SINO-THAI RESOURCES DEVELOPMENT PUBLIC COMPANY LIMITED
REPORT AND INTERIM FINANCIAL STATEMENTS
FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED 30 JUNE 2004 

Review Report of Independent Auditor
To The Board of Directors and Shareholders of
Sino-Thai Resources Development Public Company Limited
I have reviewed the accompanying balance sheet of Sino-Thai Resources Development Public Company Limited as at 30 June 2004, the related statements of earnings for the three-month and six-month periods ended 30 June 2004 and 2003 and the statement of changes in shareholders’ equity and cash flows for the six-month periods ended 30 June 2004 and 2003. These financial statements are the responsibility of the Company’s management as to their correctness and the completeness of the presentation. My responsibility is to issue a report on these financial statements based on my reviews.
I conducted my reviews in accordance with the auditing standard applicable to review engagements. This standard requires that I plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of the Company’s personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. I have not performed an audit and, accordingly, I do not express an audit opinion.
Based on my reviews, nothing has come to my attention that causes me to believe that the accompanying financial statements are not presented fairly, in all material respects, in accordance with generally accepted accounting principles.
I have previously audited the financial statements of Sino-Thai Resources Development Public Company Limited for the year ended 31 December 2003 in accordance with generally accepted auditing standards and expressed an unqualified opinion on those statements under my report dated 23 January 2004.  The balance sheet as at 31 December 2003, as presented herein for comparative purposes, formed an integral part of the financial statements which I audited and reported on.  I have not performed any other audit procedures subsequent to the date of that report.

	Supachai Phanyawattano
	Certified Public Accountant (Thailand) No. 3930
Ernst & Young Office Limited
Bangkok : 23 July 2004