development is the key driver to grow the business hand-in-hand with the society and environment. - On December 1, 2017, CPN announced a successful conversion of CPNRF into CPNREIT and the lease of

12 Other Events • On March 9, 2018, CPN announced the termination of Thai Business Fund 5, a wholly-owned subsidiary to invest in CentralPlaza Bangna for a period of 15 years starting March 6, 2003 and

Limited Management’s Discussion and Analysis (MD&A) Page 2 of 13 Major Events in 2Q18 Announced new malls in 2019: “Central Village”, a new shopping platform, and “CentralPlaza Ayutthaya” Announcement of

, the Company posted gross profit of THB 1,131.12 million and THB 837.28 million respectively or equivalent to gross profit margin of 67.55 % and 67.00% respectively. The small drop in gross profit margin

costs increased and others cost from obsolete goods. Sales Expenses Considering sales expenses, the Company posted sales expenses for the years ended 31 December 2018 and 2019 of THB 510.49 million and

gross profit. Sales Expenses Considering sales expenses, the Company posted sales expenses for the six months period ended 30 June 2018 and 2019 of THB 262.49 million and THB 200.16 million respectively

Gross Profit Margin (%) 70.37 69.78 Gross Profit Regarding gross profit for the period of six months ended 30 June 2017 and 2018, the Company posted gross profit of THB 613.88 million and THB 511.89

September 2017 and 2018, the Company posted gross profit of THB 858.87 million and THB 663.98 million respectively or equivalent to gross profit margin of 68.36% and 67.52% respectively. The decline in gross

edged up slightly as a result of the changing sales mix that each product line contributed to total sales. Sales Expenses Considering sales expenses, the Company posted sales expenses for the nine months

which increased by Baht 1,422 million YoY. The Company posted net loss of Baht 854 million, increase by Baht 499 million YoY (due to reasons as described below) and sale revenue Baht 2,124 million