REPORTS ON AUDITED ANNUAL FINANCIAL STATEMENTS

Phatra Leasing Plc. (PL) reported on its audited annual financial statements as follows: (In Thousands) For Year Ending Sept. 30 1996 1995 PL Net profit 79,441 74.997 EPS (Baht) 3.18 4.16 The auditor has noted in the auditor report as follows: "... Beginning October 1, 1995, the company has changed its accounting method concerning realisation of income from long-term lease contract. Formerly, the all the realisation was done based on operating lease contract. The realisation has been changed to realisation of the income based on what type the contract is (operating or financial lease-contract) . The company has back dated the adjustment to the beginning date of each long-term lease contract. This change has resulted in an increase of Bt34.5 million (Bt1.38/share) and Bt46.3 million (Bt2.57/share) in the net profit for the periods ending September 30, 1996 and 1995 respectively. Additionally, the balances of retained earnings as at October 1, 1995 and 1994 rose Bt113.6 million (after related income tax of Bt48.7 million) and Bt67.3 million (after related income tax of Bt28.8 million) respectively. This is an affect of the accumulated accounting change on the profit & loss statements of previous years." Translated by The Nation