Nature of the business

2.1 Company History

  Laguna Resorts & Hotels Public Company Limited (“LRH”) was formerly
  named Thai Wah Resorts Development Public Company Limited (“TWRD”)
  which was a subsidiary of Thai Wah Public Company Limited (“TWC”). The
  operations of the TWC Group of Companies involved the manufacturing
  and exporting of commodities as well as investing in hotels, resorts &
  property through TWRD plus other affiliated companies in the group.

  On 5^(th) March, 1993 TWRD ameliorated its structure and increased its
  share capital to expand the hotel business, as well as property
  development, by investing in TWC’s subsidiaries where the hotel
  businesses were involved. TWRD’s operational policy was revealed
  whereby the operations of TWRD were separated from TWC and it was
  agreed that hotel resort businesses in Thailand would be handled by
  TWRD and located at Bangtao Bay, Phuket. TWC on the other hand, would
  only run hotel businesses within city areas.

  In November 1993 TWRD was listed on the Stock Exchange of Thailand.
  The significant events between 1992-2001 are listed as follows:

-   In late 1992 Sheraton Grande Laguna Phuket opened with 327 rooms
    including 52 villas.

-   The Allamanda Phase I opened in September 1993 with 94 apartments. *

-   Banyan Tree Phuket opened in May 1995 with 86 villas. An additional
    12 villas were added in 1997.

-   The Canal Village shopping complex opened in 1994 on 10 Rai of land
    with 59 shops.

-   Development of Laguna Homes Chiangrai commenced in 1994 - the real
    estate development at Ban Ging Praow, Tambol Janwa, Chiangrai
    occupies a 901 Rai site. This project was suspended in 1997 due to
    the Asian economic crisis.

-   Opening of Quest Laguna Phuket Adventure in 1994 as a corporate
    outdoor management training program. In 1996, it was expanded to
    include Camp Laguna for children aged 8 – 15.

-   In late 1996, Allamanda Phase II and III opened with a further 141
    apartments. *

-   In 1996 the Laguna Royale project was started with 184 apartments
    but was subsequently suspended due to the regional economic crisis
    in 1997.

-   In late 1997, 12 two bedroom pool villas at Banyan Tree were opened.

-   On May 15, 1998, TWRD has changed its name to Laguna Resorts &
    Hotels Public Company Limited.

-   In December 1999 the agency of Laguna Tours and Travel commenced
    which provides guests of Laguna Phuket access to high quality tours.

-   From 1999 to 2001 the refurbishment program of the rooms and
    facilities of the hotels in Laguna Phuket was performed.

-   There was a significant change in the Company’s shareholding
    structure in the second half of 2000 following Banyan Tree Holdings
    Pte., Ltd.’s (BTHL) 30% acquisition of the Company’s total issued
    and paid up ordinary shares from certain shareholders. This
    acquisition caused BTHL to undertake a mandatory tender offer for
    all remaining shares in the Company from which BTHL purchased an
    additional 1.2%.

-   At the end of September 2001, LRH purchased the 15.5% minority
    shareholding in Laguna Grande Limited through its 100% owned
    subsidiaries.

-   During 2001 the Banyan Tree Phuket constructed 14 new Spa Pool
    villas which were completed and available for use by December 2001
    and January 2002.

-   On 8 January 2002 LRH purchased the remaining 49% in Laguna Banyan
    Tree Limited, which resulted in the group now having a 100%
    ownership interest in the operations of the Banyan Tree Phuket.

-   On 8 August 2002, the group purchased 27 units in Angsana Spa and
    Resort Bintan with a view to commencing a timeshare operation in
    this resort. This is expected to commence in 2003.

-   On 22 November 2002 LRH purchased 763 Rai of land directly and a
    controlling interest in a company owning 379 Rai of land, both of
    which are adjacent to Laguna Phuket. The purchase of this land
    provides significant future development opportunities.

  * The Allamanda Laguna Phuket is not owned or managed by LRH as these
  condominiums have been sold through the groups property sales
  division.

2.2 Type of businesses and income structure

Hotels

  Within Laguna Phuket, there are 4 hotels which Laguna Resorts and
  Hotels Plc either owns or has an ownership stake:

-   Banyan Tree Phuket – 121 exclusive villa’s, 50 with Jacuzzis and 71
    of which their own swimming pools. The resort is managed by
    Hotelbrands Management Pte. Limited (formerly Banyan Tree Hotels and
    Resorts Pte Limited).

-   Dusit Laguna Resort – 224 rooms and suites, managed by Dusit Hotels
    and Resorts Co., Ltd.

-   Sheraton Grande Laguna Phuket – 343 rooms and suites, managed by
    Sheraton Overseas Management Corporation.

-   Laguna Beach Resort – 252 rooms and suites and is owner operated.

Property

  The Island Villas are a small condominium project attached to the
  Sheraton Grande Laguna Phuket. The units have been sold to the public.
  The individual owners may lease the units to Sheraton Overseas
  Management Corporation to manage for them, and in doing so earn a
  return on their investment.

  The Allamanda Laguna Phuket is a large condominium project. It is not
  attached to any other hotel. The units are for sale to the public. The
  individual owners may earn a return on their investment by contracting
  Hotelbrands Management Pte. Ltd. to manage their unit for them. As
  most of the condominiums have been sold, the Allamanda Laguna Phuket
  is neither owned or managed by Laguna Resorts and Hotels Plc.

  Laguna Homes is a housing plot development. There are 74 land plots
  located around the golf course. The land plots are for sale to the
  public. 20 land plots have been reserved for the sale of Golf Villas,
  which is a “house and land” package that was introduced in 2001. A new
  development, Laguna Townhomes, was introduced in the last quarter of
  2002.

  Banyan Tree Two Bedroom Pool Villas are a luxury development project
  attached to the Banyan Tree Phuket. The villas have all now been sold
  to the public, with the remainder of the villas being sold during the
  course of 2001. The individual owners may earn a return on their
  investment by contracting Hotelbrands Management Pte. Ltd. to manage
  their unit for them.

  Located in Chiangrai there is another housing plot development called
  Laguna Homes Chiangrai. This project has been suspended.

  The Allamanda Vacation Club sells memberships that entitle
  participants to annual vacations, for at least one week, at the
  participating member resorts of Allamanda Laguna Phuket, Sheraton
  Grande Laguna Phuket and Angsana Resort and Spa Bintan.

Others

  In addition to the above there are the following facilities in Laguna
  Phuket:

-   18-hole golf course

-   An outdoor management training program

-   Canal Village shopping complex

-   Banyan Tree Gallery retail outlets

  Income Structure

  The percentage of income generated by each individual line of business
  is detailed as follows:

+--------------------+---------+------+---------+----+---------+----+
|                    | 2002    | %    | 2001    | %  | 2000    | %  |
|                    |         |      |         |    |         |    |
|                    | Baht    |      | Baht    |    | Baht    |    |
|                    | 000’s   |      | 000’s   |    | 000’s   |    |
+--------------------+---------+------+---------+----+---------+----+
|                    |         |      |         |    |         |    |
+--------------------+---------+------+---------+----+---------+----+
| Hotel operations   | 2,      | 89.1 | 2,      | 87 | 2,      | 90 |
|                    | 557,132 |      | 629,787 | .6 | 537,635 | .2 |
+--------------------+---------+------+---------+----+---------+----+
|                    |         |      |         |    |         |    |
+--------------------+---------+------+---------+----+---------+----+
| Property sales     | 278,008 | 9.7  | 312,057 | 10 | 235,788 | 8  |
|                    |         |      |         | .4 |         | .4 |
+--------------------+---------+------+---------+----+---------+----+
|                    |         |      |         |    |         |    |
+--------------------+---------+------+---------+----+---------+----+
| Interest and other | 33,749  | 1.2  | 59,221  | 2  | 39,006  | 1  |
| income             |         |      |         | .0 |         | .4 |
+--------------------+---------+------+---------+----+---------+----+
|                    |         |      |         |    |         |    |
+--------------------+---------+------+---------+----+---------+----+
| Total revenue      | 2,      | 1    | 3,      | 1  | 2,      | 1  |
|                    | 868,889 | 00.0 | 001,065 | 00 | 812,429 | 00 |
|                    |         |      |         | .0 |         | .0 |
+--------------------+---------+------+---------+----+---------+----+

  The most significant line of business of the group is the hotel
  operations for which further details are provided below on an
  operation by operation basis. Note 24 to the financial statements of
  the company for the year ended 31^(st) December 2002 (note 27 for the
  year ended 31^(st) December 2001) discloses the operating results of
  the hotel operations and property sales in accordance with accounting
  standards and principles.

Banyan Tree Phuket

  -------------------- ----------------- ---------------- ----------------
                       2002              2001             2000

  Available Rooms –    120               109              109
  average                                                 

  Occupancy %          68%               73%              78%

  Average Rate (Baht)  17,585            16,279           13,452
  -------------------- ----------------- ---------------- ----------------

+--------------------+---------+------+---------+----+---+---------+----+
|                    | 2002    |      | 2001    |    |   | 2000    |    |
+--------------------+---------+------+---------+----+---+---------+----+
|                    | Baht    | %    | Baht    | %  | B |         | %  |
|                    | 000’s   |      | 000’s   |    | a |         |    |
|                    |         |      |         |    | h |         |    |
|                    |         |      |         |    | t |         |    |
|                    |         |      |         |    | 0 |         |    |
|                    |         |      |         |    | 0 |         |    |
|                    |         |      |         |    | 0 |         |    |
|                    |         |      |         |    | ’ |         |    |
|                    |         |      |         |    | s |         |    |
+--------------------+---------+------+---------+----+---+---------+----+
| Room Revenue       | 521,527 | 72.6 | 473,633 | 71 | 4 |         | 69 |
|                    |         |      |         | .8 | 1 |         | .6 |
|                    |         |      |         |    | 6 |         |    |
|                    |         |      |         |    | , |         |    |
|                    |         |      |         |    | 9 |         |    |
|                    |         |      |         |    | 0 |         |    |
|                    |         |      |         |    | 1 |         |    |
+--------------------+---------+------+---------+----+---+---------+----+
| F&B Revenue        | 174,194 | 24.2 | 163,514 | 24 | 1 |         | 26 |
|                    |         |      |         | .8 | 6 |         | .9 |
|                    |         |      |         |    | 1 |         |    |
|                    |         |      |         |    | , |         |    |
|                    |         |      |         |    | 4 |         |    |
|                    |         |      |         |    | 1 |         |    |
|                    |         |      |         |    | 9 |         |    |
+--------------------+---------+------+---------+----+---+---------+----+
| Other Revenue      | 22,684  | 3.2  | 22,065  | 3  | 2 |         | 3  |
|                    |         |      |         | .4 | 0 |         | .5 |
|                    |         |      |         |    | , |         |    |
|                    |         |      |         |    | 8 |         |    |
|                    |         |      |         |    | 9 |         |    |
|                    |         |      |         |    | 7 |         |    |
+--------------------+---------+------+---------+----+---+---------+----+
| Total              | 718,405 | 1    | 659,212 | 1  | 5 |         | 1  |
|                    |         | 00.0 |         | 00 | 9 |         | 00 |
|                    |         |      |         | .0 | 9 |         | .0 |
|                    |         |      |         |    | , |         |    |
|                    |         |      |         |    | 2 |         |    |
|                    |         |      |         |    | 1 |         |    |
|                    |         |      |         |    | 7 |         |    |
+--------------------+---------+------+---------+----+---+---------+----+

The Banyan Tree Phuket hotel is owned by Laguna Banyan Tree Limited in
which Laguna Resorts & Hotels Public Company Limited has a 100%
ownership interest. The hotel continues to show strong growth year on
year. The decline in occupancy was more than compensated by the
significant improvement in average room rate to achieve an increase in
rooms revenue. The introduction of the 14 luxurious Spa Pool Villa’s
which were fully opened in 2002 has contributed to the improved revenue
performance and average room rate. The hotel is located at 33 Moo 4
Cherngtalay District, Amphur Talang, Phuket Province. The management of
the Banyan Tree Phuket hotel is contracted out to Hotelbrands Management
Pte. Ltd. (formerly Banyan Tree Hotels and Resorts Pte. Limited).

 

Dusit Laguna Resort

  -------------------- ----------------- ---------------- ----------------
                       2002              2001             2000

  Available Rooms –    224               224              224
  average                                                 

  Occupancy %          63%               65%              74%

  Average Rate (Baht)  4,912             5,251            4,506
  -------------------- ----------------- ---------------- ----------------

+--------------------+----------+----+---------+----+---+---------+----+
|                    | 2002     |    | 2001    |    |   | 2000    |    |
+--------------------+----------+----+---------+----+---+---------+----+
|                    | Baht     | %  | Baht    | %  | B |         | %  |
|                    | 000’s    |    | 000’s   |    | a |         |    |
|                    |          |    |         |    | h |         |    |
|                    |          |    |         |    | t |         |    |
|                    |          |    |         |    | 0 |         |    |
|                    |          |    |         |    | 0 |         |    |
|                    |          |    |         |    | 0 |         |    |
|                    |          |    |         |    | ’ |         |    |
|                    |          |    |         |    | s |         |    |
+--------------------+----------+----+---------+----+---+---------+----+
| Room Revenue       | 252,227  | 64 | 277,093 | 63 | 2 |         | 62 |
|                    |          | .0 |         | .9 | 7 |         | .7 |
|                    |          |    |         |    | 3 |         |    |
|                    |          |    |         |    | , |         |    |
|                    |          |    |         |    | 5 |         |    |
|                    |          |    |         |    | 0 |         |    |
|                    |          |    |         |    | 8 |         |    |
+--------------------+----------+----+---------+----+---+---------+----+
| F&B Revenue        | 122,364  | 31 | 133,560 | 30 | 1 |         | 31 |
|                    |          | .0 |         | .8 | 3 |         | .2 |
|                    |          |    |         |    | 6 |         |    |
|                    |          |    |         |    | , |         |    |
|                    |          |    |         |    | 1 |         |    |
|                    |          |    |         |    | 0 |         |    |
|                    |          |    |         |    | 4 |         |    |
+--------------------+----------+----+---------+----+---+---------+----+
| Other Revenue      | 19,520   | 5  | 23,000  | 5  | 2 |         | 6  |
|                    |          | .0 |         | .3 | 6 |         | .1 |
|                    |          |    |         |    | , |         |    |
|                    |          |    |         |    | 5 |         |    |
|                    |          |    |         |    | 1 |         |    |
|                    |          |    |         |    | 6 |         |    |
+--------------------+----------+----+---------+----+---+---------+----+
| Total              | 394,111  | 1  | 433,653 | 1  | 4 |         | 1  |
|                    |          | 00 |         | 00 | 3 |         | 00 |
|                    |          | .0 |         | .0 | 6 |         | .0 |
|                    |          |    |         |    | , |         |    |
|                    |          |    |         |    | 1 |         |    |
|                    |          |    |         |    | 2 |         |    |
|                    |          |    |         |    | 8 |         |    |
+--------------------+----------+----+---------+----+---+---------+----+

The Dusit Laguna Resort is directly owned by Laguna Resorts & Hotels
Public Company Limited. The revenue in 2002 was lower as compared to the
previous year resulting from both a reduction in occupancy and average
room rate. The hotel is located at 390 Srisoonthorn Road, Cherngtalay
District, Amphur Talang, Phuket Province. The management of the Dusit
Laguna Resort is contracted out to Dusit Hotels and Resorts Co., Ltd.

Laguna Beach Resort

  -------------------- ----------------- ---------------- ----------------
                       2002              2001             2000

  Available Rooms –    252               252              252
  average                                                 

  Occupancy %          64%               69%              80%

  Average Rate         4,507             4,779            3,797
  -------------------- ----------------- ---------------- ----------------

+--------------------+----------+----+---------+----+---+---------+----+
|                    | 2002     |    | 2001    |    |   | 2000    |    |
+--------------------+----------+----+---------+----+---+---------+----+
|                    | Baht     | %  | Baht    | %  | B |         | %  |
|                    | 000’s    |    | 000’s   |    | a |         |    |
|                    |          |    |         |    | h |         |    |
|                    |          |    |         |    | t |         |    |
|                    |          |    |         |    | 0 |         |    |
|                    |          |    |         |    | 0 |         |    |
|                    |          |    |         |    | 0 |         |    |
|                    |          |    |         |    | ’ |         |    |
|                    |          |    |         |    | s |         |    |
+--------------------+----------+----+---------+----+---+---------+----+
| Room Revenue       | 266,217  | 64 | 303,436 | 64 | 2 |         | 62 |
|                    |          | .0 |         | .5 | 8 |         | .4 |
|                    |          |    |         |    | 0 |         |    |
|                    |          |    |         |    | , |         |    |
|                    |          |    |         |    | 8 |         |    |
|                    |          |    |         |    | 3 |         |    |
|                    |          |    |         |    | 4 |         |    |
+--------------------+----------+----+---------+----+---+---------+----+
| F&B Revenue        | 125,884  | 30 | 139,630 | 29 | 1 |         | 32 |
|                    |          | .3 |         | .7 | 4 |         | .0 |
|                    |          |    |         |    | 4 |         |    |
|                    |          |    |         |    | , |         |    |
|                    |          |    |         |    | 0 |         |    |
|                    |          |    |         |    | 9 |         |    |
|                    |          |    |         |    | 1 |         |    |
+--------------------+----------+----+---------+----+---+---------+----+
| Other Revenue      | 23,932   | 5  | 27,710  | 5  | 2 |         | 5  |
|                    |          | .7 |         | .8 | 5 |         | .6 |
|                    |          |    |         |    | , |         |    |
|                    |          |    |         |    | 1 |         |    |
|                    |          |    |         |    | 6 |         |    |
|                    |          |    |         |    | 5 |         |    |
+--------------------+----------+----+---------+----+---+---------+----+
| Total              | 416,033  | 1  | 4       | 1  | 4 |         | 1  |
|                    |          | 00 | 70,776  | 00 | 5 |         | 00 |
|                    |          | .0 |         | .0 | 0 |         | .0 |
|                    |          |    |         |    | , |         |    |
|                    |          |    |         |    | 0 |         |    |
|                    |          |    |         |    | 9 |         |    |
|                    |          |    |         |    | 0 |         |    |
|                    |          |    |         |    |   |         |    |
+--------------------+----------+----+---------+----+---+---------+----+

The Laguna Beach Resort is owned by Laguna Beach Club Limited in which
Laguna Resorts & Hotels Public Co., Ltd. has a 41.67% effective
ownership interest. The reduction in occupancy and average room rate in
2002 as compared to 2001 has resulted in a lower revenue performance
being achieved. The hotel is located at 323 Moo 2 Srisoonthorn Road,
Cherngtalay District, Amphur Talang, Phuket Province. The management of
the Laguna Beach Resort is jointly performed by the management of Laguna
Resorts & Hotels Public Co., Ltd. and its joint venture partner, Pacific
Resort (Thailand) Co. Ltd.

 

Sheraton Grande Laguna Phuket 

  -------------------- ----------------- ---------------- ----------------
                       2002              2001             2000

  Available Rooms –    289               289              278
  average                                                 

  Occupancy %          64%               68%              77%

  Average Rate         5,600             6,422            5,701
  -------------------- ----------------- ---------------- ----------------

+--------------------+----------+----+---------+----+---+---------+----+
|                    | 2002     |    | 2001    |    |   | 2000    |    |
+--------------------+----------+----+---------+----+---+---------+----+
|                    | Baht     | %  | Baht    | %  | B |         | %  |
|                    | 000’s    |    | 000’s   |    | a |         |    |
|                    |          |    |         |    | h |         |    |
|                    |          |    |         |    | t |         |    |
|                    |          |    |         |    | 0 |         |    |
|                    |          |    |         |    | 0 |         |    |
|                    |          |    |         |    | 0 |         |    |
|                    |          |    |         |    | ’ |         |    |
|                    |          |    |         |    | s |         |    |
+--------------------+----------+----+---------+----+---+---------+----+
| Room Revenue       | 377,620  | 57 | 460,775 | 56 | 4 |         | 52 |
|                    |          | .4 |         | .7 | 4 |         | .4 |
|                    |          |    |         |    | 2 |         |    |
|                    |          |    |         |    | , |         |    |
|                    |          |    |         |    | 0 |         |    |
|                    |          |    |         |    | 7 |         |    |
|                    |          |    |         |    | 3 |         |    |
+--------------------+----------+----+---------+----+---+---------+----+
| F&B Revenue        | 233,362  | 35 | 292,338 | 36 | 3 |         | 40 |
|                    |          | .5 |         | .0 | 3 |         | .0 |
|                    |          |    |         |    | 7 |         |    |
|                    |          |    |         |    | , |         |    |
|                    |          |    |         |    | 0 |         |    |
|                    |          |    |         |    | 8 |         |    |
|                    |          |    |         |    | 8 |         |    |
+--------------------+----------+----+---------+----+---+---------+----+
| Other Revenue      | 46,733   | 7  | 59,021  | 7  | 6 |         | 7  |
|                    |          | .1 |         | .3 | 3 |         | .6 |
|                    |          |    |         |    | , |         |    |
|                    |          |    |         |    | 7 |         |    |
|                    |          |    |         |    | 8 |         |    |
|                    |          |    |         |    | 2 |         |    |
+--------------------+----------+----+---------+----+---+---------+----+
| Total              | 657,715  | 1  | 8       | 1  | 8 |         | 1  |
|                    |          | 00 | 12,134  | 00 | 4 |         | 00 |
|                    |          | .0 |         | .0 | 2 |         | .0 |
|                    |          |    |         |    | , |         |    |
|                    |          |    |         |    | 9 |         |    |
|                    |          |    |         |    | 4 |         |    |
|                    |          |    |         |    | 3 |         |    |
|                    |          |    |         |    |   |         |    |
+--------------------+----------+----+---------+----+---+---------+----+

The Sheraton Grande Laguna Phuket is owned by Bangtao Grande Limited
(formerly Bangna Place Realty Limited) in which Laguna Resorts & Hotels
Public Co., Ltd. has a 100% ownership interest. The reduction in the
revenue as compared to the previous year was due to the significantly
lower occupancies and average room rates achieved in 2002. The hotel is
located at 10 Moo 4 Cherngtalay District, Amphur Talang, Phuket
Province. The management of the Sheraton Grande Laguna Phuket is
contracted out to Sheraton Overseas Management Corporation.

Laguna Phuket Golf Club

+--------------------+----------+----+---------+----+---+---------+----+
|                    | 2002     |    | 2001    |    |   | 2000    |    |
+--------------------+----------+----+---------+----+---+---------+----+
|                    | Baht     | %  | Baht    | %  | B |         | %  |
|                    | 000’s    |    | 000’s   |    | a |         |    |
|                    |          |    |         |    | h |         |    |
|                    |          |    |         |    | t |         |    |
|                    |          |    |         |    | 0 |         |    |
|                    |          |    |         |    | 0 |         |    |
|                    |          |    |         |    | 0 |         |    |
|                    |          |    |         |    | ’ |         |    |
|                    |          |    |         |    | s |         |    |
+--------------------+----------+----+---------+----+---+---------+----+
| Green Fees         | 30,652   | 51 | 33,504  | 52 | 3 |         | 48 |
|                    |          | .2 |         | .3 | 2 |         | .6 |
|                    |          |    |         |    | , |         |    |
|                    |          |    |         |    | 5 |         |    |
|                    |          |    |         |    | 6 |         |    |
|                    |          |    |         |    | 1 |         |    |
+--------------------+----------+----+---------+----+---+---------+----+
| Retail Revenue     | 10,713   | 17 | 12,212  | 19 | 1 |         | 19 |
|                    |          | .9 |         | .1 | 2 |         | .0 |
|                    |          |    |         |    | , |         |    |
|                    |          |    |         |    | 7 |         |    |
|                    |          |    |         |    | 4 |         |    |
|                    |          |    |         |    | 4 |         |    |
+--------------------+----------+----+---------+----+---+---------+----+
| Other Revenue      | 18,520   | 30 | 18,313  | 28 | 2 |         | 32 |
|                    |          | .9 |         | .6 | 1 |         | .4 |
|                    |          |    |         |    | , |         |    |
|                    |          |    |         |    | 6 |         |    |
|                    |          |    |         |    | 2 |         |    |
|                    |          |    |         |    | 9 |         |    |
+--------------------+----------+----+---------+----+---+---------+----+
| Total              | 59,885   | 1  | 64,029  | 1  | 6 |         | 1  |
|                    |          | 00 |         | 00 | 6 |         | 00 |
|                    |          | .0 |         | .0 | , |         | .0 |
|                    |          |    |         |    | 9 |         |    |
|                    |          |    |         |    | 3 |         |    |
|                    |          |    |         |    | 4 |         |    |
|                    |          |    |         |    |   |         |    |
+--------------------+----------+----+---------+----+---+---------+----+

The Laguna Phuket Golf Club (formerly the Banyan Tree Golf Club) is
owned by Laguna Grande Limited in which Laguna Resorts & Hotels Public
Co., Ltd. has a 100% ownership interest. The reduction in revenue in
2001 was primarily due to the lower occupancies across Laguna Phuket
this year. The Laguna Phuket Golf Club is located at 34 Moo 4
Cherngtalay District, Amphur Talang, Phuket Province. The management of
the Laguna Phuket Golf Club is contracted out to Banyan Tree Golf Club
Limited.

[]

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  ABBREVIATIONS   

  AVC             Allamanda Vacation Club Limited

  AVCI            PT Allamanda Vacation Club Indonesia

  BGL             Bangtao Grande Limited

  BT1             Bang Thao (1) Company Limited

  BT2             Bang Thao (2) Company Limited

  BT3             Bang Thao (3) Company Limited

  BT4             Bang Thao (4) Company Limited

  BTD             Bang Tao Development Company Limited

  BTGS            Banyan Tree Gallery (Singapore) Pte Ltd.

  BTGT            Banyan Tree Gallery (Thailand) Limited

  CGL             Cheer Golden Limited

  L1              Laguna (1) Company Limited

  L3              Laguna (3) Company Limited

  LBC             Laguna Beach Club Limited

  LBTL            Laguna Banyan Tree Limited

  LCL             Laguna Central Limited

  LDCL            Laguna Development Company Limited

  LGL             Laguna Grande Limited

  LRH             Laguna Resorts & Hotels Public Company Limited

  LSC             Laguna Service Company Limited

  LSL             Laguna Sports Limited

  MCP             Mae Chan Property Company Limited

  OPS             Ownrep Project Services Pte Ltd.

  PCD             PCD Limited

  PKRD            Phuket Resort Development Company Limited

  PSD             Pai Samart Development Company Limited

  TLDC            Talang Development Co.,Ltd.

  TWC             Thai Wah Public Company Limited

  TWR-H           TWR-Holdings Limited

  WEN             Wenco-Thai Limited
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