Clarification of the change in excess of 208f net profit

A/C 0073/2004 16 February 2004 Managing Director The Stock Exchange of Thailand Subject: Clarification of the change in the operating results according to the financial statement (profit and loss statement) in excess of 20% of net profit for the first quarter ended December 31,2003 The Company's operating results showed a net profit of Baht 61.01 million in the interim financial statements for the period ended 31 December 2003, being an increase in the net profit of Baht 23.60 million or 63.07 % compared to the same period of the previous year, or in excess of 20%.The Company would accordingly like to clarify the reasons for this change as follows: 1. The Company's main earnings from the operating lease rental income showed a figure of Baht 317.89 million, being an increase over of the preceding year of Baht 103.80 million or 48.48% as aesult of improved economy growth and the continued expansion of assets for new leases. During this first quarter, the Company also earned an income from the sale of leased assets at the expiration of the lease in an amount of Baht 39.87 million such an improvement in the operational results reflected in an increase in the Company's total earnings of Baht 122.67 million over the preceding year, or 50.65% 2 In terms of direct cost and expenses, the depreciation cost represented the Company's main expenses. Total cost and expenses increased over the preceding year of Baht 91.98 million or 48.04% .The increase rate was in line with the rise in the Company's revenues. Therefore, in the first quarter the Company has a net profit of Baht 61.01 million an increase over the previous year of 23.60 million or 63.07%. If the country's economy continues to grow we believe that we can also expand our business at the same growth rate. Accordingly for your kind attention Yours Sincerely, (Krirkchai Siribhakdi) President