quantify; regulation likely to be announced High visibility of cash flows; quantifiable Some visibility of cash flows; draft regulations floated IMPACT ON DISCOUNT RATE IMPACT ON CASH FLOWS Feedback quality

shares offered to the public. Major shareholders of the Company Free-floatedFree-floated The shareholding before capital increase The shareholding after capital increase PAGE 5 MANAGEMENT DISCUSSION

drifted downward and closed the year at 668.10 points, down by 104.05 points or 13.48% compared to the end of 2003 (Figure 1). THAILAND’S CAPITAL MARKET OVERVIEW Source : Stock Exchange of Thailand The