Clarification of STECON's financial statement June 30,2003

Ref. No. : A/C ST. 081/2003 July 28, 2003 Subject : Clarification of STECON' s financial statement ended June 30, 2003. To : President of the Stock Exchange of Thailand Dear Sirs, We, Sino-Thai Engineering & Construction Public Company Limited, would like to provide the clarification on our quarterly financial statement ended 30 June 2003 which shows the increase of net profit Baht 44.22 million equal to 43.17% for the three month period and Baht 74.66 million equal to 38.37% for the six month period comparing to the same period of the previous year due to the following reasons: 1. The company's revenue from construction for the three month period increased Baht 344.79 million equal to 37.95% which made up the six month period increased Baht 611.58 million equal to 35.70%, which affected to profit margin increase Baht 48.61 million and Baht 47.29 million respectively. 2. The company reversed the Baht 28.1 million provision for the loss of Joint venture to be other income,since the company has no obligations to the joint venture. 3. The company recorded share of profit from investments accounted for under equity method Baht 19.79 million and Baht 40.86 million for the three month period and six month period respectively comparing to Baht 12.30 million and Baht 40.63 million in the same period of the previous year. Please kindly be informed. Yours sincerely, ___________________________ (Mr.Woraphant Chontong ) Director