Section 1

Executive Summary

-   United Securities Public Company Limited was founded on 1 April 1971
    with an initial capital of Baht 500,000 to conduct a securities
    business. The firm was selected as the Stock Exchange of Thailand’s
    member (SET) No. 38 in 1981 and became a member of the Thai Bond
    Dealers’ Club No. 49 in 1994. In January 2000, the Company set up
    United Advisory Service Co Ltd where it holds 99.99 per cent of the
    latter’s registered capital of which Baht 10 million was paid-up to
    offer financial advisory services. In 2001, the Company offered its
    Initial Public Offering (IPO) shares and was listed in the Stock
    Exchange of Thailand on 8 August 2001. In 2003, it applied for a
    financial advisory license from the Securities and Exchange
    Commission (SEC). The license was granted effective from 22 December
    2003.

-   In 2004, there were a number of significant events in its operations
    as follows: the Company had determined a mission as a guideline to
    set a long-term development direction for the operation of its
    business. It had restructured an organization suitable for future
    expansion by setting up a new unit; namely, the Executive Office,
    which consists of Corporate Planning and Risk Management section,
    Corporate Communications & Investor Relations and Secretarial
    section. Simultaneously, the Company planned to promote its image
    and set up strategies to develop its operating system, personnel and
    technology information. It also planned to aggressively expand its
    business by opening a new branch in Chonburi Province.

-   The Company’s paid-up capital has been increased to Baht 618.52
    million as a result of an exercise of share warrants by both
    existing shareholders and directors and employees.

-   The Company has a license to operate 4 types of securities business;
    namely, Securities Brokerage, Securities Trading, Investment
    Advisory and Securities Underwriting. Moreover, the Company also
    acquired Financial Advisory License from SEC. In 2004, there are
    five securities service offices at Rangsit, Nakhon Sawan, Nakhon
    Pathom, Had Yai and Chonburi. It also has two subsidiaries: United
    Advisory Service Co Ltd and Siam Chaisri Co Ltd, which provide
    financial advisory services.

-   The Company’s business goal is to offer services in four major
    businesses of securities brokerage, investment banking, securities
    investment and credit balance for securities business. The Company
    has already developed both securities analysis system and personnel
    including introduced technology in its daily operation so that
    business can be continued in the longer run.

-   The Company has four goals when it comes to income generation based
    on its income structure; namely, incomes from securities brokerage
    service, investment banking service, securities investment and
    lending interest. Incomes from each structure are set to be 85 per
    cent, 7 per cent, 5 per cent and 3 per cent, respectively.

-   As of 31 December 2004, in its consolidated financial statements,
    the Company recorded total assets of Baht 1,075 million, total
    liabilities of Baht 188 million and shareholders’ equity of Baht 887
    million, having Baht 860 million registered capital and Baht 618
    million paid-up capital.

-   The Company’s net profit in 2004 was Baht 61.2 million, or Baht 0.50
    net profit (weighed average) per share.