OPERATING RESULTS

TP-MT/154/45 (FC118/45) November 14, 2002 Subject: 1. Filing Reviewed Financial Statements for the 3rd Quarter of 2002 and 2001. 2. Report on Comparative Operating Performance Between 2002 and 2001. Attention: Director and Manager SET Enclosure : Review Financial Statements for the 3rd Quarter of 2002 , 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 2002 from 2001 as followings : - The total revenues of THIP in 3rd quarter in 2002 was Baht 184.84 million, which had decreased Baht 26.87 million or 12.69% from the same period in 2001, due to the decline in Export Income which had decreased from Baht 192.21 million in the 3rd Quarter of 2001 to Baht 159.44 million of the same period in 2002, amounting Baht 32.77 million, or at 17.05%. Due to the stronger value of U.S Dollar to Thai Baht had made exchange rate strengthened to Baht 42.08 to the Dollar in 2002 from Baht 44.92 to the Dollar in 2001. By these reasons had resulted to the net profit in the 3rd quarter of 2002 had decreased Baht 3.56 million, or decreasing 26.31% compared with the same period in 2001. Please be informed accordingly. Very truly yours, (Mr. Phietoon Trivijitkasem) (Mr. Huang Kuan-Chiun) Authorized Director