Reasons for over 20,hange in company's operations

Translation H.T. 052/2003 Date: November 14, 2003 Re: Reasons for over 20% change in company's operations To: President The Stock Exchange of Thailand As shown in the third quarter Consolidated Financial Statements as of September 30, 2003, the Company has a net profit after tax amounting to Baht 50.3 million against Baht 22.2 million for the same period of the prior year representing an increase of 126.9% The major reasons for the dramatic increase are as follows:- 1. Sales increased by 24% compared with the same period of the prior year due to a dramatic increase of Motorcycles turnover. Although the margin of motorcycle sales is lower than electrical appliances and sewing machines sales, motorcycle turnover can contribute higher profit to the Company with interest from installment sales that are the major proportion of motorcycle turnover. 2. An increase of selling and administration expenses is lower than an increase of sales. In comparison of the third quarter in 2003.with the same period of the prior year, sales increased by 24% whereas administration expenses increased by 3% with the influence of constant period expenses as well as the lower selling and administration expenses of motorcycles than of electrical appliance and sewing machines. 3. A decrease of interest expense was due to a decrease of interest rate by 2-3% per annum as compared with the same period of the prior year. . Yours sincerely,