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20 ธันวาคม 2544

JOINT VENTURE PROJECT WITH"VIRGIN RADIO ASIA"

December 19, 2001 To: President Stock Exchange of Thailand Re: Joint Venture Project with "VIRGIN RADIO ASIA" BEC-TERO Entertainment Co., Ltd. [BEC-TERO] our 60 percent held subsidiary has just signed a memorandum of understanding (MOU) with VIRGIN RADIO ASIA [VIRGIN RADIO] which is not a connected person with the company and the management, to jointly set up a new joint venture company to be called VIRGIN BEC-TERO RADIO THAILAND Co., Ltd. to enter into the radio business in Thailand. BEC-TERO will hold 51 percent of the equity of the joint venture where as VIRGIN RADIO will hold the rest. It is expected that the new joint venture company will be set up to commerce its business within the next 90 days. Please be informed accordingly. Sincerely Yours, (Chatchai Thiamtong) Vice President - Finance