Company shall then transfer the asset to the highest bidder, under the condition that the price of each asset, regardless of any circumstance, shall not be lower than the “base price” approved by the

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

the transfer of the land ownership. 5. Transaction Size and its consideration The basis for classes of transaction regarding acquisition and disposal of assets are as follows: Criteria based on Net

Management Discussion and Analysis ( - translation - ) For operating result of 2Q19, ended 30 June 2019 Raimon Land Public Company Limited | 14 August 2019 1 / 8 Major Events in 2Q19 and July 2019

the acquisition Grand Canal Land Public Company Limited (“GLAND”) in September 2018. The comparison of financial performance for 1Q19 versus 4Q18 (QoQ) CPN reported increases in both operating and net

demonstrates the 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

Sukhumvit 36, a joint venture project between the Company and Hong Kong Land with accumulated presales circa 60%, will start ownership transferrence and the Company believes that the transfer value should be

431.8% or THB 683.1 mm during 3 months ended the third quarter of 2019, compared to the same period of last year, mainly from higher land transfer which came from higher backlog. • Financial costs

inventory, the sales promotion expenses (excluding ownership transfer expenses) increase 26.76%. As a result, the net profit has decreased 5.34% from that of the same quarter of the previous year. In Q1/2018

at the cost of Baht 15.54 million at 70-75% of the selling price. 2.2Selling expenses in the amount of Baht 64.19 million, mainly for the specific business tax paid on the land transfer date and