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rtAMATA CORPORATION PCL.THE ART OF THE FUTURE

2003 Annual Report

Thailand’s Leading Developerof Industrial Estates

Theme of the Year 2004

Who We Are

As Thailand�s leading developer and managerof industrial estates, Amata hosts more than310 multinational firms, providing them withpower, water, waste treatment, broadbandmultimedia internet and other services. Amataoperates two growing Thai estates, both in thebooming Eastern Seaboard region, the nation�spreferred center for manufacturing:

� Amata Nakorn, Chonburi is our biggest estate,with 1,420 hectares (3,507 acres/8,875 rai) andover 260 multinational clients. Located inChonburi province, the estate is just 57 km fromBangkok, and 42 km from the city�s newSuvarnabhumi International Airport opening in2005. In 2004 Amata Nakorn will open its ownworld-class, 18-hole golf course, a first in ourindustry and a major attraction for customers.

� Amata City, Rayong has 720 hectares (1,778acres/4,500 rai) and more than 50 internationalclients. Its location in Rayong province is just 27km from the expanding deep-sea port at LaemChabang and 99 km from SuvarnabhumiInternational Airport.

In Vietnam, Amata has three major projectsserving investors at the most advancedstandards there.

Amata was established in 1989 and listed onthe Stock Exchange of Thailand (SET) in 1997.Our global clients include such names as BMW,Daikin, Sony Mobile, Pepsi-Cola, Bridgestone,Toyota, Colgate Palmolive, Kao, MitsubishiElectric, Hino Motors and many more. We alsohost dozens of the most dynamic amongThailand�s own manufacturers. Beyond landsales, Amata is increasing its revenues fromutilities and services, a business we expect willcontribute 50% of sales in 2007. Amata isbenefiting from Thailand�s success in becomingSoutheast Asia�s preferred destination formultinational investment and a growing hub forexport manufacturing.

Amata is the market leader, accounting for morethan 50% of industrial estate land sold inThailand in 2003. Clients choose us for oursuperior locations, infrastructure and very highlevel of service before, during and after the sale.

The Art of the Future

There are two ways of approaching the future.One is to just let it happen. The other is to plan.

At Amata we believe we can build a betterfuture through creative planning. With effectiveanalysis, goal-setting and management skills,we help make the future turn out the way wewould like it to be � and the way our clientsand communities want it too. This is aboutknow-how.

More than technical skills, however, are neededto shape a truly good future. It requiresinspiration, imagination, an understanding ofhistory. And human factors are key. It takesmotivation and teamwork.

Put all this together � people, know-how,creativity � and the future is no longer just anaccident, or even a committee�s agenda. Itbecomes an art.

At Amata, our vision of the future is not only tobuild more sites for factories. We plan for ourindustrial estates to become true communities,attracting business, people and nature to thrivetogether. We call this The Perfect City.

For industry, it means world-class services andfacilities in prime locations.

For the people who live and work in our estatesor nearby, it means shopping, restaurants,recreational facilities, housing and schools. Italso means community activities, and businesscooperation between people from a widevariety of backgrounds, from all over the world.

For nature, it means sound environmentalpractices � IS0 14001 certification, and a goalof zero waste discharge. We reserve land forgreen spaces not just for human appreciation,but for the good of wild plants and animals.

The Art of the Future is something we trulybelieve in, because we see it coming true.

Contents

Performance at a Glance

Chairman’s Statement

The Board of Directors

CEO’s Report

Our Executives

Executives’ Shareholdings

Management Analysis

Auditor’s Report

Balance Sheet

Income Statement

Statement of Changes

Cash Flow Statement

Explanations on the Financial Statements

Amata Group of Companies, Profile

Other Information

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Financial summary Amata Corporation PCL. and its subsidiary companies

2003 2002 2001 2000Profit and loss (million baht)Total revenue 2,972.52 2,292.89 1,283.52 1,002.26Income from sales 2,673.39 1,997.63 1,020.06 830.39Gross profit 1,214.11 788.00 451.77 268.41Net profit 811.80 874.59 335.91 62.92

Balance sheet (million baht)Total assets 5,317.66 4,753.74 4,684.92 4,247.88Total liabilities 2,065.08 1,790.85 2,173.03 2,130.28Total shareholder�s equity 3,252.57 2,962.89 2,511.89 2,117.60

Per ordinary shares (baht) at Par 1Earnings (loss) per share (baht) 0.76 0.82 0.31 0.06Dividend payout (million baht) 480.15 426.80 - -

Selected ratios (%)Net profit margin (%) 27.31 38.14 26.17 6.28Return on equity (%) 29.58 36.75 16.98 3.60Return on total assets (%) 16.12 18.53 7.52 1.48Debt to equity ratio (%) 0.63 0.60 0.87 1.01

Business performance of Amata Corporation PCL. and its subsidiary companies

2003 2002 2001 2000Sales of industrial landAmata Nakorn (2) 546 569 264 513Amata City (2) 296 145 259 245Amata Nakorn & Amata City (2) 842 714 523 758Total sales of industrial land in Thailand (1)* 2,082 1,848 2,264 1,509

Market Share in % of Amata Nakorn andAmata City compared with total salesof industrial Land in Thailand (1) 40% 39% 23% 50%

Number of new Tenants/ Total number of TenantsAmata Nakorn (2) 52 (285) 36 (237) 19 (218) 18 (200)Amata City (2) 11 (72) 13 (61) 14 (47) 10 (37)Amata Vietnam (2) 17 (49) 14 (33) 5 (19) 6 (14)

Remark:(1) Source CB Richard Ellis, Thailand(2) Source Amata* Amata Vietnam land lease only

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2.3

PerformanceRecognition: Amata Corporation was nominated

for the Stock Exchange of Thailand’s prestigious awardfor “Best Performance - Property & Construction” and

“Best Liquidity Enhancement” in 2003.

Performance at a Glance

Total revenue 1997 - 2003(million baht)

Debt to equity ratio(times)

Operating profit (EBIT)(million baht)

1,000900800700600500400300200100

1997 1998 1999 2000 2001 2002 2003

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Amata Nakorn

Amata City

Amata Nakorn & Amata City

Total sales of industrial land in Thailand

PPPPPol.ol.ol.ol.ol. Gen. Gen. Gen. Gen. Gen.ChaChaChaChaChavalit valit valit valit valit YYYYYodmaniodmaniodmaniodmaniodmani

Chairman’Chairman’Chairman’Chairman’Chairman’sssssStatementStatementStatementStatementStatement

I am most pleased to report to Shareholders that Amata Corporation had a

record year in 2003. Amata achieved total consolidated revenue of 2,973

billion baht from sales at Amata Nakorn in Chonburi and Amata City in Rayong

in Thailand, and at Amata City Bien Hoa, Vietnam. This marks an increase

of 30% from our reported 2002 revenue. Amata�s operating profits were

926 million baht in 2003, a 43% increase from our 2002 operating profits of

645 million baht.

We believe 2004 will be another excellent year, a fresh opportunity to prove

to shareholders and customers how much we can accomplish.

As seen in Amata�s excellent results in 2003, Thailand has become

the leading destination for multinational companies to set up factories in

Southeast Asia. The advantages here have become obvious: a central

location, stability and security, a hospitable culture, a vigorous economy.

The hardworking Thai labor force is upgrading skills and eager to learn new

technologies and production methods.

Similarly, the best choice of locations within Thailand itself has become

obvious: the Eastern Seaboard area. Both of Amata�s estates are in prime

Seaboard locations: Amata Nakorn in Chonburi province and Amata City in

Rayong province. Both offer ideal industrial sites for manufacturing for both

domestic and export markets. The international Suvarnabhumi Airport,

opening in 2005, will expand Amata Nakorn�s clientele among today�s

dynamic new class of manufacturers who rely on speedy air cargo.

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“”

Chairman’s Statement

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“We believe 2004 will be another excellentyear, a fresh opportunity to prove to shareholdersand customers how much we can accomplish.”

Police General Chavalit YodmaniChairman

Amata became a true brand name in 2003, a major achievement. Industry today knows Amata not just as Thailand�s leading

factory estate company due to its majority market share, but more importantly, because it is the name that means quality � the

best industrial locations, the best infrastructure and utilities, and unmatched, highly personalized customer service. Our success

in �branding� Amata, therefore, is not the result of a marketing exercise, but a natural outcome of our way of serving customers.

Our plan for the coming year will sustain and grow the success of 2003. Among our goals are:

� Opening Phase 7 sites at Amata Nakorn, and Phase 2 sites at Amata City, to meet investor demand.

� Commissioning Amata Spring Golf and Country Club at Amata Nakorn.

� Installing multi-media services with high-speed data, voice and video communications for all our estates.

� Launching a special Customer Service Unit for existing customers� operational needs.

With these new developments in mind, I feel most assured of Amata�s future prospects, and I believe 2004 will be another record

year for the company.

We believe that our strong performance is good news not just for Amata, our customers and shareholders, but also for Thailand.

Foreign investment means new jobs and skills training, technology transfer, and higher income. Good jobs and pay help improve

the lives of Thai workers and their families. This is a truly meaningful human development, and Amata is proud to be part of it in

Thailand.

Police General Chavalit YodmaniChairman of the Board of Directors andExecutive Director

Police General Yodmani has been part of Amata, and chairof its Board of Directors, since the company was founded.He is a well-known and popular figure from his 10 years ofpublic service as Director General of the Narcotics ControlBoard in the Ministry of Justice, and from his ongoing workas a member of the Eminent Committee. He is also aDirector of Pan Asia Paper (Thailand) Co., Ltd., of AmataCity Co., Ltd. and Amata Holding Co., Ltd.. In addition heis Member of the Board of the Anti- Money LaunderingOffice (AMLO) and Chairman of Thai Orchids Lab Co., Ltd.Pol. Gen. Yodmani, 69, was educated in Thailand and atWorksop College, U.K.

Mr. Chira PanupongVice Chairman of the Board of Directors

Mr. Panupong has acted as Vice Chairman of the Board ofDirectors since 1994, and as Chairman of the Board ofDirectors for Amata (Vietnam) Co., Ltd. and Banpu PCL.His other titles are Director of Amata-EGCO PowerLimited and Amata City Co., Ltd., and Vice Chairman ofTuntex (Thailand) Public Co., Ltd. Mr. Panupong, 71, earneda master�s degree in economics from the London Schoolof Economics.

Mr. Vikrom KromaditDirector, Chairman of the Executive Board and CEO

Mr. Kromadit was born into a large Thai-Chinese family inKanchanaburi Province. He graduated from NationalTaiwan University, where he studied engineering as well asChinese culture and language, and was introduced toagricultural and industrial concepts adopted from Japan.In 1989 he established the Amata Nakorn industrial estatein Thailand�s Chonburi Province. Later he founded AmataCity in Rayong Province, and a variety of subsidaries andaffiliates of Amata Corp. In Vietnam, he developed AmataCity in Bien Hoa and two other estates. Mr. Kromadit, 50,serves as Director for Amata City Co., Ltd., Amata PowerLimited, Amata Development Co., Ltd., Amata MansionService Co., Ltd. and Amata Holding Co., Ltd.

General Yuthasak SasipraphaDirector

General Sasiprapha joined Amata as Director in 2002. Heserved as Deputy Minister of Defense from 2001 to 2002,and has been a Member of Parliament since 2001. He hasserved as Advisor to the Minister of Defense since 2002.Gen. Sasiprapha, 66, was educated at the NationalDefense College.

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Mr. Staporn KavitanonDirector

Mr. Kavitanon served as Secretary General to the Office ofthe Board of Investment at the Prime Minister�s Office from1991 to 2001. He joined Amata Corporation PCL. asDirector in 2002. He is also Vice Chairman of Bangkok BankPCL. Mr. Kavitanon, 64, was educated at the NationalDefense College, and at Vanderbilt University, U.S.A., wherehe graduated with an master�s degree in economics.

Mr. Thomas Hamlin ReesePresident and COO

Mr. Reese joined Amata in 1994 as an Executive VicePresident and was appointed President and COO for AmataCorporation in 1999. He previously served in the UnitedStates Foreign Service, and was USAID Thailand Mission1990-1994. He is Director for Amata Corporation and AmataCity, as well as Chairman of Executive Board, AmataVietnam. He is also a Trustee of Kenan Institute Asia.Mr. Reese, 65, has a bachelor�s degree in economicsfrom the University of Maryland and master�s degree ineconomics from the University of Pittsburgh.

6.7

Mr. Tetsushi IshizukaDirector

Mr. Ishizuka joined Amata PCL. as Director of the Board in2003. He is President of Itochu (Thailand) Ltd. and of ItochuManagement (Thailand) Co., Ltd. He also serves asChairman of the Japanese Traders in Thailand, Member ofthe Board of the Executive Committee of the Thai-JapaneseAssociation in Thailand, Director of Japan Chamber ofCommerce, and Co-Chairman of the Greater MekongSub-Region Working Committee. Mr. Ishizuka, 54, receiveda bachelor�s degree in economics from Yokohama NationalUniversity.

Dr. Somchet ThinaphongDirector, Member of the Audit Committee

Dr. Thinaphong has been Director and Member of theAudit Committee since 1999. He served as Presidentfrom 1999 to 2001 of New Bangkok International AirportCo., Ltd., and from 1990 to 1999 he was Governor ofthe Industrial Estate Authority of Thailand (IEAT).Dr. Thinaphong, 54, received a King�s Scholarship for studyat the Asian Institute of Technology, where he graduatedwith a Ph.D. in engineering.

Board of Directors

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Mr. Chai SophonpanichDirector

Mr. Sophonpanich has been Director of Amata CorporationPCL. since 1989. He is also Chairman and President ofBangkok Insurance PCL., Chairman of BumrungradHospital PCL., Furukawa Metal (Thailand) PCL., CharoongThai Wire & Cable PCL. and Vice Chairman of ThaiReinsurance PCL. Mr. Sophonpanich, 60, graduated fromthe University of Colorado, U.S.A.

Mr. Chackchai PanichapatExecutive Director

Mr. Panichapat formerly served as Deputy SecretaryGeneral of the Office of the Board of Investment, from 1991to 1999. He has served as Vice Chairman of the Board ofDirectors and as Executive Director for Amata City Co., Ltd.since 1999, and from 2001, as Executive Director for AmataCorporation PCL. Mr. Panichapat, 64, was educated at theUniversity of Texas, U.S.A., graduating with a master�sdegree in electrical engineering.

Mr. Wikrom SoukvanitchIndependent Director, Chairman of the AuditCommittee

Mr. Soukvanitch joined Amata Corporation PCL. in 1999 asIndependent Director and Chairman of the AuditCommittee. Previously he served as Advisor to Amata,from 1990 to 1999. Mr. Soukvanitch, 66, holds a bachelor�sdegree in accounting from Thammasat University.

Mr. Noppun MuangkoteIndependent Director, Member of the Audit Committee

Mr. Muangkote joined Amata as Independent Directorand Member of the Audit Committee in 2001. He isPresident of International Business Lawyers Co., Ltd.,Director of Sahakol Engineer Co., Ltd., Siam Jusco Co.,Ltd., AEON Thanasinsup PCL. and Chairman of MK Groupof Companies and Nongkhai Grand. Mr. Muangkote, 56,received Fulbright and Asia Foundation scholarships, andholds a LL.M. corporations degree from New YorkUniversity, U.S.A.

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Mr. Sombath PanichewaDirector

Mr. Panichewa has served as Director of Amata CorporationPCL. since 1989. He is also Director for Amata (Vietnam)Co., Ltd., Amata City Co., Ltd., Krungthai Panich InsuranceCo., Ltd., Thasco Chemical Co., Ltd., TTL Industries PCL,Sakata-Thai Corporation Ltd. and Thai ChemicalCorporation Ltd. His other positions include being Presidentof Don Muang Tollway PCL. and Chairman of the ExecutiveBoard of Thai Public Part Co., Ltd. Mr. Panichewa, 68,graduated from the University of Tasmania, Australia.

Mrs. Varaporn VatcharanukrohSecretary to the Company and Secretary to the AuditCommittee, Vice President Treasurer

Mrs. Vatcharanukroh joined Amata in 1996 and served until1999 as Assistant Vice President for Planning andAdministration. From 1999 to 2002, she was Assistant VicePresident of Amata Finance. From 2001 to present, shehas been both Secretary to the Company and Secretary tothe Audit Committee, and since 2002, Vice PresidentTreasurer. She handles corporate finance and investorrelations. Mrs. Vatcharanukroh graduated with a bachelor�sdegree in accounting from Thammasat University.

8.9

Directors

Pol. Gen. Chavalit YodmaniMr. Chira PanupongMr. Vikrom KromaditGen. Yuthasak SasipraphaMr. Staporn KavitanonMr. Sombath PanichewaMr. Thomas Hamlin ReeseMr. Tetsushi IshizukaMr. Chai SophonpanichMr. Chackchai PanichapatMr. Wikrom SoukvanitchMr. Noppun MuangkoteDr. Somchet Thinaphong

Executive Directors

Mr. Vikrom KromaditPol. Gen. Chavalit YodmaniMr. Chackchai PanichapatMr. Thomas Hamlin Reese

Audit Committee

Mr. Wikrom SoukvanitchMr. Noppun MuangkoteDr. Somchet Thinaphong

Committee Responsibilities

Each Director clearly understands the company�s vision,strategy and objectives, and uses his time and knowledgeto help the company achieve those objectives. TheDirectors must also understand the roles of the ExecutiveBoard and Audit Committee. Whenever requested, theDirector must disclose true, detailed documents toshareholders or the general public. The Board of Directorshas agreed to a summary of Best Practices applicable forthe company. The Board of Directors has assigned a teamof executives to manage the internal audit.

Each member of the Executive Board carries out assignedduties in a professional and honest manner. Theirresponsibilities are to purchase raw land and other assetsnot over 10 million baht, register the transfer oflandownership, land rentals and mortgages, and open newbank accounts.

The Audit Committee is responsible for reporting correct,sufficient and accurate financial information to the Board ofDirectors, ensuring that the company has adequate andeffective internal control systems in place to ensurecompliance with all relevant laws and regulations, and toconsider the appointment and remuneration of auditors.The Chairman of the Audit Committee shall review prepareddocuments for disclosure in the annual report. As assigned,the Audit Committee has to carry out other duties asspecified by the Board of Directors.

The company does not appoint any sub-committee otherthan the audit committee, but can set up working teams.

Board of Directors

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The Year of Amata: our best results ever

Nothing succeeds like success. In terms of land sales, market share,total revenues and operating profits, 2003 was Amata Corporation�sbest year ever. We were Thailand�s leading industrial estate asmeasured by sales of land. Some 40% of the industrial estateproperty purchased in Thailand last year _ was sold by Amata.

The excellent numbers prove something important - Amata�s successin branding. Amata�s name is now widely recognized in Thai industryand among international investors as the leading industrial estatecompany. More important, Amata is known as the quality estatecompany.

We at Amata have worked years to earn this recognition. We knowfrom our own experience the value and rewards of owning the topbrand. To build on this advantage, we will keep focusing on quality.A prime example is our popular Free Zones, special customs-free zonesfor exporters that we opened in both of Amata�s Thai properties in2003, a first among industrial parks here

In 2004, we will become the first and only Thai industrial estate tohave its own golf course, a world-class, 18-hole club at Amata Nakorn.We will also be the first and only industrial estate here to offerhigh-speed broadband multimedia to our clients, a feature in greatdemand today.

More to come: Amata and Thailand at advantage

We expect our excellent results to be sustained for two main reasons:

First, Thailand has achieved a position of competitive advantage formanufacturers investing within Southeast Asia. Multinational firmsthat used to consider several different countries for investmentsnow come straight to Thailand. Thailand is even competing wellwith China, as costs rise there and investors seek to diversify theirmanufacturing locations within Asia. Thailand is emerging as a trueexport manufacturing hub for the region and the world. As the leadingindustrial estate firm here, Amata benefits from Thailand�sattractiveness.

Second, within Thailand, Amata has achieved competitive advantageover other industrial estate providers. Our features and servicecannot be beat. And our geographic location in the Eastern Seaboardis now better than ever, thanks to expansion of the deep sea portat Laem Chabang and the 2005 opening of Bangkok�s newSuvarnabhumi International Airport.

Sales & profits set records

In 2003 we sold a record amount of land _ 135 hectares (842 rai) themost in our 12-year history, up 18 % from the previous year�s sales of114 hectares (713 rai). This made Amata the clear market leader,accounting for 40% of industrial estate land sold in Thailand in 2003.

MrMrMrMrMr.....VVVVVikrom Kromaditikrom Kromaditikrom Kromaditikrom Kromaditikrom Kromadit

CEO’CEO’CEO’CEO’CEO’sssssRepRepRepRepReportortortortort

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10.11

Land sales accounted for the vast majority of our revenues of2.973 billion baht, again a record for the company, and a30 % increase on the previous year. Operating profits reacheda record 926 million baht, up 43 % from the year before.

We sold factory sites at a average rate of one every five daysfor the year. The rate actually speeded up in the last quarter,averaging about one sale every three days.

Our corporate culture: people power

Our productivity reflects strong motivation, which isencouraged by Amata�s corporate culture, especially ouremphasis on people. We believe our way of doing thingsblends some of the best characteristics of both Westernand Asian businesses.

Like an excellent European or North American enterprise, wegive our employees considerable freedom and individualresponsibility. And we provide strong incentives forproductivity and success, especially as a team.

Like in the best Asian corporations, Amata people treateach other, our customers, partners and vendors with mutualconsideration, honesty, trust and respect, in a family-likeway. We value integrity and long-term success morethan quick gains, and we place the highest value uponrelationships.

Better than bonuses: Amata�s �Success Fee�

One new feature of our corporate culture is what we callour Success Fee. Amata is successful today thanks to ourpeople. That�s why we now invite our team to share in thecompany�s success by paying them a due share of profits.We want our people to feel like fellow entrepreneurs andpartners in our business, not just salaried staff. But theSuccess Fee is not a conventional bonus. It is not automatic,but a dynamic system for improving and rewarding ourbusiness results.

The Success Fee, begun in 2002, has had a dramaticimpact in helping build teamwork, hold down costs andincrease productivity. Profits are divided among employeesas a group, which has helped bolster team spirit andcooperation.

We all now have a strong incentive to maximize our ownindividual productivity and each other�s productivity beforeadding new positions to the payroll. This is because thefewer employees, the bigger the share of profits we eachreceive. Before instituting the Success Fee, employees wereoften eager to request additional hires, adding to costs in2003, we had not a single such request, despite our increasedbusiness, thanks to this new incentive.

Likewise the Success Fee encourages managers to weedout employees who are not contributing to the company�ssuccess. Indeed, in 2003, after careful consideration, we hadto let two staff go due to underperformance.

The fee also trims payroll costs because employees haveagreed to accept a freeze in their salaries, based on themoderate levels mandated during conditions of Thailand�seconomic crisis during the late 1990s. Employees gaingreatly from this agreement because the success fee canamount to double or triple their salary. Everyone wins bycontributing.

Beyond payroll costs, we are all now doubly motivated toreduce other costs throughout the firm, to increase profits.No Success Fee is paid unless we make profits!

In all these ways, the Success Fee strengthens the alignmentbetween employee interests and shareholder interests. Italso helps us do better by our customers, who are theultimate source of our success!

Diversifying client base, with three hot clusters

We welcomed a healthy diversity of clients in 2003, from manyindustries and countries. For the first time, we gainedcustomers from Malaysia, Korea and the Philippines.There were plenty of new projects from longstandinginvestors like North America, Europe and Japan. Thai firmsrebounded nicely: a total of 15 sales went to Thai companies,about 20% of our 2003 land sales by land area.

”““Our productivity reflects strong motivation,

which is encouraged by Amata’s corporate culture,especially our emphasis on people.”

CEO’s Report

Many different industries were represented, with three importantsectors in the lead: Autos, Consumers, Electronics

In autos, we had many investments from part makers. Weworked closely with two major firms on deals completed in early2004. Hino Motors Manufacturing chose Amata Nakorn, Chonburi fora plant to assemble trucks and buses. And Yokohama TireManufacturing will build a plant at Amata City, Rayong. This adds toour existing automotives clients like BMW Manufacturing, Toyotaand Bridgestone Tires.

Two consumer-sector investments stood out. Japan�s biggesthousehold products maker, Kao Corporation, will establish a majormanufacturing base at Amata Nakorn, producing soap, shampooand skincare products for regional export markets.

Food and beverage giant San Miguel of the Philippines chose a verylarge site of 14.8 hectares (93 rai) at Amata City, where it will makenon-carbonated drinks, snack foods and animal feed. That sale wascompleted in early 2004.

These add to many other important consumer names at Amata likeBristol-Myers Squibb, Colgate-Palmolive, Pepsi-Cola, and Procter &Gamble.

Electronics powered up. Taking advantage of our Free Zone, MaximIntegrated Products of the U.S. invested in a test facility at AmataNakorn. This sale is a sign of things to come: our Free Zones and fastaccess to Suvarnabhumi International Airport will attract moreelectronics clients, who rely heavily on shipment by air.

Other sales went to companies making such products as airconditioners, steel, glass, jewelry, food, cosmetics, ink and chemicals,pipe, biotech and machinery.

New airport drives Amata

Bangkok�s Suvarnabhumi International Airport will open in 2005, just20 minutes by road (42 km) from Amata Nakorn, and 50 minutes (99km) from Amata City. As the most important new infrastructure projectto be built in continental Southeast Asia in many years, the airport willboost the growth both of Thai industry and Amata.

The airport will become the hub for planned development of industryon the surrounding Eastern Seaboard. Amata is part of the airport�s�Bangkok Aerotropolis� plan to create development zones for specificclasses of industry. Closest to the airport will be zones for officeheadquarters and time-dependent cargo like perishable food andflowers. Amata Nakorn is ideally situated within the zones for just-in-time manufacturers and producers relying on air cargo like partsmakers and electronics. Amata City�s just-in-time producers willbenefit too from being so much closer to a hub airport than in thepast.

Report of the Audit Committee

Reported to the Board of Directors of the 1/2547meeting on February 26th, 2004.

To the Board of Directors

The Audit committee have examined theconsolidated balance sheets of AmataCorporation Public Company Limited and itssubsidiary companies as of December 31,2003, the related consolidated statements ofincome, changes in shareholders� equity andcash flows for the year ended.

In our opinion, the company and itssubsidiaries have conducted internal controlefficiently to protect the misuse of the company�sassets and as of today�s date, no irregulartransaction has been detected.

Mr. Wikrom SoukavanichChairman of the Audit Committee

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CEO’CEO’CEO’CEO’CEO’sssssRepRepRepRepReportortortortort

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12.13

Amata Vietnam plays big role near Ho Chi Minh City

Subsidiary Amata (Vietnam) Co. will expand dramatically with the launchof Amata Express City, a new development on a more than 2,000hectare (12,500 rai) plot in the southern province of Dong Nai,Vietnam�s top destination for investors in 2003. This project has aprime portside location between Ho Chi Minh City, just 17 kilometersaway, and that city�s new international airport, soon to be built just 7kilometers away. These intermodal transport capabilities - air, sea,road - will prove highly attractive to the multinational investors againflocking to Vietnam.

The estate will be built according to a 10-year master plan, with about112 to 160 hectares (700 to 1,000 rai) slated for development eachyear. It will have a full range of features and services in line with ourPerfect City concept. The provincial government selected Amata toform a joint venture to develop this park, paying the government a30% share of profits, with 50-year free lease.

Amata began bringing its industrial estate development skills to Viet-nam in 1994 with the opening of Amata City, Bien Hoa, also in DongNai province, with 700 hectares of land. Some 129 hectares have beendeveloped, with about 50 clients, mostly foreign makers of consumerproducts. Our customers have been especially enthusiastic about theready-built factories we provide in Bien Hoa. The project�s 232-hectare Phase 2 is ready to begin with a wide range of residential andcommercial facilities in great demand by our estate clients and othercustomers.

In central Vietnam, we are developing a 500-hectare industrial estate,Amata City, Dong Quat, focusing on petrochemicals businessesadjacent to Petro Vietnam�s first oil refinery now under constructionthere. With nearby seaport access, this development has highpotential.

Corporate Governance: better accounting and planning

In 2003, our ongoing efforts at optimizing corporate governancefocused on two areas: new accounting systems and long-termstrategic planning.

”““Bangkok’s new international airport will boostthe growth of both Thai industry and Amata.”

Remuneration for Directors and Executives

Remuneration for DirectorsThe Company policy on remuneration ofDirectors requires approval from a meeting ofthe Shareholders, which is disclosed in theAnnual Report.

Remuneration for ExecutivesThe Board of Directors stipulates policy andstandards for the remuneration of theExecutives, which is related to performance ofthe Company and each executive. TheDirectors and a working group in themanagement team will consider performancein approving executive remuneration.

Cash benefit(a) 13 total directors� remuneration1,545,000.00 baht (Meeting Allowance,Executive Benefit)

(b) Total directors� and executives� remuneration30,714,902.65 baht (Executives� ProvidentFund) 1,357,881.44 baht

Income Structure

Refer to Note 26 of the Financial Statementson page 46, which presents the financial datacategorized by the various business units itmay be seen that revenue from sales andinfrastructure � which represents the companyand its subsidiaries� core income � in 2003reached 2,952.08 million baht. The principalshare of revenue (83.30% of total revenue) wascontributed by the real estate developmentbusiness; overseas income flows presented onlya 7.81% share; while revenues from waterproduction accounted for 8.89%.

CEO’s Report

Risk Factors

Amata�s core business is developing andmanaging manufacturing sites for multinationalinvestors in Thailand and Vietnam. A maindriver of the Amata business is foreign directinvestment. Accordingly, Thailand andVietnam�s political stability, continued opennessto private investment, and continued economicgrowth are important to Amata�s core land salebusiness.

It is also important for Amata that theThailand and Vietnam Governments continueto promote positive investment policies andproject a positive attitude toward multinationals. It is also possible that Amata�s corebusiness could be affected by naturalcalamities or catastrophes such as earthquake,typhoon, or pestilence. Such events could slowforeign direct investment to Thailand.

Amata has a � Balanced Growth � strategy tobalance revenue from land sales revenue andservice revenue, which is from water and wastewater treatment and maintenance services forour clients, as well as leasing revenue fromAmata Vietnam�s ready-built factories andcommercial areas.

To ensure sufficient land for sale to drive thegrowth strategy over the next few years , Amatahas launched a land buying program at AmataNakorn, which seeks to build a minimum5-7 year land bank for Amata Nakorn.Additionally, Amata is looking for opportunitiesto expand the land bank through partnershipsand joint ventures, thus avoiding incurringsignificant debt.

We hired the Deloitte Touche Tomatsu consultancy to streamlineour accounting through the use of advanced new software from SunSystems. This improves our internal accounting and also providesclarity to auditors. By allowing rapid turnover of accounting data,auditors get earlier access to the information they need. The systemalso gives company management a better grasp of our businesscosts and cash flows. For example, using this new system hasenabled us to switch to a cash management budgeting system, whichis today�s preferred system.

Second, we have worked with the Board of Directors to lay out afive-year growth strategy, with a goal of diversifying and balancingrevenue from land sales and services. The strategy relies on threemain plans: (a) selling more land in Thailand and Vietnam; (b)building our income from services, water, wastewater treatment andfacilities maintenance; (c) developing our Vietnam activities withready-built factories and now homes at Bien Hoa. These plans willhelp us in setting benchmarks and properly overseeing managementresponsibilities.

Through these efforts and many more detailed throughout this 2003Annual Report, Amata Corporation complies with the SET�s principlesof good corporate governance. Our corporate goals and vision requirethat we meet high standards of professionalism and integrity onbehalf of all our stakeholders - employees, share investors, clients andour many business partners and vendors. As developers of propertywe have important responsibilities to an especially wide range ofstakeholders including the communities where we do business. Thuswe put special emphasis on good corporate citizenship.

Balanced growth strategy: Amata services & utilities

Amata is in the beginning of our five-year balanced-growth strategythat will increase the share of income from our services and utilitiessuch as water, power, facilities maintenance and other products. Thisstrategy calls for building the services percentage of income from 16%in 2002 to 50% in 2007.

This development is a natural and desirable way to grow from ourincreasing base of tenants, who become customers for our on-siteservices after purchasing land.

Vision: The Art of The Future

Our good results in 2003 were no accident. They are all the product ofAmata�s long-term planning, teamwork and creativity. After more thana decade in this business, we believe strongly in cultivating thesemanagement skills in order to shape our own destiny.

We call this the Art of the Future. Our vision of the future is to createnot just industrial parks, but complete communities able to serve awide range of needs for manufacturers and their employees.

MrMrMrMrMr.....VVVVVikrom Kromaditikrom Kromaditikrom Kromaditikrom Kromaditikrom Kromadit

CEO’CEO’CEO’CEO’CEO’sssssRepRepRepRepReportortortortort

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Vision: The Perfect City

This is our vision of The Perfect City, a set of goals and idealsthat is guiding us toward better results. In practical terms, itmeans our clients can rely on us to continue investing in ourestates, improving them and adding new features, forhousing, recreation, shopping, education, healthcare,utilities, business services. Our record results in 2003 showthat this is the kind of vision clients want.

Mr. Vikrom Kromadit CEO

”““Our vision of the future is to create not just

industrial parks, but complete communitiesable to serve a wide range of needs formanufacturers and their employees.”

Major Shareholders No. of Shares % of ShareholdingKromadit Family 334,367,540 31.14

Yodmani Family 77,987,370 7.31

HSBC (Singapore) Nominees Ptd. Ltd. 56,429,800 5.29

ITOCHU Management (Thailand) Co., Ltd. 50,000,000 4.69

Nopamornbodee 33,193,400 3.11

AJF Star Capital Fund 30,683,300 2.88

Sihanatkathakul Family 22,795,700 2.14

Bangkok Insurance PCL. 19,864,000 1.86

Thai NVDR Co., Ltd. 13,793,500 1.29

Government Pension Fund

by Ayudhya JF Asset Management Limited 9,946,500 0.93

Amata Corporation PCL.March 6, 1989

58.68% Amata (Vietnam) Co., Ltd.December 31, 1994

82.67% Amata City Co., Ltd.June 5, 1995

70.59% Amata Dung Quat Co., Ltd.December 6, 2001

5.87% Amata Power (Bien Hoa) Ltd.June 29, 1996

13.77% Amata Power Ltd.March 2, 1995

100.00% Amata Ouality Water Co., Ltd.March 5, 1999

10.00% Amata Natural Gas Distribution Co., Ltd.November 27, 2001

16.53% Amata Condotown Rayong Co., Ltd.December 23, 2000

43.49% Amata Development Co., Ltd.June 15, 1990

91.00% Amata Facility Service Co., Ltd.November 29, 2002

12.65% Amata Mansion Service Co., Ltd.November 15, 1991

24.26% Ching Shiang-Amata Chemical Industries (Thailand) Co., Ltd.April 23, 2002

CEO’s Report

Mr. Kamjorn VorawongsakulVice President, Business Development

Mr. Vorawongsakul joined Amata in 1996. He has held positionsas Assistant Vice President, Business Development andAssistant Vice President, Amata Service Project. He has been inhis current post since 2001. Mr. Vorawongsakul, 48 years old,graduated with an MBA degree from Kasetsart University.

Ms. Songchom TangnawapanVice President, Land and Sales Operations

Ms. Tangnawapan joined Amata in 1996 as Human Resourcesand General Affairs Department Manager. In 1999 she waspromoted to Marketing Information Center DivisionManager. In 2002 she began her current position facilitatingoperations between Marketing executives and Land officers.Ms. Tangnawapan, 42, graduated from Thammasat University.

Mrs. Kobkul StierasutaHuman Resources Development & General AffairsDivision Manager

Mrs. Stierasuta joined Amata in 1989 as Manager of thePresident�s Office. In 1999 she was promoted to HumanResources and General Affairs Division Manager. Mrs. Stierasuta,55, graduated from Chulalongkorn University and also studiedat Hardbarger Business College, North Caroline, U.S.A.

Mrs. Varaporn VatcharanukrohSecretary to the Company and Secretary to the AuditCommittee, Vice President Treasurer

See Board Of Directors

Mr. Chackchai PanichapatExecutive Director

See Board of Directors

Mr. Viboon KromaditSenior Vice President, Amata Corporation PCL.& Director, Amata City Co., Ltd.

Mr. Kromadit is Senior Vice President of Marketing and Sales.From 1999 to 2002 he was Vice President of Amata NakornIndustrial Estate. From 1995 to 1998 he worked as MarketingManager, and then in 1998 and 1999 as Assistant to COO. He isalso Director of Amata City Co., Ltd. Mr. Kromadit, 43, holds abachelor�s degree in computers and business from AssumptionUniversity. He is a younger brother of Amata�s CEO, VikromKromadit.

Mr. Paradorn SongsuwanVice President, Engineering Division

Mr. Songsuwan joined Amata in 1996, serving as Assistant VicePresident, Engineering and Site Service, then AssistantVice President, Amata City. In 2002 he was promoted to hiscurrent position. Mr. Songsuwan, 49, holds a degree in CivilEngineering from Chiangmai University.

Mr. Chulanond Na LampoonPresident, Amata Commercial City& Executive Director, Amata Corporation PCL.

Mr. Na Lampoon joined Amata in 2000 in his current positiondeveloping such commercial facilities as Amata Plaza and AmataSpring Country Club. Previously he was General Manager of PatcoLand Co., Ltd. Mr. Na Lampoon, 52, holds a Diploma from theInternational Hotel School of Business of Tokyo, Japan.

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Mr. Chairat SuwanvijarnLand Division Manager& Executive Director, Amata Corporation PCL.

Mr. Suwanvijarn joined Amata in 1994, working until 1998as Government Affairs Division Manager. Mr. Suwanvijarn,41, graduated with a law degree from RamkhamhaengUniversity in Bangkok.

Mr. Surakit ChaiamnuayManaging Director, Amata Quality Water Co.

Mr. Chaiamnuay joined the company in 1990, and over thepast 14 years has worked on many of Amata�s engineeringprojects in Thailand and Vietnam. Previously he worked ontunneling and waterworks projects in Iraq and Melbourne,Australia as well as Bangkok. Mr. Chaiamnuay, 52,graduated from the civil engineering faculty of ChiangmaiUniversity.

Mr. Thanapat SornkulManaging Director, Amata Facility Service Co.

Mr. Sornkul joined the company in 1998 to serve as AmataNakorn�s Assistant Vice President. He was promoted to hiscurrent position in 2003. Previously he was managerof Bangkok Bank�s branch in Pattaya. Mr. Sornkul, 55,graduated from Chiangmai University.

Ms. Dendao KomolmasController

Ms. Komolmas joined Amata in 1995 as Accountant andAssistant Manager, and was promoted to her current postin 1997. Ms. Komolmas, 41, holds a Bachelor of Sciencedegree in Administration from Sukhothai DhamadhiratUniversity.

Mr. Yasuo TsutsuiManager, Amata Nakorn Industrial Estate

Mr. Tsutsui joined Amata in 1998 as Sales Executive, andwas promoted in 2003 to Manager of Amata NakornIndustrial Estate. Prior to his career with Amata, he wasAssistant to the General Manager of Travelscope Co., Ltd.in Bangkok. Mr. Tsutsui, 31, graduated from Kansai GaidaiUniversity, Hirakata City, Japan.

Mr. Aukkares ChoochouyManager, Amata City Industrial Estate

Mr. Choochouy joined Amata in 2000 as Sales andMarketing Executive, and was promoted in 2003 toManager, Amata City Industrial Estate. Previously he workedin the U.S. and with A.P. National Sales Co., Ltd. in salesand customer relations. Mr. Choochouy, 36, graduated fromThammasat University and from the MBA program ofSouthwest Missouri State University, U.S.A.

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Amata’s Executives

OrganizationChart

Shareholders

Audit Committee

ChairmanPol. Gen. Chavalit Yodmani

CEOMr. Vikrom Kromadit

Business DevelopmentMr. Vikrom Kromadit

Amata CommercialCity Project

Vietnam Project

Business Development

TreasurerMrs. Varaporn Vatcharanukroh

Chairman of the ExecutiveBoard

Mr. Vikrom Kromadit

President & COOMr. Thomas H. Reese

Engineering

Land

Marketing & Sales

Controller

Information Center

HR & General Affairs

IT Center

Amata Corporation PCL.

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1. Police General Chavalit Chairman of the Board of Directors 77,777,370 7.2894 16,511,234 7.7372 -4,778,800.00

Yodmani

2. Mr. Chira Panupong Vice Chairman of the Board 8,075,000 0.7568 1,615,000 0.7568 -

of Directors

3. Mr. Vikrom Kromadit Director, Chairman of the Executive 227,396,370 21.3117 44,112,414 20.6712 6,834,300.00

Board and Chief Executive Officer

4. General Yuthasak Director

Sasiprapha

5. Mr. Staporn Kavitanon Director

6. Mr. Sombath Phanichewa Director

7. Mr. Thomas H. Reese Director and President and 2,323,720 0.2178 424,744 0.1990 200,000.00

Chief Operating Officer

8. Mr. Tetsushi Ishizuka Director

9. Mr. Chai Sophonpanich Director 7,353,500 0.6892 2,034,300 0.9533 -2,818,000.00

10. Mr. Wikrom Soukvanitch Independent Director and

Chairman of the Audit Committee

11. Mr. Chackchai Panichapat Director

12. Mr. Noppun Muangkote Independent Director and

Member of the Audit Committee

13. Dr. Somchet Thinaphong Director and Member of the

Audit Committee

14. Mrs.Varaporn Secretary to the Company and 317,840 0.0298 49,568 0.0232 70,000.00

Vatcharanukroh Secretary to the Audit Committee,

Vice President Treasurer

15. Dr. Huynh Ngoc Phien Vice President (Vietnam Projects) 200,000 0.0187 40,000 0.0187

16. Mr. Viboon Kromadit Senior Vice President 2,086,600 0.1956 2,086,600.00

(Marketing and Sales)

17. Mr. Chulanond Na Lampoo President Amata Commercial City

18. Mr. Chairat Suwanvijarn Land Division Manager

19. Mr. Kamjorn Vorawongsakul Vice President (Business Devel 60,500 0.0057 48,100 0.0225 -180,000.00

20. Mr. Paradorn Songsuwan Vice President (Engineering Division)

21. Mrs. Kobkul Stierasuta Human Resource Development &

General Affairs Division Manager

22. Ms. Songchom Vice President

Tangnawapan (Land and Sales Operations)

23. Ms. Dendao Komolmas Controller 164,000 0.0154 32,800 0.0154

Shares

As of Dec. 31, 2003 As of Jan. 3, 2003

No. of shares(par 1)

As of Dec. 31, 2003

% ofshareholding

% ofshareholding

No. of shares(par 5)

(Par 1)

increase (+) /Decrease (-)

Name Title

Executives’ Shareholdings

1. Explanation and Analysis of financial status andoperating performance

Amata has benefited from Thailand�s emerging position ofcompetitive advantage in Southeast Asia. Thailand isincreasingly the preferred country site for multinationalmanufacturing in Southeast Asia and as an alternative toinvestment in China. As a result, Amata has reported itsbest operating profits for 2003 in the company�s 15 years ofexistence.

In 2003, Amata captured slightly more than 40% of theThailand industrial estate market. Amata sold a record of842 rai of land, up 18% from 2002, when Amata sold 713rai. Total revenue was Baht 2.973 billion, up 30% from totalrevenue of Baht 2.293 in 2002. Operating profits surged 43%,reaching Baht 926 million in 2003, as compared to Baht645 million in 2002. Net profit was Baht 812 million, downfrom Baht 875 million in 2002, due to Baht 311 million ofone time restructuring gains in 2002. Earnings per sharewere Baht 0.76 in 2003, as compared to Baht 0.82 in 2002.

Amata added considerably to the Amata Nakorn land bankin 2003 and will open Amata Nakorn Phase 7 for sales in2004. Amata has financed land purchases through cash flowsand short-term borrowings. The Amata balance sheetremains strong with a debt to equity ratio of less than one.

During 2003, Amata continued to offer new products tobetter meet the needs of investors and opened its specialexport-import Free Zones at Amata Nakorn and Amata City.Both zones were highly successful and Amata plans toexpand the Free Zones for 2004.

In 2003, Amata saw three broad clusters of investors:automotive, consumer, and electronics. Maxim IntegratedProducts of Sunnyvale, California bought land in the FreeZone for an integrated chip test facility. Triumph Motorcyclesof the UK bought additional land for a factory expansion.Kao Cosmetics of Japan acquired land for a major consumerproduct manufacturing and distribution center.

The Company also saw new investments from Asianneighbors such as the Philippines, Malaysia and Korea. Thehighlight of Asian investment was the purchase by SanMiguel, Philippines of 95 rai at Amata City for a majorbeverage-food manufacturing facility. San Miguel is alsoplanning additional new projects and land purchases atAmata City in 2004.

Amata expects this Asian investment trend in Thailand tocontinue and, based on 1st quarter investor interest, looksforward to another record year in 2004.

2. Related Party Transactions

If there is any conflict of interest or other related matters inthe listing, the Board of Directors will carefully consider thematter and act in accordance with the rules and regulationsof the Stock Exchange of Thailand. The prices and conditionsof the transaction should be consistent with marketconditions. The details of the parties to the contract, contractvalue, reason and necessity will be shown in the annualreport and type 56-1. If a director has a conflict of interest inthe listing, that director will have no right to vote.

February 26, 2003Re: Opinion on Related TransactionsTo: ShareholdersAMATA CORPORATION PCL.

I, Wikrom Soukvanitch Chairman of the Audit Committee ofAMATA Corporation Public Company Limited, would like toinform the share holders of a related transaction that hasbeen clearly shown as item number 6 in the Remarks of theFinance Statement, as of December 31, 2003. The relatedtransaction involves the rental of an office with KROMADITCo., Ltd., of which Mr. Viboon Kromadit (Mr. Vikrom Kromadit�syounger brother) is a director, follows:

(Million baht) 2003 2002Office Rent and Service Fee 2.96 3.02

Pricing Policy: KROMADIT Co., Ltd. rents office space to theCompany at the same market price and conditions as othercompanies. However, the Company carefully considers rentalof the office to ensure it is beneficial to the Company.

Yours sincerely,AMATA CORPORATION PUBLIC COMPANY LIMITED

Mr. Wikrom SoukvanitchChairman of Audit Committee and Independent Director

Management Analysis

Contents

Auditor’s Report

Balance Sheet

Income Statement

Statement of Changes

Cash Flow Statement

Explanations on the Financial Statements

By the Numbers

To The Shareholders of

AMATA CORPORATION PUBLIC COMPANY LIMITED.

have audited the accompanying consolidated and the

Company balance sheets of AMATA CORPORATION PUBLIC

COMPANY LIMITED and its subsidiary companies as of

December 31, 2003 the related consolidated and the

Company statements of income, changes in shareholders�

equity and cash flows for the year ended. These financial

statements are the responsibility of the Company�s

management as to their correctness and completeness of the

presentation. My responsibility is to express an opinion on these

financial statements based on my audit. The financial

statements of overseas two subsidiary companies of AMATA

CORPORATION PUBLIC COMPANY LIMITED which were used

to record investment by equity method and prepare the

consolidated financial statements for the year ended on

December 31, 2003. Total assets in such both subsidiary

companies are equivalent to 16.29% of total assets in the

consolidated balance sheets and the investment in such

subsidiary companies is equivalent to 12.41% of total assets

in the Company balance sheets. In addition, the participating

profit in such subsidiary company reflected in statement of

income for the year ended on December 31, 2003 constitutes

net profit of Baht 37.06 million which are equivalent to 4.57%

of the consolidated and the Company net profit. Moreover, the

financial statements of a local associated company of its

subsidiary. The investment account is equivalent to 1.03% of

total assets in the consolidated balance sheet. The financial

statements of such three companies which are subsidiary and

associated companies have been audited by another auditors

whose reports have been furnished to me, insofar as it relates

to the amounts of respective transactions of such subsidiary

and associated companies which combined in the consolidated

and the Company financial statements. Apart from this, the

comparative consolidated and the Company financial

statements of AMATA CORPORATION PUBLIC COMPANY

LIMITED for the year ended on December 31, 2002 were

audited by another auditor in the same firm who expressed an

unqualified report there on dated March 27, 2003.

I conducted my audit in accordance with generally accepted

auditing standards. Those standards require that I plan and

perform the audit to obtain reasonable assurance as to whether

the financial statements are free of material misstatement.

An audit includes examining, on a test basis, evidence

supporting the amounts and disclosures in the financial

statements. An audit also includes assessing the accounting

principles used and significant estimates made by

management, as well as evaluating the overall financial

statements presentation. I believe that my audit in

conjunction with the performance of other auditor mentioned

in the first paragraph provides a reasonable basis for my

opinion.

In my opinion, the consolidated and the Company financial

statements referred to above present fairly, in all material

respects, the consolidated and the Company financial

position of AMATA CORPORATION PUBLIC COMPANY LIMITED

and its subsidiary companies as of December 31, 2003, and

the results of the consolidated and the Company operations

and cash flows for the years then ended, in conformity with

generally accepted accounting principles.

SAM NAK-NGAN A.M.C. CO., LTD.

Miss Jintana Mahavanich

Certified Public Accountant

Registration No.4687

Bangkok,

January 23, 2004

Auditor’s Report

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As of December 31, 2003 and 2002

(Unit : Baht)

CONSOLIDATED THE COMPANY ONLY

2003 2002 2003 2002

ASSETS

CURRENT ASSETS

Cash and Cash Equivalent Items 221,634,865.51 396,826,691.25 101,485,825.73 55,622,483.30

Accounts Receivable and Note Receivable (Note 7) 113,890,219.50 12,058,348.00 22,679,399.00 5,516,348.00

Unbilled Completed Land Developed Value (Note 8) 74,064,558.74 11,393,547.43 69,668,707.14 7,593,561.80

Real Estate Development Cost (Note 9) 3,520,360,224.63 3,148,728,031.75 1,802,906,097.95 1,607,111,841.03

Advance Payment 39,338,747.89 39,856,176.55 29,050,666.31 28,843,762.70

Accrued Interest Receivable 361,259.71 261,608.50 3,154,933.38 269,836,291.95

Other Current Assets 334,741,694.58 110,629,390.48 256,651,121.76 53,264,612.86

TOTAL CURRENT ASSETS 4,304,391,570.56 3,719,753,793.96 2,285,596,751.27 2,027,788,901.64

NON-CURRENT ASSETS

Loans to Directors and Employees 14,604.46 564,867.69 14,604.46 564,867.69

Investments by equity method (Note 10) 57,380,583.19 57,885,819.77 767,614,885.53 724,022,048.56

Investments in Other Companies (Note 11) 260,307,030.47 261,884,022.10 242,774,033.98 242,774,033.98

Loans to Subsidiary Company (Note 6) - - 156,000,000.00 546,000,000.00

Loans to Associated Company (Note 6) 1,022,000.00 1,022,000.00 1,022,000.00 1,022,000.00

Land for Development (Note 12) 82,416,975.51 122,690,140.35 46,208,001.00 91,033,376.00

Right to use Land (Note 13) 50,419,524.18 89,443,773.45 - -

Property, Plant and Equipments-Net (Note 14) 516,294,786.80 448,687,242.30 80,565,043.75 64,477,128.85

Bank Deposit Equipped with

Guaranteed Obligation (Note 15) 7,044,703.93 8,712,269.33 - 1,729,812.32

Other Non-Current Assets 38,367,834.85 43,100,849.40 12,416,933.92 32,835,625.76

TOTAL NON-CURRENT ASSETS 1,013,268,043.39 1,033,990,984.39 1,306,615,502.64 1,704,458,893.16

TOTAL ASSETS 5,317,659,613.95 4,753,744,778.35 3,592,212,253.91 3,732,247,794.80

Notes to financial statements are an integral part of these financial statements.

22.23

Balance Sheet

(Restated) (Restated)

As of December 31, 2003 and 2002

(Unit : Baht)

CONSOLIDATED THE COMPANY ONLY

2003 2002 2003 2002

LIABILITIES AND SHAREHOLDERS� EQUITY

CURRENT LIABILITIES

Bank Overdrafts and Short-Term Loans 832,867,517.64 774,205,577.60 287,893,186.18 530,343,924.35

from financial Institutions (Note 16)

Accounts Payable 53,489,923.16 157,529,010.16 39,598,050.61 50,391,079.85

Unearned Land Developed Fee (Note 8) 229,019,845.63 499,600,832.11 208,804,421.23 468,726,687.91

Current Portion of Long-Term Loans (Note 17,18) 121,168,000.00 33,798,194.89 - 6,630,194.89

Guarantees for Land Sale Contracts 170,909,696.71 144,086,367.24 59,550,000.00 7,271,078.40

Other Current Liabilities 216,162,560.46 72,539,439.52 90,328,338.15 39,081,366.47

TOTAL CURRENT LIABILITIES 1,623,617,543.60 1,681,759,421.52 686,173,996.17 1,102,444,331.87

NON-CURRENT LIABILITIES

Long-Term Loans (Note 17) 418,136,000.00 74,624,000.00 - -

Other Payables (Note 18) - 13,260,389.77 - 13,260,389.77

Other Non-Current Liabilities 23,332,382.80 21,208,102.34 18,106,416.75 17,474,769.00

TOTAL NON-CURRENT LIABILITIES 441,468,382.80 109,092,492.11 18,106,416.75 30,735,158.77

TOTAL LIABILITIES 2,065,085,926.40 1,790,851,913.63 704,280,412.92 1,133,179,490.64

SHAREHOLDERS� EQUITY

Share Capital (Note 19)

Authorized Share Capital

1,067,000,000 Ordinary Shares @ Baht 1.00 1,067,000,000.00 - 1,067,000,000.00 -

213,400,000 Ordinary Shares @ Baht 5.00 - 1,067,000,000.00 - 1,067,000,000.00

Issued and Paid-Up Share Capital

1,067,000,000 Ordinary Shares @ Baht 1.00 1,067,000,000.00 - 1,067,000,000.00 -

213,400,000 Ordinary Shares @ Baht 5.00 - 1,067,000,000.00 - 1,067,000,000.00

Premiums on Share Capital 173,600,000.00 173,600,000.00 173,600,000.00 173,600,000.00

Difference from Financial Statement Conversion 136,892,499.58 179,676,759.91 136,892,499.58 179,676,759.91

Retained Earnings

Appropriated

Legal Reserve 106,700,000.00 83,544,417.28 106,700,000.00 83,544,417.28

Unappropriated 1,403,739,341.41 1,095,247,126.97 1,403,739,341.41 1,095,247,126.97

TOTAL SHAREHOLDERS� EQUITY OF PARENT COMPANY 2,887,931,840.99 2,599,068,304.16 2,887,931,840.99 2,599,068,304.16

Minority Shareholders� Interest 364,641,846.56 363,824,560.56 - -

TOTAL SHAREHOLDERS� EQUITY 3,252,573,687.55 2,962,892,864.72 2,887,931,840.99 2,599,068,304.16

TOTAL LIABILITIES AND SHAREHOLDERS� EQUITY 5,317,659,613.95 4,753,744,778.35 3,592,212,253.91 3,732,247,794.80

Notes to financial statements are an integral part of these financial statements.

Balance Sheet

(Restated) (Restated)

Am

ata

Co

rpo

ratio

n PC

L 20

03 A

nn

ua

l Re

po

rt

For the year ended on December 31, 2003 and 2002

(Unit : Baht)

CONSOLIDATED THE COMPANY ONLY

2003 2002 2003 2002

REVENUES FROM OPERATION

Sales 2,673,390,968.02 1,997,630,230.85 2,084,780,476.53 1,636,220,047.27

Income from Utility 278,697,979.80 232,200,424.55 26,146,833.50 39,975,089.50

Gain from Assets Transferred for - 36,595,721.95 - 36,595,721.95

Debt Settlement (Note 18)

Other Income 20,432,081.40 26,463,601.99 36,068,643.08 52,413,651.21

Participating Profit by Equity Method - - 105,212,722.52 106,237,689.74

TOTAL REVENUES 2,972,521,029.22 2,292,889,979.34 2,252,208,675.63 1,871,442,199.67

EXPENSES FROM OPERATION

Cost of Sales 1,459,276,433.39 1,209,634,439.15 1,073,944,061.43 955,175,821.43

Cost from Utility 221,434,799.71 165,970,379.38 36,808,972.28 31,565,389.74

Selling and Administrative Expenses 339,656,187.12 239,473,886.05 265,324,795.70 183,446,952.88

Loss from Terminate of Contract and Project (Note 21) 24,328,569.92 24,620,230.41 24,328,569.92 24,620,230.41

Director�s Remuneration (Note 22) 1,545,000.00 998,000.00 1,545,000.00 998,000.00

Participating Loss by Equity Method 505,236.58 7,357,415.48 - -

TOTAL EXPENSES 2,046,746,226.72 1,648,054,350.47 1,401,951,399.33 1,195,806,394.46

PROFIT BEFORE INTEREST EXPENSES AND

CORPORATE INCOME TAX 925,774,802.50 644,835,628.87 850,257,276.30 675,635,805.21

INTEREST EXPENSES (43,275,420.57) (35,247,433.34) (15,152,595.09) (22,669,333.26)

CORPORATE INCOME TAX (Note 24) (30,085,340.06) (10,040,495.68) (23,306,884.05) (6,921,414.19)

NET PROFIT BEFORE EXTRAORDINARY ITEMS 852,414,041.87 599,547,699.85 811,797,797.16 646,045,057.76

EXTRAORDINARY ITEMS -GAIN FROM DEBT

RELEASED CONTRACT (Note 23) 90,968,741.12 8,270,479.40

EXTRAORDINARY ITEMS -GAIN FROM CORRECTION

OF JOINT OPERATION CONTRACT (Note 18) - 220,277,259.91 - 220,277,259.91

LESS NET PROFIT OF MINORITY SHAREHOLDERS� (40,616,244.71) (36,200,903.81) - -

INTEREST

AMATA CORPORATION PUBLIC 811,797,797.16 874,592,797.07 811,797,797.16 874,592,797.07

COMPANY LIMITED�S NET PROFIT

EARNINGS PER SHARE (BAHT)

- EARNING PER SHARE BEFORE EXTRAORDINARY ITEMS 0.76 0.53 0.76 0.61

- EXTRAORDINARY - 0.29 - 0.21

- NET PROFIT 0.76 0.82 0.76 0.82

NUMBER OF SHARES (UNIT : SHARE) (Note 19) 1,067,000,000 1,067,000,000 1,067,000,000 1,067,000,000

Notes to financial statements are an integral part of these financial statements.

24.25

Income Statements

(Restated) (Restated)

(Uni

t : B

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340

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83,

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28 1

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363

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3,54

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the

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1,0

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1,0

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34,7

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1 6

6,74

8,70

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Net

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- 8

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179

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28 1

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76,7

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8 8

3,54

4,41

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1,0

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7 2

,556

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Net

Pro

fit fo

r th

e Ye

ar -

- -

- 8

11,7

97,7

97.1

6 8

11,7

97,7

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6

Div

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(480

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App

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d Le

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ng B

alan

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s of

Dec

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, 200

3 1

,067

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173

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136

,892

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106

,700

,000

.00

1,4

03,7

39,3

41.4

1 2

,887

,931

,840

.99

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es to

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ncia

l sta

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ents

are

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inte

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t of t

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For

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year

end

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n D

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ber

31

, 20

03

and

20

02

26.27

Statements of Changes

(Res

tate

d)

For the year ended on December 31, 2003 and 2002

(Unit : Baht)

CONSOLIDATED THE COMPANY ONLY

2003 2002 2003 2002

CASH FLOW FROM OPERATING ACTIVITIES

AMATA CORPORATION PUBLIC COMPANY LIMITED�S 811,797,797.16 874,592,797.07 811,797,797.16 874,592,797.07

NET PROFIT

Less Extraordinary Items - Gain from Debt Released Contract - (90,968,741.12) - (8,270,479.40)

- Gain from Correction of Joint - (220,277,259.91) - (220,277,259.91)

Operation Contract

Adjustment to Reconcile Net Profit for

Cash Receipts (Used) from Operation

Depreciation 24,927,922.77 19,944,725.10 9,092,820.50 6,467,601.47

Deferred Expenses Written - Off 36,363,143.78 26,939,289.42 - -

Doubtful debt 7,983,546.90 8,433,116.74 7,964,899.00 7,123,461.51

Loss from Impairment of assets - 290,823.67 - 290,823.67

Loss from Witholding Tax not used - 2,720,589.99 - 1,482,495.76

Account Payable Written Off Recognized as Revenues - (1,127,621.67) - (1,127,621.67)

Participating Profit by Equity Method - - (105,212,722.52) (106,237,689.74)

Participating Loss by Equity Method 505,236.58 7,357,415.48 - -

Loss (Gain) from Sale of Property, Plant and Equipment (2,126,447.12) (1,605,300.33) (1,505,726.41) (1,203,432.17)

Loss from Terminate of Contract and Project 24,328,569.92 24,620,230.41 24,328,569.92 24,620,230.41

Unrealized Profit from Exchange Rate - (651,800.38) - (651,800.38)

Loss from Written-Off Property, Plant and Equipment 13,617.48 - 13,617.48 -

Gain from Assets Transferred for Debt Settlement - (36,595,721.95) - (36,595,721.95)

Net Profit of Minority Shareholders� Interest 40,616,244.71 36,200,903.81 - -

Profit from Operation before change in Operating

Assets and Liabilities 944,409,632.18 649,873,446.33 746,479,255.13 540,213,404.67

(Increase) Decrease in Accounts Receivable (111,883,071.45) 6,398,388.00 (20,664,009.44) (447,200.00)

and Note Receivable

(Increase) Decrease in Unbilled Completed (62,671,011.31) 18,088,407.60 (62,075,145.34) 6,329,233.31

Land Developed Value

(Increase) Decrease in Estate Development Cost (402,855,253.58) 365,227,871.86 (206,950,589.46) 226,191,095.69

(Increase) Decrease in Advance Payments (7,641,648.20) 99,385,300.68 (7,858,552.49) 91,174,658.48

(Increase) Decrease in Accrued Interest Receivable (99,651.21) (20,376.77) 266,681,358.57 (9,236,294.15)

(Increase) Decrease in Other Current Assets (219,177,872.93) (51,643,639.40) (203,699,759.02) (25,901,607.99)

Increase (Decrease) in Accounts Payable (104,140,065.25) (77,089,673.94) (10,793,029.24) (103,162,092.27)

Increase (Decrease) in Unearned Land Developed Fee (270,580,986.48) 289,461,940.16 (259,922,266.68) 255,860,285.42

Increase (Decrease) in Guarantees for Land Sale Contracts 21,740,770.74 (705,828,510.51) 52,278,921.60 (726,510,105.00)

Increase (Decrease) in Other Current Liabilities 143,951,268.37 10,613,911.07 52,069,451.68 11,125,944.20

Increase (Decrease) in Other Payables (19,890,584.66) (21,759,761.11) (19,890,584.66) (21,759,761.11)

Increase (Decrease) in Other Non-Current Liabilities 862,416.46 14,036,716.35 (190,832.25) 11,341,927.01

Cash Received(Used) from Operating Activities-Net (87,976,057.32) 596,744,020.32 325,464,218.40 255,219,488.26

Notes to financial statements are an integral part of these financial statements.

(Restated) (Restated)

Am

ata

Co

rpo

ratio

n PC

L 20

03 A

nn

ua

l Re

po

rt

For the year ended on December 31, 2003 and 2002

(Unit : Baht)

CONSOLIDATED THE COMPANY ONLY

2003 2002 2003 2002

CASH FLOW FROM INVESTING ACTIVITIES

(Increase)Decrease in Loans to Directors 550,263.23 127,033.33 550,263.23 127,033.33

and Employees

Cash Receipt for Loan to Subsidiary Company - - 390,000,000.00 -

(Increase) Decrease in Investment in - - - (910,000.00)

Subsidiary Companies

(Increase)Decrease in Land for Development 40,273,164.84 (372,191,990.35) 44,825,375.00 (44,825,375.00)

Purchase of Property, Plant and Equipment (81,565,317.83) (171,075,309.75) (14,129,437.51) (17,443,522.62)

Sale of Property, Plant and Equipment 2,299,012.74 2,162,345.61 1,597,143.58 1,755,336.45

(Increase)Decrease in Bank Deposit Equipped 1,667,565.40 58,252,537.97 1,729,812.32 63,726,121.35

with Guaranteed Obligation

(Increase)Decrease in Other Non-Current Assets (15,884,596.94) 16,560,390.02 (408,919.64) 38,776.02

Dividend Receipt from Subsidiary Company - - 18,835,625.22 -

Increase(Decrease) in Minority Shareholders� Interest (29,040,218.70) (10,708,017.73) - -

Cash Received(Used) from Investing Activities-Net (81,700,127.26) (476,873,010.90) 442,999,862.20 2,468,369.53

CASH FLOW FROM FINANCING ACTIVITIES

Increase(Decrease) in Bank Overdrafts and

Short-Term Loans from Financial Institutions 58,661,940.04 726,155,034.50 (242,450,738.17) 502,567,352.27

Increase(Decrease) in Other Short-Term Loans - (1,999,800.00) - -

Cash Receipt for Long Term Loans 500,000,000.00 - - -

Cash payment for Long Term Loans (62,488,000.00) (290,308,005.67) - (295,960,497.23)

Dividend Paid to Shareholder of PARENT COMPANY (480,150,000.00) (426,800,000.00) (480,150,000.00) (426,800,000.00)

Dividend Paid to Minority Shareholders� Interest (10,758,740.01) (12,492,760.13) - -

Cash Received(Used) from Financing Activities-Net 5,265,200.03 (5,445,531.30) (722,600,738.17) (220,193,144.96)

Increase(Decrease) in Difference from (10,780,841.19) (2,814,691.18) - -

Foreign Currency Conversion

Cash and Cash Equivalent Items Increase (Decrease)-Net (175,191,825.74) 111,610,786.94 45,863,342.43 37,494,712.83

Cash and Cash Equivalent Items at the 396,826,691.25 285,215,904.31 55,622,483.30 18,127,770.47

Beginning of the Period

Cash and Cash Equivalent Items at the 221,634,865.51 396,826,691.25 101,485,825.73 55,622,483.30

Ending of the Period

Additional disclosure:

Cash Payment during the Period :

-Interest Payment 40,152,482.08 97,953,643.13 12,043,431.63 21,593,261.75

-Corporate Income Tax 8,699,570.73 8,670,100.39 6,164,489.59 7,529,671.26

Notes to financial statements are an integral part of these financial statements.

28.29

Cash Flow Statements

(Restated) (Restated)

1. General Information

Information for parent company and subsidiary companies in the consolidated and the company financial statements only as of

December 31, 2003 and 2002 are as follows:

Name Registration Number Categories Total Employees Employee Expenses

Date 2003 2002 2003 2002

Persons Persons Million Baht Million Baht

AMATA CORPORATION 26 Dec. 94 BOR MOR JOR. Industrial Estate 84 91 78.66 55.18

PUBLIC COMPANY LIMITED 523 Development

AMATA (VIETNAM) CO., LTD. 31 Dec. 96 1100/GP Industrial Estate 94 76 0.26 MUSD. 0.26 MUSD.

Development

AMATA CITY CO., LTD. 5 Jun. 95 (2)2542/2538 Industrial Estate - - ** **

Development

AMATA QUALITY WATER CO.,LTD. 5 Mar. 99 (2)269/2542 Production and 14 13 10.79 7.00

Sale of Water

Products for Use

in Industry

AMATA FACILITY SERVICE CO.,LTD. 29 Nov. 02 12554501261 Service Center Area 16 - 3.11 -

AMATA DUNG QUAT CO.,LTD. 6 Dec. 01 2240/GP Industrial Estate 6 6 0.001 MUSD -

Development

Registered Office Situated at

AMATA CORPORATION PUBLIC COMPANY LIMITED.

- Head Office 2126 Kromadit Bldg., New Petchburi Road., Huay Kwang, Bangkok.

- Branch 700 Moo 1 Bangna-Trad Road, Klong Tam Ru District, Muang, Chonburi Province.

AMATA (VIETNAM) CO., LTD.

- Head Office Long Binh Ward, Bien Hoa City, Dong Nai Province, Vietnam.

- Liaison Office 60-62 Nguyen Van Troi Street, Phu Nhuan District, Ho Chi Minh City, Vietnam.

AMATA CITY CO., LTD.

- Head Office 2126 Kromadit Bldg., New Petchburi Road., Huay Kwang, Bangkok.

- Branch 7 Moo 3 Boowin District, Sriracha, Chonburi Province.

** The AMATA CITY CO., LTD did not relatedly incur employee� s expenses due to the joint staff employed by the parent company

which collected such

expense from the subsidiary company in form of the management fee at the rate of Bath 500,000 per month.

AMATA QUALITY WATER CO., LTD.

- Head Office 700 Moo 1 Bangna-Trad Road, Klong Tam Ru District, Muang, Chonburi Province.

AMATA FACILITY SERVICE CO., LTD.

- Head Office 700 Moo 1 Bangna-Trad Road, Klong Tam Ru District, Muang, Chonburi Province.

AMATA DUNG QUAT CO., LTD.

- Head Office 63 Hai Ba Trung Street Quang Ngai Town, Vietnam.

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2. Basis of Financial Statement Preparation and Accounting Policies

2.1 The consolidated and the Company financial statements were prepared in accordance with the generally accepted

accounting principle under the Accounting Act B.E. 2543 which implies the accounting standard determined by the Institute

of Certified Accountants and auditors of Thailand over which the Board of Supervision of Auditing Practices appointed

by Minister of Ministry of Commerce under the Accounting Act. B.E. 2505 which resolved the announcement and in

accordance with the determination of the Office of the Securities and Exchange Commission on the subject of preparation

and presentation of the financial reports.

2.2 The Company prepares its statutory financial statements in the Thai language in conformity with generally accepted

accounting principles in Thailand. The accounting standards used may be different from generally accepted accounting

principles in other countries. For the convenience of the readers, the financial statements in English version have been

prepared from the statutory financial statements in Thai version that are issued for the purpose of domestic reporting.

3. Benefits and Privileges from Investment Promotions

- AMATA CORPORATION PUBLIC COMPANY LIMITED.

The Company was granted by five investment promotion certificates and their additional amendments from the Board of

Investment and received benefits and privileges under Sections 25, 26,27, 28 paragraph 1, 28 paragraph 2, 29, 31,31 paragraph

1, 34, 35(1), 35(2) and 37 of the Investment Promotion Act B.E.2520(1977). The privileges so granted include exemption of

corporate income tax for the seven years and five years for 1659(2)/2546 on net profits commencing on the first day the Company

starts to earn income from such operation as follows :

No.of Promotion Date Types of Investment Promotion Day the Company Expired Date

Certificates Started to Earn Income

1220/2533 In accordance to the To make available for Industrial November, 1991 May, 1998 and

Resolution made by Estate 2,000 Rais of Land for have reduced

the Board of Improvement. corporate income

Investment Promotion tax at the rate of 50%

on November 30,1990 of the usual rate for

a period of five

years from expiry date

1474/2538 In accordance to the To make available for Industrial March, 1994 March, 2001

Resolution made by Estate 1,079 Rais of Land for

the Board of Improvement.

Investment Promotion

on December 11,1991

1671/2538 In accordance to the To make available for Industrial November, 1995 November, 2002

Resolution made by Estate 1,630 Rais of Land for

the Board of Improvement.

Investment Promotion

On July 3, 1995.

1545/2541 In accordance to the To make available for Industrial March, 1999 March, 2006

Resolution made by Estate 700 Rais of Land for

the Board of Improvement.

Investment Promotion

On September 30, 1998.

30.31

Explanations on theFinancial Statements

1548/2543 In accordance to the To make available for Industrial August , 2000 August , 2007

Resolution made by Estate 1,050 Rais of Land for

the Board of Improvement.

Investment Promotion

On August 16, 2000.

1659(2)/2546 In accordance to the To make available for Industrial October, 2003 October, 2008

Resolution made by Estate 1,035 Rais of Land for

the Board of Improvement.

Investment Promotion

On October 8, 2003.

- AMATA CITY COMPANY LIMITED.

The subsidiary company was granted by investment promotion certificates No.1694/2539 from the Board of Investment and

received benefits and privleges under Sections 25, 26, 28, 31, 35(2), 35(3), 35(4) and 37 of Investment Promotion Act B.E. 2520

(1977). The privileges so granted include exemption of corporate income tax for the eight years on net profits commencing on the

date of the subsidiary company starts to earn income from such operation. In additional, The subsidiary company was granted

exemption of corporate income tax on net profit at the rate of 50% of the usual rate for a period of five years from expiry dat e.

The subsidiary company start to earn income from such operation on October 18, 1996.

4. Summary of Significant Accounting Policies

The main accounting policies can be summarized as follows:

4.1 Revenues and Cost of Sales Recognition.

- AMATA CORPORATION PUBLIC COMPANY LIMITED AND AMATA CITY COMPANY LIMITED

4.1.1 Revenues from sales are recognized on a percentage of completion method which is evaluated by the

Company�s engineer and the contract of purchase-sale of land is relatedly conducted and the primary re

payment is respectively received at the rate of 20 per cent.

4.1.2 The Company computes cost of lands sold by including acquisitioning cost of land and other related costs. The

development cost is the cost actually incurred and those costs estimated to be incurred for the whole project

including cost of land to be provided for public utilities.

4.1.3 The Company will allocate this development cost to be cost of sales on the percentage of completion method

which is evaluated by the company�s engineer.

- AMATA (VIETNAM) COMPANY LIMITED AND AMATA DUNG QUAT COMPANY LIMITED

4.1.1 Revenues from sales are recognized on the installment method according to the property lease agreement.

4.1.2 The Company computes cost of lands sold by including acquisitioning cost of land and other related costs. The

development cost is the cost actually incurred and those costs estimated to be incurred for the whole project.

The Company will allocate this development cost to be cost of sales on the installment method according to the

property lease agreement.

- AMATA FACILITY SERVICE COMPANY LIMITED

4.1.1 Revenues from Sales are recognized on a service of completion.

4.1.2 Expenses are recognized on accrual basis.

4.2 Estate development cost for land is valued at cost including expenses for land development, utilities, interest paid and other

expenses in making them ready for sale by comparing and using cost price or net realizable value whichever is lower.

4.3 Cash and equivalent to cash combine bank deposit in type of saving, current and bank deposit not exceeding 3 months with

non-guaranteed obligation.

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4.4 Allowance for doubtful debt is considered by respective accounts receivable anticipated of uncollectability.

4.5 Investments in subsidiary and associated companies are recorded by equity method.

4.6 Investments in other companies are non-marketable equity securities which regarded as general investments are recorded

by cost method net loss from impairment when the value of investment permanently reduces.

4.7 Land for development was reflected by cost composed of cost of land acquisition and other expense related including

interest expense incurred from loan borrowed for land acquisition and accounted loss from impairment if there is indication

that net realizable value may below net book value.

4.8 Fixed assets are recorded at original cost less by accumulated depreciation and depreciated on a straight-line method over

the following time periods

- Buildings 20 years

- Golf and football fields 5 years

- Vehicles 5 years

- Fixtures and equipments 5 years

4.9 Transactions in foreign currencies are recorded in Baht by translating at the exchange rate prevailing at the date of

transaction. The balances of assets or liabilities which are in foreign currencies are translated at the exchange rates ruling

at the year end. Gain or loss from such translation is treated as income or expenses in the related income statement.

4.10 Earnings per share is calculated by dividing net profit with the weighted average number of shares in accordance to the

duration of shares issued.

4.11 Financial assets and financial liabilities carried on the balance sheet include cash and bank balances, investment, trade

accounts receivables, loan to, bank overdrafts, trade payables and loan from which accounting policy for each respective

transaction is disclosed separately in each caption related.

5. Basis of Consolidated Financial Statement Preparation

5.1 In the preparation of the consolidated financial statements, the basis of consolidation is only taken the subsidiary

companies into account whereby AMATA CORPORATION PUBLIC COMPANY LIMITED is holding shares greater than 50% of

registered shares capital of those companies including subsidiary which is holding shares of other companies in excess of

50% of registered shares capital. As of December 31, 2003 and 2002, AMATA CORPORATION PUBLIC COMPANY LIMITED

is holding shares in the subsidiaries pursuant to the proportion as follows :

Name of Companies Percentages of Shareholding Established in Categories

2003 2002 the Country

AMATA (VIETNAM) CO., LTD. 58.68% 58.68% VIETNAM Industrial Estate Development

AMATA CITY CO., LTD. 82.67% 82.67% THAILAND Industrial Estate Development

AMATA QUALITY WATER CO., LTD. 100.00% 100.00% THAILAND Production and Sale of Water Products

for use in Industry

AMATA FACILITY SERVICE CO., LTD. 91.00% 91.00% THAILAND Service Center Area

AMATA DUNG QUAT CO., LTD. 70.59% 70.59% VIETNAM Industrial Estate Development

5.2 The financial statement combined the financial statement of AMATA (VIETNAM) CO.,LTD., and AMATA DUNG QUAT CO.,

LTD. which are subsidiary companies overseas, were prepared under the International Accounting Standards (IAS).

5.3 The accounting period of its subsidiaries is relatedly ended on the same date as of the AMATA CORPORATION PUBLIC

COMPANY LIMITED.

5.4 The outstanding balance and inter-transactions between the Parent Company and its subsidiaries, investment in the

subsidiaries and shares capital of its subsidiaries are respectively eliminated from the consolidated financial statements.

32.33

6. Related Party Transactions

The Company constitutes accounting transactions incurred with related companies comprising the same group of shareholders

or common directors. The important remaining balance and inter-transactions between the Company and related companies are

as follows :

(Unit : �000 Baht)

Type of Transactions/ Relationship The Consolidated The Company

Accounting Names Financial Statements Financial Statements Only

As of December 31, As of December 31,

2003 2002 2003 2002

- Accrued Interest Receivable

AMATA CITY CO., LTD. Subsidiary Company - - 2,845 269,575

- Other Receivable

AMATA CITY CO., LTD. Subsidiary Company - - - 6,000

AMATA QUALITY WATER CO., LTD. Subsidiary Company - - 1,070 1,070

- Accrued Utility System Maintenance Service

AMATA FACILITY SERVICE CO., LTD. Subsidiary Company - - 3,640 -

- Loan due to

AMATA CITY CO., LTD. Subsidiary Company

Beginning Balance - - 546,000 546,000

Increase (Decrease) - - (390,000) -

Ending Balance - - 156,000 546,000

AMATA DEVELOPMENT CO.,LTD. Associated Company 1,022 1,022 1,022 1,022

Increase (Decrease) - - - -

Ending Balance 1,022 1,022 1,022 1,022

- Accounts Payable

AMATA CITY CO., LTD. Subsidiary Company - - 13,801 -

Loan due to AMATA CITY COMPANY LIMITED was fully loan in form of the promissory note, at call on demand type, bearing

inter-interest rate of MLR per annum equally for two years.

Loan due to AMATA DEVELOPMENT COMPANY LIMITED was fully loan in form of the promissory note, at call on demand type,

bearing inter-interest rate of 5.0% per annum equally for two years.

(Unit : �000 Baht)

The Company Financial Statements Only

For the year ended on December 31,

Type of Transactions/Accounting Names Relationship 2003 2002

- Management Income

AMATA CITY CO., LTD. Subsidiary Company 6,000 6,000

AMATA QUALITY WATER CO., LTD. Subsidiary Company 12,000 12,000

AMATA FACILITY SERVICE CO., LTD. Subsidiary Company 23 -

- Interest Income

AMATA CITY CO., LTD. Subsidiary Company 23,793 35,667

- Utility system Maintenance Service Expenses

AMATA FACILITY SERVICE CO., LTD. Subsidiary Company 6,367 -

- Revenue from Land Sale

AMATA CITY CO., LTD. Subsidiary Company 727 -

- Cost of Goods Sold

AMATA CITY CO., LTD. Subsidiary Company 13,801 -

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Inter-income transactions for the management income are pursuant to the covenants specified in the mutual agreement in

accordance with the normal course of business.

During the year, these was a material business transactions between a subsidiary and a subsidiary (which has been eliminated in

the preparation of the consolidated financial statements). Such business transaction are complied with the term and covenant

specified in the contract mutually conducted or with the business which can be summarized as follows:

- Inter-Assets and Liabilities

(Unit : ,000 Baht)

The Consolidated Financial Statements

Type of Transactions/Accounting Name As of December 31,

2003 2002

Inter-Receivable and Payable Raw Water Fee 1,070 1,070

Inter-Receivable and Payable Raw Water System Fee 46,587 27,131

Inter-Receivable and Payable Rental of Raw Water System 80,589 46,934

- Inter-Revenues and Cost Expenses

(Unit : ,000 Baht)

The Consolidated Financial Statements

For the year ended on December 31,

2003 2002

Inter-Revenue and Cost Raw Water Fee 12,000 12,000

Inter-Revenue and Cost Raw Water System Fee 18,183 18,183

Inter-Revenue and Cost Rental of Raw Water System 31,454 31,454

7. Accounts Receivable and Note Receivable

Consisted of :

(Unit : Baht)

Financial Statements

Consolidated The Company Only

As of December 31, As of December 31,

2003 2002 2003 2002

Accounts Receivable within Due for Payment

Aging of Accounts Receivable Overdue for Payment

- Less than 3 months 22,679,399.00 447,200.00 22,679,399.00 447,200.00

- More than 3 months - 9 months - - - -

- More than 9 months - 12 months - - - -

- Over 12 months - 5,069,148.00 - 5,069,148.00

TOTAL 22,679,399.00 5,516,348.00 22,679,399.00 5,516,348.00

Note Receivable 91,210,820.50 6,542,000.00 - -

TOTAL 113,890,219.50 12,058,348.00 22,679,399.00 5,516,348.00

The Sale Amount under Sale and Purchase Contracts

AMATA CORPORATION PUBLIC COMPANY LIMITED

81.37% and 76.19% respectively of the

sale area of the whole project

AMATA CITY COMPANY LIMITED

41.37% and 33.93% respectively of the sale

area of the whole project 14,445,179,312.20 12,848,577,613.60 12,625,790,769.90 11,385,412,825.30

Installments Due 14,098,586,315.80 12,061,962,088.09 12,305,559,953.50 10,639,128,927.70

Less Installments Paid (14,075,906,916.80) (12,056,445,740.09)(12,282,880,554.50) (10,633,612,579.70)

Accrued Installments Due 22,679,399.00 5,516,348.00 22,679,399.00 5,516,348.00

34.35

8. Unbilled Completed Land Developed Value / Unearned Land Developed Fee

Consisted of :

(Unit : Baht)

Financial Statements

Consolidated The Company Only

As of December 31, As of December 31,

2003 2002 2003 2002

Work already Recognized as Income up to Present 13,943,631,028.91 11,573,754,803.41 12,166,424,239.41 10,177,995,801.59

Less Land Developed Fee Due (14,098,586,315.80) (12,061,962,088.09) (12,305,559,953.50) (10,639,128,927.70)

Unbilled Completed Land Developed Value and

Unearned Land Developed Fee (Net) (154,955,286.89) (488,207,284.68) (139,135,714.09) (461,133,126.11)

The Remaining Amount Consisted of :

- Unbilled Completed Land Developed Value 74,064,558.74 11,393,547.43 69,668,707.14 7,593,561.80

- Unearned Land Developed Fee (229,019,845.63) (499,600,832.11) (208,804,421.23) (468,726,687.91)

Total (154,955,286.89) (488,207,284.68) (139,135,714.09) (461,133,126.11)

9. Real Estate Development Cost

Consisted of :

(Unit : Baht)

Financial Statements

Consolidated The Company Only

As of December 31, As of December 31,

2003 2002 2003 2002

Land 6,976,832,292.77 5,527,430,727.59 5,574,304,529.77 4,210,219,497.09

Land Development Cost 5,125,123,608.54 4,626,764,251.42 3,358,479,027.67 3,197,488,186.02

Industrial Estate Authority of Thailand�s Fee 433,423,926.25 354,211,181.89 303,425,288.75 300,255,882.41

Financial Expenses 418,727,923.16 418,727,923.16 297,690,594.32 297,690,594.32

Land Related Expenses 86,862,810.94 80,336,445.10 65,987,275.90 60,299,281.06

Total 13,040,970,561.66 11,007,470,529.16 9,599,886,716.41 8,065,953,440.90

Less - Amount already Transferred (9,358,311,179.38) (7,747,862,565.60) (7,634,681,460.81) (6,347,961,668.06)

to Cost up to Present

Less - Land Donated and Transferred to (92,811,761.38) (41,392,535.54) (92,811,761.38) (41,392,535.54)

Asset Amount

Less - Land Transferred to Industrial Estate (69,487,396.27) (69,487,396.27) (69,487,396.27) (69,487,396.27)

Authority of Thailand for

Debt Restructuring

Net 3,520,360,224.63 3,148,728,031.75 1,802,906,097.95 1,607,111,841.03

- AMATA CORPORATION PUBLIC COMPANY LIMITED.

As of December 31,2002 land with area of 583-2-10 Rais, estimated value of land in amount Baht 256.28 million, were

pledged at commercial banks as collateral against overdrafts and letters of guarantee. Credit limit of Baht 200 million.

- AMATA CITY COMPANY LIMITED.

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As of December 31, 2003 and 2002 land with the area of 807-2-94.30 Rais and 2,308-1-57.78 Rais, estimated value of

land in amount Baht 201.14 million and Baht 618.18 million respectively, were pledged with commercial banks and financial

institutions as collateral against short-term and long-term loans as mentioned in note No. 16 and 17. As of December 31,2003,

the subsidiary repayment to loan all amount.

10. Investments by Equity Method

10.1 Investments in Subsidiary Companies

Consisted of :

(Unit : Baht)

The Company Financial Statements Only

Name of Companies Paid-up Percentage As of December As of December

Share Capital Owned by the 31, 2003 31, 2002

Company Cost Equity Method Dividend Cost Equity Method Dividend

% Method Method

AMATA(VIETNAM) CO., LTD. USD 17,000,000.00 58.68 250,177,676.10 432,059,737.00 USD 587,075.00 250,177,676.10 453,083,362.12 USD 414,461.04

AMATA CITY CO., LTD. 450,000,000.00 82.67 367,730,967.00 305,907,161.31 - 367,730,967.00 239,371,355.51 -

AMATA CHINA CO., LTD. 1,000,000.00 99.94 999,400.00 - - 999,400.00 - -

AMATA QUALITY 12,250,000.00 100.00 12,249,400.00 14,911,238.08 - 12,249,400.00 13,505,375.99 -

WATER CO., LTD.

AMATA FACILITY 1,000,000.00 91.00 910,000.00 1,101,061.22 - 910,000.00 893,529.00 -

SERVICE CO., LTD.

AMATA DUNG QUAT CO., LTD.USD 414,460.00 70.59 17,964,605.75 13,635,687.92 - 17,964,605.75 17,168,425.94 -

Total 650,032,048.85 767,614,885.53 USD 587,075.00 650,032,048.85 724,022,048.56 USD 414,461.04

The financial statements for the year ended on December 31, 2003 and 2002 of AMATA (VIETNAM) CO., LTD., a subsidiary

company, which was established in a foreign country were accounted by equity method and prepare the consolidated financial

statements which have been audited by respective another auditor. The total assets are equivalent to 16.03% and 19.49%

respectively of total assets in the consolidated balance sheets and the investment are equivalent to 12.03% and 12.13%

respectively of total assets in the Company balance sheets respectively. In addition, the participating profit in such subsidi ary

combined in statement of income for the year ended on December 31, 2003 and 2002 holds net profit of Baht 39.05 million and

Baht 21.16 million respectively which are equivalent to 4.81% and 2.36% respectively of the consolidated and the Company net

profit.

The financial statements for the year ended on December 31, 2003 and 2002 of AMATA DUNG QUAT CO., LTD., a subsidiary

company, which was established in a foreign country were accounted by equity method and prepare the consolidated financial

statements which have been audited by respective another auditor. The total assets are equivalent to 0.26% and 0.36% of total

assets in the consolidated balance sheets respectively and the investment are equivalent to 0.38% and 0.47% of total assets in

the Company balance sheets respectively. In addition, the participating loss in such subsidiary combined in statement of income

for the year ended on December 31, 2003 and 2002 holds net loss of Baht 1.98 million and 0.80 million respectively which are

equivalent to 0.24% and 0.09% of the consolidated and the Company net profit respectively.

36.37

The financial statements for the year ended on December 31, 2003 and 2002 of AMATA FACILITY SERVICE CO., LTD., a

subsidiary company, which were accounted by equity method and prepare the consolidated financial statements which have been

audited by respective another auditor. The total assets are equivalent to 0.16% and 0.02% of total assets in the consolidated

balance sheets respectively and the investment are equivalent to 0.03% and 0.02% of total assets in the Company balance sheets

respectively. In addition, the participating profit in such subsidiary combined in statement of income for the year ended on

December 31, 2003 and 2002 holds net profit of Baht 0.21 million and 0.02 million respectively which are equivalent to 0.03%

and 0.00% of the consolidated and the Company net profit respectively.

In accordance with the minutes of extra-ordinary shareholders meetings No. 1/1998 and 2/1998 held on October 9, 1998

and October 30, 1998 respectively, of AMATA CHINA CO., LTD., it was unanimously resolved to liquidate the company and

liquidation was registered on October 30, 1998. Currently, it is in the process of winding up operations; therefore, the financial

statements of this subsidiary company were not included in the consolidated financial statements.

10.2 Investments in Associated Companies

Consisted of :

(Unit : Baht)

The Consolidated Financial Statements

Name of Companies Paid-up Share Capital Percentage owned As of December 31, 2003 As of December 31, 2002

By the Company Investment Investment

% Cost Method Equity Method DividendCost Method Equity MethodDividend

2003 2002 2003 2002

Amata Mansion Service Co., Ltd.10,000,000.00 10,000,000.00 12.65 12.65 2,167,100.00 - - 2,167,100.00 - -

(Formerly named : BIP Service Co., Ltd.)

Less Allowance for Diminutive Value of Investment (2,167,100.00) - - (2,167,100.00) - -

Amata Development Co., Ltd. 68,000,000.00 68,000,000.00 43.49 43.49 195,750.00 - - 195,750.00 - -

(Formerly named :BIP Development Co., Ltd.)

Amata Condotown Rayong 10,000,000.00 10,000,000.00 16.53 16.53 1,999,800.00 2,464,585.93 - 1,999,800.00 2,732,944.85 -

Co., Ltd.

Ching Shiang-Amata Chemical

Industries (Thailand) Co.,Ltd. 216,000,000.00 216,000,000.00 24.26 24.26 63,403,500.00 54,915,997.26 - 63,403,500.00 55,152,874.92 -

65,599,050.00 57,380,583.19 - 65,599,050.00 57,885,819.77 -

(Unit : Baht)

The Company Financial Statements Only

Name of Companies Paid-up Share Capital Percentage owned As of December 31, 2003 As of December 31, 2002

By the Company Investment Investment

% Cost Method Equity Method Dividend Cost Method Equity MethodDividend

2003 2002 2003 2002

Amata Development Co., Ltd. 68,000,000.00 68,000,000.00 43.49 43.49 195,750.00 - - 195,750.00 - -

195,750.00 - - 195,750.00 - -

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The financial statements for the year ended on December 31, 2003 and 2002 of AMATA CONDOTOWN RAYONG CO., LTD., a

subsidiary company�s associated company which were accounted for investment by equity method, have been audited by the

respective another auditors. The total assets are equivalent to 1.07% and 0.92% respectively of total assets in the consolidated

balance sheets and the investment are equivalent to 0.01% and 0.00% respectively of total assets in the Company balance sheets.

In addition, the participating profit or loss in such associated company combined in statement of income, participating loss fo r the

year ended on December 31, 2003 and 2002 in amounted to Baht 0.27 million and Baht 0.06 million respectively which are

equivalent to 0.03% and 0.01% respectively of the consolidated and the Company net profit.

The consolidated financial statement for the year ended on December 31, 2003 and 2002, a subsidiary company has

invested in the Ching Shiang - Amata Chemical Industries (Thailand) Co., Ltd, an associated company, which a subsidiary has

accounted its investment in such associated company by equity method, have been audited by respective another auditor

investment account is equivalent to 1.03% and 1.18% of total assets in the consolidated balance sheet respectively.

The financial statements of Amata Mansion Service Co., Ltd. and Amata Development Co., Ltd., the Company�s associated

companies were accounted for investment by equity method whereby the Company has recognized the participating loss from

such investments until their investment value becomes zero.

11. Investment in Other Companies

Consisted of :

(Unit : Baht)

Name of Company Categories Paid-up Share Percentage The Consolidated Financial The Company Financial

Capital shareholding Statements Statements Only

% As of December 31, As of December 31,

2003 2002 2003 2002

Amata Power Ltd. Production of 1,700,000,000.00 13.77 226,774,033.98 226,774,033.98 226,774,033.98 226,774,033.98

Electricity for Sale

Amata Power (Bien Hoa) Ltd. Power Station USD 4,428,571.00 10.00 17,532,996.49 19,109,988.12 - -

Amata Natural Gas Production and 160,000,000.00 10.00 16,000,000.00 16,000,000.00 16,000,000.00 16,000,000.00

Distribution Co., Ltd. Distribution

Natural Gas

Total 260,307,030.47 261,884,022.10 242,774,033.98 242,774,033.98

12. Land for Development

As of the consolidated and the Company financial statements, land for future development is reflected at cost which

composed of acquisited cost of land and other related costs.

- AMATA CORPORATION PUBLIC COMPANY LIMITED

As of December 31, 2003 and 2002, land of future development with the areas of 67-0-10 Rais and 115-2-71

Rais estimated value of land in amount of Baht 46.21 million and Baht 32.39 million respectively was pledged with one

company as collateral against receipt of guarantees for land purchase sales contacts.

38.39

- AMATA CITY COMPANY LIMITED

As of December 31, 2002, land of future development with the areas of 60-2-72.60 Rais estimated value of land in

amount of Baht 11.96 million, its subsidiary company was pledged with a commercial Bank and Financial Institution as

collateral against short-term loans and long-term loans.As of December 31,2003, the subsidiary company that not pledged

any fixed asset as mortgage to any financial institution.

13. Right to use Land

As of the consolidated financial statements, the whole amount was right to use land where The Vietnamese Government

invested in AMATA (VIETNAM) CO., LTD. of 100 hectares, in amount of USD 5 million, in which 91.5 hectares are amortized as

expense pursuant to for a period of 50 years on a straight-line method.

14. Property, Plant and Equipment-Net

Consisted of :(Unit : Baht)

The Consolidated Financial Statements

Lands Lands Buildings Golf Course Power Furnitures and Vehicles Building Total

Improvement and Football Field Station Equipments in Progress

Cost

As of December 31, 2002 37,367,964.97 564,520.00 109,554,032.25 14,255,170.02 165,608,159.82 192,767,763.98 58,283,138.78 13,631,029.46 592,031,779.28

Purchase/ Transfer In 13,268,435.88 - (721,225.77) - (12,989,648.46) 19,806,215.21 4,301,966.43 145,400,774.55 169,066,517.84

Sold/Transfer Out - - - - - (12,648,965.05) (7,419,305.00) (76,344,867.47) (96,413,137.52)

As of December 31, 2003 50,636,400.85 564,520.00 108,832,806.48 14,255,170.02 152,618,511.36 199,925,014.14 55,165,800.21 82,686,936.54 664,685,159.60

Accumulated Depreciation

As of December 31, 2002 - (9,357.11) (24,961,333.19) (13,773,262.37) (17,946,189.47) (51,645,302.96) (35,009,091.88) - (143,344,536.98)

Sold/Transfer Out - - - - - 12,573,050.53 7,309,035.42 - 19,882,085.95

Depreciation for the Year - (28,226.01) (1,725,278.91) (9,092.13) (1,756,216.27) (16,245,894.65) (5,163,213.80) - (24,927,921.77)

As of December 31, 2003 - (37,583.12) (26,686,612.10) (13,782,354.50) (19,702,405.74) (55,318,147.08) (32,863,270.26) - (148,390,372.80)

Net Book Value

As of December 31, 2002 37,367,964.97 555,162.89 84,592,699.06 481,907.65 147,661,970.35 141,122,461.02 23,274,046.90 13,631,029.46 448,687,242.30

As of December 31, 2003 50,636,400.85 526,936.88 82,146,194.38 472,815.52 132,916,105.62 144,606,867.06 22,302,529.95 82,686,936.54 516,294,786.80

(Unit : Baht)

The Company Financial Statements Only

Lands Lands Buildings Golf Course Power Furnitures and Vehicles Building Total

Improvement and Football Field Station Equipments in Progress

Cost

As of December 31, 2002 21,239,304.97 - 32,967,177.82 14,255,170.02 - 31,880,064.08 36,501,759.00 - 136,843,475.89

Purchase/ Transfer In 13,268,435.88 - - - - 7,054,534.17 4,962,800.00 - 25,285,770.05

Sold/Transfer Out - - - - - (380,139.34) (5,508,305.00) - (5,888,444.34)

As of December 31, 2003 34,507,740.85 - 32,967,177.82 14,255,170.02 - 38,554,458.91 35,956,254.00 - 156,240,801.60

Accumulated Depreciation

As of December 31, 2002 - - (13,377,856.63) (13,773,262.37) - (23,463,569.73) (21,751,658.31) - (72,366,347.04)

Sold/Transfer Out - - - - - 275,125.69 5,508,283.00 - 5,783,408.69

Depreciation for the Year - - (1,676,140.36) (9,092.13) - (3,234,073.55) (4,173,513.46) - (9,092,819.50)

As of December 31, 2003 - - (15,053,996.99) (13,782,354.50) - (26,422,517.59) (20,416,888.77) - (75,675,757.85)

Net Book Value

As of December 31, 2002 21,239,304.97 - 19,589,321.19 481,907.65 - 8,416,494.35 14,750,100.69 - 64,477,128.85

As of December 31, 2003 34,507,740.85 - 17,913,180.83 472,815.52 - 12,131,941.32 15,539,365.23 - 80,565,043.75

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Depreciation Expenses in Income Statement

Financial Statements

Consolidated The Company Only

For the year

ended on December 31, 2002 19,944,725.10 6,467,601.47

ended on December 31, 2003 24,927,921.77 9,092,819.50

15. Bank Deposit Equipped with Guaranteed Obligation

As of December 31, 2002 in the Company financial statements, part the fixed deposit in amount of Baht 1.54 million were

pledged as withdrawal right to a bank against issuing letters of guarantee against the contribution payments to the Industrial

Estate Authority of Thailand.

16. Bank Overdrafts and Short-Term Loans from Financial Institutions

Consisted of :

(Unit : Baht)

Financial Statements

Consolidated The Company Only

As of December 31, As of December 31,

2003 2002 2003 2002

Bank Overdrafts 112,867,517.64 135,916,033.01 97,893,186.18 130,343,924.35

Loans due to Financial Institutions 720,000,000.00 638,289,544.59 190,000,000.00 400,000,000.00

Total 832,867,517.64 774,205,577.60 287,893,186.18 530,343,924.35

- The Consolidated Financial Statements

As of December 31, 2003 and 2002, was loans due from a commercial bank and a financial institute amount Baht

720.00 million and Baht 630.00 million respectively was issuance of bill of exchange via commercial bank and two financial

institution which carried on interest rate of 2.30 - 6.75% per annum.

- The Company Financial Statements Only

As of December 31, 2003 and 2002, loans due from financial institution amount to Baht 190.00 million and Baht

400.00 million respectively was for issuance of bill of exchange via commercial bank and two financial institution which carried

interest rate of 2.85 - 6.75% per annum.

17. Long-Term Loans

Consisted of :

(Unit : Baht)

Financial Statements

Consolidated As of December 31,

2003 2002

Outstanding Loan with a Credit Limit of Baht 55.00 million 39,304,000.00 48,472,000.00

Outstanding Loan with a Credit Limit of Baht 340.60 million - 53,320,000.00

Outstanding Loan with a Credit Limit of Baht 500.00 million 500,000,000.00 -

Total 539,304,000.00 101,792,000.00

Less Current Portion of Long-Term Loans (121,168,000.00) (27,168,000.00)

Net 418,136,000.00 74,624,000.00

40.41

Movement of long-term loans for year ended on December 31, 2003 and 2002 as follows :

(Unit : Baht)

Financial Statement

Consolidated

2003 2002

Book Value in the Beginning 101,792,000.00 474,798,267.39

Increase in this period 500,000,000.00 103,320,000.00

Repayment to Long-Term Loans (62,488,000.00) (393,628,005.67)

Decrease from Long - Term Loans and Accrued Interest Expenses - (82,698,261.72)

Book Value in the Ending 539,304,000.00 101,792,000.00

17.1 Loan credit facility of Baht 55 million on behalf of subsidiaries can be materially summarized as follows :

As of December 31, 2003 and 2002, the subsidiary has borrowed loan from one commercial bank in

credit line of Baht 55.00 million so as for land plus construction acquisition with the term of the contract as follows :

1. Interest rates for the first 3 years commenced from December 15,2002 to December 15, 2005 the Company has

to repay interest at the rate of MLR+1% per annum and another 3 years commenced from December 15, 2005

-December 15, 2008 carried interest rate of MLR per annum.

2. The Company�s land plus construction in amount of Baht 70.22 million are pledged as collateral against loan.

3. The Company has to repay loan within the 15th date of every month at the minimum of Baht 0.76 million per

month. The principal is initially repayable in November, 2002 and has to be completely repayable within

December 15, 2008. In addition, the Parent Company is guarantor against full amount of credit. As of

December 31, 2003 and 2002, the subsidiary holds the outstanding debt of Baht 39.30 million and 48.47

million respectively.

As of December 31, 2003, the subsidiary repayment to Long-Term Loans all amount.

17.2 Loan credit facility of Baht 340.60 million on behalf of subsidiary can be materially summarized as follows :

As of December 31, 2003 and 2002, the subsidiary has borrowed loan from one merchant bank in credit

line of Baht 53.32 million so as for land acquisition and development and construction of the system of public utility in

Baht 287.28 million aggregating to Baht 340.60 million with the term of the contract as follows :

1. Interest rate of MLR+0.50% per annum.

2. Borrower can fully withdraw cash on behalf of land fee immediately. In addition, it is quarterly repayable within 3

years, at Baht 4.50 million per installment. The first installment is immediately repayable when term is due for 3

months commenced from the first loan withdrawal date. Moreover, the loan withdrawal of development fee and

construction of the public utility can be withdrawn when the Company supplies the contract of purchase-sell land

to the Company�s clients so as to present to the bank and the Company can withdraw at the minimum of Baht

0.63 million per Rais. It is noted that one withdrawal is regarded as one credit line. The Company has to be

completely repayable within 5 years. Each sub-credit line is quarterly repayable in 4 installment as per 25% of

each sub-credit line per installment. The first installment is immediately repayable when the term of 3 months is

due commenced from the first withdrawal date of each respective sub-credit line.

3. The Company has to mortgage land in aggregate area of 608-0-50.20 Rais plus existing construction as

collateral against loan.

As of December 31, 2003, the subsidiary repayment to Long-Term Loans all amount.

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17.3 Loan facility in amount of Baht 500 million is on behalf of subsidiary can be summarized as follows :

As of December 31, 2003, the subsidiary borrowed from one commercial bank in the loan facility of Baht

500 million with the term and covenant of the contract as follows:

1. Interest rate of year 1-2 carried rate of MLR-1.25% per annum and year 3 onwards carried rate of MLR-1% per

annum. Interest is monthly repayable.

2. The Company has to repay principal to the bank in total number of 18 installments. In the 1st to 16th

installments, it is repayable by Baht 28 million per installments. In the 17th-18th installment, it is repayable by

Baht 26 million per installment. In the 1st installment , it is repayable in the 9th month commenced from the

signed date of the contract. However, if the withdrawer incompletely withdrew the loan, the amount to be repaid

in each installment is diluted in accordance with the pro rata basis. It has to be completely repayable within

5 years commenced from the signed date of the contract.

3. The Parent Company guaranteed and the borrower issued bill of exchange to the bank with the amount and

maturity period in accordance with the installment of loan repayment.

18. Other Payables

Consisted of :

(Unit : Baht)

Financial Statements

Consolidated The Company Only

As of December 31, As of December 31,

2003 2002 2003 2002

Payables-Industrial Estate Authority of Thailand - 19,890,584.66 - 19,890,584.66

Less Current Portion - (6,630,194.89) - (6,630,194.89)

Net - 13,260,389.77 - 13,260,389.77

As of April 30, 2002, the Company has already signed the contract to additionally amend the contract of joint

operation of the Amata Nakorn Industrial Estate Project with the Industrial Estate Authority of Thailand (IEAT). In addition, the result

from amendment of contract, over due debt obligation of the Company reduced by Baht 220.28 million. The Company reflected

reduced debt obligation was extra-ordinary item the statement of income by overdue balance, the company has to repay to IEAT

with the term and covenant and amount to be repaid to IEAT as follows :

Expense in the joint operation amounted to Baht 7.38 million and fund totally amounted to Baht 132.60 million.

The repayment is separated as follows :

- Immediate repayment as of the contract signed date in amount of Baht 7.38 million.

- In respect of Baht 26.52 million, amount of Baht 6.63 million was repayable on the contract signed date, the

remaining balance in Baht 19.89 million was equally repayable for 3 years. The first installment is repayable

within April, 2003 onwards.

- The Company agreed to transfer ownership of land of the Company numbering 5 pieces totaling area

approximately of 38-3-70 Rai including value pursuant to appraised land price on the ownership transferred

date in amount of Baht 106.08 million. The Company can repurchase within 5 years commenced from

ownership transferred date to IEAT plus interest repayment at the rate of MLR+1 of the Krung Thai Bank Public

Co., Ltd., Having transferred land against debt settlement in amount of Baht 36.60 million.

As of December 31, 2003, the Company repaid all amount before due date installment in accordance with the

contract in amount of Baht 19.89 million interest rate of MLR+1%.

42.43

19. Share Capital

In accordance with the resolution of the extra-ordinary shareholders meeting no.1/2003, as of January 23, 2003, it is

unanimously resolved to change the par value from formerly 213.40 million ordinary shares at par value of Baht 5.00 amounting

to Baht 1,067.00 million to 1,067.00 million ordinary shares at par value of Baht 1.00 per share amounting to Baht 1,067.00

million. The Company has registered this change at the Ministry of Commerce as of January 28, 2003.

In accordance with the minutes of the Annual General Shareholders Meeting for the year 2003 held on April 29, 2003,

it was unanimously resolved to appropriate net profit for the year 2002 as legal reserve in amount of Baht 23.15 million (For the

year 2002 amount of Baht 16.80 million) and pay a dividend for the result of operation for activities which received the investment

promotion to the Company shareholders in 1,067 million shares at the rate of Baht 0.20 per share aggregating to Baht 213.40

million (For the year 2002 amount of Baht 213.40 million) which is payable within May 28, 2003.

The Board of Directors of AMATA CORPORATION PUBLIC COMPANY LIMITED at the meeting No.7/2003 on October

13, 2003. Resolved to pay an interim dividend in 1,067 million shares at 0.25 Baht per share aggregating to Baht 266.75 million

(For the year 2002 amount of Baht 213.40 million). The interim dividend is paid within November 12, 2003.

20. Adjusted Transactions of Error Correction

The Company and a subsidiary adjusted error correction in 2002 since the Company and the Subsidiary Company

understated payment of employees remuneration from the result of operation of 2002 in Baht 18.60 million and Baht 2.32 million

respectively. Consequently, ending retained earnings were overstated by the same amount.

21. Loss from Termination of Contract and Project

For the year ended on December 31, 2003 and 2002, part amount of Baht 3.50 million and Baht 24.25 million

respectively the Company agreed to repurchase land which resulted in the Company�s loss from cancellation of the former contract.

22. Director�s Remuneration

Director�s remuneration is contributed to directors of the parent company as per section 90 of the Public Company

Act excluding salaries and related fringe benefit pain to management directors.

23. Extraordinary Item Gain from Debt Released Contract

For for the year ended on December 31, 2002, one subsidiary has repaid debt of loan due to creditor commercial bank

and finance institute and completely complied with the term of the contract of debt restructuring; hence, received debt reduction

by Baht 82.70 million and subsidiary fully recognized gain from debt restructuring.

For the year ended on December 31, 2002, Thai Restructuring Mutual Fund agreed to reduce debt in the outstanding

principal and accrued interest payable to the Company since the Company completely complied with term in the contract of debt

restructuring whereas the Company reflected reduced debt obligation by amount of Baht 8.27 million as extra-ordinary item in the

statement of income.

24. Corporate Income Tax

The amount of corporate income tax was calculated of the net profit, which was not promoted by received benefits and

privileges after adding of adjusted entries under Revenue Code before recognition of participating profit or loss in subsidiary and

associated companies by equity method.

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25. Details of Income Statement segregated by Activities with Investment Promotional Benefits and those without

Investment Promotional Benefits at the year ended on December 31, 2003 and 2002

(Unit : Baht)

The Company Financial Statements Only

For the year ended on December 31, 2003

Activities with Activities without Total

Investment Promotional Investment Promotional

Privileges Privileges

REVENUE FROM OPERATION

Income from Estate Sales 1,611,567,602.31 473,212,874.22 2,084780,476.53

Utilities Income 14,135,764.06 12,011,069.44 26,146,833.56

Other Income 1,601,998.24 34,466,644.84 36,068,643.08

Participating profit by Equity Method 105,212,722.52

TOTAL REVENUES 1,627,305,364.61 519,690,588.50 2,359,911,542.76

EXPENSES FROM OPERATION

Cost of Sales 745,334,109.23 328,609,952.20 1,073,944,061.43

Cost of Utilities 18,722,776.16 18,086,196.12 36,808,972.28

Selling and Administrative Expenses 221,471,502.76 69,726,562.86 291,198,365.62

TOTAL EXPENSES 985,528,388.15 416,423,011.18 1,401,951,399.33

NET PROFIT BEFORE INTEREST EXPENSES AND 850,257,276.30

CORPORATE INCOME TAX

INTEREST EXPENSE (15,152,595.09)

CORPORATE INCOME TAX (23,306,884.05)

NET PROFIT 811,797,797.16

(Unit : Baht)

The Company Financial Statements Only

For the year ended on December 31, 2002

Activities with Activities without Total

Investment Promotional Investment Promotional

Privileges Privileges

REVENUE FROM OPERATION

Income from Estate Sales 1,636,220,047.27 - 1,636,220,047.27

Utilities Income 25,168,055.20 14,807,034.30 39,975,089.50

Other Income 293,843,703.04 23,713,409.43 317,557,112.47

Participating profit by Equity Method - - 106,237,689.74

TOTAL REVENUES 1,955,231,805.51 38,520,443.73 2,099,989,938.98

EXPENSES FROM OPERATION

Cost of Sales 955,175,821.43 - 955,175,821.43

Cost of Utilities 19,835,823.61 11,729,566.13 31,565,389.74

Selling and Administrative Expenses 209,959,963.60 (894,780.31) 209,065,183.29

TOTAL EXPENSES 1,184,971,608.64 10,834,785.82 1,195,806,394.46

NET PROFIT BEFORE INTEREST EXPENSES AND 904,183,544.52

CORPORATE INCOME TAX

INTEREST EXPENSE (22,669,333.26)

CORPORATE INCOME TAX (6,921,414.19)

NET PROFIT 874,592,797.07

44.45

The Company regards the basis of allocation of other income and selling and administrative expense and interest

payable of entity receiving investment promotion or entity not receiving investment promotion in accordance with the proportion of

the revenue from sales.

26. Disclosure of Sectoral Business Operation

For the year ended on December 31, 2003 and 2002, the Company and its subsidiaries operate in principle business

categories namely industrial estate development sector which operates in different geographical areas, i.e. Thailand and Vietnam

and utilities sector as follows :

(Unit : Million Baht)

The Consolidated Financial Statements

Industrial Estate Development Water Production Total

Thailand Aboard

2003 2002 2003 2002 2003 2002 2003 2002

REVENUE FROM SALES AND PUBLIC UTILITIES 2,459.01 1,892.81 230.48 138.63 262.59 198.39 2,952.08 2,229.83

PROFIT FROM OPERATION 1,093.67 749.94 103.42 72.45 94.21 87.53 1,291.30 909.92

CENTRAL EXPENSES (365.53) (265.09)

INTEREST EXPENSES (43.27) (35.25)

CORPORATE INCOME TAX (30.08) (10.04)

NET PROFIT BEFORE EXTRA ORDIANARY ITEMS 852.42 599.54

EXTRA ORDINARY-GAIN FROM DEBT RELEASED CONTRACT - 90.97

EXTRA ORDINARY-GAIN FROM CORRECTION OF JOINT OPERATION CONTRACT - 220.28

LESS PROFIT MINORITY SHAREHOLDERS� INTEREST (40.62) (36.20)

NET PROFIT 811.80 874.59

ASSET USED IN THE SECTION AT DECEMBER 31, 95.77 81.35 301.75 295.80 118.78 71.54 516.30 448.69

CENTRAL ASSET 4,801.36 4,305.05

TOTAL ASSET AT DECEMBER 31, 5,317.66 4,753.74

27. Obligations and Contingent Liabilities

As of December 31, 2003 and 2002, the Company and the Subsidiary Company still remains obligations

commitment and contingent liabilities as follows :

27.1 Bank obligations regarding to :

(Unit : Million Baht)

Financial Statements

Consolidated The Company Only

2003 2002 2003 2002

Letters of Guarantee

- Electricity Guarantee and Others 5.10 4.39 0.33 0.61

- A Pledge against Contribution Payments to the -

INDUSTRIAL ESTATE AUTHORITY OF THAILAND 329.55 336.96 162.02 168.57

A pledge against contribution payments to the INDUSTRIAL ESTATE AUTHORITY OF THAILAND pursuant to a

joint-operating agreement to establish the AMATA NAKORN INDUSTRIAL ESTATE in Chonburi Province and AMATA CITY

INDUSTRIAL ESTATE in Rayong Province with the INDUSTRIAL ESTATE AUTHORITY OF THAILAND.

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27.2 As of December31,2003 and 2002,the Company acts as co-insurety for its subsidiary against the loan of the

subsidiary due to the Tisco Finance Public Co., Ltd. The credit facility was granted to buy land and land development of

the AMATA CITY INDUSTRIAL ESTATE pursuant to contract dated October 4, 2001, by the guaranteed credit facility of

Baht 166.17 million and Baht 299.32 million respectively

27.3 As of December31,2003 and 2002,the Company acts as co-insurety for its subsidiary against the Letters of Guarantee by

a commercial bank under of a joint-operating agreement with the INDUSTRIAL ESTATE AUTHORITY OF THAILAND by the

guaranteed credit facility of Baht 15.73 million.

27.4 As of December31,2003 and 2002,the Company acts as co-insurety for its subsidiary against the bill of exchange via a

commercial bank and a security company amount of Baht 530.00 million and Baht 280.00 million respectively for land

development of its subsidiary.

27.5 As of December31,2003 and 2002,a subsidiary company has conducted loan agreement with one commercial bank by

amount of Baht 55.00 million. The loan was respectively pledged by land plus property (system of pipe water production

and system of waste water treatment) as collateral against loan. And jointly guaranteed by the Company also.

27.6 As of December31,2003 ,the Company jointly guaranteed with one subsidiary as a joint debtor for the loan of the

subsidiary from a commercial bank so as to expend in the business of subsidiary in the credit facility of Baht 500.00

million.

27.7 As of December31,2003 ,the Company acts as guarantor of the overdrawn account of one commercial bank to the

subsidiary of the Company so as to use as working capital in the facility of Baht 20.00 million.

28. Financial Instruments

Policy to Manage Financial Risk

The Company and its subsidiary do not hold any financial instruments, which are derivative instruments for

speculation or for trade.

Risk from Interest Rates

The Company and its subsidiary constitute deposit with the finance institute, bank overdraft and loan. As a result, the

Company may expose to risk from interest rates derived from the fluctuation of market interest rates in the future whereby affects

upon its operation and cash flow of the Company and its subsidiary. However, the Company and its subsidiary do not hold any

financial derivative to hedge against such risk.

Risk on Exchange Rates

The Company and its subsidiaries do not hold any trade transactions denominated in foreign currencies; hence, risk

exposure does not exist. However, the Company constitutes some investment in its overseas subsidiary company which may incur

some risk from fluctuation of foreign exchange rates in the future. The Company did not conduct any forward contract to hedge

against risk.

46.47

Risk on Credit Provision

The Company and its subsidiary constitutes risks on trade credit with the counter contractors associated with a real

estate business. However, presently, the Company holds limited number of clients and debt repayment from such accounts

receivable was completely complied with the mutual agreement. Consequently, the Company anticipates non risk derived from

debt collection of those accounts receivable.

Fair Value

Book values of financial assets and liabilities which are shown in the balance sheets representing values closed to

approximate fair values. Apart from this, the management believes that the Company and its subsidiary hold non material risk on

financial instruments.

29. Provident Fund for Employees

A provident fund for employees is established, to which both employer (the Company) and employees have to

contribute in accordance with the regulation of the provident fund. An outsider manager is appointed to manage this fund.

30. Important Contracts

The Subsidiary Company entered contracts with two companies to produce water-supplies and treat waste water

with the following conditions :

1. For the period of 15 years starting from December 12, 2000 for water-supplies production contract and from

October 10, 2003 for waste-water treatment contract, to produce water-supplies in Amata City Industrial Estate

at the fee of Baht 1.90 per cubic meter for the first 7,000 cubic meters and at the fee of Baht 1.50 per cubic

meter for the excess volume and the fee for the waste-water treatment is at Baht 3.50 per cubic meter.

2. For the period of 15 years starting from October 1, 2003, to produce water-supplies in Amata Nakorn

Industrial Estate at the fee of Baht 2.56 per cubic meter for the first 7,000 cubic meters and at the fee of Baht

1.70 per cubic meter for the excess volume.

3. For the period of two years starting from November 1, 2003 to December 31, 2005 to produce water-supplies

in Amata Nakorn Industrial Estate at Water Supplies Production Plant 1 at the fee of Baht 3.22 per cubic meter.

The Subsidiary Company entered a contract with a company to undertake and maintain the water-supplies system

and waste-water treatment system in Amata Nakorn Industrial Estate and Amata City Industrial Estate for the period of 3 years

starting from November 1, 2003 to October 31, 2006 at Baht 419,650 per month and this charge is subject to adjustment

annually in relation to consumers price index.

The Subsidiary Company entered a contract to purchase raw water with a company for the period of 15 years,

starting from the completion date of building water flowing system or other time agreed upon by the parties concerned, in

Amata Nakorn Industrial Estate for the minimum volume of 5 million cubic meters per year at Baht 7 per cubic meter.

31. Agreement

A Subsidiary Company made an agreement with a related company in relation to expenditure on raw water piping

system and rent on water supplies system and waste water treatment system under this agreement, the Company has to pay

Baht 90.91 million towards expenditure on raw water piping system within the period of 5 years and Baht 31.45 million per year

towards rent on water supplies system and waste water treatment system, commencing from August 10, 2001 onwards.

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Contents

Amata Group of Companies, Profile

Other Information

By the Numbers II

1.1 Amata Corporation Public Company Limited (Bor Mor Jor 523)Business Activity : Industrial Estate DevelopmentCompany Registration Date : 6th March 1989Company Registration No. : Bor Mor Jor 523Registered and paid up share capital : 1,067,000,000 ordinary shares at Baht 1 eachHead Office : 2126 Kromadit Building, Petchburi Road,

Bangkapi, Huay KwangBangkok 10320, Thailand

Phones : (02) 318-0007Fax : (02) 318-1096Email : marketing@amata.comManagement : Mr. Thomas H. Reese, President & COOSite Office : Amata Nakorn Industrial Estate, 700 Moo 1

Klong Tamru, MuangChonburi 20000, Thailand

Phones : (038) 213-007Fax : (038) 213-700Email : marketing@amata.comManagement : Mr. Yasuo Tsutsui, Manager

1.2 Juristic persons, in which the company holds at least 10% interest:

1. Amata City Co., Ltd.Business Activity : Industrial Estate DevelopmentCompany Registration Date : 5th June 1995Company Registration No. : (2) 2542/2538Registered and paid up share capital : 4,500,000 ordinary shares at Baht 100 eachPercentage owned by Amata Corporation : 82.67%Head Office : 2126 Kromadit Building, Petchburi Road,

Bangkapi, Huay Kwang, Bangkok 10320, ThailandPhones : (02) 318-0007Fax : (02) 318-1096Site Office : Amata City Industrial Estate, 7 Moo 3

Bowin, SrirachaChonburi 20230, Thailand

Project Location : Highway 331 KM. 95 Tambol Mabyangporn Pluakdaeng District, RayongPhones : (038) 346-007Fax : (038) 345-771Email : amatacity@amata.comManagement : Mr. Aukkares Choochouy, Manager

2. Amata (Vietnam) Co., Ltd.Business Activity : Industrial Estate Development for LeaseCompany Registration Date : 31st December 1996Company Registration No. : 1100/GPRegistered and paid up share capital : US$ 17,000,000.00Percentage owned by Amata Corporation : 58.68%Head office : Saigon Center, 5th Floor

65 Le Loi, District 1,Ho Chi Minh City, Vietnam

Phones : (84) 8 914-2379-82Fax : (84) 8 914-2383Email : amatavn@ksc.th.comSite Office : Long Binh Ward, Bien Hoa City

Dong Nai Province, VietnamPhones : (84) 61 893-596Fax : (84) 61 891-251Management : Dr. Huynh Ngoc Phien, Vice President Vietnam Projects

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3. Amata Quality Water Co., Ltd.Business Activity : Production and sale of water products for use in industryCompany Registration Date : 5th March 1999Company Registration No. : (2) 269/2542Registered and paid up share capital : 30,000 ordinary shares at Baht 100 each, 100% paid up

370,000 ordinary shares at Baht 100 each, 25% paid upPercentage owned by Amata Corporation : 100%Head Office : Amata Nakorn Industrial Estate, 700 Moo 1

Klongtamru, MuangChonburi 20000, Thailand

Phones : (038) 213-361-2Fax : (038) 213-700Email : surakit@amata.comManagement : Mr. Surakit Chaiamnuay, Managing Director

4. Amata Facility Service Co., Ltd.Business Activity : Service Center AreaCompany Registration Date : 29th November 2002Company Registration No. : 12554501261Registered and paid up share capital : 10,000 ordinary shares at Baht 100 each, 100% paid upPercentage owned by Amata Corporation : 91.0%Head office : Amata Nakorn Industrial Estate, 700 Moo 1

Klongtamru, MuangChonburi 20000, Thailand

Phones : (038) 213-402Fax : (038) 213-700Email : thanapat@amata.comManagement : Mr. Thanapat Sornkul, Managing Director

5. Amata Dung Quat Co., Ltd.Business Activity : Industrial Estate DevelopmentCompany Registration Date : 6th December 2001Company Registration No. : 2240/GPRegistered and paid up share capital : US$ 1,275,000Percentage owned by Amata Corporation : 70.59%Head office : Saigon Center, 5th Floor

65 Le Loi, District 1Ho Chi Minh City, Vietnam

Phones : (84) 8 914-2379-82Fax : (84) 8 914-2383Email : amatavn@ksc.th.comManagement : Dr. Huynh Ngoc Phien, Vice President Vietnam Projects

6. Amata Mansion Service Co., Ltd.Business Activity : Operate the Amata Mansion Serviced Apartment and Services in Amata NakornCompany Registration Date : 15th November 1991Registered and paid up share capital : 100,000 ordinary shares at Baht 100 eachPercentage owned by Amata Corporation : 12.65%Head office : Amata Nakorn Industrial Estate, 700/ 1001

Klongtamru, MuangChonburi 20000, Thailand

Phones : (038) 213-138-42Fax : (038) 213-143Management : Mr. Kongdeasthe Sanguansataya, Assistant General Manager

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Amata Groupof Companies

7. Amata Developement Co., Ltd.Business Activity : Sales and Lease of the 198 Units Apartment in Amata NakornCompany Registration Date : 15th June, 1990Registered and paid up share capital : 68,000 ordinary shares at Baht 1,000 eachPercentage owned by Amata Corporation : 43.49%Head office : Amata Nakorn Industrial Estate, 700/ 1000

Klongtamru, MuangChonburi 20000, Thailand

Phones : (038) 213-138-42Fax : (038) 213-143Management : Mr. Kongdeasthe Sanguansataya, Assistant General Manager

8. Amata Condotown Rayong Co., Ltd.Business Activity : Development and management of labor accommodation in Amata CityCompany Registration Date : 13th December 2000Registered and paid up share capital : Baht 10,000,000.00Percentage owned by Amata Corporation : 16.53%Head office : 133/ 23-28 Moo 7

Sukhumvit Road, Bangphoomai, MuangSamutprakarn, Thailand

Phones : (02) 709-1100Fax : (02) 709-1075Site office : Amata City Industrial Estate, 7 Moo 3

Bowin, SrirachaChonburi 20230, Thailand

Phones : (038) 650-130-3Management : Ms. Nutnapa Wongcharoensin, Managing Director

9. Ching Shiang-Amata Chemical Industries (Thailand) Co., Ltd.Business Activity : Import and production of chemical productsCompany Registration Date : 23rd April 2002Registered and paid up share capital : 2,160,000 ordinary shares at Baht 100 eachPercentage owned by Amata Corporation : 24.26%Head office : 2126 Kromadit Building, Petchburi Road

Bangkapi, Huay KwangBangkok 10320, Thailand

Phones : (02) 318-0007Fax : (02) 318-1096Management : Mr. Chackchai Panichapat, Executive Director

10. Amata Power Ltd.Business Activity : Production of electricity and steam for saleCompany Registration Date : 2nd March 1995Registered and paid up share capital : Baht 15,000,000 ordinary shares at 100 Baht each 100% paid up

: Baht 2,000,000 ordinary shares at 100 Baht each 72.5% paid upPercentage owned by Amata Corporation : 13.77%Head office : 88 Krungthepkreetha Road

HuamarkBangkok 10240, Thailand

Phones : (02) 710-3400Fax : (02) 379-4245Email : pote.j@amatapower.comManagement : Mr. Pote Jinphiphadhana, President

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11. Amata Natural Gas Distribution Co., Ltd.Business Activity : Distribution of natural gasCompany Registration Date : 27th November 2001Registered and paid up share capital : Baht 160,000,000.00Percentage owned by Amata Corporation : 10%Head office : Amata Nakorn Industrial Estate, 700 Moo 1

Klongtamru, MuangChonburi 20000, Thailand

Phones : (038) 214-199Fax : (038) 214-255Email : smattachai@amatangd.comManagement : Mr. Smattachai Penroaj, Sales Engineer

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Share RegistarThe Thailand Securities Despository Co., Ltd.

Address : The Stock Exchange of Thailand Building, 4th and 7th Floor62 Ratchadapisek Road, KlongtoeyBangkok 10110, Thailand

Phones : (02) 359-1200-1Fax : (02) 359-1259

AuditorMs. Jintana Mahavanich

Certified PublicAcc. Reg. No. : 4687Company Name : Sam Nak-Ngan A.M.C. Co., Ltd.Address : 4th Unit, 19th Floor, Silom Complex Building

191 Silom Road, Silom, BangrakBangkok 10500, Thailand

Phones : (02) 231-3980-7Fax : (02) 231-3988

Legal CounselorInternational Business Lawyers Co., Ltd.

Address : 33/ 118-119, 23rd Floor, Wall Street TowerSurawongse Road, Suriyawong, BangrakBangkok 10500, Thailand

Phones : (02) 233-1001, (02) 233-1008Fax : (02) 236-6100

Financial Institutes

Thai Farmers Bank Public Company LimitedBank Thai Public Company LimitedThe Siam Commercial Bank Public Company LimitedBangkok Bank Public Company LimitedThai Military Bank Public Company LimitedThe Bank of Tokyo Mitsubishi Ltd. (Bangkok Branch)Sumitomo Mitsui Banking Corporation

Contact InformationAmata Corporation Public Company Limited Investor Relations

Name : Mrs. Varaporn Vatcharanukroh, Vice President TreasurerAddress : 2126 Kromadit Building, Petchburi Road

Bangkapi, Huay KwangBangkok 10320, Thailand

Phones : (02) 318-0007Fax : (02) 318-1096Email : varaporn@amata.com

Other Information

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Designed by Milan Crosse Partners Ltd.Photography By Yvan Cohen / Amata

Amata Corporation Public Company Limited

Head Office

2126 Kromadit Building, New Petchburi Road,

Bangkapi, Huay Kwang, Bangkok 10320

Tel: (02) 318-0007 Fax: (02) 318-1096

Amata Nakorn Industrial Estate, Chonburi

700 Moo 1, Klong Tamru Sub District,

Muang District, Chonburi 20000

Tel: (038) 213-007 Fax: (038) 213-700

www.amata.com