5. Assets Utilization in the Course of Business

Book value of Property, Plant and Equipment and Leasehold of the Company
and its subsidiary as follow :

(Unit : Million Baht)

  ------------------ ---------- ---------- ---------- ----------- ------------ ---------- -----------
  Assets             Type       Book Value                        Collateral              
                                                                  against bank            
                                                                  overdrafts              
                                                                  and                     
                                                                  long-term               
                                                                  loans                   

                                31/12/11   31/12/10   31/12/09*   31/12/11     31/12/10   31/12/09*

  Land               Owner      353.52     53.04      52.79       -            -          -

  Building           Owner      132.04     138.53     135.01      -            -          -

  Building           Owner      111.70     100.57     95.37       -            -          -
  Decoration                                                                              

  Office Equipment   Owner      207.30     193.37     185.48      -            -          -

  Vehicles           Owner      9.75       7.18       11.29       -            -          -

  Work-in-Progress   Owner      30.20      4.51       5.75        -            -          -

  Leasehold right on Area       7.37       7.71       8.05                                
  land               rights                                                               
                     holder                                                               

  Leasehold right on Area       110.29     123.39     116.56      -            -          -
  buildings          rights                                                               
                     holder                                                               

  Total                         962.17     628.30     610.30      -            -          -
  ------------------ ---------- ---------- ---------- ----------- ------------ ---------- -----------

  Remark * In the fourth quarter of 2009 the Company arranged for a
  consolidated financial statement with Plearn Patt Co., Ltd., the
  operator of Plearnpattana School because Mr.Thanong Chotisorayuth, the
  Company’s Managing Director, chairs the position of acting school
  director of Plearnpattana School, resulting in the Company’s authority
  to control the operation and finance policy of the school.

5.1 Major characteristics of the fixed assets of the Company and its
subsidiary consisting of land, buildings, equipment and leasehold
summarized as follows :

1.  The Company has 2 lease contracts for office space, stock space and
    services. The contracts’ term is 3 years. One contract has the
    remaining term of 1 year and 2 months and 2 years and 11 months for
    the other. The Company has the right to renew the contracts for 3
    more years.

2.  The Company’s lease contracts for the warehouse building (on
    Kingkeaw Road) which is used as the Company’s warehouse and
    distribution center is dated December 1, 2008 and will expire on
    August 31, 2021. The remaining terms for all 3 contracts range from
    3 to 9 years and 8 months.

    -   The first contract’s term is 3 years with the right to renew the
        contract for 3 more years.

    -   The second contract’s term is 12 years and 9 months.

    -   The third contract’s term is 10 years 8 months.

3.  The Company obtains the leasehold of space usage for 378 SBC
    branches limiting 1 year to 12 years, with which the contract has
    the maximum length of contract of 5 years 8 months left. In general,
    the Company has made two types of space renting contracts that are
    the renting fees from the value of each branch sales, in which case
    the percentage rate depends upon the contract agreed between the two
    parties concerned and the rental rate is constant.

4.  Currently the Company is the holder of 12 leaseholds for the space
    usage of operating bookstores in leading shopping centers, with the
    average lease duration from 11 years to 6 months to 30 years. The
    remaining lease term is now 3 years to 3 months to 15 years whereas
    the net book value amount as of December 31, 2011 is THB 110.29
    Million.

5.  The leasehold of the whole property is the benefits from the use of
    the property surface according to the lease contract of the
    subsidiary company. The property is leased from the shareholder of
    the subsidiary. There are two leaseholds worth 10 Million Baht. The
    term is 30 years. The area is approximately 32,000 square meters (20
    Rai). The purpose is to operate an education business. The remaining
    term is 21 years. The total leasehold value as of December 31, 2011
    is 7.37 Million Baht.

5.2 Intangible Assets The main feature of the Intangible Assets is the
copyrights for publishing in which the Company does direct contracts
with copyright holders. These contracts are with the average duration of
3 years, which are renewed for 3 years automatically after the expiry
date, or until the printout. Currently, the Company holds internal and
foreign copyright contracts summarized as follows :

  December 31, 2011

  -------------------------------------------------- --------------------
  Copyright Contracts                                Copies

  Internal Copyright Contracts                       1,993

  Foreign Copyright Contracts                        1,673
  -------------------------------------------------- --------------------

5.3 Trademark and Service Marks The Company registered a trademark and
service marks with the Department of Intellectual Property, Ministry of
Commerce so that they Company can be protected by the Bill of Trademark
B.E. 2534. Up to the present the Company had registered the following
trademark and service marks :

  ------------- ----------------- ------------ ------------- -------------
  Mark’s Name   Sample            Number of    Purpose       Expiration
                                  Marks                      Date*
                                  Registered                 

  Trademark     []                1            CD’s          March 25,
                                                             2021

  Trademark     []                1            Books and     March 25,
                                               Magazines     2021

  SE-ED Booknet []                1            Bookselling   April 8, 2021
                                               Service       

  SE-ED Book    []                1            Bookselling   April 8, 2021
  Center                                       Service       
  ------------- ----------------- ------------ ------------- -------------

  Remark * The registration term of the trademark and service mark is 10
  years from the date of registration and may be renewed for every 10
  years.

Trademark and Service Marks under Consideration

+-------------+--------------------+--------+--------+---------------+
| Mark’s Name | Sample             | Number | P      | Remarks       |
|             |                    | of     | urpose |               |
|             |                    | Marks  |        |               |
|             |                    | Regi   |        |               |
|             |                    | stered |        |               |
+=============+====================+========+========+===============+
| SE-ED ENJOY | []                 | 1      | Books  | Submit        |
| READING     |                    |        | and    | registration  |
|             |                    |        | Mag    | request on    |
|             |                    |        | azines | February 17,  |
|             |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| SE-ED ENJOY | []                 | 1      | Books  | Submit        |
| READING     |                    |        | and    | registration  |
|             |                    |        | Mag    | request on    |
|             |                    |        | azines | February 17,  |
|             |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| SE-ED KIDDY | []                 | 1      | Short  | Submit        |
| CAMP        |                    |        | sleeve | registration  |
|             |                    |        | shirts | request by    |
|             |                    |        | and    | March 14,     |
|             |                    |        | Cap    | 2011          |
+-------------+--------------------+--------+--------+---------------+
| SE-ED KIDDY | []                 | 1      | U      | Submit        |
| CAMP        |                    |        | tility | registration  |
|             |                    |        | Bags   | request by    |
|             |                    |        |        | March 14,     |
|             |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| ADD FREE    | []                 | 1      | Mag    | Submit        |
|             |                    |        | azines | registration  |
| MAGAZINE    |                    |        |        | request on    |
|             |                    |        |        | March 14,     |
|             |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| SE          | []                 | 1      | Mag    | Submit        |
| MICONDUCTOR |                    |        | azines | registration  |
| ELECTRONICS |                    |        |        | request on    |
|             |                    |        |        | March 14,     |
| PLUS        |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| HOBBY       | []                 | 1      | Mag    | Submit        |
|             |                    |        | azines | registration  |
| ELECTRONICS |                    |        |        | request on    |
|             |                    |        |        | March 14,     |
|             |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| ET EXTREME  | []                 | 1      | Mag    | Submit        |
|             |                    |        | azines | registration  |
| TECHNOLOGY  |                    |        |        | request on    |
|             |                    |        |        | March 14,     |
| MAGAZINE    |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| POTENTIAL   | []                 | 1      | Mag    | Submit        |
|             |                    |        | azines | registration  |
|             |                    |        |        | request on    |
|             |                    |        |        | March 14,     |
|             |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| UPDATE      | []                 | 1      | Mag    | Submit        |
|             |                    |        | azines | registration  |
|             |                    |        |        | request on    |
|             |                    |        |        | March 14,     |
|             |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| INDUSTRIAL  | []                 | 1      | Mag    | Submit        |
|             |                    |        | azines | registration  |
| TECHNOLOGY  |                    |        |        | request on    |
|             |                    |        |        | March 14,     |
| REVIEW      |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| MICRO       | []                 | 1      | Mag    | Submit        |
|             |                    |        | azines | registration  |
| COMPUTER    |                    |        |        | request on    |
| MAGAZINE    |                    |        |        | March 14,     |
|             |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| THE         | []                 | 1      | Mag    | Submit        |
| ABSOLUTE    |                    |        | azines | registration  |
|             |                    |        |        | request on    |
| SOUND &     |                    |        |        | March 14,     |
| STAGE       |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| MECHANICAL  | []                 | 1      | Mag    | Submit        |
| TECHNOLOGY  |                    |        | azines | registration  |
| MAGAZINE    |                    |        |        | request on    |
|             |                    |        |        | March 14,     |
|             |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| SE-ED       | []                 | 1      | Books  | Submit        |
|             |                    |        |        | registration  |
|             |                    |        |        | request on    |
|             |                    |        |        | March 14,     |
|             |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| SE-ED       | []                 | 1      | Short  | Submit        |
|             |                    |        | sleeve | registration  |
|             |                    |        | shirts | request on    |
|             |                    |        |        | March 14,     |
|             |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| SE-ED BOOK  | []                 | 1      | Books  | Submit        |
| CENTER      |                    |        | elling | registration  |
|             |                    |        |        | request on    |
|             |                    |        |        | March 14,     |
|             |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| SE-ED BOOK  | []                 | 1      | Books  | Submit        |
| CENTER      |                    |        | elling | registration  |
|             |                    |        |        | request on    |
|             |                    |        |        | March 14,     |
|             |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| SE-ED BOOK  | []                 | 1      | L      | Submit        |
| CENTER      |                    |        | eather | registration  |
|             |                    |        | and    | request on    |
|             |                    |        | Fabric | March 14,     |
|             |                    |        | U      | 2011          |
|             |                    |        | tility |               |
|             |                    |        | Bags   |               |
+-------------+--------------------+--------+--------+---------------+
| SE-ED BOOK  | []                 | 1      | Books  | Submit        |
| CENTER      |                    |        | elling | registration  |
|             |                    |        |        | request on    |
|             |                    |        |        | March 14,     |
|             |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| SE-ED BOOK  | []                 | 1      | Short  | Submit        |
| CENTER      |                    |        | sleeve | registration  |
|             |                    |        | shirts | request on    |
|             |                    |        |        | March 14,     |
|             |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| SE-ED BOOK  | []                 | 1      | Short  | Submit        |
| CENTER      |                    |        | sleeve | registration  |
|             |                    |        | shirts | request on    |
|             |                    |        |        | March 14,     |
|             |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| SE-ED BOOK  | []                 | 1      | L      | Submit        |
| CENTER      |                    |        | eather | registration  |
|             |                    |        | and    | request on    |
|             |                    |        | Fabric | March 14,     |
|             |                    |        | U      | 2011          |
|             |                    |        | tility |               |
|             |                    |        | Bags   |               |
+-------------+--------------------+--------+--------+---------------+
| SE-ED BOOK  | []                 | 1      | Short  | Submit        |
| CENTER      |                    |        | sleeve | registration  |
|             |                    |        | shirts | request on    |
|             |                    |        |        | March 14,     |
|             |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| SE-ED BOOK  | []                 | 1      | L      | Submit        |
| CENTER      |                    |        | eather | registration  |
|             |                    |        | and    | request on    |
|             |                    |        | Fabric | March 14,     |
|             |                    |        | U      | 2011          |
|             |                    |        | tility |               |
|             |                    |        | Bags   |               |
+-------------+--------------------+--------+--------+---------------+
| SE-ED BOOK  | []                 | 1      | Books  | Submit        |
| CENTER      |                    |        | elling | registration  |
|             |                    |        |        | request on    |
|             |                    |        |        | March 14,     |
|             |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| SE-ED       | []                 | 1      | Books  | Submit        |
|             |                    |        |        | registration  |
|             |                    |        |        | request on    |
|             |                    |        |        | March 14,     |
|             |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| SE-ED       | []                 | 1      | Short  | Submit        |
|             |                    |        | sleeve | registration  |
|             |                    |        | shirts | request on    |
|             |                    |        |        | March 14,     |
|             |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+
| SE-ED BOOK  | []                 | 1      | Books  | Submit        |
| CENTER      |                    |        | elling | registration  |
|             |                    |        |        | request on    |
|             |                    |        |        | March 14,     |
|             |                    |        |        | 2011          |
+-------------+--------------------+--------+--------+---------------+

5.4 Investment Policy of the Company and its Subsidiary The Company has
a policy to invest in its subsidiary and associate companies that
operate a business relevant to the Company’s business so that the
investment will support the Company’s operation. The operation of the
subsidiary and associate companies is assigned to the executives or the
Company’s directors with particular expertise who will act as the
representatives of the Company. As of December 31, 2011 the Company’s
investment on the subsidiary and associate companies can be summarized
as follows :

+----------------+-----+--------------------------+--------+----------+
| Company        | Re  | Type of Business         | Paid   | Share    |
|                | lat |                          | C      | Pe       |
|                | ion |                          | apital | rcentage |
|                |     |                          |        | (%)      |
|                |     |                          | (M     |          |
|                |     |                          | illion |          |
|                |     |                          | Baht)  |          |
+----------------+-----+--------------------------+--------+----------+
| SE-ED Book     | S   | Business Consulting      | 0.10   | 99.93    |
| Center Co.,    | ubs | Company                  |        |          |
| Ltd.           | idi |                          |        |          |
|                | ary |                          |        |          |
+----------------+-----+--------------------------+--------+----------+
| Plearn Patt    | S   | Private School           | 170.00 | 48.82    |
| Co., Ltd.      | ubs |                          |        |          |
|                | idi | (Operating Plearnpattana |        |          |
|                | ary | School)                  |        |          |
+----------------+-----+--------------------------+--------+----------+
| M&E Co., Ltd.  | Ass | Publisher of Engineering | 0.40   | 25.00    |
|                | oci | Books and Magazines      |        |          |
|                | ate |                          |        |          |
+----------------+-----+--------------------------+--------+----------+