Relationship with Businesses of the Major Shareholders IRPC’s major shareholder is PTT Public Company Limited (PTT), a fully integrated petroleum and petrochemical business operator with upstream to downstream supply chain through PTT’s own and others’ business through its subsidiaries, namely, petroleum exploration and production, oil refining, and petrochemical businesses. Currently, PTT is the major shareholder of Thailand’s three refineries, comprising PTT Global Chemical Public Company Limited (45.18 per cent), Thai Oil Public Company Limited (45.03 per cent), and IRPC Public Company Limited (45.05 per cent). In petroleum and petrochemical business operations, IRPC has transactions and cooperates with PTT and its subsidiaries. For example, IRPC purchases most crude oil through PTT for efficiency enhancement and cost reduction, manages part of oil and/or product price hedging through PTT, and receives and provides financial assistance for mutual liquidity management. In addition, IRPC has transactions associated with the trade in feedstocks, petroleum products and petrochemical products, with the PTT Group of companies. Shareholder List of the top 10 shareholders of the Company as of the book closing date October 5, 2022 are as follows: Notes: (1) PTT Public Company Limited as a major shareholder of the Company took part in formulating the Company’s management and operating policies. which have been approved by the Board of Directors. As of December 31, 2022, there are 4 directors or executives of PTT Public Company Limited out of the total 15 directors of the Company. (2) Thai NVDR Company Limited is a subsidiary of the Stock Exchange of Thailand, which operates business by issuing Non-Voting Depository Receipt (NVDR) securities listed on the Stock Exchange of Thailand. Such securities are for sale to investors and the proceeds from the sale of NVDR are then invested in Thai underlying securities that are listed on the Stock Exchange. Investors who are NVDR holders are entitled to benefits, such as dividends, rights to subscribe to new shares just like shareholders of a listed company, but do not have voting rights at the shareholders’ meeting. To learn more about investors in Thai NVDR Co., Ltd., go to: www.set.or.th Number Shareholder Number of shares Shareholding (per cent) 1. PTT Public Company Limited (1) 9,206,674,600 45.05 2. Thai NVDR Company Limited (2) 1,602,967,325 7.84 3. Siam Management Holding Company Limited 613,020,000 3.00 4. Social Security Office 402,936,400 1.97 5. SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED 257,906,145 1.26 6. Mr. Siphot Sapthaweechaikul 182,500,000 0.89 7. STATE STREET EUROPE LIMITED 173,114,262 0.85 8. N.C.B. TRUST LIMITED-POLUNIN DEVELOPING COUNTRIES FUND, LLC 125,451,693 0.61 9. BNP PARIBAS NEW YORK BRANCH 104,976,000 0.51 10. Mr. Worapong Asawanives 90,889,200 0.44 93 Structure and Business Operations of IRPC IRPC PUBLIC COMPANY LIMITED
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