payout ratio in 2015 cannot be calculated. ** The dividend payout ratio in 2017 is subject to the resolutions of the AGM 2018 GFPT Public Company Limited Management Discussion and Analysis for the Year

the trading price of investment unit of an ETF fund in an organized market to proximately reflect the value of such investment unit which is calculated from the net asset value of the fund by trading

an ETF fund in an organized market to proximately reflect the value of such investment unit which is calculated from the net asset value of the fund by trading investment units of the ETF fund and

calculated from the net asset value of the fund by trading investment units of the ETF fund and securities which are components of the underlying index of the ETF fund; (13) “ETF fund” means an ETF fund

one category, the time of training shall be calculated in continuation of the time of the category which the duty to attend the training course due earliest. Clause 17. Applications for authorization

of 12 (1) Return on assets and return on equity are calculated based on net profit in the last twelve months (2) Interest bearing debt to equity net of cash and cash equivalent and short-term

% 0% Unit: million THB Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 10 of 13 (1) Return on assets and return on equity are calculated based on net profit in

contributing to the earnings. Organic growth is calculated as the change in production on a like-for-like asset footprint basis Notes We recommend that investors always read the MD&A together with the published

30-Jun-20 30-Jun-20 30-Jun-19 Interest coverage ratio (time)** -1.92 -6.61 2.50 * Calculated from equity attrtibutable to owners of the Company ** =EBIT/Interest expense Dusit Thani PLC Management

not yet completed and have not yet started contributing to the earnings. Organic growth is calculated as the change in production on a like-for-like asset footprint basis Notes We recommend that