and amortization 1 Management Discussion & Analysis Management Discussion & Analysis (MD&A) Q3/2018 2Management Discussion & Analysis The operating revenue in Q3/2018 was at Baht 6,661 million

* (%) 23% 29% 28% (1%) 5% 22% 28% 6% Net profit margin (%) 15% 16% 16% (0%) 1% 14% 16% 2% * Exclude costs of depreciation and amortization 1 Management Discussion & Analysis Management Discussion & Analysis

amortization Operating highlight in Q1/2018 Q1/17 Q4/17 Q1/18 Change +/(-) (THB million) QoQ YoY Operating revenue 5,366 4,849 5,716 18% 7% Gross profit 1,098 1,315 1,647 25% 50% EBITDA 915 1,137 1,482 30% 62

% 6% 14% 16% 2% * Exclude depreciation and amortization expenses Management Discussion & Analysis (MD&A) Q3/2017 Management Discussion & Analysis The company’s operating revenue in Q3/2017 was Baht

depreciation and amortization Management Discussion & Analysis Management Discussion & Analysis (MD&A) Q4/2017 and FY2017 Management Discussion & Analysis The company’s net profit in Q4/2017 was Baht 722 million

: 2,679.0 million baht), an increase 149.3 million baht or 5.6 percent. Profit before finance costs, tax expense, depreciation and amortization was 2,377.1 million baht (year 2018: 2,232.5 million baht) or

1Q17.  Depreciation and amortization was Bt6,807mn increasing 71% YoY driven by investment in 4G network and the amortization of 900MHz license granted at end of Jun-16. QoQ, D&A slightly rose 1.3

along with increase in core service revenue. Regulatory fee represented 4.1% of core service revenue, compared to 4.3% in 2018.  Depreciation & amortization was Bt36,598mn, increasing 10% YoY, due to

quarter of the previous year by Baht 160 Million or 6.9 percent mainly from the increase in operating expense and amortization. Selling and administrative expenses amounted to Baht 330 Million representing

hotel business, gain from sales of long-term investment, an increase in the share of profit from investment, and a decrease in depreciation and amortization. In 3Q18, Dusit Thani PLC (“the Company