Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December 2013

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2 Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December 2013 Contents Page Message from the Management Company 1 Quality Houses Hotel and Residence Freehold and Leasehold Property Fund 2 Assets Invested or Held by the Fund Classified by Type 4 Details of Properties Invested by the Fund 7 Details of Property Investment during the Accounting Period 10 Details of Property Sale or Transfer of Leasehold Right during the Accounting Period 10 Details of Borrowings as of 31 December Report on Transactions with Related Parties 10 Market Overview of the Segment Related to the Property from which the Fund Generates Income 11 and Its Outlook Guarantee of Net Profit by the Fund s Minimum Income Guarantor 14 Expenses Chargeable to the Fund 16 Soft Commission 17 Names and Addresses of the Property Fund Managers 18 Opinion of the Trustee 19 Auditors Report and Financial Statements 20 About the Management Company 50

3 Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December Message from the Management Company 1 April 2014 Dear Unitholders of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund, As the Management Company has accomplished the management of the Fund for another accounting period, we are pleased to submit for your consideration herewith the Repots of the Fund s Auditors and Trustee for the period during 1 January - 31 December 2013, together with the summary report on the Fund s investment portfolio as well as properties invested by the Fund. We would like to take this opportunity to extend our gratitude to our unitholders for entrusting us with the management of your investments over the years. Yours sincerely, (Ms. Chantana Kanchanagama) Managing Director Land and Houses Fund Management Company Limited

4 Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December Quality Houses Hotel and Residence Freehold and Leasehold Property Fund Abbreviated Name: QHHR Management Company Land and Houses Fund Management Company Limited Type of Fund Closed-ended property fund listed on the Stock Exchange of Thailand Fund Maturity Indefinite Objectives of the Project: To mobilize funds from general investors thereby using the mobilized proceeds to purchase and/or take on leases and/or subleases of immovable properties, and/or accept the transfer of leasehold rights and/or sub-leasehold rights of immovable properties, such as hotels and serviced apartments, etc., and to seek benefits from the immovable properties invested in or held by the Fund, as well as to renovate, improve, modify, develop and/or dispose of such properties in order to generate income and the investment returns for the Fund and the unitholders. The Fund may also invest in other properties and/or other securities and/or deriving benefit by other means in compliance with the securities law and/or other relevant laws. Investment Policy To mobilize funds from general investors thereby using the mobilized proceeds to purchase and/or take on leases and/or subleases of immovable properties and/or accept the transfer of leasehold rights and/or sub-leasehold rights of immovable properties, and to seek benefits from such immovable properties, whether through granting of leases, sub-leases and/or any other means for the benefit of the properties invested in or held by the Fund in order to generate income and investment returns for the Fund and unitholders, including renovating, improving, modifying, developing, and/or disposal of properties in order to generate income and the investment returns for the Fund and the unitholders as well as making investments in other properties and/or other securities and/or deriving benefits by other means as prescribed by the securities law and/or other relevant laws.

5 Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December Dividend Policy The Fund has a policy to pay dividends to the unitholders not more than two times per annum. However, the Management Company may consider payment of extraordinary dividends to the unitholders as deemed necessary and appropriate. (1) If the Fund has a net profit in any accounting year, the Management Company will pay the unitholders a dividend equal to not less than 90% of the annual net profit, excluding unrealized gain on revaluation or review of property value or leasehold rights to properties for that accounting period. (2) If the Fund has retained earnings during any accounting period, the Management Company may pay dividends to the unitholders from such retained earnings. In making dividend payment according to (1) and (2), the Management Company shall arrange to pay such dividends to unitholders within 90 days following the end of the accounting period for which the dividends are paid. If the Management Company is not able to make the payment during such period, it shall notify the unitholders and the Office of the Securities and Exchange Commission of such circumstances in writing. Trustee : CIMB Thai Bank Public Company Limited Registrar : Land and Houses Fund Management Company Limited Investment Capital : 3,360 million Baht Offer Price : 10 Baht per unit Minimum Purchase : 10,000 Baht Number of Investment Units : 336 million units Type of Investment Units : Name-registered Shareholders of the Management Company with Holding from 10 percent of the total shares sold (as of 31 December 2013) : Land and Houses Bank Public Company Limited holds percent of the total shares sold.

6 Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December Assets Invested by or Held by the Fund Classified by Type of Asset 1. Investments in Properties as of 31 December 2013 Project Ownership in Properties Area (rai-ngansq. wah) Cost Prices (Baht) Fair Value (Baht) % of NAV 1. Centre Point Hotel Pratunam Project Former Name: Centre Point Hotel and Residence Petchburi Location: No. 6 Soi Somprasong 3 (Soi Petchburi 15) Petchburi Road, Khwaeng Phayathai, Khet Rajthevi, Bangkok; - Ownership in land, building and public utility systemss. 1,131 million - Ownership in furniture, fixtures and fittings, and other equipments. 11 million Total ,142 million 1,200 million Centre Point Hotel Sukhumvit Project Former Name: Centre Point Hotel and Residence Sukhumvit Location: No. 39 Sukhumvit Soi 10 Road, Khwaeng Khlongtoey, Khet Khlongtoey, Bangkok; - Ownership in land, building and public utility systemss. 1,455 million - Ownership in furniture, 15million fixtures and fittings, and other equipments. Total ,470 million 1,699 million 46.46

7 Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December Project Area (rai-ngansq. wah) Cost Prices (Baht) Fair Value (Baht) Acceptance of transfer of sub-leasehold right of land and building, public utility systemss, and related equipments. 1. Center Point Hotel Chidlom Project Location: No. 60 Langsuan Road, Khwaeng Lumpini, Khet Pathumwan, Bangkok % of NAV - Fee for transfer of subleasehold right of land, building and public utility systems. - Ownership in furniture, fixtures and fittings, and other equipments. 695 million 35 million Total million 692 million Total Investments in Properties 3,342 million 3,591 million 98.20

8 Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December Assets Other Than Investments in Properties as of 31 December 2013 Assets 1. Cash and deposits at banks 2. Investment in Promissory Notes and Debt Instruments Bills of exchange/promissory notes issued issue/ accepted/avaled by financial institutions Certificate of deposits/deposit receipts Government bonds Treasury bills Total 3. Investments in Properties Investment in properties Total 4. Other Assets Accrued interests Accounts receivable from sale of securities Accounts receivable from rental-net Other assets Total Book Value/Market Value (Baht) 123, ,834, ,834, ,591,000, ,591,000, , ,719, ,807, ,533, % of NAV Total Asset Value 3,740,491, Other Liabilities Accrued fees and expenses Performance guarantee money Security deposits Other liabilities -2,237, , , Total Liabilities -2,945, Net Asset Value (NAV) of the Fund 3,737,545, Number of Investment Units 336,000, units NAV per Unit Baht

9 Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December Details of Properties in which the Fund Invested As of 31 December Center Point Hotel Pratunam Project Former Name Location Project Feature Center Point Hotel and Residence Petchburi Project No. 6 Soi Somprasong 3 (Soi Petchburi 15) Petchburi Road, Khwaneg Phayathai, Khet Rajthevi, Bangkok; A 28-storey hotel/services apartment building including 5-storey car park; and a 5-storey commercial building. Title Deed Number 2529, Land Size Cost Prices (Property Acquisition Prices) Date of Initial Investment by the Fund 1 rai 2 ngan 25.4 square wah Purchase Price: Construction and Renovation Cost Fixed Assets 20 July ,142.0 million Baht; classified into: 1,131.0 million Baht 11.0 million Baht Appraised Value (2013) Ownership in Land Ownership in Building Commencement of Operation Lessee of the Property Revenue for the period of 1 January -31 December 2013) General Features of the Project 1,200 million Baht (by TAP Valuation Co., Ltd. as of 6 March 2013 using income approach) Quality Houses Hotel and Residence Freehold and Leasehold Property Fund Quality Houses Hotel and Residence Freehold and Leasehold Property Fund The building commenced operation in 1990 and was modernized in Center Point Hospitality Company Limited million Baht A 28-storey 266-room hotel building offering studio-type and one-bedroom type units and featuring complete facilities such as restaurants, fitness, swimming pool, children s playroom, recreation room, meeting room and etc. with approximate space of 19,447 square meters; a car park for 137 cars; and a 5-storey commercial building with approximate space of 268 square meters,

10 Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December Details of Properties in which the Fund Invested As of 31 December Center Point Hotel Sukhumvit Project Former Name Location Project Feature Center Point Hotel and Residence Sukhumvit Project No. 39 Sukhumvit Soi 10 Road, Khwaeng Khlongtoey, Khet Khlongtoey, Bangkok. A 28-storey hotel building and two 5-storey serviced apartment buildings. Title Deed Number 4745, 5034, 5252 Land Size Cost Prices (Property Acquisition Prices) Date of Initial Investment by the Fund 2 rai 2 ngan 32.0 square wah Purchase Price: Construction and Renovation Cost Fixed Assets 20 July ,470.0 million Baht; classified into: 1,455.0 million Baht 15.0 million Baht Appraised Value (2013) Ownership in Land Ownership in Building Commencement of Operation Management of the Property Revenue for the period of 1 January -31 December 2013) General Features of the Project 1,699 million Baht (by TAP Valuation Co., Ltd. as of 6 March 2013 using income approach) Quality Houses Hotel and Residence Freehold and Leasehold Property Fund Quality Houses Hotel and Residence Freehold and Leasehold Property Fund - The 28-storey hotel building commenced operation in 1993 and had undergone major renovation during The two 5-storey serviced apartment buildings (Buildings A and B) commenced operation in Sub-lessee: Center Point Hospitality Company Limited Property Manager: Q.H. International Company Limited million Baht A 28-storey 162-room hotel building featuring complete facilities such as restaurants, fitness, swimming pool, children s playroom, recreation room, meeting room and etc. with approximate space of 16,723 square meters; a car park for196 cars; and two 5-storey serviced apartment buildings (Buildings A and B) offering 45 units with approximate space of 2,373 square meters,

11 Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December Details of Properties in which the Fund Invested As of 31 December Center Point Hotel Chidlom Project Former Name Location Project Feature Center Point Hotel and Residence Langsuan Project No. 60 Langsuan Road, Khwaeng Lumpini, Khet Pathumwan, Bangkok. A 24-storey residential building together with a 4-storey parking for operating hotel business. Title Deed Number 710 Land Size A total of 61 rai 3 ngan 33.7 square wah with the building locating on an area of approximately 1 rai 34 sq.wah. Cost Prices (Property Acquisition Prices) Date of Initial Investment by the Fund Purchase Price: Construction and Renovation Cost Fixed Assets 20 July million Baht; classified into: million Baht 35.0 million Baht Appraised Value(2013) Ownership in Land Ownership in Buildings Characteristics of the Fund s Property Right Commencement of Operation Management of the Property Revenue for the period of 1 January -31 December 2013) General Features of the Project 692 million Baht (by TAP Valuation Co., Ltd. as of 6 March 2013 using income approach) The Crown Property Bureau The Crown Property Bureau The Fund accepted transfer of leasehold right of land, buildings, public utility systems together with component parts and purchase furniture, fittings and fixtures and other equipments, with approximately years remaining for the lease agreement expiring on 31 May The building commenced operation in 1996 and had undergone major renovation in Sub-lessee: Center Point Hospitality Company Limited Property Manager: Q.H. International Company Limited million Baht A 24-storey hotel building including a 4-storey parking with 72 hotel rooms and 106 serviced apartment units, totaling 178 units for rent. The building features complete facilities such as restaurants, fitness, swimming pool, children s playroom, recreation room, meeting room and etc. with approximate space of 17,286 square meters and parking capacity of 82 cars.

12 Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December Details of Property Investment During 1 January December None - Details of Property Sale or Transfer of Leasehold Right During 1 January December None - Details of Borrowing During 1 January December None - Details of Transactions with Related Parties During 1 January December None -

13 Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December Market Overview of the Segment Related to the Property from which the Fund The Thai Economy in 2013 Generates Income and Its Outlook The Thai economy expanded during the first half of 2013 as a result of the Government s economic stimulus package that boosted domestic consumption. This was further supported by favorable factors that encouraged spending including employment, income and household confidence as well as continued investment in the business sector. However, during the latter half of the year, the economy slowed down subsequently due to shrinking domestic demand resulting from subdued stimulating measures as well as the delay in both budget and off-budget investment expenditure in the public sector. Due to increasing uncertainty about the economic and political situations, consumers became more cautious in spending, business operators put off their investment with a wait-and-see attitude, and financial institutions were more restrictive in credit extension. Meanwhile, the export sector grew slowly despite obvious improvements in foreign demand. As a matter of fact, the recovery of foreign demand concentrated on some product groups which are not Thailand s major exports and did not have much positive effect on exports from Thailand. Moreover, some industries were affected by production constraints. Consequently, the Thai economy was mainly driven by the tourism sector that enjoyed continued expansion throughout the year. On account of an economic slowdown and uncertainty, the Monetary Policy Committee (MPC) resolved to cut the interest rate twice, by an aggregate of 0.50%, in May and November 2013, in an attempt to help mitigate the risks of the economy through a relaxation of monetary policy. The overall economy remained stable with low inflation rate in line with global inflation, attributable to the softening world prices of major production factors including crude oil and commodities and the limitation on transfer pricing due to sluggish demand. Although the minimum wage rate was raised to 300 Baht nationwide early of the year and the household cooking gas prices were increased successively during the end of the year, they showed no significant effects. The financial positions of the business and banking sectors remained solid whereas the rapid growth of household debts which was witnessed during the past two years became diminishing whereas the country s fiscal position remained favorable. The external sector was stable although current accounts recorded a marginal deficit for the second year due to net imports of gold and remittances of profits and dividends by foreign businesses. The overall capital account posted a surplus with capital flows fluctuating corresponding to the monetary measures of major industrialized countries and domestic political situations, resulting in a two-way direction movement of the Baht currency. In 2013, the Thai economy grew a slower pace of 2.9% from the prior year due mainly to the weakening private spending. During the first half of the year, consumption in the private sector still had a positive effect on the economic growth as a result of the economic stimulus package such as the increase of minimum wage rate, agricultural price intervention, and the tax rebate for the first-time car buyer program that had been stimulating the sales volume of passenger cars continuously since the end of last year. Moreover, the factors that encouraged spending, including employment, income and household confidence, were also favorable. The expansion of household spending led to continued investment by the business

14 Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December 2013 sector in order to improve production efficiency. This was in line with the growth of production in the industrial sector, in particular the domestic market-oriented segments. However, the Government stimulus measures became subdued and household debts surged since the latter half of the year, leading to more cautious household spending and restrictive credit extension by financial institutions. As overtime pay earned by workers decreased and consumer confidence weakened due to economic and political uncertainties, domestic consumption became sluggish as well as domestic investment since business operators postponed their investment decisions pending a clearer economic and political outlook. For 2014, it is forecast that the export sector will play a greater role in economic expansion according to the economic recovery of the trading partners. Meanwhile, the recovery of domestic consumption depends of the political situation. The prolonged uncertainty will worsen consumers confidence, leading to further slowdown of consumption and investment in the private sector as well as the public sector s investment spending. The weakening domestic demand is expected to keep inflation rate close to that of (Source: Bank of Thailand) Overview of Tourism Situation and the Hotel Industry in 2013 and Outlook for 2014 According to the Tourism Council of Thailand, the number of foreign tourists increased favorably by 21% during the first 11 months of 2013 and the number is anticipated to reach million persons for the whole year, registering a growth of 21% and generating 1.16 million Baht of revenue. Nevertheless, the year 2013 witnessed a marginal decline of average spending per person after enjoying continuously growth of 8.5% and 9.0% in 2011 and 2012, respectively The number of tourists is forecasted to increase by 12.1% to million persons in 2014, generating 1.35 trillion Baht of tourism revenue for the country. Despite the prolonged anti-government protests which erupted in October 2013 and has spread nationwide since then, the number of international visitor arrivals still increased form the same period of the prior year, reflecting the solid growth of the Thai tourism sector. Table 1 Quarterly Tourist Arrivals, (million persons) Quarter/Year Growth (%) Quarter p 8.42p Quarter p 15.54p Quarter p 9.48p Quarter p 8.09p 15.24p Total p 26.69p 12.10p Remark: p = projection Source: Tourism Department, Ministry of Tourism and Sports as of November

15 Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December Meanwhile, the Office of the National Economic and Social Development Board also reported continued expansion of the hotels and restaurant sectors in 2013 which is in line with the expansion of inbound tourists. In the third quarter of 2013, the hotel and restaurant sectors grew by 15.2%, close to the 14.2% growth posted for the previous quarter. During this same period, the number of inbound tourists was recorded at 6.7 million and revenue earned from international tourists amounted to 320,894 million Baht, rising by 26.1% and 32.7%, respectively. The hotel occupancy rate also recovered from 57.5% in the corresponding quarter of 2012 to 62.5%. Among the top 5 visiting nationalities to Thailand are those from China (21%), Malaysia (11.3%), Japan (6.2%), Korea (5.0%) and Laos (5.0%). In particular, the number of visitors from China, Laos, and Malaysia registered an impressive growth rate of 82.9%, 32.3%, and 22.8%, respectively. The Tourism Council of Thailand has projected that the number of tourists will reach approximately 7.60 million persons in the first quarter of 2014, an increase of 8.42% from the first quarter of The figure is slightly lower than the initial target of 7.9 million persons, attributable to the impact of China s new tourism law, domestic political uncertainty, and the Government s tourism policy that focus increasing tourism revenue through higher tourist s spending rather than higher number of arrivals. This policy aims to appropriately conserve the development of tourism attractions as well as to reduce the loss of tourism resources. The target of tourist arrivals in this year is set at million persons, a rise of 12% from the previous year, provided that current political situation will not worsen further. Revenue earned from tourism is expected to increase by 18% to 1.35 trillion Baht, driven mainly by the recent 15% increase of hotel rate and the marketing strategies of hoteliers. Niche marketing strategy is likely to be pursued to draw short-stay visitors from ASEAN countries to spend their money in Thailand s shopping centers and high-end hotels. The tourism-related industry is considered as the main revenue generator for Thailand. Although the country encountered various obstacles including natural disasters, political unrests, and the impacts of global economic recession, the number of visitors from all nations continues to rise and the sector has maintained its impressive growth momentum over the years. (Sources: Tourism Council of Thailand; National Economic and Social Development Board)

16 Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December Guarantee of Net Profit by the Fund s Minimum Income Guarantor The Minimum Income Guarantors Quality Houses Public Co Ltd. Summary of the Guarantor s Financial Position Quality Houses Public Co Ltd. Consolidated Financial Statements (unit: million Baht) Year Net Profits (Losses) 3,307 2, The company posted a profit of 3,307 million Baht in 2013, up 857 million Baht, or an increase of 35%, from In the year under review, the gross profit from property sale business rose by 2,314 Baht and the gross profit from property rental business rose by 24 million Baht. However, the profit derived from disposal of properties and transfer of leasehold right of residential building dropped by 1,044 million Baht. In 2013, the company gained a profit of 140 million Baht from the sale of Center Point Saladaeng Project, comprising land and building, public utility systemss, fittings and fixtures, furniture, and related facilitating equipments; whereas in 2012, the company recorded a profit of 1,184 million Baht from the transfer of land, building fixtures, and movable properties of Center Point Pratunam Hotel and Center Point Sukhumvit 10 Hotel, as well as from the transfer of leasehold right of building and the sale of movable properties of Center Point Chidlom to Quality Houses Hotel and Residence Freehold and Leasehold Property Fund ( QHHR ). During 2013, the company has reviewed the adequacy of provision for loss arising from guarantee of minimum rental income for a period of 3 years (20 July July 2015) from the sale of immovable properties, movable properties and the transfer of leasehold rights of the three Centre Point Hotel projects to QHHR. As a result, the company set aside 95 million Baht as provision for the year and recognized the amount of 65 million Baht (net of the company s 31.33% interest in QHHR amounting to 30 million Baht) as an expense in its consolidated profit and loss statement for (Source: Quality Houses Public Company Limited)

17 Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December Summary of the Guarantee of Net Profit To promote investors confidence in the Fund, the Fund entered into an undertaking agreement with Quality Houses Public Company Limited, under which Quality Houses Public Company Limited guarantees a minimum rental income that the Fund will receive from Center Point Hospitality Company Limited for the period of 3 years starting from the date on which the Fund invested in the properties as follows: Period From the date on which the Fund invested in properties until 31 December 2012 Details of Current Income Guarantee million Baht* million Baht* million Baht From 1 January 2015 until 20 July million Baht Remark: * = The actual amount of guarantee money paid by the guarantor. At the end of each fiscal year, if the total of the fixed rental income and the variable rental income received from Center Point Hospitality Company Limited in each quarter is lower than the minimum income guaranteed for the Fund under the undertaking agreement, Quality Houses Public Company Limited agrees to pay to the Fund the amount equal to the difference between the minimum guaranteed income and the rental income actually paid by Center Point Hospitality Company Limited. Such payment shall be made in accordance with the Fund s dividend payment period and the details specified in the undertaking agreement. Details of Undertaking by the Guarantors Guarantee Period of January 31 December 2013 Minimum guaranteed income for 2013 according to the agreement Rental income received from Center Point Hospitality Co Ltd. Guarantee money paid by Quality Houses Public Co Ltd. 266,100, Baht 210,316, Baht 55,783, Baht

18 Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December Total Expenses Chargeable to the Fund For the Period during 1 January December 2013 Expenses Chargeable to the Fund Amount Thousand Baht 1 Actually Charged % of NAV As Per the Project Management Fee 7, Not exceeding 5.0% Registrar Fee 2, Not exceeding 1.5% Trustee Fee Not exceeding 1.0% Professional Fee As actually incurred Administration Expenses 10, As actually incurred Total Expenses 22, Remarks: 1. Fees and expenses charged to the Fund are inclusive of value added tax. The averaged monthly NAV calculated from 1 January to 31 December 2013 is equivalent to 3,664,597, Baht.

19 Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December Soft Commission As of 31 December 2013 Research Analysis and Information Seminars Rationale for Accepting Soft Commissions Kasikornbank Public Co Ltd For the benefits of the Fund s investment Siam Commercial Bank Public Co Ltd For the benefits of the Fund s investment Bangkok Bank Public Co Ltd For the benefits of the Fund s investment Bank of Ayudhya Public Co Ltd For the benefits of the Fund s investment Krung Thai Bank Public Co Ltd For the benefits of the Fund s investment TISCO Bank Public Co Ltd For the benefits of the Fund s investment CIMB Thai Bank Public Co Ltd For the benefits of the Fund s investment UOB Bank Public Co Ltd For the benefits of the Fund s investment Government Savings Bank For the benefits of the Fund s investment Land and Houses Bank Public Co Ltd For the benefits of the Fund s investment Kiatnakin Bank Public Co Ltd For the benefits of the Fund s investment

20 Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December Names and Addresses of the Lessee, Sub-Lessee, and Property Manager Lessee and Sub-Lessee: Center Point Hospitality Company Limited Q. House Lumpini Building, 7 th Floor No. 1 South Sathon Road, Tungmahamek, Sathon, Bangkok Telephone: (02) Facsimile: (02) Property Manager: Q. H. International Company Limited Q. House Lumpini Building, 7 th Floor No. 1 South Sathon Road, Tungmahamek, Sathon, Bangkok Telephone: (02) Facsimile: (02) Projects under managements are: 1) Center Point Hotel Pratunam Project 2) Center Point Hotel Sukhumvit Project 3) Center Point Hotel Chidlom Project

21 For the Period during 1 January December

22 Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December Auditors Report and Financial Statements As of 31 December 2013

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52 Report of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund For the Period during 1 January December Land and Houses Fund Management Company Limited Company Background Land and Houses Fund Management Company Limited registered for name change with the Ministry of Commerce on 23 November 2010 from United Asset Management Company Limited that was established on 17 January Presently, the Company has a fully paid up registered capital of 300 million Baht and has obtained various business licenses as follows: - Type C Securities Business License (Kor) from the Ministry of Finance with the License No. Lor Kor since 21 February Derivatives Business License from the Securities and Exchange Commission (Derivatives Fund Manager Category) with the License No. Sor Dor since 2 March Derivatives Business License from the Securities and Exchange Commission (Derivatives Advisor Category) with the License No. Sor Dor since 2 March The Company was authorized by the Securities and Exchange Commission to commence the operations of mutual fund and private fund business on 2 June The Company is currently a 99.99% owned subsidiary of Land and Houses Bank Public Company Limited. Location: Land and Houses Fund Management Company Limited 11 Q. House Sathon Building, 14 th Floor South Sathon Road, Tungmahamek, Sathon, Bangkok Telephone: (02) , (02) Facsimile: (02)