B. Nature of Business

The Company’s History and Major Changes

In March 2000, Keppel Land Limited (“Keppel Land”), through debt
restructuring, became a substantial shareholder of KTP, with a 45.45%
shareholding. Keppel Land is one of Singapore's largest listed property
groups and a well-established regional property company. It is listed on
the Singapore Exchange Securities Trading Limited.

The company has changed its name to Keppel Thai Properties Public
Company Limited with effect from 9 July 2002.

With the completion of its debt-restructuring in 2000 and the
divestments of its under-performing assets and non-core businesses
during 2001 to 2003, KTP is able to focus on its core business and
explore new areas of growth.

The proceeds from divestments were used to acquire plots of freehold
land for housing developments, viz:

-   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 to develop residential
properties.

Business Overview of the Group

The company is now able to implement its strategy to tap opportunities
in property development. Management team is also exploring new growth
areas to enhance shareholders’ value.

KTP’s vision is to be a premier property developer in Thailand providing
quality properties of exceptional value and high return for
shareholders.

The Group’s main business is property development, which is conducted
under Keppel Thai Properties Public Company Limited as well as its
subsidiary companies as follows:

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

-   Thai-Kami Co., Ltd. and Top Property Co., Ltd. are developers of
    residential properties.

-   The granite business conducted under Thai-Kami Co Ltd has ceased
    operations since

  2000.

-   Gold Star Property Co., Ltd, one of KTP’s subsidiaries, sells
    residential condominium units and develops residential properties.

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

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

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

+----------------+--------+-------+------+----+----+----+----+-----+
| Product Line/  | Op     | %     | Rev  |    |    |    |    |     |
| Business Group | erated | S     | enue |    |    |    |    |     |
|                | by     | hares |      |    |    |    |    |     |
|                |        | held  | (Mil |    |    |    |    |     |
|                |        | by    | lion |    |    |    |    |     |
|                |        | the   | B    |    |    |    |    |     |
|                |        | co    | aht) |    |    |    |    |     |
|                |        | mpany |      |    |    |    |    |     |
+----------------+--------+-------+------+----+----+----+----+-----+
|                |        |       | 2003 | %  | 20 | %  | 20 | %   |
|                |        |       |      |    | 04 |    | 05 |     |
+----------------+--------+-------+------+----+----+----+----+-----+
| Lease and      | KTP    | -     | 34.0 | 26 | 37 | 49 | 39 | 1   |
| services       |        |       |      | .5 | .9 | .9 | .6 | 2.2 |
+----------------+--------+-------+------+----+----+----+----+-----+
| Sales of       | Gold   | 100 % | 86.2 | 67 | 4  | 6  | 3  | 0.9 |
| condominiums   | Star   |       |      | .1 | .9 | .4 | .0 |     |
+----------------+--------+-------+------+----+----+----+----+-----+
| Sales of Land  | Tha    | 100 % | 2.0  | 1  | 30 | 39 | 2  | 8   |
| and House      | i-Kami |       |      | .5 | .1 | .7 | 70 | 3.2 |
|                |        |       |      |    |    |    | .6 |     |
|                | & Gold |       |      |    |    |    |    |     |
|                | Star   |       |      |    |    |    |    |     |
+----------------+--------+-------+------+----+----+----+----+-----+
| Others         | -      | -     | 6.3  | 4  | 3  | 4  | 12 | 3.7 |
|                |        |       |      | .9 | .0 | .0 | .0 |     |
+----------------+--------+-------+------+----+----+----+----+-----+
| Total          | -      | -     | 1    | 1  | 75 | 1  | 3  | 10  |
|                |        |       | 28.5 | 00 | .9 | 00 | 25 | 0.0 |
|                |        |       |      | .0 |    | .0 | .2 |     |
+----------------+--------+-------+------+----+----+----+----+-----+

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