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 20 as of October 31,
2005. 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) |      |            |
+--------+-----------------+-------------+------+------+------------+
|        |                 |             | 2005 | 2004 |            |
+--------+-----------------+-------------+------+------+------------+
|        |                 |             | 1    | 1    |            |
|        |                 |             | Nov  | Nov  |            |
|        |                 |             | 0    | 0    |            |
|        |                 |             | 4-31 | 3-31 |            |
|        |                 |             | Oct  | Oct  |            |
|        |                 |             | 05   | 04   |            |
+--------+-----------------+-------------+------+------+------------+
| 1)  Re |   Pico Art      |   Major     | 3    | 4    | Income     |
| venues |   International |             | ,133 | ,138 | from       |
|        |   Pte Ltd       | Shareholder | ,989 | ,094 | service    |
|   from |                 |             |      |      | provided   |
|        |   Pico Art      |   Same      | 73   | -    | to         |
|    the |   Exhibition    |   Ultimate  | ,666 |      | companies  |
|        |   Inc.          |   Holding   |      | 345  | with       |
|    ren |                 |   Company   | -    | ,000 | common     |
| dering |   Visualspace   |             |      |      | majority   |
|     of |   Tech          |   Same      | -    | 508  | sha        |
|     se |   International |   Ultimate  |      | ,146 | reholders. |
| rvices |   Pte Ltd       |   Holding   | 2    |      | This is    |
|        |                 |   Company   | ,596 | 1    | due to the |
|        |   Pico          |             | ,583 | ,750 | policy to  |
|        |   International |   Same      |      | ,293 | leverage   |
|        |   Taiwan Ltd    |   Ultimate  | 269  |      | the        |
|        |                 |   Holding   | ,579 | 5    | extensive  |
|        |   Pico          |   Company   |      | ,601 | network of |
|        |   International |             | 2    | ,684 | the        |
|        |   Ltd.          |   Same      | ,053 |      | company to |
|        |                 |   Ultimate  | ,528 | 2    | provide an |
|        |   Pico          |   Holding   |      | ,017 | integrated |
|        |   International |   Company   | 1    | ,691 | service to |
|        |   (M) Sdn. Bhd. |             | ,430 |      | clients.   |
|        |                 |   Same      | ,841 | -    | Service    |
|        |   Pico          |   Ultimate  |      |      | charges    |
|        |   International |   Holding   | 721  | 2    | are        |
|        |   (China)       |   Company   | ,957 | ,164 | computed   |
|        |   Limited       |             |      | ,194 | on a cost  |
|        |                 |   Same      | -    |      | plus basis |
|        |   Pico (China)  |   Ultimate  |      | 307  | consistent |
|        |   Ltd.          |   Holding   | -    | ,934 | with the   |
|        |                 |   Company   |      |      | method     |
|        |   Pico Hong     |             | -    | 304  | charged    |
|        |   Kong Limited  |   Same      |      | ,393 | others.    |
|        |                 |   Ultimate  | -    |      | The        |
|        |   Pico Global   |   Holding   |      | 485  | tr         |
|        |   Services      |   Company   | 714  | ,636 | ansactions |
|        |   Limited       |             | ,860 |      | are        |
|        |                 |   Same      |      | 597  | therefore  |
|        |   Pico          |   Ultimate  | 2    | ,290 | normal     |
|        |   International |   Holding   | ,411 |      | trade      |
|        |   (Dubai)       |   Company   | ,732 | 583  | tr         |
|        |   L.L.C.        |             |      | ,411 | ansactions |
|        |                 |   Same      | 296  |      |            |
|        |   PICO /VTI     |   Ultimate  | ,800 | 1    |            |
|        |   Beijing       |   Holding   |      | ,799 |            |
|        |                 |   Company   | 255  | ,435 |            |
|        |   Pico Paris    |             | ,703 |      |            |
|        |                 |   Same      |      | -    |            |
|        |   Pico          |   Ultimate  | -    |      |            |
|        |   Exhibition    |   Holding   |      | 439  |            |
|        |   (UK) Ltd.     |   Company   |      | ,601 |            |
|        |                 |             |      |      |            |
|        |   Pico          |   Same      |      | 22   |            |
|        |   International |   Ultimate  |      | ,927 |            |
|        |   (HK) Ltd.     |   Holding   |      |      |            |
|        |                 |   Company   |      |      |            |
|        |   Meeting       |             |      |      |            |
|        |   Planners      |   Same      |      |      |            |
|        |   International |   Ultimate  |      |      |            |
|        |   (HK) Ltd.     |   Holding   |      |      |            |
|        |                 |   Company   |      |      |            |
|        |   U-Rent        |             |      |      |            |
|        |   Company       |   Same      |      |      |            |
|        |   Limited       |   Ultimate  |      |      |            |
|        |                 |   Holding   |      |      |            |
|        |   Inkjet Images |   Company   |      |      |            |
|        |   (Thailand)    |             |      |      |            |
|        |   Co., Ltd.     |   Same      |      |      |            |
|        |                 |   Ultimate  |      |      |            |
|        |                 |   Holding   |      |      |            |
|        |                 |   Company   |      |      |            |
|        |                 |             |      |      |            |
|        |                 |   Same      |      |      |            |
|        |                 |   Ultimate  |      |      |            |
|        |                 |   Holding   |      |      |            |
|        |                 |   Company   |      |      |            |
|        |                 |             |      |      |            |
|        |                 |             |      |      |            |
|        |                 |  Associated |      |      |            |
|        |                 |   Company   |      |      |            |
|        |                 |             |      |      |            |
|        |                 |             |      |      |            |
|        |                 |  Associated |      |      |            |
|        |                 |   Company   |      |      |            |
+--------+-----------------+-------------+------+------+------------+
|        |                 |             | 13   | 21   |            |
|        |                 |             | ,959 | ,065 |            |
|        |                 |             | ,238 | ,729 |            |
+--------+-----------------+-------------+------+------+------------+

+--------+-----------------+-------------+------+------+------------+
| A      | Company         | R           | Tra  |      | Remarks    |
| ccount |                 | elationship | nsac |      |            |
|        |                 |             | tion |      |            |
|        |                 |             | V    |      |            |
|        |                 |             | alue |      |            |
|        |                 |             | (B   |      |            |
|        |                 |             | aht) |      |            |
+--------+-----------------+-------------+------+------+------------+
|        |                 |             | 2005 | 2004 |            |
+--------+-----------------+-------------+------+------+------------+
|        |                 |             | 1    | 1    |            |
|        |                 |             | Nov  | Nov  |            |
|        |                 |             | 0    | 0    |            |
|        |                 |             | 4-31 | 3-31 |            |
|        |                 |             | Oct  | Oct  |            |
|        |                 |             | 05   | 04   |            |
+--------+-----------------+-------------+------+------+------------+
| 2)     |   Pico Art      |   Major     | 98   | 679  | Trade      |
|  Trade |   International |             | ,375 | ,110 | r          |
|     ac |   Pte Ltd       | Shareholder |      |      | eceivables |
| counts |                 |             | 81   | -    | arose from |
|        |   Pico Art      |   Same      | ,382 |      | the        |
|   rece |   Exhibition    |   Ultimate  |      | 701  | services   |
| ivable |                 |   Holding   | -    | ,109 | provided   |
|        |   Pico          |   Company   |      |      | to         |
|        |   International |             | -    | 318  | companies  |
|        |   (China)       |   Same      |      | ,649 | within the |
|        |   Limited       |   Ultimate  | 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   |      | 75   | companies  |
|        |   Ltd.          |             | 317  | ,500 | with       |
|        |                 |   Same      | ,576 |      | common     |
|        |   Pico (China)  |   Ultimate  |      | -    | majority   |
|        |   Ltd.          |   Holding   | -    |      | sh         |
|        |                 |   Company   |      | 624  | areholders |
|        |   Meeting       |             | 202  | ,250 | average    |
|        |   Planners      |   Same      | ,850 |      | 60-90 days |
|        |   International |   Ultimate  |      | 1    | consistent |
|        |   (HK) Ltd.     |   Holding   | -    | ,951 | with       |
|        |                 |   Company   |      | ,203 | normal     |
|        |   Pico Hong     |             | 1    |      | trade      |
|        |   Kong Limited  |   Same      | ,640 | 156  | tr         |
|        |                 |   Ultimate  | ,047 | ,405 | ansactions |
|        |   Pico          |   Holding   |      |      | and normal |
|        |   International |   Company   | 21   | 5    | business   |
|        |   (M) Sdn. Bhd. |             | ,732 | ,628 | terms.     |
|        |                 |   Same      |      |      | Therefore  |
|        |   Pico          |   Ultimate  | -    |      | these      |
|        |   Exhibition    |   Holding   |      |      | tr         |
|        |   (UK) Ltd.     |   Company   |      |      | ansactions |
|        |                 |             |      |      | are normal |
|        |   Pico          |   Same      |      |      | trade      |
|        |   International |   Ultimate  |      |      | tr         |
|        |   (HK) Ltd.     |   Holding   |      |      | ansactions |
|        |                 |   Company   |      |      |            |
|        |   U-Rent        |             |      |      |            |
|        |   Company       |   Same      |      |      |            |
|        |   Limited       |   Ultimate  |      |      |            |
|        |                 |   Holding   |      |      |            |
|        |   Inkjet Images |   Company   |      |      |            |
|        |   (Thailand)    |             |      |      |            |
|        |   Co., Ltd.     |   Same      |      |      |            |
|        |                 |   Ultimate  |      |      |            |
|        |                 |   Holding   |      |      |            |
|        |                 |   Company   |      |      |            |
|        |                 |             |      |      |            |
|        |                 |             |      |      |            |
|        |                 |  Associated |      |      |            |
|        |                 |   Company   |      |      |            |
|        |                 |             |      |      |            |
|        |                 |             |      |      |            |
|        |                 |  Associated |      |      |            |
|        |                 |   Company   |      |      |            |
+--------+-----------------+-------------+------+------+------------+
|        |                 |             | 6    | 4    |            |
|        |                 |             | ,397 | ,511 |            |
|        |                 |             | ,972 | ,854 |            |
+--------+-----------------+-------------+------+------+------------+

+--------+-----------------+-------------+------+------+------------+
| A      | Company         | R           | Tra  |      | Remarks    |
| ccount |                 | elationship | nsac |      |            |
|        |                 |             | tion |      |            |
|        |                 |             | V    |      |            |
|        |                 |             | alue |      |            |
|        |                 |             | (B   |      |            |
|        |                 |             | aht) |      |            |
+--------+-----------------+-------------+------+------+------------+
|        |                 |             | 2005 | 2004 |            |
+--------+-----------------+-------------+------+------+------------+
|        |                 |             | 1    | 1    |            |
|        |                 |             | Nov  | Nov  |            |
|        |                 |             | 0    | 0    |            |
|        |                 |             | 4-31 | 3-31 |            |
|        |                 |             | Oct  | Oct  |            |
|        |                 |             | 05   | 04   |            |
+--------+-----------------+-------------+------+------+------------+
| 3)     |   Pico Art      |   Major     | 1    | 383  |   Cost of  |
|  Costs |   International |             | ,369 | ,352 |   services |
|     of |   Pte Ltd       | Shareholder | ,829 |      |   arises   |
|        |                 |             |      | 12   |   from     |
|    the |   Visualspace   |   Same      | -    | ,052 |   services |
|        |   Tech          |   Ultimate  |      | ,500 |   rendered |
|    ren |   International |   Holding   | 966  |      |   by group |
| dering |   Pte Ltd       |   Company   | ,148 | 7    |            |
|     of |                 |             |      | ,347 | companies. |
|     se |   Pico          |   Same      | -    |      |   These    |
| rvices |   International |   Ultimate  |      | 2    |   are in   |
|        |   Taiwan Ltd    |   Holding   | 333  | ,641 |            |
|        |                 |   Company   | ,846 | ,741 | accordance |
|        |   Pico          |             |      |      |   with the |
|        |   International |   Same      | -    | -    |            |
|        |   Ltd.          |   Ultimate  |      |      |  company’s |
|        |                 |   Holding   | -    | 23   |            |
|        |   Pico          |   Company   |      | ,251 |  agreement |
|        |   International |             | -    |      |   with     |
|        |   (M) Sdn. Bhd. |   Same      |      | 489  |            |
|        |                 |   Ultimate  | 246  | ,345 | affiliates |
|        |   Pico          |   Holding   | ,285 |      |   to       |
|        |   International |   Company   |      | 50   |   leverage |
|        |   (China)       |             | 7    | ,000 |   the      |
|        |   Limited       |   Same      | ,375 |      |   s        |
|        |                 |   Ultimate  |      | 3    | pecialized |
|        |   Pico          |   Holding   | 5    | ,823 |            |
|        |   International |   Company   | ,585 |      |  expertise |
|        |   (Dubai) L.L.C |             | ,951 | -    |   of       |
|        |                 |   Same      |      |      |   Pico’s   |
|        |   Pico          |   Ultimate  | 1    | 3    |   group of |
|        |   International |   Holding   | ,182 | ,283 |            |
|        |   (Qatar)       |   Company   | ,900 | ,065 |  companies |
|        |   W.L.L.        |             |      |      |   to       |
|        |                 |   Same      |      | 958  |   deliver  |
|        |   Pico          |   Ultimate  |      | ,183 |   an       |
|        |   International |   Holding   |      |      |            |
|        |   (HK) Ltd      |   Company   |      |      | integrated |
|        |                 |             |      |      |   service  |
|        |   Inter-Expo    |   Same      |      |      |   package  |
|        |   Exhibition    |   Ultimate  |      |      |   to the   |
|        |   Services Ltd. |   Holding   |      |      |            |
|        |                 |   Company   |      |      |  customer. |
|        |   U-Rent        |             |      |      |   The      |
|        |   Company       |   Same      |      |      |   company  |
|        |   Limited       |   Ultimate  |      |      |   can      |
|        |                 |   Holding   |      |      |   select   |
|        |   Inkjet Images |   Company   |      |      |   on       |
|        |   (Thailand)    |             |      |      |            |
|        |   Co., Ltd.     |             |      |      | particular |
|        |                 |  Associated |      |      |            |
|        |                 |   Company   |      |      |  expertise |
|        |                 |             |      |      |   of a     |
|        |                 |             |      |      |   PICO     |
|        |                 |  Associated |      |      |   company  |
|        |                 |   Company   |      |      |   within   |
|        |                 |             |      |      |   the      |
|        |                 |             |      |      |   group.   |
|        |                 |             |      |      |   The      |
|        |                 |             |      |      |            |
|        |                 |             |      |      | transpired |
|        |                 |             |      |      |   tr       |
|        |                 |             |      |      | ansactions |
|        |                 |             |      |      |   are      |
|        |                 |             |      |      |            |
|        |                 |             |      |      |  therefore |
|        |                 |             |      |      |   normal   |
|        |                 |             |      |      |   trade    |
|        |                 |             |      |      |   practice |
|        |                 |             |      |      |   with     |
|        |                 |             |      |      |   similar  |
|        |                 |             |      |      |   charges  |
|        |                 |             |      |      |   as with  |
|        |                 |             |      |      |   others   |
|        |                 |             |      |      |   outside  |
|        |                 |             |      |      |   the      |
|        |                 |             |      |      |   group.   |
+--------+-----------------+-------------+------+------+------------+
|        |                 |             | 9    | 19   |            |
|        |                 |             | ,692 | ,892 |            |
|        |                 |             | ,334 | ,607 |            |
+--------+-----------------+-------------+------+------+------------+

+-------+------------------+-------------+------+------+------------+---+
| Ac    | Company          | R           | Tra  |      | Remarks    |   |
| count |                  | elationship | nsac |      |            |   |
|       |                  |             | tion |      |            |   |
|       |                  |             | V    |      |            |   |
|       |                  |             | alue |      |            |   |
|       |                  |             | (B   |      |            |   |
|       |                  |             | aht) |      |            |   |
+-------+------------------+-------------+------+------+------------+---+
|       |                  |             | 2005 | 2005 |            |   |
+-------+------------------+-------------+------+------+------------+---+
|       |                  |             | 1    | 1    |            |   |
|       |                  |             | Nov  | Nov  |            |   |
|       |                  |             | 0    | 0    |            |   |
|       |                  |             | 4-31 | 3-31 |            |   |
|       |                  |             | Oct  | Oct  |            |   |
|       |                  |             | 05   | 04   |            |   |
+-------+------------------+-------------+------+------+------------+---+
| 4)    |   Pico           |   Same      | -    | 22   | The trade  |   |
| Trade |   International  |   Ultimate  |      | ,415 | payables   |   |
|       |   (China)        |   Holding   | 333  |      | are from   |   |
|   acc |   Limited        |   Company   | ,846 | -    | the        |   |
| ounts |                  |             |      |      | tr         |   |
|       |   Pico           |   Same      | -    | 3    | ansactions |   |
|    pa |   International  |   Ultimate  |      | ,816 | for        |   |
| yable |   (M) Sdn. Bhd.  |   Holding   | 1    |      | services   |   |
|       |                  |   Company   | ,117 | 599  | described  |   |
|       |   Pico           |             | ,762 | ,231 | in (3)     |   |
|       |   International  |   Same      |      |      | both with  |   |
|       |   (HK) Ltd.      |   Ultimate  | 55   | 83   | affiliated |   |
|       |                  |   Holding   | ,390 | ,680 | companies  |   |
|       |   U-Rent Company |   Company   |      |      | and        |   |
|       |   Limited        |             |      |      | companies  |   |
|       |                  |   S         |      |      | with       |   |
|       |   Inkjet Images  | ubsidiaries |      |      | common     |   |
|       |   (Thailand)     |             |      |      | majority   |   |
|       |   Co., Ltd.      |             |      |      | sha        |   |
|       |                  |  Associated |      |      | reholders. |   |
|       |                  |   Company   |      |      | Credit     |   |
|       |                  |             |      |      | terms are  |   |
|       |                  |             |      |      | 60-90 days |   |
|       |                  |             |      |      | consistent |   |
|       |                  |             |      |      | with       |   |
|       |                  |             |      |      | market     |   |
|       |                  |             |      |      | practice.  |   |
|       |                  |             |      |      | The        |   |
|       |                  |             |      |      | tr         |   |
|       |                  |             |      |      | ansactions |   |
|       |                  |             |      |      | therefore  |   |
|       |                  |             |      |      | constitute |   |
|       |                  |             |      |      | normal     |   |
|       |                  |             |      |      | business   |   |
+-------+------------------+-------------+------+------+------------+---+
|       |                  |             |      |      |            |   |
+-------+------------------+-------------+------+------+------------+---+
|       |                  |             |      |      |            |   |
+-------+------------------+-------------+------+------+------------+---+
|       |                  |             | 1    | 709  |            |   |
|       |                  |             | ,506 | ,142 |            |   |
|       |                  |             | ,998 |      |            |   |
+-------+------------------+-------------+------+------+------------+---+
| 5)    |   Pico Art       | Major       | -    | 1    |   This     |   |
|   The |   International  | Shareholder |      | ,078 |            |   |
|       |   Pte Ltd.       |             | -    | ,654 | represents |   |
| gross |                  | Same        |      |      |   the      |   |
|     a |   Pico           | Ultimate    | 500  | 3    |   amount   |   |
| mount |   International  | Holding     |      | ,855 |   for      |   |
|       |   (M) Sdn. Bhd.  | Company     |      | ,651 |   services |   |
|   due |                  |             |      |      |   rendered |   |
|       |   U-Rent Company | S           |      | 20   |   and      |   |
|  from |   Limited        | ubsidiaries |      | ,705 |   income   |   |
|       |                  |             |      |      |            |   |
|  cust |                  |             |      |      | 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)   |   |
+-------+------------------+-------------+------+------+------------+---+
|       |                  |             | 500  | 4    |            |   |
|       |                  |             |      | ,955 |            |   |
|       |                  |             |      | ,010 |            |   |
+-------+------------------+-------------+------+------+------------+---+
| Ac    | Company          | R           | Tra  |      | Remarks    |   |
| count |                  | elationship | nsac |      |            |   |
|       |                  |             | tion |      |            |   |
|       |                  |             | V    |      |            |   |
|       |                  |             | alue |      |            |   |
|       |                  |             | (B   |      |            |   |
|       |                  |             | aht) |      |            |   |
+-------+------------------+-------------+------+------+------------+---+
|       |                  |             | 2005 | 2004 |            |   |
+-------+------------------+-------------+------+------+------------+---+
|       |                  |             | 1    | 1    |            |   |
|       |                  |             | Nov  | Nov  |            |   |
|       |                  |             | 0    | 0    |            |   |
|       |                  |             | 4-31 | 3-31 |            |   |
|       |                  |             | Oct  | Oct  |            |   |
|       |                  |             | 05   | 04   |            |   |
+-------+------------------+-------------+------+------+------------+---+
| 6     |   Pico Art       | Major       | -    | 383  | This       |   |
| )  Ac |   International  | Shareholder |      | ,352 | represents |   |
| crued |   Pte Ltd.       |             | 219  |      | an amount  |   |
|       |                  | Associated  | ,722 | 251  | due to     |   |
|  Cost |   U-Rent Company | Company     |      | ,803 | affiliated |   |
|       |   Limited        |             |      |      | companies  |   |
|       |                  |             |      |      | 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).    |   |
+-------+------------------+-------------+------+------+------------+---+
|       |                  |             | 219  | 635  |            |   |
|       |                  |             | ,722 | ,155 |            |   |
+-------+------------------+-------------+------+------+------------+---+
| 7     |   Pico Art       | Major       | 4    | 7    | This is    |   |
| )  Am |   International  | Shareholder | ,508 | ,016 | due to     |   |
| ounts |   Pte Ltd.       |             | ,550 | ,256 | Pico Art   |   |
|       |                  | Same        |      |      | in (10)    |   |
|   due |   Pico Global    | Ultimate    | 27   | 120  | for        |   |
|       |   Services       | Holding     | ,398 | ,066 | management |   |
|    to |   Limited        | Company     |      |      | services   |   |
|       |                  |             | -    | 6    | and for    |   |
|    re |   Inkjet Images  | Associated  |      | ,030 | a          |   |
| lated |   (Thailand)     | Company     |      |      | dvertising |   |
|       |   Co., Ltd.      |             |      |      | media and  |   |
|    pa |                  |             |      |      | various    |   |
| rties |                  |             |      |      | marketing  |   |
|       |                  |             |      |      | materials  |   |
|       |                  |             |      |      | to         |   |
|       |                  |             |      |      | companies  |   |
|       |                  |             |      |      | in Pico    |   |
|       |                  |             |      |      | network    |   |
|       |                  |             |      |      | and its    |   |
|       |                  |             |      |      | a          |   |
|       |                  |             |      |      | ffiliates. |   |
|       |                  |             |      |      | These      |   |
|       |                  |             |      |      | expenses   |   |
|       |                  |             |      |      | are        |   |
|       |                  |             |      |      | considered |   |
|       |                  |             |      |      | normal as  |   |
|       |                  |             |      |      | these      |   |
|       |                  |             |      |      | in         |   |
|       |                  |             |      |      | tercompany |   |
|       |                  |             |      |      | tr         |   |
|       |                  |             |      |      | ansactions |   |
|       |                  |             |      |      | are priced |   |
|       |                  |             |      |      | similar to |   |
|       |                  |             |      |      | outside    |   |
|       |                  |             |      |      | companies  |   |
+-------+------------------+-------------+------+------+------------+---+
|       |                  |             | 4    | 7    |            |   |
|       |                  |             | ,535 | ,142 |            |   |
|       |                  |             | ,948 | ,352 |            |   |
+-------+------------------+-------------+------+------+------------+---+
| 8)    |   Inkjet Images  | Associated  | -    | 133  | PX System  |   |
|   Div |   (Thailand)     | Company     |      | ,333 | which is   |   |
| idend |   Co., Ltd.      |             | 337  |      | Pico’s     |   |
|     i |                  | Associated  | ,500 | 270  | subsidiary |   |
| ncome |   U-Rent Company | Company     |      | ,000 | is a       |   |
|       |   Limited        |             |      |      | s          |   |
|       |                  |             |      |      | hareholder |   |
|       |                  |             |      |      | of U Rent  |   |
|       |                  |             |      |      | co., Ltd.  |   |
|       |                  |             |      |      | and        |   |
|       |                  |             |      |      | received a |   |
|       |                  |             |      |      | dividend   |   |
|       |                  |             |      |      | payment of |   |
|       |                  |             |      |      | Baht       |   |
|       |                  |             |      |      | 337,500.   |   |
|       |                  |             |      |      | This is    |   |
|       |                  |             |      |      | deemed     |   |
|       |                  |             |      |      | reasonable |   |
|       |                  |             |      |      | return     |   |
|       |                  |             |      |      | from a     |   |
|       |                  |             |      |      | normal     |   |
|       |                  |             |      |      | i          |   |
|       |                  |             |      |      | nvestment. |   |
+-------+------------------+-------------+------+------+------------+---+
|       |                  |             | 337  | 403  |            |   |
|       |                  |             | ,500 | ,333 |            |   |
+-------+------------------+-------------+------+------+------------+---+
| Ac    | Company          | R           | Tra  |      | Remarks    |   |
| count |                  | elationship | nsac |      |            |   |
|       |                  |             | tion |      |            |   |
|       |                  |             | V    |      |            |   |
|       |                  |             | alue |      |            |   |
|       |                  |             | (B   |      |            |   |
|       |                  |             | aht) |      |            |   |
+-------+------------------+-------------+------+------+------------+---+
|       |                  |             | 2005 | 2004 |            |   |
+-------+------------------+-------------+------+------+------------+---+
|       |                  |             | 1    | 1    |            |   |
|       |                  |             | Nov  | Nov  |            |   |
|       |                  |             | 0    | 0    |            |   |
|       |                  |             | 4-31 | 3-31 |            |   |
|       |                  |             | Oct  | Oct  |            |   |
|       |                  |             | 05   | 04   |            |   |
+-------+------------------+-------------+------+------+------------+---+
| 9     |   Pico Hong Kong | Same        | -    | 2    | This       |   |
| )  Am |   Limited        | Ultimate    |      | ,247 | represents |   |
| ounts |                  | Holding     | -    |      | services   |   |
|       |   Pico           | Company     |      | 1    | rendered   |   |
|   due |   International  |             | 2    | ,998 | to         |   |
|       |   (China)        | Same        | ,564 |      | companies  |   |
|  from |   Limited        | Ultimate    |      | 3    | in Pico    |   |
|       |                  | Holding     | 17   | ,600 | Network    |   |
|    re |   Pico Global    | Company     | ,848 |      | and our    |   |
| lated |   Services       |             |      | 73   | su         |   |
|       |   Limited        | Same        |      | ,063 | bsidiaries |   |
|    pa |                  | Ultimate    |      |      | consisting |   |
| rties |   U-Rent Company | Holding     |      |      | of         |   |
|       |   Limited        | Company     |      |      | advances   |   |
|       |                  |             |      |      | in payment |   |
|       |                  | Associated  |      |      | of         |   |
|       |                  | Company     |      |      | utilities, |   |
|       |                  |             |      |      | office     |   |
|       |                  |             |      |      | rental and |   |
|       |                  |             |      |      | document   |   |
|       |                  |             |      |      | delivery   |   |
|       |                  |             |      |      | charges.   |   |
|       |                  |             |      |      | 60-90 days |   |
|       |                  |             |      |      | are given  |   |
|       |                  |             |      |      | which is   |   |
|       |                  |             |      |      | considered |   |
|       |                  |             |      |      | normal     |   |
|       |                  |             |      |      | trade      |   |
|       |                  |             |      |      | tr         |   |
|       |                  |             |      |      | ansaction. |   |
+-------+------------------+-------------+------+------+------------+---+
|       |                  |             | 20   | 80   |            |   |
|       |                  |             | ,412 | ,908 |            |   |
+-------+------------------+-------------+------+------+------------+---+
| 10)   |   Pico Art       | Major       | 15   | 13   | This       |   |
| Manag |   International  | Shareholder | ,493 | ,847 | represents |   |
| ement |   Pte Ltd.       |             | ,753 | ,889 | management |   |
| fee   |                  |             |      |      | fee        |   |
| (Expe |                  |             |      |      | according  |   |
| nses) |                  |             |      |      | to the     |   |
|       |                  |             |      |      | In         |   |
|       |                  |             |      |      | tellectual |   |
|       |                  |             |      |      | Property   |   |
|       |                  |             |      |      | License    |   |
|       |                  |             |      |      | Agreement  |   |
|       |                  |             |      |      | and        |   |
|       |                  |             |      |      | Offshore   |   |
|       |                  |             |      |      | Services   |   |
|       |                  |             |      |      | Agreement. |   |
|       |                  |             |      |      | 2.53% of   |   |
|       |                  |             |      |      | total      |   |
|       |                  |             |      |      | revenue is |   |
|       |                  |             |      |      | paid for   |   |
|       |                  |             |      |      | trade and  |   |
|       |                  |             |      |      | copyrights |   |
|       |                  |             |      |      | related to |   |
|       |                  |             |      |      | Pico Art.  |   |
|       |                  |             |      |      | The fee    |   |
|       |                  |             |      |      | covers     |   |
|       |                  |             |      |      | c          |   |
|       |                  |             |      |      | ooperation |   |
|       |                  |             |      |      | and        |   |
|       |                  |             |      |      | assistance |   |
|       |                  |             |      |      | form Pico  |   |
|       |                  |             |      |      | Art in     |   |
|       |                  |             |      |      | t          |   |
|       |                  |             |      |      | echnology, |   |
|       |                  |             |      |      | training   |   |
|       |                  |             |      |      | and        |   |
|       |                  |             |      |      | personnel  |   |
|       |                  |             |      |      | d          |   |
|       |                  |             |      |      | evelopment |   |
|       |                  |             |      |      | and        |   |
|       |                  |             |      |      | marketing  |   |
|       |                  |             |      |      | co         |   |
|       |                  |             |      |      | operation. |   |
+-------+------------------+-------------+------+------+------------+---+
| 11)   |   Pico Art       |   Major     | 110  | -    | Rental     |   |
| Other |   International  |             | ,642 |      | income for |   |
| i     |   Pte Ltd.       | Shareholder |      | 648  | space      |   |
| ncome |                  |             | 648  | ,348 | leased to  |   |
|       |   U-Rent Company |             | ,348 |      | U-Rent     |   |
|       |   Limited        |  Associated |      | 31   | Co., Ltd.  |   |
|       |                  |   Company   | -    | ,353 | at rates   |   |
|       |   Inkjet Images  |             |      |      | consistent |   |
|       |   (Thailand)     |             |      |      | with       |   |
|       |   Co., Ltd.      |  Associated |      |      | market.    |   |
|       |                  |   Company   |      |      | Income     |   |
|       |                  |             |      |      | received   |   |
|       |                  |             |      |      | from Pico  |   |
|       |                  |             |      |      | Art was    |   |
|       |                  |             |      |      | for        |   |
|       |                  |             |      |      | management |   |
|       |                  |             |      |      | co         |   |
|       |                  |             |      |      | ordination |   |
|       |                  |             |      |      | at rate    |   |
|       |                  |             |      |      | which is   |   |
|       |                  |             |      |      | consistent |   |
|       |                  |             |      |      | with       |   |
|       |                  |             |      |      | amount     |   |
|       |                  |             |      |      | Pico Art’s |   |
|       |                  |             |      |      | payment to |   |
|       |                  |             |      |      | other      |   |
|       |                  |             |      |      | sub        |   |
|       |                  |             |      |      | sidiaries. |   |
+-------+------------------+-------------+------+------+------------+---+
|       |                  |             |      |      |            |   |
+-------+------------------+-------------+------+------+------------+---+
|       |                  |             | 758  | 679  |            |   |
|       |                  |             | ,990 | ,701 |            |   |
+-------+------------------+-------------+------+------+------------+---+
| Ac    | Company          | R           | Tra  |      | Remarks    |   |
| count |                  | elationship | nsac |      |            |   |
|       |                  |             | tion |      |            |   |
|       |                  |             | V    |      |            |   |
|       |                  |             | alue |      |            |   |
|       |                  |             | (B   |      |            |   |
|       |                  |             | aht) |      |            |   |
+-------+------------------+-------------+------+------+------------+---+
|       |                  |             | 2005 | 2004 |            |   |
+-------+------------------+-------------+------+------+------------+---+
|       |                  |             | 1    | 1    |            |   |
|       |                  |             | Nov  | Nov  |            |   |
|       |                  |             | 0    | 0    |            |   |
|       |                  |             | 4-31 | 3-31 |            |   |
|       |                  |             | Oct  | Oct  |            |   |
|       |                  |             | 05   | 04   |            |   |
+-------+------------------+-------------+------+------+------------+---+
| 12)   |   Pico Art       | Major       | 21   | 33   | The        |   |
| Divi  |   International  | Shareholder | ,496 | ,086 | company    |   |
| dends |   Pte Ltd.       |             | ,667 | ,400 | paid       |   |
| dec   |                  | Directors   |      |      | dividends  |   |
| lared |   Directors      |             | 19   | 27   | to major   |   |
| for   |                  |             | ,854 | ,294 | sh         |   |
| the   |                  |             | ,359 | ,166 | areholders |   |
| year  |                  |             |      |      | and        |   |
|       |                  |             |      |      | directors: |   |
|       |                  |             |      |      | Pico Art   |   |
|       |                  |             |      |      | Inte       |   |
|       |                  |             |      |      | rnational, |   |
|       |                  |             |      |      | Pised,     |   |
|       |                  |             |      |      | Silchai,   |   |
|       |                  |             |      |      | Nitida in  |   |
|       |                  |             |      |      | amount of  |   |
|       |                  |             |      |      | Baht       |   |
|       |                  |             |      |      | 2          |   |
|       |                  |             |      |      | 1,496,667, |   |
|       |                  |             |      |      | Baht       |   |
|       |                  |             |      |      | 18,2       |   |
|       |                  |             |      |      | 77,458.10, |   |
|       |                  |             |      |      | Baht       |   |
|       |                  |             |      |      | 995,982.41 |   |
|       |                  |             |      |      | and Baht   |   |
|       |                  |             |      |      | 580,919.20 |   |
|       |                  |             |      |      | res        |   |
|       |                  |             |      |      | pectively. |   |
|       |                  |             |      |      | This       |   |
|       |                  |             |      |      | payment is |   |
|       |                  |             |      |      | consistent |   |
|       |                  |             |      |      | with rate  |   |
|       |                  |             |      |      | paid to    |   |
|       |                  |             |      |      | other      |   |
|       |                  |             |      |      | sha        |   |
|       |                  |             |      |      | reholders. |   |
+-------+------------------+-------------+------+------+------------+---+
|       |                  |             | 41   | 60   |            |   |
|       |                  |             | ,351 | ,380 |            |   |
|       |                  |             | ,026 | ,566 |            |   |
+-------+------------------+-------------+------+------+------------+---+
| 13)   |   Pico Art       |   Major     | 152  | -    | Purchases  |   |
| Other |   International  |             | ,223 |      | from Pico  |   |
| exp   |   Pte Ltd.       | Shareholder |      | -    | Art’s      |   |
| enses |                  |             | 90   |      | group      |   |
|       |   Pico           | Same        | ,239 | 118  | companies  |   |
|       |   International  | Ultimate    |      | ,090 | such as    |   |
|       |   Ltd.           | Holding     | 245  |      | office     |   |
|       |                  | Company     | ,434 | 16   | materials  |   |
|       |   Pico Global    |             |      | ,026 | with Pico  |   |
|       |   Services       | Same        | -    |      | logo and   |   |
|       |   Limited        | Ultimate    |      |      | marketing  |   |
|       |                  | Holding     |      |      | fees. The  |   |
|       |   Expoman        | Company     |      |      | prices for |   |
|       |   Limited        |             |      |      | these      |   |
|       |                  | Same        |      |      | goods and  |   |
|       |                  | Ultimate    |      |      | services   |   |
|       |                  | Holding     |      |      | are        |   |
|       |                  | Company     |      |      | consistent |   |
|       |                  |             |      |      | with       |   |
|       |                  |             |      |      | prices     |   |
|       |                  |             |      |      | paid by    |   |
|       |                  |             |      |      | other Pico |   |
|       |                  |             |      |      | group      |   |
|       |                  |             |      |      | companies. |   |
+-------+------------------+-------------+------+------+------------+---+
|       |                  |             | 487  | 134  |            |   |
|       |                  |             | ,896 | ,116 |            |   |
+-------+------------------+-------------+------+------+------------+---+
| 14)   |   Directors      |   Director  | 4    | 3    | The        |   |
| Dir   |                  |             | ,000 | ,285 | directors’ |   |
| ector |                  |             | ,000 | ,000 | co         |   |
| s’    |                  |             |      |      | mpensation |   |
| re    |                  |             |      |      | is in line |   |
| muner |                  |             |      |      | with       |   |
| ation |                  |             |      |      | industry’s |   |
|       |                  |             |      |      | standard   |   |
+-------+------------------+-------------+------+------+------------+---+

+-------+------------------+-------------+------+------+------------+
| Ac    | Company          | R           | Tra  |      | Remarks    |
| count |                  | elationship | nsac |      |            |
|       |                  |             | tion |      |            |
|       |                  |             | V    |      |            |
|       |                  |             | alue |      |            |
|       |                  |             | (B   |      |            |
|       |                  |             | aht) |      |            |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 2005 | 2004 |            |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 1    | 1    |            |
|       |                  |             | Nov  | Nov  |            |
|       |                  |             | 0    | 0    |            |
|       |                  |             | 4-31 | 3-31 |            |
|       |                  |             | Oct  | Oct  |            |
|       |                  |             | 05   | 04   |            |
+-------+------------------+-------------+------+------+------------+
| 15)   |   U-Rent Company |             | 1    | 1    | Pico       |
| I     |   Limited        |  Associated | ,560 | ,311 | invested   |
| nvest |                  |   Company   | ,155 | ,840 | in PX      |
| ments |   Inkjet Images  |             |      |      | System     |
| using |   (Thailand)     | Associated  | 4    | 4    | Co., Ltd.  |
| the   |   Co., Ltd       | Company     | ,047 | ,190 | and Inkjet |
| e     |                  |             | ,447 | ,385 | Images     |
| quity |                  |             |      |      | (Thailand) |
| m     |                  |             |      |      | Co., Ltd.  |
| ethod |                  |             |      |      | at 89.95 % |
|       |                  |             |      |      | and 22.22% |
|       |                  |             |      |      | 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.     |
+-------+------------------+-------------+------+------+------------+
|       |                  |             |      |      |            |
+-------+------------------+-------------+------+------+------------+
|       |                  |             |      |      |            |
+-------+------------------+-------------+------+------+------------+
|       |                  |             | 5    | 5    |            |
|       |                  |             | ,607 | ,502 |            |
|       |                  |             | ,602 | ,225 |            |
+-------+------------------+-------------+------+------+------------+

* The company is an indirect shareholder of U Rent Co. through PX System
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.