REPORT ON THE BOARD OF DIRECTORS

003/2542 January 7, 1999. The Managing Director The Stock Exchange of Thailand REPORT ON THE BOARD OF DIRECTORS The board of directors of Phatra Leasing Public Company Limited at a meeting 1/2541 held on January 6,1999 passed the following resolutions: 1. That the date for closing the company share register for the right to attend the meeting will be on January 20,1999 at 8.30am until the meeting will close. 2. That an ordinary general meeting of shareholders 1999 should be held on January 29,1999 from 10.30am at Jindathorn Room , Thai Farmers Bank PLC. 1 Thai Farmers Lane, Ratburana Road, Bangkok 10140. The agendas are as follows: Agenda 1: Certify the minutes of the ordinary general meeting of shareholders 1998 held on January 30,1998 Agenda 2 : To consider and certify the Directors' Report concerning the operating business for the year 1998. Agenda 3 : Approve the company's financial statements as at September 30, 1998. Agenda 4 : Consider the allocation of net profit for legal reserves and dividend omissions for year 1998's operational results. Agenda 5 : Appoint new directors to succeed those completion their terms. Agenda 6 : Appoint an auditor and fix the auditing fee for the year 1999. Agenda 7: Consider the directors' remuneration for the year 1998. Agenda 8 : The consider any other business (if any) 3. That the company will omits dividend payment for the operation from year 1998 . (Krirkchai Siribhakdi) President