Explanation for opr. results of P/L change greater than 20%

-Translation from Thai Text-

8 December 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 year ended 31st October 2006 increased more than 20% at the same period. Regarding that the year end of 2006 the company and subsidiaries recorded the revenues from the rendering of services increasing from Baht 720 million to Baht 1,112 million, total amount of Baht 392 million or 54.4% increasing, by revenues from the rendering services of Baht 1,038 million due from event marketing and knowledge center.

Due to increasing revenue, the gross profit increasing from Baht 183 million to Baht 222 million, in the amount of Baht 39 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 41.7 million to Baht 71.2 million representing an increase of Baht 29.5 million or 71% of the prior year at the same period.

Please be informed accordingly.

Yours faithfully,

(Signed) -Signature-

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Mr. Pised Chungyampin
Executive Chairman
Pico (Thailand) Public Co., Ltd.