IRPC : Submission of IRPC Public Company Limited and its subsidiaries' financial statements and operating results for the 3-month period ended March 31, 2021

-Translation-

Ref. Ngor Nor Por. 010/2021

11 May 2021

Subject : Submission of IRPC Public Company Limited and its subsidiaries' financial statements and operating results for the 3-month period ended March 31, 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 period ended March 31, 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 first quarter of 2021 (1Q/2021), the Company reported net sales of Baht 48,388 million, increasing by 19% when compared with the fourth quarter of 2020 (4 Q/2020). This attributed to a 25% increase in average selling price following higher crude oil price while a 6% decrease in sales volume. The average crude intake was 186,000 barrels per day, down by 6% . This was resulted from the planned maintenance shutdown in ADU1 unit of the refinery plant for 17 days. The Market Gross Integrated Margin (Market GIM) was Baht 6,965 million (USD 13.68 per barrel), increasing by 13% 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 1Q/ 2021 sharply increased from USD 44. 62 per barrel in 4Q/ 2020 to USD 60. 01 per barrel because OPEC and its allies remain continuously cut their oil production. Moreover, Saudi Arabia announced an additional crude oil output cut of 1 million barrels per day together with the U. S. oil production reduction owing to snowstorm in Texas. Hence, the Company had the net stock gain of Baht 5,002 million or USD 9. 83 per barrel, rose by Baht 3,639 million from 4Q/ 2020. The Accounting Gross Integrated Margin ( Accounting GIM) was Baht 11,967 million or USD 23.51 per barrel, increased by 59%. Meanwhile, the operating expenses were Baht 3,101 million, decreasing by 21% , mostly owing to non- recurring record for the early retirement program or

• NOAH' project ( New Organization with Agile Human) in 4 Q/ 2 0 2 0 . As a result, the earnings before interest, tax, depreciation and amortization (EBITDA) was amounting to Baht 8,783 million, raised by 132%.

The Company recorded the depreciation expenses amounting to Baht 2,180 million, decreasing by 3% . Besides, the net financial cost was Baht 441 million, dropped by 7% . Meanwhile, there was loss on financial derivatives amounting to Baht 110 million compared with the gain on financial derivatives amounting to Baht 178 million in 4Q/2020. Furthermore, there was loss on foreign exchange from US Dollar - borrowings of Baht 182 million

compared to gain on foreign exchange of Baht 274 million in 4Q/2020 as the Thai Baht depreciation. The Company has outstanding USD debt of USD 140 million at the end of 1Q/2021. However, the Company recorded unrealized gain on oil hedging amounting to Baht 548 million, decreased by Baht 259 million. There was gain on investments of Baht 156 million, up by Baht 29 million from last quarter. The Company had the corporate income tax of Baht 972 million. All previously mentioned resulting in the net profit of Baht 5,581 million in 1Q/ 2021, rose by Baht 3,973 million, compared to 4Q/2020.

When compared to the first quarter of 2020 ( 1Q/ 2020) , the Company' s net sales was up by Baht 4,771 million or 11% , attributed to a 15% increase in average selling price following higher crude oil price while a 4% decrease in sales volume. The average crude intake was 186,000 barrels per day, slightly decreased by 1%.

The Market GIM rose by Baht 3,300 million or 90% as an increase in almost all products spread. When compared with 1Q/ 2020, the products spread was pressured by the crude oil price war as well as the COVID- 19 outbreak. The net stock gain was Baht 5,002 million when compared with 1Q/ 2020 of the net stock loss of Baht 6,811 million. These led to the higher Accounting GIM by Baht 15,113 million. Meanwhile, the operating expenses reduced by Baht 294 million. Therefore, the EBITDA had improved by Baht 15,219 million.

The Company recorded a decrease in the depreciation by Baht 47 million. The net financial cost was down by Baht 23 million or 5%. The loss on financial derivatives was down by Baht 448 million. The loss on foreign exchange from US Dollar - Borrowings decreased by Baht 318 million as the Thai Baht appreciation. Moreover, there was unrealized gain on oil hedging of Baht 548 million compared to unrealized loss on oil hedging of Baht 993 million in 1Q/2020. Furthermore, there was an increase in gain on investment amounting to Baht 107 million. While, there was corporate income tax amounting to Baht 972 million in 1Q/2021 compared with the corporate income tax benefit amounting to Baht 2,246 million in the same period last year. These resulted in the net profit of Baht 5,581 million in 1Q/2021 against the net loss of Baht 8,905 million in 1Q/2020.

As of March 31, 2021, the Company had total assets of Baht 172,720 million, total liabilities of Baht 92,688 million and shareholders' equity was amounted to Baht 80,031 million.

Please be informed accordingly.

Yours sincerely,

(Mrs. Nidcha Jirametthanakij)

Senior Executive Vice President Corporate Accounting & Finance

Finance & Investor Relations Department

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