TO CLOSE THE ASSOCIATED COMPANIES OVERSEAS

Translation March 25, 2002 Subject : To close the associated companies overseas To : Directors and Managers of the Stock Exchange of Thailand Dusit Thani International Co.,Ltd., a subsidiary company of which 99.99% held by Dusit Thani Public Company Limited, had joint venture with Sinar Mas Group (Indonesia) since August 1990 to set up Dusit Pacific International NV (Incorporation in Curacao, Netherlands Antilles) as holdings company. Dusit Thani International Co.,Ltd. invested USD 135,000 equivalent to 45% of the paid up capital in Dusit Pacific International NV. Dusit Pacific International NV held 100% in subsidiary companies as follows: 1. Technology Engineering and Construction Netherlands Antilles NV (Incorporation in Curacao, Netherlands Antilles) 2. Dusit Promotions NV (Incorporation in Curacao, Netherlands Antilles) 3. Dusit Systems BV (Incorporation in Utrecht, Holland) 4. Pacific Hotels and Resorts BV (Incorporation in Utrecht, Holland) While Pacific Hotels and Resorts BV held the shares in 2 companies as follows: 1. Pacific Hotels & Resorts Melrose 100% (Incorporate in Delaware, USA) 2. PT Pacific Hotels & Resorts Indonesia 95% (Incorporate in Jakarta, Indonesia) The companies mentioned above were set up for expansion and oversea investment at that time. In the past, the projects involved were Melrose Hotel, Dusit Balikpapan and Dusit Mangga Dua. After selling the Melrose Hotel, the Pacific Hotels & Resorts Melrose was closed. Since January 2002, Dusit Balikpapan and Dusit Mangga Dua have been under Franchise Agreement with Dusit Thani Public Company Limited. While there are no new project, therefore these companies do not have any activity at this moment. If these companies are kept opened, there will be some annual expenses, such as Accounting Fees, Filing Fees etc. which will approximately not be less than Baht 280,000 per one company. Therefore all parties agreed to close all companies above shown. Dusit Thani International Co.,Ltd. had invested USD 135,000 in Dusit Pacific International NV since August 3, 1990 and received cash distribution, in January 1998 for the amount of USD 45,000, in August 1998 for the amount of USD 90,000 and in February 2002 for the amount of USD 90,000 totaling USD 225,000. Respectfully submitted.