SET Announcements

July 10, 2002 TO: President Stock Exchange of Thailand RE: Setting up of "Virgin BEC-TERO Radio Services (Thailand) Limited" REF: Our letter dated December 19, 2001 Re; Joint Venture Project with "Virgin Radio Asia". As we informed by the referred letter that BEC-TERO Entertainment Co., Ltd. [BEC-TERO], our 60 percent held subsidiary, had signed a memorandum of understanding with Virgin Radio (Asia) Co., Ltd. [VIRGIN], which is not a connected person with the company and the management, to jointly set up a new joint venture company to enter into the radio business in Thailand. Now, we has been informed that the Board of Directors of BEC-TERO had passed its resolution to set up the joint venture company to be named "Virgin BEC-TERO Radio Services (Thailand) Limited with following particulars:- Name of the joint venture company: Virgin BEC-TERO Radio Services (Thailand) Limited Register Capital: Baht 49,960,800, comprising of 2,548,000 Ordinary shares and 2,448,080 Preference shares of Baht 10 each. Holding ownership: BEC-TERO holds 100% of Ordinary shares whereas VIRGIN holds 100% of Preference shares of the issued shares capital. Objective: To enter into the radio business in Thailand. Business Type: to sell airtime of radio advertisements and provision of management and consultancy services in radio programming, advertising and marketing and related activities. Benefit/Returns: Dividend. Source of fund: the existing working capital. Address: Floor 7th, Emporium Tower, 622 Sukhumvit Road, Klongton, Klongtoey, Bangkok 10110, Thailand. Auditors: Mr.Veerachai Ratanajaraskul,auditor's license No.4323 of PricewaterhouseCoopers ABAS Limited Please be informed accordingly. Sincerely Yours, (Chatchai Thiamtong) Vice President - Finance