2.  Nature of Business Operations

  KTP is a developer of quality residential properties in Thailand. The
  Company is an associate with Keppel Land Limited (“Keppel Land”), one
  of Singapore’s largest listed property groups and a well-established
  regional property company. Keppel Land is a substantial shareholder of
  KTP with a 45.45 percent shareholding.

2.1 Business Overview of the Group

  The Company is focused on property development opportunities,
  especially in detached housing. The Group’s main business is property
  development, which is conducted through Keppel Thai Properties Public
  Company Limited as well as its subsidiary companies as follows:

1.  KTP provides leasing and other services for its office space.

2.  Thai-Kami Co., Ltd. develops residential properties.

3.  Gold Star Property Co., Ltd. sells residential condominium units and
    develops residential properties.

4.  Cornerstone Realty Co., Ltd. develops residential properties.

5.  Top Property Co., Ltd. develops residential properties.

  With the completion of its debt-restructuring in 2000 and having
  divested its under-performing assets and non-core businesses during
  2001 to 2003, KTP is in a better position to explore new areas of
  growth and acquire plots of freehold land for housing developments,
  such as:

-   51-1-83 rai freehold land at Srinakarin Road for 211 residential
    units;

-   49-3-99 rai freehold land at Srinakarin Road (adjacent to the above
    plot) for 156 residential units; and

-   78-0-46 rai freehold land at Watcharapol Road for 270 residential
    units.

  In December 2002, KTP sold its 39% stake in Top Property Co., Ltd.
  (“Top Property”), its subsidiary company, to Hampshire Pte Ltd, a
  subsidiary of Keppel Land Limited.

  In September 2005, Cornerstone Realty Co., Ltd. a wholly owned
  subsidiary of KTP was set up with the objective of developing
  residential properties.

2.2 Investment structure as at 31 December 2006

The revenue of the company and its subsidiary companies can be analyzed
as follows:

+---------------+-----------+----------+-----+----+----+----+----+----+
| Product Line/ | Operated  | % Shares | R   |    |    |    |    |    |
| Business      | by        | held     | eve |    |    |    |    |    |
| Group         |           |          | nue |    |    |    |    |    |
|               |           | by the   |     |    |    |    |    |    |
|               |           | company  | (M  |    |    |    |    |    |
|               |           |          | ill |    |    |    |    |    |
|               |           |          | ion |    |    |    |    |    |
|               |           |          | Ba  |    |    |    |    |    |
|               |           |          | ht) |    |    |    |    |    |
+---------------+-----------+----------+-----+----+----+----+----+----+
|               |           |          | 2   | %  | 20 | %  | 20 | %  |
|               |           |          | 004 |    | 05 |    | 06 |    |
+---------------+-----------+----------+-----+----+----+----+----+----+
| Lease and     | KTP       | -        | 3   | 49 | 39 | 12 | 38 | 15 |
| services      |           |          | 7.9 | .9 | .6 | .2 | .8 | .4 |
+---------------+-----------+----------+-----+----+----+----+----+----+
| Sales of      | Gold Star | 100 %    | 4.9 | 6  | 3  | 0  | 1  | 0  |
| condominiums  |           |          |     | .4 | .0 | .9 | .5 | .6 |
+---------------+-----------+----------+-----+----+----+----+----+----+
| Sales of Land | Thai-Kami | 100 %    | 3   | 39 | 2  | 83 | 1  | 69 |
| and House     | & Gold    |          | 0.1 | .7 | 70 | .2 | 76 | .8 |
|               | Star      |          |     |    | .6 |    | .4 |    |
+---------------+-----------+----------+-----+----+----+----+----+----+
| Others        | -         | -        | 3.0 | 4  | 12 | 3  | 35 | 14 |
|               |           |          |     | .0 | .0 | .7 | .9 | .2 |
+---------------+-----------+----------+-----+----+----+----+----+----+
| Total         | -         | -        | 7   | 1  | 3  | 1  | 2  | 1  |
|               |           |          | 5.9 | 00 | 25 | 00 | 52 | 00 |
|               |           |          |     | .0 | .2 | .0 | .6 | .0 |
+---------------+-----------+----------+-----+----+----+----+----+----+

Note: Details of revenue of the company and its subsidiary companies are
disclosed in the company’s Financial Statements.