Thai Oil Public Company Limited

Presentation to Investors

January 2014

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Disclaimer

The information contained in this presentation is intended

solely for your personal reference. Please do not circulate this

material. If you are not an intended recipient, you must not

read, disclose, copy, retain, distribute or take any action in

reliance upon it.

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VISION A LEADING FULLY INTEGRATED REFINING & PETROCHEMICAL

COMPANY IN ASIA PACIFIC

MISSION

• To be in top quartile on performance and return on investment

• To create a high-performance organization that promotes

teamwork, innovation and trust for sustainability

• To emphasis good Corporate Governance and commit to Corporate

Social Responsibility

VALUES

Corporate Vision, Mission and Values

Professionalism

Ownership & Commitment

Social Responsibility Integrity Teamwork & Collaboration Initiative

Vision Focus

Excellent Striving

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Corporate Governance Policy

Corporate Governance Policy

The board of directors, management

and all staff shall commit to moral

principles, equitable treatment to all

stakeholders and perform their duties for

the company’s interest with dedication,

integrity, and transparency.

Roles and Responsibilities for

Stakeholders

• Truthfully report company’s situation and

future trends to all stakeholders equally

on a timely manner.

• Shall not exploit the confidential

information for the benefit of related

parties or personal gains.

• Shall not disclose any confidential

information to external parties.

CG Channels

Should you discover any

ethical wrongdoing that is

not compliance to CG policies

or any activity that could

harm the Company’s interest,

please inform:

Corporate Management Office Thai Oil Public Company Limited 555/1 Energy Complex Building A

11F, Vibhavadi Rangsit Road,

Chatuchak, Bangkok 10900

cgcoordinate@thaioilgroup.com http://www.thaioilgroup.com

+66-0-2797-2999 ext. 7312-5

+66-0-2797-2973

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Agenda

TOP Group Overview

-7-

Strategic relationship and operational integration with PTT

Benefits from PTT’s dual

role as our major

shareholder and key

business partner

All transactions take place

at arm’s length and in

adherence with strong

corporate governance

principles

Thai Oil’s strong shareholder base

Key strategic

benefits for Thai Oil

49.1%

1. Long-term

strategic partnership

• Thai Oil is PTT’s principal refiner

• Long-term strategic shareholder and joint investment

2. Business

partnership

• Product offtake • Crude procurement

3. Operational

synergies

• Freight costs reduction • Knowledge transfer and

shared services • Close management

collaboration and secondment of trained staff

49.1%

24.7%

26.2%

PTT

Foreign Investors

Local Investors

# of Listed

Shares

2,040 mil.

shares

Free Float

Shares 49.9%

As of 17 Sep 2013

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TOP Group Synergy & Strategic Role in PTT Group Value Chain

NATURAL GAS

CRUDE IMPORT

Solvent

Mixed-Xylene

Toluene

Pentane

Hexane

SOLVENTS

TP provides electricity and steam to

Thai Oil, TLB and TPX and sells its

remaining power to the national grid

Paraxylene

Benzene

Mixed-Xylene

Toluene

AROMATICS

Lube Base Oil

Bitumen

TDAE

Slack Wax

Extract

LUBE BASE

REFINERY LPG

Fuel Oil

Diesel

Gasoline

Jet/Kero

PLATFORMATE

LONG RESIDUE

REFINED

PETROLEUM

POWER

Diversifying to a broad

range of downstream

products to enjoy higher

profit margins and

reduce earnings volatility

Thai Oil’s Businesses

The majority of

refined

petroleum

products are

sold

domestically to

PTT

PTT is our

principal

domestic

customer for

our lube

base

products

Upstream Intermediate Downstream

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2007

• Increased refining capacity to 275 kbd

2008

• The first refinery in Thailand with

diesel production to comply with the

sulfur content requirements of Euro IV

• Capacity expansion of Thai Paraxylene

with total aromatics capacity of 900,000

tons p.a.

• Invested in Solvents business in

Thailand and Vietnam

Key milestones: 52 years, a long track record of success

1993

• We expanded our refining capacity to 190 kbd

1994 – 1997

• Increased total refining capacity to 220 kbd

• Initial investment in Thai Paraxylene (“TPX”) and Thai

Lube Base (“TLB”)

• IPT became the first IPP to enter into a PPA with

EGAT2 with 700 MW capacity ; separately, Thaioil

Power (“TP”) constructed the power generation

plant under the SPP with 118 MW capacity

1961 – 1997 Capacity expansion and initial stage of business

diversification

2004 – 2011 Listing, expansion and diversification

Today A leading integrated refining and petrochemical

group in Asia Pacific

• 275 kbd refinery ( approximately 25%

of Thailand’s total refining capacity)

• Nelson index 9.71

• Diversified business through 13

subsidiaries

• The 3rd largest listed company

by revenue in Thailand

1961 – 1964

2004

1961

• Incorporated

1964

• Commenced

operation with

distillation capacity

of 35 kbd

• Simple refinery with

Nelson complexity

Index ~ 41

1970

• Refining capacity

expanded to 65 kbpd

1989

• Increased refining

capacity to

90 kbpd

2004

• IPO and listed on the SET

• Acquired remaining shares

in Thai Paraxylene and Thai

Lube Base which became

our wholly-owned

subsidiaries

2007 -2008

2010

2011

1993-1997

1970-1989

2012

2012

• Completed PxMax

project

• Revenue 447,432 MB

• Net profit 12,320 MB

2011

• The first refinery in the

Asia-Pacific region to

manufacture diesel

and unleaded gasoline

in compliance with the

sulfur and benzene

aromatics content

requirements of the

Euro IV standard

• Acquired our first VLCC

under a JV agreement

2010

• Established

Thaioil Ethanol

• Production

expansion of

TDAE by 50,000

tons per annum

Note 1. Based on our internal estimates using the methodology of the Nelson Complexity Index 2. The Electricity Generating Authority of Thailand (“EGAT”) is the national grid

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Thai Oil Group Business Structure

9.0%

Principal power plant of

the PTT

capacity 1,038 MW of

electricity and

1,340 tons/hour

of steam

Total aggregate capacity 1,357 MW

Platformate 1.8 million tons/annum

PTT Group 80.0%

100.0% 100.0% 74.0% 100.0%

Thaioil (TOP) Thai Lube Base

(TLB) Thaioil Power

(TP)

Global Power

Synergy Company Limited

Thaioil Energy Services (TES)

Thaioil Marine (TM)

Maesod Clean Energy (MCE)

Capacity : 275,000 barrels/day

Small Power Producer

Program 3-on-1 Combined Cycle Electricity 118 MW Steam 168 tons/hour

Sells Electricity/ Steam to Group

• 5 Oil & Chemical

Tankers

Capacity :147,450 DWT

• Crude Tankers: 2VLCCs

Capacity: 581,550 DWT

• 5 crew & utility boats

(120 DWT each)

• Large vessels for crude,

feedstock & product

storage and

transportation services

• Ship management

services

PTT 26.0%

Proceeds the business on

various professional of

management services

Sugarcane Based Ethanol

Capacity : 230,000 lts/day

PTT 30.1%

Thaioil 11.9%

TP 27.7%

Padaeng 35.0%

Mitr Phol 35.0%

100.0%

Thappline (THAP)

Multi-product Pipeline Capacity:26,000 m.lts/y

20.0%

PTT 31.0% Others 60.0%

Lube Base Oil

Capacity : Base Oil 267,015 tons/annum Bitumen 350,000 tons/annum

TDAE

67,520 tons/annum

Thaioil Solvent

Through TOP Solvent (TS)

100.0%

100.0%

Thaioil Ethanol (TET)

Capacity : 76,000 tons/annum

Thai Paraxylene (TPX)

100.0% 80.5%

Solvent distribute

in Thailand Sak Chaisidhi

(SAKC) Top Solvent

Vietnam

Solvent distribute in

Vietnam

PTT ICT Solutions (PTT ICT)

Sapthip (SAP)

Cassava Based Ethanol

Capacity : 200,000 lts/day

50.0%

Ubon Bio Ethanol (UBE) 21.3%

Cassava/Molasses Based Plant

Capacity : 400,000 lts/day

100%

PTT Energy Solutions (PTTES)

Provides engineering

technique consulting

services

20.0% PTT 40.0%

PTTGC 20.0% IRPC 20.0%

BCP 21.3% Others 57.4%

PTTGC 30.3%

30.0% Aromatics Capacity:

Paraxylene 527,000 tons/annum Mixed Xylene 52,000 tons/annum Benzene 259,000 tons/annum Total 838,000 tons/annum

LABIX Company

Limited (LABIX)

LAB producer and distributor

Capacity: 100 KTA COD: 2015

Mitsui 25.0% 75.0%

TOP SPP Company Limited

2 Small Power Producers

Total capacity: 220 MW

COD 2016

100.0%

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Process Linkage: Beauty of Integration

Thai Paraxylene

Thai Lube Base

PROCESS FLOWCHART

JET

ULG91

LPG

ULG95

KEROSENE

CDU-1

45,000

CDU-2

50,000

CDU-3

165,000

MX

AGO

DIESEL

FUEL OIL

BITUMEN

SULPHUR

HVU-1

HVU-2

HVU-3

95,000

FUELGAS

BBU

1,800

ADIP

TCU

19,000

FCCU

10,400

HCU-

1 HCU 2

50,000

SRU-1/2

SRU-3/4

2x210

KMT-1

KMT-2

HMU-1

HDT-1

HDT-2

HDT-3

85,000

HMU-2

140TH2

HDS-2

HDS-3

75,000

MX

40,000

CCR-1

CCR-2

50,000

ISOM

20,000

ADIP

Thai Oil

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One of Region’s Leading Refineries

Thai Oil (275 kbpd)

PTT’s Principal Refiner

Esso (170 kbpd)

IRPC2 (215 kbpd)

SPRC2 (150 kbpd)

BCP2 (120 kbpd)

Fang (3 kbpd)

Gulf of Thailand

PTTGC2 (145 kbpd)

Remarks:

• Nelson Complexity Index measures refinery’s upgrading capability for comparison

• It is the ratio of complexity barrels divided by crude distillation capacity

14.0 13.8

9.74 9.2

6.6 6.5 4.6

RPL JX TOP PTTGC Esso Sinopec SK Corp

Source: The company and broker research

Nelson Index - Regional Comparison

Note: 1. Source: Energy Policy and Planning Office, Ministry of Energy Thailand,

2. PTT holds a 27.22% interest in BCP, a 38.51% interest in IRPC, a 48.9% interest in PTTGC, and a 36% interest in SPRC

3. Calculated by using total sales of refined petroleum products of Thai Oil in 2011 divided by total sales of petroleum products in Thailand in 2011. Data obtained from Energy Policy

and Planning Office, Ministry of Energy Thailand, the Company

4. Based on our internal estimates using the methodology of the Nelson Complexity Index.

35%

market

shares

2012 Market shares for refined petroleum product3 Total Thailand crude refining capacity 1,095 kbd

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Strategic location with competitive advantages in access to key markets

Our plants are located within the Sriracha

Complex

SBM provides direct access to deep water

ports, and ability to receive feedstock

directly from VLCC

We also enjoy available connections to

delivery networks such as multi-product

pipelines, including Thappline

Ø24”, 134 km

Saraburi

Lamlukka Don Mueng

Suvarnabhumi

ESSO

PTTGC SPRC IRPC

Map Ta Phut

Sriracha

BCP

Product pipeline system

Direct connection with product pipeline system

Access to Indochina markets through deep water ports

Our strategic location

provide us with

1. Close proximity with

the key domestic

markets and

Indochina

2. Direct access to deep

water ports

3. Direct connection

with multi-product

pipelines

Close proximity to the key domestic markets

Bangkok

Map Ta Phut

Gulf of Thailand

Sriracha (124 km from BKK)

THAILAND

LAOS

VIETNAM

CAMBODIA

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Competitive Performance Benchmarking

Shell Global Solutions International (SGSi) Solomon (Bi-Annually)

2012

2010

Operational Performance Review

Hydrocarbon Management Review

Operational Troubleshooting

Staff Competency Development

Knowledge Management & Research

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Integrated Margin & Competitive Cash Cost

3.1 3.9 4.4 5.9 5.1 4.3

6.4 5.3 3.4

2.0 4.8

8.6

4.8 5.4 1.5

1.5 2.1

2.1 1.7

1.7

2.0 2.0

1.4 1.4

1.9

1.9

1.8 1.8 1.0

1.0 1.3

1.3 0.9

0.9

0.5 0.5

0.8

0.8

1.2

1.2

0.8 0.8

7.9

4.3 5.6

7.8 7.6 8.8

5.6

7.9 7.4

4.3

6.1 6.3

9.3

6.9 7.7

4.2

11.7

8.0

2008 2009 2010 2011 2012 Q1/13 Q2/13 Q3/13 9M/13

TOP TPX TLB

6.4

1.1

3.3 4.6

5.3 6.6

3.6 5.0 5.1

2.2 3.4

4.1

6.2 4.5 5.5

2.2

9.0

5.7

2008 2009 2010 2011 2012 Q1/13 Q2/13 Q3/13 9M/13

0.9 0.9 1.0 1.1 1.2 1.2 1.4 1.2 1.3 0.4 0.5 0.5 0.4 0.4 0.6 0.7 0.6 0.6 1.4 1.4 1.5 1.5 1.6 1.8 2.1 1.8 1.9

2008 2009 2010 2011 2012 Q1/13 Q2/13 Q3/13 9M/13

Operating Cost Interest Expense (Net)

Gross Refining Margin

(Unit: US$/bbl)

(Marketing GRM + Stock G/L)

TOP’s Cash Cost

(Unit: US$/bbl)

Gross Integrated Margin

(Unit: US$/bbl)

Group’s Cash Cost

(Unit: US$/bbl)

• contingency flooding cost which is a one time payment

• excluding employee benefit as per TAS#19 from 2011 onwards

*

*

Marketing GIM Accounting GIM

• Mkt GRM/GIM = Marketing GRM/GIM (excl. Stock gain/loss)

• Acct GRM/GIM = Marketing GRM/GIM + Stock gain/(loss)

(Marketing GIM + Stock G/L)

Marketing GRM Accounting GRM

1.1 1.1 1.2 1.4 1.5 1.4 1.6 1.4 1.5 0.5 0.5 0.5 0.4 0.4 0.6 0.6 0.6 0.6 1.6 1.7 1.8 1.8 1.9 2.0 2.2

2.0 2.0

2008 2009 2010 2011 2012 Q1/13 Q2/13 Q3/13 9M/13

Operating Cost Interest Expense (Net)

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Financial Performance

11,435

5,652 6,999

9,961

14,777

5,823

-1,061

4,267

9,029

224

12,062

8,956

14,853

12,320

4,363

(1,565)

7,609

10,407

2008 2009 2010 2011 2012 Q1/13 Q2/13 Q3/13 9M/13

NP (excl stk G/L before tax) NP (incl stk G/L)

399,125

284,123 318,391

446,241

447,432

104,914 93,233 108,500

306,647

2008 2009 2010 2011 2012 Q1/13 Q2/13 Q3/13 9M/13

22,897

12,846 14,585

23,868 22,808

5,856 3,759

7,111

16,726

7,949

21,393 17,381

28,760

20,350

4,397 3,255

10,453

18,104

2008 2009 2010 2011 2012 Q1/13 Q2/13 Q3/13 9M/13

EBITDA (excl stk G/L) EBITDA (incl stk G/L)

Sales Revenue

Unit: Million THB

EBITDA

Unit: Million THB

Net Profit

Unit: Million THB

* Stock G/(L) from 2011 onwards is include BOI Tax redemption on environmental projects

Net Profit Breakdown

Unit: Million THB

(Avg. from 2006-9M/13)

46%

33%

13% 8%

Refinery

Aromatics

Lube Base

Others

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TOP Group Key Highlights

Thailand’s largest and

one of the region’s

most advanced and

competitive refineries 1 Strategic relationship

and operational

integration with PTT as

the Group’s principal

refiner

3

Technological

superiority, logistical

advantages & cost

leadership

6

Industry with high

barriers to entry and

strong market

positioning

5 Strategic location with

competitive advantages

in access to key markets

4

Diversified earnings

through integration

with, and significant

contribution from, our

subsidiaries

2

Highly experienced

management team

7 Strong financial profile

8

Business Highlights

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Q3/13 : Business Highlights Economic / Industry Highlights

• Concerns over US debt ceiling, US Fed QE tapering,

Euro debt crisis and Chinese econ data

• Chinese econ reform under Li Keqiang govt. to

introduce Likonomics– no stimulus, deleveraging and

structural reform.

• Uncertainties in Middle East and North Africa

• Strong PX demand from polyester season together

with mending PTA markets whereas SM season

supporting BZ demand

• Healthy lube and bitumen demand from China,

Vietnam and Indonesia under lower cost of

feedstock price

• IEA cut 2013 & 2014 oil demand growth

• Plant outages and oil field maintenance season

caused tight supply situation supporting oil price

• Rising oil price resulted in Stock Gain

• Recovered GRM from increasing oil cracks

especially middle distillates

• Better Aromatics margins

• Improved lube base and bitumen margins

Financial Highlights Business Highlights

• BOI privilege tax exemption on emission & fuel

efficiency projects ~1,021 MB (accrual basis)

• Risk mgt via commodity hedging gain ~432 MB

Q3/13, and gain ~904 MB in 9M/13

• Depreciation of THB against USD ~0.3 THB/USD

causing minor FX loss at ~249 million THB

• 2013 Interim dividend paid 0.8 THB/share in Sep’13 ( 58% dividend pay out ratio)

Safety / Reliability / Flexibility / Efficiency

• Max run rate of TOP/ TPX/ TLB at 104%/ 95%/ 112%

• Better earnings contribution from subsidiaries;

oTP & TM: higher run rate after maintenance period in Q2

oTS: rising selling product price tracking its up-trend crude

oTET: improved gasohol demand after ULG 91 phase out w/

efficient operation of SAPTHIP; a cassava ethanol plant

• Member of DJSI Emerging Markets 2013

(99 percentile rank) assessed by RobecoSAM

Corporate Sustainability Assessment

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Awards & Recognitions

Asian Company Secretary of the Year

2013

SET Awards 2013

• Best Social Responsibility Award

• Top Corporate Governance Report

Award

CSRI Recognition 2013

• Best Social Responsibility Award (CSR

Awards)

Sustainability Report Award 2013

• Best Sustainability Report under the category

of Environmental, Social and Governance

(ESG)

Asian Excellence Recognition Awards 2013

• Best Investor Relations & Best CSR from

Best of Asia Recognition Awards 2013

• Asia’s Outstanding Company on

Corporate Governance

Alpha Southeast Asia 2013

• The Strongest Commitment to Sustainable

Energy in Southeast Asia

• The Strongest Adherence to Corporate

Governance

• The Best Strategic CSR

CSR-DIW Awards 2013

• CSR-DIW Advance 5 (CSR-DIW in Supply

Chain)

• CSR-DIW Continuous Award

Thai Energy Awards 2013

• Outstanding Renewable Power Award

under the category of Non-Grid Connect

renewable Electricity Generation Project

(Off-Grid)

Annual Platts Top 250 Asia Awards 2013

Top 250 Global Energy Company Rankings

• Rank 38th in Asia

• Rank 136th in the world

IR Magazine Awards – South East Asia 2013

• Winner of BEST IN SECTOR FOR ENERGY

•Finalist in GRAND PRIX FOR BEST

OVERALL INVESTOR RELATIONS (Small or

Mid-Cap) (in Southeast Asia)

•Finalist in BEST INVESTOR RELATIONS BY

A THAI COMPANY

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-462

4,267

9,029

-1,103

3,342

1,378

NP w/o Stock G/L Stock G/(L) LCM

Q3/13: Stronger-than-Expected Result

Top Group Net Profit

$/bbl Q2/13 Q3/13 9M/13

Marketing GRM 3.6 5.0 5.1

Stock Gain/(Loss) (1.4) 4.0 0.6

Accounting GRM 2.2 9.0 5.7

Unit : million THB

*redeemed BOI privilege for tax exemption on environmental projects in Q2/13 = None, Q3/13 = 1,021 MB and 9M/13 = 1,022 MB

Gross Refining Margin - GRM

Gross Integrated Margin - GIM

$/bbl Q2/13 Q3/13 9M/13

Aromatics 1.4 1.9 1.8

Lube base 0.8 1.2 0.8

Marketing GIM 5.6 7.9 7.4

Accounting GIM 4.2 11.7 8.0

Q3/13 Q2/13

Before tax

7,609 * MB (1,565)* MB 10,407* MB

9M/13

Performance Analysis

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101 111 107 106 116 106 106 107 108 101 106 107 20

40

60

80

100

120

140

160

Avg. Mar’12

122 $/bbl

Avg. Jun’12

94 $/bbl

Avg. Dec’10

89 $/bbl

Avg. Dec’11

106 $/bbl

Avg. Dec’13

108 $/bbl

Avg. Mar’13

105 $/bbl

Avg. Dec’12

106 $/bbl

Avg. Sep’12

111 $/bbl

Avg . Jun’13

100 $/bbl

Avg . Sep’13

108 $/bbl

Q3/13: Ongoing MENA Unrest…Escalating Crude Price

Unrest in Middle East & North Africa

Concern on US debt ceiling and stimulus package

Refining

$/bbl

Q1/11 Q2 Q3 Q4 Q1/12 Q2 Q3 Q4

106 109

Dubai Crude Oil Price

103.2 $/bbl

as of 20 Jan

Q1/13 Q4

Crude Absence…Short Supply

Jul Aug Sep Oct Nov Dec

104 107 108 107 106 108

Q2

• Debt Ceiling Crisis. If Congress doesn't raise the debt

ceiling, then they can’t auction any notes to pay bills.

• Uncertainty of QE tapering. FED maintained QE in

Sep’13 but if US’s economy improved as hoped, Fed

would withdraw QE in soon.

• Political violence in Egypt and South Sudan

• Iraq Disruption: oil dispute with Kurdish territory

• Syria’s chemical weapon issue: concerns on US

possible military intervention in Syria.

• Libya's oil output fell to below 145 KBD in the

end-Aug from 1.3 MMBD in Jun due to protest

closing oil terminals

• Supply outage at Buzzard oilfield

• Limited crude supply from North Sea due to

turnaround in Aug-13

• Atlantic hurricane season

IEA cut demand growth • IEA cut oil demand growth in 2013 by 30 KBD to 0.89

MMBD as the IMF world GDP forecast is reduced from

3.3% to 3.1%. Oil demand growth in 2014 is also cut

from 1.2 MMBD to 1.1 MMBD.

Q3

105

-24-

Q3/13: Favorable Jet/Diesel Margins…Higher GRM

Refining

-0.5 -1.3 -2.4 -9.0 -7.3

-3.6

-10.7 -10.4

-1.4 -7.2

4.0 4.6

7.7 5.2 6.6

3.6 5.0 5.4 5.1 15.6 16.0

20.2 19.3 20.3 15.3 17.0 17.3 17.2 17.8

14.3 13.9 15.9 13.4

18.4 14.6 12.4

9.2 14.7 15.1

-39.1 -41.7 -46.7 -32.6 -38.9 -41.6 -43.5 -35.0 -42.5 -41.3

+ Peak summer demand from the ME.

+ Refineries run cuts and outage in India and Taiwan

+ Open arbitrage from SK to UK

Q1TD 20 Jan (Unit: $/bbl) LPG - DB

ULG95 - DB

- End of US driving season & Ramadan season

- Lower demand from Indonesia and Vietnam due to

weak economy and currency.

JET - DB + Firm EU travel demand in summer

+ China’s refiners used up government export quotas

+ Refineries run cuts and outage in India and Taiwan

Diesel - DB

HSFO - DB

- High inflows from the West

- Slow demand from Chinese Teapot refineries

- Weak regional bunker demand

Gross Refining Margin - GRM

-28.4

13.9

17.7

Q1/12 Q2 Q3 Q4 Q1/13 Q2 Q3 Q4 9M/12 9M/13

16.4 15.3 19.3 17.5 19.6

16.8 17.3 17.7 17.1 17.9 17.4

-7.8

• LPG price = 76% CP price + 24%*333 $/ton.

Strong JET & Diesel

w/ max production

Q1/12 Q2 Q3 Q4 Q1/13 Q2 Q3 Q4 9M/12 9M/13

ULG95- DB

-25-

101 111 107 106 116 106 106 107 108 101 106 107 20

40

60

80

100

120

140

160

180

200

Q1/12 Q2 Q3 Q4 Q1/13 Q2 Q3 9M/12 9M/13

4.0 4.6

7.7 5.2

6.6

3.6 5.0 5.4 5.1

Uptrend Crude Price…Big Jump in Inventory Gain

Marketing Gross Refining Margin – Marketing GRM

Stock Gain/ Loss

Accounting Gross Refining Margin – Accounting GRM

(Unit: $/bbl)

(Unit: $/bbl)

Q1/12 Q2 Q3 Q4 Q1/13 Q2 Q3 9M/12 9M/13

5.2

(10.9)

4.4

(1.9) (1.1) (1.4)

4.0

(0.5)

0.6

9.2

(6.3)

12.1 3.3 5.5 2.2

9.0 4.9 5.7

(Unit: $/bbl)

Refining

Q1/12 Q2 Q3 Q4 Q1/13 Q2 Q3 9M/12 9M/13

Dubai Crude Oil Price

(Unit: $/bbl)

Q1/11 Q2 Q3 Q4 Q1/12 Q2 Q3

106

Q4

Avg. Dec’11

106 $/bbl Avg. Dec’10

89 $/bbl

Avg. Jun’12

94 $/bbl

Avg. Dec’12

106 $/bbl

Avg. Mar’12

122 $/bbl

Avg. Sep’12

111 $/bbl

109

Avg. Mar’13

105 $/bbl

Q1/13 Q2

Avg. Jun’13

100 $/bbl

Q3

Avg. Sep’13

108 $/bbl

103.2 $/bbl

as of 20 Jan

Q4

105

Avg. Dec’13

108 $/bbl

Jul Aug Sep Oct Nov Dec

104 107 108 107 106 108

-26-

27% 13% 7%

32%

29% 32%

41% 58% 61%

Oman Dubai Murban

Short Residue Waxy Gas/Distillates

82%

10%

8% 1%

8%

39%

19%

17%

14%

4%

Q3/13 Q3/13

Optimized & Flexible Operations…Superior Performance

Far East

Local

Middle

East

Sources of

Crude

Q3/13

1

Spread over

Dubai (US$/bbl)

-43.5

17.0

17.3

-10.7

12.4

Others

16.4

• Flexibility in crude intake allows diversification of crude types to source cheaper crude

• Flexibility in product outputs by maximizing middle distillates (jet and diesel) by

adjusting production mode to capture domestic demand and price premium

• Maximize Platformate production to capture higher margin on aromatics

• Minimize fuel oil output to avoid lower margin products

1. LPG price =

76% CP + 24%*333

$/ton

Refining

LPG

PLATFORMATE

GASOLINE

JET

DIESEL

FUEL OIL

Product

output

Domestic demand for

petroleum products*

*Source: Energy Policy and Planning Office, Ministry of Energy Thailand

4%

40%

11%

17%

28%

Q3/13

% S = 0.79

API = 39.7

% S = 1.54

API = 31.2

% S = 2.13

API = 30.4

Crude Assays based on

TOP configuration

Thai Oil is able to diversify its

type of crude intake and product

outputs to maximize demand

and margin

-27-

89% 80% 85%

11% 20% 15%

Q2/13 Q3/13 9M/13

Export

Domestic

Low Seasonal Demand…Lower Domestic Sales

38%

14% 7%

1%

20%

18% 2%

Domestic

Jobbers

Q3/13

Sales

Breakdown

Export = 20%

Refinery Intake

(KBD)

280 286

Refining

281

41%

13% 7%

2%

22%

13% 2%

Domestic

Jobbers

9M/13

Sales

Breakdown

Export = 15%

Domestic Oil Demand / Domestic Refinery Intake Domestic Oil Demand

653 648 624 626 686 694 640 689 724 698 667 691 711

83% 87% 88%

79%

92% 88% 85%

89% 93% 89% 92% 90% 91%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

-

200

400

600

800

1,000

1,200

Q1/11 Q2 Q3 Q4 Q1/12 Q2 Q3 Q4 Q1/13 Q2 Q3 H1/12 H1/13

Domestic Demand/Sales Net Export Others Utilization Rate

KBD Utilization = 102%

TOP’s Domestic & Export Sales

Domestic Oil Demand

KBD

-28-

(US$/Ton) Q1/12 Q2 Q3 Q4 2012 Q1/13 Q2 Q3 9M

P2F -$/ton 138 125 98 139 126 155 127 142 142

P2F -$/bbl 18.1 16.3 12.8 18.2 16.4 20.3 16.5 18.6 18.5

Q3/13: Strong Demand & Lower Cost…Improved Margins Aromatics Spot Prices and Margins

(US$/Ton) Q1/12 Q2 Q3 Q4 2012 Q1/13 Q2 Q3 9M

PX-ULG95 482 380 394 536 448 534 435 452 474

BZ-ULG95 72 84 139 336 158 303 305 249 285

123 94 136 126 132 123 134 40 43

52 31 54 59 61 27 28

Q1/12 Q2 Q3 Q4 Q1/13 Q2 Q3

TL

BZ

MX

PX

TPX’s Sales & Product-To-Feed Margin (P2F)

2013 Aromatics Production

Q2 Q3 9M

87% 95% 88%

(Unit : KTon)

Aromatics

0

400

800

1,200

1,600

2,000

PX

MX

ULG 95

BZ

TL

Q2 Q1/12 Q4 Q3 Q3

(US$/Ton) 448

158

PX

BZ

358

328

Q1/13

534

303

435

305

Q2

452

249

Q1/14TD(9 Jan)

Paraxylene (PX) + Polyester seasonal demand

+ Lower feedstock cost following

ULG 95 price

+ High PTA margin resulting in

rising operating rate

+ Tight supply as some reduced

operating rate as PX‐MX spread

was narrow

- New Chinese supply

(Tenglong) : PX 800 KTA

- High supply from olefin

crackers supporting winter

demand in Q4

- High inventory in China & US

+ SM seasonal demand together

with the restart of SM plants in

Saudi and Taiwan

Benzene (BZ)

422

297

Q4

-29-

74 66 62 57 72 62 77 42 38 32 35 40 40 43 89 108 82 88 84 88 98

Q1/12 Q2 Q3 Q4 Q1/13 Q2 Q3

Bitumen

TDAE/Extract

/Slack Wax

Base Oil

(US$/Ton) Q1/12 Q2 Q3 Q4 2012 Q1/13 Q2 Q3 9M

P2F -$/ton 132 143 145 120 135 118 132 158 139

P2F -$/bbl 20.0 21.7 22.1 18.3 20.5 18.0 20.1 24.0 21.2

Q3/13: High Demand & Impressive Run Rate…Robust Margins

Base Oil & Bitumen Spot Prices & Margins

(US$/Ton) Q1/12 Q2 Q3 Q4 2012 Q1/13 Q2 Q3 9M

500SN-HSFO 500 621 497 460 519 419 494 519 477

BITUMEN-HSFO -99 -32 -41 15 -39 -19 -7 -3 -10

TLB’s Sales & Product-To-Feed Margin (P2F)

2013 Base oil Production

Q2 Q3 9M

105% 112% 105%

(Unit : KTon)

Lube Base

Lube Base Oil

+Strong demand from China

+ Lower feedstock cost following

HSFO price

+ Tight supply from plant

turnaround across N.E.A.

- Arbitrage cargo from Russia

+Lower feedstock cost

following HSFO price

+Firm Indonesian &

Vietnamese demand for

paving projects.

- Slow Chinese demand due to

tight monetary policy

- Rainy season pressured

paving activities

Bitumen

0

400

800

1,200

1,600

2,000

BITUMEN

500SN

HSFO

TDAE

-39

500 SN

Bitumen

495

-33

(US$/Ton)

Q2 Q1/12 Q4 Q3 Q1TD(9 Jan)

419

-19

Q1/13

519 494

-7

Q2

519

-3

Q3

509

-27

Q4

-30-

20.0 21.7 22.1 18.3 18.0 20.1 24.0 21.2 21.2

Q1/12 Q2 Q3 Q4 Q1/13 Q2 Q3 9M/12 9M/13

3.8 4.4 7.3

4.9 6.4 3.4 4.8 5.1 4.8

2.1 1.7 1.2

1.8 2.0

1.4 1.9 1.6 1.8 0.9 1.1

0.9

0.6

0.5

0.8 1.2

1.0 0.8

6.7 7.2 9.3

7.3 8.8

5.6 7.9 7.7 7.4

TOP TPX TLB GIM

Q1/12 Q2 Q3 Q4 Q1/13 Q2 Q3 9M/12 9M/13

8.7

-6.0

11.5

3.1 5.3 2.0

8.6 4.7 5.4

2.1

1.7

1.2

1.8 2.0

1.4

1.9

1.6 1.8

0.9

1.1

0.9

0.6 0.5

0.8

1.2

1.0 0.8

11.7

-3.2

13.5

5.6 7.7

4.2

11.7

7.3 8.0

TOP TPX TLB GIM

Beauty of Integration…Sustainable GIM

(US$/bbl) 18.1 16.3 12.8

18.2 20.3 16.5 18.6 15.9 18.5

Q1/12 Q2 Q3 Q4 Q1/13 Q2 Q3 9M/12 9M/13

4.0 4.6 7.7 5.2 6.6 3.6

5.0 5.4 5.1

Q1/12 Q2 Q3 Q4 Q1/13 Q2 Q3 9M/12 9M/13

Marketing GIM Accounting GIM

Crude

Product to Feed

Product to Feed

Marketing GRM (excluded stock gain / loss)

24% to GIM

61% to GIM

15% to GIM

(US$/bbl) (US$/bbl)

Integrated Margin

Q1/12 Q2 Q3 Q4 Q1/13 Q2 Q3 9M/12 9M/13

-31-

**

Q3/13: Performance Breakdown

PUBLIC

5,506 1,062 666 378 97 77 61 9 7,609

(3,457) 643 244 N/A 5 (5) 21 63 (2,463)

8,415 365 332 22 15 41 14 14 9,174

NP

∆YoY

∆QoQ

32.39%

holding

74%

holding

Q3/13 Net Profit Breakdown (include stock gain / loss)

Conso.

104% 95% 112%

97% 91% 117%

85% 99%

57%

97% 87% 86% 95% 83%

135%

81%

44%

65%

Q3/13 Q3/12

Acc GRM

($/bbl)

P2F

($/ton)

P2F

($/ton)

Q3/12 12.1 98 145

Q3/13 9.0 142 158

Performance Breakdown

Stock G/(L) 3Q/13* = 3,342 MB

Net Profit excl. stock G/(L)* = 4,267 MB

*before tax

***

** Apply on an equity accounted basis in the consolidated financial statement.(GPSC has been hold by TOP 11.88% and TP 27.71% since 10 Jan 13)

***TP performance only (excluding 27.71% shares of profit from the investment in GPSC)

• TM: VLCC-Tenyo resume operation in Jul 13. NP from TOP-NYK=12 MB,TMS= 20MB

• TS: SAKC plant had 14-day turnaround in 15-29 Aug 13.

• TET: MCE had planned maintenance in 20 Sep – 5 Oct, SAP had smoothly operated

resulting higher run rate

Refinery Utilization

Aromatic Production

Lube Base Production

IPT Plant Availability

TP Plant Utilization

SAKC Utilization

Ship Utilization

Sapthip

Utilization

Mae Sod

Utilization

(Unit: million THB)

-32-

**

9M/13: Performance Breakdown

PUBLIC

5,180 2,646 1,176 850 276 161 153 46 10,407

(648) 276 (337) N/A (2) (86) (9) 190 12

Refinery Utilization

Aromatic Production

Lube Base Production

IPT Plant Availability

TP Plant Utilization

SAKC Utilization

Ship Utilization

Sapthip

Utilization

Mae Sod

Utilization

NP

∆YoY

32.39%

holding

74%

holding

9M/13 Net Profit Breakdown (include stock gain / loss)

Conso.

Acc GRM

($/bbl)

P2F

($/ton)

P2F

($/ton)

9M/12 4.9 121 140

9M/13 5.7 142 139

Performance Breakdown

Stock G/(L) 9M/13* = 1,378 MB

Net Profit excl. stock G/(L)* = 9,029 MB

*before tax

***

** Apply on an equity accounted basis in the consolidated financial statement.(GPSC has been hold by TOP 11.88% and TP 27.71% since 10 Jan 13)

***TP performance only (excluding 27.71% shares of profit from the investment in GPSC)

102% 88%

105% 90% 87%

127%

84% 80% 72%

101% 84%

100% 80% 87%

137%

90%

36%

76%

9M/13 9M/12

• TM: VLCC-Tenyo resume operation in Jul 13. NP from TOP-NYK=13 MB,TMS= 40MB

• TS: SAKC plant had 14-day turnaround in 15-29 Aug 13.

• TET: MCE had planned maintenance in 20 Sep – 5 Oct, SAP had smoothly operated

resulting higher run rate

(Unit: million THB)

-33-

306,647 335,677 (29,030)

18,104 15,937 2,167

(2,818) (1,751) (1,067)

(1,297) 1,567 (2,864)

(941) (1,053) 112

10,407 10,395 12

(US$/bbl) Q3/13 Q2/13 Q3/12 QoQ+/(-)

Marketing GRM 5.0 3.6 7.7 1.4

Marketing GIM 7.9 5.6 9.3 2.3

Accounting GIM 11.7 4.2 13.5 7.5

EPS (THB/Share) 3.73 (0.77) 4.94 4.50

THB/US$ - average 31.62 30.05 31.51 1.57

THB/US$ - ending 31.53 31.27 30.97 0.26

Effective Tax Rate (%) 7% N/A 4% N/A

5.10 5.10 0.00

30.55 31.36 (0.81)

31.53 30.97 0.56

8% 9% N/A

Consolidated Financial Performance

• In 2013, the corporate income tax rate is reduced to 20% from 23%

• redeemed BOI privilege for tax exemption on environmental projects in Q3/13 = 1,021 MB, Q2/13 = None, 9M/13 = 1,022 MB

(million THB)

Sales Revenue 108,500 93,233 106,203 15,267

EBITDA 10,453 3,255 11,653 7,198

Financial Charges (965) (987) (600) 22

FX G/(L) & CCS (249) (2,764) 989 2,515

Tax Expense* (555) (116) (386) (439)

Net Profit / (Loss) 7,609 (1,565) 10,072 9,174

Financial

9M/13 9M/12 YoY+/(-)

5.1 5.4 (0.3)

7.4 7.7 (0.3)

8.0 7.3 0.7

-34-

74,523 76,567

72,257

80,178

53,880

57,802

87,379 93,933

74,149 79,630

39,132 40,984

Strong Financial Performance

0.9 1.3

1.0

31-Dec-12 30-Jun-13 30-Sep-13

0.2 0.3 0.2

31-Dec-12 30-Jun-13 30-Sep-13

Statements of Financial Position Consolidated Long-Term Debt as at 30 Sep 13 1)

1) Including current portion of Long-Term Debt

Policy ≤ 1.0x Policy ≤ 2.0x

2) EBITDA 9M/13 (excl stock loss & LCM)*4/3

Financial Ratios

79,630 million THB

(US$ 2,525 million)

22,221 million THB

(US$ 705 million)

Net Debt / EBITDA2) Net Debt / Equity

Total Long-Term Debt Net Debt

Cost of Debt (Net*)

TOP Group 2.66%*

Financial

BBB

Stable Outlook

Baa1

Stable Outlook

AA-

Stable Outlook *Annualized interest expense net off interest income as per FS as at 30 Sep 13

(actual 9M/13*4/3)

As at 30 Sep 13 (31.53 THB/US$)

(Unit: million THB)

Trade Payable

/ Others

LT Debt1)

214,547 200,660

Equities

Current

Assets

Non-Current

Assets

Cash & ST

investment

30 Jun 13 30 Sep 13

Interest Rate Currency

12% Float 30% THB

88% Fixed 70% USD

96%

3% 1%

US$

Bond

62%

US$

Loan

8%

THB

Bond

26%

THB

Loan

4%

-35-

7.82

9.19

8.13

9.40

0.11

5.91

4.41

7.28 6.04

1.37 1.80

3.50 3.50

4.50

2.75 2.55

2.00

3.30

2.70

0.80

FY/04 FY/05 FY/06 FY/07 FY/08 FY/09 FY/10 FY/11 FY/12 1H/13

Dividend Payment

Dividend Payment THB/Share Payout

FY/04 1.80 25%

FY/05 3.50 40%

FY/06 Interim Annual

3.50 1.50

2.00

45%

FY/07 Interim Annual

4.50 1.75

2.75

48%

FY/08 Interim Annual

2.75 1.75

1.00

n.a.

FY/09 Interim

Annual

2.55 1.05

1.50

43%

FY/10 Interim

Annual

2.00 0.60

1.40

45%

FY/11 Interim

Annual

3.30

1.30

2.00

45%

FY/12 Interim

Annual

2.70 0.50

2.20

45%

FY/13 Interim

0.80 0.80

58%

Dividend Policy :

Not less than 25% of consolidated net profit after deducting reserves, subject to cash flow and investment plan

25%

40%

45%

48%

Yield* 4.0% 5.6% 5.6% 6.2% 5.2% 7.1% 4.0% 4.7% 4.2% 1.2%

n.a.

43%

THB/Share

45%

* Based on average TOP price in each year

45%

EPS

Total dividend

Financial

45%

TOP price

44.70 63.04 62.71 72.66 53.31 35.88 49.85 69.78 65.09 67.68

58%

Q4-2013 and 2014 Market Outlook

• Macroeconomics & Crude Prices

• Petroleum Market

• Aromatics & Base Oil

• Conclusion

Macroeconomics & Crude Prices

Crude Prices slightly soften in Q1-14 pressured by

supply resumption in Libya, QE Tapering in US. But downside is

limited supported by strong refinery demand during winter season

-38-

2014 Global GDP Growth by IMF

Macroeconomics & Crude Prices

Advanced economy countries are expected to drive world economic growth in 2014

2.8%

-0.6%

5.2% 3.9%

3.2% 2.9%

3.6%

-9%

-6%

-3%

0%

3%

6%

9%

12%

2008 2009 2010 2011 2012 2013 2014

Growth (%YoY)

China

India

Japan

Thailand

US

EU

ASEAN-5

World

** NESDB Economic Outlook ,18Nov2013

*** ASEAN-5 includes Thailand, Malaysia, Indonesia, Vietnam, Philippines

•IMF World Economic Outlook (WEO) Oct, 2013

**

2012 2013* 2014*

7.7% 7.6% 7.3%

3.2% 3.8% 5.1%

2.0% 2.0% 1.2%

5.9% 3.0% 4.5%

2.8% 1.6% 2.6%

-0.6% -0.4% 1.0%

6.2% 5.0% 5.4%

3.2% 2.9% 3.6%

***

-39-

Global Oil Demand Growth in 2014

Macroeconomics & Crude Prices

IEA Demand

(mbd) Growth

(mbd)

2012 89.98 +1.02

2013 91.17 +1.19

2014 92.37 +1.20

OPEC Demand

(mbd) Growth

(mbd)

2012 88.90 +0.80

2013 89.80 +0.80

2014 90.80 +1.10

EIA Demand

(mbd) Growth

(mbd)

2012 89.17 +0.87

2013 90.28 +1.11

2014 91.43 +1.15

IEA forecasted 2014 global oil demand increases to around 1.2 mbd on stronger GDP

Unit: KBD

-540

-60 -60

Europe

1140

410 580

Asia 250 150 210

Middle East

160 130 180

Africa

230 210 160

Latin America

-340

230 10

North America

100 120 120

FSU

Source: IEA, Oil Market Report, December 2013

Source: IEA, Oil Market Report December 2013 Source: EIA, Short Term Energy Outlook December 2013 Source: OPEC, Oil Market Report December 2013

2012/2013/2014

• Revising up global oil demand

for 2013 on the back of

stronger‐than‐ expected economy

for EU and US in recent months

• Emerging and newly

industrialising economies will

continue to provide the majority

of the world’s upside demand

momentum through 2014

-40-

Non-OPEC Supply Growth in 2014

Macroeconomics & Crude Prices

IEA forecasted 2014 global oil supply increases around 1.72 mbd mainly from North America

-310 -160 -150

Europe

-200

110

-170

Asia -190 -100 -40

Middle East

-330

70 230

Africa

-60

10 150

Latin America

1250 1380 1150

North America

50 220 150

FSU

Source: IEA, Oil Market Report, Decmber 2013

2012/2013/2014

IEA Supply

(mbd) Growth

(mbd)

2012 53.35 +0.55

2013 54.77 +1.42

2014 56.49 +1.72

OPEC Supply

(mbd) Growth

(mbd)

2012 50.80 +0.49

2013 51.96 +1.16

2014 53.14 +1.18

EIA Supply

(mbd) Growth

(mbd)

2012 52.67 +0.61

2013 54.16 +1.49

2014 55.93 +1.77

Source: IEA, Oil Market Report December 2013 Source: EIA, Short Term Energy Outlook December 2013 Source: OPEC, Oil Market Report December 2013

Unit: KBD

• Higher global oil supply for 2013

driven by an increase in non‐OPEC

production that was partly offset by

lower OPEC output

• Many market players have

speculated that fast‐rising

production from US tight oil could

put pressure on OPEC’s crude oil

output in 2014

-41-

OPEC to Balance Demand/Supply

Macroeconomics & Crude Prices

Due to increasing in Non-OPEC oil supply, OPEC crude production will drop to 29.3 MBD

Source: IEA, Oil Market Report, December 2013

40

50

60

70

80

90

100

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2011 2012 2013 2014

OPEC Crude

OPEC NGLs

2013 2012

Growth Rate (MBD)

2014

Well-supplied oil market in 2014 (MBD)

+0.4

+0.6

+1.1

+0.1

+1.4

+1.2

+0.2

+1.7

+1.2

OPEC Crude

Production

2012

30.3 MBD

OPEC Crude

Production

2013

30.0 MBD

OPEC Crude

Production

2014

29.3 MBD

-42-

Instable Supply from Libya, South Sudan and Iraq

Oil Prices are supported by limited Libyan Supply, recent violence in South Sudan and instable Iraqi crude oil

Nigeria : 2,417 kbd

• Northern unrest led by Islamists

Algeria : 1,667 kbd

• Gas field was raid by

Islamist militants

Libya :1,600 kbd (600 kbd)

• Internal Conflict

in the post - Gaddafi

• Closed oil terminal due to the protest

Sudan and South Sudan : 455 kbd (400 kbd)

• Latest Civil War in S.Sudan

• Border disputes • Oil export via pipeline dispute

Egypt : 728 kbd (650 kbd)

• Egypt's political crisis

after Morsi period Israel : 4 kbd

• Conflict with

Palestine,

Iran, neighboring

countries

Iraq : 3,115 kbd (3.000 kbd)

• Internal dispute after

US army out

• Oil dispute with Kurdish territory

Note: Crude Oil Production from BP, 2013

Tunisia : 65 kbd

• Opposition leader assassination

• Protests across the country

• PM dissolved the parliament

Syria : 164 kbd (20 kbd)

• Internal unrest continues • Concerns over chemical weapons

Iran : 3,680 kbd (< 2,600 kbd)

• Western sanction for oil export

•Conflicts with the West and Israel due

to nuclear program

• Not yet allow IAEA to scrutinize

Parchin military site

Macroeconomics & Crude Prices

-43-

$106

$100 $102 $104 $106

$109 $106

70

80

90

100

110

120

70

80

90

100

110

120

2011 2012 2013 1Q14 2Q14 3Q14 4Q14

$/BBL $/BBL

Latest Forecast Actual

In 2014 … Crude Price Should be Slightly Soften On Average

Macroeconomics & Crude Prices

What We See….Ongoing MENA Unrest & High demand during winter should support crude

price in Q1. However, from Q2 onwards, incremental Non-OPEC supply should

pressure crude oil prices

… Factors to watch for 2014 …

Unstable supply from Libya

Speed of QE Tapering

*Estimated as of 3 Jan 14

2014 Dubai $103

Rising US Tight Oil Production

Nuclear Activities In Iran under agreement with P5+1

-44-

Impact of higher US tight oil on crude spread – Opportunity for Asian refinery to buy more W. African crude

Macroeconomics & Crude Prices

US crude oil imports MBD

Forecast

Pipeline capacity from Cushing to USGC

Source: Wood Mackenzie, Jul 2013

Source: FGE, June 2013

Source: EIA

Brent – Dubai To be narrowed as more crude

available in global market

weighs down Brent price

Tight Oil

NGLs

Conventional Crude

-45-

Potential Effects from QE Tapering on Crude Oil Prices

What We See…. Expect QE tapering (end of easy money era) to have negative effect on crude

prices thru tighten money market & strong dollar value

Source : Bloomberg

“Since 2009, the figures show some correlation between

Brent crude price & US money supply”

QE 1 (Dec-09) QE 2 (Aug-10)

QE 3 (Sept-12)

QE 4 (Dec-12)

Petroleum Product Market

Expect Firm GRM in Q1-14 supported by strong winter

demand and refinery closure in Japan

Keep Watching New Supply from ME and Chinese Refinery!!

-47-

2013-14 Refinery Status

-1,500

-1,000

-500

0

500

1,000

1,500

2,000

2,500

3,000

2009 2011 2013 2015 2017

KBD

AP Additional Demand ME Additional Demand

AP CDU Addition China

India Japan

Others ME CDU Addition

Net Capacity

CDU Capacity Addition VS Additional Demand – AP & ME

Addition KBD Company

China Q2-13 200 PetroChina Pengzhou (Sichuan)

Q4 -13 240 Sinochem Quanzhou (Fujian)

Saudi Q4-13 400 SATORP [Aramco/Total] (Jubail)

China Q1-14 120 PetroChina (Urumqi)

Q2-14 160 Sinopec (Jiangsu)

Q4-14 200 CNPC (Yunnan)

India Q1-14 120 Nagarjuna Oil (Cuddalore)

Q2-14 300 IOC Paradeep

Closure KBD Company

China Q4-13 -100 Local refinery

Japan Q1-14 -377 Tonen/ Idemitsu/ JX Nippon

China Q2/Q4 -70/-70 Sinopec (Jiangsu) / (Jiangxi)

Q4-14 -100 Local refinery

Australia Q2-14 -125 Caltex (Kurnell)

Q4-14 -105 Shell (Geelong)

Trial runs in late-Dec and expect to be fully runs in Q1-14

Delay to Q3-15

CDU Addition VS Additional Demand – AP & ME

Source: FACTs fall 2013

Revised to (-80)

Expected to be fully runs in Oct-14

Delayed from mid-2013 to Q1-14

-48-

Expect lower Chinese Gasoil export in 2014 after China levied new import tax on Biodiesel Blend since Dec 15, 2013

Normal Gasoil Wholesale Price Normal Gasoil Wholesale Price Import cost of biodiesel Import cost of biodiesel

Yuan / mt

Prior to Dec 15, 2013 After Dec 15, 2013

Cost Comparison b/w normal gasoil wholesale price vs import biodiesel in China

Total 8,701 Profitable to import

biodiesel into China

Not profitable to

import biodiesel

Source : Reuter

China Biodiesel Import China Normal Gasoil Export

2012 (Jan – Oct) 0.01 Mbbl/Month 0.90 Mbbl/Month

2013 (Jan – Oct) 1.12 Mbbl/Month 1.70 Mbbl/Month

• Expect lower Chinese Gasoil in 2014 compared to 2013 after Chinese government closed the tax loophole on Dec

15, 2013 by imposing consumption tax on biodiesel import, making biodiesel import unprofitable (expect

significantly less biodiesel import into China in 2014)

-49-

Firm GRM on Higher Winter Demand & Improving Regional Demand… KEEP Watching Full Impact of 400 KBD Jubail refinery

Factor to watch for Q1-14…

+ Seasonal high winter demand

+ Less-than-expected CN’s export

due to Qingdao pipeline explosion in Nov

What happened in Q4-13

* Compared to Q4-13

($/bbl) 2013FY Q4-13 Q1-14* 2014FY**

LPG ($/t) 868.3 957.6

ULG95-DB 13.6 9.2

JET-DB 17.5 17.3

GO-DB 17.8 17.7

HSFO-DB -8.0 -10.4

** Compared to 2013FY Remark :

- Slow Indonesia & Vietnam

import demand

+Expect less Chinese export as

government impose import tax

on biodiesel

+ Less export from Japan due to refinery closure

(regulation by Apr 1, 2014)

- Full effect of new supply from

Jubail refinery (400 KBD) and

Chinese refinery

-50-

Demand continue to grow supporting from economic growth

Petroleum Market

2012 11M-2013 2014F

LPG +7 % +2% +4%

Gasoline +5 % +8% +1%

Jet/Kero 0 % +10% +2%

Gasoil +7 % +2% +2%

Fuel Oil -4 % -10% -13%

Total (exclude LPG) +5 % + 3% +2%

% year on year

NESDB estimated GDP in 2014 will growth by 4.0 – 5.0% due to increasing

growth of export supported by the global economic recovery and steadily increasing in private investment and consumption.

LPG

& “Thailand economic growth & Factor to Watch Floating LPG retail price – Auto”

Government plan to increase LPG retail price for transport sector after the

price of household had reached to the same level as transport sectors, at 21.38

baht. After that, the increase will continue for both sectors until the price reaches

24.82 baht, equal to LPG gas-separation plant production cost.

Aromatics

PARAXYLENE ….

Delay in New PX Capacities Help Limit Downside

-52-

Status of New PX Capacities

Aromatics

Source: CMAI and PCI Xylene&Polyesters

Addition Timing KTPA Company and (Site)

India Mar 920 ONGC Mangalore Petrochemicals

Saudi Arabia Mar 660 SATORP

China Mar 650 Petrochina Sichuan Petrochemical

Singapore

Jun 800 Jurong Aromatics Corp

Korea Jun 1,000 Ulsan Aromatic

Korea Jul 1,200 SK Energy

Korea Aug 1,000 Samsung Total 2

Algeria Sep 220 Sonatrach

Kazakhstan Sep 469 JSC KazMunaiGas

(KTPA)

+ Tight PX supply will continue in Q1’14 due to:

• Delay in New PX capacities to late Q1

• Outages of Tenglong2 (800 KTPA) and TPPI (550

KTPA) after start-up in Q4’13

• Force majeure at Qingdao Lidong Chemical (800

KTPA)

- However, soft demand during Chinese New Year

holiday and strong ULG 95 will limit upside.

HC

Petr

och

em

Ten

glo

ng

1

Ten

glo

ng

2

Sin

op

ec H

inan

TP

PI

Feedstock Uncertainty

Own Feedstock

-53-

BZ Demand/Supply Outlook “Less BZ supply from Pygas”

Aromatics

Source: CMAI

“Global BZ Supply And Demand Addition”

1.6 MT Growth

per year

1.5 MT Growth

per year

Forecast Total Capacity Addition 14.6 MT

Total Demand Addition 14.0 MT

1.0

1.5

2.0

2.5

3.0

2010 2011 2012 2013 2014 2015 2016 2017 2018

Million Tons

“BZ Imports by North America”

Higher BZ Import

Pygas

36%

HDA

2%

PX

20% Coke

5%

Reformate 39%

2018

Pygas 38%

HDA 3%

PX 16%

Coke 6%

Reformate 36%

2012

• New BZ capacity of 1.6 million tons/year will be added,

while demand is expected to grow at 1.5 million

tons/year.

• 80 % of additional capacity is from Asia with over 40%

from China

• Tighter BZ supply in North America as

• Refinery will reduce reformate production due to

lower gasoline demand

• Olefin crackers use lighter feed (Shale gas)

Ethane

Propane

Butane

Naphtha Cracker

US Ethylene Crackers Feedstock

Source: CMAI, Nexant TOP Estimate

Global BZ Supply Source

Capacity 57 Mil Tons (2012)

-54-

($/t) 2013FY Q4-13 Q1-14* 2014FY**

PX-ULG95 461 422

BZ-ULG95 289 297

TL-ULG95 148 153

Note: PX = Paraxylene, BZ = Benzene, TL = Toluene

Delay in New PX Capacities Help Limit Downside

Aromatics

What happened in Q4-13 .…

+ Arbitrage window from Asia to US open

+ New supply delay in line with new PX

plants (0.72 mil tons)

+ Stockpiling demand ahead of new PX

plants start-up

+ Unplanned shutdown of refineries in

US and EU (800 KTPA)

+ Delayed in restart of aromatics plant

- Restarted of TPPI (PX 550 KTPA)

- Squeezed PTA margins

+ Delayed in restart of new aromatics

plants (2.2 mil tons)

PX:

BZ:

+ Declined in TL inventory in China

+ High demand for gasoline blending

TL:

- Strong ULG95 price

- Start-up of Sinopec Hainan(PX 600 KTPA)

+ TPPI Outage (PX 550 KTPA)

+ 2.2 million tons of new PX plants delay to Mar

PX:

BZ:

TL:

Factor to Watch for Q1-14 ….

* Compared to Q4-13 ** Compared to 2013FY

Lube Base & Bitumen

Supply from new base oil plants pressured market sentiment

-56-

Flooding of Group II & Group III Supply

Global base oil demand remain on an uptrend, growing at 1.4% p.a., with the rising of Gr.II & III consumption.

Fuel economy and emission standard require premium base oil.

Surplus capacity of Gr.II and Gr.III in Asia Pacific (including ME) will lead to base oil price competition.

Lube Base & Bitumen

0

2,000

4,000

6,000

8,000

10,000

12,000

2013 2014 2015 2016 2017 2018

Gr.II_Capacity Gr.II_Demand

0

2,000

4,000

6,000

8,000

10,000

12,000

2013 2014 2015 2016 2017 2018

Gr.III_Capacity Gr.III_Demand

MT

MT MT

0

2,000

4,000

6,000

8,000

10,000

12,000

2013 2014 2015 2016 2017 2018

Gr.I_Capacity Gr.I_Demand

Gr.II Demand Growth = 8% Gr.III Demand Growth = 11% Gr.I Demand Growth = -2%

MT

Source : TOP Estimate, ICIS –china, Kline, Lube and grease

-50

0

50

100

150

200

250

300

Jan

-11

Feb

-11

Mar-

11

Ap

r-11

May-1

1

Jun

-11

Jul-

11

Au

g-1

1

Sep

-11

Oct-

11

No

v-1

1

Dec-1

1

Jan

-12

Feb

-12

Mar-

12

Ap

r-12

May-1

2

Jun

-12

Jul-

12

Au

g-1

2

Sep

-12

Oct-

12

No

v-1

2

Dec-1

2

Jan

-13

Feb

-13

Mar-

13

Ap

r-13

May-1

3

Jun

-13

Jul-

13

Au

g-1

3

Sep

-13

Oct-

13

No

v-1

3

Dec-1

3

Jan

-14

Gr.II-Gr.I

Gr.III-Gr.I

Spread of Gr.II - Gr.I and Gr.III –Gr.I $/Ton

-57-

Bitumen Market

Lube Base & Bitumen

Strong HSFO price pressured on bitumen spread

Slow demand from Indonesia as road projects were mostly finished at year end

Demand from Vietnam and Australia supported bitumen market

-140

-100

-60

-20

20

60

100

140

0

100

200

300

400

500

600

700

800

Jan

-11

Feb

-11

Mar-

11

Ap

r-11

May-1

1

Jun

-11

Jul-

11

Au

g-1

1

Sep

-11

Oct-

11

No

v-1

1

Dec-1

1

Jan

-12

Feb

-12

Mar-

12

Ap

r-1

2

May-1

2

Jun

-12

Jul-

12

Au

g-1

2

Sep

-12

Oct-

12

No

v-1

2

Dec-1

2

Jan

-13

Feb

-13

Mar-

13

Ap

r-1

3

May-1

3

Jun

-13

Jul-

13

Au

g-1

3

Sep

-13

Oct-

13

No

v-1

3

Bitumen-HSFO Bitumen Price FOB Asia HSFO FOB SG $/MT $/MT

-58-

More supply from Gr.II pressured Gr.I base oil market

Lube Base & Bitumen

($/t) 2013FY Q4-13 Q1-14* 2014FY**

500SN-HSFO 485 509

Bitumen-HSFO -14 -27

What happened in Q4-13 Factor to Watch for Q1-14

* Compared to Q4-13 ** Compared to 2013FY Remark :

• Demand from oil-drain interval in

early Q4 for 150SN and 500SN

• Limited supply from plant

turnarounds in Oct

• Abundant supply from return of

plant turnaround and restarting of

new Gr.II plants in Nov

• Arbitrage cargos from Russia and

US to Asia Pacific

• Slowdown in demand for both

base oil and bitumen in Dec

• Restocking activity after New Year

holiday

• Stronger fuel oil price pressures

base oil and bitumen margin

• Price competition from ample

supply of Gr.II

• Low trading activity during New

Year and Chinese New Year in Jan

Conclusion

-60-

Firm Fundamental

Conclusion

“Resume Supply in Libya , QE Tapering And Deal on Iran Nuclear

Pressure Crude Price in Q1-14 But high winter demand limit downside”

“Firm GRM in Q1 on High Winter Demand and expected lower Chinese

export compared to 2013”

CRUDE &

REFINERY

“Firm PX Market from Ongoing Delays in New PX Capacity”

“Arbitrage window from Asia to US open, causing lower BZ

supply in Asia ”

AROMATICS

“Base Oil Margin was softer as market players expected more

supply from new base oil plants during 1H of Y2014

“ Low demand of Bitumen during winter pressured Bitumen

Margin”

LUBE BASE

TOP Way Forward

-62-

Broadening Growth, Capturing Step Out ,Pursuing Sustainability

Logistics

AEC countries

Value Chain Enhancement

Adjacent

Quick win

Core Business

Geography

New Business

Operational Excellence Growth (Core & Step Out)

-63-

Strategic Investment Plan

Projects COD Total

Project Cost 2013 2014 2015

After

2015

Refinery upgrading 2014 137 72 56

Reliability, efficiency and flexibility

improvement

- 365 56 99 69 47

Environmental and fuel efficiency

improvement

- 317* 150 135 9

CDU-3 preheat train 2014 68* 13 55

Benzene Derivatives - LAB 2015 300 74 142 57 27

GPSC investment End 2013 75 75

Power – 2 SPPs 2016 380 4 173 161 41

Solvent expansion – SAKC 2014 60 35 11

Aframaxs / Crew boats 2013/14 47 47

Total 1,751 481 669 297 163

CAPEX Plan (Unit US$ million)

Notes: Excluding approximately 40 M$/year for annual maintenance

*anticipated to receive BOI 100% of actual investment cost

Projects under

review/study

COD Total

Project Cost

2013 2014 2015 After

2015

Jetty 7,8 Q1-15 162 1 85 70 6

Our CAPEX investments will

cover improvements in

plants reliability, efficiency

& flexibility, environmental

& fuel efficiency

improvement as well as

value chain enhancement

Thai Oil has sufficient

internal cash flow to fund

this investment plan

$1,610 m

Remaining capital investment

-64-

Project Update

Project Detail Progress

HCU Revamp:

• Phase I: PSA-3

• Phase II: HVU-2

Revamp

• Increase high purity hydrogen production to gain margin

from high sulphur crude processing

• Maximize lube base oil production while increasing

Gasoline/Jet/Diesel production

• CAPEX = 137 M$

• COD = 2014

• COMPLETED Basic Design

Package (BDP) & Basic

Design Engineering Package

(BDEP)

• CONSTRUCTION PHASE

(overall progress 94.2%)

Max Lube

Higher Middle Distillates

Lower Fuel oil

-65-

Project Update

Project Detail Progress

Emission

Improvement

Project (EIP)

• To control flue gas quality according to the new

emission law (New emission law limits SOX < 500

ppm from Dec 2013 onwards)

• To build spare capacity for flue gas treating unit • CAPEX = 233.0* M$

• COD = 4Q2013

• CONSTRUCTION PHASE

(overall progress 94.2%)

* BOI privileges : Exemption of corporate income tax for 8

years at 100% of actual investment cost for emission

reduction projects .

-66-

Project Update

Shell & Tube Heat Exchanger Plate Heat Exchanger Tray

Project Detail Progress

CDU-3 Crude

Preheat Train

Improvement

• Set up, replace and rearrange heat exchangers in CDU-3

to reduce fuel usage

• Improve tray & equipment in CDU-3 to enhance refining

efficiency by increasing Kerosene production and Crude

intake

• CAPEX = 68 M$

• COD = 2Q2014

• COMPLETED Basic Design

Package (BDP) & Front End

Engineering and Design

(FEED)

• EXECUTE Engineering,

Procurement &

Construction (EPC)

(overall progress 43.2%)

-67-

Project Update

Project Detail Progress

Linear Alkyl

Benzene (LAB)

TPX JV with Mitsui

75% : 25%

• Upgrade existing Benzene and Kerosene into

higher valued product; LAB which is an

intermediate feedstock in production of

surfactant

• Capacity: 100 KTA (First Integrated LAB Plant in SEA) • CAPEX = 400 M$

• COD = 2015

• CONSTRUCTION Phase

(overall progress 14.7%)

0

100

200

300

400

500

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Demand Supply (Nameplate Capacity) Deficit

KTA

LAB in SEA market

Demand growth rate 3 % p.a. Net Deficit ; import from NEA

Only 1 Producer in Indonesia; Non integrated

~70% Utilization (capacity 180 KTA)

Demand in Thailand ~65 KTA (net import)

SEA Demand / Supply

Established on

11 Jul 13

KTA %

Feedstock

Kerosene (from TOP) 520 94%

Benzene (from TPX) 33 6%

Product/ By-products

LAB 100 19%

By-products (mostly Kerosene

components) (to TOP)

453 81%

-68-

Project Update

Project Detail Progress

Power Expansion

(2 blocks of SPP)

• Low risk power business enhance income stability

• To support reliability of electricity and steam supply for

TOP Group

• Develop 2 new SPP power plants = 220 MW under a firm

contract with the government

• CAPEX = 380 M$

• COD = 2016

• COMPLETED Front End

Engineering and Design

(FEED)

• EXECUTE Engineering,

Procurement &

Construction (EPC)

(Awarded a contractor)

-69-

Project Update

AEC Member Countries

Market Demand (KTA)

Project Detail Progress

Solvent Expansion

(SAKC)

• To expand solvent capacity to meet the demand growth

in Thailand and the region

• Capacity increase to 141 KTA from 76 KTA

• CAPEX = 60 M$

• COD = 2014

• CONTRUCTION PHASE

(overall progress 85.0%)

Question & Answer

-71-

Thank You

Any queries, please contact:

at email: ir@thaioilgroup.com

Tel: 662-797-2999 / 662-797-2961

Fax: 662-797-2976

Appendices

-73-

Asian Margin Vs. US-EU margin

Source: EIA, Norwegian Energy, Thai Oil

Total Capacity: 4.9 MBD

91.8% 57.1% 71.7%

Total Capacity: 17.7 MBD Total Capacity: 17.0 MBD

$/bbl

SINGAPORE GRM

-74-

Crude Inventory

Source: Norwegian Energy

-75-

Global Distillate Inventory

Source: Norwegian Energy

-76-

Fuel Oil Inventory

Source: Norwegian Energy

-77-

China’s Product Export

Source: Norwegian Energy

-78-

Benchmark Product Yield

Yield

WTI CRK BRT CRK SG DB CRK SG DB

HSK

Reuters Yield Reuters

Adj F&L Reuters

Adj F&L Reuters

Adj F&L

Mogas 47% 25% 31% 10%

Naphtha - - 7% 6%

Jet 25% 25% 18% 17%

GO 11% 23% 16% 16%

FO 13% 18% 22% 46%

LPG 4% 6% 3% 3%

MTBE -2% - - -

TOTAL 98% 97% 97% 98%

-79-

Domestic LPG Demand

LPG Demand by Sector

LPG Demand Highlight

• LPG demand in Q3-13 dropped by 3%YoY

from significant reduction in feedstock

sector

• Government imposed active measures

on gas distributors selling cross

sectional LPG from household sector

to automotive sector.

• So, LGP in household consumption

declined while LPG in automotive

sector rose.

• LPG demand decrased 1% MoM in Oct 13

due to lower consumption in feedstock

sector by 2% MoM and industrial sector by

‐1% MoM, but downside limited by the

growth from cooking sector by 2% MoM.

Outlook 2013

• LPG demand is expected to grow 5% which

is slightly slower than prior year as

government aims to increase retail price in

automotive and household sectors.

Thailand LPG Demand

-80-

Domestic Gasoline Demand

Source : Department of Energy Business, Ministry of Energy

Gasoline Demand by Grade

GASOLINE Demand Highlight

• Gasoline consumption in Q3-13 grew by 8% YoY.

• Mogas demand in Oct 13 rose 4% MoM after

flooding situation was ease. Mogas demand rose

in all grade, where GSH portion increased slightly

to 93% of total Mogas, led by 42% of GSH91,

35% of GSH95, 13% of E20, 8% of UG95 and 2%

of E85

• Thailand's ethanol demand in Oct‐13 reached

2.71 mn litres/day, supported by gasohol usage

expansion of 3.5% MoM. Meanwhile, total

ethanol production was 2.84 mn liters/day. The

majority of feedstock was still molasses (66%,

equivalent to 1.87 mn liters/day)

Outlook 2013

• Gasoline consumption is predicted to robustly

grow by 7% YoY thanks to the recorded new car

sale from 1st car buying program, which was

largely delivered in 1H-13.

Thailand Gasoline Demand

-81-

Domestic Jet Demand

JET Demand Highlight

• Jet consumption in Q3-13 rose by 13%

YoY in line with an increase in number of

flights as well as a rise in tourists.

• Jet consumption in Oct 13 increased by

1% MoM due to higher in aircraft

movements by 4.9% MoM, tourist

numbers by 0.4% MoM, and air freight by

4.6% MoM.

Outlook 2013

• TOP sees jet demand growth to be

around 6% owing to little political risk

and healthy tourism.

Source : Department of Energy Business, Ministry of Energy / AOT

Thailand JET-A1 Demand

JET-A1 demand and # of flights

-82-

Domestic Gasoil Demand

GASOIL Demand Highlight

• Gas oil demand in Q3-13 remain stable compared

to last year from reduction from all sectors.

• Gas oil demand in Oct 13 increased 5% MoM

supported from rising in transportation and

industrial sector after production resumed as

flooding ease, and supported by harvesting season

for agricultural products.

• Outlook 2013

• Gasoil demand is expected to expand 4%YoY

supported by 1st car buying program and capped

retail price at 30B/litre.

Source : Department of Energy Business, Ministry of Energy

NGV Demand Highlight

• NGV in Q3-13 grew robustly by 12%YoY because

of attractive retail price. Though NGV price was

partially floated, it was still the cheapest fuel.

• NGV slightly decreased slightly by 1% MoM in

Oct 13. However, total NGV registered cars

steadily grew by 1% MoM to 385K units in Oct13.

Thailand Gasoil Demand

NGV Demand

Note: Gasoline demand in Sep is based on news on 23 Oct 2013 (unofficial data)

-83-

Domestic Fuel Oil Demand

FUEL OIL Demand Highlight

• FO demand in Q3-13 decreased by

3%YoY mainly from lower usage in

industry sector.

• Fuel Oil demand in Oct 13 dropped by

5% MoM from a decrease usage in

transportation and industry by 9% and

2% respectively.

Outlook 2013

• Fuel oil demand expected to dropped by

-9% YoY as fuel oil prices pressure power

plant users to use other fuels.

Source : Department of Energy Business, Ministry of Energy

Thailand Fuel Oil Demand by Sector

Thailand Fuel Oil Demand

-84-

Thank You

Any queries, please contact:

at email: ir@thaioilgroup.com

Tel: 662-797-2999 / 662-797-2961

Fax: 662-797-2976