[Translation] Ref. PDI.B.02.99/99 20 December 1999 To : President The Stock Exchange of Thailand Re. : Notification of resolutions of the board of directors, No. 5/1999 Please be notified that the board of directors of Padaeng Industry Public Company Limited at its meeting, No.5/1999 on 20 December 1999 has resolved the following : 1. Adopted Code of Ethics of PDI comprising the companys business philosoy, code of corporate conduct and employees code of ethics. 2. Approved additional provision of about Bt24.55m to be made for 2000 expected expenses of Padaeng Poongsan Metals Co., Ltd. (PPM), a subsidiary in which the company has 61.98% shareholding, since its dissolving process has not been completed in 1999. 3. Acknowledged a capital decrease of Padaeng Properties Co., Ltd. (PDP), a wholly-owned subsidiary, by Bt240m, from Bt320m to Bt80m by reducing the par value from Bt100 to Bt25 per share, which was registered with the Registrar of the Partnerships and Companies Registration Office, Bangkok, Department of Commercial Registration, Ministry of Commerce on 16 December 1999. In this regard, the company will receive a reversed investment, after PDP deducts 75% of its Retained loss from the said decrease capital, the total amount of which will concurrently be transferred back to the said subsidiary in repayment of an outstanding debt. The above- referred transaction will be acknowledged in the audited financial statement for the year ended 31 December 1999. Yours truly, - Signature - (Pinit Vongmasa) President & CEO Board Secretary Division Tel. 661 9900 Ext. 230, 231