2. Nature of Business Operations

  KTP is a developer of quality residential properties in Thailand. The
  Company is associated 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% shareholding.

2.1 Business Overview of the Group

  The Company is focused on property development, especially in detached
  housing. The Group’s main business is property development, which is
  conducted through KTP 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.

  KTP is presently developing freehold land for housing development
  under the brand Villa Arcadia in prime suburban neighbourhoods, namely

-   At Srinakarin Road with area 99-3-97.8 rai freehold land for 367
    residential units;

-   At Watcharapol Road with area 78-0-46 rai freehold land for 270
    residential units.

  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.

  Cornerstone Realty Co., Ltd. was the most recently established wholly
  owned subsidiary of KTP, set up with the objective of developing
  residential properties.

2.2 Investment structure as of 31 December 2007

  []

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

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

                                            2005       %       2006    %       2007    %

  Lease and       KTP           -           39.6       12.2    38.8    15.4    38.5    15.2
  services                                                                             

  Sales of        Gold Star     100 %       3.0        0.9     1.5     0.6     0       0
  condominiums                                                                         

  Sales of Land   Thai-Kami,    100 %       270.6      83.2    176.4   69.8    203.4   80.1
  and House       Gold Star,                                                           
                  Cornerstone                                                          

  Sales of Land   Top Property  61%         -          -       -       -       3.6     1.4
  and House                                                                            

  Others          -             -           12.0       3.7     35.9    14.2    8.5     3.3

  Total           -             -           325.2      100.0   252.6   100.0   254.0   100.0
  --------------- ------------- ----------- ---------- ------- ------- ------- ------- -------

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