OPERATING RESULTS

26 February 1999 Re : Reasons for over 20 % change in companys operations To : Director of Listed Companies Department Stock Exchange of Thailand As shown in six months consolidated financial statements the company have to report a loss after tax amounting Baht 49.9 million representing a loss decrease of 84.2 % vs the after tax and extraordinary loss of Baht 316.8 million reported at the same period of prior year due to a favor of an exchange gain of Baht 14 million for this operating period vs an unfavor of exchange loss of Baht 123.9 million booked at the same period of prior year. Furthermore after the crisis the company have improved the existing operation so that the cost of sales could have been reduced by 3 - 4%.However the company have to report loss for July to December 1998 due to the following reasons :- 1.) Sales decrease of 37.9% or Baht 1,031 million from the same period of prior year due to both unsurvival of the economic slowdown and the continuous companys responsive strict measure on hire purchase financing scheme. 2.) Whereas the company turnover decrease, the company have still to put more reserved expenses for bad debts in order to follow up with concept of conservative basis. With the above reasons, the operation loss for six months as of December 31,1998 was shown. Yours sincerely Singer Thailand Public Company Limited ( Mr. Daniel M. Philiponet ) Managing Director