Filing Audited FS 2003, Disclosure of Comparative Business

TP-MT/024/47 (FC005/47) March 1, 2004 Subject : 1. Filing Audited Financial Statements for the year 2003 2. Disclosure of Comparative Business Performance Between 2003 and 2002 Attention : Director and Manager SET Enclosure : Audited Financial Statements and Report of CPA for year ended 2003,2 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 2003 from 2002 as followings : - The company's net profit in 2003 had decreased from Baht 30.21 million to Baht 3.14 million or 86.61% from the same period in 2002, due to the stronger value of U.S Dollar to Thai Baht had made exchange rate strengthened to Baht 41.36 to the Dollar in 2003 from Baht 43.04 to the Dollar in 2002, the increasing price of raw material by average at USD 550-585 per ton in 2002 to USD 640-730 per ton in the same period in 2003, or increasing 16 - 25% due to the effect of rising fuel price, and also the freight was increased from Baht 32.30 million in 2002 to Baht 39.97 million in 2003 because of the Gulf war and the cost of crude oil. Please be informed accordingly. Very truly yours, (Mrs.Pojanard Phanaskhao) (Dr.Phietoon Trivijitkasem) Authorized Director