SET Announcements

1600 / 207 / 2003 December 17, 2003 The Stock Exchange of Thailand 62, Ratchadapisek Road, Klongtoey Bangkok 10110 Attention : President of The Stock Exchange of Thailand Subject : The Cabinet's resolutions concerning the Depository Receipt (Additional) Dear sir , The Company would like to inform that the Cabinet has the resolutions concerning the solution in the Bangchak Petroleum Public Company Limited's problem, which were approved on December 16, 2003 as follows: 1. Under normal financial restructuring process, existing shareholders' portion will be fully written off prior to capital injection from new shareholders. However, since the restructuring process is fully supported by the Ministry of Finance and PTT, a partial written-off is applied for Ministry of Finance and PTT via DR-Share SWAP process at the ratio of 10 common shares for 5 DRs. The SWAP ratio for minority shareholders is set differently in the range of 10:7 to 10:9 to protect these shareholders. 2. Following the aforementioned DR-Share SWAP option, the shareholders who exercise the DR-Share Swap Option will be entitled to the capital protected offered by the Ministry of Finance (MOF). Consequently, this would enhance the success of BCP funds raising process from issuing convertible debentures amounting 4,000 million Baht and common shares amounting 3,000 million Baht in the form of DR. 3. The implementation of DR-Share SWAP option would not affect to the Company's financial status, since there is no new money transferred. In addition, the DR-Share SWAP option is the transaction between Siam DR Co., Ltd., BCP shareholders, and MOF who offers the capital protected. For the remaining common shares from DR-Share swap, the Siam DR Co., Ltd. will render to the Company, and the Company will call for the shareholder meeting to approve the cancellation of such remaining common shares. 4. DR-Share SWAP option process is scheduled to be completed by January 2004, approximately the same period as 7,000 million Baht capital raising schedule. 5. The public offering schedule of DR is remained as previously informed SET, that would be around January 2004. 6. In the meantime, the company is in the process to submit the application of the offering to SEC, of which expected to be launched in January 2004. Please inform accordingly. Yours sincerely, (Watcharapong Saisuk) Assistant Vice President Corporate Planning Office Corporate Planning Office Tel: 0-2335-4583