Thai Oil : Notification of signing a renewal on the connected transaction on providing or receiving financial assistance

		(Translation)
Ref. TBK 13/0655
		December 21, 2020
Subject	:	Notification of signing a renewalon the connected transaction on providing or receiving financial assistance
To	: President of the Stock Exchange of Thailand
Reference	: The Company's letter TBK 13 / 0680 dated on December 20, 2019 entitled the Notification of signing
		a renewalon the connected transaction on providing or receiving financial assistance

Dear Sirs,

Reference is made to the meeting of the Board of Directors of Thai Oil Public Company Limited (the Company) No.8/2013, held on August 31, 2013, has approved on the agreement of short term liquidity management under Inter Company Borrowing & Lending contract (ICBL) between the Company and PTT Public Company Limited (PTT) and authorized Chief Executive Officer and President to have the authority to approve, determine the conditions, appointment, negotiation, renewal and sign relevant contract under the approved conditions for providing or receiving financial assistance. Refer to the Company's letter (above reference), we have signed a one year ICBL contract and was disclosed to the Stock Exchange of Thailand on December 20, 2013. Besides, we have already renewed the ICBL contract on December 22, 2014, December 21, 2015, December 20, 2016, December 20, 2017, December 20, 2018 and December 20, 2019. The reference details are as above.

At present, the ICBL contract was expired on December 19, 2020. In order to continue the most effective liquidity management, the Company would like to inform that the Company and PTT completed the renewal of the ICBL contract. The transaction details are in line with the original contract as follow;

…/2

- 2 -

1. Description

Transaction Date		December 20, 2020
The related		PTT Public Company Limited
contractual parties
	Major shareholder of the Company, which holds 45.03%
and their relationship
Transaction		To receive financial assistance		To provide financial assistance
	Short term borrowing		Short term lending
The characteristic		Uncommitted Unsecured Short Term Loan		Uncommitted Unsecured Short Term Loan
Currency		THB or USD, as it is agreed		THB or USD, as it is agreed
Contract Period		1 year		1 year
	(December 20, 2020 - December 19, 2021)		(December 20, 2020 - December 19, 2021)
The total value of		A calculation based on an annual interest		A calculation based on a principal and
	expense.		an annual interest income.
transaction and the
	Borrowing: not exceeding Baht 2,000 million.		Lending: not exceeding Baht 2,000 million.
criteria of transaction
	Total transaction value is less than 3% of Net Tangible Asset of the Company's consolidated
evaluation
	financial statement as of September 30, 2020
		Normal interest rate based on market rate by		Normal interest rate based on market rate by
		considering on the return on investment		considering on the return on investment
		which lender received from other investment,		which lender received from other investment,
		credit rating of borrower, finance costs and		credit rating of borrower, finance costs and
Interest rate		other relevant risks. With the interest rate at		other relevant risks. With the interest rate at
		Bangkok Interbank Offered Rate : BIBOR		Bangkok Interbank Offered Rate : BIBOR
		(Borrowing rate on THB) or London		(Borrowing rate on THB) or London
		Interbank Offered Rate : LIBOR		Interbank Offered Rate : LIBOR
		(Borrowing rate on USD)		(Borrowing rate on USD)
Source of Fund		n/a		Cash from operating activities

…/3

- 3 -

The transaction is a connected transaction on providing or receiving financial assistance and the size of the transaction is less than 3% of Net Tangible Assets of the Company's consolidated financial statement as of September 30, 2020.

Please be informed accordingly.

Yours truly,

Thai Oil Public Company Limited

-//-

Mr. Wirat Uanarumit

Chief Executive Officer and President

Investor Relations Section

Tel. [phone] Extension 42060 - 42063 / Fax. [phone]