รายงานประจำปี 2548

√“¬ß“π§≥–°√√¡°“√µ√«® Õ∫ Report of the Audit Committee

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16 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

To

Shareholders L.P.N. Development Public Company Limited

The Companyรปs Board of Directors appointed the Audit Committee by selecting directors who are distinguished and independent being three persons, with effect from 1 February 2004, namely, Prof. Siri Keiwalinsrit acting as chairman, Mr. Thep Roongtanapirom and Mr. Vudhiphol Suriyaphivadh as directors, and on 22 December 2005, Mr. Amornsuk Noparumpa to be another audit committee member expert on legal matters to cooperate with the existing directors, making total 4 members of this Committee.

The Audit Committee has performed their duties under the responsibilities assigned by the Companyรปs Board of Directors consistent with the requirements of the Stock Exchange of Thailand and held 4 meetings in 2005 and discussion with the management, the certified auditor and the internal auditor within the specified timeframe. In every meeting, the Audit Committee expressed their opinion and made comments on an as-is basis and then independently reported to the Boardรปs Meeting. The material points are: 1.

2.

3.

4.

5.

6.

To review and approve every quarterly financial statement and annual balance sheet that was prepared under generally accepted auditing standards to ascertain that the information is disclosed adequately before presenting to the Companyรปs Board of Directors for their approval.

To review disclosure of the relevant transactions and the transactions that incurred conflict of interests to be in conformity with the standards of the Stock Exchange of Thailand.

To review that the Company constantly complied with the law and requirements of the Stock Exchange of Thailand.

To constantly follow up and promote the corporate governance process development of the Company.

To consider appointment of D I A Audit Office to be the Companyรปs auditor of 2006 for another one year period with the remuneration of Baht 1.06 Million or for further presentation to the Shareholders General Meeting.

To consider and propose the annual audit plan and report the audit results from the Internal Audit Department and also to promote personnel development to be more efficient and more skilled according to international professional standards.

The Audit Committe considered that the Board adopted the proper preparation process and financial information disclosed in the financial statements and the adequate internal control system.

On behalf of the Chairman of Audit Committe

Prof. Siri Keiwalinsrit Chairman of Audit Committee 8th February 2006 L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 17

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18 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

Report of responsib ilities over financial statements audit and corporate governance The Company has always paid attention to the internal control. In this regard, the Companyรปs Board of Directors assigned the Audit Committee to review appraisal on internal control system intended to make available, adequate ad proper for the business, and to smoothen the performance, property control, financial system, risk managements, and performance supervision to be at its best effective.

From internal audit results in 2006, it found out that no situations related to the Companyรปs internal control which were deemed as the material weakness that may impact the financial statements in any respects.

The Audit Committee was opinion that the Company had the adequate and proper preparation process and internal control system.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 19

ª√–«—µ‘∫√‘…—∑ The Companyûs Background

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ªï 2546 - „π‚Õ°“ ∑’Ë∫√‘…—∑‰¥â¥”‡π‘π∏ÿ√°‘®®π§√∫ 15 ªï „πªï 2547 π’È ∫√‘…—∑®÷߉¥â®—¥°‘®°√√¡µà“ßÊ ¿“¬„µâ‚§√ß°“√ ç15 ªï ∑’˺Ÿ°æ—πé ‡æ◊ËÕ¢Õ∫§ÿ≥≈Ÿ°§â“ ºŸâ¡’Õÿª°“√§ÿ≥ ´÷Ëß„Àâ°“√ π—∫ πÿπµàÕ∫√‘…—∑‡ªìπÕ¬à“ߥ’µ≈Õ¥¡“ πÕ°®“°π’È ¬—߉¥â π—∫ πÿπ„π°‘®°√√¡ “∏“√≥°ÿ»≈µà“ßÊ ‡™àπ °“√ π—∫ πÿπ‡ß‘π∑ÿπ‡æ◊ÕË „™â„π®—¥ √â“ß π“¡‡∑ππ‘ ‡æ◊ÕË ‡¬“«™π À√◊Õ°“√∫√‘®“§‡ß‘π„Àâ·°à ¿“°“™“¥‰∑‡æ◊ËÕ®—¥´◊ÈÕÕÿª°√≥å∑’Ë„™â„π‡§√◊ËÕß°√Õ߉µ ”À√—∫™à«¬‡À≈◊ÕºŸâªÉ«¬‚√§‰µ‡√◊ÈÕ√—ß√–¬– ÿ¥∑â“- ∫√‘…—∑‰¥â≈ßπ“¡„π —≠≠“„À⇙à“æ◊Èπ∑’ËÕ“§“√≈ÿ¡æ‘π’ ‡√ ´‘‡¥π´å ∑—ÈßÕ“§“√ °—∫ ∫√‘…—∑ √’‡ÕÕ‘ (ª√–‡∑»‰∑¬) ®”°—¥ ‡æ◊ËÕ¢¬“∏ÿ√°‘®¥â“π Serviced Apartment ·≈– °“√„Àâ∫√‘°“√‡™à“æ—°„π≈—°…≥– Long Stay ·°à≈Ÿ°§â“™“«≠’˪ÿÉπ - ∫√‘…—∑‰¥â‡æ‘Ë¡ —¥ à«π°“√≈ß∑ÿπ„π∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ ®“°‡¥‘¡ 25% ‡ªìπ 33.33 % ‡æ◊ËÕ¢¬“¬™àÕß ∑“ß°“√æ—≤𓂧√ß°“√ °“√µ≈“¥ ·≈–º≈‘µ¿—≥±å √«¡∂÷ß°“√‡æ‘Ë¡æ—π∏¡‘µ√∑“ß∏ÿ√°‘® ªï 2547 - ∑’˪√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2547 ´÷Ëß®—¥ª√–™ÿ¡‡¡◊ËÕ«—π∑’Ë 7 ‡¡…“¬π 2547 ¡’¡µ‘„À⇪≈’ˬπ·ª≈ß¡Ÿ≈§à“Àÿâπ∑’˵√“‰«â ®“°‡¥‘¡Àÿâπ≈– 10 ∫“∑ ‡ªìπÀÿâπ≈– 1 ∫“∑ ∑”„Àâ®”π«πÀÿâπ¢Õß∫√‘…—∑‡æ‘Ë¡¢÷Èπ®“°‡¥‘¡ 121,000,000 Àÿâπ (Àπ÷Ëß√âÕ¬¬’Ë ‘∫‡ÕÁ¥ ≈â“πÀÿπâ ) ‡ªìπ 1,210,000,000 Àÿπâ (Àπ÷ßË æ—π Õß√âÕ¬ ‘∫≈â“πÀÿπâ ) πÕ°®“°π’È ¬—߉¥âÕπÿ¡µ— °‘ “√‡æ‘¡Ë ∑ÿπ®¥∑–‡∫’¬π®”π«π 276,706,550 Àÿâπ ( Õß√âÕ¬‡®Á¥ ‘∫À°≈â“π‡®Á¥· πÀ°æ—πÀâ“√âÕ¬Àâ“ ‘∫Àÿâπ) ¡Ÿ≈§à“∑’˵√“‰«âÀÿâπ≈– 1 ∫“∑ (Àπ÷Ëß∫“∑∂â«π) √«¡‡ªìπ∑ÿ𮥠∑–‡∫’¬π∑—Èß ‘Èπ 1,486,706,550 ∫“∑ (Àπ÷Ëßæ—π ’Ë√âÕ¬·ª¥ ‘∫À°≈â“π‡®Á¥· πÀ°æ—πÀâ“√âÕ¬Àâ“ ‘∫∫“∑∂â«π) ·∫à߇ªìπÀÿâπ “¡—≠ 1,486,706,550 Àÿâπ (Àπ÷Ëßæ—π ’Ë√âÕ¬·ª¥ ‘∫À°≈â“π‡®Á¥· πÀ°æ—πÀâ“√âÕ¬Àâ“ ‘∫Àÿâπ) ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ (Àπ÷Ëß∫“∑∂â«π) - ∫√‘…—∑‰¥â¥”‡π‘πß“πÕ¬à“ßµàÕ‡π◊ËÕßµ“¡‚§√ß°“√ 15 ªï ∑’˺Ÿ°æ—π ‡æ◊ËÕ¢Õ∫§ÿ≥≈Ÿ°§â“ æ—π∏¡‘µ√ æπ—°ß“π´÷Ë߇ªìπºŸâ¡’Õÿª°“√§ÿ≥ ¥â«¬°‘®°√√¡µà“ßÊ ‡™àπ °“√„Àâ∫√‘°“√µ√«®‡™Á§√–∫∫ß“π„πÀâÕß™ÿ¥≈Ÿ°§â“ø√’ °“√¡Õ∫Õÿª°√≥å ·≈–‡§√◊ËÕß„™â∑’Ë®”‡ªìπ·°à 𑵑∫ÿ§§≈Õ“§“√™ÿ¥µà“ßÊ ‡æ◊ËÕ„™â‡ªìπª√–‚¬™πå à«π°≈“ß °“√®—¥§Õπ‡ ‘√åµ°“√°ÿ»≈√à«¡°—∫µ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑‡æ◊ËÕ¡Õ∫√“¬‰¥â„Àâ·°àÕߧå°√°“√°ÿ»≈ °“√®—¥°‘®°√√¡ ç15 ªï∑’˺Ÿ°æ—π √à«¡·∫àߪíπ Ÿà∫â“π‡¥Á°ÕàÕπæ≠“‰∑é ·≈–°“√¡Õ∫∑ÿπ °“√»÷°…“„Àâ·°à∫ÿµ√æπ—°ß“𠇪ìπµâπ - ∫√‘…—∑‰¥â√—∫‡™‘≠®“°µ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬ „À⇢â“√à«¡ß“π çThailand Focus 2004é ‡æ◊ËÕ𔇠πÕº≈ª√–°Õ∫°“√ π‚¬∫“¬ ∑‘»∑“ß °≈¬ÿ∑∏å ·≈–·ºπ°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑ µàÕºŸâ∫√‘À“√√–¥—∫ Ÿß¢Õß°Õß∑ÿπ ºŸâ®—¥°“√°Õß∑ÿπ ·≈–ºŸâ≈ß∑ÿπ ∂“∫—π™—Èππ”®“°µà“ߪ√–‡∑» ªï 2548 - ∫√‘…—∑‰¥â√—∫°“√®—¥Õ—π¥—∫À≈—°∑√—æ¬åÕ¬Ÿà„π¥—™π’ SET Index 100 ¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬ ‚¥¬ª√–°“» ≥ «—π∑’Ë 18 ‡¡…“¬π 2548 πÕ°®“°π’Ȭ—߉¥â√—∫°“√®—¥Õ—π¥—∫„À⇪ìπ 1 „π 93 ∫√‘…—∑®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å„πªï 2548 ∑’ˉ¥â√—∫°“√ ª√–‡¡‘πº≈°“√¥”‡π‘πß“π¥â“π°“√°”°—∫¥Ÿ·≈°‘®°“√¥’‡¥àπ„π°≈ÿà¡ Top Quartile ®“°°“√ª√–‡¡‘π‚¥¬ ¡“§¡ à߇ √‘¡ ∂“∫—π °√√¡°“√∫√‘…—∑‰∑¬ (IOD) ‚¥¬∫√‘…—∑‰¥â√—∫°“√®—¥Õ—π¥—∫„π°≈ÿà¡ Top Quartile µ‘¥µàÕ°—π‡ªìπªï∑’Ë 3 - »“ µ√“®“√¬å‚¡√“ ∫ÿ≥¬º≈ ª√–∏“π°√√¡°“√∫√‘…—∑ ‰¥â∂÷ß·°à°√√¡‡¡◊ËÕ«—π∑’Ë 30 °√°Æ“§¡ 2548 ·≈–®“°°“√ª√–™ÿ¡ §≥–°√√¡°“√∫√‘…—∑ §√—Èß∑’Ë 4/2548 ‰¥â¡’¡µ‘·µàßµ—Èß π“¬ª°√≥å ∑«’ ‘π „À⥔√ßµ”·Àπàß ª√–∏“π°√√¡°“√∫√‘…—∑ ‚¥¬¡’º≈ µ—Èß·µà«—π∑’Ë 11 ‘ßÀ“§¡ 2548 - ∫√‘…—∑‰¥â·µàßµ—Èßπ“¬Õ¡√»—°¥‘Ï πæ√—¡¿“ „À⥔√ßµ”·Àπàß°√√¡°“√·≈–°√√¡°“√µ√«® Õ∫ ‚¥¬¡’º≈µ—Èß·µà«—π∑’Ë 22 ∏—𫓧¡ 2548 √«¡∂÷߉¥â·µàßµ—Èߧ≥–°√√¡°“√µ√«® Õ∫™ÿ¥‡¥‘¡„À⥔√ßµ”·ÀπàßÕ’°«“√–Àπ÷Ëß √–À«à“ß«—π∑’Ë 1 °ÿ¡¿“æ—π∏å 2549 ∂÷ß«—π∑’Ë 30 ‡¡…“¬π 2551

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 21

1989 - Established the Company with Baht 50 Mil ion registered capital on 21 June 1989 to develop Lumpini Tower Project.

1990 - Invested in Pornsanti Co., Ltd. in proportion of 20.00%.

1992 - Incorporated Lumpini Property Management Co.,Ltd. having 99.98% of its shares held by the Company, in order to manage the various projects of condominiums developed by the Company and subsidiary-companies; and also ones developed by other real estates companies.

1993 - Increased the proportion of investment by holding of 99.99% of the paid-up capital of Baht 200 Million in Pornsanti Co., Ltd..

1994 - Effect the registration of conversion into public limited company on 21 June 1994-registration No. BorMorJor.477.

- The Company was listed at the Stock Exchange of Thailand with the Securities named çLPNé.

- Issued ordinary shares to increase the capital and distribute among public for 9.2 Million shares of Baht 10 par value with offering value per share of Baht 64.

- Increased the capital to be Baht 460 mil ion on 4 November 1994.

1997 - Expands scope of services of Lumpini Property Management Co.,Ltd. to cover and support the marketûs needs.

- Reorganized the Company and enhance capacity of the employees compatible to economical recession.

1999 - On 26 July 1999, the Company had appointed Cathay Asset Management Co., Ltd. as the consultant in respect of restructuring and increase of the Companyûs capital by jointly formulating the negotiation trend on restructuring with each creditor, and also planning for the Companyûs increase of capital.

- The Company enjoyed success in restructuring with financial institutes for the total obligation of value Baht 3,305.93 Mil ion.

- Board of Directors of L.P.N. Development Public Company Limited had held the Extraordinary General Meeting of Shareholders No. 1/1999 on 4 October 1999 for consideration on the increase of the Companyûs capital from Baht 460,000,000 (Four Hundred Sixty Mil ion Baht Only) to Baht 3,983,000,000 (Three Thousand Nine Hundred Eighty Three Mil ion Baht Only) by the creation of 352,300,000 (Three Hundred Fifty Two Million and Three Hundred Thousand) new ordinary shares, each of par value 10 Baht, making up the total amount of Baht 3,523,000,000 (Three Thousand Five Hundred Twenty Three Mil ion Baht Only) 2000 - On 1 February 2000, the Companyûs Board of Directors considered and appointed the Audit Committee and also determined the scope, power, duties, and responsibility pursuant to the criteria on business supervision of the Stock Exchange of Thailand.

2001 - Launched Lumpini Place Sathorn Project-the residential condominium valued Baht 750 Mil ion, which was the only residential condominium opened in the economical recession period and achieved a satisfactory response; and also Lumpini Center Project (Happyland) Phase 3, the residential condominium in Bangkapi area. As the project development policy rules the occupancy of the customers within a 1-year period, as a result the construction works were completed and all of the revenue was recognized in 2002. There were continuous promotion activities held.

- In September 2001, the Company agreed to enter into a joint venture agreement with Uni-Venture Public Company Limited, Sansiri Public Company Limited and Yaowawong Co., Ltd. setting up Grand Unity Co., Ltd. for the purpose of development of the WaterCliff Project the residential condominium in Rama III area, that had been postponed since 1997, due to the economic crisis. The said joint venture company developed the project under the new name çLumpini Place Water Cliffé having L.P.N. Development Public Company Limited responsible for marketing administration, sales and construction work of the whole project.

- The Companyûs Board of Directors considered and appointed the former Audit Committee.

2002 - Subject to the resolution of Ordinary Meeting of Shareholders 2002, the meeting resolved on 30 April 2002 to decrease the registered capital from Baht 3,983,000,000.00 (Three Thousand Nine Hundred Eighty Three Million Baht Only) to Baht 460,000,000.00 (Four Hundred Sixty Million Baht Only) and later increased the capital to 22 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

2003 -

2004 -

-

2005 -

-

75,000,000.00 shares (Seventy Five Million shares) of value Baht 750,000,000.00 (Seven Hundred Fifty Million Baht Only) when added up to the existing registered capital of Baht 460,000,000.00 (Four Hundred Sixty Million Baht Only), then the Company had total registered capital of 2002 in amount of Baht 1,210,000,000.00 (One Thousand Two Hundred Ten Mil ion Baht Only) The Companyûs Board of Directors resolved to appoint Mr. Pakorn Thavisin as the Vice Chairman of the Companyûs Board of Directors.

On the occasion that the Company had been carried on for 15th year in 2004, the Company had held various events under the é15 years of bonded relationshipé to express the gratitude to the honoured customers and supporters who have provided the Company with the loyal support all along and also subsidised the charitable events such as subsidisation of fund in construction of tennis court for youth or contribution to Thai Red Cross Society to buy the dialysis equipment in assistance of terminal chronic nephritic patient.

The Company entered into the Agreement to lease out the whole area of Lumpini Residence building with Riei (Thailand) Co. Ltd. for the expansion purpose of the business in field of serviced apartment and rental for long stay for the Japanese customers.

Increase the proportion of investment in Grand Unity Development Co.,Ltd. from 25% to 33.33% in order to enlarge the opportunity in development of project, marketing, and products including to increase the business alliance.

The Annual General Shareholdersû Meeting of 2004 held on 7th April 2004 resolved to change the par value from Baht 10 to Baht 1, increasing the number of shares from 121,000,000 shares to 1,210,000,000 shares. In the said meeting it also resolved to register the increase of the Companyûs Capital to be 276,706,550 shares (Two Hundred Seventy Six Mil ion Seven Hundred Six Thousand Five Hundred Fifty Shares) at par value Baht 1 making a total registered capital of Baht 1,486,706,550 (One Billion Four Hundred Eighty Six Million Seven Hundred Six Thousand Five Hundred Fifty Baht Only) divided into 1,486,706,550 ordinary shares (One Billion Four Hundred Eighty Six Million Seven Hundred Six Thousand Five Hundred Fifty Shares) valued Baht 1 (One Baht Only).

The Company, following ç15 years of bonded relationshipé project, had pursued events to express gratitude to all customers, partners, staff, and through various activities, i.e., free inspection of systems installed in the customerûs units, giving out the essential equipment to be used for mutual benefit for any juristic condominiums, holding (in cooperation with the Stock Exchange of Thailand) a charity concert to donate the proceeds to the charity organizations, arranging the ç15 years of bonded relationship sharing to Phayathai Babiesû Homeé and awarding scholarship to the employeeûs child etc.

The Company was invited by the Stock Exchange of Thailand to participate çThailand Focus 2004é events to present the operational results, policies, directions, strategies and operational plans of the Company to foreign high calibre executives, managers of funds and investors from leading institutes.

The Company had its securities ranked in SET Index 100 of Stock Exchange of Thailand which was published on 18th April 2005 and was also ranked in 2005 to be 1 of 93 listed companies in the Stock Exchange of Thailand and was awarded an appraisal of operational results for outstanding good governance in the Top Quartile group selected by the Thai Institution of Directors Association (IOD). This time was the 3rd year straight that the Company was honoured to be ranked in the Top Quartile group.

Professor Mora Bunyaphala, Chairman of the Board of Directors, passed away on 30th July 2005. The Boardûs Meeting No. 4/2005 appointed Mr. Pakorn Thavisin to assume the post of Chairman of the Companyûs Board with effect on 11th August 2005.

Mr. Amornsuk Noparumpa was appointed to be director and a member of the Audit Committee with effect on 22nd December 2005. The incumbent Audit Committee were re-appointed to resume their offices during 1st February 2006 to 30th April 2008.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 23

º—ß‚§√ß √â“ß°“√≈ß∑ÿπ Investment Structure

º—ß‚§√ß √â“ß°“√≈ß∑ÿπ¢Õß∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) „π∫√‘…—∑Õ◊Ëπ ´÷Ëß∂◊ÕÀÿâπ√âÕ¬≈– 10 ¢÷Èπ‰ª ≥ ‡¥◊Õπ ∏—𫓧¡ 2548 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) «—π°àÕµ—Èß∫√‘…—∑ ™π‘¥¢ÕßÀÿâπ ®”π«πÀÿâπ ™”√–·≈â« ¡Ÿ≈§à“Àÿπâ ≈– ∑ÿπ®¥∑–‡∫’¬π ∑ÿπ™”√–·≈â« 99.99%

100%

∫√‘…—∑ æ√ —𵑠®”°—¥ «—π°àÕµ—ßÈ ∫√‘…∑— ™π‘¥¢ÕßÀÿâπ ®”π«πÀÿπâ ¡Ÿ≈§à“Àÿâπ≈– ∑ÿπ®¥∑–‡∫’¬π

21 ¡‘∂ÿπ“¬π 2532 Àÿπâ “¡—≠ 1,486,706,550 Àÿâπ 1,475,698,768 Àÿâπ* 1.00 ∫“∑ 1,486,706,550 ∫“∑ 1,475,698,768 ∫“∑ (≥ 12 µÿ≈“§¡ 2548)

14 惻®‘°“¬π 2533 Àÿâπ “¡—≠ 200,000 Àÿâπ 1,000.00 ∫“∑ 200.00 ≈â“π∫“∑

33.33%

∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥

∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥

«—π°àÕµ—ßÈ ∫√‘…∑— ™π‘¥¢ÕßÀÿâπ ®”π«πÀÿπâ ¡Ÿ≈§à“Àÿâπ≈– ∑ÿπ®¥∑–‡∫’¬π

«—π°àÕµ—ßÈ ∫√‘…∑— ™π‘¥¢ÕßÀÿâπ ®”π«πÀÿπâ ¡Ÿ≈§à“Àÿâπ≈– ∑ÿπ®¥∑–‡∫’¬π

2 ‡¡…“¬π 2535 Àÿâπ “¡—≠ 10,000 Àÿâπ 100.00 ∫“∑ 1.00 ≈â“π∫“∑

7 °—𬓬π 2544 Àÿâπ “¡—≠ 5,000,000 Àÿâπ 10.00 ∫“∑ 50.00 ≈â“π∫“∑

* ‡ªìπ∑ÿπ™”√–·≈â«·≈–®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ∑’Ë°√–∑√«ßæ“≥‘™¬å ≥ «—π∑’Ë 12 µÿ≈“§¡ 2548 À¡“¬‡Àµÿ -

∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ¥”‡π‘π∏ÿ√°‘®¥â“π°“√æ—≤π“Õ“§“√™ÿ¥æ—°Õ“»—∫√‘…—∑ æ√ —𵑠®”°—¥ ¥”‡π‘π∏ÿ√°‘®¥â“π°“√æ—≤π“Õ“§“√™ÿ¥æ—°Õ“»—¬ ªí®®ÿ∫—π‰¥â§«∫√«¡°‘®°“√·≈–‡ªìπ∫√‘…—∑¬àÕ∫√‘…∑— ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ ‡ªìπ∫√‘…∑— ¬àÕ¬∑’¥Ë ”‡π‘π∏ÿ√°‘®¥â“π°“√∫√‘À“√Õ“§“√™ÿ¥ ∫√‘À“√ß“π¢“¬ ·≈–∫√‘À“√ß“π°àÕ √â“ß ∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ ‡ªìπ∫√‘…—∑√à«¡∑ÿπ´÷Ëߥ”‡π‘π∏ÿ√°‘®¥â“π°“√æ—≤π“Õ“§“√™ÿ¥·≈–∑“«πå‡Œâ“ å ‚¥¬¡ÿà߇πâπ°“√æ—≤π“ ‚§√ß°“√∑’Ë™–≈Õ°“√°àÕ √â“ß®“°™à«ß«‘°ƒµ‘‡»√…∞°‘®

24 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

Investment Structure of L.P.N. Development Public Company Limited in the other companies in which the Company holds over 10% of their shares as at December 2005 L.P.N. Development Public Company Limited Register Date: Type of shares: Number of shares: Paid-up shares: Par value: Capital Registered : Issued and paid-up capital:

99.99% Pornsanti Co., Ltd. Register Date: 14 November 1990 Type of shares: Ordinary Number of shares: 200,000 shares Par value: 1,000.00 Baht Capital Registered: 200.00 Million Baht

21 June 1989 Ordinary 1,486,706,550 shares 1,475,698,768 shares * 1.00 Baht 1,486,706,550 Baht 1,475,698,768 Baht (12 October 2005)

100%

33.33%

Lumpini Property Management Co., Ltd.

Grand Unity Development Co., Ltd.

Register Date: Type of shares: Number of shares: Par value: Capital Registered:

Register Date: Type of shares: Number of shares: Par value: Capital Registered:

2 April 1992 Ordinary 10,000 share 100.00 Baht 1.00 Mil ion Baht

7 September 2001 Ordinary 5,000,000 share 10.00 Baht 50.00 Mil ion Baht

* The paid-up capital being registered for the increase of capital at Ministry of Commerce on 12th October 2005 Remark - L.P.N. Development Public Company Limited operate in residential and office condominium development.

- Pornsanti Co., Ltd. operate in residential condominium development.

- Lumpini Property Management Co.,Ltd. operate in property management services.

- Grand Unity Development Co., Ltd. is a joint venture company operate in condominium and townhouse development.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 25

º—ß‚§√ß √â“ßÕߧå°√ Corporate Organization Chart

§≥–°√√¡°“√∫√‘…—∑ Board of Directors §≥–°√√¡°“√µ√«® Õ∫ Audit Committee §≥–°√√¡°“√∫√‘À“√ Executive Directors ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) L.P.N. Development Public Company Limited °√√¡°“√ºŸâ®—¥°“√ Managing Director √Õß°√√¡°“√ºŸâ®—¥°“√ Deputy Managing Director “¬ß“π ”π—°°√√¡°“√

“¬ß“π∫√‘À“√°“√‡ß‘π

“¬ß“π∫√‘À“√ß“π°àÕ √â“ß

Directorsû Office

Corporate Finance

Construction Management

ΩÉ“¬µ√«® Õ∫¿“¬„π

ΩÉ“¬ ”π—°°√√¡°“√

ΩÉ“¬∫—≠™’

ΩÉ“¬∫√‘À“√ß“π°àÕ √â“ß

Internal Audit Dept.

Directorsû Office Dept.

Accounting Dept.

Construction Dept.

ΩÉ“¬ª√–™“ —¡æ—π∏å

ΩÉ“¬°“√‡ß‘π

ΩÉ“¬∫√‘°“√ß“π«‘»«°√√¡

Public Relations Dept.

Finance Dept.

After Sales Construction Service Dept.

26 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

ΩÉ“¬∏ÿ√°“√ (®—¥´◊ÈÕ)

ΩÉ“¬ “√ π‡∑»

Administration Dept.

Management Information System Dept.

∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ Lumpini Property Management Co.,Ltd. °√√¡°“√ºŸâ®—¥°“√ Managing Director

“¬ß“π∫√‘À“√ß“π¢“¬Õ —ßÀ“√‘¡∑√—æ¬å

“¬ß“π∫√‘À“√Õ“§“√™ÿ¥

“¬ß“π∫√‘À“√°“√‡ß‘π·≈–Õ”π«¬°“√

Brokerage Management

Building Management

Administrative and Finance Management

ΩÉ“¬°“√µ≈“¥ Marketing Dept.

ΩÉ“¬∫√‘À“√Õ“§“√™ÿ¥ 1 Building Management Dept. 1

ΩÉ“¬∏ÿ√°“√ (∑√—æ¬å ‘π) General Affairs Dept.

ΩÉ“¬∫√‘À“√Õ“§“√™ÿ¥ 2

ΩÉ“¬∑√—欓°√¡πÿ…¬å

Building Management Dept. 2

Human Resource Development Dept.

Brokerage Business Dept.

ΩÉ“¬æ—≤π“√–∫∫ß“πÕ“§“√™ÿ¥ Condo System Development Dept.

ΩÉ“¬∫—≠™’

ΩÉ“¬∫√‘°“√≈Ÿ°§â“

ΩÉ“¬∫√‘°“√§«“¡ –Õ“¥

Customer Service Dept.

Cleaning Service Dept.

ΩÉ“¬¢“Sales Dept.

ΩÉ“¬∏ÿ√°‘®π“¬Àπâ“

Accounting Dept.

ΩÉ“¬«‘®¬— ·≈–æ—≤π“ Research & Development Dept. ΩÉ“¬°ÆÀ¡“Legal Dept. ΩÉ“¬≈Ÿ°§â“ —¡æ—π∏å Customers Relationship Management Dept.

ΩÉ“¬°“√‡ß‘π Finance Dept.

ΩÉ“¬ “√ π‡∑» Management Information System Dept.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 27

‚§√ß √â“ß°“√∂◊ÕÀÿâπ Shareholding Structure

ºŸ∂â Õ◊ Àÿπâ

√“¬™◊ËÕºŸâ∂◊ÕÀÿâπ∑’Ë∂◊ÕÀÿâπ Ÿß ÿ¥ 10 √“¬·√° ¢Õß∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) æ√âÕ¡∑—Èß®”π«πÀÿâπ∑’Ë∂◊Õ ·≈– —¥ à«π°“√∂◊ÕÀÿâπ≈à“ ÿ¥ ≥ «—πªî¥ ¡ÿ¥∑–‡∫’¬πºŸâ∂◊ÕÀÿâπ§√—ÈßÀ≈—ß ÿ¥«—π∑’Ë 8 ‡¡…“¬π 2548 ¡’¥—ßπ’ȧ◊Õ ™◊ËÕºŸâ∂◊ÕÀÿâπ 1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

®”π«πÀÿâπ

∫√‘…—∑ ‰∑¬‡ÕÁπ«’¥’Õ“√å ®”°—¥ HSBC (SINGAPORE) NOMINEES PTE LTD. MORGAN STANLEY & CO INTERNATIONAL LIMITED 𓬠ÿ‡¡∏ ‡µ™–‰°√»√’ π“¬∑‘¶—¡æ√ ‡ª≈àß»√’ ÿ¢ RAFFLES NOMINEES (PTE) LIMITED SOMES (U.K.) LIMITED 𓬠¡æß…å ™≈§¥’¥”√ß°ÿ≈ π“¬æ‘‡™…∞ »ÿ¿°‘®®“πÿ —πµ‘Ï CREDIT AGRICOLE INVESTOR SERVICES BANK LUXEMBOURG √«¡

149,042,644 100,090,000 91,000,000 57,483,750 37,129,002 32,303,300 31,603,891 31,000,000 30,081,250 30,000,000 589,733,837

—¥ à«π (%) 11.42 7.67 6.97 4.40 2.84 2.47 2.42 2.37 2.30 2.30 45.16

‚§√ß √â“ß√“¬‰¥â¢Õß°‘®°“√ Structure of Revenue from Business

µ“√“ß· ¥ß‚§√ß √â“ß√“¬‰¥â¢Õß°‘®°“√∑’Ë∫√‘…—∑∂◊ÕÀÿâπµ—Èß·µà√âÕ¬≈– 20 ¢÷Èπ‰ª Structure of revenue from businesses in which the company holds at least a 20 % of shares º≈‘µ¿—≥±å·≈–∫√‘°“√ / Products & Services

¥”‡π‘π°“√‚¥¬ / Operated by

æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å Property Development æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å Property Development „Àâ∫√‘°“√ Administration & Services æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å Property Development √«¡ / Total

∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) L.P.N. Development Public Company Limited ∫√‘…—∑ æ√ —𵑠®”°—¥ Pornsanti Company Limited ∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ Lumpini Property Management Company Limited ∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ Grand Unity Development Company Limited

28 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

Shareholders

List of the first ten shareholders of L.P.N. Development Public Company Limited at the date of closing register book on 8 April, 2005.

Names of Shareholders 1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

Number of Shares held

Thai NDVR Co.,Ltd. HSBC (SINGAPORE) NOMINEES PTE LTD. MORGAN STANLEY & CO INTERNATIONAL LIMITED Mr. Sumet Techakraisri Mr. Tikhamporn Plengsrisuk RAFFLES NOMINEES (PTE) LIMITED SOMES (U.K.) LIMITED Mr. Sompong Cholkadeedumrongkul Mr. Pichet Supakijjanusan CREDIT AGRICOLE INVESTOR SERVICES BANK LUXEMBOURG Total

149,042,644 100,090,000 91,000,000 57,483,750 37,129,002 32,303,300 31,603,891 31,000,000 30,081,250 30,000,000 589,733,837

(%) 11.42 7.67 6.97 4.40 2.84 2.47 2.42 2.37 2.30 2.30 45.16

”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2548, 2547 ·≈– 2546 / For the each year ended December 31, 2005, 2004 and 2003 % °“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑ % of Company Shareholding

-

2548 / 2005

2547 / 2004

2546 / 2003

√“¬‰¥â/revenue √âÕ¬≈–/% √“¬‰¥â/revenue √âÕ¬≈–/% √“¬‰¥â/revenue √âÕ¬≈–/%

3,401.54

94.95

2,355.07

95.02

1,831.79

94.25

99.99

4.24

0.12

4.43

0.18

8.84

0.45

100.00

132.09

3.69

113.42

4.58

80.42

4.14

33.33

44.76

1.24

5.47

0.22

22.53

1.16

3,582.63 100.00

2,478.39 100.00

1,943.58 100.00

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 29

°“√ª√–°Õ∫∏ÿ√°‘®¢Õß∫√‘…—∑ The Companyûs Business

π—∫µ—Èß·µà™à«ß«‘°ƒµ‡»√…∞°‘®„πªï 2540 ‡ªìπµâπ¡“ ∫√‘…—∑‰¥â¡’°“√ª√—∫‡ª≈’ˬππ‚¬∫“¬·≈–°≈¬ÿ∑∏å∑“ß∏ÿ√°‘® ‚¥¬¡ÿà߇πâπ°“√ æ—≤π“Õ“§“√™ÿ¥æ—°Õ“»—¬ ”À√—∫≈Ÿ°§â“√–¥—∫°≈“ß∂÷ß°≈“ß-≈à“߇ªìπ°≈ÿࡇªÑ“À¡“¬À≈—° (FOCUS STRATEGY) √«¡∂÷ß°“√ √â“ߧ«“¡ ·µ°µà“ߥâ“πº≈‘µ¿—≥±å·≈–∫√‘°“√ (DIFFERENCIATE STRATEGY) ‚¥¬∫√‘…—∑‰¥âæ—≤π“Õ“§“√™ÿ¥æ—°Õ“»—¬¿“¬„µâ√Ÿª·∫∫ LPN DESIGN ∑’Ë ‡πâπª√–‚¬™πå„™â Õ¬Õ¬à“ߧ√∫∂â«π ”À√—∫°“√Õ¬ŸàÕ“»—¬¿“¬„π‡¡◊Õß ´÷Ëß¡’§«“¡·µ°µà“ß®“°√Ÿª·∫∫º≈‘µ¿—≥±å∑—Ë«‰ª√«¡∂÷߬—߉¥âæ—≤π“√Ÿª ·∫∫¢Õß°“√∫√‘À“√Õ“§“√™ÿ¥ ‚¥¬‡πâπ¥â“π§ÿ≥¿“æ™’«‘µ¢ÕߺŸâÕ¬ŸàÕ“»—¬ ´÷Ë߇ªìπ°≈¬ÿ∑∏å∑’Ë √â“ߧ«“¡‡™◊ËÕ¡—Ëπ·≈–§«“¡®ß√—°¿—°¥’¢Õß≈Ÿ°§â“∑’Ë ¡’µàÕ∫√‘…—∑ πÕ°®“°π’È ¬—ß„™â°≈¬ÿ∑∏å¥â“π°“√∫√‘À“√µâπ∑ÿπµË” (COST LEADERSHIP STRATEGY) ´÷Ë߇ªìπ®ÿ¥·¢ÁߢÕß∫√‘…—∑¡“ π—∫ πÿπ ·≈–º≈—°¥—π„À⇰‘¥§«“¡‰¥â‡ª√’¬∫∑“ß°“√·¢àߢ—π π”¡“´÷Ëߧ«“¡ ”‡√Á®Õ¬à“ß Ÿß¢Õß∫√‘…—∑ ‡ÀÁπ‰¥â®“°¬Õ¥¢“¬¢Õß·µà≈–‚§√ß°“√∑’Ë “¡“√∂ªî¥°“√¢“¬‰¥âÕ¬à“ß√«¥‡√Á« ·≈–µ—Èß·µàªï 2546 ‡ªìπµâπ¡“ ∫√‘…—∑‰¥â®”·π°·≈–°”Àπ¥µ”·ÀπàߢÕߺ≈‘µ¿—≥±å ‡æ◊ËÕ„À⇰‘¥§«“¡ ™—¥‡®π„π°“√√—∫√Ÿâ Õ¥§≈âÕß·≈–§√Õ∫§≈ÿ¡°—∫°≈ÿà¡≈Ÿ°§â“∑—ÈßÀ¡¥¢Õß∫√‘…—∑¿“¬„µâ™◊ËÕ·≈–µ√“ ‘π§â“¥—ßπ’È 1. ç≈ÿ¡æ‘π’ «’∑é ‡ªìπ‚§√ß°“√Õ“§“√™ÿ¥æ—°Õ“»—¬∑’Ëæ—≤π“¢÷Èπ„π∫√‘‡«≥∑’ˇªìπ·À≈àßæ—°Õ“»—¬™—Èπ¥’ ‡æ’¬∫æ√âÕ¡¥â«¬ ‘ËßÕ”π«§«“¡ –¥«° ‚¥¬¡ÿà߇πâπ°“√µÕ∫ πÕßµàÕ§«“¡µâÕß°“√¢Õß≈Ÿ°§â“„π√–¥—∫°≈“ß-∫π∑’˵âÕß°“√∫àß∫Õ°∂÷ß ∂“π¿“æ §«“¡ –¥«° ∫“¬„π°“√Õ¬ŸàÕ“»—¬ ·≈–·«¥≈âÕ¡¥â«¬ ‘ËßÕ”π«¬§«“¡ –¥«°∑’˧√∫§√—π 2. ç≈ÿ¡æ‘π’ ‡æ≈ é ‡ªìπ‚§√ß°“√Õ“§“√™ÿ¥æ—°Õ“»—¬∑’Ë¡ÿà߇πâπ°“√æ—≤π“„π∫√‘‡«≥‚¥¬√Õ∫»Ÿπ¬å°≈“ß∏ÿ√°‘® À√◊Õ»Ÿπ¬å°≈“ß §«“¡‡®√‘≠µà“ßÊ ´÷Ëß≈Ÿ°§â“®–‡ªìπ°≈ÿà¡√–¥—∫°≈“ß∂÷ß°≈“ß-∫π ∑’˵âÕß°“√§«“¡ –¥«° ∫“¬„π°“√‡¥‘π∑“ß „°≈â·À≈àßß“π ·≈–§«“¡§√∫∂â«π¢Õß ‘ËßÕ”π«¬§«“¡ –¥«°¿“¬„π‚§√ß°“√‡ªì𠔧—≠ 3. ç≈ÿ¡æ‘π’ «‘≈≈åé ‡ªìπ‚§√ß°“√Õ“§“√™ÿ¥æ—°Õ“»—¬∑’Ë¡ÿàßµÕ∫ πÕߧ«“¡µâÕß°“√¢Õß≈Ÿ°§â“√–¥—∫°≈“ß À√◊Õ§π√ÿàπ Àπÿà¡ “«∑’˧‘¥®–·¬°µ—«ÕÕ°®“°§√Õ∫§√—«·≈–µâÕß°“√∑’Ëæ—°Õ“»—¬¿“¬„π‡¡◊Õß ‚¥¬∑’˵—ÈߢÕß‚§√ß°“√®–Õ¬Ÿà„°≈â°—∫√–∫∫ ¢π àß¡«≈™π‡æ◊ËÕ§«“¡ –¥«° ∫“¬„π°“√‡¥‘π∑“ßÀ√◊Õ„π∫√‘‡«≥™ÿ¡™π‡¥‘¡∑’Ë¡’§«“¡‡°à“·°à·≈–¡’§«“¡Àπ“·πàπ Ÿß 4. ç≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√åé ‡ªìπ‚§√ß°“√Õ“§“√™ÿ¥æ—°Õ“»—¬∑’Ëæ—≤π“Õ¬Ÿà„π∫√‘‡«≥‡¢µ√Õ¬µàÕ√–À«à“߇¡◊Õß·≈–™“π‡¡◊Õß∑’Ë¡’ §«“¡Àπ“·πàπ Ÿß ‚¥¬°≈ÿࡇªÑ“À¡“¬®–‡ªìπ≈Ÿ°§â“„π√–¥—∫°≈“ß-≈à“ß ´÷Ëß¡—°®–¡’∑’Ë∑”ß“πÀ√◊Õ∑’Ëæ—°Õ“»—¬‡¥‘¡„π√—»¡’‰¡à‡°‘π 5 °‘‚≈‡¡µ√®“°∑’˵—Èß‚§√ß°“√ ‚¥¬≈Ÿ°§â“„π°≈ÿà¡π’È ®–‡ªìπ≈Ÿ°§â“°≈ÿà¡∑’Ë„À≠à∑’Ë ÿ¥¢Õßµ≈“¥ ·µà¡—°‰¡à‰¥â√—∫§«“¡ π„®®“° ºŸâª√–°Õ∫°“√¡“°π—° °“√æ—≤𓂧√ß°“√ ”À√—∫≈Ÿ°§â“°≈ÿà¡π’È®÷ßµâÕߧ”π÷ß∂÷ßµâπ∑ÿπ·≈–√“§“¢“¬‡ªìπÀ≈—° ”À√—∫∑ÿ°‚§√ß°“√∑’Ëæ—≤π“·≈⫇ √Á® ·≈–¥”‡π‘π°“√®π®∫¢—ÈπµÕπ°“√‚Õπ°√√¡ ‘∑∏‘Ï„Àâ≈Ÿ°§â“·≈â« ∫√‘…—∑°”Àπ¥π‚¬∫“¬ ”À√—∫ ß“π∫√‘°“√À≈—ß°“√¢“¬ ‡æ◊ËÕ¥Ÿ·≈≈Ÿ°§â“¢Õß‚§√ß°“√Õ¬à“ßµàÕ‡π◊ËÕß ‚¥¬„Àâ∫√‘…—∑¬àÕ¬§◊Õ ∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ ‡ªìπºŸâ√—∫º‘¥™Õ∫ß“π∫√‘À“√Õ“§“√·≈–ß“π∫√‘°“√Õ◊ËπÊ Õ¬à“ߧ√∫«ß®√ ‡æ◊ËÕ§«“¡ ¡∫Ÿ√≥åæ√âÕ¡¢Õß·µà≈–Õ“§“√ ·≈–™à«¬‡æ‘Ë¡§«“¡ –¥«° ∫“¬·°à≈Ÿ°§â“„π∑ÿ°Ê ¥â“π ß“π∫√‘°“√¥—ß°≈à“« §√Õ∫§≈ÿ¡µ—Èß·µàß“π∫√‘À“√Õ“§“√ ß“π∫√‘°“√´◊ÈÕ¢“¬ ‚Õπ ·≈°‡ª≈’ˬπ ß“π√—∫ ‡À¡“ µ‘¥µ—Èß ´àÕ¡·´¡ ·≈–∫”√ÿß√—°…“ µ≈Õ¥®πß“π∫√‘°“√¥â“π°“√√—°…“§«“¡ª≈Õ¥¿—¬·≈–ß“π∑”§«“¡ –Õ“¥ §«“¡µàÕ‡π◊ËÕß„π°“√ ‰¥â√—∫‡≈◊Õ°„À⇢â“∫√‘À“√Õ“§“√™ÿ¥„π∑ÿ°‚§√ß°“√∑’˺à“π¡“ ‡ªìπ ‘Ëß –∑âÕπ„Àâ‡ÀÁπ∂÷ߧ«“¡√—∫º‘¥™Õ∫µàÕ≈Ÿ°§â“¢Õß∫√‘…—∑∑’ˇªìπ√Ÿª∏√√¡ ∑—Èß „π¥â“𧫓¡‡™◊ËÕ∂◊Õ·≈–§«“¡‰«â«“ß„®∑’Ë≈Ÿ°§â“¡’µàÕ∫√‘…—∑

30 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

The Company has restructured and adapted, since the economic crisis in 2000 onwards, its policies and business strategies, concentrating on development of residential condominiums for the middle-end to middle-low customers as the focus strategy including creation of the differentiating strategy. The Company has developed residential condominiums under the LPN Design style to focus on the versatile utilization for urban living that is unlike other normal products and also focus on the residentsû living style. This is a strategy to create confidence and loyalty of the customers towards the Company. Also, the Cost Leadership Strategy, which is the strength of the Company, was also implemented to support and gain competitiveness leading to high success for the Company. This is reflected in the sale completion of each project in which transactions are concluded quickly. Since 2003, the Company determined the location of structures to distinguish compatible recognition and covering all targets groups, under the followings names and brands.

1. çLumpini Suiteé a residential condominium project developed in a favourable residential hub with an array of facilities aimed at responding to the needs of high-end customers; by distinguishing the status of the residence, availing ample wellbing and furnishings with a wide range of facilities.

2. çLumpini Placeé a residential condominium project with development interest in the Central Business District where live the middle-end to high-end customers. These customers need the travel convenience-ideally close to their offices, and for them the satisfactory facilities in the project do matter.

3. çLumpini Vil eé a residential condominium project aiming to respond to the needs of middle-end customers and young first-homers who wish to leave the family and need an urban residence. The location of the project is near to the skytrain station for travel convenience or in an existing hight density community.

4. çLumpini Centeré a residential condominium project developed in areas where urban and suburban limits meet with a dense population. The target customers are the middle-end to middle-low income who work in offices or live in a house not over 5 kilometres away. Despite the fact that this customer group dominates the market, the operators scarcely fulfil their needs. Cost and sale price are the most critical factors to this group.

For every developed and completely transferred project, the Company has set after-sales service policies to take care of all customers of any project through the affiliated company, Lumpini Property Management Co., Ltd. Extensive range of building administration and other service works are required for ultimate completion of each building in line with the building administration works, purchase-sale service, transfer, exchange, contracting works, installation, repairs and maintenance, security and cleaning services. Being repeatedly appointed to administrate every past project reflects the exercise of responsibility to the customers in a real manner by the respect gained from the customersû and the confidence entrusted to the Company.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 31

º≈ß“π∑’˺à“π¡“ Our Projects

‚§√ß°“√∑’Ë°àÕ √â“߇ √Á® ¡∫Ÿ√≥å / Completed Project ≈ÿ¡æ‘π’ ∑“«‡«Õ√å Lumpini Tower Õ“§“√ ”π—°ß“π Ÿß 38 ™—Èπ ®”π«π 113 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 2 ‰√à 3 ß“π 33 µ“√“ß«“ √‘¡∂ππæ√–√“¡ 4 113 units, 38-storey office building, Area 2-3-33 rai, by Rama 4 Road

·Õ≈.æ’.‡ÕÁπ. ∑“«‡«Õ√å L.P.N. Tower Õ“§“√ ”π—°ß“π Ÿß 18 ™—Èπ ®”π«π 76 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 1 ‰√à 2 ß“π 42 µ“√“ß«“ √‘¡∂ππ√—™¥“¿‘‡…° ™à«ßµ—¥°—∫∂πππ“ß≈‘Èπ®’Ë 76 units, 18-storey office building, Area 1-2-42 rai, by Nang Linchi-Ratchadapisek Road Intersection

≈ÿ¡æ‘π’ ‡æ≈ Lumpini Place Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 19 ™—Èπ ®”π«π 34 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 1 ‰√à 3 ß“π 26 µ“√“ß«“ ∂ππ»√’∫”‡æÁ≠ 34 units, 19-storey residential condominium, Area 1-3-26 rai, Sri Bumpen Road

·Õ≈.æ’.‡ÕÁπ. ¡‘π‘ ÕÕøøî» L.P.N. Mini Office Õ“§“√ ”π—°ß“π Ÿß 7 ™—Èπ 1 Õ“§“√ ∫π‡π◊ÈÕ∑’Ë 90 µ“√“ß«“ √‘¡∂ππ√—™¥“¿‘‡…° ™à«ßµ—¥°—∫∂πππ“ß≈‘Èπ®’Ë 7-storey office building, Area 90 sq.wah, Nang Linchi-Ratchadapisek Road Intersection

æ’.‡Õ .∑’. §Õπ‚¥«‘≈≈å ∑“«‡«Õ√å 1, 2 P.S.T. Condovil e Tower 1, 2 Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 22 ™—Èπ 2 Õ“§“√ √«¡ 1,548 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 6 ‰√à 2 ß“π 78.7 µ“√“ß«“ ∂ππππ∑√’ 22-storey residential condominium 2 building, Area 6-2-78.7 rai, Nonsee Road

æ’.‡Õ .∑’. ¡‘π‘ ÕÕøøî» P.S.T. Mini Office Õ“§“√ ”π—°ß“π°÷Ëß∑’Ëæ—°Õ“»—¬ 10 ¬Ÿπ‘µ Ÿß 7 ™—Èπ ∫π‡π◊ÈÕ∑’Ë 1 ‰√à 1 ß“π 79 µ“√“ß«“ ∂ππππ∑√’ 10 units, 7-storey office building-cum-residence, Area 1-1-79 rai, Nonsee Road

32 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

’Ëæ√–¬“ √‘‡«Õ√å«‘« Siphaya River View Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 31 ™—Èπ 308 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 2 ‰√à 16.6 µ“√“ß«“ ∂ππ‚¬∏“ µ√ߢⓡ∑’Ë«à“°“√‡¢µ —¡æ—π∏«ß»å 308 units, 31-storey residential condominium, Area 2-0-16.6 rai, Yotha Road, opposite to Samphanthawongse District Office

æ’.‡Õ .∑’. ´‘µ’È‚Œ¡ P.S.T. City Home Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 29 ™—Èπ ®”π«π 764 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 4 ‰√à 1 ß“π 34.2 µ“√“ß«“ ∂ππππ∑√’ 764 units, 29-storey residential condominium, Area 4-1-34.2 rai, Nonsee Road

∫â“π≈ÿ¡æ‘π’ ∫“ß∫—«∑Õß Baan Lumpini Bang Bua Thong ∑“«π凌ⓠå 2 ™—Èπ √«¡ 709 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 36 ‰√à 1 ß“π 31.2 µ“√“ß«“ √‘¡∂ππµ≈‘Ëß™—π- ÿæ√√≥∫ÿ√’ ∫“ß∫—«∑Õß 709 units, 2-storey Townhouses, Area 36-1-31.2 rai, by Talingchan-Supanburi Road, Bangbuathong

∫â“π≈ÿ¡æ‘π’ 2 ∫“ß∫—«∑Õß Baan Lumpini 2 Bang Bua Thong ∑“«π凌ⓠå 3 ™—Èπ √«¡ 35 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 2 ‰√à 1 ß“π 84.9 µ“√“ß«“ √‘¡∂ππµ≈‘Ëß™—π- ÿæ√√≥∫ÿ√’ ∫“ß∫—«∑Õß 3-storey Townhouses, 35 units, Area 2-1-84.9 rai, by Talingchan-Supanburi Road, Bangbuathong

≈ÿ¡æ‘π’ ‡æ≈ “∑√ Lumpini Place Sathorn Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 9 ™—Èπ æ√âÕ¡™—Èπ„µâ¥‘π 1 ™—Èπ ®”π«π 4 Õ“§“√ √«¡ 603 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 3 ‰√à 2 ß“π 52.6 µ“√“ß«“ √‘¡∂πππ√“∏‘«“ √“™π§√‘π∑√å 9-Storey with 1 Basement Residential Condominium (4 Buildings, 603 units) Area 3-2-52.6 rai, by Narathiwat Ratchanakarin Road

≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√å ·Œªªïô·≈π¥å ‡ø 1-4 Lumpini Center Happyland Phase 1-4 Õ“§“√™ÿ¥æ—°Õ“»—¬¢π“¥‡≈Á° ®”π«π 20 Õ“§“√ √«¡ 1,765 ¬Ÿπ‘µ ·≈–Õ“§“√æ“≥‘™¬å Ÿß 3.75 ™—Èπ ®”π«π 23 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 14 ‰√à 7.2 µ“√“ß«“ ∂ππ·Œªªïô·≈π¥å ´Õ¬ 1 ·≈– 2 7-8-storey residential condominium (20 buildings, 1,765 units) 3.75-Storey of Commercial Building with 23 units, Area 14-0-7.2 rai, Happyland road Soi 1 and 2

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 33

≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√å ≈“¥æ√â“« 111 Lumpini Center Latphrao 111 Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 8 ™—Èπ 4 Õ“§“√ √«¡ 534 ¬Ÿπ‘µ ·≈–Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 9 ™—Èπ 3 Õ“§“√ √«¡ 322 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 5 ‰√à 5 ß“π 7 µ“√“ß«“ ∂ππ≈“¥æ√â“« ´Õ¬ 111 8-Storey Residential Condominium (4 Buildings, 534 units), 9-storey residential condominium (3 Buildings, 322 units) Area 5-5-7 rai, Latphrao Road Soi 111

≈ÿ¡æ‘π’ ‡æ≈ «πæ≈Ÿ- “∑√ Lumpini Place Suanplu-Sathorn Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 9 ™—Èπ 2 Õ“§“√ √«¡ 281 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 2 ‰√à 2 ß“π 22.5 µ“√“ß«“ ´Õ¬ «πæ≈Ÿ 8 ∂ππ “∑√ 9-Storey Residential Condominium (2 Buildings, 281 units), Area 2-2-22.5 rai, Suanplu Soi 8, Sathorn Road

≈ÿ¡æ‘π’ ‡æ≈ æ√–√“¡ 4- “∑√ Lumpini Place Rama 4-Sathorn Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 9 ™—Èπ 2 Õ“§“√ √«¡ 231 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 2 ‰√à 98 µ“√“ß«“ ´Õ¬»√’∫”‡æÁ≠ ∂ππæ√–√“¡ 4 9-storey residential condominium (2 Buildings, 231 units), Area 2-0-98 rai, Soi Sri Bumpen, Rama 4 Road

≈ÿ¡æ‘π’ ‡√ ´‘‡¥π´å Lumpini Residence Õ“§“√‡´Õ√å«‘ Õæ“√嵇¡π∑å Ÿß 9 ™—Èπ 1 Õ“§“√ √«¡ 38 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 199 µ“√“ß«“ √‘¡∂πππ√“∏‘«“ √“™π§√‘π∑√å 9-Storey Service Apartment (1 Building, 38 units), Area 0-0-199 rai, by Narathiwat Ratchanakarin Road

≈ÿ¡æ‘π’ ‡æ≈ π√“∏‘«“ 24 Lumpini Place Narathiwat 24 Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 9 ™—Èπ 2 Õ“§“√ √«¡ 190 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 2 ‰√à 25 µ“√“ß«“ ∂πππ√“∏‘«“ √“™π§√‘π∑√å 9-storey residential condominium (2 Buildings, 190 units), Area 2-0-25 rai, Narathiwat Ratchanakarin Road

≈ÿ¡æ‘π’ ‡æ≈ æ√–√“¡ 3-‡®√‘≠°√ÿß Lumpini Place Rama 3-Charoenkrung Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 9 ™—Èπ 2 Õ“§“√ √«¡ 312 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 2 ‰√à 3 ß“π 65.1 µ“√“ß«“ √‘¡∂ππæ√–√“¡ 3 9-storey residential condominium (2 Buildings, 312 units), Area 2-3-65.1 rai, by Rama 3 Road

34 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

≈ÿ¡æ‘π’ «‘≈≈å æ√–·¡à¡“√’- “∑√ Lumpini Vil e Mary-Sathorn Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 9 ™—Èπ 2 Õ“§“√ √«¡ 300 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 2 ‰√à 3 ß“π 65 µ“√“ß«“ ∂ππ®—π∑πå 9-Storey Residential Condominium (2 Buildings, 300 units), Area 2-3-65 rai, Chan Road

≈ÿ¡æ‘π’ ‡æ≈ π√“∏‘«“ √“™π§√‘π∑√å Lumpini Place Narathiwatratchanakharin Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 9 ™—Èπ 2 Õ“§“√ √«¡ 233 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 2 ‰√à 2 ß“π 11.2 µ“√“ß«“ √‘¡∂πππ√“∏‘«“ √“™π§√‘π∑√å 9-storey residential condominium (2 Buildings, 233 units), Area 2-2-11.2 rai, by Narathiwat Ratchanakarin Road

≈ÿ¡æ‘π’ «’∑ ÿ¢ÿ¡«‘∑ 41 Lumpini Suite Sukhumvit 41 Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 9 ™—Èπ 2 Õ“§“√ √«¡ 159 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 1 ‰√à 2 ß“π 78 µ“√“ß«“ ∂ππ ÿ¢ÿ¡«‘∑ ´Õ¬ 41 9-storey residential condominium (2 Buildings, 159 units), Area 1-2-78 rai, Sukhumvit Road Soi 41

≈ÿ¡æ‘π’ ‡æ≈ æ√–√“¡ 3-√‘‡«Õ√å«‘« Lumpini Place Rama 3-Riverview Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 19 ™—Èπ 1 Õ“§“√ √«¡ 497 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 3 ‰√à 65.10 µ“√“ß«“ √‘¡∂ππæ√–√“¡ 3 19-storey residential condominium (1 Building, 497 units), Area 3-0-65.10 rai, by Rama 3 Road

≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√å ÿ¢ÿ¡«‘∑ 77 Lumpini Center Sukhumvit 77 Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 9 ™—Èπ 5 Õ“§“√ √«¡ 872 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 12 ‰√à 50 µ“√“ß«“ √‘¡∂ππ ÿ¢ÿ¡«‘∑ 77 9-storey residential condominium (5 Buildings, 872 units), Area 12-0-50 rai, by Sukhumvit 77 Road

≈ÿ¡æ‘π’ «‘≈≈å æÀ≈- ÿ∑∏‘ “√ Lumpini Vil e Phahon-Sutthisarn Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 21 ™—Èπ ®”π«π 2 Õ“§“√ √«¡ 861 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 5 ‰√à 2 ß“π 87.4 µ“√“ß«“ ∂ππ ÿ∑∏‘ “√«‘π‘®©—21-storey residential condominium (2 Buildings, 861 units), Area 5-2-35 rai, Suthisarnvinijchai Road

≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√å π«¡‘π∑√å Lumpini Center Nawamin Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 8 ™—Èπ 3 Õ“§“√ √«¡ 442 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 3 ‰√à 2 ß“π 67 µ“√“ß«“ ∂ππ·Œªªïô·≈π¥å ´Õ¬ 2 8-storey residential condominium (3 Buildings, 442 units), Area 3-2-67 rai, Happyland Road Soi 2

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 35

‚§√ß°“√∑’ËÕ¬Ÿà√–À«à“ß°“√¥”‡π‘πß“π / On-going Projects ≈ÿ¡æ‘π’ «‘≈≈å ÿ¢ÿ¡«‘∑ 77 Lumpini Vil e Sukhumvit 77 Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 23 ™—Èπ ®”π«π 3 Õ“§“√ √«¡ 987 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 4 ‰√à 1 ß“π 17.50 µ“√“ß«“ √‘¡∂ππ ÿ¢ÿ¡«‘∑ 77 23-storey residential condominium (3 Buildings, 987 units), Area 4-1-17.50 rai, Sukhumvit 77 Road

≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈â“ Lumpini Place Pinklao Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 22 ™—Èπ 1 Õ“§“√ √«¡ 580 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 3 ‰√à 33 µ“√“ß«“ √‘¡∂ππ∫√¡√“™™ππ’ 22-storey residential condominium (1 Building, 580 units), Area 3-0-33 rai, by Bharomratchachonnanee Road

≈ÿ¡æ‘π’ «‘≈≈å »Ÿπ¬å«—≤π∏√√¡ Lumpini Vil e Cultural Center Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 8 ™—Èπ 9 Õ“§“√ √«¡ 1,324 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 13 ‰√à 13 µ“√“ß«“ √‘¡∂ππª√–™“Õÿ∑‘» 8-storey residential condominium (9 Building, 1,324 units), Area 13-0-13 rai, by Pracha U-thit Road

≈ÿ¡æ‘π’ ‡æ≈ π√“∏‘«“ -‡®â“æ√–¬“ Lumpini Place Narathiwat-Chaophraya Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 29 ™—Èπ 3 Õ“§“√ √«¡ 1,306 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 9 ‰√à 71 µ“√“ß«“ √‘¡∂ππæ√–√“¡ 3 29-storey residential condominium (3 Building, 1,306 units), Area 9-0-71 rai, by Rama 3 Road

36 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

‚§√ß°“√√à«¡∑ÿπ ‚¥¬ LPN ‡ªìπºŸâ∫√‘À“√¥â“π°“√µ≈“¥ °“√¢“¬ ·≈–°“√°àÕ √â“ß Joint Venture Project which LPN will Manage in the Areas of Sales, Marketing and Construction

≈ÿ¡æ‘π’ ‡æ≈ «Õ‡µÕ√å§≈‘ø Lumpini Place WaterCliff Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 36 ™—Èπ 4 Õ“§“√ ®”π«π 620 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 4 ‰√à 40 µ“√“ß«“ √‘¡∂ππ√—™¥“¿‘‡…°-æ√–√“¡ 3 µ‘¥Àâ“߇´Áπ∑√—≈æ√–√“¡ 3 36-storey residential condominium (4 Buildings, 620 units), Area 4-0-40 rai, by Ratchadapisek-Rama 3 Road near Central Rama 3 Department Store

≈ÿ¡æ‘π’ ∑“«πå‚Œ¡ √—™¥“-æ√–√“¡ 3 Lumpini Townhome Ratchada-Rama 3 ∑“«πå‡Œâ“ å Ÿß 4.5 ™—Èπ 28 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 2 ‰√à 2 ß“π 2.5 µ“√“ß«“ √‘¡∂ππ√—™¥“¿‘‡…°-æ√–√“¡ 3 µ‘¥Àâ“߇´Áπ∑√—≈æ√–√“¡ 3 4.5-storey townhouse with 250 Sq.m. usable area (28 units), Area 2-2-2.5 rai, by Ratchadapisek-Rama 3 Road near Central Rama 3 Department Store

≈ÿ¡æ‘π’ «’∑ √—™¥“-æ√–√“¡ 3 Lumpini Suite Ratchada-Rama 3 Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 9 ™—Èπ 1 Õ“§“√ √«¡ 53 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 386 µ“√“ß«“ √‘¡∂ππ√—™¥“¿‘‡…°-æ√–√“¡ 3 µ‘¥Àâ“߇´Áπ∑√—≈æ√–√“¡ 3 9-storey residential condominium (1 Building, 53 units), Area 0-0-368 rai, by Ratchadapisek-Rama 3 Road near Central Rama 3 Department Store

·°√π¥å ‡ŒÕ√‘‡∑® ∑ÕßÀ≈àÕ Grand Heritage Thonglor Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 8 ™—Èπ æ√âÕ¡™—Èπ„µâ¥‘π 1 ™—Èπ 1 Õ“§“√ √«¡ 74 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 1 ‰√à 1 µ“√“ß«“ ∂ππ ÿ¢ÿ¡«‘∑ (∑ÕßÀ≈àÕ 13) 8-storey with 1 basement residential condominium (1 Building, 74 units), Area 1-0-1 rai, Sukhumvit Road (Soi Thonglor 13)

·°√π¥å æ“√姫‘« Õ‚»° Grand Parkview Asoke Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 32 ™—Èπ æ√âÕ¡™—Èπ„µâ¥‘π 2 ™—Èπ ·≈–æ◊Èπ∑’˧⓪≈’° 4 ™—Èπ √«¡ÀâÕß™ÿ¥æ—° Õ“»—¬ 481 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 3 ‰√à 1 ß“π 98 µ“√“ß«“ √‘¡∂ÿππ ÿ¢ÿ¡«‘∑ 21 (Õ‚»°¡πµ√’) 32-storey with 2 basement in where comprises 4 floors for retailing purpose and the others are 481 residential units, Area 3-1-98 rai, by Sukhumvit 21 Road (Asokemontri)

æ“√姫‘« «‘¿“«¥’ Parkview Viphavadi Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 8 ™—Èπ ®”π«π 17 Õ“§“√ √«¡ 962 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 15 ‰√à 2 ß“π 26.9 µ“√“ß«“ √‘¡∂ππ«‘¿“«¥’√—ß ‘µ 8-storey residential condominium (17 Buildings, 962 units), Area 15-2-26.9 rai, by Viphavadi Rangsit Road

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 37

‚§√ß°“√„πÕ𓧵 „πªï 2549 ∫√‘…—∑‰¥âµ—È߇ªÑ“À¡“¬„π°“√æ—≤𓂧√ß°“√Õ“§“√™ÿ¥æ—°Õ“»—¬∑—Èß ‘Èπ 5 ‚§√ß°“√ ¡Ÿ≈§à“√«¡ 8,600 ≈â“π∫“∑ ‚¥¬¡’ °≈¬ÿ∑∏å„À¡àÊ „π°“√√—°…“§«“¡‡ªìπºŸâπ”¥â“π∏ÿ√°‘®§Õπ‚¥¡‘‡π’¬¡ ‰¥â·°à 1) √—°…“∞“π≈Ÿ°§â“‡°à“√–¥—∫°≈“ß∫π-°≈“ß ‚¥¬æ—≤π“§Õπ‚¥¡‘‡π’¬¡„®°≈“߇¡◊Õß„π√–¥—∫√“§“ 1 ≈â“π∫“∑ „™â√–¬–‡«≈“°àÕ √â“ß 1 ªï „°≈â√–∫∫§¡π“§¡¢π àß¢π“¥„À≠à ‚¥¬≈Ÿ°§â“ “¡“√∂ª√—∫‡ª≈’¬Ë πÀâÕß™ÿ¥„Àâµ√ß°—∫§«“¡µâÕß°“√¡“°∑’ Ë ¥ÿ (Semi-Tailor Made) ¿“¬„µâ√Ÿª·∫∫∑’Ë∫√‘…—∑°”Àπ¥¢÷Èπ ‡æ◊ËÕµÕ∫ πÕ߉≈øá ‰µ≈å∑’Ë·µ°µà“ß 2) °“√‡®“–∞“π≈Ÿ°§â“°≈ÿà¡„À¡à ‚¥¬·∫à߇ªìπ 2 ·π«∑“ß ‰¥â·°à À“∑”‡≈„À¡à∑’ˬ—ß¡’°“√æ—≤𓂧√ß°““√Õ“§“√™ÿ¥‰¡à¡“°π—°·≈– ¢¬“¬∞“π≈Ÿ°§â“‰ª∑’Ë°≈ÿà¡ C ´÷Ë߇ªìπ°≈ÿà¡≈Ÿ°§â“∑’Ë¡’Õÿª∑“π∑“ߥâ“π∑’ËÕ¬ŸàÕ“»—¬ Ÿß ·µàÕÿª ߧå„πµ≈“¥¬—ß¡’®”π«π®”°—¥ ¥â«¬√“§“ ¢“¬ª√–¡“≥ 5 · π∫“∑µàÕ¬Ÿπ‘µ ‚¥¬æ—≤𓂧√ß°“√„π√Ÿª·∫∫¢Õß Small Size Township ∫π∑”‡≈∑’Ë·«¥≈âÕ¡¥â«¬√–∫∫ §¡π“§¡¢π àß¢π“¥„À≠à À√◊Õ∫√‘‡«≥™ÿ¡™π∑’Ë¡’§«“¡Àπ“·πàπ Ÿß 3) ‡æ‘Ë¡ª√– ‘∑∏‘¿“æ°“√∫√‘À“√Õ“§“√™ÿ¥À≈—ß°“√‚Õπ°√√¡ ‘∑∏‘Ï ‡æ◊ËÕ √â“߇ √‘¡™ÿ¡™π„Àâ¡’§ÿ≥¿“æ™’«‘µ∑’Ë¥’ ·≈–¥Ÿ·≈§«“¡ª≈Õ¥¿—„π™’«µ‘ ·≈–∑√—æ¬å π‘ ¢ÕߺŸæâ °— Õ“»—¬ ´÷ßË ∂◊Õ‡ªìπ°≈¬ÿ∑∏å ”§—≠∑’ Ë √â“ߧ«“¡·µ°µà“ß (Differentiation) ·≈–‡ªìπ®ÿ¥·¢ÁߢÕß∫√‘…∑— µ≈Õ¥¡“ 4) ‡πâπ‡√◊ËÕߧ«“¡√—∫º‘¥™Õ∫µàÕ —ߧ¡·≈– ‘Ëß·«¥≈âÕ¡ (CESR) „Àâ¡“°¢÷Èπ ‚¥¬«“ß·ºπ√à«¡°—∫Àπ૬ߓπ√“™°“√¥”‡π‘π°‘®°√√¡ µà“ßÊ¥â“π°“√√—°…“ ¿“æ·«¥≈âÕ¡ ·≈–°“√ √â“ߧÿ≥¿“æ™’«‘µ∑’Ë¥’„π —ߧ¡‡¡◊ÕßÕ¬à“ßµàÕ‡π◊ËÕß ‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫π‚¬∫“¬¢Õß ∫√‘…—∑„π°“√¥”‡π‘πß“πµ“¡À≈—°∏√√¡“¿‘∫“≈ „π§√÷Ëߪï·√° ¢Õߪï 2549 ∫√‘…—∑¡’·ºπ∑’Ë®–‡ªî¥µ—«Õ“§“√™ÿ¥æ—°Õ“»—¬ ®”π«π 3 ‚§√ß°“√ ‰¥â·°à ≈ÿ¡æ‘π’ ‡æ≈ æÀ≈- –æ“𧫓≈ÿ¡æ‘π’ ‡æ≈ √—™¥“-∑à“æ√– ·≈– ≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈â“ 2 ·≈–®–‡ªî¥µ—«Õ’° 2 ‚§√ß°“√„π™à«ß§√÷ËߪïÀ≈—ߧ◊Õ ‚§√ß°“√¿“¬„µâ·∫√π¥å ≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√å 1 ‚§√ß°“√ ·≈–‚§√ß°“√¿“¬„µâ·∫√π¥å≈ÿ¡æ‘π’ «‘≈≈å 1 ‚§√ß°“√

≈ÿ¡æ‘π’ ‡æ≈ æÀ≈- –æ“π§«“Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 29 ™—Èπ 2 Õ“§“√ √«¡ 1,093 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 7 ‰√à 90 µ“√“ß«“ √‘¡∂ππª√–¥‘æ—∑∏å ¡Ÿ≈§à“‚§√ß°“√ 2,200 ≈â“π∫“∑ ‡ªî¥µ—«‚§√ß°“√ 20 ¡°√“§¡ 2549

≈ÿ¡æ‘π’ ‡æ≈ √—™¥“-∑à“æ√– Õ“§“√™ÿ¥æ—°Õ“»—¬ √«¡ 900 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 5 ‰√à 2 ß“π 96 µ“√“ß«“ √‘¡∂ππ∑à“æ√– ¡Ÿ≈§à“‚§√ß°“√ 1,600 ≈â“π∫“∑ ´÷Ëß®–‡ªî¥µ—«‚§√ß°“√„π‡¥◊Õπ‡¡…“¬π 2549

≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈â“ 2 Õ“§“√™ÿ¥æ—°Õ“»—¬ ¡Ÿ≈§à“ 1,200 ≈â“π∫“∑ √‘¡∂ππ∫√¡√“™™ππ’ ª√–°Õ∫¥â«¬ÀâÕß™ÿ¥®”π«π 650 ¬Ÿπ‘µ ´÷Ëß®–‡ªî¥µ—«‚§√ß°“√ª√–¡“≥‰µ√¡“ 2 ¢Õߪï 2549

‚§√ß°“√¿“¬„µâ·∫√π¥å ≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√å Õ“§“√™ÿ¥æ—°Õ“»—¬ ¡Ÿ≈§à“ 1,800 ≈â“π∫“∑ ª√–°Õ∫¥â«¬ÀâÕß™ÿ¥®”π«π 3,600 ¬Ÿπ‘µ ´÷Ëß®–‡ªî¥µ—«‚§√ß°“√ª√–¡“≥‰µ√¡“ 3 ¢Õߪï 2549

‚§√ß°“√¿“¬„µâ·∫√π¥å ≈ÿ¡æ‘π’ «‘≈≈å Õ“§“√™ÿ¥æ—°Õ“»—¬ ¡Ÿ≈§à“ 1,800 ≈â“π∫“∑ ª√–°Õ∫¥â«¬ÀâÕß™ÿ¥®”π«π 1,500 ¬Ÿπ‘µ ´÷Ëß®–‡ªî¥µ—«‚§√ß°“√ª√–¡“≥‰µ√¡“ 4 ¢Õߪï 2549

38 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

Future Projects In 2006, the Company set a target to develops residential condominiums projects with an aggregate value of Baht 8,600 Mil ion-the Company also develop 5 new strategies to maintain the leadership in the residential condominium business, i.e.: 1) Maintain the existing middle-end and middle-high end customers by developing condominiums in the heart of the city in the price range of Baht 1 Mil ion-consuming 1 year in the construction process and located near the large-scale transportation system. This is a semi-tailor made condominium unit to meet the customersรป needs under the Companyรปs self-developed style to fulfil various lifestyles.

2) Penetrate new customer markets through two channels, this includes, firstly searching for new locations with less condominium development and secondly, expand the customer base to the C Group that has a high residential demand despite the limited supply on the market. The selling price wil be set at Baht 0.5 Mil ion per unit. This project wil be developed in Small Size Township style situated at prime locations surrounded by large-scale transportation system or high density communities.

3) Enhance the efficiency of condominium management after ownership is transferred in order to promote a better life condition in the community and to provide security service for life and belongings of the dwellers, which is always considered the unique strategy and strength of the Company.

4) Focus on the corporate environment & social responsibility more by planning, with the governmental authorities, to hold activities on environmental preservation and creation of better life conditions for the urban community in response to the Companyรปs policy on good corporate governance compliance.

In the first half of 2006, the Company plans to launch three projects of residential condominiums, i.e., Lumpini Place Phahon-Saphankwai, Lumpini Place Ratchada-Thapra, and Lumpini Place Pinklao Phase 2, and another two projects to be launched in the second half of 2006, i.e., one project under Lumpini Center brand and the other under Lumpini Vil e.

Lumpini Place Phahon-Saphankwai 29-storey residential condominium (2 buildings, 1,093 units), Area: 7-0-90 Rai, Location: By Pradiphat Road, Project value: Baht 2,200 Mil ion, Opening date: 20 January 2006

Lumpini Place Ratchada-Thaphra A residential condominium (900 units), Area: 5-2-96 Rai, Location: by Thaphra Road, Project value: Baht 1,600 Million, Opening date: around April 2006

Lumpini Place Pinklao 2 A residential condominium (650 units), Location: by Bharomratchachonnanee Road, Project value: Baht 1,200 Million, Opening Date: around the 2nd quarter of 2006

Project under Lumpini Center brand A residential condominium (3,600 units), Project value: Baht 1,800 Mil ion, Opening date: around the 3rd quarter of 2006.

Project under Lumpini Vil e brand A residential condominium (1,500 units), Project value: Baht 1,800 Mil ion, Opening date: around the 4th quarter of 2006.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 39

°“√‡ª≈’ˬπ·ª≈ß„πªï∑’˺à“π¡“ Highlinghts in the Past Year

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L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 41

1.

The Company launched 4 new residential condominium projects last year; particulars as follow: No. 1 2 3 4

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Project

Project Value (Mil ion Baht) Units Number Lumpini Center Nawamin 380 442 Lumpini Place Pinklao 1,098 580 Lumpini Vil e Cultural Center 1,924 1,324 Lumpini Place Narathiwat-Chaophraya 3,530 1,306 Total 6,932 3,652

Project Period January 2005 - February 2005 March 2005 - July 2006 March 2005 - October 2006 June 2005 - June 2007

The Company, in cooperation with Stock Exchange of Thailand, on 17th March 2005 held an çOpportunity Dayé Event.

The Company had its securities ranked in SET Index 100 of Stock Exchange of Thailand; published on 18th April 2005. SET Index 100 is an index to measure the price level of securities enhancing investment distribution for medium-sized companies based on the aspects of liquidity, share distribution, costs on the daily average market value in the stock exchange for 12 months back, being a registered company for at least 6 months and with free-float over 20%.

On October 2005, P.S.T. City Home Project, the 29 Floors residential condominium won the third prize in the verdure town scenario Project, at the pleasant-looking residence level, classified as the verdant greenery view of large buildings at Yannawa District Office. That was the policy to signify the vitality of creation and the pleasant surroundings of any projects.

The Company was ranked in 2005 to be 1 of 93 listed companies in the Stock Exchange of Thailand and was awarded an appraisal of operational results for outstanding good governance in the Top Quartile group selected by the Thai Institution of Directors Association. This time was the 3rd year straight that the Company was honoured to be ranked in the Top Quartile group.

Professor Mora Bunyaphala, Chairman of the Board of Directors, passed away on 30th July 2005. The Boardûs Meeting No. 4/2005 appointed Mr. Pakorn Thavisin to assume the post of Chairman of the Companyûs Board with effect on 11th August 2005.

Mr. Amornsuk Noparumpa was appointed to be the Director and Audit Committee member with effect on 22nd December 2005.

The incumbent Audit Committee were re-appointed to resume their offices from 1st February 2006 to 30th April 2008, comprises the following members: 1) Professor Siri Keiwalinsrit Chairman of the Audit Committee 2) Mr. Vudhiphol Suriyaphivadh Audit Committee 3) Mr. Thep Roongtanapirom Audit Committee 4) Mr. Amornsuk Noparumpa Audit Committee The Company has enhanced the potentiality and effectiveness of the staff members on a consistent and ongoing basis, concentrating on improvement of the staff membersû competency corresponding to organizational goals, visions, and commitments. The improvement of the managementûs competency was also focused on, through cooperation with Thammasat University in holding a training program of Mini MBA intended to be the knowledge organization.

42 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

Social Contribution Activities in 2005

Based on the policies and commitment practices on improving the lifestyle of communities along with sustaining responsibility towards environment, L.P.N. Development Public Company Limited, throughout 2005, completed many missions for customers, neighbours, society and communities in various aspects, e.g.: Support was given to the activities of Wat Tai School, the neighbouring society of Lumpini Center Sukhumvit 77; such as, childrenûs day activities, novice ordainment on Motherûs day occasion, and giving Thai local musical instruments for improvement of Thai childrenûs music study.

The Company in collaboration with Than Settakij Newspaper held, on 13th January 2005, a special seminar on topic: çHow to be sure! Wil earthquakes never impact large buildings in Thailand?é at which specialists in different areas were invited to partake in expressing their opinions without restraint on earthquakes in Thailand in order to create knowledge and realization of the potential impact leading to the correct practices for the future large residential buildings.

Scholarships were awarded to the Master Degree students of Housing Department, Architecture Faculty, Chulalongkorn University on 17th March 2005 totaling 5 scholarships amounting to Baht 260,000.

The Company arranged an outdoor seminar for customers and staff of 1,000 persons approximately in Phuket province aimed at participation in campaigns and helping in relief of the public and operators in the provinces afflicted by the tsunami disaster.

In July 2005, the Company promoted the governmental policy to relieve the trouble from longan decreasing price under the çmobilization of Thai people to help farmers by consuming longané campaign by purchasing 1,000 kilograms of longan from the farmers in Lamphun province. In this event, the media and allied parties were invited to participate.

The Company continued to support society in many respects, i.e., donating exercise equipments to Yannawa District Office; setting up the Band of Mercy to give out 200 sets of construction materials and sanitary - ware for each community within Phranakorn Sri Ayutthaya; arranging the çFulfil their hunger, fulfil your soulsé project to give out scholarships and consumer goods to the children in Kru Noi Refuge; and supporting the proper organizing of the hawkers in the relieved spots within Phongsap market in Bangphlad District under ç10 parks, 10 clean canals, and 10 clean roadsé project etc.

On 17th December 2005, the Company organised a çFamily Dayé event to spread joy amongst customers for the New Year Festival, and also special activities to share joy with underprivileged children from 5 foundations, namely, Foundation of Infants in Ghettos, Foundation for Children Initiation, Foundation for Thai Rural Children, Asia education foundation, and Rajvithee Girls Refuge Foundation under the çWonderful World...Making their wishes coming trueé activities in which there were over 200 children participating. In this event, scholarships were also given to each foundation.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 43

√ÿª¿“«–∏ÿ√°‘® Summary of the Business

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L.P.N.

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Klangkung

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> 50,000

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‡°√¥ C

35%

35%

‡°√¥ A

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µ“√“ß· ¥ß°“√®¥∑–‡∫’¬πÕ“§“√™ÿ¥ ªï∑’Ë®¥∑–‡∫’¬πÕ“§“√™ÿ¥ 2546 2547 2548 4,676 6,885 10,202 1,758 1,229 2,946 38% 18% 30%

(∑’Ë¡“ : °√¡∑’Ë¥‘π √«∫√«¡‚¥¬ ΩÉ“¬«‘®—¬·≈–æ—≤π“ ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ ¡À“™π) L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 45

ΩÉ“¬«‘®—¬·≈–æ—≤π“¢Õß∫√‘…—∑ ‰¥â√«∫√«¡¢âÕ¡Ÿ≈°“√®¥∑–‡∫’¬πÕ“§“√™ÿ¥„πªï 2548 ´÷Ëß¡’®”π«π∑—Èß ‘Èπ 10,202 Àπ૬ ‚¥¬∫√‘…—∑ ¡’ à«π§√Õßµ≈“¥ Ÿß ÿ¥Õ¬Ÿà∑’Ë 29% À√◊Õ 2,946 Àπ૬ À“°®–®”·π°µ“¡∑”‡≈‚¥¬·∫àßµ“¡‚´π°“√ª°§√ÕߢÕß°√ÿ߇∑æ¡À“π§√ ‚´π °≈“ß®–¡’Õ“§“√™ÿ¥®¥∑–‡∫’¬π Ÿß ÿ¥ 50% À√◊Õ 5,064 Àπ૬ ∂—¥¡“‡ªìπ‚´πµ–«—πÕÕ°´÷Ëß¡’°“√®¥∑–‡∫’¬πÕ“§“√™ÿ¥∑—ÈßÀ¡¥ 35% À√◊Õ 3,521 Àπ૬ à«π‚´π‡Àπ◊Õ ‚´π„µâ·≈–‚´πµ–«—πµ°®–‰¡à§Õà ¬¡’§«“¡‡§≈◊ÕË π‰À«¡“°π—° ‚¥¬¡’°“√®¥∑–‡∫’¬πÕ“§“√™ÿ¥∑—ßÈ À¡¥ 1,617 Àπà«À√◊Õ 15% ¢Õßµ≈“¥‚¥¬√«¡ ®–‡ÀÁπ‰¥â«à“∑—Èß‚´π°≈“ß·≈–‚´πµ–«—πÕÕ°‡ªìπ∑”‡≈À≈—° ”À√—∫°“√æ—≤π“Õ“§“√™ÿ¥æ—°Õ“»—¬µ≈Õ¥¡“ √ÿª¿“«–∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å ªï 2548 „πªï 2548 ¿“«–‡»√…∞°‘®¢Õߪ√–‡∑»‰∑¬¡’Õµ— √“°“√¢¬“¬µ—«∑’≈Ë ¥≈ß Õ—π‡π◊ÕË ß¡“®“°ªí®®—¬≈∫µà“ßÊ ∑’¡Ë º’ ≈°√–∑∫Õ¬à“ßµàÕ‡π◊ÕË ß ∑”„Àâ „π™à«ßªï∑’˺à“π¡“ ¿“æ√«¡∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å¡’Õ—µ√“°“√¢¬“¬µ—«∑’Ë≈¥≈ß ‚¥¬¡’°“√§“¥°“√≥å∂÷ßµ—«‡≈¢°“√®¥∑–‡∫’¬π∑’ËÕ¬ŸàÕ“»—¬„À¡à „πªï 2548 ‰«â∑’Ë 72,000 Àπ૬ À√◊Õ¡’Õ—µ√“°“√¢¬“¬µ—«‡æ‘Ë¡®“°ªï 2547 ª√–¡“≥ 10-15% ¢≥–∑’Ë√“§“∑’ËÕ¬ŸàÕ“»—¬¡’°“√ª√—∫µ—«¢÷Èπª√–¡“≥ 5-7% µ“¡µâπ∑ÿπ«— ¥ÿ°Õà √â“ß∑’‡Ë æ‘¡Ë ¢÷πÈ Õ—π‡π◊ÕË ß¡“®“°√“§“πÈ”¡—π Õ—µ√“¥Õ°‡∫’¬È ·≈–Õ—µ√“‡ß‘π‡øÑÕ∑’ªË √—∫µ—«‡æ‘¡Ë ¢÷πÈ Õ¬à“ßµàÕ‡π◊ÕË ß®“°ªï 2547 ´÷Ëß àߺ≈°√–∑∫µàÕ°“√µ—¥ ‘π„®´◊ÈÕ¢ÕߺŸâ∫√‘‚¿§ ‡π◊ËÕß®“° ‘π§â“∑’Ë¡’Õ¬Ÿà„πµ≈“¥‡ªìπ ‘π§â“∑’Ë¡’√“§“ Ÿß ‰¡à Õ¥§≈âÕß°—∫°”≈—ß´◊ÈÕ¢Õß ºŸâ∫√‘‚¿§„π¿“«–∏ÿ√°‘®∑’Ë´∫‡´“ ∑”„Àâ„π™à«ßªï 2548 π’È ºŸâª√–°Õ∫°“√‰¥âÀ—π¡“æ—≤π“∑’ËÕ¬ŸàÕ“»—¬∑’Ë¡’√“§“µË”≈ß ‡æ◊ËÕ‡®“–°≈ÿà¡≈Ÿ°§â“„π √–¥—∫°≈“ß¡“°¢÷πÈ ‚¥¬„™â°≈¬ÿ∑∏å„π°“√≈¥¢π“¥¢Õß∑’ÕË ¬ŸÕà “»—¬≈ß ‡æ◊ÕË „Àâ‡À¡“– ¡°—∫§«“¡µâÕß°“√·≈–°”≈—ß´◊ÕÈ „π ¿“«–ªí®®ÿ∫π— ‚¥¬∑’Ë Õ¬ŸàÕ“»—¬ª√–‡¿∑∫â“π‡¥’Ë¬«∑’Ë √â“ߢ÷Èπ„π™à«ßªïπ’È ®–¡’√“§“¢“¬‡©≈’ˬª√–¡“≥ 3-5 ≈â“π∫“∑ à«πÕ“§“√™ÿ¥æ—°Õ“»—¬®–¡’√“§“¢“¬‡©≈’˪√–¡“≥ 1-2 ≈â“π∫“∑ ‚¥¬°≈ÿà¡≈Ÿ°§â“ à«π„À≠à∑’ˇ≈◊Õ°´◊ÈÕ∑’ËÕ¬ŸàÕ“»—¬„π√–¥—∫π’È ®–æ‘®“√≥“„π‡√◊ËÕߢÕß∑”‡≈∑’˵—Èß‚§√ß°“√∑’Ë„°≈â°—∫√–∫∫ ¢π àß¡«≈™π·≈–√“§“¢“¬‡ªìπªí®®—¬À≈—° à«π√Ÿª·∫∫√«¡∂÷ß ‘ËßÕ”π«¬§«“¡ –¥«°µà“ßÊ ∑’Ë∑“ß‚§√ß°“√®—¥‡µ√’¬¡‰«â®–‡ªìπªí®®—¬√Õß ”À√—∫„™â„π°“√µ—¥ ‘π„® ·π«‚πâ¡¿“«–∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å ªï 2549 „πªï 2549 ªí®®—¬À≈—°∑’Ë àߺ≈°√–∑∫µàÕ¿“§Õ —ßÀ“√‘¡∑√—æ¬å‚¥¬√«¡ ‰¥â·°à Õ—µ√“¥Õ°‡∫’Ȭ∑’Ë¡’·π«‚π⡪√—∫ Ÿß¢÷Èπ 1.0% - 1.5% µ“¡ °“√§“¥°“√≥客Õß ∂“∫—π°“√‡ß‘πÀ≈“¬·Ààß Õ—π‡ªìπº≈¡“®“°¿“«–‡ß‘π‡øÑÕ ·≈–√“§“πÈ”¡—π∑’ˬ—ߧߪ√—∫µ—« Ÿß¢÷ÈπÕ¬à“ßµàÕ‡π◊ËÕß àߺ≈„Àâ °”≈—ß´◊ÈÕ¢ÕߺŸâ∫√‘‚¿§≈¥≈ß Õ’°∑—Èߧ“¥«à“®–¡’°“√ª√–°“»„™â°ÆÀ¡“¬º—߇¡◊Õß°√ÿ߇∑æ¡À“π§√©∫—∫„À¡à„π‡√Á«Ê π’È ´÷Ëß àߺ≈‚¥¬µ√ßµàÕ µâπ∑ÿπ·≈–¢âÕ®”°—¥¢Õß°“√æ—≤𓂧√ß°“√ Õ¬à“߉√°Áµ“¡ Õ—µ√“°“√«à“ßß“π„π‡¢µ°√ÿ߇∑æ¡À“π§√¬—ߧßÕ¬Ÿà„π√–¥—∫µË” √«¡∂÷ß‚§√ß°“√ ¢π“¥„À≠à¢Õß¿“§√—∞∑’Ë°”≈—ß®–‡°‘¥¢÷Èπ„πªï 2549 ®–∑”„Àâ¡’°“√®â“ßß“π‡æ‘Ë¡‡ªìπ®”π«π¡“° àߺ≈„ÀâÕÿª ߧå¢Õß∑’Ëæ—°Õ“»—¬¡’·π«‚πâ¡ ∑√ßµ—«Õ¬Ÿà„π√–¥—∫‡¥’¬«°—∫ªï∑’˺à“π¡“ ·µàÕÿª ߧ套߰≈à“«§“¥«à“®–Õ¬Ÿà„π∑’ËÕ¬ŸàÕ“»—¬√–¥—∫√“§“ª“π°≈“ß∂÷ß°≈“ß≈à“߇ªìπÀ≈—° µ“¡¿“«– °”≈—ß´◊ÈÕ¢ÕߺŸâ∫√‘‚¿§∑’Ë≈¥≈ß „π∑“ß°≈—∫°—π‚§√ß°“√¢π“¥„À≠à¢Õß¿“§√—∞ ®– àߺ≈°√–∑∫„À⺟âª√–°Õ∫°“√ª√– ∫ªí≠À“¢“¥·§≈π ºŸâ√—∫‡À¡“·≈–·√ßß“πÕ¬à“ß√ÿπ·√ß ‚¥¬‡©æ“–·√ßß“πΩï¡◊Õ∑’ˇªìπ∑’˵âÕß°“√¢Õßµ≈“¥‡ªìπ®”π«π¡“° Õ“®∑”„ÀâÀ≈“¬‚§√ß°“√¡’§«“¡ ≈à“™â“„π°“√ àß¡Õ∫∫â“πÀ√◊ÕÀâÕß™ÿ¥·°à≈Ÿ°§â“ „π à«π¢ÕߺŸâª√–°Õ∫°“√¡’·π«‚πâ¡∑’Ë®–À—π¡“„À⧫“¡ π„®æ—≤π“∑’Ëæ—°Õ“»—¬ ”À√—∫°≈ÿà¡ ºŸ¡â √’ “¬‰¥âª“π°≈“ß¡“°¢÷πÈ ‚¥¬‡©æ“–‚§√ß°“√∑’‡Ë °“–µ‘¥·π«√–∫∫¢π àß¡«≈™π‡ªìπÀ≈—° ∑”„Àâ°“√·¢àߢ—π„πµ≈“¥¥—ß°≈à“« Ÿß¡“°¢÷πÈ ‚¥‡©æ“–Õ“§“√™ÿ¥æ—°Õ“»—¬√–¥—∫°≈“ß∑’Ë¡’√“§“¢“¬‡©≈’ˬª√–¡“≥µ“√“߇¡µ√≈– 3 À¡◊Ëπ∫“∑ À√◊Õ√–¥—∫√“§“¢“¬µ—Èß·µà 8 · π ∂÷ß 1 ≈â“π∫“∑µàÕÀπ૬ ‚¥¬‡Àµÿº≈ ”§—≠‡°‘¥®“°°”≈—ß´◊ÈÕ¢ÕߺŸâ∫√‘‚¿§∑’Ë≈¥≈ß Õ¬à“߉√°Áµ“¡ ºŸâª√–°Õ∫°“√∑’Ë®–‡¢â“¡“∑”µ≈“¥„π°≈ÿà¡¥—ß °≈à“«®”‡ªìπµâÕß¡’§«“¡‡™’¬Ë «™“≠„π°“√æ—≤𓂧√ß°“√ ∑’ Ë “¡“√∂§«∫§ÿ¡‰¥â∑ß—È „π‡√◊ÕË ß¢Õßµâπ∑ÿπ §ÿ≥¿“æß“π°àÕ √â“ß √–¬–‡«≈“„π°“√ àß¡Õ∫ µ≈Õ¥®πª√– ‘∑∏‘¿“æ¢Õß°“√∫√‘À“√Õ“§“√™ÿ¥æ—°Õ“»—¬„À⇪ìπ∑’πË “à ‡™◊ÕË ∂◊Õ¢Õß°≈ÿ¡à ºŸ∫â √‘‚¿§ √«¡∂÷ߧ«“¡πà“‰«â«“ß„®¢Õßµ—«ºŸªâ √–°Õ∫°“√‡Õß ®÷߉¡à„™à‡√◊ËÕßßà“¬ ”À√—∫ºŸâª√–°Õ∫°“√√“¬„À¡à∑’Ë®–‡¢â“¡“·¢àߢ—π„πµ≈“¥¥—ß°≈à“« ‚¥¬‡©æ“–µâπ∑ÿπ°“√°àÕ √â“ß∑’Ë®“°‡¥‘¡°Á¡’Õ—µ√“°“√ ª√—∫µ—«∑’ Ë ßŸ Õ¬Ÿ·à ≈â«·≈–°”≈—ß®–ª√—∫µ—«‡æ‘¡Ë ¡“°¢÷πÈ Õ’°„πªï 2549 ¥â«¬ “‡ÀµÿÀ≈—°®“°°“√°àÕ √â“ß‚§√ß°“√¢π“¥„À≠à¢Õß¿“§√—∞ Õ’°∑—ßÈ „πªï 2549 π’È ∂“∫—π°“√‡ß‘π¡’·π«‚πâ¡„π°“√ª≈àÕ¬ ‘π‡™◊ËÕ∑’ˇ¢â¡ß«¥¡“°°«à“‡¥‘¡ À“°‚§√ß°“√∑’Ë¡’¬Õ¥¢“¬Õ¬Ÿà„π√–¥—∫∑’ˉ¡àπà“‰«â«“ß„® ®÷ß ¬“°∑’Ë®–‰¥â√—∫°“√ π—∫ πÿπ¥â“π ‘π‡™◊ËÕ®“° ∂“∫—π°“√‡ß‘πµà“ßÊ ”À√—∫µ—«‡≈¢°“√®¥∑–‡∫’¬πÕ“§“√™ÿ¥æ—°Õ“»—¬„π‡¢µ°√ÿ߇∑æ¡À“π§√„πªï 2549 π—Èπ ΩÉ“¬«‘®—¬·≈–æ—≤π“¢Õß∫√‘…—∑§“¥°“√≥å «à“®–¡’¬Õ¥®¥∑–‡∫’¬πÕ“§“√™ÿ¥ª√–¡“≥ 14,500 Àπ૬ ‚¥¬·∫à߇ªìπÕ“§“√™ÿ¥æ—°Õ“»—¬ ‡°√¥ A ª√–¡“≥ 3,900 Àπ૬ §‘¥‡ªìπ 27% Õ“§“√™ÿ¥æ—°Õ“»—¬ ‡°√¥ B ª√–¡“≥ 8,693 Àπ૬ §‘¥‡ªìπ 60% ·≈–Õ“§“√™ÿ¥æ—°Õ“»—¬ ‡°√¥ C ª√–¡“≥ 1,960 Àπ૬ §‘¥‡ªìπ 13%

46 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

Competitive Situation in the Industry

Since the end of the first quarter of the year 2005, many operators have paid more attention to development of condominium targeting at median-income customers, expanding the supply of such condominium to the ratio of 29% of the overall real estate market in 2005 as compared to 23% in 2004. However, the increased supply could not catch up with market demand. Reportedly, all projects sold no less than 80-90% of the total number of available units. Moreover, some projects could sell out the whole project within one day, causing some concern from many parties about speculation similar to the period preceding the recent economic crisis.

Comparison table showing ratios of residential housing projects during 2004 - 2005 Type 2005 Single detached house 31% Condominium 29% Townhouse 29% Others 11%

2004 40% 23% 29% 8%

(Source: AREA, Research and Development Department, L.P.N. Development Public Company Limited) However, based on the data collected by the Research and Development Department, it was found that ownership transfer of condominium in Bangkok area in 2004 dipped to the lowest point since the economic crisis. The number of ownership transfer then was around 6,000 units as most real estate companies shifted their attention to development of horizontal projects, especially premium-priced single detached housing projects. Only LPN still attached great importance to and was primarily interested in development of condominium projects, especially condominium project for median-income customers. Consequently, an imbalance between demand and supply was realized, resulting in considerable accumulation of housing demand each year. It can be observed that when condominium projectรปs location and prices are consistent with consumer demand, such project can be sold out rapidly.

Besides, an unprecedented escalation of oil prices of which no end is in sight is reckoned as an accelerating factor that hastens consumerรปs decision to purchase condominium located in the city or near mass transit system so as to reduce traveling expenses and wasted commute time. Consequently, both demand and supply in the condominium market surged, especial y condominium projects for median-income earners, thus spurring the market after a long spell of business slump.

Competitive situation In 2004, a total of 14,500 units of newly launched condominium projects was recorded, dividing into Grade A condominium with average price of 50,000 baht per square meter, capturing 60% of overall condominium market; Grade B condominium with average price of 30,000-50,000 baht per square meter, accounting 34% of the overall market; and Grade C condominium an average price below 30,000 baht per square meter, accounting around 6%. While in 2005, a total of 16,000 units of newly launched condominium projects was recorded, registering a growth rate of 10% as compared to 2004. Reportedly, Grade A condominium suffered from a declining rate of new launches and its sales ratio dipped to only 23% of the total number of condominiums as supply of such condominium segment showed a clear sign of slowdown in tandem with declining consumerรปs purchasing power. As a result, the number of newly launched Grade B condominiums went up, shifting its sales ratio to 72% of the total market. The selling price that receives favorable response from the market ranges around 1-2 mil ion baht per unit. Prime locations are along the present and future mass transit route such as Huay Kwang, On-Nut, and so forth. Meanwhile, sales of Grade C condominium are at stabilizing level.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 47

Comparison table showing ratios of newly launched condominium projects during 2004 - 2005 Type 2005 2004 Grade A 23% 60% Grade B 72% 34% Grade C 5% 6% (Source: Research and Development Department, L.P.N. Development Public Company Limited) Based on the latest data in December 2005, which was collected by the Research and Development Department, in total there were 32 operators in condominium business and 37 new development projects yielding a total of 16,000 units. These new units were divided into 3,701 units of Grade A condominium belonged to 12 operators, 11,500 units of Grade B condominium belonged to 18 operators, and 750 units of Grade C condominium belonged to 3 operators. The operator which acquired the highest market share was L.P.N. Development Public Company Limited, capturing 26% share of new projects in 2005. All newly launched projects fared well in terms of sales, especially Lumpini Place project, Narathiwat-Chaophraya, the only riverside condominium on the bank of Chaophraya river which is located only one kilometer from Narathiwat Ratchanakarin Road. This project achieved the highest sales value record ever during the first three days of the launch since the inception of the company.

This chart shows market share of new project launches of the top five operators as of December 2005 30% Market Share 25% 20% 15% 10% 5% L.P.N.

L.P.N. SPALI Vitunthanakom PF

Ruambun

Selli ng price Baht/Sq.m.

< 30,000

3 operators 755 units

Klangkung

30,001-50,000 18 operators 11,645 units

AP TCC Riverside Garden Instyle

> 50,000

12 operators 3,697 units

(Source: Research and Development Department, L.P.N. Development Public Company Limited) C A 35% 35% The table il ustrates condominiumûs registration.

30% Year of condominium registration B 2003 2004 2005 Bangkok (units) 4,676 6,885 10,202 LPN and affiliated companies (units) 1,758 1,229 2,946 Market share of LPN and affiliated companies 38% 18% 30% (Source: Research and Development Department, L.P.N. Development Public Company Limited) The Research and Development Department collected condominium registration data in 2005. The total number of newly registered condominiums was 10,202 units. The company captured the highest market share of 29%, accounting for 2,946 units, if condominium registrationûs classification is based on Bangkok Metropolisû administrative zones. The middle zone recorded the 48 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

highest number of condominium registration, totaling 5,064 units, accounting for 50% of the total number of newly registered condominiums. The west zone followed with a record of 3,521 units of newly registered condominium, accounting for 35% of the total. As for the north, south, and east zone, not much movement was observed and newly registered condominium totaled 1,617 units or 15% of the overall market. It can be discerned that both middle and the east zone are invariably the prime locations for condominium development.

Summary of real estate business situation in 2005 In 2005, Thailandûs economy showed a declining growth rate due to recurrent repercussions from various negative factors.

Thus, last year the real estate business generally suffered from a declining growth rate. It was anticipated that the number of newly launched condominium in 2005 was 72,000 units, up 10-15% as compared to 2004. Meanwhile, residenceûs price would rise by 5-7% in conjunction with rising costs due to escalating oil prices, interest rate, and ongoing increase of inflation rate since 2004.

All these factors adversely affected consumerûs purchase decision. Since products in the market were premium-priced and did not conform with consumerûs purchasing power during business slump. Consequently, business operators turned to development of lower-priced condominiums to capture more median-income customers with a strategy entailing reduced size of a residence, thus conforming with the present demand and purchasing power. On average, single detached houses built this year would be priced around 4-5 mil ion baht and condominium would be priced around 1-2 mil ion baht. Most customers who tend to choose this level of residence wil primarily consider project locations along the mass transit system and selling price. Various formats and facilities arranged by the project are considered as secondary importance in purchase decision.

Real Estate Business Trends in 2006 In 2006, a major factor affecting the real estate sector in general wil be rising interest rate, estimated to be 1.0%-1.5% increase based on forecasts conducted by a number of financial institutions, due to inflation and incessantly soaring oil prices which reduce consumerûs purchasing power. In addition, it is anticipated that new city zoning laws which wil be proclaimed for the Greater Bangkok area soon wil have direct repercussions on cost and impose constraints on project development. However, unemployment rate in Bangkok is stil low and the governmentûs mega-projects planned to commence in 2006 wil generate additional employment to a large extent, thus maintaining the housing demand at the same level as that of last year.

Nevertheless, such demand primarily concentrates in the segment of medium to medium-low priced residence in conjunction with declining consumerûs purchasing power. On the other hand, the state sectorûs mega-projects wil adversely affect businesses in terms of serious shortage of contractors and laborers, especial y skil ed labor which is in high demand in the market. This shortage problem may cause many projects to delay delivery of houses or condominiums to customers. Business operators are likely to pay attention to development of housing projects for median-income earners, especial y the projects located along the routes of mass transit system. Consequently, competition in such segment wil be heightened, mainly affecting medium-priced condominiums with an average price around 30,000 baht per square meter or 800,000-1,000,000 baht per unit. A major influencing factor is reduced consumerûs purchasing power. However, competitive operators in these markets must be keen in project development so that they can control costs, quality of construction works, and delivery period, rendering them trustworthy in the eyes of consumers in connection with efficient project management and creditability of such operator. Therefore, it is not easy at all for new operators to compete in this market, especial y while current high construction costs are likely to climb up even higher in 2006. Essential y, construction of the state sectorûs mega-projects is a major culprit. Moreover, in 2006, financial institutions are likely to take a more restrictive stance in granting credit line to customers. If any projects generate unsatisfactory level of income, they wil have a tough time obtaining credit from various financial institutions.

Regarding the number of condominium registration in Bangkok in 2006, the companyûs Research and Development Department predicted that condominium registration wil reach 14,500 units, splitting into 3,900 units of Grade A condominium (27%), 8,693 units of Grade B condominium (66%), and 1,960 units of Grade A condominium (13%).

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 49

‚§√ß √â“ß°“√®—¥°“√ Administration Structure

‚§√ß √â“ß°√√¡°“√¢Õß∫√‘…—∑ ª√–°Õ∫¥â«¬§≥–°√√¡°“√∑—ÈßÀ¡¥ 4 ™ÿ¥ Õ—π‰¥â·°à §≥–°√√¡°“√∫√‘…—∑ §≥–°√√¡°“√∫√‘À“√ §≥–°√√¡°“√µ√«® Õ∫ §≥–Õπÿ°√√¡°“√æ‘®“√≥“§à“µÕ∫·∑π ‚¥¬¡’√“¬≈–‡Õ’¬¥¥—ßπ’È §≥–°√√¡°“√∫√‘…—∑ §≥–°√√¡°“√∫√‘…—∑¡’®”π«π 12 §π‰¥â·°à 1. 𓬪°√≥å ∑«’ π‘ ª√–∏“π°√√¡°“√ (°√√¡°“√Õ‘ √–) 2. »“ µ√“®“√¬å»‘√‘ ‡°«≈‘π ƒ…¥‘Ï °√√¡°“√ (°√√¡°“√Õ‘ √–) 3. 𓬫ÿ≤‘æ≈ ÿ√‘¬“¿‘«—≤πå °√√¡°“√ (°√√¡°“√Õ‘ √–) 4. 𓬇∑æ √ÿàß∏π“¿‘√¡¬å °√√¡°“√ (°√√¡°“√Õ‘ √–) 5. π“¬Õ¡√»—°¥‘Ï πæ√—¡¿“ °√√¡°“√ (°√√¡°“√Õ‘ √–) 6. π“¬∏’√™—ªí≠®∑√—æ¬å °√√¡°“√ 7. π“߮߮‘µµå ∞ªπ“ß°Ÿ√ °√√¡°“√ 8. π“¬∑«’™¬— ®‘µµ √≥™—°√√¡°“√ °√√¡°“√ 9. π“¬∑‘¶—¡æ√ ‡ª≈àß»√’ ÿ¢ 10. π“߬ÿæ“ ‡µ™–‰°√»√’ °√√¡°“√ 11. π“¬æ‘‡™…∞ »ÿ¿°‘®®“πÿ —πµ‘Ï °√√¡°“√ 12. 𓬧—¡¿’√å ®Õß∏ÿ√–°‘® °√√¡°“√ ‚¥¬¡’π“ß “« ¡»√’ ‡µ™–‰°√»√’ ‡ªìπ ‡≈¢“πÿ°“√§≥–°√√¡°“√∫√‘…—∑ Õ”π“®Àπâ“∑’Ë¢Õߧ≥–°√√¡°“√∫√‘…—∑ §≥–°√√¡°“√∫√‘…∑— ¡’Õ”π“®Àπâ“∑’Ë„π°“√®—¥°“√∫√‘…∑— „À⇪ìπ‰ªµ“¡«—µ∂ÿª√– ß§å ¢âÕ∫—ߧ—∫·≈–¡µ‘∑ª’Ë √–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ‚¥‡ªìπºŸâ°”Àπ¥π‚¬∫“¬ ”§—≠„π°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑ ·≈–°”°—∫¥Ÿ·≈°“√¥”‡π‘π°‘®°“√¢Õß∫√‘…—∑ºà“π∑“ߧ≥–°√√¡°“√ ∫√‘À“√∑’Ë·µàßµ—Èߢ÷Èπ µ≈Õ¥®π°≈—Ëπ°√Õ߇√◊ËÕß∑’Ë®–‡¢â“ Ÿà°“√æ‘®“√≥“¢Õß∑’˪√–™ÿ¡ºŸâ∂◊ÕÀÿâπ °“√·µàßµ—Èߧ≥–°√√¡°“√∫√‘…—∑ „π°“√ª√–™ÿ¡ “¡—≠ª√–®”ªïºŸâ∂◊ÕÀÿâπ∑ÿ°§√—Èß °√√¡°“√®–µâÕßæâπ®“°µ”·Àπàß®”π«πÀπ÷Ëß„π “¡‡ªìπÕ—µ√“ ·≈–∑’˪√–™ÿ¡ ºŸ∂â Õ◊ Àÿπâ ®–‡≈◊Õ°µ—ßÈ §≥–°√√¡°“√‡¢â“¡“∑¥·∑π‡∑à“®”π«π∑’æË πâ ®“°µ”·Àπàß ‚¥¬°√√√¡°“√∑’æË πâ ®“°µ”·Àπà߬—ß “¡“√∂‰¥â√∫— °“√ ·µàßµ—Èß„À⇢ⓡ“¥”√ßµ”·Àπàß°√√¡°“√¢Õß∫√‘…—∑„À¡à‰¥âÕ’° „π°“√≈ߧ–·ππ‡ ’¬ß‡≈◊Õ°µ—Èß°√√¡°“√ ºŸâ∂◊ÕÀÿâπ§πÀπ÷Ëß¡’§–·ππ‡ ’¬ß‡∑à“°—∫Àπ÷ËßÀÿâπµàÕÀπ÷Ë߇ ’¬ß ·≈–ºŸâ∂◊ÕÀÿâπ·µà≈–§π ®–µâÕß„™â§–·ππ‡ ’¬ß¢Õßµπ∑’Ë¡’∑—ÈßÀ¡¥‡≈◊Õ°µ—Èß∫ÿ§§≈§π‡¥’¬«À√◊ÕÀ≈“¬§π‡ªìπ°√√¡°“√°Á‰¥â ·µà®–·∫àߧ–·ππ‡ ’¬ß„Àⷰຟ℥ ¡“°πâÕ¬‡æ’¬ß„¥‰¡à‰¥â ∫ÿ§§≈´÷Ë߉¥â√—∫§–·ππ‡ ’¬ß Ÿß ÿ¥µ“¡≈”¥—∫≈¥À≈—Ëπ≈ß¡“®–‡ªìπºŸâ‰¥â√—∫°“√‡≈◊Õ°µ—È߇ªìπ°√√¡°“√‡∑à“ ®”π«π°√√¡°“√∑’Ëæ÷ß®–¡’ „π°√≥’∑’Ë∫ÿ§§≈´÷Ë߉¥â√—∫°“√‡≈◊Õ°µ—Èß„π≈”¥—∫∂—¥≈ß¡“¡’§–·ππ‡ ’¬ß‡∑à“°—π·≈–‡°‘π®”π«π°√√¡°“√∑’Ë ®–æ÷߇≈◊Õ°µ—Èß„π§√—Èßπ—Èπ „À⺟⇪ìπª√–∏“π∑’˪√–™ÿ¡‡ªìπºŸâÕÕ°‡ ’¬ß™’È¢“¥

50 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

§≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√µ√«® Õ∫ ª√–°Õ∫¥â«¬ºŸâ∑√ߧÿ≥«ÿ≤‘ 4 ∑à“π ¥—ßπ’È 1. »“ µ√“®“√¬å»‘√‘ ‡°«≈‘π ƒ…¥‘Ï ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ 2. 𓬫ÿ≤‘æ≈ ÿ√‘¬“¿‘«—≤πå °√√¡°“√µ√«® Õ∫ 3. 𓬇∑æ √ÿàß∏π“¿‘√¡¬å °√√¡°“√µ√«® Õ∫ 4. π“¬Õ¡√»—°¥‘Ï πæ√—¡¿“ °√√¡°“√µ√«® Õ∫ π“ßπ«πÿ™ ®‘πµæ‘∑—°…å ‡≈¢“πÿ°“√§≥–°√√¡°“√µ√«® Õ∫ Õ”π“®Àπâ“∑’Ë¢Õߧ≥–°√√¡°“√µ√«® Õ∫ 1. Õ∫∑“π„Àâ∫√‘…—∑¡’°“√√“¬ß“π∑“ß°“√‡ß‘πÕ¬à“ß∂Ÿ°µâÕß ·≈–‡ªî¥‡º¬Õ¬à“߇撬ßæÕ 2. Õ∫∑“π„Àâ∫√‘…—∑¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π·≈–°“√µ√«® Õ∫¿“¬„π∑’Ë¡’§«“¡‡À¡“– ¡·≈–¡’ª√– ‘∑∏‘¿“æ 3. Õ∫∑“π°“√ªØ‘∫—µ‘¢Õß∫√‘…—∑„À⇪ìπ‰ªµ“¡°ÆÀ¡“¬«à“¥â«¬À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬åÀ√◊Õ°ÆÀ¡“¬∑’ˇ°’ˬ«¢âÕß°—∫ ∏ÿ√°‘®¢Õß∫√‘…—∑ 4. æ‘®“√≥“§—¥‡≈◊Õ°·≈–‡ πÕ·µàßµ—ÈߺŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑ √«¡∂÷ßæ‘®“√≥“‡ πÕ§à“µÕ∫·∑π 5. æ‘®“√≥“°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¢Õß∫√‘…—∑ „π°√≥’∑’ˇ°‘¥√“¬°“√‡°’ˬ«‚¬ßÀ√◊Õ√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ߺ≈ª√–‚¬™πå„Àâ ¡’§«“¡∂Ÿ°µâÕß·≈–§√∫∂â«π 6. ªØ‘∫—µ‘°“√Õ◊Ëπ„¥µ“¡∑’˧≥–°√√¡°“√∫√‘…—∑¡Õ∫À¡“¬ ·≈–§≥–°√√¡°“√µ√«® Õ∫‡ÀÁπ™Õ∫¥â«7. ®—¥∑”√“¬ß“π°‘®°√√¡¢Õߧ≥–°√√¡°“√µ√«® Õ∫‚¥¬‡ªî¥‡º¬‰«â„π√“¬ß“πª√–®”ªï¢Õß∫√‘…—∑ °“√·µàßµ—Èߧ≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√µ√«® Õ∫¡’«“√–°“√¥”√ßµ”·Àπàߧ√“«≈– 2 ªï ·≈–®–¡’°“√·µàßµ—Èß„À¡à∑ÿ° 2 ªï ‚¥¬∑’˪√–™ÿ¡§≥– °√√¡°“√∫√‘…—∑ §≥–°√√¡°“√™ÿ¥ªí®®ÿ∫—π ¡’«“√–√–À«à“ß «—π∑’Ë 1 °ÿ¡¿“æ—π∏å 2549 ∂÷ß 30 ‡¡…“¬π 2551 µ“¡¡µ‘°“√ª√–™ÿ¡§≥– °√√¡°“√∫√‘…—∑§√—Èß∑’Ë 7/2548 «—π∑’Ë 22 ∏—𫓧¡ 2548 §≥–°√√¡°“√∫√‘À“√ §≥–°√√¡°“√∫√‘À“√ ¡’®”π«π∑—Èß ‘Èπ 5 §π ¥—ßπ’È 1. π“¬∑«’™¬— ®‘µµ √≥™—2. π“¬∑‘¶—¡æ√ ‡ª≈àß»√’ ÿ¢ 3. π“߬ÿæ“ ‡µ™–‰°√»√’ 4. π“¬æ‘‡™…∞ »ÿ¿°‘®®“πÿ —πµ‘Ï 5. 𓬧—¡¿’√å ®Õß∏ÿ√–°‘®

ª√–∏“π°√√¡°“√∫√‘À“√ °√√¡°“√ºŸâ®—¥°“√ √Õß°√√¡°“√ºŸâ®—¥°“√ °√√¡°“√∫√‘À“√ °√√¡°“√∫√‘À“√

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 51

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L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 53

The Companyûs Board Structure comprises of four Boards, namely, the Board of Directors, the Executive Directors, and the Audit Committee and the Remuneration Determination Sub-Committee, the details of which are as follows; Board of Directors The Companyûs Board of Directors are the following 12 persons, namely; 1. Mr. Pakorn Thavisin Chairman (Independent Director) 2. Professor Siri Keiwalinsrit Director (Independent Director) 3. Mr. Vudhiphol Suriyaphivadh Director (Independent Director) 4. Mr. Thep Roongtanapirom Director (Independent Director) 5. Mr. Amornsuk Noparumpa Director 6. Mr. Tirachai Panchasarp Director 7. Ms. Jongjit Thapanangkun Director 8. Mr. Tawechai Chitasaranachai Director 9. Mr. Tikhamporn Plengsrisuk Director 10. Ms. Yupa Techakraisri Director 11. Mr. Pichet Supakijjanusan Director 12. Mr. Kumpee Chongthurakit Director Ms. Somsri Techakraisri acted as secretary to the Board of Directors.

Duties and Responsib ilities of the Board of Directors The Board of Directors has authority and duties to administer the Company in pursuant to the objectives, articles of association and resolutions adopted at the Shareholdersû Meeting. In this regard, the Board is to establish the key policies for the Companyûs operation and supervise over the Companyûs operation through the appointed Executive Directors, and also to screen the businesses to be entered for consideration at the Shareholdersû Meeting.

The Appointment of the Board of Directors In each session of Annual General Meeting of Shareholders, one third of the directors shall vacate their offices and the meeting of shareholders wil elect new directors to assume the offices in the same number.

However, the vacating directors may be elected to resume their positions.

In casting votes for election of the directors, each shareholder is entitled to one vote per one share held.

Each shareholder must exercise all of his voting rights in appointing one or more directors to the Board. However, votes cannot be separately cast for each candidate. The candidates receiving the highest number of votes will be appointed to the Board in descending order only up to the point where the number of available positions has been fil ed. In the event that any two persons receive the same number of votes and there are not enough positions left available, the Chairman of the Board will have the casting vote.

54 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

The Audit Committee The Audit Committee is made up of the following 4 distinguished individuals: 1. Professor Siri Keiwalinsrit Chairman of the Audit Committee 2. Mr. Vudhiphol Suriyaphivadh Audit Committee 3. Mr. Thep Roongtanapirom Audit Committee 4. Mr. Amornsuk Noparumpa Audit Committee Ms. Navanuj Chintapitak Secretary to the Audit Committee Duties and Responsib ilities of the Audit Committee 1. To review that the Company has the financial reports to ascertain that they are accurate and adequately disclosed.

2. To review that the Company implements the internal control and audit system appropriately and efficiently.

3. To review the Companyรปs performance in compliance with the laws governing securities and stock exchange or any other laws related to the Companyรปs businesses.

4. To consider, select and nominate the auditor of the Company and also to consider its remuneration.

5. To review the Companyรปs information disclosure for its accuracy and completeness in case it may cause either poor relations or conflicts of interest.

6. To perform any other duties assigned by the Board of Directors and admitted by the Audit Committee.

7. To make available a report on the activities of the Audit Committee to be shown in the Companyรปs annual report.

The Appointment of the Audit Committee The Audit Committee wil be in the office for 2 years and appointment of the new committee will be conducted every 2 years by the Board of Directors.

The present committee holds office from 1st February 2006 to 31st January 2008 under the resolution adopted at the Boardรปs Meeting No. 7/2005 on 22nd December 2005.

The Executiv e Directors The Executive Directors of the company is made up of the following 5 individuals: 1. Mr. Tawechai Chitasaranachai Executive Chairman 2. Mr. Tikhamporn Plengsrisuk Managing Director 3. Ms. Yupa Techakraisri Deputy Managing Director 4. Mr. Pichet Supakijjanusan Executive Director 5. Mr. Kumpee Chongthurakit Executive Director

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 55

Duties and Responsib ilities of the Executiv e Board The Executive Board has authority and duties to supervise management and business operation of the Company and shall be responsible for performance of the day-to-day functions of the Company. They are also committed to exercise the rights empowered by the Board of Directors in order to carry out the business and develop the projects and the relevant works; to manage the budget fund that has had its criteria approved by the Board of Directors; to sign in any juristic transactions binding upon the Company; to comply with the rules and regulations of the Company and the policies laid by the Board of Directors and shareholders; including to screen matters, proposed by the management department for consideration, that are beyond the authority of Executive Directors for further referring to the Board of Directors and ultimately to be empowered to arrange management in compliance with the approved business and budget plans. In case of the investment in projects or activities, not contained in the approved business plan, the authority for approval of the same is limited at the investment value of not over Baht 10 Mil ion, over which must be then proposed for the Boardûs approval.

The Appointment of Executive Directors The Executive Directors shall be appointed by the Board of Directors basing on their background knowledge, skills, professionalism, and advantages favourable to the business, which shall comprise some of the original founders of the Company who are capable and skilled in the real estate development business, while the others shall be professionals and experts in the specific aspects deemed essential for improving management and vision of the Company to boost the development of the Company.

It is the duty of the Board of Directors to consider and recruit, from outsiders, the persons to assume the post of executive director judging by their qualifications, experiences organisation and cultural compatibility. After having all the foregoing examined and approved by the Executive Directors, they shall be then proposed for the consideration of the Board of Directors.

If any director intends to resign, he/she must convey such intention in writing to the Board of Directors at least 3 months in advance and shall prepare a report summarizing assigned responsibilities in order to assume the uninterrupted transfer of such office and management.

Remuneration Determination Sub-Committee The Remuneration Determination Sub-Committee was appointed for 2005, by the Boardûs Meeting No. 6/2005 held on 22nd December 2005, to determine the remuneration of Board members, management and employees.

The Remuneration Determination Sub-Committee comprises the following 5 persons: 1. Mr. Tawechai Chitasaranachai Chairman of Remuneration Determination Sub-Committee 2. Mr. Vudhiphol Suriyaphivadh Independent Director and Audit Committee 3. Mr. Thep Roongtanapirom Independent Director and Audit Committee 4. Mr. Tirachai Panchasarp Director 5. Mr. Tikhamporn Plengsrisuk Managing Director

56 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

Authorities and Duties of the Remuneration Determination Sub-Committee The Remuneration Determination Sub-Committee is assigned to outline the remuneration determination guidelines, meeting allowances, and other benefits of the Board of Directors, Executive Directors, and employees in fair and appropriate manner for shareholders, stakeholders and employees, in this regard, by considering industrial standard, cost of living index and work value.

The Selection Standards for Independent Directors The Board of Directors shall seek suitable candidates to assume office as Independent Directors considering the qualifications, social status, connections, free of business conflict or effect to be further introduced to the Board of Directorรปs attention. Criteria for selection are laid down as follows: 1. The candidate must be well informed and socially acceptable and with recognised business acumen; 2. The candidate must be of good starding with no involvement in legal cases, dispute and free of malpractice suits against laws or morality; 3. The candidate must be independent; 4. The candidate must neither engage in management nor work as an employee, staff member or consultant with regular pay, auditor, lawyer or being a person who has a control over the Company, its subsidiary company, or its joint venture company and must not be a person engaged in any dispute. He/she must not have any benefits or interests in the same.

5. The candidate must have no business relationship, interest, either direct or indirect, in financial matters and management of the Company, its subsidiary companies, or its joint venture companies or any person who has contradictory or other interests that may lead to lack of independence.

6. The candidate must not be the close relative to anyone in management or a major shareholder of the Company, its subsidiary companies, or its joint venture companies or be a person who has contradictory or other interests and he/she must not be appointed to act as a representative to protect the interests of directors or major shareholders.

Details of the Management of L.P.N. Development Public Company Limited Below is the list of names, titles, educational background, and working experience for the past 5 years as th at 31 December 2005:

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 57

58 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

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L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 61

76

61

3. Mr. Vudhiphol Suriyabhivadh Audit Committee and Independent Director

-

- Bachelor Degree in Accountancy, University of 0.07% New South Wales, Australia - LL.B., Sukhothai Thammathirat University - Diploma, Management Course, IMEDE Management Development Institute, Lausanne, Switzerland - Certification of Completion of Directors Certification Program (DCP 36/2003), Thai Institute of Directors Association (IOD) - Audit Committee Program, Thai Institute of Directors Association

- LL.B., Bar of Thailand Accredited lawer - Diploma from National Defense College (Class 25) - Honorary Doctorate Degree of Law, Chulalongkorn University - Training course on development in faculty of Land possession and administration works, Cambridge University, England - Audit Committee Program from Thai Institute of Directors Association

Age Educational Background Share (years) Qualifications/Faculty holding 66 - The Chartered Institute of Bankers, London 0.07% - National Defence College (Class 311) - Certification of Completion of Directors Certification Program (DCP 0/2000), Thai Institute of Directors Association (IOD)

2. Prof. Siri Keiwalinsrit Chairman of Audit Committee and Independent Director

1. Mr. Pakorn Thavisin Chairman and Independent Director

Name-Surname-Position

Present

Present

Period Present

- Chairman and Independent Director - Audit Committee and Independent Director - Director - Independent Director - Director - Independent Director - Chairman of Audit Committee and Independent Director

- Law Drafting Committee - Law Drafting Committee - Part-time lecturer on land law - Committee of the National Policies on law improvement under the Prime Ministerรปs Order No.174/2547 dated 16th July 2004 - Senior volunteer of the brain bank acting as the legal counselor of the Land Department under the letter of Office of the National Economic and Social Development Board

Ministry of Lbour and Social Welfare Office of Juridical Council Faculty of Law, Chulalongkorn University Secretariat Office of Cabinet

-

Listed Companies Association The East Asiatic (Thailand) Public Co.,Ltd. ACL Bank Public Co.,Ltd. Laguna Resort and Hotel Public Co.,Ltd. Bangkok Ranch Public Co.,Ltd.

- Thai Agri Foods Public Co.,Ltd. - Thai Wah Food Products Public Co.,Ltd.

- Land Department

-

Working Experience for past 5 years Name of Organization/Company/Business Nature - Chairman - Colgate-Palmolive (Thailand) Co.,Ltd. - Chairman of Audit Committee and - Royal Orchid Hotel Public Co.,Ltd. Independent Director - Director - Bank of Ayudhya Public Co.,Ltd. Position

Abridged details of Board of Directors and the Management of Company as at 31 st December 2005

62 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

67

59

67

56

6. Mr. Tirachai Panchasarp Director

7. Ms. Jongjit Thapanangkun * Director

8. Mr. Tawechai Chitasaranachai Chief of Executive Director and Director

9. Mr. Tikhamporn Plengsrisuk Executive Chairman Director and Director

0.02%

-

-

- Bachelor Degree in Engineering, Chulalongkorn 1.21% University - Common engineer registration No.Sor.Yor.140 from Office of the Board for control of the enginering Professional - Certification of Completion of Directors Certification Program (DCP 23/2003), Thai Institute of Directors Association (IOD)

- Bachelor Degree in Engineering, Chemical Engineering, Tienjin University

- Certificate English of Proficiency AUA 0.27% Language Institute - Diamond Grading Gemological Institute of America - Bachelor Degree, Faculty of Economics, Ramkamhaeng University

- Secondary School Darasamutr School, Chonburi

- Barrister-at-Law, Council of Legal Education Thailand - of Lincolnûs Inn, Barrister-at-Law London - Diploma from National Defence College (Class 399) - Certification of Completion of Directors Certification Program (DCP 30/2003), Thai Institute of Directors Association (IOD)

* Ms. Jongjit Thapanangkun, Ms. Yupa Techakraisri and Mr. Kumpee Chongthurakit are of the same family.

60

Age Educational Background Share (years) Qualifications/Faculty holding 62 - Master Degree in Business Admnistration, Finance 0.02% and Accounting, Columbia University, USA - Bachelor Degree in Commerce (Honour) - Bachelor Degree in Accounting (Honour) Thammasat University - Certification of Completion of Directors Certification Program (DCP 20/2002), Thai Institute of Directors Association (IOD) - Audit Committee Program 8/2005 from Thai Institute of Directors Association

5. Mr. Amornsuk Noparumpa Audit Committee and Independent Director

4. Mr. Thep Roongtanapirom Audit Committee and Independent Director

Name-Surname-Position

Present

1975-2004 1980-2001

Present

Present

1990-2005

1995-2003

2003-2004

Present

Period Present Director Advisor Director Director

Director Director Managing Director Director

- Director - Director - Director

-

- Director

- Director

Pornsanti Co.,Ltd. Lumpini Property Management Co.,Ltd. Vela Co.,Ltd. P.L. International (PTE) Ltd., Singapore - Pornsanti Co.,Ltd. - Lumpini Property Management Co.,Ltd. - Grand Unity Development Co.,Ltd.

-

- Pornsanti Co.,Ltd.

- Pornsanti Co.,Ltd.

- Bank of Ayudhya Public Co.,Ltd.

- Ayudhya Legal Office Co.,Ltd. - RCL Public Co.,Ltd. - Bank of Ayudhya Public Co.,Ltd.

- Bank of Ayudhya Public Co.,Ltd.

Working Experience for past 5 years Name of Organization/Company/Business Nature - Sun Wood Industries Public Co.,Ltd. - Thai Investors Association - Family Know How Co.,Ltd. - Sun Paratech Public Co.,Ltd.

- Executive Director and Senior Executive Vice President - Chairman - Director and Audit Committee - Executive Director and First Executive Vice President and Legal Adviser - First Executive Vice President and Legal Adviser

-

Position

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 63

51

44

44

43

38

49

12. Mr. Kumpee Chongthurakit * Executive Director and Director

13. Mr. Sombat Kittipokiratana Assistant Managing Director

14. Ms. Somsri Techakraisri Assistant Managing Director

15. Ms. Achara Charoensat Account Manager

16. Ms. Rungthip Piyaterawong Finance Manager

17. Ms. Navanuj Chintapitak Internal Audit Manager

- Bachelor Degree in Business Administration, Assumption Business Administration College

- Master Degree in Business Administration, Chulalongkorn University

- Master Degree in Accounting, University of The Thai Chamber of Commerce

- LL.B., Thammasat University

- Master Degree in Business Administration, University of The Thai Chamber of Commerce

-

-

-

-

-

- Bachelor Degree in Business Administration, 1.30% Assumption University - Certification of Completion of Directors Certification Program (DCP 48/2004), Thai Institute of Directors Association (IOD)

- Bachelor Degree in Achitecture, Chulalongkorn 1.03% University - Chatered Architect No.Sor.Thor.348 Wor., Council of Architects - Certification of Completion of Directors Certification Program (DCP 27/2003), Thai Institute of Directors Association (IOD)

* Ms. Jongjit Thapanangkun, Ms. Yupa Techakraisri and Mr. Kumpee Chongthurakit are of the same family.

56

Age Educational Background Share (years) Qualifications/Faculty holding 55 - Bachelor Degree in Economics, Ramkamhaeng 1.35% University - High Diploma in Advanced Accounting of Pitman Examination Institute - Certification of Completion of Directors Certification Program (DCP 32/2003), Thai Institute of Directors Association (IOD)

11. Mr. Pichet Supakijjanusan Executive Director and Director

10. Ms. Yupa Techakraisri * Deputy Managing Director, Executive Director and Director

Name-Surname-Position

2001-2003

2001-2002

2000-2001

2002-2003 1995-2001

1999-2000

Present

2000-2005 2004-2005 2003-2005 2001-2003

Period Present

Honorary Chairman of Shoe Industrial Group Director Director Director Director Managing Director and Director

Managing Director Director Director Managing Director

Director Director Executive Director Executive Director Advisor

- Internal Audit Manager

- Deputy Director of Project Credits

- Accountant

- Senior Manager of Directorsรป Office - Manager of Directorsรป Office

Federation of Thai Industries Pornsanti Co.,Ltd. Lumpini Property Management Co.,Ltd. T.Krungthai Industries Public Co.,Ltd. S.S.A. Industry Co.,Ltd. Sri Sam Ang Supplier Co.,Ltd.

Lumpini Property Management Co.,Ltd. Grand Unity Development Co.,Ltd. Pornsanti Co.,Ltd. Grand Unity Development Co.,Ltd.

- L.P.N. Development Public Co.,Ltd.

- The Industrial Finance Corporation of Thailand

- M.V. Food Supply Co.,Ltd.

- L.P.N. Development Public Co.,Ltd. - L.P.N. Development Public Co.,Ltd.

- Tantawan Industry Public Co.,Ltd.

-

-

Working Experience for past 5 years Name of Organization/Company/Business Nature - Pornsanti Co.,Ltd. - Lumpini Property Management Co.,Ltd. - Sri Sam Ang Supploer Co.,Ltd. - T.Krungthai Industries Public Co.,Ltd. - Grand Unity Development Co.,Ltd.

- Director and Specialist on Stock Exchange of Thailand

-

-

-

Position

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Human Resources

The Companyรปs employees, pursuant to the administration structure in 2005 covering L.P.N. Development Public Company Limited and Lumpini Property Management Company Limited totalling 515 persons which can be categorized as follows: - Line of real estate sale management 90 persons - Line of construction 63 persons - Line of condominium management 190 persons - Line of financial matters 64 persons - Line of management and supervision 37 persons - Line of directorรปs office 26 persons - Line of business development 19 persons - Other lines 26 persons The total remuneration paid to 515 persons in 2005 was Baht 189 Million inclusive of bonus and sale commission.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 65

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§≥–°√√¡°“√‰¥â·µàßµ—ßÈ §≥–Õπÿ°√√¡°“√‡æ◊ÕË æ‘®“√≥“°≈—πË °√Õ߇√◊ÕË ßµà“ßʇæ◊ÕË π”‡ πÕ„Àâ§≥–°√√¡°“√æ‘®“√≥“„π√–À«à“ß ªï 2548 ¥—ßπ’È §≥–°√√¡°“√µ√«® Õ∫‰¥â¡’°“√·µàßµ—Èߧ√—Èß·√° ‡¡◊ËÕ«—π∑’Ë 1 °ÿ¡¿“æ—π∏å 2543 ¡’«“√–°“√¥”√ßµ”·Àπàߧ√“«≈– 2 ªï ·≈– „πªï 2548 §≥–°√√¡°“√µ√«® Õ∫™ÿ¥‡¥‘¡‰¥â√∫— ·µàßµ—ßÈ „À⥔√ßµ”·ÀπàßÕ’°«“√–Àπ÷ßË «“√–°√√¡°“√ §◊Õ √–À«à“ß«—π∑’Ë 1 °ÿ¡¿“æ—π∏å 2549 ∂÷ß 30 ‡¡…“¬π 2551 §≥–°√√¡°“√µ√«® Õ∫¡’°“√°”À𥵓√“ß°“√ª√–™ÿ¡„π·µà≈–ªï‰«âÕ¬à“ß™—¥‡®π „π°“√ª√–™ÿ¡‡æ◊ËÕæ‘®“√≥“ß∫¥ÿ≈¢Õß ∫√‘…—∑·µà≈–‰µ√¡“ ®–‡™‘≠µ—«·∑π®“°ºŸâ Õ∫∫—≠™’‡æ◊ËÕ´—°∂“¡·≈–µÕ∫¢âÕ ß —¬∑ÿ°§√—Èß ·≈–¡’°“√®—¥∑”√“¬ß“π°“√ª√–™ÿ¡ ‡ πÕµàÕ§≥–°√√¡°“√∫√‘…—∑∑ÿ°§√—Èß §≥–°√√¡°“√æ‘®“√≥“§à“µÕ∫·∑π §≥–°√√¡°“√∫√‘…—∑‰¥â·µàßµ—Èߧ≥–°√√¡°“√æ‘®“√≥“§à“µÕ∫·∑π¢÷Èπ‡¡◊ËÕ«—πæÿ∏∑’Ë 11 惻®‘°“¬π 2548 (°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ §√—Èß∑’Ë 6/2548) ‡ªìπ°“√·µàßµ—È߇©æ“–°‘® §≥–°√√¡°“√æ‘®“√≥“ §à“µÕ∫·∑π‰¥â√—∫¡Õ∫À¡“¬„Àâæ‘®“√≥“·π«∑“ß°“√°”Àπ¥§à“µÕ∫·∑π ‡∫’Ȭª√–™ÿ¡ ·≈–º≈µÕ∫·∑πÕ◊ËπÊ ¢Õߧ≥–°√√¡°“√ §≥–°√√¡°“√∫√‘À“√ ºŸâ∫√‘À“√ ·≈–æπ—°ß“π¢Õß∫√‘…—∑ ‡æ◊ËÕ„À⇰‘¥§«“¡‡À¡“– ¡¬ÿµ‘∏√√¡

13. √–∫∫°“√§«∫§ÿ¡ ·≈–°“√µ√«® Õ∫¿“¬„π

§≥–°√√¡°“√∫√‘…—∑ ‰¥â π—∫ πÿπÀ≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√‚¥¬¡Õ∫À¡“¬„Àâ§≥–°√√¡°“√µ√«® Õ∫ª√– “πß“π°—∫ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ‡æ◊ËÕ Õ∫∑“π√–∫∫°“√√“¬ß“π∑“ß°“√‡ß‘π„À⇪ìπ‰ªÕ¬à“ß∂Ÿ°µâÕߧ√∫∂â«π ΩÉ“¬µ√«® Õ∫¿“¬„π¢Õß∫√‘…—∑ ∑”Àπâ“∑’˵√«® Õ∫·≈–ª√–‡¡‘πº≈«‘∏’°“√¥”‡π‘πß“π¢Õß√–∫∫ß“π∑’ˇ°’ˬ«¢âÕß ·≈–„Àâ §”·π–π”‡æ◊ËÕ·°â‰¢°“√∑”ß“π„Àâ∂Ÿ°µâÕßµ√ßµ“¡π‚¬∫“¬ ∑—Èßπ’È ∫√‘…—∑‰¥âª√—∫ª√ÿßπ‚¬∫“¬‡™‘ß∏ÿ√°‘®„Àâ¡’§«“¡¬◊¥À¬ÿàπ ‡À¡“– ¡ °—∫¿“«–µ≈“¥ ·≈–°Æ√–‡∫’¬∫µà“ßÊ ∑’ˇ°’ˬ«¢âÕßÕ¬Ÿà‡ ¡Õ ΩÉ“¬µ√«® Õ∫¿“¬„π¢Õß∫√‘…—∑®–√“¬ß“πµ√ßµàÕ§≥–°√√¡°“√ µ√«® Õ∫ ¡’°“√°”Àπ¥Àπâ“∑’·Ë ≈–·ºπß“π·µà≈–ªï‰«âÕ¬à“ß™—¥‡®π ‚¥¬¡ÿßà ‡πâπ°“√√—°…“º≈ª√–‚¬™πå¢ÕߺŸ¡â ’ «à π‰¥â‡ ’¬Õ¬à“߇À¡“– ¡ ¬ÿµ‘∏√√¡

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 69

14. √“¬ß“π¢Õߧ≥–°√√¡°“√

§≥–°√√¡°“√∫√‘…—∑‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ·≈– “√ π‡∑»∑“ß°“√‡ß‘π∑’˪√“°Ø„π √“¬ß“πª√–®”ªï ß∫°“√‡ß‘π¢Õß∫√‘…—∑®—¥∑”¢÷Èπµ“¡¡“µ√∞“π°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª„πª√–‡∑»‰∑¬ ¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈ ”§—≠ Õ¬à“߇撬ßæÕ„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ∫√‘…—∑¡’√–∫∫§«∫§ÿ¡¿“¬„π∑’ˇ™◊ËÕ∂◊Õ‰¥â «à“°“√∫—π∑÷°¢âÕ¡Ÿ≈∑“ß∫—≠™’¡’§«“¡∂Ÿ°µâÕß §√∫∂â«π ·≈–‡æ’¬ßæÕ∑’Ë®–¥”√ß √—°…“‰«â´÷Ëß∑√—æ¬å ‘π ªÑÕß°—π‰¡à„À⇰‘¥°“√∑ÿ®√‘µÀ√◊Õ°“√¥”‡π‘π°“√∑’˺‘¥ª°µ‘‰¥â

15. §«“¡ —¡æ—π∏å°—∫ºŸâ≈ß∑ÿπ

§≥–°√√¡°“√„À⧫“¡ ”§—≠µàÕ°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈∑’Ë¡’§«“¡∂Ÿ°µâÕߧ√∫∂â«π ‚ª√àß„ ·≈–∑—Ë«∂÷ß ∑—Èß√“¬ß“π¢âÕ¡Ÿ≈∑“ß °“√‡ß‘π ·≈–¢âÕ¡Ÿ≈∑—«Ë ‰ª µ≈Õ¥®π¢âÕ¡Ÿ≈ ”§—≠∑’ÕË “®¡’º≈°√–∑∫µàÕ√“§“À≈—°∑√—æ¬å¢Õß∫√‘…∑— ‚¥¬‰¥â‡º¬·æ√à¢Õâ ¡Ÿ≈¢à“« “√µà“ßÊ ¥—ß°≈à“« ‡æ◊ËÕ„À⺟â≈ß∑ÿπ·≈–ºŸâ∑’ˇ°’ˬ«¢âÕ߉¥â√—∫∑√“∫ ‚¥¬ºà“π™àÕß∑“ß∑’ˇÀ¡“– ¡Õ¬à“ßµàÕ‡π◊ËÕß ¡Ë”‡ ¡Õ ”À√—∫°“√µ‘¥µàÕæ∫ª– °—∫π—°≈ß∑ÿπ π—°«‘‡§√“–Àå ·≈– ◊ËÕ¡«≈™ππ—Èπ §≥–°√√¡°“√∫√‘À“√®–‡ªìπºŸâ„Àâ¢âÕ¡Ÿ≈„π√Ÿª·∫∫¢Õß°“√√à«¡°‘®°√√¡°—∫ µ≈“¥À≈—°∑√—æ¬å„πß“π∫√‘…—∑®¥∑–‡∫’¬πæ∫π—°≈ß∑ÿπ (Opportunity Day) À√◊Õ°“√‡™‘≠π—°«‘‡§√“–Àå ¡“∑’Ë∫√‘…—∑À√◊Õæ“™¡ §«“¡§◊∫Àπâ“‚§√ß°“√µà“ßÊ µ≈Õ¥®π°“√®—¥∑”√“¬ß“𧫓¡§◊∫Àπâ“‚§√ß°“√ ¢âÕ¡Ÿ≈∑’ˇªìπª√–‚¬™πåµàÕπ—°≈ß∑ÿπ∑—Ë«‰ª ®—¥ àß„Àâ Õ¬à“ß ¡Ë”‡ ¡Õ „π‚Õ°“ ∑’ˉ¥â√—∫‡™‘≠®“° ◊ËÕ¡«≈™πÀ√◊Õπ—°«‘‡§√“–Àå‡æ◊ËÕ√à«¡· ¥ß§«“¡§‘¥‡ÀÁπ À√◊Õ‡º¬·æ√à¢âÕ¡Ÿ≈µà“ßÊ ∑“ß ·ºπ°π—°≈ß∑ÿπ —¡æ—π∏å¢ÕßΩÉ“¬ ”π—°°√√¡°“√®–‡ªìπºŸªâ √– “πß“π·≈–Õ”π«¬§«“¡ –¥«°„π¥â“πµà“ßÊ „Àâ°∫— ºŸ‡â °’¬Ë «¢âÕß∑ÿ°ΩÉ“”À√—∫ºŸâ∂◊ÕÀÿâπ·≈–ª√–™“™π∑—Ë«‰ª∑’˵âÕß°“√¢âÕ¡Ÿ≈∫√‘…—∑ “¡“√∂√—∫∫√‘°“√¥â“π¢âÕ¡Ÿ≈ ·≈–¢à“« “√‰¥â∑’Ë ·ºπ°π—°≈ß∑ÿπ —¡æ—π∏å ‚∑√. 02-285-5011 µàÕ 133 À√◊Õ∑’Ë website www.lpn.co.th

70 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

15 Clauses of report on observance of good governance 1. Poli cy on Governance

The Companyûs Board of Directors recognizes the importance of good governance with particular emphasis on transparency of business operation to gain the confidence of the shareholders, investors and all related parties.

The guidelines to support good governance include the major points below: All the shareholder and stakeholders shall be treated fairly and equitably; The Board shall devote and contribute to performance with due care, and transparency to the best benefits of the organization, all shareholders and stakeholders; The Company shall establish the code of conduct of the Board and the staff members to be conducted on principles and outlines compatible with good governance.

2.

Rights of Shareholders

The Company is concerned with the equal treatment towards all shareholders, including minority and overseas investors, institutional investors or major shareholders, all of which have rights and shall be equally treated as follows: 1. Rights to receive the share register, transfer shares and keep informed constantly and updated; 2. Rights to equally receive the profit distributions; 3. Rights to attend the Shareholdersû Meeting, to express opinions, give comments and participate in decisions over significant issues such as the Companyûs Board of Directors appointment, auditor appointment etc; 4. Rights to appoint the Companyûs Board of Directors; 5. Other rights under the laws.

The Company, in 2005, held the Annual General Meeting of Shareholders of 2005 at the Companyûs head office that has a conference room well equipped with audio-visual equipment. For this event, the Company had served the shareholders 10 working days prior to the meeting date with a meeting invitation with adequate supporting information of each agendum presented together with the Board of Directorûs opinions. Also, the meeting invitation was published in the newspaper for thorough acknowledgment of the shareholders. As to the proxies prepared for the shareholders who were unable to attend in person, the Company had adjusted the rules according to the regulations of Ministry of Commerce enacted in 2002, that was provided as an alternative for those who were unable to attend the meeting, to authorize any one of the independent directors to be the shareholdersû proxies for casting the votes in each agendum.

3.

Right of the Stakeholders

The Company respects the rights of the stakeholders and has established the conduct guidelines in the Companyûs code of ethics to assure that any rights under the relevant laws of the stakeholders, staff members, trading parties, creditors, customers, competitors and community and to conduct the Companyûs business operation fairly to every party as follows: Staff members: The Company treats all staff members equally, fairly, reasonably and remunerates them properly and plans for knowledge enhancement and growth potential.

Trading parties: The Company purchases goods and services from trading parties under the trading terms without taking unfair advantage and complies with the agreement made with every trading party in a candid and accurate manner.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 71

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Creditors: Customers:

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Competitors:

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Community:

The Company complies with the loan terms in the loan agreements in all respects.

The Company constantly pays attention and holds responsibility towards every customer, and towards the quality and product standards as advertised and keeps the customersû information confidential. There is a particular unit established for receipt of customersû complaint and prompt processing solution thereof. The Company also intends to create good conditions of life, enhance warmth in the family and maintain ongoing relations with the customers thorough various activities.

The Company acts within the frameworks and regulations of fair competitions by using allied competitor principles, which are to support each other in a manner that does not cause damage to the business nor the relationships.

The Company recognises the community and holds responsibility towards the communities that may be impacted by project developments; inspects and supports the aspects that may be beneficial to the community in the whole through governmental authorities or the authority established for inspection and control under the required standard.

4.

The Shareholdersû Meeting

5.

Leadership and Visions

To the Annual General Meeting of Shareholders 2005, the Company invited the Board of Directors. There were 12 directors and 5 audit committee present. The Chairman of the Board of Directors, who was an independent director, acted as the Chairman of the Meeting. The Company, according to tradition, declared the rights of the shareholders under the Companyûs Articles of Association, meeting proceedings, means of casting votes and the right to express their opinions. The Chairman of the Meeting allowed the shareholders to examine the Companyûs business operation, inquire and express their opinion as deemed appropriate. The important inquiry issues and comments shall be recorded in the Minutes of Meeting. The directors were assigned to answer all the inquiries raised by the shareholders to their satisfaction before casting votes or passing resolutions on each agendum. Vote casting shall be in an independent, transparent, and examinable manner. The Chairman of the Meeting shall allocate the time appropriately and adequately.

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The Board of Directors participate in the charting and approval of visions, commitments and budget funds of the Company. The report of progress on business and budget funds implementation must be made to the Board of Directors on ongoing basis.

The Board of Directors assigned the Audit Committee to strictly audit the internal control system and closely pursue the operation for the best benefit of the shareholders and stakeholders under good corporate governance principles.

The Board of Directors supervise the Executive Board to comply with the established policies. The Executive Board are empowered to administrate pursuant to the approved working plans and budget funds. In cases where the investment in projects or the activities were not specified in the approved work plan, their authority is limited to the approval of investment valued not over Baht 10 Million, and such must be submitted for the Board of Directorsû approval forthwith.

72 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

6.

Conflict of Interests

7.

Code of conduct

8.

Balance of Power for non-executiv e directors

9.

Consoli dation and separation of positions

The Company and the affiliated companies engaged in transactions in the normal trading business practice in which there are execution of the agreement, and pricing conducted in accordance with the normal business operation and did not cause conflict of interests as the shareholding proportion in the affiliated companies shall be treated as the same company-with only responsibilities being separated for clarity.

As to inter-transactions between the directors and staff members, the same principle is exercised as with ordinary customers. However, if benefits gained are extraordinary, the consideration over which shall be held shall be through resolutions adopted at the meeting. Every inter-transaction shall be audited by the internal audit department. In every report of the Audit Committee, there shall be reports of the preparation, size, necessity and reasons of inter-transactions.

The Executive Directors provides a business code of conduct for the Board of Directors and staff members to perform on the guidelines compatible with the good corporate governance policy and to high standards for the benefit of the Company, shareholders, directors, staff members, and other stakeholders.

The Companyรปs Board of Directors comprises 12 persons, as follows: Executive Directors 5 persons Non-Executive Directors 2 persons Independent Directors 2 persons The Independent Directors comprise 42% of the Board which is deemed to be the proportion of the independent directors and non-executive directors that can balance the power of the Managementรปs administration.

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The Chairman of the Board is an independent director and does not have any relations with the Management.

The Chairman of the Board is not the same person who assumes the managing director position in order to separate the power of formulating the supervision and administration policies.

10. Remuneration for Directors and the Management

The Company has clearly fixed the remuneration for the directors, which was approved by a Shareholdersรป Meeting through comparison with the same industry up to the practicable extent based on that reference. The directors who were assigned more duties and responsibilities shall have their remunerations reviewed to be appropriate with the increased duties and responsibilities. The Sub-Committee to determine remuneration was established to set out the outlines for remuneration determination of the directors, executives, and the staff members in order to sustain the equity and sensibility.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 73

10.1 Cash Compensation for 2005 Name/Title 1. Professor Mora Bunyaphala * Chairman and Independent Director 2. Mr. Pakorn Thavisin ** Chairman Vice Chairman 3. Professor Siri Keiwalinsrit Independent Director Chairman of Audit Committee 4. Mr. Vudhiphol Suriyabhivadh Independent Director Audit Committee 5. Mr. Thep Roongtanapirom Independent Director Audit Committee 6. Mr. Amornsuk Noparumpa *** Independent Director Audit Committee 7. Mr. Tirachai Panchasarp Director 8. Ms. Jongjit Thapanangkun Director Total Note:

Remuneration Annual Gratuity Total (Baht) (Baht/Year) for 2005 (Baht) 560,000 350,000 105,000 180,000 360,000 180,000 300,000 180,000 300,000 15,000 25,000 180,000 180,000 2,915,000

350,000

910,000

75,000

530,000

225,000

765,000

200,000

680,000

200,000

680,000

75,000 75,000 1,200,000

40,000 255,000 255,000 4,115,000

* Professor Mora Bunyaphala, the Chairman of the Board of Directors passed away on Saturday 30th July 2005. ** The Boardûs Meeting resolved to appoint Mr. Pakorn Thavisin to assume the position of the Companyûs Board of Directors effective from 11th August 2005, his remuneration therefore was made in proportion of positions held. *** The Boardûs Meeting resolved to appoint Mr. Amornsuk Noparumpa to assume the position of the Companyûs director effective from 29th November 2005 and also the position of the Audit Committee effective from 22nd December 2005.

10.2 Remuneration to the Executive Directors and Management The Companyûs Executive Directors and management are 7 persons in total who were entitled to the remuneration of Baht 31,921,430, consisting of salary, bonus, and provident fund of the Companyûs Executive Directors and management.

10.3 Other Remunerations The Company has established a Provident Fund for staff members. The staff members shall make a contribution to the provident fund at the voluntary rate of 2-4% of their salary and the Company at the rate of 3-7% of the salary conditional upon working years with the Company.

11. Board of Directors Meetings

The Board of Directors were convened on a regular basis. In this regard, the Directorûs office was responsible for scheduling the meetings of Board of Directors, Executive Directors, and Audit Committee in advance on an annual basis. The invitation for meetings, agenda, and meeting supporting documents were served in advance in order to allow the directors enough time to study this information before the meeting. Each session of meeting takes around 2.30 hours. In every meeting, each director shall make an appraisal of the meeting and acknowledge the summary of the appraisal and all the comments for further improvement of the meeting. Minutes of meetings were made in writing, and reports filed that were approved by the Board of Directors ready for any directors and concerned parties to examine.

74 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

12. Sub-Committee

The Board of Directors appointed sub-committees to screen any matters to be introduced into the Boardûs consideration during 2005 as follows: Audit Committee was first established on 1st February 2000, with the office validity of 2 year-term. In 2005, the former Audit Committee was re-elected for another term from 1st February 2006 to 30th April 2008.

The Audit Committee has their annual meeting clearly scheduled. A meeting for consideration of the Companyûs balance sheet held each quarter and the representative from the auditor shall be invited to make inquiries and answer any doubts raised. The minutes of meetings will be prepared and presented to the Board of Directors at every session.

Remuneration Sub-Committee: The Board of Directors appointed the Remuneration Determination Sub-Committee th on 11 November 2005 (the Boardûs Meeting No. 6/2005). The Remuneration Determination Sub-Committee was assigned to determinate for the year, outlines for remuneration, meeting allowances and other benefits of the Companyûs Board of Directors, Executive Directors, and the staff member.

13. Control System and Internal Audit

The Board of Directors encouraged good corporate governance by assigning the Audit Committee to coordinate with the certified auditor to audit the system of financial statements for its accuracy and completeness.

The Companyûs Internal Audit Department was committed to audit and estimate the function of the relevant systems and give advice to correct performance pursuant to policies. Also, the Company always adjusted business policies to be flexible and appropriate to market conditions and relevant regulations. Also the Internal Audit Department directly reported to the Audit Committee and was designated obvious duties and plans for each year concentrating on benefits and protection of stakeholders to a suitable and fair standard.

14. Board of Directors Report

The Board of Directors is responsible for the consolidated financial statements of the Company and affiliated companies and financial information which appear in the Annual Report. The financial statements comply with the normal recognized accounting standards in Thailand.

The Board of Directors also set up an Internal Control System to ascertain that accounting data is correct and complete and prepared in an adequate manner in order to maintain and preserve assets, and to prevent fraud or malpractice.

15. The Relationships with the Investors

The Board of Directors takes seriously accurate, complete, transparent and thorough disclosure of financial data, general information including significant data that may impact upon the Companyûs securities value, the Board regularly disseminates the aforementioned information through various proper channels. Contact with investors, analysts and media is the responsibility of the Executive Directors to provide the details in by participation in the activity arranged by the Stock Exchange of Thailandûs so-called Opportunity Day, in which analysts wil be invited to the Company and taken on a tour to review the progress of each project. Also, the Executive Board must arrange and prepare a report on progress of each project and constantly avail the analyst with informations for investors.

When invited by the press or analyst to provide opinions or disseminate any information, the Board Office shall be responsible for coordination and facilitation in all respects to all the related parties. The shareholders and the public can obtain information and news service the investor relations department at Tel. 02-285-5011 ext. 133 or web site www.lpn.co.th.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 75

®√√¬“∫√√≥∑“ß∏ÿ√°‘® LPN Code of Conduct

®√√¬“∫√√≥∑“ß∏ÿ√°‘®¢Õߧ≥–°√√¡°“√ ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

®√√≥¬“∫√√≥¢Õߧ≥–°√√¡°“√©∫—∫π’È ®—¥∑”¢÷Èπ‚¥¬¡’®ÿ¥ª√– ߧå‡æ◊ËÕ„Àâ°√√¡°“√¢Õß∫√‘…—∑¬÷¥∂◊Õ‡ªìπ·π«∑“ߪؑ∫—µ‘‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ ·≈–· ¥ß∂÷ߧ«“¡¡ÿàß¡—Ëπ¢Õß°√√¡°“√∑’Ë®–ªØ‘∫—µ‘µ“¡¡“µ√∞“π¥â“π®√‘¬∏√√¡ ‡æ◊ËÕª√–‚¬™πå µàÕ∫√‘…—∑ ºŸâ∂◊ÕÀÿâπ æπ—°ß“π ·≈–ºŸâ¡’ à«π‰¥â‡ ’¬Õ◊ËπÊ §≥–°√√¡°“√¢Õß∫√‘…—∑ ∂◊Õ‡ªìπºŸâ°”Àπ¥π‚¬∫“¬„π°“√∫√‘À“√Õߧå°√ ·≈–«“ßÀ≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√ ‡æ◊ËÕ„Àâ°“√¥”‡π‘π °‘®°“√‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–∫√√≈ÿµ“¡«—µ∂ÿª√– ߧå¢Õß«‘ —¬∑—»πå·≈–æ—π∏°‘® ·≈–®“°°“√∑’Ë∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ‰¥â√—∫§«“¡‡™◊ËÕ¡—Ëπ„π¡“µ√∞“π°“√¥”‡π‘π∏ÿ√°‘® ®“°ºŸâ∂◊ÕÀÿâπ π—°≈ß∑ÿπ ·≈– “∏“√≥™π∑—Ë«‰ª àߺ≈„Àâ°√√¡°“√¢Õß ∫√‘…—∑∑ÿ°∑à“π®–µâÕߪؑ∫—µ‘µ“¡¢âÕ∫—≠≠—µ‘·≈–‡®µπ“√¡≥å¢ÕßÆÀ¡“¬ ¥â«¬§«“¡√Õ∫§Õ∫·≈–‡Õ“„®„ à √«¡∂÷ß°“√ªØ‘∫—µ‘µπ„À⇪ìπ·∫∫ Õ¬à“ß∑’Ë¥’µàÕæπ—°ß“π ‡æ◊ËÕ√—°…“™◊ËÕ‡ ’¬ß·≈–¿“ææ®πå∑’Ë¥’¢Õß∫√‘…—∑∑’Ë √â“ß¡“„Àâ§ßÕ¬Ÿàµ≈Õ¥‰ª

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ªØ‘∫—µ‘Àπâ“∑’˥⫬§«“¡´◊ËÕ —µ¬å ÿ®√‘µ ¬÷¥¡—ËπµàÕ§«“¡®√‘ß ·≈–‰¡à‡≈◊Õ°ªØ‘∫—µ‘®“°§«“¡·µ°µà“ߥâ“π‡™◊ÈÕ™“µ‘ »“ π“ ‡æ» ∂“π¿“æ ¡√ À√◊Õ§«“¡‰√â ¡√√∂¿“æ∑“ß√à“ß°“°√√¡°“√®–¬÷¥¡—ËπµàÕ§«“¡®√‘ß ·≈–®–‰¡à∑”„À⇰‘¥§«“¡‡¢â“„®º‘¥∑—Èß‚¥¬∑“ßµ√ß·≈–∑“ßÕâÕ¡ ®–‰¡à查À√◊Õ°√–∑”°“√ Õ—π‡ªìπ‡∑Á® ·≈–®–‰¡à°àÕ„À⇰‘¥§«“¡‡¢â“„®º‘¥‚¥¬≈–‡«âπ°“√查 À√◊Õ°“√ªØ‘∫—µ‘

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°“√¥”‡π‘π∏ÿ√°√√¡ à«πµ—« ·≈–°“√√—°…“§«“¡≈—∫

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°“√‡ªî¥‡º¬‡√◊ËÕߺ≈ª√–‚¬™πå

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°“√¬÷¥∂◊ժؑ∫—µ‘µ“¡°ÆÀ¡“¬

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°“√„Àâ‚Õ°“ ºŸâ∂◊ÕÀÿâπÕ¬à“߇∑à“‡∑’¬¡°—π

¬÷¥∂◊ժؑ∫—µ‘µ“¡°ÆÀ¡“¬ °Æ‡°≥±å ·≈–¢âÕ°”Àπ¥∑’ˇ°’ˬ«¢âÕß°—∫°“√¥”‡π‘π∏ÿ√°‘® ·≈–®–‰¡à„™â™àÕß«à“ߢÕß°ÆÀ¡“¬ ¢âÕ ∫—ߧ—∫ ¢âÕ°”Àπ¥ ‡æ◊ËÕª√–‚¬™πå¢Õß∫√‘…—∑À√◊Õª√–‚¬™πå à«πµπ‚¥¬¡‘™Õ∫ √—°…“ ‘∑∏‘ª√–‚¬™πå¢ÕߺŸ∂â Õ◊ Àÿπâ µ“¡Àπâ“∑’∑Ë ’ˉ¥â√∫— §«“¡‰«â«“ß„® ·≈–§”π÷ß∂÷ß ‘∑∏‘ª√–‚¬™πå¢ÕߺŸ¡â ’ «à π‰¥â‡ ’¬Õ◊πË Ê °—∫∫√‘…∑—

76 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

°“√ªØ‘∫—µ‘Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫¢Õߧ≥–°√√¡°“√ ·∫àßÕÕ°‡ªìπ

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Àπâ“∑’˵àÕ∫√‘…—∑ Àπâ“∑’˵àÕºŸâ∂◊ÕÀÿâπ Àπâ“∑’µË Õà æπ—°ß“π Àπâ“∑’˵àÕºŸâ¡’ à«π‰¥â‡ ’¬Õ◊ËπÊ

§«“¡√Õ∫§Õ∫„π°“√ªØ‘∫—µ‘Àπâ“∑’Ë

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L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 77

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Code of Conduct of the Board of Directors of L.P.N. Development Public Company Limited

This Code of Conduct of the Board of Directors was established with the intention to set performance guidelines for the directors in consistent with their good corporate governance and for the directors to comply with ethical standards for the benefit of the Company, shareholders, staff members, and other stakeholders.

The Companyรปs Board of Directors established the administration policies and laid down the governance principles to enable the productive operation and achieving the goal in respect of visions and commitments. As L.P.N. Development Public Company Limited was accredited for the operation standards from the shareholders, investors and public, every member of the Board subsequently abided by the law provisions and intentions with discreetness together with attention, and behaves as the role model for sake of perpetual reputation and image of the Company.

The Code of Conduct of the Board of Directors comprises: 1. Honesty, justice and morality

Honest performance, truthfulness and non-discrimination either by race, religion, gender, marital status or physical disabilities must be maintained.

The Directors must attach to only the truth; and avoid creating misunderstandings either directly or indirectly or through omission in speaking or acting and speaking or acting falsely.

2.

Independency

3.

Personal transactions and confidentiality

4.

Disclosure of matter of benefits

5.

Compliance with laws

6.

Equal opportunity for every shareholder

Decision making and duty performance must be independent and personal benefits (whether in the form of money or otherwise) not be allowed to overcome the independency of using the complete and accurate information and sensibility in duties performance.

Any personal transaction processed by the directors must be completely set aside from that of the Company if such director acted on behalf of the Company.

The directors were neither allowed to use the Companyรปs name in processing personal business or get involved with other activities that may undermine the reputation of the Company nor disclose the confidential information of the customers, staff members, and operation of the Company to the third parties nor abuse information obtained in their capacity as director.

All directors shall divulge to the Company any benefits from private business, any other businesses and any other matters that may create a conflict of interest or may attribute to conflicts of interest.

Any actions of the directors with the Company shall be sustained at a suitable level avoiding conflict of interests that may happen or are perceived to happen.

The directors shall comply and observe the relevant laws, requirements or provisions and shall not illegally exploit loopholes in the laws, requirements or provisions for the benefits of the Company or themselves.

The directors shall, being entrusted, protect the benefits of the shareholders and realize the benefits of any other stakeholders.

Duty performance and responsib ilities of the Board can be divided into: 1.

2.

Duty towards the Company Duty towards the Shareholders

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 79

3.

4.

Duty towards the staff members Duty towards other stakeholders

Circumspection over the performance of duties 1.

2.

3.

4.

5.

6.

7.

8.

9.

Attend every Boardûs Meeting and give advance notice in case being unable to attend; Explore information available that may impact the Companyûs business; Study relevant law provisions, regulations, or requirements that may impact the performance in capacity of the Companyûs director; Spend quality time on discreetly reviewing all information in advance; Consider and give opinions independently in case any director is in contrast with the meetingûs resolution; Encourage communications between the Board and the Certified Auditor to ensure the independent and effective performance of the certified auditor to which the cooperation from the management and internal audit department must be given; Perform the duties in the capacity of director in compliance with the relevant laws, regulations, provisions, requirements along with the business and ethical standards; Obtain additional information or explanation from the management or consultants of the Company; whenever doubts are raised; Not do any acts which may arouse reproach on honesty and justice either to oneself or oneûs family for demanding, receiving or agreeing to receive any payments, gifts or any other benefits from the persons who are in any ways connected to the Companyûs business such as customers, contractors, traders etc. except given for any traditional occasion or festival, but not too unreasonably costly or given in unusual manner.

Conflict of interests 1.

2.

3.

4.

5.

No authority in the capacity of director shall be exploited for personal benefits or that of acquaintances either directly or indirectly; It shall be notified to the Company promptly for the following reasons: Accepting the invitation to act as the director or the consultant of the other company.

Any director and family member participates in or holds shares in any business which may be favourable or cause interest conflict with the Company.

Stakes either direct or indirect in any agreements executed with the Company must have its nature, parties thereto, and interest therein specified.

Holding securities or the debentures of the Company or its subsidiary companies must have numbers and changes of shares specified.

Avoid creating conflict of interest. If there are any conflict, the directors must consider to refrain to participate in discussion or express opinions or refrain to cast the votes in such meeting or not attend in such meeting or not to receive the documents of the relevant agendum or consider resignation from director position, if such conflict is material.

Vigilantly treat the prospect of conflict of interest matters whilst holding office in management or in the capacity of a director in whom the shareholders trust.

Not get involved in the Companyûs share sales or purchase Company shares for short-term investment.

Use of the Companyûs information 1.

2.

3.

Not to abuse information received in capacity of the Companyûs director; Not to disclose any data that is a trade secret or any information that may impact on business processes with a third party.

Not to notify any information unknown to the public that may impinge on the Companyûs share value.

80 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

4.

5.

6.

Attentively prevent any confidential information being divulged to non-associated persons.

Not to use in-house information for personal benefit especially that essential to variations of the share price that are unknown to the public.

Not to disclose any information which may impinge on the Companyûs share value and are unknown to the public as follows: Speculation Issuance of new securities Borrowings Any prospect business takeover Newly invested projects Problems on liquidity

The Code of Conduct of the Staff members of L.P.N. Development Public Company Limited

L.P.N. Development Public Company Limited operates the business of real estate development and holds liability towards any stakeholders, i.e., shareholders, customers, trading partners, contractual parties, and staff members and also the society. With that said, every staff member of the Company is encouraged to press the Company along the way to the goal of visions established by the Company.

The Company is determined that every staff member must be realize its liability arising out of being entrusted for business operation. To drive the business up to success, stability and accountability gained from the customers, shareholders, and public, the Company had established the code of conduct to be the performance and conduct guidelines for the staff members.

The code of conduct of the staff members was established to be the initial guidelines for the staff members for ethical performance, and as tool for warning the staff members to work prudentially, and preventing the staff members violating any regulations, rules, requirements or corrupting the Companyûs reputation.

The Company assigned the Human Resources Department to take charge of checking on the staff membersû compliance of the code of conduct, on which the head of each department shall monitor the staff members to observe of the provided requirements.

The Code of Conduct of the Staff members which can be divided into the 10 sub-clauses accompanying with the detailed explanation and was handed out to every staff member as the performance guidelines, contain the following issues: Scope; Compliance and Companyûs regulations observance; Accountability of information; Confidentiality protection of information; Communications; Use of in-house information to trade securities; Harassment; Gambling, alcohol drinking and narcotics Giving and receiving any gifts or entertainment; Doing other tasks or other activities

Moreover, for common performance guidelines, the staff memberûs duty and responsibilities was established corresponding to its duties towards customers, shareholders, supervisors, colleagues and himself, and also towards the conflicts of interests, and use of Companyûs information.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 81

°“√§«∫§ÿ¡¿“¬„π Internal Control

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Opinion of the Board of Directors in relation on Internal Control To:

Secretary-General The Securities and Exchange Commission

The Company没s Board of Directors jointly reviewed and approved the annual plan of 2005 which comprised visions, commitments, business operation strategies, performance plan, investment funds, and annual expenses as guidelines for supervision based on the Balance Scorecard and Key Performance Indicators (KPIs) systems through examination and appraisal conducted quarterly and also revised the authority and duties of the Executive Board / Managing Director including the management at all levels for effective and expedient performance corresponding to the performance outlines of the Audit Committee, who implemented 5 components of the internal control under standards of COSO or Committee of Sponsoring Organizations of the Tread Way Commission.

In view of the report of the Audit Committee and of the Certified Auditor, it is apparent that the Company没s Board of Directors and management realized the significance of good internal control systems and were able to control those systems to be strictly complied with, therefore no material errors were detected in the results of either report.

The Company没s Board of Directors is therefore confident that the Company没s internal control system is adequate and proper to be implemented for supervision and close follow up of performance to achieve the common ultimate goals.

Respectfully yours,

Pakorn Thavisin Chairman

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 83

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µ“¡∑’ Ë ”π—°ß“πœ ‰¥âµ√«® Õ∫ß∫°“√‡ß‘π¢Õß∫√‘…∑— ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ”À√—∫ªï π‘È ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈–‰¥â‡ πÕ√“¬ß“π°“√µ√«® Õ∫≈ß«—π∑’Ë 28 °ÿ¡¿“æ—π∏å 2549 ‰ª·≈â«π—Èπ ”π—°ß“πœ ¢Õ‡√’¬π«à“„π°“√µ√«® Õ∫ß∫°“√‡ß‘π ¥—ß°≈à“«µ“¡¡“µ√∞“π°“√ Õ∫∫—≠™’∑√’Ë ∫— √Õß∑—«Ë ‰ª ‡æ◊ÕË · ¥ß§«“¡‡ÀÁπ«à“ß∫°“√‡ß‘ππ’·È ¥ß∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π‚¥¬∂Ÿ°µâÕß µ“¡∑’˧«√ „π “√– ”§—≠µ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ªÀ√◊Õ‰¡à‡æ’¬ß„¥π—Èπ ”π—°ß“πœ ‰¥â»÷°…“·≈–ª√–‡¡‘πª√– ‘∑∏‘¿“æ°“√§«∫§ÿ¡ ¿“¬„π¥â“π∫—≠™’¢Õß∫√‘…—∑µ“¡∑’ˇÀÁ𮔇ªìπ‡æ◊ËÕª√–‚¬™πå„π°“√°”Àπ¥¢Õ∫‡¢µ¢Õß°“√ªØ‘∫—µ‘ß“πµ√«® Õ∫„Àâ√—¥°ÿ¡·≈–‡À¡“– ¡ ´÷Ëß ”π—°ß“πœ ‰¡àæ∫¢âÕ∫°æ√àÕß∑’ˇªìπ “√– ”§—≠¢Õß√–∫∫°“√§«∫§ÿ¡¿“¬„π¥â“π∫—≠™’∑’Ë®–¡’º≈°√–∑∫Õ¬à“߇ªìπ “√– ”§—≠„π°“√· ¥ß §«“¡‡ÀÁπµàÕß∫°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ¡’§«“¡√—∫º‘¥™Õ∫„π°“√®—¥„Àâ¡’√–∫∫§«∫§ÿ¡¿“¬„π¥â“π °“√∫—≠™’·≈–§«∫§ÿ¡„Àâ¡’°“√ªØ‘∫—µ‘µ“¡√–∫∫¥—ß°≈à“«Õ¬à“߇§√àߧ√—¥ „π°“√π’ȵâÕß„™â°“√ª√–¡“≥°“√·≈–¥ÿ≈¬æ‘π‘®‚¥¬æ‘®“√≥“∂÷ß º≈ª√–‚¬™πå∑’˧“¥«à“®–‰¥â√—∫·≈–µâπ∑ÿπ∑’ˇ°‘¥¢÷Èπ®“°°“√„™â√–∫∫°“√§«∫§ÿ¡π’È √–∫∫°“√§«∫§ÿ¡¿“¬„π¥—ß°≈à“«„À⧫“¡¡—Ëπ„®·°à ΩÉ“¬∫√‘À“√µ“¡ ¡§«√ Õ¬à“߉√°Áµ“¡ ”π—°ß“πœ ¢Õ‡√’¬π«à“„π°“√µ√«® Õ∫∫—≠™’ ”π—°ß“πœ ¡‘‰¥âµ√«® Õ∫∑ÿ°√“¬°“√ À“°·µà„™â«∏‘ °’ “√∑¥ Õ∫‡∑à“π—πÈ πÕ°®“°π—Èπ°“√»÷°…“·≈–°“√ª√–‡¡‘πª√– ‘∑∏‘¿“æ√–∫∫°“√§«∫§ÿ¡¿“¬„π¥â“π∫—≠™’¡’«—µ∂ÿª√– ߧå‡æ’¬ß‡æ◊ËÕª√–‚¬™πå„π°“√ Õ∫∫—≠™’ ¥—ß°≈à“«‰«â¢â“ßµâπ ¥—ßπ—Èπ®÷߉¡àÕ“®™’È„Àâ‡ÀÁπ∂÷ߢâÕ∫°æ√àÕß∑—ÈßÀ¡¥∑’ËÕ“®¡’Õ¬Ÿà„π√–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑‰¥â ”π—°ß“πœ ¢Õ¢Õ∫§ÿ≥‡®â“Àπâ“∑’Ë¢Õß∫√‘…—∑∑’ˉ¥â„À⧫“¡√à«¡¡◊Õ„π°“√µ√«® Õ∫∫—≠™’¢Õß∫√‘…—∑‡ªìπÕ¬à“ߥ’ (µ“¡Àπ—ß ◊Õ¢Õß ”π—°ß“π Õ∫∫—≠™’ ¥’ ‰Õ ‡Õ ‡ πÕ∂÷ß ‡≈¢“∏‘°“√ ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å ‡≈¢∑’Ë ‚Õ. 210014/2549 ≈ß«—π∑’Ë 14 °ÿ¡¿“æ—π∏å 2549)

84 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

Opinion of the Auditor in connection with Internal Control To

Secretary-General The Securities and Exchange Commission

We had conducted audit of the financial statement of L.P.N. Development Public Company Limited as at the year ended 31st December 2005 and presented its report dated 28th February 2006, we would like to advise that we have audited the said financial statement in accordance with generally accepted auditing standards to express an opinion that whether and how they presented the financial status and operational results correctly in accordance with the generally accepted accounting principles. We have studied and estimated the efficiency of the Companyรปs internal control in accounting respect as required to concisely and properly limit the scope of audit from which we found no material errors in the accounting internal control system which may essentially impinge the opinion to be expressed on the financial statement as at 31st December 2005.

The Management of L.P.N. Development Public Company Limited takes charge of organising the accounting internal audit system and monitoring the strict compliance with the same. This required the estimate and discretion gauging over the potential benefits and possible costs arising out of implementation of this system. This internal control system properly assured the management somewhat.

However, we would like to report that our audit did not scrutinize every item but based on test basis and the above-referred study and estimate of the efficiency of the accounting internal control system purposely intending for sake of the aforementioned audit and not indicating all possible errors which may exist in the Companyรปs internal control.

We would hereby like to thank all the Companyรปs employees for their kind cooperation provided to our conducting of such audit.

(Quoted from the letter issued by D I A Audit office to the Secretary-General of the Office of the Securities and Exchange Commission No. O210014/2549 dated 14th February 2006)

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 85

√“¬°“√√–À«à“ß°—π Related - transactions

1.

√“¬°“√√–À«à“ß°—π∑’ˇ°‘¥¢÷Èπ°—∫∫√‘…—∑¬àÕ¬

„πªï 2548 ¡’√“¬°“√√–À«à“ß°—π∑’ˇ°‘¥¢÷Èπ°—∫∫√‘…—∑¬àÕ¬ ·≈–∫√‘…—∑√à«¡ ∑’ˉ¥â∑”°“√´◊ÈÕ¢“¬ À√◊Õµ°≈ß«à“®â“ß°—π ‚¥¬„™â ‡ß◊ËÕπ‰¢·≈–√“§“µ≈“¥‡™àπ‡¥’¬«°—∫∑’Ë∑”°—∫∫ÿ§§≈¿“¬πÕ° ≥ ¢≥–π—ÈπÊ √ÿª ≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ¥—ßπ’ȧ◊Õ 1.1

√“¬°“√√–À«à“ß°—π∑’ˇ°‘¥¢÷Èπ√–À«à“ß∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) °—∫∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ ´÷Ë߇ªìπ∫√‘…—∑¬àÕ¬ ‰¥â·°à

ß“π 1. °“√∫√‘À“√ß“π°àÕ √â“ß‚§√ß°“√ 2. °“√∫√‘À“√ß“π¢“¬·≈–ß“π‚Õπ°√√¡ ‘∑∏‘Ï 3. °“√∫√‘À“√·≈–®—¥‡°Á∫√“¬‰¥â∑’ˮե√∂ - §à“∫√‘À“√·≈–®—¥°“√∑’ˮե√∂ (3% ¢Õß√“¬‰¥â) - §à“®—¥‡°Á∫√“¬‰¥â∑’ˮե√∂ 4. °“√∫√‘À“√ß“π¥â“πÕ“§“√™ÿ¥ 5. °“√√—°…“§«“¡ –Õ“¥ - ”π—°ß“π ≥ Õ“§“√≈ÿ¡æ‘π’ ∑“«‡«Õ√å ™—Èπ 36 - ≈“π®Õ¥√∂ - ≈ÿ¡æ‘π’ ‡√ ´‘‡¥π´å 6. °“√√—°…“§«“¡ –Õ“¥ß“π°àÕ √â“ß 7. °“√∫√‘À“√ÀâÕ߇™à“ - ÀâÕß™ÿ¥æ—°Õ“»—¬ ≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√å ·Œªªïô·≈π¥å Õ“§“√ E - ÀâÕß™ÿ¥‚§√ß°“√ ≈ÿ¡æ‘π’ ∑“«‡«Õ√å, ’Ëæ√–¬“ √‘‡«Õ√å«‘« ·≈– ≈ÿ¡æ‘π’ ‡æ≈ “∑√ - ”π—°ß“π‚§√ß°“√ ≈ÿ¡æ‘π’ ∑“«‡«Õ√å ·≈– ·Õ≈.æ’.‡ÕÁπ. ∑“«‡«Õ√å 8. °“√∫√‘À“√·≈–®—¥°“√ß“πÕ“§“√ ≈ÿ¡æ‘π’ ‡√ ´‘‡¥π´å - ¡°√“§¡ - °√°Æ“§¡ 2548 - ‘ßÀ“§¡ 2548 - °—𬓬π - ∏—𫓧¡ 2548 9. °“√∫√‘°“√∫”√ÿß√—°…“Õ“§“√ ≈ÿ¡æ‘π’ ‡√ ´‘‡¥π´å 10. °“√∫√‘°“√∫”√ÿß√—°…“ 11. §à“‡™à“·≈–∫√‘°“√ ”π—°ß“π Õ“§“√≈ÿ¡æ‘π’ ∑“«‡«Õ√å 1.2

®”π«π (‚§√ß°“√) 8 9

®”π«π‡ß‘πµ“¡ —≠≠“ (∫“∑) 40,790,000.00 140,694,711.67

2 2 5

328,678.70 60,000 ∫“∑ / ‡¥◊Õπ 4,140,000.00

2 -

20,000 ∫“∑ / ‡¥◊Õπ / ‚§√ß°“√ 8,500 ∫“∑ / ‡¥◊Õπ / ‚§√ß°“√ 45,000 ∫“∑ / ‡¥◊Õπ / ‚§√ß°“√ µ“¡ß«¥∑’˪Ƒ∫—µ‘ß“π®√‘ß

1

500 ∫“∑ / ‡¥◊Õπ / ÀâÕß

3

1,500 ∫“∑ / ‡¥◊Õπ / ÀâÕß

2

5,000 ∫“∑ / ‡¥◊Õπ / ÀâÕß

1

90,000 ∫“∑ / ‡¥◊Õπ 120,000 ∫“∑ / ‡¥◊Õπ 106,000 ∫“∑ / ‡¥◊Õπ 27,000 ∫“∑ / ‡¥◊Õπ √“§“µ≈“¥µ“¡≈—°…≥–ß“π 100,000 ∫“∑ / ‡¥◊Õπ

√“¬°“√√–À«à“ß°—π∑’ˇ°‘¥¢÷Èπ√–À«à“ß∫√‘…—∑ æ√ —𵑠®”°—¥ °—∫ ∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ ‰¥â·°à ß“π

1. °“√∫√‘À“√ÀâÕ߇™à“ 2. °“√∫√‘°“√∫”√ÿß√—°…“

86 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

®”π«π (‚§√ß°“√) -

®”π«π‡ß‘πµ“¡ —≠≠“ (∫“∑) 1,500 ∫“∑ / ‡¥◊Õπ / ÀâÕß √“§“µ≈“¥µ“¡≈—°…≥–ß“π

2.

°“√°Ÿâ¬◊¡√–À«à“ß°—π ≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ºŸâ„Àâ°Ÿâ

ºŸâ°Ÿâ

∫¡®.·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ∫¡®.·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å

∫®.æ√ —𵑠∫®.·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å

≈—°…≥– ®”π«π‡ß‘π °“√°Ÿ¬â ¡◊ (≈â“π∫“∑) µ—Ϋ —≠≠“„™â‡ß‘π 60.07 µ—Ϋ —≠≠“„™â‡ß‘π

200

√–¬–‡«≈“ AT CALL

Õ—µ√“¥Õ°‡∫’È(%) -

1 µ.§. 47-31 æ.§. 48 1 ¡‘.¬. 48-14 ¡’.§. 49

5 9

§«“¡®”‡ªìπ·≈–§«“¡ ¡‡Àµÿ ¡º≈¢Õß√“¬°“√√–À«à“ß°—π ®“°º—ß‚§√ß √â“ß°“√≈ß∑ÿπ¢Õß∫√‘…—∑ ®–‡ÀÁπ‰¥â«à“ ∫√‘…—∑∂◊ÕÀÿâπ„π∫√‘…—∑¬àÕ¬∑—ÈßÀ¡¥ ·≈–¡’∫√‘…—∑√à«¡∑ÿπÕ’° 1 ∫√‘…—∑ ‚¥¬¡’°“√·∫àß·¬°¢Õ∫‡¢µ¿“√–Àπâ“∑’Ë√–À«à“ß∫√‘…—∑ ∫√‘…—∑¬àÕ¬ ·≈–∫√‘…—∑√à«¡Õ¬à“ß™—¥‡®π ´÷Ëß®–∑”„Àâ¡’§«“¡§≈àÕßµ—«„π°“√ ∫√‘À“√®—¥°“√ ”À√—∫º≈ª√–‚¬™πå∑Ë’‰¥â√—∫„π·µà≈–∫√‘…—∑®–π”¡“√«¡‡ªìπß∫°“√‡ß‘π√«¡ ®÷߉¡à‡°‘¥°“√¢—¥·¬â߇√◊ËÕߺ≈ª√–‚¬™πå ‡π◊ËÕß®“°ß“π°àÕ √â“ß·≈–ß“π∫√‘°“√‡ªìπß“π∑’˵âÕß°“√§«“¡≈–‡Õ’¬¥·≈–§ÿ≥¿“æ Ÿß ÿ¥ ‡æ◊ËÕ„Àâ≈Ÿ°§â“·≈–ºŸâÕ¬ŸàÕ“»—„πÕ“§“√™ÿ¥ ¡’§«“¡‡™◊ËÕ¡—Ëπ·≈–æ÷ßæÕ„® ´÷Ëß®“°ª√– ∫°“√≥å §ÿ≥¿“æ¢Õßß“π∑’Ë àß¡Õ∫ ·≈–™◊ËÕ‡ ’¬ß¢Õß∑’¡ß“π„π∫√‘…—∑¬àÕ‡ªìπ∑’¬Ë Õ¡√—∫°—π‚¥¬∑—«Ë ‰ª Õ’°∑—ßÈ °“√¡Õ∫À¡“¬ß“π„Àâ∫√‘…∑— ¬àÕ¬‡ªìπºŸ¥â ”‡π‘π°“√π—πÈ ∫√‘…∑— “¡“√∂§«∫§ÿ¡·≈–¥Ÿ·≈‰¥âÕ¬à“ß„°≈♥‘ ª√–°Õ∫°—∫§à“∫√‘°“√∑’˵°≈ß°—π°Á‡ªìπ√“§“µ≈“¥‚¥¬∑—Ë«‰ª·≈–‡ªìπ∏√√¡ ¢—ÈπµÕπ°“√Õπÿ¡—µ‘∑”√“¬°“√ √“¬°“√√–À«à“ß°—π∑’ˇ°‘¥¢÷Èπ®–𔇠πÕ„π√Ÿª·∫∫¢Õß·ºπß“π∏ÿ√°‘®ª√–®”ªï ‚¥¬ºà“π°“√æ‘®“√≥“¢Õߧ≥–°√√¡°“√ ∫√‘À“√ ·≈–§≥–°√√¡°“√∫√‘…—∑ ‡æ◊ËÕÕπÿ¡—µ‘ß∫ª√–¡“≥ ®“°π—ÈπºŸâ∑’ˇ°’ˬ«¢âÕß®–¥”‡π‘π°“√ºà“π “¬ß“π ·≈–„À⺟⡒Քπ“®≈ß π“¡Õπÿ¡—µ‘„π∑’Ë ÿ¥ ‚¥¬°”À𥇪ìπ«ß‡ß‘πÕπÿ¡—µ‘„π·µà≈–µ”·Àπàß∑’Ë·πàπÕπ ∑—Èßπ’È ¡’°“√µ√«® Õ∫°“√∑”√“¬°“√‚¥¬ΩÉ“¬µ√«® Õ∫¿“¬„πµ“¡‡°≥±å§«“¡‡æ’¬ßæÕ·≈–‡À¡“– ¡ ·π«‚πâ¡°“√∑”√“¬°“√√–À«à“ß°—π„πÕ𓧵 ®“°‡Àµÿº≈¥—ß°≈à“«¢â“ßµâπ°Á¬ß— ¡’§«“¡®”‡ªìπ„π°“√∑”√“¬°“√√–À«à“ß°—π‡æ◊ÕË „À⇰‘¥ª√–‚¬™πå ߟ ÿ¥µàÕÕߧå°√‚¥¬√«¡ ∑—ßÈ π’È À“°æ‘®“√≥“∂÷ߺ≈ß“π∑’˺à“π¡“‚¥¬‡©æ“–°“√∫√‘À“√Õ“§“√™ÿ¥·≈â« ®–‡ÀÁπ‰¥â«à“ °√√¡°“√¢Õß·µà≈–𑵑∫ÿ§§≈Õ“§“√™ÿ¥´÷Ë߇ªìπ ‡®â“¢Õß√à«¡„πÕ“§“√™ÿ¥·≈–‰¡à¡’ à«π‡°’ˬ«¢âÕß°—∫∫√‘…—∑‰¥â„À⧫“¡‰«â«“ß„®Õ¬à“ßµàÕ‡π◊ËÕß ®÷ßµàÕ —≠≠“°“√∫√‘À“√𑵑∫ÿ§§≈ Õ“§“√™ÿ¥∑ÿ°ªï ´÷Ëß· ¥ß„Àâ‡ÀÁπ∂÷ߪ√– ‘∑∏‘¿“æ°“√∫√‘À“√ß“π √“§“∑’ˇªìπ∏√√¡ ·≈–°“√ √â“ߧÿ≥¿“æ™’«‘µ∑’Ë¥’·°à™ÿ¡™π

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 87

1.

Related-transactions occurring in the affiliated-companies

In 2005, the affiliated-companies, and joint venture company engaged in purchase and sales or entered into employment agreements, under the same conditions and market price as the third parties at that time. As of 31st December 2005, all could be summed up as follows:

1.1

Related-transactions occurred between L.P.N. Development Public Co., Ltd. and Lumpini Property Management Co., Ltd.-the affiliated-company, that is

Description Number (Project) 1. Administration of project works 8 2. Administration on sale and transfer of title works 9 3. Administration and parking lot fee collection - Administration and management of parking lot 2 fee (3% of income) - Parking lot fee collection 2 4. Administration of condominium works 5 5. Cleaning - Office at Lumpini Tower, 36th Floor - Parking lot 2 - Lumpini Residence 6. Cleaning of construction site 7. Rooms rental services - Residential units, Lumpini Center Happyland, 1 Building E - Condominium units of Lumpini Tower, 3 Siphaya River View Project and Lumpini Place Sathorn Projects - Offices of Lumpini Tower 2 and L.P.N. Tower Projects 8. Administration and Management of Lumpini Residence Building - January - July 2005 - August 2005 - September - December 2005 9. Maintenance works of Lumpini Residence Building 10. Maintenance works 11. Rental and service fees of office in Lumpini Tower

88 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

1

Contracting Price (Baht) 40,790,000.00 140,694,711.67 328,678.70 Baht 60,000 / Month 4,140,000.00 Baht 20,000 / Month / Project Baht 8,500 / Month / Project Baht 45,000 / Month / Project Based on the number of works Baht 500 / Month / Room Baht 1,500 / Month / Room Baht 5,000 / Month / Room

Baht 90,000 / Month Baht 120,000 / Month Baht 106,000 / Month Baht 27,000 / Month At the market price based on the nature of work Baht 100,000 / Month

1.2

Related-transactions occurred between Pornsanti Co., Ltd. and Lumpini Property Management Co., Ltd. i.e.

Description 1. Room rental service 2. Maintenance works

2.

Number (Project) -

Contracting Price (Baht) Baht 1,500 / Month / Room At the market price based on the nature of work

Related Loans as at 31 st December 2005 Lender

Borrower

Type of Loan Amount Period Interest Rate (Million Baht) (%) L.P.N. Development Plc. Pornsanti Co., Ltd. Promissory 60.07 AT CALL Note L.P.N. Development Plc. Grand Unity Promissory 200 1 Oct 04-31 May 05 5.0 Development Co., Ltd. Note 1 June 05-14 Mar 06 Necessities and Logistical Benefit of Related-Transactions The Companyรปs investment structure plan says that the company wholly holds shares in all affiliatedcompanies and a joint venture company and it is the policy to distinguish the scope of duties between the Company, affiliated-companies and joint venture company to allow management and administrative flexibility. For the expected benefits in each company, they will be added up as an overall financial statement so conflict of interest wil not incur.

As the construction works and service works require refinement and a delicate quality for the end-users and residentsรป confidence and satisfaction, from past experience in this matter, the quality of the delivered works and the reputation of work teams in the affiliated-companies are generally acceptable. Also, assigning the works to the affiliated-companies to operate, the Company is able to keep close control and supervision, and their agreed service charge is normal and at a fair market price.

Steps in approving transactions Related-transactions incurred shall be presented in the form of an annual business plan and must pass the approval of the Executive Directors and the Companyรปs Board of Directors for granting the budget. Associated parties must then take action via their lines of control and finally offer them for the approval by authorized persons by setting certain budget limits of approval in each particular position. Transactions will be audited by the Internal Audit Department on regular and proper basis.

Trends of Related-transactions engagement in the future For such above reasons, it was still necessary to engage in related-transactions for the best benefit to the overall organization. Considering the past works results, particularly in the condominium works administration, it is indicated that directors of each juristic person condominium who are joint owners in each condominium and are not related to the company are stil pleased to be provided the services by affiliated-companies. This can confirm its efficiency and fair price and better life conditions given to the community.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 89

ªí®®—¬‡ ’Ë¬ß Risk Factors

1.

2.

3.

§«“¡‡ ’ˬ߄π¥â“π°≈¬ÿ∑∏å

°≈¬ÿ∑∏åÀ≈—°∑’∫Ë √‘…∑— ‡≈◊Õ°„™â„π°“√¥”‡π‘π∏ÿ√°‘® Õ—π‰¥â·°à °“√¡ÿßà ‡πâπ‡©æ“–°≈ÿ¡à (Focus Strategy) °“√¢“¬°àÕπ°“√°àÕ √â“ß °àÕ„À⇰‘¥§«“¡‡ ’ˬ߷°à∫√‘…—∑ ¥—ßπ’È 1.1 §«“¡‡ ’ˬß∑“ߥâ“πµâπ∑ÿπ Õ—π‡°‘¥®“°¿“«–º—πº«π¢Õß√“§“«— ¥ÿ ´÷Ëß àߺ≈°√–∑∫‚¥¬µ√ß®“°√“§“πÈ”¡—π‡ªìπÀ≈—° °“√®—¥°“√§«“¡‡ ’Ë¬ß ∫√‘…—∑‰¥â≈¥§«“¡‡ ’ˬߥ⫬«‘∏’À≈—° ¥—ßπ’È °. °“√‡æ‘Ë¡ª√– ‘∑∏‘¿“æ„π°“√∫√‘À“√µâπ∑ÿπ∑—Èß∑“ßµ√ß·≈–∑“ßÕâÕ¡ ‚¥¬¡’∫√‘…—∑¬àÕ¬‡ªìπºŸâ§«∫§ÿ¡¥Ÿ·≈Õ¬à“ß„°≈♑¥ ¢. °“√√à«¡°—πæ—≤π“‡∑§π‘§°“√°àÕ √â“ß∑’ˇÀ¡“– ¡√–À«à“ß∫√‘…—∑·≈–ºŸâ√—∫‡À¡“∑’ˇªìπæ—π∏¡‘µ√ §. °“√§«∫§ÿ¡√–¬–‡«≈“„π°“√æ—≤𓂧√ß°“√‰¡à„À⇰‘π 15 ‡¥◊Õπ 1.2 §«“¡‡ ’ˬ߄π‡√◊ËÕß°“√≈à“™â“¢Õß‚§√ß°“√ Õ—π‡°‘¥®“°°“√¢“¥·§≈πºŸâ√—∫‡À¡“ ·≈–·√ßß“π °“√®—¥°“√§«“¡‡ ’Ë¬ß ∫√‘…—∑‰¥â≈¥§«“¡‡ ’Ë¬ß ¥—ßπ’È °. °“√§—¥‡≈◊Õ°ºŸâ√—∫‡À¡“∑’Ë¡’§«“¡ “¡“√∂ §«“¡πà“‡™◊ËÕ∂◊Õ µ≈Õ¥®π¡’ª√– ∫°“√≥å¡“‡ªìπæ—π∏¡‘µ√°—∫∫√‘…—∑ ¢. °“√‡≈◊Õ°„™â«— ¥ÿÀ√◊Õ™‘Èπ à«π ”‡√Á®√Ÿª∑’Ë¡“°¢÷Èπ ‡æ◊ËÕ‡ªìπ°“√≈¥§«“¡®”‡ªìπ„π‡√◊ËÕß°“√„™â·√ßß“πΩï¡◊Õ ·≈–≈¥ √–¬–‡«≈“°àÕ √â“ß §. °“√√à«¡°—πæ—≤π“‡∑§π‘§°“√°àÕ √â“ß∑’ˇÀ¡“– ¡√–À«à“ß∫√‘…—∑·≈–ºŸâ√—∫‡À¡“∑’ˇªìπæ—π∏¡‘µ√ 1.3 °“√°√–®ÿ°µ—«¢Õß°≈ÿà¡≈Ÿ°§â“ Õ—π‡°‘¥®“°°≈¬ÿ∑∏å°“√¡ÿà߇πâπ‡©æ“–°≈ÿà¡ ´÷Ëß„π√–¬–¬“«Õ“®∑”„À⇰‘¥¿“«–Õÿª∑“π à«π‡°‘π °“√®—¥°“√§«“¡‡ ’Ë¬ß ∫√‘…—∑‰¥âÀ≈’°‡≈’ˬߧ«“¡‡ ’ˬߥ—ß°≈à“« ‚¥¬°“√°√–®“¬∑”‡≈°“√æ—≤π“®“°»Ÿπ¬å°≈“ß∏ÿ√°‘®‰ª¬—ß ∫√‘‡«≥‚¥¬√Õ∫∑’Ë¡’§«“¡Àπ“·πàπ Ÿß ¡’°“√§¡π“§¡ –¥«° æ√—Ëßæ√âÕ¡¥â«¬ “∏“√≥Ÿª‚¿§∑’˧√∫§√—π Õ’°∑—È߬—߇ªìπ∑”‡≈∑’Ë ¡’§«“¡µâÕß°“√∑’Ëæ—°Õ“»—¬Õ¬Ÿà Ÿß ‡™â𠂧√ß°“√ ≈ÿ¡æ‘π’ «‘≈≈å ÿ¢ÿ¡«‘∑ 77 À√◊Õ ‚§√ß°“√≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈â“ ‡ªìπµâπ

§«“¡‡ ’ˬß∑“ߥâ“π°“√¥”‡π‘πß“π

Õ—π‰¥â·°à°“√§«∫§ÿ¡§ÿ≥¿“æ¢Õß ‘π§â“„À≥⡓µ√∞“π ·≈–‡ªìπ∑’Ëæ÷ßæÕ„®µàÕ≈Ÿ°§â“„π°“√√—∫¡Õ∫·≈–‚Õπ°√√¡ ‘∑∏‘ÏÀâÕß™ÿ¥ °“√®—¥°“√§«“¡‡ ’Ë¬ß ∫√‘…—∑‰¥â≈¥§«“¡‡ ’Ë¬ß ¥—ßπ’È °. °“√®—¥µ—ÈßÀπ૬ߓπ∑’˧«∫§ÿ¡¥Ÿ·≈§ÿ≥¿“æ ‘π§â“‚¥¬‡©æ“– ‚¥¬°“√‡¢â“µ√«®§ÿ≥¿“æ ‘π§â“‡æ◊ËÕÀ“¢âÕ∫°æ√àÕß·≈–∑”°“√ ·°â‰¢°àÕπ°“√ àß¡Õ∫„Àâ≈Ÿ°§â“ ¢. °“√æ—≤π“º≈‘µ¿—≥±åÕ¬à“ßµàÕ‡π◊ËÕß ‚¥¬ΩÉ“¬«‘®—¬·≈–æ—≤π“¢Õß∫√‘…—∑ ‡æ◊ËÕÀ“®ÿ¥∫°æ√àÕßµà“ßÊ Õ—π‡°‘¥®“°°√–∫«π°“√ „π°“√ÕÕ°·∫∫∑’Ë¢“¥ª√– ‘∑∏‘¿“æ °“√‡≈◊Õ°„™â«— ¥ÿ À√◊Õ√“¬≈–‡Õ’¬¥∑“ߥâ“π ∂“ªíµ¬°√√¡∑’‰Ë ¡à‡À¡“– ¡ §. °“√‡≈◊Õ°„™â«— ¥ÿ ”‡√Á®√Ÿª‡æ◊ËÕ∑¥·∑π«— ¥ÿ∑’˵âÕߪ√–°Õ∫À√◊Õµ‘¥µ—Èß„π ∂“π∑’Ëπ—ÈπÊ ¡“°¢÷Èπ ‡π◊ËÕß®“°«— ¥ÿ ”‡√Á®√Ÿª ®– º≈‘µ®“°‚√ßß“π∑’¡Ë °’ “√§«∫§ÿ¡§ÿ≥¿“æ∑’¡Ë ¡’ “µ√∞“π·πàπÕπ ·≈–§ß∑’¡Ë “°°«à“°“√ª√–°Õ∫À√◊Õµ‘¥µ—ßÈ „πÀπà«¬ß“π‚¥¬µ√ß

§«“¡‡ ’ˬߥâ“π°“√‡ß‘π

„πªï 2548 ∫√‘…—∑‰¥â¡’·π«∑“ß°“√∫√‘À“√‡ß‘π„À⇰‘¥ ¿“æ§≈àÕßÕ¬à“߇撬ßæÕ„π°“√¥”‡π‘πß“π ‚¥¬¡’°“√¢Õ Project Loan Finance ®“° ∂“∫—π°“√‡ß‘π·≈–ÕÕ°µ—Ϋ·≈°‡ß‘π (B/E) ¡“‡ √‘¡ ¿“æ§≈àÕß æ√âÕ¡∑—Èß≈¥§«“¡º—πº«π¢ÕßÕ—µ√“¥Õ°‡∫’È·≈–≈¥§à“„™â®à“¬„π¥â“π¥Õ°‡∫’Ȭ®à“¬≈ß ∑”„Àâµâπ∑ÿπ∑“ß°“√‡ß‘π (Cost of Fund) Õ¬Ÿà„π√–¥—∫µË” ª√–°Õ∫°—∫„πªï 2548 ‡ªìπªï ÿ¥∑⓬„π°“√∑’ºË ∂Ÿâ Õ◊ Àÿπâ “¡“√∂„™â ∑‘ ∏‘„π„∫ ”§—≠· ¥ß ‘∑∏‘ ∑”„Àâ∫√‘…∑— ‰¥â√∫— ‡ß‘π‡æ‘¡Ë ∑ÿπ‡¢â“¡“Õ’°®”π«π 340.17 ≈â“π∫“∑ ∑”„Àâ ∞“π–∑“ß°“√‡ß‘π¡’§«“¡¡—Ëπ§ß„π√–¥—∫ Ÿß‚¥¬¡’Õ—µ√“ à«πÀπ’È ‘πµàÕ∑ÿπ ≥ «—π∑◊Ë 21 ∏—𫓧¡ 2548 Õ¬Ÿà‡æ’¬ß 0.51:1 ≈¥≈ß®“°ªï 2547 ∑’Ë¡’Õ—µ√“ 0.90:1 ·µàÀ“°æ‘®“√≥“‡©æ“–Àπ’È∑’Ë¡’¥Õ°‡∫’Ȭ Õ—µ√“¥—ß°≈à“«®–≈¥≈߇À≈◊Õ‡æ’¬ß 0.19:1 ‡∑à“π—Èπ ‡∑’¬∫°—∫ªï 2547 ∑’Ë ¡’Õ—µ√“ 0.69:1

90 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

1.

2.

3.

Strategic Risk

The key strategy adopted by the Company, i.e., Focus Strategy, Sales before construction, caused the Company to bear the following risk factors: 1.1 Risk on the cost aspect i nflicted by the fluctuation trend of material costs that mainly due to the soaring oil price.

Risk Management: The Company minimized the risk with the major steps being as follows: a. Enhancing the cost management efficiency directly and indirectly with close supervision by the subsidiary company. b. Adopting proper construction techniques in collaboration with the allied contractors. c. Timeframe control limited for development of each project not over 15 months

1.2

Risk on dela y of projects resulted from scarcity of suitable contractors and workers.

Risk Management: The Company minimized the risk as follows: a. Selecting skil ed, dependable and experienced contractors to join the alliance of the Company. b. Selecting finished materials or parts in higher numbers to lessen the necessity to use craftsmanship and reduce the construction period. c. Adopting proper construction techniques in collaboration with the allied contractors.

1.3

Concentration of the customer target resulted from Focus Strategy that may, in a long run, cause the surplus demand.

Risk Management: The Company avoided such risk by expanding the development area from Central Business District to the neighbouring areas in which the population is dense, transportation is convenient, public utilities are fully developed and the residence demand is great for the projects erected therein, such as Lumpini Vil e Sukhumvit 77 Project or Lumpini Place Pinklao Project etc.

Operational Risk:

Such as control over the product quality to meet the standards and satisfaction of the customers in respect of acceptance and ownership transfer of the condominium units.

Risk Management: The Company minimized the risk as follows: a. Establishing an authority particularly to control and inspect the quality of the products in order to ensure the product quality and to detect any defects and make them good before hand over to the customers. b. Continuing development of products conducted by the Companyรปs Research and Development Department to detect any defects caused by the process of inefficient design or improper selection of materials or architectural specifications. c. Preferring finished materials over material requiring assembly or installation in each site as the finished materials were manufactured by a factory that implemented certain quality control practices and are more consistent than those assembled or installed in the unit.

Financial Risk

In 2005, the Company encouraged management in generating adequate liquidity in business operation by applying Project Loan Finance from financial institutes and issuing Bills of Exchange to boost the liquidity and to control the fluctuation of interest rate and minimize the payment on payable interest-leading to decrease of cost of funds. Also, 2005 was the last year that the shareholders were able to exercise the right of warrants, raising the capital injected into the Company by Baht 340.17 Million, and sustaining the financial status at a high level. This was reflected in the ratio of the liabilities to capital as at 21st December 2005 being merely 0.51:1, less than that of 0.90:1 of 2004. However, if only liabilities bearing interest were to be considered, such rate shall be at 0.19:1 compared to that of 0.69:1 in 2004.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 91

ªí®®—¬Õ◊Ëπ∑’ËÕ“®¡’º≈°√–∑∫µàÕ°“√µ—¥ ‘π„®≈ß∑ÿπ Other Factors Impinging on the Investment Decision

1.

π‚¬∫“¬°“√®à“¬‡ß‘πªíπº≈

∫√‘…—∑¡’π‚¬∫“¬„π°“√®à“¬‡ß‘πªíπº≈„Àⷰຟâ∂◊ÕÀÿâπ„πÕ—µ√“‰¡àµË”°«à“√âÕ¬≈– 50 ¢Õß°”‰√ ÿ∑∏‘„π·µà≈–ªï∑’Ë¡’º≈°”‰√®“° °“√¥”‡π‘πß“π „πªï 2547 ∫√‘…—∑¡’°”‰√µ“¡ß∫°”‰√¢“¥∑ÿπ®”π«π 448.39 ≈â“π∫“∑ ¡’°”‰√ ÿ∑∏‘µàÕÀÿâπ‡∑à“°—∫ 0.41 ∫“∑ ·≈–‰¥â®à“‡ß‘πªíπº≈®”π«π Àÿâπ≈– 0.20 ∫“∑ ”À√—∫ªï 2548 ∫√‘…—∑¡’°”‰√µ“¡ß∫°”‰√¢“¥∑ÿπ®”π«π 588.38 ≈â“π∫“∑ ·≈–¡’°”‰√ ÿ∑∏‘ µàÕÀÿâπ‡∑à“°—∫ 0.43 ∫“∑ ´÷Ëß®–𔇠πÕ„Àâ∑’˪√–™ÿ¡ºŸâ∂◊ÕÀÿâπæ‘®“√≥“°“√®à“¬‡ß‘πªíπº≈µàÕ‰ª ”À√—∫π‚¬∫“¬°“√®à“¬‡ß‘πªíπº≈¢Õß∫√‘…—∑ æ√ —𵑠®”°—¥ ·≈–∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ ®– ‡ªìπ‰ªµ“¡¢âÕ∫—ߧ—∫§◊Õ µâÕß®—¥ √√‡ß‘π‡ªìπ∑ÿπ ”√ÕßÕ¬à“ßπâÕ¬Àπ÷Ëß„π¬’Ë ‘∫¢Õß‡ß‘π°”‰√ ÿ∑∏‘ ®π°«à“∑ÿπ ”√Õß®–¡’®”π«π∂÷ß Àπ÷Ëß„π ‘∫¢Õß®”π«π∑ÿπ¢Õß∫√‘…—∑ ®÷ß®–®à“¬‡ß‘πªíπº≈‰¥â ´÷Ëß∑’˺à“π¡“∑—Èß Õß∫√‘…—∑¬—߉¡à¡’°“√®à“¬‡ß‘πªíπº≈ ª√–«—µ‘°“√®à“¬‡ß‘πªíπº≈ æ.».

2537 2538 2539 2540 2541 2542 2543 2544 2545 2546 2547 2548

∫“∑ 2.50 2.75 1.00 1.00 2.50 0.20* **

À¡“¬‡Àµÿ: * ‡¡◊ËÕ«—π∑’Ë 20 ‡¡…“¬π 2547 ¡’°“√ª√—∫æ“√åÀÿâπ “¡—≠®“°‡¥‘¡Àπ૬≈– 10 ∫“∑‡ªìπÀπ૬≈– 1 ∫“∑ ** Õ¬Ÿ√à –À«à“ß°“√𔇠πÕ„Àâ∑’˪√–™ÿ¡ºŸâ∂◊ÕÀÿâπæ‘®“√≥“„π°“√ª√–™ÿ¡„À≠à “¡—≠ª√–®”ªï

2.

°“√≈ß∑ÿπ´◊ÈÕ∑’Ë¥‘π‡æ◊ËÕæ—≤𓂧√ß°“√„À¡à

„πªï 2548 ∫√‘…—∑‰¥â´◊ÈÕ∑’Ë¥‘π‡æ◊ËÕæ—≤𓂧√ß°“√„À¡à ®”π«π 3 ·ª≈ß √«¡∂÷ß°“√‡µ√’¬¡∑’Ë¥‘π∫“ß à«π ”À√—∫°“√æ—≤π“ ‚§√ß°“√„À¡à„πªï 2549 ¥â«¬ ”À√—∫·π«‚πâ¡°“√´◊ÈÕ∑’Ë¥‘π‡æ◊ËÕæ—≤𓂧√ß°“√„πªï 2549 π—Èπ ®–‡πâπæ—≤𓂧√ß°“√„π√Ÿª·∫∫¢Õß Small Size Township ∫π∑”‡≈∑’Ë·«¥≈âÕ¡¥â«¬√–∫∫§¡π“§¡¢π àß¢π“¥„À≠à À√◊Õ·À≈àß™ÿ¡™πÀπ“·πàπ ∑”‡≈∑’˵—ÈߢÕß∑’Ë¥‘π®– µâÕßÕ¬Ÿà„π∫√‘‡«≥∑’Ë¡’»—°¬¿“æ„π°“√æ—≤π“ ¡’ “∏“√≥Ÿª‚¿§§√∫§√—π Õ¬Ÿà„°≈â·À≈àßß“π À√◊Õ·À≈àß™ÿ¡™π¢π“¥„À≠à À√◊ÕÕ¬Ÿà„°≈â ∂“π’√∂‰øøÑ“ ‚¥¬¡’∑“߇¢â“ÕÕ°∑’Ë –¥«° ‰¡àÕ¬Ÿà„π·π«‡«π§◊π À√◊Õ¡’ªí≠À“Õÿª √√§®“°¢âÕ°ÆÀ¡“¬ À√◊Õ‚§√ß°“√µà“ßÊ ¢Õß ∑“ß¿“§√—∞

92 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

1.

Dividends Payment Poli cies

Under the Company没s policy, dividend payments will be not less than 50% of the net profit.

The Company in 2004 enjoyed profits as shown in the Profit and Loss Statement of Baht 448.39 Million or, calculated in net profit per share of Baht 0.41 and paid dividends at Baht 0.20 per share while in 2005 the Company earned profits as shown in the Profit and Loss Statement of Baht 588.38 Million or, calculated as net profit per share of 0.43 Baht. The dividends to be paid shall be proposed to the Shareholders没 Meeting for approval.

As to the dividends payment policy of Pornsanti Co., Ltd. and Lumpini Property Management Co., Ltd., they wil be in compliance with their own Articles of Association, that is, at least one twentieth of the net profits must be set aside as reserve until reaching one tenth of the Company没s registered capital, the dividends shall then be paid. No dividend payments shall be made for either company (until this reserve level is reached).

Dividend Payment Chart Year 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Baht 2.50 2.75 1.00 1.00 2.50 0.20* **

Notes: * On 20th April 2004, the par value of ordinary share was adjusted from Baht 10 each to Baht 1 each ** Under proposal to be made in the Shareholders没 at the Annual General Meeting.

2.

Investment on land to be developed for new projects

Three plots of land were purchased in 2005 for new project developments and development of some plots for new projects were prepared. In 2006, the trend of purchasing the land for development will likely focus on the project development of Small Size Township style dwellings at locations surrounded by the extended transportation system and there is a populous community. In such areas, the potential for development must be likely and the public utilities are completely available in such locations. Such areas must be found near the sources of workers, large-scale communities or skytrain stations, having convenient access and not located within an expropriated area nor experiencing difficulties stemming from legal disputes or any governmental projects.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 93

§”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕßΩÉ“¬®—¥°“√ Explanation and Analysis of the Management

º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑‚¥¬√«¡

º≈°“√¥”‡π‘πß“π„πªï 2548 ¡’√“¬‰¥â√«¡ 3,582.63 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï 2547 ®”π«π 1,104.23 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 44.55 ·≈–¡’º≈°”‰√ 588.38 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ 139.99 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 31.22 ‚¥¬À“°æ‘®“√≥“°”‰√°àÕπ ¥Õ°‡∫’Ȭ·≈–¿“…’‡ß‘π‰¥â®–æ∫«à“„πªï 2548 ¡’®”π«π 876.17 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï 2547 ®”π«π 360.81 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 70.01 · ¥ß„Àâ‡ÀÁπ∂÷ߪ√– ‘∑∏‘¿“æ∑’ˇæ‘Ë¡¢÷Èπ¢Õß°“√∫√‘À“√·≈–°“√‚Õπ°√√¡ ‘∑∏‘Ï∑’ˇªìπ‰ªµ“¡·ºπß“π ”À√—∫¥â“πµâπ∑ÿπ¢“¬ ∫√‘…—∑¡’µâπ∑ÿπ¢“¬µàÕ¬Õ¥¢“¬≈¥≈ß®“°√âÕ¬≈– 64.91 „πªï 2547 ‡ªìπ√âÕ¬≈– 64.54 „πªï 2548 ´÷Ëß ‡ªìπº≈®“°°“√∑’Ë∫√‘…—∑¡’°“√§«∫§ÿ¡·≈–∫√‘À“√µâπ∑ÿπ°àÕ √â“ßÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ ”À√—∫µâπ∑ÿπ§à“‡™à“ §à“∫√‘°“√·≈–§à“∫√‘À“√®—¥°“√ ª√—∫µ—«≈¥≈ß®“°√âÕ¬≈– 71.17 „πªï 2547 ‡ªìπ√âÕ¬≈– 60.20 ¢Õß√“¬‰¥â§à“‡™à“§à“∫√‘°“√·≈–§à“∫√‘À“√®—¥°“√„πªï 2548 ¥â“π§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√¡’®”π«π‡æ‘Ë¡¢÷Èπ®“° 364.55 ≈â“π∫“∑ „πªï 2547 ‡ªìπ 448.35 ≈â“π∫“∑„πªï 2548 À√◊Õ ª√—∫¢÷Èπ√âÕ¬≈– 22.99 ·µàÀ“°§‘¥‡ªìπ√âÕ¬≈–¢Õß√“¬‰¥â√«¡®–ª√—∫≈¥≈ß®“°√âÕ¬≈– 14.71 „πªï 2547 ‡ªìπ√âÕ¬≈– 12.51 ¢Õß√“¬‰¥â√«¡ „πªï 2548 À√◊Õ≈¥≈ß√âÕ¬≈– 2.20 ”À√—∫¥Õ°‡∫’Ȭ®à“¬ ∫√‘…—∑¡’¿“√–≈¥≈ß®“° 0.83 ≈â“π∫“∑ „πªï 2547 ‡À≈◊Õ 0.45 ≈â“π∫“∑ „πªï 2548 À“°§‘¥‡ªìπ√âÕ¬≈–¢Õß√“¬‰¥â√«¡®–≈¥≈ß®“°√âÕ¬≈– 0.03 ‡ªìπ 0.01 π—∫«à“‡ªìπ —¥ à«π∑’˧àÕπ¢â“ߵ˔‡¡◊ËÕ‡∑’¬∫°—∫À¡«¥æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 39 ∫√‘…—∑„πµ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬∑’Ë¡’§à“‡©≈’ˬլŸà∑’Ë√âÕ¬≈– 1.80 ¥â“πº≈°”‰√ Õ—µ√“°”‰√¢—Èπµâπ®“°°“√¢“¬„πªï 2548 ‡∑à“°—∫√âÕ¬≈– 35.46 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2547 Õ—µ√“°”‰√¢—Èπµâπ‡∑à“°—∫ 35.09 ‡æ‘¡Ë ¢÷πÈ √âÕ¬≈– 0.37 à«πÕ—µ√“°”‰√¢—πÈ µâπ®“°°“√¢“¬ §à“‡™à“·≈–∫√‘°“√·≈–§à“∫√‘À“√®—¥°“√ °Á‰¥âª√—∫µ—«‡æ‘¡Ë ¢÷πÈ ®“°√âÕ¬≈– 34.74 „πªï 2547 ‡ªìπ√âÕ¬≈– 35.66 À√◊Õ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 0.92 ‡ªìπº≈®“°°“√§«∫§ÿ¡µâπ∑ÿπ∑’Ë¥’¢Õß∫√‘…—∑

∞“π–°“√‡ß‘π

≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ∫√‘…—∑¡’ ‘π∑√—æ¬å√«¡ 4,523.70 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“° 4,414.81 ≈â“π∫“∑ „πªï 2547 À√◊Õ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 2.47 “‡ÀµÿÀ≈—°¡“®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π „π à«π¢Õß√“¬°“√‡ß‘π ¥§ß‡À≈◊Õ‡æ‘Ë¡¢÷Èπ ‡π◊ËÕß®“°∫√‘…—∑¡’°“√‚Õπ°√√¡ ‘∑∏‘Ï ‰¥âµ√ßµ“¡‡ªÑ“À¡“¬ ·≈–√“¬°“√∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°àÕ √â“ß∑’ˉ¡à‡°‘π 1 ªï ‡æ‘Ë¡¢÷Èπ ‡π◊ËÕß®“°∫√‘…—∑¡’‚§√ß°“√∑’ˉ¥â‡ªî¥¢“„πªï 2548 ∑’ËÕ¬Ÿà√–À«à“ß°àÕ √â“ß·≈–®–¡’°“√√—∫√Ÿâ√“¬‰¥â„πªï 2549 ª√–¡“≥ 4 ‚§√ß°“√ ”À√—∫Àπ’È ‘π√«¡¢Õß∫√‘…—∑≈¥≈ß®“° 2,090.88 ≈â“π∫“∑ „πªï 2547 ‡À≈◊Õ 1,532.26 ≈â“π∫“∑ „πªï 2548 ´÷Ëß≈¥≈ß 558.62 ≈â“π∫“∑ À√◊Õ≈¥≈ß√âÕ¬≈– 26.72 ∑—Èßπ’ȇπ◊ËÕß®“°∫√‘…—∑¡’ °“√§◊π‡ß‘π°Ÿâ‚§√ß°“√ ‚¥¬π”‡ß‘π∑’ˉ¥â®“°°“√‚Õπ°√√¡ ‘∑∏‘Ï·≈–‡ß‘π∑’ˉ¥â®“°°“√·ª≈ß„∫ ”§—≠· ¥ß ‘∑∏‘‡ªìπÀÿâπ “¡—≠‰ª™”√–§◊π·°à ∂“∫—π°“√‡ß‘π

‚§√ß √â“߇ߑπ∑ÿπ

‚§√ß √â“߇ߑπ∑ÿπ„πªï 2548 ∫√‘…—∑¡’Àπ’È ‘π„πÕ—µ√“√âÕ¬≈– 33.87 ·≈– à«π¢ÕߺŸâ∂◊ÕÀÿâπ√âÕ¬≈– 66.13 · ¥ß„Àâ‡ÀÁπ∂÷ß‚§√ß √â“ß ‡ß‘π∑ÿπ¡“®“° à«π¢ÕߺŸâ∂◊ÕÀÿâπ‡ªìπÀ≈—° ‚¥¬¡’Õ—µ√“ à«πÀπ’È ‘π√«¡µàÕ∑ÿπ≈¥≈ß®“° 0.90 ‡∑à“ „πªï 2547 ‡ªìπ 0.51 ‡∑à“ „πªï 2548 „π ¢≥–∑’Ë§à“‡©≈’ˬÀπ’È ‘πµàÕ∑ÿπ¢ÕßÀ¡«¥æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å®”π«π 39 ∫√‘…—∑„πµ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬‡∑à“°—∫ 1.21 ·µàÀ“° æ‘®“√≥“‡©æ“–Àπ’È∑’Ë¡’¥Õ°‡∫’ȬµàÕ à«π¢ÕߺŸâ∂◊ÕÀÿâπ®–‡À≈◊ÕÕ—µ√“ à«πÀπ’È ‘πµàÕ∑ÿπ„πªï 2548 ‡∑à“°—∫ 0.19 ‡∑’¬∫°—∫ 0.69 „πªï 2547

¿“æ§≈àÕß·≈–§«“¡ “¡“√∂„π°“√∑”°”‰√

§à“‡©≈’¬Ë Õ—µ√“°”‰√ ÿ∑∏‘µÕà √“¬‰¥â√«¡¢ÕßÀ¡«¥æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å„πµ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬ Õ¬Ÿ∑à √’Ë Õâ ¬≈– 13.70 · ¥ß „Àâ‡ÀÁπ«à“∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å„πªï 2548 ¬—ß¡’§«“¡µâÕß°“√Õ“§“√™ÿ¥æ—°Õ“»—¬√–¥—∫°≈“ß-°≈“ß≈à“ßÕ¬Ÿà¡“° ´÷Ëß¿“«–°“√·¢àߢ—π„π µ≈“¥¥—ß°≈à“«¡’·π«‚π⡇æ‘Ë¡¢÷Èπ§àÕπ¢â“ß Ÿß‡™àπ‡¥’¬«°—π Õ—µ√“ à«π°”‰√ ÿ∑∏‘µàÕ√“¬‰¥â√«¡¢Õß∫√‘…—∑Õ¬Ÿà∑’Ë√âÕ¬≈– 16.42 ®—¥Õ¬Ÿà∑’Ë≈”¥—∫ 18 „π°≈ÿà¡æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ”À√—∫°“√ ∫√‘À“√‡ß‘π ¥π—Èπ ≥ ‘Èπªï 2548 ¡’®”π«π 288.84 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï 2547 ´÷Ëß¡’‡ß‘π ¥ 125.52 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡®”π«π 163.32 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 130.11 ®“°°“√∑’Ë„π√–À«à“ߪï 2548 ¡’°“√„™â ‘∑∏‘·ª≈ß ¿“æ„∫ ”§—≠· ¥ß ‘∑∏‘‡ªìπÀÿâπ “¡—≠√«¡ 270.10 ≈â“πÀÿâπ ∑”„À≥â√—∫‡ß‘π‡æ‘Ë¡¢÷Èπ 340.17 ≈â“π∫“∑ Õ’°∑—Èß ¡’°“√‚Õπ°√√¡ ‘∑∏‘ÏÀâÕß™ÿ¥‰¥âµ√ßµ“¡‡ªÑ“À¡“¬ ®÷ß¡’ ¿“æ§≈àÕ߇撬ßæÕ ”À√—∫ „™â„π°“√¥”‡π‘πß“π ‚¥¬∫√‘…—∑¡’°“√´◊ÈÕ∑’Ë¥‘π ”À√—∫æ—≤π“„πªï 2549 ®”π«π 1 ·ª≈ß

94 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

°“√‡ª≈’ˬπ·ª≈ß∑’Ë ”§—≠·≈–·π«‚πâ¡„πÕ𓧵

∫√‘…—∑¡’°≈¬ÿ∑∏å„π°“√¥”‡π‘πß“π∑’Ë ”§—≠ ”À√—∫ªï 2549 ¥—ßπ’È 1. æ—≤𓂧√ß°“√Õ“§“√™ÿ¥æ—°Õ“»—¬„π≈—°…≥– Middle Rise Condominium §«∫§Ÿà‰ª°—∫Õ“§“√„π√Ÿª·∫∫ Low Rise Condominium 2. æ—≤𓂧√ß°“√Õ“§“√™ÿ¥æ—°Õ“»—¬√–¥—∫≈à“ß ∑’Ë¡’√“§“ª√–¡“≥ 500,000 ∫“∑ 3. ∫√‘…—∑§“¥«à“®– “¡“√∂√—∫√Ÿâ√“¬‰¥â®“°°“√¢“¬ª√–¡“≥ 4,500 ≈â“π∫“∑ ®“° -

‚§√ß°“√≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√å π«¡‘π∑√å ‚§√ß°“√≈ÿ¡æ‘π’ «‘≈≈å ÿ¢ÿ¡«‘∑ 77 ‚§√ß°“√≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈â“ ‚§√ß°“√≈ÿ¡æ‘π’ «‘≈≈å »Ÿπ¬å«—≤π∏√√¡

370 1,540 1,090 1,500

≈â“π∫“∑ ≈â“π∫“∑ ≈â“π∫“∑ ≈â“π∫“∑

·ºπß“π„πªï 2549

∫√‘…—∑¡’·ºπ‡ªî¥‚§√ß°“√„À¡à„πªï 2549 ¡Ÿ≈§à“√«¡∑—Èß ‘Èπª√–¡“≥ 8,600 ≈â“π∫“∑ ¥—ßπ’È ‚§√ß°“√ ≈ÿ¡æ‘π’ ‡æ≈ æÀ≈- –æ“𧫓≈ÿ¡æ‘π’ ‡æ≈ √—™¥“-∑à“æ√– ≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈â“ 2 ‚§√ß°“√¿“¬„µâ·∫√π¥å ç≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√åé ‚§√ß°“√¿“¬„µâ·∫√π¥å ç≈ÿ¡æ‘π’ «‘≈≈åé √«¡

®”π«π¬Ÿπµ‘ 1,093 900 650 3,600 1,500 6,743

¡Ÿ≈§à“‚§√ß°“√ (≈â“π∫“∑) 2,200 1,600 1,200 1,800 1,800 8,600

√âÕ¬≈– 25 19 14 21 21 100

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 95

Overall company operational result

Overall operational results in 2005 showed total revenue of Baht 3,582.63 Million outperforming that of 2004 by Baht 1,104.23 Mil ion or equivalent to 44.55%, and higher profits earned by Baht 139.99 Million or 31.22%. Considering the profits before interest and corporate income tax alone, the figures at Baht 876.17 soared from 2004 by Baht 360.81 Million or by 70.01%, which reflects the upgraded efficiency of the management and transfer of ownership under the work plans.

As to the cost of sales, the Company decreased the costs of sales per each sale from 64.91% in 2004 to be 64.54% in 2005-due to the fact that the company was able to control and manage the construction costs effectively.

Meanwhile the rental costs, services fees, and management fees were also reduced from 71.17% in 2004 to 60.20 % of the total rental income, rental costs and management fees of 2005.

Sales and administrative expenses increased from Baht 364.55 Million in 2004 to Baht 448.35 Million in 2005 or by 22.99% but, if it were to be calculated on a percentage basis of the total sales income, it reduced from 14.71% in 2004 to 12.51% of the total revenue in 2005, a drop of 2.20%. Also the Company was liable to the pay interest in at a lesser figure from Baht 0.83 Mil ion in 2004 to Baht 0.45 in 2005, or 0.03% to 0.01% if calculated based on the percentage of the total revenue, which is a practically low proportion especially when compared to the real property development section 39 in Stock Exchanges of Thailand that has the average at 1.80%.

Net Profit Margin in 2005 was 35.46% increased by 0.37% compared with 35.09% in 2004, while the net profit margin from sales, rentals, service fees and management fees stepped up from 34.74% in 2004 to 35.66% or increased by 0.92% resulting from the Companyûs implementation of strict cost control.

Financial Status

As at 31st December 2005, the Company possessed total assets of Baht 4,523.70 Million outnumbered Baht 4,414.81 Million in 2004 mainly resulting from additions to the current assets and the balance cash entries mounted as the Company effected the transfer of ownership up to the target. Also, the land entries and costs of on-going projects of not over 1 year were raised due to the Company in 2005 being able to open sale transactions of on-going projects and having realized income in 2006 from around 4 projects. On the other hand, the total liabilities of the Company dropped from Baht 2,090.88 Mil ion in 2004 to Baht 1,532.26 Mil ion in 2005 or decreased by 26.72% as the Company made loan repayments to financial institutes, which were retrieved through ownership transfer and amounts received from conversion of warrants into ordinary shares for the projects.

Capital structure

In considering the overall 2005 capital structure, it indicated that the companyûs liabilities were 33.87% and shareholderûs equity was 66.13% and reflected that the capital structure was mainly based on the shareholdersû equity and this resulted in a reduction of ratio of total debt to capital from 0.90 times in 2004 to 0.5 times in 2005, while the average ratio of debt to capital in the real estate development category among 39 companies listed with the Stock Exchange of Thailand is equivalent to 1.21 times. However if only the ratio of liabilities bearing interest to the shareholdersû equity was considered, the ratio of liabilities to capital in 2005 was equivalent to 0.19 compared to 0.69 in 2004.

Liquidity and Profitabilit y

The average rate of profit to total sales of the real estate development category in the Stock Exchange of Thailand is at 13.70%, which represents that real estate business in 2005 still inhibited the demand of residential condominiums in the middle-end and middle-low end and the competition in such market tended to be fierce.

96 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

The ratio of net profit to total sales income of the Company was 16.42%, ranking at the 18th in the real estate development group. For cash management at 2005 year end, it valued at Baht 288.84 Million, topping cash of Baht 125.52 Mil ion in 2004 or increased by 163.32 Million or 130.11%. This was caused by conversion of warrants into the total of 270.10 Mil ion ordinary shares, contributed to increment of income by Baht 340.17 Million, and the condominium units were transferred up to the target, contributing to adequate liquidity for business operations. The Company subsequently purchased one plot of land for development in 2006.

Major Changes and Future Trends

The company has major operating strategies for 2005 as described below: 1. Develop middle rise residential condominium projects along with the low rise ones; 2. Develop the middle-end residential projects valued around Baht 500,000; 3. The company anticipated that it would be able to recognize income from sales of Baht 4,500 Million from the following projects; Lumpini Center Nawamin Baht 370 Million Lumpini Vil e Sukhumvit 77 Baht 1,540 Million Lumpini Place Pinklao Baht 1,090 Million Lumpini Vil e Cultural Center Baht 1,500 Million

Work Plan in 2006

The Company planned to open the following new projects in 2006 of total value Baht 8,600 Million: Projects Lumpini Place Phahon-Saphankwai Lumpini Place Ratchada-Thaphra Lumpini Place Pinklao 2 Project under çLumpini Centeré brand Project under çLumpini Vil eé brand Total

Number of Units 1,093 900 650 3,600 1,500 6,743

Project Value (Mil ion Baht) 2,200 1,600 1,200 1,800 1,800 8,600

% 25 19 14 21 21 100

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 97

§à“µÕ∫·∑π¢ÕߺŸâ Õ∫∫—≠™’ Auditorûs Remuneration

1.

2.

§à“µÕ∫·∑π®“°°“√ Õ∫∫—≠™’

-

ºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑„π√Õ∫ªï∑’˺à“π¡“¡’®”π«π‡ß‘π√«¡ 780,000 ∫“∑ ”π—°ß“π Õ∫∫—≠™’∑’˺Ÿâ Õ∫∫—≠™’ —ß°—¥ ∫ÿ§§≈ À√◊Õ°‘®°“√∑’ˇ°’ˬ«¢âÕß°—∫ºŸâ Õ∫∫—≠™’ ·≈– ”π—°ß“π Õ∫∫—≠™’∑’˺Ÿâ Õ∫∫—≠™’ —ß°—¥„π√Õ∫ªï∫—≠™’∑’˺à“π¡“¡’®”π«π‡ß‘π√«¡ 220,000 ∫“∑

§à“∫√‘°“√Õ◊Ëπ -

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®à“¬§à“µÕ∫·∑π¢Õßß“π∫√‘°“√Õ◊Ëπ §◊Õ §à“µ√«® Õ∫ß∫°“√‡ß‘π‰µ√¡“ ∑’Ë 1 ‡æ‘Ë¡‡µ‘¡„Àâ·°à ºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑„π√Õ∫ªï∫—≠™’∑’˺à“π¡“¡’®”π«π‡ß‘π√«¡ - 0 - ∫“∑ ·≈–®–µâÕß®à“¬„πÕπ“§µÕ—π‡°‘¥®“°°“√µ°≈ß ∑’ˬ—ß„Àâ∫√‘°“√‰¡à·≈⫇ √Á®„π√Õ∫ªï∫—≠™’∑’˺à“π¡“ ¡’®”π«π‡ß‘π√«¡ - 0 - ∫“∑ ”π—°ß“π Õ∫∫—≠™’∑’˺Ÿâ Õ∫∫—≠™’ —ß°—¥ ∫ÿ§§≈ À√◊Õ°‘®°“√∑’ˇ°’ˬ«¢âÕß°—∫ºŸâ Õ∫∫—≠™’ ·≈– ”π—°ß“π Õ∫∫—≠™’¥—ß°≈à“« „π √Õ∫ªï∫—≠™’∑’˺à“π¡“¡’®”π«π‡ß‘π√«¡ - 0 - ∫“∑ ·≈–®–µâÕß®à“¬„πÕπ“§µÕ—π‡°‘¥®“°°“√µ°≈ß∑’ˬ—ß„Àâ∫√‘°“√‰¡à·≈â« ‡ √Á®„π√Õ∫∫—≠™’∑’˺à“π¡“¡’®”π«π‡ß‘π√«¡ - 0 - ∫“∑

1.

Audit Fee

2.

Non-Audit Fee

-

The Auditorûs remuneration for the previous year was Baht 780,000.

The Auditorûs office, persons or activities in connection with the auditor or its office, cost Baht 220,000 the previous financial year.

The Company and its affiliated companies made further payment for other services, i.e., audit fee of financial statement as at first quarter to: The Auditor in the previous financial year was paid Baht -0- and this payment will be made with a further payment of Baht -0- due to incomplete services rendered in the past financial year.

The Auditorûs office, persons or activities in connection with the Auditor or its office, cost Baht -0- the previous financial year and wil be entitled to a further payment of Baht -0- due to the incomplete services rendered in the past financial year.

98 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

√“¬ß“π¢ÕߺŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ·≈–ß∫°“√‡ß‘π ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) Auditorûs Report and Financial Statements L.P.N. Development Public Company Limited

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 99

√“¬ß“π¢ÕߺŸ â Õ∫∫—≠™’√—∫Õπÿ≠“µ·≈–ß∫°“√‡ß‘π Auditorûs Report and Financial Statements

‡ πÕ ºŸâ∂◊ÕÀÿâπ ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ¢â“懮Ⓣ¥âµ√«® Õ∫ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– 2547 ß∫°”‰√¢“¥∑ÿπ√«¡ ß∫· ¥ß °“√‡ª≈’ˬπ·ª≈ß„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ√«¡ ·≈–ß∫°√–· ‡ß‘π ¥√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï¢Õß ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–¢â“懮Ⓣ¥âµ√«® Õ∫ß∫°“√‡ß‘π ‡©æ“–¢Õß∫√‘…—∑ ”À√—∫√Õ∫√–¬–‡«≈“∫—≠™’‡¥’¬«°—π¢Õß∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ´÷ËߺŸâ∫√‘À“√¢Õß°‘®°“√‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕ§«“¡∂Ÿ°µâÕß·≈–§√∫∂â«π¢ÕߢâÕ¡Ÿ≈„πß∫°“√‡ß‘π‡À≈à“π’È à«π¢â“懮ⓠ‡ªìπºŸâ√—∫º‘¥™Õ∫„π°“√· ¥ß§«“¡‡ÀÁπµàÕß∫°“√‡ß‘π¥—ß°≈à“«®“°º≈°“√µ√«® Õ∫¢Õߢâ“懮ⓠ¢â“懮Ⓣ¥âªØ‘∫—µ‘ß“πµ√«® Õ∫µ“¡¡“µ√∞“π°“√ Õ∫∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ´÷Ëß°”Àπ¥„Àâ¢â“懮⓵âÕß «“ß·ºπ·≈–ªØ‘∫—µ‘ß“π‡æ◊ËÕ„À≥⧫“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àµÿº≈«à“ ß∫°“√‡ß‘π· ¥ß¢âÕ¡Ÿ≈∑’Ë¢—¥µàÕ¢âÕ‡∑Á®®√‘ßÕ—π‡ªìπ “√– ”§—≠À√◊Õ‰¡à °“√µ√«® Õ∫√«¡∂÷ß°“√„™â«‘∏’°“√∑¥ Õ∫À≈—°∞“πª√–°Õ∫√“¬°“√∑—Èß∑’ˇªìπ®”π«π‡ß‘π·≈– °“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π °“√ª√–‡¡‘𧫓¡‡À¡“– ¡¢ÕßÀ≈—°°“√∫—≠™’∑’Ë°‘®°“√„™â ·≈–ª√–¡“≥°“√ ‡°’¬Ë «°—∫√“¬°“√∑“ß°“√‡ß‘π∑’‡Ë ªìπ “√– ”§—≠ ´÷ßË ºŸ∫â √‘À“√‡ªìπºŸ®â ¥— ∑”¢÷πÈ µ≈Õ¥®π°“√ª√–‡¡‘π∂÷ߧ«“¡‡À¡“– ¡ ¢Õß°“√· ¥ß√“¬°“√∑’πË ”‡ πÕ„πß∫°“√‡ß‘π‚¥¬√«¡ ¢â“懮Ⓡ™◊ÕË «à“°“√µ√«® Õ∫¥—ß°≈à“«„Àâ¢Õâ √ÿª∑’‡Ë ªìπ‡°≥±å Õ¬à“߇À¡“– ¡„π°“√· ¥ß§«“¡‡ÀÁπ¢Õߢâ“懮ⓠ¢â“懮ⓇÀÁπ«à“ß∫°“√‡ß‘π¢â“ßµâππ’È · ¥ß∞“π–°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– 2547 º≈ °“√¥”‡π‘πß“π·≈–°√–· ‡ß‘π ¥ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï¢Õß∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–¢Õ߇©æ“–∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ‚¥∂Ÿ°µâÕßµ“¡∑’˧«√„π “√– ”§—≠µ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª

”π—°ß“π Õ∫∫—≠™’ ¥’ ‰Õ ‡Õ

(π“ß ÿ«‘¡≈ °ƒµ¬“‡°’¬√≥å) ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑–‡∫’¬π 2982 «—π∑’Ë 14 °ÿ¡¿“æ—π∏å 2549

100 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

To

The Shareholders of L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED

I have audited the consolidated balance sheets of L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES as at December 31, 2005 and 2004, and the related consolidated statements of income, consolidated statements of changes in shareholdersรป equity and consolidated statement of cash flows and the financial statement of L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED for the years then ended. These financial statements are the responsibility of the Companyรปs management as to their correctness and completeness. My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. I believe that my audit provides a reasonable basis for my opinion.

In my opinion, the financial statements referred to the above present fairly, in all material respects, the financial position of L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES and of L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED as at December 31, 2005 and 2004 the results of its operations and cash flows for the years then ended in conformity with generally accepted accounting principles.

Office of D I A International Auditing

(Mrs. Suvimol Krittayakiern) C.P.A. (Thailand) Registration No. 2982 February 14, 2006

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 101

ß∫¥ÿ≈ Balance Sheets ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ / L.P.N. Development Public Company Limited and its Subsidiaries

‘π∑√—æ¬å / Assets ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π / Current assets ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ / Cash and cash equivalents ≈Ÿ°Àπ’È·≈–µ—Ϋ‡ß‘π√—∫°“√§â“ / Trade accounts and notes receivable ≈Ÿ°Àπ’È°“√§â“- ÿ∑∏‘ / Accounts receivable-net µ—Ϋ‡ß‘π√—∫ / Notes receivable Õ◊ËπÊ / Others ¡Ÿ≈§à“ß“π‡ √Á®¬—߉¡à‡√’¬°‡°Á∫ / Unbilled construction income ∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°àÕ √â“ß / Land and cost of project under development ≈Ÿ°Àπ’È°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π / Receivables - related parties ‘π§â“§ß‡À≈◊Õ / Inventories ‡ß‘π®à“¬≈à«ßÀπ⓺Ÿâ√—∫‡À¡“ / Advance receivable-contractor ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·°à°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π / Short-term loans to related parties à«π¢Õ߇ߑπ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’Ë / Current portion of long-term loans ‡°’ˬ«¢âÕß°—π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï / to related parties ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ / Other current assets ‡ß‘π¡—¥®”§à“ ‘π§â“ / Inventory deposit √“¬‰¥â§â“ß√—∫ / Accrued income Õ◊ËπÊ / Others √«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π / Total current assets ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π / Non-current assets ‡ß‘πΩ“°§È”ª√–°—π / Pledged deposit ‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ / Investment and loans ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ / Investment in subsidiaries and associates ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π / Long-term loans to related parties ∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√Õ°“√æ—≤π“ / Land and cost of project held for development ‘π∑√—æ¬å„À⇙à“- ÿ∑∏‘ / Assets for rent-net ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å- ÿ∑∏‘ / Property, plant and equipment-net ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ / Other non-current assets ¿“…’∂Ÿ°À—° ≥ ∑’Ë®à“¬ / Withholding tax Õ◊ËπÊ / Others √«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π / Total non-current assets √«¡ ‘π∑√—æ¬å / TOTAL ASSETS

102 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

À¡“¬‡Àµÿ / Note

3.10 3.4, 4 3.1, 5 3.2, 7, 14.2 8.1 3.3, 6 8.2 8.3

14.1 3.5, 8.4 8.3 7 3.7, 9 ·≈– 14.2 3.6, 10 ·≈– 14.2

(‚ª√¥¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ´÷Ë߇ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È) (Please see notes to the financial statements which formed an integral part of these statements)

(∫“∑ / Baht)

≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– 2547 / As at December 31, 2005 and 2004

ß∫°“√‡ß‘π√«¡ / Consolidated

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company Only

2548/2005

2547/2004

2548/2005

2547/2004

288,836,044.87

125,523,718.12

207,146,308.23

112,849,446.17

319,556.00 162,405.31 814,556.85 36,675,585.01

2,378,225.00 6,717,368.04 666,127.36 377,314,953.54

10,556.00 129,989.31 496,669.38 36,639,585.01

2,054,225.00 6,716,084.04 632,559.36 377,278,953.54

2,408,161,045.94 2,276,878.55 124,726,525.52 9,073,972.58

2,313,762,050.30 2,517,072.91 85,332,315.28 51,965,000.00 1,666,666.68

2,408,161,045.94 124,372,163.73 69,144,719.50

2,313,762,050.30 85,096,634.65 51,965,000.00 73,749,970.98

200,000,000.00

-

200,000,000.00

-

84,000,000.00 8,299,346.31 6,525,780.92 3,169,871,697.86

70,500,000.00 6,749,584.55 19,821,363.21 3,064,914,444.99

84,000,000.00 5,371,484.60 3,135,472,521.70

70,500,000.00 18,111,146.90 3,112,716,070.94

-

959,356.29

-

959,356.29

98,294,266.24 819,588,566.68 314,135,118.53 83,067,554.98

53,534,852.96 200,000,000.00 661,139,711.22 317,601,165.47 77,689,545.71

244,556,686.93 819,588,566.68 219,797,344.93 56,895,775.57

122,210,040.92 200,000,000.00 661,139,711.22 220,434,469.28 53,619,814.83

33,951,658.30 4,788,195.06 1,353,825,359.79 4,523,697,057.65

33,791,822.43 5,182,241.40 1,349,898,695.48 4,414,813,140.47

20,431,263.97 3,637,172.66 1,364,906,810.74 4,500,379,332.44

20,431,263.97 3,722,135.84 1,282,516,792.35 4,395,232,863.29

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 103

ß∫¥ÿ≈ (µàÕ) Balance Sheets (Cont.) ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ / L.P.N. Development Public Company Limited and its Subsidiaries

Àπ’È ‘π·≈– à«π¢ÕߺŸâ∂◊ÕÀÿâπ / Liabilities and Shareholdersû Equity Àπ’È ‘πÀ¡ÿπ‡«’¬π / Current liabilities ‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ / Bank overdrafts and short - term loans ®“° ∂“∫—π°“√‡ß‘π / from financial institutions ‡®â“Àπ’È·≈–µ—Ϋ‡ß‘π®à“¬§◊πÀâÕß™ÿ¥ / Refund down payment payable ‡®â“Àπ’È°“√§â“·≈–µ—Ϋ‡ß‘π®à“¬ / Trade accounts and notes payable ‡ß‘π°Ÿâ¬◊¡·≈–Àπ’È ‘π√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï / Current portion of long-term loans ‡®â“Àπ’È°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π / Payable from related parties Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ / Other current liabilities ‡ß‘π√—∫≈à«ßÀπâ“ / Advance received ‡ß‘πª√–°—πº≈ß“π / Retention ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈§â“ß®à“¬ / Accrued income tax ¿“…’∏ÿ√°‘®‡©æ“–§â“ß®à“¬ / Accrued specific business tax Õ◊ËπÊ / Others √«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π / Total current liabilities Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π / Non-current liabitities ‡®â“Àπ’ȇ™à“´◊ÈÕ- ÿ∑∏‘ / Hire-purchase payable-net ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« / Long-term loans Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ / Other non-current liabilities ‡ß‘π¡—¥®”§à“‡™à“·≈–∫√‘°“√ / Deposit for rent and service Õ◊ËπÊ / Others √«¡Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π / Total non-current liabilities √«¡Àπ’È ‘π / Total liabilities √“¬‰¥â√–À«à“ß°—π∑’ˬ—߉¡à√—∫√Ÿâ‡ªìπ√“¬‰¥â / Unrealized inter-revenue

104 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

À¡“¬‡Àµÿ / Note

11 12, 13

12 13

(‚ª√¥¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ´÷Ë߇ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È) (Please see notes to the financial statements which formed an integral part of these statements)

(∫“∑ / Baht)

≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– 2547 / As at December 31, 2005 and 2004

ß∫°“√‡ß‘π√«¡ / Consolidated

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company Only

2548/2005

2547/2004

2548/2005

2547/2004

232,707,041.25 406,400.00 226,787,992.53 2,258,445.96 -

1,296,350,937.96 786,750.00 93,386,404.22 302,097,616.17 -

231,767,751.20 406,400.00 223,769,594.49 1,520,800.08 8,910,024.38

1,295,269,934.85 786,750.00 90,388,116.27 301,520,800.08 877,846.35

450,233,716.01 116,635,047.76 119,187,850.10 2,499,128.36 31,995,754.55 1,182,711,376.52

221,594,815.00 71,519,945.21 39,906,036.29 17,408,983.85 37,623,090.63 2,080,674,579.33

450,233,716.01 116,635,047.76 108,703,862.36 2,440,734.20 17,012,908.52 1,161,400,839.00

221,594,815.00 71,519,945.21 39,906,036.29 17,350,589.69 23,066,027.84 2,062,280,861.58

4,903,371.31 340,000,000.00

6,310,812.99 -

2,139,221.28 340,000,000.00

3,660,021.36 -

3,033,842.44 1,606,721.05 349,543,934.80 1,532,255,311.32 -

2,188,766.87 1,698,721.05 10,198,300.91 2,090,872,880.24 -

2,000,408.27 1,065,401.05 345,205,030.60 1,506,605,869.60 1,376,886.17

1,674,118.27 1,252,401.05 6,586,540.68 2,068,867,402.26 1,376,886.17

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 105

ß∫¥ÿ≈ (µàÕ) Balance Sheets (Cont.) ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ / L.P.N. Development Public Company Limited and its Subsidiaries

Àπ’È ‘π·≈– à«π¢ÕߺŸâ∂◊ÕÀÿâπ / Liabilities and Shareholdersû Equity à«π¢ÕߺŸâ∂◊ÕÀÿâπ / Shareholdersû equity ∑ÿπ‡√◊ÕπÀÿâπ / Share capital ∑ÿπ®¥∑–‡∫’¬π / Authorized share capital Àÿâπ “¡—≠ ®”π«π 1,486,706,550 Àÿâπ / 1,486,706,550 ordinary shares at ¡Ÿ≈§à“Àÿâπ≈– 1.00 ∫“∑ / Baht 1.00 each ∑ÿπ∑’ËÕÕ°·≈–‡√’¬°™”√–·≈â« / Issued and fully paid-up share capital Àÿâπ “¡—≠ ®”π«π 1,475,698,768 Àÿâπ / 1,475,698,768 ordinary shares at ¡Ÿ≈§à“Àÿâπ≈– 1.00 ∫“∑ / Baht 1.00 each Àÿâπ “¡—≠ ®”π«π 1,205,601,879 Àÿâπ / 1,205,601,879 ordinary shares at ¡Ÿ≈§à“Àÿâπ≈– 1.00 ∫“∑ / Baht 10.00 each à«π‡°‘π¡Ÿ≈§à“Àÿâπ / Premium on share capital à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å / Revaluation increment of assets °”‰√ – ¡ / Retained earnings ®—¥ √√·≈â« / Appropriated ”√Õßµ“¡°ÆÀ¡“¬ / Legal reserve ¬—߉¡à‰¥â®—¥ √√ / Unappropriated √«¡ à«π¢ÕߺŸâ∂◊ÕÀÿâπ∫√‘…—∑„À≠à / Total shareholdersû equity à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬ / Minority interest √«¡ à«π¢ÕߺŸâ∂◊ÕÀÿâπ / Total shareholdersû equity including minority interest √«¡Àπ’È ‘π·≈– à«π¢ÕߺŸâ∂◊ÕÀÿâπ / Total liabilities and shareholdersû equity

106 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

À¡“¬‡Àµÿ / Note

16

3.7, 9 16.3, 16.4, 17

(‚ª√¥¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ´÷Ë߇ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È) (Please see notes to the financial statements which formed an integral part of these statements)

(∫“∑ / Baht)

≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– 2547 / As at December 31, 2005 and 2004

ß∫°“√‡ß‘π√«¡ / Consolidated

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company Only

2548/2005

2547/2004

2548/2005

2547/2004

1,486,706,550.00

1,486,706,550.00

1,486,706,550.00

1,486,706,550.00

1,475,698,768.00

1,475,698,768.00

441,807,166.00 1,554,219.74

1,205,601,879.00 371,734,111.82 1,602,777.67

441,807,166.00 1,554,219.74

1,205,601,879.00 371,734,111.82 1,602,777.67

84,000,000.00 988,278,582.38 2,991,338,736.12 103,010.21 2,991,441,746.33 4,523,697,057.65

31,448,616.09 713,543,349.73 2,323,930,734.31 9,525.92 2,323,940,260.23 4,414,813,140.47

84,000,000.00 989,336,422.93 2,992,396,576.67 2,992,396,576.67 4,500,379,332.44

31,448,616.09 714,601,190.28 2,324,988,574.86 2,324,988,574.86 4,395,232,863.29

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 107

ß∫°”‰√¢“¥∑ÿπ Statements of Income ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ / L.P.N. Development Public Company Limited and its Subsidiaries

À¡“¬‡Àµÿ / Note √“¬‰¥â / Revenue √“¬‰¥â®“°°“√¢“¬ / Sales √“¬‰¥â§à“‡™à“·≈–∫√‘°“√ / Rental and service income √“¬‰¥â§à“∫√‘À“√®—¥°“√ / Management fee income ¥Õ°‡∫’Ȭ√—∫ / Interest income °”‰√®“° à«π‰¥â‡ ’¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ / Equity gain from investment in subsidiaries °”‰√®“° à«π‰¥â‡ ’¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ / Equity gain from investment in associates √“¬‰¥âÕ◊Ëπ / Other income √«¡√“¬‰¥â / Total revenues §à“„™â®à“¬ / Expenses µâπ∑ÿπ¢“¬ / Cost of sales µâπ∑ÿπ§à“‡™à“·≈–∫√‘°“√ / Cost of rental and service µâπ∑ÿπ§à“∫√‘À“√®—¥°“√ / Cost of management §à“„™â®à“¬°“√¢“¬·≈–∫√‘À“√ / Selling and administrative expenses §à“µÕ∫·∑π°√√¡°“√ / Directorsû remuneration ¢“¥∑ÿπ®“° à«π‰¥â‡ ’¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ / Equity loss from investment in subsidiaries √«¡§à“„™â®à“¬ / Total expenses °”‰√°àÕπ¥Õ°‡∫’Ȭ®à“¬·≈–¿“…’‡ß‘π‰¥â / Profit before interest expenses and income tax ¥Õ°‡∫’Ȭ®à“¬ / Interest expenses ¿“…’‡ß‘π‰¥â / Income tax °”‰√°àÕπ à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬ / Profit before minority interest à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬ / Minority interest °”‰√ ÿ∑∏‘ / Net profit °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π / Basic earnings per share ®”π«πÀÿâπ∂—«‡©≈’ˬ / Weighted average number of ordinary shares (share) °”‰√µàÕÀÿâπª√—∫≈¥ / Diluted earnings per share ®”π«πÀÿâπ∂—«‡©≈’ˬ / Weighted average number of ordinary shares (share)

108 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

3.12, 20 3.12, 20

(‚ª√¥¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ´÷Ë߇ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È) (Please see notes to the financial statements which formed an integral part of these statements)

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– 2547 / For the years ended December 31, 2005 and 2004

ß∫°“√‡ß‘π√«¡ / Consolidated

(∫“∑ / Baht)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company Only

2548/2005

2547/2004

2548/2005

2547/2004

3,346,447,527.45 25,173,835.21 131,566,413.92 18,050,836.85 44,759,413.28 16,628,920.52 3,582,626,947.23

2,308,841,324.20 21,235,115.85 113,338,237.03 15,013,520.63 5,473,637.35 14,493,640.26 2,478,395,475.32

3,346,447,527.45 23,850,472.96 17,977,984.86 77,830,322.87 44,759,413.28 16,004,205.32 3,526,869,926.74

2,306,201,324.20 22,571,322.96 15,600,295.07 4,544,890.58 5,473,637.35 14,099,036.24 2,368,490,506.40

2,159,638,099.43 17,795,077.38 76,559,503.74 448,352,654.50 4,115,000.00 2,706,460,335.05 876,166,612.18 448,720.80 287,245,247.53 588,472,643.85 (93,484.29) 588,379,159.56

1,498,745,836.55 16,376,917.75 79,399,655.00 364,552,572.69 3,960,000.00 1,963,034,981.99 515,360,493.33 830,875.48 66,139,047.75 448,390,570.10 (4,929.72) 448,385,640.38

2,215,557,977.77 18,908,433.74 445,444,890.35 4,115,000.00 243,090.14 2,684,269,392.00 842,600,534.74 245,599.92 253,975,775.26 588,379,159.56 588,379,159.56

1,532,566,387.84 17,611,356.67 296,409,643.79 3,960,000.00 5,306,473.06 1,855,853,861.36 512,636,645.04 599,921.32 63,651,083.34 448,385,640.38 448,385,640.38

0.43 1,362,133,567.00 -

0.41 1,098,632,925.00 0.36 1,249,955,720.00

0.43 1,362,133,567.00 -

0.41 1,098,632,925.00 0.36 1,249,955,720.00

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 109

ß∫· ¥ß°“√‡ª≈’ˬπ·ª≈ß„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ Statements of Changes in Shareholdersû Equity ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ / L.P.N. Development Public Company Limited and its Subsidiaries

≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 / 2004 ¬Õ¥¬°¡“ ≥ «—π∑’Ë 1 ¡°√“§¡ 2547 / Beginning balance as at January 1, 2004 ∑ÿπ‡√◊ÕπÀÿâπ‡æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / Share capital increase during the period à«π‡°‘π∑ÿπ®“°°“√µ’√“§“∑√—æ¬å ‘π‡æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / Revaluation increment of assets increase (decrease) during the period ”√Õßµ“¡°ÆÀ¡“¬‡æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / Legal reserve increase (decrease) during the period °”‰√ ÿ∑∏‘ª√–®”ß«¥ / Net profit for the period ‡ß‘πªíπº≈®à“¬ / Dividend paid à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬‡æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / Minority interest increase (decrease) during period ¬Õ¥§ß‡À≈◊Õ ≥ 31 ∏—𫓧¡ 2547 / Balance as at December 31, 2004 ≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 / 2005 ¬Õ¥¬°¡“ ≥ «—π∑’Ë 1 ¡°√“§¡ 2548 / Beginning balance as at January 1, 2005 ∑ÿπ‡√◊ÕπÀÿâπ‡æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / Share capital increase during the period à«π‡°‘π∑ÿπ®“°°“√µ’√“§“∑√—æ¬å ‘π‡æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / Revaluation increment of assets increase (decrease) during the period ”√Õßµ“¡°ÆÀ¡“¬‡æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / Legal reserve increase (decrease) during the period °”‰√ ÿ∑∏‘ª√–®”ß«¥ / Net profit for the period ‡ß‘πªíπº≈®à“¬ / Dividend paid à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬‡æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / Minority interest increase (decrease) during the period ¬Õ¥§ß‡À≈◊Õ ≥ 31 ∏—𫓧¡ 2548 / Balance as at December 31, 2005

110 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

(‚ª√¥¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ´÷Ë߇ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È) (Please see notes to the financial statements which formed an integral part of these statements)

(∫“∑ / Baht)

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– 2547 / For the years ended December 31, 2005 and 2004

ß∫°“√‡ß‘π√«¡ / Consolidated ∑ÿπ‡√◊ÕπÀÿâπ /

Issued and fully paid share capital

à«π‡°‘π¡Ÿ≈§à“ Àÿâπ “¡—≠ /

à«π‡°‘π∑ÿπ®“°°“√ µ’√“§“ ‘π∑√—æ¬å /

Premium on Revaluation common share increment of assets

938,415,770.00 125,770,923.60 267,186,109.00 245,963,188.22

1,651,335.61

”√Õßµ“¡ °ÆÀ¡“¬ /

Legal reserve

¬—߉¡à‰¥â®—¥ √√ /

à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬ /

Retaned earnings

Minority earnings

8,148,616.09 525,164,256.85

(48,557.94) 23,300,000.00 (23,300,000.00) 448,385,640.38 (236,706,547.50) 1,205,601,879.00

371,734,111.82

1,602,777.67

31,448,616.09 713,543,349.73

1,205,601,879.00 270,096,889.00

371,734,111.82 70,073,054.18

1,602,777.67

31,448,616.09 713,543,349.73

(48,557.93) 52,551,383.91

1,475,698,768.00

441,807,166.00

1,554,219.74

(52,551,383.91) 588,379,159.56 (261,092,543.00)

84,000,000.00 988,278,582.38

√«¡ / Total

4,596.20

1,599,155,498.35 513,149,297.22 (48,557.94) 448,385,640.38 (236,706,547.50) 4,929.72 4,929.72 9,525.92 2,323,940,260.23 9,525.92 2,323,940,260.23 340,169,943.18 (48,557.93) 588,379,159.56 (261,092,543.00) 93,484.29 93,484.29 103,010.21 2,991,441,746.33

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 111

ß∫· ¥ß°“√‡ª≈’ˬπ·ª≈ß„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ (µàÕ) Statements of Changes in Shareholdersû Equity (Cont.) ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ / L.P.N. Development Public Company Limited and its Subsidiaries

≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 / 2004 ¬Õ¥¬°¡“ ≥ «—π∑’Ë 1 ¡°√“§¡ 2547 / Beginning balance as at January 1, 2004 ∑ÿπ∑’ËÕÕ°·≈–‡√’¬°™”√–·≈⫇æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / Share capital increase during period à«π‡°‘π∑ÿπ®“°°“√µ’√“§“∑√—æ¬å ‘π‡æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / Revaluation increment of assets increase (decrease) during the period ”√Õßµ“¡°ÆÀ¡“¬‡æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / Legal reserve increase (decrease) during the period °”‰√ ÿ∑∏‘ª√–®”ß«¥ / Net profit for the period ‡ß‘πªíπº≈®à“¬ / Dividend paid ¬Õ¥§ß‡À≈◊Õ ≥ 31 ∏—𫓧¡ 2547 / Balance as at December 31, 2004 ≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 / 2005 ¬Õ¥¬°¡“ ≥ «—π∑’Ë 1 ¡°√“§¡ 2548 / Beginning balance as at January 1, 2005 ∑ÿπ∑’ËÕÕ°·≈–‡√’¬°™”√–·≈⫇æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / Share capital increase during the period à«π‡°‘π∑ÿπ®“°°“√µ’√“§“∑√—æ¬å ‘π‡æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / Revaluation increment of assets increase (decrease) during the period ”√Õßµ“¡°ÆÀ¡“¬‡æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / Legal reserve increase (decrease) during the period °”‰√ ÿ∑∏‘ª√–®”ß«¥ / Net profit for the period ‡ß‘πªíπº≈®à“¬ / Dividend paid ¬Õ¥§ß‡À≈◊Õ ≥ 31 ∏—𫓧¡ 2548 / Balance as at December 31, 2005

112 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

(‚ª√¥¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ´÷Ë߇ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È) (Please see notes to the financial statements which formed an integral part of these statements)

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– 2547 / For the years ended December 31, 2005 and 2004

(∫“∑ / Baht)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company only ∑ÿπ‡√◊ÕπÀÿâπ /

Issued and fully paid share capital

938,415,770.00 267,186,109.00

à«π‡°‘π¡Ÿ≈§à“ Àÿâπ “¡—≠ /

à«π‡°‘π∑ÿπ®“°°“√ µ’√“§“ ‘π∑√—æ¬å /

Premium on Revaluation common share increment of assets

125,770,923.60 245,963,188.22

1,651,335.61

”√Õßµ“¡ °ÆÀ¡“¬ /

Legal reserve

¬—߉¡à‰¥â®—¥ √√ / Retaned earnings

8,148,616.09 526,222,097.40

371,734,111.82 371,734,111.82

270,096,889.00

70,073,054.18

1,602,777.67 1,602,777.67

23,300,000.00 (23,300,000.00) 448,385,640.38 (236,706,547.50) 31,448,616.09 714,601,190.28 31,448,616.09 714,601,190.28

52,551,383.91 (52,551,383.91) 588,379,159.56 (261,092,543.00) 84,000,000.00 989,336,422.93

340,169,943.18 (48,557.93) 588,379,159.56 (261,092,543.00) 2,992,396,576.67

(48,557.93)

1,475,698,768.00

441,807,166.00

1,554,219.74

Total

1,600,208,742.70 513,149,297.22 (48,557.94) 448,385,640.38 (236,706,547.50) 2,324,988,574.86 2,324,988,574.86

(48,557.94)

1,205,601,879.00 1,205,601,879.00

√«¡ /

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 113

ß∫°√–· ‡ß‘π ¥ Statements of Cash Flows ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ / L.P.N. Development Public Company Limited and its Subsidiaries

°√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π / Cash flows from operating activities °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ / Net profit √“¬°“√ª√—∫ª√ÿß°√–∑∫°”‰√ ÿ∑∏‘‡ªìπ‡ß‘π ¥√—∫ (®à“¬) / Items to reconcile net income to net cash flows ®“°°‘®°√√¡¥”‡π‘πß“π / from operating activities Àπ’È Ÿ≠·≈–Àπ’È ß —¬®– Ÿ≠ / Bad debt and doubtful accounts §à“‡ ◊ËÕ¡√“§“∑√—æ¬å ‘π / Depreciation ¥Õ°‡∫’Ȭ√—∫√–À«à“ß°—π√—∫√Ÿâ‡ªìπ√“¬‰¥â / Realized inter - company interest income ¢“¥∑ÿπ®“°°“√®”Àπà“¬∑√—æ¬å ‘π / Loss from sales of assets ¢“¥∑ÿπ (°”‰√) ®“°°“√º‘¥ —≠≠“ / (Gain) Loss from breach of agreement ¢“¥∑ÿπ (°”‰√) ¢Õ߇ߑπ≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ / Equity gain (loss) from investments in subsidiaries ·≈–∫√‘…—∑√à«¡µ“¡«‘∏’ à«π‰¥â‡ ’¬ / and associates ¢“¥∑ÿπ®“°°“√ª√—∫≈¥¡Ÿ≈§à“¿“…’∂Ÿ°À—° ≥ ∑’Ë®à“¬ / Loss from devaluation of withholding tax à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬ (≈¥≈ß) / Minority interest (decrease) °”‰√®“°°“√¥”‡π‘πß“π°àÕπ°“√‡ª≈’ˬπ·ª≈ß„π ‘π∑√—æ¬å / Profit (Loss) from operation before change ·≈–Àπ’È ‘𥔇π‘πß“π / in operating assets and liabilities ‘π∑√—æ¬å®“°°“√¥”‡π‘πß“π (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß / Operating assets (increase) decrease ≈Ÿ°Àπ’È°“√§â“·≈–µ—Ϋ‡ß‘π√—∫ / Trade accounts and notes receivable √“¬‰¥â∑’ˬ—߉¡à∂÷ß°”Àπ¥™”√– / Installment receivable ≈Ÿ°Àπ’È°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π / Receivable from related parties ‘π§â“§ß‡À≈◊Õ / Inventories ‡ß‘π®à“¬≈à«ßÀπ⓺Ÿâ√—∫‡À¡“ / Advance receivable-contractor ∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°àÕ √â“ß / Land and cost of project under development ¥Õ°‡∫’Ȭ§â“ß√—∫ / Accrued interest income ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ / Other current assets ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ / Other non-current assets ‘π∑√—æ¬å®“°°“√¥”‡π‘πß“π (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß / Operating assets (increase) decrease Àπ’È ‘π®“°°“√¥”‡π‘πß“π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) / Operating liabilities increase (decrease) ‡®â“Àπ’È°“√§â“·≈–µ—Ϋ‡ß‘π®à“¬ / Trade accounts and notes payable ‡®â“Àπ’È·≈–µ—Ϋ‡ß‘π®à“¬§◊πÀâÕß™ÿ¥ / Refund down payment payable ‡®â“Àπ’È°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π / Payable to related parties Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ / Other current liabilities Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ / Other non-current liabilities Àπ’È ‘π®“°°“√¥”‡π‘πß“π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) / Operating liabilities increase (decrease) ‡ß‘π ¥ ÿ∑∏‘‰¥â¡“ („™â‰ª) ®“°°‘®°√√¡¥”‡π‘πß“π / Net cash provided by (used in) operating activities

114 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

(‚ª√¥¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ´÷Ë߇ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È) (Please see notes to the financial statements which formed an integral part of these statements)

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– 2547 / For the years ended December 31, 2005 and 2004

ß∫°“√‡ß‘π√«¡ / Consolidated

(∫“∑ / Baht)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company Only

2548/2005

2547/2004

2548/2005

2547/2004

588,379,159.56

448,385,640.38

588,379,159.56

448,385,640.38

(1,170,456.00) 22,494,136.50 (493,597.32) (44,759,413.28)

5,109,361.10 19,642,036.51 731,376.55 (27,428.71) (5,473,637.35)

(1,170,456.00) 14,328,413.59 (251,095.13) (122,346,646.01)

4,782,839.84 12,499,417.60 (613,697.59) 479,218.00 (27,428.71) (4,712,054.87)

283.90 93,484.29

1,168,734.43 4,929.72

283.90 -

-

564,543,597.65

469,541,012.63

478,939,659.91

460,793,934.65

10,036,728.49 340,639,368.53 231,081.86 (45,594,663.74) 51,965,000.00 (252,847,851.10) (1,745,066.97) 233,926.57 102,918,523.64

55,523,830.08 (376,301,143.54) 472,256.42 699,947,382.27 (51,965,000.00) (1,777,491,958.50) (1,666,666.68) (45,379,682.30) 5,257,774.47 (1,491,603,207.78)

10,337,179.96 340,639,368.53 (45,475,982.58) 51,965,000.00 (252,847,851.10) (760,337.70) 84,679.28 103,942,056.39

55,439,791.54 (376,301,143.54) 3,082,275.69 698,153,981.10 (51,965,000.00) (1,777,491,958.50) (1,666,666.68) (45,010,738.64) 8,803,482.34 (1,486,955,976.69)

133,401,588.31 (380,350.00) 332,324,895.55 753,075.57 466,099,209.43 1,133,561,330.72

(22,328,315.55) (5,900.00) 112,954,146.78 194,347.28 90,814,278.51 (931,247,916.64)

133,381,478.22 (380,350.00) 8,032,178.03 321,415,124.57 139,290.00 462,587,720.82 1,045,469,437.12

(21,435,722.68) (5,900.00) (525,108.58) 111,941,346.71 77,393.54 90,052,008.99 (936,110,033.05)

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 115

ß∫°√–· ‡ß‘π ¥ (µàÕ) Statements of Cash Flows (Cont.) ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ / L.P.N. Development Public Company Limited and its Subsidiaries

°√–· ‡ß‘π ¥®“°°‘®°√√¡°“√≈ß∑ÿπ / Cash flows from investing activities ‡ß‘πΩ“°§È”ª√–°—π≈¥≈ß / Pledged deposit ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·°à°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß / (Increase) Decrease in short-term loans to related parties ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡‡æ‘Ë¡¢÷Èπ / Investment in subsidiaries and associates ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π‡æ‘Ë¡¢÷Èπ / Long-term loans to related parties ´◊ÈÕ ‘π∑√—æ¬å∂“«√ / Purchase of fixed assets ´◊ÈÕ ‘π∑√—æ¬å‡™à“ / Purchase of assets for rent ¢“¬ ‘π∑√—æ¬å∂“«√ / Sale of fixed assets ¢“¬ ‘π∑√—æ¬å‡™à“ / Sale of assets for rent ‡ß‘π ¥ ÿ∑∏‘‰¥â¡“ („™â‰ª) ®“°°‘®°√√¡°“√≈ß∑ÿπ / Net cash provided by (used in) investing activities °√–· ‡ß‘π ¥®“°°‘®°√√¡®—¥À“‡ß‘π / Cash flows from financing activities √—∫ (§◊π) ‡ß‘π‡∫‘°‡°‘π∫—≠™’ / Received (Paid) to bank overdraft √—∫‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π / Received from short-term loans from financial institutions §◊π‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π / Paid for short-term loans to financial institutions √—∫‡ß‘π°Ÿâ¬◊¡√–¬–¬“« / Received from long-term loans §◊π‡ß‘π°Ÿâ¬◊¡√–¬–¬“« / Paid for long-term loans ®à“¬™”√–‡®â“Àπ’ȇ™à“´◊ÈÕ / Hire-purchase payable ‡æ‘Ë¡∑ÿπ / Increase ordinary shares ®à“¬‡ß‘πªíπº≈ / Dividend paid ‡ß‘π ¥ ÿ∑∏‘‰¥â¡“ („™â‰ª) ®“°°‘®°√√¡®—¥À“‡ß‘π / Net cash provided by (used in) financing activities ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‡æ‘Ë¡¢÷Èπ (≈¥≈ß) ÿ∑∏‘ / Net increase (decrease) in cash and cash equivalents ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—π∑’Ë 1 ¡°√“§¡ / Cash and cash equivalents as at January 1 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—π∑’Ë 31 ∏—𫓧¡ / Cash and cash equivalents as at December 31 °“√‡ªî¥‡º¬¢âÕ¡Ÿ≈‡°’ˬ«°—∫°√–· ‡ß‘𠥇æ‘Ë¡‡µ‘¡ : / Supplemental disclosures of cash flows information 1. ‡ß‘π ¥∑’Ë®à“¬„π√–À«à“ßß«¥ ”À√—∫ / Cash paid during the period for ¥Õ°‡∫’Ȭ®à“¬ / Interest expenses ¿“…’‡ß‘π‰¥â / Income tax 2. √“¬°“√∑’ˉ¡à°√–∑∫°√–· ‡ß‘π ¥ / Non-cash transaction ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ‰¥â‡™à“´◊ÈÕ ‘π∑√—æ¬å‡ªìπ®”π«π‡ß‘π√«¡ 11,650,000.00 ∫“∑ (ß∫°“√‡ß‘π ‡©æ“–∫√‘…—∑®”π«π 8,080,000.00 ∫“∑) ‚¥¬®à“¬™”√–‡ß‘𥓫πå·≈–§à“ß«¥‡ªìπ®”π«π‡ß‘π√«¡ 4,683,410.00 ∫“∑ (ß∫°“√‡ß‘π ‡©æ“–∫√‘…—∑®”π«π 3,088,000.00 ∫“∑) ·≈–∫√‘…—∑œ ‰¥â‚Õπ ‘π∑√—æ¬å¥”‡π‘πß“π‡ªìπ ‘π∑√—æ¬å‡™à“ ®”π«π 30,789,894.86 ∫“∑ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ∫√‘…—∑¬àÕ¬ ‰¥â‡™à“´◊ÈÕ ‘π∑√—æ¬å‡ªìπ®”π«π‡ß‘π√«¡ 1,185,000.00 ∫“∑ ‚¥¬®à“¬™”√–‡ß‘𥓫πå·≈– §à“ß«¥‡ªìπ®”π«π‡ß‘π√«¡ 364,190.00 ∫“∑ As at December, 31 2004, the Company and its subsidiaries companies have purchased assets amounting to Baht 11,650,000.00 (The company only amounting of Baht 8,080,000.00) by making downpayment amounting of Baht 4,683,410.00 (The company only amounting of Baht 3,088,000.00) and the company has transferred the operating assets to be assets for rent in the amount of Baht 30,789,894.86 .

As at December, 31 2005, the subsidiaries companies have purchased assets amounting to Baht 1,185,000.00 by making downpayment amounting to Baht 364,190.00 116 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

(‚ª√¥¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ´÷Ë߇ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È) (Please see notes to the financial statements which formed an integral part of these statements)

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– 2547 / For the years ended December 31, 2005 and 2004

ß∫°“√‡ß‘π√«¡ / Consolidated 2548/2005

2547/2004

(∫“∑ / Baht)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company Only 2548/2005

2547/2004

959,356.29 (7,407,305.90) (20,609,996.02) (42,348.14) 781,738.22 2,110,000.00 (24,208,555.55)

1,098,692.95 (11,854,836.00) (200,000,000.00) (19,760,602.07) (24,337,989.73) 63,937.86 1,608,625.00 (253,182,171.99)

959,356.29 4,605,251.48 (12,741,584.14) (42,348.14) 109,673.00 2,110,000.00 (4,999,651.51)

995,265.86 13,995,850.84 (11,854,836.00) (200,000,000.00) (8,634,847.94) (24,337,989.73) 63,844.40 (229,772,712.57)

70,356,103.29 1,124,000,000.00 (2,258,000,000.00) 340,000,000.00 (300,000,000.00) (1,246,611.89) 340,169,943.18 (261,319,883.00) (946,040,448.42) 163,312,326.75 125,523,718.12 288,836,044.87

3,495,152.29 1,540,000,000.00 (720,000,000.00) 366,800,000.00 (488,025,492.79) (2,024,104.40) 513,149,297.22 (236,695,797.50) 976,699,054.82 (207,731,033.81) 333,254,751.93 125,523,718.12

70,497,816.35 1,124,000,000.00 (2,258,000,000.00) 340,000,000.00 (300,000,000.00) (1,520,800.08) 340,169,943.18 (261,319,883.00) (946,172,923.55) 94,296,862.06 112,849,446.17 207,146,308.23

2,798,819.68 1,540,000,000.00 (720,000,000.00) 366,800,000.00 (488,025,492.79) (1,283,178.56) 513,149,297.22 (236,695,797.50) 976,743,648.05 (189,139,097.57) 301,988,543.74 112,849,446.17

31,860,867.99 208,123,269.59

22,080,373.45 29,722,187.76

31,657,747.11 185,177,949.19

21,841,011.07 23,745,047.05

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 117

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π Notes to Financial Statements

1.

°“√¥”‡π‘πß“π¢Õß∫√‘…—∑

∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ‡ªìπ∫√‘…—∑∑’Ë®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬ ‡¡◊ËÕ «—π∑’Ë 21 ¡‘∂ÿπ“¬π 2537 ∏ÿ√°‘®À≈—°¢Õß∫√‘…—∑§◊Õ ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å ∂“π∑’˵—Èß ·≈–®”π«πæπ—°ß“π¢Õß∫√‘…—∑¡’¥—ßπ’È ∑’∑Ë ”°“√¢Õß∫√‘…∑— 1168/109 Õ“§“√≈ÿ¡æ‘π’ ∑“«‡«Õ√å ™—πÈ 36 ∂ππæ√–√“¡ 4 ·¢«ß∑ÿßà ¡À“‡¡¶ ‡¢µ “∑√ °√ÿ߇∑æ¡À“π§√ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’®”π«πæπ—°ß“π·≈–§à“„™â®à“¬æπ—°ß“π¥—ßπ’È

®”π«πæπ—°ß“π (§π) / Employees (person) §à“„™â®à“¬æπ—°ß“π (≈â“π∫“∑) / Employeesû expenses (Million Baht)

2.

À≈—°‡°≥±å„π°“√®—¥∑”ß∫°“√‡ß‘π 2.1

2.2

ß∫°“√‡ß‘ππ’È· ¥ß√“¬°“√µ“¡ª√–°“»°√¡æ—≤π“∏ÿ√°‘®°“√§â“ ‚¥¬°√–∑√«ßæ“≥‘™¬å ≈ß«—π∑’Ë 14 °—𬓬π 2544 ‡√◊ËÕß °”Àπ¥√“¬°“√¬àÕ∑’˵âÕß¡’„πß∫°“√‡ß‘π¢Õß∫√‘…—∑¡À“™π®”°—¥ ·≈–‰¥â®—¥∑”¢÷Èπµ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª µ“¡ æ√–√“™∫—≠≠—µ‘°“√∫—≠™’ªï 2543 „π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2547 ª√–°Õ∫ ¥â«¬ ß∫°“√‡ß‘π¢Õß∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ´÷Ë߇ªìπ∫√‘…—∑„À≠à ‚¥¬‡¢â“∂◊ÕÀÿâπ„π∫√‘…—∑¬àÕ¡’¥ß— π’È

∫√‘…—∑ æ√ —𵑠®”°—¥ / PORNSANTI CO., LTD. ∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ / LUMPINI PROPERTY MANAGEMENT CO., LTD.

2.3 2.4

3.

√“¬°“√∫—≠™’√–À«à“ß°—π „π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ √“¬°“√∫—≠™’√–À«à“ß°—π∑’ˇªìπ “√– ”§—≠‰¥âµ—¥ÕÕ°„π°“√∑”ß∫°“√‡ß‘π√«¡·≈â« ß∫°“√‡ß‘π√«¡π’®È ¥— ∑”¢÷πÈ ‚¥¬¡’«µ— ∂ÿª√– ߧå‡æ◊ÕË · ¥ß∞“π–°“√‡ß‘π√«¡ ·≈–º≈°“√¥”‡π‘πß“π√«¡¢Õß ∫√‘…∑— ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…∑— ¬àÕ¬‡∑à“π—πÈ °“√„™â¢Õâ ¡Ÿ≈µ“¡ß∫°“√‡ß‘π√«¡‡æ◊ÕË «—µ∂ÿª√– ߧåÕπ◊Ë Õ“®¡’¢Õâ ®”°—¥ ¥â“π≈—°…≥–∑’˧àÕπ¢â“ß·µ°µà“ß°—π„π∫√√¥“∫√‘…∑— ¬àÕ¬∑’Ëπ”ß∫°“√‡ß‘π¡“ª√–°Õ∫‡ªìπß∫°“√‡ß‘π√«¡

√ÿªπ‚¬∫“¬∫—≠™’∑’Ë ”§—≠ 3.1

°“√√—∫√Ÿâ√“¬‰¥â·≈–§à“„™â®à“3.1.1 √“¬‰¥â®“°°“√¢“¬Õ“§“√™ÿ¥ √—∫√Ÿ‚â ¥¬«‘∏Õ’ µ— √“√âÕ¬≈–¢Õßß“π∑’∑Ë ”‡ √Á®´÷ßË ®–§”π«≥‚¥¬„™âÕµ— √“ à«π¢Õßß“π∑’°Ë Õà √â“ß ∑’ˇ √Á®·≈â« ‡ª√’¬∫‡∑’¬∫°—∫µâπ∑ÿπ∑—ÈßÀ¡¥∑’˪√–¡“≥‰«â ‚¥¬∫√‘…—∑®–‡√‘Ë¡√—∫√Ÿâ√“¬‰¥â‡¡◊ËÕ¡’°“√∑” —≠≠“®–´◊ÈÕ ®–¢“¬‰¡àπâÕ¬°«à“√âÕ¬≈– 40 ¢Õß‚§√ß°“√∑’ˇªî¥¢“¬ ·≈–√—∫™”√–‡ß‘π‡°‘π°«à“√âÕ¬≈– 20 ¢Õß·µà≈– —≠≠“ ·≈– ß“πæ—≤π“ ·≈–ß“π°àÕ √â“߉¥âº“à π¢—πÈ µÕπ‡∫◊ÕÈ ßµâπ·≈â« ‰¡àπÕâ ¬°«à“√âÕ¬≈– 10 ¢Õßß“π°àÕ √â“ߢÕß·µà≈–‚§√ß°“√ ∑—Èßπ’È∫√‘…—∑®–À¬ÿ¥√—∫√Ÿâ√“¬‰¥â∑—π∑’ ‡¡◊ËÕºŸâ´◊ÈÕº‘¥π—¥™”√–‡ß‘π‡°‘π°«à“ 3 ß«¥µ‘¥µàÕ°—π ·≈–Õ—µ√“ à«πß“π∑’Ë∑”‡ √Á® Ÿß°«à“‡ß‘π§à“ß«¥∑’Ë∂÷ß°”Àπ¥™”√–

118 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

1.

Companyûs operation

L.P.N. Development Public Company Limited has been listed in the Stock Exchange of Thailand since on June 21, 1994. Type ofbusiness is Real Estate.

- Location : 1168/109, 36th Floor, Lumpini Tower, Rama IV Rd., Sathorn, Bangkok.

- The Company has employee and employeesû expenses as follows :

ß∫°“√‡ß‘π√«¡ / Consolidated 2548/2005

2547/2004

762.00 212.76

2.

2548/2005 68.00 56.90

2547/2004 65.00 50.61

Basis of preparation of the financial statements 2.1

2.2

The presentation of these financial statements have been made in compliance with the Notification of the Commercial Registration Department dated 14 September 2001, issued under the Accounting Act B.E. 2543.

The consolidated financial statement for years ended December 31, 2005 and 2004 consist of the financial statements of L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES. The Company held itsin subsidiaries shares capital as follows:-

Õ—µ√“°“√∂◊ÕÀÿâπ√âÕ¬≈– / Percentage 99.99 99.88

2.3 2.4

3.

694.00 177.10

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company Only

ª√–‡¿∑∏ÿ√°‘® / Type of business

§«“¡ —¡æ—π∏å / Relationship

Õ —ßÀ“√‘¡∑√—æ¬å / Real Estate ºŸâ∂◊ÕÀÿâπ, §«∫§ÿ¡‚¥¬°√√¡°“√/Shareholding/Command by director „Àâ∫√‘°“√ / Service ºŸâ∂◊ÕÀÿâπ, §«∫§ÿ¡‚¥¬°√√¡°“√/Shareholding/Command by director

Transaction with related companies Inter-company transactions have been eliminated in the consolidated financial statements.

The consolidated financial statements have been presented the financial position and operation results of L.P.N. Development Public Co., Ltd. and its subsidiaries companies. The usage of transaction of consolidated financial statements for other purposes may be limited because of the different business nature among those companies which were consolidated.

Significant Accounting Poli cies 3.1

Income and Expenses Recognition 3.1.1 Revenue from sales of properties and condominiums are recorded on the percentage of completed work which is based on the proportion of actual costs to the total estimated costs. The Companyrecognizes revenue when sales contracts have been executed not less than 40 percent of the area opened for sales and collection received exceeds 20 percent of each contract value, and theprogress of completed construction work is more than 10 percent. The Company wil stop to recognize such income whenever the overdue payment exceeding 3 consecutive installments and the percentage of completed work is over the installment due.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 119

3.2

3.3

3.4 3.5

3.6

3.7

3.1.2 √“¬‰¥â§à“‡™à“·≈–∫√‘°“√∑’ˇ°’ˬ«¢âÕß„π∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å„Àâ‡™à“®–√—∫√Ÿâ‡ªìπ√“¬‰¥âµ“¡‡°≥±å§ß§â“ß 3.1.3 √“¬‰¥âÕËπ◊ ·≈–§à“„™â®à“¬√—∫√Ÿâµ“¡‡°≥±å§ß§â“ß 3.1.4 ∫√‘…—∑§”π«πµâπ∑ÿπ®“°°“√¢“¬∫â“π·≈–∑’Ë¥‘π Õ“§“√™ÿ¥∑’Ë¢“¬·≈â« ‚¥¬∂◊Õ‡ªìπµâπ∑ÿπ¢“¬µ“¡Õ—µ√“√âÕ¬≈–¢Õß °“√√—∫√Ÿâ√“¬‰¥â ∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√ ∑’¥Ë π‘ ·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°àÕ √â“ß · ¥ß¥â«¬√“§“∑ÿπ‚¥¬«‘∏‡’ ©æ“–‡®“–®ß À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑§’Ë “¥«à“®–‰¥â√∫— ·≈â«·µàÕ¬à“ß„¥®–µË”°«à“ √“§“∑ÿπª√–°Õ∫¥â«¬ ∑’Ë¥‘π §à“æ—≤π“∑’Ë¥‘π §à“°àÕ √â“ß §à“„™â®à“¬∑’ˇ°’ˬ«¢âÕß‚¥¬µ√ß°—∫ ‚§√ß°“√·≈–¥Õ°‡∫’Ȭ‡ß‘π°Ÿâ¬◊¡∑’ˇ°’ˬ«¢âÕß ´÷Ëß®–À¬ÿ¥∫—π∑÷°¥Õ°‡∫’Ȭ®à“¬‡¢â“¡“‡ªìπµâπ∑ÿπ ‡¡◊ËÕß“π°àÕ √â“ß·≈⫇ √Á®À√◊Õ ‚§√ß°“√À¬ÿ¥æ—≤𓇰‘π 1 ªï ‘π§â“§ß‡À≈◊Õ ‘π§â“§ß‡À≈◊Õ ª√–°Õ∫¥â«¬ Õ“§“√ÀâÕß™ÿ¥∑’Ë √â“߇ √Á®„π à«π∑’ˬ—߉¡à‰¥â‚Õπ°√√¡ ‘∑∏‘Ï„À⺟â´◊ÈÕ ∫√‘…—∑· ¥ß‰«â„π √“§“∑ÿπ ‚¥¬«‘∏’‡©æ“–‡®“–®ßÀ√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫·≈â«·µà√“§“„¥®–µË”°«à“ «— ¥ÿ§ß‡À≈◊Õ · ¥ß¥â«¬√“§“∑ÿπ‚¥¬«‘∏’‡¢â“°àÕπ - ÕÕ°°àÕπ (FIFO) À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫ ·≈â«·µà√“§“„¥®– µË”°«à“ §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ∫√‘…—∑µ—Èß ”√Õß§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠‡ªìπ®”π«π‡ß‘π‚¥¬ª√–¡“≥∑’ËÕ“®®–‡°‘¥¢÷Èπ®“°°“√‡√’¬°‡°Á∫‡ß‘π≈Ÿ°Àπ’È ∑’Ë §â“ß™”√–§à“ß«¥‡°‘π°«à“ 6 ß«¥ ‡ß‘π≈ß∑ÿπ√–¬–¬“« ‡ß‘π≈ß∑ÿπ∫√‘…∑— ¬àÕ¬·≈–∫√‘…∑— √à«¡ · ¥ß‰«â‚¥¬«‘∏ ’ «à π‰¥â‡ ’¬ (Equity Method) ‚¥¬ª√—∫·≈–√—∫√Ÿºâ ≈°”‰√ (¢“¥∑ÿπ) ¢Õß∫√‘…∑— ¬àÕ¬·≈–∫√‘…∑— √à«¡ ‡ß‘π≈ß∑ÿπ„π∫√‘…∑— ¬àÕ¬¥—ß°≈à“«‡ªìπ°“√≈ß∑ÿπ„π°‘®°“√∑’∫Ë √‘…∑— ∂◊ÕÀÿπâ ¡“°°«à“√âÕ¬≈– 50 ¢Õß ‘∑∏‘„π°“√ÕÕ°‡ ’¬ß∑—ÈßÀ¡¥·≈–°‘®°“√∑’Ë∫√‘…—∑¡’Õ”π“®§«∫§ÿ¡„π°“√°”Àπ¥π‚¬∫“¬∑“ß°“√‡ß‘π ·≈–°“√¥”‡π‘πß“π ¢Õß°‘®°“√π—Èπ‰¥â ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘/§à“‡ ◊ËÕ¡√“§“ ∑’Ë¥‘π · ¥ß‰«â„π√“§“∑ÿπ Õ“§“√·≈–Õÿª°√≥å · ¥ß‰«â„π√“§“∑ÿπÀ—°¥â«¬§à“‡ ◊ËÕ¡√“§“ – ¡ §à“‡ ◊ËÕ¡√“§“§”π«≥‚¥¬«‘∏’‡ âπµ√ß „πÕ—µ√“ ¥—ßπ’È ®”π«πªï Õ“§“√ ”π—°ß“π 40 §à“µ°·µàß ·≈– ‡§√◊ËÕß„™â ”π—°ß“π 10 ‡§√◊ËÕߧա摫‡µÕ√å ·≈– ß“πæ—≤π“√–∫∫‚ª√·°√¡ 5 ¬“πæ“Àπ– 5 ‘π∑√—æ¬å„Àâ‡™à“ ∑’Ë¥‘π∫“ß à«π ®”π«π 1.04 ≈â“π∫“∑ ∑’Ë¡’°“√µ’√“§“‡æ‘Ë¡≈¥· ¥ß‰«â„π√“§“¬ÿµ‘∏√√¡ ´÷Ëߪ√–‡¡‘π√“§“‚¥ºŸâª√–‡¡‘π√“§“Õ‘ √– Õ“§“√∫“ß à«π ®”π«π 23.78 ≈â“π∫“∑ ¡’°“√µ’√“§“‡æ‘Ë¡ · ¥ß‰«â„π√“§“¬ÿµ‘∏√√¡ ´÷Ëߪ√–‡¡‘π√“§“‚¥ºŸâª√–‡¡‘π√“§“Õ‘ √–À—°¥â«¬§à“‡ ◊ËÕ¡√“§“ – ¡∑’˧”π«≥®“°¡Ÿ≈§à“¬ÿµ‘∏√√¡π—Èπ·≈–º≈µà“ß√“§“µ“¡∫—≠™’‡¥‘¡°—∫ √“§“¬ÿµ‘∏√√¡ · ¥ß‰«â∑’Ë à«π¢ÕߺŸâ∂◊ÕÀÿâπ¿“¬„µâ∫—≠™’ ç à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬åé ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å∑’ˉ¡à¡’°“√µ’√“§“‡æ‘Ë¡· ¥ß¥â«¬√“§“∑ÿπÀ—°¥â«¬§à“‡ ◊ËÕ¡√“§“ – ¡ §à“‡ ◊ËÕ¡√“§“ §”π«≥‚¥¬«‘∏’‡ âπµ√ß„πÕ—µ√“¥—ßπ’È

120 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

3.2

3.3

3.4 3.5

3.6

3.7

3.1.2 Rental and services income relating to land, building and equipment are recognized on an accrual basis.

3.1.3 Other income and expenses are recognized on an accrual basis.

3.1.4 Cost of condominiums and properties sold are recognized as cost of sales based on the percentage of income recognition Land and project cost Land and cost of project under development are shown by the lower of specific method or net realizable value. The project cost consists of : cost of land, development cost, construction cost, miscellaneous expenses of the project and interest expenses. Interest expenses will be stopped to recognize as cost whenever the construction project have been completed or ceased exceeding 1 year.

Inventories Untransferred condominium are valued at the lower of cost value by specific method or net realisable value.

Suppliespart are valued at the lower of cost by FIFO method or net realisable value.

Allowance for doubtful accounts The company has made the allowance for doubtful accounts of installment receivable which hasbeen overdue more than six periods.

Long-term investment Investment in related parties are recorded by using equity method. And adjust from recent offinancial statements for the year ended by auditor. The investment in subsidiaries which the company hadheld the shares more than 50% of voting right and the company had controllable right to determine financial and operational policy.

Land, plants and equipments-net/depreciation Lands are valued at cost.

Building and equipment are valued at cost less accumulated depreciation. The depreciation is computed on straight-line method as follows : Number of years Building 40 Office decoration and Office equipments 10 Computer and RMS System 5 Vehicles 5 Assets for rent Land amount of baht 1.04 million are valued at fair value which appraised by independent appraiser.

Building and equipment amount of Baht 23.78 million are revalued at fair value which appraised byindependent appraiser less accumulated depreciation that computed from the different of fair value and historical cost which presented in shareholdersû equity under çRevaluation increment ofassetsé.

Land, building and equipment which were not appraised, are stated at cost less accumulateddepreciation. The depreciation is computed on straight-line method as follows :

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 121

®”π«πªï 40 10 5

Õ“§“√ ”π—°ß“π ·≈–≈“π®Õ¥√∂ §à“µ°·µàß ·≈–‡§√◊ËÕß„™â ”π—°ß“𠇧√◊ËÕߧա摫‡µÕ√å 3.8 °“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å ∫√‘…—∑æ‘®“√≥“°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬åª√–‡¿∑ ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ‡ß‘π≈ß∑ÿπ ∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√ √Õ°“√æ—≤π“·≈– ‘π∑√—æ¬å‰¡à¡’µ—«µπµà“ßÊ ‡¡◊ËÕ¡’¢âÕ∫àß™’È«à“ ‘π∑√—æ¬å®–‡°‘¥°“√¥âÕ¬§à“ ‚¥¬æ‘®“√≥“®“°¡Ÿ≈§à“∑’˧“¥«à“ ®–‰¥â√—∫§◊π¢Õß ‘π∑√—æ¬åÀ“°¡’√“§“µË”°«à“√“§“µ“¡∫—≠™’ ∂◊Õ«à“ ‘π∑√—æ¬åπ—Èπ‡°‘¥°“√¥âÕ¬§à“ ´÷Ëß®–√—∫√Ÿâº≈¢“¥∑ÿπ®“° °“√¥âÕ¬§à“¥—ß°≈à“«„πß∫°”‰√¢“¥∑ÿπ ·≈–∫√‘…—∑®–∫—π∑÷°°≈—∫√“¬°“√®“°°“√¥âÕ¬§à“ µàÕ‡¡◊ËÕ¡’¢âÕ∫àß™’È«à“°“√¥âÕ¬§à“π—Èπ ‰¡à¡’Õ¬ŸàÕ’°µàÕ‰ªÀ√◊Õ¬—ß¡’Õ¬Ÿà·µà‡ªìπ‰ª„π∑“ß∑’Ë≈¥≈ß ¡Ÿ≈§à“∑’˧“¥«à“®–‰¥â√—∫§◊π¢Õß ‘π∑√—æ¬å À¡“¬∂÷ß √“§“¢“¬ ÿ∑∏‘À√◊Õ¡Ÿ≈§à“®“°°“√„™â ‘π∑√—æ¬å ·≈â«·µà√“§“„¥ ®– Ÿß°«à“·≈–®–ª√–¡“≥®“° ‘π∑√—æ¬å·µà≈–√“¬°“√ À√◊ÕÀπ૬ ‘π∑√—æ¬å∑’Ë°àÕ„À⇰‘¥‡ß‘π ¥·≈â«·µà°√≥’ 3.9 ‡ß‘π°Õß∑ÿπ‡≈’Ȭߙ’æ·≈–∫”‡ÀπÁ® ‰¥â·°à ‡ß‘π∑ÿπ∑’˪√–°Õ∫¥â«¬‡ß‘π∑’Ëæπ—°ß“πÕÕ° ¡∑∫¥â«¬§«“¡ ¡—§√„®„πÕ—µ√“ 2-4 % ¢Õ߇ߑπ‡¥◊Õπ ·≈–∫√‘…—∑ ®à“¬ ¡∑∫®”π«π‰¡à‡°‘π 3-7% ¢Õ߇ߑπ‡¥◊Õπ∑’Ëæπ—°ß“π®à“¬‡¢â“°Õß∑ÿπ ”√Õ߇≈’Ȭߙ’æ ° ‘°√‰∑¬∑√—æ¬å¡—Ëπ§ß ´÷Ëß ®¥∑–‡∫’¬π·≈â« ‡≈¢∑’Ë 24/2540 ‡¡◊ËÕ«—π∑’Ë 28 ¡.§. 2540 ·≈–°Õß∑ÿπ ”√Õ߇≈’Ȭߙ’æ «— ¥‘°“√æ—≤π“ ´÷Ëß®¥∑–‡∫’¬π·≈â« ‡≈¢∑’Ë 23/2536 ‡¡◊ËÕ«—π∑’Ë 26 °.æ. 2536 µ“¡æ√–√“™∫—≠≠—µ‘°Õß∑ÿπ ”√Õ߇≈’Ȭߙ’æ æ.». 2530 ·≈–√«¡∂÷ߺ≈ª√–‚¬™πå ∑’‰Ë ¥â√∫— ®“°°“√π”‡ß‘π°Õß∑ÿπ‰ªÀ“º≈ª√–‚¬™π奫⠬‡ß‘π°Õß∑ÿππ’È ∫√‘…∑— ‰¥â¡Õ∫À¡“¬„ÀâÕ¬Ÿ„à π°“√®—¥°“√¢ÕߺŸ®â ¥— °“√°Õß∑ÿπ 3.10 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡æ◊ËÕ«—µ∂ÿª√– ß§å „π°“√®—¥∑”ß∫°√–· ‡ß‘π ¥ ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ À¡“¬√«¡∂÷ß ‡ß‘πΩ“° ∏𓧓√´÷Ëß∂÷ß°”Àπ¥®à“¬§◊π„π√–¬–‡«≈“‰¡à‡°‘π 3 ‡¥◊Õπ 3.11 °“√„™âª√–¡“≥°“√∑“ß∫—≠™’ „π°“√®—¥∑”ß∫°“√‡ß‘πµ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ΩÉ“¬∫√‘À“√µâÕß„™â°“√ª√–¡“≥·≈–µ—ÈߢâÕ ¡¡µ‘∞“π À≈“¬ª√–°“√ ´÷Ëß¡’º≈°√–∑∫µàÕ®”π«π‡ß‘π∑’ˇ°’ˬ«°—∫√“¬‰¥â §à“„™â®à“¬ ‘π∑√—æ¬å·≈–Àπ’È ‘π ·≈–°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈ ‡°’ˬ«°—∫ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ ´÷Ëߺ≈∑’ˇ°‘¥¢÷Èπ®√‘ßÕ“®·µ°µà“߉ª®“°®”π«π∑’˪√–¡“≥‰«â 3.12 °”‰√µàÕÀÿâπ °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π§”π«≥‚¥¬°“√À“√°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ ”À√—∫ß«¥¥â«¬®”π«πÀÿâπ “¡—≠∂—«‡©≈’ˬ∂à«ßπÈ” Àπ—°∑’ËÕÕ°Õ¬Ÿà„π√–À«à“ßß«¥ °”‰√µàÕÀÿâπª√—∫≈¥§”π«≥‚¥¬°“√À“√°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ ”À√—∫ß«¥¥â«¬º≈√«¡¢Õß®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë∂à«ßπÈ”Àπ—°∑’ËÕÕ°Õ¬Ÿà„π√–À«à“ßß«¥°—∫®”π«π∂—«‡©≈’ˬ∂à«ßπÈ”Àπ—°¢ÕßÀÿâπ “¡—≠∑’Ë∫√‘…—∑Õ“®µâÕßÕÕ°‡æ◊ËÕ·ª≈ß Àÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥∑—Èß ‘Èπ („∫ ”§—≠· ¥ß ‘∑∏‘) „À⇪ìπÀÿâπ “¡—≠ ®”π«πÀÿâπ “¡—≠∂—«‡©≈’ˬ∂à«ßπÈ”Àπ—°∑’Ë„™âÀ“√¬Õ¥°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘§”π«≥‚¥¬„™â®”π«πÀÿâπ∑’Ë·ª≈ß§à“®“° ¡Ÿ≈§à“Àÿâπ≈– 10.00 ∫“∑ ‡ªìπÀÿâπ≈– 1.00 ∫“∑ ‚¥¬ª√—∫¬âÕπÀ≈—ß°”‰√µàÕÀÿâπ ·≈–°”‰√µàÕÀÿâπª√—∫≈¥ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2547

122 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

Number of years 40 10 5

Building Office decoration and Office equipments Computer 3.8 Impairment of Assests The company has considered the impairment of land, building and equipment, investing capital, land and cost of undevelopment projects and intangible assets after the declaration of asset impairment.

It would imply an impairment when the recoverable value of that asset is lower than the book value.

Theloss from asset impairment will be shown in balance sheet. The company will reverse the impairment lossin the statement of income whenever there is an indication that there is no longer impairment or reduction in impairment.

Recoverable value of asset is either the net selling price or value from utilization of thatasset, whichever is higher. The impairment will be estimated from each item of assets or each asset unit generating cash flow, whichever is practical.

3.9 Provident Fund The company has a provident fund for employees. The fund consists of voluntary contributions by employees based on monthly salary at the rate of 2-4%, the companyรปs contribution of an additional 3-7% of the employeeรปs basic salary which was paid in to the fund, and benefits earned from the investment of the fund. The fund is managed by TFB SUBMUNKONG Registered Provident Fund No.24/1997 at January 28, 1997 and Welfare Development Registered Provident Fund No.23/1993 at February 26,1993.

3.10 Cash and cash equiv alents For the purposes of the statements of cash flows, cash and cash equivalentinclude cash on hand and at banks which have an original maturity period within 3 months.

3.11 Use of accounting estimate Preparation of finanical statements in conformity with the generally accepted accounting principles requires management to make estimate and assumptionsthat effect the reported amounts of revenues, expense, assets and liabilities and disclosure of contingent assets and liabilities. Actual results may differ from those estimates.

3.12 Earnings (Loss) per shar e Basic earnings (loss) per share is determined by dividing net profit (loss) for the period by the weighted average number of ordinary shares issued during the period.

Diluted earnings per share is calculated by dividing net profit (loss) for the year by the sum of the weighted average number of ordinary shares issued during the year and the weighted averagenumber of ordinary shares to be issued for conversion of all diluted potential ordinary shares (warrants) into ordinary shares.

The sum ofweighted average number of ordinary shares which dividing net profit (loss) is used the change in par value from Baht 10.00 to Baht 1.00 each, by making retroactive adjustment ofearnings per share and diluted earnings pe share for the year ended December 31, 2004.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 123

4.

≈Ÿ°Àπ’È°“√§â“- ÿ∑∏‘ / Accounts receivable-net

≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– «—π∑’Ë 31 ∏—𫓧¡ 2547 ª√–°Õ∫¥â«¬ / As at December 31, 2005 and December 31, 2004 are as follows :-

®”π«π‡ß‘π∑’ˉ¥â∑” —≠≠“®–´◊ÈÕ®–¢“¬·≈â« / Contract value (31 ∏.§. 48 : √âÕ¬≈– 88.13 / 31 ∏.§. 47 : √âÕ¬≈– 80.29 ¢Õ߬ե¢“¬¢Õß‚§√ß°“√∑’ˇªî¥¢“¬) (Dec. 31, 2005 : 88.13% / Dec. 31, 2004 : 80.29% from project sale) §à“ß«¥∑’Ë∂÷ß°”Àπ¥™”√– / Installment due À—° ‡ß‘π™”√–·≈â« / Less Received ≈Ÿ°Àπ’ȧà“ß«¥∑’˧â“ß™”√– / Total accounts receivable ∫«° ≈Ÿ°Àπ’ȧà“ß«¥§â“ß™”√–‚§√ß°“√ Tower 1 ·≈– 2 / Add Accounts receivable on collection of Tower 1 and Tower 2 √«¡ / Total ‚Õπ§à“ß«¥§√∫°”Àπ¥∑’ˬ—߉¡à√—∫√Ÿâ‡ªìπ√“¬‰¥â / Less Unrealized installment income √«¡≈Ÿ°Àπ’È°“√§â“ / Accounts receivable À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ / Less Allowance for doubtful accounts ÿ∑∏‘ / Accounts receivable - net

≈Ÿ°Àπ’È°“√§â“ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– «—π∑’Ë 31 ∏—𫓧¡ 2547 ·¬°µ“¡Õ“¬ÿÀπ’ȉ¥â¥—ßπ’È / As at December 31, 2005 and December 31, 2004, accounts receivable were classified by aging as follows :-

‡°‘π°”Àπ¥ 1 - 3 ‡¥◊Õπ / Overdue 1 - 3 months ‡°‘π°”Àπ¥ 4 - 6 ‡¥◊Õπ / Overdue 4 - 6 months ‡°‘π°”Àπ¥ 7 - 12 ‡¥◊Õπ / Overdue 7 - 12 months ‡°‘π°”Àπ¥ 12 ‡¥◊Õπ ¢÷Èπ‰ª / Overdue 12 months √«¡ / Total ‚Õπ§à“ß«¥§√∫°”Àπ¥∑’ˬ—߉¡à√—∫√Ÿâ‡ªìπ√“¬‰¥â / Less Unrealized installment income √«¡≈Ÿ°Àπ’È°“√§â“ / Accounts receivable À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ / Less Allowance for doubtful accounts ≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘ / Accounts receivable - net

5.

¡Ÿ≈§à“ß“π‡ √Á®¬—߉¡à‡√’¬°‡°Á∫/§à“ß«¥§√∫°”Àπ¥∑’ˬ—߉¡à√—∫√Ÿâ‡ªìπ√“¬‰¥â / Installment receivable/ Unrealized revenue

≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– «—π∑’Ë 31 ∏—𫓧¡ 2547 ª√–°Õ∫¥â«¬ / As at December 31, 2005 and December 31, 2004 are as follows :-

124 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

(∫“∑ / Baht)

ß∫°“√‡ß‘π√«¡ / Consolidated

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company Only

2548/2005

2547/2004

2548/2005

2547/2004

16,156,313,268.58 37,195,088.75 (26,987,422.75) 10,207,666.00 75,000.00 10,282,666.00 (9,955,350.00) 327,316.00 (7,760.00) 319,556.00

10,495,144,200.25 149,901,604.87 (138,208,993.62) 11,692,611.25 84,000.00 11,776,611.25 (8,269,100.00) 3,507,511.25 (1,129,286.25) 2,378,225.00

15,073,148,953.58 32,993,888.75 (23,020,222.75) 9,973,666.00 9,973,666.00 (9,955,350.00) 18,316.00 (7,760.00) 10,556.00

9,411,979,885.25 145,700,404.87 (134,247,793.62) 11,452,611.25 11,452,611.25 (8,269,100.00) 3,183,511.25 (1,129,286.25) 2,054,225.00

ß∫°“√‡ß‘π√«¡ / Consolidated 2548/2005 9,399,900.00 512,200.00 42,508.00 328,058.00 10,282,666.00 (9,955,350.00) 327,316.00 (7,760.00) 319,556.00

2547/2004 7,146,619.00 2,983,862.00 160,300.00 1,485,830.25 11,776,611.25 (8,269,100.00) 3,507,511.25 (1,129,286.25) 2,378,225.00

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company Only 2548/2005 9,399,900.00 512,200.00 42,508.00 19,058.00 9,973,666.00 (9,955,350.00) 18,316.00 (7,760.00) 10,556.00

2547/2004 7,146,619.00 2,983,862.00 160,300.00 1,161,830.25 11,452,611.25 (8,269,100.00) 3,183,511.25 (1,129,286.25) 2,054,225.00

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 125

§à“ß«¥∑’Ë∂÷ß°”Àπ¥™”√–·≈â«- ÿ∑∏‘ / Installment receivable-net À—° °“√√—∫√Ÿâ√“¬‰¥âµ“¡Õ—µ√“√âÕ¬≈–¢Õßß“π∑’ˇ √Á® / Less Income which recognized under percentage of completion √«¡ / Total √“¬°“√¥—ß°≈à“«ª√–°Õ∫¥â«¬ / This disclosure consists of : ¡Ÿ≈§à“ß“π‡ √Á®·µà¬—߉¡à‡√’¬°‡°Á∫ / Installment receivable À—° §à“ß«¥§√∫°”Àπ¥∑’ˬ—߉¡à√—∫√Ÿâ‡ªìπ√“¬‰¥â / Less Unrealized installment income √«¡ / Total ¡Ÿ≈§à“ß“π‡ √Á®·µà¬—߉¡à‡√’¬°‡°Á∫ / Installment receivable À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ / Less Allowance for doubtful accounts √«¡ / Total §à“ß«¥§√∫°”Àπ¥∑’ˬ—߉¡à√—∫√Ÿâ‡ªìπ√“¬‰¥â / Unrealized installment income

6.

‘π§â“§ß‡À≈◊Õ / Inventory

≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– «—π∑’Ë 31 ∏—𫓧¡ 2547 ª√–°Õ∫¥â«¬ / As at December 31, 2005 and December 31, 2004 are as follows :-

Õ“§“√™ÿ¥ / Condominium «— ¥ÿ§ß‡À≈◊Õ / Supplies √«¡ / Total

7.

∑’¥Ë π‘ ·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°àÕ √â“ß ·≈–∑’¥Ë π‘ ·≈–µâπ∑ÿπ‚§√ß°“√√Õ°“√æ—≤π“ / Land and project development cost

≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈–«—π∑’Ë 31 ∏—𫓧¡ 2547 ª√–°Õ∫¥â«¬ / As at December 31, 2005 and December 31,2004 are as follows :-

∑’Ë¥‘π / Land §à“°àÕ √â“ß·≈–ÕÕ°·∫∫ / Cost of construction and design §à“„™â®à“¬Õ◊Ëπ„π‚§√ß°“√ / Other expenses ¥Õ°‡∫’Ȭ®à“¬ / Interest expenses √«¡ / Total 126 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

ß∫°“√‡ß‘π√«¡ / Consolidated 2548/2005

2547/2004

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company Only 2548/2005

2547/2004

37,195,088.75 (68,248,163.60) (31,053,074.85)

149,901,604.87 (523,730,298.25) (373,828,693.38)

32,993,888.75 (64,010,963.60) (31,017,074.85)

145,700,404.87 (519,493,098.25) (373,792,693.38)

41,008,424.85 (9,955,350.00) 31,053,074.85 41,008,424.85 (4,332,839.84) 36,675,585.01 9,955,350.00 9,955,350.00

382,097,793.38 (8,269,100.00) 373,828,693.38 382,097,793.38 (4,782,839.84) 377,314,953.54 8,269,100.00 8,269,100.00

40,972,424.85 (9,955,350.00) 31,017,074.85 40,972,424.85 (4,332,839.84) 36,639,585.01 9,955,350.00 9,955,350.00

382,061,793.38 (8,269,100.00) 373,792,693.38 382,061,793.38 (4,782,839.84) 377,278,953.54 8,269,100.00 8,269,100.00

ß∫°“√‡ß‘π√«¡ / Consolidated

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company Only

2548/2005

2547/2004

2548/2005

2547/2004

124,372,163.73 354,361.79 124,726,525.52

85,096,634.65 235,680.63 85,332,315.28

124,372,163.73 124,372,163.73

85,096,634.65 85,096,634.65

ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / Consolidated and company Only 2547/2004

‡æ‘Ë¡¢÷Èπ (≈¥≈ß) / Increase (Decrease)

2548/2005

2,573,125,573.96 1,214,370,240.11 29,308,222.84 265,229,339.35 4,082,033,376.26

116,575,876.44 2,264,202,395.52 36,994,301.22 43,845,709.42 2,461,618,282.60

2,689,701,450.40 3,478,572,635.63 66,302,524.06 309,075,048.77 6,543,651,658.86

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 127

À—° à«π¢Õßµâπ∑ÿπ¢“¬- – ¡ / Less Cost of sales - accumulated ‚Õπ‡¢â“¢“¥∑ÿπ®“°°“√¥âÕ¬§à“ / Transfer to loss on impairment of assets ‚Õπ‡¢â“ ‘π§â“§ß‡À≈◊Õ / Transfer to inventories √«¡ à«π∑’Ë‚Õπ·≈â« À—° ∑’Ë¥‘π ·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°àÕ √â“߉¡à‡°‘π 1 ªï / Less Current portion of land and cost of project under development ∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√Õ°“√æ—≤π“- ÿ∑∏‘ / Land and cost of project under development

∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√Õ°“√æ—≤π“ ª√–°Õ∫¥â«¬ / Land and cost of project under development consits of :

√“§“∑ÿπ / Cost À—° §à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å / Less Provision for impairment of assets ∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√Õ°“√æ—≤π“- ÿ∑∏‘ / Net

√“§“∑ÿπ / Cost À—° §à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å / Less Provision for impairment of assets ∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√Õ°“√æ—≤π“- ÿ∑∏‘ / Net

-

-

≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈–«—π∑’Ë 31 ∏—𫓧¡ 2547 ∫√‘…—∑‰¥â‚Õπ∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°àÕ √â“ß∑’Ë¡’√–¬– ‡«≈“°“√°àÕ √â“߉¡à‡°‘π 1 ªï ·¬°· ¥ß‡ªìπ√“¬°“√µà“ßÀ“°‰«â„π à«π¢Õß ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π´÷Ëß¡’®”π«π 2,408.16 ·≈– 2,313.76 ≈â“π∫“∑ µ“¡≈”¥—∫ ‚¥¬„π‰µ√¡“ 2 ªï 2548 ‰¥â ‚Õπ∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°àÕ √â“ß∑’Ë¡’ √–¬–‡«≈“°“√°àÕ √â“߉¡à‡°‘π 1 ªï ∑’‡Ë §¬· ¥ß‰«â„π à«π¢Õß ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π„πªï°Õà π‰ª‡ªìπ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π®”π«π 143.44 ≈â“π∫“∑ ‡π◊ËÕß®“°ª√– ∫ªí≠À“∫“ߪ√–°“√∑”„Àâ‰¡à “¡“√∂°àÕ √â“ß„À⇠√Á®‰¥âµ“¡°”À𥇥‘¡·≈–‡π◊ËÕß®“°¡’ °“√‡ª≈’ˬπ·ºπ°“√æ—≤𓂧√ß°“√¢ÕßΩÉ“¬∫√‘À“√ à«π¢Õßµâπ∑ÿπ¢“¬- – ¡‡°‘¥®“°°“√∫—π∑÷°µâπ∑ÿπ¢“¬µ“¡«‘∏’Õ—µ√“√âÕ¬≈–¢Õß°“√√—∫√Ÿâ√“¬‰¥â„π·µà≈–ß«¥∑’Ë – ¡¡“µ—Èß ·µà¡’°“√√—∫√Ÿâ√“¬‰¥â„π·µà≈–‚§√ß°“√ ·≈–®–¡’°“√‚ÕπÕÕ°‡¡◊Ëժ§√ß°“√ß“π°àÕ √â“ß„πß«¥ªïµàÕ‰ª ≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– «—π∑’Ë 31 ∏—𫓧¡ 2547 ∫√‘…—∑‡À≈◊Õ‚§√ß°“√∑’ËÕ¬Ÿà√–À«à“ß°“√°àÕ √â“ß®”π«π 5 ·≈– 4 ‚§√ß°“√ µ“¡≈”¥—∫

128 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / Consolidated and company Only 2547/2004

‡æ‘Ë¡¢÷Èπ (≈¥≈ß) / Increase (Decrease)

2548/2005

370,635,064.65 141,833,602.41 594,662,947.68 1,107,131,614.74 2,974,901,761.52 2,313,762,050.30 661,139,711.22

1,257,825,025.94 950,945,405.56 2,208,770,431.50 252,847,851.10 94,398,995.64 158,448,855.46

1,628,460,090.59 141,833,602.41 1,545,608,353.24 3,315,902,046.24 3,227,749,612.62 2,408,161,045.94 819,588,566.68

≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 / As at December 31, 2005 ∑’Ë¥‘π / Land

866,755,423.19

§à“°àÕ √â“ß·≈–ÕÕ°·∫∫ / Cost of construction and design

88,730,636.65

§à“„™â®à“¬Õ◊Ëπ„π‚§√ß°“√ / Other expenses

5,936,109.25

√«¡ / Total

961,422,169.09 141,833,602.41) 819,588,566.68

≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 / As at December 31, 2004 ∑’Ë¥‘π / Land

722,938,952.33

-

-

§à“°àÕ √â“ß·≈–ÕÕ°·∫∫ / Cost of construction and design

77,371,180.55

§à“„™â®à“¬Õ◊Ëπ„π‚§√ß°“√ / Other expenses

2,663,180.75

√«¡ / Total

802,973,313.63 (141,833,602.41) 661,139,711.22

As at December 31, 2005 and December 31, 2004,the company adjusted land and project development cost by transferring to current portion of land and project development amounted to Baht 2,408.16 and Baht 2,313.76 mil ion, respectively. In accordance with the 2nd Quarter of 2005, the company adjusted land and project development cost, having the period of time not over 1 year, by transferring the current asset portion in the previous year to the non-current asset portion amounted to Baht 143.44 million. It was resulted from having some causes and changing the project development plan of the administrations, the construction had to be postponed from the preceding program.

As for the cost of sales, it is calculated on the basis of percentage to revenue which have been accumulated each year, starting from date when revenue is realized in each project, which will be transferred at the end of the projectûs construction in the next period of year.

As at December 31, 2005 and December 31,2004, the remaining project in progress are five and four project respectively.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 129

-

≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ∫√‘…—∑‰¥âª√–‡¡‘π¡Ÿ≈§à“∑’˧“¥«à“®–‰¥â√—∫§◊π¢Õß∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√Õ°“√æ—≤π“‚¥ª√–‡¡‘π®“°¡Ÿ≈§à“ªí®®ÿ∫—π¢Õß¡Ÿ≈§à“µ≈“¥„πÕ𓧵¢Õß·µà≈–‚§√ß°“√ º≈®“°°“√ª√–‡¡‘π¥—ß°≈à“«‰¡à¡’¢âÕ∫àß™’È «à“ ‘π∑√—æ¬å¥—ß°≈à“«‡°‘¥°“√¥âÕ¬§à“‡æ‘Ë¡®“°‡¥‘¡∑’ˉ¥âª√–¡“≥‰«â ≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈–«—π∑’Ë 31 ∏—𫓧¡ 2547 ∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°àÕ √â“ß∫“ß à«π ®”π«π 2,686.46 ≈â“π∫“∑ (ªï 2547 : 1,500.43 ≈â“π∫“∑) ∫√‘…—∑‰¥â𔉪®¥®”πÕ߇æ◊ËÕ‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡ ∏𓧓√æ“≥‘™¬å·≈– ∂“∫—π°“√‡ß‘πµ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ¢âÕ 14.2

-

8.

√“¬°“√∫—≠™’∑’ˇ°’ˬ«¢âÕß°—π / Transaction with related companies °‘®°“√

≈—°…≥–√“¬°“√

π‚¬∫“¬√“§“

1. ∫√‘…—∑ æ√ —𵑠®”°—¥

¡’‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑œ µ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È

‡ß‘πµâπ§√∫°”Àπ¥™”√–„πªï 2549 ‰¡à¡’°“√§‘¥¥Õ°‡∫’Ȭ√–À«à“ß°—π µ—Èß·µà«—π∑” —≠≠“ª√—∫‚§√ß √â“ßÀπ’È

∫√‘…—∑œ §È”ª√–°—π ¿“√–¿“…’Õ“°√ °Ÿâ¬◊¡®“°∫√‘…—∑œ

‰¡à¡’§à“∫√‘°“√

„Àâ∫√‘°“√∫√‘À“√ß“π °àÕ √â“ß·≈–°“√¢“¬, √–∫∫°“√®—¥°“√ ‘π∑√—æ¬å„Àâ‡™à“·°à ∫√‘…—∑œ ·≈–∫√‘…—∑√à«¡ °Ÿâ¬◊¡®“°∫√‘…—∑œ

§à“∫√‘°“√‡√’¬°‡°Á∫µ“¡ —≠≠“∑’˵°≈ß°—π

2. ∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥

3. ∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡âπ∑å ®”°—¥ (‡ªìπ∫√‘…—∑√à«¡¢Õß∫√‘…—∑) ·≈–∫√‘…—∑¬àÕ¬

§√∫°”Àπ¥‡¡◊ËÕ∑«ß∂“¡ Õ—µ√“¥Õ°‡∫’È√âÕ¬≈– 3.83 µàÕªï

§√∫°”Àπ¥„πªï 2549 Õ—µ√“¥Õ°‡∫’Ȭ√âÕ¬≈– 5 - 9.5 µàÕªï

‰¥â√—∫°“√∫√‘°“√∫√‘À“√ §à“∫√‘°“√‡√’¬°‡°Á∫µ“¡ —≠≠“∑’˵°≈ß°—π ß“π°àÕ √â“ß, ß“π¢“·≈–∏ÿ√°‘®π“¬Àπâ“ µ—«·∑π¢“¬®“° ∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ

8.1

≈Ÿ°Àπ’È°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π / Receivables - related parties

∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ ·≈–∫√‘…—∑¬àÕ¬ - ÿ∑∏‘ / GRAND UNITY DEVELOPMENT CO., LTD. AND SUBSUDIARIES - Net √«¡ / Net

130 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

-

-

As at December 31, 2004, the company has estimated the receivable value of land and cost of undevelopment projects by calculated from net present value of the future market price of each project.The estimated receivable value is higher than the book value of asset, therefore, the company did not set aside the additional amount from the amount that is already set for impairment.

As at December 31, 2005 and December 31,2004, land and cost of project under construction amounted to baht 2,686.46 mil ion (2004 : 1,500.43 million) were mortgaged as collateral for loans from bank and the financial institutions as mentioned in the financial statements no.14.2 Company

Description

Pricing poli cy

1. PORNSANTI CO., LTD.

Loans from the Company under debt restructuring agreement

Principal repayment in 2006 with noninterest charging since the debt restructuring date

The Company guaranteed tax obligation Loans from the Company

No service charge

Construction management services and sales, assets management system for rent to the Company and affiliates Loans from the Company

Base on agreement

Construction management services and sales, dealer business derived from the Companyûs subsidiaries

At agreed rate

2. LUMPINI PROPERTY MANAGEMENT CO., LTD.

3. GRAND UNITY DEVELOPMENT CO., LTD. (an associate)

Due at call, at the interest rate of 3.83% per annum

Due in 2006 at the interest rate of 5 - 9.5%per annum

ß∫°“√‡ß‘π√«¡ / Consolidated 2547 / 2004

2,517,072.91 2,517,072.91

‡æ‘Ë¡¢÷Èπ / Increase

546,199.06 546,199.06

Ŵŧ / Decrease

786,393.42 786,393.42

2548 / 2005

2,276,878.55 2,276,878.55

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 131

8.2

‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·°à°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π / Short-term loans to related parties

8.2.1 ‡ß‘π„Àâ°Ÿâ¬◊¡ / Loans to related parties ∫√‘…—∑ æ√ —𵑠®”°—¥ / PORNSANTI CO., LTD. ∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ / LUMPINI PROPERTY MANAGEMENT CO., LTD. ÿ∑∏‘ / Net

8.2.2 ¥Õ°‡∫’Ȭ§â“ß√—∫ / Accrued interest income ∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ / LUMPINI PROPERTY MANAGEMENT CO., LTD. ∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ / GRAND UNITY DEVELOPMENT CO., LTD. ÿ∑∏‘ / Net √«¡‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·°à°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π / Total short-term loans to related parties

8.2.3 ¥Õ°‡∫’Ȭ§â“ß√—∫ / Accrued interest income ∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ / GRAND UNITY DEVELOPMENT CO., LTD. ÿ∑∏‘ / Net √«¡‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·°à°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π / Total short - term loans to related parties

8.3

‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π / Long-term loans to related parties

∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ / GRAND UNITY DEVELOPMENT CO., LTD. À—° ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï / Less Current portion of long-term loans to related parties ÿ∑∏‘ / Net

132 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company Only 2547 / 2004

60,070,746.92 12,000,000.00 72,070,746.92

‡æ‘Ë¡¢÷Èπ / Increase

-

Ŵŧ / Decrease

12,000,000.00 12,000,000.00

2548 / 2005

60,070,746.92 60,070,746.92

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company Only 2547 / 2004

12,557.38 1,666,666.68 1,679,224.06 73,749,970.98

‡æ‘Ë¡¢÷Èπ / Increase

Ŵŧ / Decrease

96,956.72 14,690,410.94 14,787,367.66 14,787,367.66

109,514.10 7,283,105.04 7,392,619.14 19,392,619.14

2548 / 2005

9,073,972.58 9,073,972.58 69,144,719.50

ß∫°“√‡ß‘π√«¡ / Consolidated 2547 / 2004

1,666,666.68 1,666,666.68 1,666,666.68

‡æ‘Ë¡¢÷Èπ / Increase

Ŵŧ / Decrease

14,690,410.94 14,690,410.94 14,690,410.94

7,283,105.04 7,283,105.04 7,283,105.04

2548 / 2005

9,073,972.58 9,073,972.58 9,073,972.58

ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / Consolidate and The Company Only 2547 / 2004

200,000,000.00

‡æ‘Ë¡¢÷Èπ / Increase

-

Ŵŧ / Decrease

-

2548 / 2005

200,000,000.00 200,000,000.00 -

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 133

∑’˪√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑¬àÕ¬§√—Èß∑’Ë 4.2/2542 ‡¡◊ËÕ«—π∑’Ë 14 °—𬓬π 2542 æ‘®“√≥“¡’¡µ‘„Àâ∫√‘…—∑ª√—∫ª√ÿß ‚§√ß √â“ßÀπ’È°—∫ ∫√‘…—∑ æ√ —𵑠®”°—¥ („π∞“π–≈Ÿ°Àπ’È∫√‘…—∑) —≠≠“≈ß«—π∑’Ë 30 惻®‘°“¬π 2542 ‰¥âπ”¬Õ¥Àπ’È ‡ß‘πµâπ·≈–¥Õ°‡∫’Ȭ∑’˧â“߇ªìπ®”π«π‡ß‘π 246.96 ≈â“π∫“∑ µ°≈ß™”√–Àπ’È„À⇠√Á®¿“¬„π«—π∑’Ë 27 °—𬓬π 2545 ·≈– À¬ÿ¥§‘¥¥Õ°‡∫’Ȭ µ—Èß·µà«—π∑’Ë 1 ¡°√“§¡ 2543 ‡ªìπµâπ‰ª µàÕ¡“„πªï 2547 ∑’˪√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑§√—Èß∑’Ë 3/2547 ‡¡◊ËÕ«—π∑’Ë 27 情¿“§¡ 2547 ¡’¡µ‘„Àâ∫√‘…—∑µàÕÕ“¬ÿ —≠≠“‰ªÕ’° 1 ªï ·≈–„πªï 2548 ∑’˪√–™ÿ¡§≥–°√√¡°“√∫√‘À“√ §√—Èß∑’Ë 14/2548 ‡¡◊ËÕ«—π∑’Ë 27 °√°Æ“§¡ 2548 ¡’¡µ‘„Àâ∫√‘…—∑µàÕÕ“¬ÿ —≠≠“‰ªÕ’° 1 ªï §√∫°”Àπ¥™”√–Àπ’È «—π∑’Ë 28 ‘ßÀ“§¡ 2549 ∫√‘…—∑¡’‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ ‚¥¬°“√ÕÕ°µ—Ϋ —≠≠“„™â‡ß‘π®”π«π 200 ≈â“π∫“∑ Õ—µ√“¥Õ°‡∫’Ȭ√âÕ¬≈– 9.5 µàÕªï §√∫°”Àπ¥™”√–„πªï 2549 µàÕ¡“µ“¡∑’˪√–™ÿ¡§≥–°√√¡°“√ §√—Èß∑’Ë 1/2548 ‡¡◊ËÕ«—π∑’Ë 25 °ÿ¡¿“æ—π∏å 2548 ¡’¡µ‘„Àâ≈¥Õ—µ√“¥Õ°‡∫’Ȭ≈ß ®“°Õ—µ√“√âÕ¬≈– 9.5 µàÕªï ‡ªìπÕ—µ√“√âÕ¬≈– 5.0 µàÕªï µ—Èß ·µà«—π∑’Ë 1 µÿ≈“§¡ 2547 ‡ªìπµâπ‰ª ·≈–µàÕ¡“ªï 2548 ∑’˪√–™ÿ¡§≥–°√√¡∫√‘À“√ ‡¡◊ËÕ«—π∑’Ë 24 µÿ≈“§¡ 2548 ¡’¡µ‘„Àâª√—∫ Õ—µ√“¥Õ°‡∫’Ȭ‡æ‘Ë¡¢÷Èπ ®“°Õ—µ√“√âÕ¬≈– 5.0 µàÕªï ‡ªìπÕ—µ√“√âÕ¬≈– 9.0 µàÕªï ‚¥¬‡√‘Ë¡µ—Èß·µà«—π∑’Ë 1 ¡‘∂ÿπ“¬π 2548 ‡ªìπµâπ‰ª 8.4

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ / Investment in subsidiaries and associ ates

∫√‘…—∑¬àÕ¬ / Subsidiaries ∫√‘…—∑ æ√ —𵑠®”°—¥ / PORNSANTI CO., LTD. ∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ / LUMPINI PROPERTY MANAGEMENT CO., LTD. ∫√‘…—∑√à«¡ / Associated ∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ / GRAND UNITY DEVELOPMENT CO., LTD. √«¡ / Total

∫√‘…—∑√à«¡ / Associated ∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ / GRAND UNITY DEVELOPMENT CO., LTD. √«¡ / Total

134 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

According to the resolution of directorsû meeting (Subsidiary) No.4.2/1999 on September 14,1999 which approved restructuring contract on November 30, 1999 with PORNSANTI CO.,LTD. which principal and interest in amount of Baht 246.96 million to be pay off within September 27, 2002 and stop to charge interest since January 1, 2000. Later on, the directorsû meeting No.3/2004 on May 27, 2004 has passed the resolution to renew contract for the next 1 year. According to the resolution of Executive Committ Meeting No.14/2005 on July 27,2005, it resolved that the company renews the contract for the next year with the payment on August 28, 2006.

It was resolved that the company would lend Grand Unity Development Co.,Ltd. amounting of Baht 200 mil ion in form of Promissory Note with 9.5 %, annual interest rate. The due of payment will be in 2006.

According to the resolution of directorsûs meeting No.1 /2005 on February 25, 2005, it was resolved to reduce the interest rate from 9.5% to be 5.0% per annum. This would be effective from October 1, 2004.According to the resolution of Executive Committee Meeting on October 24,2005, it was resolved to increase the interest rate from 5.0% to 9.0% per year. This would be effective from June 1, 2005 onwards.

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company only Õ—µ√“°“√∂◊ÕÀÿâπ / Percentage of ownership «‘∏’√“§“∑ÿπ / Cost Method 2548/2005 2547/2004 2548/2005 2547/2004

«‘∏’ à«π‰¥â‡ ’¬ / Equity Method 2548/2005 2547/2004

99.99 99.88

99.99 99.88

199,993,000.00 199,993,000.00 998,800.00 998,800.00

54,970,634.30 91,291,786.39

55,213,724.44 13,461,463.52

33.33

33.33

26,151,628.88 26,151,628.88 98,294,266.24 227,143,428.88 227,143,428.88 244,556,686.93

53,534,852.96 122,210,040.92

ß∫°“√‡ß‘π√«¡ / Consolidated Õ—µ√“°“√∂◊ÕÀÿâπ / Percentage of ownership «‘∏’√“§“∑ÿπ / Cost Method 2548/2005 2547/2004 2548/2005 2547/2004

33.33

33.33

26,151,628.88 26,151,628.88

«‘∏’ à«π‰¥â‡ ’¬ / Equity Method 2548/2005 2547/2004

26,151,628.88 98,294,266.24 53,534,852.96 26,151,628.88 98,294,266.24 53,534,852.96

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 135

8.5

√“¬°“√∏ÿ√°‘®°—∫°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π / Transaction to related parties

8.5.1 µâπ∑ÿπ¢“¬ / Cost of goods sold ∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ / LUMPINI PROPERTY MANAGEMENT CO., LTD.

8.5.2 µâπ∑ÿπ‡™à“ ·≈–∫√‘°“√ / Cost of rental and service ∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ / LUMPINI PROPERTY MANAGEMENT CO., LTD.

8.5.3 §à“„™â®à“¬¥”‡π‘πß“π / Administrative expenses ∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ / LUMPINI PROPERTY MANAGEMENT CO., LTD. √«¡ / Total

8.5.4 ¥Õ°‡∫’Ȭ√—∫ / Interest income ∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ / GRAND UNITY DEVELOPMENT CO., LTD. ∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ / LUMPINI PROPERTY MANAGEMENT CO., LTD. √«¡ / Total

8.5.5 √“¬‰¥â§à“∫√‘°“√®—¥°“√ / Management fee income ∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ ·≈–∫√‘…—∑¬àÕ¬ / GRAND UNITY DEVELOPMENT CO., LTD. AND SUBSUDIARY √«¡ / Total

9.

‘π∑√—æ¬å„À⇙à“- ÿ∑∏‘ / Assets for rent - net

≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– «—π∑’Ë 31 ∏—𫓧¡ 2547 ª√–°Õ∫¥â«¬ / As at December 31, 2005 and December 31, 2004 are as follows :-

√“§“∑ÿπ / Cost ∑’Ë¥‘π - √“§“∑ÿπ / Land - cost ∑’Ë¥‘π - ∑’˵’√“§“‡æ‘Ë¡(≈¥) / Land - revaluation à«π‡°‘π∑ÿπ®“°°“√µ’√“§“∑’Ë¥‘π / Revaluation increment of land Õ“§“√ - √“§“∑ÿπ / Building - cost Õ“§“√ - ∑’˵’√“§“‡æ‘Ë¡ (≈¥) / Building - revaluation à«π‡°‘π∑ÿπ®“°°“√µ’√“§“Õ“§“√ / Revaluation increment of building §à“µ°·µàßÕ“§“√·≈–‡øÕ√å𑇮Õ√å / Office decoration and equipments √«¡ / Total

136 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

ß∫°“√‡ß‘π√«¡ / Consolidated

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company Only

2548/2005

2547/2004

-

-

55,919,878.34

35,754,275.38

-

-

4,149,171.30

4,528,438.92

-

-

141,893,368.59 141,893,368.59

60,733,055.75 60,733,055.75

14,690,410.94 96,956.72 14,787,367.66

13,571,038.27 83,831.96 13,654,870.23

14,690,410.94 14,690,410.94

13,571,038.27 13,571,038.27

56,550,767.45 56,550,767.45

51,199,263.19 51,199,263.19

2548/2005

2547/2004

-

355,780.45 355,780.45

ß∫°“√‡ß‘π√«¡ / Consolidated 2547 / 2004

61,208,957.79 1,044,020.12 (72,271.64) 263,837,223.10 23,780,103.95 1,942,317.50 11,811,750.23 363,552,101.05

‡æ‘Ë¡¢÷Èπ Increase

Ŵŧ Decrease

Õ◊πË Ê Others

2548 / 2005

- (419,937.98) 1,682,297.00 62,471,316.81 - 1,044,020.12 - (72,271.64) - (1,127,830.29) 4,518,156.50 267,227,549.31 - 23,780,103.95 - 1,942,317.50 42,348.14 (13,000.00) - 11,841,098.37 42,348.14 (1,560,768.27) 6,200,453.50 368,234,134.42

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 137

§à“‡ ◊ËÕ¡√“§“ – ¡ / Accumulated depreciation Õ“§“√ - √“§“∑ÿπ / Building - cost Õ“§“√ - ∑’˵’√“§“‡æ‘Ë¡ (≈¥) / Building - revaluation à«π‡°‘π∑ÿπ®“°°“√µ’√“§“Õ“§“√ / Revaluation increment of building §à“µ°·µàßÕ“§“√·≈–‡øÕ√å𑇮Õ√å / Office decoration and equipments √«¡ / Total ÿ∑∏‘ / Net À—° √“¬°“√√–À«à“ß°—π / Less Inter - company transaction ‘π∑√—æ¬å„À⇙à“- ÿ∑∏‘ / Assets for rent-net §à“‡ ◊ËÕ¡√“§“ ≥ «—π∑’Ë 31 ∏—𫓧¡ / Depreciation as at December 31

√“§“∑ÿπ / Cost ∑’Ë¥‘π - √“§“∑ÿπ / Land ∑’Ë¥‘π - ∑’˵’√“§“‡æ‘Ë¡ (≈¥) / Land - revaluation à«π‡°‘π∑ÿπ®“°°“√µ’√“§“∑’Ë¥‘π / Revaluation increment of land Õ“§“√ - √“§“∑ÿπ / Building Õ“§“√ - ∑’˵’√“§“‡æ‘Ë¡ (≈¥) / Building - revaluation à«π‡°‘π∑ÿπ®“°°“√µ’√“§“Õ“§“√ / Revaluation increment of building §à“µ°·µàßÕ“§“√·≈–‡øÕ√å𑇮Õ√å / Office decoration and equipments √«¡ / Total §à“‡ ◊ËÕ¡√“§“ – ¡ / Accumulated depreciation Õ“§“√ - √“§“∑ÿπ / Building Õ“§“√ - ∑’˵’√“§“‡æ‘Ë¡ (≈¥) / Building - revaluation à«π‡°‘π∑ÿπ®“°°“√µ’√“§“Õ“§“√ / Revaluation increment of building §à“µ°·µàßÕ“§“√·≈–‡øÕ√å𑇮Õ√å / Office decoration and equipments √«¡ / Total ‘π∑√—æ¬å„À⇙à“- ÿ∑∏‘ / Assets for rent-net §à“‡ ◊ËÕ¡√“§“ ≥ «—π∑’Ë 31 ∏—𫓧¡ / Depreciation as at December 31

„πªï 2542 ∫√‘…—∑‰¥â¡’°“√ª√–‡¡‘π√“§“¢Õß ‘π∑√—æ¬å„Àâ‡™à“„À¡à∫“ß à«π®”π«π 24.82 ≈â“π∫“∑ ‚¥¬ºŸâª√–‡¡‘π√“§“Õ‘ √– ´÷Ëß√“§“¬ÿµ‘∏√√¡µ“¡∑’˪√–‡¡‘π„À¡à¡’√“§“ Ÿß°«à“√“§“µ“¡∫—≠™’ ÿ∑∏‘ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈–«—π∑’Ë 31 ∏—𫓧¡ 2547 ¡’ ®”π«π 1.55 ≈â“π∫“∑ ·≈– 1.60 ≈â“π∫“∑ µ“¡≈”¥—∫ ∫√‘…—∑‰¥â∫—π∑÷°‡ªìπ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å‚¥¬· ¥ß‰«â„π à«π¢ÕߺŸâ∂◊ÕÀÿâπµ“¡¡µ‘ª√–™ÿ¡§≥–°√√¡°“√§√—Èß∑’Ë 3/2542 ‡¡◊ËÕ«—π∑’Ë 3 ¡‘∂ÿπ“¬π 2542 138 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

ß∫°“√‡ß‘π√«¡ / Consolidated 2547 / 2004

‡æ‘Ë¡¢÷Èπ / Increase

32,134,607.40 6,494,220.86 6,904,563.69 526,539.44 267,268.19 5,267,610.13 1,097,794.46 44,574,049.41 8,118,554.76 318,978,051.64 (1,376,886.17) 317,601,165.47 7,939,987.07

Ŵŧ / Decrease

Õ◊ËπÊ / Others

(15,980.18) (3,052.20) (19,032.38) -

2548 / 2005

- 38,612,848.08 - 7,431,103.13 48,557.93 315,826.12 - 6,362,352.39 48,557.93 52,722,129.72 315,512,004.70 - (1,376,886.17) 314,135,118.53 8,118,554.76

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company Only 2547 / 2004

50,771,005.80 1,044,020.12 (72,271.64) 162,581,881.45 23,780,103.95 1,942,317.50 8,275,341.21 248,322,398.39

‡æ‘Ë¡¢÷Èπ / Increase

Ŵŧ / Decrease

Õ◊ËπÊ / Others

- (419,937.98) 1,682,297.00 - (1,127,830.29) 4,518,156.50 42,348.14 (13,000.00) 42,348.14 (1,560,768.27) 6,200,453.50

17,621,720.65 3,985,088.44 6,904,563.69 526,539.44 267,268.19 3,094,376.58 778,004.29 27,887,929.11 5,289,632.17 220,434,469.28 5,099,790.67

(15,980.18) (3,052.20) (19,032.38)

2548 / 2005

52,033,364.82 1,044,020.12 (72,271.64) 165,972,207.66 23,780,103.95 1,942,317.50 8,304,689.35 253,004,431.76

- 21,590,828.91 - 7,431,103.13 48,557.93 315,826.12 - 3,869,328.67 48,557.93 33,207,086.83 219,797,344.93 5,289,632.17

According to the resolution of directorsû meeting No. 3/1999 on June 3, 1999, the company has appraised fixed assets for rent amounting to baht 24.82 million by independent appraiser which fair market value of appraisalis higher than book value and as at December 31, 2005 and December 31, 2004 in amount of Baht 1.55 mil ion and Baht 1.60 mil ion, respectively, which recorded as revaluation increment of assets and shown in shareholderû equity.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 139

≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈–«—π∑’Ë 31 ∏—𫓧¡ 2547 ‘π∑√—æ¬å„À⇙à“∫“ß à«π®”π«π 96.36 ≈â“π∫“∑ (ªï 2547: 99.34 ≈â“π∫“∑ ∫√‘…—∑‰¥â𔉪®¥®”πÕ߇æ◊ËÕ‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡∏𓧓√æ“≥‘™¬å·≈– ∂“∫—π°“√‡ß‘πµ“¡∑’Ë°≈à“«‰«â„π À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 14.2

10. ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å- ÿ∑∏‘ / Property, plants and equipments - net

≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– «—π∑’Ë 31 ∏—𫓧¡ 2547 ª√–°Õ∫¥â«¬ / As at December 31, 2005 and December 31, 2004 are as follows :-

√“§“∑ÿπ / Cost ∑’Ë¥‘π·≈–Õ“§“√ ”π—°ß“π / Land and Building §à“µ°·µàß / Office decoration ‡øÕ√å𑇮Õ√å / Furniture ‡§√◊ËÕß„™â ”π—°ß“π / Office equipments ß“πæ—≤π“√–∫∫‚ª√·°√¡ / RMS System ‡§√◊ËÕߧա摫‡µÕ√å / Computer ¬“πæ“Àπ– / Vehicles ‡§√◊ËÕß¡◊Õ™à“ß / Tools ‚ª√·°√¡√–À«à“ßæ—≤π“ / System in process √«¡ / Total §à“‡ ◊ËÕ¡√“§“ – ¡ / Accumulated depreciation ∑’Ë¥‘π·≈–Õ“§“√ ”π—°ß“π / Land and Building §à“µ°·µàß / Office decoration ‡øÕ√å𑇮Õ√å / Furniture ‡§√◊ËÕß„™â ”π—°ß“π / Office equipments ß“πæ—≤π“√–∫∫‚ª√·°√¡ / RMS System ‡§√◊ËÕߧա摫‡µÕ√å / Computer ¬“πæ“Àπ– / Vehicles ‡§√◊ËÕß¡◊Õ™à“ß / Tools √«¡ / Total ÿ∑∏‘ / Net §à“‡ ◊ËÕ¡√“§“ ≥ «—π∑’Ë 31 ∏—𫓧¡ / Depreciation as at December 31

≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– «—π∑’Ë 31 ∏—𫓧¡ 2547 ∫√‘…—∑¡’ ‘π∑√—æ¬å∂“«√∑’˧‘¥§à“‡ ◊ËÕ¡√“§“‡µÁ¡¡Ÿ≈§à“·≈â« ·µà¬—ß„™âß“πÕ¬Ÿà §‘¥‡ªìπ¡Ÿ≈§à“µâπ∑ÿπ 7.26 ≈â“π∫“∑ ·≈– 9.25 ≈â“π∫“∑ µ“¡≈”¥—∫

140 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

As at December 31, 2005 and December 31, 2004, parts of asset for rent of Baht 96.36 million (2004 : baht 99.34 mil ion) were mortgaged as collateral for loans from bank and the financial institution as stated in note 14.2.

ß∫°“√‡ß‘π√«¡ / Consolidated 2547 / 2004

33,376,057.07 1,081,831.72 4,138,954.67 46,083,361.46 6,268,685.69 10,531,005.78 21,938,000.00 956,237.77 4,129,798.46 128,503,932.62

‡æ‘Ë¡¢÷Èπ / Increase

Ŵŧ / Decrease

Õ◊ËπÊ / Others

2548 / 2005

- 33,376,057.07 - 1,081,831.72 - (23,527.85) (4,115,426.82) 4,992,392.07 (971,640.40) (8,764,752.67) 41,339,360.46 2,135,526.69 - 2,872,362.95 11,276,575.33 6,134,189.16 (43,890.30) 12,842,425.18 29,463,729.82 1,185,000.00 (1,708,000.00) - 21,415,000.00 302,690.63 (17,978.00) 13,754.31 1,254,704.71 5,860,197.47 - (2,902,088.89) 7,087,907.04 20,609,996.02 (2,765,036.55) (53,725.94) 146,295,166.15

4,319,120.03 811,755.36 - 5,130,875.39 963,772.34 51,077.24 - 1,014,849.58 1,948,375.59 50,104.48 (23,278.93) (1,975,201.14) 28,542,985.02 2,948,586.52 (439,491.33) (2,069,687.90) 28,982,392.31 3,762,122.51 1,216,838.38 - 4,978,960.89 4,355,543.06 4,808,267.81 (17,411.03) 4,003,238.40 13,149,638.24 6,421,845.68 4,341,612.52 (1,469,815.93) - 9,293,642.27 500,622.68 147,339.43 (12,346.92) 41,637.30 677,252.49 50,814,386.91 14,375,581.74 (1,962,344.14) (13.34) 63,227,611.17 77,689,545.71 83,067,554.98 11,702,049.44 14,375,581.74

As at December 31, 2005 and December 31, 2004 the Company has fixed assets which were fully depreciated, but stil being operated at the cost value amounting to Baht 7.26 million and Baht 9.25 million, respectively.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 141

√“§“∑ÿπ / Cost ∑’Ë¥‘π·≈–Õ“§“√ ”π—°ß“π / Land and Building §à“µ°·µàß / Office decoration ‡§√◊ËÕß„™â ”π—°ß“π / Office equipments ß“π√–∫∫‚ª√·°√¡ / RMS System ‡§√◊ËÕߧա摫‡µÕ√å / Computer ¬“πæ“Àπ– / Vehicles ‚ª√·°√¡√–À«à“ßæ—≤π“ / System in process √«¡ / Total §à“‡ ◊ËÕ¡√“§“ – ¡ / Accumulated depreciation ∑’Ë¥‘π·≈–Õ“§“√ ”π—°ß“π / Land and Building §à“µ°·µàß / Office decoration ‡§√◊ËÕß„™â ”π—°ß“π / Office equipments ß“π√–∫∫‚ª√·°√¡ / RMS System ‡§√◊ËÕߧա摫‡µÕ√å / Computer ¬“πæ“Àπ– / Vehicles √«¡ / Total ÿ∑∏‘ / Net §à“‡ ◊ËÕ¡√“§“ ≥ «—π∑’Ë 31 ∏—𫓧¡ / Depreciation as at December 31

≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– «—π∑’Ë 31 ∏—𫓧¡ 2547 ∫√‘…—∑¡’ ‘π∑√—æ¬å∂“«√∑’˧‘¥§à“‡ ◊ËÕ¡√“§“‡µÁ¡¡Ÿ≈§à“·≈â« ·µà¬—ß „™âß“πÕ¬Ÿà §‘¥‡ªìπ¡Ÿ≈§à“µâπ∑ÿπ 3.82 ≈â“π∫“∑ ·≈– 3.64 ≈â“π∫“∑ µ“¡≈”¥—∫

11. ‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π / Bank overdraft and short - term loans from financial institutions

≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– «—π∑’Ë 31 ∏—𫓧¡ 2547 ª√–°Õ∫¥â«¬ / As at December 31, 2005 and December 31, 2004 are as follows :-

‡ß‘π‡∫‘°‡°‘π∫—≠™’∏𓧓√ / Bank overdrafts ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π / Short-term loans from financial institutions √«¡ / Total

-

∫√‘…—∑°Ÿâ¬◊¡‡ß‘π®“° ∂“∫—π°“√‡ß‘π ‚¥¬°“√ÕÕ°‡ªìπµ—Ϋ·≈°‡ß‘π ®à“¬¥Õ°‡∫’Ȭ„πÕ—µ√“µ≈“¥‡ß‘π (Market Rate) ‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ §È”ª√–°—π‚¥¬∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°àÕ √â“ß µ“¡À¡“¬‡Àµÿ¢âÕ 14.2

142 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company Only 2547 / 2004

‡æ‘Ë¡¢÷Èπ / Increase

Ŵŧ / Decrease

Õ◊ËπÊ / Others

2548 / 2005

23,493,484.28 584,489.77 29,625,505.47 3,314,588.81 6,268,685.69 2,135,526.69 10,531,005.78 2,654,771.17 16,660,000.00 2,992,298.46 4,636,697.47 90,155,469.45 12,741,584.14

- 23,493,484.28 - 584,489.77 (465,697.79) - 32,474,396.49 - 2,872,362.95 11,276,575.33 (43,890.30) - 13,141,886.65 - 16,660,000.00 - (2,902,088.89) 4,726,907.04 (509,588.09) (29,725.94) 102,357,739.56

777,008.95 651,049.15 498,262.10 35,166.67 22,587,838.76 1,545,197.64 3,762,122.51 1,216,838.38 4,355,543.06 2,258,529.57 4,554,879.24 3,332,000.01 36,535,654.62 9,038,781.42 53,619,814.83 7,399,626.93

(95,080.49) (17,411.03) (112,491.52)

19.50 (0.03) 19.47

1,428,058.10 533,428.77 24,037,975.41 4,978,960.89 6,596,661.57 7,886,879.25 45,461,963.99 56,895,775.57 9,038,781.42

As at December 31, 2005 and December 31, 2004 the Company has fixed assets which were fully depreciated, but stil being operated at the cost value amounting to Baht 3.82 million and Baht 3.64 million, respectively.

ß∫°“√‡ß‘π√«¡ / Consolidated

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company Only

2548/2005

2547/2004

2548/2005

2547/2004

76,707,041.25 156,000,000.00 232,707,041.25

6,350,937.96 1,290,000,000.00 1,296,350,937.96

75,767,751.20 156,000,000.00 231,767,751.20

5,269,934.85 1,290,000,000.00 1,295,269,934.85

- The company had issued Bil of Exchanges (B/E) to the financial institutions and interest rate was charged at market rate.

- The Bank overdraft and loans from financial institutions were gauranteed by land and constructionas stated in note No.14.2 L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 143

12 ‡®â“Àπ’ȇ™à“´◊ÈÕ- ÿ∑∏‘ / Hir e-purchase payable-net

≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– «—π∑’Ë 31 ∏—𫓧¡ 2547 ª√–°Õ∫¥â«¬ / As at December 31, 2005 and December 31, 2004 are as follows :-

‡®â“Àπ’È-‡™à“´◊ÈÕ / Accounts payable hire-purchase À—° ¥Õ°‡∫’Ȭ√Õµ—¥∫—≠™’ / Less Deferred interest √«¡ / Total À—° ‡®â“Àπ’ȇ™à“´◊ÈÕ√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï / Less Current portion of long-term loans ÿ∑∏‘ / Net

13. ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« / Long-term loans

≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– «—π∑’Ë 31 ∏—𫓧¡ 2547 ª√–°Õ∫¥â«¬ / As at December 31, 2005 and December 31, 2004 are as follows :-

‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π / Loans from financial institutions √«¡ / Total À—° ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï / Less Current portion of long-term loans ÿ∑∏‘ / Net

-

„πªï 2548 ∫√‘…∑— ‰¥â‡∫‘°‡ß‘π°Ÿâ‚§√ß°“√‡ªìπ®”π«π 340 ≈â“π∫“∑ ®“° ∂“∫—π°“√‡ß‘π ®à“¬¥Õ°‡∫’¬È „πÕ—µ√“µ≈“¥‡ß‘π (Market Rate) ·≈–®à“¬§◊π‡¡◊ËÕ®∫‚§√ß°“√ „πªï 2547 ∫√‘…—∑‰¥âÕÕ°µ—Ϋ·≈°‡ß‘π·≈–µ—Ϋ —≠≠“„™â‡ß‘π‡ªìπ®”π«π 300 ≈â“π∫“∑ „Àâ·°à ∂“∫—π°“√‡ß‘π ®à“¬¥Õ°‡∫’Ȭ„π Õ—µ√“µ≈“¥‡ß‘π (Market Rate) ·≈–®à“¬§◊π§√∫·≈â« „π‡¥◊Õπ ‘ßÀ“§¡ 2548 ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« §È”ª√–°—π‚¥¬∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°àÕ √â“ß µ“¡À¡“¬‡Àµÿ¢âÕ 14.2

14. À≈—°∑√—æ¬å∑’Ë𔉪§È”ª√–°—π 14.1

‡ß‘πΩ“°§È”ª√–°—π §È”ª√–°—π‡æ◊ËÕ„Àâ∏𓧓√ÕÕ°Àπ—ß ◊էȔª√–°—π (ªï 2547 : 0.96 ≈â“π∫“∑) ”À√—∫ªï 2548 ∫√‘…—∑ ‰¡à¡’¿“√–§È”ª√–°—π¥â«¬‡ß‘πΩ“°¥—ß°≈à“«·≈â« ·≈–‰¥â®—¥ª√–‡¿∑‡ªìπ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ®”π«π 0.96 ≈â“π∫“∑ 14.2 ∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°àÕ √â“ß∫“ß à«π®”π«π 2,686.46 ≈â“π∫“∑ (ªï 2547 : 1,500.43 ≈â“π∫“∑) ·≈– ‘π∑√—æ¬å „À⇙à“∫“ß à«π®”π«π 96.36 ≈â“π∫“∑ (ªï 2547 : 99.34 ≈â“π∫“∑) ∫√‘…—∑‰¥â𔉪®¥®”πÕ߇æ◊ËÕ‡ªìπ À≈—°∑√—æ¬å§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡∏𓧓√æ“≥‘™¬å·≈–°—∫ ∂“∫—π°“√‡ß‘π¿“¬„π«ß‡ß‘π°Ÿâ¬◊¡ 4,001 ≈â“π∫“∑ (ªï 2547 : 2,150 ≈â“π∫“∑)

144 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

ß∫°“√‡ß‘π√«¡ / Consolidated 2548/2005 8,120,690.00 (958,872.73) 7,161,817.27 (2,258,445.96) 4,903,371.31

2547/2004 9,673,820.00 (1,265,390.84) 8,408,429.16 (2,097,616.17) 6,310,812.99

ß∫°“√‡ß‘π√«¡ / Consolidated

-

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company Only 2548/2005 4,282,240.00 (622,218.64) 3,660,021.36 (1,520,800.08) 2,139,221.28

2547/2004 6,048,640.00 (867,818.56) 5,180,821.44 (1,520,800.08) 3,660,021.36

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company Only

2548/2005

2547/2004

2548/2005

2547/2004

340,000,000.00 340,000,000.00 340,000,000.00

300,000,000.00 300,000,000.00 (300,000,000.00) -

340,000,000.00 340,000,000.00 340,000,000.00

300,000,000.00 300,000,000.00 (300,000,000.00) -

In 2005, the company has withdrawn loans amount of Baht 340 million from the financial institutions and interest rate was charged at market rate. The payment will be made on the closing project date.

In 2004, the company had issued Bill of Exchanges (B/E) and Promissory Note (P/N) amounting to Baht 300 mil ion to the financial institutions with interest rate at market rate. The company has completely paid back in August 2005 The long-term loans was guaranteed by land and cost of project under constructionas mentioned in note 14.2

14. Pledged securities 14.1

The company has pledged deposit for the bank to issue the letter of guarantee (2004 : Baht 0.96 mil ion).

For 2005, the company has no pledged deposit and arrange the pledged deposit as temporary cash and cash equivalents amounting Baht 0.96 million.

14.2 Part of land and cost of project under construction of Baht 2,686.46 million (2004 : Baht 1,500.43 million) and assets for rent amounted to Baht 96.36 million. (2004 : Baht 99.34 million) were mortgaged as collateral for loans from banks and financial institutions of Baht 4,001 million. (2004 : Baht 2,150 million).

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 145

15. Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ¿“¬Àπâ“·≈–¿“√–ºŸ°æ—π

15.1 ≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈–«—π∑’Ë 31 ∏—𫓧¡ 2547 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ¡’Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ®“°°“√„Àâ∏𓧓√ ÕÕ°Àπ—ß ◊էȔª√–°—π ¥—ßµàÕ‰ªπ’È 15.1.1 ®“°°“√„Àâ∏𓧓√ÕÕ°Àπ—ß ◊էȔª√–°—π„Àâ°—∫°√¡ √√æ“°√®”π«π 22.75 ≈â“π∫“∑ ‡π◊ËÕß®“°∫√‘…—∑·≈–∫√‘…—∑ ¬àÕ¬∂Ÿ°ª√–‡¡‘π¿“…’Õ“°√¢Õߪï°àÕπÊ ®”π«π 26.07 ≈â“π∫“∑ (‡©æ“–∫√‘…—∑®”π«π 2.62 ≈â“π∫“∑) ´÷Ëß®“° °“√¬◊ËπÕÿ∑∏√≥å°—∫°√¡ √√æ“°√‰¥â√—∫§”«‘π‘®©—¬Õÿ∑∏√≥å ‡¡◊ËÕ«—π∑’Ë 10 µÿ≈“§¡ 2548 „Àâ≈¥Àπ’ȇ∫’Ȭª√—∫·≈–‡ß‘π‡æ‘Ë¡ „π à«π¢Õß∫√‘…—∑¬àÕ¬∑’˪√–‡¡‘π‰«â ®”π«π 20 ≈â“π∫“∑ §ß‡À≈◊Õ‡ªìπ 14.45 ≈â“π∫“∑ ·µà∫√‘…—∑¬—߉¡à‰¥â∫—π∑÷° ‡ªìπ¿“√–Àπ’ È π‘ ‡π◊ÕË ß®“°∫√‘…∑— Õ¬Ÿ√à –À«à“߬◊πË Õÿ∑∏√≥åµÕà »“≈¿“…’Õ“°√ ·≈–¬—߉¡à∑√“∫º≈¢Õß°“√Õÿ∑∏√≥å¥ß— °≈à“« 15.1.2 ®“°°“√„Àâ∏𓧓√ÕÕ°Àπ—ß ◊էȔª√–°—π„Àâ°—∫Àπ૬ߓπ√—∞«‘ “À°‘® ·≈–∫√‘…—∑Õ◊Ëπ ®”π«π√«¡ 2.96 ≈â“π∫“∑ 15.1.3 ∫√‘…—∑¬àÕ¬§È”ª√–°—π¿“√–Àπ’È„Àâ°—∫∫√‘…—∑Õ◊Ëπ°—∫∏𓧓√ ‡ªìπ®”π«π 2.74 ≈â“π∫“∑ 15.1.4 ∫√‘…—∑¡’¢âÕæ‘æ“∑‡ªì𮔇≈¬Õ¬Ÿà„𧥒º‘¥ —≠≠“‡√’¬°√âÕß§à“‡ ’¬À“¬‡ªìπ®”π«π 46.67 ≈â“π∫“∑ ∫√‘…—∑‰¥â∫—π∑÷° §à“°àÕ √â“߉«â„πß∫°“√‡ß‘π‡ªìπ®”π«π 30.45 ≈â“π∫“∑ ·≈–∫√‘…—∑‰¥â¬◊ËπøÑÕß·¬â߇√’¬°√âÕß§à“‡ ’¬À“¬·°à‚®∑°å¡’ ∑ÿπ∑√—æ¬å®”π«π 261.48 ≈â“π∫“∑ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 »“≈™—Èπµâπ‰¥âæ‘æ“°…“„Àâ∫√‘…—∑™”√–‡ß‘π·°à‚®∑°å ‡ªìπ®”π«π 29.85 ≈â“π∫“∑ ·≈–„Àâ‚®∑°å™”√–‡ß‘π„Àâ·°à∫√‘…—∑‡ªìπ®”π«π 3 ≈â“π∫“∑ §ß‡À≈◊Õ ÿ∑∏‘‡ªìπ®”π«π 26.85 ≈â“π∫“∑ æ√âÕ¡¥Õ°‡∫’Ȭ„πÕ—µ√“√âÕ¬≈– 7.5 µàÕªï ‡ªìπ®”π«π 12.36 ≈â“π∫“∑ √«¡‡ªìπ‡ß‘π 39.21 ≈â“π∫“∑ º≈µà“ß®”π«π 8.76 ≈â“π∫“∑ ∫√‘…—∑¬—߉¡à‰¥â∫—π∑÷°¿“√–Àπ’È ‘π‰«â„πß∫°“√‡ß‘ππ’È ‡π◊ËÕß®“°∫√‘…—∑Õ¬Ÿà√–À«à“ß°“√ ¬◊ËπÕÿ∑∏√≥å·≈–¢Õ∑ÿ‡≈“°“√∫—ߧ—∫§¥’Õ¬Ÿà ‚¥¬»“≈‰¥âπ—¥æ‘®“√≥“À≈—°ª√–°—π„π«—π∑’Ë 6 °ÿ¡¿“æ—π∏å 2549 ·≈–º≈ ¢Õߧ¥’§«“¡®–‡ªìπª√–‚¬™πå·°à∫√‘…—∑ 15.2 ≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈–«—π∑’Ë 31 ∏—𫓧¡ 2547 ∫√‘…—∑¡’¿“√–ºŸ°æ—πµ“¡ —≠≠“°—∫ºŸâ√—∫‡À¡“°àÕ √â“ß‚§√ß°“√∑’Ë ®–µâÕß°àÕ √â“ß„À⇠√Á®µ“¡ —≠≠“§ß‡À≈◊ÕÕ’°ª√–¡“≥ 1,713.97 ≈â“π∫“∑ ·≈– 732.14 ≈â“π∫“∑ µ“¡≈”¥—∫ ·≈–¡’¿“√– ºŸ°æ—π∑’Ë®–µâÕßæ—≤𓂧√ß°“√µàÕ®π·≈⫇ √Á® ”À√—∫∑’ˬ—߉¡à‰¥â∑” —≠≠“ª√–¡“≥ 496.64 ≈â“π∫“∑ ·≈– 805.67 ≈â“π ∫“∑ µ“¡≈”¥—∫ 15.3 ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ∫√‘…—∑¡’¿“√–ºŸ°æ—π∑’Ë®–µâÕß®à“¬™”√–§à“´◊ÈÕÕ“§“√™ÿ¥·≈–∑’Ë¥‘πæ√âÕ¡ ‘Ëߪ≈Ÿ° √â“߇æ‘Ë¡ ®”π«π 2.32 ≈â“π∫“∑ µ“¡ —≠≠“®–´◊ÈÕ®–¢“¬·≈–«“ß‡ß‘π¡—¥®” ·≈–µ“¡ —≠≠“‚Õπ ‘∑∏‘‡ª≈’ˬπ¡◊Õ ‚§√ß°“√ æ’.‡Õ .∑’. ¡‘π‘ ÕÕøøî»

16. ∑ÿπ‡√◊ÕπÀÿâπ

µ“¡¡µ‘∑ª’Ë √–™ÿ¡ “¡—≠ºŸ∂â Õ◊ Àÿπâ ª√–®”ªï 2545 ≈ß«—π∑’Ë 30 ‡¡…“¬π 2545 ¡’¡µ‘∑‡’Ë °’¬Ë «¢âÕß°—∫ß∫°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ¥—ßπ’È 16.1 Õπÿ¡—µ‘°“√ÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘®”π«π 29.9 ≈â“πÀπ૬ ∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑‰¥â®”π«π 29.9 ≈â“πÀÿâπ ·∫à߇ªìπ ®”π«π 27.6 ≈â“πÀπ૬ ®—¥ √√„Àⷰຟâ∂◊ÕÀÿâπ‡¥‘¡ „∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπ૬¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â®”π«π 1 Àÿâπ ´÷Ëß¡’√“§“µ√“‰«âÀÿâπ≈– 10 ∫“∑ „π√“§“°“√„™â ‘∑∏‘ 14 ∫“∑ Õ“¬ÿ°“√„™â ‘∑∏‘ 3 ªï π—∫·µà«—π∑’ËÕÕ°„∫ ”§—≠ · ¥ß ‘∑∏‘°“√„™â ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â∑ÿ°Ê 3 ‡¥◊Õπ µ≈Õ¥Õ“¬ÿ¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘ ®”π«π 2.3 ≈â“πÀπ૬ ®—¥ √√„Àâ·°à°√√¡°“√·≈–æπ—°ß“π¢Õß∫√‘…—∑µ“¡ ESOP ( «— ¥‘°“√) à«π„∫ ”§—≠ · ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ 1 Àπ૬ µàÕ 1 Àÿâπ “¡—≠ „π√“§“°“√„™â ‘∑∏‘ 10 ∫“∑ Õ“¬ÿ°“√„™â ‘∑∏‘ 5 ªï π—∫·µà «—π∑’ËÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘ °“√„™â ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â∑ÿ°Ê 3 ‡¥◊Õπ µ≈Õ¥Õ“¬ÿ¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘ „∫ ”§—≠· ¥ß ‘∑∏‘∑’ËÕÕ°„À⺟â∂◊ÕÀÿâπ‡¥‘¡√–¬–‡«≈“„π°“√„™â ‘∑∏‘ §√∫°”À𥫗π∑’Ë 3 µÿ≈“§¡ 2548 ·≈–∑’ËÕÕ° „Àâ°√√¡°“√·≈–æπ—°ß“π§√∫°”À𥫗π∑’Ë 3 µÿ≈“§¡ 2550 ≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ¡’°“√„™â ‘∑∏‘§√∫·≈â«

146 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

15. Contingent liabilities and obligation

15.1 As at December 31, 2005 and December 31, 2004, the companyรปs liabilities might occur from asking the bank to issue the Letter of Guarantee as follows : 15.1.1 Letter of Guarantee to Revenue Department amounting of Baht 22.75 million was issued for assessment to issue of duties of the Company and its subsidiaries in previous years amounting to Baht 26.07 mil ion (The company only, Baht 2.62 mil ion). From the appeal to the Revenue Department, there is conclusion on October 10, 2005 that subsidiaries were granted to reduce penalties and surcharges from the tax assessment for the amount of Baht 20 million, the rest is Baht 14.45 million.

But the Company has not recorded such amount as laibilites since the Company is filing the appreal to the Tax Court. The ultimate outcome have not been known.

15.1.2 Letter of guarantee to state enterprises and other companies amounting of Baht 2.96 million.

15.1.3 Subsidiary has guaranteed loan to customers with bank for 2 years amounting to Baht 2.74 mil ion.

15.1.4 The company is accused by its contractor in civil suit amounting to Baht 46.67 million. The company was recorded itรปs construction cost in amounting Baht 30.45 million and also accusing to this contractor for claiming in amounting of Baht 261.48 million. As at December 31, 2003, Court of the first instance had decided the company to pay the contract or amounting Baht 29.85 million and the contractor paid to the company amounting Baht 3.00 million. The net payment was Baht 26.85 mil ion together with interest charge at rate 7.5% p.a. amounting to Baht 12.36 million totally Baht 39.21 mil ion. The difference of Baht 8.76 million, the company did not yet recorded in this financial statement since the company had been appealing. The Tax Court will consider a guarantee on February 6, 2006 and the result would be positive.

15.2 As at December 31, 2005 and December 31, 2004 the company had the obligation to the agreement of the construction companies which had to complete the construction work for approximately Baht 1,713.97 mil ion and Baht 732.14 mil ion, respectively. The obligation of remaining contract value to complete the developing project is about Baht 496.64 million. (2004 : Baht 805.67 million) 15.3 As at December 31, 2004, the company was liable for the payment of condominuim and land with construction amounting to Baht 2.32 million due to Selling, Purchasing & Depositing Agreement and Ownership Transference Agreement on P.S.T. Mini Office Project.

16. Share capital

The Ordinary Meeting of Shareholders 2002 held on 30th April 2002 passed a resolution related to the financial statements as at 31th December 2005 and 31th December 2004 as follows : 16.1 Approved the issuance of 29.9 million units of warrants with the indicative terms set out herein below, The allotment of 27.6 million units offered to the existing shareholders by way of right offering one unit of warrant : One ordinary share par value Baht 10 with exercise price Baht 14 for each new ordinary share and 3 years commencing from the issue date of warrants. Exercise period is every three months.

The allotment of 2.3 million unites offered to the directors and employees of the company (ESOP), one unit of warrant : one ordinary share par value Baht 10 and 5 years commencing from the issue date of warrants. Exercise period is every three months.

The excreise of warrants issued to the existing shareholders were matured on October 3, 2005 and to directors and employees will be matured on October 3, 2007. As at December 31, 2005, such warrants were fully exercised.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 147

16.2 Õπÿ¡—µ‘°“√®—¥ √√Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ ®”π«π 75 ≈â“πÀÿâπ ¡Ÿ≈§à“∑’˵√“‰«âÀÿâπ≈– 10 ∫“∑ µ“¡√“¬≈–‡Õ’¬¥¥—ßπ’È ®—¥ √√Àÿâπ “¡—≠„À¡à ®”π«π 27.6 ≈â“πÀÿâπ ‰¥â®—¥ √√„Àⷰຟâ∂◊ÕÀÿâπ‡¥‘¡µ“¡ —¥ à«π §◊ÕÕ—µ√“´◊ÈÕ 5 Àÿâπ‡¥‘¡µàÕ 3 Àÿâπ “¡—≠„À¡à„π√“§“µ“¡¡Ÿ≈§à“ ´÷Ëß ≥ «—π∑’Ë 30 ¡‘∂ÿπ“¬π 2545 ∫√‘…—∑‰¥â®—¥ √√‰ª·≈â« ®—¥ √√Àÿâπ “¡—≠„À¡à ®”π«π 27.6 ≈â“πÀÿâπ ‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘ ®—¥ √√Àÿâπ “¡—≠„À¡à ®”π«π 2.3 ≈â“πÀÿâπ ‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®—¥ √√„Àâ·°à°√√¡°“√ ·≈–æπ—°ß“π∫√‘…∑— ®—¥ √√Àÿâπ “¡—≠„À¡à ®”π«π 17.5 ≈â“πÀÿâπ „π√“§“Àÿâπ≈– 10 ∫“∑ ÕÕ°„Àâ·°à∏𓧓√°√ÿ߉∑¬ ®”°—¥ (¡À“™π) µ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È µ“¡¡µ‘∑’˪√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2547 ≈ß«—π∑’Ë 7 ‡¡…“¬π 2547 ¡’¡µ‘¥—ßπ’È 16.3 Õπÿ¡—µ‘°“√®—¥ √√‡ß‘𰔉√ ·≈–°“√®à“¬‡ß‘πªíπº≈®“°º≈°“√¥”‡π‘πß“πª√–®”ªï 2546 „πÕ—µ√“Àÿâπ≈– 2.50 ∫“∑ ®”π«π 94,682,619 Àÿâπ √«¡‡ªìπ‡ß‘π 236,706,547.50 ∫“∑ √«¡∑—Èß„Àâ®—¥ √√‡ß‘𰔉√‡ªìπ‡ß‘π∑ÿπ ”√Õßµ“¡°ÆÀ¡“¬„πÕ—µ√“ √âÕ¬≈– 5 ¢Õß°”‰√ ÿ∑∏‘ ‡ªìπ‡ß‘π 23,300,000 ∫“∑ „π°√≥’∑’Ë«—π°”Àπ¥√—∫‡ß‘πªíπº≈ ∫√‘…—∑‰¥â¥”‡π‘π°“√®¥∑–‡∫’¬π ‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“Àÿâπ∑’˵√“‰«â®“°Àÿâπ≈– 10 ∫“∑ ‡ªìπÀÿâπ≈– 1 ∫“∑ Õ—µ√“°“√®à“¬‡ß‘πªíπº≈®–‡ªìπ‰ªµ“¡¡Ÿ≈§à“Àÿâπ∑’Ë µ√“‰«âÀπÿâ ≈– 1 ∫“∑ ¥—ßπ’È ∫√‘…∑— ®–®à“¬‡ß‘πªíπº≈„πÕ—µ√“Àÿπâ ≈– 0.25 ∫“∑ ®”π«π 949,826,190 Àÿπâ √«¡‡ªìπ‡ß‘π 236,706,547.50 ∫“∑ Õπÿ¡—µ‘°“√‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“∑’˵√“‰«â¢ÕßÀÿâπ®“°‡¥‘¡∑’˵√“‰«âÀÿâπ≈– 10 ∫“∑ ‡ªìπÀÿâπ≈– 1 ∫“∑ Õπÿ¡—µ‘°“√®—¥ √√Àÿâπ “¡—≠„À¡à®”π«π 236,706,550 Àÿâπ ‡ πÕ¢“¬·°àºŸâ∂◊ÕÀÿâπ‡¥‘¡µ“¡ —¥ à«π„π√“§“‡ πÕ¢“Àÿâπ≈– 2 ∫“∑ ¡Ÿ≈§à“Àÿâπ∑’˵√“‰«âÀÿâπ≈– 1 ∫“∑ √–¬–‡«≈“°“√‡ πÕ¢“¬„π√–À«à“ß«—π∑’Ë 10-14 情¿“§¡ 2547 ·≈– ∫√‘…—∑®–®—¥ √√Àÿâπ “¡—≠„À¡à®”π«π 40,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ∑’˵√“‰«âÀÿâπ≈– 1 ∫“∑ ‡æ◊ËÕ ”√Õ߉«â‡æ‘Ë¡‡µ‘¡ ”À√—∫°“√√Õß√—∫°“√„™â ∑‘ ∏‘¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘¢ÕߺŸ∂â Õ◊ Àÿπâ ‡¥‘¡ §√—ßÈ ∑’Ë 1 ´÷ßË ∫√‘…∑— Õ“®¡’°“√ª√—∫√“§“°“√„™â ∑‘ ∏‘ ·≈–Õ—µ√“°“√„™â ‘∑∏‘µ“¡¢âÕ°”Àπ¥·≈–‡ß◊ËÕπ‰¢¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘π—È𠵓¡¡µ‘∑’˪√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2548 ≈ß«—π∑’Ë 28 ‡¡…“¬π 2548 ¡’¡µ‘¥—ßπ’È 16.4 Õπÿ¡—µ‘°“√®—¥ √√‡ß‘𰔉√ ·≈–°“√®à“¬‡ß‘πªíπº≈®“°º≈°“√¥”‡π‘πß“πª√–®”ªï 2547 „πÕ—µ√“Àÿâπ≈– 0.20 ∫“∑ ®”π«π 1,305,462,715 Àÿâπ √«¡‡ªìπ‡ß‘π 261,092,543 ∫“∑ √«¡∑—Èß„Àâ®—¥ √√‡ß‘𰔉√‡ªìπ‡ß‘π∑ÿπ ”√Õßµ“¡°ÆÀ¡“¬„πÕ—µ√“√âÕ¬≈– 5 ¢Õß°”‰√ ÿ∑∏‘ ‡ªìπ‡ß‘π 22,551,383.91 ∫“∑

17. ”√Õßµ“¡°ÆÀ¡“¬

µ“¡æ√–√“™∫—≠≠—µ‘∫√‘…—∑ ¡À“™π ®”°—¥ æ.». 2535 ∫√‘…—∑µâÕß®—¥ √√°”‰√ ÿ∑∏‘ª√–®”ªï‡ªìπ∑ÿπ ”√Õßµ“¡°ÆÀ¡“‰¡àπâÕ¬°«à“√âÕ¬≈– 5 ¢Õß°”‰√ ÿ∑∏‘ª√–®”ªïÀ≈—ß®“°À—°¬Õ¥¢“¥∑ÿπ – ¡¬°¡“ (∂â“¡’) ®π°«à“∑ÿπ ”√Õßπ’È®–¡’®”π«π‰¡àπâÕ¬°«à“ √âÕ¬≈– 10 ¢Õß∑ÿπ®¥∑–‡∫’¬π ”√Õßµ“¡°ÆÀ¡“¬¥—ß°≈à“«®–𔉪®à“¬‡ß‘πªíπº≈‰¡à‰¥â

18. ‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π

π‚¬∫“¬°“√∫√‘À“√§«“¡‡ ’ˬß∑“ß°“√‡ß‘π ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’ˬ߮“°§«“¡º—πº«π¢ÕßÕ—µ√“¥Õ°‡∫’Ȭ ·≈–®“°°“√∑’˧Ÿà —≠≠“‰¡àªØ‘∫—µ‘µ“¡ —≠≠“ ∫√‘…—∑ ·≈–∫√‘…—∑¬àÕ¬‰¡à¡’π‚¬∫“¬ª√–°Õ∫∏ÿ√°√√¡µ√“ “√Õπÿæ—π∏å∑“ß°“√‡ß‘π‡æ◊ËÕ°“√‡°Áß°”‰√À√◊Õ‡æ◊ËÕ°“√§â“

148 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

16.2 Approved the allotment of the Companyรปs newly issued ordinary shares in amount of 75 million shares at a par value of Baht 10 according to the details set out herein below.

Allocation of 27.6 mil ion new ordinary shares will be offered by way of the rights issue to the existing shareholders at the subscription ration of 5 existing shares to 3 new ordinary shares. In which the company had fully allocate the shares on June 30, 2002 Allocation of 27.6 million new ordinary shares will be reserved for the exercise of warrants.

Allocation of 2.3 mil ion new ordinary shares will be reserved for the exercise of warrants offered to the directors and employees of the Company.

Allocation of 17.5 million new ordinary shares will be offered to Krung Thai Bank Public Company Limited for debt restructuring at the offering price of Baht 10 per share The Ordinary Meeting of Shareholders 2004 held on 7th April 2004 passed a resolution as follows : 16.3 The Meeting unanimously resolved to pay dividend from the operation results of 2003 at the rate of Baht 2.50 per shar for the total amount of 94,682,619 shares amounting Baht 236,706,547.50 and allocate some profit as legal reserve atthe rate of 5% of net profit amounting Baht 23,300,000. In case that the Company has already made the change in par value from Baht 10 to Baht 1, the cash dividend would be made in accordance with the par value of Baht 1 as follow : the Company will pay cash dividend Baht 0.25 per share on 949,826,190 shares for the total amount of Baht 236,706,547.50.

The Meeting approved of the change in share par value from Baht 10 to Baht 1.

The Company wil allot 236,706,550 new ordinary shares and offer for sale to the existing shareholders, at the offering price of Baht 2 per share with the par value of Baht 1 and shareholders may subscribe for excess shares at the same offering price during the subscription period between 10-14 May 2004. And the Company will allot 40,000,000 new ordinary shares at the par value of Baht 1 to reserve for exercising right of warrants (L.P.N.-W 1). The Company may adjust the exercise price and ratio according to the terms and conditions of warrants.

The Ordinary Meeting of Shareholders 2005 held on 28th April 2005 passed a resolution as follows : 16.4 The Meeting unanimously resolved to pay dividend from the operation results of 2004 at the rate of Baht 0.20 per share for the total amount of 1,305,462,715 shares amounting Baht 261,092,543 and allocate some profit as legal reserve at the rate of 5% of net profit amounting Baht 22,551,383.91

17. Legal reserve

According to the Public Company Limited Act. B.E. 2535, the company is required to set aside a legal reserve at lease 5% of annual net profit after deducting deficit brought forward (if any) until the legal reserve reachs 10% of authorized share capital. Such legal reserve is not available for dividend distribution.

18. Financial instruments

Financial risk management and poli cies The Company and its subsidiary companies are exposed to risk from changes in market interest rates and from non performance of contractual obligations by counterparties. The Company and its subsidiary companies do not hold or issue derivative instruments for speculative or trading purposes.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 149

§«“¡‡ ’ˬ߮“°Õ—µ√“¥Õ°‡∫’ȧ«“¡‡ ’ˬ߮“°Õ—µ√“¥Õ°‡∫’Ȭπ’ȇ°‘¥¢÷Èπ®“°§«“¡º—πº«π¢ÕßÕ—µ√“¥Õ°‡∫’Ȭ„πµ≈“¥„πÕ𓧵 ´÷Ëß®– àߺ≈°√–∑∫µàÕº≈ °“√¥”‡π‘πß“π·≈–°√–· ‡ß‘π ¥¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’ˬ߮“°Õ—µ√“¥Õ°‡∫’Ȭ‡π◊ËÕß®“°¡’‡ß‘π Ω“°°—∫ ∂“∫—π°“√‡ß‘π ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏𓧓√·≈–‡ß‘π°Ÿâ¬◊¡‡ªìπ®”π«π¡“° ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡‘‰¥â„™âµ√“ “√Õπÿæ—π∏å ∑“ß°“√‡ß‘π‡æ◊ËÕªÑÕß°—𧫓¡‡ ’ˬߥ—ß°≈à“« ‡π◊ËÕß®“°ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑ ·≈–∫√‘…—∑¬àÕ¬‡ÀÁπ«à“‰¡à¡’µ≈“¥¿“¬„πª√–‡∑»√Õß√—∫ °“√ªÑÕß°—𧫓¡‡ ’ˬ߮“°Õ—µ√“¥Õ°‡∫’ȧ«“¡‡ ’ˬߥâ“π°“√„Àâ ‘π‡™◊ËÕ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’ˬߥâ“π°“√„Àâ ‘π‡™◊ËÕ∑’ˇ°’ˬ«‡π◊ËÕß°—∫≈Ÿ°Àπ’È·≈–√“¬‰¥â∑’ˬ—߉¡à∂÷ß°”Àπ¥™”√– Õ¬à“߉√°Áµ“¡ ‡π◊ËÕß®“°∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®–‰¡à‚Õπ°√√¡ ‘∑∏‘Ï„π ‘π∑√—æ¬å∑’Ë¢“¬„Àâ°—∫ºŸâ´◊ÈÕ®π°«à“®–‰¥â√—∫™”√–¡Ÿ≈§à“µ“¡ —≠≠“∑—ÈßÀ¡¥ ¥—ßπ—Èπ∫√‘…—∑®÷߉¡à§“¥«à“®–‰¥â√—∫§«“¡‡ ’¬À“¬∑’ˇªìπ “√– ”§—≠®“°°“√‡°Á∫Àπ’È ¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß ‘π∑√—æ¬å·≈–Àπ’È ‘π∑“ß°“√‡ß‘π ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬„™â«‘∏’·≈–¢âÕ ¡¡µ‘∞“π¥—ßµàÕ‰ªπ’È „π°“√ª√–¡“≥¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õ߇§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π ‡ß‘π ¥ ‡ß‘πΩ“°∏𓧓√ ·≈–‡ß‘π≈ß∑ÿπ√–¬– —Èπ · ¥ß¡Ÿ≈§à“¬ÿµ‘∏√√¡‚¥¬ª√–¡“≥µ“¡®”π«π‡ß‘π∑’Ë· ¥ß„πß∫¥ÿ≈ ≈Ÿ°Àπ’È°“√§â“·≈–µ—Ϋ‡ß‘π√—∫∑’˧√∫°”Àπ¥™”√–π—∫µ—Èß·µà«—π ‘Èπß«¥πâÕ¬°«à“ 90 «—π À√◊Õ≈Ÿ°Àπ’È∑’˺‘¥π—¥™”√–Àπ’È · ¥ß ¡Ÿ≈§à“¬ÿµ‘∏√√¡ ‚¥¬ª√–¡“≥µ“¡®”π«π‡ß‘π∑’Ë· ¥ß„πß∫¥ÿ≈ ‡ß‘π„Àâ°Ÿâ¬◊¡ · ¥ß¡Ÿ≈§à“¬ÿµ‘∏√√¡‚¥¬ª√–¡“≥µ“¡®”π«π‡ß‘π∑’Ë· ¥ß„πß∫¥ÿ≈ ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏𓧓√ ‡®â“Àπ’È°“√§â“·≈–µ—Ϋ‡ß‘π®à“¬∑’Ë¡’°”Àπ¥°“√™”√–Àπ’ȉ¡à‡°‘π 90 «—π ¡Ÿ≈§à“¬ÿµ‘∏√√¡‚¥ª√–¡“≥· ¥ßµ“¡®”π«π‡ß‘π∑’Ë· ¥ß„πß∫¥ÿ≈ ¥Õ°‡∫’Ȭ§â“ß®à“¬ ¡Ÿ≈§à“¬ÿµ‘∏√√¡‚¥¬ª√–¡“≥· ¥ßµ“¡®”π«π‡ß‘π∑’Ë· ¥ß„πß∫¥ÿ≈ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«´÷Ëß¡’Õ—µ√“¥Õ°‡∫’Ȭ≈Õ¬µ—« √“§“µ“¡∫—≠™’¡’®”π«π‡∑à“°—∫¡Ÿ≈§à“¬ÿµ‘∏√√¡‚¥¬ª√–¡“≥ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ·≈– «—π∑’Ë 31 ∏—𫓧¡ 2547 ‘π∑√—æ¬å·≈–Àπ’È ‘π∑“ß°“√‡ß‘π à«π„À≠à¡’¡Ÿ≈§à“¬ÿµ‘∏√√¡‚¥ª√–¡“≥µ“¡®”π«π‡ß‘π∑’Ë· ¥ß„πß∫¥ÿ≈ ¬°‡«âπ∫“ß√“¬°“√∑’Ë·µ°µà“ßÕ¬à“ß¡’ “√– ”§—≠ ¥—ßπ’È

‡ß‘π„Àâ°Ÿâ¬◊¡·°à°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π / Loans to related parties

¡Ÿ≈§à“¬ÿµ‘∏√√¡§”π«≥‚¥¬Õ—µ√“¥Õ°‡∫’Ȭ„πµ≈“¥‡ß‘π (Market Rate) ∑’Ë MLR

150 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

Interest rate risk The interest rate risk is a result of future movements in market interest rates that will affect the results of the Companyûs and itssubsidiary companiesû operation and their cash flows. The Companyûs and itssubsidiary companiesû exposure to interest rate risk primarily related to their deposits with financial institutions, bank overdrafts and loans.

According to their management, the Company and its subsidiary companies do not use derivative financial instruments to hedge such risk since there is no domestic market for such activity.

Credit risk The Company and its subsidiary companies are exposed to credit risk primarily with respect to accounts receivable and unbil ed receivables. However, since the Company and its subsidiary companies do not transfer to rights of assets until the total amount of the contract value has been paid, they do not anticipate material losses from their debt collection.

Fair value of financial instruments The Company and its subsidiaries used the following methods and assumptions in estimating fair value of financial instruments as disclosed herein : Cash and cash at banks and short-term investments : the carrying values approximate their fair values.

Trade accounts and notes receivable with their maturities less than 90 days from the end of the period and past due accounts receivable, the carrying values approximate their fair values.

Loan to the carrying values approximate their fair values.

Bank overdraft, trade accounts and notes payable dueless than 90 days ; the carrying amounts of these financial liabilities approximate their fair values.

Accrued interest payable; the carrying values approximate their fair values.

Long-term loan with floating rate of interest; the carrying amounts of loan approximate its fair value.

As at December 31, 2005 and December 31, 2004 most assets and liabilities had the estimated fair value as shown in the balance sheets except : ß∫°“√‡ß‘π√«¡ / Consolidated 2548 / 2005 ¬Õ¥§ß‡À≈◊Õµ“¡∫—≠™’ / Book Value

200,000,000.00 200,000,000.00

-

¡Ÿ≈§à“¬ÿµ‘∏√√¡ / Fair Value

219,378,795.73 219,378,795.73

ß∫°“√‡ß‘π√«¡ / Consolidated 2547 / 2004 ¬Õ¥§ß‡À≈◊Õµ“¡∫—≠™’ / Book Value

¡Ÿ≈§à“¬ÿµ‘∏√√¡ / Fair Value

200,000,000.00 200,000,000.00

225,165,562.91 225,165,562.91

Fair value calculated by using the interest at market rate of MLR.

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 151

19. ¢âÕ¡Ÿ≈‡°’ˬ«°—∫°“√¥”‡π‘πß“πµ“¡ª√–‡¿∑ à«πß“π∑“ß∏ÿ√°‘® / Segment information ≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 ª√–°Õ∫¥â«¬ / As at December 31, 2005, it consists of :

ª√–‡¿∑∏ÿ√°‘® / Business Type

¢“¬ ÿ∑∏‘ / Net sales °”‰√®“° à«π‰¥â‡ ’¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–√à«¡ / Equity gain from subsidiaries and associates √“¬‰¥âÕ◊Ëπ / Other income √“¬‰¥â√«¡ / Total revenues µâπ∑ÿπ¢“¬ / Cost of sales §à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ / Selling and administrative expenses §à“µÕ∫·∑π°√√¡°“√ / Directorsû remuneration ¢“¥∑ÿπ®“° à«π‰¥â‡ ’¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–√à«¡ / Equity loss from investment in subsidiaries and associates §à“„™â®à“¬√«¡ / Total expenses °”‰√ (¢“¥∑ÿπ) °àÕπ¥Õ°‡∫’Ȭ®à“¬·≈–¿“…’‡ß‘π‰¥â / Profit (Loss) before interesst and income tax ¥Õ°‡∫’Ȭ®à“¬ / Interest expenses ¿“…’‡ß‘π‰¥â / Income tax °”‰√ (¢“¥∑ÿπ) À≈—ß¿“…’‡ß‘π‰¥â°àÕπÀ—° à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬ / Net profit (loss) before minority interest à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬„𰔉√ ÿ∑∏‘ / Profit of minority interest °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ / Net profit (loss) ‘π∑√—æ¬å∂“«√ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 / Fixed assets as at December 31, 2005

√“¬°“√µ—¥∫—≠™’√–À«à“ß°—𠇪ìπ√“¬‰¥â§à“‡™à“æ◊Èπ∑’Ë, °“√„Àâ∫√‘°“√·≈–¥Õ°‡∫’Ȭ√—∫ √“¬°“√¥—ß°≈à“«‡ªìπ‰ªµ“¡∏ÿ√°‘®ª°µ‘ ∑“ß°“√§â“ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ª√–°Õ∫¥â«¬ / As at December 31, 2004, it consists of :

¢“¬ ÿ∑∏‘ / Net sales °”‰√®“° à«π‰¥â‡ ’¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ / Equity gain from subsidiaries and associates √“¬‰¥âÕ◊Ëπ / Other income √“¬‰¥â√«¡ / Total revenues µâπ∑ÿπ¢“¬ / Cost of sales §à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ / Selling and administrative expenses Àπ’È Ÿ≠·≈–Àπ’È ß —¬®– Ÿ≠ / Bad debt and doubtful accounts §à“µÕ∫·∑π°√√¡°“√ / Directorsû remuneration ¢“¥∑ÿπ®“° à«π‰¥â‡ ’¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–√à«¡ / Equity loss from investment in subsidiaries and associates §à“„™â®à“¬√«¡ / Total expenses

152 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

(Àπ૬ : ≈â“π∫“∑ / Million : Baht) ∫√‘…—∑„À≠à / Parent Company ∏ÿ√°‘® Õ —ßÀ“œ Real estate

∏ÿ√°‘® „Àâ‡™à“·≈– ∫√‘°“√ Rent & Service

3,346.45 3,346.45 2,215.56 2,215.56 1,130.89 1,130.89 1,130.89

23.85 23.85 18.91 18.91 4.94 4.94 4.94

∫√‘…—∑¬àÕ¬ / Subsidiaries

Õ◊πË Ê Others

√«¡ Total

∏ÿ√°‘®∫√‘°“√ ∏ÿ√°‘® ·≈–∫√‘À“√ „Àâ‡™à“ ®—¥°“√Õ“§“√ ·≈–∫√‘°“√ Service & Rent & Management Service

122.59 33.98 156.57 445.44 4.11 0.24 449.79 (293.22) 0.25 253.98 (547.45) (547.45)

3,370.30 122.59 33.98 3,526.87 2,234.47 445.44 4.11 0.24 2,684.26 842.61 0.25 253.98 588.38 588.38

333.72 333.72 76.56 76.56 257.16 257.16 257.16

56.90

-

√«¡ / Total

Õ◊πË Ê Others

√«¡ Total

µ—¥∫—≠™’ Eliminate

√«¡ Total

3.96 3.96 3.23 3.23 0.73 0.73 0.73

0.80 0.80 147.44 147.44 (146.64) 0.30 33.27 (180.21) (180.21)

3,707.98 122.59 34.78 3,865.35 2,314.26 592.88 4.11 0.24 2,911.49 953.86 0.55 287.25 666.06 666.06

(204.79) (77.83) (0.10) (282.72) (60.26) (144.53) (0.24) (205.03) (77.69) (0.10) (77.59) (0.09) (77.68)

3,503.19 44.76 34.68 3,582.63 2,254.00 448.35 4.11 2,706.46 876.17 0.45 287.25 588.47 (0.09) 588.38

-

26.17

83.07

-

83.07

Inter - company transactions are income from service, rental and interest income from subsidiaries.

Transaction with related companies are in the normal course of business.

(Àπ૬ : ≈â“π∫“∑ / Million : Baht) ∫√‘…—∑„À≠à / Parent Company ∏ÿ√°‘® Õ —ßÀ“œ Real estate

∏ÿ√°‘® „Àâ‡™à“·≈– ∫√‘°“√ Rent & Service

Õ◊πË Ê Others

√«¡ Total

2,306.20 2,306.20 1,532.57 1,532.57

22.57 22.57 17.61 17.61

10.02 29.70 39.72 291.62 4.78 3.96 5.31 305.67

2,328.77 10.02 29.70 2,368.49 1,550.18 291.62 4.78 3.96 5.31 1,855.85

∫√‘…—∑¬àÕ¬ / Subsidiaries ∏ÿ√°‘® Õ —ßÀ“œ Real estate

∏ÿ√°‘®∫√‘°“√ ∏ÿ√°‘® ·≈–∫√‘À“√ „Àâ‡™à“ ®—¥°“√Õ“§“√ ·≈–∫√‘°“√ Service & Rent & Management Service

2.64 2.64 2.55 -

211.66 211.66 79.4 -

1.36 1.36 3.29 -

2.55

79.40

3.29

Õ◊πË Ê Others

0.50 0.50 128.56 0.32 128.88

√«¡ / Total √«¡ Total

2,544.43 10.02 30.20 2,584.65 1,635.42 420.18 5.10 3.96 5.31 2,069.97

µ—¥∫—≠™’ Eliminate

(101.01) (4.55) (0.69) (106.25) (40.90) (60.73) (5.31) (106.94)

√«¡ Total

2,443.42 5.47 29.51 2,478.40 1,594.52 359.45 5.10 3.96 1,963.03

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 153

°”‰√ (¢“¥∑ÿπ) °àÕπ¥Õ°‡∫’Ȭ®à“¬·≈–¿“…’‡ß‘π‰¥â / Profit (Loss) before interesst and income tax ¥Õ°‡∫’Ȭ®à“¬ / Interest expenses ¿“…’‡ß‘π‰¥â / Income tax °”‰√ (¢“¥∑ÿπ) À≈—ß¿“…’‡ß‘π‰¥â°àÕπÀ—° à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬ / Net profit (loss) before minority interest à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬„𰔉√ ÿ∑∏‘ / Profit of minority interest °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ / Net profit (loss) ‘π∑√—æ¬å∂“«√ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 / Fixed assets as at December 31, 2004

√“¬°“√µ—¥∫—≠™’√–À«à“ß°—𠇪ìπ√“¬‰¥â§à“‡™à“æ◊Èπ∑’Ë, °“√„Àâ∫√‘°“√·≈–¥Õ°‡∫’Ȭ√—∫ √“¬°“√¥—ß°≈à“«‡ªìπ‰ªµ“¡∏ÿ√°‘®ª°µ‘ ∑“ß°“√§â“

20. °”‰√ ÿ∑∏‘µàÕÀÿâπ

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ / Basic earnings per share Net Profit º≈°√–∑∫µàÕÀÿâπ “¡—≠ ‡∑’¬∫‡∑à“ª√—∫≈¥ / Effect of diluted potential ordinary share °”‰√µàÕÀÿâπª√—∫≈¥ °”‰√ (¢“¥∑ÿπ) ∑’ˇªìπ¢ÕߺŸâ∂◊ÕÀÿâπ “¡—≠ ¡¡ÿµ‘«à“¡’°“√„™â ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠®“°„∫ ”§—≠· ¥ß ‘∑∏‘ /

Diluted earnings per share Profit of common shareholders assumed as conversion to common share Warrants ≥ «—π∑’Ë 31 ∏—𫓧¡ 2548 „∫ ”§—≠· ¥ß ‘∑∏‘∑’˧߇À≈◊ÕÕ¬Ÿà‰¥âÀ¡¥Õ“¬ÿ„Àâ·ª≈ß ‘∑∏‘·≈â« ¥—ßπ—Èπ®÷߉¡à‰¥â· ¥ß°”‰√µàÕ Àÿâπª√—∫≈¥„πß«¥ªï 2548

21. °“√®—¥ª√–‡¿∑∫—≠™’„À¡à

ß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2547 ∑’Ëπ”¡“· ¥ß‡ª√’¬∫‡∑’¬∫‰¥â®—¥ª√–‡¿∑√“¬°“√„À¡à„Àâ Õ¥§≈âÕß°—∫ ß∫°“√‡ß‘π ”À√—∫ß«¥ 12 ‡¥◊Õπ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2548 ¡’ “√– ”§—≠ ¥—ßπ’È ‚Õπ∫—≠™’§à“ß«¥§√∫°”Àπ¥∑’ˬ—߉¡à√—∫√Ÿâ‡ªìπ√“¬‰¥â‰ªÀ—° ÿ∑∏‘°—∫∫—≠™’≈Ÿ°Àπ’È°“√§â“ ÿ∑∏‘®”π«π 8,269,100.00 ∫“∑

22. °“√Õπÿ¡—µ‘ß∫°“√‡ß‘π

ß∫°“√‡ß‘ππ’ȉ¥â√—∫°“√Õπÿ¡—µ‘‡æ◊ËÕ‡º¬·æ√ஓ°§≥–°√√¡°“√¢Õß∫√‘…—∑‡¡◊ËÕ«—π∑’Ë 14 °ÿ¡¿“æ—π∏å 2549

154 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

(Àπ૬ : ≈â“π∫“∑ / Million : Baht) ∫√‘…—∑„À≠à / Parent Company

∫√‘…—∑¬àÕ¬ / Subsidiaries

∏ÿ√°‘® Õ —ßÀ“œ Real estate

∏ÿ√°‘® „Àâ‡™à“·≈– ∫√‘°“√ Rent & Service

Õ◊πË Ê Others

√«¡ Total

∏ÿ√°‘® Õ —ßÀ“œ Real estate

∏ÿ√°‘®∫√‘°“√ ∏ÿ√°‘® ·≈–∫√‘À“√ „Àâ‡™à“ ®—¥°“√Õ“§“√ ·≈–∫√‘°“√ Service & Rent & Management Service

773.63 773.63 773.63

4.96 4.96 4.96

(265.95) 0.60 63.65 (330.20) (330.20)

512.64 0.60 63.65 448.39 448.39

0.09 0.09 0.09

132.26 132.26 132.26

53.62

-

-

√«¡ / Total

Õ◊πË Ê Others

√«¡ Total

µ—¥∫—≠™’ Eliminate

√«¡ Total

(1.93) (1.93) (1.93)

(128.38) 0.31 2.49 (131.18) (131.18)

514.68 0.91 66.14 447.63 447.63

0.69 (0.08) 0.77 (0.01) 0.76

515.37 0.83 66.14 448.40 (0.01) 448.39

-

24.07

77.69

-

77.69

Inter - company transactions are income from service, rental and interest income from subsidiaries.

Transaction with related companies are in the normal course of business.

20. Earnings per share ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2548 Consolidated and The Company only / For the year ended December 31, 2005 °”‰√ ÿ∑∏‘ (∫“∑) Net profit (Baht) 2548 / 2005 588,379,159.56

2547 / 2004 448,385,640.38

588,379,159.56

448,385,640.38

®”π«πÀÿâπ ∂—«‡©≈’ˬ∂à«ßπÈ”Àπ—° Weighted average number of ordinary shares 2548 / 2005 2547 / 2004 1,362,133,567 1,098,632,925 151,322,795 -

1,249,955,720

°”‰√ ÿ∑∏‘µàÕÀÿâπ (∫“∑) Earnings per share (Baht) 2548 / 2005 0.43

2547 / 2004 0.41

-

0.36

As at December 31, 2005, the remaining warrants were expired to be exercise so that were not converted diluted earnings per share in the year 2005.

21. Reclassification

The financial statements for the year ended December 31, 2004, have been reclassified for comparison purpose to be conform to the financial statements for the year ended as at December 31, 2005 as follows : To transfer unrealized installment income to be deduct with accounts receivable amount of Baht 8,269,100.00.

22. Approval of financial statements

These financial statements have been approved to be publicize by the Board of Directors of the company on February 14, 2006 L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 155

¢âÕ¡Ÿ≈Õ◊ËπÊ Other Information

∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ π“¬∑–‡∫’¬πÀÿâπ

∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥ 62 Õ“§“√µ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑™—Èπ 4, 6-7 ∂ππ√—™¥“¿‘‡…° ·¢«ß§≈Õ߇µ¬ ‡¢µ§≈Õ߇µ¬ °√ÿ߇∑æœ 10110 ‚∑√»—æ∑å 02-229-2800, 02-654-5599 ‚∑√ “√ 02-359-1262-63

ºŸ â Õ∫∫—≠™’

π“ß ÿ«‘¡≈ °ƒµ¬“‡°’¬√≥å ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑–‡∫’¬π 2982 ”π—°ß“π Õ∫∫—≠™’ ¥’ ‰Õ ‡Õ 316/32 ´Õ¬ ÿ¢ÿ¡«‘∑ 22 ∂ππ ÿ¢ÿ¡«‘∑ ·¢«ß§≈Õ߇µ¬ ‡¢µ§≈Õ߇µ¬ °√ÿ߇∑æœ 10110 ‚∑√»—æ∑å 02-259-5300 ‚∑√ “√ 02-260-1553

∑’˪√÷°…“°ÆÀ¡“¬∑—Ë«‰ª ∫√‘…—∑ °ÆÀ¡“¬‡ √‘¡»—°¥‘Ï ‡«™™·≈–‡æ◊ËÕπ ®”°—¥ Õ“§“√‚™§™—¬√à«¡¡‘µ√§Õπ‚¥¡‘‡π’¬¡ ™—Èπ 12 399/365-368 ´Õ¬‚™§™—¬√à«¡¡‘µ√ ·¢«ß≈“¥¬“« ®µÿ®—°√ °√ÿ߇∑æœ 10900 ‚∑√»—æ∑å 02-691-5541-5 ‚∑√ “√ 02-691-5541-5

156 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

Other Referential Persons Share Registrar:

Thailand Securities Depository Company Limited for Depositors 62 Stock Exchange of Thailand Building 4, 6, 7 Floor, Ratchadapisek Road, Klongtoey, Bangkok 10110 Tel. 02-229-2800, 02-654-5599 Fax: 02-359-1262-63

Auditor:

Mrs.Suvimol Krittayakiern C.P.A. Thailand No. 2982 Office of DIA International Auditing 316/32 Sukhumvit Soi 22, Sukhumvit Road, Klongtoey, Bangkok 10110 Tel. 02-259-5300 Fax: 02-260-1553

Legal Counselor:

Sermsak Vecha & Associates Law Office Chokchairuammitr Condominium Building, 12th Floor 399/365-368 Soi Chokchairuammitr, Kwaeng Lardyao, Chatuchak, Bangkok 10900 Tel. 02-691-5541-5 Fax: 02-691-5541-5

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 157

∑’ËÕ¬Ÿà‚§√ß°“√ Address of Projects

Õ“§“√™ÿ¥ ”π—°ß“π ≈ÿ¡æ‘π’ ∑“«‡«Õ√å 1168 ∂.æ√–√“¡ 4 ∑ÿàß¡À“‡¡¶ “∑√ °√ÿ߇∑æœ 10120 ‚∑√. 02-677-6356-7, 02-286-9855 ‚∑√ “√ 02-286-9856

Office Building Lumpini Tower 1168 Rama 4 Road, Thungmahamek, Sathorn, Bangkok 10120 Tel. 02-677-6356-7, 02-286-9855 Fax 02-286-9856

·Õ≈.æ’.‡ÕÁπ. ∑“«‡«Õ√å 216 ∂.π“ß≈‘Èπ®’Ë ™àÕßππ∑√’ ¬“ππ“«“ °√ÿ߇∑æœ 10120 ‚∑√. 02-285-4225-6 ‚∑√ “√ 02-285-4089

L.P.N. Tower 216 Nang Linchi Road, Chongnonsee, Yannawa, Bangkok 10120 Tel. 02-285-4225-6 Fax 02-285-4089

Õ“§“√™ÿ¥æ—°Õ“»—≈ÿ¡æ‘π’ ‡æ≈ 111 ´.‰°√ ’Àå ∂.»√’∫”‡æÁ≠ ∑ÿàß¡À“‡¡¶ “∑√ °√ÿ߇∑æœ 10120 ‚∑√. 02-671-1368-70 ‚∑√ “√ 02-249-1793

Residential Condominium Lumpini Place 111 Soi Kraisri, Sri Bumpen Road, Thungmahamek, Sathorn, Bangkok 10120 Tel. 02-671-1368-70 Fax 02-249-1793

’Ëæ√–¬“ √‘‡«Õ√å«‘« 108 ∂.‚¬∏“ µ≈“¥πâÕ¬ —¡æ—π∏«ß»å °√ÿ߇∑æœ 10100 ‚∑√. 02-639-5002-4 ‚∑√ “√ 02-639-5004

Siphaya River View 108 Yotha Road, Talad noi, Samphanthawongse, Bangkok 10100 Tel. 02-639-5002-4 Fax 02-639-5004

æ’.‡Õ .∑’. §Õπ‚¥«‘≈≈å ∑“«‡«Õ√å 1 118 ´.𓧠ÿ«√√≥ ∂.ππ∑√’ ™àÕßππ∑√’ ¬“ππ“«“ °√ÿ߇∑æœ 10120 ‚∑√. 02-681-3112-3 ‚∑√ “√ 02-681-3113

P.S.T. Condovil e Tower 1 118 Soi Nak Suwan, Nonsee Road, Chongnonsee, Yannawa, Bangkok 10120 Tel. 02-681-3112-3 Fax 02-681-3113

æ’.‡Õ .∑’. §Õπ‚¥«‘≈≈å ∑“«‡«Õ√å 2 120 ´.𓧠ÿ«√√≥ ∂.ππ∑√’ ™àÕßππ∑√’ ¬“ππ“«“ °√ÿ߇∑æœ 10120 ‚∑√. 02-681-3523-5 ‚∑√ “√ 02-681-3524

P.S.T. Condovil e Tower 2 120 Soi Nak Suwan, Nonsee Road, Chongnonsee, Yannawa, Bangkok 10120 Tel. 02-681-3523-5 Fax 02-681-3524

æ’.‡Õ .∑’. ´‘µ’È‚Œ¡ 128 ´.𓧠ÿ«√√≥ ∂.ππ∑√’ ™àÕßππ∑√’ ¬“ππ“«“ °√ÿ߇∑æœ 10120 ‚∑√. 02-681-3501,02-681-3505 ‚∑√ “√ 02-681-3509

P.S.T. City Home 128 Soi Nak Suwan, Nonsee Road, Chongnonsee, Yannawa, Bangkok 10120 Tel. 02-681-3501, 02-681-3505 Fax 02-681-3509

Õ“§“√™ÿ¥æ—°Õ“»—¬¿“¬„µâ™◊ËÕ ç≈ÿ¡æ‘π’ «’∑é ≈ÿ¡æ‘π’ «’∑ ÿ¢ÿ¡«‘∑ 41 28 ∂. ÿ¢ÿ¡«‘∑ 41 §≈Õßµ—π‡Àπ◊Õ «—≤π“ °√ÿ߇∑æœ 10110 ‚∑√. 02-261-9330 ‚∑√ “√ 02-261-9331

çLumpini Suiteé Luxury Residential Condominium Lumpini Suite Sukumvit 41 28 Sukhumvit Soi 41, Sukhumvit Road, North-Klongton, Wattana, Bangkok 10110 Tel. 02-285-5011-6 Fax 02-285-5017

158 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

Õ“§“√™ÿ¥æ—°Õ“»—¬¿“¬„µâ™◊ËÕ ç≈ÿ¡æ‘π’ ‡æ≈ é ≈ÿ¡æ‘π’ ‡æ≈ “∑√ 3, 7 ∂.π√“∏‘«“ √“™π§√‘π∑√å ∑ÿàß«—¥¥Õπ “∑√ °√ÿ߇∑æœ 10120 ‚∑√. 02-287-4567 ‚∑√ “√ 02-287-4257

çLumpini Placeé Residential Condominium Lumpini Place Sathorn 3, 7 Narathiwat Ratchanakarin Road, Thungwatdon, Sathorn, Bangkok 10120 Tel. 02-287-4567 Fax 02-287-4257

≈ÿ¡æ‘π’ ‡æ≈ «πæ≈Ÿ - “∑√ 435 ´. «πæ≈Ÿ 8 ∂. “∑√ 3 ∑ÿàß¡À“‡¡¶ “∑√ °√ÿ߇∑æœ 10120 ‚∑√. 02-286-1585 ‚∑√ “√ 02-286-1850

Lumpini Place Suanplu - Sathorn 435 Suanplu Soi 8, Sathorn 3 Road, Sathorn, Bangkok 10120 Tel. 02-286-1585 Fax 02-286-1850

≈ÿ¡æ‘π’ ‡æ≈ æ√–√“¡ 4 - “∑√ 164 ´.»√’∫”‡æÁ≠ ∂.æ√–√“¡ 4 ™àÕßππ∑√’ ¬“ππ“«“ °√ÿ߇∑æœ 10120 ‚∑√. 02-350-2895 ‚∑√ “√ 02-350-2897

Lumpini Place Rama 4 - Sathorn 164 Soi Sri Bumpen, Rama 4 Road, Chongnonsee, Yannawa, Bangkok 10120 Tel. 02-350-2895 Fax 02-350-2897

≈ÿ¡æ‘π’ ‡æ≈ π√“∏‘«“ 24 253, 255 ∂. “∏ÿª√–¥‘…∞å ™àÕßππ∑√’ ¬“ππ“«“ °√ÿ߇∑æœ 10120 ‚∑√. 02-211-4351 ‚∑√ “√ 02-211-4375

Lumpini Place Narathiwat 24 253, 255 Sathupradit Road, Chongnonsee, Yannawa, Bangkok 10120 Tel. 02-211-4351 Fax 02-211-4375

≈ÿ¡æ‘π’ ‡æ≈ æ√–√“¡ 3 - ‡®√‘≠°√ÿß 101 ∂.æ√–√“¡ 3 ∫“ߧշÀ≈¡ °√ÿ߇∑æœ 10120 ‚∑√. 02-291-8632, 291-9333 ‚∑√ “√ 02-291-8607

Lumpini Place Rama 3 - Charoenkrung 101 Rama 3 Road, Bangkhorlaem, Bangkok 10120 Tel. 02-291-8632, 291-9333 Fax. 02-291-8607

≈ÿ¡æ‘π’ ‡æ≈ π√“∏‘«“ √“™π§√‘π∑√å 471 Õ“§“√ A ™—Èπ B ∂.π√“∏‘«“ √“™π§√‘π∑√å ™àÕßππ∑√’ ¬“ππ“«“ °√ÿ߇∑æœ 10120 ‚∑√. 02-294-6877 ‚∑√ “√ 02-294-6876

Lumpini Place Narathiwatratchanakarin 471 A building, B floor, Narathiwat Ratchanakarin Road, Chongnonsee, Yannawa, Bangkok 10120 Tel. 02-294-6877 Fax 02-294-6876

≈ÿ¡æ‘π’ ‡æ≈ æ√–√“¡ 3 - √‘‡«Õ√å«‘« 297 ∂.æ√–√“¡ 3 ·¢«ß∫“ß‚§≈à ‡¢µ∫“ߧշÀ≈¡ °√ÿ߇∑æœ 10120 ‚∑√. 02-291-9915, 02-291-9918 ‚∑√ “√ 02-291-9923

Lumpini Place Rama 3 - River view 297 Rama 3 Road, Bangklo, Bangkok 10120 Tel. 02-291-9915, 02-291-9918 Fax 02-291-9923

≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈â“ ∂.∫√¡√“™™ππ’ ·¢«ß∫“ß∫”À√ÿ ‡¢µ∫“ßæ≈—¥ °√ÿ߇∑æœ 10700 ”π—°ß“π¢“¬ ‚∑√. 02-433-2000 ‚∑√ “√ 02-433-4412

Lumpini Place Pinklao Bharomratchachonnanee Road, Bangbumru, Bangplad, Bangkok 10700 Sales Office Tel. 02-433-2000 Fax 02-433-4412

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 159

≈ÿ¡æ‘π’ ‡æ≈ π√“∏‘«“ - ‡®â“æ√–¬“ ∂ππæ√–√“¡ 3 °√ÿ߇∑æœ 10120 ‚∑√. 02-295-3500 ‚∑√ “√ 02-295-3452

Lumpini Place Narathiwat - Chaophraya Rama 3 Road, Bangkok 10120 Tel. 02-295-3500 Fax 02-295-3452

≈ÿ¡æ‘π’ ‡æ≈ æÀ≈ - –æ“𧫓µ‘¥‚√ß·√¡ª√–¥‘æ—∑∏å ∂ππª√–¥‘æ—∑∏å “¡‡ π„π æ≠“‰∑¬ °√ÿ߇∑æœ 10400 ”π—°ß“π¢“¬ ‚∑√. 02-279-6333 ‚∑√ “√ 02-279-6337

Lumpini Place Phahon - Saphankwai Pradipat Road, Samsennai, Phayathai, Bangkok 10400 Sale Office Tel. 02-279-6333 Fax 02-279-6337

Õ“§“√™ÿ¥æ—°Õ“»—¬¿“¬„µâ™◊ËÕ ç≈ÿ¡æ‘π’ «‘≈≈åé ≈ÿ¡æ‘π’ «‘≈≈å æ√–·¡à¡“√’ - “∑√ 1796 ´Õ¬ ®—π∑√å 27 ∂.®—π∑πå ∑ÿàß«—¥¥Õπ “∑√ °√ÿ߇∑æœ 10120 ‚∑√. 02-212-4515 ‚∑√ “√ 02-212-4375

çLumpini Vil eé Residential Condominium Lumpini Vil e Mary - Sathorn 1796 Chan Soi 27 Chan Road, Sathorn, Bangkok 10120 Tel. 02-212-4515 Fax 02-212-4375

≈ÿ¡æ‘π’ «‘≈≈å æÀ≈ - ÿ∑∏‘ “√ 23 ∂. ÿ∑∏‘ “√«‘π‘®©—¬ ·¢«ß “¡‡ π„π ‡¢µæ≠“‰∑ °√ÿ߇∑æœ 10400 ‚∑√. 02-278-4125 ‚∑√ “√ 02-278-4128

Lumpini Vil e Phahon - Suthisarn 23 Suthisarnvinijchai Road, Samsennai, Phayathai, Bangkok 10400 Tel. 02-278-4125 Fax 02-278-4128

≈ÿ¡æ‘π’ «‘≈≈å ÿ¢ÿ¡«‘∑ 77 ´Õ¬ÕàÕππÿ™ 3-5 ∂. ÿ¢ÿ¡«‘∑ 77 ‡¢µ «πÀ≈«ß °√ÿ߇∑æœ 10250 ”π—°ß“π¢“¬ ‚∑√. 02-332-1133 ‚∑√ “√ 02-332-2199

Lumpini Vil e Sukhumvit 77 Soi On-nuch 3-5 Sukhumvit 77 Road, Suanluang, Bangkok 10250 Sales Office Tel. 02-332-1133 Fax 02-332-2199

≈ÿ¡æ‘π’ «‘≈≈å »Ÿπ¬å«—≤π∏√√¡ ∂ππª√–™“Õÿ∑‘» ·¢«ß “¡‡ ππÕ° ‡¢µÀ⫬¢«“ß °√ÿ߇∑æœ 10310 ”π—°ß“π¢“¬ ‚∑√. 02-274-4664 ‚∑√ “√ 02-274-4921

Lumpini Vil e Cultural Center Pracha U-thit Road, Samsennork, Huaykwang Bangkok 10140 Sales Office Tel. 02-274-4664 Fax 02-274-4921

Õ“§“√™ÿ¥æ—°Õ“»—¬¿“¬„µâ™◊ËÕ ç≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√åé ≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√å ·Œªªïô·≈π¥å ‡ø 1-4 Õ“§“√ A,B,C,F,G,H 556/1,560/1,568/1,432/1,582,580 ´.»Ÿπ¬å°“√§â“·Œªªïô·≈π¥å 1 §≈Õß®—Ëπ ∫“ß°–ªî °√ÿ߇∑æœ 10240 ‚∑√. 02-374-7270-1 ‚∑√ “√ 02-374-7270

çLumpini Centeré Residential Condominium Lumpini Center Happyland Phase 1-4 A,B,C,F,G,H Building 556/1,560/1,568/1,432/1,582,580 Soi Happyland 1, Klongchun, Bangkapi, Bangkok 10240 Tel. 02-374-7270-1 Fax 02-374-7270

Õ“§“√ D 335/1 ´.»Ÿπ¬å°“√§â“·Œªªïô·≈π¥å §≈Õß®—Ëπ ∫“ß°–ªî °√ÿ߇∑æœ 10240 ‚∑√. 02-374-6301-2 ‚∑√ “√ 02-374-6301

D Building 335/1 Soi Happyland 1, Klongchun, Bangkapi, Bangkok 10240 Tel. 02-374-6301-2 Fax 02-374-6301-2

160 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

Õ“§“√ E 557 ´.»Ÿπ¬å°“√§â“·Œªªïô·≈π¥å 1 §≈Õß®—Ëπ ∫“ß°–ªî °√ÿ߇∑æœ 10240 ‚∑√. 02-377-9395-6 ‚∑√ “√ 02-378-4370

E Building 557 Soi Happyland 1, Klongchun, Bangkapi, Bangkok 10240 Tel. 02-377-9395-6 Fax 02-378-4370

≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√å ≈“¥æ√â“« 111 Õ“§“√ A, B, C, D 58, 60, 62, 64 ´.≈“¥æ√â“« 111 ∂. ≈“¥æ√â“« §≈Õß®—Ëπ ∫“ß°–ªî °√ÿ߇∑æœ 10240 ‚∑√. 02-370-2698, 02-370-2530 ‚∑√ “√ 02-370-2606

Lumpini Center Latphrao 111 A, B, C, D Building 58, 60, 62, 64 Latphrao Road Soi 111, Klongchun, Bangkapi, Bangkok 10240 Tel. 02-370-2698, 02-370-2530 Fax 02-370-2606

Õ“§“√ E, F, G 3041, 3033 ´.Õ¬Ÿà‡¬Áπ 111 ∂. ≈“¥æ√â“« §≈Õß®—Ëπ ∫“ß°–ªî °√ÿ߇∑æœ 10240 ‚∑√. 02-374-8394-5 ‚∑√ “√ 02-374-8395

E, F, G Building 3041, 3033 Latphrao 111 Road, Klongchun, Bangkapi, Bangkok 10240 Tel. 02-374-8394-5 Fax 02-374-8395

≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√å ÿ¢ÿ¡«‘∑ 77 Õ“§“√ A, B, C, D, E 567, 573, 577, 591, 599 ´Õ¬ÕàÕππÿ™ 3-5 ∂. ÿ¢ÿ¡«‘∑ 77 ‡¢µ «πÀ≈«ß °√ÿ߇∑æœ 10250 ‚∑√. 02-332-3803-4 ‚∑√ “√ 02-332-3805

Lumpini Center Sukhumvit 77 A, B, C, D, E Building 567, 573, 577, 591, 599 Soi On-nuch 3-5, Sukhumvit 77 Road, Suanluang, Bangkok 10250 Tel. 02-332-3803-4 Fax 02-332-3805

≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√å π«¡‘π∑√å 821 ™—Èπ G ´.»Ÿπ¬å°“√§â“·Œªªïô·≈π¥å 1 §≈Õß®—Ëπ ∫“ß°–ªî °√ÿ߇∑æœ 10240 ‚∑√. 02-375-8445, 02-375-8304 ‚∑√ “√ 02-375-8445

Lumpini Center Nawamin 821 G floor, Soi Happyland 1, Klongchun, Bangkapi, Bangkok 10240 Tel. 02-375-8445, 02-375-8304 Fax 02-375-8445

∑“«π凌ⓠå ∫â“π≈ÿ¡æ‘π’ ∫“ß∫—«∑Õß ‡ø 1, 2 222 ∂.µ≈‘Ëß™—π-∫“ß∫—«∑Õß µ”∫≈æ‘¡≈√“™ Õ”‡¿Õ∫“ß∫—«∑Õß ππ∑∫ÿ√’ 11110 ”π—°ß“π„À≠à ‚∑√. 02-285-5011-6 ‚∑√ “√ 02-285-5017

Townhouse Baan Lumpini Bang Bua Thong Phase 1, 2 222 Talingchan-Bang Bua Thong Road, Bang Bua Thong, Nonthaburi 11110 Head Office Tel. 02-285-5011-6 Fax 02-285-5017

‡´Õ√å«‘ Õæ“√嵇¡π∑å ≈ÿ¡æ‘π’ ‡√ ´‘‡¥π´å 222 ∂.π√“∏‘«“ √“™π§√‘π∑√å ∑ÿàß«—¥¥Õπ “∑√ °√ÿ߇∑æœ 10120 ‚∑√. 02-287-3330 ‚∑√ “√ 02-287-3444

Service Apartment Lumpini Residence 222 Narathiwat Ratchanakarin Road, Sathorn, Bangkok 10120 Tel. 02-287-3330 Fax 02-287-3444

L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED 161

Àπ૬ߓπÕ◊πË ΩÉ“¬∏ÿ√°‘®π“¬Àπâ“ (∫√‘°“√√—∫Ω“°¢“¬ Ω“°‡™à“ ‚Õπ ·≈°‡ª≈’ˬπ ÀâÕß™ÿ¥) 128/16 ´.𓧠ÿ«√√≥ ∂.ππ∑√’ ™àÕßππ∑√’ ¬“ππ“«“ °√ÿ߇∑æœ 10120 ‚∑√. 02-681-3400, 02-681-3301-3 ‚∑√ “√ 02-681-3409

Other Department Brokerage Business Department (Sales and Rent Management) 128/16 Soi Nak Suwan, Nonsee Road, Chongnonsee, Yannawa, Bangkok 10120 Tel. 02-681-3400, 02-681-3301-3 Fax 02-681-3409

‚§√ß°“√„ππ“¡∫√‘…—∑√à«¡∑ÿπ ≈ÿ¡æ‘π’ ‡æ≈ «Õ‡µÕ√å§≈‘ø 427,421 ∂. “∏ÿª√–¥‘…∞å ™àÕßππ∑√’ ¬“ππ“«“ °√ÿ߇∑æœ 10120 ‚∑√. 02-673-5596-7, 02-673-6360-1 ‚∑√ “√ 02-673-5595, 02-673-6362

Joint Venture Project Lumpini Place WaterCliff 427,421 Sathupradit Road, Chongnonsee, Yannawa, Bangkok 10120 Tel. 02-673-5596-7, 02-673-6360-1 Fax 02-673-5595, 02-673-6362

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Lumpini Townhome Ratchada - Rama 3 431 Sathupradit Road, Chongnonsee, Yannawa, Bangkok 10120 Tel. 02-211-9221 Fax 02-673-5595

·°√π¥å ‡ŒÕ√‘‡∑® ∑ÕßÀ≈àÕ 21 ´Õ¬Õ√√§æ—≤πå (∑ÕßÀ≈àÕ 13) ∂. ÿ¢ÿ¡«‘∑ 55 ·¢«ß§≈Õßµ—π‡Àπ◊Õ ‡¢µ«—≤π“ °√ÿ߇∑æœ 10110 ‚∑√. 02-390-0910 ‚∑√ “√ 02-390-0911

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