CLARIFICATION REGARDING ACQUISITION SHARES

February 2, 1999 Subject : Additional clarification regarding acquisition Dusit Resort Cha-Am Co., Ltd.'s shares To : Director and Manger of the Stock Exchange of Thailand Refer to the Company's letter dated September 23, 1998, regarding the acquisition of Dusit Resort Cha-Am Co., Ltd., the Company would like to inform that on January 18, 1999, the Crown Bureau Property completely transferred the shares' ownership to and received the payment from us. From this acquisition, the Company had acquired totaling 1,514,101 shares from 133 minority shareholders. Thus, as of January 18, 1999, the Company owns 21,884,679 shares or 97.09% in Dusit Resort Cha-Am Co., Ltd. Sincerely yours, Khunying Chanut Piyaoui Chairperson and Managing Director