-Translation from Thai Text-

11. Intercompany Transactions

During the year transactions were made between affiliated companies with
prices and charges levied for merchandises sold and services rendered.
The prices and charges constituted our normal business transaction with
subsidiaries, joint ventures and persons who may be seen as having
conflicts of interest. The terms and conditions in these transactions
are in line with normal business transaction. These transactions are
disclosed in the notes to financial statements no 22 as of October 31,
2007. Details of transactions with affiliated companies and persons
described above are as follows:

+-------+----------------+-------------+-------+-------+------------+
| Ac    |                |             | T     |       | Re         |
| count |                |             | ransa |       | ason/Noted |
|       |                |             | ction |       |            |
|       |                |             | Value |       |            |
|       |                |             | (     |       |            |
|       |                |             | Baht) |       |            |
+-------+----------------+-------------+-------+-------+------------+
|       | Company        | R           | 2007  | 2006  |            |
|       |                | elationship |       |       |            |
+-------+----------------+-------------+-------+-------+------------+
|       |                |             | 1 Nov | 1 Nov |            |
|       |                |             | 06-31 | 05-31 |            |
|       |                |             | Oct   | Oct   |            |
|       |                |             | 07    | 06    |            |
+-------+----------------+-------------+-------+-------+------------+
| 1.    |   Pico Art     |   Major     | 6,51  | 4,94  |   Income   |
| Rev   |                |             | 9,287 | 5,942 |   is from  |
| enues |  International | Shareholder |       |       |   service  |
| from  |   Pte Ltd      |             | 11    | 1     |   rendered |
| the   |                |   Same      | 5,000 | 7,664 |   to       |
| rend  |   Pico Art     |   Ultimate  |       |       |            |
| ering |   Exhibition   |   Holding   | -     | 2,31  |  companies |
| of    |   Inc.         |   Company   |       | 6,391 |   with     |
| ser   |                |             | 1,97  |       |   common   |
| vices |   Pico         |   Same      | 0,482 | -     |   sha      |
|       |                |   Ultimate  |       |       | reholders. |
|       |  International |   Holding   | 1,93  | 18    |   This is  |
|       |   Taiwan Ltd   |   Company   | 8,630 | 1,673 |   due to   |
|       |                |             |       |       |   the      |
|       |   Pico         |   Same      | -     | 1,09  |            |
|       |                |   Ultimate  |       | 1,519 |  corporate |
|       |  International |   Holding   | 69    |       |   policy   |
|       |   Ltd.         |   Company   | 0,000 | -     |   to       |
|       |                |             |       |       |   provide  |
|       |   Pico         |   Same      | 2     | -     |   a        |
|       |                |   Ultimate  | 0,542 |       |   com      |
|       |  International |   Holding   |       | -     | prehensive |
|       |   (M) Sdn.     |   Company   | 10    |       |   product  |
|       |   Bhd.         |             | 0,000 | 13    |   package  |
|       |                |   Same      |       | 7,383 |   to       |
|       |   Pico         |   Ultimate  | 5     |       |            |
|       |                |   Holding   | 8,879 | 1,25  |  customers |
|       |  International |   Company   |       | 8,016 |   by       |
|       |   (China)      |             | 1,15  |       |            |
|       |   Limited      |   Same      | 3,279 | 1,94  | leveraging |
|       |                |   Ultimate  |       | 7,620 |   the      |
|       |   Pico IES     |   Holding   | 4,64  |       |            |
|       |   Group        |   Company   | 6,041 | -     |  available |
|       |   Limited      |             |       |       |   services |
|       |                |   Same      | 15    | -     |   of       |
|       |   Bejing Pico  |   Ultimate  | 4,960 |       |            |
|       |   Exhibition   |   Holding   |       | 93    |  companies |
|       |   services     |   Company   | 27    | 6,027 |   within   |
|       |   Co.,Ltd.     |             | 3,200 |       |   the      |
|       |                |   Same      |       | 1,54  |   group.   |
|       |   Pico         |   Ultimate  | -     | 9,772 |   Pricing  |
|       |                |   Holding   |       |       |   is cost  |
|       |  International |   Company   | 1,51  | 37,98 |   plus a   |
|       |   (B) Sdn.     |             | 8,330 | 8,052 |   mark up  |
|       |   Bhd.         |   Same      |       |       |   that is  |
|       |                |   Ultimate  | 7,80  |       |   similar  |
|       |   Pico         |   Holding   | 1,446 |       |   to that  |
|       |   Australia    |   Company   |       |       |   charged  |
|       |   Pty Ltd.     |             |       |       |   outside  |
|       |                |   Same      |       |       |            |
|       |   Pico         |   Ultimate  |       |       | companies. |
|       |   Exhibition   |   Holding   |       |       |            |
|       |   (UK) Ltd.    |   Company   |       |       | Considered |
|       |                |             |       |       |   normal   |
|       |   Pico         |   Same      |       |       |   trade    |
|       |                |   Ultimate  |       |       |   tra      |
|       |  International |   Holding   |       |       | nsactions. |
|       |   (HK) Ltd.    |   Company   |       |       |            |
|       |                |             |       |       |            |
|       |   Pico North   |   Same      |       |       |            |
|       |   Asia Ltd.    |   Ultimate  |       |       |            |
|       |                |   Holding   |       |       |            |
|       |   MP           |   Company   |       |       |            |
|       |                |             |       |       |            |
|       |  International |   Same      |       |       |            |
|       |   (HK) Ltd.    |   Ultimate  |       |       |            |
|       |                |   Holding   |       |       |            |
|       |   Pico Chicago |   Company   |       |       |            |
|       |                |             |       |       |            |
|       |   U-Rent       |   Same      |       |       |            |
|       |   Company      |   Ultimate  |       |       |            |
|       |   Limited      |   Holding   |       |       |            |
|       |                |   Company   |       |       |            |
|       |   Joint        |             |       |       |            |
|       |   venture      |             |       |       |            |
|       |                |  Associated |       |       |            |
|       |                |   Company   |       |       |            |
|       |                |             |       |       |            |
|       |                |   Joint     |       |       |            |
|       |                |   Venture   |       |       |            |
+-------+----------------+-------------+-------+-------+------------+
|       |                |             | 26,96 | 52,37 |            |
|       |                |             | 0,076 | 0,059 |            |
+-------+----------------+-------------+-------+-------+------------+

-Translation from Thai Text-

+------+--------------+-------------+--------+--------+-------------+
| Acc  |              |             | Trans  |        | R           |
| ount |              |             | action |        | eason/Noted |
|      |              |             | Value  |        |             |
|      |              |             | (Baht) |        |             |
+------+--------------+-------------+--------+--------+-------------+
|      | Company      | R           | 2007   | 2006   |             |
|      |              | elationship |        |        |             |
+------+--------------+-------------+--------+--------+-------------+
|      |              |             | 1 Nov  | 1 Nov  |             |
|      |              |             | 06-31  | 05-31  |             |
|      |              |             | Oct 07 | Oct 06 |             |
+------+--------------+-------------+--------+--------+-------------+
| 2.   |   Pico Art   |   Major     | 2,8    | 1      |   Trade     |
| T    |   I          |             | 29,303 | 10,000 |             |
| rade | nternational | Shareholder |        |        | receivables |
| acco |   Pte Ltd    |             | -      | 1,0    |   are from  |
| unts |              |   Same      |        | 93,033 |   services  |
| re   |   Pico       |   Ultimate  | -      |        |   performed |
| ceiv |   I          |   Holding   |        | 2      |   in 1.     |
| able | nternational |   Company   | 6      | 60,000 |   Credit    |
|      |   (China)    |             | 37,837 |        |   terms for |
|      |   Limited    |   Same      |        | 1      |   outside   |
|      |              |   Ultimate  | -      | 19,840 |             |
|      |   Pico       |   Holding   |        |        |  customers, |
|      |   I          |   Company   | 1,8    | 1      |   s         |
|      | nternational |             | 57,764 | 47,000 | ubsidiaries |
|      |   Taiwan Ltd |   Same      |        |        |   and       |
|      |              |   Ultimate  | 21,980 | 5      |             |
|      |   Pico       |   Holding   |        | 70,000 |  associated |
|      |   I          |   Company   | 1      |        |   companies |
|      | nternational |             | 23,050 | -      |   are       |
|      |   (M) Sdn.   |   Same      |        |        |   normal    |
|      |   Bhd.       |   Ultimate  | 7      | -      |   market at |
|      |              |   Holding   | 38,300 |        |   60 to 90  |
|      |   Pico       |   Company   |        | -      |   days.     |
|      |   Australia  |             | 1      |        |             |
|      |   Pty Ltd.   |   Same      | 07,000 | -      |  Considered |
|      |              |   Ultimate  |        |        |   normal    |
|      |   Pico       |   Holding   | 1,1    | -      |   trade     |
|      |   I          |   Company   | 37,923 |        |   tr        |
|      | nternational |             |        | 26,584 | ansactions. |
|      |   (HK) Ltd.  |   Same      | 9      |        |             |
|      |              |   Ultimate  | 42,697 |        |             |
|      |   Bejing     |   Holding   |        |        |             |
|      |   Pico       |   Company   |        |        |             |
|      |   Exhibition |             |        |        |             |
|      |   Services   |   Same      |        |        |             |
|      |              |   Ultimate  |        |        |             |
|      |   Pico Art   |   Holding   |        |        |             |
|      |   Exhibit,   |   Company   |        |        |             |
|      |   Inc.       |             |        |        |             |
|      |              |   Same      |        |        |             |
|      |   Pico IES   |   Ultimate  |        |        |             |
|      |   Group      |   Holding   |        |        |             |
|      |   Limited.   |   Company   |        |        |             |
|      |              |             |        |        |             |
|      |   Pico       |   Same      |        |        |             |
|      |   I          |   Ultimate  |        |        |             |
|      | nternational |   Holding   |        |        |             |
|      |   (B) Sdn.   |   Company   |        |        |             |
|      |   Bhd.       |             |        |        |             |
|      |              |   Same      |        |        |             |
|      |   Pico       |   Ultimate  |        |        |             |
|      |   Exhibition |   Holding   |        |        |             |
|      |   (UK) Ltd.  |   Company   |        |        |             |
|      |              |             |        |        |             |
|      |   U-Rent     |             |        |        |             |
|      |   Co., Ltd.  |  Associated |        |        |             |
|      |              |   Company   |        |        |             |
+------+--------------+-------------+--------+--------+-------------+
|      |              |             | 8,3    | 2,3    |             |
|      |              |             | 95,854 | 26,457 |             |
+------+--------------+-------------+--------+--------+-------------+

-Translation from Thai Text-

+------+-----------------+-------------+-------+-------+------------+
| Acc  |                 |             | T     |       | Re         |
| ount |                 |             | ransa |       | ason/Noted |
|      |                 |             | ction |       |            |
|      |                 |             | Value |       |            |
|      |                 |             | (     |       |            |
|      |                 |             | Baht) |       |            |
+------+-----------------+-------------+-------+-------+------------+
|      | Company         | R           | 2007  | 2006  |            |
|      |                 | elationship |       |       |            |
+------+-----------------+-------------+-------+-------+------------+
|      |                 |             | 1 Nov | 1 Nov |            |
|      |                 |             | 06-31 | 05-31 |            |
|      |                 |             | Oct   | Oct   |            |
|      |                 |             | 07    | 06    |            |
+------+-----------------+-------------+-------+-------+------------+
| 3.   | Pico Art        |   Major     | 2,70  | -     |   Cost of  |
| C    | International   |             | 3,663 |       |   services |
| osts | Pte Ltd         | Shareholder |       | 32    |            |
| of   |                 |             | 34    | 7,859 |  purchased |
| the  | Pico            |   Same      | 6,209 |       |   form     |
| r    | International   |   Ultimate  |       | -     |            |
| ende | (M) Sdn. Bhd.   |   Holding   | 96    |       |  companies |
| ring |                 |   Company   | 9,936 | 78    |   with     |
| of   | Pico            |             |       | 0,000 |   common   |
| serv | International   |   Same      | -     |       |   sha      |
| ices | (Dubai) L.L.C.  |   Ultimate  |       | -     | reholders. |
|      |                 |   Holding   | 65    |       |   These    |
|      | Pico            |   Company   | 8,096 | 81    |   are      |
|      | International   |             |       | 9,652 |            |
|      | (China) Limited |   Same      | -     |       | specialist |
|      |                 |   Ultimate  |       | 2     |            |
|      | Pico Australia  |   Holding   | -     | 1,219 |  companies |
|      | Pty Ltd.        |   Company   |       |       |   in their |
|      |                 |             | 46    | -     |            |
|      | Pico Atlanta    |   Same      | 9,293 |       | respective |
|      | Pte Ltd.        |   Ultimate  |       | -     |   area and |
|      |                 |   Holding   | 1,85  |       |   the      |
|      | Meeting         |   Company   | 0,748 | -     |   charges  |
|      | Planners        |             |       |       |   are at   |
|      | International   |   Same      | 7     | -     |   market   |
|      | (HK) Ltd.       |   Ultimate  | 0,687 |       |   as       |
|      |                 |   Holding   |       | -     |   charged  |
|      | Pico            |   Company   | 95    |       |   to       |
|      | International   |             | 2,579 | -     |   outside  |
|      | (HK) Ltd.       |   Same      |       |       |            |
|      |                 |   Ultimate  | 41    | 10,25 | companies. |
|      | Pico Art        |   Holding   | 1,380 | 2,654 |            |
|      | Exhibit, Inc.   |   Company   |       |       | Considered |
|      |                 |             | 53    | 96    |   normal   |
|      | Intertrade Pte  |   Same      | 6,480 | 4,690 |   trade    |
|      | Ltd.            |   Ultimate  |       |       |   tra      |
|      |                 |   Holding   | 9,78  | 7,55  | nsactions. |
|      | GMC Hong Kong   |   Company   | 0,614 | 2,000 |            |
|      | Limited         |             |       |       |            |
|      |                 |   Same      | 14    |       |            |
|      | Shanghai Pico   |   Ultimate  | 9,230 |       |            |
|      | Exhibition      |   Holding   |       |       |            |
|      | Services Co.,   |   Company   | 14,21 |       |            |
|      | Ltd.            |             | 2,000 |       |            |
|      |                 |   Same      |       |       |            |
|      | Pico Chicago    |   Ultimate  |       |       |            |
|      | Inc.            |   Holding   |       |       |            |
|      |                 |   Company   |       |       |            |
|      | U-Rent Co.,     |             |       |       |            |
|      | Ltd.            |   Same      |       |       |            |
|      |                 |   Ultimate  |       |       |            |
|      | Inkjet Images   |   Holding   |       |       |            |
|      | (Thailand) Co., |   Company   |       |       |            |
|      | Ltd.            |             |       |       |            |
|      |                 |   Same      |       |       |            |
|      | DesignLab MISC  |   Ultimate  |       |       |            |
|      | Co., Ltd.       |   Holding   |       |       |            |
|      |                 |   Company   |       |       |            |
|      |                 |             |       |       |            |
|      |                 |   Same      |       |       |            |
|      |                 |   Ultimate  |       |       |            |
|      |                 |   Holding   |       |       |            |
|      |                 |   Company   |       |       |            |
|      |                 |             |       |       |            |
|      |                 |             |       |       |            |
|      |                 |  Associated |       |       |            |
|      |                 |   Company   |       |       |            |
|      |                 |             |       |       |            |
|      |                 |             |       |       |            |
|      |                 |  Associated |       |       |            |
|      |                 |   Company   |       |       |            |
|      |                 |             |       |       |            |
|      |                 |             |       |       |            |
|      |                 |  Associated |       |       |            |
|      |                 |   Company   |       |       |            |
+------+-----------------+-------------+-------+-------+------------+
|      |                 |             | 33,11 | 20,71 |            |
|      |                 |             | 0,915 | 8,074 |            |
+------+-----------------+-------------+-------+-------+------------+

-Translation from Thai Text-

+-------+--------------+--------------+-------+-------+-------------+
| Ac    |              |              | T     |       | R           |
| count |              |              | ransa |       | eason/Noted |
|       |              |              | ction |       |             |
|       |              |              | Value |       |             |
|       |              |              | (     |       |             |
|       |              |              | Baht) |       |             |
+-------+--------------+--------------+-------+-------+-------------+
|       | Company      | Relationship | 2007  | 2006  |             |
+-------+--------------+--------------+-------+-------+-------------+
|       |              |              | 1 Nov | 1 Nov |             |
|       |              |              | 06-31 | 05-31 |             |
|       |              |              | Oct   | Oct   |             |
|       |              |              | 07    | 06    |             |
+-------+--------------+--------------+-------+-------+-------------+
| 4.    |   Pico Art   |   Major      | 2,80  | -     |   The trade |
| Trade |   I          |              | 3,039 |       |   payables  |
| acc   | nternational |  Shareholder |       |       |   are from  |
| ounts |   Pte Ltd.   |              |       |       |   the       |
|       |              |              |       |       |   services  |
|       |              |              |       |       |   received  |
|       |              |              |       |       |   in (3)    |
|       |              |              |       |       |   from      |
|       |              |              |       |       |   companies |
|       |              |              |       |       |   with      |
|       |              |              |       |       |   common    |
|       |              |              |       |       |   sh        |
|       |              |              |       |       | areholders. |
|       |              |              |       |       |   Credit    |
|       |              |              |       |       |   terms     |
|       |              |              |       |       |   received  |
|       |              |              |       |       |   is normal |
|       |              |              |       |       |   market at |
|       |              |              |       |       |   60 to 90  |
|       |              |              |       |       |   days.     |
|       |              |              |       |       |             |
|       |              |              |       |       |  Considered |
|       |              |              |       |       |   normal    |
|       |              |              |       |       |   trade     |
|       |              |              |       |       |   tr        |
|       |              |              |       |       | ansactions. |
+-------+--------------+--------------+-------+-------+-------------+
| pa    |   Pico       |   Same       | -     | 72    |             |
| yable |   I          |   Ultimate   |       | 2,782 |             |
|       | nternational |   Holding    |       |       |             |
|       |   (China)    |   Company    |       |       |             |
|       |   Limited    |              |       |       |             |
+-------+--------------+--------------+-------+-------+-------------+
|       |   Pico       |   Same       | 34    | 11    |             |
|       |   I          |   Ultimate   | 3,958 | 0,635 |             |
|       | nternational |   Holding    |       |       |             |
|       |   (M) Sdn.   |   Company    |       |       |             |
|       |   Bhd.       |              |       |       |             |
+-------+--------------+--------------+-------+-------+-------------+
|       |   Pico       |   Same       | 7     | -     |             |
|       |   I          |   Ultimate   | 6,257 |       |             |
|       | nternational |   Holding    |       |       |             |
|       |   (HK) Ltd.  |   Company    |       |       |             |
+-------+--------------+--------------+-------+-------+-------------+
|       |   Intertrade |   Same       | 6     | -     |             |
|       |   Pte Ltd.   |   Ultimate   | 8,246 |       |             |
|       |              |   Holding    |       |       |             |
|       |              |   Company    |       |       |             |
+-------+--------------+--------------+-------+-------+-------------+
|       |   Pico Art   |   Same       | 1,83  | -     |             |
|       |   Exhibit,   |   Ultimate   | 8,025 |       |             |
|       |   Inc.       |   Holding    |       |       |             |
|       |              |   Company    |       |       |             |
+-------+--------------+--------------+-------+-------+-------------+
|       |   U-Rent     |   Associated | 1,58  | 1,19  |             |
|       |   Co., Ltd.  |   Company    | 7,877 | 7,440 |             |
|       |              |              |       |       |             |
|       |   Inkjet     |   Associated | 9,931 | 10    |             |
|       |   Images     |   Company    |       | 2,858 |             |
|       |   (Thailand) |              | 1,69  |       |             |
|       |   Co., Ltd.  |   Associated | 3,810 | 1,02  |             |
|       |              |   Company    |       | 7,200 |             |
|       |   DesignLab  |              |       |       |             |
|       |   MISC Co.,  |              |       |       |             |
|       |   Ltd.       |              |       |       |             |
+-------+--------------+--------------+-------+-------+-------------+
|       |              |              |       |       |             |
+-------+--------------+--------------+-------+-------+-------------+
|       |              |              | 8,42  | 3,16  |             |
|       |              |              | 1,143 | 0,915 |             |
+-------+--------------+--------------+-------+-------+-------------+
| 5.    |   Pico Art   |   Major      | 1,45  | -     |   Amount    |
|   The |   I          |              | 5,657 |       |   due from  |
|       | nternational |  Shareholder |       | 2     |             |
| gross |   Pte Ltd.   |              | -     | 4,950 |  customers. |
|     a |              |   Same       |       |       |   This      |
| mount |   Pico       |   Ultimate   | 1,60  | 9     |             |
|       |   I          |   Holding    | 0,000 | 8,598 |  represents |
|   due | nternational |   Company    |       |       |   service   |
|       |   Taiwan Ltd |   Same       | 8     | -     |   pr        |
|  from |              |   Ultimate   | 9,800 |       | ogressively |
|       |   Pico       |   Holding    |       | -     |   performed |
|  cust |   I          |   Company    | 2     |       |   and       |
| omers | nternational |   Same       | 3,450 |       |   income    |
|       |   (HK) Ltd.  |   Ultimate   |       |       |             |
|   for |              |   Holding    |       |       |  recognized |
|       |   Pico       |   Company    |       |       |   but not   |
|   con |   Exhibition |              |       |       |   yet       |
| tract |   (UK) Ltd.  |   Associated |       |       |   invoiced  |
|       |              |   Company    |       |       |   to        |
|  work |   U-Rent     |              |       |       |   customers |
|       |   Co., Ltd.  |              |       |       |   as the    |
|       |              |              |       |       |   project   |
|       |              |              |       |       |   is not    |
|       |              |              |       |       |   fully     |
|       |              |              |       |       |             |
|       |              |              |       |       |  completed. |
|       |              |              |       |       |   Once      |
|       |              |              |       |       |             |
|       |              |              |       |       |  completed, |
|       |              |              |       |       |   the       |
|       |              |              |       |       |   customers |
|       |              |              |       |       |   will be   |
|       |              |              |       |       |   invoiced  |
|       |              |              |       |       |   and the   |
|       |              |              |       |       |   amount    |
|       |              |              |       |       |   will      |
|       |              |              |       |       |   revert to |
|       |              |              |       |       |   become    |
|       |              |              |       |       |   trade     |
|       |              |              |       |       |             |
|       |              |              |       |       | receivables |
|       |              |              |       |       |   as in 2.  |
+-------+--------------+--------------+-------+-------+-------------+
|       |              |              | 3,16  | 12    |             |
|       |              |              | 8,907 | 3,548 |             |
+-------+--------------+--------------+-------+-------+-------------+

-Translation from Thai Text-

+------+---------------+-------------+-------+-------+-------------+
| Acc  |               |             | T     |       | R           |
| ount |               |             | ransa |       | eason/Noted |
|      |               |             | ction |       |             |
|      |               |             | Value |       |             |
|      |               |             | (     |       |             |
|      |               |             | Baht) |       |             |
+------+---------------+-------------+-------+-------+-------------+
|      | Company       | R           | 2007  | 2006  |             |
|      |               | elationship |       |       |             |
+------+---------------+-------------+-------+-------+-------------+
|      |               |             | 1 Nov | 1 Nov |             |
|      |               |             | 06-31 | 05-31 |             |
|      |               |             | Oct   | Oct   |             |
|      |               |             | 07    | 06    |             |
+------+---------------+-------------+-------+-------+-------------+
| 6.   | Pico Chicago  | Same        | 27    | -     | Accrued     |
| Acc  | Inc.          | Ultimate    | 5,100 |       | expenses    |
| rued |               | Holding     |       | 3     | represent   |
| Cost | Pico          | Company     | -     | 8,744 | cost of     |
|      | International |             |       |       | services    |
|      | (China)       | Same        | 15    | 17    | due to the  |
|      | Limited       | Ultimate    | 0,000 | 3,900 | company     |
|      |               | Holding     |       |       | received    |
|      | Shanghai Pico | Company     | 2,104 |       | from        |
|      | Exhibition    |             |       |       | related     |
|      | Services Co., | Same        |       |       | companies   |
|      | Ltd.          | Ultimate    |       |       | but as of   |
|      |               | Holding     |       |       | closing has |
|      | U-Rent Co.,   | Company     |       |       | not yet     |
|      | Ltd.          |             |       |       | been        |
|      |               | Associated  |       |       | invoiced.   |
|      |               | Company     |       |       | Once        |
|      |               |             |       |       | invoiced,   |
|      |               |             |       |       | the amount  |
|      |               |             |       |       | will revert |
|      |               |             |       |       | to become   |
|      |               |             |       |       | trade       |
|      |               |             |       |       | payable     |
|      |               |             |       |       | with credit |
|      |               |             |       |       | terms as in |
|      |               |             |       |       | (4)         |
+------+---------------+-------------+-------+-------+-------------+
|      |               |             | 42    | 21    |             |
|      |               |             | 7,204 | 2,644 |             |
+------+---------------+-------------+-------+-------+-------------+
| 7.   | Pico Art      | Major       | 20,55 | 11,68 | This amount |
| Amo  | International | Shareholder | 7,342 | 1,641 | is the      |
| unts | Pte Ltd.      |             |       |       | accrued     |
| due  |               | Same        | 8     | 3     | expenses    |
| to   | Pico Global   | Ultimate    | 5,759 | 8,440 | for         |
| rel  | Services      | Holding     |       |       | management  |
| ated | Limited       | Company     |       |       | fee due to  |
|      |               |             |       |       | Pico Art    |
| par  |               |             |       |       | In          |
| ties |               |             |       |       | ternational |
|      |               |             |       |       | Pte Ltd. as |
|      |               |             |       |       | in 9, media |
|      |               |             |       |       | expenses    |
|      |               |             |       |       | and cost    |
|      |               |             |       |       | for         |
|      |               |             |       |       | materials   |
|      |               |             |       |       | due to      |
|      |               |             |       |       | companies   |
|      |               |             |       |       | in the Pico |
|      |               |             |       |       | network.    |
|      |               |             |       |       | The prices  |
|      |               |             |       |       | charged by  |
|      |               |             |       |       | other Pico  |
|      |               |             |       |       | units to    |
|      |               |             |       |       | the Thai    |
|      |               |             |       |       | operation   |
|      |               |             |       |       | is the same |
|      |               |             |       |       | as that     |
|      |               |             |       |       | charged to  |
|      |               |             |       |       | other       |
|      |               |             |       |       | companies   |
|      |               |             |       |       | within the  |
|      |               |             |       |       | group and   |
|      |               |             |       |       | is          |
|      |               |             |       |       | considered  |
|      |               |             |       |       | normal      |
|      |               |             |       |       | trade       |
|      |               |             |       |       | tr          |
|      |               |             |       |       | ansactions. |
+------+---------------+-------------+-------+-------+-------------+
|      |               |             |       |       |             |
+------+---------------+-------------+-------+-------+-------------+
|      |               |             | 20,64 | 11,72 |             |
|      |               |             | 3,101 | 0,081 |             |
+------+---------------+-------------+-------+-------+-------------+
|      |               |             |       |       |             |
+------+---------------+-------------+-------+-------+-------------+
|      |               |             |       |       |             |
+------+---------------+-------------+-------+-------+-------------+
|      |               | -           |       |       |             |
|      |               | Translation |       |       |             |
|      |               | from Thai   |       |       |             |
|      |               | Text        |       |       |             |
+------+---------------+-------------+-------+-------+-------------+
| Acc  |               |             | T     |       | R           |
| ount |               |             | ransa |       | eason/Noted |
|      |               |             | ction |       |             |
|      |               |             | Value |       |             |
|      |               |             | (     |       |             |
|      |               |             | Baht) |       |             |
+------+---------------+-------------+-------+-------+-------------+
|      | Company       | R           | 2007  | 2006  |             |
|      |               | elationship |       |       |             |
+------+---------------+-------------+-------+-------+-------------+
|      |               |             | 1 Nov | 1 Nov |             |
|      |               |             | 06-31 | 05-31 |             |
|      |               |             | Oct   | Oct   |             |
|      |               |             | 07    | 06    |             |
+------+---------------+-------------+-------+-------+-------------+
| 8.   |   Pico Art    |   Major     | 5     | 25    |   This      |
| Amo  |               |   s         | 5,925 | 7,335 |   amount is |
| unts | International | hareholders |       |       |   payment   |
| due  |   Pte Ltd     |             | 5     | -     |   for       |
| from |               | Same        | 5,108 |       |   utilities |
| rel  |   Pico        | Ultimate    |       | 1     |   advanced  |
| ated |               | Holding     | 3,016 | 3,600 |   by Pico   |
| par  | International | Company     |       |       |   Thailand  |
| ties |   (Dubai)     | Associated  |       |       |   on behalf |
|      |   L.L.C       | Company     |       |       |   of the    |
|      |               |             |       |       |   s         |
|      |   U-Rent Co., |             |       |       | ubsidiaries |
|      |   Ltd.        |             |       |       |   and       |
|      |               |             |       |       |             |
|      |               |             |       |       |  associated |
|      |               |             |       |       |             |
|      |               |             |       |       |  companies. |
|      |               |             |       |       |   60 to 90  |
|      |               |             |       |       |   days      |
|      |               |             |       |       |   credit is |
|      |               |             |       |       |   extended  |
|      |               |             |       |       |   and       |
|      |               |             |       |       |             |
|      |               |             |       |       |  considered |
|      |               |             |       |       |   normal    |
|      |               |             |       |       |   trade     |
|      |               |             |       |       |   t         |
|      |               |             |       |       | ransaction. |
+------+---------------+-------------+-------+-------+-------------+
|      |               |             | 11    | 27    |             |
|      |               |             | 4,049 | 0,935 |             |
+------+---------------+-------------+-------+-------+-------------+
| 9.   | Pico Art      | Major       | 19,63 | 22,74 |             |
| Ma   | International | s           | 3,930 | 5,446 |  Management |
| nage | Pte Ltd.      | hareholders |       |       |   fee is    |
| ment |               |             |       |       |   pursuant  |
| fee  |               |             |       |       |   to the    |
| (E   |               |             |       |       |   I         |
| xpen |               |             |       |       | ntellectual |
| ses) |               |             |       |       |   Property  |
|      |               |             |       |       |   License   |
|      |               |             |       |       |   Agreement |
|      |               |             |       |       |   and       |
|      |               |             |       |       |   Offshore  |
|      |               |             |       |       |   service   |
|      |               |             |       |       |   Agreement |
|      |               |             |       |       |   at 2.53%  |
|      |               |             |       |       |   of        |
|      |               |             |       |       |   turnover. |
|      |               |             |       |       |   This      |
|      |               |             |       |       |   covers    |
|      |               |             |       |       |             |
|      |               |             |       |       |  managerial |
|      |               |             |       |       |             |
|      |               |             |       |       | assistance, |
|      |               |             |       |       |   te        |
|      |               |             |       |       | chnological |
|      |               |             |       |       |   co        |
|      |               |             |       |       | nsultation, |
|      |               |             |       |       |   training, |
|      |               |             |       |       |   human     |
|      |               |             |       |       |   resource  |
|      |               |             |       |       |             |
|      |               |             |       |       | development |
|      |               |             |       |       |   and       |
|      |               |             |       |       |   marketing |
|      |               |             |       |       |   c         |
|      |               |             |       |       | ooperation. |
+------+---------------+-------------+-------+-------+-------------+
|      |               |             | 19,63 | 22,74 |             |
|      |               |             | 3,930 | 5,446 |             |
+------+---------------+-------------+-------+-------+-------------+

-Translation from Thai Text-

+---------+-------------+-------------+--------+-------+--------------+
| Account |             |             | Trans  |       | Reason/Noted |
|         |             |             | action |       |              |
|         |             |             | Value  |       |              |
|         |             |             | (Baht) |       |              |
+---------+-------------+-------------+--------+-------+--------------+
|         | Company     | R           | 2007   | 2006  |              |
|         |             | elationship |        |       |              |
+---------+-------------+-------------+--------+-------+--------------+
|         |             |             | 1 Nov  | 1 Nov |              |
|         |             |             | 06-31  | 05-31 |              |
|         |             |             | Oct 07 | Oct   |              |
|         |             |             |        | 06    |              |
+---------+-------------+-------------+--------+-------+--------------+
| 10.     |   Pico Art  |   Major     | 95,938 | -     | Damage       |
| Other   |   In        |   s         |        |       | compensation |
| income  | ternational | hareholders | -      | 4     | claimed from |
|         |   Pte Ltd   |             |        | 7,667 | group        |
|         |             |   Same      | -      |       | insurance    |
|         |   Pico      |   Ultimate  |        | 48    | policy with  |
|         |   Global    |   Holding   |        | 6,261 | Pico Art     |
|         |   Services  |   Company   |        |       | I            |
|         |   Limited   |             |        |       | nternational |
|         |             |             |        |       | Pte. Ltd.    |
|         |   U-Rent    |  Associated |        |       |              |
|         |   Co., Ltd. |   Company   |        |       |              |
+---------+-------------+-------------+--------+-------+--------------+
|         |             |             |        |       |              |
+---------+-------------+-------------+--------+-------+--------------+
|         |             |             | 95,938 | 53    |              |
|         |             |             |        | 3,928 |              |
+---------+-------------+-------------+--------+-------+--------------+
| 11.     | Pico Art    |   Major     | 12,6   | 12,70 | Dividend     |
| Di      | In          |   s         | 50,010 | 7,500 | payment of   |
| vidends | ternational | hareholders |        |       | Baht         |
|         | Pte Ltd.    |             | 9,5    | 10,72 | 12,650,000,  |
|         |             |   Directors | 01,266 | 4,519 | Baht         |
|         | Directors   |             |        |       | 8            |
|         |             |             |        |       | ,799,941.40, |
|         |             |             |        |       | Baht         |
|         |             |             |        |       | 422,303.10   |
|         |             |             |        |       | and Baht     |
|         |             |             |        |       | 279,021.00   |
|         |             |             |        |       | was made to  |
|         |             |             |        |       | Pico Art     |
|         |             |             |        |       | I            |
|         |             |             |        |       | nternational |
|         |             |             |        |       | Pte. Ltd.    |
|         |             |             |        |       | Mr. Pisec    |
|         |             |             |        |       | Chungyampin, |
|         |             |             |        |       | Mr. Silchai  |
|         |             |             |        |       | Kiatpapan    |
|         |             |             |        |       | and Miss     |
|         |             |             |        |       | Nitida       |
|         |             |             |        |       | Thamasoontra |
|         |             |             |        |       | r            |
|         |             |             |        |       | espectively. |
|         |             |             |        |       | The payment  |
|         |             |             |        |       | is           |
|         |             |             |        |       | consistent   |
|         |             |             |        |       | with the     |
|         |             |             |        |       | payment made |
|         |             |             |        |       | to other     |
|         |             |             |        |       | s            |
|         |             |             |        |       | hareholders. |
+---------+-------------+-------------+--------+-------+--------------+
|         |             |             | 22,1   | 23,43 |              |
|         |             |             | 51,276 | 2,019 |              |
+---------+-------------+-------------+--------+-------+--------------+

-Translation from Thai Text-

+---------+-------------+-------------+-------+-------+--------------+
| Account |             |             | T     |       | Reason/Noted |
|         |             |             | ransa |       |              |
|         |             |             | ction |       |              |
|         |             |             | Value |       |              |
|         |             |             | (     |       |              |
|         |             |             | Baht) |       |              |
+---------+-------------+-------------+-------+-------+--------------+
|         | Company     | R           | 2007  | 2006  |              |
|         |             | elationship |       |       |              |
+---------+-------------+-------------+-------+-------+--------------+
|         |             |             | 1 Nov | 1 Nov |              |
|         |             |             | 06-31 | 05-31 |              |
|         |             |             | Oct   | Oct   |              |
|         |             |             | 07    | 06    |              |
+---------+-------------+-------------+-------+-------+--------------+
| 12.     |   Pico Art  |   Major     | 22    | 47    | Payments     |
| Other   |   In        |   s         | 8,536 | 6,488 | made to Pico |
| e       | ternational | hareholders |       |       | Art          |
| xpenses |   Pte Ltd   |             | 4,574 | -     |              |
|         |             |   Same      |       |       | network for  |
|         |   Pico      |   Ultimate  | 62    | 18    | office       |
|         |   In        |   Holding   | 7,969 | 9,517 | supplies     |
|         | ternational |   Company   |       |       | with         |
|         |   (M) Sdn.  |             | 4     | -     |              |
|         |   Bhd.      |   Same      | 0,525 |       | Pico logo    |
|         |             |   Ultimate  |       |       | for          |
|         | Pico Global |   Holding   |       |       | company’s    |
|         | Services    |   Company   |       |       | operation.   |
|         | Limited     |             |       |       | Prices paid  |
|         |             |             |       |       | are the      |
|         |   U-Rent    |  Associated |       |       |              |
|         |   Co., Ltd. |   Company   |       |       | same as      |
|         |             |             |       |       | those paid   |
|         |             |             |       |       | by other     |
|         |             |             |       |       |              |
|         |             |             |       |       | companies in |
|         |             |             |       |       | the network  |
|         |             |             |       |       | and          |
|         |             |             |       |       |              |
|         |             |             |       |       | are          |
|         |             |             |       |       | considered   |
|         |             |             |       |       | normal trade |
|         |             |             |       |       | t            |
|         |             |             |       |       | ransactions. |
+---------+-------------+-------------+-------+-------+--------------+
|         |             |             | 90    | 66    |              |
|         |             |             | 1,604 | 6,005 |              |
+---------+-------------+-------------+-------+-------+--------------+
| 13.     | Directors   | Directors   | 6,00  | 4,40  | Directors’   |
| Dir     |             |             | 0,000 | 0,000 | remuneration |
| ectors’ |             |             |       |       | is in        |
| remun   |             |             |       |       | accordance   |
| eration |             |             |       |       | with the     |
|         |             |             |       |       | amount       |
|         |             |             |       |       | approved by  |
|         |             |             |       |       | the          |
|         |             |             |       |       | shareholders |
+---------+-------------+-------------+-------+-------+--------------+
| 14.     | Joint       | Joint       | 4,89  | 5,05  | Loan made to |
| Short – | Venture     | Venture     | 9,476 | 4,915 | a joint      |
| term    |             |             |       |       | venture to   |
| loan to |             |             |       |       | be used as   |
| a       |             |             |       |       | cash         |
| related |             |             |       |       | collateral   |
| party   |             |             |       |       | for a bank   |
|         |             |             |       |       | guarantee    |
|         |             |             |       |       | issued on    |
|         |             |             |       |       | behalf of    |
|         |             |             |       |       | the joint    |
|         |             |             |       |       | venture      |
+---------+-------------+-------------+-------+-------+--------------+
| 15.     | Joint       | Joint       | -     | 4,06  | Retention    |
| Other   | Venture     | Venture     |       | 4,722 | guarantee    |
| current |             |             |       |       | deducted     |
| asset   |             |             |       |       | from each    |
|         |             |             |       |       | progress     |
|         |             |             |       |       | payment      |
|         |             |             |       |       | received     |
|         |             |             |       |       | from the     |
|         |             |             |       |       | joint        |
|         |             |             |       |       | venture      |
|         |             |             |       |       | which is     |
|         |             |             |       |       | normal trade |
|         |             |             |       |       | practice     |
+---------+-------------+-------------+-------+-------+--------------+
| 16. The | Pico        | Same        | -     | 13    | Advance      |
| gross   | Australia   | Ultimate    |       | 6,796 | payment      |
| amount  | Pty Ltd.    | Holding     |       |       | received for |
| due to  |             | Company     |       |       | contract     |
| cu      |             |             |       |       | from related |
| stomers |             |             |       |       | company.     |
| for     |             |             |       |       | Considered   |
| c       |             |             |       |       | normal trade |
| ontract |             |             |       |       | transaction. |
| work    |             |             |       |       |              |
+---------+-------------+-------------+-------+-------+--------------+
| 17.     | Joint       | Joint       | -     | 97    | Advance      |
| D       | Venture     | Venture     |       | 4,496 | payment      |
| eposits |             |             |       |       | received     |
| r       |             |             |       |       | from joint   |
| eceived |             |             |       |       | ventures.    |
| from    |             |             |       |       | Considered   |
| cu      |             |             |       |       | normal trade |
| stomers |             |             |       |       | transaction  |
+---------+-------------+-------------+-------+-------+--------------+

-Translation from Thai Text-

+---------+-------------+----------+--------+---------+--------------+
| Account |             |          | Trans  |         | Reason/Noted |
|         |             |          | action |         |              |
|         |             |          | Value  |         |              |
|         |             |          | (Baht) |         |              |
+---------+-------------+----------+--------+---------+--------------+
|         | Company     | Rela     | 2007   | 2006    |              |
|         |             | tionship |        |         |              |
+---------+-------------+----------+--------+---------+--------------+
|         |             |          | 1 Nov  | 1 Nov   |              |
|         |             |          | 06-31  | 05-31   |              |
|         |             |          | Oct 07 | Oct 06  |              |
+---------+-------------+----------+--------+---------+--------------+
| 18.     | Inkjet      | As       | 5,1    | 4,      | The company  |
| Inve    | Images      | sociated | 66,329 | 884,319 | invested in  |
| stments | (Thailand)  | Company  |        |         | Inkjet       |
| using   | Co., Ltd.   |          | 0      | 366,906 | Images Co.   |
| the     |             | As       |        |         | Ltd., BEC    |
| equity  | BEC Tero    | sociated | 9      | 487,543 | Tero         |
| method  | Exhibition  | Company  | 93,278 |         | Exhibition   |
|         | Co., Ltd.   | As       |        | 2,      | Co. Ltd.,    |
|         |             | sociated | 1,8    | 212,655 | DesignLab    |
|         | DesignLab   | Company  | 63,143 |         | MISC Co.     |
|         | MISC Co.,   |          |        | 2,      | Ltd., and    |
|         | Ltd.        | As       | 2,9    | 316,743 | Ibrix Co.    |
|         |             | sociated | 29,499 |         | Ltd. In the  |
|         | Ibrix Co.,  | Company  |        |         | proportion   |
|         | Ltd.        | As       |        |         | of 22.22%,   |
|         |             | sociated |        |         | 39%, 20% and |
|         | U-Rent Co., | Company  |        |         | 40%          |
|         | Ltd.        |          |        |         | r            |
|         |             |          |        |         | espectively. |
|         |             |          |        |         | The          |
|         |             |          |        |         | subsidiary   |
|         |             |          |        |         | PX System    |
|         |             |          |        |         | Co. Ltd.     |
|         |             |          |        |         | Holds 22.5%  |
|         |             |          |        |         | in U-Rent    |
|         |             |          |        |         | co. Ltd.     |
|         |             |          |        |         | Booking the  |
|         |             |          |        |         | investment   |
|         |             |          |        |         | at net book  |
|         |             |          |        |         | value which  |
|         |             |          |        |         | is           |
|         |             |          |        |         | considered   |
|         |             |          |        |         | to           |
|         |             |          |        |         | approximate  |
|         |             |          |        |         | far market   |
|         |             |          |        |         | value as of  |
|         |             |          |        |         | closing.     |
|         |             |          |        |         |              |
|         |             |          |        |         | Note: In     |
|         |             |          |        |         | September    |
|         |             |          |        |         | 2007 the     |
|         |             |          |        |         | company      |
|         |             |          |        |         | completely   |
|         |             |          |        |         | divested its |
|         |             |          |        |         | entire       |
|         |             |          |        |         | holding in   |
|         |             |          |        |         | BEC Tero     |
|         |             |          |        |         | Exhibition   |
|         |             |          |        |         | Co., Ltd.    |
+---------+-------------+----------+--------+---------+--------------+
|         |             |          | 10,9   | 10,     |              |
|         |             |          | 52,249 | 268,166 |              |
+---------+-------------+----------+--------+---------+--------------+

  * The company is an indirect shareholder of U-Rent Co. Ltd. through PX
  System Co., Ltd. at 22.5% of total.

-Translation from Thai Text-

-   Procedures for approval of intercompany transactions.

  The policy for approval of intercompany transactions calls for
  deliberation by independent directors and final approval by the Board
  of Directors during which directors with vested interest shall abstain
  from voting.

-   Trend for future intercompany transaction

  There were intercompany transactions that management was involved in
  the approval process with related companies and individuals related to
  intellectual property rights, which were considered normal business
  transactions. In the conduct of these transactions, the maximum
  benefits to the company were of primary concern.

  It is expected that such transaction with related companies such as
  sale or purchases with credit terms extended or received will continue
  in a normal course of business. These transactions with related
  individuals will be screened by independent directors to ensure that
  they are consistent with normal trade transaction. The company will
  strictly comply with the relevant SET announcements with no person
  with vested interest taking part in the approval process of such
  transaction.