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Dusit Thani PLC Management Discussion and Analysis 4Q18 and FY2018 P a g e | 1 Executive Summary The Company reported net profit of THB 119 million in 4Q18, a decrease of 59.0% from the same period

enhanced to 28% 9M'2016 9M'2017 % change million Baht million Baht y-on-y Sales and service income 20,691 23,720 14.6% EBITDA 5,679 6,626 16.7% Net profit 2,473 2,823 14.1% Normalized net profit (NNP)* 1,966

31 December 2019 to ending on 31 December 2021 must have a net profit (excluding special items) amounting not less than 100,000,000 per year (the “Second Share Purchase Condition”). The payment for and

Million Baht Million Baht Percentage Total Revenues 4,574.73 4,235.78 338.95 8.00 Cost of Sales and Services 4,293.84 3,841.22 452.62 11.78 Expenses 156.08 162.44 (6.36) (3.92) Net Profit (Loss) 90.67

the Compan al statement r of 2016 a e of net p ed account s net profit ar. This rep 7. Thus, the Q bts of ivable ed 017 ited cussion and nge of Thai ces PCL. ( statements r ending 30 esults can b ny and

149.07 122.57 26.50 21.6% Gross profit 52.39 58.64 -6.24 -10.6% Gross profit margin 26% 32% SG&A 41.26 39.14 2.12 5.4% EBIT 12.35 21.95 -8.36 -38.1% EBITDA 32.77 47.66 -14.88 -31.2% EBITDA margin 16% 26

286 4% Fibers 53 51 45 19% 208 205 1% Feedstock 116 154 91 27% 501 271 85% Core EBIT 156 198 122 28% 647 462 40% Core Net Profit after Tax and NCI (US$ M) 117 137 74 59% 459 274 68% Core Net Profit

286 4% Fibers 53 51 45 19% 208 205 1% Feedstock 116 154 91 27% 501 271 85% Core EBIT 156 198 122 28% 647 462 40% Core Net Profit after Tax and NCI (US$ M) 117 137 74 59% 459 274 68% Core Net Profit

million 4.10 2. The operation results (from the consolidated finance statements) Item Second quarter of 2019 Second quarter of 2018 Profit (Loss) for three months attributable to equity holders of the