Thai Oil Public : Independent Financial Advisor's Opinion Report on the Disposition of Assets, Acquisition of Assets and Related Transaction on Execution of Entire Business Transfer Transaction of Thai Oil Public Company Limited (1/2)

Enclosure 2

(Translation)

Independent Financial Advisor's Opinion Report on the Disposition of Assets, Acquisition of

Assets and Related Transaction on Execution of Entire

Business Transfer Transaction of Thai Oil Public Company Limited

Reporting to

The Shareholders of Thai Oil Public Company Limited

Prepared by

Avantgarde Capital Company Limited

18 September 2020

Step 1Approve the disposal of all ordinary shares directly held by the Company in GPSC to PTT Public Company Limited ("PTT") in the amount of 251,173,540 shares with a par value of Baht 10 each, representing approximately 8.9 percent of all issued shares of GPSC at the total price of approximately Baht 1 6,882 million, before deduction of dividend paid after June 30, 2020 and before completion of the acquisition of shares in GPSC (the "Share Disposal Transaction")

The Share Disposal Transaction is a connected transaction under the Notification of the Capital Market Supervisory Board No. TorChor. 21/2551 Re: Rules on Connected Transactions, and the Notification of the Board of Governors of the Stock Exchange of Thailand Re: Disclosure of Information and Other Acts of Listed Companies Concerning the Connected Transactions B.E. 2546 (A.D. 2003) (as amended) (collectively, the "Notifications on Connected Transactions") since PTT, as the buyer, is the Company's major shareholder. The size of the transaction is equal to 17.0 percent of the net tangible assets (NTA) of the Company and its subsidiaries (based on the Company's consolidated financial statements reviewed by the certified auditor for the period ended June 30, 2020), which is regarded as

Independent Financial Advisor's Opinion Report on the Acquisition and Disposition of Assets and Related Transaction	Thai Oil Public Company Limited

No. AGC2020/037

18 September 2020

Subject Notification of Resolutions of the Board of Directors' Meeting regarding Restructure of Shareholding in the Company's Power Business by way of Disposal of Shares Directly Held by the Company in Global Power Synergy Public Company Limited to PTT Public Company Limited and Acceptance of the Entire Business Transfer of Thai Oil Power Company Limited, which are Acquisition and Disposition of Assets Transactions and Connected Transaction, Appointment of Independent Financial Advisor, and Call for the Extraordinary General Meeting of Shareholders No. 1/2020

To	President of The Stock Exchange of Thailand
	Thai Oil Public Company Limited (the "Company") hereby informs that the Board of Directors' Meeting No. 8/2020,
	which was held on August 20, 2020, has passed material resolutions as follows
	1.	Approve to restructure the Company's shareholding in power business (the "Restructuring Plan"), and to
		enter into relevant contracts and agreements. The purpose of the Restructuring Plan is to reduce the

complexity of the shareholding structure in the power business of the Company in order to increase transparency, flexibility and efficiency in managing and driving the business forward. In addition, the completion of the Restructuring Plan will increase net cash flow, working capital and liquidity of the Company, and will strengthen the Company's financial position and serve as funds for the Company's future investment projects. The Company expects that it will be able to meet its former target of profits from the power business.

Prior to the Restructuring Plan, the Company holds the effective shareholding in GPSC through its direct shareholding and its shareholding in Thai Oil Power Company Limited ("TP") totaling approximately 24.3 percent of all issued shares of Global Power Synergy Public Company Limited ("GPSC"). After the Restructuring Plan, the Company's effective shareholding in GPSC through its direct shareholding will reduce to approximately 20.8 percent of all issued shares of GPSC. In this regard, the Restructuring Plan consists of

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Independent Financial Advisor's Opinion Report on the Acquisition and Disposition of Assets and Related Transaction	Thai Oil Public Company Limited

a connected transaction under the Notifications on Connected Transactions having the aggregate transaction value exceeding Baht 20 million, and having the aggregate transaction size exceeding 3 percent of the net tangible assets (NTA) of the Company and its subsidiaries. Therefore, the Share Disposal Transaction is required to be approved by the shareholders' meeting before execution of such transaction. In this regard, the Company and PTT or PTT's related persons have not entered into any connected transactions under the Notifications on Connected Transactions during the past six months. Step 2Approve the acceptance of the entire business transfer from TP, the Company's subsidiary in which the Company holds 74.0 percent of all shares of TP and PTT holds the remaining 26.0 percent of all shares of TP, at the total price of approximately Baht 26,773 million (which is subject to an adjustment according to the market price thereof as of the date of entire business transfer appraised by an independent appraiser) ( the " EBT Transaction" ) whereby the Company agrees to accept the transfer of all assets, liabilities, rights, duties and obligations of TP existing on the day prior to the date of the EBT, including contracts and licenses related to and used in the business operations of TP to enable the Company to continue the business operations of TP.

In this connection, after the EBT of TP to the Company, TP will pay dividend, cease its business operations, undergo dissolution and start the liquidation process within the same fiscal year in which the EBT occurs. After the completion of the liquidation, TP will distribute its assets to the Company and PTT as TP's shareholders in proportion to their respective shareholding in TP.

The EBT Transaction is a connected transaction under the Notifications on Connected Transactions since PTT, as the Company's major shareholder, holds shares representing over 10 percent of all shares in TP, the business transferor. The size of the transaction is equal to 7.0 percent of the net tangible assets (NTA) of the Company and its subsidiaries (based on the Company's consolidated financial statements reviewed by the certified auditor for the period ended June 30, 2020), which is regarded as a connected transaction under the Notifications on Connected Transactions having the aggregate transaction value exceeding Baht 20 million, and having the aggregate transaction size exceeding 3 percent of the net tangible assets (NTA) of the Company and its subsidiaries. Therefore, the EBT Transaction is required to be approved by the shareholders' meeting before execution of such transaction. In this regard, the Company and TP or TP's related parties have not entered into any connected transactions under the Notifications on Connected Transactions during the past six months. In addition, the EBT Transaction is also regarded as an acceptance of transfer of the entire business by a public company pursuant to Section 107 of the Public Limited Companies Act B.E. 2535 (A.D. 1992) (as amended) (the "Public Limited Companies Act"), therefore, the EBT Transaction is required to be approved by the shareholders' meeting before execution of such transaction.

The Share Disposal Transaction is regarded as a disposition of assets by the Company under the Notification of the Capital Market Supervisory Board No. TorChor. 20/2551 Re: Rules on Entering into Material Transactions Deemed as Acquisition or Disposition of Assets and the Notification of the Board of Governors of the Stock Exchange of Thailand Re: Disclosure of Information and Other Acts of Listed Companies Concerning the Acquisition or Disposition of Assets B.E. 2547 (A.D. 2004) (as amended) (collectively, the "Notifications on Acquisition or Disposition of Assets"). In addition, the EBT Transaction is also regarded

Independent Financial Advisor's Opinion Report on the Acquisition and Disposition of Assets and Related Transaction	Thai Oil Public Company Limited

as an acquisition of assets by the Company under the Notifications on Acquisition or Disposition of Assets. The size of each of such transactions is lower than 15 percent. Therefore, the Company is not required to disclose information or take any actions under the Notifications on Acquisition or Disposition of Assets. However, the Company's board of directors viewed that as the Share Disposal Transaction and the EBT Transaction form an integral part of the Company's Restructuring Plan, and the Company will call the Extraordinary General Meeting of Shareholders of the Company No. 1/2020 to consider approving both transactions under the Notifications on Connected Transactions and to consider approving the EBT Transaction under Section 107 of the Public Limited Companies Act, it was thus deemed appropriate to also propose both transactions to the Shareholders' Meeting for consideration and approval under the Notifications on Acquisition or Disposition of Assets accordingly.

Therefore, for the purpose of execution of the Share Disposal Transaction and the EBT Transaction under the Company's Restructuring Plan, the Company has the obligations under the Notifications on Connected Transactions and the Notifications on Acquisition or Disposition of Assets as follows

1. To convene a board of directors' meeting to consider approving the Share Disposal Transaction and the EBT Transaction;
2. To prepare and submit a report and disclose information memorandum on the Share Disposal Transaction and the EBT Transaction to the Stock Exchange of Thailand ("SET");
3. To engage an independent financial advisor to provide opinions on the Share Disposal Transaction and the EBT Transaction and submit such opinions to the Office of the Securities and Exchange Commission ("SEC"), SET and the Company's shareholders;
4. To convene a shareholders' meeting of the Company by delivering the invitation letter for the shareholders' meeting at least 14 days prior to the date of the shareholders' meeting, and obtain approval from the shareholders' meeting of the Company with not less than three-fourths of all votes of the shareholders present at the meeting and entitled to vote, excluding such votes of

the interested shareholders.

Furthermore, the board of directors' meeting of the Company deemed it appropriate to propose the shareholders' meeting to consider authorizing the chief executive officer and president to take any actions necessary for and in connection with the Share Disposal Transaction and the EBT Transaction, including but not limited to (a) sign, negotiate, change and amend any agreements and documents relating to the Share Disposal Transaction and the EBT Transaction; (b) sign, change and amend the applications for permission, including any other documents and evidence necessary for and in connection with the Share Disposal Transaction and the EBT Transaction, including to contact with, submit, give statement and explanation to any authorities and/or regulatory bodies and/or any persons or organizations necessary for and in relation to the successful completion of the Share Disposal Transaction and the EBT Transaction, and to appoint any employee of the Company's group of companies to be substitute(s) having the scope of authority as the Company's chief executive officer and president may deem appropriate.

2. Approve to appoint Avantgarde Capital Co., Ltd., which is a financial advisor on the list approved by the SEC Office, as the independent financial advisor ( IFA) to provide its opinions on the Share Disposal