Report of financial performance March 31,2004 compare 2003

Translation Date May 17, 2004 Subject:Report of financial performance for the period ending March 31, 2004 compared to March 31, 2003 Attention: Directors and Manager of The Stock Exchange of Thailand The consolidated financial statements of Dusit Thani Public Company Limited for the first quarter of 2004 states an increase in revenue of Baht 12.7 million or 1.94% compared to the same quarter last year. Although the Company had closed Sechuan Restaurant since the beginning of the year as a result of the fire which occurred on January 1, 2004, where in the first quarter of 2003, the Sechuan Restaurant had revenue Baht 7 million. The Company's revenue increased as the overall performance of the hotels improved, particularly among the Royal Princess chain, with the exception of the Dusit Thani Hotel Bangkok which closed parts of the Main Tower for renovations and Dusit Resort and Polo Club who is competing among international chain hotels who have the upper hand in distribution channels. The cost and expense of the Company increased Baht 35 million or 7.71% as a result of the new land lease rate with the Crown Property Bureau begins applying on April 1, 2003 which further increased expense by over Baht 18 million for the first quarter of 2004. Furthermore, there were additional expenses for the software and information technology upgrade and depreciation from the hotel renovations which add up the increased expenditure. After deducting these expenses, the Company had profit before interests and income tax amounted to Baht 178 million, which decreased from the first quarter of 2003 by Baht 22 million or 11.14% and a net profit of Baht 129 million, a decreased from the same quarter of 2003 by Baht 29 million or 18.24%. Although the financial performance appears to be in decline, the result is not lower than budget. However, once the hotel renovations are completed and there are no external factors impacting the hotel and travel industry, the Company's overall performance should improve.