Clarification the utilization of IPO Funds

January 24, 2006


Subject:Clarification the utilization of IPO Funds

To:      The President
         The Stock Exchange of Thailand


As Pico (Thailand) Public Company Limited has made the Initial Public
Offering (IPO) for 20,000,000 shares at Baht 6.25 per share (Par Value
1 Baht) in April 2004 which net fund received after deduction of IPO
expenses for Baht 121,000,000.

We would like to report the utilization of funds from IPO during the
period from April 2004 to December 31, 2005 as follows:

Objective                 Actual    Outstanding   Plan       Period
              Estimation  Spending    Balance    in future
1.Expansion in
related Business   36.3        -         36.3     Investment   2006 onwards
                                                 in related
                                                  Business

2.Working Capital   84.7      84.7       -

Total              121.0      84.7      36.3

Please be informed accordingly.


   Yours sincerely,

   -Signature-

Ms. Nitida Thamasoontra
Chief Finance Officer