2. Scope of Business

2.1 Background Growth and Development

Background

Pico (Thailand) Public Company Limited was incorporated in 1981 when
Pico Far East Holding Limited (Pico Far East), a Hong Kong listed
company well known in trade exhibition, with 30 offices worldwide,
decided to invest in Thailand and joined forces with Thai investors led
by Mr. Pised Chungyampin. Pico Thai Exhibition Contractor Co. Ltd. was
incorporated with Pico Art International Pte. Ltd., Singapore (“Pico
Art”) as a partner.

Changes and development

With the expansion of business, an organizational change involving
investment and shareholding to accommodate future growth was made
resulting in the incorporation of Pico International Enterprise
(Thailand) Ltd. with a capital of Baht 15 million with Pico Art, a
subsidiary company of Pico Far East holding 49% and Thai shareholders
51%.

Additional subsidiaries were formed to provide a more effective and
comprehensive product offering and service delivery. These subsidiaries
are:

Px System Co. Ltd. (PX)

Artcom Graphic Co. Ltd. (Artcom)

Multi Designs Co. Ltd. (Multi Designs)

An associate company was also created;

Inkjet Images (Thailand) Co., Ltd. (Inkjet)

Subsequently the name was changed to Pico (Thailand) Co., Ltd. and
transformed to become Pico (Thailand) Public Co., Ltd. under the Public
Company Act of B.E. 2535 on 16^(th) September 2003. Capital was also
increased to Baht 65 million and Baht 115 million on 16^(th) September
2003 and 25^(th) February 2005 respectively.

2.2 Overview of the Company, subsidiaries and associated companies

Pico (Thailand) Public Co., Ltd. conducts a face to face event
marketing. This means marketing activities which create an opportunity
for customers to meet and to react directly with one another. Our
business grew from the trade show and exhibition the scope of which has
been refined, expanded with the service delivery that is market and
customer responsive.

Our operation can be divided into 2 principal areas:

1)  Event Marketing

2)  Knowledge Communication

Our responsibility in the conduct of business is to research, identify
the best way to communicate the customer’s special message to the target
audience. This is done through the creation of an opportunity for a face
to face meeting. The target audience must receive an accurate product
message with a favorable response in accordance with the customer’s
marketing objective. In the knowledge communication a good understanding
of a given subject and the ability of the audience to improve on that
understanding is our goal. The communication can only be considered
successful if this result is realized. We pride this as the
uncompromised standard in our business conduct.

  Our subsidiaries and associated companies were established to support
  our business and provide various services as follows:

1)  PX System Co., Ltd. : Acquisition of facilities for event marketing
    e.g. booth rental in an exhibition

2)  Artcom Graphic Co., Ltd. : Graphic design and production for
    interior and exterior e.g. billboards.

3)  Multi Designs Co., Ltd. : Creative, design and supply of innovation
    in exhibition, marketing activities and permanent exhibits.

An associated company : Inkjet Images (Thailand) Co., Ltd. is engaged in
graphic design and production of large-format printing e.g. billboards.

  During 2006 we expanded our investment in related businesses through 3
  additional associated companies:-

-   BEC Tero Exhibition Co., Ltd. This is a trade and business
    exhibition targeted at a niche market. It is designed to draw on the
    experience of each partner to penetrate specialized market.

-   IBRIX Co., Ltd. is in the trade exhibition

-   DesignLab MISC Co., Ltd. is a specialized design company for
    services such as design for architectural, interior decoration,
    display and exhibition, printed matter and electronic media in the
    knowledge communication like museum, visitor center and learning
    center.

Company Structure / subsidiaries and Associated Companies as at 31
October 2006

Business operation of associated company

1.  PX System Company Limited (“PX”)

+---+--------------------------------+----------+-----------------------+
|   |                                |   %      |                       |
|   |                                |          |                       |
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| s |                                |          |                       |
+---+--------------------------------+----------+-----------------------+
|   |                                |   89.95  |                       |
|   |                                |          |                       |
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+---+--------------------------------+----------+-----------------------+
|   |                                |   10.00¹ |                       |
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+---+--------------------------------+----------+-----------------------+
|   |                                |   0.05²  |                       |
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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 Graphic Company Limited (“Artcom”)

+-----------------------------------------+------------+-----+--------+
|   Shareholders                          |   %        |     |        |
+-----------------------------------------+------------+-----+--------+
|   Pico (Thailand) Plc                   |   60.00    |     |        |
+-----------------------------------------+------------+-----+--------+
|   X-Con Co., Ltd.                       |   15.00    |     |        |
+-----------------------------------------+------------+-----+--------+
|   Mr. Woraphong Sitthimol               |   14.90¹   |     |        |
+-----------------------------------------+------------+-----+--------+
|   Mr. Sangwien Phochairat               |   5.00     |     |        |
+-----------------------------------------+------------+-----+--------+
|   Mr. Narong Phuseenam                  |   5.00     |     |        |
+-----------------------------------------+------------+-----+--------+
|   Others                                |   0.10²    |     |        |
+-----------------------------------------+------------+-----+--------+
|   Total                                 |   100.00   |     |        |
+-----------------------------------------+------------+-----+--------+
|   Capital Registration : 1.0 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.                  |   59.90    |              |
+-----------------------------------------+------------+--------------+
|   Mr. Foo Kwee Chong                    |   20.00¹   |              |
+-----------------------------------------+------------+--------------+
|   Others                                |   20.10²   |              |
+-----------------------------------------+------------+--------------+
|   Total                                 |   100.00   |              |
+-----------------------------------------+------------+--------------+
|   Capital Register : 0.4 Million Baht   |            |              |
+-----------------------------------------+------------+--------------+
|   Business type : Creative, design and  |            |              |
|   supply of innovation in exhibition,   |            |              |
|                                         |            |              |
|   marketing activities an permanent     |            |              |
|   exhibits.                             |            |              |
+-----------------------------------------+------------+--------------+

Business operation of associated company

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

+---+------------------------------------+--------+---+--------------+---+
|   |                                    |   %    |   |              |   |
|   |                                    |        |   |              |   |
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+---+------------------------------------+--------+---+--------------+---+
|   |                                    | 33.33  |   |              |   |
|   |                                    |        |   |              |   |
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| a |                                    |        |   |              |   |
| s |                                    | 22.22  |   |              |   |
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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             |        |   |              |   |
+---+------------------------------------+--------+---+--------------+---+
|   |                                    |        |   |              |   |
+---+------------------------------------+--------+---+--------------+---+

2.  BEC Tero Exhibition Co., Ltd.(“BEC Tero Exhibition”)

+---+------------------------------------+--------+---+-----------------+
|   |                                    |   %    |   |                 |
|   |                                    |        |   |                 |
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+---+------------------------------------+--------+---+-----------------+
|   |                                    | 51.00  |   |                 |
|   |                                    |        |   |                 |
| B |                                    | 39.00  |   |                 |
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| C |                                    | 10.00  |   |                 |
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+---+------------------------------------+--------+---+-----------------+
|   |                                    | 100.00 |   |                 |
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+---+------------------------------------+--------+---+-----------------+
|   |   Capital Register : 5.0 Million   |        |   |                 |
|   |   Baht                             |        |   |                 |
+---+------------------------------------+--------+---+-----------------+
|   |   Shareholders: BEC Tero           |        |   |                 |
|   |   Entertainment is involved in     |        |   |                 |
|   |   broadcasting, advertising,       |        |   |                 |
|   |   television program sourcing and  |        |   |                 |
|   |   production.                      |        |   |                 |
+---+------------------------------------+--------+---+-----------------+
|   |                                    |        |   |                 |
+---+------------------------------------+--------+---+-----------------+

3.  IBRIX Co., Ltd. (“IBRIX”)

+---+-----------------------------------+--------+---+------------------+
|   |                                   |   %    |   |                  |
|   |                                   |        |   |                  |
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| r |                                   |        |   |                  |
| s |                                   |        |   |                  |
+---+-----------------------------------+--------+---+------------------+
|   |                                   | 59.99  |   |                  |
|   |                                   |        |   |                  |
| I |                                   | 40.00  |   |                  |
| n |                                   |        |   |                  |
| d |                                   | 0.01²  |   |                  |
| u |                                   |        |   |                  |
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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,         |        |   |                  |
|   |   containers and the design       |        |   |                  |
|   |   department to international     |        |   |                  |
|   |   standard.                       |        |   |                  |
+---+-----------------------------------+--------+---+------------------+

4.  DesignLab MISC co., Ltd.

+---+-----------------------------------+--------+---+------------------+
|   |                                   |   %    |   |                  |
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+---+-----------------------------------+--------+---+------------------+
|   |                                   | 79.99¹ |   |                  |
|   |                                   |        |   |                  |
| M |                                   | 20.00  |   |                  |
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| . |                                   | 0.01²  |   |                  |
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+---+-----------------------------------+--------+---+------------------+
|   |                                   | 100.00 |   |                  |
|   |                                   |        |   |                  |
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+---+-----------------------------------+--------+---+------------------+
|   |   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.                     |        |   |                  |
+---+-----------------------------------+--------+---+------------------+

Note : ¹ Member of the management of subsidiary companies in accordance
with Pico’s policy encouraging management to participate in shareholding
of subsidiaries

  ² Other shareholders consist of members of the management of the
  subsidiaries and associated companies

2.3 Revenue Structure for the past 3 years ended 31 October 2006

Past 3 years revenue structure for year ending 31 October

+-------------------------+-----+-----+-----+-----+-----+-----+-----+
| Revenue of the company  | %   | 2   |     | 2   |     | 2   |     |
|                         | of  | 005 |     | 004 |     | 003 |     |
|                         | sh  |     |     |     |     |     |     |
|                         | are |     |     |     |     |     |     |
|                         | h   |     |     |     |     |     |     |
|                         | old |     |     |     |     |     |     |
|                         | ing |     |     |     |     |     |     |
+-------------------------+-----+-----+-----+-----+-----+-----+-----+
|                         |     | MB  | %   | MB  | %   | MB  | %   |
+-------------------------+-----+-----+-----+-----+-----+-----+-----+
| Pico (Thailand) Plc.    |     | 602 | 62  | 459 | 73  | 436 | 78  |
|                         |     | .66 | .63 | .30 | .33 | .42 | .00 |
| - Event marketing       |     |     |     |     |     |     |     |
| business¹               |     | 261 | 27  | 108 | 17  | 59  | 11  |
|                         |     | .38 | .17 | .19 | .27 | .55 | .00 |
| - Knowledge             |     |     |     |     |     |     |     |
| communication business² |     | 84  | 8   | 44  | 7   | 51  | 9   |
|                         |     | .99 | .84 | .51 | .12 | .37 | .20 |
| - Others services       |     |     |     |     |     |     |     |
|                         |     | 7   | 0   | 10  | 1   | 8   | 1   |
| - Income from           |     | .71 | .80 | .10 | .61 | .47 | .50 |
| subsidiaries            |     |     |     |     |     |     |     |
|                         |     | 5   | 0   | 4   | 0   | 4   | 0   |
| - Other income          |     | .41 | .56 | .21 | .67 | .05 | .30 |
+-------------------------+-----+-----+-----+-----+-----+-----+-----+
| Total                   |     | 962 | 100 | 626 | 100 | 559 | 100 |
|                         |     | .15 | .00 | .31 | .00 | .86 | .00 |
+-------------------------+-----+-----+-----+-----+-----+-----+-----+
| PX System Company       | 89  | 65  | 100 | 71  | 100 | 55  | 100 |
| Limited                 | .95 | .87 | .00 | .59 | .00 | .81 | .00 |
+-------------------------+-----+-----+-----+-----+-----+-----+-----+
| Total                   |     | 65  | 100 | 71  | 100 | 55  | 100 |
|                         |     | .87 | .00 | .59 | .00 | .81 | .00 |
+-------------------------+-----+-----+-----+-----+-----+-----+-----+
| Artcom Graphic Company  | 60  | 51  | 100 | 35  | 100 | 41  | 100 |
| Limited                 | .00 | .56 | .00 | .31 | .00 | .50 | .00 |
+-------------------------+-----+-----+-----+-----+-----+-----+-----+
| Total                   |     | 51  | 100 | 35  | 100 | 41  | 100 |
|                         |     | .56 | .00 | .31 | .00 | .50 | .00 |
+-------------------------+-----+-----+-----+-----+-----+-----+-----+
| Multi Designs Company   | 59  | 20  | 100 | 20  | 100 | 14  | 100 |
| Limited                 | .90 | .09 | .00 | .08 | .00 | .79 | .00 |
+-------------------------+-----+-----+-----+-----+-----+-----+-----+
| Total                   |     | 20  | 100 | 20  | 100 | 14  | 100 |
|                         |     | .09 | .00 | .08 | .00 | .79 | .00 |
+-------------------------+-----+-----+-----+-----+-----+-----+-----+

Remark: 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) 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

  Additionally we have an ongoing operation and organization improvement
  prescribed under international criteria such as ISO 9002, ISO
  9001:2000. This process is carried by a management that is transparent
  to customers, shareholders and employees.