Report of performance ended March31,2006 compared with 2005

Translation May 15, 2006 Subject: Report of performance for the quarter ended March 31, 2006 compared with March 31, 2005 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 ended March 31, 2006 compared with the quarter ended March 31, 2005 as follows: The performance for the first quarter of year 2006, the Company and subsidiaries had income before interest and income tax amounted to Baht 208.8 million, increased from the same quarter of last year by Baht 15.7 million, or 8.1%. When deducted the interest and income tax totalling Baht 67.9 million, income after income tax was Baht 140.9 million, and deducted net profit of minority interest of Baht 8.5 million, then net income was Baht 132.4 million, increased from the same quarter of last year by Baht 1.0 million, or 0.8%, which resulted from the following:. 1. Revenue from sales and services For the first quarter of year 2006, the Company and subsidiaries had revenue from sales and services of Baht 818.0 million, increased from the same quarter of last year by Baht 117.7 million, or 16.8%, resulted from the hotels managed by the Company and subsidiaries had good performance, as follows: Hotels under Dusit Group consisted of Dusit Thani Hotel, Dusit Resort Pattaya, and Dusit Resort Hua Hin after renovation their guest rooms, restaurants, function rooms and conference rooms, their revenues were increased. When combined with revenues from Dusit Nikko Manila, total revenues were increased by Baht 95.4 million. Hotels under Royal Princess Group consisted of Royal Princess Larn Luang, Royal Princess Srinakarin, Royal Princess Chiang Mai and Royal Princess Korat, after continuing renovation guest rooms and restaurants from previous year, their revenues increased by Baht 7.5 million. D2hotel Chiang Mai, a new hotel under Dusit Hotels and Resorts Co., Ltd. had soft opening in November 2005. This is a new hotel brand of Dusit Thani Group. Total revenues for the first quarter of year 2006 were Baht 14.8 million. 2. Management service income For the first quarter of year 2006, the Company and subsidiaries earned revenue from hotels' management service income totalling Baht 43.5 million, increased from the same quarter of last year by Baht 8.6 million, or 24.5%, resulted from the performance of hotels under Dusit Group and Royal Princess Group which managed by the Company and subsidiaries had better performance. 3. Cost of sales and services For the first quarter of year 2006, the Company and subsidiaries had cost of sales and services amounted to Baht 370.7 million, or 45.3% of revenue from sales and services, which closed to the same quarter of year 2005 which had cost of sales and services amounted to Baht 324.0 million, or 46.3% of revenue from sales and services. 4. Selling and administrative expenses For the first quarter of year 2006, the Company and subsidiaries had selling and administrative expenses amounted to Baht 189.9 million, or 21.4% of total revenues. For the same quarter of year 2005, selling and administrative expenses was Baht 155.3 million. It increased from the same quarter of last year by Baht 34.6 million. The major increases were resulted from the Dusit Resort Pattaya had renewed the land lease agreement in January 2006 which its new rental rate increased, so that its rental expense for the first quarter of year 2006 increased by Baht 4.0 million. Expenses for Dubai Office, in United Arab Emirates for business expansion in that region, increased Baht 2.4 million. Promotion and marketing expenses of subsidiaries increased by 4.8 million, and selling and administrative expenses of D2htoel amounted to Baht 14.5 million. 5. Depreciation and amortization expenses Early year 2006, most of renovation for hotels under Dusit Group were completed and for hotels under Royal Princess Group were partially completed, and started calculated depreciation. The Company and subsidiaries had depreciation for the first quarter of year 2006 amounted to Baht 116.0 million, increased by Baht 35.6 million, or 44.2%. 6. Interest expenses For the first quarter of year 2006, the Company and its subsidiaries had interest expenses amounted to Baht 13.1 million, increased by Baht 11.5 million, or 717.2%. Such interest occurred from the borrowing from financial institutions for hotel renovation of the Company and subsidiaries.