(TRANSLATION)

Ref:                  DY/SEC/007/2006                                                                     

                                                                                                                        15 August 2006

Subject:            Additional Explanation of the 2nd quarter 2006’s operating result which has varied by 20 % over or under that of the preceding year

To:                    The Secretary

                        The Office of the Securities and Exchange Commission

Christiani & Nielsen Thai PCL. would like to explain the reasons for the actual operating result varying by 20% from the preceding year.

The Company would like to inform that for the 6 month period ended 30 June 2006, the Company’s net profit decreased from the same period in the previous year by Baht 19 million. As in year 2006, the Costs of Construction had increased due mainly to the soaring oil prices and the increase in interest rates in the market.  

For the 2nd quarter 2006’s the net profit had increased from the same period in previous year of Baht 5 million. Although, the Company had an increase of Construction Income this year the Costs of Construction were also higher, which resulted in a decrease of the gross margin of Baht 2 million. However, the Company had an increase in other income including an increase in the results of discontinued operation units in the total amount of Baht 4 million and the Company had a decrease of administrative expenses of Baht 3 million.

Please be informed accordingly.

Yours faithfully,

Christiani & Nielsen (Thai) Public Company Limited

Signature –

(Mr. Danuch Yontararak)

Managing Director

CC:       Vice President, Listed Company Department

            The Stock Exchange of Thailand