Associated Companies
C.I.N. Estate Company Limited

In September, 2006, the Company invested in C.I.N. Estate Company Limited to procure a land and develop it into a 51-storey condominium for the purpose of own residence and forward sale. Named "The Issara Ladprao", the condominium is located on Ladprao Road, between soi 12 and 14, with the projected sale value of over Baht 2 billion. The construction has commenced since January 2007 with the investment represents 40 percent of C.I.N.'s registered capital.

VSPN Property Company Limited

In February 2007, the Company invested in VSPN Property Company Limited to develop a land in Banglamung District, Chonburi, in the area of 20 rai and 33 sq. wa into a seaside pool villas comprising 45 plots, with the projected sale value of over baht 500 million. The project was commenced in January 2007 with the investment represents 25 percent of VSPN's registered capital.