The opinions of the Independent Financial Advisor on the connected transaction (For the purpose of translation only) 1 Table of Contents Page Executive Summary 5 Secion 1 Request for approval to sell

Limited 4 MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 31 MARCH 2020 3. Financial highlights (based on Thai FRS) Q1 2020 Financial Position Summary as of 31 March 2020 compared to Q1 2019: Note

expanding in high potential markets such as through VGI Global Media (Malaysia) Sdn. Bhd. (“VGM”) in Malaysia, Indonesia and setup a subsidiary company in Singapore , in order to build a strong foundation for

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 16 Executive Summary CPN’s total revenue and net profit continues to grow according to its business plan

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 16 Executive Summary CPN’s total revenue and net profit continues to grow according to its business plan

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 15 Executive Summary CPN’s revenues continues to grow according to its business plan. In 1Q19, the Thai

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 14 Executive Summary CPN’s revenues continues to grow primarily from strong shopping mall performance

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 16 Executive Summary The Company implemented proactive measures to timely manage the situation rapidly

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 15 Executive Summary The Company implemented proactive measures to timely manage the situation rapidly

33.7 Mn in 2017, an increase of THB 25.0 Mn or 287.4%. This increase was mainly due to (1) the increase in construction fees collected from franchisees during the setup phase and (2) increased in rebate