Audited Yearly F/S And Consolidated F/S (F45-3)

               (Audited Yearly F/S and Consolidated F/S (F45-3))
        Reports: Audited yearly and consolidated statements as follows.
                        Name PICO THAILAND PUBLIC COMPANY LIMITED

                                             Audited
                                           (In thousands)
                                   Ending   31 October
                                             For year
                Year                       2005            2004

        Net profit (loss)                41,702     41,167
        EPS (baht)                       0.36     0.39

     Auditors Opinion:
        Unqualified Opinion


   Comment: 1. Please see details in financial statements, auditor's report
            and remarks from SET SMART

      "The company hereby certifies that the information above is correct
       and complete. In addition, the company has already reported and
       disseminated its financial statements in full via the SET Electronic
       Listed Company Information Disclosure (ELCID), and has also submitted
       the original report to the Securities and Exchange Commission."

                           Signature ___________________________
                               ( Mr.Pised Chungyampin )
                           Position Chief Executive Officer

                         Authorized to sign on behalf of the company