PTT Public : Progress Report on the Initial Public Offering and Listing of the Shares of PTT Oil and Retail Business Public Company Limited, a Subsidiary of PTT, on the Stock Exchange of Thailand

(Translation)

No. 80000001/343

	2 April 2020
Subject	Progress Report on the Initial Public Offering and Listing of the Shares of PTT Oil and Retail
	Business Public Company Limited, a Subsidiary of PTT, on the Stock Exchange of Thailand
To	President,
	The Stock Exchange of Thailand

PTT Public Company Limited ("PTT") is pleased to announce that on 2 April 2020, PTT Oil and Retail Business Public Company Limited ("OR"), which is PTT's wholly-owned subsidiary, filed an application for the Initial Public Offering of its newly issued ordinary shares (the "IPO"), including its registration statements and its draft prospectus (collectively, the "Prospectus"), to the Office of the Securities and Exchange Commission ( the " SEC Office" ) and concurrently filed its application for the listing of its common shares on the Stock Exchange of Thailand. Investors may study the details and other information about the offering in the draft Prospectus, which has been filed with the SEC Office, at www.sec.or.th.

In its IPO, OR will offer up to 2,700,000,000 newly issued ordinary shares, excluding any additional shares to be offered for the purposes of the over-allotment option. OR will allocate up to 300,000,000 of the newly issued ordinary shares exclusively to the group of existing shareholders of PTT who are entitled to such allocation, on a pro- rata basis according to their respecting shareholding in PTT, as a pre- emptive right. OR shall have the discretion to consider not offering or allocating its newly issued ordinary shares to any person or subscriber in the event that such offering or allocation would or may cause OR to have obligations under foreign laws, or where such offering or allotment would not comply with the rules, procedures or conditions prescribed in such offering or allocation. Where demand for newly issued ordinary shares exceeds the amount of newly issued ordinary shares being offered, up to an additional 300,000,000 newly issued ordinary shares may be issued to the over- allotment agent in order to return the OR shares it borrowed from PTT for the over-allotments, if any. After the offering of newly issued ordinary shares of OR pursuant to the IPO, PTT will hold not less than 75.0% of the total issued and offered shares of OR, and will remain the majority shareholder of OR. The IPO will be carried out by OR subsequent to obtaining the approval of the offering of its newly issued ordinary shares from the SEC Office and

/…once

-2-

once the Prospectus is effective, subject to certain conditions being met by OR prior to the registration of the change in the paid-up capital of OR.

Please be informed accordingly.

Yours Sincerely,

(Chansin Treenuchagron)

President & Chief Executive Officer

Investor Relations Department

Tel. [phone]

Fax. [phone]

THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN THE UNITED STATES OR IN ANY OTHER JURISDICTION IN WHICH SUCH OFFERS OR SALES MAY BE UNLAWFUL. THE ORDINARY SHARES OF THE COMPANY TO BE ISSUED AND OFFERED HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, (AS AMENDED) (THE "U.S. SECURITIES ACT" ) , OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES AND MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, INTO THE UNITED STATES UNLESS SUCH ORDINARY SHARES ARE SO REGISTERED UNDER THE U. S SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS IS AVAILABLE UNDER THE U.S SECURITIES ACT.