1Thai Oil Public Company LimitedPresentation to Investors

Thai Corporate Day

Thai Oil Public Company LimitedPresentation to Investors

Thai Corporate Day

Arranged by ABN AMRO Bank20-23 March 2006

Arranged by ABN AMRO Bank20-23 March 2006

2Vision, Mission and StrategyVision, Mission and Strategy

Thaioil seeks to be one of the leading fully

integrated refining and petrochemical

companies in the region recognized for our

sustainable growth, optimum stakeholder

value, and commitment to environmental and

social well-being

To be PTT’s flagship refinery through optimizedmanagement of the group’s refining portfolio

To expand facilities to better meet domestic demand growth

To enhance the competitive advantage of our powergeneration operations to further solidify the core refining business

To create a high-performance organization that promotes teamwork, innovation and trust

Expand refining capacity to capture

future domestic growth

Remain primarily a “pure play” refiner

Increase participation in

power generation

Integrate and expand

petrochemical business

Continue to enhance refining

margins and rationalize costs

Vision Mission

Strategy

3

I) Business Overview & Update

II) Favorable Industry & Investment Projects

III) Financial Highlights

IV) Conclusion

Presentation Outline

I) Business Overview & Update

5

9%55%

Thaioil Power (TP)

3-on-1 Combined cycleElectricity 118 MWSteam 168 T/hr

Independent Power (Thailand)

(IPT)PTT 20%

Thaioil 24%

2-on-1 Gas-fired,Combined cycleElectricity 700 MW

Related Business & Income Stability

Thai Paraxylene (TPX)

Thai Lube Base (TLB)

Capacity: Current: 348 Kt/y (PX)Mid 07: 853 Kt/y total

408 Kt/y (PX)160 Kt/y (Bz)136 Kt/y (To) 149 Kt/y (MX)

Value Enhancement

Capacity: Lube Base oil: 270 Kt/y

Thaioil Marine (TM)

A fleet of 5 oil & petrochemical vessels with int’l classificationsTotal capacity: approx 30,000 DWT

Thappline

Multi-product Pipeline Capacity: 26,000 mn Litres/Y.

Product Marketing Support

100%

56%

100% 100%

Capacity: Current: 220 KbdMid 07: 270 Kbd

Utility Supply to Group

Thaioil (TOP)

Refinery Petrochem/Lube Base Oil Power Transportation

TOP Info:# of shares: 2,040 mnMkt Cap: ~US$ 3.3bn* MktCap Ranking:10th** As of 14 Mar 06

Shareholder structurePTT 49.54%Free float 43.28%Others 7.18%

PTT 26%

JPOWER 19%

Core Refining Operations

Thaioil Group

6Accomplishment in 2005Business/Operational

TOP - Maintenance shutdown of CDU-3 in Q1 enhanced plant efficiency by 10% and, thereby, allowed a

continuous utilization at 104% in 2005.- An acquisition of 24% in IPT was completed in Mar’05 from Unocal for US$ 12.75 mn. (equivalent to

US$ 76,000/MW)TPX - Change of catalyst in Jan’05 increased PX production by 20% (+60,000 tons/yr).

IPT - Completion of CT-2 replacement, consequently, allowed a full 700 MW run as from Jun’05.Turnaround of performance of all subsidiaries post-acquisition resulted in a significant contribution to the Group’s earnings in 2005.All approved investment projects, e.g. CDU-3 revamp, SBM, etc., progress as planned.

FinanceTOP - Prepayment of US$ 100 mn. in Mar’05, thereby reducing interest cost by US$ 5 mn. p.a.

- Tremendously success in completely refinancing its debt in Jun’05.

Post-Refinancing (2005)

10-year Euro Bond -US$ 350 mn.

-Baa1 (Moody’s)/BBB (S&P)-Low US Treasury benchmark @ 3.9% p.a.-5 times oversubscribed

7-year Term Loan (Onshore)-Bt. 2,600 mn. & US$ 65 mn.

5-year Revolving (offshore)-US$ 200 mn.

Benefits

Interest saving of US$ 7 mn. p.a.

Div ersify sources of fund

Better debt profile (longer tenor, more US$,

fixed/floating rate)

More lenient covenants and removal of investment

restrictions

7Accomplishment in 2005 (cont.)

Finance (cont.)

IPT - Successfully negotiated with creditors in Nov’05 to lower its onshore interest rate, which translated into US$ 3.4 mn. saving over the remaining loan life.

TPX - Also successfully negotiated with creditors to restructure its loans. Signing expected by Mar’06.

Best Newly Listed Company in Asia and Most Improved Companies in Asia for the Year 2005 fromEuromoney Magazine

Best Newly Listed Company in Thailand for the Year 2004 from the Stock Exchange of Thailand

Reliability Award for the Year 2004 from Shell Global Solutions International

Best in Energy Conservation (Refineries & Chemical) for the Year 2005 from the Ministry of Energy

Recognitions

8

764 765 712 717 738 731

83 9282 88

90%87%

84%

90%85%

89%

0

200

400

600

800

1000

1200

Q1/05 Q2/05 Q3/05 Q4/05 2005 200450%

55%

60%

65%

70%

75%

80%

85%

90%

Oil Demand Feed for Petrochem

Net Export % Utilization rate (RHS)

Oil Production by Refinery 1)

Continued Tight Domestic Oil Demand/Supply in 2005Domestic Oil Demand/Refinery Intake

Kbd

862 925(Intake)

903 911867920

Intake (kbd) 914 230* 153 139 139 178 63 12

Utilizaton 87% 104% 90% 92% 92% 83% 53% 60%

215

145120 120 101

5910

TOP Esso RRC SPRC TPI BCP RPC

Kbd

Oil demand for 2005 was approx. 738 kbd, higher than last year by 1%.

Domestic demand in H2/05 was reduced, compared with H1/05 due to rainy season, flooding and the impact of diesel subsidy removal in Jun’05.While supply remained tight, local refineries’ utilization rate was 87% in 2005 down from 89% in 2004, reflecting major turnaround of RRC/SPRC in Oct 05.

TotalCountry

Remark: 1)Exclude feedstock for petrochemical plantSource: Ministry of Energy and Company108

412

337

75

125

93

2005

105

412

337

75

132

83

2004

+4%Fuel Oil

(5%)Gasoline

+12%LPG

-

-

-

Middle Distillate

-Diesel

-Jet Fuel

+/(-)

Oil Demand by Products Volume (Kbd)

9Improved Utilization in 2005

Refinery’s intake remained at 104% of capacity due to strong requirement from offtakers and high plant efficiency.

TPX’s utilization improved to 97% (+18 %), following a change in catalyst in Q1/05 which increased PX production by 20%.

TLB’s utilization decreased to 71% due to shutdown in Q1/05.

IPT’s availability rose to 77% after CT-1 resumed the full 700 MW since Jun’05.

TM’s utilization rose to 92% in 2005 due to more effective fleet management, disposal of 2 vessels, coupled with high

demand in chemical and oil transportation.

% YoY

97%

77% 77%

91%

41%

82%79%

104%

92%92%

71%

104%

0%

20%

40%

60%

80%

100%

120%

Refinery TPX TLB IPT TP TM

20042005

10

30

40

50

60

J2004 M M J S N

J'05 M M J S N

80% 75%

6%6%

14% 19%

17% 11%

60% 54%56%

30%

10%

33%29%

With multiple cracking and treating facilities, Thaioil

has flexibility to select most economical crude

capitalizing on the favorable sweet and sour

differential to optimize refinery operation.

2005 Average Oil Prices-MOPS (US$/bbl)

Up to 80% of crude from Middle East (whose prices

are more attractive than Far East sweet grade) are

normally processed.

Middle distillate was produced to meet local demand

(represents about 54% of country's demand).

US$/bblTapis

Dubai

64.0364.03

DieselDiesel 0.5%0.5%

8.578.57

TPTP--DBDB

40.3140.3167.6367.6362.0962.0949.3249.3257.8957.89

Fuel OilFuel OilJetJetULG 95ULG 95DubaiDubaiTapisTapis

Thaioil’s Crude Mix and Oil Product Yield

Middle East

Far East

Heav y

Light

Distillate

Middle

2005

Others

2004

Crude Product Domestic Demand

2005

Flexible Configuration Allows for Complex Margin Optimization

11

Export, 12%

PTT, 46%

Shell/Caltex,13%

TPX 3%

BCP 6%

BCP 4%

TPX 11%

Shell/Caltex,14%

PTT, 49%

Export, 14%

Including 7% export of PTT

Domestic Independent, 15%

Excellent Relationships with Customers2005

Sales to major oil companies (PTT, Shell and Caltex) increased by 4% due to growing retail market shares at the expenses of sales to independent customers.

Sales to TPX also rose to 11% caused by an increase in volume of platformate sales after sales of MX unit to TPX in Q2/05.

Since domestic demand became weaker from rainy season and high oil price in Q3/05, Thaioil switched to focus on exporting more jet fuel at the expense of diesel due to its more favorable price.

In conclusion, total sales rose by 9% in 2005. (Domestic:Export = 86:14)

Including 1% export of PTT

Domestic Independent, 21%

Total Sales 14,351 Mn. L/year (+ 9%)

2004

Total Sales 13,182 Mn. L/year

2,040

(14%)

681

(18%)

700

(18%)

371

(10%)

288

(10%)

2005

556

(16%)

Q4

308

(9%)

Q1

1,594

(12%)

331

(11%)

398

(12%)

2004

FYQ3Q2

Thaioil’s Export Sales (Mn. L)

12

II) Favorable Industry & Investment Projects

13

0

2

4

6

8

10

2 0

3 0

4 0

5 0

6 0

7 0

8 0

J a n '0 4 M M J S NJ a n '0 5 M M J S NJ a n ' 0 6 M

TOP’s GRM and Oil Prices Movement Oil Price Movement

Strong demand and tight supply supported high oil prices during the first 9M/05. Hurricanes in US fueled gasoline, diesel and other oil prices in Q3/05.

Regional GRM was pressured in Q4/05, due to warmer winter in US, high inventory level, high VLCC freight as well as lackluster demand after subsidy removal in certain countries.

Recently product market tighten up due to cold weather and decline stock from planned shutdowns of the refineries in the US and Japan.

Thaioil’s Integrated GRM

Remark: MX unit sold to TPX since 1 April 2005

US$/bbl

Diesel Gasoline

TapisOman

Fuel Oil

US$/bbl

Q1/05 Q2/05 Q3/05 FY/04FY/05

8.75

6.55

8.52 7.50

6.62

Q4/05

3.00

~7.50

14

Kbd 2004P 2005F % Growth 2010

% Annual Growth

(2005-10)

China 6,105 6,470 +6.0% 8,494 +5.6% Japan 5,090 5,073 -0.3% 5,031 -0.1% India 2,318 2,412 +4.1% 2,906 +3.8% South Korea 2,218 2,253 +1.6% 2,441 +1.6% Thailand (1) 731 768 +5.0% 930 +4.1% Tl Demand 22,583 23,311 +3.2% 27,433 +3.3% Tl Supply 22,786 23,096 +1.4% 26,710 +3.0%

Kbd 2005 2006 2007 2008-10

China 60 466 640 880

India 208 115* 280 620

Indonesia – 100 – 150

Thailand1) – – 50 –

Taiwan 42 – 42 –

Pakistan – – – 150

Vietnam – – – 121

Total addition 310 681 1,012 1,921

Regional Oil Demand/Supply Continue to be Tight

Note: Excluding Middle East demand & refining capacity additionsExclude 220 kbd expected to come on stream in end Q4/06

Asia Pacific Refinery Capacity AdditionsRegional Oil Demand

Asia-Pacific Demand/Supply Additions

728

1,536

2,369

4,840

310991

2,003

3,924

2005 2006 2007 2008-10

Accum Demand AdditionsAccum Supply Additions

Regional demand (FACTS in Oct’05) might not have taken into account the weaker-than-expected demand in Q4/05 partly due to subsidies removal/reduction in many countries.China’s 2004 demand growth (15%) decelerated in 2005 (to 3.5%), while its GDP grew by 9%Decoupling of GDP growth & oil consumption (in China & other countries) could not sustain.FACTS’s forecasted capacity additions could also prove optimistic, in view of the tight construction market.Regional oil demand/supply is believed to continue to be tight.Furthermore, countries across Asia Pacific are moving towards more stringent product spec, which fuels shortage of supply situation.

Kbd

Source: FACTS, Fall 2005 and 1)Company

120*

Note: *120 kbd was shifted from 2005 to 2006.

IEA: 2.6% Actual

15

Global & Regional PX demand is expected to grow continuously, especially from China where demand growth of 6% is forecasted.

Domestic PX demand will increase to 1,750 Kt/Yr in 2006 after completion of the new Indorama’s PTA plant.

TPX expansion project, which is designed to increase PX and total aromatics production from 348 to 408 Kt/yr and 420 to 853 Kt/Yr respectively, will be completed in mid 2007.

Prospects of PX Expansion

0200400600800

1,0001,2001,4001,6001,8002,000

2004 2005 2006 2007 2008 2009 2010

KTPA

TPX

Exxon

ATCDemand

Source: The Company

Operating rate

Capacity

Other

S.E. Asia

N.E. Asia

Europe

South America

North America

%capacity uti lization

World PX Production

Plat

PX

MX

0

200

400

600

800

1000

1200

J04 M M J S N

J05 M M J S N

J06 M

US$/Ton PX-MX PX-Plat

PX, MX and Plat SpreadDomestic PX Supply and Demand

MX Unit w as sold to TPX in Apr’05.

16Lube Base Business and Growth Lube Base Business and Growth

0

100

200

300

400

500

600

700

1999 2000 2001 2002 2003 2004 2005

US$/Ton

HSFO

500SN

LUBE BASE PRICE

2000 2005 2010 2015 2000 2005 2010 2015

RegionREST OF WORLDW.EUROPEASIA-PACNORTH AMERICA

Global B ase Oil Market Demand b yBASE OIL Global Demand

Global Base Oil MarketDemand b y TierGIIIGIIGI

WORLD BASE OIL MARKET Global & Regional Base Oil demand is increasing, while supply of Group 1 Base Oil is relatively tight due to permanent shut-down of some Group 1 Base Oil plants in Asia.

The spread between Lube Base and HSFO prices has been widen since 2004. It is forecasted to be peaked in 2006 and gradually come down due to new capacity addition.

According to plan, after integration with TOP, TLB plant can be operated at higher capacity and produce higher quantity and better quality products.

Other synergy projects are under study such as:

- Hot Oil Project increase refinery intake by 5kbd - Higher MPU intake- Change catalyst to increase lube base yield- Specialty lube base products, etc.

17

US$ mn. Total

In 2005-07

CDU-3 Debottlenecking 218

Mercury Removal Units 8

SBM Expansion 150

Power Projects 43

Maintenance Projects 45

TPX (Expansion) 115

TLB (Synergy Projects) 10

Thaioil Marine 12

Total 601

Size: 50 kbd (additional 23%)EPC: ABB PMC: Foster WheelerInvestment Cost: US$ 4,000/bblExpected C.O.D : Mid 2007

Size: 52”diameter * 14.5 km long pipelineEPC: SAIPEM PMC: Bechtel Expected C.O.D: Mid 2007Benefit: Freight saving

Size: 433,000 tons/yr (additional)Expected C.O.D: Mid 2007Benefit: Margin based on aromatics (BTX) over ULG95

For example, TLB/TOP Hot Oil ExchangeCost: US$ 3 mnBenefit: Enhance CDU-1 feed by 5 kbdExpected C.O.D: Mid 2006

Investment & Expansion Projects

Note: exclude new IPP and Ethanol Projects

18

0

0.5

1

1.5

2

2.5

3

3.5

2011 2012 2013 2014 2015

'000 MW

Opportunity for Expansion in Power Business Opportunity for Expansion in Power Business

Invitation to bid for new IPP project is postponed to 2007 due to trimmed demand from high oil prices in 2005 and Tsunami effect which force the government to adjust the demand projection and structure of fuel sources.

TOP is a very advantages position given infrastructure available for an additional 2x700MW power plants:

Land of 100 Rais (40 acres)

28” natural gas / raw water pipeline

230 KV transmission lines and available diesel oil storage facilities for back up

Thailand Electricity Power Generating Capacity

Source: EGAT Plc.’s PDP (August 2004) and EGAT Plc.’s Prospectus

New Power Capacity Allocation

EGAT Plc.

Private Players

05

101520253035404550

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

‘000 MW

0

50

100

150

200

250

MWh

EGAT Plc. Private EGCO+RATCH

Import New Private Supply

4 3 3 4 4 # of blocks

TOP is expected to have an opportunity in bidding for the new IPP concessions from 2011-2015.

18*700 MW new plants

19

Rationales

TOP Ethanol ProjectBackground

Government plans to phase out MTBE by early 2007 and Ethanol will be used as oxygenated component.

Insufficient domestic Ethanol supply due to high production cost and insufficient Ethanol plant capacity

Abundant feedstock (Tapioca Chips)

New Developing Project - Ethanol

Ethanol Capacity: 1 mn. L/day

Feedstock-Tapioca Chips: 0.85 mn. tons/yr.

Est. Investment Cost: US$ 200 mn.

Est. Project IRR: > 20%

Project Development Period: 2 yrs.

Location: Central Part

Government promotion

Supply of raw material is abundant because Thailand is the world largest tapioca chips exporter

Thailand exports more than 3 mn. tons/yr, which can be used for Ethanol production of ~ 3.5 mn. L/day

Tapioca chips’ price and availability is less volatile, compared with other feedstock (e.g. molasses)

Low cost production due to economy of scale

Under Detail Study and Risk AssessmentDecision to Invest within Q2/06

20

III) Financial Highlight

21

Consolidated

(Bt. mn.) 2005 2004 +/(-)

Sales Revenue 249,111 184,801 +35%

EBITDA 29,003 25,494 +14%

Operating Profit 20,297 17,498 +16%

FX Gain/(Loss) (1,032) 542 (290%)

Tax (3,406)1) (2,967) +15%

NP b/f Special Item 15,859* 15,073 +5%

Special Item2) 2,894 - +100%

Net Profit 18,753 15,073 +24%

EPS* (Bt/share) 9.19 7.82 18%

Remark: 1)Effective tax rate for 2005’s taxable income was 18% p.a.2)Special item = TLB’s impairment reversal in Q4/05 of Bt. 2,894 mn. *Reflected weighted average No. of shares of 2,040 mn. shares in 2005 and 1,927 mn. shares in 2004

Financial Highlights - Consolidated

Transportation1%Petrochem/

Lube Base2)

35%

Refinery60%

Power 4%

Transportation-1%Petrochem/

Lube Base3%

Refinery96%

Po wer 2%

+24%

Net Profit1)

2005 2004

Transportation0%Petrochem/

Lube Base21%

Refinery70%

Power 9%

Transportation0%Petrochem/

Lube Base2%

Refinery92%

Po wer 6%

+14%

2005 2004

EBITDA1)

Remark: 1)Percentage was based on total amount before deducting inter-company transaction2)Excluding TLB’s impairment reversal of Bt 2,894 mn.

22

Sales Revenue: 14,206EBITDA: 1,767Net Profit: 4,646Assets: 8,656

Sales Revenue: 3,107EBITDA: 790Net Profit: 472Assets: 7,320

55%100%

Sales Revenue: 246,213EBITDA: 20,606Net Profit: 9,596Assets: 110,123

Group Financial Result ContributionGroup Financial Result Contribution

Unit: in Bt. mn

100%100%

Thaioil (TOP)

Thaioil Power (TP)

Thai Paraxylene (TPX)

Thai Lube Base (TLB)

Thaioil Marine (TM)

IndependentPower (Thailand)

(IPT)

Sales Revenue: 8,042% of Sales Rev : 2.6%EBITDA: 1,638Net Profit: 443Assets: 12,569

56%

Sales Revenue: 32,127EBITDA: 4,376Net Profit: 3,670Assets: 13,233

Sales Revenue: 691EBITDA: 82Net Profit: 84Assets: 635

24%

2)

1) Reflected sale of MX Unit to TPX as from April 2005.

2) Included special item of Bt 2,894 million

1)

1)

Consolidated figures:Sales Revenue: 249,111EBITDA: 29,003Net Profit: 18,753Assets: 124,169

23Financial Strength

Balance Sheet

2,486

3,028

Dec’02 Dec’04

Current Assets

Non-currentAssets

OtherLiabilities

TotalEquities

Unit: US$ mn.2,816

Dec’05

2,462

Dec’03

Long-term Debts

1,564 1,279

982874

Since 2002

- Total Assets: up ~Bt 23 bn (+23%)- Total LT Debts: down ~Bt 28 bn (-44%)- Total Equities: up ~Bt 26 bn (+70%)

Key Financial Ratios

3.0

4.8

11.213.6

6.5

3.5

1.30.80.4

1.2

2.1

0.60.01.02.03.04.05.06.07.0

2002 2003 2004 20050.02.04.06.08.010.012.014.016.0

ICR Net Debt/EBITDA Net Debts/Equity

Interest Coverage

Net Debts/Equity

Net Debts/EBITDA

Remark: Convert by 41 Baht/US$

Net Debts/Equity <= 1.0x

Net Debts/EBITDA <= 2.5x

Treasury Policy

24Group Debt Structure & Dividend Policy

Dividend policy is at least 25% of net profit after legal reserve.

FY2004 FY2005

Dividend (Bt/Share) 1.80 3.50

Payment May’05 May’06

Dividend Yield (%) * 3.5 5.5

Payout Ratio (%) 25 40

* calculated from the closing price of year-end

Dividend Policy

Consolidated Repayment ProfileConsolidated Repayment Profile10-Year Bullet Bond US$ 350 mn @ coupon 5.1%. (Moody’s Baa1 / S&P’s BBB)

5-Year revol ving US$ Loan: US$ 200 mn

6-Year syndicated onshore l oan (US$ 65 mn + THB 2,600 mn.)

Consolidated Long Term Debt Profile

• Total LT Loan is 83% in USD to match with USD-linked revenue.

• Total fixed interest is appx. 50% of total borrowing.

• Average cost of debt is appx. 6% p.a. (before corporate tax)

TOP 72%

($629 mn)

TLB & TM 0%

IPT 18% ($156mn)

TP 3% ($27mn)

TPX 7% ($62 mn)

112224

379

59

100

0

100

200

300

400

1 Yr 2-4 Yr 5-7 Yr 8-10 Yr

US$ mnPrepayment US$ 100mn

in Jan’06

25Cash Flow : January - December 2005

(8,542)Change in assets & liabilities28,946Net income & non-cash adj.20,404Operating Cash Flow

Bt. mn

(4,377)CAPEX (PP&E)

670Other investment

(3,707)CAPEX & Investment

+

(3,799)Dividend payment

25,597Refinancing (Loan & Bond)

(2,112)Interest

(31,799)Repayment(12,113)Financing

Free Cash Flow

16,679

Beginning Cash

6,667

Net Increase in Cash

4,584

Ending Cash

11,251*+ =

+

*Used for Thaioil’s loan prepayment of US$ 100 mn. in Q1/06

26

IV) Conclusion

27Conclusion

The year 2005 marks another record year for Thaioil, driven mainly by

high oil prices, fuelled by geopolitical tensions & harsh weather

tight demand/supply of regional refining capacity

successful refinancing, and

significant turnaround/contributions from subsidiaries, resulting from business restructuring &

synergy within the group

All approved and developing investment projects are going forward to lay down a foundation for sustainable and

strategic growth

Outlook for 2006 remains favorable, notwithstanding recent volatility of GRM’s, due to: –

inability of regional supply (refining capacity) to keep up with growing demand, fuelled by continuing

economic expansions in the region

TOP’s highly complex and integrated facilities, which allow it to continue to capitalize on sweet-sour

crude price differential

synergy projects amongst group companies, which will further enhance yields of TOP (+5kpd) and

subsidiaries (e.g., TLB catalyst change), ahead of the completion of debottlenecking in 2007, and

continuous robust contributions from subsidiaries

28

CONFIDENTIAL – NOT FOR DISTRIBUTION, NOT AN OFFER OF SECURITIES

The information contained in this presentation is

intended solely for your personal reference only . 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.

Disclaimer

THANK YOU

Any further questions, please contact Investor Relations Dept.

Tel: (662) 299-0124

Fax: (662) 617-8295

Email: ir@thaioil.co.th

Website: www.thaioil.co.th

30

Appendix

31Aerial View of Facilities

Land area ~ 777 acres (1,963 rais)

TPXTPX

IPTIPTTLBTLBTPTP

Taken 9 September 2004

Thaioil

32Strategic Location

The site is in the Eastern region, 124 km from Bangkok

Has 2 mooring facilities for crude receiving and product export

Close to market by connecting to multi-product pipeline

Has space available for future expansion

Source: Ministry of Energy 2003

9%

10%

59%11%

11%

SAR ABURI

LUMLUKKADONMUANG

SUVARN ABHUMI

Esso

GULF OF THAILAND

Shell (RRC)Caltex (SPRC)

MAP T A PHUT

SRIRACHA

Ø24”, 134 km

Ø18”, 38 km

Ø10”, 29 km

Ø18”, 92 km

Main Line Expansion Pipeline

SBM Facility

Domestic demand

distribution THAIOIL

Bangchak

TPI

SBM

33

CDU-1CDU-2

CDU-3

TCU19,300

HCU-1

FCCU10,300

CCR-1

HDT-1

KMT2,400

HDS-1

LPG

ULG 95

JET

KEROSENE

GAS OIL

ULG 91

HCU-247,600

CCR-250,000

HVU-1HVU-2

HVU-395,000

HDT-2

HDT-374,900

205,000

FUEL OIL

HDS-2HDS-374,000

MXMX*34,300

Thaioil Refinery Simplified Process Diagram

Crude

Distillation/SeparationConversion/UpgradingTreating

Long Residue

LVGO

Gas Oil

Kerosene

CDU Overhead

Short Residue

TC Residue

TC Waxy

Heavy Cycle Oil

HC Gas Oil

HeavyNaphtha

Platformate

LPG

Light Plat

Light Cycle Oil

HC K

ero

Waxy

CC Gasoline

ADIP

Isomerate

NGL72 RON

Mixed Xylene

50 RON

70 RONISOM21,500

Waxy

IN-LINE

BLEND

BATCH

BLEND

LightNaphtha

Imported LR

TC Kero/GO

95 RON

103 RON

89 RON

91 RON

*Sold to TPX in Apr’05

34

70% 67%40% 39% 39% 38% 31% 24% 24% 18% 18%

Thaioil CaltexAustralia

SingaporePetroleum

Reliance BPCL S-Oil Indian Oil SK Corp ESSOMalaysia

Petron ZhenhaiRefining

One of the Most Complex Refineries in Asia Pacific

(%)

Thaioil can meet new environment specifications at lower cost

Upgrading-to-Refining Ratio(1)

Source: 2004 Oil and Gas Journal and Company(1) Hydrocracking, catalytic cracking, thermal cracking, catalytic reforming and isomerization capacities divided by total crude distil lation capacity(2) Hydrocracking, hydrotreating and hydrodesulfurization capacities divided by total crude disti llation capacity

Hydrotreating-to-Refining Ratio(2)

Higher conversion ratios yield higher refining margins(%)

92%65%

43% 43% 42% 41% 29% 27% 22% 18% 9%

Thaioil S-Oil SingaporePetroleum

BCP SK Corp ESSOMalaysia

Petron BPCL CaltexAustralia

ZhenhaiRefining

Indian Oil

57%

Add. 50 kbdby Mid 07

(%)

71%

Add. 50 kbdby Mid 07

35One of the Best Performing Refineries in the World

Operating Cost Index

AnnualizedMaintenance

Costs

Maintenance Effort(Based on Headcounts)

Avg. Personnel Cost

Shell Personnel Index (Based on Headcounts)

CEL

Corrected Energy Loss

Utilization

OperationalAvailability

2003 2004

High maintenance effort and Personnel Index is offset by

low labor costs.

Shell Worldwide Annual Benchmarking

Peer group comparisions1st Tercile2nd Tercile3rd Tercile

Centre: Less opportunitiesOutside: More opportunities

36

100 100 100 100 100 100

10% 16% 21% 21%11%

23%

60% 50%56% 56%

66%58%

34%23% 23% 23% 19%

30%MX

ISOMPU

2 CCR

HCUHDSFCCTCU

3 CDU

CCR

HCUHDSTCU

CDU

PUCCR

HDSFCC

2 CDU

CCR

RFCC

CDU

ISOMFU

DCC

Cond.SplitterCDU

PENEXPU

HDS

2 CDU

Excellent Position With Respect to Domestic Competition

Thaioil has the largest and most sophisticated refinery capacity in Thailand.

Various conversion units enable Thaioil to maximise middle distillate production, which represents the majority of Thai market demand, and provides significant flexibility in the use of feedstocks.

Middle HeavyLight

Major Refineries in Thailand with Respect to Capacity and Market Share

220 kbd (21%) 170 kbd (16%) 150 kbd (15%) 150 kbd (15%) 215 kbd (21%) 120 kbd (12%)

Complexity and Product Yield

Thaioil Esso RRC SPRC TPI BCPSource: Ministry of Energy

37Integration among Thaioil Group

Long Residue 850,000 T/yr By-productsN. Gas

28 mmcfdN. Gas

120 mmcfd

Reformate1.5 mn T/yr

By-Products

Lube Base Oil

41 MW

50 MW84 T/hr

10 MW40 T/hr

11.5 MW42 T/hr

700 MW

Finished Products

PX

TLB270 Kt/y

Alternative Sources

TOP220 KBD

TPX348 Kt/y

Alternative Sources

Domestic 86%Export 14%

Domestic 77%Export 23%

Domestic 41%Export 59%

PTT

EGAT

IPT700 MW

TP118 MW

38

Plant Availability

Development

In 1995, IPT won mandate from EGAT (1st ranked

among 32 bidders).

Technical problems with Westinghouse CTs. Replaced

with Siemens GTs in 2003 and 2005.

IPT declared 700 MW as from Jun’05.

77%70%78%

57%48%

41%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2000 2001 2002 2003 2004 2005

700 MW from Jun’05

* In year 2001, IPT report net profit of Bt. 813 mn. with 78% utilization rate.

IPT

Availability Rate

Financial Highlights

+744(301)443Net Profit

+9896491,638EBITDA

+/(-)20042005(Bt. mn.)

On 19 January 2006, IPT experienced technical fault at transformer causing forced outage of CT-1. IPT’sdispatching reduces to 320 MW.

The transformer has been sent to manufacturer in Japan, for repair, which is expected approx. 6-8 months.

IPT expects to receive insurance compensation for property damage and business interruption.

Net exposure to IPT after deducting insurance compensation is approx. Bt. 260 mn.

IPT’s Recent Transformer Incident