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28 April 2004

NATURAL PARK INVESTS 700 MILLION BAHT TO ESTABLISH FIVE-STAR HOTEL IN JAPAN STRENGTHEN THE GROWTH OF CULTURAL TOURISM

Bangkok, April 28, 2004 – Natural Park, the Thai leading full-range real estate developer, today announces their investment in Japan as part of its international investment policy by purchasing land in Kyoto and develop to be a five-star hotel with 700 million baht investment. This project is initiated to enhance cultural tourism enlargement and will be managed by Amanresorts group.

Mr. Sermsim Samalapa, President and CEO of Natural Park Public Company Limited, a leading full-range real estate developer, said that “Natural Park has expanded its international investment to Japan at the total approximately cost 700 million baht by acquiring approximately 100 rai of land in Kyoto and will be established to be an exclusive five-star hotel.

The project land was about thousand-year rock garden and covered with a lot of trees which conserved eastern cultural and beautiful nature. The project site is located near the world famous cultural attractions, such as Kinkakuji Temple or Golden Pavilion.

Commenting on the investment, Mr.Sermsin stated; ”This project is on designed by one of the world famous architect and expected to be opened in 2007. The estimated internal rate of return (IRR) is expected to be approximately 20 %.”

The concept of hotel will focus on the privacy and peaceful of our clients by offering rooms with full facilities, such as restaurant, library, spa, etc. Natural Park has appointed Amanresorts Group, the deluxe five-star hotel management expert whose head office located in Singapore, to operate and manage this project.

”Amanresorts group is the deluxe five-star hotel and resort management expert who served the contemporary lifestyles of eco-tourism and cultural tourism with “Less is More” concept” Mr. Sermsin added Current projects of Amanresorts are located in Asia, Europe and America regions, such as Amansara at Cambodia, Amanwana and Amandari at Indonesia and Amangani at United States of America etc.

”At present, tourists are not only travel for sightseeing, but also study the culture and history of each tourist attractions. Our decision to investment in Kyoto are supported by many distinguished factors, such as the enlargement of cultural tourism, be the previous capital of Japan and located 17 properties which were selected to be the world cultural heritage by UNESCO since 1994.

Based on the growth of cultural tourism trend, Natural Park has already initiated a hotel project, Chedi Chiangmai Hotel, in Chiang Mai. This place was the former location of the British consulate which located at the Ping riverside. The project cost is estimated 1,000 million baht. Natural Park has planned to conserve the hundred years building and nourishing to be the restaurant and aims to build the hotel as a new landmark of Chiang Mai province. This hotel will be opened early of 2005.