Subject: Clarification of Results for the year 2006

To: The President Stock Exchange of Thailand

Univanich Palm Oil PCL hereby submits the Company’s Financial Statements for the year ending 31st December 2006 and would like to clarify the operating result which is 89.1% higher than in the previous year.

1. Production
Fresh Fruit Bunch (FFB) production from our own oil palm estates was 29.8% higher than in 2005. This higher crop was due to recovery from the severe drought effect in 2004/2005, together with good rainfall during the 2006 dry season. The new generation of Univanich hybrid palms in replanted areas achieved record yields.

The volume of FFB purchased from outside growers was 48.5% higher than in 2005, due to the recovery from drought and new production from expanded oil palm plantings in the company’s buying area.

Total FFB processed by Univanich factories was 44.9% higher than in 2005, with the company’s new factory at Lamthap exceeding expectations. Crude Palm Oil (CPO) production increased by 46.2% due to the higher FFB volumes and higher extraction rates. Palm Kernel Oil (PKO) production increased by 48.1% due to the increase of crushing capacity at the Company’s new PKO plant opened in the fourth quarter of 2005.

2. Sales
Export sales made up 66.4% of the Company’s total palm oil sales of 165,735 tonnes, Univanich entered new markets in Europe with the first ever shipments of Thai CPO to Rotterdam and Hamburg in November 2006.

High domestic and overseas production, together with an appreciating Baht, combined to depress palm oil prices. The average CPO selling price was 5.7% lowerand the average PKO selling price was 15.4% lower than in 2005.

Domestic seeds sales declined sharply due to excessive imports of foreign oil palm seeds in to Thailand during 2005 and 2006, for proposed biodiesel projects. But Univanich hybrid oil palm seeds continued to experience good sales growth in export markets.

Overall net proceeds of sales increased by 35.6% to 2.863 billion, mainly due to the significantly higher production volumes.

3. Cost of sales
Cost of sales of Baht 2,299.6 million increased by 31.1%, mainly due to higher volumes of purchased fruit. The average purchase price per kg FFB was 13.2% lower than in 2005 due to the lower CPO prices in 2006.

The overall gross margin in 2006 increased from 16.9% to 19.7%, largely due to higher volumes from our own estates and from purchased fruit operations.

4. Net Profit
The after-tax profit for the year ending 31st December 2006, was Baht 378.3 million (Baht 4.02 per share), an increase of 89.1% over the previous year.

The main factors affecting the improved result were:

– FFB production from our own estates increased by 29.8%

– FFB purchased from outside growers increased by 48.5%

– Increased utilisation of new factory capacities

– Higher oil extraction rates have improved crushing margins.

Yours faithfully,
Univanich Palm Oil PCL.

John Clendon
Managing Director

cc: The Secretary-General
The Securities and Exchange Commission