5. ASSETS USED FOR BUSINESS OPERATIONS

5.1 Fixed Assets of the Company and its Subsidiaries 

  As at 31 December 2008

+------------------------+----------+-----------------------+----------+
| Type/Characteristics   | O        | Obligations           | Book     |
| of Assets              | wnership |                       | Value    |
|                        | Status   |                       |          |
|                        |          |                       | (Baht    |
|                        |          |                       | million) |
+------------------------+----------+-----------------------+----------+
| 11 plots of land on    | Owner    | Mortgaged for         | 290.86   |
| Sukhumvit Rd., a total |          | convertible bonds     |          |
| of 9 rai 3 ngarn       |          | totaling Baht 550     |          |
|                        |          | million               |          |
+------------------------+----------+-----------------------+----------+
| 3 plots of land on     | Owner    | Mortgaged for         | 297.53   |
| Sukhumvit Rd.,         |          | long-term loan of     |          |
|                        |          | Baht 3,620 million;   |          |
| A total of 2 rai 1     |          | Principal outstanding |          |
| ngarn                  |          | as at 31 December     |          |
|                        |          | 2008 is Baht 1,685    |          |
|                        |          | million               |          |
+------------------------+----------+-----------------------+----------+
| Leasehold rights and   | 30-year  | -                     | 20.00    |
| land improvement       | right    |                       |          |
+------------------------+----------+-----------------------+----------+
| 12-storey hospital     | Owner    | Mortgaged for         | 1,210.86 |
| building on Sukhumvit  |          | long-term loan of     |          |
| Rd.                    |          | Baht 3,620 million;   |          |
|                        |          | Principal outstanding |          |
|                        |          | as at 31 December     |          |
|                        |          | 2008 is Baht 1,685    |          |
|                        |          | million               |          |
+------------------------+----------+-----------------------+----------+
| 22-storey hospital     | Owner    | -                     | 963.48   |
| building               |          |                       |          |
+------------------------+----------+-----------------------+----------+
| BH Tower I and II      | Owner    | Mortgaged for         | 173.70   |
|                        |          | long-term loan of     |          |
|                        |          | Baht 3,620 million;   |          |
|                        |          | Principal outstanding |          |
|                        |          | as at 31 December     |          |
|                        |          | 2008 is Baht 1,685    |          |
|                        |          | million               |          |
+------------------------+----------+-----------------------+----------+
| Nurse dormitory        | Owner    | -                     | 42.79    |
+------------------------+----------+-----------------------+----------+
| Facility system        | Owner    | -                     | 364.11   |
+------------------------+----------+-----------------------+----------+
| Medical equipment      | Owner    | Mortgaged for         | 1,209.73 |
|                        |          | long-term loan of     |          |
|                        |          | Baht 3,620 million;   |          |
|                        |          | Principal outstanding |          |
|                        |          | as at 31 December     |          |
|                        |          | 2008 is Baht 1,685    |          |
|                        |          | million               |          |
+------------------------+----------+-----------------------+----------+
| Hospital equipment     | Owner    | -                     | 374.80   |
+------------------------+----------+-----------------------+----------+
| Utensils and furniture | Owner    | -                     | 197.86   |
+------------------------+----------+-----------------------+----------+
| Vehicles               | Owner    | -                     | 7.06     |
+------------------------+----------+-----------------------+----------+
| Assets under           | Owner    | -                     | 220.95   |
| construction and       |          |                       |          |
| installation           |          |                       |          |
+------------------------+----------+-----------------------+----------+
| Total                  |          |                       | 5,373.73 |
+------------------------+----------+-----------------------+----------+

  The leasehold right in the amount of Baht 12.67 million is where
  Bumrungrad Medical Center Limited (“BMC”) leased the land from the
  Company to build the existing hospital building. The 30-year lease
  contract has remaining term of 18 years, and will expire in June 2026.
  The rental is approximately Baht 22.3 million per year. At present,
  BMC leases the building to the Company for three years, starting in
  August 2007 for the amount of Baht 89 million per year. In addition,
  the Company has entered into a 30-year lease contract to lease land
  from a third party to build the nurse dormitory. The leasehold right
  has net book value of Baht 3.62 million, with 15 years remaining until
  2022. The Company pays rental fee of approximately Baht 800,000 per
  year.

  The new 22-storey hospital building, Bumrungrad International Clinic,
  shows value of only the areas which are open for operation.

5.2 Intangible Assets of the Company and its Subsidiaries 

  As at 31 December 2008, the Company and subsidiaries have net
  intangible assets of Baht 310.36 million, most of which are computer
  program used for hospital business and ancillary businesses of the
  Company and subsidiaries.

5.3 Investment Policy 

  As at 31 December 2008, the Company has total investment in
  subsidiaries and associated companies of Baht 2,192.08 million,
  divided into investment in Bumrungrad Medical Center Limited of Baht
  1,146.90 million, investment in Bumrungrad International Limited of
  Baht 1,007.79 million, investment in Vitallife Corporation Limited of
  Baht 25.61 million, investment in Asia Renal Care (Thailand) Limited
  of Baht 6.12 million and investment in CDE Trading Company Limited
  (formerly Global Care Solutions (Thailand) Company Limited) of Baht
  5.66 million. Total investment in subsidiaries and associated
  companies accounts for 27% of the Company’s total asset (separate
  financial statements).

  The Company’s management policy of subsidiaries and affiliated
  companies is to appoint representatives to be on the subsidiaries and
  affiliated companies’ board of directors in proportion to its
  shareholding. The appointed director must receive the Company’s
  approval in order to consider any decision which may significantly
  affect the operations of such subsidiaries or affiliated companies.

5.4 Trademark 

  The Company and subsidiaries have trademarks which have been
  registered with Department of Intellectual Property, Ministry of
  Commerce. At present, two trademarks are being used commercially as
  follows:

  ----------------------------------------------------------------------------
  Trademark                  Objective of use       Registration   Expiry Date
                                                    Date           
  -------------------------- ---------------------- -------------- -----------
  []                         For services including 23 May 2005    22 May 2011
                             physical therapy,                     
                             healthcare, child                     
                             care, baby delivery,                  
                             optical services,                     
                             blood bank services,                  
                             medical services,                     
                             medical assistance,                   
                             pharmaceutical                        
                             advisory, medical                     
                             clinic, dentistry,                    
                             hospital business,                    
                             plastic surgery,                      
                             rehabilitation                        
                             service, nursery and                  
                             beauty clinic                         

  []                         For services including 27 December    26 December
                             physical therapy,      2004           2014
                             healthcare, child                     
                             care, baby delivery,                  
                             optical services,                     
                             blood bank services,                  
                             medical services,                     
                             medical assistance,                   
                             pharmaceutical                        
                             advisory, medical                     
                             clinic, dentistry,                    
                             hospital business,                    
                             plastic surgery,                      
                             rehabilitation                        
                             service, nursery and                  
                             beauty clinic, and for                
                             services including                    
                             business management,                  
                             and supporting                        
                             services for the group                
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