REASONS FOR OVER 20,HANGE IN COMPANY'S OPERATIONS

Date : 16/05/2003 17:35 SINGER : REASONS FOR OVER 20,HANGE IN COMPANY'S OPERATIONS (Translation) H.T. 028/2003 Date : May 16, 2003 Re : Reasons for over 20% change in company's operations To : President The Stock Exchange of Thailand As shown in the year Consolidated Financial Statements as of March 31, 2003, the Company has a net profit after tax amounting to Baht 73.2 million against Baht 44.2 million for the same period of the prior year representing an increase of 65.5%. The major reasons for the dramatic increase are as follows:- 1. Sales increased by 18 % compared with the same period of the prior year due to the extension of distribution areas for motorcycles and the credit promotion for electric appliances. 2. A slight increase of period cost compared with a dramatic increase of sales. 3. A decrease of interest expense due to the decrease of both interest rate and borrowings. 4. Income from cancelled dividend amounting to Baht 11 million was booked in March 2003. Yours sincerely,