-Translation from Thai Text-

9. Management

9.1 Company structure as at 31 October 2007

-Translation from Thai Text-

Organization Structure of Directors

There are 3 boards in Pico’s structure.

1. The Board of Directors

As of 31 October 2007 there are 9 members of the Board of Directors. 5
of whom are non management and 3 are independent directors. 6 Board of
directors’ meetings were held in 2007 with principal agenda prepared in
advance throughout the year. The agenda and related materials were
distributed to the directors to study prior to the meetings.
Consideration is given to the maximum benefits to the shareholders and
all stakeholders in the deliberation of issues. Adequate time is
provided to the discussion and directors are encouraged to present their
opinions freely. The chairman is responsible for time allocation in the
meetings.

1. Mr. Chia Song Heng Chairman

2. Mr. Pised Chungyampin Vice Chairman

3. Mr. Silchai Kiatpapan Director

4. Ms. Nitida Thamasoontra Director

5. Mr. Chong Mang Yong Director

6. Mr. Viriya Pholpoke Director and Executive Advisor

  7. Mr. Chaiyod Bunyagidj Independent director and Chairman of the
  audit committee

  8. Mr. Sern Vithespongse Independent director and audit committee
  member

  9. Mrs.Sasitorn Phongsathorn Independent Director and audit committee
  member

  With Miss Nitida Thamasoontra as the secretary to the Board of
  directors

Terms of office

Members of the Board serve a period of 3 years. 1/3 of all directors
must retire by rotation with the longest serving directors retiring
first. Retiring directors may be reelected to serve another term.

Directors authorized to sign and bind the company:

Directors authorized to sign and bind the company are Mr. Pised
Chungyampin together with Mr. Chia Song Heng or Mr. Silchai Kiatpapan or
Miss Nitida Thamasoontra or Mr. Chong Mang Yong, constituting 2
signatures with the company’s seal affixed.

Scope of authority of the Board of Directors

1.  The Board of Director’s functions

  The Board of Directors shall act to ensure maximum benefits from the
  conduct of the company’s business by using its knowledge and
  experience to the fullest capability. It shall conduct its role
  according to the company’s memorandum of association and bylaws with
  due care and discretion to protect the rights of and be responsible to
  the shareholders.

2.  Establishing the company’s objectives, business direction and policy

  The Board is charged with the setting of appropriate policy and
  business direction of the company except the policy or business
  direction which requires shareholders’ approval.

3.  Appointment and Supervision of the Executive Committee

  The Board is empowered to appoint a committee consisting of directors
  as it deems appropriate to act as an Executive Committee to manage on
  its behalf. In this respect the Board of Directors at its meeting
  1/2003 held on 29^(th) August 2003 resolved to appoint an Executive
  Committee and clearly established its scope, power and duties. The
  Board of Directors will be responsible for the supervision to ensure
  that the Executive Committee effectively carries out the approved
  policies.

4.  Appointments and delegation of authority to other persons.

-Translation from Thai Text-

  The Board of Directors may appoint any other person to conduct the
  company’s business under its supervision or it may delegate authority
  to said person as it deems appropriate. The time period of this
  authority delegation shall be set as the Board deems appropriate and
  the Board may rescind, remove, alter or modify such delegation. Such
  appointment or delegation shall fall under the following rules:

(1) Any appointment and authority delegation shall not be bestowed on
    person(s) with a vested interest in or is in conflict with the
    company or its subsidiaries.

(2) Person(s) so appointed and delegated shall not be able to approve
    transactions that involve themselves or persons that may be in
    conflict with, possessing vested interest in or having any other
    potential conflict of interest against the company or its
    subsidiaries

(3) Appointment and delegation must be accompanied by a clear
    establishment of scope of authority, duty, and responsibility and
    must be in accordance with the resolution of the Board of Directors
    meeting attended by independent directors or members of the audit
    committee. In the case that such delegation of power is objected to
    by a member of the independent director or an audit committee member
    such objection shall be clearly recorded in the minutes of the
    meeting.

2. The Executive Committee

  As of 31 October 2007, the company has 4 executive committee members.

  1. Mr. Pised Chungyampin Executive Chairman

  2. Mr. Chia Song Heng Executive Committee Member

  3. Mr. Silchai Kiatpapan Chief Executive Officer

  4. Ms. Nitida Thamasoontra Chief Financial Officer

  Scope of duty and authority of the Executive Committee

  2.1 To propose for the Approval by the Board of Directors the
  followings:

-   Business objectives and direction.

-   Business strategy and policy.

-   Annual business plan and budget.

-   Organizational structure and management including details on
    selection, training, recruitment and termination of employees.

  2.2 Supervision and overseeing that the company’s business operation
  follows the Board’s approved business strategy, policy and plan

  2.3 Screening of business contractual obligations of the company,
  acquisition of assets or rights to be used to the benefit of the
  company. This includes the setting up of negotiating processes in the
  closing of the said contracts.

  2.4 Screening of fiduciary contracts, lending, borrowing and
  undertaking of guarantee by the company.

  2.5 Acting on contract amendment and termination in accordance with
  the Executive Committee’s discretion.

  2.6 To consider the profit and loss account of the company and the
  proposal of an interim or annual dividend payment to the Board of
  Directors for approval.

  2.7 To engage in any other action in order to support the above or as
  may be delegated by the Board of Directors from time to time.

The foregoing duties and powers of the Executive Committee shall be
under the law and the company’s bylaws. The Executive Committee shall
not have the authority to approve transaction that its members or others
may be in conflict with or possess a vested interest in or having any
conflict of interest against the company or its subsidiaries. Should
such a case arise, the Executive Committee shall refer the case for
consideration by the Board of Directors.

-Translation from Thai Text-

Management:

  6 senior management executive comprise the management team:

  1. Mr. Pised Chungyampin Executive Chairman

  2. Mr. Chia Song Heng Executive Committee

  3. Mr. Silchai Kiatpapan Chief Executive Officer

  4. Ms. Nitida Thamasoontra Chief Financial Officer

  5. Mr. Chokchai Vatcharanirunkul Senior Executive Vice President /
  Event Marketing & Special Project

  6. Ms. Supaporn Sawangjitt Executive Vice President / Event Marketing
  I

3. The Audit Committee

As of 31 October 2007, there are 3 members of the audit committee.

1. Mr. Chaiyod Bunyagidj Chairman of Audit Committee

2. Mr. Sern Vithespongse Audit Committee

  3. Mrs. Sasitorn Phongsathorn Audit Committee

  Ms. Nitida Thamasoontra servicing as secretary to the committee

Qualifications of the independent directors

1)  Holding less than 5% of the outstanding shares with voting rights in
    the company, subsidiaries, associated companies or persons deemed to
    represent conflict of interest (including such persons described in
    code 258 of the Securities and Exchange Act B.E. 2535)

2)  Having no part in management including not being a member of the
    employees, staff, salaried advisor or authorized management of the
    company, subsidiaries, associated companies or a person deemed to
    represent a conflict of interest during the past year.

3)  Having no direct or indirect business relationship, benefits, stake
    in the company. This covers the financial and administration of the
    company, subsidiaries, associated companies or persons where
    conflicts could compromise independence.

4)  Not being closely related to management, major shareholders of the
    company, subsidiaries, associated companies or persons who may be in
    conflict. Not also having been appointed as attorneys representing
    the interest of the directors or the major shareholders.

Scope of authority of the audit committee

1. Review to ensure that the company’s financial reports are correct and
with adequate disclosure. This is done through coordination with the
external auditor and line management tasked with the preparation of
quarterly and annual financial reports.

2. Review to ensure that the company has an adequate and effective
internal control and audit process.

3. Review to ensure that the company’s operation is in compliance with
the laws concerning securities and the Stock Exchange of Thailand (SET),
the decrees of the SET or the laws pertinent to the company’s business.

4. Selection of the company’s auditor and set its remuneration to be
proposed to the company’s Board of Directors to be forwarded to the
shareholders for appointment.

5. Release a complete and accurate disclosure of intercompany
transactions or other transactions that may be of conflict of interest
in nature.

-Translation from Thai Text-

6. Preparation of the audit committee’s report on its supervision of the
company’s operation and to disclose this in the company’s annual report
under the signature of the committee’s chairman.

7. Engage in any other functions as assigned by the Board of Directors.

9.2 Selection of Directors and Management Executives

The Company's selection process for directors is by the delegation of
the chairman to the directors to assist in the search for an
appropriately qualified person who is not held in contrary to the laws
pertaining to the Public Company Act. The search focuses on the vision,
basic qualifications and the extensive experience which will be
beneficial to the business operation, moral and ethical
values all of which must be in compliance with the code 68 of the B.E.
2535 Public Company Act and the pertinent announcements of the SEC. The
selection made is to be submitted to the Board of Directors for further
screening. There is no specific selection committee appointed.

Should a seat on the Board of directors become vacant for any reason the
remaining members may elect a person they deem qualified to become a
director and attend the following board meeting without calling for a
shareholder’s meeting for ratification. This director will only assume
the remaining tenure of the director whom he/she replaces only.

As for executive management position, the selection by the Executive
Committee uses similar criteria and procedure.

9.3 Directors’ Compensation

(1) Monetary compensation

-   Directors

The 2007 Annual General Meeting of Shareholders held on 16 February 2007
approved directors’ remuneration 2007 in the amount not exceeding Baht
6,000,000 and a special directors’ bonus for 2006 of Baht 1,000,000 with
the disbursement to be decided by the Board of directors. This is
effective from the date of the Annual General Meeting of Shareholders
until otherwise changed by another shareholders’ resolution

Details of the director’s remuneration payment

1.  Monthly compensation of Baht 5,000 each for 9 directors totaling
    Baht 540,000 per annum

2.  Meeting attendance allowance of Baht 15,000 per person per
    attendance. 6 meetings were held with a total of Baht 750,000 paid
    for the year.

3.  Annual compensation for 3 audit committee members at Baht 200,000
    each payable on a quarterly basis for a total of Baht 600,000 for
    the year.

4.  Directors’ bonus

  Given the responsibility of the 3 audit committee members and
  executive advisor, the Board of Directors voted to approve a bonus
  payment of Baht 3,110,000 to these 4 members.

  The 2007 Annual General Meeting of Shareholders held on 16 February
  2007 voted to approve a special bonus to these 4 directors for 2006 to
  the amount of Baht 1,000,000.

  The total bonus amounts to Baht 4,110,000

  Total directors’ remuneration Baht 6,000,000

Monetary compensation to directors in 2007 is in the form of monthly
compensation, meeting attendance, audit fee and bonus totaling Baht
6,000,000 as per the following details:

-Translation from Thai Text-

+-------------------+-------+-------+-----+-----+-------+-----+-----+
|   Name-Surname    |   Dir |       |     |     | Total | S   | Gr  |
|                   | ector |       |     |     |       | pec | and |
|                   |   co  |       |     |     | (     | ial | To  |
|                   | mpens |       |     |     | Baht/ | bo  | tal |
|                   | ation |       |     |     | Year) | nus |     |
|                   |       |       |     |     |       |     |     |
|                   |       |       |     |     |       | 2   |     |
|                   |       |       |     |     |       | 006 |     |
+-------------------+-------+-------+-----+-----+-------+-----+-----+
|                   | Mo    | Atte  | Au  | Bo  |       |     |     |
|                   | nthly | nding | dit | nus |       |     |     |
|                   | Fee   | Fee   | com |     |       |     |     |
|                   |       |       | mit |     |       |     |     |
|                   | (pe   |       | tee |     |       |     |     |
|                   | rson/ |       |     |     |       |     |     |
|                   | year) |       |     |     |       |     |     |
+-------------------+-------+-------+-----+-----+-------+-----+-----+
| 1. Mr. Chia Song  | 6     | 7     |     |     |   13  |     | 1   |
| Heng              | 0,000 | 5,000 |     |     | 5,000 |     | 35, |
|                   |       |       |     |     |       |     | 000 |
+-------------------+-------+-------+-----+-----+-------+-----+-----+
| 2. Mr. Pised      | 6     | 9     |     |     |   15  |     | 1   |
| Chungyampin       | 0,000 | 0,000 |     |     | 0,000 |     | 50, |
|                   |       |       |     |     |       |     | 000 |
+-------------------+-------+-------+-----+-----+-------+-----+-----+
| 3. Mr. Silchai    | 6     | 9     |     |     |   15  |     | 1   |
| Kiatpapan         | 0,000 | 0,000 |     |     | 0,000 |     | 50, |
|                   |       |       |     |     |       |     | 000 |
+-------------------+-------+-------+-----+-----+-------+-----+-----+
| 4. Ms. Nitida     | 6     | 9     |     |     |   15  |     | 1   |
| Thamasoontra      | 0,000 | 0,000 |     |     | 0,000 |     | 50, |
|                   |       |       |     |     |       |     | 000 |
+-------------------+-------+-------+-----+-----+-------+-----+-----+
| 5. Mr. Chong Mang | 6     | 6     |     |     |   12  |     | 1   |
| Yong              | 0,000 | 0,000 |     |     | 0,000 |     | 20, |
|                   |       |       |     |     |       |     | 000 |
+-------------------+-------+-------+-----+-----+-------+-----+-----+
| 6. Mr. Viriya     | 6     | 9     |     |   7 |   92  | 2   | 1,1 |
| Pholpoke          | 0,000 | 0,000 |     | 70, | 0,000 | 50, | 70, |
|                   |       |       |     | 000 |       | 000 | 000 |
+-------------------+-------+-------+-----+-----+-------+-----+-----+
| 7. Mr. Chaiyod    | 6     | 9     | 2   |   8 | 1,15  | 2   | 1,4 |
| Bunyagidj         | 0,000 | 0,000 | 00, | 00, | 0,000 | 50, | 00, |
|                   |       |       | 000 | 000 |       | 000 | 000 |
+-------------------+-------+-------+-----+-----+-------+-----+-----+
| 8. Mr. Sern       | 6     | 9     | 2   |   7 | 1,12  | 2   | 1,3 |
| Vithespongse      | 0,000 | 0,000 | 00, | 70, | 0,000 | 50, | 70, |
|                   |       |       | 000 | 000 |       | 000 | 000 |
+-------------------+-------+-------+-----+-----+-------+-----+-----+
| 9. Ms. Sasitorn   | 6     | 7     | 2   |   7 | 1,10  | 2   | 1,3 |
| Phongsathorn      | 0,000 | 5,000 | 00, | 70, | 5,000 | 50, | 55, |
|                   |       |       | 000 | 000 |       | 000 | 000 |
+-------------------+-------+-------+-----+-----+-------+-----+-----+
|                   | 54    | 75    | 6   | 3,1 | 5,00  | 1,0 | 6,0 |
|                   | 0,000 | 0,000 | 00, | 10, | 0,000 | 00, | 00, |
|                   |       |       | 000 | 000 |       | 000 | 000 |
+-------------------+-------+-------+-----+-----+-------+-----+-----+

-   Management

In 2006 monetary compensation of Baht 33,952,960 was paid to 9
management executive members and 1 executive advisor in form of salary
and bonuses. In 2007 this amount was Baht 30,404,400 paid to 6
management executive members and 1 executive advisor.

(2) Other compensation

-None-

9.4 Good Corporate Governance

The company’s policy is for its members of the Board to comply with the
regulations of listed companies with respect to the duty and
responsibility of directors. Subsequent to the company’s transformation
to a public company, the Board of Directors and the Audit Committee
together established supervisory guidelines in overseeing the company’s
operation and to clearly define the scope of authority of directors and
management. This covers compliance to the law, memorandum of the
association, bylaws and the resolutions of the shareholders with
honesty, integrity and utmost care to ensure maximum benefits to the
company. The directors are also charged with establishing the company’s
policy and business direction and to ensure that the set policy is
followed by management.

Pursuant to the guidelines established by the SET for listed companies
in 2006 on operation oversight 5 principal areas are established:

1. Rights of Shareholders

Shareholders are the rightful owners of the company whose rights and
privileges are recognized and respected. These are: shares buy/sell,
shares transfer, profit sharing, rights to attend meetings, participate
in agenda deliberation and voting.

The Board of Directors shall arrange a shareholders’ meeting with a 7
days advance notice to all shareholders. Shareholders will be informed
in writing of all agenda together with the directors; opinion and
recommendation for each of the agenda presented. During the meeting the
shareholders will have the rights to freely question and express their
opinion during the deliberation of each issue. Minutes of the meeting
will be recorded accurately and in full covering questions and answers
for shareholders’ later perusal.

2. Equal Treatment to all shareholders.

Each shareholder or group of shareholders is treated equally whether
they are management or non management, majority or minority shareholders
or foreign shareholders:

-Translation from Thai Text-

-   Shareholders unable to attend meeting may appoint proxy holders to
    attend and vote on their behalf.

-   To ensure transparency and accountability

-   Shareholders who are executive committee members shall not add
    unnecessary agenda to the meeting especially significant issues
    where shareholders need time to study the motion prior to making a
    decision.

3. Stakeholders

All stakeholders are equally treated to foster a harmonious relationship
leading to the growth and prosperity of the company in the long run.

The followings are undertaken:

  Employees: The Company is fully cognizant that employees are its most
  important asset and the key to its growth. Training programs are
  established and on going to develop the best talents in the business.
  Competitive compensation package and benefits such as provident fund,
  life and health insurance are periodically reviewed to ensure that we
  remain competitive in the market. Feedbacks are encouraged so that
  management can learn of grievances and work toward a mutually
  acceptable resolution.

  Trading partners: Honor the market practice and contractual
  obligations in dealing with our trading partners

  Customers: Maximum benefits to the customers through the best and
  highest service quality, product standard, responsive to needs and
  respect of customer’s privileged information.

  Competitors: We believe that competition induces creative development
  and we abide by the rules of a good competition. We will not resort to
  predatory practices on our competitors.

  Creditors: We believe that contractual obligations must be honored to
  foster a mutually beneficial relationship in the longer term.

  Community: We are aware of our duty and responsibility to the
  community and strive to ensure that the rights of all stakeholders are
  protected through strict compliance to the law and regulations. In
  cooperation with General Motor Sales (Thailand) and Chevrolet Sales
  (Thailand) we have built 15 libraries for provincial schools with 4
  completed and handed over: Banrongdu School in Petchaboon, Baanphonoi
  School in Trang, Huahis Rajbamrung School in Karasin and Baan Huay Plu
  Nang School in Trang with additional 11 to be completed throughout
  Thailand.

4. Disclosure and Transparency.

We are committed to disclosure of information financial or otherwise to
the public through legally sanctioned channels: the SET, Form 56-1,
annual report and company’s website, the periodic meetings with market
analysts. We believe that through these channels shareholders will be
fully informed. Additionally, shareholders and the general public can
always access information through our investor relationship manager. A
shareholders’ visit was conducted on 20 June 2007.

Miss Nitida Thamasoontra, our Chief Financial Officer is our appointed
investor’s relationship manager. She can be contacted at 02-748-7007 or
email: nitida@picothai.com.

-Translation from Thai Text-

5. Directors’ Responsibility

-   The Board of Directors

-   There are 9 members of the Board of Directors with one third or 3
    being independent directors pursuant to the regulation stipulated by
    the SET. Directors serve for a period of 3 years with 1/3 of longest
    serving members retiring in annual rotation.

-   4 directors are appointed as executive directors responsible for
    oversight to ensure that the operation meets with established
    objectives, direction, plan and annual budget. The responsibility of
    the executive board and the board of directors is clearly
    delineated. The Board of Directors is responsible for the oversight
    of the executive board in carrying out the established policy.

  Additionally, an audit committee is appointed with 3 independent
  directors with oversight objective on the company’s operation. This is
  to ensure that the planning and decision making are justified and not
  dominated by the executive directors or by any one group.

-   Non management directors

  The members of the Board of Directors are elected so that no person or
  group of persons has the sole authority in decision making. This is to
  foster effective management and provide a check and balance within the
  company.

-   Executive committee Board members 4

-   Non executive committee Board members 5

-   Independent directors 3

-   The Board of Directors has appointed an audit committee composing of
    all independent directors for oversight. The audit committee meets
    quarterly and reports to the Board of Directors.

-   The Chief Financial Officer serves as the secretary to the Board and
    the audit committee to advise on legal matters of interest to the
    directors and to ensure that the board’s resolutions are carried
    out.

-   Board meetings

  The Board supports regular attendance and encourages the participation
  of the members at meetings which are scheduled quarterly at the
  minimum. Meetings are held to inform of events with members encouraged
  in the business deliberations and participate in the decision making
  processes. Directors are informed in advance of the meeting date and
  venue with agenda and pertinent material supplied. During each meeting
  directors may introduce additional agenda for discussion. Open and
  meaningful discussions are encouraged with the secretary to the board
  responsible for the recording of the minutes. 6 meetings were held in
  2007 as per the following details:

+-------------------------+---------------------------------+----------+
|   Directors             |   Total attendance              |          |
+-------------------------+---------------------------------+----------+
|                         |   6 Board of directors meetings | Total    |
|                         |   in 2007                       |          |
+-------------------------+---------------------------------+----------+
| 1. Mr. Chia Song Heng   |   5                             |   5/6    |
+-------------------------+---------------------------------+----------+
| 2. Mr. Pised            |   6                             |   6/6    |
| Chungyampin             |                                 |          |
+-------------------------+---------------------------------+----------+
| 3. Mr. Silchai          |   6                             |   6/6    |
| Kiatpapan               |                                 |          |
+-------------------------+---------------------------------+----------+
| 4. Ms. Nitida           |   6                             |   6/6    |
| Thamasoontra            |                                 |          |
+-------------------------+---------------------------------+----------+
| 5. Mr. Chong Mang Yong  |   4                             |   4/6    |
+-------------------------+---------------------------------+----------+
| 6. Mr. Viriya Pholpoke  |   6                             |   6/6    |
+-------------------------+---------------------------------+----------+
| 7. Mr. Chaiyod          |   6                             |   6/6    |
| Bunyagidj               |                                 |          |
+-------------------------+---------------------------------+----------+
| 8. Mr. Sern             |   6                             |   6/6    |
| Vithespongse            |                                 |          |
+-------------------------+---------------------------------+----------+
| 9. Ms. Sasitorn         |   5                             |   5/6    |
| Phongsathorn            |                                 |          |
+-------------------------+---------------------------------+----------+

-Translation from Thai Text-

  Other committees

In 2007, 6 audit committee meetings were held.

+---------------------------+-------------------------------+----------+
| Audit committee members   | Total attendance              |          |
+---------------------------+-------------------------------+----------+
|                           | 6 audit committee meetings in |   Total  |
|                           | 2007                          |          |
+---------------------------+-------------------------------+----------+
| 1. Mr. Chaiyod Bunyagidj  |   6                           |   6/6    |
+---------------------------+-------------------------------+----------+
| 2. Mr. Sern Vithespongse  |   6                           |   6/6    |
+---------------------------+-------------------------------+----------+
| 3. Ms. Sasitorn           |   6                           |   6/6    |
| Phongsathorn              |                               |          |
+---------------------------+-------------------------------+----------+

-   Directors and management’s compensation

  Directors’ compensation: Compensation is based upon responsibility,
  duty, role which is clearly defined. The compensation is in line with
  industry’s norm.

  Executive directors’ compensation: The compensation is based upon the
  company’s performance and individual performance of each director and
  is in line with industry. The chairman of the Boards and the non
  connecting directors conduct the performance review.

-   Insider information supervision

  A policy is established so that inside information is not to be used
  for personal gain. This covers spouses and minor children of
  employees. The details are as follows:

1.  All members of management in every department must be informed of
    their responsibility to report their stockholding and the penalties
    for failure to comply in accordance with Securities and Exchange Act
    B.E. 2535 and the regulations of the SET.

2.  The company’s policy is to allow senior management to disclose only
    minimal internal information to staff so as to permit the conduct of
    operation. Additionally members of management are prohibited to use
    insider information in the trading of the company’s stock.

    -   Internal control

  The company has an adequate internal control process which is
  regularly reviewed and improvements made to remain current with market
  development. An outsider internal auditor reporting directly to the
  audit committee is engaged for a regular internal control; review.

5.  Personnel

1.  There are a total of 163 employees in Pico and subsidiaries as at 31
    October 2007

  ------------------------------------ ------------------ ---------------
                                       Employee           Daily Employee

  Pico (Thailand) Public Company       113                2
  Limited                                                 

  PX System Company Limited            27                 63

  Artcom Graphic Company Limited       12                 3

  Multi Designs Company Limited        11                 -

  Total                                163                68
  ------------------------------------ ------------------ ---------------

  Pico’s 115 staff composition

  ------------------------------------------------------- ---------------
                                                          Person

  Management                                              16

  Strategic Marketing                                     4

  General Affairs                                         13

  Finance and Accounting                                  13

  Marketing                                               69
  ------------------------------------------------------- ---------------

-Translation from Thai Text-

2.  Compensation of staff

  2.1 In 2007 total monetary compensation for all staff of Pico and
  subsidiaries consist of salaries and bonus totaling Baht 86.51 million

+-------------------------------------+----------------+---------------+
| Unit : Baht                         | 2007           | 2006          |
|                                     |                |               |
|                                     | (Million Baht) | (Million      |
|                                     |                | Baht)         |
+-------------------------------------+----------------+---------------+
| Salary                              | 72.14          | 63.26         |
+-------------------------------------+----------------+---------------+
| Bonus                               | 14.37          | 22.56         |
+-------------------------------------+----------------+---------------+
| Total                               | 86.51          | 85.82         |
+-------------------------------------+----------------+---------------+

2.2 Other compensation

  Provident fund contribution 2007

  Employees of Pico and subsidiaries contribute 3% of monthly salary to
  the provident fund plan which is matched by equal contribution from
  the companies. Employees are entitled to the benefits based upon their
  length of service with 2, 3 and 5 years of service drawing 30%, 50%
  and 100% from the fund on leaving. The company has contributed Baht
  1.89 million to the fund.

+--------------------------------+------------------+------------------+
| Unit : Baht                    | 2007             | 2006             |
|                                |                  |                  |
|                                | (Million Baht)   | (Million Baht)   |
+--------------------------------+------------------+------------------+
| Provident Fund                 | 1.89             | 1.10             |
+--------------------------------+------------------+------------------+

3.  Past 3 years staff turnover and recruitment.

    -   In 2007, 9 resigned with 24 recruited

    -   In 2006, 24 resigned with 23 recruited

    -   In 2005, 26 resigned with 26 recruited

  4. Past 3 years labor disputes

  None

1.  Human Capital Development Policy

  To ensure of a consistent growth the company is committed to training
  aiming at an efficient workforce with the latest know how and
  available tools ready to address the competition and challenges in the
  market.

  The company recognizes the importance of human capital development
  which
  goes hand in hand with a harmonious working environment.

Human capital development and job satisfaction goes hand in hand as
follows:

  Recruitment

The company is committed to the competency in its recruitment process
which searches for talents that will be responsive to the business
objectives, Allocation of manpower will depend on job suitability and
business direction of the company.

Staff Training

Human capital is our most important asset and must receive appropriate
training and encouragement to reach his/her potential. Extensive and
various training programs in and outside of the company are available
e.g. Team Work Builder Leadership Skill Program, The Manager, Career
Management. Overseas training and observation trips were also conducted
such as IAA 2007, Tokyo Motor Show 2007 and K 2007: International Trade
Fair No.1 for Plastic and Rubber Worldwide

Additionally, a reading culture is actively promoted and a reading
corner was established to encourage reading among staff. A clean and
peaceful working environment have direct bearing on staff morale and
productivity and to this end we are committed to maintaining our offices
just like our staff’s second home.

-Translation from Thai Text-

Employees’ relationship

All employees are encouraged to join in all group activities aimed at
promoting office unity e.g. birthday celebration, new year festivities
and community service projects like books donation to needy students.

Staff Benefits

We are committed to a fair and competitive compensation program. A
provident fund, life and health insurance plan are available to staff.
Other benefits such as car and telephone allowances and uniforms are
regularly reviewed so that the benefits are in line with the prevailing
market situation. A communication channel is established to handle
complaints and suggestions to the management to consider to foster a
mutually beneficial relationship.

Security, Occupational safety and Working Environment

We are committed to a safe and secure working environment. A committee
is set up to oversee the security and occupational hazards and working
environment in general. Building security is regularly reviewed with
training conducted to ensure that contingencies are handled in a safe
and professional manner.