We have audited the balance sheets of Rama IX Art Museum Foundation as at December 31, 2004 and 2003 and the related statements of income and expenditure and changes in funds’ equity for the years then ended. These financial statements are the responsibility of the Foundation’s management as to their correctness and completeness of the presentation. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the aforementioned financial statements present fairly, in all material respects, the financial position of Rama IX Art Museum Foundation as at December 31, 2004 and 2003 and the income and expenditure and changes in funds’ equity for the years then ended in conformity with generally accepted accounting principles.

As describe in Note 5 to the financial statements, in 2004 Rama IX Art Museum Foundation has been able to provide the evidence to support the value of donated artworks as at December 31, 2003. We have been able to audit to satisfy ourselves of the evidence supporting the value of donated artworks at December 31, 2003 which Rama IX Art Museum Foundation has prepared in 2004.

In our report dated May 10, 2004, our opinion on the financial statements for the year ended December 31, 2003 was qualified for the effects of the adjustment if any, had we been able to audit to satisfy ourselves of the value of donated artworks at December 31, 2003. As described in the fourth above that Rama IX Art Museum Foundation has provided the market price of donated artworks as at December 31, 2003 in the financial statements for the year ended December 31, 2003 presented herein for comparison, our opinion on the financial statements for the year ended December 31, 2003, presented herein for comparison, as expressed herein is different from that in our previous report.

BANGKOK
May 12, 2005

Thaveekiarti Krishnamra
Certified Public Accountant (Thailand)
Registration No. 104
DELOITTE TOUCHE TOHMATSU JAIYOS AUDIT CO., LTD.

1.1 To manage the Project of Art Exhibition in the honor of His Majesty King Bhumibol Adulyadej, the Supreme Artist, in Art and Culture, commemoration of the 50th anniversary of His Majesty The King’s accession to the throne.

1.2 To be responsible to fund raising in order to build up and manage a modern art museum to be named in the honor of His Majesty The King.

1.3 To support and develop knowledge of art. To collect and promote Thai artworks in the country and throughout the other countries around the world.

1.4 To promote and support the attitude to preserve the Thai contemporary art.

1.5 To organize a quality art publishing house concentrating in conventional publications and electronic educational aids for further understanding of Thai contemporary arts and to support and develop artistical knowledge.

1.6 To organize with other non-profit organization, education institution, art activities and others which have its same objectives in order to stimulate more grants and funding for public and young artists.

1.7 To encourage local and international artistic and cultural collaborations in order to support objectives of the foundation.

2. FUNDING POLICIES

The Foundation was established with the initial funds of Baht 200,000. The Foundation may raise additional funds as follows:.

2.1 Funds provided by Governmental organizations or state enterprises, or others in the country.

2.2 Funds or properties donated by charitable persons or organizations in the country or abroad.

2.3 Fund or properties bequeathed under a will or other juristic acts, provided that there are no conditions obligating the Foundation to any liabilities or whatsoever.

2.4 Interest and dividends arising from funds and the property which constitute the assets of the Foundation.

2.5 Contributions from the usage of the property or facilities of the Foundation, or services provided by the Foundation with free of charge.

2.6 Other income from the Foundation's activities.

3. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The Foundation prepares its statutory financial statements in the Thai language in accordance with accounting principles and practices generally accepted in Thailand.

The financial statements are prepared in accordance with the Notification of the Department of Commercial Registration (currently the Department of Business Development) dated September 14, 2001 regarding "The Brief Particulars in the Financial Statements B.E.2544".

The Board of Supervision of Auditing Practices (BSAP) issued an announcement No. 47 (B.E. 2545) re: Exemption of Accounting Standards for Non-public Limited Company. Accordingly, the Company adopted the exemption of the application of the Thai Accounting Standards No. 25 "Cash Flow Statements" and No. 48 "Financial Instruments Disclosure and Presentation".

4. SIGNIFICANT ACCOUNTING POLICIES

4.1 Income and expenditure recognition

Income and expenditure are recognized on an accrual basis, except for income from donation, which is recognized on cash basis.

4.2 Investment

Securities classified as available for sale are sated at fair value. Gain or loss on the change in fair value is recognized as a component of shareholders' equity.

In case an impairment in value of an investment has occurred, a provision for impairment is recognized in the statement of income.

For equity securities which are listed securities, fair value or market value are estimated using the bidding prices at the Stock Exchange of Thailand on the last business day of the year.

4.3 Supplies

Supplies are stated at cost which is calculated on an average basis.

4.4 Equipment

Equipment and software is stated at cost.

Depreciation is calculated by the straight-line method, based on the estimated useful lives of the assets as follows:

Office equipment	5	years
Software	5	years

For office equipment, which was transferred from the Golden Jubilee Art Celebration, depreciation is based on its remaining life.

4.5 Art collection

The artworks transferred from the Golden Jubilee Art Celebration as well as donated by artists, are estimated their value by individual artists.

5. ART COLLECTION

The financial statements for the year ended December 31, 2003, previously reported, presented the balance of art collection at December 31, 2003 of Baht 15.85 million Rama IX Art Museum Foundation had been unable to provide evidence to support the carrying value of such art collection at that time. In 2004, Rama IX Art Museum Foundation has been able to provide the evidence to support the art collection.