REASONS FOR OVER 20,HANGE IN COMPANY'S OPERATIONS

( Translation ) No. 024/1999 May 17, 1999 Re : Reasons for over 20% change in company's operations To : Managing Director Stock Exchange of Thailand As shown in the first quarter consolidated financial statements, the company has a profit after tax amounting to Baht 22 million, representing a sharp decrease of 78% or Baht 76 million vs the after tax profit of Baht 98 million achieved for the same period of prior year. In this connection, the company wish to provide reasons for the unfavorable result of its operations as follows :- 1. Decrease in sales of 20.9% or Baht 213 million from the same period of prior year. The country's worsening economic slowdown, rising unemployment and the continuous company's responsive strict measures on hire purchase financing scheme, all are attributed to the company's weakening sales. 2. Gain from the change in exchange rate system The company and subsidiaries incur a gain on exchange for the three-month period ended March 31, 1998 of Baht 53 million which the company had fully recognized as income. This exchange gain was reported as an extraordinary item in accordance with the announcement of the Institute of Certified Accountants and Auditors of Thailand. Yours sincerely,