DISPOSE INVESTMENT TO SUBSIDIARY COMPANY

Translation July 9, 2001 Subject: Dispose Investment to Subsidiary Company To: Directors and Manager of the Stock Exchange of Thailand The Board of Directors of Dusit Thani Public Company Limited No.5/2001 held a meeting on July 9, 2001 had a resolution that the Dusit Thani Public Company Limited to dispose its investment to Dusit Thani International Co.,Ltd, subsidiary company, as follows: 1. 3,515,168 shares in Philippine Hoteliers, Inc. at the price of Baht 144.27 per share totally Baht 507,133,287. 2. 21,924,202 shares in Dusit Hotels & Resort Co.,Ltd. at the price of Baht 16.40 per share totally Baht 359,556,913. The said price calculated from Book Value which base on Audited Financial Statements as of March 31, 2001 of each company and the Board of Directors agreed that the price is fair. After consideration the regulation of the Stock Exchange of Thailand, this connected transaction is under the exception clause 8 (3) the Company has not to report and disclose to the Stock Exchange of Thailand. Because the transaction is between the Company and its subsidiary company, which the Company invests 99.99% of the total paid up capital. The dispose above will be on July 16,2001. Dusit Thani International Co.,Ltd will borrow Baht 864,000,000 from the Company by paying the interest at the rate of MLR's Commercial Bank per year for this transaction. The reason of dispose its investment to Dusit Thani International Co.,Ltd is the Company want to restructure its subsidiary by setting the Dusit Thani International Co.,Ltd to be Holding Company which will collect all investment of the Company. However, this transaction will not impact the Consolidated Financial Statements of the Company.