FINAL PROGRESSIVE STATUS SUMMARY SOLVING OF Y2K

(Translation) Singer Thailand Public Company Limited Date: December 16, 1999 To: President The Stock Exchange of Thailand Re: Final Progressive Status Summary Solving of Y2K Compliance 1. Preface Singer Thailand Public Co., Ltd. had reported progressive of Y2K problems on August 26 last year as per letter No. 041/2541. This is the final progressive status report of Y2K problems as well as solutions which our company has proceeded from the beginning and already achieved the tasks according to the predetermined plan. 2. The Current Progressive At the end of September (3rd quarter) 1999, the company has performed the following tasks. 2 .1 Computer systems modification - Since the 2nd quarter of 1999, all in-house programs are ready for Y2K compliance. - External vendors who are responsible for application programs have already delivered all updated programs as well as the confirmation document of Y2K readiness to the company. - Concerning with any incompliant computers and peripheral, the company has already upgraded or changed with the new ones within the 3rd quarter of 1999. 2.2 Accurate testing in computer systems modification Accurate testing on PC, LAN and VAX processes has already been continuously performed until the 2nd quarter of 1999. In the final test, the Integration test is conducted under the Y2K environment. The testing period started from 28/06/1999 to 01/07/1999 and applied with all cases for five days. No errors have been found under any circumstances. 2.3 In-Process Implementation Up to now all upgraded systems have already been set and used in the real process without any problems. 2.4 AfterProcess FollowUp After Modifying and testing all of systems, the company certifies that there are no any effects from Year 2000 to the processes. 3. Contingency plan Although the system corrections of both IT and Non-IT have been finished, we also prepare the contingency plan for unexpected events caused by internal and external systems. The company has been fully supported by the outsiders who are specialized in Y2K case and prompt to take the actions when needed. 4. Project expenses The total expenses are Baht 7,000,000 for this project. Most expenses are incurred from purchasing of hardware as well as computer peripheral and hiring the third party (Metro systems Corporation Public Co., Ltd.) to assure checking incompatible hardware for year 2000. All of the project expenses are applied in accordance with the budgeted amount. 5. Management explanation and Analysis Finally, management team is confident to certify that the company has achieved solving the Y2K compliance problems without any disastrous risks to the business operation. Yours sincerely,