PROGRESS OF PAYING TAX ON BEHALF OF WORLD INTERTRADE

TRANSLATION June 28, 2001 Subject:Report on Progress of paying tax on behalf of World Intertrade Corporation Co.,Ltd. Attention: Director and Manager of Stock Exchange of Thailand Re: Report of paying tax on behalf of World Intertrade Corporation Co.,Ltd. dated June 26, 2001 Refer to the letter mentioned above, The Company had informed that the Dusit Thani Board of Directors Resolution No. 4/2001 which held on June 26, 2001 had resolved that The Company to pay Baht 44,246,000 to the Official Receiver on behalf of World Intertrade Corporation Co.,Ltd in connection with Dusit Resort Pattaya's Building to prevent any damages which may occur to the Company's image and business. The Company would like to inform that after the Board of Directors had the resolution, The Company brought the money to pay to the Official Receiver by virtue of section 230 Civil and Commercial Code of Thailand but they didn't accept it. They gave the reason that the Execution Office has no power to receive the money from us (Dusit Thani PLC.). Therefore, they will set-up a meeting for creditor, debtor and also the claimer (Dusit Thani PLC.) on July 3, 2001. Then The Company will inform you further progress later. In respect of World Intertrade Coporation Co., Ltd by Mr. Tanes Telan who is a nephew of ThanpuyingChanut Piyaoui (Chairperson and majority shareholder of Dusit Thani PLC.). As that result, the money above is deemed to be a related transaction according to The Stock Exchange of Thailand's Regulation. But after calculating, base on Company's Financial Statement as of March 31, 2001, the amount of this transaction is equal to 1.45% of the total net tangible assets which is not excess 3%. Therefore, It is not necessary to get approval from Shareholder Meeting in this matter.