Microsoft Word - 2008-034EN Management Discussion and Analysis for the Q2 2020 (Ending June 30^J 2020)-Rev (002) Ref. No. 2008/034EN August 13, 2020 Subject Management Discussion and Analysis for the

should support its hotel revenue growth in Guam despite an escalated political tension between North Korea and The United States. Dusit Thani PCL Management Discussion and Analysis 2017 P a g e | 8 Middle

management (in alphabetical order): 1. Australia: Commonwealth of Australia 2. China: People’s Republic China 3. France: French Republic 4. Germany: Federal Republic of Germany 5. Hong Kong SAR 6. Ireland 7

A- , MALAYSIA AAA , AUSTRALIA AA , UNITED KINGDOM 244,181 127,915 17,083 16,433 11,986 8,511 3,538 2,417 1,738 10% 6%20% 5% 0.5% 43% 13%39% 39% SEPTEMBER 2021 0.03 (2%) 1.02 (70%) 0.41 (28%) Equity

A- , MALAYSIA AA , UNITED KINGDOM AA , KOREA 252,190 229,993 47,480 17,734 6,411 4,216 3,096 2,618 2,502 10% 7%20% 7% 1.1% 35% 19%47% 47% JANUARY 2021 0.02 (2%) 0.55 (38%)0.89 (61%) Equity Fixed

BBB , INDONESIA AA , KOREA AA , UNITED KINGDOM 186,818 164,187 31,291 13,652 3,564 2,701 2,182 1,976 1,954 9% 7%19% 6% 0.0% 42% 16%42% 42% FEBRUARY 2021 0.02 (2%) 0.39 (34%) 0.73 (64%) Equity Fixed

AA , UNITED KINGDOM AAA , AUSTRALIA AA+ , HONG KONG 163,420 225,622 4,646 14,933 5,247 5,450 3,934 1,676 1,447 9% 6%21% 6% 1.1% 41% 14%43% 43% MARCH 2021 0.02 (2%) 0.41 (31%) 0.90 (68%) Equity Fixed

AA , KOREA AA , UNITED KINGDOM AAA , AUSTRALIA 297,473 240,642 21,078 15,709 6,817 5,280 2,145 2,092 1,752 10% 6%21% 6% 0.8% 38% 18%45% 45% APRIL 2021 0.03 (2%) 0.58 (35%) 1.05 (64%) Equity Fixed

AA , UNITED KINGDOM AA , KOREA AAA , AUSTRALIA 302,533 235,483 21,252 19,753 6,593 5,564 3,399 2,157 1,698 10% 6%21% 5% 0.7% 38% 17%45% 45% MAY 2021 0.03 (2%) 1.09 (64%) 0.58 (34%) Equity Unit trust

+ , USA BBB  , INDONESIA A-  , MALAYSIA AAA , AUSTRALIA AA , UNITED KINGDOM 284,080 153,399 75,512 17,716 17,183 6,046 3,185 3,051 2,791 11% 5%18% 5% 0.4% 41% 16%39% 39% DECEMBER 2021 0.04 (2%) 1.12 (66