ข่าวแจ้งตลาดหลักทรัพย์

(Translation) Ref. SS./ 0484 /2000 7 December 2000 Subject : Sansiri Public Company Limited announced its success completed of restructuring To : President The Stock Exchange of Thailand As the news release on today that Sansiri Public Company Limited announced its success completed of restructuring, the Company would like to give the summary on this regard as follows: That the Company has successfully completed the last phase of restructuring the company's total debt of 3.6 Billion Baht. The final loan requiring restructuring was finalized with Bank Thai in November 2000. As a result of this accomplishment, the Company is the first debt- free real estate firm in Thailand. The Company restructured its 617 Million Baht debt with Bangkok Capital Alliance Company Limited ("BCA") and Bank Thai last month using a combination of asset transfers, debt to equity conversions and cash repayment. The Company was faced with an accumulated debt burden of approximately 3.6 Billion Baht in 1997 as a result of the economics crisis. Immediately thereafter, the Company tackled its debt problem by initiating 35-60% discount campaign in 4 condominium projects including Baan Piyasathorn, Baan Sansaran, Baan Pheuksasiri 1 and Baan Pheuksasiri 2. This strategy generated 1.2 Billion Baht in cash which was used to repay debt. After that, the Company negotiated to restructure debt with 16 financial institutions such as Siam Commercial Bank Plc., Bank of Ayudhya Plc., DBS Thai Danu Bank Plc., Phatra Thanakit Plc., Tisco Finance Plc., Thai Farmers Bank Plc., Asset Management Corporation, Bangkok Capital Alliance Co., Ltd., Bank Thai, etc. In 1998, the Company successfully restructured 1.942 Billion Baht in debt, equivalent to about 54% of its 3.6 Billion Baht in outstanding debt. In 1999, the Company completed about 880 Million Baht or 24% and 796 Million Baht in 2000 or 22%. /The Company..... Ref. SS./ 0484 /2000 Page 2 of 2 Pages The Company launched a very successful joint venture with Starwood Capital Group, a US- based real estate company, in March 1999. Since that time, the Company has significantly recovered and restored its financial stability. The Starwood Group has a significant shareholding in Sansiri of around 6.43%. As of 30 September 2000, the Company has approximately 1,900 Million Baht in assets and recorded total revenues of 84 Million Baht for the year. Property management is a key source of income generation for the firm, and serves as a complement to its strategy of focusing on high growth potential businesses rather than traditional property development. The Company has also successfully penetrated single detached house market. Recently, the Company opened the first single detached house project, Narasiri, at Soi Watcharapol. This is first project of the Company in the past 3 years. In additional, property management services under its wholly-owned subsidiary, Sansiri Property Plus Company Limited, is another flagship of the Company. It has recently expanded into the brokerage business via a website called www.thailandpropertyonline.com as a sales and marketing channel. The Company also has an investment in Point Asia Access Company Limited, a high-speed leased line Internet service provider, with a concentrated focus on the residential market. Moreover, the Company has hold 25% of the investment in Starwood Thailand Property Fund 1. Please be informed accordingly, Yours sincerely, (Mr. Srettha Thavisin) President