REASONS FOR OVER 20,HANGE IN COMPANY'S OPERATIONS

(Translation) H.T. 007/2002 Date : February 25, 2002 Re : Reasons for over 20% change in company's operations for the year of 2001 To : President The Stock Exchange of Thailand The company's result of the consolidated financial statements as of December 31, 2001 for the year show a net profit after tax of Baht 167.7 million representing a 25.7% increase comparing with the result in the last year due to the main following reasons: 1. Interest and other financial costs reduced significantly in the year ended December 31st, 2001 to Baht 92.0 million from Baht 167.7 million in the prior year due mainly to our refinancing of higher cost loan to cheaper cost loan. In addition outstanding loan balance as at December 31, 2002 is lower than same period of last year due to economic contraction. 2. Selling and administration expenses were 39.3% of revenue in the year ended December 31st, 2001 compared to 39.6% in the prior year. This is due mainly to efficient cost saving and management. Yours sincerely,