approval from the Office of the Securities and Exchange Commission (SEC) and the conversion process of CPNRF into CPNREIT is expected to be completed by the end of 2017. Central Pattana Public Company

(Translation) February 27, 2019 Ref: SET-2019-003 Re: Management's Discussion and Analysis and operating results for the Year 2018 Attn. to: President The Stock Exchange of Thailand Filter Vision

first nine months of the year; 2) the recorded transaction of treasury shares from shareholders’ equity for financial management of 4 million shares during Q1/2018, with total buyback amount of Baht 114

uncertainties both at home and abroad resulted in volatility of both foreign exchange and return on investment. In the first quarter of 2019, the Baht strengthened due to eroding confidence in the US Dollar amid

and Exchange Commission (SEC). An English version of the MD&A has been prepared from the Thai version. In the event of a conflict or a difference in interpretation between the two languages, the Thai

) (25.8) EBIT Ratio (ร้อยละ) 4.3 12.8 (8.5) EBITDA Ratio (ร้อยละ) 16.3 17.3 (1.0) Remarks (1) Comprises of total revenue net dividend income, gain on foreign exchange, interest income and non-operating

same quarter last year and below the Bank of Thailand’s (BOT) target range of 1-3 percent. Core inflation was 0.13 percent, down from 0.54 percent in the same quarter last year. The average exchange rate

shares or no more than 1.7% of the Company’s number of paid-up shares capital, or not exceed the limit of THB 5,000 mn total transaction amount. The repurchases will be made on the Stock Exchange of

. The transaction is expected to be completed within March 2020. RIGHTS OFFERING AND DIVIDEND PAYMENT  In March 2019, the Company received proceeds from a rights offering (“RO”) of THB 328mn through new

transaction of 2,064.4 Million baht. Total interest bearing debts equaled to 19,435.9 Million Baht. Shareholders’ Equity As at June 30th, 2017, the total shareholder’s Equity of the Company were 7,080.1 Million