REPORT OF THE DISPOSE INVESTMENT TO SUBSIDIARIES

Translation December 6, 2002 Subject:Report of the Dispose Investment to Subsidiaries To: Directors and Manager of the stock Exchange of Thailand Re: Letter of the Company date September 16, 2002 And October 25, 2002 Refer to the letter of Dusit Thani Public Company Limited (the Company) which informed the resolution to dispose the Company's investment in Royal Princess Plc. to Dusit Thani International Co.,Ltd. at second lot 9,989,945 shares at the price of Baht 5 per share amounting to Baht 49,949,725 on October 30, 2002. Since Dusit Thani International Co.,Ltd. could not receive the money from selling preferred shares to Philippine Hoteliers, Inc. on the date mentioned, therefore, Dusit Thani International Co.,Ltd. had to postpone the transaction date to be within December 30, 2002. This letter is made to report that the transaction mentioned above had been done on December 6, 2002.