2. Nature of the Business

  2.1 Company History

  Laguna Resorts & Hotels Public Company Limited (“The Company”) was
  formerly named Thai Wah Resorts Development Company Limited and
  founded in 1983. It shortly thereafter acquired a large parcel of land
  on the site of an abandoned tin mine at Bangtao Bay, Phuket, Thailand
  which was later developed to become the Laguna Phuket integrated
  resort complex.

  Milestones

  1987 Dusit Thani Laguna Phuket (formerly known as Dusit Laguna Resort)
  opened.

  1991 Laguna Beach Resort opened.

  1992 Sheraton Grande Laguna Phuket and the Laguna Phuket Golf Club
  opened.

  1993 The Company listed on Stock Exchange of Thailand. Property Sales
  operations commenced with the Allamanda condominium units.

  1995 The resort’s flagship hotel, Banyan Tree Phuket opened.

  1998 Laguna Holiday Club commenced operations.

  2002 The Company acquired a large parcel of land adjacent to Laguna
  Phuket for future development opportunities.

  2005 The Company acquired Thai Wah Plaza Limited which houses Banyan
  Tree Bangkok and commercial offices.

2006. Banyan Tree Lijiang, People’s Republic of China and Laguna Holiday
      Club Phuket Resort opened.

2008. The Company entered into an agreement to acquire additional land
      adjacent to Laguna Phuket for future development

  2.2 Type of Businesses and Income Structure

  2.2.1 Type of Businesses

The key businesses of the Company are hotel operations, property development operations and office rental. The Company’s major business investment largely revolves around the operation and management of the integrated resort of Laguna Phuket, located on the island of Phuket in Thailand, as well as its investments in the Banyan Tree Bangkok and the Banyan Tree Lijiang, People’s Republic of China.

Hotel Operations

  Within Laguna Phuket, there are 5 hotels which the Company either owns
  or has an ownership stake:

  Banyan Tree Phuket, opened in 1995, features 149 exclusive villas. The
  resort is managed by Banyan Tree Hotels & Resorts Pte. Ltd.

  Dusit Thani Laguna Phuket, opened in 1987, offers beachfront
  accommodation in 254 rooms, suites and villas managed by Dusit Thani
  Public Company Limited.

  Sheraton Grande Laguna Phuket, opened in 1992, features 422 rooms,
  suites, villas and residences and is a member of the Starwood Luxury
  Collection. It is managed by Sheraton Overseas Management Corporation.

  Laguna Beach Resort, opened in 1991, features 254 rooms and suites and
  is owner-operated.

  Laguna Holiday Club Phuket Resort, opened in 2006 as a dedicated
  resort for members of the Laguna Holiday Club. It comprises 79 suites
  in three room types and is owner-operated.

  In addition to these core properties, Laguna Phuket also provides the
  following facilities:

  Laguna Phuket Golf Club, opened in 1992, is a resort style 18-hole,
  par-71 golf course managed by Banyan Tree Hotels & Resorts Pte. Ltd.

  Quest Laguna Phuket Adventure, opened in 1994, offers dynamic programs
  for corporate training. The facility is managed by Sheraton Overseas
  Management Corporation.

  Canal Village Laguna Shopping opened in 1994, as an owner-managed
  boutique shopping centre with more than 50 leased outlets.

  Banyan Tree and Angsana Gallery, a chain of retail outlets
  specialising in indigenous handicrafts and spa products, operates 8
  outlets located within Laguna Phuket at the hotels, spas, and Canal
  Village shopping centre.

  Laguna Wedding Chapel is Thailand's first resort wedding chapel
  offering comprehensive wedding packages. Opened in early 2005, the
  facility is owner-managed.

  Laguna Tours, started operations in 2007 by selling selected third
  parties tours to Laguna guests. From mid 2008, Laguna Tours
  established its own operated tours starting with speed boat tours and
  city tours.

  Laguna Service Company Limited, established in 1991, provides laundry,
  water supply, inter-resort transport and other centralised services
  for the Laguna Phuket hotels and ancillary operations.

The Company also owns hotels, resorts and operations outside of Phuket, Thailand as follows:

  Banyan Tree Bangkok, purchased in 2005, features 215 suites and is
  managed by Banyan Tree Hotels & Resorts Pte. Ltd. The hotel is located
  in the central business district of Bangkok.

Banyan Tree and Angsana Gallery, operated by Banyan Tree Gallery (Singapore) Pte Ltd., a chain of retail outlets specialising in indigenous handicrafts and spa products with 11 outlets worldwide. 

Property Development Operations

  Property Sales offers a range of residential and vacation properties
  such as apartments, semi-detached and detached villas including hotel
  residences such as the high-end Dusit Thani Pool Villas and Banyan
  Tree Residences that are situated within a resort or hotel property.

  Estate Service Management started operations in early 2007 in order to
  provide services to the customers who buy properties within Laguna
  Phuket. The services comprise of pool maintenance, handyman services,
  ground and landscape maintenance, engineering services and common area
  management.

  Laguna Holiday Club commenced operations in 1998, selling holiday club
  memberships that entitle participants to annual vacations at the
  various club properties as well as at over 4,000 resorts in more than
  100 countries through reciprocal arrangements with RCI and Interval
  International.

  The Company also owns land in Chiang Mai and Chiang Rai which has
  future development potential.

Office Rental

  The Company owns a number of units in Thai Wah Tower I, a 24-storey
  building located on Sathorn Road in Bangkok, which are rented as
  commercial offices.

  Overseas Investment in Hotels and Resorts

  Banyan Tree Lijiang, opened in 2006, a joint venture company
  incorporated in the People’s Republic of China between Laguna Banyan
  Tree Limited (“LBTL”), a wholly owned subsidiary of the Company, and
  Banyan Tree Holdings Limited (“BTH”). The Group has a 49.04 percent
  ownership interest in this project.

  Otherwise, the Company invests overseas through Tropical Resorts
  Limited (“TRL”) and Bibace Investments Ltd (“BI”) which invests in
  luxury resorts largely throughout the Pacific rim area.

  2.2.2 Income Structure

  The percentage of income generated by each individual line of business
  is detailed as follows:

  (Unit: Thousand Baht)

  ------------------- ----------- ------- ----------- ------- ----------- -------
                      2008        %       2007        %       2006        %

                                                                          

  Revenue from Hotel  3,954,452   57.2    4,124,291   57.8    3,589,807   58.3
  Operations                                                              

  Revenue from        2,488,769   36.0    2,808,487   39.4    2,327,818   37.8
  Property Operations                                                     

  Revenue from Office 66,024      1.0     67,558      0.9     80,764      1.3
  Rental Operations                                                       

  Other income        403,072     5.8     136,845     1.9     157,263     2.6

  Total revenue       6,912,317   100.0   7,137,181   100.0   6,155,652   100.0
  ------------------- ----------- ------- ----------- ------- ----------- -------

  The most significant lines of business of the Group are hotels and
  property development operations for which further details are provided
  below. Note 32 to the financial statements of the Company for the year
  ended 31 December 2008 (note 31 and 29 for the year ended 31 December
  2007 and 2006 respectively) discloses the operating results by
  business segment in accordance with accounting standards and
  principles.

  Hotel Operations - Overall

  ---------------------------------- ------------ ----------- -----------
                                     2008         2007        2006

  Occupancy (%)                                               

  Banyan Tree Phuket                 62           66          61

  Dusit Thani Laguna Phuket          64           76          72

  Laguna Beach Resort                60           69          60

  Sheraton Grande Laguna Phuket      64           71          59

  Banyan Tree Bangkok                57           67          77

  Banyan Tree Lijiang                -            -           50

  Occupancy - Average                62           70          65

                                                              

  Average Rate (Baht)                                         

  Banyan Tree Phuket                 18,582       18,450      18,587

  Dusit Thani Laguna Phuket          5,631        5,012       4,458

  Laguna Beach Resort                4,597        4,227       3,972

  Sheraton Grande Laguna Phuket      5,588        5,614       5,113

  Banyan Tree Bangkok                5,266        5,177       5,023

  Banyan Tree Lijiang                -            -           10,636

  Average Rate - Average             6,970        6,649       6,254

                                                              

  Room Revenue per Available Room                             
  (Baht)                                                      

  Banyan Tree Phuket                 11,485       12,168      11,316

  Dusit Thani Laguna Phuket          3,612        3,801       3,216

  Laguna Beach Resort                2,780        2,929       2,370

  Sheraton Grande Laguna Phuket      3,584        3,983       3,016

  Banyan Tree Bangkok                3,019        3,461       3,853

  Banyan Tree Lijiang                -            -           5,270

  Room Revenue per Available Room -  4,310        4,665       4,050
  Average                                                     

                                                              

  Total Revenue (Baht 000's)                                  

  Banyan Tree Phuket                 947,882      970,850     787,469

  Dusit Thani Laguna Phuket          488,263      513,726     434,919

  Laguna Beach Resort                388,526      422,217     356,908

  Sheraton Grande Laguna Phuket      748,239      887,633     687,274

  Banyan Tree Bangkok                677,513      705,017     707,021

  Banyan Tree Lijiang                -            -           85,253

  Total                              3,250,423    3,499,443   3,058,844

  Other                              172,248      167,238     158,099

  Total Revenue of Hotel Business    3,422,671    3,666,861   3,216,943

  Other Hotel-related operations     531,781      457,430     372,864

  Total Revenue of Hotel Operations  3,954,452    4,124,291   3,589,807
  ---------------------------------- ------------ ----------- -----------

  Revenue generated from each hotel are detailed as follows:

  ---------------------------------- ------------ ----------- -----------
  Banyan Tree Phuket                 2008         2007        2006

  Available Rooms – average          149          148         131

  Occupancy %                        62           66          61

  Average Rate (Baht)                18,582       18,450      18,587

  Room Revenue Per Available Room    11,485       12,168      11,316
  (Baht)                                                      
  ---------------------------------- ------------ ----------- -----------

+-------------+---------+------+---------+------+-----------+--------+
|             | 2008    |      | 2007    |      | 2006      |        |
+-------------+---------+------+---------+------+-----------+--------+
|             | Baht    | %    | Baht    | %    | Baht      | %      |
|             | 000’s   |      | 000’s   |      | 000’s     |        |
+-------------+---------+------+---------+------+-----------+--------+
| Room        | 626,318 | 66.1 | 659,156 | 67.9 | 541,227   | 68.7   |
| Revenue     |         |      |         |      |           |        |
+-------------+---------+------+---------+------+-----------+--------+
| F&B Revenue | 284,051 | 30.0 | 277,147 | 28.5 | 218,519   | 27.8   |
+-------------+---------+------+---------+------+-----------+--------+
| Other       | 37,513  | 3.9  | 34,547  | 3.6  | 27,723    | 3.5    |
| Revenue     |         |      |         |      |           |        |
+-------------+---------+------+---------+------+-----------+--------+
| To          | 947,882 | 1    | 970,850 | 1    | 787,469   | 100.0  |
| tal Revenue |         | 00.0 |         | 00.0 |           |        |
+-------------+---------+------+---------+------+-----------+--------+

  The Banyan Tree Phuket hotel is owned by Laguna Banyan Tree Limited in
  which Laguna Resorts & Hotels Public Company Limited has a 100 percent
  ownership interest. Revenue was below the prior year, mainly
  reflecting lower occupancy, due to global economic downturn and an
  unstable domestic political environment in 2008. Furthermore,
  occupancies were impacted by construction disruptions due to the
  commencement of construction of new phases of Double Pool Villas and
  Two-Bedroom Pool Villas. The hotel is located at 33, 33/27 Moo 4
  Srisoonthorn Road, Cherngtalay District, Amphur Talang, Phuket
  Province.

+---------------------------------+----------+-----------+-----------+
| Dusit Thani Laguna Phuket       | 2008     | 2007      | 2006      |
+---------------------------------+----------+-----------+-----------+
| Available Rooms – average       | 235      | 226       | 226       |
+---------------------------------+----------+-----------+-----------+
| Occupancy %                     | 64       | 76        | 72        |
+---------------------------------+----------+-----------+-----------+
| Average Rate (Baht)             | 5,631    | 5,012     | 4,458     |
+---------------------------------+----------+-----------+-----------+
| Room Revenue Per Available Room | 3,612    | 3,801     | 3,216     |
| (Baht)                          |          |           |           |
+---------------------------------+----------+-----------+-----------+

+-------------+----------+------+----------+-----+----------+---------+
|             | 2008     |      | 2007     |     | 2006     |         |
+-------------+----------+------+----------+-----+----------+---------+
|             | Baht     | %    | Baht     | %   | Baht     | %       |
|             |          |      |          |     |          |         |
|             | 000’s    |      | 000’s    |     | 000’s    |         |
+-------------+----------+------+----------+-----+----------+---------+
| Room        | 310,508  | 63.6 | 313,576  | 6   | 265,252  | 61.0    |
| Revenue     |          |      |          | 1.1 |          |         |
+-------------+----------+------+----------+-----+----------+---------+
| F&B Revenue | 156,502  | 32.1 | 166,182  | 3   | 150,825  | 34.7    |
|             |          |      |          | 2.3 |          |         |
+-------------+----------+------+----------+-----+----------+---------+
| Other       | 21,253   | 4.3  | 33,968   | 6.6 | 18,842   | 4.3     |
| Revenue     |          |      |          |     |          |         |
+-------------+----------+------+----------+-----+----------+---------+
| To          | 488,263  | 1    | 513,726  | 10  | 434,919  | 100.0   |
| tal Revenue |          | 00.0 |          | 0.0 |          |         |
+-------------+----------+------+----------+-----+----------+---------+

  The Dusit Thani Laguna Phuket is directly owned by Laguna Resorts &
  Hotels Public Company Limited. Revenue was down against the prior year
  reflecting lower occupancy which was adversely impacted from the
  second quarter onwards where highly fluctuating oil prices, economic
  and political uncertainty led to a severe curtailment of leisure
  travel and MICE business. The hotel is located at 390 Srisoonthorn
  Road, Cherngtalay District, Amphur Talang, Phuket Province. In
  addition, the hotel was impacted by ongoing construction of the new
  Dusit Thani Pool Villas and renovation of rooms during the year.

 

  ---------------------------------- ------------ ----------- -----------
  Laguna Beach Resort                2008         2007        2006

  Available Rooms – average          252          252         252

  Occupancy %                        60           69          60

  Average Rate (Baht)                4,597        4,227       3,972

  Room Revenue Per Available Room    2,780        2,929       2,370
  (Baht)                                                      
  ---------------------------------- ------------ ----------- -----------

+-------------+----------+------+----------+------+----------+-------+
|             | 2008     |      | 2007     |      | 2006     |       |
+-------------+----------+------+----------+------+----------+-------+
|             | Baht     | %    | Baht     | %    | Baht     | %     |
|             | 000’s    |      | 000’s    |      | 000’s    |       |
+-------------+----------+------+----------+------+----------+-------+
| Room        | 256,387  | 66.0 | 269,376  | 63.8 | 217,998  | 61.1  |
| Revenue     |          |      |          |      |          |       |
+-------------+----------+------+----------+------+----------+-------+
| F&B Revenue | 118,612  | 30.5 | 134,617  | 31.9 | 120,252  | 33.7  |
+-------------+----------+------+----------+------+----------+-------+
| Other       | 13,527   | 3.5  | 18,224   | 4.3  | 18,658   | 5.2   |
| Revenue     |          |      |          |      |          |       |
+-------------+----------+------+----------+------+----------+-------+
| To          | 388,526  | 1    | 422,217  | 1    | 356,908  | 100.0 |
| tal Revenue |          | 00.0 |          | 00.0 |          |       |
+-------------+----------+------+----------+------+----------+-------+

  The Laguna Beach Resort is owned by Laguna Beach Club Limited in which
  Laguna Resorts & Hotels Public Company Limited has a 50 percent
  effective ownership interest. Revenue was down against the prior year
  mainly resulting from lower occupancy due to the impact of economic
  and political uncertainty which adversely impacted leisure travel and
  MICE business from the second quarter onwards. The hotel is located at
  323 Moo 2 Srisoonthorn Road, Cherngtalay District, Amphur Talang,
  Phuket Province.

  ----------------------------------- ----------- ----------- -----------
  Sheraton Grande Laguna Phuket       2008        2007        2006

  Available Rooms – average           334         334         323

  Occupancy %                         64          71          59

  Average Rate (Baht)                 5,588       5,614       5,113

  Room Revenue Per Available Room     3,584       3,983       3,016
  (Baht)                                                      
  ----------------------------------- ----------- ----------- -----------

+---------------+----------+------+---------+-------+---------+------+
|               | 2008     |      | 2007    |       | 2006    |      |
+---------------+----------+------+---------+-------+---------+------+
|               | Baht     | %    | Baht    | %     | Baht    | %    |
|               | 000’s    |      | 000’s   |       | 000’s   |      |
+---------------+----------+------+---------+-------+---------+------+
| Room Revenue  | 438,149  | 58.6 | 485,574 | 54.7  | 355,431 | 51.7 |
+---------------+----------+------+---------+-------+---------+------+
| F&B Revenue   | 263,036  | 35.2 | 347,088 | 39.1  | 281,662 | 41.0 |
+---------------+----------+------+---------+-------+---------+------+
| Other Revenue | 47,054   | 6.2  | 54,971  | 6.2   | 50,181  | 7.3  |
+---------------+----------+------+---------+-------+---------+------+
| Total Revenue | 748,239  | 1    | 887,633 | 100.0 | 687,274 | 1    |
|               |          | 00.0 |         |       |         | 00.0 |
+---------------+----------+------+---------+-------+---------+------+

  The Sheraton Grande Laguna Phuket is owned by Bangtao Grande Limited
  in which Laguna Resorts & Hotels Public Company Limited has a 100
  percent ownership interest. Performance was lower than the prior year
  mainly reflecting a drop in occupancy and average room rate due to a
  downturn in business from the second quarter onwards, particularly
  from the MICE segment which was adversely affected in 2008 due to
  economic uncertainty, political instability and the Island Villa
  renovation. The hotel is located at 10 Moo 4 Srisoonthorn Road,
  Cherngtalay District, Amphur Talang, Phuket Province.

+----------------------------------+-----------+----------+----------+
| Banyan Tree Bangkok              | 2008      | 2007     | 2006     |
+----------------------------------+-----------+----------+----------+
| Available Rooms – average        | 215       | 209      | 202      |
+----------------------------------+-----------+----------+----------+
| Occupancy %                      | 57        | 67       | 77       |
+----------------------------------+-----------+----------+----------+
| Average Rate (Baht)              | 5,266     | 5,177    | 5,023    |
+----------------------------------+-----------+----------+----------+
| Room Revenue Per Available Room  | 3,019     | 3,461    | 3,853    |
| (Baht)                           |           |          |          |
+----------------------------------+-----------+----------+----------+

+---------------+---------+--------+--------+------+--------+--------+
|               | 2008    |        | 2007   |      | 2006   |        |
+---------------+---------+--------+--------+------+--------+--------+
|               | Baht    | %      | Baht   | %    | Baht   | %      |
|               |         |        |        |      |        |        |
|               | 000’s   |        | 000’s  |      | 000’s  |        |
+---------------+---------+--------+--------+------+--------+--------+
| Room Revenue  | 237,577 | 35.1   | 2      | 37.6 | 2      | 40.1   |
|               |         |        | 64,953 |      | 83,567 |        |
+---------------+---------+--------+--------+------+--------+--------+
| F&B Revenue   | 411,568 | 60.7   | 4      | 58.1 | 3      | 55.5   |
|               |         |        | 09,848 |      | 92,276 |        |
+---------------+---------+--------+--------+------+--------+--------+
| Other Revenue | 28,368  | 4.2    | 30,216 | 4.3  | 31,178 | 4.4    |
+---------------+---------+--------+--------+------+--------+--------+
| Total Revenue | 677,513 | 100.0  | 7      | 1    | 7      | 100.0  |
|               |         |        | 05,017 | 00.0 | 07,021 |        |
+---------------+---------+--------+--------+------+--------+--------+

  The Banyan Tree Bangkok is owned by Thai Wah Plaza Limited in which
  Laguna Resorts & Hotels Public Company Limited has a 100 percent
  ownership interest. Performance was lower than the prior year mainly
  due to lower occupancy which was adversely impacted by political
  unrest in the second half of the year coupled with ongoing major
  renovation works to convert former offices into additional hotel
  suites and luxury apartments. However, average rate growth was still
  achieved due to a higher proportion of business which was contracted
  in Baht. The hotel is located at 21/100 South Sathorn Road,
  Tungmahamek, Sathorn, Bangkok.

 

Property Operations

+-------------------+---------+------+---------+-----+--------+-----+
|                   | 2008    |      | 2007    |     | 2006   |     |
+-------------------+---------+------+---------+-----+--------+-----+
|                   | Baht    | %    | Baht    | %   | Baht   | %   |
|                   |         |      |         |     |        |     |
|                   | 000’s   |      | 000’s   |     | 000’s  |     |
+-------------------+---------+------+---------+-----+--------+-----+
| Property Sales    | 2,      | 85.6 | 2,      | 8   | 1,9    | 8   |
| business          | 129,126 |      | 335,305 | 3.2 | 33,971 | 3.1 |
+-------------------+---------+------+---------+-----+--------+-----+
| Holiday Club      | 359,643 | 14.4 | 473,182 | 1   | 3      | 1   |
| business          |         |      |         | 6.8 | 93,847 | 6.9 |
+-------------------+---------+------+---------+-----+--------+-----+
| Total Revenue     | 2,      | 1    | 2,      | 10  | 2,3    | 10  |
|                   | 488,769 | 00.0 | 808,487 | 0.0 | 27,818 | 0.0 |
+-------------------+---------+------+---------+-----+--------+-----+

  Property sales operations are conducted by Laguna Resorts & Hotels
  Public Company Limited and through certain subsidiary companies. The
  business has grown significantly in recent years. The decrease in
  revenue as compared to the prior year is mainly due to fewer sales and
  lower revenue recognition of property sales unbranded products
  including Laguna Village Villas, Laguna Townhomes and Laguna
  Residences. However, revenue of hotel residences such as the Dusit
  Thani Pool Villas and Banyan Tree Residences were up on the prior
  year.

  Holiday Club operations are conducted through Laguna Holiday Club
  Limited for operations in Thailand and PT. AVC Indonesia for
  operations in Indonesia. The drop in 2008 revenue as compared to the
  prior years was due to the global economic downturn which has impacted
  discretionary spending.

Other income

+------------------------------+------------+------------+------------+
|                              | 2008       | 2007       | 2006       |
+------------------------------+------------+------------+------------+
|                              | Baht       | Baht       | Baht       |
|                              |            |            |            |
|                              | 000’s      | 000’s      | 000’s      |
+------------------------------+------------+------------+------------+
| Interest income              | 90,241     | 65,388     | 26,798     |
+------------------------------+------------+------------+------------+
| Foreign exchange gain        | -          | 9,227      | 87,965     |
+------------------------------+------------+------------+------------+
| Tsunami insurance settlement | 226,111    | -          | -          |
+------------------------------+------------+------------+------------+
| Gain on capital reduction    | 71,816     | -          | -          |
+------------------------------+------------+------------+------------+
| Amortisation of negative     | -          | 26,596     | 26,596     |
| goodwill                     |            |            |            |
+------------------------------+------------+------------+------------+
| Reversal of prior period     | -          | 22,541     | -          |
| devaluation                  |            |            |            |
+------------------------------+------------+------------+------------+
| Others                       | 14,904     | 13,093     | 15,904     |
+------------------------------+------------+------------+------------+
| Total other income           | 403,072    | 136,845    | 157,263    |
+------------------------------+------------+------------+------------+

  The increase in other income in 2008 was mainly due to an insurance
  settlement relating to damages and business interruption arising from
  the 2004 tsunami, a gain on capital reduction in the Company’s
  investment in Tropical Resorts Limited and interest income on the
  insurance settlement and installment plans of property buyers.

  Amortisation of negative goodwill in 2006 and 2007 related to the
  discount on acquisition of investments where the fair value exceeded
  the purchase price and was being amortised over a period of 20 years.
  However, from 1 January 2008, negative goodwill was no longer
  amortised due to a revision in the Thai Accounting Standard.

  Reversal of prior period devaluation in 2007 related to the
  revaluation increment of certain land which had previously been
  written to below cost when previously revalued.

[]

  -------------------- --------------------------------------------------
  Abbreviation         Company Name in Full

  AVCI                 PT. AVC Indonesia

  BGL                  Bangtao Grande Limited

  BI                   Bibace Investments Ltd

  BT1                  Bangtao (1) Limited

  BT2                  Bangtao (2) Limited

  BT3                  Bangtao (3) Limited

  BT4                  Bangtao (4) Limited

  BTD                  Bangtao Development Limited

  BTG(S)               Banyan Tree Gallery (Singapore) Pte Ltd

  BTG(T)               Banyan Tree Gallery (Thailand) Limited

  CGL                  Cheer Golden Limited

  HHBR                 Hua Hin Beach Resorts Company Limited

  L1                   Laguna (1) Limited

  L3                   Laguna (3) Limited

  LBC                  Laguna Beach Club Limited

  LBTG                 Lijiang Banyan Tree Gallery Trading Company
                       Limited

  LBTH                 Lijiang Banyan Tree Hotel Co. Ltd

  LBTL                 Laguna Banyan Tree Limited

  LCL                  Laguna Central Limited

  LEL                  Laguna Excursions Limited

  LGL                  Laguna Grande Limited

  LHC                  Laguna Holiday Club Limited

  LLL                  Laguna Lakes Limited

  LRH                  Laguna Resorts & Hotels Public Company Limited

  LSC                  Laguna Service Company Limited

  MCP                  Mae Chan Property Company Limited

  OPS                  Ownrep Project Services Pte Ltd

  PKRD                 Phuket Resort Development Limited

  PSD                  Pai Samart Development Company Limited

  TLDC                 Talang Development Company Limited

  TRL                  Tropical Resorts Limited

  TWDC                 Twin Waters Development Company Limited

  TWPL                 Thai Wah Plaza Limited

  TWRH                 TWR-Holdings Limited

  TWT                  Thai Wah Tower Company Limited

  TWT2                 Thai Wah Tower (2) Company Limited

  USC                  Universal Starch Public Company Limited
  -------------------- --------------------------------------------------