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, 2022

-Translation-

Ref. Ngor Nor Por. 020/2022

9 August 2022

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, 2022

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, 2022, 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 2022 (2Q/2022), the Company reported net sales of Baht 99,395 million increasing by Baht 22,787 million or 30% from that in the first quarter of 2022 (1Q/2022). This attributed to a 26% increase in average selling prices following higher crude oil price as well as a 4% increase in sales volume. The average crude intake was 198,000 barrels per day, which rose by 2%. The Market Gross Integrated Margin (Market GIM) was Baht 12,562 million (USD 20.15 per barrel) increasing by Baht 8,457 million or 206%, mainly from a significant rise in petroleum products spreads, especially Diesel and Gasoline spreads, versus an increase in crude premium.

The crude oil price in 2Q/2022 surged from USD 95.56 per barrel in 1Q/2022 to USD 108.05 per barrel as a result of tight crude oil supply of which the main cause was the prolonged conflict between Russia and Ukraine. Meanwhile, OPEC and its allies increased crude oil production by 0.4 million barrels per day but it was still insufficient for the crude oil demand recovering from the ease of COVID-19-related restrictions. The Company had the net stock loss of Baht 1,298 million or USD 2.08 per barrel including the stock gain of Baht 3,974 million against realized loss on oil hedging of Baht 5,272 million when compared with the net stock gain of Baht 5,786 million from 1Q/2022. These resulted in the Accounting Gross Integrated Margin (Accounting GIM) of Baht 11,264 million or USD 18.07 per barrel, which increased by 14%. Meanwhile, the operating expenses were Baht 3,117 million increasing by 3%. As a result, the earnings before interest, tax, depreciation and amortization (EBITDA) amounted to Baht 8,021 million raising by 22%.

The Company recorded the depreciation expenses amounting to Baht 2,015 million increasing by Baht 7 million. The net financial cost was Baht 427 million, which rose by 7%. Loss on financial derivatives was amounting to Baht 162 million versus gain on financial derivatives of Baht 200 million in 1Q/2022. Furthermore, there was loss on foreign exchange from US Dollar - borrowings of Baht 280 million compared to gain on foreign exchange from US Dollar

• borrowings of Baht 19 million in 1Q/2022 owing to the Thai Baht depreciation. The Company had outstanding USD debt of 120 million at the end of 2Q/2022. Moreover, the Company recorded unrealized loss on oil hedging amounting

to Baht 548 million, which dropped by 80% from 1Q/2022. In addition, there was gain on investments of Baht 179 million, up by 39%. The Company had a corporate income tax of Baht 927 million that rose by 174%. All previously mentioned resulted in the net profit of Baht 3,833 million in 2Q/2022, which rose by 155% when compared with that in 1Q/2022.

In the first six months of 2022 (1H/2022), the Company registered net sales of Baht 176,003 million increasing by 67% from that in the first six months of 2021 (1H/2021). This attributed to a 65% increase in average selling prices following higher crude oil price as well as a 2% increase in sales volume. The average crude intake was 196,000 barrels per day, up by 3%. The Market GIM was Baht 16,667 million (USD 13.85 per barrel) rising by 6% following a rise in Diesel and Gasoline spreads versus an increase in crude premium.

The crude oil price significantly surged as a result of the conflict between Russia and Ukraine and the continuing output cut from OPEC and its allies. This led to the net stock gain of Baht 4,488 million or USD 3.73 per barrel including the stock gain of Baht 10,373 million and a reversal of Lower of Cost or Market (LCM) of Baht 54 million against realized loss on oil hedging of Baht 5,939 million dropping by Baht 4,021 million or 47% from 1H/2021. Therefore, the Accounting GIM was Baht 21,155 million or USD 17.58 per barrel decreasing by Baht 3,046 million or USD 5.14 per barrel. The operating expenses were Baht 6,135 million decreasing by 8%. These resulted in EBITDA of Baht 14,621 million decreasing by Baht 3,057 million or 17%.

The net financial cost was Baht 825 million decreasing by 5%. There was a gain on financial derivatives amounting to Baht 38 million when compared to a loss on financial derivatives of Baht 184 million in 1H/2021. There was a loss on foreign exchange from US Dollar - Borrowings of Baht 261 million decreasing by 7% owing to less Thai Baht depreciation compared with that 1H/2021. Furthermore, there was an unrealized loss on oil hedging of Baht 3,247 million, up by Baht 2,719 million, along with a gain on investments of Baht 308 million declining by 10%. The Company had the corporate income tax amounting to Baht 1,265 million decreasing by 20% because of the declining operating results. All previously mentioned resulted in the net profit of Baht 5,334 million dropping by 47% when compared with that in

1H/2021.

As of June 30, 2022, the Company had total assets of Baht 222,242 million, total liabilities of Baht 132,051 million and shareholders' equity of Baht 90,191 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]