10. Internal Control

The Company values the importance of internal control in protecting it
from possible damages. The Company sets clear objectives, operating
plan, strategies, and operating procedures as operating and measurement
tools.

  To ensure good internal control and audit system, the Audit Committee
  is assigned to make an assessment to the Company’s internal control
  system and to report the findings to the Board of Directors after each
  assessment.

  In 2006, the Audit Committee assessed the Company’s internal control
  system by conducting questioning and discussion with management. Such
  assessment revealed that the Company had sufficient internal controls
  over the 5 major parts of its operations, namely, the organization
  structure and environment, risk management, control over the
  management operations, information technology and communication, and
  the follow-up procedures.

-   Organization Structure and Environment, The structure and operating
    environment of the Company promotes effective operations and
    sufficient internal control. Clear segregation of duties creates a
    check and control system in each working process. Operating manuals
    and procedures ensure standard practice in each of the operating
    units. Subsystem process and reduction of double work are reviewed
    regularly for efficiency improvement. The Company also sets clear
    and attainable annual targets and measurement of results, taking
    into account all variable factors such as economic situation, market
    condition and competition.

-   Risk Management, The Company closely follows the changes of risk
    factors such as taxation, the increase of raw material prices and
    other costs, in order to assess the impact and set up action plan
    for the survival of the business. The Company holds meetings with
    its management and employees on regular basis to communicate the
    situation and impact of the external risks influencing the Company’s
    operations and continuously sets up the measurements to minimize the
    effect of those risks.

-   Management Control, The Company sets clear responsibility, duties,
    and authorization of the management emphasizing the segregation of
    duties for authorization, recording, and safeguard of assets. The
    transactions with major shareholders, directors, and management
    require approval from the Board of Directors to ensure no conflict
    of interest in the authorized transactions and to aim for highest
    benefit to the Company. The Company has an operating manual of
    authorization limit and approval, and has set up the physical asset
    verification procedure to ensure the completed count on every item
    is done within three years and there is a sampling count by internal
    audit function to reconcile with the fixed asset register and
    accounting record.

-   Information System and Communication, The Company submits sufficient
    and accurate information necessary for Board of Directors’ decision.
    Record keeping and accounting transactions are prepared according to
    the accounting standards, and are audited and reviewed by the Audit
    Committee and the external auditors.

-   Follow-up Procedures, The Company monitors the performance compared
    to the objectives and reports to the Board of Directors’ meeting
    every two months. Any major changes in factors affecting the
    Company’s operations will result in a modification of the operating
    plan.

During June and July 2006, an audit on the Company’s operating
procedures and internal controls was carried out by the audit team of
Pepsi-Co Ltd. A “satisfactory high” rating was received from such audit.

11 Connected Transactions

1.  Related Parties

Pepsi-Cola (Thai) Trading Co., Ltd.

Main Business Importing, producing, buying, selling, distributing,
packing in cartons, bottling, and exporting of all types of beverages,
including raw materials or ingredients used in production.

Relationship Major shareholder and incurs business transactions.

Seven-Up Nederland, B.V.

Main Business Foreign Investment

Relationship Major shareholder

Serm Suk Holdings Co., Ltd. 

Main Business Share holding and investment management for Serm Suk group

Relationship Wholly owned subsidiary company of Serm Suk Public Co. Ltd.

Serm Suk Beverage Co., Ltd. (Previously Serm Suk YHS Beverage Co., Ltd.)

Main Business Manufacture, distribution, and import and export agent for
all types of beverages

Relationship Wholly owned subsidiary company of Serm Suk Holdings Co.
Ltd. and incurs business transactions with Serm Suk Public Co. Ltd.

Petform (Thailand) Co., Ltd.

Main Business Manufacture and distribution of plastic containers and PET
polymers

Relationship An associated company of Serm Suk Public Co., Ltd. and a
supplier of plastic preforms.

Crown Seal Public Co., Ltd.

Main Business Manufacture and distribution of crown seal, aluminum caps,
lids, and other metal products for local market and export.

Relationship A company in which Serm Suk Public Co., Ltd. has invested
and incurs business transactions.

Petpack Co., Ltd.

Main Business Buying and selling plastic and all plastic products both
raw materials and finished products, construction material, tools of all
kinds, paint, painting tools, and decorating materials.

Relationship A company in which Serm Suk Public Co., Ltd. has invested
and incurs business transactions.

The Pet Co., Ltd.

Main Business Manufacture and distribution of packaging products made
from plastic, PVC, metal, paper, foam, or other recycled materials.

Relationship A company in which Serm Suk Public Co., Ltd. has invested
and incurs business transactions.

Connected Transactions

-   Purchase, subsidy of marketing expenses, and selling and
    administrative expenses in 2005 = Baht 4,833,784,806.

-   Purchase, marketing subsidy, and selling and administrative expenses
    were made according to the conditions and sum specified in the
    relevant agreements. These connected transactions with the major
    shareholders, the company where Serm Suk Public Co., Ltd. has an
    investment or joint directors/management, have been recorded
    according to the agreed amount and in accordance with the normal
    business norm.

-   Transactions with the subsidiary company of which 99.99 percent
    shares held by Serm Suk Holdings Co., Ltd. were the purchase of
    products of which the subsidiary company has been appointed the
    manufacturer or co-packer such as Lipton Ice Tea in returnable glass
    bottles, Lipton in PET bottles, Tropicana Twister fruit juice,
    directly from the subsidiary or through Pepsi-Cola (Thai) Trading
    Co. Ltd. Sales revenues of Serm Suk Beverage Co., Ltd. therefore
    derived from sales of the manufactured products to the Company or
    Pepsi-Cola (Thai) Trading Co., Ltd. for resale to the Company for
    distribution. The sales were recorded as cost of sales for Serm Suk
    Public Company Limited.

-   Transactions with the associated company in which the Company
    holding 40 per cent share were the purchases of raw materials which
    have been included as production costs of the Company.

-   Sales of products or services - none -

-   Purchase of assets - none -

-   Sales of assets to the related parties - none -

-   Borrowing, lending, or guaranteeing - none -

Note: Loan to Serm Suk Beverage Co., Ltd. has been fully settled in
September 2006.

Interest income for 2006 = Baht 0.7 million

Loan to The Pet Co., Ltd. = Baht 5.0 million

Loans to the Pet Co., Ltd. represent loan under the subordinated loan
agreement with one year maturity bearing interest at 10% p.a. The
subordinated loan agreement shall continue to be in effect if there is
no change at the maturity date. Such subordinated loans of Baht 3
million can be converted to common stock upon the resolution of
shareholders of the borrower’s meeting. In addition, the related company
agrees to repay the principal after the related company repays all debts
to other creditors or upon the special resolution of the shareholders’
meeting to increase its share capital.

Interest income for 2005 = Baht 0.5 million

-   Guarantee on bank loans to the subsidiary - none –

  . The subsidiary company settled bank loans of Baht 149 million to the
  bank in September 2006; therefore the guarantees issued by the Company
  on the loans were canceled.

-   Potential competing products or services - none -

-   Agreements for management or assistance: Advertising and marketing
    agreement, as per conditions and sum specified in the agreement.

-   Transactions with subsidiary and associated companies:

  Purchase of goods from subsidiary company for distribution, and
  purchase of raw materials from associated company have been presented
  with amount combined.

  A subsidiary company, Serm Suk Holdings Co., Ltd., was set up with
  Baht 500 million registered capital (50 million ordinary shares at par
  value of Baht 10 each) of which Baht 350 million shares were issued
  and paid up. The Company holds total 49,999,993 shares of the
  registered capital. Business objective of this newly set up company is
  to hold shares and manage investment of Serm Suk group of companies.
  In November 2006, the Company sold and transferred shares in Serm Suk
  Beverage Co., Ltd. to Serm Suk Holdings Co., Ltd. for Baht 337.9
  million and incurred Baht 172.4 million losses on the transaction.

1.  Necessity for the Connected Transactions

Serm Suk Public Co., Ltd. has been licensed to manufacture and
distribute the products under brand names belong to Pepsi-Cola
International Ltd. To maintain the quality of the products as specified
by the licensor, the Company needs to source major raw materials from
the licensor or its representative. In fixing the purchase price, the
Company has bargained and made agreements for reasonable prices and
support for marketing, and sales and administrative expenses from the
seller in order to maximize the Company benefits. The purchase from the
subsidiary company is aiming for the expansion of product lines
distributed by the Company. Both parties negotiated and entered into a
distribution agreement for the acceptable prices and margin. Purchase of
raw materials and products with other related parties is to ensure the
uninterrupted and consistent supply of quality raw materials.

2.  Procedure for the Approval of Connected Transactions

Every connected transaction has been carefully considered and analyzed
by the management for its pros and cons before entering into an
agreement. All connected transactions with the related parties which
have significant legal implication, have to be proposed to the Board of
Directors for approval before any commitment is made.

3.  Policy or Trend for Future Connected Transactions

In 2006, the subsidiary company started its manufacturing of Lipton tea
in PET bottles for Pepsi Lipton International Ltd. and Tropicana Twister
fruit juice for Pepsi-Cola (Thai) Trading Co., Ltd. The products are
distributed by Serm Suk Plc. In future, there will be more new products
manufactured by the subsidiary and distributed by the Company. The
manufacturing of such products employs different production line and
technique from the manufacturing of soft drinks and other beverages
currently produced by the Company.

12. Financial Status and Operating Results

Financial statements in this section (page 37-45) have been audited by
the auditors of KPMG Phoomchai Audit Ltd. who express unqualified
opinion on such financial statements.

12.1.2 Liquidity Ratio

  ------------------------- -------------- ------- ------- --------- ------- -------
                            CONSOLIDATED                   THE               
                                                           COMPANY           
                                                           ONLY              

                            2006           2005*   2004*   2006      2005*   2004*

  Current Ratio (Time)      1.7            1.8     1.8     1.7       1.9     1.9

  Quick Ratio (Time)        0.7            0.8     0.8     0.7       0.8     0.8

  Operating Cash Flow to    0.4            0.4     0.4     0.4       0.4     0.4
  Current Liability Ratio                                                    
  (Time)                                                                     

  Receivable Turnover Ratio 17.7           16.0    16.9    17.5      15.9    16.7
  (Time)                                                                     

  Average Collection Period 20.3           22.5    21.3    20.6      22.6    21.6
  (Day)                                                                      

  Inventory Turnover Ratio  31.0           27.6    27.1    31.1      27.9    27.5
  (Time)                                                                     

  Sales Turnover Ratio      11.6           13.0    13.3    11.6      12.9    13.1
  (Day)                                                                      

  Account Payable Turnover  16.6           17.8    21.7    16.5      20.2    21.9
  Ratio (Time)                                                               

  Average Payment Period    21.7           20.2    16.6    21.9      17.9    16.5
  (Day)                                                                      

  Cash Cycle (Day)          10.3           15.3    18.0    10.3      17.6    18.2
  ------------------------- -------------- ------- ------- --------- ------- -------

12.1.3 Profitability Ratio

  ------------------------- -------------- ------- ------- --------- ------- -------
                            CONSOLIDATED                   THE               
                                                           COMPANY           
                                                           ONLY              

                            2006           2005*   2004*   2006      2005*   2004*

  Gross Profit Margin (%)   27.7           30.4    31.5    27.1      30.3    31.3

  Operating Profit Margin   2.7            3.5     4.3     2.9       3.6     4.4
  (%)                                                                        

  Non-operating Profit      0.8            0.9     0.8     0.6       0.8     0.6
  Margin (%)                                                                 

  Operating Cash Flow to    222.1          195.3   141.5   205.9     179.7   131.5
  Operating Profit (%)                                                       

  Net Profit Margin (%)     2.8            3.2     3.6     2.8       3.1     3.6

  Return on Equity (%)      8.3            8.5     9.3     8.3       8.5     9.3
  ------------------------- -------------- ------- ------- --------- ------- -------

12.1.4 Efficiency Ratio

  ------------------------- -------------- ------- ------- --------- ------- -------
                            CONSOLIDATED                   THE               
                                                           COMPANY           
                                                           ONLY              

                            2006           2005*   2004*   2006      2005*   2004*

  Return on Assets (%)      5.7            5.8     6.5     5.7       5.9     6.6

  Return on Fixed Assets    15.8           16.8    17.8    17.1      18.6    20.0
  (%)                                                                        

  Asset Turnover (Time)     2.06           1.83    1.81    2.06      1.89    1.85
  ------------------------- -------------- ------- ------- --------- ------- -------

* Some items are restated according to the reclassification of financial
statements

12.1.5 Financial Policy Ratio

  ------------------------- -------------- ------- ------- --------- --------- -------
                            CONSOLIDATED                   THE                 
                                                           COMPANY             
                                                           ONLY                

                            2006           2005*   2004*   2006      2005*     2004*

  Debt to Equity Ratio      0.5            0.5     0.4     0.5       0.4       0.4
  (Time)                                                                       

  Interest Coverage Ratio   124.4          140.9   114.1   5,906.5   6,845.0   **
  (Time)                                                                       

  Operating Cash Flow to    2.8            1.9     2.0     2.8       3.1       3.2
  Total Cash Outflow Ratio                                                     
  (Time)                                                                       

  Dividend Payout Ratio (%) 50.8           51.8    44.5    50.8      51.8      44.5
  ------------------------- -------------- ------- ------- --------- --------- -------

* Some items are restated according to the reclassification of financial
statements

** No Interest bearing loan and interest expense.

12.2 FINANCIAL ANALYSIS AND EXPLANATION

Assets Composition and Capital Structure

The Company’s assets mainly consist of fixed assets such as land,
buildings, machinery and equipment (43 percent of total assets),
inventories (26 percent), cash, bank deposits, and short-term investment
(10 percent), accounts receivable (12 percent), and other assets for the
balance (9 percent).

Liability to equity ratio is 1 to 2 indicating the strong financial
position of the Company. 33 percent of total liabilities are deposits
for bottles and cases whereas accounts payable and other payable
represent 46 percent, accrued expenses 14 percent, and other liabilities
9 percent. Capital structure consists of Baht 265 million paid-up
capital, Baht 1.342 billion premium on share capital, and retained
earning of Baht 4.66 billion.

Operating Results

2006 was the year that the Company’s operating result was affected by
the substantial increases of costs and overheads. Despite of price
increases granted by the Internal Trade Department for the first time in
the past 7 years for soft drink products, the extra revenues from price
increases still could not compensate the increases of costs and
overheads. For manufacturing costs, the increases were from sugar price
increase in March, the increase of excise tax resulting from the
adjustment of tax calculation base higher than granted price increases,
the increases of fuel, packaging materials, as well as salary and wage
adjustment for the production crew according to the inflation and high
cost of living. For selling and administration expenses, in addition to
the increase of salaries and wages, the increase of diesel price
resulted in higher transportation and distribution costs. Moreover, the
strong market competition, the introduction of new products directly and
indirectly competitive to the Company’s products, and the strong
bargaining power of the modern trade customers had led to high spending
on marketing and sales promotion expenses.

Sales revenues of Baht 18.65 billion in 2006 increased by Baht 2,616
million or 16.3 % over last year, mainly as a result of the increase in
sales of all beverages, particularly soft drinks and Crystal drinking
water. The Company’s market shares for overall soft drink and cola
segment increased by approximately 2 percent each last year.
Furthermore, the increase of revenues was also attributed to the
launches of new products such as Pepsi Gold, Mirinda Grape, Lipton in
PET bottles and Twister juice drink, and price increases for soft drinks
granted by Internal Trade Department with effect on May 2006 onwards.

Other income of Baht 111.5 million consisted of profit from sales of
disposed assets, sales of scraps, and dividend incomes received from the
associated and other companies.

Income from the associated company of Baht 38.3 million, increased by
Baht 3.5 million resulting from sales increase and good control of cost
and expenses.

Cost of sales of Baht 13.577 billion, increased by Baht 2,424 million or
21.7 percent which is higher than increase of sales revenues. High cost
of sales was a result of substantial increases of raw material prices
such as sugar, concentrates, packaging materials, fuel, labor cost, as
well as higher excise tax resulting from the adjustment of higher tax
calculation base than actual price increase granted.

Selling and administration expenses of Baht 4.562 billion increased by
Baht 242 million or 5.6 percent from last year. High gasoline price was
still a major cause of the increase in overheads in addition to the
increase of salaries and wages and cost living adjustment, the increase
of marketing and sales promotion expenses, and the increases of other
expenses necessary for the operations. However, to deal with the
increasing overheads and expenses, the Company continued its best effort
to improve efficiency and exercised cost control measures, such as an
effective purchasing control to ensure the purchase of quality goods and
materials at reasonable prices, an efficient production planning to
reduce spoilage and waste, a tight control on trade receivable,
inventory, and other administrative and operating expenses.

With higher cost and overheads than sales revenues, profit before
interest expenses and tax of Baht 660.1 million, reduced from last year
by Baht 51.9 million or 7.3 percent resulting in lower corporate income
tax for the year. Lower income tax was also the result of loss on sales
of shares in Serm Suk Beverage Co., Ltd held by the Company to Serm Suk
Holdings Co., Ltd., a company set up to manage investment of Serm Suk
group of companies.

Consolidated net profit for the year at Baht 520.7 million increased
from profit of last year at Baht 510.8 million by Baht 9.9 million or
1.9 percent.

The Company’s financial position as at December 31, 2006 revealed total
assets of Baht 9.109 billion with strong financial liquidity consisting
of cash on hand, bank deposits, and short-term investment, of Baht 935
million. The cash surplus was after all financial needs for operations
and capital investment. Trade receivables at Baht 1.054 billion
increased by Baht 52 million as a result of higher sales during the
year-end period. Inventories of Baht 2.377 billion increased from last
year by Baht 125 million as a result of higher raw materials and
finished goods inventories in line with sales increase, as well as the
increase in inventory value due to higher production cost. Land,
buildings, and equipment of Baht 3.306 billion, increased by Baht 270
million mainly due to the purchase of machineries, sales and
transportation trucks, and other equipment during the year. Total
liabilities of Baht 2.864 billion increased by Baht 10 million from last
year as a result of the increase of accounts payable and other payable
offsetting with lower customer deposits, accrued expenses and corporate
income tax. Shareholders’ equity increased by Baht 253 million, from
Baht 5.992 billion in 2005 to Baht 6.245 billion at the end of 2006, as
a result of net profit for the year and the increase in retained
earnings after payment of 2005 dividends.

In the Statements of Cash Flows, cash outflows for investing activities
included the spending on fixed assets of Baht 960.4 million. Most of the
spending was the purchase of sales and transportation trucks to replace
the fully depreciated trucks and new trucks to support volume growth,
the final payment for Crystal PET filling line and payment for new
returnable glass bottle filling line at Chonburi plant, repair and
maintenance or expansion of plants and warehouses, the purchase of
computer and office equipment. The purchase of coolers and display
shelves was the continual investment for higher sales and distribution
volume.

12.3 Auditor’s Remuneration

12.3.1 Audit Fees

2006 Annual audit fee: Serm Suk Public Company Limited 1,020,000 Baht

2006 Annual audit fee: Serm Suk Beverage Co., Ltd. 450,000 Baht

2006 Annual audit fee: Serm Suk Holdings Co., Ltd. 30,000 Baht

(Serm Suk Holdings was Established in November 23, 2006)

13. Other Information

  - None -

Section 3 Certification of the Correctness of the Information

I have reviewed the content and information in this Annual Report and
certify that such content and information are complete and correct.
There is no omission or false statement that would materially mislead
the investors and/or the concerned parties.

To certify the correctness of the whole document, I have authorized Mr.
Vipak Vetvitayavatana to sign or initial all pages of this document. Any
part of the document contains no signature or initial of Mr. Vipak
Vetvitayavatana will not be certified its correctness by me.

Pol. Capt. Prasit Tantsetthi

Independent Director, and Chairman of the Board of Directors

Mr. Vipak Vetvitayavatana

Finance Director

Section 3 Certification of the Correctness of the Information

I have reviewed the content and information in this Annual Report and
certify that such content and information are complete and correct.
There is no omission or false statement that would materially mislead
the investors and/or the concerned parties.

To certify the correctness of the whole document, I have authorized Mr.
Vipak Vetvitayavatana to sign or initial all pages of this document. Any
part of the document contains no signature or initial of Mr. Vipak
Vetvitayavatana will not be certified its correctness by me.

Mr. Cherdpan Bulsook

Director, and Vice-Chairman

Mr. Vipak Vetvitayavatana

Finance Director

Section 3 Certification of the Correctness of the Information

I have reviewed the content and information in this Annual Report and,
with carefulness in my capacity of the Company’s Executive Directors or
Chief Accounting Executive, hereby certify that such content and
information are complete and correct. There is no omission or false
statement that would materially mislead the investors and/or the
concerned parties. I further certify that

(1) The financial statements and financial information that are integral
parts of this report provide correct and complete information in
material aspect pertaining to the financial position, operating results
and cash flow of the Company and its subsidiaries.

(2) I am responsible for having the Company put in place a reliable
disclosure system to ensure the Company has correctly and completely
disclosed material information of the Company and its subsidiaries and
has complied with the disclosure regulations.

(3) I am responsible for having the Company put in place a good internal
control system and ensuring its compliance with this system. I have duly
reported to our external auditor and Audit Committee the internal
control assessment as of December 31, 2006 which also involved the
significant errors and changes in our internal control system as well as
any misconduct that may affect the financial transactions of the Company
and its subsidiaries.

To certify the correctness of the whole document, I have authorized Mr.
Vipak Vetvitayavatana to sign or initial all pages of this document. Any
part of the document contains no signature or initial of Mr. Vipak
Vetvitayavatana will not be certified its correctness by me.

Mr. Somchai Bulsook

Director, Chief Executive Officer, and

Member of Nominating and Corporate Governance Committee

Mr. Vipak Vetvitayavatana

Finance Director

Section 3 Certification of the Correctness of the Information

I have reviewed the content and information in this Annual Report and
certify that such content and information are complete and correct.
There is no omission or false statement that would materially mislead
the investors and/or the concerned parties.

To certify the correctness of the whole document, I have authorized Mr.
Vipak Vetvitayavatana to sign or initial all pages of this document. Any
part of the document contains no signature or initial of Mr. Vipak
Vetvitayavatana will not be certified its correctness by me.

Mr. Gautham Mukkavilli

Director and Member of Compensation Committee

Mr. Vipak Vetvitayavatana

Finance Director

Section 3 Certification of the Correctness of the Information

I have reviewed the content and information in this Annual Report and,
with carefulness in my capacity of the Company’s Executive Directors or
Chief Accounting Executive, hereby certify that such content and
information are complete and correct. There is no omission or false
statement that would materially mislead the investors and/or the
concerned parties. I further certify that

(1) The financial statements and financial information that are integral
parts of this report provide correct and complete information in
material aspect pertaining to the financial position, operating results
and cash flow of the Company and its subsidiaries.

(2) I am responsible for having the Company put in place a reliable
disclosure system to ensure the Company has correctly and completely
disclosed material information of the Company and its subsidiaries and
has complied with the disclosure regulations.

(3) I am responsible for having the Company put in place a good internal
control system and ensuring its compliance with this system. I have duly
reported to our external auditor and Audit Committee the internal
control assessment as of December 31, 2006 which also involved the
significant errors and changes in our internal control system as well as
any misconduct that may affect the financial transactions of the Company
and its subsidiaries.

To certify the correctness of the whole document, I have authorized Mr.
Vipak Vetvitayavatana to sign or initial all pages of this document. Any
part of the document contains no signature or initial of Mr. Vipak
Vetvitayavatana will not be certified its correctness by me.

Mr. Jakkris Bulsook

Director and General Plant Manager – Pathumthani Plant

Mr. Vipak Vetvitayavatana

Finance Director

Section 3 Certification of the Correctness of the Information

I have reviewed the content and information in this Annual Report and
certify that such content and information are complete and correct.
There is no omission or false statement that would materially mislead
the investors and/or the concerned parties.

To certify the correctness of the whole document, I have authorized Mr.
Vipak Vetvitayavatana to sign or initial all pages of this document. Any
part of the document contains no signature or initial of Mr. Vipak
Vetvitayavatana will not be certified its correctness by me.

Mr. John William Hancock

Independent Director and

Chairman of Nominating and Corporate Governance Committee

Mr. Vipak Vetvitayavatana

Finance Director

Section 3 Certification of the Correctness of the Information

I have reviewed the content and information in this Annual Report and
certify that such content and information are complete and correct.
There is no omission or false statement that would materially mislead
the investors and/or the concerned parties.

To certify the correctness of the whole document, I have authorized Mr.
Vipak Vetvitayavatana to sign or initial all pages of this document. Any
part of the document contains no signature or initial of Mr. Vipak
Vetvitayavatana will not be certified its correctness by me.

Mrs. Kannikar Chalitaporn

Independent Director and Member of Audit Committee

Mr. Vipak Vetvitayavatana

Finance Director

Section 3 Certification of the Correctness of the Information

I have reviewed the content and information in this Annual Report and
certify that such content and information are complete and correct.
There is no omission or false statement that would materially mislead
the investors and/or the concerned parties.

To certify the correctness of the whole document, I have authorized Mr.
Vipak Vetvitayavatana to sign or initial all pages of this document. Any
part of the document contains no signature or initial of Mr. Vipak
Vetvitayavatana will not be certified its correctness by me.

Mr. Photipong Lamsam

Independent Director and Member of Audit Committee

Mr. Vipak Vetvitayavatana

Finance Director

Section 3 Certification of the Correctness of the Information

I have reviewed the content and information in this Annual Report and
certify that such content and information are complete and correct.
There is no omission or false statement that would materially mislead
the investors and/or the concerned parties.

To certify the correctness of the whole document, I have authorized Mr.
Vipak Vetvitayavatana to sign or initial all pages of this document. Any
part of the document contains no signature or initial of Mr. Vipak
Vetvitayavatana will not be certified its correctness by me.

Mr. Prasong Sukhum

Independent Director and Chairman of Audit Committee

Mr. Vipak Vetvitayavatana

Finance Director

Section 3 Certification of the Correctness of the Information

I have reviewed the content and information in this Annual Report and
certify that such content and information are complete and correct.
There is no omission or false statement that would materially mislead
the investors and/or the concerned parties.

To certify the correctness of the whole document, I have authorized Mr.
Vipak Vetvitayavatana to sign or initial all pages of this document. Any
part of the document contains no signature or initial of Mr. Vipak
Vetvitayavatana will not be certified its correctness by me.

Mr. Rahul Bhatnagar

Director

Mr. Vipak Vetvitayavatana

Finance Director

Section 3 Certification of the Correctness of the Information

I have reviewed the content and information in this Annual Report and
certify that such content and information are complete and correct.
There is no omission or false statement that would materially mislead
the investors and/or the concerned parties.

To certify the correctness of the whole document, I have authorized Mr.
Vipak Vetvitayavatana to sign or initial all pages of this document. Any
part of the document contains no signature or initial of Mr. Vipak
Vetvitayavatana will not be certified its correctness by me.

Mr. Ronald Stuart McEachern

Director

Mr. Vipak Vetvitayavatana

Finance Director

Section 3 Certification of the Correctness of the Information

I have reviewed the content and information in this Annual Report and
certify that such content and information are complete and correct.
There is no omission or false statement that would materially mislead
the investors and/or the concerned parties.

To certify the correctness of the whole document, I have authorized Mr.
Vipak Vetvitayavatana to sign or initial all pages of this document. Any
part of the document contains no signature or initial of Mr. Vipak
Vetvitayavatana will not be certified its correctness by me.

Mr. Surajit Wanglee

Director

Mr. Vipak Vetvitayavatana

Finance Director

Section 3 Certification of the Correctness of the Information

I have reviewed the content and information in this Annual Report and
certify that such content and information are complete and correct.
There is no omission or false statement that would materially mislead
the investors and/or the concerned parties.

To certify the correctness of the whole document, I have authorized Mr.
Vipak Vetvitayavatana to sign or initial all pages of this document. Any
part of the document contains no signature or initial of Mr. Vipak
Vetvitayavatana will not be certified its correctness by me.

Mr. Surin Osathanugrah

Independent Director and Member of Compensation Committee

Mr. Vipak Vetvitayavatana

Finance Director

Section 3 Certification of the Correctness of the Information

I have reviewed the content and information in this Annual Report and
certify that such content and information are complete and correct.
There is no omission or false statement that would materially mislead
the investors and/or the concerned parties.

To certify the correctness of the whole document, I have authorized Mr.
Vipak Vetvitayavatana to sign or initial all pages of this document. Any
part of the document contains no signature or initial of Mr. Vipak
Vetvitayavatana will not be certified its correctness by me.

Mr. Timothy Edward Minges

Director and Member of Nominating and Corporate Governance Committee

Mr. Vipak Vetvitayavatana

Finance Director

Section 3 Certification of the Correctness of the Information

I have reviewed the content and information in this Annual Report and
certify that such content and information are complete and correct.
There is no omission or false statement that would materially mislead
the investors and/or the concerned parties.

To certify the correctness of the whole document, I have authorized Mr.
Vipak Vetvitayavatana to sign or initial all pages of this document. Any
part of the document contains no signature or initial of Mr. Vipak
Vetvitayavatana will not be certified its correctness by me.

Mr. William Ellwood Heinecke

Independent Director and Chairman of Compensation Committee

Mr. Vipak Vetvitayavatana

Finance Director

  Attachment 1 Information of management and controlling parties

Serm Suk Public Company Limited

Information on the Controlling Parties

  ---------------------- ------ ------------ ------------ ------------ ----------- --- --- --- --- ---
  Name                   Serm   Direct       Indirect     Associated   Other                       
                         Suk    Subsidiary   Subsidiary   Co.          Companies                   
                         Plc.                                          or Related                  
                                                                       Parties                     

                                                                       1           2   3   4   5   6

  Pol. Capt. Prasit      X                                                                         
  Tantsetthi                                                                                       

  Mr. Cherdpan Bulsook   /                                                             X   X   /   

  Mr. Somchai Bulsook    //     X            X            X            /           /               

  Mr. Jakkris Bulsook    /                                /                                        Y
  ---------------------- ------ ------------ ------------ ------------ ----------- --- --- --- --- ---

Note / = Director

// = President and CEO

x = Chairman of the Board of Director

Y = Audit Committee

Company = Serm Suk Public Company Limited

Direct Subsidiary = Serm Suk Holdings Co., Ltd.

Indirect Subsidiary = Serm Suk Beverage Co., Ltd.

Associated Company = Petform (Thailand) Co., Ltd.

Other Companies or Related Parties 1. Kasikorn Bank Plc.

2.  Bangkok Glass Co., Ltd.

3.  Pranakorn Dhonburi Insurance Co.,Ltd.

4.  Ngow Hock Co.,Ltd.

5.  Ngow Hock Agency Co.,Ltd.

  6. Crown Seal Plc.

-   Pol. Capt. Prasit Tantsetthi Independent Director and Chairman of
    the Board, 76 years old

-   Shares Holding 247,250 shares wife 201,520 shares

-   Relation to the Management None

-   Commencing Year of the Position 1989 Year to be retired 2008

-   Educational Credential National Cert.(M.E.) Coventry Tech. Col.
    England 1953

-   Past 5 Years Working History Director, Bangkok Can Manufacturing
    Co., Ltd.

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

+.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . - . -
. - .+

-   Mr. Cherdpan Bulsook Director and Vice-Chairman of the Board, 79
    years old

-   Shares Holding 219,880 shares wife 200 shares

-   Relation to the Management Relative to the President and CEO

-   Commencing Year of the Position 1989 Year to be retired 2007

-   Educational Credential Bangkok Christian College

-   Past 5 Years Working History Chairman, Pranakorn Dhonburi Insurance
    Co.,Ltd.

  Chairman, Ngow Hock Co.,Ltd.

  Director, Ngow Hock Agency Co.,Ltd.

  Director, The Pet Co.,Ltd.

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

+.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . - . -
. - .+

-   Mr. Somchai Bulsook Director, President & CEO and Member of
    Nominating

and Corporate Governance Committee, 64 years old

-   Shares Holding 3,995,970 shares

-   Relation to the Management Relative to the Vice-Chairman and the
    General Plant Manager - Pathumthani

-   Commencing Year of the Position 1996 Year to be retired 2007

-   Educational Credential Menlo School of Business Administration,
    Menlo Park California

  Directors Certification Program (IOD Program, May 5 - December 3,
  2003)

-   Past 5 Years Working History Chairman, Serm Suk Beverage Co.,Ltd.

  Chairman, Petform (Thailand) Co., Ltd.

  Chairman, Serm Suk Holdings Co., Ltd.

  Director, Kasikorn Bank Plc.

  Director, Bangkok Glass Co.,Ltd.

  Director, Royal Orchid Hotel (Thailand) Co., Ltd.

  Director, Sheraton Royal Orchid Co., Ltd.

  Director, Thai Royal Orchid Real Estate Co. Ltd.

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

  +.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . -
  . - . - .+

-   Mr. Gautham Mukkavilli Director, Member of Compensation Committee,
    47 years old

-   Shares Holding -0- share

-   Relation to the Management None

-   Commencing Year of the Position 2000 Year to be retired 2007

-   Educational Credential MBA, Indian Institute of Management,
    Ahmedabad

-   Past 5 Years Working History MD, Pepsi-Cola (Thai) Trading Co.,Ltd.
    (Beverage & Snacks Business)

  Franchise VP, Pepsi-Cola (Thai) Trading Co., Ltd. (Beverage

  Business) (2000-2003)

  General Director & Country Mgr., International Beverage Co,

  Vietnam (1998-2000)

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

  +.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . -
  . - . - .+

-   Mr. Jakkris Bulsook Director, General Plant Manager – Pathumthani
    Plant, 62 years old

-   Shares Holding 2,410,205 shares

-   Relation to the Management Relative to the President and CEO

-   Commencing Year of the Position 1991 Year to be retired 2008

-   Educational Credential Bachelor of Engineering, Private Technishe
    Schule Von

  Prof. Dr. Werner, Berlin, Germany

-   Past 5 Years Working History Director, Petform (Thailand) Co.,Ltd.

  Director and Member of Audit Committee, Crown Seal Plc.

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

  +.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . -
  . - . - .+

-   Mr. John William Hancock Independent Director and Chairman of
    Nominating

  and Corporate Governance Committee, 60 years old

-   Shares Holding 1,000 shares

-   Relation to the Management None

-   Commencing Year of the Position 1994 Year to be retired 2009

-   Educational Credential University of Adelaide (St. Mark’s College),
    South Australia: Bachelor of Law

  Member, Australian Institute of Directors

  Member, Thai Institute of Directors

  Attendee - “Chairman 2000” (IOD Program, 13 Jan 2001)

Graduate - “Directors Certification Program”

  (IOD Program, 7 Feb - 25 Apr 2001)

  Attendee - “Finance for Non-Finance Director” (IOD Program)

  Attendee - “Board Assessment Program/ Presentation Skill of Thai

  Institute of Directors” (IOD Program)

-   Past 5 Years Working History Honorary Chairman and Senior Advisor,
    Baker & McKenzie Ltd.

  Independence Director and Member of the Nomination, Compensation, and
  Corporate Governance Committee,

  Siam Commercial Bank Plc.

  Independent Director and Member of Audit Committee, Indorama Polymers
  Plc.

  Director, J.S. Business Services Ltd.

  Chairman, John W. Hancock and Associates Ltd.

  Director, C.I.T. Property Consultants Co., Ltd. (Colliers
  International)

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

  +.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . -
  . - . - .+

-   Mrs. Kannikar Chalitaporn Independent Director, Member of Audit
    Committee, 59 years old

-   Shares Holding -0- share

-   Relation to the Management None

-   Commencing Year of the Position 2005 Year to be retired 2008

-   Educational Credential Bachelor of Business Administration, Colorado
    University, USA

  Attendee – “Advanced Management Program” Harvard University, USA

-   Past 5 Years Working History President, Siam Commercial Bank Plc.

  Chairman, Siam Commercial New York Life Plc.

Director, National ITMX Co., Ltd.

Director, Mastercard International

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

  +.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . -
  . - . - .+

-   Mr. Photipong Lamsam Independent Director, Member of Audit
    Committee, 72 years old

-   Shares Holding 43,509 share

-   Relation to the Management None

-   Commencing Year of the Position 1998 Year to be retired 2008

-   Educational Credential MBA, Temple University, USA.

-   Past 5 Years Working History Chairman, Muang Thai Life Insurance
    Co.,Ltd. Chairman, Phatra Insurance Plc.

  Hon. Chairman, Muang Thai Insurance Plc.

  Chairman, Siam Food Plc. (1993-April 2006)

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

+.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . - . -
. - .+

-   Mr. Prasong Sukhum Independent Director, Chairman of Audit
    Committee, 76 years old

-   Shares Holding 130,900 shares

-   Relation to the Management None

-   Commencing Year of the Position 1994 Year to be retired 2009

-   Educational Credential MBA, Graduate School of Business, Harvard
    University

-   Past 5 Years Working History Vice Chairman, Osotspa Co., Ltd.

  Chairman of Audit Committee, Union Textile Industries Plc.

  Director, White Group Plc.

  Secretary, Rural Development Program (Previous)

  Deputy Minister, Ministry of Transportation and Communication
  (Previous)

  Deputy Minister, Ministry of Commerce (Previous)

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

+.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . - . -
. - .+

-   Mr.Rahul Bhatnagar Director, 48 years old

-   Shares Holding -0- share

-   Relation to the Management None

-   Commencing Year of the Position 2002 Year to be retired 2009

-   Educational Credential MBA, The Wharton School of the University of
    Pennsylvania, Philadelphia, USA

-   Past 5 Years Working History VP & CFO, PepsiCo International – Asia

Director, Pepsi-Cola Philippines (Manila) Co., Ltd.

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

  +.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . -
  . - . - .+

-   Mr. Ronald Stuart McEachern Director, 53 years old

-   Shares Holding -0- share

-   Relation to the Management None

-   Commencing Year of the Position 1999 Year to be retired 2009

-   Educational Credential M.B.A., Finance & Marketing, York University,
    USA

-   Past 5 Years Working History President, PepsiCo International - Asia

  Director, Pepsi-Lipton Internation Co., Ltd.

  Director, Pepsi-Cola Products Philippines Co., Ltd.

  Director, Shanghai Pepsi-Cola Beverage Co., Ltd.

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

  +.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . -
  . - +

-   Mr. Surajit Wanglee Director, 67 years old

-   Shares Holding 1,173,160 shares

-   Relation to the Management Relative to the President and CEO

-   Commencing Year of the Position 1994 Year to be retired 2007

-   Educational Credential MA in Social Sciences, University of Chicago,
    USA

  Past 5 Years Working History Director, Pun Pol Co.,Ltd.

  Director, Sathornthani Co.,Ltd.

  Director, Pun Pol Warehouse Corporation

  Director, Siam Modified Starch Co., Ltd.

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

  +.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . -
  . - +

-   Mr. Surin Osathanugrah Director, Member of Compensation Committee,
    74 years old

-   Shares Holding 1,950,940 shares wife 3,378,890 shares

-   Relation to the Management None

-   Commencing Year of the Position 1983 Year to be retired 2008

-   Educational Credential B.S.in Business Administration, Babson
    College,

  Massachusetts, U.S.A.

  Directors Certification Program (IOD Program, June 2003)

  Audit Committee Program (IOD Program, December 7-8, 2005)

  Past 5 Years Working History Chairman, Bangkok Rinvest Co.,Ltd.

  Director, Osotspa Co.,Ltd.

  Director, Park Nai Lert Raffle International Co., Ltd.

  Director, White Group Public company Limited

  Director, Rajdamri Hotel Plc.

  Director, First Pacific Land Plc. (Previous)

  Director, Berli Jucker Co.,Ltd. (Previous)

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

  +.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . -
  . - +

-   Mr. Timothy Edward Minges Director and Member of Nominating and
    Corporate

Governance Committee, 48 years old

-   Shares Holding -0- share

-   Relation to the Management None

-   Commencing Year of the Position 2004 Year to be retired 2007

-   Educational Credential Bachelor of Science in Accounting, Miami
    University, Oxford, Ohio

  IOD Director Accreditation Program 57/2006, August 2006

-   Past 5 Years Working History GM, PepsiCo Asia Pacific Business Unit

  GM, PepsiCo-China, Shanghai (1997-1998)

  Area VP- Asean, PepsiCo, Jakarta (1996-1997)

  GM, PepsiCo - Thailand, Bangkok (1994-1996)

  PepsiCo/ Frito-Lay, USA (1983-1994)

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

  +.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . -
  . - +

-   Mr. William Ellwood Heinecke Independent Director, Chairman of
    Compensation Committee, 57 years old

-   Shares Holding 1,142,320 shares held by Minor Food Group Plc.

-   Relation to the Management None

-   Commencing Year of the Position 1994 Year to be retired 2009

-   Educational Credential Honorable Doctoral Degree of Business
    Administration in Management,

Yonok University

  Director Certification Program (IOD Program, September 7

  - November 2, 2005)

-   Past 5 Years Working History Chairman, Minor International Plc.

  Chairman, Minor Corporation Plc.

  Chairman, The Minor Food Group Plc.

  Director, Rajdamri Hotel Plc.

  Chairman and MD, Oglivi & Mather (Thailand) Ltd. (1973-1980)

  Director, Saatchi & Saatchi Co., Ltd. (1988-2001)

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

  +.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . -
  . - +

-   Mr.Dhitivute Bulsook Marketing Director 38 years old

-   Shares Holding 2,012,050 shares

-   Relation to the Management Son of the President and CEO

-   Commencing Year of the Position 2003 Year to be retired - None -

-   Educational Credential MBA of Babson College, USA

-   Past 5 Years Working History Marketing Director, Pepsi-Cola (Thai)
    Trading Co.,Ltd. (2000-2003)

  Franchise Manager, Pepsi-Cola (Thai) Trading Co.,Ltd. (1997-2000)

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

  +.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . -
  . - +

-   Mr.Kanit Leelapiyanate General Plant Manager – Nakornratchasima 59
    years old

-   Shares Holding 232,338 shares

-   Relation to the Management None

-   Commencing Year of the Position 1994 Year to be retired - None -

-   Educational Credential Certificate – Vocational College

-   Past 5 Years Working History General Plant Manager – Nakornsawan
    (1994-2005)

Assisting General Plant Manager – Pathumthani Plant (Accounting)

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

+.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . - . -
+

-   Mr. Somboon Suwannarat General Plant Manager – Nakornsawan 57 years
    old

-   Shares Holding -0- share

-   Relation to the Management None

-   Commencing Year of the Position 2005 Year to be retired - None -

-   Educational Credential MBA, Long Island University, New York, USA

-   Past 5 Years Working History Managing Director – KPN Capital Co.,
    Ltd.

General Manager – Credit Control – Siam Yamaha Co., Ltd.

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

+.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . - . -
+

-   Mr.Sin Kusri General Plant Manager – Suratthani 57 years old

-   Shares Holding 174,923 shares

-   Relation to the Management None

-   Commencing Year of the Position 1997 Year to be retired - None -

-   Educational Credential Vocational Certificate(Accounting),Silom
    Commercial College

-   Past 5 Years Working History General Plant Manager – Suratthani
    (1997)

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

+.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . - . -
+

-   Mr.Vipak Vetvitayavatana Finance Director 55 years old

-   Shares Holding 274,615 shares Wife 150,020 shares

-   Relation to the Management None

-   Commencing Year of the Position 1998 Year to be retired - None -

-   Educational Credential MBA, California State University, Long Beach

-   Past 5 Years Working History Finance Director, Gillette Thailand
    Ltd.

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

+.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . - . -
+

-   Mr.Somnuek Suvanich Technical Director 54 years old

-   Shares Holding 73,657 shares

-   Relation to the Management None

-   Commencing Year of the Position 1998 Year to be retired - None -

-   Educational Credential Bachelor of Engineering (Mach.) Kasetsart
    University

-   Past 5 Years Working History MIS Mgr., Philips Electronic of
    Thailand

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

+.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . - . -
+

-   Mr.Arthakrit Visudtibhan Human Resources Director 50 years old

-   Shares Holding 31,394 shares

-   Relation to the Management None

-   Commencing Year of the Position 2002 Year to be retired - None -

  Educational Credential Master Degree- Public Administration University
  of Southern California, USA

-   Past 5 Years Working History Head of Human Resources-Standard
    Charter Nakornthon Bank Plc.

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

+.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . - . -
. - .+

-   Mr.Parinya Permpanich Sales Operation Director 50 years old

-   Shares Holding 29, 588 shares

-   Relation to the Management None

-   Commencing Year of the Position 1997 Year to be retired - None -

-   Educational Credential MBA, Kasetsart University

-   Past 5 Years Working History Marketing Manager, Serm Suk Plc.

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

+.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . - . -
. - .+

-   Mr.Krissada Prasopsanti Accounting Manager 44 years old

-   Shares Holding -0- share

-   Relation to the Management None

-   Commencing Year of the Position 2001 Year to be retired - None -

-   Educational Credential MS Managerial Account, Chulalongkorn
    University

-   Past 5 Years Working History Accounting Manager, Rubia Industries
    Ltd.

  Accounting Manager, Pena House Co.,Ltd.

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

+.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . - . -
. - .+

  Attachment 2 Information of Subsidiary Company’s Directors

Serm Suk Holdings Co., Ltd.

Mr. Somchai Bulsook Chairman of the Board of Director 64 years old

-   Shares Holding 1 share

-   Relation to the Management Relative to Serm Suk Plc. Vice-Chairman

  and the General Plant Manager - Pathumthani Plant

-   Commencing Year of the Position 2006 Year to be retired 2009

-   Educational Credential Menlo School of Business Administration,
    Menlo Park California

-   Past 5 Years Working History President and CEO of Serm Suk Plc.

  Chairman, Serm Suk Beverage Co.,Ltd.

  Chairman, Petform (Thailand) Co., Ltd.

  Director, Kasikorn Bank Plc.

  Director, Bangkok Glass Co.,Ltd.

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

  +.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . -
  . - . - .+

-   Mr.Dhitivute Bulsook Director 38 years old

-   Shares Holding 1 share

-   Relation to the Management Son of the President and CEO, Serm Suk
    Plc.

-   Commencing Year of the Position 2006 Year to be retired 2009

-   Educational Credential MBA of Babson College, USA

-   Past 5 Years Working History Marketing Director, Serm Suk Plc.

  Marketing Director, Pepsi-Cola (Thai) Trading Co.,Ltd. (2000-2003)

  Franchise Manager, Pepsi-Cola (Thai) Trading Co.,Ltd. (1997-2000)

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

  +.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . -
  . - +

-   Mr.Vipak Vetvitayavatana Director 55 years old

-   Shares Holding 1 share

-   Relation to the Management None

-   Commencing Year of the Position 2006 Year to be retired 2009

-   Educational Credential MBA, California State University, Long Beach

-   Past 5 Years Working History Finance Director, Serm Suk Plc.

  Director, Serm Suk Beverage Co., Ltd.

  Finance Director, Gillette Thailand Ltd.

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

+.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . - . -
+

-   Mr.Arthakrit Visudtibhan Director 50 years old

-   Shares Holding 1 share

-   Relation to the Management None

-   Commencing Year of the Position 2006 Year to be retired 2009

  Educational Credential Master Degree- Public Administration University
  of Southern California, USA

-   Past 5 Years Working History Human Resource Director, Serm Suk Plc.

  Director, Serm Suk Beverage Co., Ltd.

  Head of Human Resources-Standard Charter Nakornthon Bank Plc.

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

+.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . - . -
. - .+

-   Mr.Parinya Permpanich Director 50 years old

-   Shares Holding 1 share

-   Relation to the Management None

-   Commencing Year of the Position 2006 Year to be retired 2009

-   Educational Credential MBA, Kasetsart University

-   Past 5 Years Working History Sales Operation Director, Serm Suk Plc.

Director, Serm Suk Beverage Co., Ltd.

  Marketing Manager, Serm Suk Plc.

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

+.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . - . -
. - .+

  Attachment 3 Information of Subsidiary Company’s Directors

Serm Suk Beverage Co., Ltd.

Mr. Somchai Bulsook Chairman of the Board of Director 64 years old

-   Shares Holding 1 share

-   Relation to the Management Relative to Serm Suk Plc. Vice-Chairman

  and the General Plant Manager - Pathumthani Plant

-   Commencing Year of the Position 1997 Year to be retired 2008

-   Educational Credential Menlo School of Business Administration,
    Menlo Park California

-   Past 5 Years Working History President and CEO of Serm Suk Plc.

  Chairman, Serm Suk Holdings Co.,Ltd.

  Chairman, Petform (Thailand) Co., Ltd.

  Director, Kasikorn Bank Plc.

  Director, Bangkok Glass Co.,Ltd.

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

  +.- . – . - . – . - . - . - . - . - . - . - . - . - . - . - . - . -
  . - . - .+

-   Mr.Vipak Vetvitayavatana Director 55 years old

-   Shares Holding -0- share

-   Relation to the Management None

-   Commencing Year of the Position 1999 Year to be retired 2009

-   Educational Credential MBA, California State University, Long Beach

-   Past 5 Years Working History Finance Director, Serm Suk Plc.

  Director, Serm Suk Holdings Co., Ltd.

  Finance Director, Gillette Thailand Ltd.

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

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+

-   Mr.Arthakrit Visudtibhan Director 50 years old

-   Shares Holding -0- share

-   Relation to the Management None

-   Commencing Year of the Position 2004 Year to be retired 2007

  Educational Credential Master Degree- Public Administration University
  of Southern California, USA

-   Past 5 Years Working History Human Resource Director, Serm Suk Plc.

  Director, Serm Suk Holdings Co., Ltd.

  Head of Human Resources-Standard Charter Nakornthon Bank Plc.

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

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. - .+

-   Mr.Parinya Permpanich Director 50 years old

-   Shares Holding 1 share

-   Relation to the Management None

-   Commencing Year of the Position 2003 Year to be retired 2008

-   Educational Credential MBA, Kasetsart University

-   Past 5 Years Working History Sales Operation Director, Serm Suk Plc.

Director, Serm Suk Holdings Co., Ltd.

  Marketing Manager, Serm Suk Plc.

-   Past 10 Years Criminal Record None

-   Liabilities to the Company None

-   Interest in the Company’s Business None

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. - .+