-----------------------------------------------------------------------
  11. Financial Status and Operating Performance

  -----------------------------------------------------------------------

11.1 Financial Highlights

+------------------------------------+---+---+--------+--------+--------+
| Keppel Thai Properties Public      |   |   |        |        |        |
| Company Limited and its            |   |   |        |        |        |
| Subsidiaries                       |   |   |        |        |        |
+------------------------------------+---+---+--------+--------+--------+
|                                    |   |   | 2007   | 2008   | 2009   |
+------------------------------------+---+---+--------+--------+--------+
| For the Year (Million Baht)        |   |   |        |        |        |
+------------------------------------+---+---+--------+--------+--------+
| Total revenues                     |   |   | 254.0  | 308.5  | 149.6  |
+------------------------------------+---+---+--------+--------+--------+
| Total expenses                     |   |   | 274.2  | 338.6  | 184.8  |
+------------------------------------+---+---+--------+--------+--------+
| Profit / (Loss) before finance     |   |   | (20.2) | (30.0) | (35.2) |
| cost and tax                       |   |   |        |        |        |
+------------------------------------+---+---+--------+--------+--------+
| Net Profit / (Loss) for the year   |   |   | (36.2) | (60.3) | (66.7) |
+------------------------------------+---+---+--------+--------+--------+
|                                    |   |   |        |        |        |
+------------------------------------+---+---+--------+--------+--------+
| At the year-end (Million Baht)     |   |   |        |        |        |
+------------------------------------+---+---+--------+--------+--------+
| Total assets                       |   |   | 1      | 1      | 1      |
|                                    |   |   | ,869.7 | ,776.6 | ,686.4 |
+------------------------------------+---+---+--------+--------+--------+
| Total liabilities                  |   |   | 1      | 1      | 1      |
|                                    |   |   | ,244.4 | ,211.9 | ,188.2 |
+------------------------------------+---+---+--------+--------+--------+
| Total shareholders’ equity         |   |   | 625.2  | 564.7  | 498.2  |
+------------------------------------+---+---+--------+--------+--------+
|                                    |   |   |        |        |        |
+------------------------------------+---+---+--------+--------+--------+
| Number                             |   |   | 220.0  | 220.0  | 220.0  |
|  of Common Shares (Million Shares) |   |   |        |        |        |
+------------------------------------+---+---+--------+--------+--------+
| Per Share (Baht)                   |   |   |        |        |        |
+------------------------------------+---+---+--------+--------+--------+
| Net profit / (Loss) for the year   |   |   | (0.16) | (0.27) | (0.30) |
+------------------------------------+---+---+--------+--------+--------+
| Net tangible assets                |   |   | 2.69   | 2.44   | 2.16   |
+------------------------------------+---+---+--------+--------+--------+
|                                    |   |   |        |        |        |
+------------------------------------+---+---+--------+--------+--------+
| Financial Ratio                    |   |   |        |        |        |
+------------------------------------+---+---+--------+--------+--------+
| Current ratio                      |   |   | 1.7    | 1.6    | 4.9    |
+------------------------------------+---+---+--------+--------+--------+
| Debt equity ratio (%)              |   |   | 182.5  | 204.4  | 227.8  |
+------------------------------------+---+---+--------+--------+--------+
| Return on Equity (%)*              |   |   | (5.8)  | (10.7) | (13.4) |
+------------------------------------+---+---+--------+--------+--------+
| * Based on total equity            |   |   |        |        |        |
+------------------------------------+---+---+--------+--------+--------+
|                                    |   |   |        |        |        |
+------------------------------------+---+---+--------+--------+--------+

11.2 Remuneration for Auditors

1.  Auditor Fees

  Keppel Thai Properties Public Company Limited and its subsidiaries
  paid a total amount of Baht 1,236,500 for auditor fees in 2009.

2.  Non-Audit Fees

  -None-