Disposed Investment in Korat Thani Co.,Ltd.

Translation January 18, 2005 SUBJECT: Disposed Investment in Korat Thani Co. Ltd. ATTN: Board and Manager of Stock Exchange of Thailand Dusit Thani International Co.,Ltd., a subsidiary company of Dusit Thani Public Company Limited had invested in Korat Thani Co., Ltd. in 1,499,994 shares or 99.99%. According to the second debt restructuring on November 26, 2004, Korat Thani Co., Ltd. had transferred its assets, compose of the land and the hotel building named Royal Princess Korat, in order to settle its debt to the Royal Princess Public Company Limited on November 29, 2004. Consequently, Korat Thani Co., Ltd. has exhausted assets in its business operations, while the deficit as of September 30, 2004 was Baht 500.01 million, or Baht (333.34) per share. On December 27, 2004, Dusit Thani International Co., Ltd. disposed its investment in Korat Thani Co., Ltd. to local interest in Nakhon Rachasima totaling 1,499,994 shares at the price of Baht 0.01 per share, equivalent to Baht 14,999.94. The transaction was done with an outsider with no connected and related with the company as stated in the Securities Exchange of Thailand (SET) announcement. The aforementioned dispose of the shares has enabled Dusit Thani International Co., Ltd. to utilize capital deficiency in the Korat Thani Co., Ltd. as company income in the amount of Baht 350.01 million. Yours faithfully, Mrs. Sinee Thienprasiddhi Director and Secretary to The Board of Directors