THE DETAILS OF THE TRANSFER OF DUSIT RESORT & POLO CLUB

October 26, 1998 Subject : Clarification regarding the details of the transfer of Dusit Resort & Polo Club Hotel's Operation To : Director and Manager of the Stock Exchange of Thailand In reference to the Company's letter dated August 20, 1998 regarding the transfer of Dusit Resort & Polo Club Hotel's operation, the Company would like to annouce that the transfer process was held and completed by October 1, 1998. The hotel's and office's furnitures and equipments, current assets and other assets, hotel's operation and goodwill, a lease agreement for the hotel's building and land and accounts payable were sold by Dusit Resort Cha-Am Co., Ltd. to the Company. In consideration for these assets, the Company will write off an inter-company loan to Dusit Resort Cha-Am Co.,Ltd. and assume Dusit Resort Cha-Am Co., Ltd.'s existing loans with National Fianace Public Co., Ltd. The details of the transfer are as follows : Details Value (Baht) 1. Hotel's and Office's furnitures and equipments 32,603,590.38 2. Current assets and other assets 23,381,062.79 3. Hotel's operation and goodwill 410,000,000.00 4. A lease agreement for hotel's building and land 160,000,000.00 5. Accounts Payable (10,012,695.00) Total 615,971,958.17 Details Value (Baht) Less Loan with National Finance Public Co., Ltd. 458,197,500.00 Loan with the Company 100,600,000.00 Premium and interest for National Finance Public Co., Ltd.'s loans 10,687,816.30 Interest for the Company's loan 838,356.17 Total 570,323,672.47 Balance 45,648,285.90 The Company will make a lump-sum cash payment for this balance amount within January 31,1999. Sincerely yours, Khunying Chanut Piyaoui Chairperson and Managing Director