statement for year ending December 31, 2018 (1 January – 31 December) for the company and its subsidiaries, detailed as following; Results 2018 Audited Baht 2017 Audited Baht Increase (Decrease) Baht % Total

used in investing activities Net cash used in financing activities Ending cash and cash equivalents (30 Sep 2019) Unit: THB million Osotspa Public Company Limited Q3’19 and 9M’19 Management Discussion

) 265* 714 Beginning cash (31-Dec-18) CFO CFI CFF Ending cash (31-Dec-19) *Included translation adjustment of THB 5mn (THB mn) MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY

statement for year ending December 31, 2019 (1 January – 31 December) for the company and its subsidiaries, detailed as following; Results 2019 Audited Million Baht 2018 Audited Million Baht Increase

of Financial Statements and Operating Results The audited financial statements and operating results of the Company and its subsidiaries ending December 31, 2019, the summary of revenue and profits

respond customers’ demands. Compared to the previous year, quick ratio increased from 3.46 to 3.90 times and inventory turnover increased from 15.89 to 17.83 times due to the increase of ending inventory in

8Total interest bearing debt/ total shareholders’ equity 799 625 208* 299 83** Beginning cash (Restated) (31/3/2017) CFO CFI CFF Ending cash (30/6/2017) The first quarter of 2017/18 (ended 30 June 2017) 7

) Cash and Cash Equivalent at the Ending of the Period 590 313 277 GFPT Public Company Limited Interim Management Discussion and Analysis for the 2nd Quarter 2017 Page 13 of 13 Financial Ratios of GFPT

/2017, the Company and its subsidiaries recorded ending cash of Baht 72 million, an increase from Baht 58 million at the Q2/2016, with details as follows:  Net cash received from operating activities of

shopping mall (certain parts) and Hilton Pattaya to CPNREIT for 20 years, ending 31 August 2037, with the net asset price of THB 11,908 mn. 3. The establishment of CPN REIT Management Company Limited, CPN’s