8. Capital Structure

  8.1 Securities of the Company

-   The Company has a registered capital of Baht 2,116,753,580 and
    issued and paid-up capital of Baht 1,666,827,010 divided into
    166,682,701 ordinary shares at par value of Baht 10 per share.

-   The Company has no shares of which the rights and conditions are
    different from the ordinary shares.

-   The Company is participating in the Thai Trust Fund Scheme and has
    consented to the Thai Trust Fund’s investment in and holding of the
    Company’s shares in the amount not exceeding 20 percent of the total
    issued and paid-up shares of the Company.

  As of the latest share register book closing on 30 December 2008, the
  total shares held by Thai Trust Fund Management Co., Ltd and Thai NVDR
  Company Limited (a subsidiary wholly owned by the Stock Exchange of
  Thailand issuing “Non-Voting Depository Receipt” or “NVDR”) in the
  Company’s shares are 23,469,665 shares or 14.1 percent and 734,208
  shares or 0.4 percent of the total issued and paid-up shares of the
  Company respectively. Pursuant to the provisions of the prospectus of
  Thai Trust Fund Management Co., Ltd and Thai NVDR Company Limited,
  they will not attend nor vote in any meeting of shareholders’ meeting
  of LRH other than delisting. Then the shares held by Thai Trust Fund
  Management Co., Ltd and Thai NVDR Company Limited will not be
  considered for quorum and voting in shareholders’ meeting except when
  LRH wishes to delist its shares from the Stock Exchange of Thailand.

  Investors can check the number of NVDR from the website of the Stock
  Exchange of Thailand www.set.or.th/nvdr

-   The Company has not issued any debentures, notes, convertible
    securities, debt instruments, etc.

-   There are no shareholding agreements among the major shareholders,
    to which the Company is a party, which has an effect on the issue
    and offer for sale of securities or business operations of the
    Company.

  8.2 Shareholders

  8.2.1 Major shareholders as at 31 December 2009 ^(#)

  ----- ---------------------------------------- ------------ --------------- -------
  No.   Shareholders                             No. of       Total           %
                                                 Shares Held  Shareholdings   

  1     Banyan Tree Holdings Limited Group of                 91,422,911      54.8
        Companies                                                             

        (1) Banyan Tree Holdings Limited         74,632,342                    

        (2) Banyan Tree Resorts & Spas           15,737,807                   
        (Thailand) Company Limited *                                          

        (3) Kim Eng Securities Pte Ltd **        1,052,762                     

  2     Universal Starch Public Company Limited               29,447,324      17. 7

  3     Thai Trust Fund Management Co., Ltd. ***              23,469,665      14.1

  4     Goldman Sachs & Co                                    3,000,500       1.8

  5     Mr. Suvit Laohapholwattana                            2,419,900       1.5

  6     Citibank Nominees Singapore Pte Ltd-UBS               1,374,400       0.8
        AG London                                                             

        Branch-NRBS IPB Client SEG                                            

  7     Gerlach & Co-Dimensional Emerging                     1,342,400       0.8
        Markets Value Fund, Inc.                                              

  8     Dusit Thani Public Company Limited                    1,250,000       0.8

  9     Ban Suanmark Company Limited                          1,127,000       0.7

  10    The Viriyah Insurance Company Limited                 1,103,725       0.7

        Other Minority Shareholders                           10,724,876      6.3

        Total                                                 166,682,701     100.0
  ----- ---------------------------------------- ------------ --------------- -------

  Remarks:

  # = As at the last share register book closing date. Updated
  shareholder information prior to the 2010 Annual General Meeting can
  be accessed through www.lagunaresorts.com, the Company’s corporate
  website.

  * = A company which is under the control of Banyan Tree Holdings
  Limited.

  ** = Holds the Company shares for and on behalf of Banyan Tree Hotels
  & Resorts Pte. Ltd., a wholly-owned subsidiary of Banyan Tree Holdings
  Limited.

  *** = Banyan Tree Holdings Limited holds 18,175,265 units in Thai
  Trust Fund Management Co., Ltd.

2.  Major shareholder who has significant influence on determining
    Company’s policy or the operation of business

  Banyan Tree Holdings Limited is a listed company in the Singapore
  Exchange operating as a leading manager and developer of premium
  resorts, hotels and spas in the Asia-Pacific. It is a major
  shareholder holding 65.8 percent in aggregation of both direct and
  indirect of the total shares issued and paid-up of the Company.

  8.3 Dividend Policy of the Company

  The Company’s dividend policy is structured into two components as
  follows:-

  1) A fixed component amounting to one-third of the consolidated net
  profit for the year attributable to the shareholders; and

  2) A variable component subject to the Board of Directors' discretion
  on the availability of cash after taking into account major capital
  expenditure and debt repayment obligations in the following year.

4.  Dividend Policy of the Subsidiaries

  There is no dividend policy.