Analysis Quarter 1 Ending 31 March 2019 Highlights Q1/2019, the Company and subsidiary’s total net loss equals Baht 803 million, decreased by Baht 1,298 million or 262% comparing with same period of last

Microsoft Word - MDA_2Q18_DTC_EngV6 Dusit Thani PCL Management Discussion and Analysis For 2Q18 and 1H18 P a g e | 1 Executive Summary The Company reported net profit of THB 1 million in 2Q18

, decreased by 4.79 million Baht or -0.77% compared to Q1/2019, as construction revenue under concession agreements were reduced. Net profit attributable to equity holders of the parent company of 314.48

Net Profit and Net Profit Margin In the 2nd quarter of 2019 and 2020, the net profit decreased from THB 33.2 Mn to net loss THB 81.0 Mn respectively, a decrease of THB 114.2 Mn or -344.0% and the net

355 (24%) EBITDA 60 58 (3%) 210 172 (18%) Net Profit (Loss) for the Company 17 13 (24%) 55 4 (93%) Gross Profit Margin (%) 61.4% 59.6% (1.8%) 60.9% 57.3% (3.6%) EBITDA Margin1 (%) 28.6% 30.4% 1.8% 27.2

67% EBITDA 58 83 43% 172 306 78% Net Profit (Loss) for the Company 13 36 177% 4 118 2,850% Gross Profit Margin (%) 59.6% 62.9% 3.3% 57.3% 63.1% 5.8% EBITDA Margin1 (%) 30.1% 30.9% 0.8% 27.4% 32.1% 4.7

(6)% Fibers 59 46 55 8% 201 208 (3)% Feedstock 114 117 78 47% 410 177 132% Core EBIT 155 139 136 14% 551 374 47% Core Net Profit after Tax and NCI (US$ M) 110 95 84 31% 360 206 75% Core Net Profit

12,410.0 11,622.2 (787.8) (6.3%) Total Cost 5,001.5 4,631.8 (369.8) (7.4%) Gross Profit/2 6,475.5 6,232.8 (242.8) (3.7%) Net Profit 3,266.4 2,906.8 (359.6) (11.0%) Normalized Total Revenue/3 11,836.1

$("'31' ' 1 0$ (6. net asset value "'' 2.4 !4 3(#%I#0# 4 (.(6."%0 0"'/+1 2.4.1 %0J0 market makers "1"' 2 ) 1/+ J0 long position (.(6.#K$1+rEE a (average current bid price) short position (.(6.#)+rEE

according to the following criteria: (1) the mutual fund management fee shall be paid according to the following criteria: (a) the fee rate shall be 0.001 percent of the net asset value under management