of $304 million (THB 9.6 billion), -7% YoY, Core EBITDA margin 10%  Core Net profit after tax of $128 million (THB 4.0 billion), -27% YoY  Core Earnings Per Share of THB 0.67, -32% YoY  Operating

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 13 Executive Summary Revenue and net profit have growth according to the business plan In 2Q18, the Thai

fair value through profit or loss (FVTPL)”(Classified as debt instruments according to accounting standard). Given on May 11, 2020, the Federation of Accounting Professions passed the resolution on the

59 61 23% 19% Core EBIT 204 81 148 152% 38% Core Net Profit after Tax and NCI4 118 48 50 146% 135% Core Net Profit after Tax and NCI (THB m) 3,560 1,459 1,562 144% 128% Core EPS after PERP Interest

forecast. Exports of goods would decline in line with trading partner economies and potential impacts of regional supply chain disruptions.*  However, the Company sees that the lower interest rate also

EBITDA per ton of $140 – all-time record high  Core Net Profit of $175 million - up 85% year-on-year  Core EPS of THB 0.99 – 55% increase year-on-year post 11% dilution from partial warrants exercise

liabilities 16.22 16.37 35.77 Total shareholders' equity 73.26 77.02 71.27 Net profit (loss) 11.42 20.94 5.56 Non-Controlling interests of the subsidiaries 0.00 0.00 0.00 NTA 73.18 77.02 71.27 Financial

2019 of 26.14%, has resulted in the company being able to recognize net profit for the company at 95.25% after the 22nd May 2019. Consequently, on the 19th June 2019, the Board of Directors has passed

(94)% 88 203 (56)% Core EBIT 231 178 288 (20)% 892 871 2% Core Net Profit after Tax and NCI4 159 128 234 (32)% 666 664 0% Core Net Profit after Tax and NCI (THBm) 5,027 4,042 7,463 (33)% 21,566 21,477 0

Microsoft Word - MDA_Q417_DTC_ENG_v4.3 Dusit Thani PCL Management Discussion and Analysis 2017 P a g e | 1 Executive Summary The company reported net profit of THB 267 million in 2017 driven mainly