2Q2020 Analyst Presentation August 17, 2020 Disclaimer The - PowerPoint PPT Presentation

2Q2020 Analyst Presentation August 17, 2020

Disclaimer The information contained in this presentation is provided by Esso (Thailand) Public Company Limited (the "Company") and is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning the Company. None of the Company, or any of their respective members, directors, officers, employees or affiliates nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. This presentation contains statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of operations and financial condition, and future events and plans of the Company. These statements can be recognized by the use of words such as "expects," "plans," "will," "estimates," "projects," or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors and assumptions. Forward-looking statements are based on management’s knowledge and reasonable expectations on the date hereof, and the Company assumes no duty to update these statements as of any future date. This presentation does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. No reliance may be placed for any purposes whatsoever on the information set forth in this presentation or on its completeness. 2

Industry and Business Environment COVID-19 significantly impacted 2Q20 economic including fuel demand and margins • 2020 GDP growth further revised down to contract 8.5% • Average Dubai prices in June was $40.8/Bbl • 2Q20 Industry gross refining margin was -$0.9/Bbl • June 2020 YTD Thailand fuel demand decreased 13.4% Y-Y • Source : Reuters: Oil prices, Industry GRM, GDP forecast : Fiscal Policy office:, DOEB : Industry demand growth 3

Headline Results Safely managed staff and facilities during • Covid-19 pandamic Refinery crude intake at 111 KBD • • Gross Refining Margin of -$5.5/Bbl Esso retail network totaling of 654 sites • Esso Smiles Drivers Rewards 4 th Year • xxx Anniversary Second quarter net loss of Baht 2,503 million • 4

Margins and Crude Intake Industry Gross Refining Margin ($/Bbl) Crack Spread ($/Bbl) 3.5 3.3 UGP 13.1 12.8 ADO 11.7 9.4 1.2 7.5 7.1 6.7 5.6 0.2 4.6 2.6 -0.9 2Q19 1Q20 2Q20 1H19 1H20 2Q19 1Q20 2Q20 1H19 1H20 Gross Refining Margin ($/Bbl) Crude Intake (KBD) 140 135 2.9 122 1.3 117 111 -5.5 -12.7 -19.3 2Q19 1Q20 2Q20 1H19 1H20 2Q19 1Q20 2Q20 1H19 1H20 5 Source : Industry GRM and Crack Spread from Reuters

Crude Source and Sales Channels Crude Intake by Source Sales Channel 31% 36% 53% Middle East 55% Commercial Far East & South East Asia Retail Others 44% 34% Export 41% 40% 30% 24% 5% 6% 1H19 1H20 1H19 1H20 • Continued to seek advantaged crudes to improve refining economics • Maintained focus on high margin sales through Retail, Commercial business 6

Refinery Yields Production by Type Product Yields 4% 5% 3% LPG 4% Light 28% 29% Naphtha 22% 19% Middle Gasoline Heavy Feedstock Diesel 35% 38% 44% 44% Jet/Kerosene Asphalt 9% 6% 2% 2% Fuel Oil 11% 10% 9% 8% Feedstock and others 17% 17% 17% 17% 1H19 1H20 1H19 1H20 • Adjusted crude run and production plan in response to market environment change • Reduced Jet production till achieve zero rundown in June’20 7

Petrochemical Spreads and Production Px Spread ($/Ton) Px Production (kTon/quarter) 95 90 PX-UGP 372 PX-MX 287 270 53 219 217 214 46 201 39 118 111 103 2Q19 1Q20 2Q20 1H19 Avg 1H20 Avg 2Q19 1Q20 2Q20 1H19 1H20 • Margins still weak from demand – supply imbalance • Production runs to meet sales obligation 8

Marketing Business Update Number of New Service Stations Number of Service Stations offering Supreme Plus Diesel Number of Service Stations offering Premium Products 425 443 382 73 337 275 254 41 205 141 27 17 2017 2018 2019 1H20 2017 2018 2019 1H20 Number of Service Stations offering B10 Number of Outlets with Mobil Signage Total Service Stations B10 1,641 1,645 654 638 608 553 1,221 541 779 125 0 2017 2018 2019 1H20 2017 2018 2019 1H20 9

Financial Performance Sales Revenue (Billion Baht) Cash Flow from Operations (Billion Baht) 91.8 0.0 63.8 (0.5) 45.7 (1.1) 24.4 (1.9) 2Q19 2Q20 1H19 1H20 2Q19 2Q20 1H19 1H20 EBITDA (Billion Baht) Net Profit (Billion Baht) 0.9 0.1 (0.8) (0.9) (2.5) (2.5) (9.8) (8.8) 2Q19 2Q20 1H19 1H20 2Q19 2Q20 1H19 1H20 10

Financial Position Balance Sheet Indicators (Billion Baht) • Decrease in assets driven by lower inventory D/E = 1.2 balances and trade receivables, and utilization D/E = 2.1 6.4 4.2 of prepaid excise tax. 6.5 4.0 26.9 12.7 19.1 27.7 • Debt increased to Baht 27.7 billion 38.8 34.3 22.1 13.1 • Debt-to-equity ratio 2.1 YE2019 QE20 YE2019 QE20 Non-current assets Inventory Shareholders’ equity Debt Trade receivables Other current assets Cash Flows (Billion Baht) • Cash flow used in investing activities mainly for Marketing network expansion and Refinery 0.0 projects 1.0 0.5 Cash flow from (used in) operating activities Cash flow from (used in) financing activities • (0.3) Cash flow from financing activities reflected net (0.5) Cash flow from (used in) investing activities proceeds from borrowings (0.5) 1H19 1H20 11

Summary Global pandemic significantly impacted 2Q20 • financial results with lower prices, margins and sales volume Safe operations with reduced crude run in response • to change in demand Successfully achieved zero jet production in June’20 • Continued to expand retail network to exceed the • targeted 670 services stations in 2020 Kept on a focus on cost saving and effective • spending 12

IR contact details: • Email: essoir@exxonmobil.com Numbers: +662-407-4788 • Websites: http://esso.listedcompany.com/home.html •