11. Related Party Transactions 

  During 2009, 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:

Commission on Consignment Sales

-   Sale of goods from BTG(S) to other related companies which are
    entitled to a monthly commission of 5 percent of the monthly
    aggregate of all revenues and income derived directly from the sale
    of goods consigned by BTG(S) to be sold at the outlets.

  Commission on Spa Guests

-   These charges relate to commissions earned by LBC for bringing in
    its hotel guests to use the services of the Angsana Spa, which is
    located nearby. The commission rates range from 5 percent to 10
    percent of spa revenue based on the number of guests that LBC
    provides to the Spa each month.

-   This transaction incentivises management of Laguna Beach Resort to
    promote the Spa’s facilities to the hotel guests. The commission
    rates and contract were agreed by the non-related party directors of
    LBC who did not have an interest in this contract.

  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

-   LBTH paid interest for loans from LBTL, which are borrowed to fund
    the construction of Banyan Tree Lijiang Hotel and are denominated in
    US dollars. The loans are long-term loans which carry interest at a
    rate of 7 percent and 7.25 percent per annum. The loans were fully
    repaid in August 2009.

-   LBTH is an associated company which is not able to obtain borrowing
    terms from banks as favorable as the parent company due to their
    smaller financial size. It is a generally accepted practice to rely
    on the parent company's financial strength to obtain loans on
    favorable terms on behalf of the group of companies which result in
    higher profitability for the group as compared to each company
    taking out its own loans.

-   Other interest charges are on 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
    Spa’s 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 above. Such
    inter resort charges are also incurred at the Banyan Tree Bangkok
    primarily for treatments of spa and goods purchased in the shops.

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

  Management Fees

-   Royalty agreement fee paid to BTHR for the use of “Banyan Tree”
    trademark 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) pays a royalty fee of 3 percent of
  total revenue.

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

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

(iv) 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.

(v) The Hotel Management Agreement of the Banyan Tree Bangkok pays a
    hotel management fee of 10 percent of gross operating profit.

(vi) 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 corporate head office shall be
     charged as follows:

     -   Group marketing services shared on a group basis are based on 3
         percent of the budgeted revenues of the hotels.

     -   Reservation service fees are 1 percent of room revenue plus
         Baht 400 or Baht 450 per reservation transaction.

-   All management fees are consistent with industry practice and the
    sharing of group marketing costs incurred by LBTL and TWPL 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 following progressive rates.

  The first Baht 10 million : 6.50 percent

  The next Baht 10-30 million : 5.50 percent

  The next Baht 30-50 million : 4.75 percent

  The next Baht 50-100 million : 4.50 percent

  The next Baht 100-200 million : 4.25 percent

  The next Baht 200-500 million : 3.75 percent

  Above Baht 500 million : 3.40 percent

-   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.

  Purchase of Goods

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

  (i) Sale of goods from BTG(T) to other subsidiaries and related
  companies are priced at a 15 percent and 45 percent discount to the
  retail price for low volume purchases and high volume purchases
  respectively.

  (ii) Sale of guest and spa supplies of high volume purchase from
  BTG(S) and BTG(T) to other subsidiaries and other related companies is
  priced at cost plus 10 percent to 20 percent margin.

  (iii) Sale of goods from BTG(S) to BTG(T) is priced at cost plus a
  handling fee of 25 percent. In this instance BTG(S) acts as a
  purchasing agent for products outside Thailand.

  (iv) Sale of goods from BTG(T) to BTG(S) is charged at cost. In this
  instance BTG(T) acts as a purchasing agent for products in Thailand
  and monthly receives fee equal to 5 percent of the staff payroll costs
  incurred who are engaged in providing the service.

-   Purchase transactions between BTG(S) and BTG(T) provide central
    purchasing to facilitate bulk purchasing for competitive pricing.

  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 face
    value of voucher.

  Reimbursement of Costs

-   Costs are often incurred in one company 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 and/or sales
    & marketing strategy of the Group.

  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 recognized brand names
  which enhances the image of the hotel and helps in its marketing.
  Rental charged to BTRS(T) and BTG(T) are consistent with industry
  practice and rents charged to them by non related parties in other
  resorts.

  (ii) Rental and service fee for BTG(S)’s office is at the rate of SGD
  3.21 per square feet per month. The building is well located and has
  good amenities.

(iii) Rental or rental and service income earned by TWPL for renting the
      office space at Thai Wah Tower I and II with monthly rent varying
      from Baht 300 to Baht 550 per square metre which is dependent on
      criteria such as the location, term of lease, and size of area
      leased. For storage space, rental was charged at Baht 100 per
      square metre per month. Rental rate is in line with market rate.
      Generally, it is in the upper range if compared to the same
      building in a similar location. Terms and conditions in the
      agreement are similar to other customers and the market. Service
      has been separated from rental for tax reasons.

(iv) Rental and service income for space in Banyan Tree Phuket in which
     the office and store of BTG(T) and BTRS(T) is located are at Baht
     1,002 per square meter month increasing 5 percent per annum.

(v) 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 charges to the hotel operations relates to revenue of
    LSC which provides centralised services to each operation in the
    group located at Laguna Phuket at the following rates:

  - Utility charge : at the determined price and actual usage

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

  - Common area services, : based on actual cost

  transportation charges

  - Staff buses : based on actual cost plus a certain margin

  - Marketing fee : at the rate of 1 percent of the hotel operations’
  budgeted revenue

  - Community service : based on actual cost

  - Training charge^((#)) : based on actual cost

  ^(#) starting in 2009, these services are being rendered by BTRS(T)

-   LSC is a non profit organization set-up to centralize certain
    facilities and services to each operation in the Laguna Phuket so as
    to avoid duplication in investment costs or expenses. It is jointly
    owned by the hotel companies at Laguna Phuket in proportion to their
    respective room count i.e., BGL - 31.1 percent, LBC - 27.1 percent,
    LRH - 24.7 percent and LBTL - 17.1 percent. LRH's direct and
    indirect interests amount to 89.2 percent. Where the charge is based
    on a standard or fixed rate, the same is applied to all hotels and
    business operations concerned.

  Sale of Property

-   Sale of property to employees of LRH group is based on the market
    price less applicable discount under staff housing discount policy
    which is based upon length of service up to a maximum of 10 percent.
    The sale transactions presented are revenue recognised in the
    period.

Spa Service

-   This relates to the purchase of Spa vouchers by LHC from BTRS(T)
    which are priced at a 40 percent discount to the Spa price list. LHC
    uses Spa service as a marketing tool.

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 5 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 5 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
  bases 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  Transac-tions   Persons    Nature of      Directors   Ongoing/
                                   / Contract              in 2009 (MB)    with       Relationship   with Common Occasional
                                                                           Mutual                    Interest    Transaction
                                                                           Interest                              
  --------------- -------- ------- ----------------------- --------------- ---------- -------------- ----------- -------------
  TRANSACTIONS                                                                                                   
  WITH ASSOCIATE                                                                                                 

  Interest income                                                                                                

  1               LBTL     LBTH    Interest paid for loans 11.9            BTH        B              KCH, MRA    Ongoing
                                   for the construction of                                                       
                                   Banyan Tree Lijiang                                                           
                                   Hotel                                                                         

  Reimbursement                                                                                                  
  receipt                                                                                                        

  2               LBTL     LBTH    Reimbursement of        2.7             BTH        B              KCH, MRA    Ongoing
                                   expenses mainly for                                                           
                                   sale and marketing                                                            
                                   expenses sharing                                                              
                                   relating to Banyan Tree                                                       
                                   Residences project                                                            

  3                                Reimbursement receipt   0.1                                                   
                                   (< 1 MB)                                                                      

  Sale of gallery                                                                                                
  vouchers                                                                                                       

  4                                Sale of gallery         0.5                                                   
                                   vouchers (<1 MB)                                                              

  Sale of goods                                                                                                  

  5               BTG(S)   LBTH    Sale of goods           0.7             BTH        A, B           APV         Ongoing
  ----------------------------------------------------------------------------------------------------------------------------

+---+----+----+----------------------+-----+------+-----+-----+------+
|   | P  | P  | Details of           | T   | Per  | Nat | Dir | Ongo |
|   | ay | ay | Transaction /        | ran | sons | ure | ect | ing/ |
|   | ee | er | Contract             | sac | with | of  | ors | Oc   |
|   |    |    |                      | -ti | Mu   | Rel | w   | casi |
|   |    |    |                      | ons | tual | ati | ith | onal |
|   |    |    |                      | in  | Inte | ons | Com | Tra  |
|   |    |    |                      | 2   | rest | hip | mon | nsac |
|   |    |    |                      | 009 |      |     | In  | tion |
|   |    |    |                      | (   |      |     | ter |      |
|   |    |    |                      | MB) |      |     | est |      |
+===+====+====+======================+=====+======+=====+=====+======+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 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 |    |    |                      |     |      |     |     |      |
| o |    |    |                      |     |      |     |     |      |
| m |    |    |                      |     |      |     |     |      |
| m |    |    |                      |     |      |     |     |      |
| i |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
| i |    |    |                      |     |      |     |     |      |
| o |    |    |                      |     |      |     |     |      |
| n |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 1 |    |    | Commission expenses  | 0.2 |      |     |     |      |
|   |    |    | on consignment sales |     |      |     |     |      |
|   |    |    | (<1.0 MB)            |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 2 | L  | B  | Commission income on | 0.6 | BTR  | C   | -   | Ong  |
|   | BC | TR | guests in LBC hotel  |     | S(T) |     |     | oing |
|   |    | S( | who use the services |     |      |     |     |      |
|   |    | T) | of the Angsana Spa   |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 3 | TW |  B | Credit card          | 0.7 | BTR  | C   | KCH | Ong  |
|   | PL | TR | commission receipts  |     | S(T) |     |     | oing |
|   |    | S( |                      |     |      |     |     |      |
|   |    | T) |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 4 |    |    | Credit card          | 0.6 |      |     |     |      |
|   |    |    | commission receipts  |     |      |     |     |      |
|   |    |    | (<1.0 MB)            |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| I |    |    |                      |     |      |     |     |      |
| n |    |    |                      |     |      |     |     |      |
| t |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| r |    |    |                      |     |      |     |     |      |
| r |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
| o |    |    |                      |     |      |     |     |      |
| r |    |    |                      |     |      |     |     |      |
| t |    |    |                      |     |      |     |     |      |
| c |    |    |                      |     |      |     |     |      |
| h |    |    |                      |     |      |     |     |      |
| a |    |    |                      |     |      |     |     |      |
| r |    |    |                      |     |      |     |     |      |
| g |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 5 | B  | B  | Inter Resort Charges | 1   | BTR  | C   | KCH | Ong  |
|   | TR | GL | is a function of     | 5.7 | S(T) |     |     | oing |
|   | S( |    | collection from      |     |      |     |     |      |
|   | T) |    | customer and         |     |      |     |     |      |
|   |    |    | remittance to the    |     |      |     |     |      |
|   |    |    | provider of the      |     |      |     |     |      |
|   |    |    | service.             |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 6 | B  | L  | Inter Resort Charges | 5.6 | BTR  | C   | -   | Ong  |
|   | TR | BC | is a function of     |     | S(T) |     |     | oing |
|   | S( |    | collection from      |     |      |     |     |      |
|   | T) |    | customer and         |     |      |     |     |      |
|   |    |    | remittance to the    |     |      |     |     |      |
|   |    |    | provider of the      |     |      |     |     |      |
|   |    |    | service.             |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 7 | B  | LB | Inter Resort Charges | 5   | BTR  | C   | KCH | Ong  |
|   | TR | TL | is a function of     | 3.3 | S(T) |     |     | oing |
|   | S( |    | collection from      |     |      |     |     |      |
|   | T) |    | customer and         |     |      |     |     |      |
|   |    |    | remittance to the    |     |      |     |     |      |
|   |    |    | provider of the      |     |      |     |     |      |
|   |    |    | service.             |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 8 | B  | L  | Inter Resort Charges | 1.6 | BTR  | C   | -   | Ong  |
|   | TR | HC | is a function of     |     | S(T) |     |     | oing |
|   | S( |    | collection from      |     |      |     |     |      |
|   | T) |    | customer and         |     |      |     |     |      |
|   |    |    | remittance to the    |     |      |     |     |      |
|   |    |    | provider of the      |     |      |     |     |      |
|   |    |    | service.             |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 9 | B  | L  | Inter Resort Charges | 1   | BTR  | C   | A   | Ong  |
|   | TR | RH | is a function of     | 0.6 | S(T) |     | PV, | oing |
|   | S( |    | collection from      |     |      |     | KCH |      |
|   | T) |    | customer and         |     |      |     |     |      |
|   |    |    | remittance to the    |     |      |     |     |      |
|   |    |    | provider of the      |     |      |     |     |      |
|   |    |    | service.             |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 1 | B  | TW | Inter Resort Charges | 1   | BTR  | C   | KCH | Ong  |
| 0 | TR | PL | is a function of     | 9.4 | S(T) |     |     | oing |
|   | 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 | L  | B  | Providing            | 0.9 | BTR  | C   | A   | Ong  |
| 1 | RH | TR | admistration         |     | S(T) |     | PV, | oing |
|   |    | S( | services of          |     |      |     | KCH |      |
|   |    | T) | information          |     |      |     |     |      |
|   |    |    | technology, human    |     |      |     |     |      |
|   |    |    | resources and maid.  |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| M |    |    |                      |     |      |     |     |      |
| a |    |    |                      |     |      |     |     |      |
| n |    |    |                      |     |      |     |     |      |
| a |    |    |                      |     |      |     |     |      |
| g |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| m |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| n |    |    |                      |     |      |     |     |      |
| t |    |    |                      |     |      |     |     |      |
| f |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| x |    |    |                      |     |      |     |     |      |
| p |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| n |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 1 | BT | LB | Royalty agreement:   | 1   | BTH  | B   | -   | Ong  |
| 2 | HR | TL |                      | 6.0 |      |     |     | oing |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    | For the use of       |     |      |     |     |      |
|   |    |    | “Banyan Tree”        |     |      |     |     |      |
|   |    |    | trademark and all    |     |      |     |     |      |
|   |    |    | proprietary rights   |     |      |     |     |      |
|   |    |    | associated with it   |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    | Agreement is from    |     |      |     |     |      |
|   |    |    | January 2009 to      |     |      |     |     |      |
|   |    |    | December 2015.       |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 1 | BT | LB | Architectural and    | 5.4 | BTH  | B   | -   | Ong  |
| 3 | HR | TL | interior design      |     |      |     |     | oing |
|   |    |    | service fees for     |     |      |     |     |      |
|   |    |    | Banyan Tree Phuket’s |     |      |     |     |      |
|   |    |    | new 26 villa         |     |      |     |     |      |
|   |    |    | inventories.         |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 1 | BT | TW | Royalty agreement:   | 1   | BTH  | B   | -   | Ong  |
| 4 | HR | PL |                      | 7.7 |      |     |     | oing |
|   |    |    |                      |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    | For the use of       |     |      |     |     |      |
|   |    |    | “Banyan Tree”        |     |      |     |     |      |
|   |    |    | trademark and all    |     |      |     |     |      |
|   |    |    | proprietary rights   |     |      |     |     |      |
|   |    |    | associated with it   |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    | Agreement is from    |     |      |     |     |      |
|   |    |    | January 2009 to      |     |      |     |     |      |
|   |    |    | December 2021.       |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 1 | BT | TW | Architectural and    | 4.1 | BTH  | B   | -   | Ong  |
| 5 | HR | PL | interior design      |     |      |     |     | oing |
|   |    |    | service fees for     |     |      |     |     |      |
|   |    |    | Banyan Tree          |     |      |     |     |      |
|   |    |    | Bangkok’s            |     |      |     |     |      |
|   |    |    | renovation.          |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 1 | B  | LB | Techinical           | 5   | BTR  | C   | KCH | Ong  |
| 6 | TR | TL | Assistance           | 5.8 | S(T) |     |     | oing |
|   | S( |    | agreement:           |     |      |     |     |      |
|   | 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)              |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 1 | B  | L  | Technical Assistance | 2.8 | BTR  | C   | KCH | Ong  |
| 7 | TR | GL | Agreement to conduct |     | S(T) |     |     | oing |
|   | S( |    | the golf business    |     |      |     |     |      |
|   | T) |    | and 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)              |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 1 | B  | TW | Hotel Management     | 4   | BTR  | C   | KCH | Ong  |
| 8 | TR | PL | agreement:           | 2.6 | S(T) |     |     | oing |
|   | S( |    |                      |     |      |     |     |      |
|   | T) |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    | Conduct of Hotel     |     |      |     |     |      |
|   |    |    | Business and         |     |      |     |     |      |
|   |    |    | technical assistance |     |      |     |     |      |
|   |    |    | in the planning,     |     |      |     |     |      |
|   |    |    | building,            |     |      |     |     |      |
|   |    |    | furnishing,          |     |      |     |     |      |
|   |    |    | equipping,           |     |      |     |     |      |
|   |    |    | decorating &         |     |      |     |     |      |
|   |    |    | operating of Banyan  |     |      |     |     |      |
|   |    |    | Tree Bangkok         |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    | Agreement is from    |     |      |     |     |      |
|   |    |    | January 2009 to      |     |      |     |     |      |
|   |    |    | December 2021 with   |     |      |     |     |      |
|   |    |    | option to extend for |     |      |     |     |      |
|   |    |    | another successive   |     |      |     |     |      |
|   |    |    | period 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 |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 1 | B  | L  | Purchase of Spa      | 3.1 | BTH  | A   | APV | Ong  |
| 9 | TS | RH | voucher for          |     |      |     |     | oing |
|   |    |    | management benefits  |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 2 |    |    | Purchase of Spa      | 4.2 |      |     |     |      |
| 0 |    |    | vouchers (<1.0 MB)   |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| S |    |    |                      |     |      |     |     |      |
| a |    |    |                      |     |      |     |     |      |
| l |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| o |    |    |                      |     |      |     |     |      |
| f |    |    |                      |     |      |     |     |      |
| G |    |    |                      |     |      |     |     |      |
| a |    |    |                      |     |      |     |     |      |
| l |    |    |                      |     |      |     |     |      |
| l |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| r |    |    |                      |     |      |     |     |      |
| y |    |    |                      |     |      |     |     |      |
| v |    |    |                      |     |      |     |     |      |
| o |    |    |                      |     |      |     |     |      |
| u |    |    |                      |     |      |     |     |      |
| c |    |    |                      |     |      |     |     |      |
| h |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| r |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 2 | BT | BT | Sale of BTG vouchers | 2.4 | BTH  | A,  | A   | Ong  |
| 1 | G( | HR | for management       |     |      | B   | PV, | oing |
|   | S) |    | benefits             |     |      |     | E   |      |
|   |    |    |                      |     |      |     | SHL |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 2 | BT | B  | Sale of BTG vouchers | 1.5 | BTR  | C   | C   | Ong  |
| 2 | G( | TR | for management       |     | S(T) |     | SH, | oing |
|   | T) | S( | benefits             |     |      |     | KCH |      |
|   |    | T) |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 2 |    |    | Sale of Gallery      | 3.0 |      |     |     |      |
| 3 |    |    | vouchers (<1.0 MB)   |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| S |    |    |                      |     |      |     |     |      |
| a |    |    |                      |     |      |     |     |      |
| l |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| o |    |    |                      |     |      |     |     |      |
| f |    |    |                      |     |      |     |     |      |
| g |    |    |                      |     |      |     |     |      |
| o |    |    |                      |     |      |     |     |      |
| o |    |    |                      |     |      |     |     |      |
| d |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 2 | BT | BT | Sale of goods        | 1.9 | BTH  | A,  | A   | Ong  |
| 4 | G( | HR |                      |     |      | B   | PV, | oing |
|   | S) |    |                      |     |      |     | E   |      |
|   |    |    |                      |     |      |     | SHL |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 2 | BT | BT | Sale of goods        | 3.9 | BTH  | A,  | A   | Ong  |
| 5 | G( | RS |                      |     |      | B   | PV, | oing |
|   | S) |    |                      |     |      |     | E   |      |
|   |    |    |                      |     |      |     | SHL |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 2 | BT | B  | Sale of goods        | 2.4 | BTR  | C   | APV | Ong  |
| 6 | G( | TR |                      |     | S(T) |     |     | oing |
|   | S) | S( |                      |     |      |     |     |      |
|   |    | T) |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 2 | BT | B  | Sale of goods        | 4.2 | BTH  | A,  | A   | Ong  |
| 7 | G( | TS |                      |     |      | B   | PV, | oing |
|   | S) | (H |                      |     |      |     | E   |      |
|   |    | K) |                      |     |      |     | SHL |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 2 | BT | B  | Sale of goods        | 6.5 | BTH  | A,  | A   | Ong  |
| 8 | G( | TS |                      |     |      | B   | PV, | oing |
|   | S) |    |                      |     |      |     | E   |      |
|   |    |    |                      |     |      |     | SHL |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 2 | BT | H  | Sale of goods        | 1.4 | BTH  | A,  | APV | Ong  |
| 9 | G( | SD |                      |     |      | B   |     | oing |
|   | S) |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 3 | BT | H  | Sale of goods        | 1.0 | BTH  | A,  | -   | Ong  |
| 0 | G( | SE |                      |     |      | B   |     | oing |
|   | S) |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 3 | BT | MA | Sale of goods        | 2.1 | BTH  | A,  | A   | Ong  |
| 1 | G( |    |                      |     |      | B   | PV, | oing |
|   | S) |    |                      |     |      |     | E   |      |
|   |    |    |                      |     |      |     | SHL |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 3 | BT | MB | Sale of goods        | 5.7 | BTH  | A,  | A   | Ong  |
| 2 | G( |    |                      |     |      | B   | PV, | oing |
|   | S) |    |                      |     |      |     | E   |      |
|   |    |    |                      |     |      |     | SHL |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 3 | BT | PT | Sale of goods        | 8.9 | TRL  | C   | -   | Ong  |
| 3 | G( | BH |                      |     |      |     |     | oing |
|   | S) |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 3 | BT | PT | Sale of goods        | 1.2 | BTH  | A,  | -   | Ong  |
| 4 | G( | MB |                      |     |      | B   |     | oing |
|   | S) |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 3 | BT | VM | Sale of goods        | 1.5 | BTH  | A,  | A   | Ong  |
| 5 | G( |    |                      |     |      | B   | PV, | oing |
|   | S) |    |                      |     |      |     | E   |      |
|   |    |    |                      |     |      |     | SHL |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 3 | BT | B  | Sale of goods        | 2.3 | BTR  | C   | C   | Ong  |
| 6 | G( | TR |                      |     | S(T) |     | SH, | oing |
|   | T) | S( |                      |     |      |     | KCH |      |
|   |    | T) |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 3 |    |    | Sale of goods (<1.0  | 1.5 |      |     |     |      |
| 7 |    |    | MB)                  |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| R |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| i |    |    |                      |     |      |     |     |      |
| m |    |    |                      |     |      |     |     |      |
| b |    |    |                      |     |      |     |     |      |
| u |    |    |                      |     |      |     |     |      |
| r |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| m |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| n |    |    |                      |     |      |     |     |      |
| t |    |    |                      |     |      |     |     |      |
| r |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| c |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| i |    |    |                      |     |      |     |     |      |
| p |    |    |                      |     |      |     |     |      |
| t |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 3 | BT | B  | Reimbursement of     | 1.8 | BTH  | A,  | A   | Ong  |
| 8 | G( | TS | expenses mainly for  |     |      | B   | PV, | oing |
|   | S) |    | salary expenses and  |     |      |     | E   |      |
|   |    |    | other expenses       |     |      |     | SHL |      |
|   |    |    | related to spa       |     |      |     |     |      |
|   |    |    | outlets in Bintan    |     |      |     |     |      |
|   |    |    | and Seychelles.      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 3 | LB | BT | Reimbursement for    | 7.7 | BTH  | B   | -   | Ong  |
| 9 | TL | HR | salary expenses and  |     |      |     |     | oing |
|   |    |    | other expenses       |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 4 | LB | B  | Reimbursement for    | 2.5 | BTH  | B   | -   | Ong  |
| 0 | TL | TP | expenses related to  |     |      |     |     | oing |
|   |    |    | Banyan Tree          |     |      |     |     |      |
|   |    |    | Residences project   |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 4 | LB | B  | Reimbursement for    | 8.8 | BTR  | C   | KCH | Ong  |
| 1 | TL | TR | salary expenses and  |     | S(T) |     |     | oing |
|   |    | S( | other expenses       |     |      |     |     |      |
|   |    | T) | related to spa       |     |      |     |     |      |
|   |    |    | outlets in Laguna    |     |      |     |     |      |
|   |    |    | Phuket               |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 4 | L  | LV | Reimbursement of     | 1   | BTH  | B   | -   | Ong  |
| 2 | GL | CL | staff expenses for   | 2.4 |      |     |     | oing |
|   |    |    | Project in Vietnam   |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 4 | L  | B  | Reimbursement of     | 1.3 | BTH  | A   | A   | Ong  |
| 3 | RH | TH | expenses for salary  |     |      |     | PV, | oing |
|   |    |    | expenses and other   |     |      |     | KPH |      |
|   |    |    | expenses related to  |     |      |     |     |      |
|   |    |    | Group Asset          |     |      |     |     |      |
|   |    |    | Management           |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 4 | L  | BT | Reimbursement of     | 6.9 | BTH  | A   | A   | Ong  |
| 4 | RH | HR | expenses for Banyan  |     |      |     | PV, | oing |
|   |    |    | Tree projects in     |     |      |     | KPH |      |
|   |    |    | overseas countries   |     |      |     |     |      |
|   |    |    | and traveling        |     |      |     |     |      |
|   |    |    | expenses             |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 4 | L  | B  | Reimbursement of     | 2.3 | BTR  | C   | A   | Ong  |
| 5 | RH | TR | utilities, other     |     | S(T) |     | PV, | oing |
|   |    | S( | expenses related to  |     |      |     | KCH |      |
|   |    | T) | rental agreement.    |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 4 | L  | LV | Reimbursement of     | 3.3 | BTH  | A   | APV | Ong  |
| 6 | RH | CL | expenses for salary  |     |      |     |     | oing |
|   |    |    | expenses and other   |     |      |     |     |      |
|   |    |    | expenses related to  |     |      |     |     |      |
|   |    |    | project in Vietnam   |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 4 | TW | BT | Reimbursement of     | 8.1 | BTH  | B   | -   | Ong  |
| 7 | PL | HR | sales and marketing  |     |      |     |     | oing |
|   |    |    | costs incurred by    |     |      |     |     |      |
|   |    |    | Banyan Tree Bangkok  |     |      |     |     |      |
|   |    |    | which relate         |     |      |     |     |      |
|   |    |    | specifically to BTHR |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 4 | TW | B  | Reimbursement of     | 1   | BTR  | C   | KCH | Ong  |
| 8 | PL | TR | utilities and other  | 3.9 | S(T) |     |     | oing |
|   |    | S( | expenses related to  |     |      |     |     |      |
|   |    | T) | rental agreement and |     |      |     |     |      |
|   |    |    | sharing common       |     |      |     |     |      |
|   |    |    | department’s         |     |      |     |     |      |
|   |    |    | expenses             |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 4 | TW | TW | Reimbursement of     | 1.5 | USC  | B   | CH, | Ong  |
| 9 | PL | FP | utilities and other  |     |      |     | K   | oing |
|   |    |    | expenses related to  |     |      |     | CH, |      |
|   |    |    | rental agreement     |     |      |     | SSK |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 5 | TW | U  | Reimbursement of     | 1.7 | USC  | B   | -   | Ong  |
| 0 | PL | SC | utilities and other  |     |      |     |     | oing |
|   |    |    | expenses related to  |     |      |     |     |      |
|   |    |    | rental agreement     |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 5 |    |    | Reimbursement        | 4.9 |      |     |     |      |
| 1 |    |    | receipts (< 1 MB)    |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| R |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| i |    |    |                      |     |      |     |     |      |
| m |    |    |                      |     |      |     |     |      |
| b |    |    |                      |     |      |     |     |      |
| u |    |    |                      |     |      |     |     |      |
| r |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| m |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| n |    |    |                      |     |      |     |     |      |
| t |    |    |                      |     |      |     |     |      |
| p |    |    |                      |     |      |     |     |      |
| a |    |    |                      |     |      |     |     |      |
| y |    |    |                      |     |      |     |     |      |
| m |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| n |    |    |                      |     |      |     |     |      |
| t |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 5 | B  | L  | Reimbursement of     | 2.5 | BTH  | A   | A   | Ong  |
| 2 | TH | RH | expenses mainly for  |     |      |     | PV, | oing |
|   |    |    | legal fee related to |     |      |     | KPH |      |
|   |    |    | Tsunami insurance    |     |      |     |     |      |
|   |    |    | claim                |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 5 | BT | LB | Reimbursement of     | 8.2 | BTH  | B   | -   | Ong  |
| 3 | HR | TL | sales and marketing  |     |      |     |     | oing |
|   |    |    | costs incurred by    |     |      |     |     |      |
|   |    |    | BTHR in its          |     |      |     |     |      |
|   |    |    | Singapore office     |     |      |     |     |      |
|   |    |    | which relate         |     |      |     |     |      |
|   |    |    | specifically to the  |     |      |     |     |      |
|   |    |    | promotion of the     |     |      |     |     |      |
|   |    |    | Banyan Tree Phuket   |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 5 | BT | TW | Reimbursement of     | 1.9 | BTH  | B   | -   | Ong  |
| 4 | HR | PL | sales and marketing  |     |      |     |     | oing |
|   |    |    | costs incurred by    |     |      |     |     |      |
|   |    |    | BTHR in its          |     |      |     |     |      |
|   |    |    | Singapore office     |     |      |     |     |      |
|   |    |    | which relate         |     |      |     |     |      |
|   |    |    | specifically to the  |     |      |     |     |      |
|   |    |    | promotion of the     |     |      |     |     |      |
|   |    |    | Banyan Tree Bangkok  |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 5 | B  | LB | Reimbursement of     | 2.9 | BTH  | B   | -   | Ong  |
| 5 | TP | TL | expenses mainly for  |     |      |     |     | oing |
|   |    |    | sale and marketing   |     |      |     |     |      |
|   |    |    | expenses sharing     |     |      |     |     |      |
|   |    |    | relating to Banyan   |     |      |     |     |      |
|   |    |    | Tree Residences      |     |      |     |     |      |
|   |    |    | project              |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 5 | B  | BT | Reimbursement of     | 2.7 | BTR  | C   | C   | Ong  |
| 6 | TR | G( | utilities and other  |     | S(T) |     | SH, | oing |
|   | S( | T) | expenses related to  |     |      |     | KCH |      |
|   | T) |    | rental agreement,    |     |      |     |     |      |
|   |    |    | sharing common       |     |      |     |     |      |
|   |    |    | department’s         |     |      |     |     |      |
|   |    |    | expenses             |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 5 | B  | LB | Reimbursement of     | 1   | BTR  | C   | KCH | Ong  |
| 7 | TR | TL | sales and marketing  | 9.0 | S(T) |     |     | oing |
|   | S( |    | costs incurred by    |     |      |     |     |      |
|   | T) |    | Banyan Tree group    |     |      |     |     |      |
|   |    |    | which relate         |     |      |     |     |      |
|   |    |    | specifically to the  |     |      |     |     |      |
|   |    |    | promotion of the     |     |      |     |     |      |
|   |    |    | Banyan Tree Phuket   |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 5 | B  | TW | Reimbursement of     | 1   | BTR  | C   | KCH | Ong  |
| 8 | TR | PL | sales and marketing  | 2.7 | S(T) |     |     | oing |
|   | S( |    | costs incurred by    |     |      |     |     |      |
|   | T) |    | Banyan Tree group    |     |      |     |     |      |
|   |    |    | which relate         |     |      |     |     |      |
|   |    |    | specifically to the  |     |      |     |     |      |
|   |    |    | promotion of the     |     |      |     |     |      |
|   |    |    | Banyan Tree Bangkok  |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 5 | PT | AV | Reimbursement for    | 1   | TRL  | C   | -   | Ong  |
| 9 | BH | CI | salary expenses and  | 0.1 |      |     |     | oing |
|   |    |    | other expenses       |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 6 |    |    | Reimbursement        | 2.6 |      |     |     |      |
| 0 |    |    | payments (< 1 MB)    |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| R |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| n |    |    |                      |     |      |     |     |      |
| t |    |    |                      |     |      |     |     |      |
| a |    |    |                      |     |      |     |     |      |
| n |    |    |                      |     |      |     |     |      |
| d |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| r |    |    |                      |     |      |     |     |      |
| v |    |    |                      |     |      |     |     |      |
| i |    |    |                      |     |      |     |     |      |
| c |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| i |    |    |                      |     |      |     |     |      |
| n |    |    |                      |     |      |     |     |      |
| c |    |    |                      |     |      |     |     |      |
| o |    |    |                      |     |      |     |     |      |
| m |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 6 | B  | B  | Rental Agreement for | 1.3 | BTR  | C   | KCH | Ong  |
| 1 | GL | TR | the premises of the  |     | S(T) |     |     | oing |
|   |    | S( | Angsana Spa at the   |     |      |     |     |      |
|   |    | T) | Sheraton Grande      |     |      |     |     |      |
|   |    |    | Laguna Phuket from 1 |     |      |     |     |      |
|   |    |    | December 1998 to 30  |     |      |     |     |      |
|   |    |    | November 2028 (30    |     |      |     |     |      |
|   |    |    | years)               |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 6 | LB | B  | Space rental at the  | 1   | BTR  | C   | KCH | Ong  |
| 2 | TL | TR | Banyan Tree Phuket   | 3.8 | S(T) |     |     | oing |
|   |    | S( | to operate the       |     |      |     |     |      |
|   |    | T) | Banyan Tree Spa.     |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    | Agreement commenced  |     |      |     |     |      |
|   |    |    | on 1 January 1997    |     |      |     |     |      |
|   |    |    | and shall terminate  |     |      |     |     |      |
|   |    |    | upon the termination |     |      |     |     |      |
|   |    |    | of the Technical     |     |      |     |     |      |
|   |    |    | Assistance Agreement |     |      |     |     |      |
|   |    |    | between BTRS(T) &    |     |      |     |     |      |
|   |    |    | LBTL                 |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    | Rental agreement for |     |      |     |     |      |
|   |    |    | office & store in    |     |      |     |     |      |
|   |    |    | the Banyan Tree      |     |      |     |     |      |
|   |    |    | Phuket (521.53 sqm.) |     |      |     |     |      |
|   |    |    | from 1 January 2009  |     |      |     |     |      |
|   |    |    | to 31 December 2010. |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    | Service income from  |     |      |     |     |      |
|   |    |    | rental of Banyan     |     |      |     |     |      |
|   |    |    | Tree Academy from 1  |     |      |     |     |      |
|   |    |    | January 2009 to 31   |     |      |     |     |      |
|   |    |    | December 2010.       |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 6 | L  | B  | Rental agreement for | 1.3 | BTR  | C   | A   | Ong  |
| 3 | RH | TR | Angsana Spa at Dusit |     | S(T) |     | PV, | oing |
|   |    | S( | Thani Laguna Phuket  |     |      |     | KCH |      |
|   |    | T) | from 31 March 2000   |     |      |     |     |      |
|   |    |    | to 31 March 2030     |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    | (30 years)           |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    | Rental agreement for |     |      |     |     |      |
|   |    |    | Angsana shop (area   |     |      |     |     |      |
|   |    |    | 20 sq.m.) at Dusit   |     |      |     |     |      |
|   |    |    | Thani Laguna Phuket  |     |      |     |     |      |
|   |    |    | from 1 September     |     |      |     |     |      |
|   |    |    | 2008 to 31 August    |     |      |     |     |      |
|   |    |    | 2009                 |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 6 | TW | B  | Lease and service    | 8.7 | BTR  | C   | KCH | Ong  |
| 4 | PL | TR | Agreement for space  |     | S(T) |     |     | oing |
|   |    | S( | rental at Thai Wah   |     |      |     |     |      |
|   |    | T) | Tower II             |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    | - Rental agreement   |     |      |     |     |      |
|   |    |    | for 19^(th) –        |     |      |     |     |      |
|   |    |    | 21^(st) floor (total |     |      |     |     |      |
|   |    |    | area 1,178 sq.m.),   |     |      |     |     |      |
|   |    |    | 3-year lease from 1  |     |      |     |     |      |
|   |    |    | May 2007 - 30 April  |     |      |     |     |      |
|   |    |    | 2010                 |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    | - Rental agreement   |     |      |     |     |      |
|   |    |    | for 22^(nd) floor,   |     |      |     |     |      |
|   |    |    | being an office      |     |      |     |     |      |
|   |    |    | (area 303 sq.m.),    |     |      |     |     |      |
|   |    |    | 3-year lease from 1  |     |      |     |     |      |
|   |    |    | August 2007 - 31     |     |      |     |     |      |
|   |    |    | July 2010            |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    | - Rental agreement   |     |      |     |     |      |
|   |    |    | for 5^(th) floor     |     |      |     |     |      |
|   |    |    | (storage) and        |     |      |     |     |      |
|   |    |    | 23^(rd) floor (total |     |      |     |     |      |
|   |    |    | area 612 sq.m.),     |     |      |     |     |      |
|   |    |    | from 1 January       |     |      |     |     |      |
|   |    |    | 2009 - 31 December   |     |      |     |     |      |
|   |    |    | 2010 and from 1      |     |      |     |     |      |
|   |    |    | February 2009 to 31  |     |      |     |     |      |
|   |    |    | January 2012         |     |      |     |     |      |
|   |    |    | respectively.        |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 6 | TW | LV | Lease and service    | 1.3 | BTH  | B   | -   | Ong  |
| 5 | PL | CL | Agreement at 20      |     |      |     |     | oing |
|   |    |    | ^(th) floor of Thai  |     |      |     |     |      |
|   |    |    | Wah                  |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    | Tower I,             |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    | - 194 sq.m, 3-year   |     |      |     |     |      |
|   |    |    | lease from 16 July   |     |      |     |     |      |
|   |    |    | 2008 – 15 July 2011  |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 6 | TW | T  | Lease and service    | 2.1 | USC, | B,  | CH  | Ong  |
| 6 | PL | DC | Agreement at 8 ^(th) |     | TWFP | C   |     | oing |
|   |    |    | floor of Thai Wah    |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    | Tower I,             |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    | - 382 sq.m, 3-year   |     |      |     |     |      |
|   |    |    | lease from 1         |     |      |     |     |      |
|   |    |    | February 2007 – 31   |     |      |     |     |      |
|   |    |    | January 2010         |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 6 | TW | TW | Lease and service    | 5.9 | USC  | B   | CH, | Ong  |
| 7 | PL | FP | Agreement at 5^(th), |     |      |     | K   | oing |
|   |    |    | 6^(th) and 7^(th)    |     |      |     | CH, |      |
|   |    |    | floors of Thai Wah   |     |      |     | SSK |      |
|   |    |    | Tower I,             |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    | - 38 sq.m. (5^(th)   |     |      |     |     |      |
|   |    |    | floor, storage),     |     |      |     |     |      |
|   |    |    | 1-year lease from    |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    | 1 January 2009 – 28  |     |      |     |     |      |
|   |    |    | February 2010        |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |  - 104 sq.m. (7^(th) |     |      |     |     |      |
|   |    |    | floor), 3-year lease |     |      |     |     |      |
|   |    |    | from                 |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    | 1 October 2007 – 28  |     |      |     |     |      |
|   |    |    | February 2010        |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    | - 785 sq.m.(6^(th)   |     |      |     |     |      |
|   |    |    | floor), 3-year lease |     |      |     |     |      |
|   |    |    | from                 |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    | 1 March 2007 - 28    |     |      |     |     |      |
|   |    |    | February 2010        |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 6 | TW | U  | Lease Agreement at   | 6.6 | USC  | B   | -   | Ong  |
| 8 | PL | SC | 21^(st), 22^(nd),    |     |      |     |     | oing |
|   |    |    | 24^(th) floor, Thai  |     |      |     |     |      |
|   |    |    | Wah Tower I          |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
|   |    |    | (1,110 sq.m.) from 1 |     |      |     |     |      |
|   |    |    | January 2009 to 31   |     |      |     |     |      |
|   |    |    | December 2011.       |     |      |     |     |      |
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    | Rent and service     | 1.1 |      |     |     |      |
|   |    |    | income (<1.0 MB)     |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| R |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| n |    |    |                      |     |      |     |     |      |
| t |    |    |                      |     |      |     |     |      |
| a |    |    |                      |     |      |     |     |      |
| n |    |    |                      |     |      |     |     |      |
| d |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| r |    |    |                      |     |      |     |     |      |
| v |    |    |                      |     |      |     |     |      |
| i |    |    |                      |     |      |     |     |      |
| c |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| x |    |    |                      |     |      |     |     |      |
| p |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| n |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 6 | B  | BT | Rental Agreement for | 1.5 | BTH  | A,  | A   | Ong  |
| 9 | TP | G( | the Banyan Tree      |     |      | B   | PV, | oing |
|   |    | S) | Gallery office at    |     |      |     | E   |      |
|   |    |    | Singapore from 1     |     |      |     | SHL |      |
|   |    |    | January 2009 to 31   |     |      |     |     |      |
|   |    |    | December 2009 (total |     |      |     |     |      |
|   |    |    | area 2,707 square    |     |      |     |     |      |
|   |    |    | feet.)               |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 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     | 4.0 | TRL  | C   | -   | Ong  |
| 0 | GL | BH | hotel units in the   |     |      |     |     | oing |
|   |    |    | Angsana Resort & Spa |     |      |     |     |      |
|   |    |    | Bintan               |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| R |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
| o |    |    |                      |     |      |     |     |      |
| r |    |    |                      |     |      |     |     |      |
| t |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| r |    |    |                      |     |      |     |     |      |
| v |    |    |                      |     |      |     |     |      |
| i |    |    |                      |     |      |     |     |      |
| c |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| c |    |    |                      |     |      |     |     |      |
| h |    |    |                      |     |      |     |     |      |
| a |    |    |                      |     |      |     |     |      |
| r |    |    |                      |     |      |     |     |      |
| g |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 7 | L  | B  | Service charges on   | 6.4 | BTR  | C   | KCH | Ong  |
| 1 | SC | TR | laundry, staff bus,  |     | S(T) |     |     | oing |
|   |    | S( | etc. charged to      |     |      |     |     |      |
|   |    | T) | Banyan Tree Spa -    |     |      |     |     |      |
|   |    |    | Phuket               |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| S |    |    |                      |     |      |     |     |      |
| p |    |    |                      |     |      |     |     |      |
| a |    |    |                      |     |      |     |     |      |
| S |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| r |    |    |                      |     |      |     |     |      |
| v |    |    |                      |     |      |     |     |      |
| i |    |    |                      |     |      |     |     |      |
| c |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 7 | B  | L  | Spa service provided | 1.2 | BTR  | C   | -   | Ong  |
| 2 | TR | HC |                      |     | S(T) |     |     | oing |
|   | S( |    |                      |     |      |     |     |      |
|   | T) |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| T |    |    |                      |     |      |     |     |      |
| r |    |    |                      |     |      |     |     |      |
| a |    |    |                      |     |      |     |     |      |
| i |    |    |                      |     |      |     |     |      |
| n |    |    |                      |     |      |     |     |      |
| i |    |    |                      |     |      |     |     |      |
| n |    |    |                      |     |      |     |     |      |
| g |    |    |                      |     |      |     |     |      |
| c |    |    |                      |     |      |     |     |      |
| h |    |    |                      |     |      |     |     |      |
| a |    |    |                      |     |      |     |     |      |
| r |    |    |                      |     |      |     |     |      |
| g |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 7 | B  | B  | Computer and English | 1.1 | BTR  | C   | KCH | Ong  |
| 3 | TR | GL | training held for    |     | S(T) |     |     | oing |
|   | S( |    | Laguna Phuket staff  |     |      |     |     |      |
|   | T) |    | and allocated to all |     |      |     |     |      |
|   |    |    | operations based on  |     |      |     |     |      |
|   |    |    | actual cost.         |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 7 | B  | L  | Computer and English | 1.6 | BTR  | C   | A   | Ong  |
| 4 | TR | RH | training held for    |     | S(T) |     | PV, | oing |
|   | S( |    | Laguna Phuket staff  |     |      |     | KCH |      |
|   | T) |    | and allocated to all |     |      |     |     |      |
|   |    |    | operations based on  |     |      |     |     |      |
|   |    |    | actual cost.         |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 7 |    |    | Training charges (<  | 2.3 |      |     |     |      |
| 5 |    |    | 1 MB)                |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+

+---+----+----+----------------------+-----+------+-----+-----+------+
|   | P  | P  | Details of           | T   | Per  | Nat | Dir | Ongo |
|   | ay | ay | Transaction /        | ran | sons | ure | ect | ing/ |
|   | ee | er | Contract             | sac | with | of  | ors | Oc   |
|   |    |    |                      | -ti | Mu   | Rel | w   | casi |
|   |    |    |                      | ons | tual | ati | ith | onal |
|   |    |    |                      | in  | Inte | ons | Com | Tra  |
|   |    |    |                      | 2   | rest | hip | mon | nsac |
|   |    |    |                      | 009 |      |     | In  | tion |
|   |    |    |                      | (   |      |     | ter |      |
|   |    |    |                      | MB) |      |     | est |      |
+===+====+====+======================+=====+======+=====+=====+======+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
|   |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| T |    |    |                      |     |      |     |     |      |
| R |    |    |                      |     |      |     |     |      |
| A |    |    |                      |     |      |     |     |      |
| N |    |    |                      |     |      |     |     |      |
| S |    |    |                      |     |      |     |     |      |
| A |    |    |                      |     |      |     |     |      |
| C |    |    |                      |     |      |     |     |      |
| T |    |    |                      |     |      |     |     |      |
| I |    |    |                      |     |      |     |     |      |
| O |    |    |                      |     |      |     |     |      |
| N |    |    |                      |     |      |     |     |      |
| S |    |    |                      |     |      |     |     |      |
| W |    |    |                      |     |      |     |     |      |
| I |    |    |                      |     |      |     |     |      |
| T |    |    |                      |     |      |     |     |      |
| H |    |    |                      |     |      |     |     |      |
| M |    |    |                      |     |      |     |     |      |
| A |    |    |                      |     |      |     |     |      |
| N |    |    |                      |     |      |     |     |      |
| A |    |    |                      |     |      |     |     |      |
| G |    |    |                      |     |      |     |     |      |
| E |    |    |                      |     |      |     |     |      |
| M |    |    |                      |     |      |     |     |      |
| E |    |    |                      |     |      |     |     |      |
| N |    |    |                      |     |      |     |     |      |
| T |    |    |                      |     |      |     |     |      |
| A |    |    |                      |     |      |     |     |      |
| N |    |    |                      |     |      |     |     |      |
| D |    |    |                      |     |      |     |     |      |
| D |    |    |                      |     |      |     |     |      |
| I |    |    |                      |     |      |     |     |      |
| R |    |    |                      |     |      |     |     |      |
| E |    |    |                      |     |      |     |     |      |
| C |    |    |                      |     |      |     |     |      |
| T |    |    |                      |     |      |     |     |      |
| O |    |    |                      |     |      |     |     |      |
| R |    |    |                      |     |      |     |     |      |
| S |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| I |    |    |                      |     |      |     |     |      |
| n |    |    |                      |     |      |     |     |      |
| t |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| r |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| s |    |    |                      |     |      |     |     |      |
| t |    |    |                      |     |      |     |     |      |
| i |    |    |                      |     |      |     |     |      |
| n |    |    |                      |     |      |     |     |      |
| c |    |    |                      |     |      |     |     |      |
| o |    |    |                      |     |      |     |     |      |
| m |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 1 | L  | K  | Interest charges on  | 2.1 | KPH  | Ch  | -   | Ong  |
|   | RH | PH | financial assistance |     |      | air |     | oing |
|   |    |    | provided to          |     |      | man |     |      |
|   |    |    | employees for        |     |      | of  |     |      |
|   |    |    | acquisition of a     |     |      | the |     |      |
|   |    |    | property developed   |     |      | BOD |     |      |
|   |    |    | by the Company or    |     |      |     |     |      |
|   |    |    | its subsidiaries     |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 2 | L  | M  | Interest charges on  | 1.4 | MRA  | Di  | -   | Ong  |
|   | RH | RA | financial assistance |     |      | rec |     | oing |
|   |    |    | provided to          |     |      | tor |     |      |
|   |    |    | employees for        |     |      |     |     |      |
|   |    |    | acquisition of a     |     |      |     |     |      |
|   |    |    | property developed   |     |      |     |     |      |
|   |    |    | by the Company or    |     |      |     |     |      |
|   |    |    | its subsidiaries     |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 3 | L  | S  | Interest charges on  | 1.4 | SSK  | M   | -   | Ong  |
|   | RH | SK | financial assistance |     |      | ana |     | oing |
|   |    |    | provided to          |     |      | gem |     |      |
|   |    |    | employees for        |     |      | ent |     |      |
|   |    |    | acquisition of a     |     |      |     |     |      |
|   |    |    | property developed   |     |      |     |     |      |
|   |    |    | by the Company or    |     |      |     |     |      |
|   |    |    | its subsidiaries     |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| S |    |    |                      |     |      |     |     |      |
| a |    |    |                      |     |      |     |     |      |
| l |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| o |    |    |                      |     |      |     |     |      |
| f |    |    |                      |     |      |     |     |      |
| p |    |    |                      |     |      |     |     |      |
| r |    |    |                      |     |      |     |     |      |
| o |    |    |                      |     |      |     |     |      |
| p |    |    |                      |     |      |     |     |      |
| e |    |    |                      |     |      |     |     |      |
| r |    |    |                      |     |      |     |     |      |
| t |    |    |                      |     |      |     |     |      |
| y |    |    |                      |     |      |     |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+
| 4 | TW | K  | Sale of property     | 0.5 | KPH  | Ch  | -   | Oc   |
|   | PL | PH |                      |     |      | air |     | casi |
|   |    |    | Contract price Baht  |     |      | man |     | onal |
|   |    |    | 26.6 million         |     |      | of  |     |      |
|   |    |    |                      |     |      | the |     |      |
|   |    |    |                      |     |      | BOD |     |      |
|   |    |    |                      |     |      | of  |     |      |
|   |    |    |                      |     |      | Par |     |      |
|   |    |    |                      |     |      | ent |     |      |
|   |    |    |                      |     |      | C   |     |      |
|   |    |    |                      |     |      | omp |     |      |
|   |    |    |                      |     |      | any |     |      |
|   |    |    |                      |     |      | (L  |     |      |
|   |    |    |                      |     |      | RH) |     |      |
+---+----+----+----------------------+-----+------+-----+-----+------+

2

[TABLE]

Remark:

(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                                    |
+--------+-------------------------------------------------------------+
|        |   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.                    |
+--------+-------------------------------------------------------------+
|   BTP  |   Banyan Tree Properties 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                                   |
+--------+-------------------------------------------------------------+
|   HSE  |   Heritage Spas Egypt LLC                                   |
+--------+-------------------------------------------------------------+
|   LBC  |   Laguna Beach Club Limited                                 |
+--------+-------------------------------------------------------------+
|   LBTH |   Lijiang Banyan Tree Hotel Co., Ltd.                       |
+--------+-------------------------------------------------------------+
|   LBTL |   Laguna Banyan Tree Limited                                |
+--------+-------------------------------------------------------------+
|   LEL  |   Laguna Excursions Limited                                 |
+--------+-------------------------------------------------------------+
|   LGL  |   Laguna Grande Limited                                     |
+--------+-------------------------------------------------------------+
|   LHC  |   Laguna Holiday Club Limited                               |
+--------+-------------------------------------------------------------+
|   LRH  |   Laguna Resorts & Hotels Public Company Limited            |
+--------+-------------------------------------------------------------+
|   LSC  |   Laguna Service Company Limited                            |
+--------+-------------------------------------------------------------+
|   LVCL |   LVCL (Thailand) Co., Ltd.                                 |
+--------+-------------------------------------------------------------+
|   MA   |   Maldives Angsana Pvt Ltd.                                 |
+--------+-------------------------------------------------------------+
|   MB   |   Maldives Bay Pvt. 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.                               |
+--------+-------------------------------------------------------------+

+--------+-------------------------------------------------------------+
|   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                                       |
+--------+-------------------------------------------------------------+
|   KPH  | Mr. Ho KwonPing                                             |
+--------+-------------------------------------------------------------+
|   KCH  | Mr. Ho KwonCjan                                             |
+--------+-------------------------------------------------------------+
|   MRA  | Mr. Michael Ramon Ayling                                    |
+--------+-------------------------------------------------------------+
|   NT   | Mr. Niyom Tassaneetipagorn                                  |
+--------+-------------------------------------------------------------+
|   SDR  | Mr. Stuart David Reading                                    |
+--------+-------------------------------------------------------------+
|   SSK  | Ms. Sirivan Skulkerevathana                                 |
+--------+-------------------------------------------------------------+
|   SSU  | Mr. Surapon Supratya                                        |
+--------+-------------------------------------------------------------+
|        |                                                             |
+--------+-------------------------------------------------------------+