OPERATING RESULTS

Ref. TP-MT/013/44 (FC010/44) 28 February 2001 Subject: 1. Filing Audited Financial Statements for the year 2000 2. Disclosure of Comparative Business Performance Between 2000 and 1999 Attention: Director and Manager SET Enclosure : Audited Financial Statements and Report of CPA for year ended 2000, 2 copies (one in Thai, and another one in English) Referring to SET's regulation on Criteria, Conditions and Methods of Preparation and Filing the Financial Statements and Reporting on Financial Status and Business Performance of Listed Companies dated 19 May 1993 which required the company to clarify causes resulting in changes of business performance more than 20% from the same period of previous year. Thantawan Industry Public Co.,Ltd. (THIP) would like to clarify the major causes resulting in changing of business performance in 2000 from 1999 as followings : - 1. Total revenues of THIP had increased from Bt.691.36 million in 1999 to Bt. 779.88 million in 2000. As increasing rate of 12.72% due to following causes : 1.1 Sales revenue in U.S.Dollar had increased from USD 16.97 million to USD 17.98 million which accounted for 5.95%. This makes gross profit increase from Bt.166.52 million in 1999 to Bt.188.75 million in 2000 or increasing rate of 13.35% 1.2 Profit from Foreign exchange rate between Baht and U.S.Dollar had increased from Bt.0.61 million in 1999 to Bt.8.25 million in 2000. Due to average appreciated in exchange value had increased from Bt.37.63 to the Dollar in 1999 to Bt.39.24 to the Dollar in 2000 or having stronger value at 4.28%. 2. By these above reasons had resulted to the net profit in 2000 was Bt.38.36 million which decreased from Bt.27.75 million in 1999 by increasing amount of 38.23%. Please be informed accordingly. Very truly yours, (Mr. Phietoon Trivijitkasem) (Mr. Huang Kuan-Chiun) Director Director