ANNOUNCEMENT OF CONNECTED TRANSACTION BY A SUBSIDIARY

May 19, 1999 Subject:Announcement of Connected Transaction by a Subsidiary To: Directors and Managers of Stock Exchange of Thailand Dusit Thani Public Company Limited would like to announce that a Board of Directors Meeting # 2/1999 of Dusit Resort Cha-am Co., Ltd. (a subsidiary in which the Company holds 97.07% of the shares) has adopted a resolution on Wednesday, May 19, 1999 to acquire 2,500,000 of MBK Properties and Development Public Co., Ltd.s shares at the price which is not more than 21.00 Baht/share. The price is based on the average purchase price in SET between May 14-18, 1999, thus the Board of Directors considered that this price was fair. According to the Compensation Criterion = 1.25%, based on the Consolidated Financial Statement of the Company as of March 31, 1999, the size of the acquisition is lower than 15%. Therefore the Company has not to issue the official information of this acquisition and press in the newspaper. The resolution is concern with a connected transaction, and the details are as follows: 1.The date on which the transaction occurred: The Company will purchase 1,100,000 shares and make the payment within May 25, 1999. The other 1,400,000 shares will be purchased within September, 1999. 2.The parties involved: Name Relationship with the listed Company Buyer: Dusit Resort Cha-am Co., Ltd. Subsidiary company Seller: Khunying Chanut Piyaoui Shareholder 3.The general characteristics of the transaction: Acquisition of Securities 4.The details of the assets involved: The company name: MBK Properties and Development Public Co., Ltd. The nature of business: To rent and service the plaza and office building Registered capital: 2,000,000,000 Baht or 200,000,000 shares (Par value 10 Baht/share) Paid-up capital: 2,000,000,000 Baht Number of securities disposed of: 2,500,000 shares Selling price per share: 21.00 Baht/share Proportion of securities holding before: 0.00% Proportion of securities holding after: 1.25% 5.The total value of the consideration: The total value is Baht 50,961,750 or 2.37% of the Listed Companys net tangible assets 6.The details of the connected persons: Name Position in the Company % share held in the listed Company Khunying Chanut Piyaoui Chairperson and 11.29 Managing Director 7. The benefit expected to be received: Dividend yield and higher share value in the future 8. The sources of funds: Companys working capital Sincerely yours, Khunying Chanut Piyaoui Chairperson and Managing Director