Dusit announces Structural Change of Strategic Shareholder

30 July 2002

On July 2nd 2002, Grandsworth Pte. Ltd., a holding company jointly owned by Hong Kong based Pioneer Global Group Limited and the Gaw family, purchased 8,739,572 shares or 10.28% of the overall number of shares of Dusit Thani Public Company Limited from CPB Equity Co.,Ltd.

Grandsworth's purpose of purchasing the above shares is to make a long-term investment in the tourism sector of Thailand. As a shareholder of Dusit Thani Public Company Limited, Grandsworth will support and consult in the business of Dusit Thani PCL, which will benefit both the company and its shareholders. However, it does not plan to interfere in the day-to-day management of the company.

Pioneer Global Group is a company listed on the Hong Kong Stock Exchange. The company is principally involved in investments in properties and hotels, provision of telecom infrastructure services, and provision of IT services. The Gaw family is the controlling shareholder of Pioneer Global Group and the family also has extensive private holdings of real estate and hotel properties in the U.S., including the historic Hollywood Roosevelt Hotel in Hollywood, California. Pioneer Global Group also controls the historic Strand Hotel and Inya Lake Hotel in Yangon, Myanmar. Other operating entities of the group include U.S. based Global Gateway L.P. and Downtown Properties LLC.

Pioneer Global Group and the Gaw family also invest in strategic stakes in other listed companies and have been long time investors in Thailand. The Gaw family has been a shareholder of Bangkok Bank Public Company Limited for over 20 years. In addition, Pioneer Global Group holds approximately 14.5% in Siam Food Public Company Limited, a company listed on the Stock Exchange of Thailand. Kenneth Gaw (a.k.a. Kenneth Korsirisophon), Pioneer Global Group's Managing Director, is a member of the Siam Food board of directors.