[Translation] Ref. PDI/BK-BS-052/2005 11 August 2005 To : President The Stock Exchange of Thailand Re. : Liquidation of Subsidiary companies. The board of directors of Padaeng Industry Public Company Limited at its meeting, No. 03-2005 on 10 August 2005 has adopted the following resolutions: 1. Approve the liquidation of Padaeng Poongsan Metals Co., Ltd (PPM), a 61.98% subsidiary of Padaeng and a dormant company since 1998 which Padaeng had already fully provisioned as doubtful debt. 2. Approve the liquidation of Padaeng International Mining Co., Ltd. (PIM), a 100% subsidiary of Padaeng with the registered capital of 100,000 Baht initially established with the purpose of exploration in Vietnam but having never operated since its inception in 1995. 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 1