News

Report On The Results Of Warrant Conversion To Common Shares

(Translation)
Ref: SiS 49/001

Date   January 10, 2006

Subject: Report on the results of the exercise of warrants (ESOP) in December
         2005

To:          President
         The Stock Exchange of Thailand

SiS Distribution (Thailand) Public Company Limited (the Company) has issued,
under an Employee Stock Option Program, 5-year maturity 5,000,000 warrants with
no offering price. Each warrant is entitled to buy 1.00 common share of the
company at the book value per share from the latest financial statement before
the date of exercise, which is Baht 2.34. The warrants can be exercised every
three months from the first exercise date which is June 30, 2005 until the last
exercise date which is June 9, 2009. The exercise date will be the last business
day of March, June, September and December of each year. During the third
exercising date, warrant holders can inform their exercise from December
26-30, 2005 as a result follows:

              Number of exercising warrant holders            - persons
              Number of allotted warrant holders            191 persons

              Number of outstanding unexercising warrants  4,143,700 units
              Number of exercising warrants                        - units
              Number of remainging unexercising warrants   4,143,700 units

              Number of outstanding ordinary shares reserved for warrants
4,143,700 units
              Number of allotted common shares from this exercise     - units
             Number of remaining ordinary shares reserved for warrants
4,143,700 units

As a result, the company's issued and paid-up capital has maintained to Baht
200,856,300.

Please be informed accordingly,

Yours faithfully,



Somchai Sittichaisrichart
Managing Director