Subject: Clarification of Results for Third Quarter of 2006

To: The President Stock Exchange of Thailand

          Univanich Palm Oil PCL hereby submits the Interim Financial Statements for the quarter ending 30th September 2006. The operating profit from this third quarter of 2006 was 66.9% higher than for the third quarter of last year. For the first nine months of 2006 the operating profit is 62.4% higher than for the same period last year. The main factors influencing this significant higher result are as follows;

1. Production
Fresh Fruit Bunch (FFB) production from our own oil palm estates was 26.9% higher than in the first nine month of last year. This higher crop was due to recovery from the severe drought effect of last year, together with good rainfall during the 2006 dry season. The volume of FFB purchased from outside growers was 37.4% higher than last year, due to the good growing season and new production from expanded oil palm plantings in the company’s buying area.

Total FFB processed by Univanich factories was 35.1% higher than in the first nine months of last year, with the company’s new factory at Lamthap exceeding expectations by processing 156,023 tonnes FFB in this period.

Total Crude Palm Oil (CPO) production was 36.5% higher than in the same period of last year. Palm Kernel Oil (PKO) production increased by 38.2% due to utilisation of new capacity at the company’s second PK crushing mill commissioned in Q4 of last year.

2. Sales
CPO sales volume was 18.9% higher than in the first nine months of last year, and the inventory of CPO in stock increased from 1,117 tonnes in January to 10,667 tonnes at end of September, as the company increased inventory for export shipments. This year-to-date, 42.5% of the company’s CPO sales have been exported, compared to no CPO exports during the same period of last year when the domestic production and stocks were much lower.

PKO sales volume was 25.8% higher than in the first nine months of last year, with 75.9% of PKO sales having been exported, including 2,828 mt of PKO purchased from third parties to make-up export shipments.

The average CPO selling price was 6.3% lower than in the first nine months of last year and the average PKO selling price was 12.1% lower than last year. High palm oil stocks in Thailand have depressed domestic prices in the second and third quarters of 2006, but there are indications of rising prices going into the fourth quarter.

3. Cost of sales
Cost of sales of Baht 1,417.1 million in the first nine months of 2006 was 3.6% higher than Baht 1,367.8 million in the same period of last year. Although the volume of fruit purchases was significantly higher than last year, the average purchase price per kg was 14.1% lower. In the third quarter there were also small volumes of CPO purchases to make-up export shipments, whereas last year there were no such purchases of CPO.

The overall gross margin in the third quarter increased from 17.5% to 17.9%. For the first nine months the gross margin has increased from 17.5% to 22.3%, largely due to recovery from last year’s drought.

4. Net Profit
The after-tax profit for the quarter ending 30th September 2006, was Baht 71.1 million (Baht 0.76 per share), an increase of 66.9% over the same quarter of last year.

For the first nine months of 2006, the after-tax profit was Baht 268.4 million (Baht 2.86 per share) an increase of 62.4% over Baht 165.3 million (Baht 1.76 per share) in the same period of last year.

The main factors affecting the improved result were:

– FFB production from our own estates increased by 26.9%
– FFB purchased from outside growers increased by 37.4%
– Increased utilisation of new factory capacities
– Higher oil extraction rates have improved crushing margins.

          Negative factors included the lower CPO and PKO selling prices, higher fertilizer and fuel prices, and an increase in depreciation charges on new factory capacity.

Yours faithfully,
Univanich Palm Oil PCL.

   John Clendon
Managing Director

cc: The Secretary-General
The Securities and Exchange Commission