8. Capital Structure

  8.1 Securities of the Company

-   The Company has a registered capital of Baht 2,116,753,580 and
    issued and paid-up capital of Baht 1,666,827,010 divided into
    166,682,701 ordinary shares at par value of Baht 10 per share.

-   The Company has no shares of which the rights and conditions are
    different from the ordinary shares.

-   The Company is participating in the Thai Trust Fund Scheme and has
    consented to the Thai Trust Fund’s investment in and holding of the
    Company’s shares in the amount not exceeding 20 percent of the total
    issued and paid-up shares of the Company.

  As of the latest share register book closing on 28 December 2007, the
  total shares held by Thai Trust Funds and Thai NVDR Company Limited (a
  subsidiary wholly owned by the Stock Exchange of Thailand issuing
  “Non-Voting Depository Receipt” or “NVDR”) in the Company’s shares are
  23,469,665 shares or 14.1 percent and 2,810,058 shares or 1.7 percent
  of the total issued and paid-up shares of the Company respectively.
  Pursuant to the provisions of the prospectus of Thai Trust Fund and
  Thai NVDR Company Limited, they will not attend nor vote in any
  meeting of shareholders’ meeting of LRH other than delisting. Then the
  shares held by Thai Trust Fund and Thai NVDR Company Limited will not
  be considered for quorum and voting in shareholders’ meeting except
  when LRH wishes to delist its shares from the Stock Exchange of
  Thailand.

  Investors can check the number of NVDR from the website of the Stock
  Exchange of Thailand www.set.or.th/nvdr.

-   The Company has not issued any debentures, notes, convertible
    securities, debt instruments, etc.

-   There are no shareholding agreements among the major shareholders,
    to which the Company is a party, which has an effect on the issue
    and offer for sale of securities or business operations of the
    Company.

  8.2 Shareholders

  8.2.1 Major shareholders as at 28 December 2007 ^(#)

+---+-----------------------------------------+---------+--------+-----+
| N | Shareholders                            | No. of  | Total  | %   |
| o |                                         | Share   | No. of |     |
| . |                                         | Held    | Shares |     |
|   |                                         |         | Held   |     |
+---+-----------------------------------------+---------+--------+-----+
| 1 | Banyan Tree Holdings Limited Group of   |         | 91,4   | 5   |
|   | Companies                               |         | 22,911 | 4.8 |
+---+-----------------------------------------+---------+--------+-----+
|   | (1) Banyan Tree Holdings Limited        | 74,     |        |     |
|   |                                         | 632,342 |        |     |
+---+-----------------------------------------+---------+--------+-----+
|   | (2) Banyan Tree Resorts & Spas          | 15,     |        |     |
|   | (Thailand) Company Limited *            | 737,807 |        |     |
+---+-----------------------------------------+---------+--------+-----+
|   | (3) Kim Eng Ong Asia Securities (Pte)   | 1,      |        |     |
|   | Ltd **                                  | 052,762 |        |     |
+---+-----------------------------------------+---------+--------+-----+
| 2 | Universal Starch Public Company Limited |         | 29,4   | 17. |
|   |                                         |         | 47,324 | 7   |
|   | (Formerly known as Thai Wah Public      |         |        |     |
|   | Company Limited)                        |         |        |     |
+---+-----------------------------------------+---------+--------+-----+
| 3 | Thai Trust Funds ***                    |         | 23,4   | 1   |
|   |                                         |         | 69,665 | 4.1 |
+---+-----------------------------------------+---------+--------+-----+
| 4 | Goldman Sachs & Co                      |         | 3,0    | 1.8 |
|   |                                         |         | 02,700 |     |
+---+-----------------------------------------+---------+--------+-----+
| 5 | Thai NVDR Company Limited               |         | 2,8    | 1.7 |
|   |                                         |         | 10,058 |     |
+---+-----------------------------------------+---------+--------+-----+
| 6 | Mr. Suvit Laohapholwattana              |         | 2,3    | 1.4 |
|   |                                         |         | 66,000 |     |
+---+-----------------------------------------+---------+--------+-----+
| 7 | Gerlach & Co-Dimensional Emerging       |         | 1,3    | 0.8 |
|   | Markets Value Fund, Inc.                |         | 64,500 |     |
+---+-----------------------------------------+---------+--------+-----+
| 8 | Dusit Thani Public Company Limited      |         | 1,2    | 0.8 |
|   |                                         |         | 50,000 |     |
+---+-----------------------------------------+---------+--------+-----+
| 9 | Ban Suanmark Company Limited            |         | 1,1    | 0.7 |
|   |                                         |         | 27,000 |     |
+---+-----------------------------------------+---------+--------+-----+
| 1 | Mr. Phitak Boonpojanasoontorn           |         | 1,0    | 0.6 |
| 0 |                                         |         | 56,770 |     |
+---+-----------------------------------------+---------+--------+-----+
|   | Other Minority Shareholders             |         | 9,3    | 5.6 |
|   |                                         |         | 65,773 |     |
+---+-----------------------------------------+---------+--------+-----+
|   | Total                                   |         | 166,6  | 10  |
|   |                                         |         | 82,701 | 0.0 |
+---+-----------------------------------------+---------+--------+-----+

  Note

  # = As at the last share register book closing date. Updated
  shareholder information prior to the 2008 Annual General Meeting can
  be accessed through www.lagunaresorts.com, the Company’s corporate
  website.

  * = A company which is under the control of Banyan Tree Holdings
  Limited.

  ** = Holds the Company shares for and on behalf of Banyan Tree Hotels
  & Resorts Pte. Ltd., a wholly-owned subsidiary of

  Banyan Tree Holdings Limited.

  *** = Banyan Tree Holdings Limited holds 18,175,265 units in Thai
  Trust Funds.

2.  Major shareholder who has significant influence on determining
    Company’s policy or the

operation of business

  Banyan Tree Holdings Limited is a listed company in the Singapore
  Exchange operating as a leading manager and developer of premium
  resorts, hotels and spas in the Asia-Pacific. It is a major
  shareholder holding 65.8 percent in aggregation of both direct and
  indirect of the total shares issued and paid-up of the Company.

  8.3 Dividend Policy of the Company

  The Company’s dividend policy is structured into 2 components as
  follows:-

  1) A fixed component amounting to 1/3 of the consolidated net profit
  for the year attributable to the shareholders; and

  2) A variable component subject to the Board of Directors' discretion
  on the availability of cash after taking into account major capital
  expenditure and debt repayment obligations in the following year.

4.  Dividend Policy of the Subsidiaries

  There is no dividend policy.