causing higher inflation, as well as slowdown in Thai and global economy, impacting purchasing power of domestic consumers. Nonetheless, the Corporate Group still adheres to its strategy, namely “Complete

Dusit Thani PLC Management Discussion and Analysis For 2Q20 and 6M20 P a g e | 1 Executive Summary The COVID-19 pandemic has severely hit Thai and global economy, especially the tourism and

Exchange of Thailand Business Overview In the year 2018, the Thai economy remained stable with the volatility of global economy including the impact of the trade war between the United States and China

Covid-19 outbreak was more severe than previously expected, taking a bigger toll on the Thai economy. Concerns among global financial and capital markets affected the liquidity of the Thai financial

development of wind power project and future renewable energy project in Korea. BGRIM awarded the certificate from GEIDCO As the first Thai member, Global Energy Interconnection Development and Cooperation

Operation in the Future For the year 2020, the Company expects that exports will continue to slow down as the global economy and the Thai baht exchange rate remains fluctuates and continues to appreciation

global economy will support Thai merchandise exports to grow by 4. 8% annually, while number of international tourist arrivals is expected to be 37 million or 7% higher from last year. Other economic

institution, enabling us to cope with possible economic fluctuations in a timely manner. C Contents Page Executive Summary A 1. Overview of Operating Environment 1 1.1 Global and Thai Economy in 2017 and

Global and Thai Economy in the Third Quarter of 2019 1 1.2 Banking Industry and Competition 2 1.3 Significant Regulations and Rules related to Business Operations 2 2. Risk Management and Risk Factors 5

awards we received in this quarter. B Contents Page Executive Summary A 1. Overview of Operating Environment 1 1.1 Global and Thai Economy in the First Quarter of 2019 1 1.2 Banking Industry and