To changed its accounting policy for recording investment

Ref. No.: A/C ST. 0677/2007 August 8, 2007 Subject : The Company changed its accounting policy for recording investments. To : President of the Stock Exchange of Thailand Dear Sirs, During the current period, the Company changed its accounting policy for recording investments in subsidiaries and associated companies in the separate financial statements from the equity method to the cost method, in compliance with Notification No. 26/2549 regarding Accounting Standard No. 44 "Consolidated Financial Statements and Accounting for Investments in Subsidiaries" (Amendment No. 1), issued by the Federation of Accounting Professions, under which investments in subsidiaries, jointly controlled entities and associates are to be presented in the separate financial statements under the cost method rather than the equity method. In this regard, the Company has restated the previous period's separate financial statements as though the investments in the subsidiary and associated companies had originally been recorded using the cost method. The change has the effect to net income (loss) and earnings (loss) per share in the separate income statements for the three-month periods and six-month periods ended 30 June as following. For the three-month period For the six-month period Increase (decrease) 2007 2006 2007 2006 Net income (loss) (Million Baht) 3 9 (9) (1) Basic earnings (loss) per share (Baht per share) - 0.01 (0.01) - Diluted earnings (loss) per share (Baht per share) - 0.01 (0.01) - The cumulative effect of the change in accounting policy has been presented under the heading of "Cumulative effect of the change in accounting policy for investments in subsidiary, joint ventures and associated companies" in the separate statements of changes in shareholders' equity. Such change in accounting policy affects only the accounts related to investments in subsidiaries, joint ventures, and associated companies in the Company's separate financial statements, with no effect to the consolidated financial statements. Please kindly be informed. Yours sincerely, ___________________________ (Mr. Woraphant Chontong) Director