Y2022 & 4Q22

Operating Results

27 Feb 2023
IRPC Strategy

Financial Performance

Performance by Business

2
 Financial Performance

Refinery
Utilization Rate MKT GIM EBITDA

81% 10.57 $/bbl 3,987 MB

(-8% YoY) (-19% YoY) (-85% YoY)

Key Performance Highlight

• Robust Gross Refining Margin supported from Diesel & Gasoline spreads
• Gain Financial Derivatives mainly from Interest Rate Swap (IRS) contract

• Weakened petrochemical spread pressured by slumped demand as a slowdown in the global economy
amid the war in Ukraine and China’s lockdown
• Escalated crude premium weighting the cost
• Major Turnaround of Refinery Plant in 4Q22 resulting to low utilization in 4Q22
33
Projects Update
Ultra Clean Fuel (UCF) Project
Diesel hydro-treating Unit (DHT Unit)
Objective : Upgrading HSGO to LSGO Timeline
to meet Euro5 specification FID,Q3 COD, Jan’24
Capacity :  75 KBD (of DHT Unit) 2019 2020 2021 2022 2023 2024

CAPEX : 13,300 MB (~ 420 M$)

Progress : 66% of Target (as of Jan’23)
• Basic Design & FEED Engineering & Implement
COD : Jan’24
• EIA/BOI Construction Euro 5 in
Status : Ongoing Construction • Awarded EPC Thailand

INNOPOLYMED
Coverall Other
Structure : 60% : 40% e.g. Filter/ Battery
e.g. hair net, shoe cover Drape
Application Separator / Oil Absorbent
Objective : Non-Woven Fabric Mask
e.g. Surgical, N95, N99
Location : IRPC Industrial Estate PPE ,
Surgical Gown Isolation Gown
Capacity : ~ 5.6 KTA
Progress
CAPEX : ~ 260 MB
Timeline
Progress : 99% of Target (as of Jan 2023) Jan Mar Apr 1Q23
COD : 1Q23
EPC
Status : Commissioning IRPC and PTT Approved by Established
signed MOU BOD “Innopolymed” COD, 1Q23
4
 E S
ENVIRONMENTAL SOCIAL

reduce carbon and transform to a

sustainable business from UN Women

G
GOVERNANCE ECONOMIC

“Decarbonize Thailand
Symposium 2022” Lam Sai Yong Model Project

to development advanced to research and develop a from ASEAN Corporate Governance

business integration “pillow to rest” Scorecard
5
Y2022 Key Highlight

Financial Performance

Performance by Business

6
 Medium Term Long Term
Actual
2025 2030 2050 2060 2065
1 Business Growth
EBITDA Target (MB)
The River of 2 Streams Target
Financial Driver

Based
MB
Avg. Year Target
New Stream 2017-2021
MB

Existing Stream Base line

2021 2025 2030
2017-2021 2025 2030

2 Sustainability Driver
Carbon
Thailand Net Emissions Goal Neutrality Net Zero

GHG Emission Target

Base line

Eco-operation Reshape Absorption -20%

& Technology Portfolio & Offset Carbon
Based
Neutrality Net
CO2 Year 2018 Zero

Remaining CO2 CO2 reduction 7

IRPC’s Strategic Positioning
To Shape Material and Energy in Harmony with Life

EXISTING STREAM NEW STREAM

Petrochemical and Beyond Innovation Business Growth

Forward integration into
downstream ecosystem and
accelerate growth Health & Life Advanced
Petrochemical Infrastructure Science Material
Enter New Frontier
Innovative business
Reenergize Resilient Refinery Circular
through Know how and
Partnership
Reinforce competitiveness Business
and stay to generate cash
as far as the Business
is viable
Refinery Lube Base Future Energy Energy Storage

•
Climate change
20% GHG reduction by 2030
Circular Economy Creating Shared Value Carbon Inclusive
Investment
Turning Waste to Value Increase 20% of True Value by 2030
• Net zero by 2060

Enhance business strength with Strategic Partner

Ensured Embedded Reformed

Financial Capability Digitization People Readiness
8
Escalating Specialty Portion
High value products portfolio driven to accelerate

22% 33% 44% 52%

Specialty Portion
(% of total polymer sale vol.)

2022 2023 2024 2025

Mobility: Automotive Holistic Wellness: Medical & Hygiene

Grow with ICE while build up readiness for EV Develop advanced and super safe properties for
medical & hygiene

Technology: Electrical & Appliance Effective Transfer: Pipe

Expand internationally in Trenchless pipe with
electrical & electronics environmentally safe

9
 New Stream : Project Highlight – VISUP (New Investing Vehicle)

“VENTURE BUILDER FOR DEEPTECH STARTUP”

 Achieve IRPC vision
 Partner with VISTEC, the world's leading research institute
for science, technology and innovation. IRPC invests in VISUP (Thailand) Co., Ltd.
 Consist of 4 major investment themes:
 Digital Technology  Material Technology
 Biotechnology  Energy Technology
Examples of Potential Startup

The world's leading research institute for Investment Themes

science, technology and innovation.
Digital Technology Material Technology
Location: Wangchan Valley, Rayong
Biotechnology Energy Technology
Nature Index Ranking
BioSynThai develops sustainable technology with
custom analysis and implementation to convert
organic waste into value-added products.

Cleantech & Beyond has

been developing innovative
approaches to integrate
VISAI is providing advanced
sensing capabilities into IoT
machine learning tools to help
devices without needing a
anyone build high-quality, high-
battery.
performance Al-enables solutions.

10
New Stream : Project Highlight - 3D printing Technology
Step out business - Sandbox

Potential Value Chain

Filament Supplier

APAC Hub for 3D Printing Material,

offering Global Cutting-edge Product Launch in 1Q23
Technology by 2025 Printing Service & Solution

Products

• More stability and More tolerances • Easy to print and smooth surface
• Long shelf life • Low-volatile
PLA PETG
• Environment-friendly material • High performance material with water
resistance, chemical resistance

• Low-volatile
ABS • Good toughness and impact resistance

11
New Stream, New Frontiers

Material Energy

Health & Life Advanced Materials Circular Business Future Energy Energy Storage
Science

Innopolymed: REINFOXX: Nano PARARENE: Floating Solar: 12.5 UHMWPE &

Hygenic Non-woven Nutrients for Plants Bioplastic (Utensils MW + 8.5 MW during Acetylene Carbon
Fabrics for KFC) EPC Black for EV battery
VISUP: Venture
Resin for Medical Builder for Deeptech
Products Startup

3D-Printing:
Focusing on Medical
Equipment

12
2023 Perspective

o Increase refining U-rate

o Enlarge margin with 33% Petrochemical specialty products portion in 2023

Business
o Capture megatrend demand by adjacent & step-out innovation businesses

o Preferable Petroleum outlook

Market o China’s reopening border boosts up demand

Outlook
o Challenging Petrochemical market from oversupply

o Continuous on pathway to Net Zero:

20% reduction in GHG within 2030 as route to Net Zero in 2060
Sustainability

13
Y2022 Key Highlight

IRPC Strategy

Performance by Business

14
Key Drivers
Crude Oil Price (average) Foreign Exchange (average)
Dubai QoQ  12% Unit: $/bbl QoQ appreciated 0.1% Unit : THB/USD
Dubai Brent Dubai YoY  8%
YoY depreciated 9%
130 2021 Avg. Dubai: 69.24 2022 Avg. Dubai: 96.34 2021 Avg. FX 32.15 2022 Avg. FX 35.23
40
39 30.43 31.53 33.09 33.55 33.22 34.56 36.58 36.55
110
38
37
3Q22
90 36 (End 38.07)
35
70 34 4Q22
(End 34.73)
33
4Q21
50 32
(End 33.59)
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 31
30
Brent 60.90 68.83 73.47 79.73 101.40 113.78 100.85 88.71

Dubai 60.01 66.93 71.67 78.35 95.56 108.05 96.88 84.85

1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22

Gross Refining Margin (GRM) Product to Feed Margin (PTF)

QoQ  5% Unit: $/bbl QoQ  51% Unit: $/bbl

YoY  19% YoY  36% YoY  86% YoY  72%

Refinery Lube Base Aromatics & Styrenics Olefins

8.04 6.06
6.17 5.27 5.02 5.91 0.96 3.83
1.08 1.10 3.13
1.29 2.80 0.54 1.68
2.03 7.08 2.02
5.09 3.98 0.37 0.40 2.93 0.81
2.99 3.11 1.81 0.73 0.87
0.14
4Q21 3Q22 4Q22 2021 2022
4Q21 3Q22 4Q22 2021 2022
15
Production & Performance by Business
2022 & 4Q22: Lessened U-rates due to the Major Turnaround
Crude Intake/Utilization Rate Production Volume & Sales Volume
Petroleum Petrochemical Petroleum Petrochemical
4Q21 3Q22 4Q22 2021 2022 4Q21 3Q22 4Q22 2021 2022 4Q21 3Q22 4Q22 2021 2022 4Q21 3Q22 4Q22 2021 2022

Refinery (Unit: KBD,%) Olefins Production (M.bbl) Production (KMT)

198 189 119 192 175
96% 92% 74% 95% 86% 14.16 13.58 8.99 54.31 50.10 447 446 274 1,806 1,621
92% 88% 55% 89% 81%
Lube Aromatics & Styrenics Sales Volume (M.bbl) Sales Volume (KMT)

92% 90% 54% 90% 77% 98% 85% 54% 99% 86% 15.53 15.33 10.43 60.10 56.73 426 409 310 1,789 1,601

MKT GIM Unit: $/bbl Net Inventory Gain/(Loss) Unit: $/bbl

4Q22 VS 3Q22 Dubai Price

120
110
100
90
2022 Avg. price
80
96.34 $/bbl
70
MKT GIM Product Crude Premium Fuel loss & MKT GIM 60 2021 Avg. price
3Q22 Spread Premium on sales Internal Use 4Q22 50 69.24 $/bbl
40
2022 VS 2021
Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22

4Q22 VS 3Q22:  10.68 $/bbl 2022 vs 2021:  7.74 $/bbl

4Q22 Net inventory loss = -17.00 $/bbl 2022 Net inventory loss = -2.82 $/bbl
 Stock Loss & NRV = -14.29 $/bbl  Stock Gain & NRV = 0.91 $/bbl
MKT GIM Product Crude Premium Fuel loss & MKT GIM  Realized Oil Hedging = -2.71 $/bbl  Realized Oil Hedging = -3.73 $/bbl
2021 Spread Premium on sales Internal Use 2022
16
 Financial Highlight: 2022 & 4Q22 performance
Sluggish Petrochemical market dampened the performance
Overview of Business Performance by Business
Dubai (Avg.) 78.35
96.88 84.85 96.34 Net Sales
69.24 (net excise tax)
Unit: $/bbl
4Q22 2022
2% 1%
Crude run KBD 198 189 119 192 175
QoQ  37% YoY  35%
Net Sales YoY  19% 318,396
(net excise tax) 235,174 23% 22%

67,840 87,312 55,081

Unit: MB 55,081 318,396
GRM ($/bbl) 6.17 5.27 5.02 5.91 8.04 MB MB
PTF ($/bbl) 3.83 1.10 0.54 6.06 1.68

0.92 0.68 0.94 1.15 0.85

75% 77%
PW & UT ($/bbl)
Market GIM ($/bbl) 10.92 7.05 6.50 13.12 10.57

Net Inven. G/(L)($/bbl) 0.44 (6.32) (17.00) 4.92 (2.82)

Acct. GIM ($/bbl) 11.36 0.73 (10.50) 18.04 7.75 EBITDA

EBITDA QoQ  180% YoY  85%
YoY  353%
Unit: MB 26,961 4%

3,094 3,987 41%

(33%)

(2,798) (7,836) (7,836) 3,987

MB MB 70%
QoQ  180% YoY  130% (71%)
Net Income
Unit: MB YoY  426% (11%)
14,505
2,194

(2,549) Petroleum Petrochemical Utilities and Others

(7,149) (4,364)
4Q21 3Q22 4Q22 2021 2022 17
*Net Inventory Gain/(Loss) = Stock Gain/(Loss) + NRV + Realized Oil Hedging Gain/(Loss)
2022 & 4Q22 Financial Performance
Unit: MB Unit: $/bbl

4Q21 3Q22 4Q22 2021 2022 4Q21 3Q22 4Q22 2021 2022

Net Sales 67,840 87,312 55,081 235,174 318,396 110.92 137.18 137.38 104.22 141.52

Market GIM 6,680 4,485 2,609 29,588 23,761 10.92 7.05 6.50 13.12 10.57

Stock Gain (Loss) 2,122 (2,163) (3,826) 13,112 4,384 3.47 (3.40) (9.54) 5.81 1.95

NRV (54) (496) (1,905) (54) (2,347) (0.09) (0.78) (4.75) (0.02) (1.04)

Oil Hedging Gain (Loss) (1,801) (1,361) (1,085) (1,954) (8,385) (2.94) (2.14) (2.71) (0.87) (3.73)

Net Inventory Gain (Loss) 267 (4,020) (6,816) 11,104 (6,348) 0.44 (6.32) (17.00) 4.92 (2.82)

Accounting GIM 6,947 465 (4,207) 40,692 17,413 11.36 0.73 (10.50) 18.04 7.75

OPEX + Selling Exp. (4,254) (3,566) (3,945) (15,699) (14,777) (6.95) (5.61) (9.84) (6.96) (6.57)

Other Incomes 401 303 316 1,968 1,351 0.66 0.48 0.79 0.87 0.60

EBITDA 3,094 (2,798) (7,836) 26,961 3,987 5.07 (4.40) (19.55) 11.95 1.78

Depreciation (2,068) (2,014) (2,022) (8,587) (8,059) (3.38) (3.16) (5.04) (3.81) (3.58)

Cost of Finance (402) (496) (515) (1,699) (1,836) (0.66) (0.78) (1.28) (0.75) (0.82)

Financial Derivatives Gain (Loss) 107 (81) 281 (302) 238 0.17 (0.13) 0.70 (0.13) 0.11

FX Gain (Loss) 70 (312) 402 (474) (171) 0.11 (0.49) 1.00 (0.21) (0.08)

Unrealized Oil Hedging Gain (Loss) 1,526 2,426 849 313 28 2.50 3.81 2.12 0.14 0.01

Impairment Gain (Loss) (27) - 21 (46) 20 (0.04) - 0.05 (0.02) 0.01

Investment Gain (Loss) 215 67 (86) 719 289 0.35 0.11 (0.21) 0.32 0.13

Other Expenses - 6 3 (1) 2 - 0.01 0.01 (0.00) 0.00

Income Tax (319) 655 1,752 (2,351) 1,142 (0.52) 1.03 4.37 (1.04) 0.51

Net Profit 2,194 (2,549) (7,149) 14,505 (4,364) 3.60 (4.00) (17.83) 6.44 (1.93)
18
Financial Statement Unit: MB

4Q22 VS 3Q22: Increased net inventory loss & major turnaround hampered the performance
Net Income  180%

Net Income Margin Crude Net Inventory OPEX & Unrealized Financial Tax Others Net Income
(Loss) Premium Gain Selling Oil Hedging Exp. (Loss)
3Q22 (Loss) Exp. 4Q22

2022 VS 2021: Net inventory loss in 2022, surged crude premium & major turnaround shrank the performance
Net Income  130%

Net Income Margin Crude Net Inventory OPEX & Unrealized Financial Tax Others Net Income
(Loss) Premium Gain Selling Oil Hedging Exp. (Loss)
2021 (Loss) Exp. 2022
19
Financial Position
Secure financial position among sluggish market situations
Statements of Financial Position Cash Flow
Unit: MB Unit: MB
4%
190,492 198,187

3,230
Cash 11,236
Other Current
36,958 51,294
Liabilities
67,690
Other CA 55,866 Beginning Cash Flow Cash Flow Cash Flow Ending Cash
Cash from from from 31 Dec 2022
1 Jan 2022 Operation Investment Financing
61,079 14,647 LT Borrowing incl.
Other Non-CA 13,177 62,611 current port.
Financial Ratios
4,743
Other Non-Current
4,604
Liabilities Net IBD/Equity DSCR
PP&E
(incl.
investment 110,214 112,619
properties < 1.0x
87,712 Shareholders’ 0.86
and ROU) 79,678 Equity 3.17
0.70
0.57 1.95
1.56
≥ 1.2x
Dec. 2021 Dec. 2022

2020 2021 2022 2020 2021 2022

20
Y2022 Key Highlight

IRPC Strategy

Financial Performance

21
Petroleum Spread
Refinery Spread Lube Base Spread

ULG 95 - Dubai 500SN – FO 180 3.5%S Spread

$/bbl $/TON
QoQ  29% YoY  69% QoQ  2% YoY  20%
35.0
18.8 1,037 895
15.5 17.8 13.2 777 671 608
798 780 845 678
9.9 11.8 9.4 11.1 522
7.1

1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2021 2022 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2021 2022

Gas Oil - Dubai 150 BS – FO 180 3.5%S Spread

$/bbl QoQ  12% YoY  412% QoQ  1% YoY  32%

$/TON
43.1 39.3
35.2 34.3 1,485
1,356 1,234
1,011 1,087
19.6 791 762 901 891 837
11.4
4.7 5.3 5.4 6.7

1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2021 2022 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2021 2022

HSFO - Dubai Asphalt – FO 180 3.5%S Spread

$/bbl QoQ  1% YoY  188% $/TON QoQ  55% YoY  245%

146
94
23 7 16
(3.5) (5.8) (3.4) (6.9) (3.2) (4.9)
(8.3)
(14.1)
(22.3)(22.5) (43) (29) (11)
(81) (98)
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2021 2022 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2021 2022

22
Petroleum Group
2022 & 4Q22: Moderate performance owing to major turnaround despite strong Petroleum market
Crude Intake Production
Unit : Mbbl
QoQ  37% QoQ  34%
YoY  9% YoY  8%
YoY  40% YoY  37% Lube
54.31
198 189 119 192 175 Crude Run (KBD) 50.10
7.48 LPG & Other
6.42
92% 88% 55% 89% 81% % U-Rate 2.27 1.77
2.58 1.36 Naphtha &
11% 10% 14% Others 9.72 Reformate
3% 26% 18% 9.00
3% 4% 4% Gasoline
11% 6% 5% 5% Domestic
15%
0.2% 14.16
13.58 Diesel & Jet Oil
75% 81% 73% Far East 1.91
8.99 30.31 28.60
69% 67% 1.87 1.13
0.580.66 0.46
Middle East 2.50 0.24 0.18 LSFO 0.5%
2.48 0.44
1.30
7.98 7.78 4.76
25% 25% 0.05 0.27 0.12 0.20 0.61 HSFO
32% 33% 29% Sweet Crude 0.48 0.48 1.06 1.75 2.34
75% 75% 68% 67% 71% Sour Crude 4Q21 3Q22 4Q22 . 2021 2022
92% 88% 55% 89% 81% % Utilization
4Q21 3Q22 4Q22 2021 2022
92% 90% 54% 90% 77% Lube Base
Premium over Dubai
3.01 9.71 9.16 3.19 8.33 ($/bbl) 115% 97% 48% 115% 92% RDCC

Sales Volume & Revenue GRM

Sales Volume QoQ  32%
YoY  6% Unit : Mbbl 70.19 63.86
YoY  33% Crude intake
60.10 56.73 18.23 17.40 10.97 (Mbbl)
7.37 6.27
QoQ  5%
Lube Base YoY  36%
15.53 15.33 10.43 52.73 50.46 YoY  19%
1.87 1.73 1.15 Refinery Unit : $/bbl
13.66 13.60 9.28
4Q21 3Q22 4Q22 2021 2022
QoQ  39%
Revenue YoY  52% Unit : MB
YoY  15% Lube Base
8.04
4Q21 3Q22 4Q22 2021 2022 6.17 5.91
5.27 5.02 0.96 Refinery
48,657 68,345 41,352 160,626 243,953 Petroleum 1.08
1.29 2.03 2.80
7.08
5.09 3.98
42,512 60,818 36,768 136,063 219,105 Refinery 2.99 3.11

6,145 7,527 4,584 24,563 24,848 Lube Base

4Q21 3Q22 4Q22 2021 2022
23
Petrochemical Spread
HDPE-Ethylene –Naphtha Spread PP-Propylene –Naphtha Spread

$/TON QoQ  5% YoY  29% $/TON QoQ  12% YoY  38%

Ethylene-NP HDPE-Ethylene Propylene-NP PP-Propylene

Olefins 793 708
704 734 560 558 489 655
564 563 641 450 367
448 517 421 442 457 363 305 407
303 350 279
322 335
248 215 195 306 365 214 219
151 193 212 188 186 114 184
401 384 316 348 322 362 430 403 320
297 228 230 269 254 193 275 231 181 208 223
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2021 2022 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2021 2022

Toluene – Naphtha Spread MX – Naphtha Spread

$/TON QoQ  27% YoY  111% $/TON QoQ  17% YoY  130%

325
Aromatics 236 256 290
241 239
188 175
128 162
87 83 110 115 100 104
76
43 19 28

1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2021 2022 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2021 2022

ABS –Naphtha Spread PS –Naphtha Spread

$/TON QoQ  13% YoY  47% QoQ  18% YoY  23%
$/TON

Styrenics 1,780 1,929 1,682 1,713 1,0211,092

1,462 840 867 776 806 738 955
1,078 1,032 901 607 731
799 695

1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2021 2022 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2021 2022
24
Petrochemical Group
2022 & 4Q22: Economic uncertainties dampened Petrochemical products spreads leading to slumped Market PTF
Production Sales Volume and Revenue
Unit : KMT
QoQ & YoY  39% YoY  10% Unit : KMT Sales Volume QoQ  24% YoY  11%
YoY  27%
1,806
1,621 1,789
1,601
860 Polyolefin
733 1,062 Olefins &
1,001
Olefin
Polyolefins
218 426 409 310
252
446 446 256 247 223 727 600 Aromatics &
327 Polystyrenic
202 274 294 170 162 87 Styrenics
215
53 65 153 401
94 88 36 342 Aromatic 4Q21 3Q22 4Q22 2021 2022
84 91 37
48
4Q21 3Q22 4Q22 2021 2022 Revenue QoQ  29% Unit : MB
YoY  1%
YoY  30%
96% 92% 74% 95% 86% % Utilization
95% 89% 67% 94% 80% Polyolefins 4Q21 3Q22 4Q22 2021 2022
98% 95% 85% 95% 93% Olefins
18,313 17,863 12,748 71,089 70,402 Petrochem
98% 85% 54%
% Utilization
99% 86%
Polystyrenics 10,708 10,334 8,635 42,011 42,448 Olefins
96% 71% 54% 94% 74%
118% 93% 62% 101% 94% Styrenics Aromatics & Styrenics
7,605 7,529 4,113 29,078 27,954
89% 94% 50% 103% 92% Aromatics

PTF
70.19 63.86 Crude intake  2022 : Petrochemical revenue was Bt 70 bn
18.23 17.40 10.97 (Mbbl)  YoY : 1% decrease from 11% vol. decrease VS 10% price increase
 2022 Market PTF was $1.68/bbl:
QoQ  51% YoY  72%
Unit : $/bbl  YoY : $4.38/bbl decrease as lower products spreads due to slowed-down end products demand,
YoY  86% recession concerns & China’s Zero-COVID policy
6.06  4Q22 : Petrochemical revenue was Bt 13 bn
3.83  QoQ : 29% decrease from 24% vol. decrease & 5% price decrease
3.13 Olefins  YoY : 30% decrease from 27% vol. decrease & 3% price decrease
2.02 1.10 0.54 1.68
0.37  4Q22 Market PTF was $0.54/bbl
2.93 0.81 Aromatics &
1.81 0.73 0.40 0.87  QoQ : $0.56/bbl decrease
Styrenics
0.14 as lower products spreads
4Q21 3Q22 4Q22 2021 2022  YoY : $3.29/bbl decrease
25
Power and Utility
Utilization Rate Revenue
Unit : MB
QoQ  14% YoY  4% QoQ  11%
YoY  17%
YoY  13% YoY  13%
4,041
58% 59% 61% 57%
45% 243
Steam 3,459
320
1,590
4Q21 3Q22 4Q22 2021 2022 1,107 Other Utilities
QoQ  20% Steam
YoY  13%
YoY  27%
1,104 Electricity
981
74% 75% 870 61 2,208
67% 62% 57 54 2,032
438 352
47% 314
Electricity
499 605 575

4Q21 3Q22 4Q22 2021 2022

4Q21 3Q22 4Q22 2021 2022

GIM
 2022 U-Rate of Steam was 57%;  4%
Unit : $/bbl
 2022 U-Rate of Electricity was 62%;  13%
QoQ  38% YoY  26%
YoY  2%  2022 : Power & Utility revenue was 4,041 MB

 YoY : 17% increase from higher average selling prices of electricity & steam
Power & Utility
1.15  4Q22 U-Rate of Steam was 45%;  14% QoQ,  13% YoY
0.92 0.94 0.85
0.68  4Q22 U-Rate of Electricity was 47%;  20% QoQ,  27% YoY

 4Q22 : Power & Utility revenue was 981 MB;  11% QoQ,  13% YoY

 QoQ : lower sales volumes of electricity & steam

4Q21 3Q22 4Q22 2021 2022
 YoY : higher average selling prices of electricity & steam

26
Market & Accounting Gross Integrated Margin
2022: Decreased products spreads & net inventory loss pressured A/C GIM
4Q22 : Softened products spreads diminished Market GIM
Market GIM Market GIM by business
Petroleum Petrochem Power and Utility Unit: $/bbl Petrochemical Unit: $/bbl
QoQ  8% YoY  19%
YoY  40% Aromatics&Styrenics Olefins

6.06
10.92 13.12 10.57
7.05 6.50 1.15 3.83
0.92 0.68 0.85 1.10 3.13
1.68
3.83 0.94 6.06 1.68 2.02 0.54
1.10 0.54 0.37 0.40 2.93 0.81
6.17 5.27 5.02 5.91 8.04 1.81 0.73 0.14 0.87
YoY  20% Unit: MB Petroleum
QoQ  42%
29,588
YoY  61% 23,761 Refinery Lube Base
2,605
1,906
6,680 13,668 3,783
4,485 2,609 8.04
567 6.17 5.27 5.02 5.91
433 378 18,072 0.96
2,343 697 217 13,315 1.08 1.29 2.03 2.80
3,770 3,355 5.09 3.98 7.08
2,014 2.99 3.11
4Q21 3Q22 4Q22 2021 2022 4Q21 3Q22 4Q22 2021 2022

Market GIM
Accounting GIM
 2022 Market GIM was $10.57/bbl,
Market GIM Stk G/(L) & NRV Hedging
Unit: $/bbl YoY:  $2.55/bbl from lower Petrochemical spreads & higher crude premium VS higher
QoQ - n.a. YoY  57%
Petroleum spreads
YoY  192%
18.04  4Q22 Market GIM was $6.50/bbl,
11.36 7.75
3.38 0.73 5.79 0.91  QoQ:  $0.55/bbl from lower spread
10.92 7.05 6.50 13.12 10.57  YoY:  $4.42/bbl from lower spread & higher crude premium
(4.18) (0.87)
(2.94) (2.14) (14.29) (3.73)
(2.71) Accounting GIM
(10.50) Unit: MB  2022 Acct GIM was $7.75/bbl,
QoQ - n.a. YoY  57% YoY:  $10.29/bbl due to $2.82/bbl net inventory loss in 2022 VS $4.92/bbl net inventory gain
YoY  161% 40,692
in 2021 & $2.55/bbl lower Market GIM
13,058 17,413
2,037  4Q22 Acct GIM loss was $10.50/bbl,
6,947 465
2,068 29,588 23,761 QoQ: compared to Accounting GIM of $0.73/bbl in 3Q22 due to $10.68/bbl increase in
4,485 2,609
6,680 net inventory loss & $0.55/bbl decrease of Mkt GIM
(2,659) (5,731) (1,954) (8,385)
(1,801) (1,361) (1,085) YoY: compared to Accounting GIM of $11.36/bbl due to $-17.00/bbl net inventory loss in
(4,207)
4Q21 3Q22 4Q22 2021 2022 4Q22 compared to $0.44/bbl net inventory gain in 4Q21 & $4.42/bbl decrease of Mkt GIM
27
 Investor Relations Contact: [email protected]
Tel. +662-765-7380, Fax. +662-765-7379
Presentation is available at

www.irpc.co.th
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Disclaimers
This presentation material has been prepared solely for informational purposes only. IRPC is furnishing it solely for use by prospective investors / analysts in the proposed event. IRPC makes no
representations or warranties as to the accuracy or completeness of such information. By accepting this material each recipient agrees that IRPC shall not have any liability for any representations
(express or implied) contained in, or for any omissions from this presentation.
The information contained herein does not purport to be all-inclusive or to contain all of the Information that may be material to the recipient’s decision. Each recipient of the information and data contained
herein should perform its own independent investigation and analysis of the transaction and the creditworthiness of IRPC . Reference in this Disclaimer to this shall include references to the Appendices
(if any) hereto. 28
Maintenance Shutdown Plan 2023 (Based on Business Plan)

2023
Plant
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

ADU1 -
Petroleum

ADU2 -

RDCC -

LUBE -

EBSM -
Petrochemical

HDPE 19 6 25

PP 19 19

ABS/SAN 21 21

PS 13 13

Remark: PP’s plan is based on PP capacity 30

CAPEX Plan in 2023 – 2027
Unit: MB

IRPC 5 year CAPEX Plan

Plant Improvement
Projects
6,605 ,
18%
Turnaround
Total 3,027 , 8%
Strategic 19,023 , 36,456 MB
Projects 52% Strengthen
1,062 , 3%
6,739 ,
19% UCF Project
13,052

10,399

Strategic Projects 8,600

3,151 8,489

Ultra Clean Fuel

Project (UCF) 4,090 7,375
2,705
Strengthen 2,649 1,700
754
Turnaround 1,027 8 1,500
308 500
Plant Improvement 1,377 1,606 1,225 1,192 1,205
Projects
2023 2024 2025 2026 2027
31