To: The Shareholders of the Post Publishing Public Company Limited

The media in Thailand have been experiencing a difficult time commercially and this is reflected in the company's results for 2005.

Revenue growth was static for the year, largely because of the business uncertainty created by the rapid rise in international oil prices. In this generally disappointing climate, the Bangkok Post and Post Today outperformed the overall newspaper sector but this was not enough to generate revenue growth.

At the same time, newsprint prices rose steeply, pushing our newsprint bill up by more than 25 per cent.

The management introduced company-wide cost-control measures, including staff restructuring which was
costly but which will bear fruit in 2006 and subsequent years.

Circulation of both newspapers grew strongly. The Bangkok Post is now experiencing record sales, while we believe Post Today has become Number One for sales and readership among business-oriented newspapers — an exceptional achievement.

Construction of the new printing plant at Bangna Trad is well underway and will be completed by mid-year. The new high-speed, high-quality press should be in production before year's end.

All major equipment purchases for the new operation have now been completed. This includes the latest
technology to transfer pages directly from computer to printing plate, a process which is faster and more costeffective than traditional methods.

Continued political uncertainty is generally detrimental to the media business but with tighter cost controls,
especially over staffing, and new ideas for generating revenue, we look forward to 2006 with confidence.

We thank our staff for their continued loyalty, co-operation and hard work.

Finally, we are pleased to propose to our shareholders the payment of a final dividend of Baht 0.16/share,
making a total dividend for 2005 of Baht 0.24/share.

BY ORDER OF THE BOARD OF DIRECTORS