OPERATING RESULTS

A/C. 0556/2542 February 15, 1999 Managing Director The Stock Exchange of Thailand Subject: Clarification of the operating result with more than 20 percent profit change. According to PHATRA LEASING PUBLIC COMPANY LIMITED operating result which show more than 20% profit change in the first-quarter ended financial statements ended December 31, 1998 compared with prior year We would like to clarify that in the same quarter of prior year, there is an increase in provision for doubtful account , contrary to adequate allowance provided in current year. Accompany with this year, we change the method of rental income recognition for lessees who had not paid rentals for more than 3 months, which was previously recognized as income on the accrual basis over the term of the leases, to the recognition of such income on the accrual basis only for 6 months on the ground of conservatism of revenue recognition. The financial statements for the 3-month period ended December 31, 1997 , which are presented herewith for comparative purposes, have been already reflected this result. For your acknowledgement. Yours sincerely, (Krirkchai Siribhakdi) President