt (Net*)

TOP Group 3.50%

BBB Stable Outlook

Baa1 Stable Outlook

AA- Stable Outlook

*Calculated by interest expense net off interest income as per FS as at 31 Mar 14 ** EBITDAQ1/14 (excl stock loss & LCM)*4

Interest Rate Currency

6% Float 40% THB

94%Fixed 60% USD

94%

5% 1%

US$ Bond, 60%

THB Bond, 33%

THB Loan,

7%

Consolidated Long-Term Debt as at 31 Dec 13 1)

76,526 million THB

(US$ 2,349 million)

27,540 million THB

(US$ 845 million)

Total Long-Term Debt Net Debt

As at 31 Mar 14 (32.58 THB/US$)

Policy ≤ 1.0x

R Restated financial statement

81,513 86,025

83,334 81,502

43,815 50,039

94,981 97,566

74,199 76,526

39,482 43,474

Statements of Financial Position

(Unit: million THB)

Trade Payable / Others

LT Debt1)

Equities

Current Assets

Non-Current Assets

Cash & ST investment

217,566 208,662

31 Dec 13R 31 Mar 14

Financial

-20-

Q2-4/2014 Market Outlook

• Macroeconomics & Crude Prices

• Petroleum Market

• Aromatics & Base Oil

• Conclusion

-21-

Macroeconomics & Crude Prices

Limited crude demand during refinery maintenance and

softer Chinese economy to pressure oil price…

BUT Russia – Ukraine conflict to limit losses

-22-

2014 Global GDP Growth by IMF

* IMF World Economic Outlook (WEO) Jan, 2014 ** IMF World Economic Outlook (WEO) Apr, 2014

*** ASEAN-5 includes Thailand, Malaysia, Indonesia, Vietnam, Philippines **** Bank of Thailand Jan, 2014

***** Bank of Thailand Mar, 2014

Improved world economic growth 2014 driven by advanced countries

2.8%

-0.6%

5.2% 3.9% 3.2%

3.0% 3.6%

-9%

-6%

-3%

0%

3%

6%

9%

12%

2008 2009 2010 2011 2012 2013 2014

Growth (%YoY) China US EU World 2013

2014

Jan-14* Apr-14**

USA 1.9% 2.8% 2.8%

EU -0.5% 1.0% 1.2%

China 7.7% 7.5% 7.5%

Japan 1.5% 1.7% 1.4%

India 4.4% 5.4% 5.5%

ASEAN-5*** 5.2% 5.1% 4.9%

Thailand 2.9% 3.0%**** 2.7% *****

World 3.0% 3.7% 3.6%

Macroeconomics & Crude Prices

-23-

2014 Global Oil Demand Growth

IEA Demand (mbd)

Growth (mbd)

2012 90.11 +1.15

2013 91.40 +1.29

2014 92.69 +1.29

OPEC Demand (mbd)

Growth (mbd)

2012 88.96 +0.86

2013 90.01 +1.05

2014 91.15 +1.14

EIA Demand (mbd)

Growth (mbd)

2012 89.17 +0.87

2013 90.38 +1.21

2014 91.61 +1.23

Unit: KBD

-510

-110 -60

Europe

1190

400 590

Asia 290 170 240

Middle East

170 120 170

Africa

220 210 180

Latin America

-340

380 90

North America

110 120 70

FSU

Source: IEA, Oil Market Report, April 2014

Source: IEA, Oil Market Report April 2014 Source: EIA, Short Term Energy Outlook April 2014 Source: OPEC, Oil Market Report April 2014

2012/2013/2014

IEA forecasted 2014 world oil demand increases around 1.29 mbd

Macroeconomics & Crude Prices

-24-

2014 Non-OPEC Supply Growth

IEA Supply (mbd)

Growth (mbd)

2012 53.36 +0.56

2013 54.72 +1.36

2014 56.23 +1.51

OPEC Supply (mbd)

Growth (mbd)

2012 52.84 +0.53

2013 54.18 +1.34

2014 55.55 +1.37

EIA Supply (mbd)

Growth (mbd)

2012 52.67 +0.61

2013 54.00 +1.33

2014 55.64 +1.64

Source: IEA, Oil Market Report April 2014 Source: EIA, Short Term Energy Outlook April 2014 Source: OPEC, Oil Market Report April 2014

Unit: KBD

-310 -180 -100

Europe

-200

110 120

Asia -190 -100 -20

Middle East

-330

60 240

Africa

-50 -10

190

Latin America

1240 1350 1270

North America

50 230

-30

FSU

Source: IEA, Oil Market Report, April 2013

IEA forecasted 2014 Non-OPEC oil supply increases around 1.51 mbd mainly from North America

2012/2013/2014

Macroeconomics & Crude Prices

-25-

2014 World Oil Market Balance & OPEC Spare Capacity

OPEC spare capacity rises around 6 MBD in 2014. With high spare capacity, OPEC will play an important role to balance global oil demand/supply and maintain oil price at $100/barrel

-8

-6

-4

-2

0

2

4

6

8

10

82

84

86

88

90

92

94

96

98

100

2011 2012 2013 2014

MBD MBD

Dubai $106/bbl

Dubai $109/bbl Dubai

$105/bbl Dubai $104/bbl

World Oil Demand (LHS) World Oil Supply (LHS) (OPEC + Non-OPEC)

OPEC Spare Capacity (RHS)

Source: IEA report Apr ’14, OPEC World Oil Outlook, TOP Estimate

Macroeconomics & Crude Prices

-26-

Soft Demand during Refinery Shutdown amid Ukraine Issue

Factor to watch for Q2-14… Factor to watch for 2H-14…

- Soft demand during peak refinery shutdown in Asia Pacific

+ Higher crude demand after refineries come back from turnaround

+ Tight supply during North sea oil field maintenance in Aug-Sep

+ Ukraine – Russia conflict and unrest in Middle East & North Africa to limit losses

*Estimated as of 2 May 14

$104.4 $103.6 $103.0 $104.5 $106

$109 $105

70

80

90

100

110

120

70

80

90

100

110

120

2011 2012 2013 1Q14 2Q14 3Q14 4Q14

$/BBL $/BBL

Latest Forecast Actual

2014 Dubai $104

Macroeconomics & Crude Prices

-27-

Instability Situation in Libya, Iraq, Iran, South Sudan & Syria

Instable supply from Libya, Iraq South Sudan. Along with uncertainty of oil sanction lift in Iran add volatility to crude price movement in 2014

South Sudan : capacity 455 kbd (actual<190 kbd)

• 29% of oil production were cut by fighting in South Sudan after rebel control the rich oil capital “Malakal”

Libya : capacity 1,400 kbd (actual <250 kbd)

• Unstable oil output in the west due to the protest • Resume eastern ports: Hariga & Zueitina (180 kbd) • No sign for re-opening Es Sider & Ras Lanuf (560 kbd)

Iran : capacity 3,680 kbd (actual 1,100 kbd)

• Crude exports were up to 1.1 mbd in Apr after temporary sanction lifted, still close to a sanction-imposed of 1 mbd

Syria : capacity 164 kbd (actual 20 kbd)

• Eye on deadline with UN on Syrian chemical weapon destruction by Jun-14

Iraq : capacity 3,400 kbd (actual 2,500 kbd)

• Crude production rose to 2.5 mbd in Apr on start-up new field operation

• Still short from its 2014 target at 3.4 mbd on repeated sabotage of a northern pipeline

Macroeconomics & Crude Prices

-28-

Petroleum Product Market

Firm GRM in Q2-14 due to tight supply during

refinery maintenance and refinery closure in Japan

-29-

-600 -400 -200

0 200 400 600 800

1,000 1,200 1,400 1,600 1,800 2,000

2010 2011 2012 2013 2014 2015 2016 2017 2018

KBD

AP Additional Demand ME Additional Demand AP CDU Addition China China - Close India Japan Vietnam Others Others - Close ME CDU Addition Net Capacity

Source: FACTs spring 2014, Reuters, Bloomberg, TOP estimate

CDU Addition VS Additional Demand – AP & ME

“Expected supportive GRM in 2014 due to limited net capacity addition as refinery closure in Japan, Australia & project postponement in China”

Demand Growth

Capacity Growth

Addition KBD Company

China Jan-14 200 Sinochem Quanzhou (Fujian)

Jan-14 240 PetroChina Pengzhou (Sichuan)

Q2-14 90 Sinopec (Jiangsu)

Q4-14 30 Sinopec Jiujiang (Jiangxi)

Q4-14 140 CNOOC/Ningbo Daxie (Zhejiang)

Saudi Arabia Jan-14 100 Jubail

India Dec-14 300 IOC Paradeep

Japan Mar-14 35 Idemitsu Aichi/Hokkaido

Australia Q4-13 105 Shell (Geelong)

Closure KBD Company

Japan Mar-14 -377 Tonen/ Idemitsu/ JX Nippon

Mar-14 -68 Cosmo Oil/ Kyokuto Petroleum

Australia Oct-14 -125 Caltex (Kurnell)

{Postpone to 2015}

{Gov’t policy}

{Delay from 2013 on technical issue during start-up }

{Add to 2014}

{Add to 2014}

{Gov’t policy}

{Regulation}

{Economic}

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

{To be fully run at 400 kbd in Oct-14}

{Note: compared with FACT Fall 2013}

{Gov’t policy}

{Expansion}

{Regulation}

{Still operate until 2015 after sold to Vitol}

Refinery

Overview 2014-18 Refinery Status (Effective Additional Capacity)

-30-

Refinery Maintenance in Asia-Pacific Area

Source: JBC weekly report (May 2, 2014), Platts (as of Apr 28, 2014)

Seasonal peak refinery maintenance in Asia-Pacific during Q2 limits crude oil demand. This will support petroleum product market.

Asia – Pacific Refinery

Maintenance & Outages (KBD) % capacity 5.7%

4.8%

1.0%

2.4%

2.8%

5.5%

3.0%

3.2%

4.5% 4.8%

3.2%

2.4%

Refinery

-31-

Uncertainty on Chinese Diesel Exports

Source: JBC Asian Oil Monthly (Apr-14)

Potential for more exports

• Diesel export from China was under its quota in Q1 this year, this is because many refineries in China are under maintenance.

• Higher diesel export quota from Sinopec and PetroChina, up to 660 kT in 1H-2014 from 600 kT in Q4-2013.

• Domestic diesel demand, which has been pressured by weak Chinese economy , encouraging refineries to export more diesel.

• New policy on import taxes for B3-B5, effective on 1 Jan 2014, will make B3-B5 import unprofitable and will give a slight support to domestic diesel demand.

Factor to watch…

Asian market could be pressured by Chinese barrels

0

100

200

300

400

500

600

700

800

4,500

6,750

9,000

11,250

13,500

15,750

18,000

KT KT

China’s gasoil demand and exports

Domestic Demand (LHS) Export (RHS)

Refinery

-32-

Expected Peak Asian Gasoline Price in Q2

7500

8000

8500

9000

9500

Jan-1

1

Apr-

11

Jul-11

Oct

-11

Jan-1

2

Apr-

12

Jul-12

Oct

-12

Jan-1

3

Apr-

13

Jul-13

Oct

-13

Jan-1

4

Apr-

14

KBD

US Gasoline Demand

• Refinery maintenance for key importer e.g. Vietnam’s Dung Quat refinery (350KBD)

• Tracking increasing US gasoline demand due to stronger 4-week average gasoline demand during summer driving season

• Strong Indonesian imports ahead of Ramadan month which will start on Jun 28 till Jul 28, 2014

Source: EIA Source: Reuters, Jodi Database, TOP

US stockpiling during driving season in May-Sep

0

4

8

12

16

20

24

Jan

-11

Ap

r-1

1

Jul-

11

Oct

-11

Jan

-12

Ap

r-1

2

Jul-

12

Oct

-12

Jan

-13

Ap

r-1

3

Jul-

13

Oct

-13

Jan

-14

Ap

r-1

4 4

6

8

10

12

MBBL

Indonesian Gasoline Import

Import

U95-DB

Demand ahead of Ramadan Month $/bbl

Refinery

-33-

Factor to watch for Q2-14…

($/bbl) 2013FY Q4-13 Q1-14 Q2TD-14* 2H-2014**

ULG95-DB 13.6 9.2 14.6 16.2

JET-DB 17.5 17.3 17.0 15.8

GO-DB 17.9 17.7 17.8 18.2

HSFO-DB -8.0 -10.4 -8.5 -10.8

Adj Cracking SG GRM 3.0 1.0 3.1 3.2

**Compared to 1H-14 Remark : *QTD until 8 May 14 Adj Cracking SG GRM assuming 3% F&L of Dubai crude cost

Factor to watch for 2H-14…

+ High demand ahead of Ramadan month end-Jun

+ Tight supply during refinery maintenance period

- Weak fuel oil demand and slow jet fuel demand

+ Supportive demand for power during summer in Middle East

- Low demand during Ramadan month and rainy season in S.E. Asia

- More supply on completed refinery maintenance & fully runs at 400 kbd SATORP

Supportive GRM in Q2 due to Tighter Supply during Peak Refinery Maintenance

Refinery

-34-

Year on Year 2011 2012 2013 2014F

LPG +15 % +7 % +2% +4%

Mogas** -1 % +5 % +7% +1%

Jet/Kero +8 % 0 % +9% +3%

Diesel** +4 % +7 % +2% +1%

Fuel Oil - 6 % -4 % -8% -14%

Total +3 % +6 % +3% +2%

GDP Growth +0.1% +6.5% +2.9% +2.7%*

Remarks : * Forecasted by BOT (Monetary Policy Report as of Mar-14 )

& “Soften demand pressured by political concern But, 30B diesel price still supports consumption

BOT revised 2014 GDP forecast down from 3% to 2.7% mainly due to prolonged political situation.

Government continue to increase LPG retail price for household sector at 0.5 Baht/month until price reaches 24.82 Baht/kg.

Government maintain 30B diesel price policy by using diesel excise tax exempting till the end of May-14

ECONOMIC 30B

LPG

Slowdown Diesel Price

Retail Price

FACTORS TO WATCH

Structure

Thailand oil demand 2014F forecasted by TOP (as of 25 Apr 2014)

Thailand Oil Demand 2013 and 2014 Outlook

** Mogas and diesel have included ethanol and biodiesel, respectively

Refinery

34

-35-

Aromatics

PARAXYLENE ….

New PX capacities weigh down PX spread

-36-

Has PX Spread Hit the Bottom?

Lehman Brothers showed $3.9bn loss

QE1

Fears over EU debt

Japan Tsunami

Jump in cotton price

Fears over EU debt

Q4’13-Q1’14 2.5 mil ton PX plants start-up

Low polyester demand

7.2 mil tons of new PTA plants start-up in China (Yisheng Dalian, Yisheng Hainan, Hengli 2)

Aromatics

-37-

Feedstock Uncertainty

Own Feedstock

Heavy PX Capacity Addition Causing Supply Surplus

Source: IHS and PCI Xylene&Polyesters

(MTPA) H

C P

etr

och

em

Ten

glo

ng

1

Ten

glo

ng

2

Sin

op

ec H

inan

TP

PI

2013 2014

• Heavy new capacity in Feb pressured PX market in Q1’14.

• Early start-up of SATORP from Jul ’14 to Feb’14

• Restart of Qingdao Lidong after delay from Nov’13

due to pipeline explosion.

• Early start-up of ONGC, Samsung Total and Ulsan

aromatics and restart of Dragon weight down PX market

in May’14.

• Capacity in Sep lower than the expectation in Q4’14 helps

to support PX market in year end.

Early plan of PX capacities Addition Plan KTPA Company

China Feb 650 Petrochina Sichuan Petrochemical

Saudi Arabia Feb 660 SATORP

China Feb 700 Qingdao Lidong

Korea May 1,000 Samsung Total 2

China May 800 Dragon Aromatics No.2

India May 920 ONGC Mangalore Petrochemicals

Korea May 1,000 Ulsan Aromatics

Singapore Jun 800 Jurong Aromatics Corp

Korea July 1,300 SK Energy

Algeria Sep 220 Sonatrach

Kazakhstan Sep 469 JSC KazMunaiGas

Aromatics

-38-

12.5%

7.8%

5.8% 6.3%

4.8%

0%

2%

4%

6%

8%

10%

12%

14%

16%

0

10

20

30

40

50

60

70

80

2010 2011 2012 2013 2014

%MTA

AP Polyester Demand

Demand Growth (RHS)

0

10

20

30

40

50

60

Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14

Days of Demand

Weak Downstream Demand Adding More Pressure

Weak Chinese

Economy

Poor Downstream

Demand

Downstream Inventory

Build

PTA Production

Cut

Squeezed PX for Supply

Rationalization

• Weak Chinese GDP in Q1-14 at 7.4%

• Contracting Chinese PMI for 4 months

showing sign of slow economic activities

• AP polyester demand in 2014 to grow at

4.8% down from 6.3% in 2013

AP Polyester Demand

China Polyester Inventory PTA Margin

• PX margin tumbling to cash cost level to

eliminate overhang supply

• Expected more production cut in 2H-14

Key Events Description Illustration

-100

0

100

200

300

Jan-11 Oct-11 Jul-12 Apr-13 Jan-14

$/MT

2014 PX Rationalization

Aromatics

-39-

Normal Operation

48%

Annouced Cut Run/Shutdown

26%

Expected Cut Run/Shutdown

26%

PX Demand/Supply Outlook

25 27 28 30 32 34 35 38 40 42

29 30 30 32 38

42 45 47 53 55

0

10

20

30

40

50

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Demand Capacity

Source: PCI Xylene&Polyesters and TOP estimate

“2014 Expectation of Cut Run by Producers”

AP/ME PX Capacity* and Demand

3.2

1.6

-0.1

2.1

5.5 4.7

2.3 2.5

5.9

1.9

-2

0

2

4

6

8

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Demand Growth Effective Additional Capacity

Effective Additional Capacity

Forecast

New PX additional capacity of 3.8 mil tons/yr will be added in South Korea, India, China, Singapore and Vietnam during 2014-2019.

PX demand during 2014-2019 is projected to grow by 6% (2.08 mil tons/yr), which is lower than the growth rate during 2010-2013 due to slow down in China's GDP growth.

SUPPLY

DEMAND

Remark : * Normalized capacity to start up period

Expected Cut Run

93%

Expected Shutdown

7%

Remark : Cut Run means producers reduced operation by around 20%

Total AP/ME Nameplate Capacity 37.7 MTA

Total Nameplate Capacity 9.66 MTA

2010-2013 Dem: 8.1% Cap: 6.2%

2014 Dem: 6.3% Cap: 17.2%

2015-2019 Dem: 5.9% Cap: 7.9%

MTA MTA Forecast

Aromatics

-40-

BZ Demand/Supply Outlook

Source: IHS and TOP estimate

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

“BZ Imports by North America”

Million Tons

22 23 23 24 26 27 28 29 30 32 31 33 33 35 37 39 39 41 41

44

10

20

30

40

50

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Demand Capacity

BZ capacity growth at 3.9% (1.5 mil tons/yr) will be added in China, South Korea, India and Singapore during 2014-2019.

BZ demand growth during 2014-2019 is projected to reach at 4.8% (1.3 mil tons/yr).

3.1

1.6

0.4

1.3

2.6

1.3 0.8

1.1

3.1

2.4

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Demand Growth Effective Capacity Addition

SUPPLY

DEMAND

Remark : * Normalized capacity to start up period

2010-2013 Dem: 5.4% Cap: 5.3%

2014 Dem: 5.5% Cap: 7.5%

2015-2019 Dem: 4.7% Cap: 4.3%

AP/ME BZ Capacity* and Demand Effective Additional Capacity

MTA Forecast

MTA Forecast

Aromatics

-41-

Increasing New Supply Pressures PX Market

($/t) 2013FY Q4-13 Q1-14 Q2TD-14* 2H 2014**

PX-ULG95 485 446 273 178

BZ-ULG95 289 297 286 242

TL-ULG95 148 153 81 38

Note: PX = Paraxylene, BZ = Benzene, TL = Toluene

Factor to Watch for Q2-14 ….

- Lower BZ demand from the US

- Upcoming BZ plants start-up in Asia (1.8 MTA)

+ Seasonal BZ plants turnaround

- Heavy supply from PX plants (4.5 MTA)

- Soft PTA and polyester demand

+ PX producers run cut and PX plants maintenance

PX:

BZ:

- Low demand for PX upgrading

- Ample TL inventory in China

TL:

Factor to Watch for 2H-14 ….

** Compared to 1H 2014 *QTD until 8 May 14

- Narrow arbitrage window from Asia

to the US

+ Seasonal SM demand (Aug-Sep)

- New PX supply in Asia (2.0 MTA)

- Soft PX demand due to sufficient inventory

+ Seasonal polyester demand (Sep-Nov)

PX:

BZ:

TL: - Soft demand tracking bearish

PX market

Aromatics

-42-

Lube Base & Bitumen

Seasonal agricultural demand supports base oil spread

-43-

0

200

400

600

800

Jan-12 Jul-12 Jan-13 Jul-13 Jan-14

Stable to Firm Base Oil Price on Steady Demand

$/t

402

• Firm Chinese demand for low viscosity

base oil during winter lifting 150SN

margin

• Tighter regional supply from plant

maintenance helping to support export

market

450

485 496

2013 YTD-14 Key Factors

500SN-HSFO

150SN-HSFO

-100

0

100

200

300

400

Jan-12 Jul-12 Jan-13 Jul-13 Jan-14

Gr.III vs Gr.I

G.II vs Gr.I 54 13

108 63

2013 YTD-14

• Ample supply of Gr.II and Gr.III

pressured premium over Gr.I

• Further upside for Gr.I margin limited

by potential shift towards higher quality

Gr.II base oil

Key Factors

Stronger Gr.I margin mainly driven by light grade

Gr.II / Gr.III surplus continues to limit the upside $/t

Lube Base Oil & Bitumen

-44-

Weak Chinese & Indo. Market Hitting Bitumen Market

Slow demand from Indonesia due to rupiah depreciation and uncertainty in the market

before presidential election.

Slowdown in China’s economic led to tight budget policy for infrastructure project.

However, demand from Vietnam during summer season and Australia to close project

before winter season supported bitumen market.

-140

-100

-60

-20

20

60

100

140

0

100

200

300

400

500

600

700

800 Bitumen-HSFO Bitumen Price FOB Asia HSFO FOB SG

$/t $/t

Lube Base Oil & Bitumen

-45-

Seasonal demand supported base oil spread

($/t) 2013FY Q4-13 Q1-14 Q2TD-14* 2H2014**

500SN-HSFO 485 509 487 508

Bitumen-HSFO -14 -27 -67 -67

Factor to Watch for 2H 2014

** Compared to 1H2014 Remark :

- Slow demand from Indonesia due to rupiah depreciation and presidential election

- Weak CN economy cutting budget for new road project

*QTD until 8 May 14

+ Seasonal agricultural demand + Limited spot supply from plant

maintenance (China’s Petrochemical Dalian 400 KTA, JX Nippon 400 KTA)

- Ample supply of Gr.II pressured Gr.I

Factor to Watch for Q2

- Rainy season in Q3 pressures bitumen market + Resumed Indonesian import after Ramadan in June and presidential election in July

- Abundant supply from restart of lube plants after planned maintenance and new G.II/III plant start-up

- Limited lubricant demand during rainy season in AP

Lube Base Oil & Bitumen

-46-

Conclusion

-47-

Firm Fundamental

• Soften crude oil price on strong growth supply from US light tight oil

• Supportive GRM in 2014 due to limited net capacity addition

• Mild local oil demand growth in 2014 pressured by slower economy

• Softer PX spread due to increasing supply, especially from Korea

• Slightly weaker BZ spread pressured by new capacity in Asia

• Stronger spread of Gr.I base oil supported by seasonal demand

and limited supply from plant maintenance

Refinery

Aromatic

Lube Base

Conclusion

-48-

2014 KEY ACTIVITIES / PROJECT UPDATE

-49-

Strategic Investment Plan

Projects COD Total Project

Cost 2013 2014 2015 2016 2017-2019

Refinery upgrading 2014 137 99 29

Reliability, efficiency and flexibility improvement

- 353 65 91 56 13 34

Environmental and fuel efficiency improvement

- 317* 169 116 9

CDU-3 preheat train 2014 68* 10 58

Benzene Derivatives - LAB 2015 300 47 169 57 10 17

GPSC investment End 2013 75 75

Power – 2 SPPs 2016 380 5 173 161 41

Solvent expansion – SAKC 2014 64 31 21

Aframaxs / Crew boats 2013/14 47 17 16

Total 1,742 517 674 283 64 51

CAPEX Plan (Unit US$ million)

Notes: Excluding approximately 40 M$/year for annual maintenance *anticipated to receive BOI 100% of actual investment cost

Projects under

review/study

COD Total

Project Cost 2013 2014 2015 2016

2017-

2019

Jetty 7,8 Q1-15 162 1 85 70 6

Our CAPEX investments

will cover improvements

in plants reliability,

efficiency & flexibility,

environmental & fuel

efficiency improvement

as well as value chain

enhancement

Thai Oil has sufficient

internal cash flow to fund

this investment plan

$1,072 m

Remaining capital investment

Project Update

-50-

CDU-3 Major Turnaround

Crude Distillation Unit-3 (CDU-3) is under major turnaround 55 Days during Jun-Jul 2014

Other relevant units are also under turnaround such as HCU-1, CCR-1, TPX’s units

Expect average 2014 refinery utilization rate at 95% & TPX production rate at 84%

2014 Major Turnaround

Mitigation Plan - Commercial

Max Utilization to advance sell products prior to maintenance

Store intermediate stock to upgrading during maintenance

Explore opportunity to import intermediate to feed upgrading/treating units

Mitigation Plan – Project/Operation

6,000 workers will be in plant during maintenance

Ensure “Safe/White/Green” Concept

Ensure cost effectiveness (under planned budget) CDU-3 capacity 165 KBD

Project Update

-51-

2014 Key Project Update : HCU Revamp

Project Detail Progress

HCU Revamp: • Phase I: PSA-3 • Phase II: HVU-

2 Revamp

• Modify HVU-2 by using Shell Deep Cut Technology • Capable to produce more diesel/jet at the expense of

fuel oil • Capable to process cheaper heavier crude oil • Incremental benefit to MKT GRM ~ 0.4-0.5 $/bbl • CAPEX = 137 M$ • COD = 2Q2014

• COMPLETED Basic Design Package (BDP) & Basic Design Engineering Package (BDEP)

• CONSTRUCTION PHASE (overall progress 100%)

Project Update

-52-

2014 Key Project Update : CDU-3 Crude Preheat Train

Project Detail Progress

CDU-3 Crude Preheat Train Improvement

• Set up, replace & rearrange heat exchangers in CDU-3 to reduce fuel usage

• Improve tray & equipment in CDU-3 to enhance refining efficiency by increasing Jet production & Crude intake

• Benefit = Reduce fuel usage in CDU-3 ~ 15 % or equivalence to 20 MW (~0.1 $/bbl)

• CAPEX = 68 M$ • COD = 3Q2014

• COMPLETED Basic Design Package (BDP) & Front End Engineering and Design (FEED)

• EXECUTE Engineering,

Procurement & Construction (EPC)

(overall progress 70.9%)

Project Update

-53-

2014 Key Project Update : EIP

Project Detail Progress

Emission Improvement Project (EIP)

• To control flue gas quality according to the new emission law (New emission law limits SOX < 500 ppm from Dec 2013 onwards)

• To build spare capacity for flue gas treating unit • CAPEX = 233* M$ • COD = 1Q2014

• CONSTRUCTION PHASE (overall progress 100%)

* BOI privileges : Exemption of corporate income tax for 8 years at 100% of actual investment cost for emission reduction projects

Project Update

-54-

2014 Key Project Update : Solvent Capacity Expansion

Project Detail Progress

Solvent Expansion (SAKC)

• To expand solvent capacity to meet the demand growth in Thailand and the region

• Capacity increase to 141 KTA from 76 KTA • CAPEX = 64 M$ • COD = 2Q2014

• CONTRUCTION PHASE (overall progress 100%) • Commissioning

production process

Project Update

New Boiler and Boiler House

Plant Air and Instrument Air System Cooling Water System Flare System

H2 Meter Station for New Process

NG Meter Station for New Process

New Pipe Rack

-55-

2014 Key Project Update : LAB

Project Detail Progress

Linear Alkyl Benzene (LAB) TPX JV with Mitsui 75% : 25%

• Upgrade existing Benzene and Kerosene into higher valued product; LAB which is an intermediate feedstock in production of surfactant

• Capacity: 100 KTA (First Integrated LAB Plant in SEA) • Benefit = add to GIM ~ 0.4-0.6 $/bbl • CAPEX = 400 M$ (TPX’s part = 300 M$) • COD = 2015

• CONSTRUCTION Phase (overall progress 35.2%)

Established on 11 Jul 13

KTA %

Feedstock

Kerosene (from TOP) 520 94%

Benzene (from TPX) 33 6%

Product/ By-products

LAB 100 19%

By-products (mostly Kerosene

components) (to TOP)

453 81%

Excavated and compacted in retaining wall

Backfilled for soil replacement Completed Temporary site office renovation

Project Update

-56-

2014 Key Project Update : 2 SPPs

Project Detail Progress

TOP SPP (2 blocks of SPP)

• Low risk power business enhance income stability • Support reliability of electricity & steam supply for TOP

Group • Develop 2 new SPP power plants; total capacity 239 MW

under a firm contract with the government • CAPEX = 380 M$ • COD = 2016

• EXECUTE Engineering, Procurement & Construction (EPC)

• CONSTRUCTION Phase (overall progress

20.2%)

Power capacity: 239 MW (SPP block 1: 124 MW)

(SPP block 2: 115 MW)

Steam capacity 498 T/H

TEMPORARY FENCE ISOLATION NEW PLANT AND EXSITING PLANT

SITE CONDITION

TOP SPP : EPC & PMC contract signing ceremony

Project Update

-57-

2014 Key Step Out on New Geography Study

Project Detail Study

Refinery Upgrading Project in Myanmar

Project Detail Study

Wax Upgrading Project in Indonesia

Thanlyin Yangon

Thanlyin Refinery General Information Total Capacity 20 KBD Year Built 1963 (14 KBD) Location 14 km from Yangon

• Currently under process of submitting 2nd proposal, expect result by year end

Background/Objective

• In 2012, Myanmar Gov’t issued Bid Invitation to participate in upgrading existing refinery

Background/Objective

• Under study to participate in JV with Pertamina to produce hard wax at Pertamina’s Cilacap refinery

• Expect study / decision to be finalized by end-2014

(Hard Wax Application : Candles (main applications), rubber tire, particle board and matches etc.)

Project Update

-58-

KEY TAKE AWAY MESSAGE

-59-

Key Take Away Messages

Business / Operational Excellence

Max Run Refinery to Capture decent Margins / Max Domestic Sales

Focus on upcoming CDU-3 major turnaround in Jun-14

Optimized Run Aromatic / Base Oil to support Group Margins

Speed Up Project Execution

Speed up ongoing projects e.g. Refinery Upgrade, CDU-3 Preheat Train, SAKC, EIP,LAB, SPPs

Focus on Step Out Strategies (New Geography & New Business)

Sustain Solid Financial Discipline

-60-

Thank You

Any queries, please contact:

at email: ir@thaioilgroup.com

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

Fax: 662-797-2976

-61-

APENDIX

-62-

TOP Group Overview

-63-

Strategic Relationship and Operational Integration with PTT

Thai Oil’s strong shareholder base

49.1%

23.2%

27.7%

PTT

Foreign Investors

Local Investors

• 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. Business partnership

• Product offtake • Crude procurement

3. Operational synergies

• Freight costs reduction • Knowledge transfer and shared

services • Close management collaboration

and secondment of trained staff

49.1%

As of 3 Mar 2014

-64-

TOP Group Synergy & Strategic Role in PTT Group Value Chain

NATURAL GAS

CRUDE IMPORT

Mixed-Xylene

Solvent

Toluene

Pentane

Hexane

SOLVENTS

TP provides electricity and steam to Thai Oil, TLB and TPX and sells its remaining power to the national grid

Paraxylene

Benzene

Mixed-Xylene

Toluene

AROMATICS

Lube Base Oil

Bitumen

TDAE

Slack Wax

Extract

LUBE 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

-65-

Key Milestones: 53 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 – 2011 Listing, expansion and

diversification

Today A leading integrated refining and

petrochemical group in Asia Pacific

• 275 kbd refinery ( approximately 25% of Thailand’s total refining capacity)

• Nelson index 9.71 • Diversified business through 13

subsidiaries • The 3rd largest listed company by revenue in Thailand

1961 – 1964

2004

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

2007 -2008

2010

2011

1993-1997

1970-1989

2013 • Established LABIX to

produce LAB • Invested in power biz

via GPSC • TOP SPP for 239 MW • Revenue 414,599 MB • Net profit 10,394 MB

2011 • 1st refinery in the Asia-

Pacific region to manufacture diesel and ULG in compliance with the sulfur and BZ aromatics content requirements of the Euro IV

• Acquired 1st VLCC

2010 • Established

Thaioil Ethanol • Production

expansion of TDAE by 50,000 tons per annum

Note 1. Based on our internal estimates using the methodology of the Nelson Complexity Index 2. The Electricity Generating Authority of Thailand (“EGAT”) is the national grid

2013

-66-

Thai Oil Group Business Structure

9.0%

Principal power plant of the

PTT

capacity 1,038 MW of

electricity and

1,340 tons/hour

of steam

Total aggregate capacity 1,357 MW

Platformate 1.8 million tons/annum

PTT Group 80.0%

100.0% 100.0% 74.0% 100.0%

Thaioil (TOP) Thai Lube Base

(TLB) Thaioil Power

(TP)

Global Power Synergy Company Limited

Thaioil Energy Services (TES)

Thaioil Marine (TM)

Maesod Clean Energy (MCE)

Capacity : 275,000 barrels/day

Small Power Producer

Program 3-on-1 Combined Cycle Electricity 118 MW Steam 168 tons/hour

Sells Electricity/ Steam to Group

• 4 Oil & Chemical Tankers

Capacity :47,250 DWT

• Crude Tankers: 3VLCCs

Capacity: 882,050 DWT

• 6 crew & utility boats

(120 DWT each)

• 2 Large vessels for crude,

feedstock & product

storage and

transportation services

Capacity: 192,000 DWT

• Ship management

services

PTT 26.0%

Proceeds the business on

various professional of

management services

Sugarcane Based Ethanol

Capacity : 230,000 lts/day

PTT 30.1%

Thaioil 11.9%

TP 27.7%

Padaeng 35.0%

Mitr Phol 35.0%

100.0%

Thappline (THAP)

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

20.0%

PTT 31.0% Others 60.0%

Lube Base Oil

Capacity : Base Oil 267,015 tons/annum Bitumen 350,000 tons/annum

TDAE

67,520 tons/annum

Thaioil Solvent

Through TOP Solvent (TS)

100.0%

100.0%

Thaioil Ethanol (TET)

Capacity : 76,000 tons/annum

Thai Paraxylene (TPX)

100.0% 80.5%

Solvent distribute

in Thailand Sak Chaisidhi

(SAKC) Top Solvent

Vietnam

Solvent distribute in

Vietnam

PTT ICT Solutions (PTT ICT)

Sapthip (SAP)

Cassava Based Ethanol

Capacity : 200,000 lts/day

50.0%

Ubon Bio Ethanol (UBE) 21.3%

Cassava/Molasses Based Plant

Capacity : 400,000 lts/day

100%

PTT Energy Solutions (PTTES)

Provides engineering

technique consulting services

20.0% PTT 40.0%

PTTGC 20.0% IRPC 20.0%

BCP 21.3% Others 57.4%

PTTGC 30.3%

30.0% Aromatics Capacity:

Paraxylene 527,000 tons/annum Mixed Xylene 52,000 tons/annum Benzene 259,000 tons/annum Total 838,000 tons/annum

LABIX Company

Limited (LABIX)

LAB producer and distributor

Capacity: 100 KTA COD: 2015

Mitsui 25.0% 75.0%

TOP SPP Company Limited

2 Small Power Producers

Total capacity: 239 MW

COD 2016

100.0%

-67-

Process Linkage: Beauty of Integration

Thai Paraxylene

Thai Lube Base

PROCESS FLOWCHART

JET

ULG91

LPG

ULG95

KEROSENE

CDU-1

45,000

CDU-2

50,000

CDU-3

165,000

MX

AGO

DIESEL

FUEL OIL

BITUMEN

SULPHUR

HVU-1

HVU-2

HVU-3

95,000

FUELGAS

BBU

1,800

ADIP

TCU

19,000

FCCU

10,400

HCU-

1 HCU 2

50,000

SRU-1/2

SRU-3/4

2x210

KMT-1

KMT-2

HMU-1

HDT-1

HDT-2

HDT-3

85,000

HMU-2

140TH2

HDS-2

HDS-3

75,000

MX

40,000

CCR-1

CCR-2

50,000

ISOM

20,000

ADIP

Thai Oil

-68-

Total Thailand crude refining capacity 1,095 kbd 2013 Market shares for refined petroleum product3

One of Region’s Leading Refineries

Thai Oil (275 kbpd)

PTT’s Principal Refiner

Esso (170 kbpd)

IRPC2 (215 kbpd)

SPRC2 (150 kbpd)

BCP2 (120 kbpd)

Fang (3 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

9.74 9.2

6.6 6.5 4.6

RPL JX TOP PTTGC Esso Sinopec SK Corp

Source: The company and broker research

Nelson Index - Regional Comparison

32% market shares

Note: 1. Source: Energy Policy and Planning Office, Ministry of Energy Thailand,

2. PTT holds a 27.22% interest in BCP, a 38.51% interest in IRPC, a 48.9% interest in PTTGC, and a 36% interest in SPRC

3. Calculate by total domestic sales of refined petroleum products of Thai Oil in 2013 divided by total sales of petroleum products in Thailand in 2013 excl LPG. Source from EPPO

4. Based on our internal estimates using the methodology of the Nelson Complexity Index.

PTTGC2 (145 kbpd)

-69-

Strategic Location with Competitive Advantages in Access to Key Markets

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

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

Lamlukka Don Mueng

Suvarnabhumi

ESSO

PTTGC SPRC IRPC

Map Ta Phut

Sriracha

BCP

Product pipeline system

Direct connection with product pipeline system

Access to Indochina markets through deep water ports

Close proximity to the key domestic markets

Bangkok

Map Ta Phut

Gulf of Thailand

Sriracha (124 km from BKK)

THAILAND

LAOS

VIETNAM

CAMBODIA

-70-

Competitive Performance Benchmarking

Shell Global Solutions International (SGSi) Solomon (Bi-Annually)

2012

2010

Operational Performance Review

Hydrocarbon Management Review

Operational Troubleshooting

Staff Competency Development

Knowledge Management & Research

-71-

Integrated Margin & Competitive Cash Cost

3.1 3.9 4.4 5.9 5.1 4.3 4.1

4.9 4.9 3.3

1.5 1.5

2.1

2.1 1.7

1.7 1.8 1.8

0.4

0.4

1.0 1.0

1.3 1.3

0.9 0.9 0.9

0.9 0.8

0.8

7.9

4.3 5.6

7.8 7.6 6.7 6.1

4.3

6.1 6.3

9.3

6.9 7.5

4.5

2008 2009 2010 2011 2012 2013 Q1/14

TOP TPX TLB

6.4

1.1

3.3 4.6

5.3 4.3 5.1

2.2 3.4

4.1

6.2 4.5 5.1

3.4

2008 2009 2010 2011 2012 2013 Q1/14

0.9 0.9 1.0 1.1 1.2 1.4 1.0 0.4 0.5 0.5 0.4 0.4

0.7 0.7

1.4 1.4 1.5 1.5 1.6 2.1

1.7

2008 2009 2010 2011 2012 2013 Q1/14

Operating Cost Interest Expense (Net)

(Unit: US$/bbl)

Marketing GIM Accounting GIM (Marketing GIM + Stock G/L)

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

1.1 1.1 1.2 1.4 1.5 1.7 1.2

0.5 0.5 0.5 0.4 0.4 0.6

0.6

1.6 1.7 1.8 1.8 1.9 2.3

1.9

2008 2009 2010 2011 2012 2013 Q1/14

Operating Cost Interest Expense (Net)

Gross Refining Margin

Gross Integrated Margin (Unit: US$/bbl)

TOP’s Cash Cost

(Unit: US$/bbl)

Group’s Cash Cost (Unit: US$/bbl)

-72-

22,897

12,846 14,585

23,868 22,808

19,713

4,932 7,949

21,393 17,381

28,760

20,350 22,337

3,500

2008 2009 2010 2011 2012 2013R Q1/14

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

399,125

284,123 318,391

446,241 447,432

414,575

112,228

2008 2009 2010 2011 2012 2013R Q1/14

11,435

5,652 6,999

9,961

14,777

6,692

3,967

224

12,062

8,956

14,853 12,320

9,316

2,534

2008 2009 2010 2011 2012 2013R Q1/14

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

Financial Performance

Unit: Million THB

* Stock G/(L) from 2011 onwards is include BOI Tax redemption on environmental projects

(Avg. from 2006 - Q1/14)

45%

33%

14% 8%

Refinery

Aromatics

Lube Base

Others

Sales Revenue EBITDA

Unit: Million THB

Net Profit

Unit: Million THB

Net Profit Breakdown

Unit: Million THB

R Restated financial statement

R

-73-

Thailand’s largest and

one of the region’s

most advanced and

competitive refineries 1 Strategic relationship

and operational

integration with PTT as

the Group’s principal

refiner

3

Technological

superiority, logistical

advantages & cost

leadership

6

Industry with high

barriers to entry and

strong market

positioning

5 Strategic location with

competitive advantages

in access to key markets

4

Diversified earnings

through integration

with, and significant

contribution from, our

subsidiaries

2

Highly experienced

management team

7 Strong financial profile

8

TOP Group Key Highlights

-74-

Asian Margin Vs. US-EU margin

Source: EIA, Norwegian Energy, Thai Oil

Total Capacity: 4.9 MBD

90.2% 56.0% 72.5%

Total Capacity: 17.5 MBD Total Capacity: 17.0 MBD

$/bbl SINGAPORE GRM

-75-

Crude Inventory

Source: Norwegian Energy

-76-

Global Distillate Inventory

Source: Norwegian Energy

-77-

Fuel Oil Inventory

Source: Norwegian Energy

-78-

China’s Product Export

Source: Norwegian Energy

-79-

Domestic LPG Demand

LPG Demand by Sector

LPG Demand Highlight

• LPG demand in Q1-14 decreased by 3.0% YoY

mainly due to lower usages in petrochemical and

cooking sector as PTTGC shut I-1 Plant for 37 days

and I-4/1 Plant for 23 days. Moreover, cooking sector

still continuously increase by 0.5 baht per kilogram

each month since Sep-13. In contrast, usages in

industry and auto sector still increased because of

attractive price over fuel oil and mogas.

Outlook for 2014

• LPG demand is expected to grow by 3.6% YoY

supported by the expectation of higher demand for

feedstock in petrochemical industry.

• However, LPG demand growth was expected to limit

by LPG price structure reform that government aims

to increase retail price in household sectors.

Thailand LPG Demand KT/DAY

Remark : Include Propane and Butane, and add own used consumption

-80-

Domestic Gasoline Demand

Source : Department of Energy Business, Ministry of Energy

Gasoline Demand by Grade

Thailand Gasoline Demand

MML/DAY

GASOLINE Demand Highlight

• Mogas consumption in Q1-14 increased by 0.8% YoY to stood at 22.5 mml/day, partly due to transportation demand, which was share by 7.2% of ULG and 92.8% of GSH. However, demand growth was capped by political protest which shut at least 20 roads during Jan-14. Meanwhile, GSH consumption was boosted continuously by government campaign for alternative fuel usage which led by growth of E20 and E85.

• Local ethanol demand in Q1-14 increased by 25.23% YoY from 2.34 mln litres/day to 2.92 mln litres/day supported by higher gasohol usage which was boosted continuously by transportation demand and government campaign for alternative fuel usage which led by growth E85 and E20. Gasohol portion in Q1-14 was recorded at 92.8% of total mogas consumption, led by growth of 213% YoY of E85 and 56% YoY of E20.

Outlook for 2014

• Mogas consumption is predicted to grow by only

0.9% YoY due to the high base effect of last year

from 1st car buying program and the pressure of

prolonged political concerns in Q1/2014.

-81-

JET Demand Highlight

• Jet consumption in Q1-14 rose by 4.0% YoY

supported by 12% expansion of aircraft movement.

However, the growth of flights was capped by

implementation of 60 day emergency decrees and

lower numbers of tourist during February-March.

Outlook for 2014

• Jet demand growth was expected to be around 3.4

YoY owing to high base effect of last year and

concerns on political risk.

Domestic Jet Demand

Source : Department of Energy Business, Ministry of Energy / AOT

Thailand JET-A1 Demand

JET-A1 demand and # of flights

MML/DAY

-82-

GASOIL Demand Highlight

• Gasoil demand in Q1-14 decreased by 0.6%

YoY partly due to lower demand in industry sector

which has impacted by economic slowdown from the

prolonged political protest. However, a downside was

limited by agricultural demand of sugarcane and

cassava during harvest season and capped retail

price at 30 Baht/Litre.

Outlook for 2014

• Gasoil demand in 2014 is expected to expand by 1%

YoY supported by capped retail price at 30B/litre

policy but upside limited by the expectation of lower

economy growth.

Domestic Gasoil Demand

Source : Department of Energy Business, Ministry of Energy

NGV Demand Highlight

• NGV in Q1-14 increased by 5.4% YoY to 8.9 KT/Day

because of switching on fuel consumption for trucks

and public vehicles from diesel to NGV.

Thailand Gasoil Demand

NGV Demand

MML/DAY

KT/DAY

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Domestic Fuel Oil Demand

FUEL OIL Demand Highlight

• Fuel Oil demand in Q1-14 expanded by 3.20% YoY

mainly due to higher demand in power sector as

Yetagun and Yadana gas platform maintenance for 15

days in Jan-14 and stock building for Bongkot gas

platform maintenance in Mar-14. Nonetheless industry

demand was decreased due to economic slowdown.

Outlook for 2014

• Fuel oil demand expected to dropped by 13.6% YoY

as the expectation of lower demand as government

campaign to reduce fuel oil usage in electricity

sector following PDP plan.

Source : Department of Energy Business, Ministry of Energy

Thailand Fuel Oil Demand by Sector

Thailand Fuel Oil Demand

MML/DAY

-84-

Thank You

Any queries, please contact:

at email: ir@thaioilgroup.com

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

Fax: 662-797-2976