(Translation)

Ref. TBK 13/0596

November 5, 2020

Subject: Submission of Thai Oil Public Company Limited and its subsidiaries' financial statements and MD&A for the third quarter year 2020

To:President of The Stock Exchange of Thailand

Attachment: 1. A copy of financial statements and independent auditor's report of Thai Oil Public Company Limited and its subsidiaries for the third quarter year 2020 period ended September 30, 2020 with a copy of English translation

  1. Management's Discussion and Analysis (MD&A) and the summary of consolidated financial performance for Thai Oil Public Company Limited and its subsidiaries for the third quarter year 2020 period ended September 30, 2020
  2. Company's performance report (Form F45)

Dear Sirs,

Thai Oil Public Company Limited, (the Company) would like to submit the financial statements and consolidated financial statements for the third quarter year 2020 period ended September 30, 2020 reviewed by our certified public accountant and the Company's Audit Committee. In addition, the Company's Audit Committee has given approval to disclose to public our financial statements and MD&A, as per attachments.

Thaioil and Subsidiaries performance for the third quarter year 2020 period ended September 30, 2020 could be summarized as follows:

In Q3 / 20, Thaioil and Subsidiaries reported the Accounting Gross Integrated Margin (Accounting GIM) at 4.9 US$/bbl and had the integrated intake of 261 thousand barrels per day, Thaioil and Subsidiaries registered sales revenue of THB 57,225 million. Aggregating with operating costs, financing costs, income tax expense, loss on foreign exchange, Thaioil and Subsidiaries had net profit of THB 715 million, or THB 0.35 per share including stock gain before tax of THB 2,986 million and reversal on crude and petroleum product inventory before tax of THB 378 million.

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For 9M/20, Thaioil and Subsidiaries reported the Market Gross Integrated Margin (Market GIM) at 2.0 US$/bbl. With the integrated intake of 280 thousand barrels per day, Thaioil and Subsidiaries registered sales revenue of THB 183,248 million. Aggregating with operating costs, financing costs, income tax expense and loss on foreign exchange, Thaioil and Subsidiaries had net loss of THB 10,559 million, or THB 5.18 net loss per share including stock loss before tax of THB 9,190 million

As of September 3 0 , 2020, Thaioil and Subsidiaries had total assets of THB 300,900 million, increasing from the year ended 2019 by THB 17,455 million mainly due to an increase in non-current assets, i.e. property, plant, and equipment had increased mainly from investments in several projects as planned and recording current portion of lease liabilities according to TFRS 16. For total liabilities of Thaioil and Subsidiaries, it increased by THB 29,858 million from the year ended 2 0 1 9 to THB 187,379 million due to the increase in long-term borrowings and debentures after Thaioil Treasury Center Co., Ltd. ("TTC") completed its issuance and offering of debentures to foreign institutional investors in June 2020 and increase in non-current liabilities mainly because of the recording of lease liabilities (TFRS 16). In addition, Thaioil and Subsidiaries had total equity of THB 111,522 million, decreasing by THB 12,402 million from the end of 2019 due to total comprehensive expense, dividend paid from Thaioil and Subsidiaries, and the impact from loss on First-time Adoption of International Financial Reporting Standards.

Please be informed accordingly.

Yours truly,

Thai Oil Public Company Limited

-//-

Mr. Wirat Uanarumit

Chief Executive Officer and President

Investor Relations Section

Tel. 02 797 2999 Extension 42060 - 42063 / Fax. 02 299 0025

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Thai Oil pcl published this content on 05 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 November 2020 11:16:06 UTC