SET Announcements

(Translation) Ref. No. SS./ 0132 / 2002 22 March 2002 Subject:Clarify the news that Sansiri asks Starwood to terminate the Subscription Agreement To: President The Stock Exchange of Thailand According to the news appeared on Khaohoon, dated Friday 22 Sunday 24, 2002 which can be summarized that the Company, is currently negotiating with Starwood Group in order to accelerate the expiration of the Subscription Agreement which Starwood Group is be able to subscribe for up to 51% of the total issued shares of the Company at 5 baht pursuant to the terms and conditions as specified in the Subscription Agreement. The result of such termination will enable the Company to increase its capital without having to be bound by such conditions. The Company would like to clarify that the Company and Starwood Group have an informal negotiation about the said Subscription Agreement for certain period. But presently, the agreement has not yet been finalized. Please be informed accordingly. Yours sincerely, (Mr. Wanchak Buranasiri) Director