Management Discussion and Analysis For the Financial Result of Quarter 2 Year 2017 Ended June 30, 2017 Note: This Management Discussion and Analysis (MD&A) was made to disclose information and the

increased to 51.0% from 49.4% in 1H16 and higher EBITDA Profit ratio, increased to 56.4% from 55.7% in the same period last year. Table 1: Operational Statistics Note: Occupancy rate of CPN and CPNRF

of 3.8% p.a. for the first year. The proceeds from the issuance of the Debentures will be used to refinance our higher interest rate borrowings (note that the combined financing costs of ABP3, ABPR1

% 45.4% Adjusted EBITDA margin 40.9% 42.3% 46.1% Net profit margin 24.5% 20.5% 20.6% Adjusted net profit margin 26.1% 22.5% 23.3% Note: The Company restated 2Q 2016/17 financial performance after the

different from any future results, performance or achievements expressed or implied by such forward-looking statements. Please note that the company and executives/staff do not control and cannot guarantee

CentralMarina after renovation. Excluding new and renovated projects, same store rental revenues for 3Q17 increased approximately by 3.4% YoY. Table 1: Operational Statistics Note: Occupancy rate of CPN and CPNRF

Ratio 0.43 0.27 0.43 0.27 Leverage (Net Debt/EBITDA) 7.35 3.20 1.78 1.02 Note: Net Debt = Interest bearing liabilities – cash and cash equivalents Mr. Geza Perlaki Mr. Timothé Arthur Maria Van Den Bossche

Plan. Of note was enhancement of the K PLUS SHOP application to make it more convenient for merchants to receive payment via QR code linked to mobile banking of other banks, or via e-Wallet, to help

consideration Total assets of the Company = 925.11 MB 3,316.83 MB = 27.89 % Note: Closing market price, as of 7 December 2017 at 4.96 Baht per share. 4) Value of newly issued shares under consideration method Not

of comprehensive income in amounting of 7,113 Million Baht. As a result, the Company recorded net profit of 3,915.3 Million Baht Note : The key assumptions for the valuation of Pace Project One Co