DISPOSE INVESTMENT TO SUBSIDIARY COMPANY

Translation June 28, 2002 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. 5/2002 held a meeting on June 20, 2002 had a resolution that the Dusit Thani Plc. to dispose its investment in Royal Princess Plc. to Dusit Thani International Co.,Ltd. at first lot 14,800,000 shares or 24.67% of issued and paid up capital of Royal Princess Plc. at the price of Baht 5 per share amounting to Baht 74 million. The said price calculated from Book Value which base on Audited Consolidated Financial Statements of Royal Princess Plc. as of March 31, 2002 and the Board of Directors agreed that the selling 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 disposal mentioned above will be on June 28, 2002. Dusit Thani International Co.,Ltd. will borrow the money from its subsidiaries company which hold more than 90%. The reason of disposal is Dusit Thani International Co.,Ltd. is Holding Company which will collect all investment of the Company. However, this transaction will not impact the Consolidated Financial Statements of the Company.