Thai Oil : Presentation to Investors December 2023

Thai Oil Public Company Limited

Presentation to Investors

December 2023

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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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Presentation Agenda

TOP GROUP BUSINESS OVERVIEW

KEY HIGHLIGHTS

FINANCIAL HIGHLIGHTS

STRATEGIC INVESTMENT PLANS

OUTLOOK

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TOP GROUP BUSINESS OVERVIEW

Strategic Relationship and Operational Integration with PTT

Thai Oil's strong shareholder base

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# of Listed	2,233.8
Shares	mil. shares
Free Float	51.96 %
Shares

12.63%

26.30%

* 48.00%

• 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

PTT *	13.07%
Foreign Investors

Local Investors

NVDR

As of 10 Aug 2023

48.00%*

Key strategic benefits for Thai Oil

1. Long-term	2. Business	3. Operational
	strategic partnership	•	partnership	•	synergies
• Thai Oil is PTT's principal	Product offtake	Freight costs reduction
•	refiner	•	Crude procurement	•	Knowledge transfer and shared
Long-term strategic			•	services
	shareholder and joint			Close management collaboration
	investment				and secondment of trained staff

Remark

* PTT holds total of 48.00 % both direct and indirect.

TOP Group Synergy & Strategic Role in PTT Group Value Chain

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Upstream

Intermediate Downstream

CRUDE IMPORT

NATURAL GAS

Diversifying to a broad range of downstream products to enjoy higher profit margins and reduce earnings volatility

REFINERY

POWER

SOLVENTS

AROMATICS & LAB

PLATFORMATE	REFINED
LONG RESIDUE	PETROLEUM

LUBE BASE

TP & TOP SPP provides electricity and steam to Thai Oil group and sells its remaining power to the national grid

Solvent

Pentane

Hexane

Toluene

Mixed-Xylene

Paraxylene

Mixed-Xylene

Toluene

Benzene

LAB

LPG

Gasoline

Jet/Kero

Diesel

Fuel Oil

Lube Base Oil

Slack Wax

Extract

TDAE

Bitumen

The majority of refined petroleum products are sold domestically to

PTT

PTT is our principal domestic customer for our lube base products

Thai Oil's Businesses

Key Milestones: 62 Years, A Long Track

Record of Success

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

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1961	1970
•	Incorporated	•	Refining capacity
1964		expanded to 65 kbpd
•	Commenced operation	1989
	with distillation capacity of	•	Increased refining capacity
•	35 kbd		to
Simple refinery with Nelson		90 kbpd

complexity Index ~ 41

2004

• IPO and listed on the SET
• Acquired remaining shares in Thai Paraxylene and Thai Lube Base which became our wholly-owned subsidiaries

• 275 kbd refinery ( approximately 22% of Thailand's total refining capacity)
• Nelson index 9.81
• Diversified business through 16 subsidiaries

2010-2011

2017-2018

•	2017 Record High net profit
•	24,856 MB
Completed lorry expansion

1961 - 1964

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

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

• Established Thaioil Ethanol
• Manufactured diesel and ULG in compliance with the sulfur and BZ aromatics content requirements of the Euro IV

2013-2014

• Established LABIX
• Invested in power biz via GPSC &
  TOP SPP
• Completed Emission Improvement, HVU-2 Debottlenecking & CDU-3 Preheat Train project

2015-2016

• Completed LABIX & TOP SPP

•	project (10 to 15 mml/day)
Established Thaioil Treasury
•	center (TTC)
CFP Investment ($4.8 bn)

2019

• ERU Carve-out to reduce CFP project cost (CFP cost $4.1 bn)

2021-2023

• Olefins investment in Chandra Asri (CAP) $1.183 bn
• Power business restructuring
• Capital increase

Thai Oil Group Business Structure

100.0%

100.0%

100.0%

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100.0%

100.0%

Thaioil (TOP)

Thai Paraxylene

Thai Lube Base

TOP SPP

(TPX)

(TLB)

Capacity :

Aromatics Capacity:

Lube Base Oil

Sells Electricity/Steam to

275,000 barrels/day

Paraxylene

Capacity :

Group

527,000 tons/annum

Base Oil

2 Small Power Producers

Mixed Xylene

267,015 tons/annum

Total capacity: 354 MW

52,000 tons/annum

Bitumen

Steam capacity 757 T/H

Benzene

350,000 tons/annum

COD 2016

259,000 tons/annum

TDAE

Capacity expansion 2023

Total 838,000 tons/annum

67,520 tons/annum

PTT 47.8%

75.0%

Mitsui 25.0%

100.0%

PTTGC 10.0%

10%

LABIX Company Limited

PT TOP Investment

(LABIX)

Indonesia (TII)

LAB producer and distributor

15.0%

Global Power Synergy

Capacity: 120 KTA COD: 2016

PT Chandra Asri

Petrochemical Tbk (CAP)

Public Company Limited

100.0%

The Largest Integrated

(GPSC)

Petrochemical in Indonesia

Principal power plant of PTT

Thaioil Solvent

Total Capacity 4.2 Mtons/annum

Total Equity Capacity

Through TOP Next

Ethylene 900,000 tons/annum

7,236 MW of electricity

100.0%

Propylene 490,000 tons/annum

2,946 tons/hour of steam

Sales & Distribution

7,372 Cu.m./hour of

Industrial water

TOP Next Thailand

15,400 RT of Chilled water

100.0%

69 MWh of battery

80.5%

Solvent

Production

JSKEM

TOPNEXT

TOP

PT. Tirta Surya

manufacturer

Solvent

Sak Chaisidhi

Capacity

60.0%

India

Raya (TSR)

:141,000

(SAKC)

100.0%

Vietnam

100.0%

77.7%

tons/annum

Thaioil Ethanol

(TET)

50.0%

Sapthip (SAP)

Cassava Based Ethanol Capacity : 200,000 lts/day

		Others 75.2%
12.4%		BBGI 12.4%

Ubon Bio Ethanol (UBE)

Cassava/Molasses Based Plant Capacity : 400,000 lts/day

Thaioil Treasury Center

(TTC)

Enhance financial efficiency, Investment in CVC/Start-up

100.0%

Thaioil Energy Services

(TES)

Proceeds the business on various professional of management services

PTT Group 80.0% 20.0%

PTT Digital Solutions

(PTT Digital)

Provides engineering technique consulting services

PTT Group 85.0% 15.0%

Sarn Palung Social

Enterprise

Supports execution of social enterprise of PTT group

PTTOR 40.4%

Others 50.4%		9.2 %

Thappline

(THAP)

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

Net Profit Contribution
52%	20%

14%	13%			Refinery		Petrochemical

(Avg. 2006 - Q3/23)		Lube Base		Others

Process Linkage: Beauty of Integration

PROCESS FLOWCHART
			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				CCR
		50,000
			ULG91
45,000	KMT-1
CDU-2
KMT-2				JET
50,000
CDU-3
180,00					KEROSENE
0
HVU-1
	HVU-2		FCCU	HDS-2
	HVU-3		10,400
			AGO
	95,000		HMU-1	HDS-3
	TCU		HMU-2	75,000
		140TH2		DIESEL
	19,000
		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	-10--
Total Thailand crude refining capacity 1,244.5 kbd (1)	Market shares for refined petroleum product (3)

Fang (2.5 kbpd)

BCP (120 kbpd)

PTTGC (2) (280kbpd)

Thai Oil 22% Share

Nameplate Capacity

Thai Oil (275 kbpd)

PTT's Principal Refiner

Esso (177 kbpd)

IRPC (2) (215 kbpd)

SPRC (175 kbpd)

31%	31%
market	market
shares	shares

Q2/23Q3/23

Nelson Index - Regional Comparison (4)

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 Jul 2020

1. PTT holds a 47.6% interest in IRPC, a 47.7% interest in PTTGC as at 4 Aug 2020
2. 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
3. Source: Worldwide Refinery Survey and Complexity Analysis 2019 from Oil & Gas Journal and company information