last year ending 31 December 2016 We have committed ourselves to strategies that emphasized on building up strong fundamentals in order to drive our businesses towards a sustainable growth organization

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 14 Executive Summary CPN’s revenues continues to grow primarily from strong shopping mall performance

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 16 Executive Summary CPN’s revenues continues to grow primarily from strong rental business performance

above items namely entertainment expense, deferred debit unrelated directly to business operation etc., including other expenses which classified as an extraordinary items namely loss from corruption of a

means other expenses beyond prescribed in above items namely entertainment expense, deferred debit unrelated directly to business operation etc., including other expenses which classified as an

Limited Company Act, B.E. 2535 (1992) 2.5.5 Other expense means other expenses beyond prescribed in above items namely entertainment expense, deferred debit unrelated directly to business operation etc

17,682,200.47 242,123,251.77 - - Decrease (181,500,000.00) (229,772,171.08) (91,500,000.00) (142,772,171.08) Ending balance 922,035,094.40 1,085,852,893.93 334,948,992.65 426,448,992.65 Deferred financing service

December 31, 2018 Variance Long-term loans from related party – net of current portion 11,239.8 11,331.0 (91.2) Employee benefits 1,016.2 722.6 293.6 Deferred tax liabilities 5,099.2 5,330.3 (231.1) Other

current portion 11,361.1 11,374.4 (13.3) Deferred tax liabilities 4,468.2 5,295.5 (827.3) Total non-current liabilities 21,218.9 20,972.5 246.4 Total liabilities 27,888.9 28,300.1 (411.2) 21 ASIA’S BOUTIQUE

% Extraordinary Items: Add: Revenues from Amortization of Deferred Rental Income CGBS 25.3 0.5% 25.3 0.5% - - Net Profit/(Loss) 368.5 7.6% 321.9 6.8% +46.6 +14.5% (1) Costs of Sales EXCLUDES Depreciation and