ASSETS USED FOR BUSINESS OPERATIONS

Assets used for the Company and its subsidaries' business operations as
at December 31, 2012.

1.  Real Estate Development Costs

Real estate development costs include land and buildings for sale, and
had a net book value of Baht 6,014.88 million in the Company’s
consolidated financial statements as at December 31, 2012, details of
which are as follows:

  ------------------------------------------------ ----------------------
                                                   Amount (Million Baht)

  Land                                             4,258.86

  Cost of construction                             817.06

  Cost of project administration                   272.89

  Cost of showrooms                                43.02

  Cost of interest                                 612.62

  Total Capital for Real Estate Development        6,004.45

  Cost of research and development                 10.43

  Total Real Estate Development Costs              6,014.88
  ------------------------------------------------ ----------------------

As at December 31, 2012, the Company and its subsidaries' total net book
value of real estate development costs are as follows:

+---+-------+------+----+-----+-----+----------+---+-----------------+
| I | Pr    | Na   | Ar | Act | App | A        | O | Encumbrances    |
| t | oject | ture | ea | ual | rai | ppraised | w |                 |
| e |       | of   |    | c   | sal | By/Date  | n | (mortgaged      |
| m |       | Pro  | (  | ost | Val |          | e | with)           |
|   |       | ject | ra | (n  | ue* |          | r |                 |
|   |       |      | i) | et) |     |          |   |                 |
|   |       |      |    |     | (M  |          |   |                 |
|   |       |      |    | as  | ill |          |   |                 |
|   |       |      |    | of  | ion |          |   |                 |
|   |       |      |    | Dec | Ba  |          |   |                 |
|   |       |      |    | 31, | ht) |          |   |                 |
|   |       |      |    | 11  |     |          |   |                 |
|   |       |      |    | (M  |     |          |   |                 |
|   |       |      |    | ill |     |          |   |                 |
|   |       |      |    | ion |     |          |   |                 |
|   |       |      |    | Ba  |     |          |   |                 |
|   |       |      |    | ht) |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 1 | Ideo  | Con  | 3- | -   | -   | -        | A | Mortgaged as    |
|   | La    | domi | 2- |     |     |          | D | collateral with |
|   | dprao | nium | 33 |     |     |          | 2 | financial       |
|   | 17    |      | .8 |     |     |          |   | institutions    |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 2 | Ideo  | Con  | 2- | 5   | 6   | SIMS /   |   |                 |
|   | La    | domi | 1- | .11 | .29 | May 3,   |   |                 |
|   | dprao | nium | 73 |     |     | 11       |   |                 |
|   | 5     |      | .0 |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 3 | Ideo  | Con  | 2- | 16  | 22  | SIMS /   |   |                 |
|   | Mix   | domi | 3- | .87 | .08 | May 11,  |   |                 |
|   | Ph    | nium | 25 |     |     | 11       |   |                 |
|   | aholy |      | .0 |     |     |          |   |                 |
|   | othin |      |    |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 4 | Ideo  | Con  | 1- | -   | -   | -        |   |                 |
|   | Sath  | domi | 2- |     |     |          |   |                 |
|   | orn-T | nium | 83 |     |     |          |   |                 |
|   | aksin |      | .0 |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 5 | Ideo  | Con  | 7- | 44  | 45  | JLL /    |   |                 |
|   | Mix   | domi | 3- | .21 | .50 | May 31,  |   |                 |
|   | Sukh  | nium | 40 |     |     | 12       |   |                 |
|   | umvit |      | .0 |     |     |          |   |                 |
|   | 103   |      |    |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 6 | Ideo  | Con  | 2- | 3   | 3   | SIMS /   |   |                 |
|   | Q     | domi | 2- | .24 | .93 | May 10,  |   |                 |
|   | Phay  | nium | 59 |     |     | 11       |   |                 |
|   | athai |      | .0 |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 7 | Ideo  | Con  | 2- | -   | -   | -        |   |                 |
|   | Rat   | domi | 1- |     |     |          |   |                 |
|   | chada | nium | 25 |     |     |          |   |                 |
|   | -Huay |      | .0 |     |     |          |   |                 |
|   | kwang |      |    |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 8 | Ideo  | Con  | 2- | -   | -   | -        |   |                 |
|   | Bl    | domi | 2- |     |     |          |   |                 |
|   | uCove | nium | 93 |     |     |          |   |                 |
|   | Sa    |      | .8 |     |     |          |   |                 |
|   | thorn |      |    |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 9 | Ideo  | Con  | 3- | 111 | 141 | JLL /    |   |                 |
|   | Bl    | domi | 2- | .53 | .79 | May 31,  |   |                 |
|   | uCove | nium | 63 |     |     | 12       |   |                 |
|   | Sukh  |      | .2 |     |     |          |   |                 |
|   | umvit |      |    |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 1 | Ideo  | Con  | 3- | 10  | 23  | SIMS /   |   |                 |
| 0 | Verve | domi | 1- | .78 | .35 | Apr 28,  |   |                 |
|   | Sukh  | nium | 32 |     |     | 12       |   |                 |
|   | umvit |      | .6 |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 1 | Ideo  | Con  | 2  | 209 | 286 | JLL /    |   |                 |
| 1 | Verve | domi | -2 | .59 | .27 | May 31,  |   |                 |
|   | R     | nium | -5 |     |     | 12       |   |                 |
|   | atcha |      | .9 |     |     |          |   |                 |
|   | parop |      |    |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 1 | Ideo  | Con  | 3- | 1,  | 1,  | JLL /    |   |                 |
| 2 | Morph | domi | 1- | 091 | 313 | May 31,  |   |                 |
|   | 38    | nium | 36 | .97 | .03 | 12       |   |                 |
|   |       |      | .0 |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 1 | Ideo  | Con  | 1- | 612 | 645 | JLL /    | T | Mortgaged as    |
| 3 | Mobi  | domi | 2- | .14 | .70 | May 31,  | h | collateral with |
|   | Phay  | nium | 77 |     |     | 12       | e | financial       |
|   | athai |      | .0 |     |     |          | C | institutions    |
|   |       |      |    |     |     |          | o |                 |
|   |       |      |    |     |     |          | m |                 |
|   |       |      |    |     |     |          | p |                 |
|   |       |      |    |     |     |          | a |                 |
|   |       |      |    |     |     |          | n |                 |
|   |       |      |    |     |     |          | y |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 1 | Ideo  | Con  | 2- | 738 | 833 | JLL /    |   |                 |
| 4 | Mobi  | domi | 2- | .74 | .47 | May 31,  |   |                 |
|   | Sa    | nium | 05 |     |     | 12       |   |                 |
|   | thorn |      | .5 |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 1 | Ideo  | Con  | 6- | 1,  | 1,  | JLL /    |   |                 |
| 5 | Mobi  | domi | 1- | 361 | 474 | May 31,  |   |                 |
|   | Sukh  | nium | 83 | .73 | .89 | 12       |   |                 |
|   | umvit |      | .5 |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 1 | Ideo  | Con  | 3- | 1,  | 1,  | JLL /    |   |                 |
| 6 | Mobi  | domi | 2- | 036 | 066 | May 31,  |   |                 |
|   | Rama  | nium | 85 | .54 | .78 | 12       |   |                 |
|   | 9     |      | .0 |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 1 | A     | Hou  | 1- | 20  | 31  | SIMS /   | T | Mortgaged as    |
| 7 | nanda | sing | 3- | .38 | .05 | Jan 29,  | h | security,       |
|   | Sport | Dev  | 71 |     |     | 13       | e | together with   |
|   | Life  | elop | .9 |     |     |          | C | other assets,   |
|   |       | ment |    |     |     |          | o | for the         |
|   |       | Pro  |    |     |     |          | m | facility credit |
|   |       | ject |    |     |     |          | p | line granted by |
|   |       |      |    |     |     |          | a | 2 financial     |
|   |       |      |    |     |     |          | n | institutions    |
|   |       |      |    |     |     |          | y |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 1 | Si    | Hou  | 0- | 4   | 18  | SIMS /   | B |                 |
| 8 | rinda | sing | 3- | .76 | .05 | Jan 29,  | D |                 |
|   | Pr    | Dev  | 13 |     |     | 13       |   |                 |
|   | anali | elop | .7 |     |     |          |   |                 |
|   |       | ment |    |     |     |          |   |                 |
|   |       | Pro  |    |     |     |          |   |                 |
|   |       | ject |    |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 1 | Lanta | Hou  | 34 | 60  | 86  | JLL /    | A | Mortgaged as    |
| 9 | R     | sing | -3 | .60 | .21 | May 31,  | D | collateral with |
|   | esort | Dev  | -1 |     |     | 12       | O | financial       |
|   | Life  | elop |    |     |     |          |   | institutions    |
|   |       | ment |    |     |     |          |   |                 |
|   |       | Pro  |    |     |     |          |   |                 |
|   |       | ject |    |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 2 | Mal   | Hou  | 8  | 78  | 123 | JLL /    |   |                 |
| 0 | dives | sing | 0- | .26 | .46 | May 31,  |   |                 |
|   | Palm  | Dev  | 1- |     |     | 12       |   |                 |
|   |       | elop | 34 |     |     |          |   |                 |
|   |       | ment |    |     |     |          |   |                 |
|   |       | Pro  |    |     |     |          |   |                 |
|   |       | ject |    |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| I | Pr    | Na   | Ar | Act | App | A        | O | Encumbrances    |
| t | oject | ture | ea | ual | rai | ppraised | w |                 |
| e |       | of   |    | c   | sal | By/Date  | n | (mortgaged      |
| m |       | Pro  | (  | ost | Val |          | e | with)           |
|   |       | ject | ra | (n  | ue* |          | r |                 |
|   |       |      | i) | et) |     |          |   |                 |
|   |       |      |    |     | (M  |          |   |                 |
|   |       |      |    | as  | ill |          |   |                 |
|   |       |      |    | of  | ion |          |   |                 |
|   |       |      |    | Dec | Ba  |          |   |                 |
|   |       |      |    | 31, | ht) |          |   |                 |
|   |       |      |    | 11  |     |          |   |                 |
|   |       |      |    | (M  |     |          |   |                 |
|   |       |      |    | ill |     |          |   |                 |
|   |       |      |    | ion |     |          |   |                 |
|   |       |      |    | Ba  |     |          |   |                 |
|   |       |      |    | ht) |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 2 | Wa    | Hou  | 3  | 80  | 109 | JLL /    |   |                 |
| 1 | ikiki | sing | 8- | .81 | .05 | May 31,  |   |                 |
|   | Shore | Dev  | 1- |     |     | 12       |   |                 |
|   |       | elop | 45 |     |     |          |   |                 |
|   |       | ment |    |     |     |          |   |                 |
|   |       | Pro  |    |     |     |          |   |                 |
|   |       | ject |    |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 2 | Si    | Hou  | 53 | 92  | 124 | JLL /    |   |                 |
| 2 | milan | sing | -0 | .61 | .83 | May 31,  |   |                 |
|   | Reef  | Dev  | -4 |     |     | 12       |   |                 |
|   |       | elop |    |     |     |          |   |                 |
|   |       | ment |    |     |     |          |   |                 |
|   |       | Pro  |    |     |     |          |   |                 |
|   |       | ject |    |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 2 | Mal   | Hou  | 1  | 150 | 259 | JLL /    |   |                 |
| 3 | dives | sing | 16 | .21 | .81 | May 31,  |   |                 |
|   | Beach | Dev  | -1 |     |     | 12       |   |                 |
|   |       | elop | -5 |     |     |          |   |                 |
|   |       | ment |    |     |     |          |   |                 |
|   |       | Pro  |    |     |     |          |   |                 |
|   |       | ject |    |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 2 | Bali  | Hou  | 21 | 149 | 416 | JLL /    |   |                 |
| 4 | Beach | sing | 5- | .97 | .52 | May 31,  |   |                 |
|   |       | Dev  | 0- |     |     | 12       |   |                 |
|   |       | elop | 32 |     |     |          |   |                 |
|   |       | ment |    |     |     |          |   |                 |
|   |       | Pro  |    |     |     |          |   |                 |
|   |       | ject |    |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
| 2 | Java  | Hou  | 5  | 124 | 242 | JLL /    |   |                 |
| 5 | Bay   | sing | 7- | .40 | .00 | May 31,  |   |                 |
|   |       | Dev  | 0- |     |     | 12       |   |                 |
|   |       | elop | 11 |     |     |          |   |                 |
|   |       | ment |    |     |     |          |   |                 |
|   |       | Pro  |    |     |     |          |   |                 |
|   |       | ject |    |     |     |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+
|   | Total |      |    | 6,  | 7,  |          |   |                 |
|   |       |      |    | 004 | 260 |          |   |                 |
|   |       |      |    | ,45 | .53 |          |   |                 |
+---+-------+------+----+-----+-----+----------+---+-----------------+

Remarks: *Appraisal value is the value adjusted on the date of appraisal
based on the following Acquire and Transfer:

Acquire – The increased value of cost of real estate development from
the appraisal date to December 31, 2012

Transfer – The decreased value of cost of real estate development as a
result of the transfer of ownership of units, from the appraisal date to
December 31, 2012

SIMS refers to Sims Property Consultant

JLL refers to Jones Lang LaSalle (Thailand) Ltd.

2.  Property Development Costs

+---------------------+---------+-------------+-----------------------+
| Property            | Cost    | D           | Net Book Value        |
| Development Cost as |         | epreciation |                       |
| at                  |         | Period and  |                       |
|                     |         |             |                       |
| Dec 31, 2011        |         |             |                       |
+=====================+=========+=============+=======================+
| Condominiums for    | 113.71  | (4.87)      | 108.84                |
| rent                |         |             |                       |
+---------------------+---------+-------------+-----------------------+
| Total               | 113.71  | (4.87)      | 108.84                |
+---------------------+---------+-------------+-----------------------+

3.  Land, Buildings and Equipment

+---------------------+---------+-------------+-----------------------+
| Land, Buildings and | Type of | Net Book    | Encumbrances          |
| Equipment           | Ow      | Value       |                       |
|                     | nership |             |                       |
| as at Dec 31, 11    |         | (Million    |                       |
|                     |         | Baht)       |                       |
+=====================+=========+=============+=======================+
| Land and developed  | Owner   | 199.36      | Mortgaged as          |
| land                |         |             | security, together    |
|                     |         |             | with other assets,    |
|                     |         |             | for the facility      |
|                     |         |             | credit line granted   |
|                     |         |             | by 2 financial        |
|                     |         |             | institutions          |
+---------------------+---------+-------------+-----------------------+
| Buildings and       | Owner   | 174.41      |                       |
| structure           |         |             |                       |
+---------------------+---------+-------------+-----------------------+
| Machinery and       | Owner   | 10.60       | N/A                   |
| equipment           |         |             |                       |
+---------------------+---------+-------------+-----------------------+
| Furniture and       | Owner   | 29.45       | N/A                   |
| office equipment    |         |             |                       |
+---------------------+---------+-------------+-----------------------+
| Vehicles            | Owner   | 7.42        | Leased 3 vehicles     |
+---------------------+---------+-------------+-----------------------+
| Assets under        | Owner   | 0.19        | N/A                   |
| installation and    |         |             |                       |
| under construction  |         |             |                       |
+---------------------+---------+-------------+-----------------------+
| Total               |         | 420.89      |                       |
+---------------------+---------+-------------+-----------------------+

4.  Intangible Assets

+--------------------------------------+-------------------------------+
|                                      |                               |
+--------------------------------------+-------------------------------+
| Intangible Assets as at              | Net Book Value                |
| Dec 31, 2011                         |                               |
|                                      | (Million Baht)                |
+--------------------------------------+-------------------------------+
| Computer software                    | 24.69                         |
+--------------------------------------+-------------------------------+
| Agreements to buy and to sell        | 129.15                        |
| condominium unit signed with         |                               |
| customers                            |                               |
+--------------------------------------+-------------------------------+
| Amortizing patent                    | 0.81                          |
+--------------------------------------+-------------------------------+
| Assets under installation            | 0.15                          |
+--------------------------------------+-------------------------------+
| Total                                | 154.80                        |
+--------------------------------------+-------------------------------+