12. Financial Position and Performance

1.  Financial Statement

The auditor, major accounting principle, balance sheet, income
statement, and cashflow statement

Mr. Somchai Kurujitkosol is the Authorized Auditor No.3277, from AMC
Co., Ltd., who is approved by SE-EDucation Public Company Limited.

  (TRANSLATION)

AUDITOR’S REPORT

To the Board of Directors and Shareholders of SE-EDUCATION PUBLIC
COMPANY LIMITED.

I have audited the balance sheets of SE-EDUCATION PUBLIC COMPANY LIMITED
as of December 31, 2000 and 1999, the related statements of income,
changes in shareholders’ equity, retained earnings and cash flows for
the years then ended. These financial statements are the responsibility
of the company’s management as to their correctness and completeness in
the presentation. My responsibility is to express an opinion on these
financial statements based on my audit.

I conducted my audit in accordance with generally accepted auditing
standards. Those standards require that I plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free of any significant misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management as well as
evaluating the overall financial statement presentation. I believe that
my audit provides a reasonable basis for my opinion.

I have expressed a qualified opinion in my report dated February 4,2000
, on the financial statements of SE-EDUCATION PUBLIC COMPANY LIMITED for
the year ended on December 31, 1999. The company did not recognize
participating gain(loss) from operations of an associated company ,
because the financial statement of the associated company had not been
complete in time. In 2000 , the company had received the financial
statement of an associated company for the year ended on December 31
,1999 which was audited by another auditor and adjustment of such
participating gain(loss) from investment in an associated company in
accordance with generally accepted accounting principles ; therefore ,my
present opinion on the financial statement for the year ended 1999 has
changed from the previous opinion in the prior year.

In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of SE-EDUCATION
PUBLIC COMPANY LIMITED as of December 31, 2000 and 1999, the results of
its operations , changes in shareholders’ equity and cash flows for the
years then ended, in conformity with generally accepted accounting
principles.

  ACCOUNTANTS and MANAGEMENT CONSULTANTS CO., LTD.

(Somchai Kurujitkosol)

Authorised Auditor No.3277

Bangkok,

February 15, 2001.

[TRANSLATION]

AUDITOR’S REPORT

To the Board of Directors and Shareholders of SE-EDUCATION PUBLIC
COMPANY LIMITED.

I have audited the balance sheets of SE-EDUCATION PUBLIC COMPANY LIMITED
as of December 31, 1999 and 1998 and the related statements of income,
changes in shareholders’ equity, retained earnings and cash flows for
the years then ended. These financial statements are the responsibility
of the Company’s management as to their correctness and completeness in
presentation. My responsibility is to express an opinion on these
financial statements based on my audit.

I conducted my audit in accordance with generally accepted auditing
standards except for those matters detailed below. Those standards
require that I plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. I believe that my audit
provides a reasonable basis for my opinion,

For investments in associated companies as of December 31, 1999 and
1998, as detailed in notes to financial statements No. 6, the Company
did not recognize gain or loss from such investments for the year ended
on December 31, 1999 and 1998, because the financial statements of the
associated companies had not been completed in time.

In my opinion, excluding the effect of possible amendments to the
financial statements for the year ended December 31, 1999 and 1998
should the gain or loss in investments in associated companies be
recognized as stated in the third paragraph, in order to comply with the
Stock Exchange of Thailand’s regulation on the status of registered
public companies, the financial statements referred to above present
fairly, in all material respects, the financial position of SE-EDUCATION
PUBLIC COMPANY LIMITED as of December 31, 1999 and 1998, the results of
its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.

  ACCOUNTANTS and MANAGEMENT CONSULTANTS CO., LTD.

(Somchai Kurujitkosol)

Authorised Auditor No. 3277

Bangkok,

February 4, 2000.

  ----------------------- ------- ------- ------- ---------------- ---------------- ---------------- ---------------- ----------------
  SE-EDUCATION PUBLIC                                                                                                 
  COMPANY LIMITED                                                                                                     

  BALANCE SHEETS                                                                                                      

  As of December 31, 2000                                                                                             
  , 1999 , 1998 and 1997                                                                                              

                                                                                                                      (Unit : Baht)

                                                  2000             1999                              1998             1997

  ASSETS                                                                                                              

  CURRENT ASSETS                                                                                                      

  Cash on Hand and at             (Note           41,574,870.44    34,304,709.93                     26,719,832.91    14,406,830.96
  Banks                           4)                                                                                  

  Securities for Sale -           (Note           157,607,106.00   176,460,294.75                    100,120,767.00   -
  Net                             5)                                                                                  

  Notes Receivable                                3,718,079.80     7,039,242.70                      6,308,881.50     20,487,348.58

  Accounts Receivable-Net         (Note           37,774,555.51    44,625,478.23                     39,150,287.91    65,156,788.51
                                  6)                                                                                  

  Inventories-Net                 (Note           100,626,662.33   85,054,693.42                     89,331,359.86    116,157,798.66
                                  7)                                                                                  

  Other Current Assets                                                                                                

  Advance Copyright                               2,561,463.94     4,418,729.41                      5,301,473.18     5,897,019.44
  Expenses                                                                                                            

  Advance Translation                             5,953,032.55     7,522,147.48                      8,699,160.14     11,170,907.60
  Expenses                                                                                                            

  Others                                          5,894,715.75     5,886,750.20                      3,940,643.36     5,901,268.77

  TOTAL CURRENT ASSETS                            355,710,486.32   365,312,046.12                    279,572,405.86   239,177,962.52

  LONG-TERM INVESTMENT            (Note           10,748,589.89    10,548,589.89                     10,548,589.89    10,548,589.89
                                  8, 14)                                                                              

  INVESTMENTS IN                                  -                -                                 -                2,951,665.84
  SUBSIDIARY COMPANY                                                                                                  

  INVESTMENTS IN AND                                                                                                  
  LOANS TO ASSOCIATED                                                                                                 

  AND RELATED                     (Note           8,812,868.68     8,291,955.44                      7,903,438.07     7,967,274.91
  COMPANIES-NET                   9)                                                                                  

  PROPERTY, PLANT AND             (Note           102,372,331.16   87,375,695.98                     74,840,913.66    76,616,819.92
  EQUIPMENTS-NET                  10)                                                                                 

  LEASEHOLD BUILDINGS             (Note           144,321,106.52   153,049,157.42                    164,649,527.48   173,290,980.56
                                  11)                                                                                 

  OTHER ASSETS                                                                                                        

  Assets for Sale - Net           (Note           32,559,999.99    32,559,999.99                     51,813,963.18    50,609,162.06
                                  12)                                                                                 

  Land not used for               (Note           44,315,707.00    44,315,707.00                     61,811,315.93    64,007,026.00
  Operation - Net                 13)                                                                                 

  Others                                          11,628,102.30    7,232,913.59                      6,584,223.84     4,369,492.04

  TOTAL ASSETS                                    710,469,191.86   708,686,065.43                    657,724,377.91   629,538,973.74

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

  Notes to financial                                                                                                  
  statements are an                                                                                                   
  integral part of the                                                                                                
  above statements.                                                                                                   

                                                                                                                      

  SE-EDUCATION PUBLIC                                                                                                 
  COMPANY LIMITED                                                                                                     

  BALANCE SHEETS                                                                                                      

  As of December 31, 2000                                                                                             
  , 1999 , 1998 and 1997                                                                                              

                                                                                                                      (Unit : Baht)

                                                  2000             1999             1998                              1997

  LIABILITIES AND                                                                                                     
  SHAREHOLDERS' EQUITY                                                                                                

  CURRENT LIABILITIES                                                                                                 

  Bank Overdrafts         (Note                   20,772,609.55    7,053,501.77     8,497,507.76                      15,042,749.68
                          14)                                                                                         

  Notes Payable                                   14,635,268.55    25,002,753.68    15,312,748.09                     15,854,794.45

  Accounts Payable                                218,676,002.69   148,797,255.79   69,999,184.74                     64,094,849.31

  Current Portion of      (Note                   7,836,000.00     44,467,260.91    33,384,996.31                     23,305,393.00
  Long-Term Loans         15)                                                                                         

  Other Current                                                                                                       
  Liabilities                                                                                                         

  Accrued Copyright                               9,829,373.08     8,979,905.36     7,614,833.72                      10,000,660.77
  Expenses Payable                                                                                                    

  Accrued Corporate                               22,274,158.18    11,556,584.06    4,154,765.91                      1,243,131.42
  Income Tax Payable                                                                                                  

  Other Accrued Expenses                          10,781,596.79    4,678,021.31     -                                 -

  Others                                          7,365,570.01     8,601,934.04     13,134,014.45                     12,160,063.74

  TOTAL CURRENT                                   312,170,578.85   259,137,216.92   152,098,050.98                    141,701,642.37
  LIABILITIES                                                                                                         

  LOAN FROM SUBSIDIARY                            -                -                -                                 3,000,000.00
  COMPANY                                                                                                             

  LONG - TERM LOANS       (Note                   12,983,170.00    104,752,852.71   164,327,181.14                    199,548,692.41
                          15)                                                                                         

  OTHER LIABILITIES                               2,205,054.73     2,715,855.09     -                                 -

  TOTAL LIABILITIES                               327,358,803.58   366,605,924.72   316,425,232.12                    344,250,334.78

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

  Notes to financial                                                                                                  
  statements are an                                                                                                   
  integral part of the                                                                                                
  above statements.                                                                                                   

                                                                                                                      

  SE-EDUCATION PUBLIC                                                                                                 
  COMPANY LIMITED                                                                                                     

  BALANCE SHEETS                                                                                                      

  As of December 31, 2000                                                                                             
  , 1999 , 1998 and 1997                                                                                              

                                                                                                                      (Unit : Baht)

                                                  2000             1999             1998                              1997

  SHAREHOLDERS’ EQUITY                                                                                                

  Share Capital                                                                                                       

  Authorized Share                                                                                                    
  Capital                                                                                                             

  50,000,000 Ordinary                             500,000,000.00   500,000,000.00   500,000,000.00                    500,000,000.00
  Shares @ Baht 10.00                                                                                                 

  Issued and Paid-Up                                                                                                  
  Share Capital                                                                                                       

  21,098,713 Ordinary                             210,987,130.00   210,987,130.00   210,987,130.00                    -
  Shares @ Baht 10.00                                                                                                 

  15,222,090 Ordinary                             -                -                -                                 152,220,900.00
  Shares @ Baht 10.00                                                                                                 

  Premiums on Share                               81,042,800.25    81,042,800.25    81,042,800.25                     40,080,000.00
  Capital                                                                                                             

  Unrealized Loss -                       (Note   (7,077,491.75)   (1,435,823.00)   -                                 -
  Securities for Sale                     5)                                                                          

  Retained Earnings                                                                                                   

  Appropriated                                                                                                        

  Legal Reserve                           (Note   5,549,641.96     5,438,801.06     5,438,801.06                      3,480,853.05
                                          16)                                                                         

  Unappropriated                                  92,608,307.82    46,047,232.40    43,830,414.48                     89,506,885.91

  TOTAL SHAREHOLDERS'                             383,110,388.28   342,080,140.71   341,299,145.79                    285,288,638.96
  EQUITY                                                                                                              

  TOTAL LIABILITIES AND                           710,469,191.86   708,686,065.43   657,724,377.91                    629,538,973.74
  SHAREHOLDERS' EQUITY                                                                                                

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

                                                                                                                      

  Notes of financial                                                                                                  
  statements are integral                                                                                             
  part of the above                                                                                                   
  statements.                                                                                                         
  ----------------------- ------- ------- ------- ---------------- ---------------- ---------------- ---------------- ----------------

+---+--------------------+---------+--------+---+---+--------+--------+--------+
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| 7 |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        | (Unit  |
|   |                    |         |        |   |   |        |        | :      |
|   |                    |         |        |   |   |        |        | Baht)  |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         | 2000   |   |   | 1999   | 1998   | 1997   |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| R |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| V |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| N |                    |         |        |   |   |        |        |        |
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| R |                    |         |        |   |   |        |        |        |
| O |                    |         |        |   |   |        |        |        |
| M |                    |         |        |   |   |        |        |        |
| O |                    |         |        |   |   |        |        |        |
| P |                    |         |        |   |   |        |        |        |
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| I |                    |         |        |   |   |        |        |        |
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| N |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| S |                    |         | 1,13   |   |   | 75     | 61     | 65     |
| a |                    |         | 6,658, |   |   | 7,528, | 2,061, | 9,667, |
| l |                    |         | 671.45 |   |   | 487.16 | 442.32 | 933.91 |
| e |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| B |                    |         | -      |   |   | 1      | -      | -      |
| a |                    |         |        |   |   | 1,962, |        |        |
| d |                    |         |        |   |   | 167.76 |        |        |
| D |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| b |                    |         |        |   |   |        |        |        |
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| s |                    |         |        |   |   |        |        |        |
| R |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
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| o |                    |         |        |   |   |        |        |        |
| v |                    |         |        |   |   |        |        |        |
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| r |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| d |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| O |                    |         | 3      |   |   | 4      | 2      | 1      |
| t |                    |         | 6,248, |   |   | 0,453, | 5,182, | 2,784, |
| h |                    |         | 373.47 |   |   | 829.55 | 826.77 | 385.49 |
| e |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| I |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
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| o |                    |         |        |   |   |        |        |        |
| m |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| P |                    |         | 920,   |   |   | 988,   | -      | -      |
| a |                    |         | 913.24 |   |   | 517.37 |        |        |
| r |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
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| n |                    |         |        |   |   |        |        |        |
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| h |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| A |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| o |                    |         |        |   |   |        |        |        |
| c |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| d |                    |         |        |   |   |        |        |        |
| C |                    |         |        |   |   |        |        |        |
| o |                    |         |        |   |   |        |        |        |
| m |                    |         |        |   |   |        |        |        |
| p |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| y |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| T |                    |         | 1,17   |   |   | 81     | 63     | 67     |
| O |                    |         | 3,827, |   |   | 0,933, | 7,244, | 2,452, |
| T |                    |         | 958.16 |   |   | 001.84 | 269.09 | 319.40 |
| A |                    |         |        |   |   |        |        |        |
| L |                    |         |        |   |   |        |        |        |
| R |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| V |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| N |                    |         |        |   |   |        |        |        |
| U |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| S |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| E |                    |         |        |   |   |        |        |        |
| X |                    |         |        |   |   |        |        |        |
| P |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| N |                    |         |        |   |   |        |        |        |
| S |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| S |                    |         |        |   |   |        |        |        |
| F |                    |         |        |   |   |        |        |        |
| R |                    |         |        |   |   |        |        |        |
| O |                    |         |        |   |   |        |        |        |
| M |                    |         |        |   |   |        |        |        |
| O |                    |         |        |   |   |        |        |        |
| P |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| R |                    |         |        |   |   |        |        |        |
| A |                    |         |        |   |   |        |        |        |
| T |                    |         |        |   |   |        |        |        |
| I |                    |         |        |   |   |        |        |        |
| O |                    |         |        |   |   |        |        |        |
| N |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| C |                    |         | 78     |   |   | 51     | 43     | 41     |
| o |                    |         | 7,411, |   |   | 7,509, | 1,702, | 6,044, |
| s |                    |         | 312.74 |   |   | 037.91 | 803.30 | 339.38 |
| t |                    |         |        |   |   |        |        |        |
| o |                    |         |        |   |   |        |        |        |
| f |                    |         |        |   |   |        |        |        |
| S |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| l |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| S |                    |         | 27     |   |   | 22     | 16     | 14     |
| e |                    |         | 4,971, |   |   | 0,142, | 3,826, | 6,763, |
| l |                    |         | 142.59 |   |   | 718.68 | 186.65 | 923.22 |
| l |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| g |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| d |                    |         |        |   |   |        |        |        |
| A |                    |         |        |   |   |        |        |        |
| d |                    |         |        |   |   |        |        |        |
| m |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| v |                    |         |        |   |   |        |        |        |
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| p |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| L |                    | (Note   | 824,   |   |   | 3      | -      | -      |
| o |                    | 10, 12  | 921.39 |   |   | 9,056, |        |        |
| s |                    | and 13) |        |   |   | 173.58 |        |        |
| s |                    |         |        |   |   |        |        |        |
| f |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| o |                    |         |        |   |   |        |        |        |
| m |                    |         |        |   |   |        |        |        |
| I |                    |         |        |   |   |        |        |        |
| m |                    |         |        |   |   |        |        |        |
| p |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| m |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| V |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| l |                    |         |        |   |   |        |        |        |
| u |                    |         |        |   |   |        |        |        |
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| o |                    |         |        |   |   |        |        |        |
| f |                    |         |        |   |   |        |        |        |
| A |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| D |                    |         | -      |   |   | -      | 2      | 3,419, |
| o |                    |         |        |   |   |        | 7,806, | 258.20 |
| u |                    |         |        |   |   |        | 773.65 |        |
| b |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| f |                    |         |        |   |   |        |        |        |
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| l |                    |         |        |   |   |        |        |        |
| A |                    |         |        |   |   |        |        |        |
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| c |                    |         |        |   |   |        |        |        |
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| u |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| D |                    | (Note   | 588,   |   |   | 489,   | 850,   | 802,   |
| i |                    | 17)     | 000.00 |   |   | 000.00 | 000.00 | 000.00 |
| r |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| c |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| o |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| ' |                    |         |        |   |   |        |        |        |
| R |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| m |                    |         |        |   |   |        |        |        |
| u |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| o |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| T |                    |         | 1,06   |   |   | 77     | 62     | 56     |
| O |                    |         | 3,795, |   |   | 7,196, | 4,185, | 7,029, |
| T |                    |         | 376.72 |   |   | 930.17 | 763.60 | 520.80 |
| A |                    |         |        |   |   |        |        |        |
| L |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
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| N |                    |         |        |   |   |        |        |        |
| S |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| S |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| P |                    |         |        |   |   |        |        |        |
| R |                    |         |        |   |   |        |        |        |
| O |                    |         |        |   |   |        |        |        |
| F |                    |         |        |   |   |        |        |        |
| I |                    |         |        |   |   |        |        |        |
| T |                    |         |        |   |   |        |        |        |
| ( |                    |         |        |   |   |        |        |        |
| L |                    |         |        |   |   |        |        |        |
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| B |                    |         |        |   |   |        |        |        |
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| F |                    |         |        |   |   |        |        |        |
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| R |                    |         |        |   |   |        |        |        |
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| I |                    |         |        |   |   |        |        |        |
| N |                    |         |        |   |   |        |        |        |
| T |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| R |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| S |                    |         |        |   |   |        |        |        |
| T |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| E |                    |         | 11     |   |   | 3      | 1      | 10     |
| X |                    |         | 0,032, |   |   | 3,736, | 3,058, | 5,422, |
| P |                    |         | 581.44 |   |   | 071.67 | 505.49 | 798.60 |
| E |                    |         |        |   |   |        |        |        |
| N |                    |         |        |   |   |        |        |        |
| S |                    |         |        |   |   |        |        |        |
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| S |                    |         |        |   |   |        |        |        |
| A |                    |         |        |   |   |        |        |        |
| N |                    |         |        |   |   |        |        |        |
| D |                    |         |        |   |   |        |        |        |
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| A |                    |         |        |   |   |        |        |        |
| T |                    |         |        |   |   |        |        |        |
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| I |                    |         |        |   |   |        |        |        |
| N |                    |         |        |   |   |        |        |        |
| C |                    |         |        |   |   |        |        |        |
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| T |                    |         |        |   |   |        |        |        |
| A |                    |         |        |   |   |        |        |        |
| X |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| R |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| A |                    |         |        |   |   |        |        |        |
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| D |                    |         |        |   |   |        |        |        |
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| I |                    |         |        |   |   |        |        |        |
| N |                    |         |        |   |   |        |        |        |
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| I |                    |         |        |   |   |        |        |        |
| N |                    |         |        |   |   |        |        |        |
| G |                    |         |        |   |   |        |        |        |
| M |                    |         |        |   |   |        |        |        |
| A |                    |         |        |   |   |        |        |        |
| N |                    |         |        |   |   |        |        |        |
| A |                    |         |        |   |   |        |        |        |
| G |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| D |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| F |                    |         | -      |   |   | -      | -      | (14    |
| L |                    |         |        |   |   |        |        | ,474,9 |
| O |                    |         |        |   |   |        |        | 71.19) |
| A |                    |         |        |   |   |        |        |        |
| T |                    |         |        |   |   |        |        |        |
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| S |                    |         |        |   |   |        |        |        |
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| S |                    |         |        |   |   |        |        |        |
| T |                    |         |        |   |   |        |        |        |
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| M |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| I |                    |         | (8     |   |   | (17    | (32    | (33    |
| N |                    |         | ,227,5 |   |   | ,883,4 | ,753,9 | ,959,4 |
| T |                    |         | 49.95) |   |   | 59.97) | 87.66) | 04.12) |
| E |                    |         |        |   |   |        |        |        |
| R |                    |         |        |   |   |        |        |        |
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| S |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| S |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| C |                    | (Note   | (34    |   |   | (13    | (5     | (18    |
| O |                    | 18)     | ,034,4 |   |   | ,635,7 | ,577,3 | ,182,8 |
| R |                    |         | 02.17) |   |   | 93.78) | 73.54) | 22.01) |
| P |                    |         |        |   |   |        |        |        |
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| N |                    |         |        |   |   |        |        |        |
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| T |                    |         |        |   |   |        |        |        |
| A |                    |         |        |   |   |        |        |        |
| X |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| P |                    |         | 6      |   |   | 2,216, | (25    | 3      |
| R |                    |         | 7,770, |   |   | 817.92 | ,272,8 | 8,805, |
| O |                    |         | 629.32 |   |   |        | 55.71) | 601.28 |
| F |                    |         |        |   |   |        |        |        |
| I |                    |         |        |   |   |        |        |        |
| T |                    |         |        |   |   |        |        |        |
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| I |                    |         |        |   |   |        |        |        |
| O |                    |         |        |   |   |        |        |        |
| N |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| P |                    |         |        |   |   |        |        |        |
| L |                    |         |        |   |   |        |        |        |
| U |                    |         |        |   |   |        |        |        |
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| - |                    |         | -      |   |   | -      | -      | (104,1 |
| S |                    |         |        |   |   |        |        | 80.65) |
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| - |                    |         | -      |   |   | -      | -      | 457,   |
| A |                    |         |        |   |   |        |        | 539.52 |
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+---+--------------------+---------+--------+---+---+--------+--------+--------+
| N |                    |         | 6      |   |   | 2,216, | (25    | 3      |
| E |                    |         | 7,770, |   |   | 817.92 | ,272,8 | 9,158, |
| T |                    |         | 629.32 |   |   |        | 55.71) | 960.15 |
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| P |                    |         | 3.21   |   |   | 0.11   | (1.36) | 2.57   |
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+---+--------------------+---------+--------+---+---+--------+--------+--------+
| C |                    |         | 21,0   |   |   | 21,0   | 21,0   | 15,2   |
| O |                    |         | 98,713 |   |   | 98,713 | 98,713 | 22,090 |
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+---+--------------------+---------+--------+---+---+--------+--------+--------+
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+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        | (Unit  |
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+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         | 2000   |   |   | 1999   | 1998   | 1997   |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| S |                    |         |        |   |   |        |        |        |
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+---+--------------------+---------+--------+---+---+--------+--------+--------+
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+---+--------------------+---------+--------+---+---+--------+--------+--------+
| B |                    |         | 21     |   |   | 21     | 15     | 15     |
| e |                    |         | 0,987, |   |   | 0,987, | 2,220, | 2,220, |
| g |                    |         | 130.00 |   |   | 130.00 | 900.00 | 900.00 |
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+---+--------------------+---------+--------+---+---+--------+--------+--------+
| I |                    |         | -      |   |   | -      | 5      | -      |
| n |                    |         |        |   |   |        | 8,766, |        |
| c |                    |         |        |   |   |        | 230.00 |        |
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| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| h |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| P |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| o |                    |         |        |   |   |        |        |        |
| d |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| E |                    |         | 21     |   |   | 21     | 21     | 15     |
| n |                    |         | 0,987, |   |   | 0,987, | 0,987, | 2,220, |
| d |                    |         | 130.00 |   |   | 130.00 | 130.00 | 900.00 |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| g |                    |         |        |   |   |        |        |        |
| B |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| l |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| c |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| P |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| m |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| u |                    |         |        |   |   |        |        |        |
| m |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| o |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| S |                    |         |        |   |   |        |        |        |
| h |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| C |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| p |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| l |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| B |                    |         | 8      |   |   | 8      | 4      | 4      |
| e |                    |         | 1,042, |   |   | 1,042, | 0,080, | 0,080, |
| g |                    |         | 800.25 |   |   | 800.25 | 000.00 | 000.00 |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| g |                    |         |        |   |   |        |        |        |
| B |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| l |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| c |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| I |                    |         | -      |   |   | -      | 4      | -      |
| n |                    |         |        |   |   |        | 0,962, |        |
| c |                    |         |        |   |   |        | 800.25 |        |
| r |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| h |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| P |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| o |                    |         |        |   |   |        |        |        |
| d |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| E |                    |         | 8      |   |   | 8      | 8      | 4      |
| n |                    |         | 1,042, |   |   | 1,042, | 1,042, | 0,080, |
| d |                    |         | 800.25 |   |   | 800.25 | 800.25 | 000.00 |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| g |                    |         |        |   |   |        |        |        |
| B |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| l |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| c |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| U |                    |         |        |   |   |        |        |        |
| N |                    |         |        |   |   |        |        |        |
| R |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| A |                    |         |        |   |   |        |        |        |
| L |                    |         |        |   |   |        |        |        |
| I |                    |         |        |   |   |        |        |        |
| Z |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| D |                    |         |        |   |   |        |        |        |
| L |                    |         |        |   |   |        |        |        |
| O |                    |         |        |   |   |        |        |        |
| S |                    |         |        |   |   |        |        |        |
| S |                    |         |        |   |   |        |        |        |
|   |                    |         |        |   |   |        |        |        |
| - |                    |         |        |   |   |        |        |        |
| S |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| C |                    |         |        |   |   |        |        |        |
| U |                    |         |        |   |   |        |        |        |
| R |                    |         |        |   |   |        |        |        |
| I |                    |         |        |   |   |        |        |        |
| T |                    |         |        |   |   |        |        |        |
| I |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| S |                    |         |        |   |   |        |        |        |
| F |                    |         |        |   |   |        |        |        |
| O |                    |         |        |   |   |        |        |        |
| R |                    |         |        |   |   |        |        |        |
| S |                    |         |        |   |   |        |        |        |
| A |                    |         |        |   |   |        |        |        |
| L |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| B |                    |         | (1     |   |   | -      | -      | -      |
| e |                    |         | ,435,8 |   |   |        |        |        |
| g |                    |         | 23.00) |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| g |                    |         |        |   |   |        |        |        |
| B |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| l |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| c |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| I |                    |         | (5     |   |   | (1     | -      | -      |
| n |                    |         | ,641,6 |   |   | ,435,8 |        |        |
| c |                    |         | 68.75) |   |   | 23.00) |        |        |
| r |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| h |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| P |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| o |                    |         |        |   |   |        |        |        |
| d |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| E |                    |         | (7     |   |   | (1     | -      | -      |
| n |                    |         | ,077,4 |   |   | ,435,8 |        |        |
| d |                    |         | 91.75) |   |   | 23.00) |        |        |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| g |                    |         |        |   |   |        |        |        |
| B |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| l |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| c |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| R |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| T |                    |         |        |   |   |        |        |        |
| A |                    |         |        |   |   |        |        |        |
| I |                    |         |        |   |   |        |        |        |
| N |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| D |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| A |                    |         |        |   |   |        |        |        |
| R |                    |         |        |   |   |        |        |        |
| N |                    |         |        |   |   |        |        |        |
| I |                    |         |        |   |   |        |        |        |
| N |                    |         |        |   |   |        |        |        |
| G |                    |         |        |   |   |        |        |        |
| S |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| A |                    |         |        |   |   |        |        |        |
| p |                    |         |        |   |   |        |        |        |
| p |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| o |                    |         |        |   |   |        |        |        |
| p |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| d |                    |         |        |   |   |        |        |        |
|   |                    |         |        |   |   |        |        |        |
| - |                    |         |        |   |   |        |        |        |
| L |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| g |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| l |                    |         |        |   |   |        |        |        |
| R |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| v |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| B |                    |         | 5,438, |   |   | 5,438, | 3,480, | 3,480, |
| e |                    |         | 801.06 |   |   | 801.06 | 853.05 | 853.05 |
| g |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| g |                    |         |        |   |   |        |        |        |
| B |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| l |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| c |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| I |                    | (Note   | 110,   |   |   | -      | 1,957, | -      |
| n |                    | 16)     | 840.90 |   |   |        | 948.01 |        |
| c |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| h |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| P |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| o |                    |         |        |   |   |        |        |        |
| d |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| E |                    |         | 5,549, |   |   | 5,438, | 5,438, | 3,480, |
| n |                    |         | 641.96 |   |   | 801.06 | 801.06 | 853.05 |
| d |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| g |                    |         |        |   |   |        |        |        |
| B |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| l |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| c |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| U |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| p |                    |         |        |   |   |        |        |        |
| p |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| o |                    |         |        |   |   |        |        |        |
| p |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| d |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| B |                    |         | 4      |   |   | 4      | 8      | 7      |
| e |                    |         | 6,047, |   |   | 3,830, | 9,506, | 2,799, |
| g |                    |         | 232.40 |   |   | 414.48 | 885.91 | 538.12 |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| g |                    |         |        |   |   |        |        |        |
| B |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| l |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| c |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| I |                    |         | 6      |   |   | 2,216, | 1,343, | 3      |
| n |                    |         | 7,770, |   |   | 817.92 | 049.29 | 9,538, |
| c |                    |         | 629.32 |   |   |        |        | 277.79 |
| r |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| h |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| P |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| o |                    |         |        |   |   |        |        |        |
| d |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| ( |                    | (Note   | (110,8 |   |   | -      | (27    | -      |
| D |                    | 16)     | 40.90) |   |   |        | ,230,8 |        |
| e |                    |         |        |   |   |        | 03.72) |        |
| c |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| ) |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| h |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| P |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| o |                    |         |        |   |   |        |        |        |
| d |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| D |                    | (Note   | (21    |   |   | -      | (19    | (22    |
| i |                    | 16)     | ,098,7 |   |   |        | ,788,7 | ,830,9 |
| v |                    |         | 13.00) |   |   |        | 17.00) | 30.00) |
| i |                    |         |        |   |   |        |        |        |
| d |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| d |                    |         |        |   |   |        |        |        |
| P |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| y |                    |         |        |   |   |        |        |        |
| m |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| E |                    |         | 9      |   |   | 4      | 4      | 8      |
| n |                    |         | 2,608, |   |   | 6,047, | 3,830, | 9,506, |
| d |                    |         | 307.82 |   |   | 232.40 | 414.48 | 885.91 |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| g |                    |         |        |   |   |        |        |        |
| B |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| l |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| c |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| T |                    |         | 38     |   |   | 34     | 34     | 28     |
| O |                    |         | 3,110, |   |   | 2,080, | 1,299, | 5,288, |
| T |                    |         | 388.28 |   |   | 140.71 | 145.79 | 638.96 |
| A |                    |         |        |   |   |        |        |        |
| L |                    |         |        |   |   |        |        |        |
| S |                    |         |        |   |   |        |        |        |
| H |                    |         |        |   |   |        |        |        |
| A |                    |         |        |   |   |        |        |        |
| R |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| H |                    |         |        |   |   |        |        |        |
| O |                    |         |        |   |   |        |        |        |
| L |                    |         |        |   |   |        |        |        |
| D |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| R |                    |         |        |   |   |        |        |        |
| S |                    |         |        |   |   |        |        |        |
| ' |                    |         |        |   |   |        |        |        |
| E |                    |         |        |   |   |        |        |        |
| Q |                    |         |        |   |   |        |        |        |
| U |                    |         |        |   |   |        |        |        |
| I |                    |         |        |   |   |        |        |        |
| T |                    |         |        |   |   |        |        |        |
| Y |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
| N |                    |         |        |   |   |        |        |        |
| o |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| o |                    |         |        |   |   |        |        |        |
| f |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| c |                    |         |        |   |   |        |        |        |
| i |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| l |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| m |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
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| a |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
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| a |                    |         |        |   |   |        |        |        |
| l |                    |         |        |   |   |        |        |        |
| p |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| r |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| o |                    |         |        |   |   |        |        |        |
| f |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| h |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| b |                    |         |        |   |   |        |        |        |
| o |                    |         |        |   |   |        |        |        |
| v |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| a |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| m |                    |         |        |   |   |        |        |        |
| e |                    |         |        |   |   |        |        |        |
| n |                    |         |        |   |   |        |        |        |
| t |                    |         |        |   |   |        |        |        |
| s |                    |         |        |   |   |        |        |        |
| . |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | SE-EDUCATION       |         |        |   |   |        |        |        |
|   | PUBLIC COMPANY     |         |        |   |   |        |        |        |
|   | LIMITED            |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | RETAINED EARNINGS  |         |        |   |   |        |        |        |
|   | STATEMENTS         |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | For the Year ended |         |        |   |   |        |        |        |
|   | on December 31,    |         |        |   |   |        |        |        |
|   | 2000 , 1999 , 1998 |         |        |   |   |        |        |        |
|   | and 1997           |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        | (Unit  |
|   |                    |         |        |   |   |        |        | :      |
|   |                    |         |        |   |   |        |        | Baht)  |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         | 2000   |   | 1 |        | 1998   | 1997   |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | UNAPPROPRIATED     |         |        |   |   |        |        |        |
|   | RETAINED EARNINGS  |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Beginning Balance  |         | 4      |   | 4 |        | 8      | 7      |
|   |                    |         | 6,047, |   | 3 |        | 9,506, | 2,799, |
|   |                    |         | 232.40 |   | , |        | 885.91 | 538.12 |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Net Profit for the |         | 6      |   | 2 |        | (25    | 3      |
|   | Year               |         | 7,770, |   | , |        | ,272,8 | 9,158, |
|   |                    |         | 629.32 |   | 2 |        | 55.71) | 960.15 |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | 2 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Less Dividend      | (Note   | (21    |   | - |        | (19    | (22    |
|   | Payment            | 16)     | ,098,7 |   |   |        | ,788,7 | ,830,9 |
|   |                    |         | 13.00) |   |   |        | 17.00) | 30.00) |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Appropriation for  | (Note   | (110,8 |   | - |        | (1     | -      |
|   | a Legal Reserve    | 16)     | 40.90) |   |   |        | ,957,9 |        |
|   |                    |         |        |   |   |        | 48.01) |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Plus Participating |         | -      |   | - |        | 1,343, | 379,   |
|   | Profit from        |         |        |   |   |        | 049.29 | 317.64 |
|   | Investment         |         |        |   |   |        |        |        |
|   |                    |         |        |   |   |        |        |        |
|   | in Associated      |         |        |   |   |        |        |        |
|   | Companies          |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | TOTAL              |         | 9      |   | 4 |        | 4      | 8      |
|   | UNAPPROPRIATED     |         | 2,608, |   | 6 |        | 3,830, | 9,506, |
|   | RETAINED EARNINGS  |         | 307.82 |   | , |        | 414.48 | 885.91 |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 2 |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | 2 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | ENDING BALANCE OF  |         |        |   |   |        |        |        |
|   | RETAINED EARNINGS  |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Consist of:        |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Appropriated       |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | - Legal Reserve    |         | 5,549, |   | 5 |        | 5,438, | 3,480, |
|   |                    |         | 641.96 |   | , |        | 801.06 | 853.05 |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Unappropriated     |         | 9      |   | 4 |        | 4      | 8      |
|   |                    |         | 2,608, |   | 6 |        | 3,830, | 9,506, |
|   |                    |         | 307.82 |   | , |        | 414.48 | 885.91 |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 2 |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | 2 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | TOTAL RETAINED     |         | 9      |   | 5 |        | 4      | 9      |
|   | EARNINGS           |         | 8,157, |   | 1 |        | 9,269, | 2,987, |
|   |                    |         | 949.78 |   | , |        | 215.54 | 738.96 |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Notes to financial |         |        |   |   |        |        |        |
|   | statements are an  |         |        |   |   |        |        |        |
|   | integral part of   |         |        |   |   |        |        |        |
|   | the above          |         |        |   |   |        |        |        |
|   | statements.        |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | SE-EDUCATION       |         |        |   |   |        |        |        |
|   | PUBLIC COMPANY     |         |        |   |   |        |        |        |
|   | LIMITED            |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | CASH FLOW          |         |        |   |   |        |        |        |
|   | STATEMENTS         |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | For the Year ended |         |        |   |   |        |        |        |
|   | on December 31,    |         |        |   |   |        |        |        |
|   | 2000 , 1999 , 1998 |         |        |   |   |        |        |        |
|   | and 1997           |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        | (Unit  |
|   |                    |         |        |   |   |        |        | :      |
|   |                    |         |        |   |   |        |        | Baht)  |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         | 2000   |   | 1 |        | 1998   | 1997   |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | CASH FLOW FROM     |         |        |   |   |        |        |        |
|   | OPERATING          |         |        |   |   |        |        |        |
|   | ACTIVITIES         |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Net Profit (Loss)  |         | 6      |   | 2 |        | (25    | 3      |
|   |                    |         | 7,770, |   | , |        | ,272,8 | 9,158, |
|   |                    |         | 629.32 |   | 2 |        | 55.71) | 960.15 |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | 2 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Adjustment to Net  |         |        |   |   |        |        |        |
|   | Profit for         |         |        |   |   |        |        |        |
|   | Cash-Receipts      |         |        |   |   |        |        |        |
|   | (Payments) from    |         |        |   |   |        |        |        |
|   | Operation          |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Depreciation       |         | 2      |   | 2 |        | 2      | 2      |
|   |                    |         | 6,917, |   | 2 |        | 3,580, | 2,941, |
|   |                    |         | 699.98 |   | , |        | 565.11 | 633.36 |
|   |                    |         |        |   | 5 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Leasehold          |         | 8,728, |   | 1 |        | 8,641, | 8,641, |
|   | Written-Off        |         | 050.90 |   | 1 |        | 453.08 | 453.08 |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Gain (Loss) for    |         | -      |   | - |        | 42,    | (13,4  |
|   | Sales of Fixed     |         |        |   |   |        | 316.65 | 91.24) |
|   | Assets             |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Loss from Transfer |         | 200,   |   | - |        | 2,079, | -      |
|   | and Writing-off    |         | 975.23 |   |   |        | 166.64 |        |
|   | Intangible Assets  |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Loss from          |         | 824,   |   | 3 |        | -      | -      |
|   | Impairment in      |         | 921.39 |   | 9 |        |        |        |
|   | Value for Assets   |         |        |   | , |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Loss from          |         | 1      |   | 1 |        | 7,104, | -      |
|   | Defective Goods    |         | 3,470, |   | 4 |        | 329.47 |        |
|   |                    |         | 102.41 |   | , |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Expenses written   |         | -      |   | - |        | 2,834, | 2,702, |
|   | off                |         |        |   |   |        | 476.44 | 037.70 |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Allowance for      |         | 9,757, |   | ( |        | 3,073, | 1,665, |
|   | Dilapidated and    |         | 627.83 |   | 6 |        | 560.70 | 420.74 |
|   | Lost Goods         |         |        |   | 5 |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | ) |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Allowance for Slow |         | 454,   |   | 1 |        | 5,638, | -      |
|   | Moving Goods       |         | 936.74 |   | 8 |        | 552.91 |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | 2 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Allowance for      |         | -      |   | ( |        | 724,   | (885,8 |
|   | Returned Goods     |         |        |   | 8 |        | 675.11 | 98.93) |
|   |                    |         |        |   | 2 |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | ) |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Doubtful Debts     |         | 110,   |   | ( |        | 2      | 3,419, |
|   | (Bad Debts         |         | 756.13 |   | 2 |        | 7,806, | 258.20 |
|   | Recovered )        |         |        |   | , |        | 773.65 |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 2 |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | ) |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | (Gain)Loss from    |         | (920,9 |   | ( |        | -      | (103,3 |
|   | Associated Company |         | 13.24) |   | 9 |        |        | 58.87) |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | ) |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | (Gain)Loss from    |         | (725,6 |   | 9 |        | -      | -      |
|   | Selling Securities |         | 56.56) |   | 3 |        |        |        |
|   | for Sale           |         |        |   | , |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | (Gain) from        |         | (3,0   |   | - |        | -      | -      |
|   | Selling Investment |         | 00.00) |   |   |        |        |        |
|   | in Asscociated and |         |        |   |   |        |        |        |
|   | Related companies  |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Loss on Return of  |         | -      |   | - |        | 77,    | -      |
|   | Investment in      |         |        |   |   |        | 955.53 |        |
|   | Subsidary Company  |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Allowance for      |         | -      |   | - |        | 1,006, | -      |
|   | Diminution in      |         |        |   |   |        | 886.13 |        |
|   | Value of           |         |        |   |   |        |        |        |
|   | Investment         |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Profit(Loss) from  |         | 12     |   | 1 |        | 5      | 7      |
|   | Operating before   |         | 6,586, |   | 0 |        | 7,337, | 7,526, |
|   | Change in Working  |         | 130.13 |   | 3 |        | 855.71 | 014.19 |
|   | Capital            |         |        |   | , |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Notes to financial |         |        |   |   |        |        |        |
|   | statements are an  |         |        |   |   |        |        |        |
|   | integral part of   |         |        |   |   |        |        |        |
|   | the above          |         |        |   |   |        |        |        |
|   | statements.        |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | SE-EDUCATION       |         |        |   |   |        |        |        |
|   | PUBLIC COMPANY     |         |        |   |   |        |        |        |
|   | LIMITED            |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | CASH FLOW          |         |        |   |   |        |        |        |
|   | STATEMENTS         |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | For the Year ended |         |        |   |   |        |        |        |
|   | on December 31,    |         |        |   |   |        |        |        |
|   | 2000 , 1999 , 1998 |         |        |   |   |        |        |        |
|   | and 1997           |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        | (Unit  |
|   |                    |         |        |   |   |        |        | :      |
|   |                    |         |        |   |   |        |        | Baht)  |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         | 2000   |   | 1 |        | 1998   | 1997   |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | (Increase)Decrease |         | 3,321, |   | ( |        | 1      | (8     |
|   | in Notes           |         | 162.90 |   | 9 |        | 4,178, | ,545,2 |
|   | Receivable         |         |        |   | 9 |        | 467.08 | 65.95) |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | ) |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | (Increase)Account  |         | 6,740, |   | ( |        | (2     | 1      |
|   | Receivable         |         | 166.59 |   | 2 |        | ,524,9 | 6,776, |
|   |                    |         |        |   | , |        | 48.16) | 641.15 |
|   |                    |         |        |   | 5 |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
|   |                    |         |        |   | 2 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | 2 |        |        |        |
|   |                    |         |        |   | ) |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | (Increase)Decrease |         | (39    |   | ( |        | 1      | 1,992, |
|   | in Inventories     |         | ,254,6 |   | 2 |        | 1,009, | 131.73 |
|   |                    |         | 35.89) |   | 8 |        | 995.72 |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 2 |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | ) |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | (Increase)Decrease |         | 1,857, |   | 8 |        | 595,   | 6,383, |
|   | in Advance         |         | 265.47 |   | 8 |        | 546.26 | 137.90 |
|   | Copyright Expenses |         |        |   | 2 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | (Increase)Decrease |         | 1,569, |   | 1 |        | 2,471, | (2     |
|   | in Advance         |         | 114.93 |   | , |        | 747.46 | ,274,1 |
|   | Translation        |         |        |   | 1 |        |        | 54.44) |
|   | Expenses           |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | 2 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | (Increase)Decrease |         | (7,9   |   | ( |        | (873,8 | 1,463, |
|   | in Other Current   |         | 65.55) |   | 1 |        | 51.03) | 843.33 |
|   | Assets             |         |        |   | , |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 2 |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | ) |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | (Increase)Decrease |         | (4     |   | ( |        | -      | -      |
|   | in Other Assets    |         | ,395,1 |   | 6 |        |        |        |
|   |                    |         | 88.71) |   | 4 |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
|   |                    |         |        |   | ) |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Increase(Decrease) |         | (10    |   | 9 |        | (542,0 | 315,   |
|   | in Notes Payable   |         | ,367,4 |   | , |        | 46.36) | 115.79 |
|   |                    |         | 85.13) |   | 6 |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Increase(Decrease) |         | 6      |   | 7 |        | 5,904, | 786,   |
|   | in Accounts        |         | 9,878, |   | 8 |        | 335.43 | 358.53 |
|   | Payable            |         | 746.90 |   | , |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Increase(Decrease) |         | 849,   |   | 1 |        | (2     | (4     |
|   | in Accrued         |         | 467.72 |   | , |        | ,385,8 | ,755,4 |
|   | Copyright Expenses |         |        |   | 3 |        | 27.05) | 88.61) |
|   | Payable            |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Increase(Decrease) |         | 1      |   | 7 |        | 2,911, | (8     |
|   | in Accrued         |         | 0,717, |   | , |        | 634.49 | ,975,7 |
|   | Corporate Income   |         | 574.12 |   | 4 |        |        | 00.99) |
|   | Tax Payable        |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Increase(Decrease) |         | 6,103, |   | 1 |        | -      | -      |
|   | in Others Accrued  |         | 575.48 |   | , |        |        |        |
|   | Expenses           |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 2 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | 2 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | 2 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Increase(Decrease) |         | (1     |   | 1 |        | 973,   | (5     |
|   | in Other Current   |         | ,236,3 |   | 7 |        | 950.71 | ,602,8 |
|   | Liabilities        |         | 64.03) |   | 3 |        |        | 84.23) |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | 3 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Increase(Decrease) |         | (510,8 |   | 1 |        | -      | -      |
|   | in Other           |         | 00.36) |   | , |        |        |        |
|   | Liabilities        |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | 2 |        |        |        |
|   |                    |         |        |   | 2 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Net Cash received  |         | 17     |   | 1 |        | 8      | 7      |
|   | (used) from        |         | 1,850, |   | 7 |        | 9,056, | 5,089, |
|   | Operating          |         | 764.57 |   | 2 |        | 860.26 | 748.40 |
|   | Activities         |         |        |   | , |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | CASH FLOW FROM     |         |        |   |   |        |        |        |
|   | INVESTING          |         |        |   |   |        |        |        |
|   | ACTIVITIES         |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Purchase of        |         | (32    |   | ( |        | (100   | -      |
|   | Securities for     |         | ,000,0 |   | 9 |        | ,120,7 |        |
|   | Sale               |         | 00.00) |   | 2 |        | 67.00) |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
|   |                    |         |        |   | ) |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Sales of           |         | 4      |   | 1 |        | -      | -      |
|   | Securities for     |         | 5,937, |   | 4 |        |        |        |
|   | Sale               |         | 176.56 |   | , |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 8 |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Return of          |         | -      |   | - |        | 2,873, | -      |
|   | Investment in      |         |        |   |   |        | 710.31 |        |
|   | Subsidiary Company |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Sales of           |         | 3,     |   | - |        | -      | -      |
|   | Investments in     |         | 000.00 |   |   |        |        |        |
|   | Associated and     |         |        |   |   |        |        |        |
|   | Related companies  |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | (Increase)Decrease |         | (200,0 |   | - |        | -      | (548,5 |
|   | in Long -Term      |         | 00.00) |   |   |        |        | 89.89) |
|   | Investments        |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Dividend Received  |         | 400,   |   | 6 |        | 400,   | -      |
|   | from Associated    |         | 000.00 |   | 0 |        | 000.00 |        |
|   | Company            |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Purchase of Fixed  |         | (42    |   | ( |        | (21    | (24    |
|   | Assets             |         | ,940,2 |   | 3 |        | ,557,9 | ,042,3 |
|   |                    |         | 31.78) |   | 5 |        | 54.32) | 85.57) |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 5 |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | 2 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 7 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | ) |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Sales of Fixed     |         | -      |   | - |        | 61,    | 62,    |
|   | Assets             |         |        |   |   |        | 812.18 | 565.23 |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | (Increase)Decrease |         | -      |   | ( |        | (1     | (7     |
|   | in Assets for Sale |         |        |   | 2 |        | ,204,8 | ,936,2 |
|   |                    |         |        |   | , |        | 01.12) | 74.04) |
|   |                    |         |        |   | 3 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | 0 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | ) |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | (Increase)Decrease |         | -      |   | - |        | (234,2 | -      |
|   | in Land not used   |         |        |   |   |        | 89.93) |        |
|   | for Operation      |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | (Increase)Decrease |         | -      |   | - |        | (2     | (2     |
|   | in Other Assets    |         |        |   |   |        | ,214,7 | ,017,4 |
|   |                    |         |        |   |   |        | 31.80) | 54.75) |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Net Cash received  |         | (28    |   | ( |        | (121   | (34    |
|   | (used) from        |         | ,800,0 |   | 1 |        | ,997,0 | ,482,1 |
|   | Investing          |         | 55.22) |   | 1 |        | 21.68) | 39.02) |
|   | Activities         |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 6 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | , |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | 2 |        |        |        |
|   |                    |         |        |   | 4 |        |        |        |
|   |                    |         |        |   | . |        |        |        |
|   |                    |         |        |   | 9 |        |        |        |
|   |                    |         |        |   | 1 |        |        |        |
|   |                    |         |        |   | ) |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   | Notes to financial |         |        |   |   |        |        |        |
|   | statements are an  |         |        |   |   |        |        |        |
|   | integral part of   |         |        |   |   |        |        |        |
|   | the above          |         |        |   |   |        |        |        |
|   | statements.        |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+
|   |                    |         |        |   |   |        |        |        |
+---+--------------------+---------+--------+---+---+--------+--------+--------+

  ----------------------------- ------------------ ----------------- ----------------- --------- ----------------- ---------
  SE-EDUCATION PUBLIC COMPANY                                                                                      
  LIMITED                                                                                                          

  CASH FLOW STATEMENTS                                                                                             

  For the Years ended on                                                                                           
  December 31, 2000, 1999, 1998                                                                                    
  and 1997                                                                                                         

                                                                                                 (Unit : Baht)     

                                2000               1999              1998                        1997              

  CASH FLOW FROM FINANCING                                                                                         
  ACTIVITIES                                                                                                       

  Increase(Decrease) in Bank    13,719,107.78      (1,444,005.99)    (6,545,241.92)              (1,023,933.53)    
  Overdrafts                                                                                                       

  Increase(Decrease) in Short - -                  -                 -                           (10,000,000.00)   
  Term Loans                                                                                                       

  Increase(Decrease) in Loan    -                  -                 (3,000,000.00)              3,000,000.00      
  from Subsidiary Company                                                                                          

  Increase(Decrease) in Long -  (128,400,943.62)   (48,492,063.83)   (25,141,907.96)             (10,487,398.80)   
  Term Loans                                                                                                       

  Share Capital Increase        -                  -                 58,766,230.00               -                 

  Premiums on Share Capital     -                  -                 40,962,800.25               -                 

  Dividend Payment              (21,098,713.00)    -                 (19,788,717.00)             (22,835,340.00)   

  Net Cash received (used) from (135,780,548.84)   (49,936,069.82)   45,253,163.37               (41,346,672.33)   
  Financing Activities                                                                                             

  Increase (Decrease) in Cash   7,270,160.51       7,584,877.02      12,313,001.95               (739,062.95)      
  on Hand and at Banks                                                                                             

  Cash on Hand and at Banks at  34,304,709.93      26,719,832.91     14,406,830.96               15,145,893.91     
  the Beginning of the Period                                                                                      

  Cash on Hand and at Banks at  41,574,870.44      34,304,709.93     26,719,832.91               14,406,830.96     
  the End of the Period                                                                                            

                                                                                                                   

                                                                                                                   

  Supplemental disclosures to                                                                                      
  the cash flow statements                                                                                         

  1. Cash paid during the                                                                                          
  period:                                                                                                          

  Interest Expense              8,272,275.55       17,964,008.97     33,005,015.78               34,370,809.68     

  Corporate Income Tax          23,316,828.05      4,154,765.91      1,508,731.86                14,858,565.72     

  2. Non cash item                                                                                                 

  - In 2000 the company                                                                                            
  adjusted unrealizable                                                                                            
  gain(loss) on revaluation of                                                                                     
  available for sale securities                                                                                    
  with the shareholders'equity                                                                                     

  amounting Baht (5.62) million                                                                                    
  and Baht (1.44) million                                                                                          
  respectively.                                                                                                    

                                                                                                                   

                                                                                                                   

                                                                                                                   

                                                                                                                   

                                                                                                                   

                                                                                                                   

                                                                                                                   

                                                                                                                   

                                                                                                                   

                                                                                                                   

                                                                                                                   

  Notes to financial statements                                                                                    
  are an integral part of the                                                                                      
  above statements.                                                                                                

                                                                                                                   
  ----------------------------- ------------------ ----------------- ----------------- --------- ----------------- ---------

SE-EDUCATION PUBLIC COMPANY LIMITED

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31,2000 AND 1999

1. Basis of Financial Statement

Reclassification of Accounting Items.

Items in the balance sheets as of December 31, 1999 and income statement
for the years then ended as used for comparison were reclassified in
order to conform with those as of December 31, 2000.

2. General Information

- The company was registered for establishment as a limited company on
July 29, 1974 and was converted to a public company limited on April 29,
1993 , registration number Bor Mor Jor 102. The company is situated at
800/30, 43-45 Soi Trakulsuk, Asoke-Dindang Road, Dindang, Bangkok 10400
Thailand.

- Major areas of business:

1. Sell books and magazines on a retail basis through their own SE-ED
Book Centers.

2. Publish and distribute their own technical books and magazines , as
well as distribute books

from other publishers and organizations to nationwide bookshops.

3. Advertise products and services in 7 monthly magazines published by
SE-ED.

4. Do publishing jobs and sell electronic parts and equipment.

- Employee Information

For the Years Period

ended on December 31,

  ----------------------------------------- -------------- --------------
                                            2000           1999

  Average Number of Employees               700            586

  Employee Expenses (Million Baht)          100.82         80.29
  ----------------------------------------- -------------- --------------

- A resolution appointing the audit committee

The Board of Directors meeting of SE-Education Public Company Limited
No. 6/1999 held on December 22, 1999 passed a resolution appointing the
Audit Committee of 3 members all of whom have qualifications as
prescribed by the Stock Exchange of Thailand.

3. Summary of Significant Accounting Policies

These financial statements are prepared in accordance with the
accounting standard announced by the Institute of Certified Accountants
and Auditors of Thailand. The main accounting policies can be summarized
as follows.

  3.1 - Sales are recognized when goods have already been delivered to
  customers except goods on consignment

  whose sales are recognized when such goods are checked at the
  consignees place at the end of agreed period.

- Sales from advertising are recognized once the advertisement is
released.

  3.2 The short term investments in mutual fund units are treated as
  available for sale and valued at fair value

3.3 Allowance for doubtful debts is made by estimating the uncollectible
accounts receivable.

3.4 Inventories

-   Paper raw materials and work-in-process are valued at cost price
    under FIFO method or expected net value, whichever is lower.

-   Finished goods produced by the company itself and finished goods
    purchased for sale are valued at cost price under simple average
    method or expected net value , whichever is lower.

-   Returned periodicals are not valued.

-   Allowance for decline in value of inventories is based on obsolete,
    out of date , dilapidated, and lost stock.

    5.  Fixed assets are recorded at cost and depreciated on a
        straight-line method as follows : 20 years for buildings, 5
        years for building decorations and office equipments , 5 years
        for air conditioners and 5 years for vehicles.

  3.6 Accrued foreign copyright expenses are calculated by the rate
  specified in the agreement on
  an accrual basis.

3.7 Investments in associated companies are recorded by equity method.

8.  Items denominated in foreign currencies are recorded in Baht at the
    exchange rate ruling on the day that transaction occurs, while the
    remaining balances of assets and liabilities denominated in foreign
    currencies at the year-end are converted into Baht at the prevailing
    exchange rate on that date, and the gain or loss arising from such
    conversion is included in the related income statement.

9.  The appropriation of retained earnings is attributable to the Public
    Company Act B.E. 2535 (1992) and appropriated when authorised from
    the shareholders’ meeting.

  3.10 Primary Earnings (loss) per share is calculated by dividing net
  profit (loss) with the weighted average number of issued and paid-up
  shares at the end of the year. The company did not calculate the
  fully - diluted earnings per share since it has no equivalent ordinary
  shares.

4. Cash on hand and at banks

As of December 31, 2000 and 1999 , some of cash on hand for the amount
of Baht 10.36 million and Baht 7.70 million respectively were received
from selling goods through SE-ED Book Centers as at the end of
accounting period which were deposited on working day in the next
period.

5. Securities for Sale - Net

Composed of as follows:-

+--------------------------+----------+----------+----------+---------+
|                          | 2000     | 1999     | 1998     | 1997    |
+--------------------------+----------+----------+----------+---------+
|                          | Baht     | Baht     | Baht     | Baht    |
+--------------------------+----------+----------+----------+---------+
| Investments in           | 158,68   | 171,89   | 100,12   | -       |
| Open-Ended Mutual Funds  | 4,597.75 | 6,117.75 | 0,767.00 |         |
+--------------------------+----------+----------+----------+---------+
| Investments in the       | 6,00     | 6,00     | -        | -       |
| Preferred Share –        | 0,000.00 | 0,000.00 |          |         |
|                          |          |          |          |         |
| Subordinated Debenture   |          |          |          |         |
| Mutual Fund              |          |          |          |         |
+--------------------------+----------+----------+----------+---------+
| Total                    | 164,68   | 177,89   | 100,12   | -       |
|                          | 4,597.75 | 6,117.75 | 0,767.00 |         |
+--------------------------+----------+----------+----------+---------+
| Less Allowance for       | (7,077   | (1,435   | -        | -       |
| Diminution in Value of   | ,491.75) | ,823.00) |          |         |
|                          |          |          |          |         |
| Investments              |          |          |          |         |
+--------------------------+----------+----------+----------+---------+
| Net                      | 157,60   | 176,46   | 100,12   | -       |
|                          | 7,106.00 | 0,294.75 | 0,767.00 |         |
+--------------------------+----------+----------+----------+---------+

As of December 31, 2000, the company recorded an entry of short-term
investment in the open-ended mutual funds on the fair value basis. As of
December 31, 2000, the total market value of the said investment was THB
157.61 million.

As of December 31, 1999, the company recorded an entry of investment in
the open-ended mutual funds on the lower value of the cost value and the
market value. The said investment had a market value totaling THB 176.46
million.

6. Accounts Receivable-Net

Composed of as follows:-

  -------------------------- ----------------- ----------------- ----------------- ----------------
                             2000              1999              1998              1997

                             Baht              Baht              Baht              Baht

  Accounts Receivable-Book   54,029,800.23     62,327,400.49     67,549,170.78     59,535,814.87
  Sales                                                                            

  Accounts                   11,159,375.57     9,601,941.90      10,375,826.76     15,864,234.51
  Receivable-Advertising                                                           

  Less Allowance for         (24,927,870.76)   (24,817,114.63)   (35,461,076.39)   (7,654,302.74)
  Doubtful Accounts                                                                

  Allowance for Returned     (2,486,749.53)    (2,486,749.53)    (3,313,633.24)    (2,588,958.13)
  Goods                                                                            

  Net                        37,774,555.51     44,625,478.23     39,150,287.91     65,156,788.51
  -------------------------- ----------------- ----------------- ----------------- ----------------

As of December 31, 1998, some of the allowance for doubtful accounts
amounts to THB 26.40 million, caused by selling to a debtor, being a
major player in the publishing industry. As of December 31, 1998, the
THB 26.40 million in the doubtful accounts is the doubtful accounts,
caused by the said debtor, and shown in the doubtful accounts of the
Income Statement.

7. Inventories-Net

Composed of as follows:-

+-----------------------+-----------+-----------+----------+----------+
|                       | 2000      | 1999      | 1998     | 1997     |
+-----------------------+-----------+-----------+----------+----------+
|                       | Baht      | Baht      | Baht     | Baht     |
+-----------------------+-----------+-----------+----------+----------+
| Paper                 | 9         | 1,0       | 5        | 15       |
|                       | 86,191.32 | 41,694.11 | 3,785.62 | 0,617.58 |
+-----------------------+-----------+-----------+----------+----------+
| Work-In-Process       | 5,3       | 5,7       | 8,84     | 7,62     |
|                       | 77,205.57 | 20,016.96 | 3,025.00 | 3,639.00 |
+-----------------------+-----------+-----------+----------+----------+
| Finished Goods        | 65,8      | 70,6      | 67,56    | 74,91    |
|                       | 42,184.44 | 89,774.71 | 3,199.40 | 7,742.56 |
+-----------------------+-----------+-----------+----------+----------+
| Finished Goods at     | 6,0       | 3,8       | 5,24     | 10,47    |
| Consignees            | 62,509.42 | 61,341.61 | 2,256.46 | 2,006.08 |
+-----------------------+-----------+-----------+----------+----------+
| Finished Goods at     | 61,1      | 32,3      | 18,67    | 25,32    |
| Branches              | 62,049.01 | 32,778.89 | 6,979.21 | 9,565.66 |
+-----------------------+-----------+-----------+----------+----------+
| Less Allowance for    | (14,51    | (4,75     | (5,409   | (2,335   |
| Dilapidated and       | 2,126.16) | 4,498.33) | ,332.92) | ,772.22) |
|                       |           |           |          |          |
| Lost Stock            |           |           |          |          |
+-----------------------+-----------+-----------+----------+----------+
| Allowance for Slow    | (24,29    | (23,83    | (5,638   | -        |
| Moving                | 1,351.27) | 6,414.53) | ,552.91) |          |
|                       |           |           |          |          |
| Goods                 |           |           |          |          |
+-----------------------+-----------+-----------+----------+----------+
| Net                   | 100,6     | 85,0      | 89,33    | 116,15   |
|                       | 26,662.33 | 54,693.42 | 1,359.86 | 7,798.66 |
+-----------------------+-----------+-----------+----------+----------+

8. Long -Term Investments

As of December 31, 2000 and 1999 part of long-term investments was an
investment in the form of certificates of deposits of a commercial bank
with interest rate of 3.445 % and 4.13 – 4.5625% per annum respectively,
redemption in 5 years. This investment was transferred from a short-term
investment with a finance company which was permanently closed by the
order of the Ministry of Finance and the Financial Sector Restructuring
Authority on December 8, 1997. The promissory note of that closed
finance company was then converted to certificates of deposits at the
bank.

9. Investments in and Loans to Associated and Related Companies-Net

Investments in Associated and Related Companies

Composed of as follows:-

December 31, 2000

  ------------ -------------- -------------- ------------ ------------ ------------- -------------- ------------
               Nature of      Relationship   Paid-Up      Percentage   Investments                  Dividend
               Business                                                                             

                                             Share        of Share     Cost          Equity         

                                             Capital      Holdings     Method        Method         

                                             Baht                      Baht          Baht           Baht

  M AND E      Printing       Associated     400,000.00   25%          -             8,812,868.68   400,000.00
  CO.,LTD.     Office                                                                               

               Company ,      Company                                                               
               Produces                                                                             

               Technical                                                                            
               Magazines and                                                                        

               Engineering                                                                          
               Manuals                                                                              
  ------------ -------------- -------------- ------------ ------------ ------------- -------------- ------------

December 31, 1999

  --------------- --------------- -------------- --------------- ------------ ------------- ---------------- -------------- ---------- ------------
                  Nature of       Relationship   Paid-Up         Percentage   Investments                                   Dividend   
                  Business                                                                                                             

                                                 Share           of Share     Cost                           Equity                    

                                                 Capital         Holdings     Method                         Method                    

                                                 Baht                                       Baht             Baht                      Baht

  THIRD WAVE      Television and  Associated     5,000,000.00    30%                        1,500,000.00     -                         -
                  Radio                                                                                                                

  BROADCASTING    Program         Company                                                                                              
                  Production                                                                                                           

  CO.,LTD                                                                                                                              

  M AND E O.,LTD. Printing Office Associated     400,000.00      25%                        -                8,291,955.44              600,000.00

                  Company ,       Company                                                                                              
                  Produces                                                                                                             

                  Technical                                                                                                            
                  Magazines and                                                                                                        

                  Engineering                                                                                                          
                  Manuals                                                                                                              

  INTERNATIONAL   Computer        Co -           50,000,000.00   3%                         1,500,000.00     -                         -
                  Software,                                                                                                            

  SOFTWARE        Design and      Management                                                                                           
                  Production                                                                                                           

  FACTORY CO.,    for                                                                                                                  
  LTD.            International                                                                                                        
                  Sales                                                                                                                

  Less Allowance                                                                                                                       
  for                                                                                                                                  

  Diminution in                                                                                                                        
  Value                                                                                                                                

  of Investments                                                                                                                       
  in                                                                                                                                   

  - THIRD WAVE                                                                                                                         

  BROADCASTING                                                                                                                         

  CO.,LTD.                                                                                  (1,500,000.00)   -                         

  - INTERNATIONAL                                                                                                                      

  SOFTWARE                                                                                                                             

  FACTORY                                                                                   (1,500,000.00)   -                         
  CO.,LTD.                                                                                                                             

  Net                                                                                       -                8,291,955.44              600,000.00
  --------------- --------------- -------------- --------------- ------------ ------------- ---------------- -------------- ---------- ------------

December 31, 1998

  --------------- --------------- -------------- --------------- ------------ ---------------- -------------- ------------
                  Nature of       Relationship   Paid-Up         Percentage   Investments                     Dividend
                  Business                                                                                    

                                                 Share           of Share     Cost             Equity         

                                                 Capital         Holdings     Method           Method         

                                                 Baht                         Baht             Baht           Baht

  THIRD WAVE      Television and  Associated     5,000,000.00    30%          1,500,000.00     -              -
                  Radio                                                                                       

  BROADCASTING    Program         Company                                                                     
                  Production                                                                                  

  CO.,LTD                                                                                                     

  M AND E         Printing Office Associated     400,000.00      25%          -                7,410,324.20   400,000.00
  CO.,LTD.                                                                                                    

                  Company         Company                                                                     
                  Produces                                                                                    

                  Technical                                                                                   
                  magazines and                                                                               

                  Engineering                                                                                 
                  Manuals                                                                                     

  INTERNATIONAL   Computer        Co -           50,000,000.00   3%           1,500,000.00     -              
                  Software for                                                                                

  SOFTWARE        Design and      Management                                                                  
                  Production                                                                                  

  FACTORY         International                                                                               
                  Sales                                                                                       

  CO., LTD.                                                                                                   

  Less Allowance                                                                                              
  for                                                                                                         

  Diminution in                                                                                               
  value                                                                                                       

  of Investments                                                                                              
  in                                                                                                          

  THIRDWAVE                                                                   (1,500,000.00)                  

  BROADCASTING                                                                                                

  CO..LTD                                                                                                     

  INTERNATIONAL                                                                                               

  SOFTWARE                                                                                                    

  FACTORY CO.,LTD                                                             (1,006,886.13)   -              

  Net                                                                         493,113.87       7,410,324.20   400,000.00
  --------------- --------------- -------------- --------------- ------------ ---------------- -------------- ------------

December 31, 1997

  --------------- --------------- -------------- --------------- ------------ ---------------- -------------- ------------
                  Nature of       Relationship   Paid-Up         Percentage   Investments                     Dividend
                  Business                                                                                    

                                                 Share           of Share     Cost             Equity         

                                                 Capital         Holdings     Method           Method         

                                                 Baht                         Baht             Baht           Baht

  THIRD WAVE      Television and  Associated     5,000,000.00    30%          1,500,000.00     -              -
                  Radio                                                                                       

  BROADCASTING    Program         Company                                                                     
                  Production                                                                                  

  CO.,LTD                                                                                                     

  M AND E         Printing Office Associated     400,000.00      25%          -                6,467,274.91   250,000.00
  CO.,LTD.                                                                                                    

                  Company         Company                                                                     
                  Produces                                                                                    

                  Technical                                                                                   
                  magazines and                                                                               

                  Engineering                                                                                 
                  Manuals                                                                                     

  INTERNATIONAL   Computer        Co -           50,000,000.00   3%           1,500,000.00     -              
                  Software for                                                                                

  SOFTWARE        Design and      Management                                                                  
                  Production                                                                                  

  FACTORY         International                                                                               
                  Sales                                                                                       

  CO., LTD.                                                                                                   

  Less Allowance                                                              (1,500,000.00)                  
  for                                                                                                         

  Diminution in                                                                                               
  value                                                                                                       

  of Investments                                                                                              
  in                                                                                                          

  THIRDWAVE                                                                                                   

  BROADCASTING                                                                                                

  CO..LTD                                                                                                     

  Net                                                                         1,500,000.00     6,467,274.91   250,000.00
  --------------- --------------- -------------- --------------- ------------ ---------------- -------------- ------------

The financial statements for the quarter and the year ended on December
31,2000 , the company did not recognize participating gain or loss from
investments in M AND E CO.,LTD. since the associated company had not yet
completed the preparation of its financial statements, thus no audit had
been performed on them by relevant auditors. However, in the 2^(nd)
Quarter, 2000 , the company received the financial statements for the
year ended on December 31, 1999 of M AND E CO.,LTD. which were audited
by another auditor. The company, consequently recorded investment in
such associated company in the income statement for the year ended
December 31,2000 in the amount of Baht 0.92 million.

Loan to Associated Company

Composed of as follows:-

  ---------------------------- ---------- ---------------- ---------------- ----------------
                               2000       1999             1998             1997

                               Baht       Baht             Baht             Baht

  THIRDWAVE BROADCASTING       -          3,300,000.00     3,300,000.00     3,300,000.00
  CO.,LTD                                                                   

  UNITY ENTERPRISE CO., LTD.   -          -                -                -

  TOTAL                        -          3,300,000.00     3,300,000.00     3,300,000.00

  Less Allowance for Doubtful  -          (3,300,000.00)   (3,300,000.00)   (3,300,000.00)
  Debts                                                                     

  Net                          -          -                -                -
  ---------------------------- ---------- ---------------- ---------------- ----------------

Loans to an associated company amounting Baht 3.30 million were loans
granted to THIRD WAVE BROADCASTING CO., LTD originally , the company
fully recorded of allowance for doubtful debt. However , in Quarter 4 ,
2000 , such associated company had been ordered to bankrupt from the
Central Bankruptcy Court. The company considered that an associated
company remained insufficient assets to repay debt . The company,
therefore ,fully deleted Loans to Associated Company and Allowance for
Doubtful Debt in Quarter 4 , 2000.

10. Property, Plant and Equipments-Net

Composed of as follows:-

  ------------------- ------------------ ------------------ ------ ------------------ ------------------
                      2000               1999               1998                      1997

                      Baht               Baht               Baht                      Baht

  Land                14,243,213.00      14,243,213.00             14,243,213.00      11,813,213.00

  Building            14,247,238.08      15,072,159.47             15,072,159.47      15,145,159.47

  Building Decoration 107,522,353.90     91,558,325.32             79,402,357.46      66,366,266.73

  Office Equipments   118,801,561.90     95,310,849.25             75,834,957.45      72,994,182.36

  Air Conditioners    6,573,803.75       6,303,308.07              6,180,418.10       6,553,405.37

  Vehicles            11,752,815.86      8,814,986.24              5,531,182.24       5,641,862.61

  Work-In-Progress    -                  -                         -                  1,570,543.59

  Total               273,140,986.49     231,302,841.35            196,264,287.72     180,084,633.13

  Less Accumulated    (170,768,655.33)   (143,927,145.37)          (121,423,374.06)   (103,467,813.21)
  Depreciation                                                                        

  Net                 102,372,331.16     87,375,695.98             74,840,913.66      76,616,819.92
  ------------------- ------------------ ------------------ ------ ------------------ ------------------

In February,2001 , the company assigned an independent valuation
consultant to appraise buildings available for rental which was part of
building account with the book value of Baht 3.63 million . The result
was that as of February 21,2001 , the net appraised value of building
showed amount of Baht 2.8 million which is the price the company would
received if sold in an active market but lower than the book value in
amount of baht 0.83 million. The different arised showed as loss from
Impairment of Assets in the income statement for the year ended on
December 31 ,2000. Land and construction were pledged as collateral
against bank overdrafts and long - term loans from commercial banks.

11. Leasehold-Buildings

The leasehold-buildings are mainly areas leased in leading shopping
center for SE-ED Book Center branches.

Most of the leaseholds were pledged as collateral against long-term
loans from commercial banks and financial institutions and against bank
overdrafts from commercial banks.

12. Assets for Sale – Net

As of December 31, 2000 and 1999 the whole amount consisted of land and
buildings which the company purchased for the original objective to use
for operation but after examining their condition they were considered
no longer fit for the purpose. The company had improved them for sale,
thus they were classified as assets for sale.

Land and construction were pledged as collateral against bank overdrafts
and long-term loans from commercial banks.

In 1999, the company assigned an independent valuation consultant to
appraise all of its assets for sale. The result was that as of December
27, 1999 the net value of assets for sale shown in company’s balance
sheet is higher than the recoverable amount, which is the price the
company would receive if sold in an active market, amounting to Baht
32.56 million, which is Baht 21.56 million less than its stated book
value of Baht 54.12 million. This is shown as loss from impairment of
assets in the income statement.

13. Land not used for Operation – Net

Land not used for operation was pledged as collateral against bank
overdrafts and long-term loans from commercial banks.

In 1999, the company assigned an independent valuation consultant to
appraise all of land not used for operation. The result was that as of
December 27, 1999 the net value of land and construction not used for
operation shown in company’s balance sheet is higher than the
recoverable amount, which is the price the company would receive if sold
in an active market, amounting to Baht 32 million, which is Baht 17.50
million less than its stated book value of Baht 49.50 million. This is
shown as loss from impairment of assets in the income statement. The
recoverable amount of another piece of land is higher than the net
value.

14. Credits and Guarantees

Credit facilities in the form of bank overdrafts and long-term loans
were secured by fixed account, land and construction as detailed in Note
10, leasehold on buildings as detailed in Note 11, assets for sale as
detailed in Note 12, and land and construction not used for operation as
detailed in Note 13.

15. Long-Term Loans

Composed of as follows:-

  ------------------------ ---------------- ----------------- ----------------- -----------------
                           2000             1999              1998              1997

                           Baht             Baht              Baht              Baht

  Loans from Banks         20,819,170.00    140,419,066.69    187,040,066.68    212,145,385.83

  Loan from Financial      -                8,801,046.93      10,672,110.77     10,708,699.58
  Institution                                                                   

  Total                    20,819,170.00    149,220,113.62    197,712,177.45    222,854,085.41

  Less Current – Portion   (7,836,000.00)   (44,467,260.91)   (33,384,996.31)   (23,305,393.00)
  of Long Term Loans                                                            

  Net                      12,983,170.00    104,752,852.71    164,327,181.14    199,548,692.41
  ------------------------ ---------------- ----------------- ----------------- -----------------

Long - term loans had credit limit, interest rate and securities as
follows:

Unit : Baht Million

[TABLE]

Term of Repayment

As of December 31, 2000 long-term loans Nos. 1-5 comprising 9 credit
limits had 22 to 54 unpaid remaining installments at Baht
203,000-450,000 per installment and the whole amount had to be fully
repaid in 2004-2005.

16. Dividend Payment & Legal Reserve

The shareholders’ ordinary meeting No.1/2000 on April 28, 2000 resolved
unanimously to pay dividends out of the operating result for the year
1999 to shareholders still remaining on the register book as of April 7,
2000 at Baht 1.00 per share. Based on outstanding shares as at the end
of the year Baht 21.10 million will be paid for dividends, which will be
paid on May 26, 2000. The meeting also authorised to appropriate net
profit for legal reserve of Baht 0.11 million.

17. Directors’ Remuneration

The shareholders’ ordinary meeting No.1/2000 on April 28, 2000 resolved
unanimously to pay remuneration to board directors those names existed
as at December 31, 1999 of Baht 30,000 each and Baht 40,000 to the
chairman for the operating result of the company in 1999.

18. Corporate Income Tax

Corporate income tax was calculated at 30% of net book profit before
recognition of participating gain (loss) from investments in associated
companies plus those expenses that are not deductible under the Revenue
Code.

19. The Income Statements for the Quarter ended on December 31 ,2000,
1999, 1998 and 1997

The income statements for the quarters ended on December 31, 2000, 1999,
1998 and 1997, were reviewed in accordance with the auditing standard
issued by the Institute of Certified Accountants and Auditors of
Thailand as follows:

Unaudited

  Limited Review Only

For the Quarters

ended on December 31,

+--------------------------------+-------+--------+--------+---------+
|                                | 2000  | 1999   | 1998   | 1997    |
+--------------------------------+-------+--------+--------+---------+
|                                | ’000  | ’000   | ’000   | ’000    |
|                                | Baht  | Baht   | Baht   | Baht    |
+--------------------------------+-------+--------+--------+---------+
| REVENUES FROM OPERATION        |       |        |        |         |
+--------------------------------+-------+--------+--------+---------+
| Sales                          | 32    | 2      | 1      | 149,568 |
|                                | 6,820 | 25,887 | 68,037 |         |
+--------------------------------+-------+--------+--------+---------+
| Other Income                   | 5,858 | 9,277  | 10,967 | 5,355   |
+--------------------------------+-------+--------+--------+---------+
| Participating Gain (Loss) in   | 921   | -      | -      | (244)   |
| the Associated Company         |       |        |        |         |
+--------------------------------+-------+--------+--------+---------+
| TOTAL REVENUES                 | 33    | 2      | 1      | 154,679 |
|                                | 3,599 | 35,164 | 79,004 |         |
+--------------------------------+-------+--------+--------+---------+
| EXPENSES FROM OPERATION        |       |        |        |         |
+--------------------------------+-------+--------+--------+---------+
| Cost of Sales                  | 23    | 1      | 1      | 96,221  |
|                                | 8,931 | 74,830 | 12,353 |         |
+--------------------------------+-------+--------+--------+---------+
| Selling and Administrative     | 7     | 54,938 | 50,601 | 38,547  |
| Expenses                       | 7,498 |        |        |         |
+--------------------------------+-------+--------+--------+---------+
| Loss from Impairment in Value  | 825   | 39,056 | -      | -       |
| of Assets                      |       |        |        |         |
+--------------------------------+-------+--------+--------+---------+
| Doubtful Accounts              | -     | -      | 20,924 | 2,970   |
+--------------------------------+-------+--------+--------+---------+
| Directors’ Remuneration        | 147   | 117    | 125    | 108     |
+--------------------------------+-------+--------+--------+---------+
| Interest Expense               | 1,050 | 3,772  | 7,066  | 9,454   |
+--------------------------------+-------+--------+--------+---------+
| Corporate Income Tax           | 5,073 | (      | 5,577  | (590)   |
|                                |       | 6,705) |        |         |
+--------------------------------+-------+--------+--------+---------+
| TOTAL EXPENSES                 | 32    | 2      | 1      | 146,710 |
|                                | 3,524 | 66,008 | 96,646 |         |
+--------------------------------+-------+--------+--------+---------+
| PROFIT (LOSS) FROM OPERATION   | 1     | (3     | (1     | 7,969   |
| BEFORE IMPACT OF USING MANAGED | 0,075 | 0,844) | 7,642) |         |
| FLOAT EXCHANGE SYSTEM          |       |        |        |         |
+--------------------------------+-------+--------+--------+---------+
| REALISED GAIN (LOSS) FROM      | -     | -      | -      | (       |
| USING MANAGED                  |       |        |        | 14,096) |
|                                |       |        |        |         |
| FLOAT EXCHANGE SYSTEM          |       |        |        |         |
+--------------------------------+-------+--------+--------+---------+
| NET PROFIT                     | 1     | (3     | (1     | (6,127) |
|                                | 0,075 | 0,844) | 7,642) |         |
+--------------------------------+-------+--------+--------+---------+
|                                |       |        |        |         |
+--------------------------------+-------+--------+--------+---------+
| PRIMARY EARNINGS PER SHARE     | 0.48  | (1.46) | (0.84) | (0.40)  |
| (BAHT)                         |       |        |        |         |
+--------------------------------+-------+--------+--------+---------+
|                                |       |        |        |         |
+--------------------------------+-------+--------+--------+---------+
|                                |       |        |        |         |
+--------------------------------+-------+--------+--------+---------+
|                                |       |        |        |         |
+--------------------------------+-------+--------+--------+---------+

20. Disclosure of Sectoral Business Operations

The company operates in one principal business sector, namely business
of production and sale of books and confines its operation only in one
geographical area i.e. in Thailand. Thus all income, profit and assets
shown in the financial statements were related to the said business
sector and geographical area.

21. Obligations and Contingent Liabilities

Apart from various liabilities which appeared on the financial
statements as of December 31, 2000 and 1999 the company also had an
obligation with a bank in relation to letter of guarantee for the amount
of Baht 3.95 million and Baht 2.66 million respectively.

22. Y2K Problem (Unaudited)

Early in 1998, the company had analyzed and modified its computer system
in order to overcome the Y2K problem. By its own estimates Y2K problem
will have no impact on the company’s computer system, internal
operations, production, sales, distribution, retail sales or management.
In any case, the company has appointed a capable internal work unit to
be responsible for making the computer system Y2K proof.

The business results of associated companies has had no significant
impact on the company since their operations use modern technology.

However, the company’s computer accounting system will be affected, so
presently since the third quarter of 1999 the company has started using
a new accounting program. The company aims to implement this new program
so there is no impact on disclosure in the financial statements. The
associated expenses are insignificant due to the suitability of existing
computer equipment. The company has solved the Y2K problem already and
an examination of the computer system after 2000 has found nothing that
will affect company operations. After balance sheet date until February
15, 2001 nothing has been found that will affect company operations.

2. Explanation and Analysis from the Management 

Previous operation and financial position

2.1 Profitability and Operating Efficiency for the past 3 years and for
the last period

 Income Generating Capability 

  Year 2000 1999 1998 1997

  Total Income (THB million) 1,174 811 637 672

  Growth +44.8% +27.3% -5.2% +4.5%

In the past four years the company has achieved a satisfactory level of
steady revenue growth from bookselling as well as magazine advertising
sales. The annual revenue doubled every two year (except for 1997 which
suffered from the economic crisis). Such growth stems primarily from the
company's increased production capacity of new titles, particularly in
the computer book and general book category. Another contributing factor
is the significant expansion of the company's retail outlets through 61
branches of SBC, the company's own bookshops, and 5 branch of SBC
Network Bookshop commencing its operation in 1999.

Such growth is a confirming signal of the increased public awareness of
information and of their need to keep abreast of the economic as well as
technological development. The growth is even more remarkable when
taking into consideration the economic crisis of 1997 causing widespread
slowdown in almost every business sector. Unfortunately the publishing
business becomes one of those casualties, suffering most notably from
the plummeting earnings from the collapsing real estate business.
However, 1997 crisis represents another year of acid test for the
company's business fundamentals to maintain its steady profitability
amidst the economic turbulence. The company's survival is attributable
to its policy, adopted and vigorously implemented since 1995, to improve
the company's profitability with less emphasis on increasing sales.
Instead, the company aimed to better control its operating costs, to
zero-growth the staff, to minimize bad debts from sales, to produce and
distribute only products which meet the market demand.

The Year Performance as of December 31, 2000 and 1999

The company's performance ending December 31, 2000 showed a total
revenue of THB 1,174 million, an increase of THB 363 million, or
increase 45%. Such increase led to THB 111 million profit from operation
before loss from impairment of assets, interest expenses and corporate
income tax, an increase of THB 38 million, or increase 52% increase. The
company's profitability as a result was 9% of the total revenue,
slightly different from the previous year.

The company’s net profit rose to THB 68 million, a sharp increase of THB
66 million, or +2,957% (1999 profit being THB 2 million only).

The main reasons for the company's profitability are as follows:

  1. The company kept on expanding its network of SE-ED Book Centers
  (SBC) averaging a new branch per month. Currently, 66 bookstores and
  counting are operated by the company. Such steady expansion led to the
  sales revenue of THB 894 million, an increase of THB 352 million,
  causing the rise of +76% increase in SBC's sales while its operating
  expenses slightly increased. In addition, those books published or
  distributed by the company enjoyed proportionally higher sales than
  the rest, leading to 31% gross profit-to-sales ratio, close to that of
  previous year. Moreover, the company still obtained the steady,
  although slightly decreasing, revenue from distributing and
  advertising sales. These two major reasons led, consequently, to a 1%
  decrease in the cost of sales to sale revenue ratio.

  2. The company achieved, however, other income totaling THB 37 million
  being THB 12 million from short-term loan dividend paid; THB 9 million
  from organizing Thailand Electronics & Industrial Technology 2000
  trade show, and others.

  3. The loan payment by using the funds from the cash issue,
  contributes to an increase of 3% in the profit-to-sales revenue ratio.

  4. THB 23.68 million of the defective stock, the allowance of slow
  moving and dilapidated goods was recorded, and led to the 23%
  selling-and-administrative expenses-to-the total revenue ratio
  (compared with 27% in 1999). In the fourth quarter, the company
  appraised the asset for sale, the land and building not used for
  operation and the loss from impairment of assets in the amount of THB
  0.82 million (THB 39 million in 1999).

The Year Performance as of December 31, 1999 and 1998

The company's performance ending December 31, 1999 showed a totally
revenue of THB 811 million, an increase of THB 174 million, or increase
27%. Such increase led to THB 73 million profit from operation before
interest expenses and corporate income tax, an increase of THB 38
million, or increase

106% sharp increase. The company's year corresponding profitability as a
result rose to 10% of the total revenue, increase 4% of total revenue on
the corresponding period in 1998 when there was THB 35 million or 6% of
total revenue of profit before doubtful accounts, interest and income
tax.

As of December 31, 1999, the company's net profit for the year 1999 was
THB 2 million, increasing THB 27 million or increase 109% from THB 25
million net loss for the same period last year. The main reasons for the
company's profitability are as follows:

  1. The company kept on expanding its network of SE-ED Book Centers
  (SBC) averaging a new branch per month. Currently, 45 bookstores and
  counting are operated by the company. Such steady expansion led to the
  sales revenue of THB 542 million, an increase of THB 155 million,
  causing the rise of +40% increase in SBC's sales while its operating
  expenses slightly increased.

  In addition, those books published or distributed by the company
  enjoyed proportionally higher sales than the rest, causing the gross
  profit-to-sales ratio to increase from 29% to 32%. Moreover, the
  company still obtained the steady revenue from distributing and
  advertising sales which in fact decreased slightly. These two major
  reasons led, consequently, to a 2% decrease of cost in sales revenue.

  2. The company achieved, however, other income of THB 53 million from
  THB 15 million of short-term loan dividend paid; THB 12 million in
  recovered bad debts; and another revenue from the Thailand Electronics
  & Industrial Technology 1999 trade show.

  3. The loan payment, as a result, causes an increase of 3% of the
  profit rate in sales revenue.

  4. THB of 33 million of the defective stock, the allowance of slow
  moving and dilapidated goods are recorded causing the 27% stability in
  selling and administrative expenses in relation to the total revenue
  (compared with 26% in 1998). In this fourth quarter, the company
  appraised the asset for sale, the land and building not used for
  operation and the loss from impairment of assets in the amount of THB
  39 million.

The Year Performance as of December 31, 1998 and 1997

Net Loss for the year

The company suffered a net loss of THB 25.27 million, or –3.97% of total
revenue. (The 1997 net profit margin for the same period was 5.82% of
the total revenue) drop THB 64.43 million or down 9.79% of total
revenue. There were three major causes for this loss.

First, the company suffered profoundly form a sharp decline in its
high-gross margin generating business, namely its book wholesale, book
distribution and magazine advertising. Their combined revenue dropped
THB 111.85 million, down 32.60% from last year due to the economic
slump. Secondly, the company’s retail business, SE-ED Book Center (SBC)
operation, still managed to achieve THB 69.82 million increase in
revenue, or up 22.61% as a result of its ongoing expansion of new
branches since the previous year. Last but not least, the company
recorded allowance for doubtful accounts for 1998 in the amount of THB
27.81 million, a significant increase of THB 24.39 million from 1997.
Most of this came from the company’s biggest debtor.

The said factors led to an increase of 5.88% in cost-to-total revenue
ratio. And 3.88% in selling/administrative expense and 3.86% in
allowance for doubtful-account-to-total-revenue ratio respectively. All
these contributed to a 9.79% decline in the company’s profitability for
the year of 1998 over last year.

Capability to control cost and improve profitability

The guidelines for profitability improvement implemented since 1996 are
as follows:

1.  Step up the production capacity of book in demand.

2.  Continue to increase sales to achieve a steady growth by introducing
    more new products, and increasing the number of retail outlets, both
    SBC in Bangkok and in the provinces and SE-ED Network Bookshop.

3.  Be cautious in business expansion or new investment by focusing on
    low-risk and low-investment projects. Choose only the kind of
    project that requires the company’s expertise to successfully
    implement.

4.  Improve the overall efficiency of all business units

Thanks to the company's proper preparation and determination, it managed
to achieve steady and improved profitability as shown in the previous
table.

2.2 Explanation for the company's financial status as of December 31,
1999, 1998, 1997 and 1996

  --------------------- ------------ ------------ ------------ ------------
  Assets                2000         1999         1998         1997

  Current Assets(THB:   355.7        365.3        279.6        239.2
  million)                                                     

  Growth rate           (2.6%)       30.7%        (16.9%)      (12.3%)

  Total Assets (THB:    10.5         708.7        657.7        629.6
  million)                                                     

  Growth rate(minus     0.3%         7.8%         (4.5%)       (3.1%)
  growth)                                                      
  --------------------- ------------ ------------ ------------ ------------

Report on the company's financial status change during 1997-2000 [4 years]

Total assets as of December 31, 2000 showed THB 710.47 million, an
increase of THB 1.78 million, or up 0.30%. The main causes are: THB 16
million increase in the company’s inventory value; THB 7 million
increase in cash driven by rapid expansion of the retail network, also
leading to increased stock and increase operating capital; THB 19
million decrease in the company’s securities-for-sale through selling
such securities and using money gained to repay the long-term loan.

Total liabilities as of December 31, 2000 showed THB 327.36 million, a
decrease of THB 39 million, or down 11%. The main reason is the
repayment of long-term loan.

Shareholders’ equity as of December 31, 2000 showed THB 383.11 million,
an increase of THB 41.03 million, or up 11%.

Explanation on the company's statement of cash flow and the sufficiency of the capital structure

  (Unit: THB million)

  --------------------------- ----------- ----------- ---------- ----------
  Year                        2000        1999        1998       1997

  From operating activities   171.9       172.1       89.1       75.1

  From investing activities   (28.8)      (114.6)     (122.0)    (34.5)

  financing activities        (135.8)     (49.9)      (45.3)     (41.3)

  Net increase (decrease) in                                     

  cash and cash equivalents   7.3         7.6         12.3       (0.7)
  --------------------------- ----------- ----------- ---------- ----------

The company mobilized funds from 1991 to 1995, and arranged a share
capital increase, long-term loans from banks as well as financial
institutions to invest approximately THB 200 million in the leasehold of
SE-ED Book Center's various locations including other investments in
production and reserved stock for sale, and in accounts receivable and
net notes receivable. This continued investment led to THB 171.85
million cash inflow from the company's highly efficient operation in
2000, 75% of which came from the increased sales of SBC. Consequently
the company's ability to incur debts had a decreasing trend, while its
ability to pay interest at a better rate was much improved.

3.  Table of Financial Analysis

+------------------+---------------------------+---+---+---+---+---+
| FINANCIAL        | FORMULA                   |   | 2 | 1 | 1 | 1 |
| ANALYSIS         |                           |   | 0 | 9 | 9 | 9 |
|                  |                           |   | 0 | 9 | 9 | 9 |
|                  |                           |   | 0 | 9 | 8 | 7 |
+------------------+---------------------------+---+---+---+---+---+
| LIQUIDITY RATIO  |                           |   |   |   |   |   |
+------------------+---------------------------+---+---+---+---+---+
|   Current Ratio  | Current Assets / Current  | t | 1 | 1 | 1 | 1 |
|                  | Liabilities               | i | . | . | . | . |
|                  |                           | m | 1 | 4 | 8 | 6 |
|                  |                           | e | 4 | 1 | 4 | 9 |
|                  |                           | s |   |   |   |   |
+------------------+---------------------------+---+---+---+---+---+
|                  | (Cash + Marketable        | t | 0 | 1 | 1 | 0 |
|  Acid-Test-Ratio | Securities + Short-term   | i | . | . | . | . |
|                  | Receivables) / Current    | m | 7 | 0 | 1 | 7 |
|                  | Liabilities               | e | 7 | 1 | 3 | 0 |
|                  |                           | s |   |   |   |   |
+------------------+---------------------------+---+---+---+---+---+
|   Cash Flow from | Net Cash Provided by      | c | 0 | 0 | 0 | 0 |
|   Operations to  | Operating Activities /    | y | . | . | . | . |
|   Current        | Average Current           | c | 6 | 8 | 6 | 4 |
|   Liabilities    | Liabilities               | l |   | 4 | 0 | 7 |
|   Ratio          |                           | e |   |   |   |   |
|                  |                           | s |   |   |   |   |
+------------------+---------------------------+---+---+---+---+---+
|   Account        | Net Credit Sales /        | c | 3 | 2 | 2 | 3 |
|   Receivable     | (Accounts Receivable +    | y | . | . | . | . |
|   Turnover Ratio | Note Receivable)          | c | 2 | 6 | 5 | 4 |
|                  | (Average)                 | l | 8 | 4 | 0 | 9 |
|                  |                           | e |   |   |   |   |
|                  |                           | s |   |   |   |   |
+------------------+---------------------------+---+---+---+---+---+
|   Number Day's   | 360 / Account Receivable  | d | 1 | 1 | 1 | 1 |
|   Sales in       | Turnover                  | a | 1 | 3 | 4 | 0 |
|   Receivables    |                           | y | 0 | 6 | 4 | 3 |
|                  |                           | s |   |   |   |   |
+------------------+---------------------------+---+---+---+---+---+
|   Inventory      | Cost of Goods Sold /      | t | 6 | 5 | 4 | 3 |
|   Turnover Ratio | Inventory (Average)       | i | . | . | . | . |
|                  |                           | m | 5 | 2 | 2 | 7 |
|                  |                           | e | 6 | 2 | 7 | 9 |
|                  |                           | s |   |   |   |   |
+------------------+---------------------------+---+---+---+---+---+
|   Number Days’   | 360 / Inventory Turnover  | d | 5 | 6 | 8 | 9 |
|   Sales in       |                           | a | 5 | 9 | 4 | 5 |
|   Inventory      |                           | y |   |   |   |   |
|                  |                           | s |   |   |   |   |
+------------------+---------------------------+---+---+---+---+---+
|   Account        | Purchase or Cost of Goods | t | 3 | 3 | 5 | 5 |
|   Payable        | Sold / (Account Payable + | i | . | . | . | . |
|   Turnover Ratio | Note Payable) (Average)   | m | 8 | 9 | 2 | 4 |
|                  |                           | e | 7 | 9 | 2 | 4 |
|                  |                           | s |   |   |   |   |
+------------------+---------------------------+---+---+---+---+---+

+------------------+---------------------------+---+---+---+---+---+
| FINANCIAL        | FORMULA                   |   | 2 | 1 | 1 | 1 |
| ANALYSIS         |                           |   | 0 | 9 | 9 | 9 |
|                  |                           |   | 0 | 9 | 9 | 9 |
|                  |                           |   | 0 | 9 | 8 | 7 |
+------------------+---------------------------+---+---+---+---+---+
|   Number Days’   | 360 / Account Payable     | d | 9 | 9 | 6 | 6 |
|   Payable        | Turnover                  | a | 3 | 0 | 9 | 6 |
|                  |                           | y |   |   |   |   |
|                  |                           | s |   |   |   |   |
+------------------+---------------------------+---+---+---+---+---+
|   Cash Cycle     | Number day's sales in     | d | 7 | 1 | 1 | 1 |
|                  | receivables + Number      | a | 2 | 1 | 5 | 3 |
|                  | days’ sales in            | y |   | 5 | 9 | 2 |
|                  | inventory - Number days’  | s |   |   |   |   |
|                  | payable                   |   |   |   |   |   |
+------------------+---------------------------+---+---+---+---+---+
| PRO              |                           |   |   |   |   |   |
| FITABILITY RATIO |                           |   |   |   |   |   |
+------------------+---------------------------+---+---+---+---+---+
|   Gross Profit   | Gross Profit / Net Sales  | % | 3 | 3 | 2 | 9 |
|   Ratio          |                           |   | 0 | 1 | 9 | 3 |
|                  |                           |   | . | . | . | . |
|                  |                           |   | 7 | 6 | 4 | 6 |
|                  |                           |   | 3 | 8 | 7 | 9 |
+------------------+---------------------------+---+---+---+---+---+
|   Profit from    | Profit from Operation /   | % | 5 | 0 | - | 5 |
|   Operation      | Net Sales                 |   | . | . | 4 | . |
|   Ratio          |                           |   | 8 | 1 | . | 8 |
|                  |                           |   | 8 | 6 | 1 | 8 |
|                  |                           |   |   |   | 3 |   |
+------------------+---------------------------+---+---+---+---+---+
|   Other Profit   | Profit from Non-Operation | % | 1 | 1 | 0 | 2 |
|   Ratio          | / Total Revenue           |   | 3 | . | . | . |
|                  |                           |   | . | 8 | 4 | 6 |
|                  |                           |   | 3 | 9 | 0 | 9 |
|                  |                           |   | 7 |   |   |   |
+------------------+---------------------------+---+---+---+---+---+
|   Cash Flow from | Cash Flow from Operating  | % | 0 | 0 | - | 0 |
|   Operation to   | Activities / Profit from  |   | . | . |   | . |
|   Profit from    | Operation                 |   | 0 | 1 |   | 0 |
|   Operation      |                           |   | 8 | 2 |   | 5 |
+------------------+---------------------------+---+---+---+---+---+
|   Net Profit     | Net Profit / Total        | % | 5 | 0 | - | 5 |
|                  | Revenue                   |   | . | . | 4 | . |
|                  |                           |   | 7 | 2 | . | 9 |
|                  |                           |   | 7 | 7 | 1 | 4 |
|                  |                           |   |   |   | 3 |   |
+------------------+---------------------------+---+---+---+---+---+
|   Return on      | Net Profit /              | % | 1 | 0 | - | 1 |
|   stockholders'  | Shareholders’ Equity      |   | 8 | . | 8 | 4 |
|   equity         | (Average)                 |   | . | 6 | . | . |
|                  |                           |   | 6 | 5 | 0 | 1 |
|                  |                           |   | 9 |   | 7 | 4 |
+------------------+---------------------------+---+---+---+---+---+
| EFFICIENCY RATIO |                           |   |   |   |   |   |
+------------------+---------------------------+---+---+---+---+---+
|   Return on      | (Net Income + Interest    | % | 9 | 0 | - | 6 |
|   Assets         | Expense, Net of Tax) /    |   | . | . | 3 | . |
|                  | Total Assets (Average)    |   | 5 | 3 | . | 1 |
|                  |                           |   | 5 | 2 | 9 | 2 |
|                  |                           |   |   |   | 3 |   |
+------------------+---------------------------+---+---+---+---+---+
|   Return on      | (Net Profit +             | % | 4 | 1 | 2 | 2 |
|   Fixed Assets   | Depreciation ) / Net      |   | 2 | 5 | . | 7 |
|                  | Fixed Assets (Average)    |   | . | . | 8 | . |
|                  |                           |   | 4 | 2 | 5 | 1 |
|                  |                           |   | 6 | 2 |   | 0 |
+------------------+---------------------------+---+---+---+---+---+
|   Asset Turnover | Net Sales / Total Assets  | t | 1 | 1 | 0 | 1 |
|   Ratio          | (Average)                 | i | . | . | . | . |
|                  |                           | m | 6 | 1 | 9 | 0 |
|                  |                           | e | 5 | 9 | 9 | 5 |
|                  |                           | s |   |   |   |   |
+------------------+---------------------------+---+---+---+---+---+
| FINANC           |                           |   |   |   |   |   |
| IAL POLICY RATIO |                           |   |   |   |   |   |
+------------------+---------------------------+---+---+---+---+---+
|   Debt-to-Equity | Total Liabilities / Total | t | 0 | 1 | 0 | 1 |
|   Ratio          | Stockholders' Equity      | i | . | . | . | . |
|                  |                           | m | 8 | 0 | 9 | 2 |
|                  |                           | e | 5 | 7 | 3 | 1 |
|                  |                           | s |   |   |   |   |
+------------------+---------------------------+---+---+---+---+---+
|   Time Interest  | Net Income + Interest     | t | 2 | 9 | 3 | 3 |
|   Earned Ratio   | Expense + Income Tax      | i | 6 | . | . | . |
|                  | Expense / Interest        | m | . | 6 | 8 | 7 |
|                  | Expense                   | e | 0 | 3 | 9 | 5 |
|                  |                           | s | 2 |   |   |   |
+------------------+---------------------------+---+---+---+---+---+
| Cash Flow from   | (Cash Flow from           | t | 1 | 1 | - | 0 |
| Operations to    | Operations – Total        | i | . | . | 1 | . |
| Capital          | Dividends Paid) / Cash    | m | 0 | 0 | . | 9 |
| Expenditures     | Paid for Acquisitions     | e | 4 | 5 | 1 | 9 |
| Ratio            |                           | s |   |   | 6 |   |
+------------------+---------------------------+---+---+---+---+---+
| Dividend Payment | Common Dividends per      | % | 3 | - | - | 5 |
| Ratio            | Share / Earnings per      |   | 1 |   | 7 | 8 |
|                  | Share                     |   | . |   | 8 | . |
|                  |                           |   | 1 |   | . | 3 |
|                  |                           |   | 3 |   | 3 | 0 |
|                  |                           |   |   |   | 0 |   |
+------------------+---------------------------+---+---+---+---+---+