14 August 2020

2

AGENDA

CEO Agenda

Operation & Financial Performance

Industry Outlook

2Q20 & 1H20 Highlight

QoQ - Unchanged

3

Key DriversCrude oil prices rebounded after OPEC+ production cuts

Crude Oil Price (avg)

Gross Refining Margin (GRM)

Foreign Exchange (avg)

Product to Feed Margin (PTF)

Unit: $/bbl Unit : THB/USD

Unit: $/bbl Unit: $/bbl

YoY 5%

QoQ 206%

YoY 10%

2Q20 (End 31.07)

31.78

Dubai QoQ 40%

Dubai YoY 55%

QoQ depreciated 2%

YoY depreciated 1%

31.76

YoY 26% YoY 14%

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Brent 63.20 68.85 61.94 63.21 50.26 29.20

Dubai 63.53 67.36 61.16 62.05 50.74 30.551Q19 2Q19 3Q19 4Q19 1Q20 2Q20

30.88 30.45 31.45 32.12

1Q20 (End 32.83)

4Q19 (End 30.33)

4

Financial Highlight: 2Q20 & 1H20 performance2Q20 Improving MKT GIM was driven by low crude premium

QoQ 30%

YoY 47%

Overview of Business

Net Sales(net excise tax)

Dubai (Avg.)

Unit: $/bbl

Net IncomeUnit: MB

Unit: MB

EBITDA

Unit: MB

QoQ 123%

Net Sales(net excise tax)

Market GIM ($/bbl)

Crude run KBD

Acct. GIM ($/bbl)

Net Stock G/(L)($/bbl)

YoY 206%

YoY 34%

206 188 189 203 188

9.11 6.82 8.46 8.90 7.64

0.83 (12.66) 0.17 1.04 (6.16)

9.94 (5.84) 8.63 9.94 1.48

YoY 35%

2Q20 1H20

Petroleum Petrochemical Utilities and Others

YoY 81%

QoQ 95%

Net Income

Operating NI

YoY – n.a.

YoY 26%QoQ , YoY – n.a.

EBITDA

5

Projects UpdatedFloating Solar Project with Electricity 12.5 MW ABS Expansion: Increasing ABS specialty by 6,000 MTA

Construction ProgressABS Expansion

Project Objective : Increase 6,000 MTA of Specialty

ABS Powder. Recovery Vapor Butadiene

278 MTA from Flare.

CAPEX : ~ 430 MB

IRR : ~ 17%

Project Objective : To produce electricity 12.5 MW Floating Support material by

own HDPE BOI Privilege

Area: Reservoir in Industrial Park

Usage: Internal use at PP Plant

CAPEX : ~ 550 MB

IRR : ~ 17%

Floating Solar Construction Progress

April 2020

COD 5 June 2020

COD

MC

MC

Installing equipment

and Piping work

under progression

3Q20

4Q20Project ProgressAs of July 2020 : 89% of Target

Objectives:

To support the company strategy towards Specialty Product by business segment through Cross-Functional Team from

Marketing, Operation, RD, etc.

Enhancing “ANT” Team to other potential sectors

• Flexibility

• Speed to respond to the needs of current and future market direction

• Effective and achieve the specified objectives

7

Expanding into downstream application:3D Graphene Face Mask

“Dual Layer Graphene Fabric Mask”

Outer layer:

Graphene coated on polyester fabric

Inner layer:

Water repellent cotton 100%

Advanced Materials by

PERFORMANCE

Anti-bacteria

Graphene can reduce bacteria that causes smell

on mask surface.

Anti-static/Anti-dust

Graphene has anti-static property that repels dust

on mask to be clean and safe all day.

Washable

Graphene mask is washable and reusable up to 10 times

certified by the Thailand Textile Institute.

Heat dissipation

Graphene helps dissipate heat evenly across the face

to feel comfortable during mask wearing

Flat screen-printing conductive ink

formulation on fabric roll

Performance testing to

comply the smart fabric regulation

Unique properties including: light-weight, stronger than steel, anti-bacteria, high surface area, high electrical & thermal conductivity

Product Launch in Sep 2020

8

IRPC Joint Venture with Japan Polypropylene Corp. (JPP) Invest in Mytex Polymers (Thailand) Co., Ltd.

50% 50%

To penetrate the Polypropylene (PP) Compound for automotive market in Thailand and Southeast Asia

Mytex Polymers (Thailand)

PP Compound for Automotive

Source: Nexant

Increasing specialty portfolio through JV: MYTEXto penetrate automotive market

99

CSR “The Fight Against COVID-19”

“One Stop Service Clinic”

Designed by IRPC’s Engineer And Signed the MOU with Rayong Hospitals

Modular Diagnosis Room / ARI Clinic Room

1010

CSR “The Fight Against COVID-19”

IRPC & Navamindradhiraj University(NMU) Collaboration to establish the testing services center

Signed MOU between IRPC and NMU on May7, 2020

Collaboration Model

• Technical experience

• Knowledge in polymer

• Business and marketing experience

• Knowledge on medical requirement

• Partial utilization through student usage

Testing Services Center

• Testing Services Center

• Clean room

• To Test & Certify PPE medical products

Objectives:

• Establish a central laboratory providing

• Inspection and certification of medical equipment

• Co-operation of further development for other medical equipment

11

AGENDA

CEO Agenda

Operation & Financial Performance

Industry Outlook

2Q20 & 1H20 Highlight

12

Maintaining crude run and market position against COVID- 19 crisis

Maintained Refinery U-Rate during COVID-19 outbreak Production volume while Petrochemical sales volume

Improved MKT GIM as lower crude premium while spread

Recurring OPEX => 7%,QoQ following cost cut measures

Non-Recurring OPEX 325 MB => adj. capex to OPEX

Utilization Rate

MKT GIM Net Stock gain/(Loss)

OPEX

Production Volume & Sales Volume

12.83 $/bbl

2Q19 1Q20 2Q20 1H19 1H20

Refinery

96% 87% 88% 94% 88%

Lube

82% 79% 87% 83% 83%

2Q19 1Q20 2Q20 1H19 1H20

Olefins

99% 95% 91% 94% 93%

Aromatics & Styrenics

99% 94% 95% 91% 95%

Petroleum Petrochemical

2Q19 1Q20 2Q20 1H19 1H20

Production (M.bbl)

15.13 13.55 13.40 29.23 26.95

Sales Volume (M.bbl)

16.63 15.16 14.45 32.60 29.61

Petroleum

2Q19 1Q20 2Q20 1H19 1H20

Production (KMT)

471 450 437 882 886

Sales Volume (KMT)

449 429 450 912 879

Petrochemical

Dubai Price

($/bbl)

(12.66)

0.17

13

Improving performance amid crude discount condition while petroleum market remains under pressure

Financial Performance

< 1.0x

Net IBD/Equity

Net IBD (bn)

Equity (bn)

2Q20 Net IBD/Equity : 0.88 times

Balance Sheet

2Q19 1Q20 2Q20 1H19 1H20

57,702 43,617 30,370 111,976 73,987

2,304 (6,436) 1,505 4,659 (4,932)

507 (8,905) (411) 660 (9,316)

Net Sales

EBITDA

Net Profit

1,004

Net Loss 1Q20

Margin

Net Stock gain

OPEX & Selling Exp.

UnrealizedOil Hedging

Financial Derivatives

FX

Tax & Others

Net Loss 2Q20

Operating Income 38%

Net Income 95%

(8,905) (411)

(1,821) (1,127)

Unit: MB

Unit: MB

Net Profit: 2Q20 VS 1Q20

Net Debt = 63,506 MB

Ex. Rate = 31.07 Baht/$

Interest Rate Currency

Float 82% THB 92%

Fixed 18% USD 8%

14

AGENDA

CEO Agenda

Operation & Financial Performance

Industry Outlook

2Q20 & 1H20 Highlight

15

Crude Oil Outlook

Source: Platts

Global refinery runs recover but remain below 2019 implying low utilization rates

Oil demand continued to recover from 3Q20 onward & Supply is on the rise after bottoming in June.Supply catching up with demand improvements, demand for oil grows faster than production.

Huge drop in demand but now see positive growth sign

16

Singapore Crack Spread on Dubai

Gasoline demand had recovered along with other products after demand to bottom out in 2Q20

Source: Platts

The bottom of the demand

FO

+ Lockdown restrictions are lifted in various parts of the world+ Strong Naphtha demand from Naphtha cracker- The refineries are ramping up runs after turnaround

GAS Oil

17

2H20 Market Outlook

ULG 95

FODriving Determinants : Petrochemical

Crude Oil

ULG 95

ABS

PP

HDPE (Pipe)

PS

KeyProducts

Price (2Q20)

Spread(2Q20)

Refinery ($/bbl) ($/bbl)

Dubai 30.6

ULG 95 33.1 2.6

Gas Oil 36.3 5.7

FO 28.9 -1.6

Polymer ($/T) ($/T)

PP 859 585

HDPE(Pipe)

903 629

PS 923 649

ABS 1,193 919

Driving Determinants : Petroleum

+ Manufacturing in China start consumption amid COVID-19 easing+ higher demand during winter+ International flights resume after lockdown easing- The refineries are ramping up runs after turnaround

+ Higher demand for power generation during summer in Middle East.+ Limited storage capacity as it was turn to LSFO (S 0.5%) tank- Less bunker oil demand due to bearish economic sentiment

+ Improve demand in Asia after COVID-19 Crisis has eased+ Narrow PE Pipe- ethylene spread may force high-cost producers to reduce operating rate- Slow demand during rainy and winter season

+ Improving demand in Asia after lockdown easing + Manufacturing season + Food-packaging and medical demand remain healthy- Surge supply from Malaysian new capacity

+ Weaker feedstock cost and extra demand. (New One Helmet, One Belt policysince 1 June in China)+ Shifting demand in hygiene and appliance due to consumer behavior changes.+ The Automotive producers in Asia have return to the market

+ Recovery demand in the manufacturing industry in Asia after COVID-19 haseased- Soft demand from the alternative plastics

+ OPEC+ supply remains low following the extend cut and greater level ofcompliance+ Improving demand as industrial activities pick up momentum post lockdown- The strong growth of new Covid-19 cases may weaken the recovery in demand- Prices could experience downside pressure as high crude stockpiles

18

AGENDA

CEO Agenda

Operation & Financial Performance

Industry Outlook

2Q20 & 1H20 Highlight

19

IRPC Way Forward

1

2

Costs Competitive

Cash is a King

Shape and Focus

Value Creation

Short-term

Long-term

Survive

Strong Market Position

Opportunistic Investment

Direct Integration

Potential Portfolio

Short-term

Long-term

Resilience

4

3

20

Portfolio shift to high value added product and Seeking opportunity for growth

Seeking opportunity for growth

Commodity Plus42%

Specialty13%

Commodity45%

Commodity Plus42%

Specialty30%

Commodity28%

Target 2024As IS

Automotive

Medical/ Hygiene

Electronic Appliance

Expedite Specialty Product in focusing area

“ANT” Program - cross-function pilot teams

Medical/ Hygiene▪ Increase sales volume and benefit▪ Develop sales plan▪ Study business model (add more scope on

Healthcare & hygiene)

▪ Increase sales volume and benefit▪ Develop sales plan▪ Maintain existing customer▪ Find new customer▪ Study business model

▪ Increase sales volume and benefit▪ Develop sales plan▪ Target market, customer, volume▪ Study business model

Medical

Expand existing PP random grade to

new market & new application

Hygiene

Development of new PP Meltblow resin

- N95 mask

- Protective suit

- Hair/shoe cover

~ 1,000 - 2,000 MB/yr

NOAH: New Organization with Agile Human Further enhance business strategies after digital transformation

The most cost-efficientoperating model at speed

New Organization with Agile Human (NOAH) is the implementation phase to

“Transform Organization Capability-to-Perform”

• Different Work• Different Way• Work differently

• Upskill• Reskill• New skill

• Measure what matter • Competency-based growth• Pay for performance

• BAU Talent• Talent on journey• Near-term catalysts• Tomorrow’s talent

New

Organization

Agile

Human

A

B

C

D

Future Skill Development

New Performance Management and Rewarding

Talent acquisition

Choices of Life Through Package• Aspiring Separation Program (ASP)

• Mutual Separation Program (MSP)

E Benefit: Cost saving

Staff cost(without “NOAH”)

Staff cost(with “NOAH”)

Base line

average~ 1,000 MBY2020

Y2025

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.

Investor Relations Contact: ir@irpc.co.th

Tel. +662-765-7380, Fax. +662-765-7379

Presentation is available at

www.irpc.co.th

Click “Presentations”

Please complete our 2Q20 & 1H20 satisfaction survey via QR CODE

Thank You

Disclaimers

Appendix

2Q19 1Q20 2Q20 1H19 1H20

41,467 30,244 18,782 79,240 49,026 Petroleum

37,005 26,384 16,066 70,341 42,450 Refinery

4,462 3,860 2,716 8,899 6,576 Lube Base

96% 87% 88% 94% 88% % U-Rate

206 188 189 203 188

24

Petroleum Group2Q20: Sharply declined in crude premium supported a rise in GRM1H20 : Weaker products spread during COVID-19 pandemic led to lower Mkt GRM

2.79 5.31 (0.81) 2.45 2.09

Crude Intake

GRMSales Volume & Revenue

Production

Premium over Dubai ($/bbl)

Crude Run (KBD)

YoY 13%

QoQ 5%

YoY 55%

QoQ 38% Revenue

YoY 9%

YoY 38%

Crude intake (Mbbl)

Unit : $/bbl

Unit : Mbbl

Unit : Mbbl

18.78 17.11 17.18

36.75 34.29Sales Volume

Unit : MB

YoY 9%

QoQ 0.4% YoY 7%

YoY 11%

QoQ 1% YoY 8%

96% 87% 88%

82% 79% 87%

114% 93% 79%

94% 88% % Utilization

83% 83% Lube Base

92% 86% RDCC

YoY 5%

QoQ 206% YoY 26%

2Q19 1Q20 2Q20 1H19 1H20

15,349 12,497 10,733 30,979 23,230 Petrochem

9,536 8,090 6,597 19,523 14,687 Olefins

5,813 4,407 4,136 11,456 8,543

25

Petrochemical Group2Q20: Sales vol. increased QoQ especially Aromatics & Styrenics1H20 : Mkt PTF dropped as low products spread according to the COVID-19 outbreak

1H20 : Petrochemical revenue was Bt 23 bn

YoY : 25% decrease from 21% price decrease & 4% volume decrease

1H20 Market PTF was $4.65/bbl:

YoY : $0.78/bbl decrease as lower products spread through the COVID-19 outbreak

Production

PTF

Sales Volume and Revenue

QoQ 5%

QoQ 14% Revenue

YoY - n.a.

YoY 30%

YoY 4%

YoY 25%

Unit : KMT

2Q20 : Petrochemical revenue was Bt 11 bn QoQ : 14% decrease from 19% price decrease VS 5% vol. increase YoY : 30% decrease from 30% price decrease

2Q20 Market PTF was $4.66/bbl:

QoQ : Unchanged due to higher Olefins products spread VS lower Aromatics products spread

YoY : $0.53/bbl decrease as lower products spread

Crude intake (Mbbl)

Unit : $/bbl

Unit : KMTSales Volume

Unit : MB

YoY 7%

QoQ 3% YoY 1%

99% 95% 91%

97% 92% 85%

101% 99% 98%

99% 94% 95%

88% 88% 85%

107% 105% 102%

105% 93% 100%

94% 93% % Utilization

90% 88% Polyolefins

99% 99% Olefins

91% 95% % Utilization

79% 87% Polystyrenics

82% 104% Styrenics

106% 96% Aromatics

QoQ - Unchanged

YoY 10%

YoY 14%

18.78 17.11 17.18

36.75 34.29

Aromaitcs &Styrenics

26

Power & Utility

1H20 U-Rate of Steam was 65%; 4%

YoY : increase after industrial area customers return to normal operations

1H20 U-Rate of Electricity was 70%; 1%

1H20 : Power & Utility revenue was 1,731 MB

YoY : 2% decrease from lower electricity sales vol. to EGAT

Utilization Rate

GIM

Revenue

QoQ 2%

YoY 3%

2Q20 U-Rate of Steam was 63%; 3% QoQ, Unchanged YoY

QoQ : decrease due to planned maintenance shutdown of the industrial area customers

2Q20 U-Rate of Electricity was 70%; 1% QoQ, 4% YoY

YoY : decrease owing to lower u-Rate of refinery

2Q20 : Power & Utility revenue was 855 MB; 2% QoQ, 3% YoY

QoQ & YoY : decrease owing to lower selling price of steam and electricity following lower fuel price

Unit : $/bbl

Unit : MB

YoY 1%

QoQ 7%

YoY 10%

YoY 4%

QoQ 1%

YoY 1%

YoY - Unchanged

QoQ 3%

YoY 4% YoY 2%

27

Market & Accounting Gross Integrated Margin2Q20: Improving A/C GIM resulted from net stock gain 1H20 : Lower Mkt GIM & net stock loss led to a decrease in A/C GIM

Market GIM

Unit: $/bbl

Accounting GIM

Unit: $/bbl

Unit: MB

Market GIM by business

Unit: MB

YoY 7%

QoQ 24% YoY 14%

YoY 13%

YoY 85% QoQ 248%

YoY 14%

QoQ 27% YoY 20%

YoY 20% YoY 86% QoQ 251%

Unit: $/bblPetrochemical

Petroleum

Accounting GIM

2Q20 Acct GIM was $8.63/bbl,

QoQ: $14.47/bbl due to $0.17/bbl net stock gain compared to net stock

loss of $12.66/bbl in 1Q20 and $1.64/bbl higher of market GIM

YoY: $1.31/bbl due to $0.66/bbl lower net stock gain and $0.65/bbl

lower market GIM

1H20 Acct GIM was $1.48/bbl,

YoY: $8.46/bbl due to $6.16/bbl net stock loss compared to net stock

gain of $1.04/bbl in 1H19 and $1.26/bbl lower market GIM

Market GIM

2Q20 Market GIM was $8.46/bbl,

QoQ: $1.64/bbl due to lower crude premium vs lower products spread

YoY: $0.65/bbl due to lower products spread vs lower crude premium

1H20 Market GIM was $7.64/bbl,

YoY: $1.26/bbl due to lower products spread

28

Net Profit: 2Q20 VS 1Q20Better net stock gain improved less net loss

1,004

Net Loss 1Q20

Margin Net Stock gain

OPEX & Selling

Exp.

UnrealizedOil

Hedging

Financial Derivatives

FX Tax & Others

Net Loss 2Q20

Operating Income 38%

Net Income 95%(8,905) (411)

(1,821) (1,127)

Unit: MB

29

Net Profit: 1H20 VS 1H19Net Stock loss, loss on CCS and unrealized Oil hedging resulted in net loss

(2,053)

Net Gain 1H19

Margin Net Stock Loss

OPEX & Selling

Exp.

UnrealizedOil

Hedging

Financial Derivatives

FX Tax & Others

Net Loss 1H20

Operating Income 281%

Net Income – n.a.660 (9,316)

(775) (2,949)

Unit: MB

30

Financial PositionCash flow returned at normal level in response to the COVID-19 easing

Debt ProfileStatements of Financial Position

Cash Flow

Remark: Long-term debt as at 30 June 2020

Unit: MB

PP&E(incl.

investment properties and ROU)

Other Non-CA

Cash

Other CurrentLiabilities

LT Borrowing incl. current port.

Shareholders’Equity

Jun. 2020Dec. 2019

Other CA

Other Non-CurrentLiabilities

Beginning Cash

1 Jan 2020

Ending Cash30 June 2020

Cash Flow from

Operating

Unit: MB

Cash Flow from

Investing

Cash Flow from

Financing

Net Debt = 63,506 MB

Ex. Rate = 31.07 Baht/$

Financial Ratios

177,850 167,484Interest Rate Currency

Float 82% THB 92%

Fixed 18% USD 8%

6%

< 1.0x

Net IBD/Equity CA/CL