STRUCTURAL CHANGE OF STRATEGIC SHAREHOLDER

Translation July 15, 2002 Subject : Structural Change of Strategic Shareholder To : Directors and Managers of Stock Exchange of Thailand Reference is made to CPB Equity Co., Ltd., a strategic shareholder of Dusit Thani Public Company Limited holding altogether 8,739,572 shares, or 10.28% of the overall number of shares of the company. Effective July 2nd 2002, CPB Equity Co., Ltd. sold the total of 8,739,572 shares to Grandsworth Pte. Ltd., a holding company jointly owned by Hong Kong listed Pioneer Global Group Limited and the Gaw family (which also controls Pioneer Global Group Limited). Grandsworth's purpose of purchasing the above shares is to make a long- term investment in the tourism sector of Thailand. As a shareholder of Dusit Thani Public Company Limited, Grandsworth will support and consult in the business of Dusit Thani PCL, which will benefit both the company and the shareholders. However, it does not interfere in the day-to-day management of the company. Yours Sincerely, Sinee Thienprasiddhi Director and Secretary to the Board of Directors