Explanation for operating results of P&L statement change more 20%

-Translation from Thai Text-


                                       5 June 2006

Subject:      Explanation for operating results in case of profit and loss
          account recording a change greater than 20%

To :      President
      The Stock Exchange of Thailand

      Pico (Thailand) Public Co., Ltd. would like to inform you that
the operating results for the second quarter ended 30th April 2006 increased
more than 20% regarding the 2nd quarter of 2006 the company and subsidiaries
recorded the revenues from the rendering of services increasing from Baht
406.4 million
to Baht 538.5 million, total amount of Baht 132.1 million or 32.5% increasing
from the prior year at the same period due from event marketing and knowledge
center.

      Due to increasing revenue, the gross profit increasing from Baht
101 million to Baht 127 million, in the amount of Baht 26 million which to be
in line with the increasing of selling & administrative expenses.  Which cause
to adjust the company structure for business expansion of the company as the
previous year planned.  This resulted of net income from Baht 28.5 million to
Baht 38.9 million representing an increase of Baht 10.4 million or 36.6% of the
prior year at the
same period.

      Please be informed accordingly.

                                    Yours faithfully,


                                    (Signed)   -Signature-
                                   ----------------------------------
                                 Mr. Pised Chungyampin
                                  Chief Executive Officer
                                 Pico (Thailand) Public Co., Ltd.