Section 1

6. Operating assets

6.1 Property, plant and equipment used in business activities for the
Company and its subsidiaries

  As of March 31, 2009, property, plant and equipment used in business
  activities can be summarized as below:

+----------------------+-------------+-----------+--------------------+
| Type of Asset        | Proprietary | Book      | Obligation         |
|                      | righ        | Value     |                    |
|                      | t/ownership |           |                    |
|                      |             | (Baht     |                    |
|                      |             | million)  |                    |
+----------------------+-------------+-----------+--------------------+
| 1. Land and land     | Ownership   | 776.12    | See detail by each |
| improvement          |             |           | Company            |
+----------------------+-------------+-----------+--------------------+
| 2. Buildings and     | Ownership   | 1,251.98  | See detail by each |
| structures           |             |           | Company            |
+----------------------+-------------+-----------+--------------------+
| 3. Machinery and     | Ownership   | 6,268.97  | See detail by each |
| Equipment            |             |           | Company            |
+----------------------+-------------+-----------+--------------------+
| 4. Work in progress  | Ownership   | 2,753.52  | See detail by each |
|                      |             |           | Company            |
+----------------------+-------------+-----------+--------------------+
| 5. Others            | Ownership   | 58.74     | See detail by each |
|                      |             |           | Company            |
+----------------------+-------------+-----------+--------------------+
| Total                |             | 11,109.35 |                    |
+----------------------+-------------+-----------+--------------------+

Details of operating assets can be categorized by each Company as
follows:

Tata Steel (Thailand) Public Company Limited (“TSTH”)

+----------------------+-------------+-----------+--------------------+
| Type of Asset        | Proprietary | Book      | Obligation         |
|                      | righ        | Value     |                    |
|                      | t/ownership |           |                    |
|                      |             | (Baht     |                    |
|                      |             | million)  |                    |
+----------------------+-------------+-----------+--------------------+
| 1. Work in progress  | Ownership   | -         | - None -           |
+----------------------+-------------+-----------+--------------------+
| 2. Others            | Ownership   | 41.39     | - None -           |
+----------------------+-------------+-----------+--------------------+
| Total                |             | 41.39     |                    |
+----------------------+-------------+-----------+--------------------+

N.T.S. Steel Group Public Company Limited (“NTS”)

  ----------------------- ----------------- ------------ ---------------------
  Type of Asset           Proprietary       Book Value   Obligation
                          right/ownership   (Baht        
                                            million)     

  1. Land and land        Ownership         776.12       Mortgaged
  improvement                                            

  2. Buildings and        Ownership         620.26       Mortgaged
  structures                                             

  3. Machinery and        Ownership         4,954.61     Mortgaged
  Equipment                                              

  4. Work in progress     Ownership         2,753.52     - None -

  5. Others               Ownership         9.67         - None -

  Total                                     9,114.18      
  ----------------------- ----------------- ------------ ---------------------

  The Siam Iron and Steel (2001) Company Limited (“SISC”)

  --------------------------- ----------------- ------------ ---------------
  Type of Asset               Proprietary       Book Value   Obligation
                              right/ownership   (Baht        
                                                million)     

  1. Land and land            Ownership         0.00         - None -
  improvement                                                

  2. Building and structures  Ownership         66.18        Mortgaged

  3. Machinery and Equipment  Ownership         610.37       Mortgaged

  4. Work in progress         Ownership         0.00         - None -

  5. Others                   Ownership         3.27         - None -

  Total                                         679.82        
  --------------------------- ----------------- ------------ ---------------

  The Siam Construction Steel Company Limited (“SCSC”)

  --------------------------- ----------------- ------------ ---------------
  Type of Asset               Proprietary       Book value   Obligation
                              right/ownership   (Baht        
                                                million)     

  1. Land and land            Ownership         0.00         - None -
  improvement                                                

  2. Building and structures  Ownership         565.54       Mortgaged

  3. Machinery and Equipment  Ownership         703.99       Mortgaged

  4. Work in progress         Ownership         0.00         - None -

  5. Others                   Ownership         4.43         - None -

  Total                                         1,273.96      
  --------------------------- ----------------- ------------ ---------------

  Remark : Land, building and structures and Machinery of subsidiaries,
  which are NTS, SISC and SCSC, were mortgaged to secure borrowings from
  Bangkok Bank Public Company Limited and Siam Commercial Bank Public
  Company Limited with mortgage value of Baht 2,980 million and Baht
  6,120 million, respectively. Work in progress is asset of Mini Blast
  Furnace of NTS is going to mortgage to secure borrowings form Bangkok
  Bank Public Company Limited and Siam Commercial Bank Public Company
  Limited with mortgage value of Baht 3,500 million .

6.2 Investment policy

  As of March 31, 2009, the Company had investment in its subsidiaries
  in the steel manufacturing industry totaling of Baht 10,245.38
  million. It consisted of investment in NTS’s ordinary share amounting
  to Baht 4,033.82 million, SCSC of Baht 3,656.87 million and SISC of
  Baht 2,554.69 million. The total investment in its subsidiaries
  accounted for 57% of its total assets.

  For the investment policy in subsidiaries, the Company realizes the
  importance to give rise the benefit for the whole Group of Companies
  and maintains the policy to invest in steel and related businesses. In
  terms of the management policy for the Group as a whole, the Company
  sets out the policy and procedure for the overall management to each
  subsidiary to be in compliance with the group policy set forth by the
  Company.

6.3 Supervision of its subsidiaries

  The Company supervised its subsidiaries by way of the majority, more
  than half, of directors and management teams to control in each
  subsidiary. In addition, the subsidiary will require an approval from
  the Board of Directors of the Company on the matter that may
  potentially and materially affect the Company.