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Thai Oil Public Company Limited

Analyst Presentation
May 2019
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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.

Some statements made in this material are forward-looking with relevant

assumptions, which are subject to uncertainties, which may cause the actual
result/performance to be materially deviated from any future
result/performance implied by such forward-looking statements. Please note
that the company and management/staff are not capable to control and
guarantee if these forward-looking statements will be accurately materialized,
they are subject to various risks and uncertainties.
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Corporate Vision, Mission and Values

Empower Human Life

VISION
through Sustainable Energy and Chemicals

• To enrich stakeholders’ well-being and deliver sustainable returns

MISSION built upon innovation, technology and resilient portfolio with top
class management and accountable corporate governance

Professionalism Excellent Striving

VALUES Vision Focus
Ownership & Commitment
Initiative
Social Responsibility Integrity Teamwork & Collaboration
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Corporate Governance

Corporate Governance Policy Roles and Responsibilities

The board of directors, management and all staff shall
commit to moral principles, equitable treatment to all
for Stakeholders
stakeholders and perform their duties for the company’s interest
with dedication, integrity, and transparency. • Truthfully report company’s
situation and future trends to all
Anti-Corruption Policy stakeholders equally on a timely
The Board, the management, and employees must not manner.
corrupt or accept corruption of all forms in any circumstances, • Shall not exploit the confidential
covering the business of the Company in every country and in information for the benefit of
every relevant agency. The Company defines guidelines,
operating measures, and roles and duties of responsible persons,
related parties or personal gains.
as well as regularly monitoring and reviewing the • Shall not disclose any confidential
implementation of the anti-corruption policy in compliance with information to external parties.
changes in businesses, rules, regulations, and relevant laws.

Whistle-Blowing Channels Chairman of the Board or

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:
cgcoordinate@thaioilgroup.com
Chairman of the CG Committee or
Chairman of the Audit Committee or
+66-0-2797-2999 ext. 7440-7442
CEO/President or Company Secretary
+66-0-2797-2973
Thai Oil Public Company Limited
555/1 Energy Complex Building A
11F, Vibhavadi Rangsit Road, http://www.thaioilgroup.com
Chatuchak, Bangkok 10900
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Our Achievement in Sustainable Development

6th Consecutive Year as the

Member of DJSI Emerging Markets
and high ranked positions.
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Presentation Agenda

TOP GROUP BUSINESS OVERVIEW

KEY FINANCIAL HIGHLIGHTS

STRATEGIC INVESTMENT PLANS

MARKET OUTLOOK

APPENDIX
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TOP GROUP BUSINESS OVERVIEW


Strategic Relationship and Operational Integration with PTT
Thai Oil’s strong shareholder base
13.1%
19.4% 48.0%
PTT
19.5%
Foreign Investors
Local Investors
NVDR As of 1 Mar 2019
1. Long-term
strategic partnership
Key strategic • Thai Oil is PTT’s
benefits for Thai Oil principal refiner
• Long-term strategic
shareholder and joint
investment
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• 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
48.0% governance principles
2. Business 3. Operational
partnership synergies
• Product offtake • Freight costs reduction
• Crude procurement • Knowledge transfer and shared
services
• Close management collaboration
and secondment of trained staff
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TOP Group Synergy & Strategic Role in PTT Group Value Chain
Upstream Intermediate Downstream
Solvent
Pentane
Diversifying to a broad Hexane
range of downstream Toluene
SOLVENTS The majority of
Mixed-Xylene
products to enjoy higher refined petroleum
profit margins and Paraxylene products are sold
Mixed-Xylene domestically to
reduce earnings
Toluene PTT
volatility
AROMATICS & LAB Benzene
LAB
REFINERY LPG
PLATFORMATE
REFINED Gasoline
CRUDE IMPORT PETROLEUM
LONG RESIDUE Jet/Kero
Diesel
Fuel Oil

Lube Base Oil

Slack Wax
Extract
LUBE BASE TDAE
Bitumen PTT is our
POWER TP & TOP SPP provides electricity principal
domestic
NATURAL GAS and steam to Thai Oil group and customer for
sells its remaining power to the our lube base
national grid products

Thai Oil’s Businesses

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Key Milestones: 57 Years, A Long Track Record of Success

1961 – 1997 2004 – 2011 Today
Capacity expansion and initial stage of Listing, expansion and A leading integrated refining and
business diversification diversification petrochemical group in Asia Pacific

1961 1970 2004 • 275 kbd refinery ( approximately 22% of

• Incorporated
1964
• Commenced operation
with distillation capacity
of 35 kbd
• Simple refinery with
Nelson complexity Index
~ 41
• Refining capacity • IPO and listed on the SET Thailand’s total refining capacity)
expanded to 65 kbpd • Acquired remaining shares in Thai • Nelson index 9.81
Paraxylene and Thai Lube Base • Diversified business through 16 subsidiaries
1989 which became our wholly-owned
• Increased refining subsidiaries
capacity to
90 kbpd

2013-2014
• Established LABIX
• Invested in power business
1961 – 1964 via GPSC & TOP SPP
2010
• Completed Emission
Improvement, HVU-2
• Established Thaioil
Debottlenecking & CDU-3
1993 2007 Ethanol
Preheat Train project
• We expanded our refining capacity to 190 kbd • Increased refining capacity to 275 kbd • Production expansion of
2015-2016
TDAE by 50,000 tons
1994 – 1997 per annum
• Completed Projects: LABIX &
2008 TOP SPP
• Increased total refining capacity to 220 kbd • The first refinery in Thailand with diesel 2011
2017
• Initial investment in Thai Paraxylene (“TPX”) and Thai production to comply with the sulfur • Manufactured diesel
Lube Base (“TLB”) and ULG in compliance
• 2017 Revenue 337,388 MB
content requirements of Euro IV • 2017 Net profit 24,856 MB
• IPT became the first IPP to enter into a PPA with EGAT2 • Capacity expansion of Thai Paraxylene with with the sulfur and BZ
• Completed lorry expansion
with 700 MW capacity ; separately, Thaioil Power (“TP”) total aromatics capacity of 900,000 tons aromatics content
project (10 to 15 mml/day)
constructed the power generation plant under the SPP with p.a. requirements of the
Euro IV
• Established Thaioil Treasury
118 MW capacity • Invested in Solvents business in Thailand center (TTC)
and Vietnam • Acquired 1st VLCC

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
100.0% 100.0% 74.0% PTT 26.0% 100.0% 100.0%

Thai Paraxylene Thai Lube Base Thaioil Power Thaioil Marine Thaioil Ethanol
Thaioil (TOP) (TPX) (TLB) (TP) (TM) (TET)
Aromatics Capacity: Lube Base Oil Sells Electricity/Steam to • 5 Oil & Chemical Tankers 50.0%
Paraxylene Capacity : Sapthip (SAP)
Capacity : Group Capacity : 22,800 DWT
275,000 barrels/day 527,000 tons/annum Base Oil • Crude Tankers: 3VLCCs Cassava Based Ethanol
Small Power Producer
Mixed Xylene 267,015 tons/annum Capacity: 881,050 DWT Capacity : 200,000 lts/day
Program
52,000 tons/annum Bitumen • 14 crew & utility boats Others BCP
3-on-1 Combined Cycle
Benzene 350,000 tons/annum (120 DWT each) 21.3% 57.4% 21.3%
Electricity 118 MW
259,000 tons/annum TDAE • 2 Large vessels for crude, Ubon Bio Ethanol (UBE)
Steam 216 tons/hour
Total 838,000 tons/annum 67,520 tons/annum feedstock & product Cassava/Molasses Based Plant
storage and transportation Capacity : 400,000 lts/day
75.0% Mitsui 25.0% TOP SPP services capacity: 200,000
100.0%
LABIX Company Limited 2 Small Power Producers DWT 100.0%
(LABIX) Total capacity: 239 MW • Ship management services Thaioil Energy Services
Steam capacity 497 T/H (TES)
LAB producer and distributor PTTOR 40.4% Proceeds the business on
Capacity: 120 KTA COD: 2016 COD 2016 9.2 % Others 50.4% various professional of
Thaioil & management services
100.0% TP 29.7%
100.0%
PTT 22.6% Thappline (THAP) Thaioil Treasury Center
PTTGC 22.7% Multi-product Pipeline (TTC)
Global Power Synergy Increases financial efficiency
Thaioil Solvent Capacity:26,000 m.lts/y
Public Company Limited of Thaioil group
Through TOP Solvent (TS) PTT Group 85.0% 15.0%
80.5% 100.0% Principal power plant of PTT Sarn Palung Social PTT 40.0%
Total Equity Capacity Enterprise PTTGC 20.0% 20.0%
1,922 MW of electricity Supports execution of social IRPC 20.0%
Sak Chaisidhi Solvent distribute Top Solvent 1,582 tons/hour of steam PTT Energy Solutions
enterprise of PTT group
(SAKC) in Thailand Vietnam 2,080 Cu.m./hour of Industrial (PTTES)
Solvent manufacturer Solvent distribute in water PTT Group 80.0% 20.0% Provides engineering
Capacity : 141,000 Vietnam 12,000 RT of Chilled water PTT Digital Solutions technique consulting services
tons/annum (PTT Digital)

Refinery
Net Profit Contribution 51% 24% 13% 12% Aromatics
Lube Base
(Avg. from 2006 – Q1/19) Others
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Process Linkage: Beauty of Integration

PROCESS FLOWCHART
Thai Paraxylene
ADIP FUEL GAS

Thai Oil ISOM

LPG
20,000
MX
HDT-1 MX
40,000
HDT-2
HDT-3 CCR-1
ULG95
85,000 CCR-2
CDU-1 50,000
CCR
ULG91
45,000
KMT-1
CDU-2
KMT-2 JET
50,000

CDU-3
180,000 KEROSENE
HVU-1

HVU-2
FCCU
HDS-2
HVU-3
HVU-3 10,400

95,000
95,000 HMU-1 HDS-3
AGO
HMU-2 75,000
TCU 140TH2
19,000
DIESEL
HCU-
1
HCU 2
50,000
FUEL OIL
BBU
BITUMEN
1,800
SRU-1/2
ADIP
SRU-3/4
SULPHUR
2x210
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One of Region’s Leading Refineries

Total Thailand crude refining capacity 1,235 kbd Market shares for refined petroleum product3

Thai Oil 22% Share

Nameplate Capacity 30% 30%
Fang (3 kbpd)
market market
shares shares
Thai Oil (275 kbpd)
PTT’s Principal Refiner
Q1/19 Q4/18

BCP (120 kbpd) Esso (177 kbpd) Nelson Index - Regional Comparison4

14.0 13.8
IRPC2 (215 kbpd)
10.2 9.8 9.7
PTTGC2 (280kbpd) 8.8
SPRC2 (165 kbpd) 6.6

Reliance JX PTTGC TOP SK Corp Sinopec Esso

Remarks:
• Nelson Complexity Index measures refinery’s upgrading capability for comparison
• It is the ratio of complexity barrels divided by crude distillation capacity

Note: 1. Source: Energy Policy and Planning Office (EPPO), Ministry of Energy Thailand as of March 2018
2. PTT holds a 48.1% interest in IRPC, a 48.8% interest in PTTGC as at 31 Mar 18
3. Calculate by total domestic sales of refined petroleum products (excluding by product & LPG) of Thai Oil divided by total sales of petroleum products in Thailand excl LPG. Source from EPPO
4. Source: Worldwide Refinery Survey and Complexity Analysis 2015 from Oil & Gas Journal and company information
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Strategic Location with Competitive Advantages in Access to
Key Markets
Access to Indochina markets through deep
Close proximity to the key domestic markets
water ports and trucks

Our strategic location

provide us with LAOS

1. Close proximity with the

VIETNAM
key domestic markets Bangkok
and Indochina Sriracha (124 km from BKK)
Map Ta Phut
2. Direct access to deep
Gulf of Thailand
water ports
THAILAND
3. Direct connection with CAMBODIA
multi-product pipelines
Direct connection with product pipeline  Our plants are located within the Sriracha
system Complex
Saraburi
 SBM provides direct access to deep water
ports, and ability to receive feedstock
Don Mueng Lamlukka
directly from VLCC
Suvarnabhumi
BCP Ø24”, 134 km

 We also enjoy available connections to

delivery networks such as multi-product
Sriracha
ESSO pipelines, including Thappline
PTTGC Map Ta Phut
SPRC
IRPC

Product pipeline system

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Optimized & Flexible Operations…Superior Performance

Crude Assays based on Sources of Product Domestic demand for
Reference Price
TOP configuration* Crude output petroleum products**
Thai Oil is able to diversify its type of crude intake and product outputs to maximize demand and margin
% S = 1.43 % S = 2.52 % S = 0.78 % S = 1.97 SAUDI LPG
4%
API = 32.0 API = 31.2 API = 39.4 API = 32.8
Others *** 13% ARAMCO
12% 21% PLATFORMATE
Far East
7% MOPS ULG 95
Short Residue Waxy Gasoline/Distillates Local
5% 15% FOB SG
20% GASOLINE
MOPS Jet
25%
45% Kerosene FOB 12% JET
54% 55% SG
65%
Middle 75%
East MOPS Gasoil
28% 43% DIESEL
32% 0.05% Sulfur
29% 28% FOB SG
28%
27% MOPS Fuel Oil
17% 17%
7% 7% 180 CST 3.5% FUEL OIL
5% Sulfur FOB SG 4%
Oman Dubai Murban Arab LONG RESIDUE
Light Q1/19 Q1/19

• 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
*Crude yield as per assay in Spiral as of Feb 2016
**Source: Energy Policy and Planning Office, Ministry of Energy Thailand
*** Including Nigeria, Russia and others
 Refining -16-

Refinery: High U-Rate Operation and Robust Domestic & CLMV Sales
TOP/ Domestic Refinery Utilization Rate Domestic Oil Demand
Unit: % Utilization Rate
Q1/18 Q1/19
115% 116% 116% 2.2%
113% 115% 113% 800
108%
110%
600
1.6%
98% 98% 400
97% 97% 97% 98%
90% 94% 3.4%
200 2.2%

70% 0 *
Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q1/18 Q1/19 Mogas Jet/Kero Diesel Total Demand
*
Industry utilization rate TOP utilization rate * exclude Fuel Oil & LPG demand

Sales breakdown by customers TOP’s Domestic Sale vs Industry***

Q1/19 Q4/18 Q1/18
Export
TOP Ind. TOP Ind. TOP Ind.

7% 5% 4% CLMV 10% 4% 8% 10% 9% 4%

1% 1% Others 3% 7% 5% 9% 5% 10%
Q1/19
Q4/18
Sales 13% 11% 13% 19% 14% 14%
Sales
50% Breakdown
34% 38%
43% Breakdown
Other Other
Domestic 87% 89% 87% 81% 86% 86%
Domestic
8% Customers Customers
9%
Domestic
Export** TOP Industry TOP Industry TOP Industry
Export**
Thailand Thailand Thailand
** Excludes export sale through PTT
Export Q1/19 Q4/18 Q1/18
*** Source: Department of Energy Business, Ministry of Energy
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Competitive Performance Benchmarking

Solomon for GOC 3(1) Category

2016 : TOP

2014 : TOP

Solomon Associates is the

independent 3rd party who applies
Comparative Performance Analysis
methodology to industry peers in
(2)
the area of reliability, equipment,
utilization, operating expense,
gross margin and overall
performance range and come up
with comparative ranking

Remark :
(1)
GOC 3 stands for Gas Oil Conversion Group 3, under which refineries in this group have equivalence distillation capacity 1,800 – 2,999 KEDC
(2)
In 2014, Thai Oil had Major turnaround for CDU-3 46 days and 2014FY refinery utilization was at 98%
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TOP Group Key Highlights

Thailand’s largest and Diversified earnings

2
one of the region’s through integration

1
most advanced and with, and significant
competitive refineries contribution from, our
subsidiaries

Strategic relationship Strategic location with Industry with high

3 4 5
and operational competitive advantages barriers to entry and
integration with PTT as in access to key markets strong market
the Group’s principal positioning
refiner

Technological Highly experienced Strong financial profile

6 7 8
superiority, logistical management team
advantages & cost
leadership
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KEY FINANCIAL HIGHLIGHTS

Key Highlights -20-

Q1/19 Key Market Drivers Highlights

Refinery  Soften refinery margins pressured by weak product spread pressured by Implication
weak heating oil demand from mild winter and high gasoline inventory Mkt GRM at 3.0 $/bbl
1)

worldwide. However, downside was partially offset by lower crude (Q4/18 = 3.9 $/bbl)
premium from abundant light crude supply from U.S. 1) Include
Margin and Productivity
 Rising crude price driven by OPEC & Non-OPEC production cut (1.2 MBD), Improvement
2)
and decreasing Iran’s and Venezuela’s oil export due to U.S. sanctions. 2.7 $/bbl inventory gain
(from stock loss (7.5)$/bbl in Q4/18)
2) Based on refinery intake

Aromatics & LAB

Slightly Soften Aromatics &
 Slightly soften aromatics contribution pressured by increasing supply
as Petro Rabigh (1.3 MTA) and Nghi Son (0.7 MTA) run at full capacity LAB Margins 3)
(GIM contribution 2.0 $/bbl from
and additional supply from China (0.8 MTA). However, ongoing weak 2.2 $/bbl in Q4/18)
feedstock cost (gasoline & naphtha) helped support margins.
3) Aromatic contribution including LAB

Lube Base Soften Lube Base

 Soften Base Oil spread pressured by additional base oil Gr. 2 & 3 Contribution
supply mainly from China (1.26 MTA). (GIM contribution 0.2 $/bbl from
0.4 $/bbl in Q4/18)

$/BBL Q4/18 Q1/19

Market GIM 6.5 5.2
Refinery + Aromatics & LAB + Lube Base 4)
Inventory Gains/ (Loss) (7.4) 2.7
Accounting GIM (0.9) 7.9
4) Based on integrated intake
Key Highlights -21-

Q1/19 Key Achievements

Key Achievements Q1/19 TOP Group Net Profit
Unit : million THB (MB)
Operational  Maintain high reliable production Net Operating Profit
Stock gain/(loss) F/X Risk management gain/(loss)
Excellence
Q1/19 Q4/18 Reversal of Crude NRV /(Crude NRV) & Others i.e. Hedging gain/(loss) &
Adjusted to cost Non-recurring items
Refinery 116 % 115 %
Aromatic 92 % 94 % Q1/19 Q4/18 Q1/18
Base Oil 89 % 86 % 4,408 MB (4,812) MB 5,608 MB

 Capture high local & Indochina sales 334

1,327
Q1/19 Q4/18 495 381 102

Local 87 % 87 % 2,473
4,013 3,835
Indochina 10 % 8% 1,272
Other exports 3% 5% (166) (37)
Growth &  AGM approved Energy Recovery Unit
Profitability
(ERU) Carve out (USD 757 M) to GPSC, with (7,211)
Improvement
vote 98.6%, to reduce total CAPEX & enhance
return after carving out.
(218)
 TOP’s rating is upgraded to BBB+ by S&P (852)
after PTT’s SACP is uplifted (May 7). (544)

Sustainability Q1/19 FY/18

& Awards BBB+ Baa1 AA- (tha) Included Stock G/L
Stable Outlook Stable Outlook Stable Outlook 11% 2% 2%
1% Refinery
22%
 Sustainability Member for Oil&Gas Industry 40% Aromatic & LAB
for 6th consecutive years of DJSI Emerging Markets 18%
Lube Base
68% 11%
 NACC Integrity Awards 2018, The Office of Power
the National Anti-Corruption Commission (NACC) 25%
Others
Key Highlights -22-

Q1/19 Margin and Productivity Improvement (VS Corporate Plan)

Cost Management

73 MB 161 MB
General & Admin , Procurement & warehouse ,
Operation & Maintenance , Project & Manpower
Margin Improvement management Unit: million THB

(Hydrocarbon Management : HMR)

and Productivity Improvement
(Non HMR)

34% Crude Enhancement

234 734
Higher domestic
21% and Indochina 573 Q1/19 1,463 Q4/18
sales/ better
product premium

7% Plant optimization

1% Energy improvement

7% Others THB 807 mn* THB 2,197 mn*

* Compared with Corp. plan

Financial -23-

Integrated Margin & Competitive Cash Cost

Gross Refining Margin Refinery’s Cash Cost
(Unit: US$/bbl) (Unit: US$/bbl)
Market GRM Accounting GRM (Market GRM + Stock G/L) Operating Cost Interest Expense (net)
(excl. one-time non-
operating item)
7.8 7.6 Higher refinery cash cost in
6.8 6.7
5.3 5.1 5.7 5.9 5.7 6.2 5.7 2018 mainly from MTA CDU-1
5.2 4.7 cost ~230 MB
4.5 4.3 4.3 3.9
3.0 2.3 2.3
1.2 2.1 1.9 1.9 1.8 0.4 1.7
1.6 0.7 0.8 1.6 1.4
0.4 0.6 0.5 0.4
0.4 0.3 0.5
1.4 1.4 1.9
1.2 1.4 1.3 1.4 1.2 1.1 1.2
(3.6)
2012 2013 2014 2015 2016 2017 2018 Q1/18 Q4/18 Q1/19 2012 2013 2014 2015 2016 2017 2018 Q1/18 Q4/18 Q1/19

Gross Integrated Margin Group’s Cash Cost

(Unit: US$/bbl) (Unit: US$/bbl)
Market GIM Accounting GIM (Market GIM + Stock G/L) Operating Cost Interest Expense (net)
(excl. one-time non-
Refinery Aromatics+LAB Lube Base operating item)

Higher group cash cost

9.9
9.1 9.1 9.10.8 in 2016 mainly from MTA
0.9 0.7 8.6
8.2 7.9 cost in TLB ~198 MB
0.6 7.27.5
7.6 7.6 0.8 0.7
0.96.9 6.80.9 7.5 1.7 1.61.6 6.9 6.6 0.7 6.5 0.2
0.9 0.9 0.9 0.7 0.5 0.5 1.7 1.7 0.4 2.0 2.9
1.71.7 1.8 0.7 0.6 1.7 1.8 5.2 2.3 2.4 2.1 2.4 2.3
0.1 1.8 2.2 0.2 1.8 2.1 2.3 0.5
1.8 2.0 0.6 0.7 0.5 0.5 1.9 0.6
7.6 (3.5) 6.67.5 0.4 0.6 0.5 0.4
5.14.3 5.4 1.9 5.8 5.2 4.64.2 5.76.1
0.4 5.7 2.4
4.1 0.7 3.9 1.4 1.7 1.7 1.5 1.8 1.6 1.9 1.5 1.7
4.9 0.1 2.2 3.0
1.1
(3.5)
2012 2013 2014 2015 2016 2017 2018 Q1/18 Q4/18 Q1/19
(0.9)
2012 2013 2014 2015 2016 2017 2018 Q1/18 Q4/18 Q1/19
 Financial -24-

Financial Performance
Sales Revenue EBITDA
Unit: Million THB Unit: Million THB
EBITDA (excl stk G/L & NRV) EBITDA (incl stk G/L & NRV)
447,432 36,925
414,575 33,448
390,090 389,344 32,675
31,099
337,388
22,808 25,49225,496
293,569 274,739 22,337 22,867
20,350 19,713 19,541 20,239

91,626 6,889
2,651 3,102

2012 2013R 2014R 2015 2016 2017 2018 Q1/19 2012 2013R 2014R 2015 2016 2017 2018 Q1/19

Net Profit Free Cash Flow*

Unit: Million THB Unit: Million THB
NP (excl stk G/L & NRV before tax) NP (incl stk G/L & NRV)

24,856 30,740
21,222
21,379
17,789 20,878
14,777
12,750
14,043 12,777 16,946 16,789
12,320
9,316
12,181 10,149 13,753
10,349 10,578
6,692 4,408
3,801 5,767
621 490

(4,140) 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q1/19

2012 2013R 2014R 2015 2016 2017 2018 Q1/19 CAPEX (PP&E)-Net
R Restated financial statement
3,187 3,850 6,103 12,330 18,666 10,830 6,392 3,677 7,735 3,402
* Free Cash Flow (FCF) = Operating cash flow – CAPEX(PP&E)-Net
Financial -25-

Q1/19 TOP Group Strong Financial Position & Financial Ratios

Statements of Financial Position Consolidated Long-Term Debt as at 31 Mar 19
(Unit: million THB)
Total IBD Net Debt
268,613 272,231
102,026 million THB 433 million THB
Trade Payable
35,080 39,266 (US$ 3,190 million (US$ 14 million
/ Others
Cash & ST 101,593
107,262
investment equivalence) equivalence)
102,026 Interest
(1)
107,060
Bearing Debt
Current 64,793 As at 29 Mar 19 (31.98 THB/US$)
57,481
Assets
Value (Million) Portion
2) (3)
130,939 Equities US$ Bond & US$ Loan USD 1,991 63%
Non-Current 103,870 126,473 105,845
Assets
0 THB Bond THB 20,500 20%
31 Dec 18 31 Mar 19 THB Loan THB 16,212 17%
7.0 % *
(3) Including VND Loan equivalent to USD
ROE 8.0 %
ROIC 9.2 % 8.3 % * Interest Rate Portion
(1) Including
current portion of Long-Term Debt
Float 11%
(2) Including
investment held as available for sale 31 Dec 18 = 361 MB, Fixed 89%
31 Mar 19 = 380 MB

Financial Ratios TOP avg.debt life 14.00 Yrs

Net Debt / adj. EBITDA** Net Debt / Equity Cost of Debt

(4)
TOP Group (Net***) 2.43%
*** *** TOP Group (Gross) 4.83%
0.0 0.0 0.0 0.0 (4) Due to yield enhancement

31-Dec-18 31-Mar-19 31-Dec-18 31-Mar-19

* Based on actual performance in the past 12 months Baa1 BBB+ AA- (tha)
** Annualized EBITDA (excl stock gain/loss & Reversal of NRV/(NRV)) Stable Outlook Stable Outlook Stable Outlook
*** As of 31 Mar 19 Net Debt 433 MB or 14 M$
Financial -26-

2018 Dividend Payment

Dividend Policy :
Not less than 25% of consolidated net profit after deducting reserves, subject to cash flow and investment plan
Unit : THB/Share EPSR 2H dividend
1H dividend Year Dividend
12.18

10.40
9.19 9.40
8.66
7.82
7.28
5.91 6.04 5.97
4.57 4.97
4.39

2.75 3.00 3.75

2.00 1.00 2.00 1.15
3.50 1.50 2.20 1.50 0.60 1.80
1.80 1.75 1.75 1.40
1.50 1.05 0.60 1.30 0.50 0.80 0.56 0.90 1.50 1.50 1.50
0.11
FY/04 FY/05 FY/06 FY/07 FY/08 FY/09 FY/10 FY/11 FY/12 FY/13 FY/14 FY/15 FY/16 FY/17 FY/18
-2.03
Annual DPS
(Baht/share)
1.80 3.50 3.50 4.50 2.75 2.55 2.00 3.30 2.70 2.30 1.16 2.70 4.50 5.25 2.65

Dividend ** ** **
Payout
23% 38% 40% 48% n.a. 43% 45% 45% 45% 50% n.a. 45% 43% 43% 53%

Dividend Yield* 4.0% 5.6% 5.6% 6.2% 5.2% 7.1% 4.0% 4.7% 4.2% 3.6% 2.3% 5.0% 6.7% 6.2% 3.1%
Avg TOP price 44.7 63.0 62.7 72.7 53.3 35.9 49.9 69.8 65.1 64.6 50.4 53.5 66.7 84.2 86.9
R Based on restated financial statement
* Based on average TOP share price in each year ** Dividend payout before restated ; 2004 = 25% , 2006 = 43%, 2013 = 45%
 -27-

STRATEGIC INVESTMENT PLANS

 -Use only for KM Session- -28-

Thaioil Strategic Direction 2018 – 2030

Vision Empower Human Life

through Sustainable Energy and Chemicals

Measurement Growth | Diversity | Returns | Sustainability | Stakeholder

To enrich stakeholders’ well-being and deliver sustainable returns built upon innovation,
Mission technology and resilient portfolio with top class management and accountable corporate governance

Portfolio Strengthen the Core Value Chain

Seed the Options
Strategic (Energy) Enhancement (Innovation)
(Chemicals)
Direction
Refinery Aromatics & Olefins Green Business
Power Chemical Distributor New Business
Specialties

Core Operational & Project Commercial Value Chain & Logistics

Competencies Excellence Excellence Excellence
Leadership Agility Innovation Digitalization
CAPEX -Use only for KM Session- -29-

Strategic Investment Plan Approved by Board of Directors

CAPEX Plan (Unit US$ million)
Planned capital investment
Project
2019 2020 2021 2022 2023
Reliability, Efficiency and Flexibility Improvement 46 17 2
Infrastructure Improvement

- Jetty 7&8 / Improvement 78 5 0

- Office Relocation & New Crude Tank 30 16 0
- Site office preparation for fire water & fire water improvement 23 12 0
- New Bangphra Raw Water Line 4 15 8
Other Investments ( i.e. Digital Transformation, Benzene derivatives-LAB
28 30 2
license fee )
Total Ongoing CAPEX 209 95 12
CFP project * 1,280 1,788 875 624 (606)
Total CAPEX (including CFP) 1,489 1,883 887 624 (606)
* CAPEX of CFP Project including the disposal of asset to transfer ownership in the Energy Recovery Unit (ERU) which is a part of the CFP Project
Notes: Excluding approximately 40 M$/year for annual maintenance
Updated as of April 2019
CFP -30-

Clean Fuel Project (CFP) : Rationale & Timeline

Project Rationale
• Risk of losing competitiveness to others regional refineries as more new refineries with higher capacity
and more advanced technologies are on stream.

• Adjust product portfolio by producing high demand and clean product to serve customer needs
and country’s energy stability.

• Replace units i.e. CDU 1,2 which have been operating more than 50 and 40 years respectively.

CFP & ERU Carve-out Timeline

FID (Final Investment Decision) COD- CFP
Q1’23
Shareholder Approval – CFP
Shareholder Approval – ERU Carve-out
Provisional
EPC (Engineering Procurement Construction) Acceptance &
Transfer to
EPC Bidding GPSC
Q3’23
FEED (Front-End Engineering and Design)
BDP (Basic Design Package)

2015 2016 2017 2018 2019 2020 2021 2022 2023

CFP -31-

Scope of CFP & Technical Aspect

LPG Tops
ISOM
SRU Sulfur
5
Naphtha HDT-3
CCR-1/2 Platformate PX/BZ
TPX
HDT-4 Hy. Naph
CDU-3 4
180 kbd
Crude LPG LPG
Kerosene Tops
KMT-1/2 Lt.Naph
400 kbd Isomerate Gasoline
New HDS-2/3
CDU-4 Diesel Jet/Kero
220 kbd HDS-4
Diesel
4 HMU-1/2&PSA-
2 1/3 Fuel Oil
HCU-1/2
VGO
HVU-2/3 CCR PSA-2
LR
HCU-3 HMU-3 & PSA-4
HVU-4 1 3
2
SR
RHCU ERU
Existing unit
1 6
TLB Bitumen
New unit

(1) New Upgrading Unit (2) New Distillation Unit (3) New Hydrogen Manufacturing Unit

(4) New Treating Unit (5) New Sulphur Recovery Unit (6) New Energy Recovery Unit
CFP -32-

CFP Competitiveness
Without CFP With CFP
CDU Capacity CDU Capacity
275,000 bbl per day 400,000 bbl per day

Upgrading Ratio 28 % Upgrading Ratio 50%

(upgrading capacity(1) over CDU capacity) (upgrading capacity(2) over CDU capacity)

Power Plant 250 MW

Remark : (1) including HCU 1/2, FCCU, TCU (2) including HCU 1/2/3, RHCU

Nelson Index - Regional Comparison

14.0 13.8
12.0 10.2 9.8 9.7
8.8
6.1

Reliance JX TOP PTTGC TOP SK Corp Sinopec Esso

With CFP Without CFP
CFP -33-

CFP Value Proposition

Flexibility of crude intake Product Upgrading

Light Distillate
25% (LPG, Light naphtha,
Heavy naphtha,
Light Crude Gasoline)
40% - 50% (API > 31)

23%

5% - 15% Medium Crude Middle Distillate

(25 < API < 31) 62% (Jet , Gasoil)

100% 53%

40% - 50% Heavy Crude

(API < 25)
17% Others
(Sulfur, Long residue to TLB,
7% 13% Reformate to TPX)
Fuel oil
Without CFP With CFP Without CFP With CFP
Unit in %Vol. Unit in %Vol.

Note : After CFP, all products based on average data 2023-2043

2H-19 MARKET OUTLOOK
• Crude Oil
• Petroleum Products
• Aromatics
• Base Oil & Bitumen
• Linear Alkyl Benzene (LAB)
CRUDE OIL
 -36-
Economy

Global Economic Outlook

Weaker GDP growth from 3.6% to 3.3% in 2019 led by downside risks such as
trade tension between U.S. and China

China Vietnam India 2018 2019 2020-23

Growth
(%YoY) Thailand Indonesia US
EU World Apr-19(1) Apr-19(1) Apr-19(1)
12%
US 2.9% 2.3% 1.7%

8% EU 1.8% 1.3% 1.5%

China 6.6% 6.3% 5.9%

4%
India 7.1% 7.3% 7.7%
0%
Thailand 4.1%(2) 4.0%(2) 3.6%(1)

-4% Indonesia 5.2% 5.2% 5.3%

Vietnam 7.1% 6.5% 6.5%

-8%
2008 2010 2012 2014 2016 2018 2020 2022 World 3.6% 3.3% 3.6%

Sources : 1) IMF Apr‘19 (2) NESDB Feb’19

 -37-
Crude Oil

Global Oil Demand Growth Projection

IEA forecasts global oil demand to grow by 1.4 MBD in 2019
North America Europe FSU
160 Unit: KBD
330
510 100 2017
280 110 2018
180 10
20 2019

Middle East

120 Asia
Latin America 10 930
730 770
20 -120
Africa
-50 -50 20 20
10
Demand Growth
IEA (MBD) (MBD) Africa
2017 97.9 1.5 The global oil demand will grow by 1.4 MBD in 2019,
2018 99.2 1.3
driven by global economic recovery especially
emerging and developing countries
2019 100.6 1.4

Source: IEA, Oil Market Report Apr 2019

 -38-
Crude Oil

Non-OPEC Supply Growth Projection

IEA estimated Non-OPEC supply growth to grow by 1.7 MBD in 2019
North America Europe FSU
2500 300 Unit: KBD
-50 2017
1400 -100 -100 120 2018
870 70 2019
Middle East

10 0
Latin America Asia
300 -20
Africa
60 -80
-150
40 -260
-40 0 0
Non OPEC
Growth Remarks: Regional Non-OPEC Supply excl.
IEA Supply
(MBD) Biofuels/Processing G/(L)
(MBD)
2017 59.9 0.8
Non-OPEC oil supply is forecasted to expand by
2018 62.7 2.8
1.7 MBD in 2019, where the U.S. will be the largest
2019 64.4 1.7 contributor to growth.

Source: IEA, Oil Market Report Apr 2019

Crude Oil -39-

Increasing Oil Supply to Balance Iran and Venezuela Output Loss

Dubai Price Movement

$/BBL U.S. Re-imposed Falling Risk Assets Supply Loss
OPEC-led Cut
as FED raised rates from Iran and
100 Deal Extended Sanctions on Iran
Venezuela on
until the Dec-18 Concern Over
OPEC-led Cut Supply Loss in Iran U.S. Sanction
1 OPEC-led
st U.S.-China Trade
80 Deal Started War Conflict
Supply Cut
Deal Extension
60
OPEC & Non-OPEC
Keystone & Pledged to OPEC Cut
High OPEC
40 Forties Pipeline Increase Steeper than
Supply Outage Hurricane and Non-
leakage Production OPEC output Deal
in Libya Harvey & Irma
20
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19

*Q2TD’19 (as of 24 May): $70.6/BBL

Key Highlights in 2H-2019

1 •Concern of Tighten Supply from Iran and Venezuela amid

Increasing Non-OPEC Production

2 • Rising U.S. Production to Impact OPEC Production Decision

Crude Oil -40-

1 Concern of Tighten Supply from Iran and Venezuela amid

Increasing Non-OPEC Production
A OPEC Cut with Steeper Than Deal in 1H-2019 B Lower Iran & Venezuela Supply on U.S. Sanction
MBD OPEC-11 Production Iranian & Venezuelan Crude Oil Export
30 *OPEC-11 excludes Qatar (left OPEC during early Jan’19), Venezuela, Iran, and MBD U.S. Ending Sanctions
Libya from production cut deal
29 U.S. Financial Sanction U.S. Sanction on Waivers 2H-19
Oct’18 3.0
28 Baseline *OPEC Target
Venezuelan Oil Iran
27 for Cut 2.5
25.9 MBD OPEC (-0.5 MBD YoY)
26 2.0
Decision in Venezuela
25 1.5
Meeting
24 1.0 (-1.0 MBD YoY)
23
25-26 U.S. Waiver Announcement
Jun’19 0.5 for 8 Countries
22 Aggressive Political Risk
21 0.0
20 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19
Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Venezuelan Crude Export Iranian Crude Export
Source : Reuter’s Poll (Apr’19), OPEC (Apr’19) and TOP’s Estimate Source : Reuters (Apr’19)

C CCurrent OECD Crude Stock at 5-Year Average D Growing Oil Supply from Non-OPEC in 2H-19

MBBL OECD Crude Oil Inventory MBD Non-OPEC Crude Oil Supply
68 2H-19
3200
66 (+1.4 MBD YoY)
3000 64
2800 62
60
2600
58
2400 56
2200 54
Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec 52
50
2017 2018 2019 Avg 14-18 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19
Source : IEA (Apr’19) Source : IEA (Apr’19)
Crude Oil -41-

2 Rising U.S. Production to Impact OPEC Production Decision

A Surging U.S. Crude Output on Price Recovery BC Rising U.S. Pipeline Outflow Capacity in 2H-2019

MBD U.S. Crude Oil Production MBD MBD U.S. Crude Oil Pipeline Capacity
14.0 6.0 8.0
13.0
2H-19
5.0 7.0
12.0 6.0
(+0.6 MBD YoY)
2H-19 4.0
11.0 5.0
(+1.1 MBD 3.0
10.0 4.0
YoY) 2.0
9.0 3.0
8.0 1.0 2.0
7.0 0.0 1.0
6.0 -1.0 0.0
Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19
YoY Growth [RHS] Production (LHS) Forecast Gray Oak Cactus II EPIC pipeline Existing Pipeline
Source : EIA (Apr’19) Source : Reuters (Apr’19)

C Two Possible Cases on OPEC Production Cut D Balancing Market in Q4 in case of OPEC Cut Run
MBD OPEC-11 Production MBD
Global Demand/Supply Balance
30 *OPEC-11 excludes Qatar (left OPEC during early Jan’19), Venezuela, Iran, and
29 Libya from production cut deal 2.5 2H-19 Balance:
Oct’18 Case 1: OPEC Increase
28 Baseline Run to Baseline
2.0 Demand: 101.2 MBD (+1.5 MBD YoY)
*OPEC Target
27 for Cut 1.5 Supply: 101.4 MBD (+0.0 MBD YoY)
25.9 MBD
26 1.0
Case 2 : OPEC Case 1
25 Surplus
Increase Run with 0.5
24 Production Cut
0.0
23 Lower Level than
22 Previous Deal -0.5
Case 2
21 -1.0 Deficit
20 -1.5
Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19

Source : Reuter’s Poll (Apr’19), OPEC (Apr’19) and TOP’s Estimate Source : IEA (Apr’19), OPEC (Apr’19) and TOP’s Estimate
PETROLEUM PRODUCTS
Refinery -43-

Improving Refining Margins from Rising Middle Distillate Crack

Outweighing Weak Gasoline Market
Singapore Cracking GRM ($/BBL)

7.7 8.2
6.7 7.2 7.1 7
6.1 6.4 6.4 6.1 6.1 5.9
5.0 5.2
4.2
3.2 3.6

Q1-16 Q2-16 Q3-16 Q4-16 Y2016 Q1-17 Q2-17 Q3-17 Q4-17 Y2017 Q1-18 Q2-18 Q3-18 Q4-18 Y2018 Q1-19 Q2TD-
19*

Q2TD- Key Highlights in 2H-2019

($/BBL) Q1-18 Q2-18 Q3-18 Q4-18 2018 Q1-19
19*

ULG95- 1 Gasoline Cracks Supported by Peak

13.6 12.2 11.5 4.9 10.6 3.7 8.6
DB Driving Season in Q3, Then Eased by
JET-DB 16.0 15.3 14.5 15.7 15.4 13.0 11.8
Additional Supply in Q4
2 Improving Middle Distillate Cracks
GO-DB 14.7 14.6 14.3 15.0 14.7 12.8 12.2 from Firm Seasonal and Bunker
HSFO- Demand for IMO 2020
(4.9) (4.5) (2.5) 1.3 (2.6) (0.1) (3.1)
DB 3 Demand Growth Outpacing Supply
Remarks: *Q2TD-19 as of 24 May 19 Addition
Refinery -44-

1 Gasoline Cracks Supported by Peak Driving Season in Q3,

Then Eased by Additional Supply in Q4
A Declining Stock to 5-year Average Level B Strong U.S. Demand during Summer

Global Gasoline Inventory U.S. Gasoline Demand

MBBL MBD
300 2H-19: 9.3 MBD (+0.1 MBD vs 1H-19)
10.2
280
9.8
260
9.4
240
9.0
220
8.6
200
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 8.2
5yr-range 2018 2019 avg 14-18 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19
Source : Reuters (May’19) Source : EIA STEO (May’19)

C Additional Supply Pressured the Market D Expectation of Higher Chinese Export Quotas

Global Gasoline Supply KBD Chinese Gasoline Export

MBD 2H-19 : 25.8 MBD (+0.5 MBD vs 1H-19) 500
27 LE 2H-19: 333 KBD
Hengli (400 KBD)
in Jun
400
AVG 2018: 298 KBD LE 1H-19: 284 KBD
26
300
25 Jizan (400 KBD) 200
in Nov
24 100
23 0
Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-18 Jul-18 Jan-19 Jul-19
Source : Energy Aspects (Apr’19), TOP Estimates Source : FGE Energy (Apr’19)
Refinery -45-
Improving Middle Distillate Cracks from Firm Seasonal and
2
Bunker Demand for IMO 2020
A Chance of Colder Winter than Previous Year B Firm Seasonal Demand with IMO 2020 Supportive

Percent of La Niña Development Global Middle Distillate Demand

MBD
39
2H-19: 37.4 MBD (+1.2 MBD vs 1H-19)
20% 38
Neutral
0% 56% 37% 37
80% La Niña
36
El Niño
35
7%
34
33
2H’18 2H’19
Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19
Source: National Oceanic and Atmospheric, NOAA (Apr’19) Source : FGE Energy (Apr’19), Energy Aspects (Apr’19)

C Middle Distillate Stock at 5-year Average Level D Steady-to-Lower Exports from China

Global Middle Distillate Inventory KBD Chinese Middle Distillate Export

MMBL 1200 LE 1H-19: 835 KBD
300
1000
AVG 2018: 695 KBD
250 LE 2H-19: 710 KBD
800
200 600
150 400

100 200
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0
5yr-range 2018 2019 avg 14-18 Jan-18 Jul-18 Jan-19 Jul-19
Source : Reuters (May’19) Source : FGE Energy (Apr’19)
Refinery -46-

3 Demand Growth Outpacing Supply Addition

Asia Pacific and Middle East Effective CDU Addition VS Additional Demand

AP & ME Demand Growth Middle East China Other AP

Japan India Vietnam Teapot
Thailand Net Addition Operating Rate [RHS]

Refinery Country Start-up CDU (KBD)

KBD
Rapid Malaysia Q2’19  Q3’19 300 Operating Rate, %
3500 3150 100
Hengli China Q3’19  Q2’19 400
Jizan Saudi Arabia Q4’19 400
95
Rongsheng China Q3’20 400
2500
90

1386 1431
1500 85

875 970
762 775 721 770
517 562 632 595 80
458
500 295
5 75

-500 70
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Note: Adjusted capacity based on start-up period (effective additional capacity)

Source : FACTs Semi Annual Reports, Fall 2018, Reuters (Oct’18) and TOP’s estimate
Domestic

Thailand Oil Demand Growth

Thailand Oil Demand Growth

(B) (B) (B)
1Q2019(B) Y2019F
YoY Y2016 Y2017 Y2018 VS 1Q2018 VS 2018

Steady growth due to low oil

Mogas (A) +9.8% +3.7% +3.3% +3.4%
price
Softer growth due to weaker
Jet/Kero +6.8% +4.4% +5.4% +2.2% tourism and limited airport
capacity
Steady growth following
Diesel (A) +3.1% +2.9% +1.5% +1.6%
economic expansion

Total +5.4% +3.4% +2.6% +2.2%

GDP +3.2%(C) +4.0%(C) +4.1%(C) +3.4%(D) +3.8%(D)

Remarks: (A) Mogas and Diesel includes Ethanol and Biodiesel, respectively
(B) DOEB
(C) NESDB
(D) BOT’s Estimation (Apr’19)
AROMATICS
Aromatics -49-

Pressured PX and BZ Markets due to Concerns of New Capacity

in China
Aromatics Market

PX CFR Taiwan-ULG95 ($/TON) BZ FOB Korea-ULG95 ($/TON)

529 508
447 343
387
332315341 317
280
313
273258260276
304
268 277 225 212245 231
185 195
156138174 163 141
126127
81
18
Y2016

Y2017

Y2018

Q2TD-19*
Q1-16
Q2-16
Q3-16
Q4-16

Q1-17
Q2-17
Q3-17
Q4-17

Q1-18
Q2-18
Q3-18
Q4-18

Q1-19
-49

Q1-16
Q2-16
Q3-16
Q4-16
Y2016

Q1-17
Q2-17
Q3-17
Q4-17
Y2017

Q1-18
Q2-18
Q3-18
Q4-18
Y2018

Q1-19
Q2TD-19*
($/TON) Q1-18 Q2-18 Q3-18 Q4-18 2018 Q1-19 Q2TD-19* Key Highlights in 2H-2019
1 Weaker PX Market on Concerns of
PX-
304 268 447 529 387 508 277 New Capacity in China
ULG95
BZ-
231 126 127 81 141 18 -49 2 Weak BZ Market due to Concerns
ULG95
of New Capacity amid High Stock
Remarks: *Q2TD-19 as of 24 May 2019 in China
Aromatics -50-

1 Weaker PX market on Concerns of New Capacity in China

A Higher Capacity Addition to Pressure in 2H-19 B Lower PX Maintenance in 2H-19 to Pressure Market

AP/ME Effective PX Capacity Addition Asian PX Plant Turnaround in 2019

Mil TON K TON

6
Heng Li 1 Hainan Heng Li 2 600
2.25MTA 0.8MTA 2.25MTA
394
Fuhaichuang 1 Fuhaichuang 2 Hongrun Zhejiang 3.6
4 0.8MTA in Jan 0.8MTA in Apr 0.8MTA 0.8MTA 400 274 280
2.1 199 188
1.5 1.8 142
2 200 107 119
0.9 0.9 69 72 51
0
0 0

Jan-19

Feb-19

Mar-19

Jun-19

Aug-19

Nov-19
Oct-19
Jul-19

Dec-19
Apr-19

May-19

Sep-19
Q1-19 Q2-19 Q3-19 Q4-19 1H-19 2H-19
Effective Cap. from Prev. Yr Heng Li 1 Sinopec Hainan 2
Zhejiang PC 1 Heng Li 2 Sinochem Hongrun
Japan China Taiwan South Korea
Malaysia Singapore Thailand Vietnam
Uncertainty Total India Total 2018

C Expect PTA Opt. Rate in 2H-19 to be Higher than 2017-18 D Lower

High Supply
Opt. in 2H-19
Rate from Lower to Pressure
Demand the Market
Growth than Cap. Add.

Percentage
Chinese PTA Operating Rate AP/ME PX Effective Capacity vs Demand
Mil TON Cap. Add. : +11.8%
100
Dem. Growth : +3.7%
90 Operating Rate 2019: 83.2%
30
80 25
27
20 24
15 20 21
70
10 13 14
11 10 12 10 11 11
60 5
0
50 Q1-19 Q2-19 Q3-19 Q4-19 1H-19 2H-19
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19
PX Capacity PX Demand
2018 2017 2019
Note: the number may not sum to total due to rounding
Source: WM Chemicals (Feb’19) and TOP’s Estimate
Aromatics -51-
AP/ME PX Balance

AP/ME PX Supply Demand Balance

2010-2018 (CAGR) 2019 (CAGR) 2019-2023 (CAGR)
Mil TON Cap: 5.6% Cap: 11.8% Cap: 5.1% Operating Rate
Dem: 6.4% Dem: 3.7% Dem: 3.8%
70 90%
60
58.8 60.6 61.8 80%
50 57.3
50.7 48.3
40 43.2 45.3 43.2 44.9 46.4
37.8 40.6 41.2 40.2 41.7 70%
30 33.3 33.2 34.6 36.7
28.8 30.3 30.6 29.6 31.1
20 24.4 26.3 27.3 60%
10
0 50%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Effective Capacity Demand Operating Rate (RHS)

AP/ME Effective Capacity Addition and Demand Growth

2010-2018 (Per Yr) 2019 (Per Yr) 2019-2023 (Per Yr)
Mil TON Cap: 2.2Mil TON Cap: 5.3Mil TON Cap: 3.8Mil TON Operating Rate
Dem: 1.8Mil TON Dem: 1.5Mil TON Dem: 1.6Mil TON
7 90%
6 6.6
5 80%
5.3
4 4.5
70%
3 3.4 3.5
2 2.7 2.8
2.4 2.3 2.1 2.0 2.2 2.1 60%
1 1.9 1.7 1.6 1.9
1.6 0.3 1.5 0.5 1.3 1.5 1.6 1.5 1.6 1.3
0 1.0 50%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Effective Capacity Addition Demand Growth
Sources: WM Chemicals (Feb’19) and TOP’s Estimate
Aromatics -52-
Weak BZ Market due to Concerns of New Capacity
2 amid High Stock in China
A Higher Capacity Addition in 2H-19 B High BZ Stock in East China to Pressure Import Interest

AP/ME Effective BZ Capacity Addition KTON

BZ Stock in East China
Mil TON 231
250
3 Heng Li 1 Hainan Heng Li 2 200 178
0.65MTA 0.16MTA 0.65MTA 138
150
2 Fuhaichuang 1 Fuhaichuang 2 Hongrun Zhejiang 93
100 69
0.12MTA in Jan 0.12MTA in Apr 0.2MTA 0.65KTA 1.1
0.8 50
1 0.4 0.5 0.6
0.3 0

Jan-15

Jul-15

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19
0
Q1-19 Q2-19 Q3-19 Q4-19 1H-19 2H-19
Effective Cap. from Prev. Yr Heng Li 1 Sinopec Hainan 2
Zhejiang PC 1 Heng Li 2 Sinochem Hongrun BZ Stock in East China 2015 Average 2016 Average
Uncertainty Total
2017 Average 2018 Average 2019 Average

C SM Capacity Addition to Support BZ Demand in 2H-19 D High Supply to Pressure Sentiment in the Market

AP/ME SM Capacity Addition AP/ME BZ Effective Capacity vs Demand

Mil TON Mil TON
Cap. Add. : +4.6%
0.8 Dem. Growth : +4.9%
Zhejiang 25 Operating Rate 2019: 81.5%
0.6 Citic Guoan 1.2MTA 20
Chemical In Nov 0.36 21 22
0.4 200KTA 15 17
In Jul 0.27 16
0.14 10
0.2 0.07 0.09 10 10 11 11
0.07 5 8 8 9 8
0.0 0
Q1-19 Q2-19 Q3-19 Q4-19 1H-19 2H-19 Q1-19 Q2-19 Q3-19 Q4-19 1H-19 2H-19

Effective Capacity from 2018 2019 Effective Capacity BZ Capacity BZ Demand

Note: the number may not sum to total due to rounding
Source: WM Chemicals (Feb’19), IHS (Feb’19) and TOP’s Estimate
Aromatics -53-

AP/ME BZ Balance

AP/ME BZ Supply Demand Balance

2010-2018 (CAGR) 2019 2019-2023 (CAGR)
Cap: 3.2% Cap: 4.6% Cap: 4.5%
Mil TON Dem: 3.9% Dem: 4.9% Dem: 3.8% Operating Rate
60 90%
50
47.5 49.0 50.1 80%
40 45.6
40.2 42.1
36.8 37.2 37.7 39.0 36.5 37.7
30 32.9 32.8 34.5 32.5 33.7 35.1 70%
31.2 29.6 30.9
26.4 27.8
20 22.6 24.7 25.7
22.0 23.3 60%
10
0 50%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Effective Capacity Demand Operating Rate (RHS)

AP/ME BZ Effective Capacity Addition and Demand Growth

Mil TON 2010-2018 (Per Yr) 2019 (Per Yr) 2019-2023 (Per Yr) Operating Rate
Cap: 1.3Mil TON Cap: 1.4Mil TON Cap: 1.4Mil TON
4 Dem: 1.3Mil TON Dem: 1.3Mil TON Dem: 1.3Mil TON 90%

3 3.5
3.0
80%
2 2.5 2.4
1.2 1.8 1.8 1.9 70%
1.6 1.6 1.5 1.6 1.4
1 0.6 1.4 1.3 1.3 1.3 1.3 1.4
1.0 1.1 1.2
0.7 0.3 0.7 0.5 60%
0
0.0
-1 50%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Effective Capacity Demand Operating Rate (RHS)

Source: IHS (Feb’19) and TOP’s Estimate

BASE OIL & BITUMEN
Base Oil & Bitumen -55-

Soft Base Oil Market on High Supply in Asia

500SN – HSFO ($/TON) 1 AP Base Oil Effective Capacity Addition

556528 512482
458498 Mil TON Group 3 Group 2 Group 1 Net Capacity
427409443 412 451 417376447
367 330 1.4
272 1.5
0.9
1.0
0.4
0.3
Y2016

Y2017

Y2018

Q2TD-19*
Q4-16

Q1-19
Q1-16
Q2-16
Q3-16

Q1-17
Q2-17
Q3-17
Q4-17

Q1-18
Q2-18
Q3-18
Q4-18
0.5 0.2
0.0
0.0

-0.5
Q2TD-
($/TON) Q1-18 Q2-18 Q3-18 Q4-18 2018 Q1-19 1H-17 2H-17 1H-18 2H-18 1H-19 2H-19
19*

500SN-
512 482 417 376 447 330 272
HSFO 2 AP Plant Maintenance
Remarks: *Q2TD-19 as of 24 May 19 Group 3 Group 2 Group 1 Net Capacity
Mil TON
Key Highlights in 2H-2019 1.4
1.2
1.2

0.9 0.9
1.0
0.7
1 Higher Supply on New Supply Addition and 0.8 0.6
Lower Plant Maintenance 0.6
0.4 0.3
2 Slow Demand during Rainy Season 0.2
0.0
1H-17 2H-17 1H-18 2H-18 1H-19 2H-19

Source: Argus (May’19)and TOP’s Estimate

Base Oil & Bitumen -56-

Soft Bitumen Market on Slow Demand in Asia

Bitumen-HSFO ($/TON) 1 Slow demand during 2H-19

Kton/month Import Bitumen Volume

-7 -13 -7 300
-19
-48 -61 -49 -38 -29 -45 -31 -41 -46 -40
-56 -67 200
-80
100
Y2016

Y2017

Y2018
Q1-16

Q4-16

Q1-17

Q2TD-19*
Q2-16
Q3-16

Q2-17
Q3-17
Q4-17

Q1-18
Q2-18
Q3-18
Q4-18

Q1-19
0
1H-17 2H-17 1H-18 2H-18 1H-19
Indonesia India Vietnam
Q2TD-
($/TON) Q1-18 Q2-18 Q3-18 Q4-18 2018 Q1-19
19* 2 Higher Bitumen Demand in 2019
Bitumen-
HSFO
-56 -67 -41 -19 -46 -40 -7 Bitumen Domestic Sales
Kton/month
Remarks: *Q2TD-19 as of 24 May 19 120 104
Bangyai- Karnchanaburi
Key Highlights in 2H-2019 100 89 88 82 (55,620 Mil Baht)
80 74
EEC: 5 Highways
60 (35,000 Mil Baht)
1 Slow Demand during Rainy Season in Asia 40
20
2 Improved Bitumen Demand in Thailand from
0
Higher Infrastructure Budget in 2019
1H-17

2H-17

1H-18

2H-18

1H-19
Source: Petrosil (Apr’19), Bureau of maintenance (Mar’19)
Linear Alkyl Benzene (LAB)
LAB -58-

Soft Demand in 2H-2019 due to Monsoon Season and Lower

AP/ME LAB Plants Maintenance

LAB Market
K TON 2018 India LAB Import Volume
LAB Spread* ($/TON) 70
60
50
635 627 619 606 603 640 615 620 40
574
543 539 534 522 550 529 566 562
30
Q1 Q2 Q3 Q4
KTA AP/ME Effective Maintenance/Closure***
250 Saudi Arabia
200 Egypt
150 Taiwan
100 South Korea
Y2016

Q2TD-19**
Q3-16

Y2017

Y2018
Q1-16
Q2-16

Q4-16

Q1-17
Q2-17
Q3-17
Q4-17

Q1-18
Q2-18
Q3-18
Q4-18

Q1-19
50 Japan
0 India
1H 2018 2H 2018 1H 2019 2H 2019 China
***Temporary

Q2TD-
Key Highlights in 2H-2019
($/TON) Q1-18 Q2-18 Q3-18 Q4-18 2018 Q1-19
19*

1 Soft Demand in Q3 as Rainy Season

LAB
Spread
529 566 562 640 574 615 620 Pressure Detergent Demand

Remarks: *Estimated indicator 2 Lower AP/ME LAB Plants

**Q2TD-19 as of 10 May 19 Maintenance
Source: ICIS Publication (2016-2019), India Customs (Jan-19), TOP’s Estimate
CONCLUSION
Conclusion -60-
2H-2019 Market Outlook Conclusion
(vs. 1H-2019)

Crude Oil Increasing Oil Supply to Balance Iran and Venezuela

Output Loss

Improving Refining Margins Supported by Strong

Refinery Middle Distillate Demand Outpacing Weak Gasoline
Market

Pressured PX and BZ Markets due to Concerns of New

Aromatics Capacity in China

Soft Base Oil Market on High Supply Addition in Asia

Lube Base Soft Bitumen Market on Slow Demand

Soft LAB Market Pressured by Monsoon Season and Lower

LAB Maintenance Level
 -61-

Thank You
Any queries, please contact:

at email: ir@thaioilgroup.com
Tel: 662-797-2999 / 662-797-2961
Fax: 662-797-2976
 -62-

APPENDIX
• Q1/19 Performance analysis
• CDU Addition VS Additional Demand – AP & ME
• World GRM / Inventories
• Thailand petroleum demand by products
Refining -63-

Q1/19: Lower Mkt GRM pressured by Weak Product Spread

Refinery Utilization
Dubai Crude Price & Key Petroleum Product Spreads
Q1/19 Q4/18 Q1/18
2018 2019 2018 116% 115% 113%
$/bbl Q1 Q2 Q3 Q4 Q1 Q2TD* FY18
% MB Intake/OSP*
DUBAI (DB) 63.9 72.1 74.3 67.4 63.5 70.6 69.4
36%/ 32%/ 39%/
ULG95 - DB 13.7 12.1 11.6 4.7 3.7 8.6 10.5 1.8 2.5 3.5
*Murban OSP over Dubai ($/bbl)
JET - DB 16.1 15.3 14.5 15.6 13.0 11.8 15.4
GO - DB 14.8 14.6 14.4 14.8 12.8 12.2 14.6 Q1/19 Market GRM
HSFO - DB (4.9) (4.4) (2.5) 1.4 0.6 (3.1) (2.6) - Soften gasoline spread due to
*As of 24 May 19 high inventory worldwide
77 79 - Lower middle distillate margin
68 74 74 73 72
66 63 63 66
57 59 65 67 71 70 as low heating oil demand from
Dubai Price mild winter
(US$/bbl) + Lower crude premium due to
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May
abundant light crude supply
2018 2019 from U.S.
+ Rising crude price due to OPEC
Gross Refinery Margins - GRM and Non OPEC production cut
2018 2019 2018
Q1/19 Performance
$2.7/bbl Q1 Q2 Q3 Q4 Q1 FY18
+ Highest refinery run rate at
Market GRM 5.7 4.0 5.0 3.9 3.0 4.7
116%
Stock G/(L) 0.4 5.0 1.2 (7.5) 2.7 (0.4)
Accounting GRM 6.2 9.0 6.2 (3.6) 5.7 4.3
Aromatics/LAB -64-

Q1/19: Slightly Soften Aromatics Contribution pressured by Lower PX Spread

Aromatics Spreads and Margins Aromatics Production
2018 2019 2018 Q1/19 Q4/18 Q1/18
$/ton Q1 Q2 Q3 Q4 Q1 Q2TD* FY18 92% 94% 90%

PX**-ULG95 304 268 451 528 508 277 388

Q1/19 Market
BZ**-ULG95 231 126 126 81 18 (49) 141
- Slightly soften PX spread
*As of 24 May 19
650
481
559 545 515 524 528 543 pressured by increasing supply
454
500 315
after Petro Rabigh (1.3 MTA) and
296 326
350 300 271 311 PX-ULG95
(US$/Ton) 267 267
227 Nghi Son (0.7 MTA) run at full
200
50 246 248 199
145 130 159 capacity and new supply from
115 118
-100
91 73 92 76 38 42
(25) (38) BZ-ULG95 China (0.8 MTA)
(60)
2018 2019
- Weak BZ spread due to ample
Aromatic’s Sales (excluding by product) & Product-To-Feed Margin (P2F) supply in China
(Unit : KTon) + Weak feedstock cost
245
TL (gasoline & naphtha) limit
63 57 67 60
BZ
59 downside
500
126 109 131 134 115
PX Q1/19 Performance
2018 2019 2018 - Slightly lower utilization rate
Q1 Q2 Q3 Q4 Q1 due to soften product margins
FY18
Aromatic P2F -$/ton 110 87 129 151 143 121
Aromatic P2F -$/bbl 14.5 11.6 16.9 20.2 18.8 15.9
GIM contribution*** 1.7 1.3 2.0 2.2 2.0 1.8
** PX price = CFP Taiwan, BZ price = FOB Korea *** including LAB contribution since 25 Feb 2016
Remark: TOL –ULG95 Q1/19 = 41 $/ton, Q4/18 = 73 $/ton, Q1/18 = 57 $/ton
Lube Base Oil -65-

Q1/19: Soften Contribution as Lower Lube Base Spread

Base Oil & Bitumen Spreads & Margins Base oil Production

2018 2019 2018 Q1/19 Q4/18 Q1/18

$/ton Q1 Q2 Q3 Q4 Q1 Q2TD* FY18 89% 86% 89%

500SN-HSFO 512 481 417 376 330 272 447 % Base Oil & Specialty Sales Volume
BITUMEN-HSFO (56) (67) (41) (19) (40) (7) (46)
14% 14%
13%
*As of 24 May 19
800
510 545 518
600 482 469 457 436 425 423 21% 18% 21%
390 364 384
339 325
400 280 266 277
(US$/Ton) 500SN-HSFO
200
(44) (40) (39) (48)
(9) (1)
(48) (49) (22) (14) 1 Q1/19 Q4/18 Q1/18
(58) (51) (43)
0 (58) (75) (81) Bitumen-HSFO Base Oil Specialty
-200
2018 2019 Q1/19 Market

TLB’s Sales (excluding byproduct) & Product-To-Feed Margin (P2F) − Soften lube spread pressured
by new base oil supply group 2,3
(Unit : KTon)
from China (1.26 MTA)
Bitumen 440
Specialty
117 116
80
104 98 − Soften bitumen spread due to
149
Base Oil
39 39 34 38 36 low demand during winter
61 62 48 60 59 231

2018 2019 2018

Q1/19 Performance
Q1 Q2 Q3 Q4 Q1 FY18
+ Higher utilization rate at 89%
P2F -$/ton 105 97 66 73 59 84
P2F -$/bbl 16.0 14.8 9.9 11.1 9.0 12.8
GIM contribution 0.7 0.7 0.4 0.4 0.2 0.5
Performance Breakdown -66-

Beauty of Integration…Sustainable GIM

(Unit: US$/bbl) 16.4 16.9 20.2 18.8

Product to Feed 11.9 11.0 12.2 14.4 11.6

Q1/17 Q2 Q3 Q4 Q1/18 Q2 Q3 Q4 Q1/19

6.5 6.1 8.1 6.0 5.7 5.0

Marketing
4.0 5.7 3.0
Crude
GRM
(excluded stock gain / loss)
Q1/17 Q2 Q3 Q4 Q1/18 Q2 Q3 Q4 Q1/19

17.6 17.9 17.1 15.5 16.0 14.8 9.9 11.1 11.1

Product to Feed
Q1/17 Q2 Q3 Q4 Q1/18 Q2 Q3 Q4 Q1/19

Marketing GIM Accounting GIM

TOP TPX TLB GIM (Unit: US$/bbl)
(Unit: US$/bbl) TOP TPX TLB GIM
10.2 11.5 12.5 11.8
9.4 11.1 10.9
8.3 0.8 8.30.7 8.2 0.9 0.5 9.3 0.8 0.7 0.7 8.1
0.9 1.3 0.7 7.2 6.5 1.6 0.9 1.3 1.5 8.6
0.9
2.2 5.9 7.3 1.7 0.7 7.9
1.5 1.7 0.4
0.4 5.2 6.2 6.2 0.7 1.3
1.5 0.7 1.4 0.6 2.2 0.9 1.3 0.2
2.0 0.2 0.9 10.4 1.7 2.0
1.3 2.2 8.6 1.99.4 1.5 9.5 8.9
8.0 2.0 5.0 6.3 6.1 6.1 0.4 5.7
6.4 6.0 6.0 5.7 3.7 3.9 2.2
3.9 4.9 3.9 3.0
(3.5)
Q1/17 Q2 Q3 Q4 Q1/18 Q2 Q3 Q4 Q1/19 (0.9)
Power -67-

Q1/19 Power Sector Performance…Growing Contribution to the Group

Power Business Sector

Equity holding in
SPP GPSC ****
74% 100%
***TOP shareholding 24.29% (8.91%
Power & Steam Sales via TOP and 20.79% via TP)
2,544 GPSC is an associate company of TOP.
Electricity(1) Equity method is applied to recognize
(GWh) 622 643 647 632 606 share of profit. (EBITDA calculation
excludes profit sharing from GPSC)

Equity income from GPSC

4,333 SPP (TP+TOP SPP)
Steam(1) 1,041 1,084 1,129 1,079 1,043 (1) 100% of TP and TOP SPP
(kton) Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 FY/18

EBITDA & Net Profit Performance Highlight

2,653
EBITDA
3)
+ Higher contribution from
665 678 683 628 575
(THB million) GPSC’s profit sharing due to
3) consolidated
EBITDA 2,183 consolidating net profit from
of TP and TOP SPP GLOW (69.11%) since 14 March
Net Profit
4) 816 2019
(THB million)
4) Net
profit of 74% TP + 13%
100 % TOP SPP + 592 608 566 482 1,387
24.29% profit sharing
224 255 218 417
from GPSC 118 229
368 353 348 299 253

Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 FY/18

Performance Breakdown -68-

Q1/19: Performance Breakdown by Business Unit

Utilization/Production (%) & Net Profit (million THB) Key Points
• Refinery: continued high run rate to
capture strong demand in domestic
and Indochina market
• Aromatic/LAB: stable run rate to
capture ongoing decent margins
(2)
• Lube: declined contribution
(1)
Refinery Aromatic Lube Solvents Marine Ethanol Power pressured by new base oil supply
from China
• Power: higher contribution mainly
from higher GPSC’s profit sharing
116% 123%
115% • Solvents: higher contribution due to
94% 104%
95% 95% 97%97% higher sale gross margins following
92% 89%86%
Q1/19 rising crude price
• Marine: improved contribution
Q4/18 supported by higher TMS’s utilization
and lower operating cost
• Ethanol: higher contribution due to
higher sales volume and profit
sharing from UBE

Consolidated
Net Profit
(3) (4)
Q1/19 2,968 774 56 44 (2) 16 482 4,408
(3)
Q4/18 (6,087) 747 145 (14) (65) 7 417 (4) (4,812)
(3) (4)
Q1/18 3,747 751 417 38 17 27 592 5,608

(1) U-rate of 5 Oil & Chemical Tankers (total capacity: 22,800 DWT, acquired 1 LPG vessel in Dec 18 which start operate in Jan 19 onwards)
(2) U-rate of TET Q1/19 includes SAPTHIP 97% and UBE 97%, Q4/18 includes SAPTHIP 96% and UBE 98%, Q1/18 includes SAPTHIP 87% and UBE 108%
(3) Includes 75% of LAB net profit, Q1/19 = (64) MB, Q4/18 = (106) MB, Q1/18 = 115 MB
(4) Apply on an equity accounted basis in the consolidated financial statement. (GPSC has been held by TOP 8.9% and TP 20.8%,TP has been held by TOP 74% & TOP SPP has
been held by TOP 100%)
Financial -69-

Q1/19 TOP Group Consolidated P&L

(Unit : million THB)
Q1/19 Q4/18 QoQ Q1/18 YoY QoQ analysis
(A)
Sales Revenue 91,626 100,150 (8,524) 91,536 90 (A) Decrease overall sales volume and
(B) product prices following lower
Hedging Gain / (Loss) (166) (852) 686 102 (268)
quarterly average crude price
(C)
EBITDA 6,889 (3,582) 10,471 7,359 (470) (B) Less commodity hedging loss in
EBITDA excl. Stock G/(L) & Reversal of (D) Q1/19
3,102 4,942 (1,840) 7,087 (3,985)
NRV/(NRV)
(E) (C) Mainly from stock gain 2.7 $/bbl in
Financial Charges (1,215) (1,078) (137) (750) (465)
Q1/19 compared with stock loss
(F) (7.5) $/bbl in Q4/18
FX G/(L) & CCS (1) 652 (233) 885 1,470 (818)

(Tax Expense)/reversal of income tax (1,000) 1,315 (2,315) (1,209) 209 (D) Mainly due to soften Mkt GIM 5.2
$/bbl in Q1/19 from 6.5 $/bbl in
Net Profit / (Loss) 4,408 (4,812) 9,220 5,608 (1,200) Q4/18
EPS (THB/Share) 2.16 (2.36) 4.52 2.75 (0.59) (E) Mainly from new bond 1,000 M$ in

Stock G/(L) & Reversal of NRV

(2)
3,787 (8,524) 12,311 272 3,515
Nov’18 to support funding plan for
CFP
Net Profit/ (Loss) excl. Stock G/(L) and
621 3,712 (3,091) 5,336 (4,715) (F) Mainly from realized gain on AP/AR
Reversal of NRV/(NRV)
& unrealized gain on USD debt from
THB/US$ - average 31.79 32.99 (1.20) 31.71 0.08 THB appreciated

THB/US$ - ending 31.98 32.61 (0.63) 31.41 0.57

Effective Tax Rate (%) 18% N/A N/A 17% 1%

(1) Including net F/X risk management (foreign currency assets and liabilities) gain/ (loss) in Q1/19, Q4/18 and Q1/18 334, (544) and 1,347 MB, respectively
(2) In Q1/19, Q4/18 and Q1/18 stock gain/(loss) = 2,473, (7,211) , and 381 MB. And, In Q1/19, the reversal of NRV was recorded at 1,314 MB (consisted of crude NRV 769 MB and product NRV 545 MB),
in Q4/18 NRV was recorded at 1,314 MB (consisted of crude NRV 769 MB and product NRV 545 MB), and in Q1/18 NRV was recorded at 110 MB which is wholly crude NRV
Financial -70-

Q1/19 TOP Group Consolidated Cash Flow (Unit: Million THB)

(Unit: Million THB) Investments
Operating Cash Flow Q1/19 Q1/18
Q1/19 Q1/18 Investments 7,878 2,915
Operating Cash Flow 3,891 7,636 ST investments 11,309 4,352
Net income & non-cash adj. 6,459 7,157 + Available for sale - (680)
1)
Change in working capital (2,568) 479 CAPEX (PP&E) & other (3,431) (968)
1)TOP 2,386 MB, TPX 875MB

Financing
Financing (5,186) 7,283
2)
Loans proceeding 2,253 10,346
Free Cash Flow 11,769 10,551 + 3)
Loans repayment (6,032) (1,685)
Interest (1,404) (1,377)
Dividend (3) -
2) LABIX 970, SAPTHIP 495, TSTH 590 ,TSV 150, and TMS 5 MB
3) TOP 3,000 , TM 75, LABIX 1,200, TLB 540, TSTH 810, TSV 257, SAPTHIP 150 MB

Beginning Changes Effect of FX changes Ending

Cash 34,041 6,602 (425) 40,218

4)
S/T investment 73,221
+
(11,846) + = 61,375
Investment held as 5)
361 19 380
Available for sale
Non-cash transaction : Ending Cash incl. S/T
107,623 4) Unrealized loss from FCD 488MB
Investment & AFS 101,973 6)
5) MTM EBIF 19MB in Q1/19

6) FCD = 56,708 MB (1,792 MUSD)

Refinery -71-

Asia Pacific and Middle East Refinery Addition

Start-up Nameplate
Country Company
period) (KBD)
AP & ME Demand Growth Middle East
China Other AP Q1-18 Iran 120
Bandar Abbas - PGSOC/1
Japan India (Phase 2)
Vietnam Teapot Vietnam 186 Nghi Son
Net Addition
KBD Q3-18 China 100 Petrochina Huabei
2000 Q4-18 India (Aug’18 > Oct’18) 36 Bharat - Bina

Bandar Abbas - PGSOC/1

Iran 120
(Phase 3)
South Korea 82.8 Hyundai Oilbank – Daesan
970 Q1-19 China 70
CNOOC/Local Zhonghai
1000 775 Dongying
762
North Refining Company –
562 Iraq 66
Baiji
458
Q2-19 Malaysia (May’19 > Aug’19) 300 Petronas Pengerang (RAPID)

Q4-19 China (Jul’19 > Jun’19) 400 Hengli Petrochemical Dalian

5
0
Saudi Arabia (Oct’19 > Nov’19) 400 Jizan

60 Sinochem Quanzhou –
China
Fujian

Iraq 66 North Refining Company –

Basra

-1000 Kuwait (Dec’18 > Dec’19) 171 KPC - Mina Al-Ahmadi

2015 2016 2017 2018 2019 2020 Closures
Note: Adjusted capacity based on start-up period (effective additional capacity) Q2-18 China -75 Local refineries
Q4-19 China -100 Local refineries

Kuwait (Dec’18 > Dec’19) -112 KPC - Mina Al-Ahmadi

Sources: FGE Energy Semi Annual Reports, Fall 2018, Reuters (Oct’18) and TOP’s estimate
World GRM -72-

Asian Margin Vs. US-EU margin

SINGAPORE GRM EU - US Margins
$/BBL $/BBL
14 40
12
10 30
8
6 20
4
2
0 10
-2
-4 0
-6
-8 -10
Jan-16

May-16

Sep-16

Jan-17

May-17

Sep-17

Jan-18

May-18

Sep-18

Jan-19

Jan-16

May-16

Sep-16

Jan-17

May-17

Sep-17

Jan-18

May-18

Sep-18

Jan-19
SING CRACK SING HYDRO BRENT CRACK BRENT HYDRO WTI CRACK

U.S. Crude Refinery Input EU 16 Crude Refinery Input Japan Crude Refinery Input
MBD MBD MBD
Total Capacity: 18.6 MBD Source : EIA Total Capacity: 15.8 MBD Source : EurOil Source : METI
19 12 Total Capacity: 3.5 MBD
84.78% 65.71% 3.7 90.69%
18
17 11
16 3.2
10
15
14 2.7
9
13
12 8 2.2
1 5 9 13 17 21 25 29 33 37 41 45 49 1 2 3 4 5 6 7 8 9 10 11 12 1 5 9 13 17 21 25 29 33 37 41 45 49
5yr-range 2019 5yr-range 2019 5yr-range 2019
2018 avg 14-18 2018 avg 14-18 2018 avg 14-18
Inventories -73-

Global Crude Oil Inventories

U.S. Crude Stocks (excl. SPR) Crude Oil, Cushing, Oklahoma
MBBL MBBL
Source : EIA Source : EIA
600 80
550 70
500 60
50
450
40
400
30
350 20
300 10
250 0
1 5 9 13 17 21 25 29 33 37 41 45 49 1 5 9 13 17 21 25 29 33 37 41 45 49
5yr-range 2019 2018 avg 14-18 5yr-range 2019 2018 avg 14-18

EU 16 Crude and Feedstock Stocks Japan, Crude Stocks

MBBL MBBL
Source : EurOil Source : METI
510 105
500 100
490 95
480 90
85
470
80
460 75
450 70
440 65
430 60
1 2 3 4 5 6 7 8 9 10 11 12 1 5 9 13 17 21 25 29 33 37 41 45 49
5yr-range 2019 2018 avg 14-18 5yr-range 2019 2018 avg 14-18
Inventories -74-

Global Gasoline Inventories

U.S. Gasoline Stocks Singapore Gasoline Stocks
MBBL MBBL
Source : EIA Source : IE Singapore
280 20

260

240
10
220

200

180 0
1 5 9 13 17 21 25 29 33 37 41 45 49 1 5 9 13 17 21 25 29 33 37 41 45 49
5yr-range 2019 2018 avg 14-18 5yr-range 2019 2018 avg 14-18

MBBL EU 16 Gasoline Stocks MBBL Japan, Gasoline Stocks

Source : EurOil Source : METI
140 15

120 10

100 5

80 0
1 2 3 4 5 6 7 8 9 10 11 12 1 5 9 13 17 21 25 29 33 37 41 45 49
5yr-range 2019 2018 avg 14-18 5yr-range 2019 2018 avg 14-18
Inventories -75-

Global Middle Distillate Inventories

U.S. Diesel Stocks Singapore Middle Distillate Stocks
MBBL MBBL
Source : EIA Source : IE Singapore
180 20

160

140
10
120

100

80 0
1 5 9 13 17 21 25 29 33 37 41 45 49 1 5 9 13 17 21 25 29 33 37 41 45 49

5yr-range 2019 2018 avg 14-18 5yr-range 2019 2018 avg 14-18

EU 16 Diesel Stocks Japan, Middle Distillate Stocks

MBBL MBBL
Source : EurOil Source : METI
500 20

450 15

400 10

350 5

300 0
1 2 3 4 5 6 7 8 9 10 11 12 1 5 9 13 17 21 25 29 33 37 41 45 49
5yr-range 2019 2018 avg 14-18 5yr-range 2019 2018 avg 14-18
Inventories -76-

Global Fuel Oil Inventories

U.S. Residual Fuel Oil Stocks Singapore Residual Fuel Oil Stocks
MBBL MBBL
Source : EIA Source : IE Singapore
50 40

30
40
20
30
10

20 0
1 5 9 13 17 21 25 29 33 37 41 45 49 1 5 9 13 17 21 25 29 33 37 41 45 49

5yr-range 2019 2018 avg 14-18 5yr-range 2019 2018 avg 14-18

EU 16 Residual Fuel Oil Stocks Japan, Residual Fuel Oil Stocks

MBBL MBBL
Source : EurOil Source : METI
90 20

80 15

70 10

60 5

50 0
1 2 3 4 5 6 7 8 9 10 11 12 1 5 9 13 17 21 25 29 33 37 41 45 49
5yr-range 2019 2018 avg 14-18 5yr-range 2019 2018 avg 14-18
China Export -77-

China’s Refined Product Exports

KBD
China’s Gasoline Exports KBD
China’s Gasoil Exports
Source : China Custom Source : China Custom
500 700
600
400
500
300 400
200 300
200
100
100
0 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2016 2017 2018 2019 2016 2017 2018 2019

KBD China’s Jet/Kero Exports

Source : China Custom
500

400

300

200

100

0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2016 2017 2018 2019

Thailand petroleum demand by products -78-

Domestic LPG Demand

Thailand LPG Demand
LPG Demand Highlight
KT/Day 2019 2016 2017 2018 • In 1Q2019, LPG demand expanded 1.8% YoY on
20 the back of 14.2% YoY higher demand from
18.79 petrochemical sector, as a result of higher
18.28
18 17.30 substitute feedstock price. However, LPG demand
was pressured by 2.9% YoY, 2.1% YoY and 1.6%
16
lower consumption in cooking sector, industrial
sector and automobile sector, respectively.
14

12
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Outlook for 2019
Remark : LPG demand includes Petrochemical consumption
• LPG demand is expected to contract 1.1% YoY as
LPG Demand by Sector consumption in transport sector is expected to
decline at 10.0% YoY due to fuel switching. Despite
Cooking Industry Automobile Petrochemical
gasoline price being relatively high, LPG station in
KT/MTH
Thailand is decreasing hence limiting access to
700
fuelling station for LPG vehicle users. Moreover, the
600
registered number of pure LPG vehicle in Thailand
500
during 2010-2017 fell at a rate of 11.2% per year,
400
which means LPG vehicle has become significantly
300
less popular among automobile users over time.
200
100
0
Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov
2018 2019
Source: EPPO, DOEB (As of May 2019)
Thailand petroleum demand by products -79-

Domestic Gasoline/Gasohol Demand

Thailand Gasoline/Gasohol Demand GASOLINE/Gasohol Demand Highlight
MML/Day 2019 2016 2017 2018 • In 1Q2019, Mogas demand rose by 3.4% YoY to
34 an average 31.9 ML/day. Although, the retail price
32.1732.29 of Mogas is higher, Mogas demand was still
32 31.19 supported by consumer preference for using
30 personal cars rather than public transit. Moreover,
Mogas demand is also supported by fuel switching
28
from LPG.
26

24 • The level of domestic ethanol demand, in

1Q2019, rose significantly by 5.7% YoY from 4.07
22
mml/day to 4.30 mml/day following the rising of
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Mogas demand. Additionally, this was also because
of higher demand in GSH95, E20, and E85 which
increased by 8.1% YoY, 13.6% YoY, and 13.9% YoY,
Gasoline/Gasohol Demand by Grade
respectively, backed up by increasing in the
ULG95 GSH 91 (E10) number of new E20 vehicle, higher E20 gas station,
GSH 95 (E10) GSH E20 and attractive GSH95-E20 and E20-E85 price gap.
MML/Day
GSH E85
35
Outlook for 2019
30
25 • Mogas consumption is predicted to grow by 3.4%
20 YoY supported by expectation of growing of new
15 passengers cars from return of private
10 consumption. However, the demand growth is
5
limited by higher oil price.
0
Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov
2018 2019
Source: DOEB (As of May 2019)
Thailand petroleum demand by products -80-

Domestic Jet Demand

Thailand JET Demand
JET Demand Highlight
MML/Day 2019 2016 2017 2018 • In 1Q2019, Jet consumption increased
22 moderately by 2.2% YoY tapering off from last
year as tourism sector encountered a slowdown in
20 growth following slower global economy. Overall
tourist numbers still remained constant at 0.3%
18
YoY while Chinese tourist numbers faced a drop of
16 2.1% YoY.

14
Outlook for 2019
12
• Jet demand growth is expected to grow by 2.5%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
YoY as a result of tourist number growth, especially
from ASEAN. However, the global economic
JET-A1 demand and # of flights slowdown has turned China’s GDP growth from hot
# of Flights (LHS) JP 1 Demand (RHS)
to lukewarm which leads to its citizen being more
Flights MML/MTH cautious about their expenses. Such economic
85,000 700
80,000 650
activity results in less traveling activity which is
75,000 damaging to Thailand as one of the main
70,000 600
65,000 550 destinations for Chinese to spend their vacation.
60,000 500
55,000 450
50,000
45,000 400
40,000 350
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep
Jan
May
Sep

2015 2016 2017 2018 2019

Source: DOEB, AOT, Department of Tourism (As of May 2019)
Thailand petroleum demand by products -81-

Domestic Gasoil and NGV Demand

Thailand Gasoil Demand
Diesel Demand Highlight
MML/Day 2019 2016 2017 2018 • In 1Q2019, Diesel demand rose by 1.6% YoY as a
72 result of the growth of Thai economy, backed up
70 by 9.5% higher commercial car sales and stable
68 agricultural production activity. However, due to
66
the global economic slowdown, manufacturing
64
62
production turned to contraction at 1.0% YoY.
60
58
56
Outlook for 2019
54 • Diesel demand is expected to expand by 1.7% YoY
52
supported by economic activity. Moreover, NOAA
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
(National Oceanic and Atmospheric Administation)
predicts less rainfalls as El Nino is more likely to
NGV Demand occur than La Nina.
KT/Day 2019 2016 2017 2018
10 NGV Demand Highlight
9 • In 1Q2019, NGV demand fell significantly by 11.9%
YoY. The major pressuring factor was the
8 unforgettable hike in retail price. Furthermore,
7 gasoline price dropped significantly in the latter
year, making gasoline more popular among
6 consumers.
5
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Source: DOEB (As of May 2019)
Thailand petroleum demand by products -82-

Domestic Fuel Oil Demand

Thailand Fuel Oil Demand
Fuel Oil Demand Highlight
MML/Day 2019 2016 2017 2018 • In 1Q2019, Fuel Oil consumption fell by 4.6%
8 YoY, as a result of 78.6% YoY slump in demand for
power generation. Moreover, the demand for
6 industrial purpose declined by 13.6% YoY as
pollution concern became in the spotlight earlier
4
this year. However, bunker demand remained
expandable at 2.6% YoY following import and
export activities, although the growth has receded
2
from last year’s outstanding performance due to
the lack of special demand from abroad.
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Outlook for 2019
• Fuel oil demand is expected to increase by 0.6%
Thailand Fuel Oil Demand by Sector
YoY, supported by transportation demand from
Transportation Industry Electricity Others economic activity. However, demand growth will
MML/Day continue to be limited by weak consumption for
8
industrial and electricity purposes.
7
6
5
4
3
2
1
0
Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov
2017 2018 Source: DOEB (As of May 2019)
 -83-

Thank You
Any queries, please contact:

at email: ir@thaioilgroup.com
Tel: 662-797-2999 / 662-797-2961
Fax: 662-797-2976