OPERATING RESULTS QUARTER3/1999

(Translation) Date: November 12, 1999 Re: Reasons for over 20% change in company's operations To: President The Stock Exchange of Thailand As shown in the nine months Consolidated Financial Statements, the Company has a net profit after tax amounting to Baht 47 million representing a significant increase of 184% over the Net Profit after Tax of Baht 16 million achieved for the same period prior year. We should also highlight that the prior year's profit of Baht 16 million also included an exchange gain of over Baht 47 million, while no exchange gain was reported for this year. The two major reasons for such an improvement are: 1) A significant decrease in our Selling and Administrative Expenses and, more particularly, our Period/Fixed Expenses, which declined by over Baht 68 million or 1.2% of Total Revenues. Our total Selling and Administrative Expenses were reduced by over Baht 213 million. 2) A large reduction in borrowings/loans of Baht 773 million combined with a lower average interest rate from 12.80% down to 10.38% significantly improved our interest payment, which were reduced by over Baht 128 million vs prior year. Yours sincerely, Mr. Daniel M. Philiponet Managing Director