1 Table of Contents 1 Table of Contents 1 1.1 List of Tables 3 1.2 List of Figures 3 2 Regime Overview 4 3 State Take Assessment 6 4 Key Fiscal Terms 8 4.1 Royalty 8 4.1.1 Thailand III 8 4.1.2 Thailand I & II 8 4.2 Surface Reservation Fee 9 4.3 Special Advantages 9 4.3.1 Signature Bonus 9 4.3.2 Production Bonus 9 4.3.3 Additional Payments 9 4.4 Annual Benefits and Bonus (Thailand II Only) 10 4.5 Special Remuneratory Benefit (Thailand III Only) 10 4.6 Direct Taxation 11 4.6.1 Petroleum Income Tax 11 4.6.2 Deductions and Depreciation 12 4.6.3 Withholding Tax 12 4.7 Indirect Taxation 12 4.7.1 Value Added Tax 12 4.7.2 Excise Tax 12 4.7.3 Stamp Duty 12 4.8 Local Participation 12 5 Regulation and Licensing 13 5.1 Legal Framework 13 5.1.1 Governing Law 13 5.1.2 Contract Type 14 5.1.3 Title to Hydrocarbons 14 5.2 Institutional Framework 14 5.2.1 Licensing Authority 14 5.2.2 Regulatory Agency 14 5.2.3 National Oil Company 15 5.3 Licensing Process 15 5.3.1 Licensing Rounds 15 5.3.2 Prequalification 15 5.3.3 Bidding 15 5.4 License Terms 15 5.4.1 Duration and Relinquishments 15 5.4.2 Obligations 16 5.5 Local Content 16 5.6 Gas Utilization 16 6 Outlook 17 7 Contact Information 19

1.1 List of Tables Table 1: Summary 4 Table 2: Thailand III, Royalty Rate (%), 2016 8 Table 3: Thailand II, Annual Bonus Rates (%), 1982 10 Table 4: Thailand III, Special Remuneratory Benefit Rate, 2016 10 Table 5: Thailand III, Geological Constant (m), 21st Round 11 1.2 List of Figures Figure 1: Regime Flow Chart 5 Figure 2: Thailand, Indicative NPV10/boe, IRR and State Take Comparison - Internal, 2016 6 Figure 3: Thailand, Indicative NPV10/boe, IRR and State Take Comparison - Regional Peers, 2016 7 Figure 4: Legal Framework 13 Figure 5: Institutional Framework 14