Analyst Presentation March 6, 2020 Disclaimer The information - PowerPoint PPT Presentation

4Q2019 and FY2019 Analyst Presentation March 6, 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 Average Dubai prices in Dec was $64.9/Bbl • 4Q19 Industry gross refining margin was $1.6/Bbl • • 4Q19 Thailand GDP growth at 1.6%, and 2019 at 2.4% 2019 Thailand fuel demand increased 1.0% year on year • Source : FPO, Reuters: Oil prices and Industry GRM, DOEB: Industry demand growth, NESDC : GDP 3

Headline Results Fourth quarter: Crude intake 76 KBD reflected refinery maintenance • • Gross Refining Margin of -$2.5/Bbl Esso retail network totaling of 638 sites • First “EMF.5” IMO -compliant delivery in Dec • xxx Net loss of Baht 1,870 million • 4

Headline Results Full year: Refinery maintenance completed, 2019 crude • run of 114 KBD Optimized Petrochemical production in • response to market condition • Launched Synergy technology products and continued expanded service station networks xxx Participated in IMO2020 bunker sales business • Net loss of Baht 3,065 million • 5

Margins and Crude Intake Industry Gross Refining Margin ($/Bbl) Crack Spread ($/Bbl) 6.5 UGP 5.8 ADO 15.9 15.5 15.2 14.8 14.3 12.9 4.2 11.6 3.7 10.5 9.0 1.6 4.7 4Q18 3Q19 4Q19 2018 2019 4Q18 3Q19 4Q19 2018 2019 Gross Refining Margin ($/Bbl) Crude Intake (KBD) 4.6 143 141 2.8 114 2.1 100 76 -2.5 -5 4Q18 3Q19 4Q19 2018 2019 4Q18 3Q19 4Q19 2018 2019 6 Source : Industry GRM and Crack Spread from Reuters

Crude Source and Sales Channels Crude Intake by Source Sales Channel 17% 24% Middle East 53% 54% Commercial Far East & South East 56% Retail 45% Asia Others Export 40% 42% 31% 27% 7% 4% 2018 2019 2018 2019 • Crude diversification continuously improved refining economics • Continued focus on high margin sales through retail and commercial channels 7

Refinery Yields Production by Type Product Yields LPG Light 5% 5% 3% 3% Naphtha Middle 19% 20% Gasoline Heavy 27% 28% Diesel Feedstock Jet/Kerosene 35% 38% Asphalt 47% 44% Fuel Oil 9% Feedstock and others 9% 2% 2% 9% 7% 11% 9% 17% 17% 17% 17% 2018 2019 2018 2019 • 2019 Refinery yields reflected refinery maintenance; higher heavy products & lower middle distillates • Lower diesel reflected gasoil hydrofiner maintenance shutdown in 2Q19 8

Petrochemical Spreads and Production Px Spread ($/Ton) Px Production (kTon/quarter) PX-UGP PX-MX 366 514 281 359 340 275 229 199 194 164 97 113 111 52.9 39 4Q18 3Q19 4Q19 FY2018 FY2019 4Q18 3Q19 4Q19 2018 2019 • Margins weakened from excessive supply from new capacity • Production run reduced due to refinery maintenance and in response to market situation 9

Marketing Business Update Number of Service Stations with Synergy Image Number of Service Stations offering Supreme Plus Diesel Number of New Service Stations Number of New Service Stations 700 1.2 Total Service Station Numbers 638 73 Synergy stations (% of total stations) 1 608 81% 600 0.8 553 542 541 41 0.6 35% 27 500 0.4 23 15 0.2 0% 400 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 FY19 Number of Outlets with Mobil Signage Number of Service Stations offering Premium Products 1,641 1,221 425 382 337 779 254 205 141 345 295 2015 2016 2017 2018 2019 2017 2018 2019 10

Financial Performance Sales Revenue (Billion Baht) Cash Flow from Operations (Billion Baht) 2.1 0.7 200.8 169.3 51.4 (8.1) 37.8 (10.2) 4Q18 4Q19 2018 2019 4Q18 4Q19 2018 2019 EBITDA (Billion Baht) Net Profit (Billion Baht) 2.2 4.5 (1.9) (1.8) (2.7) (2.1) (3.1) (2.9) 4Q18 4Q19 2018 2019 4Q18 4Q19 2018 2019 11

Financial Position Balance Sheet Indicators (Billion Baht) • Increased in assets mainly driven by prepaid 4.5 6.4 D/E = 0.6 D/E = 1.2 6.3 6.5 excise tax payment for imported products, 18.4 deferred income tax assets, and higher 19.1 26.9 15.3 inventory balances. 32.5 34.3 25.8 • 22.1 Debt increased to Baht 26.9 billion YE2018 YE2019 YE2018 YE2019 • Debt-to-equity ratio 1.2 Non-current assets Inventory Receivables Other current assets Shareholders’ equity Debt Cash Flows (Billion Baht) • Cash flow used in investing activities reflected Cash flow from (used in) 11.2 capital investment for Refinery and Marketing 2.1 financing activities (1.2) (0.9) Cash flow from (used in) • Cash flow from financing activities was a result of operating activities (1.2) (10.2) net proceeds from borrowings partly offset by Cash flow from (used in) investing activities dividend payments 2018 2019 12

2020 Key Plan Leverage strength to win in the marketplace • Maximize value extraction, Continue operation excellence • Optimize Px production reflecting poor margin • Improve sales footprint growth and hi-grade portfolio • Optimize across integrated value chain • Drive operation excellence and cost efficiencies mindset • Enhance customer experience with high quality products • and loyalty programs 13

Thank you IR contact details: Email: essoIR@exxonmobil.com Numbers: +662-407-4788 Presentations: www.esso.listedcompany.com/slides.html