OPERATING RESULTS FOR OVER 20%

(Translations) Date: August 10, 1999 Re : Reasons for over 20% change in company's operations To : Director of Listed Companies Department Stock exchange of Thailand As shown in six months consolidated financial statements, the Company has a profit after tax amounting to Bht. 44 millions, representing a decrease of 36 % or Bht.26 millions.VS the after tax profit of Bht.70 millions 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. In this period, the Company did not take any exchange gain from rate system as the same period of prior year, which achieved Bht. 47 millions. 2. After deduction of gain from exchange rate, it was shown that the Company can increase profit by Bht. 22 Millions or 95 % increased from the same period of prior year. The reasons for this are as follows :- 2.1. Decrease in selling and administrative expenses after our action of saving period expenses plan which come down selling and administrative expenses by 1-2 % compared the same period of prior year. 2.2. A dramatic decrease of interest rate from 13.64 % p.a. to 10.10 % p.a., due to over liquidity in the money market, and a decrease of loan by the 760 millions compared the same period of prior year.