OUTLAY OF FUND

Reference to our letter dated July 11, 1997. Electricity Generating Plc (EGCOMP) informed the utilisation of proceeds as at June 30, 1997. We would like to report the balance of the capital as at December 31, 1997 as follows : Balance as at June 30, 1997 Bt 3,241,149,455.38 Less : Investment in EGCO Joint Ventures and Development Co., Ltd. Bt 212,100,000.00 Investment in EGCO Mining Co., Ltd. Bt 39,600,000.00 Construction of Head Office Bt 79,056,260.00 Balance as at December 31, 1997 Bt 2,910,393,195.38