SET Announcements

(Translation) 1600/049/2542 May 27, 1999 The Stock Exchange of Thailand 62, Ratchadapisek Road, Klongtoey Bangkok 10110 Attention : President of The Stock Exchange of Thailand Subject : Board of Directors agrees with the Finance Minister's policy toward selling all new Bangchak shares to the public. The Bangchak Petroleum Public Company Limited wishes to inform that the Board of Directors, which Dr.Somchai Richupan as chairman, has reviewed the two alternatives of BCP's share offering on which the Permanent Secretary of Finance has requested the Board of Directors to express their opinion. First alternative is to sell all of 32% shares to strategic partners. Another is to issue new shares and sell to the public in accordance with the policy from the Finance Minister, Mr. Tarrin Nimmanhaeminda. The company's Board of Directors has agreed with the selling of new shares to the public according to the Finance Minister's policy. As Bangchak is a Thai marketing oil company, selling shares to Thai consumers to become company's shareholders will increase the sales and services from their owned company. Therefore, the company would have stable growth and generating higher returns. The Board of Directors will submit the result of this meeting to the Ministry of Finance. But for the issue of selling all shares to strategic partners, the Board of Directors has the view that it would affect the company's current business linked to Thai people. However, the final consideration will depend on the government. For the operational result, in 1998, the company earned the profit of 59 million baht and maintained the debt to equity ratio at 1.7 : 1 with excellent liquidity. In the first four months of 1999, the company's sale volume in the retail market has increased by 2.1% Please be informed accordingly. Yours sincerely Rabil Pornpatkul Senior Manager, Corporate Planning Office Corporate Planning Office Tel: 301-2842