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WEWORKFOR THEHAPPINESS

ANDPROSPERITY OFOUR SOCIETY

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Balance Sheet CurrentAssets 996,958 741,420 34.47 TotalAssets 1,967,831 1,795,535 9.60 TotalLiabilities 412,900 305,974 34.95 ShareholdersEquity 1,554,932 1,489,562 4.39 RegisteredCapital 200,000 200,000 - PaidupCapital 200,000 200,000 - No.ofShares (Million) 200 200

Income Statement IncomefromSales 1,682,256 1,719,702 (2.18) TotalIncome 1,715,281 1,747,655 (1.85) CostofGoodsSold 1,143,799 1,139,084 0.41 GrossProfit 538,457 580,618 (7.26) OperatingExpenses 245,754 240,169 2.33 NetProfitAfterOperatingExpenses 325,729 368,402 (11.58) Prof it(Lost) inAffiliatedCompanies - - NetProfit 225,370 269,592 (16.40) EarningperShare (Bath) 1.13 1.35

Financial Report and Summary of Operating Result

(Units : Thousand Bath) 2007 2006 % increase (decrease)

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2546 2547 2548 2549 2550

TotalAssets (ThousandBath)2546 1,227,9362547 1,464,8882548 1,795,8462549 1,795,5352550 1,967,831

TotalLiabilities (ThousandBath)2546 188,7182547 299,0932548 379,8762549 305,9742550 412,900

ShareholdersEquity(ThousandBath)2546 1,039,2182547 1,165,7942548 1,369,9702549 1,489,5622550 1,554,932

NetProfit (ThousandBath)2546 196,5262547 217,6952548 234,1752549 269,5922550 225,370

TotalIncome (ThousandBath)2546 1,127,8982547 1,331,9372548 1,505,9992549 1,747,6552550 1,715,281

EarningperShare (ThousandBath)2546 0.982547 1.092548 1.172549 1.352550 1.13

1,227

,936

1,464

,888

1,795

,846

1,795

,535

1,967

,831

2546 2547 2548 2549 2550 2546 2547 2548 2549 2550

2546 2547 2548 2549 2550 2546 2547 2548 2549 2550 2546 2547 2548 2549 2550

188,7

18 299,0

93

379,8

76

305,9

74 412,9

00

1,039

,218

1,165

,794

1,369

,970

1,489

,562

1,554

,932

196,5

26

217,6

95

234,1

75

269,5

92

225,3

70

1,127

,898

1,331

,937

1,505

,999

1,747

,655

1,715

,281

0.98 1.0

9 1.17 1.3

5

1.13

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ContentsProfile6

Production34

Progress56Pride68

People84Profit98

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THECOMMITMENTFOR THEHAPPINESSANDPROSPERITY OFSOCIETY

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Profile

Biography of the Companys FounderCompany ProfileOrganization ChartBoard of Director and Audit CommitteeMessage from ChairpersonAudit Committees ReportGood Corporate Governance Practice

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Chukiat Utakapan(1942-2002)

Inbusiness,consciousnessisfarmoreimportantthanintelligencebecauseiflettingintelligenceleads,itwillbegreatlyindulgence.Weneedtoletconsciousleadoratleastusingconscioustoregulateintelligence,understandthelimitations,notgreedyanddiligent todoeverythingwithconsideration,conscious,nottobediscourage,youwillliveahappylife.Successwillcomeafter.

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Mr. Chukiat Utakapan was born on May 10th, 1942 at Amphoe Rueso, Narathivas. He was the 4th child of Mr. Ratana and Mrs. Rariab Utakapan and had 6 brothers and sisters.

After finished high school from Maha- vajiravudh Changwat Songkha School, he had continued his education at the Facul ty of Arts, Chulalongkorn University and began his career at Tourism Authority of Thailand (TAT). After that, he became a proofreader at Thai Watana Panich Co., Ltd. until he was promoted to Ch ie f o f the Ed i to r ia l S ta f fs a t Widhayasarn magazine; a Teachers magazine.

Mr. Chukiat had changed course to become a public relation of National Housing Authority (NHA). Here, it was regard as the beginning of publishing Baan magazine to provide knowledge and a preparation handbook for those who moved into NHA housing project at time when there were shortage of houses during that time.

After found out that he was not suitable with government service and felt that he was saturated, he resigned from the National Housing Authority. He then gathered his friends and a number of staffs to form Warasarn Baan Lae Suan Limited Partnership and started publishing the first issue of Baan Lae Suan magazine which was launched in September 1976.

Since then, Mr. Chukiat had utilized his experience, knowledge and capability to bring this small business up until it has become Amarin Printing and Publishing Public Company Limited.

Mr. Chukiat had mentioned about his working principles in the Mareng Khuen Samong (Brain Cancer) book that;

Amarin Printing and Publishing Public Company Limited has grown its business consecutively until people think that I h a v e w i d e v i s i o n b u t I t h i n k I am more conscious. My intelligence is just fair since I studied in secondary school. My teacher had noted in my annual school report as medium

intelligence. In business, consciousness is far more important than intelligence because if letting intelligence leads, it will be greatly indulgence. We need to let conscious lead or at least using conscious to regulate intelligence, understand the limitations, not greedy and diligent to do everything with consideration, conscious, not to be discourage, you will live a happy life. Success will come after. It doesnt have to be completely success, only few successes would be just fine. This will be my life experience there are a lot of thing I cannot succeed but people often overlook at them and only focus on my successes.

Mr. Chukiat passed away silently on December 10th, 2002 at the age of 60 years and 7 months.

It has been more than 6 years. However, Mr. Chukiat had given Amarins people from generation to generation the conscious and intelligence inheritances to continually carry on his knowledge determination which shall never end under this house Amarin Printing and Publishing Public Company Limited.

Biography of the Companys Founder

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Established in September 1976, Mr. Chukiat had gathered few friends and colleagues to jointly establish a small editorial unit as Warasarn Baan Lae Suan Limited Partnership. It started publish the first issue of Baan Lae Suan magazine in September 1976. During that period, the company must rely on outsourced printing house. Subsequently, the printing house was established as Amarin Garn Pim Limited Partnership to publish the companys owned magazines at the same time also publish for others as well.

Although with only few staffs, it was the great beginning resulting in vast business growth subsequently. As a result, the company needed to increase capital and transform in to public company. The company was registered in the Stock Exchange of Thailand in 1993 and was known as Amarin Printing and Publishing Public Company Limited

Within the same year, the company had expanded its distribution business by setting up Amarin Book Center Co., Ltd. to oversee all of the companys printed matters distribution including setting up retail stores under Nai Indra Bookstore name. The name was given by His Majesty the King from his precious literary work Nai Indra Phu Pit Thong Lang Phra.

Starting from only few groups, reader base has greatly expanded both number of readers and diversified reader group. The company therefore began to publish other magazines to meet readers needs by having women magazines called Praew and Praew Sudsapda.

The company has expanded its customer base by launching new & trendy magazines intermittently including Cheewajit, Health & Cuisine, National Geographic - Thai edition, room, WE, Real Parenting, SHAPE and In Style. Simultaneously, the books business

has grown s ide by s ide , s ta r t ing from Praew Books in 1992 to publish literatures, short stories and poetry books. At present, the Company has expanded into 14 imprints which produced wide varieties of books from books for small children to youth to teenagers that promote imagination, health stories, food, home and garden decoration for readers at all genders and ages. The Company always adopted the quality principle which is the companys main principle as well.

Amarin Printing and Publishing Public Company Limited has currently become innovation originated center of knowledge, sense and intelligence through more than three thousand staffs that work eff iciently and happily along these 30 years and to step into the 4th decade with the strong determination as:

We are working for happiness and prosperity of the society.

Company Profile

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Organization Chart

Board of Directors

The Audit Committee

President

Chief Exective Officer

Senior Executive Vice President

Assistant Chief Executive Officer

Presidents Office Director

Accounting and Finance Director

Managing Director Printing Business Division

The Audit Committee Office

Human Resources Director

Managing Director Publishing Business Division

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Board of Director and Audit CommitteeMrs. Metta Utakapan Chairperson Mrs. Supawadee Komaradat Director Ms. Rarin Utakapan Director

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Mr. Charoenchit Na Songkhla Independent Director Member of the Audit CommitteesMr. Wathanyu Nathalang Independent Director Chairman of the Audit CommitteesMr. Somchai Phagaphasvivat Independent Director Member of the Audit Committees

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Mr. Smat Ruangnarong Director Mr. Cheewapat Nathalang Director Mrs. Suphap Noi-um Director

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Board of DirectorsFront Row (From Left to Right) Cheewapat Nathalang Managing Director of Printing Business Division Supawadee Komaradat Senior Executive Vice President Metta Utakapan President & Chief Executive Officer Rarin Utakapan Managing Director of Publishing Business Division Back Row (From Left to Right) Ampawan Boonchouy Presidents Office Director Titaya Nilrungsee Assistant to Managing Director of Printing Business Division Buncha Wongthongcharoen Human Resource Director Theeratorn Sang-ngeon Assistant to Managing Director of Printing Division Achara Taesuwan

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Advertising Director (1) Uraiwan Soonthornhong Advertising Director (2) Praphan Prabhasavat Deputy Managing Director of Publishing Business Division Nuanchan Supanimit Deputy Managing Director of Publishing Business Division Tanaree Pimparu Accounting and Finance Director Jutamas Samitanonda Sales Director of Printing Business Division Pattrawan Pooltawekiat Editorial Director of Amarin Publishing Services Ongaj Jira-on Editorial Director of Book Department Bussapakes Wongchaoum Administrative Director of Printing Business Division Amornrat Akkawat Technical Director

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Message from ChairpersonDear Valued Shareholders, In 2007, the Company was successful both in term of turnover and business image showing the Companys dedication to social benefits similar to previous years. However, the profit was declined along with the economy slowdown in 2007.

2007 Operating Results The Companys net profit after tax for 2007 was reported at Baht 225.37 million which was 16.40% lower than that of 2006. The Total Revenue was at Baht 1,715 million which was decreased by 1.85% and earning per share was also decreased from 1.35 Baht to 1.13 Baht. Magazine Business The Company had launched new women magazine, In Style, in May 2007. The contents are related to fashion, beauty, celebrities and lifestyles under the copyrights from Time Inc. (USA). Book Business In 2007, the Companys book sales grew by 7% from 2006 because the Company had received copyright to translate and distribute the world famous book, The Secret, which had enjoyed very high printing and distribution. Several other high circulation books were 30 ways to prevail ones destiny by world famous conductor, Bundit Eungrangsee, and dharma book that the Company was leading and pioneering in producing modern and fun-to-read dharma books such as

Einstein met, the Buddha saw written by Dr. Som Sujira. Tourism Business The Company has opened new routes both domestic and overseas including arranging tours to several organizations and individuals under new concept of The Ultimate Experience with Amarin Tours by showing numerous tour programs that are different from others agencies both in terms of routes and services which emphasizes on high quality. Therefore, the total revenue was quite satisfactory. Baan Lae Suan Fair The fair had moved and was organized at Impact Exhibition Center Muang Thong Thani for the second consecutive year in order to increase the exhibition area from 25,000 square meters to 40,000 square meters. The fair was well received both from customers and visitors. Television Program With the Companys new business, Health Club aired on Channel 7 every Tuesday from 4.15 - 4.30 p.m., the program was well received at a satisfactorily level. The Baan Lae Suan Magazine on TV program aired on Channel 9 (MCOT) every Sunday from 3.00 - 3.30 p.m. The program was first broadcasted in February 2006 but was later terminated in June 2007 due to program reschedule at the TV station. Publishing Services Business Amarin Publishing Services has grown dramatically by 63% because the market does need high quality publications

published by professionals who perfectly handling every production steps. Printing Business The Company had invested in the new state-of-the-art machineries and equipments and had appropriately and continuously brought in new production technologies to add or to replace current productions. The Company has concentrated in developing competitive strategies aiming to be the leader in cost reduction, production cost reduction, human resources, machineries and equipments management in order to maximize the full potential. In addition, the Company has aims to increase the revenue by adjusting to proactive strategies and improving the management in order to maintain current customer base and to expand to new potential market. Outlook for 2008 Although the economy in 2008 remains the same, however, the Company has intended to continuously grow by focusing on business that enhances peoples quality of life and to create good things to Thai families and society. Moreover, the Company has also aimed to increase sales in new products or through new business channels in order to maintain both revenue and profit growth by extending from our existing content in line with the past 30 years. This corresponds to our core business which is the Content Business.

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Publishing Business Magazines The Company has a total of 11 covers which are women magazine category such as Praew, Sudsapda, WE, In Style, food and health magazine category such as Cheewajit, Health & Cuisine, SHAPE, mother and child magazine category such as Real Parenting, home and decoration magazine category such as Baan Lae Suan, room, and documentary magazine category such as National Geographic. Around July 2008, the Company will launch the 12th cover which is a new concept magazine that is currently not available in the market. The magazine focuses on reaching wide group of readers for knowledge, entertainment and as inspiration for

worthwhile and happy living. Book Business The Company focuses on producing books wi th international standard and diversified from children book to adult book and fulfills every reader both in terms of knowledge and enjoyment aiming to promote quality of life of those in the society through reading. The Company plans to publish approximately 350 quality books, representing an increase of 35%, to meet readers increasing demand and to expand the market of Thai content into several other languages throughout the world. In 2004, the Company brought its works to the Frankfurt Book Fair in Germany which is the largest book fair in the world. In the past year, the Company

has sold copyrights to other countries such as Italy, Spain, Indonesia, Taiwan and Malaysia. This is regard as the second year of accomplishment in entering into new businesses with bright future.

Tour and Training Business In February 2007, The Business Development Department including Tourism, Training and TV programs was relocated to Arun Amarin office which was renovated for expanding into Business Learning Center to spread out knowledge to Thai society. Tour Business The Company has created a new concept The service you can trust for tour business which emphasizes on trustworthy services

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by Amarin Tour Department. The department has developed traveling routes so that they are different and exotic both domestic and overseas with international standard including customized traveling arrangements for several organizations. Training Business This is another quality business that Amarin Training Department has immersed to create courses under Learning for better Living concept providing both knowledge and entertainment by adding the Companys content to several seminar programs in decorating, food, health, beauty and several skills development such as writing, translating and etc.

Television Business In 2007, the Company had only one successful program as previously mentioned. In 2008, the Company plans to produce a newly improved program called Baan Lae Suan Magazine on TV and plans to request new air time from appropriate television Channel later.

Fair In 2008, the Company will arrange Baan Lae Suan Fair for the 9th year at the Impact Exhibition Center Muang Thong Than i covering the area of 40,000 square meters. Continuing from the past years, The Company will also organize the Amarin Book Fair for the 6th year and will arrange the Health, Cuisine & Beauty Festival for the 5th year at Queen Sirikit National Convention Center. The objective of these fairs is

to create revenue from existing content and to build image and good relationship between readers, customers and the Company.

Amarin Printing Services The Company has placed high importance on this business because it adds on to current businesses and creates business value added in the comprehensive printed matter to any individuals or any organizations. The services will cover from conceptual design, creating manuscript both content and art work, outline, quality control in every steps from editorial work to printing in order to fully meet customers needs especially in terms of quality. This will utilize the printing capacity in order to avoid strong competition from external printing for hire which was well accepted by the customer.

Printing Business The Company continues to give priority to printing technology and various areas of human resources development in order to continuously keep its printing quality. The Company is in the midst of purchasing new land at a strategic location not far from the current printing house to support future printing expansion by reserving some area readily to build new printing house according to business growth.

Dear Valued Shareholders, The Company was selected as one of the five best Thai companies in

the world forum organized by Forbes magazine, the world famous financial magazine, which ranks the company with revenue less than one billion US dollars, with high business growth during 2004- 2006 as well as from 200 companies in Asia including Australia and New Zealand.

Amarin Printing and Publishing Public Company Limited would like to express o u r s i n c e r e a p p r e c i a t i o n t o t h e shareholders, customers, investors, business alliances and every contributor for their consistent support and follow Amarin Printing and Publishing Public Company Limited works throughout these times. We would also like to extend our thanks to the management and all staffs for their cooperation in bringing the vision of Mr. Chukiat Utakapan, the Companys founder, who created the corporate culture for everyone to walk in the same direction that is to appreciate our customers, colleagues and our jobs and our society. Lastly, we would like to ensure everyone relating the Company that Amarin Printing and Publishing Public Company Limited will always be the professional organization focusing on conducting business for the happiness and prosperity of the society.

Metta UtakapanChairperson and President

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The Companys Audit Committee consists of 3 independent directors, Mr. Wathanyu Nathalang who also serves as Chairman of Audit Committee, Mr. Charoenchit Na Songkhla and Mr. Somchai Phagaphasvivat. The Audit Committee has fulfilled its duties and responsibilities assigned by the Board of Directors. In 2007, 5 Audit Committee meetings were held to handle important missions summarized below:

1. Review the accuracy and adequate disclosure of the companys quarterly financial statements for the year 2007 through meetings with the auditors, internal auditors and the companys management who are responsible for preparing financial reports. The committee also discussed and exchanged ideas until satisfy such that financial statements show accurate financial position and overall operation according to accounting standards.

2. Review legal practices related to the Companys businesses. 3. Review and propose internal control improvements concerning internal control system to ensure appropriateness and effectiveness. 4. Provide internal audit opera- t ional guidelines including internal audit examination that Internal Audit Department has conducted during the year and approve Internal Audit Departments audit plan 2008. 5. Evaluate the Companys Risk Assessment and recommend risk preventive measures that may occur. 6 . A s s e s s t h e C o m p a n y s management policies and recommend marketing strategies corresponding to future publication business growth including recommending human resources development which will improve efficiency and effectiveness of its personnel.

T h e A u d i t C o m m i t t e e h a s performed its duties independently in deliberation of related areas with sound cooperation from the Companys management, Internal Auditors and the Companys Auditor. The Audit Committee gave their opinions that the preparation and disclosure of the Companys financial information are accurate, complete and credible and the Companys internal control system is adequate and in compliance with laws and regulations governed by the Security and Stock Exchange and other relevant commercial laws. The Audit Committee has selected and recommends the appointment of the Companys Auditor for the Ordinary Shareholders Meeting to appoint Miss Prapasri Leelasupa or Miss Sukanya Sutheeprasert from A.M.C. Auditing Firm to be the Companys auditor for 2008.

Audit Committees Report

Wathanyu NathalangChairman of the Audit Committees

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Main policies and missions of Audit Committee are to serve as a vital tool or mechanism to ensure Good Corporate Governance in the Company. Audit Committees policies and missions are outlined below; 1. To ensure that the Companys f inancial reports are accurate and adequately disclose through its colla- boration with the Companys Auditors, Internal Audit Department Manager and responsible management. To review audit reports and Auditors recommendation and internal audit reports.

2. To ensure that the Company has appropriate and effective internal audit and control system in cooperation with Auditors and Internal Auditors. 3. To consider and ensure that Companys disclosures are accurate complete, especially in the area of relating transactions or any conflicting transactions that may occur. 4. To select and recommend the appointment of the Companys Auditor based on independence, reliability and sufficient audit quantity as well as auditor experiences.

5. To ensure that the Companys operations are in compliance with Security and Stock Exchange laws and regulations and related commercial laws. 6. To prepare Audit Committees aud i t repor t by d isc los ing in the Companys annual report and signed by the Chairman of the Audit Committee. 7 . To per fo rm o ther du t ies assigned by the Board of Directors and agreed by the Audit Committee.

Policies and Missions of Audit Committee

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Good Corporate Governance Policies The Board of Directors has realized the significance and has intended to conduct business under Good Corporate Governance. In accordance with the Code of Best Practices for listed companies in the Stock Exchange of Thailand, the Company has reinforced the organizations system to be more effective, to be transparent and to increase its business competitive capabilities in order to increase trust to shareholders, investors and related parties. Moreover, the Board of Directors also have authorities to administer the Companys business in ensuring the Company to be in line with commercial rules and regulations, setting the Companys business direction and administering the Companys management to be transparent and to comply with policy. In addition, the Board of Directors also strengthen the audit control procedures to be more effective by appointing Audit Committee to investigate for accuracy, quality, credibility and transparency of accounting & finance system, audit system and internal audit and all other systems

under the Companys business by setting Corporate Governance Policies which has important features as follow;

Shareholders Rights The Company has fol lowed Good Corporate Governance against shareholders and related parties equally and justifiably by sending invitation letter together with annual report and power of attorney to all the shareholders no less than 14 days prior to the annual shareholders meet ing so that the shareholders can review the information before attending the meeting. At the same time, the Company has always announced time, location and meeting agenda both in Thai and English through newspaper and has given opportunities to the shareholders to ask and express their opinion at all time. All of which were recorded in the minutes of the meeting.

Related Parties Rights The Company also fairly and equally gave precedence to every group of related parties rights whether they are

internal related parties such as debtors, creditors, business partners, authors, translators, government officers or related others under law and regulations related to related parties rights.

Shareholders Meeting The Company has set the annual general shareholders meeting within 4 months after the fiscal year end. The meeting was arranged to give equal rights to all shareholders by sending invitation letter with details, meeting agenda, supplementary documents with the Board of Directors opinions, power of attorney, l i s t o f i ndependen t d i rec to rs f o r shareholders to select who will be given proxy to attend the meeting on their behalf as wel l as map showing the meeting location to shareholders no less than 14 days in advance. In the invitation letter, there will be details of documents at which shareholders need to bring along to the meeting in order to keep their meeting rights. Hence, the Company has allocated sufficient meeting time and gave equal opportunities to shareholder to

Good Corporate Governance Practice

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express their opinions and ask questions in the meeting. The Companys Board of Directors consisting of Chairman, Chairman of the Audit Committee, Managing Directors and Directors attended the shareholders meeting to answer all the questions. Every issues and opinions raised in the meeting will be recorded in the minutes of the meeting for the shareholders verification.

Leadership and Vision The Board of Directors has possessed leaderships, visions and jointly set policies, strategies, objectives and the Companys business plans. The Board of Directors has also supervised management team to perform based on policies and plan with highest efficiency by maintaining continuous business operating policies through technology, personnel and strategies development to have more variety and to comply with the Companys Business Plan. In addition, the Board of Directors also administer the management to expand the business to gain market share by creating new magazines and printed matters with diversified subject matters and adhere

to creating good things to families and society generally under the determination of We work for the happiness and prosperity of our society.

Conflict of Interest In order to prevent any conflict of interest, the Board of Directors has cautiously administered by setting clearly written policy and procedure for granting related transactions for those transactions between the Company, its subsidiaries and affiliated companies and by following the Stock Exchanges principles by setting price and condition as if they were done with outsiders. Any important inter companies transactions will be disclosed in details on costs, counterparties, business reasons and necessities in the annual report and annual information disclosure form (56- 1).

Code of Conduct The Board of Directors holds business policies with integrity, fair and honest in t reat ing i ts employees, communities, general society and all related parties. It has adhered to principles in creating good and right thing, sustaining

neutrality, independently presenting news information. For all above requirements, the Company has set the Code of Conduct regarding the ethics of management team and employees, has continuously tracked their commitment based on ethics and has set disciplinary punishment in case of violations.

Balancing Non-Management Directors The Board of Directors consists of 9 directors, five are from management team, one is a non-management non- independent director and three are independent directors. Thus, the Company has totaling of 3 independent directors which is 33.33% to all directors.

Directors and Management Remuneration The Company has clearly set Director Remuneration policy in line with the industry and approved by the shareholders meeting. In 2007, the remuneration for 4 independent directors and internal non-management director were 1.2 million Baht. For management directors, they only received monthly salary and bonus which can be divided individually as follows;

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In 2007, the Company paid the remuneration to its management directors as employees and Management Committee in form of salary and annual bonus with total of 14.53 million Baht.

Name Position Amount (Baht)

1. Mr. Wathanyu Nathalang Independent Director and Chairman of the Audit Committee 360,000 2. Mr. Charoenchit Na Songkhla Independent Director and Member of the Audit Committee 360,000 3. Mr. Somchai Phagaphasvivat Independent Director and Member of the Audit Committee 360,000 4. Mr. Smat Ruangnarong Director 120,000Total 1,200,000

The Board of Directors Meeting The Company has set the annual Board of Directors Meeting in advance and also set special meetings as necessity including regular performance review

meeting. The Companys Secretary will send out the meeting invitation together with agenda and other documents at least 7 days prior to the meeting so that the directors have sufficient time to review the information before attending the meeting. In 2007, the Board of Directors had 5 meetings while the Audit Committees had 5 meetings whereas the minutes of the meeting are approved by Board of Directors and are available for audit at any time.

Directors Name The Board of Directors The Audit Committee

Mrs. Metta Utakapan 5 5 5 1Mrs. Supawadee Komaradat 5 5 5 -Mr. Cheewapat Nathalang 5 5 5 -Ms. Rarin Utakapan 5 5 5 1Mr. Smat Ruangarong 5 1 5 -Mrs. Suphap Noi-um 5 1 5 -Mr. Wathanyu Nathalang 5 1 5 5Mr. Charoenchit Na Songkhla 5 1 5 5Mr. Somchai Phagaphasvivat 5 1 5 5

Time Attended Time Attended

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Subcommittee The Board of Directors has appointed subcommittee to assist in administering the Companys businesses such as the Audit Committee with list of directors and their duties limit according to details stated in the organizational structure.

The Board of Directors Report The Board o f D i rec tors i s responsible for the Companys and its subsidiaries Financial Statements and financial information which appear in the annual report. The financial statements were prepared in accordance with Accounting Standard and were accurately carried out and carefully judged together with Auditors view such that the Companys financial statements is accurate based on important aspects in general accounting practices. Besides, important information was adequately disclosed in the notes to financial statements based upon truth, completeness and regularity.

Investors Relation The Board of Directors has placed high importance on accurate, completeness and clear information disclosure to investors, security analysts in accompany with financial and general information d isc losure as wel l as impor tance information that affects the Companys share price by announcing information to all investors, analysts and related parties through the Stock Exchange of Thailand on-line media and the Companys website at www.amarin.com In addition, the Company also gives opportunities to investors, security analysts to visit the Companys business to learn more about operating information both at the present and in the future.

Internal Control and Audit System The Board of Directors gave pr ior i ty to internal control both at management and operational levels by clearly set its officers responsibility limit and administering authority in writing. The Companys Internal Audit Department is responsible to inspect all operating systems to ensure that the Companys

most important operation and financial activities are performed in line with guidelines set in the Companys business policy. Along with the above mentioned responsibility, the Companys Internal Audit Department is also responsible for ensuring the Companys operations are in compliance with related laws and regulations. This will lead to Good Corporate Governance.

The structure of Board of Directors consisted on 3 sets of directors as follow: The Board of Directors as of December 31, 2007 consisted of 9 directors as follow: Name Position1. Mrs. Metta Utakapan Chairperson 2. Mrs. Supawadee Komaradat Director 3. Mr. Cheewapat Nathalang Director 4. Mrs. Suphap Noi-um Director 5. Mr. Smat Ruangnarong Director 6. Ms. Rarin Utakapan Director 7. Mr. Wathanyu Nathalang Director 8. Mr. Charoenchit Na Songkhla Director 9. Mr. Somchai Phagaphasvivat Director

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The Management Committee as of December 31, 2007 consisted of 18 directors as follow:

Name Position

Mrs. Metta Utakapan President & Chief Executive Officer Mrs. Supawan Komaradat Executive Vice President Mr. Cheewapat Nathalang Deputy Chief Executive Officer and Managing Director - Printing Business Ms. Rarin Utakapan Deputy Chief Executive Officer and Managing Director - Publishing Business Mr. Prapan Prabhasavat Deputy Managing Director - Publishing Business Mrs. Nuanchan Supanimit Deputy Managing Director - Publishing Business Ms. Achara Taesuwan Advertising Director 1 Ms. Uraiwan Soonthornhong Advertising Director 2 Mr. Theeratorn Sang-ngeon Assistant Managing Director - Printing Business Ms. Titaya Nilrungsee Assistant Managing Director - Printing Business Mr. Ongaj Jira-on Editorial Director - Book Department Ms. Tanaree Pimparu Accounting and Finance Director Ms. Bussapakes Wongchaoum Administrative Director - Printing Business Mr. Bancha Wongthongcharoen Human Resource Director Mrs. Pattrawan Pooltawekiat Editorial Director - Amarin Printing Services Ms. Ampawan Boonchouy Director of CEO Office Mr. Amornrat Akkawat Technology Director - Printing Business Ms. Jutamas Samitanonda Sales Director - Printing Business

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Authorities, Duties and Responsibilities of the Board of Directors 1. Set the Companys overall strategic direction and objective. Approve operating po l ic ies and d i rec t ions as p roposed by management team. Oversee and ensure the efficiency and effectiveness of management team to create the economic value added to the Company and its shareholders in line with the approved policies. 2. Set the Code of Conduct for members of the Management Committee and employees in accordance with the Companys guidelines. 3. Always follow up the Companys operations to ensure that Management Committee and management team perform under established laws and policies. 4. Execute effective Internal Control and Internal Audit system. 5 . A d m i n i s t e r t h e C o m p a n y s management team by specifying policies,

The Audit Committee as of December 31, 2007 consisted of 4 directors as follow:

Name Position

Mr. Wathanyu Nathalang Chairman of the Audit CommitteeMr. Somchai Phagaphasvivat Audit CommitteeMr. Charoenchit Na Songkhla Audit CommitteeMr. Samart Pojanapanichkul Audit Committee Secretary

procedures and risk management which must cover liquidity risk, investment, market, operational, reputation and legal. Hence, the Board of Directors must approve the above policies and review operating strategies and such policies continuously. 6. Appoint members of Management Committee, members of the Audit Committee and other committees as appropriate and necessary to oversee management system to be in line with set policies. 7. Assign one or more directors to act on behalf of the Board. 8. Consider roles and responsibilities of other sub-committees and changes in organization including changes that is significant to operation of the sub-committees. 9. Counter balance the management authorities and/or major shareholders to be within appropriate limit by placing importance to ratio or amount of independent directors in

the Companys Board of Directors. 10. Oversee information distribution procedures to ensure that the Board of Directors receives suf f ic ient informat ion f rom the management team to perform according to their authority and responsibilities completely. 11. Specify that each director must attend the meeting at least half of the meetings arranged within each year. 12. The Companys Board of Directors must meet at least once every three months at the Head Office or Branch Office or neighboring provinces. 13. Consider, set and amend the Companys authorized directors to sign on behalf of the Company. 14. Review the Board of Directors remunerat ion package to be wi th in the shareholders approved framework.

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Management Committee The Management Committee as of December 31, 2007 consisted of the following directors; 1. Mrs. Metta UtakapanChief Executive Director 2. Mrs. Supawadee KomaradatExecutive Director 3. Mr. Cheewapat NathalangExecutive Director 4. Ms. Rarin UtakapanExecutive Director

Management Committee Roles and Responsibilities 1 . S e t n e w b u s i n e s s a n d investment strategy 2. Approve annual budget 3. Follow-up the Companys business operation and ensure that it is conformed to the Companys policies.

4. Set risk management policies, procedures and control in every area. 5. Set good internal control policies, procedures and systems. 6 . R e p o r t M a n a g e m e n t Committees overal l operat ion and management and management control to the Companys Board. 7. Set clear remuneration and benefits policy including directors and top executives compensation.

Audit Committee Roles and Responsi- bilities 1. Review the accuracy and sufficiency of the Companys Financial Reports. 2. Review the appropriateness and effectiveness of the Companys Internal Control and Internal Audit systems.

3. Review and ensure that the Company follows Security Act and Stock Exchange Regulations or other related business law. 4. Se lect and propose the appointment of the Companys Auditors and their rewards. 5 . R e v i e w t h e C o m p a n y s information disclosure in case of related transactions or transaction which may create conflict of interest to be precise and complete. 6. Prepare Audit Committees Supervisory Report by revealing in the Companys annual report. Such report must be signed and certified by the Chairman of Audit Committee. 7. Per form other dut ies as assigned by the Board and endorsed by the Audit Committee.

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THE LEADER IN THE PRODUCTION OF PRINTED MEDIA

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Production

Publishing BusinessPrinting Business

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Fromatinystartingpointin1976,whenthefirstBaanLaeSuanmagazinewaslaunchedtothemarketinSeptember,thepublishingbusinesshascontinuouslygrownalongwiththevastanddiversifiedmarket growth. Together with accumu-lating experiences andaiming to be thecontentmarket leader, theCompanyhasproduced variety ofmedia that are fullycomprehensivewithnationwidecoveragetoThaireaders.

Magazines With over 30 years of strongdetermination since the launch of BaanLae Suanmagazine, theCompany hascontinuedandhad strongdetermined tocreate highqualitymagazines. FollowingBaan Lae Suan, Praew and PraewSudsapda women magazines weresuccessfullylaunchedandwellacceptedbythemarket. During 1997 Thailand economiccrisis,theCompanyhasshiftedtopublishmore on health-focused magazinesincluding Cheewajit and Health &Cuisine. Later in 2001, the Companywas licensed topublish the Thai versionof NationalGeographicmagazine. TheCompany started published room in2003, WE in 2004. TheCompanywaslicensedtopublishRealParentingin2005,SHAPEin2006andInStylein2007. Presently,theCompanyproduces11 bi-monthly andmonthlymagazinesaiming to fulfillwider varieties of readersinthemarket.

Baan Lae Suan MagazineThailands most popular magazine for home lovers TheCompanyspioneeringmaga-zine is still under operation until now.It presents information and knowledgeabout homedecorations, gardening andvarious things around homes aswell astipsonhomedecorationtrendanddesigntrendcoveringlifestyles,hobbiesorevenartsandcrafts. Today, Baan LaeSuanmaga-zinesmonthly production is the highestcirculatedhomedecorationmagazineinThailand.

Praew MagazineInspirat ional magazine for modern women searching for knowledge It is a magazine for modernworking women with comprehensiveinformation and entertainment fromfashion, current news, social trends tovarious things thatwomen should knowaswellashealth,beauty,novel,interview,documentary,art,movies,etc.

Sudsapda MagazineYoung, Smart & Sophisticated Thisisabi-monthlymagazineformodern younggenerationwith fashion&trend inmindand Not just aguide,butweare friendspattern.Contents includeinterviews, lifestyles, in-depthstoriesandinteresting overseas entertainment newsintendedforreaderstobecomehighqualitygeneration.

Cheewajit MagazineAlternative health for both well and unwell Thisisthebestsellingbi-monthlyhealthmagazineinThailand.Itactsasanintermediarytoprovidehealthknowledgeboth inprotect/rehabilitate and treatmentof illness by following holisticmedicalprinciples. That is, by consideringbody,mind,socialorenvironmentviaamodern-izedand livelymagazinecharacteristics.Italsohashumorousaspectsandisbasedon natures to excel readers body andmind health that can actually be usedindailylives.

Health & Cuisine MagazineInspiration for Healthy Living This is amagazine presentingfoods for health with tips and recipesthat havebeen tested aswell as healthinformation for modern women. TheInspiration for Healthy Living conceptsatisfiesmodernway of lives that focuson self care fromnutrition all theway tohealth. These things caneasily bedoneandarealsoanotheralternativeforthosewhosearchingforgoodthingsinlives.

National Geographic Magazine - Thai EditionDicovering the world Thisisthemagazinethatwillopenupreaderstonaturesandeverylivesintheworld.Itdigsdeepintovariousknowledgesuchassciences,geographies,histories,natures,arts&cultures,traditions,arche-ology, ancient civilizations and various

Publishing Business

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creatures.Therefore,it isamagazineasknowledgedepository.Themoreyouread,themoreworthwhiletoyouandyourfamily

room MagazineIdeas for Practical Living This is a high qualitymagazinejustlikeadesignerthatknowsalldecora-tions.Itissuperiortoothermagazinesbyproviding informationmatching lifestylesofnewgenerationswithbeautifulpicturesfromdifferentanglesaswellaspresentingwhatactuallyachievable. Itsimplyopensupeachpersonsdecorative visions thatsuit him/herself. roommagazine thushelpspleasereaderstoenjoydecoratingtheir own spaces just like professionals.

WE MagazineLove, Wedding and Living Together Thisisamagazinelikeafriendthatmakes yourwedding day andmarriagelife so impressive and perfectly beauti-ful. It presents cuteweddingparty ideasincluding suggestions in fostermarriagerelationships to last long and happily inaccordancewithLove,Wedding&LivingTogetherconcept.

Real Parenting MagazineA real practical guide of modern parents for balanced lives This is the firstmotherandchildmagazine of the Copany that is like areal practical guide ofmodern parentsforbalanced liveswith0 to12 yearsoldchildren. It provides knowledge, advices

and real experiences frommothers tohelp readers confidently and effectivelyraise their children to learn and todevelop. It fulfills the needs ofmodernparentsbothinformativeandrelationshipsby adapting to the Thais families wayasmuchaspossible.

SHAPE MagazineSmart, Active, Life, Style This is amonthlymagazine formodern women with active lifestyle inorder topromote fresh, enthusiastic andenergetic lifestyles. Itcoverseveryangleandinspireswomantostartexercisemoreandtodomoreactivities.

In Style MagazineFashion, Beauty, Celebrity, Lifestyle The latestmagazine in Amaringroupshowsvarious lifestyles in fashion,beauty, lifestyleandcharityofcelebritiesor popular people. Thismagazine wasoriginated in theUnited States and hasbecome themost successfulmagazinecurrently.Becauseithasremarkablewayofpresentingcontentsthatare joyfulandunique. This helpswomen to have niceattitudestowardseverylifestyle.

Books Byputtingattentiontoandgivinghighimportancetoreaders,theCompanyhas established a quality books pub-lishing unit aiming to grow in tandemwithmagazine publishing unit. In 1992,PraewBookswasestablishedtopublish

literaturenovels,shortstoriesandpoems. At present, the Company hasexpandeditseditorialdepartmenttocover14 imprints, producingbooks that totallyfulfillallreadersneeds.Thesepublishersproduce several books covering variouscategories such as imaginary skil lsenhancements in children, health, foods,home & garden decorations, etc. Byadhering to quality principles, theCompany is able to fulfill reader needsofallgenderandage.

Praew Books Itpresentsworksofvariouswritersincludingliteratures,shortstories,poems,novels, articles and entertainments. Ithopes to stimulate thinking,writing andreadingwhich are important foundationstocreatesocialconscious. Established in March 1992, itpublished the first book called LeurdNuea Prachatippatai SadudeeWeera-chon(Fresh&Blood,Democracy,Praisefor heroes). It later published the firsttruepocketbook called DooNang,DooLakorn (watchmovies, watch drama)byPranPramool.

Praew Children Books It focuses on producing qualitybooksforkidstosatisfylearningdevelop-ments and imaginary creations as wellas activities to promote reading whichconsidered as important educationalfoundationsforchildreninthefuture.

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Praew Juvenile Books It focusesoncreatingbooks foryouths and readerswho admire juvenileliteratures by selecting globally wellacceptedbooksandtranslatingthemintoThai. Inaddition, theCompanypromotescreativities in Thaiwriters in the area ofjuvenile literatures. The first publishedliteraturewasBabe,TheSheep-Pig Initial direction for the publish-ing divisionwas Creative fun reading.Therefore, during the first 5 years, therewerewidevarietiesofliteraturestargetingforfunreadingandembeddingcreativities,information,knowledgeandethicsaswellaspromotingnewcreativities inchildren.Subsequently, the division expandedcustomer baseby selecting educationalbooks forprimary and secondary schoolkids. The publishing division changeditsdirectionintoLearningwithCreativityeversince.

Amarin Health Books This imprint focuses on know-ledge towards body and mind healthso that readers can fully apply to theirlives.Ittargetsbodyandmindhappinessamongreaders.

Praew World Travel Books Thisimprintproducesinformativeand entertaining travel guides for newgenerat ions. Readers should haveattitudes towards travels such that theyare lifestyles, adventures, ready to see

new things and not simple or followingtheway other travelers do. Though nothaving high income, readers arewillingto savemoney andwilling to spend ontraveling abroad. They would like toenhance their learning experiencesand exchange ideas with new peopleinforeignlands.

Amarin Dharma Books This imprint presents Dharmabooksthatareeasytounderstand,maintainwonderfulsocialmorale,practicaldharmasuitableforeveryoneandabletoeasilyapplytodaily lives.All of thesecharacteristicsmainlysupportgrowingmarketpopularitytrend and help people to live happily inthesociety.

Amarin Books It publishes informative booksensuring information is accurate, reliableandusableasreferenceaswellaschang-ingtheoldboringperceptions.Booksaresuitableforthoseinterestedinsociologies,people,culturalarts,languages,histories,information,bibliographiesaswellasthoseinterestedandlovenon-fictions.

Amarin Cuisine Books Itpublishescomprehensivefoodsrelated books by emphasizing on infor-mation and knowledgeon various formsof foods, such as recipes, cooking tips,nutritional information aswell as culturaldepthandartsofcooing.

Highlighting in high quality andvarietiesofrecipes,readerscanpracticallyusethoserecipesthathavebeenthoroughlyandcarefully tested. Thosecertifiedandtestedrecipescarrycirclesymboldenotingtheaccuracyofrecipesonthefrontcoverofthebooks.

Arun Books It publishes high quality novelsby leadingwriters that are entertaining,emotionally happiness and embeddingvarious thoughts to readers. Establishedin1998, thispublishings firstpublicationwas BoungHongwritten by Kingchatwhohas trusted theCompany topublishall of her novels. In addition, there areotherhonoredwriterssuchasPrapassornSevikul,KeeratiChana,PiyapornSakkasemJutaratandSirimaApijarin

Amarin Comics Books It focusesonproducingcreativecomicbooksorbeautifuldrawingsalongwith informative, knowledge or variousinteresting facts. Books are suitable topeople at all ages andgenders aswellas for promoting reading habits in Thaiyouths.

Baan Lae Suan Books Publisheshow-tobooksforhomecareanddecoration,gardeningdecorativeandfloweringplantsincolorfulandtastefulpresentation.Theynotonlymakeaneasyreadingbutalsoprovidereference-worth

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knowledgesuitableforpeoplepassionateabouthomecareandhorticulturealike.

Praew Magazine Books Bringstothereadingpublicbooksof informative and entertaining natureswithtopicsrangingfrombeautytotrendyfashion. Based on the popular contentsand feature stories of Preawbi-monthlymagazine, the book also include real-life stories and thoughts bywell-knownpersonalities fromdifferent social circles.

National Geographic Books Explores theboundlessworld ofknowledge with National GeographicSocietyscentury-oldrepositoryofwisdom.NationalGeographicBooksoffersaselec-tion of captivating and inspirationalnon-fiction titles covering various topicsfrom adventure and exploration of artculture to human civilization and livesin thewild compellingly told by world-renownedexplorersandwriters.

How-To Books This is the latest imprint in thegroup focusing on developing mindsand lifestyles of newgeneration. It alsoemphasizes in information that suitableforeverylifestylesofnewgenerationsuchasqualityoflivesdevelopments,worklivesandmoraleboosting.Booksare suitableforthosewhowantnewthingsandwouldliketoselfdevelopforfurthersuccessbothpersonalandworklives.

Amarin Publishing Services One-stop publishing services We take orders from publicclients and organizationswith compre-hensive publishing services rangingfromconceptslayout,originalmanuscriptproduction,photographing,uniquelayoutdesign, printing, aswell as coordinationwithAmarinBooksCenter fordistributionshould customers require. Therefore,we are a one-stop publishing shopsupporting expanded customersmainlytofulfillcustomerssatisfaction.

Information Center Thecentersystematicallycompilesand stores the Companys intellectualproperty and provides informationalservices toemployeeswho, fromvariouseditorial departments, are main usersfor this serviceat the initial stage. Later,the center has expanded its service toall employees and affiliated companies. At present, beyond currentinternalservices,thecenteralsoprovidesservice in retrieving information andimages foroutsidersbychargingservicefeeatspecifiedrates.

New Media

Amarin TrainingLearning for Better Living AmarinTrainingprovidesseveraltraining courses onboth vocational andentertainmentthrougheducationalactivities

byexperiencedtrainersineachfield.Thesetrainingscanbeapplied toskilldevelop-ments, professional advancements or ashobbies.Trainingcoursesnotonlycreatehappinessorareenjoyablebutalsoallowparticipants to spend their leisure timeusefullyandvaluably.

Amarin TourThe Ultimate Experience with Amarin Tour AmarinTourorganizestravelpro-gramstobothdomesticand internationaldestinationstoorganizationsandindividualsunder the concept to present numeroustravel programs fulfilling any needs, forexamplehistoricalsight-seeing tours,artand culture tours, health tours, gourmettoursandadventuroustours.

Amarin Media AmarinMediaproducestelevisionprogramClubSukaparporHealthClubjointlybyHealth&Cuisine,CheewajitandSHAPEmagazines.Theprogramisbroad-castedeveryThursdayat15.45-16.00onChannel 7. Theprogrampresents healthcare knowledgewith Health Talk withansweringquestionsbyexperts,1minutewithGuruandClubRecommend.

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Amar in Garn P im L imi tedPartnership was established in 1976and occupied only small space in shophouseslocatedonArunAmarinRoad. Prior to Amarin Printing andPublishingPLCprintingbusiness, all ofitspersonnelhasbuiltuptheirexperienceandexpertise ineveryaspectofprinting,printing quality and services.Until now,thereputationofAmariniswellacceptedboth locally and internationally as thecountrysleadingprintinghouse.

We aim to produce quality publica- tions that meet customers satisfaction. TheCompanyproudlytakespartincreatinghigh-qualitypublicationwhichisnotonlytoraiseThailandprintingindustrystandard but also to serve educationalandintelligenceaspectsinThaisociety. Withtheintentionanddedicationof our highly caliber employees fromexperienceartisantothosewhograduateddirectlyinPrintingScienceandTechnology,training,acontinuousresearchanddevelop-ment,givinghighprioritytoinvestmentinstate-of-the-art technologymachines andinstruments,robustinformationtechnologyandmodernorganizationalmanagement,thesehavecausedtheCompanysprintingbusiness to receive ISO 9002 IndustryStandardforallofitsproductionprocessesonMarch12th,1999whichisanexcellentassurance for standardandefficiencyofitsproductionprocesseswhichwillleadtohigh-qualityworkthatmeeteverycustomerssatisfaction.

Readiness in Every Step of Production Process With its comprehensive printingservices,AmarinPrinting andPublishingPLCprovidethefull-rangeprintingservices.Thecustomersprintingmatterwillbecloselytaken care of and assured quality fromexperiencepersonnelineverystepsfromcomputerized color andpictures editing>>typesetandproofread>>artworkandlayoutdesign>>photographingandfilmarranging>>platemaking>>printing>>binding>>packaginganddistribution. Withthereadinessineveryaspect,theCompanysprintinghouseisreadytoprovide flawlessservices ineachstepoftheproductionprocessandwithcompleteprinting business through its qualityexamination and production standardcontrol tomeet customers needs andsatisfaction.

Pre-press Withthemostup-to-dateelectronicequipments and computers that are notonlytokeepupandtofulfillmeticulousandcomplicated skill designbut also createcomplete new intuitiveness, creative andimagination.Inaddition,theCompanyalsoprovidesgraphicdesignanddigitalcolorproofwithtrustedstandardcolormatchingand most importantly has continuousproductionproceduresinordertoachievehigh-qualityprintedmatters.

Printing Production Process Withmodernprinting technologyand computerized printing control, theCompanysprintingprocessusingdifferenttypes of printingpress from1 color to 5

colors proceedswith efficiency both intermsoftimeandquality.TheCompanysprinting press are wellmaintained andregular ly taken care together withcontinuous humidity and temperaturecontrol systemwhich helps increasingprinting efficiency and helps creatingoutstandingprintingquality.

Post Printing High-quality printedmatter willenterintopostprintingprocesseswhicharefolding, binding, andpagemakingbothpaperback and hardcover by using themost recent automatic machine. TheCompanys product quality control andcompleteness examination in every stepensurefineandperfectwork.

Packaging and Distribution After every production processhasbeencompleted,thereisfinalqualityinspectiononeveryproductbefore itwillbe neatly packaged ready for safe andon-timedistributiontocustomerbothlocallyandinternationally.Besides,theCompanyalso offers distribution service andmarketing for customersprintedmattersin every channel through its affiliates(AmarinBookCenterCo.,Ltd.).

Database and Other Special Services TheCompanyalsoofferscompletedatabaseservicewhichhelpsthecustomerto gather information both contents andillustrationsineveryformat.Thiswillensurethatthecustomercanreprint,editoraddvaluetotheiroriginalworksbyproducinginmodernelectronicsmediasuchasCDandInternet.

Printing Business

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THE CONTINUOUS GROWTH TOWARDS FUTURE

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Progress

Review on Business and Competition Trend

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Business Trend on Publishing Division Overall condition of printingindustry Year 2007was the auspiciousyear to celebrate His Majesty KingBhumibols 80thBirthday Anniversary.Therewerenumbersofbooks relating tosuch celebration produced during theyear such as,Biography ofHisMajesty,HisMajestys Activities. It was also theyear of drafting the new constitutionintended for national public opinion thatlead to the general election at the endof2007.Asaresult, therewerenumbersof new parties formed, numbers ofcandidate introductions as well asparties policies announcements. Theseeventshadcalledforover10billionBahtspending in printingmedia needs suchasleafletsandposters.Inaddition,therewere also strong printing consumptiontrend after the Thai PrintingAssociationand the Publishers and BooksellersAssociation of Thailand had jointlypromoted people to read more. Theyhad also helped increase packagingsales by promoting modern designsthat add value to the products. Anotherind icator showing h igh growth inprinting industry was the 1.5 millionadmittances during the 12th NationalBook Fair represent ing a 100,000admittancesincreasefrom2006. For2008,westartedtheyearwith

anannouncementfromtheBureauoftheRoyal House Hold with regards to thedeath of Her Royal Highness PrincessGalyaniVadhanaKromLuangNaradhiwasRajanagarindra.Forcommemoration,bothpublicandprivatesectorshavecontinuedtopublishvariousbooksinvariousangleson HerMajestys royal chronicles. Forthe overall pulp industry, it continues togrow at around 5% similar to last yearonthebackofcontinuingpulpdemand. Inanycase,thepulpindustrymayfacewitheconomic risk factorsandhighvolatilityinoilprice.Thiswill increasetheproductioncostandwilladverselyimpactthe competitiveness of several entrepreneurs.

Marketing and Advertising Trend Theadvertisingspendingin2007was 83,817millionBaht, representing a2.2%increasefrompreviousyear,whereasthemainmediaarestillrelativelystableorslightly decrease. That is, the televisionmediawas48,773millionBaht,represent-ing a drop of 0.51%. Radiomediawas5,821 million Baht, a drop of 3.26%.Newspaper media was 14,286 millionBaht, an increase of 1.86% in linewiththeoverallgrowthofadvertisingindustry.Magazinemediawas5,416millionBaht,showingadropof4.16%.Lastly,outdooradvertisingmedia decreased by 4.02%

Those plungedmedia were impactedby both economic and political frontsas well as the government measuresaffecting consumer conf idence andmarket liquidity. As a result,marketingandadvertisingpeopleaswellasbusinessproprietors had shifted their views andstrategiesinordertopenetratemoredirectlytoconsumers.Inaddition,fromthepublicrelations perspective, customers stillprimarilychosetelevisionandnewspapermediawhileusedradioandmagazineassecondarymedia. Should there be anyadvert is ing budget cut; radio andmagazine are those to cut first. Thesetwomedia believed to be less effectivewhen comparing with television andnewspaper despite that entrepreneurshad successfully created attractiveadvertisingpackages. We predict that the advertisingindustryshould recoverwell in2008dueto economicgrowth andpolitical clarity,whereasthelastgeneralelectionwasoneof the catalysts for higher advertisingspending.Mediatokeepaneyeonare: 1. Buzz TV usesmodern trans-mission system to transmit advertisingcontents onto TVmonitorsplaced insideair-conditionedbuses. 2. Shopping Mall Advertising Media utilizesmodern technology suchas3Dmonitor,EndCapTV(shop-shelvedmonitors).

Review on Business and Competition Trend

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3. Internet MediahasbeenveryfamiliartoThaipeopleforalongtime.Bothpublic and private sectors have showntheir interests in using this media toprovideinformationtoconsumers.

Magazine Market Trend In2007,economicconditionwasthemajorfactorimpactingeverymagazineatwhichtheycanonlytrytosurvive.Newmagazineswere hardly launchedwhileseveral oneshadnochoicebut to closedown.Magazineownersmustadjustthem-selves to withstand the digital infor-mationstorm.InBangkok,18%ofreadersnowreadmagazineonline,representinga2%increasefrom2006.Oneofthefactorscausing people to increasingly readmagazine online is that there are over100operatorsnowputmagazinecontentonline on websites. As a result, thosecontents becameeasily available onlineand are cheaper than buying printedmagazines. It isestimatedthatthemagazinemarketwill growbyaround10% in2008fromaround10newmagazineslaunches,both locals and internationals. Hence,every publishermust continue to adjustitselfmoreandmore.Anyway,magazinesare still considered asmodernmediawhereas they canbedesigned to reachspecif ic target readrs. They are alsocharming,have touchablecharacteristics

and influential. They have quite highadvertising and promotional impactswhen comparing withmoney invested.With proper promotional campaign,magazines should help boost printingindustry growth and also help qualitydevelopments both in printers andbookstores.

Book Market Trend Ina2007surveyfromThePublish-ers and Booksellers Association ofThailand, a Thai read approximately2bookswithanaveragecostof260Bahtper book annually. While the readingtrend among adults was stable, suchtrend among youths aged between12-18 years had increased. The litera-ture category accounted for the largestmarket share. TheAssociation togetherwith over 32 networks of Book forChildren, Youth and Family had jointlytenderedanopenedletterandrequesttheGovernment toannounce BookReadingasaNationalAgenda.Theattempthopedto createahealthyandenduring societythrough reading. While the EducationMinistry had responded to suchpetitionby launchingcampaign forThais to readabout12 linesperdayasaway to instillreadinghabitatallages. In2008, thecompetition inbookmarket isstillcontinually intense.ThoughThailand economic, political and social

conditionsarestillvolatile, it isestimatedthatthemarketcangrowattherateof10%witharound20billionBaht invalue.Thisdefinitelyimpactsrelatedbusinessessuchasprinters,paperproducersandexporters.There are lots of foreigners interested toreadThaibooksbecause it is theway tobetterunderstandThailand.ThosepopularbooksshouldincludeHow-To,thosein-the-trendbookssuchassocial,economics,political, entertainments and historicalbooksespecially for thosewhodesire toknow about how the nation, country orleadersevolvethroughtheseyears.

Market Trend and Publishing Business Strategies With polit ical instabil ity anddecelerated economy, variousmarketsshowsignofslowdownandmoreseverecompetition. Amarin thus focuses onprogressivemanagementstyleinordertoincrease competitive edge, especially intheareaof information forunderstandingindustry andmarketmovement, surveyon readers needs, continuous stafftrainings.Allofwhichgeartowardstrongerandhigher capability topropel enduringbusinessgrowth.

Magazines Progressivemarketingisthekeytosuccess.In2008,ourmarketingplansfocuson readers closelyparticipation in

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order toput liveliness tomagazines.Thiswill emphasize our leading position inmagazinemarket, preserve our readersbase aswell as push othermagazinesforwardforgrowthwhichhelpsustoreachnumber1positioninthemarket. Furthermore,Amarinhadformedaunit toanalyzeand to followmagazinemarketmovement and trend on a conti-nuous basis. In addition, this unit willconduct researches with magazinereadersso thatwecan improvecontentsand formats that will better serve ourcustomerpreferences. From2007annualsurvey,overallmagazinemarkethadgrowthpotentialbutwasnothighenoughtocompensateforthemarketshrinkin2006.Wecancategorizeourmagazines into the followinggroups: 1. Woman and Fashion Maga- zinesgrewatapproximately3.32%resultingfromthelaunchofInStylemagazinesinceMay 2007 andwaswell received sinceinception.PraewmagazinehascontinuedtoleadthemarketinThaiwomenmagazineand has obtained highest advertisementamount in themarket. InStylemagazineranked5thinthemarket. 2. Adolescent Leisure Magazines grewaround25.35%whereasSudsapdamagazinehascontinuedtoleadthemarketinthiscategory. 3. Home, Garden and Decoration Magazines showed agrowth of 7.81%.The Amarin affiliatedmagazines havecontinuedtoleadthemarketinthisgroup.Baan Lae Suanmagazine has had thehighest sale and advertising valuewhile

roommagazine ranked 2nd in term ofmarketshare. 4. Health Magazines grew at8.19%andcontinuouslyexpanded.Severalmagazinesinthemarkethadchangedtheirtacticsandcontentstobemoremodernandcancreatehealthawarenesstrendtomanyreaders.Cheewajitmagazine is themostpopularmagazineinthiscategory. 5. Food and Well-being Maga- zinesgrewat24.16%whichwasthefastestgrowingcomparingwithallothermagazinegroups.Because it candirectly addresstoconsumersespeciallythosewhoturntocookmore health food.Health&CuisineMagazine ranked 1st in term ofmarketshareintheB+readergroupupward. 6. Information and Documentary Magazines grew at 3.83%whereas theThai version of National Geographicmagazine enjoyed the number 1marketshare. 7. Love & Affection and Marriage Magazinesenjoyedrelativelyhighgrowthataround13.07%.WEmagazinehashadthenumber1marketposition. 8. Mother & Child Magazines declinedbyaround25.67%following thedecrease in birth rate and the delay ofhaving child. While Real Parentingmagazinehada slightgrowth, it actuallymoved up to the top 3 position in thismarketsegment. 9. Health & Beauty Magazines hada slightgrowthof 2%whereSHAPEmagazinestilloccupiednumber1marketposition.

Books Amarin emphasizes on creatingLowCostHappiness scheme under thepolicy intending to publish a variety ofbooks thatare informativeandenjoyableto readers. Thispolicy also correspondsto theCompanymainpolicyofWeworkfor the happiness andprosperity of oursociety. With more than 30 years ofexperience,theCompanyearnscompetitiveadvantage by producing high-qualitypublicationstoresponsetotheneedsofallageandgendergroups.TheattemptwillcreatemorereaderstotheThaisocietyinthefuture.In2008,theCompanyoutlinesits progressivemarketing strategies inorder to stimulate the target groups forthe interestandtobuildreadinghabitbycontinuingoffering,selectingandprintingquality books. This is to emphasize itsprinciples in creating younger readerstogetherwithcreatinghighermoralsociety.Inthisregards,theCompanyhasrenamedand launchednewpublishersas follows; Amarin Dharma Books TheCompany focuses on offering series ofDharmabookswhichare easy to under-standandsustaingoodmoraltothesociety.Besides, it intends to produce practicalDharmabookforeveryonetoeasilyapplyto their daily lives. Thiswill continuouslyhelp sustaining the increasingmarketpreferencesandmaintaininghappinesstomembersofsociety.Booksinthecategoryare written by well-knownwriters suchasVorVachiramethee,Dr.SomSujira,Dr.SanongVora-urai,KhunyingChamnongsri

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Harnjanelak. Amar in Books This imprintproduces accurate and reliable informa-tivebooksthatcanbeusedasreferences.Thiswillchangetheperceptionofboringeducationalbook image.But theywillbesuitable for those who are interestedin educational, social science, people,art and culture, language, history,biography as well as those interestedinnonfictions. Amarin How-To Books Thisnew imprint produces life and mindimprovinghandbooks fornewgenerationbyemphasizingon thecontents thatcanresponse to new generation lifestyle ineveryangle; forexample, lifeandcareerdevelopment andmorale enhancement.Thisissuitableforthosewhoarereadytoexperiencenew things, are interested inself improvement forsuccess inpersonallivesandcareers. Amarin Cuisine Books (previously known as Health & Cuisine Book) Foodisthebeginningofgoodhealthcare.TheCompany is determined to produce andoffershigh-qualityhealth recipes throughselectionofmenuespeciallyThaifood.Thisis in responsetoreaderneedswhowantactually-usable recipes.Each recipehasbeencarefully tastedwith thecircle signshowing Tried & Tested to assure thecorrectness on the cover.With attentionineverydetail, thishasbrought intereststo several overseapublisherswho havecontactedtheCompanyforcopyrights.

Praew Travel the World Books (previous known as Sudsapda Book) This imprint publishes informative andentertaining travel guides for the newgeneration. They are suitable for thosewho think that travel is another lifestyle,adventureandreadytomeetnewthings.Even though, not having high incomethey are willing to save some moneyfor travel abroad to enhance theirexperiences, learning, exchange ideaswiththoseinothercountries. Arun Books TheCompanypro-duces high-quality novel by leadingauthors in order to entertain and addsome thought-provoking to readers.Currently, Arun Books has around 70novels and short stories. In 2008, theCompany aims to become number 2posi t ion in Thai novel market andto increase its romantic novel publishingforteenagergroup. TheCompany is determined toproducehigh-quality booksby emphasi-zingtheCompanysphilosophyofcreatingProsperity society through continuingselecting and publishing high-qualitybooks. In 2008, the Company haspublishingtargetsofaround400covers.

Marketing Activities and Trade Fair With the flourishingofmagazinebusinesses, theCompany expands thebusiness into content providing throughtradefairs.Thisbringsmagazinesintolifebyqualityandexperiencetradefairorga-nizers for over 8 years such that the fair

hasbecomeoneoftheCompanystrengthsthat create the continuousgrowth. As aresult,theCompanyplanstoorganizemoremagazinerelatedfairsthroughhighqualityteamswhoanalyzemarketingopportunityandenvironment includingtargetgroupsbehaviorandneeds.Themajortradefairsin2007werethefollowing; Baan Lae Suan Fair BaanLaeSuan and roommagazines have jointlyandmeticulously arranged the annualtrade fair for 8 years running. This is themost grandeur festival for home andgarden lovers in Thailand. The fair wasdifferent,moreprominentthanothersandwas organized under the concept ofHarmony of Different Tones. It wasorganized at Challenger Hall, ImpactMuangThongThanibetween30October -4November2007. Amarin Book Fair Itisafairforthosebookloversandorganizedannually.In 2007, itwas the 6th year fair andwasmorespecial thanpreviousones.Amarinhad cooperated withmore than 20 al-liancepublishers including JamSai, EQPlus,WongKlom(Circle),TonMai(Tree),Penpocket,OpenBooks, Tib Thai InterBooks, PeopleMedia, TVBurapa, Sara-kadee,DMG, IDC, Sukaparb Jai, ExportNet,PhysicsCenter,NationBooks,BLISS,PlanforKids,NanMeeandSuccessMedia.The fair also included various activitiessuch as newbooks launches, talks andworkshops fromwriters, translators andvarietyofcelebritiesundertheconceptofSeekfortheSoul.ThefairwasorganizedatGrandBallroom,QueenSirikitNational 0

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ConventionCenterbetween20 - 24 June2007. Hea l th , Cu i s i ne & Beauty Festival In 2007,Health&Cuisine,CheewajitandSHAPEmagazineshadjointlyorganizedthe annual health, foods andbeauty fairfor3years.Thefairwashighlyacceptedbybothentrepreneursandvisitors.Withinthe fair, therewere healthy homemadefoodshops, one-day simplemacrobioticlessonsandSHAPEMakeOveractivitiesfollowing the concept of The best funshopping for health food and beauty inThailand. The fair was organized atPlenary Hall and Meeting room 1&2,QueenSirikitNationalConventionCenterbetween1 - 5August2007.

New Business Development Works Withcontinuingsuccessinprintedbusiness,theCompanyhasembarkedintonewbusinessventuresthatallowreaderstoconnectandtojointlyexperiencecontentdeliverytogetherwiththeCompany.Newbusinessventuresare: Amarin TourThisisasupportingto the core business of the Company.AmarinTourprovidesboth in-boundandout-bound travels using highly skilledprofessionalguidestogeneralpublicandseveral organizations. It operates undertheconceptofTheServiceyoucantrustby providing various tour programs andpatterns that satisfy every interests. Forexample,historictours,art&culturaltours,health&gourmet tours, adventure tours,

etc.TheCompanyplanstogrowthispartofbusinessby50%in2008. Amarin Training TheCompanyprovidesseminarsandtrainingsundertheconceptofLearningforBetterLivingwiththe objective of helping people to relaxthroughproviding information on variousartandcraftskills in formofprofessions,activities, knowledge.Highly skilled andexperiencedinstructorswillhelpdevelopingskills andpromoting occupations or justhobbies. In addition, this should enablepeopletoenjoyandtopleaseandtogainbenefit and valueout of spare time. Thebusinesshasstronggrowthandisplannedtogrowat30%in2008. Amarin Media TelevisionProduc-tionBusinessHealth&Cuisine,CheewajitandSHAPEmagazineshavejointlyproducedtheHealthyClubtelevisionprogramwhichairs on TVchannel 7 on every Thursdayfrom15:45 - 16:00.TheprogramprovidesinformationonhealthcarewithHealthTalkaswellasa1MinutewithGuruQ&Asectionfrom experts and Club Recommend.In2008,theCompanyplansplantostressonleadingpositionincontentproviderandtoextendthebusinessbypresenting3newTVprograms.Meanwhile,theCompanyhasalsosimultaneouslyconsideredeconomicsituationsandadvertising spending fromother businesses in publishing division.TheCompanybelievesthatthegrowthrateshouldnotbelessthan10%. Amarin Publishing Services Renamed from Commercial Publishing,at present, Amarin Publishing Services

producesallcomprehensiveprintingjobsto various individuals and organizations.Shouldcustomersneed,itisreadytoprovidefullyintegratedservicesfromuniqueprintingdesigns, typescripts, illustrating photo-graphs, translations, printings, deliveriesaswell as coordinatingdistributionswithAmarinBookCenter.Highly recognizedworks include SangNueng Kue RungNgarm(Singlelightisappealingrainbow),Thebookcommemoratingthe84birthdayofHerRoyalHighnessPrincessGalyaniVadhanaKromLuangNaradhiwasRajana-garindraandtheInmybelovedCountry(Thailand the only beloved land inmyheart),thenaturalphotocollectionsbyDr.ChaichonLowcharoenkul, etc. Therefore,AmarinPublishingServicesisanintegratedservicesdepartmentthatcanaccommodateconsumergrowthbyfocusingonmaximizingcustomersatisfaction. Marketing, Public Relations and Marketing Activities TheMarketingandPublicRelationsDivisionisresponsibleformarketingplansandmarketingactivitiesincludingcontinuallysurvey and followallmarketmovementsinorder tobuildcompetitivecapabilities.Thedivisioncomprisesof2followingunits:

Printing Unit Printingunit focusesonprogres-sivemarketingprogramsinordertoexcelin customer services and customerimpressions,whichwill leadtoCorporateImage branding. Account Executivesare responsible for building strong

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relationshipswith clients. This includescustomer contacts, customer visits,printing consultants (from thebeginningto the completion), printing qualitiesand customer services. As a result,the Company has received trusts fromvarious clients. Therefore, in additionto existing client referrals, some newclients have directly contacted us astheyhaveheardour nameor have seenourpreviousworks.

Publishing Unit Publishingunithandlesintegratedmarketingstrategiescombiningwithvariousmarketingactivities.Theunitaimstocreatebrandingpowerwhichwillpushforwardtonewbusinessesaswellasemphasizeoncontent leader.Allof thesegoalscanbeachievedthroughsalepromotionactivities,advertisements,publicrelationsaswellasvariousactivities.Thisunitcomprisesof2departmentsasfollow: 1. Magazine Marketing and Public Relations Department Thisdepart-mentisresponsibleforallmagazinedetailworksfocusingonimagebuildingthroughvarious marketing and public relationactivities. It also responsible promotinginterests to customers so that they canpursueonacontinuousbasis.Moreover,theCompanysetsitsgoaltopromotingsalesand preserving customer base throughsales promotions which will influencereaders to subscribe tomagazines. Thedepartmentalsofocusesonbuildingstrongrelationshipsbetweenthemagazinesand

targetedstakeholderssuchascustomers,advertisers, subscribers,magazines andgeneral readers. The department hassuccessfully carriedout variousactivitiesthat impressandsatisfyour targetstake-holdersaswell. 2. Book Marketing and Public Relations DepartmentThisdepartmentisresponsibleforfollowingupandsurveyinganymarketinggap.Thiswillhelpdevelopor launchnewbooks that serve readersneedswellandintimewithmarkettrends.It is also responsible for advertisingnewbookstocreatingpopularitiesandplanningforsalepromotingactivitiesthroughvariouschannelssuchasbookstores,directmails,internet and subscribers. In addition, thedepartment conducts variousmarketingactivities to promote and produce newwritersaswellastoincreasereaderbase.Itmaylaunchvariousmarketingprogramsinconjunctionwitheducationalinstitutionsorwriting competitionswith someprizestowriterswith objectives to praise theirworks and to create high quality ThaiBooks.

Source of Company Income Classified by Types of Products or Services are as Follow: 1. Printing Services: AccountExecutiveshandlecustomercontactsandintegratedprintingservices.Itisresponsiblefor clients jobs from the beginning tothe endwith high quality, which totallyconsistentwiththecompanysobjectives.The unit provides closely and friendly

clients consultations so that it canbuildcustomerimpressionandtrustinhighqualitywork.Therefore,inadditiontoexistingclientreferrals, somenewclients havedirectlycontactedusastheyhaveheardournameorhaveseenourpreviousworks. 2. Magazines:canbeclassifiedinto2typesasfollow: 2.1 Advertising Sales: Advertisingsalesdepartmentsellsadvertisingspotsaswell as various salespromotion activitiesto advertising agencies and to directcustomers. It also facilitates In HouseProductionandotheractivitiestorequiredcustomersaswell. 2.2 Magazines Sales: TheCompanysells magazines through Amarin BookCenterCo.,Ltd.,whodistributesmagazinesto37agentsordeliverycentersinBangkokand193inotherprovinces.Salesaremadethrough various chain retailers such asNai Indra,B2S,BookSmile,DokYaandPrae Pittaya as well as through directdelivery to subscribers instead ofmailsystem so thatmagazines can read oursubscribersasfastaspossible. 3. Books Sales:Booksaredistri-butedthroughAmarinBookCenterCo.,Ltd.,whodistributestobookstorescountrywidetothefollowingdistributionchannels: General Bookstores Use the Following Methods: - Bangkok bookstores usingStandingandReordermethod -Other provinces bookstores usingPointofSalemethod -AmarinNetworksystem:Thisisa

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jointnetworkbetweendealersandgeneralbookstores.TheCompanyhasparticipatedin developing stores and selecting suit-ablebookstocustomersneedsaccordingtotheareaofthestores.Thissystemhasdirectbenefitstoreaders,bookstoresandpublishers.Currently,therearearound92branchesjoiningthenetwork. - Nai Indra Bookstores: Theseare retailer shops under theCompanysaffiliates.ThestoresoperateunderBookCenter andCreativeMedia slogan. Atpresent, there are 116 branches andplanned toexpandanother30branchesin2008. - Direct Sales system: SellingagentswillofferandadvisebooksunderCompanysdistributiontovariousacademicinstitutes,governmentagenciesandlibra-riesby selectingbooks that are suitableand create value to Thai society andeducation. These books are intendedfor escalating studies or extra-curricularreadingswhichwill enhance intellectualsand skills to youths or other people ingeneral. -DirectMail system: With sub-scription management capability, theCompany has built a comprehensivecustomer database and has promotedmarketingactivities.Hence,customersarefamiliarwithandhavereceivednewbooksintroductionthroughdirectmailsystem. -Mobile Sales system: Mobilesalesunitscanparticipateinvariousexhibi-tionsandexpossuchasNationalbookfair,bookexhibitionsandvariousexpo,etc. -E-Commercesystem: Through

http://www.naiin.com www.naiin.com,customers can easily search a book bycategoryorpublisherusingsearchengine.E-CommercesystemcanoffertoreaderseitherthroughB2BorB2Caswell. 4. Magazines & Books Production Services from Amarin Publishing Services: Amarin Publishing Services handlescustomercontactsandintegratedprintingservicesbyexpertsinprofessionalprinting.It createsevery typeofprints frombook&patterndesigns, contentsand finishedbooksdeliverytoclients.Inaddition,italsoprovidescloseconsultingservicesinorderto create highquality products andalsofulfilldirectcustomerneeds. 5. Business Development Depart- ment 5.1AmarinTourprovides travelsusing professional guides to generalpublic and various organizations. It hasa sales teamcontacting andpresentingservice options as well as providingvaluable consultation for travel arrange-mentstocustomers. 5.2AmarinTrainingprovidesskilltrainingsonartsandcraftstogeneralpublicandorganizationsbyprovidinginstructorsand training arrangements as well asconsultingservices.Italsoprovidesadvicesto clients so that seminars are effectiveandsatisfycustomerneeds. 5.3Amarin Television producesHealthyClubprogramwhileTVadvertisingdepartmenthandlesadvertisingsalesnotonlyinformofin-programspecialadvertisingscoopsbutalsovarioussponsorcontacts.It properly allocates airing schedule in

accordancewithcustomerneeds. It alsoprovides consulting services in form ofproducts and services displays thateffectivelyreachtargetaudiences. 6. Fairs 6.1 The annual Baan Lae SuanFairhasbeenorganizedfor8years.TheCompany has invested in organizingmarketing activities andpublic relationsininvitingpeopletojoin.Atthesametime,theCompany also sells exhibit areasbyutilizing thecurrent sales capability fromMagazineAdvertisingSalesDepartment. 6.2AmarinBookFairdisplaysallbusinessesunderAmarinGroupandalsodeclarestheIntegratedPrintingBusinessLeader position, including publishing,printing,distribution,bookstoresaswellasleadingmagazinesproducerinthecountry.The fair isconsideredasamegaannualfestival that promoting newbooks to themarketaswellasgivingopportunitiesforreaderstopurchasequalitybooksatrea-sonableprices. 6.3 TheannualHealthCuisine&BeautyFestivalwasfirstorganizedin2005withtheobjectivetopromoteknowledgeonhealth,beautyandfoodsthroughnumerousactivities. The fair tries to uplift quality ofThai lives. TheCompanyhas invested inpublicityandhassoldexhibitionareastovariousorganizationsthroughprofessionaladvertisingsalesteam.

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The past is the preciousmemory.

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Risk Factors and Risk Management 1. Only magazine with a clearpositioning can survivemarket competition ;those slow to adapt and not accepted bythe market tend to withdraw from themarket faster than usual, particularly in asluggish economy and unfavorable politicalenvir