SET Announcements

No. MD.021 /2004 February 20, 2004 Re: Report of the Resolutions of the Board of Directors Meeting To: President The Stock Exchange of Thailand Bangkok Aviation Fuel Services Public Company Limited held the Board of Directors Meeting No. 1/2004 on 20 February 2004, starting from 10:00 hrs. and the meeting passed the following material resolutions: 1.Calling the Annual General Meeting of Year 2004 on April 19, 2004 at 10:00 hrs., at Miracle Grand Hotel, 99 Vibhavadirangsit Road, Moo 4, Laksi, Donmuang, Bangkok with the following agenda: (1)To approve of the Minutes of the Annual General Meeting of Year 2003 (2)To consider the report of the Board of Directors on the performance of the Company in year 2003 and future business operation (3)To consider approving the financial statement for the year 2003 (4)To consider the allocation of profit and reserve (5)To consider the election of directors in place of those who retires by rotation (6)To consider appointment of auditors and their remuneration (7)To consider payment of Directors' remuneration for year 2003 and Meeting Fee (8)Other business (if any) 2.To close the Company's shareholder register book in order to determine the right of the shareholder to attend the Annual General Meeting of year 2004 on March 29, 2004 at 12:00 am. until the meeting is adjourned. 3.To propose the Annual General Meeting of Year 2004 to consider declaring the dividend from the operation of the Company for the last 6 months of 2003 at the rate of Baht 0.32 per share to the shareholders whose names are in the Company share register book as of April 29, 2003 at 12:00 am. with the dividend payment date on May 14, 2004, such dividend combined with the interim dividend declared at the rate of Baht 0.28 per share, equals to the total dividend declared from the 2003 operation of Baht 0.60 per share. 4.Approving the shareholding structure of JP-One Asset Co., Ltd., the joint venture company to be established to invest in the project for aviation fuel pipeline to Suvarnabhumi Airport, as follows; Name Amount (Million Baht) Proportion Bangkok Aviation Fuel Services Plc. 300.0 50.0% Siam Investment Fund Group 255.0 42.5% Bangkok Insurance Plc. 45.0 7.5% Total 600.0 100.0% 5.Approving the policy for general reserve at the ratio of 10 percent of net profit every year until such reserve equals the Company's authorized share capital. The purpose is to strengthen the shareholders' equity. Such policy is altered from the previous policy whereby the general reserve is fixed at the amount of equivalent to the incremental current liabilities of the Company every year. Please be informed accordingly. Respectfully yours, (M.R. Supadis Diskul) Managing Director