Clarification for the difference higher than 20% in P&L (Q1)

-Translation-

March 15, 2010

Subject: Clarification for the difference higher than 20% in comparative income statement (Q1)

To: President The Stock Exchange of Thailand

We, Pico (Thailand) Public Company Limited ("Pico"), would like to explain on the operating results for the three month period ended January 31, 2010 in which the net loss change is higher than 20% noted.

Consolidation

The consolidated revenues for the three month period ended January 31, 2010 is Baht 133.98 million, decreased by Baht 15.81 million or 10.56%. The gross operating profit is Baht 30.72 million increased by Baht 10.55 million or 22.93% in comparison with corresponding quarter of last year. As a result of the closure of the International Suwannabhumi Airport in November 2009, Pico has loss from projects organized during that time. The selling and administrative expenses is Baht 32.90 million decreased by Baht 2.09 million or 5.96% which it was decreased according to revenues decreased and a cost control policy. With the reason as above, the net loss is Baht 4.57 million.

Pico only

The financial statement of Pico only, revenues for the three month period ended January 31, 2010 is Baht 125.87 million decreased by Baht 8.42 million or 6.27% in a comparison with the corresponding quarter of the last year. Pico has dividend and other income of Baht 2.71 million. The gross operating profit is Baht 28.10 million or 22.32% increased by Baht 14.04 million. The selling and administrative expenses for three month period are Baht 28.31 million decreased by Baht 1.35 million or 4.56%. As an explanation in "Consolidation", the company has a net profit of Baht 0.36 million.

Please be informed accordingly.

Sincerely yours,

- Signature -

(Mr. Silchai Kiatpapan)
Chief Executive Officer

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