January 24, 2007 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. The report on the utilization of the IPO fund, which was sent to SET on 26 July 2006, showed the outstanding balance of Baht 89.59 million.We, therefore, would like to report an update on the utilization of the IPO fund as of 31 December 2006 as follows: (Million Baht) Objectives According Cumulative Use of fund during Remaining to the plan use of fund July-December2006 fund 1.Increase 30.00 1.60 - 28.40 production Capabilities 2.Loans 83.65 44.60 22.14 39.05 repayment 3.Working 53.66 53.66 - - capital Total 167.31 99.86 22.14 67.45 For the objective 1. IPO fund for the objective of increase the production capabilities, we are now in process of selection of the machinery's vendor and plan to pay the deposit and the whole machinery cost in the 1st and 2nd quarter 2007 respectively. 2. For the loan repayment's purpose, we are now considering the condition in the loan agreement, which expect to be finalized and completed in the 2nd quarter 2007. Pleased be informed accordingly. Your Faithfully, (Mr.Upakrom Thaweephoke) Deputy Managing Director (Finance and Marketing)