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http://www.thaioil.co.th Theinformationcontainedinthispresentationisintendedsolelyfor your personal reference your personal reference. Please do not circulate this material. If


  1. http://www.thaioil.co.th

  2. The�information�contained�in�this�presentation�is�intended�solely�for� your personal reference your� personal� reference.� � Please� do� not� circulate� this� material.� � If� 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.� 2

  3. A�LEADING�FULLY�INTEGRATED�REFINING�&�PETROCHEMICAL� VISION VISION COMPANY�IN�ASIA�PACIFIC • To�be�in�top�quartile�on�performance�and�return�on�investment • To�create�a�high�performance�organization�that�promotes� MISSION teamwork,�innovation�and�trust�for�sustainability • To�emphasis�good�Corporate�Governance�and�commit�to�Corporate� Social�Responsibility� Excellent�Striving Professionalism VALUE VALUE Vision Focus Vision�Focus Ownership�&�Commitment Initiative Social�Responsibility Integrity Teamwork�&�Collaboration 3

  4. Corporate�Governance�Policy Corporate�Governance�Policy Roles�and�Responsibilities�for� Roles�and�Responsibilities�for� Stakeholders Stakeholders The�board of�directors,�management� • Truthfully�report�company’s�situation�and� future�trends�to� all�stakeholders� equally� and� all� staff� shall� commit� to� moral� on�a�timely�manner. i l principles,� equitable� treatment� to� all� • Shall� not� exploit� the� confidential� stakeholders� and� perform� their� duties� information� for� the� benefit� of� related� for� the� company’s� interest� with� parties�or�personal�gains. dedication,�integrity,�and�transparency. • Shall� not� disclose� any� confidential� information�to�external�parties. CG�Channels CG�Channels Corporate�Management�Office +66�0�2299�0000� Thai Oil Public Company Limited Thai�Oil�Public�Company�Limited� ext. 7312�5 7312 5 Should� you� discover� any� ethical� 123�Suntowers�Buidling�B,�16F� wrongdoing� that� is� not� Vibhavadi�Rangsit�Road, +66�0�2299�0024 compliance�to�CG�policies�or�any� Chomphon,�Chatuchak, activity activity� that� could� harm� the� that could harm the Bangkok 10900 Bangkok�10900 Company’s� interest,� please� cg�coordinate@thaioil.co.th http://www.thaioil.co.th inform: 4

  5. Q4/09�&�FY/09�Highlights / / g g Performance�Analysis Market�Outlook 5

  6. Q4/09�&�FY/09�Highlights Q / / g g 6

  7. Crude�Oil�Price�� Dubai� Market�GRM (Unit:�$/bbl) (Unit:�$/bbl) 150� 9.6 7.9 7 9 6.4 100� 94 4.5 3.8 89 75 3.4 62 1.2 1.1 50� 0.7 41 �1.4 0� 2008 2009 Accounting�GRM Stock�Gain�/�Loss (Unit:�$/bbl) (Unit:�$/bbl) 24.5 14.9 14.9 7.3 6.1 6.9 3.4 2.4 3.5 2.3 2.1 2.2 3.0 1.4 0.8 �0.9 �4.2 �10 3 �10.3 �6.9 �22.7 �14.8 Integrated�Intake Accounting�GIM (Unit:�$/bbl) (Unit:�KBD) 26.3 26 3 301 294 289 292� 274 288 287 286 283 10.8 272 7.3 6.1 5.6 5.8 4.3 4.4 �4.1 �13.8 Q1/08 Q2 Q3 Q4� Q1/09 Q2 Q3 Q4 FY/08�FY/09 Q1/08 Q2 Q3 Q4� Q1/09 Q2 Q3 Q4 FY/08�FY/09 7

  8. Group’s�Competitive�Cash�Cost Accounting�GIM (Unit:� $/ bbl) (Unit:� $/ bbl) Interest�Expense Operating�Cost 42% 1.6 1.6 6.1 4.3 0.5 0.5 1.1 1.1 FY/08 FY/08 FY/09 FY/09 FY/08 FY/08 FY/09 FY/09 Net�Profit�Breakdown Consolidated�Net�Profit (Unit:�MB) (Unit:�MB) Refinery Aromatics Lube�Base Others 5285% 12,062� 12,062 5285% S b Subs. 8,781 224 Subs. Refinery 224� 4,301 3,281 Refinery �4,077 FY/08 FY/09 FY/08 FY/09 8 FY/08 FY/09

  9. Operation�&�Business • First�to�introduce�EURO�IV�gasoline,�in�addition�to�diesel,�receiving�gov’t�incentive�of�Bt.�0.24/Litre or�approx.�Bt.� g g g pp 1,130�million • Achieved�margin�enhancement�of�$�0.38/bbl�through�continuous�Hydrocarbon�Management�Review • Opened new lorry�loading facilities resulted in an increase of sales to Indochina by 20% • Opened�new�lorry�loading�facilities,�resulted�in�an�increase�of�sales�to�Indochina�by�20% • Secured�advance�PX�supply�contract�(~20%)�to�manage�market�volatility�&�expanded�to�ME�market • Launched�2�new�TLB’s�products:�Polymer�Modified�Asphalt�(PMA)�&�AC�40�50�graded�Asphalt. Finance • Successfully�launched�an�inaugural�public�THB�bond,�5�years,�worth�12,000�MB�at�an�attractive�term. • Credit�ratings�affirmed�amidst�crisis:�Fitch�Thailand:� AA(tha�),�S&P’s:� BBB,�Moody’s:� Baa1. • Financial�cost�savings�through�derivatives�&�cash�pooling Investments • Started�construction�of�new�unit�(72�KTA)�to�produce�TDAE�with�3%�polycyclic�aromatics.� • Thaioil�Marine� took�delivery�of�Thaioil�11,�a�7,000�dwt�clean�product�and�petrochemical�tanker�in�China. • Successfully�completed�the�transfer�of�solvent�business�in�Vietnam�from�Shell 9

  10. J�Power�19% PTT�26% 100% 100% 55% 100% 100% Thaioil� Thai�Lube�Base Thaioil�Power� Thaioil�Marine Thaioil�Ethanol Thai��Paraxylene (TET) ( ) (TOP) ( ) ( (TPX) ) ( (TLB) ) (TP) ( ) ( (TM) ) 30% Capacity�:� Aromatics� Capacity: Lube�Base�Oil� Sells�Electricity/ Oil�&�Chemical�Tankers 275,000�barrels/day Paraxylene� Capacity�: Mitr�Phol Group Padaeng Steam�to�Group� Capacity�:�61,000�� 35% 35% 489,000 tons/annum Base�Oil� deadweight�tons Small�Power�Producer� 270,000 tons/annum Mixed�Xylene Others��60% O e s 60% Program Program 90,000 tons/annum PTT�31% Bitumen 9% 3�on�1�Combined�Cycle Benzene� 400,000 tons/annum Electricity�118�MW 177,000 tons/annum Steam�168 tons/hour Toluene� Maesod�Clean�Energy Platformate 144,000 tons/annum , / ( (MCE) ) 1.8�million�tons/annum 1 8 million tons/annum 56%� Total� Thappline Sugarcane�Based�Ethanol 900,000�tons/annum PTT�20% (THAP) Capacity�:�200,000 Thaioil�24% Multi�product�Pipeline litres/day 100% Capacity�: 100% 26,000�million�litres/year , /y Independent�Power� Independent Power (Thailand)�(IPT) Thaioil�Solvent 1 st Independent�Power� Through�TOP�Solvent�(TS) 80.52% 100% Producer�Program 2�on�1�Gas�Fired, Thaioil�Energy�Solutions Solvent�distribute� Solvent distribute PTT�ICT�Solutions PTT ICT Solutions Sak Chaisidhi Sak�Chaisidhi� Top Sol ent Top�Solvent� (TES) (TES) Combined�Cycle b d l (SAKC) to�Thailand Vietnam (PTT�ICT) Provides�high�quality� Electricity�700�MW Capacity��: Solvent�distribute� 20% consultant�service PTT�Group�80% 100,000 tons/annum to�Vietnam 10

  11. Boards�of�the�Year�08�09 Achieved�the� Board�of�the�Year� award�for�the�year�2008/2009�from�the�Thai�Institute�of� Directors (IOD) for the second consecutive terms Directors�(IOD)�for�the�second�consecutive�terms. CG�Rating�2009 Achieved�the� Excellent�Rating� through�Corporate�Governance�Report�of�Thai�Listed� Companies 2009 from the Thai Institute of Directors (IOD) Companies�2009�from�the�Thai�Institute�of�Directors�(IOD)� Integration�Management�System First�refinery�&�petrochemical�plants�in�Thailand�to�receive�the�certification�for� I t Integration�Management�System�(IMS) ,�which�comprises�of�ISO�9001,�ISO�14001,�TIS� ti M t S t (IMS) hi h i f ISO 9001 ISO 14001 TIS 18001�&BS�OHSAS�18001�from�the�Management�System�Certification�Institute�(Thailand) Thailand�Quality�Class:�TQC�Award TLB�received�the�Excellence�Award�( Thailand�Quality�Class:�TQC�Award )�from�the�Office� of�Thailand�Quality�Award. Zero�Accident�Award As�a�result�of�no�accident�to�stop�operation�time�for�12�years�since�its�establishment,�TPX� received�the� Golden�Zero�Accident�Award�for�the�year�2009� from�the�Ministry�of�Labor. CSR�� DIW TPX�&�SAKC�received�the�certificate�of�management�system�in�compliance�with�the� standards�for� Corporate�Social�Responsibility�of�the�Department�of�Industrial�Works� (CSR�DIW ). 11

  12. � � � � � � � � � ������������������������������������� �.������ ����������������������������������������� � CG ������������������������ � � � ����������������������� � ��������������������������� �.��������� � ���� � � 12

  13. Performance�Analysis y 13

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