SET Announcements

(Translation) 1600 / 010 / 2543 February 28, 2000 The Stock Exchange of Thailand. 62, Ratchadapisek Road, Klongtoey, Bangkok 10110. Attention : The President of The Stock Exchange of Thailand Subject : Filing of the Auditors Report and the Financial Statements for December 31, 1999 According to the Stock Exchange of Thailands regulations related to rules, conditions and procedures for the reporting of financial status and business performance of listed companies; a listed company is required to file an audited Financial Statements within 60 days following the end of each accounting period. In compliance with this regulation, The Bangchak Petroleum Public Company Limited would like to file herewith its audited Financial Statements and the Auditors Report for the period ending December 31, 1999. For the performance in 1999, the Companys total sales volume had increased by 4.7% as compared to that of 1998. While, the country oil demand had not increased. The Company's total revenue and profit from operation were 38,780 and 96 million baht respectively. However, the Company posted the net loss of 1,734 million baht after recording the accounting deductions as followed: Million Baht Profit from operation + 96 Accounting deduction - Foreign exchange loss on foreign loan - 147 - Write off the stake held in the Fuel - 182 Pipeline Transportation Ltd. - Write off the deferred income tax on net -1,502 loss in 1997 Net loss - 1,734 The Company's audited financial statements for 1999 had been adjusted by several important transactions, which make them different from those already submitted to the stock exchange of Thailand on February 15, 1999. The most important transaction was the writing off of the stake held in the Fuel Pipeline Transportation Ltd. amounted 182 million baht. After the deduction had been included, the Company generated the higher loss. Please be informed accordingly. Yours sincerely, Rabil Pornpatkul Senior Manager, Corporate Planning Office Attachment : The audited Auditors Report and The Financial Statements as of December 31, 1999 Corporate Planning Office Tel: 301-2842