SET Announcements

1600 / 198 / 2003 November 17, 2003 The Stock Exchange of Thailand 62, Ratchadapisek Road, Klongtoey Bangkok 10110 Attention : President of The Stock Exchange of Thailand Subject : Filing the progress of The Bangchak Petroleum Public Company Limited (BCP)'s Business and Financial Restructuring Dear sir , As the cabinet had the resolution to approve the Company's Business and Financial Restructuring Plan on July 8, 2003, the Company would like to report the progress of such restructuring plan as follows : 1. Progress of Business Restructuring The Company together with the Ministry of Energy and the related oil companies will sign the Letter of Understanding of the operation synergy on November 17, 2003. The Company expects that such cooperation will strengthen the operation results of the Company in term of EBITDA in 2004 and the year onwards. 2. Progress of Financial Restructuring 2.1 Restructuring of Loans, the Company is on the process of negotiations for new loans with the new lenders and for redemption the existing loans with the bondholders. However, it will take awhile before such restructuring will be completed. 2.2 Restructuring of Capital, according to the resolution of the Company's Extraordinary Shareholder Meeting to decrease the registered capital from Baht 5,220 million to Baht 522 million, the Company will register such capital reduction within this week. For the capital increase, the registration will be made after the capital reduction process will be completed in accordance with the Financial Restructuring Plan. At last, the Company would like to inform that the Company's Business and Financial Restructuring Process will take awhile before completed, and the Company will inform later after the completely success of restructuring process. Please be informed accordingly. Yours sincerely, (Watcharapong Saisuk) Assistant Vice President, Corporate Planning Office Corporate Planning Office Tel: 0-2335-4583