receivable at the end of previous year. The delinquent account receivables for 3 months and up was 5.2% in the first quarter of 2021, which was at the same level as last year. For default receivables in credit

curb the pandemic. From the situation, unemployment rate in the second quarter of 2021 was at 1.89% and household debt showed high level. As of August 31, 2021, the Company’s total cards reached 9.29

million baht, increasing by 0.4% y-y and AEON Leasing Service (Lao) Company Limited of 113 million baht, which was at the same level as last year. - Others For the fiscal year of 2021, other incomes were

of 504 million baht, increased by 5% y-y and AEON Leasing Service (Lao) Company Limited of 84 million baht, which was at the same level as last year. Sales and Revenues Structure for the first nine

1.05% from the previous quarter. However, substance economic challenges are remained such as global economic recession as a result of policy interest rate increment, high household debt level increasing

% Dusit Thani PLC Management Discussion and Analysis For 1Q19 P a g e | 2 In 1Q19, the Company has entered into hotel management agreements to manage 2 additional hotels namely Dusit Thani Mactan Cebu

million baht. As a result, the expense to income ratio (Cost-to-Income Ratio) this year increased to 39.7%, driven from the expansion of subsidiaries in overseas. However, the Company will be able to manage

manage its efficiency in operating and administrative expenses well through the Digitalization process in the future. The separate financial statements has cost-to-income ratio at 37.8%. Expected Credit

contract with some retailer which resulted in reduced sales volume since late Q4/2017. However, export CMG sales could manage to increase 11% QoQ. 2018 Sales Revenue The Company and its subsidiaries recorded

due to the appreciating US Dollar, after the FED raised interest rate 4 times during 2018 to the level between 2.25 to 2.50%, essentially dwindling crude oil demand from importing countries. Average