SET Announcements

Ref. SS/0462/1999 24June 1999 Subject: Clarification of the Co-investment in Starwood Thailand Property Fund I and the amendment of the shareholders' resolution approving the allotment of newly issued share. To: Director and Manager The Stock Exchange of Thailand Reference: Letter of the Company Ref. SS/0234/1999 re: Report of the Resolutions of the Board of Directors # 8/1999 dated 22 June 1999. As Sansiri Public Company Limited has reported the Board's resolutions # 8/1999 regarding the Co-investment in Starwood Thailand Property Fund I and the amendment of the shareholders' resolution approving the allotment of newly issued share as per details in Reference. And SET has asked for the additional details. On this regard, the Company would like to give the additional report on the above issue as follows: 1. The Co-investment in Starwood Thailand Property Fund I The amount of this investment totalling Baht 175,298,618.- which shown in summary of Co-investment in this Fund are 25% of the total paid up capital Baht 701,194,470.- Furthermore, the Company would like to correct the name of existing unit holder who will sell this investment to the Company as follows: From : "Kay Star Thailand Limited" To : "Caystar Asia Fund, LP." 2. Plan to privately issue and offer the common share-purchase warrants to the directors and the employees of the Company and its subsidiaries # 2 The directors who were the existing shareholders of the Company are not entitled to vote in the Extraordinary Meeting of the Shareholders of the Company # 1/1999 to be held on 29 July 1999. -2- 3. The amendment of the shareholders' resolution approving the allotment of newly issued share Whereas the Board of Directors has passed the resolution to propose the Shareholders Meeting in order to approve the Plan to privately issue and offer the common share- purchase warrants to the directors and the employees of the Company and its subsidiaries # 2 , totalling 8,779,400 shares at Baht 5.- per share, but the Company does not reserve any common share for exercising of the right of the warrants issued under the said Plan. Therefore, the Company needs to amend the shareholders' resolution approving the allotment of newly issued common share in the Annual General Meeting of the Shareholders of the Company # 4/1999 held on 9 April 1999 by taking partially of 8,779,400 newly issued shares at Baht 5.- per share from the number of shares allotment which formerly Shareholders Meeting alloted to specific investors not more than 35 persons within each twelve month period and/or 17 types of institutional investors in accordance with the SEC Notification, the Board of Directors be authorized to determine the details of the allotments (At present, the number of which are not alloted in fully by the Board of Directors) to be reserved for the exercising right of the warrants issued pursuant to the Plan to privately issue and offer the common share-purchase warrant to the directors and the employees of the Company and its subsidiaries #2. Please be informed accordingly. Yours sincerely, (Mr. Apichart Chutrakul) Chief Executive Officer