OPERATING RESULTS

A/C. 1793/2542 August 16, 1999 Managing Director The Stock Exchange of Thailand Subject : Clarification of the operating result with over 20 percent change. According to PHATRA LEASING PUBLIC COMPANY LIMITED operating result which show 12.47 million baht of net income in the third-quater ended financial statements as of June 30, 1999., increased from the same quarter of the prior year 7.54 million baht or 152.89% change. We would like to clarify that this change came from the causes that company had much more decrease in expenses than decrease in income. The general and administrative expenses decreased 5.85 million baht or 27.59% and the interest expense decreased 25.86 million baht or 50.43%. Therefore the decrease in both expenses totalling 63.85 million baht or 28.86% compared with the decrease in income 50.82 million baht or 22.47%, resulted in higher net income than the same quarter of prior year. Yours sincerely, ( Krirkchai Siribhakdi ) President