-Translation from Thai Text-

2. Business Operation

2.1 Historical development and major changes

Background

Pico (Thailand) Public Company Limited was formed in 1981 as a joint
venture between Thai investors led by Mr. Pised Chungyampin and Pico Art
International Pte Ltd. (“Pico Art”) of Singapore, a world class leader
in the design and construction of the trade show and exhibition
business. The joint venture was named Pico Thai Exhibition Contractor
Co. Ltd.

Subsequently, Pico Art became listed on the Hong Kong Exchange under
Pico Far East Holding Limited (“Pico Far East”) with business expansion
covering the entire value chain. Additional investments were also made
in the real estate and construction materials. Currently, Pico Far East
operates 30 branches in 26 countries.

Changes and development

-Translation from Thai Text-

2.2 Overview of the business of the company, subsidiaries and associated
companies

Pico (Thailand) Public Co., Ltd. main business is in the face to face
marketing business which covers marketing events that allow direct
contact with 2 ways communication. Our growth form the trade show and
exhibition business has been expanded to cover greater scope and service
model in line with the changes in the market and client’s expectation.

The company has 3 principal services:

  1. Event marketing

  2. Knowledge communication

  3. Others

Below illustrates our past work in the face to face marketing concept:

+---------------+---------------------------+-------------------------+
|               | Event Marketing           | Knowledge Communication |
+---------------+---------------------------+-------------------------+
| Trade         | Bangkok International     | EDUCA 2007, Bio Asia    |
| Exhibition    | Motor Show                | 2007                    |
| (B2B)         |                           |                         |
|               | Bangkok International ICT |                         |
|               | Expo 2007                 |                         |
+---------------+---------------------------+-------------------------+
| Trade         |                           | National Science and    |
| Exhibition    |                           | Technology Fair 2007    |
| (B2C)         |                           |                         |
+---------------+---------------------------+-------------------------+
| Event         | Road Show of auto         | Launching of museum     |
| Ex            | industry : Mercedes Benz, | exhibits                |
| hibition/Road | Toyota Yaris, Chevrolet   |                         |
| Show          |                           |                         |
+---------------+---------------------------+-------------------------+
| Permanent     | BLCP Visitor Center, IRPC | The National Discovery  |
| Exhibition    | Visitor Center            | Museum, The second      |
|               |                           | Children museum, and    |
|               |                           | The Rama VII museum     |
+---------------+---------------------------+-------------------------+
| Organizer     | Bangkok International ICT | EDUCA 2007, Sign Asia,  |
|               | Expo 2007                 | Media Asia              |
+---------------+---------------------------+-------------------------+
| Others        | POPs of Nokia, Sony       | Provide large temporary |
| (Tents, POPs) | Ericsson, Temporary       | tent to exhibit         |
|               | building for huge         | organizers, Education   |
|               | exhibitions               | mobile exhibits.        |
+---------------+---------------------------+-------------------------+

From the above it is clear that both event marketing and knowledge
communication cover all aspects of face to face marketing. Experience
and readiness are necessary to offer an integrated services approach to
the business.

-Translation from Thai Text-

Principal Business Operation

.

-Translation from Thai Text-

The business of subsidiaries and associated companies

Subsidiaries and associated companies were formed to provide variety of
services

Remark : During 2007, Pico (Thailand) Plc., sold investment in BEC Tero
Exhibition Co., Ltd.

-Translation from Thai Text-

Company Structure/ subsidiaries and associated companies as at 31
October 2007

-Translation from Thai Text-

Business operation of subsidiary companies

1.  PX System Company Limited (“PX”)

+---+--------------------------------+----------+-----------------------+
|   |                                |   %      |                       |
|   |                                |          |                       |
| S |                                |          |                       |
| h |                                |          |                       |
| a |                                |          |                       |
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| r |                                |          |                       |
| s |                                |          |                       |
+---+--------------------------------+----------+-----------------------+
|   |                                |   89.99  |                       |
|   |                                |          |                       |
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+---+--------------------------------+----------+-----------------------+
|   |                                |   10.00* |                       |
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+---+--------------------------------+----------+-----------------------+
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+---+--------------------------------+----------+-----------------------+
|   |                                |   100.00 |                       |
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+---+--------------------------------+----------+-----------------------+
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+---+--------------------------------+----------+-----------------------+
|   |   Business Type : Design and   |          |                       |
|   |   construction of booths in an |          |                       |
|   |   exhibition hall. Signs and   |          |                       |
|   |   billboards and other         |          |                       |
|   |   structural works in the      |          |                       |
|   |   merchandise exhibition or    |          |                       |
|   |   display. Services also cover |          |                       |
|   |   related construction such as |          |                       |
|   |   flooring and performing      |          |                       |
|   |   stage and props.             |          |                       |
+---+--------------------------------+----------+-----------------------+

2.  Artcom Graphics Company Limited (“Artcom”)

+-----------------------------------------+------------+-----+--------+
|   Shareholders                          |   %        |     |        |
+-----------------------------------------+------------+-----+--------+
|   Pico (Thailand) Plc                   |   99.99    |     |        |
+-----------------------------------------+------------+-----+--------+
|   Others                                |   0.01     |     |        |
+-----------------------------------------+------------+-----+--------+
|   Total                                 | 100.00     |     |        |
+-----------------------------------------+------------+-----+--------+
|   Capital Registration : 10.0 Million   |            |     |        |
|   Baht                                  |            |     |        |
+-----------------------------------------+------------+-----+--------+
| Business Type : All types of graphic    |            |     |        |
| design and production for interior and  |            |     |        |
| exterior displays e.g. billboards,      |            |     |        |
| automotive stickers etc.                |            |     |        |
+-----------------------------------------+------------+-----+--------+

3.  Multi Designs Company Limited (“Multi Designs”)

+-----------------------------------------+------------+--------------+
|   Shareholders                          |   %        |              |
+-----------------------------------------+------------+--------------+
|   Pico (Thailand) Plc.                  |   59.99    |              |
+-----------------------------------------+------------+--------------+
|   Mr. Foo Kwee Chong                    |            |              |
|                                         |  20.00^(*) |              |
+-----------------------------------------+------------+--------------+
|   Others                                |   20.01    |              |
+-----------------------------------------+------------+--------------+
|   Total                                 |   100.00   |              |
+-----------------------------------------+------------+--------------+
|   Capital Register : 4.0 Million Baht   |            |              |
+-----------------------------------------+------------+--------------+
|   Business type : Creative, design and  |            |              |
|   supply of innovation in exhibition,   |            |              |
|                                         |            |              |
|   marketing activities and permanent    |            |              |
|   exhibits.                             |            |              |
+-----------------------------------------+------------+--------------+

Business operation of associated company

1.  Inkjet Images (Thailand) Company Limited (“Inkjet”)

+---+------------------------------------+--------+---+--------------+---+
|   |                                    |   %    |   |              |   |
|   |                                    |        |   |              |   |
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+---+------------------------------------+--------+---+--------------+---+
|   |                                    | 33.33  |   |              |   |
|   |                                    |        |   |              |   |
| M |                                    | 22.22  |   |              |   |
| a |                                    |        |   |              |   |
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+---+------------------------------------+--------+---+--------------+---+
|   |                                    | 100.00 |   |              |   |
|   |                                    |        |   |              |   |
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+---+------------------------------------+--------+---+--------------+---+
|   |   Capital Register : 6.0 Million   |        |   |              |   |
|   |   Baht                             |        |   |              |   |
+---+------------------------------------+--------+---+--------------+---+
|   |   Shareholders : Master Ad Plc. is |        |   |              |   |
|   |   a billboard structural builder.  |        |   |              |   |
|   |   This is a continuing business of |        |   |              |   |
|   |   graphic printing works. Inkjet   |        |   |              |   |
|   |   Images (M) Sdn. Bhd. Ltd. is a   |        |   |              |   |
|   |   Malaysian company engaged in the |        |   |              |   |
|   |   same graphic and printing        |        |   |              |   |
|   |   business like Inkjet.            |        |   |              |   |
+---+------------------------------------+--------+---+--------------+---+
|   |   Business Type : Graphic Design   |        |   |              |   |
|   |   printing. Billboards             |        |   |              |   |
+---+------------------------------------+--------+---+--------------+---+
|   | -Translation from Thai Text-       |        |   |              |   |
+---+------------------------------------+--------+---+--------------+---+

2.  IBRIX Co., Ltd. (“IBRIX”)

+---+-----------------------------------+--------+---+------------------+
|   |                                   |   %    |   |                  |
|   |                                   |        |   |                  |
| S |                                   |        |   |                  |
| h |                                   |        |   |                  |
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| r |                                   |        |   |                  |
| s |                                   |        |   |                  |
+---+-----------------------------------+--------+---+------------------+
|   |                                   | 59.99  |   |                  |
|   |                                   |        |   |                  |
| I |                                   | 40.00  |   |                  |
| n |                                   |        |   |                  |
| d |                                   | 0.01   |   |                  |
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+---+-----------------------------------+--------+---+------------------+
|   |                                   | 100.00 |   |                  |
|   |                                   |        |   |                  |
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+---+-----------------------------------+--------+---+------------------+
|   |   Capital Register : 5.0 Million  |        |   |                  |
|   |   Baht                            |        |   |                  |
+---+-----------------------------------+--------+---+------------------+
|   |   Shareholders : Industrial       |        |   |                  |
|   |   Design Network Co. Ltd. is a    |        |   |                  |
|   |   industry consultant serving     |        |   |                  |
|   |   clients who are looking to      |        |   |                  |
|   |   improve product design,         |        |   |                  |
|   |   packaging and the design        |        |   |                  |
|   |   department to international     |        |   |                  |
|   |   standard.                       |        |   |                  |
+---+-----------------------------------+--------+---+------------------+

3.  DesignLab MISC co., Ltd.

+---+-----------------------------------+--------+---+------------------+
|   |                                   |   %    |   |                  |
|   |                                   |        |   |                  |
| S |                                   |        |   |                  |
| h |                                   |        |   |                  |
| a |                                   |        |   |                  |
| r |                                   |        |   |                  |
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| r |                                   |        |   |                  |
| s |                                   |        |   |                  |
+---+-----------------------------------+--------+---+------------------+
|   |                                   | 79.99* |   |                  |
|   |                                   |        |   |                  |
| M |                                   | 20.00  |   |                  |
| r |                                   |        |   |                  |
| . |                                   | 0.01   |   |                  |
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|   |                                   |        |   |                  |
| P |                                   |        |   |                  |
| l |                                   |        |   |                  |
| c |                                   |        |   |                  |
| . |                                   |        |   |                  |
|   |                                   |        |   |                  |
|   |                                   |        |   |                  |
|   |                                   |        |   |                  |
| O |                                   |        |   |                  |
| t |                                   |        |   |                  |
| h |                                   |        |   |                  |
| e |                                   |        |   |                  |
| r |                                   |        |   |                  |
| s |                                   |        |   |                  |
+---+-----------------------------------+--------+---+------------------+
|   |                                   | 100.00 |   |                  |
|   |                                   |        |   |                  |
| T |                                   |        |   |                  |
| o |                                   |        |   |                  |
| t |                                   |        |   |                  |
| a |                                   |        |   |                  |
| l |                                   |        |   |                  |
+---+-----------------------------------+--------+---+------------------+
|   |   Capital Register : 2.0 Million  |        |   |                  |
|   |   Baht                            |        |   |                  |
+---+-----------------------------------+--------+---+------------------+
|   |   Shareholders : Mr. Nopadol      |        |   |                  |
|   |   Limwatanakul is an experienced  |        |   |                  |
|   |   architect in design solutions   |        |   |                  |
|   |   for exhibition and interior     |        |   |                  |
|   |   design. He was the design       |        |   |                  |
|   |   director at DesignLab during    |        |   |                  |
|   |   2000- 2004.                     |        |   |                  |
+---+-----------------------------------+--------+---+------------------+

Remarks:

1. * Member of the management of subsidiary companies in accordance with
Pico’s policy

2. The above shareholding are as at October 31, 2007

3. During 2007, the company has already sold the investment in BEC Tero
Exhibition Co., Ltd.

-Translation from Thai Text-

2.3 Revenue Structure for the past 3 years ended 31 October

Past 3 years revenue structure for year ending 31 October

+------------------------+-----+-----+-----+-----+-----+-----+-----+
| Revenue of the company | %   | 2   |     | 2   |     | 2   |     |
|                        | of  | 007 |     | 006 |     | 005 |     |
|                        | sh  |     |     |     |     |     |     |
|                        | are |     |     |     |     |     |     |
|                        | h   |     |     |     |     |     |     |
|                        | old |     |     |     |     |     |     |
|                        | ing |     |     |     |     |     |     |
+------------------------+-----+-----+-----+-----+-----+-----+-----+
|                        |     | MB  | %   | MB  | %   | MB  | %   |
+------------------------+-----+-----+-----+-----+-----+-----+-----+
| Pico (Thailand) Public |     | 508 | 54  | 602 | 62  | 459 | 73  |
| Co., Ltd.              |     | .35 | .37 | .66 | .85 | .30 | .33 |
|                        |     |     |     |     |     |     |     |
| - Event marketing      |     | 276 | 29  | 261 | 27  | 108 | 17  |
| business¹              |     | .32 | .56 | .38 | .26 | .19 | .27 |
|                        |     |     |     |     |     |     |     |
| - Knowledge            |     | 116 | 12  | 84  | 8   | 44  | 7   |
| communication          |     | .35 | .44 | .99 | .86 | .51 | .12 |
| business²              |     |     |     |     |     |     |     |
|                        |     | 0   | 0   | 0   | 0   | 10  | 1   |
| - Others services      |     | .00 | .00 | .00 | .00 | .10 | .61 |
|                        |     |     |     |     |     |     |     |
| - Income from          |     | 33  | 3   | 9   | 1   | 4   | 0   |
| subsidiaries           |     | .91 | .63 | .91 | .03 | .21 | .67 |
|                        |     |     |     |     |     |     |     |
| - Other income         |     |     |     |     |     |     |     |
+------------------------+-----+-----+-----+-----+-----+-----+-----+
| Total                  |     | 934 | 100 | 958 | 100 | 626 | 100 |
|                        |     | .93 | .00 | .94 | .00 | .31 | .00 |
+------------------------+-----+-----+-----+-----+-----+-----+-----+
| PX System Co., Ltd.    | 89  | 94  | 100 | 65  | 100 | 71  | 100 |
|                        | .99 | .14 | .00 | .87 | .00 | .59 | .00 |
+------------------------+-----+-----+-----+-----+-----+-----+-----+
| Total                  |     | 94  | 100 | 65  | 100 | 71  | 100 |
|                        |     | .14 | .00 | .87 | .00 | .59 | .00 |
+------------------------+-----+-----+-----+-----+-----+-----+-----+
| Artcom Graphic Co.,    | 99  | 32  | 100 | 51  | 100 | 35  | 100 |
| Ltd.                   | .99 | .07 | .00 | .56 | .00 | .31 | .00 |
+------------------------+-----+-----+-----+-----+-----+-----+-----+
| Total                  |     | 32  | 100 | 51  | 100 | 35  | 100 |
|                        |     | .07 | .00 | .56 | .00 | .31 | .00 |
+------------------------+-----+-----+-----+-----+-----+-----+-----+
| Multi Designs Co.,     | 59  | 24  | 100 | 20  | 100 | 20  | 100 |
| Ltd.                   | .99 | .09 | .00 | .09 | .00 | .08 | .00 |
+------------------------+-----+-----+-----+-----+-----+-----+-----+
| Total                  |     | 24  | 100 | 20  | 100 | 20  | 100 |
|                        |     | .09 | .00 | .09 | .00 | .08 | .00 |
+------------------------+-----+-----+-----+-----+-----+-----+-----+

  Remarks:

1.  Income from the trade shows exhibition is recorded in the "Event
    Marketing Business "

2.  Income from the permanent exhibition and museum exhibits is recorded
    in the " Knowledge Communication Business"

2.4 Business objectives

4 key business objectives of Pico (Thailand) Public Company Limited are:

1)  Maximize returns to our shareholders.

2)  Create value with measurable results to services rendered to our
    customers.

3)  Value the contribution of our employees with a fair compensation and
    benefits program, which will enhance our ability to recruit future
    talents.

  4) Be a good corporate citizen with a strong commitment to social
  responsibility