Dear Shareholders,

Even as the global economy slows down due to US domestic economic recession, the Thai economy during the first quarter of this year will be seeing the proverbial light at the end of the tunnel, as capital inflows toward Asia, aided by the government’s so-called “Populist” policy and fundamental investments. Baht appreciation is expected to boost domestic investment and consumption, and depressurize inflation. Under these positive circumstances, our overall business is primed to make a leap forward over the previous year.

In 2007, the company and subsidiaries earned THB 219 million profit and THB 188 million net profit after allowances for investment in subsidiaries and associated companies. In the past year, the company improved internal management and administration to raise operational efficiency. This is reflected in the operating results of the company and subsidiaries a higher gross profit margin and 30% reduction on SG & A expenses with only 9% year-on-year revenue declination compared to those in 2006.

The company also formed strategies and pushed initiatives for steady and sustainable growth over the past year, placing emphasis on businesses with financial and marketing capacity that could work synergistically with our core business through strategic alliances. This year, we continue to plan and launch high-speed internet, multimedia content, VOIP, system integrator, energy-saving systems, alternative energy production and expansion of logistics and after-sales service. In particular, during January 2008, as the prime contractor to LSI Consortium, the company was recently awarded Integrated Billing and Customer Services System (IBACSS) and Billing Mediation from CAT Telecom Public Company Limited, winning a contractual value of THB 891 million, as part of the strategic approach for ICT leadership.

The Board believes that an organization’s competitiveness is largely attributed to personnel competency. Therefore we have encouraged development of human resources through enhancement of potential, skill and competency by turning the company into a knowledge-based organization. We believe our company will continue to deliver products, services and innovations useful for consumers, communities and the country. We further value environmental stewardship and work to better our collective quality of life; therefore, this year we are encouraging employees to participate in our corporate social responsibility activities.

The Board also remains committed to the policy of practicing good corporate governance, and strives to operate morally and ethically. Objectives, disciplines and guidelines for good corporate governance are clearly defined in company regulations, and are practiced in the best and fairest interest of our shareholders, trading partners, employees and stakeholders.

Lastly, the Board would like to thank the shareholders, customers, business partners, state authorities, financial institutions and all related parties who have rendered generous support to our operation over the past year. We extend our gratefulness to the dedicated management and employees. We believe that this continued support is the core force which will drive the company’s steady and sustainable growth well into the future.