Change in Accounting Policy

TRANSLATION

No. F/50 -

15 May 2007

Subject : Change in Accounting Policy

Attention : Managing Director Stock Exchange of Thailand

Since the first quarter of 2007, the Company has changed its accounting policy for recording investments in subsidiary 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 restarted the previous periods 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 of decreasing net income in the separate income statement for the three-month period ended 31 March 2006 by Baht 58.1 million (Baht 0.09 per share).

Such change in accounting policy affects only the accounts related to investments in subsidiary and associated companies in the Companys separate financial statements, with no effect to the consolidated financial statements.

 

Faithfully yours,

(Mr.Apichai Taechaubol)
Managing Director