(TRANSLATION)

Ref: DY/SEC/004/2008

11 August 2008

Subject: Explanation of the 2nd quarter 2008’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 six-month period ended 30 June 2008, the Consolidated net profit of Baht 24 million increased from the same period in previous year by Baht 6 million. As in year 2008, the gross margin of the Company and the jointly controlled entities increased from the previous year by Baht 6 million. Other income decreased from year 2007 by Baht 2 million, administrative expenses and interest expenses increased from the previous year by Baht 12 million and Baht 1 million, respectively. Furthermore, in year 2008 the results of discontinued operation units increased by Baht 15 million.

For the three-month period ended 30 June 2008, the Consolidated net profit of Baht 3 million increased from the same quarter in previous year by Baht 1 million or 59%. As in year 2008, the gross margin of the Company and the jointly controlled entities increased from the same quarter in previous year by Baht 13 million. But administrative expenses and interest expenses increased from the previous year by Baht 8 million and Baht 1 million, respectively. In addition, in year 2008 the results of discontinued operation units decreased by Baht 3 million.

For the Separate Financial Statement, the net loss for the six-month period ended 30 June 2008 of Baht 8 million decreased from the same quarter in the previous year by Baht 16 million due to a decrease of dividend income from the jointly controlled entities and other income of Baht 3 million including the increment of administrative expenses and interest expenses of Baht 12 million and Baht 1 million respectively.

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