9. Related Party Transactions 

  During 2011, the Company and its subsidiaries had significant business
  transactions with related parties (related by way of shareholding,
  common shareholders, directors and/or management).

  The Company by the nature of its product and its complex group
  structure has a large number of related party transactions. Laguna
  Phuket is an integrated resort with a number of hotels and associated
  resort services being incorporated in different companies within the
  group. This in itself results in a significant number of related party
  transactions which are considered to be necessary and reasonable for
  the operation of Laguna Phuket. The nature, pricing and agreements of
  these transactions are summarised below:

Credit Card Commission

-   When monies are received in a different company in which the revenue
    was earned, credit card commissions are deducted from the gross
    receipts of customers in the company in which the monies were
    received. As a result this transaction passes on the cost to the
    company in which the revenue is recognised. The rates charged range
    from 2 percent to 4 percent of the revenue and are based on the
    commissions charged by the credit card companies.

-   These transactions provide the convenience of guest’s payment.

  Interest

-   Financial assistance provided to employees for acquisition of a
    property developed by the Company or its subsidiaries. A staff
    advance of 10 percent of property selling price is funded by the
    employee’s employer and is repayable by the employee over a period
    of 5 years with monthly repayments consisting of both interest and
    principal. A loan by the developer equal to 80 percent of selling
    price is to be settled in full with the property developer within 5
    years of the property completion. Both advance and loan are subject
    to interest at the group’s cost of funds plus 0.5 percent per annum.

  Inter Resort Charges

-   These charges relate to goods and services that are consumed by
    customers in one part of Laguna Phuket but are billed centrally to
    the customer at the hotel at which the customer is staying. Such
    charges relate to meals at restaurants, golf fees, treatments at the
    spa and goods purchased at shops in the resort. On receiving the
    funds centrally from the customer, the hotel reimburses the company
    in which the goods and services are consumed. Actual receipts are
    paid and handling charges are not charged with the exception of
    credit card commission which is disclosed seperately as stated
    above. Such inter resort charges are also incurred at the Banyan
    Tree Bangkok and Banyan Tree Lijiang primarily for treatments at the
    spa and goods purchased at the shops.

-   These transactions provide the convenience of guest’s payment and to
    promote Laguna Phuket resort integration.

  Management Fees

-   Royalty fee paid to BTHR for the use of “Banyan Tree” and “Angsana”
    trademarks and all other proprietary rights associated with it.

  (i) Banyan Tree Phuket (LBTL) pays a royalty fee of 2 percent of total
  revenue.

  (ii) Banyan Tree Bangkok (TWPL) and Angsana Laguna Phuket (BGL) pay a
  royalty fee of 3 percent of total revenue.

  (iii) BTG(T) and BTG(S) pay a royalty fee of 1 percent of total
  revenue.

-   Hotel management and technical assistance fees paid to BTRS(T).

  (iv) The Technical Assistance Agreement of the Banyan Tree Phuket pays
  a technical fee of 7.5 percent of gross operating profit.

  (v) The Technical Assistance Agreement to conduct the golf business
  pays a basic technical fee of 3 percent of total revenue and an
  incentive fee of 10 percent of gross operating profit.

  (vi) The Hotel Management Agreement of the Banyan Tree Bangkok and the
  Angsana Laguna Phuket pay a hotel management fee of 10 percent of
  gross operating profit.

  (vii) In addition, pursuant to the hotel management and technical
  assistance agreements, expenses relating to the sharing of group
  marketing cost such as promotional campaigns and adverts, sales staff
  salaries, central reservations and international sales offices
  incurred by the Banyan Tree and/or Angsana corporate head office shall
  be charged as follows:

-   Group marketing services shared on a group basis are based on 1.75
    percent of actual hotel revenues plus the share of operating cost of
    Regional Marketing offices.

-   Reservation service fees are 1 percent of room revenue plus USD 12
    per booking sourced through third party channels.

-   All management fees are consistent with industry practice and the
    sharing of group marketing costs incurred by Banyan Tree Phuket,
    Banyan Tree Bangkok and Angsana Laguna Phuket are the reimbursement
    of costs benefiting each of the hotels. As a result these
    transactions are on normal commercial terms and conditions.

  Management Fee - Architectural and Interior Design Service

-   Architectural and interior design services by BTHR. The fees are
    based on construction cost at the progressive rates depending on the
    type of services and type of constructions. The fees are consistent
    with industry practice. As a result, these transactions are on
    normal commercial terms and conditions.

  Management Fee – Administration Services

-   Management fee charged to BTRS(T) for providing admistration
    services of information technology, human resources and maid. The
    monthly fee is Baht 65,000 and an additional Baht 300 per person for
    internet services.

  Sale and Purchase of Goods

-   Purchase of goods for their sales & marketing gifts and guest
    supplies for the hotel and spa relates to:

  (i) Sale of goods from BTG(T) to related companies are priced at a 15
  percent to 65 percent discount to the retail price depending on the
  volume purchased.

  (ii) Sale of guest and spa supplies of high volume purchased from
  companies which operate galleries to related companies is priced at
  cost plus 25 percent to 60 percent margin.

  (iii) Sale and purchase of goods among BTG(S), BTG(T) and LBTG are
  priced at cost plus a handling fee of 5 to 15 percent. In this
  instance, they act as a purchasing agent and central purchasing for
  products in their countries in order to facilitate bulk purchasing for
  competitive pricing.

  Sale and Purchase of Spa and Gallery Vouchers

-   Banyan Tree Spa and Banyan Tree Gallery vouchers are purchased for
    distribution to management to provide an additional benefit scheme.
    The vouchers are issued yearly to qualifying executives and are
    valid only within the year of issue. The voucher is priced at the
    face value of the voucher.

  Reimbursement of Costs

-   Costs are often incurred within the group which is reimbursed by the
    company to which the expense relates. Actual costs are reimbursed
    with no handling costs applied.

-   These transactions are made for convenience of payment.

  Rent and Service

-   These transactions relate to rent paid for premises and land.

  (i) Rental of hotel premises and service income received from BTRS(T)
  and BTG(T) for Spa premise, gallery shops, office and stores are on
  the basis of 5 percent to 10 percent of sales revenue or fixed monthly
  charge which is dependent on criteria such as the location, budgeted
  sales, term of the lease, size of area leased and type of operation.

  Banyan Tree Spa and Banyan Tree Gallery are recognised brand names
  which enhance the image of the hotel and help in its marketing. Rental
  charged to BTRS(T) and BTG(T) are consistent with industry practice
  and rents charged to them by other non related party resorts.

  (ii) Rental and service income earned by TWPL for renting the office
  space at Thai Wah Tower I and II. Rental and service charged are in
  line with market rate. Terms and conditions in the agreement are
  similar to other customers and the market. Service has been separated
  from rental for tax reasons.

(iii) Rental and service income for space in Banyan Tree Phuket for
      Banyan Tree Spa office and store is at Baht 1,105 per square meter
      per month.

(iv) Service income from rental of Banyan Tree Management Academy is at
     Baht 125,000 per month.

  Rental Return on Hotel Units

-   This relates to a Management Agreement to manage the hotel units of
    CGL in the Angsana Resort & Spa on Bintan Island, Indonesia under
    which CGL receives a return of 15 percent per annum on the
    investment of the leasehold rights. A very good rental return is
    being received from the hotel prior to the units being required for
    the operation.

  Resort Service Charges

-   Resort service charged to BTRS(T) relates to revenue of LSC which
    provides centralised services to operations in the group located at
    Laguna Phuket at the following rates:

  - Laundry charge : at the price based on cost plus a certain margin

  - Staff buses : at the price based on cost plus a certain margin

  - Garbage collection : Baht 2,625 per month

  Ground and landscaping service : Baht 24,000 per month

-   LSC centralises certain facilities and services for operations in
    the Laguna Phuket to avoid duplication in investment and operating
    expenses. Where the charge is based on a standard or fixed rate, the
    same is applied to all hotels and business operations concerned.

Training Charges

-   Training charges by BTRS(T) in respect of providing centralised
    training facilities and courses for staff. The training costs are
    allocated to each operation based on actual cost.

Procedures for Approving Related Party Transactions

  It is the Group’s policy to ensure that there is no conflict of
  interest when related party transactions are executed. All existing
  related party transactions are communicated by each of the operations
  on a quarterly basis and reviewed by management. New proposed related
  party transactions are identified by and/or communicated to higher
  level management and the transactions are approved by either senior
  management, Board of Directors or the shareholders in accordance with
  the requirements of the SET and SEC. All new significant related party
  transactions are presented to the Audit and Risk Committee for opinion
  which includes demonstrating that the transaction is on commercial
  terms and on an arm’s length basis. Once recommended by the Audit and
  Risk Committee the transaction will be proposed to the Board of
  Directors or the Board of Directors and shareholders for approval.
  Interested directors do not take part in approving the transaction.

Future Policy or Tendency of Related Party Transactions

  It is the intention of the Company to minimise the incidence of
  related party transactions wherever practicable. However given the
  nature of the Group structure and the Group’s business it is not
  possible to cease many of the current transactions. As a result, the
  Group’s future policy is geared towards ensuring that all current and
  future transactions are necessary and are on commercial terms and on
  arm’s length basis.

  The reason of having persons with mutual interest holding (both
  directly and indirectly) more than 10 percent of the shares in the
  subsidiaries and associate in lieu of the Company

  The person who may have a mutual interest and holds (both directly and
  indirectly) more than 10 percent of the shares in the subsidiaries and
  associate of the Company is BTH, who is also a major shareholder of
  the Company. The subsidiaries and associate whose shares are held by
  BTH engage in hotel and property development as well as souvenir
  retail in the hotels managed by BTH. With BTH's expertise and
  experience of international hotel development and management of
  award-winning hotels under the trademarks of "Banyan Tree" and
  "Angsana", the joint investment with BTH will result in the said
  subsidiaries and associate benefitting from the use of trademarks,
  reputation and managerial assistance of BTH.

  Related party transactions, which have been concluded on the terms and
  basis determined by the Company, its subsidiaries and related parties,
  or in accordance with the agreement, are detailed below. Significant
  transactions greater than Baht 1 million are disclosed separately and
  non significant transactions have been grouped.

  ---------------------------------------------------------------------------------------------------------------
                  Payee   Payer   Details of Transaction /   Transactions   Persons    Nature of      Directors
                                  Contract                   in 2011 (MB)   with       Relationship   with Common
                                                                            Mutual                    Interest
                                                                            Interest                  
  --------------- ------- ------- -------------------------- -------------- ---------- -------------- -----------
  TRANSACTIONS                                                                                        
  WITH ASSOCIATE                                                                                      

  Inter resort                                                                                        
  receipts                                                                                            

  1               LBTG    LBTH    Inter Resort Charges is a  3              BTH        B              APV, HRH
                                  function of collection                                              
                                  from customer and                                                   
                                  remittance to the provider                                          
                                  of the service.                                                     

  Reimbursement                                                                                       
  receipts                                                                                            

  2               LBTL    LBTH    Reimbursement of expenses  2              BTH        B              KCH, MRA
                                  mainly for sale and                                                 
                                  marketing expenses sharing                                          
                                  relating to Banyan Tree                                             
                                  Residences project                                                  

  3               LRH     LBTH    Reimbursement of expenses  3              BTH        A,B,C          APV, HRH,
                                  mainly for sale and                                                 KCH, MRA,
                                  marketing expenses sharing                                          SSU
                                  relating to Banyan Tree                                             
                                  Residences project                                                  

  Reimbursement                                                                                       
  payments                                                                                            

  4               LBTH    LBTG    Reimbursement of utilities 1              BTH        B              APV, HRH
                                  and other expenses related                                          
                                  to rental agreement and                                             
                                  sharing common                                                      
                                  department’s expenses                                               

  Rent and                                                                                            
  service expense                                                                                     

  5                               Rent and service expenses  1                                        
                                  (< 1 MB)                                                            
  ---------------------------------------------------------------------------------------------------------------

+---+----+----+-------------------------+------+-------+------+------+
|   | P  | P  | Details of Transaction  | Tran | Pe    | Na   | D    |
|   | ay | ay | / Contract              | sact | rsons | ture | irec |
|   | ee | er |                         | ions | with  | of   | tors |
|   |    |    |                         | in   | M     | Rela | with |
|   |    |    |                         | 2011 | utual | tion | Co   |
|   |    |    |                         | (MB) | Int   | ship | mmon |
|   |    |    |                         |      | erest |      | Inte |
|   |    |    |                         |      |       |      | rest |
+===+====+====+=========================+======+=======+======+======+
|   |    |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
|   |    |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| T |    |    |                         |      |       |      |      |
| R |    |    |                         |      |       |      |      |
| A |    |    |                         |      |       |      |      |
| N |    |    |                         |      |       |      |      |
| S |    |    |                         |      |       |      |      |
| A |    |    |                         |      |       |      |      |
| C |    |    |                         |      |       |      |      |
| T |    |    |                         |      |       |      |      |
| I |    |    |                         |      |       |      |      |
| O |    |    |                         |      |       |      |      |
| N |    |    |                         |      |       |      |      |
| S |    |    |                         |      |       |      |      |
| W |    |    |                         |      |       |      |      |
| I |    |    |                         |      |       |      |      |
| T |    |    |                         |      |       |      |      |
| H |    |    |                         |      |       |      |      |
| R |    |    |                         |      |       |      |      |
| E |    |    |                         |      |       |      |      |
| L |    |    |                         |      |       |      |      |
| A |    |    |                         |      |       |      |      |
| T |    |    |                         |      |       |      |      |
| E |    |    |                         |      |       |      |      |
| D |    |    |                         |      |       |      |      |
| C |    |    |                         |      |       |      |      |
| O |    |    |                         |      |       |      |      |
| M |    |    |                         |      |       |      |      |
| P |    |    |                         |      |       |      |      |
| A |    |    |                         |      |       |      |      |
| N |    |    |                         |      |       |      |      |
| I |    |    |                         |      |       |      |      |
| E |    |    |                         |      |       |      |      |
| S |    |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| C |    |    |                         |      |       |      |      |
| r |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| d |    |    |                         |      |       |      |      |
| i |    |    |                         |      |       |      |      |
| t |    |    |                         |      |       |      |      |
| c |    |    |                         |      |       |      |      |
| a |    |    |                         |      |       |      |      |
| r |    |    |                         |      |       |      |      |
| d |    |    |                         |      |       |      |      |
| c |    |    |                         |      |       |      |      |
| o |    |    |                         |      |       |      |      |
| m |    |    |                         |      |       |      |      |
| m |    |    |                         |      |       |      |      |
| i |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
| i |    |    |                         |      |       |      |      |
| o |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| r |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| c |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| i |    |    |                         |      |       |      |      |
| p |    |    |                         |      |       |      |      |
| t |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 6 | T  | BT | Credit card commission  | 1    | BT    | C    | KCH  |
|   | WP | RS | receipts                |      | RS(T) |      |      |
|   | L  | (T |                         |      |       |      |      |
|   |    | )  |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| I |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| t |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| r |    |    |                         |      |       |      |      |
| r |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
| o |    |    |                         |      |       |      |      |
| r |    |    |                         |      |       |      |      |
| t |    |    |                         |      |       |      |      |
| p |    |    |                         |      |       |      |      |
| a |    |    |                         |      |       |      |      |
| y |    |    |                         |      |       |      |      |
| m |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| t |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 7 | B  | B  | Inter Resort Charges is | 10   | BT    | C    | KCH  |
|   | TR | GL | a function of           |      | RS(T) |      |      |
|   | S( |    | collection from         |      |       |      |      |
|   | T) |    | customer and remittance |      |       |      |      |
|   |    |    | to the provider of the  |      |       |      |      |
|   |    |    | service.                |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 8 | B  | L  | Inter Resort Charges is | 3    | BT    | C    | -    |
|   | TR | BC | a function of           |      | RS(T) |      |      |
|   | S( |    | collection from         |      |       |      |      |
|   | T) |    | customer and remittance |      |       |      |      |
|   |    |    | to the provider of the  |      |       |      |      |
|   |    |    | service.                |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 9 | B  | LB | Inter Resort Charges is | 52   | BT    | C    | KCH  |
|   | TR | TL | a function of           |      | RS(T) |      |      |
|   | S( |    | collection from         |      |       |      |      |
|   | T) |    | customer and remittance |      |       |      |      |
|   |    |    | to the provider of the  |      |       |      |      |
|   |    |    | service.                |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 1 | B  | L  | Inter Resort Charges is | 1    | BT    | C    | -    |
| 0 | TR | HC | a function of           |      | RS(T) |      |      |
|   | S( |    | collection from         |      |       |      |      |
|   | T) |    | customer and remittance |      |       |      |      |
|   |    |    | to the provider of the  |      |       |      |      |
|   |    |    | service.                |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 1 | B  | L  | Inter Resort Charges is | 2    | BT    | C    | -    |
| 1 | TR | VL | a function of           |      | RS(T) |      |      |
|   | S( |    | collection from         |      |       |      |      |
|   | T) |    | customer and remittance |      |       |      |      |
|   |    |    | to the provider of the  |      |       |      |      |
|   |    |    | service.                |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 1 | B  | TW | Inter Resort Charges is | 23   | BT    | C    | KCH  |
| 2 | TR | PL | a function of           |      | RS(T) |      |      |
|   | S( |    | collection from         |      |       |      |      |
|   | T) |    | customer and remittance |      |       |      |      |
|   |    |    | to the provider of the  |      |       |      |      |
|   |    |    | service.                |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| M |    |    |                         |      |       |      |      |
| a |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| a |    |    |                         |      |       |      |      |
| g |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| m |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| t |    |    |                         |      |       |      |      |
| f |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
| i |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| c |    |    |                         |      |       |      |      |
| o |    |    |                         |      |       |      |      |
| m |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 1 |    |    | Management fee income   | 1    |       |      |      |
| 3 |    |    | (< 1 MB)                |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| M |    |    |                         |      |       |      |      |
| a |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| a |    |    |                         |      |       |      |      |
| g |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| m |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| t |    |    |                         |      |       |      |      |
| f |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| x |    |    |                         |      |       |      |      |
| p |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 1 | BT | B  | Royalty agreement:      | 1    | BTH   | B    | -    |
| 4 | HR | GL |                         |      |       |      |      |
|   |    |    | For the use of          |      |       |      |      |
|   |    |    | “Angsana” trademark and |      |       |      |      |
|   |    |    | all proprietary rights  |      |       |      |      |
|   |    |    | associated with it.     |      |       |      |      |
|   |    |    |                         |      |       |      |      |
|   |    |    | Agreement is from July  |      |       |      |      |
|   |    |    | 2011 to November 2031   |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 1 | BT | B  | Architectural and       | 12   | BTH   | B    | -    |
| 5 | HR | GL | Interior Design         |      |       |      |      |
|   |    |    | Services for renovation |      |       |      |      |
|   |    |    | of Angsana Laguna       |      |       |      |      |
|   |    |    | Phuket                  |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 1 | BT | B  | Technical service for   | 8    | BTH   | B    | -    |
| 6 | HR | GL | pre-construction and    |      |       |      |      |
|   |    |    | pre-opening of Angsana  |      |       |      |      |
|   |    |    | Laguna Phuket. Contract |      |       |      |      |
|   |    |    | price: USD 0.5 million. |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 1 | BT | BT | Royalty agreement:      | 1    | BTH   | A, B | APV, |
| 7 | HR | G( |                         |      |       |      | ESHL |
|   |    | S) | For the use of “Banyan  |      |       |      |      |
|   |    |    | Tree” and “Angsana”     |      |       |      |      |
|   |    |    | trademarks and all      |      |       |      |      |
|   |    |    | proprietary rights      |      |       |      |      |
|   |    |    | associated with them.   |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 1 | BT | BT | Royalty agreement:      | 2    | BTH   | A, B | -    |
| 8 | HR | G( |                         |      |       |      |      |
|   |    | T) | For the use of “Banyan  |      |       |      |      |
|   |    |    | Tree” and “Angsana”     |      |       |      |      |
|   |    |    | trademarks and all      |      |       |      |      |
|   |    |    | proprietary rights      |      |       |      |      |
|   |    |    | associated with them.   |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 1 | BT | LB | Royalty agreement:      | 16   | BTH   | B    | -    |
| 9 | HR | TL |                         |      |       |      |      |
|   |    |    | For the use of “Banyan  |      |       |      |      |
|   |    |    | Tree” trademark and all |      |       |      |      |
|   |    |    | proprietary rights      |      |       |      |      |
|   |    |    | associated with it.     |      |       |      |      |
|   |    |    |                         |      |       |      |      |
|   |    |    | Agreement is from       |      |       |      |      |
|   |    |    | January 2009 to         |      |       |      |      |
|   |    |    | December 2015.          |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 2 | BT | PK | Architectural and       | 5    | BTH   | B    | -    |
| 0 | HR | RD | interior design service |      |       |      |      |
|   |    |    | fees                    |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 2 | BT | TW | Royalty agreement:      | 19   | BTH   | C    | KCH  |
| 1 | HR | PL |                         |      |       |      |      |
|   |    |    | For the use of “Banyan  |      |       |      |      |
|   |    |    | Tree” trademark and all |      |       |      |      |
|   |    |    | proprietary rights      |      |       |      |      |
|   |    |    | associated with it.     |      |       |      |      |
|   |    |    |                         |      |       |      |      |
|   |    |    | Agreement is from       |      |       |      |      |
|   |    |    | January 2009 to         |      |       |      |      |
|   |    |    | December 2021.          |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 2 | BT | TW | Architectural and       | 2    | BTH   | B    | -    |
| 2 | HR | PL | interior design service |      |       |      |      |
|   |    |    | fees for Banyan Tree    |      |       |      |      |
|   |    |    | Bangkok’s renovation    |      |       |      |      |
|   |    |    |                         |      |       |      |      |
|   |    |    |                         |      |       |      |      |
|   |    |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 2 | B  | B  | Techinical Assistance   | 1    | BT    | C    | KCH  |
| 3 | TR | GL | agreement:              |      | RS(T) |      |      |
|   | S( |    |                         |      |       |      |      |
|   | T) |    | Conduct of Hotel        |      |       |      |      |
|   |    |    | Business and technical  |      |       |      |      |
|   |    |    | assistance in the       |      |       |      |      |
|   |    |    | planning, building,     |      |       |      |      |
|   |    |    | furnishing, equipping,  |      |       |      |      |
|   |    |    | decorating & operating  |      |       |      |      |
|   |    |    | of Angsana Laguna       |      |       |      |      |
|   |    |    | Phuket.                 |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 2 | B  | LB | Techinical Assistance   | 52   | BT    | C    | KCH  |
| 4 | TR | TL | agreement:              |      | RS(T) |      |      |
|   | S( |    |                         |      |       |      |      |
|   | T) |    | Conduct of Hotel        |      |       |      |      |
|   |    |    | Business and technical  |      |       |      |      |
|   |    |    | assistance in the       |      |       |      |      |
|   |    |    | planning, building,     |      |       |      |      |
|   |    |    | furnishing, equipping,  |      |       |      |      |
|   |    |    | decorating & operating  |      |       |      |      |
|   |    |    | of Banyan Tree Phuket.  |      |       |      |      |
|   |    |    |                         |      |       |      |      |
|   |    |    | Agreement is from       |      |       |      |      |
|   |    |    | January 2009 to         |      |       |      |      |
|   |    |    | December 2015 with      |      |       |      |      |
|   |    |    | option to extend for 2  |      |       |      |      |
|   |    |    | successive periods of   |      |       |      |      |
|   |    |    | 10 years, each at the   |      |       |      |      |
|   |    |    | option of BTRS(T).      |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 2 | B  | L  | Technical Assistance    | 3    | BT    | C    | KCH  |
| 5 | TR | GL | Agreement to conduct    |      | RS(T) |      |      |
|   | S( |    | the golf business and   |      |       |      |      |
|   | T) |    | technical assistance in |      |       |      |      |
|   |    |    | the planning, building, |      |       |      |      |
|   |    |    | furnishing, equipping   |      |       |      |      |
|   |    |    | and decorating and the  |      |       |      |      |
|   |    |    | operation of Laguna     |      |       |      |      |
|   |    |    | Phuket Golf Club,       |      |       |      |      |
|   |    |    | Clubhouse and golf      |      |       |      |      |
|   |    |    | course                  |      |       |      |      |
|   |    |    |                         |      |       |      |      |
|   |    |    | Agreement is from       |      |       |      |      |
|   |    |    | January 2009 to         |      |       |      |      |
|   |    |    | December 2014 with      |      |       |      |      |
|   |    |    | option to extend for 2  |      |       |      |      |
|   |    |    | successive periods of   |      |       |      |      |
|   |    |    | 10 years, each at the   |      |       |      |      |
|   |    |    | option of BTRS(T).      |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
|   |    |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 2 | B  | TW | Hotel Management        | 42   | BT    | C    | KCH  |
| 6 | TR | PL | agreement:              |      | RS(T) |      |      |
|   | S( |    |                         |      |       |      |      |
|   | T) |    | Conduct of Hotel        |      |       |      |      |
|   |    |    | Business and technical  |      |       |      |      |
|   |    |    | assistance in the       |      |       |      |      |
|   |    |    | planning, building,     |      |       |      |      |
|   |    |    | furnishing, equipping,  |      |       |      |      |
|   |    |    | decorating & operating  |      |       |      |      |
|   |    |    | of Banyan Tree Phuket.  |      |       |      |      |
|   |    |    |                         |      |       |      |      |
|   |    |    | Agreement is from       |      |       |      |      |
|   |    |    | January 2009 to         |      |       |      |      |
|   |    |    | December 2021 with      |      |       |      |      |
|   |    |    | option to extend for    |      |       |      |      |
|   |    |    | another successive      |      |       |      |      |
|   |    |    | periods of 20 years,    |      |       |      |      |
|   |    |    | each at the option of   |      |       |      |      |
|   |    |    | BTRS(T).                |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| P |    |    |                         |      |       |      |      |
| u |    |    |                         |      |       |      |      |
| r |    |    |                         |      |       |      |      |
| c |    |    |                         |      |       |      |      |
| h |    |    |                         |      |       |      |      |
| a |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| o |    |    |                         |      |       |      |      |
| f |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
| p |    |    |                         |      |       |      |      |
| a |    |    |                         |      |       |      |      |
| v |    |    |                         |      |       |      |      |
| o |    |    |                         |      |       |      |      |
| u |    |    |                         |      |       |      |      |
| c |    |    |                         |      |       |      |      |
| h |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| r |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 2 | B  | BT | Purchase of Spa voucher | 2    | BTH   | A, B | APV, |
| 7 | TS | G( | for management benefits |      |       |      | ESHL |
|   |    | S) |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 2 | B  | L  | Purchase of Spa voucher | 2    | BTH   | A    | APV  |
| 8 | TS | RH | for management benefits |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 2 |    |    | Purchase of Spa voucher | 3    |       |      |      |
| 9 |    |    | (< 1 MB)                |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| S |    |    |                         |      |       |      |      |
| a |    |    |                         |      |       |      |      |
| l |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| o |    |    |                         |      |       |      |      |
| f |    |    |                         |      |       |      |      |
| g |    |    |                         |      |       |      |      |
| a |    |    |                         |      |       |      |      |
| l |    |    |                         |      |       |      |      |
| l |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| r |    |    |                         |      |       |      |      |
| y |    |    |                         |      |       |      |      |
| v |    |    |                         |      |       |      |      |
| o |    |    |                         |      |       |      |      |
| u |    |    |                         |      |       |      |      |
| c |    |    |                         |      |       |      |      |
| h |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| r |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 3 | BT | BT | Sale of BTG vouchers    | 3    | BTH   | A, B | APV, |
| 0 | G( | HR | for management benefits |      |       |      | ESHL |
|   | S) |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 3 | BT | B  | Sale of BTG vouchers    | 2    | BTH   | A, B | APV, |
| 1 | G( | TS | for management benefits |      |       |      | ESHL |
|   | S) |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 3 | BT | KR | Sale of BTG vouchers    | 1    | TRL   | C    | -    |
| 2 | G( |    | for management benefits |      |       |      |      |
|   | S) |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 3 | BT | B  | Sale of BTG vouchers    | 1    | BT    | C    | CSH, |
| 3 | G( | TR | for management benefits |      | RS(T) |      | KCH  |
|   | T) | S( |                         |      |       |      |      |
|   |    | T) |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 3 |    |    | Sale of Gallery voucher | 3    |       |      |      |
| 4 |    |    | (< 1 MB)                |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| S |    |    |                         |      |       |      |      |
| a |    |    |                         |      |       |      |      |
| l |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| o |    |    |                         |      |       |      |      |
| f |    |    |                         |      |       |      |      |
| g |    |    |                         |      |       |      |      |
| o |    |    |                         |      |       |      |      |
| o |    |    |                         |      |       |      |      |
| d |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 3 | BT | BT | Sale of goods           | 2    | BTH   | A, B | APV, |
| 5 | G( | HR |                         |      |       |      | ESHL |
|   | S) |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 3 | BT | B  | Sale of goods           | 2    | BTH   | A, B | APV, |
| 6 | G( | TS |                         |      |       |      | ESHL |
|   | S) | (H |                         |      |       |      |      |
|   |    | K) |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 3 | BT | B  | Sale of goods           | 4    | BTH   | A, B | APV, |
| 7 | G( | TS |                         |      |       |      | ESHL |
|   | S) |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 3 | BT | PT | Sale of goods           | 3    | BTH   | A, B | -    |
| 8 | G( | MB |                         |      |       |      |      |
|   | S) |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 3 | BT | PT | Sale of goods           | 1    | TRL   | C    | -    |
| 9 | G( | BH |                         |      |       |      |      |
|   | S) |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 4 | BT | BM | Sale of goods           | 7    | BTH   | A, B | -    |
| 0 | G( | SD |                         |      |       |      |      |
|   | T) |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 4 | BT | B  | Sale of goods           | 11   | BTH   | A, B | -    |
| 1 | G( | TS |                         |      |       |      |      |
|   | T) | (H |                         |      |       |      |      |
|   |    | K) |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 4 | BT | BT | Sale of goods           | 1    | BTH   | A, B | -    |
| 2 | G( | RS |                         |      |       |      |      |
|   | T) |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 4 | BT | B  | Sale of goods           | 2    | BT    | C    | CSH, |
| 3 | G( | TR |                         |      | RS(T) |      | KCH  |
|   | T) | S( |                         |      |       |      |      |
|   |    | T) |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 4 | BT | B  | Sale of goods           | 8    | BTH   | A, B | -    |
| 4 | G( | TS |                         |      |       |      |      |
|   | T) |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 4 | BT | H  | Sale of goods           | 3    | BTH   | A, B | CSH  |
| 5 | G( | SD |                         |      |       |      |      |
|   | T) |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 4 | BT | MA | Sale of goods           | 1    | BTH   | A, B | -    |
| 6 | G( |    |                         |      |       |      |      |
|   | T) |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 4 | BT | PT | Sale of goods           | 4    | BTH   | A, B | -    |
| 7 | G( | MB |                         |      |       |      |      |
|   | T) |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 4 | BT | PT | Sale of goods           | 7    | TRL   | C    | KCH  |
| 8 | G( | BH |                         |      |       |      |      |
|   | T) |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 4 | BT | VM | Sale of goods           | 2    | BTH   | A, B | -    |
| 9 | G( |    |                         |      |       |      |      |
|   | T) |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 5 | LB | W  | Sale of goods           | 1    | BTH   | B    | APV, |
| 0 | TG | LH |                         |      |       |      | E    |
|   |    |    |                         |      |       |      | SHL, |
|   |    |    |                         |      |       |      | HRH  |
+---+----+----+-------------------------+------+-------+------+------+
| 5 |    |    | Sale of goods (< 1 MB)  | 8    |       |      |      |
| 1 |    |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| R |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| i |    |    |                         |      |       |      |      |
| m |    |    |                         |      |       |      |      |
| b |    |    |                         |      |       |      |      |
| u |    |    |                         |      |       |      |      |
| r |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| m |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| t |    |    |                         |      |       |      |      |
| r |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| c |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| i |    |    |                         |      |       |      |      |
| p |    |    |                         |      |       |      |      |
| t |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 5 | LB | BT | Reimbursement for       | 2    | BTH   | B    | -    |
| 2 | TL | HR | salary expenses and     |      |       |      |      |
|   |    |    | other expenses          |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 5 | LB | B  | Reimbursement for       | 3    | BTH   | B    | -    |
| 3 | TL | TI | expenses related to     |      |       |      |      |
|   |    |    | Banyan Tree Residences  |      |       |      |      |
|   |    |    | project                 |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 5 | LB | B  | Reimbursement for       | 12   | BT    | C    | KCH  |
| 4 | TL | TR | salary expenses and     |      | RS(T) |      |      |
|   |    | S( | other expenses related  |      |       |      |      |
|   |    | T) | to spa outlets in       |      |       |      |      |
|   |    |    | Laguna Phuket           |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 5 | L  | BT | Reimbursement of staff  | 15   | BTH   | B    | -    |
| 5 | GL | ID | expenses for Project in |      |       |      |      |
|   |    |    | Vietnam                 |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 5 | L  | B  | Reimbursement for       | 3    | BTH   | B    | APV  |
| 6 | RH | TI | expenses related to     |      |       |      |      |
|   |    |    | Banyan Tree Residences  |      |       |      |      |
|   |    |    | project                 |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 5 | L  | B  | Reimbursement of        | 2    | BT    | C    | APV, |
| 7 | RH | TR | utilities, other        |      | RS(T) |      | KCH  |
|   |    | S( | expenses related to     |      |       |      |      |
|   |    | T) | rental agreement.       |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 5 | TW | BT | Reimbursement of sales  | 3    | BTH   | B    | -    |
| 8 | PL | HR | and marketing costs     |      |       |      |      |
|   |    |    | incurred by Banyan Tree |      |       |      |      |
|   |    |    | Bangkok which relate    |      |       |      |      |
|   |    |    | specifically to BTHR    |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 5 | TW | B  | Reimbursement of        | 7    | BT    | C    | KCH  |
| 9 | PL | TR | utilities and other     |      | RS(T) |      |      |
|   |    | S( | expenses related to     |      |       |      |      |
|   |    | T) | rental agreement and    |      |       |      |      |
|   |    |    | sharing common          |      |       |      |      |
|   |    |    | department’s expenses   |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 6 |    |    | Reimbursement receipts  | 10   |       |      |      |
| 0 |    |    | (< 1 MB)                |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| R |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| i |    |    |                         |      |       |      |      |
| m |    |    |                         |      |       |      |      |
| b |    |    |                         |      |       |      |      |
| u |    |    |                         |      |       |      |      |
| r |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| m |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| t |    |    |                         |      |       |      |      |
| p |    |    |                         |      |       |      |      |
| a |    |    |                         |      |       |      |      |
| y |    |    |                         |      |       |      |      |
| m |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| t |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 6 | B  | L  | Reimbursement of        | 3    | BTH   | A    | APV, |
| 1 | TH | RH | expenses mainly for     |      |       |      | KPH  |
|   |    |    | sharing award expenses  |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 6 | BT | B  | Reimbursement of        | 13   | BTH   | B    | -    |
| 2 | HR | GL | expenses mainly         |      |       |      |      |
|   |    |    | relating to             |      |       |      |      |
|   |    |    | pre-opening, travelling |      |       |      |      |
|   |    |    | and IT support services |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 6 | BT | BT | Reimbursement of        | 3    | BTH   | A, B | APV, |
| 3 | HR | G( | expenses mainly         |      |       |      | ESHL |
|   |    | S) | relating to salary and  |      |       |      |      |
|   |    |    | IT support services     |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 6 | BT | L  | Reimbursement of        | 4    | BTH   | A    | APV, |
| 4 | HR | RH | expenses mainly         |      |       |      | KPH  |
|   |    |    | relating to internal    |      |       |      |      |
|   |    |    | audit review            |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 6 | B  | LB | Reimbursement for       | 2    | BTH   | B    | -    |
| 5 | TI | TL | expenses related to     |      |       |      |      |
|   |    |    | Banyan Tree Residences  |      |       |      |      |
|   |    |    | project                 |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 6 | B  | TW | Reimbursement for       | 2    | BTH   | B    | -    |
| 6 | TI | PL | expenses related to     |      |       |      |      |
|   |    |    | Banyan Tree Residences  |      |       |      |      |
|   |    |    | project                 |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 6 | B  | BT | Reimbursement of        | 3    | BT    | C    | CSH, |
| 7 | TR | G( | utilities and other     |      | RS(T) |      | KCH  |
|   | S( | T) | expenses related to     |      |       |      |      |
|   | T) |    | rental agreement,       |      |       |      |      |
|   |    |    | sharing common          |      |       |      |      |
|   |    |    | department’s expenses   |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 6 | B  | LB | Reimbursement of sales  | 26   | BT    | C    | KCH  |
| 8 | TR | TL | and marketing costs     |      | RS(T) |      |      |
|   | S( |    | incurred by Banyan Tree |      |       |      |      |
|   | T) |    | group which relate      |      |       |      |      |
|   |    |    | specifically to the     |      |       |      |      |
|   |    |    | promotion of the Banyan |      |       |      |      |
|   |    |    | Tree Phuket             |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 6 | B  | TW | Reimbursement of sales  | 14   | BT    | C    | KCH  |
| 9 | TR | PL | and marketing costs     |      | RS(T) |      |      |
|   | S( |    | incurred by Banyan Tree |      |       |      |      |
|   | T) |    | group which relate      |      |       |      |      |
|   |    |    | specifically to the     |      |       |      |      |
|   |    |    | promotion of the Banyan |      |       |      |      |
|   |    |    | Tree Bangkok            |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 7 | PT | AV | Reimbursement for       | 11   | TRL   | C    | -    |
| 0 | BH | CI | salary expenses and     |      |       |      |      |
|   |    |    | other expenses          |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 7 | W  | LB | Reimbursement for       | 3    | BTH   | B    | APV, |
| 1 | LH | TG | salary expenses and     |      |       |      | E    |
|   |    |    | other expenses          |      |       |      | SHL, |
|   |    |    |                         |      |       |      | HRH  |
+---+----+----+-------------------------+------+-------+------+------+
| 7 |    |    | Reimbursement payments  | 2    |       |      |      |
| 2 |    |    | (< 1 MB)                |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| R |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| t |    |    |                         |      |       |      |      |
| a |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| d |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| r |    |    |                         |      |       |      |      |
| v |    |    |                         |      |       |      |      |
| i |    |    |                         |      |       |      |      |
| c |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| i |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| c |    |    |                         |      |       |      |      |
| o |    |    |                         |      |       |      |      |
| m |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 7 | LB | B  | Space rental at the     | 14   | BT    | C    | KCH  |
| 3 | TL | TR | Banyan Tree Phuket to   |      | RS(T) |      |      |
|   |    | S( | operate the Banyan Tree |      |       |      |      |
|   |    | T) | Spa.                    |      |       |      |      |
|   |    |    |                         |      |       |      |      |
|   |    |    | Agreement commenced on  |      |       |      |      |
|   |    |    | 1 January 1997 and      |      |       |      |      |
|   |    |    | shall terminate upon    |      |       |      |      |
|   |    |    | the termination of the  |      |       |      |      |
|   |    |    | Technical Assistance    |      |       |      |      |
|   |    |    | Agreement between       |      |       |      |      |
|   |    |    | BTRS(T) & LBTL          |      |       |      |      |
|   |    |    |                         |      |       |      |      |
|   |    |    | - Rental and service    |      |       |      |      |
|   |    |    | agreement for office &  |      |       |      |      |
|   |    |    | store in the Banyan     |      |       |      |      |
|   |    |    | Tree Phuket (521.53     |      |       |      |      |
|   |    |    | sqm.) from 1 January    |      |       |      |      |
|   |    |    | 2011 to 31 December     |      |       |      |      |
|   |    |    | 2013.                   |      |       |      |      |
|   |    |    |                         |      |       |      |      |
|   |    |    | - Rental agreement for  |      |       |      |      |
|   |    |    | Banyan Tree Management  |      |       |      |      |
|   |    |    | Academy from 1 January  |      |       |      |      |
|   |    |    | 2011 to 31 December     |      |       |      |      |
|   |    |    | 2013.                   |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 7 | TW | B  | Lease and service       | 10   | BT    | C    | KCH  |
| 4 | PL | TR | agreement for space     |      | RS(T) |      |      |
|   |    | S( | rental at Thai Wah      |      |       |      |      |
|   |    | T) | Tower I and Tower II    |      |       |      |      |
|   |    |    |                         |      |       |      |      |
|   |    |    | - Rental and service    |      |       |      |      |
|   |    |    | agreement for 19^(th) – |      |       |      |      |
|   |    |    | 21^(st) floor (total    |      |       |      |      |
|   |    |    | area 1,178 sq.m.),      |      |       |      |      |
|   |    |    | 3-year lease from 1 May |      |       |      |      |
|   |    |    | 2010 - 30 April 2013    |      |       |      |      |
|   |    |    |                         |      |       |      |      |
|   |    |    | - Rental agreement for  |      |       |      |      |
|   |    |    | 22^(nd) floor, being an |      |       |      |      |
|   |    |    | office (area 303        |      |       |      |      |
|   |    |    | sq.m.), 3-year lease    |      |       |      |      |
|   |    |    | from 1 August 2010 - 31 |      |       |      |      |
|   |    |    | July 2013               |      |       |      |      |
|   |    |    |                         |      |       |      |      |
|   |    |    | - Rental agreement for  |      |       |      |      |
|   |    |    | 5^(th) floor (storage)  |      |       |      |      |
|   |    |    | and 23^(rd) floor       |      |       |      |      |
|   |    |    | (total area 612 sq.m.), |      |       |      |      |
|   |    |    | from 1 February 2009 to |      |       |      |      |
|   |    |    | 31 January 2012         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 7 | TW | T  | Lease and service       | 3    | USC*, | B, C | CH   |
| 5 | PL | DC | agreement at 8 ^(th)    |      | TWFP  |      |      |
|   |    |    | floor of Thai Wah Tower |      |       |      |      |
|   |    |    | I,                      |      |       |      |      |
|   |    |    |                         |      |       |      |      |
|   |    |    | - 382 sq.m, 3-year      |      |       |      |      |
|   |    |    | lease from 1 February   |      |       |      |      |
|   |    |    | 2010 - 31 January 2013  |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 7 | TW | TW | Lease and service       | 7    | USC*  | B    | CH,  |
| 6 | PL | FP | Agreement at 5^(th),    |      |       |      | KCH, |
|   |    |    | 6^(th) and 7^(th)       |      |       |      | SSK  |
|   |    |    | floors of Thai Wah      |      |       |      |      |
|   |    |    | Tower I,                |      |       |      |      |
|   |    |    |                         |      |       |      |      |
|   |    |    | - 38 sq.m. (5^(th)      |      |       |      |      |
|   |    |    | floor, storage 3-year   |      |       |      |      |
|   |    |    | lease from 1 March      |      |       |      |      |
|   |    |    | 2010 - 28 February 2013 |      |       |      |      |
|   |    |    |                         |      |       |      |      |
|   |    |    | - 104 sq.m. (7^(th)     |      |       |      |      |
|   |    |    | floor), 3-year lease    |      |       |      |      |
|   |    |    | from 1 March 2010 - 28  |      |       |      |      |
|   |    |    | February 2013           |      |       |      |      |
|   |    |    |                         |      |       |      |      |
|   |    |    | - 785 sq.m. (6^(th)     |      |       |      |      |
|   |    |    | floor), 3-year lease    |      |       |      |      |
|   |    |    | from 1 March 2010 - 28  |      |       |      |      |
|   |    |    | February 2013           |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 7 | TW | U  | Lease Agreement at      | 8    | USC*  | B    | -    |
| 7 | PL | SC | 5^(th) and 21^(st)      |      |       |      |      |
|   |    |    | floor, Thai Wah Tower I |      |       |      |      |
|   |    |    |                         |      |       |      |      |
|   |    |    | (1,110 sq.m.) from 1    |      |       |      |      |
|   |    |    | January 2009 to 31      |      |       |      |      |
|   |    |    | December 2011.          |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 7 |    |    | Rental and service      | 3    |       |      |      |
| 8 |    |    | income (< 1 MB)         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| R |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| t |    |    |                         |      |       |      |      |
| a |    |    |                         |      |       |      |      |
| l |    |    |                         |      |       |      |      |
| r |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| t |    |    |                         |      |       |      |      |
| u |    |    |                         |      |       |      |      |
| r |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| o |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| h |    |    |                         |      |       |      |      |
| o |    |    |                         |      |       |      |      |
| t |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| l |    |    |                         |      |       |      |      |
| u |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| i |    |    |                         |      |       |      |      |
| t |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 7 | C  | PT | Rental return on hotel  | 4    | TRL   | C    | -    |
| 9 | GL | BH | units in the Angsana    |      |       |      |      |
|   |    |    | Resort & Spa Bintan     |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| R |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
| o |    |    |                         |      |       |      |      |
| r |    |    |                         |      |       |      |      |
| t |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| r |    |    |                         |      |       |      |      |
| v |    |    |                         |      |       |      |      |
| i |    |    |                         |      |       |      |      |
| c |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| i |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| c |    |    |                         |      |       |      |      |
| o |    |    |                         |      |       |      |      |
| m |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 8 | L  | B  | Service charges on      | 8    | BT    | C    | KCH  |
| 0 | SC | TR | laundry, staff bus,     |      | RS(T) |      |      |
|   |    | S( | etc. charged to Banyan  |      |       |      |      |
|   |    | T) | Tree Spa – Phuket       |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| T |    |    |                         |      |       |      |      |
| r |    |    |                         |      |       |      |      |
| a |    |    |                         |      |       |      |      |
| i |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| i |    |    |                         |      |       |      |      |
| n |    |    |                         |      |       |      |      |
| g |    |    |                         |      |       |      |      |
| c |    |    |                         |      |       |      |      |
| h |    |    |                         |      |       |      |      |
| a |    |    |                         |      |       |      |      |
| r |    |    |                         |      |       |      |      |
| g |    |    |                         |      |       |      |      |
| e |    |    |                         |      |       |      |      |
| s |    |    |                         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 8 | B  | LB | Training courses held   | 2    | BT    | C    | KCH  |
| 1 | TR | TL | for Laguna Phuket staff |      | RS(T) |      |      |
|   | S( |    | and allocated to all    |      |       |      |      |
|   | T) |    | operations based on     |      |       |      |      |
|   |    |    | actual cost.            |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 8 | B  | L  | Training courses held   | 3    | BT    | C    | APV, |
| 2 | TR | RH | for Laguna Phuket staff |      | RS(T) |      | KCH  |
|   | S( |    | and allocated to all    |      |       |      |      |
|   | T) |    | operations based on     |      |       |      |      |
|   |    |    | actual cost.            |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 8 | B  | TW | Training courses held   | 1    | BT    | C    | KCH  |
| 3 | TR | PL | for staff and allocated |      | RS(T) |      |      |
|   | S( |    | to all operations based |      |       |      |      |
|   | T) |    | on actual cost.         |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+
| 8 |    |    | Training charges (< 1   | 4    |       |      |      |
| 4 |    |    | MB)                     |      |       |      |      |
+---+----+----+-------------------------+------+-------+------+------+

  --------------------------------------------------------------------------------------------------------------
                 Payee   Payer   Details of Transaction /   Transactions   Persons    Nature of      Directors
                                 Contract                   in 2011 (MB)   with       Relationship   with Common
                                                                           Mutual                    Interest
                                                                           Interest                  
  -------------- ------- ------- -------------------------- -------------- ---------- -------------- -----------
                                                                                                     

                                                                                                     

  TRANSACTIONS                                                                                       
  WITH                                                                                               
  MANAGEMENT AND                                                                                     
  DIRECTORS                                                                                          

  Interest                                                                                           
  income                                                                                             

  1              LRH     KPH     Interest charges on        1              KPH        Chairman of    -
                                 financial assistance                                 the BOD        
                                 provided to employees for                                           
                                 acquisition of a property                                           
                                 developed by the Company                                            
                                 or its subsidiaries.                                                

  2              TWPL    KPH     Interest charges on        1              KPH        Chairman of    -
                                 financial assistance                                 the BOD of     
                                 provided to employees for                            Parent Company 
                                 acquisition of a property                            (LRH)          
                                 developed by the Company                                            
                                 or its subsidiaries.                                                

  3                              Interest income (< 1 MB)   1                                        

  Rental expense                                                                                     

  4                              Rental expense (< 1 MB)    1                                        
  --------------------------------------------------------------------------------------------------------------

2

[TABLE]

Remarks:

* On December 21, 2011 USC, a major shareholder of the Company,
transferred 25,901,824 shares in the Company to settle its debts with
the creditors. As a result of those shares transfered, USC is no longer
a major shareholder of the Company

(A) Major shareholder

(B) Major shareholder of parent company (LRH)

(C) The Company in which the major shareholder of LRH is its major
shareholder

+--------+-------------------------------------------------------------+
|   A    |                                                             |
| BBREVI |                                                             |
| ATIONS |                                                             |
+--------+-------------------------------------------------------------+
|   AVCI |   PT. AVC Indonesia                                         |
+--------+-------------------------------------------------------------+
|   BGL  |   Bangtao Grande Limited                                    |
+--------+-------------------------------------------------------------+
|   BMSD |   Banyan Tree MX S.A. De C.V.                               |
+--------+-------------------------------------------------------------+
|        |   Banyan Tree Gallery (Singapore) Pte Ltd.                  |
| BTG(S) |                                                             |
+--------+-------------------------------------------------------------+
|        |   Banyan Tree Gallery (Thailand) Limited                    |
| BTG(T) |                                                             |
+--------+-------------------------------------------------------------+
|   BTH  |   Banyan Tree Holdings Limited                              |
+--------+-------------------------------------------------------------+
|   BTHR |   Banyan Tree Hotels & Resorts Pte. Ltd.                    |
+--------+-------------------------------------------------------------+
|   BTI  |   Banyan Tree Investment Pte. Ltd.                          |
+--------+-------------------------------------------------------------+
|   BTID |   Banyan Tree Indochina Pte. Ltd.                           |
+--------+-------------------------------------------------------------+
|   BTRS |   Banyan Tree Resorts (Seychelles) Limited                  |
+--------+-------------------------------------------------------------+
|   B    |   Banyan Tree Resorts & Spas (Thailand) Company Limited     |
| TRS(T) |                                                             |
+--------+-------------------------------------------------------------+
|   BTS  |   Banyan Tree Spas Pte. Ltd.                                |
+--------+-------------------------------------------------------------+
|   B    |   Banyan Tree Spas (HK) Limited                             |
| TS(HK) |                                                             |
+--------+-------------------------------------------------------------+
|   CGL  |   Cheer Golden Limited                                      |
+--------+-------------------------------------------------------------+
|   HSD  |   Heritage Spas Dubai LLC                                   |
+--------+-------------------------------------------------------------+
|   KR   |   Kingley Realty Limited                                    |
+--------+-------------------------------------------------------------+
|   LBC  |   Laguna Beach Club Limited                                 |
+--------+-------------------------------------------------------------+
|   LBTG |   Lijiang Banyan Tree Gallery Trading Co., Ltd.             |
+--------+-------------------------------------------------------------+
|   LBTH |   Lijiang Banyan Tree Hotel Co., Ltd.                       |
+--------+-------------------------------------------------------------+
|   LBTL |   Laguna Banyan Tree Limited                                |
+--------+-------------------------------------------------------------+
|   LGL  |   Laguna Grande Limited                                     |
+--------+-------------------------------------------------------------+
|   LHC  |   Laguna Holiday Club Limited                               |
+--------+-------------------------------------------------------------+
|   LRH  |   Laguna Resorts & Hotels Public Company Limited            |
+--------+-------------------------------------------------------------+
|   LSC  |   Laguna Service Company Limited                            |
+--------+-------------------------------------------------------------+
|   LVL  |   Laguna Village Limited                                    |
+--------+-------------------------------------------------------------+
|   MA   |   Maldives Angsana Pvt Ltd.                                 |
+--------+-------------------------------------------------------------+
|   PKRD |   Phuket Resort Development Limited                         |
+--------+-------------------------------------------------------------+
|   PTBH |   PT Bintan Hotels                                          |
+--------+-------------------------------------------------------------+
|   PTMB |   PT Management Banyan Tree Resorts & Spas                  |
+--------+-------------------------------------------------------------+
|   TDC  | Tapioca Development Corporation Limited                     |
+--------+-------------------------------------------------------------+
|   TRL  | Tropical Resorts Limited                                    |
+--------+-------------------------------------------------------------+
|   TWFP | Thai Wah Food Products Public Company Limited               |
+--------+-------------------------------------------------------------+
|   TWPL | Thai Wah Plaza Limited                                      |
+--------+-------------------------------------------------------------+
|   TWRH | TWR - Holdings Limited                                      |
+--------+-------------------------------------------------------------+
|   USC  | Universal Starch Public Company Limited                     |
+--------+-------------------------------------------------------------+
|   VM   | Vabbinvest Maldives Pvt. Ltd.                               |
+--------+-------------------------------------------------------------+
|   WLH  | Wanyue Leisure Health (Shanghai) Co., Ltd.                  |
+--------+-------------------------------------------------------------+

+--------+-------------------------------------------------------------+
|   IN   |                                                             |
| ITIALS |                                                             |
+--------+-------------------------------------------------------------+
|   APV  | Mr. Ariel P Vera                                            |
+--------+-------------------------------------------------------------+
|   AU   | Ms. Areewan Umpornpaiboon                                   |
+--------+-------------------------------------------------------------+
|   CH   | Mr. Kuan Chiet                                              |
+--------+-------------------------------------------------------------+
|   CSH  | Mr. Shankar Chandran                                        |
+--------+-------------------------------------------------------------+
|   CSN  | Ms. Chiang See Ngoh Claire                                  |
+--------+-------------------------------------------------------------+
|   ESHL | Mr. Eddy See Hock Lye                                       |
+--------+-------------------------------------------------------------+
|   HLF  | Ms. Ho Lien Fung                                            |
+--------+-------------------------------------------------------------+
|   HRH  | Mr. Ho Ren Hua                                              |
+--------+-------------------------------------------------------------+
|   KCH  | Mr. Ho KwonCjan                                             |
+--------+-------------------------------------------------------------+
|   KPH  | Mr. Ho KwonPing                                             |
+--------+-------------------------------------------------------------+
|   MRA  | Mr. Michael Ramon Ayling                                    |
+--------+-------------------------------------------------------------+
|   NT   | Mr. Niyom Tassaneetipagorn                                  |
+--------+-------------------------------------------------------------+
|   SDR  | Mr. Stuart David Reading                                    |
+--------+-------------------------------------------------------------+
|   SSK  | Ms. Sirivan Skulkerevathana                                 |
+--------+-------------------------------------------------------------+
|   SSU  | Mr. Surapon Supratya                                        |
+--------+-------------------------------------------------------------+
|        |                                                             |
+--------+-------------------------------------------------------------+