FINANCIAL STATEMENT ENDED JUNE 30, 2000

DUSIT THANI PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, UNAUDITED Baht :000 CONSOLIDATED THE COMPANY ONLY 2000 1999 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES Income before extraordinary item 175,372 147,931 213,322 147,931 Adjustments to reconcile income before extraordinary item to net cash provided by (used in) operating activities: Bad debts and doubtful accounts (reversed) (3,083) 1,065 670 68 Depreciation and amortization 114,682 179,844 58,861 81,756 Gain on sale of property, premises and equipment (396) - (490) - Loss on fixed assets written off 2,461 - 2,100 - Unrealized (gain) loss on foreign exchange 3,470 (9,118) - 376 Loss on diminution in value of securities 1,903 6,500 - 4,000 Loss on the liquidation of subsidiary - 903 - 903 Gain on sale of investment in associated company - (30) - (15) Interest expenses on debt restructuring 735 - - - Minority interest in net income (loss) of subsidiaries 1,515 (6,164) - - Equity in undistributed net (profit) loss of subsidiary and associated companies - - (91,709) 15,127 (Increase) Decrease in operating assets Trade accounts and notes receivable 39,378 55,786 40,857 51,522 Inventories 32,979 5,302 7,780 2,785 Other receivables 1,923 900 24,694 (4,293) Other current assets (3,911) 1,842 (3,335) 1,432 Other assets (1,402) (6,910) - - Increase (Decrease) in operating liabilities Trade accounts and notes payable (32,515) (39,845) (26,060) (17,447) Accrued expenses 56,641 30,754 (12,553) (16,375) Accounts payable-construction (5,287) (4) - - Other current liabilities (32,722) (24,593) (31,928) (47,066) Net cash provided by operating activities 351,743 344,163 182,209 220,704 DUSIT THANI PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CASH FLOWS (CONTINUED) FOR THE SIX-MONTH PERIOD ENDED JUNE 30, UNAUDITED Baht :000 CONSOLIDATED EQUITY METHOD 2000 1999 2000 1999 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sales of investments in other company 1,225 30 1,225 15 Proceeds from the liquidation of subsidiary - 203 - 203 Proceeds from sales of property, premises and equipment 3,271 - 46 - Proceeds from sale of assets relating to the hotel management service business - - 2,190 - Purchase of shares in subsidiary, associated and other companies (10,320) (39,417) (2,321) (11,917) Cash payment for loan to subsidiary - - - (143) Purchase of property, premises and equipment (26,965) - (18,586) - Net increase in property, premises and equipment - (28,479) - (17,156) Net cash used in investing activities (32,789) (67,663) (17,446) (28,998) CASH FLOWS FROM FINANCING ACTIVITIES Payments of bank overdrafts and loans from financial institutions (3,071) (16,046) (1,576) (3,235) Payments of long-term loans (293,612) (380,148) - (263,068) Proceeds of loans from financial institutions 163,448 - - - Proceeds of loans from subsidiaries - - - 5,954 Net cash used in financing activities (133,235) (396,194) (1,576) (260,349) Effect of exchange rate changes on cash (3,107) 7,069 - - Net increase (decrease) in cash and cash equivalents 182,612 (112,625) 163,187 (68,643) Cash and cash equivalents as at January 1, 650,728 730,994 491,086 440,761 Cash and cash equivalents as at June 30, 833,340 618,369 654,273 372,118 See notes to the interim financial statements