have the financial flexibility to lead, compete, and pursue growth prospect in any changing circumstances. The dividend payment shall still be made twice a year and is based on consolidated earnings and

taking into consideration the redevelopment of the flagship Dusit Thani Bangkok, which will cease operations in its current form on 5 January 2019, the management of DTC has forecasted stable or resilient

GFPT Public Company Limited Interim Management Discussion and Analysis for the 2nd Quarter 2018 Page 1 of 13 Management Discussion and Analysis This interim MD&A report has been prepared based on the

Company Limited and its subsidiaries (Hereinafter called “The Group”) would like to submit Management’s discussion and analysis for the Quarter 2’ 2018 with the summary as follows: - 1. Nature of operations

dividend payment shall still be made twice a year and is based on consolidated earnings and subjected to the availability of retained earnings on the separate financial statements. In all cases, dividend

GFPT Public Company Limited Interim Management Discussion and Analysis for the 3rd Quarter 2018 Page 1 of 13 Management Discussion and Analysis This interim MD&A report has been prepared based on the

investments of THB 1,066mn (treasury operations) Predominantly for other reasons: (ix) an increase in trade and other receivables of THB 245mn, chiefly from the hotel business in Europe but also in part from

cash equivalents increased by THB 820.1 million driven by cash generated from operations (see cash flow analysis) and other assets increased due to acquisition of leasehold rights of THB 312.1 million

Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Sales Revenue Net Profit Unit: Million Baht Page 2 3. Results of Operations and Profitability Consolidated (Unit: Million Baht) Q3/2018 Q3/2017 %YoY 9M/2018 9M/2017 %YoY

and its subsidiaries (Hereinafter called “ The Group” ) would like to submit Management’s discussion and analysis for the Quarter 3’ 2018 with the summary as follows: - 1. Nature of operations of the