hotel renovations (Dusit Thani Pattaya, Dusit Princess Chiangmai and Dusit Princess Srinakarin Bangkok) and Dusit Thani College - THB 245 million for ERP, software, hotel and education CAPEX - THB 650

0.24 637.9% Change Change Dusit Thani PCL Management Discussion and Analysis For 2Q18 and 1H18 P a g e | 2 Following continuous investment in renovations of several long-established Dusit hotels, and

continuation of the current product roll-out, product portfolio renovations to match with sales situations, new product development, new business model for sale and distribution, and securing new customers. In

for renovations to effectively utilized their space for working, learning, and carrying out their daily routines at home. Also, many restaurants have closed due to the COVID-19 crisis, prompting more

first half of 2021, the temporary closure of the dine-in area, and the closure of some dessert café for renovations. • Revenue from Non-café in 1H/2021 was THB 16 million, increased by THB 8 million or

2019. The bulk of this revenue growth will come from (1) the full-year revenue contribution of TST Tower and (2) Underwood Street office building, which has completed major renovations and is now ready

million yoy. Premises and equipment expenses increased partly from the renovations of KKP Tower. Cost-to- income ratio excluding loss from sale of foreclosed assets and loss from revaluations stood at 47.8

% from 2018 expenses of Baht 8,989 million mainly from the increase in premises and equipment expenses from the renovations of KKP Tower. Cost-to-income ratio excluding loss from sale of foreclosed assets

mainly from the increase in premises and equipment expenses from the renovations of KKP Tower. Cost-to-income ratio excluding loss from sale of foreclosed assets and loss from revaluations stood at 48.3

CentralFestival Pattaya Beach. The planned renovations are expected to commence in the second half of 2018 and will be completed in phases until 2019. International Expansion CPN currently engages in joint