5.  Assets Used for Business Operations

5.1      Major Assets for Business Operations

         Major assets for business operations include land, land with
buildings and buildings for sale and for rent in various projects.
Details are as follows:

(1) Details of existing project operations as at March 31, 2009  

Location and appraisal price appraised by Pasupat Appraisal Co., Ltd.

1.  Projects for sale           

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[TABLE]

(1.2) Projects for rent

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* Land in which The Royal Place 1&2 and The Grand are located are under
long term lease contract with the Office of the Privy Purse. The leases
will expire on June 30, 2027 for The Royal Place 1 and on November 30,
2027 for The Royal Place 2 and The Grand.

1.3) Hotel Business Operations

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** The land and building is under long term lease contract, which will
expire on January 31, 2028.

*** The land is under lease contract with Sinsuptawee Asset Management
Co., Ltd. The Company is in negotiation to extend the lease term.

(2) Detail of assets for future development as at March 31, 2009

Location and appraisal price appraised by Pasupat Appraisal Co., Ltd.

[TABLE]

[TABLE]

5.2     Major Assets used in the Business Operations in the Process of
Debt Repayment under the Rehabilitation Plan

        Major Assets used in the business operation in the process of
debt repayment under the Rehabilitation Plan, include land, land with
buildings and buildings.

Location and appraisal price appraised by Pasupat Appraisal Co., Ltd.

[TABLE]

[TABLE]

[TABLE]

* TST Tower and Yongsu Apartment are a part of the security assets under
the business rehabilitation plan. The Court ordered the auction sale of
these assets and the sales proceeds will be shared among creditors pro
rata to their debt proportion. The Company arranged the auction sale and
already had a winner of the auction sale on May 14, 2009.

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5.3      Investment and Management Policy of Subsidiaries and Affiliates

The Company has a policy to invest in subsidiaries or affiliates with
the following characteristics

  1) Investment Policy - Subsidiaries    

  The Company has a policy to invest in businesses that relate to or
  support the core business in order to use subsidiaries to determine
  market position and precision of each business group as well as to
  enhance efficiency of business operations and competent development of
  each business group.

  2) Investment Policy - Affiliates

  The Company has a policy to invest with companies which have special
  expertise that support the Group’s core business. The Company will
  invest in not less than 25 percent of the registered capital of the
  affiliates.

  Management Policy of Subsidiaries and Associates

1) Management Policy - Subsidiaries

  The Company will set business policy guidelines for subsidiaries to
  ensure that policies of all group members synchronize and enhance the
  Group’s synergy and efficiency. Thereafter subsidiaries determine
  their own policy at the operating level.

2) Management Policy - Affiliates

  Once the Company has invested in affiliates, the Company appoints a
  representative as a member of the board of directors of that affiliate
  in order to supervise that affiliate’s operation so as to be in line
  with the Company’s expectations.