-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.