Translation (Translation) PAGE (Translation) -45- Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 15 Executive Summary CPN’s total revenue and net profit continues to grow according to its business plan

1 1. ANALYSIS OF FINANCIAL PERFORMANCE Income statement (MB) Q4/2016 Q4/2017 YoY % 2016 2017 YoY % Total Sales and Services revenue 1,043.98 1,039.90 (4.09) (0.39%) 4,376.96 4,308.04 (68.92) (1.57

Page 1 of 6 Performance Overview In 3Q17 Singha Estate Public Company Limited (“the Company” or “Singha Estate”) reported a total revenue growth of 82% YoY, mainly from higher contribution from

an increase in total revenue of 81% YoY. These were mainly from a (one-time) recognition of an upfront 50-year lease payment of a certain office space at Singha Complex and higher contribution from

/2019 YoY QoQ Total Revenue 44,226 48,781 45,535 3% -7% Accounting EBITDA 3,023 (317) 1,959 -35% 717% Refinery and Trading Business Group 1/ 1,279 (1,419) 517 -60% 136% Marketing Business Group 2/ 735 465

KB subscribe all newly issued shares totaling 55,631,431 shares After the completion of the capital increase, the Company will hold 45.09 percent of total issued and outstanding shares of the

passenger revenue were from point-of-sale in Europe at 27.0 percent, in Asia excluding Thailand at 25.0 percent and in Thailand at 18.0 percent of total passenger revenues. China contributed the highest

to postpaid, 4G data consumption rose 17% YoY to an average of 12.7 GB/user/month while 4G penetration has increased to 71% of total subscriber base. AIS Fibre achieved 1 million subscribers AIS Fibre

Technology Limited (“Roctec”) – a provider of multimedia & communications systems, system integrations and total network infrastructure. MACO expects to obtain their expertise and integrate them into its