CHANGES IN THE COMPANY'S MAJOR SHAREHOLDER

Translation 20 March 2003 Subject:Changes in the Company's Major Shareholder Attention: Managing Director The Stock Exchange of Thailand (SET) GS Emerging Market Real Estate Fund, L.P. (Goldman Sachs & Co.), a major shareholder of the Company who held the Company's share of 26,746,833 shares, or equivalent to 31.47 per cent, has sold their aforesaid shares to the Group chaired by Thanpuying Chanut Piyaoui, Thanpuying Chanut Piyaoui being the Company's Executive Management, valued at Baht 38 per share on March 20, 2003. GS Emerging Market Real Estate Fund, L.P. (Goldman Sachs & Co.) became the partner in the Company's investment by purchasing the shares related to Capital Increase in certain specified segments during end of 1997 which was the same year that the Asian economic crisis broke out. After taking the role of the Company's investment partner, GS Emerging Market Real Estate Fund, L.P. (Goldman Sachs & Co.) appointed two representatives to sit on the Company's Board of Directors. Over the years as the Company's investment partner, GS Emerging Market Real Estate Fund, L.P. (Goldman Sachs & Co.) actively participated in the Company's administration as advisor as well as cooperated in many issues. The Group of Thanpuying Chanut Piyaoui has purchased all shares from GS Emerging Market Real Estate Fund, L.P. (Goldman Sachs & Co.), and presently, the Group of Thanpuying Chanut Piyaoui has sold some of the shares in the Group, at the price of Baht 38.00 per share, to other joint investors as follows: Name Shares 1. Mr.Chatri Sophonpanich 4,250,000 2. Communications Authority of Thailand Registered Provident Fund 1,220,000 3. The registered staff provident fund of Thai Airway International Public Company Limited 710,000 4. The Krung Thai Thana Wattana Fund 1,450,000 5. Bank of Thailand Registered Provident Fund by KTAM 340,000 6. The registered provident fund of TOT Corporation Public Company Limited 190,000 7. The provident fund Bangkok Bank Already Registered 200,000 8. Bangkok Mass Transit Authority of Thailand Registered Provident Fund 140,000 9. National Securities Company Limited 2,800,000 10. MBK Development Public Company Limited 5,446,800 Total 16,746,800 Equivalent to 19.70 per cent. - 2 - Subsequent to the purchase and sale of the aforesaid shares, the Group of Thanpuying Chanut Piyaoui currently holds 42,478,639 shares of the Dusit Thani Public Company Limited, or equivalent to 49.97 per cent. Sincerely yours, (Mrs. Sinee Thienprasiddhi) Director and Secretary to the Board of Directors