OPERATING RESULTS QUARTER ENDED 31 MARCH 2000

No. EGCO 320/239 May 9 ,2000 Attn : The President of the Stock Exchange of Thailand Subject : Financial statements and report concerning financial results of operation for the first quarter ended March 31,2000 We submit herewith the financial statements and the consolidated financial statements of Electricity Generating Public Company Limited and subsidiaries for the first quarter ended March 31,2000 and 1999 , of which the operating results for the first quarter of 2000 has been changed exceeding 20% from the corresponding period in 1999. In order to comply with the Regulation of the Stock Exchange of Thailand Re: Rules , Conditions , and Procedure Governing Preparation and Filing of Financial Statements and Reports Concerning Financial Status and Results of Business Operations of Listed Companies (No.1) B.E. 2541 item 4(7), under which any listed company has to explain the reason why the operating results has been changed exceeding 20% from the same period of previous year, we would like to clarify that the company's net profit of Baht 1,004.11 MM. for the first quarter ended March 31,2000 is Baht 285.93 MM. or 39.81 % higher than net profit of Baht 718.18 MM. in 1999 due to the followings : 1) The impact of currency exchange in 2000 and 1999 resulted in the company's exchange loss of Baht 34.91 MM. and loss of Baht 228.88 MM., respectively, which affected the expenses of 2000 decreasing of Baht 193.97 MM. 2) In 2000, the major maintenance of two subsidiary companies , Rayong Electricity Generating Co.,Ltd., and Khanom Electricity Generating Co.,Ltd., decreased totally Baht 67.74 MM.Besides, interest expenses of company increased Baht 25.74 MM. due to issuing of the debenture which bear fixed interest rate at 8% 3) The total revenues,excluding shares of profit from subsidiary and associate companies, comprising sales and other revenues, totally increased Baht 69.49 MM. or 2.79%.Sale revenues increased Baht 194.69 MM. resulted from the higher electricity rate of Khanom Electricity Generating Company Limited, as were determined according to the Power Purchase Agreement (PPA) .Besides, the other revenues decreased Baht 125.20 MM. Accordingly, the net profit for the first quarter 2000 excluding foreign exchange loss of Baht 34.91 MM. is Baht 1,039.02 MM. which is Baht 91.96 MM. higher than net profit excluding foreign exchange loss in 1999. Yours sincerely, Mr. Sitthiporn Ratanopas Managing Director Accounting & Budget Division Tel : 998-5165 Fax: 955-0956