SECTION 1

Executive Summary

-   United Securities Public Company Limited (hereby called “the
    Company”) was established on 1 August, 1971 with the commencement
    Registered Capital of Baht 500,000. In 1991, the company was
    designated Broker No.38 by SET and became member of the Thai Bond
    Dealing Center No. 49 in the year 1994. In January 2000, the company
    had set up a wholly owned subsidiary company named United Advisory
    Services Company Limited by holding 99.99% of the Baht 10 million
    Registered and Paid up Capital. In 2001, the Company had offered
    Initial Public Offering shares to the public and on 8 August, 2001,
    the Company had listed its shares in the Stock Exchange of Thailand.

-   In 2003, there were some significant changes. Risk Control Unit had
    been set up in addition to the Risk Control Committee in order to be
    more efficient. The Company had made new investment by purchasing
    all 100% shares of Siam Chaisri Company Limited to expand the
    Investment Banking Business. Moreover, US had also applied and
    acquired the Financial Advisory License from the Securities Exchange
    Commission effective 22 December 2003.

-   The Company was granted full license to operate 4 types of
    Securities Businesses, i.e., Securities Brokerage, Securities
    Trading, Investment Advisory and Underwriting. At present, the
    company has 4 branches namely Rangsit, Nakornsawan, Nakornpathom and
    Haad Yai branches. The Company’s Subsidiary Company is United
    Advisory Services Company Limited and Siam Chai Sri Co., Ltd. which
    operate Financial Advisory as main business.

-   The Company has been able to constantly raise its profit. From a net
    profit of Baht 85.9million or Baht 0.97 per share in the year 2002,
    to a net profit of Baht 215.6million or 1.98 Baht per share
    (weighted average) in the year of 2003.

-   Financial Statement as at 31 December 2003 showed the Company’s
    Total Assets of Baht 1,731 million; Total Liabilities of Baht
    853million and Total Shareholders’ Equity of approx. Baht 878
    million. The Company’s Registered Capital is Baht 860 million and
    the paid up capital is Baht 580.6 million.

-   The increase in Company’s paid up capital to Baht 580.6 million was
    arisen from Warrant conversion both from the existing shareholders
    and from the Directors and Employees from the ESOP Scheme.

-   The Company insists on having good corporate governance system. At
    present, there is an Audit Committee who also takes care of
    Compensation Committee’s duties and in addition, Nomination
    Committee is setting up as one of the significant factors to provide
    management support on transparency and auditable operations basis.
    Moreover, the Company tries to consistently communicate and disclose
    important and adequate information accurately to shareholders, the
    investors as well as analysts for their utmost benefits. The Company
    also ensures that its operations are run in compliance with the
    rules and regulations set by SEC and SET.

-   The Company’s business goal is to focus in 4 key areas namely,
    securities brokerage, Investment Banking, Research and securities
    trading. In order to achieve the set goal, operational systems as
    well as personnel are developed and or improved and various
    technologies are utilized to pursue its business operations.

-   The Company is aiming to have its income structure based on 4
    business activities namely, Securities Brokerage, Investment
    Banking, Securities Trading and Interest on Margin Loans. The target
    income structure rated 77.3%, 11.3%, 9.8% and 1.6%, respectively.