5. Assets Employed for the Operations

1.  Land, Building and Machinery

  5.1.1 Land Net book value as at December 31, 2008 Baht 478.4 million
  at the following locations:

Head Office Property in the office condominium complex with shared
common service area.

Pathumthani Plant Built on 175 Rai, 88 Sq. wah land at Tambol Bang Kayang, Muang District, Pathumthani Province

+-----------------+----------------------------------------------------+
| -   Thonburi    | 10 Rai, 4 Sq. wah of land at Tambol Klong Ton Sai, |
|     Branch      | Klong Sarni, Bangkok                               |
+-----------------+----------------------------------------------------+
| -   Klong Tan   | 8 Rai, 1 Ngan, 3 Sq. wah of land at Kwang Suan     |
|     Branch      | Luang, Khet Suan Luang, Bangkok                    |
+-----------------+----------------------------------------------------+
| -   Sriraja     | 5 Rai, 2 Ngan, 49 Sq. wah of land on Sukhumvit     |
|     Branch      | Rd., Sriracha, Cholburi                            |
+-----------------+----------------------------------------------------+
| -   Prachinburi | 4 Rai, 1 Ngan, 8 Sq. wah of land at Tambol Ban     |
|     Branch      | Phra, Muang Dist., Prachinburi                     |
+-----------------+----------------------------------------------------+
| -   Bang Khen   | 24 Rai, 1 Ngan, 30.5 Sq, wah of land at Tambol Lad |
|     Branch      | Yao, Bang Khen, Bangkok                            |
+-----------------+----------------------------------------------------+
| -   Uthong      | 4 Rai, 1 Ngan, 87 Sq. wah of land at Tambol        |
|     Branch      | Chorakhae Samphan, Uthong, Supanburi               |
+-----------------+----------------------------------------------------+
| -   Chanthaburi | 3 Rai, 3 Ngan, 14 Sq. wah of land at Tambol        |
|     Branch      | Tachang, Muang Dist. Chantaburi                    |
+-----------------+----------------------------------------------------+
| -   Rayong      | 9 Rai, 1 Ngan, 40 Sq. wah of land at Tambol Nam    |
|     Branch      | Dok, Muang Dist. Rayong                            |
+-----------------+----------------------------------------------------+
| -   Pranburi    | 10 Rai, 3 Ngan, 93.9 Sq. wah of land at Tambol     |
|     Branch      | Nong Ta Tam, Pranburi, Prachuab                    |
+-----------------+----------------------------------------------------+
| -   Rachaburi   | 18 Rai, 53 Sq. wah of land at Tambol Kao Plabpla,  |
|     Branch      | Muang Dist. Rachaburi                              |
+-----------------+----------------------------------------------------+
| -   Trad Branch | 2 Rai, 2 Ngan, 81 Sq. wah of land at Tambol        |
|                 | Nueansai, Muang Dist. Trad                         |
+-----------------+----------------------------------------------------+

Nakornratchasima Plant Built on 31 Rai, 1 Ngan, 69 Sq. wah land at Tambol Pruyai, Muang District, Nakornratchasima Province

+-----------------+----------------------------------------------------+
| -   Khon Khaen  | 3 Rai, 30.3 Sq. wah of land at Tambol Muang Kao,   |
|     Branch      | Muang Dist., Khon Khaen                            |
+-----------------+----------------------------------------------------+
|                 | 4 Rai, 2 Ngan, 98 Sq. wah of land at Tambol        |
|                 | Chaisor, Muang Dist., Khon Khaen                   |
+-----------------+----------------------------------------------------+
| -   Loi Branch  | 3 Rai, 1 Ngan, 91.4 Sq. wah of land at Tambol      |
|                 | Muang, Muang Dist., Loei                           |
+-----------------+----------------------------------------------------+
| -   Pak Chong   | 4 Rai, 3 Ngan, 87 Sq. wah of land at Tambol Pak    |
|     Branch      | Chong, Muang Dist., Nakornratchasima               |
+-----------------+----------------------------------------------------+
| -   Surin       | 8 Rai, 125.7 Sq. wah of land at Tambol Chanieng,   |
|     Branch      | Muang Dist., Surin                                 |
+-----------------+----------------------------------------------------+
| -   Mukdaharn   | 6 Rai, 2 Ngan, 64 Sq. wah of land at Tambol        |
|     Branch      | Mukdaharn, Muang Dist., Mukdaharn                  |
+-----------------+----------------------------------------------------+

Nakornsawan Plant Built on 24 Rai, 1 Ngan, 89.8 Sq. wah land at Tambol Nakornsawan Nok, Muang District, 

Nakornsawan Province

+-----------------+----------------------------------------------------+
| -               | 3 Rai, 3 Ngan, 21.1 Sq. wah of land at Tambol      |
|    Kampangpetch | Nakornchum, Muang Dist. Kampangpetch               |
|     Branch      |                                                    |
+-----------------+----------------------------------------------------+
| -   Chiengmai   | 9 Rai, 2 Ngan, 26 Sq. wah of land at Tambol        |
|     Branch      | Changphuak, Muang Dist., Chiengmai                 |
+-----------------+----------------------------------------------------+
| -   Lampang     | 2 Rai, 5 Ngan, 68.3 Sq. wah of land at Tambol      |
|     Branch      | Chompoo, Muang Dist., Lampang                      |
+-----------------+----------------------------------------------------+
| -   Pitsanulok  | 2 Rai, 98 Sq. wah of land at Tambol Aranyik, Muang |
|     Branch      | Dist., Pitsanulok                                  |
+-----------------+----------------------------------------------------+
| -   Chiengrai   | 5 Rai, 1 Ngan, 33.2 Sq. wah of land at Tambol      |
|     Branch      | Nanglae, Muang Dist., Chiengrai                    |
+-----------------+----------------------------------------------------+
| -   Uttaradit   | 3 Rai, 1 Ngan, 3.4 Sq. wah of land at Tambol       |
|     Branch      | Kungtapao, Muang Dist., Uttaradit                  |
+-----------------+----------------------------------------------------+

Suratthani Plant Built on 70 Rai, 57 Sq. wah land at Tambol Tarongchang, Pun Pin District, Surattani Province

+---------------------+------------------------------------------------+
| -   Chumporn Branch | 9 Rai, 1 Ngan, 16.1 Sq. wah of land at Muang   |
|                     | Dist., Chumporn                                |
+---------------------+------------------------------------------------+
| -                   | 10 Rai, 1 Ngan, 53.8 Sq. wah of land at Tambol |
|  Nakornsrithammaraj | Tarua, Muang Dist. Nakornsrithammaraj          |
|     Branch          |                                                |
+---------------------+------------------------------------------------+

Chonburi Plant Built on 42 Rai, 3 Ngan, 72 sq. wah land at Tambol Nong
Mai Daeng, Chonburi District,

Chonburi Province

Ownership of the above property: Serm Suk Public Company Limited

Objective: To operate the Company business

Plant of the Subsidiary Company: Serm Suk Beverage Co., Ltd.

  Built on 25 rai, 3 Ngan, 41.36 Sq. wah land at Tambol Nongmaidaeng,
  Muang District, Chonburi

  5.1.2 Buildings and Warehouses Net book value as at December 31, 2008
  Baht 797.2 million at the following locations:

Patumthani, Sam Sen, Thonburi, Klong Ton, Bang Khen, King Kaew,
Rachaburi, Sriracha, Rayong, Trad, Prachinburi, Uthong, Chantaburi,
Pranburi, Petchburi, Srakaew, Chachengsao, Nakorn Patom, Kanchanaburi,
Nonthaburi

Nakornrachasima, Khon Khaen, Udornthani, Ubolrachathani, Surin, Roi-ed,
Sakol Nakorn, Burirum, Loi, Pak Chong, Srisaket, Mukdaharn, Chaiyaphum

Nakornsawan, Lopburi, Chiengmai, Lampang, Pitsanulok, Petchaburi,
Chiengrai, Kampangpetch, Saraburi, Uttaradit, Sighburi, Vichienburi,

Suratthani, Chumporn, Phuket, Nakornsrithammaraj

Chonburi

Building, plant, and warehouse of the Subsidiary Company

  5.1.3 Plant, Machinery, and Equipment Net book value as at December
  31, 2008 - Baht 1,283.5 million

-   Pathumthani Plant Production Machinery 11 sets

-   Nakornrachasima Plant “ 3 sets

-   Nakornsawan Plant “ 5 sets

-   Suratthani Plant “ 1 set

-   Chonburi Plant “ 4 sets

The Company estimates useful life of the machinery at 10 years. However,
some of the above machinery have been in the operation more than 10
years with frequent overhaul and recondition to their top working
condition.

  The Subsidiary Company Serm Suk Beverage Co., Ltd.

  Production Machinery 3 sets (including 1 set of production machinery
  which belongs to Pepsi-Cola (Thai) Trading Co., Ltd.)

4.  Other Fixed Assets consist of:

Vehicles Baht 393.6 million

Furniture & Fixtures Baht 36.5 million

Plastic Pallets Baht 66.7 million

Assets under Construction Baht 151.8 million

High voltage equipment Baht 9.0 million

1.  Investment

+--------------+--------------+-----+----+----+----+------------------+
| Name of the  | Type of      | P   | In | In | In | Other Major      |
| Company      | Business     | aid | ve | ve | ve | Shareholders     |
|              |              | up  | st | st | st |                  |
|              |              |     | me | me | me |                  |
|              |              | C   | nt | nt | nt |                  |
|              |              | api | Pr | Co | V  |                  |
|              |              | tal | op | st | al |                  |
|              |              |     | or |    | ue |                  |
|              |              |     | ti |    |    |                  |
|              |              |     | on |    |    |                  |
|              |              |     | (  |    |    |                  |
|              |              |     | %) |    |    |                  |
+--------------+--------------+-----+----+----+----+------------------+
| Serm Suk     |              | 35  | 9  | 3  | 3  | None             |
| Holdings     | Shareholding | 0.0 | 9. | 50 | 49 |                  |
| Co., Ltd.    |   and        |     | 99 | .0 | .9 |                  |
|              |              | Bht |    |    |    |                  |
|              |   investment | (mi |    | B  | B  |                  |
|              |   management | l.) |    | ht | ht |                  |
|              |              |     |    | (m | (m |                  |
|              |              |     |    | il | il |                  |
|              |              |     |    | .) | .) |                  |
+--------------+--------------+-----+----+----+----+------------------+
| Serm Suk     |              | 68  | 99 | 6  | 2  | None             |
| Beverage     |  Manufacture | 9.6 | .9 | 89 | 81 |                  |
| Co., Ltd.    |   and sales  |     | 9* | .6 | .9 |                  |
|              |   of         | Bht |    |    |    |                  |
| (Previously  |   Beverage   | (mi |    | B  | B  |                  |
| Serm Suk YHS |              | l.) |    | ht | ht |                  |
|              |              |     |    | (m | (m |                  |
| Beverage     |              |     |    | il | il |                  |
| Co., Ltd.)   |              |     |    | .) | .) |                  |
+--------------+--------------+-----+----+----+----+------------------+
| Petform      |              | 75  | 4  | 30 | 2  | I Indorama       |
| (Thailand)   |  Manufacture |     | 0. | .0 | 10 | Polymers PLC.    |
| Co.,, Ltd.   |   and sales  | Bht | 00 |    | .7 |                  |
|              |   of         | (mi |    | B  |    |                  |
|              |              | l.) |    | ht | B  |                  |
|              |   PET        |     |    | (m | ht |                  |
|              |   polymers   |     |    | il | (m |                  |
|              |              |     |    | .) | il |                  |
|              |              |     |    |    | .) |                  |
+--------------+--------------+-----+----+----+----+------------------+
| The Pet Co., |              | 70  |    | 7  | 7  | Thai Metal Drum  |
| Ltd.         |  Manufacture |     |  1 | .0 | .0 | Industry Co.,    |
|              |   of Plastic | Bht | 0. |    |    | Ltd.             |
|              |   and        | (mi | 00 | B  | B  |                  |
|              |              | l.) |    | ht | ht |                  |
|              |   PET        |     |    | (m | (m |                  |
|              |   Bottles    |     |    | il | il |                  |
|              |              |     |    | .) | .) |                  |
+--------------+--------------+-----+----+----+----+------------------+
| Bangkok      |              | 900 | 0. | 17 | 17 |   Boon Rawd      |
| Glass Co.,   |  Manufacture |     | 93 | .2 | .2 |   Brewery Co.,   |
| Ltd.         |   of Glass   | Bht |    |    |    |   Ltd.           |
|              |              | (mi |    | B  | B  |                  |
|              |   Bottles    | l.) |    | ht | ht |                  |
|              |              |     |    | (m | (m |                  |
|              |              |     |    | il | il |                  |
|              |              |     |    | .) | .) |                  |
+--------------+--------------+-----+----+----+----+------------------+
| Petpak Co.,  |              | 80  |    | 0  | 0  |   Bangkok Glass  |
| Ltd.         |  Manufacture |     |  1 | .0 | .0 |   Co., Ltd.      |
|              |   of Plastic | Bht | 0. |    |    |                  |
|              |   and        | (mi | 00 | B  | B  |   Boon Rawd      |
|              |              | l.) |    | ht | ht |   Brewery Co.,   |
|              |   PET        |     |    | (m | (m |   Ltd.           |
|              |   Bottles    |     |    | il | il |                  |
|              |              |     |    | .) | .) |                  |
+--------------+--------------+-----+----+----+----+------------------+

* Shares held by Serm Suk Holdings Co., Ltd a wholly owned (99.99
percent) subsidiary of Serm Suk Plc.

Investment policy in the subsidiary, associated, and other related
companies: The Company emphasis on investment in the related businesses
such as those who are the manufacturers and suppliers of raw materials,
packaging materials, and production supplies. Thus the Company could
rely on the quality and sufficiency of the necessary materials and
supplies without any interruption even during the shortage or crisis.

The Company designates 5 directors sitting in the direct subsidiary
company, Serm Suk Holdings Co., Ltd., 4 directors sitting in the
indirect subsidiary company, Serm Suk Beverage Co., Ltd. and 4 directors
in the associated company, Petform (Thailand) Co., Ltd.

The designated directors involve in controlling and setting up of
policies for the subsidiary and associated companies through the regular
attendance of the Board of Directors Meetings and the Working Committee
Meetings, as well as the exercise of the voting rights according to the
share holding proportion.

5.3 Proportion of Net Investment in the Subsidiary and Associated
Company to Total Asset

Investment value per equity method:

-   Serm Suk Holdings Co., Ltd. 3.78%

-   Petform (Thailand) Limited 2.39%