Dusit Thani PLC Management Discussion and Analysis For 4Q19 and FY2019 P a g e | 1 Executive Summary 2019 marked our first year in the second phase of the Company’s 9-year strategic journey (2019

focused on its financial objective to double EBITDA by 2023 in a disciplined manner by utilizing its current balance sheet and future operating cash flows. On the journey to achieve this, IVL is committed

decile total shareholder returns (TSR) position vs. peers and a strong cash flow through the cycle. As presented at our Capital Markets days in Feb 2020, On the journey to achieve above objectives, IVL is

the cost to serve. We have embarked on a multi-year journey of IT transformation to enhance our time-to-market and simplify internal operational processes, as well as implemented autonomous network to

profitability amid the challenging cost environment. AIS will continue the journey to enhance the autonomous network and improve IT processes & systems to unlock higher efficiency and productivity of our

E_1 Legal_FA_2015_12_29-c A CorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2019 Thai economy in 2019 showed decelerating growth at 2.4 percent compared to 4.2 percent in the previous year.The slowdown could be attributed to exports which contracted further due to the stronger Baht and a global economic slowdown. In addition, the investment environment of both the public and private sector remained weak, and private consumption, albeit gro...

E_1 Legal_FA_2015_12_29-c A WCorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2018 In 2018, the overall Thai economy maintained its growth due largely to healthier growth of exports and tourism, especially in the first half of the year. Meanwhile, the government continued to implement measures to promote and strengthen the domestic economy through support of investment and private spending as well as bolstering opportunities for other econo...

also embarked on a journey to make the organization ready for the future. Initiatives in this regard include the recent strengthening of the management team with the recruitment of the Chief Strategy

continued growth aspirations, IVL has also embarked on a journey to make the organization ready for the future. Initiatives in this regard include the recent strengthening of the management team with the

of QR payment for a BTS Skytrain single-journey ticket, and privileges offered for QR payment at participating UNIQLO outlets.  High Net Worth Individual Determined to perform at the standard of an