Dusit Thani PLC Management Discussion and Analysis For 4Q19 and FY2019 P a g e | 1 Executive Summary 2019 marked our first year in the second phase of the Company’s 9-year strategic journey (2019

focused on its financial objective to double EBITDA by 2023 in a disciplined manner by utilizing its current balance sheet and future operating cash flows. On the journey to achieve this, IVL is committed

decile total shareholder returns (TSR) position vs. peers and a strong cash flow through the cycle. As presented at our Capital Markets days in Feb 2020, On the journey to achieve above objectives, IVL is

the cost to serve. We have embarked on a multi-year journey of IT transformation to enhance our time-to-market and simplify internal operational processes, as well as implemented autonomous network to

profitability amid the challenging cost environment. AIS will continue the journey to enhance the autonomous network and improve IT processes & systems to unlock higher efficiency and productivity of our

signatories of EV100, pledging to convert our entire fleet of 5,500 home delivery vans to electric by 2028, and help our customers along the journey too by developing the UK’s largest retail network of electric

journey. That is why the Expectations Ladder sets out a summary of encouraged actions over four tiers, from those beginning to think about climate (Tier 4) to the net zero standard-setters (Tier 1). The

along with 13 tonnes per hour of steam output. The project is extendable for up to an additional every 2 years. Construction works of the project was completed and its operation started on July 20, 2017

that affected operations as follow: 1. B100 production output in Q1/2019 declined by 3% compared to the previous quarter, in correlation to diminishing sales of B100 products due to the higher domestic

strong. Household income in the agricultural sector contracted, both in term of price and output. Meanwhile, non-farm household income remained stable. However, private consumption and export was seen