SET Announcements

Ref: CK-02-0000-AFD-L-269 May 15, 2002 Subject:Declaration of the operating result of the three-month ended March 31, 2002, compared with the three-month period ended March 31, 2001. Attention: President The Stock Exchange of Thailand The operating result of CH. Karnchang Public Company Limited, Subsidiaries and Joint Ventures for the three-month period ended March 31, 2002 presented net profit of Baht 130.69 million which has improved by 153.3 percent comparing to the previous period due to the following factors as follow; 1. The company's revenue from construction has been increased from track works of Metropolitan Rapid Transit Authority Initial System Project and Bangkok International Airport Development project. 2. The company divested its portion of Bangkok Metro's shares. This caused the said subsidiary to be its associated company. As the result, a joint venture having management income from the said associated company did not need to eliminate this related transaction. Meanwhile, the administration expense of the above associated company did not need to be recorded in the consolidated financial statements. For your consideration. Sincerely yours, (Mr.Plew Trivisvavet) (Mr. Narong Sangsuriya) Directors