(ADD3)FINANCIAL STATEMENT FOR THE QUARTERS ENDED MARCH 31,2001

6.2 Other investments consisted of the following : Baht :'000 CONSOLIDATED THE COMPANY ONLY "Unaudited" "Unaudited" March 31, December 31, March 31, December 31, 2001 2000 2001 2000 Available for sale Equity securities Cost 53,743 53,743 5,314 5,314 Add (Less) Net valuation adjustment for change in fair value 845 -5,351 4,465 2,951 54,588 48,392 9,779 8,265 General investments Equity securities 39,491 39,491 - - Less Allowance for impairment in value of securities -35,558 -33,890 - - 3,933 5,601 - - Held to maturity Debt securities 19,500 190,000 - 169,500 Total 78,021 243,993 9,779 177,765 The aforementioned investments are classified according to the Accounting Standard No. 40 "Accounting for Investment in Debt Security and Equity Security". 7. LONG-TERM LIABILITIES CONVERTED TO CURRENT LIABILITIES ACCORDING TO CONTRACTS As at March 31, 2001 and December 31, 2000, one subsidiary, Korat Thani Corporation Limited, has not complied with the covenant in the loan agreement and in December 1999, a creditor began legal proceeding against the company for repayment of debts. Accordingly, the loan in the amount of Baht 240.00 million was presented as long-term liabilities converted to current liabilities according to contracts. Such loan was collateralized by the mortgage of land and hotel building of the subsidiary and partly guaranteed by Royal Princess Public Company Limited in the amount of not exceeding Baht 325.00 million (included other liabilities concerned). …/8 - 8 - 8. LONG-TERM LOANS Long-term loans consisted of the following: Baht :'000 Consolidated Interest March 31, December 31, rate p.a. 2001 2000 Loan of Supsinthanee Company Limited, per debt restructuring agreement 132,475 130,277 Loan from financial institution repayable in annual installments through 2001 by Korat Thani Corporation Limited MLR 240,000 240,000 Loan from financial institution by Royal Princess Public Company Limited Repayable annually through 2003 MLR+0.25% 6,000 6,000 through 2003 MLR 131,000 167,130 509,475 543,407 Less - Current portion -11,120 -40,000 - Long-term liabilities converted to current liabilities according to contracts -240,000 -240,000 Total 258,355 263,407 Loan from financial institution by Royal Princess Public Company Limited, repayable annually through 2003, was collateralized by the mortgage of land, with the mortgage value of Baht 400.00 million. On March 28, 2000, one subsidiary, Supsinthanee Company Limited, entered into a debt restructuring agreement with a financial institution. Significant terms and conditions in such agreement can be summarized as follows: Outstanding debts at the date of the agreement consisted of the following: Baht :'000 Principal 240,712 Accrued interest 74,324 Accrued fee on hedging of exchange rate fluctuation 6,108 Total 321,144 On May 31, 2000, the amounts that Royal Princess Public Company Limited has paid to the creditor as guarantor of the loan were as follows: Baht :'000 Principal 151,338 Accrued interest 5,057 Accrued fee on hedging of exchange rate fluctuation 3,840 Total 160,235 …/9 - 9 - After the total amount of Baht 160.23 million was paid by Royal Princess Public Company Limited on May 31, 2000, the creditor released the collateral to the company and the reduction of accrued interest of Baht 37.95 million was granted to the subsidiary by the creditor, accordingly, the remaining debts that this subsidiary has to pay consisted of the following : 1. Outstanding principal of Baht 89.37 million shall be repaid in 32 quarterly installments of Baht 2.79 million each, from May 31, 2002 to May 31, 2010. 2. Accrued interest and fee on hedging exchange rate fluctuation totalling Baht 33.58 million shall be repaid within a period ending May 31, 2002. In addition, the subsidiary has to pay interest to the creditor as follows : 1. Interest on principal of Baht 240.71 million at 8.25% p.a. for a period from March 29, 2000 to May 31, 2000 shall be repaid within a period ending May 31, 2002. 2. Interest on outstanding principal for the period from June 1, 2000 to May 31, 2010 at the rate of MLR p.a. shall be paid in 2 portions as follows: First portion, payable monthly From June 1, 2000 to November 30, 2000 at 2% p.a. From December 1, 2000 to May 31, 2002 at 4% p.a From June 1, 2002 to May 31, 2010 at MLR p.a. Second portion, the difference between interest which have been paid and interest calculated at MLR p.a. for the period from June 1, 2000 to May 31, 2002 shall be paid over a period ending May 31, 2002. The debt restructuring agreement also specified certain conditions relating to the transfer of collateral to the public and use of the proceed thereof to repay the outstanding debt, the transfer of collateral to the creditor as a repayment of debt and restriction on dividend payment of this subsidiary. …/10 - 10 - 9. TRANSACTIONS BETWEEN RELATED COMPANIES Transactions between related companies were as follows: 9.1 Investment in subsidiary, associated, and related companies March 31, 2001 Baht :'000 The Company Only Company s Type of Relationship Issued and % of Cost Equity Consolidated Name Business paid-up shareholding Subsidiaries 1. Dusit Hotels and Resorts Condominium Co., Ltd. and management Subsidiary 225,000 97.44 404,302 59,820 - 2. Royal Princess Hotel and Public Co., Ltd. Management Subsidiary 600,000 79.65 780,047 319,496 - 3. Philippine Hoteliers, Inc. Hotel Subsidiary PESO409,870 85.76 688,948 681,416 - 4. Dusit Thani International Co., Ltd. Holding Subsidiary 4,000 99.99 4,000 3,126 - 5. Best Western Room (Thailand) Co., Ltd. reservation agent Subsidiary 25 99.3 25 26 26 6. Landmark Hotel Co., Ltd. Hotel Subsidiary 10,000 99.88 9,988 0 - 7. Dusit Thani College College Subsidiary - - - - 217,716 8. Devarana Spa Co., Ltd. Healthcare Subsidiary 2,000 99.99 2,000 1,008 - Associated company 1. Worldclass Rent a Car Co., Ltd. Car rental Associated 100,000 20 20,000 0 - Related companies 1. Acme Printing Co., Ltd. Printing house Director holds the shares 40,000 - - - - 2. Crown Property Bureau Land leasing Major shareholder - - - - - 1,909,310 1,064,892 217,742 December 31, 2000 Baht : 000 The Company Only Company s Type of Relationship Issued and % of Cost Equity Consolidated name business paid-up shareholding Subsidiaries 1. Dusit Hotels Condominium and Resorts Co,Ltd. and management Subsidiary 225,000 97.44 404,302 4,274 - 2. Royal Princess Hotel and Public Co., Ltd. management Subsidiary 600,000 79.65 780,047 307,760 - 3. Philippine Hoteliers, Inc. Hotel Subsidiary PESO409,870 85.76 688,948 642,596 - 4. Dusit Thani International Co., Ltd. Holding Subsidiary 4,000 99.99 4,000 3,135 - 5. Best Western (Thailand) Co., Ltd. Room reservation agent Subsidiary 25 99.3 25 26 26 6. Landmark Hotel Co., Ltd. Hotel Subsidiary 10,000 99.88 9,988 0 - 7. Dusit Thani College College Subsidiary - - - - 217,716 8. Devarana Spa Co., Ltd. Spa Subsidiary 2,000 99.99 2,000 1,362 - Associated companies 1. Worldclass Rent a Car Co., Ltd. Car rental Associated 100,000 20 20,000 0 - Related companies 1. Acme Printing Co., Ltd. Printing house Director holds the shares 40,000 - - - - 2. Crown Property Bureau Land leasing Major shareholder - - - - - 1,909,310 959,153 217,742 …/11 - 11 -