MBK Public Company Limited (“MBK”) and its subsidiaries are engaged in key businesses as follows:

1.	Shopping center business Shopping center business is operated by MBK.
2.	Hotel and tourism business
		Hotel businesses are operated by MBK, MBK Hotels and Resorts Company Limited (“MBK-HR”), and Supsinnthanee Company Limited (“SSTN”), direct subsidiaries of MBK.
		Tourism businesses are operated by Absolute Travel Company Limited, an indirect subsidiary of MBK, and MBK Leisure Company Limited, an indirect associate of MBK.
3.	Real estate development business Real estate development business is operated by Plan Estate Company Limited (“PST”) and its subsidiaries and Crystal Lake Properties Company Limited, which are indirect subsidiaries of MBK.
4. 5.	Golf course business Golf course business is operated by MBK Resort Public Company Limited, an indirect subsidiary of MBK. Rice business Rice business is operated by Patum Rice Mill and Granary Public Company Limited (“PRG”) and its subsidiaries which are subsidiaries of MBK.

Major Changes and Developments
In September, 2008 MBK has invested in 49.99% ordinary shares of Seri Center Management Company Limited
(“SCM”) in order to increase the shopping center business incomes.

	1. Shopping Center Business

The shopping center business is operated by MBK which rents out retail space in the MBK Center Building, using
the name of MBK Shopping Center. In addition to MBK Center, the Company holds 30.72 percent of the paid-up share capital
of Siam Piwat Company Limited (“SPW”) which operates and manages shopping center business, using the names of Siam
Center and Siam Discovery Center respectively. SPW also leases out an office building namely Siam Tower. In addition, SPW
entered into a joint venture with the Mall Group in operating the shopping center namely Siam Paragon. In September, 2008
MBK entered into a joint venture with SPW to acquired an equity stake in Seri Center Management Company Limited in order
to operate to Seri Center.
As of June 30, 2008 MBK Center Building has a total area of 270,802.75 square meters with space allocation as follows:
- Shopping center 142,762.86 Square Meters
- Office Tower         23,330.07 Square Meters
- Hotel                     47,436.16 Square Meters
- Car park               57,273.66 Square Meters

	The details of areas in MBK Center Building are as follows:

1. Area for rent includes the following:
1.1	Shopping center area (MBK Center) 142,762.86 Square Meters These areas consist of:
		Area rented out to shops 92,786.46 Square Meters (1)
		Common area 49,976.40 Square Meters
1.2	Office area for rent (MBK Tower Building) Area from 9th to 20th Floors 23,330.07 Square Meters (2) These areas consist of:
		Office area for rent 17,760.78 Square Meters
		Common area 5,569.29 Square Meters

2. Area not for rent includes the following:
2.1	Hotel area (Pathumwan Princess Hotel) 47,436.16 Square Meters. These areas consist of:
		Hotel guest rooms (29 floors) 26,127.61 Square Meters
		Common area 21,308.55 Square Meters
2.2	Car parking area 57,273.66 Square Meters

	The area rented out by MBK can be divided into two types as follows:

1.	Area for long-term rent with the rental period of over three years and the rental fees collected in advance is calculate into 15% of the area rented.
2.	Area for short-term rent with the rental period ranging from one to three years and the rental fees collected monthly is calculate into 85% of the area rented.
		In 2008, there were modifications made to the MBK Center as follows:
		-	Modification to the leased space on Floor 4, Zone A, by repossessing the space from the former lessee for the center’s own management, consisting of about 3,800 square meters, allocated for the operation of the telecommunication equipment business under the name “Mobile Mart”. The modification would contribute to an increase of 30 per cent to the Company’s rent income of the space;
		-	Improvement to the walkway entrance to Floor 2 from across the Siam Square area to add convenience to the customers;
		-	Erection of 10 walk-through checkpoints as part of an increased security measure for the customers;
		-	Installation of additional public-relation fronts to enhance the medium of dissemination to Thai and foreign customers of information and news in relation to the MBK Center;
		-	Modifications to shops located in certain zones within the MBK Center; for instance, the modification of certain areas on Floor 2 into a self-sustaining service center;
		-	Addition of foreign currency exchange facilities for banks to accommodate an increasing demand from foreign customers;
		-	Improvement and installation of additional ATMs to meet the customers’ increased demand.

	Target market of shopping center business

	Distribution Channels of Shopping Center Business

MBK makes use of the direct sales approach to promote the sales of rental areas in MBK Center. Offers are made
to target groups which are stores capable of attracting customers to use services available in the shopping center as well as
helping enhance the image of the shopping center.