11. Inter-company transaction

The inter-business items between the Company and individuals who are
related can be shown as belows:

11.1 Inter-company transaction for the year ended on December 31, 2006,
2005 and 2004

  (a) Inter-revenues and expenses

+-----------------------+------------+-----------+------+------+------+
|                       | Nature o   | Type of   | As   |      |      |
|                       | f Business |  relation | of   |      |      |
|                       |            |           | Dece |      |      |
|                       |            |           | mber |      |      |
|                       |            |           | 31,  |      |      |
+-----------------------+------------+-----------+------+------+------+
|                       |            |           | 2006 | 2005 | 2004 |
+-----------------------+------------+-----------+------+------+------+
|                       |            |           | Thou | Thou | Thou |
|                       |            |           | sand | sand | sand |
|                       |            |           | Baht | Baht | Baht |
+-----------------------+------------+-----------+------+------+------+
| Interest receivable   |            |           |      |      |      |
| values                |            |           |      |      |      |
+-----------------------+------------+-----------+------+------+------+
| Plearn Patt Co., Ltd. | Priva      | Associate | 107  | 505  | -    |
|                       | te School  | d company |      |      |      |
+-----------------------+------------+-----------+------+------+------+
| Purchase goods values |            |           |      |      |      |
+-----------------------+------------+-----------+------+------+------+
| M AND E Co., Ltd.     | Printing   | A         | 1    | 2    | 2    |
|                       | office     | ssociated | ,678 | ,903 | ,412 |
|                       | company,   | company   |      |      |      |
|                       |            |           |      |      |      |
|                       | produces   |           |      |      |      |
|                       | technical  |           |      |      |      |
|                       |            |           |      |      |      |
|                       | magazines  |           |      |      |      |
|                       | and        |           |      |      |      |
|                       |            |           |      |      |      |
|                       | e          |           |      |      |      |
|                       | ngineering |           |      |      |      |
|                       | manuals    |           |      |      |      |
+-----------------------+------------+-----------+------+------+------+
| Nation Book           | Media &    | Company   | 31,3 | 28,0 | 31   |
| International         | Printing   | related   | 57** | 27** | ,594 |
| Co.,Ltd.              |            | with      |      |      |      |
|                       |            | sha       |      |      |      |
|                       |            | reholders |      |      |      |
|                       |            | (Year     |      |      |      |
|                       |            | 2004)     |      |      |      |
+-----------------------+------------+-----------+------+------+------+
| Nation Multi Media    | Media &    | Sha       | 34,7 | 30,1 | 4    |
| Group Public Co.,Ltd. | Printing   | reholders | 18** | 20** | ,252 |
|                       |            | (Year     |      |      |      |
|                       |            | 2004)     |      |      |      |
+-----------------------+------------+-----------+------+------+------+
| Nation Egmont         | Media &    | Company   | 19,2 | 11,1 | 10   |
| Edutainment Co.,Ltd.  | Printing   | related   | 94** | 40** | ,220 |
|                       |            | with      |      |      |      |
|                       |            | sha       |      |      |      |
|                       |            | reholders |      |      |      |
|                       |            | (Year     |      |      |      |
|                       |            | 2004)     |      |      |      |
+-----------------------+------------+-----------+------+------+------+
| Nation Broadcasting   | Media &    | Company   | 1,1  | 2,0  | 338  |
| Corporation Co.,Ltd.  | Printing   | related   | 80** | 21** |      |
|                       |            | with      |      |      |      |
|                       |            | sha       |      |      |      |
|                       |            | reholders |      |      |      |
|                       |            | (Year     |      |      |      |
|                       |            | 2004)     |      |      |      |
+-----------------------+------------+-----------+------+------+------+
| Bliss Publishing Co., | Media &    | Company   | 12   | 6    | 6    |
| Ltd.                  | Printing   | related   | ,655 | ,381 | ,493 |
|                       |            | with      |      |      |      |
|                       |            | sha       |      |      |      |
|                       |            | reholders |      |      |      |
+-----------------------+------------+-----------+------+------+------+
| GMM Grammy Public     | Media &    | Sha       | 231  | 8    | 282  |
| Company Limited       | Printing   | reholders |      |      |      |
+-----------------------+------------+-----------+------+------+------+

** In the second quarter of 2005, Nation Multi Media Group Public
Company Limited, the major shareholders of the Company, sold the
investment in the ordinary shares of SE-EDUCATION PUBLIC COMPANY LIMITED
to a company, and the transfer of ownership was performed on June 20,
2005.

(b) Inter-asset and liabilities

+----------------------+-----------+----------+------+-------+-------+
|                      | Nature of | Type of  | As   |       |       |
|                      |  Business | relation | of   |       |       |
|                      |           |          | Dece |       |       |
|                      |           |          | mber |       |       |
|                      |           |          | 31,  |       |       |
+----------------------+-----------+----------+------+-------+-------+
|                      |           |          | 2006 | 2005  | 2004  |
+----------------------+-----------+----------+------+-------+-------+
|                      |           |          | Thou | Tho   | Tho   |
|                      |           |          | sand | usand | usand |
|                      |           |          | Baht | Baht  | Baht  |
+----------------------+-----------+----------+------+-------+-------+
| Loan due from        |           |          |      |       |       |
| associated company   |           |          |      |       |       |
+----------------------+-----------+----------+------+-------+-------+
| P                    | Private   | As       |      |       |       |
| learn Patt Co., Ltd. | School    | sociated |      |       |       |
|                      |           | company  |      |       |       |
+----------------------+-----------+----------+------+-------+-------+
| Beginning balance    |           |          | 9    | -     | -     |
|                      |           |          | ,000 |       |       |
+----------------------+-----------+----------+------+-------+-------+
| Increased in the     |           |          | -    | 9,000 | -     |
| period               |           |          |      |       |       |
+----------------------+-----------+----------+------+-------+-------+
| Received in the      |           |          | (9,  | -     | -     |
| period               |           |          | 000) |       |       |
+----------------------+-----------+----------+------+-------+-------+
| Ending balance       |           |          | -    | 9,000 | -     |
+----------------------+-----------+----------+------+-------+-------+
| Accrued interest     |           |          |      |       |       |
| receivable           |           |          |      |       |       |
+----------------------+-----------+----------+------+-------+-------+
| Plearn Patt Co.,     | Private   | As       | -    | 174   | -     |
| Ltd.                 | School    | sociated |      |       |       |
|                      |           | company  |      |       |       |
+----------------------+-----------+----------+------+-------+-------+
|                      |           |          |      |       |       |
+----------------------+-----------+----------+------+-------+-------+
|                      | Nature of | Type of  | As   |       |       |
|                      |  Business | relation | of   |       |       |
|                      |           |          | Dece |       |       |
|                      |           |          | mber |       |       |
|                      |           |          | 31,  |       |       |
+----------------------+-----------+----------+------+-------+-------+
|                      |           |          | 2006 | 2005  | 2004  |
+----------------------+-----------+----------+------+-------+-------+
|                      |           |          | Thou | Tho   | Tho   |
|                      |           |          | sand | usand | usand |
|                      |           |          | Baht | Baht  | Baht  |
+----------------------+-----------+----------+------+-------+-------+
| Trade accounts       |           |          |      |       |       |
| payable              |           |          |      |       |       |
+----------------------+-----------+----------+------+-------+-------+
| M AND E Co., Ltd.    | Printing  | As       | 1    | 2,088 | 2,119 |
|                      | office    | sociated | ,780 |       |       |
|                      | company,  | company  |      |       |       |
|                      |           |          |      |       |       |
|                      | produces  |          |      |       |       |
|                      | technical |          |      |       |       |
|                      |           |          |      |       |       |
|                      | magazines |          |      |       |       |
|                      | and       |          |      |       |       |
|                      |           |          |      |       |       |
|                      | en        |          |      |       |       |
|                      | gineering |          |      |       |       |
|                      | manuals   |          |      |       |       |
+----------------------+-----------+----------+------+-------+-------+
| Nation Book          | Media &   | Company  | 13,2 | 12,   | 9,664 |
| International        | Printing  | related  | 13** | 817** |       |
| Co.,Ltd.**           |           | with     |      |       |       |
|                      |           | sha      |      |       |       |
|                      |           | reholder |      |       |       |
|                      |           | (Year    |      |       |       |
|                      |           | 2004)    |      |       |       |
+----------------------+-----------+----------+------+-------+-------+
| Nation Multi Media   | Media &   | Shar     | 1,5  | 4,    | 1,322 |
| Group Public         | Printing  | eholders | 21** | 280** |       |
| Co.,Ltd**            |           | (Year    |      |       |       |
|                      |           | 2004)    |      |       |       |
+----------------------+-----------+----------+------+-------+-------+
| Nation Egmont        | Media &   | Company  | 13,5 | 13,   | 8,296 |
| Edutainment          | Printing  | related  | 84** | 263** |       |
| Co.,Ltd.**           |           | with     |      |       |       |
|                      |           | shar     |      |       |       |
|                      |           | eholders |      |       |       |
|                      |           | (Year    |      |       |       |
|                      |           | 2004)    |      |       |       |
+----------------------+-----------+----------+------+-------+-------+
| Bliss Publishing     | Media &   | Company  | 2    | 1,708 | 3,470 |
| Co., Ltd.            | Printing  | related  | ,537 |       |       |
|                      |           | with     |      |       |       |
|                      |           | shar     |      |       |       |
|                      |           | eholders |      |       |       |
+----------------------+-----------+----------+------+-------+-------+

  ** In the second quarter of 2005, Nation Multi Media Group Public
  Company Limited, the major shareholders of the Company, sold the
  investment in the ordinary shares of SE-EDUCATION PUBLIC COMPANY
  LIMITED to a company, and the transfer of ownership was performed on
  June 20, 2005.

0.  11.2 Need and reasonable of related party transactions Transactions
    between the Company, associated companies and related parties shall
    be approved by the Board Committee, comprising of independent
    Directors for fair transactions and appropriate costs compared to
    outside persons transactions and no interests transfer between the
    Company subsidiaries, associated companies and related parties.

    11.3 Transactions between related parties Transactions between the
    Company, management or Shareholders, or related parties are
    considered by the volume of transactions (according to the
    regulations defined by the Stock Exchange of Thailand). The Company
    has designated executives who are Members of the Board, comprising
    of Mr.Thanong Chotisorayuth, Mr. Viboolsak Udomvanich and Mr.
    Pongsak Sivapatrakumpol to approve transactions, by which agreements
    have to be signed and co–signed by two out of three executives.

Related transactions with executives or Shareholders that meet the
regulations determined by the SET have to follow those regulations.

Connected transactions with common interest persons need to be concurred
by an external Committee or independent experts.

11.4 Policy and trend of future transactions The Company may have
transactions with major Shareholders and executives in the future which
are in the forms of leasing, service providing, and copyright contracts
for the mutual benefit of the Company by disclosure of the types and
amount of related transactions between the Company and probable
conflicted persons accordance with the promulgations and regulations of
SEC and SET.