SET Announcements

(Translation) Ref. SS./ 0757 /2003 4 September 2003 Subject : Disposal of investment in an associated company of Sansiri Public Company Limited To : President The Stock Exchange of Thailand Sansiri Public Company Limited board of directors' meeting # 9/2003 held on 4 September 2003 passed the following resolutions concerning the disposal of investment in Starwood Thailand Property Fund 1, an associated company of the Company: 1. Transaction Date : 5 September 2003 2. The parties involved Buyer : Universal Assets Company Limited Seller : Sansiri Public Company Limited Relationship with the Company : -none- 3. The details of securities disposed of - Type of securities : unit trust in Property Fund - Name of Issuer : Starwood Thailand Property Fund 1 - The nature of its business : Property Fund investing in purchase or lease of commercial and residential properties, including claims which having real estate as a collateral (FRA's Business Loan trench 12). - Number of unit trust disposed of: 787,045.7067 units - Selling price per share : 6.2473 baht - Proportion of shares holding before: 25% - Proportion of shares holding after: -0- 4. The total value of the transaction and the condition of payment : 4,916,910.64 baht and the payment of the selling would made on the transaction date 5. The basis used to determine the value of consideration : Net Asset Value of the Fund as of 30 May 2003 6. The reason for the disposal of the unit trust : To decrease administrative burden of the Company since most of the Fund's asset which are the FRA's Business Loan Trache 12 is already been sold. The one remaining asset is the secured claims which the debtor is in the bankruptcy proceeding, however, the value of such asset is already been reflected in the Net Asset Value of the Fund. 7. The proposed utilization of the proceeds received : For working capital 8. The general characteristics of the transaction : The entry into the transaction by the Company and the transaction size are not fell within any jurisdiction of the notification of the SET Re: Rule, Procedures and Disclosure of Connected Transaction of Listed Companies and Re: Rule, Procedures and Disclosure of Information Concerning the Acquisition and Disposition of Asset of Listed Companies Please be informed accordingly. Yours sincerely, (Mr. Srettha Thavisin) President