Nov 15, 2016

3Q/2016

Leading Integrated Petrochemical Complex in Asia by 2020

Disclaimer

This presentation material has been prepared solely for informational purposes only. IRPC is furnishing it solely for use byprospective investors / analysts in the proposed event. IRPC makes no representations or warranties as to the accuracy orcompleteness of such information. By accepting this material each recipient agrees that IRPC shall not have any liability forany 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

3Q/16 Highlight

Operation & Financial Performance

Industry Outlook

Strategic Direction

1

2

3

4

Agenda

3

14.1 13.4 12.5 13.7 13.2

(3.1)

3.8 0.1

(0.1)

0.9

(0.7)(1.4) (1.2)

(0.2)(1.4)

10.3

15.8

11.4 13.4 12.7

48,658 40,471 41,622

154,125 120,343

YoY 14%

QoQ 3%

Highlight: 3Q/16 PerformanceOverview of Business

Net Sales(net excise)

Dubai

Unit: $/bbl

888 3,706

1,307

8,955 8,027

Net income

Unit: MB

Unit: MB

4

3Q/15 3Q/16 9M/16

YoY 47%

QoQ 65%

1. In 3Q/16, average Dubai price remained stable from 2Q/16 at $43.2/bbl, driven by both OPEC and Non-OPEC members discussed to reduce the production level to maintain the crude price stability.

2. Net sales were 41,622 MB in 3Q/16, increasing by 3% from 40,471 MB in 2Q/16 due to an increase of 5% in the sales volume offset by a decrease of 2% in the product prices.

In 9M/16, net sales were 120,343 MB, 22% lower than net sales of 154,125 MB in 9M/15, as the 18% decrease of the average price, plus the sale volume dropped down by 4%.

3. Market GIM in 3Q/16 was $12.5/bbl, declined by $0.9/bbl compared to $13.4/bbl in 2Q/16 as the lower of product spreads but Everest improved the margin. While no stock gain in 3Q/16, consequent to the Accounting GIM of $11.4/bbl, decreased from $15.8/bbl in 2Q/16.

In 9M/16, the Market GIM was $13.2/bbl, decreased from $13.7/bbl in 9M/15 and the Accounting GIM decreased to $12.7/bbl from $13.4/bbl in 9M/15.

4. Net profit was 1,307 MB in 3Q/16, compared to 3,706 MB in 2Q/16. In 9M/16, net profit was 8,027 MB, compared to 8,955 MB in 9M/15.9M/15

YoY 22%

Market GIM

Accounting GIM

Oil hedging

Unit: $/bbl

YoY 10%

QoQ 28%

Stock gain/(loss)+LCM

YoY 5%

38.9

YoY 10%

2Q/16

49.743.18 43.17

54.3

5

Procurement area

Commercial area

Operations area

Corporate area

• Optimize crude selection, product blending and hydrocarbon stock

• Enhance throughput & yield by adjusting production unit parameter

• Maximize energy efficiency and reduce loss in production units

• Improve efficiency and effectiveness of maintenance

• Reduce production unit downtime and minimize operating days lost

• Maximize commercial value generation from refined petroleum and

petrochemical products

• Optimize timing, duration and cost of turnaround

• Spend optimization with key expenditure categories

• Optimize small CAPEX spend for highest value expenditures

• Develop capabilities to sustain both performance and health

• Improve organizational health practices for top quartile outcomes

• Optimize planning and policies to ensure continued productivity enhancement

2,083

549

399

385

557

513

135

63

3,416 1,268Total

Target

Y2016

Actual

9M/16Unit : MB

Highlight: Everest Project

Highlight: 3Q/16 Update

6

IRPC’s Achievement

Certification from Carbon Footprint for Organization : CFO (Sep 9)

The Zero Accident Campaign 2016(Aug 31)

Krungsri e-Payment

Service Agreement(Sep 22)

“Best CEO award”IAA Awards for Listed Companies

2015/2016 (Jul 14)

122 Companies be invited for Corporate Sustainability Assessment

25 Companies are DJSI member listed

Top 5 companies

Oil and Gas Industry

Emerging Market

Highlight: 3Q/16 Project Update

7

Progress: 64% as of Sep 16Start up plan : 3Q/17

PGT Plan : Nov 16PAC Plan : Dec 16

PPE & PPCUHV

3Q/16 Highlight

Operation & Financial Performance

Industry Outlook

Strategic Direction

1

2

3

4

Agenda

8

9

Petroleum Performance

2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16 Change QoQ

Dubai 61.3 49.7 40.7 30.4 43.2 43.2 0%

Naphtha Spread -0.5 -1.2 7.1 6.1 0.7 -1.9 -371%

ULG95 Spread 19.8 19.3 18.7 18.8 14.5 11.6 -20%

Gas Oil Spread 13.7 10.8 13.8 9.6 10.5 11.0 5%

Fuel Oil Spread -3.5 -8.1 -6.5 -5.2 -8.7 -4.3 51%

-20

0

20

40

60

80

Dubai Price and Petroleum Spread$/bbl

Dubai

Fuel Oil

ULG95 Spread

Naphtha Spread

Gas Oil Spread

Naphtha spread:

moved down - increasing

supply after the refineries’

maintenance shutdown

and the low LPG price, a

substitute for Naphtha.

ULG95 spread:

moved down – the supply

glut.

Gas Oil spread:

moved up - higher

demand from India,

Vietnam and Malaysia.

Fuel oil spread:

moved up - low supply

from Europe and Persian

Gulf.

Crude oil price: both OPEC and Non-OPEC members discussed to

reduce the production level to maintain the crude price stability.

10

Petroleum Performance

2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16 Change QoQ

Fuel Oil 367 265 217 160 219 247 13%

150BS Spread 740 833 815 844 780 725 -7%

500SN Spread 399 514 471 442 418 443 6%

Asphalt Spread 20 83 96 -7 -48 -61 -27%

-200

0

200

400

600

800

1,000

Fuel Oil Price and Lube Base Oil Spread$/MT

Fuel Oil

150BS Spread

500SN Spread

Asphalt Spread

Lube base oil spread:

stable - lower supply after

Formosa, one of the major

refineries in Asia shutdown

for the maintenance support

price.

Asphalt spread:

moved down - the lower

demand in Asia especially

China who cut the new road

constructions budget.

Petroleum Group : Production

3Q/16, the crude intake was 176 KBD (82% utilization), slightly dropped by 6 KBD from 2Q/16 as the product spreads moved down.

RDCC plant (UHV project) is during the process to integrate its plant with whole refinery

Premium over Dubai was $2.58/bbl, lower by $0.53/bblfrom the last quarter

The utilization rate of Lube Base Oil plant in 3Q/16 was 87%, declined by 8% when compared to 2Q/16 due to falling asphalt demand during rainy season.

Remark : Excluding internal use quantity 11

Crude Run (KBD)

Crude Intake

61%49%

63% 59% 53%

30%

23%

23% 31%25%

9%

10%

9% 9%

10%

0%

18%5% 2%

12% Others

Domestic

Far East

Middle East

Premium over Dubai($/bbl)

3Q/15 2Q/16 3Q/16 9M/15 9M/16

82% 85% 82% 85% 84%

177 182 176 183 181

2.69 3.11 2.58 2.31 3.13

0.9 0.8 0.7

2.7 2.5 0.9 0.9 0.8

2.8 2.5

Lube Base oil

1.8 1.7 1.5

Unit : Mbbl

Refinery

LPG & Others

Unit : Mbbl

Naphtha

Gasoline

Diesel

Fuel oil

4.8 4.1

21.9 22.3

4.3 4.7

2.7 1.8 0.6 0.6

1.5 1.6 0.8

7.4 7.6 7.1

1.5 1.6 1.6

0.9 0.5 0.7

0.2 0.1 0.1

11.5 11.4 10.3

34.3 33.55.5 5.0

Asphalt

Lube Base

% Utilization

3Q/15 2Q/16 3Q/16 9M/15 9M/163Q/15 2Q/16 3Q/16 9M/15 9M/16

2.4 1.4

2.1

3.8 2.2

2.4

2.6 2.1

2.1

2.5

4.8

4.0 4.2

5.9

4.7

3Q/15 2Q/16 3Q/16 9M/15 9M/16

Lube Base

Refinery

Market GRM

Sales Volume & Revenue

13.3 12.1 13.1

40.3 38.3 1.8 1.8 1.6

6.2 5.5

15.1 13.9 14.7

46.5 43.8

3Q/15 2Q/16 3Q/16 9M/15 9M/16

Lube Base

Refinery

Unit : Mbbl

16.3 16.6 16.2 50.0 49.7 Crude intake (M.bbl)

Unit : $/bbl

Sales Distribution

Unit : MB

12

29,159 23,354 24,662 94,701 68,996 Refinery

4,818 3,734 3,368 16,523 11,087 Lube Base

33,977 27,088 28,030 111,224 80,083 Petroleum

YoY 6%

Local54%

Export46%

Local55%

Export45%

3Q/162Q/16

Top 5 Export Destination :Singapore, Malaysia, Laos, Cambodia, Japan

3Q/16 : Petroleum sales volume increased by 6% but the average product prices decreased by 3% compared to 2Q/16

The proportion of sales was 54% domestic and 46% export. The domestic sales slightly fell by 1% from 2Q/16.

Market GRM was $4.2/bbl (2,372 MB), raised by$0.23/bbl (45 MB) from 2Q/16 due to the lower of crude premium plus better product yield after UHV project started its operations.

Petroleum Group : Sales & GRM

YoY 3% QoQ 6%

13

Petrochemical Performance

2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16 Change QoQ

Naphtha 563 461 445 344 411 389 -5%

PP 1,356 1,126 1,003 944 1,095 1,088 -1%

HDPE 1,454 1,411 1,301 1,251 1,287 1,234 -4%

PP Spread 793 665 558 600 684 699 2%

HDPE Spread 891 950 856 907 876 845 -4%

200

400

600

800

1,000

1,200

1,400

1,600

Polyolefins Price and Spread$/MT

Naphtha

PP Spread

PP

HDPE Spread

HDPE

PP spread:

moved up - tight supply

during Petrochemical

plants’ maintenance

shutdown in Japan and

Taiwan.

HDPE spread:

moved down - the HDPE

price was lower due to

weaker demand in the

rainy season.

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

14

Petrochemical Performance

ABS spread:

moved up - positive

economic outlook

especially in AEC

PS spread:

Stable- both demand

and supply stayed

unchanged.

2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16 Change QoQ

Naphtha 563 461 445 344 411 389 -5%

ABS 1,658 1,433 1,202 1,198 1,308 1,373 5%

PS 1,494 1,267 1,098 1,153 1,217 1,199 -1%

ABS Spread 1,095 972 757 854 897 984 10%

PS Spread 931 806 653 809 806 810 0.5%

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Polystyrenics Price and Spread$/MT

Naphtha

PS Spread

PS

ABS Spread

ABS

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

15

Petrochemical Performance

2Q/15 3Q/15 4Q/15 1Q/16 2Q/16 3Q/16 Change QoQ

Naphtha 563 461 445 344 411 389 -5%

Toluene 766 635 624 568 595 564 -5%

MX 785 686 671 598 673 656 -3%

Toluene Spread 203 174 179 224 184 175 -5%

MX Spread 222 225 226 254 262 267 2%

0

200

400

600

800

1,000

Aromatics Price and Spread$/MT

Naphtha

MX Spread

Mixed Xylene

Toluene Spread

Toluene

Toluene spread:

moved down - demand

remained weak and

inventory stayed high.

Mixed Xylene spread:

moved up – stable MX

price, supported by high

PX price while Naphtha

price went down.

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

78 92 96

228 272

9 - -

21

5

73 65 47

191 185

160 157 142

440 462

Styrenics

Aromatics

The utilization rate of Aromatics and Styrenics in 3Q/16 was

80%, decreasing by 10% compared to 2Q/16 due to the

scheduled maintenance shutdown of EBSM in 3Q/16.

Therefore, Polystyrenics group decreased capacity as a result

of lower feedstock from EBSM.

In 3Q/16, the utilization rate of Olefins was 88%, decreased

by 7% from 2Q/16 owing to the maintenance shutdown of

PP and Ethylene plants in 3Q/16.

Aromatics & StyrenicsOlefins

3Q/15 2Q/16 3Q/16 9M/15 9M/16

97% 90% 80% 89% 90% %Utilization

97% 87% 77% 87% 85% Polystyrenics

106% 78% 49% 91% 75% Styrenics

92% 98% 100% 90% 101% Aromatics

3Q/15 2Q/16 3Q/16 9M/15 9M/16

90% 95% 88% 90% 92% %Utilization

78% 91% 89% 82% 89% Polyolefins

101% 99% 87% 97% 95% Olefins

Polystyrenics

67 51 43

174 148

127 138 136

385 408

194 189 179

559 557

Olefins

Polyolefins

Unit : KMTUnit : KMT

Remark : revised Utilization rate calculated based on the main products 16

Petrochemical Group : Production

211 192 111

165 147

322 348

330 296 329

274 281

232 240 248

3Q/15 2Q/16 3Q/16 9M/15 9M/16

Unit : $/MT

Olefins &Polyolefins

Aromatics &Styrenics

2.7 2.4 1.5 2.0 1.9

5.5 5.9

5.6 4.7 5.5

8.2 8.3

7.1 6.7 7.4

3Q/15 2Q/16 3Q/16 9M/15 9M/16

Unit : $/bbl

Olefins &Polyolefins

Aromatics &Styrenics

159 152 163

461 497 206 212 208

608 615

365 364 371

1,069 1,112

3Q/15 2Q/16 3Q/16 9M/15 9M/16

Olefins &Polyolefins

Aromatics &Styrenics

Unit : KMT

Market PTFMarket PTF

Crude intake (Mbbl)

Feed intake (KMT)

276 280 296 806 846 Olefins

211 207 222 602 651 Aromatics

Sales Volume and Revenue

16.3 16.6 16.2 50.0 49.7

Sales DistributionUnit : MB

Remark : Sales include imported intermediate products such as Propylene, Benzene

17

Petrochemical Group : Sales & PTF

8,138 7,497 7,617 23,964 21,895 Olefins

5,780 5,076 5,234 16,580 15,999 Aro & Styrenics

13,918 12,573 12,851 40,544 37,894 Petrochemical

YoY 2%QoQ 2%

YoY 4%

Local58%

Export42%

Local59%

Export41%

3Q/162Q/16

Top 5 Export Destination :Singapore, Japan, Hong Kong, China, Vietnam

Gross Integrated Margin (GIM)

18

• In 9M/16, Market GIM was $13.2/bbl, falling by $0.5/bbl compared to $13.7/bbl in 9M/15.

- Product spreads $1.1/bbl

- Everest project $0.6/bbl

• Net stock gain/(loss) was $-0.5/bbl (-853 MB), increased $-0.2/bbl(-296 MB) compared to net stock gain/(loss) of $-0.3/bbl in 9M/15 (-557 MB)

• Accounting GIM was $12.7/bbl (22,418 MB), lower by $0.7/bbl from $13.4/bbl (22,795 MB) in 9M/15.

9M/16 vs 9M/153Q/16 vs 2Q/16

• In 3Q/16, Market GIM was $12.5/bbl, falling by $0.9/bbl compared to $13.4/bbl in 2Q/16.

- Product spreads $1.0/bbl

- Everest project $0.1/bbl

• Net stock gain/(loss) was $-1.1/bbl (-642 MB), dropped by $3.5/bbl compared to net stock gain/(loss) of $2.4/bbl in 2Q/16 (1,421 MB)

• Accounting GIM was $11.4/bbl (6,437 MB), lower by $4.4/bbl(2,853 MB)from $15.8/bbl (9,290 MB) in 2Q/16.

Accounting GIMMarket GIM

14.1 14.7 13.7 13.4 12.5 13.7 13.2

(3.1) (3.5)(1.2)

3.8 0.1

(0.1)

0.9

(0.7) (1.3)(1.5) (1.4) (1.2) (0.2) (1.4)

10.39.9

11.0

15.8

11.4 13.4 12.7

3Q/15 4Q/15 1Q/16 2Q/16 3Q/16 9M/15 9M/16

Hedging Stk G/(L) & LCM Market GIM

4.8 7.1 6.0

4.0 4.2 5.9 4.7

8.2 6.6

6.7 8.3 7.1

6.7 7.4

1.1 1.0 1.0 1.1

1.2 1.1 1.1

14.1 14.713.7 13.4 12.5

13.7 13.2

3Q/15 4Q/15 1Q/16 2Q/16 3Q/16 9M/15 9M/16

Power & Utility Petrochem Petroleum$/bbl $/bbl

80

Financial Highlight: 3Q/16 VS 2Q/16; 2,399 MB (65%)

• Crude intake of 16.17 M.bbl (176 KBD), decreased from 2Q/16 by 0.41 M.bbl (6 KBD) or 2%

• Market GIM $12.50/bbl, decreased by $0.89/bbl or 7% as the lower product spreads

and THB appreciation from 35.45 THB/$ in 2Q/16 to 35.01 in 3Q/16

• Everest increased from Operation 174 MB, Proc.&Corp. 88 MB but Commercial decreased 104 MB

• Net Stock gain/(loss) was $-1.13/bbl (-642 MB), dropped by $3.55/bbl (-2,063 MB)

• SG&A rose 171 MB mainly from donation and other expenses

• Tax exp. decreased as a recording of net deferred tax assets of 428 MB and

lower income tax exp. of 608 MB

• Others exp. increased: as the higher of financial costs and depreciation expenses from the COD of

UHV Project

Average Dubai price 2Q/16 = $43.18/bbl3Q/16 = $43.17/bbl

19

Net Profit2Q/16

Net Profit3Q/16

Volume Decrease

Margin Decrease

Stock Gain& Hedging

+LCM

OthersEverest Project

FX. Gain Increase

Selling Exp. + OPEX

Tax

Exchange rate (THB/USD)As atMar 31, 16 = 35.41 Jun 30, 16 = 35.34Sep 30, 16 = 34.88 Average2Q/16 = 35.45 3Q/16 = 35.01

Unit: MB

3,706 195665

158 2,063

171 158

1,036 657

1,307

Everest2/16 = 4333/16 = 591

MKT. GIM (Exc. Everest)2/16 = 7,4673/16 = 6,607(Deduct Volume 195)

2/16 = 1,4213/16 = (642)

2/16 = (3,495)3/16 = (3,666)

2/16 = 233/16 = 181

2/16 = (847)3/16 = 189

Fin exp. 249

Depre. 321

Others 87

Crude Production2/16 = 16.583/16 = 16.17

• Crude intake of 49.73 Mbbl (181 KBD) decreased by 0.23 Mbbl (2 KBD) or 0.5%.

• MKT GIM of $13.2/bbl – product spread down by $1.17/bbl but Baht depreciated from

33.87 THB/$ to 35.43 THB/$

• Higher profit from Everest of $0.72/bbl or 1,268 MB: Operation 557 MB, Commercial 514 MB and

Proc.&Corp. 197 MB

• Net Stock gain/(loss) of $-0.49/bbl (-853 MB), increasing by $-0.16/bbl (-296 MB)

• Selling & OPEX rising by 267 MB, especially staff costs, maintenance expense, and consulting fee

• Lower Tax exp. – In 9M/16, IRPC recorded deferred tax asset of 1,449 MB including deferred tax asset of 702 MB from 2015 loss

carry forward, written off RTT liquidation of 200 MB, IRPC Energy liquidation of 547 MB plus lower income tax exp. of 745 MB

• Other exp. increased – because in 9M/15, there was profit from reversal doubtful account of TPI Aromatics 2,823 MB while there

was higher gain from investment 209 MB and lower financial costs 51 MB

Financial Highlight: 9M/16 VS 9M/15; 928 MB (10%)

Exchange rate (THB/USD)As atSep 30,15 = 36.53Dec 31,15 = 36.25 Sep 30,16 = 34.88Average9M/15 = 33.87 9M/16 = 35.43

Average Dubai price 9M/15 = $54.31/bbl9M/16 = $38.92/bbl

Unit: MB

20

Net Profit9M/15

Net Profit9M/16

Volume Decrease

Margin Decrease

Stock Gain& Hedging Loss +LCM

OthersEverest Project

FX. GainSelling Exp.

+ OPEXTax

8,955 107 1,045 1,268 296 267

1,948

2,194 4,623

8,027

9M/15 = 09M/16 = 1,268

9M/15 = (557)9M/16 = (853)

9M/15 = (10,144)9M/16 = (10,411)

9M/15 = (1,405)9M/16 = 543MKT. GIM

(Exc.Everst)9M/15 = 23,3529M/16 = 22,200(Deduct Volume 107)

9M/15 =(2,315)9M/16 = (121)

TPI Aromatic 2,823

Depre. 387

Others 48

Other Rev. 1,365

Crude Production9M/15 = 49.969M/16 = 49.73

1.08

0.80 0.73

3Q/15 2Q/16 3Q/16

21

54,608 56,905 56,009

281 783

8,674 54,889 57,688

64,683

2,496 1,346 2,020

-

10,000

20,000

30,000

40,000

50,000

60,000

3Q/15 2Q/16 3Q/16

L/T Debt S/T Debt Cash

Debt Portfolio

As of Mar 31, 2016

ST Loan13%

LT Loan (USD)

8%

LT Loan31%

Bond (USD)13%

Bond (THB)35%

Debt StructureDebt Profile

Float 52 THB 67

Fixed 48 USD 33

Currency (%) Interest Rate (%)

Net Debt = 62,663 MB Ex. Rate = 34.88 Baht/$

52,393 62,66356,342

Financial Ratios

< 1.0x

Net D/E CA/CL

Unit : MBNet Debt

Maturity of Financing Debt

Unit : MB

3Q/15 2Q/16 3Q/16

Cost of Debt 4.18% 4.08% 4.12%

MB

ST Loan THB 8,674

LT Loan USD 145 5,039

LT Loan THB 20,044

Bond USD 238 8,298

Bond THB 22,628

Total 383 64,683

Debt Currency

USD Bond

THB Bond

USD Loan

THB Loan

As of Sep 30,16

0.70 0.72 0.79

3Q/15 2Q/16 3Q/16

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

10,270

698 698 3,313 698

349

-

7,386 5,000

3,364

6,890 8,300

-

3,438

19,424

10,853

7,802

17,509

2016 2017 2018 2019 2020-24

3Q/16 Highlight

Operation & Financial Performance

Industry Outlook

Strategic Direction

1

2

3

4

Agenda

22

Challenging Crude Oil Market: Volatile Crude Oil Price

23

4530 Sep

30

40

50

60

70

80

90

100

110

120

2014 2015 2016 2017 2018

Brent

Barclays

Citigroup

Credit Suisse

Deutsche Bank

Goldman Sachs

JBC

$40-50

$52-57

$63-77

24

Oil Price Forecast

World oil Supply / Demand balance

Source: Reuters , Nov 4

$/bblBrent

Source: PIRA World oil forecast, Oct 24

Demand growth for 2015 - 2017 continues to be very

strong at 1.7, 1.9, 1.6 MMB/D

Non-OPEC Supply is forecast to decline 0.6 MMB/D in 2016, down

from strong growth that occurred in 2015 of 1.7 MMB/D, but then

begins to grow again in 2017, estimated to rise 0.2 MMB/D.

Stock surplus will remain high through 2016 before returning to normal during 2017

Global Commercial Stock Surplus Crude Oil Price Forecast

Source: PIRA World oil forecast, Oct 24Source: PIRA World oil forecast, Oct 24

Short-Term Crude Oil and Petroleum Products Outlook

Driving Determinants

25

KeyProducts

Price(Q3/16)

Spread(Q3/16)

Q4/16vs.

Q3/16

Q1/17vs.

Q4/16

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

Dubai 43.2 -

ULG95 54.7 11.6

GAS OIL0.05%S

54.1 11.0

FO 38.9 (4.3)

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

500 SN 690 443

150 BS 972 725

• Lube Base Oil Price trend down in Q4/16 due to weak Regional demand and end user try to lean inventory

• 150BS demand drop in Q4/16, China switch to use lighter product due to cold weather.

• Global oil markets are moving close to balance as demand growth will accelerate more than supply growth amid potential recovery of ME oil supply disruption.

• Shale Oil Supply will become the market’s focus in 2017 and this will require higher oil prices, with Brent above $60/bblby Q3/17

• Gasoline cracks will be supported from strong demand around the World amid Chinese export quotas still at high level.

• Diesel cracks were boosted by pre-stocking demand ahead of winter season. Global high inventory may push downward pressure from destocking activity before summer

• Higher demand from the power sector in winter (Q4/16)

• In Q1/17, Fuel oil will be pressured by the arbitrage from Europe amid strong utility’s demand due to colder weather in NEA and refineries in the West will return from turnarounds.

• Q4/16 : Healthy Ethylene inflow from ME and return supply from NEA after turnaround

• Q4/16 : more Propylene supply from ME and SEA, plus new PDH plants (Ningbo Fuji 600 KTA + Haiwei 500 KTA) in China

• Q1/17 : lower supply in Asia and high propane price may effect PDH running rate

• The complex, SADARA especially downstream business has delayed at least half a year.

• The India producer will approach production shutdown (2 million tons/year PP plant is expected to remain offline for 25 days)

• Some Chinese end-users intend to build up stock ahead of the 2017

Short-Term Petrochemical Products Outlook

26

KeyProducts

Price(Q3/16)

Spread(Q3/16)

Q4/16vs.

Q3/16

Q1/17vs.

Q4/16

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

Ethylene 1,057 668

Propylene 728 339

HDPE 1,234 845

PP 1,088 699

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

PS 1,199 810

ABS 1,373 984

Driving Determinants

• Elevated feedstock (SM) prices could drive demand for a

short period.

• Demand is expected to improve due to the start of Chinese

New Year preparations.

3Q/16 Highlight

Operation & Financial Performance

Industry Outlook

Strategic Direction

1

2

3

4

Agenda

27

28

IRPC Strategic Roadmap to 2020

2010

2014

20162017

Operational Efficiency Improvement

Asset Utilization Enhancement

Product and Service Improvement

Capacity and Products ExpansionProject Completion

• CHP I: Electricity +220 MW, Steam +420 T/hr

• PRP: Propylene +100 KTA

• EURO IV: Gasoline 15 KBD, Diesel 10 KBD, Jet

15 KBD

• TDAE +28 KTA, 150BS +25 KTA

• EBSM +60 KTA, ABS/SAN +60 KTA

• Lube Blending +60 M.Ltrs./year

Margin Improvement

• Operational Excellence

• Commercial Excellence

• Procurement & HR

Excellence

Benefit +134 MUSD

Incremental Margin

Organization Health

• Capability Building• Owner mindset &

Performance Orientation

• Cultural Changes

• PX

• AA/SAP

Fully Integrated PP

• PP Expansion +160 KTA

• PP Compounding +140 KTA

New investments through JV

INDIVIDUAL OWNERSHIP

SYNERGY

PERFORMANCE EXCELLENCE

INNOVATION

RESPONSIBILITY FOR SOCIETY

INTEGRITY & ETHICS

TRUST & RESPECT

UHV Propylene +320 KTA

BIG

Revenue Growth of 5%

EBITDA Growth of 10%

1st Quartile ROIC in

Petroleum and

Petrochemical Industry

STRONG LONG

Member of DJSI

Emerging Markets

Universe

29 29

Everest Height

29,029

ft.

2020

2016

2017

2018

2019

ROIC 14%1st Quartile ROIC in Petroleum &

Petrochemical Industry

EBITDA

29,029

MTHB

Credit : Guinness record

Basecamp (17,500 ft)

Camp l (19,500 ft)

Camp 2 (21,000 ft)

Camp 3 (23,500 ft)

Camp 4 (26,300 ft)

=

29

30

Increase High Value Added and Specialty Products Volume Ratio

16%

22%

31%

34%35%

39%

42%

45%

55%

57%

60%

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Sale Volume (MT)

ABS Powder

PE-Pipe

AMSAN

Anti-Dripping

Green ABS

EPS

Superadsorbent

Wire & Cable

Conductive

UHMW-PE

PP Alloy & PP Composite

Natural ColorCompound

• PPE

• PPC

160 KTA

140 KTA

Start up 3Q, 2017

• UHVPropylene +320 KTA

COD: Jul 16,2016

• PolyolIRPC Polyol 50%

PPC Rokita 50%

• IRPC A&L

IRPC 60%

Nippon A&L 37%

Sumithai 3%

Joint Venture

Wood Composite

Nano

31

R&D Roadmap

Improve Rate of New Product Introduction

• 30 new products from roadmap

• >20% CM

• Contribute 20% revenue

Increase Investment on R&D Resource

• Increase manpower from 81 to 169

• Invest in pilot scale facilities

• Setup research excellence centers

• Hire specialists for novel / niche research areas

Imbibe Culture of Innovation &

Change

• Consider autonomizingR&D function

• Simplify process enabling innovation

• Standardize definitions of novelty / specialty product

• Link new product KPIs to all functions

• Strengthen IP management

Transformation IRPC R&D to be EXCELLENT and be CHAMPION of Advanced Materials

Spend < 0.2% of revenueon R&D

0.27 resource / product

5% PhDs in R&D

Few Patents

<10% sales from new product

Ave CM for new product is 10-15%

2015

Source: F&S Benchmarking

Spend 2-3% of revenuein R&D

4-5 R&D personnel per new product

Hire 30-50% PhDs in R&D team

File >10 patents per million USD spend

Get 15-25% of salesfrom New Products

At a 20-25% margin (10-15% premium)

2025

Thank You

Investor Relations Contact: ir@irpc.co.th

Tel. 02-649-7380, Fax. 02-649-7379

Presentation is available at

www.irpc.co.th

Click “Presentations”

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

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

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

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

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

34

3Q/16 3Q/15 2Q/16 YoY QoQ

Net sales 41,622 48,658 40,471 (14)% 3%

Market GIM 7,079 8,161 7,869 (13)% (10)%

Stock Gain/(Loss) 40 (1,597) 2,248 103% (98)%

LCM 4 (191) (6) 102% 167%

Oil Hedging Gain/(Loss) (686) (407) (821) (69)% 16%

Accounting GIM 6,437 5,966 9,290 8% (31)%

OPEX & Selling Exp. (3,666) (3,375) (3,495) (9)% (5)%

Other Incomes 328 1,190 312 (72)% 5%

EBITDA 3,098 3,781 6,107 (18)% (49)%

Cost of Finance (471) (202) (222) (133)% (112)%

FX Gain/(Loss) 181 (1,064) 23 117% 687%

Impairment Gain/(Loss) - 2 - (100)% -

Investment Gain/(Loss) 60 (29) 55 307% 9%

Other Expenses (40) - (20) - (100)%

Income Tax 189 (209) (847) 190% 122%

Net Profit 1,307 888 3,706 47% (65)%

Quarter %ChangeUnit : MB Remark

Net SalesYoY: 14% (price 12%, volume 2%)QoQ: 3% (price 2%, volume 5%)--------------------------------------------------------------------------------

Market GIMYoY: $1.63 /bbl (Prod. spread $2.46/bbl , Everest $0.83/bbl)

QoQ: $0.89/bbl (Prod. spread $1.04/bbl , Everest $0.15/bbl)

--------------------------------------------------------------------------------

Net Stock Gain/ (Loss) YoY: 1,553 MB

QoQ: 2,063 MB

------------------------------------------------------------------------------------------

Oil Hedging3Q/16 Hedging 10% of production volume (3Q/15 = 16%, 2Q/16 = 10%)--------------------------------------------------------------------------------

OPEX & Selling Exp.YoY: increased by donation, consultant and maintenance expenses --------------------------------------------------------------------------------

Other IncomeYoY: decreased by insurance compensation of VGOHT in 3Q/15--------------------------------------------------------------------------------

Cost of FinanceYoY, QoQ: increased by the increase of the interest expense after the COD of UHV project.--------------------------------------------------------------------------------

FX Gain/(Loss)Ex.rate Sep 30, 16 = 34.88 THB/USD

Jun 30, 16 = 35.34 THB/USD --------------------------------------------------------------------------------

Investment: higher of dividend received and share of gain

in associates--------------------------------------------------------------------------------

Financial Highlight: Quarterly Results

35

%Change

2016 2015 YoY

Net sales 120,343 154,125 (22)%

Market GIM 23,271 23,352 (0)%

Stock Gain/(Loss) 1,286 (3,223) 140%

LCM 288 3,068 (91)%

Oil Hedging Gain/(Loss) (2,427) (402) (504)%

Accounting GIM 22,418 22,795 (2)%

OPEX & Selling Exp. (10,411) (10,144) (3)%

Other Income 951 2,316 (59)%

EBITDA 12,957 14,967 (13)%

Cost of Finance (890) (941) 5%

FX Gain/(Loss) 543 (1,405) 139%

Impairment Gain/(Loss) - 27 (100)%

Investment Gain/(Loss) 82 (127) 165%

Other Expense (66) 2,830 (102)%

Income Tax (121) (2,315) 95%

Net Profit 8,027 8,955 (10)%

Unit : MB9M

Financial Highlight: 9 Months Results

Remark

Net Sales 22% (price 18%, volume 4%)-----------------------------------------------------------------------------------------------

Market GIM $0.56/bbl

(avg. fx 9M/16 = 35.43 THB/USD, 9M/15 = 33.87 THB/USD) Decreased in spread products $1.17/bblGain from Everest project $0.61/bbl

------------------------------------------------------------------------------------Net Stock Gain/(Loss) 296 MB or $0.16/bbl-----------------------------------------------------------------------------------------------

Oil HedgingIn 9M/16 hedging 14% of production volume (9M/15 = 14%)------------------------------------------------------------------------------------Other IncomeDecreased by insurance compensation of VGOHT in 9M/15------------------------------------------------------------------------------------Cost of FinanceDecreased by capitalizing interest exp. to the asset under construction increasingly and higher gain from CCS. ------------------------------------------------------------------------------------FX Gain/(Loss)Ex.rate Sep 30, 16 = 34.88 THB/USD, Dec 31, 15 = 36.25 THB/USD

------------------------------------------------------------------------------------Investment: increased by the higher of dividend received

---------------------------------------------------------------------------------------------Reversal of doubful debtIn 9M/15, reversing doubtful account of TPI Aromatics Plc.---------------------------------------------------------------------------------------------Income TaxDecreased by recorded of deferred tax assets

36

Statement of Financial Position

Assets : Inventory 1,837 MB- quantity rose from 8.93 Mbbl to 9.65 Mbbl

PP&E 3,840 MB - from UHV Project and PPE+PPC Project offset with Depreciation

Liabilities & Equity

IBD 10,978 MB – higher short-term loan of 8,470 MB and long-term loan drawdown 6,000 MB offset with

the repayment of the loan maturity 2,873 MB

Equity 3,589 MB – Net profit 8,027 MB, dividend paid 4,490 MB

Unit: MB

PP&E

Other Non-C/A

Other C/A

Cash on hand and at Bank

163,174

CurrentLiabilities

L/T Liabilities

Shareholders’Equity

30 Sep 16

167,014

31 Dec 15

115,997 119,836

11,192 11,129

32,408 34,029

3,576 2,020

75,878 79,467

51,086 38,467

36,210 49,080