Subject: Clarification of 1st Quarter 2007 Results

To: The President The Stock Exchange of Thailand

Univanich Palm Oil PCL hereby submits the Interim Financial Statements for the quarter ending 31st March 2007, and would like to clarify this operating result which is 13.3% higher, than in the same period last year.

1.Production
Fresh Fruit Bunch (FFB) production from our own estates was 10.7% lower than in the same quarter of last year. This lower crop was expected in 2007, after the very high yields in 2006. Two years after the 2005 drought we also expect to see the delayed impact on this year’s cropping pattern.

FFB purchased from outside growers (OFP) was 14.0% lower volume than last year. Competition for purchased fruit increased as it became clear that there would not be the same peak crop in March.

Total FFB processed was 13.0% lower than in the same period last year. Crude Palm Oil production was 15.7% lower, due to significantly lower oil extraction rates during this year’s dry season. Soil moisture deficit in the first quarter has been 185 mm compared to only 8 mm during the same period last year. There was good early rain in the second half of March but it was too late to improve first quarter extraction rates.

2.Sales
Total Crude Palm Oil (CPO) sales volume was 14.5% higher than in the first quarter of last year, due to purchase of CPO from third parties to make-up export shipments. Palm Kernel Oil (PKO) sales volume was 146.5% higher than last year, also due to purchase of PKO from third parties to make-up export shipments.

The average CPO selling price was 14.2% higher than in the same period of last year. However the average PKO selling price was lower by 7.5%. Domestic palm oil stocks have remained high after the record production of last year. For this reason of plentiful stocks, domestic palm oil prices have been generally similar to international prices.

3.Cost of sales
Cost of sales of Baht 682.5 million was 52.6% higher than Baht 447.1 million in the same period of last year. This was mainly due to the purchase of oil to make-up export shipments.

4.Net Profit
The after-tax profit of Baht 101.65 million (Baht 1.08 per share) was 13.3% higher than Baht 89.75 million (Baht 0.95 per share) in the first quarter of last year.

The main factor affecting this improved result was the higher CPO selling price which was continuing to rise at the end of the quarter.

Yours faithfully,
Univanich Palm Oil PCL.

John Clendon
Managing Director

cc: The Secretary-General
The Securities and Exchange Commission