REPORT ON RESOLUTIONS OF THE BOARD OF DIRECTORS MEETING NO.4

Our Ref : ST/1999/1073 15th November 1999 Subject : Report on Resolutions of the Board of Directors Meeting No. 4/1999 To : Directors and Manager of the Securities Exchange of Thailand Whereas the Board of Directors of Sino-Thai Engineering & Construction Public Company Limited convened the Board of Directors Meeting No. 4/1999 during 13.30 hours 15.20 hours on November 15, 1999. The Company would like to report the resolutions adopted at the said meeting as follows: The Board approved the debt-restructuring plan of the Company and the features are as follows : 1. To convert debt to equity in the approximately amount of 1.064 million Baht which will result the creditors becoming shareholders in the Company, holding approximately 30 percent of the issues share capital. 2. To pay debt of approximately 1,186 Million Baht by using the assets of the non- core business of the Company such as land or condominium units and to assess such assets to pay the said debt. 3. To pay the debt by issuing convertible debentures with 7 years maturity in the amount of 350 Million Baht. 4. The Company must pay the outstanding debt to creditors in the amount of 1,722.2 Million Baht, which will be repaid within 6 years. Please be advised accordingly and disseminate the resolutions to the investors and public. Yours sincerely, Sino-Thai Engineering & Construction Public Company Limited (Mr. Teeraphong Wichiranon) Business Development Department Vice President