Dusit Thani PLC Management Discussion and Analysis For 4Q19 and FY2019 P a g e | 1 Executive Summary 2019 marked our first year in the second phase of the Company’s 9-year strategic journey (2019

Carabao trademark orchestrated to the global stage was unfolded since we managed to enter a 3-season principal partnership agreement with Chelsea Football Club in November 2015, made investments for a

shareholder loans and/or primary share subscription to ICUK 4.1 Nature of Business of ICUK A new chapter of our energy drinks under Carabao trademark orchestrated to the global stage was unfolded since we

, labor costs per unit, loss and depreciation in early stage, which remained high, in the production lines of both Rojana factory and in America, despite the decreasing costs of seaweed in the second half

. Until date, the Company has agreed with the customer to end this project, and it is in negotiation with the customer regarding amount to be settled, which is still highly uncertain at this stage. At 31

stage of production; therefore, the production is unable to operate at its full capacity. Moreover, an increase in prices of sugar and garlics, which are the main raw materials used in the production, has

marketing communications business to government and private sectors in this quarter such as concert stage equipment rental, revenue recognition of the 2020 in Dubai, United Arab Emirates World Expo that

factory was in the early stage of production; therefore, the production was unable to operate at its full capacity. Selling Expenses Selling expenses in 3Q18 were at Baht 16.26 million which decreased by

evaluated as the early stage into the transition of the company to new sustainable business. To enhance its return to profitability, PDI will: • Carefully screen its assets and sell those that are no longer

internal resources and financing through our routine funding sources. At this stage, the Bank does not expect to raise equity specifically for the purpose of funding this Transaction. 5. Transaction