OPERATING RESULTS (QUARTER 1)

A/C. 521/2541 February 16, 1998 Managing Director The Stock Exchange of Thailand Subject: Clarification of the operating result of first quarter-end financial report as of December 31, 1997. Phatra Leasing public company limited would like to clarify for 20% decline of profit in the first quarter-end financial report as of December 31, 1997 compared with prior year as follows: 1) Slowingdown asset growth due to conservative lease policy. 2) The change of rental income recognition method for lessees who had not paid rentals for more than 6 months,which was previously recognized as income on the accrual basis over the term of the leases to the recognition of such income on the accrual 3) An increase in provision for doubtful account. 4) The decline of finance lease contract income. Yours sincerely, (Krirkchai Siribhakdi) President