[Translation] Ref. PDI/BK-02-08/2004 19 February 2004 To : President The Stock Exchange of Thailand Re. : Resolutions of the board of directors' meeting, No. 01-2004 The board of directors of Padaeng Industry Public Company Limited at its meeting, No. 01-2004 on 17 February 2004 has adopted the following resolutions: 1. Review 2003 draft financial statements and resolved to propose the financial statements (audited) for approval at the next AGM. 2. Since the company still has retained loss, pursuant to Section 115 of the Public Limited Company Act B.E. 2535, no dividend payment for 2003 would be considered. 3. Noted 4 board members who will be due to retire by rotation namely Mr. Arsa Sarasin, Mr. Vinai Vamvanij, Paron Israsena, Mr. Aswin Kongsiri and Mr. Pinit Vongmasa and will propose to the AGM their re-election as directors for another term. 4. To propose Pricewaterhouse Coopers ABAS Limited as the company's auditors for 2004 as well as audit fees for the shareholders' approval. 5. Approved to convene the 2004 ordinary shareholders' meeting on Friday, 23 April 2004 at 14.00 hr at Meeting Room II, Queen Sirikit National Convention Centre, Ratchadapisek Road, Klongtoey, Bangkok, with the following agenda: I. Subject to be informed by the Chairman of the Board of Directors (if any); II. Approve minutes of the 2003 Ordinary Shareholders' Meeting held on 22 April 2003; III. Annual Report of the Board of Directors for the year 2003; IV. Approve the audited balance sheet and profit and loss statement for 2003; V. Consider no dividend payment for 2003; VI. Elect new members of the board of directors to replace those who retired by rotation : VII. Consider no bonus payment to the board for 2003; VIII. Appoint the company's auditors for 2004 and approve the audit fees; IX. Consider and approve modifications to the Company Articles of Association X. Other matter (if any). The company's share transfer book will be closed on Friday, 2 April 2004 from 12.00 hr until the meeting is adjourned for determination of the Shareholders' meeting participation right. Please be notified accordingly. Yours truly, - Signature - (Pinit Vongmasa) Chief Executive Officer Board Secretary Division Tel. 02 661 9900 Ext. 1501, 1402 Fax 02 661 9946 Page 1 of 2