22 June 1999

ENCLOSURE1

Enclosure (1) Summary of Co-investment in Starwood Thailand Property Fund I 1. Name of the Fund : Starwood Thailand Property Fund I 2. Type of Business : Property fund investing in purchase or lease of commercial and residential properties , including claims which having real estate as a collateral. At present, the fund was successful bidder of FRA's Business Loan trench 12. 3. Objective of Investment : Return in form of dividend. 4. Total paid up capital : Baht 701,194,470.- 5. Number of unit trust: 70,119,447 units. 6. Amount of this investment : no less than 25% of total paid up capital or Baht 175,298,618.- (by purchasing units from the Existing unit holder name : Kay Star Thailand Limited) 7. Criteria in calculation of amount of compensation: par value of the unit trust 8. The general characteristic of the transaction : The entry into this transaction by the Company and its size are not fell within any jurisdiction of SET notification Re: Rule, Procedure and Disclosure of Connected Transaction and Re: Rule, Procedure and Disclosure of Information Concerning the Acquisition and Disposition of Asset of Listed Companies. 9. Fund manager: One Asset Management Limited 10. Fund Superviser : Siam Commercial Bank Public Company Limited 11. The Expected Return: Dividend