Report of financial Statements June 30,2005 Compared to 2004

Translation Subject: Report of financial statements for the period ending June 30, 2005 Compared to June 30, 2004 Attention: Director and Managers, The Stock Exchange of Thailand Dusit Thani Public Company Limited hereby reports the consolidated financial statements for the quarter and six-month period ended June 30, 2005 compared to the restated financial statements ended June 30, 2004. The restatement of 2004 financial statements was caused by the adjustment of income tax expenses of Dusit Thani International Co., Ltd. which had received dividend from Philippines where there is Double Tax Treaty with Thailand. Accordingly, Dusit Thani International Co., Ltd. is able to credit both corporate income tax and withholding tax in Philippines. However, such tax credit amount should not exceed the tax paid in Thailand. As a result of such adjustment, 2004 net income increased by Baht 27.05 million and the balance sheets as of 31 December, 2004 had been adjusted in unappropriated retained earnings Baht 24.29 million. Nevertheless, withholding tax paid in Philippine as amounted Baht 13.74 million can not be refunded, therefore an unappropriated retained earnings increased only by Baht 10.55 million. Dusit Thani Public Company Limited is hereby reporting the operating results of consolidated financial statements as follows: Profit and Loss The second quarter of 2005, the company and its subsidiaries had the total revenue of Baht 612 million, increasing from the same period of last year by Baht 67 million or 12.41%. For the first six-month of 2005, the company and its subsidiaries had total revenue Baht 1,365 million, increasing from the same period of last year by Baht 153 million or 12.59%,as overall sales and services revenue of most hotels increased. For the second quarter of 2005, the company had net income Baht 2.28 million compared to the adjusted statements of income from the same period of last year, net income decreased Baht 19.41 million or 89.46%. Net income of the six-month period of 2005 was Baht 133.64 million, decreasing from the same period of last year, after adjustment, Baht 17.99 million or 11.86%. In spite of the total revenue increase, a decrease in net income was driven by an increase of selling and administrative expenses for the second quarter of 2005 by Baht 69 million and the six-month period of 2005 by Baht 95 million.However, 51.4 million of an increase of selling and administrative expense in the six-month period of 2005 were extraordinary items, including corporate income tax, VAT included tax penalty and additional tax from Revenue Department assessment from year 2000 to 2002 totaling Baht 25.9 million, the adjustment of corporate income tax and additional tax in year 2003 and 2004, totaling Baht 5 million, accrued property tax in 2004 obviously less than the assessment by Baht 5 million, Baht 5 million reserved for retired employee in year 2004 and Baht 10.5 million from pre-opening expenses of D2, Chiangmai. On the other hand, on increase in direct operating expenses come from advertising and sales promotion, especially for Miss Universe Ceremony in May 2005, the company spent more than Baht 10 million for advertising and promotion. In addition, with having any other advertising and sales promotion expenses in order to stimulate sales revenue for the company in respect of present and for future prospect. Besides, the depreciation expenses also increased by Baht 16.3 million for the second quarter of 2005 and increased by 32.3 million from hotel renovation. Meanwhile, the interest expenses for the six-month period of 2005 was less than the same period of last year due to in 2004 Korat Thani Co., Ltd. recorded the interest expenses with default rate. Balance Sheets Total assets of the company and its subsidiaries as at 30 June, 2005 had amounted to Baht 5,169 million, an increase from 31 December, 2005 by Baht 513 million, as a result of the last rental installment payable to Crown Property Bureau of Baht 380 million and hotel renovation. Simultaneously, the liabilities increased by having additional loan, increased totaling Baht 484 million, debt to equity ratio was 0.39:1. Besides, the company had unappropriated retained earnings Baht 696 million, the balance unappropriated retained earnings was Baht 560 million after treasury common shares had been deducted. The book value equivalent to Baht 43.39 per share. Sincerely yours, Dusit Thani Public Company Limited (Mrs. Sinee Thienprasiddhi) Director and Secretary to the Board of Directors