Year 2008 has been a year of significant changes for the Global Economy. Impacts of the Financial Crisis in the United States and the global demand decrease forces many manufacturers to reduce prices against each other in order to lower the inventories and increase liquidity for the businesses. The crisis have also impacted to both pulp and paper industry through short fiber pulp price decrease from 670 USD per Ton in the middle of the year to around 400 USD per Ton by the end of the year, accompany with the global inventory which is still over 5 million tons, It is expected that the pulp price will further decline in the first half of 2009.

        The Board of Directors and managements are aware of these challenges and have implemented a number of measures to maintain adequate liquidity and competitiveness such as deferral of investment projects, implementation of cost and expense reduction measures, and lowering of the inventory and stocks. These measures mentioned have achieved satisfactory results in real reduction in inventory and improved liquidity. We are confident that the Company is ready to handle increasing competition and confront the impacts of the next phase of the Economic Crisis.

        Global demand decrease has resulted in substantial reduction in production capacities or inventories of many major pulp and paper manufacturers. Similarly, the Company had decided to reschedule major machine-stop maintenance that was planned for 2009 to the fourth quarter of 2008, and adjusted production allocations to utilize machines that can produce slightly lower yields at lowest cost and sufficient capacities to satisfy current market demand.

        Regardless of such challenges, overall performance of the Company and subsidiaries for the year 2008 is 642 million Baht net profit, which is 33% higher than in 2007.

        On behalf of the Board of Directors, managements, and every employee, I would like to thank our shareholders and investors for unabated trust and support in the operation of the Company. I would also like to thank our customers that support the Company’s products, our trading partners that always ensure highest standard of services and deliveries, banks and financial institutions that have provided financial supports, and lastly, the society and communities that allow the Company to be involved in environmental development and social responsibilities initiatives.