all Leyland’s shareholders (“Agreement to sell and purchase shares”) within September 15, 2017 2. Parties involved and Relationship with the Company Purchaser : Fancy Asset Company Limited, a subsidiary

Operation Date EBITDA Earnings before Interest, Tax, Depreciation and Amortization FX Foreign Exchange Rate IPP Independent Power Producer PPA Power Purchase Agreement SPP Small Power Producer Projects

) 26% 15% (16,745) (19,205) 15% Operating profit 9,202 11,594 9,248 0.5% -20% 40,105 41,009 2.2% Net foreign exchange gain (loss) 129 (44) 16 -88% -136% 119 308 160% Other income (expense) 118 127 234 99

subsidiary had changed over 20% with compare the same period last year, in the quarter 2/2017 the Company had profit before income tax expenses amount of 30.48 million Baht and net profit amount of 27.58

%) Profit (loss) before income tax expense (803,137) 495,128 162% Income tax expense - - - Profit (loss) for the years (803,137) 495,128 162% Other comprehensive income (loss) for the years - - - - Total

Summary compared to YTD 2017: Note: Gross profit = Sales and service income – Cost of sales and services (does not include other income) Q4 2018 Q4 2017 YoY change YoY % change Unit: Million Thai Baht (THB

assets and the adoption of TFRS 16  Net profit from operation was THB 51mn, an increase of 25.0%  Cash flow for the quarter from operating activities remains positive at THB 65mn KEY BUSINESS AND

cost (55.43) (3.88%) (143.52) (7.18%) (88.09) (61.38%) EBT 48.49 3.39% 305.46 15.27% (256.97) (84.13%) Corporate Income Tax (24.35) (1.70%) (91.63) (4.58%) (67.28) (73.43%) Net Profit 24.14 1.69% 213.83

holders of the Company/ operating revenue 3 Net Profit (Annualised) / Average Total Shareholders’ equity (average of outstanding at end of the previous year and at end of this year) 4 Earnings before

Microsoft Word - MDA_Q417_DTC_ENG_v4.3 Dusit Thani PCL Management Discussion and Analysis 2017 P a g e | 1 Executive Summary The company reported net profit of THB 267 million in 2017 driven mainly