Debt Restructuring#2 of Korat Thani Co.,Ltd.

TRANSLATION 30 November 2004 Subject:Debt Restructuring #2 of Korat Thani Co., Ltd. Attention: Directors and Manager of The Stock Exchange of Thailand In reference to the letter issued by the Company dated October 8, 2004 reporting the signing of debt restructuring agreement dated September 27, 2004 between Korat Thani Co., Ltd. as debtor, NFS Asset Management Co., Ltd. as creditor and Royal Princess Plc. as guarantor, whereby Royal Princess Plc. had paid debt on behalf of Korat Thani Co., Ltd. in the amount of Baht 325 million and the aforementioned creditor had released guarantor duties and dropped charges against Royal Princess Plc. on October 19, 2004 and waived Korat Thani Co., Ltd. of Baht 260.8 million debt. The result of this debt restructuring leaves Korat Thani Co., Ltd. with remaining debt at NFS Asset Management Co., Ltd. in the amount of Baht 188.75 million of which was due on October 26, 2004 and at Royal Princess Plc. in the amount of Baht 325 million. In October 2004, Korat Thani Co., Ltd. repaid the principle to NFS Asset Management Co., Ltd. in the amount of Baht 8.75 million and to Royal Princess Plc. in amount of Baht 5 million leaving remaining debt at NFS Asset Management Co., Ltd. of Baht 180 million and at Royal Princess Plc. of Baht 320 million. Since Korat Thani Co., Ltd. has a large debt and is unable to repay its loans entirely as according to the agreed terms of the debt restructuring agreement, as a result a renegotiation with the two creditors NFS Asset Management Co., Ltd., the first creditor and Royal Princess Plc., the second creditor has agreed to do the second debt restructuring which had principles as follows: - On November 25, 2004, Korat Thani Co., Ltd. borrowed from Royal Princess Plc. a sum of Baht 180 million by issuing promissory notes at an interest rate of 5.75% p.a. to be used for releasing the land and Royal Princess Korat Hotel building which has been mortgaged with the first creditor, resulting in Korat Thani Co., Ltd having a debt of Baht 500 million at Royal Princess Plc. - Korat Thani Co., Ltd. will transfer the land and Royal Princess Korat Hotel building, that has been released from mortgage from the first creditor, to clear debt to the second creditor with the Fair Market Value of Baht 250 million, as appraised by an independent appraiser who appears on the Securities and Exchange Commission (SEC) list. - Korat Thani Co., Ltd. has no remaining assets to continue its operations and so Royal Princess Plc. will have to waive debt to Korat Thani Co., Ltd. in the amount of Baht 250 million plus accrued interest. On November 26, 2004, all three parties signed the second debt restructuring agreement. On November 29, 2004, Korat Thani Co., Ltd. had transferred its assets to clear debt according to the second debt restructuring agreement date November 26, 2004. After transferring assets to clear debt, Royal Princess Plc. will let Korat Thani Co., Ltd. to rent hotel approximately 1 month in order to provide time for transferring the permission document and various other related documents from Korat Thani Co., Ltd. to Royal Princess Plc. This debt restructuring will not affect the consolidated statements of Dusit Thani Plc. in any manner.