TRANSFER HOTEL'S OPERATION AND CHANGE BOARD OF DIRECTORS

August 20, 1998 Subject : Transfer Dusit Resort & Polo Club Hotel's Operation and Change Board of Directors To : Director and Manager of Stoch Exchange of Thailand The Board of Directors of Dusit Thani Public Co., Ltd. has adopted a resolution on Thursday, August 20, 1998, as follows : 1. Transfer of Dusit Resort & Polo Club Hotel's Operation from Dusit Resort Cha Am Co., Ltd.. The Company holds 90.36% stake in Dusit Resort Cha Am Co., Ltd., the details of operation transfer is as following : 1.1 Operation Transfer: The value of the hotel operation is Baht 410,000,000. The Company estimates the value form the discount cashflow from projection 10 years of hetel operation. 1.2 Purchasing Office's and Hotel's Furniture and Equipment: The value of furniture and equipment as of the book value as of September 30, 1998. 1.3 The Lease Agreement for The Hotel's Land and Building: The total amount of the lease agreement for the land and building is Baht 160,000,000 for the period of 20 years. The Company calculated this value from the total revenue in each year. The hotel's operation, office's and hotel's building and equipments and the lease agreement for the hotel's land and building will be sold by Dusit Resort Cha-Am Co., Ltd. transfer its account receivable, inventories, other assets , account payable and all loans to the Company. The Company will use the book value of account receivable, inventories, other assets, account payabale and all loans as of September 30, 1998 for this transferring, and will finish this process within September 30, 1998. 2. Change Board of Directors The Board of Directors appoints Dr. Choke Petchprom to be a independent director who replaces Khun Chalerm Cheo-Sakul, who has resigned from the Board of Directors. Sincerely Yours, Khunying Chanut Piyaoui