18 May 1999

OPERATING RESULTS Q1/99

TRANSLATION The Company 's profit in Q1/99 decrease more than 20% from Q1/98 because in Q1/98 the company had gain on foreign exchange of 525 million Baht. Should we exclude the exchange gain (loss), the profit of Q1/99 will be 136 million Baht which increase from Q1/98 by approximately 41 million Baht or 43% because : 1) Higher rental and service income from Central Plaza Rachada-Rama 3 which had just been opened for 6 months in Q1/98. 2) Interest expense decrease due to lower borrowing interest rate.