(ADD1)FINANCIAL STATEMENT FOR THE QUARTERS ENDED MARCH 31,2001

DUSIT THANI PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS Baht : 000 CONSOLIDATED THE COMPANY ONLY "UNAUDITED" "UNAUDITED" AS AT AS AT AS AT AS AT MARCH 31, DECEMBER 31, MARCH 31, DECEMBER 31, 2001 2000 2001 2000 ASSETS CURRENT ASSETS Cash in hand and at banks 295,494 240,155 89,316 84,007 Short-term investments (Note 4) 920,173 603,264 763,617 489,110 Trade accounts and notes receivable (Note 5) 154,954 167,041 85,182 102,043 Less Allowance for doubtful accounts (Note 5) -13,205 -15,416 -8,930 -11,403 Net trade accounts and notes receivable 141,749 151,625 76,252 90,640 Inventories 119,004 138,206 30,090 32,403 Other current assets Other receivables 29,101 25,349 23,865 23,865 Accrued interest receivable 6,783 5,138 4,998 4,201 Others 66,881 53,450 39,819 33,938 102,765 83,937 68,682 62,004 Total Current Assets 1,579,185 1,217,187 1,027,957 758,164 INVESTMENTS AND LOANS (Note 6) Related parties 217,742 217,742 1,064,892 959,153 Real estate 81,817 81,817 51,583 51,583 Others 78,021 243,993 9,779 177,765 377,580 543,552 1,126,254 1,188,501 PROPERTY, PREMISES AND EQUIPMENT-NET 2,309,671 2,326,588 661,614 673,828 OTHER ASSETS 14,194 13,340 307,500 317,750 TOTAL ASSETS 4,280,630 4,100,667 3,123,325 2,938,243 See notes to the interim financial statements DUSIT THANI PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS Baht : 000 CONSOLIDATED THE COMPANY ONLY "UNAUDITED" "UNAUDITED" AS AT AS AT AS AT AS AT MARCH 31, DECEMBER 31, MARCH 31, DECEMBER 31, 2001 2000 2001 2000 LIABILITIES AND SHAREHOLDERS EQUITY CURRENT LIABILITIES Bank overdrafts and loans from financial institutions 124,908 136,510 8,510 13,473 Liabilities resulting from the recognition of subsidiaries loss in excess of investments 169,205 163,132 43,014 48,952 Trade accounts and notes payable Current portion of long-term liabilities (Note 8) 11,120 40,000 - - Long-term liabilities converted to current liabilities according to contracts (Notes 7 and 8) 240,000 240,000 - - Net payable per forward exchange contracts 7,697 7,697 - - Other current liabilities Other payables 22,957 24,285 26,166 29,394 Accounts payable-construction 4,714 25,910 3,819 17,841 Accrued expenses 299,968 251,943 96,943 67,966 Others 78,221 99,084 49,092 68,356 405,860 401,222 176,020 183,557 Total Current Liabilities 958,790 988,561 227,544 245,982 LONG-TERM LIABILITIES (Note 8) 258,355 263,407 - - TOTAL LIABILITIES 1,217,145 1,251,968 227,544 245,982 DUSIT THANI PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS Baht : 000 CONSOLIDATED THE COMPANY ONLY "UNAUDITED" "UNAUDITED" AS AT AS AT AS AT AS AT MARCH 31, DECEMBER 31, MARCH 31, DECEMBER 31, 2001 2000 2001 2000 LIABILITIES AND SHAREHOLDERS EQUITY (CONTINUED) SHAREHOLDERS EQUITY SHARE CAPITAL Authorized share capital 85,000,000 ordinary shares of Baht 10.00 each 850,000 850,000 850,000 850,000 Issued and paid-up capital 85,000,000 ordinary shares of Baht 10.00 each, fully paid 850,000 850,000 850,000 850,000 PAID-IN CAPITAL Premium on share capital 1,643,000 1,643,000 1,643,000 1,643,000 RETAINED EARNINGS (DEFICIT) Appropriated Legal reserve 85,000 85,000 85,000 85,000 Other reserves 310,000 310,000 310,000 310,000 Unappropriated (deficit) 37,562 -136,373 37,562 -136,373 2,925,562 2,751,627 2,925,562 2,751,627 Unrealized gain (loss) on securities available for sale (Note 6) 845 -5,351 845 -5,351 Exchange differences on the translation of the financial statements of subsidiaries -30,626 -54,015 -30,626 -54,015 Total Company shareholders equity 2,895,781 2,692,261 2,895,781 2,692,261 Minority interest in subsidiaries 167,704 156,438 - - TOTAL SHAREHOLDERS EQUITY 3,063,485 2,848,699 2,895,781 2,692,261 TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 4,280,630 4,100,667 3,123,325 2,938,243 See notes to the interim financial statements DUSIT THANI PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF INCOME FOR THE QUARTERS ENDED MARCH 31, "UNAUDITED" Baht : 000 CONSOLIDATED THE COMPANY ONLY 2001 2000 2001 2000 REVENUES Revenue from sales and services - Hotel business 640,253 634,563 377,538 369,621 - Condominium business 14,300 - - - Other income Management service income 26,591 22,397 - - Interest income 9,009 5,276 7,508 4,822 Others 20,056 30,570 10,823 17,601 Total Revenues 710,209 692,806 395,869 392,044 EXPENSES Cost of sales and services - Hotel business 296,454 298,800 152,299 154,684 - Condominium business 14,757 - - - Selling and administrative expens 94,201 103,676 73,900 77,864 Depreciation and amortization 56,387 57,297 33,107 28,888 Interest expenses 21,361 51,022 5 8 Directors remuneration 379 207 107 110 Loss on foreign exchange - 1,617 - - Total Expenses 483,539 512,619 259,418 261,554 INCOME BEFORE EQUITY IN SUBSIDIARY AND ASSOCIATED COMPA 226,670 180,187 136,451 130,490 EQUITY IN UNDISTRIBUTED NET INCOME OF SUBSIDIARY AND ASSOCIATED COMPANIES - - 77,669 38,247 MINORITY INTEREST IN NET (INCOME) LOSS OF SUBSIDIARIES -7,382 3,411 - - INCOME BEFORE INCOME TAX 219,288 183,598 214,120 168,737 INCOME TAX -45,352 -53,418 -40,184 -38,557 NET INCOME 173,936 130,180 173,936 130,180 BASIC EARNINGS PER SHARE BAHT 2 2 2 2 NUMBER OF ORDINARY SHARES SHAR85,000,000 85,000,000 85,000,000 85,000,000 See notes to the interim financial statements DUSIT THANI PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY FOR THE QUARTERS ENDED MARCH 31, "UNAUDITED" Baht : 000 CONSOLIDATED THE COMPANY ONLY 2001 2000 2001 2000 SHARE CAPITAL-ORDINARY SHARES Beginning balance 850,000 850,000 850,000 850,000 Ending balance 850,000 850,000 850,000 850,000 PAID-IN CAPITAL Premium on share capital Beginning balance 1,643,000 1,643,000 1,643,000 1,643,000 Ending balance 1,643,000 1,643,000 1,643,000 1,643,000 RETAINED EARNINGS Appropriated Legal reserve Beginning balance 85,000 85,000 85,000 85,000 Ending balance 85,000 85,000 85,000 85,000 Other reserves Beginning balance 310,000 310,000 310,000 310,000 Ending balance 310,000 310,000 310,000 310,000 Unappropriated (deficit) Beginning balance -136,374 -559,997 -136,374 -559,997 Addition 173,936 130,180 173,936 130,180 Ending balance 37,562 -429,817 37,562 -429,817 Unrealized gain (loss) on securities available for sale Beginning balance -5,350 9,197 -5,350 9,197 Addition (Deduction) 6,195 -12,523 6,195 -12,523 Ending balance 845 -3,326 845 -3,326 Exchange differences on the translation of the financial statements of subsidiaries Beginning balance -54,015 -18,333 -54,015 -18,333 Addition 23,389 - 23,389 - Deduction - -7,301 - -7,301 Ending balance -30,626 -25,634 -30,626 -25,634 Minority interest in subsidiaries Beginning balance 156,438 152,842 - - Addition (Deduction) 11,266 -4,554 - - Ending balance 167,704 148,288 - - TOTAL SHAREHOLDERS EQUITY 3,063,485 2,577,511 2,895,781 2,429,223 See notes to the interim financial statements DUSIT THANI PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF RETAINED EARNINGS FOR THE QUARTERS ENDED MARCH 31, "UNAUDITED" Baht : 000 CONSOLIDATED THE COMPANY ONLY 2001 2000 2001 2000 UNAPPROPRIATED RETAINED EARNINGS (DEFICIT) Retained earnings brought forward-136,374 -559,997 -136,374 -559,997 Add Net income for the period 173,936 130,180 173,936 130,180 Total unappropriated retained earnings (deficit) 37,562 -429,817 37,562 -429,817 APPROPRIATED RETAINED EARNINGS Legal reserve 85,000 85,000 85,000 85,000 Other reserves 310,000 310,000 310,000 310,000 Total appropriated retained earni 395,000 395,000 395,000 395,000 TOTAL RETAINED EARNINGS (DEFIC 432,562 -34,817 432,562 -34,817 See notes to the interim financial statements DUSIT THANI PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE QUARTERS ENDED MARCH 31, "UNAUDITED" Baht : 000 CONSOLIDATED THE COMPANY ONLY 2001 2000 2001 2000 CASH FLOWS FROM OPERATING ACTIVITIES Net income 173,936 130,180 173,936 130,180 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Bad debts and doubtful accounts ( -2,210 329 -2,473 644 Depreciation and amortization 56,387 57,297 33,107 28,888 Gain on sale of property, premises and equipment -276 -487 -95 -490 Loss on fixed assets written off 2,773 1,119 2,471 1,034 Unrealized loss on foreign exchan - 1,617 - - Loss on impairment of assets (rev -198 - - - Loss on diminution in value of se 1,667 1,066 - - Minority interest in net income (loss) of subsidiaries 7,382 -3,411 - - Equity in undistributed net income of subsidiary and associated comp - - -77,669 -38,247 (Increase) Decrease in operating assets Short-term investments with maturity of more than 3 months -167,800 -293,500 -163,100 -70,900 Trade accounts and notes receivab 13,835 -7,700 16,862 -723 Inventories 19,859 10,268 2,313 5,728 Other receivables -3,752 -5,660 - 23,087 Other current assets -14,844 -8,300 -6,685 -6,212 Other assets -226 -1,082 - - Increase (Decrease) in operating liabilities Trade accounts and notes payable 1,495 -23,818 -5,938 -21,121 Accrued expenses 46,778 85,508 28,977 28,939 Accounts payable-construction -21,196 6,924 -14,022 - Other current liabilities -22,612 -26,335 -22,491 -15,192 Net cash provided by (used in) op 90,998 -75,985 -34,807 65,615 DUSIT THANI PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CASH FLOWS (CONTINUED) FOR THE QUARTERS ENDED MARCH 31, "UNAUDITED" Baht : 000 CONSOLIDATED THE COMPANY ONLY 2001 2000 2001 2000 CASH FLOWS FROM INVESTING ACTIVITIES Payment for investments in debt s 170,500 - 169,500 - Proceeds from sales of investments in other companies - 1,225 - 1,225 Proceeds from sales of property, premises and equipment 608 3,316 360 - Proceeds from sale of assets relating to the hotel management service business - - - 2,190 Purchase of shares in subsidiary, associated and other companies - -447 - -228 Payment for purchase of property, premises and equipment -19,743 -16,241 -13,380 -10,001 Net cash provided by (used in) in 151,365 -12,147 156,480 -6,814 CASH FLOWS FROM FINANCING ACTIVITIES Decrease in bank overdrafts and loans from financial institut -11,602 -5,090 -4,964 -3,524 Increase in long-term loans 2,198 - - - Payments of long-term loans -43,880 -69,772 - - Proceeds of loans from financial 7,750 - - - Net cash used in financing activi -45,534 -74,862 -4,964 -3,524 Effect of exchange rate changes o 7,610 -1,686 - - Net increase (decrease) in cash a 204,439 -164,680 116,709 55,277 Cash and cash equivalents as at J 362,655 618,428 194,507 245,586 Cash and cash equivalents as at M 567,094 453,748 311,216 300,863 See notes to the interim financial statements