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• 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 A LEADING FULLY INTEGRATED REFINING & PETROCHEMICAL COMPANY IN ASIA PACIFIC

VISION MISSION

Ownership & Commitment Social Responsibility Integrity Vision Focus Professionalism Excellent Striving Teamwork & Collaboration Initiative

VALUE

4

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

5

Day 1 Day 2

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7

Q3 & 9M/10 Highlights

• Refinery utilization at 97%, due to planned maintenance S/D of CUD-1 for 7 days, CCR-1 for 11

days & HCU-1 for catalyst change for 14 days.

• Continued to enhance integration amongst group companies to reduce costs & maximize
• margins. Achieved margin enhancement from processing of unconventional crudes.
• Sought opportunities in price (oil & aromatics) and financial risk management - ~ 200 MB in

Q3/10 & ~ 410 MB for 9M/10

• Accounting GIM increased to $6.1/bbl, improved 22% QoQ and 65% YoY.
• Net profit improved to 2,323 MB, +116% QoQ and 573% YoY.
• In Q3/10, FX gain of 1,317 MB was registered as a result of 2.03 Bt/USD appreciation, offsetting

the respective reduction of Baht net profit, exemplified our natural hedge principle.

8

• GRM continued to recover from higher middle distillate margins, as a result of strong Chinese

demand ahead of Asian Games and Asia’s turnaround season.

• Aromatics margins weakened as supply glut from China & Middle East and higher feedstock cost

following crude price. Currently the margin is in upward trend supported by the bullish PTA/PET market amid the limited supply from Aromatics Oman S/D and Urumqi delay.

• Lube base margins remained strong followed economic recovery and a tight supply as a result of

Indonesian & Taiwanese lube base plants shut down.

Market Condition Performance Highlights

9

Performance Analysis

3.0 7.3 1.4 2.1 3.1 2.5 3.7 3.8 3.1

• 5.3
• 5.8
• 3.0
• 4.5
• 3.0
• 6.7
• 4.8
• 4.7
• 4.8

10

• 16.4
• 31.2
• 40.0
• 47.5 -47.8 -48.5
• 41.3
• 29.2
• 45.9

+ Winter and bunker demand

• Higher crude prices

11.2 7.4 7.3 7.3 9.4 11.7 12.9 8.6 11.3 8.9 7.0 7.0 6.2 8.9 11.3 12.4 7.6 10.9

GO JET

10.5 9.6 8.9 5.1 12.6 9.4 8.6 9.7 10.2

ULG95 HSFO LPG

(controlled price) (Unit: $/bbl)

Refining Aromatics Lube Base Integrated Margin Performance Breakdown Financials

Market GRM

Q1/09 Q2 Q3 Q4 Q1/10 Q2 Q3 9M/09 9M/10

• Seasonal low demand
• Higher Refinery run rates

+ Open arbitrage to the West due to weaker Asian prices

and lower freight rates

+ Higher demand from China ahead of the Asian Games

+ Winter demand kicks off + Inventories start to drawdown

• High stocks to limit GO spike

Q1/09 Q2 Q3 Q4 Q1/10 Q2 Q3 9M/09 9M/10

20 40 60 80 100

+ Positive industrial data to support oil demand + I EA, EI A, and OPEC revised up global oil demand growth

• Concern over global economic recovery

Refining Aromatics Lube Base Integrated Margin Performance Breakdown Financials

2009 Q1/10

Crude Oil Price - Dubai

Q2

(Unit: $/bbl)

62

75 77 74

Q3

75 84 $/bbl as of 26 Nov

3.0 7.3 1.4 2.1 3.1 2.5 3.7 3.8 3.1 3.8 1.2 0.7

• 1.4

2.7 2.9 3.7 1.9 3.1

Market GRM

• 0.9

6.1 0.8 3.5 0.4

• 0.4 -0.1

2.0 0.0

Stock Gain/Loss Accounting GRM

(Unit: $/bbl) (Unit: $/bbl) (Unit: $/bbl)

Q1/09 Q2 Q3 Q4 Q1/10 Q2 Q3 9M/09 9M/10

11

12

Refining Aromatics Lube Base Integrated Margin Performance Breakdown Financials

88% 79% 9% 11% 1% 4% 7% 10% 11% 37% 37% 19% 20% 17% 16% 14% 14% 4% 3% 9M/ 09 9M/ 09 9M/ 10

Far East Local Middle East

9M/10

Sources of Crude

1.mainly ESPO-USSR 2.LPG Market Price – CP Aramco

• 15.2

11.3 10.9

• 4.8

10.2

2

LPG Platformate Gasoline Jet Diesel FO

Spread over Dubai (US$/bbl)

9M/09

2

Spread over Dubai (US$/bbl)

• 16.1

8.6 7.6

• 4.7

9.7

• Flexible production by diversifying crude type to seek an opportunity from market for

cheaper crude.

• Improve lorry loading facilities and Maximize Gasoil products by adjusting production

mode to capture domestic price premium and EURO 4 incentive

Others1

13

81% 79% 19% 21% 9M/09 9M/10

Export Domestic

(KBD) Refinery Intake

261

TOP’s Domestic & Export Sales

Refining Aromatics Lube Base Integrated Margin Performance Breakdown Financials

278

43% 13% 9% 2% 13% 16% 5%

Domestic Jobbers

9M/2010 Sales Breakdown Export = 21%

690 734 746 732 716 731 711 221 202 138 155 200 164 192

88% 86% 89% 89% 90% 89% 87% 0% 20% 40% 60% 80% 100% 200 400 600 800 1,000 1,200 1,400 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 9M/10 FY/09 Domestic Demand/Sales Net Export Others Utilization Rate

Domestic Oil Demand / Refinery Intake

Source: DOEB, Ministry of Energy.

Domestic Oil Demand

(KBD) (KBD)

LPG Jet/Kero Diesel FO Gasoline Total Demand 0% 12%

• 3%

7% 4% 3% 170 146 84 357 50 807 187 142 90 357 53 829

9M/09 9M/10

14

Refining Aromatics Lube Base Integrated Margin Performance Breakdown Financials

200 400 600 800 1,000 1,200 1,400

Aromatics Spot Prices & Margins

PX ULG95 BZ (US$/Ton) Q1/09 Q2 Q3 Q4 Q1/10 Q2 Q3 9M/10 PX-ULG95 384 475 355 321 286 226 218 243 BZ-ULG95

• 60

79 160 178 215 159 132 169 MX

105 123 123 105 119 138 112 2 1 1 25 37 42 43 34 39 39 20 46 39 44 29 35 35 Q1/ 09 Q2 Q3 Q4 Q1/ 10 Q2 Q3 TL BZ MX PX

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

(US$/Ton) Q1/09 Q2 Q3 Q4 Q1/10 Q2 Q3 9M/10 P2F -$/ton 157 155 159 154 120 103 91 105 P2F -$/bbl 20.6 20.3 20.9 20.3 15.7 13.4 12.0 13.7

(US$/Ton)

384 89

Q1/09 Q2 Q3 Q4 Q1/10 Q2 Q3 Q1/09 Q2 Q3 Q4 Q1/10 Q2 Q3

(Tons/Quarter)

412 181

• PX oversupply as new

aromatics refinery start up in China and ME

• Producers cut run due to low

price

• In late Q3, polyester demand

robust as end-users shift their requirements from cotton

• Lack of arbitrage opportunity

to US bring oversupply concerns among Asian market

• Loss of BZ demand from SM

plant (=85 KT) due to SM plant in region shutdown

2010 %Utilization Q2 Q3 9M 88% 85% 87%

Paraxylene (PX) Benzene (BZ)

15

Refining Aromatics Lube Base Integrated Margin Performance Breakdown Financials

400 800 1,200 1,600

53 72 67 64 64 65 58 23 41 36 39 36 38 32 60 81 82 84 87 97 85 Q1/ 09 Q2 Q3 Q4 Q1/ 10 Q2 Q3

Bitumen TDAE/Extr act/Slack Wax Base Oil

Base Oil & Bitumen Spot Prices & Margins

BITUMEN 500SN

Q1/09 Q2 Q3

(US$/Ton) Q1/09 Q2 Q3 Q4 Q1/10 Q2 Q3/10 9M/10 500SN-HSFO 398 268 404 429 435 541 607 528 BIT-HSFO 70

• 5
• 3
• 23

27 38 46 37

(US$/Ton)

Q4 Q1/10 Q2

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

(Tons/Quarter)

HSFO

374 10

Q3 Q1/09 Q2 Q3 Q4 Q1/10 Q2 Q3

(US$/Ton) Q1/09 Q2 Q3 Q4 Q1/10 Q2 Q3/10 9M/10 P2F -$/ton 97 99 96 126 115 135 149 134 P2F -$/bbl 14.8 15.0 14.5 19.0 17.4 20.6 22.6 20.3

584 3

2010 %Utilization Q2 Q3 9M 94% 94% 94%

• High Demand of High

Viscosity Grades especially BS in NEA /SEA

• Supply shortage due to plants
• utage
• Weaken of Fuel oil price

contribute BO margin upwards

• Chinese demand still firm

with coming summer season and project hanging in Q2

Lube Base Oil Bitumen

16

6.3 5.0 3.7 2.4 5.4 5.0 6.1 4.9 5.5 5.5 10.8 4.4 5.8 5.7 4.7 6.0 6.7 5.5 3.8 1.2 0.7

• 1.4

2.7 2.9 3.7 1.9 3.1

Q1/09 Q2 Q3 Q4 Q1/10 Q2/10 Q3/10 9M/09 9M/10

20.6 20.3 20.7 20.2 15.7 13.4 12.0 21 13.7

Q1/09 Q2 Q3 Q4 Q1/10 Q2/10 Q3/10 9M/09 9M/10

14.8 15.1 14.5 19.0 17.4 20.6 22.6 14.7 20.3

Q1/09 Q2 Q3 Q4 Q1/10 Q2/10 Q3/10 9M/09 9M/10

Crude Product to Feed Product to Feed

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

Market GRM*

* which excluded stock gain and loss Q1/10 Q2 Q3 Q4 Q1/10 Q2 Q3 9M/09 9M/10 (US$/bbl) (US$/bbl)

Market GIM Accounting GIM

Refining Aromatics Lube Base Integrated Margin Performance Breakdown Financials

Q1/10 Q2 Q3 Q4 Q1/10 Q2 Q3 9M/09 9M/10

1,453 423 516 (182) 39 (33) 31 (1) 2,323 1,409 (110) 10 137 (34) (62) 30 (86) 1,249 1,891 (1,531) 221 (353) (17) (78) 50 345

17

.

Refinery Utilization Aromatic Production Lube Base Production Plant Availability Plant Utilization SAKC Utilization Ship Utilization Q2/10 Q3/10 2.5 3.7 P2F

(US$/ton)

Acc GRM

(US$/bbl)

P2F

(US$/ton)

103 91 135 149 93% 88% 94% 13% 83% 93% 97% 97% 85% 94% 0% 74% 102% 97% AP Rate

(Baht/KW hour)

0.36 n/a

Q2/10 Net Profit Breakdown

NP ∆Qo Q ∆YoY

Q2/10 Q3/10

Refining Aromatics Lube Base Integrated Margin Performance Breakdown Financials * Steam Turbine

accident 27/4

* HDS-2 S/D 13 days * HDT-3 S/D 10 days * T9 overhaul 10 days * T12 drydock (Unit: MB)

Conso.

56% holding 55% holding * S/D G5016 for

MI 15/8 – 17/9 Stock &LCM gain in Q3/ 10 = 202 MB Net Profit excl. Stock gain = 2,120 MB

(MB) Sales Revenue

79,041 79,148 78,035 (107)

EBITDA

3,995 3,060 3,821 935

Financial Charges

(465) (457) (503) (8)

FX G/L & CCS

1,317 233 440 1,084

Tax Expense

(914) (292) (104) (622)

Net Profit / (Loss)

2,323 1,074 345 1,249

EPS (THB/Share)

1.14 0.53 0.17 0.61

THB/US$ - ending

30.56 32.59 33.70 (2.03)

Effective Tax Rate (%)

28% 21% 5% 7% 9M/10 9M/09 YoY+/(-) % 3.1 1.9 1.2 63% 5.5 4.9 0.6 12% 237,146 205,179 31,967 16% 10,790 17,757 (6,967) (39%) (1,345) (1,681) 336 20% 2,290 1,332 958 72% (1,648) (1,919) 271 14% 5,403 10,450 (5,047) (48%) 2.65 5.12 (2.47) (48%) 30.56 33.70 (2.03) (6%) 23% 15% 8% 53%

(US$/bbl)

Q3/10 Q2/10 Q3/09 QoQ+/(- )

Market GRM

3.7 2.9 0.7 0.8

Market GIM

6.1 5.0 3.7 1.1

Refining Aromatics Lube Base I ntegrated Margin Performance Breakdown Financials

18

I nterest Rate Currencies 33% Float 63% THB 67% Fixed 37% USD Cost of Debt TOP Group 4.17%

19

Refining Aromatics Lube Base I ntegrated Margin Performance Breakdown Financials

5.2 1.6 2.1

FY/ 08 FY09 9M/ 10

71,68 7 72,89 2 23,92 4 24,40 6 42,13 4 42,51 9

(Unit: MB) Trade Payable / Others LT Debt*

139,817 137,745 FY/ 09

Equities Current Assets Non-Current Assets

9M/ 10

Balance Sheet

* Including current portion of Long-Term Debt

US$ Bon d 32… US$ Loan 4% THB Bon d 42… THB Loan 22 %

87% 7%4%2%

Total LT Debt

• Bt. 42,519 mn.

(US$ 1,391 mn.)

Consolidated Long-Term Debt 1)

1) Including current portion of Long-Term Debt

Net Debt

• Bt. 30,535 mn.

(US$ 999 mn.)

9M/10

0.7 0.5 0.4 FY/ 08 FY/ 09 9M/ 10

As of 30 Sep 2010 (30.56 THB/US$)

Financial Ratios

Net Debt / EBI TDA Net Debt / Equity

≤ 2.0x ≤ 1.0x

20

2011 Market Outlook

• Macroeconomics & Crude Prices
• Petroleum Market
• Aromatics & Base Oil
• Conclusion
• Q4-2010 Market Highlight

21

Q4-2010 Market Highlight Macro & Crude Petroleum Market Aromatics & Base Oil Conclusion

Crude rose above $80/bbl on Fed’s QE2 plan, which weakened USD and boosted investment in commodities French strike & diesel shortage in China supported Asian GRM Bullish aromatics margin on plant

• utages, poor cotton harvest and strong

seasonal demand Slightly weaker base oil margin on higher HSFO amid steady regional demand Heavy flood pressured bitumen margin

‘10 ‘10 ‘10 Q2 Q3 QTD Dubai 78 74 81.6 MO-DB 9.4 8.6 9.4 JET-DB 11.7 12.8 14.1 GO-DB 11.3 12.4 12.7 FO-DB

• 6.7
• 4.8
• 7.1

PX-UG95 243 232 456 BZ-UG95 159 131 170 TL-UG95 72 56 107 500SN-FO 541 607 574 Bitumen- FO 38 46

• 12

Macroeconomics & Crude Prices

22

23

Q4-2010 Market Highlight Macro & Crude Petroleum Market Aromatics & Base Oil Conclusion

7.5% 8.0% 8.5% 9.0% 9.5% 10.0% 10.5%

Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10

US Unemployment Rate

9.6% (30%) (20%) (10%) 0% 10% 20% 30% 40% 50%

Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10

%YoY

US Home Sales

• 19.1%

Quantitative Easing II

• US Economy showed signs of sluggish

recovery after the massive fiscal stimulus packages ended in 2Q’10

• Fed’s action to increase liquidity injection

through QEII program had driven up risk appetite and a move to hedge against inflation

“ Oil price rose as USD weakened on Fed QE2 ”

Source: Bloomberg

24

50 55 60 65 70 75 80 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Index

US Consumer Sentiment

Nov10 71.6

• 3.0%
• 2.0%
• 1.0%

0.0% 1.0% 2.0% 3.0%

• 1.0%
• 0.5%

0.0% 0.5% 1.0% Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 %YoY %MoM

US Personal Consumption

Oct10 + 2.3%YoY Oct10 + 0.3%MoM

“ Positive Responses Elevated the Floor of Oil Price to $80 ”

• US consumer sentiment rebounded

sharply, while personal consumption improved

• n hopes that QE2 will help accelerate

economic recovery

• OPEC officials see the new ranges of oil price

around $70 - $90, with $80 soon to become a new floor

Source: Bloomberg

25

Q4-2010 Market Highlight Macro & Crude Petroleum Market Aromatics & Base Oil Conclusion 2007 2008 2009 2010 1200 1000 800 600 400 200

Irish Banks CDS

5 Year CDS – Basis Point

4 8 12 16 20

Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10

Deposit Rate Lending Rate

PBOC Policy Rate

Allied Irish Banks Bank of Ireland EU Banks Sector

• USD regained its strength against EUR as

fears over Irish banks debt urged investors to turn to safe-heaven assets

• The EU/IMF rescue plans remains uncertain

amid fears of contagious effect among the EU member countries

“ Worries over EU debts problem and China rate hike pressured gain on crude prices ”

• PBOC moved to hike its reserve requirement

ratio for major banks to an all-time high of 18.5%, aiming to reduce inflationary pressure

• Investors began to pull back their speculative

positions on risky assets on worries of Chinese economic growth

Source: Bloomberg

26

Q4-2010 Market Highlight Macro & Crude Petroleum Market Aromatics & Base Oil Conclusion

20 40 60 80 100 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 mbd

Global Oil Demand Non-OPEC Supply OPEC NGLs Call on OPEC crude

Source: IEA, Medium Term Oil and Gas Markets 2010, Jul10

25.0 27.5 30.0 32.5 35.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 mbd

OPEC Supply Call on OPEC crude

“OPEC Supply easily fill the gap”

30 45 60 75 90 50,000 100,000 150,000 200,000 250,000 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 $/bbl Positions

27

Q4-2010 Market Highlight Macro & Crude Petroleum Market Aromatics & Base Oil Conclusion

1.15 1.22 1.29 1.36 1.43 1.50 1.57 30 40 50 60 70 80 90

USD/EUR $/BBL

6,000 7,000 8,000 9,000 10,000 11,000 12,000 30 40 50 60 70 80 90 100

Points $/BBL

WTI Non-Commercial Net Long Positions

Source: CFTC, Reuters, Bloomberg

WTI Prices vs Dow Jones Index WTI Prices vs USD:EUR

PENSION STRIKE

• 21 Named storms with 13 as major hurricanes in

2010 but none has significant impact on oil & gas production

• A month-long Pension Reform strike in France

boosted gasoline as gasoil cracks due to country- wide fuel shortages

• Recent dispute between N. Korea and S. Korea

urged a near-term risk aversion, but may disrupt

• S. Korea oil supply if the situation prolonged

28

Q4-2010 Market Highlight Macro & Crude Petroleum Market Aromatics & Base Oil Conclusion

Oil Price Forecast WTI BRENT Unit : USD/ BBL 2010 2011 2010 2011 Barclays 77.75 85.00 77.45 85.00 BNP Paribas 80.00 86.00 80.00 86.00 BofAML 78.20 85.00 78.20 85.00 CA-CI B 78.00 78.00 77.00 78.00 Deutsche Bank 75.75 80.00 76.00 80.00 Goldman Sachs 81.50 100.00 80.00 98.50 JP Morgan 78.50 82.50 79.20 84.50 UBS 80.00 80.00 76.50 79.00 Source : Reuters Polls as of 27 Sep 10

What the Others Say

Crude prices continue to move upward in a $80 - $100 range . . .

29

Q4-2010 Market Highlight Macro & Crude Petroleum Market Aromatics & Base Oil Conclusion

40 50 60 70 80 90 100 110 2005 2006 2007 2008 2009 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2010 2011 $/BBL Dubai

2011 Dubai $83.00 2010 Dubai $77.00

What We See

Average Dubai $83/barrel, ranging $75-90/barrel with a chance to hit $100/barrel upon unexpected events

US QE2 CN rate hike EU debt concern Speculative Flow increase Hurricane Threat to Oil Production I ran sanction & Deep water drilling Rate Hike to Limit Oil Rally

1H-2011

Winter Demand to Reduce I nventory

2H-2011

Petroleum Market

GRM continues on upward trend …

On stronger demand & less new supply

30

31

• Refinery runs were seen higher in US and Asia after maintenance completed and relatively firm margin, but

a month-long strike in France let a sharp fall in run rates in EU

• Expect US GRM to decline from lower gasoline cracks, EU and SG GRM to improve on higher MD cracks
• 8
• 4

4 8 12 16 20

Jan-07 Jun-07 Nov-07 Apr-08 Sep-08 Feb-09 Jul-09 Dec-09 May-10 Oct-10

• 8
• 4

4 8 12 16 20

Jan-07 Jun-07 Nov-07 Apr-08 Sep-08 Feb-09 Jul-09 Dec-09 May-10 Oct-10

• 8
• 4

4 8 12 16 20

Jan-07 Jun-07 Nov-07 Apr-08 Sep-08 Feb-09 Jul-09 Dec-09 May-10 Oct-10

US Cracking Margin EU Cracking Margin Singapore & TOP Margin

S’Pore Crk S’Pore Hydro

84.0% 77.5% 82.5%

Total Capacity: 17.7 MBD Source: EIA, Reuters, Thai Oil Total Capacity: 4.6 MBD Total Capacity: 13.1 MBD Q4-2010 Market Highlight Macro & Crude Petroleum Market Aromatics & Base Oil Conclusion

32

The drawdown in middle distillates stocks will support margins this winter

Q4-2010 Market Highlight Macro & Crude Petroleum Market Aromatics & Base Oil Conclusion Source: EIA, Reuters, Thai Oil

33

“ Expect only 1.7 MBD new additional capacity between 2010-2012 ”

Q4-2010 Market Highlight Macro & Crude Petroleum Market Aromatics & Base Oil Conclusion

• 500

500 1,000 1,500 2,000 2,500 2001 2003 2005 2007 2009 2011 2013 2015

KBD

CDU Capacity Addition VS Additional Demand in AP and ME

ME Additional Demand AP Additional Demand Taiwan ME Vietnam AP Others Japan India

+ 2.5 5 MBD D in n 20 2011 11-201 2015

SOURCE: FACTS Global Energy, Asia-Pacific Databook, Fall 2010 (October 2010)

(kbd)

2010 2011 2012

China 322 155 588 India 214 160 144 Japan (56) (321)

• Others
• 130

97

TOTAL 480 124 829

+ 5.5 5 MBD in 20 2006-2010

34

BEIJING NANJING SHANGHAI CHONGQING

“ Diesel shortages hit major cities ”

China’s 11th FYP suggested to reduce its energy intensity in 2010 by 20% of 2005 level Power supply rationing forced China to turn into a net diesel importer for the 1st time in 2 yrs (150) (100) (50)

• 50

100 150 200 250 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Thousand Barrels per Day

China Diesel Net Import

Nov10 +80 KBD Diesel demand is expected to be 150 – 200 KBD higher than normal in Oct10 & Nov10 IEA forecasts Chinese diesel demand to be 70 KBD higher than normal until Feb11 Robust Chinese oil demand growth and limited capacity addition may keep China as a net diesel importer 20 30 40 50 60 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Million Barrels

Sinopec & PetroChina Inventory

Diesel Inventory Gasoline Inventory Diesel stock dropped sharply in Oct10

Source: Reuters

Aromatics

Market turns strong,

Better outlook from new PTA plants on stream

35

36

Q4-2010 Market Highlight Macro & Crude Petroleum Market Aromatics & Base Oil Conclusion

Supports for Aromatics Business

Healthy polyester demand

Cotton shortage push producers towards polyester

Major producers reduce run rate

Producers kept low run rate

• n poor margin since July

Several Aromatics plants

• utages

Large scale plants in CN, JP & Oman unplanned S/D

Iran sanction limits aromatics supplies

Switched off aromatics production to gasoline mode

Company Unit Capacity Status When CNOOC, China Aromatics PX : 840KTPA BZ : 300KTPA Technical glitch Reduce run rate to 60% 6-Oct Fujia Dahua, China Aromatics PX: 750KTPA BZ: 450 KTPA Unplanned S/D 12- Oct JX Nippon Oil, Japan Reformer Reformate: 36KBD Unplanned S/D 13- Oct Aromatics Oman, Oman PX unit PX: 820KTPA Force Majeure PX 18- Oct

“Several Outages with estimated > 155KT PX losses”

Source: Platts

37

Q4-2010 Market Highlight Macro & Crude Petroleum Market Aromatics & Base Oil Conclusion

Company: Hanbang Petrochemical (Chengxing) Product: PTA Capacity: 600KTPA Technology: Invista

“ New Chinese PTA plant Start Up” “ PX supply chain build up stock before CNY’11”

Shaoxing Fabric Transaction (Daily Average) Chinese New Year 2011 starts 03-Feb

“ Heated up Cotton & PTA market ”

Source: Bloomberg, Platts Source: PCI

38

Paraxylene Benzene

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

Toluene

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

2009 2010 2011

Company Location PX BZ TL PTA When

Hangbang China

• 600

2010-Q4 Yangzi PC China

• 38

26

• 2011-Q1

S-Oil Korea 900 280 320

• 2011-Q1

Urumqi PC China 1,000 300 220

• 2011-Q2

Yisheng Nigbo China

• 2,000

2011-Q2 Yisheng Dahua China

• 500

2011-Q2 Daqing PC China

• 150

90

• 2011-Q3

Sanfanxiang China

• 1,200

2011-Q3 ExxonMobil Singapore

• 340

122

• 2011-Q4

China Kuwait Oman Singapore Korea Japan Netherlands Poland Unit : KTPA

39

6.2% 4.4% 1.9%

Paraxylene Benzene Toluene

• In 2011, PX market will improve from 2010 especially in H2 when the demand from new PTA plants

arrive to capture surplus.

• I mport BZ demand from US is expected to decline due to 500-700KT additional BZ availability from

MSAT2 implementation. China will be more self-sufficient for both BZ and SM from their new plants.

• TL supply keeps growing as a co-product from Naphtha crackers and PX plants especially in North East

Asia forcing operating rate at below 70%

Source: CMAI Q4-2010 Market Highlight Macro & Crude Petroleum Market Aromatics & Base Oil Conclusion

Base Oil & Bitumen

Demand growth to balance with supply,

supported prices

40

Bitumen : Slower Demand “Heavy Floods put off domestic demand”

41

Q4-2010 Market Highlight Macro & Crude Petroleum Market Aromatics & Base Oil Conclusion

Base Oils : Tighter Supply “Several plants shut down”

Lubricant change to winter grade

Base Oils demand pick up

Prolonged S/D of Taiwan’s Formosa Base Oil Plant

Tight supply support prices across Asia Pacific

Heavy rains damped demand

Pavement and construction delay

Minimize inventory at year end

Lower buying interest 500SN Ex-Tank Singapore Prices

• Petamina
• S-Oil

Formosa

$/MT

TH Bitumen Domestics Demand (,000 Ton)

Source : DOEB Source : ICIS

42

Q4-2010 Market Highlight Macro & Crude Petroleum Market Aromatics & Base Oil Conclusion FORMOS OSA

Supply expect to be tight Schedule plant shut down

Source: Kline Estimate

KMT

20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000

2010 2011 2012 2013 2014 2015 Demand Gr.II Gr.III Gr.I Supply

• In 2011, Market will adjust to normal status due to the

ample supply

• Economic recovery 2011 will lead to the higher car sales

especially in China & India, contributing to the increase in lubricant consumption.

AP Base Oils : Supply & Demand

Shut Down Period

43

Q4-2010 Market Highlight Macro & Crude Petroleum Market Aromatics & Base Oil Conclusion

Chinese less import expected in 2011

• Asia Pacific remains the world’s largest market for bitumen in 2011, driven by massive investment in

China, India, Indonesia, Vietnam and Thailand

• Demand growth in Thailand is expected to peak in 2010-2011.
• Thai’s Government infrastructure projects is expected to increase bitumen demand in 2011-2012.
• 5,000

10,000 15,000 20,000 25,000 30,000 35,000 2008 2009 2010 2011E 2012E

Demand Supply +Import/-Export

(1,000)

• 1,000

2,000 3,000 4,000 5,000 6,000 7,000 2008 2009 2010 2011E 2012E

Demand Supply +Import/-Export

I ndian government emphasis on infrastructure investment Source : C1 Energy Source : Vinergy

Conclusion

44

45 Strong G.I demand in Asia despite growing G.II/III demand

2011 Outlook

Moderate economic growth with slower growth from Asia and Europe Expect crude prices to trade in the range of $75-90/barrel on growing demand Improve GRM on strong regional demand and less new capacity

Refinery Aromatics Base Oil

Growing new aromatics supply absorbed by growing demand More bitumen demand in region on road repair projects Strong PX growth from China and India and steady BZ growth with global economy

Q4-2010 Market Highlight Macro & Crude Petroleum Market Aromatics & Base Oil Conclusion

Strategy

Max sales, max production Operational excellence Enhance synergy Price risk management Innovative products & services Growth opportunities

Frequently Asked Questions FAQ’s

46

Conclusion

47

48

Thank You

Any queries, please contact: Investor Relations at email: ir@thaioilgroup.com Tel: 662-797-2999 Fax: 662-797-2976

Appendices

49

50

Source : Department of Energy Business, Ministry of Energy

Thailand LPG Demand LPG Demand by Sector LPG Demand Highlight

• LPG Demand in 9M grew 12.1% YoY driven

mainly by industry sector:

• Household +9.9% YoY
• Transportation -0.5% YoY
• Industry +39.4% YoY
• Petrochemical +10.8% YoY

Outlook 2010

• Expect 15% LPG demand growth in

2010, largely from industrial sectors following global economic recovery

• Continue capped LPG retail prices at least until

Feb 2011 will lean support on double-digit demand growth for LPG

801 729 816 801 793 830 769 855 834

500 550 600 650 700 750 800 850 900 950 1,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2008 2009 2010A

ML/Mth 203 55 68 124

• 100

200 300 400 500 600 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov KT/Mth

Household Transportation

51

Source : Department of Energy Business, Ministry of Energy

Thailand Gasoline Demand Gasoline Demand by Grade Gasoline Demand Highlight

• Gasoline demand contracted 2.7% YoY 9m

2010 due to higher retail price comparing to last year

• Portion of gasohol & gasoline sales is

relatively maintained at around 60% : 40%

• Average ethanol replacement is 1.23

ML/Day currently

Outlook 2010

• Expect soft gasoline demand in 2010 due

to:

• Higher retail gasoline price will continue

pressuring down demand

• While strong private consumption index

doesn’t help supporting gasoline demand

606 592 620 607 599 617 637 619 607

400 450 500 550 600 650 700 750 800 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2008 2009 2010A

ML/Mth

• 100

200 300 400 500 600 700 800 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov 2008 2009 2010 ML/Mth E20 GSH91 GSH95 ULR91 ULG95

200 250 300 350 400 450 500

20,000 24,000 28,000 32,000 36,000 40,000 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov

mml / month # of aircraft

# of Flights (lhs) JP 1 Demand

JET Demand Highlight

• After BKK crackdown in May, in-bound

tourists have rebounded continuously leaning support JET fuel demand in 2010, where growth is 6.2% YoY 9M

Outlook 2010

• Expect strong Jet demand growth in 2010

from coming high season but the upsides are limited by flooding impact during Sep- Oct:

• In addition, strong intra-region travelling

figures is another factor that could boost up Jet fuel demand for the rest of this year 52

Source : Department of Energy Business, Ministry of Energy

Thailand JET-A1 Demand JET-A1 demand and # of flights

425 387 422 378 334 334 366 335 369

200 250 300 350 400 450 500 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2008 2009 2010A

ML/Mth

50 100 150 200 250 ML/Mth 2009 2010

Gasoil Demand Highlight

• Gasoil demand was flat 9M despite the

rising retail prices compared with last year. (Partially supported by robust manufacturing growth)

• Current Portion between B3:B5 is 60:40 and

B100 replacement is ~ 1.73 ML/Day

Outlook 2010

• Expect slow down in gasoil demand growth

in 2010 due to:

• Higher diesel price pressures down

demand even though strong Thai Baht helps cap retail prices

• More NGV demand will depress gasoil

consumption going forward

• However, strong manufacturing sector

will help limit the loss

Source : Department of Energy Business, Ministry of Energy

Thailand Gasoil Demand Rising Trend of NGV Demand

53

1,566 1,546 1,688 1,550 1,588 1,509 1,517 1,431 1,404

1,200 1,300 1,400 1,500 1,600 1,700 1,800 2008 2009 2010A

ML/Mth

Fuel Oil Demand Highlight

• FO demand grew 4.1% YoY 9M 2010 thanks to

strong requirement from power plants as the

• ccurrence of NG disruption & also recover

global trade led to more demand for bunker fuel

Outlook 2010

• Expect modest Fuel Oil demand growth in

2010:

• Unexpected natural gas supply disruption

to power, causing prompt FO demand in power plants

• However, higher oil prices will pressure

down FO demand from industrial sector despite the economic recovery

Source : Department of Energy Business, Ministry of Energy

Thailand Fuel Oil Demand Thailand Fuel Oil Demand by Sector

54

• 50

100 150 200 250 300 350 400 450 500 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov 2008 2009 2010 ML/Mth

Others & Article 10 Electricity Industry

ML/Mth 210 216 292 219 224 206 251 216 198

100 150 200 250 300 350 400 450 500 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2008 2009 2010A