THB 194mn from to the exercise of assets optimisation. Total equity was THB 3,784mn decreased by THB 520mn or 12.1%. This was mainly attributed to a decrease in 1) retained earnings of THB 340mn and 2

Equity holders of the Company 822 937 -12.3 1,482 4,913 -69.8 Basic earnings per share (Baht) 0.05 0.06 0.10 0.32 * According to the adoption of Thai Financial Reporting Standard No.9 Financial Instruments

increased by THB 2,648.8 mm from THB 31,014.1 mm as of 31 December 2018, mainly from WHA-W1 exercise and increase in market price of REITs as well as increase in retain earnings. KEY FINANCIAL RATIOS 31

was THB 863 million, increased by THB 12 million or 1% from 31 December 2020. The is due to the increase of retained earnings as a result of the recognition of net profit in Q1/2021. Analysis of

Management Discussion and Analysis for the year 2021 4 Core Operating Profit (defined as Earnings before Interests and Taxes exclude interest income, gain (loss) on exchange rate and other irregular items) for

7.59% 9.73 8.81% EBITDA 150.59 6.40% 140.59 9.66% 10.50 7.47% Finance cost and tax income 0.61 0.03% (0.25) (0.02%) 0.86 (344.00%) Net profit 119.51 5.08% 110.64 7.60% 8.87 8.02% Basic earnings per share

the period (735) (14) 5184% Earnings (loss) per share Basic earnings (loss) per share (0.08) (0.02) 274% Table 4: Summary of Consolidated Financial Results Management’s Discussion and Analysis (MD&A

revenue from sales, higher gross profit, and lower financial costs. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) The consolidated EBITDA in 3Q2017 was THB 896.18 million, an

as of December 31, 2016 to Baht 25,405 million as of September 30, 2017 primarily due to an increase in paid up equity arising from net proceed from IPO and retained earnings during the period.  As a

% (0%) Consolidated Earnings (THB mn) 4Q16 3Q17 4Q17 FY2016 FY2017 Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) 10 / 12 Capital Structure In 2017, weighted average