July 26, 2006 Subject : Clarification for the Utilization of IPO Funds Attention : The President of The Stock Exchange of Thailand As Tirathai Public Company Limited made the Initial Public Offering (IPO) for 30,000,000 shares at Baht 5.75 per share with the total funds received of Baht 172,500,000 and net received after deduction for IPO expenses (Baht 5,190,000) of Baht 167,310,000. We would like to report the utilization of funds from IPO to the end of 30th June 2006 as follow : (Million Bht) Objectives Total Amount Funds Used Fund Available Plan to use 1.Increase production 30.00 1.60 28.40 Within 2nd-4th Capabilities quarter of 2006 2.Loans repayment 83.65 22.46 61.19 Within 2nd-3rd quarter of 2006 3.Working capital 53.66 53.66 0.00 - Total 167.31 77.72 89.59 For the first objective (increase production capability), the Company is in the process of purchasing the machines and relevant equipment. In addition, the loan payments by revising the company's long-term debt restructured agreement are under the negotiation with the commercial banks. Finally, we are confident that all of the objectives will be met within the time as specified in the proposed plan. Pleased be informed accordingly. Your Faithfully, (Mr.Upakrom Thaweephoke) Deputy Managing Director (Finance and Marketing)