Annual Report 2006 by Piyanat Kimhamanon

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CMY

4/2/07

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4/3/07

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DG LQGG

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The Shareholders L.P.N. Development Public Company Limited

The Companyûs Board of Directors appointed the Audit Committee comprised of three directors who are distinguished and independent, namely, Mr.Amornsuk Noparumpa, the Chairman of the Audit Committee, Mr.Thep Roongtanapirom, and Mr.Weerasak Wahawisal as Audit Committee, with one of these persons having expertise and experience in auditing, with effect from April 25, 2006 and on the same day the former Audit Committee resigned due to the fact that their two terms had expired namely, Professor Siri Keiwalinsrit, Chairman of the Audit Committee and Audit Committee Mr.Vudhiphol Suriyabhivadh. The Audit Committee has performed their duties according to the responsibilities assigned by the Companyûs Board of Directors in accordance with the requirements of the Stock Exchange of Thailand. The Audit Committee held four meetings in 2006. The Audit Committee held discussions with the management, the certified auditor and the internal auditor according to the specified schedule. In every meetings, the Audit Committee expressed their opinion and independently reported to the Boardûs Meeting. The material issues that were reported are as follows: 1) The Audit Committee reviewed and approved the quarterly financial statements as well as the annual balance sheet that was prepared according to generally accepted auditing standards in order to ascertain that the information was disclosed adequately, before presenting the same to the Companyûs Board of Directors for further approval. 2) The Audit Committee reviewed disclosure of connected transactions and the transactions that gave rise to conflicts of interest to conform to the standards of the Stock Exchange of Thailand. 3) The Audit Committee reviewed that the Company complied with applicable provisions of law as well as the requirements of the Stock Exchange of Thailand on a regular basis. 4) The Audit Committee followed up and promoted the corporate governance development process of the Company on a regular basis. 5) The Audit Committee proposed the appointment of office of DIA International Auditing to be the Companyûs auditor in 2007 for another one year with remuneration of 0.81 million Baht for further presentation to the Annual General Meeting of Shareholders. 6) The Audit Committee considered and proposed the annual audit plan and reported the audit results from the Internal Audit Department and also gave its support to the development of personnel to be more efficient and more skilled according to international professional standards. Following the Audit Committeeûs review, it found that the Company adopted the proper preparation process and disclosed information in the financial statements that was adequate and that the Company has an effective internal control system. On behalf of the Chairman of Audit Committee

Mr.Amornsuk Noparumpa Chairman of Audit Committee January 24, 2007 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

√“¬ß“π§«“¡√—∫º‘¥™Õ∫„π°“√µ√«® Õ∫ß∫°“√‡ß‘π ·≈–°“√°”°—∫¥Ÿ·≈°‘®°“√ ∫√‘…—∑„Àâ§«“¡ ”§—≠°—∫°“√§«∫§ÿ¡¿“¬„πÕ¬à“ßµàÕ‡π◊ËÕß ‚¥¬§≥–°√√¡°“√∫√‘…—∑‰¥â¡Õ∫À¡“¬„Àâ§≥–°√√¡°“√µ√«® Õ∫ Õ∫∑“π°“√ª√–‡¡‘π√–∫∫§«∫§ÿ¡¿“¬„π ‡æ◊ÕË ¡ÿßà „Àâ¡°’ “√®—¥∑”¢÷πÈ Õ¬à“ß‡æ’¬ßæÕ·≈–‡À¡“– ¡°—∫°“√¥”‡π‘π∏ÿ√°‘® ·≈–‡æ◊ÕË „Àâ°“√ªØ‘∫µ— ß‘ “π °“√¥Ÿ·≈∑√—æ¬å ‘π √–∫∫°“√‡ß‘π °“√∫√‘À“√§«“¡‡ ’Ë¬ß °“√°”°—∫°“√ªØ‘∫—µ‘ß“π „Àâ¥”‡π‘π‰ª‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈∑’Ë πà“æÕ„® ”À√—∫ªï 2549 ®“°º≈°“√µ√«® Õ∫¿“¬„π ¡‘‰¥âæ∫ ∂“π°“√≥å„¥Ê ∑’Ë‡°’Ë¬«°—∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑ ´÷Ëßæ‘®“√≥“·≈â« ‡ÀÁπ«à“‡ªìπ®ÿ¥ÕàÕπ∑’Ë¡’ “√– ”§—≠ ∑’ËÕ“®¡’º≈°√–∑∫µàÕß∫°“√‡ß‘π·µàª√–°“√„¥ §≥–°√√¡°“√µ√«® Õ∫ ¡’§«“¡‡ÀÁπ«à“ ∫√‘…—∑¡’°√–∫«π°“√®—¥∑” √«¡∑—Èß¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë‡æ’¬ßæÕ‡À¡“– ¡ ∑—Èßπ’È ‰¥âπ”‡ πÕ„Àâ§≥–°√√¡°“√∫√‘…—∑√—∫∑√“∫ ·≈–¡’§«“¡‡ÀÁπ¥â«¬°—∫§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√µ√«® Õ∫‡ªìπ∑’Ë‡√’¬∫√âÕ¬ Õπ÷Ëß „π∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ª√–®”ªï 2548 ‰¥â¡’ºŸâ Õ∫∂“¡‡°’Ë¬«°—∫°”Àπ¥√–¬–‡«≈“°“√®à“¬™”√–§◊π‡ß‘π°Ÿâ¬◊¡ 200 ≈â“π∫“∑ ‚¥¬ ∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ ´÷Ëß°”Àπ¥°“√‡¥‘¡§“¥À¡“¬«à“ ®–‰¥â√—∫™”√–∑—Èß®”π«π¿“¬„πªï 2549 π—Èπ °√√¡°“√ ∫√‘À“√‰¥â™’È·®ß«à“ °“√¢“¬ÀâÕß™ÿ¥¢Õß‚§√ß°“√∑’Ë°”Àπ¥‰«â„πªï 2549 ¡’§«“¡≈à“™â“°«à“ª°µ‘ °”Àπ¥°“√®à“¬§◊π«ß‡ß‘π¥—ß°≈à“«®÷ß‰¥â ‡≈◊ËÕπ‡«≈“ÕÕ°‰ª‡ªìπ°“√™”√–„ÀâÀ¡¥ ‘Èπ¿“¬„π‰µ√¡“ ∑’Ë 3 ¢Õßªï 2550

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

L.P.N. Development Public Company Limited

Report on the responsibility for auditing financial statements and corporate governance The Company has always emphasized internal control. In this regard, the Companyûs Board of Directors assigned the Audit Committee to review appraisal on internal control systems intended to make such controls adequate and proper for the business, and to ensure that the performance, property control, financial systems, risk management, and performance supervision are efficient and effective. From internal audit results in 2006, no situations related to the Companyûs internal control that were deemed as a material weakness that may impact the financial statements in any respects were found. The Audit Committee was comments that the Company had an adequate and proper preparation process and internal control system and reported accordingly to the Board of Directors of the Company. The Board of Directors agreed with the opinion of the Audit Committee. In addition, at the Annual General Meeting of Shareholder in 2005, a questions was raised regarding the timetable for repayment of the loan in the amount of 200 million Baht by Grand Unity Development Co., Ltd. which was scheduled to be completely repaid within 2006. The Executive Directors pointed out that sales in 2006 had been lower than planned and as a result the scheduled repayment was postponed to be repaid in full within the third quarter of 2007.

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

L.P.N. Development Public Company Limited

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

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

L.P.N. Development Public Company Limited

‚¥¬∫√‘…—∑√à«¡∑ÿπ¥—ß°≈à“«‰¥â‡¢â“øóôπøŸ·≈–æ—≤π“‚§√ß°“√¥—ß°≈à“«¿“¬„µâ™◊ËÕ„À¡à§◊Õ‚§√ß°“√ ç≈ÿ¡æ‘π’ ‡æ≈ «Õ‡µÕ√å§≈‘øé ‚¥¬∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ‡ªìπºŸâ√—∫º‘¥™Õ∫¥â“π°“√∫√‘À“√°“√µ≈“¥ °“√¢“¬ ·≈–°“√ °àÕ √â“ß∑—Èß‚§√ß°“√ ªï 2545 - µ“¡¡µ‘∑’Ëª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπ ª√–®”ªï 2545 ‡¡◊ËÕ«—π∑’Ë 30 ‡¡…“¬π 2545 ¡’¡µ‘ „Àâ≈¥∑ÿπ®¥∑–‡∫’¬π®“°‡¥‘¡ 3,983,000,000.00 ∫“∑ ( “¡æ—π‡°â“√âÕ¬·ª¥ ‘∫ “¡≈â“π∫“∑∂â«π) ≈ß‡À≈◊Õ‡æ’¬ß 460,000,000.00 ∫“∑ ( ’Ë√âÕ¬À° ‘∫≈â“π ∫“∑∂â«π) ·≈–∑”°“√‡æ‘Ë¡∑ÿπÕ’° 75,000,000.00 Àÿâπ (‡®Á¥ ‘∫Àâ“≈â“πÀÿâπ) §‘¥‡ªìπ®”π«π‡ß‘π 750,000,000.00 ∫“∑ (‡®Á¥√âÕ¬Àâ“ ‘∫≈â“π∫“∑∂â«π) ´÷Ëß‡¡◊ËÕ√«¡∑ÿπ®¥∑–‡∫’¬π™”√–·≈â«‡¥‘¡®”π«π 460,000,000.00 ∫“∑ ( ’Ë√âÕ¬À° ‘∫≈â“π∫“∑) ∑”„Àâ∫√‘…—∑¡’∑ÿπ®¥∑–‡∫’¬π„πªï 2545 ∑—Èß ‘Èπ 1,210,000,000.00 ∫“∑ (Àπ÷Ëßæ—π Õß√âÕ¬ ‘∫≈â“π∫“∑) ‚¥¬‡ªìπ∑ÿπ∑’Ë™”√–·≈â« ≥ «—π∑’Ë 29 ¡°√“§¡ 2547 ®”π«π 946,826,190.00 ∫“∑ (‡°â“√âÕ¬ ’Ë ‘∫À°≈â“π·ª¥· π ÕßÀ¡◊ËπÀ°æ—πÀπ÷Ëß√âÕ¬‡°â“ ‘∫ ∫“∑∂â«π) - §≥–°√√¡°“√∫√‘…—∑ ‡ πÕ·µàßµ—Èßπ“¬ª°√≥å ∑«’ ‘π „Àâ¥”√ßµ”·Àπàß √Õßª√–∏“π°√√¡°“√∫√‘…—∑ µàÕ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ªï 2546 - „π‚Õ°“ ∑’Ë∫√‘…—∑‰¥â¥”‡π‘π∏ÿ√°‘®®π®–§√∫ 15 ªï „πªï 2547 π’È ∫√‘…—∑®÷ß‰¥â®—¥°‘®°√√¡µà“ßÊ ¿“¬„µâ‚§√ß°“√ ç15 ªï ∑’ËºŸ°æ—πé ‡æ◊ËÕ¢Õ∫§ÿ≥≈Ÿ°§â“ ºŸâ¡’Õÿª°“√§ÿ≥ ´÷Ëß„Àâ°“√ π—∫ πÿπµàÕ∫√‘…—∑‡ªìπÕ¬à“ß¥’µ≈Õ¥¡“ πÕ°®“°π’È ¬—ß‰¥â π—∫ πÿπ„π °‘®°√√¡ “∏“√≥°ÿ»≈µà“ßÊ ‡™àπ °“√ π—∫ πÿπ‡ß‘π∑ÿπ‡æ◊ËÕ„™â„π°“√®—¥ √â“ß π“¡‡∑ππ‘ ‡æ◊ËÕ‡¬“«™π À√◊Õ°“√∫√‘®“§‡ß‘π „Àâ·°à ¿“°“™“¥‰∑¬ ‡æ◊ËÕ®—¥´◊ÈÕÕÿª°√≥å∑’Ë„™â„π‡§√◊ËÕß°√Õß‰µ ”À√—∫™à«¬‡À≈◊ÕºŸâªÉ«¬‚√§‰µ‡√◊ÈÕ√—ß√–¬– ÿ¥∑â“¬ - ∫√‘…—∑‰¥â≈ßπ“¡„π —≠≠“„Àâ‡™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“™“«≠’ËªÿÉπ - ∫√‘…—∑‰¥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—≤π“‚§√ß°“√ °“√µ≈“¥ ·≈–º≈‘µ¿—≥±å √«¡∂÷ß°“√‡æ‘Ë¡æ—π∏¡‘µ√∑“ß∏ÿ√°‘® ªï 2547 - ∑’Ëª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2547 ´÷Ëß®—¥ª√–™ÿ¡‡¡◊ËÕ«—π∑’Ë 7 ‡¡…“¬π 2547 ¡’¡µ‘„Àâ‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“Àÿâπ∑’Ëµ√“‰«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 ¬—ß‰¥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“∑’Ëµ√“‰«âÀÿâπ≈– 1 ∫“∑ (Àπ÷Ëß∫“∑∂â«π) √«¡‡ªìπ∑ÿπ ®¥∑–‡∫’¬π∑—ßÈ π‘È 1,486,706,550 ∫“∑ (Àπ÷ßË æ—π √’Ë Õâ ¬·ª¥ ∫‘ À°≈â“π‡®Á¥· πÀ°æ—πÀâ“√âÕ¬Àâ“ ∫‘ ∫“∑∂â«π) ·∫àß‡ªìπÀÿπâ “¡—≠ 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 ∑’ËºŸ°æ—π ‡æ◊ËÕ¢Õ∫§ÿ≥≈Ÿ°§â“ æ—π∏¡‘µ√ æπ—°ß“π ´÷Ëß‡ªìπºŸâ¡’Õÿª°“√§ÿ≥ ¥â«¬°‘®°√√¡µà“ßÊ ‡™àπ °“√„Àâ∫√‘°“√µ√«®‡™Á§√–∫∫ß“π„πÀâÕß™ÿ¥≈Ÿ°§â“ø√’ °“√¡Õ∫Õÿª°√≥å ·≈–‡§√◊ËÕß„™â∑’Ë®”‡ªìπ·°à π‘µ‘∫ÿ§§≈Õ“§“√™ÿ¥µà“ßÊ ‡æ◊ËÕ„™â‡ªìπª√–‚¬™πå à«π°≈“ß °“√®—¥§Õπ‡ ‘√åµ°“√°ÿ»≈√à«¡°—∫µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‡æ◊ËÕ¡Õ∫√“¬‰¥â„Àâ·°àÕß§å°√°“√°ÿ»≈ °“√®—¥°‘®°√√¡ ç15 ªï∑’ËºŸ°æ—π √à«¡·∫àßªíπ Ÿà∫â“π‡¥Á°ÕàÕπæ≠“‰∑é ·≈–°“√¡Õ∫∑ÿπ °“√»÷°…“„Àâ·°à∫ÿµ√æπ—°ß“π ‡ªìπµâπ - ∫√‘…—∑‰¥â√—∫‡™‘≠®“°µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ „Àâ‡¢â“√à«¡ß“π çThailand Focus 2004é ‡æ◊ËÕπ”‡ πÕº≈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“ßª√–‡∑» ªï 2548 - ∫√‘…—∑‰¥â√—∫°“√®—¥Õ—π¥—∫À≈—°∑√—æ¬åÕ¬Ÿà„π¥—™π’ SET Index 100 ¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‚¥¬ª√–°“» ≥ «—π∑’Ë 18 ‡¡…“¬π 2548 πÕ°®“°π’È ¬—ß‰¥â√—∫°“√®—¥Õ—π¥—∫„Àâ‡ªìπ 1 „π 93 ∫√‘…—∑®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å„πªï 2548 ∑’Ë‰¥â √—∫°“√ª√–‡¡‘πº≈°“√¥”‡π‘πß“π¥â“π°“√°”°—∫¥Ÿ·≈°‘®°“√¥’‡¥àπ„π°≈ÿà¡ Top Quartile ®“°°“√ª√–‡¡‘π‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ (IOD) ‚¥¬∫√‘…—∑‰¥â√—∫°“√®—¥Õ—π¥—∫„π°≈ÿà¡ Top Quartile µ‘¥µàÕ°—π‡ªìπªï∑’Ë 3

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

L.P.N. Development Public Company Limited

- »“ 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 „Àâ¥”√ßµ”·Àπàß ª√–∏“π°√√¡°“√∫√‘…—∑ ‚¥¬¡’ º≈µ—Èß·µà«—π∑’Ë 11 ‘ßÀ“§¡ 2548 - ∫√‘…—∑‰¥â·µàßµ—Èßπ“¬Õ¡√»—°¥‘Ï πæ√—¡¿“ „Àâ¥”√ßµ”·Àπàß°√√¡°“√µ√«® Õ∫ ‚¥¬¡’º≈µ—Èß·µà«—π∑’Ë 22 ∏—π«“§¡ 2548 √«¡∂÷ß‰¥â·µàßµ—Èß§≥–°√√¡°“√µ√«® Õ∫™ÿ¥‡¥‘¡ „Àâ¥”√ßµ”·ÀπàßÕ’°«“√–Àπ÷Ëß √–À«à“ß«—π∑’Ë 1 °ÿ¡¿“æ—π∏å 2549 ∂÷ß«—π∑’Ë 30 ‡¡…“¬π 2551 ªï 2549 - ∫√‘…—∑‰¥â√—∫°“√®—¥Õ—π¥—∫®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬„Àâ‡ªìπ∫√‘…—∑∑’Ë¡’°“√°”°—∫¥Ÿ·≈°‘®°“√„π√–¥—∫ 4 µ√“ —≠≈—°…≥å ´÷Ëß‰¥â¥”‡π‘πß“πµ“¡À≈—°∏√√¡“¿‘∫“≈ ∑’Ë¡ÿàß‡πâπ°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈µàÕπ——°≈ß∑ÿπ ºŸâ∂◊ÕÀÿâπ ·≈–∫ÿ§§≈∑—Ë«‰ª Õ¬à“ß‚ª√àß„ ¡“‚¥¬µ≈Õ¥ ‚¥¬¡’§–·ππ‡©≈’Ë¬ 80-89 ®“°§–·ππ‡µÁ¡ 100 ·≈–ªïπ’Èπ—∫‡ªìπªï∑’Ë 4 ∑’Ë∫√‘…—∑‰¥â√—∫°“√ ”√«®¥â“π °“√°”°—∫¥Ÿ·≈°‘®°“√∑’¥Ë ’„πÕ—π¥—∫¥’¡“° ‚¥¬¡’∫√√…—∑¿‘∫“≈·Ààß™“µ‘√∫— √Õß„π∞“π–‡ªìπ∫√‘…∑— ®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å - ∫√‘…—∑‰¥â√—∫ª√–°“»‡°’¬√µ‘§ÿ≥®“° §ÿ≥¿—∑√’¬“ ‡∫≠®æ≈™—¬ °√√¡°“√·≈–ºŸâ®—¥°“√ µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ „π ‚Õ°“ ∑’Ë∫√‘…—∑µ‘¥ 1 „π 3 ¢Õß∫√‘…—∑∑’Ë‰¥â√—∫°“√‡ πÕ™◊ËÕ‡¢â“™‘ß√“ß«—≈ SET AWARDS 2006 ª√–‡¿∑ Best Performance „π À¡«¥ Property & Construction ´÷Ëß‡ªìπº≈¡“®“°°“√¥”‡π‘πß“π∑’Ë¡ÿàß √â“ß°“√‡µ‘∫‚µ∑’Ë¬—Ëß¬◊π·≈– √â“ßº≈µÕ∫·∑π∑’Ë¥’„Àâ ·°àºŸâ∂◊ÕÀÿâπ ‚¥¬‡°≥±å°“√µ—¥ ‘π√“ß«—≈æ‘®“√≥“®“°∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π¥’‡¥àπ √«¡∂÷ß°“√ªØ‘∫—µ‘µ“¡ ¢âÕ°”Àπ¥‡√◊ËÕß°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ·≈– ¿“æ§≈àÕß¢ÕßÀ≈—°∑√—æ¬å - ∑’Ëª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2549 ´÷Ëß®—¥ª√–™ÿ¡‡¡◊ËÕ«—π∑’Ë 25 ‡¡…“¬π 2549 ¡’¡µ‘Õπÿ¡—µ‘≈¥∑ÿπ®¥∑–‡∫’¬π®“° 1,486,706,550 ∫“∑ ‡ªìπ 1,475,698,768 ∫“∑ ‚¥¬µ—¥Àÿâπ “¡—≠ à«π∑’Ë‡À≈◊Õ®“°°“√ ”√Õß‰«â‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘„π°“√ ·ª≈ß„∫ ”§—≠· ¥ß ‘∑∏‘®”π«π 11,007,782 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ ·≈–Õπÿ¡—µ‘·°â‰¢Àπ—ß ◊Õ∫√‘§≥Àå π∏‘ ¢âÕ 4 ¢Õß∫√‘…—∑ ‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫°“√≈¥∑ÿπ®¥∑–‡∫’¬π - ∫√‘…—∑‰¥â·µàßµ—Èß π“¬∑‘¶—¡æ√ ‡ª≈àß»√’ ÿ¢ „Àâ¥”√ßµ”·Àπàß ª√–∏“π°√√¡°“√∫√‘À“√ ·∑π π“¬∑«’™—¬ ®‘µµ √≥™—¬ ∑’Ë¢Õ ≈“ÕÕ° ‚¥¬¡’º≈µ—Èß·µà«—π∑’Ë 1 ¡°√“§¡ 2549 - ∫√‘…—∑‰¥â·µàßµ—Èß »“ µ√“®“√¬å»‘√‘ ‡°«≈‘π ƒ…¥‘Ï ·≈– π“¬∑«’™—¬ ®‘µµ √≥™—¬ „Àâ¥”√ßµ”·Àπàß√Õßª√–∏“π°√√¡°“√ ‚¥¬ ¡’º≈µ—Èß·µà«—π∑’Ë 25 ‡¡…“¬π 2549 - ∫√‘…—∑‰¥â·µàßµ—Èßπ“¬Õ¡√»—°¥‘Ï πæ√—¡¿“ ·≈– π“¬«’√–»—°¥‘Ï «À“«‘»“≈ „Àâ¥”√ßµ”·Àπàß°√√¡°“√µ√«® Õ∫ ·∑π »“ µ√“®“√¬å»‘√‘ ‡°«≈‘π ƒ…¥‘Ï ·≈– π“¬«ÿ≤‘æ≈ ÿ√‘¬“¿‘«—≤πå ∑’Ë¢Õ≈“ÕÕ° ‚¥¬¡’º≈µ—Èß·µà«—π∑’Ë 25 ‡¡…“¬π 2549 ‡ªìπµâπ‰ª ·≈–¡’°”Àπ¥«“√–∂÷ß«—π∑’Ë 30 ‡¡…“¬π 2551 §≥–°√√¡°“√µ√«® Õ∫™ÿ¥„À¡à ª√–°Õ∫¥â«¬ 1) π“¬Õ¡√»—°¥‘Ï πæ√—¡¿“ ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ 2) π“¬‡∑æ √ÿàß∏π“¿‘√¡¬å °√√¡°“√µ√«® Õ∫ 3) π“¬«’√–»—°¥‘Ï «À“«‘»“≈ °√√¡°“√µ√«® Õ∫ - ∫√‘…—∑‰¥â·µàßµ—Èßπ“¬‚Õ¿“ »√’æ¬—§¶å „Àâ¥”√ßµ”·Àπàß °√√¡°“√∫√‘À“√ ·≈– °√√¡°“√ºŸâ®—¥°“√ ‚¥¬¡’º≈µ—Èß·µà«—π∑’Ë 25 ‡¡…“¬π 2549

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

L.P.N. Development Public Company Limited

1989 - Established the Company with Baht 50 Mil ion registered capital on June 21, 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 Mil ion in Pornsanti Co., Ltd.. 1994 - Effect the registration of conversion into public limited company on June 21, 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 Mil ion shares of Baht 10 par value with offering value per share of Baht 64. - Increased the capital to be Baht 460 mil ion on November 4, 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 July 26, 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 October 4, 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 Mil ion 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 February 1, 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. ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

- 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 Development 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 WaterCliffé having L.P.N. Development Public Company Limited responsible for marketing administration, sales and construction work of the whole project. 2002 - Subject to the resolution of Ordinary Meeting of Shareholders 2002, the meeting resolved on April 30, 2002 to decrease the registered capital from Baht 3,983,000,000.00 (Three Thousand Nine Hundred Eighty Three Mil ion Baht Only) to Baht 460,000,000.00 (Four Hundred Sixty Mil ion Baht Only) and later increased the capital to 75,000,000.00 shares (Seventy Five Mil ion shares of value Baht 750,000,000.00 (Seven Hundred Fifty Mil ion Baht Only) when added up to the existing registered capital of Baht 460,000,000.00 (Four Hundred Sixty Mil ion 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), being paid up capital as of January 29, 2004 of Baht 946,826,190.00 (Nine Hundred Forty Six Mil ion Eight Hundred Twenty Six Thousand One Hundred and Ninety Baht Only) - The Companyûs Board of Directors resolved to appoint Mr.Pakorn Thavisin as the Vice Chairman of the Companyûs Board of Directors. 2003 - On the occasion that the Company had been carried on for 15th year in 2004, the Company had held various events under the ç15 years of bounded 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. 2004 - The Annual General Shareholdersû Meeting of 2004 held on April, 7 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 Bil ion Four Hundred Eighty Six Mil ion Seven Hundred Six Thousand Five Hundred Fifty Baht Only) divided into 1,486,706,550 ordinary shares (One Bil ion Four Hundred Eighty Six Mil ion 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 children etc. ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

- The Company was invited by the Stock Exchange of Thailand to participate in 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. 2005 - 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 July 30, 2005. The Boardûs Meeting No. 4/2005 appointed Mr.Pakorn Thavisin to assume the post of Chairman of the Companyûs Board with effect on August 11, 2005. - Mr.Amornsuk Noparumpa was appointed to be director and a member of the Audit Committee with effect on December 22, 2005. The incumbent Audit Committee were re-appointed to resume their offices during February 1, 2006 to April 30, 2008. 2006 - The Company was ranked by the Thai Institution of Directors Association as a Company with level 4 performance that had performed according to standards of good corporate governance focusing on disclosure and transparency of information to investors, shareholders and the general public in a transparent manner on a regular basis, with an average of 80-89 points from a total of 100 points. This year is the fourth year that the Company has been selected for good performance with good governance, guaranteeing by the National Good Governance as a listed company in the Stock Exchange of Thailand with a status of çvery goodé. - The Company received a certificate from Ms.Phatreeya Benjaphonchai, Director and Manager of the Stock Exchange of Thailand on the occasion that the Company was 1 of 3 companies that was selected to win the SET Awards 2006 for Best Performance in Property & Construction which came from the performance leading to sustainable growth and continuous value for shareholders. The award is given based on financial status and performance excellence as well as policies concerning disclosure of information specified by the Stock Exchange of Thailand and stock liquidity. - The Annual General Meeting of Shareholders in 2006 held on April 25, 2006 passed a resolution to reduce capital from 1,486,706,550 Baht to 1,475,698,768 Baht by deleting ordinary shares remaining from the reserve held for exercising warrants with 11,007,782 shares at 1 Baht per share and approved amendment of Article 4 of the Memorandum of Association of the Company to reflect the capital decrease. - The Company appointed Mr.Tikhamporn Plengsrisuk as Chief Executive Officer in place of Mr.Tawechai Chitasaranachai who resigned effective as of January 1, 2006. - The Company appointed Professor Siri Keiwalinsrit and Mr.Tawechai Chitasaranachai as Vice Chairman effective as of April 25, 2006. - The Company appointed Mr.Amornsuk Noparumpa and Mr.Weerasak Wahawisal as Audit Committee in place of Professor Siri Keiwalinsrit and Mr.Vudhiphol Suriyabhivadh who resigned, effective as of April 25, 2006 who had a term until April 30, 2008, leaving the Audit Committee with 3 persons as follows: 1. Mr.Amornsuk Noparumpa Chairman of Audit Committee 2. Mr.Thep Roongtanapirom Audit Committee 3. Mr.Weerasak Wahawisal Audit Committee - The Company appointed Mr.Opas Sriyapak in the position Director and Managing Director effective as of April 25, 2006. ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

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∏—π«“§¡ 2549 ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) «—π°àÕµ—Èß∫√‘…—∑ ™π‘¥¢ÕßÀÿâπ ®”π«πÀÿâπ ™”√–·≈â« ¡Ÿ≈§à“Àÿâπ≈– ∑ÿπ®¥∑–‡∫’¬π ∑ÿπ™”√–·≈â« 99.99%

99.88%

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

21 ¡‘∂ÿπ“¬π 2532 Àÿâπ “¡—≠ 1,475,698,768 Àÿâπ 1,475,698,768 Àÿâπ 1.00 ∫“∑ 1,475,698,768 ∫“∑ * 1,475,698,768 ∫“∑ (≥ 15 æƒ…¿“§¡ 2549)

14 æƒ»®‘°“¬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—Èß∫√‘…—∑ ™π‘¥¢ÕßÀÿâπ ®”π«πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– ∑ÿπ®¥∑–‡∫’¬π

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

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

* ∑’Ëª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2549 ´÷Ëß®—¥ª√–™ÿ¡‡¡◊ËÕ«—π∑’Ë 26 ‡¡…“¬π 2549 ¡’¡µ‘Õπÿ¡—µ‘≈¥∑ÿπ®¥∑–‡∫’¬π®“° 1,486,706,550 ∫“∑ ‡ªìπ 1,475,698,768 ∫“∑ ‚¥¬µ—¥Àÿâπ “¡—≠ à«π∑’Ë‡À≈◊Õ®“°°“√ ”√Õß‰«â‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘„π°“√·ª≈ß„∫ ”§—≠· ¥ß ‘∑∏‘®”π«π 11,007,782 Àÿâπ ¡Ÿ≈§à“ Àÿâπ≈– 1 ∫“∑ ·≈–Õπÿ¡—µ‘·°â‰¢Àπ—ß ◊Õ∫√‘§≥Àå π∏‘ ¢âÕ 4 ¢Õß∫√‘…—∑ ‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫°“√≈¥∑ÿπ®¥∑–‡∫’¬π ´÷Ëß∫√‘…—∑‰¥â¥”‡π‘π°“√®¥∑–‡∫’¬π ≈¥∑ÿπ∑’Ë°√–∑√«ßæ“≥‘™¬å ≥ «—π∑’Ë 15 æƒ…¿“§¡ 2549 À¡“¬‡Àµÿ - ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ¥”‡π‘π∏ÿ√°‘®¥â“π°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å - ∫√‘…—∑ æ√ —πµ‘ ®”°—¥ ‡ªìπ∫√‘…—∑¬àÕ¬∑’Ë¥”‡π‘π∏ÿ√°‘®¥â“π°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å - ∫√‘…—∑ ≈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´÷Ëß¥”‡π‘π∏ÿ√°‘®¥â“π°“√æ—≤π“Õ“§“√™ÿ¥·≈–∑“«πå‡Œâ“ å ‚¥¬¡ÿàß‡πâπ°“√ æ—≤π“‚§√ß°“√∑’Ë™–≈Õ°“√°àÕ √â“ß®“°™à«ß«‘°ƒµ‘‡»√…∞°‘®

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

L.P.N. Development Public Company Limited

The 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 2006. L.P.N. Development Public Company Limited Registration Date : June 21, 1989 Type of shares : Ordinary Number of shares : 1,475,698,768 shares Paid-up shares : 1,475,698,768 shares Par value : 1.00 Baht Registered Capital : 1,475,698,768 Baht* Issued and paid-up capital : 1,475,698,768 Baht (as of May 15, 2006) 99.99%

99.88%

33.33%

Pornsanti Co., Ltd.

Lumpini Property Management Co., Ltd.

Grand Unity Development Co., Ltd.

Registration Date: November 14, 1990 Type of shares: Ordinary Number of shares: 200,000 shares Par value: 1,000.00 Baht Registered Capital: 200.00 Million Baht

Registration Date: April 2, 1992 Type of shares: Ordinary Number of shares: 10,000 shares Par value: 100.00 Baht Registered Capital: 1.00 Million Baht

Registration Date: September 7, 2001 Type of shares: Ordinary Number of shares: 5,000,000 shares Par value: 10.00 Baht Registered Capital: 50.00 Million Baht

* The 2006 Annual General Meeting of Shareholders held on April 25, 2006 passed a resolution to reduce capital from 1,486,706,550 Baht to 1,475,698,768 Baht by reducing ordinary shares that remain from the reserve for exercising rights to warrants in the amount of 11,007,782 Baht at 1 Baht per share and passed a resolution to amend Clause 4 of the memorandum of association of the Company in order to reflect the reduction in the registered capital of the Company which the Company registered with the Ministry of Commerce on May 15, Remarks - L.P.N. Development Public Company Limited is engaged in property development - Pornsanti Co., Ltd. is a subsidiary company engaged in the property development business - Lumpini Property Management Co., Ltd. is engaged in condominium management services, sales management and construction management - Grand Unity Development Co., Ltd. is a joint venture company engaged in condominium and townhouse development focusing on development of projects that were suspended due to the economic crisis

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

L.P.N. Development Public Company Limited

º—ß‚§√ß √â“ßÕß§å°√ 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

“¬ß“π ”π—°°√√¡°“√

“¬ß“π∫√‘À“√°“√‡ß‘π

“¬ß“π∫√‘À“√‚§√ß°“√

Directorsû Office

Corporate Finance

Project Management

ΩÉ“¬µ√«® Õ∫¿“¬„π

ΩÉ“¬«‘®—¬·≈–æ—≤π“

ΩÉ“¬∫—≠™’

ΩÉ“¬∫√‘À“√‚§√ß°“√

Internal Audit Dept.

Research and Development Dept.

Accounting Dept.

Project Management Dept.

ΩÉ“¬ ”π—°°√√¡°“√

ΩÉ“¬°“√‡ß‘π

ΩÉ“¬∫√‘°“√ß“π«‘»«°√√¡

Directorûs Office Dept.

Finance Dept.

Construction Service Dept.

ΩÉ“¬°ÆÀ¡“¬ Legal Dept.

ΩÉ“¬∫√‘À“√≈Ÿ°§â“ —¡æ—π∏å Customers Relations Management Dept.

ΩÉ“¬æ—≤π“§ÿ≥¿“æ Quality Improvement Dept.

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

L.P.N. Development Public Company Limited

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

“¬ß“π∫√‘À“√™ÿ¡™π

“¬ß“π∫√‘À“√Õ”π«¬°“√

Brokerage Management

Community Management

Administrative Management

“¬ß“π∫√‘À“√°“√‡ß‘π ·≈–∫—≠™’ Finance and Accounting Management

ΩÉ“¬∫√‘À“√™ÿ¡™π

ΩÉ“¬∫√‘À“√∑√—æ¬“°√¡πÿ…¬å

Marketing Dept.

Community Management Dept.

Human Resource Management Dept.

ΩÉ“¬¢“¬

ΩÉ“¬∫√‘°“√§«“¡ –Õ“¥

ΩÉ“¬æ—≤π“∑√—æ¬“°√¡πÿ…¬å

Sales Dept.

Cleaning Service Dept.

Human Resource Development Dept.

ΩÉ“¬∫√‘°“√≈Ÿ°§â“

ΩÉ“¬‡´Õ√å«‘ Õæ“√åµ‡¡π∑å Serviced Apartment Dept.

ΩÉ“¬∏ÿ√°“√

ΩÉ“¬°“√µ≈“¥

Customer Service Dept.

ΩÉ“¬∏ÿ√°‘®π“¬Àπâ“

ΩÉ“¬ π—∫ πÿπß“π∫√‘À“√ ™ÿ¡™π

Brokerage Business Dept.

Community Management Support Dept.

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

ΩÉ“¬°“√‡ß‘π·≈–∫—≠™’ π‘µ‘ œ Finance and Accounting Dept. (Juristic)

ΩÉ“¬‡∑§‚π‚≈¬’ “√ π‡∑» Information Technology Dept.

ΩÉ“¬°“√‡ß‘π·≈–∫—≠™’ Finance and Accounting Dept. (Corporate)

ΩÉ“¬ª√–™“ —¡æ—π∏å Public Relations Dept.

General Affairs Dept.

L.P.N. Development Public Company Limited

ΩÉ“¬∫√‘À“√ ‘Ëß·«¥≈âÕ¡ ·≈– —ß§¡ Environment and Social Management Dept.

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

ºŸâ∂◊ÕÀÿâπ √“¬™◊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 1 ‘ßÀ“§¡ 2549 ¡’¥—ßπ’È √“¬™◊ËÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à

®”π«πÀÿâπ

—¥ à«π (%)

1. ∫√‘…—∑ ‰∑¬‡ÕÁπ«’¥’Õ“√å ®”°—¥ 2. Morgan Stanley & Co International Limited 3. HSBC (Singapore) Nominees Pte. Ltd. 4. π“¬ ÿ‡¡∏ ‡µ™–‰°√»√’ 5. Somers (U.K.) Limited 6. State Street Bank and Trust Company for Australia 7. ¡‘ ´—ß‚√¡—π§“∑Õ≈‘°°√ÿß‡∑æœ 8. State Street Bank and Trust Company 9. HSBC Bank Plc-Clients General A/C 10. Chase Nominees Limited 1 √«¡

361,338,993 140,520,500 132,800,076 88,641,518 47,199,500 42,400,000 41,000,000 40,449,100 37,859,600 33,107,112 965,316,399

24.49 9.52 9.00 6.01 3.20 2.87 2.78 2.74 2.57 2.24 65.42

‚§√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 Income 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√ —πµ‘ ®”°—¥ 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

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

L.P.N. Development Public Company Limited

Shareholders List of the first ten shareholders of L.P.N. Development Public Company Limited at the date of closing register book on August 1, 2006. Names of Majority Shareholders

No. of Shares

Percentage %

1. Thai NDVR Co., Ltd. 2. Morgan Stanley & Co International Limited 3. HSBC (Singapore) Nominees Pte. Ltd. 4. Mr.Sumet Techakraisri 5. Somers (U.K.) Limited 6. State Street Bank and Trust Company for Australia 7. The Roman Catholic Mission of Bangkok 8. State Street Bank and Trust Company 9. HSBC Bank Plc-Clients General A/C 10. Chase Nominees Limited 1 Total

361,338,993 140,520,500 132,800,076 88,641,518 47,199,500 42,400,000 41,000,000 40,449,100 37,859,600 33,107,112 965,316,399

24.49 9.52 9.00 6.01 3.20 2.87 2.78 2.74 2.57 2.24 65.42

”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2549, 2548 ·≈– 2547 For the each year ended December 31, 2006, 2005 and 2004 % °“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑

2549 / 2006

2548 / 2005

2547 / 2004

% of Company Shareholding

√“¬‰¥â/revenue

√âÕ¬≈–/%

√“¬‰¥â/revenue

√âÕ¬≈–/%

√“¬‰¥â/revenue

√âÕ¬≈–/%

4,846.29

96.53

3,401.54

94.95

2,355.07

95.02

99.99

5.34

0.11

4.24

0.12

4.43

0.18

99.88

138.21

2.75

132.09

3.69

113.42

4.58

33.33

30.65

0.61

44.76

1.24

5.47

0.22

5,020.49

100.00

3,582.63

100.00

2,478.39

100.00

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

L.P.N. Development Public Company Limited

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

∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ª√–°Õ∫∏ÿ√°‘®¥â“π°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ‚¥¬¡’ «—µ∂ÿª√– ß§å‡æ◊ËÕ°“√¢“¬·≈–°“√‡™à“ „π√Ÿª·∫∫¢ÕßÕ“§“√™ÿ¥ ”π—°ß“π ·≈–Õ“§“√™ÿ¥æ—°Õ“»—¬„π‡¢µ»Ÿπ¬å°≈“ß∑“ß∏ÿ√°‘®¢Õß °√ÿß‡∑æ¡À“π§√ (CBD) ·≈–ª√‘¡≥±≈ ‚§√ß°“√∑’Ëæ—≤π“¢÷Èπ„π™à«ßµâπ à«π„À≠à®–‡ªìπÕ“§“√ ŸßÀ√◊ÕÕ“§“√¢π“¥„À≠à π—∫µ—Èß·µà«‘°ƒµ‡»√…∞°‘®„πªï 2540 ‡ªìπµâπ¡“ ∫√‘…—∑‰¥â¡’°“√ª√—∫‡ª≈’Ë¬ππ‚¬∫“¬·≈–°≈¬ÿ∑∏å∑“ß∏ÿ√°‘® ‚¥¬¡ÿàß‡πâπ°“√æ—≤π“ Õ“§“√™ÿ¥æ—°Õ“»—¬ ”À√—∫≈Ÿ°§â“√–¥—∫°≈“ß∂÷ß°≈“ß≈à“ß‡ªìπ°≈ÿà¡‡ªÑ“À¡“¬À≈—° (Focus Strategy) √«¡∂÷ß°“√ √â“ß§«“¡·µ°µà“ß ¥â“πº≈‘µ¿—≥±å·≈–∫√‘°“√ (Differentiated Strategy) ‚¥¬∫√‘…—∑‰¥âæ—≤π“Õ“§“√™ÿ¥æ—°Õ“»—¬¿“¬„µâ√Ÿª·∫∫ LPN Design ∑’Ë‡πâπ ª√–‚¬™πå„™â Õ¬Õ¬à“ß§√∫∂â«π ”À√—∫°“√Õ¬ŸàÕ“»—¬¿“¬„π‡¡◊Õß ´÷Ëß¡’§«“¡·µ°µà“ß®“°√Ÿª·∫∫º≈‘µ¿—≥±å∑—Ë«‰ª √«¡∂÷ß¬—ß‰¥âæ—≤π“√Ÿª ·∫∫¢Õß°“√∫√‘À“√Õ“§“√™ÿ¥ ‚¥¬‡πâπ¥â“π§ÿ≥¿“æ™’«‘µ¢ÕßºŸâÕ¬ŸàÕ“»—¬ ´÷Ëß‡ªìπ°≈¬ÿ∑∏å∑’Ë √â“ß§«“¡‡™◊ËÕ¡—Ëπ·≈–§«“¡®ß√—°¿—°¥’¢Õß≈Ÿ°§â“ ∑’Ë¡’µàÕ∫√‘…—∑ πÕ°®“°π’È ¬—ß„™â°≈¬ÿ∑∏å¥â“π°“√∫√‘À“√µâπ∑ÿπ (Cost Leadership Strategy) ´÷Ëß‡ªìπ®ÿ¥·¢Áß¢Õß∫√‘…—∑¡“ π—∫ πÿπ·≈–º≈—°¥—π„Àâ‡°‘¥§«“¡‰¥â‡ª√’¬∫∑“ß°“√·¢àß¢—π π”¡“´÷ßË §«“¡ ”‡√Á®Õ¬à“ß ßŸ ¢Õß∫√‘…∑— ‡ÀÁπ‰¥â®“°¬Õ¥¢“¬¢Õß·µà≈–‚§√ß°“√ ∑’Ë “¡“√∂ªî¥°“√¢“¬‰¥âÕ¬à“ß√«¥‡√Á« ·≈–µ—Èß·µàªï 2546 ‡ªìπµâπ¡“ ∫√‘…—∑‰¥â®”·π°·≈–°”Àπ¥µ”·Àπàß¢Õßº≈‘µ¿—≥±å ‡æ◊ËÕ„Àâ‡°‘¥ §«“¡™—¥‡®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“»—¬∑’Ë¡ÿàß‡πâπ°≈ÿà¡‡ªÑ“À¡“¬√–¥—∫°≈“ß∫π (B+) ´÷Ëß¡’√“§“¢“¬Õ¬Ÿà∑’Ëµ“√“ß‡¡µ√≈– 60,000 ∫“∑ ¢÷Èπ‰ª ‚¥¬∑”‡≈∑’Ëµ—Èß‚§√ß°“√®–Õ¬Ÿà „π¬à“π„®°≈“ß∏ÿ√°‘®À√◊Õ∑’Ëæ—°Õ“»—¬™—Èπ Ÿß §√∫§√—π¥â«¬ ‘ËßÕ”π«¬§«“¡ –¥«°∑’Ë ¡∫Ÿ√≥åæ√âÕ¡ √«¡∂÷ß°“√ÕÕ°·∫∫µ°·µàß¥â«¬«— ¥ÿ∑’ËÀ√ŸÀ√“ ∫àß∫Õ°∂÷ß ∂“π¿“æ¢Õß‚§√ß°“√·≈–ºŸâÕ¬ŸàÕ“»—¬ 2. ç≈ÿ¡æ‘π’ ‡æ≈ é ‡ªìπ‚§√ß°“√Õ“§“√™ÿ¥æ—°Õ“»—¬∑’Ë¡ÿàß‡πâπ°≈ÿà¡‡ªÑ“À¡“¬√–¥—∫°≈“ß∫π∂÷ß°≈“ß (B+-B) ‚¥¬µ—Èß√“§“¢“¬ ∑’Ëµ“√“ß‡¡µ√≈– 45,000-60,000 ∫“∑ ·≈–¡’∑”‡≈∑’Ëµ—ÈßÕ¬Ÿà√Õ∫‡¢µ»Ÿπ¬å°≈“ß∏ÿ√°‘® ·≈–∫√‘‡«≥∑’Ë¡’ª√–™“°√Àπ“·πàπ 3. ç≈ÿ¡æ‘π’ «‘≈≈åé ‡ªìπ‚§√ß°“√Õ“§“√™ÿ¥æ—°Õ“»—¬∑’Ë¡ÿàß‡πâπ°≈ÿà¡‡ªÑ“À¡“¬√–¥—∫°≈“ß∂÷ß°≈“ß≈à“ß (B-B-) ‚¥¬µ—Èß√“§“¢“¬∑’Ë µ“√“ß‡¡µ√≈– 35,000-45,000 ∫“∑ ´÷ßË „°≈â‡§’¬ß°—∫‚§√ß°“√„π√Ÿª·∫∫ç≈ÿ¡æ‘π’ ‡æ≈ é ·µà¡§’ «“¡·µ°µà“ß¥â“π∑”‡≈ «— ¥ÿ ∑’Ë„™â √«¡∂÷ß ‘ËßÕ”π«¬§«“¡ –¥«°„π‚§√ß°“√ 4. ç≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√åé ‡ªìπ‚§√ß°“√Õ“§“√™ÿ¥æ—°Õ“»—¬∑’Ë¡ÿàß‡πâπ°≈ÿà¡‡ªÑ“À¡“¬√–¥—∫°≈“ß≈à“ß∂÷ß≈à“ß∫π (B- -C+) ‚¥¬µ—Èß √“§“¢“¬∑’Ëµ“√“ß‡¡µ√≈– 25,000-35,000 ∫“∑ ∑”‡≈∑’Ëµ—Èß à«π„À≠à®–Õ¬Ÿà„π‡¢µ√Õ¬µàÕ√–À«à“ß„®°≈“ß‡¡◊Õß°—∫‡¢µ√Õ∫ πÕ°∑’Ë¡’§«“¡Àπ“·πàπ Ÿß ´÷Ëß≈Ÿ°§â“°≈ÿà¡π’È®–¡’∑’Ë∑”ß“πÀ√◊Õ∑’Ëæ—°Õ“»—¬‡¥‘¡Àà“ß®“°∑’Ëµ—Èß‚§√ß°“√„π√—»¡’‰ ¡à ‡ °‘ π 5 °‘ ‚≈‡¡µ√ ·≈–®–‡ªìπ°≈ÿà¡‡ªÑ“À¡“¬°≈ÿà¡„À≠à∑’Ë¬—ß¡’§«“¡µâÕß°“√∑’ËÕ¬ŸàÕ“»—¬ Ÿß 5. ç≈ÿ¡æ‘π’ §Õπ‚¥∑“«πåé ‡ªìπµ√“ ‘π§â“≈à“ ÿ¥∑’Ëæ—≤π“¢÷Èπ‚¥¬„™â°≈¬ÿ∑∏å„π°“√· «ßÀ“™àÕß«à“ß∑“ß°“√µ≈“¥„À¡àÊ ¢Õß ∫√‘…—∑ (Blue Ocean Strategy) ‡æ◊ËÕµÕ∫ πÕß§«“¡µâÕß°“√∑’ËÕ¬ŸàÕ“»—¬¢Õß≈Ÿ°§â“√–¥—∫≈à“ß∫π (C + ) ´÷Ëß‡ªìπ°≈ÿà¡ ≈Ÿ°§â“‡ªÑ“À¡“¬∑’Ë„À≠à∑’Ë ¥ÿ „π¢≥–∑’¡Ë º’ ªŸâ √–°Õ∫°“√πâÕ¬√“¬∑’Ë„Àâ§«“¡ ”§—≠°—∫≈Ÿ°§â“°≈ÿ¡à π’È ‡π◊ÕË ß®“°ªí≠À“¥â“πµâπ∑ÿπ µ≈Õ¥®πªí≠À“¥â“π°“√∫√‘À“√™ÿ¡™π ·≈–°“√Õπÿ¡—µ‘ ‘π‡™◊ËÕ¢Õß≈Ÿ°§â“®“° ∂“∫—π°“√‡ß‘π ´÷Ëß∫√‘…—∑‰¥â°”Àπ¥√“§“¢“¬ Õ¬Ÿà∑’Ë‡æ’¬ß¬Ÿπ‘µ≈–ª√–¡“≥ 600,000-700,000 ∫“∑ µ√“ ‘π§â“ ç≈ÿ¡æ‘π’ §Õπ‚¥∑“«πåé ∂◊Õ‡ªìπ‡√◊Õ∏ß (Flag Ship) ∑’Ë ”§—≠ ”À√—∫°“√æ—≤π“Õ“§“√™ÿ¥æ—°Õ“»—¬¢Õß∫√‘…—∑„πÕπ“§µ ”À√—∫∑ÿ°‚§√ß°“√∑’Ëæ—≤π“·≈â«‡ √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“§“√™ÿ¥·≈–ß“π∫√‘°“√Õ◊ËπÊ Õ¬à“ß§√∫«ß®√ ‡æ◊ËÕ§«“¡ ¡∫Ÿ√≥åæ√âÕ¡¢Õß·µà≈–Õ“§“√·≈–™à«¬ √—°…“¡“µ√∞“π§ÿ≥¿“æ™’«‘µ¢Õß≈Ÿ°§â“„π∑ÿ°Ê ¥â“π ß“π∫√‘°“√¥—ß°≈à“«§√Õ∫§≈ÿ¡µ—Èß·µàß“π∫√‘À“√Õ“§“√ ß“π∫√‘°“√ ´◊ÈÕ ¢“¬ ‚Õπ ·≈°‡ª≈’Ë¬π ß“π√—∫‡À¡“ µ‘¥µ—Èß ´àÕ¡·´¡ ·≈–∫”√ÿß√—°…“ µ≈Õ¥®πß“π∫√‘°“√¥â“π°“√√—°…“§«“¡ª≈Õ¥¿—¬·≈–ß“π∑”§«“¡ –Õ“¥ √«¡∂÷ß°“√¥Ÿ·≈§«“¡‡ªìπÕ¬Ÿà¢Õß™ÿ¡™ππ—ÈπÊ πÕ°®“°π—Èπ ¬—ß‡æ‘Ë¡§ÿ≥§à“¢Õßß“π∫√‘°“√‚¥¬°“√¥Ÿ·≈ ‘Ëß·«¥≈âÕ¡ æ√âÕ¡ √â“ß √√§å —ß§¡ Õ—π¥’ß“¡¢Õß™ÿ¡™π∑’Ë∫√‘À“√µ“¡°≈¬ÿ∑∏å¢Õß∫√‘…—∑ ·≈–®“°ª√– ‘∑∏‘¿“æ¢Õß°“√∫√‘À“√™ÿ¡™π àßº≈„Àâ∫√‘…—∑‰¥â√—∫§«“¡‰«â«“ß„®®“° ‡®â“¢Õß√à«¡∑ÿ°‚§√ß°“√„π°“√≈ß¡µ‘‡≈◊Õ°∫√‘…—∑‡¢â“∫√‘À“√Õ“§“√™ÿ¥Õ¬à“ßµàÕ‡π◊ËÕß ´÷Ëß –∑âÕπ„Àâ‡ÀÁπ∂÷ß§«“¡√—∫º‘¥™Õ∫µàÕ§ÿ≥¿“æ™’«‘µ ¢Õß≈Ÿ°§â“„Àâ‡ÀÁπ‡ªìπ√Ÿª∏√√¡™—¥‡®π À≈—ß‡°‘¥¿“«–«‘°ƒµ∑“ß‡»√…∞°‘®‡¡◊ËÕªï 2540 ´÷Ëß àßº≈°√–∑∫µàÕ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬åÕ¬à“ß¡“°π—Èπ ∫√‘…—∑‰¥âª√—∫‚§√ß √â“ß Õß§å°√‚¥¬‚Õπ¬â“¬§«“¡√—∫º‘¥™Õ∫¥â“π°“√µ≈“¥ °“√¢“¬ °“√∫√‘°“√≈Ÿ°§â“ ·≈–ß“π«‘»«°√√¡‰ª∑’Ë∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ ‡æ◊ËÕ„Àâ‡°‘¥§«“¡§≈àÕßµ—«„π°“√∫√‘À“√ß“π∑’Ë¡’ª√– ‘∑∏‘¿“æ Ÿß¢÷Èπ ∑—Èß„π∫√‘…—∑·¡à·≈–∫√‘…—∑¬àÕ¬ ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

L.P.N. Development Public Company Limited and its subsidiaries are engaged in the real estate development business with the objective to sell and lease office buildings and residential buildings in the Central Business District of Bangkok Metropolis (CBD) and the surrounding area. Initial projects that were developed included high rise buildings and large scale buildings. Since the economic crisis in 1997, the Company has adjusted its business policy and strategy to focus on developing condominiums for customers in the mid to lower-mid range as its main target group (Focus Strategy), including the creation of differentiation of goods and services (Differentiated Strategy). The Company has developed condominiums under the çLPN Designé that focus on utility for urban living, which is different from products found in general. The Company has also developed a style of condominium management that focuses on the quality of life of its residents. This strategy has created confidence and loyalty among the Companyûs customers. In addition, the Company has adopted a strategy of low cost management (Cost Leadership Strategy) as a strong point to gain an advantage among competitors and bring success to the Company. This can be seen from the sales volume of each project which sold out very rapidly. From 2003 onwards, the Company has distinguished its products into clear categories to cover all groups of customers under the following names and product brands: 1. çLumpini Suiteé is a condominium project that focuses on the upper mid range target group of customers (B + ) with a price range of 60,000 Baht per square meter upwards, located in central business districts or a residential high rise building completing with full range of facilities, luxury designs indicating resident and project status. 2. çLumpini Placeé is a condominium project that focuses on the mid to upper mid range target group of customers (B+ -B) with a price range of 45,000-60,000 Baht per square meter, located in areas surrounding central business districts and dense population centers. 3. çLumpini Vil eé is a condominium project that focuses on the mid to lower mid range target group of customers (B-B - ) with a price range of 35,000-45,000 Baht per square meter which is similar to the çLumpini Placeé project but differs in terms of location, materials used and facilities in the project. 4. çLumpini Centeré is a condominium project that focuses on the mid lower to upper lower range target group of customers (B - C+ ) with a price range of 25,000-35,000 Baht per square meter, mainly located along the edges of the urban center and the suburbs with highly dense populations. Customers in this target group have a place of work or former residence no more than 5 kilometers from the project and is a customer group that has a high demand for residences. 5. çLumpini CondoTowné is a latest brand developed by using strategy of looking for new markets (Blue Ocean Strategy) to meet the residential needs of customers in the upper lower range (C+ ), which has the largest target group of customers. Only a few developers cater to this customer group, mainly due to the fact that there are problems with investment costs and problems with community management as well as problems with customers securing credit from financial institutions. The Company has set the price range for these projects at 600,000-700,000 Baht per unit. The Lumpini CondoTown project is expected to be the flag ship of residential development for the Company in the future. For all projects that have been developed and have been transferred to customers, the Company has established a customer service policy to take care of customers in the projects on a continual basis, with Lumpini Property Management Company Limited responsible for managing the buildings and providing other services to add to the convenience of customers in all respects. This service includes building manage, purchase and sale service, transfer, exchange, construction, fixtures, repairs and maintenance, as well as security and cleaning. In addition environmental care and building good community are also managed according the Companyûs strategy. Being chosen to management condominiums in all the projects reflects the image of responsibility to customers of the Company, both in terms of reputation and trust that customers have for the Company. Following the economic crisis in 1997, which severely affected the real estate business, the Company restructured its organization by transferring responsibility for marketing, sales, customer service and engineering to Lumpini Properties Co., Ltd. in order to achieve ease of management that is more efficient both for the parent and subsidiary company. ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

º≈ß“π∑’Ëºà“π¡“ Our Projects

‚§√ß°“√∑’Ë°àÕ √â“ß‡ √Á® ¡∫Ÿ√≥å / Completed Projects ≈ÿ¡æ‘π’ ∑“«‡«Õ√å 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 Lumpini Tower 113 units, 38-storey office building, Area 2-3-33 rai, Rama 4 Road ·Õ≈.æ’.‡ÕÁπ. ∑“«‡«Õ√å 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—¥°—∫π“ß≈‘Èπ®’Ë L.P.N. Tower 76 units, 18-storey office building, Area 1-2-42 rai, by Nang Linchi-Ratchadapisek Road Intersection ≈ÿ¡æ‘π’ ‡æ≈ 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≠ Lumpini Place 34 units, 19-storey residential condominium, Area 1-3-26 rai, Sri Bumpen Road ·Õ≈.æ’.‡ÕÁπ. ¡‘π‘ ÕÕøøî» Õ“§“√ ”π—°ß“π Ÿß 7 ™—Èπ 1 Õ“§“√ ∫π‡π◊ÈÕ∑’Ë 90 µ“√“ß«“ √‘¡∂ππ√—™¥“¿‘‡…° ™à«ßµ—¥°—∫∂πππ“ß≈‘Èπ®’Ë L.P.N. Mini Office 7-storey office building Area 90 sq.wah, Nang Linchi-Ratchadapisek Road Intersection æ’.‡Õ .∑’. §Õπ‚¥«‘≈≈å ∑“«‡«Õ√å 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∑√’ P.S.T. Condovil e Tower 1, 2 22-storey residential condominium, 2 buildings, Area 6-2-78.7 rai, Nonsee Road

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

L.P.N. Development Public Company Limited

æ’.‡Õ .∑’. ¡‘π‘ ÕÕøøî» 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∑√’ P.S.T. Mini Office 10 units, 7-storey office building-cum-residence, Area 1-1-79 rai, Nonsee Road ’Ëæ√–¬“ √‘‡«Õ√å«‘« Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 31 ™—Èπ 308 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 2 ‰√à 16.6 µ“√“ß«“ ∂ππ‚¬∏“ µ√ß¢â“¡∑’Ë«à“°“√‡¢µ —¡æ—π∏«ß»å Siphaya River View 308 units, 31-storey residential condominium, Area 2-0-16.6 rai, Yotha Road, Samphanthawongse æ’.‡Õ .∑’. ´‘µ’È ‚Œ¡ 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∑√’ P.S.T. City Home 764 units, 29-storey residential condominium, Area 4-1-34.2 rai, Nonsee Road ∫â“π≈ÿ¡æ‘π’ ∫“ß∫—«∑Õß ∑“«πå‡Œâ“ 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 Baan Lumpini Bang Bua Thong 709 units, 2-storey Townhouses, Area 36-1-31.2 rai, Talingchan-Supanburi Road, Bangbuathong ∫â“π≈ÿ¡æ‘π’ 2 ∫“ß∫—«∑Õß ∑“«πå‡Œâ“ 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 Baan Lumpini 2 Bang Bua Thong 3-storey Townhouses, 35 units, Area 2-1-84.9 rai, Talingchan-Supanburi Road, Bangbuathong

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

L.P.N. Development Public Company Limited

≈ÿ¡æ‘π’ ‡æ≈ “∑√ 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 Lumpini Place Sathorn 9-Storey with 1 Basement Residential Condominium (4 Buildings, 603 units) Area 3-2-52.6 rai, Narathiwat Ratchanakarin Road ≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√å ·Œªªïô·≈π¥å ‡ø 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 Lumpini Center Happyland Phase 1-4 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, 2 ≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√å ≈“¥æ√â“« 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 Lumpini Center Latphrao 111 8-Storey Residential Condominium (4 Buildings, 534 units), 9-storey residential condominium (3 Buildings, 322 units) Area 5-5-7 rai, Latphrao Soi 111 ≈ÿ¡æ‘π’ ‡æ≈ «πæ≈Ÿ- “∑√ 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 “∑√ Lumpini Place Suanplu-Sathorn 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- “∑√ 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 Lumpini Place Rama 4-Sathorn 9-storey residential condominium (2 Buildings, 231 units), Area 2-0-98 rai, Soi Sri Bumpen, Rama 4 Road

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

L.P.N. Development Public Company Limited

≈ÿ¡æ‘π’ ‡√ ´‘‡¥π´å Õ“§“√‡´Õ√å«‘ Õæ“√åµ‡¡π∑å Ÿß 9 ™—Èπ 1 Õ“§“√ √«¡ 38 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 199 µ“√“ß«“ √‘¡∂πππ√“∏‘«“ √“™π§√‘π∑√å Lumpini Residence 9-Storey Service Apartment (1 Building, 38 units), Area 0-0-199 rai, Narathiwat Ratchanakarin Road ≈ÿ¡æ‘π’ ‡æ≈ π√“∏‘«“ 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 Lumpini Place Narathiwat 24 9-storey residential condominium (2 Buildings, 190 units), Area 2-0-25 rai, Narathiwat Ratchanakarin Road ≈ÿ¡æ‘π’ ‡æ≈ æ√–√“¡ 3-‡®√‘≠°√ÿß 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 Lumpini Place Rama 3-Charoenkrung 9-storey residential condominium (2 Buildings, 312 units), Area 2-3-65.1 rai, Rama 3 Road ≈ÿ¡æ‘π’ «‘≈≈å æ√–·¡à¡“√’- “∑√ 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 Lumpini Vil e Mary - Sathorn 9-Storey Residential Condominium (2 Buildings, 300 units), Area 2-3-65 rai, Chan Road ≈ÿ¡æ‘π’ ‡æ≈ π√“∏‘«“ √“™π§√‘π∑√å 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 Lumpini Place Narathiwatratchanakharin 9-storey residential condominium (2 Buildings, 233 units), Area 2-2-11.2 rai, Narathiwat Ratchanakarin Road

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

L.P.N. Development Public Company Limited

≈ÿ¡æ‘π’ «’∑ ÿ¢ÿ¡«‘∑ 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 Lumpini Suite Sukhumvit 41 9-storey residential condominium (2 Buildings, 159 units), Area 1-2-78 rai, Sukhumvit Soi 41 Road ≈ÿ¡æ‘π’ ‡æ≈ æ√–√“¡ 3 - √‘‡«Õ√å«‘« Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 19 ™—Èπ 1 Õ“§“√ √«¡ 497 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 3 ‰√à 65.10 µ“√“ß«“ √‘¡∂ππæ√–√“¡ 3 Lumpini Place Rama 3 - Riverview 19-storey residential condominium (1 Building, 497 units), Area 3-0-65.10 rai, Rama 3 Road ≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√å ÿ¢ÿ¡«‘∑ 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 Lumpini Center Sukhumvit 77 9-storey residential condominium (5 Buildings, 872 units), Area 12-0-50 rai, Sukhumvit 77 Road ≈ÿ¡æ‘π’ «‘≈≈å æÀ≈- ÿ∑∏‘ “√ 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‘®©—¬ Lumpini Vil e Phahon-Suthisarn 21-storey residential condominium (2 Buildings, 861 units), Area 5-2-35 rai, Suthisarnvinijchai Road ≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√å π«¡‘π∑√å 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 Lumpini Center Nawamin 8-storey residential condominium (3 Buildings, 442 units), Area 3-2-67 rai, Happyland Soi 2

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

L.P.N. Development Public Company Limited

≈ÿ¡æ‘π’ «‘≈≈å ÿ¢ÿ¡«‘∑ 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 Lumpini Vil e Sukhumvit 77 23-storey residential condominium (3 Buildings, 987 units), Area 4-1-17.50 rai, Sukhumvit 77 Road ≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈â“ Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 22 ™—Èπ 1 Õ“§“√ √«¡ 580 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 3 ‰√à 33 µ“√“ß«“ √‘¡∂ππ∫√¡√“™™ππ’ Lumpini Place Pinklao 22-storey residential condominium (1 Building, 580 units), Area 3-0-33 rai, Bharomratchachonnanee Road ≈ÿ¡æ‘π’ «‘≈≈å »Ÿπ¬å«—≤π∏√√¡ Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 8 ™—Èπ 9 Õ“§“√ √«¡ 1,390 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 13 ‰√à 13 µ“√“ß«“ √‘¡∂ππª√–™“Õÿ∑‘» Lumpini Vil e Cultural Center 8-storey residential condominium (9 Buildings, 1,390 units), Area 13-0-13 rai, Pracha U-thit Road ≈ÿ¡æ‘π’ ‡æ≈ π√“∏‘«“ -‡®â“æ√–¬“ Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 29 ™—Èπ 3 Õ“§“√ √«¡ 1,306 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 9 ‰√à 71 µ“√“ß«“ √‘¡∂ππæ√–√“¡ 3 Lumpini Place Narathiwat-Chaophraya 29-storey residential condominium (3 Buildings, 1,306 units) Area 9-0-71 rai, Rama 3 Road ‚§√ß°“√√à«¡∑ÿπ ‚¥¬ LPN ‡ªìπºŸâ∫√‘À“√¥â“π°“√µ≈“¥ °“√¢“¬ ·≈–°“√°àÕ √â“ß Joint venture project. which LPN wil manage in the areas of sales, marketing and construction

≈ÿ¡æ‘π’ ‡æ≈ «Õ‡µÕ√å§≈‘ø Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 36 ™—Èπ 4 Õ“§“√ ®”π«π 620 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 4 ‰√à 40.4 µ“√“ß«“ √‘¡∂ππ√—™¥“¿‘‡…°-æ√–√“¡ 3 µ‘¥Àâ“ß‡´Áπ∑√—≈æ√–√“¡ 3 Lumpini Place WaterCliff 36-storey residential condominium (4 Buildings, 620 units), Area 4-0-40.4 rai, by Ratchadapisek-Rama 3 Road near Central Rama 3 Department Store ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

≈ÿ¡æ‘π’ ∑“«πå ‚Œ¡ √—™¥“-æ√–√“¡ 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“ß‡´Áπ∑√—≈æ√–√“¡ 3 Lumpini Townhome Ratchada-Rama 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 Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 9 ™—Èπ 1 Õ“§“√ √«¡ 53 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 386 µ“√“ß«“ √‘¡∂ππ√—™¥“¿‘‡…°-æ√–√“¡ 3 µ‘¥Àâ“ß‡´Áπ∑√—≈æ√–√“¡ 3 Lumpini Suite Ratchada-Rama 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 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) Grand Heritage Thonglor 8-storey with 1 basement residential condominium (1 Building, 74 units), Area 1-0-1 rai, Sukhumvit Road (Soi Thonglor 13) ·°√π¥å æ“√å§«‘« Õ‚»° Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 32 ™—Èπ æ√âÕ¡™—Èπ„µâ¥‘π 2 ™—Èπ ·≈–æ◊Èπ∑’Ë§â“ª≈’° 4 ™—Èπ √«¡ÀâÕß™ÿ¥æ—°Õ“»—¬ 481 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 3 ‰√à 1 ß“π 98 µ“√“ß«“ √‘¡∂ππ ÿ¢ÿ¡«‘∑ 21 (Õ‚»°¡πµ√’) Grand Parkview Asoke 32-story with 2 basement in where comprises 4 floors for retailing purpose and the others are 481 residential units, Area 3-1-98 rai, Sukhumvit 21 Road (Asokemontri) æ“√å§«‘« «‘¿“«¥’ 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 Parkview Viphavadi 8-storey residential condominium (17 Buildings, 962 units), Area 15-2-26.9 rai, by Viphavadi Rangsit Road

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

L.P.N. Development Public Company Limited

‚§√ß°“√∑’ËÕ¬Ÿà√–À«à“ß°“√¥”‡π‘πß“π / On-going Projects ≈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 Lumpini Place Phahon-Saphankwai 29-storey residential condominium (2 Buildings, 1,093 units), Area 7-0-90 rai, Phadiphat Road ≈ÿ¡æ‘π’ ‡æ≈ √—™¥“-∑à“æ√– Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 29 ™—Èπ 2 Õ“§“√ ·≈– Ÿß 8 ™—Èπ 1 Õ“§“√ √«¡ 930 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 5 ‰√à 2 ß“π 92 µ“√“ß«“ √‘¡∂ππ√—™¥“¿‘‡…° Lumpini Place Ratchada-Thapra 8, 9-storey residential condominium (3 Buildings, 930 units), Area 5-2-92 rai, Ratchadapisek Road ≈ÿ¡æ‘π’ «‘≈≈å √“¡§”·Àß 44 Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 23 ™—Èπ 2 Õ“§“√ √«¡ 827 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 4 ‰√à 2 ß“π 56 µ“√“ß«“ √‘¡∂ππ√“¡§”·Àß 44 Lumpini Vil e Ramkhamhaeng 44 23-storey residential condominium (2 Buildings, 827 units), Area 4-2-56 rai, Ramkhamhaeng 44 Road ≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈â“ ‡ø 2 Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 26 ™—Èπ 1 Õ“§“√ √«¡ 621 ¬Ÿπ‘µ ∫π‡π◊ÈÕ∑’Ë 3 ‰√à 2 ß“π 25.7 µ“√“ß«“ √‘¡∂ππ∫√¡√“™™ππ’ Lumpini Place Pinklao Phase II 26-storey residential condominium (1 Building, 621 units), Area 3-2-25.7 rai, Bharomratchachonnanee Road

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

L.P.N. Development Public Company Limited

‚§√ß°“√„πÕπ“§µ / Future Project „πªï 2550 ∫√‘…∑— ‰¥âµß—È ‡ªÑ“À¡“¬„π°“√æ—≤π“‚§√ß°“√Õ“§“√™ÿ¥æ—°Õ“»—¬∑—ßÈ π‘È 6 ‚§√ß°“√ ¡Ÿ≈§à“√«¡ 8,795 ≈â“π∫“∑ πÕ°®“° π’È ¬—ß¡’°≈¬ÿ∑∏å„À¡àÊ „π°“√√—°…“§«“¡‡ªìπºŸâπ”¥â“π∏ÿ√°‘®§Õπ‚¥¡‘‡π’¬¡ ·≈–°“√ √â“ß √√§å™ÿ¡™π§ÿ≥¿“æ ‰¥â·°à 1.

°“√√—°…“∞“π≈Ÿ°§â“‡¥‘¡„π√–¥—∫°≈“ß∫π∂÷ß°≈“ß≈à“ß ‚¥¬¢¬“¬°“√æ—≤π“‚§√ß°“√‰ª¬—ß∑”‡≈„À¡àÊ ∑’Ë¡’ª√–™“°√Àπ“·πàπ „°≈â√–∫∫¢π àß¡«≈™π·≈– ‘ËßÕ”π«¬§«“¡ –¥«°µà“ßÊ √«¡∑—Èß¬—ß‰¥âª√—∫ª√ÿß·≈–æ—≤π“√Ÿª·∫∫¢Õßº≈‘µ¿—≥±å·≈–‚§√ß°“√„Àâ ¡’§«“¡ «¬ß“¡ “¡“√∂µÕ∫ πÕß¥â“πª√–‚¬™πå„™â Õ¬‡æ‘Ë¡¡“°¬‘Ëß¢÷Èπ

°“√¢¬“¬∞“π≈Ÿ°§â“°≈ÿà¡„À¡à‰ª¬—ß°≈ÿà¡√“¬‰¥âª“π°≈“ß§àÕπ¢â“ßµË” (C+) ´÷Ëß¡’Õÿª∑“π∑“ß¥â“π∑’ËÕ¬ŸàÕ“»—¬ Ÿß ·µàÕÿª ß§å„π µ≈“¥¡’®”π«π‰¡à¡“°π—° ·≈– à«π„À≠à¬—ßµâÕß‡™à“∑’ËÕ¬ŸàÕ“»—¬ ‚¥¬®–æ—≤π“‚§√ß°“√„π√Ÿª·∫∫ Small Size Township ∑’Ë¡’ ‘Ëß Õ”π«¬§«“¡ –¥«°¿“¬„π‚§√ß°“√§√∫§√—π ¥â«¬√“§“¢“¬ª√–¡“≥ 600,000-700,000 ∫“∑ µàÕ¬Ÿπ‘µ ´÷Ëß∫√‘…—∑¡ÿàß‡πâπ°“√¬° √–¥—∫§ÿ≥¿“æ™’«‘µ¢ÕßºŸâÕ¬ŸàÕ“»—¬‡ªìπ ”§—≠

‡æ‘Ë¡ª√– ‘∑∏‘¿“æ°“√∫√‘À“√Õ“§“√™ÿ¥À≈—ß°“√‚Õπ°√√¡ ‘∑∏‘Ï ¿“¬„µâ ‚§√ß°“√ ç™ÿ¡™ππà“Õ¬Ÿàé ¢Õß∫√‘…—∑ ‡æ◊ËÕ √â“ß‡ √‘¡ §ÿ≥¿“æ™’«‘µ∑’Ë¥’„Àâ·°à™ÿ¡™π ·≈–¥Ÿ·≈§«“¡ª≈Õ¥¿—¬„π™’«‘µ·≈–∑√—æ¬å ‘π¢ÕßºŸâæ—°Õ“»—¬ ´÷Ëß∂◊Õ‡ªìπ°≈¬ÿ∑∏å ”§—≠∑’Ë √â“ß§«“¡ ·µ°µà“ß (Differentiation) ·≈–‡ªìπ®ÿ¥·¢Áß¢Õß∫√‘…—∑µ≈Õ¥¡“

¡ÿàß‡πâπ·≈–„Àâ§«“¡ ”§—≠¥â“π§«“¡√—∫º‘¥™Õ∫µàÕ —ß§¡·≈– ‘Ëß·«¥≈âÕ¡ (Corporate Environment & Social Responsibility : CESR) „Àâ¡“°¢÷Èπ ‚¥¬«“ß·ºπ√à«¡°—∫Àπà«¬ß“π√“™°“√„π°“√¥”‡π‘π°‘®°√√¡µà“ßÊ ¥â“π°“√√—°…“ ¿“æ·«¥≈âÕ¡ ·≈–°“√ √â“ß§ÿ≥¿“æ™’«‘µ∑’Ë¥’„π —ß§¡‡¡◊ÕßÕ¬à“ßµàÕ‡π◊ËÕß ‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫π‚¬∫“¬¢Õß∫√‘…—∑„π°“√¥”‡π‘πß“πµ“¡À≈—°∏√√¡“¿‘∫“≈ ‚¥¬„π§√÷Ëßªï·√°¢Õßªï 2550 ∫√‘…—∑¡’·ºπ∑’Ë®–‡ªî¥µ—«‚§√ß°“√Õ“§“√™ÿ¥æ—°Õ“»—¬®”π«π 4 ‚§√ß°“√ ‰¥â·°à 1. ≈ÿ¡æ‘π’ §Õπ‚¥∑“«πå ∫¥‘π∑√‡¥™“-√“¡§”·Àß 2. ≈ÿ¡æ‘π’ §Õπ‚¥∑“«πå √“¡Õ‘π∑√“-À≈—° ’Ë 3. ≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈â“ ‡ø 3 4. ≈ÿ¡æ‘π’ §Õπ‚¥∑“«πå √“¡§”·Àß 26

”À√—∫„π§√÷ËßªïÀ≈—ß ∫√‘…—∑®–‡ªî¥µ—«Õ’° 2 ‚§√ß°“√ ´÷Ëß®–‡ªìπ‚§√ß°“√¿“¬„µâ·∫√π¥å ç≈ÿ¡æ‘π’ «‘≈≈åé 1 ‚§√ß°“√ ·≈–‚§√ß°“√ ¿“¬„µâ·∫√π¥å ç≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√åé Õ’° 1 ‚§√ß°“√ À√◊ÕÕ“®®–‡ªìπ‚§√ß°“√¿“¬„µâ·∫√π¥å ç≈ÿ¡æ‘π’ «‘≈≈åé ∑—Èß 2 ‚§√ß°“√°Á‰¥â ´÷Ëß¢≥–π’È Õ¬Ÿà√–À«à“ß°“√æ‘®“√≥“À“∑’Ë¥‘π∑’Ë‡À¡“– ¡ ≈ÿ¡æ‘π’ §Õπ‚¥∑“«πå ∫¥‘π∑√‡¥™“-√“¡§”·Àß : 32 ‰√à 3 ß“π 23 µ“√“ß«“/∂ππ√“¡§”·Àß 43/1 ‡π◊ÈÕ∑’Ë/∑’Ëµ—Èß ≈—°…≥–‚§√ß°“√ : Õ“§“√™ÿ¥æ—°Õ“»—¬ Ÿß 8 ™—Èπ 14 Õ“§“√ √«¡ 3,445 ¬Ÿπ‘µ «—µ∂ÿª√– ß§å : ‡æ◊ËÕ¢“¬ ¡Ÿ≈§à“‚§√ß°“√ : 2,400 ≈â“π∫“∑ «—π∑’Ë‡ªî¥µ—«‚§√ß°“√ : °ÿ¡¿“æ—π∏å 2550

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

L.P.N. Development Public Company Limited

In 2007, the Company has set a target to develop of a total of 6 condominium projects worth a total of 9.460 million Baht. In addition, the Company has developed a strategy for maintaining its position as leader in the condominium market and building a quality community as follows: 1)

Maintain its customer base in the upper-midle to lower midle range by expanding development of condominiums to new locations with highly density populations, close to public utilities and facilities as well as adjusting and developing its products and projects to be more aesthetically and that are more utilitarian.

Expand its customer base to the middle to lower income groups (C+ ) who have high demand for residences, but the market supply is low, who mostly rely on renting their residences. The Company plans to develop the project as a Small Size Township with full facilities with prices at approximately 600,000-700,000 Baht per unit, focusing on raising the quality of life of the residents.

Enhance efficiency in managing condominiums after transfer of ownership under the project çVibrant Communityé in order to develop and strengthen the quality of life and provide safety both for residents, their property and the residence, which is an important strategy to differentiate the company (Differentiation) and has been one of the permanent strengths of the Company.

Focus on Corporate Environment and Social Responsibility (CESR) by planning with government agencies to arrange activities to protect the environment and build a quality of urban life in order to comply with the policies of the Company and principals of good corporate governance. In the first half of 2007, the Company has plans to launch 4 new condominium projects namely, 1. Lumpini CondoTown Bodindecha-Ramkhamhaeng 2. Lumpini CondoTown Ramintra-Laksi 3. Lumpini Place Pinklao Phase III 4. Lumpini CondoTown Ramkhamhaeng 26

In the second part of 2007 the Company will launch two projects, one project under the çLumpini Villeé brand and one project under the çLumpini Centeré brand or possibly both projects under the çLumpini Villeé brand. The projects are currently looking for suitable land. Lumpini CondoTown Bodindecha-Ramkhamhaeng Area/Location : 32-3-23 Rai /Ramkhamhaeng 43/1 Road Project type : 8-storey condominium, 14 buildings, 3,445 units Objective : For sale Project value : Baht 2,600 Million Opening date : February 2007

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

L.P.N. Development Public Company Limited

≈ÿ¡æ‘π’ §Õπ‚¥∑“«πå √“¡Õ‘π∑√“-À≈—° ’Ë ‡π◊ÈÕ∑’Ë/∑’Ëµ—Èß : 25 ‰√à 1 ß“π 76.3 µ“√“ß«“/∂ππß“¡«ß»å«“π ≈—°…≥–‚§√ß°“√ : Õ“§“√™ÿ¥æ—°Õ“»—¬√«¡ 2,500 ¬Ÿπ‘µ «—µ∂ÿª√– ß§å : ‡æ◊ËÕ¢“¬ ¡Ÿ≈§à“‚§√ß°“√ : 1,400 ≈â“π∫“∑ «—π∑’Ë‡ªî¥µ—«‚§√ß°“√ : ‡¡…“¬π 2550 ≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈ââ“ ‡ø 3 ≈—°…≥–‚§√ß°“√ : Õ“§“√™ÿ¥æ—°Õ“»—¬√«¡ 650 ¬Ÿπ‘µ «—µ∂ÿª√– ß§å : ‡æ◊ËÕ¢“¬ ¡Ÿ≈§à“‚§√ß°“√ : 1,200 ≈â“π∫“∑ «—π∑’Ë‡ªî¥µ—«‚§√ß°“√ : °√°Æ“§¡ 2550 ≈ÿ¡æ‘π’ §Õπ‚¥∑“«πå √“¡§”·Àß 26 ‡π◊ÈÕ∑’Ë/∑’Ëµ—Èß : 10 ‰√à 1 ß“π 64 µ“√“ß«“/∂ππ√“¡§”·Àß 26 ≈—°…≥–‚§√ß°“√ : Õ“§“√™ÿ¥æ—°Õ“»—¬√«¡ 1,200 ¬Ÿπ‘µ «—µ∂ÿª√– ß§å : ‡æ◊ËÕ¢“¬ : 800 ≈â“π∫“∑ ¡Ÿ≈§à“‚§√ß°“√ «—π∑’Ë‡ªî¥µ—«‚§√ß°“√ : ‰µ√¡“ 3 ªï 2550

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

L.P.N. Development Public Company Limited

Lumpini CondoTown Ramintra-Laksi Area/Location : 25-1-76.3 Rai / Ngarmwongwan Road Project type : A 2,500-units condominium Objective : For sale Project value : Baht 1,400 Million Opening date : April 2007 Lumpini Place Pinklao Phase III Project type : A 650-units condominium Objective : For sale Project value : Baht 1,200 Million Opening date : July 2007 Lumpini CondoTown Ramkhamhaeng 26 Area/Location : 10-1-64 Rai / Ramkhamhaeng 26 Project type : A 1,200 units condominium Objective : For sale Project value : Baht 800 Million Opening date : Quarter 3, 2007

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

L.P.N. Development Public Company Limited

°“√‡ª≈’Ë¬π·ª≈ß„πªï∑’Ëºà“π¡“ Changes in the Past Year

∫√‘…—∑‰¥â‡ªî¥µ—«‚§√ß°“√Õ“§“√™ÿ¥æ—°Õ“»—¬·Ààß„À¡à ®”π«π∑—Èß ‘Èπ 4 ‚§√ß°“√ ‚¥¬¡’√“¬≈–‡Õ’¬¥ ¥—ßπ’È ≈”¥—∫ 1 2 3 4

‚§√ß°“√ ≈ÿ¡æ‘π’ ‡æ≈ æÀ≈- –æ“π§«“¬ ≈ÿ¡æ‘π’ ‡æ≈ √—™¥“-∑à“æ√– ≈ÿ¡æ‘π’ «‘≈≈å √“¡§”·Àß 44 ≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈â“ 2 √«¡

¡Ÿ≈§à“‚§√ß°“√ ®”π«π¬Ÿπ‘µ √–¬–‡«≈“‚§√ß°“√ (≈â“π∫“∑) 2,200 1,093 ¡°√“§¡ 2549 - µÿ≈“§¡ 2550 1,600 929 ‡¡…“¬π 2549 - ¡’π“§¡ 2551 1,200 827 °√°Æ“§¡ 2549 - °ÿ¡¿“æ—π— ∏å 2551 1,200 651 °—π¬“π 2549 - ¡’π“§¡ 2551 6,200 3,500

∫√‘…—∑‰¥â√—∫°“√®—¥Õ—π¥—∫®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬„Àâ‡ªìπ∫√‘…—∑∑’Ë¡’°“√°”°—∫¥Ÿ·≈°‘®°“√„π√–¥—∫ 4 µ√“ —≠≈—°…≥å ´÷Ëß‰¥â¥”‡π‘πß“πµ“¡À≈—°∏√√¡“¿‘∫“≈ ∑’Ë¡ÿàß‡πâπ°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈µàÕπ—°≈ß∑ÿπ ºŸâ∂◊ÕÀÿâπ ·≈–∫ÿ§§≈∑—Ë«‰ªÕ¬à“ß ‚ª√àß„ ¡“‚¥¬µ≈Õ¥ ‚¥¬¡’§–·ππ‡©≈’Ë¬ 80-89 ®“°§–·ππ‡µÁ¡ 100 ‚¥¬ªïπ’Èπ—∫‡ªìπªï∑’Ë 4 ∑’Ë∫√‘…—∑‰¥â√—∫°“√ ”√«®¥â“π°“√ °”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’„πÕ—π¥—∫¥’¡“° ‚¥¬¡’∫√√…—∑¿‘∫“≈·Ààß™“µ‘√—∫√Õß„π∞“π–‡ªìπ∫√‘…—∑®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬åœ

∫√‘…—∑‰¥â√—∫ª√–°“»‡°’¬√µ‘§ÿ≥®“° §ÿ≥¿—∑√’¬“ ‡∫≠®æ≈™—¬ °√√¡°“√·≈–ºŸâ®—¥°“√ µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬„π‚Õ°“ ∑’Ë∫√‘…—∑µ‘¥ 1 „π 3 ¢Õß∫√‘…—∑∑’Ë‰¥â√—∫°“√‡ πÕ™◊ËÕ‡¢â“™‘ß√“ß«—≈ SET AWARDS 2006 ª√–‡¿∑ Best Performance „πÀ¡«¥ Property & Construction ´÷Ëß‡ªìπº≈¡“®“°°“√¥”‡π‘πß“π∑’Ë¡ÿàß √â“ß°“√‡µ‘∫‚µ∑’Ë¬—Ëß¬◊π·≈– √â“ßº≈µÕ∫·∑π∑’Ë¥’„Àâ·°à ºŸâ∂◊ÕÀÿâπ ‚¥¬‡°≥±å°“√µ—¥ ‘π√“ß«—≈æ‘®“√≥“®“°∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π¥’‡¥àπ √«¡∂÷ß°“√ªØ‘∫—µ‘µ“¡¢âÕ°”Àπ¥ ‡√◊ËÕß°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ·≈– ¿“æ§≈àÕß¢ÕßÀ≈—°∑√—æ¬å

∑’ªË √–™ÿ¡„À≠à “¡—≠ºŸ∂â Õ◊ Àÿπâ ª√–®”ªï 2549 ´÷ßË ®—¥ª√–™ÿ¡‡¡◊ÕË «—π∑’Ë 25 ‡¡…“¬π 2549 ¡’¡µ‘Õπÿ¡µ— ≈‘ ¥∑ÿπ®¥∑–‡∫’¬π®“° 1,486,706,550 ∫“∑ ‡ªìπ 1,475,698,768 ∫“∑ ‚¥¬µ—¥Àÿâπ “¡—≠ à«π∑’Ë‡À≈◊Õ®“°°“√ ”√Õß‰«â‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘„π°“√·ª≈ß„∫ ”§—≠ · ¥ß ‘∑∏‘®”π«π 11,007,782 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ ·≈–Õπÿ¡—µ‘·°â‰¢Àπ—ß ◊Õ∫√‘§≥Àå π∏‘ ¢âÕ 4 ¢Õß∫√‘…—∑ ‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫°“√≈¥∑ÿπ®¥∑–‡∫’¬π

∫√‘…—∑‰¥â·µàßµ—Èß π“¬∑‘¶—¡æ√ ‡ª≈àß»√’ ÿ¢ „Àâ¥”√ßµ”·Àπàß ª√–∏“π°√√¡°“√∫√‘À“√ ·∑π π“¬∑«’™—¬ ®‘µµ √≥™—¬ ∑’Ë¢Õ≈“ÕÕ° ‚¥¬¡’º≈µ—Èß·µà«—π∑’Ë 1 ¡°√“§¡ 2549

∫√‘…—∑·µàßµ—Èß »“ µ√“®“√¬å»‘√‘ ‡°«≈‘π ƒ…¥‘Ï ·≈– π“¬∑«’™—¬ ®‘µµ √≥™—¬ „Àâ¥”√ßµ”·Àπàß√Õßª√–∏“π°√√¡°“√ ‚¥¬¡’º≈ µ—Èß·µà«—π∑’Ë 25 ‡¡…“¬π 2549

∫√‘…—∑‰¥â·µàßµ—Èßπ“¬Õ¡√»—°¥‘Ï πæ√—¡¿“ ·≈– π“¬«’√–»—°¥‘Ï «À“«‘»“≈ ¥”√ßµ”·Àπàß°√√¡°“√µ√«® Õ∫ ·∑π »“ µ√“®“√¬å »‘√‘ ‡°«≈‘π ƒ…¥‘Ï ·≈– π“¬«ÿ≤‘æ≈ ÿ√‘¬“¿‘«—≤πå ∑’Ë¢Õ≈“ÕÕ° ‚¥¬¡’º≈µ—Èß·µà«—π∑’Ë 25 ‡¡…“¬π 2549 ‡ªìπµâπ‰ª ·≈–¡’°”Àπ¥ «“√–∂÷ß«—π∑’Ë 30 ‡¡…“¬π 2551 §≥–°√√¡°“√µ√«® Õ∫™ÿ¥„À¡àª√–°Õ∫¥â«¬ 1) π“¬Õ¡√»—°¥‘Ï πæ√—¡¿“ ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ 2) π“¬‡∑æ √ÿàß∏π“¿‘√¡¬å °√√¡°“√µ√«® Õ∫ 3) π“¬«’√–»—°¥‘Ï «À“«‘»“≈ °√√¡°“√µ√«® Õ∫

∫√‘…∑— ‰¥â·µàßµ—ßÈ π“¬‚Õ¿“ »√’æ¬—§¶å „Àâ¥”√ßµ”·Àπàß °√√¡°“√∫√‘À“√ ·≈–°√√¡°“√ºŸ®â ¥— °“√ ‚¥¬¡’º≈µ—ßÈ ·µà«—π∑’Ë 25 ‡¡…“¬π 2549 ‡ªìπµâπ‰ª ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

The Company opened a total of 4 new condominium projects, details of which are as follows: No.

Project

1 2 3 4

Lumpini Place Phahon-Saphankwai Lumpini Place Ratchada-Thapra Lumpini Ville Ramkhamhaeng 44 Lumpini Place Pinklao Phase 2 Total

Project Value Number (Mil ion Baht) of Units 2,200 1,093 1,600 929 1,200 827 1,200 651 6,200 3,500

Project Period January 2006 - October 2007 April 2006 - March 2008 July 2006 - February 2008 September 2006 - March 2008

The Company was ranked by the Thai Institution of Director Association as a company with level 4 performances that had performed according to standards of good corporate governance focusing on disclosure and transparency of information to investors, shareholders and the general public, with an average of 80-89 points from a total of 100 points. This year is the fourth year that the Company has been selected for good performance with good governance, guaranteeing by National Corporate Governance Committee as a listed company in the Stock Exchange of Thailand with a status of çvery goodé

The Company received a certificate from Ms.Phatreeya Benjaphonchai, Director and Manager of the Stock Exchange of Thailand on the occasion that the Company was 1 of 3 companies that was selected to win the SET Awards 2006 for Best Performance in Property & Construction which came from the desire for sustainable growth and continuous value for shareholders. The award was given based on financial status and performance excellence as well as policies concerning disclosure of information specified by the Stock Exchange of Thailand and stock liquidity.

The Annual General Meeting of Shareholders in 2006 held on April 25, 2006 passed a resolution to reduce capital from 1,486,706,550 Baht to 1,475,698,768 Baht by deleting ordinary shares remaining from the reserve held for exercising warrants rights with 11,007,782 shares at 1 Baht per share and approved amendment of Article 4 of the Memorandum of Association of the Company to reflect the capital decrease.

The Company appointed Mr.Tikhamporn Plengsrisuk as Chief Executive Officer in place of Mr.Tawechai Chitasaranachai who resigned effective as of January 1, 2006.

The Company appointed Professor Siri Keiwalinsrit and Mr.Tawechai Chitasaranachai as Vice Chairman effective as of April 25, 2006.

The Company appointed Mr.Amornsuk Noparumpa and Mr.Weerasak Wahawisal as Audit Committee in place of Professor Siri Keiwalinsrit and Mr.Vudhiphol Suriyabhivadh who resigned, effective as of April 25, 2006 who had a term until April 30, 2008, leaving the new audit committee with 3 persons as follows: 1. Mr.Amornsuk Noparumpa Chairman of Audit Committee 2. Mr.Thep Roongtanapirom Audit Committee 3. Mr.Weerasak Wahawisal Audit Committee

The Company appointed Mr.Opas Sriyapak in the position Director and Managing Director effective as of April 25, 2006 onwards. ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

√ÿª¿“«–∏ÿ√°‘® Summary of Business

¿“æ°“√·¢àß¢—π¿“¬„πÕÿµ “À°√√¡ „πªï 2549 ºŸâª√–°Õ∫°“√À≈“¬√“¬‰¥âÀ—π¡“æ—≤π“Õ“§“√™ÿ¥æ—°Õ“»—¬∑’Ë‡®“–µ≈“¥√–¥—∫°≈“ß¡“°¢÷Èπ ∑”„ÀâÕÿª∑“π¢ÕßÕ“§“√ ™ÿ¥„πªï 2549 ¢¬—∫µ—« Ÿß¢÷Èπ‡ªìπ 52% ‡¡◊ËÕ‡∑’¬∫°—∫ªï 2548 ´÷Ëß¡’ —¥ à«π‡æ’¬ß 29% ®“°µ≈“¥√«¡¢Õß¿“§Õ —ßÀ“√‘¡∑√—æ¬å∑—ÈßÀ¡¥ ∑—Èßπ’È ‡π◊ËÕß¡“®“°ºŸâ∫√‘ ‚¿§„Àâ°“√¬Õ¡√—∫µàÕ°“√Õ¬ŸàÕ“»—¬„π§Õπ‚¥¡‘‡π’¬¡¡“°¢÷Èπ ª√–°Õ∫°—∫√“§“πÈ”¡—π∑’Ëª√—∫µ—« Ÿß¢÷Èπ ∑”„Àâ§à“„™â®à“¬„π °“√‡¥‘π∑“ßª√—∫µ—« Ÿß¢÷Èπ‡™àπ°—π ¥—ßπ—ÈπÕ“§“√™ÿ¥æ—°Õ“»—¬√–¥—∫°≈“ß„π∑”‡≈∑’Ë‡°“–µ“¡·π«√∂‰øøÑ“À√◊Õ·«¥≈âÕ¡¥â«¬°“√§¡π“§¡∑’Ë –¥«° ∫“¬ ®÷ßµÕ∫√—∫°—∫··π«∑“ß·≈–æƒµ‘°√√√¡°“√¥”‡π‘π™’«‘µ¢Õß§π‡¡◊Õß ∑”„Àâ‰¥â√—∫§«“¡π‘¬¡‡ªìπÕ¬à“ß¡“°„πªï 2549 ´÷ßË ∑”‡≈∑’¡Ë °’ “√æ—≤π“‚§√ß°“√®”π«π¡“°®–Õ¬Ÿà„π∫√‘‡«≥∂ππ ¢ÿ ¡ÿ «‘∑ (20 ‚§√ß°“√ 7,387 ¬Ÿπµ‘ ) √Õß≈ß¡“§◊Õ ‚´π≈“¥æ√â“« (9 ‚§√ß°“√ 2,378 ¬Ÿπ‘µ) µ“¡¥â«¬∫√‘‡«≥√—™¥“¿‘‡…° (8 ‚§√ß°“√ 3,035 ¬Ÿπ‘µ) ·≈–æÀ≈‚¬∏‘π (4 ‚§√ß°“√ 1,561 ¬Ÿπ‘µ) µ“√“ß‡ª√’¬∫‡∑’¬∫°“√‡ªî¥µ—«‚§√ß°“√æ—°Õ“»—¬√–À«à“ßªï 2547 - 2549 ª√–‡¿∑ ªï 2549 ªï 2548 ∫â“π‡¥’Ë¬« 18% 31% §Õπ‚¥¡‘‡π’¬¡ 52% 29% ∑“«πå‡Œ“ å 23% 29% Õ◊ËπÊ 7% 11% (∑’Ë¡“ : AREA, ΩÉ“¬«‘®—¬·≈–æ—≤π“ ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π))

ªï 2547 40% 23% 29% 8

„πªï 2548 ¡’°“√‡ªî¥µ—«‚§√ß°“√Õ“§“√™ÿ¥æ—°Õ“»—¬√«¡ª√–¡“≥ 16,000 Àπà«¬ ‚¥¬·∫àß‡ªìπ°“√‡ªî¥µ—«§Õπ‚¥¡‘‡π’¬¡‡°√¥ A ´÷Ëß¡’√“§“¢“¬‡©≈’Ë¬µàÕµ“√“ß‡¡µ√ Ÿß°«à“ 50,000 ∫“∑ ®”π«π ª√–¡“≥ 23% ®“°µ≈“¥Õ“§“√™ÿ¥æ—°Õ“»—¬‚¥¬√«¡ à«πÕ“§“√™ÿ¥ æ—°Õ“»—¬‡°√¥ B ´÷Ëß¡’√“§“¢“¬‡©≈’Ë¬µàÕµ“√“ß‡¡µ√ª√–¡“≥ 30,000-50,000 ∫“∑ ®–¡’®”π«πª√–¡“≥ 72% ·≈–Õ“§“√™ÿ¥æ—°Õ“»—¬ ‡°√¥ C ´÷Ëß¡’√“§“¢“¬‡©≈’Ë¬µàÕµ“√“ß‡¡µ√µË”°«à“ 30,000 ∫“∑ ¡’®”π«πª√–¡“≥ 5% „π¢≥–∑’Ë ªï 2549 ¡’°“√‡ªî¥µ—«Õ“§“√™ÿ¥ æ—°Õ“»—¬‚¥¬√«¡ª√–¡“≥ 29,961 Àπà«¬ ´÷Ëß¡’Õ—µ√“°“√‡µ‘∫‚µ®“°ªï 2548 §‘¥‡ªìπ 88 % ‚¥¬Õ“§“√™ÿ¥æ—°Õ“»—¬‡°√¥ A ¡’ª√‘¡“≥ °“√‡ªî¥µ—«∑’Ë‡æ‘Ë¡¢÷Èπ‡≈Á°πâÕ¬ ‚¥¬¡’ —¥ à«π 30% ¢Õßµ≈“¥Õ“§“√™ÿ¥æ—°Õ“»—¬‚¥¬√«¡ ”À√—∫Õ“§“√™ÿ¥æ—°Õ“»—¬‡°√¥ B ¡’ —¥ à«π∂÷ß 60% ¢Õßµ≈“¥ ‚¥¬√“§“¢“¬∑’Ëµ≈“¥„Àâ§«“¡ π„®·≈–µÕ∫√—∫¡“°∑’Ë ÿ¥Õ¬Ÿà∑’Ë 1-2 ≈â“π∫“∑µàÕÀπà«¬ ‚¥¬‡≈◊Õ°∑”‡≈„π°“√æ—≤π“∑’Ë ‡°“–µ‘¥°—∫·π«√–∫∫¢π àß¡«≈™π∑—Èß„πªí®®ÿ∫—π·≈–Õπ“§µ‡ªìπÀ≈—° ‡™àπ ÿ¢ÿ¡«‘∑ ≈“¥æ√â“« ·≈–√—™¥“¿‘‡…° ‡ªìπµâπ à«πÕ“§“√™ÿ¥ æ—°Õ“»—¬‡°√¥ C ¡’ —¥ à«πÕ¬Ÿà∑’Ë 10% µ“√“ß‡ª√’¬∫‡∑’¬∫°“√‡ªî¥µ—«‚§√ß°“√Õ“§“√™ÿ¥æ—°Õ“»—¬√–À«à“ßªï 2547- 2549 ªï 2549 ª√–‡¿∑ ‡°√¥ A 30% ‡°√¥ B 60% ‡°√¥ C 10% (∑’Ë¡“ : ΩÉ“¬«‘®—¬·≈–æ—≤π“ ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π))

ªï 2548 23% 72% 5%

ªï 2547 60% 34% 6%

®”π«π§Ÿà·¢àß‚¥¬ª√–¡“≥¢π“¥¢Õß∫√‘…—∑‡¡◊ËÕ‡∑’¬∫°—∫§Ÿà·¢àß ®“°¢âÕ¡Ÿ≈≈à“ ÿ¥„π‡¥◊Õπ∏—π«“§¡ 2549 ∑’ËΩÉ“¬«‘®—¬·≈–æ—≤π“¢Õß∫√‘…—∑‰¥â∑”°“√√«∫√«¡ ¡’ºŸâª√–°Õ∫°“√∑’ËÕ¬Ÿ„à πµ≈“¥Õ“§“√ ™ÿ¥æ—°Õ“»—¬∑—Èß ‘Èπ®”π«π 46 √“¬ ‚¥¬¡’ ‚§√ß°“√∑’Ë‡ªî¥µ—«∑—ÈßÀ¡¥®”π«π 75 ‚§√ß°“√ ª√–¡“≥ 29,961 Àπà«¬ ‚¥¬Õ“§“√™ÿ¥ æ—°Õ“»—¬‡°√¥ A ¡’ºŸâª√–°Õ∫°“√∑—ÈßÀ¡¥ 22 √“¬ ®”π«πÀπà«¬∑’Ëæ—≤π“∑—ÈßÀ¡¥ª√–¡“≥ 8,850 Àπà«¬ Õ“§“√™ÿ¥æ—°Õ“»—¬‡°√¥ B ¡’ ºŸâª√–°Õ∫°“√∑—ÈßÀ¡¥ 26 √“¬ ®”π«πÀπà«¬∑’Ëæ—≤π“∑—ÈßÀ¡¥ª√–¡“≥ 18,116 Àπà«¬ à«πÕ“§“√™ÿ¥æ—°Õ“»—¬‡°√¥ C ¡’ºŸâª√–°Õ∫°“√ ∑—ÈßÀ¡¥ 2 √“¬ ®”π«πÀπà«¬∑’Ëæ—≤π“∑—ÈßÀ¡¥ª√–¡“≥ 2,995 Àπà«¬ ‚¥¬ºŸâª√–°Õ∫°“√∑’Ë§√Õß à«π·∫àßµ≈“¥ Ÿß ÿ¥ ‰¥â·°à ∫√‘…—∑ ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) (LPN) ´÷Ëß§√Õß à«π·∫àßµ≈“¥ Ÿß ÿ¥Õ¬Ÿàª√–¡“≥ 12% ¢Õß‚§√ß°“√∑’Ë‡ªî¥µ—«„À¡à„π ªï 2549 ´÷Ëß∫√‘…—∑ª√– ∫§«“¡ ”‡√Á®„π¥â“π°“√¢“¬‡ªìπÕ¬à“ß¥’ ‚¥¬‡©æ“–‚§√ß°“√≈ÿ¡æ‘π’ ‡æ≈ æÀ≈- –æ“π§«“¬ ·≈–≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈â“ ‡ø 2 ´÷Ëß‡ªìπ‚§√ß°“√∑’Ë¢¬“¬∞“π°“√æ—≤π“¡“®“°‚§√ß°“√≈ÿ¡æ‘π’ «‘≈≈å æÀ≈- –æ“π§«“¬ ·≈–≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈â“ ∑’Ëª√– ∫§«“¡ ”‡√Á®Õ¬à“ß Ÿß ´÷Ëß∫√‘…—∑ “¡“√∂ªî¥°“√¢“¬ÀâÕß™ÿ¥∑—ÈßÀ¡¥‰¥â¿“¬„π‡«≈“Õ—π√«¥‡√Á« ·ºπ¿Ÿ¡‘· ¥ß à«π·∫àßµ≈“¥°“√‡ªî¥µ—«‚§√ß°“√¢ÕßºŸâª√–°Õ∫°“√ 5 Õ—π¥—∫·√° ≥ ‡¥◊Õπ∏—π«“§¡ 2549 20% à«π·∫àß°“√µ≈“¥

15% LPN 10%

Nirun

Areeya

Regent

PF Supalai Narai

LH Noble Plus Supalai Tararom

√“§“¢“¬ ∫./µ√.¡. < 30,000 30,000-50,000 > 50,000 ºŸâª√–°Õ∫°“√ 2 √“¬ ºŸâª√–°Õ∫°“√ 26 √“¬ ºŸâª√–°Õ∫°“√ 22 √“¬ 2,995 ¬Ÿπ‘µ 18,115 ¬Ÿπ‘µ 8,850 ¬Ÿπ‘µ

(∑’Ë¡“ : °√¡∑’Ë¥‘π √«∫√«¡‚¥¬ ΩÉ“¬«‘®—¬·≈–æ—≤π“ ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)) ‡°√¥ C 13%

‡°√¥ A 24%

‡°√¥ B 63%

µ“√“ß· ¥ß°“√®¥∑–‡∫’¬πÕ“§“√™ÿ¥

®”π«π¬Ÿπ‘µ∑’Ë®¥∑–‡∫’¬π„π°√ÿß‡∑æ (¬Ÿπ‘µ) LPN ·≈–∫√‘…—∑„π‡§√◊Õ (¬Ÿπ‘µ) à«π·∫àß°“√µ≈“¥ LPN ·≈–∫√‘…—∑„π‡§√◊Õ

ªï∑’Ë®¥∑–‡∫’’¬πÕ“§“√™ÿ¥ 2547 2548 6,885 10,202 1,229 2,946 18% 30%

2546 4,676 1,758 38%

À¡“¬‡Àµÿ : ‰¡à√«¡°“√‡§À–·Ààß™“µ‘ (∑’Ë¡“ : °√¡∑’Ë¥‘π √«∫√«¡‚¥¬ ΩÉ“¬«‘®—¬·≈–æ—≤π“ ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)) ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

2549 14,057 4,293 31%

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L.P.N. Development Public Company Limited

In 2006, many developers increasingly turned their attention to the development of the middle to upper price range condominium market, causing the supply for condominiums in 2006 to increase by 52% when compared with 2005, when condominiums only accounted for 29% of the overall real estate market. This was mainly due to consumers becoming increasingly accepted to the idea of living in condominiums, coupled with an increase in gasoline prices, which have added to commuting costs. As a result, mid-priced condominiums located along sky train routes or surrounded by convenient modes of transportation have been able to meet the lifestyle needs of urban residents and resulted in the increased popularity of condominium in 2006. The locations that saw the most development of condominium projects were the areas around Sukhumvit (20 projects with 7,387 units), followed in second place by the Latphrao area (9 projects with 2,378 units) followed by the Ratchadapisek area (8 projects with 3,035 units) and the Paholyothin area (4 projects with 1,561 units). Table showing a comparison of residential projects that opened between 2004-2006 Type 2006 2005 Single detached house 18% 31% Condominium 52% 29% Townhouse 23% 29% Others 7% 11% (Source : AREA, Research and Development Department, L.P.N. Development PCL)

2004 40% 23% 29% 8

In 2005, approximately 16,000 condominium units were unveiled. Grade A condominiums with an average price of more than 50,000 Baht per square meter accounted for approximately 23% of the overall condominium market. Grade B condominiums with an average price of approximately 30,000-50,000 Baht per square meter accounted for approximately 72% of the overall market and Grade C condominiums with an average price of less than 30,000 Baht per square meter accounted for approximately 5% of the overall market. In 2006, approximately 29,961 condominium units were unveiled, a growth of 88% from 2005. The number of grade A condominium units that opened was slightly higher, accounting for approximately 30% of the overall condominium market. Grade B condominiums accounted for up to 60% of the market. The sale price that the market was most responsive to was the 1-2 million Baht per unit range, with the projects mainly being developed in areas located near current or future public transportation hubs such as Sukhumvit, Latphrao, and Ratchadapisek. Grade C residential condominiums accounted for 10% of the market. Table showing condominiums that opened between 2004 and 2006 Type 2006 Grade A 30% Grade B 60% Grade C 10% (Source : Research and Development Department, L.P.N. Development PCL)

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2005 23% 72% 5%

L.P.N. Development Public Company Limited

2004 60% 34% 6%

Number of Competitors by Company Size Estimation Compared to Competitors The latest data available in December 2006, which the Companyûs Research and Development Department obtained from a total of 46 developers operating in the condominium market, showed that a total of 75 new projects had been unveiled in 2006 with approximately 29,961 units. A total of 22 operators were developing Grade A condominiums with approximately 8,500 units being developed. A total of 26 developers were developing grade B condominiums with approximately 18,116 units being developed. There were 2 entities developing grade C condominiums with approximately 2,995 units being developed. The developer that held the highest market share was L.P.N. Development PCL (çLPNé) with approximately a 12% market share from new projects that were unveiled in 2006. The Company has been very successful in its sales, especial y the Lumpini Place Phahon-Saphankwai and Lumpini Place Pinklao Phase 2, which expanded development from the Lumpini Vil e Phahon-Saphankwai project and Lumpini Place Pinklao which met with great success, with the company able to close the sale of all of its units in a short period of time. Graph showing the market share of projects that were unveiled by the Top Five developers as of December 2006 20% Market Share

15% LPN 10%

Nirun

Areeya

Regent

PF Supalai Narai

LH Noble Plus Supalai Tararom

Selling Price Bht/Sq.M. < 30,000 30,000-50,000 > 50,000 2 developers 2,995 units

26 developers 18,115 units

Grade C 13%

Grade A 24%

Grade B 63%

22 developers 8,850 units

(Source : Research and Development Department, L.P.N. Development PCL) Table showing registration of condominiums 2003 Units registered in Bangkok (Units) 4,676 LPN and affiliated companies (Units) 1,758 Market share of LPN and affiliated companies 38% Note : The National Housing Authority not included

Year of Condominium Registration 2004 2005 6,885 10,202 1,229 2,946 18% 30%

2006 14,057 4,293 31%

(Source: Department of Land. Compiled by the Research and Development Department, L.P.N. Development PCL) ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

The Research and Development Department of the Company compiled data for condominiums in 2006 showing the registration of 14,057 units. The Company had the highest market share of 31% or 4,293 units. If this data is distributed according to location and classified based on public administrative zones in Bangkok, the highest number of condominiums, 64% or 9,007 units were registered in the central zone. Next highest was the eastern zone, which had 20% or 2,888 units registered. The northern zone had 1,383 condominium units registered or 10% of the overall market. The western zone had 779 units registered or 6% of the overall market. There were no condominiums registered in the southern zone. Therefore, it can be seen that the central zone and eastern zone have been the primary locations for development of condominiums. Summary of the Real Estate Industry in 2006 In 2006, the real estate sector generally expanded from 2005. The forecast for the number of new residences registered in 2006 is approximately 75,000 units or approximately a 5% increase from 2005, with the figures for new projects to open this year expected to increase from 2005 as well. Most participants in the market are turning towards the development of mid-range projects, especially city-condominiums. The price of residences has also increased slightly by 0.5% due to developers employing a strategy of reducing the size of the residence, while controlling investment costs in order to keep prices from increasing. This should meet the requirements of consumers that have reduced spending power due to gasoline prices, higher interest rates and inflation. Single detached houses that were built this year had an average price of approximately 2-5 million Baht. Condominiums had an average price of approximately 1-2 million Baht. Consumers who considered purchasing residences in this range mainly considered location, proximity to public transportation and sale price as the main factors influencing their decision. The layout and facilities provided by the project were secondary factors that were considered in making the decision to purchase. Real Estate Market Trends in 2007 In 2007, economic indicators are positive. Interest rates and gasoline prices are likely to decrease, along with inflation, causing demand to increase higher than last year. However, demand is likely to be focused on the mid to lower mid -price ranges. Developers are likely to focus on development of condominiums for consumers with mid range income, especially projects located along public transportation lines. This is expected to cause competition to be intense, especially in the mid-range condominium market with average prices of approximately 30,000-40,000 Baht per square meter or beginning of 1 million Baht per unit. Therefore, developers who intend to enter this market will be required to have expertise in developing projects while controlling investment costs, construction quality, handover time and efficiency in management for the condominium project to gain a good reputation with consumers, as well as gain reliability for the developer. As a result, it will not be easy for new developers to enter the market. With high competition in this range of condominiums, finding new markets (Blue Ocean) will be an important strategy for property developers this year. The Companyûs Research and Development Department forecasts that the number of new condominiums registered in Bangkok wil be approximately 20,000 units, an increase of approximately 40% from 2006, with approximately 7,000 grade A units or 35%, approximately 12,000 grade B units or 60%, and approximately 1,000 grade C units or 5%.

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L.P.N. Development Public Company Limited

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L.P.N. Development Public Company Limited

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L.P.N. Development Public Company Limited

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

L.P.N. Development Public Company Limited

°“√ª√–™ÿ¡¢Õß§≥–°√√¡°“√ „πªï 2549 ∑’Ëºà“π¡“ ¡’°“√ª√–™ÿ¡¥—ßπ’È ● §≥–°√√¡°“√∫√‘…—∑¡’°“√ª√–™ÿ¡µ“¡«“√–ª°µ‘ ®”π«π 6 §√—Èß ● §≥–°√√¡°“√∫√‘À“√¡’°“√ª√–™ÿ¡µ“¡«“√–ª°µ‘ ®”π«π 23 §√—Èß ● §≥–°√√¡°“√µ√«® Õ∫¡’°“√ª√–™ÿ¡ ®”π«π 4 §√—Èß ● §≥–Õπÿ°√√¡°“√æ‘®“√≥“§à“µÕ∫·∑π¡’°“√ª√–™ÿ¡ ®”π«π 1 §√—Èß ‚¥¬°“√‡¢â“√à«¡ª√–™ÿ¡¢Õß§≥–°√√¡°“√·µà≈–∑à“π √ÿª‰¥â¥—ßπ’’È ®”π«π§√—Èß¢Õß°“√‡¢â“√à«¡ª√–™ÿ¡¢Õß§≥–°√√¡°“√·µà≈–§≥– ªï 2549 ®”π«π§√—Èß∑’Ë‡¢â“√à«¡ª√–™ÿ¡®“°®”π«π√«¡ √“¬™◊ËÕ

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L.P.N. Development Public Company Limited

§à“µÕ∫·∑π¢Õß§≥–°√√¡°“√ ·≈–ºŸâ∫√‘À“√ 1. §à“µÕ∫·∑π∑’Ë‡ªìπµ—«‡ß‘π 1.1 °√√¡°“√∫√‘…—∑ ®–‰¥â√—∫‡∫’È¬ª√–™ÿ¡ª√–®”‡¥◊Õπ∑ÿ°‡¥◊Õπ „πªï 2549 ∫√‘…—∑¡’°√√¡°“√∫√‘…—∑√«¡ 14 ∑à“π ‚¥¬‰¥â√—∫ ‡∫’È¬ª√–™ÿ¡ 9 ∑à“π (°√√¡°“√∫√‘…—∑∑’Ë¥”√ßµ”·Àπàß°√√¡°“√∫√‘À“√ ®”π«π 5 ∑à“π®–‰¡à‰¥â√—∫‡∫’È¬ª√–™ÿ¡ª√–®”‡¥◊Õπ) ”À√—∫Õπÿ°√√¡°“√∑’Ë‰¥â√—∫°“√·µàßµ—Èß‡ªìπ°“√∂“«√ ‡™àπ §≥–°√√¡°“√µ√«® Õ∫ ®–‰¥â√—∫§à“µÕ∫·∑πµà“ßÀ“°‡ªìπ ‡∫’È¬ª√–™ÿ¡Õ’° à«πÀπ÷Ëß µ“¡√“¬≈–‡Õ’¬¥¥—ßπ’È √«¡ ™◊ËÕ§≥–°√√¡°“√ / µ”·Àπàß * §à“µÕ∫·∑π ∫”‡ÀπÁ®ª√–®”ªï 2549 (∫“∑/ªï) (∫“∑) (∫“∑) 1. π“¬ª°√≥å ∑«’ ‘π ª√–∏“π°√√¡°“√ 800,000 227,500 1,252,500 2. »“ µ√“®“√¬å»‘√‘ ‡°«≈‘π ƒ…¥‘Ï √Õßª√–∏“π°√√¡°“√ 340,000 270,000 610,000 3. π“¬∑«’™—¬ ®‘µµ √≥™—¬ √Õßª√–∏“π°√√¡°“√ 220,000 90,000 220,000 4. π“¬Õ¡√»—°¥‘Ï πæ√—¡¿“ ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ / °√√¡°“√ 585,000 20,000 605,000 5. π“¬‡∑æ √ÿàß∏π“¿‘√¡¬å °√√¡°“√µ√«® Õ∫ / °√√¡°“√ 520,000 240,000 760,000 6. π“¬«’√–»—°¥‘Ï «À“«‘»“≈ °√√¡°“√µ√«® Õ∫ / °√√¡°“√ 360,000 360,000 7. π“¬«ÿ≤‘æ≈ ÿ√‘¬“¿‘«—≤πå °√√¡°“√ 320,000 240,000 560,000 8. π“¬∏’√™—¬ ªí≠®∑√—æ¬å °√√¡°“√ 220,000 90,000 310,000 9. π“ß®ß®‘µµå ∞ªπ“ß°Ÿ√ °√√¡°“√ 220,000 90,000 310,000 √«¡ 3,585,000 1,267,500 4,852,500 À¡“¬‡Àµÿ * - »“ µ√“®“√¬å»‘√‘ ‡°«≈‘π ƒ…¥‘Ï ¢Õ≈“ÕÕ°®“°µ”·Àπàßª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ µ“¡∑’Ë¥”√ßµ”·Àπàß §√∫ 2 «“√–µàÕ‡π◊ÕË ß ·≈–‰¥â√∫— °“√·µàßµ—ßÈ „Àâ¥”√ßµ”·Àπàß√Õßª√–∏“π°√√¡°“√ ‚¥¬¡’º≈µ—ßÈ ·µà«π— ∑’Ë 25 ‡¡…“¬π 2549 - ·µàßµ—Èßπ“¬∑«’™—¬ ®‘µµ √≥™—¬ „Àâ¥”√ßµ”·Àπàß√Õßª√–∏“π°√√¡°“√ ‚¥¬¡’º≈µ—Èß·µà«—π∑’Ë 25 ‡¡…“¬π 2549 - ·µàßµ—Èßπ“¬Õ¡√»—°¥‘Ï πæ√—¡¿“ „Àâ¥”√ßµ”·Àπàßª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ ‚¥¬¡’º≈µ—Èß·µà«—π∑’Ë 25 ‡¡…“¬π 2549 - π“¬«ÿ≤‘æ≈ ÿ√‘¬“¿‘«—≤πå ¢Õ≈“ÕÕ°®“°µ”·Àπàß°√√¡°“√µ√«® Õ∫µ“¡∑’Ë¥”√ßµ”·Àπàß§√∫ 2 «“√–µàÕ‡π◊ËÕß ·≈–‰¥â√—∫°“√·µàßµ—Èß„Àâ¥”√ßµ”·Àπàß°√√¡°“√∫√‘…—∑ ‚¥¬¡’º≈µ—Èß·µà«—π∑’Ë 25 ‡¡…“¬π 2549 - ∑’Ëª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2549 ¡’¡µ‘·µàßµ—Èßπ“¬«’√–»—°¥‘Ï «À“«‘»“≈ „Àâ¥”√ßµ”·Àπàß°√√¡°“√ ·≈– ¥”√ßµ”·Àπàß°√√¡°“√µ√«® Õ∫·∑ππ“¬«ÿ≤‘æ≈ ÿ√‘¬“¿‘«—≤πå ∑’Ë¢Õ≈“ÕÕ° ‚¥¬¡’º≈µ—Èß·µà«—π∑’Ë 25 ‡¡…“¬π 2549

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

L.P.N. Development Public Company Limited

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L.P.N. Development Public Company Limited

Structure of the Directors of the Company is comprised of 4 groups of directors namely, the Board of Directors of the Company, the Executive Directors, the Audit Committee and the Remuneration Committee, with details as follows: Board of Directors The Board of Directors of the Company is comprised of 14 directors as follows: 1. Mr.Pakorn Thavisin Chairman and Independent Director 2. Professor Siri Keiwalinsrit Vice Chairman and Independent Director 3. Mr.Tawechai Chitasaranachai Vice Chairman 4. Mr.Amornsuk Noparumpa Director and Independent Director 5. Mr.Thep Roongtanapirom Director and Independent Director 6. Mr.Weerasak Wahawisal Director and Independent Director 7. Mr.Vudhiphol Suriyabhivadh Director and Independent Director 8. Mr.Tirachai Panchasarp Director 9. Ms.Jongjit Thapanangkun Director 10. Mr.Tikhamporn Plengsrisuk Director 11. Mr.Pichet Supakijjanusan Director 12. Ms.Yupa Techakraisri Director 13. Mr.Kumpee Chongthurakit Director 14. Mr.Opas Sripayak Director Ms.Somsri Techakraisri is the secretary to the Board of Directors of the Company The Duties and Responsibilities of the Board of Directors The Board of Directors of the Company has the authority and duty to manage the Company according to the Companyûs objectives and articles of association, as well as the resolutions of the shareholders meetings. The Board also has the duty to establish the important business policies of the Company and control the operation of the Company through Executive Directors that are appointed, as well as to screen the issues that are to be presented to the shareholders meeting for consideration. Appointment of the Board of Directors At each Annual General Meeting of Shareholders of the Company, one out of three of the directors shall retire by rotation. The Shareholdersû Meeting will consider and approve the election of directors in replacement for those who are due to retire by rotation. Directors are eligible for reelection. . In voting for directors, shareholders have one vote per share and each shareholder must exercise all of his rights to vote for a director or directors to be elected and are not entitled to cast their votes separately to vote for more than one candidate. The candidate who receives the most votes respectively will be appointed as a director according to the number of directors required. In the event that more than one candidate receives equal votes and the number of directors required has been fulfilled, the chairman of the meeting will have a casting vote.

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L.P.N. Development Public Company Limited

The Audit Committee The Audit Committee is comprised of 3 senior persons as follows: 1. Mr.Amornsuk Noparumpa Chairman of Audit Committee 2. Mr.Thep Roongtanapirom Audit Committee 3. Mr.Weerasak Wahawisal Audit Committee Ms.Paverisa Vasithtrakul Secretary to the audit committee The Duties and Responsibilities of the Audit Committee 1. To ensure that the Company provides financial reports that are accurate and are adequately disclosed. 2. To ensure that the Company implements internal controls and internal audits appropriately and efficiently. 3. To ensure that the Company complies with laws relating to securities and exchange or laws related to the business of the Company. 4. To consider and appoint the auditor of the Company as well as to consider the auditorûs remuneration for shareholderûs approval. 5. To consider the disclosure of Company information in the event of connected transactions or transactions that may give rise to a conflict of interest to ensure accuracy and completeness. 6. To perform other duties as delegated by the Board of Directors of the Company and as the Audit Committee deems fit. 7. To prepare a report on the Audit Committeeûs performance to be included in the annual report of the Company. Appointment of the Audit Committee The Audit Committee has a term of 2 years, with a new committee elected every 2 years by the Board of Directors. The current audit committeeûs term is from February 1, 2006 until April 30, 2008 according to the resolution of the Board of Directors meeting no. 7/2548 held on December 22, 2005 Executive Directors The Company has 5 Executive Directors as follows: 1. Mr.Tikhamporn Plengsrisuk Chief Executive Officer and Executive Chairman 2. Mr.Pichet Supakijjanusan Executive Director 3. Ms.Yupa Techakraisri Executive Director 4. Mr.Kumpee Chongthurakit Executive Director 5. Mr.Opas Sripayak Executive Director Duties and Responsibilities of the Executive Directors The Executive Directors have the authority and duty to oversee the management and operation of the Company and are responsible for the day to day operation of the Company, authorized to exercise the authority delegated to them by the Board of Directors of the Company in order to carry out the business and develop projects and related affairs. The Executive Directors also manage the use of the budget that has been ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

approved by the Board of Directors, enter into juristic acts that bind the Company, comply with the articles of association of the Company and comply with the policy set forth by the Board of Directors and the shareholders as well as screen issues that management has proposed that are outside the scope of authority of the Executive Directors for further proposal to the Board of Directors for consideration. The Executive Directors also have the authority to manage the affairs of the Company according to the Companyûs business plan and budget that has been approved. In the event an investment in a project is not in the Companyûs business plan that has been approved, the Executive Directors can approve investments not exceeding 10 million Baht, provided that the investment is submitted to the board for approval afterwards. Appointment of the Executive Directors The Executive Directors are appointed by the Board of Directors of the Company based on ability, professionalism in various fields and business aptitude, and comprise some the original founders who have skills and expertise in the real estate development business and persons who are professionals and experts in specific fields that the Board of Directors deem can supplement the management and who have vision to develop the Company. Considering appointment of an Executive Directors from persons outside the company is the duty of the Executive Directors and is based on seniority, experience and ability to fit in with the organization and corporate culture. Once the requirements are met and approved by the Executive Directors, they are proposed to the Board of Directors for further approval. In the event any of the Executive Directors wish to resign, they have to submit written notice to the Board of Directors of the Company at least three months in advance and summarize their responsibilities in order to assign the duties and in order to ensure that there will not be any interruptions from the transition of management. Remuneration Sub-Committee In 2006, a Remuneration Sub-Committee was established by the Companyûs Board of Directors Meeting no. 5/2549 on November 10, 2006 in order to consider remuneration for the Board of Directors, executives and employees of the organization. The Remuneration Sub-Committee is comprised of 4 persons as follows: 1. Mr.Amornsuk Noparumpa Chairman of a Remuneration Sub-Committee and Chairman of Audit Committee 2. Mr.Thep Roongtanapirom Independent Director and Audit Committee 3. Mr.Weerasak Wahawisal Independent Director and Audit Committee 4. Mr.Vudhiphol Suriyabhivadh Independent Director The Duties and Responsibilities of the Remuneration Sub-Committee The Remuneration Sub-Committee has been assigned to consider compensation, meeting allowances, and other remuneration of the Board of Directors, the Executive Directors and the employees of the Company with fairness to the shareholders, stakeholders and employees, based on the standards of the industry, cost of living and value of work based on duties delegated.

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L.P.N. Development Public Company Limited

Basis for Selection of Independent Directors The Board of Directors selects persons eligible to act as independent directors of the Company based on seniority, social status, connections and absence of business conflict and proposes candidates to the Board of Directors for consideration, with the following basis for evaluation: 1. The candidate is a senior person who is widely accepted in society and in business acumen. 2. The candidate does not have any history that may affect his/her reputation, has no involvement with court cases, disputes or legal or moral crimes. 3. The candidate is independent. 4. The candidate has no involvement in management, is not an employee, staff member, consultant receiving a fixed salary, auditor, attorney, or person authorized to control the Company or its subsidiaries or joint venture companies, or a person who may have any conflict, or a person who has a vested benefit or interest. 5. The candidate has no business relationship, no vested interest whether directly or indirectly, either financially or in terms of management, in the Company, its subsidiaries or joint venture companies, or a person who may have a conflict of interest which may lead to loss of independence. 6. The candidate is not a close relative of an executive, majority shareholder of the Company, its subsidiaries or joint venture company, or a person who may have a conflict of interest and has not been appointed to protect the interests of a director or majority shareholder. Board of Directors Meetings in 2006 were held as follows: ● The Board of Directors of the Company held 6 ordinary meetings ● The Executive Committee held 23 ordinary meetings ● The Audit Committee held 4 meetings ● The Remuneration Sub-Committee held 1 meeting The meetings attended by each director can be summarized as follows: The number of meetings attended by the Board of Directors in 2006 Name 1. Mr.Pakorn 2. Professor Siri 3. Mr.Tawechai 4. Mr.Amornsuk 5. Mr.Thep 6. Mr.Weerasak 7. Mr.Vudhiphol 8. Mr.Tirachai 9. Ms.Jongjit 10. Mr.Tikhamporn 11. Ms.Yupa 12. Mr.Pichet 13. Mr.Kumpee 14. Mr.Opas

Number of Meetings attended Board of Executive Board Audit Remuneration Reason for Directors of Directors Committee Sub-Committee absence 6 meetings 23 meetings 4 meetings 1 meetings from meeting

Thavisin Keiwalinsrit Chitasaranachai Noparumpa Roongtanapirom Wahawisal Suriyaphivadh Panchasarp Thapanangkun Plengsrisuk Techakraisri Supakijjanusan Chongthurakit Sripayak

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6 6 6 6 6 6 5 6 6 6 6 6 6 6

23 23 23 23 23 71

4 4 3 1 -

L.P.N. Development Public Company Limited

1 1 1 1 -

On assignment

Selection of Directors The Executive Directors have the authority and responsibility to consider, select and screen persons who have the requisite qualifications for proposal to the directors meeting in order to compare qualifications and select the best candidate for the Board of Directors to propose to the shareholders meeting to be appointed for the position. In order to be appointed, a director must be approved by more than half of all the votes of the shareholders that attend the meeting and vote. Selection of executives from the managerial level upwards is made by the Managing Director and must be approved by the Executive Committee. Upon appointment as Director, the management holds an orientation for the new directors, which runs for no more than one day. At each annual general meeting of shareholders, one in three incumbent director must resign. If the number of directors cannot be divided by three, then the number closest to one in three must resign. The directors that resign in the first and second year after registration of the Company were drawn by lot. In following years, the directors that have held office for the longest term wil resign. Directors that resign are eligible for reelection. Remuneration of the Board of Directors and Executives 1. Monetary Remuneration 1.1 Directors of the Company receive a monthly meeting allowance. In 2006, the Company had 14 directors. Nine of the directors received the meeting allowance (five of the audit committee directors are not eligible to receive a meeting allowance). The permanent sub-committees, namely the Audit Committee, receive remuneration separate from the meeting allowance as follows: List of Directors/Position *

Remuneration Annual Pension (Baht/Year) 2007 (Baht) 1. Mr.Pakorn Thavisin Chairman 800,000 227,500 2. Professor Siri Keiwalinsrit Vice Chairman 340,000 270,000 3. Mr.Tawechai Chitasaranachai Vice Chairman 220,000 90,000 4. Mr.Amornsuk Noparumpa Chairman of Audit Committee/Director 585,000 20,000 5. Mr.Thep Roongtanapirom Audit Committee/Director 520,000 240,000 6. Mr.Weerasak Wahawisal Audit Committee/Director 360,000 7. Mr.Vudhiphol Suriyaphivadh Director 320,000 240,000 8. Mr.Tirachai Panchasarp Director 220,000 90,000 9. Ms.Jongjit Thapanangkun Director 220,000 90,000 TOTAL 3,585,000 1,267,500

Total (Baht) 1,252,500 610,000 220,000 605,000 760,000 360,000 560,000 310,000 310,000 4,852,500

Notes * - Professor Siri Keiwalinsrit submitted his resignation from the position of Chairman of the Audit Committee due to the expiry of two consecutive terms in office and was appointed as Deputy Chairman of the Board of Directors effective as of April 25, 2006. - Mr.Tawechai Chitasaranachai was appointed as Deputy Chairman of the Board of Directors effective as of April 25, 2006. - Mr.Amornsuk Noparumpa was appointed as Chairman of the Audit Committee effective as of April 25, 2006. - Mr.Vudhiphol Suriyabhivadh submitted his resignation from the position of audit director due to the expiry of two consecutive terms in office and was appointed as a director of the Company effective as of April 25, 2006. - The 2006 Annual General Meeting of Shareholders passed a resolution to appoint Mr.Weerasak Wahawisal as Director and Audit Committee in place of Mr.Vudhiphol Suriyabhivadh who resigned effective as of April 25, 2006. ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

1.2

Remuneration of the Executive Committee and Executives The Managing Director and Executives of the Company, being a total of 7 directors, were paid a total of 33,836,715 Baht comprised of their salary, bonus and provident fund contributions of the Executive Directors and the Executives of the Company.

Other Remuneration (Non-Monetary) The Company established a provident fund for employees with employees making voluntary contributions at the rate of 2-4% of their salary and with the Company making a contribution of 3-7% of the employeeûs salary, depending on the number of years of employment. Details Regarding the Management of L.P.N. Development PCL Information regarding the names, positions, education and experience for the past 5 years, as well as directorûs shareholding in the Company as of December 31, 2006 is as follows:

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L.P.N. Development Public Company Limited

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L.P.N. Development Public Company Limited

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L.P.N. Development Public Company Limited

11. π“ß¬ÿæ“ ‡µ™–‰°√»√’ * °√√¡°“√∫√‘À“√ °√√¡°“√

- Certificate English of Proficiency AUA Language Institute - Diamond Grading Gemological Institute of America - ª√‘≠≠“µ√’ §≥–‡»√…∞»“ µ√å ¡À“«‘∑¬“≈—¬√“¡§”·Àß - ª√‘≠≠“µ√’ «‘»«°√√¡»“ µ√å ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ - “¡—≠«‘»«°√ ‡≈¢∑–‡∫’¬π .¬.140 ”π—°ß“π §≥–°√√¡°“√§«∫§ÿ¡°“√ª√–°Õ∫«‘™“™’æ«‘»«°√√¡ - Certification of Completion of Directors Certification Program (DCP 23/2002) ®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ - ª√‘≠≠“µ√’ ‡»√…∞»“ µ√å ¡À“«‘∑¬“≈—¬√“¡§”·Àß - ª√–°“»π’¬∫—µ√™—Èπ Ÿß “¢“∫—≠™’ Accounting Advance of Pitman Examination Institute - Certification of Completion of Directors Certification Program (DCP 32/2003) ®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬

- ¡—∏¬¡»÷°…“µÕπµâπ ‚√ß‡√’¬π¥“√“ ¡ÿ∑√ ™≈∫ÿ√’

10. π“¬∑‘¶—¡æ√ ‡ª≈àß»√’ ÿ¢ ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√ ·≈– ª√–∏“π§≥–°√√¡°“√∫√‘À“√ °√√¡°“√

8. π“¬∏’√™—¬ ªí≠®∑√—æ¬å °√√¡°“√ 9. π“ß®ß®‘µµå ∞ªπ“ß°Ÿ√* °√√¡°“√

- ª√‘≠≠“µ√’ “¢“∫—≠™’ ¡À“«‘∑¬“≈—¬π‘«‡´â“‡«≈ å ÕÕ ‡µ√‡≈’¬ - π‘µ‘»“ µ√å∫—≥±‘µ ¡À“«‘∑¬“≈—¬ ÿ‚¢∑—¬∏√√¡“∏‘√“™ - Diploma, Management Course, IMEDE Management Development Institute, Lausanne, Switzerland - Certification of Completion of Directors Certification Program (DCP 36/2003) ®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ - Audit Committee Program ®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬

ª√–«—µ‘°“√»÷°…“ §ÿ≥«ÿ≤‘/ “¢“ - ª√‘≠≠“‚∑ ∫—≠™’ University of Illinois, U.S.A. - ª√‘≠≠“‚∑ ∫√‘À“√∏ÿ√°‘® Ohio University, U.S.A. - ª√‘≠≠“µ√’ ∫—≠™’∫—≥±‘µ ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å (‡°’¬√µ‘π‘¬¡)

7. π“¬«ÿ≤‘æ≈ ÿ√‘¬“¿‘«—≤πå °√√¡°“√ °√√¡°“√Õ‘ √–

6. π“¬«’√–»—°¥‘Ï «À“«‘»“≈ °√√¡°“√µ√«® Õ∫ °√√¡°“√Õ‘ √–

Õ“¬ÿ (ªï) 51

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1.35%.

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0.27%

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L.P.N. Development Public Company Limited

17. π“ß “« ÿ¿√≥å «àÕß‰«‰æ‚√®πå ºŸâ®—¥°“√ΩÉ“¬∫—≠™’

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Õ“¬ÿ (ªï) 57

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1.30%

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L.P.N. Development Public Company Limited

4. Mr.Amornsuk Noparumpa - Chairman of Audit Committee - Independent Director

5. Mr.Thep Roongtanapirom - Audit Committee - Independent Director

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

- Bachelor Degree in Engineering, Chemical Engineering, Tienjin University

Age Educational Background (years) Qualifications/Faculty 68 - The Chartered Institute of Bankers, London - Diploma from National Defence College - Certification of Completion of Directors Certification Program (DCP 0/2000), Thai Institute of Directors Association (IOD) 77 - 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, Thai Institute of Directors Association (IOD)

3. Mr.Tawechai Chitasaranachai - Vice Chairman

2. Prof. Siri Keiwalinsrit - Vice Chairman - Independent Director

1. Mr.Pakorn Thavisin - Chairman - Independent Director

Name-Surname-Position

0.02%

Share holding -

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 - Bank of Ayudhya Public Co., Ltd. - Director Position

Present

- Director - Advisor - Director - Director

- Sun Wood Industries Public Co., Ltd. - Thai Investors Association - Family Know How Co., Ltd. - Sun Paratech Public Co., Ltd.

- Law Drafting Committee - Ministry of Labour - Law Drafting Committee - Office of Juridical Council - Part-time lecturer on land law - Faculty of Law, Chulalongkorn University - Committee of the National Policies on law - Secretariat Office of Cabinet improvement under the Prime Ministerûs Order No.174/2547 dated 16th July 2004 - Senior volunteer of the brain bank acting as - Land Department the legal counselor of the Land Department under the letter of Office of the National Economic and Social Development Board Present - Director - Pornsanti Co., Ltd. - Director - Lumpini Property Management Co., Ltd. 1975-2004 - Managing Director - Vela Co., Ltd. 1980-2001 - Director - P.L. International (PTE) Ltd., Singapore Present - Senior Executive Vice President - Bank of Ayudhya Public Co., Ltd. - Chairman - Ayudhya Legal Office Co., Ltd. - Director and Audit Committee - RCL Public Co., Ltd. 2003 - 2004 - Executive Director and First Executive - Bank of Ayudhya Public Co., Ltd. Vice President and Legal Adviser 1995 - 2003 - First Executive Vice President and Legal Adviser - Bank of Ayudhya Public Co., Ltd.

Present

Period Present

Abridged details of Board of Directors and the Management of Company as at 31st December 2006

11. Ms.Yupa Techakraisri - Executive Director - Director

L.P.N. Development Public Company Limited

- Certificate English of Proficiency AUA Language Institute - Diamond Grading Gemological Institute of America - Bachelor Degree, Faculty of Economics, Ramkamhaeng University - Bachelor Degree in Engineering, Chulalongkorn University - Common engineer registration No.Sor.Yor.140 from Office of the Board for control of the engineering Professional - Certification of Completion of Directors Certification Program (DCP 23/2003), Thai Institute of Directors Association (IOD) - Bachelor Degree in Economics, Ramkamhaeng 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)

Age Educational Background (years) Qualifications/Faculty 51 - Master of Accounting Sciences, University of Illinois, U.S.A. - Master of Business Administration, Ohio University, U.S.A. - Bachelor of Business Administration, Thammasat University (2nd Class Honors) 62 - Bachelor Degree in Accountancy, University of 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 68 - Secondary School Darasamutr School, Chonburi

10. Mr.Tikhamporn Plengsrisuk - Chief Executive Officer and Executive Chairman - Director

7. Mr.Vudhiphol Suriyabhivadh - Director - Independent Director

6. Mr,Weerasuk Wahawisal - Audit Committee - Independent Director

Name-Surname-Position

8. Mr.Tirachai Panchasarp - Director 9. Ms.Jongjit Thapanangkun - Director

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

1.35%

1.21%

0.27%

0.09%

0.07%

Share holding -

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

Present

- Director - Director - Executive Director - Executive Director - Advisor

- Director - Director - Director

- Director

- 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.

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

- Boorapa Golf and Country Club Co., Ltd.

- Pornsanti Co., Ltd.

- Laguna Resort and Hotel Public Co., Ltd. - Bangkok Ranch Public Co., Ltd.

- Thai Wah Food Products Public Co., Ltd. - Listed Companies Association

- Thai Agri Foods Public Co., Ltd.

Working Experience for past 5 years Name of Organization/Company/Business Nature - RCL Public Co., Ltd.

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

Position - Head of Internal Audit Office

1990 - 2005 - Director

Present

Period Present

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

L.P.N. Development Public Company Limited

50 .

16. Mr.Sombat Kittipokiratana - Assistant Managing Director

17. Ms.Suporn Wongwaipairote - Account Manager

18. Mrs.Rungthip Piyaterawong - Finance Manag

19. Ms.Paverisa Vasithtrakul - Internal Audit Manager

20. Mr.Khanchit Bunphet - Quality Improvement Manager

21. Mr.Sombat Chanyutthagorn - Research and Development Manager

22. Mr.Nakul Tungprasiti - Legal Manager

14. Mr.Opas Sripayak - Managing Director - Executive Director - Director

15. Mr.Sun Sukukhavadee - Assistant Managing Director

Age (years)

13. Mr.Kumpee Chongthurakit - Executive Director - Director

12. Mr.Pichet Supakijjanusan - Executive Director - Director

Name-Surname-Position

- Bachelor Degree in Law, Ramkhamhaeng University

- Master Degree in Business Administration, Ramkhamhaeng University - Bachelor Degree in Architecture, Rangsit University

- Bachelor Degree in Mechanical Engineering, Siam University - Mini M.B.A., Thammasat University

- Bachelor Degree in Business Administration, Assumption University

- Master Degree in Business Administration, Chulalongkorn University

- Master Degree in Accounting, Siam University

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

- Bachelor Degree in Engineering, Chulalongkorn University

- Bachelor of Architecture, Silpakorn University - Mini M.B.A., Thammasat University - Thai Institute of Directors Association (IOD)

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

- Bachelor Degree in Achitecture, Chulalongkorn 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)

Educational Background Qualifications/Faculty

1.30%

1.03%

Share holding

1992-Present

2006-Present 2002-2006

2006-Present 2002-2005 2001-2002

2001-2005

2001-2002

2001-2005

1999-2000

Present

2005 2001-2004

Present

2003-2005 2001-2003

Present

Period

- Legal Manager

- Research and Development Manager - Plant Manager - Business Consultant

- Quality Improvement Manager - Information Technology Manager - Engineering Service Manager

- Internal Audit Manager

- Deputy Director of Project Credits

- Accounting Manager

- Director and Specialist on Stock Exchange of Thailand

- Managing Director and Director

- Assistant Managing Director - Research and Development Manager

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

- L.P.N. Development Public Co., Ltd. - Sri Sam Ang Supplier Co., Ltd. - Tula Architect Co., Ltd.

- L.P.N. Development Public Co., Ltd. - Lumpini Property Management Co., Ltd. - Lumpini Property Management Co., Ltd.

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

- The Industrial Finance Corporation of Thailand

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

- Tantawan Industry Public Co., Ltd.

- Pornsanti Co., Ltd.

- Lumpini Property Management Co., Ltd. - Lumpini Property Management Co., Ltd.

- 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.

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

Working Experience for past 5 years Name of Organization/Company/Business Nature

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

- Director - Director - Director - Managing Director - Managing Director

Position

∫ÿ§≈“°√ æπ—°ß“π¢Õß∫√‘…—∑µ“¡‚§√ß √â“ß°“√∫√‘À“√„πªï 2549 ´÷Ëß√«¡∑—Èßæπ—°ß“π ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ ¡’®”π«π∑—Èß ‘Èπ 540 §π ª√–°Õ∫¥â«¬ “¬ß“π∫√‘À“√ß“π¢“¬ ®”π«π 88 §π “¬ß“π∫√‘À“√‚§√ß°“√ ®”π«π 61 §π “¬ß“π∫√‘À“√™ÿ¡™π ®”π«π 195 §π “¬ß“π∫√‘À“√°“√‡ß‘π ®”π«π 63 §π “¬ß“π∫√‘À“√Õ”π«¬°“√ ®”π«π 44 §π “¬ß“π ”π—°°√√¡°“√ ®”π«π 38 §π “¬ß“πÕ◊ËπÊ ®”π«π 51 §π º≈µÕ∫·∑π√«¡¢Õßæπ—°ß“π 540 §π „πªï 2549 ‡ªìπ®”π«π‡ß‘π∑—Èß ‘Èπª√–¡“≥ 205 ≈â“π∫“∑ ´÷Ëß√«¡‚∫π— ·≈–º≈µÕ∫·∑π ®“°°“√¢“¬·≈â« „π°“√æ—≤π“Õß§å°√ ∫√‘…∑— ‰¥âπ”µ—«·∫∫°“√®—¥°“√ Balanced Scorecard ¡“„™â„π°“√°”Àπ¥°≈¬ÿ∑∏å°“√¥”‡π‘πß“π¢Õß∫√‘…∑— „π 4 ¡‘µ‘ ª√–°Õ∫¥â«¬ ¡‘µ‘¥â“π°“√‡ß‘π (Financial Perspective) ¡‘µ‘¥â“π≈Ÿ°§â“ (Customer Perspective) ¡‘µ‘¥â“π°√–∫«π°“√¿“¬„π (Internal Process Perspective) ¡‘µ‘¥â“π∫ÿ§≈“°√ (People Perspective) ¥—ßπ—Èπ„π°“√¥”‡π‘πß“π¢Õß∫√‘…—∑®÷ß‰¥â„Àâ§«“¡ ”§—≠°—∫¡‘µ‘∑—Èß 4 ¥â“π ∑—Èßπ’È ‡æ◊ËÕ √â“ß§«“¡ ¡¥ÿ≈„π°“√¥”‡π‘π°“√·≈–‰¥â °”Àπ¥·ºπ¿Ÿ¡‘°≈¬ÿ∑∏å‡æ◊ËÕ‡ªìπ·π«∑“ß„π°“√°”Àπ¥∑‘»∑“ß°“√®—¥°“√¿“¬„µâ°“√ √â“ß§«“¡ ¡¥ÿ≈¢Õß∑—Èß 4 ¡‘µ‘ πÕ°®“°π—Èπ¬—ß‡æ‘Ë¡ §«“¡ ”§—≠°—∫°“√∫√‘À“√®—¥°“√ ‘Ëß·«¥≈âÕ¡·≈– —ß§¡ ‰¡à«à“„π™à«ß√–À«à“ß°“√°àÕ √â“ßÀ√◊Õ°“√∫√‘À“√™ÿ¡™πÀ≈—ß®“° àß¡Õ∫‚§√ß°“√ „Àâ·°à‡®â“¢Õß√à«¡ „π°“√æ—≤π“æπ—°ß“π∫√‘…—∑‰¥âπ”µ—«·∫∫°“√®—¥°“√¢’¥ ¡√√∂π– À√◊Õ§«“¡ “¡“√∂ (Competency Model) ¡“„™â‡ªìπ ‡§√◊ËÕß¡◊Õ„π°“√æ—≤π“∫ÿ§≈“°√ ‚¥¬„π¢—Èπµâπ‰¥â¡ÿàß‡πâπ∑’Ë°“√æ—≤π“¢’¥§«“¡ “¡“√∂À≈—° (Core Competency) „Àâ°—∫æπ—°ß“π ∑ÿ°√–¥—∫¥â«¬«‘∏’°“√ª√–‡¡‘π¢’¥§«“¡ “¡“√∂¢Õßæπ—°ß“π·µà≈–§π ‡æ◊ËÕπ”º≈¡“„™â®—¥∑”·ºπ°“√æ—≤π“æπ—°ß“π‡ªìπ√“¬∫ÿ§§≈ (Individual Development Plan À√◊Õ IDP) „π¥â“π «— ¥‘¿“æÕπ“¡—¬·≈–§«“¡ª≈Õ¥¿—¬¢Õßæπ—°ß“π ∫√‘…—∑„Àâ§«“¡ ”§—≠„π¥â“π «— ¥‘¿“æ·≈–§«“¡ª≈Õ¥¿—¬„π°“√ ∑”ß“π¢Õßæπ—°ß“π∑ÿ°§π ‚¥¬®–ªØ‘∫—µ‘µ“¡¡“µ√∞“π¥â“π «— ¥‘¿“æ·≈–§«“¡ª≈Õ¥¿—¬µ“¡∑’Ë°ÆÀ¡“¬°”Àπ¥∑ÿ°ª√–‡¿∑ πÕ°®“°π’È ∫√‘…—∑¬—ß„Àâ§«“¡§ÿâ¡§√Õß„π√Ÿª¢Õß «— ¥‘°“√ ‘∑∏‘ª√–‚¬™πå¥â“π°“√ª√–°—π™’«‘µÀ¡Ÿà ª√–°—πÕÿ∫—µ‘‡ÀµÿÀ¡Ÿà ·≈–ª√–°—π ÿ¢¿“æÀ¡Ÿà„Àâ·°à æπ—°ß“π∑ÿ°§π µ≈Õ¥®π¡’ ‚§√ß°“√ «— ¥‘°“√µ√«® ÿ¢¿“æª√–®”ªï„Àâ·°àæπ—°ß“π∑ÿ°§π πÕ°®“°π’È ¬—ß‰¥â®—¥µ—ÈßÀπà«¬ß“π¥â“π§«“¡ ª≈Õ¥¿—¬·≈–‡®â“Àπâ“∑’Ë¥â“π§«“¡ª≈Õ¥¿—¬ÕÕ°µ√«®æ◊Èπ∑’ËÕ¬à“ß ¡Ë”‡ ¡Õ¥â«¬ πÕ°®“°π’È ∫√‘…—∑¬—ß„Àâ§«“¡ ”§—≠„π‡√◊ËÕß®√‘¬∏√√¡·≈–§ÿ≥∏√√¡¢Õßæπ—°ß“π ‚¥¬®—¥°‘®°√√¡ àß‡ √‘‘¡°“√∑”§«“¡¥’„π¥â“π µà“ßÊ Õ¬à“ßµàÕ‡π◊ËÕß ‡™àπ °“√√à«¡∫”‡æÁ≠µπ‡æ◊ËÕ “∏“√≥–ª√–‚¬™πå °“√ªÆ‘∫—µ‘µ“¡À≈—°∏√√¡¢Õßæ√–æÿ∑∏»“ π“ ‡ªìπµâπ ‡æ◊ËÕ √â“ß µâπ··∫∫°“√∑”§«“¡¥’„Àâ‡°‘¥¢÷Èπ··≈–¢¬“¬º≈‰ª¬—ß∫ÿ§§≈Õ◊ËπÊ „π —ß§¡¡“°¬‘Ëß¢÷Èπ

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

L.P.N. Development Public Company Limited

Personnel The Companyûs personnel according to the management structure for 2006, which includes employees for L.P.N. Development PCL and Lumpini Property Management Co., Ltd., totaled 540 persons comprised of : Line of Brokerage Management 88 persons Line of Project Management 61 persons Line of Community Management 195 persons Line of Corporate Finance 63 persons Line of Administrative Management 44 persons Directorsû office 38 persons Other departments 51 persons The total income for all 540 employees in 2006 was approximately 205 million Baht, including bonuses and sales commissions. In developing the organization, the Company has adopted a management policy of a Balanced Scorecard to be used as its strategy in operating the Company in 4 different dimensions comprised of: Financial Perspective Customer Perspective Internal Process Perspective People Perspective As a result, the Company focuses on these 4 dimensions in operating its business in order to create a balance in operations. The Company has set forth a strategic flowchart as a guideline for managing the Company under the balance of these 4 dimensions. In addition, there has been additional focus on environmental and social management during construction and during management of the community following handover of the project to the co-owners. In order to develop its employees, the Company has introduced a competence model, which in the initial stages focuses on core competency, for use in all levels of employees, by evaluating competence of each employee in order to be used in the Individual Development Plan or IDP. The Company focuses on the well-being, sanitation and safety of all of its employees, complying with the standards for well-being and safety that the law prescribes. In addition, the Company provides protection for employees in the form of benefits such as group life insurance, group accident insurance, and group health insurance as well as a project for an annual health check-up for all employees. In addition, the Company also provides security measures, with security officers inspecting the premises on a regular basis. In addition, the Company also emphasize on employees moral and ethic by arranging various kind of activities continuingly, bringing about goodness creation i.e. co-observation for public or comply with Buddhist scruple. This is for building precedent of goodness action, extending to others in social increasingly.

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

L.P.N. Development Public Company Limited

°“√°”°—∫¥Ÿ·≈°‘®°“√ Corporate Governance

°“√√“¬ß“π°“√ªØ‘∫—µ‘µ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ 15 ¢âÕ 1. π‚¬∫“¬‡°’Ë¬«°—∫°“√°”°—∫¥Ÿ·≈°‘®°“√ §≥–°√√¡°“√∫√‘…∑— µ√–Àπ—°·≈–„Àâ§«“¡ ”§—≠„πÀ≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’¥Ë ’ ‡πâπ§«“¡‚ª√àß„ ¢Õß°“√¥”‡π‘π∏ÿ√°‘® ‡æ◊ËÕ‡æ‘Ë¡§«“¡‡™◊ËÕ¡—Ëπ·°àºŸâ∂◊ÕÀÿâπ π—°≈ß∑ÿπ ·≈–ºŸâ∑’Ë‡°’Ë¬«¢âÕß∑ÿ°ΩÉ“¬ ·π«∑“ß°“√ π—∫ πÿπ°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’§√Õ∫§≈ÿ¡ À≈—° ”§—≠ ¥—ßπ’È °“√ªØ‘∫—µ‘µàÕºŸâ∂◊ÕÀÿâπ ·≈–ºŸâ∑’Ë¡’ à«π‰¥â‡ ’¬Õ¬à“ß‡∑à“‡∑’¬¡ ·≈–‡ªìπ∏√√¡ §≥–°√√¡°“√∑ÿà¡‡∑ ¡ÿàß¡—Ëπ „π°“√ªØ‘∫—µ‘Àπâ“∑’Ë¥â«¬§«“¡√Õ∫§Õ∫ ‚ª√àß„ ‡æ◊ËÕª√–‚¬™πå Ÿß ÿ¥ ∑—ÈßµàÕÕß§å°√ ºŸâ∂◊ÕÀÿâπ ·≈–ºŸâ¡’ à«π‰¥â‡ ’¬∑—ÈßÀ¡¥ ∫√‘…—∑¡’°“√°”Àπ¥®√√¬“∫√√≥∑“ß∏ÿ√°‘®¢Õß§≥–°√√¡°“√·≈–¢Õßæπ—°ß“π‡æ◊ËÕ‡ªìπÀ≈—°·≈–·π«∑“ß„π°“√ªØ‘∫—µ‘ „Àâ Õ¥§≈âÕß°—∫°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ 2.

‘∑∏‘¢ÕßºŸâ∂◊ÕÀÿâπ ∫√‘…∑— ¡’π‚¬∫“¬∂◊ÕªØ‘∫µ— µ‘ Õà ºŸ∂â Õ◊ Àÿπâ ∑ÿ°√“¬Õ¬à“ß‡∑à“‡∑’¬¡°—π ‰¡à«“à ºŸ∂â Õ◊ Àÿπâ π—πÈ ®–‡ªìπ√“¬¬àÕ¬ À√◊Õ™“«µà“ß™“µ‘ π—°≈ß∑ÿπ ∂“∫—π À√◊ÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à ‚¥¬ºŸâ∂◊ÕÀÿâπ∑ÿ°√“¬¡’ ‘∑∏‘·≈–§«“¡‡∑à“‡∑’¬¡°—π ¥—ßπ’È ‘∑∏‘„π°“√‰¥â√—∫„∫Àÿâπ ‚ÕπÀÿâπ ·≈– ‘∑∏‘„π°“√√—∫∑√“∫¢âÕ¡Ÿ≈Õ¬à“ß ¡Ë”‡ ¡Õ·≈–∑—π‡«≈“ 1. 2. ‘∑∏‘„π°“√√—∫ à«π·∫àß°”‰√√à«¡°—πÕ¬à“ß‡∑à“‡∑’¬¡ 3. ‘∑∏‘„π°“√‡¢â“√à«¡ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ · ¥ß§«“¡‡ÀÁπ „Àâ¢âÕ‡ πÕ·π– ·≈–√à«¡æ‘®“√≥“µ—¥ ‘π„®„π°“√‡ª≈’Ë¬π·ª≈ß∑’Ë ”§—≠µà“ßÊ Õ“∑‘‡™àπ °“√·µàßµ—Èß§≥–°√√¡°“√∫√‘…—∑ °“√·µàßµ—ÈßºŸâ Õ∫∫—≠™’ 4. ‘∑∏‘„π°“√·µàßµ—Èß°√√¡°“√∫√‘…—∑ 5. ‘∑∏‘µ“¡°ÆÀ¡“¬Õ◊ËπÊ „πªï 2549 ∫√‘…—∑®—¥„Àâ¡’°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ®”π«π 1 §√—Èß §◊Õ°“√ª√–™ÿ¡„À≠à “¡—≠ª√–®”ªï 2549 ‚¥¬®—¥„Àâ¡’¢÷Èπ∑’Ë ”π—°ß“π„À≠à¢Õß∫√‘…—∑ ´÷Ëß¡’ÀâÕßª√–™ÿ¡·≈–‚ µ∑—»πŸª°√≥å∑’Ë§√∫∂â«π ¡∫Ÿ√≥å ¡’°“√®—¥ àßÀπ—ß ◊Õπ—¥ª√–™ÿ¡æ√âÕ¡∑—Èß¢âÕ¡Ÿ≈ ª√–°Õ∫°“√ª√–™ÿ¡µ“¡«“√–µà“ßÊ Õ¬à“ßæÕ‡æ’¬ß„ÀâºŸâ∂◊ÕÀÿâπ≈à«ßÀπâ“°àÕπ«—πª√–™ÿ¡ª√–¡“≥ 10 «—π∑”°“√ ‚¥¬„π·µà≈–«“√– ¡’°“√π”‡ πÕ§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√ª√–°Õ∫ ¡’°“√ª√–°“»‡™‘≠ª√–™ÿ¡„πÀπ—ß ◊Õæ‘¡æå ‡æ◊ËÕ„ÀâºŸâ∂◊ÕÀÿâπ√—∫∑√“∫ √“¬≈–‡Õ’¬¥Õ¬à“ß∑—Ë«∂÷ß ”À√—∫Àπ—ß ◊Õ¡Õ∫©—π∑–∑’Ë®—¥‡µ√’¬¡„ÀâºŸâ∂◊ÕÀÿâπ „π°√≥’∑’Ë‰¡à “¡“√∂¡“¥â«¬µπ‡Õß‰¥âπ—Èπ ∫√‘…—∑‰¥â ª√—∫ª√ÿßµ“¡√–‡∫’¬∫°√–∑√«ßæ“≥‘™¬å∑’ËÕÕ°∫—ß§—∫„™â„À¡à„πªï 2545 ·≈–‡æ‘Ë¡∑“ß‡≈◊Õ°„ÀâºŸâ∂◊ÕÀÿâπ∑’Ë‰¡à “¡“√∂¡“√à«¡ª√–™ÿ¡ „Àâ “¡“√∂¡Õ∫©—π∑–„Àâ§≥–°√√¡°“√Õ‘ √–∑à“π„¥∑à“πÀπ÷Ëß‡ªìπµ—«·∑π„π°“√ÕÕ°‡ ’¬ß≈ß§–·ππ„π·µà≈–«“√–

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L.P.N. Development Public Company Limited

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™ÿ¡™π

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L.P.N. Development Public Company Limited

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10.

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11.

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12.

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L.P.N. Development Public Company Limited

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14.

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15.

§«“¡ —¡æ—π∏å°—∫ºŸâ≈ß∑ÿπ §≥–°√√¡°“√„Àâ§«“¡ ”§—≠µàÕ°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈∑’Ë¡’§«“¡∂Ÿ°µâÕß §√∫∂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„ÀâºŸâ≈ß∑ÿπ·≈–ºŸâ∑’Ë‡°’Ë¬«¢âÕß‰¥â√—∫∑√“∫ ‚¥¬ºà“π™àÕß∑“ß∑’Ë‡À¡“– ¡Õ¬à“ßµàÕ‡π◊ËÕß ¡Ë”‡ ¡Õ ”À√—∫°“√µ‘¥µàÕ æ∫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‰¥â®—¥ àß√“¬ß“π§«“¡§◊∫Àπâ“‚§√ß°“√ √«¡∂÷ß¢âÕ¡Ÿ≈∑’Ë‡ªìπª√–‚¬™πåµàÕπ—°≈ß∑ÿπ∑—Ë«‰ª Õ¬à“ß ¡Ë”‡ ¡Õ „π‚Õ°“ ∑’Ë‰¥â√—∫‡™‘≠®“° ◊ËÕ¡«≈™πÀ√◊Õπ—°«‘‡§√“–Àå‡æ◊ËÕ√à«¡· ¥ß§«“¡§‘¥‡ÀÁπ À√◊Õ‡º¬·æ√à¢âÕ¡Ÿ≈µà“ßÊ ·ºπ° π—°≈ß∑ÿπ ¡— æ—π∏å ΩÉ“¬ ”π—°°√√¡°“√ ®–‡ªìπºŸªâ √– “πß“π·≈–Õ”π«¬§«“¡ –¥«°„π¥â“πµà“ßÊ „Àâ°∫— ºŸ∑â ‡’Ë °’¬Ë «¢âÕß∑ÿ°ΩÉ“¬ ”À√—∫ ºŸâ∂◊ÕÀÿâπ·≈–ª√–™“™π∑—Ë«‰ª∑’ËµâÕß°“√¢âÕ¡Ÿ≈∫√‘…—∑ “¡“√∂√—∫∫√‘°“√¥â“π¢âÕ¡Ÿ≈·≈–¢à“« “√‰¥â∑’Ë ·ºπ°π—°≈ß∑ÿπ —¡æ—π∏å ΩÉ“¬ ”π—°°√√¡°“√ ‚∑√. 02-285-5011 µàÕ 133 À√◊Õ∑’Ë website www.lpn.co.th

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L.P.N. Development Public Company Limited

Report on the Companyûs Compliance with 15 Principals of Good Corporate Governance 1. Corporate Governance Policy The Companyûs Board of Directors recognizes the importance of good corporate governance with particular emphasis on transparency of business operations in order to gain the confidence of shareholders, investors and all parties involved with the Company. Good corporate governance includes the following principals : Fair and equitable treatment of all shareholders and stakeholders; The Board of Directors performs their duties with devotion, care and transparency for the maximum benefit of the organization, shareholders and all stakeholders; The Company has established a code of conduct for the Board of Directors and employees and policy to support the principals of good corporate governance. 2.

Rights of Shareholders The Company has a policy of Equitable Treatment of Shareholders, regardless of whether they are minority shareholders, foreign nationals, institutional investors, or majority shareholders, with all shareholders having the following rights and equality : 1. The right to receive shareholders certificates, the right to transfer shares and the right to access information on a regular basis and in a timely manner; 2. The right to receive dividends on an equal basis; 3. The right to attend shareholders meetings, express opinions, make suggestions and participate in decision making on material issues such as appointment of directors of the Company and appointment of auditors; 4. The right to appoint directors of the Company; and 5. Other rights under law. In 2006, the Company held one shareholders meeting, being the Annual General Meeting of Shareholders for 2006 held at the Companyûs head office which has a conference room and a full range of audio-video facilities. A notice summoning the meeting, along with the agenda for the meeting was sent to the shareholders approximately 10 business days before the meeting. Each agenda contained the opinion of the Board of Directors and the meeting was advertised in the newspaper so that all shareholders were informed of the details of the meeting. Proxy forms for shareholders who were unable to attend the meeting in person had been updated according to the regulations of the Ministry of Commerce that came into force in 2003, giving shareholders who were unable to attend the meeting additional options to give proxies to independent directors to represent the shareholder and vote on each agenda.

Rights of Stakeholders The Company respects the rights of stakeholders and has established a policy in the Companyûs code of conduct in order to guarantee the legal rights of stakeholders, employees, trade partners, creditors, customers, competitors and the community, and in order to ensure that the Companyûs business is positive, stable and provides equal benefits to all parties involved as follows: Employees The Company treats all employees equally, fairly and reasonably, and properly rewards its employees as well as determines knowledge and growth development planning. Trade Partners The Company purchases goods and services from trade partners according to general trade terms, does not take advantage of its trade partners, and enters into and complies with its contracts with all trade partners openly and accurately. Creditors The Company complies with the terms of its loans pursuant to the conditions provided under the loan agreements in all respects. Customers The Company values and acts with responsibility towards all customers at all times and takes responsibility for the quality and standards of its products as advertised, keeps ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

customer information confidential, maintains departments to hear complaints from customers in order to solve problems for customers in an expedient manner and builds a quality of life, bringing warmth to all members of the family and creating closer relations between customers through continuous activities. Competitors The Company abides by the rules of fair competition through the use of friendly competition to support each other without damage to other businesses or to relationships with competitors. Community The Company values the community, takes responsibility for the area surrounding the community that is impacted by the development of a project, conducts inspections and builds things that benefit the community as a whole, coordinating with government agencies and maintaining a department that is responsible for inspecting and controlling the standard of quality that is continuously maintained.

The Shareholders Meeting For the 2006 Annual General Shareholders Meeting, the Company invited the Board of Directors to attend the meeting. Fourteen directors attended the meeting, including 6 independent and audit directors. The Chairman of the Board of directors of the Company, who is an independent director, acted as the chairman of the meeting. The Company has traditionally informed the shareholders of their rights under the Articles of Association of the Company, the method of the procedure of the meeting, the opportunity for the shareholders to scrutinize the performance of the Company, make inquiries and express opinions as appropriate. Important questions and opinions were recorded in the minutes of the meeting. The relevant directors responsible for answering questions answered of the shareholders to their satisfaction prior to casting their votes or passing a resolution on a certain agenda. Voting was made independently, transparently, and with accountability and the chairman of the meeting allocated the time in a proper and efficient manner. .

Leadership and Vision The Board of Directors participants in the determination and approval of the Companyûs vision, its development and budget, with reports on the progress of business operations and use of the budget presented to the Board of Directors on a regular basis; The Board of Directors assigned the audit committee to strictly audit internal controls, internal inspections and to closely following up on operations for the maximum benefit of shareholders and stakeholders according to principals of good governance; The Board of Directors ensures that the executive directors manage the affairs of the Company according to the policy that has been established. The executive directors have the authority to manage the Company according to the business plan and budget that has been approved. In the event of an investment in a project or a business operation that is not included in the business plan that was approved, the authority to approve the investment is limited to investments not exceeding 10 mil ion Baht, provided that the investment is proposed to the Board of Directors for consideration and approval afterwards.

Conflicts of Interest The Company and its subsidiaries engage in connected transactions in the ordinary course of business with execution of contracts and price fixing that are conducted according to the ordinary course of business. There is no conflict of interest since the shareholding structure of the subsidiaries is considered as a single company with a clear separation of responsibilities. As for connected transactions between the directors or employees, the same principal as general customers is used, except in the event there is an extraordinary benefit involved in which case the transaction ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

is submitted for approval by resolution of a meeting. All connected transactions are subject to internal review of internal audits department and the necessity and reason for the connected transaction is included in the Board of Directors report each time. 7.

Code of Conduct The Board of Directors has established a code of conduct applicable to the Board of Directors and employees, as a guideline for good governance principals and as a standard to benefit of the Company, shareholders, directors, employees and other stakeholders.

Balance of Power of Non-Executive Directors The Companyûs Board of Directors is comprised of 14 directors as follows : Executive Directors 5 persons Non-executive Directors 3 persons Independent Directors 6 persons The Independent Directors comprise 43% of the directors on the board which allows the Independent Directors and Non-executive Directors to provide a balance of power in the management of the Company by the directors.

Consolidation and Separation of Powers The Chairman of the Board of Directors is an independent director and has no relations with the management. The Chairman of the Board of Directors is not the same person as the Managing Director in order to separate duty of making policy and management of the Company according to such policy.

10.

Directors and Executiveûs Remuneration The Company has clearly established the remuneration of directors, and it has been approved by the shareholders, based on comparison with the averages in the same industry as far as it has been possible to obtain information that can be relied on. Directors that have been delegated with additional duties and responsibilities will be considered to receive remuneration that is appropriate with their increased duties and responsibilities. A sub-committee has been appointed to establish the basis for determination of the remuneration of directors, executives and employees that is equitable and reasonable.

11.

Board of Directors Meetings Board of Directors meetings are scheduled to convene on a regular basis, with the directorsû office producing a schedule for meetings of the Board of Directors of the Company, the Executive Directors of the Company, and the Audit Committee of the Company on an annual basis in advance in order for the directors to be able to allocate their time accordingly. An advanced notice summoning the meeting is served together with the agenda and related documents so that the directors have time to study the information prior to attending the meeting. Each meeting takes approximately 3 hours. Each director evaluates the meeting and is informed of the performance of the Company as well as the recommendations in order to improve the meetings to be more efficient and useful. Written minutes of the meeting that have been certified by the Board of Directors are made and kept and are available for directors and interested parties to review. In addition, the management arranges for self - assessment of the performance of the Board of the Directors of the Company along with the form of self - assessment of the performance of the Chief Executive Officer on an annual basis, regularly made in January to assess the performance in the previous year. ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

12.

Sub-Committees The Board of Directors established sub-committees to consider and reevaluate various issues to be proposed to the Board of Directors for consideration throughout 2006 as follows: Audit Committee was established on February 1, 2000 with a term of 2 years and in 2006 the former audit committee was still in office from February 1, 2006 - April 30, 2008. The Audit Committee has a clear annual schedule for its meetings. In considering the financial statements of the Company each quarterly, a representative from the auditors is invited to answer questions and clarify issues in doubt. All minutes of the meeting are presented to the Board of Directors of the Company. Remuneration Sub-Committee The Board of Directors of the Company established a sub-committee to consider remuneration issues on Friday November 10, 2006 (Board of Directors meeting no. 5/2549). The Remuneration Sub-Committee was assigned to consider the procedures for compensation, meeting allowances and other types of compensation of the Board of Directors, the Executive Directors, management and all employees of the Company to be proper and fair.

13.

Internal Audit and Control The Board of Directors of the Company supports the Governance of the Company by assigning the Audit Committee to coordinate with the auditor to ensure that the financial reports are accurate and complete. The Internal Audit Department of the Company audits and evaluates the performance of the relevant systems and provides recommendations to improve performance to coincide with the Companyûs policy. The Company has improved its business policy to be flexible and appropriate with market conditions and various regulations at all times. The Internal Audit Department reports directly to the Audit Committee. The duties and work plans are fixed clearly on an annual basis in advance, focusing on protection of the interests of stakeholders to be proper and fair.

14.

Board of Directors Report The Board of Directors is responsible for the consolidated financial statements of the Company and its subsidiaries and the financial information that appears in the annual report. The financial statement of the Company is made in accordance with generally accepted accounting principals in Thailand with essential information sufficiently disclosed in notes to the financial statements. The Company has internal controls that are reliable to ensure that the accounting data is accurate, complete and sufficient to protect its assets and protect against fraud or malpractice.

15.

Investor Relations The Board of Directors emphasizes disclosure of information that is accurate, complete, transparent and thorough, both in relation to financial data and general information, as well as information that is essential and may effect the value of shares of the Company, disseminating such information for investors and related persons through appropriate channels on a regular basis. In regard to contacting investors, analysts and the press, the Board of Directors provides information through activities arranged with the Stock Exchange of Thailand on Opportunity Day or by inviting analysts to come to the Company or to review the progress of various projects, as well as providing reports on the progress of each project. Information that is of interest to investors in general is distributed on a regular basis. When invited by the press or analysts to provide opinions or disseminate information, the investor relations division of the directorsû office will coordinate and facilitate all parties involved. Shareholders and the general public that require information about the Company can receive information from the investor relations division, directorsû office, at the telephone number 02-285-5011 ext.133 or at our website www.lpn.co.th. ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

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

®√√¬“∫√√≥∑“ß∏ÿ√°‘®¢Õß§≥–°√√¡°“√ ∫√‘…—∑ ·Õ≈.æ’. ‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ®√√≥¬“∫√√≥¢Õß§≥–°√√¡°“√©∫—∫π’È ®—¥∑”¢÷Èπ‚¥¬¡’®ÿ¥ª√– ß§å‡æ◊ËÕ„Àâ°√√¡°“√¢Õß∫√‘…—∑¬÷¥∂◊Õ‡ªìπ·π«∑“ßªØ‘∫—µ‘‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ · ¥ß∂÷ß§«“¡¡ÿàß¡—Ëπ¢Õß°√√¡°“√∑’Ë®–ªØ‘∫—µ‘µ“¡¡“µ√∞“π¥â“π®√‘¬∏√√¡ ‡æ◊ËÕª√–‚¬™πåµàÕ ∫√‘…—∑ ºŸâ∂◊ÕÀÿâπ æπ—°ß“π ·≈–ºŸâ¡’ à«π‰¥â‡ ’¬Õ◊ËπÊ §≥–°√√¡°“√¢Õß∫√‘…—∑ ∂◊Õ‡ªìπºŸâ°”Àπ¥π‚¬∫“¬„π°“√∫√‘À“√Õß§å°√·≈–«“ßÀ≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√ ‡æ◊ËÕ„Àâ°“√¥”‡π‘π °‘®°“√‡ªìπ‰ªÕ¬à“ß¡’ª√– ∑‘ ∏‘¿“æ·≈–∫√√≈ÿµ“¡«—µ∂ÿª√– ß§å¢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 àßº≈„Àâ°√√¡°“√¢Õß ∫√‘…—∑∑ÿ°∑à“π ®–µâÕßªØ‘∫—µ‘µ“¡¢âÕ∫—≠≠—µ‘·≈–‡®µπ“√¡≥åµ“¡°ÆÀ¡“¬ ¥â«¬§«“¡√Õ∫§Õ∫·≈–‡Õ“„®„ à √«¡∂÷ß°“√ªØ‘∫—µ‘µπ„Àâ‡ªìπ ·∫∫Õ¬à“ß∑’Ë¥’µàÕæπ—°ß“π ‡æ◊ËÕ√—°…“™◊ËÕ‡ ’¬ß·≈–¿“æ≈—°…≥å∑’Ë¥’¢Õß∫√‘…—∑∑’Ë √â“ß¡“„Àâ§ßÕ¬Ÿàµ≈Õ¥‰ª ®√√¬“∫√√≥¢Õß§≥–°√√¡°“√ ¡’¥—ßµàÕ‰ªπ’È 1. §«“¡´◊ËÕ —µ¬å ¬ÿµ‘∏√√¡ ·≈–§ÿ≥∏√√¡ 2. §«“¡‡ªìπÕ‘ √– 3. °“√¥”‡π‘π∏ÿ√°√√¡ à«πµ—« ·≈–°“√√—°…“§«“¡≈—∫ 4. °“√‡ªî¥‡º¬‡√◊ËÕßº≈ª√–‚¬™πå 5. °“√¬÷¥∂◊ÕªØ‘∫—µ‘µ“¡°ÆÀ¡“¬ 6. °“√„Àâ ‚Õ°“ ºŸâ∂◊ÕÀÿâπÕ¬à“ß‡∑à“‡∑’¬¡°—π 1.

§«“¡´◊ËÕ —µ¬å ¬ÿµ‘∏√√¡ ·≈–§ÿ≥∏√√¡ ªØ‘∫µ— À‘ πâ“∑’¥Ë â«¬§«“¡´◊ÕË µ— ¬å ÿ®√‘µ ¬÷¥¡—πË µàÕ§«“¡®√‘ß ·≈–‰¡à‡≈◊Õ°ªØ‘∫µ— ‘®“°§«“¡·µ°µà“ß¥â“π‡™◊ÕÈ ™“µ‘ »“ π“ ‡æ» ∂“π¿“æ ¡√ À√◊Õ§«“¡‰√â ¡√√∂¿“æ∑“ß√à“ß°“¬ °√√¡°“√®–¬÷¥¡—ËπµàÕ§«“¡®√‘ß ·≈–®–‰¡à∑”„Àâ‡°‘¥§«“¡‡¢â“„®º‘¥∑—Èß‚¥¬∑“ßµ√ß·≈–∑“ßÕâÕ¡ ®–‰¡àæŸ¥À√◊Õ°√–∑” °“√Õ—π‡ªìπ‡∑Á® ·≈–®–‰¡à°àÕ„Àâ‡°‘¥§«“¡‡¢â“„®º‘¥‚¥¬≈–‡«âπ°“√æŸ¥À√◊Õ°“√ªØ‘∫—µ‘

§«“¡‡ªìπÕ‘ √– µ—¥ ‘π„®·≈–ªØ‘∫—µ‘Àπâ“∑’Ë¥â«¬§«“¡‡ªìπÕ‘ √– ‚¥¬®–‰¡à„Àâº≈ª√–‚¬™πå à«πµ—« º≈µÕ∫·∑π §à“µÕ∫·∑π∑’Ë‡ªìπµ—«‡ß‘π À√◊Õ‰¡à‡ªìπµ—«‡ß‘π¡“Õ¬Ÿà‡Àπ◊Õ§«“¡‡ªìπÕ‘ √– „π°“√„™â¢âÕ¡Ÿ≈∑’Ë‡ªìπ§«“¡®√‘ß §√∫∂â«π ¡’‡Àµÿº≈„π°“√ªØ‘∫—µ‘Àπâ“∑’Ë

°“√¥”‡π‘π∏ÿ√°√√¡ à«πµ—« ·≈–°“√√—°…“§«“¡≈—∫ °“√¥”‡π‘π∏ÿ√°√√¡ à«πµ—«À√◊Õ∏ÿ√°‘®Õ◊ËπÊ ¢Õß°√√¡°“√ ®–µâÕß·¬°ÕÕ°®“°°“√¥”‡π‘π°‘®°“√¢Õß∫√‘…—∑ „π∞“π– °√√¡°“√∫√‘…—∑®–‰¡à„™â™◊ËÕ∫√‘…—∑„π°“√¥”‡π‘π∏ÿ√°√√¡ à«πµ—«À√◊Õ∏ÿ√°‘®Õ◊ËπÊ ·≈–‰¡à‡°’Ë¬«¢âÕß„π°‘®°“√´÷Ëß®–π”§«“¡‡ ◊ËÕ¡ ‡ ’¬¡“ Ÿà∫√‘…—∑ √«¡∂÷ß‰¡à‡ªî¥‡º¬¢âÕ¡Ÿ≈∑’Ë‡ªìπ§«“¡≈—∫¢Õß≈Ÿ°§â“ æπ—°ß“π ·≈–°“√¥”‡π‘πß“π¢Õß∫√‘…—∑µàÕ∫ÿ§§≈∑’Ë “¡ ‡«âπ·µà ®–‰¥â√—∫§«“¡¬‘π¬Õ¡®“°∫√‘…—∑ Õ’°∑—Èß ®–‰¡à„™â¢âÕ¡Ÿ≈∑’Ë‰¥â√—∫„π∞“π–‡ªìπ°√√¡°“√‰ª„π∑“ß∑’Ë‰¡à∂Ÿ°µâÕß

°“√‡ªî¥‡º¬‡√◊ËÕßº≈ª√–‚¬™πå °√√¡°“√®–µâÕß‡ªî¥‡º¬º≈ª√–‚¬™πå®“°∏ÿ√°‘® «à πµ—«À√◊Õ∏ÿ√°‘®Õ◊πË Ê √«¡∑—ßÈ ‡√◊ÕË ß„¥Ê ∑’‡Ë ªìπ§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå À√◊ÕÕ“®π”‰ª Ÿà§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå„Àâ∫√‘…—∑∑√“∫ °“√¥”‡π‘π°“√„¥Ê °—∫∫√‘…—∑¢Õß°√√¡°“√ ®–µâÕßÕ¬Ÿà„π√–¥—∫∑’Ë‡À¡“– ¡‡æ◊ËÕÀ≈’°‡≈’Ë¬ß§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ∑’ËÕ“®‡°‘¥¢÷Èπ À√◊Õ∂Ÿ°‡¢â“„®«à“‡°‘¥¢÷Èπ

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

L.P.N. Development Public Company Limited

5. 6.

°“√¬÷¥∂◊ÕªØ‘∫—µ‘µ“¡°ÆÀ¡“¬ ¬÷¥∂◊ÕªØ‘∫—µ‘µ“¡°ÆÀ¡“¬ °Æ‡°≥±å ·≈–¢âÕ°”Àπ¥∑’Ë‡°’Ë¬«¢âÕß°—∫°“√¥”‡π‘π∏ÿ√°‘® ·≈–®–‰¡à„™â™àÕß«à“ß¢Õß°ÆÀ¡“¬ ¢âÕ∫—ß§—∫ ¢âÕ°”Àπ¥ ‡æ◊ËÕª√–‚¬™πå¢Õß∫√‘…—∑À√◊Õª√–‚¬™πå à«πµπ‚¥¬¡‘™Õ∫ °“√„Àâ ‚Õ°“ ºŸâ∂◊ÕÀÿâπÕ¬à“ß‡∑à“‡∑’¬¡°—π √—°…“ ‘∑∏‘ª√–‚¬™πå¢ÕßºŸâ∂◊ÕÀÿâπµ“¡Àπâ“∑’Ë∑’Ë‰¥â√—∫§«“¡‰«â«“ß„® ·≈–§”π÷ß∂÷ß ‘∑∏‘ª√–‚¬™πå¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬Õ◊ËπÊ °—∫ ∫√‘…—∑

°“√ªØ‘∫—µ‘Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√ 1. Àπâ“∑’ËµàÕ∫√‘…—∑ 1.1 Õÿ∑‘»‡«≈“„Àâ∫√‘…—∑Õ¬à“ß‡µÁ¡∑’Ë „π°“√ªØ‘∫—µ‘¿“√°‘®„π∞“π–°√√¡°“√∫√‘…—∑ ·≈–ªØ‘∫—µ‘µ“¡·π«∑“ß°“√°”°—∫¥Ÿ·≈ °‘®°“√∑’Ë¥’·≈–®√√¬“∫√√≥∑“ß∏ÿ√°‘®¢Õß∫√‘…—∑ 1.2 „™â¥ÿ≈¬æ‘π‘®∑’Ë‡ªìπÕ‘ √–„π°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß∫√‘…—∑ 1.3 ¡’§«“¡√—∫º‘¥™Õ∫µàÕºŸâ∂◊ÕÀÿâπ §”π÷ß∂÷ß ‘∑∏‘ª√–‚¬™πå¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬Õ◊ËπÊ ‚¥¬¬÷¥∂◊ÕÀ≈—°®√√¬“∫√√≥·≈–ªØ‘∫—µ‘µ“¡ °ÆÀ¡“¬ 1.4 √√À“ºŸâ∫√‘À“√√–¥—∫ Ÿß∑’Ë¡’»—°¬¿“æ “¡“√∂Õÿ∑‘»µπ‡æ◊ËÕª√–‚¬™πå¢Õß∫√‘…—∑‰¥âÕ¬à“ß‡µÁ¡∑’Ë 1.5 ¥Ÿ·≈„ÀâΩÉ“¬∫√‘À“√√“¬ß“π‡√◊ËÕß∑’Ë ”§—≠¢Õß∫√‘…—∑ ‡æ◊ËÕ„Àâ°“√¥”‡π‘π°‘®°“√¢Õß∫√‘…—∑‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ 1.6 ·®âß„Àâ·°à∫√‘…—∑∑√“∫‡ªìπ≈“¬≈—°…≥åÕ—°…√ °√≥’∑’Ë°√√¡°“√‰ª‡ªìπ°√√¡°“√∑’Ëª√÷°…“„π∫√‘…—∑Õ◊Ëπ À√◊ÕÕß§å°√ ¡“§¡ Õ◊πË „¥ °“√¥”‡π‘π°“√¥—ß°≈à“«®–µâÕß‰¡à¢¥— µàÕª√–‚¬™πå¢Õß∫√‘…∑— ·≈–°“√ª√–°Õ∫Àπâ“∑’Ë‚¥¬µ√ß À√◊Õ‡¢â“‰ª‡ªìπºŸ∂â Õ◊ Àÿπâ „π°‘®°“√„¥Ê ´÷ËßÕ“®¡’º≈ª√–‚¬™πåÀ√◊Õ°àÕ„Àâ‡°‘¥§«“¡¢—¥·¬âß∑“ß∏ÿ√°‘®µàÕ∫√‘…—∑ 2.

Àπâ“∑’ËµàÕºŸâ∂◊ÕÀÿâπ 2.1 °”°—∫¥Ÿ·≈‡æ◊ËÕ„Àâ‡ªìπ∑’Ë¡—Ëπ„®‰¥â«à“ ∫√‘…—∑¡’ ∂“π–∑“ß°“√‡ß‘π °“√∫√‘À“√·≈–°“√®—¥°“√∑’Ë∂Ÿ°µâÕß‡À¡“– ¡ ‡æ◊ËÕ°àÕ„Àâ ‡°‘¥º≈µÕ∫·∑π∑’Ë‡À¡“– ¡µàÕºŸâ∂◊ÕÀÿâπ 2.2 °”°—∫¥Ÿ·≈‡æ◊ËÕ„Àâ‡ªìπ∑’Ë¡—Ëπ„®‰¥â«à“ ∫√‘…—∑‰¥â‡ªî¥‡º¬¢âÕ¡Ÿ≈∑’Ë¡’ “√– ”§—≠§√∫∂â«π ∂Ÿ°µâÕß ‡ªìπ §«“¡®√‘ß ∑—π‡«≈“ ¡’ ¡“µ√∞“π ·≈–‚ª√àß„ ·°àºŸâ∂◊ÕÀÿâπÕ¬à“ß‡∑à“‡∑’¬¡°—π 2.3 °”°—∫¥Ÿ·≈‡æ◊ËÕ„Àâ‡ªìπ∑’Ë¡—Ëπ„®‰¥â«à“ ∫√‘…—∑„Àâ§«“¡ ”§—≠·≈–‡§“√æµàÕ ‘∑∏‘¢ÕßºŸâ∂◊ÕÀÿâπ∑ÿ°√“¬ Õ¬à“ß‡ ¡Õ·≈– ‡∑à“‡∑’¬¡°—π 2.4 °”°—∫¥Ÿ·≈‡æ◊ËÕ„Àâ‡ªìπ∑’Ë¡—Ëπ„®‰¥â«à“ ∫√‘…—∑„Àâ§”™’È·®ß√“¬≈–‡Õ’¬¥‡°’Ë¬«°—∫º≈°“√¥”‡π‘πß“π·≈– ∂“π–∑“ß°“√‡ß‘π¢Õß ∫√‘…—∑∑’Ë‡ªìπ‰ªµ“¡À≈—°‡°≥±å°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈ 2.5 °”°—∫¥Ÿ·≈‡æ◊ËÕ„Àâ‡ªìπ∑’Ë¡—Ëπ„®‰¥â«à“ ∫√‘…—∑„Àâ§«“¡ ”§—≠µàÕ¢âÕ‡ πÕ·π–µà“ßÊ ¢ÕßºŸâ∂◊ÕÀÿâπ ·≈–π”¢âÕ‡ πÕ·π–∑’Ë¥’‰ª ªØ‘∫—µ‘„Àâ‡°‘¥ª√–‚¬™πåµàÕ°“√¥”‡π‘πß“π

Àπâ“∑’ËµàÕæπ—°ß“π 3.1 ªØ‘∫—µ‘µàÕæπ—°ß“π∑ÿ°§π¥â«¬§«“¡‡ªìπ∏√√¡ ‚¥¬‰¡à‡≈◊Õ°ªØ‘∫—µ‘µàÕºŸâ„¥ºŸâÀπ÷Ëß ‡π◊ËÕß®“°§«“¡·µ°µà“ß„π‡√◊ËÕß‡™◊ÈÕ™“µ‘ »“ π“ —≠™“µ‘ ‡æ» Õ“¬ÿ æ◊Èπ∞“π°“√»÷°…“ À√◊Õ§«“¡™Õ∫æÕ à«πµ—« 3.2 æ÷ß√—∫øíß§«“¡§‘¥‡ÀÁπÀ√◊Õ¢âÕ‡ πÕ·π–¢Õßæπ—°ß“π·≈–æ‘®“√≥“π”‰ª„™â„π∑“ß∑’Ë‡ªìπª√–‚¬™πåµàÕ∫√‘…—∑ 3.3 ‰¡à≈–‡¡‘¥ ‘∑∏‘·≈–‡ √’¿“æ à«π∫ÿ§§≈∑—Èß∑“ßµ√ß·≈–∑“ßÕâÕ¡

Àπâ“∑’ËµàÕºŸâ¡’ à«π‰¥â‡ ’¬Õ◊ËπÊ 4.1 °”°—∫¥Ÿ·≈‡æ◊ËÕ„Àâ‡ªìπ∑’Ë¡—Ëπ„®‰¥â«à“ ∫√‘…—∑‰¥âªØ‘∫—µ‘µ“¡°ÆÀ¡“¬·≈–°Æ√–‡∫’¬∫∑’Ë‡°’Ë¬«¢âÕß 4.2 °”°—∫¥Ÿ·≈‡æ◊ËÕ„Àâ‡ªìπ∑’Ë¡—Ëπ„®‰¥â«à“ ∫√‘…—∑„Àâ§«“¡ ”§—≠µàÕº≈°√–∑∫∑’Ë®–‡°‘¥·°àºŸâ¡’ à«π‰¥â‡ ’¬Õ◊Ëπ ™ÿ¡™π —ß§¡ ·≈– ‘Ëß·«¥≈âÕ¡ ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

§«“¡√Õ∫§Õ∫„π°“√ªØ‘∫—µ‘Àπâ“∑’Ë 1. ‡¢â“ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑∑ÿ°§√—Èß „π°√≥’∑’Ë¡’§«“¡®”‡ªìπ∑’Ë‰¡à “¡“√∂‡¢â“√à«¡ª√–™ÿ¡‰¥â ®–·®âß„Àâ∫√‘…—∑∑√“∫ ≈à«ßÀπâ“ 2. À“¢âÕ¡Ÿ≈§«“¡√Ÿâ‡°’Ë¬«°—∫ ¿“æ·«¥≈âÕ¡∑’Ë¡’º≈°√–∑∫µàÕ∏ÿ√°‘®¢Õß∫√‘…—∑ 3. »÷°…“∂÷ß¢âÕ°ÆÀ¡“¬ °Æ√–‡∫’¬∫ À√◊Õ¢âÕ°”Àπ¥∑’Ë‡°’Ë¬«¢âÕß ∑’Ë¡’º≈µàÕ°“√ªØ‘∫—µ‘Àπâ“∑’Ë„π∞“π–°√√¡°“√¢Õß∫√‘…—∑ 4. „™â‡«≈“Õ¬à“ß‡æ’¬ßæÕ„π°“√æ‘®“√≥“¢âÕ¡Ÿ≈‡ªìπ°“√≈à«ßÀπâ“¥â«¬§«“¡√Õ∫§Õ∫ 5. æ‘®“√≥“·≈–„Àâ§«“¡‡ÀÁπÕ¬à“ß‡ªìπÕ‘ √– °√≥’∑’Ë°√√¡°“√∑à“π„¥‰¡à‡ÀÁπ¥â«¬°—∫¡µ‘¢Õß∑’Ëª√–™ÿ¡ °√√¡°“√∑à“ππ—Èπ “¡“√∂°”Àπ¥„Àâ¡’°“√∫—π∑÷°§«“¡‡ÀÁπ·¬âß‰«â„π√“¬ß“π°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ 6 àß‡ √‘¡„Àâ¡’°“√ ◊ËÕ “√√–À«à“ß§≥–°√√¡°“√·≈–ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ‡æ◊ËÕ„Àâ‡°‘¥§«“¡¡—Ëπ„®‰¥â«à“°“√ªØ‘∫—µ‘ß“π¢Õß ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡ªìπ‰ªÕ¬à“ß¡’Õ‘ √–·≈–¡’ª√– ‘∑∏‘¿“æ ‚¥¬‰¥â√—∫§«“¡√à«¡¡◊Õ®“°ΩÉ“¬∫√‘À“√·≈–ΩÉ“¬µ√«® Õ∫ ¿“¬„π 7. ªØ‘∫—µ‘Àπâ“∑’Ë„π∞“π–°√√¡°“√„Àâ‡ªìπ‰ªµ“¡°ÆÀ¡“¬ °Æ√–‡∫’¬∫ ¢âÕ°”Àπ¥ ¢âÕ∫—ß§—∫∑’Ë‡°’Ë¬«¢âÕß·≈–¡“µ√∞“π∏ÿ√°‘® ·≈–®√‘¬∏√√¡ 8. „π°√≥’¡’¢âÕ ß —¬„¥Ê §≥–°√√¡°“√ “¡“√∂¢Õ¢âÕ¡Ÿ≈‡æ‘Ë¡‡µ‘¡ À√◊Õ§”™’È·®ß®“°ΩÉ“¬∫√‘À“√ À√◊Õ∑’Ëª√÷°…“¢Õß∫√‘…—∑ 9. ‰¡à°√–∑”°“√„¥Ê ∑’ÕË “®‡ªìπ¢âÕ§√À“„π‡√◊ÕË ß§«“¡´◊ÕË µ— ¬å ®ÿ √‘µ·≈–‡∑’¬Ë ß∏√√¡ ‚¥¬À≈’°‡≈’¬Ë ß∑—ßÈ ‚¥¬µπ‡Õß·≈–§√Õ∫§√—« „π°“√‡√’¬° √—∫ À√◊Õ¬‘π¬Õ¡®–√—∫‡ß‘π ‘Ëß¢ÕßÀ√◊Õª√–‚¬™πåÕ◊Ëπ„¥®“°ºŸâ‡°’Ë¬«¢âÕß∑“ß∏ÿ√°‘®¢Õß∫√‘…—∑ ‡™àπ ≈Ÿ°§â“ ºŸâ√—∫ ‡À¡“ æàÕ§â“ ‡ªìπµâπ ‡«âπ·µà„π‚Õ°“ À√◊Õ‡∑»°“≈Õ—π‡ªìπª√–‡æ≥’π‘¬¡ ∑—Èßπ’È ®–µâÕß‰¡à¡’√“§“¡“°®π‡°‘π ¡§«√À√◊Õ ‡°‘π·°àª°µ‘«‘ —¬ §«“¡¢—¥·¬âß¢Õßº≈ª√–‚¬™πå 1. ‰¡à„™âÕ”π“®„πÀπâ“∑’Ë„πµ”·Àπàß°√√¡°“√‡æ◊ËÕ· «ßª√–‚¬™πå à«πµπÀ√◊Õ¢ÕßºŸâ„°≈â™‘¥‰¡à«à“∑“ßµ√ßÀ√◊Õ∑“ßÕâÕ¡ 2. ·®âß„Àâ∫√‘…—∑∑√“∫‚¥¬‰¡à™—°™â“‡¡◊ËÕ¡’‡Àµÿ¥—ßπ’È ● °“√µÕ∫√—∫‡™‘≠‡ªìπ°√√¡°“√À√◊Õ∑’Ëª√÷°…“¢Õß∫√‘…—∑Õ◊Ëπ ● °√√¡°“√·≈–∫ÿ§§≈„π§√Õ∫§√—«¡’ à«π√à«¡À√◊Õ‡ªìπºŸâ∂◊ÕÀÿâπ„π°‘®°“√„¥Ê ´÷ËßÕ“®¡’º≈ª√–‚¬™πå À√◊Õ‡°‘¥§«“¡ ¢—¥·¬âß∑“ßº≈ª√–‚¬™πå°—∫∫√‘…—∑ ● ¡’ à«π‰¥â à«π‡ ’¬‚¥¬µ√ßÀ√◊Õ‚¥¬ÕâÕ¡„π —≠≠“„¥Ê ∑’Ë∑”°—∫∫√‘…—∑ ‚¥¬µâÕß√–∫ÿ≈—°…≥–¢Õß —≠≠“ ™◊ËÕ¢Õß §Ÿà —≠≠“ à«π‰¥â‡ ’¬„π —≠≠“ ● ‡¢â“∂◊ÕÀ≈—°∑√—æ¬åÀ√◊ÕÀÿπâ °Ÿ¢â Õß∫√‘…∑— À√◊Õ∫√‘…∑— „π‡§√◊Õ ‚¥¬®–µâÕß√–∫ÿ®”π«πÀ≈—°∑√—æ¬å √«¡∑—ßÈ °“√‡ª≈’¬Ë π·ª≈ß 3. À“∑“ßÀ≈’°‡≈’Ë¬ß‰¡à„Àâ¡’§«“¡¢—¥·¬âß¢Õßº≈ª√–‚¬™πå‡°‘¥¢÷Èπ À“°¡’°√≥’‡°‘¥§«“¡¢—¥·¬âß¢÷Èπ °√√¡°“√®–µâÕßæ‘®“√≥“ «à“®–¢Õß¥‡«âπ®“°°“√√à«¡Õ¿‘ª√“¬„Àâ§«“¡‡ÀÁπ À√◊Õß¥°“√ÕÕ°‡ ’¬ß≈ß§–·ππ„π«“√–¥—ß°≈à“« À√◊Õ‰¡à‡¢â“√à«¡ª√–™ÿ¡ „π«“√–¥—ß°≈à“« À√◊Õ¢Õ‰¡à√∫— ‡Õ° “√«“√–°“√ª√–™ÿ¡∑’‡Ë °’¬Ë «¢âÕß À√◊Õ¢Õ≈“ÕÕ°®“°µ”·Àπàß°√√¡°“√À“°§«“¡¢—¥·¬âß π—Èπ∂◊Õ‡ªìπ‡√◊ËÕß ”§—≠ 4. °√√¡°“√∑’Ë‡ªìπºŸâ∫√‘À“√®–µâÕß„™â§«“¡√–¡—¥√–«—ßÕ¬à“ß¬‘ËßµàÕ§«“¡¢—¥·¬âß¢Õßº≈ª√–‚¬™πå∑’ËÕ“®‡°‘¥¢÷Èπ√–À«à“ß°“√ ∑”ß“π„π∞“π–¢ÕßΩÉ“¬∫√‘À“√ ·≈–°“√¥”‡π‘πß“π„π∞“π–∑’Ë‡ªìπ°√√¡°“√ ´÷Ëß‰¥â√—∫§«“¡‰«â«“ß„®®“°ºŸâ∂◊ÕÀÿâπ 5. °√√¡°“√‰¡à§«√‡°’Ë¬«¢âÕß„π°“√´◊ÈÕ¢“¬Àÿâπ¢Õß∫√‘…—∑‡æ◊ËÕ°“√≈ß∑ÿπ√–¬– —Èπ °“√„™â¢âÕ¡Ÿ≈¢Õß∫√‘…—∑ 1. ‰¡à„™â¢âÕ¡Ÿ≈∑’Ë‰¥â√—∫„π∞“π–°√√¡°“√∫√‘…—∑‰ª„π∑“ß∑’Ë¡‘™Õ∫ 2. ‰¡à‡ªî¥‡º¬¢âÕ¡Ÿ≈µà“ßÊ ‡™àπ ¢âÕ¡Ÿ≈∑’Ë‡ªìπ§«“¡≈—∫∑“ß∏ÿ√°‘® À√◊Õ¢âÕ¡Ÿ≈∑’Ë¡’º≈°√–∑∫µàÕ°“√∑”∏ÿ√°‘®µàÕ∫ÿ§§≈¿“¬πÕ° 3. ‰¡à´◊ÈÕÀ√◊Õ¢“¬Àÿâπ„π¢≥–∑’Ë¡’¢âÕ¡Ÿ≈ ´÷Ëß∂â“‡ªî¥‡º¬µàÕ “∏“√≥™π®–¡’º≈°√–∑∫µàÕ√“§“Àÿâπ 4. √—°…“¢âÕ¡Ÿ≈§«“¡≈—∫¢Õß∫√‘…—∑ √–¡—¥√–«—ß¡‘„Àâ‡Õ° “√À√◊Õ¢à“« “√Õ—π‡ªìπ§«“¡≈—∫¢Õß∫√‘…—∑√—Ë«‰À≈ À√◊Õµ°‰ª∂÷ßºŸâ∑’Ë ‰¡à‡°’Ë¬«¢âÕßÕ—πÕ“®‡ªìπ‡Àµÿ„Àâ∫√‘…—∑‡°‘¥§«“¡‡ ’¬À“¬ ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

5. 6.

‰¡à„™â¢âÕ¡Ÿ≈¿“¬„π‡æ◊ËÕª√–‚¬™πå à«πµ—«À√◊ÕºŸâÕ◊Ëπ ‚¥¬‡©æ“–Õ¬à“ß¬‘Ëß¢âÕ¡Ÿ≈π—Èπ‡ªìπ “√– ”§—≠µàÕ°“√‡ª≈’Ë¬π·ª≈ß√“§“ ¢ÕßÀ≈—°∑√—æ¬å∑’Ë¬—ß‰¡à‰¥â‡ªî¥‡º¬µàÕ “∏“√≥– ®–µâÕß‰¡à·®âß¢âÕ¡Ÿ≈ ´÷ËßÕ“®¡’º≈°√–∑∫µàÕ√“§“Àÿâπ¢Õß∫√‘…—∑ ´÷Ëß¬—ß‰¡à‡ªî¥‡º¬µàÕ “∏“√≥™π ´÷Ëß¢âÕ¡Ÿ≈‡À≈à“π—Èπ®–√«¡ ∂÷ß ● °“√§“¥°“√≥åº≈°”‰√ ● °“√ÕÕ°À≈—°∑√—æ¬å„À¡à ● °“√°Ÿâ¬◊¡ ● °“√§√Õ∫ß”°‘®°“√∑’ËÕ“®®–‡°‘¥¢÷Èπ ● °“√‡ª≈’Ë¬π·ª≈ß°“√ª√–°Õ∫°“√∑’Ë ”§—≠ ● ‚§√ß°“√≈ß∑ÿπ„À¡à ● ªí≠À“‡°’Ë¬«°—∫ ¿“æ§≈àÕß

®√√¬“∫√√≥∑“ß∏ÿ√°‘®¢Õßæπ—°ß“π ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ‰¥â¥”‡π‘π∏ÿ√°‘®¥â“π°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ¡’§«“¡√—∫º‘¥™Õ∫µàÕºŸâ¡’ à«π‰¥â‡ ’¬µà“ßÊ µ—Èß·µà ºŸâ∂◊ÕÀÿâπ ≈Ÿ°§â“ §Ÿà§â“ §Ÿà —≠≠“ æπ—°ß“π µ≈Õ¥®π§«“¡√—∫º‘¥™Õ∫µàÕ —ß§¡ ´÷Ëßæπ—°ß“π¢Õß∫√‘…—∑∑ÿ°∑à“π ®– µâÕß¡’ à«π™à«¬º≈—°¥—π„Àâ∫√‘…—∑∫√√≈ÿ‡ªÑ“À¡“¬¢Õß«‘ —¬∑—»πåµ“¡∑’Ë∫√‘…—∑°”Àπ¥‰«â ∫√‘…∑— ¡’§«“¡¡ÿßà ¡—πË ∑’®Ë –„Àâæπ—°ß“π¢Õß∫√‘…∑— ∑ÿ°§π µ√–Àπ—°∂÷ß§«“¡√—∫º‘¥™Õ∫®“°°“√‰¥â√∫— §«“¡ ‰«â«“ß„®„π°“√ª√–°Õ∫∏ÿ√°‘® ´÷Ëß„π°“√¥”‡π‘π∏ÿ√°‘®‰ª Ÿà§«“¡ ”‡√Á® §«“¡¡—Ëπ§ß¬—Ëß¬◊π ·≈–‡ªìπ∑’Ë‰¥â√—∫§«“¡‡™◊ËÕ∂◊Õ®“°≈Ÿ°§â“ ºŸâ∂◊ÕÀÿâπ ·≈–ª√–™“™π‚¥¬∑—Ë«‰ª ∫√‘…—∑ ‰¥â°”Àπ¥®√√¬“∫√√≥∑“ß∏ÿ√°‘®¢Õßæπ—°ß“π ‡æ◊ËÕ‡ªìπÀ≈—°„π°“√ª√–æƒµ‘ªØ‘∫—µ‘ ®√√¬“∫√√≥∑“ß∏ÿ√°‘®¢Õßæπ—°ß“π©∫—∫π’È °”Àπ¥¢÷Èπ‡æ◊ËÕ‡ªìπ¡“µ√∞“π‡∫◊ÈÕßµâπ ”À√—∫æπ—°ß“π „π°“√ªØ‘∫—µ‘µπÕ¬à“ß¡’ ®√√¬“∫√√≥ ‡ªìπ‡§√◊ËÕß¡◊ÕÕ¬à“ßÀπ÷Ëß„π°“√‡µ◊Õπæπ—°ß“π„Àâ¡’§«“¡√–¡—¥√–«—ß ·≈–ªÑÕß°—π‰¡à„Àâæπ—°ß“π°√–∑”°“√„¥Ê ∑’Ë‡ªìπ °“√≈–‡¡‘¥°Æ √–‡∫’¬∫ ¢âÕ∫—ß§—∫ ∑’Ëπ”§«“¡‡ ◊ËÕ¡‡ ’¬¡“ Ÿà™◊ËÕ‡ ’¬ß¢Õß∫√‘…—∑ ∫√‘…—∑¡Õ∫À¡“¬„ÀâΩÉ“¬∑√—æ¬“°√¡πÿ…¬å ‡ªìπºŸâ¡’Àπâ“∑’Ëµ√«® Õ∫°“√ªØ‘∫—µ‘µ“¡®√√¬“∫√√≥∑“ß∏ÿ√°‘®¢Õßæπ—°ß“π ‚¥¬„Àâ ºŸâ∫—ß§—∫∫—≠™“·µà≈–ΩÉ“¬ √à«¡¥Ÿ·≈„Àâæπ—°ß“πªØ‘∫—µ‘µ“¡¢âÕ°”Àπ¥∑’Ë∫—≠≠—µ‘‰«â¥â«¬ ®√√¬“∫√√≥¢Õßæπ—°ß“π ·∫àß√“¬≈–‡Õ’¬¥‡ªìπÀ—«¢âÕµà“ßÊ 10 À—«¢âÕ ¡’§”Õ∏‘∫“¬∑’Ë™—¥‡®π·≈–¡Õ∫„Àâæπ—°ß“π∑ÿ°§π‰«â‡æ◊ËÕ ‡ªìπ·π«∑“ß„π°“√ªØ‘∫—µ‘µ“¡ ¥—ßπ’È 1. ¢Õ∫‡¢µ 2. °“√ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬·≈–°“√√—°…“°Æ√–‡∫’¬∫¢Õß∫√‘…—∑ 3. §«“¡‡™◊ËÕ∂◊Õ‰¥â¢Õß¢âÕ¡Ÿ≈ 4. °“√√—°…“§«“¡≈—∫¢Õß¢âÕ¡Ÿ≈ 5. °“√ ◊ËÕ “√ 6. °“√„™â¢âÕ¡Ÿ≈¿“¬„π‡æ◊ËÕ°“√´◊ÈÕ¢“¬À≈—°∑√—æ¬å 7. °“√§ÿ°§“¡ 8. °“√æπ—π °“√¥◊Ë¡·Õ≈°ÕŒÕ≈å ·≈– ‘Ëß‡ æµ‘¥ 9. °“√„Àâ·≈–√—∫¢Õß°”π—≈·≈–°“√‡≈’È¬ß√—∫√Õß 10. °“√∑”ß“πÕ◊ËπÀ√◊Õ°‘®°√√¡¿“¬πÕ° πÕ°®“°π’È ¬—ß‰¥â°”Àπ¥°“√ªØ‘∫—µ‘Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫¢Õßæπ—°ß“π µ“¡∫∑∫“∑Àπâ“∑’Ë∑’Ë¡’µàÕ∫√‘…—∑ µàÕ≈Ÿ°§â“ µàÕºŸâ∂◊ÕÀÿâπ µàÕºŸâ∫—ß§—∫∫—≠™“ ‡æ◊ËÕπ√à«¡ß“π·≈–Àπâ“∑’ËµàÕµπ‡Õß √«¡∂÷ß§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ·≈–°“√„™â¢âÕ¡Ÿ≈¢Õß∫√‘…—∑ ‡æ◊ËÕ‡ªìπ ·π«∑“ß„π°“√ªØ‘∫—µ‘√à«¡°—π

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

L.P.N. Development Public Company Limited

The Code of Conduct of the Board of Directors of L.P.N. Development PCL The code of conduct of the Board of Directors of the Company was established for the directors of the Company as a guideline to manage the Company according to the principals of good corporate governance and for the directors to devote themselves to work ethically for the benefit of the company, the shareholders, the employees and other stakeholders. . The Board of Directors of the Company established the policy of management of the organization to provide the guidelines to oversee the affairs of the Company to be efficient and to accomplish the objectives, the vision and the goals of the Company. As a result of the confidence that L.P.N. Development PCL has received from the shareholders, investors and the public regarding its standard of business, all the directors of the Company are compelled to comply with the provisions and intent of the law, as well as conduct themselves as a role model for employees to protect the reputation and image of the Company into the future. The Code of Conduct of the Board of Directors is comprised of : 1. Honest, Fairness and Virtue 2. Independence 3. Personal Transactions and Confidentiality 4. Disclosure of matters of personal benefit 5. Legal Compliance 6. Equal Opportunity to Shareholders 1.

Honesty, Fairness and Virtue Directors must perform their duties with honesty and good faith, truthfulness and non-discrimination based on race, religion, sex, marital status or physical handicap. Directors must embrace the truth and must not cause misunderstandings either directly or indirectly, must not speak or do anything that is false and must not cause misunderstandings by refraining from speaking or lack of action.

Independence Directors must make decisions and perform their duties independently without allowing personal benefit, reward, monetary or non-monetary compensation to take precedence over independence and must use information that is true and must perform duties in a reasonable manner.

Personal Transactions and Confidentialit Any personal transactions or business of directors must be separated from the business of the Company performed as a director. The name of the Company must not be used in personal transactions or business. Directors should avoid affairs which may cause disrepute to the Company, including avoiding disclosure of confidential information of customers, employees and of the Companyûs business to third parties, unless authorized by the Company. Directors must also not use information that is obtained as a director in an improper manner.

Disclosure of matters of personal benefit Directors must disclose any benefits from personal business as well as any issue that may conflict with the Companyûs benefit or may cause a conflict of interest to the Company. Any business with the Company by the directors must be on an armûs length basis in order to avoid any conflict of interest that may occur or that may be understood to have occurred.

Legal Compliance Directors must comply with the provisions of law, rules and conditions related to the operation of business and directors should not use legal loopholes for the benefit of the Company or for personal benefit. ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

Equal Opportunity to Shareholders Directors must protect of the rights of shareholders in accordance with the trust given to the directors by the shareholders as well as consider the interests of the other stakeholders in the Company.

Performance of Duties and Responsibilities of the Board of Directors 1. Duties to the Company 1.1 Devote full time to the Company to perform director duties and comply with principals of good corporate governance and the Companyûs Code of Conduct. 1.2 Exercise independent discretion in overseeing the affairs of the Company. 1.3 Be responsible to the shareholders and consider the rights and interests of the other stakeholders based on ethical practices and legal compliance. 1.4 Find high level executives that have potential and that can devote themselves to the interests of the Company. 1.5 Ensure that the executive reports important matters to the Company so that the Company can perform efficiently. 1.6 Inform the Company in writing when a director is a consultant in another company, organization or association. Acting as a consultant must not directly conflict with the interests of the Company and performance of the directorûs duty. A director should not hold shares in other entities that the director has an interest in or that may give rise to a business conflict with the Company. 2.

Duties to the shareholders 2.1 Ensure that the Company has sufficient financial status and management that is proper and correct in order to create appropriate compensation for shareholders. 2.2 Ensure that the Company has disclosed a sufficient amount of information that is material, correct, accurate, up to standards and transparent to all shareholders equally. 2.3 Ensure that the Company values and respects the rights of all shareholders equally. 2.4 Ensure that the Company explains the details of the Companyûs performance and its financial status, in accordance with information disclosure regulations. 2.5 Ensure that the Company appreciates the recommendations of the shareholders and implements good recommendations for the benefit of the Company.

Duties to the employees 3.1 Treat all employees fairly, with out discrimination based on race, religion, nationality, sex, age, educational background or personal preference. 3.2 Listen to the opinions or recommendations of the employees and consider implementing them for the benefit of the Company. 3.3 Do not directly or indirectly violate the personal rights and freedom of the employees.

Duties to other stakeholders 4.1 Ensure that the Company complies with the provisions of applicable laws. 4.2 Ensure that the Company is aware of the effects on other stakeholders, the community, society and the environment.

Circumspection in the performance of duties 1. Attending Board of Directors meetings on every occasion and informing the Company in advance if unable to attend a meeting. ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

2. 3. 4. 5. 6. 7. 8. 9.

Obtaining information and knowledge of issues that affect the business of the Company. Studying the laws, rules and regulations that affect the performance of directors of the Company. Using sufficient time to carefully consider information in advance. Considering and providing opinions independently. If a director disagrees with a resolution of the Board of Directors, such disagreement can be recorded in the minutes of the Board of Directors meeting. Encourage communication between the Board of Directors and the auditor in order to create confidence that the auditor is working independently and efficiently with cooperation from the executive and the internal audit department. Perform directorsû duties according to the provisions of the law, regulations, rules and relevant articles of association as well as business standards and ethics. In the event of any questions, the Board of Directors can request further information from the executive or the companyûs advisors. Refrain from engaging in any actions that may affect honesty, good faith and integrity. Directors and their families should avoid demanding, accepting or agreeing to accept things or benefits from persons related to the business of the Company such as customers, contractors and trade partners, save for on special occasions or traditional holidays, provided that the value is not excessive or extraordinary.

Conflict of Interest 1. Directors should not use their position in a manner to obtain benefits for themselves or those close to them, whether directly or indirectly. 2. Directors should inform the company without delay in any of the following cases : ● Accepting an invitation to act as director or consultant of another company. ● A director or family member participates or is a shareholder in a business that may have an interest that is in conflict with the interest of the Company. ● A director has a direct or indirect interest in a contract made with the Company. The type of the contract, name of the parties and interest in the contract should be disclosed. ● A director holding securities or debentures of the Company or its subsidiaries, specifying the number of securities and any changes. 3. Avoid conflicts of interest. In the event of a conflict of interest, the director must consider refraining from providing an opinion or from voting on the said agenda or avoid attending the meeting held to consider the issue in question or request to not receive the documents related to the agenda in question or resign from the position of director if the conflict of interest is material. 4. The director must use extreme caution in any conflict of interest situations that occur while acting as an executive and as a director due to the trust given by the shareholders. 5. Directors should not invest in shares of the Company for short term profit. Use of Company Information 1. Do not use the information obtained as a director of the Company in any inappropriate manner. 2. Do not disclose any information such as confidential business information or information that may affect operation of business with third parties. 3. Do not purchase or sell shares while in possession of information that, if disclosed to the public, would affect the price of the shares. 4. Keep the information of the Company confidential. Take care not to let documents or information that is confidential to be disclosed or to fall into the hands of persons not associated with the Company in a manner that would damage the company. ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

L.P.N. Development Public Company Limited

5. 6.

Do not use information for personal benefit or the benefit of others especially if such information is essential to a change in the price of securities which has not been disclosed to the public. Do not announce information that may affect the price of shares of the company that has not been disclosed to the public including: Forecast on earnings Issue of new securities Loans Potential takeovers Essential changes to the business New investments Problems related to liquidity

Code of Conduct of the Employees of L.P.N. Development PCL L.P.N. Development PCL is engaged in the real estate development business and takes responsibility for all stakeholders involved, including shareholders, customers, trade partners, contracting partners and employees and also takes responsibility for society. All of the Companyûs employees play a role in assisting the company success in its goals and vision set by the Company. The Company is determined for the employees of the Company to realize their responsibility that comes from the trust the Company holds from engaging in business. Due to the companyûs success in operating the business, the Company has gained the trust of its customers, shareholders and the public in general and has therefore established a code of conduct for employees to follow. The code of conduct for employees was established as a preliminary guideline for employees to follow ethically and is a tool for the employees to use to remind themselves to use caution and to prevent employees from committing any breach of laws, rules or articles of association which may cause damage to the reputation of the Company. The Company has assigned the human resources department to ensure compliance with the code of conduct while the employees perform their duties, with supervisors charged with overseeing their subordinates to comply with the provisions of the code of conduct. The code of conduct of employees can be separated into 10 categories, each of which have its own detailed explanation and is given to each employee as follows: 1. Scope 2. Compliance with laws and adherence to the Company rules 3. Reliability of information 4. Confidentiality of Information 5. Communication 6. Use of insider information to trade securities 7. Harassment 8. Gambling, alcohol consumption and narcotics 9. Giving and accepting gifts and entertainment 10. Engaging in other jobs or doing outside work In addition, the Company also has established rules for performance and responsibility of the employees towards the Company, customers, shareholders, supervisors, colleagues, their own duty, conflicts of interest and use of the Company information as a guideline for working together.

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L.P.N. Development Public Company Limited

ª√—™≠“°“√¥”‡π‘π∏ÿ√°‘®∑’Ë Õ¥§≈âÕß°—∫ª√—™≠“ ç‡»√…∞°‘®æÕ‡æ’¬ßé Operating the Business According to Principals of çSufficiency Economyé Operating the Business According to Principals of çSufficiency Economyé

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L.P.N. Development Public Company Limited

°≈¬ÿ∑∏å√–¬– —Èπ ¡ÿàß‡πâπæ—≤π“ª√– ‘∑∏‘¿“æ¢Õßº≈‘µ¿—≥±å·≈–∫√‘°“√¡“°¬‘Ëß¢÷Èπ ¢¬“¬°“√æ—≤π“‚§√ß°“√‰ª¬—ß∑”‡≈„À¡àÊ √â“ß§«“¡·µ°µà“ß¢Õßº≈‘µ¿—≥±å·≈–∫√‘°“√‚¥¬‡πâπ‡√◊ËÕß°“√∫√‘À“√ ç™ÿ¡™ππà“Õ¬Ÿàé °≈¬ÿ∑∏å√–¬–°≈“ß °√–®“¬∞“π≈Ÿ°§â“ ‚¥¬‡æ‘Ë¡º≈‘µ¿—≥±å∑’Ë‰¡à‡ªìπÕ“§“√™ÿ¥ (Non-Condo) ¢¬“¬∞“π√“¬‰¥â®“°°≈ÿà¡≈Ÿ°§â“‡ªÑ“À¡“¬‡¥‘¡ ‚¥¬‡æ‘Ë¡»—°¬¿“æ·≈–®”π«πæ—π∏¡‘µ√ ¢¬“¬∞“π√“¬‰¥â®“°∏ÿ√°‘®„π‡§√◊Õ ‚¥¬‡©æ“–∏ÿ√°‘®¥â“π∫√‘°“√ ∫√‘À“√Õ —ßÀ“√‘¡∑√—æ¬å √«¡∑—Èß∏ÿ√°‘® „Àâ‡™à“ °≈¬ÿ∑∏å√–¬–¬“« ‡æ‘Ë¡»—°¬¿“æ¢Õß∫ÿ§≈“°√ ·≈–ª√—∫ª√ÿß°√–∫«π°“√¿“¬„π ‡æ‘Ë¡ª√– ‘∑∏‘¿“æ¢Õß°“√∫√‘À“√™ÿ¡™π ‚¥¬‡πâπ∑’Ë»—°¬¿“æ¢ÕßºŸâ®—¥°“√™ÿ¡™π ‡æ‘Ë¡§ÿ≥§à“¢ÕßÕß§å°√¥â«¬°“√ √â“ßπ«—µ°√√¡„À¡àÊ ¥â“πº≈‘µ¿—≥±å·≈–∫√‘°“√ 2 ‡ß◊ËÕπ‰¢ 1. §«“¡√Ÿâ ∫√‘…—∑‰¥â°”Àπ¥‰«â„π¡‘µ‘∫ÿ§≈“°√ (People Perspective) „Àâ‡ªìπÕß§å°√·Ààß°“√‡√’¬π√Ÿâ °“√·∫àßªíπ§«“¡√Ÿâ¿“¬„π∫√‘…—∑ ·≈–¢¬“¬º≈‰ª¬—ß™ÿ¡™π∑’Ë∫√‘…—∑‡ªìπºŸâ∫√‘À“√®—¥°“√ ‚¥¬‡√‘Ë¡µâπ∑’Ë°“√®—¥À“ÀâÕß ¡ÿ¥„πÕ“§“√™ÿ¥∑ÿ°‚§√ß°“√¢Õß∫√‘…—∑ 2. §ÿ≥∏√√¡ ∫√‘…—∑‰¥â°”Àπ¥„Àâ ç§ÿ≥∏√√¡é ‡ªìπÀπ÷Ëß„π«—≤π∏√√¡Õß§å°√ ‚¥¬‡©æ“–Àπ÷Ëß„πæ—π∏°‘®À≈—°¢Õß∫√‘…—∑§◊Õ ç°“√¥”‡π‘πß“π¿“¬„µâÀ≈—°∏√√¡“¿‘∫“≈é ´÷ßË ‡ªìπ‡ß◊ÕË π‰¢ ”§—≠∑’ºË ∫Ÿâ √‘À“√·≈–æπ—°ß“π∑ÿ°√–¥—∫„πÕß§å°√ µâÕß¬÷¥∂◊Õ‡ªìπ ·π«∑“ß„π°“√¥”‡π‘πß“π ∫√‘…—∑‰¥â„™â·π«∑“ß¥—ß°≈à“«¢â“ßµâπ„π°“√¥”‡π‘πß“π¡“‚¥¬µ≈Õ¥ àßº≈„Àâ°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑‡ªìπ‰ªµ“¡‡ªÑ“À¡“¬ ¡’ °“√‡µ‘∫‚µ∑’¡Ë §’ ≥ÿ ¿“æ ‡ªìπ∑’¬Ë Õ¡√—∫®“°≈Ÿ°§â“ √«¡∂÷ßºŸ∑â ¥’Ë ”‡π‘π∏ÿ√°‘®À√◊Õ¡’§«“¡‡°’¬Ë «¢âÕß°—∫∫√‘…∑— ¡“‚¥¬µ≈Õ¥ ´÷ßË ∫√‘…∑— ®–¬÷¥·π«∑“ß ¥—ß°≈à“«„π°“√¥”‡π‘π∏ÿ√°‘®‡æ◊ËÕ°“√‡µ‘∫‚µ∑’Ë¡—Ëπ§ß ·≈–¬—Ëß¬◊π ◊∫‰ª

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L.P.N. Development Public Company Limited

Ever since the establishment of the Company, the Company has always operated its business with a desire to create a balance between the interests of all parties involved as well as building the Company from the inside, developing personnel and developing the economy following the economic crisis. The growth of the Company is based on the growth of project development that coincides with strategy and the economy in general, while growing sustainability. The Company has established a business strategy to develop condominiums that are near business centers with target customers who have mid-range income, which is a large urban target group. Attention is also focused on managing the community around the project to have a proper standard of living with good surrounding environment and content society . The business policy of the Company can be seen to coincide with the philosophy of çSufficiency Economyé of His Majesty the King, which can be explained as follows:

Sufficiency

Reason

Building immunity

The philosophy of sufficiency economy comprises of ç3 loops 2 conditionsé 3 loops are comprised of 1) sufficiency 2) reason 3) building immunity 2 conditions are 1) knowledge 2) virtue 1. Sufficiency The Companyûs business policy comprises of : Manage appropriate levels of growth, not overly rapid but not overly sluggish, considering risk management at a proper level ; Fixing sufficient levels of profit, not taking advantage and not taking away societyûs benefits ; Considering the effect of development of the project on the environment and society. 2. Reason Development of residences for those who lack residences. Raising the quality of living of the community by managing the community after transfer of ownership of the residence to achieve maximum efficiency ; Create a balance of compensation and benefits for all parties involved. 3. Building Immunity Development of the quality of personnel in terms of skills and maturity Establishing a strategy that is appropriate and takes into consideration all economic conditions. Short term strategy Increase the level of intensity of development of efficiency of products and services ; Expand the locations of projects to new locations ;

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100

L.P.N. Development Public Company Limited

Create differentiation in products and services focusing on managing communities to be çattractive living communitiesé. Mid-term Strategy Distribution of customer base by expanding non-condo products ; Expanding income from previous customers bases by increasing potential and allies ; Expanding income from businesses in the group especially services, property management and lease services. Long-term strategy Increase the potential of personnel and improve internal systems; Increase the efficiency of community management focusing on potential for community management; Adding value to the organization by building new innovations of products and services. 2. Conditions 1. Knowledge The Company has established in its People Perspective for the Company to be an organization of learning, sharing knowledge within the Company and expanding the operating results to the community which the Company is managing, starting by opening a library in every condominium developed by the Company. 2. Virtue The Company has specified that virtue is one of the Companyûs cultures. Good corporate governance is one of the important conditions which all employees of the Company have to embrace. The Company has used at all time these principals to operate its business all along which has allowed the Company to operate smoothly and grow with quality, be accepted by customers, business persons or persons who are related to the Company. The Company has embraced this policy in order to achieve stability and quality for the future.

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101

L.P.N. Development Public Company Limited

°“√§«∫§ÿ¡¿“¬„π Internal Control

§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√∫√‘…—∑‡°’Ë¬«°—∫°“√§«∫§ÿ¡¿“¬„π ‡√’¬π ‡≈¢“∏‘°“√ ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å µ“¡∑’Ë§≥–°√√¡°“√∫√‘…—∑ ‰¥â·µàßµ—Èß§≥–°√√¡°“√µ√«® Õ∫®“°°√√¡°“√ºŸâ∑√ß§ÿ≥«ÿ≤‘·≈–¡’§«“¡‡ªìπÕ‘ √–π—Èπ „π«—π∑’Ë 25 ‡¡…“¬π 2549 ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ »“ µ√“®“√¬å»‘√‘ ‡°«≈‘π ƒ…¥‘Ï ·≈– °√√¡°“√µ√«® Õ∫ π“¬«ÿ≤‘æ≈ ÿ√‘¬“¿‘«—≤πå ‰¥â¢Õ≈“ÕÕ° ‚¥¬∑’Ë∑—Èß 2 ∑à“π ¬—ß§ß¥”√ßµ”·Àπàß°√√¡°“√∫√‘…—∑ (°√√¡°“√Õ‘ √–) ¥—ß‡¥‘¡ ·≈–„π«—π¥—ß°≈à“«§≥–°√√¡°“√∫√‘…—∑ ‰¥â·µàßµ—Èß π“¬Õ¡√»—°¥‘Ï πæ√—¡¿“ ‡ªìπª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ π“¬‡∑æ √ÿàß∏π“¿‘√¡¬å ·≈– π“¬«’√–»—°¥‘Ï «À“«‘»“≈ ‡ªìπ °√√¡°“√µ√«® Õ∫ ´÷Ëß∑—Èß “¡∑à“π‡ªìπºŸâ∑’Ë¡’§«“¡√Ÿâ·≈–ª√– ∫°“√≥å∑“ß¥â“π∫—≠™’ µ“¡À≈—°‡°≥±å∑’Ë°”Àπ¥ „π√Õ∫ªï 2549 §≥–°√√¡°“√∫√‘…—∑‰¥â¥Ÿ·≈·≈–°”°—∫°“√ªØ‘∫—µ‘ß“π¢Õß§≥–°√√¡∫√‘À“√/°√√¡°“√ºŸâ®—¥°“√ √«¡∂÷ßºŸâ∫√‘À“√ „π√–¥—∫ ŸßÕ¬à“ß ¡Ë”‡ ¡Õ ‡æ◊ËÕ„Àâ°“√ªØ‘∫—µ‘ß“π¡’ª√– ‘∑∏‘¿“æ √—¥°ÿ¡·≈– Õ¥§≈âÕß°—∫§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√µ√«® Õ∫ ´÷Ëß®“°√“¬ß“π∑’Ë‰¥â√∫— ®“°§≥–°√√¡°“√µ√«® Õ∫·≈–ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ‡ÀÁπ‰¥â«à“∫√‘…—∑¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë‡æ’¬ßæÕ·≈– ‰¡àæ∫¢âÕ∫°æ√àÕß∑’Ë‡ªìπ “√– ”§—≠ ¥—ßπ—Èπ §≥–°√√¡°“√∫√‘…—∑®÷ß¡—Ëπ„®«à“ √–∫∫§«∫§ÿ¡¿“¬„π¡’§«“¡‡À¡“– ¡„π°“√„™â¥Ÿ·≈·≈–µ‘¥µ“¡°“√ªØ‘∫—µ‘ß“π ‡æ◊ËÕ„Àâ ∫√√≈ÿæ—π∏°‘®∑’Ë‰¥â√—∫¡Õ∫À¡“¬·≈–‰«â«“ß„®Õ¬à“ß§√∫∂â«π

π“¬ª°√≥å ∑«’ ‘π ª√–∏“π°√√¡°“√

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102

L.P.N. Development Public Company Limited

Board of Directors Opinion on Internal Controls To : Secretary-General The Securities and Exchange Commission Following the Board of Directors of the Company establishment of an Audit Committee comprised of qualified members and with full independence. On April 25, 2006, the Chairman of the Audit Committee, Professor Siri Keiwalinsrit and Audit Committee Mr.Vudhiphol Suriyabhivadh resigned. Both of the said persons had held the position of director of the Company (Independent Director). On the same date, the Board of Directors appointed Mr.Amornsuk Noparumpa as the Chairman of the Audit Committee, Mr.Thep Roongtanapirom and Mr.Weerasak Wahawisal as Audit Committee, all three directors having knowledge and experience in accounting, as required. In 2006, the Board of Directors of the Company supervised the performance of the Executive Directors/ Managing Director and high level executives on a regular basis to ensure performance with efficiency, due care and compliance with the responsibilities of the Audit Committee. Based on the report received from the Audit Committee and the licensed auditor it can be presented that the internal controls of the Company are sufficient and there are no material discrepancies have been discovered. Accordingly, the Board of Directors is confident that the internal controls are appropriate to monitor performance and to succeed in the affairs that have been delegated and entrusted to it in full.

Mr.Pakorn Thavisin Chairman

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103

L.P.N. Development Public Company Limited

§«“¡‡ÀÁπ¢ÕßºŸâ Õ∫∫—≠™’‡°’Ë¬«°—∫°“√§«∫§ÿ¡¿“¬„π ‡√’¬π ‡≈¢“∏‘°“√ ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å µ“¡∑’Ë ”π—°ß“πœ ‰¥âµ√«® Õ∫ß∫°“√‡ß‘π¢Õß∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈–‰¥â‡ πÕ√“¬ß“π°“√µ√«® Õ∫≈ß«—π∑’Ë 22 °ÿ¡¿“æ—π∏å 2550 ‰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°µâÕßµ“¡∑’Ë§«√„π “√– ”§—≠µ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ªÀ√◊Õ‰¡à‡æ’¬ß„¥π—Èπ ”π—°ß“πœ‰¡àæ∫¢âÕ∫°æ√àÕß∑’Ë‡ªìπ “√– ”§—≠ ¢Õß√–∫∫°“√§«∫§ÿ¡¿“¬„π¥â“π∫—≠™’∑’Ë®–¡’º≈°√–∑∫Õ¬à“ß‡ªìπ “√– ”§—≠„π°“√· ¥ß§«“¡‡ÀÁπµàÕß∫°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 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“ß‡§√àß§√—¥ „π°“√π’ÈµâÕß„™â°“√ª√–¡“≥°“√·≈–¥ÿ≈¬æ‘π‘®‚¥¬æ‘®“√≥“ ∂÷ßº≈ª√–‚¬™πå∑’Ë§“¥«à“®–‰¥â√—∫·≈–µâπ∑ÿπ∑’Ë‡°‘¥¢÷Èπ®“°°“√„™â√–∫∫°“√§«∫§ÿ¡π’È √–∫∫°“√§«∫§ÿ¡¿“¬„π¥—ß°≈à“«„Àâ§«“¡¡—Ëπ„®·°à ΩÉ“¬∫√‘À“√µ“¡ ¡§«√ Õ¬à“ß‰√°Áµ“¡ ”π—°ß“πœ ¢Õ‡√’¬π«à“„π°“√µ√«® Õ∫∫—≠™’ ”π—°ß“πœ ¡‘‰¥âµ√«® Õ∫∑ÿ°√“¬°“√ À“°·µà„™â«‘∏’°“√∑¥ Õ∫ ‡∑à“π—Èπ πÕ°®“°π—Èπ °“√»÷°…“·≈–°“√ª√–‡¡‘πª√– ‘∑∏‘¿“æ√–∫∫°“√§«∫§ÿ¡¿“¬„π¥â“π∫—≠™’¡’«—µ∂ÿª√– ß§å‡æ’¬ß‡æ◊ËÕª√–‚¬™πå„π°“√ Õ∫∫—≠™’¥—ß°≈à“«‰«â¢â“ßµâπ ¥—ßπ—Èπ ®÷ß‰¡àÕ“®™’È„Àâ‡ÀÁπ∂÷ß¢âÕ∫°æ√àÕß∑—ÈßÀ¡¥∑’ËÕ“®¡’Õ¬Ÿà„π√–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑‰¥â ”π—°ß“πœ ¢Õ¢Õ∫§ÿ≥‡®â“Àπâ“∑’Ë¢Õß∫√‘…—∑∑’Ë‰¥â„Àâ§«“¡√à«¡¡◊Õ„π°“√µ√«® Õ∫∫—≠™’¢Õß∫√‘…—∑‡ªìπÕ¬à“ß¥’ ”π—°ß“π Õ∫∫—≠™’ ¥’ ‰Õ ‡Õ

π“ß ÿ«‘¡≈ °ƒµ¬“‡°’¬√≥å ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ‡≈¢∑–‡∫’¬π 2982 «—π∑’Ë 22 °ÿ¡¿“æ—π∏å 2550

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104

L.P.N. Development Public Company Limited

Opinion of the Auditor in Connection with Internal Controls To : The Secretary-General The Securities and Exchange Commission We have conducted an audit of the financial statement of L.P.N. Development Public Company Limited for the year ended at December 31, 2005 and presented a report on the audit dated February 22, 2006. We would like to advise that we conducted the audit of the said financial statement in accordance with generally accepted auditing standards with the objective to express an opinion on whether or not the financial statement accurately reflects the status and operational results of the Company in accordance with generally accepted accounting principles. We have found no material discrepancies in the internal accounting control system that may essentially impinge the opinion expressed on the financial statement as at December 31, 2005. The management of L.P.N. Development Public Company Limited takes responsibility for providing the internal accounting audit system and monitoring the strict compliance with the same. This required estimation and discretion, considering the potential benefits and costs arising out of implementation of this system. This internal control system is able to provide reassurance to the management to a certain degree. However, we would like to state that our audit did not scrutinize every item but based its report on sampling. In addition, our examination and estimate of the efficiency of the accounting internal control system was intended solely for sake of the aforementioned audit and could not indicate all possible errors that may exist in the Companyûs internal control. We wish to thank the Companyûs staff for their cooperation in facilitating the audit of the Companyûs financial statements. D.I.A. Auditors

Mrs.Suvimol Krittayakiern C.P.A (Thailand) Registration no. 2982 February 22, 2007

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105

L.P.N. Development Public Company Limited

√“¬°“√√–À«à“ß°—π Connected Transactions

√“¬°“√√–À«à“ß°—π∑’Ë‡°‘¥¢÷Èπ°—∫∫√‘…—∑¬àÕ¬ „πªï 2549 ¡’√“¬°“√√–À«à“ß°—π∑’Ë‡°‘¥¢÷Èπ°—∫∫√‘…—∑¬àÕ¬ ·≈–∫√‘…—∑√à«¡ ∑’Ë‰¥â∑”°“√´◊ÈÕ¢“¬À√◊Õµ°≈ß«à“®â“ß°—π ‚¥¬„™â ‡ß◊ËÕπ‰¢·≈–√“§“µ≈“¥‡™àπ‡¥’¬«°—∫∑’Ë∑”°—∫∫ÿ§§≈¿“¬πÕ° ≥ ¢≥–π—ÈπÊ √ÿª ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ¥—ßπ’È§◊Õ 1.1 √“¬°“√√–À«à“ß°—π∑’Ë‡°‘¥¢÷Èπ√–À«à“ß∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) °—∫∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ ‰¥â·°à ß“π ®”π«π (‚§√ß°“√) ®”π«π‡ß‘πµ“¡ —≠≠“ (∫“∑) 1. °“√∫√‘À“√ß“π°àÕ √â“ß‚§√ß°“√ 9 40,790,000.00 2. °“√∫√‘À“√ß“π¢“¬·≈–ß“π‚Õπ°√√¡ ‘∑∏‘Ï 9 123,036,444.52 3. °“√∫√‘À“√·≈–®—¥‡°Á∫√“¬‰¥â∑’Ë®Õ¥√∂ - §à“∫√‘À“√·≈–®—¥°“√∑’Ë®Õ¥√∂ (3% ¢Õß√“¬‰¥â) 2 336,125.17 - §à“®—¥‡°Á∫√“¬‰¥â∑’Ë®Õ¥√∂ 2 60,000.00 ∫“∑ / ‡¥◊Õπ 4. °“√∫√‘À“√ß“π¥â“πÕ“§“√™ÿ¥ 5 3,855,000.00 5. °“√√—°…“§«“¡ –Õ“¥ - ÀâÕß —¡¡π“ Õ“§“√≈ÿ¡æ‘π’ ∑“«‡«Õ√å ™—Èπ 11 - ‡¥◊Õπ ¡‘∂ÿπ“¬π 2549 7,700.00 ∫“∑ / ‡¥◊Õπ - ‡¥◊Õπ °√°Æ“§¡- ∏—π«“§¡ 2549 11,000.00 ∫“∑ / ‡¥◊Õπ - ”π—°ß“π„À≠à Õ“§“√≈ÿ¡æ‘π’ ∑“«‡«Õ√å ™—Èπ 36 28,500.00 ∫“∑ / ‡¥◊Õπ - ≈“π®Õ¥√∂ (≈ÿ¡æ‘π’ ∑“«‡«Õ√å ·≈– ·Õ≈.æ’.‡ÕÁπ. ∑“«‡«Õ√å) 2 9,500.00 ∫“∑ / ‡¥◊Õπ / ‚§√ß°“√ - ≈ÿ¡æ‘π’ ‡√ ´‘‡¥π´å 52,500.00 ∫“∑ / ‡¥◊Õπ - ≈ÿ¡æ‘π’ æ≈“´à“ Õ‚»° 57,000.00 ∫“∑ / ‡¥◊Õπ - ≈ÿ¡æ‘π’ æ≈“´à“ Õ‚»° (™—Èπ B1) - ‡¥◊Õπ °—π¬“¬π 2549 19,800.00 ∫“∑ / ‡¥◊Õπ - ‡¥◊Õπ µÿ≈“§¡ - ∏—π«“§¡ 2549 22,000.00 ∫“∑ / ‡¥◊Õπ 6. °“√√—°…“§«“¡ –Õ“¥ß“π°àÕ √â“ß µ“¡ß«¥∑’ËªØ‘∫—µ‘ß“π®√‘ß 7. °“√∫√‘À“√ÀâÕß‡™à“ - ÀâÕß™ÿ¥æ—°Õ“»—¬ (≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√å ·Œªªïô·≈π¥å Õ“§“√ E) 1 500.00 ∫“∑ / ‡¥◊Õπ / ÀâÕß - ÀâÕß™ÿ¥ (≈ÿ¡æ‘π’ ∑“«‡«Õ√å ’Ëæ√–¬“ √‘‡«Õ√å«‘« ≈ÿ¡æ‘π’ ‡æ≈ “∑√ ·≈– ≈ÿ¡æ‘π’ «‘≈≈å »Ÿπ¬å«—≤π∏√√¡) 4 1,500.00 ∫“∑ / ‡¥◊Õπ / ÀâÕß - ”π—°ß“π (≈ÿ¡æ‘π’ ∑“«‡«Õ√å ·≈– ·Õ≈.æ’.‡ÕÁπ. ∑“«‡«Õ√å) 2 5,000.00 ∫“∑ / ‡¥◊Õπ / ÀâÕß 8. °“√∫√‘À“√·≈–®—¥°“√Õ“§“√™ÿ¥ - ≈ÿ¡æ‘π’ ‡√ ´‘‡¥π´å 120,000.00 ∫“∑ / ‡¥◊Õπ - ≈ÿ¡æ‘π’ æ≈“´à“ Õ‚»° 150,000.00 ∫“∑ / ‡¥◊Õπ 9. °“√∫√‘°“√∫”√ÿß√—°…“Õ“§“√≈ÿ¡æ‘π’ ‡√ ´‘‡¥π´å 27,000.00 ∫“∑ / ‡¥◊Õπ 10.°“√∫√‘°“√∫”√ÿß√—°…“ √“§“µ≈“¥µ“¡≈—°…≥–ß“π 11.§à“‡™à“·≈–∫√‘°“√ ”π—°ß“π Õ“§“√≈ÿ¡æ‘π’ ∑“«‡«Õ√å 1 100,000.00 ∫“∑ / ‡¥◊Õπ

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106

L.P.N. Development Public Company Limited

1.2

√“¬°“√√–À«à“ß°—π∑’Ë‡°‘¥¢÷Èπ√–À«à“ß ∫√‘…—∑ æ√ —πµ‘ ®”°—¥ °—∫ ∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ ‰¥â·°à ß“π ®”π«π (‚§√ß°“√) ®”π«π‡ß‘πµ“¡ —≠≠“ (∫“∑) 1. °“√∫√‘À“√ÀâÕß‡™à“ 1,500.00 ∫“∑ / ‡¥◊Õπ / ÀâÕß 2. °“√∫√‘°“√∫”√ÿß√—°…“ √“§“µ≈“¥µ“¡≈—°…≥–ß“π

1.3

√“¬°“√√–À«à“ß°—π∑’Ë‡°‘¥¢÷Èπ√–À«à“ß∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ °—∫∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ ß“π ®”π«π (‚§√ß°“√) ®”π«π‡ß‘πµ“¡ —≠≠“ (∫“∑) 1. °“√∫√‘À“√ß“π°àÕ √â“ß‚§√ß°“√ 3 2,425,000.00 2. °“√∫√‘À“√ß“π¢“¬·≈–ß“π‚Õπ°√√¡ ‘∑∏‘Ï 3 17,380,209.15 3. °“√√—°…“§«“¡ –Õ“¥ - ”π—°ß“π¢“¬ 2 10,000.00 ∫“∑ / ‡¥◊Õπ / ‚§√ß°“√ - ”π—°ß“π ΩÉ“¬∫√‘°“√≈Ÿ°§â“ 2 11,000.00 ∫“∑ / ‡¥◊Õπ / ‚§√ß°“√ - ”π—°ß“π ΩÉ“¬°àÕ √â“ß 2 µ“¡ß«¥∑’ËªØ‘∫—µ‘ß“π®√‘ß 4. °“√∫√‘À“√·≈–®—¥°“√Õ“§“√™ÿ¥ - ‚§√ß°“√æ“√å§«‘« «‘¿“«¥’ ‡ø 1 ·≈– ‡ø 2 2 - Õ“§“√ A1-A3 (‡¥◊Õπ ¡°√“§¡ - ¡’π“§¡ 2549) 36,000.00 ∫“∑ / ‡¥◊Õπ - Õ“§“√ B1-B4 , C1 (‡¥◊Õπ ¡°√“§¡ - ¡’π“§¡ 2549) 60,000.00 ∫“∑ / ‡¥◊Õπ - Õ“§“√ C2-C4 ·≈– Õ“§“√ —π∑π“°“√ (‡¥◊Õπ ‡¡…“¬π - ∏—π«“§¡ 2549) 12,000.00 ∫“∑ / ‡¥◊Õπ 5. °“√«“ß√–∫∫·≈–®¥∑–‡∫’¬πÕ“§“√™ÿ¥ 102,720.00 ∫“∑ / ‡¥◊Õπ 6. °“√∫√‘°“√ß“π«‘»«°√√¡ (ß“π√–∫∫/‚§√ß √â“ß/√–∫∫ª√—∫Õ“°“») µ“¡ß«¥∑’ËªØ‘∫—µ‘ß“π®√‘ß 7. °“√∫√‘°“√ß“π´àÕ¡À≈—ß‚Õπ°√√¡ ‘∑∏‘Ï √“§“µ≈“¥µ“¡≈—°…≥–ß“π

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

µ—Î« —≠≠“„™â‡ß‘π

107

√–¬–‡«≈“

Õ—µ√“¥Õ°‡∫’È¬ (%) 3 ¡°√“§¡ 2549 4.84 ∂÷ß 28 °ÿ¡¿“æ—π∏å 2549 56.07 1 ¡’π“§¡ 2549 5.28 ∂÷ß 27 ¡‘∂ÿπ“¬π 2550 200.00 AT CALL 9.00

L.P.N. Development Public Company Limited

§«“¡®”‡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√«¡ ®÷ß‰¡à‡°‘¥°“√¢—¥·¬âß‡√◊ËÕßº≈ª√–‚¬™πå ‡π◊ËÕß®“°ß“π°àÕ √â“ß·≈–ß“π∫√‘°“√‡ªìπß“π∑’ËµâÕß°“√§«“¡≈–‡Õ’¬¥·≈–§ÿ≥¿“æ Ÿß ÿ¥ ‡æ◊ËÕ„Àâ≈Ÿ°§â“·≈–ºŸâÕ¬ŸàÕ“»—¬„π Õ“§“√™ÿ¥¡’§«“¡‡™◊ËÕ¡—Ëπ·≈–æ÷ßæÕ„® ´÷Ëß®“°ª√– ∫°“√≥å §ÿ≥¿“æ¢Õßß“π∑’Ë àß¡Õ∫ ·≈–™◊ËÕ‡ ’¬ß¢Õß∑’¡ß“π„π∫√‘…—∑¬àÕ¬ ∑’Ë ‡ªìπ∑’Ë¬Õ¡√—∫°—π‚¥¬∑—Ë«‰ª √«¡∂÷ß°“√¡Õ∫À¡“¬ß“π„Àâ∫√‘…—∑¬àÕ¬‡ªìπºŸâ¥”‡π‘π°“√ ∑”„Àâ∫√‘…—∑ “¡“√∂§«∫§ÿ¡·≈–¥Ÿ·≈‰¥âÕ¬à“ß „°≈â™‘¥ ª√–°Õ∫°—∫§à“∫√‘°“√∑’Ëµ°≈ß°—π°Á‡ªìπ√“§“µ≈“¥‚¥¬∑—Ë«‰ª·≈–‡ªìπ∏√√¡ ¢—ÈπµÕπ°“√Õπÿ¡—µ‘∑”√“¬°“√ √“¬°“√√–À«à“ß°—π∑’Ë‡°‘¥¢÷Èπ®–π”‡ πÕ„π√Ÿª·∫∫¢Õß·ºπß“π∏ÿ√°‘®ª√–®”ªï ‚¥¬ºà“π°“√æ‘®“√≥“¢Õß§≥–°√√¡°“√ ∫√‘À“√·≈–§≥–°√√¡°“√∫√‘…—∑ ‡æ◊ËÕÕπÿ¡—µ‘ß∫ª√–¡“≥ ®“°π—ÈπºŸâ∑’Ë‡°’Ë¬«¢âÕß®–¥”‡π‘π°“√ºà“π “¬ß“π ·≈–„ÀâºŸâ¡’Õ”π“® ≈ßπ“¡Õπÿ¡—µ‘„π∑’Ë ÿ¥ ‚¥¬°”Àπ¥‡ªìπ«ß‡ß‘πÕπÿ¡—µ‘ „π·µà≈–µ”·Àπàß∑’Ë·πàπÕπ ∑—Èßπ’È ¡’°“√ Õ∫∑“π°“√∑”√“¬°“√‚¥¬ΩÉ“¬ µ√«® Õ∫¿“¬„πµ“¡‡°≥±å§«“¡‡æ’¬ßæÕ·≈–‡À¡“– ¡ ·π«‚πâ¡°“√∑”√“¬°“√√–À«à“ß°—π„πÕπ“§µ ®“°‡Àµÿº≈¥—ß°≈à“«¢â“ßµâπ °Á¬—ß¡’§«“¡®”‡ªìπ„π°“√∑”√“¬°“√√–À«à“ß°—π‡æ◊ËÕ„Àâ‡°‘¥ª√–‚¬™πå Ÿß ÿ¥µàÕÕß§å°√‚¥¬√«¡ ∑—Èßπ’È À“°æ‘®“√≥“∂÷ßº≈ß“π∑’Ëºà“π¡“‚¥¬‡©æ“–°“√∫√‘À“√Õ“§“√™ÿ¥·≈â« ®–‡ÀÁπ‰¥â«à“°√√¡°“√¢Õß·µà≈–π‘µ‘∫ÿ§§≈Õ“§“√™ÿ¥ ´÷Ëß‡ªìπ‡®â“¢Õß√à«¡„πÕ“§“√™ÿ¥·≈–‰¡à¡’ à«π‡°’Ë¬«¢âÕß°—∫∫√‘…—∑‰¥â„Àâ§«“¡‰«â«“ß„®Õ¬à“ßµàÕ‡π◊ËÕß ®÷ßµàÕ —≠≠“°“√∫√‘À“√ π‘µ∫‘ ÿ§§≈Õ“§“√™ÿ¥∑ÿ°ªï ´÷ßË · ¥ß„Àâ‡ÀÁπ∂÷ßª√– ∑‘ ∏‘¿“æ°“√∫√‘À“√ß“π √“§“∑’‡Ë ªìπ∏√√¡ ·≈–°“√ √â“ß§ÿ≥¿“æ™’«‘µ∑’¥Ë ’·°à™¡ÿ ™π µ“¡·π«∑“ß∑’Ë∫√‘…—∑µâÕß°“√ √â“ß„Àâ‡ªìπ ç™ÿ¡™ππà“Õ¬Ÿàé (Vibrant Community) 3.

√“¬°“√√–À«à“ß°—π°—∫∫ÿ§§≈∑’Ë¡’º≈ª√–‚¬™πå√à«¡ 3.1 ∫√‘…∑— ¡’π‚¬∫“¬„Àâ «à π≈¥‡ªìπ «— ¥‘°“√ ”À√—∫æπ—°ß“π∑’®Ë Õß´◊ÕÈ ÀâÕß™ÿ¥‚§√ß°“√µà“ßÊ ¢Õß∫√‘…∑— ‚¥¬°”Àπ¥À≈—°°“√¥—ßπ’È ∑” —≠≠“„ππ“¡æπ—°ß“π „Àâ à«π≈¥‡¡◊ËÕ‡°‘¥°“√‚Õπ°√√¡ ‘∑∏‘ÏÀâÕß™ÿ¥ °“√™”√–§à“ß«¥ °“√‚Õπ „™âÀ≈—°°“√‡¥’¬«°—∫≈Ÿ°§â“∑ÿ°ª√–°“√ °“√„Àâ à«π≈¥∑’Ë‡∑à“°—π∑—ÈßÕß§å°√

‚§√ß°“√≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√å π«¡‘π∑√å ºŸâ„Àâ°Ÿâ ™◊ËÕ 1. π“¬§¡™—¬ §ŸæŸ≈∑√—æ¬å π“ß “«‡ “«≥’¬å §ŸæŸ≈∑√—æ¬å

¬Ÿπ‘µ B-0308

®”π«π ÀâÕß™ÿ¥ 1

√«¡

√“§“¢“¬√«¡ (∫“∑) 666,000.00 666,000.00

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

108

à«π≈¥‡¡◊ËÕ‚Õπ À¡“¬‡Àµÿ (∫“∑) 1,695.00 ‚Õπ°√√¡ ‘∑∏‘Ï «—π∑’Ë 24 ‡¡…“¬π 2549 1,695.00

L.P.N. Development Public Company Limited

‚§√ß°“√≈ÿ¡æ‘π’ ‡æ≈ π√“∏‘«“ -‡®â“æ√–¬“ ™◊ËÕ ¬Ÿπ‘µ

®”π«π ÀâÕß™ÿ¥ 1. π“ß ÿπ’¬“ »ÿ¿°‘®®“πÿ —πµ‘Ï A-2008 1 2. π“¬§‡≥»√å ®Õß∏ÿ√–°‘® A-0912, A-1906, A-2408 3 3. π“¬‚™µ‘æ≈ ‡µ™–‰°√»√’ A-1205, A1206, A-1207, 4 A-1208 4. π“¬≥—∞æ≈ ªî¬–µ—πµ‘ A-1409 1 √«¡

‚§√ß°“√≈ÿ¡æ‘π’ ‡æ≈ æÀ≈- –æ“π§«“¬ ™◊ËÕ ¬Ÿπ‘µ

®”π«π ÀâÕß™ÿ¥ 1. π“ß “«¡“≈’ ·´àµ—Èß A-1605 1 2. π“¬≥—∞æ≈ ªî¬–µ—πµ‘ A-1101, A1401, A-1901, 4 A-1902 1 3. π“ß ÿπ’¬“ »ÿ¿°‘®®“πÿ —πµ‘Ï A-0907 4. π“¬‰æ‚√®πå »ÿ¿°‘®®“πÿ —πµ‘Ï B-1802 1 √«¡

‚§√ß°“√≈ÿ¡æ‘π’ «‘≈≈å √“¡§”·Àß 44 ™◊ËÕ

¬Ÿπ‘µ

1. π“¬ª√’™“ ‡µ™–‰°√»√’ B-0818, B-0822 2. π“¬‰æ‚√®πå »ÿ¿°‘®®“πÿ —πµ‘Ï B-1801, B-1823 3. π“ß ÿπ’¬“ »ÿ¿°‘®®“πÿ —πµ‘Ï B-1906 4. π“¬≥—∞æ≈ ªî¬–µ—πµ‘ A-0703 5. π“¬Õ—∞æß…å ∏’√–§“ππ∑å A-1110 √«¡ ‚§√ß°“√≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈â“ ‡ø 2 ™◊ËÕ ¬Ÿπ‘µ 1. π“¬≥—∞æ≈ ªî¬–µ—πµ‘ A-1001, A-1002 2. π“¬‰æ‚√®πå »ÿ¿°‘®®“πÿ —πµ‘Ï A-1118, A-1119 √«¡

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

109

√“§“¢“¬√«¡ (∫“∑) 5,264,000.00 9,185,000.00 12,752,000.00

à«π≈¥‡¡◊ËÕ‚Õπ À¡“¬‡Àµÿ (∫“∑) √–À«à“ß°àÕ √â“ß √–À«à“ß°àÕ √â“ß √–À«à“ß°àÕ √â“ß

5,029,000.00 32,230,000.00

√“§“¢“¬√«¡ (∫“∑) 1,587,000.00 6,919,000.00

√–À«à“ß°àÕ √â“ß

à«π≈¥‡¡◊ËÕ‚Õπ À¡“¬‡Àµÿ (∫“∑) √–À«à“ß°àÕ √â“ß √–À«à“ß°àÕ √â“ß

1,514,000.00 1,615,000.00 11,635,000.00

√–À«à“ß°àÕ √â“ß √–À«à“ß°àÕ √â“ß

®”π«π ÀâÕß™ÿ¥ 2 2 1 1 1

√“§“¢“¬√«¡ (∫“∑) 2,476,000.00 2,866,000.00 1,538,000.00 1,308,000.00 1,185,000.00 9,373,000.00

à«π≈¥‡¡◊ËÕ‚Õπ À¡“¬‡Àµÿ (∫“∑) √–À«à“ß°àÕ √â“ß √–À«à“ß°àÕ √â“ß √–À«à“ß°àÕ √â“ß √–À«à“ß°àÕ √â“ß √–À«à“ß°àÕ √â“ß

®”π«π ÀâÕß™ÿ¥ 2 2

√“§“¢“¬√«¡ (∫“∑) 2,895,000.00 3,239,000.00 6,134,000.00

à«π≈¥‡¡◊ËÕ‚Õπ À¡“¬‡Àµÿ (∫“∑) √–À«à“ß°àÕ √â“ß √–À«à“ß°àÕ √â“ß

L.P.N. Development Public Company Limited

Connected-transactions between subsidiary companies In 2006, the Companyûs subsidiary companies, and affiliated companies entered into purchase and sales agreements or employment agreements, under the same conditions and market price as with third parties at that time. Connected transactions as of December 31, 2006 are as follows : 1.1 The connected transactions between L.P.N. Development PCL and Lumpini Property Management Co., Ltd., a subsidiary company were as follows : Description Number (Projects) Contract Price (Baht) 1. Management of project construction works 2. Management of sales and transfer of title 3. Management of parking lots and fee collection - Administration and management of parking lot fee (3% of income) - Parking lot fee collection 4. Management of condominiums 5. Sanitation - Lumpini Tower Building, Conference Room, Floor 11 - June 2006 - July-December 2006 - Lumpini Tower, Head Office, 36th Floor - Lumpini Tower and L.P.N. Tower Parking lot - Lumpini Residence - Lumpini Plaza Asoke - Lumpini Plaza Asoke (Floor B1) - September 2006 - October-December 2006 6. Cleaning of construction site 7. Room rental services - Residential units (Lumpini Center Happyland Building E) - Residential units (Lumpini Tower, Siphaya River View, Lumpini Place Sathorn and Lumpini Ville Cultural Center) - Offices of Lumpini Tower and L.P.N. Tower 8. Administration and Management of Condominiums - Lumpini Residence - Lumpini Plaza Asoke 9. Maintenance works of Lumpini Residence Building 10.Maintenance work 11.Rental and service fees of office in Lumpini Tower

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

110

9 9

40,790,000.00 123,036,444.52

2 2 5

336,125.17 60,000.00 Baht/month 3,855,000.00

2 -

7,700.00 Baht/month 11,000.00 Baht/month 28,500.00 Baht/month 9,500.00 Baht/month/Project 52,500.00 Baht/month 57,000.00 Baht/month 19,800.00 Baht/month 22,000.00 Baht/month Based on the number of works

500.00 Baht/month/unit

4 2

1,500.00 Baht/month/unit 5,000.00 Baht/month/unit

120,000.00 Baht/month 150,000.00 Baht/month 27,000.00 Baht/month - Market price based on the nature of work 100,000.00 Baht/month

L.P.N. Development Public Company Limited

1.2

Connected-transactions between Pornsanti Co., Ltd. and Lumpini Property Management Co., Ltd. Description Number (Projects) Contract Price (Baht)

1. Room rental service 2. Maintenance work services

1.3

1,500.00 Baht/month/unit - Market price based on the nature of work

Connected Transactions between Lumpini Property Management Co., Ltd., a subsidiary company and Grand Unity Development Co., Ltd Description Number (Projects) Contract Price (Baht)

1. Management of project construction works 2. Management of sales and transfer of title 3. Sanitation - Sales office - Customer service office - Construction office 4. Administration and management of Condominiums - Parkview Viphavadi Phase 1 and 2 - Building A1-A3 (January-March 2006) - Building B1-B4, C1 (January-March 2006) - Building C2-C4 and support building (April-December 2006) 5. Systems planning and condominium registration 6. Engineering Management (systems/structure /air-conditioning) 7. Maintenance following transfer

Connected Loans as at December 31, 2006 Lender Borrower L.P.N. Development PCL

Pornsanti Co., Ltd.

L.P.N. Development PCL

Grand Unity Development Co., Ltd.

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

3 3

2,425,000.00 17,380,209.15

2 2 2

10,000.00 Baht/month/project 11,000.00 Baht/month/project Based on actual work

2 -

36,000.00 Baht/month

60,000.00 Baht/month

12,000.00 Baht/month 102,720.00 Baht/month

Based on actual work - Market Price based on the nature of work

Type of Loan Amount Term Interest (Mil ion Baht) Rate (%) Promissory Note 60.07 January 3, 20064.84 February 28, 2006 56.07 March 1, 20065.28 June 27, 2007 Promissory Note 200.00 AT CALL 9.00

111

L.P.N. Development Public Company Limited

Necessity and Reason behind Connected Transactions The Companyûs investment structure plan shows that the Company wholly owns all shares in all subsidiary companies and one joint venture company, with clear plan to separate the scope of duties between the Company, the subsidiary companies and the joint venture company to allow for management and administrative flexibility. The benefits in each company are combined as consolidated financial statement so that conflicts of interest do not incur. Construction works and services require detail and quality, in order for customers and condominium residents to gain confidence and satisfaction. From past experience in this matter, the quality of the delivered works and the reputation of work teams in the subsidiary companies are widely acceptable and in delegating the works to the subsidiary companies, the Company is able to keep close control and supervision, and their agreed remuneration is the market price that is generally acceptable and fair. Steps in approving transactions Related-transactions incurred shall be presented in the form of an annual business plan and must receive the consideration of the Executive Directors and the Companyûs Board of Directors approval of the budget. Associated parties must then take action via their individual departments and finally propose the transactions for approval by authorized persons by setting certain budget limits of approval for each particular position. Transactions will be audited by the internal audit department on a regular and proper basis. Trends for engaging in connected-transactions in the future Based on the reasons above, it is stil necessary to engage in connected transactions for the maximum benefit of the organization in general. Considering the past performance, particularly the condominium management work, it can be seen that the directors of each juristic condominium who are joint owners in each condominium and who are not related to the Company stil give their continual trust and extend the contract for the juristic condominium management each year, which shows the efficiency of the management, a fair price and building quality of living for the community according to the Companyûs plan to build a vibrant community. 3.

Connected Transactions between persons with joint interests 3.1 The Company has a policy to give discounts and benefits to employees in reserving units in various projects developed by the Company under the following guidelines. Contracts are executed in the name of the employee. The discount is applied when ownership of the unit is transferred. Payments of installments and registration are made according to the same standards as with general customers. The discount applied is the same for the entire organization. Lumpini Center Nawamin Project Name

Unit

1. Mr.Komchai and B-0308 Mrs.Saowanee Koopoonsap Total ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

No. of units 1

112

Selling Price Discount on Remarks (Baht) transfer date (Baht) 666,000.00 1,695.00 Transferred on 24 April 2006 666,000.00 1,695.00

L.P.N. Development Public Company Limited

Lumpini Place Narathiwat-Chaophraya Project Name Unit 1. Mrs.Suneeya Supakijjanusan A-2008 2. Mr.Kanate Chongthurakit A-0912, A-1906, A-2408 3. Mr.Chotipol Techakraisri A-1205, A1206, A-1207, A-1208 4. Mr.Natthapol Piyatanti A-1409 Total

No. of units

Selling Price Discount on Remarks (Baht) transfer date (Baht)

1 3 4

5,264,000.00 9,185,000.00 12,752,000.00

Under construction Under construction Under construction

5,029,000.00 32,230,000.00

Under construction

Lumpini Place Phahon-Saphankwai Project Name Unit

No. of units A-1605 1 1. Ms.Malee Tang 2. Mr.Natthapol Piyatanti A-1101, A1401, A-1901, 4 A-1902 1 3. Mrs.Suneeya Supakijjanusan A-1907 4. Mr.Pairoj Supakijjanusan B-1802 1 Total

Lumpini Vil e Ramkhamhaeng 44 Project Name Unit 1. Mr.Preecha Techakraisri B-0818, B-0822 2. Mr.Pairoj Supakijjanusan B-1801, B-1823 3. Mrs.Suneeya Supakijjanusan B-1906 4. Mr.Natthapol Piyatanti A-0703 5. Mr.Atthapong Teerakanont A-1110

1. Mr.Natthapol Piyatanti 2. Mr.Pairoj Supakijjanusan

A-1001, A-1002 A-1118, A-1119

Total

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

113

1,514,000.00 1,615,000.00 11,635,000.00

Under construction Under construction

No. of units 2 2 1 1 1

Selling Price Discount on Remarks (Baht) transfer date (Baht) 2,476,000.00 - Under construction 2,866,000.00 - Under construction 1,538,000.00 - Under construction 1,308,000.00 - Under construction 1,185,000.00 - Under construction 9,373,000.00 -

No. of units 2 2

Selling Price Discount on Remarks (Baht) transfer date (Baht) 2,895,000.00 - Under construction 3,239,000.00 - Under construction 6,134,000.00 -

Total

Lumpini Place Pinklao Phase 2 Project Name Unit

Selling Price Discount on Remarks (Baht) transfer date (Baht) 1,587,000.00 - Under construction 6,919,000.00 - Under construction

L.P.N. Development Public Company Limited

ªí®®—¬‡ ’Ë¬ß Risk Factors

§«“¡‡ ’Ë¬ß¥â“π°≈¬ÿ∑∏å (Strategic Risk) - °≈¬ÿ∑∏å¡ÿàß‡πâπ‡©æ“–°≈ÿà¡ (Focus Strategy) §«“¡‡ ’Ë¬ß - °“√‡ ’¬‚Õ°“ „π°“√‡æ‘Ë¡™àÕß∑“ß°“√µ≈“¥ °“√®—¥°“√§«“¡‡ ’Ë¬ß - ®—¥µ—Èß∫√‘…—∑„π‡§√◊Õ‡æ◊ËÕæ—≤π“‚§√ß°“√∑’Ë‰¡à‡ªìπÕ“§“√™ÿ¥æ—°Õ“»—¬ (Non-Condo) ‡æ◊ËÕ¢¬“¬™àÕß∑“ß°“√µ≈“¥„À¡à Ê - °“√¢“¬°àÕπ°àÕ √â“ß (Sale Before Project Initiation) §«“¡‡ ’Ë¬ß - µâπ∑ÿπ∑’Ë Ÿß°«à“ª√–¡“≥°“√ - °“√‰¡à “¡“√∂ªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢ —≠≠“°—∫≈Ÿ°§â“ °“√®—¥°“√§«“¡‡ ’Ë¬ß - ‡æ‘Ë¡ª√– ‘∑∏‘¿“æ„π°“√∫√‘À“√µâπ∑ÿπ∑—Èß∑“ßµ√ß·≈–∑“ßÕâÕ¡ ‚¥¬¡’∫√‘…—∑¬àÕ¬§«∫§ÿ¡¥Ÿ·≈Õ¬à“ß„°≈â™‘¥ - √â“ß§«“¡‡™◊ËÕ¡—Ëπ¢Õß≈Ÿ°§â“∑’Ë¡’µàÕº≈‘µ¿—≥±å¢Õß∫√‘…—∑ - ®—¥ —¥ à«π¢ÕßÀâÕß™ÿ¥∑’Ë‡ªî¥¢“¬·≈–¬—ß‰¡à‡ªî¥¢“¬„π™à«ß°àÕπ°“√°àÕ √â“ß·≈â«‡ √Á® ‡æ◊ËÕª√—∫√“§“„Àâ Õ¥§≈âÕß°—∫µâπ∑ÿπ - °“√°√–®ÿ°µ—«¢Õß∞“π≈Ÿ°§â“ §«“¡‡ ’Ë¬ß - ‡°‘¥ ¿“«–Õÿª∑“π≈âπµ≈“¥ °“√®—¥°“√§«“¡‡ ’Ë¬ß - ¢¬“¬°“√æ—≤π“‰ª¬—ß∑”‡≈„À¡àÊ ∑’Ë¡’»—°¬¿“æ‡æ◊ËÕ¢¬“¬∞“π≈Ÿ°§â“ - §«“¡≈à“™â“ °“√®—¥À“·≈–Õÿª √√§¢Õß∑’Ë¥‘π §«“¡‡ ’Ë¬ß - ‰¡à “¡“√∂æ—≤π“‚§√ß°“√µ“¡·ºπ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑ ‡π◊ËÕß¡“®“°°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß - ‰¡à “¡“√∂¥”‡π‘π°“√µ“¡·ºπ„π¥â“πº≈ª√–°Õ∫°“√ °“√®—¥°“√§«“¡‡ ’Ë¬ß - ‡æ‘Ë¡™àÕß∑“ß°“√®—¥À“∑’Ë¥‘π - µ√«®‡™Á§§ÿ≥ ¡∫—µ‘¥â“π°“¬¿“æ ‚¥¬‡©æ“–¥â“π°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕßÕ¬à“ß≈–‡Õ’¬¥ - ‡æ‘Ë¡°“√æ‘®“√≥“¥â“πº≈°√–∑∫®“°‚§√ß°“√∑’Ë¡’µàÕ —ß§¡·≈– ‘Ëß·«¥≈âÕ¡¢â“ß‡§’¬ß

§«“¡‡ ’Ë¬ß¥â“π∫√√¬“°“»∏ÿ√°‘® (Business Environment Risk) - Õÿª∑“π≈âπµ≈“¥ (Over Supply) §«“¡‡ ’Ë¬ß - º≈ª√–°Õ∫°“√·≈–¬Õ¥¢“¬‰¡à‡ªìπ‰ªµ“¡·ºπß“π·≈–‡ªÑ“À¡“¬ °“√®—¥°“√§«“¡‡ ’Ë¬ß - ¢¬“¬∞“π≈Ÿ°§â“„π°≈ÿà¡∑’Ë¡’§«“¡µâÕß°“√∑’ËÕ¬ŸàÕ“»—¬Õ¬à“ß·∑â®√‘ß (Real Demand) - æ—≤π“‚§√ß°“√∑’Ë°”Àπ¥°≈ÿà¡‡ªÑ“À¡“¬∑’Ë™—¥‡®π (Niche Target)

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L.P.N. Development Public Company Limited

- §«“¡º—πº«π¥â“π°“√‡¡◊Õß §«“¡‡ ’Ë¬ß - º≈°√–∑∫∑’Ë¡’µàÕº≈ª√–°Õ∫°“√ °“√®—¥°“√§«“¡‡ ’Ë¬ß - §«∫§ÿ¡°“√∫√‘À“√®—¥°“√„π°“√æ—≤π“‚§√ß°“√„Àâ¡’ª√– ‘∑∏‘¿“æ·≈–‡ªìπ‰ªµ“¡·ºπß“π∑’Ë°”Àπ¥‰«â - ≈¥¢π“¥¢Õß‚§√ß°“√ - «ß®√∏ÿ√°‘®¢“≈ß §«“¡‡ ’Ë¬ß - º≈°√–∑∫µàÕ°“√‡µ‘∫‚µ¢Õß∫√‘…—∑ °“√®—¥°“√§«“¡‡ ’Ë¬ß - °√–®“¬∞“π√“¬‰¥â‰ª Ÿà∏ÿ√°‘®Õ◊Ëπ∑—Èß∑’Ë‡°’Ë¬«¢âÕß·≈–‰¡à‡°’Ë¬«¢âÕß - §«∫§ÿ¡§à“„™â®à“¬„Àâ¡’ª√– ‘∑∏‘¿“æ Ÿß ÿ¥ 3.

§«“¡‡ ’Ë¬ß¥â“π°“√¥”‡π‘πß“π (Operation Risk) - °“√§«∫§ÿ¡§ÿ≥¿“æ·≈–√–¬–‡«≈“°àÕ √â“ß §«“¡‡ ’Ë¬ß - º≈°√–∑∫µàÕ —≠≠“®–´◊ÈÕ®–¢“¬ ·≈–§«“¡‡™◊ËÕ¡—Ëπ¢Õß≈Ÿ°§â“ °“√®—¥°“√§«“¡‡ ’Ë¬ß - ¥Ÿ·≈·≈–§«∫§ÿ¡°“√°àÕ √â“ß¢ÕßºŸâ√—∫‡À¡“Õ¬à“ß„°≈â™‘¥ - ‡æ‘Ë¡ª√– ‘∑∏‘¿“æ¢ÕßΩÉ“¬∫√‘À“√ß“π°àÕ √â“ß ¥â«¬°“√°”Àπ¥∫∑∫“∑·≈–≈—°…≥–°“√¥”‡π‘πß“π‚¥¬≈–‡Õ’¬¥ - °“√¢“¥·§≈πºŸâ√—∫‡À¡“°àÕ √â“ß §«“¡‡ ’Ë¬ß - µâπ∑ÿπ°àÕ √â“ß¡’·π«‚πâ¡ª√—∫µ—« Ÿß¢÷Èπ - §«“¡§≈àÕßµ—«„π°“√∫√‘À“√ß“π°àÕ √â“ß∑’Ë¡’·π«‚πâ¡≈¥≈ß - °“√‰¡à “¡“√∂§«∫§ÿ¡√–¬–‡«≈“°àÕ √â“ß„Àâ‡ªìπ‰ªµ“¡°”Àπ¥ °“√®—¥°“√§«“¡‡ ’Ë¬ß - ‡æ‘Ë¡ª√– ‘∑∏‘¿“æ„π°“√¥”‡π‘πß“π¢ÕßºŸâ√—∫‡À¡“∑’Ë‡ªìπæ—π∏¡‘µ√ - æ‘®“√≥“„™â√–∫∫°“√°àÕ √â“ß ”‡√Á®√Ÿª ( Pre-Fab) - æ‘®“√≥“¢¬“¬∞“π‰ª¬—ß∏ÿ√°‘®°àÕ √â“ß À√◊Õ®—¥À“«— ¥ÿ°àÕ √â“ß - °“√®—¥À“∑’Ë¥‘π‡æ◊ËÕæ—≤π“ §«“¡‡ ’Ë¬ß - ·ºπ°“√æ—≤π“‚§√ß°“√∑’Ë‰¡à‡ªìπ‰ªµ“¡‡ªÑ“À¡“¬ - Õÿª √√§„π°“√®—¥À“∑’Ë¥‘π ∑”„Àâ‰¡à “¡“√∂æ—≤π“‚§√ß°“√µ“¡·π«∑“ß‰¥â - ™◊ËÕ‡ ’¬ß·≈–ª√– ‘∑∏‘¿“æ¢Õß∫√‘…—∑ °“√®—¥°“√§«“¡‡ ’Ë¬ß - ‡æ‘Ë¡™àÕß∑“ß„π°“√®—¥À“∑’Ë¥‘π - ‡æ‘Ë¡ª√– ‘∑∏‘¿“æ¢Õß°√–∫«π°“√æ‘®“√≥“‡ß◊ËÕπ‰¢·≈–§ÿ≥ ¡∫—µ‘∑“ß°“¬¿“æ¢Õß∑’Ë¥‘π

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115

L.P.N. Development Public Company Limited

- ¢âÕ∫—ß§—∫·≈–°Æ√–‡∫’¬∫∑“ß√“™°“√ §«“¡‡ ’Ë¬ß - √Ÿª·∫∫°“√æ—≤π“‚§√ß°“√‰¡à‡ªìπ‰ªµ“¡·ºπß“π∑’Ë°”Àπ¥‰«â - °“√°”Àπ¥‡«≈“·≈â«‡ √Á®¢Õß‚§√ß°“√‰¡à‡ªìπ‰ªµ“¡·ºπß“π °“√®—¥°“√§«“¡‡ ’Ë¬ß - æ‘®“√≥“‡ß◊ËÕπ‰¢·≈–°Æ√–‡∫’¬∫¢Õß∑“ß√“™°“√‚¥¬≈–‡Õ’¬¥√Õ∫§Õ∫°àÕπ°“√´◊ÈÕ∑’Ë¥‘π - ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬¢âÕ∫—ß§—∫Õ¬à“ß‡§√àß§√—¥ - °“√¥”‡π‘πß“π‚¥¬∫ÿ§≈“°√¿“¬„π (In house Operation) §«“¡‡ ’Ë¬ß - °“√‡æ‘Ë¡¢÷Èπ¢Õß®”π«π∫ÿ§≈“°√ - §à“„™â®à“¬¥â“πæπ—°ß“π∑’Ë‡æ‘‘Ë¡¡“°¢÷Èπ °“√®—¥°“√§«“¡‡ ’Ë¬ß - ‡æ‘Ë¡ª√– ‘∑∏‘¿“æ¢Õß∑√—æ¬“°√∫ÿ§§≈ - §«∫§ÿ¡§à“„™â®à“¬„Àâ¡’ª√– ‘∑∏‘¿“æ Ÿß ÿ¥ - æ‘®“√≥“„™â∫√‘°“√¿“¬πÕ° (Out Source) - ·ºπ°“√®—¥À“ºŸâ ◊∫∑Õ¥µ”·Àπàß (Succession Plan) §«“¡‡ ’Ë¬ß - °“√‰¡à “¡“√∂ √√À“ºŸâ ◊∫∑Õ¥µ”·Àπàß„π√–¥—∫∫√‘À“√®—¥°“√∑¥·∑π‰¥â∑—π‡«≈“ - º≈°√–∑∫∑’Ë¡’µàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑ °“√®—¥°“√§«“¡‡ ’Ë¬ß - °”Àπ¥·ºπ°“√®—¥À“ºŸâ ◊∫∑Õ¥µ”·Àπàß‰«â„π·ºπ∏ÿ√°‘®¢Õß∑ÿ° “¬ß“π - ‡æ‘Ë¡ª√– ‘∑∏‘¿“æ°“√¥”‡π‘πß“π¢ÕßΩÉ“¬æ—≤π“∑√—æ¬“°√¡πÿ…¬å 4.

§«“¡‡ ’Ë¬ß¥â“π°“√‡ß‘π (Financial Risk) - §«“¡‰¡à·πàπÕπ„ππ‚¬∫“¬ ‘π‡™◊ËÕ¢Õß ∂“∫—π°“√‡ß‘π §«“¡‡ ’Ë¬ß - ªí≠À“¥â“π°“√®—¥°“√°√–· ‡ß‘π ¥¢Õß∫√‘…—∑ - ªí≠À“¥â“π°“√Õπÿ¡—µ‘ ‘π‡™◊ËÕ¢Õß≈Ÿ°§â“ °“√®—¥°“√§«“¡‡ ’Ë¬ß - ‡æ‘Ë¡™àÕß∑“ß°“√√–¥¡∑ÿπ - §«∫§ÿ¡ —¥ à«πÀπ’È ‘πµàÕ∑ÿπ‰¡à‡°‘π 1:1 - ¥Ÿ·≈ª√– ‘∑∏‘¿“æ¢Õß°“√∫√‘À“√‡ß‘π ¥ - ≈Ÿ°§â“‰¥â√—∫°“√ªØ‘‡ ∏„Àâ ‘π‡™◊ËÕ®“° ∂“∫—π°“√‡ß‘π §«“¡‡ ’Ë¬ß - ¬Õ¥‚Õπ°√√¡ ‘∑∏‘ÏÀâÕß™ÿ¥‰¡à‡ªìπµ“¡‡ªÑ“À¡“¬ - ¡’º≈‘µ¿—≥±å∑’ËµâÕßπ”¡“¢“¬„À¡à °“√®—¥°“√§«“¡‡ ’Ë¬ß - √à«¡æ‘®“√≥“„π°“√∫√‘À“√®—¥°“√ ‘π‡™◊ËÕ°—∫∑“ß ∂“∫—π°“√‡ß‘π - °”Àπ¥°≈¬ÿ∑∏å„π°“√¢“¬º≈‘µ¿—≥±å∑’Ë∂Ÿ°ªØ‘‡ ∏·≈–π”¡“¢“¬„À¡à - À“™àÕß∑“ß ‘π‡™◊ËÕ„À¡àÊ ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

116

L.P.N. Development Public Company Limited

Strategic Risk - Focus Strategy Risk - Loss of opportunity to increase market opportunities Risk Management - Establish an affiliate company to develop non-condo projects in order to exploit business opportunities in new markets - Sale Before Project Initiation Risk - Cost that is higher than projected - Inability to perform the conditions of contracts with customers Risk Management - Increase efficiency of managing investment costs both directly and indirectly by using a subsidiary company to closely monitor the situation - Build customer confidence in the Companyûs products - Manage the ratio of units that are for ready for sale and that are not ready for sale prior to and following completion of construction in order to match the price with the cost - Concentration of Customers Risk - Over Supply Risk Management - Expand development to new locations that have a potential for expansion of customer base - Delays, Procurement of Land Plots and Problems with Land Risk - Inability to develop projects according to the Companyûs plan due to legal restrictions - Inability to comply with the Companyûs plan regarding operational results Risk Management - Increase methods for procuring land plots - Investigate the physical properties of the land, especial y in regard to the applicable provisions of law - Increase the focus on the affects of projects on society and the environment

Business Environment Risk - Over Supply Risk - Operational performance is not compatible with the business plan and projected targets Risk Management - Expand the customer base to the customer group with real demand for residences - Develop projects for customers that are the niche target

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117

L.P.N. Development Public Company Limited

- Political Instability Risk - Affect on operations Risk Management - Control the management of projects that are being developed to be efficient and to be in accordance with the business plan that has been established - Reduce the size of the projects - Decline in Business Cycle Risk - Affect on growth of the Company Risk Management - Distribute income to other related and non-related businesses - Control expenditures to have maximum efficiency 3.

Operational Risk - Control of quality and construction period Risk - Affect on the Sale and Purchase Agreement as well as on consumer confidence Risk management - Closely monitor the construction by the contractor - Control the efficiency of the construction management department by specifying their role and method of operation in detail - Shortage of Contractors Risk - The cost of construction has a tendency to increase - The convenience of management has a tendency to decrease - Inability to control the construction completion period Risk Management - Increase the efficiency of operations of contractors that are allies - Consider implementation of Pre-Fab construction - Consider expanding the business to include construction or supply of construction materials - Procurement of Land for Development Risk - Project development plans that are not completed according to targets - Problems from procuring land cause inability to develop projects according to the plan - The reputation and efficiency of the Company Risk Management - Increase land procurement channel - Increase efficiency in a process of considering conditions and physical qualification of land ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

118

L.P.N. Development Public Company Limited

- Governmental Rules and Regulations Risk - Form of project development is not completed according to the determined plan - The project period completion determination has not made according to the determined plan Risk Management - Consider the conditions and regulations set by the government in detail prior to purchasing the land - Strictly comply with the provisions of the law and regulations - In-House Operations Risk - Increase in personnel - Increase in fix costs relating to compensation Risk Management - Increase the quality of human resources - Control of costs to be efficient - Consider out sourcing - Succession Plan Risk - Inability to find successors for high-level executives in time - Affect on the Companyûs performance Risk management - Establish a plan to find successors for positions in the business plan of all departments - Increase the efficiency of the performance of the human resources department 4.

Financial Risk - Instability in the credit policies of financial institutions Risk - Problems in managing the Companyûs cash flow - Problems in approving credit to customers Risk Management - Increase methods to raise capital - Control the debt to equity ratio not to exceed 1:1 - Monitor the efficiency of liquidity management - Customers are denied credit from financial institutions Risk - The volume of transfers of condominium units is below the target - Products have to be resold Risk Management - Jointly consider credit management with financial institutions - Establish a strategy for resale of products - Identify new opportunities for credit ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

119

L.P.N. Development Public Company Limited

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

π‚¬∫“¬°“√®à“¬‡ß‘πªíπº≈ ∫√‘…—∑¡’π‚¬∫“¬„π°“√®à“¬‡ß‘πªíπº≈„Àâ·°àºŸâ∂◊ÕÀÿâπ„πÕ—µ√“‰¡àµË”°«à“√âÕ¬≈– 50 ¢Õß°”‰√ ÿ∑∏‘„π·µà≈–ªï∑’Ë¡’º≈°”‰√ ®“°°“√¥”‡π‘πß“π „πªï 2548 ∫√‘…—∑¡’°”‰√µ“¡ß∫°”‰√¢“¥∑ÿπ®”π«π 588.38 ≈â“π∫“∑ ¡’°”‰√ ÿ∑∏‘µàÕÀÿâπ‡∑à“°—∫ 0.43 ∫“∑ ·≈–‰¥â®à“¬ ‡ß‘πªíπº≈®”π«π Àÿâπ≈– 0.22 ∫“∑ ”À√—∫ªï 2549 ∫√‘…—∑¡’°”‰√µ“¡ß∫°”‰√¢“¥∑ÿπ®”π«π 765.23 ≈â“π∫“∑ ¡’°”‰√ ÿ∑∏‘ µàÕÀÿâπ‡∑à“°—∫ 0.52 ∫“∑ ·≈–®–®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈®”π«πÀÿâπ≈– 0.08 ∫“∑ „π‡¥◊Õπ°—π¬“¬π 2549 ®“°º≈ª√–°Õ∫°“√ ‘Èπ ÿ¥ ≥ «—π∑’Ë 30 ¡‘∂ÿπ“¬π 2549 ´÷Ëß®–√“¬ß“π„Àâ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ∑√“∫„π°“√ª√–™ÿ¡ ”À√—∫π‚¬∫“¬°“√®à“¬‡ß‘πªíπº≈¢Õß∫√‘…—∑ æ√ —πµ‘ ®”°—¥ ·≈–∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ ®–‡ªìπ‰ªµ“¡¢âÕ∫—ß§—∫§◊Õ µâÕß®—¥ √√‡ß‘π‡ªìπ∑ÿπ ”√ÕßÕ¬à“ßπâÕ¬Àπ÷Ëß„π¬’Ë ‘∫¢Õß‡ß‘π°”‰√ ÿ∑∏‘ ®π°«à“∑ÿπ ”√Õß®–¡’®”π«π ∂÷ßÀπ÷Ëß„π ‘∫¢Õß®”π«π∑ÿπ¢Õß∫√‘…—∑ ®÷ß®–®à“¬‡ß‘πªíπº≈‰¥â ´÷Ëß„πªï 2549 ‡ªìπªï·√°∑’Ë∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ ‡√‘Ë¡®à“¬‡ß‘πªíπº≈®”π«π‡ß‘π 69.91 ≈â“π∫“∑ à«π∫√‘…—∑ æ√ —πµ‘ ®”°—¥ ¬—ß‰¡à¡’°“√®à“¬‡ß‘πªíπº≈ ª√–«—µ‘°“√®à“¬‡ß‘πªíπº≈ ∫“∑ æ.». 2537 2.50 2538 2.75 2539 1.00 2540 2541 2542 2543 2544 2545 1.00 2546 2.50 2547 0.20* 2548 0.22 2549 0.08** À¡“¬‡Àµÿ : * ‡¡◊ËÕ«—π∑’Ë 20 ‡¡…“¬π 2547 ¡’°“√ª√—∫¡Ÿ≈§à“ “¡—≠®“°‡¥‘¡Àπà«¬≈– 10 ∫“∑ ‡ªìπÀπà«¬≈– 1 ∫“∑ ** §≥–°√√¡°“√‰¥â¡’¡µ‘Õπÿ¡—µ‘°“√®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈ ®“°º≈°”‰√®“°°“√¥”‡π‘πß“πß«¥ 6 ‡¥◊Õπ ‘Èπ ÿ¥ ‰µ√¡“ 2 ≥ «—π∑’Ë 30 ¡‘∂ÿπ“¬π 2549 „πÕ—µ√“Àÿâπ≈– 0.08 ∫“∑ ®”π«π 1,475,698,768 Àÿâπ √«¡‡ªìπ‡ß‘π∑—Èß ‘Èπ 118,055,901.44 ∫“∑ ·≈–°“√®à“¬‡ß‘πªíπº≈ ®“°º≈°”‰√ ®“°º≈°“√¥”‡π‘πß“πªï 2549 Õ¬Ÿà√–À«à“ß°“√ π”‡ πÕ„Àâ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπæ‘®“√≥“„π°“√ª√–™ÿ¡„À≠à “¡—≠ª√–®”ªï

°“√≈ß∑ÿπ´◊ÈÕ∑’Ë¥‘π‡æ◊ËÕæ—≤π“‚§√ß°“√„À¡à „πªï 2549 ∫√‘…—∑‰¥â´◊ÈÕ∑’Ë¥‘π‡æ◊ËÕæ—≤π“‚§√ß°“√„À¡à ®”π«π 3 ·ª≈ß √«¡∂÷ß°“√‡µ√’¬¡∑’Ë¥‘π∫“ß à«π ”À√—∫°“√ æ—≤π“‚§√ß°“√„À¡à„πªï 2550 ¥â«¬ ”À√—∫·π«‚πâ¡°“√´◊ÈÕ∑’Ë¥‘π‡æ◊ËÕæ—≤π“‚§√ß°“√„πªï 2550 π—Èπ ®–‡πâπæ—≤π“‚§√ß°“√„π √Ÿª·∫∫¢Õß Small Size Township ‡æ◊ËÕ √â“ß √√§å ç™ÿ¡™ππà“Õ¬Ÿàé (Vibrant Community) ∫π∑”‡≈∑’Ë·«¥≈âÕ¡¥â«¬√–∫∫ §¡π“§¡¢π àß¢π“¥„À≠àÀ√◊Õ·À≈àß™ÿ¡™πÀπ“·πàπ ·≈–∑”‡≈∑’Ëµ—Èß¢Õß∑’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√◊Õ„°≈â ∂“π’√∂‰øøÑ“ ‚¥¬¡’∑“ß‡¢â“ÕÕ°∑’Ë –¥«° ‰¡à Õ¬Ÿà„π·π«‡«π§◊π À√◊Õ¡’ªí≠À“Õÿª √√§®“°¢âÕ°ÆÀ¡“¬À√◊Õ‚§√ß°“√µà“ßÊ ¢Õß∑“ß¿“§√—∞

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

120

L.P.N. Development Public Company Limited

Dividend Payment Policies The Company has a policy to make dividend payments of no less than 50% of the net profits in each year in which the Company has posted a profit. In 2005 the Company enjoyed profits as shown in the Profit and Loss Statement of 588.38 million Baht, a per share profit of 0.43 Baht and the Company paid dividends of 0.22 Baht per share. In 2006 the Company earned profits as shown in the Profit and Loss Statement of 765.23 million Baht per share profit of 0.52 Baht and paid interim dividends in the amount of 0.8 Baht per share in September 2006 from the operational results ended June 30, 2006, which shall be proposed to the shareholders meeting for further approval. Payment of dividends by Pornsanti Co., Ltd. and Lumpini Property Management Co., Ltd., will be in compliance with their own Articles of Association, that is, at least one twentieth of the net profits must be set aside as a reserve until reaching one tenth of the Companyûs registered capital, before dividends can be paid. The year 2006 is the first year that Lumpini Property Management Co., Ltd. will pay dividends in the amount of 69.91 million Baht. Pornsanti Co., Ltd. has not made any dividend payments. Dividend Payment Chart Year 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

Baht 2.50 2.75 1.00 1.00 2.50 0.20* 0.22 0.08**

Notes : * On April 20, 2004, the par value of ordinary shares was adjusted from 10 Baht each to 1 Baht each ** The Board of Directors authorized an interim payment of dividends from operational profits for the six months ended in the second trimester on June 30, 2006 in the amount of 0.08 Baht per share for 1,475,698,768 shares for a grand total of 118,055,901.44 Baht. Payment of dividends from profits from operations in 2006 is under proposal for consideration by the Annual General Meeting of Shareholders

Investment in land for development for new projects Three plots of land were purchased in 2006 for the development of new projects and preparation of certain plots for development of new projects in 2007. The potential for purchasing land for development of projects in 2007 wil likely focus on the development of Small Size Township style dwellings to create a Vibrant Community at locations surrounded by transportation hubs or locations that have highly dense communities. These areas have high potential for development and have complete public utilities, are located close to workplaces, large-scale communities or sky train stations, have convenient access and are not located within areas subject to expropriation or areas that face difficulties due to legal disputes or governmental projects. ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

121

L.P.N. Development Public Company Limited

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

º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑‚¥¬√«¡ ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ¥”‡π‘π∏ÿ√°‘®æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬åª√–‡¿∑Õ“§“√™ÿ¥æ—°Õ“»—¬ ´÷Ëß¡’¬Õ¥ ®¥∑–‡∫’¬πÀâÕß™ÿ¥æ—°Õ“»—¬„πªï 2549 ¥â«¬ —¥ à«π∑’Ë Ÿß∑’Ë ÿ¥®“°°≈¬ÿ∑∏å„π°“√ √â“ß§«“¡·µ°µà“ß®“°§Ÿà·¢àß ‚¥¬°“√‡æ‘Ë¡ ‘ËßÕ”π«¬ §«“¡ –¥«°·≈–°“√„Àâ∫√‘°“√µà“ßÊ ∑’ËµÕ∫ πÕß§«“¡µâÕß°“√¢ÕßºŸâæ—°Õ“»—¬Õ¬à“ß∫Ÿ√≥“°“√ ‚¥¬‡©æ“–Õ¬à“ß¬‘Ëß°“√„Àâ§«“¡ ”§—≠ „π°“√ √â“ß √√§å™ÿ¡™π —ß§¡·≈– ‘Ëß·«¥≈âÕ¡„Àâπà“Õ¬Ÿà ¥—ßπ‚¬∫“¬¥â“π§«“¡√—∫º‘¥™Õ∫µàÕ ‘Ëß·«¥≈âÕ¡·≈– —ß§¡ §«∫§Ÿà‰ª°—∫°“√ ¬°√–¥—∫§ÿ≥¿“æ™’«‘µ∑—Èß¢Õß ¡“™‘°¿“¬„π‚§√ß°“√·≈–™ÿ¡™π∫√‘‡«≥¢â“ß‡§’¬ß ∫√‘…—∑œ ∫√‘…—∑¬àÕ¬ ·≈–∫√‘…—∑√à«¡ ¡’√“¬‰¥â√«¡ 5,020.49 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°™à«ß‡¥’¬«°—π¢Õßªï 2548 ∑’Ë¡’√“¬‰¥â√«¡ 3,582.63 ≈â“π∫“∑ ®“°‚§√ß°“√≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√å π«¡‘π∑√å ≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈â“ ≈ÿ¡æ‘π’ «‘≈≈å ÿ¢ÿ¡«‘∑ 77 ·≈–≈ÿ¡æ‘π’ «‘≈≈å »Ÿπ¬å«—≤π∏√√¡ ∑’‡Ë À≈◊ÕÕ’° 384.94 ≈â“π∫“∑ ¡“®“°°“√‚Õπ°√√¡ ∑‘ ∏‘·Ï ≈–√—∫√Ÿ√â “¬‰¥â®“°‚§√ß°“√‡¥‘¡ √«¡∂÷ß√“¬‰¥â®“°°“√‡™à“ ∫√‘°“√ §à“∫√‘À“√®—¥°“√ ·≈–Õ◊ËπÊ à«πÕ—µ√“°”‰√¢—Èπµâπ®“°°“√¢“¬ª√—∫µ—«≈¥≈ß®“°√âÕ¬≈– 35.46 ‡ªìπ√âÕ¬≈– 32.31 „πªï 2549 “‡ÀµÿÀ≈—°¡“®“°°“√√—∫√Ÿâ √“¬‰¥â à«π„À≠à„πªï 2549 ¡“®“°‚§√ß°“√≈ÿ¡æ‘π’ «‘≈≈å »Ÿπ¬å«—≤π∏√√¡ ´÷Ëß‡ªìπ‚§√ß°“√·√°∑’Ë‡ªî¥µ—«„π≈—°…≥–™ÿ¡™π·∫∫∫Ÿ√≥“°“√ ∫√‘…—∑®÷ß‰¥â≈ß∑ÿπ‡æ‘Ë¡„π¥â“π ‘ËßÕ”π«¬§«“¡ –¥«° ∑”„Àâ‰¥â√—∫§«“¡‡™◊ËÕ¡—Ëπ®“°≈Ÿ°§â“ ·≈–‡°‘¥°“√·π–π”„Àâ≠“µ‘ À√◊Õ‡æ◊ËÕπ π‘∑ ‡¢â“¡“Õ¬ŸàÕ“»—¬„π —ß§¡∑’Ë¥’√à«¡°—π (µ“¡µ“√“ß∑’Ë 1) Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑¬—ß§ß “¡“√∂√—°…“√–¥—∫Õ—µ√“°”‰√¢—Èπµâπ‰«â‰¡à„ÀâµË”°«à“ √âÕ¬≈– 30 µ“¡∑’Ë°”Àπ¥‰«â ®“°‡Àµÿº≈¥—ß°≈à“«∑”„ÀâÕ—µ√“°”‰√ ÿ∑∏‘≈¥≈ß®“°√âÕ¬≈– 16.42 „πªï 2548 ‡ªìπ√âÕ¬≈– 15.24 „πªï 2549 ·µà‡¡◊ËÕæ‘®“√≥“µ—«‡≈¢°”‰√ ÿ∑∏‘„πªï 2549 ®–¡’Õ—µ√“‡æ‘Ë¡¢÷Èπ®“°ªï 2548 √âÕ¬≈– 30.06 ‡π◊ËÕß¡“®“°¡’°“√√—∫√Ÿâ√“¬‰¥â∑’Ë‡æ‘Ë¡¡“°¢÷Èπ µ“√“ß∑’Ë 1 : °“√√—∫√Ÿâ√“¬‰¥â·≈–µâπ∑ÿπ‚§√ß°“√ √“¬°“√ ªï 2549 Q1 Q2 Q3 ¬Õ¥¢“¬ 1. √—∫√Ÿâ 2. √“¬‰¥â 3. µâπ∑ÿπ 4. G/P

(¬Ÿπ‘µ) (MB) (¬Ÿπ‘µ) (MB) (MB) (%)

Q1-4

ªï 2548 Q3

Q1-4

1,155 727 1,409 376 3,667 1,005 1,784 778 661 4,228 2,204.23 1,348.18 2,388.81 732.53 6,673.75 1,429.57 3,418.79 1,287.71 1,029.05 7,165.11 358 1,179 887 761 3,185 784 477 715 425 2,401 339.69 1,889.72 1,339.82 1,178.61 4,747.84 659.44 730.18 1,245.61 711.22 3,346.45 215.74 1,268.85 910.16 819.13 3,213.88 422.17 450.40 819.39 467.68 2,159.64 36.49% 32.86% 32.07% 30.50% 32.31% 35.98% 38.32% 34.22% 34.24% 35.46%

∞“π–°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ∫√‘…—∑¡’ ‘π∑√—æ¬å√«¡ 5,969.80 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“° 4,523.70 ≈â“π∫“∑ „πªï 2548 À√◊Õ‡æ‘Ë¡¢÷Èπ √âÕ¬≈– 31.97 “‡ÀµÿÀ≈—°¡“®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π„π à«π¢Õß√“¬°“√∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°àÕ √â“ß∑’Ë ‰¡à‡°‘π 1 ªï ‡π◊ËÕß®“°∫√‘…—∑¡’ ‚§√ß°“√∑’Ë‡ªî¥¢“¬„πªï 2549 ∑’ËÕ¬Ÿà√–À«à“ß°“√°àÕ √â“ß·≈–®–¡’°“√√—∫√Ÿâ√“¬‰¥â„πªï 2550 ª√–¡“≥ 3 ‚§√ß°“√ ª√–°Õ∫°—∫‚§√ß°“√„πªï 2549 ¡’¢π“¥·≈–¡Ÿ≈§à“‚§√ß°“√∑’Ë Ÿß°«à“ªï 2548 §àÕπ¢â“ß¡“° (µ“¡µ“√“ß∑’Ë 2) ”À√—∫ Àπ’È ‘π√«¡¢Õß∫√‘…—∑ ‡æ‘Ë¡¢÷Èπ®“° 1,532.26 ≈â“π∫“∑ „πªï 2548 ‡ªìπ 2,657.43 ≈â“π∫“∑ „πªï 2549 ´÷Ëß‡æ‘Ë¡¢÷Èπ 1,125.17 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 73.43 ∑—Èßπ’È ‡π◊ËÕß®“°∫√‘…—∑¡’°“√‡∫‘°‡ß‘π°Ÿâ ‚§√ß°“√‡æ◊ËÕπ”¡“≈ß∑ÿπ„π‚§√ß°“√∑’ËÕ¬Ÿà√–À«à“ß°“√æ—≤π“ ·≈–´◊ÈÕ ∑’Ë¥‘π‡ª≈à“‰«â‡æ◊ËÕ√Õ°“√æ—≤π“„πªï 2550

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

122

L.P.N. Development Public Company Limited

µ“√“ß∑’Ë 2 : ∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°“√æ—≤π“ √“¬°“√

≥ «—π∑’Ë 31 ∏—π«“§¡ ªï 2549 ªï 2548 (≈â“π∫“∑) (≈â“π∫“∑) 241.92 597.37 355.86 148.04 106.73 581.12 1,656.00 525.16 586.89 370.92 217.42 505.87 3,485.15 2,408.16

1. ≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√å π«¡‘π∑√å 2. ≈ÿ¡æ‘π’ «‘≈≈å ÿ¢ÿ¡«‘∑ 77 3. ≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈â“ 4. ≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈â“ ‡ø 2 5. ≈ÿ¡æ‘π’ «‘≈≈å »Ÿπ¬å«—≤π∏√√¡ 6. ≈ÿ¡æ‘π’ ‡æ≈ π√“∏‘«“ -‡®â“æ√–¬“ 7. ≈ÿ¡æ‘π’ ‡æ≈ æÀ≈- –æ“π§«“¬ 8. ≈ÿ¡æ‘π’ ‡æ≈ √—™¥“-∑à“æ√– 9. ≈ÿ¡æ‘π’ «‘≈≈å √“¡§”·Àß 44 10. ≈ÿ¡æ‘π’ §Õπ‚¥∑“«πå ∫¥‘π∑√‡¥™“-√“¡§”·Àß √«¡

º≈µà“ß ®”π«π‡ß‘π % (241.92) (597.37) (355.86) 41.31 (581.12) 1,130.84 586.89 370.92 217.42 505.87 1,076.98

(100.00%) (100.00%) (100.00%) 38.71% (100.00%) 215.33% 44.72%

‚§√ß √â“ß‡ß‘π∑ÿπ ‚§√ß √â“ß‡ß‘π∑ÿπ„πªï 2549 ∫√‘…—∑¡’Àπ’È ‘π„πÕ—µ√“√âÕ¬≈– 44.51 ·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ√âÕ¬≈– 55.49 · ¥ß„Àâ‡ÀÁπ∂÷ß‚§√ß √â“ß ‡ß‘π∑ÿπ¡“®“° à«π¢ÕßºŸâ∂◊ÕÀÿâπ‡ªìπÀ≈—° ‚¥¬Õ—µ√“ à«πÀπ’È ‘π√«¡µàÕ∑ÿπ≈¥≈ß®“° 0.51 ‡∑à“ „πªï 2548 ‡ªìπ 0.80 ‡∑à“ „πªï 2549 „π ¢≥–∑’Ë§à“‡©≈’Ë¬Àπ’È ‘πµàÕ∑ÿπ¢ÕßÀ¡«¥æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å®”π«π 11 ∫√‘…—∑„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬‡∑à“°—∫ 0.88 ·µàÀ“°æ‘®“√≥“‡©æ“–Àπ’È∑’Ë¡’¥Õ°‡∫’È¬µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ®–‡À≈◊ÕÕ—µ√“ à«πÀπ’È ‘πµàÕ∑ÿπ„πªï 2549 ‡∑à“°—∫ 0.38 ‡∑’¬∫°—∫ 0.19 „πªï 2548 ¿“æ§≈àÕß·≈–§«“¡ “¡“√∂„π°“√∑”°”‰√ §à“‡©≈’Ë¬Õ—µ√“°”‰√ ÿ∑∏‘µàÕ√“¬‰¥â√«¡¢ÕßÀ¡«¥æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬‡©æ“–∑’Ë∑”∏ÿ√°‘® ∫â“π®—¥ √√·≈–Õ“§“√™ÿ¥æ—°Õ“»—¬ √«¡ 19 ∫√‘…—∑ „π™à«ß 9 ‡¥◊Õπ¢Õßªï 2549 §à“‡©≈’Ë¬Õ¬Ÿà∑’Ë√âÕ¬≈– 12.80 ‚¥¬ à«π¢Õß∫√‘…—∑®–Õ¬Ÿà∑’Ë √âÕ¬≈– 15.86 ´÷Ëß Ÿß°«à“§à“‡©≈’Ë¬¥—ß°≈à“« · ¥ß„Àâ‡ÀÁπ«à“∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å„πªï 2549 ¬—ß¡’º≈µÕ∫·∑π∑’Ëπà“≈ß∑ÿπ ·µà¿“«–°“√ ·¢àß¢—π„πµ≈“¥¥—ß°≈à“«°Á¡’·π«‚πâ¡‡æ‘Ë¡¢÷Èπ§àÕπ¢â“ß Ÿß‡™àπ‡¥’¬«°—π ‡¡◊ËÕæ‘®“√≥“ß∫°√–· ‡ß‘π ¥ ≥ 31 ∏—π«“§¡ 2549 ¡’‡ß‘π ¥§ß‡À≈◊Õ®”π«π 275.35 ≈â“π∫“∑ ≈¥≈ß®“°™à«ß‡¥’¬«°—π¢Õß ªï°àÕπ´÷Ëß¡’®”π«π 288.84 ≈â“π∫“∑ À√◊Õ≈¥≈ß√âÕ¬≈– 4.67 ‡π◊ËÕß¡“®“°¡’°“√®à“¬‡ß‘πªíπº≈ ”À√—∫º≈ª√–°Õ∫°“√ªï 2548 ·≈– §√÷Ëßªï·√°¢Õßªï 2549 ®”π«π 442.82 ≈â“π∫“∑ æ√âÕ¡°—∫‰¥â≈ß∑ÿπ´◊ÈÕ∑’Ë¥‘π‡æ◊ËÕ√Õ°“√æ—≤π“„πªï 2550 Õ’° 1 ‚§√ß°“√ °“√‡ª≈’Ë¬π·ª≈ß∑’Ë ”§—≠·≈–·π«‚πâ¡„πÕπ“§µ ∫√‘…—∑¡’°≈¬ÿ∑∏å„π°“√¥”‡π‘πß“π∑’Ë ”§—≠„πªï 2550 ¥—ßπ’È 1. æ—≤π“‚§√ß°“√Õ“§“√™ÿ¥æ—°Õ“»—¬¿“¬„µâ·∫√π¥å ç≈ÿ¡æ‘π’ ‡æ≈ é ç≈ÿ¡æ‘π’ «‘≈≈åé §«∫§Ÿà‰ª°—∫·∫√π¥å ç≈ÿ¡æ‘π’ §Õπ‚¥ ∑“«πåé ‡π◊ËÕß®“°·∫√π¥å ç≈ÿ¡æ‘π’ ‡æ≈ é ·≈– ç≈ÿ¡æ‘π’ «‘≈≈åé ¬—ß‡ªìπµ√“ ‘π§â“¢Õß∫√‘…—∑∑’Ë¡’§«“¡·¢Áß·°√àß·≈–¡’∞“π ≈Ÿ°§â“‡¥‘¡Õ¬Ÿà‡ªìπ®”π«π¡“° ®÷ßµâÕß√—°…“≈Ÿ°§â“„π°≈ÿà¡π’È‰«âÕ¬à“ßµàÕ‡π◊ËÕß à«π·∫√π¥å ç≈ÿ¡æ‘π’ §Õπ‚¥∑“«πåé §“¥«à“ ®–‡ªìπ Blue Ocean Strategic Brand „π√–¬– 1-3 ªï ¢â“ßÀπâ“ ‚¥¬¡’¢âÕ¡Ÿ≈Õâ“ßÕ‘ß¡“®“°°“√∑” Market Survey

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·≈– Field Research Õ¬à“ß¡“°„πªï 2549 ∑’Ë· ¥ß„Àâ‡ÀÁπ∂÷ßª√‘¡“≥≈Ÿ°§â“®”π«π¡“°∑’Ë¡’§«“¡µâÕß°“√ÀâÕß™ÿ¥æ—° Õ“»—¬„π‡¢µ™ÿ¡™πÀπ“·πàπ„π√–¥—∫√“§“ 600,000 - 700,000 ∫“∑ ´÷Ëß·µà‡¥‘¡≈Ÿ°§â“°≈ÿà¡π’È®”‡ªìπµâÕß‡™à“ÀÕæ—°·≈– Õæ“√å∑‡¡π∑å‡æ◊ËÕæ—°Õ“»—¬ ‚¥¬¡’§à“‡™à“‡¥◊Õπ≈– 2,500 - 5,000 ∫“∑ ·µà‰¡à¡’ ‘π§â“„¥∑’Ë “¡“√∂µÕ∫ πÕß„Àâ°≈ÿà¡≈Ÿ°§â“ ¥—ß°≈à“«¡’∑Õ’Ë ¬ŸÕà “»—¬‡ªìπ¢Õßµπ‡Õß‰¥â ®÷ßπ—∫‡ªìπ‚Õ°“ ∑’¥Ë ¢’ Õß∫√‘…∑— ∑’®Ë –‡ πÕ√Ÿª·∫∫°“√∫√‘À“√®—¥°“√„π≈—°…≥– ç™ÿ¡™π ‡¡◊Õß¢π“¥¬àÕ¡é (Small Size Township) ¿“¬„µâÀ≈—°°“√∫√‘À“√ ç™ÿ¡™ππà“Õ¬Ÿàé (Vibrant Community) ‡æ◊ËÕ‡ªìπ°“√ ¬°√–¥—∫§ÿ≥¿“æ™’«‘µ∑’Ëæ√—Ëßæ√âÕ¡¥â«¬ ‘ËßÕ”π«¬§«“¡ –¥«°¿“¬„π‚§√ß°“√ ‡æ◊ËÕ„Àâ≈Ÿ°§â“¡’§«“¡‡™◊ËÕ¡—Ëπ„π°“√‡¢â“¡“ Õ¬ŸàÕ“»—¬„π —ß§¡∑’Ë¥’√à«¡°—π 2.

¥”‡π‘π∏ÿ√°‘®§«∫§Ÿà‰ª°—∫§«“¡√—∫º‘¥™Õ∫∑’Ë¡’µàÕ ‘Ëß·«¥≈âÕ¡·≈– —ß§¡ ‚¥¬·∫àßÕÕ°‡ªìπ 3 ¥â“π§◊Õ 2.1 §«“¡√—∫º‘¥™Õ∫µàÕ ¿“æ·«¥≈âÕ¡ 2.2 §«“¡√—∫º‘¥™Õ∫µàÕ —ß§¡ 2.3 §«“¡√—∫º‘¥™Õ∫µàÕ§«“¡ª≈Õ¥¿—¬·≈–™’«Õπ“¡—¬¢Õß§πß“π°àÕ √â“ß

‡ªÑ“À¡“¬°“√√—∫√Ÿâ√“¬‰¥â®“°¬Õ¥¢“¬√«¡ ª√–¡“≥ 6,300 ≈â“π∫“∑ ®“°‚§√ß°“√¥—ßπ’È ‚§√ß°“√ ®”π«π (¬Ÿπ‘µ) ¡Ÿ≈§à“ (≈â“π∫“∑) 1. ≈ÿ¡æ‘π’ ‡æ≈ π√“∏‘«“ -‡®â“æ√–¬“ 1,306 3,600.0 2. ≈ÿ¡æ‘π’ ‡æ≈ æÀ≈- –æ“π§«“¬ 1,093 2,200.0 3. ≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈â“ ‡ø 2 * 651 1,200.0 √«¡ 3,050 7,000.0 * ∫√‘…—∑§“¥«à“‚§√ß°“√≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈â“ ‡ø 2 ®–√—∫√Ÿâ√“¬‰¥â„πªï 2550 ‡∑à“°—∫ 500 ≈â“π∫“∑ ∑’Ë‡À≈◊ÕÕ’° 700 ≈â“π∫“∑ ®–√—∫√Ÿâ„π‰µ√¡“ ∑’Ë 1 ¢Õßªï 2551

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The overall performance of the Company L.P.N. Development PCL is engaged in the real estate business of condominium development. The number of condominium units that were registered in 2006 was the highest ever, due to the Companyûs strategy of differentiation, achieved by providing a full range of facilities and services to satisfy the requirements of residents (Total Solution), with special focus on development of a vibrant community, society and environment under the Corporate Environment and Social Responsibility policy, together with an aim to improve the lives of members of the project, as well as the surrounding community. The Company, its subsidiaries and affiliates had a total income of 5,020.49 million Baht, an increase over the same period in 2005 when total income was 3,582.63 million Baht. Income came from Lumpini Center Nawamin, Lumpini Place Pinklao, Lumpini Ville Sukhumvit 77 and Lumpini Ville Cultural Center. The remaining income in the amount of 384.94 million Baht came from transfer of ownership, realized income from existing projects, as well as from rent, services, management and others. The net profit margin from sales decreased from 35.46% to 32.31% in 2006. The main reason behind the decrease was because most of the realized profit in 2006 came from Lumpini Ville Cultural Center, which was the first project that opened in the style of a Total Solution. For this reason the Company invested in additional facilities which gained the confidence of customers, who introduced their relatives or friends to move to live in the same society (Table 1). However, the Company was able to maintain the level of net profit margin to no less than 30% of the amount specified. As a result, the net profit decreased from 16.42% in 2005 to 15.24% in 2006. However, upon scrutiny of the figures showing net profit for 2006, the numbers show an increase of 30.06% from 2005 due to the increase in realized profit. Table 1 Realized Income and project investment costs Description 2006 Q1 Q2 Q3 Q4 Q1-4 Total Sales (Unit) (MB) 1. Realization (Unit) 2. Revenue (MB) 3. Cost (MB) 4. G/P (%)

2005 Q3

Q1-4

Financial Status As at December 31, 2006, the Company had total assets of 5,969.80 million Baht, increased from 4,523.70 million Baht in 2005 or an increase of 31.97%. The main cause for this increase was due to an increase of current assets in the form of land and project investment under construction for no more than 1 year because in 2006 the Company launched 3 projects that were under construction and will have realized income in 2007 in addition the fact that projects undertaken in 2006 were larger and had a marginally higher value than in 2005 (Table 2). The Companyûs total liabilities rose from 1,532.26 million Baht in 2005 to 2,657.43 million Baht in 2006. The increase of 1,125.17 million Baht or 73.43%, was due to the Companyûs project financing for investment in projects that are under development and for the acquisition of empty land plots for development in 2007.

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Table 2 : Land and project investment costs under development Description As of 31 December 2006 2005 (Mil ion Baht) (Mil ion Baht) 1. Lumpini Center Nawamin 241.92 2. Lumpini Vil e Sukhumvit 77 597.37 3. Lumpini Place Pinklao 355.86 4. Lumpini Place Pinklao Phase 2 148.04 106.73 5. Lumpini Vil e Cultural Center 581.12 6. Lumpini Place Narathiwat-Chaophraya 1,656.00 525.16 7. Lumpini Place Phahon-Saphankwai 586.89 8. Lumpini Place Ratchada-Thaphra 370.92 9. Lumpini Vil e Ramkhamhaeng 217.42 10. Lumpini CondoTown Bodindecha-Ramkhamhaeng 505.87 Total 3,485.15 2,408.16

Difference Total Amount % (241.92) (100.00%) (597.37) (100.00%) (355.86) (100.00%) 41.31 38.71% (581.12) (100.00%) 1,130.84 215.33% 586.89 -% 370.92 -% 217.42 -% 505.87 -% 1,076.98 44.72%

Capital structure Capital structure in 2006 indicated that the Company had liabilities in the amount of 44.51% with shareholders equity at 55.49%. This shows that the capital structure is primarily based on shareholders equity. The overall debt to equity ratio decreased from 0.51 times in 2005 to 0.80 times in 2006 while the average of debt to equity for 11 real estate developers listed on the Stock Exchange of Thailand was 0.88. If the ratio of interest-bearing liabilities to shareholders equity is considered, the debt equity ratio in 2006 is 0.38 times compared with 0.19 times in 2005. Liquidity and Profitability The average rate of net profit to total income for 19 real estate developers listed on the Stock Exchange of Thailand specifically for the housing project and condominium sector over 9 months in 2006 was at 12.80% while the Companyûs average was 15.86%, which is higher than the average. This shows that the real estate business in 2006 brought attractive investment returns, while at the same time the increase in competition across the sector is likely to increase even higher. When the cash flow budget as at December 31, 2006, is considered, there is cash on hand in the amount of 275.35 million Baht, down from the amount in the same period last year which was equal to 288.84 million Baht, a decrease of 4.67% due to payment of dividends from earnings in 2005 and the first half of 2006 in the amount of 442.82 million Baht, and investment in land for development of 1 new project in 2007.

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Major changes and future trends The Companyûs strategy for operations in 2007 is as follows : 1. Develop condominium projects under the brand çLumpini Placeé and çLumpini Villeé alongside the brand çLumpini CondoTowné, since çLumpini Placeé and çLumpini Villeé is one of the Companyûs products that is strong and has a large existing customer base. Therefore, this customer group must be maintained. çLumpini CondoTowné is expected to be a Blue Ocean Strategy Brand for the Company over the next 1-3 years with data from extensive market surveys and field research in 2006 that suggests that there are large numbers of customers that require condominium residences in highly populated areas in the price range of 600,000-700,000 Baht, who formerly had to rent flats and apartments for 2,500-5,000 Baht per month. Despite this fact, there has been a lack of products to allow these customers to purchase their own residence. Therefore, it is a good opportunity for the Company to offer its style of management of çSmall Size Townshipé under the policy of a Vibrant Community in order to improve the lives of customers with a full range of facilities in the projects to bring confidence to customers to live in a good society together. 2.

Operate the business together with Corporate Environment and Social Responsibility (CESR), which can be divided into 3 areas: 2.1 Responsibility to the environment surrounding the projects developed 2.2 Social Responsibility 2.3 Responsibility for the safety and sanitation of construction workers

Targets for realization of profit from total sales of 6,300 million Baht from the following projects Project Amount (Unit) Value (Mil ion Baht) 1. Lumpini Place Narathiwat-Chaophraya 1,306 3,600.0 2. Lumpini Place Phahon-Saphankwai 1,093 2,200.0 3. Lumpini Place Pinklao Phase 2* 651 1,200.0 Total 3,050 7,000.0 * The Company anticipates that the Lumpini Place Pinklao Phase 2 will have realized profit in 2007 of 500 million Baht. The remaining 700 million Baht will be realized in the first quarter of 2008.

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

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

§à“µÕ∫·∑π®“°°“√ Õ∫∫—≠™’ (audit fee) ºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑„π√Õ∫ªï∑’Ëºà“π¡“¡’®”π«π‡ß‘π√«¡ 810,000 ∫“∑ ”π—°ß“π Õ∫∫—≠™’∑’ËºŸâ Õ∫∫—≠™’ —ß°—¥ ∫ÿ§§≈ À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—∫ºŸâ Õ∫∫—≠™’ ·≈– ”π—°ß“π Õ∫∫—≠™’∑’ËºŸâ Õ∫ ∫—≠™’ —ß°—¥„π√Õ∫ªï∫—≠™’∑’Ëºà“π¡“¡’®”π«π‡ß‘π√«¡ 270,000 ∫“∑

§à“∫√‘°“√Õ◊Ëπ (non - audit fee) ∫√‘…—∑·≈–∫√‘…—∑¬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∫—≠™’∑’Ëºà“π¡“¡’®”π«π‡ß‘π√«¡ -0- ∫“∑ ·≈–®–µâÕß®à“¬„πÕπ“§µÕ—π‡°‘¥®“°°“√µ°≈ß ∑’Ë¬—ß„Àâ∫√‘°“√‰¡à·≈â«‡ √Á®„π√Õ∫ªï∫—≠™’∑’Ëºà“π¡“ ¡’®”π«π‡ß‘π√«¡ -0- ∫“∑ ”π—°ß“π Õ∫∫—≠™’∑’ËºŸâ Õ∫∫—≠™’ —ß°—¥ ∫ÿ§§≈ À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—∫ºŸâ Õ∫∫—≠™’ ·≈– ”π—°ß“π Õ∫∫—≠™’¥—ß°≈à“« „π√Õ∫ªï∫—≠™’∑’Ëºà“π¡“¡’®”π«π‡ß‘π√«¡ -0- ∫“∑ ·≈–®–µâÕß®à“¬„πÕπ“§µÕ—π‡°‘¥®“°°“√µ°≈ß∑’Ë¬—ß„Àâ∫√‘°“√‰¡à·≈â« ‡ √Á®„π√Õ∫∫—≠™’∑’Ëºà“π¡“¡’®”π«π‡ß‘π√«¡ -0- ∫“∑

Audit Fee The Auditorûs remuneration for the previous year was 810,000 Baht. The Auditorûs office, persons or activities in connection with the auditor or its office, cost 270,000 Baht in the previous financial year.

Non-Audit Fee The Company and its affiliated companies made further payment for other services, which is audit fee of financial statements for the first quarter to : In the past financial year the Auditor was paid [0.00] Baht and this payment will be made with a further payment of [0.00] Baht due to services to be rendered that are outstanding in the past financial year. The Auditorûs office, persons or activities in connection with the Auditor or its office, cost [0.00] Baht for the previous financial year and will be entitled to a further payment of [0.00] Baht due to services to be rendered that are outstanding in the past financial year.

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

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√“¬ß“π¢ÕßºŸâ 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

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L.P.N. Development Public Company Limited

√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿÿ≠“µ Auditorûs Report

‡ πÕ ºŸâ∂◊ÕÀÿâπ ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ¢â“æ‡®â“‰¥âµ√«® Õ∫ß∫¥ÿ≈√«¡·≈–ß∫¥ÿ≈‡©æ“–∫√‘…—∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ß∫°”‰√¢“¥∑ÿπ√«¡·≈–ß∫°”‰√ ¢“¥∑ÿπ‡©æ“–∫√‘…—∑ ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ√«¡ ·≈–ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ‡©æ“– ∫√‘…—∑ ·≈–ß∫°√–· ‡ß‘π ¥√«¡·≈–ß∫°√–· ‡ß‘π ¥‡©æ“–∫√‘…—∑ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï¢Õß∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–¢Õß‡©æ“–∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ´÷ËßºŸâ∫√‘À“√ ¢Õß°‘®°“√‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕ§«“¡∂Ÿ°µâÕß·≈–§√∫∂â«π¢Õß¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π‡À≈à“π’È à«π¢â“æ‡®â“‡ªìπºŸâ√—∫º‘¥™Õ∫„π°“√· ¥ß §«“¡‡ÀÁπµàÕß∫°“√‡ß‘π¥—ß°≈à“«®“°º≈°“√µ√«® Õ∫¢Õß¢â“æ‡®â“ ¢â“æ‡®â“‰¥âªØ‘∫µ— ß‘ “πµ√«® Õ∫µ“¡¡“µ√∞“π°“√ Õ∫∫—≠™’∑√’Ë ∫— √Õß∑—«Ë ‰ª ´÷ßË °”Àπ¥„Àâ¢“â æ‡®â“µâÕß«“ß·ºπ·≈–ªØ‘∫µ— ß‘ “π ‡æ◊ÕË „Àâ‰¥â§«“¡‡™◊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∑’Ë‡ªìπ®”π«π‡ß‘π·≈–°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π °“√ª√–‡¡‘π§«“¡‡À¡“– ¡¢ÕßÀ≈—°°“√ ∫—≠™’∑’Ë°‘®°“√„™â ·≈–ª√–¡“≥°“√‡°’Ë¬«°—∫√“¬°“√∑“ß°“√‡ß‘π∑’Ë‡ªìπ “√– ”§—≠ ´÷ËßºŸâ∫√‘À“√‡ªìπºŸâ®—¥∑”¢÷Èπ µ≈Õ¥®π°“√ª√–‡¡‘π∂÷ß §«“¡‡À¡“– ¡¢Õß°“√· ¥ß√“¬°“√∑’Ëπ”‡ πÕ„πß∫°“√‡ß‘π‚¥¬√«¡ ¢â“æ‡®â“‡™◊ËÕ«à“°“√µ√«® Õ∫¥—ß°≈à“«„Àâ¢âÕ √ÿª∑’Ë‡ªìπ‡°≥±åÕ¬à“ß ‡À¡“– ¡„π°“√· ¥ß§«“¡‡ÀÁπ¢Õß¢â“æ‡®â“ ¢â“æ‡®â“‡ÀÁπ«à“ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑¢â“ßµâππ’È · ¥ß∞“π–°“√‡ß‘π√«¡·≈–∞“π–°“√‡ß‘π‡©æ“–∫√‘…—∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 º≈°“√¥”‡π‘πß“π√«¡·≈–º≈°“√¥”‡π‘πß“π‡©æ“–∫√‘…—∑ ·≈–°√–· ‡ß‘π ¥√«¡·≈–°√–· ‡ß‘π ¥ ‡©æ“–∫√‘…—∑ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï¢Õß∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–¢Õß ‡©æ“–∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ‚¥¬∂Ÿ°µâÕßµ“¡∑’Ë§«√„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 22 °ÿ¡¿“æ—π∏å 2550

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

LPN fi 130-193

130

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

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 and the balance sheets of L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED as at December 31, 2006 and 2005, and the related consolidated statements of income and statements of income, consolidated statements of changes in shareholdersû equity and statements of changes in shareholdersû equity, and consolidated statements of cash flows and statements of cash flows for the years then ended. These financial statements are the responsibility of the Companyûs 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 consolidated financial statements and the financial statements referred to the above present fairly, in all material respects, the consolidated financial position of L.P.N. DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES and the financial position of L.P.N DEVELOPMENT PUBLIC COMPANY LIMITED as at December 31, 2006 and 2005 the results of their and 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 22, 2007

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

LPN fi 130-193

131

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

ß∫¥ÿ≈ Balance Sheets

∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ L.P.N. Development Public Company Limited and 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—Î«‡ß‘π√—∫°“√§â“ / Trade accounts and notes receivable ≈Ÿ°Àπ’È°“√§â“- ÿ∑∏‘ / Accounts receivable-net µ—Î«‡ß‘π√—∫ / Notes receivable Õ◊ËπÊ / Others ¡Ÿ≈§à“ß“π‡ √Á®¬—ß‰¡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°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π / Receivables-related parties ‘π§â“§ß‡À≈◊Õ / Inventories ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π / Short-term loans to related parties à«π¢Õß‡ß‘π°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï / Current portion of long-term loans to related parties ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ / Other current assets ¥Õ°‡∫’È¬§â“ß√—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π / Accrued interest income from related parties ‡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‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ / Investment and loans ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ / Investment in subsidiaries and affiliates ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’Ë‡°’Ë¬«¢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„Àâ‡™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 ‡ß‘π¡—¥®”§à“ ‘π§â“ / Inventory deposit Õ◊ËπÊ / Others √«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π / Total non-current assets √«¡ ‘π∑√—æ¬å / Total Assets (‚ª√¥¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ´÷Ëß‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È) (Please see notes to the financial statements which formed an integral part of these statements)

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

LPN fi 130-193

132

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 As at December 31, 2006 and 2005 (∫“∑/Baht)

ß∫°“√‡ß‘π√«¡ / Consolidated

À¡“¬‡Àµÿ / Note

2549 / 2006

2548 / 2005

2549 / 2006

2548 / 2005

3.10

275,349,571.77

288,836,044.87

236,233,076.27

207,146,308.23

3.4, 4

529,700.00 868,577.25 2,231,491.94 60,003,281.31 3,485,145,554.95 3,700,359.60 276,162,385.98 200,000,000.00

319,556.00 162,405.31 814,556.85 36,675,585.01 2,408,161,045.94 2,276,878.55 124,726,525.52 200,000,000.00

223,700.00 868,577.25 1,915,702.47 60,003,281.31 3,485,145,554.95 127,938.73 270,052,910.26 56,070,746.92 200,000,000.00

10,556.00 129,989.31 496,669.38 36,639,585.01 2,408,161,045.94 124,372,163.73 60,070,746.92 200,000,000.00

8.4

9,532,787.24 10,334,579.71 4,323,858,289.75

9,073,972.58 84,000,000.00 8,299,346.31 6,525,780.92 3,169,871,697.86

8,879,013.11 4,319,520,501.27

9,073,972.58 84,000,000.00 5,371,484.60 3,135,472,521.70

3.5, 8.6 8.5 7 3.7, 9 ·≈– 14 3.6 ·≈– 10

27,947,253.10 837,753,627.46 617,671,462.48 94,734,843.52

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

141,440,376.79 837,753,627.46 520,143,532.87 71,635,124.39

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

33,002,575.63 20,000,000.00 14,831,589.43 1,645,941,351.62 5,969,799,641.37

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

20,431,263.97 20,000,000.00 14,057,803.43 1,625,461,728.91 5,944,982,230.18

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

3.1, 5 3.2, 7, 14 8.1 3.3, 6 8.3 8.5

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

LPN fi 130-193

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

133

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

ß∫¥ÿ≈ (µàÕ) Balance Sheets (Cont.)

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

Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ / Liabilities and Shareholdersû Equity Àπ’È ‘πÀ¡ÿπ‡«’¬π / Current liabilities ‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π / Bank overdrafts and short-term loans from financial institutions ‡®â“Àπ’È·≈–µ—Î«‡ß‘π®à“¬§◊πÀâÕß™ÿ¥ / Refund down payment payable ‡®â“Àπ’È°“√§â“·≈–µ—Î«‡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°‘®°“√∑’Ë‡°’Ë¬«¢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‰¥âπ‘µ‘∫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 liabilities ‡®â“Àπ’È‡™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∑’Ë¬—ß‰¡à√—∫√Ÿâ‡ªìπ√“¬‰¥â / Unrealized inter-revenue (‚ª√¥¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ´÷Ëß‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È) (Please see notes to the financial statements which formed an integral part of these statements)

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

LPN fi 130-193

134

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 As at December 31, 2006 and 2005 (∫“∑/Baht)

ß∫°“√‡ß‘π√«¡ / Consolidated

À¡“¬‡Àµÿ / Note 11

12, 13 8.2

12 13

2549 / 2006

2548 / 2005

2549 / 2006

2548 / 2005

391,821,471.84 241,000.00 350,157,676.53 642,068,674.35 -

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

390,312,322.12 241,000.00 348,170,100.72 639,818,704.30 10,284,843.24

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

649,149,855.95 157,521,286.68 139,598,741.70 3,998,606.41 75,965,296.83 2,410,522,610.29

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

649,149,855.95 157,521,286.68 136,112,336.42 3,998,606.41 55,720,639.61 2,391,329,695.45

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

8,116,729.95 230,000,000.00

4,903,371.31 340,000,000.00

1,883,518.87 230,000,000.00

2,139,221.28 340,000,000.00

7,051,834.60 1,736,721.05 246,905,285.60 2,657,427,895.89 -

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

5,961,008.43 1,070,401.05 238,914,928.35 2,630,244,623.80 1,376,886.17

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

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

LPN fi 130-193

135

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

135

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

ß∫¥ÿ≈ (µàÕ) Balance Sheets (Cont.)

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

Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ / Liabilities and Shareholdersû Equity à«π¢ÕßºŸâ∂◊ÕÀÿâπ / Shareholdersû equity ∑ÿπ‡√◊ÕπÀÿâπ / Share capital ∑ÿπ®¥∑–‡∫’¬π / Authorized 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 1,486,706,550 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 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 ¬—ß‰¡à‰¥â®—¥ √√ / Unappropriated √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ∫√‘…—∑„À≠à / Total shareholdersû equity à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ / Minority interest √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ / Total shareholdersû equity including minority interest √«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ / Total liabilities and shareholdersû equity (‚ª√¥¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ´÷Ëß‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È) (Please see notes to the financial statements which formed an integral part of these statements)

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

LPN fi 130-193

136

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 As at December 31, 2006 and 2005 (∫“∑/Baht)

ß∫°“√‡ß‘π√«¡ / Consolidated

À¡“¬‡Àµÿ / Note

2549 / 2006

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

2548 / 2005

2549 / 2006

2548 / 2005

1,475,698,768.00

1,475,698,768.00 1,486,706,550.00

3.7, 9

16.3, 16.4, 16.5, 17

1,475,698,768.00 441,807,166.00 -

1,475,698,768.00 441,807,166.00 1,554,219.74

1,475,698,768.00 441,807,166.00 -

1,475,698,768.00 441,807,166.00 1,554,219.74

123,000,000.00 1,271,796,945.66 3,312,302,879.66 68,865.82 3,312,371,745.48 5,969,799,641.37

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

123,000,000.00 1,272,854,786.21 3,313,360,720.21 3,313,360,720.21 5,944,982,230.18

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

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

LPN fi 130-193

137

1,486,706,550.00

137

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

ß∫°”‰√¢“¥∑ÿπ Statements of Income

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

√“¬‰¥â / Revenues √“¬‰¥â®“°°“√¢“¬ / Sales √“¬‰¥â§à“‡™à“·≈–∫√‘°“√ / Rental and service income √“¬‰¥â§à“∫√‘À“√®—¥°“√ / Management fee income ¥Õ°‡∫’È¬√—∫ / Interest income °”‰√®“° à«π‰¥â‡ ’¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ / Equity gain from investment in subsidiarie °”‰√®“° à«π‰¥â‡ ’¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ / Equity gain from investment in affiliates √“¬‰¥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°‡∫’È¬®à“¬·≈–¿“…’‡ß‘π‰¥â / Profit before interest expenses and income tax ¥Õ°‡∫’È¬®à“¬ / Interest expenses ¿“…’‡ß‘π‰¥â / Income tax °”‰√°àÕπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ «à ππâÕ¬ / Profit before minority interest à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ / Minority interest °”‰√ ÿ∑∏‘ /Net profit °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π / Basic earnings per share ®”π«πÀÿâπ∂—«‡©≈’Ë¬ / Weighted average number of ordinary shares (share) (‚ª√¥¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ´÷Ëß‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È) (Please see notes to the financial statements which formed an integral part of these statements)

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

LPN fi 130-193

138

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 For the years ended December 31, 2006 and 2005 (∫“∑/Baht)

ß∫°“√‡ß‘π√«¡ / Consolidated

À¡“¬‡Àµÿ / Note

3.12, 20

2549 / 2006

2548 / 2005

2549 / 2006

2548 / 2005

4,747,838,421.17 35,018,252.02 137,745,945.99 24,147,631.49 30,653,007.06 45,088,669.64 5,020,491,927.37

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

4,747,838,421.17 32,476,795.50 26,664,888.50 41,891,443.84 30,653,007.06 44,902,374.34 4,924,426,930.41

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

3,213,881,825.00 25,918,347.81 92,793,061.36 585,837,776.05 5,062,500.00 3,923,493,510.22 1,096,998,417.15 2,853,828.68 328,866,739.18 765,277,849.29 (49,855.61) 765,227,993.68

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

3,280,921,690.81 32,470,977.30 523,291,789.31 5,062,500.00 4,744,740.84 3,846,491,698.26 1,077,935,232.15 2,368,910.39 310,338,328.08 765,227,993.68 765,227,993.68

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

0.52 1,475,698,768

0.43 1,362,133,567

0.52 1,475,698,768

0.43 1,362,133,567

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

LPN fi 130-193

139

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

139

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ Statements of Changes in Shareholdersû Equity

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

≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 / As at December 31, 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 / Revaluation increment of assets ‡æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / Increase (Decrease) during the period ”√Õßµ“¡°ÆÀ¡“¬ / Legal reserve ‡æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / Increase (Decrease) during the period °”‰√ ÿ∑∏‘ª√–®”ß«¥ / Net profit for the period ‡ß‘πªíπº≈®à“¬ / Dividend paid à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ / Minority interest ‡æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / Increase (Decrease) during the period ¬Õ¥§ß‡À≈◊Õ ≥ 31 ∏—π«“§¡ 2548 / Balance as at December 31, 2005 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 / As at December 31, 2006 ¬Õ¥¬°¡“ ≥ «—π∑’Ë 1 ¡°√“§¡ 2549 / Beginning balance as at January 1, 2006 à«π‡°‘π∑ÿπ®“°°“√µ’√“§“∑√—æ¬å ‘π / Revaluation increment of assets ‡æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / Increase (Decrease) during the period ”√Õßµ“¡°ÆÀ¡“¬ / Legal reserve ‡æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / Increase (Decrease) during the period °”‰√ ÿ∑∏‘ª√–®”ß«¥ / Net profit for the period ‡ß‘πªíπº≈®à“¬ / Dividend paid à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ / Minority interest ‡æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / Increase (Decrease) during the period ¬Õ¥§ß‡À≈◊Õ ≥ 31 ∏—π«“§¡ 2549 / Balance as at December 31, 2006 (‚ª√¥¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ´÷Ëß‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È) (Please see notes to the financial statements which formed an integral part of these statements)

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

LPN fi 130-193

140

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 For the years ended December 31, 2006 and 2005 (∫“∑/Baht)

ß∫°“√‡ß‘π√«¡ / Consolidated à«π‡°‘π∑ÿπ à«π‡°‘π ®“°°“√µ’’√“§“ ∑ÿπ‡√◊ÕπÀÿâπ/ ¡Ÿ≈§à“Àÿâπ “¡—≠/ ‘π∑√—æ¬å/ ”√Õß à«π¢ÕßºŸâ∂◊ÕÀÿâπ Issued and fully Premium on Revaluation µ“¡°ÆÀ¡“¬/ ¬—ß‰¡à‰¥â®—¥ √√/ à«ππâÕ¬/ paid share capital common share increment of assets Legal reserve Retained earnings Minority interest

1,205,601,879.00 371,734,111.82 270,096,889.00 70,073,054.18

1,602,777.67

31,448,616.09 713,543,349.73

9,525.92 2,323,940,260.23 340,169,943.18

(48,557.93)

(48,557.93) 52,551,383.91 (52,551,383.91) 588,379,159.56 (261,092,543.00)

588,379,159.56 (261,092,543.00)

1,475,698,768.00 441,807,166.00

1,554,219.74

84,000,000.00 988,278,582.38

93,484.29 93,484.29 103,010.21 2,991,441,746.33

1,475,698,768.00 441,807,166.00

1,554,219.74

84,000,000.00 988,278,582.38

103,010.21 2,991,441,746.33

(1,554,219.74)

1,475,698,768.00 441,807,166.00

141

(1,554,219.74) 39,000,000.00 (39,000,000.00) 765,227,993.68 (442,709,630.40)

765,227,993.68 (442,709,630.40)

- 123,000,000.00 1,271,796,945.66

(34,144.39) (34,144.39) 68,865.82 3,312,371,745.48

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

LPN fi 130-193

√«¡/ Total

141

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß„π à«π¢ÕßºŸâ∂◊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 Subsidiaries

≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 / As at December 31, 2005 ¬Õ¥¬°¡“ ≥ «—π∑’Ë 1 ¡°√“§¡ 2548 / Beginning balance as at January 1, 2005 ∑ÿπ∑’ËÕÕ°·≈–‡√’¬°™”√–·≈â« ‡æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / Share capital increase during period à«π‡°‘π∑ÿπ®“°°“√µ’√“§“∑√—æ¬å ‘π / Revaluation increment of assets ‡æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / 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 ∏—π«“§¡ 2548 / Balance as at December 31, 2005 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 / As at December 31, 2006 ¬Õ¥¬°¡“ ≥ «—π∑’Ë 1 ¡°√“§¡ 2549 / Beginning balance as at January 1, 2006 à«π‡°‘π∑ÿπ®“°°“√µ’√“§“∑√—æ¬å ‘π / Revaluation increment of assets ‡æ‘Ë¡ (≈¥) √–À«à“ßß«¥ / 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 ∏—π«“§¡ 2549 / Balance as at December 31, 2006 (‚ª√¥¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ´÷Ëß‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È) (Please see notes to the financial statements which formed an integral part of these statements)

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

LPN fi 130-193

142

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 For the years ended December 31, 2006 and 2005 (∫“∑/Baht)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company only à«π‡°‘π∑ÿπ à«π‡°‘π ®“°°“√µ’’√“§“ ∑ÿπ‡√◊ÕπÀÿâπ/ ¡Ÿ≈§à“Àÿâπ “¡—≠/ ‘π∑√—æ¬å/ ”√Õß Issued and fully Premium on Revaluation µ“¡°ÆÀ¡“¬/ ¬—ß‰¡à‰¥â®—¥ √√/ paid share capital common share increment of assets Legal reserve Retained earnings

1,205,601,879.00 371,734,111.82 270,096,889.00 70,073,054.18

1,602,777.67

31,448,616.09 714,601,190.28 2,324,988,574.86 340,169,943.18

(48,557.93)

1,475,698,768.00 441,807,166.00

1,554,219.74

52,551,383.91 (52,551,383.91) 588,379,159.56 588,379,159.56 (261,092,543.00) (261,092,543.00) 84,000,000.00 989,336,422.93 2,992,396,576.67

1,475,698,768.00 441,807,166.00

1,554,219.74

84,000,000.00 989,336,422.93 2,992,396,576.67

(1,554,219.74)

39,000,000.00 (39,000,000.00) 765,227,993.68 765,227,993.68 (442,709,630.40) (442,709,630.40) - 123,000,000.00 1,272,854,786.21 3,313,360,720.21

1,475,698,768.00 441,807,166.00

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

LPN fi 130-193

143

√«¡/ Total

143

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

ß∫°√–· ‡ß‘π ¥ Statements of Cash Flows

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

°√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π / Cash flows from operating activities °”‰√ 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“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ / Reversal of allowance for doubtful accounts §à“‡ ◊ËÕ¡√“§“∑√—æ¬å ‘π / Depreciation ¢“¥∑ÿπ®“°°“√®”Àπà“¬∑√—æ¬å ‘π / Loss from sales of assets ¢“¥∑ÿπ (°”‰√) ¢Õß‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡µ“¡«‘∏’ à«π‰¥â‡ ’¬ / Equity (gain) loss from investments insubsidiaries and affiliates à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ (≈¥≈ß) / Minority interest (decrease) °”‰√®“°°“√¥”‡π‘πß“π°àÕπ°“√ / Profit from operation before change ‡ª≈’Ë¬π·ª≈ß„π ‘π∑√—æ¬å·≈–Àπ’È ‘π¥”‡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—Î«‡ß‘π√—∫ / Trade accounts and notes receivable ¡Ÿ≈§à“ß“π‡ √Á®¬—ß‰¡à‡√’¬°‡°Á∫ / Unbilled construction income ≈Ÿ°Àπ’È°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π / Receivable from related parties ‘π§â“§ß‡À≈◊Õ / Inventories ‡ß‘π®à“¬≈à«ßÀπâ“ºŸâ√—∫‡À¡“ / Advance receivable-contractor ∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°àÕ √â“ß / Land and cost of project held for development ¥Õ°‡∫’È¬§â“ß√—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π / Accrued interest income from related parties ‘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—Î«‡ß‘π®à“¬ / Trade accounts and notes payable ‡®â“Àπ’È·≈–µ—Î«‡ß‘π®à“¬§◊πÀâÕß™ÿ¥ / Refund down payment payable ‡®â“Àπ’È°‘®°“√∑’Ë‡°’Ë¬«¢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 (‚ª√¥¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ´÷Ëß‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È) (Please see notes to the financial statements which formed an integral part of these statements)

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

LPN fi 130-193

144

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 For the years ended December 31, 2006 and 2005 (∫“∑/Baht)

ß∫°“√‡ß‘π√«¡ / Consolidated

2549 / 2006

2548 / 2005

2549 / 2006

2548 / 2005

765,227,993.68

588,379,159.56

765,227,993.68

588,379,159.56

413,846.90 (432,021.26) 27,474,379.93 2,533,913.16 (30,653,007.06) 49,855.61

401,979.75 (1,572,435.75) 22,494,136.50 (493,597.32) (44,759,413.28) 93,484.29

10,556.00 (500.00) 17,341,464.29 670,403.36 (67,799,710.06) -

401,979.75 (1,572,435.75) 14,328,413.59 (251,095.13) (122,346,646.01) -

764,614,960.96

564,543,313.75

715,450,207.27

478,939,376.01

(2,343,307.03) (23,327,696.30) (1,414,368.55) (195,904,781.71) (1,095,149,569.79) 9,073,972.58 78,976,878.14 (29,094,311.70) (1,259,183,184.36)

10,036,728.49 340,639,368.53 231,081.86 (45,594,663.74) 51,965,000.00 (252,847,851.10) (1,744,783.07) 233,926.57 102,918,807.54

(2,380,821.03) (23,363,696.30) (127,938.73) (190,149,667.78) (1,095,149,569.79) 9,073,972.58 80,492,471.49 (30,420,630.77) (1,252,025,880.33)

10,337,179.96 340,639,368.53 (45,475,982.58) 51,965,000.00 (252,847,851.10) (760,053.80) 84,679.28 103,942,340.29

123,369,684.00 (165,400.00) 305,704,088.79 4,147,992.16 433,056,364.95 (61,511,858.45)

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

124,400,506.23 (165,400.00) 1,374,818.86 307,498,254.22 3,965,600.16 437,073,779.47 (99,501,893.59)

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

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

LPN fi 130-193

145

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

145

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

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 Subsidiaries

°√–· ‡ß‘π ¥®“°°‘®°√√¡°“√≈ß∑ÿπ / Cash flows from investing activities ‡ß‘πΩ“°§È”ª√–°—π≈¥≈ß / Decrease in pledged deposit ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß / (Increase) Decrease in short-term loans to related parties √—∫‡ß‘πªíπº≈ / Dividend received ´◊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 ‡®â“Àπ’È‡™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 ∏—π«“§¡ / Cash and cash equivalents as at December 31 °“√‡ªî¥‡º¬¢âÕ¡Ÿ≈‡°’Ë¬«°—∫°√–· ‡ß‘π ¥‡æ‘Ë¡‡µ‘¡ : / Supplemental disclosures of cash flows information 1. ‡ß‘π ¥∑’Ë®à“¬„π√–À«à“ßªï ”À√—∫ : / Cash paid during the period for : ¥Õ°‡∫’È¬®à“¬ / Interest expenses ¿“…’‡ß‘π‰¥â / Income tax 2. √“¬°“√∑’Ë‰¡à°√–∑∫°√–· ‡ß‘π ¥ / Non-cash transaction ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…—∑¬àÕ¬ ‰¥â‡™à“´◊ÈÕ ‘π∑√—æ¬å‡ªìπ®”π«π‡ß‘π√«¡ 1,185,000.00 ∫“∑ ‚¥¬®à“¬™”√–‡ß‘π¥“«πå ‡ªìπ®”π«π‡ß‘π√«¡ 237,000.00 ∫“∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ∫√‘…—∑œ ·≈– ∫√‘…—∑¬àÕ¬ ‰¥â‡™à“´◊ÈÕ ‘π∑√—æ¬å‡ªìπ®”π«π‡ß‘π√«¡ 11,895,000.00 ∫“∑ (ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ ®”π«π 3,165,000.00 ∫“∑) ‚¥¬®à“¬™”√–‡ß‘π¥“«πå‡ªìπ®”π«π‡ß‘π√«¡ 2,853,750.00 ∫“∑ (ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ ®”π«π 791,250.00 ∫“∑) ·≈–∫√‘…—∑œ ‰¥â ‚Õπ ‘π§â“§ß‡À≈◊Õ‡ªìπ ‘π∑√—æ¬å‡™à“ ®”π«π 44,468,921.25 ∫“∑ As at December 31, 2005, the subsidiary companies have purchased assets amounting to Baht 1,185,000.00 by making downpayment amounting to Baht 237,000.00. As at December 31, 2006, the parent and its subsidiary companies have purchased assets amounting to Baht 11,895,000.00 (The Company only amounting to Baht 3,165,000.00). Those companies had paid downpayment amounting to Baht 2,853,750.00 (The Company only amounting to Baht 791,250.00) and the Company has transferred the inventories to be assets for rent in the amount of Baht 44,468,921.25. ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

LPN fi 130-193

146

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 For the years ended December 31, 2006 and 2005 (∫“∑/Baht)

ß∫°“√‡ß‘π√«¡ / Consolidated

2549 / 2006

2548 / 2005

2549 / 2006

2548 / 2005

101,000,020.20 (25,284,293.83) (272,060,264.02) 4,053,460.42 1,001,523.36 (191,289,553.87)

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)

4,000,000.00 170,916,020.20 (20,206,397.61) (272,060,264.02) 3,456,185.37 1,001,523.36 (112,892,932.70)

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)

(64,885,569.41) 1,575,000,000.00 (1,351,000,000.00) 1,723,800,000.00 (1,196,000,000.00) (4,784,062.97) (442,815,428.40) 239,314,939.22 (13,486,473.10) 288,836,044.87 275,349,571.77

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

(65,455,429.08) 1,575,000,000.00 (1,351,000,000.00) 1,723,800,000.00 (1,196,000,000.00) (2,131,548.19) (442,731,428.40) 241,481,594.33 29,086,768.04 207,146,308.23 236,233,076.27

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

82,896,635.77 308,703,362.04

31,860,867.99 208,123,269.59

82,411,717.48 282,929,854.02

31,657,747.11 185,177,949.19

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

LPN fi 130-193

147

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

147

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

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

°“√¥”‡π‘πß“π¢Õß∫√‘…—∑ ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ‡ªìπ∫√‘…—∑∑’Ë®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‡¡◊ËÕ «—π∑’Ë 21 ¡‘∂ÿπ“¬π 2537 ∏ÿ√°‘®À≈—°¢Õß∫√‘…—∑§◊Õ ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å ∂“π∑’Ëµ—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 “∑√ °√ÿß‡∑æ¡À“π§√ - ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’®”π«πæπ—°ß“π·≈–§à“„™â®à“¬æπ—°ß“π¥—ßπ’È

®”π«πæπ—°ß“π (§π) / Number of employees (person) §à“„™â®à“¬æπ—°ß“π (≈â“π∫“∑) / Employeesû expenses (Million Baht) 2.

À≈—°‡°≥±å„π°“√®—¥∑”ß∫°“√‡ß‘π 2.1 ß∫°“√‡ß‘ππ’È· ¥ß√“¬°“√µ“¡ª√–°“»°√¡æ—≤π“∏ÿ√°‘®°“√§â“ ‚¥¬°√–∑√«ßæ“≥‘™¬å ≈ß«—π∑’Ë 14 °—π¬“¬π 2544 ‡√◊ËÕß °”Àπ¥√“¬°“√¬àÕ∑’µË Õâ ß¡’„πß∫°“√‡ß‘π¢Õß∫√‘…∑— ¡À“™π®”°—¥ ·≈–‰¥â®¥— ∑”¢÷πÈ µ“¡À≈—°°“√∫—≠™’∑√’Ë ∫— √Õß∑—«Ë ‰ª ¿“¬„µâ æ√–√“™∫—≠≠—µ‘«‘™“™’æ∫—≠™’ æ.». 2547 2.2 ß∫°“√‡ß‘π¢Õß∫√‘…∑— ®—¥∑”¢÷πÈ ‚¥¬„™â‡°≥±å√“§“∑ÿπ‡¥‘¡„π°“√«—¥¡Ÿ≈§à“¢ÕßÕß§åª√–°Õ∫¢Õß√“¬°“√„πß∫°“√‡ß‘π ¬°‡«âπ √“¬°“√∑’Ë‡ªî¥‡º¬‰«â„ππ‚¬∫“¬°“√∫—≠™’∑’Ë‡°’Ë¬«¢âÕß 2.3 „π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ ”À√—∫ªï π‘È ¥ÿ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ª√–°Õ∫¥â«¬ß∫°“√‡ß‘π¢Õß∫√‘…∑— ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ´÷Ëß‡ªìπ∫√‘…—∑„À≠à ‚¥¬‡¢â“∂◊ÕÀÿâπ„π∫√‘…—∑¬àÕ¬ ¡’¥—ßπ’È

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

2.4 2.5

√“¬°“√∫—≠™’√–À«à“ß°—π „π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ √“¬°“√∫—≠™’√–À«à“ß°—π∑’Ë‡ªìπ “√– ”§—≠‰¥âµ—¥ÕÕ°„π°“√∑”ß∫°“√‡ß‘π√«¡·≈â« ß∫°“√‡ß‘π√«¡π’®È ¥— ∑”¢÷πÈ ‚¥¬¡’«µ— ∂ÿª√– ß§å‡æ◊ÕË · ¥ß∞“π–°“√‡ß‘π√«¡ ·≈–º≈°“√¥”‡π‘πß“π√«¡¢Õß ∫√‘…∑— ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬‡∑à“π—Èπ °“√„™â¢âÕ¡Ÿ≈µ“¡ß∫°“√‡ß‘π√«¡‡æ◊ËÕ«—µ∂ÿª√– ß§åÕ◊Ëπ Õ“®¡’ ¢âÕ®”°—¥¥â“π≈—°…≥–∑’Ë§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¥ √—∫√Ÿâ ‚¥¬«‘∏’Õ—µ√“√âÕ¬≈–¢Õßß“π∑’Ë∑”‡ √Á®´÷Ëß®–§”π«≥‚¥¬„™âÕ—µ√“ à«π¢Õßß“π∑’Ë °àÕ √â“ß∑’‡Ë √Á®·≈â« ‡ª√’¬∫‡∑’¬∫°—∫µâπ∑ÿπ∑—ßÈ À¡¥∑’ªË √–¡“≥‰«â ‚¥¬∫√‘…∑— œ ®–‡√‘¡Ë √—∫√Ÿ√â “¬‰¥â‡¡◊ÕË ¡’°“√∑” ≠— ≠“ ®–´◊ÈÕ®–¢“¬‰¡àπâÕ¬°«à“√âÕ¬≈– 40 ¢Õß‚§√ß°“√∑’Ë‡ªî¥¢“¬ ·≈–√—∫™”√–‡ß‘π‡°‘π°«à“√âÕ¬≈– 20 ¢Õß·µà≈– —≠≠“ ·≈–ß“πæ—≤π“ ·≈–ß“π°àÕ √â“ß‰¥âºà“π¢—ÈπµÕπ‡∫◊ÈÕßµâπ·≈â« ‰¡àπâÕ¬°«à“√âÕ¬≈– 10 ¢Õßß“π°àÕ √â“ß¢Õß·µà≈– ‚§√ß°“√ ∑—Èßπ’È∫√‘…—∑œ ®–À¬ÿ¥√—∫√Ÿâ√“¬‰¥â∑—π∑’‡¡◊ËÕºŸâ´◊ÈÕº‘¥π—¥™”√–‡ß‘π‡°‘π°«à“ 3 ß«¥µ‘¥µàÕ°—π ·≈–Õ—µ√“ à«π ß“π∑’Ë∑”‡ √Á® Ÿß°«à“‡ß‘π§à“ß«¥∑’Ë∂÷ß°”Àπ¥™”√–

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

LPN fi 130-193

148

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

Companyûs operation L.P.N. Development Public Company Limited has been listed in the Stock Exchange of Thailand since on June 21, 1994. Type of business is Real Estate. - Location : 1168/109 36th, Lumpini Tower Rama IV Road, Sathorn, Bangkok. - The Company has employees and employeesû expenses as follows : ß∫°“√‡ß‘π√«¡ / Consolidated 2549 / 2006 2548 / 2005 829 254.83

762 212.76

68 56.90

Õ—µ√“°“√∂◊ÕÀÿâπ (√âÕ¬≈–) Percentage

ª√–‡¿∑∏ÿ√°‘® Type of business

§«“¡ —¡æ—π∏å Relationship

99.99 99.88

Õ —ßÀ“√‘¡∑√—æ¬å / Real Estate „Àâ∫√‘°“√ / Service

ºŸâ∂◊ÕÀÿâπ, §«∫§ÿ¡‚¥¬°√√¡°“√ / Shareholding/Command by director ºŸâ∂◊ÕÀÿâπ, §«∫§ÿ¡‚¥¬°√√¡°“√ / Shareholding/Command by director

2.5

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 results of operation of L.P.N. Development Public Company Limited and its subsidiaries companies. The usefulness of transaction of consolidated financial statements for other purposes may be limited due to the difference business of those consolidated companies.

Significant Accounting Policies 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 Company recognizes 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 the progress of completed construction work is more than 10 per cent. The Company will stop to recognize such income whenever the overdue payment exceeding 3 consecutive installments and the percentage of completed work is over the installment due. ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

LPN fi 130-193

75 68.10

Basis of preparation of the financial statements 2.1 The presentation of these financial statements have been made in compliance with the Notification of the Department of Business Development dated September 14, 2001 regarding the abbreviate items which must be shown in the financial statements for the public company limited and prepared in conformity with generally accepted as prescribed by the Accounting Professions Act B.E. 2547. 2.2 The financial statements have been prepared under the historical cost convention, except as transaction disclosed in related accounting policy. 2.3 The consolidated financial statements for the years ended December 31, 2006 and 2005 consist of the financial statements of L.P.N. Development Public Company Limited and its subsidiaries. The Company held in its subsidiaries shares capital as follows : -

2.4

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company only 2549 / 2006 2548 / 2005

149

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

3.1.2 √“¬‰¥â§à“‡™à“·≈–∫√‘°“√∑’Ë‡°’Ë¬«¢âÕß„π∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å„Àâ‡™à“®–√—∫√Ÿâ‡ªìπ√“¬‰¥âµ“¡‡°≥±å§ß§â“ß 3.1.3 √“¬‰¥âÕ◊Ëπ·≈–§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 3.2

∑’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“¬∑’Ë‡°’Ë¬«¢âÕß‚¥¬µ√ß°—∫ ‚§√ß°“√·≈–¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡∑’Ë‡°’Ë¬«¢âÕß ´÷Ëß®–À¬ÿ¥∫—π∑÷°¥Õ°‡∫’È¬®à“¬‡¢â“¡“‡ªìπµâπ∑ÿπ ‡¡◊ËÕß“π°àÕ √â“ß·≈â«‡ √Á®À√◊Õ ‚§√ß°“√À¬ÿ¥æ—≤π“‡°‘π 1 ªï

3.3

‘π§â“§ß‡À≈◊Õ - ‘π§â“§ß‡À≈◊Õ ª√–°Õ∫¥â«¬ Õ“§“√ÀâÕß™ÿ¥∑’Ë √â“ß‡ √Á®„π à«π∑’Ë¬—ß‰¡à‰¥â ‚Õπ°√√¡ ‘∑∏‘Ï„ÀâºŸâ´◊ÈÕ ∫√‘…—∑œ · ¥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“

3.4

§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ∫√‘…—∑µ—Èß ”√Õß§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠‡ªìπ®”π«π‡ß‘π‚¥¬ª√–¡“≥®“°§«“¡‡ ’¬À“¬∑’ËÕ“®®–‡°‘¥¢÷Èπ®“°°“√ ‡√’¬°‡°Á∫‡ß‘π≈Ÿ°Àπ’È ‚¥¬æ‘®“√≥“®“°≈Ÿ°Àπ’È‡ªìπ√“¬µ—«∑’Ë§â“ß™”√–§à“ß«¥‡°‘π°«à“ 6 ‡¥◊Õπ ·≈–‡¢â“‡°≥±å°“√√—∫√Ÿâ√“¬‰¥â

3.5

‡ß‘π≈ß∑ÿπ√–¬–¬“« ‡ß‘π≈ß∑ÿπ∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ · ¥ß‰«â ‚¥¬«‘∏’ à«π‰¥â‡ ’¬ (Equity Method) ‚¥¬ª√—∫·≈–√—∫√Ÿâº≈°”‰√ (¢“¥∑ÿπ) ¢Õß∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬¥—ß°≈à“«‡ªìπ°“√≈ß∑ÿπ„π°‘®°“√∑’Ë∫√‘…—∑∂◊ÕÀÿâπ¡“°°«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

3.6

∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘/§à“‡ ◊ËÕ¡√“§“ - ∑’Ë¥‘π · ¥ß‰«â„π√“§“∑ÿπ - Õ“§“√·≈–Õÿª°√≥å · ¥ß‰«â„π√“§“∑ÿπÀ—°¥â«¬§à“‡ Õ◊Ë ¡√“§“ – ¡ §à“‡ Õ◊Ë ¡√“§“§”π«≥‚¥¬«‘∏‡’ πâ µ√ß „πÕ—µ√“¥—ßπ’È

Õ“§“√ ”π—°ß“π / Building §à“µ°·µàß ·≈–‡§√◊ËÕß„™â ”π—°ß“π / Office decoration and equipments ‡§√◊ËÕß§Õ¡æ‘«‡µÕ√å ·≈–ß“πæ—≤π“√–∫∫‚ª√·°√¡ / Computer and RMS System ¬“πæ“Àπ– / Vehicles

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

LPN fi 130-193

150

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

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. 3.2

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.

3.3

Inventories - Untransferred condominium are valued at the lower of cost by using specific method or net realisable value. - Supplies are valued at the lower of cost on a first - in first - out (FIFO) method or net realisable value.

3.4

Allowance for doubtful accounts The Company provides the allowance for doubtful accounts equal to the estimated loss of installment receivable by considering each receivable which has been overdue more than six periods and to be of standard of income recognition.

3.5

Long-term investment Investment in subsidiaries and affiliates are recorded under equity method, adjusted and recognized gain (loss) of subsidiaries and affiliates. The Company held the shares of those subsidiaries more than 50% of voting right and the Company had a power to control the determination of financial and operation policy.

3.6

Property, 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 : ®”π«πªï / Number of years 40 10 5 5

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

LPN fi 130-193

151

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

3.7

‘π∑√—æ¬å„Àâ‡™à“ - ∑’Ë¥‘π∫“ß à«π ∑’Ë¡’√“§“∑ÿπ‡¥‘¡ ®”π«π 1.04 ≈â“π∫“∑ ¡’°“√µ’√“§“‡æ‘Ë¡≈¥· ¥ß‰«â„π√“§“¬ÿµ‘∏√√¡ ´÷Ëßª√–‡¡‘π √“§“‚¥¬ºŸâª√–‡¡‘π√“§“Õ‘ √– º≈µà“ß√“§“µ“¡∫—≠™’‡¥‘¡°—∫√“§“¬ÿµ‘∏√√¡ ®”π«π 0.07 ≈â“π∫“∑ · ¥ß‰«â∑’Ë «à π¢ÕßºŸ∂â Õ◊ Àÿπâ ¿“¬„µâ∫≠— ™’ ç «à π‡°‘π∑ÿπ®“°°“√µ’√“§“ π‘ ∑√—æ¬åé µàÕ¡“„πªï 2549 ∫√‘…∑— œ ‰¥â‡ª≈’¬Ë ππ‚¬∫“¬ °“√∫—≠™’®“°«‘∏’√“§“¬ÿµ‘∏√√¡¡“‡ªìπ«‘∏’√“§“∑ÿπ ‚¥¬„™â«‘∏’‡ª≈’Ë¬π∑—π∑’ ‡π◊ËÕß®“°°√√¡°“√¢Õß∫√‘…—∑ ‡ÀÁπ«à“®– ‰¥â „™âπ‚¬∫“¬°“√∫—≠™’√“§“∑ÿπ‡™àπ‡¥’¬«°—∫ ‘π∑√—æ¬å¥”‡π‘πß“πÕ◊Ëπ ·≈–‡π◊ËÕß®“° ‘π∑√—æ¬å¥— ß °≈à “ « ¡’®”π«π‰¡à‡ªìπ “√– ”§—≠·≈–°“√„™âπ‚¬∫“¬∫—≠™’√“§“∑ÿπ‡¥‘¡„Àâ§«“¡ –¥«°„π°“√®—¥∑”ß∫°“√‡ß‘π¡“°°«à“ - Õ“§“√∫“ß à«π∑’Ë¡’√“§“∑ÿπ‡¥‘¡ ®”π«π 23.78 ≈â“π∫“∑ ¡’°“√µ’√“§“‡æ‘Ë¡ · ¥ß‰«â„π√“§“¬ÿµ‘∏√√¡ ´÷Ëßª√–‡¡‘π √“§“‚¥¬ºŸâª√–‡¡‘π√“§“Õ‘ √– À—°¥â«¬§à“‡ ◊ËÕ¡√“§“ – ¡∑’Ë§”π«≥®“°¡Ÿ≈§à“¬ÿµ‘∏√√¡π—Èπ·≈–º≈µà“ß√“§“µ“¡ ∫—≠™’‡¥‘¡°—∫√“§“¬ÿµ‘∏√√¡ ®”π«π 1.63 ≈â“π∫“∑ · ¥ß‰«â∑’Ë à«π¢ÕßºŸâ∂◊ÕÀÿâπ¿“¬„µâ∫—≠™’ ç à«π‡°‘π∑ÿπ®“°°“√ µ’√“§“ ‘π∑√—æ¬åé µàÕ¡“„πªï 2549 ∫√‘…—∑‰¥â‡ª≈’Ë¬ππ‚¬∫“¬°“√∫—≠™’ ®“°«‘∏’√“§“¬ÿµ‘∏√√¡¡“‡ªìπ«‘∏’√“§“∑ÿπ ‚¥¬„™â«‘∏’‡ª≈’Ë¬π∑—π∑’ ‡π◊ËÕß®“°°√√¡°“√¢Õß∫√‘…—∑ ‡ÀÁπ«à“®–‰¥â„™âπ‚¬∫“¬°“√∫—≠™’√“§“∑ÿπ‡™àπ‡¥’¬«°—∫ ‘π∑√—æ¬å¥”‡π‘πß“πÕ◊Ëπ ·≈–‡π◊ËÕß®“° ‘π∑√—æ¬å¥—ß°≈à“«¡’®”π«π‰¡à‡ªìπ “√– ”§—≠·≈–°“√„™âπ‚¬∫“¬∫—≠™’ √“§“∑ÿπ‡¥‘¡„Àâ§«“¡ –¥«°„π°“√®—¥∑”ß∫°“√‡ß‘π¡“°°«à“ ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å à«π∑’Ë‰¡à¡’°“√µ’√“§“‡æ‘Ë¡· ¥ß¥â«¬√“§“∑ÿπÀ—°¥â«¬§à“‡ ◊ËÕ¡√“§“ – ¡ §à“‡ ◊ËÕ¡√“§“ §”π«≥‚¥¬«‘∏’‡ âπµ√ß„πÕ—µ√“¥—ßπ’È

Õ“§“√ ”π—°ß“π·≈–≈“π®Õ¥√∂ / Office building and car parking §à“µ°·µàß ·≈–‡§√◊ËÕß„™â ”π—°ß“π / Office decoration and equipments ‡§√◊ËÕß§Õ¡æ‘«‡µÕ√å / Computer

3.8

°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å ∫√‘…—∑œ 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“∑’Ë §“¥«à“®–‰¥â√∫— §◊π¢Õß π‘ ∑√—æ¬åÀ“°¡’√“§“µË”°«à“√“§“µ“¡∫—≠™’ ∂◊Õ«à“ π‘ ∑√—æ¬åππ—È ‡°‘¥°“√¥âÕ¬§à“ ´÷ßË ®–√—∫√Ÿºâ ≈¢“¥∑ÿπ ®“°°“√¥âÕ¬§à“¥—ß°≈à“«„πß∫°”‰√¢“¥∑ÿπ ·≈–∫√‘…—∑œ ®–∫—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“∑’Ë§“¥«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√◊ÕÀπà«¬ ‘π∑√—æ¬å∑’Ë°àÕ„Àâ‡°‘¥‡ß‘π ¥·≈â«·µà°√≥’

3.9

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡æ◊ÕË «—µ∂ÿª√– ß§å„π°“√®—¥∑”ß∫°√–· ‡ß‘π ¥ ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ À¡“¬√«¡∂÷ß ‡ß‘πΩ“°∏π“§“√ ´÷Ëß∂÷ß°”Àπ¥®à“¬§◊π„π√–¬–‡«≈“‰¡à‡°‘π 3 ‡¥◊Õπ

3.10 ª√–¡“≥°“√∫—≠™’ „π°“√®—¥∑”ß∫°“√‡ß‘πµ“¡À≈—°°“√∫—≠™’∑√’Ë ∫— √Õß∑—«Ë ‰ª „π∫“ß°√≥’Ω“É ¬∫√‘À“√Õ“®µâÕß„™â°“√ª√–¡“≥°“√√“¬°“√ ∫—≠™’∫“ß√“¬°“√ ´÷Ëß¡’º≈°√–∑∫µàÕ®”π«π‡ß‘π∑’Ë· ¥ß„πß∫°“√‡ß‘π ·≈–À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ¥â«¬‡Àµÿπ’È º≈∑’Ë ‡°‘¥¢÷Èπ®√‘ß„π¿“¬À≈—ß ®÷ßÕ“®·µ°µà“ß‰ª®“°®”π«π∑’Ëª√–¡“≥‰«â

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

LPN fi 130-193

152

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

3.7

Assets for rent - Part of Land with historical cost amounting to Baht 1.04 million are revalued at fair value which appraised by independent appraiser that computed from the different of fair value and historical cost amounting Baht 0.07 million which presented in shareholdersû equity under çRevaluation increment of assetsé. In 2006, the Company changed the recording policy from fair value to cost because the Companyûs management deems that the valuation of such land is immaterial and should be used the cost method as same as other operating assets and the historical cost is convenience for the preparation of financial statements. - Part of Building and equipment with historical cost amounting to Baht 23.78 million are revalued at fair value which appraised by independent appraiser less accumulated depreciation that computed from the different of fair value and historical cost amounting to Baht 1.63 million which presented in shareholdersû equity under çRevaluation increment of assetsé. In 2006, the Company changed the recording policy from fair value to cost because the Companyûs management deems that the valuation of such land is immaterial and should be used the cost method as same as other operating assets and the historical cost is convenience for the preparation of financial statements. - Land, building and equipment which were not appraised, are stated at cost less accumulated depreciation. The depreciation is computed on straight-line method as follows : ®”π«πªï / Number of years 40 10 5

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 whenever events or changes indicate that the carrying amount of assets exceeds its recoverable value. The impairment loss will be recognized in sratements of income. The Company will reverse the impairment loss whenever there is no longer impairment or reduction in impairment. Recoverable value of asset is either the net selling price or value from utilization of that asset, 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

Cash and cash equivalents For the purposes of the statements of cash flows, cash and cash equivalent include cash on hand and at banks which are due within 3 months.

3.10 Use of accounting estimates Preparation of financial statements in conformity with generally accepted accounting principles required the management to make several estimation and assumption which affect the reported amounts in the financial statements and disclosures in notes to financial statements. Consequent actual results may differ from these estimates.

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

LPN fi 130-193

153

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

3.11 ª√–¡“≥°“√Àπ’È ‘π ∫√‘…—∑œ ®–∫—π∑÷°ª√–¡“≥°“√Àπ’È ‘π‡¡◊ËÕ¡’§«“¡‡ªìπ‰ª‰¥â§àÕπ¢â“ß·πà¢Õß°“√‡°‘¥¿“√–ºŸ°æ—π„πªí®®ÿ∫—π µ“¡ °ÆÀ¡“¬À√◊Õ®“°°“√Õπÿ¡“πÕ—π‡ªìπº≈ ∫◊ ‡π◊ÕË ß¡“®“°‡Àµÿ°“√≥å„πÕ¥’µ ¿“√–ºŸ°æ—π¥—ß°≈à“« §“¥«à“®– ßà º≈„Àâ Ÿ≠‡ ¬’ ∑√—æ¬“°√∑’¡Ë ª’ √–‚¬™πå‡™‘ß‡»√…∞°‘® ‡æ◊ÕË ®à“¬™”√–¿“√–ºŸ°æ—π·≈–®”π«π∑’µË Õâ ß®à“¬ “¡“√∂ª√–¡“≥°“√‰¥âÕ¬à“ßπà“‡™◊ÕË ∂◊Õ À“°∫√‘…∑— œ §“¥«à“®–‰¥â√∫— §◊π√“¬®à“¬™”√–‰ªµ“¡ª√–¡“≥°“√Àπ’È π‘ ∑—ßÈ À¡¥À√◊Õ∫“ß «à πÕ¬à“ß·πàπÕπ ∫√‘…∑— œ®–√—∫√Ÿâ √“¬®à“¬‰¥â√—∫§◊π‡ªìπ ‘π∑√—æ¬å·¬°µà“ßÀ“° ·µàµâÕß‰¡à‡°‘π®”π«πª√–¡“≥°“√Àπ’È ‘π∑’Ë‡°’Ë¬«¢âÕß 3.12 °”‰√µàÕÀÿâπ - °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π§”π«≥‚¥¬°“√À“√°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ ”À√—∫ß«¥¥â«¬®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬ ∂à«ßπÈ”Àπ—°∑’ËÕÕ°Õ¬Ÿà„π√–À«à“ßß«¥ - °”‰√µàÕÀÿπâ ª√—∫≈¥§”π«≥‚¥¬°“√À“√°”‰√ (¢“¥∑ÿπ) ∑ÿ ∏‘ ”À√—∫ß«¥¥â«¬º≈√«¡¢Õß®”π«πÀÿπâ “¡—≠∂—«‡©≈’¬Ë ∂à«ßπÈ”Àπ—°∑’ËÕÕ°Õ¬Ÿà „π√–À«à“ßß«¥°—∫®”π«π∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°¢ÕßÀÿâπ “¡—≠∑’Ë∫√‘…—∑œ Õ“®µâÕßÕÕ°‡æ◊ËÕ ·ª≈ßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥∑—Èß ‘Èπ („∫ ”§—≠· ¥ß ‘∑∏‘) „Àâ‡ªìπÀÿâπ “¡—≠ 4.

≈Ÿ°Àπ’È°“√§â“- ÿ∑∏‘ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ª√–°Õ∫¥â«¬

®”π«π‡ß‘π∑’Ë‰¥â∑” —≠≠“®–´◊ÈÕ®–¢“¬·≈â« / Contract value (31 ∏.§. 49 : √âÕ¬≈– 86.42 / (December 31, 2006 : 86.42% 31 ∏.§. 48 : √âÕ¬≈– 88.12 ¢Õß¬Õ¥¢“¬¢Õß‚§√ß°“√∑’Ë‡ªî¥¢“¬) / December 31, 2005 : 88.12% from project sale) À—° ¡Ÿ≈§à“‚§√ß°“√∑’Ë‰¥â∑” —≠≠“®–´◊ÈÕ®–¢“¬∑’Ë¡’°“√‚Õπ·≈â« / Less Transferred contract value §ß‡À≈◊Õ¡Ÿ≈§à“‚§√ß°“√∑’Ë‰¥â∑” —≠≠“®–´◊ÈÕ®–¢“¬·µà¬—ß‰¡à¡’°“√‚Õπ / Balance of untransferred contract value §à“ß«¥∑’Ë∂÷ß°”Àπ¥™”√– / Installment due À—° ‡ß‘π™”√–·≈â« / Less Received ≈Ÿ°Àπ’È§à“ß«¥∑’Ë§â“ß™”√– / Total accounts receivable ∫«° ≈Ÿ°Àπ’È§à“ß«¥§â“ß™”√–‚§√ß°“√ Tower 1 ·≈– 2 / Add Accounts receivable on collection of Tower 1 and Tower 2 √«¡ / Total ‚Õπ§à“ß«¥§√∫°”Àπ¥∑’Ë¬—ß‰¡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

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

LPN fi 130-193

154

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

3.11 Provision for liabilities The Company recognizes a provision for liabilities when an entity has a present legal or constructive obligation as result of a past event. It is probable that an outflow of economic benefits resources will be required to settle the obligation and reliable estimate can be made of the amount of the obligation. If some or all the expenditure is required to settle a provision, is expected to be reimbursed when it is virtually certain that reimbursement will be received if the Company settles the obligation. The amount recognized should not exceed the amount of the provision. 3.12 Earnings (Loss) per share - 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 average number of ordinary shares to be issued for conversion of all diluted potential ordinary shares (warrants) into ordinary shares. 4.

Accounts receivable-net As at December 31, 2006 and 2005 are as follows :ß∫°“√‡ß‘π√«¡ / Consolidated 2549 / 2006 2548 / 2005

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company only 2549 / 2006 2548 / 2005

18,339,973,501.25 (10,746,201,752.25) 7,593,771,749.00 61,854,502.21 (48,401,394.65) 13,453,107.56 72,000.00 13,525,107.56 (12,977,591.56) 547,516.00 (17,816.00) 529,700.00

17,265,018,811.25 (9,671,247,062.25) 7,593,771,749.00 60,024,502.21 (46,805,394.65) 13,219,107.56 13,219,107.56 (12,977,591.56) 241,516.00 (17,816.00) 223,700.00

16,143,995,643.58 (9,649,367,330.58) 6,494,628,313.00 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

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

LPN fi 130-193

155

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

15,069,040,953.58 (8,576,819,840.58) 6,492,221,113.00 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

≈Ÿ°Àπ’È°“√§â“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ·¬°µ“¡Õ“¬ÿÀπ’È‰¥â¥—ßπ’È

‡°‘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¥∑’Ë¬—ß‰¡à√—∫√Ÿ‡â ªìπ√“¬‰¥â / Less Unrealized installment income √«¡≈Ÿ°Àπ’È°“√§â“ / Accounts receivable À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ / Less Allowance for doubtf accounts ≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘ / Accounts receivable - net

¡Ÿ≈§à“ß“π‡ √Á®¬—ß‰¡à‡√’¬°‡°Á∫/§à“ß«¥§√∫°”Àπ¥∑’Ë¬—ß‰¡à√—∫√Ÿâ‡ªìπ√“¬‰¥â ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ª√–°Õ∫¥â«¬

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

‘π§â“§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ª√–°Õ∫¥â«¬

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

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

LPN fi 130-193

156

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

As at December 31, 2006 and 2005, accounts receivable were classified by aging as follows :-

ß∫°“√‡ß‘π√«¡ / Consolidated 2549 / 2006 2548 / 2005

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company only 2549 / 2006 2548 / 2005

12,482,416.22 518,800.00 188,775.34 335,116.00 13,525,107.56 (12,977,591.56) 547,516.00 (17,816.00) 529,700.00

12,482,416.22 518,800.00 188,775.34 29,116.00 13,219,107.56 (12,977,591.56) 241,516.00 (17,816.00) 223,700.00

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

Installment receivable/Unrealized revenue As at December 31, 2006 and 2005 are as follows :ß∫°“√‡ß‘π√«¡ / Consolidated 2549 / 2006 2548 / 2005

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company only 2549 / 2006 2548 / 2005

61,854,502.21 (113,213,031.80) (51,358,529.59) 64,336,121.15 (12,977,591.56) 51,358,529.59

37,195,088.75 (68,248,163.60) (31,053,074.85) 41,008,424.85 (9,955,350.00) 31,053,074.85

60,024,502.21 (111,383,031.80) (51,358,529.59) 64,336,121.15 (12,977,591.56) 51,358,529.59

32,993,888.75 (64,010,963.60) (31,017,074.85) 40,972,424.85 (9,955,350.00) 31,017,074.85

64,336,121.15 (4,332,839.84) 60,003,281.31

41,008,424.85 (4,332,839.84) 36,675,585.01

64,336,121.15 (4,332,839.84) 60,003,281.31

40,972,424.85 (4,332,839.84) 36,639,585.01

Inventory As at December 31, 2006 and 2005 are as follows :ß∫°“√‡ß‘π√«¡ / Consolidated 2549 / 2006 2548 / 2005

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company only 2549 / 2006 2548 / 2005

276,052,910.26 109,475.72 276,162,385.98

276,052,910.26 276,052,910.26

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

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

LPN fi 130-193

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

157

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

124,372,163.73 124,372,163.73

∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°àÕ √â“ß ·≈–∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√Õ°“√æ—≤π“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ª√–°Õ∫¥â«¬

∑’Ë¥‘π / Land §à“°àÕ √â“ß·≈–ÕÕ°·∫∫ / Cost of construction and design §à“„™â®à“¬Õ◊Ëπ„π‚§√ß°“√ / Other expenses ¥Õ°‡∫’È¬®à“¬ / Interest expenses √«¡ / Total 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« / Total transfer §ß‡À≈◊Õ / Balance À—° ∑’Ë¥‘π ·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°àÕ √â“ß / Less Land and cost of project under construction ∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√Õ°“√æ—≤π“- ÿ∑∏‘ / Land and cost of project under development-net

∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√Õ°“√æ—≤π“ ª√–°Õ∫¥â«¬

√“§“∑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∑∏‘ / Land and cost of project under development-net

- ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ∫√‘…—∑œ ‰¥â ‚Õπ∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°àÕ √â“ß∑’Ë¡’√–¬–‡«≈“°“√ °àÕ √â“ß‰¡à‡°‘π 1 ªï ·¬°· ¥ß‡ªìπ√“¬°“√µà“ßÀ“°‰«â„π à«π¢Õß π‘ ∑√—æ¬åÀ¡ÿπ‡«’¬π´÷ßË ¡’®”π«π 3,485.14 ·≈– 2,408.16 ≈â“π∫“∑ µ“¡≈”¥—∫ ‚¥¬„π‰µ√¡“ 2 ªï 2548 ‰¥â ‚Õπ∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°àÕ √â“ß∑’Ë¡’√–¬–‡«≈“°“√ °àÕ √â“ß‰¡à‡°‘π 1 ªï ∑’Ë‡§¬· ¥ß‰«â„π à«π¢Õß ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π„πªï°àÕπ‰ª‡ªìπ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π®”π«π 143.44 ≈â“π∫“∑ ‡π◊ËÕß®“°ª√– ∫ªí≠À“∫“ßª√–°“√∑”„Àâ‰¡à “¡“√∂°àÕ √â“ß„Àâ‡ √Á®‰¥âµ“¡°”Àπ¥‡¥‘¡·≈–‡π◊ËÕß®“°¡’°“√ ‡ª≈’Ë¬π·ºπ°“√æ—≤π“‚§√ß°“√¢ÕßΩÉ“¬∫√‘À“√

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

LPN fi 130-193

158

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

Land and cost of project under construction, and land and cost of project under development As at December 31, 2006 and 2005 are as follows :ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / Consolidated and the Company only 2548 / 2005 ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) / Increase (Decrease) 2549 / 2006 2,124,908,579.03 1,569,691,474.52 37,381,462.36 275,346,332.72 4,007,327,848.63 43,081,685.92 141,833,602.41 594,662,947.68 779,578,236.01 3,227,749,612.62 2,408,161,045.94 819,588,566.68

1,170,310,333.71 3,263,851,508.94 47,722,950.07 80,770,726.60 4,562,655,519.32 1,143,858,238.23 2,323,647,711.30 3,467,505,949.53 1,095,149,569.79 1,076,984,509.01 18,165,060.78

3,295,218,912.74 4,833,542,983.46 85,104,412.43 356,117,059.32 8,569,983,367.95 1,186,939,924.15 141,833,602.41 2,918,310,658.98 4,247,084,185.54 4,322,899,182.41 3,485,145,554.95 837,753,627.46

Land and cost of project under development consits of : ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 / As at December 31, 2006 ∑’Ë¥‘π Land

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

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

√«¡ Total

884,894,410.51

88,724,610.11

5,968,209.25

979,587,229.87 (141,833,602.41) 837,753,627.46

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

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

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

√«¡ Total

866,755,423.19

88,730,636.65

5,936,109.25

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

- As at December 31, 2006 and 2005, the Company transferred land and cost of project under development with one year construction period by presenting in current assets amounted to Baht 3,485.14 and Baht 2,408.16 million, respectively. In the 2nd quarter of 2005, the Company transferred such land and cost of project under development from recording in current assets to be non-current assets amounted to Baht 143.44 million. The construction could not be completed as planned since the certain problem and the project development plan was changed.

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

LPN fi 130-193

159

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

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°‡¡◊ËÕªî¥‚§√ß°“√ß“π°àÕ √â“ß„πß«¥ªïµàÕ‰ª - ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ∫√‘…—∑œ ‡À≈◊Õ‚§√ß°“√∑’ËÕ¬Ÿà√–À«à“ß°“√°àÕ √â“ß®”π«π 6 ·≈– 5 ‚§√ß°“√ µ“¡ ≈”¥—∫ - ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°àÕ √â“ß∫“ß à«π ®”π«π 4,143.67 ≈â“π∫“∑ (ªï 2548 : 2,686.46 ≈â“π∫“∑) ∫√‘…—∑œ ‰¥âπ”‰ª®¥®”πÕß‡æ◊ËÕ‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡∏π“§“√æ“≥‘™¬å·≈– ∂“∫—π°“√‡ß‘πµ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ¢âÕ 14 8.

√“¬°“√∫—≠™’∑’Ë‡°’Ë¬«¢âÕß°—π °‘®°“√ / Company 1. ∫√‘…—∑ æ√ —πµ‘ ®”°—¥ / PORNSANTI CO., LTD.

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

3. ∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ ·≈–∫√‘…—∑¬àÕ¬ (‡ªìπ∫√‘…—∑√à«¡¢Õß∫√‘…—∑) GRAND UNITY DEVELOPMENT CO., LTD. AND SUBSIDIARIES (an affiliate)

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

LPN fi 130-193

160

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

- Part of cost of sales arose from the recording on the percentage of income recognition in each period which accumulated from each projectûs income recognition and will be transferred on the closing of construction project in the next period. - As at December 31, 2006 and 2005, the remaining project in progress are six and five project, respectively. - As at December 31, 2006 and 2005, land and cost of project under construction amounted to Baht 4,143.67 million (2005 : Baht 2,686.46 million) were mortgaged as collateral for loans from commercial bank and the financial institutions as mentioned in notes to financial statements no.14. 8.

Transaction with related companies ≈—°…≥–√“¬°“√ / Description °Ÿâ¬◊¡®“°∫√‘…—∑œ Loans from the Company

π‚¬∫“¬√“§“ / Pricing policy ‡ß‘πµâπ§√∫°”Àπ¥ªï 2550 Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 4.84 - 5.28 µàÕªï Due in 2007, at the interest rate of 4.84 - 5.28% per annum

∫√‘…—∑œ ¬‘π¬Õ¡„Àâ„™â«ß‡ß‘π Bank Guarantee The Company allowed to use bank guarantee

‰¡à¡’§à“∫√‘°“√ No service charge

°Ÿâ¬◊¡®“°∫√‘…—∑œ Loans from the Company

§√∫°”Àπ¥‡¡◊ËÕ∑«ß∂“¡ Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 3.83 µàÕªï Due at call, at the interest rate of 3.83% per annum

„Àâ∫√‘°“√∫√‘À“√ß“π°àÕ √â“ß·≈–°“√¢“¬ √–∫∫°“√®—¥°“√ ‘π∑√—æ¬å„Àâ‡™à“·°à∫√‘…—∑œ ·≈–∫√‘…—∑√à«¡ Construction management, services and sales, assets management system for rent to the Company and affiliates

§à“∫√‘°“√‡√’¬°‡°Á∫µ“¡ —≠≠“∑’Ëµ°≈ß°—π Base on agreement

°Ÿâ¬◊¡®“°∫√‘…—∑œ Loans from the Company

§√∫°”Àπ¥‡¡◊ËÕ∑«ß∂“¡ Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 5-9.5 µàÕªï Due at call, at the interest rate of 5-9.5% per annum

‰¥â√—∫°“√∫√‘°“√∫√‘À“√ß“π°àÕ √â“ß ß“π¢“¬ ·≈–∏ÿ√°‘®π“¬Àπâ“ µ—«·∑π¢“¬®“° ∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑ Construction management, services and sales, dealer business derived from the Companyûs subsidiaries

§à“∫√‘°“√‡√’¬°‡°Á∫µ“¡ —≠≠“∑’Ëµ°≈ß°—π At agreed rate

¢“¬æ◊Èπ∑’Ë„Àâ‡™à“„πÕ“§“√™ÿ¥„Àâ°—∫∫√‘…—∑ Sales of area for rent to the Company

∫√‘…—∑œ ®à“¬´◊ÈÕ„π√“§“ 250 ≈â“π∫“∑ „°≈â‡§’¬ß°—∫√“§“¢Õß ºŸâª√–‡¡‘π√“§“Õ‘ √–„π√“§“ 275 ≈â“π∫“∑ The Company purchased in the amount of Baht 250 million which closed to the appraisal value of independent appraiser of Baht 275 million

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

LPN fi 130-193

161

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

8.1

≈Ÿ°Àπ’È°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ ·≈–∫√‘…—∑¬àÕ¬ / GRAND UNITY DEVELOPMENT CO., LTD. AND SUBSIDIARIES (‡ªìπ∫√‘…—∑√à«¡¢Õß∫√‘…—∑) / (an affiliate) ÿ∑∏‘ / Net √«¡ / Total

8.2

‡®â“Àπ’È°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

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

8.3

‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

‡ß‘π„Àâ°Ÿâ¬◊¡ / Loans to related parties ∫√‘…—∑ æ√ —πµ‘ ®”°—¥ / PORNSANTI CO., LTD. √«¡ / Total

8.4

¥Õ°‡∫’È¬§â“ß√—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

∫√‘…—∑ æ√ —πµ‘ ®”°—¥ / PORNSANTI CO., LTD. ∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ ·≈–∫√‘…—∑¬àÕ¬ / GRAND UNITY DEVELOPMENT CO., LTD. AND SUBSIDIARIES (‡ªìπ∫√‘…—∑√à«¡¢Õß∫√‘…—∑) / (an affiliate) √«¡¥Õ°‡∫’È¬§â“ß√—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π / Total accrued interest income from related parties

∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ ·≈–∫√‘…—∑¬àÕ¬ / GRAND UNITY DEVELOPMENT CO., LTD. AND SUBSIDIARIES (‡ªìπ∫√‘…—∑√à«¡¢Õß∫√‘…—∑) / (an affiliate) √«¡¥Õ°‡∫’È¬§â“ß√—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π / Total accrued interest income from related parties

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

LPN fi 130-193

162

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

8.1

Receivables - related parties

2548 / 2005

2,276,878.55 2,276,878.55

8.2

8,910,024.38 8,910,024.38

3,700,359.60 3,700,359.60

2549 / 2006

206,541,926.95 206,541,926.95

205,167,108.09 205,167,108.09

10,284,843.24 10,284,843.24

2549 / 2006

Short-term loans to related parties

2548 / 2005 60,070,746.92 60,070,746.92

8.4

1,423,481.05 1,423,481.05

4,000,000.00 4,000,000.00

56,070,746.92 56,070,746.92

2549 / 2006

Accrued interest income from related parties

2548 / 2005 9,073,972.58

2,936,164.77 17,999,999.96

2,936,164.77 27,073,972.54

9,073,972.58

20,936,164.73

30,010,137.31

2548 / 2005

ß∫°“√‡ß‘π√«¡ / Consolidated ‡æ‘Ë¡¢÷Èπ / Increase ≈¥≈ß / Decrease

2549 / 2006

9,073,972.58

17,999,999.96

27,073,972.54

9,073,972.58

17,999,999.96

27,073,972.54

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

LPN fi 130-193

2549 / 2006

Payable to related parties

2548 / 2005

8.3

ß∫°“√‡ß‘π√«¡ / Consolidated ‡æ‘Ë¡¢÷Èπ / Increase ≈¥≈ß / Decrease

163

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

8.5

‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

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

∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑¬àÕ¬ §√—Èß∑’Ë 4.2/2542 ‡¡◊ËÕ«—π∑’Ë 14 °—π¬“¬π 2542 æ‘®“√≥“¡’¡µ‘„Àâ∫√‘…—∑œ ª√—∫‚§√ß √â“ßÀπ’È°—∫∫√‘…—∑ æ√ —πµ‘ ®”°—¥ („π∞“π–≈Ÿ°Àπ’È∫√‘…—∑) —≠≠“≈ß«—π∑’Ë 30 æƒ»®‘°“¬π 2542 ‰¥âπ”¬Õ¥Àπ’È ‡ß‘πµâπ·≈–¥Õ°‡∫’È¬∑’Ë§â“ß‡ªìπ®”π«π‡ß‘π 246.96 ≈â“π∫“∑ µ°≈ß™”√–Àπ’È„Àâ‡ √Á®¿“¬„π«—π∑’Ë 27 °—π¬“¬π 2545 ·≈– À¬ÿ¥§‘¥¥Õ°‡∫’È¬µ—Èß·µà«—π∑’Ë 1 ¡°√“§¡ 2543 ‡ªìπµâπ‰ª ·≈–¡’°“√µàÕÕ“¬ÿ —≠≠“®“°‡¥‘¡ „Àâ§√∫°”Àπ¥™”√– «—π∑’Ë 28 ‘ßÀ“§¡ 2549 ·≈–µàÕ¡“ „π‰µ√¡“ 3/2549 ∑’Ëª√–™ÿ¡§≥–°√√¡°“√ §√—Èß∑’Ë 4/2549 ‡¡◊ËÕ«—π∑’Ë 11 ‘ßÀ“§¡ 2549 ¡’ ¡µ‘„Àâ∫√‘…—∑œ √—∫µ—Î« —≠≠“„™â‡ß‘π ®“°∫√‘…—∑ æ√ —πµ‘ ®”°—¥ ·∑π —≠≠“∑’Ë®–À¡¥Õ“¬ÿ≈ß ‚¥¬¡’Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 5.28 µàÕªï §√∫°”Àπ¥«—π∑’Ë 27 ¡‘∂ÿπ“¬π 2550 ∫√‘…—∑œ ¡’‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ ‚¥¬°“√ÕÕ°µ—Î« —≠≠“„™â‡ß‘π ®”π«π 200 ≈â“π∫“∑ Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 9.5 µàÕªï §√∫°”Àπ¥‡¡◊ËÕ∑«ß∂“¡ µàÕ¡“µ“¡∑’Ëª√–™ÿ¡§≥–°√√¡°“√ §√—Èß∑’Ë 1/2548 ‡¡◊ËÕ«—π∑’Ë 25 °ÿ¡¿“æ—π∏å 2548 ¡’¡µ‘„Àâ≈¥Õ—µ√“¥Õ°‡∫’È¬≈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 ∑’Ëª√–™ÿ¡§≥–°√√¡∫√‘À“√ ‡¡◊ËÕ«—π∑’Ë 24 µÿ≈“§¡ 2548 ¡’ ¡µ‘„Àâª√—∫Õ—µ√“¥Õ°‡∫’È¬‡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 ·≈–µàÕ¡“ªï 2549 ∑’Ëª√–™ÿ¡§≥–°√√¡°“√ §√—Èß∑’Ë 3/2549 ‡¡◊ËÕ«—π∑’Ë 15 æƒ…¿“§¡ 2549 ¡’¡µ‘√—∫√Õß °“√ª√—∫‡æ‘Ë¡Õ—µ√“¥Õ°‡∫’È¬¥—ß°≈à“« 8.6

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡

∫√‘…—∑¬àÕ¬ / Subsidiaries ∫√‘…—∑ æ√ —πµ‘ ®”°—¥ / PORNSANTI CO., LTD. ∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ / LUMPINI PROPERTY MANAGEMENT CO., LTD. ∫√‘…—∑√à«¡ / Affiliate ∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ ·≈–∫√‘…—∑¬àÕ¬ / GRAND UNITY DEVELOPMENT CO., LTD. AND SUBSIDIARIES (‡ªìπ∫√‘…—∑√à«¡¢Õß∫√‘…—∑) / (an affiliate) √«¡ / Total

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

LPN fi 130-193

164

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

8.5

Long-term loans to related parties

ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / Consolidated and the Company only 2548 / 2005 ‡æ‘Ë¡¢÷Èπ / Increase ≈¥≈ß / Decrease 2549 / 2006 200,000,000.00

200,000,000.00

(200,000,000.00)

According to the resolution of the Board of directorsû meeting No.4.2/1999 held on September 14, 1999 which approved to enter the debt restructuring date November 30, 1999 with PORNSANTI CO., LTD., the 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. The Company renews the contract with the payment on August 28, 2006. Later in the 3rd quarter of 2006, the Board of directoûs meeting No.4/2006 held on August 11, 2006, passed the resolution to receive promissory note from PORNSANTI CO., LTD. at the interest rate of 5.28% per annum, due on June 27, 2007 in place of the contract which will be expired. The Company has lended to Grand Unity Development Co.,Ltd. amounting to Baht 200 million in the form of promissory note at the interest rate of 9.5 % per annum, due at call. According to the resolution of the Board of directorsû meeting No.1/2005 held on February 25, 2005, passed the resolution to reduce the interest rate from 9.5% to be 5.0% per annum which became effective from October 1, 2004. According to the resolution of Executive Committeeûs Meeting held on October 24, 2005, passed the resolution to increase the interest rate from 5.0% to 9.0% per annum which became effective from June 1, 2005 onwards. Later, in 2006, the Board of directorsû meeting no. 3/2006 held on May 15, 2006, passed the resolution to approve the increase of such interest rate. 8.6

Õ—µ√“°“√∂◊ÕÀÿâπ Percentage of ownership 2549 / 2006

«‘∏’√“§“∑ÿπ Cost Method 2549 / 2006

«‘‘∏’ à«π‰¥â‡ ’¬ Equity Method 2549 / 2006

99.99 99.88

199,993,000.00 998,800.00

50,225,893.46 63,267,230.23

69,916,000.00

33.33

26,151,628.88

27,947,253.10

26,151,628.88

27,947,253.10

101,000,020.20

227,143,428.88

141,440,376.79

26,151,628.88

27,947,253.10

170,916,020.20

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

LPN fi 130-193

ß∫°“√‡ß‘π√«¡ / Consolidated

165

«‘∏’√“§“∑ÿπ Cost Method 2549 / 2006

165

«‘‘∏’ à«π‰¥â‡ ’¬ Equity Method 2549 / 2006

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

‡ß‘πªíπº≈ Dividend 2549 / 2006

8.7

´◊ÈÕ ‘π∑√—æ¬å - æ◊Èπ∑’Ë„Àâ‡™à“

∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ ·≈–∫√‘…—∑¬àÕ¬ / GRAND UNITY DEVELOPMENT CO., LTD. AND SUBSIDIARIES (‡ªìπ∫√‘…—∑√à«¡¢Õß∫√‘…—∑) / (an affiliate) √«¡ Total

8.8

√“¬°“√∏ÿ√°‘®°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

8.1 8.8.2 8.8.3 8.8.4

8.8.5

µâπ∑ÿπ¢“¬ / Cost of sales ∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ / LUMPINI PROPERTY MANAGEMENT CO., LTD. µâπ∑ÿπ‡™à“ ·≈–∫√‘°“√ / Cost of rental and service ∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ / LUMPINI PROPERTY MANAGEMENT CO., LTD. §à“„™â®à“¬¥”‡π‘πß“π / Operating expenses ∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ / LUMPINI PROPERTY MANAGEMENT CO., LTD. ¥Õ°‡∫’È¬√—∫ / Interest income ∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ ·≈–∫√‘…—∑¬àÕ¬ / GRAND UNITY DEVELOPMENT CO.,LTD. AND SUBSIDIARIES (‡ªìπ∫√‘…—∑√à«¡¢Õß∫√‘…—∑) / (an affiliate) ∫√‘…—∑ æ√ —πµ‘ ®”°—¥ / PORNSANTI CO., LTD. ∫√‘…—∑ ≈ÿ¡æ‘π’ æ√Õæ‡æÕ√åµ’È ¡“‡π®‡¡π∑å ®”°—¥ / LUMPINI PROPERTY MANAGEMENT CO., LTD. √«¡ / Total √“¬‰¥â§à“∫√‘°“√®—¥°“√ / Management fee income ∫√‘…—∑ ·°√π¥å ¬Ÿπ‘µ’È ¥‘‡«≈≈ÁÕª‡¡π∑å ®”°—¥ ·≈–∫√‘…—∑¬àÕ¬ / GRAND UNITY DEVELOPMENT CO.,LTD. AND SUBSIDIARIES (‡ªìπ∫√‘…—∑√à«¡¢Õß∫√‘…—∑) / (an affiliate) √«¡ / Total

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

LPN fi 130-193

166

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

ß∫°“√‡ß‘π√«¡ / Consolidated

Õ—µ√“°“√∂◊ÕÀÿâπ Percentage of ownership 2548 / 2005

«‘∏’√“§“∑ÿπ Cost Method 2548 / 2005

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

99.99 99.88

199,993,000.00 998,800.00

54,970,634.30 91,291,786.39

33.33

26,151,628.88

98,294,266.24

26,151,628.88

98,294,266.24

227,143,428.88

244,556,686.93

26,151,628.88

98,294,266.24

8.7

«‘∏’√“§“∑ÿπ Cost Method 2548 / 2005

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

‡ß‘πªíπº≈ Dividend 2548 / 2005

Purchase of assets - area for rent ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘‘π‡©æ“–∫√‘…—∑ / Consolidated and the Company only 31 ∏—π«“§¡ 2549 / December 31, 2006 31 ∏—π«“§¡ 2548 / December 31, 2005

8.8

250,000,000.00

Transaction with related parties

ß∫°“√‡ß‘π√«¡ / Consolidated 31 ∏—π«“§¡ 2549 31 ∏—π«“§¡ 2548 December 31, 2006 December 31, 2005 -

67,039,865.81

55,919,878.34

9,837,829.86

4,149,171.30

126,830,078.81

141,893,368.59

17,999,999.96

14,690,410.94

17,999,999.96

14,690,410.94

17,999,999.96

14,690,410.94

2,936,164.77 20,936,164.73

96,956.72 14,787,367.66

33,266,959.54

56,550,767.45

33,266,959.54

56,550,767.45

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

LPN fi 130-193

167

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

‘π∑√—æ¬å„Àâ‡™à“- ÿ∑∏‘ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ª√–°Õ∫¥â«¬

√“§“∑ÿπ / Cost ∑’Ë¥‘π - √“§“∑ÿπ / Land - cost ∑’Ë¥‘π - ∑’Ëµ’√“§“‡æ‘Ë¡ (≈¥) / Land - revaluation (devaluation) Õ“§“√ - √“§“∑ÿπ / Building - cost Õ“§“√ - ∑’Ëµ’√“§“‡æ‘Ë¡ (≈¥) / Building - revaluation (devaluation) ß“π√–À«à“ßµ°·µàß / Office decoration in process §à“µ°·µàßÕ“§“√·≈–‡øÕ√åπ‘‡®Õ√å / Office decoration and equipments √«¡ / Total §à“‡ ◊ËÕ¡√“§“ – ¡ / Accumulated depreciation Õ“§“√ - √“§“∑ÿπ / Building - cost Õ“§“√ - ∑’Ëµ’√“§“‡æ‘Ë¡ (≈¥) / Building - revaluation (devaluation) §à“µ°·µàßÕ“§“√·≈–‡øÕ√åπ‘‡®Õ√å / Office decoration and equipments √«¡ / Total ÿ∑∏‘ / Net À—° √“¬°“√√–À«à“ß°—π / Less Inter - company transaction ‘π∑√—æ¬å„Àâ‡™à“- ÿ∑∏‘ / Assets for rent-net §à“‡ ◊ËÕ¡√“§“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 / Depreciation as at December 31, 2006 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 / Depreciation as at December 31, 2005

√“§“∑ÿπ / Cost ∑’Ë¥‘π - √“§“∑ÿπ / Land - cost ∑’Ë¥‘π - ∑’Ëµ’√“§“‡æ‘Ë¡ (≈¥) / Land - revaluation (devaluation) Õ“§“√ - √“§“∑ÿπ / Building - cost Õ“§“√ - ∑’Ëµ’√“§“‡æ‘Ë¡ (≈¥) / Building - revaluation (devaluation) ß“π√–À«à“ßµ°·µàß / Office decoration in process §à“µ°·µàßÕ“§“√·≈–‡øÕ√åπ‘‡®Õ√å / Office decoration and equipments √«¡ / Total §à“‡ ◊ËÕ¡√“§“ – ¡ / Accumulated depreciation Õ“§“√ - √“§“∑ÿπ / Building - cost Õ“§“√ - ∑’Ëµ’√“§“‡æ‘Ë¡ (≈¥) / Building - revaluation (devaluation) §à“µ°·µàßÕ“§“√·≈–‡øÕ√åπ‘‡®Õ√å / Office decoration and equipments √«¡ / Total ‘π∑√—æ¬å„Àâ‡™à“- ÿ∑∏‘ / Assets for rent-net §à“‡ ◊ËÕ¡√“§“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 / Depreciation as at December 31, 2006 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 / Depreciation as at December 31, 2005

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

LPN fi 130-193

168

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

Assets for rent - net As at December 31, 2006 and 2005 are as follows :-

2548 / 2005

ß∫°“√‡ß‘π√«¡ / Consolidated ‡æ‘Ëà¡¢÷Èπ / Increase ≈¥≈ß / Decrease

2549 / 2006

63,515,336.93 (72,271.64) 291,007,653.26 1,942,317.50 11,841,098.37 368,234,134.42

56,117,353.30 197,063,741.70 16,384,020.96 2,495,148.06 272,060,264.02

(208,696.45) (560,497.48) (4,672.90) (773,866.83)

11,948,552.05 72,271.64 31,684,054.13 (1,942,317.50) (16,384,020.96) 16,881,362.91 42,259,902.27

131,372,545.83 519,194,951.61 31,212,936.44 681,780,433.88

46,043,951.21 315,826.12 6,362,352.39 52,722,129.72 315,512,004.70 (1,376,886.17) 314,135,118.53

7,999,269.39 1,302,775.39 9,302,044.78

(14,780.27) (1,207.32) (15,987.59)

558,303.63 (315,826.12) 481,420.81 723,898.32

54,586,743.96 8,145,341.27 62,732,085.23 619,048,348.65 (1,376,886.17) 617,671,462.48 9,302,044.78 8,118,554.76

2548 / 2005

2549 / 2006

53,077,384.94 (72,271.64) 189,752,311.61 1,942,317.50 8,304,689.35 253,004,431.76

56,117,353.30 197,063,741.70 16,384,020.96 2,495,148.06 272,060,264.02

(208,696.45) (560,497.48) (4,672.90) (773,866.83)

11,179,092.85 72,271.64 25,255,805.05 (1,942,317.50) (16,384,020.96) 16,384,020.96 34,564,852.04

120,165,134.64 411,511,360.88 27,179,185.47 558,855,680.99

29,021,932.04 315,826.12 3,869,328.67 33,207,086.83 219,797,344.93

5,329,430.76 967,093.39 6,296,524.15

(14,780.27) (1,207.32) (15,987.59)

(459,649.15) (315,826.12) (775,475.27)

33,876,933.38 4,835,214.74 38,712,148.12 520,143,532.87 6,296,524.15 5,289,632.17

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

LPN fi 130-193

Õ◊ËπÊ / Others

169

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

„πªï 2542 ∫√‘…—∑œ ‰¥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“¡∑’Ëª√–‡¡‘π„À¡à¡’√“§“ Ÿß°«à“√“§“µ“¡∫—≠™’ ÿ∑∏‘ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ¡’®”π«π 1.55 ≈â“π∫“∑ ∫√‘…—∑œ ‰¥â∫—π∑÷°‡ªìπ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å ‚¥¬· ¥ß‰«â„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ µ“¡¡µ‘ª√–™ÿ¡§≥–°√√¡°“√§√—Èß∑’Ë 3/2542 ‡¡◊ËÕ«—π∑’Ë 3 ¡‘∂ÿπ“¬π 2542 „π‰µ√¡“ 1 ªï 2549 ∫√‘…—∑œ ‰¥â‡ª≈’Ë¬ππ‚¬∫“¬°“√µ’√“§“∑√—æ¬å ‘π„Àâ‡™à“‡©æ“– à«π¢Õß∑’Ë¥‘π·≈–Õ“§“√ ®“°‡¥‘¡ ∑’Ë∫—π∑÷°¥â«¬√“§“¬ÿµ‘∏√√¡ ‡ªìπ°“√∫—π∑÷°¥â«¬√“§“∑ÿπ ‚¥¬∫√‘…—∑‰¥â≈¥¬Õ¥∑’Ë¥‘π·≈–Õ“§“√ à«π∑’Ë¡’°“√µ’√“§“‡æ‘Ë¡ ®”π«π 1.55 ≈â“π∫“∑ ‰ª≈¥ «à π‡°‘π∑ÿπ®“°°“√µ’√“§“ π‘ ∑√—æ¬å¥«â ¬®”π«π‡¥’¬«°—π ´÷ßË °“√‡ª≈’¬Ë ππ‚¬∫“¬¥—ß°≈à“« ∫√‘…∑— œ „™âπ‚¬∫“¬‡ª≈’¬Ë π ∑—π∑’ µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ¢âÕ 3.7 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ‘π∑√—æ¬å„Àâ‡™à“∫“ß à«π ®”π«π 372.52 ≈â“π∫“∑ ·≈– 96.36 ≈â“π∫“∑ µ“¡≈”¥—∫ ∫√‘…—∑œ ‰¥âπ”‰ª®¥®”πÕß‡æ◊ËÕ‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡∏π“§“√æ“≥‘™¬å·≈– ∂“∫—π°“√‡ß‘πµ“¡∑’Ë°≈à“«‰«â „πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 14 10.

∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å- ÿ∑∏‘ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ª√–°Õ∫¥â«¬

√“§“∑ÿπ / Cost ∑’Ë¥‘π·≈–Õ“§“√ ”π—°ß“π / Land and building §à“µ°·µàß / Office decoration ‡§√◊ËÕß„™â ”π—°ß“π / Office equipments ß“πæ—≤π“√–∫∫‚ª√·°√¡ / RMS System ‡§√◊ËÕß§Õ¡æ‘«‡µÕ√å / Computer ¬“πæ“Àπ– / Vehicles ‡§√◊ËÕß¡◊Õ™à“ß / Tools ß“π√–À«à“ßµ°·µàß / Work under decoration ‚ª√·°√¡√–À«à“ßæ—≤π“ / System under development √«¡ / 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“πæ—≤π“√–∫∫‚ª√·°√¡ / RMS System ‡§√◊ËÕß§Õ¡æ‘«‡µÕ√å / Computer ¬“πæ“Àπ– / Vehicles ‡§√◊ËÕß¡◊Õ™à“ß / Tools √«¡ / Total ÿ∑∏‘ / Net §à“‡ ◊ËÕ¡√“§“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 / Depreciation as at December 31, 2006 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 / Depreciation as at December 31, 2005

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

LPN fi 130-193

170

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

In 1999, the Company has appraised fixed assets for rent amounting to Baht 24.82 million by independent appraiser which the appraised fair value is higher than book value as at December 31, 2005 in the amount of Baht 1.55 million, was recorded as revaluation increment of assets and shown in shareholdersû equity in accordance with the resolution of directorsû meeting no. 3/1999 held on June 3, 1999. In the 1st quarter of 2006, the company changed the appraisal policy of assets for rent of land and building from fair value to cost. The Company has reduced the amount of the revalued land and building amount of Baht 1.55 million by offseting with revaluation increment of assets at the same amount as stated in note 3.7. As at December 31, 2006 and 2005, parts of assets for rent of Baht 372.52 million and Baht 96.36 million, respectively were mortgaged as collateral for loans from commercial bank and financial institution as stated in note 14. 10.

Property, plants and equipments - net As at December 31, 2006 and 2005 are as follows :-

2548 / 2005

ß∫°“√‡ß‘π√«¡ / Consolidated ‡æ‘Ëà¡¢÷Èπ / Increase ≈¥≈ß / Decrease

2549 / 2006

33,376,057.07 1,081,831.72 41,339,360.46 11,276,575.33 29,463,729.82 21,415,000.00 1,254,704.71 7,087,907.04 146,295,166.15

4,342,662.36 5,188,203.88 215,211.77 4,818,950.66 13,103,000.00 165,711.61 5,621,456.54 1,836,747.01 35,291,943.83

(2,278,078.99) (23,821.07) (10,960,000.00) (10,241.21) (13,272,141.27)

1,052,935.93 5,541,531.59 (945,715.46) 5,937,378.55 514,394.92 (5,621,456.54) (7,654,475.01) (1,175,406.02)

34,428,993.00 10,966,025.67 43,303,769.89 17,429,165.65 34,773,254.33 23,558,000.00 1,410,175.11 1,270,179.04 167,139,562.69

5,130,875.39 1,014,849.58 28,982,392.31 4,978,960.89 13,149,638.24 9,293,642.27 677,252.49 63,227,611.17 83,067,554.98

581,016.20 618,044.26 3,102,812.47 2,708,514.04 6,001,074.68 4,970,111.76 190,761.74 18,172,335.15

(1,428,926.62) (4,545.18) (6,728,503.59) (10,238.21) (8,172,213.60)

(341,682.77) (481,420.81) (1,320.10) 1,410.13 (823,013.55)

5,370,208.82 1,151,473.03 30,654,958.06 7,687,474.93 19,147,577.87 7,535,250.44 857,776.02 72,404,719.17 94,734,843.52 18,172,335.15 14,375,581.74

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

LPN fi 130-193

Õ◊ËπÊ / Others

171

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ∫√‘…—∑œ ¡’ ‘π∑√—æ¬å∂“«√∑’Ë§‘¥§à“‡ ◊ËÕ¡√“§“‡µÁ¡¡Ÿ≈§à“·≈â«·µà¬—ß„™âß“πÕ¬Ÿà §‘¥ ‡ªìπ¡Ÿ≈§à“µâπ∑ÿπ 33.84 ≈â“π∫“∑ ·≈– 7.26 ≈â“π∫“∑ µ“¡≈”¥—∫

√“§“∑ÿπ / Cost ∑’Ë¥‘π·≈–Õ“§“√ ”π—°ß“π / Land and building §à“µ°·µàß / Office decoration ‡§√◊ËÕß„™â ”π—°ß“π / Office equipments ß“πæ—≤π“√–∫∫‚ª√·°√¡ / RMS System ‡§√◊ËÕß§Õ¡æ‘«‡µÕ√å / Computer ¬“πæ“Àπ– / Vehicles ß“π√–À«à“ßµ°·µàß / Work under decoration ‚ª√·°√¡√–À«à“ßæ—≤π“ / System under development √«¡ / 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“πæ—≤π“√–∫∫‚ª√·°√¡ / RMS System ‡§√◊ËÕß§Õ¡æ‘«‡µÕ√å / Computer ¬“πæ“Àπ– / Vehicles √«¡ / Total ÿ∑∏‘ / Net §à“‡ ◊ËÕ¡√“§“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 / Depreciation as at December 31, 2006 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 / Depreciation as at December 31, 2005

≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ∫√‘…—∑œ ¡’ ‘π∑√—æ¬å∂“«√∑’Ë§‘¥§à“‡ ◊ËÕ¡√“§“‡µÁ¡¡Ÿ≈§à“·≈â«·µà¬—ß„™âß“πÕ¬Ÿà §‘¥ ‡ªìπ¡Ÿ≈§à“µâπ∑ÿπ 28.30 ≈â“π∫“∑ ·≈– 3.82 ≈â“π∫“∑ µ“¡≈”¥—∫ 11.

‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ª√–°Õ∫¥â«¬

‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√ /Bank Overdrafts ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π / Short-term loans from financial institutions √«¡ / Total

- ∫√‘…—∑œ °Ÿâ¬◊¡‡ß‘π®“° ∂“∫—π°“√‡ß‘π ‚¥¬°“√ÕÕ°‡ªìπµ—Î«·≈°‡ß‘π ®à“¬¥Õ°‡∫’È¬„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

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

LPN fi 130-193

172

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

As at December 31, 2006 and 2005, the Company has fixed assets which were fully depreciated, but still being operated at the cost value amounting to Baht 33.84 million and Baht 7.26 million, respectively.

2548 / 2005

2549 / 2006

23,493,484.28 584,489.77 32,474,396.49 11,276,575.33 13,141,886.65 16,660,000.00 4,726,907.04 102,357,739.56

4,342,662.36 4,692,713.11 215,211.77 3,026,356.82 3,165,000.00 5,621,456.54 1,516,747.01 22,580,147.61

(1,822,221.00) (19,471.07) (9,770,000.00) (11,611,692.07)

8,250,644.21 6,038,873.54 (922,982.04) 5,937,378.55 491,661.50 (5,621,456.54) (5,923,475.01) 8,250,644.21

31,744,128.49 10,966,025.67 34,421,906.56 17,429,165.65 16,640,433.90 10,055,000.00 320,179.04 121,576,839.31

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

581,016.20 618,044.26 1,764,895.44 2,708,514.04 2,760,494.83 2,611,975.37 11,044,940.14

(991,686.63) (3,951.67) (6,245,820.92) (7,241,459.22)

676,270.01 676,270.01

2,685,344.31 1,151,473.03 24,811,184.22 7,687,474.93 9,353,204.73 4,253,033.70 49,941,714.92 71,635,124.39 11,044,940.14 9,038,781.42

As at December 31, 2006 and 2005, the Company has fixed assets which were fully depreciated, but still being operated at the cost value amounting to Baht 28.30 million and Baht 3.82 million, respectively. 11.

Bank overdraft and short - term loans from financial institutions As at December 31, 2006 and 2005 are as follows :ß∫°“√‡ß‘‘π√«¡ / Consolidated 2549 / 2006 2548 / 2005

11,821,471.84 380,000,000.00 391,821,471.84

10,312,322.12 380,000,000.00 390,312,322.12

76,707,041.25 156,000,000.00 232,707,041.25

75,767,751.20 156,000,000.00 231,767,751.20

- The company had issued Bill of Exchanges (B/E) to the financial institutions and interest rate was charged at market rate. - Bank overdraft and short - term loans from financial institutions were guaranteed by land and cost of project under construction as stated in note no.14. ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

LPN fi 130-193

173

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

12.

‡®â“Àπ’È‡™à“´◊ÈÕ- ÿ∑∏‘ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ª√–°Õ∫¥â«¬

‡®â“Àπ’È-‡™à“´◊ÈÕ / Hire-purchase payable À—° ¥Õ°‡∫’È¬√Õµ—¥∫—≠™’ / Less Deferred interest √«¡ / Total À—° ‡®â“Àπ’È‡™à“´◊ÈÕ√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï / Less Current portion of hire purchase payable ÿ∑∏‘ / Net

13.

‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ª√–°Õ∫¥â«¬

‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π / Loans from financial institutions À—° ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï / Less Current portion of long-term loans ÿ∑∏‘ / Net

- „πªï 2549 ∫√‘…—∑œ ‰¥â‡∫‘°‡ß‘π°Ÿâ ‚§√ß°“√‡ªìπ®”π«π 867.80 ≈â“π∫“∑ ®“° ∂“∫—π°“√‡ß‘π ®à“¬¥Õ°‡∫’È¬„πÕ—µ√“µ≈“¥ ‡ß‘π (Market Rate) ·≈–®à“¬§◊π‡¡◊ËÕ®∫‚§√ß°“√ - „πªï 2548 ∫√‘…—∑œ ‰¥â‡∫‘°‡ß‘π°Ÿâ ‚§√ß°“√‡ªìπ®”π«π 340.00 ≈â“π∫“∑ ®“° ∂“∫—π°“√‡ß‘π ®à“¬¥Õ°‡∫’È¬„πÕ—µ√“µ≈“¥ ‡ß‘π (Market Rate) ·≈–®à“¬§◊π‡¡◊ËÕ®∫‚§√ß°“√ - ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« §È”ª√–°—π‚¥¬∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°àÕ √â“ß µ“¡À¡“¬‡Àµÿ¢âÕ 14 14.

À≈—°∑√—æ¬å∑’Ëπ”‰ª§È”ª√–°—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ∑’Ë¥‘π·≈–µâπ∑ÿπ‚§√ß°“√√–À«à“ß°àÕ √â“ß∫“ß à«π ®”π«π 4,143.67 ≈â“π∫“∑ ·≈– 2,686.46 ≈â“π∫“∑ µ“¡≈”¥—∫ ·≈– ‘π∑√—æ¬å„Àâ‡™à“∫“ß à«π®”π«π 372.52 ≈â“π∫“∑ ·≈– 96.36 ≈â“π∫“∑ µ“¡≈”¥—∫ ∫√‘…—∑œ ‰¥âπ”‰ª®¥®”πÕß‡æ◊ËÕ‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡∏π“§“√æ“≥‘™¬å·≈–°—∫ ∂“∫—π°“√‡ß‘π¿“¬„π«ß‡ß‘π°Ÿâ¬◊¡ 4,460 ≈â“π∫“∑ ·≈– 4,001 ≈â“π∫“∑ µ“¡≈”¥—∫

15.

Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ¿“¬Àπâ“·≈–¿“√–ºŸ°æ—π 15.1 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ¡’Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ®“°°“√„Àâ∏π“§“√ÕÕ°Àπ—ß ◊Õ §È”ª√–°—π ¥—ßµàÕ‰ªπ’È 15.1.1 ®“°°“√„Àâ∏π“§“√ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π„Àâ°—∫°√¡ √√æ“°√®”π«π 17.21 ≈â“π∫“∑ ‡π◊ËÕß®“°∫√‘…—∑œ ·≈– ∫√‘…—∑¬àÕ¬∂Ÿ°ª√–‡¡‘π¿“…’Õ“°√¢Õßªï°àÕπÊ ®”π«π 23.31 ≈â“π∫“∑ (‡©æ“–∫√‘…—∑œ ®”π«π 2.62 ≈â“π∫“∑) ´÷Ëß®“°°“√¬◊ËπÕÿ∑∏√≥å°—∫°√¡ √√æ“°√‰¥â√—∫§”«‘π‘®©—¬Õÿ∑∏√≥å ‡¡◊ËÕ«—π∑’Ë 10 µÿ≈“§¡ 2548 „Àâ≈¥Àπ’È‡∫’È¬ª√—∫ ·≈–‡ß‘π‡æ‘Ë¡ „π à«π¢Õß∫√‘…—∑¬àÕ¬∑’Ëª√–‡¡‘π‰«â ®”π«π 20 ≈â“π∫“∑ §ß‡À≈◊Õ‡ªìπ 14.45 ≈â“π∫“∑ ·µà∫√‘…—∑œ ¬— ß ‰¡à ‰¥â∫—π∑÷°‡ªìπ¿“√–Àπ’È ‘π‡π◊ËÕß®“°∫√‘…—∑œ ™π–§¥’®“°°“√øÑÕß√âÕßµàÕ»“≈¿“…’Õ“°√ ·µà¬—ß‰¡à∂◊Õ ‡ªìπÕ—π ‘Èπ ÿ¥‡æ√“–®”‡≈¬¬—ß “¡“√∂Õÿ∑∏√≥å»“≈Æ’°“‰¥â

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

LPN fi 130-193

174

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

12.

13.

Hire-purchase payable-net As at December 31, 2006 and 2005 are as follows :ß∫°“√‡ß‘‘π√«¡ / Consolidated 2549 / 2006 2548 / 2005

13,607,215.25 (1,221,810.95) 12,385,404.30 (4,268,674.35) 8,116,729.95

4,209,999.75 (307,776.58) 3,902,223.17 (2,018,704.30) 1,883,518.87

8,120,690.00 (958,872.73) 7,161,817.27 (2,258,445.96) 4,903,371.31

4,282,240.00 (622,218.64) 3,660,021.36 (1,520,800.08) 2,139,221.28

Long-term loans As at December 31, 2006 and 2005 are as follows :ß∫°“√‡ß‘‘π√«¡ / Consolidated 2549 / 2006 2548 / 2005

867,800,000.00 (637,800,000.00) 230,000,000.00

340,000,000.00 340,000,000.00

- In 2006, the Company has withdrawn loans amount of Baht 867.80 million from the financial institution and interest rate was charged at market rate. The payment will be made on the closing project date. - In 2005, the Company has withdrawn loans amount of Baht 340 million from the financial institution and interest rate was charged at market rate. The payment will be made on the closing project date. - The long-term loans was guaranteed by land and cost of project under construction as mentioned in note 14. 14.

Pledged securities As at December 31, 2006 and 2005, part of land and cost of project under construction of Baht 4,143.67 million and Baht 2,686.46 million and assets for rent amounted to Baht 372.52 million and Baht 96.36 million, respectively, were mortgaged as collateral for loans from commercial banks and financial institutions of Baht 4,460 million and Baht 4,001 million, respectively.

15.

Contingent liabilities and obligation 15.1 As at December 31, 2006 and 2005, the Company and subsidiaries have contingent liabilities from bank issuance of letter of guarantee as follows : 15.1.1 Letter of guarantee issued to Revenue Department amounting to Baht 17.21 million caused by the Company and its subsidiaries were assessed taxation in previous years amounting to Baht 23.31 million (The company only, Baht 2.62 million). From the appeal to the Revenue Department, there is conclusion on October 10, 2005, those 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 liabilities since the Company won the case from prosecution to the Tax Court but it is not finalized because the defendant could appeal this case to the Supream Court. ∫√‘…—∑ ·Õ≈.æ’.‡ÕÁπ. ¥’‡«≈≈Õª‡¡π∑å ®”°—¥ (¡À“™π)

LPN fi 130-193

175

L.P.N. Development Public Company Limited

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15.1.2 ®“°°“√„Àâ∏π“§“√ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π„Àâ°—∫Àπà«¬ß“π√—∞«‘ “À°‘® ·≈–∫√‘…—∑Õ◊Ëπ ®”π«π√«¡ 5.998 ≈â“π∫“∑ 15.1.3 ∫√‘…—∑¬àÕ¬§È”ª√–°—π¿“√–Àπ’È„Àâ°—∫∫√‘…—∑Õ◊Ëπ°—∫∏π“§“√ ‡ªìπ®”π«π 1.01 ≈â“π∫“∑ 15.1.4 ∫√‘…—∑œ¡’¢âÕæ‘æ“∑‡ªìπ®”‡≈¬Õ¬Ÿà„π§¥’º‘¥ —≠≠“‡√’¬°√âÕß§à“‡ ’¬À“¬‡ªìπ®”π«π 46.67 ≈â“π∫“∑ ∫√‘…—∑œ ‰¥â∫—π∑÷°§à“°àÕ √â“ß‰«â„πß∫°“√‡ß‘π‡ªìπ®”π«π 30.45 ≈â“π∫“∑ ·≈–∫√‘…—∑œ‰¥â¬◊ËπøÑÕß·¬âß‡√’¬°√âÕß §à“‡ ’¬ À“¬·°à ‚®∑°å¡’∑ÿπ∑√—æ¬å®”π«π 261.48 ≈â“π∫“∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 »“≈™—Èπµâπ‰¥âæ‘æ“°…“„Àâ ∫√‘…∑— œ™”√–‡ß‘π·°à ‚®∑°å‡ªìπ®”π«π 29.85 ≈â“π∫“∑ ·≈–„Àâ‚®∑°å™”√–‡ß‘π„Àâ·°à∫√‘…∑— œ‡ªìπ®”π«π 3 ≈â“π∫“∑ §ß‡À≈◊Õ ÿ∑∏‘‡ªìπ®”π«π 26.85 ≈â“π∫“∑ æ√âÕ¡¥Õ°‡∫’È¬„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∫“∑ ∫√‘…—∑œ ¬—ß‰¡à‰¥â∫—π∑÷°¿“√–Àπ’È ‘π‰«â„πß∫°“√‡ß‘ππ’È ‡π◊ËÕß®“°∫√‘…—∑œ ‰¥â¬◊ËπÕÿ∑∏√≥å·≈–¢Õ∑ÿ‡≈“°“√∫—ß§—∫§¥’ ´÷Ëß»“≈‰¥â√—∫À≈—°ª√–°—π·≈–Õπÿ≠“µ„Àâ∑ÿ‡≈“°“√ ∫—ß§—∫§¥’„π™—ÈπÕÿ∑∏√≥å‰¥â ‚¥¬Õ¬Ÿà√–À«à“ßπ—¥øíß§”æ‘æ“°…“»“≈Õÿ∑∏√≥å ·≈–º≈¢Õß§¥’§«“¡®–‡ªìπª√–‚¬™πå ·°à∫√‘…—∑ 15.2 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ∫√‘…∑— œ ¡’¿“√–ºŸ°æ—πµ“¡ ≠— ≠“°—∫ºŸ√â ∫— ‡À¡“°àÕ √â“ß‚§√ß°“√∑’®Ë –µâÕß°àÕ √â“ß„Àâ‡ √Á® µ“¡ —≠≠“§ß‡À≈◊ÕÕ’°ª√–¡“≥ 2,487.24 ≈â“π∫“∑ ·≈– 1,642.98 ≈â“π∫“∑ µ“¡≈”¥—∫ 16.

∑ÿπ‡√◊ÕπÀÿâπ µ“¡¡µ‘∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2548 ≈ß«—π∑’Ë 28 ‡¡…“¬π 2548 ¡’¡µ‘∑’Ë‡°’Ë¬«¢âÕß°—∫ß∫°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ¥—ßπ’È 16.1 - Õπÿ¡µ— ‘°“√®—¥ √√‡ß‘π°”‰√ ·≈–°“√®à“¬‡ß‘πªíπº≈®“°º≈°“√¥”‡π‘πß“πª√–®”ªï 2547 „πÕ—µ√“Àÿπâ ≈– 0.20 ∫“∑ ®”π«π 1,305,462,715 Àÿâπ √«¡‡ªìπ‡ß‘π 261,092,543 ∫“∑ √«¡∑—Èß„Àâ®—¥ √√‡ß‘π°”‰√‡ªìπ‡ß‘π∑ÿπ ”√Õßµ“¡°ÆÀ¡“¬„πÕ—µ√“ √âÕ¬≈– 5 ¢Õß°”‰√ ÿ∑∏‘ ‡ªìπ‡ß‘π 22,551,383.91 ∫“∑ µ“¡¡µ‘∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ ª√–®”ªï 2549 ≈ß«—π∑’Ë 25 ‡¡…“¬π 2549 ¡’¡µ‘¥—ßπ’È 16.2 - Õπÿ¡—µ‘°“√®—¥ √√‡ß‘π°”‰√ ·≈–°“√®à“¬‡ß‘πªíπº≈ ”À√—∫º≈°“√¥”‡π‘πß“π ª√–®”ªï 2548 „πÕ—µ√“Àÿâπ≈– 0.22 ∫“∑ ®”π«π 1,475,698,768 Àÿâπ √«¡‡ªìπ‡ß‘π 324,653,728.96 ∫“∑ √«¡∑—Èß„Àâ®—¥ √√‡ß‘π°”‰√‡ªìπ‡ß‘π∑ÿπ ”√Õßµ“¡°ÆÀ¡“¬ „πÕ—µ√“√âÕ¬≈– 5 ¢Õß°”‰√ ÿ∑∏‘‡ªìπ‡ß‘π 30,000,000 ∫“∑ - Õπÿ¡—µ‘„Àâ≈¥∑ÿπ®¥∑–‡∫’¬π ®“° 1,486,706,550 ∫“∑ ‡ªìπ 1,475,698,768 ∫“∑ ‚¥¬µ—¥Àÿâπ “¡—≠ à«π∑’Ë‡À≈◊Õ ®“°°“√ ”√Õß‰«â‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘„π°“√·ª≈ß„∫ ”§—≠· ¥ß ‘∑∏‘ ®”π«π 11,007,782 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1.00 ∫“∑ æ√âÕ¡ ∑—Èßæ‘®“√≥“Õπÿ¡—µ‘·°â‰¢Àπ—ß ◊Õ∫√‘§≥Àå π∏‘ ¢âÕ 4 ¢Õß∫√‘…—∑ ‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫°“√≈¥∑ÿπ®¥∑–‡∫’¬π µ“¡¡µ‘∑’Ëª√–™ÿ¡§≥–°√√¡°“√¢Õß∫√‘…—∑ §√—Èß∑’Ë 4/2549 ≈ß«—π∑’Ë 11 ‘ßÀ“§¡ 2549 ¡’¡µ‘¥—ßπ’È 16.3 - Õπÿ¡—µ‘°“√®—¥ √√‡ß‘π°”‰√ ·≈–°“√®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈ ”À√—∫º≈°“√¥”‡π‘πß“π ª√–®”ªï 2549 „πÕ—µ√“Àÿâπ≈– 0.08 ∫“∑ ®”π«π 1,475,698,768 Àÿâπ √«¡‡ªìπ‡ß‘π 118,055,901.44 ∫“∑

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

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4/3/07, 4:41 AM

15.1.2 Letter of guarantee to state enterprises and other companies amounting to Baht 5.998 million. 15.1.3 Subsidiary has guaranteed loan to other companies with bank amounting to Baht 1.01 million. 15.1.4 The Company was sued by its contractor for the breach of contract and claim for compensation amounting to Baht 46.67 million. The Company has recorded its construction cost in amounting to Baht 30.45 mil ion and also made counter - claim to contractor for compensation in amounting to Baht 261.48 million. As at December 31, 2003, the Court of the first instance had decided the company to pay to the contractor amounting to Baht 29.85 million and the contractor paid to the Company amounting to Baht 3.00 million. The net payment was Baht 26.85 million together with interest charge at the rate of 7.5 % per annum amounting to Baht 12.36 million totally Baht 39.21 million. The difference of Baht 8.76 million, was not recorded in this financial statements since the Company has filed the appeal in order to relieve the execution and the Court received the collateral and allowed to relieve the execution in the appeal. The Company is awaiting for the decision of the Appeal Court and the result of case will give the advantage to the Company. 15.2 As at December 31, 2006 and 2005, the Company had the obligation under the agreement with the contractor which has to complete the construction work for approximately Baht 2,487.24 million and Baht 1,642.98 million, respectively. 16.

Share capital According to the shareholdersû general meeting for the year 2005 held on April 28, 2005, passed the resolution relating to the financial statements as at December 31, 2006 and 2005 as follows : 16.1 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 to Baht 261,092,543 and appropriated net profit as a legal reserve at the rate of 5% of net profit amounting to Baht 22,551,383.91 According to the shareholdersû general meeting for the year 2006 held on April 25, 2006 passed a resolution as follows : 16.2 - The Meeting unanimously resolved to pay dividend from the operation results of 2005 at the rate of Baht 0.22 per share for the total amount of 1,475,698,768 shares amounting to Baht 324,653,728.96 and appropriated net profit as a legal reserve at the rate of 5% of net profit amounting to Baht 30,000,000.00 - The Meeting unanimously resolved to decrease share capital from Baht 1,486,706,550 to Baht 1,475,698,768 by breaking ordinary shares reserve for the exercise of warrants for 11,007,782 shares of Baht 1.00 each and considered to amend the Companyûs memorandum of association no. 4 to conform to the decreasing of share capital. According to the Executive Committeeûs Meeting No. 4/2006 held on August 11, 2006, passed a resolution as follows : 16.3 The Meeting unanimously resolved to pay interim dividend from the operation results of 2006 at the rate of Baht 0.08 per share for the total amount of 1,475,698,768 shares amounting to Baht 118,055,901.44 .

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

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177

L.P.N. Development Public Company Limited

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17.

”√Õßµ“¡°ÆÀ¡“¬ µ“¡æ√–√“™∫—≠≠—µ‘∫√‘…—∑ ¡À“™π ®”°—¥ æ.». 2535 ∫√‘…—∑œ 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“«®–π”‰ª®à“¬‡ß‘πªíπº≈‰¡à‰¥â

18.

‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π π‚¬∫“¬°“√∫√‘À“√§«“¡‡ ’Ë¬ß∑“ß°“√‡ß‘π ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’Ë¬ß®“°§«“¡º—πº«π¢ÕßÕ—µ√“¥Õ°‡∫’È¬ ·≈–®“°°“√∑’Ë§Ÿà —≠≠“‰¡àªØ‘∫—µ‘µ“¡ —≠≠“ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¡à¡’π‚¬∫“¬ª√–°Õ∫∏ÿ√°√√¡µ√“ “√Õπÿæ—π∏å∑“ß°“√‡ß‘π‡æ◊ËÕ°“√‡°Áß°”‰√À√◊Õ‡æ◊ËÕ°“√§â“ §«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬ §«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬π’È‡°‘¥¢÷Èπ®“°§«“¡º—πº«π¢ÕßÕ—µ√“¥Õ°‡∫’È¬„πµ≈“¥„πÕπ“§µ ´÷Ëß®– àßº≈°√–∑∫µàÕº≈ °“√¥”‡π‘πß“π ·≈–°√–· ‡ß‘π ¥¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬‡π◊ËÕß®“° ¡’‡ß‘πΩ“°°—∫ ∂“∫—π°“√‡ß‘π ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√·≈–‡ß‘π°Ÿâ¬◊¡‡ªìπ®”π«π¡“° ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡‘‰¥â„™âµ√“ “√ Õπÿæ—π∏å∑“ß°“√‡ß‘π‡æ◊ËÕªÑÕß°—π§«“¡‡ ’Ë¬ß¥—ß°≈à“« ‡π◊ËÕß®“°ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‡ÀÁπ«à“ ‰¡à¡’µ≈“¥¿“¬„π ª√–‡∑»√Õß√—∫°“√ªÑÕß°—π§«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬ §«“¡‡ ’Ë¬ß¥â“π°“√„Àâ ‘π‡™◊ËÕ ∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬¡’§«“¡‡ ¬’Ë ß¥â“π°“√„Àâ π‘ ‡™◊ÕË ∑’‡Ë °’¬Ë «‡π◊ÕË ß°—∫≈Ÿ°Àπ’·È ≈–√“¬‰¥â∑¬’Ë ß— ‰¡à∂ß÷ °”Àπ¥™”√– Õ¬à“ß‰√°Áµ“¡ ‡π◊ËÕß®“°∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®–‰¡à‚Õπ°√√¡ ‘∑∏‘Ï„π ‘π∑√—æ¬å∑’Ë¢“¬„Àâ°—∫ºŸâ´◊ÈÕ®π°«à“®–‰¥â√—∫™”√–¡Ÿ≈§à“µ“¡ —≠≠“∑—ÈßÀ¡¥ ¥—ßπ—Èπ∫√‘…—∑œ ®÷ß‰¡à§“¥«à“®–‰¥â√—∫§«“¡‡ ’¬À“¬∑’Ë‡ªìπ “√– ”§—≠®“°°“√‡°Á∫Àπ’È ¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß ‘π∑√—æ¬å·≈–Àπ’È ‘π∑“ß°“√‡ß‘π ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„™â«‘∏’·≈–¢âÕ ¡¡µ‘∞“π¥—ßµàÕ‰ªπ’È „π°“√ª√–¡“≥¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π - ‡ß‘π ¥ ‡ß‘πΩ“°∏π“§“√ ·≈–‡ß‘π≈ß∑ÿπ√–¬– π—È · ¥ß¡Ÿ≈§à“¬ÿµ∏‘ √√¡‚¥¬ª√–¡“≥µ“¡®”π«π‡ß‘π∑’·Ë ¥ß„πß∫¥ÿ≈ - ≈Ÿ°Àπ’È°“√§â“·≈–µ—Î«‡ß‘π√—∫∑’Ë§√∫°”Àπ¥™”√–π—∫µ—Èß·µà«—π ‘Èπß«¥πâÕ¬°«à“ 90 «—π À√◊Õ≈Ÿ°Àπ’È∑’Ëº‘¥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∫—≠™’∏π“§“√ ‡®â“Àπ’È°“√§â“·≈–µ—Î«‡ß‘π®à“¬∑’Ë¡’°”Àπ¥°“√™”√–Àπ’È‰¡à‡°‘π 90 «—π ¡Ÿ≈§à“¬ÿµ‘∏√√¡ ‚¥¬ª√–¡“≥· ¥ßµ“¡®”π«π‡ß‘π∑’Ë· ¥ß„πß∫¥ÿ≈ - ¥Õ°‡∫’È¬§â“ß®à“¬ ¡Ÿ≈§à“¬ÿµ‘∏√√¡‚¥¬ª√–¡“≥· ¥ßµ“¡®”π«π‡ß‘π∑’Ë· ¥ß„πß∫¥ÿ≈ - ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«´÷Ëß¡’Õ—µ√“¥Õ°‡∫’È¬≈Õ¬µ—« √“§“µ“¡∫—≠™’¡’®”π«π‡∑à“°—∫¡Ÿ≈§à“¬ÿµ‘∏√√¡‚¥¬ª√–¡“≥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ‘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

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

LPN fi 130-193

178

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

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 policies The Company and its subsidiary companies are exposed to risk from changes in market interest rates and from nonperformance of contractual obligations by counterparties. The Company and its subsidiary companies do not hold or issue derivative instruments for speculative or trading purposes. 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 its subsidiary companiesû operation and their cash flows. The Companyûs and its subsidiary companieûexposure 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 unbilled 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 are stated at fair value based on the amount in balance sheets. - Trade accounts and notes receivable with their maturities less than 90 days from the end of the period and defaulted receivable are stated at fair value based on the amount in balance sheets - Loan to, is stated at fair value based on the amount in balance sheets. - Bank overdraft, trade accounts and notes payable due less than 90 days are presented at fair value based on the amount in the balance sheets. - Accrued interest payable is stated at fair value based on the amount in balance sheets. - Long-term loan with floating rate of interest had the carrying value of loan equal to its fair value. As at December 31, 2006 and 2005, most of assets and liabilities had estimated fair value as shown in the balance sheets except :

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

LPN fi 130-193

179

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

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

à«π¢Õß‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï / Current portion of long-term loans to related parties

¡Ÿ≈§à“¬ÿµ‘∏√√¡§”π«≥‚¥¬Õ—µ√“¥Õ°‡∫’È¬„πµ≈“¥‡ß‘π (Market Rate) ∑’Ë MLR

19.

¢âÕ¡Ÿ≈‡°’Ë¬«°—∫°“√¥”‡π‘πß“πµ“¡ª√–‡¿∑ à«πß“π∑“ß∏ÿ√°‘® ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ª√–°Õ∫¥â«¬

ª√–‡¿∑∏ÿ√°‘® / Business Type ¢“¬- ÿ∑∏‘ / Net sales °”‰√®“° à«π‰¥â‡ ’¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–√à«¡ / Equity gain from subsidiaries and affiliates √“¬‰¥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 affiliates §à“„™â®à“¬√«¡ / Total expenses °”‰√ (¢“¥∑ÿπ) °àÕπ¥Õ°‡∫’È¬®à“¬·≈–¿“…’‡ß‘π‰¥â / Profit (Loss) before interest expenses and income tax ¥Õ°‡∫’È¬®à“¬ / interest expenses ¿“…’‡ß‘π‰¥â / income tax °”‰√ (¢“¥∑ÿπ) À≈—ß¿“…’‡ß‘π‰¥â°àÕπÀ—° à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ / Net profit (Loss) before minority interest à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬„π°”‰√ ÿ∑∏‘ / Profit of minority interest °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ / Net profit (Loss) ‘π∑√—æ¬å∂“«√ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549/ Fixed assets as at December 31, 2006

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

LPN fi 130-193

180

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ / The Company only 2549 / 2006 ¬Õ¥§ß‡À≈◊Õµ“¡∫—≠™’ ¡Ÿ≈§à“¬ÿµ‘∏√√¡ Book Value Fair Value 56,070,746.92 56,070,746.92

56,422,749.72 56,422,749.72

ß∫°“√‡ß‘π√«¡ / Consolidated 2549 / 2006 ¬Õ¥§ß‡À≈◊Õµ“¡∫—≠™’ ¡Ÿ≈§à“¬ÿµ‘∏√√¡ Book Value Fair Value 200,000,000.00 200,000,000.00

ß∫°“√‡ß‘π√«¡ / Consolidated 2548 / 2005 ¬Õ¥§ß‡À≈◊Õµ“¡∫—≠™’ ¡Ÿ≈§à“¬ÿµ‘∏√√¡ Book Value Fair Value

235,476,620.01 235,476,620.01

200,000,000.00 200,000,000.00

219,378,795.73 219,378,795.73

- Fair value calculated by using the interest at market rate of MLR. 19.

Segment information As at December 31, 2006, it consists of : (Àπà«¬ : ≈â“π∫“∑) / (Baht : Million) ∫√‘…—∑„À≠àà / Parent Company ∏ÿ√°‘® ∏ÿ√°‘® „Àâ‡™à“··≈– Õ —ßÀ“√‘¡∑√—æ¬å ∫√‘°“√ Real Rent estate & Service

4,747.84 4,747.84 3,280.92 3,280.92 1,466.92 1,466.92 1,466.92

32.48 32.48 32.47 32.47 0.01 0.01 0.01

∫√‘…—∑¬àÕ¬ / Subsidiaries

Õ◊◊ËπÊ Others

√«¡ Total

72.54 71.57 144.11 523.29 5.06 4.74 533.09 (388.98) 2.38 310.34 (701.70) (701.70)

4,780.32 72.54 71.57 4,924.43 3,313.39 523.29 5.06 4.74 3,846.48 1,077.95 2.38 310.34 765.23 765.23 71.64

∏ÿ√°‘®∫√‘°“√ ∏ÿ√°‘® ·≈–∫√‘À“√ „Àâ‡™à“ ®—¥°“√Õ“§“√ ·≈–∫√‘°“√ Service & Rent & Management Service

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

LPN fi 130-193

181

341.63 341.63 92.79 92.79 248.84 248.84 248.84 -

181

5.19 5.19 3.47 3.47 1.72 1.72 1.72 -

Õ◊◊ËπÊ Others

√«¡ Total

µ—¥∫—≠™’ Eliminate

√«¡ Total

0.61 0.61 192.03 192.03 (191.42) 3.42 18.53 (213.37) (213.37) 23.10

5,127.14 72.54 72.18 5,271.86 3,409.65 715.32 5.06 4.74 4,134.77 1,137.09 5.80 328.87 802.42 802.42 94.74

(206.54) (41.89) (2.94) (251.37) (77.06) (129.48) (4.74) (211.28) (40.09) (2.95) (37.14) (0.05) (37.19) -

4,920.60 30.65 69.24 5,020.49 3,332.59 585.84 5.06 3,923.49 1,097.00 2.85 328.87 765.28 (0.05) 765.23 94.74

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

√“¬°“√µ—¥∫—≠™’√–À«à“ß°—π ‡ªìπ√“¬‰¥â§à“‡™à“æ◊Èπ∑’Ë °“√„Àâ∫√‘°“√·≈–¥Õ°‡∫’È¬√—∫ √“¬°“√¥—ß°≈à“«‡ªìπ‰ªµ“¡ ∏ÿ√°‘®ª°µ‘∑“ß°“√§â“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ª√–°Õ∫¥â«¬

√“¬°“√µ—¥∫—≠™’√–À«à“ß°—π ‡ªìπ√“¬‰¥â§à“‡™à“æ◊Èπ∑’Ë °“√„Àâ∫√‘°“√·≈–¥Õ°‡∫’È¬√—∫ √“¬°“√¥—ß°≈à“«‡ªìπ‰ªµ“¡∏ÿ√°‘® ª°µ‘∑“ß°“√§â“ 20.

‡ß‘π°Õß∑ÿπ‡≈’È¬ß™’æ·≈–∫”‡ÀπÁ® ‰¥â·°à ‡ß‘π∑ÿπ∑’Ëª√–°Õ∫¥â«¬‡ß‘π∑’Ëæπ—°ß“πÕÕ° ¡∑∫¥â«¬§«“¡ ¡—§√„® „πÕ—µ√“ 2-4 % ¢Õß‡ß‘π‡¥◊Õπ ·≈–∫√‘…—∑œ ®à“¬ ¡∑∫®”π«π‰¡à‡°‘π 3-7% ¢Õß‡ß‘π‡¥◊Õπ∑’Ëæπ—°ß“π®à“¬‡¢â“°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ ° ‘°√‰∑¬∑√—æ¬å¡—Ëπ§ß ´÷Ëß®¥∑–‡∫’¬π·≈â« ‡≈¢ ∑’Ë 24/2540 ‡¡◊ËÕ«—π∑’Ë 28 ¡°√“§¡ 2540 ·≈–°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ «— ¥‘°“√æ—≤π“ ´÷Ëß®¥∑–‡∫’¬π·≈â«‡≈¢∑’Ë 23/2536 ‡¡◊ËÕ «—π∑’Ë 26 °ÿ¡¿“æ—π∏å 2536 µ“¡æ√–√“™∫—≠≠—µ‘°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ æ.». 2530 ·≈–√«¡∂÷ßº≈ª√–‚¬™πå∑’Ë‰¥â√—∫ ®“°°“√π” ‡ß‘π°Õß∑ÿπ‰ªÀ“º≈ª√–‚¬™πå¥â«¬‡ß‘π°Õß∑ÿππ’È ∫√‘…—∑œ ‰¥â¡Õ∫À¡“¬„ÀâÕ¬Ÿà„π°“√®—¥°“√¢ÕßºŸâ®—¥°“√°Õß∑ÿπ

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

LPN fi 130-193

182

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

Inter - company transactions are income from service, rental and interest income from subsidiaries. Transaction with related companies are in the normal course of business. As at December 31, 2005, it consists of : (Àπà«¬ : ≈â“π∫“∑) / (Baht : Million) ∫√‘…—∑„À≠àà / Parent Company ∫√‘…—∑¬àÕ¬ / Subsidiaries ∏ÿ√°‘® ∏ÿ√°‘® „Àâ‡™à“··≈– Õ —ßÀ“√‘¡∑√—æ¬å ∫√‘°“√ Real Rent estate & 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

Õ◊◊ËπÊ Others

√«¡ Total

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 56.90

∏ÿ√°‘®∫√‘°“√ ∏ÿ√°‘® ·≈–∫√‘À“√ „Àâ‡™à“ ®—¥°“√Õ“§“√ ·≈–∫√‘°“√ Service & Rent & Management Service

333.72 333.72 76.56 76.56 257.16 257.16 257.16 -

3.96 3.96 3.23 3.23 0.73 0.73 0.73 -

Õ◊◊ËπÊ Others

√«¡ Total

µ—¥∫—≠™’ Eliminate

√«¡ Total

0.80 0.80 147.44 147.44 (146.64) 0.30 33.27 (180.21) (180.21) 26.17

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 83.07

(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 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. 20.

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 companyûs contribution of an additional 3-7% of the employeeûs basic salary which was paid in to TFB SUBMUNKONG Registered Provident Fund No.24/1997 on January 28, 1997 and Welfare Development Registered Provident Fund No.23/1993 on February 26,1993 in accordance with the Provident Fund Act B.E. 2530 and including the benefits received from investment of the fund.

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

LPN fi 130-193

183

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

21.

π‚¬∫“¬°“√®à“¬§à“µÕ∫·∑π°√√¡°“√ ∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ ª√–®”ªï 2549 ‡¡◊ËÕ«—π∑’Ë 25 ‡¡…“¬π 2549 °”Àπ¥®à“¬§à“µÕ∫·∑π°√√¡°“√∫√‘…—∑∑’ËªØ‘∫—µ‘ß“π ¡“¥â«¬§«“¡Õÿµ “À– ®”π«π‰¡à‡°‘π 6 ≈â“π∫“∑µàÕªï ∑—Èßπ’È‰¡à√«¡∂÷ß§à“µÕ∫·∑πÀ√◊Õ «— ¥‘°“√∑’Ë°√√¡°“√‰¥â√—∫„π∞“π–æπ—°ß“π À√◊Õ≈Ÿ°®â“ß¢Õß∫√‘…∑— ·≈–°“√®—¥ √√‡ß‘π¥—ß°≈à“«„ÀâÕ¬Ÿà„π§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π‡ªìπºŸ√â ∫— º‘¥™Õ∫ ·≈–„Àâ¡’º≈„™âµàÕ‰ª∑ÿ°ªï®π°«à“®–¡’°“√‡ª≈’Ë¬π·ª≈ß ´÷Ëß√“¬°“√π’È∫√‘…—∑œ ∫—π∑÷°‰«â„πÀ¡«¥§à“„™â®à“¬¢Õß∫√‘…—∑

22.

°“√®—¥ª√–‡¿∑∫—≠™’„À¡à ß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ∑’Ëπ”¡“· ¥ß‡ª√’¬∫‡∑’¬∫ ‰¥â®—¥ª√–‡¿∑√“¬°“√„À¡à „Àâ Õ¥§≈âÕß °—∫ß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2549 ¡’ “√– ”§—≠¥—ßπ’È ‚Õπ∫—≠™’‡ß‘π„Àâ°¬Ÿâ ¡◊ √–¬– π—È ·°à°®‘ °“√∑’‡Ë °’¬Ë «¢âÕß°—π ‰ª‡ªìπ ∫—≠™’¥Õ°‡∫’¬È §â“ß√—∫°‘®°“√∑’‡Ë °’¬Ë «¢âÕß°—π ®”π«π 9,073,972.58 ∫“∑

23. °“√Õπÿ¡—µ‘ß∫°“√‡ß‘π ß∫°“√‡ß‘ππ’È‰¥â√—∫°“√Õπÿ¡—µ‘„ÀâÕÕ°ß∫°“√‡ß‘π®“°§≥–°√√¡°“√¢Õß∫√‘…—∑œ ‡¡◊ËÕ«—π∑’Ë 22 °ÿ¡¿“æ—π∏å 2550

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

LPN fi 130-193

184

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

21.

Directorsû remuneration payment According to the shareholdersû general meeting for the year 2006 held on April 25, 2006, passed to pay remuneration to directors whose strength in their duty, not exceed Baht 6 million per annum but excluding the remuneration or welfare pay to the directors who is employee of the Company. The allocation of such remuneration is the responsibility of the Board of directors which effective in every year until the resolution is changed. Thus, the Company has recorded this amount in expenses account.

22.

Reclassification The financial statements for the year ended December 31, 2005 have been reclassified for comparison purpose to be comform to the financial statements for the year ended December 31, 2006 as follows : To transfer short - term loans to related parties into accrued interest income from related parties amount of Baht 9,073,972.58.

23.

Approval of financial statements These financial statements have been approved to be issued by the Board of directors of the Company on February 22, 2007.

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

LPN fi 130-193

185

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

¢âÕ¡Ÿ≈Õ◊ËπÊ Other Information

∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ π“¬∑–‡∫’¬πÀÿâπ

ºŸâ Õ∫∫—≠™’

∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥ 62 Õ“§“√µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ™—Èπ 4, 6-7 ∂ππ√—™¥“¿‘‡…° ·¢«ß§≈Õß‡µ¬ ‡¢µ§≈Õß‡µ¬ °√ÿß‡∑æœ 10110 ‚∑√»—æ∑å 02-229-2800 02-654-5599 ‚∑√ “√ 02-359-1262-63 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§≈Õß‡µ¬ ‡¢µ§≈Õß‡µ¬ °√ÿß‡∑æœ 10110 ‚∑√»—æ∑å 02-259-5300 ‚∑√ “√ 02-260-1553

∑’Ëª√÷°…“°ÆÀ¡“¬∑—Ë«‰ª ∫√‘…—∑ °ÆÀ¡“¬‡ √‘¡»—°¥‘Ï ‡«™™·≈–‡æ◊ËÕπ ®”°—¥ Õ“§“√‚™§™—¬√à«¡¡‘µ√§Õπ‚¥¡‘‡π’¬¡ ™—Èπ 12 399/365-368 ´Õ¬‚™§™—¬√à«¡¡‘µ√ ·¢«ß≈“¥¬“« ®µÿ®—°√ °√ÿß‡∑æœ 10900 ‚∑√»—æ∑å 02-691-5541-5 ‚∑√ “√ 02-691-5541-5

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

LPN fi 130-193

186

L.P.N. Development Public Company Limited

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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

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

LPN fi 130-193

187

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

∑’ËÕ¬Ÿà‚§√ß°“√ Address of Projects

Õ“§“√™ÿ¥ ”π—°ß“π / Office Building ≈ÿ¡æ‘π’ ∑“«‡«Õ√å Lumpini Tower 1168 ∂.æ√–√“¡ 4 ∑ÿàß¡À“‡¡¶ “∑√ °√ÿß‡∑æœ 10120 1168 Rama 4 Road, Thungmahamek, Sathorn, Bangkok 10120 ‚∑√. 02-677-6356-7, 02-286-9855 ‚∑√ “√ 02-286-9856 Tel. 02-677-6356-7, 02-286-9855 Fax 02-286-9856 ·Õ≈.æ’.‡ÕÁπ. ∑“«‡«Õ√å 216 ∂.π“ß≈‘Èπ®’Ë ™àÕßππ∑√’ ¬“ππ“«“ °√ÿß‡∑æœ 10120 ‚∑√. 02-285-4225-6 ‚∑√ “√ 02-285-4089 Õ“§“√™ÿ¥æ—°Õ“»—¬ / Residential Condominium ≈ÿ¡æ‘π’ ‡æ≈ 111 ´.‰°√ ’Àå ∂.»√’∫”‡æÁ≠ ∑ÿàß¡À“‡¡¶ “∑√ °√ÿß‡∑æœ 10120 ‚∑√. 02-671-1368-70 ‚∑√ “√ 02-249-1793

L.P.N. Tower 216 Nang Linchi Road, Chongnonsee, Yannawa, Bangkok 10120 Tel. 02-285-4225-6 Fax 02-285-4089

Ëæ’ √–¬“ √‘‡«Õ√å«‘« 108 ∂.‚¬∏“ µ≈“¥πâÕ¬ —¡æ—π∏«ß»å °√ÿß‡∑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 ´.π“§ ÿ«√√≥ ∂.ππ∑√’ ™àÕßππ∑√’ ¬“ππ“«“ °√ÿß‡∑æœ 10120 ‚∑√. 02-681-3112-3 ‚∑√ “√ 02-681-311

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 ´.π“§ ÿ«√√≥ ∂.ππ∑√’ ™àÕßππ∑√’ ¬“ππ“«“ °√ÿß‡∑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

Lumpini Place 111 Soi Kraisri, Sri Bumpen Road, Thungmahamek, Sathorn Bangkok 10120 Tel. 02-671-1368-70 Fax 02-249-1793

æ’.‡Õ .∑’. ´‘µ’È ‚Œ¡ P.S.T. City Home 128 ´.π“§ ÿ«√√≥ ∂.ππ∑√’ ™àÕßππ∑√’ ¬“ππ“«“ 128 Soi Nak Suwan, Nonsee Road, Chongnonsee, Yannawa °√ÿß‡∑æœ 10120 Bangkok 10120 ‚∑√. 02-681-3501, 02-681-3505 ‚∑√ “√ 02-681-3509 Tel. 02-681-3501, 02-681-3505 Fax 02-681-3509 Õ“§“√™ÿ¥æ—°Õ“»—¬¿“¬„µâ™◊ËÕ ç≈ÿ¡æ‘π’ «’∑é / çLumpini Suiteé Luxury Residential Condominium ≈ÿ¡æ‘π’ «’∑ ÿ¢ÿ¡«‘∑ 41 Lumpini Suite Sukumvit 41 28 ∂. ÿ¢ÿ¡«‘∑ 41 §≈Õßµ—π‡Àπ◊Õ «—≤π“ 28 Sukhumvit Soi 41, Sukhumvit Road, North-Klongton, Wattana °√ÿß‡∑æœ 10110 Bangkok 10110 ‚∑√. 02-261-9330 ‚∑√ “√ 02-261-9331 Tel. 02-285-5011-6 Fax 02-285-5017

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

LPN fi 130-193

188

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

Õ“§“√™ÿ¥æ—°Õ“»—¬¿“¬„µâ™◊ËÕ ç≈ÿ¡æ‘π’ ‡æ≈ é / çLumpini Placeé Residential Condominium ≈ÿ¡æ‘π’ ‡æ≈ “∑√ Lumpini Place Sathorn 3, 7 ∂.π√“∏‘«“ √“™π§√‘π∑√å ∑ÿàß«—¥¥Õπ “∑√ 3, 7 Narathiwat Ratchanakarin Road, Thungwatdon, Sathorn °√ÿß‡∑æœ 10120 Bangkok 10120 ‚∑√.02-287-4567 ‚∑√ “√ 02-287-4257 Tel. 02-287-4567 Fax 02-287-4257 ≈ÿ¡æ‘π’ ‡æ≈ «πæ≈Ÿ- “∑√ 435 ´. «πæ≈Ÿ 8 ∂. “∑√ 3 ∑ÿàß¡À“‡¡¶ “∑√ °√ÿß‡∑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“«“ °√ÿß‡∑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“«“ °√ÿß‡∑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 ∫“ß§Õ·À≈¡ °√ÿß‡∑æœ 10120 ‚∑√. 02-291-8632, 02-291-9333 ‚∑√ “√ 02-291-8607

Lumpini Place Rama 3-Charoenkrung 101 Rama 3 Road, Bangkhorlaem, Bangkok 10120 Tel. 02-291-8632, 02-291-9333 Fax. 02-291-8607

≈ÿ¡æ‘π’ ‡æ≈ π√“∏‘«“ √“™π§√‘π∑√å 471 Õ“§“√ A ™—Èπ B ∂.π√“∏‘«“ √“™π§√‘π∑√å ™àÕßππ∑√’ ¬“ππ“«“ °√ÿß‡∑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«‘« 279 ∂.æ√–√“¡ 3 ·¢«ß∫“ß‚§≈à ‡¢µ∫“ß§Õ·À≈¡ °√ÿß‡∑æœ 10120 ‚∑√. 02-291-9915, 02-291-9918 ‚∑√ “√ 02-291-9923

Lumpini Place Rama 3-River view 279 Rama 3 Road, Bangklo, Bangkok 10120 Tel. 02-291-9915, 02-291-9918 Fax 02-291-9923

≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈â“ 28 ∂.∫√¡√“™™ππ’ ·¢«ß∫“ß∫”À√ÿ ‡¢µ∫“ßæ≈—¥ °√ÿß‡∑æœ 10700 ‚∑√. 02-458-3111-2 ‚∑√ “√ 02-458-3113

Lumpini Place Pinklao 28 Bharomratchachonnanee Road, Bangbumru, Bangplad Bangkok 10700 Tel. 02-458-3111-2 Fax 02-458-3113

≈ÿ¡æ‘π’ ‡æ≈ π√“∏‘«“ -‡®â“æ√–¬“ 78 ∂ππæ√–√“¡ 3 °√ÿß‡∑æœ 10120 ”π—°ß“π¢“¬‚∑√. 02-295-3500 ‚∑√ “√ 02-295-3452

Lumpini Place Narathiwat-Chaophraya 78 Rama 3 Road, Bangkok 10120 Tel. 02-295-3500 Fax 02-295-3452

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

LPN fi 130-193

189

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

≈ÿ¡æ‘π’ ‡æ≈ æÀ≈- –æ“π§«“¬ 171 ∂ππª√–¥‘æ—∑∏å “¡‡ π„π æ≠“‰∑ °√ÿß‡∑æœ 10400 ”π—°ß“π¢“¬ ‚∑√. 02-279-6333 ‚∑√ “√ 02-279-6337

Lumpini Place Phahon-Saphankwai 171 Pradipat Road, Samsennai, Phayathai, Bangkok 10400 Sales Office Tel. 02-279-6333 Fax 02-279-6337

≈ÿ¡æ‘π’ ‡æ≈ √—™¥“-∑à“æ√– 18 ∂ππ√—™¥“¿‘‡…° (∑à“æ√–-µ“° ‘π) µ≈“¥æ≈Ÿ ∏π∫ÿ√’ °√ÿß‡∑æœ ”π—°ß“π¢“¬ ‚∑√. 02-460-2244, 02-460-2176 ‚∑√ “√ 02-460-2245

Lumpini Place Ratchada-Thapra 18 Ratchadapisek Road (Thapra-Taksin), Taladplu Thonburi, Bangkok Sales Office Tel. 02-460-2244, 02-460-2176 Fax: 02-460-2245

≈ÿ¡æ‘π’ ‡æ≈ ªîòπ‡°≈â“ ‡ø 2 Lumpini Place Pinklao Phase 2 √‘¡∂ππ∫√¡√“™™ππ’ „°≈âÀâ“ß‡´Áπ∑√—≈ªîòπ‡°≈â“ 89 Bharomratchachonnanee Road, Bangkoknoi, Bangkok ∫“ß°Õ°πâÕ¬ °√ÿß‡∑æœ Sales Office Tel. 02-433-4444, 02-433-8189 Fax: 02-433-4333 ”π—°ß“π¢“¬ ‚∑√. 02-433-4444, 02-433-8189 ‚∑√ “√ 02-433-4333 Õ“§“√™ÿ¥æ—°Õ“»—¬¿“¬„µâ™◊ËÕ ç≈ÿ¡æ‘π’ «‘≈≈åé / çLumpini Vil eé Residential Condominium ≈ÿ¡æ‘π’ «‘≈≈å æ√–·¡à¡“√’- “∑√ Lumpini Vil e Mary-Sathorn 1796 ´Õ¬®—π∑√å 27 ∂ππ®—π∑πå ∑ÿàß«—¥¥Õπ “∑√ 1796 Chan Soi 27, Chan Road, Sathorn, Bangkok 10120 °√ÿß‡∑æœ 10120 Tel. 02-212-4515 Fax 02-212-4375 ‚∑√. 02-212-4515 ‚∑√ “√ 02-212-4375 ≈ÿ¡æ‘π’ «‘≈≈å æÀ≈- ÿ∑∏‘ “√ 23 ∂. ÿ∑∏‘ “√«‘π‘®©—¬ “¡‡ π„π æ≠“‰∑ °√ÿß‡∑æœ 10400 ‚∑√. 02-278-4125 ‚∑√ “√ 02-278-4128

Lumpini Vil e Phahon-Suthisarn 23 Suthisarnvinijchai Road, Samsennai, Phayathai, Bangkok 10140 Tel. 02-278-4125 Fax 02-278-4128

≈ÿ¡æ‘π’ «‘≈≈å ÿ¢ÿ¡«‘∑ 77 681 ∂.ÕàÕππÿ™ «πÀ≈«ß °√ÿß‡∑æœ 10250 ‚∑√. 02-332-3004-5 ‚∑√ “√ 02-332-3805

Lumpini Vil e Sukhumvit 77 681 On-nuch Road, Suanluang, Bangkok 10250 Tel. 02-332-3004-5 Fax 02-332-3805

≈ÿ¡æ‘π’ «‘≈≈å »Ÿπ¬å«—≤π∏√√¡ 593 ∂ππª√–™“Õÿ∑‘» “¡‡ ππÕ° Àâ«¬¢«“ß °√ÿß‡∑æœ 10140 ‚∑√. 02-274-4210-2 ‚∑√ “√ 02-274-4211

Lumpini Vil e Cultural Center 593 Pracha U-thit Road, Samsennork, Huaykwang, Bangkok 10140 Tel. 02-274-4210-2 Fax 02-274-4211

≈ÿ¡æ‘π’ «‘≈≈å √“¡§”·Àß 44 ´Õ¬√“¡§”·Àß 44 À—«À¡“° ∫“ß°–ªî °√ÿß‡∑æœ 10240 ”π—°ß“π¢“¬ ‚∑√. 02-377-5177 ‚∑√ “√ 02-377-7124

Lumpini Vil e Ramkhamhaeng 44 Ramkhamhaeng 44 Road, Huamark, Bangkapi, Bangkok 10240 Sales Office Tel. 02-377-5177 Fax: 02-377-7124

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

LPN fi 130-193

190

L.P.N. Development Public Company Limited

4/3/07, 4:41 AM

Õ“§“√™ÿ¥æ—°Õ“»—¬¿“¬„µâ™◊ËÕ ç≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√åé / çLumpini Centeré Residential Condominium ≈ÿ¡æ‘π’ ‡´Áπ‡µÕ√å ·Œªªïô·≈π¥å ‡ø 1-4 Lumpini Center Happyland Phase 1-4 Õ“§“√ A, B, C, F, G, H A, B, C, F, G, H Building 556/1, 560/1, 568/1, 432/1, 582, 580 556/1, 560/1, 568/1, 432/1, 582, 580 ´.»Ÿπ¬å°“√§â“·Œªªïô·≈π¥å 1 §≈Õß®—Ëπ ∫“ß°–ªî Soi Happyland 1, Klongchun, Bangkapi °√ÿß‡∑æœ 10240 Bangkok 10240 ‚∑√.02-374-7270-1 ‚∑√ “√ 02-374-7270 Tel. 02-374-7270-1 Fax 02-374-7270 Õ“§“√ D 335/1 ´.»Ÿπ¬å°“√§â“·Œªªïô·≈π¥å §≈Õß®—Ëπ ∫“ß°–ªî °√ÿß‡∑æœ 10240 ‚∑√. 02-374-6301-2 ‚∑√ “√ 02-374-6301

D Building 335/1 Soi Happyland 1, Klongchun, Bangkapi, Bangkok 10240 Tel. 02-374-6301 Fax 02-374-6301-2

Õ“§“√ E 557 ´.»Ÿπ¬å°“√§â“·Œªªïô·≈π¥å 1 §≈Õß®—Ëπ ∫“ß°–ªî °√ÿß‡∑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 °√ÿß‡∑æœ 10240 ‚∑√. 02-370-2698, 02-370-2530 ‚∑√ “√ 02-370-260

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 °√ÿß‡∑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 «πÀ≈«ß °√ÿß‡∑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 °√ÿß‡∑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

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Õ“§“√™ÿ¥æ—°Õ“»—¬¿“¬„µâ™◊ËÕ ç≈ÿ¡æ‘π’ §Õπ‚¥∑“«πåé / Lumpini CondoTowné Residential Condominium ≈ÿ¡æ‘π’ §Õπ‚¥∑“«πå ∫¥‘π∑√‡¥™“-√“¡§”·Àß Lumpini CondoTown Bodindecha-Ramkhamhaeng ´Õ¬√“¡§”·Àß 43/1 «—ß∑ÕßÀ≈“ß Ramkhamhaeng 43/1 Road, Wangthonglang ∫“ß°–ªî °√ÿß‡∑æœ 10240 Bangkapi, Bangkok 10240 ”π—°ß“π¢“¬ ‚∑√. 02-539-8811 ‚∑√ “√ 02-539-7277 Sales Office Tel. 02-539-8811 Fax: 02-539-7277 ∑“«πå‡Œâ“ å / Townhouse ∫â“π≈ÿ¡æ‘π’ ∫“ß∫—«∑Õß ‡ø 1, 2 Baan Lumpini Bang Bua Thong Phase 1, 2 222 ∂.µ≈‘Ëß™—π-∫“ß∫—«∑Õß µ”∫≈æ‘¡≈√“™ 222 Talingchan-Bang Bua Thong Road, Bang Bua Thong, ∫“ß∫—«∑Õß ππ∑∫ÿ√’ 11110 Nonthaburi 11110 ”π—°ß“π„À≠à ‚∑√. 02-285-5011-6 Head Office Tel. 02-285-5011-6 Fax 02-285-5017 ‚∑√ “√ 02-285-5017 ‡´Õ√å«‘ Õæ“√åµ‡¡π∑å / Service Apartment ≈ÿ¡æ‘π’ ‡√ ´‘‡¥π´å Lumpini Residence 222 ∂.π√“∏‘«“ √“™π§√‘π∑√å ∑ÿàß«—¥¥Õπ “∑√ 222 Narathiwat Ratchanakarin Road, Sathorn, Bangkok 10120 °√ÿß‡∑æœ 10120 Tel. 02-287-3330 Fax 02-287-3444 ‚∑√. 02-287-3330 ‚∑√ “√ 02-287-3444 Àπà«¬ß“πÕ◊Ëπ / Other Department ΩÉ“¬∏ÿ√°‘®π“¬Àπâ“ Brokerage Business Department (∫√‘°“√√—∫Ω“°¢“¬ Ω“°‡™à“ ‚Õπ ·≈°‡ª≈’Ë¬π ÀâÕß™ÿ¥) (Sales and Rent Management) 128/16 ´.π“§ ÿ«√√≥ ∂.ππ∑√’ ™àÕßππ∑√’ ¬“ππ“«“ 128/16 Soi Nak Suwan, Nonsee Road, Chongnonsee °√ÿß‡∑æœ 10120 Yannawa, Bangkok 10120 ‚∑√. 02-681-3400, 02-681-3301-3 ‚∑√ “√ 02-681-3409 Tel. 02-681-3400, 02-681-3301-3 Fax 02-681-3409 ‚§√ß°“√„ππ“¡∫√‘…—∑√à«¡∑ÿπ / Joint Venture Project Lumpini Place WaterCliff ≈ÿ¡æ‘π’ ‡æ≈ «Õ‡µÕ√å§≈‘ø 427, 421 ∂. “∏ÿª√–¥‘…∞å ™àÕßππ∑√’ ¬“ππ“«“ 427, 421 Sathupradit Road, Chongnonsee, Yannawa °√ÿß‡∑æœ 10120 Bangkok 10120 ‚∑√. 02-673-5596-7, 02-673-6360-1 Tel. 02-673-5596-7, 02-673-6360-1 ‚∑√ “√ 02-673-5595, 02-673-6362 Fax 02-673-5595, 02-673-6362 ≈ÿ¡æ‘π’ «’∑ √—™¥“-æ√–√“¡ 3 Lumpini Suite Ratchada-Rama 3 441 ∂.√—™¥“¿‘‡…° ™àÕßππ∑√’ ¬“ππ“«“ °√ÿß‡∑æœ 10120 441 Ratchadapisek Road, Chongnonsee, Yannawa ‚∑√. 02-212-7909 ‚∑√ “√ 02-212-7908 Bangkok 10120 Tel. 02-212-7909 Fax 02-212-7908 ≈ÿ¡æ‘π’ ∑“«πå ‚Œ¡ √—™¥“-æ√–√“¡ 3 431 ∂. “∏ÿª√–¥‘…∞å ™àÕßππ∑√’ ¬“ππ“«“ °√ÿß‡∑æœ 10120 ‚∑√. 02-211-9221 ‚∑√ “√ 02-673-5595

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Lumpini Townhome Ratchada-Rama 3 431 Sathupradit Road, Chongnonsee, Yannawa, Bangkok 10120 Tel. 02-211-9221 Fax 02-673-5595

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L.P.N. Development Public Company Limited

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·°√π¥å ‡ŒÕ√‘‡∑® ∑ÕßÀ≈àÕ 21 ´Õ¬Õ√√§æ—≤πå (∑ÕßÀ≈àÕ 13) ∂. ÿ¢ÿ¡«‘∑ 55 §≈Õßµ—π‡Àπ◊Õ «—≤π“ °√ÿß‡∑æœ 10110 ‚∑√. 02-390-0910 ‚∑√ “√ 02-390-0911

Grand Heritage Thonglor 21 Soi Akapat (Thonglor 13), Sukhumvit 55 Road North-Klongton, Wattana, Bangkok 10110 Tel. 02-390-0910 Fax 02-390-0911

·°√π¥å æ“√å§«‘« Õ‚»° 189 ∂. ÿ¢ÿ¡«‘∑ 21 §≈Õßµ—π‡Àπ◊Õ «—≤π“ °√ÿß‡∑æœ 10110 ‚∑√. 02-261-3218-9 ‚∑√ “√ 02-258-0506

Grand Parkview Asoke 189 Sukhumvit 21 Road, North-Klongton, Wattana Bangkok 10110 Tel. 02-261-3218-9 Fax 02-258-0506

æ“√å§«‘« «‘¿“«¥’ 1 ∂ππ‚≈§—≈‚√¥ ·¢«ß∑ÿàß ’°—π ¥Õπ‡¡◊Õß °√ÿß‡∑æœ 10210 ‚∑√. 02-573-3401-3 ‚∑√ “√ 02-573-3401

Parkview Viphavadi 1, Local Road, Thungseegun, Donmuang, Bangkok 10210 Tel. 02-573-3401-3 Fax 02-573-3401

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