Reasons for over 20,hange in company's operations

Translation H.T. 004/2004 Date: February 26, 2004 Re: Reasons for over 20% change in company's operations To: President The Stock Exchange of Thailand As shown in the twelve months Consolidated Financial Statements as of December 31, 2003, the Company has a net profit after tax amounting to Baht 240.0 million against Baht 196.9 million for the same period of the prior year representing an increase of 21.9% The major reasons for the increase are as follows:- 1. Sales increased by 14.2% compared with the same period of the prior year due to a dramatic increase of Motorcycles turnover under the brands of Suzuki, Yamaha, and Tiger. 2. An increase of Interest from Installment Sales by 29.6% compared with the same period of the prior year due to an increasing number of Motorcycles Installment Accounts which provide the installment term up to 36 months. 3. A percentage increase of selling and administration expenses by 8.7% is lower than a percentage increase of turnover by 14.2% due to the efficient control of the constant period expenses. 4. A decrease of interest and financial expenses by the amount of Baht 27.4 million was due to a decrease of interest rate by 1-2% per annum as compared with the same period of the prior year. Yours sincerely, Singer Thailand Public Co.,Ltd. (Mr. Prateep Saenghiranwathana) Controller and Finance Director