Indices (DJSI) in the real estate industry under the emerging markets indices for the fourth consecutive year (2014-2017). This is a testimony to CPN’s philosophy on sustainable business operations by

-1- AIT (VP-SEC) 033E/2020 November 10, 2020 Subject: Management's Discussion and Analysis of Operating Results for Q3–2020 To: The President of The Stock Exchange of Thailand Summary of Operations

-1- AIT (VP-SEC) 016E/2021 August 10, 2021 Subject: Management's Discussion and Analysis of Operating Results for Q2-2021 To: The President of the Stock Exchange of Thailand Summary of Operations Q2

following resolutions: 1. Approve the reduction of the Company's registered capital from 585 ,336 ,575 Baht to 585 ,335 ,328 Baht by canceling the remaining ordinary shares from stock dividends payment of 1

all countries where the Company owns or operates its businesses. Significant Developments Impact from COVID-19 pandemic The Company announced the temporary suspension on hotel operations from April 1

“Company” or “we” or “our” or “us”) would like to inform management discussion and analysis for its results of operations from the consolidated financial statements for the nine months period ended September

2021. Increase sales volume, internal cost reduction activities, productivity improvement and turnaround of Portugal contributed to the improvement of gross profit margin. Selling and administrative

policy to increase the minimum wage, which is projected to benefit over 3.7 million employees beginning January 1, 2025. This policy is expected to exert a positive influence on the Company’s operations in

1 / 5 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS • Explanation and analysis of financial performance for the year at the end of 31 December 2018

, in Q2’21; and amounted to Baht 43.59 million, which decreased by Baht 37.30 million, in the six-month period, due to some reduction of orders from clients and the Company’s process of changing its