Ref. No. IVL [002/08/2019] 8 August 2019 The President The Stock Exchange of Thailand Subject: Submission of Quartely Review of Financial Statements and the Management Discussion and Analysis of

growth; 2.) slow pace of growth in tourism sector which supported by number of tourists from India, Japan, Hong Kong and Malaysia offset an unrecovered of Chinese tourists; and 3.) government subsidy to

long-term loan from Financial Institutions in 2019. Dusit Thani PLC Management Discussion and Analysis For 4Q19 and FY2019 P a g e | 6 Net Profit In 4Q19, the Company had the net profit including

tourism sector characterized by an increase in foreign inbound tourists, especially from China due to more available direct flights to Thailand and Europe due to the Easter holidays at the end of the period

global economy 2.) tourism sector growth with an exceptional 12% YoY increase in tourist arrivals for the first six months of the year, especially Chinese, Russian and Indian tourists 3.) recovering

from the 14th March 2019 (the first day that GPSC has recognize GLOW’s performance in the consolidated financial statement) until the 30 th May 2019 according to the consolidated financial statement of

-term Short-term Long-term Short-term Long-term Short-term Investment Grade Highest Credit Quality - exceptionally strong capacity for payment of financial commitments AAA A1+ A1 A2 A3 Aaa P1 P2 P3 AAA F1

of intangible assets from the acquisition of GLOW". (see details on page 24) Operating Revenue (THB million, %) Electricity + Financial Lease (IPP) Electricity (SPP+VSPP) Steam QoQ -8% YoY -14

estate development business, whether in the form of a company, trust, or any other form; “net exposure” means the net investment value, whether from direct or indirect investment in a financial instrument

Cash Flows Statement Accounting Business Performance Executive Summary Statement of Income 23 of Financial Position Environment Management 3 Financial Ratios 28 Executive management’s prospects to