considering all stakeholders and retain return to shareholders. Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 9 of 16 Revenue from rental and services business

services) for shopping mall operations, increased from the same period a year earlier amidst the continuous rise in electricity Ft rate throughout 2019. CPN, meanwhile, utilized more electricity unit Central

, namely Central Phuket Floresta, Central i-City, CentralPlaza Rama 3 and CentralPlaza Chiangrai. • Utility costs, a major component (accounts for approximately 30% of cost of rent and services) for shopping

at THB 91 mn, an increase of 22.5% YoY. The rise in cost is in-line with the growth in revenue from food center services, which came from the new food courts opened at new malls in 2018, namely Central

promote fundraising and investment in investment tokens and to support interested securities business operators in providing services related to the said products. This in turn would increase access

18.7% Gross profit from rental and rendering of services(3) 5,255 62.4% 5,039 65.4% 216 4.3% Gross profit(4) 56,343 29.8% 52,635 29.9% 3,708 7.0% Central Retail Corporation Public Company Limited Page 2

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

Central Retail Corporation Public Company Limited Management discussion and analysis /Page 1 Management Discussion and Analysis The Thai economy is expected to gradually recover in line with COVID-19

PUBLIC COMPANY LIMITED ASIAN INSULATORS PUBLIC COMPANY LIMITED ASIAN MARINE SERVICES PUBLIC COMPANY LIMITED ASIAN PHYTOCEUTICALS PUBLIC COMPANY LIMITED ASIAN SEA CORPORATION PUBLIC COMPANY LIMITED ASN

LIMITED CENTEL: CENTRAL PLAZA HOTEL PUBLIC COMPANY LIMITED CPN: CENTRAL PATTANA PUBLIC COMPANY LIMITED CRC: CENTRAL RETAIL CORPORATION PUBLIC COMPANY LIMITED CSP: CSP STEEL CENTER PUBLIC COMPANY LIMITED