decrease of 6.7% yoy due to partial long-term loan repayment. Dusit Thani PCL Management Discussion and Analysis For 1Q18 P a g e | 4 Net Profit The company reported 1Q18 net profit of THB 259 million, a

company sold partial investment in a subsidiary company to Japanese alliance, Mory Industrial Inc., As of 31st March 2018, the Company and its subsidiaries recognized profit sharing to minority shareholders

days, in Netherlands and a partial shutdown in Poland. Core EBITDA in 2018 of $791 million was almost double that of 2017 ($414 million), driven by a structural improvement in the global polyester chain

partial repayment for long-term loans during the year 2017. Net Profit The net profit was THB 1 million, up 101.2% yoy as mentioned above. Core business, excluding the gain from the sale of investment

% yoy. This decrease was mainly from the closure of Dusit Thani Hotel Bangkok, a partial renovation at Dusit Thani Hotel Hua Hin which is currently operating the business, the economic slowdown and the

not able to cover selling and administrations expenses of the Company. In addition, in 2017 the company had realized gain from debt restructuring by converting major portion of trade debts into equity

portion of trade debts into equity and gain form exchange rate which those non-cash revenues were high at Baht 1,045 million while this year the company has such non-cash gain only Baht 225 million. From

tangible asset value (NTA) NTA of investment in the company x the acquired portion x 100 / NTA of the listed company N/A 2. Net profit Net profit from the operating result of acquired or disposed company x

effects may be subject to change in consideration when the remaining portion of unexercised 197,450,000 units of CCET-WB is either partial or fully exercised prior to the Annual Shareholders’ Meeting No.1

increase and EBT of UE. The Company completed (i) the private placement of 63,882.4mn preferred shares at an offering price of THB 0.034 or totaling THB 2,172.0mn to UE, as a partial component of the