SET Announcements

April 12, 2002 TO: President Stock Exchange of Thailand RE: Setting up of "SONY MUSIC BEC TERO ENTERTAINMENT CO., LTD. REF: Our letter dated November 27, 2001 Re: Joint Venture Project with "SONY MUSIC". 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 SONY MUSIC (ASIA) INC. [SONY MUSIC] which is not a connected person with the company and the management, to jointly set up a new joint venture company to acquire domestic music business of both parties which will be further operated by the new joint venture company. We has just been informed that the Board of Directors of BEC-TERO had passed its resolution to set up the joint venture company to be named "SONY MUSIC BEC TERO ENTERTAINMENT CO., LTD. with following particulars:- Name of the joint venture company: SONY MUSIC BEC TERO ENTERTAINMENT CO., LTD. Register Capital: Baht 75 million, comprising of 750,000 shares of Baht 100 each. Objective: To acquire domestic music business of both joint venture partners which will be further operated by the company. Business Type: to operate music business in Thailand. Benefit/Returns: Dividend. Holding ownership:BEC-TERO holds 40 percent whereas SONY MUSIC holds the rest of the issued shares capital. Source of fund: the existing working capital. Address: The 15th Floor, Q House Ploenjit Building, 589 Ploenchit Road, Lumpinee, Phathumwan, Bangkok 10330, Thailand. Auditors: Mr. Pisit Thangtanagul auditor's license No. 4095 or Mr. Kajaornkiet Aroonpirodkul, auditor's license No. 3445 of PricewaterhouseCoopers ABAS Limited Please be informed accordingly. Sincerely Yours, (Chatchai Thiamtong) Vice President - Finance