5 Assets of the company

5.1 Summary of operating assets of the company and its subsidiaries

As at 31^(st) December 2001, the assets of Laguna Resorts & Hotels
Public Company Limited and its subsidiary companies that are used in its
business operations are as follows:

LAND, BUILDINGS AND MACHINERY

Baht : Million

+----------------------+------+--------+-------+------+------+-------+
| Type of assets       | T    | Laguna | L     | La   | La   | TW    |
|                      | otal | R      | aguna | guna | guna | R-Hol |
|                      |      | esorts | G     |      | B    | dings |
|                      |      | &      | rande | Ba   | each | Li    |
|                      |      | Hotels | Li    | nyan | Club | mited |
|                      |      | Public | mited | Tree | Lim  | &     |
|                      |      | C      | &     | Lim  | ited | sub   |
|                      |      | ompany | su    | ited | &    | sidia |
|                      |      | L      | bsidi |      | subs | ries, |
|                      |      | imited | aries |      | idia | Other |
|                      |      |        |       |      | ries |       |
+----------------------+------+--------+-------+------+------+-------+
| Hotel properties     | 4,48 | 859.41 | 1,4   | 1,04 | 1,14 | -     |
|                      | 8.36 |        | 47.56 | 0.34 | 1.05 |       |
+----------------------+------+--------+-------+------+------+-------+
| Land and land        | 3,58 | 275.63 | 2,4   | -    | 26   | 5     |
| improvement          | 1.88 |        | 53.37 |      | 1.33 | 91.55 |
+----------------------+------+--------+-------+------+------+-------+
| Buildings and staff  | 12   | 53.43  | 39.42 | -    | -    | 30.50 |
| dormitory            | 3.35 |        |       |      |      |       |
+----------------------+------+--------+-------+------+------+-------+
| Furniture, fixtures  | 25   | 21.60  | 76.00 | -    | -    | 1     |
| and equipment        | 3.33 |        |       |      |      | 55.73 |
+----------------------+------+--------+-------+------+------+-------+
| Golf course          | 28   | -      | 2     | -    | -    | -     |
|                      | 2.75 |        | 82.75 |      |      |       |
+----------------------+------+--------+-------+------+------+-------+
| Motor vehicles       | 7    | 7.07   | 19.74 | 6.23 | 2    | 17.89 |
|                      | 3.25 |        |       |      | 2.32 |       |
+----------------------+------+--------+-------+------+------+-------+
| Construction in      | 21   | 33.68  | 3.08  | 17   | 0.26 | -     |
| process              | 2.88 |        |       | 5.86 |      |       |
+----------------------+------+--------+-------+------+------+-------+
| Total property and   | 9,01 | 1,     | 4,3   | 1,22 | 1,42 | 7     |
| equipment            | 5.80 | 250.82 | 21.92 | 2.43 | 4.96 | 95.67 |
+----------------------+------+--------+-------+------+------+-------+
| Less : Accumulated   | (2   | (4     | (97   | (284 | (493 | (11   |
| depreciation         | ,361 | 96.78) | 0.17) | .02) | .21) | 6.97) |
|                      | .15) |        |       |      |      |       |
+----------------------+------+--------+-------+------+------+-------+
| Property and         | 6,65 | 754.04 | 3,3   | 93   | 93   | 6     |
| equipment, net       | 4.65 |        | 51.75 | 8.41 | 1.75 | 78.70 |
+----------------------+------+--------+-------+------+------+-------+

Laguna Resorts & Hotels Public Co., Ltd.

As at 31^(st) December 2001, the assets consisted of Laguna Resorts &
Hotels Public Co., Limited land at Bang Tao Bay, Phuket of 51-2-94.10
Rai which is the site of the Dusit Laguna Resort (consisting of
buildings, furniture, fixtures and equipment) and Canal Village. The
following area is under mortgage of the bank:

-   51-2-94.10 Rai mortgaged with Siam Commercial Bank Public Co., Ltd.

The book value of the assets of the company amounted to Baht 754.04
million as at 31^(st) December 2001.

The value of the land and buildings of the Dusit Laguna Resort appraised
by Simon Lim & Partner Ltd. on 28^(th) November 2001 was Baht 615.91
million. The above appraisal valuation has been included in the company
financial statements for the year ended 31^(st) December 2001.

Subsidiary Companies

Laguna Grande Limited and its subsidiary companies

As at 31^(st) December 2001, the assets consisted of 999-0-96.9 Rai of
land owned by Laguna Grande Limited and its subsidiary companies at Bang
Tao Bay, Phuket, which is the site of the Sheraton Grande Laguna Phuket
Hotel (consisting of buildings, furniture, fixtures and equipment and
condominiums), the Banyan Tree Golf Club and land plots available for
sale. Some areas are under mortgage with banks / financial institutions
as follows:

-   133-0-50.8 Rai mortgaged with Siam Commercial Bank Public Co., Ltd.,

-   94-3-97.1 Rai mortgaged with Thai Farmers Bank Public Co., Ltd.;

-   92-2-85.8 Rai mortgaged with Bankthai Public Co., Ltd.; and

-   28-2-03.1 Rai mortgaged with TISCO Finance Public Co., Ltd.

The book value of the assets of the company amounted to Baht 3,351.75
million as at 31^(st) December 2001.

The value of the land and buildings of the Sheraton Grande Laguna Phuket
Hotel appraised by Simon Lim & Partner Ltd. on 28^(th) November 2001 was
Baht 3,372.03 million. The above appraisal valuation has been included
in the company financial statements for the year ended 31^(st) December
2001.

Laguna Beach Club Limited and its subsidiary company

As at 31^(st) December 2001, the assets of the company comprise the
Laguna Beach Resort hotel located at Bangthao Bay, Phuket which consists
of buildings, furniture, fixtures and equipment. The land on which the
hotel is situated belongs to Laguna (1) Co., Ltd., which is 100% owned
by Laguna Beach Club Ltd. The following area is under mortgage of the
bank:

-   52-1-06 Rai being mortgaged with Siam Commercial Bank Public Co.,
    Ltd.

The book value of the assets owned by Laguna Beach Club Limited and its
subsidiary company amounted to Baht 931.75 million as at 31^(st)
December 2001.

The value of the land and buildings of the Laguna Beach Resort hotel
appraised by Simon Lim & Partner Co., Ltd. on 28^(th) November 2001 was
Baht 902.56 Million. The above appraisal value has been shown in the
company financial statements for the year ended 31^(st) December 2001.

Laguna Banyan Tree Limited

As at 31^(st) December 2001, the assets of the company comprise the
Banyan Tree Resort Phuket located at Bang Tao Bay, Phuket which consists
of buildings, furniture, fixtures and equipment.

The book value of the assets of the company amounted to Baht 938.41
million, as at 31^(st) December 2001.

The appraisal value of the buildings of Banyan Tree Phuket as assessed
by Simon Lim & Partner Co., Ltd. on 28^(th) November 2001 was Baht
740.38 million. The above appraisal value has been shown in the company
financial statements for the year ended 31^(st) December 2001.

TWR Holdings Limited and its subsidiary companies, and other subsidiary
companies

As at 31^(st) December 2001, the assets of the company and its
subsidiary companies, and other subsidiary companies, consists of land,
buildings and equipment.

These assets have a book value of Baht 678.70 million as at 31^(st)
December 2001. The land which is the site of the resort and property
development in Chiangrai and Mae Hong Sorn belong to the subsidiary
companies of TWR-Holdings Limited of Phuket Resort Development Co.,
Ltd., Pai Samart Development Co., Ltd. and Mae Chan Property Co., Ltd.

The valuation as performed by Simon Lim & Partner Ltd. on 28^(th)
November 2001 is included as Attachment 4.

INVESTMENTS

The interests of LRH (both direct and indirect) in its investments in
subsidiary, associate and other companies as at 31 December 2001 are
summarised as below.

+-----------+---------+-------+------+-----+------+------+-------+---+
| Company   | Type of | Pa    | % of | Y   | Inve | In   | Sh    | N |
| name      | b       | id-up | s    | ear | stme | vest | areho | o |
|           | usiness | share | hare | in  | nt - | ment | lders | t |
|           |         | ca    | hold | ves | cost | –    | which | e |
|           |         | pital | -ing | ted | me   | eq   | hold  |   |
|           |         | (MB)  |      |     | thod | uity | more  |   |
|           |         |       |      |     |      | me   | than  |   |
|           |         |       |      |     | (MB) | thod | 10 %  |   |
|           |         |       |      |     |      | (MB) |       |   |
+-----------+---------+-------+------+-----+------+------+-------+---+
| Sub       |         |       |      |     |      |      |       |   |
| sidiaries |         |       |      |     |      |      |       |   |
+-----------+---------+-------+------+-----+------+------+-------+---+
| TWR-      | Inv     | 1,2   | 10   | 1   | 1,25 | 1,10 |       |   |
| Holdings  | estment | 50.00 | 0.00 | 993 | 0.00 | 3.80 |       |   |
| Ltd.      | holding |       |      |     |      |      |       |   |
+-----------+---------+-------+------+-----+------+------+-------+---+
| Allamanda | Time    | 1.00  | 10   | 1   | 1.00 | 9    |       |   |
| Vacation  | share   |       | 0.00 | 994 |      | 9.59 |       |   |
| Club Ltd. | b       |       |      |     |      |      |       |   |
|           | usiness |       |      |     |      |      |       |   |
+-----------+---------+-------+------+-----+------+------+-------+---+
| Laguna    | Dormant | 0.50  | 10   | 1   | 0.50 | (27  |       |   |
| Sports    |         |       | 0.00 | 994 |      | .77) |       |   |
| Ltd.      |         |       |      |     |      |      |       |   |
+-----------+---------+-------+------+-----+------+------+-------+---+
| Laguna    | Hotel   | 1,0   | 10   | 1   | 86   | 1,83 |       | ( |
| Grande    | ope     | 00.00 | 0.00 | 993 | 8.69 | 2.58 |       | 1 |
| Ltd.      | rations |       |      |     |      |      |       | 0 |
|           | and     |       |      |     |      |      |       | ) |
|           | p       |       |      |     |      |      |       |   |
|           | roperty |       |      |     |      |      |       |   |
|           | deve    |       |      |     |      |      |       |   |
|           | lopment |       |      |     |      |      |       |   |
+-----------+---------+-------+------+-----+------+------+-------+---+
| Laguna    | Provide | 90.50 | 7    | 1   | 2    | 1.74 | LRH = | ( |
| Service   | utility |       | 5.80 | 991 | 2.35 |      | 24.7% | 2 |
| Co., Ltd. | and     |       |      |     |      |      |       | ) |
|           | other   |       |      |     |      |      | LGL = |   |
|           | s       |       |      |     |      |      | 31.1  |   |
|           | ervices |       |      |     |      |      | %     |   |
|           | to      |       |      |     |      |      |       |   |
|           | hotels  |       |      |     |      |      | LBC = |   |
|           | of the  |       |      |     |      |      | 27.1  |   |
|           | Company |       |      |     |      |      | %     |   |
|           | and     |       |      |     |      |      |       |   |
|           | subsi   |       |      |     |      |      | LBTL  |   |
|           | diaries |       |      |     |      |      | =     |   |
|           |         |       |      |     |      |      | 17.1  |   |
|           |         |       |      |     |      |      | %     |   |
+-----------+---------+-------+------+-----+------+------+-------+---+
| Banyan    | Sales   | 7.75  | 5    | 1   | 3.95 | 2    | BTHL  | ( |
| Tree      | of      |       | 1.00 | 994 |      | 6.95 | = 49% | 4 |
| Gallery   | merc    |       |      |     |      |      |       | ) |
| (         | handise |       |      |     |      |      |       |   |
| Thailand) |         |       |      |     |      |      |       |   |
| Ltd.      |         |       |      |     |      |      |       |   |
+-----------+---------+-------+------+-----+------+------+-------+---+
| W         | Provide | 1.00  | 5    | 1   | 0.51 | 1.64 | WCE = |   |
| enco-Thai | const   |       | 1.00 | 993 |      |      | 49%   |   |
| Ltd.      | ruction |       |      |     |      |      |       |   |
|           | s       |       |      |     |      |      |       |   |
|           | ervices |       |      |     |      |      |       |   |
+-----------+---------+-------+------+-----+------+------+-------+---+
| Banyan    | Sales   | S$    | 5    | 1   | 3.95 | 1    | BTHL  | ( |
| Tree      | of      | 0.43  | 1.00 | 994 |      | 3.46 | = 49% | 7 |
| Gallery   | merc    |       |      |     | 4    |      |       | ) |
| (S        | handise | 0.10  | 10   | 2   | 6.42 | 13   |       |   |
| ingapore) |         |       | 0.00 | 001 |      | 4.79 |       |   |
| Pte. Ltd  | P       |       |      |     |      |      |       |   |
|           | roperty |       |      |     |      |      |       |   |
| Laguna    | deve    |       |      |     |      |      |       |   |
| (3) Co.,  | lopment |       |      |     |      |      |       |   |
| Ltd.      |         |       |      |     |      |      |       |   |
+-----------+---------+-------+------+-----+------+------+-------+---+
|           |         |       |      |     |      |      |       |   |
+-----------+---------+-------+------+-----+------+------+-------+---+

+-------------+------+-----+-------+-----+------+------+---------+---+
| Company     | Type | P   | % of  | In  | Inve | In   | Share   | N |
| name        | of   | aid | sh    | ves | stme | vest | holders | o |
|             | busi | -up | areho | ted | nt - | ment | which   | t |
|             | ness | sh  | lding | y   | cost | –    | hold    | e |
|             |      | are |       | ear | me   | eq   | more    |   |
|             |      | c   |       |     | thod | uity | than 10 |   |
|             |      | api |       |     |      | me   | %       |   |
|             |      | tal |       |     | (MB) | thod |         |   |
|             |      | (   |       |     |      | (MB) |         |   |
|             |      | MB) |       |     |      |      |         |   |
+-------------+------+-----+-------+-----+------+------+---------+---+
| S           |      |     |       |     |      |      |         |   |
| ubsidiaries |      |     |       |     |      |      |         |   |
| held        |      |     |       |     |      |      |         |   |
| through     |      |     |       |     |      |      |         |   |
| T           |      |     |       |     |      |      |         |   |
| WR-Holdings |      |     |       |     |      |      |         |   |
| Ltd.        |      |     |       |     |      |      |         |   |
+-------------+------+-----+-------+-----+------+------+---------+---+
| Pai Samart  | Prop | 28  | 1     | 1   |      | (39  |         |   |
| Development | erty | .40 | 00.00 | 990 |      | .24) |         |   |
| Co., Ltd.   | dev  |     |       |     |      |      |         |   |
|             | elop | 23  | 1     | 1   |      | (358 |         |   |
| Mae Chan    | ment | 2.3 | 00.00 | 990 |      | .66) |         |   |
| Property    |      |     |       |     |      |      |         |   |
| Co., Ltd.   | Prop |     |       |     |      |      |         |   |
|             | erty |     |       |     |      |      |         |   |
|             | dev  |     |       |     |      |      |         |   |
|             | elop |     |       |     |      |      |         |   |
|             | ment |     |       |     |      |      |         |   |
+-------------+------+-----+-------+-----+------+------+---------+---+
| Phuket      | Prop | 41  | 1     | 1   |      | 17   |         |   |
| Resort      | erty | .40 | 00.00 | 996 |      | 7.07 |         |   |
| Development | dev  |     |       |     |      |      |         |   |
| Co., Ltd.   | elop |     |       |     |      |      |         |   |
|             | ment |     |       |     |      |      |         |   |
+-------------+------+-----+-------+-----+------+------+---------+---+
| Laguna      | H    | 500 | 51.00 | 1   |      | 6    | BTHL =  | ( |
| Banyan Tree | otel | .00 |       | 992 |      | 1.41 | 49%     | 5 |
| Ltd.        | op   |     |       |     |      |      |         | ) |
|             | erat |     |       |     |      |      |         |   |
|             | ions |     |       |     |      |      |         |   |
|             | and  |     |       |     |      |      |         |   |
|             | prop |     |       |     |      |      |         |   |
|             | erty |     |       |     |      |      |         |   |
|             | dev  |     |       |     |      |      |         |   |
|             | elop |     |       |     |      |      |         |   |
|             | ment |     |       |     |      |      |         |   |
+-------------+------+-----+-------+-----+------+------+---------+---+
| PCD Ltd.    | Cons | 0   | 51.00 | 1   |      | (18  | TRL =   |   |
|             | truc | .10 |       | 994 |      | .49) | 49%     |   |
|             | tion |     |       |     |      |      |         |   |
|             | co   |     |       |     |      |      |         |   |
|             | nsul |     |       |     |      |      |         |   |
|             | tant |     |       |     |      |      |         |   |
+-------------+------+-----+-------+-----+------+------+---------+---+
| Laguna      | H    | 200 | 50.00 | 1   |      | 15   | PR(T) = | ( |
| Beach Club  | otel | .00 |       | 993 |      | 0.26 | 40%     | 1 |
| Ltd.        | op   |     |       |     |      |      |         | ) |
|             | erat |     |       |     |      |      |         |   |
|             | ions |     |       |     |      |      |         |   |
+-------------+------+-----+-------+-----+------+------+---------+---+
| Laguna (1)  | Prop | 15  | 50.00 | 1   |      | 10   | PR(T) = | ( |
| Co., Ltd.   | erty | .00 |       | 993 |      | 0.81 | 40%     | 1 |
|             | dev  |     |       |     |      |      |         | ) |
|             | elop |     |       |     |      |      |         |   |
|             | ment |     |       |     |      |      |         |   |
+-------------+------+-----+-------+-----+------+------+---------+---+
| S           |      |     |       |     |      |      |         |   |
| ubsidiaries |      |     |       |     |      |      |         |   |
| held        |      |     |       |     |      |      |         |   |
| through     |      |     |       |     |      |      |         |   |
| Laguna      |      |     |       |     |      |      |         |   |
| Grande Ltd. |      |     |       |     |      |      |         |   |
+-------------+------+-----+-------+-----+------+------+---------+---+
| Bang Thao   | Prop | 20  | 1     | 1   |      | 7    |         |   |
| (1) Co.,    | erty | .93 | 00.00 | 990 |      | 8.32 |         |   |
| Ltd.        | dev  |     |       |     |      |      |         |   |
|             | elop |     |       |     |      |      |         |   |
|             | ment |     |       |     |      |      |         |   |
+-------------+------+-----+-------+-----+------+------+---------+---+
| Bang Thao   | Prop | 19  | 1     | 1   |      | 9    |         |   |
| (2) Co.,    | erty | .10 | 00.00 | 990 |      | 3.81 |         |   |
| Ltd.        | dev  |     |       |     |      |      |         |   |
|             | elop |     |       |     |      |      |         |   |
|             | ment |     |       |     |      |      |         |   |
+-------------+------+-----+-------+-----+------+------+---------+---+
| Bang Thao   | Prop | 7   | 1     | 1   |      | 8    |         |   |
| (3) Co.,    | erty | .75 | 00.00 | 990 |      | 5.31 |         |   |
| Ltd.        | dev  |     |       |     |      |      |         |   |
|             | elop |     |       |     |      |      |         |   |
|             | ment |     |       |     |      |      |         |   |
+-------------+------+-----+-------+-----+------+------+---------+---+
| Bang Thao   | Prop | 14  | 1     | 1   |      | 16   |         |   |
| (4) Co.,    | erty | .55 | 00.00 | 990 |      | 6.30 |         |   |
| Ltd.        | dev  |     |       |     |      |      |         |   |
|             | elop |     |       |     |      |      |         |   |
|             | ment |     |       |     |      |      |         |   |
+-------------+------+-----+-------+-----+------+------+---------+---+
| Bang Tao    | Prop | 80  | 1     | 1   |      | 98   |         |   |
| Development | erty | .00 | 00.00 | 990 |      | 0.76 |         |   |
| Co., Ltd.   | dev  |     |       |     |      |      |         |   |
|             | elop | 1   | 1     | 2   |      | (0   |         |   |
| Laguna      | ment | .00 | 00.00 | 001 |      | .01) |         |   |
| Central     |      |     |       |     |      |      |         |   |
| Ltd.        | Dor  | 1,  | 1     | 2   |      | 2    |         |   |
|             | mant | 405 | 00.00 | 001 |      | 5.72 |         |   |
| Bangna      |      | .20 |       |     |      |      |         |   |
| Place       | H    |     |       |     |      |      |         |   |
| Realty Ltd. | otel |     |       |     |      |      |         |   |
|             |      |     |       |     |      |      |         |   |
|             | Op   |     |       |     |      |      |         |   |
|             | erat |     |       |     |      |      |         |   |
|             | ions |     |       |     |      |      |         |   |
+-------------+------+-----+-------+-----+------+------+---------+---+
|             |      |     |       |     | 2,19 | 4,69 |         |   |
|             |      |     |       |     | 7.37 | 0.15 |         |   |
+-------------+------+-----+-------+-----+------+------+---------+---+
| Associates  |      |     |       |     |      |      |         |   |
+-------------+------+-----+-------+-----+------+------+---------+---+
| Ownrep      | Pro  | S$  | 50.00 | 1   | 1    | (4   | TRL =   | ( |
| Project     | ject | 2   |       | 991 | 8.11 | .85) | 50%     | 6 |
| Services    | co   | .00 |       |     |      |      |         | ) |
| Pte. Ltd.   | nsul |     |       |     |      |      |         | ( |
|             | tant |     |       |     |      |      |         | 7 |
|             |      |     |       |     |      |      |         | ) |
+-------------+------+-----+-------+-----+------+------+---------+---+
|             |      |     |       |     | 1    | (4   |         |   |
|             |      |     |       |     | 8.11 | .85) |         |   |
+-------------+------+-----+-------+-----+------+------+---------+---+
|             |      |     |       |     |      |      |         |   |
+-------------+------+-----+-------+-----+------+------+---------+---+
|             |      |     |       |     |      |      |         |   |
+-------------+------+-----+-------+-----+------+------+---------+---+

+-------------+------+------+------+-----+------+------+-------+-----+
| Company     | Type | Pai  | % of | In  | Inve | Inve | Sh    | N   |
| name        | of   | d-up | s    | ves | stme | stme | areho | ote |
|             | busi | s    | hare | ted | nt - | nt - | lders |     |
|             | ness | hare | hold | y   | cost | eq   | which |     |
|             |      | cap  | -ing | ear | me   | uity | hold  |     |
|             |      | ital |      |     | thod | me   | more  |     |
|             |      | (MB) |      |     |      | thod | than  |     |
|             |      |      |      |     | (MB) | (MB) | 10 %  |     |
+-------------+------+------+------+-----+------+------+-------+-----+
| Other       |      |      |      |     |      |      |       |     |
| investments |      |      |      |     |      |      |       |     |
+-------------+------+------+------+-----+------+------+-------+-----+
| Laguna      | Prop | 21   | 3    | 1   | 6    | 6    | EIE = | (8) |
| Development | erty | 4.37 | 0.00 | 993 | 4.31 | 4.31 | 35%   |     |
| Co., Ltd.   | dev  |      |      |     |      |      |       |     |
|             | elop |      |      |     |      |      | RSE = |     |
|             | ment |      |      |     |      |      | 35 %  |     |
+-------------+------+------+------+-----+------+------+-------+-----+
| Tropical    | H    | US$  | 1    | 1   | 30   | 21   | TWC = | (6) |
| Resorts     | otel | 5    | 9.80 | 990 | 2.29 | 5.15 | 19.8% | (7) |
| Limited     | op   | 0.50 |      |     |      |      |       |     |
|             | erat |      |      |     |      |      | JAIC  |     |
|             | ions |      |      |     |      |      | =     |     |
|             | and  |      |      |     |      |      | 18.8% |     |
|             | in   |      |      |     |      |      |       |     |
|             | vest |      |      |     |      |      | NSR = |     |
|             | ment |      |      |     |      |      | 30%   |     |
|             | hol  |      |      |     |      |      |       |     |
|             | ding |      |      |     |      |      | CFC = |     |
|             |      |      |      |     |      |      | 11.6  |     |
|             |      |      |      |     |      |      | %     |     |
+-------------+------+------+------+-----+------+------+-------+-----+
| Thai Wah    | Com  | 52   | 1    | 1   | 31   | 3    |       | (3) |
| Public Co., | modi | 5.00 | 8.73 | 988 | 3.30 | 0.48 |       | (9) |
| Ltd.        | ties |      |      |     |      |      |       |     |
+-------------+------+------+------+-----+------+------+-------+-----+
| JAIC Nippon | In   | US $ | 1    | 1   | 2    | 2    |       |     |
| Asia No.1   | vest | 9.90 | 0.00 | 993 | 5.16 | 0.15 |       |     |
| Fund        | ment |      |      |     |      |      |       |     |
|             | hol  |      |      |     |      |      |       |     |
|             | ding |      |      |     |      |      |       |     |
+-------------+------+------+------+-----+------+------+-------+-----+
|             |      |      |      |     | 70   | 33   |       |     |
|             |      |      |      |     | 5.06 | 0.09 |       |     |
+-------------+------+------+------+-----+------+------+-------+-----+
|             |      |      |      |     |      |      |       |     |
+-------------+------+------+------+-----+------+------+-------+-----+
|             |      |      |      |     | 2,92 | 5,01 |       |     |
|             |      |      |      |     | 0.54 | 5.39 |       |     |
+-------------+------+------+------+-----+------+------+-------+-----+

  Remarks:

  1. The company has recognised its effective interest in this
  subsidiary at 41.67% in accordance with the profit sharing percentage
  in the Articles of Association.

  2. Both direct and indirect shareholding in Laguna Services Co., Ltd.

  3. Both direct and indirect shareholding in Thai Wah Public Co., Ltd.
  (LRH and TWRH)

  4. Shareholder of Banyan Tree Gallery (Thailand) Ltd. was changed from
  TRL to be BTHL on 12 July, 2000

  5. Shareholder of Laguna Banyan Tree Ltd. was changed from TRL to be
  BTHL on 10 July, 2000. LRH purchased the 49% owned by BTHL in January
  2002.

  6. Indirect shareholding through TWR-Holdings Ltd.

  7. Paid-up share capital of investment in foreign companies are
  presented in foreign currencies in million Singapore or United States
  dollars.

  8. Investment in Laguna Development Co., Ltd. is an investment in
  643,103 of its ordinary shares, representing 30% of the total share
  holding. However, the company has no significant influence over its
  management and therefore the company does not take equity on the
  operations result.

  9. Market value of investment in Thai Wah Public Co., Ltd. as at
  31^(st) December 2001 is 3.10 Baht per share

  10. The group, via two subsidiary companies, purchased the remaining
  15.5% of Laguna Grande Limited at the end of September 2001.

  Abbreviations

  ------- ------------------------------ ------ ---------------------------- --
  BTHL    = Banyan Tree Holdings Pte     TWC    = Thai Wah Public Co., Ltd.  
          Ltd.                                                               

  CFC     = Chang Fung Co., Ltd.         TWRH   = TWR – Holdings Limited.    

  EIE     = EIE Resort Corp. Ltd.        WCE    = Wah Chang Engineering      
                                                Corp. Ltd.                   

  JAIC    = Japan Asia Investments Corp.                                     
          Fund                                                               

  LBC     = Laguna Beach Club Ltd.                                           

  LBTL    = Laguna Banyan Tree Ltd.                                          

  LGL     = Laguna Grande Ltd.                                               

  LRH     = Laguna Resorts & Hotels                                          
          Public Co., Ltd.                                                   

  NSR     = Natsteel Resort Ltd.                                             

  PR(T)   = Pacific Resort (Thailand)                                        
          Co., Ltd.                                                          

  RSE     = R.S.E. (Thailand) Co., Ltd.                                      

  TRL     = Tropical Resorts Ltd.                                            
  ------- ------------------------------ ------ ---------------------------- --

 

NET ASSET VALUE

+-----------------------------------+------------------+---------------+
|                                   | Amount           | Value per     |
|                                   |                  | share         |
|                                   | (MB)             |               |
|                                   |                  | (Baht)        |
+-----------------------------------+------------------+---------------+
| Assets                            | 6,601.19         |               |
+-----------------------------------+------------------+---------------+
| Add : Revaluation of hotel        | 1,399.21         |               |
| properties and land               |                  |               |
+-----------------------------------+------------------+---------------+
| Total assets                      | 8,000.40         | 94.49         |
+-----------------------------------+------------------+---------------+
| Less : Total liabilities          | (1,624.39)       | (19.19)       |
+-----------------------------------+------------------+---------------+
| Net Assets                        | 6,376.01         | 75.30         |
+-----------------------------------+------------------+---------------+
| Less : Commitments which may      | -                | -             |
| occur                             |                  |               |
+-----------------------------------+------------------+---------------+
| Net Asset Value                   | 6,376.01         | 75.30         |
+-----------------------------------+------------------+---------------+

  Remark : The company and the subsidiaries company do not have any
  contingent liabilities relating to the execution of any guarantee or
  mortgage to any party which is not either the company or its
  subsidiary companies.

2.  Developing of real estate summary

+---------+--------+---------+----+-----+-----+--------+------+------+
| Project | C      | Project | T  | Out | A   | Land   | Expe | Inv  |
|         | ompany |         | ot | sta | rea | owner  | cted | est- |
|         |        | Type    | al | -nd |     |        | Pe   | ment |
|         |        |         | U  | ing | (   |        | riod | V    |
|         |        |         | ni | Un  | Rai |        | to   | alue |
|         |        |         | ts | its | -Ng |        | S    |      |
|         |        |         |    |     | an- |        | ell/ | (Bt  |
|         |        |         |    |     | Sq. |        |      | Mill |
|         |        |         |    |     | w.) |        | Dev  | ion) |
|         |        |         |    |     |     |        | elop |      |
+---------+--------+---------+----+-----+-----+--------+------+------+
| Island  | Laguna | Cond    | 52 | -   | 4   | Laguna | -    | 184  |
| Villa   | Grande | ominium |    |     | -1- |        |      |      |
|         | Ltd.   |         |    |     | 4.5 | Grande |      |      |
|         |        |         |    |     |     | Ltd.   |      |      |
+---------+--------+---------+----+-----+-----+--------+------+------+
| The     | Laguna | Cond    | 95 | 1   | 9-  | Laguna | -    | 242  |
| Al      | Grande | ominium |    |     | 0-0 |        |      |      |
| lamanda | Ltd.   |         |    |     | 2.9 | Grande |      |      |
| 1       |        |         |    |     |     | Ltd.   |      |      |
+---------+--------+---------+----+-----+-----+--------+------+------+
| The     | Laguna | Cond    | 1  | 12  | 12- | Laguna | 2    | 493  |
| Al      | Grande | ominium | 41 |     | 1-5 |        | y    |      |
| lamanda | Ltd.   |         |    |     | 9.7 | Grande | ears |      |
| 2&3     |        |         |    |     |     | Ltd.   |      |      |
+---------+--------+---------+----+-----+-----+--------+------+------+
| Laguna  | Laguna | Land    | 74 | 27  | 85- | Laguna | 3    | 100  |
| Home    |        | and     |    |     | 3-5 |        | y    |      |
| Phuket  | Grande | “Land   |    |     | 0.4 | Grande | ears |      |
| and     | Ltd.   | and     |    |     |     | Ltd.   |      |      |
| Golf    |        | House”  |    |     |     |        |      |      |
| Villa   |        |         |    |     |     |        |      |      |
+---------+--------+---------+----+-----+-----+--------+------+------+
| Banyan  | Laguna | Villa   | 12 | -   | 2-2 | Bang   | -    | 114  |
| Tree    | Banyan |         |    |     | -15 | Tao    |      |      |
| Phuket  | Tree   |         |    |     | .54 | Devel  |      |      |
| 2       | Ltd.   |         |    |     |     | opment |      |      |
| Bedroom |        |         |    |     |     | Co.,   |      |      |
|         |        |         |    |     |     | Ltd.   |      |      |
+---------+--------+---------+----+-----+-----+--------+------+------+

Island Villa is located at 10 Moo 4 Srisoontorn Road, Cherngtalay
District, Amphur Talang, Phuket Province.

The Allamanda 1 is located at 29 Moo 4 Cherngtalay District, Amphur
Talang, Phuket Province.

The Allamanda 2&3 is located at 29 Moo 4 Srisoontorn Road, Cherngtalay
District, Amphur Talang, Phuket Province.

Laguna Home Phuket is located at Moo 4 Srisoontorn Road, Cherngtalay
District, Amphur Talang, Phuket Province.

Banyan Tree Phuket 2 Bedroom is located at 33 Moo 4 Cherngtalay
District, Amphur Talang, Phuket Province.

[TABLE]

  ------------------------- --------------- --------------- --------------
  Project                   Sold value                      
                            (Million Baht)                  

                            2001            2000            1999

  Island Villa              -               -               -

  The Allamanda 1           14              16              (23)

  The Allamanda 2&3         6               29              (33)

  Laguna Home Phuket        33              50              (5)

  Banyan Tree Phuket 2      97              31              -
  Bedroom                                                   
  ------------------------- --------------- --------------- --------------

Remark : Negative sales value in previous years relates to canceled
contracts (overdue 120 days)

  ------------------------- --------------- --------------- --------------
  Project                   Total cash                      Amount sold to
                            received                        management or
                                                            shareholders

                            Million Baht    % of sold value 

  Island Villa              353             100%            -

  The Allamanda 1           405             98%             -

  The Allamanda 2&3         595             100%            -

  Laguna Home Phuket        151             94%             -

  Banyan Tree Phuket 2      197             100%            -
  Bedroom                                                   
  ------------------------- --------------- --------------- --------------

Details of receivable due in each project as at 31^(st) December 2001 is
as follows:

[TABLE]

Details of overdue receivables as at 31^(st) December, 2001

[TABLE]

Property Under Construction as at 31^(st) December 2001

The 14 Spa Pool Villas at the Banyan Tree Phuket are budgeted to cost
208 million. Costs incurred at 31^(st) December 2001 are Baht 112
million.

Two houses are being built on the Laguna Home land plots and are budgeted to cost Baht 16 million. Costs incurred at 31^(st) December 2001 are Baht 8 million.

Property Projects Suspended

Laguna Home Chiengrai Phase 1 was suspended in 1997 due to the poor
property market. If market conditions improve the project will be
re-started.

5.3 Intangible assets

Goodwill

On 12 November 2001, Laguna Grande Ltd. (a subsidiary) acquired 100
percent of the shares of Bangna Place Realty Ltd. Goodwill on
consolidation of Baht 21 million which represents the excess of the
purchase price over the fair value is regarded as an asset in the
balance sheet and is amortised on straight-line basis over 3 years.

5.4 Investment / management policy of the company and its subsidiary
companies

The current intention of management in regard to investment policy in
the company and its subsidiary companies is to pursue any investment
opportunities within Laguna Phuket that provides the shareholders with a
sufficient return on investment. Such opportunities are summarised in
section 6 below.