growth of food business. For hotel business, the Company still plans to open the new hotels. However, the hospital industry in Thailand may remain under pressure due to the strong Thai Baht that adversely

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

better in some products, especially durable goods, but overall purchasing power remained fragile overall. Both household and industry sentiment remained somber, indicating that the Thai economic recovery

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