MANAGEMENT DISCUSSION & ANALYSIS 2018 14 FEB 2019 U CITY PCL 2018 MD&A (for the year ended 31 December 2018) 1 U CITY PCL 15 MAY 2018 2018 KEY FINANCIAL HIGHLIGHTS  Total revenue swelled by 56.6

effective mall management and operating cost control despite major renovations at CentralWorld and CentralPlaza Rama 3 The Thai economy in 3Q17 continued to expand courtesy of solid growth in export of goods

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending March 31, 2020 The Thai economy in the first quarter of 2020 sank into a

32 MDA Q3 60 EN -Translation- No. ECF2 077/2017 November 14, 2017 Subject: Management Discussion and Analysis of the 3rd quarter ended September 30, 2017 To President The Stock Exchange of Thailand

Revenue 341,188 252,137 89,051 35.32 Gross Profit 186,351 136,320 50,031 36.70 Gross profit margin (%) 54.62 54.07 0.55 1.02 Golf Services & Property Management Revenue 160,157 141,745 18,411 12.99 Gross

No. CAZ 1/2019 21st January 2019 Subject: Management Discussion and Analysis Quarter 3rd ending 30 September 2018 Attention: The President The Stock Exchange of Thailand CAZ (Thailand) Public Company

of Thailand Enclosure : 1. Financial Statements for the Years ended 31 December 2017 2. Management Discussion and Analysis Nawarat Patanakarn Public Company Limited would like to submit Audited

fund and private fund management fee from Solaris Asset Management Company Limited (“Solaris”) decreased.  The Company recognized share of loss from associated companies under equity method of Baht 5.02

of Thailand Enclosure : 1. Financial Statements for the Years ended 31 December 2018 2. Management Discussion and Analysis Nawarat Patanakarn Public Company Limited would like to submit Audited

Thailand Enclosure : 1. Financial Statements for the first quarter ended March 31,2019 2. Management Discussion and Analysis Nawarat Patanakarn Public Company Limited would like to submit Reviewed Financial