Clarification of the change in excess of 208f net profit

A/C 0442/2004 29 November 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 year ended 30 September 2004 The Company's operating results showed a net profit of Baht 199.03 million in the financial statements for the year ended 30 September 2004, being an increase in the net profit of Baht 44.01 million or 28.39 % 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 1,288.75 million, being an increase over the preceding year of Baht 287.08 million or 28.66% as a result of the continued expansion of assets for new leases. During the year 2004, the Company's leased assets amounted to Baht 3,659.69 million, being an increase over the year 2003 of Baht 641.97 million, or an equivalent of 21.27%. Furthermore in 2004,profit from the sale of assets show amount Baht 92.29 million increased in the amount of Baht 34.91 million or 60.83 %. Such an improvement in the operating results reflected in the Company's total revenues of Baht 1,412.52 million over the year 2003, amount Baht 325.84 million or 29.98% 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 263.30 million. The increased rate was in line with the rise in the Company's revenues. Therefore, during this year, the Company has earned a net profit of Baht 199.03 million,being an increase over the year 2003 of Baht 44.01 million,or 28.39 %.The continued growth in the motor industry, customers' confidence,our ability to maintain and expand our customer base have resulted in improved operation in 2004. For your kind attention. Yours sincerely, (Mr.Krirkchai Siribhakdi) President