OPERATING RESULTS

A/C 00385/2000 November 29, 2000 Managing Director The Stock Exchange of Thailand Subject : The Explanation of the operating result of net profit over 20 percent change According to Phatra Leasing Public Company Limited operating result which show net profit amount of Baht 62.98 million for the financial statements for the year ended September 30,2000 increase from the financial statement for the year ended September 30, 1999 by Baht 14.78 million or 30.68% change. We would like to explain the cause of this change as follows: 1. The interest expense decrease by Baht 54.37 million or 43.22% from the previous year. 2. The direct rental cost decrease by Baht 61.12 million or 12.53% from the previous year. 3. The leasing rental income decreases by Baht 87.84 million or 12.26% for the previous year. Hence, the operating result of the company net profit is 30.68% over the previous period. Sincerely, (Krirkchai Siribhakdi) President