AUDITOR'S REPORT ON REVIEW OF INTERIM FINANCIAL STATEMENTS To the Shareholders and the Board of Directors of Padaeng Industry Public Company Limited I have reviewed the accompanying consolidated and company balance sheets as of 31 March 2001 of Padaeng Industry Public Company Limited and its subsidiaries, and of Padaeng Industry Public Company Limited, respectively, and the related consolidated and company statements of income, changes in shareholders' equity, retained earnings and cash flows for the three-month period then ended. These financial statements are the responsibility of the company's management. My responsibility is to issue a report on these financial statements based on my review. I conducted my review in accordance with the auditing standard applicable to review engagements. This standard requires that I plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. I have not performed an audit, and, accordingly, I do not express an audit opinion. Based on my review, nothing has come to my attention that causes me to believe that the consolidated and company financial statements referred to above are not presented fairly in accordance with generally accepted accounting principles. Without qualifying my report, I draw attention to note 6 to the consolidated and company financial statements relating to an uncertainty regarding the recoverability of capitalized deferred costs of Baht 40.9 million for a concession application that is pending government approval. This amount will need to be written off as an expense if the company is not granted the concession. The consolidated and company balance sheets as at 31 December 2000, presented for comparative purpose, are part of the consolidated and company financial statements for the year ended 31 December 2000 were audited by another independent auditor whose report dated 31 January 2001, expressed an unqualified opinion on those financial statements, but drew attention to an uncertainty regarding the recoverability of capitalized deferred cost relating to a pending concession application as described in the fourth paragraph. The consolidated and company statements of income, changes in shareholders' equity, retained earnings and cash flows for the three-month period ended 31 March 2000, presented for comparative purpose, are part of the interim consolidated and company financial statements for the three-month period ended 31 March 2000 were reviewed by another independent auditor whose report, dated 4 May 2000, expressed that nothing had come to the auditor's attention that causes the auditor to believe that those interim financial statements were not presented fairly, in all material respects, in accordance with generally accepted accounting principles, but drew attention to a number of uncertainties. However, as of 31 December 2000, only one of those uncertainties were cited by the other auditor. This uncertainty relates to the recoverability of capitalized deferred cost for a pending concession application referred to in the fourth and fifth paragraphs. Somsri Dhanyacheevee Certified Public Accountant (Thailand) No. 1905 PricewaterhouseCoopers ABAS Limited Bangkok 9 May 2001 11