Clarification the utilization of IPO Funds

 -Translation from Thai Text-

                                    July 26, 2005


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 June 30, 2006 as follows:

            Objective                Actual          Outstanding
                                    Spending          Balance
                                   (Million Baht)  (Million Baht)

1.Expansion in related Business         4.35                  -

2.Renovation/Office Expansion          25.00

3.IT System                            6.95

4.Working Capital                      84.70

Total                                121.00                 0

Please be informed accordingly.


Yours sincerely,


                        -Signature-

                      Mr. Pised Chungyampin
                  Chief Executive Officer
                 Pico (Thailand) Public Co., Ltd.