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10 May 2005

TREASURY DEPARTMENT JOINS FORCE WITH NATURAL PARK AND ITS PARTNERS TO LAUNCH 'THE AMANRESORTS BANGKOK', THE 6-STARS HOTEL BY CHAO PRAYA RIVER

Treasury Department, Bangkok, 10 May 2005 – Director-General Wisudhi Srisuphan,on behalf of the Treasury Department, signed the contract of state property development project at the area of Rong Phasi Roi Chak Sam with joint-venture company of Natural Park Plc., Aman Resort Services Limited, and Silver Link Holding Limited.

The state property Rong Phasi Roi Chak Sam located at Soi Charoen Krung 36, Bangrak, Bangkok on the bank of Chao Praya River in the approximated area of 5 Rais. The property includes three ancient buildings which were built during the reign of King Rama V. The state property development project in the area of Rong Phasi Roi Chak Sam was processed under the Treasury Department’s policy of management and maintenance of state property and to boost up the tourism industry of the country as well. As a result of offering the highest benefit in the tender process, the Natural Park Plc and its partners won this project. The tender was approved by the cabinet under the Permitting Private Sector to Participate in or Operate State Business Act, B.E. 2535 (1992) since December 28, 2004.

Amanresorts Bangkok project feature and benefit return to Treasury Department:
1. Newly constructed hotel buildings and renovated 3 ancient buildings will be under the rights of ownership of Ministry of Finance. This boutique hotel will have 33 guestrooms which have been designed under the Heritage Development concept focusing on Thai art and cultural identity and harmonize with Chao Praya Riverside lifestyle and environment.

2. The benefit that Treasury Department will be returned, excluded the buildings
(1) Remunerations Cash Return
– Fee: 125,000,000 baht (paid within the day of contract signing)
– A 30-year Rental Fee*: 1,346,300,000 baht
Total: 1,471,300,000 baht
Note: * A 30-year Rental Fee detail is as follows.
Year 1-11 3,300,000 baht yearly
Year 12-16 30,000,000 baht yearly
Year 17-20 40,000,000 baht yearly
Year 21-30 100,000,000 baht yearly
Present Value using the discount rate of 5.125% is equal to 447,958,389 baht
(2) Other benefit: compensation building for the Royal Thai Police and The Customs Department that cost approximately 152,800,000 baht and a rent for operating office, officer residence, and all relevant relocated costs.

Today (May 10, 2005) Natural Park Plc and its partners have paid fee, 125,000,000 baht, and 3,300,000 baht for the first year rent, 128,300,000 baht in total. Natural Park also submitted 43,580,000 baht bank guarantee for the amount of 43,580,000 baht.

The project was named ”Amanresorts Bangkok” It was planned to create under the Landscape Architecture concept with the expertise of Aman Resort Group who has considerable expertise in many 6-star hotel projects which have the average room rate of USD 800 – USD 2,000 per night. The design will be responsible by the world famous architects e.g. Edward Tuttle, Kerry Hill and Jean-Michel Gathy.

The property and management team of Aman Resort was rated as the best ranking by many well known magazines included Conde’ Nast Traveller, Travel and Leisure, Gallivanter s Guide Harper s Hideaway and Zagat Survey. Aman Resort Group won around 500 prizes in total from the year 1988 such as Conde’ Nast Traveller “The Gold List,” Gallivanter s Guide “Best Hotel Worldwide,” “Best Hotel Group Worldwide,” “Most Innovative Hotel Group,” etc.

The Amanresorts Bangkok project is the 6-star hotel project with more than 1,120 baht investment will be completed estimately within two years. The project includes Hotel building, Back of House building, and three existing ancient buildings which planned to use as main building, service building, and art gallery.

The design will be supervised by the world famous architects Edward Tuttle and Tandem Architects. Edward Tuttle has created many outstanding works that combined the sharp idea with the local culture such as Amanpuri Phuket, Amangani USA, Amanjiwo and Amankila Indonesia. Park Hyatt Paris and Park Hyatt Milan are also his highlighted projects which were to renovate historical and ancient buildings by utilizing according the identity of such buildings.

The Amanresorts Bangkok project is expected to earn the revenue around 220 million baht within the first year of operation, 260 million baht in the second year, 300 million baht in the third year (with estimate occupancy rate of 50%, 55%, and 60% respectively). The payback period is 10 years from the calculation of average room rate at around USD 800 per night.

With the high standard in real estate development and hotel management of Natural Park and its partners together with the prime location by Chao Praya River, the Amanresorts Bangkok project will be one of the prides of Thai. This project is the example in the state property development under the idea of Heritage Development combine with international tourism industry promotion. This spectacular project will well reflect Thai art, culture, and tradition to the world.