Clarification of change in operating results in excess 20 %

A/C 0182/2004 14 May 2004 Managing Director The Stock Exchange of Thailand Subject: Clarification of the change in the operating results according to the financial statements (profit and loss statements) in excess of 20% of net profit for the second quarter ended 31 March 2004 The Company's operating results showed a net profit of Baht 63.87 million in the interim financial statements for the period ended 31 March 2004, being an increase in the net profit of Baht 29.81 million or 87.54 % compared to the same period of the preceding year, or an 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 leases' rental income showed a figure of Baht 314.33 million, being an increase over of the preceding year of Baht 94.97 million or 43.29% as a result of the continued expansion of assets for new leases. During the second quarter, the Company's leased assets amounted to Baht 3,287.04 million, being an increase over the year 2003 of Baht 873.92 million, or an equivalent of 36.22%.Also during this same quarter,the Company earned an income from the sale of leased assets at the expiration of the lease in an amount of Baht 29.58 million. Such an improvement in the operating results reflected in an increase in the Company's total earnings of Baht 113.85 million over the preceding year, or 48.10% 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 77.12 million or 40.35%. The increased rate was in line with the rise in the Company's revenues. Therefore, in the second quarter the Company has a net profit of Baht 63.87 million, an increase over the previous year of Baht 29.81 million, or 87.54%. If the country's economy continues to grow, we believe that we can continue to expand our client base and our assets as well. For your kind attention. Yours sincerely, (Mr.Krirkchai Siribhakdi) President