4,752 37.2% 4,971 43.0% -4.4% Non-controlling interests 1,182 9.3% 1,107 9.6% 6.7% Total shareholders' equity 5,933 46.5% 6,078 52.5% -2.4% Dusit Thani PLC Management Discussion and Analysis For 2Q19 and

guarantee future results. 3 years 5 years 10 years Since inception Fund Benchmarks Fund standard deviation Benchmark standard deviation Morningstar Fund Rating Investors can study liquidity risk management

from disposals of real estate 862.7 98.3 1,986.7 80.3 1,124.0 130.3 Revenues from project management - - 408.5 16.5 408.5 100.0 Other income 15.2 1.7 78.5 3.2 63.3 416.1 Total Revenues 877.9 100.0

84.3 3,588.4 177.3 Revenues from project management - - 603.7 9.1 603.7 100.0 Gain from transfer of right for land purchase and sale agreements - 312.0 4.7 312.0 100.0 Other Income 30.2 1.5 129.0 1.9

หนา้ 1 จาก 5 November 13, 2018 Subject : Management Discussion and Analysis Quarter 3 Ending 30 September 2018 To : The President The Stock Exchange of Thailand WICE Logistics Public Company Limited

. Engineering service (“EN”) had an increase in gross profit for Baht 20 million because of no revision of estimated project cost of construction and electrical engineering. 2. Management Service (“MS”) had a

. Engineering service (“EN”) had a decrease in gross profit for Baht (17.71) million because of decrease in revenue and revision of estimated project cost of construction and electrical engineering. 2. Management

3Q17, sales progress reached 91%. The project was due to complete in 3Q19. Management Discussion and Analysis 3Q17 & 9M17 Consolidated Financial Results Page 2 of 6 • In February 2017, the Company

offering convertible bonds (US$ currency, SGX listed, 2% p.a. coupon) worth US$180mn to institutional investors. Management Discussion and Analysis FY2017 Consolidated Financial Results Page 2 of 6 • In

V3 22/08/62 0 V3 22/08/62 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in the Second Quarter of 2019 The Thai economy in the second quarter of 2019