SET Announcements

1600/047/2541 August 3, 1998 The Stock Exchange of Thailand 62, Ratchadapisek Road, Klongtoey Bangkok 10110 Attention : President of The Stock Exchange of Thailand Subject : News that an Electricity Generating Company is interested in acquiring 25 % shares in Bangchak Petroleum Plc. It has recently been reported in several newspapers that a certain Electricity Generating Company was interested in acquiring 25% shares in the Bangchak Petroleum Plc. (BCP). According to the newspapers, this information was released by the National Energy Policy Office (NEPO). We, the Bangchak Petroleum Plc., wish to state that we have no knowledge of such information as reported in the newspapers. As for the distribution and sales of BCP's shares, the company has received the government's policy through the State Enterprise Policy Committee, where in its meeting on June 18, 1998, NEPO and PTT proposed that the sales of BCP's shares to foreigners be increased from the current limit of 10% to 49%. The committee, however, did not approve the said proposal and it was agreed that the sales of BCP's shares be implemented based on the measures announced in the television by the Deputy Prime Minister on July 13, 1998. o The government has adopted a clear policy whereby sales of BCP's shares will be made firstly to Thai nationals and that it be sold primarily in small lots. Sales to foreigners will be limited as such that it would not cause any negative impact to the company's business culture. o Sales of share belonging to PTT of 24% are to be sold firstly to Thai nationals. o An additional lot of shares are to be sold in order to increase the company's capital. The number of which will depend on its appropriateness. (which is in accordance with the guidelines passed down by the Finance Minister). The company wishes to report that it has not received any other policy except those which are mentioned above. Yours sincerely Rabil Pornpatkul Senior Manager, Corporate Planning Office Corporate Planning Office Tel: 301-2842