IRPC Public : Submission of IRPC Public Company Limited and its subsidiaries' financial statements for the year ended December 31, 2018 and operating results

-Translation-

Ref. Ngor Nor Por. 001/2019

12 February 2019

Subject :Submission of IRPC Public Company Limited and its subsidiaries' financial statements for the year ended December 31, 2018 and operating results

To :

President,

The Stock Exchange of ThailandIRPC Public Company Limited ("Company") would like to submit the financial statements and consolidated financial statements for the year ended December 3 1, 2018 , which was audited by independent auditor, and was approved by the Company's Audit Committee and Board of Directors.

The consolidated financial statements can be summarized as follows:

In 2018, the Company generated net sales of Baht 258,919 million, increased by 31% compared to 2017 , which attributed to the increase in sales volume and products prices. The refinery utilization rate was 208,000 barrels per day of crude intake, rose 16% due to increasing efficiency of the refinery plant after major turnaround during 1Q17.

The Market GIM was Baht 33,607 million (USD 13.60 per barrel), increased 4% from last year mainly due to an increase in sales volume following the higher utilization rate. However, crude oil price had sharply declined as a result of supply surge especially from the U.S. as well as the lower-than-expected economic growth through a prolonged trade war between China and the United State. This resulted in the net stock loss of Baht 1 ,238 million, the Accounting GIM of Baht 32 ,370 million, down 7%, and earnings before interest, tax, depreciation and amortization ("EBITDA") of Baht 18,344 million,

decrease 10%. The Company reported the depreciation amounting to Baht 8 , 237 million, rose 17% according to an increase in depreciation from PPE and PPC projects which started commercial operation since late 2017. Likewise, the financial costs of Baht 2,227 million, increased 12% caused by the lower gain from Cross Currency Swap ("CCS") by Baht 334 million together with the lower of gain

from impairment and disposal of fixed assets amounting to Baht 296 million, decreased by 64% mainly owing to non-recurring item in 2017 which was gains from reversal of impairment from disposal of investment property amounting to Baht 794 million. The corporate income tax of Baht 1 , 147 million, dropped 47% as a decrease in operating profit and an increase benefit from investment promotion

(BOI), especially for environmental projects. As a result, the Company had a net profit of Baht 7 , 735 million, a 32% decline when compare to the previous year.

As of December 31, 2018, the Company had total assets of Baht 182,446 million, total liabilities of Baht 95,066 million and shareholders' equity was amounted to Baht 87,380 million.

Please be informed accordingly.

Yours sincerely,

(Mr. Noppadol Pinsupa)

President

Finance & Investor Relations Department

Tel. [phone]

Fax.[phone]