Investment in Design Lab MISC Co., Ltd.

-Translation from Thai Text-


22 September 2006

Subject :      Investment in Design Lab MISC Co., Ltd.

To :            The President
              The Stock Exchange of Thailand

The Board of Directors' Meeting of Pico (Thailand) Public Company Limited,
("Pico") No. 6/2005 held on December 9, 2005 has approved to invest in the
following company.

1.Approved Pico's investment in Design Lab MISC Co., Ltd.
  1.Date of transaction      March 31, 2006
  2.Company's name            Design Lab MISC Co., Ltd.
  3.Registered capital      Baht 2.0 million
  4.Shareholding structure      Mr.Nopadol Limwattanakul holds 80%
                               Pico (Thailand) Plc. holds 20%
  5.Source of funds            Company's working capital
  6.Propose            To engage in the business of design such as
                               Architecture design, the interior design and
                               exhibition & event design, printing matters
                               and multimedia electronic
  7.Expect returns            Dividend received
  8.Transaction type            The investment in the above is the
acquisition an disposal of assets of which total transaction value is less
than 15% of Net Tangible Asset (NTA), and the characteristic of transaction
are not the connected transactions by Notification of the Board of Governors
of the Stock Exchange of Thailand.  Therefore, the Company herein discloses
the relevant details to the Stock Exchange of Thailand


Please be informed accordingly


                                        Yours sincerely,

                              (Signed)     -Signature-

                                       (Mr. Pised Chungyampin)
                                    Chief Executive Officer
                              Pico (Thailand) Public Company Limited