Undertaking Hotel Management Contract in Ayuthaya Province

22 April 2004 Subject:Undertaking Hotel Management Contract in Ayuthaya Province Distribution of Press Information To The Public Attention: Managing Director The Stock Exchange of Thailand (SET) At the end of March, Royal Princess Public Company Limited, a subsidiary of Dusit Thani Public Company Limited has signed an agreement to undertake a hotel management contract of a hotel in the Ayuthaya Province with Sri Ayuthaya Residence Company Limited, who operates a number of small hotels in Bangkok and other tourist areas. The said contract will have a term of 10 years, which will be renewable for an additional 5 years. The hotel that will be undertaken for management is a 4-star hotel with 173 rooms, located on the riverside at the heart of Ayuthaya province, under the name Ayotdhaya Princess Hotel and is scheduled to be operational at the end of 2004. As one of Thailand's most important tourist sites, Ayuthaya used to be the old capital of Thailand, housing several important cultural ancient remains and temples, and has continued to be popular among both foreigners and natives. Since the number of hotels in the area is still few and many existing ones are 3-star hotels, Ayuthaya province therefore poses a good potential in the hotel business expansion scheme. Because Royal Princess Public Company Limited has had considerable experience and expertise in the management of 4-star hotels through its networks of Princess brand hotels and its parent company Dusit brand hotels, and Asian Hotels Alliance (AHA), the additional undertaking to manage will add to the existing network for the Company and enable the Company to operate the said hotel successfully to target and increase the Company's revenue. In 2004, the Company has determined a Growth Strategy that includes increasing the number of hotels under its hotel management portfolio and further investments in profitable hotels. Undertaking this management contract is considered a good opportunity that is also consistent with the Company's strategy. Sincerely yours, (Mrs. Sinee Thienprasiddhi) Director and Secretary to the Board of Directors