; however, an increase in selling and administration expenses as a result of the opening of Baan Dusit Thai and consulting expenses for other projects in progress caused the negative impact to EBITDA

have elaborated more that the Wattanapat Samui Hospital project with twenty nine licensed beds which will be located in the downtown, crowded of Thai and foreigner tourists, may causing the inadequate

Finance Magazine 4. Deal of the Year from ThaiBMA Best Bond Awards 2017 – the Thai Bond Market Association (ThaiBMA) ABBREVIATION & OUR PROJECTSFINANCIAL PERFORMANCE FINANCIAL POSITION PROGRESS OF PROJECTS

11 FEB 2019 1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2018 MD&A FY 2018 (ended 31 December 2018) MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS The overall Thai advertising market has been

reductions. Moreover, attractive development opportunities are expected thanks to MACO’s and PlanB’s high-visibility billboards as well as the well-diversified media contents owned by PlanB, which will enable

mall management and effective operating costs control The Thai economy in 2Q17 continued to expand and recovered at a modest pace, driven by export of goods which showed a high expansion, and the tourism

effective mall management and operating cost control despite major renovations at CentralWorld and CentralPlaza Rama 3 The Thai economy in 3Q17 continued to expand courtesy of solid growth in export of goods

' equity 5,552 57.6% 5,354 59.3% 3.7% Dusit Thani PCL Management Discussion and Analysis For 3Q17 and 9M17 P a g e | 6 Outlook The last quarter is normally the high season for tourism industry. The tourism

from recovery of internal demand of several countries. In the meantime, Thai economy still has continuously expanded in the same direction from investment motivation of both governmental and private

continuous consumption of private sector mainly covering with supportive factor from recovery of internal demand of several countries. In the meantime, Thai economy still has continuously expanded in the same