person giving investment consultation to investors, relating to solicitation for investment or providing consultation for trading or investing in capital market product, without planning or analyzing of

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

Baht Power Generation Others Total Increase/(Decrease) Quarter 3 Quarter 3 Quarter 3 Quarter 3 2020 2019 2020 2019 2020 2019 Amount % Total Revenues 9,618 10,576 212 143 9,830 10,719 (889) (8%) Total

amounted to Baht 4,883 million, decreased 9% from year 2017 and non-current assets amounted to Baht 25,586 million, decreased 5% from year 2017. Current assets mainly decreased from the decrease of inventory

in 2016, or 20.57% increased. The rate of increase is less than the increment rate of company’s revenue; therefore, SG&A/revenues decrease from 12.56% in 2016 to 11.45% in 2017. 3. Financial Expenses

for the three-month period of year 2018 and 2017 Unit: Million Baht Q1’2018 Q1’2017 Increase (Decrease) % Change Sales income 14,874.75 14,270.69 604.06 4.23% Rental and service income 499.08 481.06

from THB 20.9 Mn in 2016 to THB 20.1 Mn in 2017, a decrease of THB 0.8 Mn. This was mostly due to the losses from recently acquired Thai food business “Tummour” and premium Japanese food brand “Sushi Cyu

months, end of March 31, 2019 Financial Statement Consolidate financial statement % revenue from sales Q1/2019 Q1/2018 increase(decrease) Q1/2019 Q1/2018 Revenues from sales 67.47 56.46 11.01 19.50% 100.00

. Sales decrease factors: (D) The delisted of bakery business under brand "a smile" since June 2019 (E) Decreasing of ready to drink Green tea for export sale from an aggressive promotion from key

year ended 31 December 2019 and 2018 were THB 187.28 and 196.57 million respectively. Administrative expense decreased by THB 9.29 million or 4.73%. This is because of a decrease in common area fee which