Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 14 Executive Summary CPN’s revenues continues to grow primarily from strong shopping mall performance

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 16 Executive Summary CPN’s revenues continues to grow primarily from strong rental business performance

resilient towards the volatile money market and capital market, as well as maintain its financing cost at an optimum level for its businesses going forward. Dividend On May 15, 2020, the Board of Directors

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 18 Executive Summary Revenue and profit continue to grow primarily from strong rental business performance

political uncertainty, leaving the timing and format of Brexit in limbo. Despite these fragilities, the overall global economy was still resilient due to ongoing economic growth in many European countries

associates, joint ventures and others of THB 99 million Financial Ratio The Company’s profitability remained resilient in 2017, showing improved profit margin despite uncontrollable external factors and major

% 6,078 52.5% 1.0% Dusit Thani PLC Management Discussion and Analysis For 1Q19 P a g e | 6 In 1Q19, profitability ratios still maintain resilient showing gross profit margin in line with the same period

Chopin Bratislava, Vienna House Easy Leipzig and Eastin Thana City Golf Resort and (ii) resilient performance of Thai Hotels (Eastin Grand Sathorn, U Sathorn, U Chiang Mai, Anantara Chiang Mai, Avani Khon

/Interest expense Dusit Thani PLC Management Discussion and Analysis 3Q18 and 9M18 P a g e | 9 Profitability ratio remained resilient in 3Q18, showing improved EBITDA margin and net profit margin. Liquidity

ensure resilient cash flow and profitability. Effective strategies and business plan together with cooperation from business partners and employees would encourage the Company to survive the crisis and