In the News: 2004

Lombard's Portfolio Company, S.Pack & Print, Receives Strong
Demand at Its IPO

PR Newswire
16 April 2004

S.Pack & Print Public Company Limited ("S.Pack"), Thailand's leading paper packaging company, completed its IPO of 14 million shares at a price of Baht 17.00 per share on March 19, 2004. The issuance was well received by both institutional and retail investors. Shares began trading on the Stock Exchange of Thailand on March 30, 2004.

The Thailand Equity Fund invested a total of Baht 161 million in S.Pack in December 2003 and owns approximately 23.3% of the Company post IPO. Thailand Equity Fund is a USD245 million special purpose mutual fund sponsored by Lombard Investments, Inc., headquartered in San Francisco, and the International Finance Corporation, the private equity arm of the World Bank Group. The fund was formed with support from the Government of the Kingdom of Thailand in order to make private equity investments in operationally competitive Thai businesses.

Investors in the fund include the International Finance Corporation, California Public Employees' Retirement System (CalPERS), Asian Development Bank, DEG (a member of Germany's KfW Group), the Ministry of Finance of the Government of Thailand, and fifteen leading Thai banks and other institutions.

Investors in the fund include the International Finance Corporation, California Public Employees' Retirement System (CalPERS), Asian Development Bank, DEG (a member of Germany's KfW Group), the Ministry of Finance of the Government of Thailand, and fifteen leading Thai banks and other institutions.

Increase Capital to Finance Expansion Plan

The new capital raised through the IPO will finance S.Pack's expansion of its
corrugated paper facility in Bangkok.

Khun Yuth Chinsupakul, founder and Chairman of the Executive Board of S.Pack, said, "We are pleased to have the Thailand Equity Fund as an investor and welcome its representative to our Company Board. We plan to capitalize on Lombard's previous sector experience success with Alupac, an investment in a U.S. packaging company. We look forward to working with the Thailand Equity Fund to maximize value for our shareholders."

(c) 2004 PR Newswire