Submission of IRPC Public Company Limited and its subsidiaries' financial statements and operating results for the 3-month and 9-month period ended September 30, 2021

-Translation-

Ref. Ngor Nor Por. 025/2021

9 November 2021

Subject : Submission of IRPC Public Company Limited and its subsidiaries' financial statements and operating results for the 3-month and 9-month period ended September 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 9-month period ended September 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 third quarter of 2021 (3Q/2021), the Company reported net sales of Baht 62,088 million increasing by 9% from that in the second quarter of 2021 (2Q/2021). This attributed to a 7% increase in average selling prices following higher crude oil price and a 2% rise in sales volume. The average crude intake was 191,000 barrels per day, down by 2% . This was mainly from the HYVAHL unit of RDCC plant planned maintenance shutdown for 45 days in 3Q/2021. The Market Gross Integrated Margin (Market GIM) was Baht 7,216 million (USD 12.40 per barrel) decreasing by 17% from last quarter as a drop in almost all Petroleum and Petrochemical products spread plus an increase in crude premium.

The crude oil price in 3Q/2021 increased from USD 66.93 per barrel in 2Q/2021 to USD 71.67 per barrel because OPEC and its allies remained control their oil production and gradually increased their production from August 2021 to April 2022. Moreover, the U. S. crude oil production remained lower than it was at pre- COVID- 19 level. Furthermore, Ida Hurricane at South coast of U.S. caused the U.S. crude oil production suspended and then led to lower oil production in September. Hence, the Company had the net stock gain of Baht 2,328 million or USD

4.00 per barrel including the stock gain of Baht 2,661 million versus realized oil hedging loss of Baht 333 million, dropped by Baht 1,179 million from 2Q/2021. Therefore, the Accounting Gross Integrated Margin (Accounting GIM) was Baht 9,544 million or USD 16.40 per barrel decreasing by 22%. Meanwhile, the operating expenses were Baht 3,290 million decreasing by 7% . As a result, the earnings before interest, tax, depreciation and amortization (EBITDA) was Baht 6,190 million dropping by 30%.

The Company registered the depreciation expenses amounting to Baht 2,130 million decreasing by 4% , while the net financial cost was Baht 429 million, similar with 2Q/ 2021. There was loss on financial derivatives amounting to Baht 225 million, rising by 204% . Furthermore, there was loss on foreign exchange from US Dollar - borrowings of Baht 262 million. It rose by 162% owing to the Thai Baht depreciation. The Company had outstanding

USD debt of 140 million at the end of 3Q/ 2021. Meanwhile, there was unrealized loss on oil hedging amounting to Baht 685 million dropping by 36%. There was gain on investments of Baht 161 million, down by 13% from 2Q/2021. The Company had the corporate income tax of Baht 460 million, down by 23%. All previously mentioned resulted in the net profit of Baht 2,155 million in 3Q/2021 declining by Baht 2,419 million or 53% compared with 2Q/2021.

In the nine months of 2021 ( 9M/ 2021) , the Company registered net sales of Baht 167,334 million increasing by 50% from that in the nine months of 2020 ( 9M/ 2020) . This attributed to a 51% increase in average selling prices following higher crude oil price while a 1% decrease in sales volume. The average crude intake was 190,000 barrels per day, down by 1% . The Market GIM was Baht 22,908 million ( USD 13. 92 per barrel) , rose by 73% following an increase in both petroleum and petrochemical products spreads as the COVID- 19 pandemic continued to unfold after widespread vaccination as well as many countries started releasing the lockdown measure.

As a result of the continuing increase in crude oil price from OPEC and its allies production cut, this led to the net stock gain of Baht 10,837 million or USD 6.59 per barrel. It included the stock gain of Baht 10,990 million while realized oil hedging loss of Baht 153 million, compared to the net stock loss of Baht 2,952 million or USD 1.78 per barrel in 9M/ 2020. Therefore, the Accounting GIM was Baht 33,745 million or USD 20. 51 per barrel increased by Baht 23,427 million or USD 14. 26 per barrel. Meanwhile, the operating expenses were Baht 9,924 million decreasing by 1%. These resulted in EBITDA of Baht 23,868 million increased by Baht 22,957 million.

The net financial cost was Baht 1,298 million decreasing by 6% because of lower interest rate. There was loss on financial derivatives amounting to Baht 409 million declining by 31% , while there was loss on foreign exchange from US Dollar - Borrowings of Baht 544 million increasing by 97% owing to the Thai Baht depreciation. Furthermore, there was unrealized loss on oil hedging of Baht 1,213 million, down by 31%. Gain on investments was Baht 503 million rising by 137% . The Company had the corporate income tax amounting to Baht 2,032 million compared to 9M/2020 corporate income tax benefit of Baht 1,919 million because of the improving operating results significantly. All previously mentioned resulted in the net profit of Baht 12,310 million against the net loss of Baht 7,760 million in 9M/2020.

As of September 30, 2021, the Company had total assets of Baht 187,632 million, total liabilities of Baht 102,441 million and shareholders' equity was amounted to Baht 85,191 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]