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SET Notification

Notification of the results of the repurchase of US$ denominated debt securities and fundraising through issuance of new US$ denominated debt securities of PTT Exploration and Production Public Company Limited's group

27 July 2017

PTTEP 13061/00-6034/2017

Investor Relations
Tel. 0-2537-5919, 0-2537-5304, 0-2537-5779
0-2537-4446, 0-2537-4000 ext. 800-7374

27 July 2017

President

The Stock Exchange of Thailand

93 Ratchadaphisek Road, Dindaeng

Bangkok 10400

Dear Sir,

Subject: Notification of the results of the repurchase of US$ denominated debt securities and fundraising through issuance of new US$ denominated debt securities of PTT Exploration and Production Public Company Limited's group

Reference: Letter No. PTTEP 13061/00-5232/2017, dated 23 June 2017

PTT Exploration and Production Public Company Limited ("PTTEP" or the "Company") hereby notifies you of the results of the liability management exercise for its group companies with respect to US$ denominated debts, as follows:

the US$ denominated subordinated perpetual capital securities, which were previously issued and offered by PTTEP in 2014 in the total aggregate principal amount of US$1,000 million have been repurchased by PTTEP in an amount of approximately US$855 million (being 85 percent of the total aggregate principal amount of the securities of such series) and, as a result, the remaining total principal amount of such securities is approximately US$145 million; and
the new US$ denominated subordinated perpetual capital securities, fully guaranteed by PTTEP, have been issued and offered by PTTEP Treasury Center Company Limited to investors offshore in an amount equal to the amount of the securities repurchased by PTTEP as specified in paragraph 1 above. The said new securities were issued in 2 series, details of which as follows:

Series 1: Securities offered and issued on 17 July 2017 in the total aggregate principal amount of US$500 million with a fixed interest rate of 4.600 percent per annum for the period from the issue date of the securities to 17 July 2022, with the right to early redeem the entire amount of such series of securities, which shall be first exercisable on 17 July 2022; and

Series 2: Securities offered and issued on 26 July 2017 in the total aggregate principal amount of approximately US$355 million with a fixed interest rate of 4.875 percent per annum for the period from the issue date of the securities to 18 June 2019, with and the right to early redeem the entire amount of such series of securities, which shall be first exercisable on 18 June 2019.

Details of the determination of the following applicable interest rates and the right to exercise the early redemption option in respect to the 2 series of the new securities referred to above are as specified in the respective offering documents for each series of the securities. The above-mentioned liability management exercise for PTTEP group involves the repurchase of the old securities and the issuance of the new securities in equal amounts and, therefore, has no change or impact on the amount of the Company's current interest-bearing debts.

Please be informed accordingly.

Sincerely yours,

Somporn Vongvuthipornchai

Somporn Vongvuthipornchai

President and Chief Executive Officer

These materials are not an offer of securities for sale in the United States or Thailand. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States. No offering of any securities has been made or will be made to any person in Thailand.

Investor Relations

SET Notification

Notification of the results of the repurchase of US$ denominated debt securities and fundraising through issuance of new US$ denominated debt securities of PTT Exploration and Production Public Company Limited's group

27 July 2017

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