Report on the investment of subsidiary

Ref: ST/010/2004/0035 July 1, 2004 Re: Report on the investment of subsidiary To: The President The Stock Exchange of Thailand Whereas, the Executive Board Meeting No. 2/2004 of HTR Corporation Limited, a 80.90% own subsidiary of Sino-Thai Engineering & Construction Plc., has approved its plan to invest in P.P. Coral Resort Company Limited which engage in hotel and resort business. HTR Corporation Limited decided to invest in ordinary shares amounted to 681,000 shares, par value of 100 Baht, and the total amount is 68,100,000 Baht (Sixty Eight Million and One Hundred Thousand Baht) which equals to 46.01% of registered capital of P.P. Coral Resort Company Limited. It is therefore, informed for your acknowledgement and dissemination to the public and other investors. Sincerely Yours, Ms. Ayuporn Wongkomet Executive Office Manager