2Q/2015 Opportunity Day

IRPC Public Company Limited

19 August 2015

Refinery Petrochemical Asset Management Port & Tank

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 shallinclude references to the Appendices (if any) hereto.

2

2Q/15 Highlight

Operation & Financial Performance

Industry Outlook

Strengthening Core Business and Beyond

Appendix

1

2

3

4

5

Agenda

3

71,658 49,941 55,526

143,512 105,467

YoY 23%

QoQ 11%

Highlight: 2Q/15 PerformanceOverview of Business

Net Sales(net excise)

Dubai

Unit: USD/BBL

178

3,832 4,235

522

8,067

Net income

Unit: MB

Unit: MB

4

2Q/14 2Q/15 1H/15

YoY 2,279%

QoQ 11%

1. In 2Q/15, average Dubai price rose to $61.3/bbl from $51.9/bbl in 1Q/15, driven by the concern about the tight supply from Libya when the protestants attacked the crude pipeline.

2. Net sales were 55,526 MB in 2Q/15, increasing by 11% from 49,941 MB in 1Q/15 due to an increase of 8% in the product prices together with the increase of 3% in the sales volume.

In 1H/15, net sales were 105,467 MB, 27% lower than net sales of 143,512 MB in 1H/14. This was caused by a 38% decrease of the average price, while the sale volume increased by 11%.

3. Market GIM in 2Q/15 was $14.0/bbl, rising by $0.9/bbl compared to $13.1/bbl in 1Q/15 because of higher product spreads and Delta program. Supporting by the stock gain, consequent to the Accounting GIM of $17.3/bbl, up lifted from $12.5/bbl in 1Q/15.

In 1H/15, the Market GIM rose to $13.6/bbl from $6.6/bbl in 1H/14 and the Accounting GIM increased to $15.0/bbl from $8.8/bbl in 1H/14.

4. Net profit was 4,235 MB in 2Q/15, compared to 3,832 MB in 1Q/15. In 1H/15, net profit was 8,067 MB, compared to 522 MB in 1H/14.

1Q/15 1H/14

YoY 27%

Market GIM

Accounting GIM

Oil hedging

Unit: $/bbl

YoY 1,445%

YoY 89%

QoQ 38%

Stock gain/(loss)

YoY 68%

51.961.3

105.3

56.6

106.1

5.4

13.1 14.0

6.613.61.9

(0.5)

3.3

0.7

1.5

1.9

(0.02)

0.03

1.5

9.2

12.5

17.3

8.8

15.0

Operational Excellence

Commercial Excellence

Procurement & Human Resource Excellence

• VCM/LP Upgrade, Production Planning and Schedule Optimization

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

• Petrochemical Marketing and Sales Excellence

• Petroleum Marketing / and Sales Excellence

• New upgraded LP (best-in-class standards tools), enabling optimum crude selection

• Optimized processing operations unit

• Optimized steam and power generation

• Minimized unplanned shutdown

• Shortened time required for turnaround

DELTA Benefit Summary

Highlight: Delta Project

* Include working capital benefit of $6.7 million 67.7

28.5

20.8

18.4

Actual

5

• Lower total costs of ownership

• More efficient procurement process

• Reduced non-moving inventory of spare parts

• Budget saving

• Reallocation of spot/term contracts for petroleum products

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

• Procurement Best Practice & Sourcing Optimization

• Internal Organization Merger• Leadership Development• HR Operation Expenses Management

2014 1H/15

72.5

35.4

31.6

5.5

Unit: MUSD

*

Highlight: 2Q/15 Update

Fire Incident Update

UHV Project Progress: 96% as of July 2015, COD within 2015

• VGOHT Unit: COD on April 12, 2015

• Insurance Claim: Final Settlement (PD + BI) of THB 3,015 Million (USD 90 Million)

Received THB 460 Million in 2Q/15, accumulated claim at THB 2,170 Million

Expected receipt of remaining claim within 3Q/15

6

• Corporated with Wonderworld Products Co., Ltd , a big producer and sale wooden toys and joined to develop the product innovation, Wood Plastic Composite.

• Launched the first product “Trix Track” , the smart toy on Jun 10, 2015

Above ground piping 400 KV Sub StationAtmospheric tank painting DCS in Control Room

Marketing

PPE&PPC Projects Update

• Long-lead equipment ordered since 1Q/15 - shorten EPC contract period

• EPC contract awarded to Sinopec and contract signed in June, 2015

• Reviewed front end engineering & detailed engineering design phase

2Q/15 Highlight

Operation & Financial Performance

Industry Outlook

Strengthening Core Business and Beyond

Appendix

1

2

3

4

5

Agenda

7

Petroleum Performance

8

Dubai Crude Price & Petroleum Product Spreads

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

Fuel Oil(FO) 610 607 591 437 318 367

150BS - FO 600 628 657 776 720 740

500SN - FO 486 501 499 493 369 399

Asphalt - FO -68 -78 -66 85 23 20

Fuel Oil

($/MT)

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

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

Dubai (DB) 104.5 106.1 101.5 74.4 51.9 61.3

NP - DB -1.5 -1.0 -1.6 -5.1 1.4 -0.5

ULG95 - DB 14.6 16.1 13.2 13.4 15.3 19.8

Gas Oil - DB 17.8 16.0 14.4 16.0 16.3 13.7

FO - DB -8.5 -10.6 -8.4 -5.6 -1.8 -3.5

Dubai Price

($/bbl)

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

FO Price & Lube Base Oil Product Spreads

104 105 104 105 106 108 106 102 9687

7660

4655 55 59 64 62

613 612 604 596 605 618 601 594 578502

456

353279

346 328 348390362

Lube spread rose from the tight supply due to themaintenance shutdown of refineries in Asia .

Asphalt spread was a little bit lower as the demandwas lower when the raining season came.

Global crude oil price was still volatile owingto a tight supply: the attack of theprotestants on crude pipelines and thecontinuous shutdown of Shale Oil rigs.

Naphtha spread declined due to the maintenanceshutdown of Cracker plants and the recession ofthe economy in China, together with the additionalsupply from Europe and India.

ULG95 spread improved because of thestockpiling demand from Indonesia and ME aheadof Ramadan and higher demand from China, plusdriving season in Europe and US.

Gas Oil spread declined because of the excesssupply from China, Taiwan and Korea when theoperations were resumed after a maintenanceshutdown including the pressure by the newrefiners in ME.

FO spread fell down because of high supply fromEurope and Persian Gulf, and pressure from lowerdemand of bunker oil in Europe due to the newspecification.

65% 60% 57% 65% 58%

6% 19% 19% 6% 19%18% 7% 10% 16% 8%11% 14% 15% 13% 14% Others

Domestic

Far East

Middle East

Petroleum Group : Production

Refinery

2.4 1.2 2.1 4.5 3.3

6.2 7.0 7.6

12.3 14.5 1.2 1.3

1.4

2.4 2.7

0.8 0.8 1.0

1.5 1.9

0.2 0.2 0.2

0.4 0.4

LPG&Others

Naphtha

Gasoline

Asphalt

Diesel

Fuel Oil

2Q/14 1Q/15 2Q/15 1H/14 1H/15

21.1 22.8

10.8 10.5 12.3

0.8 1.0 0.8 1.6 1.8

0.8 0.9 0.9

1.7 1.8

Lube Base Oil

1.6 1.9 1.7

3.3 3.6

2Q/14 1Q/15 2Q/15 1H/14 1H/15

Lube Base

Unit : M.bblUnit : M.bbl

2Q/14 1Q/15 2Q/15 1H/14 1H/15

80% 84% 89% 80% 86%

173 180 192 173 186

Crude Intake

2Q/15, the crude intake was 192 KBD (89% utilization), higher than the rate in 1Q/15 as the VGOHT unit started run on April 12, 2015 after shutdown from fire incident.

Domestic crude intake was 19 KBD, increasing 49% from the previous quarter.

The utilization rate of Lube Base Oil plant in 2Q/15 was 100%, declined by 3% compared to 1Q/15.

Crude Run (KBD)

%Utilization

Premium over Dubai($/bbl)

3.89 2.00 2.26 4.53 2.13

Remark : Excluding internal use quantity 9

0.6

5.2 3.8

1.0

4.5

1.1

1.8

2.2

1.4

2.0

1.7

7.0

6.0

2.4

6.5

2Q/14 1Q/15 2Q/15 1H/14 1H/15

Lube Base

Refinery

Local63%

Export37%

Petroleum Group : Sales & GRM

Market GRM

Sales Volume & Revenue

12.3 12.9 14.2

24.6 27.1 1.7 2.5 1.9

3.3

4.4

14.0 15.4 16.1

28.0

31.5

2Q/14 1Q/15 2Q/15 1H/14 1H/15

Lube

Refinery

Unit : Mbbl

15.7 16.2 17.5 31.3 33.6 Crude intake (M.bbl)

Unit : $/bbl

47,357 29,867 35,675 95,011 65,541 Refined

6,356 6,391 5,314 12,746 11,706 Lube Base

Local…

Export38%

2Q/15

Local63%

Export37%

Sales Distribution

Unit : MB 2Q/15 : Petroleum sales volume increased by

4% and the average product prices increased by 9% compared to 1Q/15

• The proportion of sales were 62% domestic and 38% export, to Singapore, Malaysia and Laos significantly.

• Market GRM was $6.0/bbl (3,499 MB), decreased by $0.95/bbl (233 MB) from 1Q/15 because of the lower spread.

YoY 15% QoQ 4%

1H/151Q/15

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

10

11

Petrochemical Performance

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

Naphtha (NP) 935 951 913 647 494 563

Ethylene-NP 507 496 565 567 533 823

HDPE- Ethylene 106 121 135 334 266 68

HDPE- NP 613 617 700 901 799 891

Propylene-NP 435 328 388 385 339 377

PP-Propylene 200 309 325 419 316 416

PP-NP 635 637 713 804 655 793

Olefins Product Price & Spreads

Aromatics & Styrenics Price & Spreads

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

Naphtha (NP) 935 951 913 647 494 563

BZ - NP 364 341 392 318 179 234

TOL - NP 161 135 234 183 127 203

MX - NP 169 115 225 162 169 222

SM - NP 724 674 688 602 524 793

PS - NP 884 816 830 816 715 931

ABS - NP 979 975 1,033 1,114 1,069 1,095

• HDPE spread against Naphthaincreased due to the Naphtha crackers’maintenance shutdown and higherdemand from China.

• PP spread against Propylene andNaphtha improved due to a tight supplyas the plastic plants was shutdown for themaintenance during the regional naphthacrackers’ maintenance.

• Toluene and Mixed xylene spreadrose because of major production plantsin Korea and Japan reduced capacity,and used both of reformate and tolueneto blend gasoline for price benefit.

• PS spread increased following thehigher price of SM, and a tight supplyfrom plastic production plants’maintenance shutdown in Asia and ME.

• ABS spread rose continuously due tothe increasing demand.

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

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

62 61 64 122 125

129 125 133

264 258

191 186 197

386 383

72 79 81

153 160 17 8 5

23 12

63 70 61

125 132

152 157 147

302 305

Styrenics

Aromatics

The utilization rate of Aromatics and Styrenics in 2Q/15

was 83%, decreasing by 5% compared to 1Q/15 because

EBSM plant was maintenance shutdown for 28 days. As a

result, ABS plant had to reduce the capacity due to the

shortage of the feedstock. Moreover, PS plant was

shutdown for yearly maintenance for 21 days.

In 2Q/15, the utilization rate of Olefins was 90%, increasing

by 2% compared to 88% in 1Q/15 as the Ethylene unit was

shutdown for the furnace cleaning in 1Q/15

Olefins

Polyolefins

Aromatics &StyrenicsOlefins

2Q/14 1Q/15 2Q/15 1H/14 1H/15

81% 87% 83% 84% 85% %Utilization

65% 88% 75% 67% 82% Polystyrenics

98% 95% 71% 97% 83% Styrenics

85% 83% 97% 90% 90% Aromatics

2Q/14 1Q/15 2Q/15 1H/14 1H/15

88% 88% 90% 93% 89% %Utilization

80% 84% 86% 88% 85% Polyolefins

95% 92% 94% 97% 93% Olefins

Polystyrenics

Petrochemical Group : Production

Unit : KMT Unit : KMT

Remark : revised Utilization rate calculated based on the main products

Petrochemical Group : Sales & PTF

39 91

180

53 138

137

258

302

147

281 94

187

251

105

220

2Q/14 1Q/15 2Q/15 1H/14 1H/15

Unit : $/MT

Olefins &Polyolefins

Aromatics &Styrenics0.4 1.0

2.1 0.7 1.6

2.1

4.0

4.8

2.3

4.4 2.5

5.0

6.9

3.0

6.0

2Q/14 1Q/15 2Q/15 1H/14 1H/15

Unit : $/bbl

Olefins &Polyolefins

Aromatics &Styrenics

156 156 146

302 303

191 205 197

388 401

347 361 343

690 704

2Q/14 1Q/15 2Q/15 1H/14 1H/15

Olefins &Polyolefins

Aromatics &Styrenics

Unit : KMT

Market PTFMarket PTF

Crude intake (Mbbl)

Feed intake (KMT)

235 251 278 493 529 Olefins

189 188 202 391 390 Aromatics

Sales Volume and Revenue

15.7 16.2 17.5 31.3 33.6

Local59%

Export41% Local

60%

Export40%

Sales Distribution

9,480 7,541 8,285 19,198 15,826 Olefins

7,632 5,355 5,466 14,851 10,800Aromatic & Styrenics

Unit : MB

2Q/15 1H/15

Local61%

Export39%

1Q/15

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

7.8 5.4 6.7

10.4 13.1 14.0

-

6.6

13.6

-0.5

1.9

-4.5 -16.0-0.5

3.3

0.7

1.5

1.1 1.9 0.8

-0.4

-0.02

1.5 8.5 9.2

3.0 -6.0

12.5

17.3

8.8

15.0

Oil Hedging Stock G/(L) & LCM Market GIM

0.03

3.1 1.7 2.2 4.7

7.0 6.0 2.4

6.5 3.4

2.5 3.3

4.6

5.0 6.9

3.0

6.0

1.3

1.2 1.2

1.1

1.1 1.1

1.2

1.1

7.8

5.46.7

10.4

13.1 14.0

6.6

13.6

Power & Utility Petrochem Petroleum

Gross Integrated Margin (GIM)

Market GIM

$/bbl

Accounting GIM

14

$/bbl

• In 1H/15, Market GIM was $13.6/bbl, rising by $7.0/bbl compared to $6.6/bbl in 1H/14.

- Product spreads $5.5/bbl

- Delta project $1.5/bbl

• Oil hedging gain were 5 MB, decreasing by $1.5/bbl compared to $1.5/bbl in 1H/14

• Stock losses and gain from reversal LCM were $1.5/bbl (1,633 MB), rising by $0.8/bbl compared to Stock gain and provision for LCM of $0.7/bbl in 1H/14 (734MB).

• Accounting GIM was $15.0/bbl (16,829 MB) higher by $6.2/bbl from $8.8/bbl ( 9,032 MB) in 1H/14.

1H/15 vs 1H/142Q/15 vs 1Q/15

• In 2Q/15, Market GIM was $14.0/bbl, rising by $0.9/bbl compared to $13.1 /bbl in 1Q/15.

- Product spreads $0.1/bbl

- Delta project $0.8/bbl

• Oil hedging gain was $0.03/bbl (15 MB), increasing by $0.05/bblcompared to $-0.02/bbl in 1Q/15

• Stock gain and provision for LCM $3.3/bbl (1,915 MB), rising by $3.8/bbl compared to Stock losses and gain from reversal LCM of $-0.5/bbl in 1Q/15 (-282MB).

• Accounting GIM was $17.3/bbl (10,107 MB) higher by $4.8/bblfrom $12.5/bbl ( 6,722 MB) in 1Q/15.

3,832 4,235

228 408

663

2,220

2,823 293

Unit: MB

Financial Highlight: 2Q/15 VS 1Q/15

Net Profit1Q/15

Net Profit2Q/15

Volume Increase

Margin Increase

Net Stock gain(Loss )

LCM &

Oil Hedging

Doubtful A/C reversed

(TPI Aromatic)

OthersDelta

• Crude intake of 17.5 M.bbl (192 KBD), increased from 1Q/15 by 1.3 M.bbl (12 KBD) or 8%

• Market GIM $14.0/bbl, increased by $0.9/bbl or 7%

• Delta increased from Op-Ex 310 MB, Com-Ex 244 MB and Proc Ex & HR Ex 109 MB

• Stock gain and provision for LCM $3.3/bbl (1,915 MB), rising by $3.8/bbl compared to

Stock losses and gain from reversal LCM of $-0.5/bbl in 1Q/15 (-282MB) and

oil hedging gain increased by $0.05/bbl (25 MB).

• Others decreased: loss from exchange rate increased by 690 MB and an offset of

the receipts of insurance compensation of 460 MB

Exchange rate (THB/USD)As at AverageMar 31 32.70 1Q/15 = 32.79Jun 30 33.93 2Q/15 = 33.41

Average Dubai price 1Q/15 = $51.89/bbl2Q/15 = $61.30/bbl

522

8,067

778

5,969

1,704

652

460

2,830

3,544

Financial Highlight: 1H/15 VS 1H/14

• Crude intake of 33.6 M.bbl (186 KBD) increased from 1H/14 by 2.4 M.bbl or 8%

• MKT GIM $13.6/bbl, increased by $7.0/bbl or 106%

• Delta increased from Op-Ex 877 MB, Com-Ex 763 MB, Proc Ex & HR Ex 64 MB

• Stock losses and gain from reversal LCM were $1.5/bbl (1,633 MB), rising by $0.8/bbl

compared to Stock gain and provision for LCM of $0.7/bbl in 1H/14 (734MB) but

Oil hedging decreased by 1,550 MB

• Others decreased: donation 370 MB, loss from exchange rate increased by 492 MB

and Income Tax increased by 2,004 MB

Exchange rate (THB/USD)As at AverageJun 30,14 32.60 1H/14 = 32.70Jun 30,15 33.93 1H/15 = 33.10

Average Dubai price 1H/14 = $105.29/bbl1H/15 = $56.59/bbl

Net Profit1H/14

Net Profit1H/15

Volume Increase

Margin Increase

Claim frm. VGOHT

OthersDelta Doubtful A/C reversed

(TPI Aormatic)

Unit: MB

Net Stock gain(Loss )

LCM &

Oil Hedging

Financial Highlight: Quarterly Results

Unit : MBQuarter %Change

2Q/15 2Q/14 1Q/15 YoY QoQ

Net sales 55,526 71,658 49,941 (23)% 11%

Market GIM 8,177 2,773 7,014 195% 17%

Stock Gain/(Loss) 1,915 944 (3,541) 103% 154%

LCM - 18 3,259 (100)% (100)%

Oil Hedging Gain/(Loss) 15 975 (10) (98)% 250%

Accounting GIM 10,107 4,710 6,722 115% 50%

OPEX & Selling Exp. (3,440) (3,113) (3,329) (11)% (3)%

Other Income 805 364 321 121% 151%

EBITDA 7,472 1,961 3,714 281% 101%

Cost of Finance (232) (403) (507) (42)% (54)%

FX Gain/(Loss) (515) (5) 174 n.a. (396)%

Impairment Gain/(Loss) 1 (51) 24 102% (96)%

Investment Gain/(Loss) (13) 7 (85) (286)% 85%

Reversal of doubtful debt 6 (1) 2,824 700% (100)%

Income Tax (1,114) (35) (992) (3,083)% (12)%

Net Profit 4,235 178 3,832 2,279% 11%17

Remark

Net SalesYoY: 12% from volume, price 35%QoQ: 3% from volume, price 8%--------------------------------------------------------------------------------

Market GIMYoY: $8.61 /bbl (Prod. spread $6.87/bbl , Delta $1.74/bbl)

QoQ: $0.95/bbl (Prod. spread $0.16/bbl , Delta $0.79/bbl)

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

Stock Gain (Loss) & LCM YoY: 953 MB QoQ: 2,197 MB -----------------------------------------------------------------------Oil Hedging 2Q/15 Hedging 14% of production volume (2Q/14 = 45%, 1Q/15 = 13%)--------------------------------------------------------------------------------

OPEX & Selling Exp.YoY: increased by insurance expense and donation--------------------------------------------------------------------------------

Other IncomeIncreased by insurance compensation of VGOHT 460 MB--------------------------------------------------------------------------------

Cost of FinanceDecreased by capitalizing interest exp. to the asset under construction increasingly--------------------------------------------------------------------------------

FX Gain/(Loss)Ex.rate Jun 30,15 = 33.93 THB/USD, Mar 31,15 = 32.70 THB/USD--------------------------------------------------------------------------------

Investment: lower of dividend received

--------------------------------------------------------------------------------Reversal of doubful debtIn 1Q/15, reversing doubtful account of TPI Aromatics Plc.

Financial Highlight: Half Year results

Unit : MB1H %Change

2015 2014 YoY

Net sales 105,467 143,512 (27)%

Market GIM 15,191 6,743 125%

Stock Gain/(Loss) (1,626) 737 (321)%

LCM 3,259 (3) n.a.

Oil Hedging Gain/(Loss) 5 1,555 (100)%

Accounting GIM 16,829 9,032 86%

OPEX & Selling Exp. (6,769) (5,873) (15)%

Other Income 1,126 670 68%

EBITDA 11,186 3,829 192%

Cost of Finance (739) (768) 4%

FX Gain/(Loss) (341) 151 (326)%

Impairment Gain/(Loss) 25 (51) 149%

Investment Gain/(Loss) (98) 42 (333)%

Reversal of doubtful debt 2,830 (7) n.a.

Income Tax (2,106) (102) (1,965)%

Net Profit 8,067 522 1,445%18

Remark

Net SalesSales volume 11%, product prices 38%-----------------------------------------------------------------------------------------------

Market GIM $6.97/bbl = 8,448 MB Increased in spread products $5.49/bblGain from Delta project $1.48/bbl------------------------------------------------------------------------------------Stock GainStock Gain & LCM 1,633 MB or $1.46/bblCrude oil price at the year end $52.89/bbl VS Average crude oil price 1H/15 $56.59/bbl-----------------------------------------------------------------------------------------------

Oil HedgingHedging 13% of production volume ------------------------------------------------------------------------------------OPEX & Selling Exp.Increased by staff costs, insurance expense and donation------------------------------------------------------------------------------------Other IncomeIncreased by insurance compensation of VGOHT 460 MB------------------------------------------------------------------------------------Cost of FinanceDecreased by capitalizing interest exp. to the asset under construction increasingly offset by the decrease of gain from CCS/IRS

------------------------------------------------------------------------------------FX Gain/(Loss)Ex.rate Jun 30, 15 = 33.93 THB/USD, Dec31, 14 = 33.11 THB/USD

------------------------------------------------------------------------------------Investment: decreased by the lower of dividend received

------------------------------------------------------------------------------------Reversal of doubful debtIn 1H/15, reversing doubtful account of TPI Aromatics Plc.

ST Debt2% LT Debt

31%

Bond (USD)15%

Bond (THB)52%

ST Loan 888

LT Loan 16,601

Bond (USD) 8,066

Bond (THB) 27,620

Total 53,175

Debt (MB)

Debt StructureDebt Profile

Debt Portfolio

Float 31 THB 59

Fixed 69 USD 41

Currency (%) Interest Rate (%)

Net Debt = 51,663 MB Ex. Rate = 33.93 THB/USD56,725

51,780 52,287

177 4,752 888

56,902 56,532 53,175

16,144

1,964 1,512 -

10,000

20,000

30,000

40,000

50,000

60,000

2Q/14 1Q/15 2Q/15

L/T Debt S/T Debt Cash

40,758 54,568 51,663

Financial Ratios

1.26

0.85 0.96

2Q/14 1Q/15 2Q/15

0.55 0.76 0.69

2Q/14 1Q/15 2Q/15

< 1.0x

Net D/E CA/CL

2Q/14 1Q/15 2Q/15

Cost of Debt 3.97% 3.91% 4.06%

Unit : MBNet Debt

Maturity of Financing Debt

2,370 2,740 3,040 2,340 3,340

6,870 339 679 679 3,223 679

339

5,000

-

7,386 5,000

3,364

6,890

8,075 -

7,709

3,419

19,179

10,563

7,383

14,099

2015 2016 2017 2018 2019 2020-22

Unit : MB

USD Bond

THB Bond

USD Loan

THB Loan

As of Jun 30, 2015

As of Jun 30, 2015

19

2Q/15 Highlight

Operation & Financial Performance

Industry Outlook

Strengthening Core Business and Beyond

Appendix

1

2

3

4

5

Agenda

20

Challenging Crude Oil Market: Volatile Crude Oil Price

21

22

Oil Demand

Strong world oil demand growth by 1.6 mb/d YoY, almost twice the average growth rate achieved in the last four years in 1H/15. Undoubtedly, sharply lower oil price are positively impacting demand.

2H/15 demand growth is forecasted to grow by over 1.9 mb/d yoy.

World oil demand is expected to grow by 1.75 mb/d in 2015.

In 2016, rising by 1.34 mb/d from 2015 levels to average around 93.94 mb/d.

Oil Supply

1H/15, Global supply growths surpass a strong demand increase, causing another large global inventory increase in US, Western Europe and Japan.

In 2015, Non-OPEC has been revised up by 0.18 mb/d to stand at 0.86 mb/d, mainly driven by US output. In 1H/15, OPEC production increased by 0.91 mb/d to average 30.69 mb/d.

Crude Oil will Face the Over Supply Situation

Iranian oil will hit the market in 2016

23

The IEA calculates Iran’s spare capacity at 800 thousand

b/d as of June 2015

Allows time for us:

90 days for the UN Security Council resolution toendorse JCPOA (the Joint Comprehensive Planof Action) so called adoption day.

12 days (max) for President Obama to veto. 10 days (max) for US Congress to override. The timing for Iran to comply, sanctions could

be lifted within the next 4-6 months.

Export volume could increase by 0.7 mb/d

The IEA estimates Iran’s total crude productioncapacity at 3.6 mb/d and calculates spare capacityat 0.8 mb/d as of June 2015.

Looking at the breakdown by field and factoringdecline rates, it is possible that production goes upby 0.65 mb/d once sanctions are lifted, with aramp-up period of about six months.

Oil rig count continuously declined

24

US oil rig count: 29th straight week for declining, dropping

from 1,871 to 628 in late June afterreaching a peak in the week ended October10, 2014.

Continuing slow down from US shale boomby 48% during the full 12 months ending on26 Jun in reaction to the drop in oil pricessince mid-2014.

US annual liquid production and annual growth

Production : 1st time of US liquid production in 2Q/15

breaching 14 mb/d, led entirely by NGLoutput, jumped from 0.39 mb/d to 3.3 mb/dmainly from unconventional sources, suchas shale gas.

Additional supply from US projected to besharply lower from 2016 onward due tosustained crude oil price at low level.

Short-Term Crude Oil and Petroleum Products Outlook

Driving Determinants

25

KeyProducts

Price2Q/15

Spread2Q/15

3Q/15vs.

2Q/15

4Q/15vs.

3Q/15

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

Dubai 61.3 -

ULG95 81.1 19.8

GAS OIL 0.05% 75.0 13.7

FO 57.8 -3.5

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

500 SN 766 399

150 BS 1,107 740

• Gasoline cracks should maintain due to healthy demand from Europe and USD from low gasoline price but return of refinery after the 2Q refinery MTA and ME and Indonesia import less gasoline due to the latest refinery expansions and additions cap the gain.

• Gas oil cracks will ease, with new refinery startups in the Middle East, Turkey, and Latin America ramping up and supplies increasing ahead of timid demand in China during fishing ban period.

• Fuel oil cracks soften as steadily arbitrage inflows from the West and Asian runs increasingly rise post-turnaround amid a demand profile is not picking up seasoning in 3Q due to mild summer weather in Middle East

• Crude price is pressured by the lower seasoning demand and the potential additional supply from Iran. In the same time OPEC and Saudi Arabia have no intention to lower their production in near term.

• Price trend is side way against slow demand from monsoon season but spot supply limited from refiners who try to increase squeezed margins when comparing base oil revenues against vacuum gas oil (VGO) prices.

• Region demand peak up in 4Q after monsoon season

Short-Term Petrochemical Products Outlook

26

KeyProducts

Price2Q/15

Spread2Q/15

3Q/15vs.

2Q/15

4Q/15vs.

3Q/15

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

Ethylene 1,386 823

HDPE 1,454 891

Propylene 940 377

PP 1,356 793

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

PS 1,494 931

ABS 1,658 1,095

Driving Determinants

• Spread is seen to be stable to soft as the supply tightness is easing. Plants came back from seasoning turnaround

• Downstream demand is expected to robust by manufacturing activities improvement in 3Q as well as spread outlook could be better from the lowering of feedstock price.

• Overall spread is expected to be soft as supply increases from new capacity in China and plants in NEA which restart from turnaround.

• Supply is expected to be tight in short period as there is Force majeure on HDPE in Indonesia (Chandra Asri and Titan). However, demand from end users is expected to be stable.

2Q/15 Highlight

Operation & Financial Performance

Industry Outlook

Strengthening Core Business and Beyond

Appendix

1

2

3

4

5

Agenda

27

Delta Program

Operational Excellence

Commercial Excellence

Procurement & HR Excellence

118

70.7

26.4

20.9

Improve overall performance under the Delta Program

Unit: M.USD

28

72.5

35.4

31.6

5.5

Total

Target

2015

Actual

1H15

Achieved 61% of Target

High Value Added and Specialty Products

Increase High Value Added and

Specialty Products Volume Ratio

2011

2012

2013

2014

2015

Beyond

22%

31%

33%

34%

2010

35%

38%

40%- 60%

ABS Powder

AMSAN

Anti-dripping

Nano

HDPE-Pipe

Green ABS

Market with Blue Light Industrial

luggages “ CAGGIONI” brand

Nano chemical plant grand opening

Antibacterial chemical substance Joint “king” brand, produce bathroom

shelves

Change from commodities

PE product to PE-Pipe grade

Natural Color Compound

Corporate with Picnic Plastics

Launching Natural ColorCompound plastic

Wood Plastic Composite

Market with Wonderworld

ProductsLaunched “Trix Track” the smart

toy

EPC contract awarded to Sinopec

Long-lead equipment ordered 140 KTA PP compound specialty in 2017

ABS -JV

More collaboration with Nippon A&L

Increase market share of ABS and ABS Color Compound Products for the

automotive industry

Polypropylene Compound

UHMW-PE

Innovative hi-end polyolefin product

Using IRPC own developed R&D and innovation

Polyurethane

JV with PCC Rokita

Technology transfer of high value specialty products

29

UHV Cost Competitiveness

30

UHV

Upstream Project for Hygiene & Value-added Products (UHV): Upgrading low value product (Fuel Oil) to be high value-added product for petrochemical feedstock: Propylene 320 KTA and Heavy

Aromatic Naphtha 250 KTA

UHV Project

Source: IHS Chemical: June 9, 2015

23%

8%

14%

10%

40%

38%

5%

10%

16%

21%

2%

5%6%

2%

0%

20%

40%

60%

80%

100%

IRPC IRPC+UHV

Ethylene

Propylene

LPG

Naphtha +

Reformate

Gasoline

Diesel/ Jet

Fuel

Lube Oil

Fuel Oil

• Focus on propylene & polypropylene chain due to solid

competitive advantage.

• To shelter from downward propylene price pressure, all

propylene from UHV consumed to polypropylene production.

IRPC Petrochemical Business Analysis

PP Existing475 KTA

PPE

160 KTA

PP line 1

140 KTA

PP Expansion(PPE)

PP Inline Compound (PPC)

Random PP

Specialty PP

Block-CO PP

HOMO PP

• Pipe grade• Hygiene

• Container box

• Household Material

• Heavy-duty

• Film application

• Fiber grade

PP Compound

• Frozen food packaging• Lamination• Health care• Automotive

Total PP Capacity 775 KTA

PPE & PPC Projects

31

Source : Nexant July 14

PPE&PPC Projects Progress

• EPC contract awarded to Sinopec, contract signed in Jun 15

• Long-lead equipment ordered in 1Q/15

• 2 Year Construction period

• Expected COD in 2H/17

32

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

2015: UHV Completion

Crude Run 215 KBD

Nelson Complexity Index More stable portfolio of Revenue:

Petroleum/Petrochemical & Others

76% / 24%

59% / 41%6.6

8.684%

100%

1

Super Absorbent Polymer

(SAP)

Quick Win Initiatives

New investments through JV

2013

2014

2015

2017

PP Derivatives• PP Expansion 160 KTA

• PP Compounding 140 KTA

3

Phoenix

DELTA

Functional Excellence

The future begins now creating shared value

Q & A

Environment

Social

Education & Sports

Labor & Human Rights

Religion

Public Health

33

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.

2Q/15 Highlight

Operation & Financial Performance

Industry Outlook

Strengthening Core Business and Beyond

Appendix

1

2

3

4

5

Agenda

35

Lube Base

DCC

Vacuum Gas Oil

(VGO)

PP

PS

ABS/SAN

EPS

BTX

UHV

CCM

Acetylene Black

HDPEEthylene

Acetylene

Propylene

Ethylene

Olefins Plant

Benzene

Toluene Mixed Xylene

Acetylene

Ethylene

Propylene

Butadiene

Butadiene

CD1

Ethylene

EBSM

PRP

Long Residue(LS)

Long Residue

6 KTA

360 KTA

180 KTA

56 KTA

100 KTA

4 KTA

140 KTA

475 KTA

Ethylene Rich Gas

Pyrolysis Gasoline Raffinate

Propylene 132 KTA

Atmospheric Distillation Unit

(ADU) 1, 2 215 KBD

Naphtha

Reformate

Ethylene

Propylene73 KTA

320 KTA

Lube Base Oil

Asphalt

320 KTA

600 KTA

Polyol 25 KTA

Power Plant

Benzene

Toluene

Mixed Xylene

Long Residue

114 KTA

132 KTA

121 KTA

31 KTA

57 KTA

177 KTA

100 KTA

30 KTA

260 KTA

Styrene Monomer

Electricity

Steam

108 MW/220 MW (CHPI)

200 T/h/420 T/h (CHP I)

Propylene

Highly Integrated and Optimized Configuration

36

Feed (Crude Oil / Condensate)

Propylene Oxide

For Sale

Transportation Fuel

Gasoline, Jet, Diesel

Backup

Deferred Tax Assets

Expiry yearLoss carry

forward

Deferred Tax Assets BookingTax loss not yet

recognized as

Deferred Tax

AssetsTax loss Tax rate

Deferred Tax

Assets

2017 10,210 6,115 20% 1,223 4,095

2019 7,985 7,985 20% 1,597 -

Total 18,195 14,100 20% 2,820 4,095

Unit: MB

(1)

Note: (1) Tax losses that will expire in 2017 include losses caused by the release of debt involving the three companies

related to the previous owners, amounting to 7,873 MB, 4,095 MB of which has not been recognized as

deferred tax assets.

(2) Expected tax shield from liquidation of subsidiaries under liquidation process within 2015 – 2019, amounts to

9,600 MB, 4,700 MB of which was recognized as deferred tax assets and the financial performance in 2012

was restated accordingly.

(3) The remaining tax loss not yet recognized as deferred tax assets was 8,995 MB or about 1,799 MB of

potential tax shield.

Expected tax shield

from liquidation of

subsidiaries

2015 – 2019

9,600 4,700 20% 940 4,900

Total 27,795 18,800 20% 3,760 8,995

(2)

(3)

38

Gain from Reversing Doubtful Account

Received debt repayment 3,878 MB

Balance after offsetting of assets and liabilities 1,055 MB

Gain from Reversing Doubtful Account 2,823 MB

The Board of Directors approved a land purchasing from TPI Aromatics Plc.

IRPC and Official Receiver entered into a land purchasing agreement

IRPC received debt repayment of 3,878 MB, net gains 2,823 MB

December 2014

February 2015

April 2015

39

70.7

36.0 35.4

26.4

13.2 31.6

20.9

10.5

5.5

118.0

59.7

72.5

OP EX Com EX HR EX

Target1H15

Delta Program

Improve overall performance under the Delta Program

40

Operational Excellence

Commercial Excellence

Procurement & Human Resource Excellence

• New upgraded LP (best-in-class standards tools), enabling optimum crude selection

• Optimized processing operations unit

• Optimized steam and power generation

• Minimized unplanned shutdown

• Shortened time required for turnaround

• Lower total costs of ownership

• More efficient procurement process

• Reduced non-moving inventory of spare parts

• Budget saving

• Reallocation of spot/term contracts for petroleum products

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

Actual 1H15

Target2015

61% Achievement from 2015 Target

41

UHV and PPC&PPE Project

ADU

UHV

DCC

Lube Base

Refinery

Olefins

Aromatics

Propylene

Petrochemical

Others

PPC

Polypropylene

Polyethylene

Styrenics

2016 onward 2017 onward

23%8%

14%

10%

40%

38%

5%

10%

16%

21%

2%

5%6%2%

IRPC IRPC+UHV

Ethylene

Propylene

LPG

Naphtha +

ReformateGasoline

Diesel/ Jet Fuel

Lube Oil

Fuel Oil

Upstream Project for Hygiene & Value-added Products (UHV):Upgrading low value product (Fuel Oil) to be high value-added product for

petrochemical feedstock: Propylene 320 KTA and Heavy Aromatic Naphtha 250 KTA

IRPC FX Exposure Illustration

42

843

238

90

75

248

USD 843 Million

USD 651 Million

LT Loan Mizuho

LT Loan SMBC

USD Bond

IRPC 2017s

Market GIM:

12.35 $/BBL at

187 KBD

CCS on

THB Bond

2015E: USD Exposure

Remark:

1)USD Liabilities absorb effect from THB appreciation/

depreciation at year begin/end , i.e. the exposure is a full of

actual USD Liabilities.

THB

FX Gain/(Loss)

USD MarginUSD

Liability

Strong Loss Gain

Weak Gain Loss

FX Natural Hedge Concept

Impact

“THB Margin

Gain/Loss”

in PL statement

Impact

“FX Gain/Loss”

in PL statement

USD Margin USD

Liabilities 1)