Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 18 Executive Summary Revenue and profit continue to grow primarily from strong rental business performance

disclose the review of consolidated interim financial statements of the Group and the interim financial statement of the Company for the period ending March 31, 2020. The results shows net profit of Baht

review of consolidated interim financial statements of the Group and the interim financial statement of the Company for the period ending March 31, 2020. The results shows net profit of Baht 153.21 million

of income from investment in associate 0.42 0.25 0.17 68.0% Corporate Income tax expenses -14.11 -14.83 0.72 -4.9% Net profit for the period 56.90 59.32 -2.42 -4.1% Profit Sharing for non-controlling

, delivering a solid operating revenue of THB 199mn, an increase by 4.9% QoQ and 9.6% YoY. The Company reported net profit of THB 51mn, increased by 36.9% QoQ and 26.0% YoY. For more details of the Company’s

(%) 85% Retail Net leasable area (sq.m) 4,317 Offer signed (%) 89% Page 6 of 7 Management Discussion and Analysis 2018 Gross Profit Total year gross profit reached 3,249 million Baht, increased by 33% YoY

. In addition, the number of tenants increased at Little Walk Bangna and Index Mall Rama II. Cost of Goods Sold and Gross Profit from Sale of Goods For the three-month period ended 30 June 2018 and 2019

in the central business area. The strategy of the Company has thus been adjusted to be in line with the market condition and business. The Company has turned to the rental market as a measure of risk

Operating Results of the Company in Q3/2019 Q3/18 Q3/19 9M/18 9M/19 Change +/(-) (THB million) YoY 9M Operating Revenue 215 312 45% 620 911 47% Gross Profit 147 202 37% 420 592 41% EBITDA 62 98 58% 161 284 76

of income from investment in associate 0.25 0.40 -0.15 -37.5% Corporate Income tax expenses -14.83 -11.74 -3.09 26.3% Net profit for the period 59.32 47.10 12.22 25.9% Profit Sharing for non