Report On Resignation And Appointment Audit Committee

 - Translation from Thai Text-

 24 August 2005

Subject:Resignation of Director

To: President
The Stock Exchange of Thailand

This is to inform that Ms. Phua Mui Hwa has resigned from
the post of director of Pico (Thailand) Public Company Limited.
Her resignation is effective on 24th August 2005.

Please be informed accordingly.

Yours sincerely,

-Signature-

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