-1- Ref. POL. 028/2020 February 25, 2020 Re: Management Discussion & Analysis of S & P Syndicate Public Company Limited Dear The President The Stock Exchange of Thailand S & P Syndicate Public

1 Ref: AC.016/2019 4 May 2019 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

previous year amounted Baht 91.34 million. This was due to cost management by carefully set up own operational and maintenance for machines and equipment of solar farms. • Operating and Administrative

1 Ref: AC.024/2019 3 August 2019 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

1 Ref: AC.034/2019 4 November 2019 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

(Translation) NEP-AC 002/2563 14 May 2020 Subject: Management Discussion and Analysis for Q1 end of 31 March 2020 To : The President The Stock Exchange of Thailand Operating Result NEP Realty and

Microsoft Word - I-!9%*#8˙I-*ˇ@( Blue Sky 20200929 EN_MDA Quarterly - Translation - 1 ACC-O-2010004 October 1, 2020 To: President The Stock Exchange of Thailand Subject: Management Discussion and

No: AH 03052021 May 17, 2021 Subject: Management Discussion & Analysis (MD&A) for the financial statements of the 1st quarter of fiscal year 2021 ended as of March 31, 2021 To: The President The Stock

revenue generation through new shopping malls, enhancement of existing malls, as well as efficient cost management. CPN currently manages 32 shopping malls with the net leasable area (NLA) of approximately

derived from the management service income and the trading income which was recognized for the first time in year 2018. 2018 2017 Change % Change Revenue 1,672.58 1,580.25 92.32 6% Cost 1,509.05 1,335.73