ADDITIONAL CLARIFICATIONS OF CONNECTED TRANSACTIONS

Translation July 21, 1999 Subject: Additional Clarifications of Connected Transactions which Include Comments from The Audit Committee and The Board of Directors Dear Director and Manager of Stock Exchange of Thailand Refer to SET's letter No. BJ. 1023/1999 date June 22, 1999 Pursuant to SET.'s letter referred to above, Dusit Thani Public Company Limited was requested to furnish additional information as enumerated in the said letter. Dusit Thani Public Company Limited is very pleased to provide more details as follows: 1. Acquisition and Disposal of Vacant Land Dusit Resort Cha-am Co., Ltd. purchased the vacant land containing an aggregate area of 55 rai 2 ngan 87 sq.wah. at Krabi Province at the price of Million Baht 20.29 from connected person in compliance with the Company's development strategy to expand business in the future. Following the acquisition, a property survey company was hired by the Company to survey and inspect this vacant land. The report revealed that the land area could not be exactly determined due to some part overlapped with the forestry zone. Therefore, Dusit Resort Cha-am Co., Ltd. sold this land back to the owner at the same price . The Audit Committee considered this matter and was of the opinion that the connected person should compensate to Dusit Resort Cha-am Co., Ltd. amounting to Baht 157,604.25. The payment had been completed. A Board of Director's Meeting # 4/1999 on Monday, July 19, 1999 had considered the Audit Committee's report and was of the opinion that the advice was appropriate and fair to the Shareholders. The board ,therefore, agreed with the Audit Committee proposal. 2. Acquisition of MBK Properties and Development Public Company Limited.'s Shares The Company decided to acquire the shares of MBK Properties and Development Public Company Limited. based on the following reasons: 1. Dusit Resort Cha-am Co., Ltd. had cash balance which was deposited with a Finance Institution. In order to earn more profit for the Company, MBK Properties and Development Public Co., Ltd. is considered to be a stable company with its reasonable share price. The dividends distributed by MBK in the past years were higher than interest rates. In addition, the distribution of dividend will be entitled to a 50% income tax exemption. 2. The price of the shares of MBK Properties and Development Public Co., Ltd. which we had purchased for the 1.32 million shares was a reasonable price according to the trade in SET on that day. 3. The main reasons behind shares acquisition made from the connected person and not made through the Stock Exchange of Thailand were the selling price per share would be higher if large number of shares was purchased through SET and insufficient numbers of shares available through SET. The Audit Committee had reviewed this matter and found that the acquisition of such shares complied with the Company's investment policy and would bring profit to the company in the future. A Board of Director's Meeting # 4/1999 on Monday July 19, 1999 has considered this matter and agreed with the Audit Committee's view. Sincerely yours, Professor Hiran RadeesriKhun Sinee Thienprasiddhi Audit Committee Chairman Director & Secretary to Board of Director Certified Correct Khun Sinee Thienprasiddhi Director & Secretary to Board of Director 1 2