THE EXPLANATION OF THE OPERATING RESULTS

A/C 00055/2001 February 14, 2001 Managing Director The Stock Exchange of Thailand Subject: The Explanation of the operating result of net profits over 20 percent change According to Phatra Leasing Public Company Limited operating result which show net profit amount of Baht 22.89 million for the financial statements for the period ended December 31,2000 increase from the financial statement for the period ended December 31,1999 by Baht 6.88 million or 42.97% change. We would like to explain the cause of this change as follows: 1. The total revenue increase by Baht 9.37 million or 5.41% from the previous period. 2. The direct rental cost decrease by Baht 2.10 million or 1.89% from the previous period. 3. The interest expense decrease by Baht 1 million or 5.16% from the previous period. Hence, the operating result of the company net profit is 42.97% over the previous period. Sincerely, (Krirkchai Siribhakdi) President