shareholding proportion and will serve the business expansion in the future. Financial and Operating Performance As of December 31, 2017, CPN managed 32 shopping centers (14 projects in Bangkok Metropolitan Area

a business partnership and to invest in growth potential business. “Common Ground” launched its first co-working space in Thailand at G Tower located at Rama9, the new CBD area in Bangkok. The Company

Pattana”) in 1Q20 shows total revenue of THB 11,423 mn and net profit stood at THB 4,592 mn, mainly influenced by non-recurring items as well as revenue from residential business together with cost

residential business of Nirvana Daii Public Company Limited (“NVD”), a 52%-owned subsidiary of Singha Estate, invested in January 2017. In spite of higher revenues, earnings before taxes (“EBT”) declined by 589

SITUATION Thailand economic situation in Q4/2019 in Central and Eastern area were contracted compared to the same period of 2018 due to global economic and domestic consumption weak, that were impacted from

transactions : No. Type of transaction Description Total Amount 1. Supporting normal business transaction without general trading conditions Expense item - Utility charges - Business consultancy fees

Estate Public Company Limited Management Discussion and Analysis 2019 Commercial Business As of 31 December 2019, the Company owned 3 commercial buildings providing net leasable area 125,847 sq.m. in total

transaction 5.1 Nature of transaction : The land, tittle deed no.73007, land no.184, survey page no.2498, total area 15 Rai, located on Huay-yang Sub-district, Klaeng District, Rayong. 5.2 Value of transaction

detail are follows: 3.1 Area 11,090 square meters located at T.Bangpakong, A.Bangpakong, Chachoengsao province 3.2 Area 15,760 square meters located at T.Bangpakong and T.Thaklam, A.Bangpakong

of investment properties resulting from the asset monetization to Hemaraj Leasehold Real Estate Investment Trust (HREIT), totaling rental area of approx. 55,131 sq.m. on 4 January 2018 • Share of