SET Announcements

Ref: CK-04-0000-AFS-L-0092 March 1st, 2004 Subject : Declaration of the Operating Result of the Year Ended December 31, 2003, Compared with the year ended December 31, 2002 Attention : The President of the Stock Exchange Thailand The operating result of CH. Karnchang Public Company Limited, Subsidiaries and Joint Venture for the year ended December 31, 2003. Its profit increased 259.5% respectively, compared with the previous period due to the following factors: 1) In the year 2003, the company has received construction income from the construction of Trunk Main for Nakhon Pathom - Samut Sakhon Water Supply Project, the Construction of Ground Improvement in Cargo Apron Area Project and Aircraft Maintenance Center Pile Project at the Second Bangkok International Airport which have been achieved more progress in that period. 2) The company has the additional work for the construction of Depot Building and Facilities Project, including the reversal of provision for doubtful debt and interest income on guarantee for share purchase option agreement. For your consideration. Sincerely yours, (Mr.Plew Trivisvavet) (Mr.Narong Sangsuriya) Directors