of the Office of the Securities and Exchange Commission No. OrKhor./Nor. 5/2549 Re: Guidelines Relating to Operating Systems of Fund Management Business In order for a management company to comply

of the Securities and Exchange Commission No. OrKhor./Nor. 5/2549 Re: Guidelines Relating to Operating Systems of Fund Management Business In order for a management company to comply effectively with

(Translation) Ref: EIC-AD012/2020 14 May 2020 Subject: Management Discussion and Analysis for the Performance for the three-month period ended 31 March 2020 To: President The Stock Exchange of Thailand The Board

Dusit Thani PLC Management Discussion and Analysis For 2Q20 and 6M20 P a g e | 1 Executive Summary The COVID-19 pandemic has severely hit Thai and global economy, especially the tourism and

had accounted for the fair value adjustment of the acquired business according to the accounting standards under WHA level. However, the genuine gross margin in the first quarter of 2018 was at 49.2

Company has recorded an allowance for expected credit losses (Allowance for doubtful accounts) for receivables overdue in accordance with the Thai Financial Reporting Standards No. 9 “Financial Instruments

of executives, and the information disclosed on the website; Report form 246-2; Enterprise Content Management System (ECM); Making of a tender offer or a business takeover (shares + making of a tender

management companies, investment unit brokerage companies; directors of the Thai BMA; directors of inter-dealer brokers (IDB); 2. Fund managers, derivatives fund managers, property fund managers

page1 from 4 13 May 2020 Subject : Management Discussion and Analysis Quarter 1 Ending 31 Mar 2020 To : The President The Stock Exchange of Thailand WICE Logistics Public Company Limited would like

Earth Tech Environment Public Company Limited 11th November 2020 Subject Management Discussion and Analysis Financial Performance for the quarter ended 30th September 2020 To President The Stock