2015 Analyst Meeting Feb 18, 2016

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

2015 Highlight

Achievement in 2015

Operation & Financial Performance

Industry Outlook

CEO’s Agenda

1

2

3

4

5

Agenda

3

10.4 14.1 14.7 7.6

14.0

(16.0)

(3.1) (3.5) (5.0) (1.0)

(0.4)

(0.7) (1.3)

0.8

(0.5)

(6.0)

10.3 9.9 3.5 12.5

60,949 48,658 45,470

272,968 199,595

YoY 25%

QoQ 7%

Highlight: 2015 Performance Overview of Business

Net Sales (net excise)

Dubai Unit: USD/BBL

-5,779

888 447

-5,235

9,402 Net income

Unit: MB

Unit: MB

4 4Q/14 4Q/15 2015

YoY 108%

QoQ 50%

1. In 4Q/15, average Dubai price dropped to $40.7/bbl from $49.7/bbl in 3Q/15, driven by the global supply glut situation, the new supply from Iran and the China’s economic slow down.

2. Net sales were 45,470 MB in 4Q/15, decreasing by 7% from 48,658 MB in 3Q/15 due to a decrease of 9% in the product prices offset by an increase of 2% in the sales volume.

In 2015, net sales were 199,595 MB, 27% lower than net sales of 272,968 MB in 2014. This was caused by a 34% decrease of the average price, while the sale volume increased by 7%.

3. Market GIM in 4Q/15 was $14.7/bbl, rising by $0.6/bbl compared to $14.1/bbl in 3Q/15 because of a higher product spreads and benefit of Delta program. With the stock loss, Accounting GIM was $9.9/bbl, slightly dropped from $10.3/bbl in 3Q/15.

In 2015, the Market GIM rose to $14.0/bbl from $7.6/bbl in 2014 and the Accounting GIM increased to $12.5/bbl from $3.5/bbl in 2014.

4. Net profit was 447 MB in 4Q/15, compared to 888 MB in 3Q/15. In 2015, net profit was 9,402 MB, compared to net loss of 5,235 MB in 2014.

3Q/15 2014

YoY 27%

Market GIM

Accounting GIM

Oil hedging

Unit: $/bbl

YoY 280%

YoY 264%

QoQ 4%

Stock gain/(loss) & LCM

YoY 258%

49.7 40.7

96.6

50.9 74.4

35 30

71 57

20 26

26 66

10 14

21

12

65 70

118

135

0

20

40

60

80

100

120

140

2014T 2014A 2015T 2015A

Highlight: Strategic Projects

5

1. DELTA 3. PPE+PPC 2. UHV

Becoming Excellence in all 3 pillars strengthening IRPC’s base line performance for further enhancement in Everest Project

Operational Excellence

Commercial Excellence

• VCM/LP Upgrade, Production Planning & Schedule Optimization

• Yield and Process Energy Optimization • Utility System Optimization • Overhead Cost Management • UHV Enhancement • Margin Improvement

• Petrochemical Marketing and Sales Excellence

• Petroleum Marketing and Sales Excellence

Procurement & HR Excellence • Internal Organization Merger • Leadership Development • Improvement of HR System • HR Operation Expenses Management

Unit: M USD

Highlight: Strategic Projects

UPSTREAM PROJECT FOR HYGIENE AND VALUE ADDED PRODUCTS: UHV PROJECT

Start up : 1Q/2016

• TRIR : 0.28 • LTSR : 0.00

As of December 2015

1. DELTA 3. PPE+PPC 2. UHV

6

1. DELTA 3. PPE+PPC 2. UHV

Highlight: Strategic Projects

July 15: Progress 96% October 15 : Progress 98%

January 16: Progress 99.31%

7

April 15 : Progress 93%

UHV Key Milestone Schedule

Highlight: Strategic Projects

PP Expansion and PP Compound Project Shifting of Product Portfolio toward Variety and Premium Product serving Mega Trend

PP Expansion (PPE)

160 KTA

PP Compound (PPC) 140 KTA

Random PP

• Pipe grade • Hygiene

Super Clear PP

• Container box • Medical Device

Block-CO PP

• Household Material

• Heavy-duty

HOMO PP

• Film application • Fiber grade

PP Specialty

• Frozen food packaging

• Lamination • Health care

Total PP 775 KTA in 2017

PP Existing 475 KTA

PP Compound

• Automotive: pumper, instrument panel, etc

Apr 20, 2015 BOD Approved CAPEX 236 MUSD.

May 2015 Awarded EPC Contractor

July 2015 Signed contract with Sinopec

July 2017 COD

Dec 2015 Progress 15% Construction

2017 2015

1. DELTA 3. PPE+PPC 2. UHV

8

2015 Highlight

Achievement in 2015

Operation & Financial Performance

Industry Outlook

CEO’s Agenda

1

2

3

4

5

Agenda

9

Achievement in 2015 - Operation

Production improvement and machine efficiency enhancement:

94 projects such as Advance Process Control, Alarm management, etc.

Asset Integrity Management Committee - to maintain plant reliability and manage production risks

Efficient energy usage management: Energy Intensity Index (EII) down to 97.07% and energy saving of 245 MB

Safety improvement: process safety management, safety awareness program and Total Recordable Incident Rate (TRIR) at 0.46

Synergy with PTT: best practice sharing and top quartile performance achievement at 80%

10

Revamp capacity - NHTU 115% from 18 to 21 KBD - ISOM 115% from 3.5 to 4.0 KBD - BTX 120% from 57 to 68 tph

Achievement in 2015 - Marketing

JV Agreement between IRPC, Nippon A&L Inc. and Sumi-Thai International Limited

To increase competitiveness in the Styrenic compound market

JV Agreement between IRPC Polyol and PCC Rokita SA – for the sale of Polyurethane

11

1 year Propylene Sale Agreement (product from UHV Project) with Marubeni Corporation

28.5 MUSD Sale and Purchase Agreement signed with Darby Trading Inc.

Slack Wax market expansion into USA and Europe

5 oil depots to provide excellent service to the whole country, including Rayong depot with 24 hr service

Oil transportation including trucks, boat and deep sea port to serve the customers all over the country

Skilled technicians to give information, solve problems and test the oil quality at gas stations and depots

Wharf expansion to provide additional loading/unloading space

Diesel storage tank service agreement signed with PTT

Achievement in 2015 – Innovation and R&D

Natural Color Compound Development of natural color compound with the pigment

extracted from natural raw material . Cooperation with Picnic Plast Industrial Co.,Ltd. to launch

products under “Clip Pac” brand

Green ABS Innovation of ABS resin by replace synthesis rubber (butadiene)

with natural rubber in ABS (Acrylonitrile Butadiene Styrene). Cooperation between IRPC and Blue Light Industrial, a launch of

the luggages made from Green ABS under the CAGGIONI brand

Wood Plastic Composite Cooperation with Wonderworld Products Co., Ltd , to

develop the product innovation, Wood Plastic Composite. Launched the first product “Trix Track” , the smart toy.

POLIMAXX BANBAX A special type of plastic that compounds the anti-bacteria

base into the plastic which can protect bacteria continuous and long lasting without any effect

12

Achievement in 2015 – CG & CSR

Private Sector Collective Action Coalition Against Corruption

PTT Group CG Day Shade of Sharing

DJSI Emerging Market: Oil & Gas

13

VOCs management in the industrial zone by using mobile activated carbon and monitoring carefully

Protection strip up by 39 Rai or 35,000 trees which can absorb CO2 for 300 tons/year

Continual SO2 and dust reduction, plus NO2 reduction for 960 tons/year

Awarded Eco Factory Certification: ETP, CHP, Refinery and LBOP

Prostheses Project One for Nine

Achievement in 2015 – Awards

Board of the Year Awards 2015 Audit Committee of the Year

Asia Responsible Entrepreneurship Awards

ASEAN Corporate Governance Awards

Thailand Sustainability Investment Awards

Sustainability Report Awards (SET)

Golden Peacock Global Award for Excellence in CG

Corporate Governance Asia Recognition Awards 2015:

Best Investor Relations by Company Thailand Top Company Awards 2015

: Top Business Strategy Award

14

2015 Highlight

Achievement in 2015

Operation & Financial Performance

Industry Outlook

CEO’s Agenda

1

2

3

4

5

Agenda

15

Petroleum Performance

16

Lube spread moved down from the weaker demand due to the replacement of Group II lube base, plus the product price was lower along with the decreasing crude oil price

Asphalt spread increased as the demand from Europe became stronger and the local demand was rising from the government’s economic stimulus package.

Global crude oil price moved down continually : the global supply glut, the supply from Iran after lifting of sanction, plus the pressure from China’s economic stagnation.

Naphtha spread jumped as the higher demand because of the usage of the product as feedstock for gasoline, plus the rising demand from Petrochemical.

ULG95 spread was lower because of the increasing supply from China and new refineries in the ME and Indonesia.

Gas Oil spread rose due to the increase in demand from West Africa and Vietnam.

FO spread increased, derived from the rising demand in winter, plus the lower fuel oil price.

Dubai Crude Price & Petroleum Product Spreads

$/MT 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15 4Q/15

Fuel Oil(FO) 591 437 318 367 265 217

150BS - FO 657 776 720 740 833 815 500SN - FO 499 493 369 399 514 471

Asphalt - FO -66 85 23 20 83 96

Fuel Oil

($/MT)

3Q/14 4Q/14 1Q/15 2Q/15 3Q/15 4Q/15

$/bbl 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15 4Q/15 Dubai (DB) 101.5 74.4 51.9 61.3 49.7 40.7 NP - DB -1.6 -5.1 1.4 -0.5 -1.2 7.1 ULG95 - DB 13.2 13.4 15.3 19.8 19.3 18.7 Gas Oil - DB 14.4 16.0 16.3 13.7 10.8 13.8 FO - DB -8.4 -5.6 -1.8 -3.5 -8.1 -6.5

Dubai Price

($/bbl)

3Q/14 4Q/14 1Q/15 2Q/15 3Q/15 4Q/15

FO Price & Lube Base Oil Product Spreads

106 102 96 87

76 60

46 55 55 59 64 62 56 48 45 46 42 35

601 594 578 502 456

353 279

346 328 348 390 362 310

246 238 244 229 178

1.6 1.5 1.4

7.0 7.4 7.3

1.1 1.5 1.4 1.2 0.9 1.2 0.3 0.2 0.2

11.2 11.5

7.6 6.2

25.5 29.2

4.8 5.7 3.5 3.9 0.8 0.8

67% 61% 53% 66% 58%

8% 30% 34% 9% 31% 8% 9% 10%

12% 9% 17%

3% 13%

2% Others

Domestic

Far East

Middle East

Petroleum Group : Production

4Q/14 3Q/15 4Q/15 2014 2015

84% 82% 84% 80% 85%

180 177 181 172 183

Crude Intake

4Q/15, the crude intake was 181 KBD (84% utilization), higher than the rate in 3Q/15 as the maintenance shutdown in ADU1 for 12 days during 3Q/15.

In 2015, the crude intake was 183 KBD (85% utilization), higher than the rate in 2014 because of the fire incident in the VGOHT Unit on June 9, 2014 which cause a lower production

Sweet Crude volume was 74 KBD in 2015, rising by 37 KBD from 2014 due to the lower premium between Brent and Dubai.

The utilization rate of Lube Base Oil plant in 2015 was 103%,

due to the domestic demand increased from the government’s stimulus package.

Crude Run (KBD)

%Utilization

Premium over Dubai($/ bbl)

2.97 2.69 2.71 3.82 2.41

Remark : Excluding internal use quantity 17

Asphalt

Lube Base

0.9 0.9 1.0

3.3 3.8 0.9 0.9 0.9

3.4 3.7

Lube Base oil

1.8 1.8 1.9

4Q/14 3Q/15 4Q/15 2014 2015

Unit : Mbbl 7.5

6.7

Refinery

4Q/14 3Q/15 4Q/15 2014 2015

11.5

Unit : Mbbl 45.8 42.2

LPG & Others Naphtha Gasoline

Diesel

Fuel oil

Local 62%

Export 38%

0

Petroleum Group : Sales & GRM

Local 59%

Export 41%

4Q/15

Local 62%

Export 38%

Sales Distribution

4Q/15 : Petroleum sales volume increased by 3% while the average product prices decreased by 9% compared to 3Q/15

2015 : Petroleum sales volume increased by 8% while the average product prices decreased by 38% compared to 2014

• The proportion of sales were 59% domestic and 41% export mainly to Singapore, Malaysia and Laos

• Market GRM was $7.1/bbl (4,253 MB), increased by $2.3/bbl (1,490 MB) from 3Q/15. In 2015, Market GRM was $6.2/bbl (14,246 MB), increased by $3.2/bbl (8,117 MB) from 2014 because of the higher spread both Refinery and Lube Base businesses.

2015 3Q/15

18

Sales Volume & Revenue

13.0 13.3 13.7

49.8 54.0

2.5 1.8 1.8

7.9 8.1

15.5 15.1 15.5

57.7 62.1

4Q/14 3Q/15 4Q/15 2014 2015

Lube Base

Refinery

Unit : Mbbl

38,323 29,159 27,579 177,550 122,279 Refinery

7,913 4,818 4,492 28,107 21,016 Lube Base

46,236 33,977 32,071 205,657 143,295 Petroleum

YoY 0.3% QoQ 3%

Unit : MB

YoY 8%

Remark : Sales include products swap transaction with PTTGC /Lube include VGOHT sales during fire incident

2.8 2.4

4.4

1.5

3.9

1.9 2.4

2.7

1.5

2.3 4.7 4.8

7.1

3.0

6.2

4Q/14 3Q/15 4Q/15 2014 2015

Lube Base

Refinery

Market GRM

16.6 16.3 16.7 62.8 66.6 Crude intake (Mbbl)

Unit : $/bbl

• Toluene spread increased from the tight supply because it’s feedstock -the reformate was used in the Gasoline production more than the Aromatic production.

• PS spread decreased because the market sentiment was deteriorated the demand continuously. Plus, the excess supply in the market made the product price lower.

• ABS spread sharply dropped due to the stagnant market and the decreasing demand from Europe and China.

• HDPE spread against Naphtha decreased from the lower crude oil price while the Naphtha price was stable due to the tight supply.

• PP spread against Naphtha moved down as the product price was downward along with the lower crude oil price, plus the China’s economic stagnation.

19

Petrochemical Performance

$/Ton 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15 4Q/15

Naphtha (NP) 913 647 494 563 461 445

Ethylene-NP 565 567 533 823 509 588

HDPE- Ethylene 135 334 266 68 441 268

HDPE- NP 700 901 799 891 950 856

Propylene-NP 388 385 339 377 275 142

PP-Propylene 325 419 316 416 390 416

PP-NP 713 804 655 793 665 558

Olefins Product Price & Spreads

Aromatics & Styrenics Price & Spreads

$/Ton 3Q/14 4Q/14 1Q/15 2Q/15 3Q/15 4Q/15

Naphtha (NP) 913 647 494 563 461 445

BZ - NP 392 318 179 234 204 159

TOL - NP 234 183 127 203 174 179

MX - NP 225 162 169 222 225 226

SM - NP 688 602 524 793 628 494

PS - NP 821 816 674 931 806 653

ABS - NP 1033 1,119 1,068 1,095 972 757

Remark : revised Styrenics Prices calculated based on proportion of sales volume

Remark : Olefins Product Prices calculated based on proportion of sales volume

4Q/14 3Q/15 4Q/15 2014 2015

82% 97% 95% 90% 91% % Utilization

75% 97% 78% 84% 85% Polystyrenics

99% 106% 105% 101% 94% Styrenics

78% 92% 104% 88% 94% Aromatics

4Q/14 3Q/15 4Q/15 2014 2015

81% 90% 89% 88% 90% % Utilization

85% 78% 84% 83% 83% Polyolefins

78% 101% 94% 92% 97% Olefins

46 67 52

216 226 109 127

121

469 506

155 194 173

685 732

The utilization rate of Aromatics and Styrenics in 4Q/15

was 95%, moved down by 2% compared to 3Q/15. In

4Q/15, there were planned maintenance shutdown for

11 days in CCM and EPS units.

In 4Q/15, the utilization rate of Olefins was slightly

decrease from that in 3Q/15. There was 12 days of

planned shutdown in DCC unit for Steam and Boiler

System maintenance .

Petrochemical Group : Production

Remark : Utilization rate calculated based on the main products 20

58 78 83

278 311

13 9 12

46 34

60 73 60

266 251

164 160 155

591 596

Styrenics

Aromatics

Olefins

Polyolefins

Aromatics & Styrenics Olefins

Polystyrenics Unit : KMT Unit : KMT

144 159 172

597 633 162 206 184

720 791

306 365 356

1,317 1,424

4Q/14 3Q/15 4Q/15 2014 2015

Olefins &Polyolefins

Aromatics &Styrenics

Local 55%

Export 45%

Petrochemical Group : Sales & PTF

Local 58%

Export 42%

Local 58%

Export 42%

Sales Distribution

4Q/15 2015 3Q/15

21

Sales Volume and Revenue

7,635 8,138 6,830 35,311 30,794 Olefins

6,236 5,780 5,737 28,542 22,317 Aro & Styrenics

13,871 13,918 12,567 63,853 53,111 Petrochemical

Unit : MB

Unit : KMT

YoY 16.3% QoQ 2.5%

YoY 8.1%

136 211 149

80 161

268

322 299

175

297

203

274 231

131

238

4Q/14 3Q/15 4Q/15 2014 2015

Unit : $/MT

Olefins &PolyolefinsAromatics &Styrenics1.5

2.7 1.9 1.0 2.0

3.1

5.5 4.7

2.5

4.7 4.6

8.2

6.6

3.5

6.7

4Q/14 3Q/15 4Q/15 2014 2015

Unit : $/bbl

Olefins &Polyolefins

Aromatics &Styrenics

Market PTF Market PTF

Crude intake (Mbbl)

Feed intake (KMT)

192 276 262 902 1,067 Olefins

185 211 216 789 818 Aromatics 16.6 16.3 16.7 62.8 66.6

• In 4Q/15, Market GIM was $14.7/bbl, rising by $0.6/bbl compared to $14.1 /bbl in 3Q/15.

- Product spreads $0.3/bbl

- Delta project $0.3/bbl

• Stock loss & Oil Hedging + LCM was $-4.8/bbl (-2,858 MB), increasing by $1.0/bbl compared to $-3.8/bbl in 3Q/15

• Accounting GIM was $9.9/bbl (5,946 MB), lower by $0.4/bbl from $10.3/bbl ( 5,966 MB) in 3Q/15.

Gross Integrated Margin (GIM)

22

• In 2015, Market GIM was $14.0/bbl, rising by $6.4/bbl compared to $7.6/bbl in 2014.

- Product spreads $5.3/bbl

- Delta project $1.1/bbl

• Stock loss & Oil Hedging + LCM was $-1.5/bbl (-3,415 MB), decreasing by $2.7/bbl compared to $-4.2/bbl in 2014

• Accounting GIM was $12.5/bbl (28,741 MB) higher by $9.0/bbl from $3.5/bbl ( 7,238 MB) in 2014.

2015 vs 2014 4Q/15 vs 3Q/15

Accounting GIM Market GIM

6.7 10.4 13.1 14.0 14.1 14.7

7.6 14.0

(4.5)

(16.0)

(0.5)

3.3

(3.1)

(3.5) (5.0)

(1.0)

0.8

(0.4)

(0.0)

0.0

(0.7)

(1.3)

0.8

(0.5)

3.0

(6.0)

12.5

17.3

10.3 9.9

3.5

12.5

3/14 4/14 1/15 2/15 3/15 4/15 2014 2015

Hedging Stk G/(L) & LCM Market GIM

2.2 4.7

7.0 6.0 4.8 7.1

3.0 6.2 3.3

4.6

5.0 6.9 8.2 6.6

3.5

6.7

1.2

1.1

1.1 1.1 1.1 1.0

1.2

1.1

6.7

10.4 13.1 14.0 14.1 14.7

7.6

14.0

3/14 4/14 1/15 2/15 3/15 4/15 2014 2015

Power & Utility Petrochem Petroleum$/bbl $/bbl

Financial Highlight

4Q/15 4Q/14 3Q/15 YoY QoQ 2015 2014

Net sales 45,470 60,949 48,658 (25)% (7)% 199,595 272,968 (27)%

Market GIM 8,804 5,688 8,161 55% 8% 32,156 15,788 104%

Stock Gain/(Loss) (1,985) (5,839) (1,597) 66% (24)% (5,208) (7,008) 26%

LCM (99) (2,946) (191) 97% 48% 2,969 (3,267) 191%

Oil Hedging Gain/(Loss) (774) (206) (407) (276)% (90)% (1,176) 1,725 (168)%

Accounting GIM 5,946 (3,303) 5,966 280% (0)% 28,741 7,238 297%

OPEX + Selling Exp. (4,207) (3,264) (3,375) (29)% (25)% (14,351) (11,998) (20)%

Other Income 327 1,532 1,190 (79)% (73)% 2,643 3,358 (21)%

EBITDA 2,066 (5,035) 3,781 141% (45)% 17,033 (1,402) 1314%

Cost of Finance (221) (309) (202) 28% (9)% (1,162) (1,342) 13%

FX Gain/(Loss) 117 (254) (1,064) 146% 111% (1,288) (70) (1739)%

Impairment Gain/(Loss) (9) (185) 2 95% (550)% 18 299 (94)%

Investment Gain/(Loss) (30) (55) (29) 45% (3)% (157) 117 (234)%

Other Expense (48) - - - - 2,782 (4) N/A

Income Tax (31) 1,393 (209) (102)% 85% (2,346) 2,398 (198)%

Net Profit 447 (5,779) 888 108% (50)% 9,402 (5,235) 280%

Unit : MBQuarter % Change Year %

Change

23

51,944 54,608 53,500

8,847 281 204

60,791 54,889 53,704

2,009 2,496 3,576 -

10,000

20,000

30,000

40,000

50,000

60,000

4Q/14 3Q/15 4Q/15

L/T Debt S/T Debt Cash

Debt Structure Debt Profile

Debt Portfolio

As of Dec 31, 2015

24

ST Debt 1%

LT Debt 41%

Bond (USD) 16%

Bond (THB) 42%

ST Loan 204

LT Loan 22,255

Bond (USD) 8,622

Bond (THB) 22,623

Total 53,704

Debt (MB)

Float 41 THB 58

Fixed 59 USD 42

Currency (%) Interest Rate (%)

Net Debt = 50,128 MB Ex. Rate = 36.25 Baht/$

58,782 52,393 50,128

Financial Ratios

0.94 1.08 0.99

4Q/14 3Q/15 4Q/15

0.87 0.70 0.66

4Q/14 3Q/15 4Q/15

< 1.0x

Net D/E CA/CL

Unit : MB Net Debt

Maturity of Financing Debt

2,370 2,740 3,040 2,540 3,740

10,270

363 725 725 3,444 725

363

5,000 -

7,386 5,000

3,364

6,890 8,628

-

7,733

3,465

19,779

10,984

7,829

17,523

2015 2016 2017 2018 2019 2020-24

Unit : MB

USD Bond THB Bond USD Loan THB Loan

4/14 3/15 4/15 Y14 Y15

Cost of Debt 3.94% 4.18% 4.15% 3.98% 4.07%

2015 Highlight

Achievement in 2015

Operation & Financial Performance

Industry Outlook

CEO’s Agenda

1

2

3

4

5

Agenda

25

Challenging Crude Oil Market: Volatile Crude Oil Price

26

Main events last year were rather bearish on fundamentals

Iranian Crude Oil - Iran sanction was lifted on Jan 16,2016 - Potential 1-m b/d incremental supply

China Contagion - Stock market woe

triggered a concerned about hard landing economy

- Chinese economy is the key driver of oil market sentiment.

Saudi Arabia Keeps Pumping - Current production at 35 years high of

10.6 MMBD - Saudi plan to increase maximum capacity

of 12 MMBD

OPEC - Decision to keep its

production ceiling stable at 30 Mbd (June-5)

- Rising tensions in Middle-East, especially between KSA and Iran

U.S. Oil Production - Maintain high output level - Stable US production with unexpected

resilience of the US shale industry - Lifting of the 40 years old oil export ban

in US (Dec-15) - Active oil rigs increasing.

27

Iraq - Crude oil export continue to increase - Plan to export for Feb ’ 16 = 3.63 MMBD

28

World Oil Supply / Demand IEA Demand-Supply Balance 2016 Oil Price Forecast

• Massive oil surplus will drown the market at least until 4Q-16

Reuters oil poll

as of 4 Jan 16 as of 29 Jan 16

• Reuters oil poll adjusted it’s consensus down by $ 10/bbl

Source : IEA, PRISM as of Jan 16

Source : Reuters as of Jan 16

IEA Demand Change Non-OPEC Supply Change

2014 92.8 0.8 57.0 2.4

2015 94.6 1.8 58.3 1.3

2016 95.8 1.2 57.7 -0.6

Crude oil prices remain highly volatile and are lacking any clear direction

Source : Reuters , ICE, Platts, GDF SUEZ Trading

Crude Production (MBD)

29

Refinery Product Demand Overview

AP Gasoil Demand Growth (%)

1.4% Growth 2015-2020

AP Gasoline Demand Growth (%)

2.7% Growth 2015-2020

AP Fuel Oil Demand Growth (%)

-0.8% Growth 2015-2020

Source: FGE May 2015

A reduction of global sulfur limits is key to the decline bunger fuel demand

Pushing for a quicker resumption of nuclear reactors in Japan

Vehicle ownership rates started to taper

Improving vehicle efficiency reduces consumption

Fuel efficient hybrid cars in Japan and South Korea

Hybrid

EV

MGO

Falling demand growth but overall volumes remain huge

Gasoil crack still supportive from economic growth

Rising gasoil use in marine bunkers

29

30

Polyolefins Outlook

PP : Oversupply in Asia in 2015-2016 resulting to balance operating rate at lower 85%

80%

82%

84%

86%

88%

0

1

2

3

4

5

6

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Add. Capacity Add. Demand %Operating Rate

Million Metric Tons

Source : IHS 2015

Demand Growth

2016-2020 at 4.7% Demand Growth

2016-2020 at 5.0%

Polyolefins Global Capacity Addition Cycle

Million Metric Tons

HDPE : Capacity growth exceeds demand growth in the 2015–2018

80%

82%

84%

86%

88%

0

1

1

2

2

3

3

4

4

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Add. Capacity Add. Demand %Operating Rate

Short-Term Crude Oil and Petroleum Products Outlook

Driving Determinants

31

Key Products

Price (4Q/15)

Spread (4Q/15)

1Q/16

vs.

4Q/15

2Q/16 vs.

1Q/16

Refinery ($/bbl) ($/bbl) Outlook Outlook

Dubai 40.7 -

ULG95 59.4 18.7

GAS OIL 0.05% 54.5 13.8

FO 34.2 -6.5

Lube Base Oil ($/T) ($/T) Outlook Outlook

500 SN 688 471

150 BS 1,032 815

• Gasoline cracks continued on an upward trajectory but expected to ease slightly over the rest of 1Q, but will move up in March and April when planned maintenance tightens up the market.

• Gas oil cracks still pressure from growing inventories. Spring maintenance will help to draw down inventories, but new refineries coming on stream will keep the Asian market oversupplied.

• Fuel oil cracks remain stable tracking an equally sharp decline in crude benchmarks. This has spurred bunker demand further. Delays in Western arrivals will make the Asian fuel oil market remains tight.

• Crude price are expected to remain at current lows from global supply glut; as major producers defend market share while Iran prepares to raise exports., as well as slowing Chinese economic growth and strong U.S. dollar against other currencies pressure price.

• 1Q/16 Price trend down continue from 4Q/15 because of crude price drop and pressured from base oil GII price. Market demand weak due to buyer worry about inventory lost .

• Region demand peak up in 2Q Buyer start to replenish their inventory after they clear about crude price direction.

Short-Term Petrochemical Products Outlook

32

Key Products

Price (4Q/15)

Spread (4Q/15)

1Q/16

vs.

4Q/15

2Q/16 vs.

1Q/16

Olefins ($/T) ($/T) Outlook Outlook

Ethylene 1,033 588

HDPE 1,301 856

Propylene 587 142

PP 1,003 558

Styrenics ($/T) ($/T) Outlook Outlook

PS 1,098 653

ABS 1,202 757

Driving Determinants

• Additional supply by spot cargo from Brazil and Maxico.

• Limited supply due to upcoming turnaround schedule and crackers shutdown in Asia and Middle East.

• Volatile crude oil prices still weight down on market’s confidence.

• Weak Chinese Economy: stock crash, Yuan Devaluation and USD appreciation result in SEA local currencies depreciation.

• In spite of the Lunar New Year holidays, traders were cautious to replenish their inventory and purchase on hand-to-mouth basis.

2015 Highlight

Achievement in 2015

Operation & Financial Performance

Industry Outlook

CEO’s Agenda

1

2

3

4

5

Agenda

33

34

Getting to the top and staying there

2020

2016

2017

2018

2019

Height 29,029 ft. E verest

Basecamp (17,500’)

▪ Functional skills: Consultant Academy ▪ Systems: WAVE + TO cadence

– RTS – Problem solving – Communications – Team management

▪ Performance management: KPI cascading, performance review and evaluation, coaching

▪ OHI, iSpirit

▪ Young Leader program: ongoing, second batch to onboard for implementation

Operations area ▪ 272 initiatives

Commercial area ▪ 185 initiatives

Procurement area ▪ 325 initiatives

Corporate area ▪ 61 initiatives

THB 5.8 bn THB 1.6 bn

Model plant

OEMS IMM Cell

8+4 M&S Budget review system

Performance

Health

EVEREST Performance: $300m+

Health: top quartile

35 SOURCE: EVEREST data cut as at 17th Feb, 17:00

Contents

THB 0.5 bn THB 1.9 bn

36

From iceberg to EVEREST

ICEBERG

EVEREST

IL 4+

IL3-

$300m

37

EVEREST pipeline is at 9.8b or 93% of the target

-11,000

-10,000

-9,000

-8,000

-7,000

-6,000

-5,000

-4,000

-3,000

-2,000

-1,000

0

1,000

9,803 9,679 9,044

7,832 7,127

6,401 5,805

6,182

8,171

6,600

7,653

5,430

6,870

THB m

SOURCE: EVEREST data pull as at 18 Feb, 8.30am

EVEREST Target = THB 10,500m ($300m)

IL2 IL0 IL1 IL4 IL3

Recurring impact is banked at 100%, while one-time value – at 10% rate

EVEREST total impact pipeline (recurring + one-time impact)

38

EVEREST impact delivery by area

THB m

SOURCE: EVEREST data pull as at 18 Feb, 8.30am Recurring impact is banked at 100%, while one-time value – at 10% rate

5,834

Corporate Procurement

513 1,884

Commercial Operations Total impact

9,803

1,580

IL2 IL1 IL4 IL3 IL0

▪ Functional skills: Consultant Academy ▪ Systems: WAVE + TO cadence

– RTS – Problem solving – Communications – Team management

▪ Performance management: KPI cascading, performance review and evaluation, coaching

▪ OHI, iSpirit

▪ Young Leader program: ongoing, second batch to onboard for implementation

Operations area ▪ 272 initiatives

Commercial area ▪ 185 initiatives

Procurement area ▪ 325 initiatives

Corporate area ▪ 61 initiatives

THB 5.8 bn THB 1.6 bn

Model plant

OEMS IMM Cell

8+4 M&S Budget review system

Performance

Health

EVEREST Performance: $300m+

Health: top quartile

39 SOURCE: EVEREST data cut as at 17th Feb, 17:00

Contents

THB 0.5 bn THB 1.9 bn

The fully integrated team

IRPC Sponsors A

Work stream Leaders B

Initiative Owners C

Experts

Consultants

Up to 25 IRPC young high potential leaders seconded to Consultant

D

E

F

Supports a work stream and related initiatives

Support key area and related work streams / initiatives

OpEx

ProcEx ComEx

HREx Finance

IRPC

Expert

130 Full-time people driving EVEREST

And More than 2,000 people jointly develop. 40

Time

Focus of model plant

Business as usual Initial condition

Technical improvement

Behavioral effect

Step change

“All those tools make life harder but don’t help me to do my job”

“We are sup-posed to use these new tools”

“Our new tools help me to react fast and make me understand where to focus”

To sustain the mindset and behavioral benefit – Create awareness about continuous improvement with your staff – Train your staff on continuous improvement behavior – Become a role model on continuous improvement

“Improvement is not important – I just need to reach my quota”

Focus of BUP / implementation

Impact

Additional value

Technical levers drive quick improvement, while model plant improves mindset and capabilities to ensures sustained performance

Making transformation sustainable

41

The model plant will demonstrate best practices and serve as a learning platform for IRPC

Mindsets, behaviors

and capabilities

Management infrastructure

Technical system

Area

Specific equipment maintenance strategy

OEE analysis

Sensors to optimize preventative maintenance

Defined KPI’s

KPI’s prioritization

Cross functional career paths

State of performance dialogues

Role specific training programs

Knowledge sharing

Practices 1 2 3 4 5 Score

Clas-sroom setup

Formal training curriculum, visitors able to learn about best practices

Example, daily and weekly meetings facilitate performance dialogues discussing KPIs

Obser-vation of best practices

Example, learning station visualizing the evolution of KPIs over time and improvement actions

Learning stations

Implemented best practices Learning platform for others Before After

P&L ownership assets

Learning the best practices

42

Model plant to setup monitoring process to measure and track performance improvement

Pilot model plant Continuous operations

Project started Future state reached

Start of roll-out Go into continuous operations: Wave 1: Sep 15th Wave 2: Dec 15th

Implementation readiness

Activities Duration

End product

▪ Define key design criteria

▪ Develop learning plan

▪ Define operating and faculty model

▪ Align concept with key stakeholders

1.5 months ▪ Develop learning

modules and future state

▪ Finalize roll-out and ramp-up plan

▪ Commit resources ▪ Define communi-

cation ▪ Start to train first

trainers

3 months ▪ Further develop and

update learning content and curricula

▪ Potentially add new learning modules

▪ Continue to train new trainers

▪ Performance dashboard across plants to track impact

Ongoing ▪ Build-up learning

environment

▪ Codify learnings & best practices

▪ Enlarge trainer and expert group

▪ Assure job-rotation opportunities

2 months

….

Mar 31st Jun 30th

▪ Pilot different learning curricula

▪ Set-up operations and ramp-up learning capacity

▪ Continuously

evaluate Learning Center service and improve

2 x 3 months

Develop concept Roll-out

Build up Learning Platform

43

44

Getting to the top and staying there

44

Height 29,029 ft.

Basecamp (17,500’)

Camp l (19,500’)

Camp ll (21,000’)

Camp lll (23,500’)

Camp lV (26,300’)

2020

2016

2017

2018

2019

ROIC 14% 1st Quartile ROIC in

Petroleum & Petrochemical Industry

Performance

Health

+

IRPC Strategic Roadmap to 2020

• 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

2016: UHV Completion 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

Super Absorbent Polymer (SAP)

Quick Win Initiatives

New investments through JV

2013

2014

2016

2017

PP Derivatives • PP Expansion 160 KTA • PP Compounding 140 KTA

PHOENIX

DELTA

EVEREST

3

45

The future begins now creating shared value

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

Thank You

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

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