CLARIFICATION OF THE OPERATING RESULT WITH MORE THAN 20 %

A/C 1273/2542 May 14, 1999 Managing Director The Stock Exchange of Thailand Subject : Clarification of the operating result with more than 20 percent change. According to PHATRA LEASING PUBLIC COMPANY LIMITED operating result which show more than 20% change in the second-quarter ended financial statements as of March 31, 1999 compared with prior year. We would like to clarify that in the same quarter of prior year, there was an increase in provision for doubtful account, contrary to adequate allowance provided in current year. Accompany with this year, we apply more conservative lease policy resulted in slow-down asset growth and lower net income. Yours sincerely, ( Krirkchai Siribhakdi ) President