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  3. Nature of Business Operation

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3.1 Company Background

Keppel Thai Properties Public Company Limited (KTP) is a property
development company with a registered and paid up capital of Baht 2,200
million. As a subsidiary company, KTP is 45.45% held by Keppel Land
Limited (Keppel Land), one of Singapore’s largest public listed property
companies.

3.2 Significant Changes and Development in 2010

April 2010

-   Renewed the loan agreement between a subsidiary company and Bank of
    Ayudhya Public Company Limited which the Company act as guarantor
    and financial supporter.

3.3 Business Overview of the Group

KTP is developing two landed residential housing projects known as Villa
Arcadia Srinakarin and Villa Arcadia Watcharapol. Both projects feature
modern-tropical architecture and quality finishes that cater to home
buyers in the middle to upper-middle market segments. The projects are
situated within established residential estates with easy access to
major amenities.

KTP has 4 subsidiary companies whose main business is property
development as shown in the table below:

  ----------------------------------- -----------------------------------
  Company Name                        Business Operation of the Group

  Keppel Thai Properties Public       Property Development, provides
  Company Limited                     leasing and other services for its
                                      office space

  Thai-Kami Company Limited           Develops residential properties

  Gold Star Property Company Limited  Sells residential condominium units
                                      and develops residential properties

  Top Property Company Limited        Develops residential properties

  Cornerstone Realty Company Limited  Constructs and develops residential
                                      properties
  ----------------------------------- -----------------------------------

Flow chart of the investment structure of KTP and its subsidiaries

as of 31 December 2010

[]

The revenue of KTP and its subsidiaries can be analyzed as follows:

  --------------- ------------- ----------- ---------- ------- ------- ------- ------- -------
  Product Line /  Operated      % Shares    Revenue                                    
  Business Group  by            held by KTP (Million                                   
                                            Baht)                                      

                                            2010       %       2009    %       2008    %

  Lease and       KTP           -           37.3       17.3    37.3    24.9    38.9    12.6
  services                                                                             

  Sale of         Gold Star     100 %       -          -       -       -       -       -
  condominiums                                                                         

  Sale of land    Thai-Kami,    100 %       143.9      66.9    84.1    56.2    218.3   70.8
  and house       Gold Star and                                                        
  construction    Cornerstone                                                          

  Sale of land    Top Property  61%         18.6       8.7     9.6     6.4     30.2    9.8
  and house                                                                            
  construction                                                                         

  Others          -             -           15.3       7.1     18.6    12.5    21.1    6.8

  Total           -             -           215.1      100.0   149.6   100.0   308.5   100.0
  --------------- ------------- ----------- ---------- ------- ------- ------- ------- -------

Note: Details of revenue of KTP and its subsidiary companies are
disclosed in the Company’s Financial Statements.