Investment by Thai Pride Cement Co

Italian-thai Development Public Company Limited would like to notify information of Investment in Thai Pride Cement Company Limited ("TPCC"), established on 16 October 2003, as follows:

The Company has invested in TPCC on March 10, 2004 by purchasing 76,500 shares of TPCC from the majority shareholder, R.N.C (Thailand) Co.,Ltd., at an average price of Baht 1,960.79 per share (Book value per share of TPCC as of 31 March 2004 is Baht 69.78 per share).TPCC’s registered fully paid up capital is Baht 15 million, divided into 150,000 shares, at the par value of Baht 100 each.

The company has been granted five limestone mining licenses for 25- year term (expire in next 14 years) on 1,499 rai of land. The mine contains limestone which can produce 748 million tons of cement for the Company. The Company will grant approval for a cement manufacturing factory license which can produce 7500tpd cement and 100 rai of land for setting up the factory.