REPORT ON THE BOARD OF DIRECTORS

1483/2542 June 30, 1999 The Managing Director The Stock Exchange of Thailand REPORT ON THE BOARD OF DIRECTORS The board of directors of Phatra Leasing PLC at a meeting 4/1999 held on June 30, 1999 passed the following resolutions : 1. Accepted the resignations of Mr.Banthoon Lamsam from the company's director in which he hold a position as Chairman of the Board, effective from July 1, 1999 onwards, due to his vast responsibilities and lack of time to manage effectively. 2. Approved the appointments of Mr.Kaorop Nutchanart, Director and Senior Executive Vice President of The Thai Farmers Bank Public Company Limited to be the company's director and hold a position as Chairman of the Board for the vacant position, effective from July 1, 1999 onwards. 3. Agreed to arrange for the shareholders meeting to consider the appointment of one more director. 4. That the date for closing the company share register for the right to attend the meeting will be on July 14, 1999 at 12.30 pm until the meeting will close. 5. That an extraordinary general meeting of shareholders 1/1999 should be held on July 30, 1999 from 10.00 am at Jindathorn Room, Thai Farmers Bank PLC., 1 Thai Farmers Lane, Ratburana Road, Bangkok 10140. The agendas are as follows: Agenda 1. To certify the minutes of the ordinary general meeting of shareholders 1999 held on January 29,1999 Agenda 2. To elect the person for one more director of the company Agenda 3. To consider any other business (If any) (Krirkchai Siribhakdi) President