Hedging to protect Padaeng's income against fluctuation

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มาอีกรอบแล้วครับ

RE.: Hedging to protect Padaeng's income against fluctuation in LME
    zinc price for 2007.

     In line with its hedging policy of the zinc price and related
dollar exposure, Padaeng has hedged in December 2005 one third of its
estimated exposure for 2007 by selling forward over the period  19,950
tons at a price of 68,673 Baht per ton corresponding to 1,661 USD per ton.

     Please be informed accordingly.


                                         Yours truly,

                                         - Signature -

                                   (Mr. Bernard Tonnon)
                                     Managing Director