million baht. Income from Property rental business plunged by 13%, from 139.2 million baht to 121.1 million baht due to the lower occupancy rate as lease for warehouse expired in Q3 2017. - Gross profit for

/ (Decreased) Occupancy rate (%) 42.2% 35.4% 6.8% Room revenue 148,080 140,867 5.1% Food and beverage revenue 207,457 183,765 12.9% Other revenues 87,643 91,998 (4.7%) Hotel income 443,180 416,630 6.4% Cost of

OHTL Public Company Limited and its subsidiaries Management Discussion and Analysis for the year ended 31 December 2018 (Unit: Thousand Baht) 2018 2017 Increased/ (Decreased) Occupancy rate (%) 48.1

77 90 96 Occupancy rate (%) 76% 59% 64% Rev Par (Baht) 9,195 6,327 8,329 Page 4 of 7 Management Decision and Analysis Q3’18 Hotels Q3’17 Q2’18 Q3’18 Phi Phi Island Village No. of room 201 201 201

operating performance of Hospitality business Hotel 1Q18 4Q18 1Q19 Santiburi Beach Resort & Spa No. of room 77 96 96 Occupancy rate (%) 81% 45% 67% Rev Par (THB) 12,996 4,975 9,548 Phi Phi Island Village No

as income from property rental dropped 12% or 4.1 mil. baht to 30.7 mil. baht due to the decline in occupancy rate. Income from Chemical Distribution business increased marginally from 226.3 mil. baht

OHTL Public Co., Ltd. and its subsidiaries Management Discussion and Analysis for Three-Month Period Ended 31 December 2017 (Unit: Thousand Baht) 2017 2016 Increased/(Decreased) % Occupancy 52.2

Hospitality business1 Hotel 2Q18 1Q19 2Q19 Santiburi Beach Resort & Spa No. of room 90 96 96 Occupancy rate (%) 60% 66% 54% Rev Par (THB) 6,321 9,499 5,769 Phi Phi Island Village No. of room 201 201 201

THB 109 million due to the lower occupancy rate. Other income decreased by THB 5 million. Gross profit margin declined from 25.9% to 25.4% due to rental and service business gross profit decreased by

Occupancy rate (%) 71% 61% 54% 64% 45% Rev Par (Baht) 8,868 7,933 5,873 8,329 4,975 Page 4 of 7 Management Discussion and Analysis 2018 Hotels FY’17 FY’18 Q4’17 Q3’18 Q4’18 Phi Phi Island Village No. of room