28 February 2020 Subject Management Discussion and Analysis for the years ended December 31, 2019 To The President The Stock Exchange of Thailand Do Day Dream Public Company Limited (the “Company” or

from operations increased from the last year by Baht 1,347.28 million or 25.90%. We have managed to grow our asset base comfortably at around 7.6%, which is considered to be an appropriate level given

the company faced the problem of the fluctuation of raw material cost but it slightly impacted on the cost of goods sold. Since the company has strictly controlled and managed the inventories very well

campaign, including event “The Legendary of Carat & Celebrating 90 Years Timeless Excellence” which result in revenue from sales increase. 1/3 Unit: Million Baht YOY % Revenue from sales 512.13 100.0% 423.88

agreement will be effective for three years from 1 January 2020 to 31 December 2022. The details are shown in the Enclosure. Your acknowledgment of this matter would be appreciated. Sincerely, -Ampawee

hotels and investments in international hotel companies. Over the past three fiscal years, the Company’ s consolidated total assets has grown at an average rate of 102.2% per year. The Company has a unique

| www.shotelsresorts.com Page 3 of 8 Overview The Company is a holding company engaging in the management of hotels and investments in international hotel companies. Over the past three fiscal years, the Company’ s

percent compared to the third quarter of the previous year, mainly due to an increase in the Company’s underwriting fees and an increase in mutual fund management fees from funds managed by ONE Asset

____________________________________________________ _______________________________________________________________________ 16) Number of years the CIS Operator has managed CISs: _________________ Total assets under management (latest available

192 million, an increase of 18 percent compared to the second quarter of the previous year, mainly due to an increase in mutual fund management fees and private fund management fees from funds managed