13_MDA Q1_2563 EN -Translated Version- No. ECF2 018/2020 May 15, 2020 Subject: Management Discussion and Analysis of the 1st quarter ended 31 March, 2020 To President The Stock Exchange of Thailand
involved in the management and administration of the fund. In the case where such person is a company whose shares are listed on the Stock 3 Amended by the Notification of the Capital Market Supervisory
person will be involved in the management and administration of the fund. In the case where such person is a company whose shares are listed on the Stock Exchange, only the characteristics under (1)(a
allocation together with manage a cashflow adequacy to operate business during this circumstance. Due to the extremely fluctuation of stock market in recent times, CPN Retail Growth Leasehold REIT (CPNREIT
entering into Material Transactions Deemed as Acquisition or Disposal of Assets and Notification of the Board of Governors of the Stock Exchange of Thailand Re: Disclosure of Information and other Acts of
Analysis (MD&A) Page 2 of 16 Major Events in 2018 The acquisition of GLAND, which has high potential assets, is an important step for CPN to become a leader in mixed-use projects The acquisition of shares in
: B S ntion: P T arding to th mpany”) No.3 ipt financia 000,000 Ba ncial suppo ording to the 551 Re: Ru Stock Exch cerning the saction are ate of Trans ebruary 202 nancial Sup mart Public der) nancial
management and operation. Presently, the Company holds 99.83% of the total issued and sold shares of GLOW and has completed the delisting of GLOW securities from the Stock Exchange of Thailand on 13 December