39% to 0.54 (Net Operating Debt/Equity) and TRIS Ratings (a strategic part- ner of S&P Global) ascribed the Company’s rating at “A+”. They also upgraded the outlook of IVL to “Posi- tive” from “Stable

June 2017 (the date on which the transaction has been completed), therefore, the movement of financial position was primarily attributed to aforementioned acquisition. ASSETS ASSETS BREAKDOWN 31 DECEMBER

13.5% to THB 44mn • Dividend payment of 0.02 per share to be paid on 17 May 2019 KEY BUSINESS UPDATE THAILAND • MACO has completed the digital installation of its street furniture media at 23 BTS

closely with our customers to demonstrate the added value.” 2. Outlook A more challenging external environment, owing to continued trade tensions, impacted negatively on the economy in the second quarter

MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 31 MARCH 2018 SG&A expense against only 1.5mTHB consolidated EBITDA contribution, since the acquisition was completed only at the very end of the quarter

%). This increase is mainly due to consolidation of TigerSoft’s result as well as organic growth of existing business in HR technology and services in Thailand. In 1H 2020, we have completed a couple of

supply significant portion of our internal electricity use decreasing further operational expenses. 2. Outlook Economic growth accelerated in the third quarter from the near five-year low in the second

a g e | 10 2020 Outlook 2020 definitely a very challenge year for our company and in tourism business which is on the verge of the world’s economic slowdown, the destabilization of international trade

g e | 10 2020 Outlook 2020 definitely a very challenge year for our company and in tourism business which is on the verge of the world’s economic slowdown, the destabilization of international trade

increase in D/E ratio was from funding for the new company’s projects. Dusit Thani PLC Management Discussion and Analysis For 4Q19 and FY2019 P a g e | 10 2020 Outlook 2020 definitely a very challenge year