P a g e | 7 Shareholders’ Equity As of 31 December 2019, the Company’s equity was Baht 5,905 million, decreased by 2.8% from 31 December 2018, consisting of the equity attributed to owners of the

13,656 19,082 19,074 40% (0%) Total shareholders' equity 63,912 74,176 74,083 16% (0%) Unit: million THB Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 11 of 14 (1

(CKP) to an unrelated company. As a result, the interest in the equity of CKP decreased from 19.34 percent to 17.83 percent. Following this sale, the Company reclassified the investment in CKP from

projects. Shareholders’ equity Total shareholders’ equity as at 30 September 2018 were Baht 2,382 million, a decrease of Baht 338 million, or a decrease of 12% compared to the total shareholders’ equity as

short term loan from directors and long term loan from a financial institution of THB 7.23 million and THB 15.99 million, respectively. Shareholders’ equity At the end of year 2016 and 20017, the Group

stock repurchase period was from 4 December 2019 to 3 June 2022). As a result of the above reasons, the interest bearing debt to equity ratio and the debt to equity ratio has increased from 0.41:1 to 0.58

: million Baht 30-Jun-20 31-Dec-19 Total Assets 25,964 26,400 Total Liabilities 10,049 9,219 Total Equity 6,204 7,014 Minority 9,711 10,168 Gr ou p Gr ou p HR C Gr ou p Management Discussion and Analysis

cost of THB 9 million. Equities As of March 31st, 2017, the company and its subsidiaries’ Total Equity was THB 51,734 million, Total Equity attributable to owners of the Company was THB 45,054 million, a

Power Public Company Limited (CKP) to an unrelated company. As a result, the interest in the equity of CKP decreased from 19.34 percent to 17.83 percent. Following this sale, the Company reclassified the

income from short-term investments decreased. As the growth rate of total revenue was higher than the growth rate of total expenses, then the Net profit attributable to Equity holders of the Company in Q3