is also proceeding according to plan, which was 25% complete by end December. We expect to finish construction of the international school by 1Q 2020. MANAGEMENT DISCUSSION & ANALYSIS 2018 14 FEB 2019

footprint basis Notes We recommend that investors always read the MD&A together with the published financial statements to get complete details and understanding. The consolidated financials are based on the

and complete in all respects. Please be informed accordingly Sincerely Yours, -Signature- (Mr. Teerawit Charuwat) Director and Chief Executive Officer

of 5.6% YoY. Major Company Events in 2017 New Shopping Malls in 2017 consists of 2 locations, namely CentralPlaza Nakhon Ratchasima and CentralPlaza Mahachai, as the Center of Life with complete and

strategy, namely “Complete Set of Beauty, Entirely Filled with Diamond Brand”, through every distribution channel, as well as continuous expansion of sales and marketing base in both domestic and overseas to

second half of 2019. Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 12 of 12 Table 5: Progress of Future Projects Now >> Project Area Complete by Retail Properties

Results The slowdown in Country’s economic conditions has persisted. Nonetheless, the Corporate Group still adheres to its business strategy, namely “Complete Set of Beauty, Entirely Filled with Diamond

investors always read the MD&A together with the published financial statements to get complete details and understanding. The consolidated financials are based on the elimination of intra-company (or intra

credits in the form of Renewable Energy Certificates (REC) concerning its electricity generation output. Construction works of the project was complete and its operation started on October 1, 2020. 1.1.2

November 2019. The Company expected to complete the delisting process within December 2019. At present, the Company is considered a major shareholder of GLOW, directly and indirectly holding 1,393,334,816