“One family… Fueling the future of Thailand”

3Q/2019 results

The information contained in this presentation is intended solely for your reference.

This presentation contains “forward-looking” statements that relate to future events, which are, by their nature, subject to significant risks and uncertainties. All statements, other than statements of historical fact contained in this presentation including, without limitation, those regarding SPRC’s future financial position and results of operations, strategy, plans, objectives, goals and targets, future developments in the markets where SPRC participates or is seeking to participate and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “will”, “may”, “project”, “estimate”, “anticipate”, “predict”, “seek”, “should” or similar words or expressions, are forward-looking statements.

The future events referred to in these forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond our control, which may cause the actual results, performance or achievements, or industry results to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

These forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which SPRC will operate in the future and are not a guarantee of future performance. Such forward-looking statements speak only as of the date on which they are made. SPRC does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. The information set out herein is subject to change without notice, its accuracy is not guaranteed, has not been independently verified and it may not contain all material information concerning the Company.

SPRC makes no representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one if many possible scenarios and should not be viewed as the most likely or standard scenario. No assurance given that future events will occur or our assumptions are correct. Actual results may materially differ from those provided in the forward-looking statements and indications of past performance are not indications of future performance. In no event shall SPRC be responsible or liable for the correctness of any such material or for any damage or lost opportunities resulting from use of this material. SPRC makes no representation whatsoever about the opinion or statements of any analyst or other third party. SPRC does not monitor or control the content of third party opinions or statements and does not endorse or accept any responsibility for the content or use of any such opinion or statement.

SPRC’s securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state of the United States, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of such act or such laws.

This presentation does not constitute an offer to sell or a solicitation of an offer to buy or sell SPRC’s securities in any jurisdiction.

DISCLAIMER

2

Vision, Mission& Core Values

“One Family…

Fueling the Future of Thailand”“We are a highly engaged Family, dedicated to

providing sustained superior returns to our shareholders

through industry leading safe and reliable operations,

producing quality products that exceed customer expectations,

in harmony with our communities and the environment.”

Our Vision: Our Mission:

Core Values: Stars Leader / Outstanding / Role model

Professional Integrity / Professionalism / Performance driven

Reliable Accountable / Ready / Trustworthy

Caring Responsible citizen / Compassion / Sincere

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4

CONTENTS

01 Highlights

02 Market overview

03 Operational review

04 Financial performance

5

01 Highlights

02 Market overview

03 Operational review

04 Financial performance

CONTENTS

Highlights

SPRC’s Winning formula

“At SPRC we believe that nothing is more important than

being safe and reliable.

We work together as one family to protect our employees,

the environment, the community, and to be our customers partner

of choice.

All of which creates maximum value for SPRC’s shareholders.”

Tim Potter, CEO

6

3Q/2019 Highlights

97.1%

7

Highlights

0

TOTAL DAYS AWAY FROM WORK RATE (‘DAFWR’)

100% 85.7%89.6%*

UTILIZATION OF EQUIVALENT DISTILLATION CAPACITY (UEDC)**

AVAILABILITYEX. TURNAROUND

$2.11/bbl $5.07/bbl

MARKET GRM

* Normalized UEDC excluding economically concern for the best profitability.** Lower UEDC to optimize economic returns and due to end of run plant conditions.

BOTTOM LINE IMPROVEMENT PROGRAM

OPEX PER BARRELExcluding T&I and Project OPEX

$1.94/bbl

Highlights

SPRC’s Formula for success

8

SAFETY

(Injuries per 200,000 man-hours)

▪ Achieved over 6 years without Days Away From Work injury. The last DAFW was 24 Jun 2013.

▪ Achieved 22.1 million man-hours without Days Away From Work injury.

PERFORMANCE UPLIFT

FROM “BLIP”

US$/bbl

BLIP: Bottom Line Improvement Program

RELIABILITY OPTIMIZATIONOPTIMIZATION MARKET GRM

▪ Sustained high availability but lower EDC due to end of run plant conditions and optimization of economic return from higher cost of LSWR which reduced EDC by 3.9%.

▪ Target top quartile performance in availability and utilization among over 90 refineries in the Asia Pacific and India Ocean region.

▪ Captured BLIP benefit from good process and crude optimization.

▪ Maximized domestic placement for gasoline, diesel and jet.

▪ End of run conditions limited process optimization benefit.

▪ Market GRM rebounded mainly from a sharp spike in gasoline and distillate products.

▪ Crude premium relative to Dubai limited margin recovery.

OPERATIONAL AVAILABILITYEX. TURNAROUND

A strong foundation of personal safety … …exceptional reliability… …and maximizing GRM…driving optimization & cost efficiencies…

US$/bbl

TOTAL DAYS AWAY

FROM WORK RATE

0 0 0 0 0 0

2017 2018 9M19 1Q19 2Q19 3Q19

88.8%94.2%

87.2% 90.9%85.1% 85.7%

2017 2018 9M19 1Q19 2Q19 3Q19

EDC UTILIZATION RATE

96.4%99.1% 99.9% 99.9% 99.8% 100.0%

2017 2018 9M19 1Q19 2Q19 3Q19

2.592.93

2.28 2.34 2.392.11

2017 2018 9M19 1Q19 2Q19 3Q19

7.34

5.67

3.54

3.07 2.57

5.07 5.36

4.67

3.32

2.51 2.24

5.20

2017 2018 9M19 1Q19 2Q19 3Q19

SG GRM

No one gets hurt

2019 Event Project($256M)

Turnaround & Inspection (T&I) Increase Capacity to 175 KBD Reliability Projects

9

• Schedule has been optimized through a multi-party approach with consultants and primary maintenance and construction contractor.

• Shut down is scheduled for a period of 45 days (+/- 5 days), started 1 November 2019.

• Operational planning in progress to capture benefits from reliability and capacity upgrades.

• Lower future structure OPEX per barrel.

• Looking for margin improvement opportunities post Event project.

• Schedule has been optimized through a multi-party approach with consultants and primary maintenance and construction contractor.

• Shut down is scheduled for a period of 45 days (+/- 5 days), started 1 November 2019.

• Operational planning in progress to capture benefits from reliability and capacity upgrades.

• Lower future structure OPEX per barrel.

• Looking for margin improvement opportunities post Event project.

Current Status of Event 2019Current Status of Event 2019

Highlights

2019 Event Project

10

01 Highlights

02 Market overview

03 Operational review

04 Financial performance

CONTENTS

11

Market overview

Source: IEA, IHS

Million barrels/day

▪ Global oil demand growth in 2020 will decrease to 1.3 mb/d. Demand in the Middle East and parts of Asia was revised slightly decrease.

▪ Global refining capacity increase in 2019-2020 is 0.8-1.9 mb/d and Asia refinery capacity increase 0.5-1.7 mb/d.

ASIA (include Middle East)

NORTH AMERICA

EUROPE

LATIN AMERICA

AFRICA

INCREMENTAL OIL DEMAND

FSU

2018 2019e 2020e

0.41 0.21 0.27

-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

-0.11

0.01 0.07

-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

0.16 0.12 0.08

-0.06 -0.05

0.03

-0.01

0.07 0.07

0.80 0.80 0.78

-1.00

-0.80

-0.60

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

Source: Wood Mackenzie and IHS

▪ Typical SPRC GRM is in range of US$5-7/bbl.

SINGAPORE GRM

US$/bbl

SingaporeGRM

2018 2019 2020

0

1

2

3

4

5

6

7

8

9

10

2010201220142016 Q1 Q3 Q1 Q3 Q1 Q3

OIL MARKET OUTLOOK

High product inventory globally

Strong gasoline demand & low

crude oil premium

SPRC GRM

Total Weekly Light Distillate Stocks, mmb

Total Weekly Middle Distillate Stocks, mmb

Total Weekly Fuel Oil Stocks, mmb

GLOBAL PRODUCT INVENTORIES

▪ Current global inventory are lower mainly from U.S due to lower refinery runs resulting to lower gasoline and middle distillates. Fuel oil also decrease but are higher y-o-y as IMO 2020 nears and lower HSFO demand. The build could be primarily VLSFO.

▪ Lower product stock support refinery margin and expect to continue into Q4 and 1H of 2020.

Source: FGE

Overview of oil demand growth, inventories and GRM

Market overview

Overview of product cracks

DUBAI PRICE

US$/bbl US$/bbl

GASOLINE CRACK

US$/bbl

JET FUEL CRACKDIESEL CRACK

US$/bbl

US$/bbl

FUEL OIL CRACK

DUBAI+ Crude oil prices rose as OPEC supply cuts and ME tensions outweighed the U.S.-China trade dispute.+ Middle East crude benchmarks Oman and Dubai jumped, tracking gains in global oil futures, as attack on top oil exporter Saudi Arabia's oil facilities threatens global oil supplies.- U.S. crude oil production will rise to an all-time high of 12.36 million barrels per day in 2019 from a record 10.96 million bpd last year.GASOLINE+ Gasoline cracks saw significant recovery on reduced domestic supply and a knock-on effect from the fire and subsequent shutdown of the 300KBD PES refinery in North America.+ Indian exports to Singapore have trickled down this month, indicating that significant enough refining capacity in the country has been taken offline for upgrading and/or turnaround

works for the country’s upcoming tighter retail fuel-spec change in January.JET+ The jet/kero market strengthened significantly in July, supported by the summer travel season and strong arbitrage pulls to the West.- Market was pressured on an increase in supply as Japanese and Korean refiners ramp up production of kerosene in order to stockpile sufficient inventories ahead of winter.DIESEL+ Gasoil cracks rose as the market tightened on reduced regional supply and low inventory levels.+ Gasoil cracks continued to rise, supported by a combination of strong fundamentals and stockpiling ahead of IMO 2020. FUEL OIL+ A shortage of supplies have boosted fuel oil premiums in Asia to record highs recently in one of the first signs of the impact of a shift in global ship fuel rules set to occur in 2020.+ Regional fuel oil cracks soared as supply remained tight as high Middle Eastern summer demand curbed arbitrage flows to Asia.- Market sentiment for HSFO remains weak as purchasing interest by Singaporean bunker suppliers and traders have declined substantially.

KEY HIGHLIGHTKEY HIGHLIGHT

12

63 6761

1Q19 2Q19 3Q19

4

812

1Q19 2Q19 3Q19

13 1215

1Q19 2Q19 3Q19

13 1216

1Q19 2Q19 3Q19

1

-2

1

1Q19 2Q19 3Q19

Market overview

99 87

DEMAND GROWTH2018 (8 mths) – 2019 (8 mths)

EXPECTED GROWTH 2020 COMMENTS

Auto LPG demand continue to decline due to price differential.

FUEL OIL

AUTO LPG

DIESEL

JET

GASOLINE

411 427

123 123

195 202+3.9%

38 36

+4.0%

-4.3%

20192018

-12.0%

Healthy demand growth keeps track with GDP growth.

Seasonal import Diesel.

Domestic Fuel oil consumption remains relatively constant.

KBD

Source: EPPO

KBD

KBD

KBD

K. ton/month

0.0%

Continued strong demand for gasoline.

Import GB95 continue to increase YoY.

Continued long-term growth due to tourism growth and higher demand from airlines.

13

Strong petroleum demand in Thailand

14

01 Highlights

02 Market overview

03 Operational review

04 Financial performance

CONTENTS

CRUDE INTAKECRUDE INTAKE

15

Operational review

• 18 and 25 types of crude processed in 3Q19 and 9M19.

• Less favorable economic to Far East drove to lower Far East processing.

*Industry Average of 8M19 during January-August 2019Source: Company data, EPPO

3%

23%16% 21% 23% 21%

12%12% 12% 9% 11%

12%

70% 67% 68% 68%53%

3Q18 2Q19 3Q19 9M19 Industry average8M19*

Middle East

Far East

Domestic

Others

Crude

Operational review

Products

SPRC Competitive Export Industry Average*

Sustained industry average of domestic placement in almost all products.

Export sales including Indochina sales at 3% in 3Q19.

PRODUCT YIELD PRODUCT YIELD DOMESTIC SALESDOMESTIC SALES

Higher crack spreads over Dubai drove to increase Gasoline, Diesel and Jet production.

16

*Country Demand of 3Q19 during July-August 2019Source: Company data, EPPO

*Industry Average of 3Q19 during July-August 2019Source: Company data, EPPO

84%78%

86% 85% 89% 88%

2%5% 3%

3Q18 2Q19 3Q19

15% 10% 6%

3%3%

3%

1%2%

1%

10%9%

8%

4%

32%35%

37%

42%

7% 7% 8%

12%

23% 23% 26%

21%

3% 4% 4%4% 4% 5%

22%

2% 2% 3%

3Q18 2Q19 3Q19 Countrydemand3Q19*

PGP

LPG

Light Naphtha

Gasoline

Jet

Diesel

Fuel Oil

Asphalt

Mix C4

Others

17

01 Highlights

02 Market overview

03 Operational review

04 Financial performance

CONTENTS

Financial performance

OPEX PER BARRELOPEX PER BARREL

Efficient in OPEX management. Target NECC* at the breakpoint of quartile 1 and 2 against Asia Pacific.

OPEX per barrel of 3Q19 increased due to lower crude intake and Turnaround preparation and project OPEX cost.

* Non Energy Cash Cost: Operating expenses exclude energy cost

US$/bbl

GROSS REFINERY MARGINGROSS REFINERY MARGIN

18

Accounting GRM:

QoQ: Increased primary from a stronger GRM due to healthier demand, but partially offset with a net stock loss of US$1.96/bbl.

YoY: Decreased from low crack spread and stock loss in 3Q19.

Market GRM:

Significantly improved from stronger demand and better crack spread mainly in gasoline and distillate products.

US$/bbl

5.05

2.57

5.07

6.34

2.29

3.11

3Q18 2Q19 3Q19

Market GRM Accounting GRM

1.85 1.81 1.94

0.30

2.08

3.04

3Q18 2Q19 3Q19

T&I and Project OPEX Normal OPEX

2.15

3.89

4.98

Margin and OPEX

NET INCOMENET INCOMEUS$/bbl

EBITDAEBITDA

US$ M US$ M

EBITDA and profitability :

3Q19 EBITDA and Net income significantly decreased mainly from high increase T&I and Project OPEX and stock loss of US$26.1M (Including of stock loss of US$32.9M and net reversal of LCM adjustment of US$6.8M).

FX gain for 3Q19 decreased to US$7.4M from US$16.3M in 2Q19 due to lower appreciation of the Baht relative to the U.S. dollar.

EBITDA and profitability :

3Q19 EBITDA and Net income significantly decreased mainly from high increase T&I and Project OPEX and stock loss of US$26.1M (Including of stock loss of US$32.9M and net reversal of LCM adjustment of US$6.8M).

FX gain for 3Q19 decreased to US$7.4M from US$16.3M in 2Q19 due to lower appreciation of the Baht relative to the U.S. dollar.

19

Financial performance

71.4 (5.6) (17.3)

304.9

62.8

3Q18 2Q19 3Q19 9M18 9M19

37.9 (18.9) (29.9)

191.4

4.1

3Q18 2Q19 3Q19 9M18 9M19

EBITDA and profitability

2.3

5.3

(41.5) 34.8

(0.3)

0.6

CASH FLOW CASH FLOW

CFO: Cash generated from profit before tax of US$0.3M, working capital of US$14.6M due to temporary low inventories volume and low account receivables

which partially offset with trade and other payables, D&A and Non cash items of US$(3.3)M and Tax & Interest paid of US$(6.3)M.

CFI: Primarily on projects spending to increase refinery reliability and efficiency.

CFF: Proceed from short term loan of US$51.8M and dividend payment of US$17.0 for 1H19 net profit.

CFO: Cash generated from profit before tax of US$0.3M, working capital of US$14.6M due to temporary low inventories volume and low account receivables

which partially offset with trade and other payables, D&A and Non cash items of US$(3.3)M and Tax & Interest paid of US$(6.3)M.

CFI: Primarily on projects spending to increase refinery reliability and efficiency.

CFF: Proceed from short term loan of US$51.8M and dividend payment of US$17.0 for 1H19 net profit.

US$ M

20

Financial performance

December-2018

CFO CFFCFI FX Adjustment

September-2019

Short term Loan

51.8

Dividend

(17.0)

Cash Flow

9.1

12.4

17.1

9.610.1

• SPRC’s dividend policy is to pay out at least 50% of net profits semi-annually.• 1H19 Dividend payout at 50% of net profit

* Dividend yield based on closing stock price as of the performance period of dividend declaration

DIVIDEND POLICYDIVIDEND POLICY

DIVIDEND PAYMENTDIVIDEND PAYMENT

(Avg. 4.2%-4.8%)

21

Financial performance

0.2638

1.1824 1.1427

0.5928

0.1202

3.0%

10.8%

7.1%

4.6%

1.2%

-

0.2000

0.4000

0.6000

0.8000

1.0000

1.2000

1.4000

1.6000

2H15 2016 2017 2018 1H19

Dividend per share

Dividend Yield*

SETHD

Closing stock price as of the performance period

Dividend Policy and Yield

Looking ahead

No one gets hurt

Operational excellence

Bottom Line Improvement Program

Low gearing allows opportunities for growth

T&I Event and Capacity Expansion in 4Q19*

22*The combined costs for the Capacity Increase Project, planned maintenance, and upgrades in 2019 are approximately $256M.

Appendices

23

ASSET BREAKDOWNASSET BREAKDOWN LIABILITIES & EQUITYLIABILITIES & EQUITY

US$ M US$ M

24

Financial position

1,6531,687 1,6531,687

27 45

880 857

393 411

385 339

2 1

Dec-18 Sep-19

Cash and cashequivalents

Account receivables

Inventories

PP&E

Other current & noncurrent assets

1,182 1,169

24 16

482 468

Dec-18 Sep-19

Current liabilities

Non current liabilities

Total Equity

Unit: US$ M 3Q18 2Q19 3Q19YoY QoQ

% +/- % +/-

Revenues 1,570.8 1,553.0 1,434.6 -9% -8%

OPEX (28.3) (53.6) (66.3) -134% -24%

EBITDA 71.4 (5.6) (17.3) -124% -211%

Depreciation & Amortization (21.0) (20.4) (20.3) 3% 0%

Profit for the period 37.9 (18.9) (29.9) -179% -58%

EPS (THB per share) 0.29 (0.14) (0.21) -174% -54%

25

9M18 9M199M

% +/-

4,781.0 4,479.4 -6%

(85.7) (160.7) -87%

304.9 62.8 -79%

(63.2) (61.7) 2%

191.4 4.1 -98%

1.42 0.04 -97%

Income statement

SALES BY VOLUMESALES BY VOLUME

US$/bbl

53%

34%

13%

SALES BY REVENUESALES BY REVENUE

Chevron and PTT account for 90% of total sale in 3Q19 by revenue.

Others are products sold as Petrochemical feedstock and intermediate product exchange.

Chevron and PTT account for 90% of total sale in 3Q19 by revenue.

Others are products sold as Petrochemical feedstock and intermediate product exchange.

57%

33%

10%

Others

3Q18

Others

3Q19

48%

36%

16%

Others

3Q18

Others

53%31%

16%

Others

3Q19

26

Sales by customers

Low gearing means we are financially resilient and able to gear up to seize growth opportunities

STRONG BALANCE SHEET

One of world’s leading oil and gas groups with over a century of experience worldwide. The Chevron connection brings bargaining power, crude supply, offtake agreements and access to proprietary technology and systems

CHEVRON RELATIONSHIP STRATEGIC LOCATION

Location in Map Ta Phutensures low logistics costs

with access to dedicated deep water jetty and an

SPM for VLCCs. Puts us close to several important

customers.

TECHNICAL CONFIGURATION

Our refinery configuration enables us to buy cheaper crudes and turn

them into higher value products, including a higher gasoline yield

than our competitors.

27

The SPRC competitive advantage

CUSTOMERS(1)DISTRIBUTION(1)REFINERYCRUDE SUPPLY

(1) Based on 3Q19 data

REFINERYCapacity: 165 KBDSingle point mooring system

265,000 DWTPower Generation

Facilities41 MW

VLCCUp to 265,000 DWT

PANAMAXUp to 80,000 DWT Marine terminal

CRUDECapacity:

4.9 M barrels

PRODUCTCapacity:

4.0 M barrels

PIPELINE

▪ Supply to north, north east of Thailand and Indochina export market

VESSEL

▪ Dispatch to both domestic and export markets at Main Pier

▪ LPG Pier

DOMESTIC

EXPORT

Middle East68%

Far East9%

Domestic23%

SOURCES OF CRUDEFOR 3Q19

89%

11%

▪ Pipeline connects Map Ta Phut, Sriracha & Bangkok

▪ Connections to petrochemical customers

TRUCK

39%

9%

52%

28

Business overview

29

A brief history

CRUDE OIL

NATURAL GAS

REFINERY

POWER AND STEAM

PRODUCTS

SPMS

MARINE TERMINAL

1

2

33

44

5 LPG

JET

GASOLINE

DIESEL

FUEL OIL

ASPHALT

HVGO

PROPYLENE

OTHERS

7

6

8

FEEDSTOCK TECHNICAL & OPERATING OFFTAKE

SP

RC

BU

SIN

ES

SK

EY

AG

RE

EM

EN

TS New Feedstock Supply

Agreement(1)Single Point Mooring System Operating Agreement

Natural Gas Sales Contract for Cogeneration and Natural Gas Sales Contract for Petroleum Product Manufacturing Process

11

22

33

Marine Services Transportation Agreement

Technical Services Agreement and License Agreement

44

55

Amended Offtake Agreement(1)

Propylene Sale Agreement

Intermediate Products Exchange Agreement

66

77

88

COUNTERPARTIESCOUNTERPARTIESCOUNTERPARTIES

(1) Effective upon the first day of trading of SPRC’s shares on the SET

30

Key contractual arrangements

SPRC Crude Capacity165 KBD

Naphtha Hydrotreating Unit (NHTU) 19 KBD

Crude Distillation Unit (CDU) 165 KBD

Vacuum Distillation Unit (VDU) 63 KBD

Continuous CatalyticRegeneration Reformer

(CCR) 17 KBD

Residue Fluidized Catalytic Cracking Unit

(RFCCU) 41 KBD

Heavy Vacuum Gas Oil Hydrotreating Unit (HVGO

HTU) 35 KBD

Whole Cat Naphtha Hydrotreating

(WCN) 23 KBD

Jet Merox Unit (JMU) 20 KBD

Diesel Hydrotreating Unit (DHTU) 66 KBD

Benzene Saturation Unit (BSU) 15 KBD

LPG

Chemical Naphtha

Mogas

PGP

Jet

Diesel

Fuel Oil

Asphalt

31

Refinery complexity

Energy Management

• Energy roadmap with monthly and yearly targets

• Energy AOS every 2 years

• US$0.02-0.11 /bbl

Margin Improvement

People Efficiency and Waste Management

Oil Loss Control

• Lean sigma

• Cost leadership

• US$1-6 MM/year

• Data reconciliation

• US$0.02-0.05 /bbl

• Yearly Innovation Quest (IQ) and Asset Optimization Studies (AOS)

• Monthly core team meeting

• Rigorous benefit tracking

BLIP

US$/bbl

Despite a challenging margin environment, SPRC continues to drive incremental margin improvement through BLIP

Crude benefit over Benchmark crudes

US$0.55-0.80/bbl

Product yield and placement optimization

US$0.20-0.90/bbl

Process plant optimization US$0.60-0.80/bbl

Cracker feed synergy US$0.10-0.40/bbl

32

2.592.93

2.28 2.34 2.392.11

2017 2018 9M19 1Q19 2Q19 3Q19

BLIP (Bottom Line Improvement Program)

Thank You

Any queries, please contact SPRC Investor Relations

at email: ir@sprc.co.th

Tel: +6638 699 887

Website: http://investor.sprc.co.th

Please send us your feedback via QR code below:

33