11. Related Party Transactions 

  During 2007, the Company and its subsidiaries had significant business
  transactions with their related companies (related by way of
  shareholding, common shareholders, directors and/or management).

  Laguna Resorts & Hotels Public Company Limited 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:

  Loans and Interest

-   Loans to subsidiary companies and between group companies are
    unsecured and are denominated in Thai Baht, except for loans to
    Lijiang Banyan Tree Hotel Co., Ltd., an associated company, which
    are denominated in US dollars. The Baht loans carry interest at a
    rate equal to the lenders’ borrowing costs per annum (based upon
    commercial bank’s interest rates) plus a margin of 1.1 percent. The
    loans are repayable on demand, however it is expected that those
    loans would not be called for repayment in the short-term. Therefore
    such loans are recorded as non-current assets/ liabilities in the
    balance sheet.

-   Loans have been provided to fund the construction of Banyan Tree
    Lijiang, which are denominated in US dollars. The loans are
    long-term loans which carry interest at rates of 6 percent and 7.25
    percent per annum and are repayable within 24 months and 8 years
    after the first drawdown respectively.

  Reimbursement of Costs

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

  Inter Resort Charges

-   In a number of instances goods and services that are consumed by
    customers in one part of Laguna Phuket 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 commissions as noted below. Such inter resort charges are also
    incurred at the Banyan Tree Bangkok primarily for treatments of spa
    and goods purchased in the shops.

  Credit Card Commission

-   When monies are received in a different company in which the revenue
    was earned, credit card commissions are charged 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
    actual commissions charged by the credit card companies.

    Purchase of Spa and Gallery vouchers

-   Purchase of Banyan Tree Spa and Banyan Tree Gallery vouchers for
    distribution to management to provide an additional benefit scheme.
    The vouchers will be issued yearly to qualifying executives and will
    be valid only within the year of issue.

  Purchase of Hotel Units/ Termination of Leasehold Rights of Hotel
  Units

-   The termination of leasehold rights held in hotel units by Cheer
    Golden Limited and Laguna Holiday Club Limited and the subsequent
    purchase of the leasehold rights in these hotels units by PT. AVC
    Indonesia related to restructuring of ownership of units held by the
    group in the Angsana Resort & Spa Bintan, Indonesia. The leasehold
    rights in the units were originally purchased by Cheer Golden
    Limited and Laguna Holiday Club Limited. However, due to the
    commencement of Laguna Holiday Club’s Bintan operations, the
    leasehold rights of the units were transferred to PT. AVC Indonesia
    who is performing the local operations.

  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 the
  shareholders, directors or senior management in accordance with the
  requirements of the Securities Exchange Commission. All new
  significant related party transactions (not requiring shareholders
  approval) are presented to the independent directors in the Audit and
  Risk Committee for opinion which includes demonstrating that the
  transaction is on commercial terms and on an arms length basis. Once
  recommended by the Audit and Risk Committee the transaction is
  approved by the Board of Directors whereby 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 groups 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
  arms length basis.

  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.

  --------------- --------- --------- --------------- -------- --------------- ------ ------ ----- -------- ------------- ----- ----- ----- ------ ------
  Reimbursement                                                                                                                                     
  of costs                                                                                                                                         

  1               BTG(T)    BTRS(T)   Reimbursement   Actual   Reimbursement   2.7    2.8    BTH   Common   Convenience   1.1   N/A   N/A   (b)    CSH,
                                      of expenses     cost     of costs                            shr      of payment                      (d)    KCH
                                      mainly for spa                                                                                               
                                      renovation of                                                                                                
                                      22^(nd) floor                                                                                                
                                      of Thai Wah II                                                                                               

  2               BTH       LRH       Reimbursement   Actual   Reimbursement   37.3   10.4   BTH   Major    Convenience   1.1   N/A   N/A   (b)    APV,
                                      of expenses     cost     of costs                            shr      of payment                             KPH
                                      mainly for                                                                                                   
                                      legal fee                                                                                                    
                                      related to                                                                                                   
                                      Tsunami                                                                                                      
                                      insurance claim                                                                                              

  3               BTHR      LBTL      Reimbursement   Actual   Reimbursement   44.7   2.4    BTH   Common   Sales &       1.1   N/A   N/A   (b)    -
                                      of sales and    cost     of costs                            shr      marketing                       (d)    
                                      marketing costs                                                       strategy of                            
                                      incurred by                                                           the Banyan                             
                                      BTHR in its                                                           Tree Group                             
                                      Singapore                                                             (Refer to                              
                                      office which                                                          item 32)                               
                                      relate                                                                                                       
                                      specifically to                                                                                              
                                      the promotion                                                                                                
                                      of the Banyan                                                                                                
                                      Tree Phuket                                                                                                  

  4               BTHR      TWPL      Reimbursement   Actual   Reimbursement   18.8   9.8    BTH   Common   Sales and     1.1   N/A   N/A   (b)    -
                                      of sales and    cost     of costs                            shr      marketing                       (d)    
                                      marketing costs                                                       strategy of                            
                                      incurred by                                                           the Banyan                             
                                      BTHR in its                                                           Tree Group                             
                                      Singapore                                                             (Refer to                              
                                      office which                                                          item 34)                               
                                      relate                                                                                                       
                                      specifically to                                                                                              
                                      the promotion                                                                                                
                                      of the Banyan                                                                                                
                                      Tree Bangkok                                                                                                 

  5               BTRS(T)   BTG(T)    Reimbursement   Actual   Reimbursement   3.1    0.3    BTH   Common   Convenience   1.1   N/A   N/A   (b)    CSH,
                                      of utilities    cost     of costs                            shr      of payment                      (d)    KCH
                                      and other                                                                                                    
                                      expenses                                                                                                     
                                      related to                                                                                                   
                                      rental                                                                                                       
                                      agreement                                                                                                    

  6               BTRS(T)   TWPL      Reimbursement   Actual   Reimbursement   2.1    -      BTH   Common   Convenience   1.1   N/A   N/A   (b)    KCH
                                      of utilities    cost     of costs                            shr      of payment                      (d)    
                                      and other                                                                                                    
                                      expenses                                                                                                     
                                      related to                                                                                                   
                                      rental                                                                                                       
                                      agreement                                                                                                    

  7               LBTL      BTH       Reimbursement   Actual   Reimbursement   29.5   29.5   BTH   Major    Convenience   1.1   N/A   N/A   (b)    -
                                      for expenses    cost     of costs                            shr      of payment                      (d)    
                                      related to                                                                                                   
                                      Banyan Tree                                                                                                  
                                      Residences                                                                                                   
                                      project                                                                                                      

  8               LBTL      BTHR      Reimbursement   Actual   Reimbursement   12.9   15.8   BTH   Common   Convenience   1.1   N/A   N/A   (b)    -
                                      for salary      cost     of costs                            shr      of payment                      (d)    
                                      expenses and                                                                                                 
                                      other expenses                                                                                               

  9               LBTL      BTRS      Reimbursement   Actual   Reimbursement   1.5    0.9    BTH   Common   Convenience   1.1   N/A   N/A   (b)    -
                                      of salary       cost     of costs                            shr      of payment                      (d)    
                                      expenses and                                                                                                 
                                      other expenses                                                                                               
                                      mainly for a                                                                                                 
                                      boat to be used                                                                                              
                                      in hotel’s                                                                                                   
                                      operation                                                                                                    

  10              LBTL      BTRS(T)   Reimbursement   Actual   Reimbursement   8.8    0.8    BTH   Common   Convenience   1.1   N/A   N/A   (b)    KCH
                                      for salary      cost     of costs                            shr      of payment                      (d)    
                                      expenses and                                                                                                 
                                      other expenses                                                                                               
                                      related to spa                                                                                               
                                      outlets in                                                                                                   
                                      Laguna Phuket                                                                                                

  11              LRH       BTHR      Reimbursement   Actual   Reimbursement   5.7    5.0    BTH   Common   Convenience   1.1   N/A   N/A   (b)    KPH,
                                      of expenses for cost     of costs                            shr      of payment                             APV
                                      Banyan Tree                                                                                                  
                                      projects in                                                                                                  
                                      overseas                                                                                                     
                                      countries and                                                                                                
                                      traveling                                                                                                    
                                      expenses                                                                                                     
  --------------- --------- --------- --------------- -------- --------------- ------ ------ ----- -------- ------------- ----- ----- ----- ------ ------

  ------------- --------- ---------- ----------------- ------------ --------------- ------ ----- ------ -------- ------------- ----- ----- ----- ------ ------
  12            LRH       BTR        Reimbursement of  Actual cost  Reimbursement   2.6    0.6   BTH    Common   Convenience   1.1   N/A   N/A   (b)    APV
                                     salary expenses                of costs                            shr      of payment                             
                                     and traveling                                                                                                      
                                     expenses                                                                                                           

  13            LRH       BTRS(T)    Reimbursement of  Actual cost  Reimbursement   1.0    0.1   BTH    Common   Convenience   1.1   N/A   N/A   (b)    KCH,
                                     utilities and                  of costs                            shr      of payment                             APV
                                     other expenses                                                                                                     
                                     related to rental                                                                                                  
                                     agreement                                                                                                          

  14            PTBH      AVCI       Reimbursement for Actual cost  Reimbursement   15.8   0.6   TRL    Common   Convenience   1.1   N/A   N/A   (b)    -
                                     salary expenses                of costs                            shr      of payment                      (c)    
                                     and other                                                                                                   (d)    
                                     expenses                                                                                                           

  15            TWPL      BTHR       Reimbursement of  Actual cost  Reimbursement   17.4   7.7   BTH    Common   Convenience   1.1   N/A   N/A   (b)    -
                                     sales and                      of costs                            shr      of payment                      (d)    
                                     marketing costs                                                                                                    
                                     incurred by                                                                                                        
                                     Banyan Tree                                                                                                        
                                     Bangkok which                                                                                                      
                                     relate                                                                                                             
                                     specifically to                                                                                                    
                                     BTHR                                                                                                               

  16            TWPL      BTRS(T)    Reimbursement of  Actual cost  Reimbursement   7.1    0.8   BTH    Common   Convenience   1.1   N/A   N/A   (b)    KCH
                                     utilities and                  of costs                            shr      of payment                      (d)    
                                     other expenses                                                                                                     
                                     related to rental                                                                                                  
                                     agreement                                                                                                          

  17            TWPL      LBTH       Reimbursement of  Actual cost  Reimbursement   1.3    0.5   BTH    Common   Convenience   1.1   N/A   N/A   (b)    KCH,
                                     salary,                        of costs                            shr      of payment                      (d)    MRA
                                     accommodations,                                                                                                    
                                     and traveling                                                                                                      
                                     expenses                                                                                                           

  18            TWPL      TWFP       Reimbursement of  Actual cost  Reimbursement   1.3    0.1   -      -        Convenience   1.1   N/A   N/A   (a)    KCH,
                                     utilities and                  of costs                                     of payment                      (d)    CH,
                                     other expenses                                                                                                     SSK
                                     related to rental                                                                                                  
                                     agreement                                                                                                          

  19            TWPL      USC        Reimbursement of  Actual cost  Reimbursement   1.5    -     USC,   Common   Convenience   1.1   N/A   N/A   (a)    -
                                     utilities and                  of costs                     BTH    shr      of payment                      (b)    
                                     other expenses                                                                                              (d)    
                                     related to rental                                                                                                  
                                     agreement                                                                                                          

  20                                 Reimbursement of                               8.7    2.7                                                           
                                     costs (<1.0 MB)                                                                                                    

  Inter resort                                                                                                                                           
  charges                                                                                                                                               

  21            BTRS(T)   BGL        Inter Resort      Actual sales Reimbursement   26.7   3.0   BTH    Common   Convenience   1.1   N/A   N/A   (b)    KCH
                                     Charges is a      proceeds     of sales                            shr      of guest's                      (d)    
                                     function of                    proceeds                                     payment to                             
                                     collection from                                                             promote                                
                                     customer and                                                                Laguna Phuket                          
                                     remittance to the                                                           resort                                 
                                     provider of the                                                             integration                            
                                     service.                                                                                                           

  22            BTRS(T)   LBC        Inter Resort      Actual sales Reimbursement   10.0   1.1   BTH    Common   Convenience   1.1   N/A   N/A   (b)    -
                                     Charges is a      proceeds     of sales                            shr      of guest's                      (d)    
                                     function of                    proceeds                                     payment to                             
                                     collection from                                                             promote                                
                                     customer and                                                                Laguna Phuket                          
                                     remittance to the                                                           resort                                 
                                     provider of the                                                             integration                            
                                     service.                                                                                                           

  23            BTRS(T)   LBTL       Inter Resort      Actual sales Reimbursement   60.9   6.6   BTH    Common   Convenience   1.1   N/A   N/A   (b)    KCH
                                     Charges is a      proceeds     of sales                            shr      of guest's                      (d)    
                                     function of                    proceeds                                     payment to                             
                                     collection from                                                             promote                                
                                     customer and                                                                Laguna Phuket                          
                                     remittance to the                                                           resort                                 
                                     provider of the                                                             integration                            
                                     service.                                                                                                           

  24            BTRS(T)   LHC        Inter Resort      Actual sales Reimbursement   1.9    0.2   BTH    Common   Convenience   1.1   N/A   N/A   (b)    -
                                     Charges is a      proceeds     of sales                            shr      of guest's                      (d)    
                                     function of                    proceeds                                     payment to                             
                                     collection from                                                             promote                                
                                     customer and                                                                Laguna Phuket                          
                                     remittance to the                                                           resort                                 
                                     provider of the                                                             integration                            
                                     service.                                                                                                           

  25            BTRS(T)   LRH        Inter Resort      Actual sales Reimbursement   13.1   1.5   BTH    Common   Convenience   1.1   N/A   N/A   (b)    KCH,
                                     Charges is a      proceeds     of sales                            shr      of guest's                      (d)    APV
                                     function of                    proceeds                                     payment to                             
                                     collection from                                                             promote                                
                                     customer and                                                                Laguna Phuket                          
                                     remittance to the                                                           resort                                 
                                     provider of the                                                             integration                            
                                     service.                                                                                                           

  26            BTRS(T)   TWPL       Inter Resort      Actual sales Reimbursement   25.0   3.4   BTH    Common   Convenience   1.1   N/A   N/A   (b)    KCH
                                     Charges is a      proceeds     of sales                            shr      of guest's                      (d)    
                                     function of                    proceeds                                     payment                                
                                     collection from                                                                                                    
                                     customer and                                                                                                       
                                     remittance to the                                                                                                  
                                     provider of the                                                                                                    
                                     service.                                                                                                           

  Commissions                                                                                                                                            

  27            TWPL       BTRS(T)   Credit card       Actual cost  Reimbursement   1.0    0.1   BTH    Common   Convenience   1.1   N/A   N/A   (b)    KCH
                                     commission                     of costs                            shr      of guest’s                      (d)    
                                                                                                                 payment                                

  28                                 Credit card                                    0.9    0.1                                                           
                                     commission (<1.0                                                                                                   
                                     MB)                                                                                                                

  29            LBC       BTRS(T)    Commission on     Commission   N/A             0.9    0.1   BTH    Common   To encourage  1.1   N/A   N/A   (b)    -
                                     guests in LBC     charges                                          shr      management of                   (d)    
                                     hotel who use the based on                                                  Laguna Beach                           
                                     services of the   number of                                                 Resort to                              
                                     Angsana Spa       guests per                                                promote the                            
                                                       month as                                                  facilities of                          
                                                       follows:                                                  the Angsana                            
                                                                                                                 Spa located                            
                                                                                                                 next to the                            
                                                                                                                 hotel. The                             
                                                                                                                 commission                             
                                                                                                                 rates and                              
                                                                                                                 contract were                          
                                                                                                                 agreed by the                          
                                                                                                                 non-related                            
                                                                                                                 party                                  
                                                                                                                 directors of                           
                                                                                                                 LBC who did                            
                                                                                                                 not have an                            
                                                                                                                 interest in                            
                                                                                                                 this                                   
                                                                                                                 contract.                              

                                                       5% for 100                                                                                        
                                                       guests                                                                                           

                                                       6% for 120                                                                                        
                                                       guests                                                                                           

                                                       7% for 140                                                                                        
                                                       guests                                                                                           

                                                       8% for 160                                                                                        
                                                       guests                                                                                           

                                                       9% for 180                                                                                        
                                                       guests                                                                                           

                                                       10% for 200                                                                                       
                                                       guests                                                                                           

                                                                                                                                                         

                                                                                                                                                         

  30                                 Commission on                                  3.4    -                                                             
                                     consignment sales                                                                                                  
                                     (<1.0 MB)                                                                                                          
  ------------- --------- ---------- ----------------- ------------ --------------- ------ ----- ------ -------- ------------- ----- ----- ----- ------ ------

  ---------- ----- --------- ---------- ------------ ------------- ----- ----- ----- -------- -------------- ----- ----- ----- ------- -----
  Resort                                                                                                                                
  services                                                                                                                             
  charges                                                                                                                              

  31         LSC   BTRS(T)   Service    Laundry -    Refer to      6.5   1.2   BTH   Common   LSC is a non   1.1   N/A   N/A   LBC     KCH
                             charges on each type of "Necessity"                     shr      profit                           owns    
                             laundry,   garment is   explanation                              organization                     27.1%   
                             staff bus, charged at a                                          set-up to                        in LSC  
                             etc.       fixed                                                 centralize                       (b) (d) 
                             charged to standard                                              certain                                  
                             Banyan     rate in                                               facilities and                           
                             Tree Spa - accordance                                            services to                              
                             Phuket     with the                                              each operation                           
                                        pieces                                                in the Laguna                            
                                        laundered                                             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 as                            
                                                                                              follows:                                 

                                                                                                                                        

                                        Staff bus –                                                                                     
                                        actual costs                                                                                   
                                        incurred in                                                                                    
                                        running the                                                                                    
                                        bus is                                                                                         
                                        allocated                                                                                      
                                        based on the                                                                                   
                                        no. of staff                                                                                   
                                        employed                                                                                       
                                        divided by                                                                                     
                                        the total                                                                                      
                                        no. of staff                                                                                   
                                        employed by                                                                                    
                                        all of the                                                                                     
                                        operations                                                                                     
                                        in Laguna                                                                                      
                                        Phuket using                                                                                   
                                        the services                                                                                   

                                                                                                                                        

                                                                                                                                        

                                                                                                                                        

                                                                                                                                        

                                                                                                                                        

                                                                                                                                        

                                                                                              - BGL - 31.1%                             

                                                                                              - LBC - 27.1%                             

                                                                                              - LRH - 24.7%                             

                                                                                              - LBTL - 17.1%                            

                                                                                                                                        

                                                                                              LRH's direct                              
                                                                                              and indirect                             
                                                                                              interests                                
                                                                                              amounts to                               
                                                                                              89.2%                                    

                                                                                                                                        

                                                                                              Where the                                 
                                                                                              charge is                                
                                                                                              based on a                               
                                                                                              standard or                              
                                                                                              fixed rate,                              
                                                                                              the same is                              
                                                                                              applied to all                           
                                                                                              hotels and                               
                                                                                              business                                 
                                                                                              operations                               
                                                                                              concerned.                               
  ---------- ----- --------- ---------- ------------ ------------- ----- ----- ----- -------- -------------- ----- ----- ----- ------- -----

[TABLE]

[TABLE]

[TABLE]

  ------------- ------ ------ ------------- ---------- ----- ------ --- ----- -------- --------------- --- --- ----- ------ ----
  Purchase of                                                                                                                
  hotel units                                                                                                               

  70            PTBH   AVCI   Purchase of   Market     N/A   14.8   -   TRL   Common   Relates to      -   /   N/A   (b)    -
                              hotel units   price                             shr      restructuring                 (c)    
                                                                                       of ownership of               (d)    
                                                                                       units held by                        
                                                                                       the group in                         
                                                                                       Angsana Resort                       
                                                                                       & Spa Bintan.                        
                                                                                       The units were                       
                                                                                       originally                           
                                                                                       purchased by                         
                                                                                       CGL. However,                        
                                                                                       due to the                           
                                                                                       commencement of                      
                                                                                       operations by                        
                                                                                       AVCI, the                            
                                                                                       ownership of                         
                                                                                       the units was                        
                                                                                       transferred to                       
                                                                                       AVCI. The                            
                                                                                       prices are                           
                                                                                       based on market                      
                                                                                       price which was                      
                                                                                       the same as the                      
                                                                                       original                             
                                                                                       purchase price.                      

  Termination                                                                                                                
  of leasehold                                                                                                              
  rights of                                                                                                                 
  hotel units                                                                                                               

  71            CGL    KR     Termination   At         N/A   14.6   -   TRL   Common   Relates to      -   /   N/A   (b)    -
                              of leasehold  original                          shr      restructuring                 (c)    
                              rights of     cost                                       of ownership of               (d)    
                              hotel units                                              units held by                        
                                                                                       the group in                         
                                                                                       Angsana Resort                       
                                                                                       & Spa Bintan.                        
                                                                                       The units were                       
                                                                                       originally                           
                                                                                       purchased by                         
                                                                                       CGL. However,                        
                                                                                       due to the                           
                                                                                       commencement of                      
                                                                                       operations by                        
                                                                                       AVCI, the                            
                                                                                       ownership of                         
                                                                                       the units was                        
                                                                                       transferred to                       
                                                                                       AVCI. The                            
                                                                                       prices are                           
                                                                                       based on market                      
                                                                                       price which was                      
                                                                                       the same as the                      
                                                                                       original                             
                                                                                       purchase price.                      
  ------------- ------ ------ ------------- ---------- ----- ------ --- ----- -------- --------------- --- --- ----- ------ ----

  --------------- ------ -------- -------- -------- --------------- -------- -------- ---------------- ------ ----- ----- -------- ------------- ----- ----- ----- ----- ------- ----- ------
  Reimbursement                                                                                                                                                                         
  of costs                                                                                                                                                                             

  1                      BGL      LSC               Reimbursement   Actual            Reimburse-ment   1.0    0.1   BTH   Common   Convenience   1.1   N/A   N/A         (b) (d)       CH,
                                                    of expenses     cost              of costs                            shr      of payment                                          KCH,
                                                    mainly for                                                                                                                         MRA,
                                                    staff meal                                                                                                                         NK,
                                                                                                                                                                                       NT,
                                                                                                                                                                                       SSK,
                                                                                                                                                                                       SDR,
                                                                                                                                                                                       AU,
                                                                                                                                                                                       PN,
                                                                                                                                                                                       SSU

  2                      BTG(T)   BTG(S)            Reimbursement   Actual            Reimburse-ment   1.1    1.1   BTH   Common   Convenience   1.1   N/A   N/A         (b) (d)       CSN
                                                    of expenses     cost              of costs                            shr      of payment                                          
                                                    mainly for                                                                                                                         
                                                    staff meal                                                                                                                         

  3                      LBC      LRH               Reimbursement   Actual            Reimburse-ment   1.1    0.7   BTH   Common   Convenience   1.1   N/A   N/A         (b) (d)       MRA,
                                                    of expenses     cost              of costs                            shr      of payment                                          NT,
                                                    mainly for                                                                                                                         KPH,
                                                    staff meal                                                                                                                         SSU

  4                      LBC      LSC               Reimbursement   Actual            Reimburse-ment   1.0    -     BTH   Common   Convenience   1.1   N/A   N/A         (b) (d)       MRA,
                                                    of expenses     cost              of costs                            shr      of payment                                          NT,
                                                    mainly for                                                                                                                         SSU
                                                    staff meal                                                                                                                         

  5                      LBTL     BTG(T)            Reimbursement            Actual   Reimburse-ment   1.2    0.2   BTH   Common   Convenience   1.1   N/A         N/A   (b) (d)       CH,
                                                    of utilities             cost     of costs                            shr      of payment                                          KCH,
                                                    and other                                                                                                                          MRA,
                                                    expenses                                                                                                                           NK,
                                                    related to                                                                                                                         NT,
                                                    rental                                                                                                                             SSK,
                                                    agreement                                                                                                                          SDR

  6                      LBTL     LSC               Reimbursement            Actual   Reimburse-ment   2.1    0.3   BTH   Common   Convenience   1.1   N/A         N/A   LBC           KCH,
                                                    of expenses              cost     of costs                            shr      of payment                            owns          MRA,
                                                    mainly for                                                                                                           27.1%         NT,
                                                    staff meal                                                                                                           in LSC        AU,
                                                                                                                                                                         (b) (d)       CH,
                                                                                                                                                                                       NK,
                                                                                                                                                                                       PN,
                                                                                                                                                                                       SSK,
                                                                                                                                                                                       SDR

  7                      LEL      LHC               Reimbursement            Actual   Reimburse-ment   2.8    0.4   BTH   Common   Convenience   1.1   N/A         N/A   (b) (d)       MRA,
                                                    of tour                  cost     of costs                            shr      of payment                                          PN,
                                                    vouchers for                                                                                                                       SDR
                                                    LHC's Holiday                                                                                                                      
                                                    Club                                                                                                                               
                                                    prospective                                                                                                                        
                                                    customers                                                                                                                          

  8                      LGL      LSC               Reimbursement            Actual   Reimburse-ment   1.1    1.2   BTH   Common   Convenience   1.1   N/A         N/A   (b) (d)       MRA,
                                                    of expenses              cost     of costs                            shr      of payment                                          NT,
                                                    mainly for                                                                                                                         SSU,
                                                    salary and                                                                                                                         AU,
                                                    other expenses                                                                                                                     CH,
                                                                                                                                                                                       KCH,
                                                                                                                                                                                       NK,
                                                                                                                                                                                       SSK,
                                                                                                                                                                                       SDR

  9                      LRH      LBC               Reimbursement            Actual   Reimburse-ment   13.4   7.5   BTH   Common   Convenience   1.1   N/A         N/A   (b) (d)       KPH,
                                                    of actual                cost     of costs                            shr      of payment                                          MRA,
                                                    expenses mainly                                                                                                                    NT,
                                                    for legal fee                                                                                                                      SSU
                                                    related to                                                                                                                         
                                                    Tsunami                                                                                                                            
                                                    insurance claim                                                                                                                    

  10                     LRH      LSC               Reimbursement            Actual   Reimburse-ment   3.9    0.4   BTH   Common   Convenience   1.1   N/A         N/A   LBC           CH,
                                                    of actual                cost     of costs                            shr      of payment                            owns          KCH,
                                                    expenses mainly                                                                                                      27.1%         MRA,
                                                    for salary                                                                                                           in LSC        NK,
                                                    expenses,                                                                                                            (b) (d)       NT,
                                                    rental charged                                                                                                                     SDR,
                                                    at the airport                                                                                                                     SSK,
                                                    and staff meal                                                                                                                     SSU

  11              TWPL                     BTG(T)   Reimbursement            Actual   Reimburse-ment   1.5    0.1   BTH   Common   Convenience   1.1   N/A         N/A   (b) (d)       MRA,
                                                    of utilities             cost     of costs                            shr      of payment                                          NT,
                                                    and other                                                                                                                          SSK,
                                                    expenses                                                                                                                           CH,
                                                    related to                                                                                                                         KCH,
                                                    rental                                                                                                                             NK,
                                                    agreement                                                                                                                          SDR

  12                                                Reimbursement                                      6.2    0.6                                                                      
                                                    of costs (<1.0                                                                                                                     
                                                    MB)                                                                                                                                
  --------------- ------ -------- -------- -------- --------------- -------- -------- ---------------- ------ ----- ----- -------- ------------- ----- ----- ----- ----- ------- ----- ------

[TABLE]

[TABLE]

  ---- ----- ------ ----------------- -------------- ------- ------ ----- ----- -------- --------- ----- ----- ----- ------- ------- ------
  33   LSC   LBTL   Destination       Destination    As in   46.0   3.9   BTH   Common   As in 31  1.1   N/A   N/A           LBC     KCH,
                    marketing -       marketing:     31                         shr      above                               owns    MRA,
                    Banyan Tree                      above                                                                   27.1%   NT,
                    Phuket                                                                                                   in LSC  AU,
                                                                                                                             (b) (d) CH,
                                                                                                                                     NK,
                                                                                                                                     PN,
                                                                                                                                     SSK,
                                                                                                                                     SDR

                                      - 1% of the                                                                                    
                                      budget revenue                                                                                 
                                      of the Banyan                                                                                  
                                      Tree Phuket                                                                                    
                                      Hotel                                                                                          

                                                                                                                                     

                    Service charges                                                                                                  
                    on laundry,                                                                                                      
                    water,                                                                                                           
                    transportation,                                                                                                  
                    common area                                                                                                      
                    services, staff                                                                                                  
                    bus, computer                                                                                                    
                    training, etc.                                                                                                   
                    charged to the                                                                                                   
                    Banyan Tree                                                                                                      
                    Phuket Hotel                                                                                                     

                                      Service                                                                                        
                                      charges:                                                                                       

                                      - As in 31                                                                                     
                                      above                                                                                          

                                                                                                                                     

                                                                                                                                     

  34   LSC   LEL    Service charges   As in 31 above As in   1.7    0.3   BTH   Common   As in 31  1.1   N/A   N/A           LBC     KCH,
                    on water,                        31                         shr      above                               owns    MRA,
                    laundry, staff                   above                                                                   27.1%   NT,
                    bus, computer                                                                                            in LSC  SSU,
                    training, etc.                                                                                           (b) (d) AU,
                    charged to the                                                                                                   CH,
                    Laguna Excursions                                                                                                NK,
                                                                                                                                     PN,
                                                                                                                                     SSK,
                                                                                                                                     SDR

  35   LSC   LGL    Destination       Desti nation   As in   8.0    1.0   BTH   Common   As in 31  1.1   N/A   N/A   LBC             KCH,
                    marketing –       marketing:     31                         shr      above                       owns            MRA,
                    Laguna Golf Club                 above                                                           27.1%           NT,
                                                                                                                     in LSC          SSU,
                                                                                                                     (b) (d)         AU,
                                                                                                                                     CH,
                                                                                                                                     NK,
                                                                                                                                     SSK,
                                                                                                                                     SDR

                                      - 1% of the                                                                                    
                                      average                                                                                        
                                      monthly budget                                                                                 
                                      revenue                                                                                        

                                                                                                                                     

                    Service charges   Service                                                                                        
                    on laundry,       charges:                                                                                       
                    water,                                                                                                           
                    transportation ,                                                                                                 
                    staff bus,                                                                                                       
                    computer                                                                                                         
                    training, etc.                                                                                                   
                    charged to the                                                                                                   
                    LGL’s Head                                                                                                       
                    Office, Laguna                                                                                                   
                    Golf Club                                                                                                        

                                      - As in 31                                                                                     
                                      above                                                                                          

                                                                                                                                     

                                                                                                                                     

                                                                                                                                     

                    Estate            Ground and                                                                                      
                    maintenance and   landscape                                                                                      
                    service charges   maintenance,                                                                                   
                    i.e., water       Engineering                                                                                    
                    charge, ground    service, and                                                                                   
                    and landscape     Estate service                                                                                 
                    maintenance,      management:                                                                                    
                    engineering                                                                                                      
                    service, estate                                                                                                  
                    service                                                                                                          
                    management, and                                                                                                  
                    other ad hoc                                                                                                     
                    service charged                                                                                                  
                    to the                                                                                                           
                    LGL-Project                                                                                                      
                    Developer                                                                                                        

                                      - a fixed                                                                                       
                                      monthly charge                                                                                 

                                                                                                                                     

                                      Other ad hoc                                                                                   
                                      service:                                                                                       

                                      - actual cost                                                                                  
                                      for material                                                                                   
                                      used plus a                                                                                    
                                      labor cost                                                                                     
                                      Baht 300 per                                                                                   
                                      person per                                                                                     
                                      hour                                                                                           

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

  ---- ----- ------ -------------- ------------- ------- ------ ----- ----- -------- --------- ----- ----- ----- ------- ------
  36   LSC   LHC    Service        Service       As in   14.1   2.0   BTH   Common   As in 31  1.1   N/A   N/A   LBC     MRA,
                    charges on     charges:      31                         shr      above                       owns    PN,
                    water,                       above                                                           27.1%   SDR
                    laundry, staff                                                                               in LSC  
                    bus, computer                                                                                (b) (d) 
                    training, etc.                                                                                       
                    charged to the                                                                                       
                    Laguna Holiday                                                                                       
                    Club                                                                                                 

                                   As in 31                                                                              
                                   above                                                                                 

                                                                                                                         

                                                                                                                         

                    Estate         Estate                                                                                 
                    maintenance    maintenance                                                                           
                    and service    and service                                                                           
                    charges i.e.,  charges:                                                                              
                    water charge,                                                                                        
                    ground and                                                                                           
                    landscape                                                                                            
                    maintenance,                                                                                         
                    engineering                                                                                          
                    service,                                                                                             
                    estate service                                                                                       
                    management,                                                                                          
                    and other ad                                                                                         
                    hoc service                                                                                          
                    charged to                                                                                           
                    LHC - Project                                                                                        
                    Developer                                                                                            

                                   As in 31                                                                               
                                   above                                                                                 

                                                                                                                          

                                                                                                                          

                                                                                                                          

                                                                                                                          

  37   LSC   LRH    Destination    Destination   As in   34.6   6.0   BTH   Common   As in 31  1.1   N/A   N/A   LBC     KCH,
                    marketing -    marketing:    31                         shr      above                       owns    MRA,
                    Dusit Laguna                 above                                                           27.1%   NT,
                    Resort                                                                                       in LSC  SSU,
                                                                                                                 (b) (d) CH,
                                                                                                                         SDR,
                                                                                                                         SSK,
                                                                                                                         NK

                                   - 1% of the                                                                           
                                   budget                                                                                
                                   revenue of                                                                            
                                   the Dusit                                                                             
                                   Laguna Resort                                                                         

                    Service                                                                                              
                    charges on                                                                                           
                    laundry,                                                                                             
                    water, common                                                                                        
                    area services,                                                                                       
                    staff bus,                                                                                           
                    computer                                                                                             
                    training,                                                                                            
                    donation, etc.                                                                                       
                    charged to                                                                                           
                    Laguna Resorts                                                                                       
                    & Hotels                                                                                             
                    Branch Office                                                                                        
                    in Phuket,                                                                                           
                    Dusit Laguna                                                                                         
                    Resort, Canal                                                                                        
                    Village, and                                                                                         
                    Wedding Chapel                                                                                       

                                                                                                                         

                                   Service                                                                               
                                   charges:                                                                              

                                   - As in 31                                                                            
                                   above                                                                                 

                                                                                                                         

                                                                                                                         

                                                                                                                         

                                                                                                                         

                                                                                                                         

  38   LSC   TWDC   Service        Service       As in   2.5    0.5   BTH   Common   As in 31  1.1   N/A   N/A   LBC     AU,
                    charges on     charges:      31                         shr      above                       owns    CH,
                    water supply                 above                                                           27.1%   KCH,
                    and other                                                                                    in LSC  MRA,
                    expenses                                                                                     (b) (d) NK,
                    charged to the                                                                                       NT,
                    Twin Waters                                                                                          PN,
                    Development                                                                                          SSK,
                    Co., Ltd.                                                                                            SDR,
                                                                                                                         SSU

                                   As in 31                                                                              
                                   above                                                                                 

                                                                                                                         

                                                                                                                         

                    Estate         Estate                                                                                
                    maintenance    maintenance                                                                           
                    and service    and service                                                                           
                    charges i.e.,  charges:                                                                              
                    water charge,                                                                                        
                    ground and                                                                                           
                    landscape                                                                                            
                    maintenance,                                                                                         
                    engineering                                                                                          
                    service,                                                                                             
                    estate service                                                                                       
                    management,                                                                                          
                    and other ad                                                                                         
                    hoc service                                                                                          
                    charged to                                                                                           
                    TWDC - Project                                                                                       
                    Developer                                                                                            

                                   As in 35                                                                               
                                   above                                                                                 

                                                                                                                          

                                                                                                                          

                                                                                                                          

                                                                                                                          

                                                                                                                         

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

  ---- ----- ------ -------------- ------------- ------- ----- ----- ----- -------- --------- ----- ----- ----- ------- ------
  39   LSC   TWPL   Service        Service       As in   1.8   0.7   BTH   Common   As in 31  1.1   N/A   N/A   LBC     AU,
                    charges on     charges:      31                        shr      above                       owns    CH,
                    water supply                 above                                                          27.1%   KCH,
                    and other                                                                                   in LSC  MRA,
                    expenses                                                                                    (b) (d) NK,
                    charged to the                                                                                      NT,
                    Thai Wah Plaza                                                                                      PN,
                    Co., Ltd.                                                                                           SSK,
                                                                                                                        SDR

                                   As in 31                                                                             
                                   above                                                                                

                                                                                                                        

                                                                                                                        

                    Estate         Estate                                                                               
                    maintenance    maintenance                                                                          
                    and service    and service                                                                          
                    charges i.e.,  charges:                                                                             
                    water charge,                                                                                       
                    ground and                                                                                          
                    landscape                                                                                           
                    maintenance,                                                                                        
                    engineering                                                                                         
                    service,                                                                                            
                    estate service                                                                                      
                    management,                                                                                         
                    and other ad                                                                                        
                    hoc service                                                                                         
                    charged to                                                                                          
                    TWPL - Project                                                                                      
                    Developer                                                                                           

                                   As in 35                                                                              
                                   above                                                                                

                                                                                                                         

                                                                                                                         

                                                                                                                         

                                                                                                                         

                                                                                                                         

                                                                                                                         

  40                Resort service                       0.7   0.1                                                       
                    charges (<1.0                                                                                       
                    MB)                                                                                                 
  ---- ----- ------ -------------- ------------- ------- ----- ----- ----- -------- --------- ----- ----- ----- ------- ------

  ---------- -------- ------ -------- -------- ----- ---------- ------------ ----------- ----------- ----- --- ----------------- ------ ----- ----- -------- ------------- ----- ----- ----- ------- -------
  Rent and                                                                                                                                                                                           
  service                                                                                                                                                                                            

  41                  LBC    BTG(T)                                          Rental      Rental per        A                     1.4    0.1   BTH   Common   Providing the 1.1   N/A   N/A   (b) (d) MRA,
                                                                             agreement   month:                                                     shr      hotel                                   NT, SSU
                                                                             for the                                                                         facility of a                           
                                                                             Gallery                                                                         high class                              
                                                                             outlet at                                                                       retail                                  
                                                                             the Laguna                                                                      outlet.                                 
                                                                             Beach                                                                                                                   
                                                                             Resort                                                                                                                  

                                                                                         - Baht                                                                                                      
                                                                                         114,314                                                                                                     

                                                                                                                                                                                                     

                                                                             Renewal: 3-                                                                     Rental                                  
                                                                             year lease                                                                      charged to                              
                                                                             from 16                                                                         BTG is                                  
                                                                             October                                                                         consistent                              
                                                                             2005 to 15                                                                      with rents                              
                                                                             October                                                                         charged to                              
                                                                             2008                                                                            BTG by                                  
                                                                                                                                                             non-related                             
                                                                                                                                                             parties in                              
                                                                                                                                                             other                                   
                                                                                                                                                             resorts.                                

  42                  LBTL   BTG(T)                                          Rental      Rental:           A                     1.6    0.2   BTH   Common   Providing the 1.2   N/A   N/A   (b) (d) KCH,
                                                                             agreement                                                              shr      hotel                                   MRA,
                                                                             with Banyan                                                                     facility of a                           NT, CH,
                                                                             Tree                                                                            high class                              NK,
                                                                             Gallery for                                                                     retail                                  SDR,
                                                                             the 3 shops                                                                     outlet.                                 SSK
                                                                             in the                                                                                                                  
                                                                             Banyan Tree                                                                                                             
                                                                             Phuket                                                                                                                  

                                                                                         - 5% of                                                                                                     
                                                                                         total                                                                                                       
                                                                                         revenue                                                                                                     

                                                                                                                                                                                                     

                                                                                                                                                             Rental                                  
                                                                                                                                                             charged to                              
                                                                                                                                                             BTG is                                  
                                                                                                                                                             consistent                              
                                                                                                                                                             with rents                              
                                                                                                                                                             charged to                              
                                                                                                                                                             BTG by                                  
                                                                                                                                                             non-related                             
                                                                                                                                                             parties in                              
                                                                                                                                                             other                                   
                                                                                                                                                             resorts.                                

                                                                             5-year                                                                                                                  
                                                                             lease from                                                                                                              
                                                                             1 January                                                                                                               
                                                                             2003 to 31                                                                                                              
                                                                             December                                                                                                                
                                                                             2007                                                                                                                    

                                                                                                                                                                                                     

  43                  TWPL   BTG(T)                                          Rental      Rental per        A                     2.1    0.2   BTH   Common   Providing the 1.1   N/A   N/A   (b) (d) MRA,
                                                                             agreement   month:                                                     shr      hotel                                   NT, CH,
                                                                             for the                                                                         facility of a                           KCH,
                                                                             Gallery                                                                         high class                              NK,
                                                                             outlet at                                                                       retail                                  SSK,
                                                                             the Banyan                                                                      outlet.                                 SDR
                                                                             Tree                                                                                                                    
                                                                             Bangkok                                                                                                                 

                                                                                         - 3% of                                                                                                     
                                                                                         total                                                                                                       
                                                                                         revenue                                                                                                     

                                                                                                                                                                                                     

                                                                             Renewal: 3- Service fee                                                         Rental                                  
                                                                             year lease  per month:                                                          charged to                              
                                                                             from 1 May                                                                      BTG is                                  
                                                                             2007 to 30                                                                      consistent                              
                                                                             April 2010                                                                      with rents                              
                                                                                                                                                             charged to                              
                                                                                                                                                             BTG by                                  
                                                                                                                                                             non-related                             
                                                                                                                                                             parties in                              
                                                                                                                                                             other                                   
                                                                                                                                                             resorts.                                

                                                                                         - 2% of                                                                                                     
                                                                                         total                                                                                                       
                                                                                         revenue                                                                                                     

                                                                                                                                                                                                     

                                                                                                                                                                                                     

  44                                                                         Rent and                                            5.0    0.5                                                           
                                                                             service                                                                                                                 
                                                                             (<1.0 MB)                                                                                                               

  Purchase                                                                                                                                                                                           
  of goods                                                                                                                                                                                           
                                                                                                                                                                                                     

  45         BTG(S)                   BTG(T)                    Purchasing               Cost plus a           Reimburse-ment of 1.5    -     BTH   Common   Central       1.1   N/A   N/A   (b) (d) CSN
                                                                agent for                5% handling           administra-tive                      shr      purchasing to                           
                                                                products                 fee                   expenses                                      facilitate                              
                                                                outside                                                                                      bulk                                    
                                                                Thailand                                                                                     purchasing                              
                                                                                                                                                             for                                     
                                                                                                                                                             competitive                             
                                                                                                                                                             pricing                                 

  46         BTG(T)                   BTG(S)                    Purchasing               Cost plus a           Reimburse-ment of 4.9    -     BTH   Common   Central       1.1   N/A   N/A   (b) (d) CSN
                                                                agent for                5% handling           administra-tive                      shr      purchasing to                           
                                                                products in              fee                   expenses                                      facilitate                              
                                                                Thailand                                                                                     bulk                                    
                                                                                                                                                             purchasing                              
                                                                                                                                                             for                                     
                                                                                                                                                             competitive                             
                                                                                                                                                             pricing                                 

  47         BTG(T)                   LBTL                      Purchase of              15%                   N/A               24.2   4.5   BTH   Common   Purchase of   1.1   N/A   N/A   (b) (d) CH,
                                                                goods                    discount on                                                shr      goods mainly                            KCH,
                                                                                         retail                                                              for guest                               MRA,
                                                                                         price and                                                           supplies for                            NK, NT,
                                                                                         cost plus                                                           the hotel                               SDR,
                                                                                         certain                                                                                                     SSK
                                                                                         margin for                                                                                                  
                                                                                         high volume                                                                                                 
                                                                                         purchase                                                                                                    

  48         BTG(T)                   LHC                       Purchase of              15%                   N/A               2.7    0.5   BTH   Common   Purchase of   1.1   N/A   N/A   (b) (d) MRA,
                                                                goods                    discount on                                                shr      goods mainly                            SDR
                                                                                         retail                                                              for guest                               
                                                                                         price and                                                           supplies for                            
                                                                                         cost plus                                                           the hotel                               
                                                                                         certain                                                                                                     
                                                                                         margin for                                                                                                  
                                                                                         high volume                                                                                                 
                                                                                         purchase                                                                                                    

  49         BTG(T)                   LRH                       Purchase of              At retail             N/A               1.2    -     BTH   Common   Purchase of   1.1   N/A   N/A   (b) (d) CH,
                                                                goods                    price                                                      shr      goods mainly                            KCH,
                                                                                                                                                             for giving to                           MRA,
                                                                                                                                                             Laguna Phuket                           NK, NT,
                                                                                                                                                             employees, on                           SDR,
                                                                                                                                                             the occasion                            SSK,
                                                                                                                                                             of 20^(th)                              SSU
                                                                                                                                                             year Laguna                             
                                                                                                                                                             anniversary                             

  50         BTG(T)                   TWPL                      Purchase of              15%                   N/A               10.2   1.4   BTH   Common   Purchase of   1.1   N/A   N/A   (b) (d) CH,
                                                                goods                    discount on                                                shr      goods mainly                            KCH,
                                                                                         retail                                                              for guest                               MRA,
                                                                                         price and                                                           supplies for                            NK, NT,
                                                                                         cost plus                                                           the hotel                               SSK,
                                                                                         certain                                                                                                     SDR
                                                                                         margin for                                                                                                  
                                                                                         high volume                                                                                                 
                                                                                         purchase                                                                                                    

  51                                                            Purchase of                                                      1.1    0.3                                                           
                                                                goods (<1.0                                                                                                                          
                                                                MB)                                                                                                                                  

  Purchase                                                                                                                                                                                            
  of Gallery                                                                                                                                                                                         
  vouchers                                                                                                                                                                                           

  52         BTG(T)                   LHC                       Purchase of              Face value  N/A                         1.6    -     BTH   Common   Vouchers to   1.1   N/A   N/A   (b) (d) MRA,
                                                                BTG vouchers             of voucher                                                 shr      buy goods                               SDR
                                                                for                                                                                          from the                                
                                                                management                                                                                   Banyan Tree                             
                                                                benefits                                                                                     Gallery                                 
                                                                                                                                                             provided to                             
                                                                                                                                                             management as                           
                                                                                                                                                             a benefit.                              

  53         BTG(T)                   LRH                       Purchase of              Face value  N/A                         10.5   -     BTH   Common   Vouchers to   1.1   N/A   N/A   (b) (d) KCH,
                                                                BTG vouchers             of voucher                                                 shr      buy goods                               MRA,
                                                                for                                                                                          from the                                NT, CH,
                                                                management                                                                                   Banyan Tree                             NK,
                                                                benefits                                                                                     Gallery                                 SSK,
                                                                                                                                                             provided to                             SDR,
                                                                                                                                                             management as                           SSU
                                                                                                                                                             a benefit.                              

  54                                                            Purchase of                                                      2.8    0.1                                                           
                                                                Gallery                                                                                                                              
                                                                vouchers                                                                                                                             
                                                                (<1.0 MB)                                                                                                                            

  Purchase                                                                                                                                                                                            
  of water                                                                                                                                                                                           

  55         LGL                               LSC   Purchase                            Baht 2 per  N/A                         2.8    0.3   BTH   Common   LGL owns the  1.1   N/A   N/A   LBC     KCH,
                                                     of water                            cubic meter                                                shr      lagoons from                    owns    MRA,
                                                     supply                                                                                                  which LSC                       27.1%   NT,
                                                                                                                                                             sources the                     in LSC  SSU,
                                                                                                                                                             water.                          (b) (d) AU, CH,
                                                                                                                                                                                                     NK,
                                                                                                                                                                                                     SSK,
                                                                                                                                                                                                     SDR

  Golf                                                                                                                                                                                                
  course                                                                                                                                                                                             
  service                                                                                                                                                                                            

  56         LGL                               LEL   Golf                                An 8%       N/A                         6.1    1.4   BTH   Common   Golf course   1.1   N/A   N/A   (b) (d) AU, CH,
                                                     course                              discount to                                                shr      service that                            KCH,
                                                     service                             the golf                                                            LEL arranged                            NK, NT,
                                                                                         course's                                                            for Laguna                              SSK,
                                                                                         price list                                                          Phuket guest                            SDR,
                                                                                         before                                                              as one of the                           SSU,
                                                                                         relevant                                                            tour programs                           MRA  
                                                                                         taxes and                                                                                                   
                                                                                         service                                                                                                     
                                                                                         charges                                                                                                     
  ---------- -------- ------ -------- -------- ----- ---------- ------------ ----------- ----------- ----- --- ----------------- ------ ----- ----- -------- ------------- ----- ----- ----- ------- -------

+----+------------------------------------+---------------------------+
| R  |                                    |                           |
| EF |                                    |                           |
| ER |                                    |                           |
| EN |                                    |                           |
| CE |                                    |                           |
| F  |                                    |                           |
| OR |                                    |                           |
| RE |                                    |                           |
| AS |                                    |                           |
| ON |                                    |                           |
| OF |                                    |                           |
| HA |                                    |                           |
| VI |                                    |                           |
| NG |                                    |                           |
| R  |                                    |                           |
| EL |                                    |                           |
| AT |                                    |                           |
| ED |                                    |                           |
| PE |                                    |                           |
| RS |                                    |                           |
| ON |                                    |                           |
| B  |                                    |                           |
| EI |                                    |                           |
| NG |                                    |                           |
| A  |                                    |                           |
| S  |                                    |                           |
| HA |                                    |                           |
| RE |                                    |                           |
| HO |                                    |                           |
| LD |                                    |                           |
| ER |                                    |                           |
| IN |                                    |                           |
| LI |                                    |                           |
| EU |                                    |                           |
| OF |                                    |                           |
| T  |                                    |                           |
| HE |                                    |                           |
| C  |                                    |                           |
| O. |                                    |                           |
| AS |                                    |                           |
| OF |                                    |                           |
| 31 |                                    |                           |
| DE |                                    |                           |
| CE |                                    |                           |
| MB |                                    |                           |
| ER |                                    |                           |
| 20 |                                    |                           |
| 07 |                                    |                           |
+----+------------------------------------+---------------------------+
|    |                                    |                           |
+----+------------------------------------+---------------------------+
| Re | Relationship                       | Reason                    |
| f. |                                    |                           |
+----+------------------------------------+---------------------------+
| (  | USC owns:                          | USC has interests in      |
| a) |                                    | hotels and resorts and    |
|    |                                    | LRH was a spin off from   |
|    |                                    | USC when it consolidated  |
|    |                                    | most of its hotel         |
|    |                                    | interests into LRH. Apart |
|    |                                    | from LRH, USC also has    |
|    |                                    | hotel interests through   |
|    |                                    | TRL. USC's other          |
|    |                                    | interests include         |
|    |                                    | consumer food products    |
|    |                                    | through an investment in  |
|    |                                    | TWFP.                     |
+----+------------------------------------+---------------------------+
|    | - 17.7% in LRH,                    |                           |
+----+------------------------------------+---------------------------+
|    | - 19.8% in TRL,                    |                           |
+----+------------------------------------+---------------------------+
|    | - 42.1% in TWFP                    |                           |
+----+------------------------------------+---------------------------+
| (  | BTH owns :                         | BTH has interests in      |
| b) |                                    | hotel operations          |
|    |                                    | worldwide and Thailand is |
|    |                                    | one of these countries.   |
|    |                                    | BTH and LRH have a joint  |
|    |                                    | venture relationship in   |
|    |                                    | several companies in      |
|    |                                    | using the Banyan Tree     |
|    |                                    | brandname and know-how    |
|    |                                    | for the mutual benefit of |
|    |                                    | maximising the return on  |
|    |                                    | such investments.         |
+----+------------------------------------+---------------------------+
|    | - 54.8% in LRH,                    |                           |
+----+------------------------------------+---------------------------+
|    | - 49.0% in BTRS(T),                |                           |
+----+------------------------------------+---------------------------+
|    | - 49.0% in BTG(T),                 |                           |
+----+------------------------------------+---------------------------+
|    | - 49.0% in BTG(S),                 |                           |
+----+------------------------------------+---------------------------+
|    | - 100.0% in BTHR,                  |                           |
+----+------------------------------------+---------------------------+
|    | - 100.0% in BTR,                   |                           |
+----+------------------------------------+---------------------------+
|    | - 100.0% in BTS which owns 100.0%  |                           |
|    | in HSE,                            |                           |
+----+------------------------------------+---------------------------+
|    | - 96.7% in VM which owns 100.0% in |                           |
|    | MA,                                |                           |
+----+------------------------------------+---------------------------+
|    | - 30.0% in BTSH which owns 100.0%  |                           |
|    | in BTRS,                           |                           |
+----+------------------------------------+---------------------------+
|    | - 51.0% in LBTH,                   |                           |
+----+------------------------------------+---------------------------+
|    | - 77.5% in MB                      |                           |
+----+------------------------------------+---------------------------+
| (  | TRL owns:                          | TRL has interests in      |
| c) |                                    | hotels and resorts, and   |
|    |                                    | USC and BTH were a spin   |
|    |                                    | off from TRL when it      |
|    |                                    | consolidated most of its  |
|    |                                    | hotels interests into USC |
|    |                                    | and BTH.                  |
+----+------------------------------------+---------------------------+
|    | - 100.0% in GSI which owns:        |                           |
+----+------------------------------------+---------------------------+
|    | -   55.0% in TBPL (which owns      |                           |
|    |     100.0% and 90.0% in PTBH and   |                           |
|    |     KR respectively),              |                           |
|    |                                    |                           |
|    | -   19.8% in BI (which owns 35.6%  |                           |
|    |     in BTH)                        |                           |
|    |                                    |                           |
|    | -   22.1% of preferred stocks in   |                           |
|    |     BTH                            |                           |
+----+------------------------------------+---------------------------+
|    | - 18.5% of preferred stocks in BTH |                           |
|    | directly                           |                           |
+----+------------------------------------+---------------------------+
|    | - 40.0% in TRMC which owns 100.0%  |                           |
|    | in MANGOW (which owns 100.0% in    |                           |
|    | RSP)                               |                           |
+----+------------------------------------+---------------------------+

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

  Ref.   Relationship                         Reason

  (d)    LRH owns:                            LRH also has interests in
                                              hotels and resorts operation
                                              worldwide through its
                                              investment in TRL. LRH's
                                              other interests include
                                              agricultural business
                                              through an investment in
                                              USC.

         - 100.0% in TWRH, which owns 19.8%   
         in BI (which owns 35.6% in BTH),     

         - 19.8% in TRL through TWRH 9.9% and 
         LBTL 9.9%,                           

         - 10.1% directly and 6.1% indirectly 
         in USC through TWRH,                 

         - 49.0% in LBTH through LBTL.        

         - 60.0% in LBC                       

  (e)    KPH and CSN own:                     KPH and CSN also own
                                              interests in hotels and
                                              resorts operation worldwide
                                              and through its investment
                                              in BTH and KAP.

         - 36.4% in BTH,                      

         - 100.0% in RI which owns 80.0% in   
         KAP                                  

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

+----+--------+--------------------------------------------------------+
| R  |        |                                                        |
| EF |        |                                                        |
| ER |        |                                                        |
| EN |        |                                                        |
| CE |        |                                                        |
| F  |        |                                                        |
| OR |        |                                                        |
| PR |        |                                                        |
| OC |        |                                                        |
| ED |        |                                                        |
| UR |        |                                                        |
| ES |        |                                                        |
| F  |        |                                                        |
| OR |        |                                                        |
| A  |        |                                                        |
| PP |        |                                                        |
| RO |        |                                                        |
| VI |        |                                                        |
| NG |        |                                                        |
| R  |        |                                                        |
| EL |        |                                                        |
| AT |        |                                                        |
| ED |        |                                                        |
| P  |        |                                                        |
| AR |        |                                                        |
| TY |        |                                                        |
| TR |        |                                                        |
| AN |        |                                                        |
| SA |        |                                                        |
| CT |        |                                                        |
| IO |        |                                                        |
| NS |        |                                                        |
+----+--------+--------------------------------------------------------+
| R  |        |                                                        |
| e: |        |                                                        |
| R  |        |                                                        |
| ul |        |                                                        |
| es |        |                                                        |
| a  |        |                                                        |
| nd |        |                                                        |
| Pr |        |                                                        |
| oc |        |                                                        |
| ed |        |                                                        |
| ur |        |                                                        |
| es |        |                                                        |
| a  |        |                                                        |
| nd |        |                                                        |
| Di |        |                                                        |
| sc |        |                                                        |
| lo |        |                                                        |
| su |        |                                                        |
| re |        |                                                        |
| of |        |                                                        |
| C  |        |                                                        |
| on |        |                                                        |
| ne |        |                                                        |
| ct |        |                                                        |
| ed |        |                                                        |
| Tr |        |                                                        |
| an |        |                                                        |
| sa |        |                                                        |
| ct |        |                                                        |
| io |        |                                                        |
| ns |        |                                                        |
| of |        |                                                        |
| Li |        |                                                        |
| st |        |                                                        |
| ed |        |                                                        |
| C  |        |                                                        |
| om |        |                                                        |
| pa |        |                                                        |
| ny |        |                                                        |
| d  |        |                                                        |
| at |        |                                                        |
| ed |        |                                                        |
| 19 |        |                                                        |
| No |        |                                                        |
| ve |        |                                                        |
| mb |        |                                                        |
| er |        |                                                        |
| 20 |        |                                                        |
| 03 |        |                                                        |
| a  |        |                                                        |
| me |        |                                                        |
| nd |        |                                                        |
| ed |        |                                                        |
| on |        |                                                        |
| 21 |        |                                                        |
| Ju |        |                                                        |
| ly |        |                                                        |
| 20 |        |                                                        |
| 04 |        |                                                        |
+----+--------+--------------------------------------------------------+
|    |        |                                                        |
+----+--------+--------------------------------------------------------+
| R  | Reason |                                                        |
| ef |        |                                                        |
| er |        |                                                        |
| en |        |                                                        |
| ce |        |                                                        |
+----+--------+--------------------------------------------------------+
| 1  | Normal |                                                        |
|    | bu     |                                                        |
|    | siness |                                                        |
|    | trans  |                                                        |
|    | action |                                                        |
|    | or     |                                                        |
|    | supp   |                                                        |
|    | orting |                                                        |
|    | normal |                                                        |
|    | bu     |                                                        |
|    | siness |                                                        |
|    | trans  |                                                        |
|    | action |                                                        |
+----+--------+--------------------------------------------------------+
| 1  | Normal |                                                        |
| .1 | bu     |                                                        |
|    | siness |                                                        |
|    | trans  |                                                        |
|    | action |                                                        |
|    | with   |                                                        |
|    | g      |                                                        |
|    | eneral |                                                        |
|    | t      |                                                        |
|    | rading |                                                        |
|    | cond   |                                                        |
|    | itions |                                                        |
+----+--------+--------------------------------------------------------+
| 1  | Supp   |                                                        |
| .2 | orting |                                                        |
|    | normal |                                                        |
|    | bu     |                                                        |
|    | siness |                                                        |
|    | trans  |                                                        |
|    | action |                                                        |
|    | with   |                                                        |
|    | g      |                                                        |
|    | eneral |                                                        |
|    | t      |                                                        |
|    | rading |                                                        |
|    | cond   |                                                        |
|    | itions |                                                        |
|    | and    |                                                        |
|    | with   |                                                        |
|    | return |                                                        |
|    | that   |                                                        |
|    | can be |                                                        |
|    | co     |                                                        |
|    | mputed |                                                        |
|    | from   |                                                        |
|    | unde   |                                                        |
|    | rlying |                                                        |
|    | assets |                                                        |
|    | or     |                                                        |
|    | value  |                                                        |
+----+--------+--------------------------------------------------------+
| 2  | Transa |                                                        |
|    | ctions |                                                        |
|    | re     |                                                        |
|    | lating |                                                        |
|    | to     |                                                        |
|    | assets |                                                        |
|    | or     |                                                        |
|    | s      |                                                        |
|    | ervice |                                                        |
|    | amo    |                                                        |
|    | unting |                                                        |
|    | below  |                                                        |
|    | 0.03%  |                                                        |
|    | of the |                                                        |
|    | Com    |                                                        |
|    | pany’s |                                                        |
|    | net    |                                                        |
|    | ta     |                                                        |
|    | ngible |                                                        |
|    | asset  |                                                        |
|    | value  |                                                        |
+----+--------+--------------------------------------------------------+
|    |        |                                                        |
+----+--------+--------------------------------------------------------+
| R  |        |                                                        |
| EF |        |                                                        |
| ER |        |                                                        |
| EN |        |                                                        |
| CE |        |                                                        |
| F  |        |                                                        |
| OR |        |                                                        |
| V  |        |                                                        |
| AL |        |                                                        |
| UA |        |                                                        |
| TI |        |                                                        |
| ON |        |                                                        |
| PR |        |                                                        |
| IC |        |                                                        |
| E/ |        |                                                        |
| RE |        |                                                        |
| NT |        |                                                        |
| AL |        |                                                        |
| F  |        |                                                        |
| EE |        |                                                        |
| CO |        |                                                        |
| MP |        |                                                        |
| AR |        |                                                        |
| ED |        |                                                        |
| TO |        |                                                        |
| 3^ |        |                                                        |
| (R |        |                                                        |
| D) |        |                                                        |
| P  |        |                                                        |
| AR |        |                                                        |
| TI |        |                                                        |
| ES |        |                                                        |
+----+--------+--------------------------------------------------------+
|    |        |                                                        |
+----+--------+--------------------------------------------------------+
| R  | Trans  | Justification for Transactions                         |
| ef | action |                                                        |
| er | Type   |                                                        |
| en |        |                                                        |
| ce |        |                                                        |
+----+--------+--------------------------------------------------------+
| A  | Retail | - Rental rate set at a square metre basis is in line   |
|    | Rental | with market rate.                                      |
+----+--------+--------------------------------------------------------+
|    |        | - The majority of the rental of Banyan Tree Gallery,   |
|    |        | Spa and restaurants are contracted on a % of revenue   |
|    |        | basis and have been separately                         |
|    |        |                                                        |
|    |        | negotiated with the management of each hotel           |
|    |        | operation.                                             |
+----+--------+--------------------------------------------------------+
|    |        | - Spa contracts being negotiated with other unrelated  |
|    |        | hotel operators are also structured on a % of revenue  |
|    |        | basis i.e. this is the general rental                  |
|    |        |                                                        |
|    |        | policy applied by the Banyan Tree Group.               |
+----+--------+--------------------------------------------------------+
| B  | Office | - Rental rate is in line with market rate. Generally   |
|    | Rental | 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.                                               |
+----+--------+--------------------------------------------------------+

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

  Reference   Transaction   Justification for Transactions
              Type          

  C           Land Rental   - Land lease rates are very different in the market
                            depending on the location and type of land.

                            - NPV calculation of rent charged has been compared to
                            valuations as performed by an independent property
                            valuer.
  ----------- ------------- --------------------------------------------------------

[TABLE]

[TABLE]

+--------+-------------------------------------------------------------+
|   A    |                                                             |
| BBREVI |                                                             |
| ATIONS |                                                             |
+--------+-------------------------------------------------------------+
|   AVCI |   PT. AVC Indonesia                                         |
+--------+-------------------------------------------------------------+
|   BGL  |   Bangtao Grande Limited                                    |
+--------+-------------------------------------------------------------+
|   BI   |   Bibace Investments Ltd (Formerly known as TRL Investments |
|        |   Ltd)                                                      |
+--------+-------------------------------------------------------------+
|        |   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.                    |
+--------+-------------------------------------------------------------+
|   BTR  |   Banyan Tree Resorts Limited                               |
+--------+-------------------------------------------------------------+
|   BTRS |   Banyan Tree Resorts (Seychelles) Limited                  |
+--------+-------------------------------------------------------------+
|   B    |   Banyan Tree Resorts & Spas (Thailand) Company Limited     |
| TRS(T) |                                                             |
+--------+-------------------------------------------------------------+
|   BTS  |   Banyan Tree Spas Pte. Ltd.                                |
+--------+-------------------------------------------------------------+
|   BTSH |   Banyan Tree Seychelles Holdings Limited                   |
+--------+-------------------------------------------------------------+
|   CGL  |   Cheer Golden Limited                                      |
+--------+-------------------------------------------------------------+
|   GSI  |   Gold Sand Investments Ltd.                                |
+--------+-------------------------------------------------------------+
|   HSE  |   Heritage Spas Egypt LLC                                   |
+--------+-------------------------------------------------------------+
|   KAP  |   KAP Holdings Ltd.                                         |
+--------+-------------------------------------------------------------+
|   KR   |   Kingley Realty Limited                                    |
+--------+-------------------------------------------------------------+
|   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                            |
+--------+-------------------------------------------------------------+
|   MA   |   Maldives Angsana Pvt Ltd.                                 |
+--------+-------------------------------------------------------------+
|        |   Mangow Properties Limited                                 |
| MANGOW |                                                             |
+--------+-------------------------------------------------------------+
|   MB   |   Maldives Bay Pvt. Limited                                 |
+--------+-------------------------------------------------------------+
|   PTBH |   PT Bintan Hotels                                          |
+--------+-------------------------------------------------------------+
|   RI   |   Recourse Investments Ltd.                                 |
+--------+-------------------------------------------------------------+
|   TRMC |   Tropical Resort Management Co., Ltd.                      |
+--------+-------------------------------------------------------------+
|   RSP  |   Reef Services Pty. Ltd.                                   |
+--------+-------------------------------------------------------------+
|   TBPL |   Tropical Bintan Pte Ltd                                   |
+--------+-------------------------------------------------------------+
|   TDC  | Tapioca Development Corporation Limited                     |
+--------+-------------------------------------------------------------+
|   TRL  | Tropical Resorts Limited                                    |
+--------+-------------------------------------------------------------+
|   TWDC | Twin Waters Development Company Limited                     |
+--------+-------------------------------------------------------------+
|   TWFP | Thai Wah Food Products Public Company Limited               |
+--------+-------------------------------------------------------------+
|   TWPL | Thai Wah Plaza Limited                                      |
+--------+-------------------------------------------------------------+
|   A    |                                                             |
| BBREVI |                                                             |
| ATIONS |                                                             |
+--------+-------------------------------------------------------------+
|   TWRH | TWR - Holdings Limited                                      |
+--------+-------------------------------------------------------------+
|   USC  | Universal Starch Public Company Limited (Formerly known as  |
|        | “Thai Wah 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                                         |
+--------+-------------------------------------------------------------+
|   ESHL | Mr. Eddy See Hock Lye                                       |
+--------+-------------------------------------------------------------+
|   HLF  | Ms. Ho Lien Fung                                            |
+--------+-------------------------------------------------------------+
|   KPH  | Mr. KwonPing Ho                                             |
+--------+-------------------------------------------------------------+
|   KCH  | Mr. KwonCjan Ho                                             |
+--------+-------------------------------------------------------------+
|   MRA  | Mr. Michael R. Ayling                                       |
+--------+-------------------------------------------------------------+
|   NK   | Ms. Nanchalee Kecharananta                                  |
+--------+-------------------------------------------------------------+
|   NT   | Mr. Niyom Tassaneetipagorn                                  |
+--------+-------------------------------------------------------------+
|   PN   | Mr. Passapong Nantarak                                      |
+--------+-------------------------------------------------------------+
|   SDR  | Mr. Stuart David Reading                                    |
+--------+-------------------------------------------------------------+
|   SSK  | Ms. Sirivan Skulkerevathana                                 |
+--------+-------------------------------------------------------------+
|   SSU  | Mr. Surapon Supratya                                        |
+--------+-------------------------------------------------------------+
|        |                                                             |
+--------+-------------------------------------------------------------+