Development Co., Ltd. (“NRED”) by disposal of 26,460,000 ordinary shares, with the par value of THB 10 per share, ), comprised of 49,000 ordinary shares with paid up capital of Baht 10 per each share and

14.7 1,267.3 107.5 Administrative expenses 273.3 2.7 425.1 2.6 151.8 55.5 Total Expenses 7,114.9 71.2 11,482.6 69.0 4,367.7 61.4 Profit before share of loss from investments in joint ventures, finance

302.0 164.8 120.12 337.3 646.6 309.3 91.70 Administrative expenses 46.5 64.9 18.4 39.57 107.6 163.9 56.3 52.32 Total Expenses 684.5 1,253.0 568.5 83.05 1,492.6 2,781.7 1,289.1 86.37 Profit before share of

Dusit Thani PLC Management Discussion and Analysis For 3Q19 and 9M19 P a g e | 1 Executive Summary In 9M19, Dusit Thani PLC (“The Company”) reported the net profit including attributable to non

profit including attributable to non- controlling interest of Baht 339 million, increased by 60.7% from 9M2018. The net profit attributable to owners of the parent was Baht 51 million, decreased by 70.0

development - Concrete products and others Baht 424.61 million Baht 828.43 million Baht (403.82) million (48.75) Baht 997.25 million Baht 430.67 million Baht 566.58 million 131.56 1.4 Cost of sales and service

Cost of service (34,589) (42,149) 7,560 (17.94) Total Costs (175,250) (150,698) (24,552) 16.29 Gross Profit 101,265 70,749 30,516 43.13 Reversal of allowance for doubtful accounts 174,875 - 174,875

Million Baht % Million Baht % Million Baht % Revenues from sales 0.00 0.00 354.55 99.15 (354.55) (100.00) Cost of sales 0.76 31.02 188.13 52.61 (187.37) (99.60) Gross profit (loss) (0.76) (31.02) 166.42

Company”) would like to summarize its Q3/2019 operating performance for the period ending 30 September 2019 as follows: For the three-month, the Company and its subsidiaries’ posted a net profit of Baht

Profit (Including Extraordinary Items) 182.59 132.05 50.54 38.27 Extraordinary Items are as follows; (1) Less Gain on sale of unused land 10.18 - 10.18 100.00 (2) Plus Provision for employee retirement