SET Announcements

- TRANSLATION - 1000/228/2006 September 28, 2006 The Stock Exchange of Thailand 62, Ratchadapisek Road, Klongtoey Bangkok 10110 Subject : Change of Accounting method for the inventory valuation Attention : President of The Stock Exchange of Thailand Pursuant to the resolutions of the Board of Directors meeting of The Bangchak Petroleum Public Company Limited (the "Company") No.11/2006, held on September 28, 2006, the Board resolved to approve matters related to the change of the Company's accounting policies for the inventory valuation as follows : The Company states inventory valuation with cost method or net purchase depending upon which one is lower and will changes cost valuation method from First in First out (FIFO) to Weighted Average, being effective from the 1st July 2006 onward. Regarding to PTT Public Company Limited ("PTT") became the company's major shareholders and asked for company's cooperation for the change of accounting policies for the inventory valuation method which PTT and associated maintained their accounting policies for inventory valuation method under Weighted Average method which is Thai Accounting Standard (TAS) No.45 "Accounting for Investments in Associates" in conformity with investors and its associates to exercise the same transactions or in similar to the same events of its transactions. Ordinarily, Weighted Average is one of the generally accepted method which is appropriate for the Company to facilitate management planning under fluctuated circumstance of oil price movement and truly reflects company performance. Such change of the accounting method mentioned above will affect the retain earning and net profit of the year 2006 which the Company will inform in the financial statement of the 3rd quarter ending September 30, 2006. Furthermore, the company will proceed to receive the approval from the Revenue Department for the change of inventory valuation in shortly. Please be informed accordingly. Yours sincerely, -signed- Anusorn Sangnimnuan President Office of Secretary to Board of Directors Tel: 0-2335-4584 Fax: 0-2713-9419