OPERATING RESULTS BY PL

A/C. 1981/2542 November 30, 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 Baht 48.19 million of net income in the year-ended financial statements as of September 30, 1999., increased from the prior year Baht 218.08 million or 128.37% change. We would like to clarify that this change came from as follow: 1. The interest expenses decrease Baht 99.03 million or 44.05% 2. The general and administrative expenses decrease Baht 184.99 million or 70.44 % 3. The direct rental cost decrease Baht 127.73 million or 20.75% whereas the leasing rental income decrease Baht 191.03 million or 21.04%. Yours sincerely, ( Krirkchai Siribhakdi ) President