SET Announcements

1600/ 054 /2542 June 15, 1999 The Stock Exchange of Thailand 62, Ratchadapisek Road, Klongtoey Bangkok 10110 Attention : President of the Stock Exchange of Thailand Subject : Announcement of the Board of The Bangchak Petroleum Public Company Limited On account of the resignation letter of the companys President received by the Board, a Board Meeting was held on June 15, 1999 which was attended by Mr.Somchai Richupan, Mr.Chirayu Isarangkun na Ayuthaya, Mr.Sommai Phasee, Mrs.Puntip Surathin, Mr.Prasert Bunwumpun, Mr.Piyasvasti Amranand, Mr.Sirichai Sakornratanakul, Mr.Anan Nadtasomboon and Mr.Sophon Suphapong. The result of the meeting is announced as follows :- 1. It is the opinion of the Board that the President is highly capable and has managed the company (Bangchak) since it was first founded by applying a marketing policy that involves doing business with the rural communities. The Board appreciates the valuable contribution of Mr.Sophon and therefore has asked Mr.Sophon to reconsider his resignation again. In the event Mr.Sophon is unable to reconsider his resignation, the Board request Mr.Sophon to continue to assist the company in the capacity of Consultant to the Board of The Bangchak Petroleum Public Company Limited. In any event, Mr.Sophon is still the President of the company until September 1,1999. 2. The Board confirmed the resolution of the Board Meeting held on May 24,1999 that it agrees with the policy in the sale of companys share to the general public. And the Board has submitted this resolution to the Ministry of Finance for information so that it could be sent to the State Enterprise Policy Committee for consideration on June 16,1999. 3. It is the opinion of the Board that the marketing approach taken by the company in cooperating with the rural community is a right one. The Board confirmed that it would continue to provide the company with marketing directives, which involves business with the rural community. This will benefit both, the companys business as well as the general public. The Board of The Bangchak Petroleum Public Company Limited therefore wishes to make this announcement known to all. Yours sincerely, Rabil Pornpatkul Senior Manager, Corporate Planning Office Corporate Planning Office Tel: 301-2842 (Translation)