IRPC Public : Submission of IRPC Public Company Limited and its subsidiaries' financial statements and operating results for the 3-month and 6-month period ended June 30, 2021

-Translation-

Ref. Ngor Nor Por. 017/2021

10 August 2021

Subject : Submission of IRPC Public Company Limited and its subsidiaries' financial statements and operating results for the 3-month and 6-month period ended June 30, 2021

To :President,

The Stock Exchange of Thailand

IRPC Public Company Limited ("the Company") would like to submit the financial statements and consolidated financial statements for the 3-month and 6-month period ended June 30, 2021, which was reviewed by independent auditor, and was approved by the Company's Audit Committee. The consolidated financial statements can be summarized as follows:

In the second quarter of 2021 ( 2Q/ 2021) , the Company reported net sales of Baht 56,858 million increasing by 18% from that in the first quarter of 2021 ( 1Q/ 2021) . This attributed to a 16% increase in average selling price following higher crude oil price and a 2% rise in sales volume. The average crude intake was 194,000 barrels per day, up by 4% . This was mainly from the ADU1 unit planned maintenance shutdown for 17 days in 1Q/ 2021. The Market Gross Integrated Margin ( Market GIM) was Baht 8,727 million ( USD 15. 68 per barrel) increasing by 25% from last quarter as a rise in almost all Petroleum and Petrochemical products spread versus an increase in crude premium.

The crude oil price in 2Q/2021 increased from USD 60.01 per barrel in 1Q/2021 to USD 66.93 per barrel because OPEC and its allies remained cut their oil production till April and gradually increased their production by 2.1 million barrel per day from May to July to balance the market. Moreover, the U.S. crude oil production remained lower than it was at pre-COVID-19 level. Hence, the Company had the net stock gain of Baht 3,507 million or USD 6.30 per barrel, dropped by Baht 1,495 million from 1Q/2021. The Accounting Gross Integrated Margin (Accounting GIM) was Baht 12,234 million or USD 21.98 per barrel increasing by 2%. Meanwhile, the operating expenses were Baht 3,533 million increasing by 14% . As a result, the earnings before interest, tax, depreciation and amortization (EBITDA) was Baht 8,895 million raising by 1%.

The Company registered the depreciation expenses amounting to Baht 2,209 million increasing by 1% , while the net financial cost was Baht 428 million down by 3%. There was loss on financial derivatives amounting to Baht 74 million, dropping by 33%. Furthermore, there was loss on foreign exchange from US Dollar - borrowings of Baht 100 million, dropped by 45% compared to the loss on foreign exchange of Baht 182 million in 1Q/ 2021. The Company had outstanding USD debt of 140 million at the end of 2Q/2021. Meanwhile, there was gain on investments of Baht 186 million, up by 19% from 1Q/2021 while there was unrealized loss on oil hedging amounting to Baht

1,076 million against unrealized gain on oil hedging amounting to Baht 548 million in 1Q/ 2021. The Company had the corporate income tax of Baht 600 million. All previously mentioned resulted in the net profit of Baht 4,574 million in 2Q/2021 declining by Baht 1,007 million or 18% compared with 1Q/2021.

In the first six months of 2021 ( 1H/ 2021) , the Company registered net sales of Baht 105,246 million, increasing by 42% from that in the first six months of 2020 (1H/2020). This attributed to a 43% increase in average selling price following higher crude oil price. The average crude intake was 190,000 barrels per day, up by 1%. The Market GIM was Baht 15,692 million ( USD 14. 73 per barrel) , sharp rise by 88% following an increase in both petroleum and petrochemical products spreads as the COVID- 19 pandemic continued to unfold after widespread vaccination.

As a result of the continuing output cut from OPEC and its allies, crude oil price has sharply increased. This led to the net stock gain of Baht 8,509 million or USD 7. 99 per barrel including the stock gain of Baht 8,329 million and realized oil hedging gain of Baht 180 million, compared to the net stock loss of Baht 6,722 million in 1H/2020. Therefore, the Accounting GIM was Baht 24,201 million or USD 22.72 per barrel significant increased by Baht 22,589 million or USD 21.24 per barrel. Meanwhile, the operating expenses were Baht 6,634 million decreasing by 3%. These resulted in EBITDA of Baht 17,678 million against the loss on EBITDA of Baht 4,932 million in 1H/2020.

The net financial cost was Baht 869 million decreasing by 6% because of lower interest rate. There was loss on financial derivatives amounting to Baht 184 million declining by Baht 400 million, while there was loss on foreign exchange from US Dollar - Borrowing of Baht 282 million increasing by 92% owing to the Thai Baht depreciation. Furthermore, there was unrealized loss on oil hedging of Baht 528 million, down by 17% . Gain on investments was Baht 342 million rising by 192% . The Company had the corporate income tax amounting to Baht 1,572 million compared to 1H/ 2020 corporate income tax benefit of Baht 2,285 million because of the improving operating results. All previously mentioned resulted in the net profit of Baht 10,155 million in 1H/ 2021 against the net loss of Baht 9,316 million in 1H/2020.

As of June 30, 2021, the Company had total assets of Baht 186,789 million, total liabilities of Baht 102,126 million and shareholders' equity was amounted to Baht 84,663 million.

Please be informed accordingly.

Yours sincerely,

(Mrs. Nidcha Jirametthanakij)

Senior Executive Vice President Corporate Accounting & Finance

Finance & Investor Relations Department

Tel. [phone]Fax.[phone]