These notes form an integral part of the financial statements.

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1 These notes form an integral part of the financial statements. The financial statements were authorised for issue by the audit committee on 11 May. 1 General information Central Plaza Hotel Public Company Limited, the Company, is incorporated in Thailand and has its registered office at 1695 Phaholyothin Road, Chatuchak, Bangkok, Thailand. was listed on the Stock Exchange of Thailand in The principal activities of the Company and its subsidiaries and jointly controlled entity are hotel business, and sale of food and beverage in Thailand. 2 Basis of preparation of financial statements The interim financial statements issued for Thai reporting purposes are prepared in the Thai language. This English translation of the financial statements has been prepared for the convenience of readers not conversant with the Thai language. The interim financial statements are prepared on a condensed basis in accordance with Thai Accounting Standards ( TAS ) No. 41 Interim Financial Reporting including related interpretations and guidelines promulgated by the Federation of Accounting Professions, applicable rules and regulations of the Securities and Exchange Commission and with generally accepted accounting principles in Thailand. The interim financial statements have been prepared to provide an update on the financial statements for the year ended. They focus on new activities, events and circumstances to avoid repetition of information previously reported. Accordingly, these interim financial statements should be read in conjunction with the financial statements for the year ended. Accounting policies and methods of computation applied in the interim financial statements are consistent with those applied in the financial statements for the year ended. 12

2 The consolidated financial statements relate to the Company, its subsidiaries, joint venture and property funds (together referred to as the Group ). Details of the Company s subsidiaries, joint venture and property funds are as follows: Direct subsidiaries Investment in subsidiaries Central Samui Beach Resort Co., Ltd. ( CSBR ) Type of Country of Ownership interest business incorporation ( % ) Hotel Thailand Central Hotel Management Co., Ltd. ( CHM ) Holding Thailand Central Karon Village Co., Ltd. ( CKV ) Hotel Thailand Central Krabi Bay Resort Co., Ltd. ( CKBR ) Hotel Thailand Central Hua Hin Beach Resort Co., Ltd. ( CHBR ) Central Restaurants Group Co., Ltd. ( CRG ) Hotel Thailand Food and Thailand beverage Central World Hotel Co., Ltd. ( CWH ) Hotel Thailand Central Koh Kood Hotel Co., Ltd. ( CKH ) Hotel Thailand Investment in joint venture Karon Phuket Hotel Co., Ltd. ( CKP ) Hotel Thailand Investment in property funds Thai Pattana Fund I Property fund Thailand Thai Pattana Fund II Property fund Thailand Indirect subsidiaries Investment in subsidiaries Central Sukhontha Hotel Co., Ltd. ( CSH ) Hotel Thailand Central Samui Village Co., Ltd. ( CSV ) Hotel Thailand Central Mae Sot Hill Hotel Co., Ltd. ( CMH ) Hotel Thailand Central Maritime Hotel Co., Ltd. ( CMT ) Floating Hotel Thailand B - R (Thailand) Co., Ltd. ( BRT ) Rental Food and beverage Thailand Central Maritime Hotel, Dili, East Timor ( CMHD ) Hotel East Timor Property funds Thai Pattana Fund I Property fund Thailand Thai Pattana Fund II Property fund Thailand

3 Karon Phuket Hotel Co., Ltd. ( CKP ) was incorporated as a limited company on 30 March, with share capital in the amount of Baht 360 million. holds 50% share of CKP, which were fully paid. On 1 March, the Company entered into a leasehold rights transfer agreement with Central Hua Hin Beach Resort Co., Ltd. ( CHBR ) and Thai Pattana Fund II ( PPF II ). was transferred the leasehold rights and responsibilities under the land and hotel buildings lease agreement, dated 23 December 2003, which was an agreement between CHBR and PPF II. Following the transfer, the Company has increased assets in the amount of Baht million and increased net liabilities under consignment agreement in the amount of Baht million. In addition, CHBR issued a letter renouncing the rights to redeem the assets on consignment to the Company solely. On 2 March, the Company purchased million units of investment in Thai Pattana Fund II ( PPF II ) from Central Hua Hin Beach Resort Co., Ltd., amounting to Baht million, resulting in the Company s proportion of share holding in PPF II increasing from 0.01% to 23.83%. Although the Company s holdings in Thai Pattana Fund I and Thai Pattana Fund II ( Fund ) both directly and indirectly are 20.04% and 23.92%, respectively, the Company has control over the funds since the Company has authority to control and make decisions through the funds directors., therefore, has treated the said funds as subsidiaries. 3 Seasonal operations The Group s businesses are not affected significantly by seasonal or cyclical factors during the financial year. 4 Related party transactions and balances Related parties are those parties linked to the Group and the Company by common shareholders or directors. Transactions with related parties are conducted at prices based on market prices or, where no market price exists, at contractually agreed prices. The pricing policies for particular types of transactions are explained further below: Interest income and interest expense Management fee Rental income and expense Electricity expenses Pricing policies Bank deposit interest rate Contractually agreed prices Market price Market price 14

4 Significant transactions for the three-month periods ended and with related parties are summarised as follows: Subsidiaries : Interest income - - 4,462 1,383 Management fees income ,605 17,438 Interest expense ,785 7,011 Other income Rental expense - - 9,167 - Other companies : Interest income 3,570 3, Management fees income 2, , Rental expense 4,927 3,546 3,677 3,546 Electricity expense 11,836 10,545 11,836 10,545 Management fees expense 11,010 10,395 1,946 1,596 Balances as at and with related parties are as follows: Receivable from and short-term loans to related parties Accounts receivable related parties Subsidiaries ,594 19,429 Other companies 7,014 20,566 3,108 2,731 7,014 20,566 25,702 22,160 Short-term loans to related parties Subsidiaries (interest rate/annum) Central Hua Hin Beach Resort Co., Ltd. ( ) ,000 Central Krabi Bay Resort Co., Ltd. ( ) , , , ,000 Total 7,014 20, , ,160 15

5 Movements during the three-month periods ended on loans to related parties are as follows: At 1 January , ,000 Increase , ,000 Decrease - - (274,000) (161,000) At , ,000 Payable to and short-term loans from related parties Accounts payable related parties Subsidiaries , Other companies 7,122 14, ,122 14,134 83, Short-term loans from related parties Subsidiaries (interest rate/annum) Central Hua Hin Beach Resort Co., Ltd. (4.5) ,000 - Central Samui Beach Resort Co., Ltd. ( ) , ,000 Central Karon Village Co., Ltd. ( ) ,500 17,000 Central World Hotel Co., Ltd. ( ) , ,000 Central Hotel Management Co., Ltd. ( ) ,000 83,000 Other company (interest rate/annum) Related party of another investor in joint venture (MLR) 270, ,000-1,177,500 1,222,000 Total 277,122 14,134 1,260,776 1,222,092 16

6 Movements during the three-month periods ended on loans from related parties are as follows: At 1 January - - 1,222,000 1,077,000 Increase , ,500 Decrease - - (484,000) (313,500) At - - 1,177, ,000 As at, Central Restaurants Group Co., Ltd., a subsidiary, is committed for rental (including service charges) to related parties as follows: (in million Baht) Within one year 190 After one year but within three years 161 After three years 47 Total 398 As at, the Company has commitments under agreements with related parties as follows: - As at, the Company was contingently liable as guarantor to local banks for overdraft line, letter of credit line and other guarantees for certain subsidiaries totaling Baht 79 million. - On 12 December 2002, the Company issued a letter to guarantee the debt repayment of Central Samui Beach Resort Co., Ltd. to Thai Pattana Fund I. In the event that Central Samui Beach Resort Co., Ltd. cannot manage the property so as to have the minimum income as stated in the property management agreement, the Company will be responsible for the shortfall in minimum income. - has guaranteed Central World Hotel Co., Ltd. ( CWH ) to a financial institution in the amount not less than Baht 2,350 million. If CWH has an outstanding loan balance not over Baht 1,000 million and has never been in default, CWH has the right to cancel the guarantee. As at, CWH has not made the first withdrawal as stated in the agreement. 17

7 5 Trade accounts receivable, net Within credit terms 170, ,945 57,864 48,078 Overdue: Less than 3 months 76,308 60,914 7,875 6, months 5,239 5, , months 2,582 1, Over 12 months 2,037 1, Total 256, ,108 67,614 56,546 Less allowance for doubtful accounts (1,141) (1,089) (662) (662) Net 255, ,019 66,952 55,884 6 Investments accounted for using the equity method Movements during the three-month periods ended on investments accounted for using the equity method are as follows: Net book value at 1 January - - 4,703,327 3,465,108 Share of net profits of investments - equity method , ,504 Additional investments ,360 - Dividend income - - (58,867) (62,441) Unit redemption from investment in fund - - (8,999) (8,999) Amortisation of revaluation surplus in subsidiaries - - (8,234) (20,917) Currency translation adjustment - - 5,268 (166) Net book value at - - 5,103,488 3,541,089 18

8 Investments accounted for using the equity method as at and. Ownership interest Paid-up capital Cost method Equity method Dividend three-month period ended March December March December March December March December March March (%) Subsidiaries Central Samui Beach Resort Co., Ltd , , , , , , Central Hotel Management Co., Ltd ,000,000 1,000, , , , , Central Karon Village Co., Ltd , , , , , , Central Hua Hin Beach Resort Co., Ltd , , , , , , Central Krabi Bay Resort Co., Ltd , , , , , , Central Restaurants Group Co., Ltd , , , , , , Central World Hotel Co., Ltd ,000,000 1,000,000 1,000,000 1,000, , , Central Koh Kood Hotel Co., Ltd , , , , , , Joint venture Karon Phuket Hotel Co., Ltd , , , Property fund Thai Pattana Fund I ,350,000 1,350, , , , ,346 58,867 62,441 Thai Pattana Fund II , , , Total 6,350,000 5,175,000 4,617,786 4,291,425 5,103,488 4,703,327 58,867 62,441 Karon Phuket Hotel Co., Ltd., was incorporated on 30 March. 19

9 7 Debentures, net / Interest rate (%) Maturity date No. 1/ October , ,000 No. 2/ June , ,000 No. 1/ February ,000-1,000, ,000 Less deferred expense in issuing debenture (2,095) (1,953) Net 997, ,047 The debentures are specified holder name, unsubordinated and without collateral. The debenture deed contains certain restriction on financial ratios, payment of dividends, decrease in paid up share capital, pledge, mortgage, and disposal of assets, which are material in business operation. 8 Basic earnings per share The calculation of basic earnings per share for the three-month period ended was based on the profit attributable to ordinary shareholders of Baht 152 million (: Baht 199 million) and the weighted average number of shares outstanding during the three-month period ended of 180 million shares (: 180 million shares). 9 Segment information Segment information is presented in respect of the Group s primary format, business segments, based on the Group s management and internal reporting structure. Segment revenue and results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items mainly comprise interest and dividend income and corporate expenses. Business segments The Group comprises the following main business segments: Segment 1 Segment 2 Segment 3 Hotel Food and ice-cream Property fund 20

10 Segment revenue and results for the three-month periods ended are as follows: Hotel Classified by type of businesses Food and Property ice-cream fund Eliminations Total (in million Baht) Revenue 707 1, ,813 (110) 1,703 Net profit (42) 152 Segment revenue and results for the three-month periods ended are as follows: Hotel Classified by type of businesses Food and Property ice-cream fund Eliminations Total (in million Baht) Revenue ,649 (105) 1,544 Net profit (53) Commitments As at, the Company had outstanding commitments from entering into the purchase and sale agreements of land, in the amount of Baht million. As at, the subsidiaries had outstanding commitments in connection with hotel construction contracts amounting to approximately Baht 1, million. As at, Central Restaurants Group Co., Ltd., a subsidiary, is committed for rental (including service charges) as follows: (in million Baht) Within one year 86 After one year but within three years 75 After three years 46 Total

11 11 Contingent liabilities As at, the Company and subsidiaries were contingently liable for letters of guarantee issued by two local banks for guaranteeing the Company and subsidiaries in favor of two government agencies and various state enterprises totaling Baht million. 12 Events after the balance sheet date At the ordinary shareholders meeting held on 24 April, the shareholders unanimously approved the distribution of dividends for the year ended at Baht 1.25 per share (totaling Baht 225 million). Subsidiaries At the ordinary shareholders meeting of Central Restaurants Group Co., Ltd. held on 21 April, the shareholders unanimously approved the additional distribution of cash dividends for the year ended at Baht 3.23 per share (totaling Baht million). At the ordinary shareholders meeting of Central Hua Hin Beach Resort Co., Ltd. held on 27 April, the shareholders unanimously approved the distribution of cash dividends for the year ended at Baht 50 per share (totaling Baht 92.5 million). 13 Reclassification of accounts Certain accounts in the interim and annual financial statements have been reclassified to conform with the presentation in the interim financial statements. 22

Central Plaza Hotel Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2006 and 2005

Central Plaza Hotel Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2006 and 2005 Note Contents 1 General information 2 Basis of preparation of the financial statements 3 Significant accounting policies 4 Related party transactions and balances 5 Cash and cash equivalents 6 Trade accounts