Report of financial performance for June30,2004 compared2003

Translation Date August 13, 2004 Subject:Report of financial performance for the period ending June 30, 2004 compared to June 30, 2003 Attention: Managing Director The Stock Exchange of Thailand The consolidated Statements of Income of the Dusit Thani Public Company Limited for the second quarter of 2004, compared to the same quarter in 2003, states an increase in revenue of Baht 129.85 million or 31.28% and a decreased loss of Baht (17.8) million to Baht (5.3) million. For the first 6 months period of 2004, compared to the same period in 2003, the Company's revenue increased by Baht 142.5 million or 13.32%, with Income Before Interest & Taxes of Baht 230.4 million, an increase by Baht 33.6 million or 17.11%. Net Profit total was Baht 124.5 million, a decrease by Baht 16.5 million or 11.72%. In overall, the Company's performance improved particularly for Dusit Hotel Nikko in the Philippines whose revenue increased from Baht 204.1 million to Baht 244.3 million or 19.7%, with a net profit increase from Baht 2.4 million to Baht 20.9 million or 770.83%. As for the Royal Princess Group performance, revenue increased from Baht 152.8 million to Baht 195.3 million or 27.81% and a net profit increase from Baht 17.6 million to Baht 36.1 million or 105.11%. However, the decrease of net profit in the Company's consolidated statements was due to the increased expense in land rent for the Dusit Thani Hotel Bangkok and the Dusit Thani Building whose lease was extended with the Crown Property Bureau for an additional 15 year period beginning April 1, 2003, with a prepaid rent of Baht 1,100 million, resulting in the financial statements for the first 6 months of 2004 accounting for a higher expense than for the same period of 2003, totaling Baht 18.6 million. Additionally, due to renovations at Dusit Thani Hotel Bangkok, Dusit Resorts Pattaya, and Dusit Resorts and Polo Club Cha-Am, which have been partially completed, the financial statements account for an increased depreciation of Baht 16.9 million. Furthermore, for the first 6 months period of 2004, income tax totals Baht 63.7 million while for the same period of 2003 was Baht 18.3 million because in 2003 the Company had a loss from the sale of its investment in a subsidiary company. The Company initiated renovations of hotels under the Dusit Thani Public Company Limited and its subsidiaries, particularly of the Dusit Thani Hotel Bangkok which is under a complete overhaul and requires a large budget, where, currently, the East-Wing has been completed, but the Main Tower which remains some parts uncomplete and is expected to be done by the end of 2004. Moreover, other parts such as the Lobby Lounge, banquet and conference halls, and the addition of 6 units of up-to-date conference facilities customized for small conferences to support the business clients of the hotel and other outside clients. And in 2004, old restaurant venues had been renovated for the opening of 2 new F&B outlets il cielo and D'sens, a new Italian outlet replacing China Town and a French outlet joining with the 3 Michelin Stars Pourcel brothers replacing the Tiara. The area which was originally used by Bubble has also been converted into a modern style bar under the name MyBar. Overall, works at the Dusit Thani Hotel Bangkok will be completed by the end of this year, only a small part remaining for further works in 2005. As for the other hotels in our group, renovations have been on-going and continuous to constantly maintain the hotel standards. The Company expects after the hotel renovations were finished and should there be no external factors affecting the hotel and tourist industry, the Company's performance should be better.