Microsoft Word - MDA_3Q18_DTC_ENG_V1.3_1-nw_1 Dusit Thani PLC Management Discussion and Analysis 3Q18 and 9M18 P a g e | 1 Executive Summary The Company reported net loss of THB 60 million in 3Q18

sale revenue was not sufficient to support the Company’s expenses which effect to the company’s net loss for this period amount of 137.51 million Baht that represented decrease loss 2.83 million Baht or

been all paid up in this quarter. Net Profit   In 2019, the Company had consolidated net profit of THB 59.9mn, an increase of THB 56.9mn, or 1,896.6% YoY, from the net profit of THB 3.0mn in 2018. Net

million and Thai Baht depreciated by 9% from 30.11 THB/USD in the beginning of 1Q2020 to 32.67 THB/USD at the end of this quarter. As aforementioned, the Company posted the net profit of THB 239 million, an

margin fell to 1.7% (1Q 2019; 9.0%) • Reported net loss of THB 807mn (down 238% YoY), from the aforementioned lower EBITDA as well as higher share of loss from joint ventures and higher depreciation and

sale revenue was not sufficient to support the Company’s expenses which effect to the company’s net loss for this period amount of 65.92 million Baht that represented decrease loss 566.45 million Baht or

%) 186 86 (54%) Net Profit for the Company 63 (3) (105%) 123 10 (92%) Gross profit margin (%) 64.4% 54.9% (9.5%) 64.9% 59.5% (5.4%) EBITDA margin1 (%) 30.4% 18.6% (11.8%) 30.9% 23.6% (7.3%) Net profit

Profit 202 124 (39%) 592 340 (43%) EBITDA 98 65 (34%) 284 150 (47%) Net Profit for the Company 65 28 (57%) 187 38 (80%) Gross profit margin (%) 64.7% 62.6% (2.1%) 65.0% 60.6% (4.4%) EBITDA margin* (%) 31.2

127 (30%) 773 468 (39%) EBITDA 75 60 (20%) 359 210 (42%) Net Profit for the Company 50 17 (66%) 237 55 (77%) Gross profit margin (%) 64.0% 61.3% (2.7%) 64.7% 60.9% (3.8%) EBITDA margin1 (%) 26.5% 28.7

(UNOFFICIAL TRANSLATION) Factsheet Form: Structured Notes and Explanation Factsheet Information as of [day/month/year] 1 * II means institutional investors. HNW means high net worth investors. 1