1. Policy and Business Operations Overview

1.1 Vision, Mission, Objective and Strategy

PTTEP Group is one of the leading E&P companies in Thailand, exploring
for sustainable sources of petroleum for the country and other countries
in which the Company has invested. This role is increasingly demanding
as the energy risk that the country is facing seemingly can only be
offset by increases in reserves and production capacity. This is, of
course, not to mention generating return that would satisfy the
shareholders and stakeholders in the midst of ever-increasing
competition within the industry and external complexities as a result of
a rapidly changing environment, fewer available hydrocarbons, and
geographical complexity. More advanced technology and higher
capabilities are required, and so is the need to maintain environmental
and social equilibrium. So far, the Company’s mission and vision have
been up to the test.

Mission: PTTEP operates globally to provide reliable energy supply and
sustainable value to all stakeholders.

Vision: Leading Asian E&P company driven by technology and green
practices

Goal and Objective: PTTEP Group has consistently tracked economic trends
domestically and internationally. The country’s energy situation is
therefore well understood, and only the most effective corresponding
actions are taken. The Company’s objective is to create a point of
balance between production (Big), reserves (Long), and return on
investment (Strong) according to the following goals:

-   Production (Big):

PTTEP Group’s operating plan is to maintain and increase the production
of its current domestic and overseas projects, respectively. The Company
also has a clear and focused strategic plan to support its future
growth. The Company has a target of 600,000 BOED by 2020, an operational
level viewed currently as the most suitable for the sustainability and
stability of its growth.

-   Reserves (Long):

PTTEP Group plans to maintain the proved reserves to production ratio
(R/P Ratio or 1P/Production) at no less than 10 years, and proved and
probable reserves and best estimate contingent resources to production
((2P+2C)/Production) at no less than 40 years.

-   Return on Investment (Strong):

PTTEP Group plans to have a Return on Capital Employed (ROCE) higher
than the industry’s average while maintaining the Company’s credit
rating at an appropriate level.

Strategy: To attain the above, PTTEP Group has formulated its strategic
directions as follows:

1) Current Assets Management: Current assets are grouped into the
following phases and managed with the aim of increasing production
capacity and reserves.

1.1) Producing Assets: PTTEP Group focuses on maintaining the production
level of our current domestic and overseas assets, both those operated
by the Company and by joint ventures, by enhancing its operational
efficiency and reliability through technological advancement. In
addition, the Company focuses on exploration and development in the
concession areas to increase petroleum reserves and sustain production.
This effort is to satisfy domestic petroleum demand and generate the
Company’s present and future revenues.

1.2) Development Assets: These projects will generate income and add
value to the Company in the near future. Moreover, they will replace
projects that are declining in production. The Company remains focused
on managing these projects, ensuring that they are being implemented as
planned in order to start producing as scheduled and under the allocated
budget.

1.3) Exploration Assets: These projects are essential for PTTEP Group’s
sustainable growth as they will increase reserves and production rates
in the future. The Company emphasizes the management of the exploration
portfolio and selective explorations to assess resource potential to
justify development schemes.

2) Investment for Sustainable Growth: Growth continues to be driven
further as PTTEP Group is able to find the balance between meeting the
demands of the stakeholders while being highly responsible to the
society and environment. Good Corporate Governance also continues to be
practiced and followed. Growth investment through new exploration
acreage and Merger and Acquisition (M&A) is consistently sought. The
Company specifically searches for new projects which are ready to yield
and therefore increase productivity and reserves.

3) Organizational Capability Development: To increase our value, reduce
lifting, finding and development costs, and therefore increase return on
investment, PTTEP Group has enhanced our organizational capabilities and
developed new capability enablers in the following areas:

3.1) Funding and Financial Risk Management: Fund mobilization and
investment are managed with the aim to maintain PTTEP Group’s credit
rating at the same level with other Thai public companies through
maintaining financial ratios, debt-to-shareholders’ equity ratio, and
debt-to-reserves ratio at appropriate levels. In addition, currency
risk, interest rates, and liquidity are always watched carefully. The
aim of the Company’s finances, in other words, is to be able to stand
shoulder to shoulder with world-class companies, for example, as the
newly established Treasury Center and In-House Financial Academy
continue to mature.

3.2) Acceleration of Knowledge Base, Technology and Research Capability:
PTTEP Group’s capability and technology development roadmap is written
specifically to support our growth strategy and is being progressively
implemented. The Company’s Research and Development Technology Center is
therefore developed.

3.3) System Development: PTTEP Group’s operational procedure and
corporate structure are designed to be more in line with the Company’s
business and investment plans where a greater emphasis has been
increasingly more on investments and operations abroad.

3.4) Human Resources Management and Organizational Capability
Development: To be able to compete internationally, PTTEP Group not only
needs to have sufficient qualified personnel, but the Company also must
constantly further staff capabilities, enhance leadership skills as well
as the level of commitment and sense of belonging. Work structures and
patterns across the organization have also been designed and
standardized to support the Company’s future growth and sustainability
domestically and internationally. In addition, the Company’s corporate
values which have been molded around EP SPIRIT are being constantly
cultivated. It is a key to development and foundation of growth for the
PTT group.

3.5) Sustainable Development Management: PTTEP’s sustainability requires
an integration of environmental and social aspects into our business
decisions, as we are striving to make PTTEP the company of choice for
business partners, host governments, communities, and employees. The
Company has therefore continued to cultivate Governance Risk Compliance
and Corporate Social Responsibility (CSR) to create values which are to
be shared with and among our stakeholders. Meanwhile, the Company has
simultaneously improved our SSHE management system, reinforcing while
making it even more robust in order to pave the way for a sustainable
future as well as to gain acceptance and earn social license to operate
from the public, local community surrounding all operating areas, and
society at large. One of PTTEP Group’s goals is to become and maintain
our membership in the Dow Jones Sustainability Index (DJSI) World Oil
and Gas Industry, an internationally accepted measurement for
sustainability, a goal which we successfully achieved in 2014.

Strategy Adjustment under Decreasing Oil Prices

The crude oil price in the world market has dropped from USD 95 -105 per
barrel in June to USD 60 - 85 per barrel, and the downward trend in the
oil prices is set to continue in 2015. Given this outlook, PTTEP Group
has developed the following new strategies and initiatives in order to
maintain the balance between business growth and sustainable performance
in the long run.

-   For producing assets, there is no plan for cost reduction so as to
    maintain the current production level.

-   For development assets, the Company will re-evaluate the “Final
    Investment Decision” for projects with high development costs.

-   For exploration assets, the Company will invest only in low risk
    areas and focus on meeting obligations of governments of every
    country in which we operate.

-   For M&A, the Company will mainly invest in producing or
    near-producing projects with the aim to increase the reserves and
    revenues of the Company in the short term.

-   In order to cope with decreasing oil prices, PTTEP Group has also
    developed the “SAVE…to be SAFE” initiative for long term cost
    reduction. The measures to reduce costs include standardization of
    tools and equipment, work integration, optimization, and adoption of
    new technologies. All corporate expenses will be reduced, including
    consulting fees, and travelling as well as information technology
    expenses.

Procedure to Set the Company’s Vision and Mission

The PTTEP Board of Directors (the Board) considers and approves the
vision and mission of the Company every year to review Company’s short-,
medium- and long-term strategy and work plan. The vision, mission, and
strategy of the Company are reviewed during the Board Offsite Meeting
through a systematic planning process. In the early stage, the Board
considers current and future trends of the business environment,
including changes in opportunities, and risks in the petroleum
exploration and production industry and their impact on the Company.
PTTEP Group’s responsibility as a national oil company to provide a
reliable energy supply for Thailand’s energy sustainability is also
emphasized. In addition, the Company’s investment portfolios, both in
Thailand and overseas, are analyzed in terms of the ratio of Thailand
and international investments, returns, risks and balance, in order to
make informed decisions on the vision, mission, and both short- and
long- term strategic planning. These can empower the Company to achieve
sustainable growth and be consistent with business changes. The
executive management will then develop the company’s work plan, budget,
and Key Performance Indicators (KPI) based on the policy, which all are
then to be presented to the Board for approval prior to implementation.

In addition, after the Board has approved the vision, mission, and
corporate strategy, executive management will communicate the approved
strategic direction and corporate target to all management and employees
in order to promote a better understanding about corporate vision,
mission, and strategy. This will lead to the sub work plan setting and
implementation which align with the corporate target, corporate work
plan, and corporate core values to achieve long-term goals of the
Company.

1.2 PTTEP Sustainability Management

(a) PTTEP Materiality Assessment

PTTEP’s materiality assessment for 2014 includes a structured review of
current and future business risks and opportunities based on the
framework developed by the Global Reporting Initiative (GRI G4), as well
as aspects that reflect significant economic, environmental and social
impacts for PTTEP. The materiality analysis is conducted on a yearly
basis as part of the reporting cycle. PTTEP follows the GRI G4
guidelines by using the process of identifying, defining reporting
boundaries, prioritizing, validating, and reviewing and continuous
development of issues. The details of PTTEP materiality assessment
process are summarized as follows:

1.  Identifying material issues by addressing the full scope of
    sustainability issues from the perspective of PTTEP’s business
    operations and stakeholders. The process is based on consideration
    of PTTEP’s strategy and activities, risks and challenges,
    expectations from the society, applicable laws and regulations,
    future trends, and stakeholder feedback.

2.  Defining Reporting Boundaries: For each Material Aspect, PTTEP
    considers whether the impact of that particular issue lies inside or
    outside the organization, assess and describe where the impact ends
    by considering the relevance to different stakeholders.

3.  Prioritize issues by assessing the level of significance and ranking
    issues using agreed criteria such as (magnitude of impact,
    importance to investors, society, and business). Each issue is
    prioritized as low, moderate, or high for current or potential
    impact on the Company in a 2014 year timeframe, and degrees of
    concern to stakeholders. In addition, this is arranged through focus
    group meetings with relevant functional groups and stakeholders.

4.  Validation: The identified material issues are reviewed and
    validated during the SD Working Team meetings and finally approved
    by the SD council. All identified material issues are assessed
    against the Reporting Principle of ‘Completeness’ prior to gathering
    the information to be reported. The aspects identified in the
    prioritization step are checked against the dimensions of Scope,
    Boundary, and Time.

5.  PTTEP’s review and continuous development process applies the
    principles of ‘Stakeholder Inclusiveness’ and ‘Sustainability
    Context’ to ensure continuous improvement of information disclosure
    by engaging internal and external stakeholders to check whether the
    report content provides a reasonable and balanced picture of the
    organization’s sustainability performance.

In conclusion, the material aspects that have been identified as
relevant issues for 2014 materiality assessment include the following:
business growth, climate change management, risk and crisis management,
human capital development, business ethics, capital project development,
social and community, occupational health and safety, and supply chain
management; of which some have also been set as the Company key
performance indicators for 2014.

(b) Contribution in Sustainable Development

PTTEP’s mission is to operate globally to provide reliable energy supply
and sustainable value to all stakeholders, with a vision to become a
leading Asian E&P company driven by technology and green practices.

We believe that by providing society with a cleaner and reliable source
of energy through the supply of natural gas which is predominantly
reflected in our reserve and production portfolio by 69%. The natural
gas supplied by PTTEP is used for power generation, resulting in lower
greenhouse gas emission than the traditional coal-fired power plant
while providing greater energy security than crude oil import. In 2014,
PTTEP supplied natural gas at approximately 214,554 Barrels of Oil
Equivalent per Day (BOED), or a total of 78,312,261 Barrels of Oil
Equivalent per year, or 23.3 percent of Thailand’s total natural gas
demand during which period. Natural gas sale generated THB 122,804.96
million for PTTEP in 2014.

(c) Benefits to Society

PTTEP’s environmental and social initiatives are laid out in our
sustainable development roadmap. In 2014, key environmental initiatives
include flare gas recovery and utilization, heat recovery steam
generator phase 1, and methane (CH₄) emissions reduction at the S1
Project, Flash Gas Recovery Unit (FGRU) at the Greater Bongkot South
Field, logistics fleet management, startup operation of salt water pump
at the Arthit Project, and PTTEP’s reforestation campaign. These 2014
greenhouse gas emissions initiatives reduced approximately 230,000
tonnes of carbon dioxide equivalent per year while reducing THB
523,600,000 or USD 17 million in operating cost. Meanwhile, these
projects which include flare gas recovery and utilization, methane
emissions reductions from the S1 Project, and the Greater Bongkot
South’s flash gas recovery unit generated a revenue of approximately THB
316,400,000 or USD 10.5 million. PTTEP’s reforestation project, on the
other hand, which was initiated in 2013 with objectives to mitigate
global warming and maximize values for all stakeholders both inside and
outside of the organization, has selected areas for reforestation by
taking into account communities located nearby. This creates benefits
for the community such as creating jobs in the area to stimulate the
local economy by hiring local people to work for the project as tree
growers and maintainers. This project managed to enhance economic value
in the local communities surrounding the reforestation area by
generating an income of THB 245,000,000 for approximately 288
newly-employed local villagers. The project will also help offset
approximately 620,000 tonnes of carbon dioxide equivalent by 2022. In
addition, our petroleum exploration and production operation is
conducted in accordance with local regulations, including our operating
procedure which is in line with various international standards to
prevent impacts on communities, i.e., the International Finance
Corporation (IFC). PTTEP believes that these efforts will provide the
Company with a social license to operate which helps to prevent
operation disruption from community protest which, in turns, can
potentially lead up to impacts on the society and higher operating cost
for PTTEP.

1.3 Development and Significant Changes in 2014

Significant changes and developments in 2014 for the Company and its
subsidiaries include the operational success of existing projects,
investments in new projects, and changes in participating-interests of
projects carried out per the Company’s portfolio management strategy.
The following are the highlights of these developments and changes by
region.

Thailand

In April 2014, PTTEP acquired subsidiaries of Hess Corporation which
hold interests in the following concessions;

- Block B12/27 (covering areas in the Pailin, Morakot and Ubon petroleum
fields) and Block G7/50 of the Contract 4 Project.

- Block EU-1 and Field E5 North of the Sinphuhorm Project.

As a result, PTTEP increased its participating interest in the Contract
4 from 45% to 60%, and in the Sinphuhorm Project from 20% to 55%. PTTEP
has also become the operator of the Sinphuhorm Project.

In addition, PTTEP relinquished block L21/48, an onshore exploration
field in Thailand in which PTTEP held 70% interest.

In December 2014, PTTEP also submitted documents for the relinquishment
of block A4/48 & A5/48, which are deep water exploration fields in
Andaman Sea in which PTTEP holds 100% interest. The relinquishment is
pending official approval from the DMF.

South East Asia

In March 2014, the Zawtika Project delivered natural gas for domestic
use in the Republic of the Union of Myanmar (Myanmar), and began
exporting gas to Thailand in August 2014 via gas sales to PTT Plc. The
project’s total production rate is currently over 300 million standard
cubic feet per day (MMSCFD).

In August 2014, PTTEP signed a Production Sharing Contract (PSC) with
the Myanma Oil and Gas Enterprise (MOGE) for exploration and production
rights in block MOGE 3 in Myanmar. PTTEP holds an 85% participating
interest and is the operator of the project.

In October 2014, the Myanmar government approved the divestment of JX
Nippon Oil & Gas Exploration (Myanmar) Limited from the Myanmar M11
Project, resulting in increased participating interest of PTTEP and
TOTAL E&P Myanmar (TEPM) from 45% to 52.9412% and from 40% to 47.0588%,
respectively.

In November 2014, PTTEP submitted documents for the relinquishment of
its entire 28.30% participating interest in the Indonesia Semai II
Project, an offshore exploration block located southwest of West Papua
Island in the Republic of Indonesia (Indonesia). The relinquishment is
currently awaiting official approval from the Indonesian government.

Africa and the Middle East

In May 2014, PTTEP received official approval from the government of
Kenya to withdraw its 15% participating interest in the Kenya L10B
Project, located in offshore of the Republic of Kenya (Kenya).

Australasia

In October 2014, the Company relinquished the AC/P4 concession permit
after writing-off the Dillon South-1 exploration well which did not show
commercial prospects. The relinquishment is pending official approval
from the Australian government.

Americas

In April 2014, PTTEP acquired a 25% participating interest in the
Barreirinhas AP1 Project which comprises concession blocks BAR-M-215,
BAR-M-217, BAR-M-252 and BAR-M-254, located in the Federal Republic of
Brazil (Brazil). The farm-in received official approval from Brazil’s
National Agency of Petroleum in August 2014.

In May 2014, the conditions precedent prescribed in the Partnership Unit
Redemption Agreement (PURA) with Statoil Canada Limited (SCL) to
restructure the ownership of the five areas of the Canada Oil Sands KKD
Project were completed, and resulted in PTTEP holding 100% ownership of
the Thornbury, Hangingstone and South Leismer fields, and receiving USD
419 million in cash. PTTEP also changed the project name from the Canada
Oil Sands KKD Project to the Mariana Oil Sands Project.

In September 2014, PTTEP farmed-in to the Brazil BM-ES-23 Project to
hold a 20% participating interest. The farm-in received official
approval from Brazil’s National Agency of Petroleum in November 2014.

1.4 Shareholding Structure of PTTEP Group

1.4.1 Business Overview

PTTEP’s core business is exploration and production of petroleum in
Thailand and foreign countries. As of December 31, 2014, PTTEP Group had
43[1] petroleum exploration and production projects in 11 countries.  19
projects were under the exploration phase, 2 projects were under the
development phase, and 22 projects were under the commercial production
phrase.

  ----------------------------------------------------------------------------------------------------------
  No.           Project Name       Phase         Location            Participation   Operator     
                                                                     Interest                     
  ------------- ------------------ ------------- ------------------- --------------- ------------ ----------
  Thailand: 15                                                                                    
  projects                                                                                        

  1.            Bongkot Project    Production    Gulf of Thailand    44.4445%        PTTEP        

  2.            S1 Project         Production    North               100%            PTTEP        

  3.            PTTEP 1 Project    Production    Central             100%            PTTEP        

  4.            B6/27 Project      Production    Gulf of Thailand    60%             PTTEP        

  5.            Arthit Project     Production    Gulf of Thailand    80%             PTTEP        

  6.            L22/43 Project     Development   North               100%            PTTEP        

  7.            L53/43 & L54/43    Production    Central             100%            PTTEP        
                Project                                                                           

  8.            L28/48 Project     Exploration   North East          70%             PTTEP        

  9.            E5 Project         Production    North East          20%             ExxonMobil   

  10.           Contract 3 Project Production    Gulf of Thailand    5%              Chevron      

  11.           Contract 4 Project Production    Gulf of Thailand    60%             Chevron      

  12.           G4/43 Project      Production    Gulf of Thailand    21.375%         Chevron      

  13.           Sinphuhorm Project Production    North East          55%             PTTEP        

  14.           B8/32 & 9A Project Production    Gulf of Thailand    25%             Chevron      

  15.           G4/48 Project      Production    Gulf of Thailand    5%              Chevron      

  Overlapping                                                                                     
  Area: 2                                                                                         
  projects                                                                                        

  1.            G9/43 Project      Exploration   Thailand-Cambodia   100%            PTTEP        

  2.            MTJDA-B17 Project  Production    Thailand-Malaysia   50%             CPOC         

  Overseas: 26                                                                                    
  projects                                                                                        

  Myanmar                                                                                         

  1.            Myanmar M3 Project Exploration   Gulf of Moattama    80%             PTTEP        

  2.            Myanmar M11        Exploration   Gulf of Moattama    52.9412%        PTTEP        
                Project                                                                           

  3.            Zawtika Project    Production    Gulf of Moattama    80%             PTTEP        

  4.            Yadana Project     Production    Gulf of Moattama    25.5%           TOTAL        

  5.            Yetagun Project    Production    Gulf of Moattama    19.31784%       Petronas     

  6.            Myanmar PSC G & EP Exploration   Onshore             90%             PTTEP        
                2 Project                                                                         

  7.            Myanmar MD-7 and   Exploration   Andaman Sea         100%            PTTEP        
                MD-8 Project                                                                      

  8.            Myanmar MOGE 3     Exploration   Onshore             85%             PTTEP        
                Project                                                                           

  Vietnam                                                                                         

  9.            Vietnam 9-2        Production    Offshore            25%             HV JOC       
                Project                                                                           

  10.           Vietnam 16-1       Production    Offshore            28.5%           HV JOC       
                Project                                                                           

  11.           Vietnam B & 48/95  Exploration   Offshore            8.5%            Chevron      
                Project                                                                           

  12.           Vietnam 52/97      Exploration   Offshore            7%              Chevron      
                Project                                                                           

  Indonesia                                                                                       

  13.           Indonesia Malunda  Exploration   Offshore            100%            PTTEP        
                Project                                                                           

  14.           Indonesia South    Exploration   Offshore            50.75%[2]       PTTEP        
                Mandar Project                                                                    

  15.           Natuna Sea A       Production    Offshore            11.5%           Premier Oil  
                Project                                                                           

  Oman                                                                                            

  16.           Oman 44 Project    Production    Onshore             100%            PTTEP        

  Algeria                                                                                         

  17.           Algeria Hassi Bir  Exploration   Onshore             24.5%           PTTEP        
                Rekaiz Project                                                                    

  18.           Algeria 433A &     Development   Onshore             35%             GBRS         
                416B Project                                                                      

  Australia                                                                                       

  19.           PTTEP Australasia  Production    Offshore            20 - 100%[3]    PTTEP        
                Project                                                                           

  Canada                                                                                          

  20.           Mariana Oil Sands  Exploration   Onshore             100%            PTTEP        
                Project                                                                           

  Mozambique                                                                                      

  21.           Mozambique Rovuma  Exploration   Offshore            8.5%            Anadarko     
                Offshore Area 1                                                                   
                Project                                                                           

  22.           Mozambique Rovuma  Exploration   Onshore             10%             Anadarko     
                Onshore Project                                                                   

  Kenya                                                                                           

  23.           Kenya L10A Project Exploration   Offshore            31.25%                       BG

  24.           Kenya L5, L7,      Exploration   Offshore            10%                          Anadarko
                L11A, L11B & L12                                                                  
                Project                                                                           

  Brazil                                                                                          

  25.           Barreirinhas AP1   Exploration   Offshore            25%             BG Brasil    
                Project                                                                           

  26.           Brazil BM-ES-23    Exploration   Offshore            20%             Petrobras    
                Project                                                                           
  ----------------------------------------------------------------------------------------------------------

Principal Projects in Operation

The following is a summary of key project activities undertaken during
2014. Production and sales figures disclosed hereunder are total
production and sales figures for the respective projects.

1) Highlights of Project Activity in Thailand: PTTEP has 17 projects in
Thailand including projects in the overlapping claims area. Most of the
projects are in the production phase, and are located in both the Gulf
of Thailand and onshore. The following are highlights key project
activities in Thailand during 2014.

Bongkot Project

The Bongkot Project is the largest gas field in the Gulf of Thailand,
located in the southern part of the Gulf. The Company holds 44.4445%
interest and is also the operator of the project. The project has been
in production since 1993. All of the natural gas and condensate produced
from the Bongkot Field is sold to PTT, under a take-or-pay basis.

In the year 2014, the project drilled exploration, appraisal, and
development wells and also installed production platforms in order to
maintain steady production levels. Sales volume from the project
averaged 862 million standard cubic feet per day (MMSCFD) of natural gas
(equivalent to 141,045 barrels of oil equivalent per day (BOED)) and
28,817 barrels per day (BPD) of condensates. 2014 production volume from
the Bongkot Project represents approximately 20% of Thailand’s natural
gas supply. This is an achievement for PTTEP as the company continues to
fulfil Thailand’s increasing energy demand.

S1 Project

S1 Project is the largest onshore crude oil field in Thailand, with an
area covering parts of the Kamphaengphet, Sukhothai and Phitsanulok
provinces. PTTEP is the sole owner and operator of the project. The
project marked its 30th anniversary in 2012. Production from the S1
Project consists of crude oil, natural gas, and liquefied petroleum gas
(LPG). Crude oil produced at S1 is sold to PTT and transported via truck
and rail to Thai Oil Public Company Limited and Bangchak refineries as
well as PTT Global Chemical Public Company Limited and IRPC Public
Company Limited. Produced gas undergoes a gas plant to secure LPG,
before being sold to PTT and partially directed to EGAT as fuel for
power generation, as well as partially used for production of CNG for
natural gas vehicles (NGV).

In the year 2014, the project has continuously drilled additional
exploration, appraisal and production wells as well as carried out
additional 3D seismic studies at the main Sirikit Field and the Sarabop
Field. Environment impact assessments were also undertaken in both
existing production areas and new production areas such as the S1 Field
and the Bueng Chang Field, respectively. The project’s average crude oil
sales during the year was 27,828 BPD, while sales of natural gas
averaged 27 MMSCFD(equivalent to 5,149 BOED), and average LPG sales was
256 metric tons per day (equivalent to 2,123 BOED). The S1 Project is
able to maintain crude oil production at this level as a result of new
wells and Artificial Lifting and Waterflooding techniques.

PTTEP1 Project

PTTEP 1 Project is located in the Suphan Buri and Nakhon Pathom
provinces. PTTEPI is the sole owner and operator of the project. Crude
oil produced at PTTEP 1 is transported to the Bangchak refinery.

In 2014, the project increased its crude oil production levels by
implementing Pilot Enhanced Oil Recovery at U-Thong area. The project’s
average crude oil sales rate during the year was 268 BPD.

B6/27 Project

The B6/27 Project is located in the Gulf of Thailand. The Company holds
a 60% interest and is the operator of this concession. In 2009, the
project re-started exploration studies after having stopped crude oil
production in 2007 due to declining production rates.

In 2014, the project finished drilling an exploration well (NKW-N01) in
the Nok Kaew Field with no commercial discovery, and the project
currently continues to study the petroleum geology.

Arthit Project

The Arthit Project is located in the southern part of the Gulf of
Thailand. The Company has 80% interest in the project and is also the
operator. From 2010 to 2011, in accordance with the terms and conditions
of the Gas Sale Agreement (GSA), the project reassessed field reserves
with production levels revised accordingly to suit the reassessed
reserve figures and prolong the production plateau. As such, with PTT’s
acknowledgment, a new DCQ of 220 MMSCFD was agreed upon, and came into
effect on December 30, 2011.

In 2014, the project continued to carry out exploration and development
activities, with 7 appraisal wells and 61 production wells drilled. The
project also constructed and installed wellhead platforms and gas
pipelines in order to maintain production levels. Average natural gas
sales in 2014 from the project was 218 MMSCFD (equivalent to 33,972
BOED) and average condensates sales was 9,456 BPD.

Project G8/50

The project is located north of the Arthit field, with the company
having 80% interest and operatorship. The Department of Mineral Fuels
(DMF), in March 2012, approved the development area together with the
associated development plans. The project is currently in the
development phase for production via Arthit’s Central Processing
Platform, and expects to begin the production in 2016.

L22/43 Project

The L22/43 Project is located in the Phitsanulok and Pichit provinces.
The Company owns and operates 100% of the project.

In 2014, the project began producing from the Wang Pai Sung – A field,
and continued to drill exploration wells in the Wang Pai Sung field as
well as carried out additional 3D seismic survey.

L53/43 and L54/43 Project

L53/43 and L54/43 Project are located in Suphan Buri, Kanchana Buri,
Ayutthaya and Ang-Thong provinces. The company owns 100% interest in the
project and is also the operator. Production commenced in 2010 with
crude oil produced sold to the Bangchak refinery.

In 2014, the project’s average crude oil sales rate was 125 BPD.

L28/48 Project

The L28/48 Project is located in the Chaiyaphum, Khon Kaen and Udonthani
provinces in north-eastern Thailand. The company owns 70% of the project
is the operator.

In 2014, the project assessed geological studies to ascertain petroleum
potential around the Rattana geological structures.

E5 Project

The E5 Project is located in the Khon Kaen Province. The Company holds
20% interest in the project with ExxonMobil as the operator. The project
began production since late 1990, and all of the natural gas produced by
the E5 project is sold to PTT on a take-or-pay basis pursuant to a
long-term gas sales agreement. PTT then transports the gas to an EGAT
power plant.

In 2014, average natural gas sales volume for the project amounted to 12
MMSCFD (equivalent to 1,911 BOED).

Contract 3 Project

The Contract 3 Project, (inclusive of the G6/50 block which is in the
exploration phase), is located in the Gulf of Thailand, off the coast of
Surat Thani Province. The Company holds a 5% interest in the project
with Chevron as the operator. All of the natural gas and condensate
produced from Contract 3 is sold to PTT on a take-or-pay basis pursuant
to long-term gas sales agreement.

In 2014, the project continued development drilling in order to maintain
production levels. The project sold natural gas at an average rate of
606 MMSCFD, equivalent to 99,140 BOED, crude oil at an average rate of
21,231 BPD and condensates at an average rate of 16,897 BPD.

Contract 4 Project

The Contract 4 Project (inclusive of the G7/50 block which is in the
exploration phase) is located in the Gulf of Thailand, off the coast of
Songkhla Province. The Company holds 60% interest (formerly 45%) in the
project, with Chevron as the operator. The change of the participating
interest is the result of PTTEP’s acquisition of Hess Corporation’s
subsidiaries which was completed on 22 April 2014. All of the natural
gas and condensate produced from Contract 4 is sold to PTT on a
take-or-pay basis pursuant to a long- term GSA and condensate
agreements.

In 2014, the project continued drilling additional exploration and
development wells in order to maintain the production plateau. Moreover,
the project also completed the Front End Engineering Design (FEED) for
the development of the Ubon oil field. The project sold natural gas at
an average rate of 374 MMSCFD (equivalent to 62,654 BOED) and
condensates at an average rate of 17,415 BPD.

G4/43 Project

The G4/43 Project is located in the Gulf of Thailand. The Company holds
a 21.375% interest in the project with Chevron as the operator. The
project signed long-term GSAs with PTT, and crude oil sales agreements
under spot cargo with other purchasers.

In 2014, the sales volume of crude oil and natural gas averaged to 6,478
BPD and 4 MMSCFD (equivalent to 761 BOED), respectively.

Sinphuhorm (EU-1 and E5-North)

The project is located in the Udon Thani and Khon Kaen provinces. The
Company owns a 55% interest (formerly 20%) in the project and is the
operator. The increase in participating interest is the result of
PTTEP’s acquisition of Hess Corporation’s subsidiaries which held stakes
in the Sinphuhorm Project. The acquisitions were completed on 22 April
2014. The Sinphuhorm Project has long-term GSAs with PTT.

In 2014, sales volume of the project averaged 106 MMSCFD for natural gas
(equivalent to 17,346 BOED) and 415 BPD for condensates.

B8/32 & 9A Project

The B8/32 & 9A Project is located in the Gulf of Thailand, off the coast
of Chumporn province. The Company holds 25% interest in the project with
Chevron as the operator. The project currently has long-term GSAs with
PTT and sale agreements for crude oil under spot cargo with other
purchasers.

In 2014, the B8/32 & 9A project continued to carry out development
drilling and implemented Waterflooding in order to maintain the crude
oil production levels. Sales volume averaged 27,985 BPD for crude oil
and 93 MMSCFD for natural gas (equivalent to 17,194 BOED).

G4/48 Project

The G4/48 Project is located in the Gulf of Thailand, offshore from
Surat Thani Province. PTTEP holds 5% interest in the project with
Chevron as the operator.

In 2014, sales volume from the G4/48 project averaged 9 MMSCFD for
natural gas (equivalent to 1,528 BOED) and 1,729 BPD for crude oil.

Projects located in overlapping claims areas

G9/43 Project

The G9/43 Project is located in the Gulf of Thailand, with the company
having 100% ownership and operatorship of the project. Activities at
this project have been suspended pending the resolution of the boundary
dispute between the governments of Thailand and Cambodia.

MTJDA –B17 Project

In 1994, PTTEPI, (wholly-owned subsidiary of the Company), entered into
a joint operating agreement (JOA) with Carigali, a wholly-owned
subsidiary of PETRONAS, the Malaysian state oil company, and formed
Carigali-PTTEPI Operating Company Sdn. Bhd., to explore and develop
Blocks B-17 and C-19. PTTEPI owns 50% interest in this special purpose
company which is the operator of Blocks B-17 and C-19. Carigali assigned
all of its interests under the JOA to PC JDA Ltd. PTTEPI, PC JDA Ltd.
and the Malaysia-Thailand Joint Authority (MTJA) signed a production
sharing contract for the right to explore and produce petroleum in the
concession blocks, with the contractors and MTJA sharing any potential
production. PTTEPI, PC JDA and MTJA executed a GSA for the sales of the
natural gas from the MTJDA-B17 Project to PTT.

In 2014, sales volume from the project averaged 332 MMSCFD (equivalent
to 53,049 BOED) for natural gas and 8,413 BPD for condensates.

2) International Projects: PTTEP has 26 projects overseas, broken down
into the following regions.

2.1) Project Activity Highlights in South East Asia: PTTEP has 15
projects in this region which are located in the Union of the Republic
of Myanmar (Myanmar), Vietnam and Indonesia. The following section
highlights the key project activities.

Myanmar M3 Project

The Myanmar M3 project is located in the Gulf of Moattama, Myanmar.
PTTEPI is the operator, and holds 80% participating interest in the
project. In 2013, the project completed drilling for all 4 appraisal
wells with gas and condensate discoveries.

The Myanmar M3 project is currently drilling 6 additional appraisal
wells which commenced during the third quarter of 2014 and is expected
to complete during the first half of 2015.

  Myanmar M11 Project

The Myanmar M11 Project is located in the Gulf of Moattama, Myanmar.
PTTEPI holds 52.9412 % (formerly 40 %) interest in the project and is
the operator.

The project is currently assessing the potential in the nearby areas in
order to plan for further activities after the completing the
Manizawta-1 (MNZ-1) exploration well which found no hydrocarbon
potential for commercial development.

The government of Myanmar, has however, extended the exploration period
from the original expiry in October 2014 by 2 years and 6 months.
Additionally, JX Nippon Oil & Gas Exploration (Myanmar) Limited (JX
Myanmar), withdrew from the joint venture resulting in changes to
ownership interest of the project, with the Company now owning 52.9412%
(formerly 45%) and Total E&P Myanmar (TEPM) holding 47.0588% (formerly
40%), since October 2014.

Zawtika Project

The Zawtika Project is located in the Gulf of Moattama, Myanmar. The
Company owns 80% interest and is the operator of the project, with MOGE
holding the remaining 20%. The Company entered into a 30-year GSA with
PTT and MOGE at a daily contract quantity of 300 MMSCFD, of which 240
MMSCFD will be sold to Thailand and 60 MMSCFD will be sold to Myanmar.
To transport natural gas from Zawtika to Thailand, the Company and the
joint venture partners established a gas transportation company called
Andaman Transportation Limited (ATL) to construct and operate an
offshore and onshore pipeline from the project to the Thai border.

In 2014, the project began delivering natural gas to MOGE for domestic
use in Myanmar in March; and began delivering natural gas to PTT Plc.
for use in Thailand in August. The project maintained the planned
production rate of approximately 311 MMSCFD (equivalent to 46,520 BOED).

Additionally, the project is in the process of constructing additional
wellhead platforms to maintain the production plateau, and began a
campaign, during the third quarter for 2014, to drill 10 additional
appraisal wells to increase petroleum reserves and support long term
production. The drilling of these wells is expected to complete within
2015.

Yadana Project

The Yadana Project is a large gas project located in the Gulf of
Moattama, Myanmar. The Company holds 25.5% interest with Total E&P
Myanmar (TEPM) as the operator. Natural gas produced from the project is
sold to PTT on a take-or-pay basis pursuant to a 30-year GSA, and a
certain portion is sold to MOGE for domestic use in Myanmar. To
transport natural gas from Yadana to Thailand, the Company and its joint
venture partners established a gas transportation company, called
Moattama Gas Transportation Company (MGTC), to construct and operate an
offshore and onshore pipeline from the Yadana project area to the Thai
border. Consequently, PTT completed an onshore pipeline section from the
Thai border to the EGAT power generation plant in Ratchaburi Province.

In 2014, the project carried out and studied 3D seismic data in the
southeastern area of the project connecting from Block M3, in order to
assess the potential of exploration drilling in the aforementioned area,
and expects to drill 3 exploration wells in early 2016. In 2015, the
project plans to drill one exploration well in the southeastern area of
Block M6. During 2014, total natural gas sales volume averaged 757
MMSCFD (equivalent to 91,053 BOED), of which 570 MMSCFD was sold to PTT
and 187 MMSCFD was sold to MOGE.

Yetagun Project

The Yetagun Project is a natural gas and condensates producing project
located in the Gulf of Moattama, Myanmar. The Company holds 19.3%
interest in the project with PC Myanmar (Hong Kong) Limited as the
operator. All natural gas from the Yetagun Project is sold to PTT on a
take-or-pay basis pursuant to a 30-year agreement. To transport natural
gas from Yetagun to Thailand, the company and the joint venture partners
established a gas transportation company called Taninthayi Pipeline
Company (TPC) to construct and operate an offshore pipeline and an
onshore pipeline (parallel to the Yadana pipeline) from the project to
the Thai border.

In 2014, the Project carried out the development of the Yetagun-North
natural gas field to maintain contractual production rates. An
exploration well was drilled but a relatively low quantity of natural
gas was discovered; the project therefore plans to drilling 3 additional
infill wells in late 2015. For the year, the project’s total sales
volume averaged 343 MMSCFD (equivalent to 56,575 BOED) for natural gas
and 7,930 BPD for condensates.

Myanmar PSC G and EP2 Project

The Myanmar PSC G and EP2 Project is located in onshore Myanmar. The
Company has 90% interest in the project and is also the operator.

The project is currently studying the fields’ geological structures and
drilling the first of 4 planned exploration wells.

Myanmar MD-7 and MD-8 Project

The MD-7 and MD-8 project is located in deep waters of the Gulf of
Moattama, Myanmar. The Company has a 100% working interest in the
project and is the operator.

The project is currently carrying out 2D seismic acquisition. The data
will be used to define exploration prospects in the area.

Myanmar MOGE 3 Project

The Myanmar MOGE 3 Project is an onshore project located in Myanmar.
PTTEP holds an 85% interest and is the operator of this project to which
it acquired the exploration and production rights in August of 2014
through the signing of a Production Sharing Contract between PTTEP South
Asia Limited (PTTEP SA, a subsidiary of PTTEP) and MOGE.

The project is currently carrying out the Environmental Impact
Assessment (EIA) which it expects to complete in the first quarter of
2015.

Vietnam 9-2 Project

The Vietnam 9-2 Project is located offshore south-east of Vietnam, and
PTTEP has 25% interest in the project. First production commenced in
2008, and the crude oil produced is sold to domestic Vietnamese
refineries while the produced natural gas is sold to Vietnam Oil and Gas
Group, a state own enterprise, for domestic consumption.

In 2014, the project’s sales volume of crude oil averaged 5,765 BPD,
while sales volume of natural gas averaged 15 MMSCFD (equivalent to
3,163 BOED).  

Vietnam 16-1 Project

The Vietnam 16-1 Project is located offshore, southeast of Vietnam, with
PTTEP holding 28.5% interest, and Hoang-Long Joint Operating Company as
operator. First production commenced in 2011, and the crude oil
production is sold to domestic Vietnamese refineries as well as to an
international market through an auction process. The produced natural
gas is sold to the Vietnam Oil and Gas Group, a state-owned enterprise,
for domestic consumption.

In 2014, the project successfully drilled an appraisal well in the H5
Area of the Te Glac Trang Field (TGT field) to maintain the production
plateau, and has prepared for the installation of a well head platform
to support production from this area which is expected to begin in 2015.
The project’s crude oil production rate during the year averaged 34,200
BPD, with natural gas production averaging 26 MMSCFD (Equivalent to
5,516 BOED).

Vietnam B & 48/95 Project and Vietnam 52/97 Project

The Vietnam B & 48/95 and Vietnam 52/97 projects are located offshore of
Vietnam. The Company owns 8.5% and 7.0 % interests in the projects,
respectively, with Chevron as the operator.

In 2014, the project is currently under negotiations with PetroVietnam
(PVN) related to the gas sales agreement as well as other commercial
contracts.

Indonesia Malunda Project

The Indonesia Malunda Project is located in the Makassar Straits, in
Indonesia. The Company acquired the exploration rights in 2010, and owns
100% interest in project and is the operator.

The project is currently in the early exploration period and is
conducting further geological studies to assess petroleum potential.

Indonesia South Mandar Project

The Indonesia South Mandar Project is located offshore in the Makassar
Straits, in Indonesia. The Company owns 50.75 % interest (formerly 34%)
in the project and is the operator. The project is currently awaiting
official approval from the government of Indonesia for the pro-rata
transfer of ownership interests from Talisman.

In 2014, the project conducted additional geological studies in order to
assess petroleum potential.

Natuna Sea A Project

The Natuna Sea A Project is located in the west of the Natuna Sea in
Indonesia. In 2013, PTTEP NH, a subsidiary of PTTEP, jointly signed a
share purchase agreement with Pertamina Hulu Energy, a subsidiary of
Pertamina, on a 50:50 basis, to acquire subsidiaries of Hess Corporation
holding 23% interest in the Natuna Sea A project. As a result, PTTEP
holds 11.5% interest in the project, whose operator is Premier Oil.

In 2014, the project installed a natural gas production platform, and is
undertaking operations to drill 3 development wells in order to increase
production capacity. During the year, the project produced condensates
and natural gas at average rates of 1,479 BPD and 219 MMSCFD (equivalent
to 38,518 BOED), respectively.

2.2) Project Activity Highlights in Africa and the Middle East: PTTEP
has 7 projects in this region, located in Oman, Algeria, Mozambique and
Kenya with the following as key highlights:

Oman 44 Project

The Oman 44 Project is located onshore, to the west of Muscat, the
Sultanate of Oman. The Company owns 100% of the project and is also the
operator. Natural gas and condensate production began from the Shams
fields in 2007. The project has a long-term GSA in place with the
Ministry of Oil and Gas of Oman.

In 2014, the project progressed with additional exploration and
appraisal wells in order to maintain production levels and further
assess petroleum potential in the western area of the project. During
the year production of natural gas from the project averaged 27 MMSCFD
(equivalent to 5,004 BOED), and production of condensates averaged 2,156
BPD.

Algeria Hassi Bir Rekaiz Project

The Algeria Hassi Bir Rekaiz Project is located onshore in eastern
Algeria. The Company holds 24.5% interest and is the operator of the
project.

The project is in the Second Drilling campaign. In 2014, the project
carried out 2D and 3D seismic imaging, and completed plans to drill
altogether 5 exploration and appraisal wells. The project began drilling
an appraisal well in the third quarter of 2014.

Algeria 433A & 416B Project

The Algeria 433A & 416B Project is located onshore in the eastern
Algeria. The Company holds a 35% interest in the project, and Groupement
Bir Seba Joint Operating Company is the operator.

The project is under construction of production facilities and pipeline
systems. Production is expected to begin in the second half of 2015 with
a capacity of 20,000 BPD.

Mozambique Rovuma Offshore Area 1 Project

The Mozambique Rovuma Offshore Area 1 project is a large natural gas
project located offshore of Mozambique. The Company owns an 8.5%
interest with Anadarko as the operator. Total discovered recoverable
resources in of the project are currently estimated around 70 TCF of
natural gas.

In 2014, the project completed drilling 5 out of 6 planned exploration
and appraisal wells to further assess for petroleum potential. The
Tubarao Tigre-1 exploration well successfully discovered an additional
gas field, and the project began drilling the Tubarao Tigre-2 appraisal
well in the fourth quarter of 2014, with completion expected during the
first quarter of 2015.

The LNG Engineering and Construction Development continues to be carried
out with first production and sales of LNG expected in 2019.

Mozambique Rovuma Onshore Project

The Mozambique Rovuma Onshore Project is located onshore, in the north
of Mozambique. The Company owns a 10% interest in the onshore concession
area of the Rovuma Block, with Anadarko as the operator.

In 2014, the project finished drilling the Tembo-1 well, which is one of
two planned exploration wells in 2014. Drilling results for Tembo-1 are
being evaluated as for its commerciality prospect, while the second
exploration well called Kifaru-1 was spud at the end of 2014 with
completion expected during the first quarter of 2015.

Kenya L10A Project

The Kenya L10A Project is located offshore of Kenya. The Company owns a
31.25% interest in Block L10A, whose operator is BG.

In 2014, the project completed the Sunbird-1 exploration well which
showed no commercial discoveries. The project, however, continues to
study the well’s drilling results for further geological use.

The Company has withdrawn its participating interests in the Kenya L10B
block which is located in offshore Kenya, and in which the Company,
through its wholly-owned subsidiary, Cove, held a 15 % interest, with BG
as operator. The withdrawal has been officially approved by government
of Kenya, and the Company has transferred all of its participating
interests to the remaining joint venture partners as of May 2014.

Kenya L5, L7, L11A, L11B and L12 Project

The Kenya L5, L7, L11A, L11B and L12 project is located offshore of
Kenya. The Company holds a 10% interest in the blocks, with Anadarko as
the operator.

In 2014, the project is carried out geological and geophysics studies to
plan for the location of the first exploration well in 2015.

1.4.1.2.3 Project Activity Highlights in Australasia: PTTEP has 1
project in this region which is located in Australia comprising of 15
concession permits with the following as key highlights:

PTTEP Australasia Project

In 2009, the Company acquired 100% of the ordinary shares of Coogee
Resources Limited, which was later renamed to PTTEP Australasia Pty Ltd.
(PTTEP AA). PTTEP AA owns exploration and development fields located in
the Timor Sea, in Australia. PTTEP AA currently holds concessions to 15
permits with the 2 principal fields being the currently producing
Montara Field and the Cash Maple field which is still under feasibility
studies. The rest of the concessions are primarily in the exploration
phase.

Montara Field

The Montara Field is located in the Timor Sea in Australia. The project
began producing crude oil from the Montara Field in 2013. The project
produced crude oil at an average rate of 18,000 BPD during 2014.
Moreover, since the onset of the Montara incident through to the end of
2014, PTTEP has received total compensation claims amounting to USD 244
million from the insurers. In relation to the claims submitted by the
Government of Indonesia seeking compensation for the oil spill from the
Montara Incident, PTTEP is ready to continue discussions with the
Government of Indonesia to determine the impact (if any) using
scientific evidence.

Cash-Maple field

In 2014, the project completed the Maple-East exploration well without
commercial discovery. The project is currently undergoing geological and
geophysical review, engineering study as well as commercial assessment
to determine development concepts for the gas field.

For other concessions, PTTEP has interests ranging between 20% - 100%,
all of which are undergoing geological and geophysics studies to
determine potential for petroleum. However, in 2014, PTTEP relinquished
its rights to the AC/P4 permit after having written-off the Dillon
South-1 exploration well during the second quarter. The relinquishment
is pending official approval from the Australian government.

2.4) Project Activity Highlights in North America: PTTEP has 3 projects
in this region which located in Canada and Brazil. The following are
significant activities in this region:

The Mariana Oil Sands Project

The Mariana Oil Sands Project (formerly known as the Canada Oil Sands
KKD Project) is located in Alberta, Canada. In 2011, PTTEP CA, a
subsidiary of the Company, acquired a 40% interest in the Canada Oil
Sands KKD project from Statoil Canada Limited (SCL), the operator of the
project holding the remaining 60% interest. The project formerly
comprised 5 areas, namely, Leismer, Corner, Thornbury, Hangingstone and
South Leismer. In May 2014, PTTEP completed the asset swap transaction
as stipulated in the Partnership Units Redemption Agreement (PURA) with
Statoil Canada Limited (SCL) resulting in PTTEPCA having 100% ownership
of the Thornbury, Hangingstone, and South Leismer fields, and receiving
USD 419 million in cash.

The project is currently progressing with the Winter Delineation
Campaign (WDC), studying development plans and carrying out Pre-FEED
activities for Thornbury Phase 1.

The Barreirinhas AP1 Project

The Barreirinhas AP1 Project is located in the Barreirinhas Basin,
offshore to the east of Brazil. During April 2014, PTTEP Brazil
Investments in Oil and Gas Exploration and Production Limitada (PTTEP
BL, a subsidiary of PTTEP) farmed-in to the Barreirinhas AP1 Project to
hold a 25% interest with BG Brasil as an operator. The project comprises
four exploration blocks called BAR-M-215, BAR-M-217, BAR-M-252 and
BAR-M-254. The Brazilian government approved the transaction in August
2014.

The project is currently carrying out the EIA and making preparations
for 3D seismic acquisition which is expected to begin in the second
quarter of 2014.

The Brazil BM-ES-23 Project

The Brazil BM-ES-23 Project is located in the Espirito Santo basin,
offshore to the east of Brazil. During September 2014, PTTEP BL acquired
a 20% stake in the BM-ES-23 Project whose operator is Petrobras. The
Brazilian government approved the acquisition in November 2014.

During 2014, the project drilled 2 exploration wells, one of which
discovered oil. Two more exploration wells are planned for 2015.

Projects Relinquished in 2014

Indonesia South Sagari Project

The Indonesia South Sagari Project is located offshore in the Makassar
Straits, southwest of Sulawesi Island in Indonesia. The Company owned a
20% interest in the project with Talisman as the operator. The
exploration activities carried out discovered limited petroleum
potential, and the Company has submitted documents regarding the
relinquishment of its investment rights to the government of Indonesia.
The relinquishment was official approved from the Indonesian government
on July 8, 2014.

New Zealand Great South Project

The New Zealand Great South Project is located in the Great South Basin,
in New Zealand. The Company owned an 18% interest in the project with
Shell as the operator. The project carried out its obligations per its
agreement with government of New Zealand, with limited discoveries of
petroleum potential from the exploration activities. The Company
submitted documents regarding the relinquishment of its investment
rights to the government of New Zealand, and received official approval
from the government on September 24, 2014.

Indonesia Semai II Project

The Indonesia Semai II Project is located offshore, southwest of West
Papua Island, in Indonesia. The Company owns a 28.3% interest in the
project with Murphy Oil as the operator.

In 2014, to assess the project’s potential, two exploration wells in the
shallow water area were drilled. The exploration studies, however,
discovered limited petroleum potential. The Company submitted documents
regarding the relinquishment of its investment rights to the government
of Indonesia since November 2014, and is currently awaiting official
approval from the government.

Indonesia Sadang Project

The Indonesia Sadang Project is located offshore in the Makassar
Straits, southwest of the Sulawesi Island in Indonesia. The Company owns
a 30% interest in the project with Talisman as the operator. The
exploration activities carried out discovered limited petroleum
potential. The Company submitted documents regarding the relinquishment
of its investment rights to the government of Indonesia since June 2013.
The relinquishment is pending official approval from the Indonesian
government.

A4 and 5/48 Project

The A4 and A5/48 blocks are located in the deep waters of the Andaman
Sea, west of Thailand. PTTEPI owns and operates 100% of the project.

In 2014, the project completed additional geological studies and found
limited petroleum potential. The Company submitted documents regarding
the relinquishment of its investment rights to the Thai Department of
Mineral Fuels since December 2014. The relinquishment is pending
official approval from Thai Department of Mineral Fuels.

Additionally, the Company submitted documents regarding the
relinquishment of its participating interests in Block L10B of the Kenya
project as well as in concession fields L21/48 in Thailand. The
relinquishments have been official approval by the government of Kenya
and by Thai Department of Mineral Fuels, respectively. Moreover, the
Company has also submitted documents for the relinquishment of its
rights to the AC/P4 Field of the PTTEP AA Project, as is pending
official approval from the Australian government.

1.4.2 Structuring Policy of PTTEP Group

PTTEP’s subsidiaries and/or associated companies are established mainly
to take parts in our core business. Our continuous expansion in domestic
territory and overseas necessitates the needs for subsidiaries and/or
associated companies in the regions where the Company has invested for a
greater flexibility, operation efficiency and competitive advantages
comparable to other international oil companies. To achieve this, PTTEP
however has to consider various factors such as laws and regulations,
financial structure, tax regimes, and risk management.

PTTEP’s policy is to manage our subsidiaries as “One Company” with the
view that they must strictly follow the Company’s business direction and
strategy and are acceptably managed as one team by the Company’s
executives and employees. In addition, our management and internal
control systems are also adopted and implemented in all of the
subsidiaries similarly to how they are conducted and standardized at
PTTEP. To manage our associated companies, PTTEP nominates
representatives to serve as a shareholder and/or a member in each
associated company’s board of directors and participate in defining the
overall business strategy and policy of these companies. To manage both
the subsidiaries and associated companies, the Company adheres to the
Good Corporate Governance and Business Ethics of PTTEP Group - our
compelling philosophy - to ensure effectiveness, transparency, fairness,
and achievement of our business goals.

PTTEP’s management is responsible for appointing of directors for the
subsidiaries and associated companies by selecting 1-3 individuals from
our executives from the departmental level and above. The Company may
also have to appoint a local director, if required by the laws and
regulations of the countries in which the investments are made, to
manage subsidiaries within the framework according to the Company’s
policy and business strategy. To encourage flexibility of subsidiaries
and associated companies, the Company delegates the authority as
specified by the Corporate DAS (Delegation of Authority and Signatures)
similarly to the practice of other leading E&P companies. The
subsidiaries and associated companies meanwhile are obligated to report
their performance to the Company on a quarterly basis in order to ensure
their performance and effectiveness

.

  1.4.3 Shareholding Structure of PTTEP Group

As of December 31, 2014, PTTEP invested in 79 legal entities, comprising
61 subsidiaries and 18 associated companies. The PTTEP Group
shareholding structure is illustrated as follows.

[]

1.5 Relationship with the Major Shareholder

PTTEP’s major shareholder is PTT Public Company Limited (PTT), a
state-owned company which engages in fully integrated petroleum and
petrochemical businesses by strategically investing directly and
indirectly through its group of companies both in the upstream and
downstream businesses.

Currently, PTT holds 65.29% of PTTEP’s registered and paid-up capitals,
effectively making the PTT Group the only full-scale natural gas
business operator in Thailand. As the major buyer of PTTEP’s petroleum
products, PTT, in turn, refines and processes these products, and
supplies them as energy and raw materials to be used in the power,
petrochemical and transportation sectors as well as other industries and
households.

In 2014, PTTEP supplied crude oil, natural gas, LPG, and condensate to
PTT. Conditions and price settings of all transactions undertaken
between PTTEP and PTT follow normal business operations at the arm’s
length basis conditions for non-related persons or operations. Details
of other connected transactions between PTTEP and PTT are disclosed in
“Connected Transactions” part.

2. Nature of Business Operation

2.1 Revenue Structure

Commencing January 1, 2011, PTTEP’s management has determined US Dollar
as the functional currency and presents its financial statements in US
Dollar in accordance with Thai Accounting Standard No. 21 “The Effects
of Changes in Foreign Exchange Rates”.

PTTEP and its subsidiaries’ revenues are mainly from sales of petroleum
products of which its price is marked to the world fuel price in US
Dollar. Thus, PTTEP and its subsidiaries’ revenue structure of 2012 –
2014 are presented here in US Dollar in order to reflect the Company’s
revenue structure.

The petroleum exploration and production projects in the production
phase of PTTEP and its subsidiaries comprised 22 projects: the Bongkot,
Contract 4, S1, Yadana, Yetagun, Contract 3, B8/32 & 9A, PTTEP1, E5,
B6/27, Sinphuhorm, G4/43, Oman 44, Arthit, Vietnam 9-2, PTTEP
Australasia, G4/48, MTJDA-B17, Vietnam 16-1, L53/43 & L54/43 , Natuna
Sea A and Zawtika projects. In addition, PTTEP and its subsidiaries
recorded revenues proportionately from gas pipeline transportation which
are Moattama Gas Transportation Company (MGTC), Taninthayi Pipeline
Company (TPC) and Andaman Transportation Limited (ATL).

Revenue Structure of PTTEP and Its Subsidiaries during 2012-2014[]

[]

[]

  ¹ PTTEPO has shareholding in Orange Energy Limited and B8/32 Partners
  Company Limited, which holds the project’s concession.

  ² PTTEP (Thailand) Limited has registered for the dissolution with the
  Ministry of Commerce and complete liquidation on December 6, 2013.

³ Share of gain from associate came from PTTEP and PTTEP AP group

For 2014, total revenues for PTTEP and its subsidiaries was USD 8,021
million (equivalent to THB 260,389 million), an increase of USD 570
million or 8 percent against last year which was USD 7,451 million
(equivalent to THB 228,931 million). The revenue from sales increased by
the amount of USD 324 million due to an increment in average sales
volume of 321,886 BOED, compared to 292,629 BOED in 2013, primarily from
full year sales in 2014 of PTTEP Australasia Project, which began its
first oil sales in August 2013, and from Zawtika Project, which
commenced its domestic gas sales in March 2014 and export gas sales in
August 2014. The revenue from sales also increased from acquiring
additional 15 percent in participating interests of Contract 4 Project,
while the average petroleum sales price decreased from USD 65.58 per
barrels of oil equivalent (BOE) in 2013 to USD 63.38 per BOE in 2014.

2.2 Products Features

2.2.1 Petroleum

Petroleum means crude oil, natural gas, condensate, related products,
and other hydrocarbon products which are free in nature.

Crude oil means crude mineral oil and bitumen of all kinds, which is
liquid in nature and obtained from oil wells and through gas separation
equipment, yet to be refined or purified.

Bitumen is another form of crude oil. It is sticky, black, opaque, and
highly viscous (low API).

Natural gas is hydrocarbon which is gas or vapor at the atmospheric
temperature and pressure, commonly having methane as it major
constituent.

Condensate is hydrocarbon which is condensed into natural gas and, when
separated from natural gas, transparent and has low specific gravity
(high API).

Liquefied Petroleum Gas (LPG) is a petroleum product which is obtained
from crude oil refinery or natural gas separation processes. It
primarily consists of butane and propane.

Crude oil, condensate, LPG, and bitumen are measured in barrel, while
natural gas is measured in cubic foot at standard conditions (1
atmosphere or atm and 60 degree fahrenheit). All petroleum products can
be converted into barrel of oil equivalent (BOE) based on their heat
contents. One cubic foot of natural gas has a heating value of
approximately 1,000 British thermal units (BTU), whereas 1 barrel of
crude oil has a heating value of approximately 6,000,000 BTU.

2.  Gas Transportation Pipeline

PTTEP Offshore Investment Company Limited (PTTEPO), a wholly-owned
subsidiary of PTTEP, has major investments in other companies such as
80% holding interests in Andaman Transportation Limited (ATL), 25.5% in
Moattama Gas Transportation Company (MGTC), and 19.32% in Taninthayi
Pipeline Company (TPC). The objective of the company is to lay pipelines
from the Zawtika, Yadana, and Yetagun projects in the Republic of the
Union of Myanmar to Thai borders.

2.2.3 Jetty and Warehouse

Petroleum Development Support Base is established to provide jetty and
warehouse services to support offshore exploration and production
activities. The Support Base mainly accommodates the Company’s own and
affiliated offshore operating projects in Thailand. These projects are
such as the Bongkot Project, Arthit Project, B6/27 Project, also
including the Company’s oversea joint venture projects such as the
Zawtika Project and other offshore oil and gas operating companies such
as PTT, Carigali-PTTEPI Operating Company Sdn. Bhd., Chevron Thailand
Exploration and Production Limited, MP G11 (Thailand) Limited, and
KrisEnergy G10 (Thailand) Ltd. Currently, the Support Base has
operations in Songkhla and Ranong provinces, providing logistics support
services.

1.  Petroleum Development Support Base in Songkhla consists of a 6-berth
    jetty and 58-Rai storage warehouse and yard. All of which are owned
    and operated by PTTEP International Company Limited. The jetty is
    recognized as one of Thailand's leading shore base facilities for
    petroleum exploration and production activities, with a total length
    of 380 meters and able to uphold standard supply vessels of more
    than 500 Gross Tonnes berthing. The jetty is equipped with storage
    facilities and handled by high standard of material handling
    equipment, allowing it to be able to accommodate six vessels all at
    once. For the 58-Rai-storage warehouse and yard, it consists of free
    zone and non-free zone warehouse and yard.

1.  Petroleum Development Support Base in Ranong consists of a 2-berth
    jetty and 25-Rai storage warehouse and yard. The jetty service is
    operated through Ranong Multi-Purpose Port owned by the Port
    Authority of Thailand. The 2-berth jetty is capable for vessels of
    more than 500 Gross Tonnes, fully equipped with storage facilities
    and standard material handling. The 25-Rai area consists of free
    zone and non-free zone storage warehouse and yard, all owned and
    operated by PTTEP International Company Limited.

Both Support Base branches are regularly operated with up-to-date
technology, the International Environment Control program (ISO 14001
certification), the Occupational Health Control program (OHSAS18001
certification), the International Ship and Port Facilities Security Code
(ISPS code–by Marine Safety and Environment Bureau, the Royal Thai
Marine Department), and high security systems such as parameter lights,
barb wire fence, CCTV system, and 24-hour security guards. In addition,
Emergency Response Plan is regularly exercised to improve response
team’s capability in response to emergency scenarios. The Company also
regularly involves in and supports social and community activities in
the operating areas.

2.2.4 PTT ICT Solution Company Limited (PTT ICT)

PTT ICT Solutions Company Limited, an affiliate with 20% shares owned by
PTTEP, has signed an agreement with PTTEP to provide PTTEP with all
information technology and communication services in accordance with the
PTTEP’s Board of Director’s resolution number 10/2549/254 dated
September 29, 2006. The agreement includes infrastructure design and
implementation services, consultancy services, procurement services, and
outsourcing services to support PTTEP’s needs in information technology
and communication based on the PTT Group’s ICT Policy Strategy of
driving and increasing synergy within the group. The 4.5-year renewal
contract has been in effect since July 1, 2011.

2.2.5 Energy Complex Limited (Energy Complex)

PTT and PTTEP has jointly established energy complex to construct and
manage the Energy Complex Investment Project, the energy business center
of the country, in which the Ministry of Energy, subsidiaries or
associate companies of the PTT group and the energy private companies
are situated.

2.2.6 PTTEP Services Limited (PTTEP Services)

The concept that became PTTEP Services was originated from PTTEP’s Board
meeting No. 12/2003/216. The stated objective of PTTEP Services is to
supply manpower for both local and overseas subsidiary companies
belonging to PTTEP with a large number of staff who are adequately
capable and of the caliber primarily required to support PTTEP’s
extensive and rapid growth.

In order to fulfill these requirements, PTTEP Services has recruited and
hired staff for servicing PTTEP since July 1, 2004. Since then, it has
developed, improved, and implemented compensation and benefits policies
and practices as well as staff development program to ensure that
standardized welfare benefits, including requisite training, are
provided.

To build and enhance staff competency to enable effective support for
PTTEP’s operations, PTTEP Services has developed a training roadmap
which contains various types of courses.

(1) Foundation courses for new staff

(1) Soft skills courses

(2) English courses

2.3 Permission to Operate, Concession or Business Promote

PTTEP operates its petroleum exploration and production in the Kingdom
of Thailand and abroad. The investments in foreign countries must comply
with all applicable laws and regulations of those invested countries,
i.e., Production Sharing Contract, Concession Agreement, and Services
Agreement. Inside the Kingdom of Thailand, PTTEP shall comply with the
Petroleum Act B.E. 2514 which sets out major details and procedures, for
instance, application process, process for awarding petroleum
concessions, and period of production. The act also sets out various
forms of benefits to the government who is the owner of petroleum
resources, such as royalty, petroleum income tax, and other benefits.
The important points in the petroleum business operation are as follows:

1) Issue of Concession Areas

The Department of Mineral Fuels, a department of the Ministry of Energy,
is the responsible agency which delineates exploration blocks and then
invites oil companies to submit their applications for concessions. The
Petroleum Committee meanwhile is responsible to consider the
applications initially screened by the sub-committee. The Energy
Minister with approval by the Cabinet has the power to award and sign
the concessions. The government, on the other hand, will be the
authority to consider the qualifications of each applicant, taking into
account the proposed work program, adequacy of the investment funds to
be brought in and used in the exploration activities, transfer of
technology, employment of Thai nationals, and the utmost benefits
offered to the Kingdom of Thailand.

2) Role of the Operator

A petroleum concession may be awarded to one concessionaire or a joint
venture of two or more co-concessionaires. Since the petroleum
exploration and production business is associated with relatively high
risk, it is common for companies to join together in a joint venture in
order to diversify the risks. In a joint venture, one company will be
designated as the “operator” to conduct the exploration and production
operations on behalf of its partner and commonly under the supervision
of a management committee composed of representatives from each of the
companies. Other companies which participate in the joint venture are
called “non-operators”. The operator sets the cash call on all of the
partners to finance the project. The non-operators through their
representation in the management committee participate in technical and
financial decisions. Generally, whether an oil company will become a
project operator depends largely on investment conditions, its
readiness, and business strategies in that particular project.

3) Nature of Operations and Investment Decisions

Before any oil company decides to invest in a petroleum exploration in
the Kingdom of Thailand or abroad, it has to carefully consider its
opportunity of having a successful exploration as well as other
investment risk factors. A thorough study on the information available
is conducted to determine whether the area has high petroleum potential
and, production wise is commercially feasible. The success ratio of
exploration wells in neighboring areas as well as other risk factors in
the invested countries must also be taken into account. Assuming that
the project is commercially feasible, then the company will apply for a
petroleum concession or, if the concession is already awarded, “farm-in”
to an existing petroleum concession.

After the oil company is awarded a concession area for exploration of
petroleum, an exploration program will be conducted, normally taking 2 –
3 years. If the petroleum reserves are found, the oil company will
compare the amount of investment funds required for the development
phase and the expected sales’ value of the petroleum based on the
commercialized petroleum reserves. If the study indicates that the
reserves are worth investing in, generally this means that the petroleum
field is considered to have commercial viability, sufficiently
justifying further investment onto development phase. The operator shall
apply for an approval of petroleum production and simultaneously may
start its production activity. The operator is still able to explore the
rest of the existing areas if it is within the time frame of exploration
period as mentioned in the concession. At this stage, the operator must
have a certain degree of confidence about the investment as the
investment expenditure required for such development phase is very high.
Therefore, the operator will normally identify buyers of the petroleum
in advance, whereas a long-term sales agreement for the petroleum to be
produced shall be signed. At the present, PTT Public Company Limited
(PTT) is the biggest petroleum buyer in Thailand. The principal elements
of the sales agreement for petroleum generally include determination
method of the sales price and quantity of the petroleum to be delivered.
In this regard, once the commencement period as stated in the contract
is reached, the buyer will be responsible for the petroleum produced
immediately after the production. Sales of natural gas from domestic
areas are made at the well-head, while sale of natural gas from those
foreign areas is made at the Thai borders. PTT is currently responsible
to install most of the gas pipelines sufficiently for the production
amount specified in the gas sale agreement. Sales of the crude oil are
made at the buyer’s refinery, while sales of the condensate are made at
the Floating Storage Unit (FSU) near the well-head.

4) Description of Laws Relating to the Business

The operation of petroleum business in Thailand is governed by two major
enactments, namely, the Petroleum Act B.E. 2514, and the Petroleum
Income Tax Act B.E. 2514 and its amendment. Several major features of
these laws are as follows.

(1) An applicant for a concession must be a limited company or a
    juristic person which has the same status as a limited company,
    established under the laws of Thailand or foreign laws.

(1) The concessionaire, the co-concessionaire(s), or the
    joint-partner(s) must pay royalty which is normally in cash. The
    Minister however may authorize a payment in kind of petroleum, but
    with a prior notice of at least not less than 6 months. The royalty
    can be used as credit against income tax (Thailand I) or deducted as
    expenses (Thailand III).

(2) The petroleum income tax may be prescribed at a rate not less than
    50%, but not over than 60%, of the net interest from the petroleum
    business.

(3) Interest paid cannot be deducted as expenses for income tax
    purposes.

(4) A concessionaire has a right to obtain concessions for exploration
    blocks without any limitations regarding the number.

Thailand I for the petroleum concessions issued by the Ministry of
Industry[4] from B.E. 2514 to B.E. 2532 and those onshore petroleum
concessions issued before B.E. 2525

Thailand II[5] for all onshore petroleum concessions issued by the
Ministry of Industry[6] from B.E. 2525 to B.E. 2532

Thailand III for the petroleum concessions issued by the Ministry of
Industry from B.E. 2533

Thailand IV for the petroleum concessions issued by the Ministry of
Energy[7] from B.E. 2550

Details of the Terms: Thailand I, II, III and IV

  ------------- --------------- --------------- --------------- ---------------
  Term          Thailand I      Thailand II     Thailand III    Thailand IV

  Royalty Rates 12.5% of income 12.5% of income progressive     progressive
                from sales or   from sales or   rate at sliding rate at sliding
                disposal of     disposal of     scale of 5-15%, scale of 5-15%,
                petroleum which petroleum which deemed to be    deemed to be
                may be treated  may be treated  expenses which  expenses which
                as tax credit   as tax credit   could be        could be
                                                deducted in tax deducted in tax
                                                calculation     calculation

  Petroleum     50% of net      50% of net      50% of net      50% of net
  Income Tax    profit from     profit from     profit from     profit from
                petroleum       petroleum       petroleum       petroleum
                business        business        business        business
                operation       operation       operation       operation

  Special       -               annual benefits special         special
  Benefits                      and annual      remunerator     remunerator
                                production      benefit which   benefit which
                                bonus           may be taken as may be taken as
                                                deduction       deduction

  Exploration   8 years with 4  8 years with 4  6 years with 3  6 years with 3
  Period        year extension  year extension  year extension  year extension

  Production    not exceeding   not exceeding   not exceeding   not exceeding
  Period        30 years from   30 years from   20 years from   20 years from
                exploration’s   exploration’s   exploration’s   exploration’s
                expiration      expiration      expiration      expiration
                date, with      date, with      date, with      date, with
                extension not   extension not   extension not   extension not
                exceeding 10    exceeding 10    exceeding 10    exceeding 10
                years           years           years           years

  Concession    not exceeding   not exceeding   not exceeding   not exceeding
  areas         10,000 sq km    10,000 sq km    4,000 sq km per 4,000 sq km per
                per exploration per exploration exploration     exploration
                block, up to 5  block, up to 5  block, up to 5  block, without
                exploration     exploration     exploration     limitation over
                blocks          blocks          blocks          number of
                                                                exploration
                                                                blocks
  ------------- --------------- --------------- --------------- ---------------

2.4 Market and Competition

PTTEP has invested in both domestic and overseas projects, including
Indonesia, the Republic of the Union of Myanmar, Vietnam, the Sultanate
of Oman, Algeria, Australia, Canada, the Republic of Mozambique, the
Republic of Kenya, and Brazil. PTTEP’s petroleum products include
natural gas, crude oil, condensate, and LPG, mainly marketed
domestically to satisfy Thailand's energy demand. Moreover, its overseas
expansion of E&P and sales business represents additional means of
forging energy security and generating income for Thailand.

In the year 2014, total sales by PTTEP and its subsidiaries averaged
321,886 BOED, 8 percent increase from the previous year. Most of the
incremental sales came from the petroleum product of PTTEP Australasia,
Zawtika, and Natuna Sea A Project. The total sales ratio of natural gas
and liquid was 67%:33% by volume, or 51%:49% by revenue, as details
shown in the following figure.

  ------------- --------------------------------- -----------------------
  Product       Volume                            Value (million USD)

  Natural Gas   484,445 MMSCF or 78.31 MMBOE      3,782.44

  Condensate    13.18 MMBBL                       1,250.60

  Crude Oil     24.69 MMBBL                       2,367.06

  LPG           93,505 metric ton or 0.77 MMBOE   28.54

  Bitumen       0.92 MMBBL or 0.53 MMBOE          67.52
  ------------- --------------------------------- -----------------------

  2.4.1 Marketing Characteristics

PTTEP sells our outputs from domestic and regional projects to the Thai
market through PTT Plc. (PTT), the major buyer and processor of all
products which are then supplied to power sector, petrochemical industry
sector, transportation sector, industries sector, and households sector.

Marketing of petroleum products varies with their characteristics and
field location, which in turn differentiate market and sales price
structures, as captured below.

1)  Natural gas

Due to capital-intensive investment in developing oil and gas
exploration business, gas sales agreements (GSAs) must be agreed or
signed between buyer and sellers before any major investment is made.
GSAs are typically long-term contract, ranging from 15 to 30 years.
Prices, volumes, and points of sale are stipulated for each contract.
The designated transfer points for all domestically sold gas are at the
Central Processing Platform (CPP), from which the buyer will invest in
the transmission system to the CPP. However, the delivery point of the
gas sold from the Republic of the Union of Myanmar to Thailand is at the
Myanmar-Thai border. The seller is responsible for investment in the
transmission pipelines from the CPP to the border area.

Gas prices are usually linked to fuel oil and key economic indices to
reflect the investment costs and be competitive comparing with fuel oil
for the GSA period.

Sales volumes are based on the assessed reserves on the negotiation
date. GSAs stipulate buyer and seller obligations for the committed
volume, if the buyer does not take the volume of gas as committed to in
the GSA, it must pay for the committed volume whether the gas is taken
or not (Take-or-Pay). As a consequence, the buyer is entitled to take
delivery of free of charge in subsequent years (Make-up Gas).

On the other hand, should the seller fail to deliver as nominated by the
buyer, the buyer is entitled to an agreed discount price of the
undelivered volumes as (Shortfall) stipulated in each agreement.

1)  Condensate and crude oil

Condensate and crude oil prices are determined by its property and
benchmarking with other benchmark crude prices, meaning those
predominantly sold in the region, which is the industry’s common
practice. Contracts are either short-term or long-term, and some are
sold in spot markets.

3) LPG

LPG produced from S1 Project is sold to PTT under a long-term contract
at a price referenced to the ex-refinery prices announced by Joint
Committee on Energy Policy Administration.
Sales of petroleum products from international fields are vary from
country to country as detailed below:

- Zawtika Yadana and Yetagun Projects in the Republic of the Union of
Myanmar: Approximately 80 percent of the produced natural gas from
Zawtika and Yadana Projects is primarily sold to Thailand (through PTT,
the buyer), and the remaining 20 percent is sold to the Republic of the
Union of Myanmar for its domestic power generation. Nearly all of the
condensate from Yetagun Project is sold and consumed in the Republic of
the Union of Myanmar, with the excess volume sold in regional spot
markets. All the gas output from Yetagun Project is currently sold to
PTT for consumption in Thailand.

- Oman 44 Project in the Sultanate of Oman: The gas output is sold to
the government of the Sultanate of Oman, whereas the condensate is sold
to PTT for consumption in Thailand.

- Vietnam 9-2 and Vietnam 16-1 Projects in the Socialist Republic of
Vietnam: All the oil output produced from Vietnam 9-2 Project is sold to
Binh Son Refining and Petrochemical Company Limited (BSR), a refinery in
Vietnam, for consumption in Vietnam. The produced crude from Vietnam
16-1 Project is sold in spot markets by auction, whereas the produced
gas from both projects is sold to Vietnam Oil and Gas Group, a state
enterprise, for consumption in Vietnam.

For MTJDA-B17 Project from B-17 of the Malaysia-Thailand Joint
Development Area, all produced natural gas is presently sold to PTT, the
buyer, for consumption in Thailand. Starting in 2015, however, it will
be rerouted to Malaysia according to the Gas Balancing Agreement between
PTT and Petroliam Nasional Berhad (PETRONAS).

The condensate output will be marketed and sold by a co-marketing agent
of PTT and PETRONAS Trading Corporation Sdn Bhd (PETCO) by auction in
spot markets.

2.4.2 Competition

Thailand E&P industry is an oligopoly market since it is a high
investment with advance technology characteristic. However, due to high
demand especially natural gas and the GSAs are predominantly long-term
contract, with take-or-pay clauses to guarantee its market. This is to
attract investment in the business.

2.5 Production

2.5.1 Exploration and Production Stages and Technology

Petroleum exploration and production may generally be divided into four
major stages as follows:

1) Exploration stage

-   Primary geological and geophysical surveys

-   Seismic acquisition, processing and interpretation

-   Drilling exploration wells

2) Appraisal/Delineation stage

-   Detailed study of petroleum geology and additional seismic survey

-   Reservoir formation evaluation and conceptual development design

3) Development stage

-   Construct and optimize the field development plan

-   Design, construct and install production facilities

-   Drilling development wells

4) Production stage

-   Oil and natural gas productions are controlled by the wellhead
    pressure and flow through processing facilities, including the
    production measuring equipment.

-   Petroleum production rates, proportion of produced water, pressure
    decline rate and future reservoir performance are closely monitored.

-   Well work-over and facilities maintenance are regularly performed to
    improve the petroleum production performance.

PTTEP is ready in terms of manpower, technology and equipment to run the
business efficiently according to the Company’s target.

2.5.2 Petroleum Reserves

Petroleum reserves can be divided into two categories according to the
level of confidence, which are proved reserves and unproved reserves.
Unproved reserves can be further divided into two categories which are
probable reserves and possible reserves.

1) Proved reserves are those quantities of petroleum which, by analysis
of geological and engineering data, can be estimated with reasonable
certainty to be commercially recoverable, from a given date forward,
from known reservoirs and under current economic conditions, operating
methods, and government regulations. Proved reserves mean the petroleum
in reservoirs that can be commercially produced, relying on supporting
data of production rate testing. In some cases, Proved reserves obtain
from well testing and/or analyzing of source rocks in that area or the
neighboring area already produced or having tendency to be able to
produce. Moreover, proved reserves will be able to produce by using the
existing equipment or the equipment installed in the future.

  2) Unproved reserves

-   Probable reserves are those quantities of petroleum obtained from an
    analysis of geological and engineering data as same as proved
    reserves but having less possibility to produce due to the
    technology, rules, or economic conditions.

-   Possible reserves are those quantities of petroleum obtained from an
    analysis of geological and engineering data as same as probable
    reserves but having less possibility to produce due to the
    technology, rules, or economic conditions.

The proved reserves are reviewed annually by Company’s earth scientists
and reservoir engineers to ensure rigorous professional standards. The
proved reserves are reported on a gross basis, which includes the
Company’s net working interest and related host country’s interest. As
of December 31, 2014, the total proved reserves of all PTTEP and
subsidiary’ projects are 187 million stock tank barrels (MMSTB) for
crude oil and condensate[8], and 3,814 billion standard cubic feet
(BSCF) for gas (590 million barrels of oil equivalent (MMBOE)). The
total Proved reserves (Consolidated Companies) in term of oil equivalent
is 777 million barrels (MMBOE). Details are shown in the following
table.

  ----------------- ------------ -- --------- -- ------- -- ---------- -- --------- -- ------- -- ------------- -- --------- -- -------
                    Crude &                                 Natural                               Crude,                        
                    Condensate                              Gas                                   Condensate,                   
                    Proved                                  Proved                                and Natural                   
                    Reserves ⁽¹⁾                            Reserves                              Gas                           
                    ⁽²⁾                                     ⁽¹⁾                                   Proved                        
                                                                                                  Reserves ⁽¹⁾                  
                                                                                                  ⁽²⁾                           

                                                                                                                                

                    (million                                (billion                              (million                      
                    barrels)                                standard                              barrels of                    
                                                            cubic                                 oil                           
                                                            feet)                                 equivalent)                   

                    Domestic        Foreign      Total      Domestic      Foreign      Total      Domestic         Foreign      Total

                                                                                                                                

  Proved Reserves   112             138          250        2,065         1,812        3,877      450              396          846
  as of December                                                                                                                
  31, 2013                                                                                                                      

  Revision of       15              1            16         86            48           134        30               9            39
  Previous                                                                                                                      
  Estimates                                                                                                                     

  Improved Recovery 1               -            1          6             -            6          2                -            2

  Extensions and    7               -            7          146           -            146        31               -            31
  Discoveries                                                                                                                   

  Purchases/Sales   5               (52)         (47)       222           -            222        42               (52)         (10)
  of Petroleum in                                                                                                               
  Place                                                                                                                         

  Production        (27)            (13)         (40)       (406)         (165)        (571)      (94)             (37)         (131)

  Proved Reserves   113             74           187        2,119         1,695        3,814      461              316          777
  as of December                                                                                                                
  31, 2014                                                                                                                      

                                                                                                                                

  (1) The proved                                                                                                                
  reserves are                                                                                                                  
  reported on a                                                                                                                 
  gross basis which                                                                                                             
  includes the                                                                                                                  
  Company's net                                                                                                                 
  working interest                                                                                                              
  and the related                                                                                                               
  host country's                                                                                                                
  interest.                                                                                                                     

  (2) Included the                                                                                                              
  proved reserves                                                                                                               
  and production of                                                                                                             
  LPG and Bitumen.                                                                                                              
  ----------------- ------------ -- --------- -- ------- -- ---------- -- --------- -- ------- -- ------------- -- --------- -- -------

2.5.3 PTTEP Petroleum Production

In 2014, the total production of PTTEP and its subsidiaries is 131 MMBOE
(40 MMSTB of crude and condensate and 571 BSCF of natural gas or 91
million barrels of oil equivalent (MMBOE) or equivalent to the
production rate of approximately 359,259 barrels of oil equivalent per
day (BOED), approximately 29,846 BOED or 9.06% increase from last year.
The production increase was attributed to the acquisition of Hess
Corporation's interests in Sinphuhorm and Contract 4 projects in April
2014, which are currently producing, and the start of production of
Zawtika Project.

2.5.4 Environmental Impact Mitigation and Management

An effective and standardized environmental management system has been
developed and implemented in our operations to minimize the following
potential environmental impacts.

(1) Impacts on land use and marine organisms during seismic surveys from
    noise vibrations

(1) Water and soil contamination from discharges of drilling fluids,
    produced water, releases of sludge, contaminated solid wastes,
    accidental spills of hydrocarbons (oil and condensate) during
    drilling and production activities into the environment, and
    accidental chemical spills

(2) Air pollution from hydrocarbon releases and atmospheric emissions
    from gas flaring, venting and fuel combustion during drilling and
    production activities

PTTEP conducts environmental impact assessment prior to commencing new
exploration and production projects, which is legally required to ensure
that the environmental mitigation and monitoring programs are in place
in order to minimize environmental impacts arising from operations for
both domestic and international projects.

Currently, mitigation and monitoring of the above environmental impacts
are controlled and regulated by local government agencies. In Thailand,
there are two main agencies, namely, the Department of Mineral Fuels of
the Ministry of Energy which plays a major role in regulating
environmental impacts from exploration and production companies, and the
Office of Natural Resources and Environmental Policy and Planning (ONEP)
of the Ministry of Natural Resources and Environment which issues
directives and approvals for organizations to conduct environmental
impact assessments prior to the commencement of exploration drilling and
production projects.

In an effort to reduce environmental impacts and endorse environmental
sustainability, PTTEP introduced and implemented, with continuous
improvement and monitoring, the following initiatives.

(1) Implementation of a sustainable development philosophy and framework
    to the way we do business and the way we conduct our daily
    operations in order to satisfy our current corporate vision and
    mission, and therefore creating sustainable value for all
    stakeholders.

Our sustainable development framework focuses on three dimensions of
business, namely, social, environmental, and economic. In line with
PTTEP’s Sustainability Policy and Framework, the PTTEP Sustainable
Development (SD) Guideline as well as the PTTEP SD Roadmap are developed
and implemented to secure the Company’s path towards sustainability.

(1) Implementation of the ISO14001:2004 Environmental Management System
    (EMS) Standard by PTTEP’s domestic operational projects

In accordance with the ISO14001 requirements, an environmental
management system should be in compliance with company policy and
standards, national legislations, and other national and international
standards/requirements to prevent environmental pollution and
degradation, promote energy conservation, and ensure the improvement of
company performance. As a result, PTTEP is the first petroleum
exploration and production company in Thailand and in the Southeast
Asian region to achieve the ISO14001 Certification from AJA Registrars
Limited.

(2) A compliance audit for EIA monitoring and mitigation is also
    conducted for each project during each phase to ensure that the
    environmental programs issued in the environmental impact assessment
    are implemented and up to standards.

(3) Establishment of short term and long term greenhouse gas emissions
    reduction and offsetting targets

PTTEP’s 2014 annual reduction and offsetting target for greenhouse gas
is at 3.5% and PTTEP’s long term greenhouse gas emissions reductions and
offsetting target is to reduce and offset at least 20% greenhouse gas
from 2012 base year by 2020. In addition to the above targets, PTTEP
managed to reduce and offset, and achieved 5.1% of GHG emissions in
2014. PTTEP performance on the Greenhouse Gas Emission Management is
shown in the table below.

  -------------------- ------------------ ----------- ----------- ----------- -----------
  Greenhouse Gas       Unit               2011        2012        2013        2014
  Emissions (GHGs)                                                            

  Direct Total GHGs    Tonnes CO₂         2,751,323   4,431,144   4,459,039   4,399,529
                       equivalent                                             

  Indirect Total GHGs  Tonnes CO₂         1,675       1,649       1,830       3,520
                       equivalent                                             

  Other Relevant       Tonnes CO₂         10,978      12,817      12,470      33,622
  Indirect GHG         equivalent                                             
  Emission                                                                    

  GHG Intensity        Tonnes CO₂         239         337         310         308
                       equivalent /                                           
                       Thousand Tonnes                                        
                       Production                                             
  -------------------- ------------------ ----------- ----------- ----------- -----------

* Domestic assets only

(4) Implementation of the ISO14064-1:2006 Guidance at the Organization
    Level for Quantification and Reporting of Greenhouse Gas Emissions
    and GHG Protocol, as well as UNFCCC Guidelines.

The system is now being implemented in PTTEP to quantify, account,
report, and monitor GHG emissions.

(5) Development of “Green Practices” Roadmap to achieve environmental
    sustainability with a long-term implementation plan towards 2020 to
    ensure that our business operations are environmental-friendly and
    those environmental impacts from operations are mitigated

The Roadmap includes plans for reduction of ecological footprint,
namely, carbon footprint, for example, to reduce greenhouse gas
emissions from our operations and other initiatives through Clean
Development Mechanism (CDM), water footprint, and to increase
biodiversity through environmental and CSR initiatives. The Roadmap also
includes eco-efficiency projects, energy and resource efficiency
initiatives such as the recovery of flare gas for electricity
generation, mitigation of environmental impacts in operational areas,
waste management and minimization, green supply chain initiatives for
our supply chain to become more eco-friendly, and green practices for
decommissioning at the project’s end of life. More details on Green
Practices Roadmap as well as projects and initiatives are disclosed in
the annual sustainability report.

(6) Since 2008, re-injection of produced water (water that exists in
    subsurface formations and is brought to the surface during oil and
    gas production and considered as waste) into subsurface reservoirs
    to ensure no overboard discharging which might affect the
    environment at Bongkot Project, Arthit Project, S1 Project, and
    PTTEP 1 Project.

(7) Control and monitoring of synthetic drilling fluid in order to
    reduce drilling wastes to comply with the standards as suggested in
    the Environmental Impact Assessment Report

(8) Monitoring of discharged wastewater quality from production process
    as well as of seawater quality, sediment quality, benthos, and
    ground fish habituating around the operation platform to ensure
    limited exposure to environmental hazard

In addition, Environmental Monitoring Reports of the above must be
submitted to local regulators such as the Department of Mineral Fuels of
the Ministry of Energy and the Office of Natural Resources and
Environmental Policy and Planning (ONEP) of the Ministry of Natural
Resources and Environment.

(9) Implementation of the Oil Spill Response Plan

Oil spill equipment and response plans are provided to ensure
environmentally sound operations from Tier 1 oil spill incidents. PTTEP
is also registered as a member in the Oil Industrial Environmental
Safety Group Association (IESG) for Tier 2 oil spill response incidents.
As for Tier 3 oil spill response, PTTEP is a registered member of the
Oil Spill Response Limited (OSRL) and cooperates with PTT Group in the
mitigation of environmental impacts.

(10) Provision of appropriate technologies for waste management system
     (disposal, storage, treatment, and transport) for hazardous and
     non-hazardous wastes, e.g., mercury contaminated waste, oil
     contaminated wastes, chemical wastes, and other wastes from
     production process for environmental impact abatement

PTTEP also complies with the Basel Convention for the transportation and
disposal of mercury contaminated wastes as well as mercury wastes, in
addition to local legislations and requirements concerning waste
management.

(11) PTTEP strives to ensure that our operations do not cause harm to
     people, communities and environment. In all of our operations, we
     strictly comply with all relevant SSHE legislation requirements.
     The Company also has in place SSHE Management System (SSHE MS)
     which stipulates that, for all activities, SSHE risks shall be
     identified, assessed and managed to As Low As Reasonably
     Practicable (ALARP). PTTEP SSHE MS was developed based on legal
     requirements and international best practices from International
     Association of Oil and Gas Producer (IOGP). SSHE trainings and SSHE
     publications are also published to consistently promote SSHE
     awareness within the Company.

  PTTEP SSHE MS consists of the following seven key elements:

1)  Leadership and commitment

1)  Policy and strategic objectives

2)  Organization, resources and documentation

3)  Evaluation and risk management

4)  Implementation and operational control

5)  Monitoring and measurement

6)  Audit and review

(12) Continuation of the “Step Change in SSHE Program” with the
     continuous promotion of the “Life Saving Program” which was
     launched in 2012 to improve our SSHE performance towards SSHE
     Excellence

As part of the Step Change in SSHE, PTTEP Life Saving Program was also
launched in 2012 to reinforce compliance culture. The program comprises
18 safety icons, based on the IOGP study of E&P incidents that lead to
fatalities and serious injuries. The Life Saving Program focuses on
raising awareness of activities which are most likely to result in
fatalities and also highlights simple actions which individuals can take
to protect themselves and others.

(13) Provision of appropriate support and coordination with other
     exploration and production companies, government agencies, the
     Petroleum Institute of Thailand, and other related
     agencies/associations in order to encourage knowledge sharing and
     experience aimed at abatement of the environmental impacts and
     problems and to allow for further continuous improvement for
     environmental issues in the oil and gas sector

(14) SSHE performance reporting in PTTEP’s Sustainability Report has
     been assured by a third party since 2012 and rated to receive a GRI
     A+ level for 3 consecutive years.

(15) PTTEP was selected as one of the members of the Dow Jones
     Sustainability Index (DJSI) in the DJSI world for the oil and gas
     sector in 2014.

(16) PTTEP has been rated by the Carbon Disclosure Project, a well-known
     organization which complies and evaluates information regarding
     environmental governance, and shortlisted into the Carbon
     Disclosure Leader Index (CDLI) as one of the top companies in the
     Southeast Asia plus Hong Kong in disclosure of information of
     greenhouse gas emission as well as doing the most to combat climate
     change.

2.5.5 Implementation results over the past three years

During the past 3 years (2012 – 2014), PTTEP has strictly complied with
both Thai and International legislations, and other regulations and
requirements concerning the area of safety, security, health and
environment in our operations.

(1) Regularly conduct Environmental Impact Assessment Studies prior to
    the commencement of all exploration and production development
    projects as required by local regulations.

In addition, EIA Audit Reports and Environmental Monitoring Reports are
also conducted and submitted to local authorities and regulators
periodically as required.

(1) Strictly comply with waste management regulations required by the
    Department of Mineral Fuels and other regulatory bodies.

(2) Submission of Safety, Security, Health and Environment performance
    reports to local regulator (Department of Mineral Fuels) on a
    monthly and annual basis.

(3) From 2011 to 2013, PTTEP received the OHSAS 18001:2007 Occupational
    Health and Safety Standard which specifies requirements for a
    company to feature the occupational health and safety management
    system that enables the organization to control its occupational
    health and safety risks and improve its performance. The Company
    received this certification for the following projects: S1, PTTEP1,
    Petroleum Support Bases in Songkhla and Ranong, Arthit, and Bongkot
    (for both North & South fields).

(4) PTTEP is constantly improving and developing its Environmental
    Management System Standard to comply with the revised edition of
    international standards ISO 14001 (ISO14001:2004), and audited and
    certified from AJA Registrars Limited under accreditation of the
    United Kingdom Accreditation Service (UKAS). By adopting the ISO
    14001 “One Common System” for all certified sites, the Company has
    improved the efficiency of our environmental management system by
    continuously upgrading the environmental practices in maintaining,
    developing, and reducing environmental impacts with details as
    listed below.

(1) Greater Bongkot North Field of the Bongkot Project – with the scope
    of “exploration and production of natural gas and condensate”

(1) Arthit Project – with the scope of “exploration and production of
    natural gas and condensate”

(2) S1 Project – with the scope of “exploration and production of
    petroleum”

(3) PTTEP1 Project – with the scope of “exploration and production”

(4) PTTEP Petroleum Development Support Base, Songkhla – with the scope
    of “Provision of logistic services to offshore oil and gas
    operations”

(5) PTTEP Core Research Center – with the scope of “building management
    and maintenance service, core research center and logistic support
    for storage of core, slab samples and archive of company document”

Additional PTTEP operational sites which achieved the ISO 14001 standard
last year are as follows.

1)  Montara Field, Darwin base and Perth office of PTTEP Australasia
    (Ashmore Cartier) Pty Ltd. in Australia-with the scope of
    “exploration and production”

1)  PTTEP Petroleum Development Support Base, Ranong – with the scope of
    “Provision of logistic services to offshore oil and gas operations”

2)  Greater Bongkot South Field of the Bongkot Project – with the scope
    of “exploration and production of natural gas and condensate”

Similarly, PTTEP is also constantly improving and developing our
Environmental Management System Standard at Sinphuhom and other PTTEP’s
international operating units in order to bring these units into
compliance with the ISO14001 standard in the near future.

With regard to the spill incidents in years 2012, 2013, and 2014, the
spills accounted for 0.43, 2.92, and 0.09 tonnes per one million ton of
production respectively. The total figures from these spills clearly
indicate that the level of spillage in the year 2014 remains within the
estimated target which is approximately 5.94 tonnes per one million ton
of production. This is also lower than the average spill rate of IOGP of
year 2013, which reported an average spill rate of 6.59 tonnes per one
million ton of production. Compared with the 2013 spill performance, a
dramatic improvement was resulted from the Company’s intensive incident
investigation process which also develops specific mitigation measures
to eliminate such spill incidents.

PTTEP is firmly committed to its SSHE policy, focusing on minimizing
negative impacts on personnel and properties (both of the company and
contractors) with numerous indicators such as Lost Time Injury Frequency
(LTIF) rate and Total Recordable Injury Rate (TRIR). In 2014, LTIF and
TRIR have been determined at 0.22 and 1.30 respectively, and a
well-defined declining trend is shown. Notably, this declining trend is
lower than the average LTIF rate and TRIR of the IOGP of year 2013,
which meanwhile were held at 0.45 and 1.60, respectively.

To stay in line with PTTEP’s sustainable growth, proactive reinforcement
of the SSHE Management System is carried out throughout the Company’s
business life cycle in both domestic and international units in order to
encourage use of identical standard practices throughout.

2.5.6 Disputes or lawsuits regarding the environment and solutions

No legal dispute regarding the environment currently exists.

3. Risk Factors

The risks associated with PTTEP’s business derive from two sources,
namely, internal and external factors.

1.  Internal Risk Factors

3.1.1 New Investment Risks

PTTEP’s investment strategy seeks to expand the Company’s interests both
domestically and internationally, with a focus on the projects that have
potential and align with our strategic plan, by expanding our investment
in primary areas through explorations and mergers and acquisitions
(M&A). Priority is also given to development-phase or early stage of
production phase to immediately increase the Company’s reserves.
Investment in new countries or unfamiliar areas however contains
inherent risks. The Company therefore has instituted risk mitigation
guidelines for the assessment of each investment. The guidelines provide
consideration in various aspects, ranging from petroleum potential, size
and project characteristics, acquisition procedures, additional reserve
volume, operator’s capability and performance, attractiveness of fiscal
regime, geographical conditions, international relations, to economic
and financial stability. All risks are then taken into account, from
which prevention measures and options are formulated, and integrated
into the return-on-investment analysis.

Investment in each new project must be intensively screened by the
Investment Committee whose function is to assess and ensure that the
project adheres to corporate investment direction and policy and that it
is economically and technologically feasible whether conventional or
unconventional resources are involved. New investments, including
farm-in and farm-out joint ventures, must secure endorsement from the
Investment Committee, the Management Committee, and afterwards the Risk
Management Committee, prior to final approval from the Board.

3.1.2 Exploration Risks

In petroleum exploration and production (E&P) business, exploration
activities are essential to ensure that additional new petroleum
reserves are found to replace those which have been turned to
production. Therefore, PTTEP has always aimed to add new reserves to
support future production targets and the Company’s future growth
strategy.

The objective of exploration is to search for petroleum resources which
are of a size suitable for commercial development. The chance of finding
successful petroleum resource is dependent on geological risks in
finding whether there is a source for petroleum and a trap to contain it
(Geological Risks) and the uncertainty of finding a petroleum field of
commercial size (Resource Uncertainty).

Another major risk associated with petroleum exploration is the
investments in exploration and appraisal wells, including investment
during the phase of geological and geophysical studies before drilling.
The criteria for exploration decisions are based on:

1)  Assessment of the chance of success or Geological Risk assessment

2)  Resource estimation, an assessment of the size of petroleum resource
    in the event of finding a petroleum resource in an exploration block

3)  Expenditure during exploration period such as geological studies,
    seismic acquisition and interpretation, and drillings

4)  Exploration economic evaluation, considering all exploration and
    development expenditure and government’s take according to block
    concession or contract

PTTEP establishes the best practice process, starting from potential
basin evaluation and selection, in-depth subsurface studies of targeted
blocks, and above-ground investment risk. The Exploration Group of PTTEP
is tasked with formulating the exploration strategy and strategic plan
based on the Exploration Portfolio Management, while allocating
exploration budgets to high potential blocks for further exploration
activities. This process is reviewed and revised annually to reflect and
be in line with changing of the environment, outcome of exploration
activities, and corporate targets.

As exploration activities generally involve high level of geological
risks and uncertainties, it is important that geological studies or
evaluation are performed based on sufficient data, comprehensive
database, clear standards and guideline, and the capability of
geoscientists. PTTEP also nominates a special advisory team (Quality
Assurance Review Team – QART), consisting of experts, to review and
ensure quality and completeness of the investigation and that they are
in compliance with standards of studies and evaluation before decision
making.

3.1.3 Project Development Risks

Recognizing the potential of project development delays and cost
overruns, PTTEP has implemented the following risk mitigation measures
to enable successful and timely project completion.

1)  Project management: To safeguard against project delays and cost
    overruns, the Company focuses on related policy formulation, project
    management organization, project planning and engineering system
    designs, contract management, procurement, and construction
    monitoring.

2)  Personnel and process: To meet the targets set for safety, quality,
    budgetary, and schedules for project completion, the Company focuses
    on developing our project team’s skill. This in part helps the
    Company to better prepare for and protect ourselves from the
    increased competition in the employment market of those with
    extensive skills and experience. Information and experience sharing
    of previous projects is also encouraged as part of the project team
    skills development, while the Company’s Project Realization Process
    (PREP) continues to find new approaches to fine-tune operations so
    that targets are achieved.

3)  Commercial contract: To ensure maximum efficiency in order to
    minimize the risks associated to non-contractual compliance and
    disputes while working with our contractors, the Company focuses on
    contract drafting, terms and condition identification and contract
    administration. Meanwhile, the risks can also and be controlled by
    negotiations based on comprehensive competency, knowledge, and
    concerted effort from various departments such as construction,
    engineering, procurement, finance, accounting, and legal. Prudent
    contract management also lessens the risks and possible damages
    potentially resulting from delays which could adversely affect a
    given project as well as the Company’s performance at large.

3.1.4 Production Risks

In order to produce petroleum, PTTEP has to face various aspects which
present potential of risk, starting from bottom of the well at the
production process until the point of sales, such as well potential,
production design flaws, damaged equipment, aging facilities, operation
errors, and poor product quality; all of which can directly impact
corporate goal, and production and sales targets.

Mitigation of production risks focuses on the areas of platform design,
production control system, and preventive maintenance. Moreover, the
Asset Reliability & Integrity Management System (ARIMS) which is a part
of the Operational Excellence Project, has been continuously improved to
ensure the highest standards of production integrity and safety. ARIMS
has been designed specifically to minimize production losses due to
worn-out equipment and improve equipment efficiency through preventive
maintenance and inspection, with the goal to attain the zero unplanned
shutdowns. Work procedures, operation manuals, and extensive training
programs have meanwhile been developed and employed to instill greater
understanding and efficiency of the Company’s operation personnel.

The Company has also set up the Operational Risk Committee (ORC) to
analyze and assess production risks in respect to technical issues,
contracts, and operational support to projects in order to increase our
overall efficiency.

3.1.5 Commercial Risks

PTTEP sells the majority of our main product, natural gas, to the Thai
market. Therefore, the Company’s revenue could drop if the domestic
demand decreased from the projection. As a result, the Company has
therefore expanded and invested more internationally, for instance, in
oil projects such as Vietnam 9-2 Project, Vietnam 16-1 Project, Oman 44
Project and PTTEP Australasia Project in order to diversify the risks of
depending entirely on Thailand’s natural gas demand. The Company also
acquired a project in Mozambique which possesses large natural gas
reserves which can be developed as a Liquefied Natural Gas (LNG) PTT’s
project. This project fits well with PTT’s plan to import LNG as well as
contributes well to the enhancement of energy security of Thailand.

PTTEP has entered in long-term gas sales agreements (GSAs) with PTT,
which is the Company’s major domestic buyer. The terms of GSAs generally
lasts 25-30 years. To mitigate market risks which can result in refusals
from buyers to purchase contracted volumes of natural gas, GSAs
stipulate buyer and seller obligations for committed annual minimum
volume. Buyers must pay for the committed volume of gas, whether or not
the full amount is taken (Take-or-Pay).

To effectively cope with the dynamics of Thailand energy market, PTTEP
closely monitors petroleum demand in coordination with PTT and related
government agencies to collectively outline an optimized supply plan.
The Company reviews and adjusts its production as well as project
development plans regularly in order to ensure that the holistic
development master plan is able to optimize reserves and resources of
existing assets to match the country’s energy demand.

3.1.6 Organization Capability Risks

The abilities of an organization are a key component towards the
efficient realization of the company’s targets. Generally, this consists
of major elements, human resources to support the company’s growth and
business process efficiency and effectiveness. PTTEP, in this particular
regard, has taken the following actions to enhance our business process
and organizational capability.

1) Knowledge management, including new technologies and capability of
the Company’s research and development program, is developed to be
consistent with the Company’s growth strategy. The implementation of the
Center of Excellence (COE) corresponds with this objective, keying on
four major areas.

-   Increase exploration success

-   Enhance more production

-   Develop deep water

-   Operate unconventional

2)  System, procedures, and organization structure are developed
    according to PTTEP’s growth strategy and business plan, focusing on
    international investment for which new international business models
    have been developed. The Company has also restructured the
    organization to better respond with overseas business as well as
    redesigned monitoring and evaluating of the administration process
    to create a more effective, more efficient working environment
    between corporate functions and international assets. In addition,
    an IT Global platform is developed to maintain the stability and
    security of PTTEP Group’s system.

3)  Human Resources Development plans for recruiting, selecting,
    developing and assessing the capability and competency of the
    Company’s personnel. The Competency Management System is currently
    employed to develop career growth plans for vocational personnel.
    The Technical Career Ladder (TCL) meanwhile provides career growth
    opportunities to technical personnel, who are now able to attain job
    values comparable to management while staying on the technical
    track. The Accelerated Development Program (ADP) focuses on speeding
    up staff competency development to be ready to perform given
    assignments on their own. The Talent Management program is designed
    to promote those who have high potential to hold executive positions
    or equivalent in order to replace retiring executives or add to new
    executive positions to match with the demands from the Company’s
    growth, whereas the Employee Engagement Program has been introduced
    to retain personnel while cultivating PTTEP’s values & cultures.

3.1.7 Safety, Security, Health and Environmental Risks

As PTTEP and subsidiaries operate in the E&P business, the Company
inherently encounters safety, security, health and environmental (SSHE)
risks caused by internal and external factors which may have various
degrees of severity.

The Company established a clear SSHE policy and constantly improves our
SSHE performance to reinforce safety, security and environmental
controls and efficiency. PTTEP has put in place the SSHE Management
System (SSHE MS), a reflection of the Company’s vision and mission,
which is essential for the effective operation of all SSHE and
SSHE-related activities. SSHE MS standards and procedures define minimum
requirements to be applied across the organization to ensure that
relevant SSHE risks to personal safety and process safety are
effectively and consistently managed, aiming to achieve the operational
excellence. Management’s commitment and employee’s engagement are
crucial in strengthening SSHE MS, leading up to a strong and sustained
SSHE culture within the Company. In addition, the Company always
communicates SSHE issues which may affect the Company operations, such
as, natural disaster, epidemics, social and political unrest in an open
and transparent manner in order to pave the way for PTTEP to be a
leading E&P company with safe operations and sustainable development.
The Company’s SSHE MS is periodically reviewed to ensure performance
excellence and maintain the Company’s public trust for safety and our
determination for future sustainability, in addition to building a SSHE
culture where all of the members can contribute.

In 2014, the Montara Field was certified with the internationally
accepted environmental management system standard (ISO 14001 : 2004).
Moreover, Bongkot South Field and the Petroleum Development Support Base
in Ranong were certified with the occupational, health and safety
management system standard (OHSAS 18001:2007) and the ISO 14001 : 2004.
This is a further guarantee that PTTEP has standardized systems in
place, for both domestic and international projects. Currently, PTTEP
has plans to get certified in other international projects to
demonstrate our commitment to conduct the business with responsibility
to the environment and achieve the objectives of sustainable development
in every area where we operate.

Realizing on sustainable development, social responsibility and quality
of life, long term resources utilization and environment conservation
along with response to country’s energy demand, PTTEP, for the first
time, has become a listed company of the Dow Jones Sustainability Index
(DJSI) in 2014. This world recognition reflects PTTEP’s determination to
conduct business with sustainable growth by balancing among business,
social and environment.

3.1.8 Financial Risks

The key financial risks of PTTEP Group consist of counterparty and
liquidity risks. Regarding the former, it is a PTTEP Group’s policy to
conduct businesses only with counterparties with good credit-rating. The
majority of sales are currently made to PTT, PTTEP’s parent company. In
addition, it is a mandatory practice for the Group to periodically
review and assess the risks related to the counterparties whom we have
had contractual financial transactions with, including bank deposits and
financial derivatives.

Liquidity risk arises from a lack of viable sources of funding for PTTEP
Group’s business activities, and we manage the aforementioned risk by
forecasting and continually updating cash requirements and financial
projection, including entering into credit lines with and without
obligations with commercial banks.

3.1.9 Shareholding Risks

PTT currently holds 65.286% of PTTEP’s registered and paid-up capital,
and therefore it has the controlling votes in the Company’s
shareholders’ meetings. Appointing and removing of PTTEP directors, in
addition to some agendas and decisions, must be in line with the
decision of PTT’s Board and its business policy as a result.

PTTEP has constructed various measures which are designed to protect the
rights of our minority shareholders. These measures include, as
necessitated by the laws, disclosure of business transactions between
PTTEP and our parent company and, when the transactions are of
significance, requirement of approval from PTTEP’s Board or shareholders
(as the case may be). The minority shareholders have opportunities to
make inquiries and agenda proposals as well as nominate qualified
candidates for elections during the shareholders’ meetings where minutes
are officially recorded. Meanwhile, communication between PTTEP and our
shareholders is also encouraged through the Company’s Investor Relations
Section who is in charge of publishing PTTEP Newsletter and regularly
organizing company visits and activities which are intended to provide
the shareholders and investors with up-to-date and necessary information
for their investment in the Company.

PTTEP and PTT are listed companies and are governed by a stringent set
of rules and regulations as set forth by the Stock Exchange of Thailand.
For this and the aforementioned measures to minimize the shareholding
risks, PTT’s holding of majority of the shares does not result in any
material impacts on the Company’s minor shareholders.

1.  External Risks Factors

  3.2.1 Political Risk in Investment Countries

Due to PTTEP’s foreign investment policy to secure resources to meet the
expanding domestic energy market and to ensure the sustainable growth of
the Company in the long term, we continue our growth strategy by
expanding our business in countries that are susceptible to geopolitical
risks.

International expansion can be categorized into four main regions:
Southeast Asia, Australasia, North America, Africa and the Middle East.
Therefore, as part of this policy, PTTEP has appointed a geopolitical
risk team to monitor all these factors and periodically analyze as well
as report on the development of these forms of risk. Afterwards, the
team will formulate possible scenarios for the consideration of
management and relevant units for their decision-making on the new
investments and assessment of security risks in existing investment
countries where PTTEP staffs are based in.

In 2014, PTTEP analyzed and evaluated a number of geopolitical risk
factors including political stability, macro-economics, legal and
regulatory, and security risks across a range of investment countries.

Comprehensive assessment of all risks ensures prompt responses
especially when significant incidents happen. In such cases, the Company
has a process of evaluating risks and scenario formulation which assists
management and relevant departments in evaluating risks relating to
investments as well as safety and security of the Company’s staffs
stationed overseas.

Analysis is also conducted to formulate geopolitical risk’s rating
scores which will be used as a part of the assessment process before
making investments in new projects.

In addition, PTTEP liaises closely with the Ministry of Foreign Affairs
and Thai embassies in all these countries to ensure that the Company’s
business operations are well-supported by them and align with their
respective national energy policy.

3.2.2 Compliance Risk

These risks can be resulted from a variety of factors, e.g., complexity
of articles of a specific law, continual changes to laws and
regulations, an incorrect interpretation of a law, or even the nuances
of the foreign language in which the law is written. The risks can
potentially lead to incorrect compliance with a law, resulting in
violation of or non-compliance with applicable laws which, in effect,
may lead to pecuniary punishments, e.g., fines, operational difficulties
such as potential revocation and suspension of licenses, and possible
damage to PTTEP’s reputation. To minimize these risks, the Company has
established the Compliance Department to be responsible for assuring
that all of the business units strictly comply with their relevant laws,
thereby building confidence among the Company’s Board, management, and
employees that the Company is fully compliant with laws relating to its
business operations. More details of roles and responsibilities of the
Compliance Department are disclosed in the “Internal controls and Risk
Management” section under the “Roles and Responsibilities of Head of the
Compliance Department” part.

3.2.3 Price Risks

PTTEP’s product prices vary with the world’s oil market which is
affected by a number of uncontrollable factors such as market demand and
supply, political and economic stability of various countries, OPEC’s
production policy, oil reserves of each country, and seasonal climate
conditions. Changes in the oil market have an immediate and direct
impact on prices of the Company’s crude oil and condensate. Prices of
natural gas, the Company’s main products, on the other hand, will change
at a slower rate as the natural gas price formula has a built-in natural
hedge mechanism against oil prices. The Company’s prices of natural gas
are periodically adjusted, for example, every six or twelve months as
stipulated by each project’s price formula.

In an effort to minimize price risks, the risk management plans are
formulated based on the Company’s annual analysis and evaluation of the
impacts of different price levels on the revenue and profits. These
plans must be approved by the Risk Management Committee and acknowledged
by the Board.

First half of 2014 saw oil price in a narrow range-bound market where
Brent was USD 105 – 110 per barrel. In June, the oil price rallied and
Brent peaked at USD 115 per barrel as a result of the tension in Iraq.
Afterwards, the oil price however has continually fallen due to crude
oil oversupply particularly from substantial production growth of shale
oil, whereas the U.S. Brent came down to touch USD 60 per barrel in
December as a result.

In 2014, PTTEP implemented an oil price hedging program, as approved by
the Risk Management Committee, which had helped to significantly protect
the Company’s 2014 financial performance from the oil price downtrend.

3.2.4 Exchange Rate Risks

The Company has determined the US Dollar (USD) as the functional
currency for IFRS reporting standards as USD is the main reference
currency used for trading petroleum products such as crude oil and
natural gas which are the Company’s major products. The Company’s cash
flows however still bears exchange rate risk from the Thai Baht
(THB)/USD as most of the Company’s revenue is in THB which is linked to
USD. For example, revenue from USD-linked crude price formula is paid by
the Thai-listed customers who are required to make settlement to the
Company in THB. Although our main cash outflows, such as investing and
operating expenditures, are mostly in USD; the discrepancies between
payables and receivables’ settlement periods as well as USD/THB
volatility still impose the exchange rate risks on the cash flows.

The Company has minimized such risk by not only using the available
financial instruments in the market such as forward and option contracts
to hedge exposure relating to the exchange rate which is determined in
the Company’s sales agreement, but the Company also minimize the risk by
matching our USD revenue to our USD investing and operating
expenditures. With USD as our functional currency, the Company is
exposed to currency volatilities in translating our non-USD assets and
liabilities at the end of every accounting period. In an effort to
minimize such translation risk, the Company has consistently implemented
measures to maintain a proper balance between our THB assets and THB
liabilities, while engaging in cross currency swaps on our
THB-denominated obligations in order to reduce the impact from the
exchange rate volatilities by changing both interest and principal
payments into USD.

Meanwhile, the Company’s operating performance is also affected by the
USD/CAD volatility as PTTEP CA, the Company’s subsidiary operating the
Mariana Oil Sands Project, uses Canadian Dollar (CAD) as its functional
currency, despite its debts being denominated in USD. The structure
therefore causes an unrealized gain or loss from translating the
subsidiary’s liabilities from CAD to USD whenever the USD/CAD exchange
rate changes. In this particular case, the Company has managed the
translation risks in PTTEP CA by adjusting the subsidiary’s
debt-to-equity ratio, engaging in cross currency swaps to change
USD-denominated debts to CAD-denominated debts, securing new loans in
CAD, and the others by taking into account costs, market situations, and
the Company’s acceptable risk level.

3.2.5 Interest Rate Risks

PTTEP and our subsidiaries are subject to interest rate risks which can
produce a significant impact on the Group’s future cash flows and
financial instruments’ fair values. To minimize interest rate risks,
PTTEP Group’s policy is to keep the proportions of its fixed-rate and
floating-rate liabilities at appropriate and suitable levels for its
business operating characteristics. PTTEP Group continuously reviews and
considers borrowing either in fixed-rate or in floating-rate, using
financial derivative instruments to manage interest rate risks such as
interest rate swap, which is used to convert fixed-rate liabilities to
floating-rate liabilities and vice versa, while taking into account the
costs of such measures, market conditions, and acceptable risk level.

3.2.6 Funding Risks

The E&P business is a capital-intensive business with large financial
commitment and upfront investments. PTTEP’s ability to mobilize funds,
which is a key to its sustainable growth, depends on several factors
such as our financial performance and position as well as future cash
flows. Domestic and global variables such as economies, political
situations, and the vitality of financial markets also have a major role
in the Company’s funding ability. To mitigate these risks, it is
essential for the Company to manage its financial ratios such as
debt-to-equity and debt-to-reserves to be at an acceptable level as to
maintain the Company’s overall credit rating.

4. PTTEP and its Subsidiaries’ Assets

1.  Property, Plant and Equipment

1.  Oil and Gas Properties[9]

PTTEP and its subsidiaries’ properties mainly are jointly controlled oil
and gas properties in each project. Oil and Gas properties, which
located at each project, comprise land, buildings and construction,
machine and equipment including transportation pipeline, capitalized
exploratory and production drilling costs, property acquisition costs of
concession right which shall incur when PTTEP and its subsidiaries
acquire the concession right and decommissioning costs which have been
determined based on reviews and estimates by the Group’s own engineers
and managerial judgment.

As at December 31, 2014, PTTEP and its subsidiaries’ oil and gas
properties are represented as share of the joint ventures’ individual
assets for each project as follows:

+----+---+---+-----------------------------------------+---+-----------------+---+
| P  |   |   |                                         | C |                 |   |
| TT |   |   |                                         | o |                 |   |
| EP |   |   |                                         | m |                 |   |
| ’s |   |   |                                         | p |                 |   |
| j  |   |   |                                         | a |                 |   |
| oi |   |   |                                         | n |                 |   |
| nt |   |   |                                         | y |                 |   |
| ve |   |   |                                         | ' |                 |   |
| nt |   |   |                                         | s |                 |   |
| ur |   |   |                                         | i |                 |   |
| es |   |   |                                         | n |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 1. | C |   |                                         | 5 |                 |   |
|    | o |   |                                         |   |                 |   |
|    | n |   |                                         |   |                 |   |
|    | t |   |                                         |   |                 |   |
|    | r |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | c |   |                                         |   |                 |   |
|    | t |   |                                         |   |                 |   |
|    | 3 |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 2. | E |   |                                         | 2 |                 |   |
|    | 5 |   |                                         | 0 |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 3. | S |   |                                         | 2 |                 |   |
|    | i |   |                                         | 0 |                 |   |
|    | n |   |                                         |   |                 |   |
|    | p |   |                                         |   |                 |   |
|    | h |   |                                         |   |                 |   |
|    | u |   |                                         |   |                 |   |
|    | h |   |                                         |   |                 |   |
|    | o |   |                                         |   |                 |   |
|    | r |   |                                         |   |                 |   |
|    | m |   |                                         |   |                 |   |
|    | ( |   |                                         |   |                 |   |
|    | E |   |                                         |   |                 |   |
|    | 5 |   |                                         |   |                 |   |
|    | - |   |                                         |   |                 |   |
|    | N |   |                                         |   |                 |   |
|    | o |   |                                         |   |                 |   |
|    | r |   |                                         |   |                 |   |
|    | t |   |                                         |   |                 |   |
|    | h |   |                                         |   |                 |   |
|    | ) |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 4. | A |   |                                         | 2 |                 |   |
|    | l |   |                                         | 4 |                 |   |
|    | g |   |                                         | . |                 |   |
|    | e |   |                                         | 5 |                 |   |
|    | r |   |                                         |   |                 |   |
|    | i |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | H |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | s |   |                                         |   |                 |   |
|    | s |   |                                         |   |                 |   |
|    | i |   |                                         |   |                 |   |
|    | B |   |                                         |   |                 |   |
|    | i |   |                                         |   |                 |   |
|    | r |   |                                         |   |                 |   |
|    | R |   |                                         |   |                 |   |
|    | e |   |                                         |   |                 |   |
|    | k |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | i |   |                                         |   |                 |   |
|    | z |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 5. | S |   |                                         | 2 |                 |   |
|    | 1 |   |                                         | 5 |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 6. | B |   |                                         | 4 |                 |   |
|    | o |   |                                         | 4 |                 |   |
|    | n |   |                                         | . |                 |   |
|    | g |   |                                         | 4 |                 |   |
|    | k |   |                                         | 4 |                 |   |
|    | o |   |                                         | 4 |                 |   |
|    | t |   |                                         | 5 |                 |   |
|    | ( |   |                                         |   |                 |   |
|    | B |   |                                         |   |                 |   |
|    | l |   |                                         |   |                 |   |
|    | o |   |                                         |   |                 |   |
|    | c |   |                                         |   |                 |   |
|    | k |   |                                         |   |                 |   |
|    | B |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | 5 |   |                                         |   |                 |   |
|    | , |   |                                         |   |                 |   |
|    | B |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | 6 |   |                                         |   |                 |   |
|    | , |   |                                         |   |                 |   |
|    | B |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | 7 |   |                                         |   |                 |   |
|    | ) |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 7. | C |   |                                         | 4 |                 |   |
|    | o |   |                                         | 5 |                 |   |
|    | n |   |                                         |   |                 |   |
|    | t |   |                                         |   |                 |   |
|    | r |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | c |   |                                         |   |                 |   |
|    | t |   |                                         |   |                 |   |
|    | 4 |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 8. | A |   |                                         | 8 |                 |   |
|    | r |   |                                         | 0 |                 |   |
|    | t |   |                                         |   |                 |   |
|    | h |   |                                         |   |                 |   |
|    | i |   |                                         |   |                 |   |
|    | t |   |                                         |   |                 |   |
|    | ( |   |                                         |   |                 |   |
|    | B |   |                                         |   |                 |   |
|    | l |   |                                         |   |                 |   |
|    | o |   |                                         |   |                 |   |
|    | c |   |                                         |   |                 |   |
|    | k |   |                                         |   |                 |   |
|    | B |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | 4 |   |                                         |   |                 |   |
|    | A |   |                                         |   |                 |   |
|    | , |   |                                         |   |                 |   |
|    | B |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | 5 |   |                                         |   |                 |   |
|    | A |   |                                         |   |                 |   |
|    | , |   |                                         |   |                 |   |
|    | B |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | 6 |   |                                         |   |                 |   |
|    | A |   |                                         |   |                 |   |
|    | ) |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| PT |   |   |                                         | C |                 |   |
| TE |   |   |                                         | o |                 |   |
| PI |   |   |                                         | m |                 |   |
| ’s |   |   |                                         | p |                 |   |
| j  |   |   |                                         | a |                 |   |
| oi |   |   |                                         | n |                 |   |
| nt |   |   |                                         | y |                 |   |
| ve |   |   |                                         | ' |                 |   |
| nt |   |   |                                         | s |                 |   |
| ur |   |   |                                         | i |                 |   |
| es |   |   |                                         | n |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 9. | G |   |                                         | 5 |                 |   |
|    | 4 |   |                                         |   |                 |   |
|    | / |   |                                         |   |                 |   |
|    | 4 |   |                                         |   |                 |   |
|    | 8 |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 1  | Y |   |                                         | 1 |                 |   |
| 0. | e |   |                                         | 9 |                 |   |
|    | t |   |                                         | . |                 |   |
|    | a |   |                                         | 3 |                 |   |
|    | g |   |                                         | 1 |                 |   |
|    | u |   |                                         | 7 |                 |   |
|    | n |   |                                         | 8 |                 |   |
|    |   |   |                                         | 4 |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 1  | G |   |                                         | 2 |                 |   |
| 1. | 4 |   |                                         | 1 |                 |   |
|    | / |   |                                         | . |                 |   |
|    | 4 |   |                                         | 3 |                 |   |
|    | 3 |   |                                         | 7 |                 |   |
|    |   |   |                                         | 5 |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 1  | Y |   |                                         | 2 |                 |   |
| 2. | a |   |                                         | 5 |                 |   |
|    | d |   |                                         | . |                 |   |
|    | a |   |                                         | 5 |                 |   |
|    | n |   |                                         | 0 |                 |   |
|    | a |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 1  | B |   |                                         | 4 |                 |   |
| 3. | o |   |                                         | 4 |                 |   |
|    | n |   |                                         | . |                 |   |
|    | g |   |                                         | 4 |                 |   |
|    | k |   |                                         | 4 |                 |   |
|    | o |   |                                         | 4 |                 |   |
|    | t |   |                                         | 5 |                 |   |
|    | ( |   |                                         |   |                 |   |
|    | B |   |                                         |   |                 |   |
|    | l |   |                                         |   |                 |   |
|    | o |   |                                         |   |                 |   |
|    | c |   |                                         |   |                 |   |
|    | k |   |                                         |   |                 |   |
|    | G |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | 2 |   |                                         |   |                 |   |
|    | / |   |                                         |   |                 |   |
|    | 4 |   |                                         |   |                 |   |
|    | 8 |   |                                         |   |                 |   |
|    | ) |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 1  | C |   |                                         | 4 |                 |   |
| 4. | o |   |                                         | 5 |                 |   |
|    | n |   |                                         |   |                 |   |
|    | t |   |                                         |   |                 |   |
|    | r |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | c |   |                                         |   |                 |   |
|    | t |   |                                         |   |                 |   |
|    | 4 |   |                                         |   |                 |   |
|    | ( |   |                                         |   |                 |   |
|    | B |   |                                         |   |                 |   |
|    | l |   |                                         |   |                 |   |
|    | o |   |                                         |   |                 |   |
|    | c |   |                                         |   |                 |   |
|    | k |   |                                         |   |                 |   |
|    | G |   |                                         |   |                 |   |
|    | 7 |   |                                         |   |                 |   |
|    | / |   |                                         |   |                 |   |
|    | 5 |   |                                         |   |                 |   |
|    | 0 |   |                                         |   |                 |   |
|    | ) |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 1  | M |   |                                         | 5 |                 |   |
| 5. | T |   |                                         | 0 |                 |   |
|    | J |   |                                         |   |                 |   |
|    | D |   |                                         |   |                 |   |
|    | A |   |                                         |   |                 |   |
|    |   |   |                                         |   |                 |   |
|    | - |   |                                         |   |                 |   |
|    | B |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | 7 |   |                                         |   |                 |   |
|    | ( |   |                                         |   |                 |   |
|    | B |   |                                         |   |                 |   |
|    | l |   |                                         |   |                 |   |
|    | o |   |                                         |   |                 |   |
|    | c |   |                                         |   |                 |   |
|    | k |   |                                         |   |                 |   |
|    | B |   |                                         |   |                 |   |
|    | - |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | 7 |   |                                         |   |                 |   |
|    | ) |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 1  | L |   |                                         | 7 |                 |   |
| 6. | 2 |   |                                         | 0 |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | / |   |                                         |   |                 |   |
|    | 4 |   |                                         |   |                 |   |
|    | 8 |   |                                         |   |                 |   |
|    | & |   |                                         |   |                 |   |
|    | L |   |                                         |   |                 |   |
|    | 2 |   |                                         |   |                 |   |
|    | 8 |   |                                         |   |                 |   |
|    | / |   |                                         |   |                 |   |
|    | 4 |   |                                         |   |                 |   |
|    | 8 |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
|    | - |   |                                         | - |                 |   |
|    |   |   |                                         |   |                 |   |
|    |   |   |                                         |   |                 |   |
|    |   |   |                                         |   |                 |   |
|    | L |   |                                         |   |                 |   |
|    | 2 |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | / |   |                                         |   |                 |   |
|    | 4 |   |                                         |   |                 |   |
|    | 8 |   |                                         |   |                 |   |
|    | [ |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | 0 |   |                                         |   |                 |   |
|    | ] |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
|    | - |   |                                         | 7 |                 |   |
|    |   |   |                                         | 0 |                 |   |
|    |   |   |                                         |   |                 |   |
|    |   |   |                                         |   |                 |   |
|    | L |   |                                         |   |                 |   |
|    | 2 |   |                                         |   |                 |   |
|    | 8 |   |                                         |   |                 |   |
|    | / |   |                                         |   |                 |   |
|    | 4 |   |                                         |   |                 |   |
|    | 8 |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 1  | A |   |                                         | 8 |                 |   |
| 7. | r |   |                                         | 0 |                 |   |
|    | t |   |                                         |   |                 |   |
|    | h |   |                                         |   |                 |   |
|    | i |   |                                         |   |                 |   |
|    | t |   |                                         |   |                 |   |
|    | ( |   |                                         |   |                 |   |
|    | B |   |                                         |   |                 |   |
|    | l |   |                                         |   |                 |   |
|    | o |   |                                         |   |                 |   |
|    | c |   |                                         |   |                 |   |
|    | k |   |                                         |   |                 |   |
|    | G |   |                                         |   |                 |   |
|    | 8 |   |                                         |   |                 |   |
|    | / |   |                                         |   |                 |   |
|    | 5 |   |                                         |   |                 |   |
|    | 0 |   |                                         |   |                 |   |
|    | ) |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 1  | P |   |                                         | 1 |                 |   |
| 8. | T |   |                                         | 0 |                 |   |
|    | T |   |                                         | 0 |                 |   |
|    | E |   |                                         |   |                 |   |
|    | P |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 1  | G |   |                                         | 1 |                 |   |
| 9. | 9 |   |                                         | 0 |                 |   |
|    | / |   |                                         | 0 |                 |   |
|    | 4 |   |                                         |   |                 |   |
|    | 3 |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 2  | L |   |                                         | 1 |                 |   |
| 0. | 2 |   |                                         | 0 |                 |   |
|    | 2 |   |                                         | 0 |                 |   |
|    | / |   |                                         |   |                 |   |
|    | 4 |   |                                         |   |                 |   |
|    | 3 |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 2  | M |   |                                         | 8 |                 |   |
| 1. | y |   |                                         | 0 |                 |   |
|    | a |   |                                         |   |                 |   |
|    | n |   |                                         |   |                 |   |
|    | m |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | r |   |                                         |   |                 |   |
|    | M |   |                                         |   |                 |   |
|    | 3 |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 2  | M |   |                                         | 5 |                 |   |
| 2. | y |   |                                         | 2 |                 |   |
|    | a |   |                                         | . |                 |   |
|    | n |   |                                         | 9 |                 |   |
|    | m |   |                                         | 4 |                 |   |
|    | a |   |                                         | 1 |                 |   |
|    | r |   |                                         | 2 |                 |   |
|    | M |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | [ |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | ] |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 2  | Z |   |                                         | 8 |                 |   |
| 3. | a |   |                                         | 0 |                 |   |
|    | w |   |                                         |   |                 |   |
|    | t |   |                                         |   |                 |   |
|    | i |   |                                         |   |                 |   |
|    | k |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 2  | L |   |                                         | 1 |                 |   |
| 4. | 5 |   |                                         | 0 |                 |   |
|    | 3 |   |                                         | 0 |                 |   |
|    | / |   |                                         |   |                 |   |
|    | 4 |   |                                         |   |                 |   |
|    | 3 |   |                                         |   |                 |   |
|    | & |   |                                         |   |                 |   |
|    | L |   |                                         |   |                 |   |
|    | 5 |   |                                         |   |                 |   |
|    | 4 |   |                                         |   |                 |   |
|    | / |   |                                         |   |                 |   |
|    | 4 |   |                                         |   |                 |   |
|    | 3 |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 2  | A |   |                                         | 1 |                 |   |
| 5. | 4 |   |                                         | 0 |                 |   |
|    | / |   |                                         | 0 |                 |   |
|    | 4 |   |                                         |   |                 |   |
|    | 8 |   |                                         |   |                 |   |
|    | & |   |                                         |   |                 |   |
|    | A |   |                                         |   |                 |   |
|    | 5 |   |                                         |   |                 |   |
|    | / |   |                                         |   |                 |   |
|    | 4 |   |                                         |   |                 |   |
|    | 8 |   |                                         |   |                 |   |
|    | [ |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | 2 |   |                                         |   |                 |   |
|    | ] |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| PT |   |   |                                         | C |                 |   |
| TE |   |   |                                         | o |                 |   |
| PO |   |   |                                         | m |                 |   |
| ’s |   |   |                                         | p |                 |   |
| j  |   |   |                                         | a |                 |   |
| oi |   |   |                                         | n |                 |   |
| nt |   |   |                                         | y |                 |   |
| v  |   |   |                                         | ' |                 |   |
| en |   |   |                                         | s |                 |   |
| tu |   |   |                                         | i |                 |   |
| re |   |   |                                         | n |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 2  |   | B |                                         | 2 |                 |   |
| 6. |   | 8 |                                         | 5 |                 |   |
|    |   | / |                                         | . |                 |   |
|    |   | 3 |                                         | 0 |                 |   |
|    |   | 2 |                                         | 0 |                 |   |
|    |   | & |                                         | 1 |                 |   |
|    |   | 9 |                                         | 0 |                 |   |
|    |   | A |                                         |   |                 |   |
|    |   | [ |                                         |   |                 |   |
|    |   | 1 |                                         |   |                 |   |
|    |   | 3 |                                         |   |                 |   |
|    |   | ] |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| P  |   |   |                                         | C |                 |   |
| TT |   |   |                                         | o |                 |   |
| EP |   |   |                                         | m |                 |   |
| SV |   |   |                                         | p |                 |   |
| ’s |   |   |                                         | a |                 |   |
| j  |   |   |                                         | n |                 |   |
| oi |   |   |                                         | y |                 |   |
| nt |   |   |                                         | ' |                 |   |
| v  |   |   |                                         | s |                 |   |
| en |   |   |                                         | i |                 |   |
| tu |   |   |                                         | n |                 |   |
| re |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 2  | V |   |                                         | 7 |                 |   |
| 7. | i |   |                                         |   |                 |   |
|    | e |   |                                         |   |                 |   |
|    | t |   |                                         |   |                 |   |
|    | n |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | m |   |                                         |   |                 |   |
|    | 5 |   |                                         |   |                 |   |
|    | 2 |   |                                         |   |                 |   |
|    | / |   |                                         |   |                 |   |
|    | 9 |   |                                         |   |                 |   |
|    | 7 |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| P  |   |   |                                         | C |                 |   |
| TT |   |   |                                         | o |                 |   |
| EP |   |   |                                         | m |                 |   |
| KV |   |   |                                         | p |                 |   |
| ’s |   |   |                                         | a |                 |   |
| j  |   |   |                                         | n |                 |   |
| oi |   |   |                                         | y |                 |   |
| nt |   |   |                                         | ' |                 |   |
| v  |   |   |                                         | s |                 |   |
| en |   |   |                                         | i |                 |   |
| tu |   |   |                                         | n |                 |   |
| re |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 2  | V |   |                                         | 8 |                 |   |
| 8. | i |   |                                         | . |                 |   |
|    | e |   |                                         | 5 |                 |   |
|    | t |   |                                         | 0 |                 |   |
|    | n |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | m |   |                                         |   |                 |   |
|    | B |   |                                         |   |                 |   |
|    | & |   |                                         |   |                 |   |
|    | 4 |   |                                         |   |                 |   |
|    | 8 |   |                                         |   |                 |   |
|    | / |   |                                         |   |                 |   |
|    | 9 |   |                                         |   |                 |   |
|    | 5 |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| P  |   |   |                                         | C |                 |   |
| TT |   |   |                                         | o |                 |   |
| EP |   |   |                                         | m |                 |   |
| HL |   |   |                                         | p |                 |   |
| ’s |   |   |                                         | a |                 |   |
| j  |   |   |                                         | n |                 |   |
| oi |   |   |                                         | y |                 |   |
| nt |   |   |                                         | ' |                 |   |
| v  |   |   |                                         | s |                 |   |
| en |   |   |                                         | i |                 |   |
| tu |   |   |                                         | n |                 |   |
| re |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 2  | V |   |                                         | 2 |                 |   |
| 9. | i |   |                                         | 8 |                 |   |
|    | e |   |                                         | . |                 |   |
|    | t |   |                                         | 5 |                 |   |
|    | n |   |                                         | 0 |                 |   |
|    | a |   |                                         |   |                 |   |
|    | m |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | 6 |   |                                         |   |                 |   |
|    | - |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| P  |   |   |                                         | C |                 |   |
| TT |   |   |                                         | o |                 |   |
| EP |   |   |                                         | m |                 |   |
| HV |   |   |                                         | p |                 |   |
| ’s |   |   |                                         | a |                 |   |
| j  |   |   |                                         | n |                 |   |
| oi |   |   |                                         | y |                 |   |
| nt |   |   |                                         | ' |                 |   |
| v  |   |   |                                         | s |                 |   |
| en |   |   |                                         | i |                 |   |
| tu |   |   |                                         | n |                 |   |
| re |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 3  | V |   |                                         | 2 |                 |   |
| 0. | i |   |                                         | 5 |                 |   |
|    | e |   |                                         |   |                 |   |
|    | t |   |                                         |   |                 |   |
|    | n |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | m |   |                                         |   |                 |   |
|    | 9 |   |                                         |   |                 |   |
|    | - |   |                                         |   |                 |   |
|    | 2 |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| P  |   |   |                                         | C |                 |   |
| TT |   |   |                                         | o |                 |   |
| EP |   |   |                                         | m |                 |   |
| OM |   |   |                                         | p |                 |   |
| ’s |   |   |                                         | a |                 |   |
| j  |   |   |                                         | n |                 |   |
| oi |   |   |                                         | y |                 |   |
| nt |   |   |                                         | ' |                 |   |
| v  |   |   |                                         | s |                 |   |
| en |   |   |                                         | i |                 |   |
| tu |   |   |                                         | n |                 |   |
| re |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 3  | O |   |                                         | 1 |                 |   |
| 1. | m |   |                                         | 0 |                 |   |
|    | a |   |                                         | 0 |                 |   |
|    | n |   |                                         |   |                 |   |
|    | 4 |   |                                         |   |                 |   |
|    | 4 |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| P  |   |   |                                         | C |                 |   |
| TT |   |   |                                         | o |                 |   |
| EP |   |   |                                         | m |                 |   |
| AG |   |   |                                         | p |                 |   |
| ’s |   |   |                                         | a |                 |   |
| j  |   |   |                                         | n |                 |   |
| oi |   |   |                                         | y |                 |   |
| nt |   |   |                                         | ' |                 |   |
| v  |   |   |                                         | s |                 |   |
| en |   |   |                                         | i |                 |   |
| tu |   |   |                                         | n |                 |   |
| re |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 3  |   | A |                                         | 3 |                 |   |
| 2. |   | l |                                         | 5 |                 |   |
|    |   | g |                                         |   |                 |   |
|    |   | e |                                         |   |                 |   |
|    |   | r |                                         |   |                 |   |
|    |   | i |                                         |   |                 |   |
|    |   | a |                                         |   |                 |   |
|    |   | 4 |                                         |   |                 |   |
|    |   | 3 |                                         |   |                 |   |
|    |   | 3 |                                         |   |                 |   |
|    |   | a |                                         |   |                 |   |
|    |   | & |                                         |   |                 |   |
|    |   | 4 |                                         |   |                 |   |
|    |   | 1 |                                         |   |                 |   |
|    |   | 6 |                                         |   |                 |   |
|    |   | b |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| PT |   |   |                                         | C |                 |   |
| TE |   |   |                                         | o |                 |   |
| PS |   |   |                                         | m |                 |   |
| ’s |   |   |                                         | p |                 |   |
| j  |   |   |                                         | a |                 |   |
| oi |   |   |                                         | n |                 |   |
| nt |   |   |                                         | y |                 |   |
| v  |   |   |                                         | ' |                 |   |
| en |   |   |                                         | s |                 |   |
| tu |   |   |                                         | i |                 |   |
| re |   |   |                                         | n |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 3  |   | S |                                         | 2 |                 |   |
| 3. |   | i |                                         | 0 |                 |   |
|    |   | n |                                         |   |                 |   |
|    |   | p |                                         |   |                 |   |
|    |   | h |                                         |   |                 |   |
|    |   | u |                                         |   |                 |   |
|    |   | h |                                         |   |                 |   |
|    |   | o |                                         |   |                 |   |
|    |   | r |                                         |   |                 |   |
|    |   | m |                                         |   |                 |   |
|    |   | ( |                                         |   |                 |   |
|    |   | E |                                         |   |                 |   |
|    |   | U |                                         |   |                 |   |
|    |   | - |                                         |   |                 |   |
|    |   | 1 |                                         |   |                 |   |
|    |   | ) |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 3  |   | B |                                         | 6 |                 |   |
| 4. |   | 6 |                                         | 0 |                 |   |
|    |   | / |                                         |   |                 |   |
|    |   | 2 |                                         |   |                 |   |
|    |   | 7 |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 3  |   | S |                                         | 7 |                 |   |
| 5. |   | 1 |                                         | 5 |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| P  |   |   |                                         | C |                 |   |
| TT |   |   |                                         | o |                 |   |
| EP |   |   |                                         | m |                 |   |
| SM |   |   |                                         | p |                 |   |
| ’s |   |   |                                         | a |                 |   |
| j  |   |   |                                         | n |                 |   |
| oi |   |   |                                         | y |                 |   |
| nt |   |   |                                         | ' |                 |   |
| v  |   |   |                                         | s |                 |   |
| en |   |   |                                         | i |                 |   |
| tu |   |   |                                         | n |                 |   |
| re |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 3  |   |   | Indonesia Semai II[14]                  | 2 |                 |   |
| 6. |   |   |                                         | 8 |                 |   |
|    |   |   |                                         | . |                 |   |
|    |   |   |                                         | 3 |                 |   |
|    |   |   |                                         | 3 |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| P  |   |   |                                         | C |                 |   |
| TT |   |   |                                         | o |                 |   |
| EP |   |   |                                         | m |                 |   |
| SA |   |   |                                         | p |                 |   |
| ’s |   |   |                                         | a |                 |   |
| j  |   |   |                                         | n |                 |   |
| oi |   |   |                                         | y |                 |   |
| nt |   |   |                                         | ' |                 |   |
| v  |   |   |                                         | s |                 |   |
| en |   |   |                                         | i |                 |   |
| tu |   |   |                                         | n |                 |   |
| re |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 3  |   |   | Myanmar PSC G & EP 2                    | 9 |                 |   |
| 7. |   |   |                                         | 0 |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 3  |   |   | Myanmar MD-7 & MD-8                     | 1 |                 |   |
| 8. |   |   |                                         | 0 |                 |   |
|    |   |   |                                         | 0 |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 3  |   |   | Myanmar MOGE 3[15]                      | 8 |                 |   |
| 9. |   |   |                                         | 5 |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| P  |   |   |                                         | C |                 |   |
| TT |   |   |                                         | o |                 |   |
| EP |   |   |                                         | m |                 |   |
| NZ |   |   |                                         | p |                 |   |
| ’s |   |   |                                         | a |                 |   |
| j  |   |   |                                         | n |                 |   |
| oi |   |   |                                         | y |                 |   |
| nt |   |   |                                         | ' |                 |   |
| v  |   |   |                                         | s |                 |   |
| en |   |   |                                         | i |                 |   |
| tu |   |   |                                         | n |                 |   |
| re |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 4  | N |   |                                         | - |                 |   |
| 0. | e |   |                                         |   |                 |   |
|    | w |   |                                         |   |                 |   |
|    | Z |   |                                         |   |                 |   |
|    | e |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | l |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | n |   |                                         |   |                 |   |
|    | d |   |                                         |   |                 |   |
|    | G |   |                                         |   |                 |   |
|    | r |   |                                         |   |                 |   |
|    | e |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | t |   |                                         |   |                 |   |
|    | S |   |                                         |   |                 |   |
|    | o |   |                                         |   |                 |   |
|    | u |   |                                         |   |                 |   |
|    | t |   |                                         |   |                 |   |
|    | h |   |                                         |   |                 |   |
|    | [ |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | 6 |   |                                         |   |                 |   |
|    | ] |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| P  |   |   |                                         | C |                 |   |
| TT |   |   |                                         | o |                 |   |
| EP |   |   |                                         | m |                 |   |
| S  |   |   |                                         | p |                 |   |
| MD |   |   |                                         | a |                 |   |
| ’s |   |   |                                         | n |                 |   |
| j  |   |   |                                         | y |                 |   |
| oi |   |   |                                         | ' |                 |   |
| nt |   |   |                                         | s |                 |   |
| v  |   |   |                                         | i |                 |   |
| en |   |   |                                         | n |                 |   |
| tu |   |   |                                         | t |                 |   |
| re |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 4  | I |   |                                         | 5 |                 |   |
| 1. | n |   |                                         | 0 |                 |   |
|    | d |   |                                         | . |                 |   |
|    | o |   |                                         | 7 |                 |   |
|    | n |   |                                         | 4 |                 |   |
|    | e |   |                                         | 6 |                 |   |
|    | s |   |                                         | 3 |                 |   |
|    | i |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | S |   |                                         |   |                 |   |
|    | o |   |                                         |   |                 |   |
|    | u |   |                                         |   |                 |   |
|    | t |   |                                         |   |                 |   |
|    | h |   |                                         |   |                 |   |
|    | M |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | n |   |                                         |   |                 |   |
|    | d |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | r |   |                                         |   |                 |   |
|    | [ |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | 7 |   |                                         |   |                 |   |
|    | ] |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| P  |   |   |                                         | C |                 |   |
| TT |   |   |                                         | o |                 |   |
| EP |   |   |                                         | m |                 |   |
| ML |   |   |                                         | p |                 |   |
| ’s |   |   |                                         | a |                 |   |
| j  |   |   |                                         | n |                 |   |
| oi |   |   |                                         | y |                 |   |
| nt |   |   |                                         | ' |                 |   |
| v  |   |   |                                         | s |                 |   |
| en |   |   |                                         | i |                 |   |
| tu |   |   |                                         | n |                 |   |
| re |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 4  | I |   |                                         | 1 |                 |   |
| 2. | n |   |                                         | 0 |                 |   |
|    | d |   |                                         | 0 |                 |   |
|    | o |   |                                         |   |                 |   |
|    | n |   |                                         |   |                 |   |
|    | e |   |                                         |   |                 |   |
|    | s |   |                                         |   |                 |   |
|    | i |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | M |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | l |   |                                         |   |                 |   |
|    | u |   |                                         |   |                 |   |
|    | n |   |                                         |   |                 |   |
|    | d |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| P  |   |   |                                         | C |                 |   |
| TT |   |   |                                         | o |                 |   |
| EP |   |   |                                         | m |                 |   |
| SD |   |   |                                         | p |                 |   |
| ’s |   |   |                                         | a |                 |   |
| j  |   |   |                                         | n |                 |   |
| oi |   |   |                                         | y |                 |   |
| nt |   |   |                                         | ' |                 |   |
| v  |   |   |                                         | s |                 |   |
| en |   |   |                                         | i |                 |   |
| tu |   |   |                                         | n |                 |   |
| re |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 4  | I |   |                                         | 3 |                 |   |
| 3. | n |   |                                         | 0 |                 |   |
|    | d |   |                                         |   |                 |   |
|    | o |   |                                         |   |                 |   |
|    | n |   |                                         |   |                 |   |
|    | e |   |                                         |   |                 |   |
|    | s |   |                                         |   |                 |   |
|    | i |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | S |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | d |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | n |   |                                         |   |                 |   |
|    | g |   |                                         |   |                 |   |
|    | [ |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | 8 |   |                                         |   |                 |   |
|    | ] |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| P  |   |   |                                         | C |                 |   |
| TT |   |   |                                         | o |                 |   |
| EP |   |   |                                         | m |                 |   |
| SS |   |   |                                         | p |                 |   |
| ’s |   |   |                                         | a |                 |   |
| j  |   |   |                                         | n |                 |   |
| oi |   |   |                                         | y |                 |   |
| nt |   |   |                                         | ' |                 |   |
| v  |   |   |                                         | s |                 |   |
| en |   |   |                                         | i |                 |   |
| tu |   |   |                                         | n |                 |   |
| re |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 4  | I |   |                                         | - |                 |   |
| 4. | n |   |                                         |   |                 |   |
|    | d |   |                                         |   |                 |   |
|    | o |   |                                         |   |                 |   |
|    | n |   |                                         |   |                 |   |
|    | e |   |                                         |   |                 |   |
|    | s |   |                                         |   |                 |   |
|    | i |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | S |   |                                         |   |                 |   |
|    | o |   |                                         |   |                 |   |
|    | u |   |                                         |   |                 |   |
|    | t |   |                                         |   |                 |   |
|    | h |   |                                         |   |                 |   |
|    | S |   |                                         |   |                 |   |
|    | a |   |                                         |   |                 |   |
|    | g |   |                                         |   |                 |   |
|    | e |   |                                         |   |                 |   |
|    | r |   |                                         |   |                 |   |
|    | i |   |                                         |   |                 |   |
|    | [ |   |                                         |   |                 |   |
|    | 1 |   |                                         |   |                 |   |
|    | 9 |   |                                         |   |                 |   |
|    | ] |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| P  |   |   |                                         | C |                 |   |
| TT |   |   |                                         | o |                 |   |
| EP |   |   |                                         | m |                 |   |
| CA |   |   |                                         | p |                 |   |
| ’s |   |   |                                         | a |                 |   |
| j  |   |   |                                         | n |                 |   |
| oi |   |   |                                         | y |                 |   |
| nt |   |   |                                         | ' |                 |   |
| v  |   |   |                                         | s |                 |   |
| en |   |   |                                         | i |                 |   |
| tu |   |   |                                         | n |                 |   |
| re |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 4  |   |   |                                         | - |                 |   |
| 5. |   |   |                                         |   |                 |   |
| Ca |   |   |                                         |   |                 |   |
| na |   |   |                                         |   |                 |   |
| da |   |   |                                         |   |                 |   |
| O  |   |   |                                         |   |                 |   |
| il |   |   |                                         |   |                 |   |
| S  |   |   |                                         |   |                 |   |
| an |   |   |                                         |   |                 |   |
| ds |   |   |                                         |   |                 |   |
| K  |   |   |                                         |   |                 |   |
| KD |   |   |                                         |   |                 |   |
| [2 |   |   |                                         |   |                 |   |
| 0] |   |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 4  |   |   |                                         | 1 |                 |   |
| 6. |   |   |                                         | 0 |                 |   |
| M  |   |   |                                         | 0 |                 |   |
| ar |   |   |                                         |   |                 |   |
| ia |   |   |                                         |   |                 |   |
| na |   |   |                                         |   |                 |   |
| O  |   |   |                                         |   |                 |   |
| il |   |   |                                         |   |                 |   |
| S  |   |   |                                         |   |                 |   |
| an |   |   |                                         |   |                 |   |
| ds |   |   |                                         |   |                 |   |
| ²⁰ |   |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
|    |   |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| P  |   |   |                                         | C |                 |   |
| TT |   |   |                                         | o |                 |   |
| EP |   |   |                                         | m |                 |   |
| AP |   |   |                                         | p |                 |   |
| ’s |   |   |                                         | a |                 |   |
| j  |   |   |                                         | n |                 |   |
| oi |   |   |                                         | y |                 |   |
| nt |   |   |                                         | ' |                 |   |
| v  |   |   |                                         | s |                 |   |
| en |   |   |                                         | i |                 |   |
| tu |   |   |                                         | n |                 |   |
| re |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 4  |   |   | PTTEP Australasia                       |   |                 |   |
| 7. |   |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
|    |   |   | -   AC/L7, AC/L8, AC/RL7, AC/P33,       |   | 100             |   |
|    |   |   |     AC/P34 and AC/P54                   |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
|    |   |   | -   AC/L1, AC/L2 and AC/L3              | 8 |                 |   |
|    |   |   |                                         | 9 |                 |   |
|    |   |   |                                         | . |                 |   |
|    |   |   |                                         | 6 |                 |   |
|    |   |   |                                         | 8 |                 |   |
|    |   |   |                                         | 7 |                 |   |
|    |   |   |                                         | 5 |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
|    |   |   | -   AC/RL10                             | 9 |                 |   |
|    |   |   |                                         | 0 |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
|    |   |   | -   AC/RL4 (Tenacious)                  | 1 |                 |   |
|    |   |   |                                         | 0 |                 |   |
|    |   |   |                                         | 0 |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
|    |   |   | -   AC/RL6 (Audacious), AC/P4, AC/RL4   | 5 |                 |   |
|    |   |   |     (exclude Tenacious), AC/RL5 and     | 0 |                 |   |
|    |   |   |     AC/RL6 (exclude Audacious)          |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
|    |   |   | -   AC/P4[21]                           | - |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
|    |   |   | -   WA-396-P and WA-397-P               | 2 |                 |   |
|    |   |   |                                         | 0 |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| P  |   |   |                                         | C |                 |   |
| TT |   |   |                                         | o |                 |   |
| EP |   |   |                                         | m |                 |   |
| AI |   |   |                                         | p |                 |   |
| ’s |   |   |                                         | a |                 |   |
| j  |   |   |                                         | n |                 |   |
| oi |   |   |                                         | y |                 |   |
| nt |   |   |                                         | ' |                 |   |
| v  |   |   |                                         | s |                 |   |
| en |   |   |                                         | i |                 |   |
| tu |   |   |                                         | n |                 |   |
| re |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 4  |   |   | Cove Energy Group                       |   |                 |   |
| 8. |   |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
|    |   |   | -   Mozambique Rovuma Offshore Area 1   | 8 |                 |   |
|    |   |   |                                         | . |                 |   |
|    |   |   |                                         | 5 |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
|    |   |   | -   Mozambique Rovuma Onshore           | 1 |                 |   |
|    |   |   |                                         | 0 |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
|    |   |   | -   Kenya L10A & L10B                   |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
|    |   |   | -   L10A                                | 3 |                 |   |
|    |   |   |                                         | 1 |                 |   |
|    |   |   |                                         | . |                 |   |
|    |   |   |                                         | 2 |                 |   |
|    |   |   |                                         | 5 |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
|    |   |   | -   L10B[22]                            | - |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
|    |   |   | -   Kenya L5, L7, L11A, L11B & L12      | 1 |                 |   |
|    |   |   |                                         | 0 |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| Na |   |   |                                         | C |                 |   |
| tu |   |   |                                         | o |                 |   |
| na |   |   |                                         | m |                 |   |
| 2  |   |   |                                         | p |                 |   |
| ’s |   |   |                                         | a |                 |   |
| j  |   |   |                                         | n |                 |   |
| oi |   |   |                                         | y |                 |   |
| nt |   |   |                                         | ' |                 |   |
| v  |   |   |                                         | s |                 |   |
| en |   |   |                                         | i |                 |   |
| tu |   |   |                                         | n |                 |   |
| re |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 4  |   |   | Natuna Sea A                            | 1 |                 |   |
| 9. |   |   |                                         | 1 |                 |   |
|    |   |   |                                         | . |                 |   |
|    |   |   |                                         | 5 |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| P  |   |   |                                         | C |                 |   |
| TT |   |   |                                         | o |                 |   |
| EP |   |   |                                         | m |                 |   |
| BL |   |   |                                         | p |                 |   |
| ’s |   |   |                                         | a |                 |   |
| j  |   |   |                                         | n |                 |   |
| oi |   |   |                                         | y |                 |   |
| nt |   |   |                                         | ' |                 |   |
| v  |   |   |                                         | s |                 |   |
| en |   |   |                                         | i |                 |   |
| tu |   |   |                                         | n |                 |   |
| re |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 5  |   |   | Barreirinhas AP 1[23]                   | 2 |                 |   |
| 0. |   |   |                                         | 5 |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 5  |   |   | Brazil BM-ES-23 [24]                    | 2 |                 |   |
| 1. |   |   |                                         | 0 |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
|    |   |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
|    |   |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| P  |   |   |                                         | C |                 |   |
| TT |   |   |                                         | o |                 |   |
| EP |   |   |                                         | m |                 |   |
| SP |   |   |                                         | p |                 |   |
| ’s |   |   |                                         | a |                 |   |
| j  |   |   |                                         | n |                 |   |
| oi |   |   |                                         | y |                 |   |
| nt |   |   |                                         | ' |                 |   |
| v  |   |   |                                         | s |                 |   |
| en |   |   |                                         | i |                 |   |
| tu |   |   |                                         | n |                 |   |
| re |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 5  |   |   |                                         | 1 |                 |   |
| 2. |   |   |                                         | 5 |                 |   |
| Co |   |   |                                         |   |                 |   |
| nt |   |   |                                         |   |                 |   |
| ra |   |   |                                         |   |                 |   |
| ct |   |   |                                         |   |                 |   |
| 4  |   |   |                                         |   |                 |   |
| (B |   |   |                                         |   |                 |   |
| 12 |   |   |                                         |   |                 |   |
| /2 |   |   |                                         |   |                 |   |
| 7) |   |   |                                         |   |                 |   |
| [2 |   |   |                                         |   |                 |   |
| 5] |   |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 5  |   |   |                                         | 3 |                 |   |
| 3. |   |   |                                         | 5 |                 |   |
| Si |   |   |                                         |   |                 |   |
| np |   |   |                                         |   |                 |   |
| hu |   |   |                                         |   |                 |   |
| ho |   |   |                                         |   |                 |   |
| rm |   |   |                                         |   |                 |   |
| (  |   |   |                                         |   |                 |   |
| E5 |   |   |                                         |   |                 |   |
| N  |   |   |                                         |   |                 |   |
| or |   |   |                                         |   |                 |   |
| th |   |   |                                         |   |                 |   |
| a  |   |   |                                         |   |                 |   |
| nd |   |   |                                         |   |                 |   |
| E  |   |   |                                         |   |                 |   |
| U- |   |   |                                         |   |                 |   |
| 1) |   |   |                                         |   |                 |   |
| ²⁵ |   |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| P  |   |   |                                         | C |                 |   |
| TT |   |   |                                         | o |                 |   |
| EP |   |   |                                         | m |                 |   |
| G7 |   |   |                                         | p |                 |   |
| ’s |   |   |                                         | a |                 |   |
| j  |   |   |                                         | n |                 |   |
| oi |   |   |                                         | y |                 |   |
| nt |   |   |                                         | ' |                 |   |
| v  |   |   |                                         | s |                 |   |
| en |   |   |                                         | i |                 |   |
| tu |   |   |                                         | n |                 |   |
| re |   |   |                                         | t |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | r |                 |   |
|    |   |   |                                         | e |                 |   |
|    |   |   |                                         | s |                 |   |
|    |   |   |                                         | t |                 |   |
|    |   |   |                                         | ( |                 |   |
|    |   |   |                                         | % |                 |   |
|    |   |   |                                         | ) |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+
| 5  |   |   |                                         | 1 |                 |   |
| 4. |   |   |                                         | 5 |                 |   |
| Co |   |   |                                         |   |                 |   |
| nt |   |   |                                         |   |                 |   |
| ra |   |   |                                         |   |                 |   |
| ct |   |   |                                         |   |                 |   |
| 4  |   |   |                                         |   |                 |   |
| (  |   |   |                                         |   |                 |   |
| G7 |   |   |                                         |   |                 |   |
| /5 |   |   |                                         |   |                 |   |
| 0) |   |   |                                         |   |                 |   |
| ²⁵ |   |   |                                         |   |                 |   |
+----+---+---+-----------------------------------------+---+-----------------+---+

As at December 31, 2014, details of properties’ net book value are as
follows:

  Unit: Million USD

  ----------------------------- ------------ -------------- ------------ -----------
  Details of properties         Historical   Accumulated    Allowance    Net book
                                cost         depreciation   for          value
                                                            impairment   
                                                            of assets    

  Proved Properties and Related 20,773.81    (10,914.66)    (576.19)     9,282.96
  Producing Properties                                                   

  Exploration and Evaluation    5,041.93     -              (626.02)     4,415.91
  Assets                                                                 

  Decommissioning Costs         1,983.59     (646.49)       -            1,337.10

  Goodwill                      1,134.08     -              (7.31)       1,126.77

  Pipeline                      854.08       (130.63)       -            723.45

  Support Equipment, Facilities 490.61       (217.51)       -            273.10
  and other                                                              

  Total *                       30,278.10    (11,909.29)    (1,209.52)   17,159.29
  ----------------------------- ------------ -------------- ------------ -----------

* Inter-company transaction has already been eliminated.

1.  Investments

PTTEP has details of subsidiaries, associates and controlled entities
presented as follows:

[TABLE]

+---------------------------------+----------+----------+------+------+
| Company name                    | Re       | Type of  | Pe   |      |
|                                 | gistered | business | rcen |      |
|                                 | country  |          | tage |      |
|                                 |          |          | of   |      |
|                                 |          |          | inte |      |
|                                 |          |          | rest |      |
|                                 |          |          | (i   |      |
|                                 |          |          | nclu |      |
|                                 |          |          | ding |      |
|                                 |          |          | indi |      |
|                                 |          |          | rect |      |
|                                 |          |          | hold |      |
|                                 |          |          | ing) |      |
+---------------------------------+----------+----------+------+------+
|                                 |          |          | 2014 | 2013 |
+---------------------------------+----------+----------+------+------+
|   Associated Companies          |          |          |      |      |
+---------------------------------+----------+----------+------+------+
|   Energy Complex Company        | Thailand | Property | 50   | 50   |
|   Limited (EnCo)                |          | rental   |      |      |
|                                 |          | services |      |      |
+---------------------------------+----------+----------+------+------+
|   PTT ICT Solutions Company     | Thailand | Inf      | 20   | 20   |
|   Limited (PTT ICT)             |          | ormation |      |      |
|                                 |          | te       |      |      |
|                                 |          | chnology |      |      |
|                                 |          | and      |      |      |
|                                 |          | commu    |      |      |
|                                 |          | nication |      |      |
|                                 |          |          |      |      |
|                                 |          | services |      |      |
+---------------------------------+----------+----------+------+------+
|   PTTEP AP Group’s              | A        | O        | 50   | 50   |
|   Associates[26]                | ustralia | peration |      |      |
|                                 |          | service  |      |      |
|                                 |          | of air   |      |      |
|                                 |          | base     |      |      |
+---------------------------------+----------+----------+------+------+
|   UAQ Petroleum Limited (UAQ)   | Hong     | P        | 30   | 30   |
|                                 | Kong     | etroleum |      |      |
+---------------------------------+----------+----------+------+------+
| Jointly Controlled Entities     |          |          |      |      |
+---------------------------------+----------+----------+------+------+
|   Carigali – PTTEPI Operating   | Malaysia | P        | 50   | 50   |
|   Company Sdn Bhd. (CPOC)       |          | etroleum |      |      |
+---------------------------------+----------+----------+------+------+
|   Moattama Gas Transportation   | Bermuda  | Gas      | 2    | 2    |
|   Company (MGTC)                |          | pipeline | 5.50 | 5.50 |
|                                 |          | transp   |      |      |
|                                 |          | ortation |      |      |
+---------------------------------+----------+----------+------+------+
|   Taninthayi Pipeline Company   | Cayman   | Gas      | 19.  | 19.  |
|   LLC (TPC)                     | Islands  | pipeline | 3178 | 3178 |
|                                 |          | transp   |      |      |
|                                 |          | ortation |      |      |
+---------------------------------+----------+----------+------+------+
|   Orange Energy Limited         | Thailand | P        | 53.  | 53.  |
|   (Orange)                      |          | etroleum | 9496 | 9496 |
+---------------------------------+----------+----------+------+------+
|   B8/32 Partners Limited (B8/32 | Thailand | P        | 25.  | 25.  |
|   Partners)                     |          | etroleum | 0009 | 0009 |
+---------------------------------+----------+----------+------+------+
|   PTT FLNG Limited (PTT FLNG)   | Hong     | Produce  | 50   | 50   |
|                                 | Kong     | and sale |      |      |
|                                 |          | of       |      |      |
|                                 |          | p        |      |      |
|                                 |          | etroleum |      |      |
|                                 |          | product  |      |      |
+---------------------------------+----------+----------+------+------+
|   Erawan 2 FSO Bahamas Limited  | Bahamas  | FSO      | 1    | 1    |
|   (Erawan 2)[27]                |          | rental   | 3.11 | 3.11 |
|                                 |          | services |      |      |
+---------------------------------+----------+----------+------+------+
|   KKD Oil Sands Partnership     | Canada   | P        | -    | 40   |
|   (KOSP)[28]                    |          | etroleum |      |      |
+---------------------------------+----------+----------+------+------+
|   Leismer Aerodrome Limited     | Canada   | Airports | 32   | 32   |
|   (LAL)                         |          | and      |      |      |
|                                 |          | flying   |      |      |
+---------------------------------+----------+----------+------+------+
|                                 |          | field    |      |      |
|                                 |          | services |      |      |
+---------------------------------+----------+----------+------+------+
|   Groupement Bir Seba (GBRS)    | Algeria  | P        | 35   | 35   |
|                                 |          | etroleum |      |      |
+---------------------------------+----------+----------+------+------+
|   Andaman Transportation        | Cayman   | Gas      | 80   | 80   |
|   Limited (ATL)                 | Islands  | pipeline |      |      |
+---------------------------------+----------+----------+------+------+
|                                 |          | transp   |      |      |
|                                 |          | ortation |      |      |
+---------------------------------+----------+----------+------+------+
|   NST Supply Base Company       | Thailand | P        | 1    | 1    |
|   Limited (NST)                 |          | etroleum | 5.67 | 5.67 |
|                                 |          | supply   |      |      |
|                                 |          | base,    |      |      |
+---------------------------------+----------+----------+------+------+
|                                 |          | port and |      |      |
|                                 |          | w        |      |      |
|                                 |          | arehouse |      |      |
+---------------------------------+----------+----------+------+------+
|   Natuna 2 B.V. (Natuna 2)      | Net      | P        | 50   | 50   |
|                                 | herlands | etroleum |      |      |
+---------------------------------+----------+----------+------+------+

Relationship: The Company directly or indirectly holds the shares in
subsidiaries, associates and jointly controlled entities. Subsidiaries’
management teams are from the Company.

2.  Net Book Value

As at December 31, 2014, PTTEP’s net book value amounted to USD 12,548
million (equivalent to THB 413,620 million) or USD 3.16 per share
(equivalent to THB 104.19 per share).

5. Legal Dispute

- None -

6. General and Other Significant Information

6.1 Information of PTTEP

+------------------+---------------------------------------------------+
| Company Name     | PTT Exploration and Production Public Company     |
|                  | Limited or PTTEP                                  |
+------------------+---------------------------------------------------+
| Headquarters     | 555/1 Energy Complex Building A, 6^(th) and       |
| Address          | 19^(th)– 36^(th) floor,                           |
|                  |                                                   |
|                  | Vibhavadi Rangsit Road, Chatuchak, Bangkok 10900, |
|                  | Thailand                                          |
+------------------+---------------------------------------------------+
| Type of Business | Exploration and production of petroleum and       |
|                  | investments                                       |
|                  | in related businesses                             |
+------------------+---------------------------------------------------+
| Registration     | 0107535000206                                     |
| Number           |                                                   |
+------------------+---------------------------------------------------+
| Telephone        | +66-2537-4000                                     |
+------------------+---------------------------------------------------+
| Facsimile        | +66-2537-4444                                     |
+------------------+---------------------------------------------------+
| Website          | www.pttep.com                                     |
+------------------+---------------------------------------------------+
| E-mail           | Independent Directors:                            |
|                  | independentdirector@pttep.com                     |
|                  |                                                   |
|                  | Investor Relations: ir@pttep.com                  |
|                  |                                                   |
|                  | Corporate Secretary: corporatesecretary@pttep.com |
+------------------+---------------------------------------------------+
| Registered       | 3,969,985,400 ordinary shares with THB 1 per      |
| Capital          | share                                             |
|                  |                                                   |
|                  | (THB 3,969,985,400)                               |
+------------------+---------------------------------------------------+
| Paid-Up Capital  | 3,969,985,400 ordinary shares with THB 1 per      |
|                  | share                                             |
|                  |                                                   |
|                  | (THB 3,969,985,400) as of December 31, 2014       |
+------------------+---------------------------------------------------+

6.2 Subsidiaries’ Information

As of December 31, 2014, there were 61 subsidiaries. All of them had the
same contact address, telephone and facsimile as those of PTTEP (see
item 6.1). Details of directors for each subsidiary are disclosed in
Attachment 2.

+---+-------------------+-------+----------+------+-------+----+---+-----+
| N | Company Name      | Ab    | Number   | Par  | Share | Sh |   |     |
| o |                   | brevi | of       | V    | Type  | ar |   |     |
|   |                   | ation | Shares   | alue |       | eh |   |     |
|   |                   |       | Sold     |      |       | ol |   |     |
|   |                   |       |          |      |       | de |   |     |
|   |                   |       |          |      |       | rs |   |     |
+===+===================+=======+==========+======+=======+====+===+=====+
| P |                   |       |          |      |       |    |   |     |
| e |                   |       |          |      |       |    |   |     |
| t |                   |       |          |      |       |    |   |     |
| r |                   |       |          |      |       |    |   |     |
| o |                   |       |          |      |       |    |   |     |
| l |                   |       |          |      |       |    |   |     |
| e |                   |       |          |      |       |    |   |     |
| u |                   |       |          |      |       |    |   |     |
| m |                   |       |          |      |       |    |   |     |
| E |                   |       |          |      |       |    |   |     |
| x |                   |       |          |      |       |    |   |     |
| p |                   |       |          |      |       |    |   |     |
| l |                   |       |          |      |       |    |   |     |
| o |                   |       |          |      |       |    |   |     |
| r |                   |       |          |      |       |    |   |     |
| a |                   |       |          |      |       |    |   |     |
| t |                   |       |          |      |       |    |   |     |
| i |                   |       |          |      |       |    |   |     |
| o |                   |       |          |      |       |    |   |     |
| n |                   |       |          |      |       |    |   |     |
| a |                   |       |          |      |       |    |   |     |
| n |                   |       |          |      |       |    |   |     |
| d |                   |       |          |      |       |    |   |     |
| P |                   |       |          |      |       |    |   |     |
| r |                   |       |          |      |       |    |   |     |
| o |                   |       |          |      |       |    |   |     |
| d |                   |       |          |      |       |    |   |     |
| u |                   |       |          |      |       |    |   |     |
| c |                   |       |          |      |       |    |   |     |
| t |                   |       |          |      |       |    |   |     |
| i |                   |       |          |      |       |    |   |     |
| o |                   |       |          |      |       |    |   |     |
| n |                   |       |          |      |       |    |   |     |
| B |                   |       |          |      |       |    |   |     |
| u |                   |       |          |      |       |    |   |     |
| s |                   |       |          |      |       |    |   |     |
| i |                   |       |          |      |       |    |   |     |
| n |                   |       |          |      |       |    |   |     |
| e |                   |       |          |      |       |    |   |     |
| s |                   |       |          |      |       |    |   |     |
| s |                   |       |          |      |       |    |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 1 | PTTEP             | P     | 2,000    | THB  | Ord   | P  |   | 1   |
|   | International     | TTEPI | ,000,000 | 10   | inary | TT |   | 00% |
|   | Limited           |       |          |      | Share | EP |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 2 | PTTEP Siam        | P     | 1        | THB  | Ord   | P  |   | 51% |
|   | Limited           | TTEPS | ,000,000 | 100  | inary | TT |   |     |
|   |                   |       |          |      | Share | EP |   | 49% |
|   |                   |       |          |      |       |    |   |     |
|   |                   |       |          |      |       | PT |   |     |
|   |                   |       |          |      |       | TE |   |     |
|   |                   |       |          |      |       | PO |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 3 | Orange Energy     | O     | 1        | THB  | Ord   | PT |   | 53  |
|   | Limited           | range | ,000,000 | 100  | inary | TE |   | .94 |
|   |                   |       |          |      | Share | PO |   | 96% |
|   |                   |       |          |      |       |    |   |     |
|   |                   |       |          |      |       | M  |   | 36  |
|   |                   |       |          |      |       | OE |   | .05 |
|   |                   |       |          |      |       | CO |   | 04% |
|   |                   |       |          |      |       |    |   |     |
|   |                   |       |          |      |       | Kr |   | 10% |
|   |                   |       |          |      |       | is |   |     |
|   |                   |       |          |      |       | En |   |     |
|   |                   |       |          |      |       | er |   |     |
|   |                   |       |          |      |       | gy |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 4 | PTTEP G7          | PTTEP | 6        | THB  | Ord   | PT |   | 1   |
|   | Limited[29]       | G7    | ,063.741 | 100  | inary | TE |   | 00% |
|   |                   |       |          |      | Share | PI |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 5 | JV Marine Limited | JV    | 50,000   | USD  | Ord   | P  |   | 1   |
|   |                   | M     |          | 1    | inary | TT |   | 00% |
|   |                   | arine |          |      | Share | EP |   |     |
|   |                   |       |          |      |       | IH |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 6 | PTTEP Algeria     | PTTEP | 50,000   | USD  | Ord   | PT |   | 1   |
|   | Company Limited   | AG    |          | 1    | inary | TE |   | 00% |
|   |                   |       |          |      | Share | PO |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 7 | JV Shore Base     | JV    | 50,000   | USD  | Ord   | P  |   | 1   |
|   | Limited           | Shore |          | 1    | inary | TT |   | 00% |
|   |                   | Base  |          |      | Share | EP |   |     |
|   |                   |       |          |      |       | IH |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 8 | PTTEP Africa      | PTTEP | 50,000   | USD  | Ord   | PT |   | 1   |
|   | Investment        | AI    |          | 1    | inary | TE |   | 00% |
|   | Limited           |       |          |      | Share | PH |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 9 | PTTEP Holding     | P     | 50,000   | USD  | Ord   | PT |   | 1   |
|   | Company Limited   | TTEPH |          | 1    | inary | TE |   | 00% |
|   |                   |       |          |      | Share | PO |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 1 | PTTEP Hoang-Long  | PTTEP | 50,000   | USD  | Ord   | PT |   | 1   |
| 0 | Company Limited   | HL    |          | 1    | inary | TE |   | 00% |
|   |                   |       |          |      | Share | PO |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 1 | PTTEP Hoan-Vu     | PTTEP | 50,000   | USD  | Ord   | PT |   | 1   |
| 1 | Company Limited   | HV    |          | 1    | inary | TE |   | 00% |
|   |                   |       |          |      | Share | PO |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 1 | PTTEP Indonesia   | PTTEP | 50,000   | USD  | Ord   | PT |   | 1   |
| 2 | Company Limited   | ID    |          | 1    | inary | TE |   | 00% |
|   |                   |       |          |      | Share | PH |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 1 | PTTEP             | PTTEP | 50,000   | USD  | Ord   | PT |   | 1   |
| 3 | International     | IH    |          | 1    | inary | TE |   | 00% |
|   | Holding Company   |       |          |      | Share | PH |   |     |
|   | Limited           |       |          |      |       |    |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 1 | PTTEP Iran        | PTTEP | 50,000   | USD  | Ord   | P  |   | 1   |
| 4 | Company Limited   | IR    |          | 1    | inary | TT |   | 00% |
|   |                   |       |          |      | Share | EP |   |     |
|   |                   |       |          |      |       | OM |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 1 | PTTEP Kim Long    | PTTEP | 50,000   | USD  | Ord   | PT |   | 1   |
| 5 | Vietnam Company   | KV    |          | 1    | inary | TE |   | 00% |
|   | Limited           |       |          |      | Share | PO |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 1 | PTTEP Malunda     | PTTEP | 50,000   | USD  | Ord   | P  |   | 1   |
| 6 | Company Limited   | ML    |          | 1    | inary | TT |   | 00% |
|   |                   |       |          |      | Share | EP |   |     |
|   |                   |       |          |      |       | ID |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 1 | PTTEP South Asia  | PTTEP | 50,000   | USD  | Ord   | PT | 1 |     |
| 7 | Limited           | SA    |          | 1    | inary | TE | 0 |     |
|   |                   |       |          |      | Share | PH | 0 |     |
|   |                   |       |          |      |       |    | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 1 | PTTEP Netherland  | PTTEP | 50,000   | USD  | Ord   | P  | 1 |     |
| 8 | Holding Limited   | NL    |          | 1    | inary | TT | 0 |     |
|   |                   |       |          |      | Share | EP | 0 |     |
|   |                   |       |          |      |       | IH | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 1 | PTTEP New Zealand | PTTEP | 50,000   | USD  | Ord   | PT | 1 |     |
| 9 | Limited           | NZ    |          | 1    | inary | TE | 0 |     |
|   |                   |       |          |      | Share | PH | 0 |     |
|   |                   |       |          |      |       |    | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 2 | PTTEP Offshore    | P     | 6,667    | USD  | Ord   | P  | 7 |     |
| 0 | Investment        | TTEPO |          | 1    | inary | TT | 5 |     |
|   | Company Limited   |       |          |      | Share | EP | % |     |
|   |                   |       |          |      |       |    |   |     |
|   |                   |       |          |      |       | PT | 2 |     |
|   |                   |       |          |      |       | TE | 5 |     |
|   |                   |       |          |      |       | PI | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 2 | PTTEP Oman        | PTTEP | 50,000   | USD  | Ord   | PT | 1 |     |
| 1 | Company Limited   | OM    |          | 1    | inary | TE | 0 |     |
|   |                   |       |          |      | Share | PO | 0 |     |
|   |                   |       |          |      |       |    | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 2 | PTTEP Rommana     | P     | 50,000   | USD  | Ord   | P  | 1 |     |
| 2 | Company Limited   | TTEPR |          | 1    | inary | TT | 0 |     |
|   |                   |       |          |      | Share | EP | 0 |     |
|   |                   |       |          |      |       | AI | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 2 | PTTEP Sadang      | PTTEP | 50,000   | USD  | Ord   | P  | 1 |     |
| 3 | Limited           | SD    |          | 1    | inary | TT | 0 |     |
|   |                   |       |          |      | Share | EP | 0 |     |
|   |                   |       |          |      |       | ID | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 2 | PTTEP Semai II    | PTTEP | 50,000   | USD  | Ord   | P  | 1 |     |
| 4 | Limited           | SM    |          | 1    | inary | TT | 0 |     |
|   |                   |       |          |      | Share | EP | 0 |     |
|   |                   |       |          |      |       | ID | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 2 | PTTEP South       | PTTEP | 50,000   | USD  | Ord   | P  | 1 |     |
| 5 | Mandar Limited    | SMD   |          | 1    | inary | TT | 0 |     |
|   |                   |       |          |      | Share | EP | 0 |     |
|   |                   |       |          |      |       | ID | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 2 | PTTEP South       | PTTEP | 50,000   | USD  | Ord   | P  | 1 |     |
| 6 | Sageri Limited    | SS    |          | 1    | inary | TT | 0 |     |
|   |                   |       |          |      | Share | EP | 0 |     |
|   |                   |       |          |      |       | ID | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 2 | PTTEP Southwest   | PTTEP | 50,000   | USD  | Ord   | PT | 1 |     |
| 7 | Vietnam Limited   | SV    |          | 1    | inary | TE | 0 |     |
|   |                   |       |          |      | Share | PO | 0 |     |
|   |                   |       |          |      |       |    | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 2 | PTTEP MEA Limited | PTTEP | 50,000   | USD  | Ord   | P  | 1 |     |
| 8 |                   | MEA   |          | 1    | inary | TT | 0 |     |
|   |                   |       |          |      | Share | EP | 0 |     |
|   |                   |       |          |      |       |    | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 2 | Sinphuhorm        | SHL   | 50,000   | USD  | Ord   | PT | 1 |     |
| 9 | Holdings          |       |          | 0.01 | inary | TE | 0 |     |
|   | Limited[30]       |       |          |      | Share | PO | 0 |     |
|   |                   |       |          |      |       |    | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 3 | PTTEP Australia   | PTTEP | 50,000   | AUD  | Ord   | PT | 1 |     |
| 0 | Pty Ltd           | AU    |          | 1    | inary | TE | 0 |     |
|   |                   |       |          |      | Share | PH | 0 |     |
|   |                   |       |          |      |       |    | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 3 | PTTEP Australia   | PTTEP | 50,000   | AUD  | Ord   | P  | 1 |     |
| 1 | Offshore Pty Ltd  | AO    |          | 1    | inary | TT | 0 |     |
|   |                   |       |          |      | Share | EP | 0 |     |
|   |                   |       |          |      |       | AU | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 3 | PTTEP Australia   | PTTEP | 50,000   | AUD  | Ord   | PT | 1 |     |
| 2 | Perth Pty Ltd     | AP    |          | 1    | inary | TE | 0 |     |
|   |                   |       |          |      | Share | PH | 0 |     |
|   |                   |       |          |      |       |    | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 3 | PTTEP Australia   | PTTEP | 50,000   | AUD  | Ord   | P  | 1 |     |
| 3 | Browse Basin Pty  | AB    |          | 1    | inary | TT | 0 |     |
|   | Ltd               |       |          |      | Share | EP | 0 |     |
|   |                   |       |          |      |       | AP | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 3 | PTTEP Australasia | PTTEP | 10       | AUD  | Ord   | P  | 1 |     |
| 4 | (Staffs) Pty Ltd  | AAS   |          | 1    | inary | TT | 0 |     |
|   |                   |       |          |      | Share | EP | 0 |     |
|   |                   |       |          |      |       | AB | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 3 | PTTEP Australasia | PTTEP | 409      | var  | Ord   | P  | 1 |     |
| 5 | Pty Ltd           | AA    | ,895,440 | ious | inary | TT | 0 |     |
|   |                   |       |          | p    | Share | EP | 0 |     |
|   |                   |       |          | rice |       | AB | % |     |
|   |                   |       |          | [31] |       |    |   |     |
|   |                   |       |          |      |       |    |   |     |
|   |                   |       |          | (ave |       |    |   |     |
|   |                   |       |          | rage |       |    |   |     |
|   |                   |       |          | AUD  |       |    |   |     |
|   |                   |       |          | 0.4  |       |    |   |     |
|   |                   |       |          | 895) |       |    |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
|   |                   |       | 40       | AUD  | Prefe |    |   |     |
|   |                   |       | ,000,000 | 0.   | rence |    |   |     |
|   |                   |       |          | 4957 | Share |    |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
|   |                   |       | 1        | AUD  | Class |    |   |     |
|   |                   |       | ,575,000 | 0.   | B     |    |   |     |
|   |                   |       |          | 4895 | Shar  |    |   |     |
|   |                   |       |          |      | e[32] |    |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 3 | PTTEP Australasia | PTTEP | 10       | AUD  | Ord   | P  | 1 |     |
| 6 | (Petroleum) Pty   | AAP   |          | 1    | inary | TT | 0 |     |
|   | Ltd               |       |          |      | Share | EP | 0 |     |
|   |                   |       |          |      |       | AA | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 3 | Tullian Pty Ltd   | PTTEP | 1        | AUD  | Ord   | P  | 1 |     |
| 7 |                   | AAT   |          | 1    | inary | TT | 0 |     |
|   |                   |       |          |      | Share | EP | 0 |     |
|   |                   |       |          |      |       | A  | % |     |
|   |                   |       |          |      |       | AP |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 3 | PTTEP Australasia | PTTEP | 1        | AUD  | Ord   | P  | 1 |     |
| 8 | (Finance) Pty Ltd | AAF   |          | 1    | inary | TT | 0 |     |
|   |                   |       |          |      | Share | EP | 0 |     |
|   |                   |       |          |      |       | AA | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 3 | PTTEP Australasia | PTTEP | 1        | AUD  | Ord   | P  | 1 |     |
| 9 | (Ashmore Cartier) | AAA   | ,700,000 | 2    | inary | TT | 0 |     |
|   | Pty Ltd           |       |          |      | Share | EP | 0 |     |
|   |                   |       |          |      |       | AB | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 4 | PTTEP Australasia | PTTEP | 106      | AUD  | Ord   | P  | 1 |     |
| 0 | (Operation) Pty   | AAO   | ,686,517 | 0.20 | inary | TT | 0 |     |
|   | Ltd               |       |          |      | Share | EP | 0 |     |
|   |                   |       |          |      |       | AB | % |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 4 | PTTEP Australia   | PTTEP | 50       | No   | C     | P  |   | 1   |
| 1 | Timor Sea Pty Ltd | AT    |          | par  | ommon | TT |   | 00% |
|   |                   |       |          | v    | Share | EP |   |     |
|   |                   |       |          | alue |       | AB |   |     |
|   |                   |       |          |      |       |    |   |     |
|   |                   |       |          | (ave |       |    |   |     |
|   |                   |       |          | rage |       |    |   |     |
|   |                   |       |          | AUD  |       |    |   |     |
|   |                   |       |          | 827  |       |    |   |     |
|   |                   |       |          | ,048 |       |    |   |     |
|   |                   |       |          | .78) |       |    |   |     |
|   |                   |       |          | [33] |       |    |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 4 | PTTEP Netherlands | PTTEP | -[34]    | -    | -     | P  |   | 0.  |
| 2 | Coöperatie U.A.   | NC    |          |      |       | TT |   | 000 |
|   |                   |       |          |      |       | EP |   | 05% |
|   |                   |       |          |      |       | IH |   |     |
|   |                   |       |          |      |       |    |   | 99. |
|   |                   |       |          |      |       | P  |   | 999 |
|   |                   |       |          |      |       | TT |   | 95% |
|   |                   |       |          |      |       | EP |   |     |
|   |                   |       |          |      |       | NL |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 4 | PTTEP Netherlands | PTTEP | -[35]    | -    | -     | P  |   | 75% |
| 3 | Holding           | NH    |          |      |       | TT |   |     |
|   |                   |       |          |      |       | EP |   | 25% |
|   | Coöperatie U.A.   |       |          |      |       | HK |   |     |
|   |                   |       |          |      |       |    |   |     |
|   |                   |       |          |      |       | PT |   |     |
|   |                   |       |          |      |       | TE |   |     |
|   |                   |       |          |      |       | PI |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 4 | PTTEP Brazil      | PTTEP | 324,42   | USD  | Ord   | P  |   | 1   |
| 4 | Investment B.V.   | BI    | 3,816.34 | 1    | inary | TT |   | 00% |
|   |                   |       |          |      | Share | EP |   |     |
|   |                   |       |          |      |       | NH |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 4 | PTTEP Canada      | PTTEP | 1,073,29 | CAD  | Ord   | P  |   | 1   |
| 5 | Limited           | CA    | 2,632.84 | 1    | inary | TT |   | 00% |
|   |                   |       |          |      | Share | EP |   |     |
|   |                   |       |          |      |       | NC |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 4 | PTTEP FLNG        | PTTEP | 10,000   | HKD  | Ord   | P  |   | 1   |
| 6 | Holding Company   | FH    |          | 1    | inary | TT |   | 00% |
|   | Limited           |       |          |      | Share | EP |   |     |
|   |                   |       |          |      |       | IH |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 4 | PTTEP HK Holding  | PTTEP | 10,000   | HKD  | Ord   | P  |   | 25% |
| 7 | Limited           | HK    |          | 1    | inary | TT |   |     |
|   |                   |       |          |      | Share | EP |   | 75% |
|   |                   |       |          |      |       |    |   |     |
|   |                   |       |          |      |       | PT |   |     |
|   |                   |       |          |      |       | TE |   |     |
|   |                   |       |          |      |       | PI |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 4 | Cove Energy       | COVE  | 5,08     | GBP  | Ord   | P  |   | 1   |
| 8 | Limited           |       | 9,129.47 | 1    | inary | TT |   | 00% |
|   |                   |       |          |      | Share | EP |   |     |
|   |                   |       |          |      |       | AI |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 4 | Cove Energy East  | CEEAL | 1,000    | EUR  | Ord   | CO |   | 1   |
| 9 | Africa Limited    |       |          | 1    | inary | VE |   | 00% |
|   |                   |       |          |      | Share |    |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 5 | Cove Energy       | C     | 1,000    | EUR  | Ord   | C  |   | 1   |
| 0 | Mozambique Rovuma | EMROL |          | 1    | inary | EE |   | 00% |
|   | Onshore Limited   |       |          |      | Share | AL |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 5 | Cove Energy       | CE    | 1,000    | EUR  | Ord   | C  |   | 1   |
| 1 | Mozambique Rovuma | MROFL |          | 1    | inary | EE |   | 00% |
|   | Offshore Limited  |       |          |      | Share | AL |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 5 | Cove Energy Kenya | CEKL  | 1,000    | KES  | Ord   | C  |   | 99  |
| 2 | Limited           |       |          | 100  | inary | EE |   | .9% |
|   |                   |       |          |      | Share | AL |   |     |
|   |                   |       |          |      |       |    |   | 0   |
|   |                   |       |          |      |       | CO |   | .1% |
|   |                   |       |          |      |       | VE |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 5 | Cove Mozambique   | CMTL  | 50,000   | MZN  | Ord   | CE |   | 1   |
| 3 | Terra Limitada    |       |          | 1    | inary | MR |   | 00% |
|   |                   |       |          |      | Share | OL |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 5 | Cove Mozambique   | CMEL  | 50,000   | MZN  | Ord   | C  |   | 1   |
| 4 | Energia Limitada  |       |          | 1    | inary | EM |   | 00% |
|   |                   |       |          |      | Share | RO |   |     |
|   |                   |       |          |      |       | FL |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 5 | PTTEP Brasil      | PTTEP | 790      | BRL  | Ord   | P  |   | 99  |
| 5 | Investimentos Em  | BL    | ,293,700 | 1    | inary | TT |   | .99 |
|   | Exploração e      |       |          |      | Share | EP |   | 999 |
|   | Produção de       |       |          |      |       | BI |   | 99% |
|   | Petróleo e Gás    |       |          |      |       |    |   |     |
|   | Ltda. (PTTEP      |       |          |      |       | P  |   | 0   |
|   | Brazil            |       |          |      |       | TT |   | .00 |
|   | Investments in    |       |          |      |       | EP |   | 000 |
|   | Oil and Gas       |       |          |      |       | NH |   | 01% |
|   | Exploration and   |       |          |      |       |    |   |     |
|   | Production        |       |          |      |       |    |   |     |
|   | Limitada)         |       |          |      |       |    |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 5 | PTTEP SP          | PTTEP | 2        | GBP  | Ord   | S  |   | 1   |
| 6 | Limited[36]       | SP    |          | 2    | inary | HL |   | 00% |
|   |                   |       |          |      | Share |    |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
|   |                   |       | 95       | USD  | Ord   |    |   |     |
|   |                   |       | ,279,585 | 95   | inary |    |   |     |
|   |                   |       |          | ,279 | Share |    |   |     |
|   |                   |       |          | ,585 |       |    |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| N | Company Name      | Ab    | Number   | Par  | Share | Sh |   |     |
| o |                   | brevi | of       | V    | Type  | ar |   |     |
|   |                   | ation | Shares   | alue |       | eh |   |     |
|   |                   |       | Sold     |      |       | ol |   |     |
|   |                   |       |          |      |       | de |   |     |
|   |                   |       |          |      |       | rs |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| S |                   |       |          |      |       |    |   |     |
| e |                   |       |          |      |       |    |   |     |
| r |                   |       |          |      |       |    |   |     |
| v |                   |       |          |      |       |    |   |     |
| i |                   |       |          |      |       |    |   |     |
| c |                   |       |          |      |       |    |   |     |
| e |                   |       |          |      |       |    |   |     |
| B |                   |       |          |      |       |    |   |     |
| u |                   |       |          |      |       |    |   |     |
| s |                   |       |          |      |       |    |   |     |
| i |                   |       |          |      |       |    |   |     |
| n |                   |       |          |      |       |    |   |     |
| e |                   |       |          |      |       |    |   |     |
| s |                   |       |          |      |       |    |   |     |
| s |                   |       |          |      |       |    |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 5 | PTTEP Services    | PTTEP | 100,000  | THB  | Ord   | P  |   | 25% |
| 7 | Limited           | Ser   |          | 10   | inary | TT |   |     |
|   |                   | vices |          |      | Share | EP |   | 75% |
|   | (Personnel        |       |          |      |       |    |   |     |
|   | Services Support) |       |          |      |       | PT |   |     |
|   |                   |       |          |      |       | TE |   |     |
|   |                   |       |          |      |       | PI |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 5 | Andaman           | ATL   | 62,500   | USD  | Ord   | PT |   | 80% |
| 8 | Transportation    |       |          | 1    | inary | TE |   |     |
|   | Limited           |       |          |      | Share | PO |   | 20% |
|   | (Investments in   |       |          |      |       |    |   |     |
|   | gas pipeline      |       |          |      |       | MO |   |     |
|   | projects in       |       |          |      |       | GE |   |     |
|   | Myanmar)          |       |          |      |       |    |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 5 | PTTEP Southwest   | PTTEP | 50,000   | USD  | Ord   | PT |   | 1   |
| 9 | Vietnam Pipeline  | SVPC  |          | 1    | inary | TE |   | 00% |
|   | Company Limited   |       |          |      | Share | PH |   |     |
|   | (Investments in   |       |          |      |       |    |   |     |
|   | gas pipeline      |       |          |      |       |    |   |     |
|   | projects in       |       |          |      |       |    |   |     |
|   | Vietnam)          |       |          |      |       |    |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 6 | PTTEP Australia   | PTTEP | 50,000   | AUD  | Ord   | P  |   | 1   |
| 0 | International     | AIF   |          | 1    | inary | TT |   | 00% |
|   | Finance Limited   |       |          |      | Share | EP |   |     |
|   |                   |       |          |      |       | AP |   |     |
|   | (Raise Fund for   |       |          |      |       |    |   |     |
|   | PTTEP Business)   |       |          |      |       |    |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+
| 6 | PTTEP Canada      | PTTEP | 50,000   | CAD  | Ord   | P  |   | 1   |
| 1 | International     | CIF   |          | 1    | inary | TT |   | 00% |
|   | Finance Limited   |       |          |      | Share | EP |   |     |
|   |                   |       |          |      |       | NC |   |     |
|   | (Raise Fund for   |       |          |      |       |    |   |     |
|   | PTTEP Business)   |       |          |      |       |    |   |     |
+---+-------------------+-------+----------+------+-------+----+---+-----+

6.3 Associated Company’s Information (including the business entities in
which the Company invests for more than 10% and not exceeding 50%)

  As of December 31, 2014, PTTEP had 18 associated companies. Details of
  the directors of each associated company are disclosed in Attachment
  2.

+---+-----------------+-------+------+-------+------+-----+-----------+
| N | Company Name    | Type  | Abbr | N     | Par  | Sh  | Sha       |
| o |                 | of    | evia | umber | V    | are | reholders |
| . |                 | Bus   | tion | of    | alue | T   |           |
|   |                 | iness |      | S     |      | ype |           |
|   |                 |       |      | hares |      |     |           |
|   |                 |       |      | Sold  |      |     |           |
+===+=================+=======+======+=======+======+=====+===========+
| 1 | Energy Complex  | Pro   | EnCo | 1     | THB  | Or  | -   PTTEP |
|   | Limited         | perty |      | 80,00 | 10   | din |     50%   |
|   |                 | Le    |      | 0,000 |      | ary |           |
|   |                 | asing |      |       |      | Sh  | -   PTT   |
|   |                 |       |      |       |      | are |     50%   |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Head Office:    |       |      |       |      |     |           |
|   | 555/1 Energy    |       |      |       |      |     |           |
|   | Complex         |       |      |       |      |     |           |
|   | Building A,     |       |      |       |      |     |           |
|   | Vi              |       |      |       |      |     |           |
|   | bhavadi-Rangsit |       |      |       |      |     |           |
|   | Road,           |       |      |       |      |     |           |
|   | Chatuchak,      |       |      |       |      |     |           |
|   | Chatuchak,      |       |      |       |      |     |           |
|   | Bangkok 10900   |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Telephone: 66   |       |      |       |      |     |           |
|   | (0) 2140-1000   |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Facsimile: 66   |       |      |       |      |     |           |
|   | (0) 2 140-1122  |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
| 2 | PTT ICT         | I     | PTT  | 15,00 | THB  | Or  | -   PTTEP |
|   | Solutions       | nform | ICT  | 0,000 | 10   | din |     20%   |
|   | Company Limited | ation |      |       |      | ary |           |
|   |                 | Techn |      |       |      | Sh  | -   PTT   |
|   |                 | ology |      |       |      | are |     20%   |
|   |                 | and   |      |       |      |     |           |
|   |                 | Com   |      |       |      |     | -   PTTGC |
|   |                 | munic |      |       |      |     |     40%   |
|   |                 | ation |      |       |      |     |           |
|   |                 | Ser   |      |       |      |     | -         |
|   |                 | vices |      |       |      |     |   ThaiOil |
|   |                 |       |      |       |      |     |     20%   |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Head Office: :  |       |      |       |      |     |           |
|   | 555/1 Energy    |       |      |       |      |     |           |
|   | Complex         |       |      |       |      |     |           |
|   | Building A,     |       |      |       |      |     |           |
|   | floor 4-5,      |       |      |       |      |     |           |
|   | Vi              |       |      |       |      |     |           |
|   | bhavadi-Rangsit |       |      |       |      |     |           |
|   | Road,           |       |      |       |      |     |           |
|   | Chatuchak,      |       |      |       |      |     |           |
|   | Chatuchak,      |       |      |       |      |     |           |
|   | Bangkok 10900   |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Telephone: 66   |       |      |       |      |     |           |
|   | (0) 2537- 3456  |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Facsimile: 66   |       |      |       |      |     |           |
|   | (0) 2537- 2935  |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+

+---+-----------------+-------+------+-------+------+-----+-----------+
| N | Company Name    | Type  | Abbr | N     | Par  | Sh  | Sha       |
| o |                 | of    | evia | umber | V    | are | reholders |
| . |                 | Bus   | tion | of    | alue | T   |           |
|   |                 | iness |      | S     |      | ype |           |
|   |                 |       |      | hares |      |     |           |
|   |                 |       |      | Sold  |      |     |           |
+===+=================+=======+======+=======+======+=====+===========+
| 3 | Carigali –      | Petr  | CPOC | 35    | MYR  | Or  | -         |
|   | PTTEPI          | oleum |      | 0,000 | 1    | din |    PTTEPI |
|   | Operating       | E     |      |       |      | ary |     50%   |
|   | Company         | xplor |      |       |      | Sh  |           |
|   | Sendirian       | ation |      |       |      | are | -   PCJDA |
|   | Berhad          | and   |      |       |      |     |           |
|   |                 | Produ |      |       |      |     |   Limited |
|   |                 | ction |      |       |      |     |     50%   |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Head Office:    |       |      |       |      |     |           |
|   | Tower 1,        |       |      |       |      |     |           |
|   | Petronas Twin   |       |      |       |      |     |           |
|   | Towers, Kuala   |       |      |       |      |     |           |
|   | Lumpur City     |       |      |       |      |     |           |
|   | Center, 50088,  |       |      |       |      |     |           |
|   | Kuala Lumpur,   |       |      |       |      |     |           |
|   | Malaysia        |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Telephone:      |       |      |       |      |     |           |
|   | (603) 2782-2555 |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Facsimile: -    |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
| 4 | Moattama Gas    | Gas   | MGTC | 1,00  | USD  | Or  | -         |
|   | Transportation  | Pip   |      | 0,000 | 0.03 | din |    PTTEPO |
|   | Company         | eline |      |       |      | ary |     25.5% |
|   |                 | in    |      |       |      | Sh  |           |
|   |                 | the   |      |       |      | are | -         |
|   |                 | Union |      |       |      |     |    Unocal |
|   |                 | of    |      |       |      |     |           |
|   |                 | My    |      |       |      |     |   Myanmar |
|   |                 | anmar |      |       |      |     |           |
|   |                 |       |      |       |      |     |  Offshore |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     |  28.2625% |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     | -   Total |
|   |                 |       |      |       |      |     |     E&P   |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     |   Myanmar |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     |  31.2375% |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     | -   MOGE  |
|   |                 |       |      |       |      |     |     15%   |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Head Office:    |       |      |       |      |     |           |
|   | No.5 Sacred     |       |      |       |      |     |           |
|   | Tooth Relic     |       |      |       |      |     |           |
|   | Lake Avenue,    |       |      |       |      |     |           |
|   | Punn Pin Gone   |       |      |       |      |     |           |
|   | Quarter No. 5,  |       |      |       |      |     |           |
|   | Mayangon        |       |      |       |      |     |           |
|   | Township,       |       |      |       |      |     |           |
|   | Yangon, The     |       |      |       |      |     |           |
|   | Union of        |       |      |       |      |     |           |
|   | Myanmar         |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Telephone:      |       |      |       |      |     |           |
|   | (951) 650-977,  |       |      |       |      |     |           |
|   | 660-466         |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Facsimile:      |       |      |       |      |     |           |
|   | (951) 650-478,  |       |      |       |      |     |           |
|   | 650-479         |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+

+---+-----------------+-------+------+-------+------+-----+-----------+
| N | Company Name    | Type  | Abbr | N     | Par  | Sh  | Sha       |
| o |                 | of    | evia | umber | V    | are | reholders |
| . |                 | Bus   | tion | of    | alue | T   |           |
|   |                 | iness |      | S     |      | ype |           |
|   |                 |       |      | hares |      |     |           |
|   |                 |       |      | Sold  |      |     |           |
+===+=================+=======+======+=======+======+=====+===========+
| 5 | Taninthayi      | Gas   | TPC  | 10    | USD  | Or  | -         |
|   | Pipeline        | Pip   |      | 0,000 | 1    | din |    PTTEPO |
|   | Company LLC     | eline |      |       |      | ary |           |
|   |                 | in    |      |       |      | Sh  | 19.31784% |
|   |                 | the   |      |       |      | are |           |
|   |                 | Union |      |       |      |     | -         |
|   |                 | of    |      |       |      |     |  Petronas |
|   |                 | My    |      |       |      |     |           |
|   |                 | anmar |      |       |      |     |  Carigali |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     |   Myanmar |
|   |                 |       |      |       |      |     |     (Hong |
|   |                 |       |      |       |      |     |     Kong) |
|   |                 |       |      |       |      |     |     Ltd   |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     | 40.91018% |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     | -   MOGE  |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     | 20.45414% |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     | -         |
|   |                 |       |      |       |      |     |    Nippon |
|   |                 |       |      |       |      |     |     Oil   |
|   |                 |       |      |       |      |     |     Ex    |
|   |                 |       |      |       |      |     | ploration |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     | (Myanmar) |
|   |                 |       |      |       |      |     |     Ltd   |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     | 19.31784% |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Head Office: 16 |       |      |       |      |     |           |
|   | Shwe Taung Kyar |       |      |       |      |     |           |
|   | Bahan, Yangon,  |       |      |       |      |     |           |
|   | The Union of    |       |      |       |      |     |           |
|   | Myanmar         |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Telephone:      |       |      |       |      |     |           |
|   | (951) 526-411-4 |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Facsimile:      |       |      |       |      |     |           |
|   | (951) 525-698   |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
| 6 | B8/32 Partners  | Petr  | B    | 11    | THB  | Or  | -         |
|   | Limited         | oleum | 8/32 | 0,000 | 100  | din |    PTTEPO |
|   |                 | E     | Part |       |      | ary |           |
|   |                 | xplor | ners |       |      | Sh  |  25.0009% |
|   |                 | ation |      |       |      | are |           |
|   |                 | and   |      |       |      |     | -   MOECO |
|   |                 | Produ |      |       |      |     |           |
|   |                 | ction |      |       |      |     |  16.7064% |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     | -   K     |
|   |                 |       |      |       |      |     | risEnergy |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     |   4.6346% |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     | -         |
|   |                 |       |      |       |      |     |   Chevron |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     |  53.6581% |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Head Office: 19 |       |      |       |      |     |           |
|   | Siam Commercial |       |      |       |      |     |           |
|   | Bank Park       |       |      |       |      |     |           |
|   | Plaza, East 3rd |       |      |       |      |     |           |
|   | Building, 5th   |       |      |       |      |     |           |
|   | floor,          |       |      |       |      |     |           |
|   | Ratchadapisek   |       |      |       |      |     |           |
|   | Road,           |       |      |       |      |     |           |
|   | Chatuchak,      |       |      |       |      |     |           |
|   | Bangkok, 10900  |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Telephone: 66   |       |      |       |      |     |           |
|   | (0) 2545-5555   |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Facsimile: -    |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+

+---+-----------------+-------+------+-------+------+-----+-----------+
| N | Company Name    | Type  | Abbr | N     | Par  | Sh  | Sha       |
| o |                 | of    | evia | umber | V    | are | reholders |
| . |                 | Bus   | tion | of    | alue | T   |           |
|   |                 | iness |      | S     |      | ype |           |
|   |                 |       |      | hares |      |     |           |
|   |                 |       |      | Sold  |      |     |           |
+===+=================+=======+======+=======+======+=====+===========+
| 7 | Hoang Long      | Petr  | HL   | -[37] | -    | -   | -   PTEP  |
|   | Joint Operating | oleum | JOC  |       |      |     |     HL    |
|   | Company         | E     |      |       |      |     |     28.5% |
|   |                 | xplor |      |       |      |     |           |
|   |                 | ation |      |       |      |     | -         |
|   |                 | and   |      |       |      |     |  PVEP 41% |
|   |                 | Produ |      |       |      |     |           |
|   |                 | ction |      |       |      |     | -   SOCO  |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     |    28.50% |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     | -   OPECO |
|   |                 |       |      |       |      |     |     2.0%  |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Head Office:    |       |      |       |      |     |           |
|   | Suite 2001, Me  |       |      |       |      |     |           |
|   | Linh Point      |       |      |       |      |     |           |
|   | Tower, 2 Ngo    |       |      |       |      |     |           |
|   | Duc Ke Street,  |       |      |       |      |     |           |
|   | District 1, Ho  |       |      |       |      |     |           |
|   | Chi Mihn City,  |       |      |       |      |     |           |
|   | S.R. Vietnam    |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Telephone:      |       |      |       |      |     |           |
|   | (848) 3829-9359 |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Facsimile:      |       |      |       |      |     |           |
|   | (848) 3822-6106 |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
| 8 | Hoan-Vu Joint   | Petr  | HV   | -[38] | -    | -   | -   PTTEP |
|   | Operating       | oleum | JOC  |       |      |     |     HV    |
|   | Company         | E     |      |       |      |     |     25%   |
|   |                 | xplor |      |       |      |     |           |
|   |                 | ation |      |       |      |     | -   SOCO  |
|   |                 | and   |      |       |      |     |     25%   |
|   |                 | Produ |      |       |      |     |           |
|   |                 | ction |      |       |      |     | -   PVEP  |
|   |                 |       |      |       |      |     |     50%   |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Head Office:    |       |      |       |      |     |           |
|   | Suite 2006, Me  |       |      |       |      |     |           |
|   | Linh Point      |       |      |       |      |     |           |
|   | Tower, 2 Ngo    |       |      |       |      |     |           |
|   | Duc Ke Street,  |       |      |       |      |     |           |
|   | District 1, Ho  |       |      |       |      |     |           |
|   | Chi Mihn City,  |       |      |       |      |     |           |
|   | S.R. Vietnam    |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Telephone:      |       |      |       |      |     |           |
|   | (848) 3823-9525 |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Facsimile:      |       |      |       |      |     |           |
|   | (848) 3823-9526 |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
| 9 | Mangalalu       | Oper  | -    | 600   | AUD  | Or  | -   PTTEP |
|   | Truscott        | ation |      |       | 1    | din |     AAO   |
|   | Airbase PTY Ltd | of    |      |       |      | ary |     50%   |
|   |                 | Air   |      |       |      | Sh  |           |
|   |                 | Base  |      |       |      | are | -         |
|   |                 |       |      |       |      |     |    Arthur |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     |  Hamilton |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     |   41.667% |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     | -   Alex  |
|   |                 |       |      |       |      |     |     Wood  |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     |    8.333% |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Head Office:    |       |      |       |      |     |           |
|   | Level 1, 40     |       |      |       |      |     |           |
|   | Cavenagh        |       |      |       |      |     |           |
|   | Street, Darwin, |       |      |       |      |     |           |
|   | Northern        |       |      |       |      |     |           |
|   | Territory,      |       |      |       |      |     |           |
|   | 0800, Australia |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Telephone: (61) |       |      |       |      |     |           |
|   | 8-8922-0930     |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Facsimile: (61) |       |      |       |      |     |           |
|   | 8-8922-0910     |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
| 1 | Troughton       | Oper  | -    | 100   | AUD  | Or  | -   PTTEP |
| 0 | Island Pty Ltd  | ation |      |       | 1    | din |     AAO   |
|   |                 | of    |      |       |      | ary |     50%   |
|   |                 |       |      |       |      | Sh  |           |
|   |                 | Air   |      |       |      | are | -         |
|   |                 | Base  |      |       |      |     |    Arthur |
|   |                 |       |      |       |      |     |           |
|   |                 | (     |      |       |      |     |  Hamilton |
|   |                 | Secon |      |       |      |     |     44%   |
|   |                 | dary) |      |       |      |     |           |
|   |                 |       |      |       |      |     | -   Alex  |
|   |                 |       |      |       |      |     |     Wood  |
|   |                 |       |      |       |      |     |     6%    |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Head Office:    |       |      |       |      |     |           |
|   | Level 1, 40     |       |      |       |      |     |           |
|   | Cavenagh        |       |      |       |      |     |           |
|   | Street, Darwin, |       |      |       |      |     |           |
|   | Northern        |       |      |       |      |     |           |
|   | Territory,      |       |      |       |      |     |           |
|   | 0800, Australia |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Telephone: (61) |       |      |       |      |     |           |
|   | 8-8922-0930     |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Facsimile: (61) |       |      |       |      |     |           |
|   | 8-8922-0910     |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+

+---+---------------+----------+------+-------+------+-----+-----------+
| N | Company Name  | Type of  | Abbr | N     | Par  | Sh  | Sha       |
| o |               | Business | evia | umber | V    | are | reholders |
| . |               |          | tion | of    | alue | T   |           |
|   |               |          |      | S     |      | ype |           |
|   |               |          |      | hares |      |     |           |
|   |               |          |      | Sold  |      |     |           |
+===+===============+==========+======+=======+======+=====+===========+
| 1 | Groupement    | P        | GBRS | -[39] | -    | -   | -   PTTEP |
| 1 | Bir Seba      | etroleum |      |       |      |     |     AG    |
|   |               | Exp      |      |       |      |     |     35%   |
|   |               | loration |      |       |      |     |           |
|   |               | and      |      |       |      |     | -   PVEP  |
|   |               | Pr       |      |       |      |     |     40%   |
|   |               | oduction |      |       |      |     |           |
|   |               |          |      |       |      |     | -         |
|   |               |          |      |       |      |     | Sonatrach |
|   |               |          |      |       |      |     |     25%   |
+---+---------------+----------+------+-------+------+-----+-----------+
|   | Head Office:  |          |      |       |      |     |           |
|   | Lot No.1,     |          |      |       |      |     |           |
|   | Lotissement   |          |      |       |      |     |           |
|   | Belle         |          |      |       |      |     |           |
|   | Vue-Hydra,    |          |      |       |      |     |           |
|   | Algiers,      |          |      |       |      |     |           |
|   | Algeria       |          |      |       |      |     |           |
+---+---------------+----------+------+-------+------+-----+-----------+
|   | Telephone:    |          |      |       |      |     |           |
|   |               |          |      |       |      |     |           |
|   | (213)         |          |      |       |      |     |           |
|   | 2194-5325 /   |          |      |       |      |     |           |
|   | 26 / 27       |          |      |       |      |     |           |
+---+---------------+----------+------+-------+------+-----+-----------+
|   | Facsimile:    |          |      |       |      |     |           |
|   | (213)         |          |      |       |      |     |           |
|   | 2194-5320 /   |          |      |       |      |     |           |
|   | 22            |          |      |       |      |     |           |
+---+---------------+----------+------+-------+------+-----+-----------+
| 1 | PTT FLNG      | Manufa   | PTT  | 1,000 | HKD  | Or  | -   PTTEP |
| 2 | Limited       | cture/Pr | FLNG |       | 10   | din |     FH    |
|   |               | oduction |      |       |      | ary |     50%   |
|   |               | /Trading |      |       |      | Sh  |           |
|   |               | of       |      |       |      | are | -   PTT   |
|   |               | Oil/G    |      |       |      |     |     Inte  |
|   |               | as/Other |      |       |      |     | rnational |
|   |               | Energy   |      |       |      |     |     (S    |
|   |               | Supply   |      |       |      |     | ingapore) |
|   |               |          |      |       |      |     |           |
|   |               |          |      |       |      |     |   Company |
|   |               |          |      |       |      |     |     Pte.  |
|   |               |          |      |       |      |     |     Ltd.  |
|   |               |          |      |       |      |     |     50%   |
+---+---------------+----------+------+-------+------+-----+-----------+
|   | Head Office:  |          |      |       |      |     |           |
|   | 1401          |          |      |       |      |     |           |
|   | Hutchison     |          |      |       |      |     |           |
|   | House, 10     |          |      |       |      |     |           |
|   | Harcourt      |          |      |       |      |     |           |
|   | Road, Hong    |          |      |       |      |     |           |
|   | Kong          |          |      |       |      |     |           |
+---+---------------+----------+------+-------+------+-----+-----------+
|   | Tel           |          |      |       |      |     |           |
|   | ephone: (852) |          |      |       |      |     |           |
|   | 2846 1888     |          |      |       |      |     |           |
+---+---------------+----------+------+-------+------+-----+-----------+
|   | Facsimile:    |          |      |       |      |     |           |
|   | (852) 2845    |          |      |       |      |     |           |
|   | 0476          |          |      |       |      |     |           |
+---+---------------+----------+------+-------+------+-----+-----------+

+---+---------------+----------+------+-------+------+-----+-----------+
| N | Company Name  | Type of  | Abbr | N     | Par  | Sh  | Sha       |
| o |               | Business | evia | umber | V    | are | reholders |
| . |               |          | tion | of    | alue | T   |           |
|   |               |          |      | S     |      | ype |           |
|   |               |          |      | hares |      |     |           |
|   |               |          |      | Sold  |      |     |           |
+===+===============+==========+======+=======+======+=====+===========+
| 1 | Erawan 2 FSO  | Lease of | Er   | 100   | USD  | Or  | -         |
| 3 | Bahamas Ltd.  |          | awan |       | 1    | din |   Chevron |
|   |               | FSO      | 2    |       |      | ary |           |
|   |               | (vessel) | FSO  |       |      | Sh  |    Global |
|   |               |          | Bah  |       |      | are |           |
|   |               |          | amas |       |      |     |    Energy |
|   |               |          |      |       |      |     |     Inc.  |
|   |               |          |      |       |      |     |           |
|   |               |          |      |       |      |     |    65.91% |
|   |               |          |      |       |      |     |           |
|   |               |          |      |       |      |     | -   JV    |
|   |               |          |      |       |      |     |           |
|   |               |          |      |       |      |     |    Marine |
|   |               |          |      |       |      |     |     Ltd.  |
|   |               |          |      |       |      |     |           |
|   |               |          |      |       |      |     |    13.11% |
|   |               |          |      |       |      |     |           |
|   |               |          |      |       |      |     | -   MOECO |
|   |               |          |      |       |      |     |           |
|   |               |          |      |       |      |     |    20.98% |
+---+---------------+----------+------+-------+------+-----+-----------+
|   | Head Office:  |          |      |       |      |     |           |
|   | Ocean Centre, |          |      |       |      |     |           |
|   | Montagu       |          |      |       |      |     |           |
|   | Foreshore,    |          |      |       |      |     |           |
|   |               |          |      |       |      |     |           |
|   | East Bay      |          |      |       |      |     |           |
|   | Street,       |          |      |       |      |     |           |
|   | Nassau,       |          |      |       |      |     |           |
|   |               |          |      |       |      |     |           |
|   | New           |          |      |       |      |     |           |
|   | Providence,   |          |      |       |      |     |           |
|   | Bahamas       |          |      |       |      |     |           |
|   |               |          |      |       |      |     |           |
|   | P.O. Box      |          |      |       |      |     |           |
|   | SS-19084,     |          |      |       |      |     |           |
|   | Nassau,       |          |      |       |      |     |           |
|   | New           |          |      |       |      |     |           |
|   | Providence,   |          |      |       |      |     |           |
|   | Bahamas       |          |      |       |      |     |           |
+---+---------------+----------+------+-------+------+-----+-----------+
|   | Telephone: -  |          |      |       |      |     |           |
+---+---------------+----------+------+-------+------+-----+-----------+
|   | Facsimile: -  |          |      |       |      |     |           |
+---+---------------+----------+------+-------+------+-----+-----------+
| 1 | Leismer       | O        | LAL  | 200   | No   | Or  | -         |
| 4 | Aerodrome     | peration |      |       | Par  | din |   Statoil |
|   | Limited       | of       |      |       | V    | ary |           |
|   |               |          |      |       | alue | Sh  |    Canada |
|   |               | Air Base |      |       |      | are |     Ltd.  |
|   |               |          |      |       |      |     |     96%   |
|   |               |          |      |       |      |     |           |
|   |               |          |      |       |      |     | -   PTTEP |
|   |               |          |      |       |      |     |     CA    |
|   |               |          |      |       |      |     |     64%   |
|   |               |          |      |       |      |     |           |
|   |               |          |      |       |      |     | -   FCCL  |
|   |               |          |      |       |      |     |     Pa    |
|   |               |          |      |       |      |     | rtnership |
|   |               |          |      |       |      |     |     40%   |
+---+---------------+----------+------+-------+------+-----+-----------+
|   | Head Office:  |          |      |       |      |     |           |
|   | Suite 3600,   |          |      |       |      |     |           |
|   | 308 – 4^(th)  |          |      |       |      |     |           |
|   | Ave S.W.,     |          |      |       |      |     |           |
|   | Calgary,      |          |      |       |      |     |           |
|   | Alberta T2P   |          |      |       |      |     |           |
|   | 0H7, Canada   |          |      |       |      |     |           |
+---+---------------+----------+------+-------+------+-----+-----------+
|   | Telephone:    |          |      |       |      |     |           |
|   | (403)         |          |      |       |      |     |           |
|   | 234-0123      |          |      |       |      |     |           |
+---+---------------+----------+------+-------+------+-----+-----------+
|   | Facsimile:    |          |      |       |      |     |           |
|   |  (403)        |          |      |       |      |     |           |
|   | 234-0103      |          |      |       |      |     |           |
+---+---------------+----------+------+-------+------+-----+-----------+

+---+---------------+----------+------+-------+------+-----+-----------+
| N | Company Name  | Type of  | Abbr | N     | Par  | Sh  | Sha       |
| o |               | Business | evia | umber | V    | are | reholders |
| . |               |          | tion | of    | alue | T   |           |
|   |               |          |      | S     |      | ype |           |
|   |               |          |      | hares |      |     |           |
|   |               |          |      | Sold  |      |     |           |
+===+===============+==========+======+=======+======+=====+===========+
| 1 | Asia Pacific  | Lease of | Asia | 1     | EUR  | Or  | -         |
| 5 | Marine        | FSO      | Pac  | 8,000 | 1    | din |    Erawan |
|   | Services (EF) | (vessel) | ific |       |      | ary |     2 FSO |
|   | B.V.          |          | Ma   |       |      | Sh  |           |
|   |               |          | rine |       |      | are |   Bahamas |
|   |               |          | Serv |       |      |     |     Ltd.  |
|   |               |          | ices |       |      |     |     100%  |
+---+---------------+----------+------+-------+------+-----+-----------+
|   | Head Office:  |          |      |       |      |     |           |
|   | Naritaweg 165 |          |      |       |      |     |           |
|   | Telestone 8,  |          |      |       |      |     |           |
|   | Amsterdam     |          |      |       |      |     |           |
+---+---------------+----------+------+-------+------+-----+-----------+
|   | Telephone:  - |          |      |       |      |     |           |
+---+---------------+----------+------+-------+------+-----+-----------+
|   | Facsimile:  - |          |      |       |      |     |           |
+---+---------------+----------+------+-------+------+-----+-----------+
| 1 | UAQ Petroleum | P        | UAQ  | 1     | HKD  | Or  | -   PTTEP |
| 6 | Inc.          | etroleum |      | 0,000 | 1    | din |     FH    |
|   |               | Exp      |      |       |      | ary |     30%   |
|   |               | loration |      |       |      | Sh  |           |
|   |               | and      |      |       |      | are | -         |
|   |               | Pr       |      |       |      |     |  CanEmird |
|   |               | oduction |      |       |      |     | Petroleum |
|   |               |          |      |       |      |     |     (UAQ) |
|   |               |          |      |       |      |     |     Corp. |
|   |               |          |      |       |      |     |     70%   |
+---+---------------+----------+------+-------+------+-----+-----------+
|   | Head Office:  |          |      |       |      |     |           |
|   | Room 2402,    |          |      |       |      |     |           |
|   | 24/F., CC Wu  |          |      |       |      |     |           |
|   | Building,     |          |      |       |      |     |           |
|   | 302-308       |          |      |       |      |     |           |
|   | Hennessy      |          |      |       |      |     |           |
|   | Road,         |          |      |       |      |     |           |
|   | Wanchai, Hong |          |      |       |      |     |           |
|   | Kong          |          |      |       |      |     |           |
+---+---------------+----------+------+-------+------+-----+-----------+
|   | Telephone:    |          |      |       |      |     |           |
|   | (852)         |          |      |       |      |     |           |
|   | 2525-3318     |          |      |       |      |     |           |
+---+---------------+----------+------+-------+------+-----+-----------+
|   | Facsimile:    |          |      |       |      |     |           |
|   |  (852)        |          |      |       |      |     |           |
|   | 2521-8087     |          |      |       |      |     |           |
+---+---------------+----------+------+-------+------+-----+-----------+

+---+-----------------+-------+------+-------+------+-----+-----------+
| N | Company Name    | Type  | Abbr | N     | Par  | Sh  | Sha       |
| o |                 | of    | evia | umber | V    | are | reholders |
| . |                 | Bus   | tion | of    | alue | T   |           |
|   |                 | iness |      | S     |      | ype |           |
|   |                 |       |      | hares |      |     |           |
|   |                 |       |      | Sold  |      |     |           |
+===+=================+=======+======+=======+======+=====+===========+
| 1 | NST Supply Base | Petr  | NST  | 1,00  | THB  | Or  | -         |
| 7 | Company         | oleum | Su   | 0,000 | 1    | din |   Chevron |
|   | Limited[40]     | S     | pply |       | ,000 | ary |           |
|   |                 | upply | Base |       |      | Sh  |  Thailand |
|   |                 | Base, |      |       |      | are |     Ex    |
|   |                 | Port  |      |       |      |     | ploration |
|   |                 | and   |      |       |      |     |     and   |
|   |                 | Ware  |      |       |      |     |     P     |
|   |                 | house |      |       |      |     | roduction |
|   |                 |       |      |       |      |     |     Ltd.  |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     |    62.86% |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     | -   MOECO |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     |    20.58% |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     | -   JV    |
|   |                 |       |      |       |      |     |     Shore |
|   |                 |       |      |       |      |     |     Base  |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     |    15.67% |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     | -   K     |
|   |                 |       |      |       |      |     | risEnergy |
|   |                 |       |      |       |      |     |     Inte  |
|   |                 |       |      |       |      |     | rnational |
|   |                 |       |      |       |      |     |     (     |
|   |                 |       |      |       |      |     | Thailand) |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     |  Holdings |
|   |                 |       |      |       |      |     |     Ltd., |
|   |                 |       |      |       |      |     |     0.56% |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     | -         |
|   |                 |       |      |       |      |     |    Palang |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     |    Sophon |
|   |                 |       |      |       |      |     |           |
|   |                 |       |      |       |      |     |   Limited |
|   |                 |       |      |       |      |     |     0.33% |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Head Office: 19 |       |      |       |      |     |           |
|   | SCB Park Plaza, |       |      |       |      |     |           |
|   | Tower East      |       |      |       |      |     |           |
|   | 5^(th) Floor,   |       |      |       |      |     |           |
|   | Ratchadapisek   |       |      |       |      |     |           |
|   | Rd., Chatuchak, |       |      |       |      |     |           |
|   | Bangkok 10900   |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Telephone:  66  |       |      |       |      |     |           |
|   | (0) 2545-5555   |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Facsimile:  66  |       |      |       |      |     |           |
|   | (0) 2545-5454   |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
| 1 | Natuna 2 B.V.   | Petr  | Na   | 9     | EUR  | Or  | -   PTTEP |
| 8 |                 | oleum | tuna | 0,000 | 1    | din |     NH    |
|   |                 | E     | 2    |       |      | ary |     50%   |
|   |                 | xplor |      |       |      | Sh  |           |
|   |                 | ation |      |       |      | are | -   PT    |
|   |                 | and   |      |       |      |     |           |
|   |                 | Produ |      |       |      |     | Pertamina |
|   |                 | ction |      |       |      |     |           |
|   |                 |       |      |       |      |     | (Persoro) |
|   |                 |       |      |       |      |     |     50%   |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Head Office:    |       |      |       |      |     |           |
|   | Te              |       |      |       |      |     |           |
|   | leportboulevard |       |      |       |      |     |           |
|   | 140, 1043 EJ    |       |      |       |      |     |           |
|   | Amsterdam, The  |       |      |       |      |     |           |
|   | Netherlands     |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Telephone:  -   |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+
|   | Facsimile:  -   |       |      |       |      |     |           |
+---+-----------------+-------+------+-------+------+-----+-----------+

6.4 References

1) Share Registrar

  Name Thailand Securities Depository Company Limited

  Address 62 the Stock Exchange of Thailand Building,
  Rachadapisek Road, Klongtoey, Bangkok 10110, Thailand

  Telephone +66-2229-2800

  TSD Call center +66-2229-2888

  Facsimile +66-2359-1259

  Email TSDCallCenter@set.or.th

  Website http://www.tsd.co.th

2) Registrar and Paying Agent

  2.1) Registrar and paying agent for THB 2,500 million debentures
  issued in March 2003, THB 5,000 million debentures issued in May 2009,
  and THB 5,000 million subordinated capital debentures issued in June
  2012

  Name TMB Bank Public Company Limited

  Address Floor 5A, 3000 Phahon Yothin Road, Chatuchak,

  Bangkok 10900, Thailand

  Telephone +66-2299-1536, +66-2299-1321

  Facsimile +66-2242-3270

  2.2) Registrar and Paying Agent for THB 11,400 million debentures
  issued in June 2014 and THB 8,200 million debentures issued in June
  2014

  Name Siam Commercial Bank Public Company Limited

  Address Floor 3, Building 2, 1060 Phetchaburi Road, Makkasan,

  Ratchthewee, Bangkok 10400, Thailand

  Telephone +66-2256-2325, +66-2256-2326, +66-2256-2327

  Facsimile +66-2256-2406

3) Debenture Holders’ Representative

  3.1) Debenture holders’ representative for THB 5,000 million
  debentures issued in May 2009 and THB 5,000 million subordinated
  capital debentures issued in June 2012

  Name Siam Commercial Bank Public Company Limited

  Address Floor 3, Building 2, 1060 Phetchaburi Road, Makkasan,

  Ratchthewee, Bangkok 10400, Thailand

  Telephone +66-2256-2316

  Facsimile +66-2256-2401, +66-2256-2402, +66-2256-2403, +66-2256-2404

4) Trustee

4.1) Trustee for USD 500 million debentures issued in July 2010, USD 700
million debentures issued in April 2011, USD 500 million debentures
issued in September 2013, and USD 1,000 million subordinated capital
debentures issued in June 2014

  Name BNY Mellon Corporate Trust

  Address #03-01 Millenia Tower, 1 Temasek Avenue, Singapore 039192

  Telephone +65-6432-0351, +65-6432-0354, +65-6432-0120

  Facsimile +65-6883-0338

  4.2) Trustee for USD 490 million debentures issued in June 2012

  Name Citicorp International Limited

  Address Floor 39, Citibank Tower, 3 Garden Road, Central, Hong Kong

  Telephone +852-2868-7964

  Facsimile +852-2323-0279

5) Registrar Paying Agent and Debenture Holders’ Representative

5.1) Registrar paying agent and debenture holders’ representative for
USD 200 million debentures issued in August 2010

  Name Bangkok Bank Public Company Limited

  Address Floor 24, Securities Service Department 333, Silom Road,
  Bangrak, Bangkok 10500, Thailand

  Telephone +66-2230-1894

Facsimile +66-2636-5697

6) Registrar and Paying Agent

6.1) Registrar and paying agent for bills of exchange with a total
revolving credit of up to THB 50,000 million

  Name TMB Bank Public Company Limited

  Address Floor 5A, 3000 Phahon Yothin Road, Chompon, Chatuchak, Bangkok
  10900, Thailand

  Telephone +66-2299-1536, +66-2299-1321

  Facsimile +66-2242-3270

7) Facility Agent

7.1) Facility agent for USD 500 million loan agreement dated in November
2010

  Name The Bank of Tokyo-Mitsubishi UFJ Limited

  Address Floor 6, AIA Central, 1 Connaught Road, Central, Hong Kong

  Telephone +852-2823-6698, +852-2823-6691-3

Facsimile +852-2823-6686

7.2) Facility agent for CAD 300 million loan agreement dated in April
2012

  Name Sumitomo Mitsui Banking Corporation

  Address Floor 7-8, One International Finance Centre, 1 Harbour View
  Street, Central, Hong Kong

  Telephone +852-2206-2130, +852-2206-2131

Facsimile +852-2206-2988

8) Process Agent for Equity

  8.1) Name CT Corporation System

  Address Floor 13, 111, Eighth Avenue, New York, NY 10011

  United States

  Telephone +1-212-894-8800

Facsimile -

9) Interest Rate Swap Counterparties

9.1) Name Kasikornbank Public Company Limited

Division Capital Markets Business Division

Address 400/22 Phahon Yothin Avenue, Samsen-Nai, Phayathai

  Bangkok 10400, Thailand

  Telephone +66-2470-2020

  Facsimile +66-2470-3065

9.2) Name The Hongkong and Shanghai Banking Corporation Limited

Division Corporate Marketing and Sales

Address 968 HSBC Building, Rama IV Road, Silom, Bangrak,

Bangkok 10500, Thailand

  Telephone +66-2614-4847, +66-2614-4848

  Facsimile +66-2632-4831

10) Cross Currency Swap Counterparties

  10.1) Name Krung Thai Bank Public Company Limited

  Division Corporate Sales, Treasury

  Address Building 1 (Nana-Nue), Floor 5, 35 Sukhumvit Road,

  Klongtoey-Nue, Wattana, Bangkok 10110, Thailand

  Telephone +66-2208-4815

  Facsimile +66-2256-8398

  10.2) Name Kasikornbank Public Company Limited

  Division Capital Markets Business Division

  Address 400/22 Phahon Yothin Avenue, Samsen-Nai, Phayathai

  Bangkok 10400, Thailand

  Telephone +66-2470-2020

  Facsimile +66-2470-3065

  10.3) Name Deutsche Bank AG, Bangkok Branch

  Division Corporate Treasury Sales

  Address 63 Athenee Tower, 27-29 Floor, Wireless Road, Lumpini,

  Pathumwan, Bangkok 10330, Thailand

  Telephone +66-2646-5139

  Facsimile +66-2651-5892

  10.4) Name Siam Commercial Bank Public Company Limited

  Division Corporate Banking Division 4, Wholesale Banking Group

  Address Floor 8, Zone B, 9 Ratchadapisek Road, Chatuchak,

  Bangkok 10900, Thailand

  Telephone +66-2544-2483

  Facsimile +66-2937-7969

  10.5) Name Barclays Bank PLC

  Division Investment Banking

  Address Level 28 One Raffles Quay South Tower, Singapore 048583

  Telephone +65-6308-2075

  Facsimile +65-6308-3319

11) Auditor

  11.1) Name  Office of the Auditor General of Thailand

  Address     Soi Areesampan, Rama VI Road, Phayathai

  Bangkok 10400, Thailand

  Telephone   +66-2271-8112

  Facsimile     +66-2618-5788

12) Legal Advisors

  12.1) Name  Alem & Associate

  Address   126 Foch Street, Beirut Central District,

  Beirut 2012 6609, Lebanon

  Telephone  +96-1199-9717

  Facsimile   +96-1199-9607

  12.2) Name  Allens & Overy

  Address   Level 25, 85 Castlereagh Street,

  Sydney NSW 2000, Australia

  Telephone  +61-2-9373-7700

  Facsimile   +61-2-9373-7710

  12.3) Name  Ashurst LLP

  Address   12 Marina Boulevard, #24-01 Marina Bay,

  Financial Centre Tower 3, Singapore 018982

  Telephone  +65-6221-2214

  Facsimile   +65-6221-5484

  12.4) Name  Baker Botts

  Address   One Shell Plaza 910 Louisiana Street, Houston,

  Texas 77002-4995, United States

  Telephone  +1-713-229-1234

  Facsimile   +1-713-229-1522

  12.5) Name  Baker & McKenzie/ Trench, Rossi e Watanabe Advogados

  (Associado a Baker & McKenzie International)

  Address 1  Centro Empresarial Internacional Rio Av. Rio Branco, 1, 19º
  andar, Setor B 20090-003 Rio de Janeiro, RJ - Brasil

  Telephone  +55-21-2206-4900

  Facsimile   +55-21-2206-4949

  Address 2  Floor 25, Abdulrahim Place, 990 Rama IV Road,

  Bangkok 10500, Thailand

  Telephone  +66-2636-2000

  Facsimile   +66-2636-2111

  12.6) Name  Herbert Smith Freehills LLP

  Address 1 22F West Tower, Center 1 Building 26, Eulji-ro 5-gil,
  Jung-gu,

  Seoul Korea 100-210

  Telephone  +82-2-6321-5600

  Facsimile   +82-2-6321-5601

  Address 2 Exchange House Primrose Street,

  London EC2A 2EG London office DX: 28 England

  Telephone  +44-20-7374-8000

  Facsimile   +44-20-7374-0888

  12.7) Name  King & Wood Mallesons

  Address   Level 30 QV.1 Building, 250 St. Georges Terrace,

  WA 6000 Australia

  Telephone  +61-8-9269-7000

  Facsimile   +61-8-9269-7999

  12.8) Name  Latham & Watkins

  Address   Floor 18, One Exchange Square, 8 Connaught Place,

  Central, Hong Kong

  Telephone  +852-2912-2500

  Facsimile   +852-2912-2600

  12.9) Name  Mochtar Karuwin Komar

  Address   Floor 14, Wisma Metropolitan II, Jl. Jend.

  Sudirman Kav. 31, Jakarta 12820 Indonesia

  Telephone  +62-2-1571-1130

  Facsimile   +62-2-1571-1162, +62-2-1570-1686

  12.10) Name  Pracha Tooppoltup Law Office

  Address   54 Soi 73 Chokchai 4 Road, Ladprao, Ladprao,

  Bangkok 10230, Thailand

  Telephone  +66 2530 3173

  Facsimile   -

  12.11) Name  SAL & Caldeira Advogadoes, Lda.

  Address   Julius Nyerere Av. 3412, Maputo, Mozambique - Cx – Postal
  2830

  Telephone  +25-8-2124-1400

  Facsimile   +25-8-2149-4710

  12.12) Name  Siam Premier International Law Office Limited

  Address   The Offices of Central World, 26th Floor, 999/9 Rama 1 Road,
  Pathumwan, Bangkok 10330, Thailand

  Telephone  +66 2646 1888

  Facsimile   -

  12.13) Name  Slaughter and May (Hong Kong)

  Address   Floor 47, Jardine House, One Connaught Place,
  Central Hong Kong

  Telephone  +852-2521-0551

  Facsimile   +852-2845-2125

  12.14) Name  Stikeman Elliot LLP

  Address   4300 Bankers Hall West, 888 - 3rd Street S.W. Calgary,

  Alberta T2P 5C5, Canada

  Telephone  +40-3266-9000

  Facsimile   +40-3266-9034

  12.15) Name  Tauil & Chequer Advogados associado a Mayer Brown LLP

  Address   Rua Teixeira de Freitas, 31-7^(th), 8^(th) and 9^(th)
  Floors,

  20021-350, Rio de Janeiro – RJ, Brazil

  Telephone  +55-21-2127-4210

  Facsimile   +55-21-2127-4211

  12.16) Name  Vilaf Vietnam International Law Firm

  Address   Suite 603, HCO Building (Melia) 44B Ly, Thuong Kiet Street,

  Hanoi, Vietnam

  Telephone  +84-4-3934-8530

  Facsimile   +84-4-3934-8531

  12.17) Name  Vinson & Elkins LLP

  Address   Trammell Crow Center, 2001 Ross Avenue, Suite 3700 Dallas,

  Texas 75201-2975, United States

  Telephone  +1-214-220-7700

  Facsimile   +1-214-220-7716

13) Advisors to the Board of Directors

  13.1) Name Mr. Tongchat Hongladarom

  Address 8/48 Prasanmit Condominium, Sukhumvit 23,

  Klongtoey-Nua, Wattana, Bangkok 10110, Thailand

Telephone +66-2258-4363

Facsimile +66-2258-4363

  13.2) Name Ms. Sukhon Kanchanalai

  Address 188 Soi 16, Tesbanimit Tai Road, Prachanivej, Chatuchak,

  Bangkok 10900, Thailand

  Telephone +66-2589-5566

  Facsimile -

6.5 Other Significant Information

- None -

[1] Excluding Indonesia Sadang, Indonesia Semai II and A4/48 & A5/48
projects which PTTEP has submitted relinquishment documents to the
respective governments of each project and been waiting for the official
approval.

[2] Waiting for the official approval from Indonesian government to
change the participation interest resulting from Talisman’s withdrawal
from the project. After the approval, PTTEP will hold 50.75%
participation interest (increasing from 34%) and TOTAL will hold 49.25%
participation interest of the project.

[3] PTTEP Australasia Project holds many petroleum blocks which have
various participation interests from 20 – 100%.

[4] Currently, the Ministry of Energy

[5] Under section 36 of Petroleum Act (No. 4) B.E. 2532, all petroleum
concessionaires under Thailand II have applied to be subject to the
criteria under Thailand III.

[6] Op. Cit., footnote 1

[7] Petroleum Act B.E. 2514 as amended by No. 6 B.E. 2550 became
effective on October18, 2007.

[8] Included the Proved Reserves of LPG and Bitumen

[9] See more detail in Attachment 5 – Supplementary Information of Oil
and Gas Producing Activities

[10] On April 10, 2014, PTTEP International Limited (PTTEPI), an
operator of the exploration Block L21/48 and L28/48 had received the
approval of the return of the exploration Block L21/48 after the
fulfilment of the concession requirements for the year one of the
exploration phase 3.

[11] On August 12, 2014, other joint venture of Myanmar M11 Project has
submitted a request to terminate its 15% participating interests. The
termination was effective as of October 22, 2014 based on Joint
Operating Agreement. As a result, PTTEP International Limited (PTTEPI)’s
participating interests in Block G6/50 was increased from 45% to
52.9412% and PTTEPI will continue to be an operator in this project.

[12] On December 23, 2014, PTTEP International Limited (PTTEPI), an
operator of the exploration Block A4/48 and A5/48 had sent the
notification letter to request the return of a 100% exploration Block
A4/48 and A5/48. The return will be effective after the official
approval from the Department of Mineral Fuels.

[13] PTTEPO has shareholding in Orange Energy Limited and B 8/32
Partners Limited, which holds the project’s concession.

[14] On November 7, 2014, PTTEP Semai II Limited (PTTEP SM) and its
joint ventures have submitted a request to terminate and return the
exploration block of Indonesia Semai II Project after fulfillment the
requirements of the Production Sharing Contract. The termination will be
effective after the approval from the government of Indonesia.

[15] On August 8, 2014, PTTEP South Asia Limited (PTTEP SA) had entered
into the Production Sharing Contract (PSC) with Myanmar Oil and Gas
Enterprise (MOGE) to obtain the exploration and production rights of
Block MOGE 3 located in the Republic of the Union of Myanmar. Upon
entering into the contract, PTTEP SA is the operator and holds 85%
participating interests.

[16] On September 24, 2014, PTTEP New Zealand Limited (PTTEP NZ) has
received the approval from the government of New Zealand to terminate
its 18% participating interests under the New Zealand Great South
Project.

[17] On June 1, 2013, PTTEP South Mandar Limited (PTTEP SMD) has
received the transfer of the participating interests in the Indonesia
South Mandar Project from Talisman Sount Mandar B.V. As a result, the
participating interest in the project was increased from 34% to
50.7463%. The transfer will be effective after the approval from the
government of Indonesia.

[18] On June 3, 2013, PTTEP Sadang Limited (PTTEP SD) and its joint
venture have submitted a request to terminate and return the exploration
block of Indonesia Sadang Project after fulfilment the minimum operating
requirements of exploration phase 1. The termination will be effective
after the approval from the government of Indonesia.

[19] On September 13, 2013, PTTEP South Sageri Limited (PTTEP SS) had
terminated its 20% participating interests under the Indonesia South
Sageri Project. The termination was approved by the government of
Indonesia on July 8, 2014

[20] On January 30, 2014, PTTEP Canada Limited (PTTEP CA), a subsidiary
of the Company, had signed into a Partnership Units Redemption Agreement
(PURA) with Statoil Canada Limited, a joint venture partner of Canada
Oil Sands KKD (KKD) Project, to restructure the ownership interests of
the five areas of the KKD Project, whereby PTTEP CA exchanged its 40%
participating interests in Leismer and Corner (L&C) areas with the 60%
participating interests in Thournbury, Hangingstone and South Leismer
(THSL) areas.

[21] On September 18, 2014, PTTEP Australasia (Ashmore Cartier) Pty Ltd
has submitted a request to terminate its 50% participating interests in
the AC/P 4 concession block. The termination was approved by the
government of Australia on October 29, 2014.

[22] On May 29, 2014, Cove Energy Kenya Limited (CEKL) had been approved
by the government of Kenya for the termination of the 15% participating
interests under Kenya L10 B Project. The termination was effective as of
May 31, 2014.

[23] On April 3, 2014, PTTEP Brazil Investments in Oil and Gas
Exploration and Production Limitada (PTTEP BL), a subsidiary of the
Group, had entered into an agreement with BG E&P Brasil Ltda. (BG
Brasil) to farm-in and hold 25% participating interests in the
exploration blocks BAR-M-215, BAR-M-217, BAR-M-252 and BAR-M-254. The
agreement had been officially approved by the Brazil's National Agency
of Petroleum, Natural Gas and Biofuels (the ANP) on August 6, 2014.

[24] On July 22, 2014, PTTEP Brazil Investments in Oil and Gas
Exploration and Production Limitada (PTTEP BL), a subsidiary of the
Group, had entered into an agreement to acquire 20% participating
interests in concession blocks BM-ES-23 from Shell Brasil Petroleo Ltda
(Shell Brasil). The agreement had been officially approved by the
Brazil's National Agency of Petroleum, Natural Gas and Biofuels (the
ANP) on October 31, 2014.

[25] On April 22, 2014, PTTEP Offshore Investment Company Limited and
PTTEP International Limited, subsidiaries of the Group, had signed the
Share Purchase Agreement (SPA) to acquire 100% equity stakes in Hess
Thailand Holdings II Limited (HTH) and Hess Exploration Thailand Company
Limited (HETCL), Hess Corporation’s subsidiaries.

The transaction of HTH was completed on April 22, 2014. As a result, the
Company’s participating interests in Block B12/27 of Contract 4 Project
and Block EU-1 and Block E5 North of Sinphuhorm Project increased by 15%
and 35%, respectively. Also, the transaction of HETCL was completed on
May 28, 2014, therefore the Company owned the increasing of 15%
participating interests in Block G7/50 of Contract 4 Project. The Group
has become the operator of Sinphuhorm Project after the acquisition.

Then, the Company changes name of HTH and HETCL to Sinphuhorm Holdings
Limited and PTTEP G7 Limited, respectively.

[26] PTTEP AP’s group associates are Mungalalu Truscott Airbase Pty Ltd.
and Troughton Island Pty Ltd.

[27] has shareholding in Asia Pacific Marine Services (EF) B.V. 100%

[28] The additional information is disclosed in Note 6 to financial
statements, Restructuring of the Ownership Interests in Canada Oil Sands
KKD (KKD) Project.

[29] Formerly known as Hess Exploration (Thailand) Company Limited

[30] Formerly known as Hess Thailand Holdings II Limited

[31] Total amount equals AUD 200,631,256.48 (plus AUD 19,826,452.31 for
the preference shares and AUD 770,914.25 for the Class B shares = total
AUD 221,288,623.04).

[32] A type of share issued to employees under an Employee Share Option
Plan, which was subsequently acquired by PTTEPAB.

[33] PTTEP AB acquired PTTEP AT’s 50 shares for a total amount of AUD
41,352,439.

[34] PTTEP NC had total amount of Member Contribution of USD
1,085,050,500.00 from 2010 to 2014.

[35] PTTEP NH had total amount of Member Contribution of USD
324,373,816.77 from 2013 to 2014.

[36] Formerly known as Hess (Thailand) Limited

[37] No share was issued. Percentage of shareholding is subject to
participation interest of the concession.

[38] No share was issued. Percentage of shareholding is subject to
participation interest of the concession.

[39] No share was issued. Percentage of shareholding is subject to
participation interest of the concession.

[40] NST Supply Base Company Limited is in liquidation process.