TLT: Explanation for operating results in Quarter IV/2008

Viglacera Thanglong Ceramic Tiles JSC explained the operating results as follows:

The Company suffered a loss in Quarter IV/2008. Reasons for the loss include:

1. Effects of macro-economy: High inflation and credit tightening policy has reduced the demand for basic construction. Due to low demand and high inventory, the company had to halt assembly line No.1, 2, 3. This has exerted strong effect on the sale of the Company.

2. Increased price of input materials: High price of input materials affect the operating income of the Company.

3. Effects of high interest rate.

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