Thai Oil Public : Submission of Thai Oil Public Company Limited and its subsidiaries' financial statements and MD&A for the second quarter year 2020

(Translation)

Ref. TBK 13/0451

August 10, 2020

Subject: Submission of Thai Oil Public Company Limited and its subsidiaries' financial statements and MD&A for the second quarter year 2020

To:President of The Stock Exchange of Thailand

Attachment: 1. A copy of financial statements and independent auditor's report of Thai Oil Public Company Limited and its subsidiaries for the second quarter year 2020 period ended June 30, 2020 with a copy of English translation

1. Management's Discussion and Analysis (MD&A) and the summary of consolidated financial performance for Thai Oil Public Company Limited and its subsidiaries for the second quarter year 2020 period ended June 30, 2020
2. Company's performance report (Form F45)

Dear Sirs,

Thai Oil Public Company Limited, (the Company) would like to submit the financial statements and consolidated financial statements for the second quarter year 2020 period ended June 30, 2020 reviewed by our certified public accountant and the Company's Audit Committee. In addition, the Company's Audit Committee has given approval to disclose to public our financial statements and MD&A, as per attachments.

Thaioil and Subsidiaries performance for the second quarter year 2020 period ended June 30, 2020 could be summarized as follows:

In Q2 / 20, Thaioil and Subsidiaries reported the Accounting Gross Integrated Margin (Accounting GIM) at 1.1 US$/bbl and had the integrated intake of 271 thousand barrels per day, Thaioil and Subsidiaries registered sales revenue and EBITDA of THB 49,372 million and THB 2,881 million respectively. Aggregating with operating costs, financing costs, income tax expense, gain on foreign exchange, Thaioil and Subsidiaries had net profit of THB 2,480 million, or THB 1.22 per share including impact from stock loss before tax of THB 1,404 million and reversal on crude and petroleum product inventory before tax of THB 2,469 million.

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For 6 M/20, Thaioil and Subsidiaries reported loss on Accounting Gross Integrated Margin (Accounting GIM) at 4.8 US$/bbl. With the integrated intake of 290 thousand barrels per day, Thaioil and Subsidiaries registered sales revenue and loss on EBITDA of THB 126, 023 million and THB 9, 367 million respectively. Aggregating with operating costs, financing costs, income tax expense and loss on foreign exchange, Thaioil and Subsidiaries had net loss of THB 11,274 million, or THB 5.53 net loss per share.

As of June 30, 2020, Thaioil and Subsidiaries had total assets of THB 298,170 million, increasing from the year ended 2019 by THB 14,725 million mainly due to an increase in non-current assets, i.e. property, plant, and equipment had increased mainly from investments in several projects as planned. For total liabilities of Thaioil and Subsidiaries, it increased by THB 27,818 million from the year ended 2019 to THB 187,339 million due to the increase in long-term borrowings and debentures after Thaioil Treasury Center Co., Ltd. ("TTC") completed its issuance and offering of debentures to foreign institutional investors with the total amount of USD 1,000 million in June 2020. In addition, Thaioil and Subsidiaries had total equity of THB 110,832 million, decreasing by THB 1 3,092 million from the end of 2019 due to total comprehensive expense, dividend paid from Thaioil and Subsidiaries, and the impact from First-time Adoption of International Financial Reporting Standards .

Please be informed accordingly.

Yours truly,

Thai Oil Public Company Limited

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Mr. Wirat Uanarumit

Chief Executive Officer and President

Investor Relations Section

Tel. [phone] Extension 42060 - 42063 / Fax. [phone]