Report on the use of proceeds from capital increase

No. MD.007/2004 January 27, 2004 Re: Report on the use of proceeds from capital increase To: President The Stock Exchange of Thailand Regarding Bangkok Aviation Fuel Services PLC. offered 9,000,000 capital increase of ordinary shares in year 2002, which were allocated to the general public at the price of Baht 60, the total proceeds derived from capital increase were Baht 540 million that the company had an objective to utilize those proceeds through the investments in Thai Aviation Refueling Company Limited (TARCO) of Baht 107.75 million and Depot for New Bangkok International Airport (Suvarnabhumi Airport) of 432.25 million. The company would like to report the usage of capital increase until December 31, 2003 that the proceeds from capital increase has already been utilized in full amount for the above projects. Yours sincerely, (Mr. Chathaya Bandhaya) Finance and Account Manager