5 Assets of the company

  5.1 Summary of operating assets of the company and its subsidiaries

  As at 31^(st) December 2006, the assets of Laguna Resorts & Hotels
  Public Company Limited and its subsidiary companies that are used in
  its business operations are as follows:

  LAND, BUILDINGS AND MACHINERY

 Baht : Million

+-----------------+------+------+------+------+------+------+------+
| Type of assets  | T    | La   | La   | La   | La   | Thai | TWR- |
|                 | otal | guna | guna | guna | guna | Wah  | Hold |
|                 |      | Res  | Gr   |      | B    | P    | ings |
|                 |      | orts | ande | Ba   | each | laza | Lim  |
|                 |      | &    | Lim  | nyan | Club | Lim  | ited |
|                 |      | Ho   | ited | Tree | Lim  | ited | &    |
|                 |      | tels | &    | Lim  | ited | &    | subs |
|                 |      | Pu   | subs | ited | &    | subs | idia |
|                 |      | blic | idia | &    | su   | idia | ries |
|                 |      | Com  | ries | subs | bsid | ries | and  |
|                 |      | pany |      | idia | iary |      | O    |
|                 |      | Lim  |      | ries |      |      | ther |
|                 |      | ited |      |      |      |      |      |
+-----------------+------+------+------+------+------+------+------+
| H               | 1    | 1,13 | 2,01 | 2,30 | 1,45 | 3,22 | -    |
| otel properties | 0,13 | 5.88 | 4.46 | 7.38 | 0.09 | 9.68 |      |
|                 | 7.49 |      |      |      |      |      |      |
+-----------------+------+------+------+------+------+------+------+
| Land and land   | 3,90 | 33   | 2,80 | -    | 27   | 32   | 17   |
| improvement     | 3.55 | 0.38 | 7.72 |      | 1.78 | 3.46 | 0.21 |
+-----------------+------+------+------+------+------+------+------+
| Land awaiting   | 63   | -    | 6    | -    | -    | -    | 57   |
| development     | 9.39 |      | 5.46 |      |      |      | 3.93 |
+-----------------+------+------+------+------+------+------+------+
| Buildings and   | 18   | 10   | 4    | -    | -    | -    | 3    |
| staff           | 7.97 | 8.71 | 7.29 |      |      |      | 1.97 |
| dormitories     |      |      |      |      |      |      |      |
+-----------------+------+------+------+------+------+------+------+
| External work   | 1    | -    | -    | -    | -    | -    | 1    |
|                 | 4.65 |      |      |      |      |      | 4.65 |
+-----------------+------+------+------+------+------+------+------+
| Furniture,      | 35   | 4    | 9    | -    | -    | 8.83 | 20   |
| fixtures and    | 1.83 | 6.47 | 5.22 |      |      |      | 1.31 |
| equipment       |      |      |      |      |      |      |      |
+-----------------+------+------+------+------+------+------+------+
| Golf course     | 28   | -    | 28   | -    | -    | -    | -    |
|                 | 3.64 |      | 3.64 |      |      |      |      |
+-----------------+------+------+------+------+------+------+------+
| Motor vehicles  | 12   | 1    | 2    | 3    | 1.45 | 2.03 | 4    |
|                 | 1.74 | 1.28 | 6.67 | 6.02 |      |      | 4.29 |
+-----------------+------+------+------+------+------+------+------+
| Construction in | 66   | 1    | 2.36 | 55   | 4.68 | 8    | 6.44 |
| process         | 4.83 | 2.09 |      | 4.42 |      | 4.84 |      |
+-----------------+------+------+------+------+------+------+------+
| Total property  | 1    | 1,64 | 5,34 | 2,89 | 1,72 | 3,64 | 1,0  |
| and equipment   | 6,30 | 4.81 | 2.82 | 7.82 | 8.00 | 8.84 | 42.8 |
| at cost and     | 5.09 |      |      |      |      |      |      |
| revaluation     |      |      |      |      |      |      |      |
+-----------------+------+------+------+------+------+------+------+
| Less :          | (5   | (820 | (1   | (573 | (819 | (1   | (195 |
| Accumulated     | ,188 | .80) | ,495 | .43) | .99) | ,282 | .88) |
| depreciation    | .70) |      | .94) |      |      | .66) |      |
+-----------------+------+------+------+------+------+------+------+
| Property and    | 1    | 82   | 3,84 | 2,32 | 90   | 2,36 | 84   |
| equipment, net  | 1,11 | 4.01 | 6.88 | 4.39 | 8.01 | 6.18 | 6.92 |
| book value      | 6.39 |      |      |      |      |      |      |
+-----------------+------+------+------+------+------+------+------+

  Laguna Resorts & Hotels Public Company Limited

As at 31^(st) December 2006, the assets consisted of Laguna Resorts &
Hotels Public Company Limited land at Sunsai, Chiang Mai of 386-1-60 Rai
and land at Bangtao Bay, Phuket of 51-2-94.1 Rai which is the site of
the Dusit Laguna Resort (consisting of buildings, furniture, fixtures
and equipment), Canal Village and Wedding Chapel. The following area is
under mortgage with the bank:

-   51-2-94.1 Rai mortgaged with Siam Commercial Bank Public Company
    Limited

  The net book value of the assets of the Company amounted to Baht
  824.01 million as at 31^(st) December 2006.

  The value of the land at Sunsai, Chiang Mai and the land and buildings
  of the Dusit Laguna Resort as appraised by Simon Lim & Partner Ltd. on
  1^(st) November 2004 was Baht 657.90 million. This appraisal valuation
  has been included in the Company financial statements for the year
  ended 31^(st) December 2006.

Subsidiary Companies

  Laguna Grande Limited and its subsidiary companies

  As at 31^(st) December 2006, the assets consisted of 1,440-0-6.9 Rai
  of land owned by Laguna Grande Limited and its subsidiary companies at
  Bangtao Bay, Phuket, which is the site of the Sheraton Grande Laguna
  Phuket Hotel (consisting of buildings, furniture, fixtures and
  equipment and condominiums), the Laguna Phuket Golf Club and land
  awaiting future development. Some areas are under mortgage with banks
  as follows:

-   702-3-62.9 Rai mortgaged with Siam Commercial Bank Public Company
    Limited;

-   180-3-27.9 Rai mortgaged with Kasikorn Bank Public Company Limited;

-   49-3-44.6 Rai mortgaged with Bangkok Bank Public Company Limited.

  The net book value of the assets owned by Laguna Grande Limited and
  its subsidiary companies amounted to Baht 3,846.88 million as at
  31^(st) December 2006.

  The value of the buildings of the Sheraton Grande Laguna Phuket, land
  of the Laguna Phuket Golf Club and land awaiting development appraised
  by Simon Lim & Partner Ltd. on 1^(st) November 2004 was Baht 3,656.92
  million. This appraisal excluded net book value at 31^(st) December
  2006 of expansion 45 keys of Baht 147 million. This appraisal
  valuation has been included in the Company financial statements for
  the year ended 31^(st) December 2006.

Laguna Banyan Tree Limited and its subsidiary companies

  As at 31^(st) December 2006, the assets of the company comprise the
  Banyan Tree Phuket Resort located at Bangtao Bay, Phuket which
  consists of buildings, furniture, fixtures and equipment and Lijiang
  Banyan Tree Hotel located in Lijiang, China which consists of
  buildings, furniture, fixtures and equipment.

The net book value of the assets owned by Laguna Banyan Tree Limited and
its subsidiary companies amounted to Baht 2,324.39 million, as at
31^(st) December 2006.

The appraisal value of the buildings of the Banyan Tree Phuket as
assessed by Simon Lim & Partner Co., Ltd. on 1^(st) November 2004 was
Baht 923.17 million. This appraisal excluded net book value at 31^(st)
December 2006 of 12 Banyan Tree Double Pool Villa of Baht 506 million,
the Lijiang Banyan Tree Hotel of Baht 839.08 million and PT AVC
Indonesia of Baht 0.95 million. The above appraisal value has been shown
in the Company financial statements for the year ended 31^(st) December
2006.

  Laguna Beach Club Limited and its subsidiary company

As at 31^(st) December 2006, the assets of the Company comprise the
Laguna Beach Resort located at Bangtao Bay, Phuket which consists of
buildings, furniture, fixtures and equipment. The land of 52-1-6 Rai on
which the hotel is situated belongs to Laguna (1) Company Limited, which
is 100 percent owned by Laguna Beach Club Limited.

The net book value of the assets owned by Laguna Beach Club Limited and
its subsidiary company amounted to Baht 908.01 million as at 31^(st)
December 2006.

The value of the land and buildings of the Laguna Beach Resort appraised
by Simon Lim & Partner Co., Ltd. on 1^(st) November 2004 was Baht 887.24
Million. The above appraisal value has been shown in the company
financial statements for the year ended 31^(st) December 2006.

  Thai Wah Plaza Limited and its subsidiary companies

  As at 31^(st) December 2006, the assets of the Company comprise land
  at Bangkok of 2-1-92 Rai, office for rent at Thai Wah Tower building
  and the Banyan Tree Bangkok located at Bangkok which consists of
  buildings, furniture, fixtures and equipment. The following area is
  under mortgage with the bank:

-   2-1-92 Rai mortgaged with Siam Commercial Bank Public Company
    Limited

The net book value of the assets owned by Thai Wah Plaza Limited and its
subsidiary companies amounted to Baht 2,366.18 million as at 31^(st)
December 2006.

The value of the land and buildings of the Thai Wah Plaza Limited
appraised by Knight Frank Chartered (Thailand) Co., Ltd. on 14^(th) July
2004 was Baht 2,161.33 Million. This appraisal excluded net book value
at 31^(st) December 2006 additional office space acquired during 2006 in
Thai Wah Tower I building of Baht 156 million. The above appraisal value
has been shown in the Company financial statements for the year ended
31^(st) December 2006.

TWR Holdings Limited and its subsidiary companies, and other subsidiary
companies

As at 31^(st) December 2006, the assets of the Company and its
subsidiary companies, and other subsidiary companies, consists of land,
land awaiting for development, buildings and equipment. The following
area is under mortgage of the bank:

-   78-1-34.7 Rai being mortgaged with Siam Commercial Bank Public
    Company Limited.

These assets have a net book value of Baht 846.92 million as at 31^(st)
December 2006. The land which is the site of the resort and property
development in Chiang Rai and Mae Hong Sorn belong to the subsidiary
companies of TWR-Holdings Limited of Phuket Resort Development Company
Limited, Pai Samart Development Company Limited, Mae Chan Property
Company Limited and Talang Development Company Limited.

The valuations as performed by Simon Lim & Partner Ltd. on 1^(st)
November 2004 and Knight Frank Chartered (Thailand) Co., Ltd. on 14^(th)
July 2004 are included as Attachment 4.

As a policy, land & building revaluation by independent appraiser will
be made every three years. The next appraisals are scheduled in 2007.

INVESTMENTS

The interests of Laguna Resorts & Hotels Public Company Limited (both
direct and indirect) in its investments in subsidiary, associate and
other companies as at 31^(st) December 2006 are summarised below.

+--------------+--------+-----+------+----+------+------+-------+---+
| Company name | Type   | P   | Pe   | Ye | Inve | In   | Sh    | N |
|              | of     | aid | rcen | ar | stme | vest | areho | o |
|              | bu     | -up | tage | in | nt - | ment | lders | t |
|              | siness | sh  |      | ve | cost | –    | which | e |
|              |        | are | of   | st | me   | eq   | hold  |   |
|              |        | c   |      | ed | thod | uity | more  |   |
|              |        | api | hol  |    |      | me   | than  |   |
|              |        | tal | ding |    | (Mil | thod | 10 %  |   |
|              |        |     |      |    | lion | (Mil |       |   |
|              |        | (M  | (%)  |    | B    | lion |       |   |
|              |        | ill |      |    | aht) | B    |       |   |
|              |        | ion |      |    |      | aht) |       |   |
|              |        |     |      |    |      |      |       |   |
|              |        | Ba  |      |    |      |      |       |   |
|              |        | ht) |      |    |      |      |       |   |
+--------------+--------+-----+------+----+------+------+-------+---+
| Subsidiaries |        |     |      |    |      |      |       |   |
+--------------+--------+-----+------+----+------+------+-------+---+
| TWR-         | Inve   | 1,  | 10   | 19 | 1,25 | 1,11 |       |   |
| Holdings     | stment | 250 | 0.00 | 93 | 0.00 | 2.54 |       |   |
| Limited      | h      | .00 |      |    |      |      |       |   |
|              | olding |     |      |    |      |      |       |   |
|              | and    |     |      |    |      |      |       |   |
|              | pr     |     |      |    |      |      |       |   |
|              | operty |     |      |    |      |      |       |   |
|              | devel  |     |      |    |      |      |       |   |
|              | opment |     |      |    |      |      |       |   |
+--------------+--------+-----+------+----+------+------+-------+---+
| Laguna       | Time   | 330 | 10   | 19 | 33   | 42   |       |   |
| Holiday Club | share  | .00 | 0.00 | 94 | 0.00 | 0.28 |       |   |
| Limited      | bu     |     |      |    |      |      |       |   |
|              | siness |     |      |    |      |      |       |   |
+--------------+--------+-----+------+----+------+------+-------+---+
| Laguna       | Ope    | 1,  | 10   | 19 | 91   | 2,00 |       |   |
| Grande       | rating | 000 | 0.00 | 93 | 4.45 | 8.00 |       |   |
| Limited      | a golf | .00 |      |    |      |      |       |   |
|              | club   |     |      |    |      |      |       |   |
|              | and    |     |      |    |      |      |       |   |
|              | pr     |     |      |    |      |      |       |   |
|              | operty |     |      |    |      |      |       |   |
|              | devel  |     |      |    |      |      |       |   |
|              | opment |     |      |    |      |      |       |   |
+--------------+--------+-----+------+----+------+------+-------+---+
| Laguna       | P      | 90  | 8    | 19 | 2    | 4    |   LRH | ( |
| Service      | rovide | .50 | 9.16 | 91 | 2.35 | 4.51 |   =   | 3 |
| Company      | uti    |     |      |    |      |      |       | ) |
| Limited      | lities |     |      |    |      |      | 24.7% |   |
|              | and    |     |      |    |      |      |       |   |
|              | other  |     |      |    |      |      |   BGL |   |
|              | se     |     |      |    |      |      |   =   |   |
|              | rvices |     |      |    |      |      |       |   |
|              | to     |     |      |    |      |      | 31.1% |   |
|              | hotels |     |      |    |      |      |       |   |
|              | of the |     |      |    |      |      |   LBC |   |
|              | C      |     |      |    |      |      |   =   |   |
|              | ompany |     |      |    |      |      |       |   |
|              | and    |     |      |    |      |      | 27.1% |   |
|              | subsid |     |      |    |      |      |       |   |
|              | iaries |     |      |    |      |      |       |   |
|              |        |     |      |    |      |      |  LBTL |   |
|              |        |     |      |    |      |      |   =   |   |
|              |        |     |      |    |      |      |       |   |
|              |        |     |      |    |      |      | 17.1% |   |
+--------------+--------+-----+------+----+------+------+-------+---+
| Banyan Tree  | Sales  | 7   | 5    | 19 | 3.95 | 5    | BTHL  |   |
| Gallery      | of     | .75 | 1.00 | 94 |      | 7.31 | = 49% |   |
| (Thailand)   | merch  |     |      |    |      |      |       |   |
| Limited      | andise |     |      |    |      |      |       |   |
+--------------+--------+-----+------+----+------+------+-------+---+
| Banyan Tree  | Sales  | S$0 | 5    | 19 | 3.95 | 3    | BTHL  | ( |
| Gallery      | of     | .43 | 1.00 | 94 |      | 9.34 | = 49% | 7 |
| (Singapore)  | merch  |     |      |    |      |      |       | ) |
| Pte Ltd      | andise |     |      |    |      |      |       |   |
+--------------+--------+-----+------+----+------+------+-------+---+
| Laguna (3)   | Pr     | 0   | 10   | 20 | 4    | 14   |       |   |
| Limited      | operty | .10 | 0.00 | 01 | 6.42 | 3.92 |       |   |
|              |        |     |      |    |      |      |       |   |
|              | Devel  |     |      |    |      |      |       |   |
|              | opment |     |      |    |      |      |       |   |
+--------------+--------+-----+------+----+------+------+-------+---+
| Cheer Golden | Inve   | HK$ | 10   | 20 | -    | (8   |       | ( |
| Limited      | stment | -   | 0.00 | 01 |      | .92) |       | 7 |
|              | h      |     |      |    |      |      |       | ) |
|              | olding |     |      |    |      |      |       |   |
+--------------+--------+-----+------+----+------+------+-------+---+

+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Company name | Type  | P   | P   | Ye | Inv | I   | Shareh | N |
|              | of    | aid | erc | ar | est | nve | olders | o |
|              | bus   | -up | ent | In | men | stm | which  | t |
|              | iness | sh  | age | ve | t - | ent | hold   | e |
|              |       | are | of  | st | c   | –   | more   |   |
|              |       | c   |     | ed | ost | equ | than   |   |
|              |       | api | h   |    | met | ity | 10 %   |   |
|              |       | tal | old |    | hod | met |        |   |
|              |       | (M  | ing |    |     | hod |        |   |
|              |       | ill |     |    | (M  | (M  |        |   |
|              |       | ion | (%) |    | ill | ill |        |   |
|              |       | Ba  |     |    | ion | ion |        |   |
|              |       | ht) |     |    | Ba  | Ba  |        |   |
|              |       |     |     |    | ht) | ht) |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Subsidiaries |       |     |     |    |     |     |        |   |
| held through |       |     |     |    |     |     |        |   |
| TWR-Holdings |       |     |     |    |     |     |        |   |
| Ltd.         |       |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Pai Samart   | Pro   | 28  | 100 | 19 | -   | (   |        |   |
| Development  | perty | .40 | .00 | 90 |     | 36. |        |   |
| Company      | d     |     |     |    |     | 76) |        |   |
| Limited      | evelo |     |     |    |     |     |        |   |
|              | pment |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Mae Chan     | Pro   | 232 | 100 | 19 | -   | (3  |        |   |
| Property     | perty | .30 | .00 | 90 |     | 61. |        |   |
| Company      | d     |     |     |    |     | 41) |        |   |
| Limited      | evelo |     |     |    |     |     |        |   |
|              | pment |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Phuket       | Pro   | 41  | 100 | 19 | -   | 193 |        |   |
| Resort       | perty | .40 | .00 | 96 |     | .64 |        |   |
| Development  | d     |     |     |    |     |     |        |   |
| Limited      | evelo |     |     |    |     |     |        |   |
|              | pment |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Laguna       | Hotel | 500 | 100 | 19 | 835 | 649 |        | ( |
| Banyan Tree  | opera | .00 | .00 | 92 | .14 | .87 |        | 4 |
| Limited      | tions |     |     |    |     |     |        | ) |
|              | and   |     |     |    |     |     |        |   |
|              | pro   |     |     |    |     |     |        |   |
|              | perty |     |     |    |     |     |        |   |
|              | d     |     |     |    |     |     |        |   |
|              | evelo |     |     |    |     |     |        |   |
|              | pment |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Laguna Beach | Hotel | 200 | 60  | 19 | 85  | 407 | PR(T)  | ( |
| Club Limited | opera | .00 | .00 | 93 | .00 | .99 | = 40%  | 1 |
|              | tions |     |     |    |     |     |        | ) |
|              |       |     |     |    |     |     |        | , |
|              |       |     |     |    |     |     |        | ( |
|              |       |     |     |    |     |     |        | 4 |
|              |       |     |     |    |     |     |        | ) |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Laguna (1)   | Pro   | 15  | 60  | 19 | -   | 108 | PR(T)  | ( |
| Limited      | perty | .00 | .00 | 93 |     | .73 | = 40%  | 1 |
|              | d     |     |     |    |     |     |        | ) |
|              | evelo |     |     |    |     |     |        | , |
|              | pment |     |     |    |     |     |        | ( |
|              |       |     |     |    |     |     |        | 4 |
|              |       |     |     |    |     |     |        | ) |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| PT AVC       | Time  | U   | 100 | 20 | -   | (   |        | ( |
| Indonesia    | share | S$0 | .00 | 02 |     | 19. |        | 7 |
|              | bus   | .70 |     |    |     | 92) |        | ) |
|              | iness |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Talang       | Pro   | 251 | 50  | 20 | -   | 3   | RC =   | ( |
| Development  | perty | .00 | .00 | 02 |     | .20 | 50%    | 5 |
| Company      | d     |     |     |    |     |     |        | ) |
| Limited      | evelo |     |     |    |     |     |        |   |
|              | pment |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Lijiang      | Hotel | U   | 70  | 20 | -   | (1  | BTHL = | ( |
| Banyan Tree  | opera | S$1 | .00 | 03 |     | 04. | 30%    | 7 |
| Hotel Co.,   | tions | 4.9 |     |    |     | 34) |        | ) |
| Ltd.         |       |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Twin Waters  | Pro   | 214 | 100 | 20 | -   | 293 |        |   |
| Development  | perty | .37 | .00 | 03 |     | .52 |        |   |
| Company      | d     |     |     |    |     |     |        |   |
| Limited      | evelo |     |     |    |     |     |        |   |
|              | pment |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Thai Wah     | Hotel | 1,  | 100 | 20 | -   | 68  |        |   |
| Plaza        | o     | 500 | .00 | 05 |     | .69 |        |   |
| Limited      | perat | .00 |     |    |     |     |        |   |
|              | ions, |     |     |    |     |     |        |   |
|              | lease |     |     |    |     |     |        |   |
|              | of    |     |     |    |     |     |        |   |
|              | o     |     |     |    |     |     |        |   |
|              | ffice |     |     |    |     |     |        |   |
|              | bui   |     |     |    |     |     |        |   |
|              | lding |     |     |    |     |     |        |   |
|              | space |     |     |    |     |     |        |   |
|              | and   |     |     |    |     |     |        |   |
|              | pro   |     |     |    |     |     |        |   |
|              | perty |     |     |    |     |     |        |   |
|              | d     |     |     |    |     |     |        |   |
|              | evelo |     |     |    |     |     |        |   |
|              | pment |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Thai Wah     | Lease | 455 | 100 | 20 | -   | (4. |        |   |
| Tower        | of    | .00 | .00 | 05 |     | 87) |        |   |
| Company      | o     |     |     |    |     |     |        |   |
| Limited      | ffice |     |     |    |     |     |        |   |
|              | bui   |     |     |    |     |     |        |   |
|              | lding |     |     |    |     |     |        |   |
|              | space |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Thai Wah     | Pro   | 21  | 100 | 20 | -   | 3   |        |   |
| Tower (2)    | perty | .00 | .00 | 05 |     | .36 |        |   |
| Company      | d     |     |     |    |     |     |        |   |
| Limited      | evelo |     |     |    |     |     |        |   |
|              | pment |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Laguna       | T     | 5   | 49  | 20 | -   | (0. |        | ( |
| Excursions   | ravel | .00 | .00 | 05 |     | 54) |        | 2 |
| Limited      | opera |     |     |    |     |     |        | ) |
|              | tions |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Subsidiaries |       |     |     |    |     |     |        |   |
| held through |       |     |     |    |     |     |        |   |
| Laguna       |       |     |     |    |     |     |        |   |
| Grande Ltd.  |       |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Bangtao (1)  | Pro   | 20  | 100 | 19 | -   | 73  |        |   |
| Limited      | perty | .93 | .00 | 90 |     | .05 |        |   |
|              | d     |     |     |    |     |     |        |   |
|              | evelo |     |     |    |     |     |        |   |
|              | pment |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Bangtao (2)  | Pro   | 19  | 100 | 19 | -   | 101 |        |   |
| Limited      | perty | .10 | .00 | 90 |     | .38 |        |   |
|              | d     |     |     |    |     |     |        |   |
|              | evelo |     |     |    |     |     |        |   |
|              | pment |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Bangtao (3)  | Pro   | 7   | 100 | 19 | -   | 46  |        |   |
| Limited      | perty | .75 | .00 | 90 |     | .21 |        |   |
|              | d     |     |     |    |     |     |        |   |
|              | evelo |     |     |    |     |     |        |   |
|              | pment |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Bangtao (4)  | Pro   | 14  | 100 | 19 | -   | 153 |        |   |
| Limited      | perty | .55 | .00 | 90 |     | .34 |        |   |
|              | d     |     |     |    |     |     |        |   |
|              | evelo |     |     |    |     |     |        |   |
|              | pment |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Bangtao      | Pro   | 80  | 100 | 19 | -   | 1,  |        |   |
| Development  | perty | .00 | .00 | 90 |     | 140 |        |   |
| Limited      | d     |     |     |    |     | .38 |        |   |
|              | evelo |     |     |    |     |     |        |   |
|              | pment |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Laguna       | Do    | 1   | 85  | 20 | -   | (0. | Mr     |   |
| Central      | rmant | .00 | .00 | 01 |     | 29) | .Pitak |   |
| Limited      |       |     |     |    |     |     | Boonpo |   |
|              |       |     |     |    |     |     | janaso |   |
|              |       |     |     |    |     |     | ontorn |   |
|              |       |     |     |    |     |     | = 15%  |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Bangtao      | Hotel | 1,  | 100 | 20 | -   | 810 |        |   |
| Grande       | Opera | 546 | .00 | 01 |     | .70 |        |   |
| Limited      | tions | .00 |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
|              |       |     |     |    | 3,  | 7,  |        |   |
|              |       |     |     |    | 491 | 342 |        |   |
|              |       |     |     |    | .26 | .92 |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+

+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Company name | Type  | P   | P   | Ye | Inv | I   | Shareh | N |
|              | of    | aid | erc | ar | est | nve | olders | o |
|              | bus   | -up | ent | In | men | stm | which  | t |
|              | iness | sh  | age | ve | t - | ent | hold   | e |
|              |       | are | of  | st | c   | –   | more   |   |
|              |       | c   |     | ed | ost | equ | than   |   |
|              |       | api | h   |    | met | ity | 10 %   |   |
|              |       | tal | old |    | hod | met |        |   |
|              |       | (M  | ing |    |     | hod |        |   |
|              |       | ill |     |    | (M  | (M  |        |   |
|              |       | ion | (%) |    | ill | ill |        |   |
|              |       | Ba  |     |    | ion | ion |        |   |
|              |       | ht) |     |    | Ba  | Ba  |        |   |
|              |       |     |     |    | ht) | ht) |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Associates   |       |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Ownrep       | Do    | S$  | 50  | 19 | 18  | -   |   TRL  | ( |
| Project      | rmant | 2   | .00 | 91 | .11 |     |   =    | 6 |
| Services Pte |       | .00 |     |    |     |     |   50%  | ) |
| Ltd.         |       |     |     |    |     |     |        | , |
|              |       |     |     |    |     |     |        | ( |
|              |       |     |     |    |     |     |        | 7 |
|              |       |     |     |    |     |     |        | ) |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
|              |       |     |     |    | 18  | -   |        |   |
|              |       |     |     |    | .11 |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Other        |       |     |     |    |     |     |        |   |
| investments  |       |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Tropical     | R     | US$ | 19  | 19 | -   | -   |   TWC  | ( |
| Resorts      | esort | 50  | .80 | 90 |     |     |   =    | 5 |
| Limited      | inves | .50 |     |    |     |     |        | ) |
|              | tment |     |     |    |     |     |  19.8% | , |
|              | and   |     |     |    |     |     |        | ( |
|              | d     |     |     |    |     |     |   JAIC | 7 |
|              | evelo |     |     |    |     |     |   =    | ) |
|              | pment |     |     |    |     |     |        |   |
|              |       |     |     |    |     |     |  18.8% |   |
|              |       |     |     |    |     |     |        |   |
|              |       |     |     |    |     |     |   KAL  |   |
|              |       |     |     |    |     |     |   =    |   |
|              |       |     |     |    |     |     |   30%  |   |
|              |       |     |     |    |     |     |        |   |
|              |       |     |     |    |     |     |   CFC  |   |
|              |       |     |     |    |     |     |   =    |   |
|              |       |     |     |    |     |     |   11.6 |   |
|              |       |     |     |    |     |     |   %    |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Thai Wah     | M     | 785 | 16  | 19 | 21  | -   |        | ( |
| Public       | anufa | .36 | .26 | 88 | .97 |     |        | 4 |
| Company      | cture |     |     |    |     |     |        | ) |
| Limited      | and   |     |     |    |     |     |        | , |
|              | sale  |     |     |    |     |     |        | ( |
|              | of    |     |     |    |     |     |        | 8 |
|              | ta    |     |     |    |     |     |        | ) |
|              | pioca |     |     |    |     |     |        |   |
|              | pro   |     |     |    |     |     |        |   |
|              | ducts |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| TRL          | Inves | US$ | 19  | 20 | 188 | -   |   GSI  | ( |
| Investment   | tment | 0   | .80 | 03 | .43 |     |   =    | 6 |
| Ltd.         | hol   | .01 |     |    |     |     |        | ) |
|              | dings |     |     |    |     |     |  19.8% | , |
|              |       |     |     |    |     |     |   CFC  | ( |
|              |       |     |     |    |     |     |   =    | 7 |
|              |       |     |     |    |     |     |        | ) |
|              |       |     |     |    |     |     |  11.6% |   |
|              |       |     |     |    |     |     |        |   |
|              |       |     |     |    |     |     |   KHL  |   |
|              |       |     |     |    |     |     |   =    |   |
|              |       |     |     |    |     |     |        |   |
|              |       |     |     |    |     |     |  48.8% |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
| Hua Hin      | Hotel | 10  | 10  | 20 | -   | -   |        |   |
| Beach        | Opera | .00 | .00 | 03 |     |     | Ms.Jar |   |
| Resorts      | tions |     |     |    |     |     | asspim |   |
| Company      |       |     |     |    |     |     |        |   |
| Limited      |       |     |     |    |     |     |  Lipta |   |
|              |       |     |     |    |     |     | punlop |   |
|              |       |     |     |    |     |     |   =    |   |
|              |       |     |     |    |     |     |   85%  |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
|              |       |     |     |    | 210 | -   |        |   |
|              |       |     |     |    | .40 |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
|              |       |     |     |    |     |     |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+
|              |       |     |     |    | 3,  | 7,  |        |   |
|              |       |     |     |    | 719 | 342 |        |   |
|              |       |     |     |    | .77 | .92 |        |   |
+--------------+-------+-----+-----+----+-----+-----+--------+---+

  Remarks:

  1. The company has recognised its effective interest in this
  subsidiary at 50 percent in accordance with the profit sharing
  percentage in the Articles of Association.

  2. The company has recognised its effective interest in this
  subsidiary at 100 percent in accordance with the profit sharing
  percentage in the Articles of Association.

  3. Both direct and indirect shareholding in Laguna Services Company
  Limited

  4. Both direct and indirect shareholding by LRH and TWRH.

  5. Indirect shareholding through TWRH and LBTL.

  6. Indirect shareholding through TWRH.

  7. Paid-up share capital of investment in foreign companies are
  presented in foreign currencies in million Singapore, Hong Kong or
  United States dollars.

  8. Market value of investment in TWC as at date trading was suspended
  on 14^(th) November 2005 was Baht 1.72 per share.

  Abbreviations

+----+-----------------------------+----+----------------------------+
| B  | = Bangtao Grande Limited    | LB | = Laguna Banyan Tree       |
| GL |                             | TL | Limited                    |
+----+-----------------------------+----+----------------------------+
| BT | = Banyan Tree Holdings      | L  | = Laguna Resorts & Hotels  |
| HL | Limited                     | RH | Public                     |
|    |                             |    |                            |
|    |                             |    | Company Limited            |
+----+-----------------------------+----+----------------------------+
| C  | = Chang Fung Company        | P  | = Pacific Resort           |
| FC | Limited                     | R( | (Thailand) Co., Ltd.       |
|    |                             | T) |                            |
+----+-----------------------------+----+----------------------------+
| G  | = Gold Sand Investments     | RC | = Rayan Company Limited    |
| SI | Ltd.                        |    |                            |
+----+-----------------------------+----+----------------------------+
| JA | = Japan Asia Investments    | T  | = Tropical Resorts         |
| IC | Corp. Fund                  | RL | Limited.                   |
+----+-----------------------------+----+----------------------------+
| K  | = Kilby Associates Ltd.     | T  | = Thai Wah Public Company  |
| AL |                             | WC | Limited                    |
+----+-----------------------------+----+----------------------------+
| K  | = KAP Holdings Ltd.         | TW | = TWR – Holdings Limited   |
| HL | (previously named           | RH |                            |
+----+-----------------------------+----+----------------------------+
|    | “ Chang Fung Investment     |    |                            |
|    | Ltd”, CI)                   |    |                            |
+----+-----------------------------+----+----------------------------+
| L  | = Laguna Beach Club Limited |    |                            |
| BC |                             |    |                            |
+----+-----------------------------+----+----------------------------+
|    |                             |    |                            |
+----+-----------------------------+----+----------------------------+

 

NET ASSET VALUE

+----------------------------------------+--------------+--------------+
|                                        | Million Baht | Value per    |
|                                        |              | share        |
|                                        |              |              |
|                                        |              | (Baht)       |
+----------------------------------------+--------------+--------------+
| Assets                                 | 13,117.83    |              |
+----------------------------------------+--------------+--------------+
| Add : Revaluation of hotel properties  | 1,789.99     |              |
| and land                               |              |              |
+----------------------------------------+--------------+--------------+
| Total assets                           | 14,907.82    | 176.07       |
+----------------------------------------+--------------+--------------+
| Less : Total liabilities               | (6,326.17)   | (74.72)      |
+----------------------------------------+--------------+--------------+
| Net Assets                             | 8,581.65     | 101.35       |
+----------------------------------------+--------------+--------------+
| Less : Commitments which may occur     | -            | -            |
+----------------------------------------+--------------+--------------+
| Net Asset Value                        | 8,581.65     | 101.35       |
+----------------------------------------+--------------+--------------+

  Remark: The Company and the subsidiaries company do not have any
  contingent liabilities relating to the execution of any guarantee or
  mortgage to any party which is not either the Company or its
  subsidiary companies.

2.  Developing of real estate summary

+--------+------------+----+----+-----+------+------------+-----+---+
| P      | Company    | P  | T  | Out | Area | Land owner | Ex  | I |
| roject |            | ro | ot | sta |      |            | pec | n |
|        |            | je | al | n-d | (Rai |            | ted | v |
|        |            | ct | U  | ing | -Nga |            | Per | e |
|        |            |    | ni | Un  | n-Sq |            | iod | s |
|        |            | Ty | ts | its | .w.) |            | to  | t |
|        |            | pe |    |     |      |            | Se  | - |
|        |            |    |    |     |      |            | ll/ | m |
|        |            |    |    |     |      |            |     | e |
|        |            |    |    |     |      |            | D   | n |
|        |            |    |    |     |      |            | eve | t |
|        |            |    |    |     |      |            | lop | V |
|        |            |    |    |     |      |            |     | a |
|        |            |    |    |     |      |            |     | l |
|        |            |    |    |     |      |            |     | u |
|        |            |    |    |     |      |            |     | e |
|        |            |    |    |     |      |            |     |   |
|        |            |    |    |     |      |            |     | ( |
|        |            |    |    |     |      |            |     | M |
|        |            |    |    |     |      |            |     | i |
|        |            |    |    |     |      |            |     | l |
|        |            |    |    |     |      |            |     | l |
|        |            |    |    |     |      |            |     | i |
|        |            |    |    |     |      |            |     | o |
|        |            |    |    |     |      |            |     | n |
|        |            |    |    |     |      |            |     |   |
|        |            |    |    |     |      |            |     | B |
|        |            |    |    |     |      |            |     | a |
|        |            |    |    |     |      |            |     | h |
|        |            |    |    |     |      |            |     | t |
|        |            |    |    |     |      |            |     | ) |
+--------+------------+----+----+-----+------+------------+-----+---+
| Laguna | Laguna     | La | 54 | -   | 6    | Laguna     | -   | 6 |
|        | Grande     | nd |    |     | 7-2- | Grande     |     | 6 |
| Homes  | Limited    |    |    |     | 63.9 | Limited    |     |   |
+--------+------------+----+----+-----+------+------------+-----+---+
| The    | Laguna     | C  | 95 | -   | 9-0  | Laguna     | -   | 2 |
| All    | Grande     | on |    |     | -2.9 | Grande     |     | 4 |
| amanda | Limited    | do |    |     |      | Limited    |     | 2 |
| 1      |            | mi |    |     |      |            |     |   |
|        |            | ni |    |     |      |            |     |   |
|        |            | um |    |     |      |            |     |   |
+--------+------------+----+----+-----+------+------------+-----+---+
| The    | Laguna     | C  | 1  | -   | 1    | Laguna     | -   | 4 |
| All    | Grande     | on | 41 |     | 2-1- | Grande     |     | 9 |
| amanda | Limited    | do |    |     | 59.7 | Limited    |     | 3 |
| 2&3    |            | mi |    |     |      |            |     |   |
|        |            | ni |    |     |      |            |     |   |
|        |            | um |    |     |      |            |     |   |
+--------+------------+----+----+-----+------+------------+-----+---+
| Island | Laguna     | C  | 52 | -   | 4-1  | Laguna     | -   | 1 |
| Villas | Grande     | on |    |     | -4.5 | Grande     |     | 8 |
|        | Limited    | do |    |     |      | Limited    |     | 4 |
|        |            | mi |    |     |      |            |     |   |
|        |            | ni |    |     |      |            |     |   |
|        |            | um |    |     |      |            |     |   |
+--------+------------+----+----+-----+------+------------+-----+---+
| Laguna | Laguna     | C  | 36 | 27  | 11   | Laguna     | 1   | 2 |
| V      | Resorts &  | on |    |     | -3-7 | Resorts &  | y   | 6 |
| illage | Hotels     | do |    |     | 3.93 | Hotels     | ear | 3 |
| Villas | Public     | mi |    |     |      | Public     |     |   |
|        | Company    | ni |    |     |      | Company    |     |   |
|        | Limited    | um |    |     |      | Limited    |     |   |
+--------+------------+----+----+-----+------+------------+-----+---+
| Laguna | Laguna     | La | 18 | -   | 7-3- | Twin       | -   | 1 |
| Tow    | Grande     | nd |    |     | 87.9 | Waters     |     | 4 |
| nhomes | Limited    | &  |    |     |      | D          |     | 6 |
| 1      |            | h  |    |     |      | evelopment |     |   |
|        |            | ou |    |     |      | Company    |     |   |
|        |            | se |    |     |      | Limited    |     |   |
+--------+------------+----+----+-----+------+------------+-----+---+
| Laguna | Laguna     | La | 24 | -   | 12   | Laguna     | -   | 2 |
| Tow    | Holiday    | nd |    |     | -0-5 | Holiday    |     | 3 |
| nhomes | Club       | &  |    |     | 1.39 | Club       |     | 3 |
| 2      | Limited    | h  |    |     |      | Limited    |     |   |
|        |            | ou |    |     |      |            |     |   |
|        |            | se |    |     |      |            |     |   |
+--------+------------+----+----+-----+------+------------+-----+---+
| Laguna | Thai Wah   | La | 16 | -   | 8-0- | Thai Wah   | -   | 1 |
| Tow    | Plaza      | nd |    |     | 87.8 | Plaza      |     | 5 |
| nhomes | Limited    | &  |    |     |      | Limited    |     | 9 |
| 3 A    |            | h  |    |     |      |            |     |   |
|        |            | ou |    |     |      |            |     |   |
|        |            | se |    |     |      |            |     |   |
+--------+------------+----+----+-----+------+------------+-----+---+
| Laguna | Laguna     | La | 6  | -   | 5-0- | Laguna     | -   | 6 |
| Tow    | Holiday    | nd |    |     | 87.8 | Holiday    |     | 0 |
| nhomes | Club       | &  |    |     |      | Club       |     |   |
| 3 B    | Limited    | h  |    |     |      | Limited    |     |   |
|        |            | ou |    |     |      |            |     |   |
|        |            | se |    |     |      |            |     |   |
+--------+------------+----+----+-----+------+------------+-----+---+
| Laguna | TW         | La | 30 | 5   | 18   | TW         | 1   | 2 |
| V      | R-Holdings | nd |    |     | -3-1 | R-Holdings | y   | 8 |
| illage | Limited    | &  |    |     | 2.85 | Limited    | ear | 5 |
| Tow    |            | h  |    |     |      |            |     |   |
| nhomes |            | ou |    |     |      |            |     |   |
| 1      |            | se |    |     |      |            |     |   |
+--------+------------+----+----+-----+------+------------+-----+---+
| Laguna | Laguna     | La | 26 | 20  | 14-  | Laguna     | 1   | 2 |
| V      | Resorts &  | nd |    |     | 3-98 | Resorts &  | y   | 7 |
| illage | Hotels     | &  |    |     |      | Hotels     | ear | 3 |
| Tow    | Public     | h  |    |     |      | Public     |     |   |
| nhomes | Company    | ou |    |     |      | Company    |     |   |
| 2      | Limited    | se |    |     |      | Limited    |     |   |
+--------+------------+----+----+-----+------+------------+-----+---+
| Laguna | Laguna     | La | 20 | -   | 1    | Laguna     | -   | 1 |
| Resi   | Grande     | nd |    |     | 8-0- | Grande     |     | 9 |
| dences | Limited    | &  |    |     | 59.0 | Limited    |     | 2 |
| 1      |            | h  |    |     |      |            |     |   |
|        |            | ou |    |     |      |            |     |   |
|        |            | se |    |     |      |            |     |   |
+--------+------------+----+----+-----+------+------------+-----+---+
| Laguna | Twin       | La | 19 | -   | 2    | Twin       | -   | 1 |
| Resi   | Waters     | nd |    |     | 1-0- | Waters     |     | 9 |
| dences | D          | &  |    |     | 58.8 | D          |     | 3 |
| 2      | evelopment | h  |    |     |      | evelopment |     |   |
|        | Company    | ou |    |     |      | Company    |     |   |
|        | Limited    | se |    |     |      | Limited    |     |   |
+--------+------------+----+----+-----+------+------------+-----+---+
| Laguna | Thai Wah   | La | 12 | -   | 17-0 | Thai Wah   | -   | 1 |
| Resi   | Plaza      | nd |    |     | -5.2 | Plaza      |     | 5 |
| dences | Limited    | &  |    |     |      | Limited    |     | 6 |
| 3      |            | h  |    |     |      |            |     |   |
|        |            | ou |    |     |      |            |     |   |
|        |            | se |    |     |      |            |     |   |
+--------+------------+----+----+-----+------+------------+-----+---+
| Laguna | Laguna     | La | 12 | -   | 16   | Laguna     | -   | 1 |
| V      | Holiday    | nd |    |     | -0-7 | Holiday    |     | 6 |
| illage | Club       | &  |    |     | 3.78 | Club       |     | 8 |
| Resi   | Limited    | h  |    |     |      | Limited    |     |   |
| dences |            | ou |    |     |      |            |     |   |
| 1      |            | se |    |     |      |            |     |   |
+--------+------------+----+----+-----+------+------------+-----+---+
| Laguna | TW         | La | 12 | -   | 16   | TW         | -   | 1 |
| V      | R-Holdings | nd |    |     | -0-2 | R-Holdings |     | 6 |
| illage | Limited    | &  |    |     | 7.16 | Limited    |     | 8 |
| Resi   |            | h  |    |     |      |            |     |   |
| dences |            | ou |    |     |      |            |     |   |
| 2      |            | se |    |     |      |            |     |   |
+--------+------------+----+----+-----+------+------------+-----+---+
| Laguna | TW         | La | 13 | 8   | 16   | TW         | 1   | 1 |
| V      | R-Holdings | nd |    |     | -0-4 | R-Holdings | y   | 8 |
| illage | Limited    | &  |    |     | 0.30 | Limited    | ear | 6 |
| Resi   |            | h  |    |     |      |            |     |   |
| dences |            | ou |    |     |      |            |     |   |
| 3      |            | se |    |     |      |            |     |   |
+--------+------------+----+----+-----+------+------------+-----+---+
| Dusit  | Laguna     | V  | 28 | 28  | 4-0- | Laguna     | 2   | 4 |
| Resi   | Resorts &  | il |    |     | 20.2 | Resorts &  | ye  | 4 |
| dences | Hotels     | la |    |     |      | Hotels     | ars | 8 |
|        | Public     |    |    |     |      | Public     |     |   |
|        | Company    |    |    |     |      | Company    |     |   |
|        | Limited    |    |    |     |      | Limited    |     |   |
+--------+------------+----+----+-----+------+------------+-----+---+
| Banyan | Laguna     | V  | 12 | -   | 2    | Bangtao    | -   | 1 |
| Tree 2 | Banyan     | il |    |     | -2-1 | D          |     | 1 |
| B      | Tree       | la |    |     | 5.54 | evelopment |     | 4 |
| edroom | Limited    |    |    |     |      | Limited    |     |   |
| Villas |            |    |    |     |      |            |     |   |
| Phase  |            |    |    |     |      |            |     |   |
| 1      |            |    |    |     |      |            |     |   |
+--------+------------+----+----+-----+------+------------+-----+---+
| Banyan | Laguna     | V  | 14 | -   | 3-0  | Bangtao    | -   | 1 |
| Tree 2 | Banyan     | il |    |     | -7.5 | D          |     | 9 |
| B      | Tree       | la |    |     |      | evelopment |     | 0 |
| edroom | Limited    |    |    |     |      | Limited    |     |   |
| Villas |            |    |    |     |      |            |     |   |
| Phase  |            |    |    |     |      |            |     |   |
| 2      |            |    |    |     |      |            |     |   |
+--------+------------+----+----+-----+------+------------+-----+---+
| Banyan | Laguna     | V  | 10 | 2   | 5    | Laguna     | 1   | 2 |
| Tree   | Banyan     | il |    |     | -3-3 | Grande     | y   | 7 |
| Double | Tree       | la |    |     | 1.12 | Limited    | ear | 6 |
| Pool   | Limited    |    |    |     |      |            |     |   |
| Villas |            |    |    |     |      |            |     |   |
+--------+------------+----+----+-----+------+------------+-----+---+

Laguna Homes are located at Moo 4 Srisoontorn Road, Cherngtalay
District, Amphur Talang, Phuket Province.

The Allamanda 1 is located at 29 Moo 4 Srisoontorn Road, Cherngtalay
District, Amphur Talang, Phuket Province.

The Allamanda 2&3 is located at 29 Moo 4 Srisoontorn Road, Cherngtalay
District, Amphur Talang, Phuket Province.

Island Villas are located at 10 Moo 4 Srisoontorn Road, Cherngtalay
District, Amphur Talang, Phuket Province.

The Laguna Townhomes projects are located at Moo 4 Srisoontorn Road,
Cherngtalay District, Amphur Talang, Phuket Province.

The Laguna Residences projects are located at Moo 4 Srisoontorn Road,
Cherngtalay District, Amphur Talang, Phuket Province.

Laguna Village Projects are located at Moo 4 Srisoontorn Road,
Cherngtalay District, Amphur Talang, Phuket Province.

Dusit Laguna Villas are located at Moo 1 Srisoontorn Road, Cherngtalay
District, Amphur Talang, Phuket Province

Banyan Tree - 2 Bedroom Villas and Double Pool Villas are located at 33
Moo 4, Srisoontorn Road, Cherngtalay District, Amphur Talang, Phuket
Province.

[TABLE]

  --------------------------------- ------------ --------- --------- ----------
  Project                           Income                           
                                    recognised                       
                                    (Million                         
                                    Baht)                            

                                    2006         2005      2004      2003

  The Allamanda 2&3                 10           70        -         6

  Laguna Homes                      -            -         -         7

  Laguna Village Villas             4            -         -         -

  Laguna Townhomes 1                -            3         126       111

  Laguna Townhomes 2                -            158       220       -

  Laguna Townhomes 3A               277          16        -         -

  Laguna Townhomes 3 B              110          -         -         -

  Laguna Village Townhomes 1        178          -         -         -

  Laguna Residences 1               -            -         85        307

  Laguna Residences 2               -            10        403       -

  Laguna Residences 3               305          -         -         -

  Laguna Village Residences 1       132          -         -         -

  Laguan Village Residences 2       44           -         -         -

  Banyan Tree - 2 Bedroom Villas    130          313       -         -
  Phase 2                                                            

  Banyan Tree Double Pool Villas    717          -         -         -

  Total                             1,907        570       834       431
  --------------------------------- ------------ --------- --------- ----------

  ----------------------------- ------------- ---------- ---------- ----------
  Project                       Total cash                          
                                received                            
                                (Million                            
                                Baht)                               

                                Collections   Advance    Total      % of sold
                                              from                  value
                                              customer              

  Laguna Homes                  206           -          206        100%

  The Allamanda 1               417           -          417        100%

  The Allamanda 2&3             729           -          729        98%

  Island Villas                 353           -          353        100%

  Laguna Village Villas         4             7          11         9%

  Laguna Townhomes 1            236           -          236        98%

  Laguna Townhomes 2            335           -          335        89%

  Laguna Townhomes 3A           198           -          198        68%

  Laguna Townhomes 3 B          61            -          61         55%

  Laguna Village Townhomes 1    120           1          121        30%

  Laguna Residences 1           378           -          378        96%

  Laguna Residences 2           414           -          414        100%

  Laguna Residences 3           230           -          230        67%

  Laguna Village Residences 1   83            1          84         30%

  Laguan Village Residences 2   42            2          44         15%

  Banyan Tree 2 Bedroom Villas  200           -          200        100%
  Phase 1                                                           

  Banyan Tree - 2 Bedroom       443           -          443        100%
  Villas Phase 2                                                    

  Banyan Tree Double Pool       481           -          481        66%
  Villas                                                            
  ----------------------------- ------------- ---------- ---------- ----------

Details of receivables due in each project as at 31^(st) December 2006
is as follows:

[TABLE]

Details of overdue receivables as at 31^(st) December, 2006

  --------------- ------- --------- --------- --------- --------- --------- --------- --------- ----------- ---------
  Project         Undue             Total               Overdue             Overdue             Overdue>6   
                                    overdue             1-3                 3-6                 months      
                                                        months              months                          

                  No.     Million   No.       Million   No.       Million   No.       Million   No.         Million
                          Baht                Baht                Baht                Baht                  Baht

  The Allamanda   8       12        4         1         -         -         -         -         4           1
  2&3                                                                                                       

  Laguna          1       1         1         1         1         1         -         -         -           -
  Townhomes 1                                                                                               

  Laguna          4       18        3         3         3         3         -         -         -           -
  Townhomes 2                                                                                               

  Laguna          13      21        5         8         5         6         3         2                     
  Townhomes 3A                                                                                              

  Laguna          6       49        -         -         -         -         -         -         -           -
  Townhomes 3B                                                                                              

  Laguna Village  21      42        5         11        5         11        -         -         -           -
  Townhomes 1                                                                                               

  Laguna          -       -         1         14        -         -         -         -         1           14
  Residences 1                                                                                              

  Laguna Village  10      15        7         30        7         30        -         -         -           -
  Residences 1                                                                                              

  Laguan Village  4       1         1         1         1         1         -         -         -           -
  Residences 2                                                                                              

  Banyan Tree     3       179       3         45        3         45        -         -         -           -
  Double Pool                                                                                               
  Villas                                                                                                    
  --------------- ------- --------- --------- --------- --------- --------- --------- --------- ----------- ---------

Property Under Construction as at 31^(st) December 2006

  ------------------- -------------- -------------- ---------- ------------
  Project             Construction   Construction   No. of     % Complete

                      Start          Finish         Units      

                                                               

  Laguna Village      Jun-06         Sep-07         36         5%
  Villas                                                       

                                                               

  LagunaTownhomes 3A  Oct-05         Aug-06         16         100%

  Laguna Townhomes 3B Apr-06         Dec-06         6          99%

  Laguna Village      Jun-06         May-07         30         53%
  Townhomes 1                                                  

                                                               

  Laguna Residences 3 Dec-05         Dec-06         10         100%

  Laguna Village      Jun-06         Apr-07         12         57%
  Residences 1                                                 

  Laguna Village      Aug-06         Jun-07         12         42%
  Residences 2                                                 

                                                               

  Dusit Residences    Jun-06         Dec-07         28         4%

                                                               

  Banyan Tree Double  Jul-04         Oct-06         10         99%
  Pool Villas                                                  

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

Property Projects Suspended

Laguna Home Chiangrai Phase 1 was suspended in 1997 due to the poor
property market. If market conditions improve the project will be
re-started.

5.3 Intangible assets

Goodwill

On 8 March 2005, the TWR-Holdings Limited acquired 100 percent of the
shares of Thai Wah Plaza Ltd. Goodwill on consolidation of Baht 35.43
million which represents the excess of the purchase price over the fair
value is regarded as an asset in the balance sheet and is amortised on
straight-line basis over 20 years.

On 8 January 2002, the company acquired 49 percent of the shares of
Laguna Banyan Tree Ltd. Goodwill on consolidation of Baht 501 million
which represents the excess of the purchase price over the fair value is
regarded as an asset in the balance sheet and is amortised on
straight-line basis over 20 years.

5.4 Investment / management policy of the company and its subsidiary
companies

The current intention of management in regard to investment policy in
the company and its subsidiary companies is to pursue any investment
opportunities within Laguna Phuket that provides the shareholders with a
sufficient return on investment. Such opportunities are summarised in
section 6 below.