(Translation)

Standard Chartered Bank (Thai) PLC

The former name is "Standard Chartered Nakornthon Bank PLC"

Explanatory notes to the result of operations (unreviewed)

For the 9-month period ended 30th September 2005

Comparing with the same period of 2004

------------------------------------------------------------

For the 9-month period ended 30th September 2005, the Bank's net

profit is Baht 1,014 million, an increase of  55% or Baht 361 million

compared with the net profit of Baht 653 million for the same period of

the previous year mainly due to:

1. Net interest and dividend income after bad debts and doubtful accounts

increased by Baht 826 million resulting from the increasing of interest

income from retailed loans.

2. Non-interest income increased by Baht 278 million mainly due to the

increase of Baht 109 million in service fees on retailed loans and

Baht 166 million in FX hedging.

3. Non-interest expenses increased by Baht 538 million mainly due to the

increase of Baht 206 million in personnel expenses, Baht 107 million in

premises and equipment expenses, Baht 70 million in commission fee paid

on retailed loans and Baht 105 million in other operating expenses.