IRPC: Annual Report 2013 by orapan shareinvestor

2013 Annual Report

Contents 04 Message from the Chairman 06 Key Performance 07 Financial Highlights 08 Milestones 2013 12 Awards and Recognition 2013 Board Responsibility 16 Board of Directors 30 Executives 38 Report of the Audit Committee 40 Internal Controls 42 Organization Structure 43 Corporate Governance Report 64 Anti-Corruption Business Structure 69 Business Structure and Shareholding 70 Nature of Business 72 Integrated Refinery and Petrochemical Complex Flow Chart 74 Individual Product Line’s Business 81 Revenue Structure 82 Connected Transactions

88 Message from the President Operating Result 98 Performance Summary 118 Market Overview and Industry Outlook 128 Management Discussion and Analysis (MD&A) Corporate Responsibility 142 Quality, Safety, Occupational Health, and Environmental Management 150 Corporate Social and Environment Responsibilities Management Structure 156 Management Structure 173 IRPC Information Financial Statement 179 Report of Board of Directors’ Responsibility for Financial Reporting 180 Auditor’s Report Appendix 264 Abbreviations and Technical Terms 268 Compliance with Corporate Governance

Vision

Leading Integrated Petrochemical Complex in Asia by 2020

Mission Operational Excellence High Performance Organization Corporate Social Responsibility Value Creation Innovation & Create New Business

Values Aim High Deliver Work and Live Happily Together รายงานประจําป 2556 บริษัท ไออารพีซี จํากัด (มหาชน)

Message from the Chairman

Mr.Chainoi Puankosoom Chairman

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2013 Annual Report IRPC Public Company Limited

Key Performance

76%

Petroleum Product

Sales Revenue Ratios

61%

Distribution Ratios

23%

Petrochemical Product

Domestic

39%

Export

Others

52% Diesel

16%

10%

Aromatics

Gasoline

11%

Petroleum Product Ratios

57%

Petrochemical Product Ratios

Fuel Oil

12%

Olefins and Polyolefins

26%

Styrenics

Lube Base Oil and Asphalt

15%

Polyol

Other Petroleum Product

Sales

Net Profit 2011

300,000 250,000

2012

2013

292,430 292,593

2,000

100,000

0 (Unit : Baht Million)

Total Liabilites 2011

2012

180,000

30,000 0 (Unit : Baht Million)

066

(777)

(Unit : Baht Million)

Total Assets

60,000

826

1,000

50,000

90,000

2013

3,000

150,000

120,000

4,000

2012

246,888

200,000

150,000

2011

3,941

2013

162,608 134,256

144,296

2011

2012

100,000

87,081

80,000 60,000 40,000 20,000

0 (Unit : Baht Million)

2013

67,815 56,197

Financial Highlights (Unit : Million Baht)

2012

2013

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Financial ฐานะการเงิน Position Current Assets Total Assets Current Liabilities Total Liabilities Shareholder's Equity Registered Capital Paid-up Capital

Operating Performance Sales Cost of Goods Sold Gross Profit (Loss) EBITDA (3) Net Profit (Loss)

Financial Ratioน อัตราสวนทางการเงิ Net Profit Margin Return on Assets Return on Equity Net Debt to Equity (time) (4) Dividend per Share (Baht) Dividend Payout (6) Book Value per Share (Baht) Earning per Share (Baht)

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077

Milestones 2013 January

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2013 Annual Report IRPC Public Company Limited

December

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2013 Annual Report IRPC Public Company Limited

CSRI Recognition 2013 H(>#%#"/2(/E/"'(51"(-1990&9#%&(&1(09!"1@0%>( ).$0%#$$(&+"1.>+($1-0/2("#$!1%$0)020&*7(/(!"1&1&*!#( 51"($.$&/0%/)2#('#@#21!9#%&7(!"#$#%&#'()*(B4=A( PB1"!1"/&#(41-0/2(=#$!1%$0)020&*(A%$&0&.&#R(.%'#"( 4OK

Outstanding Industry Awards 2013 (Energy Management)

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Best Investor Relations by Company in 2013 =#-1>%0?0%>(1.&$&/%'0%>(0%@#$&1"("#2/&01%$( !"/-&0-#$V(&"/%$!/"#%&7(5/0"('0$-21$."#(15( 0%51"9/&01%(&1(0%@#$&1"$(/%'($&/D#+12'#"$( 0%(20%#(E0&+(-1"!1"/&#(>1@#"%/%-#7(!"#$#%&#'( )*(B1"!1"/&#(G1@#"%/%-#(H$0/(I/>/?0%#

Thailand ICT Excellence Awards ,.&$&/%'0%>(B1"#(A%&#"%/2(;"1-#$$(8#@#21!9#%&((( PA=;B(6.$0%#$$(A%&#220>#%-#(;"1M#-&R(/%'(31%1"/)2#( I#%&01%(51"(4/5#&*(B.2&."#(O$&/)20$+9#%&(;"1M#-&7( !"#$#%&#'()*(&+#(K+/02/%'(I/%/>#9#%&(H$$1-0/&01% 2013 Annual Report IRPC Public Company Limited

คณะผูบริหาร

ระบบควบคุมภายใน

2013 Annual Report IRPC Public Company Limited

Board of Directors

Mr.Chainoi Puankosoom Chairman / Chairman of the Executive Committee Share Possession (%): None Age: 63 (Position Starting Date: 5 April 2013)

Education/Training

• Bachelor Degree in Higher Accounting, California College of Commerce, USA • Master of Management (MM), Sasin Graduate Institute of Business Administration, Chulalongkorn University • Diploma in Politics and Governance in Democratic Systems for Executives Course, King Prajadhipok’s Institute, Class 6 • Capital Market Academy Leader Program, Capital Market Academy, Class 9 • Director Accreditation Program (DAP), Thai Institute of Directors (IOD), Class 63/2007 • Financial Institutions Governance Program, Thai Institute of Directors (IOD), Class 3/2011 • Role of the Chairman Program, Thai Institute of Directors (IOD), Class 32/2013

Experience

• Director, TISCO Financial Group Public Company Limited • Advisor, PTT Public Company Limited • Director, Tipco Asphalt Public Company Limited • Senior Executive Vice President, Petrochemicals and Refining Business Group, PTT Public Company Limited • President, PTT Aromatics and Refining Public Company Limited • President, Rayong Refinery Public Company Limited • Vice Chairman, the Federation of Thai Industries • Director, the Federation of Thai Industries • Chairman, Executive Environment Committee, the Federation of Thai Industries • Chairman, Petroleum Refining Industrial Club, the Federation of Thai Industries

Current Position

• Chairman / Chairman of the Executive Committee, IRPC Public Company Limited • Chairman, IRPC Oil Company Limited • Chairman, Thai ABS Company Limited • Chairman, IRPC Polyol Company Limited • Acting Director, Energy Fund Administration Institute (Public Organization) • Director and Audit Committee, Golden land Property Development Public Company Limited • Director, National Power Supply Public Company Limited • Chairman, HMC Polymers Company Limited • Chairman, Director, Rayong Olefins Company Limited • Member of the Council of Trustees, Petroleum Institute of Thailand • Director, The Federation of Thai Industries • Director and Audit Committe, Muang Thai Leasing Company Limited

Mr.Cherdpong Siriwit

Gen.Udomdej Sitabutr

Independent Director / Chairman of Audit Committee / Chairman of Corporate Governance Committee Share Possession (%): None Age: 67

Independent Director Share Possession (%): None Age: 58

(Position Starting Date: 8 April 2009)

(Position Starting Date: 5 April 2011)

Education/Training

• B.A. Economics, (Honor), Thammasat University • M.A.Economics Georgetown University, USA • Diploma, the Joint State-Private Sector Course, National Defence College, Class 40 • Advanced Certificate Course in Politics and Governance in Democratic System for Executives, King Prajadhipok’s Institute, Class 5 • The Civil Service Executive Development Program I, The Civil Service Training Institute, Class 13/1993 • Capital Market Academy Leadership Program Capital Market Academy (CMA), Class 5 • Director Accreditation Program (DAP), Thai Institute of Directors (IOD), Class 8/2004 • Role of the Chairman Program (RCP), Thai Institute of Directors (IOD), Class 10/2004 • Finance for Non-Finance Directors (FND), Thai Institute of Directors (IOD), Class 13/2004 • Director Certification Program (DCP), Thai Institute of Directors (IOD), Class 104/2008 • Audit Committee Program (ACP), Thai Institute of Directors (IOD), Class 27/2009

Experience

• Independent Director / Audit Committee / Remuneration Director, PTT Chemical Public Company Limited • Chairman, PTT Exploration and Production Public Company Limited • Chairman, Rayong Refinery Public Company Limited • Chairman, Thai Oil Public Company Limited • Chairman, PTT Public Company Limited • Chairman, Ratchaburi Electricity Generating Holding Public Company Limited • Chairman, Electricity Generating Authority of Thailand (EGAT) • Permanent Secretary, Ministry of Energy

• Armed Forces Academy Preparatory School (AFAPS), Class 14/1973 • Bachelor of Science, Chulachomklao Royal Military Academy (CRMA), Class 25/1978 • Command and General Staff College Course, Command and General Staff College, Royal Thai Army, Class 65/1986 • Diploma, The Joint State-Private Sector Course, National Defence College, Class 51/2008

Experience

• Chief of Staff, Royal Thai Army • Commanding General of the 1st Army Area, 1st Army Area • Deputy Commanding General of the 1st Army Area, 1st Army Area • Commanding General of the 9th Infantry Division, 9th Infantry Division • Commanding General of the 11th Military Circle, 11th Military Circle

Current Position

• Independent Director, IRPC Public Company Limited • Deputy Commander in Chief, Royal Thai Army

Current Position

• Independent Director, IRPC Public Company Limited • Chairman of Audit Committee, IRPC Public Company Limited • Chairman of Corporate Governance Committee, IRPC Public Company Limited • Chaiman, Solartron Public Company Limited • Director / Chairman of Audit Committee, Advance Finance Public Company Limited • Chairman, Thai Sugar Millers Corporation Limited • Chairman, Vithai Biopower Company Limited • Director, Ever Green Plus Company Limited • Independent Director / Audit Committee, Thoresen Thai Agencies Public Company Limited* * Position Started in 2013 2013 Annual Report IRPC Public Company Limited

Mr.Woothisarn Tanchai

Mr.Watcharakiti Watcharothai

Independent Director / Member of the Executive Committee / Chairman of Nomination and Remuneration Committee Share Possession (%): None Age: 55

Director No. of share: 260,250 Share Possession (%): 0.00127 Age: 53

(Position Starting Date: 8 April 2009)

(Position Starting Date: 5 April 2011)

Education/Training

• Bachelor of Science, Khon Kaen University • Master of Public Administration, National Institute of Development Administration (NIDA) • Master of Policy Science (M.P.S.), International Program, Saitama University, Japan • Public Law Certificate, Faculty of Law, Thammasat University • Public Director Certification Program, King Prajadhipok’s Institute, Class 1

Current Position

• Independent Director / Member of the Executive Committee, IRPC Public Company Limited • Chairman of Nomination and Remuneration Director, IRPC Public Company Limited • Deputy Secretary General, King Prajadhipok’s Institute • Associate Professor at the Faculty of Social Administration, Thammasat University • Member, Nakhon Ratchasima Rajabhat University Council • Member of the National Culture Commission • Advisor, National Decentralization Committee • Sub-Committee, the Public Sector Development Commission Office of the Public Sector Development Commission • Member of the Office the Basic Education Commission

• Bachelor of Arts (Political Science), Kasetsart University M.P.A. (Master of Public Administration), Roosevelt University, IL, USA • Honorary Degree of Doctor of Philosophy, Department of Administration, Ramkhamhaeng University • Diploma, the State Private Political Sector Course, National Defence College, Class 4/2006 • Capital Market Academy Leadership Program Capital Market Academy (CMA), Class 9/2009 • Director Certification Program (DCP), Thai Institute of Directors (IOD), Class 121/2009 • Public Director Certification Program, Public Director Institute (PDI), Class 5/2010 • The Program for Senior Executive on Justice, Administration Batch, National Justice Academy, Class 15/2010 • Top Executive Program in Commerce and Trade (TEPCoT) Commerce Academy, Class 5 • Energy Literacy for Sustainable Future, Class 1/2011 • Power of the Kingdom, Chulalongkorn University Executive Program, Class 1

Experience

• Assistant of Lord Chamberlain, Bureau of the Royal Household

Current Position

• Director, IRPC Public Company Limited • Present Independent Director / Member of the Corporate Governance Committee, PTT Public Company Limited • Grand Chamberlain, Bureau of the Royal Household • Director, Krisadamahanakorn Public Company Limited • Committee Member of the Red Cross Fair, Thai Red Cross • Chairman of Parents & Teachers Association, Rachavinit Prathom School • Member of the Board of Directors, Rachavinit Mathayom School • Member of the Board of Directors, Suan Sunanda Rajabhat University • Member of the Board of Directors, Suan Dusit Rajabhat University • Sub-Committee of Ratanakosin and Ratanakosin Island’s Improvement, Committee of Religion Culture Morality Art and Culture Department

Mr.Surong Bulakul

Mr.Sarun Rungkasiri

Director / Member of the Executive Committee / Member of the Nomination and Remuneration Committee No. of share 35,000 Share Possession (%): 0.00017 Age: 58

Director / Member of the Executive Committee Share Possession (%): None Age: 56

(Position Starting Date: 21 May 2013)

(Position Starting Date: 15 October 2013)

Education/Training

• Bachelor of Science in Industrial Engineering and Operations Research, Syracuse University, New York, USA • Master of Engineering in Operations Research, Cornell University, New York, USA • Master of Business Administration, Cornell University, New York, USA • PMD, Harvard University, Boston, USA • Democratic Politics and Governance for High-Level Administrators Program, King Prajadhipok’s Institute, Class 8 • The Joint State-Private Sector Course, National Defense College, Class 4919 • Capital Market Academy Leadership Program, Class 10 • The Program for Senior Executives on Criminal Justice Administration, National Justice Academy, Class 15 • Thai Intelligent Investors Program, Thai Investors Academy, Class 1 • Executive Program, Thailand Energy Academy, Class 2 • Director Certification Program (DCP), Thai Institute of Directors Association (IOD), Class121/2009

Experience

• Managing Director, Thai Oil Public Company Limited • Senior Executive Vice President, International Trading, PTT Public Company Limited

Current Position

• Director / Member of the Executive Committee, IRPC Public Company Limited • Member of the Nomination and Remuneration Committee, IRPC Public Company Limited • Chief Financial Officer, PTT Public Company Limited • Chairman, Global Power Synergy Company Limited • Director, Sakari Resourses Limited • Chairman, Thai Listed Companies Association, The Stock Exchange of Thailand • Committee / Administrative Committee, the Thai Chamber of Commerce • President, Thailand-Malaysia Business Council, the Federation of Thai Industries • President, Petroleum Refining Industry Club, The Federation of Thai Industries

• B.Eng. (Industrial Engineering), Chulalongkorn University • M.S. Management, Polytech Institute. of NY., USA • NIDA-Wharton Executive Leadership Program 2009, the Wharton School of the University of Pennsylvania, USA • The Joint State - Private Sector Course, National Defense College, (Class 23) • Company Secretary Program (CSP), Thai Institute of Directors (IOD), Class 8/2004 • Director Certification Program (DCP), Thai Institute of Directors (IOD), Class 61/2005 • Finance for Non-Finance Directors Program (FND), Thai Institute of Directors (IOD), Class 19/2005

Experience

• Senior Executive Vice President, Oil Business Group, PTT Public Company Limited • Chairman, PTT Retail Business Company Limited (PTTRB) • Chairman, PTT Retail Management Company Limited (PTTRM) • Director, Thai Petroleum Pipeline Company Limited (Thappline) • Executive Vice President, Retail Marketing, PTT Public Company Limited • Executive Vice President, Commercial & International Marketing, PTT Public Company Limited • Executive Vice President, Corporate Communication & Social Responsibility, PTT Public Company Limited • Vice President, Corporate Public Relation, PTT Public Company Limited

Current Position

• Director / Member of the Executive Committee, IRPC Public Company Limited • Chief Operating Officer, Downstream Petroleum and Gas Business Group, PTT Public Company Limited • Director, PTT Global Chemical Public Company Limited*

* Position Started in 2013

2013 Annual Report IRPC Public Company Limited

Mr.Kritsda Udyanin

Mr.Songpope Polachan

Director Share Possession (%): None Age: 53

Director / Member of the Nomination and Remuneration Committee Share Possession (%): None Age: 59

(Position Starting Date: 15 December 2011)

(Position Starting Date: 5 April 2013)

Education/Training

• B.A. (Economics), Chulalongkorn University • M.A. (Economics), Thammasat University • MSc. (Fiscal Studies), University of Bath, UK • The Civil Service Executive Development Program, the Civil Service Training Institute, Class 45/2005 • Top Executive Program in Commerce and Trade (TEPCoT) Commerce Academy, Class 4 • Capital Market Academy Leadership Program Capital Market Academy (CMA), Class 6 • Director Accreditation Program (DAP), Thai Institute of Directors (IOD), Class 50/2006 • Director Certification Program (DCP), Thai Institute of Directors (IOD), Class 75/2006 • Diploma, the Joint State-Private Sector Course, National Defence College, Class 51/2008 • Public Director Certification Program, Public Director Institute (PDI), Class 7/2010

Experience

• Financial Policy Advisor (Economist Advisory Level) Fiscal Policy Office, Ministry of Finance

Current Position

• Director, IRPC Public Company Limited • Inspector General, Ministry of Finance • Director, Port Authority of Thailand • Director, Small and Medium Enterprise Development Bank of Thailand • Director, National Research Council of Thailand (NRCT)

Education/Training

• Bachelor of Science (Geology), Chiangmai University • Ph.D. (Petroleum Geology), Royal Holloway and Bedford New College, University of London, U.K. • Top Executive Program in Administrative Justice Development, Administrative Justice Development Institute, Class 3 • Executive Program, Energy Literacy for a Sustainable Future (TEA), Thailand Energy Academy, Class 2 • Diploma, the Joint State-Private Sector Course, National Defence College, Class 50 • Advanced Executive Program, Kellogg School of Management, Northwestern University, USA • ASEAN Executive Program, New York, USA • Senior Executive Service Course, Office of the Civil Service Commission, Class 19 • Director Accreditation Program (DAP), Thai Institute of Directors (IOD), Class 23/2004 • Finance for Non-Finance Directors Program (FND), Thai Institute of Directors (IOD), Class 9/2004

Experience

• Director-General, the Department of Mineral Fuels, Ministry of Energy • Director of Policy and Strategy Coordination, Office of the Permanent Secretary, Ministry of Energy • Head of Policy and Planning, Mineral Fuel Division, Department of Mineral Resources • Deputy Chief Executive Office, the Malaysia-Thailand Joint Authority (MTJA)

Current Position

• Director / Member of the Nomination and Remuneration Committee, IRPC Public Company Limited • Director-General, the Department of Mineral Fuels, Ministry of Energy • President of Geological Society of Thailand

Mr.Narongkorn Chawalsantati

Mr.Wichit Plungsriskul

Independent Director Share Possession (%): None Age: 57

Independent Director / Member of the Corporate Governance Committee Share Possession (%): None Age: 62

(Position Starting Date: 15 December 2011)

(Position Starting Date: 5 April 2013 - 31 January 2014)

Education

Education/Training

• Bachelor of Laws, Ramkhamhaeng University • Master of Arts Program in Leadership in Society, Business and Politics, Rangsit University • Diploma in Politics and Governance in Democratic Systems for Executives Course, King Prajadhipok’s Institute, Class 5 • Certificate from Kasetrathikarn Institute, Ministry of Agriculture and Cooperatives: “Executive Program for Development of Agriculture and Cooperatives”

Experience

• Member of Phetchabun Provincial Administrative Organization • Member of Parliament, Phetchabun

Current Position

• Independent Director, IRPC Public Company Limited • Lawyer

• Bachelor of Laws, Ramkhamhaeng University • Master of Arts (Political Science), Thammasat University • Diploma in Politics and Governance in Democratic Systems for Executives Course, King Prajadhipok’s Institute, Class 7 • Diploma in Security Psychology, Institute of Security Psychology, Class 82

Experience

• Director, Thai Rak Thai Party • Member of Parliament (Party-List), Thai Rak Thai Party • Member and Secretary to Government Whip • Committee on Labour • Chairman, Government Whip Sub-Committee, Criminal Law • Committee on Consumer Protection • Chairman, Sub-Committee on Labour, Labour Law • Chairman, Sub-Committee on Consumer Protection • Advisor, Deputy Minister of Commerce • Advisor, Minister of Industry

Current Position

• Independent Director, Member of the Corporate Governance Committee, IRPC Public Company Limited • Lawyer

2013 Annual Report IRPC Public Company Limited

Lt. Gen.Preecha Wanarat

Mr.Jade Thanawat

Independent Director / Member of the Audit Committee Share Possession (%): None Age: 65

Independent Director / Member of the Corporate Governance Committee Share Possession (%): None Age: 66

(Position Starting Date: 13 February 2012 - 31 January 2014)

(Position Starting Date: 5 April 2012)

Education/Training

• Master of Arts Program in Defence Studies, Command and General Staff College, Royal Thai Army • Bachelor of Science (Army); Chulachomklao Royal Military Academy • Director Accreditation Program (DAP), Thai Institute of Directors (IOD), Class 71/2008

Experience

• Deputy Secretary-General to the Prime Minister for Political Affairs, The Secretariat of the Prime Minister

Current Position

• Independent Director / Member of the Audit Committee, IRPC Public Company Limited • Independent Director / Chairman of the Board / Chairman of Audit Committee, Halcyon technology Public Company Limited • Chairman, Aiyapura Resort and Spa

Education

• Bachelor of Laws, Thammasat University • Master of Public Administration, National Institute of Development Administration (NIDA) • Honorary Degree of Doctor of Philosophy, Department of Political Science, Ramkhamhaeng University • Honorary Degree of Doctor of Philosophy, Department of Public Administration, North Eastern University • Diploma, the Joint State-Private Sector Course 2001-2002, National Defense College, Class 44 • Thai Senior Executive Development Program (SEDP) National Graduate Institute for Policy Studies, Japan

Experience

• Director, Provincial Electricity Authority • Governor, Khon Kaen • Governor, Nakhon Nayok • Governor, Uthai Thani

Current Position

• Independent Director/ Member of the Corporate Governance Committee, IRPC Public Company Limited • Professor, College Of Local Administration, Khon Kaen University • Director, J and K Ruamphattana 2010 Co., Ltd.

Mr.Trumph Jalichandra

Mr.Woravit Chailimpamontri

Independent Director / Member of the Audit Committee Share Possession (%): None Age: 54

Director Share Possession (%): None Age: 44

(Position Starting Date: 22 May 2012)

(Position Starting Date: 19 February 2013)

Education/Training

• Bachelor of Laws, Ramkamhaeng University • Barrister-at-Law, Institute of Legal Education Thai Bar Association • Master of Laws, Bristol University, England

Current Position

• Independent Director, IRPC Public Company Limited • Member of the Audit Committee, IRPC Public Company Limited • Senior Expert Public Prosecutor, Department of Legal Counsel Office of the Attorney General • Debt Restructuring Committee, Sukhumvit Asset Management Corporation • Legal Advisor, Government Housing Bank

• B.B.A. (Marketing), Bangkok University • M.B.A. (International Business Management), Schiller International University, London, England • Certificate of Thailand Government Savings Bank Management Leadership Program, Marshall School of Business, University of Southern California, USA • Certificate of Housing Finance Program at the Wharton School, University of Pennsylvania, USA • Director Certification Program (DCP), Thai Institute of Directors (IOD), Class 100/2008 • Top Executive Program, Capital Market Academy (CMA), Class 8/2009 • Top Executive Program in Commerce and Trade ,Commerce Academy, Class 3/2010 • Politics and Governance in Democratic Systems for Executives Course, King Prajadhipok’s Institute, Class 14/2011 • Top Executive Judgment Processing Program, College of Justice, Judicial Training Institute, Class 16

Experience

• Vice Chairman/ Member of the Nomination and Remuneration Committee, National Credit Bureau Co.,Ltd • President, Government Housing Bank • Director/Executive Director, Thanachart Fund Management Co., Ltd • Director / Chairman of Investment Committee, Dhipaya Insurance Public Co., Ltd • Chairman, G Capital Public Co., Ltd • First Senior Executive Vice President / Chief of Financial Officer (CFO), Government Savings Bank

Current Position

• Director, IRPC Public Company Limited • President & CEO, Government Savings Bank • Director, MFC Asset Management Public Company Limited

2013 Annual Report IRPC Public Company Limited

Miss Sopawadee Lertmanaschai

Mr.Sombat Narawutthichai

Director (Resigned since 24 December 2013) Share Possession (%): None Age: 60

Director Share Possession (%): None Age: 54

(Obtain the Position after Miss Sopawadee on 29 January 2014)

Education/Training

• Bachelor Degree of Commerce and Accountancy, Thammasat University • Bachelor Degree of Laws, Thammasat University • Master’s Degree of Commerce and Accountancy, Thammasat University • The Wharton Advanced Management Program, University of Pennsylvania, USA • Advanced Certificate Course in Politics and Governance in Democratic System for Executives, King Prajadhipok’s Institute Class 14, • Capital Market Academy Leadership Program, Capital Market Academy (CMA), Class 2 • Director Certification Program (DCP), Thai Institute of Directors (IOD), Class 2/2000 • Audit Committee Program (ACP), Thai Institute of Directors (IOD), Class 27/2009 • Successful Formulation and Execution of Strategy (SFE), Thai Institute of Directors (IOD), Class 6/2009 • Monitoring the Internal Audit Function (MIA), Thai Institute of Directors (IOD), Class 8/2009

Experience

• Secretary-General, Government Pension Fund • Chairman, Royal Porcelain Public Company Limited • Director, Thailand Futures Exchange Public Company Limited (TFEX) • Director, Nok Air Company Limited

Current Position

• Director, Dhipaya Insurance Public Company Limited • Director & Public Relations, Federation of Accounting Professions under The Royal Patronage of His Majesty the King • Director, Pridi Banomyong Institute • Director and Secretary, Professor Sangvien Indaravijaya Foundation • Commissioner, the Securities and Exchange Commission • Director, Sub Performance Assessment Committee, State Enterprise Policy Officer • Committee of Management Political Development Fund for Civil Factor, Office of the Political Development Council, King Prajadhipok’s Institute

Education/Training

• Bachelor of Business Administration, Kasetsart University • Master of Business Administration (Finance), Kasetsart University • Capital Market Leader Program, Capital Market Academy, Class 2/2006 • Banking and Credit Analysis Training, Kasikorn Bank 1983 • Securities Investment Analyst License No. 4976 • Director Certification Program (DCP), Thai Institute of Directors (IOD), Class 15/2002

Experience

• Director, Steering Committee of Corporate Governance Report of Thai Listed Companies (2011-2012), Thai Institute of Directors (IOD) • Assistant Manager, the Stock Exchange of Thailand, managing Investment Analysts Association • Deputy Managing Director, Sin Asia Securities Public Company Limited • Deputy Director, Ayudhya Securities Public Company Limited • Sub-Committee, Board of the Year Project, Thai Institute of Directors (IOD) • Sub-Committee of Directors’ Discipline, Securities and Exchange Commission • Expert Advisor, The Federation of Thai Capital Market Organizations (FETCO) • Member of the Working Group on Investment Instructors’ Knowledge Standard and Curriculum, the Stock Exchange of Thailand • Honorable Advisor, The Federation of Savings and Credit Cooperatives of Thailand Limited

Current Position

• Director, IRPC Public Company Limited • Secretary General, Government Pension Fund

Mr.Sukrit Surabotsopon Director / Member of the Executive Committee / President / Secretary to the Board of Directors / Secretary to the Executive Committee No. of share 5,000,000 Share Possession (%): 0.02447 Age: 55 (Position Starting Date: 1 October 2013)

Education/Training

• Bachelor of Engineering in Chemical Engineering with 2nd Class Honor, Chulalongkorn University • TLCA Executive Development Program (EDP), Thai Listed Company Association, Class 3/2009 • Director Certification Program (DCP), Thai Institute of Directors (IOD), Class 132/2010 • Audit Committee Program (ACP), Thai Institute of Directors (IOD), Class 38/2012 • Monitoring the System of Internal Control & Risk Management (MIR), Thai Institute of Directors (IOD), Class 12/2012 • Politics and Governance in Democratic Systems for Executives Course, King Prajadhipok’s Institute, Class 15/2012 • Capital Market Academy Leadership Program, Capital Market Academy, Class 16/2013

Current Position

• Director / Member of the Executive Committee / President / Secretary to the Board of Directors / Secretary to the Executive Committee, IRPC Public Company Limited • Senior Executive Vice President, Downstream Petroleum Business Group, PTT Public Company Limited • Director, IRPC Oil Company Limited • Director, Thai ABS Company Limited • Director IRPC Polyol Company Limited • Director, IRPC A&L Company Limited • Director, PTT Polymer Marketing Company Limited • Director, UBE Chemicals (Asia) Public Company Limited*

Experience

• Director, Star Petroleum Refining Public Company Limited • Director, PTT Global Chemical Public Company Limited • Director, PTT International Company Limited • Senior Executive Vice President, Petrochemicals & Refining Business Unit, PTT Public Company Limited • Executive Vice President, Subsidiary Planning & Management, Petrochemicals & Refining Business Unit, PTT Public Company Limited • Assistant Managing Director, Strategic Planning and Business Development, Thai Oil Public Company Limited • Assistant Managing Director, Business, Thai Oil Public Company Limited * Position Started in 2013

The directors who resigned / retired 2013 1. Mr. Peeraphol Tritasavit 2. Mr. Chulayuth Hirunyavasit 3. Mr. Prasert Bunsumpun 4. Mr. Sirisak Wittayaudom 5. Mr. Pailin Chuchottaworn 6. Mr. Atikom Terbsiri 7. Mr. Wichai Pornkeratiwat 8. Miss Sopawadee Lertmanaschai

tendered his resignation, with effect from 21 January 2013. completed his term on 5 April 2013 at the 2013 AGM Meeting completed his term on 5 April 2013 at the 2013 AGM Meeting completed his term on 5 April 2013 at the 2013 AGM Meeting tendered his resignation, with effect from 10 April 2013 tendered his resignation, with effect from 1 October 2013 tendered his resignation, with effect from 2 October 2013 tendered her resignation, with effect from 24 December 2013 2013 Annual Report IRPC Public Company Limited

2013 Annual Report IRPC Public Company Limited

Executives

Mr.Sukrit Surabotsopon President No. of share 5,000,000 Share Possession (%): 0.02447 Age: 55

Education/Training

• Bachelor of Engineering in Chemical Engineering with 2 Class Honor, Chulalongkorn University • TLCA Executive Development Program (EDP), Thai Listed Company Association, Class 3/2009 • Director Certification Program (DCP), Thai Institute of Directors (IOD), Class 132/2010 • Audit Committee Program (ACP), Thai Institute of Directors (IOD), Class 38/2012 • Monitoring the System of Internal Control & Risk Management (MIR), Thai Institute of Directors (IOD), Class 12/2012 • Politics and Governance in Democratic Systems for Executives Course, King Prajadhipok’s Institute, Class 15/2012 • Capital Market Academy Leadership Program, Capital Market Academy, Class 16/2013

Experience

Current Position

Mr.Peerapong Achariyacheevin

Miss Duangkamol Settanung

Senior Executive Vice President, Petrochemical & Refinery Business Unit / Acting Senior Executive Vice President Port & Asset Management Business Unit No. of share: 840,000 Share Possession (%): 0.00411 Age: 61

Senior Executive Vice President, Corporate Accounting & Finance Share Possession (%): None Age: 54

Education/Training

• Bachelor’s Degree of Engineering in Electrical Power Technology, Faculty of Engineering, King Mongkut’s University of Technology Thonburi • MBA, Burapha University • Senior Executive Program (SEP-20), Sasin Graduate Institute of Business Administration of Chulalongkorn University • Exceutive Leadership Program, NIDA-Wharton Aresty Institute of Executive Education, the Wharton School, University of Pennsylvania, USA • Advanced Certificate Course in Politics and in Democratic Systems, King Prajadhipok’s Institute, Class 6 • Director Certification Program (DCP), Thai Institute of Directors (IOD), Class 80/2006 • Understanding the Fundamental of Financial Statements (UFS), Thai Institute of Directors (IOD), Class 2/2006

Experience

• Senior Executive Vice President, Gas Business Unit, PTT Public Company Limited • Executive Vice President, Natural Gas Transmission, PTT Public Company Limited • Executive Vice President, Natural Gas Progressing, PTT Public Company Limited • Vice President, Natural Gas Distribution, PTT Public Company Limited • Chairman, Natural Gas Distribution, PTT Public Company Limited • Director, PTT International Company Limited • Director, Business Services Alliance Company Limited • Director, PTT Utility Company Limited

• Bachelor of Science in Statistics with 1st Class Honors, Kasetsart University • Master of Business Administration, Thammasat University • Director Certification Program (DCP), Thai Institute of Directors (IOD) Class 155/2012 • PTT Executive Program, GE Crotonville, USA

Experience

• Senior Executive Vice President, Finance & Accounting, PTT Aromatics and Refining Public Company Limited • Executive Vice President, Internal Control System, PTT Aromatics and Refining Public Company Limited • Vice President, Corporate Strategy, PTT Aromatics and Refining Public Company Limited • Vice President, Finance & Accounting, The Aromatics (Thailand) Public Company Limited • Director, PTT ICT Solutions Company Limited

Current Position

• Senior Executive Vice President Corporate Accounting & Finance, IRPC Public Company Limited • Executive Vice President, Petrochemical and Refining Unit, PTT Public Company Limited • Director, Thai ABS Company Limited • Director, IRPC Oil Company Limited • Director, IRPC Polyol Company Limited • Director, IRPC A&L Company Limited • Director IRPC Energy Company Limited • Director Ube Chemical (Asia) Public Company Limited • Director, IRPC Clean Power Company Limited

Current Position

• Senior Executive Vice President, Petrochemical & Refinery Business Unit, IRPC Public Company Limited • Acting Senior Executive Vice President, Port & Asset Management Business Unit, IRPC Public Company Limited • Director, PTT Natural Gas Distribution Company Limited • Director, PTT International Company Limited • Director, IRPC Clean Power Company Limited

2013 Annual Report IRPC Public Company Limited

Mr.Chansin Treenuchagron Senior Executive Vice President, Corporate Commercial and Marketing No. of share: 200,000 Share Possession (%): 0.00098 Age: 53 Education/Training

• Bechelor’s Degree of Economics, Thammasat University • Master’s Degree of Economics, Chulalongkorn University • Air War College, Class 35/2006 • Senior Executive Program (SEP-20), Sasin Graduate Institute of Business Administration of Chulalongkorn University, Class 20 • Executive Development Relation, Directorate of Civil Affairs, Class 1 • PTT Executive Leadership, General Electric, GE, New York, USA • Advance Senior Executive Program (ASEP-5), KELLOGG & SASIN, Chicago, USA, Class 5 • Advanced Certificate Course in Public Economics Management for Executives, King Prajadhipok’s Institute, Class 10 • Director Certification Program (DCP), Thai Institute of Directors (IOD), Class 85/2007 • Director Accreditation Program (DAP), Thai Institute of Directors (IOD), Class 93/2011 • Financial Statements for Directors (FSD), Thai Institute of Directors (IOD), Class 12/2011

Experience

• President, Thai ABS Company Limited • President, IRPC Oil Company Limited • Senior Executive Vice President, Corporate Port and Asset Management Business Unit • Acting Senior Executive Vice President, Corporate Strategy and Planning, IRPC Public Company Limited • Executive Vice President, Corporate Planning, IRPC Public Company Limited • Director / Acting Managing Director, PTT Green Energy Pte., Ltd. • Vice President, Retail Business, PTT Public Company Limited • Vice President, Aviation & Marine Marketing, PTT Public Company Limited • Director, Subic Bay Energy Company Limited • Director, FST Company Limited

Current Position

• Senior Executive Vice President, Corporate Commercial and Marketing, IRPC Public Company Limited • Executive Vice President, Petrochemical and Refining Unit, PTT Public Company Limited • Director, Thai ABS Company Limited • Director, IRPC Oil Company Limited • Director, IRPC Polyol Company Limited • Director, IRPC A&L Company Limited • Director, Technology IRPC Company Limited • Director, Rayong Acetylene Company Limited • Director, UBE Chemical (Asia) Public Company Limited • Director, PTT Polymer Marketing Company Limited • Director, PTT Polymer & Logistics Company Limited • Director, PTT Green Energy Company Limited • Chairman, Rak Pa Sak Company Limited

Mr.Wittawat Svasti-Xuto

Mr.Manit Suthaporn

Senior Executive Vice President, Corporate Strategy & Planning No. of share: 4,779 Share Possession (%): 0.00002 Age: 52

Senior Executive Vice President, Corporate Legal No. of share: 50 Share Possession (%): 0.00000 Age: 59

Education/Training

• Bachelor’s Degree of Engineering (Chemical), Chulalongkorn University • Master’s of Science (Industrial Engineering) The University of Rhode Island, USA • Senior Executive Program, Sasin Graduate Institute of Business Administration of Chulalongkorn University • Director Certification Program (DCP), Thai Institute of Directors (IOD), Class 146/2011 • Financial Statements for Directors Program (FSD), Thai Institute of Directors (IOD), Class 12/2011

Experience

• Vice President, Price Risk Management & International Market Analysis Department, PTT Public Company Limited • Vice President, Petroleum Product & LPG Trading Department, PTT Public Company Limited

• LL.M., Chulalongkorn University • Director Certification Program (DCP), Thai Institute of Directors (IOD), Class 134/2010

Current Position

• Senior Executive Vice President, Corporate Legal, IRPC Public Company Limited • Chairman, Technology IRPC Company Limited • Director, Thai ABS Company Limited • Director, IRPC Oil Company Limited • Director, IRPC Polyol Company Limited • Director, TPU Company Limited • Director, IRPC Energy Company Limited

Current Position

• Senior Executive Vice President, Corporate Strategy & Planning, IRPC Public Company Limited • Executive Vice President, Trading Operations, PTT Public Company Limited • Director, IRPC Oil Company Limited • Director, IRPC A&L Company Limited • Director, IRPC Clean Power Company Limited

2013 Annual Report IRPC Public Company Limited

Miss Oravan Leelarasamee Senior Executive Vice President, Corporate Human Resources & Administration Share Possession (%): None Age: 57

Education

• Bachelor of Accountancy, Chulalongkorn University • Master of Commerce, Chulalongkorn University

Experience

• Executive Vice President, Corporate Accounting, IRPC Public Company Limited • Vice President, Accounting, PTT Public Company Limited

Current Position

• Senior Executive Vice President, Corporate Human Resources & Administration, IRPC Public Company Limited • Executive Vice President, Petrochemicals and Refining Business Unit, PTT Public Company Limited

Mrs. Patnan Tejakumput

Mr. Thammasak Panyowatkool

Executive Vice President, Corporate Finance No of share: 367,015 Share Possession (%): 0.00180 Age: 60

Executive Vice President, Corporate Accounting No of share: None Age: 47

Mr.Atikom Terbsiri

Mr.Sahaschai Panichapong

President (until 30 September 2013) Share Possession (%): None Age: 51

Senior Executive Vice President, Port & Asset Management Business Unit (Retired since 31 December 2013) Share Possession (%): None Age: 65

Education/Training

• B.B.A. (Accounting), Assumption University • M.B.A. (Finance & International Business), High Distinction, Armstrong University, USA • Diploma, National Defence College, the State, Private Sector and Political Sectors Course, Class 5 • Doctoral Course in Human Resources Management and Managerial Economics, Golden Gate University, • San Francisco, California, U.S.A. • Executive Education Program, Harvard Business School, Harvard University, U.S.A. • Advanced Security Management Program (ASMP1), The National Defence College Association of Thailand • Director Certification Program (DCP), Thai Institute of Directors (IOD), Class 125/2009

Experience

• Senior Executive Vice President, Corporate Strategy & Planning, IRPC Public Company Limited • Acting Senior Executive Vice President, Port & Asset Management Business Unit, IRPC Public Company Limited • Acting Senior Executive Vice President, Chief Operating Officer, Downstream Petroleum Business Group PTT Public Company Limited • Executive Vice President PTT Public Company Limited • Senior Executive Vice President, Corporate Strategy & Commercial, PTT Aromatics and Refining Public Company Limited • Executive Vice President, Business & Finance, The Aromatics (Thailand) Public Company Limited • Director, Rayong Acetylene Company Limited • Director, PTT ICT Solutions Company Limited • Director, PTT Phenol Company Limited

• B.Eng. (Mechanical), Chulalongkorn University • M.Eng. (Mechanical) Lamar University, Beaumont, Texas, USA • Finance for Non-Finance Directors (FND), Thai Institute of Directors (IOD), Class 14/2004 • Director, Accreditation Program (DAP), Thai Institute of Directors (IOD), Class 56/2006

Experience

• Acting President, IRPC Public Company Limited • Senior Executive Vice President, Operation, IRPC Public Company Limited • Senior Executive Vice President, PTT Chemical Public Company Limited • Director, IRPC Clean Power Company Limited

Current Position

• Senior Executive Vice President, Petrochemicals & Refining Business Unit, PTT Public Company Limited

2013 Annual Report IRPC Public Company Limited

Report of the Audit Committee

To the Shareholders Consisting of three qualified independent directors appointed by the Chairman of the Board, the Audit Committee is chaired by Mr. Cherdpong Siriwit, with Lt.Gen. Preecha Wanarat and Mr. Trumph Jalichandra as members. For the year, the committee undertook its duties with independence under the Board-assigned scope and authority and in line with SET’s requirements for oversight of the internal control system, risk management system, and compliance with the law, transparency, and freedom from conflicts of interest. The year saw 13 meetings held by the committee, with a proper quorum each time. Below are the essences of its performance. 1. Review of financial reports : The committee reviewed the material data of quarterly and annual financial statements to ensure that IRPC’s financial reports were properly prepared in essential details under the Thai Financial Reporting Standards (TFRS), which agree with international accounting standards, and that complete, adequate material data were disclosed. To this end, clarification was given by executives of the accounting and finance group as well as the Vice President of the Office of Corporate Internal Audit. Finally, a report was given by the external auditor on material data for financial report preparation, unconditionally endorsed by the auditor. One meeting was held with the external auditor in the absence of the management to share free views on its financial report scrutiny and its audit plans. In the absence of significant observations, the committee endorsed IRPC’s financial reports, while providing recommendations to the management on prudent business execution for constant performance growth. 2. Review of corporate governance practices : With due regard for arm’s length conditions and the best interests of IRPC, the committee focused on ethical business undertaking by reviewing connected transactions between IRPC and related parties to prevent conflicts of interest. It also ensured complete disclosure of information under SET’s requirements. 3. Review of risk management : The committee reviewed IRPC’s risk management plans and constantly monitored their implementation outcomes. It heard reports and provided recommendations on the preparation of emergency plans and business continuity plans, while recommending drills under the plans by hypothesizing all possible situations (normal and abnormal), including natural disasters, complete with regular plan revisions. Besides, the committee inspected sites and business operations at the Ayutthaya Depot to observe operating safety, occupational health, and environmental management of the depot and provided recommendations for public relations work, community care, and more efficient emergency drills.

4. Review of compliance : The committee regularly reviewed IRPC’s compliance with legislation on securities and SET, requirements of SET and SEC, industrial and environmental legislation, and other legislation related to its businesses. Besides, it took anti-corruption seriously by endorsing self-assessment of IRPC’s anti-corruption measures against the assessment form developed by Thai Institute of Directors, which proved helpful to IRPC in reviewing completeness, strengths, and effectiveness of its policy and processes on anti-corruption. 5. Review and oversight of internal controls : The committee urged the Office of Internal Corporate Audit to improve its operation for excellence in reviewing the internal control system and the advising role on internal controls by focusing on, through public relations, securing understanding and acceptance by audited units, promote attitude adoption and incentives among employees and executives so that they may become aware of the value of the internal control system and internal audit; to strengthen the internal control system from within the units themselves; and to develop its competencies by systematizing knowledge compilation to raise its internal audit effectiveness. 6. Selection and appointment of the external auditor for 2013 : Examining qualifications, ability, and past performance in tandem with the external auditor’s fees, the committee has proposed the appointment of PricewaterhouseCoopers ABAS Limited as the external auditor. This will be tabled for the consideration of the Board for subsequent approval of the shareholder’s meeting. In summary, the committee carried out its duties with prudence, care, and free expression of views to bolster confidence that IRPC’s financial statements show material and credible data, compliance by and effectiveness of employees and executives, as well as efficient, effective risk management and internal control systems. All these have maximized IRPC’s interests while enabling it to achieve sustainable growth.

(Mr. Cherdpong Siriwit)

Chairman, Audit Committee

2013 Annual Report IRPC Public Company Limited

Internal controls

Summary of the Boardâ&#x20AC;&#x2122;s views Having assessed IRPCâ&#x20AC;&#x2122;s internal control system in organizational control, risk assessment, operating control, information and communications system, and monitoring system, the Board found the system adequately suitable. To further align with IRPCâ&#x20AC;&#x2122;s changes in policy, environment, and economy, IRPC has established additional key controls to better achieve management objectives, described as follows.

1. Control environment : This year IRPC made its corporate governance (CG) handbook more thorough and strict on attracting, developing, and retaining competent personnel. Valuing loyalty and participation in the organization, IRPC applied employee engagement as a KPI for executives and instituted an action plan to foster relations and engagement within units. 2. Risk assessment : IRPC conducted risk management under the standardized framework of Enterprise Risk Management of the Committee of Sponsoring Organizations (COSO-ERM). To deal with risks facing itself and its stakeholders, the company linked its risk management system to management systems like the KPI system, OEMS (Operational Excellence Management System), and ISO 31000. To enable key business processes to continue uninterrupted or retrieve them in due time, IRPC devised a practicable BCM (Business Continuity Management) plan for emergencies. 3. Control activities : In its operation, IRPC values the internal control system and the quality system to ward off, lower, and avert risks to manageable levels, while effectively facilitating achievement of its objectives. To this end, it constantly revised and updated company regulations, while reviewing the suitability of human resources and processes across the company to prepare itself for operational excellence by firming up its organizational structure, as well as streamlining and making it more agile.

4. Information & communications : IRPC established a project to systematize its information security management under ISO/IEC 27001, trained auditors of this system, and trained relevant parties for ISMS (Information Security Management System) awareness to ease internal controls. 5. Monitoring activities : IRPC values monitoring and evaluation of its internal controls to ensure that such controls of itself and its subsidiaries proceed smoothly and suitably, thus preventing abuse of its properties and duly overseeing transactions with parties of potential conflicts and connected parties, in addition to regularly reviewing of budget spending. In addition, IRPC announced a clear anti-corruption policy and joined the Private Sector Collective Coalition against Corruption in full force. In summary, the Board agrees with the report of the Audit Committee, which has found no significant flaws in IRPCâ&#x20AC;&#x2122;s internal control system.

(Mr. Chainoi Puankosoom) Chairman

2013 Annual Report IRPC Public Company Limited

Organization Structure

IRPC Public Company Limited

Corporate Governance Report

To the Shareholders, In its focus on corporate excellence, the Board of Directors stresses ethical business in line with the code of conduct to accommodate the needs of shareholders, customers, and all stakeholders in a transparent way, open to scrutiny, while exerting social and environmental responsibility. The Board also values global citizenship by strengthening the stewardship of all related parties so that they may benefit in an equitable way, respecting human rights, and fair labor treatment. This year the Board further strengthened the Corporate Governance Policy by adding an anti-corruption policy and measures, as well as devising corporate governance action plans focusing on transparent conduct, efficiency, and with due regard for all stakeholders. In addition, quarterly performance assessment is required against goals, which the Corporate Governance Committee is then to report to the Board. The committee has ensured that IRPC conforms to the corporate governance action plans for the year, whether in routine chores or in strategic ones. These consists of corporate governance development tasks, environmental governance, and social responsibility tasks aligning with the corporate governance guidelines adopted by listed companies in 2006 and amended in 2012 by the Stock Exchange of Thailand, together with the toughest international corporate governance standard, as detailed in Corporate Governance this year. In addition, the committee encouraged IRPC to heighten its corporate governance on a par with ASEAN CG Scorecard in preparation to become a leading company while contributing to the strengthening of the ASEAN capital markets in 2015. According to the Asian Development Bank and the ASEAN Capital Markets Forum, IRPC is already among the top 50 ASEAN listed companies, with an Asia Outstanding Company on Corporate Governance 2013, attested by the Hong Kong-based Corporate Governance Asia magazine. Please be assured that the Corporate Governance Committee and the Board of Directors have adopted a process for ensuring systematic, closely-monitored, and stringent operation at IRPC. All these elements will enable IRPC to constantly develop its corporate governance standard on a par with international norms and prevailing regulations so as to truly and successfully accommodate sustainable development.

(Mr. Cherdpong Siriwit)

Chairman, Corporate Governance Committee

2013 Annual Report IRPC Public Company Limited

All IRPC directors, management, employees, and subsidiaries are required to observe the six corporate governance (CG) principles, known by the acronym ‘CREATE’, defined by the Board of Directors as follows: • Create Long-Term Value • Responsibility • Equitable Treatment • Accountability • Transparency • Ethics. The Board upgraded IRPC’s CG to meet the standards stipulate by SET, SEC and IOD as well as those of the ASEAN CG Scorecard. Rules and guidelines for IRPC and directors were revised to be more stringent in its preparation to become a leading group of companies, and to take part in strengthening ASEAN capital market with the coming ASEAN Economic Community (AEC) in 2015. The CG activities can be summarized as follows:

1. CG Policy The Board has defined a CG policy to promote efficient, transparent operations in line with CREATE. IRPC’s CG handbook was published in 2006 to be enforced on the Company and subsidiaries. The handbook stipulated good practices, business ethics and a code of conduct for the directors, management, and employees to observe and comply with. The handbook was reviewed annually and revised in 2009, 2012 and 2013 to keep up with international standards, with an emphasis on employees’ understanding and awareness enhancement through CG promotional campaigns held regularly; assessment is made on communication efficiency for further improvement. In 2013, the Board consisted of 17 directors, eight of which are independent directors, and one executive director (President). The Chairman of the Board is a non-executive director. The directors are screened through the procedures and criteria set by the Nomination and Remuneration Committee, and nomination of qualified candidates was presented to the Board for approval before submission to the 44

shareholders’ meeting for appointment. Selection procedures are disclosed in the meeting notice, Each director has vast, diverse knowledge and experience to make up a complete, efficient Board beneficial to the management of the company. This year the Board consists of five experts in energy, petroleum and petrochemical, five experts in legal and political sciences, six experts in accounting and finance, two experts in national security, and two in social development. The qualifications of the directors are shown on page 20-29 under Executives. Miss Monwipa Choopiban was appointed Company Secretary, with effect from 24 January 2012. Her qualifications are found under Management Structure, page 156-176. In 2013, the Board monitored the company’s operations to be in compliance with IRPC’s vision, core value, strategies, plans, Articles of Association, regulations and related laws and announcements in all areas and places where IRPC has business operations. The Board also formulated an anti-corruption policy and measures for the entire company. At meeting No. 1/2557 on 29 January 2014, the Board defined the terms of office of directors and independent directors to not exceed three consecutive terms, without exception. As a result of better CG performance as mentioned above, IRPC received the 9th Governance Asia Recognition Awards 2013: Asia’s Outstanding Company on Corporate Governance from the Corporate Governance Asia magazine. The award ceremony was held on June 25 in Manila, the Philippines. IRPC was also ranked in the 50 Asian companies with excellent CG performance by the Asian Development Bank (ADB) in cooperation with ASEAN Capital Markets Forum in the assessment of Thai listed companies. The company was also ranked excellent with five stars by IOD, and the shareholders’ meeting ranked as outstanding.

2. Sub–Committees To ensure prudence, efficiency, and expertise in different fields in managing IRPC’s operations and to gain shareholders’ and stakeholders’ trust in its

efficient management, the Board set up four subcommittees, namely the Executive Committee, the Audit Committee, the Nomination and Remuneration Committee, and the Corporate Governance Committee, to screen significant operation issues according to the roles and duties as assigned by the Board, with regular reporting of the results and activities to the Board, and to the shareholders at the 2013 AGM. The compositions and qualifications of the subcommittee members and meeting attendances for the year 2013 are shown under Management Structure, page 156-176 Duties and responsibilities of the committees are: 1. Executive Committee The Executive Committee comprises at least three directors from the Board who are experts in petroleum and petrochemical businesses. The Executive Committee examines and reviews the business plans and annual budget for presentation to the Board. It determines the financial and investment policies to be in line with the Company’s policy and approves investment criteria and proposals subject to the Company’s regulations. It reviews and performs acts related and essential to the Company’s operations, examines and reviews all work proposed to the Company and offers useful suggestions. It appoints directors to subsidiaries or joint-venture companies in accordance with shareholding ratios or as set forth in the Joint Venture agreement. Moreover, it performs other tasks assigned by the Board. The meetings are set once a month or when necessary. At Board meeting No. 1/2557 on January 29 this year, the meeting approved extension of the roles and duties of the Executive Committee and extended its duties to cover all risk management implementation as follows: 1. To formulate risk management policies and recommend guidelines in efficiently managing risks relating to IRPC’s businesses. 2. To formulate risk management plans and risk management processes for the entire organization, and

3. To follow up and assess implementation under the corporate risk management framework. In 2013, the committee held 12 meetings to review various significant business issues, such as extension of hedging periods, property management approaches to increase profit-earning capacity, setting up a new company to operate the Combined Heat and Power project (CHP II) in Rayong, the fiveyear business plan, the following year’s business plans and budgets, and other matters of interest to create business value in the long term. 2. Audit Committee The Audit Committee consists of at least three independent directors who are duly qualified under SEC’s and the Capital Market Supervisory Board’s notification, and at least one director must be knowledgeable in finance and accounting. The Audit Committee reviews the reliability of the financial statements of IRPC and its subsidiaries, the internal control system, internal audit system and risk management system to ensure their suitability and effectiveness. It can also give suggestions reviews or audit of any matters as seen necessary or significant. Moreover, it provides recommendations on the improvement of the internal control system, internal audit system and risk management system, and reports the review findings to the Board. The Audit Committee meets once a month or as necessary and report the performance to the Board every quarter. In 2013, the directors who are knowledgeable and experienced in reviewing financial statements of the Company are: Mr. Cherdpong Siriwit Chairman Mr. Trumph Jalichandra Member Lt. Gen. Preecha Wanarat Member. (Details of the Directors appear on page 16-29.) In 2013, the committee held 13 meetings to review various significant business issues to ensure transparency, such as the financial report ended 31 December 2013, draft Report of the Board’s Responsibility for Financial Reporting, 2013 Annual Report IRPC Public Company Limited

review of connected transactions, selection and nomination of the external auditor for the year and fee recommendations, the sufficiency of the risk management system and the quarterly risk management performance report, as well as the monitoring of internal control and internal audit systems, and then report to the Board.

definition of assessment guidelines and reporting of the results of the assessment to the Board for consideration, improved procedures and criteria for director nomination as well as a clearer framework for assessment of the President’s performance, with the use of the Directors’ Pool of the Ministry of Commerce and IOD in its nomination of directors.

The committee also carried out internal audit in operating areas, such as the Ayutthaya Depot, to ensure complete implementation and strict compliance.

4. Corporate Governance Committee The Corporate Governance Committee consists of at least three directors, at least one of whom must be an independent director. It formulates CG policies and approves CG plans, monitors the implementation of the Company’s CG activities, provides recommendations and suggestions on CG to the Board, directors, president and shareholders in line with related regulations, ensures CG compliance, improves CG activities and elevates CG implementation up to international standards.

Ms. Sukriang Chartuthit was appointed Vice President of the Office of Corporate Internal Audit and Secretary to the Audit Committee, with effect from September 20, 2012. Mr. Thawisak Dejakaisaya replaced Ms. Chartuthit, who retired, effective January 10, 2014. The qualifications of the Secretary to the Audit Committee are detailed under Management Structure, page 156-170. 3. Nomination and Remuneration Committee The Nomination and Remuneration Committee consists of at least three directors from the Board with at least one independent director on the committee. The committee recruits qualified candidates for nomination as Board members and the President. It has established efficient, transparent procedures and criteria of nomination so that the Board is made of directors with diverse knowledge, capability and qualifications. Moreover, it considers compensation for directors and the President by adopting equitable and reasonable criteria on a par with peer businesses, and present them to the Board and the shareholders’ meeting for approval. In 2013, the committee convened 11 meetings to consider various significant business matters for the Board’s consideration, such as nomination of the President (Mr. Sukrit Surabotsopon to replace Mr. Atikom Terbsiri, effective October 1, 2013), nomination of directors to replace those completing their terms in 2013 and those that resigned during the year for the AGM’s approval, compensation of Directors in 2013, nomination of sub- committees, review of directors’ bonuses and of the operating goals of the President, 46

This year, the committee convened seven meetings to review various significant business issues, such as formulating a policy and measures on IRPC’s anti-corruption implementation for the Board’s approval, formulating the 2013 CG Plan consisting of general and strategic plans in three fields (CG, environment good governance, and CSR), following up the CG implementation of the plan every quarter, and proposing CG development guidelines in five sections in compliance with SET, SEC and IOD, namely the rights of shareholders, equitable treatment of shareholders, roles of stakeholders, information disclosure and transparency, and responsibilities of the Board, and, finally, organizing campaigns to promote CG through assorted activities.

3. N o m i n a t i o n o f D i r e c t o r s a n d Management Members The Nomination and Remuneration Committee selects directors based on efficient procedures and criteria set by the Board, and nominates qualified candidates to the Board and the shareholders’ meeting for approval. 1. Independent Directors The Nomination and Remuneration Committee considers and screens qualified candidates with

knowledge, skills, and experience in diverse fields to fill the Board under the specified structure and composition. The candidates for independent directors must bear the qualifications under IRPC’s CG handbook, which are more stringent than those of SEC, as detailed under Management Structure, page 156-176. The Board considers qualified candidates nominated by the committee, and, if it agrees, proposes them to the shareholders’ meeting for appointment. Newly appointed independent directors must submit their independency reports and lists of assets to SET within three days from the appointment dates. 2. Directors The Nomination and Remuneration Committee considers and screens qualified candidates with diverse knowledge, skills, and experience to make up a Board of experts in various fields to support their decision-making. Qualified candidates must bear the qualifications as stipulated by the law, regulations and IRPC’s CG principles. The Board considers the candidates nominated by the committee and, if it agrees, proposes them to the shareholders’ meeting for approval. 3. Management Members The Nomination and Remuneration Committee considers and screens qualified candidates whose knowledge, skills and experience fit the duties of the executive management (the President), and presents the findings to the Board for approval. In 2013, the Board appointed Mr. Sukrit Surabotsopon as President, with effect from October 1, taking into account his capability, knowledge, skills and experience, which would be useful to IRPC, and past performance and experience gained, which would also support IRPC’s businesses, as well as his image on transparency, ethics, and qualifications under the laws and regulation and IRPC’s CG principles. IRPC requires that the President’s directorship at other companies must have the prior endorsement of the Board. Similarly, other senior executives’ directorship at other companies must have the President’s prior endorsement.

4. Affiliates and Subsidiaries IRPC formulated monitoring guidelines for its affiliates and subsidiaries to ensure efficient operation and business alignment, strengthen the organizations, and generate decent returns in business value, image, or operational direction with CSR, as follows: • Define investment policies, long-term operating plans, annual plans, business strategies, CSR Roadmap, and investment/budget framework. The annual budgets of subsidiaries were included under IRPC’s business plan to be approved by the Board to ensure that the operations of the group follow the same direction. Investment policies of affiliates are under joint-venture regulations. • The Executive Committee, as assigned by the Board, approves IRPC secondees to affiliates and subsidiaries as directors or executives in proportion with the shares held or as agreed in the shareholders’ agreement. • Voting at meetings of subsidiaries and associates on significant agenda items affecting the structure of the organization or investment must have the prior approval of the shareholders’ meetings. • Subsidiaries are to adopt IRPC’s policies and regulations, such as policies on CG, anti–corruption, human resource development and marketing, and regulations on procurement, finance and accounting. Each responsible unit coordinates with the management and operating levels. • Subsidiaries report their performance, information on financial status, connected transactions, assets acquisition and disposal, and other significant transactions to IRPC’s Audit Committee. • Subsidiaries’ internal control systems must be on a par with that of IRPC. The Office of Corporate Internal Audit regularly reports the audit findings of affiliates to the Audit Committee and the Board, as well as other reports required by SET and SEC. • Joint ventures with affiliates follow the shareholders’ agreement and joint-venture regulations (some essential terms and conditions are included in the latter). Significant agenda must have the approval 2013 Annual Report IRPC Public Company Limited

of the Board (since IRPC holds 99.99% shares in its subsidiaries, no shareholders agreement was formally made).

5. Use of Inside Information IRPC has set guidelines and good practices on maintaining confidentiality of information in its CG handbook, requiring directors, management, and employees to be prudent in maintaining confidential information, as well as the use of inside information and information disclosure. A system to maintain the confidentiality of information was established, levels of confidentiality classified, and information access restricted. IRPC’s policy forbids disclosure and use of material inside information not yet revealed to the public for the benefit of oneself or others, including the purchase and sale of IRPC’s assets as follows: • IRPC issued letters to its directors, management, and related parties seeking cooperation in refraining from purchasing/selling IRPC shares during the 45 days after the end of each quarter, and two working days after the financial statements are disclosed to SET, so as to prevent the exploitation of inside material information potentially impacting share prices and not yet revealed to the public, which could violate Article 241 of the Securities and Exchange Act B.E. 2535 (1992), and to prevent unlawful acts committed by IRPC’s employees and their families, or those in possession of information not yet revealed to the public. IRPC forbids those persons to purchase/sell shares or invite others to purchase or sell or offer to purchase or offer to sell the shares of IRPC, whether by themselves or through agents while holding on to the information not yet revealed to the public. IRPC and SET consider that these acts are meant to speculate or create undue advantages for certain groups. • IRPC notified the directors, management, and related parties to prepare and submit reports of their own asset holdings, as well as those of their spouses and children under legal age, when first assuming their positions, and report on changes in asset holdings every time within three days of the purchase, sale, or transfer of IRPC’s assets to SEC as required by the Securities and Exchange Act B.E. 48

2535, Article 59, and Article 275, on punishments. • IRPC’s directors and management under SEC’s criteria must report their asset holdings to the Board’s meeting every month. • A system to maintain confidentiality of information was established, levels of confidentiality classified, and access to information not yet disclosed to the public restricted to only those necessary and related parties. The owners or those in possession of information not yet revealed to the public must strictly comply with these procedures and must ensure that related parties do the same. Violators will be subject to disciplinary and/or legal punishment, if applicable. • IRPC has a data security system of international standards to prevent external threats, and information access by unauthorized parties to use inside information for their own benefits. The system was installed in the main computers system and personal computers, and activated during normal operation as well as in emergencies.

6. Auditor’s Fee 1. Audit fee In 2013, the Company and subsidiaries proposed to the shareholders’ meeting the appointment of PricewaterhouseCoopers ABAS Ltd. as the external auditor. The company bears no relation with the company to an extent that that its dependency might be compromised. The fees paid totaled Baht 4,160,000: Baht 3,100,000 for the audit fees and Baht 1,060,000 for the audit fees of subsidiaries. 2. Non-audit Fee This year, payment of Baht 26,100 for other services is made for the training and seminars of the auditor.

7. Compliance with CG IRPC conducts its businesses in strict compliance with SET’s principles of CG for listed companies (2006 and 2012) in all five categories. It earned five stars from IOD for the fifth consecutive year (2009- 2013) with 95 points (against 91 points of the previous year). IRPC’s activities under CG principles for listed companies this year can be summarized as follows:

Part 1 Rights of Shareholders Recognizing shareholders’ legal rights and the right to making rational decisions based on easily accessible, adequate, timely, and complete information provided through multiple channels, IRPC has defined the policies on the rights of shareholders, the promotion of their use, and non-violation of the rights of shareholders as follows: 1. Shareholders’ Meetings • Major shareholders, minor shareholders, and institutional investors were all encouraged to attend IRPC shareholders’ meeting, with a meeting notice and a copy of its 09/2013 newsletter issue delivered to them individually. The steps and procedures of proxy and voting set are not sophisticated, but legally correct and complete. IRPC facilitated all shareholders in registration and advance voting. • IRPC schedules an annual general meeting of the shareholders (AGM) within four months of the annual closing date of its accounting books. In 2013, IRPC set the record date for shareholders to join the meeting and receive their dividends on March 5, 2013. The announcement of the AGM was made on February 19, 2013, 14 days in advance, following the Board’s agreement to hold the meeting on April 5, 2013 at Bangkok Convention Center, 22nd floor, Sofitel Centara Grand Hotel, and Bangkok Convention Center, Central World Bangkok. For urgent matters about the addition to the meeting agenda, IRPC must notify the shareholders to preserve their rights or interest at least 21 days ahead of each meeting date, as well as distributing relevant documents in advance on the website before sending the documents. Since no special agenda, urgent matters, or matters of shareholders’ interest which required shareholders’ approval emerged during the year, IRPC neither submitted any additional agenda nor called an extraordinary meeting of the shareholders in 2013. 2. Delivering Meeting Notices • The meeting notices in Thai and English, agenda, comments of the Board, proxy forms A, B and C as stipulated by law, as well as accompanying

documents, were made available on IRPC’s website on March 5, 2013, 30 days ahead of the meeting date. • IRPC submitted a meeting notice to all shareholders, stating clearly the meeting venue, date, time, meeting agenda, essential information for consideration, the Board’s opinions, minutes of the previous meeting, annual report, proxy forms with complete instruction, accompanying documents for proxy as stipulated by law, and other accompanying documents sufficient for shareholders’ decision to vote, on March 15, 2013, 21 days ahead of the meeting, thus allowing shareholders to receive adequate, accurate, complete, and transparent information necessary for decision-making. To further facilitate shareholders’ preparation, the invitation was announced through one Thai and one English newspaper for three consecutive days from March 27 to 29, 2013. 3. Facilitating Shareholders IRPC convened the meeting at a spacious venue with complete facilities to accommodate the shareholders and easily accessible by BTS, MRT, personal car, and the public transport system. Officers facilitated shareholders, the elderly, and the disabled as well as providing adequate information for shareholders with equitable treatment on the meeting date. Examination of registration credentials and registration opened two hours ahead of the meeting, and a barcode system quickened registration. 4. Conduct of Shareholders’ Meetings • IRPC must in no way deprive the right of shareholders to attend the meeting. All shareholders can exercise their right to attend the entire meeting. • Before the meeting, the chairman of the meeting explains all the meeting procedures and regulations such as the procedure of one vote per one share, ballot use instruction, as well as vote counting of the shareholders who must vote for each agenda under IRPC’s Articles of Association. • To ensure transparency, the chairman gave an opportunity for major and minor shareholders to observe and witness vote counting on a volunteering basis. For 2013 AGM, the volunteers were Ms. 2013 Annual Report IRPC Public Company Limited

Thapani Kaew-im, Mr. Chanin Tayakkanond, and Mr. Suraphant Tembun, representing shareholders who attended the meeting, major shareholders, and minor shareholders respectively. • IRPC provides translators/interpreters to ensure accurate clarification to foreign shareholders’ queries. • The attendees are allowed to protect their own interests by making queries fully before voting, presenting opinions and suggestions, and voting on important issues with impacts on IRPC, such as the appointment of directors, appointment of the auditor and compensation, and policy on dividend payment. All shareholders’ queries raised during AGM 2013 were fully answered by the Chairman and IRPC Directors. (Further details are available at http://www.irpc.co.th/other/ir_home_th.html and the meeting notices for AGM 2014 on Annex 4) • In 2013, all 17 Board members (Chairman of the Board, Chairman of sub-committees, directors and President), and all senior executive vice presidents attended the AGM. Furthermore, IRPC invited one legal adviser, Ms. Paralee Thechachongchinda, from Baker & McKenzie to attend and provide clarification on legal matters to shareholders’ queries. • The 2013 AGM was held under the Green Meeting concept of Thailand Business Council for Sustainable Development (TBCSD) and Thailand Institute of Environment (TEI). Assessment by representatives from the two organizations was made, and IRPC earned Green Meeting certification, with the awarding ceremony held on June 18, 2013. IRPC was committed to maintaining the green meeting standard and promoting the concept among its stakeholders for wider adoption via its website, Newsletter No. 10/2013 for public, and the I-Oon magazine for its employees. 5. After the Shareholders’ Meeting After submitting the minutes of the meeting to SET on April 18, 2013, or 14 days after the meeting, IRPC made available complete minutes of the meeting, vote tally details, and queries from shareholders on each agenda item, as well as videotapes on IRPC’s website so that the shareholders may get immediate 50

IRPC earns Green Meetings certification for its 2013 AGM

reports and other interested persons may have the opportunity to learn about IRPC. The shareholders and general investors can contact IRPC for information, explanation, or needs to: • Investor Relations Department: (1) Telephone: +66(0) 2649 7980 (2) Electronic mail: ir@irpc.co.th (3) Facsimile: +66(0) 2649 7379. • Company Secretary: (1) Electronic mail: cg@irpc.co.th, or (2) www.irpc.co.th, link to “Contact Company Secretary”. Part 2 Equitable Treatment of Shareholders IRPC values and treats all shareholders with equity and fairness through the following actions in 2013: 1. It arranged for transparency and efficiency in the AGM by conducting the meeting and voting under the agenda as specified in the meeting notice and refraining from adding any agenda or material information without notifying the shareholders in advance, so as to allow the shareholders ample time to study the information before making decisions. 2. It facilitated shareholders who cannot attend the meeting by assigning an independent director or any person to attend the meeting in their place. Five independent directors are recommended for selection in the proxy form with instructions for shareholders to vote on each agenda item.

3. It provided voting ballots for the shareholders for each agenda separately, especially for director nomination where voting ballots were for each director nominated, so that they can vote as appropriate. The voting ballots are then collected for future inspection. 4. It prepared complete minutes of the meeting and submitted to SET as well as publicizing the minutes together with videotapes on IRPC’s website so that the shareholders can check and refer to them, or, if find the minutes inaccurate in essential matters particularly those made by the shareholders, to propose any amendments to the minutes. 5. To ensure the shareholders that the directors, management, employees, and related inside parties will not reveal inside information for their personal interests, the Board has incorporated the “trading principles” in IRPC’s CG principles which all employees sign as acknowledgment to ensure fairness to the shareholders. 6. It facilitated all shareholders with equity and fairness, disregarding gender, race, religious belief, or major or minor shareholding, for access to IRPC’s information via SET’s channel and on IRPC’s website at www.irpc.co.th in both Thai and English. 7. It facilitated minor shareholders with at least 4% (single or combined shareholding) of the total shares in exercising their right to put forward an agenda in advance of the AGM via post, facsimile, or IRPC’s website between September 28 and December 31, 2012, and at the same time publicized the regulations to exercise the right via SET’s channel and IRPC’s website. However, in 2013, no shareholders submitted such agenda during the period.

Part 3. Roles of Stakeholders IRPC takes into account the maximum benefit of all stakeholders. It treats stakeholders with fairness and respect of human rights by complying with the laws and international human right principles. IRPC announces such commitment to UN Global Compact (UNGC), a UN agency. IRPC’s promotion of the roles of stakeholders is summarized as follows: 3.1 Compliance with UN Global Compact in 2013 Promotion of Human Right Principles: IRPC organized promotional activities on human right principles such as the rights of disabled people to live conveniently, hygienically, and equitably in society. IRPC donated 25 tons of its own plastic polymers to the Prostheses Foundation of HRH the Princess Mother and participated in the “Repair for Happiness” activity by sending a prostheses unit to Chaiyaphum in November, and reserved special seats for disabled and elderly shareholders for the AGM. IRPC also supported activities of all religious beliefs among employees with no gender discrimination in consideration of promotion. This year, there was one female director (5.88%) and two female executives (Senior Executive Vice President) (33.33%). Respect for copyrights and intellectual properties: IRPC’s policy is to respect copyrights and intellectual properties. To achieve this, IRPC campaigns and promotes awareness among employees of compliance with the Copyrights Act B.E. 2537 (1994) and the “Application of IRPC’s Computers and Network System” policy, designed to prohibit employees from using illegal programs or software.

2013 Annual Report IRPC Public Company Limited

IRPC’s measures and periodic inspections help prevent infringement of others’ rights. Labor promotion: IRPC regularly supports the budget and activities of the union. Meetings are scheduled in compliance with the law to receive comments and recommendations from the employee union and the executive union. At present, the President is the chairman of the committee, representing the employer. Environmental promotion: IRPC values environmental protection and energy conservation. IRPC has defined QSHE policy on a par with international standards and ensured compliance across the company. Anti-corruption promotion: IRPC has joined the Collective Action Coalition Against Corruption (CAC) in joint collaboration with major organizations such as IOD, SET, and Thai Chamber of Commerce on January 3, 2013, with continual activities throughout the year, as follows: • Compliance with CAC by attending seminars and training of relevant people so as to develop IRPC’s guidelines. • Coordination with PTT Group to clarify the understanding of compliance with CAC and invite CAC member to share knowledge and exchange ideas and joint implementation • The Board and the President communicated the anti-corruption policy, measures, and guidelines with employees for acknowledgment and compliance and announced them on IRPC’s website on November 11, 2013, for stakeholders and interested parties. • Communications via internal communication for employees and IRPC’s website for outsiders. • Risk management of corruption in the organization by assessing all the units whose nature of work is subject to corruption risks, such as procurement, projects, and CSR activities. • Compulsory corruption self-assessment (58 topics) on CAC’s anti-corruption measures, followed by submission to the Chairman of the Board to sign and submit to CAC to request member certification. • The Audit Committee approved IRPC’s corruption self-assessment. 52

3.2 Promotion of the Roles of Stakeholders in 2013 as follows: Shareholders/investors: IRPC is committed to creating added value in the long run and to providing investment returns that best satisfy the shareholders. IRPC highlights the importance of investors, both general and institutional, and both domestic and international ones, and aims to create trust and confidence. To this end, IRPC has set up an internal control system and a reliable accounting and auditing system. IRPC prepared the AGM in full compliance with law and CG principles and promoted the rights of shareholders to speedily, correctly, completely, and equally acknowledge IRPC’s information for the maximum benefit of all shareholders. IRPC organized activities for shareholders/investors in 2013 as follows: • Domestic and international roadshows, meetings with the Company’s executives at the appointment of investors and analysts (Company visit) to regularly provide information on the Company’s performance and investment, in total 28 times • Quarterly analyst meetings • Joint activities with SET to disseminate IRPC’s information at the “Money Expo” and “SET in the City” • Press conferences, press releases, and interviews of executives, joint activities with the media, about 50 times • Shareholders’ plant visit project under the “Happy Rayong” concept. The number of 400 shareholders was randomly selected from the applicants to visit IRPC’s plants in Rayong to foster understanding of business and participate in CSR activity with the community on August 20, 2013 • Quarterly Shareholders’ Newsletters are mailed to all shareholders, with information on IRPC’s turnover, business activities, CSR, and presented at the CG information corner on IRPC’s website. This year IRPC was certified and assessed in relevant performance aspects as follows: • “Green Meeting” certification for the 2013 AGM

Analyst meetings provide performance and investment data

Press conferences provide business directions

• Quality score for the scheduling of the 2013 AGM was 96/100 in line with the target • Satisfaction score of shareholders for the scheduling of the 2013 AGM via a survey was 4.10/5 • Satisfaction score of shareholders for the 2013 plant visit project was 3.25/4 or 81.12% higher than the target of 80% • “Corporate Governance Asia Recognition Awards 2013: Best Investor Relations by Company” from the Corporate Governance Asia Magazine, for transparent disclosure of information to investors and fairness to stakeholders in compliance with CG principles; the award presentation took place on March 27, 2013, in Hong Kong S.A.R. • “9th Corporate Governance Asia Recognition Awards 2013: Asia’s Outstanding Company on Corporate Governance” from Corporate Governance Asia Magazine; the award presentation took place on June 25, 2013 in Manila, the Philippines.

concerns safety and health during product use. As well, it aims to satisfy customers by taking care of quality of goods and services before and after sale, facilitate business dealing for customers. IRPC also uses internet innovations for business dealings via cell phones such as iRON, iDEAL, iPORT that saves time, reduces mistakes in document handling, and is in time for the volatility of the market. Details are under the topic Individual Product Line’s Business, page 74-80, and Performance Summary, page 98-117. The satisfaction scores for 2013 were 92.31% for the petroleum business area, versus the target of 86%, and 86% for the petrochemical business area, versus the target of 85%. Business partners: IRPC adheres to its code of business conduct in dealing with business partners and contractual parties with transparency and accountability. Partner selection was conducted in a transparent and fair manner. IRPC balanced the interests between the Company and partners fairly.

Customers/consumers: IRPC is committed to continuously developing and upgrading its goods and services by designing a system of timely, reliable purchase/sale and services to protect the interests and prevent risks to customers’ business. It will in no way abuse consumers under the Consumers’ Law and the Competition Law. It will also produce innovations to develop product quality to address the quality of life of consumers and environmental protection. It 2013 Annual Report IRPC Public Company Limited

All agreements or contracts must be based on fairness and commitment to success through good, continuous, and long-standing business relationship. IRPC has designed a “Procurement Code of Conduct” to ensure that the employees adhere to the code with integrity, honesty, and transparency. IRPC has set up a procurement system for chemical raw materials, machinery, spare parts, and equipment used in production processes and business operations from over 4,000 vendors. The most important thing for IRPC is a strict procurement system with uniform standards for the whole organization and which is transparent, accountable, and efficient, taking into account stakeholders in compliance with CG principles. IRPC is committed to CSR among its business partners by defining criteria of partner selection before recording them on the Approved Vendors List. For example, a chemical vendor must be certified for environmental standards and the ISO international standard. IRPC’s procurement is under the IT system on a par with international standards. It also upgrades the employees’ potential in the knowledge and ability of strategic procurement to increase the efficiency and effectiveness of the procurement, rendering the operations professional and transparent. Competitors: IRPC adheres to the principles of free enterprise and promotes free trade by complying with a good competition framework, ethics, compliance with law, and code of business conduct in a fair manner. IRPC does not seek information that represents its competitors’ trade secrets through dishonest means. In the past, IRPC was never engaged in any dispute with its competitors. Creditors: IRPC honestly and strictly honors all contracts with its creditors and financial institutions. IRPC properly performs its duties to all creditors under contract conditions and does not cover up information or facts that may harm creditors. If IRPC cannot honor the contracts, it must notify its creditors in advance to jointly solve problems. In the past, IRPC was never engaged in any dispute with its creditors and financial institutions. 54

Employees: IRPC recognizes that “employees” are vital for progress. Thus, in order for the employees to progress and grow, IRPC has designed practical career development paths for them so that they may have opportunities to upgrade their knowledge, capability, potential, and can adapt themselves to a changing, volatile business environment and increasing competition. IRPC encourages continuous learning for employees, knowledge management, and a KM Portal system to which employees can have easy access via intranet system. At the end of 2013, IRPC started the DELTA project to develop organizational excellence, one element of which is Human Resource Excellence. This year, IRPC provided 175,008 training hours for its employees. Apart from the development of capacity, IRPC has also organized activities to promote and develop employees in various dimensions: Promotion of CG IRPC encourages executives and employees to attend training and seminars to develop knowledge and understanding of CG and anti-corruption, and to communicate: • Seminar: The 2nd National Director Conference 2013, “Board Leadership Evolution”, organized by IOD on June 12, 2013 • Seminar: “200 Companies and the future cooperation of the Thai Private Sector in AntiCorruption”, organized by IOD with allied organizations such as Federation of Thai Industries, Thai Chamber of Commerce, and Thai Listed Companies Association, on August 7, 2013 • Seminar: “Anti-Corruption: The Practical Guide” hosted by IOD between September 26-27, 2013 • Seminar on Outstanding Ethics of Thai Chamber of Commerce 2013: “The New Generation Clicks Like for Ethics”, hosted by the Thai Chamber of Commerce on October 9, 2013. Health • IRPC schedules annual medical check-ups for all employees

• IRPC organizes regular sports events to forge closer relations between IRPC and Rayong Hospital, IRPC and the Hospital having to coordinate on the treatment of sick employees and prevention of employees’ health problems Understanding and Encouragement • IRPC’s designed compensation, welfare, and benefits are on a par with leading industry peers so as to retain and inspire employees for work • The President meets Employees: The President has a project to visit employees on all sites to communicate policies, ask questions, update information, and provide an informal two-way communication. The result is reported every quarter. • The President and executives attend joint activities with the labor union such as a merit-making ceremony on the occasion of the 13th anniversary of the union on December 4, 2013 • IRPC has the project to present gifts to employees who complete their 10th, 20th, and 30th year of service • IRPC hosts a reception for retired employees to honor and encourage them for their dedication to the Company

The President meets employees at all sites to formally present quarterly performance outcomes, deliver policies, and enable the workforce to get his close-up answers to queries and views

awards were divided into four dimensions, namely Creation of value added, Distinguished relations with external communities, Distinguished behavior, and Distinguished behavior on safety. A working group made assessment based on documents, interviews, and site inspections to select the best employees and teams in all dimensions. • IRPC hosted Songkran Day activities on April 11, 2013, to preserve the Thai tradition and to show respect among executives, supervisors, and employees at all levels

Promotion of Ethics, Religion, Traditions, and Organizational Culture

• The Buddhist Club annually organizes Buddhism promotional activities and sermons at IRPC’s various auspicious occasions such as the New Year, IRPC’s anniversary, and major religious occasions.

• IRPC hosted the annual 2013 Presidential Awards on December 19, 2013, for distinguished employees who dedicated themselves to the organization. The

• Continual training on Development of Mind and Wisdom for employees organized by the Young Buddhists Association of Thailand 2013 Annual Report IRPC Public Company Limited

and their families toward IRPC through this annual activity. IRPC conducts an annual Employee Engagement Survey to develop on the strengths and improve on the weaknesses. The score of the survey for 2013 was 79.0%. Society and Community: IRPC has integrated the corporate responsibility and incorporated it into the Company’s mission and core activities under to Creating Shared Value (CSV). IRPC aims to minimize impacts from production so as to mutually benefit both IRPC and stakeholders. In addition, IRPC has a CSR unit dedicated to the communities, society, and the environment. It provides assistance, supports and promotes the quality of life, develops work/projects for the well-being of society, especially communities surrounding the plants. It also campaigns for awareness of volunteer work as the employees’ core value. In 2013, IRPC earned the following relevant awards and recognition: The President provides morale support to IRPC volunteers and community members filling sandbags, intended for flood victims in Rayong in October this year

Promotion of Education and Savings for Employees and Families • IRPC set up a credit union for employees to encourage savings and organized Credit Union Week on October 10, 2013, to present scholarships to employees’ children, with a budget from the welfare fund of the members and families received from dividends every year • IRPC hosted a ceremony to present scholarships to employees’ children on October 31, 2013, by selecting from those with good scholastic records, good behavior, volunteering spirit, and outstanding performance in various fields. Not only does it encourage awareness of ethics, behavior, and social engagement of the employees’ children, but it also results in the pride and attachment of the employees 56

• “CSRI Recognition 2013.” Award (General), from Corporate Social Responsibility Institute under SET to honor and stimulate listed companies for their commitment to business operation based on CSR, a role model in sustainable business operation on November 11, 2013. • Outstanding Award for the Project “Sustainability Report Award 2013” Contest from CSR Club, Thai Listed Companies Association, on November 12, 2013, through the support of SEC, SET, and Thaipat Institute to promote and support listed companies in their effort to disseminate information on ESG (Environmental, Social, and Governance) • “Thailand Top Company Award : CSR OF THE YEAR 2013” from the University of the Thai Chamber of Commerce and Business Plus Magazine Examples of volunteer work for the society both in normal times and in disasters as follows:

• IRPC volunteers donated books to Wat Ban Lang School and Wat Bantapoontong School to encourage the love of reading on December 16, 2013 • IRPC volunteers helped flood victims in Rayong and other provinces in October 2013 by filling sandbags. They also donated and distributed rice and dried foodstuff in the affected areas. The communal satisfaction survey in 2013 revealed a score of 92.80% versus the target of 82%. Environment and Safety: IRPC has defined a policy on responsibility for society and environment by focusing on developing IRPC’s growth in parallel with development of the quality of life of people in society with a clean and safe environment. It also focuses on compliance with law, QSHE control, continuous operation improvement, customers’ satisfaction, and QSHE communication to all stakeholders. The announcement was made via the intranet on April 30, 2013. IRPC’s major activities in 2013 were as follows: • Setting up of screens showing the parameters of air quality testing in three communities, namely around the Ban Laeng Subdistrict Administrative Organization, around the Tambon Ban Kon Nong Health Promotion Hospital, and in front of the industrial estate to communicate the outcomes of air quality testing and other information with the communities. • Promotion of knowledge and solution to environmental problems jointly with the government sector and the communities, such as a talk on the cooperation to solve flood problems surrounding IRPC’s plants, attended by surrounding communal representatives and representatives of the Rayong Provincial Irrigation Office on June 25, 2013. Part 4: Information Disclosure and Transparency IRPC publicizes, communicates, and discloses information via various channels with stakeholders. In 2013, IRPC provided the following channels and responsible persons for information disclosure: • IRPC made Investor Relations responsible for providing information to investors, analysts,

shareholders, and related parties by focusing on responsibility and integrity, so that information disclosure is of quality, timely, accurate, sufficient, reliable, transparent, and equitable. IRPC continuously communicates and increases channels to provide shareholders with up-to-date information, coordinating with investors, institutions, creditors, security analysts, and shareholders to provide information on IRPC’s performance and investment regularly through Roadshows both domestic and international, analyst meetings, meetings with IRPC’s executives through the appointment of investors and analysts, joint activities with SET to disseminate IRPC’s information, arrangements for shareholders’ visits to IRPC to foster better knowledge and understanding of the Company’s business operation. • A compliance unit ensures that IRPC’s operations comply with the regulations of SET and SEC. There was also a public relations unit to communicate and distribute IRPC’s information and news and to continually explain matters to the media and public, through press conferences, executive profiles, interviews by telephone, and participation in activities with the media. • Quarterly newsletters are delivered to all shareholders to ensure that they are aware of IRPC’s movement and activities. • IRPC provided key information via its website and regularly updated it under “Investor Relations” such as SET’s news and IRPC’s share prices. Shareholders, investors, analysts, and interested parties can receive IRPC’s additional information via IRPC’s website at www.irpc.co.th or directly contact Investor Relations through: • Telephone: +66(0) 2649 7380 • Electronic mail: ir@irpc.co.th • Facsimile: +66(0) 2649 7379 In 2013, IRPC disclosed the following information to all stakeholders to upgrade its CG in compliance with SET and on a par with international standards: • Reports of information via SET’s channel as required by legislation and regulations, in a complete and timely manner 2013 Annual Report IRPC Public Company Limited

• Complete information is available at IRPC’s website, which was improved for readability • Complete information via its bi-monthly booklet “I Oon”, and a quarterly newsletter to communicate with shareholders. • Sustainability Report 2013 was sent to all shareholders and reported to the UN Global Compact on September 11, 2013, on the “Communication on Progress” as annually required of members. • Communication of anti-corruption policy and measures and channels for whistle-blowing and complaint-making, including protection of whistleblowers on IRPC’s website. • Communication of information on IRPC to visitors according to their own interests. In 2013, about 30 groups visited the Company. Part 5: Responsibilities of the Board For the Board to be able to dedicate time in performing their duties appropriately and efficiently, it sets the number of listed companies where each director can serve as a director at five. IRPC discloses information on the directorship of other companies under Management Structure, page 156-176, and the annual information disclosure form (Form 56-1). Roles of Directors

The Board has a crucial role in defining vision, directions, and strategies in business operations as well as monitoring and ensuring that IRPC’s business operation is efficient, transparent, and beneficial to shareholders. The key roles and duties are summarized as follows: 1. Corporate Policy and Strategy The Board formulates policies and strategies and approves issues crucial to IRPC’s business operation to ensure that the management operates in the defined directions, such as financial plans and goals, risk management, and organizational strategic plans. It also monitors the work of the management to ensure that IRPC’s operations are efficient. Meeting No. 10/2556 of August 23, 2013, considered a fiveyear strategic plan and a strategy for 2014. 58

IRPC Firm Awards are presented to winners of a contest to produce creative video clips in a campaign for good deeds under the Dee Kan Na Project, Year 3

2. Corporate Governance The Board plays an important role in continuously driving for CG. It supervises IRPC’s operation so that it meets the objectives, rules, and in strict compliance with the resolutions of the AGM. It monitors to ensure that IRPC is equipped with an efficient internal control system and ensure that IRPC discloses transparent and fair information for maximum and equal benefit to all stakeholders. It also intensifies IRPC’s CG criteria. It supports CG activities among employees, stakeholders, and the general public such as Chulalongkorn University’s students’ group “Let’s do good deeds” and Faculty of Engineering, Chulalongkorn University’s “Intania Role Model” project, by inviting an executive to take part as a judge to seek students who are role models of integrity, sacrifice, and volunteering spirit. 3. Promotion of Responsibility for Society, the Environment, and Human Rights The Board recognizes the importance of stakeholders. Therefore, it ensures that IRPC’s operation takes into account fair benefit to all stakeholders. The Board incorporates CSR and environment strategies in the CG operating plans. The management reports the performance to the Corporate Governance Committee and the Board every quarter to enable the Board to continuously follow up on IRPC’s operations.

• IRPC held the annual ceremony to present the Office of Corporate Internal Audit’s “Diamond Award”2013 to units with outstanding internal controls and with strict compliance with rules and regulations. The objective is to promote the control system and stimulate executives to be aware of the importance of a good internal control system, as well as to support the work of internal audit so that the organization is efficient, which is an important foundation for good CG. Mr. Cherdpong Siriwit, Chairman of the Audit Committee, presides over the award ceremony under this year’s Phet Nam Nueng Project

4. Anti-corruption The Board greatly values anti-corruption and transparency in the organization by supporting IRPC’s declaration of the intention to be a part of the counter-corruption move by joining the Collective Action Coalition Against Corruption (CAC) on January 3, 2013. It is a project of joint cooperative efforts among the government sector, the public sector, and the non-profit organization of seven leading organizations, namely Thai Institute of Directors, Thai Chamber of Commerce, Foreign Chambers of Commerce, Thai Listed Companies Association, Thai Bankers’ Association, Federation of Thai Capital Market Organizations, and Federation of Thai Industries. The IRPC Board defines an anti-corruption policy, measures, and guidelines for directors, the management, and employees to comply with, ensuring that IRPC is a transparent organization on a par with international standards. IRPC encourages executives and employees to attend, as its representatives, anti-corruption activities organized by various organizations: • Anti-corruption Day 2013, “Act Now Together We Fight to Save the Future”, hosted by the Anti-Corruption Organization of Thailand at Royal Paragon Hall, Siam Paragon, Bangkok, on September 6, 2013. • With PTT Group, study tour on anti-corruption at Siam Cement Group on November 15, 2013.

5. Innovation Promotion The Board values long-term organizational value for the maximum benefit of the shareholders and all stakeholders. To this end, it recognizes the importance of the continuous development of products and services. IRPC has an R&D Center responsible for studying and developing product quality, with the research resulting in many products (as detailed in Performance Summary, page 98117, as well as supporting IRPC in its effort to truly become a leading organization in integrated petroleum and petrochemicals in Asia. As a result, IRPC was presented with the “Thailand Top Company Award” (Top Innovative”) by the University of the Thai Chamber of Commerce and Business Plus Magazine. The award recognizes organizations with innovation in important change of the sales volume and business structure. 6. Monitoring and Control Mechanism, and Conflicts of Interest • The Board has defined a policy on conflicts of interest in the CG handbook and the code of business conduct, in compliance with the regulations of SEC and the Securities and Exchange Act. In approving connected transactions, the Board has monitored the conformity to the regulations and procedures with prudence, while taking into account IRPC’s best interests. • In considering approvals of connected transactions, the Board has required information disclosure of vested interests of directors, the management, and related persons; transaction values; comments of the Audit Committee; and other essential information. 2013 Annual Report IRPC Public Company Limited

• Any director or management team member involved in a transaction with potential conflicts of interest cannot participate in decision-making on that transaction, by refraining from voting or leaving the meeting room. This is to be noted in writing in the meeting report. • The Board requests that the directors and management reveal the list of transactions with potential conflicts of interest regularly every month. Internal Control and Audit • The Board has assigned the Audit Committee to monitor the assessment of the internal control and risk management to ensure that the systems are adequate, proper, and effective. • The Board arranged for the Office of Corporate Internal Audit to be IRPC’s independent unit, directly reporting to the Audit Committee, with the duties and responsibilities of assessing the adequacy and effectiveness of the internal control system or activities under the annual audit plan as approved by the Audit Committee, and regularly reporting to the Audit Committee and the Board on a monthly basis. • The Audit Committee appointed Mr. Taweesak Dejakaisaya as Head of the Office of Corporate Internal Audit and Secretary to the Audit Committee on January 10, 2014. 7. Risk Management • The Board defines a corporate policy on risk management; ensures that measures and control methods are in place to ease impacts on IRPC’s operation; regularly monitors and reviews the management’s risk management, and ensures that a system or process is in place to prevent or reduce risks to acceptable levels. • The Board defines clearer roles and duties of the Executive Committee on risk management at its meeting No. 1/2557 of January 29, 2014, to ensure that risk management is important to IRPC, whereby there is supervision by the Board, screening by 60

the Executive Committee, and review by the Audit Committee. Use of Inside Information • The Board has defined the CG guidelines on confidentiality in the CG Handbook by cautioning the directors, management, and employees on the confidentiality of IRPC, use of inside information, and disclosure of the Company’s information to outsiders. It classifies IRPC’s confidential information by determining the level and limitation of access to the information. IRPC has set a policy on the forbidden disclosure of material information not yet revealed to the public for the benefit of oneself or others, including the trading of IRPC’s shares. • The Board notifies the directors, management, and related parties to prepare and submit reports of their own asset holdings, as well as those of their spouses and children under legal age, when first assuming their positions, and report on changes in asset holdings every time within three days when there is purchase, sale, transfer, or offer to transfer of IRPC’s assets to SEC under Article 59 and Article 275 concerning punishments of the Securities and Exchange Act B.E. 2535.

8. Board Meetings Board meetings are set in advance every year to allow time for the directors to attend, by scheduling the meetings at least once a month or more often in case of necessity, emergency, or special cases for the efficiency and timeliness of IRPC’s business, with the Corporate Secretary responsible for preparing documents and venues and coordinating each meeting. Each director must receive at least five days in advance information on the date, agenda, and information of the meeting to allow time for adequate study. • For the meeting to proceed, the number of the attending directors must consist of at least half of all directors. In 2013, there were 14 Board meetings and at least 82% of the directors attended the meetings (detailed under Management Structure, page 157178)

• The directors must fully dedicate their time and take interest in IRPC’s operations and be ready to regularly attend the meetings as set in advance by IRPC, or as necessary. If a director cannot attend a meeting, he/she must notify the Chairman in writing in advance. In 2013, the average of 96% of the directors attended the total of 14 Board meetings (detailed under Management Structure, page 157178) • The directors who may be involved or have vested interests on any agenda item must abstain from voting and/or abstain from making comments on that agenda, or leave the meeting room. • After the meeting, the Corporate Secretary prepares the minutes of the meeting with complete and clear essences, including the resolutions of the meeting, the comments of the directors, and the resolutions of the directors for approval at the next Board meeting, signed by the Chairman of the meeting, with systematic filing in the forms of hard copies and electronic files, with a control system so that it cannot be changed without going through the Board meeting. • The Board’s policy is to ask the non-executive (non-management) directors to convene without the attendance of the management at least once a year together with a meeting among the independent directors at least once a year. This year, a meeting of the non-executive directors was held in July 2013, and two meetings of the independent directors were held in May and October 2013. There was one meeting at IRPC’s plant in Rayong in June 2013 and twice at other places to visit fieldwork, learn about problems that might emerge, and foster relationship between the directors, management, and employees.

9. Compensation to Directors and the President The Nomination and Remuneration Committee determines the structure/composition of the compensation of directors as fitting their responsibilities and performance, as sufficient incentives to induce and maintain quality directors or comparable to the same industry. The structure/composition of the

compensation is clear and is submitted to the Board, which then seeks approval from the shareholders. The shareholders are entitled to determine the annual compensation to the directors at the AGM. Compensation to Directors The compensation to the executive and non-executive directors consists of monthly retainer fees and meeting allowances. (Note that the 2013 AGM kept the year’s rates identical to last year’s rates). These figures are comparable to the median of companies of the Resources Group, as reported by a survey of directors’ compensation by Thai IOD in 2012. As for directors’ bonuses, the 2013 AGM agreed with the Board not to pay out such bonuses for the 2012 performance outcomes. Apart from these two categories of compensation, no other compensation in monetary or non-monetary forms was made. Compensation to the President The Board arranges for the annual assessment of the President’s performance by taking into account IRPC’s performance, reflecting his management leadership in various aspects decided by the Board and assessed by the Nomination and Remuneration Committee before submission to the Board for consideration.

10. Assessment of the Board Performance IRPC’s CG principles stipulate that the Board must conduct self-evaluation at least once a year to allow review of its own performance, problems, and obstacles each year. IRPC submitted the assessment forms to all directors in December each year. It then consolidated the scores and reported to the Corporate Governance Committee and to the Board respectively. The Board was acknowledged on its performance and thus made further improvements for maximum efficiency. In 2013, assessment was conducted in the following forms: 1. Assessment form for the Board’s performance 2. Self-assessment form 3. Assessment form for cross-assessment of other directors 2013 Annual Report IRPC Public Company Limited

4. Assessment form of all sub-committees – 4 copies 5. Individual Assessment form of the Audit Committee 6. Assessment form of the Audit Committee by the Chairman of the Board. The assessment in 2013 was under the following criteria: Over 85 % = “excellent” Over 75 % = “very good” Over 65 % = “good” Over 50 % = “average” Below 50 % = “need improvement”. A summary of the general assessment by the Board is as follows: • Assessment of the Board consists of four assessed areas, namely 1. Board Policy 2. Board Composition 3. Board Practices and 4. Board Meeting. The assessment of the Board’s performance showed that they were in the “excellent” range, with an average score of 95.53%. • Self-assessment consists of seven assessed areas, namely 1. Qualifications of the Board 2. Accountability of one’s own decision and justification 3. Responsibility toward one’s own work with due competence and sufficient efficiency 4. Equitable, fair, and justifiable treatment of stakeholders 5. Transparency in one’s own work, with accountability and information disclosure 6. Vision to create longterm value to IRPC and 7. Business ethics. The results of the self-assessment showed that they were in the “excellent” range, with an average score of 96.23%. • Cross-assessment of other directors consists of the same seven assessed topics as the above. The assessment outcomes showed that the performance was in the “excellent” range, with an average score of 95.41%. • Assessment of all sub-committees comprising 1. Executive Committee 2. Nomination and Remuneration Committee and 3. Corporate Governance Committee. For these committees, the assessment was conducted in four aspects, namely 1. Board 62

Policy 2. Board Composition 3. Board Practices 4. Board Meeting. The assessment outcomes showed that the performance was in the “excellent” range, with an average score of 96.58% for the Executive Committee, 92.36% for the Nomination and Remuneration Committee, and 99.21% for the Corporate Governance Committee. • Assessment of the Audit Committee For the Audit Committee, the performance assessment was conducted on the entire committee, and also on each individual director, as stipulated by the Charter of the Audit Committee implemented on January 1, 2010, as follows: 1. The assessment on performance of the entire committee was conducted in six aspects, namely 1. Structure and composition of the Audit Committee 2. Roles and responsibilities 3. Relations with internal auditors and external auditors 4. Relations with management 5. Reports and 6. Quality control. The assessment result showed that the performance of the entire committee was in the “excellent” range, with an average score of 98.33%. 2. The individual assessment was conducted in six aspects, namely 1. Business knowledge 2. Due expertise 3. Authorities and duties assigned 4. Independency 5. Understanding of role and responsibility and 6. Performing and meeting. The assessment result showed that the individual performance was in the “excellent” range, with an average score of 96.76%. 3. In addition, the Charter stipulated that the assessment be conducted by the Chairman of the Board or an external assessor. In 2013, the Chairman conducted the assessment on the Audit Committee’s Report and its performance, with a score of 96.88%. IRPC also joined the “Board of the Year 2012/ 2013” Project, organized by IOD. The judging subcommittee interviewed the directors on September 24, 2013, with the participation of the Chairman and the directors, in total 15 persons.

IRPC strives to improve on its operation on the basis of the outcomes and the comments received.

• “Successful Formulation on and Execution of Strategy (SFE)”: in which two directors attended.

11. Development of the Board and the Management

During the year, IRPC reports the analysis, trend, and overview of the global economy in petroleum and petrochemicals to the Board every two weeks. This is an important context that relates to the Company’s business and additional reports are regularly made in meetings.

The Board values development of directors and ensures that they acknowledge relevant rules and regulations, and understand their duties, responsibilities, and IRPC’s businesses. In 2013, the development was summarized as follows: Newly appointed directors: IRPC schedules orientation sessions for newly appointed directors within one month after taking up their position. The sessions introduce the nature and policy of IRPC’s businesses, general operations, and performance so that they may get a clear picture, as well as providing key information necessary to their work, such as the capital structure, shareholders, performance results, regulations, CG principles, Form 56-1, and the annual report, so that the new directors may comply. This year, IRPC has seven new directors. Current directors: IRPC encourages current directors to undergo additional training to increase their knowledge, understand CG principles, rules, regulations, as well as roles and duties of directors in efficient and proper management by taking training courses organized by IOD. As of year-end 2013, 65% of the directors had taken part in training courses relating to their roles and duties. In 2014, IRPC intends to engage more directors in the training. • “Role of the Chairman Program (RCP)”: in which two directors attended. In 2013, Mr. Chainoi Puankosoom, Chairman, attended the “RCP32/2013” Course. • “Director Certification Program (DCP)”: in which 15 directors attended. • “Director Accreditation Program (DAP)”: in which seven directors attended. • “Finance for Non-Finance Directors (FND)”: in which four directors attended. • “Audit Committee Program (ACP)”: in which three directors attended. • “Role of the Compensation Committee (RCC)”: in which one director attended.

Executives: the Board promotes the development and additional learning of IRPC’s business to widen their knowledge, training in leadership, as defined by IRPC’s internal and external development plans, as well as joint development with executives of other organizations such as PTT Group. (Detailed under Performance Summary on Human Resource Management, page 108-110.)

12. Succession Plan IRPC ensures that it has an effective succession plan, including development processes, in place. This is well-prepared to keep competitive advantage, strengthen potential employees, serve business direction, and avoid disruption from any key management vacancy from whatever situation. The management in coordination with Human Resource would propose a list of potential to the President for screening. Those who are selected will be developed, trained, advised, prepared for greater responsibility, and assessed, based on feedback. This is personnel risk management, designed to avoid disruption and ensure continuous, efficient operation. IRPC reiterates its commitment to CG compliance as is expected by all stakeholders to strike a balance of benefits, maintain suitable relations, and involve stakeholders in IRPC’s social and environmental responsibility, which leads to social development and quality on a par with international standards.

2013 Annual Report IRPC Public Company Limited

Anti-Corruption

The Board of Directors of IRPC Plc highly values a management style marked by knowledge, experience, righteousness, and ethics, all of which enable IRPC to successfully achieve its goals and become a credible, trusted company among its stakeholders. To this end, IRPC has defined the following anticorruption policy. IRPC conducts its businesses under corporate governance, striving for management filled with efficiency, righteousness, and transparency with due regard for the optimal interests of the shareholders, stakeholders, and related parties in commercial transactions. To this end, IRPC requires that its units, subsidiaries, associates, and other companies within its control observe the following anti-corruption policy: 1. The Board, executives, and employees resist corruption in all forms, directly and indirectly, whether through offers, promises, requests, demands, giving or acceptance of bribes, or behavior bordering on fraud in all areas where IRPC operates 2. IRPC will publicize this internally and externally to promote understanding and cooperation in stopping would-be fraudsters against IRPC 3. IRPC will establish explicit processes of dealing with fraud, that is, risk assessment of fraud and regular monitoring and review, so as to keep up with changes in businesses and relevant legislation 4. IRPC will fairly treat and protect employees that refuse or alert the company about fraud through proper channels. On the other hand, fraudsters will face disciplinary actions under IRPCâ&#x20AC;&#x2122;s regulations. To demonstrate its determination, which would lead to sustainable corporate development, IRPC has become a signatory of the Collective Action Coalition Against Corruption. 64

The Board has defined anti-corruption measures and practical guidelines for the Board, executives, and employees to observe. It is their responsibility to adhere to these and turn them into a corporate culture to ward off frauds, including the giving and acceptance of bribes (directly and indirectly). The Board has set up whistleblowing and complaintmaking channels from those outside and inside IRPC about wrongdoings against the law and the code of conduct or behavior bordering on fraud or malfeasance by all IRPC personnel and other stakeholders. The Board’s mechanisms for protecting whistleblowers raise the efficiency of safeguarding IRPC’s interests. Below are the details. 1. Whistleblowing and complaint matters 1.1 Illegal deeds, corrupt practices, violations of IRPC regulations or the code of conduct by the Board, executives, and employees 1.2 Matters detrimental to IRPC’s interests or reputation 1.3 Major flaws in financial reports and the internal control system. All these matters will be initially verified. If data and supporting evidence are available, further action will be taken under IRPC’s written procedure.

2. Whistleblowing and complaint channels 2.1 Email at auditor@irpc.co.th 2.2 Regular mail: Chairman, Audit Committee IRPC Plc 555/2 Energy Complex Building B, 6th floor Vibhavadi Rangsit Road, Chatuchak, Bangkok 10900. 3. Protective measures 3.1 Data about whistleblowers and complaints must be kept confidential, with punitive measures against leakers if such data are disclosed 3.2 Access to data about whistleblowers and complaints is limited to assigned parties. IRPC has prepared a self-assessment form for anti-corruption measures under CAC’s criteria and submitted it for the review of a CAC panel to formally enter the certification process. To get IRPC’s various forms of anti-corruption across, it has also informed everyone across the board in IRPC Group for implementation, and communicated outside IRPC in the hope of cultivating awareness and campaigning for turning anti-corruption into a corporate culture, while also publicizing it.

2013 Annual Report IRPC Public Company Limited

Business Structure and Shareholding

Note : c y u } { v }x}u }y u x u w}u y | c |y |u y| xy y } } v }x}u }y u x u w}u y Subsidiary/associate Other shareholders <E= ]fdW U:` W B@ ` xB N b} U:` W B@ ` xB <GI9=@ g }Ah|u} ] y u } u W B@ ` xB <I9= <F= dhh d y au y } { W B@ ` xB N dhh d wB <ID9=@ dhh [ vu W|y }wu d w <FI9= <G= ivy W|y }wu <U }u= d wB N ivy ] x }y `} } yx W B@ ` xB <KH9=@ |y <E9= <H= ]fdW W yu d y W B@ ` xB N [ vu d y g y { W B@ ` xB <IE9= <I= dhh Y y { g } W B@ ` xB N dhh d wB <HD9=@ dhh [ vu W|y }wu d wB <FD9=@ h|u} c} d wB <FD9= 2013 Annual Report IRPC Public Company Limited

Nature of Business 1. Petroleum business:

auxy z UXiE < } | u | {| wu uw} z JI@DDD v x= u x UXiF <EID@DDD v x=@ ]fdW } yz} y } w u x u u wu uw} z FEI@DDD v xB h|y yz} y @ |y |} x u {y } h|u} u x@ }y x u yx y y x w @ u y u | |u@ {u } y@ x}y y @ u x `d[B ] vy vu y u @ } | |y u {y x y }w wu uw} @ |u u u wu uw} z GFD _hUB U u w}u yx u |u u |u u u wu uw} z JDD _hUB

Business Overall ]fdW } u } yy } g |yu U }u } y{ u yx y w|y }wu } x } | u yz} y u x y w|y }wu w y y wu yx } } } x }u y u y } fu { } wyB h|y y u y } z y } yx } | y y }u } z u w y u x } } }y } { x w } @ } w x} { u xyy yu @ } u zu @ u x u y u B

2. Petrochemical business

]fdW yu y w|y }wu x w } w xy yz} u x u u }w } | wu uw} }y z LFL u x GJK _hU y yw } y @ v | y } { u x yu y w|y }wu zyyx w B g x xy |y dc`]aUll v u x u } x y }w u x } y u } u u }w y u @ yz} w } z \XdY u x dd < } | u u wu uw} z JEI _hU= u x y }w w } z UVg@ gUb@ Ydg@ u x dg < } | u u wu uw} z GDK _hU=B ]fdW y w|y }wu v } y z w y { | u x yy } { uwy } | w|u {y@ xy y } { |y u } z }zy@ {y |y } | u} } { } y u } u w y } } y y v } y } { u x w yu } { } u } y y }w x w } y [ yy UVg@ UVg d xy @ ] uw a x}z}y aVg@ U }Ax } } { Uxx} } y @ u x U }AVuw y }u x w @ u x } u } y yz} w| u ia\kAdY@ d yz} Wu u @ Vuv V y d y y@ u x U } }w v}u W x B

3. Port and tankfarm business

h|} v } y zyu y zuw} } }y u x } y u } u A u xu x x w y }wy z x y }w u x } y u } u wu { y B h|y u} y } u u yu w } z GBE `} }x : w|y }wu y } u <`Wh= N h|} y } u |u x y y w|y }wu @ } }x y y @ u x {u y y w|u x} yB U E@JFG y y {@ |y } x} }xyx } } vA |u z @ |u x } { y y z E@DDDAFID@DDD XkhB h|y u u wu { y y yx } uv EI } } y |u F@DDD y y B GBF V : w u} y y } u <VWh= N U MDD y y { u x HH y y }xy@ |} y } u |u x y y y z LDDAEID@DDD Xkh@ y } { {y y u wu { y @ } w x} { } y @ u |y @ w u @ u x y B h|y w y u u wu { y y yx } EBH } } B GBG hu zu N gy }wy } }xyx | {| y FDD u z } }x y y u x y w|y }wu x w } | u u{y wu uw} z FBK } } @ xy }{ yx uww xu y ]dfW } x w x} }v } B Z} y ]fdW } xy wu y yx u x |y w u y z x } fu {@ d| u duxuy { <gu d u u =@ U |u u@ W| | @ u x auy _ { <gu g { | u =B

4. Asset management business

gy }wy u y }xyx } y z u x xy |y fYWc v u x } fu { u x |y } wy } | u u uw yu{y z uv ED@DDD u}@ xy }{ yx ]fdW [ u} v } y y u x | y } dhh [ @ u x uww xu y z y } y y u y u v } y y u } @ |}w| z w y z }y x } y w } }y u x |y y } y B fu { ] x }u Y u y <Vu _|u}=@ wu yx } U | y Vu _|u}@ u x YWc ] x }u n y <Y]n= } |y ]fdW ] x }u W y @ wu yx } U | y W| y { b y @ fu {@ u y y } yx } | y y }u } z u w y@ } w x} { u w {y y u } y u B U } yx y u } } y }xy y y }uv} } } Y]n uww xu y |y ~yw z ]fdW u x y y u w y @ |}w| u y u y yx v u } }xy } } z z ~yw } y y u } B

U y z |y yux} { xyy yu @ ]fdW zuw} } }y x v y u |y f u h|u} bu vuw u y{}w } y y {y w}y w } y B 2013 Annual Report IRPC Public Company Limited

Integrated Refinery and Petrochemical Complex Flow Chart

2013 Annual Report IRPC Public Company Limited

Individual Product Line’s Business

Products ]fdW u x } v }x}u }y x wy u x x} }v y y w|y }wu u x y y x w @ u xy u} yx vy N

Petroleum Products

dy y x w w } z 1. Fuels [u } y A [u } y z y {u } yAy {} y y|}w y B ] } w u }z}yx v w u y vy @ |}w| } x}wu y y } u wy y {} y w } {B i xy { y y y{ u } @ {u } y w } z i`[ ME@ [g\ MI@ [g\ ME@ u x {u | vu yA |y vu y } z {u | u x YFD < x w } u FDEH=B X}y y A X}y y z y |}{|A yyx x}y y y {} y } |y } x }u yw u x } y|}w y } y wu @ w @ z} |} { u y @ u y {y v u @ u x uw B U y y @ u v y x z GAI9 z v} x}y y } y } yx v { y y }w y u y u } y y y { B Z y c} A Z y } @ |y } z w xy } | u |}{| v } } { } @ } w yx } |y } x }u u x u yw @ u y u z y {y y u } B `d[ A `} yz}yx y y {u <`d[=@ u } y z u y u x v u y@ } w yx } | y| x u x u } } x }y @ u x wu u y uwy {u } y } y|}w y y {} y B 2. Lube Base Oil ` vy Vu y c} ` vy vu y } w } z |yu x} } u y yx z x w} { x}zzy y { uxy z v }wu B U y y @ ]fdW x wy u } { uxy z x}zzy y y B

JD gb } yx u u u u y }u z | x u }w } w| u |u yx } u z y u x w|} y EID gb } yx u u u u y }u z v }wu z |y u zuw } { } x @ w| u u } y u x u } x }y IDD gb } yx u u u u y }u z v }wu z y|}w y EID Vg } yx } } x }y u x |yu Ax y {} y } | |}{| z }w } @ w| u y {} y z w @ u} @ u x u } y y y B

Names of operators in the domestic oil industry and share of refinery in 2013 Company

% share of local market

h|u} } ]fdW g u dy y fyz} } { dhh [ vu W|y }wu Y <h|u} u x= Vu {w|u b yN Xy u y z Y y { V } y @ a} } z Y y { @ h|u} u x <^u Acw FDEG=

FJ EL EK EI EH ED

` { fy }x y A ` { y }x y } u |yu x} } u y yx u u u y }u z x w} { vy vu y } B ] uxx} } |y y x w @ ]fdW zyu y } u } y vy vu y } @ u y h yu yx X} } u y U u }w Y uw <hXUY= u x fy }x y U u }w Y uw <fUY=B h|y y u y yx u u u y }u z wu } y } | yx wyx w w }w u u }w | x wu v <dU\ =@ u wu w} {y @ xy u y } w wy z w y |yu |B 3. Other Petroleum Products bu | |u bu | |u@ yu } { }{| x} } u y v u} yx z w xy } yz} } { wy y @ } yx u u~ y w|y }wu zyyx w B U |u U |u } u w x z u yx | x wu v u x y |y {u }w v u wy w yw } y wu yx v} y B h|}w u x } w @ u |u } |y |yu }y } v u} yx z |y yz} } { wy y u x } yx z ux u y y u x u y z u y }u B

Petrochemical Products 1. Olefins c yz} x w @ u y y | y y@ y y@ u x v ux}y y@ u y zyyx w z y @ u y y | y y <dY= u x y y <dd=B ]fdW } wu uv y z x w} { LFL _hU z yz} @ w } } { GJD _hU z y | y y@ HEF _hU z y y@ u x IJ _hU z v ux}y yB a z |y y yz} x w y y u zyyx w z u } u } ]fdW [ B a y y @ u v A x w z |y yz} u @ u y uwy y y v uw Av uw xy } | |y u x} { } u x |}{| y yw }wu w x w } } @ } w yx u u u u y }u z vu y }y @ y @ u x vvy x w B U y y @ ]fdW |u u wu uw} z H _hUB 2. Aromatics U u }w x w <Vhl=@ u y vy y y@ y y@ u x y y@ u y zyyx w z y }w y B U y y @ ]fdW |u u wu uw} z GJK _hU z u u }w @ |}w| vu }wu y y u zyyx w z |y u } ]fdW [ B du z |y } z u yB

3. Polymers ]fdW u x } uzz} }u y x wy y x w < u }w y y = z |y dc`]aUll v u xB Wu y{ } yx u u x yu y w|y }wu x w @ y wu vy yx } u } u }w x w B ]fdW y u y x} }xyx } |y yz} { @ w } } { \XdY@ dd@ u x |y y }w { @ w } } { UVg@ dg@ u x YdgB Yuw| y y y y x}zzy y y }y u x wu y y x}zzy y y B 3.1 High Density Polyethylene - HDPE \XdY } u y | y y x w } | |}{| xy } @ {| y @ u x |}{| } uw y { |B ] } |u x u x w x |} y } | w|y }wu y } u wy u x }{}x} B \XdY } } uv y z x} { <w y } = z u } u }wu } N Z} A \XdY } w w y yx } z} x w vywu y z } {| y u x |}{| } uw y { |B ] } u yu } y xuv y } |} |yy B \XdY } w yx z u } { vu{ |u yyx vy {| u x z} @ w| u | } { vu{ B k|y } yx } | `XdYC``XdY@ } wu vy w y yx } |yu Ax vu{ @ w| u } x }u uw B V a x} { A V x} { } |y yw x w w y } y | x z \XdY x y } |}{| } uw y { | u x }{}x} B ] } |y yz y yu z v x} {B h|u } |}{| y } u wy w|y }wu w } @ \XdY } } uv y z w y } { } v y z x } } { u y @ z } ~ }wy@ } O v y z v }wu O v y z w y }w x w u x |u @ u y u v w y z u y @ z y @ u x w|y }wu v u wy B

2013 Annual Report IRPC Public Company Limited

] ~yw } a x} { A \XdY } } uv y z u } { x w |u yyx vy |u x < {= } | y } u wy y u x |}{| } uw B g} wy \XdY } }{| @ } } }xy yx u y | y| x x w u x u w u} y @ u y u } x }u x w |u wu u} y}{| u x yw y } uw @ w| u y w|u x} y u y u x w u} y z z } u x vy y u{y B mu Ca z} u y Y } A ] |y z z u y u x z}vy @ \XdY } {|@ y } u uw } u x y w|B ] |u u { zuwy u x } {y y u yx u y y @ z} |} { y @ wu u @ u x y vu{ B d} y Y } A \XdY } } uv y z u } { u y } y u x y yw }wu w x } x y } |}{| y } u wy uw } u x } uw B ] u |u |}{| z y }v} } u x |}{| y } u wy u w|u {} { y } y B 3.2 Polypropylene - PP ]fdW dd |u y } } u y }y | y z \XdY u x `XdY u x wu y } y y uwy |y B \ y y @ dd } {| u x {B ] |u |}{|y y } u wy |yu u x wu y u y y y u x } uw B dd } yu } w xyx u x } w|y }wu y } u O } } |y yz y { x z x w} { y yw }wu } u } B dd } {y y u } uv y z |y z } { w y } y | x N Z} A dd } yx z x w} { w yu u }w |yy z u } { |yu A y } u vu{ @ uw } { z} @ u x z x uw u{} { z} B Z} u y Cmu A dd } yx z x w} { y uw @ } u x {u }w vu{ @ u x wu u B dd z} u y w y } z N Az} u y A yx z u } { |yu Ax y w| u {}u y @ u x }A z} u y A yx z u } { vy u x vu{ | xy B ] ~yw } a x} { A dd } yx z u } { | y| x x w @ } w|y y } @ wu u @ y yw }wu u }u wy u @ vu y w y @ u} y{ @ u x x z } yB V a x} { A dd |u |y }{| y }y z w y } } w yu x w |}w| yyx u |u x zuwy |u wu y } uw}x u x u u } B dd } w yu u x |}{| uzy z u } { v y z z x u x w y }w x w B

g|yy Y } A dd |u vyw y y w z |yy y } vywu y z } }{| y }y z } x}zzy y |u y B dd } yw w uv y u x yu uv }wyxB ] } u z u } { x w y z} y @ uw z } { w| u uw u{} {@ } w x} { u y w u x u B 3.3 Acrylonitrile-Butadiene-Styrene (ABS) UVg@ } | } y }y z |}{| } uw y { |@ |}{| { @ |}{| |yu y } u wy@ |}{| }zz y u x |}{| }{}x} @ u x |}{| w|y }wu y } u wy@ } w yx z ] ~yw } a x} { A h|y y | x } } ~yw y } u } |u y u x z z x } uv y z u } { A Y yw }wu U }u wy A w| u u z }wy w y @ } @ y y | y @ y yw }w zu @ w y y v u x @ u x y y } } y x y } |}{| y } u wy |yu u x } { zuwyB UVg } u yu z y u u } { x y } |}{| z u y u x z u y y u xu } B

A Wu du A w| u |y }xy } @ { y w u y @ xu |v u x@ u x w w y u w| u |y xu |v u x@ x{ u x@ u x uzy |y y B h|} } vywu y z } |}{| |yu y } u wy } | |}{| y { | u x x uv} } B ] u |u |}{| } uw y { |@ { x ux|y } u} @ y } u wy y } y |} y @ u x u { zuwyB A \ y| x U }u wy A w| u z } y u u x u } u u y vywu y UVg |u |}{| { @ |}{| } uw y { |@ u x |}{| w|y }wu y } u wyB ] } u { x z y u u } {B A h A g} wy UVg } { u x v } y@ y y |y v y @ } u y |u } |u |u w|} x y B ] u |u |}{| { @ |}w| {} y v }{| w B Y } A d y wu vy y xyx } |} |yy u x uw A xyx } u } z @ w| u yz }{y u u B

3.4 Acrylonitrile Styrene (SAN) gUb < Ug= } u u y @ {@ }{}x@ u x {|B ] } |yu A y } u u x y w|y }wu A y } u |u dgB ] } w yx z } ~yw } x} {@ w| u N A Wu du A w| u |yux }{| y @ u} }{| @ u x u z } { }{ u B gUb z y y uwy daaU x y } y w B A \ y| x U }u wy A h|u } } y y }y @ gUb } w yx u y | y| x u }u wy w| u u } u u y@ }{| y @ u x w u} y B A Y yw }wu U }u wy A w| u zu v uxy @ u} A w x} } y y w y @ u x z } ~ }wy v y xy x y } y }y z { @ uv y z @ |yu y } u wy@ w|y }wu y } u wy@ u x |yu y } u wyB

2013 Annual Report IRPC Public Company Limited

3.5 Polystyrene (PS) dg } uxy z wu y{ }y vu yx } y }y B [ddg <[y y u Ad y d y y= [ddg } dg y } | |}{| w u } u x }{}x} B [ddg y u y yu } xyx } u } z } | yA |yu } {B \ y y @ } |u } uw y { |B ] } w yx z u } { x w |u yyx w u } u x u }{}x z @ w| u u y WX wu }x{y @ y yw }wu u }u wy @ u x | y| x u }u wy B \]dg <\}{| ] uw d y y= \]dg } dg y } | |}{| } uw y { | u u y z |y v y x z v ux}y y } x w xy y y @ |}w| wu y \]dg y y w u } B g} wy } }wy } w| y |u |u z UVg@ } z y y uwy UVg u y w B \]dg@ | y y @ |u y { u x u y uv y z B [ddg u x \]dg u y {y y u yx z A ] ~yw } a x} { A w| u wu }x{y z u y u x WX @ u x | y| x u }u wy A g|yy : Z} Y } A w| u }wyAw yu w u x z y A u } { z} B

3.6 Expandable Polystyrene (EPS) Ydg } |} y@ x y } { y y y u |y u} zyyx w u x y u y {u u |y v } { u{y } | } { WZW@ |}w| } yAz }y x @ } } x w } wy B Ydg wu vy yx } |y z } { u B duw u{} { A w| u | w Auv v} { z u yx } |y uw u{} { u x y yw }wu u }u wy } x }y V w A w| u |yu } u } } |y z} |y } x w x u{y@ w w } @ u x xyw u } B

4. Polyol

d x w w } y y y u x y |y B ] } zyyx w z y |u y@ |}w| wu vy z |y w y yx } u } x w @ w| u z u yx } z } y @ |yu } u } } w w } @ u x yz }{y u } { u }u wy @ u y u z u yx z u } { | y y B ] yx y y }xy y y u |y u} zyyx w z B ]fdW d W B@ ` x@ MMBMM9A yx v ]fdW@ } |y x wy u x x} }v z x w B ] |u u x w } wu uw} z FI _hU u x } wu yx } |y u y } x }u y u |u z ]fdW } fu {B

5. Specialties and innovative products

]fdW |}{| u y w u y yu w| u x xy y y <f:X= | {| |y y zAxy y y u uw| } y y w y x} y y yyx u x x u }w y } y B ] wu |y yz y vy z z} |y y yw u } z w y |} y u } { wu y z |y y } y B g yw}u }y w } y |y z } {B 5.1 Styrenics products: [ yy UVg ]fdW@ |y x z} x wy z [ yy UVg@ |u u yux z} yx u u y z |y x w } wy @ } |}w| u u vvy y uwy |y }w vvy } |y } u } y x w } z UVgB h|y x w wu vy yx } u { u z zu y @ y } { } yx wyx } |} y v y } { |y W yu Xy y y ayw|u } <WXa= } } }u } yB U } x } } { Uxx} } y ]fdW u yw| { } u }yx } |y xy y y z |} uxx} } y@ |}w| y y y z x } } { |y |yu yxB h|y uxx} } y wu x} y y y } y u x wu vy y u |y u v}y y y u y u y |y w x w u{y u x x} }v } B h|y uxx} } y } } uv y z } } { } u } y y |u wy z u y y u xu } uww x} { i`AMH <jBD= u xu x B ]fdW |u yx |y uxx} } y } u } } y y z UVgAZ u y fy u xu [ uxy y B ay | ay |uw u y V ux}y y g y y <aVg= A aVg } u uxx} } y yx u zyyx w y |u wy |y x uv} } z djW@ dWCUVg@ dWB aVg w y } z N u u y u x u yB aVg |u u } zyu y @ w| u y |u w} { } uw y { | |} y u} u} } { |y w u } z u }w x w B V y |u w} { |y x uv} } u x } uw y { | z dj@ dWCUVg@ dWEID@ u zuw } { w wu vy yx wyxB aVg u |u { x |yu y } u wyB U } vuw y }u U{y A h|} y x w } xy y yx v yu z u yw| { B Uv y { | u x } vuw y }u@ |y u{y wu vy yx u u uxx} } y } u } u }w @ vy } UVg@ dg@ dd@ w|yw |y { | z vuw y }u } |y x w |} y x } { |u |y y }y z y B

UVg d xy A UVg d xy } u y } |y z z xy } uv y z u zuw y | u y } | vy y x} y } z y |u w y } u u }w B UVg xy wu vy yx } | djW@ dW@ dWCUVg y |u wy } uw y { | u x |yu y } u wyB 5.2 Olefins group, featuring: i u \}{| a yw u ky}{| d y | y y <i\akA dY= A i\akAdY y y v y w x |} y u x u y xy } | u w| u ED } y |}{|y yw u xy } |u |y dY u }y }y B i\akAdY wu vy w y yx | {| u } y | x @ w| u w y } @ fUa y } @ u x {y } } {@ u x wu vy yx z AFDD FDD xy{ yy Wy } B h|u vy y y }y |u | y z } ~ } u x {yu @ i\akAdY } |u yyx {| y @ y { |@ y } u wy uw } @ u x w|y }wu y } B Vuv V y d y y A h|} } u y } z u }w xy y yx z yu w y } @ v | } ~yw } u x v } { y | x B h|y x w wu y u y y EDD xy{ yy Wy } |yu B ] |u uv y z @ |}{| w u } @ u x | } u{y |} y w u} } { wu w} {y @ | uzy z vuv}y B U } }w v}u w x A h|} } u x w } |y yz} { @ |y y }y z |}w| u y y |u wyx y y vuw y }u } | |u } { |y u y }y z y B h|y x w { uxy |y u } z }zy } | } |}{| uzy u xu xB ] } u yx } |y z x uw u{} { } x u x yx}wu w} w y @ u y u | y| x u }u wy B au } y d} y A h|} w x x wyx } uxy } | u yw}u z u y y |y } y zuwy z |y z} | }y w} { u { w u } y u x } v uw } | u y u yu B bu u W } { u x Uxx} } y Wu }y g y w } } { A bu u W } { A h|} y |u u } y z u u y uw w yx wy |y y z |y }w y w|y }wu w @ w| u { yy z } uw| u x v z wu u y B bu u w } { yx wy } u x |yu A y u

2013 Annual Report IRPC Public Company Limited

y }x y B h|y x uv} } z u u w } |y u y u |u z |y }w w B A au y Vu w| Wu }y A h|} y \XdY x w w y } |y z z |} y xy |u v y x y } | w xy u x uxx} } y B k} | u z } xy z u |}{| u GG { u CED } y @ |} \XdY wu y |u wy |y x} y } z w xy u x uxx} } y B A k x d u }w W } y A h yu } { u y w y u } @ ]fdW v y x u u x xy } |y x w } wy z u u } y u }w B h|y } y } |y w y yx } y x w |u y u} |y u x} { y }y z v | u }w u x x u x wu v } y u u u y }u B h|} y w Ayzzyw } y y z y wy B

Names of polymer producers and domestic production capacities in 2013 Product

HDPE

ABS

EPS

Company

i } N _hU

Capacity

]fdW d wB h|u} d y | y y W B@ ` xB Vu { d y | y y d w dhh [ vu W|y }wu d w Total ]fdW d w \aW d y W B@ ` xB h|u} d y y W B@ ` xB Total

EHD MJD IDD GDD 1,900

K 51 FJ EJ 100

HKI KKI KFD 1,970

24 GM GK 100

h|u} UVg W B@ ` xB ] y UVg <h|u} u x= W B@ ` xB

EKK MI

JI 35

Total

272

100

h|u} UVg W B@ ` xB a} {x} W|y }wu W B@ ` xB Total

GD GD 60

ID ID 100

h|u} UVg W B@ ` xB g}u d y y W B@ ` xB h|u} g y }w W B@ ` xB Total

EDD EID MD 340

FM 44 FJ 100

Revenue Structure

Business Segment

Operated by / IRPC’s shares

2011 Million % Baht

]fdW d wB@ EMD@HFE ]fdW c} W B@ ` xB <MMBMM9= 2. Petrochemical ]fdW d wB@ IF@LFF h|u} UVg W B@ ` xB <MMBMM9=@ ]fdW d W B@ ` xB <MMBMM9= 3. Other ]fdW d wB G@JHI (1) 1. Petroleum

Businesses

Total net sales revenues(2) Sales ratio (domestic: export)

Note:

246,888

2012 Million % Baht

2013 Million % Baht

FFM@HLF

FFI@GKK

IL@MKL

JG@ILE

G@MKD

G@JGI

100

292,430

100

292,593

100

65 : 35

62 : 38

61 : 39

EB c |y v } y y w } yx z y u x } } }y y y y FB by u y y y y y w xyx y w} y u

2013 Annual Report IRPC Public Company Limited

Connected Transactions

Connected transactions of IRPC and subsidiaries Xy u} z }v y w z }w uv |y w yw yx u uw } vy yy ]fdW u x } v }x}u }y } | w yw yx u }y |u ww yx } FDEF u x FDEG u yu vy i } N Vu| a} }

Connected Party/ Relationship

Transaction

PTT Plc (PTT) fy u } |} N A ]fdW u~ |u y| xy } | GLBIE9 A h w x} yw N a B ku w|u u } } ku w|u |u} A dhh u u{y y ]fdW V u xN a B g } g uv a B g { V u a B gu f { u } }

A gu y z { x

Thai Oil Plc (TOP) fy u } |} N HMBE9 z |u y |y x v dhh

A gu y z { x

2013

A A A A

FE@IMH FF@KLH d w|u y z { x EMJ@LEH EFF@KLJ Uww ywy} uv y E@ILI E@KHE Uww u uv y EF@GKF H@MIH gu y : y }wy y y y IM LD

A A A A

c |y y y yCy y y gu y z u y c |y ywy} uv y c |y u uv y

151 FHL MH JGH IJ GF EDL 1

A d w|u y z { x

A A

A Uww ywy} uv y A c |y y y y

A 2

Thai Lube Base Plc (TLB) fy u } |} N MMBMM9 z |u y |y x v hcd

A gu y z { x

Thai Paraxylene Co., Ltd. (TPX) fy u } |} N MMBMM9 z |u y |y x v hcd

A gu y z { x

A d w|u y z { x A Uww ywy} uv y A Uww u uv y

2012

E@MJK 25 JD A GGG E@GHM A 12

Nature and Condition ]fdW x y y x w dhh u u y }wy ]fdW v {| w xy } u x y y x w z dhh u u y }wy ]fdW u}x y y y y y u x |y ux } } u } y y y y dhh [u} z w uw yux |yx{} { w uw z w xy } u x |y ]fdW u x ]fdW c} x u x y } fu { dhh u u }wy y |u y } u yx v } xy y xy u x u y

F@FJM ]fdW x } yx w xy u x |}{|A yyx x}y y hcd u u y }wy F@JDL ]fdW v {| w xy@ |}{|A yyx x}y y u x ~y z y z hcd u u y }wy L J ]fdW yu yx w y w}u x} w u x |y y y y E@HID ]fdW x u |u u x vy vu y } h`V u u y }wy EM ]fdW v {| uw u u x vy LF vu y } z h`V u u y }wy 3 JJE ]fdW x y y u x } yx y y hdl u u y }wy MGE ]fdW v {| vy y y z hdl u u y }wy M HM

Connected Party/ Relationship

Transaction

PTT Global Chemical (PTTGC) fy u } |} N A HLBLM9 z |u y |y x v dhh A W x} yw N a B gu f { u } }

A gu y z { x

Bangchak Petroleum Plc (BCP) fy u } |} N FKBFF9 z |u y |y x v dhh

A gu y z { x

A d w|u y z { x A A A A

Uww ywy} uv y Uww u uv y gu y : ux } } u } y y y y c |y y y y

2012

2013

EL@ELK FE@JMG k]fdW x y y y u x x}y y dhh[W u u y }wy FF@HKF FI@MGH ]fdW v {| |}{|A yyx x}y y z dhh[W u u y }wy E@JEK F@LIJ E@HFL G@HHL 2 F ]fdW u}x u{y z dhh[W u u y }wy 4 A ]fdW ywy} yx \gX x} w w|u y z dhh[W u u y }wy H@DHJ

A d w|u y z { x

IDE

A Uww ywy} uv y A Uww u uv y

A A

Star Petroleum Refining Co., Ltd. (SPRC) fy u } |} N GJBDD9 z |u y |y x v dhh

A gu y z { x A Uww ywy} uv y

GJK A

PTT ICT Solutions Co., Ltd. (PTTICT) fy u } |} N HDBDD9 z |u y |y x v dhh[W FDBDD9 z |u y |y x v dhh

A gu y : ux } } u } y y y y A c |y y y y

A c |y uww u uv y PTT Polymer Marketing Co., Ltd. (PTTPM) fy u } |} N IDBDD9 z |u y |y x v dhh FIBDD9 z |u y |y x v ]fdW A W x} yw N a B g } g uv A ]fdW u u{y y V u xN a B g } g uv a B W|u } h yy w|u{

Nature and Condition

E@LIM ]fdW x y y x w VWd u u y }wy MJL ]fdW v {| |}{|A yyx x}y y z VWd u u y }wy 131 54 H@GMH ]fdW x } yx w xy u x UhV ILG gdfW u u y }wy

GK ]fdW u}x y z |y Xu u Wy y u x gUd w }{| dhh ]Wh u u y }wy 2 1 ]fdW }xyx ]h y xy y y u x ux~ y w u w dhh]Wh u u y }wy 1 1

A gu y z { x

555

A d w|u y z { x

HEL

A Uww ywy} uv y A Uww u uv y

21 GL

HJE ]fdW x y dhhda u u y }wy HEL ]fdW v {| y z dhhda u u y }wy HI 33

2013 Annual Report IRPC Public Company Limited

Connected Party/ Relationship

Transaction

PTT Polymer Logistics Co., Ltd. (PTTPL) A c |y y y y fy u } |} N MMBMM9 z |u y |y x v dhh A gu y : ux } } u } y A ]fdW u u{y y V u xN y y y a B W|u } h yy w|u{

Business Service Alliance Co., Ltd. (BSA) fy u } |} N FIBDD9 z |u y |y x v dhh

A gu y : ux } } u } y y y y A c |y y y y

A c |y ywy} uv y A c |y u uv y

2013 1 2

FID 1

A HJ

Nature and Condition 1 ]fdW }xyx u{y y }wy dhhd` u u y }wy 2 ]fdW u}x z v w u u x u w yu } { z dhhd` u u y }wy

FKD ]fdW u}x y y u{y VgU u u y }wy 4 ]fdW ywy} yx y }wy y y y z KAEE w y }y y } ]fdW y }wy u } u x | } { y u u u y }wy 1 FK

PTT Retail Management Co., Ltd. (PTTRM) fy u } |} N MMBMM9 z |u y |y x v dhhfa

A dy y y y y

2 ]fdW u}x y y y y y dhhfa u u y }wy

PTT Polyethylene Co., Ltd. (PTTPE)* fy u } |} N MMBMM9 z |u y |y x v dhh[W

A gu y z { x A Uww ywy} uv y

EEH EE

IL ]fdW x u u }w dhhdY u A u y }wy

Thai Styrenics Co., Ltd. (TSCL) fy u } |} N MMBMM9 z |u y |y x v dhhdY

A gu y z { x A Uww ywy} uv y

JIE KL

1 ]fdW x y | vy y y u x y y A y hgW` u u y }wy

Energy Complex Co., Ltd. (EnCo) fy u } |} N IDBDD9 z |u y |y x v dhh

A gu y : ux } } u } y y y y A c |y u uv y

ME ]fdW y yx zz}wy u x zuw} } }y z Y W u u y }wy 1

PTT International Trading Co., Ltd. (PTTT) fy u } |} N MMBMM9 z |u y |y x v dhh

A gu y z { x

A d w|u y z { x A Uww ywy} uv y A Uww u uv y A c |y y y y A c |y u uv y

2012

EG@EKG ]fdW x |}{|A yyx x}y y @ ~y z y } @ u x WH fuzz} u y ] dhhh u u y }wy FHM KJ@EHK ]fdW v {| w xy@ x}y y @ u x y y z dhhh u u y }wy A E@JIJ A FJ@FGD A GJ ]fdW uxy z} z w xy u A J } | dhhh

Connected Party/ Relationship

Transaction

PTT Phenol Co., Ltd. (PPCL) fy u } |} N MMBMM9 z |u y |y x v dhh[W

A gu y z { x

Sak Chaisidhi Co., Ltd. (SAKC) fy u } |} N LDBIF9 z |u y |y x v hg

A gu y z { x A Uww ywy} uv y

hcd g y W B@ ` xB <hg= fy u } |} N MMBMM9 z |u y |y x v h|u} } g y W B@ ` xB

A gu y z { x

2012

2013 F

KEH JG

Nature and Condition

E ]fdW x y | vy y y ddW` u u y u }wy

IKF ]fdW x u u }w gu W|u} }x|} FI u u y }wy

A d w|u y z { x

E@GIE EFE

A Uww ywy} uv y A Uww u uv y

131 EJ

Thaioil Marine Co., Ltd. (TOM) fy u } |} N MMBMM9 z |u y |y x v hcd

A gy }wy y y y

FH E 3 1

GF ]fdW }xyx y }wy hca u u y }wy G EK ]fdW u}x z y}{| y y y z hca u u y }wy A

TOC Glycol Co., Ltd. (TOCGC) fy u } |} N MMBMM9 z |u y |y x v dhh[W

A d w|u y z { x A Uww u uv y

GK EG

HE ]fdW d v {| XY[ u x aY[ K z hcW[W u u y }wy

Thai Ethanolamines Co., Ltd. (EA)** fy u } |} N MMBMM9 z |u y |y x v dhh[W

A d w|u y z { x

A ]fdW d v {| x}y |u u } y u x }y |u u } y z YU u u y }wy

PTT Asahi Chemicals Co., Ltd. (PTTAC) A gu y z { x fy u } |} N A d w|u y z { x HLBID9 z |u y |y x v dhh A Uww ywy} uv y A Uww u uv y A c |y y y y

ED E@DHG 1 FDH A

A ]fdW }xyx u} y u wy y }wy E@FJL dhhUW u u y }wy A GIH 1 h|u} UVg v {| UWb z dhhUW u u y }wy

1 E

3 ]fdW v {| uzy } u x y } y z bdW g:Y u u y }wy 2 ]fdW u}x z {u w|yw xy yw bdW g:Y u u y }wy

A A A

Uww ywy} uv y gu y : ux } } u } y y y y c |y u uv y

NPC Safety and Environmental Service Co., Ltd. (NPC S&E) fy u } |} N MMBMM9 z |u y |y x v dhh[W

A d w|u y z { x

dhh Y y { g } W B@ ` xB <dhhYg= fy u } |} N HDBDD9 z |u y |y x v dhh FDBDD9 z |u y |y x v ]fdW A ]fdW u u{y y V u xN a B dyy u { Uw|u } uw|yy }

A gu y : ux } } u } y y y y

F@EJJ ]fdW x y u x y y y hg u u y }wy MG ]fdW v {| |y u y u x y z hg u u y }wy EMM EG

KL ]fdW u}x yw| }wu y }wy zyy dhhYg u u y }wy

2013 Annual Report IRPC Public Company Limited

Connected Party/ Relationship Thai Oleochemicals Co., Ltd. (TOL) fy u } |} N MMBMM9 z |u y |y x v dhh[W

Transaction

2012

2013

Nature and Condition

A d w|u y z { x A Uww u uv y

IEM GE

FDL ]fdW v {| v} x}y y z hc` u HJ u y }wy

TOP Solvent (Vietnam) Co., Ltd. A gu y z { x fy u } |} N A Uww ywy} uv y MMBMM9 z |u y |y x v h|u} } g y W B@ ` xB

IFK EEJ

IKI ]fdW x y y hcd g y EHE <j}y u = u u y }wy

PTT Maintenance and Engineering Co., Ltd. (PTTME) fy u } |} N JDBDD9 z |u y |y x v dhh[W

A gy }wy y y y

A gu y : ux } } u } y y y y A c |y u uv y

A A

A ]fdW }xyx y } y u} y u wy dhhaY xy u y }wy w uw 1 ]fdW u}x z u y } u u } u{y z dhhaY 1

Sport Services Alliance Co., Ltd. (SSA) fy u } |} N MMBMM9 z |u y |y x v VgU <FI9 |u y z VgU |y x v dhh=

A gu y : ux } } u } y y y y

Global Power Synergy (GPSC) fy u } |} N GDBED9 z |u y |y x v dhh

A c |y u uv y

KDM ]fdW x } |u y } ]fdW W yu d y W u `} } yx [dgW u |y }wy yzy y wyx u } u y u x uwwy yx v v | u }y } | u x} w yx wu | z y | x

HMC Polymer (HMC) fy u } |} N HEBHH9 z |u y |y x v dhh A W v u x y vy N a B W|u} } d u

A c |y y y y

1 ]fdW }xyx u} } { \aW u u y }wy

A ]fdW z xyx v }w} z |y dhh fu { wwy yu z ggU

Note: > dhh d y | y y W B@ ` xB u zy yx u u y u x v } y y dhh [ vu W|y }wu B ^ E@ FDEG >> h|u} Y |u u } y W B@ ` xB@ u z u x} yx GE cw vy FDEF u x w y y } }xu yx ^ E@ FDEG

Connected Transactions Policy and Requirements g} wy ]fdW@ } uzz} }u y @ u x v }x}u }y u x dhh [ z w u }y u u{y |y} yz} } { u x y w|y }wu v } y y } y uw } y @ y w yw yx v } y u x z} u w}u u uw } vy yy |y y w u }y w x |u y xu} B h|y y u uw } } w xy w y y z u u y }u u x yz} yx x w @ u y u |y u uw } v y v v } y uw } } }y B gy } { u x v } { }wy u y u xyz} yx u x u{ yyx vy yy |y u }y y y yzy y wyx u y }wy B ]fdW z ux|y y xy @ yu uv y w }xy u } z w yw yx u uw } } xy y xy z } u } vy yz} B h u }x w z }w z } y y }v v y v y vy z |y v u x | u y {u{y } wu uw} }y } |y y{u y } }y y u yx w yw yx u uw } u { |y y w u }y @ u y z wyx v U }w y LMCEF <E= z |y gyw } }y u x Y w|u {y Uw <b B H= VBYB FIIE <FDDL=@ |y V u x z X} yw w yu u yx |y }w u x } w} y |y u u{y y y yw y w yw yx v } y u uw } xy |y u y wyx y y yw yx vy yy ]fdW u x u |y v } y y } }y } | u } z y wy v u y |y v u xB

Connected Transaction Preventive Measures i xy |y { }xy } y } yx v |y gyw } }y u x Y w|u {y W } yy <gYW= u x |y g w Y w|u {y z h|u} u x <gYh=@ |y V u x |u xyz} yx |y z } { y y } y yu y z |y uw }wu } u x ]fdW } u vy yz} B

i xy |y { }xy } y y{ u yx v gYh@ |y w u |u }w z |y wyx y } yx v gYh u w yw yx u uw } } w x} { uw } } } x} u z u y vy { |y w u B ]z w y } yyxyx z |u y| xy } y yw } { w yw yx u uw } uw } } } x} u z w u u y @ u zu uv y xyw} } } y } yx z y |u , z |y u y{} } u y y z |u y| xy y y w x} { y z u y| xy B

Policy on Future Connected Transactions U z y w yw yx u uw } u { w u }y } ]fdW [ |u vy } y u uw } u x y }y yx xy |y } w} y z y }v} } @ } uv y w x} } @ u x zu} }wy B h|y uw }wy } y y { x { y u wy@ zu} yu y |y vy yz} |u y| xy @ u x z w }u wy } | |y y{ u } y z wyx v |y gYh u x gYWB ] u y }y v |y v u x@ v u x y vy } | y }u w z }w z } y y |u vy y y u |y yy } { u x |u } |y} }{| yB

Opinions of the Audit Committee \u } { w }xy yx u w yw yx u uw } @ |y U x} W } yy y{u xyx |u |y y u uw } u y u @ y yw yx } | y }v} } u x yu uv y }wy yzy y wyx |y u y B ]fdW |u z ux|y yx |y y{ u y } y y z gYh u x w u y { y u wyB

2013 Annual Report IRPC Public Company Limited

Message from the President Dear Shareholders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`]/%)$#60'B/&)a#$"8#,)*#*)0$)/1,&#:%$"*+#"$9/%2b !:/0$),'"$%#DA&/%%/"&/+#7'99/0&,$%#DA&/%%/"&/+#$"8 E(9$"#5/*'(0&/#DA&/%%/"&/=

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n behalf of the executives and employees of IRPC and its affiliates, may I express my heartfelt thanks to board of directors, our shareholders, business partners, customers, and supporters (direct and indirect) and vow to do the best in our management and job execution for goal accomplishment under corporate governance, anti-corruption, proper and adequate internal controls, and efficient risk management. Above all, we vow to concurrently exercise our stewardship of society, communities, and the environment.

Mr. Sukrit Surabotsopon President

2013 Annual Report IRPC Public Company Limited

Maximizing both capability and cuttingâ&#x20AC;&#x201C;edge competitiveness, IRPC debottlenecks and streamlines its entire processes for great efficiency.

Supplementing the values of both production and marketing lines of businesses, IRPC strives for excellence from legacy businesses while venturing out for emerging business opportunities, like value-added premium-grade products.

IRPC nourishes its human capital by judiciously supporting career paths, paying attention and care to this pivotal driver of success-with corporate strategies, policies, and directions constantly at the back of its mind.

OPE RAT I N G R E S U LT

Performance Summary

Market Overview and Industry Outlook

Management Discussion and Analysis (MD&A)

Performance Summary

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2013 Annual Report IRPC Public Company Limited

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100

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!"#$$%&'()"%*+)%,-*)"%./$$&*#/'%.")0)'*#/'%-'(% 1-'-2)1)'*%.$-' 2013 Annual Report IRPC Public Company Limited

101

The UHV Project is under construction

102

Under a plan to optimize tank services, the IRPC Phra Pradaeng Oil Depot was revamped to become a central tank and offloading services for refining and chemical base products in preparation for domestic industrial expansion, product stock, and refined oil product inventory to comply with the regulations, catering for external customers.

• The Rayong Oil Depot provided storage facility and service for cyclohexanone products and crude reserves for customers.

• The Phra Pradaeng Oil Depot provided tank rental service to store methanol and White Spirit products for customers.

• A total of Baht 865 million was received from the sale of 168 rai of land in the EIZ Zone 4 (Eco Industrial Zone) under the company’s CHP II Project.

• The Ayutthaya Oil Depot provided tank rental service to store gasoline and diesel for customers.

• A total 3,312 rai of land at Wang Chan was sold, recording Baht 596 million in revenue.

1.2.4 Asset Management Business This year, IRPC derived revenue from sales of highpotential land assets, detailed as follows.

• A 1,867-rai plot of land under the IRPC Eco Industrial Zone was developed under the ecoindustrial zone concept, focusing on the environment and communities, the main principles for sustainable development. All invested projects are under the Green industrial concept such as Hygiene and Value added Products (UHV) and clean energy projects (CHP II). • In conjunction with the Industrial Estate Authority of Thailand (IEAT), IRPC Ban Khai Industrial Estate was inaugurated this year. The development project EIA was approved by the Office of Natural Resources and Environmental Policy and Planning (ONEP) and is now under the allocation process for various green projects (meaning those friendly to the environment and communities). The target groups included businesses related to alternative energy, bio-plastics and polymers from natural materials, green products, and businesses with constant growth, such as automotive parts. The IRPC Ban Khai Industrial Zone is strongly supported with high confidence by IEAT and the Plastics Institute of Thailand to become the nation’s first Plastic Park, an industrial zone with value-added industrial plastic investment, including plastics for medical devices, and parts for automotive and aviation industries. 1.3 Capital Investment Projects and Business Growth 1.3.1 Phoenix Project IRPC’s focus was on driving the Phoenix Project toward business targets successfully and smoothly, including work process reengineering, as well as machinery and equipment improvement to enhance competitive advantages of the organization and its products, and drive IRPC toward its vision in becoming a “Leading Integrated Petrochemical Complex in Asia by 2020”. The project has been in progress for over four years. All investments are aligned with IRPC’s five main principles: 1. Operational Excellence, 2. High Performance

Organization, 3. Corporate Social Responsibility, 4. Value Creation, and 5. Innovation & Create New Business. The Phoenix Project is now in its last stage. Out of the total project scope, 10 projects have been completed, and seven are in progress and are set to be fully completed within 2014. The UHV Project is set to be completed in 2015. 1.3.1.1 Projects completed in 2013 (1) Petroleum Quality Improvement to Clean Fuel and Green Growth Development Project, made up of • Under cooperation with PTTGC, completed the construction of the Multi-Product Pipeline to pipe the high-sulfur diesel to PTTGC for the upgrade to the Euro 4 standard in February this year. The kerosene was also piped to be upgraded to the Jet A-1 aviation fuel. • With the use of natural palm oil, a premium grade diesel was produced under the bio-hydrogenated diesel (BHD) project completed in October 2013. The product has been sold to PTT. IRPC is the sole producer of BHD in the country. (2) EBSM Upgrading for ABS Specialties Project: Completed construction of the EBSM (ethylbenzene styrene monomer plant) to produce premiumgrade ABS (acrylonitrile butadiene styrene), resulting in an increased production capacity from 200,000 to 260,000 tons per year commencing in September this year, and a reduction of purchase of styrene monomers (SMs) for raw material. On the other hand, IRPC can earn revenue from the sale of surplus SMs. (3) Oil Depot and Lube Blending Business Improvement Project: The construction of the lube blending unit was completed and commissioned in October this year, increasing the lube base production capacity from 1 million liters/day to 6 million liters/day.

2013 Annual Report IRPC Public Company Limited

103

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104

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2013 Annual Report IRPC Public Company Limited

105

OHR%V*),+.2+% BU$% V*+3,.55'18,% '1-% V*),+3.(.21% #+2Y,8/h%B%(),8.'5%(/*-9%/2%.-,1/.49%.13,(/:,1/%'1-% 0*(.1,((% 2))2+/*1./.,(% ':216% BU$% 82*1/+9% :,:0,+(< OaR%#259:,+% $2:)2*1-.16% V91,+69% #+2Y,8/h% B% :,:2+'1-*:%24%822),+'/.21%7./&%#==%#259:,+% W'+X,/.16% '1-% #=="=!% 7'(% ,1/,+,-% /2% Y2.1/59% -,3,52)%)259:,+%)+2-*8/(%7./&%(),8.4.,-%)+2),+/.,(% -,:'1-,-% 09% (),8.4.8% 8*(/2:,+(% .1% '% /.:,59% :'11,+< !"4"4$ D'2&($E0A&.',&0'$%()>&1'. ONR%P1271%'(%/&,%72+5-J(%4.+(/%)+2-*8,+%24%)+,:.*:` 6+'-,%B>V%O\+,,1%B>VR;%'%:.A/*+,%7./&%1'/*+'5% +*00,+%.1(/,'-%24%(91/&,/.8%+*00,+;%!"#$%&'-%(,/% /2%.18+,'(,%)+2-*8/.21%8')'8./9%09%KC;DDD%/21(% ),+%9,'+<%%=&,%)+2-*8/.21%4'8.5./9%821(/+*8/.21%7'(% 82:)5,/,-%'1-%)*/%21%(/+,':%.1%S8/20,+%/&.(%9,'+<%% =&,%)+2Y,8/%&'(%.18+,'(,-%/&,%)+2-*8/.21%8')'8./9% '/%B>VK%)5'1/%09%KC;DDD%/21(%),+%9,'+%'1-%'/% VBZb%)5'1/%09%KC;DDD%/21(%),+%9,'+< OCR%=&,%$_#%!!%#+2Y,8/;%7./&%CHD%Wg%.1%8')'8./9;%7'(% 8&2(,1%09%!"#$%'(%'1%V##%d.+:%$26,1,+'/.21% )27,+% )+2-*8,+% *1-,+% /72% 821/+'8/(% OLD% Wg% ,'8&R<% % =&,% ##B% (.61.16% 7'(% 82185*-,-% 7./&% U\B=;%7./&%)27,+%(*))59%/2%U\B=J(%6+.-%(,/%42+% c*1,%CDNT<%%=&,%)+2Y,8/%&'(%(,8*+,-%U!B%'))+23'5% 4+2:% /&,% W.1.(/+9% 24% Z'/*+'5% ",(2*+8,(% '1-% U13.+21:,1/%(.18,%B*6*(/%CDNb;%'1-%821(/+*8/.21% .(%2162.16< 106

!"#$%$5,'1%#27,+%$2<;%@/-<;%.1./.'559%42+:,-%09%!"#$% /2%*1-,+/'X,%)+2Y,8/%-,3,52):,1/;%5'/,+%(25-%aNI%24% ./(%(&'+,(%/2%\520'5%#27,+%V91,+69%$2<;%@/-<;%7&.8&% 82::'1-(%0*(.1,((%,A),+/.(,%.1%)*05.8%*/.5./.,(;%/2% 6+27% 4*/*+,% 0*(.1,((% 2))2+/*1./.,(<% % =&,% (&'+,% /+'1(4,+% 7'(% 82185*-,-% .1% Q,8,:0,+% /&.(% 9,'+;% 9.,5-.16%/2%!"#$%)+24./%24%'02*/%>'&/%N;DLK%:.55.21< 1.4 Innovation and Research & Development !"#$% &'(% 821(.(/,1/59% 3'5*,-% +,(,'+8&% '1-% -,3,52):,1/%5,'-.16%/2%:2-,+1%/,8&125269;%'(%7,55% '(% 72+X% )+28,((% '1-% )+2-*8/% -,3,52):,1/% 21% ),/+25,*:%'1-%),/+28&,:.8'5%0*(.1,((,(;%8+,'/.16% :2+,%(),8.'5`M*'5./9%)+2-*8/(%/&'/%'+,%,13.+21:,1/'5% 4+.,1-59<% % =&,(,% &.6&`)2/,1/.'5% )+2-*8/(% '+,% 4.1'559% 82::,+8.'5.F,-;%'1-%/+.66,+%7.-,()+,'-%(*0(,M*,1/% .1123'/.21(% /&+2*6&2*/% /&,% 2+6'1.F'/.21<% % =&,% 82:)'19%2+6'1.F,-%'1%'11*'5%.1123'/.21%821/,(/%.1% CDNb<%%%=&,+,%7,+,%NKD%).,8,(%24%.1123'/.3,%,1/+.,(<%% =&,9%7.55%0,%(,5,8/,-%42+%4*+/&,+%-,3,52):,1/;%/,(/,-% 42+% +,'5% )+'8/.8'5% 72+X;% '1-% 82::,+8.'5.F,-% 7./&% 82:),/./.3,1,((%.1%/&,%72+5-%:'+X,/< =&.(%9,'+J(%:'Y2+%.1123'/.21%'1-%"jQ%2*/)*/(%'+,%'(% 425527(< N<H<N% Q,3,52),-% )259)+2)95,1,% 42+% &.6&`M*'5./9% )5'(/.8%/'),;%X1271%'(%[&.6&%(),,-%+'44.'J;%7&.8&%.(% 3,+9%-*+'05,%'1-%(/+216;%'1-%8'1%0,%:25-,-%M*.8X59<%% =&.(%(),8.'5%)+2-*8/%.(%*(,-%.1%&.6&`(),,-%:'8&.1,+9%

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(.18,%&'526,1%.(%&'F'+-2*(%/2%&,'5/&<%%V,3,+'5%72+X% )+26+':(%'1-%:,'(*+,(%(*8&%'(%"2_V;%"UB$_;%'1-% gUUU%-,:'1-%/&'/%'55%)'+/(%:*(/%0,%,13.+21:,1/'559% 4+.,1-59%'1-%821/'.1%12%&'F'+-2*(%+,(.-*,< N<H<a% Q,3,52),-%8'/'59(/(%/2%(/.:*5'/,%)259,/&95,1,% )+2-*8/.21%)+28,((%.1%2+-,+%/2%:,,/%/&,%&.6&,+%:'+X,/% -,:'1-%'1-%+,-*8,%.:)2+/(%3'5*,-%'/%(,3,+'5%:.55.21% 0'&/%),+%9,'+<%%=&,%)+2Y,8/;%!1`_2*(,%#259,/&95,1,% $'/'59(/%Q,3,52):,1/;%.(%'%Y2.1/%3,1/*+,%7./&%>'16X2X% #259,/&95,1,%#58<;%'%(*0(.-.'+9%24%#==\$;%'1-%7'(% .1./.'/,-%/2%:'A.:.F,%/&,%(91,+69%':216%#==%\+2*)% 24%$2:)'1.,(< N<H<K% Q,3,52),-%g22-%#5'(/.8%$2:)2(./,%Og#$R%'(% '%(*0(/./*/,%42+%1'/*+'5%722-<%%=&,%)+2-*8/%.(%'%:.A/*+,% 24%722-%8&.)(;%('7%-*(/%'1-%)5'(/.8%)259:,+(;%:25-,-% *1-,+%'%(),8.'5.F,-%72+X%)+28,((<%%=&.(%(91/&,/.8% 722-% )5'(/.8% 82:)2(./,% .(% 3,+9% -*+'05,;% (/+216,+;% '1-%:2+,%+,(.(/'1/%/&'1%12+:'5%)5'(/.8(<%%=&,%g#$` ##%O)259)+2)95,1,%g#$R%.(%('4,%42+%*(,%.1%/&,%422-% .1-*(/+9<%%=&,%)+2-*8/%7'(%8,+/.4.,-%'1-%+,8261.F,-% '(%'%+,(*5/%24%(8.,18,%'1-%/,8&12526.8'5%.1123'/.21% 42+%)*05.8%*(,<

2013 Annual Report IRPC Public Company Limited

107

N<H<T% Q,3,52),-% _B%C #S% $'/'59(/% 42+% ^5/+'% _.6&% W25,8*5'+%g,.6&/%#259,/&95,1,%O^_Wg#UR%#+2-*8/.21<%% =&,% )+2-*8/;% '1% *5/+'`&.6&% :25,8*5'+% 7,.6&/% )259,/&95,1,% '1-% '12/&,+% (*88,((% 24% "jQ;% .(% ,A/+,:,59% -*+'05,% '1-% +,(.(/'1/% /2% '19% 8255.(.21(;% (8+'/8&,(%'1-%8&,:.8'5%82++2(.21(;%0*/%&.6&59%65'F,-% '1-%(&.19%5.X,%2/&,+%)5'(/.8(<%%!/%.(%*(,-%'(%'%0'//,+9% 0*44,+(%'1-%)5'(/.8%(&,,/(< N<H<G% Q,3,52),-%&.6&`652((%(/'0.5./9%09%*(.16%U>V% .1%_\TbD%/2%.18+,'(,%)+28,(('0.5./9%'1-%652((%(/'0.5./9% 24%/&,%)+2-*8/;%7&.8&%.(%3,+9%(&.19%'1-%,'(9%/2%:25-< N<H<L% Q,3,52),-%&.6&`(/.441,((%'1-%&.6&`85'+./9%##% UA/+*(.21%##%NNaD_;%'%(),8.'5.F,-%##%&2:2)259:,+% /&'/%.(%&.6&59%-*+'05,%/2%&,'/;%'(%7,55%'(%(/+216%'1-% +.6.-<% % =&,% )+2-*8/% .(% 3,+9% (*./'05,% 42+% ,A/+*(.21% /&,+:242+:.16%'1-%0527`:25-.16%)+28,((;%(*8&%'(% 422-%)'8X'6.16;%-+.1X.16%7'/,+%'1-%Y*.8,%821/'.1,+(% /&'/%8'1%0,%(/,+.5.F,-< N<H<ND% Q,3,52),-% &.6&`4527;% &.6&`85'+./9% +'1-2:% )259)+2)95,1,%bbHCV;%3,+9%(),8.'5.F,-%)259)+2)95,1,% +'1-2:% 82)259:,+(% /&'/% '+,% /+'1()'+,1/;% -*+'05,;% +,(.(/'1/%/2%&,'/%'1-%-,42+:'/.21<%%=&,%)+2-*8/%.(% (*./'05,%42+%&.6&`(),,-%.1Y,8/.21%:25-.16<%%^(,+(%8'1% .18+,'(,% /&,% :25-.16% (),,-;% (.18,% /&,% :'/,+.'5%.(% +,(.(/'1/%/2%-,42+:'/.21;%('3,(%,1,+69;%'1-%6,1,+'/,(% &.6&,+%)+2-*8/.21%8')'8./9< 1.5 Financial Performance !1%(*))2+/.16%(*(/'.1'05,%6+27/&;%!"#$%&'(%,44.8.,1/59% :'1'6,-%./(%4.1'18.'5%(9(/,:%*1-,+%'%Y2.1/%822),+'/.21% 7./&%#==%\+2*)%24%82:)'1.,(%/2%(/+.3,%42+%/&,%g2+5-% $5'((%$2+)2+'/,%d.1'18,%'1-%B882*1/.16%/2%(*))2+/% /&,%82:),/./.3,%'-3'1/'6,(%.185*-.16%/&,%622-%821/+25% '1-%622-%:'1'6,:,1/%623,+1'18,< =&.(%9,'+J(%4.1'18.'5%),+42+:'18,%'1-%'885'.:%'+,% (*::'+.F,-%0,527< N<a<N%%%V,8*+,-%'-,M*'/,%8')./'5%*1-,+%(*./'05,%82(/% 24% 4*1-(% 42+% 4.1'18.'5% 5.M*.-./9% /2% '882::2-'/,% .13,(/:,1/% .1% 3'+.2*(% )+2Y,8/(% '1-% (/+.8/% 4.1'18.'5% -.(8.)5.1,%/2%(*))2+/%./(%(*(/'.1'05,%6+27/&%/&+2*6&% /&,%425527.16%'8/.21(h

108

% V,8*+,-%(&2+/`/,+:%.1/,+`82:)'19%02++27.16%j% 5,1-.16% 7./&% #==% /2% ,1(*+,% 2)/.:'5% 4.1'18.'5% :'1'6,:,1/%7./&.1%#==%\+2*)< % B8M*.+,-% '% ^VlCCD`:.55.21% 52'1% 4+2:% 42+,.61% 4.1'18.'5%.1(/./*/.21(%/2%(*))2+/%./(%(&2+/`/,+:%8'(&% 4527<%%=&.(%9,'+`/2`9,'+%72+X.16%8')./'5%52'1%.(% -,(.61,-%/2%)+23.-,%:'A.:*:%45,A.0.5./9%/2%!"#$< N<a<C%%=72%'7'+-(%6+'1/,-%/2%!"#$h % =&,%>,(/%!13,(/2+%",5'/.21(%B7'+-%4+2:%$2+)2+'/,% \23,+1'18,%B(.'%W'6'F.1,%*1-,+%/&,%b+-%B(.'1% UA8,55,18,%",8261./.21%B7'+-(%/&.(%9,'+<%% % B% &.6&,+% '((,((:,1/% (82+,% /&'1% 5'(/% 9,'+;% '882+-.16% /2% /&,% V/28X% UA8&'16,% 24% =&'.5'1-% OVU=R;%21%.13,(/2+%+,5'/.21(%),+42+:'18,< 1.6 Information Technology Performance =&,%!"#$%.142+:'/.21%/,8&125269%.(%7,55%-,3,52),-% /2% (*))2+/% '1-% 42(/,+% 0*(.1,((% '1-% :'1'6,:,1/% 82:),/./.3,1,((;% 7&.5,% ,1&'18.16% 8*(/2:,+% 8'+,% ,44.8.,189<%%!"#$%&'(%821/.1*2*(59%,A)'1-,-%/&,%!=% (9(/,:%/2%823,+%'))5.8'/.21(%.1%'55%4'8.5./.,(%24%/&,% 82:)'19%'1-%./(%'44.5.'/,(<%%=&.(%9,'+;%!=%),+42+:'18,% .(%(*::'+.F,-%'(%425527(< % !#"$%721%/&,%!VSe!U$%CTDDNhCDDa%21%/&,%$2+,% Z,/72+X% !=% !14+'(/+*8/*+,% V9(/,:% .1(/'55,-% '/% ./(% 82:)*/.16%8,1/,+%'/%/&,%U1,+69%$2:)5,A%B%>*.5-.16% '1-%./(%1,/72+X%8211,8/.21(%'/%/&,%U1,+69%$2:)5,A% >%>*.5-.16;%/26,/&,+%7./&%/&,%82:)*/,+%(9(/,:%'1-% ./(%(,+3,+%(9(/,:%.1(/'55,-%'/%'%"'9216%82:)*/.16% 8,1/,+<

% !"#$%,'+1,-%/&,%=&'.5'1-%!$=%UA8,55,18,%B7'+-% CDNC%21%W'9%CG%/&.(%9,'+%21%/72%8'/,62+.,(h%%.1/,+1'5% !=%$2+,%#+28,((%(9(/,:%*1-,+%/&,%!"#$%>*(.1,((% !1/,55.6,18,%#+2Y,8/;%'1-%'%821(25'/.21%)+.F,%21%>>V% O>,&'3.2+`>'(,-%V'4,/9R< 1.7 Human Resource Management Performance !"#$%&'(%-,4.1,-%./(%&*:'1%+,(2*+8,(%:'1'6,:,1/% /2%'5.61%7./&%/&,%2+6'1.F'/.21'5%(/+'/,69;%/2%(/+.3,%42+% ./(% &*:'1% +,(2*+8,% 3.(.21% 09% ,A8,55.16% .1% &*:'1% 8')./'5;%0,82:.16%&.6&59%82:),/./.3,;%'1-%5'9.16%-271% '%4.+:%42*1-'/.21%/2%(*(/'.1'05,%-,3,52):,1/<%%=&.(% 9,'+%/&,%82:)'19%5'*18&,-%(,3,+'5%.1./.'/.3,(%'1-% 821/.1*,-%/&,(,%,442+/(;%.185*-.16%/&,%425527.16<

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2013 Annual Report IRPC Public Company Limited

109

/&+2*6&% /&,(,% )+26+':(<% % =&,(,% :'1'6,:,1/% ,A,8*/.3,(%'1-%(/'44%*1-,+(/'1-%'1-%&'3,%'-2)/,-% 82++,8/%:'1'6,:,1/%)&.52(2)&9%'1-%/&,.+%+25,(%85,'+59% .1% 2+-,+% /2% :'1'6,% /&,.+% +,(),8/.3,% 72+X(% '1-% '((.61:,1/(%,44.8.,1/59< J&A&*)C&5$ 3$ 70)G*&5<&K.23(/0<$ .@.'&,$ 8)($ C&(.)00&*$ /0$ 1)(&$ ?+./0&..$ <()+C.L% .185*-.16% )+2-*8/.21;%:'+X,/.16;%'1-%,16.1,,+.16%/2%,1&'18,% X1275,-6,%'1-%,A),+.,18,`(&'+.16%':216%(/'44%'1-% ),+(211,5;%,(),8.'559%/2%92*16,+%6,1,+'/.21(%*1-,+% '% 82'8&.16% '1-% X1275,-6,% :'1'6,:,1/% (9(/,:<%% V,3,+'5%82::*1./.,(%24%5,'+1.16%7,+,%,182*+'6,-%/2% 42+:<%%B(%24%CDNb;%Kb%6+2*)(%&'3,%0,,1%42*1-,-;% 6,1,+'/.16%C;LaK%X1275,-6,%./,:(<%%=&,(,%(/'/.(/.8(% '+,%21%/&,%+.(,;%:2/.3'/,-%09%/&,%82:)'19`2+6'1.F,-% PW% +,8261./.21% '7'+-% '1-% .1123'/.21% '7'+-% )+26+':(<%%g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h% % !"#$% 821/.1*,-% ./(% (,821-% 9,'+% 24% (*))2+/%/2%/&,%$&U#(%)+26+':%.1./.'/,-%/2%)+23.-,% /&,%.1/,6+'/,-%5,'+1.16%-,3,52):,1/%24%8&,:.8'5% ,16.1,,+.16% )+26+':(% 42+% (/*-,1/(% '1-% &.6&` )2/,1/.'5% )+2-*8/.21% (/'44<% % ^1-,+% /&,% Y2.1/% 822),+'/.21% 7./&% P.16% W216X*/J(% ^1.3,+(./9% 24% =,8&125269% =&210*+.;% &.6&`)2/,1/.'5% )+2-*8/.21% 2),+'/2+%,:)529,,(%'//,1-,-%/&,%)+26+':%.1%CDNb% 21%-,3,52):,1/%24%'1'59/.8'5%(X.55(;%52((%821/+25% '1-% )+2-*8/.21% ,44.8.,189<% % =&+2*6&% 5,'+1.16% ,3'5*'/.21;% 5,'+1.16% '1-% '1'59/.8'5% (X.55(% 7,+,% .18+,'(,-%09%HHI;%)+2-*8/.21%:'1'6,:,1/%(X.55(% 09% aC<aI;% '1-% 8&,:.8'5% X1275,-6,% (X.55(% 09% aL<TI< 110

% M+*'+(&$'(30.8)(,3'/)0$()35,3C$5&A&*)C,&0'H$$ =&,% 8*5/*+,% .:)5,:,1/'/.21% '1-% 0,&'3.2+'5% &'1-022X% 7,+,% -,3,52),-% .1% 5.1,% 7./&% /&,% 82+)2+'/,% 3'5*,(% ?f!$=S"!U(E% /2% )+2:2/,% '1-% 42(/,+% /&,% (*(/'.1'05,% 82+)2+'/,% 8*5/*+'5% -,3,52):,1/<%%=&,%)+26+':%7'(%.:)5,:,1/,-%/2% '55%5,3,5(%24%,:)529,,%/2%0,82:,%4*559%'7'+,%24% '1-%'8/.3,59%)'+/.8.)'/,%.1%/&,%8*5/*+'5%.142+:'/.21% 24%/&,%2+6'1.F'/.21< % f% m%%N$.(.21.16%'1-%(/+'/,6.8%,A,8*/.3, % !% m%%E$1().+.16%'1-%,16'6.16%),2)5, % $% m% M$&'16,%5,'-,+(&.) % =% m% 6$,':%8255'02+'/.21 % S% m% D$),+'/.21'5%82:),/./.3,1,(( % "% m% O$,(),8/%'1-%/+*(/ % !% m% E$1123'/.21 % U(%m%%F$1/,+)+,1,*+$.$&.)<

2. Social Performance

!1%)'+'55,5%7./&%0*(.1,((%6+27/&;%$V"%'1-%(/'X,&25-,+% :'1'6,:,1/%'+,%82+,%'8/.3./.,(%24%!"#$%/&+2*6&2*/% /&,%0*(.1,((%3'5*,%8&'.1<%%=&,%82:)'19J(%12/'05,% (28.'5%),+42+:'18,%.(%(*::'+.F,-%'(%425527(< C<N% ^1-,+% /&,% $2::*1./9% V&'+.16% )+26+':;% 4+,,% 0'(.8%:,-.8'5%/+,'/:,1/%7'(%,A/,1-,-%/2%(*++2*1-.16% 82::*1./.,(<%%=&.(%9,'+;%H;KTD%)'/.,1/(%7,+,%/+,'/,-% *1-,+%/&.(%)+26+':<%%B(%24%S8/20,+%bN%/&.(%9,'+;%/&,% 82:)'19% &'(% .((*,-% K;TLG% !"#$% 8'+-(% /2% /&,% 82::*1./.,(<

C<C% c2.1/59%2+6'1.F,-%7./&%)+'8/./.21,+(%'1-%-,1/.(/(% 4+2:%]*,,1%V.+.X./%_2()./'5%'%/2/'5%24%NC%W20.5,%$5.1.8% '8/.3./.,(% 7,+,% 821-*8/,-% /&.(% 9,'+% .1% '+,'(% (*++2*1-.16%!"#$%!1-*(/+.'5%U(/'/,%/2%)+23.-,%:,-.8'5% /+,'/:,1/%'1-%(,+3.8,(%/2%N;DHL%),2)5,< C<b% !1%(*))2+/%24%/&,%)*05.8%&,'5/&%42+%/&,%82::*1./.,(% (*++2*1-.16% /&,% !"#$% !1-*(/+.'5% U(/'/,;% '% >'&/% NC`:.55.21%0*-6,/%4*1-,-%821(/+*8/.21%24%'%:,-.8'5% 0*.5-.16% 42+% =':021% =')&216% _,'5/&% #+2:2/.21% _2()./'5<% % d2*1-'/.21% 72+X% .(% 2162.16% 42+% /&,% 821(/+*8/.21%'1-%/&,%)+2Y,8/;%218,%82:)5,/,-;%.(%(,/% /2%(,+3,%:2+,%/&'1%NDD;DDD%),2)5,%,'8&%9,'+<

C<K% B7'+-,-% CLT% (8&25'+(&.)(% /2% 82::*1./.,(% (*++2*1-.16%/&,%,(/'/,%'1-%>'1%P&'.%.1%/&.(%'11*'5% '8/.3./9< C<T% ^1-,+% /&,% ?V2:% V2:,% =2,:% V*XE% #+2Y,8/;% ,:)529,,(% '1-% (/*-,1/(% 24% /&,% !"#$% =,8&125269% $255,6,%)+23.-,-%+,123'/.21%'1-%+,)'.+%/2%,5,8/+.8'5% '))5.'18,(;% /29(% '1-% )5'96+2*1-% '1-% 5,'+1.16% ,M*.):,1/%/2%CD%3'+.2*(%(8&225(%-*+.16%CDNb<

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C<a% d25527.16% /&,% .1(),8/.21% 24% '% -,/,+.2+'/,-% 0*.5-.16%24%g'/%#5*'X%P'/,%V8&225%42+%(/*-,1/(%'1-% 92*16%8&.-+,1;%>'&/%H<Ka%:.55.21%7'(%'5528'/,-%/2% 821(/+*8/%'%1,7%/72`(/2+,9%0*.5-.16%7./&%(,3,1%(/*-9% +22:(;%42*+%(/*-9%&'55(;%'%/,'8&,+J(%+22:;%'%5.0+'+9;% '1%.14.+:'+9;%'1-%/&,%&.+.16%24%/72%/,'8&,+(<

C<L% !1%821Y*18/.21%7./&%/&,%Q,)'+/:,1/%24%!1-*(/+.'5% g2+X(%OQ!gR;%'%/2/'5%24%CD%82::*1./9%-,3,52):,1/% )+2Y,8/(% 7,+,% 821-*8/,-% *1-,+% '% >'&/% C`:.55.21% 0*-6,/% /2% *)6+'-,% /&,% 82::*1./9% M*'5./9% 24% 5.4,;% .185*-.16%:*(&+22:%8*5/.3'/.21%'/%>'1%='X'/%'1-%'% -,82+'/.3,%6'+-,1%/+,,%)+2Y,8/< 2013 Annual Report IRPC Public Company Limited

111

C<ND%%=&.(% 9,'+% !"#$% 2+6'1.F,-% NK% S),1% _2*(,% (,((.21(%42+%KHD%),2)5,%4+2:%(*++2*1-.16%82::*1./.,(% /2% 6'.1% )+2),+% *1-,+(/'1-.16% '1-% 8214.-,18,% .1% !"#$J(%2),+'/.21(< C<NN%%#+23.-,-%0*-6,/(%'1-%'8/.3./.,(%/2%)+2:2/,%/&,% 0*(.1,((%,1/,+)+.(,%8218,)/%'1-%6,1,+'/,%.182:,% 42+% /&,% 82::*1./.,(% '+2*1-% /&,% ,(/'/,% 42+% NK% 288*)'/.21%6+2*)(%/&.(%9,'+<%%!1%'--./.21;%'8/.3./.,(% /2%(&'+,%'1-%-.((,:.1'/,%X1275,-6,%'1-%(X.55(%7,+,% 2+6'1.F,-;%7./&%:'+X,/%()'8,(%'++'16,-%42+%3'+.2*(% 288*)'/.21%6+2*)(%/2%(,55%/&,.+%)+2-*8/(< C<NC%%B6+.8*5/*+'5%",(,'+8&%$,1/,+%#+2Y,8/h%%!"#$%4*559% +,'5.F,(%/&,%.:)2+/'18,%24%/&,%'6+.8*5/*+,%(,8/2+%.1% "'9216<%%W2+,%/&'1%aDI%24%"'9216%+,(.-,1/(%'+,%.1% /&.(%(,8/2+<%%!1%821Y*18/.21%7./&%P'(,/('+/%^1.3,+(./9;% '1% '6+.8*5/*+'5% +,(,'+8&% 1,/72+X.16% 8,1/,+% )+2Y,8/% 7'(% .1./.'/,-% /2% 0+.16% +,(,'+8&% 2*/)*/(% '1-% (&'+,% /&,:%7./&%4'+:,+(;%'1-%)+23.-,%:20.5,%'6+.8*5/*+'5% (25*/.21(% 7&,+,% /&,9% '+,% 1,,-,-<% % !"#$% .(% '5(2% 821(.-,+.16%'%(,/*)%24%'1%'6+.8*5/*+'5%+,(,'+8&%'1-% -,3,52):,1/%.1%"'9216<

112

3. Environmental Performance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b% /2%'5.61%7./&%,'8&%*1./J(%P#!%7./&%'%428*(%21%'.+%M*'5./9% '1-%7'(/,%:'1'6,:,1/<%%!"#$J(%5216`/,+:%62'5(%42+% ,13.+21:,1/'5%2),+'/.21'5%,A8,55,18,%09%CDNT%'+, % =2%:'.1/'.1%'.+%)255*/.21%),+%/21%24%)+2-*8/( % =2% '8&.,3,% F,+2% 5'1-4.55% 42+% 121`&'F'+-2*(%% % 7'(/,<

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=&,%:'.1%.((*,(%'+,%fS$%,:.((.21(%821/+25%42+%/&,% ),/+25,*:%'1-%),/+28&,:.8'5%0*(.1,((,(%/&.(%9,'+<%% =&,%),/+25,*:%0*(.1,((%('7%NbI%+,-*8/.21;%'1-%/&,% ),/+28&,:.8'5%0*(.1,((%('7%KI%+,-*8/.21%.1%fS$% ,:.((.21(;%,44,8/.3,59%527,+.16%82:)5'.1/(%'02*/%(:,55% 09%:2+,%/&'1%'%&'54%4+2:%5'(/%9,'+< Q3.'&$,303<&,&0' =&,%325*:,%24%5'1-4.55%-.()2('5%24%7'(/,%4,55%09%NH;LDG% /21(%OGbI%24%/2/'5%)+28,((%7'(/,R;%/&,%0*5X%24%7&.8&% ONH;NCD%/21(R%7'(%+,*(,-;%'1-%HI%OTGG%/21(R%7'(% +,823,+,-%42+%+,*(,< M),C*3/0'$,303<&,&0' g./&%,:.((.21(%24%)255*/'1/(%821(/'1/%2+%21%/&,%-,85.1,% 42+%,'8&%/21%24%)+2-*8/(;%/&,%/'(X%7'(%821(.-,+,-%'% (*88,((<%%Z2%3.25'/.21%24%,13.+21:,1/'5%5'7(%(*+4'8,-<

4. Corporate Governance Performance !"#$%&'(%821(.(/,1/59%'1-%(/+.8/59%'-&,+,-%/2%./(%)25.89% 21%82+)2+'/,%623,+1'18,<%%!/(%82+)2+'/,%623,+1'18,% ),+42+:'18,% /&.(% 9,'+;% '))+23,-% 09% /&,% >2'+-% 24% Q.+,8/2+(;%8'1%0,%(*::'+.F,-%'(%425527(< 9"!$:0'/K1)((+C'/)0$13,C3/<0 % =&,%>2'+-%85,'+59%-,4.1,-%'1-%.((*,-%:,'(*+,(% 21%'1/.`82++*)/.21%)+'8/.8,(;%127%,142+8,-%':216% '55%,:)529,,(;%'44.5.'/,(%'1-%(*0(.-.'+.,(;%'1-%Y2.1/% 3,1/*+,(%42+%(/+.8/%82:)5.'18,<%%=&,(,%)25.8.,(%'1-%

% ^1-,+% /&,% $B$% 6*.-,5.1,(;% !"#$% 821-*8/,-% '% 82+)2+'/,%623,+1'18,%(,54`'))+'.('5%'1-%(*0:.//,-% /&,% 4.1'5% 4.1-.16(% /2% /&,% =&'.% !1(/./*/,% 24% Q.+,8/2+(% O!SQR;% 7&,+,% /&,% (,8+,/'+9% 24% /&,% '1/.`82++*)/.21% 82'5./.21%82::.//,,%72*5-%(8+*/.1.F,%'1-%8,+/.49%./(% :,:0,+(&.)< 9"#$6)+<2&(L$'(30.C3(&0'$5/.1*).+(&$)8$1)(C)(3'&$ <)A&(0301&$53'3$+05&($'2&$/0'&(03'/)03*$.'3053(5" % W'-,%'3'.5'05,%/&,%CDNC`CDNb%(*(/'.1'0.5./9%+,)2+/% '/%/&,%^Z%\520'5%$2:)'8/%7,0(./,%/2%-.(852(,%-'/'% '1-%)+26+,((%:'-,%.1%'55%42*+%'+,'(h%%5'02+;%&*:'1% +.6&/(;%,13.+21:,1/;%'1-%'1/.`82++*)/.21;%'(%)'+/%24% /&,%'11*'5%^Z%\520'5%$2:)'8/%$2::*1.8'/.21%21% #+26+,((%+,M*.+,:,1/(< % ^)-'/,-% 82+)2+'/,% 623,+1'18,% -'/'% '/% !"#$J(% 7,0(./,;% .1% =&'.% '1-% U165.(&;% /2% 82:)59% 7./&% /&,% >2'+-J(%-.+,8/.3,%/2%(&'+,%/&,%:2(/%*)-'/,-%82:)'19% -'/'% 7./&% '55% (/'X,&25-,+(% ,M*'559<% % U((,1/.'5% -'/'% .185*-,-%'%/&+,,`9,'+%/,+:%24%244.8,%42+%-.+,8/2+(%'1-% '%5.:./%21%/&+,,%821(,8*/.3,%/,+:(%O'%/2/'5%24%1.1,% 9,'+(R;% '% 5.:./% 24% 4.3,% VU=`5.(/,-% 82:)'1.,(% 7&,+,% ,'8&%-.+,8/2+%8'1%&25-%244.8,;%'1-%+,-*8/.21%4+2:%aI% /2%HI%24%/&,%/2/'5%(&'+,(%&,5-%09%8255,8/.3,%271,+(% /2%)+2)2(,%'1%'6,1-'%42+%/&,%'11*'5%6,1,+'5%:,,/.16%

2013 Annual Report IRPC Public Company Limited

113

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114

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2013 Annual Report IRPC Public Company Limited

115

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116

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117

Market Overview and Industry Outlook

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118

2(-".#'%.-,%#.(:%14/,#(/"#,()1-:04/()+#27/,7#/1#47%# 2('".I1#1%,().#"&'*%14#(/"#,()1-:%'5 O)#47%#1%,().#P-&'4%'+#(/"#0'/,%1#2%'%#'(,J%.#9$#47%# 2%&J%)/)*#2('".#%,()(:$+#%10%,/&""$#47%#&**'&3&4/)*# .%94#,'/1/1#/)#G$0'-1#&).#47%#.%4%'/('&4/)*#%,()(:$# /)#G7/)&5#67/1#0'(:04%.#47%#O)4%')&4/()&"#N()%4&'$# L-).# QONLR# &).# 47%# S'*&)/T&4/()# F('# U,()(:/,# G((0%'&4/()#&).#8%3%"(0:%)4#QSUG8R#4(#'%.-,%#47%/'# %,()(:/,#*'(247#F('%,&14#4(#V5VEV5WX5#ONL#&).#47%# Y('".#A&)J#&"1(#'%3/1%.#47%/'#2('".#Z8[#F('%,&141# 4(# K5KX# &).# H5\X5# 67%# 2('".I1# "%&./)*# %)%'*$# /)14/4-4/()1#1-,7#&1#OU!+#UO!+#&).#S[UG#&"1(#,-4#47%/'# 0'%./,4/()#(F#2('".#(/"#.%:&).#47/1#$%&'5

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67%#/),'%&1%.#.%:&).#F('#*&1(7("#/)#47%#F/'14#?C# :()471#2&1#0'%1-:&9"$#&#'%1-"4#(F#47%#:&).&4('$# 1&"%1# &9&).():%)4# (F# *&1("/)%# =?+# 27/,7# 2&1# %FF%,4/3%#1/),%#47%#`%2#a%&'5# N('%# )%2# ,&'1# -).%'# 47%# *(3%'):%)4I1# L/'14# G&'# ,&:0&/*)+#,7%&0%'#0'/,%1+#&).#47%#/),'%&1/)*#)-:9%'# (F#1%'3/,%#14&4/()1#7%"0%.#9-($#*&1("/)%#.%:&).5 N%&)27/"%+#47%#0'(0('4/()#(F#B[Z#,()1-:04/()#/)# 47%#7(-1%7(".#1%,4('#.'(00%.#&1#47&4#/)#47%#4'&)10('4# 1%,4('#'(1%5#67%#0'(9&9"%#,&-1%#2&1#47&4#47%#B[Z# 0'/,%#/)#47%#7(-1%7(".#1%,4('#2&1#'&/1%.#9$#A&74# C5>C# %3%'$# :()47+# 14&'4/)*# F'(:# <%04%:9%'# HC?K5# <4'/,4#:%&1-'%1#F('#/)10%,4/()#&).#1-00'%11/()#(F# B[Z#1:-**"/)*#&,'(11#./FF%'%)4#1%,4('1#.%4%''%.#B[Z# 1:-**"/)*#F'(:#47%#7(-1%7(".#4(#47%#4'&)10('4#1%,4('+# &1#2%""#&1#0'%3%)4/)*#/""%*&"#%_0('41#4(#)%/*79('/)*# ,(-)4'/%15# N&]('#(0%'&4('1#/)#47%#.(:%14/,#(/"#/).-14'$#"&14#$%&'# 2%'%#[66+#<7%""+#U11(+#G7%3'()+#&).#A&)*,7&J+#2/47# :&'J%4#17&'%1#17(2)#9%"(2b Company [66 U11( A&)*,7&J <7%"" G7%3'() Oc[G S47%'1

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2013 Annual Report IRPC Public Company Limited

119

Oil price outlook O)#HC?\+#8-9&/#/1#%_0%,4%.#4(#&3%'&*%#&'(-).#;<8# ?CH@AAB+#&#1"/*74#.'(0#F'(:#47/1#$%&'I1#&3%'&*%#(F# &'(-).#;<8#?CD@AAB+#9%,&-1%#47%#*'(247#'&4%#(F# 2('".#,'-.%#1-00"$#/1#"/J%"$#4(#%_,%%.#47&4#(F#47%# .%:&).5#N(14#(F#47%#1-00"$#/),'%&1%#2/""#,(:%# F'(:# )()ES[UG# ,(-)4'/%1# 1-,7# &1# 47%# ;<# &).# G&)&.&5# M(2%3%'+# -)'%14# /)# 1(:%# :&]('# ,'-.%# 0'(.-,%'1#/)#47%#N/.."%#U&14#&).#`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ales Percentage of Oil Products

Distribution Channel

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120

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b# N/)/14'$#(F#U)%'*$+#`U<8A+#67&/(/"R5 IRPC customers or distribution channels Oc[G# F(,-1%1# ()# 0'(.-,4# P-&"/4$# ,()4'("# -).%'# 47%# 14&).&'.1#'%P-/'%.#9$#47%#N/)/14'$#(F#G(::%',%5#O4#&"1(# :&_/:/T%1#1&"%1#0'(F/41#9$#1%44/)*#47%#(/"#0'/,%#/)#"/)%# 2/47# :&'J%4# ,()./4/()1# &).# 2('J# 2/47# &FF/"/&4%1# 4(# 1$)%'*/T%#1&"%1#14'&4%*$5# # O).-14'/&"#1&"%#E#67/1#/),"-.%1#,&'#,(:0&)/%1+#,&'*(# 17/01+#9-1%1+#&).#,()14'-,4/()#,(:0&)/%1+#&1#2%""#1&"%1# 4(#&FF/"/&4%15

# Y7("%1&"%@](99%'1#E#67/1#:%&)1#9(47#"&'*%#&).# 1:&""#27("%1&"%'1#&).#](99%'1#27(#'%1%""#0'(.-,41# /)#47%#F(':#(F#./'%,4#&).#'%4&/"#1&"%15 # <&"%#4(#4'&.%'1#-).%'#!'4/,"%#V#E#67/1#/),"-.%1# :&]('#&).#:%./-:E1/T%.#(/"#,(:0&)/%1#47&4#0(11%11# (/"#.%0(41#&).#F-'47%'#./14'/9-4%#47%#0'(.-,41#4(#%).E ,-14(:%'1#47'(-*7#47%/'#(2)#)%42('J15 # U_0('4#E#<&"%#4(#(3%'1%&1#:&'J%41#/1#,&''/%.#(-4# 47'(-*7#42(#:%47(.1+#47&4#/1+#9$#,&'*(#17/01#4(#J%$# :&'J%41#/)#!1/&+#)&:%"$#</)*&0('%+#G&:9(./&+#&).# e/%4)&:+#&).#9$#'&/"#4(#J%$#:&'J%41#/)#O).(,7/)&+# )&:%"$# 1(-47%')# G7/)&+# G&:9(./&+# B&(1+# &).# N$&):&'5#67/1#$%&'#Oc[G#%_0('41#&,,(-)4%.#F('#HWX# (F#4(4&"#1&"%15 # A-)J%'#E#67/1#/1#47%#1&"%#(F#./%1%"+#&"1(#J)(2)#&1# &-4(:(4/3%#./%1%"#(/"#Q!8SR+#&).#F-%"#(/"#4(#17/015 # L/17%'$#E#67/1#/1#47%#1&"%#(F#./%1%"#2/47#C5VX#1-"F-'# 4(# F/17%'$# &11(,/&4/()1# /)# 4%''/4('/&"# 2&4%'15# Oc[G# 9(&141#&#D>X#17&'%#/)#47/1#:&'J%45 Strategies for competition !1#F('#/41#0'/,/)*#14'&4%*$+#Oc[G#14'%11%1#,(:0%4/4/3%# 0'/,/)*#4(#:&/)4&/)#/41#:&'J%4#17&'%#&).#%_0&).#47%# ,-14(:%'#9&1%#&1#2%""#&1#1&"%1#3("-:%15#O4#1%%J1#4(# (0%'&4%# ()# &00'(0'/&4%# :&'J%4/)*# :&'*/)1# 27/"%# 7&3/)*# 47%# F(""(2/)*# 1%'3/,%1# '%&./"$# &3&/"&9"%# 4(# ,-14(:%'1b#

# S/"#.%0(41#E#Oc[G#'-)1#F/3%#(/"#.%0(41#4(#1%'3%# ,-14(:%'1#/)#&""#0&'41#(F#47%#,(-)4'$+#2/47#47%#c&$()*# S/"# 8%0(4# '-))/)*# &'(-).# 47%# ,"(,J5# O)# HC?H+# 47%# ./14'/9-4/()# 0(/)4# &4# N&%# f"()*# 8%0(4# /)# <&:-4# <()*J7'&:# 0'(3/),%# 2&1# "&-),7%.# 4(# F&,/"/4&4%# ,-14(:%'1#/)#2%14%')#&).#-00%'#1(-47%')#0'(3/),%15# # 6'&)10('4#E#Oc[G#(2)1#&#4'-,J#F"%%4#F('#0'(.-,4# ./14'/9-4/()#4(#,-14(:%'1#&'(-).#47%#,(-)4'$5#O4#&"1(# :&)&*%1#&#0/%'#4(#1%'3%#,-14(:%'1#27(#0'%F%'#:&'/)%# "(&./)*5 # [%'1())%"# E# Oc[G# 7&1# 1&"%1# &*%)41+# 1&"%1# '%0'%1%)4&4/3%1+#&).#&#1&"%1#1%'3/,%#.%0&'4:%)4#4(# 1%'3%#,-14(:%'15#O41#./10&4,7#(FF/,%#4&J%1#0-',7&1%# ('.%'1# 47'(-*7# 47%# <![# 1$14%:5# 8&4&# ,&)# 9%# 0'(,%11%.#()E"/)%#&).#/)#'%&"#4/:%#4(#%)1-'%#&,,-'&,$# &).#1/)*"%E14&).&'.#1%'3/,%#4(#/),'%&1%#/41#1%'3/,%# %FF/,/%),$#27/"%#'%.-,/)*#.-0"/,&4%#2('J5#S)E"/)%#&).# '%&"E4/:%#.&4&#1-00('4#47%#:&)&*%:%)4#&).#&""#14&FF# /)#47%/'#&)&"$1/1+#.%,/1/()E:&J/)*+#&).#&.:/)/14'&4/()5# Oc[G#7&1#)(2#/:0"%:%)4%.#47%#/cS`#QOc[G#S/"#()# `%4# 1$14%:R+# &# 0'(.-,4# ./14'/9-4/()# :&)&*%:%)4# 1$14%:# 47&4# /)4%*'&4%1# 47%# %FF/,/%),$# (F# /41# 1-00"$# ,7&/)# 2/47# 47%# 6(4&"# A-1/)%11# <("-4/()# <$14%:# .%3%"(0%.#/)E7(-1%5#67%#1$14%:#2&1#.%1/*)%.#4(# F&,/"/4&4%#,-14(:%'1#27%)#47%$#%)*&*%#/)#4'&)1&,4/()1+# 27/"%# /),'%&1/)*# Oc[GI1# 9-1/)%11# %FF/,/%),$5# Oc[G# 14/""#,&''/%1#()#1$14%:1#.%3%"(0:%)4#/)#'%10()1%#4(# %&,7# 07&1%# (F# 47%# (0%'&4/()# (F# (47%'# ./14'/9-4/()# ,7&))%"15#

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2013 Annual Report IRPC Public Company Limited

121

# g-&"/4$# ,()4'("# E# Oc[G# ,(::&).1# 4%,7)/,/&)1# '%&./"$#&3&/"&9"%#4(#0'(3/.%#/)F(':&4/()#&).#1("-4/()1# 4(#0'(9"%:1#F('#,-14(:%'15#O41#4%,7)/,/&)1#0&$#P-&"/4$E ,()4'("# 3/1/41# 4(# 14&4/()1# &).# .%0(41# 4(# %)1-'%# ,-14(:%'1I#,()F/.%),%#/)#/41#P-&"/4$5

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122

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2013 Annual Report IRPC Public Company Limited

123

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2013 Annual Report IRPC Public Company Limited

125

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126

/:0'(3%:%)4#(F#/)F'&14'-,4-'%#4(#1%'3%#:('%#)%%.1# (F#,-14(:%'1+#27/"%#/:0'(3/)*#/41#1%'3/,%#14&).&'.# 47'(-*7#()"/)%#1%'3/,%15 # 9+43)*$0:'($%) c%3%)-%#F'(:#4&)J#1%'3/,%1#47/1#$%&'#&:(-)4%.#4(# A&74#KHK#:/""/()+#&*&/)14#A&74#HK\#:/""/()#"&14#$%&'+# &#KWX#'/1%#.-%#4(#47%#14'&4%*$#4(#:&_/:/T%#47%#-1%# &).# %FF/,/%),$# (F# %_/14/)*# 4&)J15# # 67/1# /),"-.%1# .%3%"(0:%)4#(F#47%#c&$()*#S/"#8%0(4#4(#&,,(::(.&4%# 47%#(/"#14(,J#'%P-/'%:%)41#/)#67&/"&).I1#(/"#'%1%'3%1# 14'&4%*$+#&).#,()3%'1/()#(F#47%#Oc[G#[7'&#[&.&%)*# S/"#8%0(4#/)4(#&#7-9#F('#47%#14('&*%#&).#4'&)1F%'#(F# %47&)("#&).#9&1/,#0%4'(,7%:/,&"15 67/1# $%&'+# 47%# 4&)J# 1%'3/,%# 9-1/)%11# 1%'3%.# )%2# ,-14(:%'1+#)&:%"$#!1/&#[&,/F/,#[%4'(,7%:/,&"+#;9()# A/(#U47&)("+#[66#[",+#;9%#G7%:/,&"1#Q!1/&R#[",+#67&/# S/"#[",+#</&:#f7%:/+#<-1,(#[",+#&).#<-1,(#8%&"%'15

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2013 Annual Report IRPC Public Company Limited

127

Management Discussion and Analysis (MD&A) Executive Summary In 4Q13, EBITDA was Baht 2,396 million, increasing by Baht 1,508 million or 170% compared to that in 4Q12, Baht 888 million.Net profit amounted to Baht 784 million in 4Q13. Comparing to net losses of Baht 30 million in 4Q12, this was an increase of Baht 814 million in the net profit. For the full year of 2013, EBITDA amounted to Baht 7,489 million. This was an increase of Baht 3,364 million or 82% from the EBITDA in the last year, which was Baht 4,125 million. Net profit was Baht 826 million, rising by Baht 1,603 million or 206%, comparing to net losses of Baht 777 million last year. The details of the changes are summarized below. 1. Consolidatednet sales revenue in 4Q13 was Baht 74,769 million, growing by Baht 8,351 million or 12.6% from 4Q12. The rise in net sales revenue was attributed to an increase of 12.8% in the sales volume from 15.80 million barrels or 172 KBD in 4Q12 to 17.82 million barrels or 194 KBD while the levels of product prices in 2013 and 2012 were relatively similar. For the full year 2013, consolidated net sales revenue was Baht 282,649 million, shrinking by Baht 1,019 million or 0.4%. This was caused by a decrease of 6.7% in the product prices despite an increase of 6.3% in the sale volume from 66.09 million barrels or 181 KBD in 2012 to 70.24 million barrels or 192 KBD. 2. In 4Q13, the Market Gross Integrated Margin (Market GIM) decreased to USD 6.47 per barrel, compared to the Market GIM of USD 6.70 per barrel in 4Q12, as result of a decline in the prices of petroleum products was larger than a decline in the crude price. In this quarter, the use of domestic crude 128

rose to 19 KBD or 11% of the total crude intake,which helps to support the GIM. The Accounting GIM was USD 8.94 per barrel, compared to that in 4Q12, USD 7.02 per barrel. In 4Q13, stock gains amounted to Baht 73 million (USD 0.14 per barrel) while oil hedging gains amounted to Baht 1,188 million (USD 2.33 per barrel). In 4Q12, there were stock losses of Baht 159 million (USD 0.33 per barrel) and oil hedging gains of Baht 309 million (USD 0.65 per barrel). There was no LCM in both 4Q13 and 4Q12. For the full-year of 2013, the Market GIM was USD 6.96 per barrel, compared to prior-year Market GIM, USD 5.83 per barrel. This improvement was due to better product prices combined with increased use of domestic crude amounting to 10 KBD or 6% of the total crude intake, which reduced the costs of production. The full-year Accounting GIM was USD 8.38 per barrel, compared to the Accounting GIM last year, USD 6.26 per barrel. In 2013, stock gains were Baht 1,180 million (USD 0.58 per barrel) while oil hedging gains were Baht 1,721 million (USD 0.84 per barrel). In 2013, there was no provision of Lower of Cost or Market (LCM). In 2012, stock gains amounted to Baht 861 million (USD 0.44 per barrel) and reversal of provision for LCM amounted to Baht 39 million (USD 0.02 per barrel). There were hedging losses of Baht 55 million (USD 0.03 per barrel). 3. Other incomes in 4Q13 rose by 425 million compared to 4Q12, mainly due to gains of Baht 711 million from sales of lands in EIZ to IRPC Clean Power Ltd. (IRPC-CP) aimed to pursue a combined heat and power plant project in Rayong province. In 4Q12, there were gains of Baht 362 million from sales of land.The full-year other incomes in 2013 increased by Baht 148 million compared to last year, mainly due to sales of lands in industrial estate.

4. Depreciation expenses in 4Q13rose by Baht 109 million compared to those incurred in 4Q12. The full-year depreciation expenses increased by Baht 445 million compared to the year-ago period mainly to due to completion of operational improvement and expansion projects during 2013. 5. Net financing costs in 4Q13 increased by Baht 183 million from 4Q12 due to a decrease of Baht 222 million in gains from cross-currency swap (CCS) transactions and a decrease of Baht 17 million in the interest receipts, despite a decrease of Baht 56 million in interest payments. In 2013, net financing costs rose by Baht 20 million from last year because the amount of the total debt increased although the interest rate on the debt fell. 6. As of the end of 2013, there was USD-denominated debt of USD 413 million. In 4Q13, there were losses from foreign exchange of Baht 597 million, most of which were unrealized, due to depreciation of Baht, compared to gains of Baht 79 million in the 4Q12. For the full year of 2013, losses from foreign exchange amounted to Baht 909 million in 2013, most of which were unrealized, compared to gains of Baht 386 million in 2012. 7. In 4Q13, gains from impairments and write-off of assets fell by Baht 130 million from 4Q12. These gains were mainly contributed from sales of land plots in Wang Chan district, Rayong province and sales of other lands amounting to Baht 312 million. Such sales were in line with IRPC’s Asset Utilization Enhancement strategy. In 4Q12, there were gains of Baht 402 million from reversal of impairments relating to land revaluation undertaken every 3 years as required by accounting regulations. For the full year of 2013, gains from impairments and write-off of assets were Baht 321 million dropping by Baht 220 million in 2013 compared to those of last year, Baht 541 million. These gains in 2013 were mainly contributed from the aforementioned sales of lands in Rayong.

8. In 4Q13, gains from investments rose by Baht 379 million compared to those in 4Q12. The change in the gains was mainly contributed from gains of Baht 193 million from sales of investments in IRPC-CP and gains of Baht 192 million from revaluation of remaining investments in IRPC-CP. For the full year of 2013, there was an increase of Baht 136 million from investments compared to those in 2012. This was largely due to gains from sales of investments in IRPC-CP despite a decrease of Baht 103 million in the shares of profits from associate companies from the same period last year.

Basis of Preparation for the Consolidated Financial Statements As of 31 December 2013, consolidated financial statements incorporate financial statements of ten subsidiaries. In comparison with the previous quarter, the number firms whose financial statements incorporated in the consolidated financial statement declined by two firms as described below. 1. IRPC Clean Power Company Limited The Board of Directors Meeting of IRPC No. 13/2013 held on 19 November 2013 passed the resolution to approve the disposal of 45.9 million shares (equivalent to 51% of total share capital of 90 million shares) in IRPC-CP to Global Power Synergy Company Limited (“GPSC”) with par value of Baht 10 per share, amounting to Baht 709 million. This transaction was executed on 17 December 2013, which led IRPC’s investment in IRPC-CP to decline to 49% and IRPCCP to become IRPC’s associate company. Therefore, the financial statement of IRPC-CP has not incorporated in the consolidated financial statement since 4Q13. 2. R. Solution Company Limited R. Solution (former IRPC Service Company Limited) was IRPC’s subsidiary. It was sentenced by the Central Bankruptcy Court to absolute receivership on 24 September 2013. This matter was announced in the newspaper by the Custodian Officer and it was also announced in the Royal Thai Government Gazette

2013 Annual Report IRPC Public Company Limited

129

on 28 October 2013. The settlement of its debt was undertaken on 2 January 2014. The company is now under the supervision of the Custodian Officer. Consequently, IRPC has not included the financial statements of the subsidiary in the consolidated financial statements since the fourth quarter of 2013 onwards.

Effects from Adoption of New Accounting Policy On 1 January 2013, IRPC applies TAS 12 Income taxes which is effective for accounting period beginning on or after 1 January 2013. The change in accounting policies has been applied retrospectively. The effects on the consolidated and company financial information are as follows: (unit : million Baht)

Consolidated

Company

Statements of financial position Deferred tax assets as of 31 December 2012 – increase

2,319

1,934

Retained earnings as of 1 January 2012 – increase

2,137

1,707

Retained earnings as of 31 December 2012 – increase

2,319

1,934

0.33

(0.31)

(182)

(227)

Net profit –increase

182

227

Basic earnings per share - increase (Baht)

0.01

Other component of shareholders’ equity as at 1 January 2012 - increase Other component of shareholders’ euity as at 31 December 2012 - decrease

Statement of income for the year ended 31 December 2012 Income taxes –decrease

Consolidated Statement of Income for the Year Ended 31 Decbember 2012 1Q12 Net profit before adjustments Adjustments of accounting standard income taxes Net Profit after adjustments

130

2Q12

3Q12

4Q12

2012

944

(4,060)

2,141

(959)

606

(407)

(46)

182

973

(3,454)

1,734

(30)

(777)

1. Analysis of Operating Performance 1.1 Consolidated Income statement 4Q13

unit : million Baht

4Q12(4)

3Q13

2013

2012(4)

Average FX (THB/USD)

31.87

30.82

31.62

30.86

31.22

Total Crude Intake (Mbbl)

15.99

15.50

16.45

66.09

64.22

Average Crude (1) (USD/bbl)

110.10

110.80

109.31

109.22

113.05

Net Sales (2)

74,769

66,418

71,766 282,649 283,668

unit : USD/bbl 4Q13

4Q12(4)

3Q13

2013

2012(4)

146.69

139.04

137.97

138.58

141.47

Cost of Feedstock - Market Price (71,467) (63,216) (68,645) (268,443) (271,969) (140.22) (132.34) (131.98) (131.62) (135.64) Market GIM 3,302 3,202 3,121 14,206 11,699 6.47 6.70 5.99 6.96 5.83 Stock Gain/(Loss)

(159)

2,085

1,180

861

0.14

(0.33)

4.01

0.58

0.44

0.02

Oil Hedging Gain/(Loss) Accounting GIM

1,188 4,563

309 3,352

211 5,417

1,721 17,107

(55) 12,544

2.33 8.94

0.65 7.02

0.41 10.41

0.84 8.38

(0.03) 6.26

Other Income (3)

1,140

715

289

1,981

1,833

2.24

1.50

0.56

0.97

0.91

Selling Expenses

(334)

(237)

(288)

(1,228)

(1,007)

(0.66)

(0.50)

(0.55)

(0.60

(0.50)

Accounting GIM and Other Income

5,369

3,830

5,418

17,860

13,370

10.52

8.02

10.42

8.75

6.67

Operating Expenses EBITDA

(2,973) 2,396

(2,942) 888

(2,770) (10,371) 2,648 7,489

(9,245) 4,125

(5.83) 4.69

(6.16) 1.86

(5.33) 5.09

(5.09) 3.66

(4.61) 2.06

Depreciation

(1,322)

(1,213)

(1,238)

(4,932)

(4,487)

(2.59)

(2.54)

(2.38)

(2.42)

(2.24)

Net Financing Cost

(390)

(207)

(209)

(1,489)

(1,469)

(0.77)

(0.43)

(0.40)

(0.73)

Gain/(Loss) from Foreign Exchange

(597)

(112)

(909)

386

(1.17)

0.17

(0.22)

(0.45)

0.19

(453)

1,089

159

(1,445)

0.16

(0.94)

2.09

0.06

(0.72)

Gain/(Loss) from impairment and disposal of fixed assets

313

443

321

541

0.61

0.93

0.02

0.16

0.27

Investment Gain/(Loss)

401

407

271

0.79

0.04

0.20

0.13

(3)

(10)

(31)

(240)

(0.01)

(0.02)

(0.12)

798

1,114

856

(873)

1.55

0.01

2.15

0.40

(0.44)

(9)

(26)

(61)

(7)

117

(0.02)

(0.06)

(0.12)

0.06

(5) 784

(6) (30)

(5) 1,048

(23) 826

(21) (777)

(0.01) 1.52

(0.01) (0.06)

(0.01) 2.02

(0.01) 0.39

(0.01) (0.39)

LCM

Profit/(Loss) before tax and non-recurring items

Other Expenses Net Profit/(Loss) before Income Tax Income Tax Non-controlling Interests Net Profit/(Loss) Note :

(1) (2) (3) (4)

Average market prices of crude used in the product process. Including petroleum business (excluded excise taxes), petrochemical business, power and utilities business. Other income consist of sale of land, port, tank farm and service, etc. Income statement in 2012 has been adjusted retrospectively based on the adoption of TAS 12 income taxes.

2013 Annual Report IRPC Public Company Limited

131

1.2 Movement of Crude Oil Price In 4Q13, crude oil price was still quite volatile. The average Dubai price in December was USD 107.9 per barrel compared to the average Dubai price at the end of 3Q13, USD 108.3 per barrel. The average Dubai price in 4Q13 was USD 106.8 per barrel compared to average Dubai prices in 3Q13 and 4Q12, which are USD 106.3 per barrel and USD 107.5 per barrel respectively. Main factors that led to relatively high level of both volatility and price of crude were a decline in the US crude inventory, resumption of US refinery, and a decline in Libyan exports caused by ongoing closures

In 2014, it is anticipated that economic recovery in US, China and Euro-zone countries and political turmoil in the Middle East are likely to be the main factors, which influence demand and supply of crude oil, resulting in relatively volatile crude oil price. However, IRPC has risk management measures to address crude oil price and crack-spread risk under supervision of the Hedging Committee which is established to manage risk exposures according to the hedging policy approved by the Board of Directors in order to mitigate the impact of such risk.

Unit

4Q13

4Q12

3Q13

Change YoY QoQ

Dubai Average

(USD/bbl)

106.8

107.5

106.3

(1)%

Petroleum Naphtha - Dubai ULG95 - Dubai Gas Oil 0.5% S - Dubai (1) Gas Oil 0.05%S - Dubai FO180 3.5%S - Dubai 500SN – FO180 3.5%S 150BS – FO180 3.5%S Asphalt – FO180 3.5%S Naphtha

(USD/bbl) (USD/bbl) (USD/bbl) (USD/bbl) (USD/bbl) (USD/MT) (USD/MT) (USD/MT) (USD/MT)

(3.00) 9.2 N/A 17.7 (10.4) 509 621 (27) 946

(3.90) 13.4 17.5 19.4 (9.0) 460 556 15 944

(5.8) 23% 48% (4.40) (5.40) 19% 12.4 (31)% (26)% 13.7 14.4 (5)% N/A N/A N/A N/A 17.1 N/A 17.3 (9)% 2% 17.9 19.1 (6)% (10.7) (16)% 3% (8.0) (3.3) (142)% 518 11% (2)% 486 519 (6)% 615 12% 1% 572 667 (14)% (3) (279)% (790)% (14) (39) 64% 920 0.2% 3% 922 943 (2)%

Petrochemical Aromatics Benzene – Naphtha Toluene – Naphtha Mixed Xylene – Naphtha

(USD/MT) (USD/MT) (USD/MT)

338 192 269

420 335 385

336 (20)% 1% 205 (43)% (6)% 349 (30)% (23)%

382 241 329

268 237 322

42% 1% 2%

Olefins HDPE – Naphtha PP – Naphtha

(USD/MT) (USD/MT)

590 597

449 519

568 596

566 597

436 502

30% 19%

Styrenis SM – Naphtha ABS – Naphtha PS – Naphtha (GPPS)

(USD/MT) (USD/MT) (USD/MT)

759 960 891

692 995 771

895 1,015 995

10% (15)% 820 544 (3)% (5)% 1,021 1,043 16% (10)% 946 653

51% (2)% 45%

Spread

Note : (1) In 2013 Gasoil 0.05%S is used in lieu of Gasoil 0.5%S

132

of ports in Libya. However, the crude oil price faced a downward pressure from FED’s decision to taper QE3.

32% 15%

2013

2012 Change

0.5% 105.5 109.1

4% 0.1%

(3)%

• Naphtha – Dubai crude oil spread improve because of higher demand from Taiwan and North Korea and the demand for naphtha is also favorably influenced by higher LPG price in the winter. Moreover, refineries in India, Middle East, and Europe had shutdown maintenance resulting in a decrease in the export of naphtha from these regions. • Gasoline (ULG 95) – Dubai crude oil spread declined because of weaker regional demand, particularly demand from Indonesia and Vietnam which are major importers, and an increase in the supply from refineries in Taiwan and China. • Gasoil 0.05% - Dubai crude oil spread dropped compared to 4Q12. However, it rose from the previous quarter due to a rise in the demand from South Korea, Indonesia, Middle East and Africa combined with a decline in the exports from India due to the monsoon season. • FO 180 3.5%S – Dubai crude oil spread fell compared to 4Q12. Although it improved quarter on quarter, the improvement was marginal since the demand from marine logistic sector continued to be subdued and exports from Russia and South America to Asia remained relatively high. • Lube base (500SN) – fuel oil 180 3.5%S spread improved from 4Q12 but it deteriorated from 3Q13 since the lube base oil demand seasonally decreased towards the end of year and, moreover, there was an increase in the export of lube base oil from Russia to Asia.

• Aromatics – naphtha spread narrowed compared to both 4Q12 and 3Q13. The spread for mixed-xylene significantly deteriorated due to a decrease in the demand for polyester and thus the utilization rate of polyester production in China, thereby adversely affecting the demand for paraxylene and mixedxylene. Toluene spread weakened as the demand from gasoline blending remained weak. Moreover, the demand for toluene as a feedstock in China and India also dropped. • Polyolefins – naphtha spread was solid. Specifically, the spreads for HDPE and PP are both higher compared to those in 4Q12 and 3Q13 although the improvement relative to 3Q13 for PP was rather marginal. Solid polyolefin spreads resulted from the fact that their demand remained stable demand and the prices of ethylene and propylene remained high. Moreover, supply from Middle East to Asia decreased due to production disruption. • Polystyrenics – naphtha spread was mixed. The spread for ABS worsened compared to both 4Q12 and 3Q13 due to a decline in the product price caused by concerns over economic situation in US and Europe. The spread for PS rose compared to 4Q12. However, this spread deteriorated quarter on quarter following the price of the styrene monomer which plummeted due to refineries returning from turnarounds.

• Asphalt – FO 180 3.5%S spread worsened in 4Q13 significantly because of a sizable decrease in the demand from Indonesia, Malaysia, and Vietnam, which in turn adversely affected the price of asphalt.

2013 Annual Report IRPC Public Company Limited

133

1.3 Production Petroleum

4Q13

4Q12

3Q13

Change YoY QoQ

2013

2012

Change

Crude Intake Mbbl

15.99

15.50

16.45

(3)%

66.09

64.22

KBD

174

168

179

(3)%

181

175

81%

78%

83%

(3)%

84%

82%

Utilization Rate Refinery Petrochemical

4Q13

4Q12

3Q13

Change YoY QoQ

2013

2012

Change

Utilization Rate Aromatics Olefins Styrenics

89%

78%

14%

86%

80%

111%

102%

107%

97%

95%

93%

81%

17%

87%

92%

(5)%

In 4Q13, the crude intake was 15.99 million barrels or 174 KBD, which was equivalent to 81% of total capacity. This amounted to an increase of 3% compared to the crude intake in 4Q12 but a decrease of 3% compared to the crude intake in 3Q13. The use of domestic crude amounted to 1.7 million barrels or 19 KBD in 4Q13, which rose by 89% compared to that in 3Q13, which was 0.9 million barrels or 9 KBD. For the full year of 2013, domestic crude intake was 3.7 million barrels or 10 KBD. The utilization rates for the petrochemical business in 4Q13 were 89%, 111%, and 95% for aromatics,

olefins, and styrenics respectively. The utilization rate of aromatics in 4Q13 rose from 3Q13 because there was a maintenance shutdown in the Reformer unit for 5 days, resulting in a shortage of feedstock for the aromatic production line in 3Q13. Compared to 3Q13, the utilization rate of styrenics in 4Q13 increased because there was a shutdown in the EBSM unit due to tie-in of expanded plant facility in 3Q13 (between June 2013 and July 2013), which would enable the EBSM to expand its capacity from 200,000 tons per year to 260,000 tons per year. The Commercial Operating Date (COD) of this work was 1 September 2013.

1.4 Sales Volume and Sales Value Products

1. Petroleum (Mbbl) 2. Petrochemical (KMT)

Sales Volume 4Q13

4. Other Income Total Revenue

134

3Q13

4Q13

4Q12

3Q13

2013

2012

14.83 13.66 14.86 56,173 51,040 55,085 216,175 221,390 373

3. Power and Utilities Net Sales (Mbbl)

4Q12

Sales Value (million Baht)

61%

39%

59%

41%

753 2,892 3,299 100%

15.80 17.63 74,769 66,418 71,766 282,649 283,668 61%

39%

323

344 17,828 14,794 15,928 63,582 58,979 768

17.82

Proportion of Sales 2013 Local Export

1,140

584 715

289 1,981 1,833 100%

75,909 67,133 72,055 284,630 285,501 62%

38%

Net sales revenue in 4Q13 was Baht 74,769 million, increasing by Baht 8,351 million or 12.6% from 4Q12. The increase in the sales revenue was due to an increase of 12.8% in total sales volume from 15.80 million barrels (172 KBD) in 4Q12 to 17.82 million barrels (194 KBD) in 4Q13, which more than offset a decrease of 0.2% (equivalent to Baht 187 million) in the prices of products The details of the net sales revenue for 4Q13 are shown below.

Net sales revenue in 2013 was Baht 282,649 million, declining by Baht 1,019 million or 0.04% from last year. The reduction in the sales revenue was due to a decrease of 6.7% (equivalent to Baht 19,294 million) in product prices, which more than offset an increase of 6.3% (equivalent to Baht 18,275) in the total sales volume from 66.09 million barrels (181 KBD) in 2012 to 70.24 million barrels (192 KBD) in 2013. The details of the full-year net sales revenue are shown below.

Net sales of petroleum businesses in 4Q13 were Baht 56,173 million, increasing by Baht 5,133 million or 10%, compared to 4Q12 The rise in sales revenue was due to an increase of 9% in the total sales volume from 13.66 million barrels in 4Q12 to 14.83 million barrels, which was in turn caused by an increase in the crude intake from 168 KBD to 174 KBD. Moreover, the product prices rose by 1%.

Net sales of petroleum businesses in 2013 were Baht 216,175 million, dropping by Baht 5,215 million or 2%, compared to 2012 The drop in sales revenue was due to a decrease of 5% in the product prices despite an increase of 3% in the total sales volume from 57.59 million barrels in 2012 to 59.21 million barrels, which was in turn caused by an increase in the crude intake from 175 KBD to 181 KBD in 2013.

Net sales of petrochemical businesses in 4Q13 were Baht 17,828 million, increasing by Baht 3,034 million or 20%, compared to 4Q12. The rise in sales revenue was due to an increase of 15% in the total sales volume from 0.323 million ton in 4Q12 to 0.373 million ton, which was in turn mainly due to styrenic production expansion. Moreover, the product prices rose by 5%.

Net sales of petrochemical businesses in 2013 were Baht 63,582 million, increasing by Baht 4,603 million or 8%, compared to 2012. The rise in sales revenue was due to an increase of 7% in the total sales volume from 1.28 million ton in 2012 to 1.37 million ton, mainly from olefin and styrenic products. Moreover, the product prices rose by 1%.

Net sales of power & utility businesses rose by Baht 184 million in 4Q13. Other incomes increased due to gains of Baht 711 million from sales of land in the industrial estate rising by Baht 349 million, and an increase of Baht 50 million in revenue from port business.

Net sales of power & utility businesses fell by Baht 407 million in 2013. Other incomes increased due to an increase of Baht 349 million in the gains from sales of land in the industrial estate and an increase of Baht 50 million in revenue from port business.

1.5 Gross Integrated Margin (GIM) Market GIM

(unit : USD/bbl) Change YoY QoQ

4Q13

4Q12

3Q13

2013

2012

Petroleum (GRM)

1.57

2.71

1.61

(1.14)

Petrochemical (PTF)

4.08

3.35

3.33

Power and Utilities Total

0.82 6.47

0.64 6.70

1.05 5.99

(0.04)

2.27

2.48

(0.21)

0.73

0.75

3.77

2.33

1.44

0.18 (0.23)

(0.23) 0.48

0.92 6.96

1.02 5.83

(0.10) 1.13

1.5 Gross Integrated Margin (GIM) Accounting GIM

Change

(unit : USD/bbl) Change YoY QoQ

4Q13

4Q12

3Q13

2013

2012

Petroleum (GRM)

3.31

3.16

5.27

0.15

Petrochemical (PTF)

4.81

3.21

4.09

Power and Utilities Total

0.82 8.94

0.64 7.02

1.05 10.41

Change

(1.96)

3.59

3.06

0.53

1.60

0.72

3.87

2.18

1.69

0.18 1.92

(0.23) (1.47)

0.92 8.38

1.02 6.26

(0.10) 2.12

2013 Annual Report IRPC Public Company Limited

135

In 4Q13, the Market GIM was USD 6.47 per barrel, dropping by USD 0.23 per barrel compared to USD 6.70 per barrel in 4Q12. The drop in the Market GIM was mainly attributed to a decline in the spread of the petroleum products despite an increase in the spread of petrochemical products and the use of domestic crude amounting to 19 KBD in 4Q13. The GRM of petroleum business declined by USD 1.14 per barrel. This effect is larger than the impact of increases in the Product-to-Feed (PTF) of petrochemical business which was USD 0.73 per barrel and in the spread for power and utilities which was USD 0.18 per barrel. For the full year of 2013, the Market GIM was USD 6.96 per barrel, rising by USD 1.13 per barrel compared to USD 5.83 per barrel in 2012. The GRM of petroleum business declined by USD 0.21 per barrel, mainly due to a decrease in the spread of lube base products despite a slight increase in the spread of refinery products and an increase in the domestic crude intake to 10 KBD. Moreover, the spread for power and utilities dropped by USD 0.10 per barrel. However, these impacts on the Market GIM were more than offset by an increase of USD 1.44 per barrel in the Product-to-Feed (PTF) of petrochemical business, which was mainly attributed to rising product prices, particularly styrenic and olefins. The Accounting GIM in 4Q13 was USD 8.94 per barrel, increasing by USD 1.92 per barrel compared to USD 7.02 per barrel in 4Q12. In 4Q13, there were stock gains and oil hedging gains of USD 0.14 per barrel and USD 2.33 per barrel respectively, while there were stock losses of USD 0.33 per barrel and hedging gains of USD 0.65 per barrel in 4Q12. The full-year Accounting GIM in 2013 was USD 8.38 per barrel, increasing by USD 2.12 per barrel compared to USD 6.26 per barrel in 2012. In 2013, there were stock gains and oil hedging gains of USD 0.58 per barrel and USD 0.84 per barrel respectively, while there were stock gains, reversal of provision for LCM of USD, and hedginglossesof USD 0.44 per barrel, USD 0.02 per barrel, and USD 0.03 per barrel respectively in 2012. 136

1.6 Operating Expenses In 4Q13, the operating expenses were Baht 2,973 million or USD 5.83 per barrel, compared to Baht 2,942 million or USD 6.16 per barrel for 4Q12. Thus, the operating expenses rose by Baht 31 million or 1% and the operating expenses per unit fell by USD 0.33 per barrel or 5%. The increase in the operating expenses was mainly driven by an increase in the staff costs and depreciation of Baht, despite an increase of 3% in the crude intake. The full-year operating expenses amounted to Baht 10,371 million or USD 5.09 per barrel in 2013, compared to Baht 9,245 million or USD 4.61 per barrel in the same period last year. The operating expenses therefore increased by Baht 1,126 million or 12%. A rise in the staff costs is also the main factor driving the increase in the operating expenses in this period. 1.7 Depreciation Expenses Depreciation expenses were Baht 1,322 million in 4Q13, an increase of Baht 109 million or 9%, compared to those incurred in 4Q12. This was because the depreciation for investment projects, such as Lube Group1, Propylene Expansion Project (PRP project), Multi-Product Pipeline (Co-Investment Euro IV with PTTGC), and EBSM started to be recognized. Note that the first two projects were completed during 2012 while the remaining projects were completed in 2013. The full-year depreciation expenses amounted to Baht 4,932 million, rising from last year by Baht 445 million or 10% because of the reasons mentioned above. 1.8 Costs of Financing Net financing costs in 4Q13 were Baht 390 million, increasing by Baht 183 million or 88% from 4Q12 due to decreases of Baht 222 million and Bath 17 million in the gains from cross-currency swap (CCS) transactions and interest receipts despite a decrease of Baht 56 million in the interest payments. The full-year net financing costs in 2013 amounted to Baht 1,489 million, rising by Baht 20 million or 1%

from last year because there was an increase in the amount of debt even if the interest rate declined. However, the increase in the net financing costs did not affect IRPC’s ability to meet debt repayment and/ or covenants on existing debt because of an increase of 170% in the EBIDA as discussed above. 1.9 Gain/Loss from Foreign Exchange In 4Q13, there were foreign exchange losses of Baht 597 million, most of which were unrealized, due to depreciation of Baht, compared to foreign exchange gains of Baht 79 million in 4Q12. In 2013, there were foreign exchange losses of Baht 909 million, most of which were unrealized, compared to foreign exchange gains of Baht 386 million in 2012. 1.10 Gain/Loss from Impairments and Write-off of Assets In 4Q13, gains from impairments and write-off of assets were Baht 313 million, falling by Baht 130 million from 4Q12. These gains were mainly contributed from sales of land plots in Wang Chan district, Rayong province and sales of other lands amounting to Baht 312 million. In 4Q12, there were gains of Baht 402 million from reversal of investment impairments relating to land revaluation undertaken every 3 years as required by accounting regulations.

For the full year of 2013, gains from impairments and write-off of assets amounted to Baht 321 million dropping by Baht 220 million. Most of these gains were contributed from the aforementioned sales of land compared to last year in which the gains were contributed from reversal of investments and impairments of assets. 1.11 Gain/Loss from Investments In 4Q13, there were gains of Baht 401 million from investments, rising by Baht 379 million compared to gains of Baht 22 million in 4Q12. The change in the gains was mainly contributed from gains of Baht 193 million from sales of investments in IRPC-CP, which was established to pursue a combined heat and power plant project in Rayong, and gains of Baht 192 million on revaluation of investments in IRPC-CP. Moreover, there was an increase of Baht 34 million in the shares of profits from associate companies. However, gains from revaluation of trading securities (shares of Thai Oil PLC) declined by Baht 152 million. In 2013, there were gains of Baht 407 million from investments, which rose by Baht 136 million compared to gains of Baht 271 million in 2012. This was largely because of gains from sales of investments in IRPC-CP. Nonetheless, the shares of profits from associate companies decreased by Baht 103 million from the same period last year.

2. Consolidated Financial Positions

(unit : million Baht) Dec 31, 2013

Dec 31, 2012

Change

Current Assets

63,772

54,971

8,801

16%

Non-Current Assets

98,836

89,325

9,511

11%

162,608

144,296

18,312

13%

Current Liabilities

49,530

22,352

27,178

122%

Non-Current Liabilities

37,551

45,463

(7,912)

(17)%

Total Liabilities

87,081

67,815

19,266

28%

Shareholders’ Equity

75,527

76,481

(954)

(1)%

162,608

144,296

18,312

13%

Total Assets

Total Liabilities and Shareholders’ Equity

2013 Annual Report IRPC Public Company Limited

137

2.1 Assets

2.2 Liabilities

As of 31 December 2013, consolidated assets were Baht 162,608 million. These were Baht 18,312 million or 13% higher than those reported as at 31 December 2012, which were due to the following reasons:

As of 31 December 2013, consolidated liabilities were Baht 87,081 million, an increase of Baht 19,266 million or 28%, compared to those reported at the end of 2012 due to the following reasons:

Account receivable rose by Baht 6,627 million or 47% because sales volume in December 2013 rose by 16% to 6.40 million barrels compared to sales volume in December 2012, 5.53 million barrels while sales price increased by 6% largely due to depreciation of Baht.

Uww u uv y y v Vu| FD@LDM } } 134%, which was primarily due to extension of crude payment period from 30 days to 60 days. This reduced cash conversion cycle thereby increasing IRPC’ ability to manage its working capital.

Values of inventory increased by Baht 3,545 million or 11%. This was due to an increase of 6% in the quantity of inventory from 6.86 million barrels at the end of December 2012 to 7.28 million barrels at the end of December 2013. There was also an increase in the average price of inventory. Other current assets declined by Baht 1,371 million or 14%. This was mainly due to reduction in cash deposits, Baht 1,400 million. Non-current assets increased by Baht 9,511 million or 11% mainly due to an increase of Baht 14,151 million in fixed and intangible assets in major investment projects such as UHV, Multi Product Pipeline, EBSM projects. However, these were partially offset by depreciation and amortization expenses of Baht 4,932 million.

c |y w y }uv} } }y x yx v Vu| JGD million or 13%, which was largely due to a decrease of Baht 588 million in other creditors. ` {A y xyv xyw yu yx v Vu| L@DLJ } } or 19%. This was mainly due to long-term debt repayments of Baht 2,000 million and conversion of long-term debt into short-term amounting to Baht 7,000 million as this debt will fall due within a year, although there were unrealized losses from foreign exchange of Baht 897 million caused by depreciation of Baht. 2.3 Shareholders’ Equity As at 31 December 2013, shareholders’ equity amounted to Baht 75,527 million, which was Baht 954 million lower than that reported as at 31 December 2012. This was mainly due to dividend payments of Baht 1,633 million, net profits of Baht 826 million, and increase of Baht 7 million in non-controlling interests.

The details of long-term debt are shown below.

(unit : million Baht) Dec 31, 2013

USD Bonds

Change

7,827

7,305

522

19,630

19,626

USD Loan

5,729

5,341

388

Thai Baht Loan

9,697

11,697

(2,000)

Total

42,883

43,969

(1,086)

less current protion of long-term loan

(9,000)

(2,000)

(7,000)

Net Outstanding Debt

33,883

41,969

(8,086)

Thai Baht Bonds

138

Dec 31, 2012

3. Statement of Cash Flow

(unit : million Baht) 2013

2012

EBITDA

7,489

4,125

Change in operating assets and liabilities

9,577

(686)

Net cash flows from operating activities

17,116

3,439

Net cash flows used in investing activities

(12,923)

(13,429)

Net cash flows from financing activities

(5,593)

13,558

Net increase in cash

(1,400)

3,568

Cash at beginning

6,524

2,956

Cash at ending

5,124

6,524

As at 31 December 2013, the cash balance was Baht 5,124 million. Net cash inflow dropped by Baht 1,400 million, which was mainly contributed from the following items. Net cash inflow of Baht 17,116 million from operation: consists of EBITDA amounted to Baht 7,489 million and cash inflow of Baht 9,577 million resulting from changes in the assets and liabilities. Important items include an increase of Baht 20,034 million in account payable, an increase of Baht 6,509 million of account receivable, and an increase of Baht 3,625 million in inventory.

Net cash outflow of Baht 12,923 million for investing activities: mainly consists of purchases of fixed assets and intangible assets amounting to Baht 15,119 million, for such investment projects as UHV, Multi-Product Pipeline, and EBSM capacity expansion. However, there was cash inflow, which was mainly contributed from sales of lands amounting to Baht 2,099 million and dividend receipt of Baht 161 million. Net cash outflow of Baht 5,593 million from financing activities: consists of funding costs of Baht 2,050 million, debt repayments of Baht 2,100 million, dividend payments of Baht 1,633 million, and cash receipt of Baht 210 million from CCS contract.

4. Key Financial Ratios Unit

Dec 2013

Dec 2012

Current Ratio

times

1.29

2.46

Quick Ratio

times

0.52

0.92

Net IBD to Equity

times

0.50

0.49

2013

2012

EBITDA Margin

2.56

1.41

Net Profit Margin

0.28

N/A

Baht/share

0.04

(0.04)

1.09

N/A

Earinings per share Return on Equity

2013 Annual Report IRPC Public Company Limited

139

Quality, Safety, Occupational Health, and Environmental Management

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L/&)4=$"35/4,&'( ,4.&%-N[( 2"##01$%-( &'024%$"1( "1( ,4.&%-7("220*4%$"14+()&4+%)7(41'(%)&(&1=$3"1#&1%[(41'( &1&38-(2"1,&3=4%$"1> O>( ;3".&,,$"14+Q(?)$,('&4+,(F$%)(%)&('&=&+"*#&1%(".( @ABC(*3".&,,$"14+$,#7(&,%4/+$,)#&1%(".(KR(LE1"F+&'8&( #4148&#&1%N7(,)43$18(".(E1"F+&'8&(41'(&6*&3$&12&( 4#"18( 2"#*41$&,( $1( ,&432)( ".( @ABC( "*&34%$"14+( &62&++&12&7(41'(2&3%$.$24%$"1(/-(&6%&314+(01$%,> Z&+"F(43&(%)&(E&-(@ABC(#"=&,(#4'&(%)$,(-&43> Pollutant Release and Transfer Registers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

%)$3'(G043%&3(".(T^PO(."3(%)&('&*43%#&1%(%"($#*3"=&( "1( %)&( .$1'$18,( 41'( $%,( *"++0%$"153&*"3%$18( ."3#4%( /&."3&(&6*41,$"1(".($#*+&#&1%4%$"1>(J"3(9:;!(<3"0*7( %)&( ;:?:( "0%2"#&( /&1&.$%,( $%( %)3"08)( 2)&#$24+( %3&4%#&1%( ,-,%&#( $#*3"=&#&1%7( *"++0%$"1( 2"1%3"+( ,-,%&#,7("*%$#4+(&..$2$&12-(".(2)&#$24+,7($'&1%$.$24%$"1( ".(*3&=&1%$=&(#&%)"',(41'(+",,(*3&=&1%$"1(".(*3"2&,,( 34F( #4%&3$4+,( 41'( 2)&#$24+,7( 41'( 3&'02%$"1( ".( &#$,,$"1,(41'(F4,%&>( Corporate carbon footprint 9:;!( <3"0*( *43%$2$*4%&'( $1( %)&( _;3"#"%$"1( ".( <3&&1)"0,&( <4,( L<B<N( :&'02%$"1( $1( :&8$"14+( 91'0,%3$4+( S*&34%$"1,( %)3"08)( 9AS( PO^`O5P( %"F43'( a"F5!43/"1(91'0,%3-(;3"H&2%b7()",%&'(/-(W9\(F$%)( %)&( R4148&#&1%( A-,%&#( !&3%$.$24%$"1( 91,%$%0%&( L?)4$+41'N( 4,( 4'=$,&3>( 9%( 4+,"( *43%$2$*4%&'( $1( %)&( _91.34,%302%034+( W&=&+"*#&1%( %"( X22"##"'4%&( ?)4$+41'D,( c"+01%43-( <B<( :&'02%$"1( =$4( R43E&%( R&2)41$,#,( ;3"H&2%b7( )",%&'( /-( %)&( ?)4$+41'( <3&&1)"0,&( <4,( R4148&#&1%( S3841$I4%$"17( F$%)( K$18( R"18E0%( d1$=&3,$%-( ".( ?&2)1"+"8-( ?)"1/03$( ,&3=$18(4,(4'=$,&3>(?)$,(*$+"%(*3"H&2%(*4=&'(%)&(F4-( 2013 Annual Report IRPC Public Company Limited

143

GHG emissions for 2008-2013

(Unit: million tons of carbon dioxide)

5'$EFGH?$&3+$%#)+&1"#2-1*9$ 1*%*1-)-#.$+&.#$@4$GIJ?$ /"#+#*.$&3+$<=<$#2-..-&'.$ (+&%%#($@4$FKLJ

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reduction 91$%$4%$18( 4( <B<( $1=&1%"3-( $1( T^P^7( 9:;!( )4,( 2"1,%41%+-(/&&1("*&34%$18(,%3$2%+-(01'&3(;??(<3"0*D,( ,%41'43'("1(,&203$%-7(,4.&%-7("220*4%$"14+()&4+%)7(41'( &1=$3"1#&1%4+(#4148&#&1%(%"(3&'02&(&1=$3"1#&1%4+( $#*42%,(%)3"08)(*"++0%$"1(*3&=&1%$"17(14%034+(3&,"032&( 2"1,&3=4%$"17( 41'( &..$2$&1%( 2"1,0#*%$"1(".( &1&38-( 01'&3( 9:;!D,( /0,$1&,,( 2"1'02%>( ?)$,( -&43( 9:;!( <3"0*(+"F&3&'(<B<(&#$,,$"1,(/-(4/"0%(Pe(.3"#(

+4,%(-&437(484$1,%(4(3"08)+-(P`e(3$,&($1(%)&(2"#/$1&'( 24*42$%-( ".( %)&( *&%3"2)&#$24+( 83"0*7( $12+0'$18( %)&(XZA7(CZAR7(41'(;:;(*+41%,7(4(*3"".(%)4%(%)&( 2"#*41-( ,022&,,.0++-( 2"1%3"++&'( <B<( &#$,,$"1,( $1(+$1&(F$%)(%)&(#4,%&3(*+41("1(<B<(3&'02%$"1(".( %)&(R$1$,%3-(".(f4%034+(:&,"032&,(41'(C1=$3"1#&1%( LRf:CN7(F)$2)(3&G0$3&,(41(4=&348&(".(Pe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f"&17(f4(?4(K)F417( Z41( a4&187( 41'( :4-"18( R01$2$*4+$%->( ?)&( 83"0*(

5678$ 1&')-'3#($ -).$ %*+)-1-%*)-&'$ -'$ *$ %+&;#1)$ )&$ %+&2&)#$ <=<$#2-..-&'$+#(31)-&'$-'$)"#$/&+>%9*1#?$/"-1"$#'*@9#($ -)$)&$1&')+&9$<=<$#2-..-&'.$*A*-'.)$BC6:D.$2*.)#+$%9*'

144

/"08)%( ,4*+$18,( .3"#( 103,&3-( 2&1%&3,( 14%$"1F$'&7( %)0,( 2"#*+&%$18( $%,( 8"4+7( 41'( *+41,( %"( +""E( 4.%&3( %)&,&(*+41%&'(%3&&,>(?)&("0%+4-(."3(%)&(*3"H&2%(F4,( 4/"0%(Og(#$++$"1(Z4)%>(?"'4-(%)&(&,%4%&()4,(*+41%&'( 3"08)+-(T`h7Y^^(%3&&,7(4/,"3/$18(4/"0%(T7O^^(%"1,(4( -&43(".(243/"1('$"6$'&7(F)$2)(&62&&'&'(+4,%(-&43D,( *&3."3#412&(/-(ie> VOC management in industrial estate :&2"81$I$18( %)&( 23$%$24+$%-( ".( ="+4%$+&( "3841$2( 2"#*"01',(LcS!,N7(9:;!($,(E&&1+-(4F43&(".(cS!( %3&1',>(X(cS!(&#$,,$"1($1=&1%"3-()4,(/&&1($1$%$4%&'( 41'( 0*'4%&'( ,$12&( T^^i( %"( 4,,&,,( 41'( $'&1%$.-( ,0$%4/+&(%&2)1"+"8$&,(%"($#*3"=&(%)&(+"24+(4$3(G04+$%->( X(+&4E('&%&2%$"1(41'(3&*4$3(LaWX:N(,-,%&#('&%&2%,( +&4E,($1($1,%30#&1%,(41'(3&'02&,(.08$%$=&(cS!,>(X,( 4(3&,0+%(".(%)$,($1=&1%"3-7(%)&(34%$",(".(cS!(&#$,,$"1,( %"(%)&(24*42$%$&,(".(%)&(*&%3"+&0#(41'(*&%3"2)&#$24+( /0,$1&,,&,(%)$,(-&43(.&++(/-(PYe(41'(P`e(3&,*&2%$=&+-(

2013 Annual Report IRPC Public Company Limited

145

.3"#(+4,%(-&43>(A02)(F4,(%)&(,022&,,(,%&##$18(.3"#( 3&80+43(cS!(+&4E($1,*&2%$"1> 9:;!(<3"0*($1=&,%$84%&'(F4-,(%"(834**+&(F$%)(%)&( ,*3&4'(".(cS!,(.3"#(%)&(&,%4%&(41'(%)&(=$2$1$%-(%"( 2"1.$3#(,$81$.$241%(,"032&,(".(%)&(3&+&4,&>(X(.$=&5-&43( &#$,,$"1(3&'02%$"1(*+41(F4,(."3#0+4%&'(."3(/&1I&1&( 41'(/0%4'$&1&(cS!,> J$14++-7(*3"'02%$"1(*3"2&,,&,()4=&(,&&1(&G0$*#&1%( ,F$%2)&,( 41'( 4''$%$"1,( %"( 20%( '"F1( "1( cS!( &#$,,$"1,7( $12+0'$18( %)&( %341,."3#4%$"1( ".( %)&( ,4#*+$18(*3"%"2"+(%"F43'(4(2+",&'(,-,%&#(41'(%)&( $1,%4++4%$"1(".(4(F&%5,230//&3(,-,%&#(."3(2)&#$24+( +"4'$18(%"(#$1$#$I&(+"4'$18(,#&++,>( Energy conservation projects ?)&( 2"#*41-( =4+0&,( &1&38-( #4148&#&1%7( &1&38-( 2"1,&3=4%$"17(41'(*3"#"%$"1(".(#46$#0#(&..$2$&12-( 41'( &..&2%$=&1&,,( ."3( 3&,"032&( 2"1,0#*%$"1( $1( 3&,*"1,&(%"(*0/+$2(*"+$2$&,("1(&1&38-(2"1,&3=4%$"1( 41'(&1&38-5,4=$18>(X2)$&=$18(%)$,(F"0+'($#*+-(2",%( 3&'02%$"1( 41'( ,-,%&#4%$27( ,0,%4$14/+&( &1&38-( 2"1,&3=4%$"1( /4,&'( "1( %)&( *43%$2$*4%$"1( ".( 4++( &#*+"-&&,> Complaint management

146

VOC emission rates

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2012

2013

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4,,&,,#&1%( F4,( 01'&3%4E&1( %)3"08)( 422$'&1%( ,%4%$,%$2,7(14#&+-(?:9:(L%"%4+(3&*"3%4/+&($1H03-(34%&N( 41'(a?A:(L+",%5%$#&(,&=&3$%-(34%&N7(4,(%)&(K;9,(."3( $1'$=$'04+(,4.&%-7(41'(%)&(10#/&3(".(2)&#$24+(,*$++,( "3(.$3&,(4,(%)&(K;9,(."3(,4.&%-(*3"2&,,(*&3."3#412&>( J$14++-7(%)&(2"#*41-(2"1'02%&'(*3"H&2%,(,0**"3%$18( 2"++&2%$=&(,4.&%-(4%(%)&(F"3E*+42&7($1(F)$2)("1&(241( 3&*"3%(01,4.&(F"3E(2"1'$%$"1,(41'(%4E&($##&'$4%&( 2"33&2%$=&(42%$"1,> S%)&3(42%$=$%$&,(%)$,(-&43($12+0'&'(%)&(."++"F$18> Strengthening the QSHE culture !"#$%&'()* 5( k"0%)( .$3&( %34$1$18Q( ]"$1%+-( )",%&'( /-( 9:;!7( ?4#/"1(!)"&18(f"&17(41'(:4-"18(B",*$%4+7( %)$,( %34$1$18( *3"=$'&'( E1"F+&'8&( 4/"0%( &#&38&12-( *+411$187( .$3&( %)&"3$&,7( ,&+.5 *3"%&2%$"1( .3"#( 2)&#$24+,7( 41'( *342%$2&( 4**+$24%$"1(".(.$3&(&6%$180$,)&3, 5( ]"$1&'(%)&($1,%302%"3(%&4#(."3(41(&#&38&12-( '3$++(4%(?4*"18(f"E(A2)""+(01'&3(%)&(!A:5W9\( *3"H&2% 5( A4)4=$3$-4(A%&&+(91'0,%3-(;+2("/,&3=&'(9:;!D,( ZZA($1("*&34%$"1 5( C6&20%$=&,( 41'( "..$2&3,( ".( %)&( C+&2%3$2$%-( <&1&34%$18( X0%)"3$%-( ".( ?)4$+41'( "/,&3=&'( 9:;!D,(G04+$%-(41'(,4.&%-(F"3E( +&#$%&'()* 5( ?34$1$18( "1( gA( 24*42$%-5/0$+'$18( %)3"08)( *3"'02%$=$%-( $#*3"=&#&1%( ."3( gA( ,$%&( 40'$%( %&4#,7( /-( $1,%302%"3,( .3"#( %)&( ?)4$+41'( ;3"'02%$=$%-(91,%$%0%&

5( X( ,&#$143( ."3( @ABC( $1%&314+( 40'$%"3,( %"( &,%4/+$,)(01'&3,%41'$18(41'(*3&*43&(%)&#(."3( $1%&314+(,03=&$++412&(40'$%( 5( X0'$%(9AS(P`iOi(%34$1$18(."3(&#*+"-&&,("1(%)&( ,%41'43',(".(%)&(40%"#"%$=&(G04+$%-(#4148&#&1%( ,-,%&# 5( 9AS(g^^^PQT^PP(C1RA(LC1&38-(R4148&#&1%( A-,%&#N(%34$1$18(."3(&#*+"-&&, 5( XC:RSW(R"'&+(%34$1$18(."3(&#*+"-&&,("1(%)&( *3&+$#$143-( E1"F+&'8&( ".( 4$3( *"++0%$"1( 41'( *3$12$*+&,(".(#4%)&#4%$24+(#"'&+$18(4**+$&'( %"(4$3(G04+$%-($#*42%(4,,&,,#&1% 5( ]"$1%( BVA( !"#*+$412&( 41'( :$,E( :&'02%$"1( ;3"834#( 41'( <4*5!+",$18( F"3E,)"*( F$%)( 3&+4%&'(48&12$&, 5( ;3&*434%$"1(,&#$143(."3(3&+4%&'(01$%,("1(,4.&%-( 2"##01$24%$"1( 01'&3( <BA( L<+"/4++-( B43#"1$I&'(A-,%&#N7(."20,$18("1(2+4,,$.$24%$"1( ".(2)&#$24+,(/-(4(01$."3#(8+"/4+(,%41'43'( 5( ?34$1$18( "1( ZZA( 41'( +&8$,+4%$"1( "1( ,4.&%-7( "220*4%$"14+( )&4+%)7( 41'( F"3E( &1=$3"1#&1%( 41'( 4( 3&=$,$"1( ".( ,4.&%-( 3&80+4%$"1,( ."3( &#*+"-&&,(41'("0%,"032&'(&#*+"-&&, 5( ?34$1$18( "1( B0#41( ;&3."3#412&( 484$1,%( B0#41( C33"3,( ."3( &#*+"-&&,( 4%( +438&( 41'( ,&2%$"1()&4',(0*F43' 5( ?34$1$18("1(2"1."3#412&(%"(@ABC(+&8$,+4%$"1( ."3(3&+4%&'(*43%$&,>

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2013 Annual Report IRPC Public Company Limited

147

Communication and QSHE expertise transfer ?)$,(-&43(%)&(2"#*41-()&+'(,&=&34+(42%$=$%$&,("1(%)&( 2"##01$24%$"17(,)43$187(41'(%341,.&3(".(@ABC(&6*&3%$,&>( X(+&2%03&(41'(,)43$18(".(E1"F+&'8&(41'(&6*&3$&12&( "1(*3&*434%$"1(".(C9XjCB9X(3&*"3%,(F&3&()&+'(F$%)(?)4$( S$+(;+2>(X(+&2%03&(41'(,)43$18(".(=$&F,("1(&#&38&12-( #4148&#&1%(F$%)(2"##01$%-(*43%$2$*41%,(F4,()&+'( 4%(%)&(;??(J"30#>((9:;!(F4,(4+,"($1=$%&'(/-(%)&(( S..$2&( ".( %)&( ;&3#41&1%( A&23&%43-( ."3( f4%034+(( :&,"032&,(41'(C1=$3"1#&1%(%"('&+$=&3(4(+&2%03&("1( %)&(*3$=4%&(,&2%"3D,(*&3,*&2%$=&,("1(%)&(&6*&3$&12&( ".(#4148$18(14%034+(3&,"032&,(41'(%)&(&1=$3"1#&1%(."3( Rf:CD,("..$2&3,(".(!+4,,(T(".(%)&(_Rf:C(X'#$1$,%34%"3( W&=&+"*#&1%b(2033$20+0#7('&,$81&'(%"('&=&+"*(%&2)1$24+( *&3,"11&+(41'(*3"#"%&($1%&834%&'(#"34+$%-(41'(&%)$2,( 4#"18(#"'&31(&6&20%$=&,>((9:;!(*43%$2$*4%&'(%)3"08)( /""%),( 41'( &6)$/$%,( ."3( ,)43$18( E1"F+&'8&( 4/"0%( *3"42%$=&( "220*4%$"14+( )&4+%)( 41'( 2"##01$%-( &#&38&12-(*+41,(4%(%)&(f4%$"14+(A4.&%-(\&&E7()&+'( 4%(Z9?C!>((J$14++-7(9:;!(&6*&3%,(2"1%$104++-(,)43&'( ,4.&%-(E1"F+&'8&(F$%)("%)&3(;??(<3"0*(&#*+"-&&,> 9:;!( =4+0&,( E1"F+&'8&( #4148&#&1%( /-( &14/+$18(( 4++( &#*+"-&&,( %"( ,-,%&#4%$24++-( ,&432)( 41'( ,)43&( E1"F+&'8&(F$%)$1(%)&("3841$I4%$"1(41'(F$%)$1(&42)( 83"0*(,"(%)4%(%)&-(#4-(4**+-(,02)(E1"F+&'8&(%"( %)&$3(H"/($#*3"=&#&1%(%"(4''(=4+0&(%"(%)&#,&+=&,( 41'(%)&("3841$I4%$"1>((?)4%(F4-7(9:;!(#4-(/&2"#&( 4(+&431$18("3841$I4%$"1>

?"(/"+,%&3(ABC(#4148&#&1%(&..$2$&12-(41'(#4E&($%( 4(/4,$2("*&34%$18(,-,%&#7(4++(9:;!(2"#*41$&,()4=&( 4'"*%&'(9AS(i^^P7(9AS(PO^^P7(41'(?9A(Pl^^P7(F$%)( 2"1,%41%(4,,&,,#&1%(40'$%(41'(3&=$&F(".(#4148&#&1%( ,-,%&#(&..&2%$=&1&,,>((?)$,(-&43(9:;!(<3"0*(&431&'( 4''$%$"14+(G04+$%-(,-,%&#(2&3%$.$24%$"1Q 5( ?)&( a4/"34%"3-( 4%( ;)34( ;4'4&18( S$+( W&*"%( F"1(%)&(?9A(Ph^Tg(L9ASj9C!(Ph^TgN7(*3&,&1%&'( /-(%)&(?)4$(91'0,%3$4+(A%41'43',(91,%$%0%&(L?9A9N7( R$1$,%3-(".(91'0,%35( ?)&(?&,%$18(a4/"34%"3-(4%(%)&(9:;!(R&%3"+"8-( !&1%&3( F"1( %)&( 9ASj9C!( Ph^Tg( L4''$%$"14+( ,2"*&Q((%&#*&34%03&N7(*3&,&1%&'(/-(?9A9> QSHE awards X,( 4( 3&,0+%( ".( 9:;!D,( 3&2"81$%$"1( ".( %)&( =4+0&( ".(( G04+$%-(2"3*"34%&(#4148&#&1%(F$%)('0&(3&843'(."3( ,%4E&)"+'&3,D( ,4%$,.42%$"1( 41'( 1&&',5F)&%)&3( %)&-( 43&( 20,%"#&3,7( /0,$1&,,( *43%1&3,7( ,)43&)"+'&3,7( &#*+"-&&,7(2"##01$%$&,7("3(,"2$&%-(4%(+438&54,(F&++( $%,(2"1,%41%(4%%&1%$"1(%"(,"2$&%-(41'(%)&(&1=$3"1#&1%7( %)&(2"#*41-()4,(&431&'(3&2"81$%$"1(.3"#(2"##01$%$&,( 41'( *0/+$2j*3$=4%&( 48&12$&,( 4+$E&>( ?)&,&( 4F43',( $++0,%34%&($%,(2"1%$10&'(2"##$%#&1%(%"('&=&+"*$18(41'( $#*3"=$18(4++(4,*&2%,(".(#4148&#&1%(,-,%&#,(."3( #46$#0#(&..$2$&12->

5678$/*.$'*2#($*$C*)-&'*9$O3).)*'(-'A$Z3.-'#..$O%#+*)&+$-'$S*0#)4?$O113%*)-&'*9$=#*9)"?$ *'($[&+>$:',-+&'2#')$T/*+(.$EFGH$@4$)"#$Y#%*+)2#')$&0$\*@&3+$7+&)#1)-&'$*'($[#90*+#$ (3+-'A$)"#$E])"$C*)-&'*9$S*0#)4$[##>$#,#')?$"&.)#($@4$)"#$O113%*)-&'*9$S*0#)4$*'($=#*9)"$ Z3+#*3?$Y#%*+)2#')$&0$\*@&3+$7+&)#1)-&'$*'($[#90*+#K

148

]fdW yu yx GD WgfAX]k U u x < | yy { =B h|y WgfAX]k d ~yw xy y } x }u u z participating social responsibility with a focus on green industry. It also systematically grooms them to adapt to international standards on social responsibility. Below are our awards this year. A hy WgfAX]k U u x FDEGN kkhECF@ kkhG@ Compounding Plastics (CCM), Compounding d u }w <WXE=@ UVg : gUb@ dh_@ UXiF@ XWW@ Uwy y y wu v v uw <UV=@ u x YVga A hy WgfAX]k W } U u x FDEGN Ydg@ dg@ `Vdc@ Vhl@ W\d@ Yhd@ dd@ \XdY@ WcbX@ u x dc`mc` A hy WgfAX]k Ux u wyx `y y H@ FDEGN Ydg@ dg@ `Vdc@ Vhl@ W\d@ Yhd@ dd@ \XdY@ WcbX@ u x dc`mc`B

A ]fdW |y bu } u c u x} { V } y c y u } guzy @ cww u } u \yu |@ u x k Y } y U u x z FDEG u |y FKth bu } u k guzy kyy @ u V]hYW@ Vu { buB h|} yu @ ]fdW [ y } y u u u{y y expenses amounted to Baht 154 million, the bulk of |}w| y } y y } u y y } C yx w } y @ } | ~yw xy w w } u x u |y <dfd u x YVga= xy operation, which gave the company stricter vigilant measures for monitoring environmental impacts, thus incurring more expenses. Finally, IRPC Group generated about Baht 21 million in income derived z } } u } z u y uxx u y |} y w u improving the surroundings.

A ]fdW u u u x z d u } | d y ku y au u{y y xy |y Gf d } w} y xy u ~yw } { u y } } u } z z} wu yu FDEG@ z X]kB A g|} } { u x dd eWW { |y [ xy u x g} y U u x z |y} eWW y y u } u |y h|u} u x e u } d } y 2013 event, hosted by the Technology d } U w}u } <h|u} u xA^u u =B

IRPC constantly supported environmental operation activities. For the past three years, its expenses along this line are broken down into the following categories: (Unit: Million Baht)

Project ] y y } u y y } C yx w } y

2011

2012

2013

189

500

Xy y y z Y]U y C w|u {y } y } y u } uw mitigation measures

g y u } u } z y } y u u u{y y

218

557

154

a } } { z y } y u } uw

Total

2013 Annual Report IRPC Public Company Limited

149

Social and Environmental Responsibility

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150

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3. Creating Shared Value (CSV): Instances are the CHP I and CHP II, which came on stream this year under the management of IRPC Clean Power Co., Ltd. (IRPC-CP), and the Protection Strip Project. 4. Business under UN Global Compact: The main elements of UNGC are labor, human rights, the environment, and anti-corruption. 5. CSR After Process: Key public service activities meant for communities around IRPC sites and for Thai society as a whole consisted of the following. 1. A project called “Som Soem Toem Suk” for primary schools in Rayong and around the Phra Pradaeng Oil Depot, in which students from the IRPC Technological College and employees put their skills to work in repairing electrical appliances, toys, and learning gear at 20 schools. The college is an IRPC subsidiary and CSR partner. 2. Corporate responsibility: This meant operation with various internal processes, including oversight of corporate governance, internal control, transparent and adequate communication, and activities for the benefit of all stakeholders. Four areas, namely the environment, marketplace, people, and community, are covered under clear and assessable strategies and action plans. As a rule, IRPC gives due regard to environmental impact mitigation projects, while fostering decent surroundings, as detailed under Environmental Operation. Establishment of confidence and market reputation, and oversight of such activities among employees and communities are detailed under Corporate Governance Report and Performance Summary. IRPC has earned several awards and recognition of its CSR work, as well as decent levels of satisfaction, at both national and international levels.

“Som Soem Toem Suk Project” volunteer corps 152

2. IRPC partnered with the Prostheses Foundation of HRH the Princess Mother in a prosthesesfabricating unit at the Chaiyaphum Songkroh Foundation on November 25-27, 2013. Each year, IRPC has donated to the foundation BANBAX polymers (an innovation that effectively inhibits and kills bacteria) as a core raw material for prostheses. 3. IRPC jointly ran the “1 Helps 9” project with the Office of National Education Standards and Quality Assessment (Public Organization). The project is an innovation in the development of new-dimension education in line with the values and culture of mutual care in Thai society as well as IRPC’s intention to do business on the basis of social responsibility participation. Below are the objectives of the project: 1. To focus on the improvement of educational quality and standards of educational institutions 2. To develop the educational quality assurance system by helping nine educational institutions develop under the quality cycle approach 3. To apply IRPC’s strengths to the improvement of educational institutions, for which IRPC is to summarize project outcomes in 2014. Each year, IRPC has also run social responsibility projects as projects for education, art, and culture; and promotion of community livelihoods, sports, and local development in various forms. These are detailed in IRPC’s social performance report.

Development for sustainability • IRPC has structured its 2011-2012 Sustainability Report under the framework of Global Reporting Initiative (GRI) G3.1. GRI principles also played a role in the transparency, clarity, and context of sustainability data disclosure. The completeness of the context was rated at the “B” level. To this end, IRPC clearly and transparently illustrated its commitment to developing performance outcomes for sustainable business by expressing its current practices and its goals for the following year and the years to come. • For the very first time, this year IRPC entered assessment under the Dow Jones Sustainability Indices (DJSI), Emerging Market. It was found to be among the top 15% of oil and gas producers and also listed in The Sustainability Yearbook 2014, prepared by Robeco SAM in January 2014. Such outcomes echoed IRPC’s commitment to the application of practical guidelines for sustainable development to business decision-making and execution. IRPC has set a goal of a top 10 rank among oil and gas producers and remain listed in such a yearbook in 2020. • As for corporate citizenship for corporate governance work to bolster confidence among stakeholders, which would affect sustainable business growth, IRPC will still continue to rely strictly on the roles and good practices under the UN Global Compact, ASEAN Scorecard, Securities & Exchange Commission, Stock Exchange of Thailand, and IOD, with more and more stringent upgrading in the years to come. • The details of IRPC CSR activities have shown in its 2013 Sustainability Report under the framework of GRI at the “A” level.

“1 Helps 9 Project” MOU signing ceremony 2013 Annual Report IRPC Public Company Limited

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MA NAGEME N T S TR U C T U RE

Management Structure

IRPC Information

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156

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)+,I-,*'*(O2),;2,/'(33-12)&'+,6'/42'+FF(-,/;2,/'(3' 6-)21/()&'-,'&/+/2'2,/2)F)-&2&< L<' !,62F2,62,/'6-)21/()&';0&/'+11(0,/'3()'+/'J2+&/' +'/4-)6'(3'/42'5(+)67'+,6'/42)2';0&/'92'+/'J2+&/'/4)22' (3'/42;'(,'/42'5(+)6< C<' @-)21/()&' ;0&/' 1(;;+,6' I,(EJ26*27' &I-JJ&7' 1+F+1-/M7'+,6'2ZF2)-2,12'-,'O+)-(0&'F)(32&&-(,&'&(' /4+/'/42'1(;F(&-/-(,'(3'/42'5(+6'-&'2`0-FF26'E-/4' `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a()'3();2)'6-)21/()&7'F+&/'F2)3();+,127'626-1+/-(,7' +&' E2JJ' +&' 0&230J' (F-,-(,&' +,6' )21(;;2,6+/-(,&' ;+62'E-JJ'92'+J&('1(,&-62)26< ^<' @-)21/()&'1+,'&2)O2'0F'/('/4)22'1(,&210/-O2'/2);&' D,-,2'M2+)&G<'S0/&/+,6-,*'6-)21/()&';+M'92'F)(F(&26' 3()'+'J(,*2)'(33-12'/2);'9+&26'(,'/42-)'-,62F2,62,1M7' 1+F+9-J-/M' +,6' 233-1-2,1M7' /(' 92' )2O-2E26' 923()2' F)(F(&-,*'/('/42'&4+)24(J62)&< 2013 Annual Report IRPC Public Company Limited

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Term of Office Y+14'/2);'(3'(33-12'3()'6-)21/()&'-&'/4)22'M2+)&7'0,62)' /42'J+E'+,6'!"#$%&'=)/-1J2&'(3'=&&(1-+/-(,&< Appointment and Dismissal [,62)' !"#$%&' =)/-1J2&' (3' =&&(1-+/-(,&7' +FF(-,/;2,/' +,6'6-&;-&&+J'(3'6-)21/()&'+)2'&0;;+)-.26'+&'3(JJ(E&b '((")*#+$*#& ?<' 84+)24(J62)&' +FF(-,/' 6-)21/()&<' V42' P(;-,+/-(,' +,6' "2;0,2)+/-(,' $(;;-//22' &1)22,&' +FF)(F)-+/2' 1+,6-6+/2&' +,6' /+9J2&' +' J-&/' /(' /42' 5(+)6' 923()2'' &09;-&&-(,' /(' /42' &4+)24(J62)&%' ;22/-,*' 3()' 1(,&-62)+/-(,'0,62)'/42'3(JJ(E-,*'1)-/2)-+b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`0+J'O(/2&7'E4-14';+I2&' /42',0;92)'(3'&0112&&30J' A<' V42'5(+)6'&2J21/&'(,2';2;92)'+&'/42'$4+-);+,' +,6'1+,'+J&('&2J21/'(,2'()';()2';2;92)&'/('92'4-&R42)' c-12'$4+-);+,'/('+1/'+&'&/-F0J+/26'-,'!"#$%&'=)/-1J2&' (3'=&&(1-+/-(,&'+,6'+&'+&&-*,26'9M'/42'$4+-);+,< ><' !3'+,M'O+1+,1-2&'(,'/42'5(+)6'2Z-&/'3()'+,M')2+&(,&' (/42)' /4+,' /2);' 2ZF-)M7' /42' 5(+)6' ;0&/' &2J21/' +' `0+J-3-26'F2)&(,'E-/4(0/'F)(4-9-/26'`0+J-/-2&'-,'/42-)' 3(JJ(E-,*';22/-,*<'!3'/42')2;+-,-,*'/2);'-&'J2&&'/4+,' /E(';(,/4&7'/42',2EJM'2J21/26'6-)21/()'E-JJ'&/+M'-,' (33-12' 3()' /42' )2;+-,-,*' /2);' (3' /42' 3();2)<' V42' )2&(J0/-(,'(3'/42'5(+)6'(,'/4-&';+//2)';0&/'1(,&-&/' (3',('J2&&'/4+,'/4)22:`0+)/2)&'(3'/42'O(/2&'(3'/42' )2;+-,-,*'6-)21/()&<' U<' !3'/42',0;92)'(3'O+1+,1-2&'(,'/42'5(+)6')26012&' -/&'1(;F(&-/-(,'/('J2&&'/4+,'/42'5(+)6%&'`0()0;7'/42' 2Z-&/-,*'6-)21/()&'+)2'+JJ(E26'(,JM'/('1+JJ7'(,'924+J3' 158

/42' 5(+)67' +' &4+)24(J62)&%' ;22/-,*' /(' 2J21/' /42'' )2FJ+12;2,/&' 3()' +JJ' O+1+,1-2&<' V42' &4+)24(J62)&%' ;22/-,*';0&/'92'42J6'E-/4-,'(,2';(,/4'3)(;'/42' 6+/2'(3'&014'O+1+,1M<'V42',2EJM'2J21/26'6-)21/()&' E-JJ'&/+M'-,'(33-12'(,JM'3()'/42')2;+-,-,*'/2);&'(3'/42' 3();2)< ,)-+)--./& ?<' =&'+')0J27'6-)21/()&'1(;FJ2/2'/42-)'/4)22:M2+)'/2);&<' !"#$%&'=)/-1J2&'(3'=&&(1-+/-(,')2`0-)2'/4+/'+/'+JJ'=KH&7' (,2:/4-)6'(3'/42'6-)21/()&'+)2'/('92'6-&;-&&26<'!3'/42' ,0;92)'(3'6-)21/()&'-&',(/'+';0J/-FJ2'(3'/4)227'/42' ,0;92)'(3'6-&;-&&+J'E-JJ'92';+62'1J(&2&/'/('(,2:/4-)6' (3'/4(&2'602'3()'6-&;-&&+J<'@-&;-&&+J';0&/'92'6(,2' 9M'6)+E-,*'J(/&'3()'/42'3-)&/'+,6'&21(,6'M2+)&'+3/2)' !"#$%&')2*-&/)+/-(,<'a()'/42'3(JJ(E-,*'M2+)&7'6-)21/()&' &2)O-,*'/42'J(,*2&/'E-JJ'92'6-&;-&&26<'@-&;-&&26'(,2&' ;+M7'4(E2O2)7'92')2:2J21/26< A<' !,'+66-/-(,'/('/2);'1(;FJ2/-(,7'6-)21/()&4-F'2,6&' 9M'62+/47')2&-*,+/-(,7'+'J+1I'(3'`0+J-3-1+/-(,&7'()'92-,*' 3(0,6'E-/4'F)(4-9-/-(,&'9M'J+E7'/42')2&(J0/-(,'(3'/42' &4+)24(J62)&%';22/-,*7'()'1(0)/'O2)6-1/< ><' @-)21/()'E-&4-,*'/('J2+O2'/42'F(&/';0&/'/2,62)'/42-)' )2&-*,+/-(,'/('!"#$<'8014')2&-*,+/-(,'E-JJ'/+I2'23321/' 3)(;'/42'6+/2'/42')2&-*,+/-(,'J2//2)')2+142&'!"#$< Duties and Responsibilities V42'5(+)6'-&'9(0,6'/(';+,+*2'!"#$'-,'+JJ'+&F21/&' (3'-/&'(F2)+/-(,&'0,62)'/42'J+E7'!"#$%&'(9\21/-O2&' +,6')2*0J+/-(,&7'&4+)24(J62)&%';22/-,*')2&(J0/-(,&7' +,6'1()F()+/2'*(O2),+,12<'V42-)';+\()'60/-2&'+,6' )2&F(,&-9-J-/-2&'+)2'&0;;+)-.26'92J(Eb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d0+J-3-1+/-(,&' &/-F0J+/26' 9M' !"#$' 3()' -,62F2,62,/' 6-)21/()&'+)2';()2'&/)-,*2,/'/4+,'/4(&2'(3'8Y$'+,6'8YVb ?<' N(J6',(/';()2'/4+,'B<Le'(3'/42'O(/-,*'&4+)2&'-,' !"#$7'-/&'&09&-6-+)-2&7'+&&(1-+/26'1(;F+,-2&7';+\()' &4+)24(J62)&7'()'F2)&(,&'E-/4'1(,/)(JJ-,*'F(E2)'(O2)' !"#$<'84+)2&'42J6'9M'F+)/-2&')2J+/26'/('-,62F2,62,/' 6-)21/()&';0&/'+J&('92'-,1J0626< A<' =)2',(/'()'4+O2',(/'922,'6-)21/()&'-,O(JO26'-,'/42' ;+,+*2;2,/7'2;FJ(M22&7'E+*2'2+),2)&7'()'+6O-&2)&' (,'/42'F+M)(JJ'(3'!"#$7'()'+,M'F2)&(,&'E-/4'1(,/)(JJ-,*' F(E2)' (O2)' !"#$7' -/&' &09&-6-+)-2&7' +&&(1-+/26' ()' 2`0-O+J2,/'1(;F+,-2&7';+\()'&4+)24(J62)&7'()'F2)&(,&' E-/4' 1(,/)(JJ-,*' F(E2)' (O2)' !"#$7' 2Z12F/' &014' `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`0-)26' /(' 92' F2)3();26' 9M' /42' 2013 Annual Report IRPC Public Company Limited

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

160

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Sub-committees !,'1(;FJ-+,12'E-/4'1()F()+/2'*(O2),+,127'/42'5(+)6' 4+&' +FF(-,/26' 3(0)' &/+,6-,*' &09:1(;;-//22&' D()'' 1(;;-//22&G7'2+14'(3'E4-14'-&'+&&-*,26'/('1(,&-62)' +,6'(O2)&22'&F21-3-1'1)-/-1+J';+//2)&'-,'/42-)')2&F21/-O2' +)2+&'1+)230JJM'+,6'233-1-2,/JM'923()2'&09;-//-,*'/42' )21(;;2,6+/-(,&' +,6' (F-,-(,&' /(' /42' 5(+)6' 3()'' 1(,&-62)+/-(,<'Y+14'&09:1(;;-//22'-&'&/)01/0)26'+&' 62/+-J26'92J(Eb 1. Executive Committee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a();0J+/2'!"#$%&'3-,+,1-+J'+,6'-,O2&/;2,/'F(J-1-2&7' F)(O-62'-,O2&/;2,/'6-)21/-(,&'-,'+J-*,;2,/'E-/4'!"#$%&' F(J-1M7'+,6'+FF)(O2'-,O2&/;2,/'1)-/2)-+'+,6'-,O2&/;2,/' F)(\21/'F)(F(&+J&'0,62)'!"#$%&')2*0J+/-(,& >G' a();0J+/2'F(J-1M'+,6')21(;;2,6'*0-62J-,2&'(,' /42';+,+*2;2,/'(3')-&I&')2J+/-,*'/('!"#$%&'(F2)+/-(,&' -,'+,'+FF)(F)-+/2'+,6'233-1-2,/'E+M< UG' a();0J+/2' )-&I' ;+,+*2;2,/' FJ+,&' +,6' )-&I'' ;+,+*2;2,/'F)(12&&2&'3()'/42'2,/-)2'()*+,-.+/-(,<

LG' H(,-/()' +,6' +&&2&&' /42' 2Z210/-(,' 0,62)' /42' 1()F()+/2';+,+*2;2,/'3)+;2E()I< CG' YZ+;-,2'+,6'/+I2'+1/-(,&'(,'&-*,-3-1+,/'-&&02&' )2J+/26'/('!"#$%&'(F2)+/-(,& QG' "2O-2E' +,6' F)(O-62' )21(;;2,6+/-(,&' (,' +JJ'' ;+//2)&')+-&26'/('/42'5(+)6 XG' $(,&-62)'/42'+FF(-,/;2,/'(3'6-)21/()&'-,'+33-J-+/2&' ()' \(-,/:O2,/0)2' 1(;F+,-2&' 1())2&F(,6-,*' /(' -/&' &4+)24(J6-,*'F)(F()/-(,'()'/('&4+)24(J62)&%'+*)22;2,/& ^G' $(,&-62)'+,M'(/42)';+//2)'+&&-*,26'9M'/42'5(+)6< 2. Audit Committee V42'=06-/'$(;;-//22'1(,&-&/&'(3'/4)22'-,62F2,62,/' 6-)21/()&b ' D?G'H)<'$42)6F(,*'8-)-E-/' $4+-);+, ' DAG'H)<'V)0;F4'W+J-14+,6)+' H2;92) ' D>G'_/<'K2,<'#)2214+'T+,+)+/' H2;92)< V42'/4)22'-,62F2,62,/'6-)21/()&'+)2'60JM'`0+J-3-26' 0,62)' /42' $+F-/+J' H+)I2/' 80F2)O-&()M' 5(+)6%&' ,(/-3-1+/-(,' +,6' +/' J2+&/' (,2' 6-)21/()' F(&&2&&2&' &033-1-2,/'I,(EJ26*2'+,6'2ZF2)-2,12'/(')2O-2E'/42' )2J-+9-J-/M'(3'/42'906*2/< H)<'V4+E-&+I'V214+I+-&+M+7'YZ210/-O2'c-12'#)2&-62,/7' S33-12'(3'$()F()+/2'!,/2),+J'=06-/7'&2)O2&'+&'821)2/+)M< 0$9+&"8&:88)4$& V42'=06-/'$(;;-//22'4+&'+'/4)22:M2+)'/2);'(3'(33-127' (,2'M2+)'(3'E4-14'-&'3)(;'/42'=KH'(3'/42'M2+)'(3'-/&' +FF(-,/;2,/' /(' /42' ;22/-,*' (3' /42' 3(JJ(E-,*'M2+)<'' H2;92)&'E4('1(;FJ2/2'/42-)'/2);&'(3'(33-12';+M'92' )2:+FF(-,/26< ,5#)$-&.*;&<$-("*-)=)/)#)$V42' =06-/' $(;;-//22' F2)3();&' /42-)' 60/-2&' +,6' )2&F(,&-9-J-/-2&'0,62)'+,'8YV%&'+,,(0,12;2,/'(,'/42' `0+J-3-1+/-(,&'+,6'&1(F2'(3'E()I'(3'+06-/'1(;;-//22&7' 5<Y<'ALL?'DABBXG7'+,6'+&'+&&-*,26'9M'/42'5(+)67'+&' 62/+-J26'92J(Eb ?G' "2O-2E' !"#$%&' `0+)/2)JM' +,6' +,,0+J' 3-,+,1-+J' )2F()/&'/('2,&0)2'/42-)'+110)+1M'+,6'+))+,*2'3()'/42-)' +FF)(F)-+/2'6-&1J(&0)2'9M'1(()6-,+/-,*'E-/4'2Z/2),+J' +06-/()&'+,6';+,+*2;2,/';2;92)&')2&F(,&-9J2'3()' F)2F+)-,*'/42')2F()/&<

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2013 Annual Report IRPC Public Company Limited

161

3. Nomination and Remuneration Committee V42' P(;-,+/-(,' +,6' "2;0,2)+/-(,' $(;;-//22' 1(,&-&/&'(3'/4)22'6-)21/()&7'+/'J2+&/'(,2'(3'E4(;';0&/' 92'+,'-,62F2,62,/'6-)21/()b ' D?G''H)<'T((/4-&+),'V+,14+-' $4+-);+, ' DAG''H)<'8(,*F(F2'#(J+14+,' 'H2;92)' ' D>G' H)<'80)(,*'50J+I0J' ' H2;92) H&<'H(,O-F+'$4((F-9+,7'+1/-,*'YZ210/-O2'c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orporate Governance Committee V42'$()F()+/2'K(O2),+,12'$(;;-//22'1(,&-&/&'(3'/4)22' 6-)21/()&7'+/'J2+&/'(,2'(3'E4(;';0&/'92'+,'-,62F2,62,/' 6-)21/()b ' D?G' H)<'$42)6F(,*'8-)-E-/' $4+-);+, ' DAG' H)<'T-14-/'#J+,*&)-&I0J' H2;92) ' D>G' H)<'W+62'V4+,+E+/' ' H2;92)< H&<' H(,O-F+' $4((F-9+,7' +1/-,*' YZ210/-O2' c-12' #)2&-62,/7'$()F()+/2'=33+-)&7'&2)O2&'+&'821)2/+)M< 0$9+&"8&:88)4$ V42'$()F()+/2'K(O2),+,12'$(;;-//22'4+&'+'/4)22:M2+)' /2);'(3'(33-127'(,2'M2+)'(3'E4-14'-&'3)(;'/42'=KH'(3' /42'M2+)'-,'E4-14'-/'-&'+FF(-,/26'/('/42';22/-,*'(3' /42'3(JJ(E-,*'M2+)<'H2;92)&'E4('1(;FJ2/2'/42-)'/2);&' (3'(33-12';+M'92')2:+FF(-,/26< 162

,5#)$-&.*;&<$-("*-)=)/)#)$-& ?G' a();0J+/2'1()F()+/2'*(O2),+,12'F(J-1-2&'3()'/42' $()F()+/2'K(O2),+,12'@2O2J(F;2,/'T()I-,*'K)(0F AG' #)(F(&2'1()F()+/2'*(O2),+,12'*0-62J-,2&'/('/42' 5(+)6' >G' Y,&0)2' /4+/' /42' 5(+)6' +,6' /42' ;+,+*2;2,/'' F2)3();'0,62)'1()F()+/2'*(O2),+,12' UG' #)(O-62')21(;;2,6+/-(,&'(,'1()F()+/2'*(O2),+,12' /('/42'5(+)6' LG' "2O-2E' !"#$%&' 1()F()+/2' *(O2),+,12' +*+-,&/' F)+1/-12&' +/' /42' -,/2),+/-(,+J' J2O2J' +,6' ;+I2' +' F)(F(&+J'/('/42'5(+)6< Risk management V42' 5(+)6' +&&-*,26' /42' YZ210/-O2' $(;;-//22' /(' F)(O-62'(O2)&-*4/'(3')-&I';+,+*2;2,/<''V42'5(+)6' F)(O-62&'+,'(O2)+JJ'F(J-1M7'E4-J2'/42'=06-/'$(;;-//22' )2O-2E&'/42'F)+1/-12&<''!,'+66-/-(,7'/42'5(+)6'4+&' +FF(-,/26' ;+,+*2;2,/:J2O2J' )-&I' ;+,+*2;2,/' 1(;;-//22&' /(' 0,62)/+I2' 6+M:/(:6+M' F)+1/-12&7' ,+;2JM'/42'"-&I'H+,+*2;2,/'$(;;-//227'14+-)26'9M' /42' 82,-()' YZ210/-O2' c-12' #)2&-62,/' D$()F()+/2' 8/)+/2*M'+,6'#J+,,-,*G7'+,6'/42'N26*-,*'$(;;-//227' 14+-)26' 9M' /42' 82,-()' YZ210/-O2' c-12' #)2&-62,/' D$()F()+/2' =11(0,/-,*' +,6' a-,+,12G<' ' V42&2' 1(;;-//22&'+)2'/('2,&0)2')-&I'+&&2&&;2,/'+,+JM/-1+J' 2Z2)1-&2&7' 1(O2)-,*' F(/2,/-+J' -;F+1/&' (,' !"#$' D2Z/2),+J'+,6'-,/2),+JG7'+,6'/('F)(O-62')-&I';+,+*2;2,/' )2F()/&' /(' /42' =06-/' $(;;-//22' 3()' )2O-2E' 923()2' &09;-&&-(,'/('/42'5(+)6< Nomination of Directors and Management Members V42'P(;-,+/-(,'+,6'"2;0,2)+/-(,'$(;;-//22'E+&' +FF(-,/26'9M'/42'5(+)6'/('&1)22,'`0+J-3-267'&0-/+9J2' 6-)21/()&'3()'/42'5(+)6'()'/42'&4+)24(J62)&'/('+FF(-,/7' +&'+FFJ-1+9J2<''!"#$';+I2&'-/'F(&&-9J2'3()'&4+)24(J62)&' /(',(;-,+/2'/42-)'14(-12&'+&'6-)21/()&<'=&'3()'/42' ,(;-,+/-(,'(3'!"#$'2Z210/-O2&7'/42'5(+)6'4+&'+&&-*,26' /42'#)2&-62,/'/('+FF(-,/'`0+J-3-267'2ZF2)-2,126'F2)&(,&' /('&014'F(&/&<''P(/2'/4+/'+JJ',(;-,22&';0&/',(/'4+O2' F)(4-9-/26'`0+J-/-2&'+&'&F21-3-26'9M'J+E<

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Board (17 directors) Number of meetings throughout the year : 14

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Corporate Executive Audit Committee Governance Committee (3 directors) Committee (5 directors) Number of (3 directors) Number of meetings Number of meetings the meetings throughout the throughout year : 13 throughout the year : 12 year : 7

Nomination and Remuneration Committee (3 directors) Number of meetings throughout the year:: 11

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163

Directorsâ&#x20AC;&#x2122; Remuneration 52J(E'+)2'/42'1(;F2,&+/-(,'*0-62J-,2&'3()'/42'5(+)6' +,6'/42'&09:1(;;-//22&'+&'F)(F(&26'/('/42'5(+)6b ?<' V42'1(;F2,&+/-(,'-&'6-O-626'-,/(';(,/4JM'F+M'+,6' ;22/-,*'+JJ(E+,12< A<' V42'1(;F2,&+/-(,'-&'9+&26'(,'/42'/42')2&F(,&-9-J-/-2&' +,6'F2)3();+,12'(3'/42'6-)21/()&'+,6'!"#$%&'(F2)+/-,*' F2)3();+,127' +,6' -/' &4(0J6' 92' 1(;F+)+9J2' /(' F22)' 1(;F+,-2&'E-/4'+'1(;F+)+9J2'&-.2'+,6'90&-,2&&')-&I&<' ><' V42'1(;;-//22'623-,2&'/42'&1(F2'(3'E()I'3()'6-)21/()&' +,6'&09:1(;;-//22&<

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Monthly compensation/person

Meeting allowance/person

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164

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Name

Monthly compensation

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Meeting allowance for Board

Meeting allowance for subcommittees

D[,-/'b'5+4/G Bonus

CBB7BBB UXB7BBB : C>B7BBB ?7ABB7BBB : AAL7BBB >CB7BBB : ^B7BBB ^B7BBB : ULB7BBB AAL7BBB : ULB7BBB AQB7BBB : U^L7BBB : : LUB7BBB ?7?AL7BBB : C>B7BBB : : C>B7BBB : : C>B7BBB : : C>B7BBB LXL7BBB : C>B7BBB >?L7BBB : C>B7BBB LXL7BBB : U^L7BBB : : ?>L7BBB ?>L7BBB : AUB7BBB AUB7BBB : ?XB7BBB AUB7BBB : ?XB7BBB : : AAL7BBB ?>L7BBB : U^L7BBB UBL7BBB : U^L7BBB XLL7BBB : LUB7BBB : : &&BA?@DE?AAA &&&&C?@DE?AAA &&&&&&&&&&&&&&&F

Total

?7C?B7BBB A7>QB7BBB ^?L7^CX A^U7CQQ ?7BQU7BBB ?7??^7BBB ?7B>L7BBB A7ABL7BBB ?7?QB7BBB ?7?QB7BBB ?7?QB7BBB ?7QLL7BBB ?7UXL7BBB ?7QLL7BBB ^C?7BQ? UBL7BBB CQB7BBB LCA7LBB >AA7LBB L?B7BBB ?7>BL7BBB ?7QLC7ULA ?7BC^7X>^ &&@G?G>B?AAC

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nnual Report IRPC Public Company Limited

165

Number of Shares held by the directors during 2013 (As of 31 December 2013) (Unit : Baht) (as of 31 Dec 2012) Paid-up capital 20,434,419,246 baht

(as of 31 Dec 2013) Paid-up capital 20,434,419,246 baht

Shareholding/ number of shares

1 Mr. Chainoi Puankosoom

2 Mr. Cherdpong Siriwit

3 Gen. Udomdej Sitabutr

4 Mr. Woothisarn Tanchai

0.00127 260,250

6 Mr. Surong Bulakul 1

0.00017 35.000

35.000

7 Mr. Sarun Rungkasiri

8 Mr. Kritsda Udyanin

9 Mr. Songpope Polachan

10 Mr. Narongkorn Chawalsantati

11 Lt. Gen. Preecha Wanarat

12 Mr. Jade Thanawat

13 Mr. Trumph Jalichandra

14 Mr. Worawit Chailimpamontri

15 Mr. Wichit Plangsriskul

16 Mr. Sukrit Surabotsopon 2

0.02447 5,000,000

5,000,000

No.

Name

5 Mr. Watcharakiti Watcharothai

Number of share increase (decrease) during the year

Note: 1. Mr. Surong Bulakul was appointed following the resolution of Board meeting No. 7/2556, with effect feom 21 May 2013, replacing Mr. Pailin Chuchottaworn, who had been re-appointed for another term following the resolution of the 2013 AGM on 5 April 2013. 2. Mr. Sukrit Surabotsopon was appointed following the resolution of Board meeting No. 11/2556, with effect from 1 October 2013, replacing Mr. Atikom Terbsiri, who resigned on 1 October 2013.

166

Company Secretary Under the Securities and Exchange Act, B.E. 2535 (1992), amended in B.E. 2551 (2008), and the corporate governance principles of registered companies, the Board appointed a Company Secretary to perform duties under Article 89/51 of the above-mentioned act and the announcements of the Capital Market Supervisory Board. The Company Secretary must perform with accountability, care, and integrity, in compliance with the law, IRPC’s objectives and regulations, and resolutions of the Board and shareholders’ meetings. The main duties and responsibilities are summarized as follows: • Provide to directors recommendations about laws and IRPC’s rules and regulations, and ensure that IRPC’s businesses comply with the laws and regulations, and report to the Board any significant changes. • Arrange Board Meetings and Shareholders’s Meetings in compliance with the laws, IRPC’s regulations, as well as general practices. • Prepare the minutes of the Board’s Meetings and Shareholders’s Meetings and ensure that their resolutions are complied with and carried out. • Ensure that the information and data under his/ her responsibilities are disclosed to regulators and governing units as required. • Prepare and file important documents, director registration, Board meeting notices, minutes of the meeting of the Board, IRPC’s annual report, invitation to shareholders’ meetings, reports on conflicts of interest by directors and executives, and other duties defined by the Capital Market Supervisory Board and related laws.

Company Secretary Ms. Monwipa Choopiban (Since January 24, 2012) Education - Bachelor of Education (English), Chulalongkorn University - Master of Arts (English), Chulalongkorn University - Master of Political Science (Political Communication), Political Communication College, Krirk University Training record from the Thai Institute of Directors Association (IOD) - Company Secretary Program (CSP) - Director Certificate Program (DCP) Career summary - Vice President, Corporate Compliance and Communication and Company Secretarym PTT Aromatics and Refining Public Company Limited Present - Vice President, President’s Office and Company Scretary, andActing Vice President for Corporate Affairs, IRPC - Secretary to the Corporate Governance Committee - Secretary to the Nomination and Remuneration Commitee

Vice President, Office of Corporate Internal Audit, and Secretary to the Audit Committee Ms. Sukriang Chartuthit (September 20, 2012-December 31, 2013) Education - Bachelor of Accountancy, Faculty of Commerce and Accountancy, Chulalongkorn University - Master of Accountancy, Faculty of Commerce and Accountancy, Chulalongkorn University Career summary - Vice President, Accounting, IRPC Plc / IRPC Plc affiliates Mr. Thaveesak Dejakaisaya (Since January 10, 2014) Education - Bachelor of Science (Economics), Faculty of Economics and Business Administration, Kasetsart University - Master of Business Administration, University of Central Oklahoma, USA - Master of Economics, Middle Tennessee State University, USA Career summary - Vice President, Intellectual Property Management - Manager, QSHE Section 2013 Annual Report IRPC Public Company Limited

167

IRPCâ&#x20AC;&#x2122;s Management list under the Capital Market Supervisory Boardâ&#x20AC;&#x2122;s announcement No. 23/2551 and Number of Shares Held by the Management. (As of 31 December 2013)

No.

(as of 31 (as of 31 December 2011) December 2012) Paid-up capital Paid-up capital 20,434,419,246 baht 20,434,419,246 baht Shareholding/ Shareholding/ Number of shares Number of shares

Name

0.02447 5,000,000

5,000,000

Senior Executive Vice President, Port & Asset Management Business Unit

Senior Executive Vice President, Petrochemical & Refinery Business Unit

840,000

Senior Executive Vice President, Corporate Commercial & Marketing

0.000000 50

0.00411 840,000 0.00098 200,000 0.000000 50

Senior Executive Vice President, Corporate Accounting & Finance

Senior Executive Vice President, Corporate Strategy & Planning

0.00002 4,779

Senior Executive Vice President, Corporate Human Resources & Administration

0.00180 367,015

Sukrit Surabotsopon 1 1 Mr. President 2 3 4

Mr. Sahaschai Panichapong 2

Mr. Peerapong Achariyacheevin 3 Mr. Chansin Treenuchagron

Manit Suthaporn 5 Mr. Senior Executive Vice President, Corporate Legal 6 7 8

Ms. Duangkamol Settanung Mr. Wittawat Svasti-Xuto

Ms. Oravan Leelarasamee 4

Patnan Tejakumput 9 Ms. Executive Vice President, Corporate 10

Share increase (decrease) during the year

Finance

Mr. Thammasak Panyowattanakul 5 Acting Executive Vice President, Corporate Accounting

200,000 -

Note: 1. Mr. Sukrit Surabotsopon was appointed following the resolution of Board meeting No. 11/2556, with effect from 1 October 2013, replacing Mr. Atikom Terbsiri, director and President, who resigned. 2. Mr. Sahaschai Panichapong completed his term on 31 December 2013 3. Mr. Peerapong Achariyacheevin was also appointed Senior Executive Vice President, Petrochemical & Refinery Business Unit, with effect from 1 March 2013, and was appointed Acting Senior Executive Vice President, Port & Asset Management Business Unit, with effect from 1 January 2014, replacing Mr. Sahaschai Panichapong, who had completed his term 4. Ms. Oravan Leelarasamee was also appointed Senior Executive Vice President, Corporate Human Resources & Administration, with effect from 1 March 2013 5. Mr. Thammasak Panyowattanakul was appointed Acting Executive Vice President, Corporate Accounting, with effect from 1 July 2013.

Management team members must have no record of wrongful acts regarding: (1) Allegation or criminal charge by authorized agencies involving unlawful acts in the sale and purchase of shares or futures, as well as fraudulent, corrupt, or dishonest management 168

(2) Being specified by the order of an authorized agency under international law prohibiting such persons from holding a management position in a company (3) Having been sentenced by the criminal court according to (1) or having been fined for wrongful acts in (1).

Duties and Responsibilities of the President The Board assigns the President to manage IRPC’s business under its policy. His authority to grant approvals on significant matters is clearly defined in writing in IRPC’s regulations and announcements, for example, regulations on finance, accounting, budget, and credit; announcements on the management of human resources; and announcements on the authority to grant approval to accounting processes. Below is the scope of the President’s authorities, mandated by the Board: 1. Manage IRPC’s business under the laws, objectives, regulations, and resolutions of the shareholders’ meeting, which include: a. Entering into contracts, agreements or legal acts; and terminating contracts, agreements or legal acts; as well as demanding, pursuing, and accepting money, debts, and assets from any party. b. Entering into transactions with financial institutions, which includes opening and closing of deposit accounts; transactions involving deposits and loans; providing guarantees, and making other business connections. c. Signing to certify true copies of certificates, memoranda of association, regulations, and documents involving company registration, as well as contracts, agreements, and legal actions. d. Filing complaints or allegations with the authority for IRPC to proceed with legal actions against a juristic person or an individual, and handing over the case to inquiry officials, withdrawing complaints or allegations; and filing complaints for losses of IRPC’s documents or assets. e. Taking actions to pursue all forms of debt, accepting and chasing for money or other assets of IRPC from an individual or a juristic person as well as from the court, comptroller in bankruptcy, and ministries, departments, stateenterprises and all other government agencies. f. Making allegations, filing lawsuits, preparing answers, defending in cases, making counterclaims, undertaking all legal proceedings, exercising or waiving rights in appeal to the Appeal Court and the Supreme Court, accepting claims made by the other party, withdrawing lawsuits, entering into compromise agreements, filing applications for retrials, enforcing judgment

or orders issued by all courts, filing plaints, applications for withdrawals or amendments of plaints, answers, petitions, declarations, legal defenses, filing applications for debt repayment, opposing applications for debt repayment in all bankruptcy cases, rehabilitation cases, all legal proceedings to which IRPC is entitled to undertake against any juristic person or person for payment of debt, damages or monies or assets to IRPC or for such person to assume civil or criminal liability or according to offences under all other laws or to undertake all other actions. g. Accepting pledges, enforcing pledges, redeeming, pledging, accepting mortgages, enforcing mortgages, releasing pledges, redeeming mortgages, transferring or accepting transfers of rights of mortgages, giving consent as a mortgagee, a pledgee in relation to assets placed as security with IRPC, accepting transfers of land and properties on foreclosed land, exercising rights in set-offs, accepting transfers of assets from debtors or third parties for payments of debt on behalf of the debtors, transferring and accepting transfers of rights of claim. h. Filing statements of claim, statements of defence in arbitral proceedings or undertaking all arbitral proceedings including appointing arbitrators, requesting or submitting petitions or plaints to any court, government authority or institution for enforcement of arbitral awards. i. Liaising with government authorities, ministries, bureaus, state departments and other state authorities, state enterprises, local administrative authorities, persons or juristic persons in relation to applications for approvals, permits, registration, agreements, renewals of agreements, applications for permits, renewals of permits, transfers, and cancellations, filing of property tax (Paw Raw Daw 2), applications for reconsideration (appeals), filing of local maintenance tax (Paw Baw Taw 5), signage tax, revenue tax, tariff, excise tax and other related taxes, filing an appeal for all related tax assessment, payment of taxes, fees, escorting an officer for inspection of IRPC’s premises, undertaking any related actions and filing applications for a refund of related monies. j. Filing applications for cadastral surveys, requesting land value estimates, witnessing boundary lines, certifying boundaries, filing applications for issuance of land title deeds or land title 2013 Annual Report IRPC Public Company Limited

169

documents, leasing land, filing applications for use of state land to the Land Department, provincial land offices, or related authorities. k. Signing on request forms and other documents and making declaration on behalf of IRPC to government agencies, ministries, departments, and other government-related agencies, state enterprises, local administration offices, individuals, or juristic persons; and signing on requests to make copies of such documents as IRPC’s certificates, memoranda of association, company regulations, identification cards, and household registrations, and to certify such copies. 2. Managing executives, staff, and contractors, including: a. Drawing up regulations, orders, and terms that executives, staff, and contractors are required to follow b. Appointing, transferring, or dismissing executives, staff, and contractors 3. Taking other actions to achieve the objectives of this delegation of authority 4. Exercising his voting rights at shareholders’ meetings in various companies where IRPC holds shares. Voting must follow the Board’s guidelines.

The above delegation of authority excludes granting approvals for dealing with connected parties, those with vested interests, or those with potential conflicts of interest. Management Compensation IRPC has defined a policy for management compensation by taking into account each person’s scope of responsibility, management ability, and the approaches and standards of the peer business group. In arriving at annual adjustments, it assesses performance under the Performance Management System (PMS), consisting of (1) Key Performance Indicators (KPIs), representing key missions cascaded from the corporate level each year and matching organization’s goals, and (2) job competency, a behavioral assessment tool for a person’s ability. These two elements help IRPC achieve its goals with quality and sustainability. In 2013, IRPC paid a total of Baht 73.28 million to eight management team members: Baht 65.48 million in monthly compensation, Baht 7.44 million in bonuses, and Baht 0.36 million in contribution to the provident fund.

Name (1)

170

Position

1. Mr. Atikom Terbsiri 2. Mr. Sukrit Surabotsopon2

President (to September 30, 2013) President (since October 1, 2013)

3. Mr. Sahaschai Panichapong3

Senior Executive Vice President, Port & Asset Management Business Unit

4. Mr. Peerapong Achariyacheevin4

Senior Executive Vice President, Petrochemical & Refinery Business Unit

5. Mr. Manit Suthaporn

Senior Executive Vice President, Corporate Legal

6. Mr. Chansin Treenuchagron

Senior Executive Vice President, Corporate Commercial & Marketing

7. Ms. Duangkamol Settanung

Senior Executive Vice President, Corporate Accounting & Finance

8. Mr. Wittawat Svasti-Xuto

Senior Executive Vice President, Corporate Strategy & Planning

Senior Executive Vice President, Corporate Human Resources & Administration 9. Ms. Oravan Leelarasamee5 Note: 1. Management team members required to disclose compensation under SEC regulations 2. Mr. Sukrit Surabotsopon was appointed following the resolution of Board meeting No. 11/2556 on 17 September 2013, with effect from 1 October 2013, replacing Mr. Atikom Terbsiri, who resigned. 3. Mr. Sahaschai Panichapong completed his term on 31 December 2013 4. Mr. Peerapong Achariyacheevin was appointed Senior Executive Vice President, Petrochemical & Refinery Business Unit, with effect from 1 March 2013 5. Ms. Oravan Leelarasamee was appointed Senior Executive Vice President, Corporate Human Resources & Administration, with effect from 1 March 2013.

Mr.Chainoi Puemkosoom List

Company 1 IRPC Publlic Company Limited Subsidiaries 2 IRPC Polyol Company Limited 3 Thai ABS Company Limited 4 IRPC Oil Company Limited 5 IRPC Technology Company Limited 6 IRPC A&L Company Limited 7 Rakpasak Company Limited 8 Thai Polyurethane Industry Company Limited 9 IRPC Energy Company Limited Associated Company 10 PTT Polymer Marketing Company Limited 11 PTT Energy Solution Company Limited 12 UBE Chemical Asia Public Company Limited 13 Rayong Acetylene Company Limited 14 IRPC Clean Power Company Limited Related Companies 15 PTT Public Company Limited 16 PTT Global Chemical Public Company Limited 17 Thai Oil Public Company Limited 18 Thai Lube Base Public Company Limited 19 Bangchak Petroleum Public Company Limited 20 Star Petroleum Refining Public Company Limited 21 PTT Polymer & Logistics Company Limited 22 PTT ICT Solutions Company Limited 23 Business Services Alliance Company Limited 24 Energy Complex Company Limited 25 PTT International Trading Company Limited 26 PTT Phenol Company Limited 27 PTT Asahi Chemical Company Limited

Mr.Chainoi Puemkosoom Mr.Cherdpong Siriwit Mr.Surong Bulakul Mr.Sarun Rungkasiri Mr.Songpope Polachan Mr.Wichit Plungsriskul LTG.Udomdej Sitabutr Mr.Woothisarn Tanchai Mr.Watcharakiti Watcharothai Mr.Kritsda Udyanin Mr.Narongkorn Chawalsantati LTG.Preecha Wanarat Mr.Jade Thanawat Mr.Trumph Jalichandra Mr.Woravit Chailimpamontri Mr.Sukrit Surabotsopon Mr.Sahaschai Panichapong Mr.Peerapong Achariyacheevin Mr.Wittawat Svasti-Xuto Mr.Manit Suthaporn Ms.Duangkamol Settanung Mr.Chansin Treenuchagrom Ms.Oravan Leelarasamee

IRPC’s Directors and Executives (As of 31 December 2013)

X / / / / / / / / / / / / / / /,// // // // // // // //

X X X

/ / /

/ / / / / / / / / / X / / / / X X X /

/ /

/ X / // // /

/ / / / // // //

Remarks : X = Chairman, / = Director, // = Executive 1. Mr.Sahaschai Panichpapong tendered his resignation as member of the Director’s IRPC A&L Company Limited, on 31 December 2013 2. Mr.Peerapong Achariyacheevin tendered his resignation as member of the Chairman’s IRPC Clean Power Company Limited, on 9 January 2014 2013 Annual Report IRPC Public Company Limited

171

Subsidiariesâ&#x20AC;&#x2122; Directors (As of 31 December 2013) BM&L<K7&:)/&7"M?&N#;M Name ? H)<$4+-,(-'#0+,I(&((; A H)<'8(;;+-']4(EI+14+F(),' > H)<'80I)-/'80)+9(/&(F(, U H)<'$4+,&-,'V)22,014+*)( L H-&&'@0+,*I+;(J'82//+,0,*' C H)<'H+,-/'80/4+F(), Q H)<'T-//+E+/'8O+&/-:g0/(' X H)<'8-)-;2/4'_-F4+I(),' ^ H)<'8(,*IJ(6'$4+)(2,F4(), ?B H)<'T-)+E+/'8-,()+6-/J(2/' ?? H-&&'H(,E-F+'$4((F-9+,' ?A H)<'#4+M(;'50,M+,* ?> H)<'8(;I-+/'_(2/)-/F0E+6(,' ?U H)<'T()+E0/4'8-E+F42/)+,+/' ?L H)<'=/4(,'V4-+,&+E+/' D)2&-*,26'(,'>?'@212;92)'AB?>G ?C H)<'$4+J2);14+-'8(;9((,F+I(),

DM&L<K7&2*$9QH&7"+(.*H&N)+)#$; Position $4+-);+, @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() H+,+*-,*'@-)21/()

@M&L<K7&K"/H"/&7"+(.*H&N)+)#$; Name ? H)<$4+-,(-'#0+,I(&((; A H)<'8(;;+-']4(EI+14+F(),' > H)<'80I)-/'80)+9(/&(F(, U H-&&'@0+,*I+;(J'82//+,0,*' L H)<'$4+,&-,'V)22,014+*)( C H)<'H+,-/'80/4+F(), Q H)<'T-14-/'P-/+M+,(, X H)<'#4+M(;'50,M+,* ^ H)<'"+//+F(,'[,+I+,F(),' ?B H)<'#)+,+/'](&+M+,(,' ?? H)<'])+-&-'#4+,I-/,-)+,6(,' ?A H)<'80E+,'8-,0+, ?> H)<'8(;I-+/'_(2/)-/F0E+6(, ?U H)<'V4)02&+6-'T+//4+,+,*I0,' ?L H)<'=/4(,'V4-+,&+E+/' D)2&-*,26'(,'>?'@212;92)'AB?>G ?C H)<'50,M+6214'#40)-M+I(),

Position $4+-);+, @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() H+,+*-,*'@-)21/()

OM&01.)&'PI&7"M?&N#; Name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

172

Position $4+-);+, @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() H+,+*-,*'@-)21/()

Name ? H)<'H+,-/'80/4+F(),' A H)&<'$4-/)+'V4+O+)+ D)2&-*,26'(,'>?'@212;92)'AB?>G > H)<'c2)+14+-'=)-M+F4(,F4-)((,' U H)<'$4+J2);14+-'8(;9((,F+I(), L H-&&'@0+,*I+;(J'82//+,0,*' C H)<'8-)-;2/4'_-F4+I(), Q H)<'#4+M(;'50,M+,* X H)<'T()+E0/4'8-E+F42/)+,+/ ^ H)<'])+-&-'#4+,I-/,-)+,6(,

Position $4+-);+, @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/() @-)21/()

EM&01.)&K"/H59$#1.*$&L*;5-#9H&7"+(.*H&N)+)#$; Name ? H)<'H+,-/'80/4+F(),' A H)<'c2)+14+-'=)-M+F4(,F4-)((,' > $4+J2);14+-'8(;9((,F+I(), U H)<'8(;I-+/'_(2/)-/F0E+6(,' L H)<'8(,*IJ(/'$4+)(2,F4(,' C H)<'T-14-/'P-/+M+,(, Q H)<'#4-)+E+/'V4+;;+F-;(,' X H)<'])+-&-'#4+,I-/,-)+,6(,' ^ H-&&'H(,E-F+'$4((F-9+,' ?B H)<'T()+E0/4'8-E+F42/)+,+/' ?? H)<'8-)-;2/4'_-F4+I(),' ?A H)<'"+//+F(,'[,+I+,F(),' ?> H)<'#4-)+&-/'!,/4(, ?U H)<'#4+M(;'50,M+,*' ?L H)<'=/4(,'V4-+,&+E+/' D)2&-*,26'(,'>?'@212;92)'AB?>G ?C H)&<'$4-/)+'V4+O+)+ D)2&-*,26'(,'>?'@212;92)'AB?>G

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173

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2013 Annual Report IRPC Public Company Limited

175

Shareholding Structure The first ten shareholders of IRPC Public Company Limited, as of the closing of the registry book for dividend payment on March 6, 2013, are: Shareholders

Amount of Shares

Shareholding

PTT Plc.

7,869,694,600

38.51%

The Government Savings Bank

1,950,000,000

9.54%

The Government Pension Fund

1,183,796,970

5.79%

Thai NVDR Co, Ltd.

951,583,810

4.66%

Bangkok Bank Plc.

504,906,708

2.47%

HSBC (SINGAPORE) NOMINEES PTE LTD

237,968,647

1.16%

Social Security Office (2 cases)

169,686,900

0.83%

EAST FOURTEEN LIMITED-DIMENSIONAL EMER MKTS VALUE FD

130,549,600

0.64%

ONE MULTIPLE GROWTH FUND (ONE-G)

123,000,000

0.60%

10.

STATE STREET BANK EUROPE LIMITED

121,158,234

0.59%

Dividend Policy IRPC Public Company Limited IRPC’s policy is to pay dividend at no less than 25% of its annual net profit after tax and all capital provisions, as required by the company regulations and by law. However, dividend payment is subject to its investment plan and other obligations as seen appropriate by the Board of Directors.

176

Affiliates Each affiliate will separately consider their own d ividend payment, taking into account their cashflow balances and net profits against their reserved investment budget as required by law, or against other obligations as seen appropriate by each affiliate’s board of directors.

F I NA NC I A L S T ATEME N T

2013 Annual Report IRPC Public Company Limited

177

Report of Board of Directorsâ&#x20AC;&#x2122; Responsibility for Financial Reporting

178

Auditorâ&#x20AC;&#x2122;s Report

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(Mr. Chainoi Puankosoom)

Chairman IRPC Public Company Limited

(Mr. Sukrit Surabotsopon)

President IRPC Public Company Limited

2013 Annual Report IRPC Public Company Limited

179

Auditorâ&#x20AC;&#x2122;s Report IRPC Public Company Limited As at 31 December 2013

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Vichien Khingmontri

Certified Public Accountant (Thailand) No. 3977 PricewaterhouseCoopers ABAS Ltd. Bangkok 18 February 2014

180

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183 9

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Statements of Cash Flows BCD-.D=@058.-&34+6A.E535'(;.......................................................................................................

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193

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194

"#!

Notes to the consolidated and company financial statements !"#$%#&'()*%$+,-./0%1),)234% IRPC Public Company Limited 5+236%2+%273%*+/6+()4.234%./4%*+,-./0%8)/./*).(%62.23,3/26% For the year ended 31 December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

!"#$%&'#($'&$'"#$)&%(&*+,-'#,$-%,$)&./-%0$1+%-%)+-*$('-'#.#%'($12&.$/-3#($456$'&$789$-2#$-%$+%'#32-*$/-2'$&1$'"#(#$1+%-%)+-*$('-'#.#%'(: 2013 Annual Report"#! IRPC Public Company Limited

195

Notes to the consolidated and company financial statements !"#$%#&'()*%$+,-./0%1),)234% IRPC Public Company Limited 5+236%2+%273%*+/6+()4.234%./4%*+,-./0%8)/./*).(%62.23,3/26% For the year ended 31 December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199

Notes to the consolidated and company financial statements !"#$%#&'()*%$+,-./0%1),)234% 5+236%2+%273%*+/6+()4.234%./4%*+,-./0%8)/./*).(%62.23,3/26% IRPC Public Company Limited 9+:%273%03.:%3/434%;<%=3*3,'3:%>?<;%% For the year ended 31 December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200

""!

Notes to the consolidated and company financial statements !"#$%#&'()*%$+,-./0%1),)234% 5+236%2+%273%*+/6+()4.234%./4%*+,-./0%8)/./*).(%62.23,3/26% IRPC Public Company Limited 9+:%273%03.:%3/434%;<%=3*3,'3:%>?<;%% For the year ended 31 December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x! I33+(3!.',!0).B)0)()+3!8&2!+.%7!3(.(+6+'(!&8! 8)'.'%).0!1&3)()&'!12+3+'(+,!.2+!(2.'30.(+,!.(!(7+!%0&3)'9! 2.(+!.(!(7+!,.(+!&8!(7.(!3(.(+6+'(!&8!8)'.'%).0!1&3)()&'J! x! 5'%&6+! .',! +C1+'3+3! 8&2! +.%7! )'%&6+! 3(.(+6+'(3! .',! 3(.(+6+'(! &8! %&612+7+'3);+! )'%&6+! .2+! (2.'30.(+,!.(!.;+2.9+!+C%7.'9+!2.(+3J!.',! x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"#!

2013 Annual Report IRPC Public Company Limited

201

Notes to the consolidated and company financial statements !"#$%#&'()*%$+,-./0%1),)234% 5+236%2+%273%*+/6+()4.234%./4%*+,-./0%8)/./*).(%62.23,3/26% IRPC Public Company Limited 9+:%273%03.:%3/434%;<%=3*3,'3:%>?<;%% For the year ended 31 December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202

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Notes to the consolidated and company financial statements !"#$%#&'()*%$+,-./0%1),)234% 5+236%2+%273%*+/6+()4.234%./4%*+,-./0%8)/./*).(%62.23,3/26% IRPC Public Company Limited 9+:%273%03.:%3/434%;<%=3*3,'3:%>?<;%% For the year ended 31 December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"#!

2013 Annual Report IRPC Public Company Limited

203

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204

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Notes to the consolidated and company financial statements !"#$%#&'()*%$+,-./0%1),)234% IRPC Public Company Limited 5+236%2+%273%*+/6+()4.234%./4%*+,-./0%8)/./*).(%62.23,3/26% For the year ended 31 December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Notes to the consolidated and company financial statements !"#$%#&'()*%$+,-./0%1),)234% IRPC Public Company Limited 5+236%2+%273%*+/6+()4.234%./4%*+,-./0%8)/./*).(%62.23,3/26% For the year ended 31 December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Â&#x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208

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"#!

2013 Annual Report IRPC Public Company Limited

209

Notes to the consolidated and company financial statements !"#$%#&'()*%$+,-./0%1),)234% 5+236%2+%273%*+/6+()4.234%./4%*+,-./0%8)/./*).(%62.23,3/26% IRPC Public Company Limited 9+:%273%03.:%3/434%;<%=3*3,'3:%>?<;%% For the year ended 31 December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210

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2013 Annual Report IRPC Public Company Limited

211

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IRPC Public Company Limited For the year ended 31 December 2013

2013 Annual Report IRPC Public Company Limited

217

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IRPC Public Company Limited For the year ended 31 December 2013

2013 Annual Report IRPC Public Company Limited

223

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2013 Annual Report IRPC Public Company Limited

225

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229

Notes to the consolidated and company financial statements !"#$%#&'()*%$+,-./0%1),)234% IRPC5+236%2+%273%*+/6+()4.234%./4%*+,-./0%8)/./*).(%62.23,3/26% Public Company Limited For the year ended 31 December 2013 9+:%273%03.:%3/434%;<%=3*3,'3:%>?<;%% ! % <@% =383::34%)/*+,3% 2.A36%$%&'()'*+,-! % % % !

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230

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231

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2013 Annual Report IRPC Public Company Limited

233

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251

Notes to the consolidated and company financial statements !"#$%#&'()*%$+,-./0%1),)234% IRPC Public Company Limited 5+236%2+%273%*+/6+()4.234%./4%*+,-./0%8)/./*).(%62.23,3/26% For the year ended 31 December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"#!

2013 Annual Report IRPC Public Company Limited

257

Notes to the consolidated and company financial statements !"#$%#&'()*%$+,-./0%1),)234% IRPC Public Company Limited 5+236%2+%273%*+/6+()4.234%./4%*+,-./0%8)/./*).(%62.23,3/26% For the year ended 31 December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Notes to the consolidated and company financial statements !"#$%#&'()*%$+,-./0%1),)234% IRPC Public Company Limited 5+236%2+%273%*+/6+()4.234%./4%*+,-./0%8)/./*).(%62.23,3/26% For the year ended 31 December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Notes to the consolidated and company financial statements !"#$%#&'()*%$+,-./0%1),)234% IRPC Public Company Limited 5+236%2+%273%*+/6+()4.234%./4%*+,-./0%8)/./*).(%62.23,3/26% For the year ended 31 December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x! 5G4;!4-(:80!;27.)*1!<878/'=!&)9!9-'=!%&)8!M/)8*:'99!M/'':!5*=-9/,1!4-(:80!;27.)*1!<878/'=!32,! /&'!.-,0&)9'!23!:)*=K!?:)0+!;)9'!@2A!C#NIDEFFO!"G'=!;)9'!@2A!HE#DEFFB$A! x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Notes to the consolidated and company financial statements !"#$%#&'()*%$+,-./0%1),)234% IRPC Public Company Limited 5+236%2+%273%*+/6+()4.234%./4%*+,-./0%8)/./*).(%62.23,3/26% For the year ended 31 December 2013 9+:%273%03.:%3/434%;<%=3*3,'3:%>?<;%% ! ! ;@% A)B/)8)*./2%*(.),6%./4%(3B.(%-:+*334)/B6%$%&'()'*+,-! ! ! ./!0(!#1!2+%+34+5!671#8!(9+!:&3;0'<!=0/!)'>&?>+,!)'!/)@')A)%0'(!?+@0?!;5&%++,)'@/!A&5!=9)%9!(9+!5+/*?(/!90>+!'&(!<+(! 4++'!A)'0?)/+,B!C9+/+!05+!0/!A&??&=/D!$%&'()'*+,-! ! "#$! %&'!()*'*!+',)+-./,!0&'!1)/-!-.*230'!$%&'()'*+,-! ! 453+0!+31./,*6! ! x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x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

!"#$%&'#($'&$'"#$)&%(&*+,-'#,$-%,$)&./-%0$1+%-%)+-*$('-'#.#%'($12&.$/-3#($456$'&$789$-2#$-%$+%'#32-*$/-2'$&1$'"#(#$1+%-%)+-*$('-'#.#%'(: 2013 Annual Report"#! IRPC Public Company Limited

261

Notes to the consolidated and company financial statements !"#$%#&'()*%$+,-./0%1),)234% IRPC Public Company Limited 5+236%2+%273%*+/6+()4.234%./4%*+,-./0%8)/./*).(%62.23,3/26% For the year ended 31 December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x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x! ;*66+'(@=9! (:+! %0/+! )/! )'! (:+! <6&%+//! (:0(! (:+! I',*/(6)0@! L/(0(+! .*(:&6)(=! &B! D:0)@0',9! >:&! )/! (:+! ,)6+%(!,+B+',0'(9!B*6(:+6!B)@+,!0'!0<<+0@!(&!(:+!U*<6+4+!.,4)')/(60()?+!;&*6(C!R&>+?+69!(:)/!:0/!'&! )4<0%(!(&!(:+!;&4<0'=S/!<@0'!5+%0*/+!(:+!I',*/(6)0@!L/(0(+!.*(:&6)(=!&B!D:0)@0',!:0/!,)/4)//+,!(:+! <6+?)&*/! 0''&*'%+4+'(! 6+A06,)'A! (:+! I',*/(6)0@! L/(0(+! )'! K0=&'A! $0(! M0'X0)-! 0%%&6,)'A! (&! (:+! ;&*6(S/!6*@)'AC!I'!0,,)()&'9!)(!0@/&!B*6(:+6+,!(:+!0<<6&?0@!<6&%+//!B&6!(:+!<6&[+%(!0',!0''&*'%+,!(:0(! (:+!;&4<0'=S/!@0',!)/!)'!(:+!'+>!I',*/(6)0@!L/(0(+!0',!0%%*60(+!)'!0%%&6,0'%+!>)(:!(:+!6*@)'A!&B!(:+! K0=&'A!.,4)')/(60()?+!;&*6(C! x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267

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Rights of the Shareholders

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The Board’s Responsibility

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2013 Annual Report IRPC Public Company Limited

269

The Board’s Responsibility (Cont’d)

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IRPC Public Company Limited 555/2 Energy Complex Building B, 6th Vibhavadi-Rangsit Rd., Kwaeng Chatuchak, Khet Chatuchak, Bangkok 10900 Thailand Tel. : 66 (0) 2649–7000, 66 (0) 2649–7777 Fax : 66 (0) 2649–7001