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1Q 2016Analyst Presentation

May 19, 2016

2

■Global economic weakness and deflationary environment remained in the first quarter of 2016

Weaker-than-expected performance in the United States, Europe, China, and Japan

Japan and Europe further implemented negative rates following low inflation and anemic growth

The Thai economy in the first quarter of 2016 expanded by 3.2%, the highest rate in 12 quarters, supported by high growth in government spending and investment, exports of services, and growth in private consumption

Oil prices remained weak but rebounded from January lows (avg Dubai oil prices: Jan = $26.8/bbl, Feb = $29.3/bbl, Mar = $35.1/bbl)

Business Environment

3

■Achieved a record high crude run of 146 KBD; industry refining margins remained strong at $7.8/bbl

■Earned profit of 1.9 billion baht, reflecting strong operating performance

■Generated 2.6 billion baht of cash flow from operating activities; debt to equity ratio decreased to 1.7

■Expanded retail network, premium product offering, and alliance partnerships

■Prepared Esso SMILES loyalty card program for launch on May 1st

Headline Results

Headline Results

4

15.4

19.8 19.3 18.7 18.817.415.4

13.115.1

10.9

1Q 15 2Q 15 3Q 15 4Q 15 1Q 16

UGP

ADO

139 141 135 142 146

1Q 15 2Q 15 3Q 15 4Q 15 1Q 16

8.5 8.0

6.3

8.0 7.8

1Q 15 2Q 15 3Q 15 4Q 15 1Q 16

Industry Gross Refining Margin ($/bbl) Crack Spread ($/bbl)

Crude Intake (KBD) Gross Refining Margin ($/bbl)

Industry GRM and Crack Spread Source: Reuters

Dubai ($/bbl)at quarter-end 54.7 61.8 45.4 34.6 35.1

Operating Performance

2.7

13.1

-0.9

4.2

7.5

1Q 15 2Q 15 3Q 15 4Q 15 1Q 16

5

YTD2015 1Q2016

32% 33%

55%43%

2% 17%10% 7%

Caspian

West African &Others

Far East & SouthEast

Middle East

Operating PerformanceCrude Intake by source Sales Channel

■Diversified crude intake portfolio to optimize yield and strengthen cost competitiveness

■Captured strong demand growth by increasing domestic retail and commercial sales

FY2015 1Q2016

53% 56%

38% 37%

9% 7%

Export

Retail

Commercial

Operating Performance

6

FY2015 1Q2016

10% 13%

45% 43%

27% 27%

18% 17% Feedstock

Light

Middle

Heavy

Refinery Product YieldsRefinery Production

■ Heavy product yields increased, resulting from higher demand for fuel oil and asphalt

■Middle distillate product yields decreased by 2% driven by a lower product price spread for diesel

FY2015 1Q2016

18% 17%

9% 11%1% 2%8% 8%

37% 35%

19% 19%

3% 3%5% 5%LPG

Naphtha

Gasoline

Diesel

Jet/Kerosene

Asphalt

Fuel Oil

Feedstock andother

Operating Performance

7

203

268298

117 102 118

1Q 15 4Q 15 1Q 16PX-UGP PX-MX

Operating PerformancePx Spread ($/Ton) Px Production (K Ton / quarter)

■ Paraxylene spreads increased on lower crude oil prices; however, industry margins remained challenging due to excess capacity in the region

■Maintained production levels based on integrated economics and domestic customer commitments

62

60

58

1Q 15 4Q 15 1Q 16

8

16

24 23

3

2013 2014 2015 1Q16

Marketing Business Update

67

151

240 254

2013 2014 2015 1Q16

Service Stations offering Premium ADO Service Stations offering E20

35

327

400 406

2013 2014 2015 1Q16

New Service Stations Alliance Stores

150179

260 273

2013 2014 2015 1Q16

9

■Held Esso SMILES loyalty program roadshow for dealers in advance of May 1st launch

■ Introduced new alliance partner “S-Minimart” with a target to open 12 stores by June 2016

Marketing Business Update

10

0.2 0.1

-

0.1

0.2

4Q2015 1Q2016

4035

-

10.0

20.0

30.0

40.0

50.0

4Q2015 1Q2016

1.1

2.9

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4Q2015 1Q2016

0.5

1.9

-

1.0

2.0

4Q2015 1Q2016

Comprehensive IncomeSales Revenue Interest Expenses

Net Profit/(Loss)EBITDA

Comprehensive Income

11

Balance Sheet Indicators

Cash Flow

■ Decrease in assets driven by lower inventory level

■ Decrease in liabilities driven by lower debt and crude payables

■ Debt to equity decreased with lower debt and higher shareholders equity

■ Cash flow from operating activities reflects strong operating performance

■ Cash flow used in investing activities includes investments for equipment maintenance and service station upgrades

■ Financing activities reflect repayment of debt

37 36

1 14 5

14 120.3 0.3

0

10

20

30

40

50

60

4Q2015 1Q2016Cash InventoryReceivables Other current AssetNon-current Assets

14 16

29 27

11 9 3 1

-

10

20

30

40

50

60

4Q2015 1Q2016

Shareholder's Equity DebtPayables Others

D/E 2.1D/E 1.7

6.92.6

(0.8) (0.2)

(6.3)(2.4)

-10

-5

0

5

10

4Q2015 1Q2016

Cash flow from financing activities

Cash flow from investing activities

Cash flow from operating activities

Financial Position

12

■ Maintained focus on operational excellence, strengthened retail network, and achieved strong financial and operating performance

Strong crude run of 146 KBD

Earnings for the period of 1.9 Billion Baht

Cash flow from operating activities of 2.6 Billion Baht

Esso SMILES loyalty program launch preparation

Summary