EXPLANATION ON NET PROFIT OF YEAR 2001 COMPARED YEAR 2000

TRANSLATION February 28, 2002 Subject : Explanation on the reduction of a net profit as ended 31 December 2001 compared to a net profit as ended 31 December 2000 Attention : Director and Manager of Stock Exchange of Thailand Dear Sir. We refer to the operational results as appeared in the consolidated financial statement of Dusit Thani Public Company Limited for the year ending 31 December 2001 where the net profit was Baht 341.43 million compared to the net profit of Baht 423.62 million of the consolidated financial statement the year ending 31 December 2000. There is a reduction of net profit by Baht 82.19 million. This reduction is largely due to the following one time charges. Revenue There was a profit from the selling of investment in Sapsinnthanee Company Limited for an amount of Baht 97.60 million. Royal Princess PCL had realized the loss of such investment by equity method. Therefore, when the investment was sold to third parties, there was a profit. Expenditures 1. The payment of debt by the Company on behalf of World intertrade Corporation to the official receiver for the amount of Baht 41.05 million in order to prevent the damages to the image of the Company and the hotel operation of the Company. The payment is made by virtue of Section 230 of the Civil and Commercial Code and was included in the sales and administrative expense. The Company is conducting legal proceeding in order to recover such debt payment from World Intertrade Corporation. 2. Doubtful debts from loan and accrued interest Sapsinnthanee Company Limited owed to Royal Princess PCL. for the amount for Baht 197.80 million. Net income excluding the above items was Baht 482.68 million which was 14% above the 2000 net income. Apart from such one time charges, the Company had satisfactory operational results, particularly from Dusit Resort Pattaya and hotels under Royal Princess group. In addition to the Baht 1.00 per share interim dividend paid by the Company, an additional dividend for 2001 of Baht 1.25 per share was also approved by the Board of Directors which will be submitted to the shareholders for final approval. Please be informed accordingly