5. Assets of the Company

  5.1 Summary of Operating Assets of the Company and Its Subsidiaries

  As at 31 December 2007, the assets of Laguna Resorts & Hotels Public
  Company Limited and its subsidiaries 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    | 1,61 | 2,53 | 2,38 | 1,44 | 4,53 | -    |
| otel properties | 2,52 | 3.75 | 4.18 | 8.06 | 9.22 | 9.24 |      |
|                 | 4.45 |      |      |      |      |      |      |
+-----------------+------+------+------+------+------+------+------+
| Land and land   | 9,35 | 70   | 6,12 | -    | 76   | 35   | 1,41 |
| improvement     | 0.23 | 1.19 | 1.28 |      | 1.71 | 6.00 | 0.05 |
+-----------------+------+------+------+------+------+------+------+
| Land awaiting   | 43   | 2    | 6    | -    | -    | -    | 33   |
| development     | 2.12 | 8.64 | 8.46 |      |      |      | 5.02 |
+-----------------+------+------+------+------+------+------+------+
| Buildings and   | 43   | 10   | 25   | -    | -    | -    | 7    |
| staff           | 9.81 | 8.33 | 3.44 |      |      |      | 8.04 |
| dormitories     |      |      |      |      |      |      |      |
+-----------------+------+------+------+------+------+------+------+
| External work   | 2    | -    | -    | -    | -    | -    | 2    |
|                 | 0.61 |      |      |      |      |      | 0.61 |
+-----------------+------+------+------+------+------+------+------+
| Furniture,      | 47   | 6    | 10   | -    | -    | 1    | 29   |
| fixtures and    | 8.36 | 8.53 | 0.81 |      |      | 0.17 | 8.85 |
| equipment       |      |      |      |      |      |      |      |
+-----------------+------+------+------+------+------+------+------+
| Golf course     | 28   | -    | 28   | -    | -    | -    | -    |
|                 | 4.07 |      | 4.07 |      |      |      |      |
+-----------------+------+------+------+------+------+------+------+
| Motor vehicles  | 15   | 1    | 3    | 3    | 1.45 | 2    | 5    |
|                 | 5.53 | 1.31 | 1.75 | 1.36 |      | 0.25 | 9.41 |
+-----------------+------+------+------+------+------+------+------+
| Construction in | 16   | 3    | 1    | 3    | 9.59 | 4    | 2    |
| process         | 2.28 | 1.31 | 4.67 | 6.58 |      | 9.93 | 0.20 |
+-----------------+------+------+------+------+------+------+------+
| Total property  | 2    | 2,56 | 9,40 | 2,45 | 2,22 | 4,97 | 2,22 |
| and equipment   | 3,84 | 3.06 | 8.66 | 6.00 | 1.97 | 5.59 | 2.18 |
| at cost and     | 7.46 |      |      |      |      |      |      |
| revaluation     |      |      |      |      |      |      |      |
+-----------------+------+------+------+------+------+------+------+
| Less :          | (4   | (533 | (1   | (651 | (518 | (1   | (214 |
| Accumulated     | ,747 | .17) | ,505 | .32) | .56) | ,324 | .60) |
| depreciation    | .89) |      | .31) |      |      | .93) |      |
+-----------------+------+------+------+------+------+------+------+
| Property and    | 1    | 2,02 | 7,90 | 1,80 | 1,70 | 3,65 | 2,00 |
| equipment, net  | 9,09 | 9.89 | 3.35 | 4.68 | 3.41 | 0.66 | 7.58 |
| book value      | 9.57 |      |      |      |      |      |      |
+-----------------+------+------+------+------+------+------+------+

  Laguna Resorts & Hotels Public Company Limited

  As at 31 December 2007, the assets consisted of Laguna Resorts &
  Hotels Public Company Limited land at Sansai, Chiang Mai of 386-2-14
  Rai and land at Bangtao Bay, Phuket of 49-0-10.33 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:

-   49-0-10.33 Rai mortgaged with Siam Commercial Bank Public Company
    Limited.

  The net book value of the assets of the Company amounted to Baht
  2,029.89 million as at 31 December 2007.

  The value of the land at Sansai, Chiang Mai and the land and buildings
  of the Dusit Laguna Resort as appraised by Knight Frank Chartered
  (Thailand) Co., Ltd. on 27 November 2007 was Baht 1,942.93 million.
  This appraisal valuation has been included in the Company financial
  statements for the year ended 31 December 2007.

Subsidiaries

  Laguna Grande Limited and Its Subsidiaries

  As at 31 December 2007, the assets consisted of 1,472-3-21.1 Rai of
  land owned by Laguna Grande Limited and its subsidiaries 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 subsidiaries amounted to Baht 7,903.35 million as at 31 December
  2007.

  The value of the buildings of the Sheraton Grande Laguna Phuket, land
  of the Laguna Phuket Golf Club and land awaiting development appraised
  by Knight Frank Chartered (Thailand) Co.,Ltd. on 27 November 2007 was
  Baht 7,893.07 million. This appraisal valuation has been included in
  the Company financial statements for the year ended 31 December 2007.

Laguna Banyan Tree Limited and Its Subsidiary 

  As at 31 December 2007, the assets of the company comprise the Banyan
  Tree Phuket Hotel located at Bangtao Bay, Phuket which consisting of
  buildings, furniture, fixtures and equipment.

  The net book value of the assets owned by Laguna Banyan Tree Limited
  and its subsidiary amounted to Baht 1,804.68 million as at 31 December
  2007.

  The appraisal value of the buildings of the Banyan Tree Phuket as
  assessed by Knight Frank Chartered (Thailand) Co., Ltd. on 27 November
  2007 was Baht 1,782 million. This appraisal excluded net book value at
  31 December 2007 of PT AVC Indonesia of Baht 1.97 million. The above
  appraisal value has been shown in the company financial statements for
  the year ended 31 December 2007.

  Laguna Beach Club Limited and Its Subsidiary

  As at 31 December 2007, the assets of the company comprise the Laguna
  Beach Resort located at Bangtao Bay, Phuket which consisting 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 land is
  under negative pledge with Siam Commercial Bank Public Company
  Limited.

  The net book value of the assets owned by Laguna Beach Club Limited
  and its subsidiary amounted to Baht 1,703.41 million as at 31 December
  2007.

  The value of the land and buildings of the Laguna Beach Resort
  appraised by Knight Frank Chartered (Thailand) Co., Ltd. on 27
  November 2007 was Baht 1,689.71 million. The above appraisal value has
  been shown in the company financial statements for the year ended 31
  December 2007.

  Thai Wah Plaza Limited and Its Subsidiaries

  As at 31 December 2007, 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 Hotel located at Bangkok which consisting 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 subsidiaries amounted to Baht 3,650.66 million as at 31 December
  2007.

  The value of the land and buildings of the Thai Wah Plaza Limited
  appraised by Knight Frank Chartered (Thailand) Co., Ltd. on 27
  November 2007 was Baht 3,610 million. The above appraisal value has
  been shown in the company financial statements for the year ended 31
  December 2007.

  TWR Holdings Limited and Its Subsidiaries and Other Subsidiaries

  As at 31 December 2007, the assets of the company and its subsidiaries
  and other subsidiaries consists of land, land awaiting development,
  buildings and equipment. The following areas are under mortgage of the
  bank:

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

-   6-3-54.8 Rai mortgaged with Kasikorn Bank Public Company Limited.

  These assets have a net book value of Baht 2,007.58 million as at 31
  December 2007. The land which is the site of the resort and property
  development in Phuket, Chiang Mai, Chiang Rai and Mae Hong Sorn belong
  to the TWR-Holdings Limited, Phuket Resort Development Company
  Limited, Pai Samart Development Company Limited, Mae Chan Property
  Company Limited and Talang Development Company Limited.

  The valuations are as performed by Knight Frank Chartered (Thailand)
  Co., Ltd. on 27 November 2007. As a policy, land & building
  revaluation by independent appraiser will be made every 3 years. The
  next appraisals are scheduled in 2010.

 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 December 2007 are summarised below.

+----------------+---------+------+-------+-----+------+--------+---+
| Company’s Name | Nature  | Pai  | Perce | Y   | Inve | Shareh | N |
|                | of      | d-up | ntage | ear | stme | olders | o |
|                | B       | S    |       | In  | nt - | which  | t |
|                | usiness | hare | of    | ves | Cost | Hold   | e |
|                |         | Cap  |       | ted | Me   | More   |   |
|                |         | ital | Sh    |     | thod | than   |   |
|                |         |      | areho |     |      |        |   |
|                |         | (Mil | lding |     | (Mil | 10 %   |   |
|                |         | lion |       |     | lion |        |   |
|                |         |      |       |     | Ba   |        |   |
|                |         | B    |       |     | ht)* |        |   |
|                |         | aht) |       |     |      |        |   |
+----------------+---------+------+-------+-----+------+--------+---+
| Subsidiaries   |         |      |       |     |      |        |   |
+----------------+---------+------+-------+-----+------+--------+---+
| Laguna Service | Provide | 9    | 89.16 | 1   | 2    |   LRH  | ( |
| Company        | ut      | 0.50 |       | 991 | 2.35 |   =    | 3 |
| Limited        | ilities |      |       |     |      |        | ) |
|                | and     |      |       |     |      |  24.7% |   |
|                | other   |      |       |     |      |        |   |
|                | s       |      |       |     |      |   BGL  |   |
|                | ervices |      |       |     |      |   =    |   |
|                | to      |      |       |     |      |        |   |
|                | hotels  |      |       |     |      |  31.1% |   |
|                | of the  |      |       |     |      |        |   |
|                | Company |      |       |     |      |   LBC  |   |
|                | and     |      |       |     |      |   =    |   |
|                | subsi   |      |       |     |      |        |   |
|                | diaries |      |       |     |      |  27.1% |   |
|                |         |      |       |     |      |        |   |
|                |         |      |       |     |      |   LBTL |   |
|                |         |      |       |     |      |   =    |   |
|                |         |      |       |     |      |        |   |
|                |         |      |       |     |      |  17.1% |   |
+----------------+---------+------+-------+-----+------+--------+---+
| TWR- Holdings  | Inv     | 1,25 | 1     | 1   | 1,25 |        |   |
| Limited        | estment | 0.00 | 00.00 | 993 | 0.00 |        |   |
|                | holding |      |       |     |      |        |   |
|                | and     |      |       |     |      |        |   |
|                | p       |      |       |     |      |        |   |
|                | roperty |      |       |     |      |        |   |
|                | deve    |      |       |     |      |        |   |
|                | lopment |      |       |     |      |        |   |
+----------------+---------+------+-------+-----+------+--------+---+
| Laguna Grande  | Op      | 1,00 | 1     | 1   | 91   |        |   |
| Limited        | erating | 0.00 | 00.00 | 993 | 4.40 |        |   |
|                | a golf  |      |       |     |      |        |   |
|                | club    |      |       |     |      |        |   |
|                | and     |      |       |     |      |        |   |
|                | p       |      |       |     |      |        |   |
|                | roperty |      |       |     |      |        |   |
|                | deve    |      |       |     |      |        |   |
|                | lopment |      |       |     |      |        |   |
+----------------+---------+------+-------+-----+------+--------+---+
| Laguna Holiday | Holiday | 33   | 1     | 1   | 33   |        |   |
| Club Limited   | club    | 0.00 | 00.00 | 994 | 0.00 |        |   |
|                | mem     |      |       |     |      |        |   |
|                | bership |      |       |     |      |        |   |
|                | and     |      |       |     |      |        |   |
|                | p       |      |       |     |      |        |   |
|                | roperty |      |       |     |      |        |   |
|                | deve    |      |       |     |      |        |   |
|                | lopment |      |       |     |      |        |   |
+----------------+---------+------+-------+-----+------+--------+---+
| Banyan Tree    | Sale of | 7.75 | 51.00 | 1   | 3.95 | BTH =  |   |
| Gallery        | merc    |      |       | 994 |      | 49%    |   |
| (Thailand)     | handise |      |       |     |      |        |   |
| Limited        |         |      |       |     |      |        |   |
+----------------+---------+------+-------+-----+------+--------+---+
| Banyan Tree    | Sale of | S$   | 51.00 | 1   | 3.95 | BTH =  | ( |
| Gallery        | merc    | 0.43 |       | 994 |      | 49%    | 9 |
| (Singapore)    | handise |      |       |     |      |        | ) |
| Pte Ltd        |         |      |       |     |      |        |   |
+----------------+---------+------+-------+-----+------+--------+---+
| Laguna (3)     | P       | 0.10 | 1     | 2   | 4    |        |   |
| Limited        | roperty |      | 00.00 | 001 | 6.42 |        |   |
|                |         |      |       |     |      |        |   |
|                | deve    |      |       |     |      |        |   |
|                | lopment |      |       |     |      |        |   |
+----------------+---------+------+-------+-----+------+--------+---+
| Cheer Golden   | Inv     | HK$  | 1     | 2   | -    |        | ( |
| Limited        | estment | 2    | 00.00 | 001 |      |        | 7 |
|                | holding |      |       |     |      |        | ) |
|                |         |      |       |     |      |        | , |
|                |         |      |       |     |      |        | ( |
|                |         |      |       |     |      |        | 9 |
|                |         |      |       |     |      |        | ) |
+----------------+---------+------+-------+-----+------+--------+---+

+----------------+--------+------+------+-----+------+---------+---+
| Company’s Name | Nature | Pai  | Pe   | Y   | Inve | Share   | N |
|                | of     | d-up | rcen | ear | stme | holders | o |
|                | Bu     | S    | tage | In  | nt - | which   | t |
|                | siness | hare |      | ves | Cost | Hold    | e |
|                |        | Cap  | of   | ted | Me   |         |   |
|                |        | ital |      |     | thod | More    |   |
|                |        |      | Shar |     |      | than    |   |
|                |        | (Mil | ehol |     | (Mil |         |   |
|                |        | lion | ding |     | lion | 10 %    |   |
|                |        |      |      |     | Ba   |         |   |
|                |        | B    |      |     | ht)* |         |   |
|                |        | aht) |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Subsidiaries   |        |      |      |     |      |         |   |
| held through   |        |      |      |     |      |         |   |
| TWR-Holdings   |        |      |      |     |      |         |   |
| Limited        |        |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Pai Samart     | Pr     | 2    | 10   | 1   | -    |         |   |
| Development    | operty | 8.40 | 0.00 | 990 |      |         |   |
| Company        | devel  |      |      |     |      |         |   |
| Limited        | opment |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Mae Chan       | Pr     | 23   | 10   | 1   | -    |         |   |
| Property       | operty | 2.30 | 0.00 | 990 |      |         |   |
| Company        | devel  |      |      |     |      |         |   |
| Limited        | opment |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Laguna Banyan  | Hotel  | 50   | 10   | 1   | 83   |         | ( |
| Tree Limited   | oper   | 0.00 | 0.00 | 992 | 5.14 |         | 4 |
|                | ations |      |      |     |      |         | ) |
|                | and    |      |      |     |      |         |   |
|                | pr     |      |      |     |      |         |   |
|                | operty |      |      |     |      |         |   |
|                | devel  |      |      |     |      |         |   |
|                | opment |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Laguna Beach   | Hotel  | 20   | 6    | 1   | 8    | PR(T) = | ( |
| Club Limited   | oper   | 0.00 | 0.00 | 993 | 5.00 | 40%     | 1 |
|                | ations |      |      |     |      |         | ) |
|                |        |      |      |     |      |         | , |
|                |        |      |      |     |      |         | ( |
|                |        |      |      |     |      |         | 4 |
|                |        |      |      |     |      |         | ) |
+----------------+--------+------+------+-----+------+---------+---+
| Laguna (1)     | Pr     | 1    | 6    | 1   | -    | PR(T) = | ( |
| Limited        | operty | 5.00 | 0.00 | 993 |      | 40%     | 1 |
|                | devel  |      |      |     |      |         | ) |
|                | opment |      |      |     |      |         | , |
|                |        |      |      |     |      |         | ( |
|                |        |      |      |     |      |         | 4 |
|                |        |      |      |     |      |         | ) |
+----------------+--------+------+------+-----+------+---------+---+
| Phuket Resort  | Pr     | 4    | 10   | 1   | -    |         |   |
| Development    | operty | 1.40 | 0.00 | 996 |      |         |   |
| Limited        | devel  |      |      |     |      |         |   |
|                | opment |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| PT. AVC        | H      | US$  | 10   | 2   | -    |         | ( |
| Indonesia      | oliday | 0.70 | 0.00 | 002 |      |         | 9 |
|                | club   |      |      |     |      |         | ) |
|                | memb   |      |      |     |      |         |   |
|                | ership |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Talang         | Pr     | 25   | 5    | 2   | -    | RC =    | ( |
| Development    | operty | 1.00 | 0.00 | 002 |      | 50%     | 5 |
| Company        | devel  |      |      |     |      |         | ) |
| Limited        | opment |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Twin Waters    | Pr     | 21   | 10   | 2   | -    |         |   |
| Development    | operty | 4.37 | 0.00 | 003 |      |         |   |
| Company        | devel  |      |      |     |      |         |   |
| Limited        | opment |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Thai Wah Plaza | Hotel  | 2,25 | 10   | 2   | -    |         |   |
| Limited        | opera  | 0.00 | 0.00 | 005 |      |         |   |
|                | tions, |      |      |     |      |         |   |
|                | lease  |      |      |     |      |         |   |
|                | of     |      |      |     |      |         |   |
|                | office |      |      |     |      |         |   |
|                | bu     |      |      |     |      |         |   |
|                | ilding |      |      |     |      |         |   |
|                | space  |      |      |     |      |         |   |
|                | and    |      |      |     |      |         |   |
|                | pr     |      |      |     |      |         |   |
|                | operty |      |      |     |      |         |   |
|                | devel  |      |      |     |      |         |   |
|                | opment |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Thai Wah Tower | Lease  | 45   | 10   | 2   | -    |         |   |
| Company        | of     | 5.00 | 0.00 | 005 |      |         |   |
| Limited        | office |      |      |     |      |         |   |
|                | bu     |      |      |     |      |         |   |
|                | ilding |      |      |     |      |         |   |
|                | space  |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Thai Wah Tower | Pr     | 2    | 10   | 2   | -    |         |   |
| (2) Company    | operty | 1.00 | 0.00 | 005 |      |         |   |
| Limited        | devel  |      |      |     |      |         |   |
|                | opment |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Laguna         | Travel | 5.00 | 4    | 2   | -    |         | ( |
| Excursions     | oper   |      | 9.00 | 005 |      |         | 2 |
| Limited        | ations |      |      |     |      |         | ) |
+----------------+--------+------+------+-----+------+---------+---+
| Company’s Name | Nature | Pai  | Pe   | Y   | Inve | Share   | N |
|                | of     | d-up | rcen | ear | stme | holders | o |
|                | Bu     | S    | tage | In  | nt - | which   | t |
|                | siness | hare |      | ves | Cost | Hold    | e |
|                |        | Cap  | of   | ted | Me   |         |   |
|                |        | ital |      |     | thod | More    |   |
|                |        |      | Shar |     |      | than    |   |
|                |        | (Mil | ehol |     | (Mil |         |   |
|                |        | lion | ding |     | lion | 10 %    |   |
|                |        |      |      |     | Ba   |         |   |
|                |        | B    |      |     | ht)* |         |   |
|                |        | aht) |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Subsidiaries   |        |      |      |     |      |         |   |
| held through   |        |      |      |     |      |         |   |
| Laguna Grande  |        |      |      |     |      |         |   |
| Limited        |        |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Bangtao (1)    | Pr     | 2    | 10   | 1   | -    |         |   |
| Limited        | operty | 0.93 | 0.00 | 990 |      |         |   |
|                | devel  |      |      |     |      |         |   |
|                | opment |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Bangtao (2)    | Pr     | 1    | 10   | 1   | -    |         |   |
| Limited        | operty | 9.10 | 0.00 | 990 |      |         |   |
|                | devel  |      |      |     |      |         |   |
|                | opment |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Bangtao (3)    | Pr     | 7.75 | 10   | 1   | -    |         |   |
| Limited        | operty |      | 0.00 | 990 |      |         |   |
|                | devel  |      |      |     |      |         |   |
|                | opment |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Bangtao (4)    | Pr     | 1    | 10   | 1   | -    |         |   |
| Limited        | operty | 4.55 | 0.00 | 990 |      |         |   |
|                | devel  |      |      |     |      |         |   |
|                | opment |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Bangtao        | Pr     | 8    | 10   | 1   | -    |         |   |
| Development    | operty | 0.00 | 0.00 | 990 |      |         |   |
| Limited        | devel  |      |      |     |      |         |   |
|                | opment |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Laguna Central | D      | 1.00 | 8    | 2   | -    | Mr      |   |
| Limited        | ormant |      | 5.00 | 001 |      | .Phitak |   |
|                |        |      |      |     |      | Boon    |   |
|                |        |      |      |     |      | pojanas |   |
|                |        |      |      |     |      | oontorn |   |
|                |        |      |      |     |      | = 15%   |   |
+----------------+--------+------+------+-----+------+---------+---+
| Bangtao Grande | Hotel  | 1,54 | 10   | 2   | -    |         |   |
| Limited        | oper   | 6.00 | 0.00 | 001 |      |         |   |
|                | ations |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
|                |        |      |      |     | 3,49 |         |   |
|                |        |      |      |     | 1.21 |         |   |
+----------------+--------+------+------+-----+------+---------+---+

+----------------+--------+------+------+-----+------+---------+---+
| Company’s Name | Nature | Pai  | Pe   | Y   | Inve | Share   | N |
|                | of     | d-up | rcen | ear | stme | holders | o |
|                | Bu     | S    | tage | In  | nt - | which   | t |
|                | siness | hare |      | ves | Cost | Hold    | e |
|                |        | Cap  | of   | ted | Me   | More    |   |
|                |        | ital |      |     | thod | than 10 |   |
|                |        |      | Shar |     |      | %       |   |
|                |        | (Mil | ehol |     | (Mil |         |   |
|                |        | lion | ding |     | lion |         |   |
|                |        |      |      |     | Ba   |         |   |
|                |        | B    |      |     | ht)* |         |   |
|                |        | aht) |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Associates     |        |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Ownrep Project | Ceased | S$   | 5    | 1   | -    |   TRL = | ( |
| Services Pte   | ope    | 2.00 | 0.00 | 991 |      |   50%   | 6 |
| Ltd.           | ration |      |      |     |      |         | ) |
|                |        |      |      |     |      |         | , |
|                |        |      |      |     |      |         | ( |
|                |        |      |      |     |      |         | 9 |
|                |        |      |      |     |      |         | ) |
+----------------+--------+------+------+-----+------+---------+---+
| Lijiang Banyan | Hotel  | US$  | 4    | 2   | -    | BTH =   | ( |
| Tree Hotel Co. | oper   | 18.4 | 9.04 | 003 |      | 50.96%  | 8 |
| Ltd            | ations |      |      |     |      |         | ) |
|                |        |      |      |     |      |         | , |
|                |        |      |      |     |      |         | ( |
|                |        |      |      |     |      |         | 9 |
|                |        |      |      |     |      |         | ) |
+----------------+--------+------+------+-----+------+---------+---+
|                |        |      |      |     | -    |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Other          |        |      |      |     |      |         |   |
| investments    |        |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Universal      | Manuf  | 78   | 1    | 1   | 2    |         | ( |
| Starch Public  | acture | 5.36 | 6.26 | 988 | 3.85 |         | 4 |
| Company        | and    |      |      |     |      |         | ) |
| Limited (1)    | sale   |      |      |     |      |         | , |
|                | of     |      |      |     |      |         | ( |
|                | t      |      |      |     |      |         | 1 |
|                | apioca |      |      |     |      |         | 0 |
|                | pr     |      |      |     |      |         | ) |
|                | oducts |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
| Tropical       | Resort | US$  | 1    | 1   | -    |   CFC = | ( |
| Resorts        | inve   | 5    | 9.80 | 990 |      |   11.6% | 5 |
| Limited        | stment | 0.50 |      |     |      |         | ) |
|                | and    |      |      |     |      |   USC = | , |
|                | devel  |      |      |     |      |   19.8% | ( |
|                | opment |      |      |     |      |         | 9 |
|                |        |      |      |     |      |   JAIC  | ) |
|                |        |      |      |     |      |   =     |   |
|                |        |      |      |     |      |   18.8% |   |
|                |        |      |      |     |      |         |   |
|                |        |      |      |     |      |   KAL = |   |
|                |        |      |      |     |      |   30%   |   |
+----------------+--------+------+------+-----+------+---------+---+
| Bibace         | Inve   | US$  | 1    | 2   | -    |   GSI = | ( |
| Investments    | stment | 0.01 | 9.80 | 003 |      |   19.8% | 6 |
| Ltd (2)        | ho     |      |      |     |      |   CFC = | ) |
|                | ldings |      |      |     |      |   11.6% | , |
|                |        |      |      |     |      |         | ( |
|                |        |      |      |     |      |   KAP = | 9 |
|                |        |      |      |     |      |   48.8% | ) |
+----------------+--------+------+------+-----+------+---------+---+
| Hua Hin Beach  | D      | 1    | 1    | 2   | 1.00 |   Mrs.  |   |
| Resorts        | ormant | 0.00 | 0.00 | 003 |      |   J     |   |
| Company        |        |      |      |     |      | araspim |   |
| Limited        |        |      |      |     |      |   Lipt  |   |
|                |        |      |      |     |      | apanlop |   |
|                |        |      |      |     |      |   = 85% |   |
+----------------+--------+------+------+-----+------+---------+---+
|                |        |      |      |     | 2    |         |   |
|                |        |      |      |     | 4.85 |         |   |
+----------------+--------+------+------+-----+------+---------+---+
|                |        |      |      |     |      |         |   |
+----------------+--------+------+------+-----+------+---------+---+
|                |        |      |      |     | 3,51 |         |   |
|                |        |      |      |     | 6.06 |         |   |
+----------------+--------+------+------+-----+------+---------+---+

* Respresents direct cost of investment by the Company.

(1) Formerly known as “Thai Wah Public Company Limited.”

(2) Formerly known as “TRL Investments Ltd.”

  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 after deducting the cumulative preferential
  annual dividend of 15 percent of the par value of the preference
  shares 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. Indirect shareholding through LHC.

  8. Indirect shareholding through LBTL.

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

  10. Market value of investment in USC as at date trading was suspended
  on 14 November 2005 was Baht 1.72 per share.

  Abbreviations

+-------+--------------------------------------------------------------+
| BGL   | = Bangtao Grande Limited                                     |
+-------+--------------------------------------------------------------+
| BTH   | = Banyan Tree Holdings Limited                               |
+-------+--------------------------------------------------------------+
| CFC   | = Chang Fung Company Limited                                 |
+-------+--------------------------------------------------------------+
| GSI   | = Gold Sand Investments Ltd.                                 |
+-------+--------------------------------------------------------------+
| JAIC  | = JAIC Asia Holdings Pte Ltd.                                |
+-------+--------------------------------------------------------------+
| KAL   | = Kilby Associates Limited                                   |
+-------+--------------------------------------------------------------+
| KAP   | = KAP Holdings Ltd.                                          |
+-------+--------------------------------------------------------------+
| LBC   | = Laguna Beach Club Limited                                  |
+-------+--------------------------------------------------------------+
| LBTL  | = Laguna Banyan Tree Limited                                 |
+-------+--------------------------------------------------------------+
| LRH   | = Laguna Resorts & Hotels Public Company Limited             |
+-------+--------------------------------------------------------------+
| LHC   | = Laguna Holiday Club Limited                                |
+-------+--------------------------------------------------------------+
| PR(T) | = Pacific Resorts Thailand Limited                           |
+-------+--------------------------------------------------------------+
| RC    | = Rayan Company Limited                                      |
+-------+--------------------------------------------------------------+
| TRL   | = Tropical Resorts Limited                                   |
+-------+--------------------------------------------------------------+
| TWRH  | = TWR – Holdings Limited                                     |
+-------+--------------------------------------------------------------+
| USC   | = Universal Starch Public Company Limited                    |
|       |                                                              |
|       | (Formerly known as “Thai Wah Public Company Limited”)        |
+-------+--------------------------------------------------------------+

NET ASSET VALUE

+----------------------------------------+--------------+--------------+
|                                        | Million Baht | Value per    |
|                                        |              | share        |
|                                        |              |              |
|                                        |              | (Baht)       |
+----------------------------------------+--------------+--------------+
| Assets                                 | 15,143.98    |              |
+----------------------------------------+--------------+--------------+
| Add : Revaluation of hotel properties  | 9,869.86     |              |
| and land                               |              |              |
+----------------------------------------+--------------+--------------+
| Total assets                           | 25,013.84    | 150.07       |
+----------------------------------------+--------------+--------------+
| Less : Total liabilities               | (6,106.75)   | (36.64)      |
+----------------------------------------+--------------+--------------+
| Net Assets                             | 18,907.09    | 113.43       |
+----------------------------------------+--------------+--------------+
| Less : Commitments which may occur     | -            | -            |
+----------------------------------------+--------------+--------------+
| Net Asset Value                        | 18,907.09    | 113.43       |
+----------------------------------------+--------------+--------------+

  Remark: The Company and its subsidiaries 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 subsidiaries.

2.  Developing of Real Estate Summary

+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Project  | Company   | P  | T | Out | Pro  | Land      | Ex  | In  |
|          |           | ro | o | sta | ject | owner     | pec | ves |
|          |           | je | t | nd- |      |           | ted | t-m |
|          |           | ct | a | ing | Area |           | Per | ent |
|          |           |    | l | Un  |      |           | iod | Va  |
|          |           | Ty | U | its | (Rai |           | to  | lue |
|          |           | pe | n |     | -Nga |           | Se  |     |
|          |           |    | i |     | n-Sq |           | ll/ | (M  |
|          |           |    | t |     | .w.) |           |     | ill |
|          |           |    | s |     |      |           | D   | ion |
|          |           |    |   |     |      |           | eve |     |
|          |           |    |   |     |      |           | lop | Ba  |
|          |           |    |   |     |      |           |     | ht) |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Laguna   | Laguna    | La | 5 | -   | 6    | Laguna    | -   | 66  |
| Homes    | Grande    | nd | 4 |     | 7-2- | Grande    |     |     |
|          | Limited   |    |   |     | 63.9 | Limited   |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| The      | Laguna    | Co | 9 | -   | 9-0- | Laguna    | -   | 242 |
| A        | Grande    | nd | 5 |     | 02.9 | Grande    |     |     |
| llamanda | Limited   | o- |   |     |      | Limited   |     |     |
| 1        |           | mi |   |     |      |           |     |     |
|          |           | ni |   |     |      |           |     |     |
|          |           | um |   |     |      |           |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| The      | Laguna    | Co | 1 | -   | 1    | Laguna    | -   | 493 |
| A        | Grande    | nd | 4 |     | 2-1- | Grande    |     |     |
| llamanda | Limited   | o- | 1 |     | 59.7 | Limited   |     |     |
| 2&3      |           | mi |   |     |      |           |     |     |
|          |           | ni |   |     |      |           |     |     |
|          |           | um |   |     |      |           |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Island   | Laguna    | Co | 5 | -   | 4-1- | Laguna    | -   | 184 |
| Villas   | Grande    | nd | 2 |     | 04.5 | Grande    |     |     |
|          | Limited   | o- |   |     |      | Limited   |     |     |
|          |           | mi |   |     |      |           |     |     |
|          |           | ni |   |     |      |           |     |     |
|          |           | um |   |     |      |           |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Laguna   | Laguna    | Co | 3 | 14  | 1    | Laguna    | 1   | 274 |
|          | Resorts & | nd | 6 |     | 1-3- | Resorts & | y   |     |
| Village  | Hotels    | o- |   |     | 73.9 | Hotels    | ear |     |
| Villas   | Public    | mi |   |     |      | Public    |     |     |
|          | Company   | ni |   |     |      | Company   |     |     |
|          | Limited   | um |   |     |      | Limited   |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Laguna   | Laguna    | La | 1 | -   | 7-3- | Twin      | -   | 146 |
|          | Grande    | nd | 8 |     | 87.9 | Waters    |     |     |
| T        | Limited   | &  |   |     |      | De        |     |     |
| ownhomes |           | h  |   |     |      | velopment |     |     |
| 1        |           | ou |   |     |      | Company   |     |     |
|          |           | se |   |     |      | Limited   |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Laguna   | Laguna    | La | 2 | -   | 1    | Laguna    | -   | 233 |
|          | Holiday   | nd | 4 |     | 2-0- | Holiday   |     |     |
| T        | Club      | &  |   |     | 51.4 | Club      |     |     |
| ownhomes | Limited   | h  |   |     |      | Limited   |     |     |
| 2        |           | ou |   |     |      |           |     |     |
|          |           | se |   |     |      |           |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Laguna   | Thai Wah  | La | 1 | -   | 8-0- | Thai Wah  | -   | 159 |
|          | Plaza     | nd | 6 |     | 87.8 | Plaza     |     |     |
| T        | Limited   | &  |   |     |      | Limited   |     |     |
| ownhomes |           | h  |   |     |      |           |     |     |
| 3 A      |           | ou |   |     |      |           |     |     |
|          |           | se |   |     |      |           |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Laguna   | Laguna    | La | 8 | -   | 5-0- | Laguna    | -   | 81  |
|          | Holiday   | nd |   |     | 87.8 | Holiday   |     |     |
| T        | Club      | &  |   |     |      | Club      |     |     |
| ownhomes | Limited   | h  |   |     |      | Limited   |     |     |
| 3 B      |           | ou |   |     |      |           |     |     |
|          |           | se |   |     |      |           |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Laguna   | TWR       | La | 3 | 1   | 1    | TWR       | 1   | 295 |
| Village  | -Holdings | nd | 0 |     | 8-3- | -Holdings | y   |     |
| T        | Limited   | &  |   |     | 12.8 | Limited   | ear |     |
| ownhomes |           | h  |   |     |      |           |     |     |
| 1        |           | ou |   |     |      |           |     |     |
|          |           | se |   |     |      |           |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Laguna   | Laguna    | La | 2 | 10  | 1    | Laguna    | 1   | 253 |
| Village  | Resorts & | nd | 6 |     | 4-3- | Resorts & | y   |     |
| T        | Hotels    | &  |   |     | 98.0 | Hotels    | ear |     |
| ownhomes | Public    | h  |   |     |      | Public    |     |     |
| 2        | Company   | ou |   |     |      | Company   |     |     |
|          | Limited   | se |   |     |      | Limited   |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Laguna   | Laguna    | La | 2 | -   | 1    | Laguna    | -   | 192 |
|          | Grande    | nd | 0 |     | 8-0- | Grande    |     |     |
| Re       | Limited   | &  |   |     | 59.0 | Limited   |     |     |
| sidences |           | h  |   |     |      |           |     |     |
| 1        |           | ou |   |     |      |           |     |     |
|          |           | se |   |     |      |           |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Laguna   | Twin      | La | 1 | -   | 2    | Twin      | -   | 193 |
|          | Waters    | nd | 9 |     | 1-0- | Waters    |     |     |
| Re       | De        | &  |   |     | 58.8 | De        |     |     |
| sidences | velopment | h  |   |     |      | velopment |     |     |
| 2        | Company   | ou |   |     |      | Company   |     |     |
|          | Limited   | se |   |     |      | Limited   |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Laguna   | Thai Wah  | La | 1 | -   | 1    | Thai Wah  | -   | 156 |
|          | Plaza     | nd | 2 |     | 7-0- | Plaza     |     |     |
| Re       | Limited   | &  |   |     | 05.2 | Limited   |     |     |
| sidences |           | h  |   |     |      |           |     |     |
| 3        |           | ou |   |     |      |           |     |     |
|          |           | se |   |     |      |           |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Laguna   | Laguna    | La | 1 | -   | 1    | Laguna    | -   | 172 |
| Village  | Holiday   | nd | 2 |     | 6-0- | Holiday   |     |     |
| Re       | Club      | &  |   |     | 73.8 | Club      |     |     |
| sidences | Limited   | h  |   |     |      | Limited   |     |     |
| 1        |           | ou |   |     |      |           |     |     |
|          |           | se |   |     |      |           |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Laguna   | TWR       | La | 1 | -   | 1    | TWR       | -   | 178 |
| Village  | -Holdings | nd | 2 |     | 6-0- | -Holdings |     |     |
| Re       | Limited   | &  |   |     | 27.2 | Limited   |     |     |
| sidences |           | h  |   |     |      |           |     |     |
| 2        |           | ou |   |     |      |           |     |     |
|          |           | se |   |     |      |           |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Laguna   | TWR       | La | 1 | 2   | 1    | TWR       | 1   | 188 |
| Village  | -Holdings | nd | 3 |     | 6-0- | -Holdings | y   |     |
| Re       | Limited   | &  |   |     | 40.3 | Limited   | ear |     |
| sidences |           | h  |   |     |      |           |     |     |
| 3        |           | ou |   |     |      |           |     |     |
|          |           | se |   |     |      |           |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Laguna   | Thai Wah  | La | 1 | 3   | 1    | Thai Wah  | 1   | 187 |
| Village  | Plaza     | nd | 2 |     | 3-3- | Plaza     | y   |     |
| Re       | Limited   | &  |   |     | 62.4 | Limited   | ear |     |
| sidences |           | h  |   |     |      |           |     |     |
| 4        |           | ou |   |     |      |           |     |     |
|          |           | se |   |     |      |           |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Dusit    | Laguna    | V  | 2 | 6   | 4-0- | Laguna    | 1   | 334 |
| Pool     | Resorts & | il | 8 |     | 20.2 | Resorts & | y   |     |
| Villas   | Hotels    | la |   |     |      | Hotels    | ear |     |
|          | Public    |    |   |     |      | Public    |     |     |
|          | Company   |    |   |     |      | Company   |     |     |
|          | Limited   |    |   |     |      | Limited   |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Banyan   | Laguna    | V  | 1 | -   | 2-2- | Bangtao   | -   | 114 |
| Tree 2   | Banyan    | il | 2 |     | 15.5 | De        |     |     |
| Bedroom  | Tree      | la |   |     |      | velopment |     |     |
| Villas   | Limited   |    |   |     |      | Limited   |     |     |
| Phase 1  |           |    |   |     |      |           |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Banyan   | Laguna    | V  | 1 | -   | 3-0- | Bangtao   | -   | 190 |
| Tree 2   | Banyan    | il | 4 |     | 07.5 | De        |     |     |
| Bedroom  | Tree      | la |   |     |      | velopment |     |     |
| Villas   | Limited   |    |   |     |      | Limited   |     |     |
| Phase 2  |           |    |   |     |      |           |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Banyan   | Laguna    | V  | 2 | 8   | 5-0- | Laguna    | 1   | 631 |
| Tree 2   | Banyan    | il | 2 |     | 90.0 | Grande    | y   |     |
| Bedroom  | Tree      | la |   |     |      | Limited   | ear |     |
| Villas   | Limited   |    |   |     |      |           |     |     |
| Phase 3  |           |    |   |     |      |           |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Banyan   | Thai Wah  | Ap | 2 | 18  | 1-3- | Thai Wah  | 2   | 429 |
| Tree     | Plaza     | ar | 4 |     | 80.0 | Plaza     | ye  |     |
| Re       | Limited   | t- |   |     |      | Limited   | ars |     |
| sidences |           | me |   |     |      |           |     |     |
| Bangkok  |           | nt |   |     |      |           |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+
| Banyan   | Laguna    | V  | 1 | -   | 5-3- | Laguna    | 1   | 328 |
| Tree     | Banyan    | il | 2 |     | 31.1 | Grande    | y   |     |
|          | Tree      | la |   |     |      | Limited   | ear |     |
| Double   | Limited   |    |   |     |      |           |     |     |
| Pool     |           |    |   |     |      |           |     |     |
| Villas   |           |    |   |     |      |           |     |     |
+----------+-----------+----+---+-----+------+-----------+-----+-----+

[TABLE]

  ----------------------------- ------------ -------- -------- -------- --------
  Project                       Income                                  
                                recognized                              
                                (Million                                
                                Baht)                                   

                                2007         2006     2005     2004     2003

  The Allamanda 2&3             -            10       70       -        6

  Laguna Homes                  -            -        -        -        7

  Laguna Village Villas         179          4        -        -        -

  Laguna Townhomes 1            -            -        3        126      111

  Laguna Townhomes 2            -            -        158      220      -

  Laguna Townhomes 3A           2            277      16       -        -

  Laguna Townhomes 3 B          19           110      -        -        -

  Laguna Village Townhomes 1    278          178      -        -        -

  Laguna Village Townhomes 2    273          -        -        -        -

  Laguna Residences 1           -            -        -        85       307

  Laguna Residences 2           32           -        10       403      -

  Laguna Residences 3           5            305      -        -        -

  Laguna Village Residences 1   126          132      -        -        -

  Laguan Village Residences 2   247          44       -        -        -

  Laguan Village Residences 3   209          -        -        -        -

  Laguan Village Residences 4   58           -        -        -        -

  Dusit Pool Villas             507          -        -        -        -

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

  Banyan Tree Double Pool       387          717      -        -        -
  Villas                                                                

  Total                         2,322        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             730           -          730        98%

  Island Villas                 353           -          353        100%

  Laguna Village Villas         107           4          111        45%

  Laguna Townhomes 1            236           -          236        98%

  Laguna Townhomes 2            363           -          363        96%

  Laguna Townhomes 3A           248           -          248        85%

  Laguna Townhomes 3 B          105           -          105        73%

  Laguna Village Townhomes 1    345           3          348        75%

  Laguna Village Townhomes 2    142           1          143        50%

  Laguna Residences 1           393           -          393        100%

  Laguna Residences 2           432           -          432        97%

  Laguna Residences 3           293           -          293        85%

  Laguna Village Residences 1   226           -          226        81%

  Laguan Village Residences 2   191           -          191        64%

  Laguan Village Residences 3   108           -          108        36%

  Laguan Village Residences 4   47            41         88         31%

  Dusit Pool Villas             211           3          214        29%

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

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

  Banyan Tree Double Pool       866           -          866        78%
  Villas                                                            
  ----------------------------- ------------- ---------- ---------- ----------

Details of receivables due in each project as at 31 December 2007 is as
follows:

[TABLE]

Details of overdue receivables as at 31 December, 2007

[TABLE]

Property Under Construction as at 31 December 2007

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

                         start          finish         Units    

  LV villas              Jul-06         May-08         36      75%

                                                                

  Townhomes                                                     

  Phase 3B (Plot 7-8)    Apr-07         May-08         2       90%

  LV Phase 1 (LV-TH1)    Jun-06         Sep-07         30      100%

  LV Phase 2 (LV-TH2)    Jan-07         Apr-08         26      97%

                                                                

  Residences                                                    

  Phase 2 (plot 37)      May-07         May-08         1       67%

  LV phase 1             Jun-06         Oct-07         12      100%

  LV phase 2             Aug-06         Nov-07         12      100%

  LV phase 3             Apr-07         May-08         13      76%

  LV phase 4             Sep-07         Apr-08         12      30%

                                                                

  Dusit Pool Villas      Oct-06         Aug-08         28      70%

                                                                

  Banyan Tree                                                   

  Double Pool Villas     Jul-04         Mar-07         12      100%

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

Property Projects Suspended

  Laguna Home Chiang Rai 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 Limited. 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 Limited. 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.