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 21 as of October 31,
2006. Details of transactions with affiliated companies and persons
described above are as follows:

+--------+-----------------+-------------+------+------+------------+
| A      | Company         | R           | Tra  |      | Remarks    |
| ccount |                 | elationship | nsac |      |            |
|        |                 |             | tion |      |            |
|        |                 |             | V    |      |            |
|        |                 |             | alue |      |            |
|        |                 |             | (B   |      |            |
|        |                 |             | aht) |      |            |
+--------+-----------------+-------------+------+------+------------+
|        |                 |             | 2006 | 2005 |            |
+--------+-----------------+-------------+------+------+------------+
|        |                 |             | 1    | 1    |            |
|        |                 |             | Nov  | Nov  |            |
|        |                 |             | 0    | 0    |            |
|        |                 |             | 5-31 | 4-31 |            |
|        |                 |             | Oct  | Oct  |            |
|        |                 |             | 06   | 05   |            |
+--------+-----------------+-------------+------+------+------------+
| 1)  Re |   Pico Art      |   Major     | 4    | 3    | Income     |
| venues |   International |             | ,945 | ,133 | from       |
|        |   Pte Ltd       | Shareholder | ,942 | ,989 | service    |
|   from |                 |             |      |      | provided   |
|        |   Pico Art      |   Same      | 17   | 73   | to         |
|    the |   Exhibition    |   Ultimate  | ,664 | ,666 | companies  |
|        |   Inc.          |   Holding   |      |      | with       |
|    ren |                 |   Company   | 2    | -    | common     |
| dering |   Pico          |             | ,316 |      | majority   |
|     of |   International |   Same      | ,391 | 2    | sha        |
|     se |   Taiwan Ltd    |   Ultimate  |      | ,596 | reholders. |
| rvices |                 |   Holding   | -    | ,583 | This is    |
|        |   Pico          |   Company   |      |      | due to the |
|        |   International |             | 181  | 269  | policy to  |
|        |   Ltd.          |   Same      | ,673 | ,579 | leverage   |
|        |                 |   Ultimate  |      |      | the        |
|        |   Pico          |   Holding   | 1    | 2    | extensive  |
|        |   International |   Company   | ,091 | ,053 | network of |
|        |   (M) Sdn. Bhd. |             | ,519 | ,528 | the        |
|        |                 |   Same      |      |      | company to |
|        |   Pico          |   Ultimate  | -    | 1    | provide an |
|        |   International |   Holding   |      | ,430 | integrated |
|        |   (China)       |   Company   | -    | ,841 | service to |
|        |   Limited       |             |      |      | clients.   |
|        |                 |   Same      | 137  | 721  | Service    |
|        |   Pico (China)  |   Ultimate  | ,383 | ,957 | charges    |
|        |   Ltd.          |   Holding   |      |      | are        |
|        |                 |   Company   | 1    | -    | computed   |
|        |   Pico Hong     |             | ,258 |      | on a cost  |
|        |   Kong Limited  |   Same      | ,016 | 714  | plus basis |
|        |                 |   Ultimate  |      | ,860 | consistent |
|        |   Pico          |   Holding   | 1    |      | with the   |
|        |   Australia Pty |   Company   | ,947 | 2    | method     |
|        |   Ltd.          |             | ,620 | ,411 | charged    |
|        |                 |   Same      |      | ,732 | others.    |
|        |   Pico          |   Ultimate  | -    |      | The        |
|        |   Exhibition    |   Holding   |      | 296  | tr         |
|        |   (UK) Ltd.     |   Company   | 936  | ,800 | ansactions |
|        |                 |             | ,027 |      | are        |
|        |   Pico          |   Same      |      | -    | therefore  |
|        |   International |   Ultimate  | 1    |      | normal     |
|        |   (HK) Ltd.     |   Holding   | ,549 | 255  | trade      |
|        |                 |   Company   | ,772 | ,703 | tr         |
|        |   Meeting       |             |      |      | ansactions |
|        |   Planners      |   Same      | 37   | -    |            |
|        |   International |   Ultimate  | ,988 |      |            |
|        |   (HK) Ltd      |   Holding   | ,052 |      |            |
|        |                 |   Company   |      |      |            |
|        |   Pico Chicago  |             |      |      |            |
|        |                 |   Same      |      |      |            |
|        |   U-Rent        |   Ultimate  |      |      |            |
|        |   Company       |   Holding   |      |      |            |
|        |   Limited       |   Company   |      |      |            |
|        |                 |             |      |      |            |
|        |   Joint Venture |   Same      |      |      |            |
|        |                 |   Ultimate  |      |      |            |
|        |                 |   Holding   |      |      |            |
|        |                 |   Company   |      |      |            |
|        |                 |             |      |      |            |
|        |                 |   Same      |      |      |            |
|        |                 |   Ultimate  |      |      |            |
|        |                 |   Holding   |      |      |            |
|        |                 |   Company   |      |      |            |
|        |                 |             |      |      |            |
|        |                 |             |      |      |            |
|        |                 |  Associated |      |      |            |
|        |                 |   Company   |      |      |            |
|        |                 |             |      |      |            |
|        |                 |   Joint     |      |      |            |
|        |                 |   Venture   |      |      |            |
+--------+-----------------+-------------+------+------+------------+
|        |                 |             | 52   | 13   |            |
|        |                 |             | ,370 | ,959 |            |
|        |                 |             | ,059 | ,238 |            |
+--------+-----------------+-------------+------+------+------------+

+--------+-----------------+-------------+------+------+------------+
| A      | Company         | R           | Tra  |      | Remarks    |
| ccount |                 | elationship | nsac |      |            |
|        |                 |             | tion |      |            |
|        |                 |             | V    |      |            |
|        |                 |             | alue |      |            |
|        |                 |             | (B   |      |            |
|        |                 |             | aht) |      |            |
+--------+-----------------+-------------+------+------+------------+
|        |                 |             | 2006 | 2005 |            |
+--------+-----------------+-------------+------+------+------------+
|        |                 |             | 1    | 1    |            |
|        |                 |             | Nov  | Nov  |            |
|        |                 |             | 0    | 0    |            |
|        |                 |             | 5-31 | 4-31 |            |
|        |                 |             | Oct  | Oct  |            |
|        |                 |             | 06   | 05   |            |
+--------+-----------------+-------------+------+------+------------+
| 2)     |   Pico Art      |   Major     | 110  | 98   | Trade      |
|  Trade |   International |             | ,000 | ,375 | r          |
|     ac |   Pte Ltd       | Shareholder |      |      | eceivables |
| counts |                 |             | -    | 81   | arose from |
|        |   Pico Art      |   Same      |      | ,382 | the        |
|   rece |   Exhibition    |   Ultimate  | 1    |      | services   |
| ivable |                 |   Holding   | ,093 | -    | provided   |
|        |   Pico          |   Company   | ,033 |      | to         |
|        |   International |             |      | -    | companies  |
|        |   (China)       |   Same      | 260  |      | within the |
|        |   Limited       |   Ultimate  | ,000 | 2    | group      |
|        |                 |   Holding   |      | ,505 | (details   |
|        |   Pico          |   Company   | -    | ,010 | in 1).     |
|        |   International |             |      |      | Credit     |
|        |   Taiwan Ltd    |   Same      | -    | 1    | terms      |
|        |                 |   Ultimate  |      | ,531 | extended   |
|        |   Pico          |   Holding   | -    | ,000 | to         |
|        |   International |   Company   |      |      | companies  |
|        |   Ltd.          |             | 119  | 317  | with       |
|        |                 |   Same      | ,840 | ,576 | common     |
|        |   Pico (China)  |   Ultimate  |      |      | majority   |
|        |   Ltd.          |   Holding   | 147  | 202  | sh         |
|        |                 |   Company   | ,000 | ,850 | areholders |
|        |   Meeting       |             |      |      | average    |
|        |   Planners      |   Same      | 570  | -    | 60-90 days |
|        |   International |   Ultimate  | ,000 |      | consistent |
|        |   (HK) Ltd.     |   Holding   |      | 1    | with       |
|        |                 |   Company   | 26   | ,640 | normal     |
|        |   Pico          |             | ,584 | ,047 | trade      |
|        |   International |   Same      |      |      | tra        |
|        |   (M) Sdn. Bhd. |   Ultimate  |      | 21   | nsactions, |
|        |                 |   Holding   |      | ,732 | normal     |
|        |   Pico          |   Company   |      |      | business   |
|        |   Australia Pty |             |      |      | terms.     |
|        |   Ltd.          |   Same      |      |      | Therefore  |
|        |                 |   Ultimate  |      |      | these      |
|        |   Pico          |   Holding   |      |      | tr         |
|        |   International |   Company   |      |      | ansactions |
|        |   (HK) Ltd.     |             |      |      | are normal |
|        |                 |   Same      |      |      | trade      |
|        |   U-Rent        |   Ultimate  |      |      | tr         |
|        |   Company       |   Holding   |      |      | ansactions |
|        |   Limited       |   Company   |      |      |            |
|        |                 |             |      |      |            |
|        |                 |   Same      |      |      |            |
|        |                 |   Ultimate  |      |      |            |
|        |                 |   Holding   |      |      |            |
|        |                 |   Company   |      |      |            |
|        |                 |             |      |      |            |
|        |                 |             |      |      |            |
|        |                 |  Associated |      |      |            |
|        |                 |   Company   |      |      |            |
+--------+-----------------+-------------+------+------+------------+
|        |                 |             | 2    | 6    |            |
|        |                 |             | ,326 | ,397 |            |
|        |                 |             | ,457 | ,972 |            |
+--------+-----------------+-------------+------+------+------------+

+--------+-----------------+-------------+------+------+------------+
| A      | Company         | R           | Tra  |      | Remarks    |
| ccount |                 | elationship | nsac |      |            |
|        |                 |             | tion |      |            |
|        |                 |             | V    |      |            |
|        |                 |             | alue |      |            |
|        |                 |             | (B   |      |            |
|        |                 |             | aht) |      |            |
+--------+-----------------+-------------+------+------+------------+
|        |                 |             | 2006 | 2005 |            |
+--------+-----------------+-------------+------+------+------------+
|        |                 |             | 1    | 1    |            |
|        |                 |             | Nov  | Nov  |            |
|        |                 |             | 0    | 0    |            |
|        |                 |             | 5-31 | 4-31 |            |
|        |                 |             | Oct  | Oct  |            |
|        |                 |             | 06   | 05   |            |
+--------+-----------------+-------------+------+------+------------+
| 3)     |   Pico Art      |   Major     | -    | 1    |   Cost of  |
|  Costs |   International |             |      | ,369 |   services |
|     of |   Pte Ltd       | Shareholder | -    | ,829 |   arises   |
|        |                 |             |      |      |   from     |
|    the |   Pico          |   Same      | 327  | 966  |   services |
|        |   International |   Ultimate  | ,859 | ,148 |   rendered |
|    ren |   Taiwan Ltd    |   Holding   |      |      |   by group |
| dering |                 |   Company   | 780  | 333  |            |
|     of |   Pico          |             | ,000 | ,846 | companies. |
|     se |   International |   Same      |      |      |   These    |
| rvices |   (M) Sdn. Bhd. |   Ultimate  | 819  | -    |   are in   |
|        |                 |   Holding   | ,652 |      |            |
|        |   Pico          |   Company   |      | -    | accordance |
|        |   International |             | 21   |      |   with the |
|        |   (China)       |   Same      | ,219 | -    |            |
|        |   Limited       |   Ultimate  |      |      |  company’s |
|        |                 |   Holding   | -    | 246  |            |
|        |   Pico Atlanta  |   Company   |      | ,285 |  agreement |
|        |   Pte Ltd.      |             | -    |      |   with     |
|        |                 |   Same      |      | 7    |            |
|        |   Meeting       |   Ultimate  | 10   | ,375 | affiliates |
|        |   Planners      |   Holding   | ,252 |      |   to       |
|        |   International |   Company   | ,654 | 5    |   leverage |
|        |   (HK) Ltd.     |             |      | ,585 |   the      |
|        |                 |   Same      | 964  | ,951 |   s        |
|        |   Pico          |   Ultimate  | ,690 |      | pecialized |
|        |   International |   Holding   |      | 1    |            |
|        |   (HK) Ltd      |   Company   | 7    | ,182 |  expertise |
|        |                 |             | ,552 | ,900 |   of       |
|        |   Inter-Expo    |   Same      | ,000 |      |   Pico’s   |
|        |   Exhibition    |   Ultimate  |      | -    |   group of |
|        |   Services Ltd. |   Holding   |      |      |            |
|        |                 |   Company   |      |      |  companies |
|        |   U-Rent        |             |      |      |   to       |
|        |   Company       |   Same      |      |      |   deliver  |
|        |   Limited       |   Ultimate  |      |      |   an       |
|        |                 |   Holding   |      |      |            |
|        |   Inkjet Images |   Company   |      |      | integrated |
|        |   (Thailand)    |             |      |      |   service  |
|        |   Co., Ltd.     |             |      |      |   package  |
|        |                 |  Associated |      |      |   to the   |
|        |   Designlab     |   Company   |      |      |            |
|        |   MISC Company  |             |      |      |  customer. |
|        |   Limited       |             |      |      |   The      |
|        |                 |  Associated |      |      |   company  |
|        |                 |   Company   |      |      |   can      |
|        |                 |             |      |      |   select   |
|        |                 |             |      |      |   on       |
|        |                 |  Associated |      |      |            |
|        |                 |   Company   |      |      | particular |
|        |                 |             |      |      |            |
|        |                 |             |      |      |  expertise |
|        |                 |             |      |      |   of a     |
|        |                 |             |      |      |   PICO     |
|        |                 |             |      |      |   company  |
|        |                 |             |      |      |   with in  |
|        |                 |             |      |      |   the      |
|        |                 |             |      |      |   group.   |
|        |                 |             |      |      |   The      |
|        |                 |             |      |      |            |
|        |                 |             |      |      | transpired |
|        |                 |             |      |      |   tr       |
|        |                 |             |      |      | ansactions |
|        |                 |             |      |      |   are      |
|        |                 |             |      |      |            |
|        |                 |             |      |      |  therefore |
|        |                 |             |      |      |   normal   |
|        |                 |             |      |      |   trade    |
|        |                 |             |      |      |   practice |
|        |                 |             |      |      |   with     |
|        |                 |             |      |      |   similar  |
|        |                 |             |      |      |   charges  |
|        |                 |             |      |      |   as with  |
|        |                 |             |      |      |   others   |
|        |                 |             |      |      |   outside  |
|        |                 |             |      |      |   the      |
|        |                 |             |      |      |   group.   |
+--------+-----------------+-------------+------+------+------------+
|        |                 |             | 20   | 9    |            |
|        |                 |             | ,718 | ,692 |            |
|        |                 |             | ,074 | ,334 |            |
+--------+-----------------+-------------+------+------+------------+

+-------+------------------+-------------+------+------+------------+
| Ac    | Company          | R           | Tra  |      | Remarks    |
| count |                  | elationship | nsac |      |            |
|       |                  |             | tion |      |            |
|       |                  |             | V    |      |            |
|       |                  |             | alue |      |            |
|       |                  |             | (B   |      |            |
|       |                  |             | aht) |      |            |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 2006 | 2005 |            |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 1    | 1    |            |
|       |                  |             | Nov  | Nov  |            |
|       |                  |             | 0    | 0    |            |
|       |                  |             | 5-31 | 4-31 |            |
|       |                  |             | Oct  | Oct  |            |
|       |                  |             | 06   | 05   |            |
+-------+------------------+-------------+------+------+------------+
| 4)    | Pico             | Same        | 722  | -    | The trade  |
| Trade | International    | Ultimate    | ,782 |      | payables   |
|       | (China) Limited  | Holding     |      | 333  | are from   |
|   acc |                  | Company     | 110  | ,846 | the        |
| ounts | Pico             |             | ,635 |      | tr         |
|       | International    | Same        |      | 1    | ansactions |
|    pa | (M) Sdn. Bhd.    | Ultimate    | 1    | ,117 | for        |
| yable |                  | Holding     | ,197 | ,762 | services   |
|       | U-Rent Company   | Company     | ,440 |      | described  |
|       | Limited          |             |      | 55   | in (3)     |
|       |                  | Associated  | 102  | ,390 | both with  |
|       | Inkjet Images    | Company     | ,858 |      | affiliated |
|       | (Thailand) Co.,  |             |      | -    | companies  |
|       | Ltd.             | Associated  | 1    |      | and        |
|       |                  | Company     | ,027 |      | companies  |
|       | Designlab MISC   |             | ,200 |      | with       |
|       | Company Limited  | Associated  |      |      | common     |
|       |                  | Company     |      |      | majority   |
|       |                  |             |      |      | sha        |
|       |                  |             |      |      | reholders. |
|       |                  |             |      |      | Credit     |
|       |                  |             |      |      | terms are  |
|       |                  |             |      |      | 60-90 days |
|       |                  |             |      |      | consistent |
|       |                  |             |      |      | with       |
|       |                  |             |      |      | market     |
|       |                  |             |      |      | practice.  |
|       |                  |             |      |      | The        |
|       |                  |             |      |      | tr         |
|       |                  |             |      |      | ansactions |
|       |                  |             |      |      | therefore  |
|       |                  |             |      |      | constitute |
|       |                  |             |      |      | normal     |
|       |                  |             |      |      | business   |
+-------+------------------+-------------+------+------+------------+
|       |                  |             |      |      |            |
+-------+------------------+-------------+------+------+------------+
|       |                  |             |      |      |            |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 3    | 1    |            |
|       |                  |             | ,160 | ,506 |            |
|       |                  |             | ,915 | ,998 |            |
+-------+------------------+-------------+------+------+------------+
| 5)    |   Pico           | Same        | 24   | -    |   This     |
|   The |   International  | Ultimate    | ,950 |      |            |
|       |   Taiwan Ltd     | Holding     |      | -    | represents |
| gross |                  | Company     | 98   |      |   the      |
|     a |   Pico           |             | ,598 | 500  |   amount   |
| mount |   International  | Same        |      |      |   for      |
|       |   (HK) Ltd       | Ultimate    | -    |      |   services |
|   due |                  | Holding     |      |      |   rendered |
|       |   U-Rent Company | Company     |      |      |   and      |
|  from |   Limited        |             |      |      |   income   |
|       |                  | Associated  |      |      |            |
|  cust |                  | Company     |      |      | recognized |
| omers |                  |             |      |      |   as per   |
|       |                  |             |      |      |   progress |
|   for |                  |             |      |      |   of work  |
|       |                  |             |      |      |   without  |
|   con |                  |             |      |      |            |
| tract |                  |             |      |      |  invoicing |
|       |                  |             |      |      |   to the   |
|  work |                  |             |      |      |   client.  |
|       |                  |             |      |      |   Once the |
|       |                  |             |      |      |   project  |
|       |                  |             |      |      |   is       |
|       |                  |             |      |      |            |
|       |                  |             |      |      |  completed |
|       |                  |             |      |      |   as per   |
|       |                  |             |      |      |   contract |
|       |                  |             |      |      |   invoice  |
|       |                  |             |      |      |   will be  |
|       |                  |             |      |      |   issued   |
|       |                  |             |      |      |   and this |
|       |                  |             |      |      |   t        |
|       |                  |             |      |      | ransaction |
|       |                  |             |      |      |   will     |
|       |                  |             |      |      |   revert   |
|       |                  |             |      |      |   to trade |
|       |                  |             |      |      |   r        |
|       |                  |             |      |      | eceivables |
|       |                  |             |      |      |   with     |
|       |                  |             |      |      |   credit   |
|       |                  |             |      |      |   terms as |
|       |                  |             |      |      |   in (2)   |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 123  | 500  |            |
|       |                  |             | ,548 |      |            |
+-------+------------------+-------------+------+------+------------+

+-------+------------------+-------------+------+------+------------+
| Ac    | Company          | R           | Tra  |      | Remarks    |
| count |                  | elationship | nsac |      |            |
|       |                  |             | tion |      |            |
|       |                  |             | V    |      |            |
|       |                  |             | alue |      |            |
|       |                  |             | (B   |      |            |
|       |                  |             | aht) |      |            |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 2006 | 2005 |            |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 1    | 1    |            |
|       |                  |             | Nov  | Nov  |            |
|       |                  |             | 0    | 0    |            |
|       |                  |             | 5-31 | 4-31 |            |
|       |                  |             | Oct  | Oct  |            |
|       |                  |             | 06   | 05   |            |
+-------+------------------+-------------+------+------+------------+
| 6     |   Pico           | Same        | 38   | -    | This       |
| )  Ac |   International  | Ultimate    | ,744 |      | represents |
| crued |   (China)        | Holding     |      | 219  | an amount  |
|       |   Limited.       | Company     | 173  | ,772 | due to     |
|  Cost |                  |             | ,900 |      | affiliated |
|       |   U-Rent Company | Associated  |      |      | companies  |
|       |   Limited        | Company     |      |      | for        |
|       |                  |             |      |      | services   |
|       |                  |             |      |      | received   |
|       |                  |             |      |      | but not in |
|       |                  |             |      |      | receipt of |
|       |                  |             |      |      | invoice as |
|       |                  |             |      |      | of the     |
|       |                  |             |      |      | account    |
|       |                  |             |      |      | closing    |
|       |                  |             |      |      | date. On   |
|       |                  |             |      |      | receipt of |
|       |                  |             |      |      | invoice    |
|       |                  |             |      |      | the amount |
|       |                  |             |      |      | will be    |
|       |                  |             |      |      | booked as  |
|       |                  |             |      |      | trade      |
|       |                  |             |      |      | payables   |
|       |                  |             |      |      | with       |
|       |                  |             |      |      | credit     |
|       |                  |             |      |      | terms as   |
|       |                  |             |      |      | in (4).    |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 212  | 219  |            |
|       |                  |             | ,644 | ,772 |            |
+-------+------------------+-------------+------+------+------------+
| 7     |   Pico Art       | Major       | 11   | 4    | The        |
| )  Am |   International  | Shareholder | ,681 | ,508 | company    |
| ounts |   Pte Ltd.       |             | ,641 | ,550 | owes Pico  |
|       |                  | Same        |      |      | Art        |
|   due |   Pico Global    | Ultimate    | 38   | 27   | Int        |
|       |   Services       | Holding     | ,440 | ,398 | ernational |
|    to |   Limited        | Company     |      |      | Pte. and   |
|       |                  |             |      |      | Pico group |
|    re |   .              |             |      |      | of         |
| lated |                  |             |      |      | companies  |
|       |                  |             |      |      | a          |
|    pa |                  |             |      |      | management |
| rties |                  |             |      |      | fee per    |
|       |                  |             |      |      | (10),      |
|       |                  |             |      |      | media      |
|       |                  |             |      |      | charges    |
|       |                  |             |      |      | and        |
|       |                  |             |      |      | marketing  |
|       |                  |             |      |      | materials. |
|       |                  |             |      |      | These      |
|       |                  |             |      |      | charges    |
|       |                  |             |      |      | are        |
|       |                  |             |      |      | considered |
|       |                  |             |      |      | normal     |
|       |                  |             |      |      | business   |
|       |                  |             |      |      | tra        |
|       |                  |             |      |      | nsactions. |
|       |                  |             |      |      | The policy |
|       |                  |             |      |      | for        |
|       |                  |             |      |      | in         |
|       |                  |             |      |      | tercompany |
|       |                  |             |      |      | t          |
|       |                  |             |      |      | ransaction |
|       |                  |             |      |      | is that    |
|       |                  |             |      |      | market     |
|       |                  |             |      |      | pricing is |
|       |                  |             |      |      | charged.   |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 11   | 4    |            |
|       |                  |             | ,720 | ,535 |            |
|       |                  |             | ,081 | ,948 |            |
+-------+------------------+-------------+------+------+------------+
| 8)    |   U-Rent Company | Associated  | -    | 337  | In 2005 Px |
|   Div |   Limited        | Company     |      | ,500 | Company    |
| idend |                  |             |      |      | which is   |
|     i |                  |             |      |      | our        |
| ncome |                  |             |      |      | subsidiary |
|       |                  |             |      |      | received a |
|       |                  |             |      |      | dividend   |
|       |                  |             |      |      | payment    |
|       |                  |             |      |      | from U     |
|       |                  |             |      |      | Rent Co.,  |
|       |                  |             |      |      | Ltd. No    |
|       |                  |             |      |      | dividend   |
|       |                  |             |      |      | payment is |
|       |                  |             |      |      | made this  |
|       |                  |             |      |      | year.      |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | -    | 337  |            |
|       |                  |             |      | ,500 |            |
+-------+------------------+-------------+------+------+------------+
| Ac    | Company          | R           | Tra  |      | Remarks    |
| count |                  | elationship | nsac |      |            |
|       |                  |             | tion |      |            |
|       |                  |             | V    |      |            |
|       |                  |             | alue |      |            |
|       |                  |             | (B   |      |            |
|       |                  |             | aht) |      |            |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 2006 | 2005 |            |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 1    | 1    |            |
|       |                  |             | Nov  | Nov  |            |
|       |                  |             | 0    | 0    |            |
|       |                  |             | 5-31 | 4-31 |            |
|       |                  |             | Oct  | Oct  |            |
|       |                  |             | 06   | 05   |            |
+-------+------------------+-------------+------+------+------------+
| 9     |   Pico Art       | Major       | 257  | -    | This       |
| )  Am |   International  | Shareholder | ,335 |      | represents |
| ounts |   Pte Ltd.       |             |      | 2    | services   |
|       |                  | Same        | -    | ,564 | rendered   |
|   due |   Pico Global    | Ultimate    |      |      | to         |
|       |   Services       | Holding     | 13   | 17   | companies  |
|  from |   Limited        | Company     | ,600 | ,848 | in Pico    |
|       |                  |             |      |      | Network    |
|    re |   U-Rent Company | Associated  |      |      | and our    |
| lated |   Limited        | Company     |      |      | su         |
|       |                  |             |      |      | bsidiaries |
|    pa |                  |             |      |      | consisting |
| rties |                  |             |      |      | of         |
|       |                  |             |      |      | advances   |
|       |                  |             |      |      | in payment |
|       |                  |             |      |      | of         |
|       |                  |             |      |      | utilities. |
|       |                  |             |      |      | 60-90 days |
|       |                  |             |      |      | are given  |
|       |                  |             |      |      | which is   |
|       |                  |             |      |      | considered |
|       |                  |             |      |      | normal     |
|       |                  |             |      |      | trade      |
|       |                  |             |      |      | tr         |
|       |                  |             |      |      | ansaction. |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 270  | 20   |            |
|       |                  |             | ,935 | ,412 |            |
+-------+------------------+-------------+------+------+------------+
| 10)   |   Pico Art       | Major       | 22   | 15   | This       |
| Manag |   International  | Shareholder | ,745 | ,493 | represents |
| ement |   Pte Ltd.       |             | ,446 | ,753 | management |
| fee   |                  |             |      |      | fee        |
| (Expe |                  |             |      |      | according  |
| nses) |                  |             |      |      | to the     |
|       |                  |             |      |      | In         |
|       |                  |             |      |      | tellectual |
|       |                  |             |      |      | Property   |
|       |                  |             |      |      | License    |
|       |                  |             |      |      | Agreement  |
|       |                  |             |      |      | and        |
|       |                  |             |      |      | Offshore   |
|       |                  |             |      |      | Services   |
|       |                  |             |      |      | Agreement. |
|       |                  |             |      |      | 2.53% of   |
|       |                  |             |      |      | revenue is |
|       |                  |             |      |      | paid for   |
|       |                  |             |      |      | trade and  |
|       |                  |             |      |      | copyrights |
|       |                  |             |      |      | related to |
|       |                  |             |      |      | Pico Art.  |
|       |                  |             |      |      | The fee    |
|       |                  |             |      |      | covers     |
|       |                  |             |      |      | c          |
|       |                  |             |      |      | ooperation |
|       |                  |             |      |      | and        |
|       |                  |             |      |      | assistance |
|       |                  |             |      |      | from Pico  |
|       |                  |             |      |      | Art in     |
|       |                  |             |      |      | t          |
|       |                  |             |      |      | echnology, |
|       |                  |             |      |      | training   |
|       |                  |             |      |      | and        |
|       |                  |             |      |      | personnel  |
|       |                  |             |      |      | d          |
|       |                  |             |      |      | evelopment |
|       |                  |             |      |      | and        |
|       |                  |             |      |      | marketing  |
|       |                  |             |      |      | co         |
|       |                  |             |      |      | operation. |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 22   | 15   |            |
|       |                  |             | ,745 | ,493 |            |
|       |                  |             | ,446 | ,753 |            |
+-------+------------------+-------------+------+------+------------+
| 11)   |   Pico Art       |   Major     | -    | 110  | Rental     |
| Other |   International  |             |      | ,642 | income for |
| i     |   Pte Ltd.       | Shareholder | 47   |      | space      |
| ncome |                  |             | ,667 | -    | leased to  |
|       |   Pico Global    | Same        |      |      | U Rent     |
|       |   Services       | Ultimate    | 486  | 648  | Co., Ltd.  |
|       |   Limited        | Holding     | ,261 | ,348 | at rates   |
|       |                  | Company     |      |      | consistent |
|       |   U-Rent Company |             |      |      | with       |
|       |   Limited        |             |      |      | market.    |
|       |                  |  Associated |      |      | Income     |
|       |   .              |   Company   |      |      | received   |
|       |                  |             |      |      | from Pico  |
|       |                  |             |      |      | Global     |
|       |                  |             |      |      | Services   |
|       |                  |             |      |      | was for    |
|       |                  |             |      |      | meeting    |
|       |                  |             |      |      | conference |
|       |                  |             |      |      | at rate    |
|       |                  |             |      |      | which is   |
|       |                  |             |      |      | consistent |
|       |                  |             |      |      | with Pico  |
|       |                  |             |      |      | Global     |
|       |                  |             |      |      | Services   |
|       |                  |             |      |      | payment to |
|       |                  |             |      |      | other      |
|       |                  |             |      |      | sub        |
|       |                  |             |      |      | sidiaries. |
+-------+------------------+-------------+------+------+------------+
|       |                  |             |      |      |            |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 533  | 758  |            |
|       |                  |             | ,928 | ,990 |            |
+-------+------------------+-------------+------+------+------------+
| Ac    | Company          | R           | Tra  |      | Remarks    |
| count |                  | elationship | nsac |      |            |
|       |                  |             | tion |      |            |
|       |                  |             | V    |      |            |
|       |                  |             | alue |      |            |
|       |                  |             | (B   |      |            |
|       |                  |             | aht) |      |            |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 2006 | 2005 |            |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 1    | 1    |            |
|       |                  |             | Nov  | Nov  |            |
|       |                  |             | 0    | 0    |            |
|       |                  |             | 5-31 | 4-31 |            |
|       |                  |             | Oct  | Oct  |            |
|       |                  |             | 06   | 05   |            |
+-------+------------------+-------------+------+------+------------+
| 12)   |   Pico Art       | Major       | 12   | 21   | The        |
| Divi  |   International  | Shareholder | ,707 | ,496 | company    |
| dends |   Pte Ltd.       |             | ,500 | ,667 | paid       |
|       |                  | Directors   |      |      | dividends  |
|       |   Directors      |             | 10   | 19   | to major   |
|       |                  |             | ,724 | ,854 | sha        |
|       |                  |             | ,519 | ,359 | reholders, |
|       |                  |             |      |      | Pico Art   |
|       |                  |             |      |      | Int        |
|       |                  |             |      |      | ernational |
|       |                  |             |      |      | and        |
|       |                  |             |      |      | directors: |
|       |                  |             |      |      | Mr. Pised, |
|       |                  |             |      |      | Mr.        |
|       |                  |             |      |      | Silchai,   |
|       |                  |             |      |      | and Miss   |
|       |                  |             |      |      | Nitida in  |
|       |                  |             |      |      | amount of  |
|       |                  |             |      |      | Baht       |
|       |                  |             |      |      | 1          |
|       |                  |             |      |      | 2,707,500, |
|       |                  |             |      |      | Baht       |
|       |                  |             |      |      | 9,9        |
|       |                  |             |      |      | 73,266.92, |
|       |                  |             |      |      | Baht       |
|       |                  |             |      |      | 435,027.96 |
|       |                  |             |      |      | and Baht   |
|       |                  |             |      |      | 316,223.80 |
|       |                  |             |      |      | res        |
|       |                  |             |      |      | pectively. |
|       |                  |             |      |      | This       |
|       |                  |             |      |      | payment is |
|       |                  |             |      |      | consistent |
|       |                  |             |      |      | with rate  |
|       |                  |             |      |      | paid to    |
|       |                  |             |      |      | other      |
|       |                  |             |      |      | sha        |
|       |                  |             |      |      | reholders. |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 23   | 41   |            |
|       |                  |             | ,432 | ,351 |            |
|       |                  |             | ,019 | ,026 |            |
+-------+------------------+-------------+------+------+------------+
| 13)   |   Pico Art       |   Major     | 476  | 152  | Payments   |
| Other |   International  |             | ,488 | ,223 | were made  |
| exp   |   Pte Ltd.       | Shareholder |      |      | to several |
| enses |                  |             | -    | 90   | companies  |
|       |   Pico           | Same        |      | ,239 | within the |
|       |   International  | Ultimate    | 189  |      | Pico group |
|       |   Ltd.           | Holding     | ,517 | 245  | for items  |
|       |                  | Company     |      | ,434 | such as    |
|       |   Pico Global    |             |      |      | office     |
|       |   Services       | Same        |      |      | supplies   |
|       |   Limited        | Ultimate    |      |      | with “Pico |
|       |                  | Holding     |      |      | Network”   |
|       |                  | Company     |      |      | heading,   |
|       |                  |             |      |      | insurance  |
|       |                  |             |      |      | for works  |
|       |                  |             |      |      | performed. |
|       |                  |             |      |      | These      |
|       |                  |             |      |      | payments   |
|       |                  |             |      |      | are        |
|       |                  |             |      |      | considered |
|       |                  |             |      |      | normal     |
|       |                  |             |      |      | business   |
|       |                  |             |      |      | tr         |
|       |                  |             |      |      | ansactions |
|       |                  |             |      |      | and the    |
|       |                  |             |      |      | charges    |
|       |                  |             |      |      | are        |
|       |                  |             |      |      | similar to |
|       |                  |             |      |      | amounts    |
|       |                  |             |      |      | paid by    |
|       |                  |             |      |      | all Pico   |
|       |                  |             |      |      | companies  |
|       |                  |             |      |      | worldwide. |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 666  | 487  |            |
|       |                  |             | ,005 | ,896 |            |
+-------+------------------+-------------+------+------+------------+
| 14)   |   Directors      |   Director  | 4    | 4    | Co         |
| Direc |                  |             | ,400 | ,000 | mpensation |
| tors’ |                  |             | ,000 | ,000 | was made   |
| re    |                  |             |      |      | to         |
| muner |                  |             |      |      | directors  |
| ation |                  |             |      |      | in         |
|       |                  |             |      |      | accordance |
|       |                  |             |      |      | with the   |
|       |                  |             |      |      | sha        |
|       |                  |             |      |      | reholders’ |
|       |                  |             |      |      | r          |
|       |                  |             |      |      | esolution. |
+-------+------------------+-------------+------+------+------------+

+-------+------------------+-------------+------+------+------------+
| Ac    | Company          | R           | Tra  |      | Remarks    |
| count |                  | elationship | nsac |      |            |
|       |                  |             | tion |      |            |
|       |                  |             | V    |      |            |
|       |                  |             | alue |      |            |
|       |                  |             | (B   |      |            |
|       |                  |             | aht) |      |            |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 2006 | 2005 |            |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 1    | 1    |            |
|       |                  |             | Nov  | Nov  |            |
|       |                  |             | 0    | 0    |            |
|       |                  |             | 5-31 | 4-31 |            |
|       |                  |             | Oct  | Oct  |            |
|       |                  |             | 06   | 05   |            |
+-------+------------------+-------------+------+------+------------+
| 15)   |   Joint Venture  |   Joint     | 5    | -    | Advances   |
| Short |                  |   Venture   | ,054 |      | made and   |
| –     |                  |             | ,915 |      | considered |
| term  |                  |             |      |      | normal     |
| loan  |                  |             |      |      | business   |
| to a  |                  |             |      |      | tr         |
| re    |                  |             |      |      | ansaction. |
| lated |                  |             |      |      |            |
| party |                  |             |      |      |            |
+-------+------------------+-------------+------+------+------------+
| 16)   |   Joint Venture  |   Joint     | 4    | -    | Retention  |
| Other |                  |   Venture   | ,064 |      | deducted   |
| cu    |                  |             | ,722 |      | by the     |
| rrent |                  |             |      |      | joint      |
| asset |                  |             |      |      | venture on |
|       |                  |             |      |      | each       |
|       |                  |             |      |      | progress   |
|       |                  |             |      |      | payment    |
|       |                  |             |      |      | received   |
|       |                  |             |      |      | similar to |
|       |                  |             |      |      | retention  |
|       |                  |             |      |      | deducted   |
|       |                  |             |      |      | by other   |
|       |                  |             |      |      | customers. |
+-------+------------------+-------------+------+------+------------+
| 17)   |   Pico Australia | Same        | 136  | -    | Advance    |
| The   |   Pty Ltd.       | Ultimate    | ,796 |      | payment    |
| gross |                  | Holding     |      |      | received   |
| a     |                  | Company     |      |      | for works  |
| mount |                  |             |      |      | to be      |
| due   |                  |             |      |      | completed. |
| to    |                  |             |      |      | This is    |
| cust  |                  |             |      |      | normal     |
| omers |                  |             |      |      | trade      |
| for   |                  |             |      |      | t          |
| con   |                  |             |      |      | ransaction |
| tract |                  |             |      |      | where      |
| work  |                  |             |      |      | advance    |
|       |                  |             |      |      | payment is |
|       |                  |             |      |      | made as a  |
|       |                  |             |      |      | condition  |
|       |                  |             |      |      | of the     |
|       |                  |             |      |      | contract.  |
+-------+------------------+-------------+------+------+------------+
| 18)   |   Joint Venture  |   Joint     | 925  | -    | Deduction  |
| Dep   |                  |   Venture   | ,415 |      | made on    |
| osits |                  |             |      |      | progress   |
| rec   |                  |             |      |      | payment by |
| eived |                  |             |      |      | the joint  |
| from  |                  |             |      |      | venture to |
| cust  |                  |             |      |      | liquidate  |
| omers |                  |             |      |      | the        |
|       |                  |             |      |      | advance    |
|       |                  |             |      |      | payment    |
|       |                  |             |      |      | received.  |
|       |                  |             |      |      | Considered |
|       |                  |             |      |      | normal     |
|       |                  |             |      |      | trade      |
|       |                  |             |      |      | practice   |
+-------+------------------+-------------+------+------+------------+

+-------+------------------+-------------+------+------+------------+
| Ac    | Company          | R           | Tra  |      | Remarks    |
| count |                  | elationship | nsac |      |            |
|       |                  |             | tion |      |            |
|       |                  |             | V    |      |            |
|       |                  |             | alue |      |            |
|       |                  |             | (B   |      |            |
|       |                  |             | aht) |      |            |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 2006 | 2005 |            |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 1    | 1    |            |
|       |                  |             | Nov  | Nov  |            |
|       |                  |             | 0    | 0    |            |
|       |                  |             | 5-31 | 4-31 |            |
|       |                  |             | Oct  | Oct  |            |
|       |                  |             | 06   | 05   |            |
+-------+------------------+-------------+------+------+------------+
| 19)   |   U-Rent Company |             | 2    | 1    |   Pico     |
| I     |   Limited        |  Associated | ,316 | ,560 |   invested |
| nvest |                  |   Company   | ,743 | ,155 |   in       |
| ments |   Bec – Tero     |             |      |      |   Inkjet   |
| using |   Exhibition     |             | 366  | -    |   Images   |
| the   |   Co.,Ltd        |  Associated | ,906 |      |            |
| e     |                  |   Company   |      | -    | (Thailand) |
| quity |   Designlab MISC |             | 487  |      |   Co.,     |
| m     |   Company        |             | ,543 | -    |   Ltd.     |
| ethod |   Limited        |  Associated |      |      |   ,Bec –   |
|       |                  |   Company   | 2    | 4    |   Tero     |
|       |   Ibrix Company  |             | ,212 | ,047 |            |
|       |   Limited        |             | ,655 | ,477 | Exhibition |
|       |                  |  Associated |      |      |   Co.,Ltd. |
|       |   Inkjet Images  |   Company   | 4    |      |   ,        |
|       |   (Thailand)     |             | ,884 |      |            |
|       |   Co., Ltd       |             | ,319 |      |  Designlab |
|       |                  |  Associated |      |      |   MISC     |
|       |                  |   Company   |      |      |   Company  |
|       |                  |             |      |      |   Limited. |
|       |                  |             |      |      |   And      |
|       |                  |             |      |      |   Ibrix    |
|       |                  |             |      |      |   Company  |
|       |                  |             |      |      |   Limited  |
|       |                  |             |      |      |   at       |
|       |                  |             |      |      |            |
|       |                  |             |      |      |  22.22%,39 |
|       |                  |             |      |      |   % ,20    |
|       |                  |             |      |      |   and 40   |
|       |                  |             |      |      |   res      |
|       |                  |             |      |      | pectively. |
|       |                  |             |      |      |   PX       |
|       |                  |             |      |      |   System   |
|       |                  |             |      |      |   invested |
|       |                  |             |      |      |   in       |
|       |                  |             |      |      |   U-Rent   |
|       |                  |             |      |      |   at 22.5% |
|       |                  |             |      |      |            |
|       |                  |             |      |      | Pico       |
|       |                  |             |      |      | (Thailand) |
|       |                  |             |      |      | Plc. and   |
|       |                  |             |      |      | PX System  |
|       |                  |             |      |      | Co., Ltd.  |
|       |                  |             |      |      | recorded   |
|       |                  |             |      |      | the        |
|       |                  |             |      |      | investment |
|       |                  |             |      |      | at net     |
|       |                  |             |      |      | book value |
|       |                  |             |      |      | which is   |
|       |                  |             |      |      | deemed to  |
|       |                  |             |      |      | represent  |
|       |                  |             |      |      | a fair     |
|       |                  |             |      |      | value.     |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 10   | 5    |            |
|       |                  |             | ,268 | ,607 |            |
|       |                  |             | ,166 | ,602 |            |
+-------+------------------+-------------+------+------+------------+
| 20)   |   U-Rent Company |             | 756  | 585  |   Pico     |
| Share |   Limited        |  Associated | ,588 | ,813 |   invested |
| of    |                  |   Company   |      |      |   in       |
| pr    |   Inkjet Images  |             | 836  | (    |   Inkjet   |
| ofits |   (Thailand)     |             | ,872 | 142, |   Images   |
| from  |   Co., Ltd       |  Associated |      | 938) |            |
| i     |                  |   Company   | (1,  |      | (Thailand) |
| nvest |   Bec – Tero     |             | 583, | -    |   Co.,     |
| ments |   Exhibition     |             | 073) |      |   Ltd.     |
| using |   Co.,Ltd        |  Associated |      | -    |   ,Bec –   |
| the   |                  |   Company   | 87   |      |   Tero     |
| e     |   Designlab MISC |             | ,643 | -    |            |
| quity |   Company        |             |      |      | Exhibition |
| m     |   Limited        |  Associated | 212  |      |   Co.,Ltd. |
| ethod |                  |   Company   | ,855 |      |   ,        |
|       |   Ibrix Company  |             |      |      |            |
|       |   Limited        |             |      |      |  Designlab |
|       |                  |  Associated |      |      |   MISC     |
|       |                  |   Company   |      |      |   Company  |
|       |                  |             |      |      |   Limited. |
|       |                  |             |      |      |   And      |
|       |                  |             |      |      |   Ibrix    |
|       |                  |             |      |      |   Company  |
|       |                  |             |      |      |   Limited  |
|       |                  |             |      |      |   at       |
|       |                  |             |      |      |            |
|       |                  |             |      |      |  22.22%,39 |
|       |                  |             |      |      |   % ,20    |
|       |                  |             |      |      |   and 40   |
|       |                  |             |      |      |   res      |
|       |                  |             |      |      | pectively. |
|       |                  |             |      |      |   PX       |
|       |                  |             |      |      |   System   |
|       |                  |             |      |      |   invested |
|       |                  |             |      |      |   in       |
|       |                  |             |      |      |   U-Rent   |
|       |                  |             |      |      |   at 22.5% |
|       |                  |             |      |      |            |
|       |                  |             |      |      | Pico       |
|       |                  |             |      |      | (Thailand) |
|       |                  |             |      |      | Plc. and   |
|       |                  |             |      |      | PX System  |
|       |                  |             |      |      | Co., Ltd.  |
|       |                  |             |      |      | recorded   |
|       |                  |             |      |      | the        |
|       |                  |             |      |      | investment |
|       |                  |             |      |      | at net     |
|       |                  |             |      |      | book value |
|       |                  |             |      |      | which is   |
|       |                  |             |      |      | deemed to  |
|       |                  |             |      |      | represent  |
|       |                  |             |      |      | a fair     |
|       |                  |             |      |      | value.     |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 310  | 442  |            |
|       |                  |             | ,885 | ,875 |            |
+-------+------------------+-------------+------+------+------------+

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

-   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

  In the past, as a limited liability company, Pico was not subject to
  regulations concerning intercompany transactions, as is the case with
  a public company. There were 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 was 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 follow the relevant SET announcements with no person with
  vested interest taking part in the approval process of such
  transaction.