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  3. Nature of Business Operation

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3.1 Company Background

Keppel Thai Properties Public Company Limited (KTP) is a property
development company with a registered and paid up capital of Baht 2,200
million. As a subsidiary company, KTP is 45.45% held by Keppel Land
Limited (Keppel Land), one of Singapore’s largest public listed property
companies.

3.2 Significant Changes and Development in 2009

February 2009

-   The Board of Directors adopted the resolution to decrease the total
    number of directors of the Company from 12 to 9 persons, the details
    are as tabled below:

  ----------------------------------- -----------------------------------
  Previous Board of Directors         Current Board of Directors

  1. Mr. Ang Wee Gee                  1. Mr. Ang Wee Gee

  2. Mr. Choo Chin Teck               2. Mr. Choo Chin Teck

  3. Mrs. Yeo Kah Tiang               3. Mr. Lim Kei Hin

  4. Mr. Linson Lim Soon Kooi         4. Mr. Linson Lim Soon Kooi

  5. Mr. Wong Yew Siong               5. Mr. Wong Yew Siong

  6. Mr. Pisit Vilaivongse            6. Mr. Pisit Vilaivongse

  7. Mrs. Jiraporn Pimpoorash         7. Mrs. Jiraporn Pimpoorash

  8. Mr. Somprasong Makkasaman        8. Mr. Somprasong Makkasaman

  9. Prof. Chukiat Pramoolpol         9. Prof. Chukiat Pramoolpol

  10. Mr. Rachada Krisdathanont¹      

  11. Mrs. Siraaksorn Sirison²        

  12. Mr. Wee Boon Leong³             
  ----------------------------------- -----------------------------------

¹ Mr. Rachada Krisdathanont resigned as director, effective from 7 May
2008.

² Mrs. Siraaksorn Sirison resigned as director, effective from 18
February 2009.

³ Mr. Wee Boon Leong resigned as director, effective from 20 February
2009.

-   Renewed the long term loan agreement between Keppel Land Financial
    Services Limited and subsidiary companies.

August 2009

-   Mrs. Yeo Kah Tiang resigned as director and Mr. Lim Kei Hin was
    appointed as director for replacement.

-   Miss Yodjuta Kunjara Na Ayudhya was appointed as Company Secretary.

3.3 Business Overview of the Group

KTP is developing two landed residential projects known as Villa Arcadia
Srinakarin and Villa Arcadia Watcharapol. Both projects feature
modern-tropical architecture and quality finishes that cater to home
buyers in the middle to upper-middle market segments. The projects are
situated within established residential estates with easy access to
major amenities.

KTP has 4 subsidiary companies whose main business is property
development as shown in the table below:

  ----------------------------------- -----------------------------------
  Company Name                        Business Operation of the Group

  Keppel Thai Properties Public       Property Development, provides
  Company Limited                     leasing and other services for its
                                      office space

  Thai-Kami Company Limited           Develops residential properties

  Gold Star Property Company Limited  Sells residential condominium units
                                      and develops residential properties

  Top Property Company Limited        Develops residential properties

  Cornerstone Realty Company Limited  Constructs and develops residential
                                      properties
  ----------------------------------- -----------------------------------

Flow chart of the investment structure of KTP and its subsidiaries

as of 31 December 2009

[]

The revenue of KTP and its subsidiaries can be analyzed as follows:

  --------------- ------------- ----------- ---------- ------- ------- ------- ------- -------
  Product Line /  Operated      % Shares    Revenue                                    
  Business Group  by            held by KTP (Million                                   
                                            Baht)                                      

                                            2009       %       2008    %       2007    %

  Lease and       KTP           -           37.3       24.9    38.9    12.6    38.5    15.2
  services                                                                             

  Sale of         Gold Star     100 %       -          -       -       -       -       -
  condominiums                                                                         

  Sale of land    Thai-Kami,    100 %       84.1       56.2    218.3   70.8    203.4   80.1
  and house       Gold Star and                                                        
  construction    Cornerstone                                                          

  Sale of land    Top Property  61%         9.6        6.4     30.2    9.8     3.6     1.4
  and house                                                                            
  construction                                                                         

  Others          -             -           18.6       12.5    21.1    6.8     8.5     3.3

  Total           -             -           149.6      100.0   308.5   100.0   254.0   100.0
  --------------- ------------- ----------- ---------- ------- ------- ------- ------- -------

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