Esso (Thailand) Public Company Limited announced that the Company established new company. Name of company: Refinery Optimization and Synergy Enterprise Company Limited ("ROSE") Date of incorporation.: 3 October 2023. objectives: To provide planning including management services to the refinery business of the Company and Bangchak Corporation Public Company Limited ("BCP") in order to achieve the best efficient operation, minimize cost, and maximize profit with fairness and transparency to all stakeholders, including supply and production planning, logistics planning, price risk management, sales management and other tasks related to the oil trading business.

Furthermore, the Company and BCP are considering the establishment of ROSE for the abovementioned objective in order to ensure that there will be clarity and transparency regarding the working team, enhancing efficiency in managing the group, and reducing the potential conflicts of interest. Registered capital,: THB 1,000,000 divided into 100,000 ordinary shares, with a par value of THB 10 per share., Source of Fund: Working capital of the Company. The Board of Directors of ROSE is responsible for overseeing the overall operations of the management, who is responsible for conducting analysis based on world market data and processing it for the Company and BCP to carry out production planning for the best benefit and informing the said planning to the Company and BCP in carrying out production according to the said planning according to the ROSE's recommendations.

Operation details and nature of business: ROSE will be responsible for providing Shared Service for the related planning activities and providing recommendations regarding the Company and BCP oil refinery business. The main scope of services is as follows: 1. To plan refining using Single Linear Programming (Single LP) to optimize the refineries of the Company and BCP. 2. The results from making the Single LP will be used in the selection and procurement of crude oil, raw materials, and other products, including related transportation planning.

3. Production planning for each refinery will be carried out by the management of each refinery. Synergy Benefits arising from the Single LP will be divided between the Company and BCP in a fair and transparent manner. 5. To provide advice to the Company and BCP In managing oil price risk (Hedging) according to the market situation.

Revenues and Expenses schemes: ROSE Revenues: revenues from service fees in the terms of Cost + Margin. Expenses: employee expenses ROSE's Key Performance Indicators (KPIs) will be determined by evaluating the actual Synergy Benefit, with pro forma accounting which reflects in performance of each company. Mechanism for potential conflicts of interests prevention: Although ROSE provides recommendations to both companies, decisions related to implementation will be at the Company's and BCP's discretions.

For ROSE's Board of directors, the number of Director Representing the Company and Director Representing BCP shall be equal. Director Representing the Company shall be senior managements in the refinery and marketing business, or equivalent, as deemed appropriate by the Company's Board of Directors in order to ensure that the representative directors can oversee the sharing of Synergy Benefits that occur between the Company and BCP in a fair and transparent manner. Any changes to the structure of ROSE's directors shall require ROSE's shareholder approval (comprising the Company and BCP).

The directors of the Company and BCP must provide its opinion for its proxy to cast a vote in such matter. As for the Company, the directors of the Company who are representatives of BCP are considered as having a special interest. Thus, at the Company's Board of Directors meeting considering such matters, the Company's Directors who are representatives of BCP shall not attend the Board of Directors meeting and shall not vote when the Board of Directors meeting is discussing and casting vote in such agenda item.

In nominating a director candidate for election at the expiry of the director's term or to fill vacancies, including vacancies created as a result of resignation, and/or other matters, which Director Representing the Company and Director Representing BCP are required to obtain prior endorsement from the Company's or BCP's Board of Directors (as the case may be), directors of the Company who are representatives of BCP are considered as having a special interest. Thus, at the Company's Board of Directors' meeting considering such matters, those directors of the Company who are representatives of BCP shall not attend the Board of Directors' meeting and shall not vote when the Board of Directors' meeting is discussing and casting vote in such agenda item.