The President The Stock Exchange of Thailand 62 Ratchadapisek Road, Klong Toey, Bangkok 10110 Tel : 229-2000, 654-5656 Fax : 654-5649 May 15, 1998 Dear Sir, Report on 1th Quarter Financial Result for 1998 Enclosed please find the report on a review of interim financial statements for the 1th quarter as at March 1998 and 1997 as stipulated by the Stock Exchange of Thailand We wold like to point out that the result of our business operation for the 1th quarter of 1998 has shown a net profit of more than 20% increase when compared to that of 1997. The reasons are as follows : 1. Since the price increase in May 1997, revenues per case have gone up thus total income from sales in any given period of time has increased when compared to the same period in 1997, assuming,of course, that sales volume has not dropped to a level whereby the additional income per case is annulled by price increase. ...2/ - 2 - 2. The company has strictly adhered to the policy that investment will be made on productive issues only, for example, the construction of a warehouse in Satun, investment in bottles and crates. Strict budget control is emphasized with an aim to keep the budget spending to the same percentage level of last year if not lower. With the reasons mentioned above, the result led to Haad Thip posting a net profit of more than 20% increase at the end of the 1th quarter of 1998 Yours sincerely, Sec.Lt (Phairoch Rattakul) Managing Director