growth is consistent with the economic slow down and credit tightening of financial institutions after signs of deterioration in loans. In the equity market, the average daily turnover (SET and mai) for

consistent with the economic slowdown and credit tightening of financial institutions after signs of deterioration in loans. In the equity market, the average daily turnover (SET and mai) for 3Q19 increased by

the new TFRS 16 – Lease of THB 7,416 million and increase in long- term loans. Shareholders’ Equity As of 30 June 2020, Shareholders’ Equity of THB 4,665 million, decreased by THB 1,240 million or 21.0

Holding Company investing in retail business such as mobile phone distribution and accessories, non-performing debt management, real estate development, hire purchase (associated company), personal loan

. Total liabilities were 38,837 million Baht, increased by 78% from last year, the debt financing is essential to support new project development and acquisitions. Thus, interest-bearing debts to equity

closure of Dusit Thani Bangkok hotel to make way for the development of the new mixed-use project on 5 January 2019 (THB 225 million), an absence of THB 169 million gain on sale of investment in one of the

3 2) J0"+3- 01 1. '(&' )' (Equity and Equity-Linked Instruments) "# 3"# &'R&"# $# !.$ #(* 3 0 "# 1 .. 54 27 1.1 .#I / .# 4 (common stock / preferred stock) 1.1.1 .( SET 50 3."'+3 S(' large

% 0.06 0.20 -0.14 -70.0% Dusit Thani PLC Management Discussion and Analysis For 3Q19 and 9M19 P a g e | 2 Major Development in 3Q19 In 3Q19, the Group established 3 new subsidiaries in the Republic of

% EPS (THB) 0.09 -0.07 0.16 224.8% 0.06 0.20 -0.14 -70.0% Dusit Thani PLC Management Discussion and Analysis For 3Q19 and 9M19 P a g e | 2 Major Development in 3Q19 In 3Q19, the Group established 3 new

lower long term borrowing from debt repayment and lower spectrum payable and lease liability. Interest-bearing debt stood at Bt116,749mn, decreasing by -8.2%. Total equity was at Bt88,278mn, decreasing