Report of performance for September 30, 2005 compared 2004

Translation November 14, 2005 Subject: Report of performance for the quarter and nine-month period ended September 30, 2005 compared with September 30, 2004 Attention: Managing Director The Stock Exchange of Thailand Dusit Thani Public Company Limited hereby reports the performance according to the consolidated statements of income for the quarter and nine-month period ended September 30, 2005 compared with the same period in 2004 as follows: For the quarter ended September 30, 2005, the Company and its subsidiaries had income before extraordinary item amounted to Baht 20.53 million, compared with the same quarter of last year which had loss before extraordinary item amounted to Baht (44.72) million, increased by Baht 65.25 million, or 145.91%, and had income after extraordinary item amounted to Baht 20.53 million, compared with the same quarter of last year amounted to Baht 216.30 million, decreased by Baht 195.78 million, or 90.51%, resulted from gain on debt restructuring of subsidiary of Baht 261.02 million. For the nine-month period ended September 30, 2005, the Company and its subsidiaries had income before extraordinary item amounted to Baht 154.18 million, compared with the same period of last year amounted to Baht 106.92 million, increased by Baht 47.26 million, or 44.20%, and had income after extraordinary item amounted to Baht 154.18 million, compared with the same period of last year of Baht 369.94 million, decreased by Baht 213.76 million, or 58.10%, resulted from gain on debt restructuring of subsidiary of Baht 261.02 million. 1. Revenue from sales and services For the quarter ended September 30, 2005, the Company and its subsidiaries had revenue from sales and services of Baht 575.44 million, increased from the same quarter of last year by Baht 32.28 million, or 5.94%. For the nine-month period ended September 30, 2005, the Company and its subsidiaries had the revenue from sales and services of Baht 1,845.32 million, increased from the same period of last year by Baht 202.61 million, or 12.33% as a result of better performances of hotel business under the Company and its subsidiaries after the renovations of rooms, restaurants, small meeting rooms, and seminar facilities had been 90% completed, so that the hotel is able to earn more revenues. 2. Management service income For the quarter ended September 30, 2005, the Company and its subsidiaries earned revenue from hotels' management service income of Baht 25.80 million, close to the same quarter of last year. For the nine-month period ended September 30, 2005, the Company and its subsidiaries earned revenue from hotels' management service income of Baht 81.90 million, close to the same period of last year. 3. Interest income For the quarter ended September 30, 2005, the Company and its subsidiaries had total interest income amounted to Baht 0.52 million, decreased from the same quarter of last year by Baht 1.11 million, or 68.05%. For the nine-month period ended September 30, 2005, the Company and its subsidiaries had total interest income amounted to Baht 1.66 million, decreased from the same period of last year by Baht 5.67 million, or 77.36%, due to the Company spent money in hotel renovations which reduced cash at banks and financial institutions, therefore the interest income decreased. 4. Other income For the quarter ended September 30, 2005, the Company and its subsidiaries had other income amounted to Baht 17.90 million, increased from the same quarter of last year by Baht 0.04 million, or 0.26%. For the nine-month period ended September 30, 2005, the Company and its subsidiaries had other income amounted to Baht 56.34 million, decreased from the same period of last year by Baht 11.77 million, or 17.28%, as a result of gain from sales of land in Surat Thani province during the nine-month period ended September 30, 2004. 5. Cost of sales and services For the quarter ended September 30, 2005, the Company and its subsidiaries had cost of sales and services amounted to Baht 329.57 million, or 57.27% of revenue from sales and services, increased by Baht 19.47 million which compared to the same quarter of last year which had cost of sales and services amounted to Baht 310.11 million, or 57.09% of revenue from sales and services. For the nine-month period ended September 30, 2005, the Company and its subsidiaries had cost of sales and services amounted to Baht 969.18 million, or 52.52% of revenue from sales and services, increased by Baht 76.74 million which compared to the same period of last year which had cost of sales and services amounted to Baht 892.44 million, or 54.33% of revenue from sales and services. 6. Selling and administrative expenses For the quarter ended September 30, 2005, the Company and its subsidiaries had selling and administrative expenses amounted to Baht 162.90 million, or 26.29% of total revenues, increased from the same quarter of last year which was Baht 154.05 million, by Baht 8.85 million, or 26.12% of total revenues. For the nine-month period ended September 30, 2005, the Company and its subsidiaries had selling and administrative expenses of Baht 519.62 million, or 26.17% of total revenues, increased from the same period of last year which was Baht 415.80 million, by Baht 103.82 million, or 23.08% of total revenues. The selling and administrative expenses for the nine-month period ended September 30, 2005 increased from the same period of last year by Baht 103.82 million, mainly resulted from corporate income tax was paid to Revenue Department for assessment for years 2000 to 2002 totaling Baht 25.90 million, and from the increase of promotion and marketing expenses of the Company and its subsidiaries totaling Baht 28.84 million and pre-opening expenses of D2, Chiangmai Baht 25.09 million and others. 7. Depreciation and amortization expenses For the quarter ended September 30, 2005, the Company and its subsidiaries had depreciation and amortization expenses amounted to Baht 91.32 million, increased from the same quarter of last year of Baht 19.19 million, or 26.61%. For the nine-month period ended September 30, 2005, the Company and its subsidiaries had depreciation and amortization expenses amounted to Baht 259.04 million, increased from the same period of last year by Baht 51.51 million, or 24.82%, resulted from the major completed renovation of Dusit Thani Bangkok and other properties. 8. Interest expenses For the quarter ended September 30, 2005, the Company and its subsidiaries had interest expenses amounted to Baht 4.77 million, decreased from the same quarter of last year by Baht 11.25 million, or 70.24%. For the nine-month period ended September 30, 2005, the Company and its subsidiaries had interest expenses amounted to Baht 10.34 million, decreased from the same period of last year by Baht 36.96 million, or 78.14%, resulted from interest expenses of Korat Thani Corporation Limited before entering into debt restructuring and the investment in such company was sold to the third parties in December 2004. The interest expense for the quarter and nine-month period ended September 30, 2005 is resulted from the borrowing of the Company and its subsidiaries for hotels' renovation. 9. Income tax For the quarter ended September 30, 2005, the Company and its subsidiaries had income tax expense amounted to Baht 0.04 million, decreased from the same quarter of last year by Baht 16.51 million, or 99.74%. For the nine-month period ended September 30, 2005, the Company and its subsidiaries had income tax expense amounted to Baht 38.40 million, decreased from the same period of last year by Baht 14.86 million, or 27.90%., resulted from the carried forward of accumulated losses from release debt to Korat Thani Corporation Limited of Royal Princess PCL and pre-opening expenses of D2 Hotel, Chiangmai by Dusit Hotels and Resorts Co., Ltd., so that, income tax for the nine-month period of current year decreased. 10. Net profit of minority interest For the quarter ended September 30, 2005, there was net profit of minority interest of Baht 8.94 million, decreased from the same quarter of last year by Baht 55.70 million, or 86.17%. For the nine-months period ended September 30, 2005, there was net profit of minority interest of Baht 28.72 million, decreased from the same period of last year by Baht 46.76 million, or 61.95%. For the nine-month period ended September 30, 2004, Royal Princess PCL had gain on sales of investment in Korat Thani Corporation Limited to Dusit Thani International Co., Ltd., so that it had shared profit to minority interest. 11. Gain on debt restructuring of subsidiary For the quarter and nine-month period ended September 30, 2004, the Company had gain on debt restructuring of Korat Thani Corporation Limited, a subsidiary totaling Baht 261.02 million.