2. Scope of Business

2.1 Background Growth and Development

Background

Pico (Thailand ) Company Limited (Public) was incorporated in 1981 when
Pico Far East Holding Limited (Pico Far East), a Hong Kong listed
company well known in trade exhibition, with 26 offices worldwide,
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.

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 as the
nominee for Pico Far East holding 49% and Thai shareholders 51%.

Growth and Development

Trade show was the primary area of the marketing communication business.
Over the years, new services were initiated to accommodate the changing
market environment and customer demand. Additional subsidiaries were
formed to provide a more effective product offering and service
delivery. These subsidiaries are:

Px System Co. Ltd. (PX)

Atrcom Graphic Co. Ltd. (Artcom)

Multi Designs Co. Ltd. (Multi Designs)

A 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 Pico and related group companies

The principal business is in the face to face marketing such as
exhibition, event marketing and museum through the planning of a
communication package to reach the client’s target customers. The
service package is planned in close consultation with the client and his
marketing objectives. With the subsidiaries providing related services,
a more effective and integrated service and management can be delivered.
These services are: trade exhibition, product launch, interior
decoration, multimedia and museum exhibition

  --------------------------------- -------------------------------------
  Company                           Business

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

  Artcom Graphic Co., Ltd.          Graphic design for interior and
                                    exterior e.g. billboards.

  Multi-design Co. Ltd.             New and creative innovation in
                                    exhibition business

  Inkjet Images (Thailand) Co.      Printing of graphic design e.g.
  Ltd.**                            billboards
  --------------------------------- -------------------------------------

** Associated Company

Company Structure / Subsidiaries and Affiliated Company as at 31 October
2005

Business operation of associated company

1.  PX System Company Limited (“PX”)

+---+------------------------+-------------+----------------------------+
|   |                        |   %         |                            |
|   |                        |             |                            |
| S |                        |             |                            |
| h |                        |             |                            |
| a |                        |             |                            |
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| l |                        |             |                            |
| d |                        |             |                            |
| e |                        |             |                            |
| r |                        |             |                            |
| s |                        |             |                            |
+---+------------------------+-------------+----------------------------+
|   |                        |   89.95     |                            |
|   |                        |             |                            |
| P |                        |             |                            |
| i |                        |             |                            |
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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 an            |             |                            |
|   |   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 printing of works    |             |      |                   |
|   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 : Display design    |              |                 |
|   and interior decoration           |              |                 |
+-------------------------------------+--------------+-----------------+

Business operation of associated company

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

+---+----------------------------------+----------+---+-----------------+
|   |                                  |   %      |   |                 |
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| s |                                  |          |   |                 |
+---+----------------------------------+----------+---+-----------------+
|   |                                  | 27.78    |   |                 |
|   |                                  |          |   |                 |
| M |                                  | 22.22    |   |                 |
| 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           |          |   |                 |
+---+----------------------------------+----------+---+-----------------+
|   |                                  |          |   |                 |
+---+----------------------------------+----------+---+-----------------+

Note : ¹ Executive in the subsidiary as per the company’s policy to have
executive

participating in equity of such subsidiary

² Other shareholders such as management team members of subsidiaries and
related

companies

2.3 Revenue Structure for the past 3 years ended 31 October 2005

Past 3 years revenue structure for year ending 31 October 2005

+-------------------------+-----+-----+-----+-----+-----+-----+-----+
| Revenue of the company  | %   | 2   |     | 2   |     | 2   |     |
|                         | of  | 005 |     | 004 |     | 003 |     |
|                         | sh  |     |     |     |     |     |     |
|                         | are |     |     |     |     |     |     |
|                         | h   |     |     |     |     |     |     |
|                         | old |     |     |     |     |     |     |
|                         | ing |     |     |     |     |     |     |
+-------------------------+-----+-----+-----+-----+-----+-----+-----+
|                         |     | MB  | %   | MB  | %   | MB  | %   |
+-------------------------+-----+-----+-----+-----+-----+-----+-----+
| Pico (Thailand) Plc.    |     | 218 | 34  | 220 | 39  | 232 | 59  |
|                         |     | .74 | .92 | .71 | .00 | .26 | .83 |
| -   Income from trade   |     |     |     |     |     |     |     |
|     exhibition and      |     | 240 | 38  | 215 | 39  | 110 | 28  |
|     display             |     | .56 | .41 | .71 | .00 | .09 | .36 |
|                         |     |     |     |     |     |     |     |
| -   Event marketing     |     | 108 | 17  | 59  | 11  | 36  | 9   |
|     income              |     | .19 | .27 | .55 | .00 | .20 | .32 |
|                         |     |     |     |     |     |     |     |
| -   Permanent display   |     | 44  | 7   | 51  | 9   | 1   | 0   |
|     and museum          |     | .51 | .11 | .37 | .20 | .96 | .50 |
|                         |     |     |     |     |     |     |     |
| -   Others services     |     | 10  | 1   | 8   | 1   | 3   | 0   |
|                         |     | .10 | .61 | .47 | .50 | .35 | .86 |
| -   Income from         |     |     |     |     |     |     |     |
|     dividend of         |     | 4   | 0   | 4   | 0   | 4   | 1   |
|     subsidiaries        |     | .21 | .67 | .05 | .30 | .37 | .13 |
|                         |     |     |     |     |     |     |     |
| -   Other income        |     |     |     |     |     |     |     |
+-------------------------+-----+-----+-----+-----+-----+-----+-----+
| Total                   |     | 626 | 100 | 559 | 100 | 388 | 100 |
|                         |     | .31 | .00 | .86 | .00 | .23 | .00 |
+-------------------------+-----+-----+-----+-----+-----+-----+-----+
| PX System Company       | 89  | 71  | 100 | 55  | 100 | 45  | 100 |
| Limited                 | .95 | .59 | .00 | .81 | .00 | .02 | .00 |
+-------------------------+-----+-----+-----+-----+-----+-----+-----+
| Total                   |     | 71  | 100 | 55  | 100 | 45  | 100 |
|                         |     | .59 | .00 | .81 | .00 | .02 | .00 |
+-------------------------+-----+-----+-----+-----+-----+-----+-----+
| Artcom Graphic Company  | 60  | 35  | 100 | 41  | 100 | 26  | 100 |
| Limited                 | .00 | .31 | .00 | .50 | .00 | .28 | .00 |
+-------------------------+-----+-----+-----+-----+-----+-----+-----+
| Total                   |     | 35  | 100 | 41  | 100 | 26  | 100 |
|                         |     | .31 | .00 | .50 | .00 | .28 | .00 |
+-------------------------+-----+-----+-----+-----+-----+-----+-----+
| Multi Designs Company   | 59  | 20  | 100 | 14  | 100 | 6   | 100 |
| Limited                 | .90 | .08 | .00 | .79 | .00 | .95 | .00 |
+-------------------------+-----+-----+-----+-----+-----+-----+-----+
| Total                   |     | 20  | 100 | 14  | 100 | 6   | 100 |
|                         |     | .08 | .00 | .79 | .00 | .95 | .00 |
+-------------------------+-----+-----+-----+-----+-----+-----+-----+

2.4 Business objectives

Pico is committed to consistent quality and excellence as defined by the
ISO 9002, ISO 9001:2000, under a management that is transparent to the
clients, investors and staff.

From our inception we have paid utmost attention to :

1)  Maximize returns to our investors.

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