Thai Oil Public : The Postponement of 2020 Annual General Meeting of Shareholders and the Approval of the Interim Dividend Payment

		(Translation)
No. TBK 01/0221	March 30, 2020
Subject:	The Postponement of 2020 Annual General Meeting of Shareholders and the
	Approval of the Interim Dividend Payment
To:	President
	The Stock Exchange of Thailand
CC:	Secretary-General of the Office of the Securities and Exchange Commission
Reference:	1) The Company's notification no. TBK 01/ 0096 dated February 14, 2020 on
		"Resolutions of the Board of Directors' meeting regarding dividend payment
		proposal for the year 2019 and the determination of the date and agendas of
		2020 Annual General Meeting of Shareholders (AGM)"
	2)	The Company's notification no. TBK 01/0201 dated March 27, 2020 on
		"Change of the venue of the 2020 Annual General Meeting of Shareholders and

precautionary measures for holding the meeting under the circumstance of Coronavirus Disease 2019 (COVID-19)"

Thaioil Public Company Limited ("the Company") refers to the Board of Directors' resolutions to hold the 2020 Annual General Meeting of Shareholders (AGM) on Friday April 3, 2020 at 14. 0 0 hours, of which the notice of the Meeting has been distributed to shareholders. Later, on March 27, 2020, the Company informed the change of the meeting venue to the Synergy Hall, 6th Floor, Building C, The Energy Complex, 555/3 Vibhavadi-Rangsit Road, Chatuchak, Chatuchak, Bangkok 10900, and also notified the precautionary measures for holding the Meeting under the circumstance of Coronavirus Disease 2019 (COVID-19) as detailed in the reference notifications.

Following the current situation of the wide and rapid outbreak of the Coronavirus Disease 2019 (COVID-19), the government has announced the state of emergency in all areas throughout the Kingdom of Thailand, also the Bangkok Metropolitan Administration has announced the order of temporary closure of premises to contain and limit the spread of the virus, the Board of Directors, in the special meeting no. 2/2020 on March 30, 2020, has carefully and thoroughly considered all related factors and agreed to cooperate with government's policy and counter measures to avoid holding the activities which involve a number of persons which could post high risks of widely spreading of the pandemic as social responsibility and also for shareholders' safety, the Board of Directors therefore has passed the resolutions as follows:

1. To postpone the 2020 AGM until the outbreak of COVID-19 resolves by cancellation of the AGM date and the meeting agendas previously set on April 3, 2020, and also cancellation of the Record Date previously set on February 28, 2020. The AGM postponement does not significantly affect the Company's operation. When the COVID-19 pandemic resolves and the situation is deemed appropriate, the Board of Directors shall consider the date and agendas of 2020 AGM as well as the Record Date to determine the shareholders who are entitled to attend and vote in the AGM, which shall be further notified to the shareholders;
2. To approve the interim dividend payment instead of annual dividend, for the latter six (6) months of 2019 performance, at the rate of Baht 0.50 per share totaling approximately Baht 1,020 million, from the unappropriated retained earnings as at December 31, 2020, to the

entitled shareholders determined by the Record Date set on February 28, 2020. The interim dividend shall be paid on the previously set date on April 21, 2020, with 20% and 0% Corporate Income Tax rate of Baht 0.30 and 0.20 per share respectively. The Board of Directors, however, shall propose no payment of additional dividend for 2019 performance.

The approval of interim dividend payment instead of annual dividend payment as previously proposed in the 2020 AGM agendas, is to minimize the impact on shareholders due to the postponement of 2020 AGM. The Board of Directors refers to Section 115 of the Public Company Limited Act B.E. 2535 (1992) (as amended) and the Company's Articles of Association, stating that the Board of Directors may pay interim dividend to the shareholders from time to time, which is in line with the guidelines indicated in Securities and Exchange Commission's notification no. GorLorTor. JorTor. - 1. (Wor) 9/ 2563 dated March 6, 2020 on the Arrangement of Annual General Meeting of Shareholders of listed companies under the situation of the Coronavirus Disease 2019 (COVID-19) outbreak, and the FAQ which summarizes the outcomes of the discussion between Stock Exchange of Thailand and Department of Business Development, Ministry of Commerce, regarding the arrangement of AGM under the situation of the Coronavirus Disease 2019 (COVID- 19).

The Company would like to express sincere apology for the short-notice announcement of postponement of 2020 AGM without definite schedule. The Company shall closely monitor the situation of the Coronavirus Disease 2019 (COVID-19) outbreak and shall arrange the 2020 AGM as soon as it is reasonably practicable.

Please be informed accordingly.

Yours sincerely,

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Mr. Wirat Uanarumit

Chief Executive Officer & President

Corporate Secretary and Governance Section

Tel [phone] ext. 7310, 7312-7315

Fax [phone]

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