Management Discussion and Analysis Half year Ending 30 Jun 2022

Dusit Thani Properties REIT Co., Ltd. (the "Company" or the "REIT Manager"), in its capacity of the REIT Manager of Dusit Thani Freehold and Leasehold Real Estate Investment Trust ("DREIT"), would like to clarify the operating results from 1 January to 30 June 2022, the details as follows:

In 6M/2022, DREIT has total revenue of Baht 234.66 million, increased from the previous year by Baht

1. million or 7.83% as a result of revenue recognized from variable rent from the operating performance of Dusit Thani Maldives and favorable exchange rate. When deducting with the operating expenses and finance costs of Baht 72.44 million, resulting in net profit on investments of Baht 162.22 million increased from the previous year by Baht 11.53 million or 7.65%. When net with the total net gain on investments of Baht 24.82 million, which was mainly from the effect of changes in foreign exchange rates compared between 30 June 2021 and 30 June 2022. As a result, the increase in net assets resulting from operations for six-month periods ended 30 June 2022 of Baht

1. million, increased by 396.18% from the previous year.

The operating performance of the hotels for six-month periods ended 30 June 2022, the details are as

follows:

Performance of Assets in Thailand

Although the outbreak of COVID-19 continues to occur, but the severity of such impact has clearly decreased. The occupancy rate of properties in Thailand increases continually. As a result, the property's performance has grown significantly compared to the previous year.

Dusit Thani Laguna Phuket has occupancy rate in 6M/2022 at 59%, increased by 50% from the previous year. While average room rate of the hotel is approximately at 3,876 Baht per room night, increased from the previous year by 1,847 Baht per room night. Consequently, the Revenue per Available Room (REVPAR) is at 2,296 Baht per room night, increased from the previous year by 2,121 Baht per room night. For the six-month periods ended 30 June 2022, Dusit Thani Laguna Phuket has Total Revenue and EBITDA of Baht 136.17 million and Baht 38.83 million respectively.

Dusit Thani Hua Hin has occupancy rate in 6M/2022 at 46%, increased by 25% from the previous year. Whereas average room rate of the hotel is at 3,101 Baht per room night, increased from the previous year by 759 baht per room night. As a result, Revenue per Room Available (REVPAR) is at 1,432 Baht per room night which increased from the previous year by 938 Baht per room night. Eventually, the hotel has Total Revenue and EBITDA for the six-month periods ended 30 June 2022 at Baht 119.91 million and Baht 22.06 million respectively.

dusitD2 Chiang Mai has occupancy rate in 6M/2022 at 42%, increased by 33% from the previous year. While the average room rate of the hotel is approximately at 1,345 Baht per room night, increased from the previous year by 98 Baht per room night. Hence, the Revenue per Room Available is at 565 Baht per room night which increased from the previous year by 451 Baht per room night. Finally, dusitD2 Chiang Mai has Total Revenue and negative EBITDA for the six-month periods ended 30 June 2022 at Baht 17.43 million and Baht 3.14 million respectively.

Performance of Asset in Republic of Maldives

Dusit Thani Maldives has occupancy rate in 6M/2022 at 73%, increased by 10% from the previous year. Whereas the average room rate of the hotel is at 522 USD per room night which decreased from the previous year by 14 USD per room night. For this reason, the Revenue per Room Available (REVPAR) is at 379 USD per room night, increased from the previous year by 43 USD per room night. Lastly, Dusit Thani Maldives has Total Revenue and EBITDA for the six-month periods ended 30 June 2022 at USD 11.87 million and USD 4.89 million respectively.

Please be informed accordingly

Yours respectfully,

(Mr. Voranon Asavakittimetin)

Managing Director

Dusit Thani Properties REIT Co., Ltd.