:: Annual Report 2014 ::

UNLOCKING VALUE

Annual Report 2014

Good Governance Open-minded L earning Organization Drive for Excellence

UNLOCKING VALUE Value Creation

Value Conscious and Realizing Business Value & Business Potential from Assets are the key elements in the “second golden step” of the “three golden steps” corporate strategy of Golden Land Property Development PLC. This “second golden step” led the Company in its successful march towards its second phase of the important corporate strategy and allowed it to fulfill its commitment in returning its operational performance to profitability by 2015. The “three golden steps” corporate strategy includes: (1) Rebuild Foundation (2) Unlock Value (3) Growth Diversification In 2014, the Company undertook the corporate strategy of “Value Creation” on its assets and realizing business potential from these existing assets namely office buildings. As an example, this step involved the addition of commercial features such as shops and also modern building facilities to its prime assets such as Sathorn Square Office Tower to attract new tenants. Other examples are its new commercial complex development named FYI Center on the corner of Rama IV and Ratchadapisek Roads; new low rise residential developments. All of these are part of the Company’s business plan to enhance its business efficiency and stability in order to be the nation’s leading property development company within the next 5 years.

Content Corporate Information Financial Highlights Board of Directors Vision Message from the Chairman Message from the Chairman of Executive Committee Message from the President Report of the Audit Committee Business Policy Nature of Business Corporate Social Responsibilities Management Discussion and Analysis

01 02 04 06 07 08 09 10 12 14 26 30 31 34 35 36 38 52 59 73 75 81

Risk Factors

General Information of The Subsidiaries Companies

Attachment 00

Golden Land Property Development PLC

Capital Structure and Shareholders Dividend Payment Policy Organization Structure Management Structure Board of Directors and Executives Corporate Governance Policy Internal Controls and Risk Management Connected Transactions Report Of The Board Of Directorsâ&#x20AC;&#x2122; Responsibilities For Financial Statements

Financial Statements and Auditorâ&#x20AC;&#x2122;s Report of Certified Public Accountant

Corporate Information Corporate Information Company Name Symbol for Trading Type of Business Company Registration Registered Capital Paid-up Capital Registered Shares (Ordinary Share) Issued Shares (Ordinary Share) Par Value +HDG 2IĹľFH Tel. Fax Website E-Mail

Golden Land Property Development Public Company Limited GOLD Real Estate and Property Development 0107537002273 Baht 16,382,133,790 as at December 31, 2014 Baht 16,380,190,030 as at December 31, 2014 1,638,213,379 ordinary share as at December 31, 2014 1,638,019,003 ordinary shares

as at December 31, 2014

Baht 10 per share VJ (NQQT 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT 98 North Sathorn Road, Silom, Bangrak, Bangkok 10500 0-2620-6200 0-2620-6222 YYY IQNFGPNCPFRNE EQ VJ KT"IQNFGPNCPFRNE EQ VJ

Other References

Investor Relations/ Company Secretary Registrar (Share and Warrant) Auditor

/T -JWORQN 2QQPUQPGG 6GN (CZ ' OCKN KT"IQNFGPNCPFRNE EQ VJ 6JCKNCPF 5GEWTKVKGU &GRQUKVQT[ %Q .VF 6JG 5VQEM 'ZEJCPIG QH 6JCKNCPF $WKNFKPI 4CEJCFCRKUGM 4QCF -NQPIVQG[ -NQPIVQG[ $CPIMQM 6GN (CZ %CNN %GPVGT 9GDUKVG JVVR YYY VUF EQ VJ -2/) 2JQQOEJCK #WFKV .KOKVGF VJ (NQQT 'ORKTG 6QYGT 5QWVJ 5CVJQTP 4QCF ;CPPCYC 5CVJQTP $CPIMQM 6GN (CZ /U 0KVVC[C %JGVEJQVKTQU %GTVKĂ&#x152;GF 2WDNKE #EEQWPV 0Q

Investors can obtain additional information about the securities issuer in its Annual Registration Statement (Form 56-1) in the website of The Securities and Exchange Commission (www.sec.or.th) or in its corporate website www.goldenlandplc.co.th.

Annual Report 2015

Financial Highlight Golden Land Property Development PLC and the Subsidiary Companies as at 31 December

2014

2013

2012

Revenue from sales of real estate

3,072

622

846

Revenue from rental and services

960

921

775

Total Revenues

4,435

1,594

1,681

Total Expenses

4,085

1,972

2,272

Operating Results (In million Baht)

2TQĂ&#x152;V NQUU HQT VJG [GCT

2TQĂ&#x152;V NQUU CVVTKDWVCDNG VQ QYPGTU QH VJG %QORCP[

Total assets

21,252

12,580

11,697

6QVCN .KCDKNKVKGU

4GIKUVGTGF %CRKVCN

+UUWGF CPF RCKF WR UJCTG ECRKVCN

'SWKV[ CVVTKDWVCDNG VQ QYPGTU QH VJG %QORCP[

Financial Position (In million Baht)

Data per share (In Baht)

$CUKE GCTPKPIU NQUU RGT UJCTG

$QQM XCNWG RGT UJCTG

2CT XCNWG RGT UJCTG

Financial Ratio

)TQUU RTQĂ&#x152;V OCTIKP UCNGU QH TGCN GUVCVG DWUKPGUU

)TQUU RTQĂ&#x152;V OCTIKP TGPVCN CPF UGTXKEGU DWUKPGUU

0GV RTQĂ&#x152;V NQUU OCTIKP

4GVWTP QP CUUGVU

4GVWTP QP GSWKV[ CVVTKDWVCDNG VQ QYPGTU QH VJG %QORCP[

6QVCN .KCDKNKVKGU VQ GSWKV[ VKOG

Golden Land Porperty Developement PLC

Financial Status Unit : Million Baht

21,252

25,000

2014 2013 2012

11,341 12,679 6,161 6,132 7,595

5,757 6,693

10,000

16,380

13,916

11,697 12,580

15,000

16,382 16,382 16,382

20,000

5,000 0 Total assets

Total Liabilities

Registered Capital

Issued and paid-up share capital

Equity attributable to owners of the Company

Operating Results Unit : Million Baht

4,085

4,435

5,000

2014 2013 2012

4,000

2,272

1,681

1,594

2,000

1,972

3,000

305

1,000 0

Total Revenues

Total Expenses

(620)

(454)

(1,000)

Profit (loss) for the year

Annual Report 2014

Board of Directors

Golden Land Porperty Developement PLC

Board of Directors A. Mr. Wanchai Sarathulthat B. Mr. Panot Sirivadhanabhakdi C. Mr. Thapana Sirivadhanabhakdi D. Mr. Chotiphat Bijananda E. Mr. Sithichai Chaikriangkrai F. Mr. Chainoi Puankosoom G. Mr. Udom Puasakul H. Mr. Chinnavat Chinsangaram I. Mr. Thanapol Sirithanachai

Chairman of the Board Vice Chairman Director Director Director Director Director Director Director

Audit Committee F. Mr. Chainoi Puankosoom G. Mr. Udom Puasakul H. Mr. Chinnavat Chinsangaram

Chairman of Audit Committee Audit Committee Member Audit Committee Member

Compensation and Nominating Committee A. Mr. Wanchai Sarathulthat Chairman of Compensation and Nominating Committee B. Mr. Panot Sirivadhanabhakdi Compensation and Nominating Committee Member F. Mr. Chainoi Puankosoom Compensation and Nominating Committee Member Executive Committee B. Mr. Panot Sirivadhanabhakdi E. Mr. Sithichai Chaikriangkrai I. Mr. Thanapol Sirithanachai J. Mr. Somboon Wasinchutchawal K. Mr. Saenphin Sukhee L. Mr. Khumpol Poonsonee

Chairman of Executive Committee Executive Committee Executive Committee Executive Committee Executive Committee Executive Committee

Annual Report 2014

Vision To be a leading real estate developer in residential & commercial areas both locally and internationally

Golden Land Porperty Developement PLC

Message from the Chairman It is a great pleasure to announce 2014 as another year of an extraordinary milestone in our corporate journeys. Golden Land Property Development PLC has successfully achieved its targeted business plan. The launches of our low-rise developments claim better market CEEGRVCPEGU VJCP GZRGEVGF NKMGYKUG QWT KPEQOGU HTQO QHĂ&#x152;EG NGCUGU CPF UGTXKEGF CRCTVOGPV HGGU CNUQ ITGY UKIPKĂ&#x152;ECPVN[ +P VJG TGCN GUVCVG OCTMGV UNQYGF FQYP FWTKPI VJG Ă&#x152;TUV JCNH TGUWNVKPI HTQO RQQTGT EQPUWOGT CPF FGXGNQRGT EQPĂ&#x152;FGPEGU ECWUGF D[ political factors. Nevertheless strong economic foundations, clearer political situations, as well as stronger government commitments on public infrastructure investment and communication plans helped restore C VWTPCDQWV KP EQPUWOGT CPF FGXGNQRGT EQPĂ&#x152;FGPEGU FWTKPI VJG UGEQPF JCNH QH VJG [GCT 6JGUG RQUKVKXG GNGOGPVU YKNN DGPGĂ&#x152;V VJG GPVKTG RTQRGTV[ market in 2015, which is anticipated to expand in commensuration to the Ă&#x152;TUV QHĂ&#x152;EKCN DGPEJOCTM [GCT QH VJG #5'#0 'EQPQOKE %QOOWPKV[

Mr. Wanchai Sarathulthat Chairman of the Board

6JG QHĂ&#x152;EG TGPVCN OCTMGV HQT VJG [GCT TGXGCNGF EQPVKPWGF ITQYVJ in rental demand and rate, this upward trend has been evident since 6JKU ITQYVJ VTGPF KU GZRGEVGF VQ ECTT[ QP 0GY QHĂ&#x152;EG DWKNFKPIU KP new locations outside the traditional CBD have also emerged to support increasing demand over the years, in response to increasing investment activities of transnational corporations brought on by the upcoming #5'#0 GEQPQOKE KPVGITCVKQP Finally, on behalf of the Board of Directors of Golden Land Property Development PLC, I would like to express my sincere thanks to all our shareholders, management, and staff who have always supported our operations. I would also like to reiterate the commitments of the Board, our management, and our staff on all levels to diligently work together to create greater business value and enhance the best and sustainable results for all our stakeholders.

Annual Report 2014

Message from the Chairman of Executive Committee 2014 was a very satisfying year for Golden Land Properties Development PLC in that we managed to exceed our targeted business RNCP CPF CNUQ OCPCIGF VQ DTKPI VJG EQORCP[ DCEM VQ RTQĂ&#x152;VCDKKV[ HQT VJG Ă&#x152;TUV VKOG KP [GCTU 'XGP VJQWIJ VJG RCUV [GCTÂżU GEQPQO[ HCEGF OCP[ challenges due to the unstable political situation, the company was still JKIJN[ UWEEGUUHWN KP UGNNKPI QWT TGUKFGPVKCN RTQRGTVKGU (WTVJGTOQTG KPEQOG HTQO QHĂ&#x152;EG TGPVCN CNUQ UJQYGF ITGCV UWEEGUU

Mr. Panot Sirivadhanabhakdi Chairman of Executive Committee

Our success in 2014 presents us with a challenge that we must rise up to meet; that is to increase our business potential so we can EQPVKPWG VQ OQXG HQTYCTF YKVJQWV DTGCMKPI QWT UVTKFG 6JKU ECP PQY DG CEEQORNKUJGF HQNNQYKPI VJG $QCTFÂżU CITGGOGPV VQ GUVCDNKUJ VJG Ă 4GCN 'UVCVG +PXGUVOGPV (WPFĂ&#x201A; 4'+6 VQIGVJGT YKVJ 7PKXGPVWTGU 2WDNKE Company Limited whereby the land on which Sathorn Square stands CPF VJG DWKNFKPI KVUGNH YKNN DG NGCUGF D[ 4'+6 6JKU YKNN RTQXKFG WU YKVJ funds from the leasing of the projects which can be used to further our DWUKPGUU CPF KPXGUVOGPV ECRCDKNKVKGU UWEJ CU (;+ %GPVGT NQY TKUG residential projects and other property developments which show RQVGPVKCN 6JG %QORCP[ CNUQ RWTEJCUGF UJCTGU KP -TWPIVJGR .CPF 2WDNKE %QORCP[ .KOKVGF QT -.#0& GPCDNKPI KV VQ UWEEGUUHWNN[ GZRCPF KVU UJCTG KP DQVJ VJG OKF NGXGN CPF JKIJ GPF QH VJG TGUKFGPVKCN OCTMGV 6JKU YCU C major leap for the company in increasing its assets and realizing income sooner than originally forecasted thereby enabling us to stand at the HQTGHTQPV QH VJG RTQRGTV[ FGXGNQROGPV OCTMGV UQQPGT VJCP GZRGEVGF With regards to property development, the Company places great emphasis on quality, leading to it being awarded with prizes from XCTKQWU QTICPK\CVKQPU QP C EQPVKPWCN DCUKU 1XGT VJG RCUV [GCT 5CVJQTP 5SWCTG YCU CYCTFGF YKVJ VYQ RTK\GU HTQO 6JCKNCPF 'PGTI[ #YCTFU DGKPI Ă 0GY CPF 'ZKUVKPI $WKNFKPIĂ&#x201A; CPF Ă )TGGP $WKNFKPIĂ&#x201A; (WTVJGTOQTG 5CVJQTP 5SWCTG YCU CNUQ JQPQTGF VQ DG CYCTFGF YKVJ VJG TWPPGT WR UGEQPF RTK\G KP VJG #5'#0 'PGTI[ #YCTF WPFGT VJG Ă 0GY CPF 'ZKUVKPI $WKNFKPIĂ&#x201A; ECVGIQT[ RTQXKPI VJCV VJG EQORCP[ KU internationally accepted as a well-managed building and also as an GPGTI[ UCXKPI DWKNFKPI (KPCNN[ CU VJG %JCKTOCP QH 'ZGEWVKXG %QOOKVVGG QH )QNFGP .CPF 2TQRGTV[ &GXGNQROGPV 2.% + YQWNF NKMG VQ VJCPM CNN QWT shareholders, business partners and all related parties for their continWGF VTWUV CPF EQQRGTCVKQP QXGT VJG RCUV [GCT 6JG /CPCIGOGPV CPF Staff of the Company pledge to continue to manage the business with transparency and Good Governance to ensure the best returns to the Shareholders and all interested parties in order to bring success to the organization thereby turning it into a leading property development EQORCP[

Golden Land Porperty Developement PLC

Message from the President (3) Sale of non-core assets. (4) Launching new low-rise residential developments including single homes and townhouses that generated Baht 3,072 million in total revenues during the past year. It is a great pleasure for us to report the Companyâ&#x20AC;&#x2122;s remarkable CEJKGXGOGPVU KP VJG UVTGPIVJGPKPI QH KVU Ă&#x152;PCPEKCN RQUKVKQP YKVJ C UWEEGUUHWN VWTPCTQWPF KP RTQĂ&#x152;VCDKNKV[ VJG Ă&#x152;TUV GXGT KP VJG RCUV UKZ [GCTU 6JKU [GCT VJG %QORCP[ OCFG $CJV OKNNKQP KP RTQĂ&#x152;V FGTKXGF OCKPN[ HTQO HGG KPEQOGU HTQO OCPCIGOGPV UGTXKEGU QH QHĂ&#x152;EG UGTXKEGF apartment buildings, sale of low-rise residential developments, and sale of non-core assets.

Mr. Thanapol Sirithanachai President YCU VJG UGEQPF [GCT VJCV VJG EWTTGPV GZGEWVKXG DQCTF which had been appointed by the present shareholders of Golden Land Property Development PLC, had taken full responsibility of the Companyâ&#x20AC;&#x2122;s management after a major reorganization of its shareholder structure in 2012. During the past year, the Company successfully implemented its business strategy under the important corporate plan of the â&#x20AC;&#x153;three golden stepsâ&#x20AC;? and achieved its targeted revenues. According to our commitment to return the Companyâ&#x20AC;&#x2122;s QRGTCVKQPCN RGTHQTOCPEG VQ RTQĂ&#x152;VCDKNKV[ D[ CPF VQ UVGCFKN[ advance our position towards the position of a top national property FGXGNQROGPV EQORCP[ YKVJKP VJG PGZV Ă&#x152;XG [GCTU YCU VJGTGHQTG CP important year for the march towards the second phase of our important corporate plan of the â&#x20AC;&#x153;three golden stepsâ&#x20AC;?, known as the â&#x20AC;&#x153;Unlocking Valueâ&#x20AC;?. The process involves: (1) Development of the FYI Center; FYI also known as - For Your Inspiration Workplace which is an innovative commercial development worth Baht 5,000 million in a prominent area on the corner of Rama IV and Ratchadapisek Roads. It consists of two towers which house 12 Ă?QQTU QH QHĂ&#x152;EG URCEG YKVJ UWD ITQWPF Ă?QQTU CPF C VQVCN WUCDNG URCEG of 90,000 sq. meters, as well as a 14-story 239-room hotel. The project KU GZRGEVGF VQ DG EQORNGVGF D[ GCTN[ (2) Improvement of general facilities and refurbishment of Sathorn Square Building aiming to transform it to be an internationally TGPQYPGF CPF HQTGOQUV QHĂ&#x152;EG VQYGT 6JG DWKNFKPI YCU CYCTFGF VJG second prize winner for the 2014 ASEAN Energy Award under the â&#x20AC;&#x153;New CPF 'ZKUVKPI $WKNFKPIĂ&#x201A; ECVGIQT[ +V KU VJG Ă&#x152;TUV 6JCK QHĂ&#x152;EG TGPVCN DWKNFKPI VQ be honored with such a prestigious prize. Prior to this award, Sathorn Square Building also achieved the 2014 Thailand Energy Award in the ECVGIQTKGU QH Ă 0GY CPF 'ZKUVKPI $WKNFKPIĂ&#x201A; CPF Ă )TGGP $WKNFKPIĂ&#x201A;

In 2014, the Company targeted its business growth in accordance with its third notable step in its â&#x20AC;&#x153;three golden stepsâ&#x20AC;? corporate strategy by purchasing shares of Krungthep Land Public %QORCP[ .KOKVGF QT -.#0& VQ GZRCPF KVU UJCTG HTQO VJG OKF VKGT VQ VJG top end residential market. The Companyâ&#x20AC;&#x2122;s Board of Directors resolved to work with Univentures Public Company Limited to place both Sathorn 5SWCTG $WKNFKPI CPF 2CTM 8GPVWTGU 'EQRNGZ $WKNFKPI KPVQ C PGYN[ HQWPFGF 4GCN 'UVCVG +PXGUVOGPV 6TWUV 4'+6 HQT )TCFG # QHĂ&#x152;EG VQYGTU with total investment assets of over Baht 10,000 million. In addition, the Company also carries on with its corporate management scheme that promotes internal communication and regularly seeks views and QRKPKQPU HTQO GZGEWVKXGU CPF GORNQ[GGU QH CNN NGXGNU RCTVKEWNCTN[ XKC C direct communication organized under the â&#x20AC;&#x153;Go Together Goldâ&#x20AC;? concept. All of this has directed our organization to progress towards QWT IQCN CPF UWEEGUU TGĂ?GEVKPI KP QWT EQTRQTCVG OQVVQ QH Ă 5OCNN KU Beautiful, Big is Powerfulâ&#x20AC;?. As the President of Golden Land Property Development PLC + CO EQPĂ&#x152;FGPV VJCV OQVKXCVKQP EQPVTKDWVKQP CPF GPICIGOGPV HTQO CNN employees will enable the Company to further strengthen and successfully achieve its targeted mission to quickly become a market leader in the property sector with sustainable growth.

Annual Report 2014

Report of the Audit Committee

On behalf of the Audit Committee

Mr. Chainoi Puankosoom Chairman of the Audit Committee

The Board of Directors of Golden Land Property Development PLC (â&#x20AC;&#x153;the Companyâ&#x20AC;?) appointed the Audit Committee which composes of three Independent Directors, who are professionals with experience KP CEEQWPVKPI Ă&#x152;PCPEG NGICN OCVVGTU DWUKPGUU CFOKPKUVTCVKQP QTICPK\CVKQP OCPCIGOGPV CPF YKVJ CRRTQRTKCVG SWCNKĂ&#x152;ECVKQPU TGSWKTGF VQ RGTHQTO QXGTUKIJV TGURQPUKDKNKVKGU KP TGXKGYKPI VJG CEEQWPVCDKNKV[ QH VJG %QORCP[ÂżU Ă&#x152;PCPEKCN UVCVGOGPVU CU RTGUETKDGF D[ VJG TGIWNCVKQPU QH VJG 5GEWTKVKGU 'ZEJCPIG %QOOKUUKQP QH 6JCKNCPF 5'% CPF VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF 5'6 1P 5GRVGODGT VJG $QCTF QH &KTGEVQTU JCU CRRQKPVGF OG /T %JCKPQK 2WCPMQUQQO YJQ YCU VJGP C OGODGT QH VJG #WFKV %QOOKVVGG VQ DG VJG %JCKTOCP QH #WFKV %QOOKVVGG TGRNCEKPI /T Weerawong Chittmittrapap who resigned from his directorship which also resulted in his retiring from his post as the Chairman of the Audit %QOOKVVGG 6JG DQCTF CNUQ CRRQKPVGF /T %JKPPCXCV %JKPUCPICTCO CU C PGY EQOOKVVGG OGODGT VQ Ă&#x152;NN VJG XCECPE[ KP VJG #WFKV %QOOKVVGG #V RTGUGPV VJG #WFKV %QOOKVVGG EQORQUGU QH /T %JCKPQK 2WCPMQUQQO the Chairman of the Audit Committee; and other Independent Directors, /T 7FQO 2WCUCMWN CPF /T %JKPPCXCV %JKPUCPICTCO VJG /GODGTU QH VJG #WFKV %QOOKVVGG 6JG #WFKV %QOOKVVGG HTGGN[ RGTHQTOGF KVU TGURQPUKDKNKVKGU CUUKIPGF D[ VJG $QCTF QH &KTGEVQTU KP HWNN EQORNKCPEG YKVJ VJG %JCTVGT QH VJG #WFKV %QOOKVVGG +P VJG #WFKV %QOOKVVGG JGNF UGXGP OGGVKPIU YJKEJ YGTG CVVGPFGF CNUQ D[ VJG 'ZGEWVKXG /CPCIGOGPV CPF GZVGTPCN CPF KPVGTPCN CWFKVQTU 1PG OGGVKPI YCU EQPXGPGF YKVJQWV VJG RTGUGPEG of the Executive Management to discuss and inquire on the scope of audit, the independence of the Internal Audit from management KPĂ?WGPEGU VJG OCPCIGOGPVÂżU EQQRGTCVKQP KP HWNN CPF HCKT FKUENQUWTGU QH KPHQTOCVKQP HQT CWFKVKPI QH VJG %QORCP[ÂżU CPF KVU UWDUKFKCTKGUÂż Ă&#x152;PCPEKCN UVCVGOGPVU CPF QVJGT RTQDNGOU CPF QDUVCENGU VJCV VJG CWFKVQTU OC[ HCEG KP RGTHQTOKPI VJGKT CWFKV VCUMU 6JG CWFKVQTU KPHQTOGF VJG %QOOKVVGG VJCV VJG[ YGTG CDNG VQ HTGGN[ RGTHQTO VJGKT CWFKV FWVKGU CPF TGEGKXGF HWNN EQQRGTCVKQP HTQO VJG OCPCIGOGPV 5WOOCT[ QH VJG %QOOKVVGGÂżU actions and performances are as follows: 5HYLHZ RI ĹľQDQFLDO VWDWHPHQWV The Committee together with VJG %QORCP[ÂżU GZGEWVKXGU KVU KPVGTPCN CWFKVQTU CPF GZVGTPCN CWFKVQTU TGXKGYGF OCVGTKCN KPHQTOCVKQP KP SWCTVGTN[ CPF CPPWCN Ă&#x152;PCPEKCN UVCVGOGPVU QH VJG %QORCP[ CPF KVU UWDUKFKCTKGU HQT CPF CNUQ TGXKGYGF UKIPKĂ&#x152;ECPV CEEQWPVKPI RQNKEKGU EJCPIGU VJCV QEEWTTGF FWTKPI the year as well as their potential future impacts, material irregularities, CPF TGOCTMU HTQO KPFGRGPFGPV CWFKVQTU CPF KPVGTPCN CWFKVQTU +P VJG QRKPKQP QH VJG #WFKV %QOOKVVGG VJG UVCVGOGPVU QH Ă&#x152;PCPEKCN RQUKVKQPU CPF the statements of comprehensive income of the Company and its UWDUKFKCTKGU CTG RTGUGPVGF VQ EQPHQTO VQ IGPGTCNN[ CEEGRVGF CEEQWPVKPI principles, with fair disclosure of information, and there is no irregularity VJCV OC[ IGPGTCVG CP[ OCVGTKCN KORCEV QP VJG Ă&#x152;PCPEKCN UVCVGOGPVU

Golden Land Porperty Developement PLC

5HYLHZ RI FRQQHFWHG WUDQVDFWLRQV The Committee reviewed VJG TGNCVGF RCTV[ VTCPUKVKQPU YJKEJ OWUV DG KP EQORNKCPEG YKVJ CRRNKECDNG NCYU CPF VJG 0QVKÌECVKQP QH VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF 4G &KUENQUWTG QH VJG +PHQTOCVKQP CPF 2TCEVKEG QH 2WDNKEN[ .KUVGF %QORCPKGU KP VJG %QPPGEVGF 6TCPUCEVKQPU $ ' CPF OC[ DG C ECWUG QH RQVGPVKCN EQPÍKEVU QH KPVGTGUV +P VJG QRKPKQP QH VJG #WFKV %QOOKVVGG VJG %QORCP[¿U EQPPGEVGF VTCPUCEVKQPU CTG WPFGTVCMGP KP VJG QTFKPCT[ EQWTUG QH DWUKPGUU KPXQNXG PQ EQPÍKEVU QH KPVGTGUV CPF TGRTGUGPV HCKT CEVKQPU 6JGUG EQPPGEVGF VTCPUCEVKQPU CTG CNUQ OCFG YKVJ CEEGRVCDNG TCVKQPCNKV[ PQ KTTGIWNCTKV[ CPF RTQXKUKQP QH HWNN CPF HCKT FKUENQUWTG QH KPHQTOCVKQP 5HYLHZ DQG SURSRVLWLRQ RI WKH DSSRLQWPHQW RI WKH H[WHUQDO DXGLWRU +P VJG %QOOKVVGG UGNGEVGF VJG GZVGTPCN CWFKVQT HQT VJG %QORCP[ CPF KVU UWDUKFKCTKGU DCUGF QP KVU FGRGPFGPEG RTQÌEKGPE[ MPQYNGFIG GZRGTKGPEG RGTHQTOCPEGU CPF TGOWPGTCVKQP HGG 6JG selected auditor was proposed to the Board of Directors for consideration CPF HWTVJGT UWDOKUUKQP VQ VJG #PPWCN )GPGTCN /GGVKPI QH 5JCTGJQNFGTU HQT CRRTQXCN 6JG #PPWCN )GPGTCN /GGVKPI QH 5JCTGJQNFGTU TGUQNXGF VJG CRRQKPVOGPV QH /KUU 0KVVC[C %JGVEJQVKTQU C %GTVKÌGF 2WDNKE #EEQWPVCPV YKVJ 4GIKUVTCVKQP 0Q QH -2/) 2JQQOEJCK #WFKV .VF VQ DG VJG %QORCP[¿U GZVGTPCN CWFKVQT CPF VQ EGTVKH[ KVU ÌPCPEKCN UVCVGOGPVU 5HYLHZ RI WKH LQWHUQDO FRQWURO V\VWHP The Committee made an annual review of the internal control systems of the Company and its UWDUKFKCTKGU HQT CPF HQWPF VJCV VJG[ CTG CRRTQRTKCVG CFGSWCVG CPF GHÌEKGPV HQT VJG DWUKPGUU QRGTCVKQPU CPF VJGTG YCU PQ OCVGTKCN EQPEGTP QP OCVVGTU VJCV OC[ ECWUG CP[ QRGTCVKQPCN KORCEVU QP VJG %QORCP[ 6XSHUYLVLRQ RI WKH LQWHUQDO DXGLW The Committee reviewed CPF CRRTQXGF VJG KPVGTPCN CWFKV RNCP HQT CU YGNN CU UWRGTXKUGF CPF ICXG TGEQOOGPFCVKQPU QP QRGTCVKQPU QH VJG 1HÌEG QH VJG +PVGTPCN #WFKV VQ GPUWTG VJCV VJG CWFKV VCUMU YGTG ECTTKGF QWV CU RGT VJG CWVJQTK\GF RNCP +V HQWPF VJCV VJG KPVGTPCN CWFKV VCUMU YGTG CEJKGXGF CU RNCPPGF +P CFFKVKQP KV CNUQ CRRTQXGF VJG CRRQKPVOGPV GUVCDNKUJGF CRRTQRTKCVG criteria for manpower allocation and compensation for personnel in the 1HÌEG QH VJG +PVGTPCN #WFKV +P QTFGT VQ GPUWTG VJCV VJG KPVGTPCN CWFKVKPI function achieves the degree of independence necessary to effectively ECTT[ QWV VJG CWFKV VCUMU CPF VJG CWFKV YQTM UEJGFWNGU CTG RTQRGTN[ RNCPPGF WPFGTVCMGP CU VCTIGVGF CU YGNN CU CEEQTFKPIN[ TGXKGYGF KP EQPHQTOKV[ YKVJ IGPGTCNN[ CEEGRVGF KPVGTPCVKQPCN UVCPFCTFU VJG 1HÌEG QH VJG +PVGTPCN #WFKV KU TGSWKTGF VQ TGRQTV FKTGEVN[ VQ VJG #WFKV %QOOKVVGG 5HYLHZ RI OHJDO FRPSOLDQFH The Committee reviewed and QXGTUCY VJCV VJG %QORCP[ CPF KVU UWDUKFKCTKGU QRGTCVGF CPF CEVGF KP EQORNKCPEG YKVJ NCYU QP UGEWTKVKGU CPF UVQEM GZEJCPIG TGIWNCVKQPU QH VJG 5'6 CPF 5'% CU YGNN CU QVJGT NCYU TGNCVKPI VQ VJG DWUKPGUU QH VJG %QORCP[ 6JG TGXKGYU KPFKECVGF PQ QWVEQOG VJCV EQWNF NGCF VQ CP[ ÌPFKPIU QH OCVGTKCN PQPEQORNKCPEG YKVJ CPF QT CP[ DTGCEJ QH CRRNKECDNG NCYU TWNGU CPF TGIWNCVKQPU

5HYLHZ DQG UHYLVLRQ WKH &KDUWHU RI WKH $XGLW &RPPLWWHH The Committee assessed the appropriateness of the Charter of the Audit %QOOKVVGG CPF TGUQNXGF VJCV VJG RTGUETKDGF UEQRG QH FWVKGU VJGTGKP UJQWNF DG OCKPVCKPGF 2WKHU DVVLJQPHQWV The Committee prepared its performance TGRQTVU CPF KVU TGXKGYU QH VJG ÌPCPEKCN UVCVGOGPVU HQT UWDOKUUKQP VQ VJG %QORCP[¿U $QCTF QH &KTGEVQTU QP C SWCTVGTN[ DCUKU CPF RTGRCTGF VJG 4GRQTV QH VJG #WFKV %QOOKVVGG HQT FKUENQUWTG KP VJG %QORCP[¿U CPPWCN TGRQTV CU RGT VJG UVCPFCTFU RTGUETKDGF D[ VJG 5'% CPF UWDOKVVGF KV VQ VJG $QCTF QH &KTGEVQTU 5HSRUW RI TXHVWLRQDEOH WUDQVDFWLRQV The Committee has a duty to report to the Board of Directors if and when it has detected any SWGUVKQPCDNG VTCPUCEVKQP QT CEVKQP YKVJ RQVGPVKCNN[ UKIPKÌECPV KORCEV QP VJG ÌPCPEKCN UVCVWU CPF VJG RGTHQTOCPEG QH VJG %QORCP[ +P VJG RCUV year, there were neither situations nor circumstances that indicated any VJTGCV QH UWEJ QEEWTTGPEGU 5HYLHZ RI ULVN PDQDJHPHQW The Committee reviewed the TKUM OCPCIGOGPV QH VJG %QORCP[ CPF KVU UWDUKFKCTKGU VQ GPUWTG VJCV VJG %QORCP[ JCU CRRTQRTKCVG CPF GHHGEVKXG TKUM OCPCIGOGPV RTQEGFWTG RTQRGT HQNNQY WR QP TKUM CUUGUUOGPV ECWUGF D[ EJCPIGU KP DWUKPGUU EKTEWOUVCPEGU CPF EQPUKUVGPVN[ RTGUETKDGU TGNGXCPV TKUM OKVKICVKQP OGCUWTGU 6JG TGXKGY EQPÌTOGF VJCV VJG %QORCP[¿U TKUM OCPCIGOGPV KU GHÌEKGPV CPF UWHÌEKGPV VQ UWRRQTV VJG %QORCP[¿U RQNKEKGU CPF UVTCVGIKGU QP DQVJ UJQTV VGTO CPF NQPI VGTO UEQRGU 6Q UWOOCTK\G KP VJG #WFKV %QOOKVVGG CRRNKGF KVU MPQYNGFIG CPF RTQÌEKGPE[ VQ QXGTUGG VJG QRGTCVKQPU QH VJG %QORCP[ CPF KVU UWDUKFKCTKGU 6JG %QOOKVVGG YCU UWHÌEKGPVN[ KPFGRGPFGPV VQ DG CDNG VQ RGTHQTO KVU FWVKGU CPF TGURQPUKDKNKVKGU CU RTGUETKDGF KP VJG %JCTVGT QH VJG #WFKV %QOOKVVGG +V KU QH VJG QRKPKQP VJCV VJG %QORCP[ CPF KVU UWDUKFKCTKGU OCFG C HCKT RTGUGPVCVKQP QH VJGKT ÌPCPEKCN UVCVGOGPVU YJKEJ YGTG OCVGTKCNN[ CEEWTCVG CPF CEEQWPVCDNG 6JGUG UVCVGOGPVU were prepared in accordance with generally accepted accounting RTKPEKRNGU CPF RTQXKFGF UWHÌEKGPV FKUENQUWTGU QH KPHQTOCVKQP 6JG %QORCP[ OCKPVCKPU SWCNKÌGF CPF KPFGRGPFGPV GZVGTPCN auditors and internal audit team who ensure that its audit process and KPVGTPCN EQPVTQNU CTG GHHGEVKXGN[ EQPFWEVGF +V JCU CFGSWCVG TKUM management, good corporate governance, as well as a proper and GHHGEVKXG KPVGTPCN EQPVTQN U[UVGO #U HQT KVU EQPPGEVGF VTCPUCEVKQPU QT VTCPUCEVKQPU VJCV OC[ RQUG C EQPÍKEV QH KPVGTGUV VJG[ CTG VTCPUCEVGF KP UVTKEV EQORNKCPEG YKVJ CRRNKECDNG NCYU CPF TGIWNCVKQPU QH VJG 5'6 CPF duly conducted according to other laws, rules and regulations relating VQ VJG DWUKPGUU

Annual Report 2014

Business Policy After Golden Land Property Development PLC undertook a major reorganization of its shareholder structure towards the end of 2012, its new management declared the Companyâ&#x20AC;&#x2122;s business vision to become a market leader in property development in residential and commercial high-rise arenas, both domestically and internationally. It also made a commitment to return the Companyâ&#x20AC;&#x2122;s operational RGTHQTOCPEG VQ RTQĂ&#x152;VCDKNKV[ D[ XKC KVU EQTRQTCVG UVTCVGIKE RNCP QH the â&#x20AC;&#x153;three golden stepsâ&#x20AC;? that set the annual goal achievements target for each business year, which are: (1) â&#x20AC;&#x153;Rebuild Foundationâ&#x20AC;? for 2013, (2) â&#x20AC;&#x153;Unlocking Valueâ&#x20AC;? for 2014, and

Ă )TQYVJ &KXGTUKĂ&#x152;ECVKQPĂ&#x201A; HQT In 2014, the Companyâ&#x20AC;&#x2122;s business target for the year was known as â&#x20AC;&#x153;Unlocking Valueâ&#x20AC;? which involved the value creation of its assets, the enhancement of commercial growth, and the formation of long-term business sustainability. Its tasks for the year commenced with the development of its new property development named the â&#x20AC;&#x153;FYI CENTER - For Your Inspiration Workplaceâ&#x20AC;? which is a commercial EQORNGZ VJCV YKNN JQWUG QHĂ&#x152;EG VQYGTU C UJQRRKPI EGPVGT CPF C JQVGN prominently located on the corner of Rama IV and Ratchadapisek Roads. The â&#x20AC;&#x153;FYI CENTERâ&#x20AC;? compound is located on an 8 rai property UKVG +V YKNN EQORTKUG C TQQO JQVGN CPF VYQ UVQT[ QHĂ&#x152;EG VQYGTU with a total usable space of about 90,000 sq. meters. The project is expected to be completed and to start commercial operation in 2016. #U HQT KVU 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT YJKEJ KU C RTKOG QHĂ&#x152;EG DWKNFKPI UKVWCVGF KP VJG JGCTV QH VJG EGPVTCN DWUKPGUU FKUVTKEV QH the Sathorn area, the Company made landscape improvements, added new facilities for building occupants and visitors, and RWTUWGF GPGTI[ GHĂ&#x152;EKGPE[ OGCUWTGU +P 5CVJQTP 5SWCTG 1HĂ&#x152;EG Tower was the only building in Thailand that was honored by the ASEAN Energy Awards for 2014 as a runner-up under the category QH Ă 0GY $WKNFKPIĂ&#x201A; 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT CNUQ TGEGKXGF VJG 2014 Thailand Energy Award, under the category of â&#x20AC;&#x153;Innovative Buildings for Energy Conservationâ&#x20AC;? for both the â&#x20AC;&#x153;New and Existing Buildingsâ&#x20AC;? and Green Buildingâ&#x20AC;? grouping. The regular building maintenance and services improvement schemes of the building helped increase its occupancy rate to 90% of its total rentable areas. The Company plans to place its long-term lease with a new Real Estate Investment Trust (REIT) jointly established with Univentures Public Company Limited. This trust fund will be sold to the general RWDNKE KP The Company has also expanded its business in the low-rise residential estate developments under the Golden Land

Golden Land Porperty Developement PLC

4GUKFGPEG %Q .VF CPF RNCPU VQ NCWPEJ UGXGP PGY RTQLGEVU KP YKVJ C VQVCN KPXGUVOGPV QH QXGT $CJV OKNNKQP YJKEJ UQ HCT CTG YGNN accepted by the Companyâ&#x20AC;&#x2122;s targeted clients evidenced by its ability to reach an overall pre-sale value of over Baht 100 million during the Ă&#x152;TUV YGGM QH VJGKT NCWPEJKPIU )KXKPI VJKU KORTGUUKXG OCTMGV response, the Company then decided to further expand its moves towards the low-rise residential estate developments. During the end period of 2014, the Company was authorized by the resolution of the Extraordinary General Shareholders' Meeting to acquire 100% shares of Krungthep Land Public Company Limited or KLAND from its former shareholders. The acquisition aims to enhance the Companyâ&#x20AC;&#x2122;s expansion of its property portfolios of low-rise residential developments to cover a wider range of higher income consumer groups, ranging from the existing middle income tier to the upper and higher income tiers which are the current clientele of KLAND. This acquisition also enables the Company to recognize certain income from house sales VJCV CTG KP C RTQEGUU QH VKVNG FGGF VTCPUHGTU KP +P CFFKVKQP VJG Company also continues with the development of KLAND property RTQLGEVU KP Ă&#x152;XG RTKOG CPF RTQOKUKPI NQECVKQPU YJKEJ YKNN GPCDNG speedy acceleration in the Companyâ&#x20AC;&#x2122;s sustainable business growth. In 2014, the Company sold its non-core assets, which included the sales of land on Ram Khamhaeng Road which was authorized by the resolution of the Annual General Shareholders' Meeting. The sale proceeds of the land on Ramkhanhaeng Road was approximately Baht 980 million. The Company also sold non-performing assets which included all its properties in Chiang Rai Province. During the year, the Company recognized the sales of its non-core assets as its income in an amount of over Baht 1,100 OKNNKQP +P CFFKVKQP KP VJG %QORCP[ KPVGPFU VQ UGNN QHH CNN KVU QVJGT non-core and non-performance assets which include Panorama Golf Course at Khao Yai and other properties in the provincial areas. The business expansions which resulted from the above OGPVKQPGF QRGTCVKQPCN UVTCVGIKGU PQV QPN[ GPCDNGU C Ă&#x152;TUV VWTPCTQWPF KP VJG %QORCP[ÂżU RTQĂ&#x152;VCDKNKV[ KP VJG RCUV UKZ [GCTU DWV CNUQ CNNQY KV VQ achieve its commitment to return its operational performance to RTQĂ&#x152;VCDKNKV[ C [GCT GCTNKGT VJCP KVU RTKQT VCTIGV QH +V KU VJG Companyâ&#x20AC;&#x2122;s continual policy to focus on its strategic missions, and HQNNQY KVU RNCPPGF VCTIGV QH Ă )TQYVJ &KXGTUKĂ&#x152;ECVKQPĂ&#x201A; VQ CEEGNGTCVG KVU sustained business growth and become a market leader in property development in residential and commercial high-rise arenas, both domestically and internationally.

Business Structure Information as of December 31, 2014

Golden Land Property Development Public Company Limited Authorized Capital-Baht Issued and Paid-Up Capital-Baht

Property Development

Single Detached Housing Projects

CBD Commercial

Property Advisory Service

CBD Residential Service Apartment and Hotel Projects

100% Baan Chang Estate Co., Ltd. 100% North Sathorn Realty Co., Ltd. 100% Golden Land (Mayfair) Co., Ltd. (Paid-up Capital – THB 30 Mil ion)

(Paid-up Capital – THB 639 Mil ion)

100% United Homes Co., Ltd.

100% Narayana Pavilion Co., Ltd.

(Paid-up Capital – THB 550 Mil ion)

(Paid-up Capital – THB 475 Mil ion)

100% Sathorn Thong Co., Ltd.

100% Golden Property Services Co., Ltd.

100% Grand Mayfair Co., Ltd.

(Paid-up Capital – THB 1 Mil ion)

100% Golden Habitation Co., Ltd.

(Paid-up Capital – THB 1 Mil ion)

(Paid-up Capital – THB 12.02 Mil ion)

(Paid-up Capital – THB 1 Mil ion)

100% Grand Paradise Property Co., Ltd.

100% MSGL Property Co., Ltd.

(Paid-up Capital – THB 100 Thousand)

33% Gold Property Fund (Lease Hold) (Paid-up Capital – THB 2,060 Mil ion)

67% Public

60% Sathorn Supsin Co., Ltd.

(Paid-up Capital – THB 5 Mil ion) (Paid-up Capital – THB 1 Mil ion)

(Paid-up Capital – THB 11 Mil ion)

100% Golden Land Polo Limited

(Paid-up Capital – THB 154 Mil ion)

50% Walker Homes Co., Ltd.

16,382.13 million 16,380.19 million

(Paid-up Capital – THB 245 Mil ion)

50%

100% Ritz Village Co., Ltd.

(Paid-up Capital – THB 100 Mil ion)

25%

50% Golden Land Residence Co., Ltd. 25% (Paid-up Capital – THB 50 Mil ion)

40% Ascott Group from Singapore

20% North Sathorn Hotel Co., Ltd. (Paid-up Capital – THB 1,100 Mil ion)

80% Istithmar World Group from Dubai

100% Krungthep Land Plc.

(Paid-up Capital – THB 1,780 Mil ion)

100% First Square Co., Ltd.

(Paid-up Capital – THB 20 Mil ion)

100% Prime Plus Asset Co., Ltd. (Paid-up Capital – THB 20 Mil ion)

100% Regal Region Co., Ltd.

(Paid-up Capital – THB 20.5 Mil ion)

100% Sidewalk Land Co., Ltd.

(Paid-up Capital – THB 41.3 Mil ion)

Annual Report 2014

Nature of Business Summary of the Company’s development projects in 2014 Project Type of Project (Housing Estate): 1. Golden Legend 2. Golden Nakara 3. Golden Heritage 4. Grande Monaco

Type of project

Operated by

Single house Single house & Townhouse Single house Single house

United Homes Co., Ltd. & Ritz Village Co., Ltd. United Homes Co., Ltd. & Ritz Village Co., Ltd. United Homes Co., Ltd. & Ritz Village Co., Ltd. United Homes Co., Ltd. & Grand Paradise Property Co., Ltd. Baan Chang Estate Co., Ltd. Sathorn Thong Co., Ltd Golden Land Residence Co., Ltd. Golden Land Residence Co., Ltd. Golden Land Residence Co., Ltd. Golden Land Residence Co., Ltd. Golden Land Residence Co., Ltd. Golden Land Residence Co., Ltd. Golden Land Residence Co., Ltd. Golden Land Residence Co., Ltd. Golden Land Residence Co., Ltd. Golden Land Residence Co., Ltd. Golden Land Residence Co., Ltd. Golden Land Residence Co., Ltd. Golden Land Residence Co., Ltd. Golden Land Residence Co., Ltd.

Single house & Condominium 5. Golden Village Single house 6. Baan Suan Suay Single house & Townhouse 7. Golden Avenue Chaengwattana - Tiwanon Single house 8. Golden Village Bangna - Kingkaew Townhouse 9. Golden Town Pinklao-Charansanitwong Townhouse 10. Golden Town Kaset – Lad PlaKao Single house 11. Golden Prestige Wacharapol – Sukhaphiban 5 Townhouse 12. Golden Town Rattanathibet – Bang Plu Station Townhouse 13. Golden Town Wacharapol – Sukhaphiban 5 Single house 14. Golden Prestige Ekkachai -Wongwaen Townhouse 15. Golden Town Suksawat-Phutthabucha Townhouse 16. Golden Town Ngamwongwan-Khae Rai Townhouse 17. Golden Town Ramkhamhaeng -Wongwaen Townhouse 18. Golden Town Pinklao – Charunsanitwong 2 Townhouse 19. Golden Town Kaset-Nawamin Townhouse 20. Golden Town Bangna - Kingkaew Residential High Rise / Serviced Apartment and Hotel : Serviced apartment/ Hotel 21. Mayfair Marriott Serviced apartment/ Hotel 22. The Ascott Sathorn Bangkok Residential high-rise 23. Sky Villas Hotel 24. W Bangkok Commercial High Rise : 1HÌEG DWKNFKPI 25. Goldenland Building 1HÌEG DWKNFKPI 5CVJQTP 5SWCTG 1HÌEG 6QYGT 1HÌEG DWKNFKPI *QVGN 27. FYI Center (Under construction) Other project : Land allotment, resort & golf course 28. Panorama Golf and Country Club (Original : Voyage Panorama)

Golden Land Porperty Developement PLC

Grand Mayfair Co., Ltd. Sathorn Supsin Co., Ltd. Sathorn Supsin Co., Ltd. North Sathorn Hotel Co.,Ltd. (associated company)

Narayana Pavilion Co., Ltd. North Sathorn Realty Co., Ltd Golden Land Property Development PLC

Golden Land Property Development PLC

Income Structure of the Company and its subsidiaries Products or services

2014 Baht Million

Real estate sales: 3,071.94 - Single detached housing projects - Condominium projects - Others Rental & service incomes: 376.02 - Service apartments 532.81 1HĂ&#x152;EG DWKNFKPI 51.64 - Others Income from golf course operation: 19.43 2CPQTCOC )QNH CPF %QWPVT[ %NWD Other income: 2TQĂ&#x152;V HTQO )CKP QP FKURQUCN QH CUUGVU ENCUUKĂ&#x152;GF CU 323.73 held for sale 17.71 - Investment income - Management fee 41.89 - Others 4,435.17 Total

2013 Baht Million

2012 Baht Million

69.3 -

622.23 -

39.0 -

842.00 3.88 -

50.1 0.2 -

8.5 12.0 1.1

412.17 439.65 69.15

25.9 27.6 4.3

393.15 318.10 63.51

23.5 18.9 3.8

0.4

22.17

1.4

22.76

1.3

7.3

0.4 1.0 100.0

14.15 8.25 6.11 1,593.87

0.9 0.5 0.4 100.0

23.38 5.81 8.30 1,680.89

1.4 0.3 0.5 100.0

Nature of Business of the Company, its Subsidiaries, and its Affiliates

6JG %QORCP[Âż TGCN GUVCVG FGXGNQROGPV CEVKXKVKGU ECP DG ENCUUKĂ&#x152;GF KPVQ RTKPEKRCN ECVGIQTKGU (1) Residential Projects (2) Commercial High Rise

Annual Report 2014

Types of Business (1) Residential Projects

The Company and its subsidiaries engage in the real estate development business that offers a wide range of residential products, brands and development styles. Their development niches include low rise residential projects that offer sales of single houses, semi-detached houses, and townhouses. The development tasks comprise infrastructure work within each development project, and for all product pricing, which are differentiated by product lines under different brand names to cover diverse market segments and different clientele groups. The product brands for the Company and its Group are:

Type of products

Brand

Pricing

Current Projects

Single house

Baht 15 - 30 Million

• Golden Legend Sathorn-Kanlapaphruek

Single house

Baht 7 - 10 Million

Single house / semi - detached house

Baht 3.5 - 7 Million

Two-story townhouse Three-story townhouse

Baht 2 – 3 Million

Single house / semi-detached house / Townhouse

Baht 2 – 5 Million

• Golden Prestige Wacharapol - Sukhaphiban 5 • Golden Village Bangna - Kingkaew

Golden Town • Pinklao-Charansanitwong • Kaset – Lad Pla Kao • Rattanathibet – Bang Plu Station • Wacharapol – Sukhaphiban 5 • Golden Avenue Chaengwattana - Tiwanon

In 2014, the Company continually expanded its business in the low rise residential developments under the following brands:

Project : Golden Land Residence Co., Ltd. 1. Golden Legend Sathorn-Kanlapaphruek Phase 5 Project details : Single house Number of units : 17 units Project value : Baht 400 million

2. Golden Prestige Wacharapol – Sukhaphiban 5 Project details : Three-story single house Number of units : 152 units Project value : Baht 1,414 million

Golden Land Porperty Developement PLC

3. Golden Village Bangna - Kingkaew Project details : Single house / semi-detached house Number of units : 186 units Project value : Baht 1,077 million

4. Golden Town Pinklao-Charansanitwong Project details : Two & three-story townhomes Number of units : 332 units of two-story townhomes and 86 units of three -story townhomes Project value : Baht 1,285 million

5. Golden Town Kaset – Lad Pla Kao Project details : Two-story townhomes Number of units : 63 units of two-story townhomes Project value : Baht 230 million

6. Golden Town Rattanathibet – Bang Plu Station Project details : Two - story townhomes Number of units : 193 units of two-story townhomes Project value : Baht 530 million

7. Golden Town Wacharapol – Sukhaphiban 5 Project details : Two - story townhomes Number of units : 281 units of two-story townhomes Project value : Baht 870 million 8. Golden Avenue Chaengwattana - Tiwanon Project details : Single houses / semi-detached houses / Two -story townhomes Number of units : 97 units of single houses / semi-detached house 321 units of two -story townhomes Project value : Baht 1,339 million Annual Report 2014

Project : Krungthep Land Public Company Limited and subsidiaries company 1. The Grand Rama 2 – Lake Grandiose Phase 3 Project details : Single houses Number of units : 58 units Project value : Baht 962 million

2. The Grand Rama 2 – The Island Courtyard Project details : Single houses Number of units : 89 units Project value : Baht 1,375 million

3. The Grand Rama 2 – The Grace (Zeen Scenery) Phase 6 Project details : Single houses Number of units : 100 units Project value : Baht 937 million

4. The Grand Rama 2 – The Leaf (Zenith) Phase 9 Project details : Single houses Number of units : 22 units Project value : Baht 239 million

5. The Grand Rama 2 – Infinia Phase 11 Project details : Single houses Number of units : 223 units Project value : Baht 1,127 million

Golden Land Porperty Developement PLC

6. The Grand Grand Wongwan –Prachauthit Phase 1 Project details : Single houses Number of units : 282 units Project value : Baht 1,573 million

7. The Grand Pinklao Project details : Number of units : Project value :

Alpina Phase 1 Single houses 147 units Baht 3,217 million

8. The Grand Udomsuk Project details : Single houses Number of units : 153 units Project value : Baht 1,903 million

9. Tyme Rama 5 - Nakornin Project details : Single houses Number of units : 158 units Project value : Baht 529 million

10. The Grand Pinklao – De Pine Phase 2 Project details : Single houses Number of units : 213 units Project value : Baht 2,757 million (developed under First Square Co., Ltd.)

11. The Grand Wongwan –Prachauthit Phase 2 Project details : Single houses Number of units : 69 units Project value : Baht 542 million (developed under Prime Plus Asset Co., Ltd.)

Annual Report 2014

(2) Commercial High Rise As for commercial high rise developments, it is the %QORCP[ÂżU RQNKE[ VQ FGXGNQR OCPCIGOGPV GHĂ&#x152;EKGPE[ CPF SWCNKV[ VQ better respond to its customer needs. It also promotes activities that encourage growth in its rental occupancy and enable continual increase in its revenues. At present, the Company has followed commercial high rise developments which are service apartments, JQVGN CPF QHĂ&#x152;EG DWKNFKPIU The Ascott Sathorn Bangkok and Sky Villas The Ascott Sathorn Bangkok is a contemporary service apartment building situated amid the central business district of Sathorn Road, near the Chong Nonsi BTS Skytrain Station. This 35-storey building houses 177 service apartment units, managed by the Ascott Group Limited, a leading serviced residence and hotel QRGTCVQT HTQO 5KPICRQTG 6JG UV VQ VJ Ă?QQT QH VJG DWKNFKPI NQECVGU the â&#x20AC;&#x153;Sky Villasâ&#x20AC;? the luxurious and exclusive residential high-rise apartments decorated by renowned interior designers. Mayfair Marriott Executive Apartment Mayfair Marriott Executive Apartment is designed to be one of the most luxurious service apartment buildings in Bangkok, with a height of 25-storeys. This development has also been granted a hotel operating license. The Company sold its leasehold for the building to the Gold Property Fund (in which one-third of the shares belong to the Company). The building houses 164 apartment units, with various sizes ranging from 1 to 3 bedrooms, and is managed by the Marriott International, Inc, a â&#x20AC;&#x153;global brandâ&#x20AC;? hotel chain and leading hotel management company. The building is located in the middle of Soi Langsuan, not far from the BTS Skytrain Station and adjacent to Lumpini Park which is a famous park within the Bangkok central business district.

ÂŚlÂ&#x2039;oiÂ&#x161;Â&#x2039; |Â&#x153; ÂĽÂ&#x2022;Â&#x2019;lÂ&#x2022; Â&#x2019;Â&#x161; Â&#x2039; ÂĽÂ&#x201A;olÂ&#x2022;i ÂĽÂ?Â&#x2DC;Â&#x2019;iÂ&#x161;Â&#x160; Â?Â&#x153;Â?Â?Ă&#x2019;Â&#x161;Â&#x2019;Ă&#x2013;

ÂŚlÂ&#x2039;oiÂ&#x161;Â&#x2039;Â¤Â&#x2030;Â&#x160;Ă&#x2013;ÂĽÂ&#x2021;Â&#x2039;Ă&#x2013; ÂĽÂ&#x2030;Â&#x2039;Â&#x153;Â&#x2022;Â&#x2022; Â¤Â&#x2022;ÂŤiÂ¤sllÂ&#x153;Â? Â?Â&#x2021; Â&#x2022;Â&#x2020;Â&#x161;Â&#x2039;Ă&#x2013; Â¤Â&#x2030;Ă&#x201C;Â Ă&#x2013;

Golden Land Porperty Developement PLC

Sathorn Square 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT KU C UVQTG[ EQOOGTEKCN QHĂ&#x152;EG DWKNFKPI YKVJ WPFGTITQWPF Ă?QQTU +V JCU C TGPVCN CTGC QH QXGT USWCTG OGVGTU NQECVGF KP VJG JGCTV QH VJG EGPVTCN DWUKPGUU district, at the Sathorn - Narathivas intersection with a direct passage NKPM VQ VJG %JQPI 0QPUK $65 5M[VTCKP 5VCVKQP 6JG 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT JCU C WPKSWG CTEJKVGEVWTCN FGUKIP +VU TGPVCN URCEGU QP GCEJ Ă?QQT CTG FGUKIPGF VQ RTQXKFG OQTG QRGP URCEG YKVJ PQ RKNNCTU CPF KPETGCUGF Ă?GZKDKNKV[ KP URCEG WUCIG CPF QRGP Ă?QQT QHĂ&#x152;EG designs. The tower is an â&#x20AC;&#x153;Energy Conservation Buildingâ&#x20AC;? that TGEGKXGF VJG .''& )QNF %GTVKĂ&#x152;ECVKQP .GCFGTUJKR KP 'PGTI[ CPF Environmental Design Award) from the U.S. Green Building Council (USGBC). Goldenland Building The Goldenland Building is an 8-storey building with one WPFGTITQWPF Ă?QQT VJCV NQFIGU C VQVCN TGPVCN URCEG QH CDQWV USWCTG OGVGTU NQECVGF PGCT VJG OCKP UJQRRKPI CTGC QH EGPVTCN Bangkok with shopping places such as Gaysorn Shopping Centre, Central World, and Central Chidlom, as well as famous nearby hotels such as the Four Seasons Hotel, the Grand Hyatt Erawan, and the InterContinental Hotel. The building is only a few minutesâ&#x20AC;&#x2122; walk from the Chidlom and Ratchadamri BTS Skytrain Stations. The building is also designed to afford the occupantsâ&#x20AC;&#x2122; adaptability and greater FGUKIP Ă?GZKDKNKV[ Additionally, in 2014 the Company began its development plan for a new commercial high-rise development at the corner of the Rama IV â&#x20AC;&#x201C; Ratchadapisek intersection (Soi Paising-to). This project YKNN JQWUG CP QHĂ&#x152;EG DWKNFKPIÂź EWOÂźJQVGN EQORNGZ WPFGT VJG PCOG QH FYI Center. The complex has a land plot area of 8 Rai. At present, it is under construction and is expected to be completed for EQOOGTEKCN QRGTCVKQP D[ 6JCK 1DC[CUJK %QTR .VF KU VJG contractor responsible for the construction of the project.

Â&#x2019;Â&#x161; Â&#x2039;Â&#x2019;ÂĽlÂ?Â&#x2039;Ă&#x2013;

ÂŚiÂ?Â¤|Ă&#x201C;Â ÂĽÂ?Â |Ă&#x2013; Â&#x201A;Â&#x153;Â?|Â&#x153;Âo

Â¤Â&#x2022;Â&#x2021; Â?Â&#x161;Â&#x160; Â¨Â&#x2022; Â¤sÂŤÂ Â¤}Â&#x2022;Â&#x2039;Ă&#x2013;

Annual Report 2014

Market and Competition (1) Residential Projects

In 2014, there was an overall decline in the residential market growth, judging from the total number of residential ownership transfers HQT CNN TGUKFGPVKCN V[RGU KP CNN CTGCU QH VJG $CPIMQM /GVTQRQNKVCP 4GIKQP HQT VJG Ă&#x152;TUV OQPVJU QH CU EQORCTGF VQ VJG UCOG RGTKQF QH YJKEJ CFFGF WR VQ WPKVU QT C FGENKPG QH HTQO WPKVU KP 6JG DTGCMFQYPU QH UWEJ Ă&#x152;IWTGU KPVQ FKHHGTGPV ECVGIQTKGU CTG as follows: â&#x20AC;˘ %QPFQOKPKWO VJG VQVCN PWODGT QH QYPGTUJKR VTCPUHGTU HQT EQPFQOKPKWO WPKVU HQT VJG Ă&#x152;TUV OQPVJU QH YCU WPKVU QT C decline of 8% (from 65,575 units in 2013) â&#x20AC;˘ 5KPING JQWUG VJG VQVCN PWODGT QH QYPGTUJKR VTCPUHGTU HQT UKPING JQWUGU HQT VJG Ă&#x152;TUV OQPVJU QH YCU WPKVU QT C FGENKPG of 6% (from 28,667 units in 2013) â&#x20AC;˘ 6QYPJQWUG VJG VQVCN PWODGT QH QYPGTUJKR VTCPUHGTU HQT UKPING JQWUGU HQT VJG Ă&#x152;TUV OQPVJU QH YCU WPKVU QT C FGENKPG QH (from 49,932 units in 2013) â&#x20AC;˘ 5GOK FGVCEJGF JQWUG VJG VQVCN PWODGT QH QYPGTUJKR VTCPUHGTU HQT UGOK FGVCEJGF JQWUGU HQT VJG Ă&#x152;TUV OQPVJU QH YCU WPKVU or an increase of 12% (from 4,902 units in 2013) â&#x20AC;˘ %QOOGTEKCN UJQR JQWUG VJG VQVCN PWODGT QH QYPGTUJKR VTCPUHGTU HQT EQOOGTEKCN UJQR JQWUGU HQT VJG Ă&#x152;TUV OQPVJU QH YCU 10,534 units, or a decline of 19% (from 13,030 units in 2013). 80,000 60,000

2013 2014

-8% -3%

40,000 -6% 20,000 +12% 0

-19% Source : REIC

Townhouse Commercial Attached Single house detached shop house house New launches of residential units during 2014 totaled 103,078 units, or a decline of 22% as compared to 2013. The segment suffering the most decline was condominiums, followed by commercial shop houses cum townhouses, and single houses, respectively. â&#x20AC;˘ Condominium : the total number of new launches for condominium units in 2014 Commercial Shop House 2% was 58,732 units, or a decline of 30% (from 84,250 units in 2013) Semi â&#x20AC;&#x201C; Detached House 4% â&#x20AC;˘ Single house: the total number of new launches for single houses in 2014 Single Detached House 12% was 12,662 units, or a decline of 1% (from 12,789 units in 2013) Condominium 57% â&#x20AC;˘ Townhouse: the total number of new launches for single houses in 2014 was 25,261 units, or a decline of 10% (from 28,047 units in 2013) â&#x20AC;˘ Semi detached house: the total number of new launches for semi-detached houses in 2014 was 4,536 units, or an increase of 2% Townhouse 25% (from 4,437 units in 2013) â&#x20AC;˘ Commercial shop house: the total number of new launches for commercial shop houses in 2014 was 1,719 units, or a decline of 15% (from 2,027 units in 2013). Condominium

However, when comparing condominium with other residential types in terms of respective market share among the new launches in 2014, the number of new condominium projects launched in 2014 was the highest among all other project types. 22

Golden Land Porperty Developement PLC

As there are many developers in the residential real estate industry, and intense competition within the market, in addition, current trends in consumer behavior and consumer decision making regarding home purchase are becoming increasingly rational and TGĂ?GEVKXG VJG %QORCP[ JCU VJWU UGVU VJG HQNNQYKPI OCTMGV competitive strategies to counter such intense competition: â&#x20AC;˘ Design and Product Strategy 4GUKFGPVKCN FGUKIPU UVKNN HQEWU QP VJG QRVKOK\GF DGPGĂ&#x152;VU QH useable areas and effective use of available spaces. The Companyâ&#x20AC;&#x2122;s Ă?GZKDKNKV[ VQ EWUVQOK\G CPF CFLWUV VJG WVKNK\CVKQP HGCVWTGU QH KVU products to suit customer needs remains its key market strength. &WG VQ VJG FKXGTUKĂ&#x152;GF EJCTCEVGTKUVKEU QH EQPUWOGT FGOCPFU CV different pricing and brand-levels, consumer behavior research becomes essential and the Company has paid continual attention to study the behavior of different client categories to apply such understandings and outcomes to develop better products and satisfaction for its clients. Additionally, the Company also focuses on offering more than the normal expectations, whether in space utilization functions, conditions of development sites and its surroundings, or in other innovations which are better than competitors in the same market area. Its products represent a uniqueness at an appropriate pricing for â&#x20AC;&#x153;Affordable Stylish Livingâ&#x20AC;?. â&#x20AC;˘

Location Strategy The Company recognizes the importance of its project locations, which should provide the right solutions to different consumer groupings, and match with its land purchase criteria. Most of the Companyâ&#x20AC;&#x2122;s developments are situated in promising locations, in and within the main business districts or prominent neighborhoods, with convenient accessibility to the heart of the city, and also to infrastructures. The Company projects are generally scattered around the Bangkok Metropolitan Region. It also pays attention to new locations in the popular urban and suburban growth trend and along the expansion routes of future transportation networks. â&#x20AC;˘

Pricing Strategy In setting its real estate pricing, the Company regularly undertakes market surveys and market environment analysis in order to ensure that its pricings are competitive in the marketplace. It is the Companyâ&#x20AC;&#x2122;s policy to set its pricings as signals and incentives for consumers, to motivate them to buy, and to offer worth and value of the items purchased. Pricings are determined to suit economic conditions and market competition, as well as other factors such as costs, locations, development styles, market conditions, and product

competitors. It is also concerned about value for money and competitive pricing, while concentrating on aspects such as better design and function, desirable surroundings and fully equipped facilities, etc. â&#x20AC;˘

Marketing Strategy It is the Companyâ&#x20AC;&#x2122;s policy to use various media channels and a combination thereof to disseminate information on its developments and projects to be best accessible to its clientele and general consumers. Those channels include: 1) Billboard ads and billboard signs promoting the Companyâ&#x20AC;&#x2122;s projects. 2) Advertisements via media channels such as radio, newspaper and magazine 3) Marketing booths in locations where target clientele gather such as in shopping malls and at the Home & Interiors Exhibitions. 4) Mobile SMS to target groups during its sales promotion periods and other corporate events. 5) Internet and other social media such as its corporate website: www.goldenlandplc.co.th, facebook, Instagram, as well as Web Banners on main real estate websites and target groups frequently visited websites. 6) Customer word of mouth and recommendation from existing clients in the Companyâ&#x20AC;&#x2122;s organized events such as â&#x20AC;&#x153;Member Gets Memberâ&#x20AC;?. â&#x20AC;˘

Product Cost Management Strategy The Company manages its own construction work, by dividing the tasks into different phases such as foundation work, RNCUVGT YQTM EQPUVTWEVKPI GPUGODNGU Ă?QQTKPI CPF TQQĂ&#x152;PI GVE 6JG Company hires experienced contractors with expertise to undertake the construction tasks and manages the contracts by sending its own teams including engineers and foremen to monitor the construction work to ensure its standards and conformity with prescribed URGEKĂ&#x152;ECVKQPU #U VJG %QORCP[ RTQEWTGU KVU QYP OCVGTKCN UWRRN[ KV KU CDNG VQ GHĂ&#x152;EKGPVN[ OCPCIG CPF EQPVTQN VJG EQPUVTWEVKQP EQUVU â&#x20AC;˘ After-Sales Services Strategy 6JG %QORCP[ FGXGNQRU EQPUWOGT EQPĂ&#x152;FGPEG KP VJG SWCNKV[ of its construction work and high-standard products. It also provides relevant warranties for different components of a project such as: - 5 year quality warranty on building structure, effective HTQO VJG QHĂ&#x152;EKCN VTCPUHGT FCVG - 1 year house warranty on quality, effective from the QHĂ&#x152;EKCN VTCPUHGT FCVG HQT RTQDNGOU UWEJ CU YQTMOCPUJKR electrical system, and water supply, etc. Annual Report 2014

(2) Commercial High Rise

In general, the market of commercial high rise buildings for TGPV RCTVKEWNCTN[ QHĂ&#x152;EG DWKNFKPIU UJQYU QRRQTVWPKV[ QH EQPVKPWGF ITQYVJ &GOCPF HQT QHĂ&#x152;EG URCEG TGPVCN CPF TGPVCN TCVGU CTG GZRGEVGF VQ RQUUKDN[ UKIPCN WRYCTF OQXGOGPVU GURGEKCNN[ HQT )TCFG # QHĂ&#x152;EG buildings in the Central Business Districts along the BTS Skytrain lines or near MRT stations. The governmentâ&#x20AC;&#x2122;s economic stimulus policies have also contributed to such growths. Registrations of new companies have risen whilst the business of companies that are already registered are also expanding. There is a tendency for HQTGKIP EQORCPKGU VQ UGV WR PGY QHĂ&#x152;EGU KP 6JCKNCPF VQ CEEQOOQFCVG the upcoming regional economic integration of the ASEAN Economic Community. /CTMGV EQORGVKVKQP HQT QHĂ&#x152;EG DWKNFKPIU HQT TGPV KU SWKVG strong with available rental spaces of 8.27 million square meters, with 0.37 million square meters under construction, 7.48 million square meters are already occupied, or an equivalent of 90.5% of the overall available space. The occupancy rate has been continually increasing since 2009. (QEWUKPI QP )TCFG # QHĂ&#x152;EG DWKNFKPIU VJG QEEWRCPE[ TCVG increased to 93.3% (with 1.1 million square meters, out of a total 1.23 million square meters, already occupied). The average rental rate is as high as Baht 845 per square meter, the highest ever obtained in the market. At present, though competition in this market segment is PQV UQ UGXGTG VJGTG CTG QVJGT FGOCPFKPI VCUMU UWEJ CU FCKN[ services and monitoring, renovation requirements to maintain the locations, availability of full services and basic facilities, and good security systems. 6JG %QORCP[ RTGUGPVN[ JCU VYQ QHĂ&#x152;EG DWKNFKPIU HQT TGPV PCOGN[ )QNFGP .CPF $WKNFKPI CPF 5CVJQTP 5SCWTG 1HĂ&#x152;EG 6QYGT both located near BTS Skytrain Stations with convenient access to VTCPURQTVCVKQP )QNFGP .CPF $WKNFKPI CPF 5CVJQTP 5SCWTG 1HĂ&#x152;EG Tower currently have an average occupancy rate of over 91.9% and 92% respectively. In 2014, the Company placed emphasis on the improvement of the building quality of Sathorn Square, as well as Ă&#x152;PFKPI UWKVCDNG TGVCKN DTCPFU VQ DG KVU VGPCPVU UWEJ CU 5VCTDWEMU S&P bakery, Seven Eleven etc. It also continually organized activities and events for tenants such as sales discount campaigns, festive fairs, social charitable events, song contests, tower-running challenge known as â&#x20AC;&#x153;Sathorn Square Vertical Fun Run 2014â&#x20AC;?, etc. The Company added additional facilities to make it more convenient for building tenants and visitors, as well as promoting a comfortable social environment within the building. â&#x20AC;&#x153;Victor Club at Sathorn Squareâ&#x20AC;? also opened for business to provide building tenants and clients from nearby buildings an ideal venue for an arrangement of meetings, seminars, press release and conference events. 24

Golden Land Porperty Developement PLC

6JG VCTIGV OCTMGV HQT 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT 2TQLGEV covers both domestic and international corporate tenants of over 500 NGCFKPI Ă&#x152;TOU 6JG VGPCPVU OQUVN[ FGUKTG VJG UWRGTKQT OCTMGVKPI image of being in the heart of the Bangkok CBD, with a direct access to mass transportation especially to the BTS Skytrain. The building is CP GPGTI[ GHĂ&#x152;EKGPV DWKNFKPI CPF QHHGTU CP GEQ HTKGPFN[ YQTMRNCEG GPXKTQPOGPV CU YGNN CU CP Ă QRGP EQPEGRVĂ&#x201A; Ă?QQT RNCP VJCV KU Ă?GZKDNG CPF CDNG VQ CEEQOOQFCVG CP[ KPVGTKQT UV[NG QH QHĂ&#x152;EGU 6JG %QORCP[ÂżU OCTMGVKPI UVTCVGI[ HQT QHĂ&#x152;EG URCEG TGPVCN includes working closely with leading real estate agencies, providing them with updated and required information needed by potential tenants, and keeping regular follow-ups with the clients. For building quality improvement, the Company implemented building renovation RNCPU VJCV KPENWFGF VJG TGDTCPFKPI QH KVU 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT Project by changing the building logo & signage, redecorating the surrounding landscape to be in accord with the rebranding concept. Activities and exhibitions were arranged using both internal lobby areas and external spaces of the buildings to promote a bonding relationship with the building tenants, particularly during the festive seasons. Other actions comprised organizing press conferences to promote the buildings, regular checking and monitoring the building systems and building management, and improvement of communications via internet and other social media such as the web page, Facebook etc. +P VJG QHĂ&#x152;EG TGPVCN \QPG QH VJG DWKNFKPI VJGTG CTG high-speed elevators (3 zones) in service. The interior design for the Ă?QQT RNCP OCMGU WUG QH EQNWOP HTGG CPF NCTIG QRGP URCEGU YKVJ C JGKIJV QH OGVGT HTQO Ă?QQT VQ EGKNKPI VJCV CNNQYU CEEGUU QH PCVWTCN NKIJV QP GCEJ Ă?QQT CPF KORTQXGF KPVGTKQT UWTTQWPFKPIU YKVJ C panoramic city view of Bangkok. The buildingâ&#x20AC;&#x2122;s twenty-four hour security is comprised of an access control system which controls access to elevators round-the-clock, CCTV, entry alarm etc. Utilities such as service lines, electric, telephone, and cable lines are well RTQXKFGF 6JGTG CTG Ă&#x152;XG WPFGTITQWPF Ă?QQTU HQT RCTMKPI YKVJ C ECT park guidance system to monitor parking space occupancy and guide drivers to the closest available parking space. The building is equipped with eco-friendly controls system such as a VAV (Variable Air Volume) air conditioning system and CO2 Detector, an CFLWUVOGPV HGCVWTG VQ Ă&#x152;PG VWPG HTGUJ CKT EKTEWNCVKQP CEEQTFKPI VQ carbon dioxide value. A chilled-water air-conditioning system is used for the buildingâ&#x20AC;&#x2122;s central air conditioning. For its lightning, the DWKNFKPI CRRNKGU GPGTI[ GHĂ&#x152;EKGPV 6 NKIJV DWNDU 6 (NWQTGUEGPV Lamp) for electricity saving. All these factors have enabled the building to receive awards for its innovative green building status.

As for environmental impacts, the Company arranged to have relevant designing and advisories on such matters, as well as obtaining related approvals/ licenses including the submission of the approval of an Environmental Impact Assessment Report (EIA Report) prior to its request for any building construction license. It also undertook measures and procedures as prescribed in its EIA Report to assure the mitigation of construction impacts to surrounding communities. The buildings were designed and constructed to enhance energy conservation according to the international guidance standard of â&#x20AC;&#x153;LEED (Leadership in Energy and 'PXKTQPOGPV &GUKIP Ă&#x201A; EGTVKĂ&#x152;ECVGF D[ 75)$% 6JG %QORCP[ YCU CYCTFGF VJG Ă .''& )QNF %GTVKĂ&#x152;ECVGĂ&#x201A; QP #RTKN

Supplies of Products or Services 1) Raw Material Supplies 1) Residential Projects

Land

The Company carefully selects the land site for its developments. It normally picks the locations in the areas of its existing projects where it already has a client base in the vicinity and upcoming new sites where client target may be different to diversify development risks. The Company pays a great interest in land acquisition for project developments as it is the key advantageous factor in business competition. Fast acceleration in land prices pushes up development costs. The Company, therefore, tries to search for reasonable land prices for its project site acquisitions, which are within a large community and with easy transportation access, even though they may not be located adjacent to the BTS Skytrain Stations or close to expressway exits. The Companyâ&#x20AC;&#x2122;s land acquisition and project development process involves preliminary surveys, market and groundwork research, competition analysis, as well as consumer behavior studies. This information is then used to plan upcoming development concepts, appropriate site locations, and development feasibility to be submitted to the Executive Board for their consideration and authorization. Construction Materials The Company negotiates with construction material suppliers to obtain quality products at a fair and reasonable price. The Company manages its purchases of construction materials. 5WRRNKGTU CTG TGSWKTGF VQ IKXG EQPĂ&#x152;TOCVKQPU QH SWQVGU HQT EGTVCKP materials over a six month period. Purchases of supplies in large quantities enable the Company to well negotiate their prices and be capable of controlling its construction costs. The Companyâ&#x20AC;&#x2122;s Purchase Department shall monitor the price movements of construction materials, make assessments, and calculate the estimated construction costs. In general, prices of construction OCVGTKCNU Ă?WEVWCVG YKVJKP VJG GUVKOCVGF TCPIGU +P VJG GXGPV VJCV VJG

prices differ more than the estimated ranges, the Company shall then seek for choices of alternative materials that can be substituted in both usage and quality. Environmental Impact The Company provides relevant infrastructures as required and prescribed by laws and regulations related to Land Allotment Act, as well as lawfully arranging to have the required EIA Report to assure the mitigation of construction impacts to surrounding communities and the immediate vicinity of the site. 2) Commercial High Rise Land

The land used in the Companyâ&#x20AC;&#x2122;s development projects of commercial high rises are in the CBD and easy accessible to public VTCPURQTVCVKQP 5KVGU OWUV DG UWHĂ&#x152;EKGPVN[ NCTIG GPQWIJ VQ accommodate buildings of the planned design. Most of the landowners of such targeted sits prefer to lease their plots rather than sell them. Expiry of existing leaseholds on the land plots, as well as eviction of current tenants are sometime required, prior to any future site developments. However, the Company has experience and capability in handling wide range real estate developments from QHĂ&#x152;EG DWKNFKPIU JQVGNU UGTXKEG CRCTVOGPVU VQ XCTKQWU OKZGF WUGU developments. It also operates many leases, has been working well with many major landlords, and has excellent track records in compliance with its contractual obligations. This enables the Company to be awarded with many long-term types of leasehold of prominent sites such as that prime land plot on the corner of Rama IV and Ratchadapisek Roads that will house its upcoming FYI Center. Finding suitable plot sites is one of the primary factors in the %QORCP[ÂżU FGXGNQROGPV RTQEGUU NGCUKPI VJG CRRTQRTKCVG RKGEGU QH land then follows. The Company normally leases land on a 30 year term, with a possible renewal right for another 30 years. Prominent locations with strong commercial potentials are required criteria of its developments. The Companyâ&#x20AC;&#x2122;s management gets involved from the very beginning of the development process by personally making site visits prior to any recommendation of such development site to the Executive Board for their relevant authorization. Strengths and weaknesses analysis, proper due diligence, reviews of legal issues and city planning regulations, as well as thorough marketing plans are conducted and submitted for board consideration before any authorization of land lease or land acquisition. Construction Materials At present, the contractors hired by the Company are responsible for material sourcing for construction work. The Company clearly prescribes the prices of construction materials in its construction contracts to protect itself from any impacts from increasing prices of construction materials, and potential material shortages during the construction period. Annual Report 2014

Corporate Social Responsibility Golden Land Property Development PLC and its subsidiaries recognize their ongoing initiatives in Corporate Social Responsibility, guided by the eight principles prescribed by the Stock Exchange of Thailand. The Company also recognizes the importance of conducting its business in a socially responsible manner. In 2014 it prescribed the following framework policy, which also includes respecting the rights of employees to Human Rights at Work and Equal Treatment Policy. 6JG %QORCP[ Ă&#x152;TON[ UWRRQTVU CPF TGURGEVU VJG RTKPEKRNGU UGV out in the international covenants on human rights and domestic human rights bills. It oversees that its businesses are not complicit in violating human rights, and abide with the United Nations (UN) Universal Declaration of Human Rights. It also includes human rights for employees into its policy and codes of practice on employment, which are strictly observed and complied by all employees, whereas the Company also commits to ensure the right to fair treatment in the workplace and fairly treats its employees with respect as they are considered a major stakeholder group. Human rights are considered by the Company as basic standards of treatment to which all employees are entitled. The Company duly complies with applicable laws and regulations governing labour, labour welfare, and equal employment. Its corporate code of conduct also promote best employment practices and equal employment opportunities, as well as prohibiting harassment and discrimination in the workplace. The Company treats all employees fairly and equally regardless of their gender, sexual orientation, race, colour, nationality, ethnicity, religion, age, disability, educational background or on grounds other than their own work merit. It does not encourage disparate treatment whereby similarly situated employees are treated differently or a particular employee is offered privileges of employment or treatment. It

Golden Land Porperty Developement PLC

provides its employees fair and equitable conditions of employment, including work assignments, promotions, transfers, rewards, and disciplinary actions. Employees are compensated fairly and considGTCVGN[ QP VJG DCUKU QH VJGKT RTQĂ&#x152;EKGPE[ ECRCDKNKV[ FWV[ TGURQPUKDKNKV[, performance, work experience, and expertise.

Sathorn Square Office Tower

Sathorn Square Vertical Fun Run Hence, for the Company to attain its corporate growth and business goals, it recognizes the importance of fostering sound human resource development strategies that include corporate social responsibility and sustainable development. It promotes and encourages staff training sessions, knowledge exchanges, and capability development, aiming to provide its employees the opportunity to ensure job stability and career advancement. Employees are offered the opportunity to continually improve their work knowledge, skills and abilities, as well as the occasion to participate in setting operational directions and improvement plans. The Company also provides adequate and appropriate workplace facilities as well as safety and a healthy workplace. It is the Companyâ&#x20AC;&#x2122;s belief that a positive and suitable working environment that is safe, hygienic, and GPXKTQPOGPVCNN[ HTKGPFN[ ECP UKIPKĂ&#x152;ECPVN[ CPF RQUKVKXGN[ KPĂ?WGPEG KH not maximize, work performance of its employees. The Company clearly sets its employeesâ&#x20AC;&#x2122; compensation and welfare rules and publishes them in its employee handbook, which CNUQ KPENWFGU GORNQ[GG DGPGĂ&#x152;VU UWEJ CU JGCNVJ ECTG RTQXKFGPV HWPF medical insurance, employer-sponsored life insurance, and other entitlements. It is the Companyâ&#x20AC;&#x2122;s policy to safeguard personal GORNQ[GG KPHQTOCVKQP KP KVU RQUUGUUKQP VQ GPUWTG VJG EQPĂ&#x152;FGPVKCNKV[ QH the information, and not to disclose sensitive employee data such as employment, medical information and personal health records.

The Company supports open communication and provides appropriate communication channels for its employees to express their views and recommendations on work related issues. These suggestions are promptly reviewed and processed for a proper course of action. The Company makes employee communications a priority and encourages effective internal communication to enhance better understanding within its organization via various attempts such as the appointments of employee communication representatives and a employee welfare committee, which are accordingly formed under relevant ministerial regulations issued by the Ministry of Labour and Social Welfare. The Company promotes employeeâ&#x20AC;&#x2122;s awareness on human rights and their consciousness for compliance with human rights principles. It also supports work-life balance, as well as encourages unity and cooperation among staff, by establishing a work unit to RTQOQVG VGCO DWKNFKPI KPVGT QHĂ&#x152;EG KPVTC QHĂ&#x152;EG CEVKXKVKGU EQOOWPKV[ involvements, and CSR activities. The continued social events sponsored by the Company are programs such as Sathorn Square Vertical Fun Run 2014 of which the donation proceeds thereof have been donated for social and community charities.

Annual Report 2014

ASEAN Energy Awards 2014

Thailand Energy Awards 2014

Environmental Protection

Modern and innovative technologies such as Variable Air Volume Control System (VAV System) are applied to the interior architecture of VJG DWKNFKPI 6JG U[UVGO XCTKGU VJG CKTĂ?QY UQ KV TGOCKPU CV C EQPUVCPV temperature, assures more precise temperature control, and enhances effective energy conservation. Additionally, indoor air quality is regularly monitored to ensure that temperature, oxygen levels, and relative humidity are maintained in the recommended comfort range. The building is equipped with a Building Automation System (BAS), which is a centralized and interlinked automation network that monitors and controls indoor environment, as well as mechanical, electrical, and plumbing systems of the building to ensure the operational performance of those systems and facilities. The BAS network also monitors CPF EQPVTQNU GHĂ&#x152;EKGPV GPGTI[ WUCIG YKVJKP VJG DWKNFKPI CPF CNN VJTQWIJ its life-cycle to assure sustainable development.

The Company promotes environment protection initiatives and also implements such policy via its subsidiaries. One of its subsidiaries, which is the owner and developer of Sathorn Square 1HĂ&#x152;EG 6QYGT TGEGKXGF VJG .''& )QNF %GTVKĂ&#x152;ECVKQP .GCFGTUJKR KP Energy and Environmental Design Award) from the U.S. Green Building Council (USGBC) in 2013. Winning such an impressive honor for the design, construction, operation, and maintenance of ITGGP DWKNFKPIU UWEJ CU VJG .''& )QNF %GTVKĂ&#x152;ECVKQP TGĂ?GEVU CP international acknowledgement of the Companyâ&#x20AC;&#x2122;s commitment towards promoting sustainable buildings via a holistic approach to design and EQPUVTWEVKQP YKVJ GHĂ&#x152;EKGPV GPGTI[ CPF TGUQWTEG WUG CPF TGFWEVKQP KP carbon emissions from construction processes which are the vital concepts of a green building. Indeed, the mentioned design and construction approach not only meets contemporary customer needs but is also the best possible match between a functional working life and the service life of a building. +P 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT DGECOG VJG Ă&#x152;TUV GPGTI[ GHĂ&#x152;EKGPV DWKNFKPI QT Ă ITGGPĂ&#x201A; DWKNFKPI QP 5CVJQTP 4QCF VJCV received the 2014 Thailand Energy Award and the 2014 ASEAN 'PGTI[ #YCTFU 6JG DWKNFKPI YCU Ă&#x152;TUV UGNGEVGF D[ VJG Ă 6JCKNCPF 'PGTI[ #YCTFUĂ&#x201A; %QOOKVVGG CU VJG VQR UEQTGT CYCTF HQT CPF VJWU represented Thailand for the ASEAN Energy Awards for 2014. It received outstanding scores in the ASEAN Energy Awards, and additionally was also awarded another honor as a runner-up under the ECVGIQT[ QH Ă 0GY CPF 'ZKUVKPI $WKNFKPIUĂ&#x201A; 6JG FGUKIP CPF EQPUVTWEVKQP YQTMU QH 5CVJQTP 5SWCTG 1HĂ&#x152;EG Tower, as well as its construction technologies, construction planning and management, building materials and equipment follow green construction concepts, whereas internal, external, and landscape design emphasizes maximizing usable area and space use, as well as reducing any potential impact on the environment. The building is designed with large open spaces where the front and rear sides along Sathorn Road are surrounded by yards and plants to create beautiful NCPFUECRG CPF CDUQTD ECTDQP FKQZKFG HTQO PGCTD[ VTCHĂ&#x152;E 28

Golden Land Porperty Developement PLC

Guidelines relating to â&#x20AC;&#x153;Protection against participation in corruption

The Company arranges to have clear and transparent procedures and prescription on the authorization power of executives and employees to ensure that the business activities of the Company are conducted in a manner that is lawful and ethical. It particularly enforces its attempts against corruption of all forms via internal audit methods to evaluate and mitigate the occurrences of wrongful misconducts. It also communicates with its executives and employees of all levels to understand and be aware that corruption is an illegal act. The Company emphasizes on staff moral conducts regarding its policies on purchases, procurements, and contracting QH SWCNKĂ&#x152;GF EQPVTCEVQTU YJKEJ KPXQNXG VTCPURCTGPV RTQEGFWTGU RTQRGT follow-up and monitoring to ensure that personnel in the Company strictly comply with applicable laws. In addition, the Company has also become a member of the Thai Chamber of Commerce which establishes a clear policy against corruption. The Company shall support and participate in the anti-corruption activities of the Thai Chamber of Commerce, and continue to proactively encourage the anti-corruption efforts inside its organization and on a national level.

Guidance Practices â&#x20AC;˘ Prohibit offering or receiving any form of paybacks which are intended to encourage any wrongful action or avoidance of any proper course of action in relation to any business deals, and commercial contacts with any government or private entity. â&#x20AC;˘ Arrange appropriate staff training regarding fraud and corruption, as well as open communication channels with employees and stakeholders to obtain information from whistleblowers. The Company also assigns an internal unit to be responsible for investigating allegations from whistleblowers. As for its employees, upon coming across any wrongdoing, they are instructed to promptly inform their supervisor. In 2014, the Company organized training courses on Enterprise Risk Management and Internal Control for relevant employees. The Company also established a reporting channel for any misconduct and fraud, while providing protection for whistleblowers.

â&#x20AC;˘ Arrange to have proper risk assessment process on fraud and disseminate the anti-corruption policy to the staff by publishing CPF FKUVTKDWVKPI VQ GZGEWVKXGU CPF GORNQ[GGU VJG Ă %QORCP[ÂżU )WKFG VQ $WUKPGUU 'VJKEU CPF #PVK EQTTWRVKQPĂ&#x201A; JCPFDQQM VJCV ENGCTN[ prescribes relevant corrective and disciplinary actions. â&#x20AC;˘ Coordinate with stakeholders to promote anti-corruption CEVKXKVKGU CPF FGXGNQR GHĂ&#x152;EKGPE[ QH KVU DWUKPGUU TGXKGYU CPF KPVGTPCN controls to safeguard business accountability and transparency. â&#x20AC;˘ Ensure that its donations and cash contributions are accountable and transparent. â&#x20AC;˘ As far as the misconduct of employees is concerned, the Company Business Code of Conducts Handbook clearly prescribes the disciplinary actions for fraud and corruption, of which the maximum penalty is termination of employment without severance pay. All employees are obliged to strictly comply with this handbook.

Details of its action policy regarding protection against wrongdoing and corruption are disclosed in the Companyâ&#x20AC;&#x2122;s website. Reporting channels on wrong doings and protective measures for whistleblowers, as well as proper investigation of allegations from whistleblowers by internal auditors who are also responsible for fraud risk assessment will be submitted to the Audit Committee for their acknowledgement, review and monitoring. If a case is investigated and considered fraudulent, the Audit Committee shall them promptly report it to the Board of Directors.

The Company recognizes the importance of corporate initiatives in expressing its social awareness by arranging to have continual social events with communities, trade partners, and employees. It also encourages its staff to proactively abide with its CRS policy guidelines, and disseminate relevant knowledge to enhance better understandings of its staff on their social duties and community concerns via open communication, staff training, and internal campaigns. The attempts aim to encourage self-awareness among staff to voluntarily cooperate with the Company to ultimately create business sustainability and sustainable development.

Sathorn Square Office Tower

Annual Report 2014

Management Discussion and Analysis 1. The Company recognized the revenue of Baht 4,435.17 million which increased of Baht 2,841.31 million from last year. 1.1) An Increase from revenue from sales of real estate of 7 new housing development projects, which we developed three projects since mid of 2013 and four projects early of 2014, of Baht 1,679.29 million and revenue from sales of real estate from Krungthep Land PLC group of companies (KLand), which was acquired on 12 December, 2014, of Baht 770.43. This revenue was included revenue of KLand during the period of 21 August, 2014 to 11 December, 2014, which were controlled by an entity under common control, of amount Baht 597.77 million. 1.2) An Increase from revenue from rental and services, mainly HTQO 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT 2TQLGEV CPF )QNFGPNCPF Building, of Baht 81.88 million and Baht 10.21 million respectively, due to the Company has implement new OCTMGVKPI UVTCVGIKGU Ă&#x152;V VQ RQVGPVKCN VGPCPV CU C TGUWNV VJG Company and its subsidiaries had better occupancy rate and rental rate when compared to the year 2013. A decrease from Mayfair Marriott Executive Apartments Project and other hospitality business projects, of Baht 29.80 million and Baht 22.78 million respectively from a reduction in tourist numbers, due to Thailandâ&#x20AC;&#x2122;s domestic political instability, particularly the governmentâ&#x20AC;&#x2122;s â&#x20AC;&#x2DC;State of Emergencyâ&#x20AC;&#x2122; announcement. )CKP HTQO FKURQUCN QH PQP EQTG CUUGVU XCECPV NCPF KP Ramkhamhaeng Project and Chiang Rai Province, of Baht 323.73 million. Moreover the Company plans to sales out all PQP EQTG CUUGVU YKVJKP VJG [GCT 2. Total expenses in this year were Baht 4,084.72 million which increased of Baht 2,112.29 million from last year. 2.1) An increase from cost of sale of real estate of Baht 1,663.93 million, in tandem with an increase sales. The company recognized the cost of Baht 1,066.94 million, and cost from KLand of Baht 596.99 million, along with the recognition of sales. This cost also included cost of sales of KLand during the period of 21 August, 2014 to 11 December, 2014 amount of Baht 398.20 million. 2.2) A decrease from cost of rental and services of Baht 20.69 OKNNKQP 6JG 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT 2TQLGEV KU CP KPETGCUG QH $CJV OKNNKQP FGURKVG )QNFGPNCPF $WKNFKPI Mayfair Marriott Executive Apartments and The Ascott Sathorn projects are a decrease of Baht 9.30 million, Baht 19.54 million and Baht 12.24 million respectively, mainly cause from impact of new accounting standard in the year 2012 and in tandem with a decrease revenues. 2.3) An increase from selling expenses of Baht 256.93 million, OCKPN[ KPETGCUKPI QH URGEKĂ&#x152;E DWUKPGUU VCZ CPF VTCPUHGT HGG which were correlate to the recognize sales of real estate. And also increasing of spending of marketing activities of new housing projects and sales promotion during this year, CNQPI YKVJ VJG KPETGCUG VGPCPVU KP 5CVJQTP 5SWCTG 1HĂ&#x152;EG Tower Project. 30

Golden Land Porperty Developement PLC

2.4) An increase from administrative expenses of Baht 278.47 million, mainly increasing of central management expenses in tandem with growing of a numbers of housing projects and provision of impairment of assets increased by 154.37 million for this year. 2.5) Finance costs were decrease of Baht 66.59 million resulted from asking for interest rate deduction during 2013. The Ă&#x152;PCPEG EQUVU QH PGY JQWUKPI RTQLGEV NQCPU YGTG ECRKVCNK\GF as part of project development costs. 3. Income tax expenses in this year were Baht 52.36 million which KPETGCUGF QH $CJV OKNNKQP HTQO NCUV [GCT $GECWUG PGV RTQĂ&#x152;V before tax of the Company increased so income tax expense increased of Baht 39.90 million from last year. Temporary differences of deferred tax expenses increased of Baht 3.75 million from last year. And also KLand income tax expense Baht 1.76 million. 6JG %QORCP[ TGEQTFGF PGV RTQĂ&#x152;V CVVTKDWVCDNG VQ VJG GSWKV[ holders in the amount of Baht 305.30 million in this year. 4. Financial position as of 31 December 2014 4.1 Assets The Company had total assets of Baht 21,251.68 million, Baht 8,672.14 million increasing from 2013 mainly due to the increase Baht 9,354.95 million in real estate projects under development, resulting from land acquisition for new housing projects, land development cost spending and house construction to serve booking demand and housing projects development cost of KLand, and the increase Baht 40.93 million in property, plant and equipment, resulting from development cost spending for Victor Club, meeting HCEKNKVKGU KP 5CVJQTP 5SWCTGU 1HĂ&#x152;EG 6QYGT CPF JQVGN construction in FYI Centre project and the increase Baht OKNNKQP KP QVJGT PQP EWTTGPV CUUGVU TGUWNVKPI HTQO advance payment to main contractor for FYI Centre project. And the decrease Baht 1,018.20 million in investment RTQRGTV[ TGUWNVKPI HTQO UCNG QH PQP EQTG CUUGVU CPF VTCPUHGT to real estate projects under development. 4.2 ) Liabilities and equity The Company had total liabilities of Baht 13,915.90 million, Baht 7,223.23 million increasing from 2013 because of the DQTTQYKPI QH NQCPU HTQO Ă&#x152;PCPEKCN KPUVKVWVKQPU CPF CNUQ liabilities from KLand Equity attributable to equity holder of the Company was Baht 7,335.78 million, Baht 1,448.92 million increasing from 2013 due to new share capital issuing from warrant exercise to RWTEJCUG QTFKPCT[ UJCTGU CPF PGV RTQĂ&#x152;V FWTKPI VJKU RGTKQF As at 12 December, 2014, the Company acquired KLAND which had assets Baht 6,839.09 million and liabilities assumed of Baht 3,241.13 million. Resulting to net assets acquired Baht 3,597.96 million.

Risk Factors 1. Operational Risk (1) Residential Developments Major risks include: (A) Operational Risk The Company focuses on residential developments for middle income clientele which cover products such as houses and townhouses. The construction method for its JQWUGU JCU DGGP EJCPIGF HTQO DTKEM HQWPFCVKQP CPF painted masonry wall to a precast construction technique, and tunnel form is applied for the construction of its townhouses. These construction methods are aimed at cutting down construction time and quicken the usual house completion period by 3 â&#x20AC;&#x201C; 4 months as well as encourage a reduction of labor cost and labor utilization. However, there remain some risks concerning precast production and purchase of molding and building supplies need to be continuous. Therefore, material selections, suitable pricing, cost controls, and attractive product design are relevant. The Company deals directly YKVJ KVU UWD EQPVTCEVQTU YKVJQWV IQKPI VJTQWIJ C IGPGTCN contractor process, and handles its own purchases of OCVGTKCN UWRRNKGU 'HĂ&#x152;EKGPV OCVGTKCN RWTEJCUG RNCPU PGGF to be made in accordance with each yearâ&#x20AC;&#x2122;s projected sales that also need to be accurate. (B) Sales & Marketing Risk, and Failure by the home buyer to complete the property transfer The Companyâ&#x20AC;&#x2122;s main clientele are homebuyers for the property price range of Baht 2 â&#x20AC;&#x201C; 7 million; therefore it focuses its development plans on products such as townhouses, semidetached houses, and small single detached houses which command a larger client base, DWV CTG CNUQ KP C TCVJGT EQORGVKVKXG OCTMGV UGIOGPV )KXGP this environment, the Company thus emphasizes on location, utilization, project environment and surroundings which are better than its competitorâ&#x20AC;&#x2122;s developments, while setting its pricings within a competitive range. Its develop ment process includes a thorough survey of development sites and comparative market research prior to land site purchase, selection of products suitable for every client base and designated market needs, accurate sales projection, active customer database and effective OCTMGVKPI CPCN[UKU CPF GHĂ&#x152;EKGPV OCTMGVKPI UCNGU management. All of these enable the Company to target the right customer groups and provide a suitable sales campaign to accelerate its sales volumes. Upon construc tion completion, the Company then contacts its customers

for property ownership transfer. The ownership transfer process includes the rechecking of building and property conditions by clients and the submission of their inspection results with any additional need for repair or improvement of such building and property to be completed prior to their title transfer. The Company enhances its customerâ&#x20AC;&#x2122;s UCVKUHCEVKQP YKVJ CP GHĂ&#x152;EKGPV CPF RTQORV RTQEGFWTG VQ respond to its clientâ&#x20AC;&#x2122;s improvement requirements, as well CU EQQTFKPCVGU YKVJ Ă&#x152;PCPEKCN KPUVKVWVKQPU QP KVU ENKGPV JQOG Ă&#x152;PCPEG CTTCPIGOGPVU VQ CUUWTG VJCV KV KU KP VKOG HQT VJGKT home transfer schedule. In the past the Company realized less than 5% of incompletion in scheduled property transfers. (C) Financial Risk The applied precast and tunnel form construction techniques help the Company to effectively control its costs. All their design works are done simultaneously with the estimation of infrastructure costs as well as construction and other development costs for each entire project. Construction materials are carefully selected whereas appropriate planning of construction costs and cost control are pursed. A cost control mechanism is also implemented via availability of alternative product choices. Construction planning and appropriate cost estimations that are in line with reliable sales forecasts are factors which support the %QORCP[ÂżU GHĂ&#x152;EKGPV Ă&#x152;PCPEKCN DWFIGVKPI CPF JGNR OKVKICVG KVU Ă&#x152;PCPEKCN TKUM (D) Management Risk comprise two aspects which are: 1. The Companyâ&#x20AC;&#x2122;s â&#x20AC;&#x153;Project Teamâ&#x20AC;? must well manage its development projects so that they do not cause any RQVGPVKCN FKHĂ&#x152;EWNVKGU VQ PGCTD[ RTQRGTVKGU CPF UWTTQWPF ing communities. A quality management system is enforced to ensure production and construction standards. Constructions are made according to their FGVCKNGF FGUKIP CPF URGEKĂ&#x152;ECVKQPU /CVGTKCNU CRRNKGF are in accordance with prescribed standards and TGSWKTGOGPVU 5CNGU EQPFKVKQPU CTG ENGCTN[ FGĂ&#x152;PGF +P order to build better understanding and increase JQOGDW[GTUÂż EQPĂ&#x152;FGPEG VJG %QORCP[ QHHGTU CEEWTCVG information on its warranty schemes and after sales services. 2. The Companyâ&#x20AC;&#x2122;s â&#x20AC;&#x153;Project Support Teamâ&#x20AC;? must set up an appropriate timeframe for each of the projects and work in accordance with the scheduled plan, aiming to WNVKOCVGN[ CVVCKP RTQLGEV OCPCIGOGPV GHĂ&#x152;EKGPE[ Annual Report 2014

(E) Site Acquisition Risk 1. The risk of not being able to purchase anticipated site plots for targeted developments due to various reasons namely: 1VJGT DKFFGTU QHHGT DGVVGT RTKEKPI QT DGVVGT RWTEJCUG conditions. 6JG RNQV QYPGTU UJCTRN[ KPETGCUG VJGKT TGSWGUVGF prices from the prior quotations. 6JG %QORCP[ ECPPQV ICVJGT VJG VCTIGVGF NCPF RNQVU in order to form the prospective development site as planned due to changes in conditions by some plot owners, or deals with some the plot owners cannot be concluded other speculators have stepped in purchased the beforehand. 2. Unforeseen errors in processing the land purchase which may occur despite the Companyâ&#x20AC;&#x2122;s proper prescription of relevant practice standards that governs all land acquisition processes. Prior to any plot site acquisition, the Company follows its due diligence checklist and submits the purchase proposals to its Executive Board for approval. The Company also thoroughly investigates all aspects before making its purchase contracts and deposits. However, unexpected mistakes and errors can occur. For example, mistakes could result from different interpretations from various engaged parties, including authorities and government agencies concerning the commercial use of the property, or the Company being unable to thoroughly investigate the property conditions prior to its purchase. However, if mistakes should arise, the Company has adequate solution plans such as readjusting the development pattern to suit that acquired piece of land or recondition the site landscape and land usage to mitigate, limit, and minimize any potential damages to the Company. 3. The risk of the Companyâ&#x20AC;&#x2122;s ability to complete its sales of property developments on the acquired sites and generate good investment returns for such projects as per its planned targets and timeframes. The Company controls this risk via a thorough analysis of market conditions and demand. It also reviews the current stage of other developerâ&#x20AC;&#x2122;s supplies and inventories, as well as their back lots in the real estate market. All this market information and its close observations of land price changes help the Company to safeguard its investments and adjust its development plans to 32

Golden Land Porperty Developement PLC

well suit economic situations and changes in EQPFKVKQPU KP TGCN GUVCVG OCTMGVU )KXGP CNN VJGUG preventive efforts and risk mitigation measures, the Company can greatly lessen its site acquisition risk. (F) Risks related to land allotment process and Land Allotment Act This risk involves the Companyâ&#x20AC;&#x2122;s ability to develop its real estate investment as per its targeted plan without possibly infringing any rules, laws and regulations. Mitigation of this particular risk is undertaken by a regular and careful review of rules and regulations governing property developments, for current and possible future promulgation. These regulations include aspects such as urban planning, construction restrictions, building codes, land allotment, municipal rules, or any other laws that impact property developments, property transfers, and land title deeds. Rules on property transfer and land title deeds are also thoroughly reviewed and duly abided by. Prior to any acquisition of development plots, the Company also investigates and prepares development roadmaps that incorporate all of these regulatory implications. (2) High-rise Commercial Buildings The Company develops commercial projects by leasing promising land plots mostly in the central business district, with a normal leasehold term of 30 year plus another 30 year TGPGYCN QRVKQP .GCUG RC[OGPV COQWPVU VQ QH VJG present market value of such land plot. Such a rate is on a par YKVJ C NQPI VGTO [GCT NGCUG HTQO C IQXGTPOGPV CIGPE[ CPF VJG NGCUG RC[OGPV COQWPV KU EQORCTCDNG VQ QH KVU total generated revenue. Leased land plots are developed KPVQ EQOOGTEKCN RTQLGEVU UWEJ CU QHĂ&#x152;EG DWKNFKPIU JQVGNU CPF serviced apartments. Development risk related to these RTQLGEVU KU JKIJ ECRKVCN KPXGUVOGPVU YJGTGCU VJG OCKP DGPGĂ&#x152;V KU EQPVKPWGF KPXGUVOGPV TGVWTPU KP C NQPI VGTO Ă?QY QH TGPVCN +P normal circumstances of continual economic growth, demand for commercial spaces shall expand and push rental rates up. However, in the operating commercial property for lease, the Company needs to conduct its business with prudence and duly comply with conditions prescribed in all its lease and TGPVCN EQPVTCEVU +V OWUV CNUQ GHĂ&#x152;EKGPVN[ CPF GZEGNNGPVN[ RNCP KVU Ă&#x152;PCPEKCN UVTCVGI[ YGNN OCPCIG KVU Ă&#x152;PCPEKCN RGTHQTOCPEG through effective administration of funding sources, borrowing funds and interest costs, as well as strict controls of development costs during construction period to be in line with their projected budgets. Selecting quality contractors is also an essential criterion for project completion, superior results, and achieve ments of work schedule and target.

Key tasks in development projects are the obtaining of proper QHĂ&#x152;EKCN CRRTQXCN HTQO TGNGXCPV TGIWNCVQTU UWEJ CU EQPUVTWEVKQP licenses and relevant approval from the Bangkok Metropolitan Authority, environmental compliance approvals from the 1HĂ&#x152;EG QH 0CVWTCN 4GUQWTEGU CPF 'PXKTQPOGPVCN 2QNKE[ CPF Planning, as well as legal compliance with applicable laws. All of these require thorough study, planning and investigating. Marketing of commercial developments need target market studies, as well as thorough market and customer surveys to understand demand trends to better design the Companyâ&#x20AC;&#x2122;s development projects to suite clientsâ&#x20AC;&#x2122; tastes and require ments. These together with the Companyâ&#x20AC;&#x2122;s consistent follow ups on circumstance changes and its ability to promptly respond to diverse market needs enable it to maintain a competitive edge over its competitors. There are also other risk factors that are beyond the control of the Company and impact its development and business plans such as regulatory changes, political uprising, natural disasters, as well as construction materials and labor shortages. Over the years the Company closely follows all these incidents and factors and is capable of quickly solving relevant problems that may arise. In 2014, the Company started the process of developing a new multipurpose commercial complex, named FYI Center YJKEJ YKNN JQWUG QHĂ&#x152;EG VQYGTU C UJQRRKPI EGPVGT CPF C JQVGN located on the corner of Rama IV and Ratchadapisek Roads, close to Klong Pai Sing Toh Road, opposite Queen Sirikit National Convention Center and the Stock Exchange of Thailand. The Company has leased the development land site from the Crown Property Bureau. The awarded contractor for the project is Thai Obayashi Corp., Ltd. Agreements on project cost controls, as well as relevant insurances, namely Construction All Risks (CAR) with Southeast Insurance Public Company Limited have been concluded and signed. The complex is expected to be completed and open for commercial operation in 2016.

5LVN IDFWRU UHODWLQJ WR GHEW REOLJDWLRQV ZLWK ĹľQDQFLDO institutions

UWDNGCUG HGG QH 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT VJCV UJCNN DG payable to the Companyâ&#x20AC;&#x2122;s Real Estate Investment Trust (REIT) which is currently in the process of being established. In the event that the REIT cannot be established as scheduled and RTKQT VQ VJG OCVWTKV[ QH VJGUG UJQTV VGTO HCEKNKVKGU KP &GEGODGT 2015, the Company has already negotiated with these lenders YJQ YKNN CNNQY KV VQ EQPXGTV VJGUG UJQTV VGTO HCEKNKVKGU KPVQ C year term loan with amortization. Some of the remaining debts are collateralized loans which have used land plots and houses under the process of development in the Companyâ&#x20AC;&#x2122;s residential projects as collateral. Upon continued sales and ownership transfers of these land plots and houses to homebuyers, the Company will then gradually pay off the loans. 1VJGT NQCPU CTG UJQTV VGTO Ă&#x152;PCPEKPI HQT NCPF CESWKUKVKQPU YJKEJ ECP DG EQPXGTVGF KPVQ NQPI VGTO NQCPU HQT RTQRGTV[ FGXGNQROGPV Ă&#x152;PCPEG Loans used to support the developments of high rise building CTG NQPI VGTO NQCPU YKVJ CP CRRTQZKOCVG VGTO QH [GCTU 6JG %QORCP[ GHĂ&#x152;EKGPVN[ RNCPU KVU Ă&#x152;PCPEKCN OCPCIGOGPV CPF DWFIGV RC[KPI RCTVKEWNCT CVVGPVKQP VQ KVU ECUJ Ă?QY RQUKVKQP VQ GPUWTG KVU OCZKOK\GF Ă&#x152;PCPEKCN GHĂ&#x152;EKGPE[ #FFKVKQPCNN[ KV CNUQ closely monitors economic situations, interest rate trends, and KPĂ?CVKQP QWVNQQM CKOKPI VQ OKVKICVG CPF OCPCIG CP[ RQVGPVKCN risks caused by any unpredicted circumstances, and ensure VJCV VJG %QORCP[ ECP TGRC[ KVU FGDV QDNKICVKQPU YKVJ Ă&#x152;PCPEKCN institutions as prescribed in the loan contracts, and suffer no impact on its operations and performance. In addition, the Company has also established a team to OQPKVQT CPF RTGRCTG Ă&#x152;PCPEKCN KPHQTOCVKQP CU YGNN CU OCMG EQORCTKUQPU QH ETGFKV RTQRQUCNU CPF VJGKT Ă&#x152;PCPEKCN EQXGPCPVU to ensure that the Company can always abide by its RTGUETKDGF Ă&#x152;PCPEKCN EQOOKVOGPVU YKVJ Ă&#x152;PCPEKCN KPUVKVWVKQPU The information is regularly reported to top executives, and the Risk Management Committee on key risk indicators (KRIs) for determination of required measures and actions once its risk exposures are approaching any critical threshold. The Companyâ&#x20AC;&#x2122;s management has started to study and research for appropriate fundraising opportunities from the capital market as another alternative source of funding that can lessen its FGRGPFGPEG QP FGDV Ă&#x152;PCPEKPI HTQO Ă&#x152;PCPEKCN KPUVKVWVKQPU

As of 31 December 2014, the Company and its subsidiaries JCF $CJV OKNNKQP KP VQVCN NQCPU HTQO Ă&#x152;PCPEKCN KPUVKVW tions; of which Baht 4,508.82 million are liabilities due within QPG [GCT $CJV OKNNKQP KP UJQTV VGTO HCEKNKVKGU CTG CFXCPEGU to the Company which are prescribed by relevant lending covenants to be repaid by the proceeds receivable from the Annual Report 2014

6JG %QORCP[ÂżU EQPVKPWGF KPEQOG Ă?QYU HTQO UCNGU QH RTQRGT VKGU TGPVCNU CPF UGTXKEG HGGU CU YGNN CU KVU FKXGTUKĂ&#x152;GF KPEQOG sources allow the Company to repay its loan repayments on VKOG CPF GSWKR KV YKVJ KPETGCUGF Ă&#x152;PCPEKCN Ă?GZKDKNKV[ TGSWKTGF VQ endure changes in economic conditions. The Company also anticipates that its revenues will continue to increase upon the EQORNGVKQP QH KVU QPIQKPI HWVWTG RTQLGEVU YJKEJ CTG progressing as planned.

3. Risk factor relating to management risk In 2014, the Company acquired all the shares of Krungthep Land Public Company Limited or KLAND to expand its DWUKPGUU UJCTG KP VJG NQY TKUG TGUKFGPVKCN OCTMGV 6JG $QCTF QH Directors of KLAND were changed and the Company sent seven representatives from its management to sit on the KLAND board. Most of the original management team and employees of KLAND who have all been with the company for quite some time remain with the Company, hence after the acquisition, no disruption in business activities occurred at -.#0& 6JGTG CTG PQ UKIPKĂ&#x152;ECPV EJCPIGU KP OCLQT RQNKEKGU QH KLAND that may cause any business impact to the company following the acquisition.

4. Risk factors relating to changes of laws In 2014, continuing on to 2015, the government has its policy IWKFGNKPGU VJCV KPENWFG OQFKĂ&#x152;ECVKQP QH RTQRGTV[ NCYU VJCV govern taxation of land and buildings which will replace the current municipal tax and property tax laws. The decision is based on the view that current municipal tax and property tax rates are not suited to the prevailing circumstances and present economic conditions as it involves the judgement of VCZ QHĂ&#x152;EGTU KP FGVGTOKPKPI VJG CPPWCN VCZ RC[OGPV COQWPV HQT property owners. The land appraisal value is also not updated. 6JG IQXGTPOGPV XKC VJG (KUECN 2QNKE[ 1HĂ&#x152;EG /KPKUVT[ QH Finance has drafted and proposed a new Act on Taxation of Land and Buildings which is in the process of submission to the Cabinet for approval and to later promulgate as a new property taxation law. The Company has studied the draft of this proposed act and views that property development companies may be impacted from the promulgation of this new law in various matters particularly on the interpretations of matters such as the purchases of land for development and the duration of land held for development. Will developers be required to immediately pay property tax for the land they just purchased for future developments? Will there be any exemption there to? Will the period from the acquisition to the sales of development unit be a tax exempt period until developers can sell their allotment of land plots and development units, or there will be no exemption there of? All of these issues remain uncertain. There are no clear details on the law as well as its

Golden Land Porperty Developement PLC

applicable tax rates, and the adjustment or amendment thereof until its actual promulgation. All these create potential legal risks to the Company and its subsidiaries which engage in real estate development business, including potential impact on their development costs for low rise residential developments and commercial high rise projects which could DG UKIPKĂ&#x152;ECPV 6JG UCNGU RTKEGU QH TGUKFGPVKCN WPKVU CPF TGPVCN TCVGU OC[ DG KPETGCUGF CPF EQWNF KPĂ?WGPEG UCNGU QH VJG Company and its subsidiaries as well as other related incomes. In addition, there may be some impact on their existing and anticipated marketing and business plans due to a possible increase in tax expenses.

Capital Structure and Shareholders Capital Structure Ordinary Shares The ordinary shares of Golden Land Property Development Public Company Limited have been listed and traded in the Stock Exchange of Thailand since March 21, 1994 and March 29, 1994 respectively. As of December 31, 2014, the Company has the registered capital of Baht 16,382,133,790, consisting of 1,638,213,379 ordinary shares at a par value of Baht 10 per share. The Company has the issued and paid-up capital of Baht 16,380,190,030 consisting of 1,638,019,003 ordinary shares at a par value of Baht 10 per share.

Shareholder Structure The Company’s top ten shareholders as at the Shareholding report of the Stock Exchange of Thailand on December 30, 2014 were as follows: Name 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Univentures Public Company Limited Well Base Development Limited Thai NVDR Company Limited 1/ The Bualuang Infrastructure Retirement Mutual Fund The Bualuang Infrastructure Open-end Fund Mr. Boonkiat Uesudkij Mr. Sanit Dusadeenode East Fourteen Limited-Emerging Markets Small Cap Series Mr. Wiroj Jiraphongtrakul Mrs. Soodjai Vuthisaksilpa Thai Shareholders 6,438 persons Foreign Shareholders 39 persons Total 6,477 persons

Number of Shares

% Total Shares

912,829,675 284,353,695 83,340,123 14,821,500 9,106,100 7,978,600 6,578,800 5,623,800 5,501,500 4,550,000 1,340,355,044 297,663,959 1,638,019,003

55.728 17.360 5.088 0.905 0.556 0.487 0.402 0.343 0.336 0.278 81.828 18.172 100.000

Remarks : - 1/ Thai NVDR Co., Ltd. (Thai NVDR) is a subsidiary of The Stock Exchange of Thailand. Thai NVDR is responsible for issuing and selling Non-Voting Depository Receipts (NVDRs) to investors, and executing the purchase or sale of those listed company shares whose investors wish to trade through NVDRs. This service is offered to all, irrespective of the number of securities held or the JQNFGT U PCVKQPCNKV[ 08&4 JQNFGTU TGEGKXG VJG UCOG HWNN ÌPCPEKCN DGPGÌVU CU VJG[ YQWNF TGEGKXG JCF VJG[ KPXGUVGF FKTGEVN[ KP UJCTGU (i.e. dividends, rights, and warrants) but there are no voting rights for NVDR holders. - The investors can update the current major shareholders of the Company from the Company's website before the Annual General Meeting of Shareholders. Please visit www.goldenlandplc.com.

Golden Land Porperty Developement PLC

Dividend Payment Policy (1) The Companyâ&#x20AC;&#x2122;s Dividend Payment Policy 6JG %QORCP[ÂżU RQNKE[ KU VQ RC[ FKXKFGPFU CV C TCVG QH PQ OQTG VJCP QH VJG %QORCP[ÂżU PGV RTQĂ&#x152;V GCEJ [GCT 6JG RC[OGPV QH FKXKFGPFU YKNN PQPGVJGNGUU FGRGPF QP GEQPQOKE EQPFKVKQPU QRGTCVKPI RTQĂ&#x152;VU KPXGUVOGPV RNCPU CPF QVJGT relevant factors. The resolution of the Board of Directors regarding the payment of dividends will be proposed to a shareholdersâ&#x20AC;&#x2122; meeting for approval. In addition, payment of dividend as mentioned will be within the framework of the law as set forth for the Company to be CDNG VQ RC[ FKXKFGPF QPN[ YJGP VJGTG KU PQ FGĂ&#x152;EKV DCNCPEG

(2) Subsidiariesâ&#x20AC;&#x2122; Dividend Payment Policy For the other subsidiaries, the Company does not set the rate of subsidiariesâ&#x20AC;&#x2122; dividend payment, but the policy of subsidiariesâ&#x20AC;&#x2122; dividend payment to the Company has to be complied with subsidiariesâ&#x20AC;&#x2122; regulation on dividend payment which is resolved by the shareholders meeting. The subsidiariesâ&#x20AC;&#x2122; payment of dividend will be determined mainly by the performance of the companyâ&#x20AC;&#x2122;s earnings which depends on the performance of its operations and economy. +P CFFKVKQP HQT VJG FKXKFGPF RC[OGPV UWDUKFKCTKGU UJCNN CNNQECVG PQV NGUU VJCP QPG QH VYGPVKGVJ HTQO KVU PGV RTQĂ&#x152;V until this account reaches an amount not less than 10% of the registered authorized capital.

Annual Report 2014

Organization Structure GOLDEN LAND PROPERTY DEVELOPMENT PLC ORGANIZATION CHART

Board of Directors Audit Committee

Compensation and Nominating Committee

Risk Management Committee Executive Committee President

Residential Development Group Managing Director

Finance & Accounting Sr. Executive Vice President Commercial Building Development

Housing Town House

Internal Audit

Executive Vice President

Project Development

Executive Vice President Accounting

Asset Management

Finance

Facility Management

Budgeting & Financial Analyst

Business Development Executive Vice President Business Development

Sr. Vice President

Corporate Services

Corporate Communications Vice President

Human Resource

Marketing Communications

Company Secretary Administration Legal Compliance Information Technology

Annual Report 2014

Management Structure The management structure of Golden Land Property Public Company Limited comprises the Board of Directors and 4 committees, namely Executive Committee, Audit Committee, Compensation and Nomination Committee, Risk Management Committee as follows:

1) Board of Directors The Articles of Association of the Company stated that the Company shall have a Board of Directors comprising at least 5 Directors but not more than 11 Directors. Not less than half of the total number of directors must have residence in the Kingdom of Thailand. &KTGEVQTU OWUV CNUQ DG KP RQUUGUUKQP QH VJG SWCNKĂ&#x152;ECVKQPU CU URGEKĂ&#x152;GF D[ NCY 6JG %QORCP[ÂżU $QCTF QH &KTGEVQTU EQPUKUVU QH OGODGTU as follows: Executive Director 1 persons, Non-Executive Director 8 persons (consist of 3 Independent Directors, equivalent to one-third of the total number of directors) Name-Surname

Position

Position Appointment

Attendance of Meetings (Times)

1. Mr .Wanchai Sarathulthat

Chairman of the Board

26 Dec. 2012

8/8

2. Mr. Panot

Director / Vice Chairman

25 Dec. 2012

6/8

3. Mr. Thapana Sirivadhanabhakdi

Director

23 Apr. 2013

4/8

4. Mr. Chotiphat Bijananda

Director

23 Apr. 2013

5/8

5. Mr. Sithichai Chaikriangkrai

Director

25 Dec. 2012

8/8

6. Mr. Chainoi Puankosoom

Independent Director

27 Dec. 2012

8/8

7. Mr. Udom

Independent Director

27 Dec. 2012

8/8

8. Mr. Chinnavat Chinsangaram

Independent Director

15 Sep. 2014

3/3

/T 6JCPCRQN 5KTKVJCPCEJCK

&KTGEVQT 2TGUKFGPV

&GE

Position Appointment

Attendance of Meetings (Times)

27 Dec. 2012

3/3

Sirivadhanabhakdi *

Puasakul

Board of Directors resigned in 2014 Name-Surname 1. Mr Weerawong Chittmittrapap *

Position Independent Director

&KTGEVQT TGUKIPGF QP VJG TGUQNWVKQP QH VJG UV #PPWCN )GPGTCN /GGVKPI QH 5JCTGJQNFGTU #RTKN CPF TGGNGEVGF VQ EQPVKPWG JKU PGZV VGTO QHĂ&#x152;EG

Remark

Company Secretary : Mr. Khumpol Poonsonee

'HĹľQLWLRQV â&#x20AC;˘ Executive Director refers to a director who is an executive and who is involved in the regular management of the company. â&#x20AC;˘ Non-Executive Director refers to a director who is not an executive and who has no part in the regular management of the company. He or she may or may not be an independent director. Ă&#x2020; +PFGRGPFGPV &KTGEVQT TGHGTU VQ C FKTGEVQT YJQUG SWCNKĂ&#x152;ECVKQPU CTG KP NKPG YKVJ VJG TGSWKTGOGPVU QH VJG 1HĂ&#x152;EG QH VJG 5GEWTKVKGU CPF 'ZEJCPIG %QOOKUUKQP CPF VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF YJGTGD[ JG QT UJG OWUV RQUUGUU VJG SWCNKĂ&#x152;ECVKQPU CPF OWUV PQV JCXG the prohibited descriptions as follows: *QNFU PQV OQTG VJCP QH VJG VQVCN QWVUVCPFKPI XQVKPI UJCTGU QH VJG EQORCP[ VJG EQORCP[ÂżU OCLQT UJCTGJQNFGT C UWDUKFKCT[ QT CP CUUQEKCVG QT KP CP[ LWTKUVKE RGTUQP YKVJ C EQPĂ?KEV QH KPVGTGUV KPENWFKPI UJCTGU JGNF D[ C RGTUQP TGNCVGF VQ KPFGRGPFGPV FKTGEVQT

Golden Land Porperty Developement PLC

+U PGKVJGT C FKTGEVQT VJCV JCU C OCPCIGOGPV CWVJQTKV[ PQT CP GORNQ[GG UVCHH CFXKUQT QP TGVCKPGT CWVJQTKV[ Ă&#x152;IWTGU QH VJG EQORCP[ VJG EQORCP[ÂżU OCLQT UJCTGJQNFGT C UWDUKFKCT[ CP CUUQEKCVG UWDUKFKCT[ QH VJG UCOG VKGT UKUVGT EQORCP[ QT CP[ LWTKUVKE RGTUQP YKVJ C EQPĂ?KEV QH KPVGTGUV DQVJ KP VJG RTGUGPV CPF CV NGCUV VYQ [GCTU RTKQT VQ VCMKPI VJG KPFGRGPFGPV FKTGEVQTUJKR 3. Does not have biological relationship or relationship through registration designating independent director as father, mother, spouse, sibling, and offspring of any executive, major shareholder, or authoritative person or individual who shall be nominated as an executive or a person with controlling power over the company or any subsidiary. +U PQV KPXQNXGF KP VJG HQNNQYKPI DWUKPGUU TGNCVKQPUJKR YKVJ VJG EQORCP[ VJG EQORCP[ÂżU OCLQT UJCTGJQNFGT C UWDUKFKCT[ CP CUUQEKCVG QT CP[ LWTKUVKE RGTUQP YKVJ EQPĂ?KEV QH KPVGTGUVU KP PCVWTG YJKEJ OC[ QDUVTWEV JKU KPFGRGPFGPV LWFIOGPV DQVJ KP VJG RTGUGPV CPF CV NGCUV two years prior to taking the independent directorship. 4.1) Is neither an auditor nor major shareholder, non-independent director, management, and the managing partner of the EQORCP[ÂżU CWFKV Ă&#x152;TO +U PGKVJGT RTQHGUUKQPCN UGTXKEG RTQXKFGT UWEJ CU NGICN QT Ă&#x152;PCPEKCN CFXKUQT PQT CUUGV CRRTCKUGT YJQUG UGTXKEG HGG GZEGGF $CJV OKNNKQP RGT [GCT HQT VJG EQORCP[ VJG EQORCP[ÂżU OCLQT UJCTGJQNFGT C UWDUKFKCT[ CP CUUQEKCVG QT CP[ LWTKUVKE RGTUQP YKVJ EQPĂ?KEV QH KPVGTGUVU CPF KU PGKVJGT OCLQT UJCTGJQNFGT PQP KPFGRGPFGPV FKTGEVQT OCPCIGOGPV PQT VJG OCPCIKPI RCTVPGT QH VJG UWEJ UGTXKEG RTQXKFKPI Ă&#x152;TO 4GEGKXGF PQ DGPGĂ&#x152;V FKTGEVN[ QT KPFKTGEVN[ HTQO DWUKPGUU VTCPUCEVKQPU PCOGN[ PQTOCN VTCFKPI CEVKXKVKGU TGPV QT NGCUG QH RTQRGTV[ VTCPUCEVKQPU TGNCVGF VQ CUUGVU QT UGTXKEGU QT RTQXKFG Ă&#x152;PCPEKCN VQ $CJV OKNNKQP QT GSWKXCNGPV VQ QH VJG VCPIKDNG assets of the company, whichever is lower. The term is applicable to all transactions occurred within one year prior to the date of business relationship and the independent director must not be major shareholder, non-independent director, OCPCIGOGPV QT VJG OCPCIKPI RCTVPGT QH UWEJ Ă&#x152;TOU 5. Not an appointed director designated as a representative of a director, major shareholder, or any shareholder related to the EQORCP[ÂżU OCLQT UJCTGJQNFGT 6. Does not have any attribute which may restrict abilities to freely express opinions. +PFGRGPFGPV FKTGEVQT OGGVKPI SWCNKĂ&#x152;ECVKQPU RWTUWCPV VQ #TVKENG OC[ DG CUUKIPGF D[ $QCTF QH &KTGEVQTU VQ FGVGTOKPG DWUKPGUU EQPFWEVU QH VJG EQORCP[ RCTGPV EQORCP[ UWDUKFKCT[ CHĂ&#x152;NKCVGF EQORCP[ UWDUKFKCT[ YKVJ UKOKNCT VKGT QT LWTKUVKE RGTUQP VJCV OC[ JCXG EQPĂ?KEV QH KPVGTGUV VJTQWIJ C HQTO QH EQNNGEVKXG FGEKUKQP

Directors Authorized to Sign on Behalf of Company #P[ VYQ QH YJQO LQKPVN[ UKIP CPF CHĂ&#x152;Z VJG EQOOQP UGCN QH VJG %QORCP[ VJCV /T 2CPQV 5KTKXCFJCPCDJCMFK QT /T 5KVJKEJCK Chaikriangkrai or 3) Mr. Thanapol Sirithanachai or 4) Mr. Chotiphat Bijananda Scope of Powers, Duties and Responsibilities of the Board of Directors. 1. Conduct their duties in compliance with all laws, objectives and the Articles of Association of the Company as well as resolutions QH VJG UJCTGJQNFGTUÂż OGGVKPIU YKVJ JQPGUV[ CPF KPVGITKV[ CPF ECTGHWNN[ UCHGIWCTF VJG DGPGĂ&#x152;VU QH VJG %QORCP[ VQ GPUWTG HCKT accountability towards all shareholders. (QTOWNCVG RQNKEKGU CPF FKTGEVKQPU QH VJG %QORCP[ÂżU QRGTCVKQPU CPF CNUQ OQPKVQT CPF UWRGTXKUG VJG OCPCIGOGPV VGCO VQ function KP CEEQTFCPEG YKVJ UWEJ RQNKEKGU CPF TGIWNCVKQPU YKVJ GHĂ&#x152;EKGPE[ CPF GHHGEVKXGPGUU WPFGT VJG RTKPEKRNGU QH )QQF %QTRQTCVG )QXGTPCPEG VQ OCZKOK\G GEQPQOKE XCNWG CPF UJCTGJQNFGTUÂż YGCNVJ 4GRQTV VJG %QORCP[ÂżU RGTHQTOCPEG VQ UJCTGJQNFGTUÂż OGGVKPIU CPF XKC VJG %QORCP[ÂżU CPPWCN TGRQTV #TTCPIG GHHGEVKXG CPF TGNKCDNG CEEQWPVKPI U[UVGOU Ă&#x152;PCPEKCN TGRQTV KPVGTPCN EQPVTQN CPF KPVGTPCN CWFKV U[UVGOU 4GXKGY VJG %QORCP[ÂżU )QQF %QTRQTCVG )QXGTPCPEG 2QNKE[ EQPUVCPVN[ 6. Ensure that the management team treats all stakeholders with ethics and equitability. 7. Independent and other external directors are capable to use their judgment with an independent opinion in determining matters such as setting out strategies, operational tactics, resource utilization, nomination of directors including setting up performance standard of the Company. They also have to be ready to oppose any acts of other directors or the management on the issues affecting the equity of shareholders. 5GGM RTQHGUUKQPCN QRKPKQPU HTQO GZVGTPCN VQ OCMG EQOOGPVU QT IKXG CFXKEG QP VJG %QORCP[ÂżU QRGTCVKQPU YKVJ %QORCP[ÂżU expense as necessary. #RRQKPV VJG %QORCP[ 5GETGVCT[ VQ VCMG ECTG QH VJG $QCTFÂżU CPF VJG %QORCP[ÂżU CEVKXKVKGU UWEJ CU VJG $QCTF QH &KTGEVQTUÂż OGGVKPI VJG UJCTGJQNFGTUÂż OGGVKPI CNUQ CUUKUV VJG FKTGEVQTU CPF VJG %QORCP[ KP RGTHQTOKPI VJGKT FWVKGU CU TGSWKTGF D[ NCYU CPF TGNCVGF rules and regulations from time to time. Moreover, the Company Secretary is accountable for supporting the directors and the Company in disclosing all information accurately, completely, transparently, and providing in a timely manner. 10. Directors shall refrain from securities trading during periods when they are in possession of material information not yet disclosed to the public, which might affect the share price. Directors shall also not disclose such information to outsiders. Directors are aware of the penalties regarding misuse of such information. 4GRQTV CPF WRFCVG VJG Ă 4GRQTV QP VJG KPVGTGUV QH &KTGEVQT CPF 'ZGEWVKXGĂ&#x201A; VQ VJG %QORCP[ KP EQORNKCPEG YKVJ VJG %QORCP[ÂżU ETKVGTKC 12. New directors should attend orientation classes regarding business operations of the Company. Annual Report 2014

2) Executive Committee The Board of Directors has approved the setting up of the Executive Committee, which at present comprises 6 members, as per the following list: Name-Surname 1. Mr. Panot

Sirivadhanabhakdi

Position

Position Appointment

Attendance of Meetings (Times)

Chairman of Executive Committee

26 Dec. 2012

12 / 12

2. Mr. Sithichai Chaikriangkrai

Executive Committee

26 Dec. 2012

12 / 12

3. Mr. Thanapol Sirithanachai

Executive Committee

26 Dec. 2012

12 / 12

4. Mr. Saenphin Sukhee

Executive Committee

22 Feb 2013

11 / 12

5. Mr. Somboon Wasinchutchawal

Executive Committee

26 Dec. 2012

12 / 12

6. Mr. Khumpol Poonsonee

Executive Committee

22 Feb. 2013

12 / 12

Secretary to the Executive Committee : Mr. Khumpol Poonsonee Scope of Powers, Duties and Responsibilities of Executive Committee Consider and set out policies, directions, strategies, targets, business plans, budgets, and various management powers of the Company and subsidiary companies jointly with the high-level executives for proposing to the Board of Directors for approval. Supervise and monitor results of operations of the Company so that it be in accordance with the approved business plans. Approve the operations of the Company and subsidiary companies in various matters according to the scope of powers assigned by the Board of Directors. Screen matters that the high-level executives has proposed in the part beyond the powers of the Executive Committee for proposing to the Board of Directors for consideration. In any case, approvals must not be of a description that will enable the Executive Committee QT VJG RGTUQP CWVJQTK\GF D[ VJG 'ZGEWVKXG %QOOKVVGG VQ CRRTQXG VTCPUCEVKQPU VJCV VJG[ QT VJG RGTUQPU YJQ OC[ JCXG EQPĂ?KEVU XGUVGF KPVGTGUVU QT OC[ JCXG CP[ QVJGT EQPĂ?KEV QH KPVGTGUVU CU RTGUETKDGF D[ VJG 5'% EQPENWFG YKVJ VJG %QORCP[ QT UWDUKFKCT[ EQORCP[ except it be an approval of transaction which is in line with the policy and criteria duly approved by the Board.

3) Audit Committee 6JG #WFKV %QOOKVVGG EQPUKUVU QH KPFGRGPFGPV FKTGEVQTU YKVJ VJG SWCNKĂ&#x152;ECVKQPU D[ UGEWTKVKGU CPF GZEJCPIG NCY %QOOKUUKQP CPF VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF 6JG %QOOKVVGG OWUV EQPUKUV QH CV NGCUV OGODGTU YKVJ CV NGCUV QPG RGTUQP KU SWCNKĂ&#x152;GF KP CEEQWPVKPI QT Ă&#x152;PCPEG CPF JCU CFGSWCVG GZRGTKGPEG VQ CUEGTVCKP VJG KPVGITKV[ QH VJG Ă&#x152;PCPEKCN UVCVGOGPVU QH VJG %QORCP[ 6JG PCOGU CPF OGGVKPI CVVGPFCPEG records of the Audit Committee are as follows: Position

Position Appointment

Attendance of Meetings (Times)

1. Mr. Chainoi Puankosoom

Chairman of Audit Committee

27 Dec. 2012

7/7

2. Mr. Udom

Audit Committee

27 Dec. 2012

7/7

Audit Committee

15 Sep. 2014

3/3

Name-Surname

Puasakul

3. Mr. Chinnavat Chinsangaram

Golden Land Porperty Developement PLC

Audit Committee resigned in 2014 Name-Surname

Position

Position Appointment

Attendance of Meetings (Times)

1. Mr Weerawong Chittmittrapap

Chairman of Audit Committee

27 Dec. 2012

3/3

Remark

1) Mr. Weerawong Chittmittrapap has resigned from the director on 14 July 2014. 2) Mr. Chinnavat Chinsangaram has been appointed to the director on the resolutions of the Board of Director Meeting on 15 September 2014. 3) Mr. Chainoi Puankosoom has been appointed to the Chairman of Audit Committee on the resolutions of the Board of Director Meeting on 15 September 2014.

Secretary to the Audit Committee : Ms. Natchadhorn Wongsurawat Scope of Powers, Duties and Responsibilities of the Audit Committee The areas of responsibility and duties of the Audit Committee and its accountability to the Board of Directors of the Company are as follows: 6Q TGXKGY VJG ETGFKDKNKV[ QH VJG %QORCP[ÂżU Ă&#x152;PCPEKCN TGRQTVKPI RTQEGUU VQ GPUWTG CEEWTCE[ CPF CFGSWCVG FKUENQUWTG D[ EQQTFKPCVKPI YKVJ VJG GZVGTPCN CWFKVQT CPF VJG OCPCIGOGPV OGODGTU YJQ CTG TGURQPUKDNG HQT RTGRCTKPI VJG SWCTVGTN[ CPF [GCTN[ Ă&#x152;PCPEKCN reports. The Audit Committee may suggest that the external auditor review or examine any transaction which is considered PGEGUUCT[ CPF UKIPKĂ&#x152;ECPV FWTKPI VJG CWFKV QH %QORCP[ÂżU CEEQWPVU 6Q GPUWTG VJCV VJG %QORCP[ JCU C UWKVCDNG CPF GHĂ&#x152;EKGPV KPVGTPCN EQPVTQN U[UVGO CPF KPVGTPCN CWFKV VJG %QOOKVVGG UJCNN EQPUKFGT the following issues: 2.1 To strengthen the independence of the internal audit department, the Committee shall approve any selection, promotion, rotation or termination of the department head. 2.2 To ensure the independency of the internal audit department, the Committee shall consider other factors that might impact its independent performance, including reporting and supervision processes. 6Q TGXKGY VJG %QORCP[ÂżU EQORNKCPEG YKVJ VJG NCY QP 5GEWTKVKGU CPF 5VQEM 'ZEJCPIG QH 6JCKNCPF VJG 5VQEM 'ZEJCPIG QH 6JCKNCPFÂżU TGIWNCVKQPU CPF VJG NCYU TGNCVKPI VQ VJG %QORCP[ÂżU DWUKPGUU 6Q EQPUKFGT UGNGEV PQOKPCVG CPF TGEQOOGPF TGOWPGTCVKQP QH VJG %QORCP[ÂżU GZVGTPCN CWFKVQTU VJG %QOOKVVGG UJCNN EQPUKFGT the following issues: 6Q GPUWTG VJG KPFGRGPFGPEG QH VJG GZVGTPCN CWFKVQT VJG %QOOKVVGG UJCNN EQPUKFGT CP[ HCEVQTU VJCV OC[ EQPĂ?KEV YKVJ VJG CWFKVQTÂżU GHĂ&#x152;EKGPV CPF RTQHGUUKQPCN QRGTCVKQPU 6Q HTGGN[ FKUEWUU UKIPKĂ&#x152;ECPV OCVVGTU VJG %QOOKVVGG UJCNN OGGV RTKXCVGN[ YKVJ VJG GZVGTPCN CWFKVQT CV NGCUV QPEG C [GCT without the management team being present. 6Q TGXKGY VJG EQPPGEVGF VTCPUCEVKQPU QT VJG VTCPUCEVKQPU VJCV OC[ NGCF VQ EQPĂ?KEVU QH KPVGTGUVU VQ GPUWTG VJCV VJG[ CTG KP EQORNKCPEG YKVJ VJG NCYU CPF VJG 5VQEM 'ZEJCPIG QH 6JCKNCPFÂżU TGIWNCVKQPU CPF CTG TGCUQPCDNG CPF HQT VJG JKIJGUV DGPGĂ&#x152;V QH VJG %QORCP[ 6Q RTGRCTG CPF VQ FKUENQUG KP VJG %QORCP[ÂżU CPPWCN TGRQTV CPF #WFKV %QOOKVVGGÂżU TGRQTV YJKEJ OWUV DG UKIPGF D[ VJG %JCKTOCP QH the Audit Committee. #P QRKPKQP QP VJG CEEWTCE[ EQORNGVGPGUU CPF ETGFKVCDKNKV[ QH VJG %QORCP[ÂżU Ă&#x152;PCPEKCN TGRQTV #P QRKPKQP QP VJG CFGSWCE[ QH VJG %QORCP[ÂżU KPVGTPCN EQPVTQN U[UVGO 6.3 An opinion on the compliance with the law on securities and Stock Exchange of Thailand, the Stock Exchange of 6JCKNCPFÂżU TGIWNCVKQPU QT VJG NCYU TGNCVKPI VQ VJG %QORCP[ÂżU DWUKPGUU 6.4 An opinion on the suitability of an auditor, #P QRKPKQP QP VJG VTCPUCEVKQPU VJCV OC[ NGCF VQ EQPĂ?KEVU QH KPVGTGUVU 6JG PWODGT QH VJG #WFKV %QOOKVVGGÂżU OGGVKPIU CPF VJG CVVGPFCPEG QH UWEJ OGGVKPIU D[ GCEJ EQOOKVVGG OGODGT 6.7 An opinion or overview comment received by the Committee from its performance of duties in accordance with the charter. 1VJGT VTCPUCEVKQPU YJKEJ CEEQTFKPI VQ VJG %QOOKVVGGÂżU QRKPKQP UJQWNF DG MPQYP VQ VJG UJCTGJQNFGTU CPF IGPGTCN investors, subject to the scope of duties and responsibilities assigned by the Board.

Annual Report 2014

7. To perform any other activities as assigned by the Board of Directors, with the approval of the Committee. 8. In its performance of duties, if it is found or suspected that there is a transaction or any acts which may materially affect the %QORCP[ÂżU Ă&#x152;PCPEKCN EQPFKVKQP CPF QRGTCVKPI TGUWNVU VJG #WFKV %QOOKVVGG UJCNN TGRQTV KV VQ VJG $QCTF HQT TGEVKĂ&#x152;ECVKQP YKVJKP C reasonable timeframe. Appointment of Audit Committee Members 6JG $QCTF QH &KTGEVQTU QT 5JCTGJQNFGTUÂż OGGVKPI UJCNN CRRQKPV CV NGCUV #WFKV %QOOKVVGG OGODGTU HTQO VJG KPFGRGPFGPV FKTGEVQTU QH VJG %QORCP[ YJQ JCXG SWCNKĂ&#x152;ECVKQPU CU UVKRWNCVGF D[ VJG NCYU IQXGTPKPI UGEWTKVKGU CPF GZEJCPIG CPF VJG CPPQWPEGOGPVU QH VJG ECRKVCN OCTMGV 5WRGTXKUQT[ $QCTF KPENWFKPI VJG PQVKĂ&#x152;ECVKQPU TWNGU CPF QT TGIWNCVKQPU QH VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF IQXGTPKPI SWCNKĂ&#x152;ECVKQPU CPF VJG UEQRG QH RQYGT CPF FWVKGU QH VJG #WFKV %QOOKVVGG #V NGCUV QPG OGODGT QH VJG #WFKV %QOOKVVGG OWUV DG SWCNKĂ&#x152;GF KP CEEQWPVKPI QT Ă&#x152;PCPEG CPF JCU CFGSWCVG GZRGTKGPEG VQ CUEGTVCKP VJG KPVGITKV[ QH VJG Ă&#x152;PCPEKCN UVCVGOGPVU QH VJG %QORCP[ 6JG VGTO QH GCEJ OGODGT QH VJG #WFKV %QOOKVVGG UJCNN DG [GCTU CPF UJCNN VGTOKPCVG WRQP VJG FKTGEVQTUÂż TGVKTGOGPV D[ TQVCVKQP System of Control and Internal Auditing The Company views internal control as a very important part of both management and operation by setting up an internal audit department, which is an independent unit to be responsible for internal auditing on a regular basis, to ensure that management and employees strictly comply with the rules and regulations. These functions are under the supervision of the Audit Committee.

4) Compensation and Nominating Committee The Board of Directors has approved the setting up of the Compensation and Nominating Committee, which at present comprises 3 members, as per the following list: Name-Surname

Position

Position Appointment

Attendance of Meetings (Times)

1. Mr. Wanchai Sarathulthat

Chairman of Compensation and Nominating Committee

22 Feb. 2013

2/2

2. Mr. Panot Sirivadhanabhakdi

Compensation and Nominating Committe

22 Feb. 2013

2/2

3. Mr. Chainoi Puankosoom

Compensation and Nominating Committee

22 Feb. 2013

2/2

Secretary to Compensation and Nominating Committee : Mr. Thanapol Sirithanachai Scope of Powers, Duties and Responsibilities of Compensation and Nominating Committee 1. Prescribe bases and policy on the nomination of directors and subcommittee members of the Company. 2. Consider selecting and screening suitable persons to be a director, in the case the position of directorship is vacant, for proposing to the Board of Directors for approval and/or for seeking approval from the meeting of shareholders, as the case may be. Consider selecting and screening. 3. Suitable persons to hold the position of managing director upwards, in the case such a position is vacant. %QPUKFGT RTQRQUKPI NKUV QH PCOGU QH UWKVCDNG SWCNKĂ&#x152;GF FKTGEVQTU VQ DG CRRQKPVGF CU UWD EQOOKVVGG OGODGTU VQ VJG $QCTF QH Directors of the Company for appointment, in the case such a position is vacant. %QPUKFGT RTQRQUKPI TGEQOOGPFCVKQPU QP VJG TGOWPGTCVKQPU CPF CP[ QVJGT DGPGĂ&#x152;VU YJKEJ CTG PGEGUUCT[ CPF UWKVCDNG DQVJ Ă&#x152;PCPEKCNN[ CPF PQV Ă&#x152;PCPEKCNN[ UQ CU VQ CVVTCEV CPF OCKPVCKP VJG $QCTF QH &KTGEVQTU 5WD %QOOKVVGGU CPF QT HQT RTQRQUKPI VQ VJG meeting of shareholders for approval. 2TGRCTG ETKVGTKC CPF RQNKE[ QP VJG Ă&#x152;ZKPI QH TGOWPGTCVKQPU QH VJG $QCTF QH &KTGEVQTU #WFKV %QOOKVVGG %QORGPUCVKQP CPF 0QOKPCVing Committee and Risk Management Committee for proposing to the Board of Directors for approval and/or for proposing to the meeting of shareholders for approval, as the case may be. Which have the criteria for consideration as follows: - Performance of the Company - Scope of duties and responsibilities of each board or committee - Experience, knowledge and capabilities of directors - Compare to other companies in the same industry 43

Golden Land Porperty Developement PLC

%QPUKFGT Ă&#x152;ZKPI VJG PGEGUUCT[ CPF CRRTQRTKCVG TGOWPGTCVKQP QT QVJGT DGPGĂ&#x152;VU DQVJ OQPGVCT[ CPF PQPOQPGVCT[ KP QTFGT VQ compensate and persuade the high rank of management from Managing Director above by evaluating from his performance, endeavor and the performance of the Company. 2TQXKFG ENCTKĂ&#x152;ECVKQPU CPF CPUYGTU VQ SWGUVKQPU TGNCVKPI VQ VJG TGOWPGTCVKQPU QH VJG FKTGEVQTU CV VJG OGGVKPI QH UJCTGJQNFGTU %CTT[ QWV CP[ QVJGT YQTMU CU CUUKIPGF D[ VJG $QCTF QH &KTGEVQTU QH VJG %QORCP[ CPF YKVJ CRRTQXCN QH VJG %QORGPUCVKQP CPF Nominating Committee.

5) Risk Management Committee The Board of Directors has approved the setting up of the Risk Management Committee, which at present comprises 6 members, as per the following list: Name-Surname

Position

Position Appointment

Attendance of Meetings (Times)

1. Mr. Thanapol Sirithanachai

Chairman of Risk Management Committee

24 Feb 2014

3/3

2. Mr. Saenphin Sukhee

Risk Management Committee

24 Feb 2014

3/3

3. Mr. Somboon Wasinchutchawal

Risk Management Committee

24 Feb 2014

3/3

4. Mr. Khumpol Poonsonee

Risk Management Committee

24 Feb 2014

3/3

5. Mr. Withawat Koottatep

Risk Management Committee

24 Feb 2014

3/3

6. Ms. Kattarintr Roongpanarat

Risk Management Committee

24 Feb 2014

3/3

Secretary to the Risk Management Committee : Mr. Khumpol Poonsonee Scope of Powers, Duties and Responsibilities of Risk Management Committee 1. To prescribe strategies and policies, as well as setting targets of risk management of the entire organization, for use as guidelines for effective risk management by the Management so that it be carried out in the same direction. 2. To prescribe the frame of integrated risk management which shall cover major risks of the business, such as, business risk and operational risk, etc. 3. To laydown risk management system so as to reduce any effects that may occur to the business operations of the Company permanently, including arrangement for regular risk assessment. 4. To prepare and approve suitable risk management plan, by assessing risk factors that may affect the business operations of the Company, and prepare risk management plan at all levels through brainstorming among the executives and staff from various departments. 6Q FGXGNQR VJG GHĂ&#x152;EKGPE[ TKUM OCPCIGOGPV CPF GZCOKPG KV HQT UWKVCDNG TKUM OCPCIGOGPV 6. To encourage the executives and staff so that they be aware of the importance of management and administration of risks that may cause the Company not being able to achieve its targets including to persuade into the risk management at all levels of the organization, while at the same time embedding it as a culture of the organization. 7. To monitor the progress in complying with the risk management plan of the Company, and provide advices and recommendations in regard to risk management. 6Q EQOOWPKECVG YKVJ VJG #WFKV %QOOKVVGG CDQWV UKIPKĂ&#x152;ECPV TKUMU VJCV OC[ CHHGEV VJG KPVGTPCN EQPVTQN CPF TGRQTV VQ VJG $QCTF QH Directors of the risks and the progress of management such risks.

1RPLQDWLRQ $SSRLQWPHQW DQG 2IĹľFH 7HUP â&#x20AC;˘ Board of Directors According to the Articles of Association of the Company, the Board of Directors comprises no less than 5 directors, and not less than one-half of the total number of directors must have a residence in the Kingdom, and the directors of the Company must have RQUUGUUGF VJG SWCNKĂ&#x152;ECVKQPU CPF OWUV PQV JCXG RTQJKDKVGF FGUETKRVKQPU CU RTGUETKDGF D[ NCY

Annual Report 2014

The directors are appointed by the meeting of shareholders by a majority of votes according to the following criteria and procedures: 1PG UJCTGJQNFGT UJCNN JCXG QPG XQVG HQT GCEJ UJCTG JG UJG JCU JGNF 2. Each shareholder may exercise all of his/her votes to elect one or several directors, but he/she may not allot his/her votes to any candidates unequally. 3. Candidates who have received the highest number of votes in respective order shall be elected as directors equivalent to the required number of directors or the number of directors to be elected at the time. In the case the candidates in respective orders who have received equal votes exceed the required number of directors or the number of directors to be elected at that time, election shall be by drawing lots so as to acquire the number of directors required. In the case of a vacancy in the position of director, for other reasons than completion of his/her term, the Board of Directors shall, by a majority of votes not less than three-fourths of the remaining number of directors, select any person who has possessed the SWCNKĂ&#x152;ECVKQPU CPF JCU PQV JCF VJG RTQJKDKVGF FGUETKRVKQPU WPFGT VJG NCY CU C TGRNCEGOGPV FKTGEVQT KP VJG PGZV OGGVKPI QH VJG $QCTF of Directors, except where the remaining term of the said director is less than 2 months. 1VJGT VJCP TGVKTGOGPV QP VJG GZRKTCVKQP QH VJG VGTO C &KTGEVQT U VGTO YKNN DG VGTOKPCVGF KP ECUG QH a) Death b) Resignation E .CEM QH SWCNKĂ&#x152;ECVKQPU CPF EJCTCEVGTKUVKEU URGEKĂ&#x152;GF KP VJG 2WDNKE %QORCP[ #EV d) Resignation on the resolution of the Annual General Meeting of Shareholders e) By court order to resign There shall be no restrictions to prevent a person to become a director regarding the rules and regulations of The Stock Exchange of Thailand The Meeting of Shareholders may pass a resolution that any director retire from his/her post before completing his/her term by a majority of not less than three-fourths of the number of shareholders who attend the Meeting and have the right to vote, and with the total number of shares altogether not less than one-half of the number of shares held by the shareholders attending the Meeting and have the right to vote. At all ordinary general meeting of shareholders, the company has prescribed that one third of the total number of directors shall retire HTQO QHĂ&#x152;EG +H VJG PWODGT QH FKTGEVQTU ECPPQV DG FKXKFGF D[ VJTGG VJGP VJG ENQUGUV PWODGT VQ QPG VJKTF UJCNN CRRN[ 6JG FKTGEVQTU YJQ CTG VQ TGVKTG KP VJG Ă&#x152;TUV CPF VJG UGEQPF [GCTU CHVGT VJG EQORCP[ÂżU TGIKUVTCVKQP UJCNN DG D[ FTCYKPI NQVU #U HQT VJG HQNNQYKPI [GCTU VJG FKTGEVQTU YJQ JCXG JGNF VJG RQUVU NQPIGUV UJCNN TGVKTG HTQO QHĂ&#x152;EG *QYGXGT TGVKTGF FKTGEVQTU OC[ DG TGGNGEVGF â&#x20AC;˘ Committee Executive Committee, Audit Committee, Compensation and Nominating Committee and Risk Management Committee are appointed by the Board of Directors. â&#x20AC;˘ The President and Executives The President and Executives* of Golden Land Property Development Public Company Limited comprise the following: Name-Surname 1. Mr. Thanapol Sirithanachai

President

2. Mr. Saenphin Sukhee

Group Managing Director â&#x20AC;&#x201C; Residential Development

3. Mr. Somboon Wasinchutchawal

Senior Executive Vice President â&#x20AC;&#x201C; Finance and Accounting

4. Mr. Khumpol Poonsonee

Executive Vice President â&#x20AC;&#x201C; Business Development

5. Mr. Withawat Koottatep

Executive Vice President â&#x20AC;&#x201C; Commercial Development

6. Mr. Theppasak Noppakornvisate

Executive Vice President â&#x20AC;&#x201C; Finance and Accounting

0QVG

Position

#P GZGEWVKXG TGHGTU VQ FKTGEVQT OCPCIKPI FKTGEVQT QT RGTUQP JQNFKPI VJG Ă&#x152;TUV HQWT RQUKVKQPU QH GZGEWVKXG NGXGN TKIJV CHVGT VJG 2TGUKFGPV CPF GXGT[ RGTUQP holding the position equivalent to the fourth person holding the executive level position, including those holding executive level positions in accounting QT Ă&#x152;PCPEG CV VJG NGXGN QH VJG FGRCTVOGPV OCPCIGT QT JKIJGT QT GSWKXCNGPV

Golden Land Porperty Developement PLC

*QYGXGT CNN FKTGEVQTU CPF GZGE WVKXGU QH VJG EQORCP[ JCXG RQUUGUUGF HWNN SWCNKĂ&#x152;ECVKQPU CU TGSWKTGF D[ NCY CPF VJGTG CTG PQ JKUVQT[ QH VJGO JCXKPI EQOOKVVGF CP[ QHHGPEG CICKPUV VJG NCYU VJG 0QVKEGU QH VJG 1HĂ&#x152;EG QH VJG 5GEWTKVKGU CPF 'ZEJCPIG %QOOKUUKQP 5'% and the Stocks Exchange of Thailand (SET) in the past in relation to: 1. Having been judged that they committed a criminal offence. 2. Having been declared a bankrupt or having had their assets placed under receivership. 3. Having been an executive or a person with power to control a company or a partnership that has been declared bankrupt or having had assets placed under receivership. President of the company is Mr. Thanapol Sirithanachai. The Board of Directors has assigned to have duties and responsibilities in operation. The detail of assigned authority conforms to the scope of duty and responsibility of President which the authority assignment of President and other persons as the approval by President have not included the power and/or authority to approve any transactions VJCV 2TGUKFGPV QT VJG CWVJQTK\GF RGTUQP OC[ JCXG CP[ EQPĂ?KEV QH KPVGTGUVU QT CP[ CFXCPVCIG HTQO VJG EQORCP[ QT UWDUKFKCT[ EQORCP[ (compliance with the Regulation of the Securities and Exchange Commission). Such transactions have to be proposed in the Board of &KTGEVQTUÂż OGGVKPI CPF QT 5JCTGJQNFGTUÂż OGGVKPI HQT EQPUKFGTCVKQP CPF CRRTQXCN CU KPFKECVGF KP VJG EQORCP[ÂżU #TVKENGU QH #UUQEKCVKQP QT TGNCVGF NCY GZEGRV VJG CRRTQXCN QH VTCPUCEVKQPU HQNNQYKPI VJG EQORCP[ÂżU 2QNKEKGU /GVJQFU 4WNGU CRRTQXGF D[ VJG $QCTF QH Directors or Executive Committee. Scope of duty and responsibility of President 6Q QRGTCVG CPF OCPCIG VJG EQORCP[ÂżU DWUKPGUU EQORN[KPI YKVJ RNCP CPF DWFIGV CRRTQXGF D[ VJG $QCTF QH &KTGEVQTU 6Q QRGTCVG CPF OCPCIG VJG EQORCP[ÂżU DWUKPGUU GPVKTGN[ EQORN[KPI YKVJ VJG EQORCP[ÂżU 1DLGEVKXGU 2QNKEKGU 4WNGU #TVKENGU QH #UUQEKCVKQP 1TFGTU 4GUQNWVKQPU QH $QCTF QH &KTGEVQTUÂż /GGVKPIU QT 'ZGEWVKXG %QOOKVVGGÂżU /GGVKPIU 6Q JCXG CP CWVJQTKV[ VQ QRGTCVG CPF CEV CU VJG EQORCP[ÂżU TGRTGUGPVCVKXG HQT VJG TGNCVGF DWUKPGUU DGPGĂ&#x152;EKCN VQ VJG EQORCP[ 6Q JCXG CP CWVJQTKV[ VQ KUUWG VJG #PPQWPEGOGPV 1TFGTU QT /GOQTCPFWO KP QTFGT VQ EQPVTQN VJG QRGTCVKQP EQORN[KPI YKVJ VJG EQORCP[ÂżU 2QNKEKGU CPF DGPGĂ&#x152;V CPF VQ OCKPVCKP VJG FKUEKRNKPGU KP VJG QTICPK\CVKQP YQTM 6Q CRRTQXG VJG CRRQKPVOGPV QH 5VCHHU CPF %QPUWNVCPVU KP CP[ Ă&#x152;GNFU PGEGUUCT[ HQT VJG EQORCP[ÂżU QRGTCVKQP 6Q QRGTCVG CU CUUKIPGF D[ VJG $QCTF QH &KTGEVQTU QT 'ZGEWVKXG %QOOKVVGG WPFGT VJG EQORCP[ÂżU 4WNGU CPF #TVKENGU QH #UUQEKCVKQP The approval of transactions under the scope of duty and responsibility has to comply with the payment approval authority approved by the Board of Directors. Company Secretary Company Secretary of Golden Land Property Development Public Company Limited is Mr. Khumpol Poonsonee. Scope of duty and responsibility of Company Secretary 'UVCDNKUJ VJG $QCTF QH &KTGEVQTUÂż /GGVKPI 5WD %QOOKVVGGÂżU /GGVKPI CPF VJG 5JCTGJQNFGTUÂż /GGVKPI CU YGNN CU OQPKVQT VJG CEVKXKVKGU CPF RTCEVKEG QH VJG $QCTF QH &KTGEVQTU CPF VJG %QORCP[ GPUWTKPI VJQUG CEVKXKVKGU HQNNQY EQORCP[ÂżU QDLGEVKXG TWNGU CPF TGIWNCVKQP TGUQNWVKQP QH $QCTF QH &KTGEVQTU CPF 5JCTGJQNFGTUÂż /GGVKPI /CKPVCKP KPHQTOCVKQP CPF KORQTVCPV FQEWOGPV QH VJG EQORCP[ UWEJ CU VJG 4GIKUVGT QH VJG %QORCP[ÂżU &KTGEVQTU PQVKEGU CPF OKPWVGU QH VJG OGGVKPIU QH $QCTF QH &KTGEVQTU CPF 5JCTGJQNFGTUÂż OGGVKPIU KPENWFKPI VJG %QORCP[ÂżU CPPWCN TGRQTVU 3. Keep reports on stake holding submitted by Executive Director and send to Chairman of the Board and Chairman of Audit Committee within 7 business days. 4. Follow the Regulation of The Security and Exchange Commission, Thailand.

Annual Report 2014

Remuneration for Directors and Executives Monetary Remuneration • Remuneration for Directors At the 21st Annual General Meeting of Shareholders on 21st April 2014, a resolution was passed that the remuneration for directors DG ÌZGF CU RTQRQUGF D[ VJG %QORGPUCVKQP CPF 0QOKPCVKPI %QOOKVVGG CPF VJG $QCTF QH &KTGEVQTU CRRTQXGF TGOWPGTCVKQP HQT &KTGEVQTU QH VJG %QORCP[ CPF %QOOKVVGG¿U OGODGTU CV VJG COQWPV PQV GZEGGFKPI $CJV OKNNKQP EQPUKUVU QH [GCTN[ EQORGPUCVKQP and meeting allowances. Details of remuneration are as follows: • Remuneration for the Board of Directors consists of monthly compensation and meeting allowances. The Chairman of the Board of Directors receives a monthly retainer fee of Baht 20,000 per month and a meeting allowance of Baht 25,000 for each meeting. Each director receives a monthly retainer fee of Baht 10,000 per month and a meeting allowance of Baht 20,000 for each meeting. • Remuneration for Executive Committee* consists of monthly compensation. The Chairman of the Executive Committee receives a monthly retainer fee of Baht 25,000 per month. Each Executive Committee member receives a monthly retainer fee of Baht 20,000 per month. 0QVG 'ZEGRV GZGEWVKXG EQOOKVVGG OGODGT JQNFKPI GZGEWVKXG RQUV QH VJG EQORCP[ • Remuneration for Audit Committee consists of monthly compensation. The Chairman of the Audit Committee receives a monthly retainer fee of Baht 40,000 per month. Each Audit Committee member receives a monthly retainer fee of Baht 30,000 per month. • Remuneration for Compensation and Nominating Committee consists of meeting allowances. The Chairman of the Compensation and Nominating Committee receives a meeting allowance of Baht 22,000 per meeting. Each Compensation and Nominating Committee member receives a meeting allowance of Baht 18,000 per meeting. The amount extent of meeting allowances and monthly remuneration when including special remuneration (if any), shall not exceed Baht 5,000,000. In 2014 the remuneration for the Board of Directors and Sub-Committees are as follows: Board

Remunerations Y2014 (Baht)

1. The Board of Directors

2,430,000.00

2. The Audit Committee

1,080,000.00

3. The Compensation and Nominating Committee

116,000.00

4. The Executive Committee*

540,000.00

Total 0QVG

4,166,000.00

%WTTGPV TGOWPGTCVKQP COQWPV GHHGEVKXG /C[

'ZEGRV GZGEWVKXG EQOOKVVGG OGODGT JQNFKPI GZGEWVKXG RQUKVKQP QH VJG EQORCP[

Remunerations of Board of Directors of 2014 Remunerations (Baht) Directors 1. Mr .Wanchai Sarathulthat 2. Mr. Panot Sirivadhanabhakdi ** 3. Mr. Thapana Sirivadhanabhakdi 47

Position

Board of Directors

Audit Commitee

Compensation and Nominating Committee

Executive Committee

Total

Chairman of the Board / 440,000 Chairman of Compensation and Nominating Committee

44,000

484,000

Vice Chairman of the Board/

240,000

36,000

300,000

576,000

Compensation and Nominating Committee Director

200,000

Chairman of Executive Committee /

Golden Land Porperty Developement PLC

Remunerations (Baht) Directors 4. Mr. Chotiphat Bijananda

Position

Board of Directors

Director

Audit Commitee

Compensation and Nominating Committee

Executive Committee

Total

220,000

280,000 120,000

240,000

240,000 -

520,000 360,000

Independent Director / %JCKTOCP QH #WFKV %QOOKVVGG

5. Mr. Sithichai Chaikriangkrai Director / Executive Committee 6. Mr. Weerawong Independent Director / Chittmittrapap** Chairman of Audit Committee (Resigned on 14 Jul. 2014)

7. Mr. Chainoi Puankosoom (Appointed as Chairman of Audit Committee on 15 Sep. 2014)

8. Mr. Udom Puasakul

Independent Director / Audit Committee /T %JKPPCXCV %JKPUCPICTCO +PFGRGPFGPV &KTGEVQT (Appointed on 15 Sep.2014) Audit Committee

280,000

360,000

640,000

10. Mr. Thanapol Sirithanachai */** Director / Executive Committee

280,000

2,430,000 1,080,000

116,000

Total

540,000 4,166,000

4GOCTM 'ZEGRV 'ZGEWVKXG %QOOKVVGG OGODGT JQNFKPI GZGEWVKXG RQUKVKQP QH VJG EQORCP[

&KTGEVQT TGUKIPGF QP VJG TGUQNWVKQP QH VJG UV #PPWCN )GPGTCN /GGVKPI QH 5JCTGJQNFGTU #RTKN TGGNGEVGF VQ EQPVKPWG JKU PGZV VGTO QHĂ&#x152;EG

Other Remuneration for Directors - None â&#x20AC;˘ Remuneration for Executive Directors The Compensation Committee will determine the remuneration of the President and Executive Directors, which will be proposed to the Board of Directors and shareholders for their consideration. 6JG 'ZGEWVKXGÂżU TGOWPGTCVKQP EQPUKUVU QH UCNCT[ CPF DQPWU %QORGPUCVKQPU Year 2014 5CNCT[ CPF $QPWU Total

Year 2013

Number of Executives

Baht

Number of Executives

Baht

40,755,999.00

26,811,287.67

4GOCTM ;GCT 6JG TGOWPGTCVKQP KP RCKF VQ 'ZGEWVKXG &KTGEVQTU /T 6JCPCRQN 5KTKVJCPCEJCK /T 5CGPRKP 5WMJGG /T 5QODQQP 9CUKPEJWVEJCYCN /T -JWORQN 2QQPUQPGG /T 9KVJCYCV -QQVVCVGR CPF /T 6JGRRCUCM 0QRRCMQTPXKUCVG

;GCT 6JG TGOWPGTCVKQP KP RCKF VQ 'ZGEWVKXG &KTGEVQTU /T 6JCPCRQN 5KTKVJCPCEJCK /T 5CGPRKP 5WMJGG /T 5QODQQP 9CUKPEJWVEJCYCN /T -JWORQN 2QQPUQPGG CPF /T 9KVJCYCV -QQVVCVGR

Annual Report 2014

Other Remuneration for the Executive Directors 1VJGT GZGEWVKXGÂżU TGOWPGTCVKQP EQPUKUVU QH RTQXKFGPV HWPF CPF QVJGT EQORGPUCVKQPU EQPUKUVKPI QH UQEKCN UGEWTKV[ OGFKECN GZRGPUGU and health & life insurance premiums). The provident fund paid to 6 Executive Directors in 2014 was Baht 1,642,210. Year 2014

Year 2013

Number of Executives

Baht

Number of Executives

1,642,210.00

1,085,558.00

3,638,216.00

5,075,874.67

Provident Fund 1VJGT Total

Baht

Staff and developing policy Staff in 3 years of the company and subsidiaries Number of Staff (person) Year 2014 1. Executive 4GUKFGPVKCN &GXGNQROGPV

3. Commercial Development %QTRQTCVG 5GTXKEG

Total

Year 2013

Year 2012

407

165

174

#U QH &GEGODGT 0WODGT QH 5VCHH RGTUQPU (GOCNG RGTUQPU CPF /CNG RGTUQPU

Labour dispute in 3 years (Y2012 â&#x20AC;&#x201C; Y2014) - None 6WDII ZHOIDUH DQG EHQHĹľW 6JG EQORCP[ CPF UWDUKFKCTKGU RCKF UCNCT[ DQPWU RTQXKFGPV HWPF CPF QVJGT DGPGĂ&#x152;V VQ UVCHH D[ TGURQPUKDKNKVKGU CPF RGTHQTOCPEG KP [GCTU Description

Year 2013

Year 2012

5CNCT[ 9CIGU CPF $QPWU

2TQXKFGPV (WPF

1VJGT1/

300,924,605.75

97,145,978.30

146,674,446

Total Note :

QVJGT DGPGĂ&#x152;V UQEKCN UGEWTKVKGU EQOOKUUKQP VTCKPKPI YGNHCTG NKHG KPUWTCPEG CPF QVJGT YGNHCTG KPENWFGF DGPGĂ&#x152;V QH UVCHH QH -TWPIVJGR .CPF 2WDKE %QORCP[ .KOKVGF FWTKPI #WIWUV VQ &GEGODGT

Year 20142/

Golden Land Porperty Developement PLC

Policy on Staff Development )QNFGP .CPF 2TQRGTV[ &GXGNQROGPV 2.% CPF KVU UWDUKFKCTKGU JCXG C ENGCT EQPVKPWCN UVCHH RTQĂ&#x152;EKGPE[ FGXGNQROGPV RTQITCO DQVJ UJQTV VGTO CPF NQPI VGTO VQ EQPVTKDWVG VQ VJG %QORCP[ U DWUKPGUU QDLGEVKXG CEJKGXGOGPVU CU YGNN CU VJG QRRQTVWPKV[ HQT VJGKT QYP ECTGGT CFXCPEGOGPV CNQPIUKFG VJG %QORCP[ U UWEEGUU The Company has emphasized that all levels of executives and employees should jointly set up an annual work plan in accordance YKVJ VJG DWUKPGUU VCTIGV CPF FKTGEVKQP YJKEJ TGUWNVU KP RGTHQTOCPEG GHĂ&#x152;EKGPE[ VQYCTFU VJG EQOOQP IQCN +P CP GHHQTV VQ WRITCFG CPF KORTQXG VJG GHĂ&#x152;EKGPV RGTHQTOCPEG CRRTCKUCN U[UVGO C -G[ 2GTHQTOCPEG +PFKECVQT -2+ JCU DGGP CRRNKGF VQ QPNKPG RGTHQTOCPEG CRRTCKUCN QH CNN UVCHH NGXGNU 6JG JKIJ NGXGN GZGEWVKXGU JCXG RNCEGF OWEJ KORQTVCPEG QP VJG PGY LQKPGTU KPFWEVKQP FC[ YJGTG VJG PGY UVCHH OGGV CPF VCNM VQ JKIJ NGXGN GZGEWVKXGU KP RGTUQP NGCTP QH VJG %QORCP[ U JKUVQTKECN DCEMITQWPF KVU RQNKE[ DWUKPGUU UVTWEVWTG EQTRQTCVG EWNVWTG TWNGU CPF TGIWNCVKQPU YGNHCTG CPF DGPGĂ&#x152;VU UQ VJCV VJG[ DNGPF KP YKVJ VJG %QORCP[ #U HQT VJG UVCHH FGXGNQROGPV RTQITCO VJG %QORCP[ RNCPPGF VJG UVCHH VTCKPKPI CPF FGXGNQROGPV KP CEEQTFCPEG YKVJ VJG %QORCP[ U EQTG EQORGVGPE[ YJKEJ JCU DGGP UGV VQ TGNCVG CPF UWRRQTV VJG %QORCP[ U XKUKQP OKUUKQP CPF DWUKPGUU UVTCVGI[ UQ VQ FTKXG VJG %QORCP[ VQ CEJKGXG KVU DWUKPGUU VCTIGV CPF VQ DGPGĂ&#x152;V VJG UVCHH CU YGNN KP CRRN[KPI VJG MPQYNGFIG UMKNN CPF ECRCDKNKV[ VQ VJG HWNN GZVGPV VQ KORTQXG VJGKT RGTHQTOCPEG GHĂ&#x152;EKGPE[ +P CFFKVKQP KV KU VJG %QORCP[ U RQNKE[ QP KPUVKNNKPI EQTRQTCVG EWNVWTG )1.& VJTQWIJ EQPVKPWCNN[ QTICPK\KPI VJG TGETGCVKQP CPF VTCKPKPI CEVKXKVKGU CV XCTKQWU NQECVKQPU DQVJ KPFQQT CPF QWVFQQT UQ CU VQ ETGCVG VJGKT UGPUG QH RTKFG CU C OGODGT QH VJG %QORCP[ U UVCHH CPF VQ DWKNF awareness of their own capability in accomplishing the assignments. In the past year, the Company supported the training programs for all staff levels to develop their skill and competency as follows: â&#x20AC;˘ Training â&#x20AC;˘ Training â&#x20AC;˘ Training â&#x20AC;˘ Training â&#x20AC;˘ Course â&#x20AC;˘ Course

: : : : : :

Presentation Skills for Success Essential Skills for Modern Managers All Risks Insurance Property Insurance Knowledge Risk Management and Internal Control Fundamental Credit Analysis

â&#x20AC;˘ Course â&#x20AC;˘ Course â&#x20AC;˘ Course â&#x20AC;˘ Course â&#x20AC;˘ Course

: : : : :

Introduction to Color Application for Project Staff Application of AX System Application of Program Excel at Work Fundamental Knowledge in Taxation Tax Problems and Tax Planning for Real Estate Rental Business.

Annual Report 2014 50

Courses and activities to harmonize the behavior, emotion, physical and mental health with the corporate culture in order to build a good relationship, unity and work life happiness are mentioned below :

â&#x20AC;˘ Course Ă&#x2020; %QWTUG Ă&#x2020; 6GCO $WKNFKPI Ă&#x2020; #EVKXKV[

Tips for Corporate Success and Happiness. *KIJ 1WVRWV *CRR[ 2GQRNG )1.& %#/2 470 (14 )1.&

Golden Land Porperty Developement PLC

Board of Directors and Executives 1. Positions held by the Directors and Authorized Directors of Golden Land Property Development Public Company Limited and Subsidiaries

Name - Surname 1 Mr. Wanchai Saratulthat

GOLD

as of January 5, 2015

Subsidiaries BE

GMF GM

PO MSGL GH

GPS NSH GLR KLAND FS

PPA

SWL

2 Mr. Panot Sirivadhanabhakd */ and // 3 Mr. Thapana Sirivadhanabhakdi / 4 Mr. Chotiphat Bijananda

* and /

5 Mr. Sithichai Chaikriangkrai */ and // 6 Mr. Chainoi Puankosoom / 7 Mr. Udom Puasakul

8 Mr. Chinnavat Chinsangaram

9 Mr. Thanapol Sirithanachai / //z and* X * and / * and / 10 Mr. Somboon Wasinchutchawal // and X * and / * and / 11 Mr. Saenphin Sukhee // and X * and / 12 Mr. Khumpol Poonsonee

14 Mr.Theppasak Noppakornvisate

Remark: + = Chairman of the Board z = President List of Subsidiaries Companies and Associated Companies

* and / * and / * and / * and / * and / * and /

* and / * and / * and / * and / * and / * and / * and / * and / * and / * and / * and / * and / * and / * and / * and / * and / * and / * and / * and / * and / * and / * and /

* and / * and /

* and /

* and / * and / * and / * and / * and / * and /

// and X * and / * and / * and / * and / * and / * and / * and / * and / * and / * and / * and / * and / * and / * and / * and /

13 Mr. Withawat Koottatep

GOLD BE NS UN RV NR GMF

* and / * and / * and / * and / * and / * and / * and / * and / * and / * and / * and / * and / * and /

* $XWKRUL]HG 'LUHFWRU

: Golden Land Property Development Public Company Limited : Baan Chang Estate Co., Ltd. GM : Grand Mayfair Co., Ltd. : North Sathorn Realty Co., Ltd. SS : Sathorn Supsin Co., Ltd. : United Homes Co., Ltd. ST : Sathorn Thong Co., Ltd. : Ritz Village Co., Ltd. WH : Walker Homes Co., Ltd. : Narayana Pavilion Co., Ltd. GP : Grand Paradise Property Co., Ltd. : Golden Land (Mayfair) Co., Ltd. PO : Golden Land Polo Limited

MSGL GH GPS NSH GLR KLAND

'LUHFWRU

([HFXWLYH &RPPLWWHH

: MSGL Property Co., Ltd. : Golden Habitation Co., Ltd. : Golden Property Services Co., Ltd. : : North Sathorn Hotel Co., Ltd. : Golden Land Residence Co., Ltd. : Krungthep Land Plc.

FS PPA RR SWL

* and /

* and / * and / [ ([HFXWLYH 'LUHFWRU GHĹľQLWLRQ RI 6(&

: First Square Co., Ltd. : Prime Plus Asset Co., Ltd. : Regal Region Co., Ltd. : Sidewalk Land Co., Ltd.

Annual Report 2014

2. Details of Board of Directors, Management Team and Person with Controlling Power of Golden Land Property Development PLC 2.1 Board of Directors Board of Directors of Golden Land Property Development PLC EQPUKUVU QH OGODGTU YJQ JCF PQ NGICN TGEQTF KP VJG RCUV [GCTU +PHQTOCVKQP CU QH (GDTWCT[

1. Mr. Wanchai Sarathulthat Director Type Present Position

: Non-Executive Director : Chairman of the Board Chairman of Compensation and Nominating Committee : 68 Years

Age Highest Education â&#x20AC;˘ Master of Political Science Ramkhamhaeng University Thai Institute of Directors Association (IOD) â&#x20AC;˘ - None GOLD Shareholding â&#x20AC;˘ - None Year of Directorship â&#x20AC;˘ 2 Years 2 Months Position on Other Listed Companies â&#x20AC;˘ - None Position in Non-Listed Companies â&#x20AC;˘ Chairman - Thai Beverage Logistics Company Limited - N.C.C. Image Company Limited - N.C.C. Management & Development Company Limited - F & B International Company Limited - N.C.C. Exhibition Organizer Company Limited â&#x20AC;˘ Committee - TCC Land Logistics Company Limited - TCC Trade & Convention Center Company Limited - TCC Exhibition & Convention Center Company Limited - TCC Engineering Service Company Limited - TCC L 1 Company Limited 807 'ZJKDKVKQP #UKC 2CEKĂ&#x152;E %QORCP[ .KOKVGF Position in Rival Companies / Connected Business that may cause FRQĹśLFW RI LQWHUHVW â&#x20AC;˘ - None Experience â&#x20AC;˘ Permanent Secretary, Ministry of Transport â&#x20AC;˘ Chairman of the Board of Directors, Port Authority of Thailand â&#x20AC;˘ Director, State Railway of Thailand Legal record in the past 10 years â&#x20AC;˘ - None 53

Golden Land Porperty Developement PLC

2. Mr. Panot Sirivadhanabhakdi Director Type Present Position

: Authorized Director : Vice Chairman, Board of Director Chairman of Executive Committee Compensation and Nominating Committee : 37 Years

Age Highest Education â&#x20AC;˘ Master of Science in Analysis, Design and Management of Information System, the London School of Economics and Political Science,UK â&#x20AC;˘ Bachelor of Science in Manufacturing Engineering, Boston University, USA Ă&#x2020; %GTVKĂ&#x152;ECVG KP +PFWUVTKCN 'PIKPGGTKPI CPF 'EQPQOKEU Massachusetts University, USA Thai Institute of Directors Association (IOD) Ă&#x2020; &KTGEVQT %GTVKĂ&#x152;ECVKQP 2TQITCO &%2 Ă&#x2020; &KTGEVQT #EETGFKVCVKQP 2TQITCO &#2 Ă&#x2020; (KPCPEG HQT 0QP (KPCPEG &KTGEVQT (0& GOLD Shareholding â&#x20AC;˘ - None Year of Directorship â&#x20AC;˘ 2 Years 2 Months Position on Other Listed Companies â&#x20AC;˘ Vice Chairman, Board of Director / Chairman, Executive Board of Directors - Univentures Public Company Limited â&#x20AC;˘ Director / Executive Director - Berli Jucker Public Company Limited â&#x20AC;˘ Director/ Executive Director - Siam Food Products Public Company Limited Position in Non-Listed Companies in SET â&#x20AC;˘ Director - Thai Beverage PLC - Frasers Centrepoint Ltd. - Thip Sukhothai Bio-Tech Company Limited - Thip Suphanburi Bio Energy Company Limited 6%% #UUGVU 6JCKNCPF %QORCP[ .KOKVGF - Kasem Subsiri Company Limited - SMJC Development Company Limited - TCC Sports and Recreations Company Limited - TCC Exhibition and Convention Center Company Limited - TCC Trade and Convention Center Company Limited 6JKR 5WMJQVJCK $KQ 4GĂ&#x152;PGT[ %QORCP[ .KOKVGF - Thip Kampangpetch Bio Energy Company Limited - Thip Nakhonsawan Bio Energy Company Limited - Thip Sukhothai Bio EnergyCompany Limited - Thip Sugar Kampangphet Company Limited - Thip Sugar Nakhon Sawan Company Limited - Thip Sugar Sukhothai Company Limited - The Suphanburi Sugar Industry Company Limited - North Park Real Estate Company Limited - Nong Khai Country Golf Club Company Limited

- Terragro Fertilizer Company Limited - Norm Company Limited - North Park Golf and Sports Club Company Limited - Paksong Capital Company Limited - Adelfos Company Limited 'CUVGTP 5GCDQCTF +PFWUVTKCN 'UVCVG 4C[QPI Company Limited - Siriwana Company Limited - Cristalla Company Limited - Plantheon Company Limited $GGTVJKR $TGYGT[ %QORCP[ .KOKVGF - T.C.C. Technology Company Limited Position in Rival Companies / Connected Business that May Cause &RQĹśLFW RI ,QWHUHVW â&#x20AC;˘ - None Experience â&#x20AC;˘ 2008 â&#x20AC;&#x201C; 2014 Director - TCC Holding Company Limited - TCC Land Retail Company Limited â&#x20AC;˘ 2005 â&#x20AC;&#x201C; 2014 Director - TCC Land Company Limited â&#x20AC;˘ 2007 - 2013 Director - TCC Hotels Group Company Limited 6%% .CPF .GKUWTG %QORCP[ .KOKVGF â&#x20AC;˘ 2010 - 2013 Director - Oishi Group Public Company Limited â&#x20AC;˘ 2003 â&#x20AC;&#x201C; 2009 Director - Southeast Group Company Limited 6%% %CRKVCN %QORCP[ .KOKVGF â&#x20AC;˘ 2004 â&#x20AC;&#x201C; 2008 Director - Terragro Company Limited Legal Record in The Past 10 Years â&#x20AC;˘ - None -

3. Mr. Thapana Sirivadhanabhakdi Director Type : Non-Executive Director Present Position : Director Age : 39 Years Highest Education â&#x20AC;˘ Master of Science Administration in Financial Economics from Boston University, USA Thai Institute of Directors Association (IOD) Ă&#x2020; &KTGEVQTU #EETGFKVCVKQP 2TQITCO &#2 GOLD Shareholding â&#x20AC;˘ - None Year of Directorship Ă&#x2020; ;GCT /QPVJU Position on Other Listed Companies â&#x20AC;˘ Vice Chairman / Nomination and Remuneration Committee - Univentures Public Company Limited - Siam Food Products Public Company Limited

â&#x20AC;˘ Vice Chairman / Executive Chairman - Oishi Group Public Company Limited â&#x20AC;˘ Vice Chairman No. 4 / Vice Chairman of Executive Committee No. 1 - Sermsuk Pulbic Company Limited â&#x20AC;˘ Director - Berli Jucker Public Company Limited Position in Non-Listed Companies â&#x20AC;˘ Director / President & CEO - Thai Beverage Public Company Limited â&#x20AC;˘ Director / Executive Vice Chairman $GGT 6JCK 2WDNKE %QORCP[ .KOKVGF â&#x20AC;˘ Director - Adelfos Company Limited â&#x20AC;˘ Director - Fraser and Neave, Limited Position in Rival Companies / Connected Business that may cause FRQĹśLFW RI LQWHUHVW â&#x20AC;˘ - None Legal record in the past 10 years â&#x20AC;˘ - None -

4. Mr. Chotiphat Bijananda Director Type : Authorized Director Present Position : Director Age ;GCTU Highest Education â&#x20AC;˘ MBA, Finance - University of Missouri, USA Thai Institute of Directors Association (IOD) Ă&#x2020; &KTGEVQTU %GTVKĂ&#x152;ECVKQP 2TQITCO &%2 GOLD Shareholding â&#x20AC;˘ - None Year of Directorship Ă&#x2020; ;GCT /QPVJU Position on Other Listed Companies â&#x20AC;˘ Chairman of Executive Board - Southeast Insurance Public Company Limited - Southeast Life Insurance Public Company Limited â&#x20AC;˘ Vice Chairman of Board of Director / Executive Director - Sermsuk Public Company Limited Position in Non-Listed Companies â&#x20AC;˘ Advisor - TCC Holding Company Limited â&#x20AC;˘ President - Southeast Group Company Limited â&#x20AC;˘ Chairman of Executive Board - Southeast Capital Company Limited Annual Report 2014

â&#x20AC;˘ Director - TCC Technology Company Limited - Frasers Centrepoint Ltd. Position in Rival Companies / Connected Business that may cause FRQĹśLFW RI LQWHUHVW â&#x20AC;˘ - None Legal record in the past 10 years â&#x20AC;˘ - None -

5. Mr. Sithichai Chaikriangkrai Director Type Present Position

: Authorized Director : Director Executive Committee ;GCTU

Age Highest Education â&#x20AC;˘ Mini MBA, Leadership Management Kasetsart University Thai Institute of Directors Association (IOD) Ă&#x2020; &KTGEVQT %GTVKĂ&#x152;ECVKQP 2TQITCO &%2 Ă&#x2020; &%2 4GHTGUJGT %QWTUG GOLD Shareholding â&#x20AC;˘ None Year of Directorship â&#x20AC;˘ 2 Year 2 Months Position on Other Listed Companies â&#x20AC;˘ Director / Executive Director - Univentures Public Company Limited - Siam Food Products Public Company Limited - Berli Jucker Public Company Limited â&#x20AC;˘ Director / Vice Chairman of Executive Committee - Oishi Group Public Company Limited â&#x20AC;˘ Director / Vice Chairman of Executive Committee No. 2 - Sermsuk Public Company Limited Position in Non-Listed Companies â&#x20AC;˘ Director and Executive Vice President - Thai Beverage Public Company Limited â&#x20AC;˘ Director - Fraser and Neave, Limited â&#x20AC;˘ Director - Frasers Centrepoint Limited â&#x20AC;˘ Director / Executive Vice Chairman $GGT 6JKR $TGYGT[ %QORCP[ .KOKVGF â&#x20AC;˘ Director 'CUVGTP 5GCDQCTF +PFWUVTKCN 'UVCVG 4C[QPI Company Limited Position in Rival Companies / Connected Business that may cause FRQĹśLFW RI LQWHUHVW â&#x20AC;˘ - None Legal record in the past 10 years â&#x20AC;˘ - None 55

Golden Land Porperty Developement PLC

6. Mr. Chainoi Puankosoom Director Type Present Position

: Independent Director : Independent Director Chairman of Audit Committee Compensation and Nominating Committee ;GCTU

Age Highest Education Ă&#x2020; /CUVGT QH /CPCIGOGPV // Sasin Graduate Institute of Business Administration, Chulalongkorn University Thai Institute of Directors Association (IOD) Ă&#x2020; &KTGEVQTU #EETGFKVCVKQP 2TQITCO &#2 Ă&#x2020; (KPCPEKCN +PUVKVWVKQPU )QXGTPCPEG 2TQITCO ;GCT Ă&#x2020; 6JG 4QNG QH VJG %JCKTOCP 2TQITCO 4%2 GOLD Shareholding â&#x20AC;˘ - None Year of Directorship â&#x20AC;˘ 2 Years 2 Months Position in Other Listed Companies â&#x20AC;˘ Director - Muangthai Leasing Public Company Limited - National Power Supply Public Company Limited Position in Non-Listed Companies â&#x20AC;˘ Acting Executive Director - Energy Fund Administration Institute 2WDNKE 1TICPK\CVKQP '(#+ Position in Rival Companies / Connected Business that may cause FRQĹśLFW RI LQWHUHVW â&#x20AC;˘ - None Experience â&#x20AC;˘ 2010 â&#x20AC;&#x201C; 2013 Advisor - PTT Public Company Limited â&#x20AC;˘ 2010 â&#x20AC;&#x201C; 2012 Chairman, Executive Environment Committee - The Federation of Thai Industries â&#x20AC;˘ 2008 â&#x20AC;&#x201C; 2010 President & CEO 266 #TQOCVKEU 4GĂ&#x152;PKPI Public Company Limited Senior Executive Vice President - PTT Public Company Limited â&#x20AC;˘ 2007 â&#x20AC;&#x201C; 2008 President 266 #TQOCVKEU 4GĂ&#x152;PKPI Public Company Limited Senior Executive Vice President - PTT Public Company Limited Legal record in the past 10 years â&#x20AC;˘ - None -

7. Mr. Udom Puasakul Director Type Present Position

: Independent Director : Independent Director Audit Committee Member : 63 Years

Age Highest Education Ă&#x2020; /CUVGT QH 2QNKVKECN 5EKGPEG 2QNKVKEU CPF )QXGTPOGPV Chaingmai University Thai Institute of Directors Association (IOD) Ă&#x2020; &KTGEVQTU %GTVKĂ&#x152;ECVKQP 2TQITCO &%2 GOLD Shareholding â&#x20AC;˘ - None Year of Directorship â&#x20AC;˘ 2 Year 2 Months Position on Other Listed Companies â&#x20AC;˘ - None Position in Non-Listed Companies â&#x20AC;˘ - None Position in Rival Companies / Connected Business that may cause FRQĹśLFW RI LQWHUHVW â&#x20AC;˘ - None Experience â&#x20AC;˘ 20 October 2012 - 4 September 2013 Chairman of The Board - TOT Public Company Limited â&#x20AC;˘ 20 October 2008 - 30 September 2012 Director General Department of Public Works and Town & Country Planning â&#x20AC;˘ 13 November 2006 - 19 October 2008 Governor Uthaithani Province Legal record in the past 10 years â&#x20AC;˘ - None -

8. Mr. Chinnavat Chinsangaram Director Type Present Position

: Independent Director : Independent Director Audit Committee Member ;GCTU

Age Highest Education â&#x20AC;˘ LL.M. in Admiralty Tulane University , United State â&#x20AC;˘ Master of Comparative Law University of Miami, United State Thai Institute of Directors Association (IOD) â&#x20AC;˘ - None GOLD Shareholding â&#x20AC;˘ - None -

Year of Directorship Ă&#x2020; /QPVJU Position on Other Listed Companies â&#x20AC;˘ - None Position in Non-Listed Companies â&#x20AC;˘ Director, Partner - Weerawong, Chinnavat & Peangpanor Ltd. Position in Rival Companies / Connected Business that may cause FRQĹśLFW RI LQWHUHVW â&#x20AC;˘ - None Legal record in the past 10 years â&#x20AC;˘ - None -

9. Mr. Thanapol Sirithanachai Director Type Present Position

: Authorized Director : Director Executive Committee President ;GCTU

Age Highest Education â&#x20AC;˘ Master of Business Administration The University of Texas at Austin, Texas, U.S.A. Thai Institute of Directors Association (IOD) Ă&#x2020; &KTGEVQTU %GTVKĂ&#x152;ECVKQP 2TQITCO &%2 Ă&#x2020; &KTGEVQTU #EETGFKVCVKQP 2TQITCO &#2 Ă&#x2020; #WFKV %QOOKVVGG 2TQITCO #%2 GOLD Shareholding â&#x20AC;˘ - None Year of Directorship â&#x20AC;˘ 2 Years 2 Months Position on Other Listed Companies â&#x20AC;˘ Director / Executive Director - Univentures Public Company Limited â&#x20AC;˘ Director - Bangkok First Investment & Trust Public Company Limited Position in Non-Listed Companies â&#x20AC;˘ Director - Grand Unity Development Company Limited - Grand U Living Company Limited - Golden Land Residence Company Limited - Baan Chang Estate Company Limited - Golden Habitation Company Limited )QNFGP .CPF /C[HCKT %QORCP[ .KOKVGF - Golden Land Polo Limited - Golden Property Services Company Limited - Grand Mayfair Company Limited - Grand Paradise Property Company Limited - MSGL Property Company Limited Annual Report 2014

- Narayana Pavilion Company Limited - North Sathorn Realty Company Limited - Ritz Village Company Limited - Sathorn Supsin Company Limited - Sathorn Thong Company Limited - United Homes Company Limited - Walker Homes Company Limited - Krungthep Land Public Company Limited - First Square Company Limited - Prime Plus Asset Company Limited - Regal Region Company Limited - Sidewalk Land Company Limited 2QUKVKQP KP 4KXCN %QORCPKGU %QPPGEVGF $WUKPGUU VJCV OC[ ECWUG EQPĂ?KEV QH KPVGTGUV â&#x20AC;˘ - None .GICN TGEQTF KP VJG RCUV [GCTU â&#x20AC;˘ - None 2.2 Management Team Management Team of Golden Land Property Development 2.% EQPUKUVU QH OGODGTU YJQ JCF PQ NGICN TGEQTF KP VJG RCUV [GCTU +PHQTOCVKQP CU QH (GDTWCT[

1. Mr. Saenphin Sukhee Present Position

: Executive Committee Group Managing Director Residential Development ;GCTU

Age Highest Education Ă&#x2020; /$# 'Z /$# Chulalongkorn University Thai Institute of Directors Association (IOD) Ă&#x2020; &KTGEVQTU %GTVKĂ&#x152;ECVKQP 2TQITCO &%2 GOLD Shareholding â&#x20AC;˘ - None Position in Non-Listed Companies â&#x20AC;˘ Director - Golden Land Residence Company Limited - Baan Chang Estate Company Limited - United Homes Company Limited - Ritz Village Company Limited - Walker Homes Company Limited - Grand Paradise Property Company Limited - Golden Habitation Company Limited - Krungthep Land Public Company Limited - First Square Company Limited - Prime Plus Asset Company Limited - Regal Region Company Limited - Sidewalk Land Company Limited 57

Golden Land Porperty Developement PLC

Experience â&#x20AC;˘ 2009 â&#x20AC;&#x201C; 2012 Managing Director - Casaville Company Limited Assistant Managing Director - Quality House Public Company Limited â&#x20AC;˘ 2006 â&#x20AC;&#x201C; 2008 Senior Vice President - Housing Project - Quality House Public Company Limited â&#x20AC;˘ 2002 â&#x20AC;&#x201C; 2005 Vice President â&#x20AC;&#x201C; Condominium - Quality House Public Company Limited Legal record in the past 10 years â&#x20AC;˘ - None -

2. Mr. Somboon Wasinchutchawal Present Position

: Executive Committee Senior Executive Vice President Accounting and Finance ;GCTU

Age Highest Education Ă&#x2020; /CUVGT &GITGG $WUKPGUU #FOKPKUVTCVKQP Thammasat University Thai Institute of Directors Association (IOD) Ă&#x2020; &KTGEVQTU %GTVKĂ&#x152;ECVKQP 2TQITCO &%2 GOLD Shareholding â&#x20AC;˘ - None Position in Non-Listed Companies â&#x20AC;˘ Director - Golden Land Residence Company Limited - Baan Chang Estate Company Limited - Golden Habitation Company Limited )QNFGP .CPF /C[HCKT %QORCP[ .KOKVGF - Golden Land Polo Limited - Golden Property Services Company Limited - Grand Mayfair Company Limited - Grand Paradise Property Company Limited - MSGL Property Company Limited - Narayana Pavilion Company Limited - North Sathorn Realty Company Limited - Ritz Village Company Limited - Sathorn Supsin Company Limited - Sathorn Thong Company Limited - United Homes Company Limited - Walker Homes Company Limited - North Sathorn Hotel Company Limited - Krungthep Land Public Company Limited - First Square Company Limited - Prime Plus Asset Company Limited - Regal Region Company Limited - Sidewalk Land Company Limited Experience x ([HFXWLYH 9LFH 3UHVLGHQW &KLHI )LQDQFLDO 2IĹľFHU

- Pruksa Real Estate Public Company Limited

â&#x20AC;˘ Executive Vice President / Corporate Secretary - Areeya Property Public Company Limited â&#x20AC;˘ Senior Vice President - Property Perfect Public Company Limited Legal record in the past 10 years â&#x20AC;˘ - None -

3. Mr. Khumpol Poonsonee Present Position

: Executive Committee Executive Vice President Business Development ;GCTU

Age Highest Education â&#x20AC;˘ Master of Business Administration University of Newcastle upon Tyne, U.K. Thai Institute of Directors Association (IOD) Ă&#x2020; &KTGEVQTU #EETGFKVCVKQP 2TQITCO &#2 Ă&#x2020; &KTGEVQTU %GTVKĂ&#x152;ECVKQP 2TQITCO &%2 Ă&#x2020; 4KUM /CPCIGOGPV %QOOKVVGG 2TQITCO 4/2 GOLD Shareholding â&#x20AC;˘ - None Position in Non-Listed Companies â&#x20AC;˘ Director - Golden Land Residence Company Limited - Baan Chang Estate Company Limited - Golden Habitation Company Limited )QNFGP .CPF /C[HCKT %QORCP[ .KOKVGF - Golden Land Polo Limited - Golden Property Services Company Limited - Grand Mayfair Company Limited - Grand Paradise Property Company Limited - MSGL Property Company Limited - Narayana Pavilion Company Limited - North Sathorn Realty Company Limited - Ritz Village Company Limited - Sathorn Supsin Company Limited - Sathorn Thong Company Limited - United Homes Company Limited - Walker Homes Company Limited Experience â&#x20AC;˘ 2008 - 2012 Senior Vice President - Univentures Public Company Limited â&#x20AC;˘ 2009 - 2013 Director / Managing Director - Univentures Consulting Company Limited â&#x20AC;˘ 2002 - 2013 Investment Committee - Kinnaree Property Fund â&#x20AC;˘ 2002 - Present Director - Cathay Asset Management Company Limited Legal record in the past 10 years â&#x20AC;˘ - None -

4. Mr. Withawat Koottatep Present Position

: Executive Vice President Commercial Development ;GCTU

Age Highest Education â&#x20AC;˘ Master of Business Administration Chulalongkorn University â&#x20AC;˘ Master of Engineering University of Florida, USA. Thai Institute of Directors Association (IOD) â&#x20AC;˘ - None GOLD Shareholding â&#x20AC;˘ - None Position in Non-Listed Companies â&#x20AC;˘ - None Experience â&#x20AC;˘ 2005 - 2013 Director of Business Development - Fico Corporation Company Limited â&#x20AC;˘ 1993 - 2005 Senior Structural Engineer - Asian Engineering Consultants Company Limited Legal record in the past 10 years â&#x20AC;˘ - None -

5 Mr. Theppasak Noppakornvisate Present Position

: Executive Vice President Accounting and Finance ;GCTU

Age Highest Education â&#x20AC;˘ Master of Accountancy, Chulalongkorn University â&#x20AC;˘ Master of Business Economics, National Institute of Development Administration Thai Institute of Directors Association (IOD) â&#x20AC;˘ - None GOLD Shareholding â&#x20AC;˘ - None Position in Non-Listed Companies â&#x20AC;˘ Director - Golden Land Residence Company Limited - Krungthep Land Public Company Limited Experience â&#x20AC;˘ 2005 - 2013 Vice President â&#x20AC;&#x201C; Finance and Accounting - Thai Master Trade Public Company Limited Legal record in the past 10 years â&#x20AC;˘ - None -

Annual Report 2014

Corporate Governance Policy Golden Land Property Development PLC recognizes the importance of applying corporate governance practices as a vital factor to its UWUVCKPCDNG DWUKPGUU UWEEGUU +V CNUQ RWVU GORJCUKU QP VJG UKIPKĂ&#x152;ECPEG of corporate moral, transparency and accountability which are perceived as the fundamental requirements for improvement in its QRGTCVKQPCN GHĂ&#x152;EKGPE[ CPF GHHGEVKXGPGUU CPF CNUQ MGGPN[ HQEWUGU QP OCZKOK\KPI UJCTGJQNFGTU XCNWG YKVJ EQPEGTP QP VJG DGPGĂ&#x152;V QH CNN UVCMGJQNFGTU The Board of Directors as its governing body, oversees the compliance of prescribed governance policies and best practices, CPF OCMGU TGNGXCPV CFLWUVOGPVU VJGTGVQ HTQO VKOG VQ VKOG VQ DG KP accordance with the prevailing circumstance. The Companyâ&#x20AC;&#x2122;s governance policies and best practices are prescribed into 5 categories, which are: 1. Rights of Shareholders 2. Equitable Treatment of Shareholders 4QNG QH 5VCMGJQNFGTU 4. Disclosure and Transparency 5. Responsibilities of the Board of Directors

1. Rights of Shareholders The Company recognizes the rights and equitability of all shareholders and applies equitable treatment towards each of them. Shareholders are entitled to be informed of information, operation results and management policy. They are also entitled to their share of VJG EQORCP[ RTQĂ&#x152;V CPF VJGKT TKIJVU VQ RCTVKEKRCVG KP VJG UJCTGJQNFGTUÂż meetings. Each shareholder is entitled to fair treatment as prescribed in the Companyâ&#x20AC;&#x2122;s regulations and under applicable laws. In order to assure the equitable treatment of its shareholders, the Company ensures that their shareholdersâ&#x20AC;&#x2122; meeting procedures are transparent CPF GHĂ&#x152;EKGPV +V QXGTUGGU CRRTQRTKCVG WUGU QH KPUKFG KPHQTOCVKQP proper control and monitoring of connected transactions, as well as UWHĂ&#x152;EKGPV FKUENQUWTG QH KPHQTOCVKQP CPF VJG HQNNQYKPI RTQEGFWTGU CTG also applied to accommodate its shareholders in each of the shareholdersâ&#x20AC;&#x2122; meetings: 1) Send the meeting invitations together with full details on the material aspects of each meeting agenda, as prescribed by applicable NCYU CPF TGIWNCVKQPU QH VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF CPF KP compliance with the Companyâ&#x20AC;&#x2122;s regulations. The details include UWHĂ&#x152;EKGPV KPHQTOCVKQP CPF FCVC EQPEGTPKPI VJG RTQRQUGF CIGPFC CU well as the clearly described opinions of the Board of Directors on each agenda for the shareholdersâ&#x20AC;&#x2122; perusal in advance of their FGEKUKQP OCMKPI 6JG CVVCEJGF UWRRQTVKPI KPHQTOCVKQP CNUQ EQPVCKPU the minutes of the previous meeting, the Companyâ&#x20AC;&#x2122;s annual report, 59

Golden Land Porperty Developement PLC

supportive documents, proxy form with clear guidelines for proxy XQVKPI 6JGUG KPHQTOCVKQP RCEMCIGU YKNN DG UGPV VQ VJG UJCTGJQNFGTUÂż at least 14 days in advance of the shareholder meeting date, the UJCTGJQNFGTU CTG VJWU RTQXKFGF YKVJ UWHĂ&#x152;EKGPV FKUENQUWTG QH KPHQTOCVKQP and an adequate timeframe for their proper perusal of such information before the meeting date. The meeting invitations are distributed to all shareholders whose names are listed on the Companyâ&#x20AC;&#x2122;s share TGIKUVTCVKQP DQQM +P CFFKVKQP UJCTGJQNFGTU YJQ CTG PQV CDNG VQ attend any shareholder meetings, are able to appoint a proxy or Independent Directors to act as their proxy and vote on their behalf, in the event that they were unable to attend the meeting. The Company shall also provide to shareholders with a list of its Independent &KTGEVQTU CPF VJGKT TGNGXCPV DCEMITQWPF RTQĂ&#x152;NG KP VJG KPHQTOCVKQP RCEMCIGU CVVCEJGF VQ VJG OGGVKPI KPXKVCVKQPU HQT VJG UJCTGJQNFGTUÂż perusal. In 2014, the Company held the Annual General Shareholdersâ&#x20AC;&#x2122; Meeting 2014 (No.21) on 21st April, 2014 at Victor 2 - 3, Victor Club, VJ (NQQT 2CTM 8GPVWTGU 'EQRNGZ 9KTGNGUU 4QCF .WORKPK 2CVWOYCP $CPIMQM 6JG FKTGEVQTU RCTVKEKRCVGF KP VJG /GGVKPI YGTG /T 9CPEJCK 5CTCVJWNVJCV %JCKTOCP QH VJG $QCTF /T 2CPQV 5KTKXCFJCPCDJCMFK 8KEG %JCKTOCP %JCKTOCP of Executive Committee /T 6JCRCPC 5KTKXCFJCPCDJCMFK &KTGEVQT /T 5KVJKEJCK %JCKMTKCPIMTCK &KTGEVQT Executive Committee /T 9GGTCYQPI %JKVVOKVVTCRCR +PFGRGPFGPV &KTGEVQT Chairman of Audit Committee /T %JCKPQK 2WCPMQUQQO +PFGRGPFGPV &KTGEVQT Member of the Audit Committee /T 7FQO 2WCPMQUQQO NPFGRGPFGPV &KTGEVQT Member of the Audit Committee /T 6JCPCRQN 5KTKVJCPCEJCK &KTGEVQT 'ZGEWVKXG %QOOKVVGG President The director who can not participated in the Meeting: /T %JQVKRCV $KLCPCPFC &KTGEVQT During the Annual General Shareholdersâ&#x20AC;&#x2122; Meeting 2014 (No.21), XQVGU YGTG VCMGP QP GCEJ RTGUETKDGF CIGPFC KVGO #V VJG DGIKPPKPI of each shareholdersâ&#x20AC;&#x2122; meeting, the Chairman of the Meeting shall explain to the meeting participants about the procedural guidelines applied for vote casting, vote counting, and rules for voting by ballot.

2) Annually presents the proposal to the shareholders for consideration and approval of the directors' remuneration, and also submits its clear policy and criteria on the directorsâ&#x20AC;&#x2122; remuneration determination to shareholders. 3) In compliance with the principles of good Corporate Governance for Listed Companies in 2006. The Company provides its minority shareholders with their entitled rights to propose the agenda for the shareholdersâ&#x20AC;&#x2122; meeting and to propose director nominee in advance via the corporate website www.goldenlandplc.co.th. 4) Shareholders are allowed to access the information on the meeting process and meeting agenda through corporate website in CFXCPEG QH VJG FKUUGOKPCVKQP CPF FKURCVEJ QH VJG OGGVKPI PQVKĂ&#x152;ECtion. On the meeting date, the Company allows registration of shareholders at least one hour prior to the meeting time. 5) The meeting is conducted and processed in accordance with the outlined agenda, without insertion of non-agenda items or changes of material information in a manner that shall deprive shareholders QH RTQXKUKQP QH CFXCPEG PQVKEGU 5WHĂ&#x152;EKGPV VKOG KU CNNQVVGF VQ VJG meeting, whereby the meeting shall be conducted in an appropriate and transparent manner. Shareholders are thoroughly given the QRRQTVWPKV[ VQ CUM SWGUVKQPU CPF GZRTGUU VJGKT QRKPKQPU DGHQTG ECUVKPI VJGKT XQVGU CPF OCMKPI CP[ EQPENWUKQP QP GCEJ CIGPFC 6) Shareholders who arrive after commencement of the shareholdersâ&#x20AC;&#x2122; meeting, will be allowed to cast their vote on the agenda both being considered and all subsequent agenda. 6JG %QORCP[ TGIWNCTN[ RTQXKFGU VJG KPHQTOCVKQP VQ UJCTGJQNFGTU XKC EJCPPGNU RTQXKFGF D[ VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF CPF other media & publications, as well as its corporate website. 8) To provide a channel for minority shareholders to directly contact the Company for more information such as directorsâ&#x20AC;&#x2122; activities, corporate governance, and audit etc. by requesting via mail, or corporate e-mail address ir@goldenlandplc.co.th. In addition, minority shareholders can contact the Company Secretary for further information.

2. Equitable Treatment of Shareholders The Company emphasizes on the importance of equitable and fair treatment of all shareholders by conducting the following actions: Shareholdersâ&#x20AC;&#x2122; Meeting 1) The Company invites its shareholders to propose agenda items for the shareholder meeting in advance, by publicly notifying UWEJ KPXKVCVKQP XKC EJCPPGNU RTQXKFGF D[ VJG 5VQEM 'ZEJCPIG QH Thailand. It also posts the relevant consideration criteria and clear procedures on its corporate website well in advance of the meeting date.

2) The Company allows its shareholders to propose director PQOKPGGU 6JG RTQRQUGF ECPFKFCVGU OWUV DG GPVKTGN[ SWCNKĂ&#x152;GF WPFGT the criteria as prescribed by the Companyâ&#x20AC;&#x2122;s regulations and the nominees must also give consent that they are willing to run for the director positions. The nomination procedures as well as its relevant rules and criteria shall be posted well in advance before the meeting FCVG XKC EJCPPGNU RTQXKFGF D[ VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF CPF on its corporate website. During the shareholdersâ&#x20AC;&#x2122; meeting, the selection of directors shall be made via vote casting for each director nominee on an individual basis. In 2014, the Company had invited its shareholders to propose appropriate agenda items for the meeting in advance and to nominate their proposed candidates for the director nominees to be approved and appointed by the Annual General Shareholdersâ&#x20AC;&#x2122; Meeting 2014. The proposal and the nomination was made in advance from 4th November 2013 to 31st December 2013. ShareJQNFGTU YGTG PQVKĂ&#x152;GF KP CFXCPEG XKC EJCPPGNU RTQXKFGF D[ VJG 5VQEM Exchange of Thailand. Relevant rules and procedures thereof were posted on its corporate website at www.goldenlandplc.co.th, under the â&#x20AC;&#x153;Shareholdersâ&#x20AC;&#x2122; Meetingâ&#x20AC;? menu in Investor Relations category. 3) Rights to vote is allocated to each shareholder according to the portion of shares held in the Company. 4) It is the Companyâ&#x20AC;&#x2122;s policy to conduct its shareholdersâ&#x20AC;&#x2122; meeting in accordance with the outlined agenda and in the UGSWGPEG CU UGV QWV KP VJG OGGVKPI PQVKĂ&#x152;ECVKQP VQ VJG UJCTGJQNFGTU without insertion of non-agenda items that its shareholders have not been informed of in advance. This process is intended to provide the UJCTGJQNFGTU YKVJ UWHĂ&#x152;EKGPV VKOG VQ UVWF[ VJG CIGPFC CPF KVU UWRRQTVKXG KPHQTOCVKQP RTKQT VQ VJGKT FGEKUKQP OCMKPI 5) The Proxy Form type B, which allows the Companyâ&#x20AC;&#x2122;s shareholders to determine direction on their vote casting on each agenda item, is usually distributed as an attachment to the shareholdersâ&#x20AC;&#x2122; meeting invitations to facilitate its shareholders who are not able to personally attend the meeting, can appoint another person or any of the Companyâ&#x20AC;&#x2122;s Independent Directors to be their proxy. The form is also posted on corporate website so that shareholders can download it if so required. 6) The Company encourages its shareholders to use voting ballots for vote casting on each agenda item as deemed appropriate. Such voting ballots will be collected during the meeting and ECNEWNCVGF VQIGVJGT YKVJ VJG XQVGU ECUVGF GCTNKGT XKC RTQZ[ 6JG Ă&#x152;PCN results of each agenda item are then declared during the meeting. 6JG %QORCP[ FWN[ RTGRCTGU CPF UWDOKVU VJG OKPWVGU QH VJG OGGVKPI VQ VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF CPF VJG 5GEWTKVKGU CPF Exchange Commission within 14 days after the meeting date and also posts them on its corporate website. Annual Report 2014

8) The Company prescribes in writing its guideline policies on MGGRKPI EQTRQTCVG KPHQTOCVKQP CPF RTGXGPVKPI KPUKFG KPHQTOCVKQP VQ reassure equitable treatment of shareholders. The Company also PQVKĂ&#x152;GU KVU YCTPKPI CICKPUV CP[ WUKPI QH KPUKFG KPHQTOCVKQP D[ VJG Board of Directors and employees, as well as their connected persons such as spouses, underage children, and nominees, for insider trading purposes. Such inside information includes any material information that may affect the Companyâ&#x20AC;&#x2122;s share trading activities, its share price movement, and any information that has not yet been disclosed to public. The Companyâ&#x20AC;&#x2122;s directors and executives who have access to inside information are prohibited from security VTCFKPI HQT C RGTKQF QH FC[U RTKQT VQ CP QHĂ&#x152;EKCN RWDNKE TGNGCUG QH VJG %QORCP[ÂżU QRGTCVKQPCN RGTHQTOCPEG CPF Ă&#x152;PCPEKCN RQUKVKQP QT DGHQTG VJG RWDNKE TGXGNCVKQP QH CP[ UKIPKĂ&#x152;ECPV PGYU CPF OCVGTKCN FCVC that may impact the movement of the Companyâ&#x20AC;&#x2122;s share prices, the imposed security trading prohibition will last for at least 24 hours after VJG RWDNKE TGXGNCVKQP QH CP[ UWEJ UKIPKĂ&#x152;ECPV PGYU #EEQTFKPI VQ VJG Securities and Exchange Act, B.E. 2535 (1992), which prescribes that directors and executives are required to report their current shareholding status of the listed companies of which they are directors or executives upon resuming their posts and within 30 days thereafter. In addition, each related trading transactions needs to be reported to the Securities and Exchange Commission within 3 business days after such transaction date.

3. Role of Stakeholders The Company focuses on the importance of its social and environmental responsibilities, as well as its accountability towards QVJGT UVCMGJQNFGTU +V CNUQ TGEQIPK\GU VJG UKIPKĂ&#x152;ECPEG CPF TGNGXCPEG QH VJG UVCMGJQNFGTUÂż TQNGU +V QRGTCVGU KVU DWUKPGUU YKVJ JQPGUV[ CPF legality and abides by governing regulations. It does not assist, support, and encourage any illegal activities or unlawful conducts. It will also not participate in any violation of human rights. Furthermore, it respects intellectual properties and copy rights and does not UWRRQTV CPF RCTVCMG KP CP[ DTGCEJ QH UWEJ RTQRGTVKGU CPF TKIJVU The Company neither requests nor accepts any monies, and gifts or awards or compensations from other persons, except if such acts are righteously and customarily acceptable. The Company also opposes corruption and bribery, and supports public and private OGCUWTGU CKOKPI VQ Ă&#x152;IJV CICKPUV EQTTWRVKQP 6JG %QORCP[ RTQOQVGU GHHGEVKXG CPF GHĂ&#x152;EKGPV WUG QH PCVWTCN resources, while encouraging its employees to pay attention to the environmental and safety impacts of their business activities. It also GPEQWTCIGU KVU UVCMGJQNFGTU VQ RCTVKEKRCVG KP EQOOWPKV[ FGXGNQRment and social programs.

Golden Land Porperty Developement PLC

1) The Company prescribes the following practice guidelines for KVU XCTKQWU UVCMGJQNFGTU Shareholders The Company pays attentions to transparency, accuracy, validity, and timeliness of material information that it has disseminated to its shareholders via various media channels such as the online electronic OGFKC QH VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF EQTRQTCVG YGDUKVG newspapers, press releases, and corporate letters, etc. Customers The Company believes in the importance of upholding the highest ethical standards towards treating each customer with attentiveness and responsibility. It aims to provide high quality and superior service standards to its customers. It also pays attention to responding RTQORVN[ VQ CP[ EWUVQOGT EQORNCKPVU CPF VCMGU UWKVCDNG CEVKQP VQ solve the situation and to achieve customer satisfaction. Business Partners and/or Creditors / Debtors 6JG %QORCP[ VTGCVU KVU $WUKPGUU 2CTVPGTU CPF QT ETGFKVQTU debtors with equality and fairness, with common concerns on RQUUKDNG OCZKOK\CVKQP QH EQTRQTCVG DGPGĂ&#x152;VU CPF HCKT OWVWCN TGVWTPU +V also strictly abides by its commitments and avoids situations which OC[ ETGCVG CP[ EQPĂ?KEVU QH KPVGTGUV Competitors The Company applies customary business practices and fair competition in its business conducts while abiding by the good ethics not to discredit its competitors by means such as spreading false information and deceptive allegations, unlawful penetration of competitorâ&#x20AC;&#x2122;s secrets, and conducting of any wrongful business actions. Employees The Company applies unbiased and equitable treatment towards KVU GORNQ[GGU LWUVN[ EQORGPUCVKPI VJGO YKVJ CRRTQRTKCVG TGOWPGTCtion. It has set up employee provident funds and provides an GORNQ[GG JCPFDQQM VQ CNN GORNQ[GGU VQ ENGCTN[ KPHQTO VJGO CDQWV KVU relevant corporate welfare policy. +V GORJCUK\GU QP VJG KORQTVCPEG QH MPQYNGFIG FGXGNQROGPV UMKNN improvement, and staff competency enhancement by encouraging its employees to participate in both its in-house and public seminars. 6JGUG CEVKQPU JGNR KP KORTQXKPI GORNQ[GGU ECRCDKNKVKGU CPF GPCDNG VJGO PQV QPN[ VQ YQTM GHĂ&#x152;EKGPVN[ DWV CNUQ DG CDNG VQ CFLWUV VJG EJCPIGU of new innovations. The Company also equips its employees with understanding of applicable rules and regulations from its governing agencies by encouraging its employees to participate in seminars and conferences that cover issues such as the regulations of the 5VQEM 'ZEJCPIG QH 6JCKNCPF CPF VJG 5GEWTKVKGU CPF 'ZEJCPIG Commission, applicable accounting standards, computer programs, etc.

Society and Community The Company consistently supports social related activities. It occasionally provides assistance and donations to various foundations and organizations which are active in social and EQOOWPKV[ YQTM +V CNUQ GPEQWTCIGU UQEKCN TGURQPUKDKNKV[ COQPI CNN GORNQ[GG NGXGNU CPF ECORCKIPU QP GHĂ&#x152;EKGPV WVKNK\CVKQP QH PCVWTCN resources and promotion of energy conservation. Governing Authorities and Government Agencies The Company complies with laws, rules and regulations of its governing authorities and relevant regulatory agencies such as the Department of Business Development, the Ministry of Commerce, the 4GXGPWG &GRCTVOGPV VJG/KPKUVT[ QH (KPCPEG VJG 5VQEM 'ZEJCPIG of Thailand and the Securities and Exchange Commission. It also EQQRGTCVGU CPF YQTMU KP ENQUG TGNCVKQPU YKVJ QVJGT RTKXCVG GPVKVKGU Environment The Company emphasizes in the importance of the environment and recognizes that during the construction period of its development RTQLGEVU VJGTG OC[ DG GPXKTQPOGPVCN KORCEVU QP UWTTQWPFKPI communities. The Company thus strictly abides with applicable rules and laws of relevant government authorities. 2) The Company provides contact channels for any requests, UWIIGUVKQPU CPF QT EQORNCKPVU TGICTFKPI KVU EQTRQTCVG IQXGTPCPEG as well as reports of fraudulent actions or misconducts of the %QORCP[ÂżU RGTUQPPGN GORNQ[GGU CPF UVCMGJQNFGTU 6JG RTQEGUU KU WPFGTVCMGP KP EQORNKCPEG YKVJ VJG RTKPEKRNG QH IQQF EQTRQTCVG governance. The 5 contact channels provided are listed as follows: 1. Telephone number: (662) 620-6200 2. Facsimile number: (662) 620-6222 Ext. 2 3. Corporate website or email address: ir@goldenlandplc.co.th 4. Direct contact with the Company Secretary or by mails to the corporate mailing address. 5. Direct email to any or all of the Companyâ&#x20AC;&#x2122;s three Independent Directors whom are the member of the Audit Committee. +P QTFGT VQ CUUWTG EQPĂ&#x152;FGPVKCNKV[ VJG %QORCP[ GORJCUK\GU VJG importance of safeguarding the secrecy of complaint information and clearly prescribes in writing its complaint proceedings and investigation. The access to complaint information and records is NKOKVGF VQ CWVJQTK\GF RGTUQPPGN YJQ QHĂ&#x152;EKCNN[ GPICIG KP UWEJ complaint proceedings and investigation.

4. Disclosure and Transparency +PHQTOCVKQP FKUENQUWTG KU C MG[ RTKPEKRNG QH IQQF EQTRQTCVG governance. The Company recognizes the importance of the accuracy, adequacy, timeliness and equitable distribution of its KPHQTOCVKQP TGXGNCVKQP VQ VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF CPF shareholders, and thus prescribes the following practice guidelines:

1) The disclosure of the Companyâ&#x20AC;&#x2122;s material information, both Ă&#x152;PCPEKCN CPF PQP Ă&#x152;PCPEKCN RCTVKEWNCTN[ KPHQTOCVKQP TGNCVGF VQ KVU Ă&#x152;PCPEKCN UVCVGOGPVU OWUV DG TGXKGYGF CWFKVGF D[ CWVJQTK\GF CWFKVQTU CPF CEEQORCPKGF D[ VJGKT QRKPKQP EQPĂ&#x152;TOKPI C VTWG CPF HCKT XKGY QH KVU CEVWCN Ă&#x152;PCPEKCN RQUKVKQP KP CEEQTFCPEG YKVJ IGPGTCNN[ accepted accounting practice, and duly approved by the Companyâ&#x20AC;&#x2122;s Audit Committee and the Companyâ&#x20AC;&#x2122;s Board of Directors prior to KVU UWDOKUUKQP VQ VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF CPF TGNGXCPV authorities , and before publicly releasing it to its shareholders and investors. 6JG KPHQTOCVKQP FKUENQUWTG UWEJ CU KVU Ă&#x152;PCPEKCN UVCVGOGPVU annual statements (SEC Form 56-1), and annual report (SEC Form 56-2) in both Thai and English shall be posted in corporate website. 3) The Company discloses in its annual statements (SEC Form 56-1) and annual report (SEC Form 56-2) the roles and duties of its Board of Directors and Sub-committees, the record of attendance of the members of the Board of Directors and relevant sub-committee, and the Directorsâ&#x20AC;&#x2122; and Executivesâ&#x20AC;&#x2122; remuneration policy. 4) The Company discloses the Report on the Board of Directorâ&#x20AC;&#x2122;s Responsibilities for Financial Statements together with the Auditorâ&#x20AC;&#x2122;s Report in its annual report (SEC Form 56-2). 5) The Company reveals its Report on the Interest of Directors CPF 'ZGEWVKXGU CU RTGUETKDGF D[ VJG PQVKĂ&#x152;ECVKQP QH VJG %CRKVCN /CTMGV 5WRGTXKUQT[ $QCTF 4GHGTGPEG 0WODGT 6JQT ,QT FCVGF January 2009 which required the publically listed companies to OCMG RTGRCTCVKQP CPF UWDOKUUKQP QH UWEJ TGRQTV HQT VJG Ă&#x152;TUV VKOG KP July 2009 and regularly update any changes therein within 3 DWUKPGUU FC[U CHVGT UWEJ EJCPIGU JCXG VCMGP RNCEG CPF UWDOKV VJG updated report to the Company Secretary. 6JG %QORCP[ FKUENQUGU DCEMITQWPF KPHQTOCVKQP QH KVU Directors and Executives by posting them on its corporate website. Disclosure of Information and Relationship with Investors The Company recognizes the importance of accuracy, validity, transparency and completeness of its information disclosure which KPENWFGU KVU Ă&#x152;PCPEKCN KPHQTOCVKQP CPF QVJGT IGPGTCN KPHQTOCVKQP CU well as material information that may impact its share price movement. The Company disseminates such information to its investors and related parties via various media channels such as the QPNKPG GNGEVTQPKE OGFKC QH VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF EQTRQTCVG website, and press releases, etc.

Annual Report 2014

5. Responsibilities of the Board of Directors, Sub-Committees, Compensation and Nominating Committee, and Top Management 1) Board of Directors

+PFGRGPFGPV &KTGEVQTUÂż 3WCNKĂ&#x152;ECVKQPU 1. Not owning more than 1% of the total numbers of shares with the voting rights issued by the Company, its subsidiary companies, CHĂ&#x152;NKCVGU QT PQV DGKPI KPFKXKFWCNU YJQ OKIJV JCXG CP[ EQPĂ?KEV 6JKU includes shares of any connected persons to such Independent The Companyâ&#x20AC;&#x2122;s Board of Directors has important governance Directors. roles towards the maximization of the Companyâ&#x20AC;&#x2122;s interest. The Board 0QV JCXKPI CP[ KPXQNXGOGPV KP VJG %QORCP[ÂżU OCPCIGOGPV has the duty of responsibility to shareholders and must maintain its nor being employees, staffs, or consultants who obtain regular salary independency from the management, while following the prescribed HTQO VJG %QORCP[ PQT DGKPI CP KPFKXKFWCN YKVJ EQPVTQNNKPI CWVJQTKV[ corporate vision, mission and business ethics, as well as focusing on QH VJG %QORCP[ KVU RCTGPV KVU UWDUKFKCTKGU KVU CHĂ&#x152;NKCVGU QT CP[ QVJGT UWDUKFKCTKGU QH C UKOKNCT TCPM NGXGN QT CP[ LWTKUVKE RGTUQPU YJKEJ RTGXCKNKPI TKUMU CPF IQQF IQXGTPCPEG RTKPEKRNGU OKIJV JCXG EQPĂ?KEVU CU QH PQY CPF CV NGCUV VYQ [GCTU RTKQT VQ VJG Board Structure 1) The Companyâ&#x20AC;&#x2122;s Board of Directors comprises of no less +PFGRGPFGPV &KTGEVQTUÂż VGTO QH QHĂ&#x152;EG 3. No direct or indirect blood relationships or any legal VJCP Ă&#x152;XG OGODGTU CPF PQ OQTG VJCP GNGXGP OGODGTU 6JG PWODGT relationships (in the manner of parent, spouse, sibling, son or daughter of Independent Directors on the Board must be equivalent to CPF VJGKT URQWUG YKVJ GZGEWVKXGU OCLQT UJCTGJQNFGTU RGTUQP YKVJ one-third of the Board size, and no less than three members. The controlling authority, or persons who will be nominated as executives +PFGRGPFGPV &KTGEVQTU OWUV DG SWCNKĂ&#x152;GF WPFGT VJG TGSWKTGOGPVU or will have controlling authority of the Company and its subsidiaries. prescribed by the Securities and Exchange Commission and the 4. No business relationships with the Company, its parent, its 5VQEM 'ZEJCPIG QH 6JCKNCPF 6JG %QORCP[ CNUQ RTGUETKDGF VJG UWDUKFKCTKGU KVU CHĂ&#x152;NKCVGU QT CP[ QVJGT UWDUKFKCTKGU QH VJG UKOKNCT TCPM SWCNKĂ&#x152;ECVKQPU QH KVU FKTGEVQTU CPF +PFGRGPFGPV &KTGEVQTU CU HQNNQYU NGXGN QT CP[ LWTKUVKE RGTUQPU YJKEJ OKIJV JCXG EQPĂ?KEVU VJCV OC[ 'LUHFWRUVu 4XDOLĹľFDWLRQV KORCKT VJG +PFGRGPFGPV &KTGEVQTU CDKNKV[ VQ OCMG KPFGRGPFGPV #P KPFKXKFWCN YJQ RQUUGUUGU MPQYNGFIG RTQĂ&#x152;EKGPE[ CPF LWFIOGPVU CU QH PQY QT CV NGCUV VYQ [GCTU RTKQT VQ VJG EWTTGPV UGTXKEG GZRGTKGPEGU VJCV CTG QH DGPGĂ&#x152;V VQ VJG %QORCP[ÂżU DWUKPGUU QRGTCVKQPU term as an Independent Directors, as of now and at least two years 2. An individual who is honest, ethical, virtuous, and responsible, RTKQT VQ VJG +PFGRGPFGPV &KTGEVQTUÂż VGTO QH QHĂ&#x152;EG 0QV VJG %QORCP[ÂżU CWFKVQT QT C OCLQT UJCTGJQNFGT YJKNUV OCMKPI UQWPF FGEKUKQPU DCUGF QP HCEVU CPF TCVKQPCNKV[ of the Companyâ&#x20AC;&#x2122;s auditor. 3. An individual who has leadership, vision and courage to 4.2 Not the Companyâ&#x20AC;&#x2122;s professional consultants (such express an independent and different opinion. CU NGICN CFXKUQT Ă&#x152;PCPEKCN CFXKUQT CUUGVU CRRTCKUGT #P KPFKXKFWCN YJQ KU CDNG RTQXKFG UWHĂ&#x152;EKGPV VKOG VQ OQPKVQT etc.) who provides more than Baht 2 million per year the Companyâ&#x20AC;&#x2122;s business operations. of services to the Company, its parent, its subsidiaries, #P KPFKXKFWCN YJQ KU SWCNKĂ&#x152;GF CEEQTFKPI VQ VJG EQPFKVKQPU KVU CHĂ&#x152;NKCVGU QT CP[ LWTKUVKE RGTUQPU YJKEJ OKIJV JCXG prescribed under the Public Limited Companies Act, the Securities EQPĂ?KEVU PQT C OCLQT UJCTGJQNFGT GZGEWVKXG FKTGEVQT CPF 'ZEJCPIG #EV CPF VJG PQVKĂ&#x152;ECVKQP QH VJG 5VQEM 'ZEJCPIG QH management, or managing partner of the Companyâ&#x20AC;&#x2122;s 6JCKNCPF CU YGNN CU PQV FKUSWCNKĂ&#x152;GF CEEQTFKPI VQ VJG EQPFKVKQPU professional consultants. RTGUETKDGF VJGTGWPFGT 6JG SWCNKĂ&#x152;ECVKQPU CPF FKUSWCNKĂ&#x152;ECVKQPU *CXG PQ FKTGEV QT KPFKTGEV DGPGĂ&#x152;VU HTQO QT KPVGTGUVU include: in any commercial or business transactions (such 4GCEJKPI VJG CIG QH OCLQTKV[ CPF EQPUKFGTGF UWK LWTKU as those related to the ordinary course of business, (2) Not having been declared by the court as an NGCUG QT CUUGV NGCUG CUUGVU QT UGTXKEGU QT Ă&#x152;PCPEKCN assistances) with the Company, its parent, its insolvent, and incompetent or a quasi-incompetent person. UWDUKFKCTKGU KVU CHĂ&#x152;NKCVGU HQT C XCNWG QH OQTG VJCP 0GXGT DGGP KORTKUQPGF WPFGT C Ă&#x152;PCN LWFIOGPV QP CP[ Baht 20 million or for the amount equivalent to, or corruption charge. more than 3% of the tangible assets of such companies, (4) Never been punished, or dismissed from employment whichever is the lower amount. The value of such from any organization, government entity, and government agency transactions shall be the cumulated one year before for any fraudulent or dishonest conduct the date of such business relationships. The prohibited 0QV PCOGF COQPI VJG PCOG NKUV QH VJG 5VQEM TGNCVKQPUJKRU CNUQ KPENWFG DGKPI C OCLQT UJCTGJQNFGT 'ZEJCPIG QH 6JCKNCPF HQT FKUSWCNKĂ&#x152;GF KPFKXKFWCNU DCPPGF WPFGT KVU executive director, management, or managing regulations from being a company director. partner of any entity that may have such business relationships 63

Golden Land Porperty Developement PLC

5. Not appointed as a representative of the Companyâ&#x20AC;&#x2122;s FKTGEVQTU KVU OCLQT UJCTGJQNFGTU QT VJG UJCTGJQNFGTU YJQ KU C TGNCVGF RCTV[ VQ VJG %QORCP[ÂżU OCLQT UJCTGJQNFGTU 6.Not having any character which may impair the Independent &KTGEVQTU CDKNKV[ VQ OCMG KPFGRGPFGPV LWFIOGPVU 6JG +PFGRGPFGPV &KTGEVQTU YKVJ VJG SWCNKĂ&#x152;ECVKQPU CU prescribed in Clause 1-6 may be assigned by the Board of Directors VQ OCMG EQNNGEVKXG FGEKUKQPU QP VJG DWUKPGUU QRGTCVKQPU QH VJG %QORCP[ KVU RCTGPV KVU UWDUKFKCTKGU KVU CHĂ&#x152;NKCVGU QT CP[ QVJGT UWDUKFKCTKGU QH VJG UKOKNCT TCPM NGXGN QT CP[ LWTKUVKE RGTUQPU YJKEJ OKIJV JCXG EQPĂ?KEVU 6JG %QORCP[ÂżU FKTGEVQTU CPF GZGEWVKXGU ECP VCMG VJGKT positions as a director, an executive , or a controlling authority in the Companyâ&#x20AC;&#x2122;s subsidiaries or in other companies as per the conditions RTGUETKDGF D[ VJG 5GEWTKVKGU CPF 'ZEJCPIG %QOOKUUKQP VJG 5VQEM Exchange of Thailand, and other relevant agencies, as well as any appropriate approvals from the Board of Directors. 3) Each member of the Board must disclose their detailed resume to the public and when any change is made in the Companyâ&#x20AC;&#x2122;s directors. Appointment of the Board of Directors The appointment of members of the Board of Directors is WPFGTVCMGP KP CEEQTFCPEG YKVJ VJG %QORCP[ÂżU TGIWNCVKQPU CPF KP compliance with the Public Limited Companies Act. The selection RTQEGUU HQT CP[ PQOKPCVGF FKTGEVQT RQUVU UJCNN DG WPFGTVCMGP D[ VJG Nomination and Compensation Committee which shall select SWCNKĂ&#x152;GF ECPFKFCVGU HQT VJG TGSWKTGF FKTGEVQTUJKR TQNG CPF UWDUGquently nominate the selected candidates to the shareholdersâ&#x20AC;&#x2122; meeting for their appointments. The Companyâ&#x20AC;&#x2122;s regulations prescribe that the appointment of the members of the Board of Directors must comply with the Public Limited Companies Act, and shall proceed as follows: 1. The shareholdersâ&#x20AC;&#x2122; meeting elects any additional members of the Board of Directors or the replacement thereof under the following rules and procedure: # 'CEJ UJCTG JGNF KP EQOOQP UVQEM UJCNN DG GSWKXCNGPV VQ one vote. B.Each shareholder is required to cast all their voting rights under A. to elect a candidate (or candidates) to be a director (or directors). Individual's votes cannot be fractionally divided evenly among all candidates. % 6JG ECPFKFCVG YKVJ VJG OQUV XQVGU UJCNN DG Ă&#x152;TUV GNGEVGF VJG PGZV TCPMGF FKTGEVQT RQUKVKQP UJCNN IQ VQ VJG candidate with the next highest number of votes and so on until the vacancies of all directorship position are Ă&#x152;NNGF +H VJG PGZV TCPMGF ECPFKFCVGU IGV CP GSWCN number of votes, the chairman chairing the meeting will have the casting vote.

2. The Board of Directors shall select a candidate for any vacancy of directorship post caused by any cause other than a termination of their term. 7HUP RI 2IĹľFH IRU WKH %RDUG RI 'LUHFWRUV In each of the Annual General Meeting of the Shareholders, one third of the Companyâ&#x20AC;&#x2122;s Board members shall complete their term QH QHĂ&#x152;EG YJKEJ UJCNN VJGP GZRKTG QP VJCV FCVG +H VJG PWODGT QH VJG Board members cannot be split into three, then the number shall be rounded to the nearest number of one third. &TCYKPI NQVU UJCNN DG CRRNKGF VQ GPF VJG QHĂ&#x152;EG VGTO QH $QCTF OGODGTU QP VJG Ă&#x152;TUV [GCT CPF VJG UGEQPF CHVGT VJG NKUVKPI QH VJG %QORCP[ KP VJG UVQEM GZEJCPIG #U HQT VJG UWDUGSWGPV [GCTU thereof, the Board members with the longest service term shall then resign from their posts. Resigned directors can be reelected for a new term of service. Other than completion of their term of service, members of the Board of Directors can be removed from their position under the following circumstances: 1. Death 2. Resignation &KUSWCNKĂ&#x152;GF QT HCNNKPI WPFGT EQPFKVKQPU CU RTQJKDKVGF WPFGT the Public Limited Companies Act 4. Resignation due to a resolution of the Annual General Meeting of the Shareholders 5. Resignation due to a court order Roles, Duties and Responsibilities of the Board of Directors 1. The Board of Directors should conduct their duties in CEEQTFCPEG YKVJ CRRNKECDNG NCYU VJG %QORCP[ÂżU QDLGEVKXGU CPF regulations, and the resolutions of the shareholdersâ&#x20AC;&#x2122; meeting. The Board members should perform their roles with honesty, care, and equitability towards all shareholders. 2. The Board of Directors sets the Companyâ&#x20AC;&#x2122;s corporate policy and operational direction, while overseeing that the Companyâ&#x20AC;&#x2122;s OCPCIGOGPV GHĂ&#x152;EKGPVN[ CPF GHHGEVKXGN[ EQPFWEVU KVU DWUKPGUU operations according to the prescribed corporate policy and the Companyâ&#x20AC;&#x2122;s regulations. It also assures that the Company operates its business according to the principles of good corporate governance that shall contribute to the maximization of the Companyâ&#x20AC;&#x2122;s enterprise value and its shareholdersâ&#x20AC;&#x2122; wealth. 3. The Board of Directors shall report to the Companyâ&#x20AC;&#x2122;s shareholders about its operational performance in the shareholdersâ&#x20AC;&#x2122; meeting and in the Companyâ&#x20AC;&#x2122;s annual report. 4. The Board of Directors shall oversee that the Company OCKPVCKPU GHĂ&#x152;EKGPE[ CPF CEEQWPVCDKNKV[ KP KVU CEEQWPVKPI U[UVGO Ă&#x152;PCPEKCN TGRQTVKPI RTQEGUU KPVGTPCN EQPVTQNU CPF KPVGTPCN CWFKVU

Annual Report 2014

5. The Board of Directors shall afford a good corporate governance policy in writing and regularly review such policy. 6. The Board of Directors shall oversee and monitor the Companyâ&#x20AC;&#x2122;s management to ensure that it ethically provides equitable treatments to all shareholders. +PFGRGPFGPV CPF PQP GZGEWVKXG FKTGEVQTU CTG ECRCDNG VQ HTGGN[ GZGTEKUG VJGKT KPFGRGPFGPV LWFIOGPVU WRQP TGXKGYKPI VJG Companyâ&#x20AC;&#x2122;s strategy, administration, resource utilization, director appointments, and operational standards. A role of the independent and non-executive directors is to counterbalance management or QVJGT FKTGEVQTU KP CP[ EQPĂ?KEVKPI KUUWGU QT CEVKQPU VJCV OC[ QVJGTYKUG KORCEV VJG GSWKVCDKNKV[ QH CNN UVCMGJQNFGTU +H PGEGUUCT[ VJG $QCTF QH &KTGEVQTU OC[ UGGM CFXKEG QT professional opinions from external consultants on the Companyâ&#x20AC;&#x2122;s operations. The costs thereto shall be absorbed by the Company. 9. The Board of Directors shall oversee that there is a Company Secretary to assist and administer certain activities of the Company and its Board such as the shareholdersâ&#x20AC;&#x2122; meetings, Board of Directors meetings. The Company Secretary shall also advise the Company and its Board on their compliance of requisite duties to applicable rules and regulations and shall assure the accurate, complete, transparent and timely disclosure of information by the Company and its directors. +H CP[ QH VJG $QCTF OGODGTU JCU CP[ MPQYNGFIG QH OCVGTKCN inside information that may impact the price movement of the %QORCP[ÂżU UVQEMU VJCV $QCTF OGODGTU OWUV TGHTCKP HTQO CP[ trading of the Companyâ&#x20AC;&#x2122;s shares for a given period of appropriate VKOGHTCOG RTKQT VQ CP QHĂ&#x152;EKCN RWDNKE TGNGCUG QH UWEJ OCVGTKCN KPUKFG information. No Board members shall disclose such material inside KPHQTOCVKQP VQ QVJGT RGTUQP QT RGTUQPU CP[ XKQNCVKQP VJGTG QH UJCNN then carry the legal punishment in connection therewith. 11. The Board of Directors shall report and update the â&#x20AC;&#x153;Report QP VJG KPVGTGUV QH &KTGEVQTU 'ZGEWVKXGUĂ&#x201A; VQ VJG %QORCP[ KP EQORNKance with Companyâ&#x20AC;&#x2122;s regulations. 12. New Directors should attend an orientation session on the Companyâ&#x20AC;&#x2122;s business operations. Meeting of the Board of Directors 1. The Board meets regularly, at least once every quarter, and additionally as necessary. 2. Except for emergencies, the Company usually delivers the meeting invitation for the upcoming Board of Directors meeting with clear details of the meetingâ&#x20AC;&#x2122;s agenda and the attached supplementary KPHQTOCVKQP VQ KVU $QCTF OGODGTU CV NGCUV FC[U DGHQTG VJG OGGVKPI FCVG VQ CNNQY VJGO UWHĂ&#x152;EKGPV VKOG HQT TGXKGY CPF EQPUKFGTCVKQP

Golden Land Porperty Developement PLC

3. For each Board of Directors meeting, a quorum, as FGĂ&#x152;PGF KP VJG %QORCP[ÂżU TGIWNCVKQPU KU TGSWKTGF 4. The Chairman of the Board shall be the one who approves the agenda items by consulting with the Companyâ&#x20AC;&#x2122;s management on such matters. The management shall consider any requests from other members of the Board regarding the insertion of additional items to meeting agenda for the Boardâ&#x20AC;&#x2122;s consideration. 5. The Chairman of the Board shall be responsible for appropriate allocation of time for the management to propose their documents and information for discussion, and for the Board to discussion matters of relevance. 6. During the Board meeting, the Chairman of the Board shall summarize important agenda issues for Board review and offer opportunities for any Board members to express their opinions prior VQ VJG Ă&#x152;PCNK\KPI QH OGGVKPI TGUQNWVKQPU +P TGXKGYKPI CP[ KVGOU QP VJG OGGVKPI CIGPFC $QCTF members with a personal interest or material relationship to such KVGOU OWUV GZEWUG VJGOUGNXGU HTQO VJG FGEKUKQP OCMKPI RTQEGUU CPF VCMG PQ RCTV KP VJG FKUEWUUKQP QT VJG XQVG 8. The Board members are entitled to access or request of essential information, advice and assistance from the Companyâ&#x20AC;&#x2122;s management on issues relating to the Companyâ&#x20AC;&#x2122;s operation, and can request for independent opinions from external consultants. Self-Assessment of the Board of Directors The Board of Directors establishes an annual self-assessment of the Board performance at least once a year to review and set an KORTQXGOGPV HTCOGYQTM HQT $QCTF IQXGTPCPEG RGTHQTOCPEG Remuneration for the Board of Directors 1. The Board of Directors are appropriately compensated in relation to their assigned roles, duties and responsibilities. 2. The Board shall disclose the report of the Board member remunerations individually and as a collective body, in the Companyâ&#x20AC;&#x2122;s annual report in compliance with its good corporate governance policy. 3. The remuneration of the Board members shall be proposed by the Compensation and Nominating Committee to the shareholdersâ&#x20AC;&#x2122; meeting for its approval.

2. Sub-Committees The Board appointed the following three sub-committees to WPFGTVCMG VJG CUUKIPGF VCUMU 1) Executive Committee 2) Audit Committee 3) Compensation and Nominating Committee 4KUM /CPCIGOGPV %QOOKVVGG

1) Executive Committee Composition of the Executive Committee 6JG 'ZGEWVKXG %QOOKVVGG EQORTKUGU UMKNNGF CPF SWCNKĂ&#x152;GF KPFKXKFWCNU KP OCPCIGOGPV 2. The Chairman of the Executive Committee can only be selected from the Board members. Appointment of the Executive Committee The members of the Executive Committee are appointed by a resolution of the Board of Directors. Roles, Duties and Responsibilities of the Executive Committee The Executive Committee, together with the Companyâ&#x20AC;&#x2122;s management reviews and proposes corporate policy, direction, UVTCVGI[ QDLGEVKXGU DWUKPGUU RNCP DWFIGV CPF CWVJQTKV[ HTCOGYQTM of the Company and its subsidiaries to the Board of Directors for their approval. It also oversees and governs the Companyâ&#x20AC;&#x2122;s business QRGTCVKQPU VQ DG KP NKPG YKVJ KVU VCTIGVGF QDLGEVKXGU CPF CRRTQXGF business plan. The Committee is involved in the approval of the Company and its subsidiariesâ&#x20AC;&#x2122; business activities under the HTCOGYQTM QH CWVJQTK\GF RQYGT CUUKIPGF D[ VJG $QCTF QH &KTGEVQTU It also scrutinizes matters proposed by the Companyâ&#x20AC;&#x2122;s management for submission to the Board of Directors, if such matters are not within the scope of its proper authority. Approvals by the Committee shall not involve transactions that the approvers, being either the committee members or its assigned power of attorney, have any material relationship or any EQPĂ?KEV QH KPVGTGUV QT C RQUUKDNG RGTEGKXGF EQPĂ?KEV QH KPVGTGUV YKVJ VJG Company or its subsidiaries, except for the approvals made in accordance with the permitted policy and authorized regulatory HTCOGYQTM YJKEJ JCXG CNTGCF[ DGGP CRRTQXGF D[ VJG $QCTF QH &KTGEVQTU 6JG EQPĂ?KEV QH KPVGTGUV KU FGĂ&#x152;PGF CU RTGUETKDGF CPF PQVKĂ&#x152;GF D[ VJG 5GEWTKVKGU CPF 'ZEJCPIG %QOOKUUKQP Remuneration for the Executive Committee The remuneration of Executive Committee shall be proposed by the Compensation and Nominating Committee to the shareholdersâ&#x20AC;&#x2122; meeting for its approval. 2. Audit Committee The Board of Directors emphasizes the importance of a good corporate governance system, transparent business operation, and legitimate actions. It encourages honest conduct towards the Companyâ&#x20AC;&#x2122;s shareholders, Business Partners, and customers. Thus, the Audit Committee maintains an important role in assisting the Board of Directors in its good governance functions. The Committee

CUUWTGU VJG %QORCP[ÂżU UVCMGJQNFGTU QH KVU EQORNKCPEG YKVJ EQTRQrate regulations, operational code of conducts, and appropriate OCKPVGPCPEG QH GHĂ&#x152;EKGPV KPVGTPCN EQPVTQNU YKVJQWV EQORTQOKUKPI QP OCVVGTU UWEJ CU EQPĂ?KEV QH KPVGTGUV CPF HTCWF 6JG $QCTF QH &KTGEVQTU prescribes the Audit Charter as follows: Composition of the Audit Committee 1. The Audit Committee consists of at least three Independent Directors who are non-executive of the Company. 2. At least one member of the Audit Committee must RQUUGUU GPQWIJ MPQYNGFIG CPF GZRGTKGPEG KP CEEQWPVKPI CPF Ă&#x152;PCPEG VQ TGXKGY VJG CEEQWPVCDKNKV[ QH VJG %QORCP[ÂżU Ă&#x152;PCPEKCN UVCVGOGPVU 6JG OGODGT QH VJG #WFKV %QOOKVVGG YJQ KU SWCNKĂ&#x152;GF KP VJKU TGURGEV KU /T %JCKPQK 2WCPMQUQQO 5GG #PPGZ &GVCKNGF information on Directors, Executives, and Executives with controlling authority in the Company) 3. The Secretary to the Audit Committee may be the Company Secretary or the Chief of the Internal Audit Department. Appointment of the Audit Committee The Board of Directors shall select and appoint members of the Audit Committee. 4XDOLĹľFDWLRQV RI $XGLW &RPPLWWHH 1. Not owning more than 1% of the total numbers of shares with the voting rights issued by the Company, its subsidiary EQORCPKGU CHĂ&#x152;NKCVGU 0QV DGKPI KPFKXKFWCN YJQ JCXG CP[ Ă&#x152;PCPEKCN QT QVJGT interest in the company's management and business. 3. In case of that Audit Committee holding the position QH +PFGRGPFGPV &KTGEVQT QH QVJGT EQORCPKGU KP %QORCP[ÂżU ITQWR JG she shall disclose remuneration paid from those companies. 4. No direct or indirect blood relationships or any legal TGNCVKQPUJKRU YKVJ GZGEWVKXGU CPF OCLQT UJCTGJQNFGTU 5. Not appointed as a representative of the Companyâ&#x20AC;&#x2122;s FKTGEVQTU KVU OCLQT UJCTGJQNFGTU QT VJG UJCTGJQNFGTU YJQ KU C TGNCVGF RCTV[ VQ VJG %QORCP[ÂżU OCLQT UJCTGJQNFGTU 6. Shall be able to give opinions, and perform duties assigned by Board of Directors independently, without controlling by GZGEWVKXGU OCLQT UJCTGJQNFGTU CPF QVJGT RGTUQPU YJQ OKIJV JCXG EQPĂ?KEV Roles, Duties and Responsibilities of the Audit Committee The Audit Committee is required to report to the Board of Directors and has the following roles, duties and responsibilities: 1. Arrange to review and assure that the Company RTGUGPVU KVU Ă&#x152;PCPEKCN TGRQTVU YKVJ CEEWTCE[ CPF UWHĂ&#x152;EKGPV FKUENQUWTG It shall coordinate with the external auditor and relevant executives who are assigned the responsibility of the quarterly and annual Ă&#x152;PCPEKCN TGRQTVU &WTKPI VJG CWFKV RTQEGUU VJG #WFKV %QOOKVVGG OC[ offer its suggestions to the auditor to review or audit certain transacVKQPU QT KVGOU VJCV KV FGGOU PGEGUUCT[ CPF UKIPKĂ&#x152;ECPV

Annual Report 2014

2. Arrange to review and assure that the Company has internal control and audit systems which include: 2.1 Consider the appointment, removal, and termination of the Chief of the Internal Audit Department in order to assure the independence of the internal audit function. 2.2 Assess the independence of the internal audit function by reviewing its actions, reports, and authority structure 3. Review that the Company acts in compliance with VJG UGEWTKVKGU CPF UVQEM GZEJCPIG NCYU VJG TGIWNCVKQPU QH VJG 5VQEM Exchange of Thailand, and the laws and regulations which relate to its business operations. #UUGUU UGNGEV CPF OCMG TGNGXCPV RTQRQUCN HQT appointment and remuneration of the Companyâ&#x20AC;&#x2122;s auditors, which include: 4.1 Review the independence of the auditor. 4.2 Hold at least one meeting annually with auditors, without the presence of any members of the Companyâ&#x20AC;&#x2122;s management VGCO VQ UGGM VJG CWFKVQTÂżU XKGYU CPF QRKPKQPU 5. Consider related transactions or transactions that OC[ DG RGTEGKXGF CU ECWUKPI CP[ EQPĂ?KEV QH KPVGTGUV VQ CUUWTG NCYHWN practices and regulatory compliances, as well as rationality and maximized corporate interest. 6. Arrange to have the Audit Committee Report disclosed and published in the Companyâ&#x20AC;&#x2122;s annual report. The report is undersigned by the Chairman of the Audit Committee and includes at least the following information: 6.1 Opinions on accuracy, completeness and CEEQWPVCDKNKV[ QH VJG %QORCP[ÂżU Ă&#x152;PCPEKCN UVCVGOGPVU 6.2 Opinions on adequacy of the Companyâ&#x20AC;&#x2122;s internal control system. 6.3 Opinions on compliance with the securities and UVQEM GZEJCPIG NCYU VJG TGIWNCVKQPU QH VJG 5VQEM 'ZEJCPIG QH Thailand, and the laws and regulations which relate to its business operations. 1RKPKQPU QP UWKVCDNG SWCNKĂ&#x152;ECVKQPU QH VJG CWFKVQT 6.5 Opinions on transactions that may be perceived CU ECWUKPI CP[ EQPĂ?KEV QH KPVGTGUV 6.6 Number of meetings of the Audit Committee and the record of attendance of each member of the Audit Committee. 1RKPKQPU QT IGPGTCN TGOCTMU QH VJG #WFKV Committee regarding their actions according to the Audit Charter. 6.8 Other issues under the assigned scope of the Audit Committeeâ&#x20AC;&#x2122;s duties and responsibilities that it perceives that shareholders and investors ought to be aware of. 1VJGT CEVKQPU CUUKIPGF D[ VJG $QCTF QH &KTGEVQTU and approved by the Audit Committee. 8. In conducting its duty, if the Audit Committee discovers or has any doubts that there are any transactions or CEVKQPU VJCV OC[ OCVGTKCNN[ KORCEV VJG %QORCP[ÂżU Ă&#x152;PCPEKCN RQUKVKQP and operational performance, the Audit Committee shall report to the $QCTF QH &KTGEVQTU HQT CRRTQRTKCVG TGEVKĂ&#x152;ECVKQP YKVJKP VJG #WFKV Committeeâ&#x20AC;&#x2122;s prescribed timeframe. 67

Golden Land Porperty Developement PLC

Meeting of the Audit Committee 1. The Audit Committee meets at least four times a year, and the Chairman of the Audit Committee may additionally call a special or extraordinary meeting as necessary if an emergency decision needs to be made. $GHQTG GCEJ OGGVKPI FCVG VJG OGGVKPI PQVKĂ&#x152;ECVKQP with clear details of the meeting agenda and the attached supplementary information shall be delivered to the Audit Committee members, as well as other meeting participants, to allow them UWHĂ&#x152;EKGPV VKOG HQT TGXKGY CPF EQPUKFGTCVKQP CPF HQT HWTVJGT TGSWGUV QH extra information if so required. 3. For each Audit Committeeâ&#x20AC;&#x2122;s meeting, at least twoVJKTFU QH VJG %QOOKVVGG OGODGTU UJQWNF DG RTGUGPV KP QTFGT VQ OCMG a quorum. 4. In reviewing any items on the meeting agenda, the Audit Committee members with a personal interest or material relationship to such items must excuse themselves from the decision OCMKPI RTQEGUU CPF VCMG PQ RCTV KP VJG FKUEWUUKQP QT VJG XQVG 5. The Secretary to the Audit Committee has no voting right. 6. The Chairman of the Audit Committee shall regularly report on each of the Committee's meetings to the Board of Directors in the upcoming Board meeting. 7HUP RI 2IĹľFH IRU WKH $XGLW &RPPLWWHH 1. The Audit Committee members have a three years VGTO QH QHĂ&#x152;EG 7RQP EQORNGVKQP QH VJGKT VGTO QH UGTXKEGU VJG[ UJQWNF not be automatically reappointed, but can be reappointed if agreed upon by the resolution of the Board of Directors. 2. The Audit Committee members can be additionally appointed and removed in accordance with the discretionary decisions of the Board of Directors or by the resolution of the shareholdersâ&#x20AC;&#x2122; meeting. 6JG VGTO QH QHĂ&#x152;EG QH VJG #WFKV %QOOKVVGG OGODGTU shall end under the following circumstances: â&#x20AC;˘ Death â&#x20AC;˘ Resignation â&#x20AC;˘ Completion of their term of service â&#x20AC;˘ Resignation from their directorship Ă&#x2020; &KUSWCNKĂ&#x152;GF QT HCNNKPI WPFGT EQPFKVKQPU CU RTQJKDKVGF under the Companyâ&#x20AC;&#x2122;s regulations or the regulations QH VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF â&#x20AC;˘ Resignation due to a resolution of the Board of Directors 4. If there is any vacancy of the Audit Committee members position other than a relevant completion of the membersâ&#x20AC;&#x2122; VGTO QH UGTXKEG VJG $QCTF QH &KTGEVQTU UJCNN CRRQKPV CP[ SWCNKĂ&#x152;GF individual to replace such vacancy. The newly appointed member UJCNN EQORNGVG VJG TGOCKPKPI VGTO QH QHĂ&#x152;EG QH JKU RTGFGEGUUQT 6JG PQVKĂ&#x152;ECVKQP QH UWEJ CRRQKPVOGPV UJQWNF DG OCFG VQ VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF +P VJG GXGPV VJCV VJG %QORCP[ CUMU HQT VJG resignation of the Audit Committee members prior to the completion of their term of service, the Audit Committee can supply the relevant TGCUQPU VJGTGQH VQ VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF CPF VJG 5GEWTKVKGU and Exchange Commission.

Remuneration for the Audit Committee The Compensation and Nominating Committee shall initially review the Audit Committeeâ&#x20AC;&#x2122;s remuneration and subsequently submit its recommendation to the relevant Board of Directors OGGVKPIU HQT TGEQPUKFGTCVKQP RTKQT VQ KVU Ă&#x152;PCN RTQRQUCN VQ VJG shareholdersâ&#x20AC;&#x2122; meeting for its approval. 3) Compensation and Nominating Committee Appointment of the Compensation and Nominating Committee The Board of Directors shall be responsible for selection and appointment of the Compensation and Nominating Committee. Roles, Duties and Responsibilities of the Compensation and Nominating Committee &GĂ&#x152;PG TWNGU CPF RQNKEKGU HQT VJG UGNGEVKQP QH VJG nomination of Directors and Sub-Committee members of the Company. 4GXKGY CPF UGNGEV SWCNKĂ&#x152;GF ECPFKFCVGU VQ Ă&#x152;NN VJG directorship positions in the event of the vacancy thereof, and submit KVU TGEQOOGPFCVKQP VQ VJG $QCTF QH &KTGEVQTU HQT CRRTQXCN CPF QT HQT reconsideration prior to its further proposal to the shareholder meeting for its approval, whatever the case may be. 4GXKGY CPF UGNGEV SWCNKĂ&#x152;GF ECPFKFCVGU VQ Ă&#x152;NN VJG senior management positions from the level of the Managing Director or above in the event of a vacancy thereof. 4GXKGY CPF RTQRQUG VJG PCOG NKUV QH SWCNKĂ&#x152;GF candidates for the Sub-Committee members to the Board of Directors in the event of a vacancy thereof. 5. Review and set necessary and appropriate remuneration CPF DGPGĂ&#x152;V UEJGOGU DQVJ KP OQPGVCT[ CPF PQP OQPGVCT[ VGTOU VJCV are suitable incentive for encouraging and retaining the members of the Board of Directors and the members of the Sub-Committees CPF QT VQ RTQRQUG UWEJ TGOWPGTCVKQP CPF DGPGĂ&#x152;V UEJGOGU VQ VJG shareholdersâ&#x20AC;&#x2122; meeting for its approval. 6. Prepare rules and policies on remuneration of the Board of Directors, the Audit Committee, and the Nomination and Compensation Committee itself to submit to the Board of Directors CPF QT VJG UJCTGJQNFGTUÂż OGGVKPI HQT KVU CRRTQXCN YJCVGXGT VJG ECUG may be. The consideration criteria shall be based on the Companyâ&#x20AC;&#x2122;s operational performance, the scope of duty and responsibility of GCEJ QH VJG EQOOKVVGGU CU YGNN CU GZRGTKGPEG MPQYNGFIG CPF responsibility of the directors and committee members in comparison to other companies in the same industry.

4GXKGY CPF UGV PGEGUUCT[ CPF CRRTQRTKCVG TGOWPGTCVKQP CPF DGPGĂ&#x152;V UEJGOGU DQVJ KP OQPGVCT[ CPF PQP OQPGtary terms that are suitable incentive for encouraging and retaining the senior management from the level of the Managing Director or above. The consideration criteria shall be based on assessments of VJGKT YQTM FGFKECVKQP CPF VJG %QORCP[ÂżU QRGTCVKQPCN RGTHQTOCPEG 8. Provide explanations and answers to the shareholdersâ&#x20AC;&#x2122; questions on directorsâ&#x20AC;&#x2122; remunerations in the shareholdersâ&#x20AC;&#x2122; meeting. 7PFGTVCMG CP[ QVJGT VCUMU CU OC[ DG CUUKIPGF D[ the Board of Directors and approved by the Compensation and Nominating Committee. Remuneration for the Compensation and Nominating Committee The Board of Directors shall set the Committeeâ&#x20AC;&#x2122;s remuneration and propose this to the shareholdersâ&#x20AC;&#x2122; meeting for its approval. 4) Risk Management Committee Appointment of the Risk Management Committee The Board of Directors shall be responsible for selection and appointment Roles, Duties and Responsibilities of the Risk Management Committee 1. To prescribe strategies and policies, as well as UGVVKPI VCTIGVU QH TKUM OCPCIGOGPV QH VJG GPVKTG QTICPK\CVKQP HQT WUG CU IWKFGNKPGU HQT GHHGEVKXG TKUM OCPCIGOGPV D[ VJG /CPCIGOGPV UQ that it be carried out in the same direction. 6Q RTGUETKDG VJG HTCOG QH KPVGITCVGF TKUM OCPCIGOGPV YJKEJ UJCNN EQXGT OCLQT TKUMU QH VJG DWUKPGUU UWEJ CU DWUKPGUU TKUM CPF QRGTCVKQPCN TKUM GVE 6Q NC[FQYP TKUM OCPCIGOGPV U[UVGO UQ CU VQ TGFWEG any effects that may occur to the business operations of the Company RGTOCPGPVN[ KPENWFKPI CTTCPIGOGPV HQT TGIWNCT TKUM CUUGUUOGPV 6Q RTGRCTG CPF CRRTQXG UWKVCDNG TKUM OCPCIGOGPV RNCP D[ CUUGUUKPI TKUM HCEVQTU VJCV OC[ CHHGEV VJG DWUKPGUU QRGTCVKQPU QH VJG %QORCP[ CPF RTGRCTG TKUM OCPCIGOGPV RNCP CV CNN levels through brainstorming among the executives and staff from 6Q FGXGNQR VJG GHĂ&#x152;EKGPE[ TKUM OCPCIGOGPV CPF GZCOKPG KV HQT UWKVCDNG TKUM OCPCIGOGPV 6. To encourage the executives and staff so that they be aware of the importance of management and administration of TKUMU VJCV OC[ ECWUG VJG %QORCP[ PQV DGKPI CDNG VQ CEJKGXG KVU VCTIGVU KPENWFKPI VQ RGTUWCFG KPVQ VJG TKUM OCPCIGOGPV CV CNN NGXGNU of the organization, while at the same time embedding it as a culture of the organization.

Annual Report 2014

6Q OQPKVQT VJG RTQITGUU KP EQORN[KPI YKVJ VJG TKUM management plan of the Company, and provide advices and recomOGPFCVKQPU KP TGICTF VQ TKUM OCPCIGOGPV 8. To communicate with the Audit Committee about UKIPKĂ&#x152;ECPV TKUMU VJCV OC[ CHHGEV VJG KPVGTPCN EQPVTQN VQ TGRQTV VQ VJG $QCTF QH &KTGEVQTU QH VJG TKUMU CPF VJG RTQITGUU QH OCPCIGOGPV UWEJ TKUMU

3) Executive Director Appointment to the Executive Director The Board of Directors shall select the Executive Director and propose to Sub - Committee and President or Executive Director .

4) Company Secretary Roles, Duties and Responsibilities of the Company Secretary 7PFGTVCMG KVU FWV[ YKVJ TGURQPUKDKNKV[ ECWVKQWUPGUU JQPGUV[ and in accordance with applicable laws and regulations. 2. Manage and coordinate the meeting of the Board of Directors, the meeting of the Sub-Committees, and the shareholdersâ&#x20AC;&#x2122; OGGVKPI +V CNUQ QXGTUGGU VJCV CEVKQPU CTG VCMGP KP EQORNKCPEG YKVJ VJG %QORCP[ÂżU QDLGEVKXGU CPF TGIWNCVKQPU VJG $QCTFÂżU TGUQNWVKQPU the resolutions of the shareholdersâ&#x20AC;&#x2122; meeting, as well as in accordance with applicable laws and regulations. 2TGRCTG MGGR CPF UCHGIWCTF VJG %QORCP[ÂżU FQEWOGPVU UWEJ CU FKTGEVQT TGEQTF PQVKĂ&#x152;ECVKQP QH OGGVKPI KPXKVCVKQP OKPWVGU QH the Board of Directorsâ&#x20AC;&#x2122; meeting, minutes of the shareholdersâ&#x20AC;&#x2122; meeting, annual report etc. 4. Keep and safeguard the report on the interest of Directors and Executives, and submit such report to the Chairman of the Board CPF VJG %JCKTOCP QH VJG #WFKV %QOOKVVGG YKVJKP DWUKPGUU FC[U from the date of its receipt. 1VJGT CEVKQPU RTGUETKDGF D[ VJG %CRKVCN /CTMGV 5WRGTXKUQT[ Board. Knowledge Development The Company supports the participation of its Board members, executives and employees in relevant training and seminars as a RCTV QH KVU MPQYNGFIG OCPCIGOGPV UEJGOG 5WEJ VTCKPKPI CPF seminars include the courses organized by the Thai Institute of &KTGEVQTU VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF VJG 5GEWTKVKGU CPF Exchange Commission, and other agencies

Corporate Governance for the Companyâ&#x20AC;&#x2122;s Subsidiaries DQG $IĹľOLDWHV The Company has seconded its corporate representatives to be the Directors, Executives and Executives with controlling authority KP KVU UWDUKFKCTKGU CPF CHĂ&#x152;NKCVGU KP CEEQTFCPEG YKVJ KVU RTQRQTVKQPCVG shareholding quota, to oversee business operations of its subsidiaries CPF CHĂ&#x152;NKCVGU 5GG #PPGZ 5JCTGJQNFKPI 5VTWEVWTG QH VJG %QORCP[ÂżU Group and Annex 2 : Detailed information on directors of the Companyâ&#x20AC;&#x2122;s subsidiaries) 6JG &KTGEVQTU CPF 'ZGEWVKXGU QH VJG %QORCP[ ECP VCMG VJG assigned positions as Directors, Executives and Executives with EQPVTQNNKPI CWVJQTKV[ KP VJG %QORCP[ÂżU UWDUKFKCTKGU CPF CHĂ&#x152;NKCVGU UWDLGEV VQ EQPFKVKQPU CU RTGUETKDGF D[ VJG TGIWNCVKQPU QH VJG 5GEWTK 69

Golden Land Porperty Developement PLC

ties and Exchange Commission and other relevant authorities, as well as any appropriate approvals from the Board of Directors. The persons who are assigned to be Directors, Executives, and Executives with controlling authority in the Companyâ&#x20AC;&#x2122;s UWDUKFKCTKGU CPF CHĂ&#x152;NKCVGU UJCNN JCXG VJG FWV[ VQ DGUV UGTXG VJQUG entities. In addition, for any resolution or any vote casting on important OCVVGTU QH VJG %QORCP[ÂżU UWDUKFKCTKGU CPF CHĂ&#x152;NKCVGU YJKEJ TGSWKTG the Companyâ&#x20AC;&#x2122;s Board of Directorsâ&#x20AC;&#x2122; approval, if required to be underVCMGP D[ UWEJ UWDUKFKCTKGU CPF CHĂ&#x152;NKCVGU VJG CUUKIPGF &KTGEVQTU CPF 'ZGEWVKXGU OWUV UGGM CRRTQRTKCVG CRRTQXCN HTQO VJG %QORCP[ÂżU $QCTF QH &KTGEVQTU RTKQT VQ VJG OCMKPI QH UWEJ TGUQNWVKQP QT ECUVKPI QH any such vote on those important matters. In the case of the Companyâ&#x20AC;&#x2122;s subsidiaries, the assigned Directors and Executives must ensure that the subsidiaries collect and safeguard their information and accounting records for review and compilation that may be required for the purpose of the preparation QH VJG %QORCP[ÂżU EQPUQNKFCVGF Ă&#x152;PCPEKCN UVCVGOGPVU CU YGNN CU VQ oversee that such subsidiaries have relevant regulations, which are compatible with the Companyâ&#x20AC;&#x2122;s practices, to monitor related party transactions.

Monitoring of Internal Information Usage The Company pays attention to the monitoring of internal information usage to be in accordance with the principles of good corporate governance. The Company abides by the principles of good governance and business honesty. In order to assure that its security investors shall equitably receive prompt and reliable information, the Company prescribes its governance rules for the monitoring of internal information usage and for trading of the Companyâ&#x20AC;&#x2122;s shares by its Directors, Executives and employees, to be in line with applicable securities laws, while focusing on the transparency of its business activities. These rules can be summarized as follows: â&#x20AC;˘ Its Directors, Executives and employees at all levels must PQV OCMG WUG QH VJG %QORCP[ÂżU KPVGTPCN KPHQTOCVKQP VJCV OC[ UKIPKĂ&#x152;ECPVN[ KORCEV VJG OQXGOGPV QH VJG %QORCP[ÂżU UJCTG RTKEGU HQT VJGKT QYP DGPGĂ&#x152;VU QT VJG DGPGĂ&#x152;VU QH QVJGTU DGHQTG VJG TGXGNCVKQP QH UWEJ KPHQTOCVKQP VQ VJG RWDNKE QT VQ VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF These individuals are prohibited from trading of the Companyâ&#x20AC;&#x2122;s securities, for a period of 30 days prior to the public disclosure of the %QORCP[ÂżU Ă&#x152;PCPEKCN UVCVGOGPVU CPF CV NGCUV JQWTU CHVGT VJG RWDNKE revelation of any such statements. â&#x20AC;˘ Its Directors and Executives are required to report on their holding of the Companyâ&#x20AC;&#x2122;s securities, as well as on the holding thereof of their spouse and underage children to the Securities and Exchange Commission â&#x20AC;˘ The Company maintains strict rules on safeguarding its computer system and its information to protect against any possible NGCMCIG QH OCVGTKCN KPVGTPCN KPHQTOCVKQP FWG VQ CP[ OKUCRRTQRTKCVKQP committed by its Directors, Executives and employees. The Company also prescribes a severe punishment for such misappropriation, of which the consequence could be a disciplinary action and a legal penalty.

Internal Controls 6JG %QORCP[ÂżU $QCTF QH &KTGEVQTU CPF 'ZGEWVKXGU CTG TGURQPUKDNG HQT VJG GHĂ&#x152;EKGPE[ QH VJG %QORCP[ÂżU KPVGTPCN EQPVTQN U[UVGO CPF TGEQInize the importance of its continuity, while focusing on the adequacy and business appropriateness of such system to further enhance the %QORCP[ÂżU QRGTCVKQP GHĂ&#x152;EKGPE[ CPF GHHGEVKXGPGUU 6JG %QORCP[ RTQOQVGU VJG CEEQWPVCDKNKV[ QH KVU CEEQWPVKPI U[UVGO CPF Ă&#x152;PCPEKCN TGRQTVU +V also strictly complies with laws, rules, and regulations applicable to the Companyâ&#x20AC;&#x2122;s business operations. The Companyâ&#x20AC;&#x2122;s Board of Directors assigns the Audit Committee to review the assessment of the Companyâ&#x20AC;&#x2122;s internal controls. The Board meeting quarterly sets an important agenda items for the Audit Committee to report its views on the Companyâ&#x20AC;&#x2122;s internal controls, and to provide its recommendations to the OCPCIGOGPV QP CP[ CRRTQRTKCVG TGXKUKQP CPF QT KORTQXGOGPV VJGTGQH 'CEJ [GCT VJG #WFKV %QOOKVVGG OGGVU QP C SWCTVGTN[ DCUKU YKVJ VJG Companyâ&#x20AC;&#x2122;s external and internal auditors to follow up and query the status of the Companyâ&#x20AC;&#x2122;s internal controls. During the year the Internal Audit Department performed system reviews and control assessments on building management, general purchases, and overall controls of the KPHQTOCVKQP U[UVGO CPF TGRQTVGF VJCV VJGTG YCU PQ UKIPKĂ&#x152;ECPV FGĂ&#x152;EKGPEKGU QP VJG %QORCP[ÂżU KPVGTPCN EQPVTQNU U[UVGO KORTQXGOGPVU CTG OGTGN[ TGSWKTGF HQT UQOG KUUWGU UWEJ CU JCXKPI CP QRGTCVKQPCN RQNKE[ DG OCFG KP YTKVKPI CPF IQXGTPGF D[ UWHĂ&#x152;EKGPV CPF UWKVCDNG EQPVTQN U[UVGOU 6JG TGURQPUKDNG FKXKUKQP JCU CNTGCF[ VCMKPI CRRTQRTKCVG CEVKQP The Companyâ&#x20AC;&#x2122;s Board of Directors and the Audit Committee mutually agree that at present, the Companyâ&#x20AC;&#x2122;s internal control system is adequate and appropriate for its business operations.

Auditor Fees Auditor Fees The Company and its subsidiaries paid the following audit fees to KPMG Phoomchai Audit Ltd. Annual Audit Fee 1. Audit Fee for the Financial Statements of the Company

2557 2014 2556

2555 2013

2012

980,000

900,000

2. Annually and quarterly Audit Fee for Financial Statements QH KVU UWDUKFKCTKGU CPF (KPCPEKCN 5VCVGOGPVU QH VJG %QORCP[

Total Audit Fees for the Company and All Its Subsidiaries

3,700,000

4,000,000

* Y2013 The Company has established 1 subsidiary company and the audit fee is 100,000 Baht. KPMG Phoomchai Audit Ltd., the Companyâ&#x20AC;&#x2122;s auditor has no relationship , nor any interests in the Company, its subsidiaries, or YKVJ VJG %QORCP[ÂżU GZGEWVKXGU KVU OCLQT UJCTGJQNFGTU QT CP[ TGNCVGF RCTVKGU VJGTGQH Other Non-Audit Fees Other Non-Audit Fees

2557 2014 2556

2555 2013

2012

1. Service Fee for IFRS converging

390,000

2. Other Expenses

85,550

Annual Report 2014

Compliance with other Principles of Good Corporate Governance In order to clearly segregate duty and responsibility between the Board and the management, the Chairman of the Board and The President shall not be the same person. The Chairman of the Board has his duty to oversee activities of the Board of Directors which supervise and govern the managementâ&#x20AC;&#x2122;s business operations. The President is the chief of the management team who manages corporate activities according to the policy guidelines and targets approved by the Board of Directors. The fact that the Chairman of the Board and the President is PQV VJG UCOG RGTUQP CNUQ ETGCVGU C EJGEM CPF DCNCPEG OGEJCPKUO CPF CNNQYU VJG %JCKTOCP QH VJG $QCTF VQ JCXG JKU KPFGRGPFGPE[ KP WPFGTVCMKPI his duty. The Board of Directors also comprise a lesser number of executive member than the non-executive members, in a proportionate ratio of 1: 8 for the total sum of 9 board members. The very minor number of an executive members in the Board of Directors can assure the EJGEM CPF DCNCPEG OGEJCPKUO CU YGNN CU IWCTCPVGG VJCV VJG $QCTF YKNN PQV DG EQPVTQNNGF D[ VJG OCPCIGOGPV Summary of the Board of Directorsâ&#x20AC;&#x2122; Meeting Attendance for 2014 Director Names

Board of Directors

Meeting Attendance / Total Number of Meetings Audit Compensation and Nominating Committee Committee

Executive Committee

/T 9CPEJCK 5CTCVJWNVJCV

/T 2CPQV

5KTKXCFJCPCDJCMFK

/T 6JCRCPC 5KTKXCFJCPCDJCMFK

/T %JQVKRJCV $KLCPCPFC

/T 5KVJKEJCK %JCKMTKCPIMTCK

/T %JCKPQK 2WCPMQUQQO

/T 7FQO

/T %JKPPCXCV %JKPUCPICTCO

/T 6JCPCRQN 5KTKVJCPCEJCK

2WCUCMWN

Board of Director resigned in 2014 Director Names /T 9GGTCYQPI %JKVVOKVVTCRCR

Board of Directors

Meeting Attendance / Total Number of Meetings Audit Compensation and Nominating Committee Committee

Executive Committee

Remark : 1) Mr. Weerawong Chittmittrapap has resigned from the director on 14 July 2014. 2) Mr. Chinnavat Chinsangaram has been appointed to the director on the resolutions of the Board of Director Meeting on 15 September 2014. 3) Mr. Chainoi Puankosoom has been appointed to the Chairman of Audit Committee on the resolutions of the Board of Director Meeting on 15 September 2014.

Golden Land Porperty Developement PLC

Holding of the Companyâ&#x20AC;&#x2122;s Securities by Directors and Executives Directors

Number of shares held as of 31st December 2014

/T 9CPEJCK 5CTCVJWNVJCV

/T 2CPQV

5KTKXCFJCPCDJCMFK

/T 6JCRCPC 5KTKXCFJCPCDJCMFK

/T %JQVKRJCV $KLCPCPFC

/T 5KVJKEJCK %JCKMTKCPIMTCK

/T %JCKPQK 2WCPMQUQQO

/T 7FQO

2WCUCMWN

8. Mr. Chinnavat Chinsangaram

9. Mr. Thanapol Sirithanachai

Executives

Number of shares held as of 31st December 2014

1. Mr. Thanapol Sirithanachai

/T 5QODQQP 9CUKPEJWVEJCYCN

/T 5CGPRJKP 5WMJGG

4. Mr. Khumpol Poonsonee

/T 9KVJCYCV -QQVVCVGR

/T 6JGRRCUCM 0QRRCMQTPXKUCVG

Annual Report 2014

Internal Controls and Risk Management The Company recognizes the importance of internal controls. The Companyâ&#x20AC;&#x2122;s Board of Directors and its executives are accountable for VJG GHĂ&#x152;EKGPE[ CPF GHHGEVKXGPGUU QH VJG %QORCP[ÂżU KPVGTPCN EQPVTQN system. The Company emphasizes on the adequacy and suitability of such system in accommodating its business operations according to the guidance prescribed by the Stock Exchange of Thailand (SET) and the COSO's Internal Control Principles of the Committee of Sponsoring Organizations of the Treadway Commission. The Company GPUWTGU VQ JCXG KVU CEEQWPVKPI U[UVGO CPF Ă&#x152;PCPEKCN TGRQTVKPI VJCV assures correctness, accountability, and strict compliance with laws, regulations, and business rules. In each of the Companyâ&#x20AC;&#x2122;s quarterly board meetings, there is an agenda item which allows the Audit Committee to express its opinion on the Companyâ&#x20AC;&#x2122;s internal controls, as well as make recommendations to the management on relevant improvements of the internal control system to assure the continuity of its adequacy and suitability. The Company also regularly conducts audit reviews of its internal EQPVTQN U[UVGO CEEQTFKPI VQ VJG RTQRQUGF CEVKQP RNCP QH VJG 1HĂ&#x152;EG QH the Internal Audit. The outcomes of such reviews are directly submitted to the Audit Committee. In order to ensure the independence and HCKTPGUU QH VJG 1HĂ&#x152;EG QH +PVGTPCN #WFKV KP RGTHQTOKPI VJGKT FWVKGU VJG Audit Committee is assigned to be responsible for the appointment, transfer, termination of employment, and assessment of the performance of the Chief Internal Auditor. Under a special agenda of the Audit Committee Meeting No. 5/2557, the Audit Committee resolved to appoint Miss Natchadhorn 9QPIUWTCYCV YJQ KU SWCNKĂ&#x152;GF YKVJ CRRTQRTKCVG MPQYNGFIG CPF RTQĂ&#x152;EKGPE[ CU YGNN CU JCXKPI C UWKVCDNG WPFGTUVCPFKPI QH VJG business operations of the Company to be its Chief Internal Auditor. 3WCNKĂ&#x152;ECVKQPU QH VJG %JKGH +PVGTPCN #WFKVQT CTG RTQXKFGF KP VJG #VVCEJment 3. +P VJG 1HĂ&#x152;EG QH VJG +PVGTPCN #WFKV CUUGUUGF VJG HQNNQYKPI issues: - Revenue and Expenditure Cycles of Mayfair Marriott Executive Apartment Project, Grand Mayfair Co., Ltd. - Revenue and Expenditure Cycles of The Ascott Sathorn Bangkok Project, Sathorn Property Co., Ltd. - Payroll Cycle and Human Resource Management of Golden Land Property Development PCL. - Construction Cycle and Cost Analysis of Golden Land Residence Co., Ltd. - Revenue and Expenditure Cycles of Golden Land Residence Co., Ltd. - Financial Cycle of Golden Land Property Development PCL.

Golden Land Porperty Developement PLC

- Revenue and Expenditure Cycles of Golden Pavilion Building, Narai Pavilion Co., Ltd. 4GXGPWG CPF 'ZRGPFKVWTG %[ENGU QH 5CVJQTP 5SWCTG 1HĂ&#x152;EG Tower, North Sathorn Realty Co., Ltd. $CUGF QP VJG CDQXG CUUGUUOGPV VJG 1HĂ&#x152;EG QH VJG +PVGTPCN #WFKV TGRQTVGF VQ VJG #WFKV %QOOKVVGG VJCV VJGTG KU PQ OCVGTKCN FGĂ&#x152;EKGPE[ in the system of internal control. The Company arranged to have its top executives evaluate its internal control system, as well as have the Audit Committee and the Board of Directors review its internal controls, all of which were undertaken as per the assessment criteria and format prescribed by the Securities And Exchange Commission of Thailand (SEC) which KPENWFGU Ă&#x152;XG RTKPEKRNGU QH GHHGEVKXG KPVGTPCN EQPVTQNU YJKEJ CTG Control Environment (2) Risk Assessment (3) Control Activities (4) Information & Communication (5) Monitoring Activities. The evaluation can be summarized as follows:

1. Control Environment The Company recognizes the importance of applying the Principles of Good Corporate Governance and Best Practice in to practices, because they are the vital factors to business sustainability. It also fosters business ethics, transparency, and accountability, YJKEJ CTG VJG HQWPFCVKQP QH GHĂ&#x152;EKGPV CPF GHHGEVKXG QRGTCVKQPU +V encourages maximization of shareholder value and fully considers the rights of all stakeholders. The Company demonstrates proper control environment and the Board of Directors comprises of no less VJCP Ă&#x152;XG CPF PQ OQTG VJCP GNGXGP DQCTF OGODGTU QH YJKEJ PQ NGUU than one third of the members are independent directors. All board OGODGTU CTG SWCNKĂ&#x152;GF YKVJ VJG SWCNKĂ&#x152;ECVKQP ETKVGTKC RTGUETKDGF D[ VJG Securities And Exchange Commission of Thailand (SEC) and the Stock Exchange of Thailand (SET).

2. Risk Assessment The Company arranges to have risk assessment process which involves an establishment of a Risk Management Sub-Committee, appointed by the Board of Directors, and composes of management representatives from each of the Companyâ&#x20AC;&#x2122;s business units to identify and assess potential risk, from external and internal aspects.

3. Control Activities The Company selects and develops control activities that contribute to the mitigation of risks to the achievement of objectives to acceptable levels, by setting Key Performance Indicators (KPIs). 6JGUG FGÌPGF -2+U CTG WUGF KP RNCPPKPI CPF CUUGUUKPI DWUKPGUU performances. Segregation of duties and responsibilities are clearly applied for different process levels such as approval, recording, monitoring, and reviews. The Company also set relevant measures to control and monitor transactions which can be considered as related party transactions. Such transactions duly require approval from the Audit Committee prior to any submission to the Board of Directors for their authorization. The Company follows and complies with the guidance prescribed by the Stock Exchange of Thailand (SET).

4. Information & Communication In the past year, the Company developed its Enterprise Resource Planning to effectively obtain and generate quality information YKVJKP KVU GPVKTG QTICPK\CVKQP YJKEJ KPENWFGU ÌPCPEKCN FCVC CPF QVJGT information. On the communication aspect, the Company internally communicates information via its intranet. This information includes policy, rules & regulations, and directives to which employees must comply. It also communicates and discloses information to external parties and stakeholders via its website: www.goldenlandplc.co.th . As an adherent to good corporate governance, the Company provides a communication channel for the general public, employees and other stakeholders to report matters related to corporate governance, as well as complaints, suggestions or recommendations, and other suspected conducts or deceptions of organization members.

5. Monitoring Activities The Company’s closely monitors operational performances of each of its business units by assigning relevant executives to such units to make a regular monthly business updates and report the outcome as well as the comparison of the actual performances to VJGKT HQTGECUVGF VCTIGVU VQ VJG 'ZGEWVKXG $QCTF 7RQP KFGPVKÌECVKQP QH OCVGTKCN CTGCU QH FGÌEKGPEKGU VJG %QORCP[ UJCNN VJGP TGRQTV VJGO VQ the Audit Committee or the Board of Directors for acknowledgement, consideration and action. During the Annual General Shareholder’s Meeting, the Company appointed KPMG Phoomchai Audit Ltd. to be its external CWFKVQT 6JG CWFKV QH VJG %QORCP[¿U ÌPCPEKCN UVCVGOGPVU HQT TGXGCNGF PQ OCVGTKCN FGÌEKGPE[ VJCV YQWNF TGPFGT VJG KPVGTPCN EQPVTQNU KPGHHGEVKXG CPF ECWUG CP[ OCVGTKCN ÌPCPEKCN OKUTGRTGUGPVCVKQP

Annual Report 2014

Connected Transactions 1. Material Related Party Transactions 6JG %QORCP[ CPF KVU UWDUKFKCTKGU JCF WPFGTVCMGP HQNNQYKPI OCVGTKCN VTCPUCEVKQPU YKVJ TGNCVGF RCTVKGU VJCV OKIJV JCXG IKXGP TKUG VQ C RQVGPVKCN EQPĂ?KEV QH KPVGTGUV FWTKPI VJG RGTKQF QH The details thereof can be summarized as follows: Entity Name

Relationship

Nature of Transaction

Gold Property Fund (Leasehold)

Associate Company

North Sathorn Hotel %Q .VF

Associate Company

Golden Land Porperty Developement PLC

9DOXH Ă&#x20AC; 0LOOLRQ

Necessity & Rationality of Transaction

Opinion of the Audit Committee

2013

2014

Sublease fee for land, building, furniture, and equipment of the Mayfair Marriott Project

+P )QNF 2TQRGTV[ (WPF .GCUGJQNF UWDNGCUGF VJG NCPF building, furniture, and equipment of the Mayfair Marriott Project VQ )TCPF /C[HCKT %Q .VF HQT UGTXKEG CRCTVOGPV CPF JQVGN QRGTCVKQPU )TCPF /C[HCKT %Q .VF CP CUUQEKCVG EQORCP[ QH VJG %QORCP[ UJCNN RC[ C Ă&#x152;ZGF OQPVJN[ TGPVCN HGG QH $CJV million and a variable monthly fee calculated as a percentage of VJG RTQLGEVÂżU QRGTCVKPI RGTHQTOCPEG HQT C RGTKQF QH [GCTU UVCTVKPI HTQO /C[ VQ /CTEJ 7RQP VJG GZRKT[ QH VJKU UWDNGCUG )TCPF /C[HCKT %Q .VF JCU C TGPGYCN QRVKQP QH CPQVJGT [GCTU

6JG UWDNGCUG YCU OCFG VQ DGPGĂ&#x152;V VJG Company and the sublease fee rate is in CEEQTFCPEG YKVJ VJG RTGUETKDGF CITGGOGPV The transaction is properly performed and ECTTKGF QWV KP VJG QTFKPCT[ EQWTUG QH DWUKPGUU

Rental income

+P #WIWUV 0QTVJ 5CVJQTP 4GCNV[ %Q .VF C UWDUKFKCT[ QH the Company) entered into two land sublease agreements with 0QTVJ 5CVJQTP *QVGN %Q .VF CP CUUQEKCVG EQORCP[ QH VJG %QORCP[ HQT VJG FGXGNQROGPVU QH 9 $CPIMQM *QVGN CPF C JKUVQTKE DWKNFKPI 6JG UWDNGCUG ECTTKGU C UKOKNCT GZRKT[ VGTO CU VJG OCKP NGCUGJQNF EQPVTCEV VJCV 0QTVJ 5CVJQTP 4GCNV[ %Q .VF UKIPGF YKVJ VJG %TQYP 2TQRGTV[ $WTGCW #FFKVKQPCN EQPFKVKQPU are prescribed in the sublease agreements that obliges North 5CVJQTP *QVGN %Q .VF VQ RC[ CP CPPWCN UWDNGCUG HGG VQ 0QTVJ 5CVJQTP 4GCNV[ %Q .VF CV VJG UKOKNCT TCVG VQ VJG QTKIKPCN NGCUGJQNF CITGGOGPV 6JG Ă&#x152;TUV UWDNGCUG CITGGOGPV QDNKIGU 0QTVJ 5CVJQTP *QVGN %Q .VF VQ RC[ CP KPKVKCN TGPVCN RC[OGPV QH $CJV OKNNKQP VQ 0QTVJ 5CVJQTP 4GCNV[ %Q .VF 6JGUG UWDNGCU GU YGTG CRRTQXGF D[ VJG %TQYP 2TQRGTV[ $WTGCW 6JG KPKVKCN rental payment has been gradually recognized as rental income D[ 0QTVJ 5CVJQTP 4GCNV[ %Q .VF VJTQWIJ VJG GPVKTG NGCUG VGTO

6JG UWDNGCUG YCU OCFG VQ DGPGĂ&#x152;V VJG %QORC ny and the sublease fee rate is in accordance YKVJ VJG RTGUETKDGF CITGGOGPV 6JG VTCPUCE tion is properly performed and carried out in VJG QTFKPCT[ EQWTUG QH DWUKPGUU

Annual Report 2014

Entity Name

5KCO *QNFKPI %Q .VF

Relationship

Nature of Transaction

Necessity & Rationality of Transaction

Opinion of the Audit Committee

2013

2014

Management fee

Interest income

Interest income received from the Companyâ&#x20AC;&#x2122;s loan to North Interest income received from the Compa 5CVJQTP *QVGN %Q .VF KP RTQRQTVKQPCVG VQ KVU JQNFKPI P[ÂżU NQCP VQ 0QTVJ 5CVJQTP *QVGN %Q .VF YKVJ VJG KPVGTGUV EJCTIGF CV VJG CXGTCIG DCPM NGPFKPI TCVG was in line with the condition prescribed in the joint investment agreement between the Company and another outside entity and the interest rate charged is according to the OCTMGV TCVG 6JG VTCPUCEVKQP YCU OCFG VQ DGPGĂ&#x152;V VJG %QORCP[ RTQRGTN[ RGTHQTOGF and carried out in the ordinary course of DWUKPGUU

+PVGTGUV GZRGPUG RCKF D[ 5CVJQTP 5WRUKP %Q .VF C subsidiary of the Company) for a loan from Siam Holding %Q .VF CV VJG CITGGF TCVG YJKEJ KU UKOKNCT VQ VJG KPVGTGUV rate that the Company charges its subsidiaries for its NGPFKPI 6JG KPVGTGUV TCVG EJCTIGF YCU KP CPF TGFWEGF VQ KP VQ DG KP NKPG YKVJ CRRNKECDNG Ă&#x152;PCPEKCN EQUVU QH KVU UWDUKFKCTKGU

Shareholder of +PVGTGUV GZRGPUG 5CVJQTP 5WRUKP %Q .VF C UWDUKFKCT[ QH the Company) with UJCTGJQNFKPI

Golden Land Porperty Developement PLC

9DOXH Ă&#x20AC; 0LOOLRQ

/CPCIGOGPV HGG RCKF HQT RTQLGEV OCPCIGOGPV QH VJG 9 $CPIMQM Hotel and a historic building ( the former building of the Embassy QH 4WUUKC 2TQLGEV 6JG EQORCP[ YCU JKTGF VQ OCPCIG UWEJ RTQLGEV KP 6JG RTQLGEV YCU EQORNGVGF KP

The services offered for project management of VJG 9 $CPIMQM *QVGN YCU HQT VJG DGPGĂ&#x152;VU QH VJG Company and the transaction is properly performed and carried out in the ordinary course QH DWUKPGUU

+PVGTGUV GZRGPUG RCKF HQT C NQCP HTQO 5KCO *QNFKPI %Q .VF YCU KP NKPG YKVJ VJG condition prescribed in the joint investment agreement between the Company and Siam *QNFKPI %Q .VF YJQ KU VJG QVJGT LQKPV UJCTGJQNFGT 6JG KPVGTGUV TCVG EJCTIGF KU CEEQTFKPI VQ VJG OCTMGV TCVG 6JG VTCPUCEVKQP YCU OCFG VQ DGPGĂ&#x152;V VJG %QORCP[ RTQRGTN[ performed, and carried out in the ordinary EQWTUG QH DWUKPGUU

Annual Report 2014

Entity Name Ascott International Management (Thailand) Limited

5KTK 5CR 2CVVJCPC %Q .VF

Relationship

Nature of Transaction

Connected Rent and service fee business with Siam *QNFKPI %Q .VF C Management fee shareholder of a subsidiary of the Common charges Company) Professional fee A subsidiary of the Company, having common director

Golden Land Porperty Developement PLC

Income from disposal of assets held for sale

9DOXH Ă&#x20AC; 0LOOLRQ

2013

2014

Necessity & Rationality of Transaction Ascott International Management (Thailand) Limited manages the Ascott which is a residential project with hotel and UGTXKEG CRCTVOGPVU HQT NQPI VGTO NGCUG YJKEJ EQNNGEVU TGPV and service fee, management fee, common charges, and C RTQHGUUKQPCN HGG HTQO 5CVJQTP 5WRUKP %Q .VF C UWDUKFK ary of the Company) as per governing contracts and in the event of no contract, the issues then depend on mutual CITGGOGPVU 6JG #PPWCN )GPGTCN 5JCTGJQNFGTUÂż /GGVKPI 0Q QP #RTKN TGUQNXGF VJG CRRTQXCN HQT VJG FKURQUCN QH NCPF QP 4CO -JCOJCGPI 4QCF YJKEJ KU C PQP EQTG CUUGV QH VJG %QORCP[ VQ 5KTK 5CR 2CVVJCPC %Q .VF YJKEJ KU C TGNCVGF EQORCP[ 6JG %QORCP[ GPVGTGF KPVQ C UCNG EQPVTCEV HQT VJG UCNG QH VJCV NCPF CPF DWKNFKPI CV C RTKEG QH $CJV OKNNKQP 6JG %QORCP[ DQQMGF $CJV OKNNKQP KP RTQĂ&#x152;V HTQO UCNGU of assets in its consolidated comprehensive income statement and comprehensive income statement of the %QORCP[ CU QH &GEGODGT

Opinion of the Audit Committee Rent and service fee, management fee, common charges, and professional fee that Ascott International Management (Thailand) Limited collects from a subsidiary of the Company are according to their agreements and for the DGPGĂ&#x152;VU QH VJG %QORCP[ 6JG VTCPUCEVKQP YCU OCFG VQ DGPGĂ&#x152;V VJG %QORCP[ RTQRGTN[ performed, and carried out in the ordinary EQWTUG QH DWUKPGUU

The resolution to undertake the connected transaction involved the rational decision CPF OCZKOK\GF DGPGĂ&#x152;VU VQ VJG %QORCP[ when comparing this sale price with the purchase prices offered by other independent RCTVKGU 6JKU UCNG QH CUUGVU KU CRRTQRTKCVG CPF DGPGĂ&#x152;VU VJG %QORCP[ DGECWUG VJG %QORCP[ ECP URGPF VJG $CJV OKNNKQP UCNG RTQEGGFU QH VJKU PQP EQTG CUUGV KP KVU present operation as investment funds for its PGY RTQLGEVU KP RTQOKUKPI NQECVKQPU 6JG potential good return on such investment and the appropriate pricing set for the land sales which is higher than its book value and the market value appraised by an independent CRRTCKUGT

Annual Report 2014

Entity Name

Relationship

5/,% 4GCN 'UVCVG )TQWR A subsidiary of the and Fraser (Thailand) Pte, parent company .VF having major shareholders who are close relatives of the Companyâ&#x20AC;&#x2122;s FKTGEVQTU CPF QT major shareholders 5/,% 4GCN 'UVCVG )TQWR

Golden Land Porperty Developement PLC

Nature of Transaction Purchase of investments in subsidiaries

Proceeds from disposal of investments of jointly controlled business (the transaction was made prior to the acquisition of Krungthep Land Public Company Limited (a subsidiary)

9DOXH Ă&#x20AC; 0LOOLRQ

2013

2014

Necessity & Rationality of Transaction

Opinion of the Audit Committee

6JG 'ZVTCQTFKPCT[ )GPGTCN 5JCTGJQNFGTU /GGVKPI 0Q QP Neither the Audit Committee nor any board &GEGODGT TGUQNXGF VJG CRRTQXCN HQT VJG CESWKUKVKQP QH OGODGT GZRTGUUGF FKHHGTGPV QRKPKQPU HTQO Krungthep Land Public Company Limited ( a subsidiary) from its VJG $QCTFÂżU TGUQNWVKQP

HQTOGT UJCTGJQNFGTU HQT CP COQWPV QH $CJV OKNNKQP 6JGTG was a group of companies which are related parties holding QH UJCTGU COQWPVKPI VQ $CJV OKNNKQP WPFGT CP acquisition condition that require Krungthep Land Public Company Limited to restructure its shareholding in other compa PKGU VQ TGOCKP QPN[ KP UWDUKFKCTKGU GZENWFKPI KVU KPXGUVOGPVU KP 4KXGTUKFG *QOG %Q .VF CPF 9CVGTUKFG .CPF %Q .VF YJKEJ CTG LQKPVN[ EQPVTQNNGF EQORCPKGU #V RTGUGPV VJGUG VYQ EQORC PKGU GPICIG KP VJG FGXGNQROGPVU QH JKIJ TKUG TGUKFGPVKCN RTQLGEVU 5/,% 4GCN 'UVCVG )TQWR RWTEJCUGF KPXGUVOGPVU KP VJGUG LQKPVN[ EQPVTQNNGF EQORCPKGU HQT $CJV OKNNKQP YJKEJ KU VJG CITGGF CRRTCKUCN RTKEG QH VJG KPXGUVOGPVU 6JG RTQEGGFU from disposal of such investments were retained in Krungthep .CPF 2WDNKE %QORCP[ .KOKVGF CU QH VJG FCVG QH VJG CESWKUKVKQP 6JG %QORCP[ÂżU $QCTF QH &KTGEVQTU JCU VJG QRKPKQP VJCV VJG UJCTG acquisition of Krungthep Land Public Company Limited under VJG UCKF EQPFKVKQP KU CRRTQRTKCVG CPF DGPGĂ&#x152;VU VJG %QORCP[ FWG VQ VJG HCEV VJCV KV TGRTGUGPVU VJG %QORCP[ÂżU DWUKPGUU GZRCPUKQP in the real estate sector which is the main business activity of the %QORCP[ KP YJKEJ KVU )TQWR RTGUGPVN[ JCU GZRGTKGPEG CPF GZRGTVKUG 6JG CESWKUKVKQP KU CNUQ CP KPXGUVOGPV KP RQVGPVKCN business that is well operated with good continuous RGTHQTOCPEG 6JKU UJCNN GPCDNG VJG %QORCP[ VQ IGV IQQF TGVWTPU QP KPXGUVOGPV HTQO VJKU CESWKUKVKQP 6JG %QORCP[ÂżU KPFGRGPFGPV (KPCPEKCN #FXKUQT U QRKPKQP VQ UJCTGJQNFGTU EQPĂ&#x152;TOGF VJCV VJG VTCPUCEVKQPU CTG CRRTQRTKCVG

Annual Report 2014

2. Trade transactions with related parties undertaken in the ordinary course of business &WTKPI VJG %QORCP[ CPF KVU UWDUKFKCTKGU WPFGTVQQM VJG HQNNQYKPI VTCFG VTCPUCEVKQPU YKVJ TGNCVGF RCTVKGU YJQ OKIJV JCXG IKXGP TKUG VQ C RQVGPVKCN EQPĂ?KEV QH KPVGTGUV VJG VTCPUCEVKQPU YGTG KP VJG QTFKPCT[ EQWTUG QH DWUKPGUU CPF GCEJ QH UWEJ VTCPUCEVKQPU YCU PQV C UWDUVCPVKCN COQWPV QH OQPG[ 6JG FGVCKNU VJGTGQH ECP DG UWOOCTK\GF CU HQNNQYU Entity Name

Relationship

Nature of Transaction

7PKXGPVWTGU 2.%

/CLQT UJCTGJQNFGTU JQNFKPI shares in the Company, having their representatives acting as the %QORCP[ÂżU FKTGEVQTU

Consultancy services for management of JKIJ TKUG DWKNFKPI +6 U[UVGO

.GTVTCVVCMCTP %Q .VF

A subsidiary of the same parent company

Rental of Meeting room

9DOXH Ă&#x20AC; 0LOOLRQ

2013

2014

$GTNK ,WEMGT 2WDNKE %QORCP[ .KOKVGF having common director

2WTEJCUG QH QHĂ&#x152;EG UWRRNKGU

6JCK &TKPMU %Q .VF

having common director

2WTEJCUG QH FTKPMKPI YCVGT HQT QHĂ&#x152;EG WUG

6 % % 6GEJPQNQI[ %Q .VF

having common director

4GPVCN QH EQORWVGTU RWTEJCUG QH +6 services

-CUGO 5CR 5KTK %Q .VF

having common director

Land lease for construction of worker camp for the FYI Center

5QWVJGCUV %CRKVCN %Q .VF

having common director

Rental of cars

Southeast Insurance Public Company Limited

having common director

Payment of insurance premium for the Companyâ&#x20AC;&#x2122;s assets

Southeast Life Insurance Public Company Limited

having common director

Payment of premiums for Health and Accident insurance premium for the Companyâ&#x20AC;&#x2122;s staff

6%% .WZWT[ *QVGNU 4GUQTVU %Q .VF

Major shareholders of its Group are close relatives of the %QORCP[ÂżU FKTGEVQTU CPF QT OCLQT shareholders

7UG QH ECHGVGTKC TGUVCWTCPV UGTXKEGU

Serm Suk Public Company Limited

Major shareholders of its Group are close relatives of the %QORCP[ÂżU FKTGEVQTU CPF QT OCLQT shareholders

Purchase of drinking water products HQT QHĂ&#x152;EG WUG

6 % % %QOOGTEKCN 2TQRGTV[ /CPCIGOGPV %Q .VF

Major shareholders of its Group are close relatives of the %QORCP[ÂżU FKTGEVQTU CPF QT OCLQT shareholders

#FXGTVKUGOGPV RWDNKE TGNCVKQP HGG HQT ECORCKIP UGTXKEGU EQ CTTCPIGF YKVJ VJG Company for the Sathorn Project

4KXGTUKFG *QOG &GXGNQROGPV %Q Ltd

,QKPVN[ EQPVTQNNKPI C DWUKPGUU YKVJ an associate company of the Company

Management services

3. Necessity & Rationality of Transaction 6JG %QORCP[ WPFGTVQQM EQPPGEVGF VTCPUCEVKQPU YKVJ ECWVKQP CPF HWNN CYCTGPGUU QH KVU EQTRQTCVG CPF UJCTGJQNFGTUÂż DGPGĂ&#x152;VU #NN QH VJG %QORCP[ÂżU KPVGTEQORCP[ VTCPUCEVKQPU CPF VTCPUCEVKQPU YKVJ TGNCVGF RCTVKGU YJQ OKIJV JCXG IKXGP TKUG VQ C RQVGPVKCN EQPĂ?KEV QH KPVGTGUV YGTG ECTTKGF QWV KP VJG QTFKPCT[ EQWTUG QH DWUKPGUU QT YGTG PGEGUUCT[ YKVJ IQQF ECWUG CPF IGPWKPG DWUKPGUU TGNCVGF TGCUQPU %QPFKVKQPU TGNCVGF VQ VJGUG EQPPGEVGF VTCPUCEVKQPU YGTG UGV CEEQTFKPI VQ UVCPFCTF DWUKPGUU RTCEVKEGU CPF OCTMGV RTKEGU YGTG CRRNKGF %QPPGEVGF VTCPUCEVKQPU YGTG ECTTKGF QWV KP CP GSWKVCDNG OCPPGT CU YKVJ QVJGT EWUVQOGTU YJQ CTG KP VJG UCOG QT UKOKNCT EKTEWOUVCPEGU 6JG Ă&#x152;PCPEKPI KP TGNCVKQP VQ TGNCVGF RCTVKGU CTG WPFGTVCMGP QPN[ VQ UWRRQTV PGEGUUCT[ NKSWKFKV[ TGSWKTGOGPVU 79

Golden Land Porperty Developement PLC

4. Authorization procedure for connected transactions 6JG %QORCP[ UJCNN CWVJQTK\G VJG KORNGOGPVCVKQP QH CP[ EQPPGEVGF VTCPUCEVKQP DCUGF QP VJG EQPUKFGTCVKQP QH KVU WNVKOCVG DGPGĂ&#x152;VU The decision shall be processed step by step according to the Companyâ&#x20AC;&#x2122;s regulations and follow appropriate scrutinization steps of relevant EQOOKVVGGU KPENWFKPI VJG #WFKV %QOOKVVGG VJG $QCTF QH &KTGEVQTU VJG %QORCP[ÂżU VQR GZGEWVKXGU YJQ TGXKGY TGNCVGF KORCEVU CPF GPUWTG VJCV applicable pricings are properly set according to the ordinary course of business and in similar conditions as if they were conducted with any QVJGT QWVUKFGT Indeed, the Company requested for an approval of general principles governing trade agreements performed in the ordinary course QH DWUKPGUU YJKEJ CTG VTCPUCEVGF YKVJ VJG %QORCP[ÂżU FKTGEVQTU OCPCIGOGPV QT CP[ TGNCVGF RCTVKGU 5WEJ IGPGTCN RTKPEKRNGU YKNN CNNQY VJG %QORCP[ÂżU OCPCIGOGPV VQ CRRTQXG CP[ EQPPGEVGF QT KPVGT EQORCP[ VTCPUCEVKQPU KP VJG HWVWTG +P VJG HWVWTG KH UWEJ EQPPGEVGF QT KPVGT EQO pany transactions have agreed trade conditions which are similar in manner to those transactions that a good corporate citizen shall undertake YKVJ CP[ QVJGT EQWPVGT RCTV[ KP VJG UCOG EKTEWOUVCPEGU YKVJ CP CTOU NGPIVJ PGICVKQP CPF PQ KPĂ?WGPEG YJCVUQGXGT HTQO VJG HCEV VJCV UWEJ counter party to the agreement is a director, management or any related party, the Company shall prepare its summary report on the connected VTCPUCEVKQPU WPFGTVCMGP VQ DG TGRQTVGF KP GCEJ QH VJG SWCTVGTN[ OGGVKPI QH VJG #WFKV %QOOKVVGG +P VJG GXGPV VJCV VJG %QORCP[ÂżU DQCTF OGODGTU OGODGTU QH VJG 'ZGEWVKXG %QOOKVVGG 'ZGEWVKXG &KTGEVQTU QT RCTVKGU YJQ OKIJV JCXG IKXGP TKUG VQ C RQVGPVKCN EQPĂ?KEV QH KPVGTGUV CPF OKIJV JCXG DGPGĂ&#x152;VU QT EQPĂ?KEV QH KPVGTGUV VJQUG FKTGEVQTU CPF OGODGTU CTG PQV GPVKVNGF VQ CRRTQXG UWEJ EQPPGEVGF VTCPUCEVKQPU CU RGT VJG TWNGU RTGUETKDGF D[ VJG 5GEWTKV[ 'ZEJCPIG %QOOKUUKQP QH 6JCKNCPF CPF QT VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF +P CFFKVKQP KH VJG #WFKV %QOOKVVGG KU PQV GSWKRRGF YKVJ VJG GZRGTVKUG TGSWKTGF VQ EQPUKFGT UWEJ RQVGPVKCN EQPPGEVGF VTCPUCEVKQPU VJG %QORCP[ UJCNN CTTCPIG VQ JCXG TGNGXCPV GZRGTVKUG VQ RTQXKFG VJGKT RTQHGUUKQPCN QRKPKQPU QP UWEJ VTCPUCEVKQPU UQ VJCV VJG %QORCP[ÂżU $QCTF QH &KTGEVQTU VJG #WFKV %QOOKVVGG QT UJCTGJQNFGTU CU VJG ECUG OC[ DG UJCNN WUG UWEJ GZRGTVKUG KP VJG FGEKUKQP OCMKPI RTQEGUU 6JG %QORCP[ UJCNN FKUENQUG OCVGTKCN EQPPGEVGF VTCPUCEVKQPU KP VJG PQVG VQ KVU CWFKVGF Ă&#x152;PCPEKCN UVCVGOGPVU

5. Policy on or tendency of future connected transactions The Company has a policy governing present and future connected transactions that it anticipates to be undertaken with parties who OKIJV JCXG IKXGP TKUG VQ C RQVGPVKCN EQPĂ?KEV QH KPVGTGUV YJKEJ QDNKIGU VJG %QORCP[ VQ ECTT[ QWV UWEJ VTCPUCEVKQPU KP CP GSWKVCDNG OCPPGT CU YKVJ other customers, at fair pricing that is in accordance with conditions as prescribed in the ordinary course of business, as well as upon the TGXKGY RTQEGUU VJCV KU ENGCT VTCPURCTGPV CPF WPDKCUGF CEEQTFKPI VQ VJG RTKPEKRNGU QH IQQF IQXGTPCPEG CPF VJG %QORCP[ÂżU TGIWNCVKQPU 6JG VTCPUCEVKQPU PGGF VQ DG KP NKPG YKVJ VJG UEQRG GORQYGTGF D[ VJG CWVJQTK\CVKQP

Annual Report 2014

Report of the Board of Directors' Responsibilities for Financial Statements 6JG $QCTF QH &KTGEVQTU KU VJG TGURQPUKDNG HQT VJG ÌPCPEKCN UVCVGOGPVU QH )QNFGP .CPF 2TQRGTV[ &GXGNQROGPV 2WDNKE %QORCP[ .KOKVGF CPF VJG EQPUQNKFCVGF ÌPCPEKCN UVCVGOGPVU QH )QNFGP .CPF 2TQRGTV[ &GXGNQROGPV 2WDNKE %QORCP[ .KOKVGF CPF KVU UWDUKFKCTKGU KPENWFKPI VJG ÌPCPEKCN KPHQTOCVKQP RTGUGPVGF KP VJKU CPPWCN TGRQTV 6JG CHQTGOGPVKQPGF ÌPCPEKCN UVCVGOGPVU JCXG DGGP RTGRCTGF KP CEEQTFCPEG YKVJ IGPGTCNN[ CEEGRVGF CEEQWPVKPI RTKPEKRNGU WUKPI ECTGHWN LWFIOGPV CPF VJG DGUV GUVKOCVKQP +ORQTVCPV KPHQTOCVKQP KU CFGSWCVGN[ CPF VTCPURCTGPE[ FKUENQUGF KP VJG PQVGU VQ ÌPCPEKCN UVCVGOGPVU HQT VJG %QORCP[ UJCTGJQNFGTU CPF KPXGUVQTU 6JG $QCTF QH &KTGEVQTU JCU RTQXKFGF CPF OCKPVCKPGF VJG CRRTQRTKCVG CPF GHÌEKGPV KPVGTPCN EQPVTQN U[UVGO CPF TKUM OCPCIGOGPV U[UVGO VQ GPUWTG VJCV CEEQWPVKPI TGEQTFU CTG CEEWTCVG TGNKCDNG CPF CFGSWCVG VQ RTQVGEV KVU CUUGVU CPF WPEQXGT CP[ YGCMPGUU VJCV OC[ DG RTGUGPV KP QTFGT VQ RTGXGPV HTCWF QT OCVGTKCNN[ KTTGIWNCT QRGTCVKQPU +P VJKU TGICTF VJG $QCTF JCU CRRQKPVGF CP #WFKV %QOOKVVGG EQPUKUVKPI QH KPFGRGPFGPV FKTGEVQTU VQ DG TGURQPUKDNG HQT TGXKGYKPI VJG CEEQWPVKPI RQNKE[ ÌPCPEKCN TGRQTVU KPVGTPCN EQPVTQNU KPVGTPCN CWFKV CPF TKUM OCPCIGOGPV U[UVGO 6JG #WFKV %QOOKVVGG JCU CNUQ TGXKGYGF C FKUENQUWTG QH TGNCVGF RCTV[ VTCPUCEVKQPU #NN VJGKT EQOOGPVU QP VJGUG KUUWGU JCXG KPENWFGF KP VJG #WFKV %QOOKVVGG 4GRQTV YJKEJ RTGUGPVGF KP VJKU CPPWCN TGRQTV 6JG ÌPCPEKCN UVCVGOGPVU QH VJG %QORCP[ CPF VJG EQPUQNKFCVGF ÌPCPEKCN UVCVGOGPVU QH VJG %QORCP[ CPF KVU UWDUKFKCTKGU JCXG DGGP GZCOKPGF D[ CP GZVGTPCN CWFKVQT -2/) 2JQQOEJCK #WFKV .KOKVGF 6Q EQPFWEV VJG CWFKVU CPF GZRTGUU CPF QRKPKQP KP CEEQTFCPEG YKVJ IGPGTCNN[ CEEGRVGF CWFKVKPI UVCPFCTFU VJG CWFKVQT YCU RTQXKFGF YKVJ CNN QH VJG %QORCP[¿U TGEQTFU CPF TGNCVGF FCVC CU TGSWGUVGF 6JG CWFKVQT¿U QRKPKQP KU RTGUGPVGF KP VJG CWFKVQT¿U TGRQTV CU RCTV QH VJKU CPPWCN TGRQTV 6JG $QCTF QH &KTGEVQTU KU QH VJG QRKPKQP VJCV VJG QXGTCNN KPVGTPCN EQPVTQN U[UVGO QH VJG %QORCP[ JCU HWPEVKQPGF CV C UCVKUHCEVQT[ NGXGN CPF TGPFGTGF ETGFKVCDKNKV[ CPF TGNKCDKNKV[ VQ VJG ÌPCPEKCN UVCVGOGPVU QH )QNFGP .CPF 2TQRGTV[ &GXGNQROGPV 2WDNKE %QORCP[ .KOKVGF CPF VJG EQPUQNKFCVGF ÌPCPEKCN UVCVGOGPVU QH )QNFGP .CPF 2TQRGTV[ &GXGNQROGPV 2WDNKE %QORCP[ .KOKVGF CPF KVU UWDUKFKCTKGU HQT VJG [GCT GPFGF &GEGODGT 6JG $QCTF QH &KTGEVQTU CNUQ DGNKGXGU VJCV CNN VJGUG ÌPCPEKCN UVCVGOGPVU JCXG DGGP RTGRCTGF KP CEEQTFCPEG YKVJ IGPGTCNN[ CEEGRVGF CEEQWPVKPI RTKPEKRNGU CPF TGNCVGF TGIWNCVKQPU

Wanchai Sarathulthat Chairman of the Board

Golden Land Porperty Developement PLC

General Information Of The Subsidiaries Companies 1. Golden Land Residence Co., Ltd. Type of Business +HDG 2IĹľFH Tel. Fax Registered Capital No.of Issued Shares Par Value Paid-up Capital Percent of Shareholding

2TQRGTV[ &GXGNQROGPV VJ (NQQT 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT 0QTVJ 5CVJQTP 4F 5KNQO $CPITCM $CPIMQM $CJV 5JCTGU $CJV $CJV

Remark : held by Narayana Pavilion Co., Ltd. 50% and Ritz Village Co., Ltd. 50%

2. Baan-Chang Estate Co., Ltd. Type of Business +HDG 2IĹľFH Tel. Fax Registered Capital No.of Issued Shares : Par Value Paid-up Capital Percent of Shareholding

2TQRGTV[ &GXGNQROGPV /QQ 5WMJWOXKV 4QCF -O 6CODQN $CCP EJCPI #ORJWT $CCP EJCPI 4C[QPI 2TQXKPEG

$CJV 5JCTGU $CJV $CJV

Type of Business +HDG 2IĹľFH Tel. Fax Registered Capital No.of Issued Shares Par Value Paid-up Capital Percent of Shareholding

2TQRGTV[ &GXGNQROGPV VJ (NQQT 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT 0QTVJ 5CVJQTP 4F 5KNQO $CPITCM $CPIMQM $CJV 5JCTGU $CJV $CJV

5. Golden Land (Mayfair) Co., Ltd. Type of Business +PXGUVOGPV *QNFKPI +HDG 2IĹľFH /C[HCKT /CTTKQV 'ZGEWVKXG #RCTVOGPV $WKNFKPI 5QK .CPIUWCP .WORKPK 2CVJWOYCP $CPIMQM Tel. Fax Registered Capital $CJV No.of Issued Shares 5JCTGU Par Value $CJV Paid-up Capital $CJV Percent of Shareholding

6. North Sathorn Realty Co., Ltd.

3. Narayana Pavilion Co., Ltd. Type of Business +HDG 2IĹľFH Tel. Fax Registered Capital No.of Issued Shares Par Value Paid-up Capital Percent of Shareholding

4. United Homes Co., Ltd.

2TQRGTV[ &GXGNQROGPV CPF 1HĂ&#x152;EG $WKNFKPI VJ (NQQT )QNFGPNCPF $WKNFKPI 5QK /CJCTFNGMNWCPI 4CLFCOTK 4QCF .WORKPK 2CVJWOYCP $CPIMQM $CJV 5JCTGU $CJV $CJV

Type of Business +HDG 2IĹľFH Tel. Fax Registered Capital No.of Issued Shares Par Value Paid-up Capital Percent of Shareholding

2TQRGTV[ &GXGNQROGPV CPF 1HĂ&#x152;EG $WKNFKPI VJ (NQQT 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT 0QTVJ 5CVJQTP 4F 5KNQO $CPITCM $CPIMQM $CJV 5JCTGU $CJV $CJV

Annual Report 2014

7. Ritz Village Co., Ltd. Type of Business +HDG 2IĹľFH Tel. Fax Registered Capital No.of Issued Shares Par Value Paid-up Capital Percent of Shareholding

2TQRGTV[ &GXGNQROGPV VJ (NQQT 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT 0QTVJ 5CVJQTP 4F 5KNQO $CPITCM $CPIMQM $CJV 5JCTGU $CJV $CJV

8. Golden Land Polo Limited Type of Business 2TQRGTV[ &GXGNQROGPV +HDG 2IĹľFH VJ (NQQT 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT 0QTVJ 5CVJQTP 4F 5KNQO $CPITCM $CPIMQM Tel. Fax Registered Capital $CJV No.of Issued Shares 5JCTGU Par Value $CJV Paid-up Capital $CJV Percent of Shareholding

9. Grand Paradise Property Co., Ltd. Type of Business +HDG 2IĹľFH Tel. Fax Registered Capital No.of Issued Shares Par Value Paid-up Capital Percent of Shareholding

2TQRGTV[ &GXGNQROGPV VJ (NQQT 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT 0QTVJ 5CVJQTP 4F 5KNQO $CPITCM $CPIMQM $CJV 5JCTGU $CJV $CJV

Golden Land Porperty Developement PLC

10. Golden Property Services Co., Ltd. Type of Business +HDG 2IĹľFH Tel. Fax Registered Capital No.of Issued Shares Par Value Paid-up Capital Percent of Shareholding

2TQRGTV[ &GXGNQROGPV /CPCIGOGPVU VJ (NQQT 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT 0QTVJ 5CVJQTP 4F 5KNQO $CPITCM $CPIMQM $CJV 5JCTGU $CJV $CJV

11. Golden Habitation Co., Ltd. Type of Business +HDG 2IĹľFH Tel. Fax Registered Capital No.of Issued Shares Par Value Paid-up Capital Percent of Shareholding

2TQRGTV[ &GXGNQROGPV VJ (NQQT 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT 0QTVJ 5CVJQTP 4F 5KNQO $CPITCM $CPIMQM $CJV 5JCTGU $CJV $CJV

12. Sathorn Thong Co., Ltd. Type of Business +HDG 2IĹľFH Tel. Fax Registered Capital No.of Issued Shares Par Value Paid-up Capital Percent of Shareholding

2TQRGTV[ &GXGNQROGPV VJ (NQQT 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT 0QTVJ 5CVJQTP 4F 5KNQO $CPITCM $CPIMQM $CJV 5JCTGU $CJV $CJV %WTTGPVN[ RCKF WR ECRKVCN YCU QH RCT XCNWG

13. Sathorn Supsin Co., Ltd. Type of Business +HDG 2IĹľFH Tel. Fax Registered Capital No.of Issued Shares Par Value Paid-up Capital Percent of Shareholding

4GUKFGPVKCN $WKNFKPI HQT 4GPV 5QWVJ 5CVJQTP 4F 5KNQO $CPITCM $CPIMQM $CJV 5JCTGU $CJV $CJV

14. Walker Homes Co., Ltd. Type of Business +HDG 2IĹľFH Tel. Fax Registered Capital No.of Issued Shares Par Value Paid-up Capital Percent of Shareholding

2TQRGTV[ &GXGNQROGPV VJ (NQQT 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT 0QTVJ 5CVJQTP 4F 5KNQO $CPITCM $CPIMQM $CJV 5JCTGU $CJV $CJV

Remark : 50% held by Narayana Pavilion Co., Ltd.

15. MSGL Property Co., Ltd. Type of Business +HDG 2IĹľFH Tel. Fax Registered Capital No.of Issued Shares Par Value Paid-up Capital Percent of Shareholding

2TQRGTV[ &GXGNQROGPV VJ (NQQT 5CVJQTP 5SWCTG 1HĂ&#x152;EG 6QYGT 0QTVJ 5CVJQTP 4F 5KNQO $CPITCM $CPIMQM $CJV 5JCTGU $CJV $CJV

16. Grand Mayfair Co., Ltd. Type of Business +HDG 2IĹľFH Tel. Fax Registered Capital No.of Issued Shares Par Value Paid-up Capital Percent of Shareholding

4GUKFGPVKCN $WKNFKPI HQT 4GPV 5QK .CPIUWCP .WORKPK 2CVJWOYCP $CPIMQM $CJV 5JCTGU $CJV $CJV

Remark : indirectly held through Golden Land (Mayfair) Co., Ltd.

17. North Sathorn Hotel Co., Ltd. Type of Business +HDG 2IĹľFH Tel. Fax Registered Capital No.of Issued Shares Par Value Paid-up Capital Percent of Shareholding

2TQRGTV[ &GXGNQROGPV 0QTVJ 5CVJQTP 4F 5KNQO $CPITCM $CPIMQM $CJV 5JCTGU $CJV $CJV

18. Gold Property Fund Type of Business +PXGUVOGPV KP 2TQRGTV[ HQT 5CNG QT 4GPV +HDG 2IĹľFH -CUKMQTP #UUGV /CPCIGOGPV %Q .VF VJ (NQQT -#5+-140$#0- $WKNFKPI 2JCJQP ;QVJKP #XGPWG 5COUGP 0CK 2JC[C 6JCK $CPIMQM Tel. Fax Registered Capital $CJV No.of Issued Shares 5JCTGU Par Value $CJV Paid-up Capital $CJV Percent of Shareholding

Remark : indirectly held through Golden Land Polo Limited

Annual Report 2014

19. Krungthep Land Plc. Type of Business +HDG 2IĹľFH Tel. Fax Registered Capital No.of Issued Shares Par Value Paid-up Capital Percent of Shareholding

2TQRGTV[ &GXGNQROGPV UV (NQQT 8QTCUQODCV $WKNFKPI 4COC 4QCF *WCP[MYCPI $CPIMQM $CJV 5JCTGU $CJV $CJV

20. Prime Plus Asset Co., Ltd. Type of Business +HDG 2IĹľFH Tel. Fax Registered Capital No.of Issued Shares Par Value Paid-up Capital Percent of Shareholding

2TQRGTV[ &GXGNQROGPV UV (NQQT 8QTCUQODCV $WKNFKPI 4COC 4QCF *WCP[MYCPI $CPIMQM $CJV 5JCTGU $CJV $CJV

Remark : indirectly held through Krungthep Land PLC 100%

21. First Square Co., Ltd. Type of Business +HDG 2IĹľFH Tel. Fax Registered Capital No.of Issued Shares Par Value Paid-up Capital Percent of Shareholding

2TQRGTV[ &GXGNQROGPV UV (NQQT 8QTCUQODCV $WKNFKPI 4COC 4QCF *WCP[MYCPI $CPIMQM $CJV 5JCTGU $CJV $CJV

Remark : indirectly held through Krungthep Land PLC 100%

Golden Land Porperty Developement PLC

22. Regal Regent Co., Ltd. Type of Business +HDG 2IĹľFH Tel. Fax Registered Capital No.of Issued Shares Par Value Paid-up Capital Percent of Shareholding

2TQRGTV[ &GXGNQROGPV UV (NQQT 8QTCUQODCV $WKNFKPI 4COC 4QCF *WCP[MYCPI $CPIMQM $CJV 5JCTGU $CJV $CJV

Remark : indirectly held through Krungthep Land PLC 100%

23. Sidewalk Land Co., Ltd. Type of Business +HDG 2IĹľFH Tel. Fax Registered Capital No.of Issued Shares Par Value Paid-up Capital Percent of Shareholding

2TQRGTV[ &GXGNQROGPV UV (NQQT 8QTCUQODCV $WKNFKPI 4COC 4QCF *WCP[MYCPI $CPIMQM $CJV 5JCTGU $CJV $CJV

Remark : indirectly held through Krungthep Land PLC 100%

Golden Land Property Development PLC 36th Floor, Sathorn Square Office Tower, 98 North Sathorn Road, Silom, Bangrak, Bangkok 10500 Thailand T. +66 2 620 6200 F. +66 2 620 6222 www.goldenlandplc.co.th