Website: www.kiatnakin.co.th http://www.kiatnakin.co.th/ 2 Management Discussion and Analysis (MD&A) For the first quarter ended March 31, 2018 comparing operating performance and financial position for the

) Staff dealing as specified in Part 4; Management company shall have an operating system sufficiently and effectively in order to protect any acts according to paragraph one which may create conflict of

Part 3; (4) Staff dealing as specified in Part 4; Management company shall have an operating system sufficiently and effectively in order to protect any acts according to paragraph one which may create

-2495-1366 Website: www.kiatnakin.co.th http://www.kiatnakin.co.th/ 2 Management Discussion and Analysis (MD&A) For the first quarter ended March 31, 2019 comparing operating performance and financial

CPN’s operating results despite the impact on its revenue from rent and services from the major renovation at CentralWorld, the transfer of CentralFestival Pattaya Beach to CPN Retail Growth Leasehold

growth resiliency of CPN’s operating results despite the ongoing major renovation at CentralWorld and the transfer of CentralFestival Pattaya Beach to CPN Retail Growth Leasehold REIT (“CPNREIT”) in

Disposal”). By calculating on a Net Operating Profit basis after tax deduction, the highest transaction size is 33.63 percent of the Value of the Net Profit of the Company according to the consolidated

an operating system sufficiently and effectively in order to protect any acts according to paragraph one which may create conflict of interest to the fund, provided that, in case of (1) shall apply as

decline could be attributed to an increase of Baht 1,493 million or 16.36 percent in our impairment loss on loans and debt securities to cope with economic uncertainties. Operating profit before provision

. Management Discussion and Analysis 2.1. Selected Financial Position and Operating Results 2.2. Cash Collection from NPLs and NPAs Management Businesses 2.3. Vintage Analysis 2.4. NPLs by Portfolio